Canada Life is a leading provider of life, pensions and investments in Ireland with over 100 years of experience. It receives high financial ratings and partners with top investment managers to offer a broad range of investment choices to Irish investors. The Canada Life/Setanta Dividend Fund follows a value investing strategy focused on companies that pay above average dividends. Research shows dividends provide a major contribution to long-term stock returns, with high dividend paying stocks outperforming lower dividend stocks. The fund takes a diversified, value-based approach to investing in high quality dividend paying companies.

1. Investment Edge
Volume 4 Quarter 1 2011

2. Canada Life is a leading provider of life, pensions and investments with over 100 years’
experience serving the financial planning needs of our customers in the Irish market.
We receive consistently high financial ratings from the independent rating agencies
including a AA* rating from Standard & Poor’s.
We only partner with the best investment managers to offer a broad range of choice to
Irish investors. And we are backed by strength. Our parent is Great-West Life, one of the
world’s leading life assurance companies, making us one of the largest and strongest life
and pension companies operating in the Irish market today.
* The financial rating shown for the Canada Life Assurance Company is provided by Standard & Poor’s.
Standard & Poor’s is a rating agency which provides ratings on the financial strength of companies.
This information is correct at the time of going to print.

3. Introduction
Welcome to the second quarter edition of Investment Edge. The second quarter was
a mixed bag for markets and overall the MSCI World Index fell by 0.9% in Euro terms
during the period. Equity markets initially started 2011 where they had left off last year by
extending the rally that began last summer on the back of strong corporate earnings and
positive economic momentum. By late February, equities began what many commentators
believed was an overdue correction prompted by increasing political unrest in the
Middle East and rising inflation concerns. The pullback intensified following the massive
earthquake and tsunami in Japan in mid-March. Markets regained some ground in the
second half of March as the economic impact of the earthquake in Japan was not expected to have a
significant effect on global growth and there was some further positive US economic data.
Developed equity markets broadly outperformed emerging equity markets; however, that trend began to
reverse late in the quarter. Sector performance varied throughout the quarter and finished with energy being
the only sector to produce a gain during the quarter benefiting from robust demand and tensions in the
Middle East.
At home another round of stress tests of Irish banks commissioned by the Central Bank of Ireland revealed
new capital requirements of €24 billion, and led to the new government following up with plans to restructure
the industry including plans to merge AIB with EBS and to have 2 main banking pillars. The government also
changed their pre election stance on their intention to impose losses on bank senior bondholders, providing
some respite for financial institutions and investors that hold the debt. The total cost of the bank bailout to
date is estimated to be €70 billion.
European markets performed well during the quarter and despite the recent downgrades of debt in Ireland,
Portugal and Spain, equity markets in peripheral Europe out-performed the broader European index. Out-
performance was driven by the unexpected progress made by eurozone leaders in addressing the structure
of bailout mechanisms and repayment conditions of existing loans. Robust fourth-quarter earnings reports,
accommodative monetary policy and improving economic momentum drove strong performance by US equity
markets as well. Equity markets in Russia and Canada, whose economies are leveraged to higher energy
prices, also out-performed.
Japanese equities, which had been outperforming since early November on a weaker yen and an improving
economy, dropped dramatically in the days following the earthquake and tsunami. They finished the quarter
well behind the global benchmark.
As we moved into April the European Central Bank increased interest rates for the first time since July 2008
in response to an increase in eurozone inflation. The quarter percentage point interest rate hike was entirely
expected, and the focus has now shifted to discerning what the bank’s next move will be.
While some form of correction has been expected as markets have now increased by over 70% since the
trough of March 2009 conditions still seem relatively positive for equity markets. However, there are some
risks to this favourable environment including an escalation of Middle East tensions that forces oil prices
higher, a policy error by central banks in increasing interest rates too quickly, the end of quantitative easing
in June and its impact on the US economy and a hard economic landing in emerging economies.
In the Spotlight section of this issue we focus on the importance of dividends as a major component of stock
returns to long term investors. We highlight our successful Canada Life/ Setanta Dividend Fund which follows
a value investing philosophy and looks for companies paying above average dividends. The case for dividend
based investing is a strong one and dividend payouts are expected to increase this year as many companies
distribute more of their surplus cash from improving earnings.
Michael Hayes
Investment Development Manager
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Canada Life Assurance (Ireland) Limited and The Canada Life Assurance Company are regulated by the Central Bank of Ireland.
This quarterly publication is intended for Financial Advisors only.

5. Index
Market Commentary 4
Spotlight - The importance of dividends 6
Fund Fact Sheets 9
Life Investment Funds 9
Pension Funds 35
Fund Performance 62
Our Investment Partners 64

6. Market Commentary Q1 2011
Financial markets in the first quarter were buffeted by a couple of the destabilising ‘known unknowns’: the tragic natural
disaster in Japan and the wave of political unrest/change sweeping across the Arab world. These macro uncertainties
proved enough to all but stifle, but not significantly reverse, the strong flow into ‘risk’ assets such as equities which has
characterised investor behaviour for much of the last two years. The MSCI Developed World index returned -0.9% for the
quarter.
Fuelled by the exceptionally easy stance of official monetary policy, the surge in global stock markets since the trough of
March 2009 has now extended to 71% (in Euro terms).
While there has certainly been a strong economic and consequent earnings recovery over this period, some pause to reflect
on what this substantial rally in stock prices means for current valuation levels seems timely. After all, for value investors
such as us owning/buying the stock of a company with, for example, the MSCI World Equity Index at a price 1334.9 today
is a very different value proposition from owning/buying that stock at the trough price level of 697.5 in March 2009.
In broad terms, valuation is now somewhat above long-term ‘fair value’ – though still well below the extreme levels scaled
at the height of the technology boom in 2000 or prior to the great crash in 1929.
As stock prices rally, it is becoming more difficult to buy stocks at prices below our estimation of their intrinsic worth. I
hasten to add, that this should in no way be taken as suggesting that we are making any forecast on the direction of stock
prices more generally. We are merely highlighting that as we analyse our stock opportunities on a case by case basis to
arrive at a sensible appraisal of their value, the sharp appreciation of stock prices over the last two years is now making
value more difficult to find.
European Government bonds lagged most assets over the quarter. The BofA ML Sovereign 5Yr+ index returned
-1.4% during the quarter. Despite political upheaval in the Middle East & North Africa and the natural disasters in
Japan, investors continued to allocate to riskier assets. Consensus points to global growth remaining strong over
the year, with liquidity deemed ample and offering some comfort to investors. Within Europe, the sovereign debt
crisis continues. However, there are signs of some containment as Spanish and Italian bond spreads narrowed
to core Europe. Portugal is expected to enter a bailout scenario, with many hopeful this is the line in the sand.
Ireland continues to try and get a handle on the socialisation of the banking crisis, with some signs of foreign
sentiment changing towards our pariah status (S&P rating lowered, but now stable outlook).
The Euro strengthened by approx. 6% against the USD during the quarter, from 1.34 to 1.42.
The best performing region over the period (in euro terms) was MSCI Europe ex UK (+1.9%). Japanese equities fell
by approx. 15% when the Earthquake and Tsunami hit in mid March, and although stocks did recover, the return for
the quarter was still negative (-10.1%).
The best performing global industrial sector was clearly energy, unsurprising given the rising oil price. The weakest
sector over the quarter was consumer staples.
Brent Oil continued to rise during the quarter reaching $118/bbl by end March – the highest level since October
2008. Growth in manufacturing together with the cold weather in Europe and the US helped to increase demand
in 2010. However, political upheaval in North Africa and the Middle East drove the price above $100/bbl in 2011.
The DJ UBS Spot Commodity index rose by 5.1% during the last quarter, bringing the gains for the year to 17.0%
MSCI World Q1. 2011
Source: MSCI Net Total Returns (in €) 01.01.11 – 31.03.11
4

7. Asset Class Returns Q1. 2011
Global Equities Euro Bonds Property Euro Cash
%
3
2
1
0.3%
0
-1 -0.7%
-0.9%
-2 -1.4%
-3
Source: MSCI World, Merrill Lynch (EMU +5yrs), Average Property Fund Mercer
Survey, 3 Month Interbank Deposit (all in €) 01.01.11 – 31.03.11
Regional Returns Q1. 2011
%
15
10
5 1.9%
0.0% 0.6%
0
-5 -1.9%
-0.9% -2.9%
-10
-10.1%
-15
MSCI World UK Europe ex UK USA Japan Pacific ex Ireland
Index Japan
Source: MSCI Regional Indices Total Return, ISEQ, (in €), 01.01.11 – 31.03.11
Sector Returns Q1. 2011
%
9 7.6%
6
3
0
-1.2% -1.1% -0.7%
-3 -1.6%
-3.3% -3.2%
-6 -4.0%
-9
Financials Consumer Healthcare Consumer Information Industrials & Energy Telecoms /
Discretionary Staple Technology Materials Utilities
Source: MSCI Global Sector Performances Total Return (in €), 01.01.11 – 31.03.11
5

8. Spotlight - The importance of dividends
By Michael Hayes, Investment Development Manager, Canada Life
2010 was another good year for investors with many major markets recording significant gains to
Albert Einstein once said of compound interest that ‘It is the greatest mathematical discovery of all
time’. While the veracity of this statement has long been questioned there can be no doubt about
the importance of dividends as a percentage of overall equity returns. The same logic attributed to
compound interest also applies to the reinvestment of dividends.
In a recent research study ‘The quest for yield’ (2011) by Elroy Dimson, Paul Marsh and Roy Staunton
of the London Business School, the role of dividends is examined in some detail. In the study, $1
invested in 1900 in US equities grew in capital value to $217 by the end of 2010 for an annualised
gain of 5%. However, according to the study if dividends had been reinvested in US equities, $1 would
have been worth $21,766 or an annualised return of 9.4%. Thus, reinvesting income can lead to a
return 100 times larger than the return from capital gains alone. This is not specific just to the US but
is true for all equity markets researched in the study. The study also demonstrates that the longer the
investment horizon, the more important is dividend income as ‘for the seriously long term investor, the
value of a portfolio corresponds closely to the present value of dividends’.
As well as the importance of dividends as a percentage of overall return the study found that high
yielding stocks also out-performed lower yielding stocks. The study broke down data in respect of
US returns from 1927 into US stocks that rank each year in the highest or lowest yielding 30% of
dividend paying-companies, the middle 40% and stocks that pay no dividends at all. Non-dividend
paying stocks gave the lowest total return of 8.4% per year, while low-yield stocks returned 9.1% and
high yielders gave the best return at 11.2%.
The longest data timeline provided in the study of the yield effect was done in the UK and goes back
to 1900. In the study, the 100 largest UK stocks are ranked by their dividend yield and divided 50:50
into higher and lower yielding stocks. The capitalisation weighted returns on those two portfolios
are calculated over the following year and that process is repeated every year. The results show that
an investment of £1 in 1900 would have grown to £5,122 in the lower yielding strategy by the end
of 2010, an annualised return of 8%. However, the same initial investment allocated to high yield
stocks would have grown to £100,160 which is almost 20 times greater and equivalent to an annual
return of 10.9% per year. As before, the study found that same effect has been evident in every other
country reviewed except New Zealand which is a small market.
According to the study the same results applied when different countries were compared to each
other based on dividend yield. At the start of each year 19 countries were ranked by their dividend
yield at the old year end. The countries were assigned to quintiles each one made of four countries
with the middle quintile containing three markets. Each portfolio had an equal amount invested in
each country and all income was reinvested. Portfolios were held for one year and the 19 countries
were then re-ranked and the portfolios were rebalanced and this was repeated each year. The results
found that over the full 111 years from 1900 an investment of $1 in the lowest yielding countries
would have grown to $370 by the end of 2010, a return of 5.5%. But the same initial investment
allocated to the highest yielding countries vastly out-performed as it would have grown to an end 2010
value of more than $1 million, some 2700 times as much or a return of 13.4% per annum.
The study also looked at four sub-periods of 25 years each and the first 10 years of the 21st
century with high yielding stocks out-performing every time. While this strategy would have required
a disciplined rebalancing regime, it does highlight the yield effect. The study also found that higher
yielding strategies not only had higher returns but also at lower levels of risk.
6

9. The Canada Life/ Setanta Dividend Fund
The Canada Life/Setanta Dividend Fund is an actively managed equity portfolio which invests in
stocks that have paid above average dividends since 2003.
Setanta Asset Management Limited (‘Setanta’), Canada Life’s primary investment manager follows
a value investing philosophy. The Canada Life/ Setanta Dividend Fund (the ‘Fund’) distils this
philosophy, placing particular emphasis on the significant proportion of cumulative total return that
dividends typically represent.
High yield investment fits neatly with Setanta’s value philosophy for a number of reasons. A high
dividend yield is generally considered to be a classical indicator of value and typically corresponds
to other respected value metrics. That said, a high dividend yield alone is not enough for a stock to
merit consideration for investment. In addition the stock must trade below Setanta’s assessment of
intrinsic value and the company will ideally exhibit strong competitive advantages. Setanta believes
that a strong balance sheet, a central tenet of value investing, is important for a company that aspires
to pay a sustainable and upwardly-trending dividend. Cash flow should closely reflect accounting
earnings, indicating that profits are real and not reflective of an accountant’s vivid imagination. Robust
cash flows typically ensure that a dividend is well covered and a company’s payout viable. These
factors help to protect an investment during the difficult times a company inevitably encounters,
through an economic cycle. They also ensure that the Fund, in accordance with value investing
principles, emphasises a high probability of long-term capital preservation.
Setanta takes a common sense approach to risk so that investment decisions are based on the
characteristics of each stock. By design, the Fund is well diversified, holding 45 stocks across
nineteen countries and five continents. Stocks are currently drawn from ten broad economic sectors,
while no stock has a greater weight than 5% of the fund.
Sector concentration is a function of the value opportunities available, subject to reasonable
diversification. Although subject to change, the largest sector is telecoms which currently represents
15% of the fund. Upon investment the fund managers typically expect to hold a stock for 4-5 years,
but are not bound to a maximum holding period. Setanta pays no heed to classical ‘risk’ metrics and
agree with Warren Buffett, who said: “The risk that matters is not beta or volatility, but the possibility
of loss or injury from an investment.”
The rationale for dividend based investing is clear and dividend payouts are expected to increase this
year as many companies distribute more of their surplus cash from improved earnings.
Dividends have historically contributed the majority of overall returns and to date there is no historical
evidence that this will change in the future. Dividends are the foundations on which long term equity
returns are built.
For more information on Canada Life’s fund performance, please visit www.canadalife.ie
Warning: The value of your investment may go down as well as up.
Past performance is not a reliable guide to future performance.
The Canada Life Assurance Company and Canada Life Assurance (Ireland) Limited are regulated by the Central Bank of Ireland.
This article does not constitute advice or an advertisement and does not form part of any contract.
7

10. 8

11. Life Funds
9

12. Canada Life / Setanta Equity Dividend Fund Quarter 1, 2011
Fund Description
The Equity Dividend Fund is an actively managed equity company debt must be ‘investment grade‘ (if rated)
portfolio which aims to hold c. 40 stocks that pay above company gearing below 100%.
average dividends. The fund does not target high dividend
payers indiscriminately; a set of desired criteria is applied The ratio of debt to equity should be not more than 100%,
when filtering potential candidates for the fund. The desired except for utility companies (water, electricity etc.) where
criteria are: we use a hurdle of 200%, and for financial stocks, where no
maximum is applied.
dividend yield 20% in excess of the MSCI World Index
no cut in dividend in the last five years The maximum exposure to currencies other than the euro is
market capitalisation of at least 500m (excluding Irish capped at 10% of the value of the fund. The Equity Dividend
stocks) Fund is managed by Setanta Asset Management Limited
dividend must be less than 80% of earnings (“Setanta“) .
Top 10 Holdings Fund Performance* Q1 2011
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Sector %
15
CRH Industrials / Materials 3.6
12
Sanofi-Aventis Healthcare 3.5
Fortum Telecoms / Utilities 3.1 9
Lockheed Martin Industrials / Materials 2.8 6
Solvay Industrials / Materials 2.6
3
DCC Industrials / Materials 2.5
Wincor Nixdorf Information Technology 2.5 0
Svenska Handbkn Financials 2.5 -3
Sasol Energy 2.4 CL/Setanta Equity Dividend
-6
Thai Beverage Public Consumer Staples 2.4 Average of High Yield Funds Peer Group
Portfolio Financials Q1 2011
*Source: Moneymate. Peer Group Average (High Yield Equity Funds from Bloxhams, AIB, Eagle
Dividend Yield 3.8% Star, Aviva and Friends First.
P/E Ratio 11.8x
Source: Bloomberg & individual company reports. These figures are based on last years dividend in some cases.
The gross yield is before any withholding taxes on the individual shares. It is also before taking account of any exit tax that may apply.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Consumer
Cash Japan Ireland Discretionary
Telecoms/Utilities 6.6%
6.8% Pacific & Emerging 4.4% 6.5% Consumer
18.4%
Markets Staples
11.5% UK 10.9%
19.1%
Equity Information
94.3% Energy
Technology
11.1%
6.3%
Industrials
USA & Materials Financials
Europe
20.0% 18.6% 14.2%
38.5%
Healthcare
13.8%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
10

13. Canada Life / Setanta Balanced Fund Quarter 1, 2011
Fund Description
The investment objective of the Balanced Fund is to secure picked within a global sector framework, with an emphasis
long-term capital growth. The fund seeks to achieve its on the following key characteristics:
objective by investing primarily in a range of Irish and
international equities and bonds. The asset distribution of superior financial track record
this fund is more conservative than a managed fund, having competitive advantage and a sustainable business model
a lower proportion of its assets invested in equities; the within their industry
target equity content is less than 50%. focused on profitability and can demonstrate an ability to
earn cash flow returns in excess of their cost of capital
The fund is managed by Setanta Asset Management Limited over the business cycle
(“Setanta“). Setanta is a value investor in quality companies do not carry excessive debt levels.
and builds the portfolio from the bottom up. Stocks are
Top 10 Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Sector % %
Exxon Mobil Energy 2.4 6
5
Pfizer Healthcare 2.0
4
General Dynamics Industrials & Materials 2.0
3
CRH Industrials & Materials 2.0
2
Total Energy 1.9
1
Johnson & Johnson Healthcare 1.7 0
ENI Energy 1.7 -1
Owens Illinois New Industrials & Materials 1.7 -2
BP Energy 1.7 -3
DCC Industrials & Materials 1.7 -4
Canada Life/Setanta Balanced
Category Average Managed Balanced
Source: Moneymate. Performance is net of management fees.
Asset Distribution Equity Geographic Distribution Equity Sectoral Asset Distribution
Telecoms/Utilities Consumer
Cash Japan Ireland 7.9% Discretionary
0.6% Property Pacific & Emerging 6.1% 5.8% UK 9.9%
7.4% 10.2% Information
Markets Consumer
7.6% Technology Staples
12.4% 10.9%
Equity
47.2% Europe
21.0% Industrials Energy
& Materials 15.5%
Fixed Interest 16.6%
44.7%
USA
49.4%
Healthcare Financials
12.8% 14.1%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
11

14. Canada Life / Setanta Balanced Dividend Fund Quarter 1, 2011
Fund Description
The Balanced Dividend Fund is an actively managed balanced dividend must be less than 80% of earnings
fund investing 66% in equities and 34% in fixed interest company debt must be ‘investment grade‘ (if rated)
securities. The equity portion of the fund aims to hold c. 40 company gearing below 100%.
stocks that pay above average dividends. The fixed interest
portion of the fund invests in EU government bonds. The ratio of debt to equity should be not more than 100%,
except for utility companies (water, electricity etc.) where
The fund does not target high dividend payers indiscriminately we use a hurdle of 200%, and for financials stock, where no
for the equity securities; a set of desired criteria is applied maximum is applied.
when filtering potential candidates for the fund. The desired
criteria are: The maximum exposure to currencies other than the euro
is capped at 10% of the value of the fund. The Balanced
dividend yield 20% in excess of the MSCI World Index Dividend Fund is managed by Setanta Asset Management
no cut in dividend in the last 5 years Limited (“Setanta“) .
market capitalisation of at least 500m (excluding Irish stocks)
Top 10 Holdings Fund Performance* Q1 2011
% Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Sector %
10
CRH Industrials / Materials 3.6
Sanofi-Aventis Healthcare 3.5 8
Fortum Telecoms / Utilities 3.1 6
Lockheed Martin Industrials / Materials 2.8
4
Solvay Industrials / Materials 2.6
2
DCC Industrials / Materials 2.5
Wincor Nixdorf Information Technology 2.5 0
Svenska Handbkn Financials 2.5
-2
Sasol Energy 2.4
-4
Thai Beverage Public Consumer Staples 2.4 CL/Setanta Bal Dividend
Category Average Managed Balanced
Portfolio Financials Q1 2011
*Source: Moneymate. Peer Group Average (High Yield Equity Funds from Bloxhams, AIB, Eagle
Dividend Yield 3.8% Star, Aviva and Friends First.
Source: Bloomberg & individual company reports. These figures are based on last years dividend
P/E Ratio 11.8x in some cases. The gross yield is before any withholding taxes on the individual shares. It is also
before taking account of any exit tax that may apply.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Consumer
Japan Ireland Discretionary
Pacific & Emerging 4.4% Telecoms/Utilities 6.6%
6.5%
Markets 18.4% Consumer
11.5% Staples
UK 10.9%
19.1%
Information
Energy
Technology
11.1%
6.3%
Industrials
Europe USA & Materials Financials
38.5% 20.0% 18.6% 14.2%
Healthcare
13.8%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
12

15. Canada Life / Setanta European Equity Fund Quarter 1, 2011
Fund Description
The investment objective of the European Equity Fund is to superior financial track record
secure long-term capital growth. competitive advantage and a sustainable business model
within their industry
The fund seeks to achieve its objective by investing in a focused on profitability and can demonstrate an ability to
range of European equities. earn cash flow returns in excess of their cost of capital
over the business cycle
It is an actively managed equity portfolio which holds c. 30- do not carry excessive debt levels.
50 European stocks. The fund is managed by Setanta Asset
Management Limited (“Setanta“). Setanta is a value investor
in quality companies and builds the portfolio from the bottom
up. Stocks are picked within a global sector framework, with
an emphasis on the following key characteristics:
Top 10 Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Sector % %
DCC Industrials/Materials 4.9 20
BP Energy 4.4
15
C&C Group Consumer Staples 4.4
CRH Industrials/Materials 4.2
10
Solvay Industrials/Materials 4.0
Axel Springer Consumer Discretionary 3.9 5
Vodafone Telecoms / Utilities 3.9
Wincor Nixdorf Information/Technology 3.8 0
Diageo Consumer Staples 3.8
Total Energy 3.8 -5
Canada Life/Setanta European Equity
Category Average Advanced Europe Equity
Source: Moneymate. Performance is net of management fees.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Cash Consumer
Cash Telecoms/
1.7% Greece 2.0% Belgium Utilities Discretionary
3.0% 7.0% Czech Republic 10.0%
15.9% Consumer
3.0%
Staples
Finland
Information 8.3%
UK 9.0%
Technology
27.0% 6.0%
France
8.0% Energy
13.4%
Germany
Norway Industrials
8.0%
3.0% & Materials
Switzerland 16.8%
6.0% Italy Ireland Financials
Equity 6.0% 18.0% Healthcare 18.9%
98.3% 10.6%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
13

16. Canada Life / Setanta Unitised With Profits Fund Quarter 1, 2011
Fund Description
The Unitised With Profits Fund (UWP) operates like a At maturity a terminal bonus may be applied if the underlying
unit-linked fund, except that investment return to assets have outperformed the declared bonuses.
policyholders is smoothed and guaranteed not to fall.
Returns are distributed in the form of a bonus rate declared
by Canada Life based on various factors including the
performance of the underlying assets.
Returns are smoothed to the investor in that the bonus
rate will endeavour to reflect the performance of the assets
over the long term, allowing the investor to avoid short-term
volatility in the markets.
Top 10 Holdings Annual Bonus History
Company Sector % Year Life
Gross Version Net Version
Exxon Mobil Energy 2.4
95 – 96 - -
Pfizer Healthcare 2.1
96 – 97 - -
General Dynamics Industrials & Materials 2.0 97 – 98 - -
CRH Industrials & Materials 1.9 98 – 99 - 6.5%
Total Energy 1.9 99 – 00 - 6.0%
00 – 01 6.0% 5.0%
ENI Energy 1.8
01 – 02 6.0% 4.5%
Johnson & Johnson Healthcare 1.8
02 – 03 5.0% 3.5%
BP Energy 1.8 03 – 04 2.0% 0.0%
Owens Illinois New Industrials & Materials 1.7 04 – 05 1.0% 0.0%
DCC Industrials & Materials 1.7 05 – 06 1.0% 0.0%
06 – 07 1.0% 0.0%
07 - 08 1.0% 0.0%
08 - 09 0.5% 0.0%
09 - 10 0.0% 0.0%
10 - 11 0.0% 0.0%
Bonus rates are declared net of management charges
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Japan Telecoms/Utilities Consumer
Property Ireland Discretionary
Cash 6.0% 7.9%
2.0% Pacific & Emerging 5.8% 9.9%
6.2% UK
Markets 10.3% Information Consumer
8.6% Technology Staples
12.1% 11.0%
Equity Europe
36.9% Fixed Interest
20.4% Industrials
54.9% Energy
& Materials
15.8%
16.4%
USA
Healthcare
48.9% Financials
12.6%
14.3%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
14

17. Canada Life / Setanta Focus 15 Fund Quarter 1, 2011
Fund Description
The Focus 15 Fund is an actively managed, concentrated focused on profitability and can demonstrate an ability to
equity portfolio, which holds c. 15 international (ex Ireland) earn cash flow returns in excess of their cost of capital
stocks. The Focus 15 Fund is managed by Setanta Asset over the business cycle
Management Limited (“Setanta“). Setanta is a value do not carry excessive debt levels.
investor in quality companies. Setanta builds the portfolio
from the bottom up, using the stocks researched by the Clearly, Focus 15 is likely to be more volatile than more
sector specialists, with an emphasis on the following key broadly-based funds; it is therefore only suitable for those
characteristics: investors with experience of the stock market.
superior financial track record
competitive advantage and a sustainable business model
within their industry
Fund Holdings Fund Performance to 31/03/11
Company Sector % % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Pfizer Healthcare 9.0 15
Sysco Consumer Staples 8.2
12
Everest Re Group Financials 7.7
Tidewater Energy 7.0 9
Steris Healthcare 7.0
6
Johnson & Johnson Healthcare 6.9
Total Energy 6.8 3
MI Developments Financials 6.8
0
Astellas Pharmaceutical Healthcare 6.7
Wincor Nixdorf Information Technology 6.6 -3
NTT Docomo Telecoms / Utilities 6.1
-6
Motor Consumer Discretionary 5.9
Belgacom Telecoms / Utilities 4.0
Nokia Information Technology 3.1 Canada Life/Setanta Focus 15
OPAP Consumer Discretionary 2.1 Category Average Flexible Equity
Komori Industrials & materials 1.8
Source: Moneymate. Performance is net of management fees.
Cash 4.3
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Cash Consumer
4.3% Telecoms/Utilities Discretionary
Japan 10.7% 8.5%
21.5% Consumer
Information Staples
Technology 8.6%
10.1%
Pacific Industrials
USA
& Emerging & Materials Energy
46.7%
Markets 1.9% 14.4%
8.0%
Europe Healthcare
23.7% 30.8% Financials
Equity 15.1%
95.7%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
15

18. Canada Life / Setanta Irish Equity Fund Quarter 1, 2011
Fund Description
The Irish Equity Fund is an actively managed equity focused on profitability and can demonstrate an ability to
portfolio which aims to hold stocks quoted on the Irish earn cash flow returns in excess of their cost of capital
stock exchange. The fund is managed by Setanta Asset over the business cycle
Management Limited (“Setanta“). Setanta is a value investor do not carry excessive debt levels.
in quality companies. Setanta builds the portfolio from the
bottom up, picking stocks within a sector framework, with an The Irish Equity Fund is a relatively concentrated equity fund
emphasis on the following key characteristics: with exposure to stocks from only one country and is likely to
be more volatile than more broadly-based funds.
superior financial track record
competitive advantage and a sustainable business model
within their industry
Top 10 Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Sector % %
DCC Industrials & Materials 9.3 20
Total Produce Consumer Staples 8.8 15
Irish Continental Industrials & Materials 8.3 10
Kingspan Industrials & Materials 7.8 5
CRH Industrials & Materials 7.4 0
Abbey Industrials & Materials 7.3 -5
Dragon Oil Energy 6.3 -10
Grafton Group Industrials & Materials 6.2 -15
-20
Kerry Group Consumer Staples 6.2
-25
Ryanair Holdings Industrials & Materials 6.2
Canada Life/Setanta Irish Equity
Category Average Irish Equity
Source: Moneymate. Performance is net of management fees.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Consumer
Cash Discretionary
0.1% 5.8%
Consumer
Staples
25.3%
Industrials
& Materials
57.5% Energy
6.3%
Financials
1.1%
Healthcare
Equity
4.0%
99.9%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
16

19. Canada Life / Setanta Property Fund Quarter 1, 2011
Fund Description
This fund invests in commercial properties - office, retail and The Property Fund is suitable for investors who wish to gain
warehousing. The fund is characterised by the quality of the investment exposure to the commercial property sector.
property that makes up the portfolio and the tenants that Investors should understand that property investment is by
occupy these properties. its nature less liquid than other asset classes.
Currently, all of the properties are located in Ireland.
Sample Property Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
OFFICE %
Block C, Earlsfort Centre 15
Tenant - Office of Public Works 10
Fund Weighting - 13.2% 5
RETAIL 0
45/46 Patrick Street, Cork -5
Tenant - C&J Clarke International
-10
Fund Weighting - 3.8%
-15
INDUSTRIAL/WAREHOUSE
-20
Swords Business Campus
-25
Tenants - Air France, Client Logic, Eastern Health Board
Fund Weighting - 10.2%
Canada Life/Setanta Property
Category Average Property
Source: Moneymate. Performance is net of management fees.
Asset Distribution Geographic Distribution Sectoral Distribution
Cash
9.5% Rest of Ireland
16.5%
Office
27.7%
Retail
Dublin city centre 41.7%
Cork
44.4%
10.3%
Cash & Bonds
9.5%
Property Suburban Dublin Industrial
90.5% 28.8% 21.1%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
17

20. Canada Life / Setanta Strategic Growth Fund Quarter 1, 2011
Fund Description
The investment objective of the Strategic Growth Fund is to superior financial track record
secure long-term capital growth. The fund seeks to achieve competitive advantage and a sustainable business model
its objective by investing primarily in a range of Irish and within their industry
international equities and bonds. The fund will hold between focused on profitability and can demonstrate an ability to
50-80% of its assets in equities with the balance consisting earn cash flow returns in excess of their cost of capital
of bonds, property and cash over the business cycle
do not carry excessive debt levels.
The fund is managed by Setanta Asset Management Limited
(“Setanta“). Setanta is a value investor in quality companies.
Setanta builds the portfolio from the bottom up, picking
stocks within a global sector framework, with an emphasis
on the following key characteristics:
Top 10 Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Sector % %
Exxon Mobil Energy 1.6 6
CRH Industrials & Materials 1.5 5
DCC Industrials & Materials 1.4 4
Pfizer Healthcare 1.4 3
Total Energy 1.4
2
General Dynamics Industrials & Materials 1.3
1
ENI Energy 1.2
0
Johnson & Johnson Healthcare 1.2
-1
BP Energy 1.2
Owens Illinois Industrials & Materials 1.1 -2
-3
Canada Life/Setanta Strategic Growth G
Category Average Managed Dynamic
Source: Moneymate. Performance is net of management fees.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Japan Telecoms/Utilities Consumer
Cash Property 6.0% Ireland 7.6% Discretionary
Pacific & Emerging
6.4% 2.8% Markets 9.2% Information 9.7%
Commodities Fixed Interest Consumer
7.9% UK Technology
2.4% 19.4% Staples
9.9% 11.6%
11.3%
Europe
19.9%
Industrials
Energy
& Materials
15.7%
18.3%
Equity
69.0%
Healthcare Financials
USA 12.4% 13.5%
47.1%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
18

21. Canada Life / Setanta Global Opportunity Fund Quarter 1, 2011
Fund Description
The Global Opportunity Fund is an actively managed equity superior financial track record
portfolio, which holds c. 100-140 global stocks. The competitive advantage and a sustainable business model
investment objective of the Global Opportunity Fund is to within their industry
secure long-term capital growth by investing in a range of focused on profitability and can demonstrate an ability to
Irish and international equities. earn cash flow returns in excess of their cost of capital
over the business cycle
The fund is managed by Setanta Asset Management Limited do not carry excessive debt levels.
(“Setanta“). The fund is the cornerstone of Setanta‘s
investment process. Setanta is a value investor in quality
companies and builds the portfolio from the bottom up.
Stocks are picked within a global sector framework, with an
emphasis on the following key characteristics:
Top 10 Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Sector % %
Exxon Mobil Energy 2.4 10
Pfizer Healthcare 2.1 8
General Dynamics Industrials & Materials 2.0
6
CRH Industrials & Materials 1.9
4
Total Energy 1.9
Johnson & Johnson Healthcare 1.8 2
ENI Energy 1.7 0
Owens Illinois Industrials & Materials 1.7
-2
BP Energy 1.7
DCC Industrials & Materials 1.7 -4
Canada Life/Setanta Global Opportunity
Category Average Flexible Equity
Source: Moneymate. Performance is net of management fees.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Cash Japan Ireland Telecoms/Utilities Consumer
1.3% 7.9% Discretionary
Pacific & Emerging 6.1% 5.8% UK 9.9%
Markets 10.2% Information Consumer
7.6% Technology Staples
12.4% 10.9%
Europe
21.0% Energy
Industrials
& Materials 15.5%
16.6%
USA
49.4%
Equity Healthcare Financials
98.7% 12.8% 14.1%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
19

22. Canada Life Quadrivium Fund Quarter 1, 2011
Fund Description Fund Composition
The investment objective of the Canada Life Quadrivium Fund The Quadrivium Fund invests in the following four asset classes:
is to secure long-term capital growth.
High-Yield Equities
The fund seeks to achieve its objective by investing in four The Canada Life Dividend Fund is an equity fund that
different asset classes – equities, bonds, property and specifically targets stable blue chip quality companies with
commodities. By investing in Quadrivium investors can gain the ability to pay consistently strong dividends.
access to a diversified portfolio invested across these four The Dividend Fund is a pure equity portfolio of actively
asset classes. The fund provides exposure to international managed companies with an average of 40 holdings.
shares, Irish & European commercial property, commodities
and fixed interest assets, all within one fund. Property
Irish Commercial Property
The Canada Life Property Fund invests in a range of
Asset Distribution commercial properties. The fund is currently fully invested
in Irish commercial properties but will seek opportunities
Fixed Interest
8.1%
outside Ireland where appropriate. The fund is managed by
a team of property specialists at Canada Life European Real
Commodities
Estate, who have over 20 years of property experience and
18.4% manage over €1.7 billion in property assets.
Dividend Fund European Property
43.1% The Canada Life/Morgan Stanley European Property Fund
European Property
invests in a professionally managed portfolio of European
16.5% property companies, and is managed by a team of property
Irish Property
13.9% experts at Morgan Stanley with over 40 years of collective
experience of real estate markets. The fund invests in
Asset Class Current Expected
quoted European property companies through buying
Allocation Range
real estate securities. Real Estate securities are indirect
Dividend Fund 43.1% 20% - 50% investments in property whose long-term returns depend on
Irish Property 13.9% 10% - 25% the underlying real estate market.
European Property 16.5% 10% - 25%
18.4%
Commodities
Commodities 0% - 25%
The commodities allocation in the Quadrivium fund invests
Fixed Interest 8.1% 0% - 25% in an Exchange Traded Fund (ETF) issued by ETF Securities.
The ETFs All Commodities DJ-AIGCI is designed to track the
Dow Jones-AIG Commodity sub-index. The Dow Jones-AIG
Fund Performance Commodity sub-index invests in a broadly diversified index
Q1 2011 1 yr p.a 2 yr p.a 3 yr p.a
that allows investors to track commodity futures returns
%
through a single fund. No related group of commodities (e.g
25 energy, precious metals, livestock or grains) may constitute
20
more than 33% of the index and no single commodity may
constitute less than 2% or more than 15% of the index.
15 Commodities tend to behave differently to all other asset
Canada Life Quadrivium Fund
classes and for this reason are used as a good diversifier in
10
multi-asset portfolios. The ETFs are issued by ETF Securities.
Diversified Funds Average
5 (Diversified Funds from Eagle Star, ETF Securities invest the assets backing the ETF with AIG.
Irish Life & Canada Life)
0
Fixed Interest
-5
The Canada Life Fixed Interest Fund invests in government
gilts predominantly from eurozone countries. Gilts, or bonds
-10 are essentially a form of debt. Governments and large
Source: Moneymate. Performance is net of management fees.
corporations use them to raise money for capital expenditure.
This fund was launched on 22/10/07
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
20

23. Canada Life / Setanta Cash Fund Quarter 1, 2011
Fund Description
The Cash Fund seeks to provide modest returns in exchange individual securities of ‘A‘ and for the portfolio an average
for relative capital security. The fund may invest in: rating of ‘AA‘.
i) Euro denominated short-dated term deposits with banks The maximum average duration of the fund is 4.5 months,
and/or eligible credit institutions on Canada Life‘s approved and the maximum duration of any one asset is one year.
short-term borrowers list which have a minimum credit The fund has a diversified exposure, with no more than 30%
rating of P-1 and which are authorised to carry on a banking credit exposure to any one entity.
business in the State under Section 9 of the Central Bank
Act, 1971 and/or The fund is actively managed and consideration is given to
the underlying credit worthiness of the financial institution,
(ii) Euro denominated bonds issued by governments or the return and the tenure of the deposit.
corporates subject to a minimum average credit rating of
Counterparty Exposure Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Issuer % of Fund Issuer % of Fund %
Ulster Bank 19.4 Belgian Treasury Bill 3.3 2.0
National Irish Bank 18.4 German Treasury Bill 3.3
French Treasury Bill 9.8 Bank of Ireland (G) 2.3 1.5
BNP 8.2 Allied Irish Bank (G) 2.0
ACC Bank 6.8 EBS Building Society (G) 1.9 1.0
Dutch Treasury Bill 6.2 Irish Life & Permanent (G) 1.8
0.5
Italian Treasury Bill 5.2 SPGB 1.2
Dutch Commercial Paper 3.3 Cash 3.6
0.0
German Commercial Paper 3.3
Counterparty exposures (G) are covered by the Irish Government guarantee.
Other counterparty/credit exposures are covered by either other European National -0.5
Government Guarantees or have individually strong credit ratings. Canada Life/Setanta Cash G
-1.0 Category Average Money Market
Source: Moneymate. Performance is net of management fees.
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
21

24. Canada Life / Setanta Fixed Interest Fund Quarter 1, 2011
Fund Description
The Fixed Interest Fund invests predominantly in eurozone The fund has a minimum ‘A‘ credit rating investment level for
government bonds. It may also hold corporate bonds and individual securities. The minimum average credit rating for
bonds from non-eurozone countries. The fund is managed by the full portfolio is ‘AA‘. The duration of the portfolio can be
Setanta Asset Management Limited (“Setanta“). between +/- two years of the index.
Setanta‘s general philosophy in relation to fixed income is Returns are likely to be modest and can be negative.
that performance in bond markets is primarily driven by the However, they are significantly less volatile than equity
directional (duration) calls and yield curve positioning. The returns.
fund takes relatively small currency or credit risk.
Top 10 Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Country % %
Depfa ACS Bank Ireland 5.2 4
3
Buoni Poliennali Del Tes Italy 3.9
2
EBS Mortgage Finance Ireland 3.3 1
Irish Life & Permanent Ireland 3.2 0
-1
Buoni Poliennali Del Tes Italy 3.0
-2
Buoni Poliennali Del Tes Italy 2.9 -3
Buoni Poliennali Del Tes Italy 2.9 -4
-5
Landwirtsch. Rentenbank Germany 2.7
-6
Hellenic Republic I/L Greece 2.7 -7
Buoni Poliennali Del Tes Italy 2.5 -8
Canada Life/Setanta Fixed Interest Fund
Category Average Bonds
Source: Moneymate. Performance is net of management fees.
Asset Distribution Country Weighting Yield Curve Positioning
UK Finland SNAT Poland Duration Fund Benchmark
1.0% 1.0% 2.0% 2.0% (Yrs to Maturity)
Covered Greece France Weighting Weighting
18% 6.0% 7.0%
Portugal 0-5 27.1% 9.1%
3.0% Italy
Supranational
Netherlands 27.0%
2%
6.0%
5 - 10 50.6% 61.4%
Belgium
Govt. Agency 5.0% 10 - 15 21.8% 22.3%
14%
15 - 30 0.1% 7.2%
Govt. Guarantee Govt. Ireland
4% 62% 17.0%
Spain 100% 100%
Austria 15.0%
3.0% Germany
4.0%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
22

25. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Global Balanced Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI Global Balanced Fund aims to provide long term Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a 5 Yr p.a
growth of capital with a moderate level of income by -1.1% 6.1% 21.2% 2.1% -2.3% -1.2%
investing in a range of SEI multi-manager equity and fixed
income funds. The fund is a globally diversified fund with Top 10 Holdings %
approximately 70% invested in top tier equity funds and the Apple Inc. 1.62
remaining 30% invested in top tier fixed income funds. JPMorgan Chase & Co. 1.12
Chevron Corp. 1.12
Asset Allocation Microsoft Corp. 1.04
Equities 70% Wells Fargo & Co. 1.00
US Large Cap 28.00 QUALCOMM Inc. 0.99
Global Developed Markets 14.00 AT&T Inc. 0.81
Europe Ex-UK 10.00 Pfizer Inc. 0.80
UK 6.00 ConocoPhillips 0.78
Japan 5.00 Exxon Mobil Corp. 0.77
Pacific Basin Ex-Japan 3.50 Total 10.04
Emerging Markets 3.50
Fixed Income Managers %
AllianceBernstein 4.80
Fixed Income 30%
First International Advisers 4.20
Global 15.00
UBS Global Asset Management 2.40
Global Opportunistic 15.00
Wellington Management Company 3.60
Total 100%
DB Advisers 3.05
Jennison Associates 2.70
Schroders Investment Management 2.33
Wellington GRV 3.27
TCW Group 3.65
List of Managers %
US Large Companies Equities 28.00 UK Equities 6.00
Aronson, Johnson, Ortiz 4.43 Invesco Quantitative Strategies 1.16
Brown Investment Advisory 2.86 Investec Asset Management 0.77
Delaware Investment Advisors 2.57 Jupiter Investment Managers 1.22
Legg Mason - Growth Equity 3.14 L.A. Capital Management 1.07
Legg Mason - Core Equity 2.57 Mirabaud Asset Management 1.16
LSV Asset Management 4.43 Standard Life Investments 0.61
Neuberger Berman 2.86 Japanese Equities 5.00
Quantitative Management Associates 2.86 Acadian Asset Management 1.12
WestEnd Advisors 2.28 Analytic Investors Inc 1.02
Global Developed Markets Equities 14.00 Capital International 1.28
Hexavest 3.46 JPMorgan Asset Management 1.58
Intech Investment Management 2.89 Pacific Basin Ex-Japan Equities 3.50
Janus Capital Group 2.60 Capital International 0.98
Tradewinds 1.73 Lloyd George Investment Management 1.40
Wellington Management Co. Int. Value 3.32 Maple-Brown Abbott Limited 1.12
Europe Ex-UK Equities 10.00 Emerging Markets Equities 3.50
Acadian Asset Management 3.67 Artisan Partners 0.71
Metropole Gestion 1.74 JO Hambro Capital Management 0.36
TT International 2.55 Lazard Asset Management 0.50
Wellington Management Company 2.04 Neuberger Berman 0.50
PanAgora Asset Management 0.71
The Boston Company Asset Management 0.71
23

26. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Global Developed Markets Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The investment objective of the Global Developed Markets Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
Equity Fund is to achieve capital appreciation by investing
-2.4% 5.7% 24.7% -3.0% -9.4%
primarily in equity securities of issuers located in developed
countries. Following a manager-of-managers approach, the
fund’s assets are diversified across specialist sub-advisers.
Fund Benchmark
MSCI World Index
Top 10 Holdings % Country Allocation %
Exxon Mobil Corp. 1.28 United States 47.2
Microsoft Corp. 1.11 Japan 11.1
Eli Lilly & Co. 0.93 United Kingdom 8.0
HSBC Holdings Plc 0.9 Canada 4.3
General Electric Co. 0.83 Germany 4.0
Pfizer Inc. 0.82 Switzerland 3.9
International Business Machines Corp. 0.81 France 3.9
Wells Fargo & Co. 0.79 Australia 1.8
Newmont Mining Corp. 0.74 Norway 1.6
JPMorgan Chase & Co. 0.73 Hong Kong 1.6
Total 8.94 Other 12.6
Underlying Managers Sector Weighting %
Hexavest 24.7 Financials 17.1
Wellington Management Company International Value 23.7 Industrials 13.3
Intech Investment Management 20.6 Consumer Discretionary 12.1
Janus Capital Management 18.6 Energy 10.2
Tradewinds Global Investors 12.4 Information Technology 10.0
Fund Total 100.00 Health Care 10.0
Materials 9.8
Consumer Staples 7.8
Telecoms 5.9
Utilities 3.9
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 28.6
Between 20 and 50 Billion 25.7
Between 10 and 20 Billion 19.4
Between 1 and 10 Billion 24.6
Less than 1 Billion 1.7
24

27. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI European (Ex-UK) Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The fund aims to achieve long-term capital growth and Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
income by investing in a broadly diversified portfolio of
1.6% 7.7% 28.4% -3.5% -6.1%
European equity securities. Following a manager-of-managers
approach, the fund’s assets are diversified across specialist
sub-advisers.
Fund Benchmark
MSCI Europe EX-UK index
Top 10 Holdings % Country Allocation %
BNP Paribas S.A. 2.6 France 26.1
Total S.A. 2.4 Germany 21.6
Basf SE 1.8 Switzerland 12.2
Sanofi-Aventis S.A. 1.7 Sweden 8.6
Novartis AG 1.5 Italy 6.8
Daimler AG 1.4 Netherlands 4.9
Sap AG 1.3 Norway 3.4
Unicredit S.P
.A. 1.3 Spain 3.3
Heineken N.V. 1.3 Denmark 2.8
Capgemini 1.2 Finland 2.5
Total 16.4 Other 7.8
Underlying Managers Sector Weighting %
Acadian Asset Management 36.7 Industrials 21.7
TT International 25.5 Financials 15.7
Wellington Management Company 20.4 Consumer Discretionary 14.8
Metropole Gestion 17.4 Consumer Staples 10.9
Fund Total 100.00 Materials 10.5
Information Technology 7.9
Health Care 7.8
Energy 5.9
Telecomm Services 2.7
Utilities 2.2
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 22.7
Between 20 and 50 Billion 12.8
Between 10 and 20 Billion 15.0
Between 1 and 10 Billion 43.2
Less than 1 Billion 6.3
25

28. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI US Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI US Large Companies Fund aims to provide long- Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
term capital growth and income by investing primarily in a
-0.2% 7.2% 23.3% 2.7% -4.1%
broadly diversified portfolio of US equity securities of large
companies. Following a manager-of-managers approach, the
fund’s assets are diversified across specialist sub-advisers.
Fund Benchmark
Russell 1000 Index
Top 10 Holdings % Sector Weighting %
Apple Inc. 2.6 Information Technology 24.6
JPMorgan Chase & Co. 1.7 Financials 15.1
Chevron Corp. 1.7 Health Care 13.3
Qualcomm Inc. 1.7 Consumer Discretionary 12.0
Wells Fargo & Co. 1.5 Energy 10.8
Microsoft Corp. 1.5 Industrials 9.3
AT&T Inc. 1.3 Consumer Staples 6.4
Conocophillips 1.2 Materials 3.1
Pfizer Inc. 1.1 Telecomm Services 2.8
Procter & Gamble Co. 1.1 Utilities 2.5
Total 15.6
Underlying Managers
Aronson & Johnson & Ortiz 15.8
LSV Asset Management 15.8
Legg Mason - Growth Equity 11.2
Brown Investment Advisory 10.2
Neuberger Berman 10.2
Quantitative Management Associates 10.2
Delaware Investments 9.2
Legg Mason - Value Equity 9.2
WestEnd Advisors 8.2
Fund Total 100.00
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 34.3
Between 20 and 50 Billion 26.1
Between 10 and 20 Billion 19.2
Between 1 and 10 Billion 20.2
Less than 1 Billion 0.3
26

29. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI UK Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI UK Equity Fund aims to achieve long-term capital Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
growth and income by investing primarily in a broadly
-2.6% 6.4% 28.7% -2.0% -9.0%
diversified portfolio of UK equity securities. Following a
manager-of managers approach, the fund’s assets are
diversified across specialist sub-advisers.
Fund Benchmark
FTSE All Share Index
Top 10 Holdings % Sector Weighting %
Vodafone Group Plc 4.0 Financials 19.3
Rio Tinto Plc 3.4 Industrials 15.4
BP Plc 3.1 Energy 14.0
BGGroup Plc 3.0 Materials 12.8
HSBC Holdings Plc 2.7 Consumer Discretionary 11.8
Glaxosmithkline Plc 2.6 Consumer Staples 9.2
Astrazeneca Plc 2.5 Health Care 6.2
Royal Dutch Shell Plc (Cl B) 2.4 Telecomm Services 5.4
BHP Billiton Plc 2.3 Information Technology 4.5
Barclays Plc 2.0 Utilities 1.5
Total 28.0
Underlying Managers
Jupiter Asset Management 20.4
Invesco Asset Management 19.4
Mirabaud Investment Management 19.4
L.A Capital Management 17.9
Investec Asset Management 12.8
Standard Life Investments 10.2
Fund Total 100.00
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 35.4
Between 20 and 50 Billion 11.7
Between 10 and 20 Billion 8.7
Between 1 and 10 Billion 40.1
Less than 1 Billion 4.1
27

30. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Pacific Basin (Ex-Japan) Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI Pacific Basin (ex-Japan) Equity Fund aims to achieve Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
long-term growth of capital and income by investing primarily in
-4.6% 7.1% 34.9% 7.6% 2.0%
a broadly diversified portfolio of Pacific Basin (ex-Japan) equity
securities. Following a manager-of-managers approach, the
fund’s assets are diversified across specialist sub-advisers.
Fund Benchmark
MSCI Pacific ex Japan Index
Top 10 Holdings % Country Allocation %
BHP Billiton Ltd. 7.6 Australia 56.3
Westpac Banking Corp. 4.4 Hong Kong 23.5
National Australia Bank Ltd. 4.3 Singapore 8.8
Australia & New Zealand Banking Group Ltd. 4.1 China 4.0
Rio Tinto Ltd. 3.5 United Kingdom 2.5
DBS Group Holdings Ltd. 3.2 Korea 2.2
Commonwealth Bank Of Australia 2.3 Taiwan 1.3
Wesfarmers Ltd. 1.9 Thailand 0.5
Oil Search Ltd. 1.8 Malaysia 0.3
Cheung Kong (Holdings) Ltd. 1.8 New Zealand 0.3
Total 34.7 Canada 0.3
Underlying Managers Sector Weighting %
Lloyd George Investments Management 40.0 Financials 42.3
Maple-Brown Abbott 32.0 Materials 16.8
Capital International 28.0 Industrials 9.4
Fund Total 100.00 Consumer Discretionary 7.4
Consumer Staples 7.1
Energy 6.1
Information Technology 4.3
Telecomm Services 3.0
Health Care 2.5
Utilities 1.2
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 28.7
Between 20 and 50 Billion 15.7
Between 10 and 20 Billion 21.2
Between 1 and 10 Billion 33.0
Less than 1 Billion 1.5
28

31. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Japan Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The investment objective of the SEI Japan Equity Fund is to Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
achieve long-term growth of capital and income by investing
-9.2% -1.7% 14.8% -2.9% -10.5%
primarily in a broadly diversified portfolio of Japanese equity
securities. Following a manager-of-managers approach, the
fund’s assets are diversified across specialist sub-advisers.
Fund Benchmark
TOPIX
Top 10 Holdings % Sector Weighting %
Sumitomo Mitsui Financial Group Inc. 2.8 Industrials 23.0
Toyota Motor Corp. 2.4 Financials 18.9
Nippon Telegraph & Telephone Corp. 2.0 Consumer Discretionary 17.1
Astellas Pharma Inc. 1.9 Information Technology 15.7
Sumitomo Corp. 1.9 Materials 6.1
Mitsubishi UFJ Financial Group Inc. 1.9 Health Care 5.9
Nissan Motor Co. Ltd. 1.7 Consumer Staples 4.7
Mitsui & Co. Ltd. 1.5 Telecomm Services 4.1
Softbank Corp. 1.5 Energy 2.7
Marubeni Corp. 1.5 Utilities 1.9
Total 19.0
Underlying Managers
JPMorgan Asset Management 31.6
Capital International 25.5
Acadian Asset Management 22.5
Analytic Investors 20.4
Fund Total 100.00
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 8.6
Between 20 and 50 Billion 17.8
Between 10 and 20 Billion 21.4
Between 1 and 10 Billion 44.6
Less than 1 Billion 7.6
29

32. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Emerging Markets Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI Emerging Markets Equity Fund aims to achieve Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
capital appreciation by investing primarily in securities of
-5.5% 8.7% 37.0% 4.8% 2.4%
emerging market issuers. Following a manager-of-managers
approach, the fund’s assets are diversified across specialist
sub-advisers.
Fund Benchmark
MSCI Emerging Markets Index
Top 10 Holdings % Country Allocation %
Samsung Electronics Co. Ltd. 3.0 Brazil 16.2
Gazprom OaO ADS 1.3 China 15.8
MTN Group Ltd. 1.3 Korea 12.7
China Mobile Ltd. 1.1 Taiwan 10.4
Taiwan Semiconductor Manufacturing Co. Ltd. 1.0 Russia 8.0
Petrobras Petroleo Brasileiro (Ord) 1.0 India 7.1
HTC Corp. 0.9 South Africa 7.1
Lukoil Holdings ADS 0.8 Mexico 3.6
Hyundai Mobis Co. Ltd. 0.8 Indonesia 2.7
Standard Bank Group Ltd. 0.8 Turkey 2.4
Total 12.0 Other 14.0
Underlying Managers Sector Weighting %
Artisan Partners 20.4 Financials 21.6
PanAgora Asset Management 20.4 Information Technology 14.5
The Boston Company Asset Management 20.4 Energy 14.0
Lazard Asset Management 14.3 Materials 13.5
Neuberger Berman 14.3 Consumer Discretionary 10.4
JO Hambro Capital Management 10.2 Industrials 8.6
Fund Total 100.00 Telecomm Services 7.3
Consumer Staples 5.4
Health Care 2.9
Utilities 1.9
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 11.2
Between 20 and 50 Billion 11.7
Between 10 and 20 Billion 8.3
Between 1 and 10 Billion 58.6
Less than 1 Billion 10.2
30

33. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Global Fixed Income Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI Global Fixed Income Fund aims to generate current Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
income and exhibit principal volatility similar to that of the
-0.9% 0.8% 5.6% 0.6% 0.5%
global developed fixed income market as a whole. Following
a manager-of-managers approach, the fund’s assets are
diversified across specialist sub-advisers
Fund Benchmark
Lehman Global Aggregate Index
Top 10 Holdings % Country Allocation %
BUNDESREPUB DEUT 3.50% 1/4/16 2.2 Euro 27.9
JAPAN-86 0.6% 09/20/14 /JPY/ 2.0 Japan 23.4
JAPAN-113 2.1% 09/20/29 /JPY/ 1.6 USA 20.9
JAPAN-112 2.1% 06/20/29 /JPY/ 1.5 Other 15.1
US TREAS NTS 3.5% 05/15/20 1.5 UK 8.7
JAPAN-79 0.7% 12/20/13 /JPY/ 1.3 Canada 4.1
EUROPEAN IN 3.875%10/15/16/EUR 1.3
JAPAN-304 1.3% 09/20/19 /JPY/ 1.2
BONOS Y O 5.5% 04/30/21 /EUR/ 1.2
JAPAN GOV 2.5% 12/21/20/JPY/ 1.1
Total 14.8
Underlying Managers Quality Allocation %
AllianceBernstein 32.00 Treasury 82.8
First International Advisors 28.00 Agency 8.2
Wellington Management Company 24.00 Credit 6.5
UBS Global Asset Management 16.00 Collateralized 1.2
Fund Total 100.00 Cash 1.3
Quality Exposure %
Aaa and Treasury 53.4
Aa 32.9
A 5.9
Baa 4.4
Ba and Below 3.3
31

34. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Global Opportunistic Fixed Income Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI Global Opportunistic Fixed Income Fund aims to Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
generate current income consistent with the preservation of
-0.2% 2.7% 9.2% 2.6% 2.4%
capital by investing primarily in global fixed income markets.
Following a manager-of-managers approach, the fund’s
assets are diversified across specialist sub-advisers.
Fund Benchmark
Lehman Global Aggregate Hedged Index
Top 10 Holdings % Country Allocation %
FGLMC PA90761 4.50% 01/01/40 2.3 USA 59.3
FREDDIE MAC GOLD POOL 1.1 Euro 26.4
CANADA GOVT 3.75% 6/1/19 /CAD/ 1.1 UK 6.9
US TREAS NTS 2.5% 03/31/15 0.9 Canada 2.9
BUNDESREP 2.5% 01/04/21 /EUR/ 0.8 Other 2.4
FEDERAL NATL MTG ASSN FR 2.625%112014 0.7 Japan 2.1
FNMA PMA0023 5.00% 04/01/29 0.7
GENERAL ELEC C 5.625% 05/01/18 0.7
FGLMC PG12491 5.00% 01/01/22 0.7
FNMA PAD0470 5.00% 02/01/49 0.6
Total 9.5
Underlying Managers Market Value Weighting %
TCW Investment Management Company 24.3 Treasury 12.5
Wellington Management Company 21.8 Agency 16.0
DB Advisors 20.3 Credit 35.3
Jennison Associates 18.0 Collateralized 37.7
Schroders Investment Management 15.6 Cash -1.4
Fund Total 100.00
Quality Exposure %
Aaa and Treasury 54.1
A 17.1
Baa 14.3
Aa 12.0
Ba and Below 2.5
32

35. Canada Life / Morgan Stanley European Property Fund Quarter 1, 2011
Fund Description
The Canada Life/Morgan Stanley European Property Fund provides a highly efficient and cost-effective way of gaining
allows investors to access the potential returns available such exposure. As an asset class, real estate can provide
from the European commercial property market in one important advantages to investors: historically low volatility
diversified fund. The fund invests in a professionally managed relative to equities, attractive returns and a low correlation
portfolio of European property companies and is managed by to other asset classes.
a team of property experts at Morgan Stanley with over 40
years of collective experience of real estate markets.
Real estate securities are indirect investments in property
whose long-term returns depend on the underlying real
estate market. Broad geographic and sector diversification
would be prohibitively expensive for a direct real estate
investor. However, an indirect real estate portfolio structure
Top 10 Holdings Fund Performance to 31/03/11
Company % Q1 2011 4.4%
Unibail-Rodamco SE 10.22 1 Year 12.2%
Land Securities PLC 5.31 2 Year p.a 43.1%
Klepierre 5.27 3 Year p.a -6.9%
PSP Swiss Property AG 4.54 Source: Moneymate. Performance is net of management fees.
Icade 4.54
Hammerson PLC 4.46
British Land Co. Ltd 4.07
Gecina 3.60
Beni Stabili SPA 3.04
Corio NV 3.01
Total 48.06
Equity Geographic Distribution
Finland Switzerland
1.85% 6.37%
Sweden
4.67% UK
Italy
3.04% 37.90%
Belgium
1.35%
France
30.42% Netherlands
Austria 7.06%
2.38% Cash & equivalents
Germany 1.94%
3.02%
Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as
well as up. The Canada Life/Morgan Stanley European Property Fund was launched on 30/7/07.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Canada Life Assurance (Ireland) Limited is regulated
by the Central Bank of Ireland.
33

36. Canada Life / Merrion Managed Fund Quarter 1, 2011
Fund Description
The Canada Life/Merrion Managed Fund is managed by
Merrion Investment Managers. The fund is designed to
provide balanced long-term growth by actively managing the
distribution of the portfolio between cash, bonds, equities
and property according to economic conditions.
The fund maintains an average market weight in property
through its exposure to Canada Life’s Property Fund while
the remainder of the fund is invested in Merrion Investment
Manager’s Managed Fund thus providing broad diversification
in quality equities, bonds, property and cash.
Top 10 Holdings Fund Performance to 31/03/11
Canada Life/Merrion Managed Fund % Q1 2011 1 yr p.a 3 yr p.a
%
iShares MSCI World 3.0 5
iShares MSCI Emerging Markets 1.7 4
Financial Select Sector SPDR 1.3 3
Siemens 1.2
2
Microsoft 1.1
1
CRH 1.1
0
iShares MSCI Pacific ex Japan 1.1
-1
iShares MSCI Japan 1.0
ChevronTexaco 1.0 -2
iShares MSCI Asia ex Japan 1.0 -3
Canada Life/Merrion Managed Fund
Category Average Managed Dynamic
The Canada Life/Merrion Managed Fund was launched on 1/10/07. Source: Moneymate.
Performance is net of management fees.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Property
Ireland Utilities Consumer
5.0% Cash Pacific Basin Telecoms 1.8% Discretionary
7.5%
11.6% 9.7% 3.5% 8.3%
UK Information Consumer
12.4% Technology Staples
Japan 11.4% 5.7%
Fixed Interest 8.0%
11.1% Energy
13.7%
Industrials
26.9%
Equities
72.3% US Europe
34.7% 27.7%
Financials
Healthcare 20.5%
8.2%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Merrion Capital Investment Managers Limited (trading
as Merrion Investment Managers is regulated by the Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
34

37. Pension Funds
35

38. Canada Life / Setanta Pension Unitised With Profits Fund Quarter 1, 2011
Fund Description
The Unitised With Profits Fund (UWP) operates like a At maturity a terminal bonus may be applied if the underlying
unit-linked fund, except that investment return to assets have outperformed the declared bonuses.
policyholders is smoothed and guaranteed not to fall.
The With-Profits Fund is a low-risk fund.
Returns are distributed in the form of a bonus rate declared
by Canada Life based on various factors including the
performance of the underlying assets.
Returns are smoothed to the investor in that the bonus
rate will endeavour to reflect the performance of the assets
over the long term, allowing the investor to avoid short-term
volatility in the markets.
Top 10 Holdings Annual Bonus History
Company Sector % Year Pension
95 – 96 9.0%
Exxon Mobil Energy 2.4
96 – 97 9.0%
Pfizer Healthcare 2.1
97 – 98 9.0%
General Dynamics Industrials & Materials 2.0
98 – 99 9.0%
CRH Industrials & Materials 1.9 99 – 00 8.0%
Total Energy 1.9 00 – 01 7.0%
ENI Energy 1.8 01 – 02 6.25%
02 – 03 5.25%
Johnson & Johnson Healthcare 1.8
03 – 04 3.75%
BP Energy 1.8
04 – 05 3.0%
Owens Illinois New Industrials & Materials 1.7
05 – 06 3.0%
DCC Industrials & Materials 1.7 06 – 07 3.0%
07 - 08 3.0%
08 - 09 2.75%
09 - 10 1.0%
10 - 11 0.0%
Bonus rates are declared net of management charges
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Japan Telecoms/Utilities Consumer
Property Ireland Discretionary
Cash 6.0% 7.9%
2.0% Pacific & Emerging 5.8% 9.9%
6.2% UK
Markets 10.3% Information Consumer
8.6% Technology Staples
12.1% 11.0%
Equity Europe
36.9% Fixed Interest
20.4% Industrials
54.9% Energy
& Materials
15.8%
16.4%
USA Healthcare
48.9% Financials
12.6%
14.3%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
36

39. Canada Life / Setanta Pension Balanced Dividend Fund Quarter 1, 2011
Fund Description
The Balanced Dividend Fund is an actively managed balanced dividend must be less than 80% of earnings
fund investing 66% in equities and 34% in fixed interest company debt must be ‘investment grade‘ (if rated)
securities. The equity portion of the fund aims to hold c. 40 company gearing below 100%.
stocks that pay above average dividends. The fixed interest
portion of the fund invests in EU government bonds. The ratio of debt to equity should be not more than 100%,
except for utility companies (water, electricity etc.) where
The fund does not target high dividend payers indiscriminately we use a hurdle of 200%, and for financial stocks, where no
for the equity securities; a set of desired criteria is applied maximum is applied.
when filtering potential candidates for the fund. The desired
criteria are: The maximum exposure to currencies other than the euro
is capped at 10% of the value of the fund. The Balanced
dividend yield 20% in excess of the MSCI World Index Dividend Fund is managed by Setanta Asset Management
no cut in dividend in the last 5 years Limited (“Setanta“) .
market capitalisation of at least 500m (excluding Irish stocks)
Top 10 Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a
Company Sector %
10
CRH Industrials / Materials 3.6
8
Sanofi-Aventis Healthcare 3.5
6
Fortum Telecoms / Utilities 3.1
Lockheed Martin Industrials / Materials 2.8 4
Solvay Industrials / Materials 2.6 2
DCC Industrials / Materials 2.5 0
Wincor Nixdorf Information Technology 2.5 -2
Svenska Handbkn Financials 2.5
-4
Sasol Energy 2.4
-6
Thai Beverage Public Consumer Staples 2.4
Portfolio Financials
Canada Life/Setanta Pension Dividend
Q1 2011
Category Average Managed Balanced
Dividend Yield 3.8%
P/E Ratio 11.8x Performance Source: Moneymate & Bloomberg (Benchmark).
Source: Bloomberg & individual company reports. These figures are based on last years dividend in some cases.
The gross yield is before any withholding taxes on the individual shares. It is also before taking account of any exit tax that may apply.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Consumer
Japan Ireland Discretionary
Pacific & Emerging 4.4% 6.5% Telecoms/Utilities 6.6%
Markets 18.4% Consumer
11.5% Staples
UK 10.9%
19.1%
Information
Energy
Technology
11.1%
6.3%
Industrials
Europe USA & Materials Financials
38.5% 20.0% 18.6% 14.2%
Healthcare
13.8%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
37

40. Canada Life / Setanta Pension Global Equity Fund Quarter 1, 2011
Fund Description
The Global Equity Fund is an actively managed equity superior financial track record
portfolio, which holds c. 100-140 global stocks. The competitive advantage and a sustainable business model
investment objective of the Global Equity Fund is to secure within their industry
long-term capital growth by investing in a range of Irish and focused on profitability and can demonstrate an ability to
international equities. earn cash flow returns in excess of their cost of capital
over the business cycle
The fund is managed by Setanta Asset Management Limited do not carry excessive debt levels.
(“Setanta“). The fund is the cornerstone of Setanta‘s
investment process. Setanta is a value investor in quality
companies and builds the portfolio from the bottom up.
Stocks are picked within a global sector framework, with an
emphasis on the following key characteristics:
Top 10 Holdings Fund Performance to 31/03/11
% Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Sector %
8
Exxon Mobil Energy 2.4
Pfizer Healthcare 2.1 6
General Dynamics Industrials & Materials 2.0
CRH Industrials & Materials 1.9 4
Total Energy 1.9
2
Johnson & Johnson Healthcare 1.8
ENI Energy 1.7
0
Owens Illinois Industrials & Materials 1.7
BP Energy 1.7 -2
DCC Industrials & Materials 1.7
Canada Life/Setanta Pension Global Equity
Category Average Flexible Equity
Performance Source: Moneymate & Bloomberg (Benchmark).
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Cash Telecoms/Utilities Consumer
Japan Ireland Discretionary
1.3% 7.9%
Pacific & Emerging 6.1% 5.8% UK 9.9%
Markets 10.2% Information Consumer
7.6% Technology Staples
12.4% 10.9%
Europe
21.0% Industrials Energy
& Materials 15.5%
16.6%
USA
49.4%
Healthcare Financials
Equity
12.8% 14.1%
98.7%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
38

41. Canada Life / Setanta Pension Equity Dividend Fund Quarter 1, 2011
Fund Description
The Equity Dividend Fund is an actively managed equity company debt must be ‘investment grade‘ (if rated)
portfolio which aims to hold c. 40 stocks that pay above company gearing below 100%.
average dividends. The fund does not target high dividend
payers indiscriminately; a set of desired criteria is applied The ratio of debt to equity should be not more than 100%,
when filtering potential candidates for the fund. The desired except for utility companies (water, electricity etc.) where
criteria are: we use a hurdle of 200%, and for financial stocks, where no
maximum is applied.
dividend yield 20% in excess of the MSCI World Index
no cut in dividend in the last five years The maximum exposure to currencies other than the euro is
market capitalisation of at least 500m (excluding Irish capped at 10% of the value of the fund. The Equity Dividend
stocks) Fund is managed by Setanta Asset Management Limited
dividend must be less than 80% of earnings (“Setanta“) .
Top 10 Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a
Company Sector %
15
CRH Industrials / Materials 3.6
12
Sanofi-Aventis Healthcare 3.5
9
Fortum Telecoms / Utilities 3.1
Lockheed Martin Industrials / Materials 2.8 6
Solvay Industrials / Materials 2.6 3
DCC Industrials / Materials 2.5 0
Wincor Nixdorf Information Technology 2.5 -3
Svenska Handbkn Financials 2.5
-6
Sasol Energy 2.4
-9
Thai Beverage Public Consumer Staples 2.4
Canada Life/Setanta Pension Equity Dividend
Portfolio Financials Q1 2011
Category Average Flexible Equity
Dividend Yield 3.8%
P/E Ratio 11.8x Performance Source: Moneymate & Bloomberg (Benchmark).
Source: Bloomberg & individual company reports. These figures are based on last years dividend in some cases.
The gross yield is before any withholding taxes on the individual shares. It is also before taking account of any exit tax that may apply.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Consumer
Cash Japan Ireland
Pacific & Emerging Discretionary
6.8% 4.4% 6.5% Telecoms/Utilities
Markets 6.6%
18.4% Consumer
11.5% UK Staples
19.1% 10.9%
Equity
94.3% Information
Energy
Technology
11.1%
6.3%
Industrials
Europe USA & Materials Financials
38.5% 20.0% 18.6% 14.2%
Healthcare
13.8%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
39

42. Canada Life / Setanta Pension Focus 15 Fund Quarter 1, 2011
Fund Description
The Focus 15 Fund is an actively managed, concentrated focused on profitability and can demonstrate an ability to
equity portfolio, which holds c. 15 international (ex-Ireland) earn cash flow returns in excess of their cost of capital
stocks. The Focus 15 Fund is managed by Setanta Asset over the business cycle
Management Limited (“Setanta“). Setanta is a value investor do not carry excessive debt levels.
in quality companies. Setanta builds the portfolio from
the bottom up, using the stocks researched by the sector Clearly, Focus 15 is likely to be more volatile than more
specialists, who apply the following key characteristics: broadly-based funds; it is therefore only suitable for those
investors with experience of the stock market.
superior financial track record
competitive advantage and a sustainable business model
within their industry
Fund Holdings Fund Performance to 31/03/11
Company Sector % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
%
Pfizer Healthcare 9.0 18
Sysco Consumer Staples 8.2
15
Everest Re Group Financials 7.7
Tidewater Energy 7.0 12
Steris Healthcare 7.0
9
Johnson & Johnson Healthcare 6.9
Total Energy 6.8 6
MI Developments Financials 6.8
3
Astellas Pharmaceutical Healthcare 6.7
Wincor Nixdorf Information Technology 6.6 0
NTT Docomo Telecoms / Utilities 6.1
-3
Motor Consumer Discretionary 5.9
Belgacom Telecoms / Utilities 4.0 Canada Life/Setanta Pension Focus 15
Nokia Information Technology 3.1
Category Average Flexible Equity
OPAP Consumer Discretionary 2.1
Komori Industrials & materials 1.8 Performance Source: Moneymate & Bloomberg (Benchmark).
Cash 4.3
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Cash Consumer
4.3% Telecoms/Utilities Discretionary
Japan 10.7% 8.5%
21.5% Consumer
Information Staples
Technology 8.6%
10.1%
Industrials
Pacific USA & Materials Energy
& Emerging 46.7% 1.9% 14.4%
Markets
8.0%
Europe Healthcare
23.7% 30.8% Financials
Equity 15.1%
95.7%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
40

43. Canada Life / Setanta Pension Irish Equity Fund Quarter 1, 2011
Fund Description
The Irish Equity Fund is an actively managed equity focused on profitability and can demonstrate an ability to
portfolio which aims to hold stocks quoted on the Irish earn cash flow returns in excess of their cost of capital
stock exchange. The fund is managed by Setanta Asset over the business cycle
Management Limited (“Setanta“). Setanta is a value investor do not carry excessive debt levels.
in quality companies. Setanta builds the portfolio from the
bottom up, picking stocks within a sector framework, with an The Irish Equity Fund is a relatively concentrated equity fund
emphasis on the following key characteristics: with exposure to stocks from only one country and is likely to
be more volatile than more broadly-based funds.
superior financial track record
competitive advantage and a sustainable business model
within their industry
Top 10 Holdings Fund Performance to 31/03/11
% 01 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Sector %
20
DCC Industrials & Materials 9.3
15
Total Produce Consumer Staples 8.8
10
Irish Continental Industrials & Materials 8.3
5
Kingspan Industrials & Materials 7.8
0
CRH Industrials & Materials 7.4
-5
Abbey Industrials & Materials 7.3
-10
Dragon Oil Energy 6.3
-15
Grafton Group Industrials & Materials 6.2
-20
Kerry Group Consumer Staples 6.2
-25
Ryanair Holdings Industrials & Materials 6.2
Canada Life/Setanta Irish Equity (Core Fund)
ISEQ Index
Performance Source: Unit prices from CLFIS UK Limited (Fund), MSCI (90% local, 10% Euro) &
Bloomberg (Benchmark). Setanta fund returns are shown net of management charges. Valuation
Statistics Source: Style Research. Performance is net of management fees.
Asset Distribution Equity Sectoral Distribution
Consumer
Cash Discretionary
0.1% 5.8%
Consumer
Staples
25.3%
Industrials
& Materials
57.5% Energy
6.3%
Financials
1.1%
Equity Healthcare
99.9% 4.0%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
41

44. Canada Life / Setanta Pension Managed Fund Quarter 1, 2011
Fund Description
The investment objective of the Pension Managed Fund is to superior financial track record
secure long-term capital growth. The fund seeks to achieve competitive advantage and a sustainable business model
its objective by investing primarily in a range of Irish and within their industry
international equities and bonds. The fund will hold between focused on profitability and can demonstrate an ability to
50-80% of its assets in equities with the balance consisting earn cash flow returns in excess of their cost of capital
of bonds, property and cash over the business cycle
do not carry excessive debt levels.
The fund is managed by Setanta Asset Management Limited
(“Setanta“). Setanta is a value investor in quality companies.
Setanta builds the portfolio from the bottom up, picking
stocks within a global sector framework, with an emphasis
on the following key characteristics:
Top 10 Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Sector % %
Exxon Mobil Energy 1.6 6
CRH Industrials & Materials 1.5 5
DCC Industrials & Materials 1.4 4
Pfizer Healthcare 1.4 3
Total Energy 1.4 2
General Dynamics Industrials & Materials 1.3
1
ENI Energy 1.2
0
Johnson & Johnson Healthcare 1.2
-1
BP Energy 1.2
-2
Owens Illinois Industrials & Materials 1.1
Canada Life/Setanta Pension Managed
Average Managed Fund (Mercer Survey)
Performance Source: Mercer Managed Fund Survey.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Japan
6.0% Telecoms/Utilities Consumer
Property Pacific & Emerging Ireland Discretionary
Cash 7.6%
2.8% Markets 9.2% 9.7%
6.4% Information
Commodities Fixed Interest 7.9% UK Consumer
Technology
2.4% 19.4% 9.9% Staples
11.6%
11.3%
Europe
19.9%
Industrials
Energy
& Materials
15.7%
18.3%
Equity
69.0%
USA Healthcare Financials
47.1% 12.4% 13.5%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
42

45. Canada Life / Setanta Passive Equity Fund Quarter 1, 2011
Fund Description
This fund invests in the shares of a large number of
companies from around the world. The companies are
chosen simply by reference to their size. There is no attempt
to select the “winners”/avoid the “losers”, hence the
description “passive”. Effectively the fund owns a slice of
most of the companies quoted on the world’s major stock
markets and its value will rise and fall in line with world
share prices.
Top 10 Holdings Fund Performance to 31/03/11
Sector % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a
Company %
Exxon Mobil Corp Energy 1.7 8
Apple Information Technology 1.3
6
Chevron Corp Industrials/Materials 0.9
General Electric Co Industrials/Materials 0.8
4
IBM Corp Information Technology 0.8
Nestle Consumer Staples 0.8 2
Microsoft Corp Information Technology 0.8
HSBC Holdings (GB) Financials 0.7 0
AT&T Telecoms/Utilities 0.7
JPMorgan Chase & Co Financials 0.7 -2
-4 Canada Life/Setanta Passive Equity
Category Average Flexible Equity
Source: Moneymate. Performance is net of management fees.
Equity Geographic Distribution
Ireland
Japan UK
0.1%
10.0% 9.7%
Pacific & Emerging
Markets
6.1%
Europe
19.5%
USA
54.5%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
43

46. Canada Life / Setanta Pension Property Fund Quarter 1, 2011
Fund Description
This fund invests in commercial properties - office, retail and The Property Fund is suitable for investors who wish to gain
warehousing. The fund is characterised by the quality of the investment exposure to the commercial property sector.
property that makes up the portfolio and the tenants that Investors should understand that property investment is by
occupy these properties. its nature less liquid than other asset classes.
Currently, all of the properties are located in Ireland.
Sample Property Holdings Fund Performance to 31/03/11
OFFICE % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
10
Block C, Earlsfort Centre
Tenant - Office of Public Works 5
Fund Weighting - 13.2%
0
RETAIL
45/46 Patrick Street, Cork -5
Tenant - C&J Clarke International
-10
Fund Weighting - 3.8%
INDUSTRIAL/WAREHOUSE -15
Swords Business Campus
-20
Tenants - Air France, Client Logic, Eastern Health Board
Fund Weighting - 10.2% Canada Life/Setanta Pension Property
Category Average Property
Source: Moneymate
Asset Distribution Geographic Distribution Sectoral Distribution
Cash Rest of Ireland
9.5% 16.5%
Office
27.7%
Retail
Dublin city centre 41.7%
Cork
44.4%
10.3%
Cash & Bonds
9.5%
Suburban Dublin Industrial
Property 28.8% 21.1%
90.5%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
44

47. Canada Life Pension Consensus Fund Quarter 1, 2011
Fund Description
The investment objective of the Consensus Fund is to secure The stock selection within each market is index stock
long-term capital growth. The fund is designed to eliminate selection which means the weighting in each stock
individual manager selection risk while achieving average represented within the relevant index is replicated.
managed fund returns over the long term.
The Consensus Fund is a medium-risk fund.
It seeks to achieve its objective by investing in accordance
with the average asset distribution of Irish Investment
Managers Group Pension Managed Funds.
Asset Distribution Fund Performance to 31/03/11
Cash % Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
6.9%
Property 6
2.9%
5
Fixed Interest 4
15.1%
3
Equity 2
75.2%
1
0
-1
-2
-3
Equity Geographic Distribution
Japan Ireland Canada Life/Setanta Pension Consensus
Pacific & Emerging 4.5% 6.7%
UK Average Managed Fund (Mercer Survey)
Markets
13.3%
14.5%
Source: Moneymate & Mercer Pooled Fund Survey (Benchmark).
Europe USA
27.4% 33.5%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
45

48. Canada Life Quadrivium Fund Quarter 1, 2011
Fund Description Fund Composition
The investment objective of the Canada Life Quadrivium Fund The Quadrivium Fund invests in the following four asset classes:
is to secure long-term capital growth.
High-Yield Equities
The fund seeks to achieve its objective by investing in four The Canada Life Dividend Fund is an equity fund that
different asset classes – equities, bonds, property and specifically targets stable blue chip quality companies with
commodities. By investing in Quadrivium investors can gain the ability to pay consistently strong dividends.
access to a diversified portfolio invested across these four The Dividend Fund is a pure equity portfolio of actively
asset classes. The fund provides exposure to international managed companies with an average of 40 holdings.
shares, Irish & European commercial property, commodities
and fixed interest assets, all within one fund. Property
Irish Commercial Property
The Canada Life Property Fund invests in a range of
Asset Distribution commercial properties. The fund is currently fully invested
in Irish commercial properties but will seek opportunities
Fixed Interest
8.1% outside Ireland where appropriate. The fund is managed by
a team of property specialists at Canada Life European Real
Commodities Estate, who have over 20 years of property experience and
18.4% manage over €1.7 billion in property assets.
Dividend Fund European Property
43.1%
The Canada Life/Morgan Stanley European Property Fund
European Property
invests in a professionally managed portfolio of European
16.5% property companies, and is managed by a team of property
Irish Property
13.9% experts at Morgan Stanley with over 40 years of collective
experience of real estate markets. The fund invests in
Asset Class Current Expected
Allocation Range quoted European property companies through buying
real estate securities. Real Estate securities are indirect
Dividend Fund 43.1% 20% - 50% investments in property whose long-term returns depend on
Irish Property 13.9% 10% - 25% the underlying real estate market.
European Property 16.5% 10% - 25%
Commodities 18.4% 0% - 25%
Commodities
The commodities allocation in the Quadrivium fund invests
Fixed Interest 8.1% 0% - 25% in an Exchange Traded Fund (ETF) issued by ETF Securities.
The ETFs All Commodities DJ-AIGCI is designed to track the
Dow Jones-AIG Commodity sub-index. The Dow Jones-AIG
Fund Performance Commodity sub-index invests in a broadly diversified index
Q1 2011 1 Yr p.a 2 yr p.a 3 yr p.a
that allows investors to track commodity futures returns
%
through a single fund. No related group of commodities (e.g
25 energy, precious metals, livestock or grains) may constitute
20
more than 33% of the index and no single commodity may
constitute less than 2% or more than 15% of the index.
15 Commodities tend to behave differently to all other asset
classes and for this reason are used as a good diversifier in
10 Canada Life Quadrivium Fund
multi-asset portfolios. The ETFs are issued by ETF Securities.
Diversified Funds Average
5 (Diversified Funds from Eagle Star, ETF Securities invest the assets backing the ETF with AIG.
Irish Life & Canada Life)
0
Fixed Interest
-5 The Canada Life Fixed Interest Fund invests in government
gilts predominantly from eurozone countries. Gilts, or bonds
-10 are essentially a form of debt. Governments and large
Source: Moneymate. Performance is net of management fees.
corporations use them to raise money for capital expenditure.
This fund was launched on 22/10/07
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
46

49. Canada Life / Setanta Pension Fixed Interest Fund Quarter 1, 2011
Fund Description
The Fixed Interest Fund invests predominantly in eurozone The fund has a minimum ‘A‘ credit rating investment level for
government bonds. It may also hold corporate bonds and individual securities. The minimum average credit rating for
bonds from non-eurozone countries. The fund is managed by the full portfolio is ‘AA‘. The duration of the portfolio can be
Setanta Asset Management Limited (“Setanta“). between +/- two years of the index.
Setanta‘s general philosophy in relation to fixed income is Returns are likely to be modest and can be negative.
that performance in bond markets is primarily driven by the However, they are significantly less volatile than equity
directional (duration) calls and yield curve positioning. The returns.
fund takes relatively small currency or credit risk.
Top 10 Holdings Fund Performance to 31/03/11
% Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
Company Country % 5
Depfa ACS Bank Ireland 5.2 4
3
Buoni Poliennali Del Tes Italy 3.9
2
EBS Mortgage Finance Ireland 3.3 1
Irish Life & Permanent Ireland 3.2 0
-1
Buoni Poliennali Del Tes Italy 3.0
-2
Buoni Poliennali Del Tes Italy 2.9 -3
Buoni Poliennali Del Tes Italy 2.9 -4
-5
Landwirtsch. Rentenbank Germany 2.7
-6
Hellenic Republic I/L Greece 2.7 -7
Buoni Poliennali Del Tes Italy 2.5
Canada Life/ Setanta Pension Fixed Interest
Category Average Bonds
Source: Moneymate. Performance is net of management fees.
Asset Distribution Country Weighting Yield Curve Positioning
UK Finland SNAT Poland Duration Fund Benchmark
1.0% 1.0% 2.0% 2.0% (Yrs to Maturity)
Covered Greece France Weighting Weighting
18% 6.0% 7.0%
Portugal 0-5 27.1% 9.1%
3.0% Italy
Supranational
Netherlands 27.0%
2%
6.0%
5 - 10 50.6% 61.4%
Belgium
Govt. Agency 5.0% 10 - 15 21.8% 22.3%
14%
15 - 30 0.1% 7.2%
Govt. Guarantee Govt. Ireland
4% 62% 17.0%
Spain 100% 100%
Austria 15.0%
3.0% Germany
4.0%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
47

50. Canada Life / Setanta Pension Cash Fund Quarter 1, 2011
Fund Description
The Cash Fund seeks to provide modest returns in exchange individual securities of ‘A‘ and for the portfolio an average
for relative capital security. The fund may invest in: rating of ‘AA‘.
i) Euro denominated short-dated term deposits with banks The maximum average duration of the fund is 4.5 months,
and/or eligible credit institutions on Canada Life‘s approved and the maximum duration of any one asset is one year.
short-term borrowers list which have a minimum credit The fund has a diversified exposure, with no more than 30%
rating of P-1 and which are authorised to carry on a banking credit exposure to any one entity.
business in the State under Section 9 of the Central Bank
Act, 1971 and/or The fund is actively managed and consideration is given to
the underlying credit worthiness of the financial institution,
(ii) Euro denominated bonds issued by governments or the return and the tenure of the deposit.
corporates subject to a minimum average credit rating of
Counterparty Exposure Fund Performance to 31/03/11
Issuer % of Fund Issuer % of Fund Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a 10 yr p.a
%
Ulster Bank 19.4 Belgian Treasury Bill 3.3 3.0
National Irish Bank 18.4 German Treasury Bill 3.3
French Treasury Bill 9.8 Bank of Ireland (G) 2.3 2.5
BNP 8.2 Allied Irish Bank (G) 2.0
2.0
ACC Bank 6.8 EBS Building Society (G) 1.9
Dutch Treasury Bill 6.2 Irish Life & Permanent (G) 1.8 1.5
Italian Treasury Bill 5.2 SPGB 1.2
1.0
Dutch Commercial Paper 3.3 Cash 3.6
German Commercial Paper 3.3
0.5
Counterparty exposures (G) are covered by the Irish Government guarantee.
Other counterparty/credit exposures are covered by either other European National 0.0
Government Guarantees or have individually strong credit ratings.
Canada Life/Setanta Cash Fund
Category Average Money Market
Source: Moneymate. Performance is net of management fees.
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Setanta Asset Management Limited is regulated by the
Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
48

51. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Global Balanced Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
The SEI Global Balanced Fund aims to provide long term
growth of capital with a moderate level of income by -1.2% 5.7% 20.9% 1.9% -2.5%
investing in a range of SEI multi-manager equity and fixed
income funds. The fund is a globally diversified fund with Top 10 Holdings %
approximately 70% invested in top tier equity funds and the Apple Inc. 1.62
remaining 30% invested in top tier fixed income funds. JPMorgan Chase & Co. 1.12
Chevron Corp. 1.12
Asset Allocation Microsoft Corp. 1.04
Equities 70% Wells Fargo & Co. 1.00
US Large Cap 28.00 QUALCOMM Inc. 0.99
Global Developed Markets 14.00 AT&T Inc. 0.81
Europe Ex-UK 10.00 Pfizer Inc. 0.80
UK 6.00 ConocoPhillips 0.78
Japan 5.00 Exxon Mobil Corp. 0.77
Pacific Basin Ex-Japan 3.50 Total 10.04
Emerging Markets 3.50
Fixed Income Managers %
AllianceBernstein 4.80
Fixed Income 30%
First International Advisers 4.20
Global 15.00
UBS Global Asset Management 2.40
Global Opportunistic 15.00
Wellington Management Company 3.60
Total 100%
DB Advisers 3.05
Jennison Associates 2.70
Schroders Investment Management 2.33
Wellington GRV 3.27
List of Managers % TCW Group 3.65
US Large Companies Equities 28.00 UK Equities 6.00
Aronson, Johnson, Ortiz 4.43 Invesco Quantitative Strategies 1.16
Brown Investment Advisory 2.86 Investec Asset Management 0.77
Delaware Investment Advisors 2.57 Jupiter Investment Managers 1.22
Legg Mason - Growth Equity 3.14 L.A. Capital Management 1.07
Legg Mason - Core Equity 2.57 Mirabaud Asset Management 1.16
LSV Asset Management 4.43 Standard Life Investments 0.61
Neuberger Berman 2.86 Japanese Equities 5.00
Quantitative Management Associates 2.86 Acadian Asset Management 1.12
WestEnd Advisors 2.28 Analytic Investors Inc 1.02
Global Developed Markets Equities 14.00 Capital International 1.28
Hexavest 3.46 JPMorgan Asset Management 1.58
Intech Investment Management 2.89 Pacific Basin Ex-Japan Equities 3.50
Janus Capital Group 2.60 Capital International 0.98
Tradewinds 1.73 Lloyd George Investment Management 1.40
Wellington Management Co. Int. Value 3.32 Maple-Brown Abbott Limited 1.12
Europe Ex-UK Equities 10.00 Emerging Markets Equities 3.50
Acadian Asset Management 3.67 Artisan Partners 0.71
Metropole Gestion 1.74 JO Hambro Capital Management 0.36
TT International 2.55 Lazard Asset Management 0.50
Wellington Management Company 2.04 Neuberger Berman 0.50
PanAgora Asset Management 0.71
The Boston Company Asset Management 0.71
49

52. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Global Developed Markets Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The investment objective of the Global Developed Markets Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
Equity Fund is to achieve capital appreciation by investing
-2.4% 6.2% 25.1% -2.6% -9.0%
primarily in equity securities of issuers located in developed
countries. Following a manager-of-managers approach, the
fund’s assets are diversified across specialist sub-advisers.
Fund Benchmark
MSCI World Index
Top 10 Holdings % Country Allocation %
Exxon Mobil Corp. 1.28 United States 47.2
Microsoft Corp. 1.11 Japan 11.1
Eli Lilly & Co. 0.93 United Kingdom 8.0
HSBC Holdings Plc 0.9 Canada 4.3
General Electric Co. 0.83 Germany 4.0
Pfizer Inc. 0.82 Switzerland 3.9
International Business Machines Corp. 0.81 France 3.9
Wells Fargo & Co. 0.79 Australia 1.8
Newmont Mining Corp. 0.74 Norway 1.6
JPMorgan Chase & Co. 0.73 Hong Kong 1.6
Total 8.94 Other 12.6
Underlying Managers Sector Weighting %
Hexavest 24.7 Financials 17.1
Wellington Management Company International Value 23.7 Industrials 13.3
Intech Investment Management 20.6 Consumer Discretionary 12.1
Janus Capital Management 18.6 Energy 10.2
Tradewinds Global Investors 12.4 Information Technology 10.0
Fund Total 100.00 Health Care 10.0
Materials 9.8
Consumer Staples 7.8
Telecoms 5.9
Utilities 3.9
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 28.6
Between 20 and 50 Billion 25.7
Between 10 and 20 Billion 19.4
Between 1 and 10 Billion 24.6
Less than 1 Billion 1.7
50

53. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI European (Ex-UK) Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The fund aims to achieve long-term capital growth and Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
income by investing in a broadly diversified portfolio of
1.7% 8.3% 28.9% -3.1% -5.6%
European equity securities. Following a manager-of-managers
approach, the fund’s assets are diversified across specialist
sub-advisers.
Fund Benchmark
MSCI Europe EX-UK index
Top 10 Holdings % Country Allocation %
BNP Paribas S.A. 2.6 France 26.1
Total S.A. 2.4 Germany 21.6
Basf SE 1.8 Switzerland 12.2
Sanofi-Aventis S.A. 1.7 Sweden 8.6
Novartis AG 1.5 Italy 6.8
Daimler AG 1.4 Netherlands 4.9
Sap AG 1.3 Norway 3.4
Unicredit S.P
.A. 1.3 Spain 3.3
Heineken N.V. 1.3 Denmark 2.8
Capgemini 1.2 Finland 2.5
Total 16.4 Other 7.8
Underlying Managers Sector Weighting %
Acadian Asset Management 36.7 Industrials 21.7
TT International 25.5 Financials 15.7
Wellington Management Company 20.4 Consumer Discretionary 14.8
Metropole Gestion 17.4 Consumer Staples 10.9
Fund Total 100.00 Materials 10.5
Information Technology 7.9
Health Care 7.8
Energy 5.9
Telecomm Services 2.7
Utilities 2.2
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 22.7
Between 20 and 50 Billion 12.8
Between 10 and 20 Billion 15.0
Between 1 and 10 Billion 43.2
Less than 1 Billion 6.3
51

54. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI US Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI US Large Companies Fund aims to provide long- Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
term capital growth and income by investing primarily in a
-0.1% 7.7% 23.8% 3.1% -3.7%
broadly diversified portfolio of US equity securities of large
companies. Following a manager-of-managers approach, the
fund’s assets are diversified across specialist sub-advisers.
Fund Benchmark
Russell 1000 Index
Top 10 Holdings % Sector Weighting %
Apple Inc. 2.6 Information Technology 24.6
JPMorgan Chase & Co. 1.7 Financials 15.1
Chevron Corp. 1.7 Health Care 13.3
Qualcomm Inc. 1.7 Consumer Discretionary 12.0
Wells Fargo & Co. 1.5 Energy 10.8
Microsoft Corp. 1.5 Industrials 9.3
AT&T Inc. 1.3 Consumer Staples 6.4
Conocophillips 1.2 Materials 3.1
Pfizer Inc. 1.1 Telecomm Services 2.8
Procter & Gamble Co. 1.1 Utilities 2.5
Total 15.6
Underlying Managers
Aronson & Johnson & Ortiz 15.8
LSV Asset Management 15.8
Legg Mason - Growth Equity 11.2
Brown Investment Advisory 10.2
Neuberger Berman 10.2
Quantitative Management Associates 10.2
Delaware Investments 9.2
Legg Mason - Value Equity 9.2
WestEnd Advisors 8.2
Fund Total 100.00
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 34.3
Between 20 and 50 Billion 26.1
Between 10 and 20 Billion 19.2
Between 1 and 10 Billion 20.2
Less than 1 Billion 0.3
52

55. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI UK Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI UK Equity Fund aims to achieve long-term capital Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
growth and income by investing primarily in a broadly
-2.5% 6.9% 28.8% -1.7% -8.7%
diversified portfolio of UK equity securities. Following a
manager-of managers approach, the fund’s assets are
diversified across specialist sub-advisers.
Fund Benchmark
FTSE All Share Index
Top 10 Holdings % Sector Weighting %
Vodafone Group Plc 4.0 Financials 19.3
Rio Tinto Plc 3.4 Industrials 15.4
BP Plc 3.1 Energy 14.0
BGGroup Plc 3.0 Materials 12.8
HSBC Holdings Plc 2.7 Consumer Discretionary 11.8
Glaxosmithkline Plc 2.6 Consumer Staples 9.2
Astrazeneca Plc 2.5 Health Care 6.2
Royal Dutch Shell Plc (Cl B) 2.4 Telecomm Services 5.4
BHP Billiton Plc 2.3 Information Technology 4.5
Barclays Plc 2.0 Utilities 1.5
Total 28.0
Underlying Managers
Jupiter Asset Management 20.4
Invesco Asset Management 19.4
Mirabaud Investment Management 19.4
L.A Capital Management 17.9
Investec Asset Management 12.8
Standard Life Investments 10.2
Fund Total 100.00
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 35.4
Between 20 and 50 Billion 11.7
Between 10 and 20 Billion 8.7
Between 1 and 10 Billion 40.1
Less than 1 Billion 4.1
53

56. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Pacific Basin (Ex-Japan) Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI Pacific Basin (ex-Japan) Equity Fund aims to achieve Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
long-term growth of capital and income by investing primarily in
-4.5% 7.7% 35.6% 8.1% 2.7%
a broadly diversified portfolio of Pacific Basin (ex-Japan) equity
securities. Following a manager-of-managers approach, the
fund’s assets are diversified across specialist sub-advisers.
Fund Benchmark
MSCI Pacific ex Japan Index
Top 10 Holdings % Country Allocation %
BHP Billiton Ltd. 7.6 Australia 56.3
Westpac Banking Corp. 4.4 Hong Kong 23.5
National Australia Bank Ltd. 4.3 Singapore 8.8
Australia & New Zealand Banking Group Ltd. 4.1 China 4.0
Rio Tinto Ltd. 3.5 United Kingdom 2.5
DBS Group Holdings Ltd. 3.2 Korea 2.2
Commonwealth Bank Of Australia 2.3 Taiwan 1.3
Wesfarmers Ltd. 1.9 Thailand 0.5
Oil Search Ltd. 1.8 Malaysia 0.3
Cheung Kong (Holdings) Ltd. 1.8 New Zealand 0.3
Total 34.7 Canada 0.3
Underlying Managers Sector Weighting %
Lloyd George Investments Management 40.0 Financials 42.3
Maple-Brown Abbott 32.0 Materials 16.8
Capital International 28.0 Industrials 9.4
Fund Total 100.00 Consumer Discretionary 7.4
Consumer Staples 7.1
Energy 6.1
Information Technology 4.3
Telecomm Services 3.0
Health Care 2.5
Utilities 1.2
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 28.7
Between 20 and 50 Billion 15.7
Between 10 and 20 Billion 21.2
Between 1 and 10 Billion 33.0
Less than 1 Billion 1.5
54

57. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Japan Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The investment objective of the SEI Japan Equity Fund is to Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
achieve long-term growth of capital and income by investing
-9.2% -1.2% 15.3% -2.5% -10.0%
primarily in a broadly diversified portfolio of Japanese equity
securities. Following a manager-of-managers approach, the
fund’s assets are diversified across specialist sub-advisers.
Fund Benchmark
TOPIX
Top 10 Holdings % Sector Weighting %
Sumitomo Mitsui Financial Group Inc. 2.8 Industrials 23.0
Toyota Motor Corp. 2.4 Financials 18.9
Nippon Telegraph & Telephone Corp. 2.0 Consumer Discretionary 17.1
Astellas Pharma Inc. 1.9 Information Technology 15.7
Sumitomo Corp. 1.9 Materials 6.1
Mitsubishi UFJ Financial Group Inc. 1.9 Health Care 5.9
Nissan Motor Co. Ltd. 1.7 Consumer Staples 4.7
Mitsui & Co. Ltd. 1.5 Telecomm Services 4.1
Softbank Corp. 1.5 Energy 2.7
Marubeni Corp. 1.5 Utilities 1.9
Total 19.0
Underlying Managers
JPMorgan Asset Management 31.6
Capital International 25.5
Acadian Asset Management 22.5
Analytic Investors 20.4
Fund Total 100.00
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 8.6
Between 20 and 50 Billion 17.8
Between 10 and 20 Billion 21.4
Between 1 and 10 Billion 44.6
Less than 1 Billion 7.6
55

58. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Emerging Markets Equity Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI Emerging Markets Equity Fund aims to achieve Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
capital appreciation by investing primarily in securities of
-5.3% 9.2% 37.5% 5.3% 3.4%
emerging market issuers. Following a manager-of-managers
approach, the fund’s assets are diversified across specialist
sub-advisers.
Fund Benchmark
MSCI Emerging Markets Index
Top 10 Holdings % Country Allocation %
Samsung Electronics Co. Ltd. 3.0 Brazil 16.2
Gazprom OaO ADS 1.3 China 15.8
MTN Group Ltd. 1.3 Korea 12.7
China Mobile Ltd. 1.1 Taiwan 10.4
Taiwan Semiconductor Manufacturing Co. Ltd. 1.0 Russia 8.0
Petrobras Petroleo Brasileiro (Ord) 1.0 India 7.1
HTC Corp. 0.9 South Africa 7.1
Lukoil Holdings ADS 0.8 Mexico 3.6
Hyundai Mobis Co. Ltd. 0.8 Indonesia 2.7
Standard Bank Group Ltd. 0.8 Turkey 2.4
Total 12.0 Other 14.0
Underlying Managers Sector Weighting %
Artisan Partners 20.4 Financials 21.6
PanAgora Asset Management 20.4 Information Technology 14.5
The Boston Company Asset Management 20.4 Energy 14.0
Lazard Asset Management 14.3 Materials 13.5
Neuberger Berman 14.3 Consumer Discretionary 10.4
JO Hambro Capital Management 10.2 Industrials 8.6
Fund Total 100.00 Telecomm Services 7.3
Consumer Staples 5.4
Health Care 2.9
Utilities 1.9
Market Capitalisation Breakdown (USD) Weight (%)
Greater than 50 Billion 11.2
Between 20 and 50 Billion 11.7
Between 10 and 20 Billion 8.3
Between 1 and 10 Billion 58.6
Less than 1 Billion 10.2
56

59. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Global Fixed Income Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI Global Fixed Income Fund aims to generate current Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
income and exhibit principal volatility similar to that of the
-0.8% 1.4% 6.1% 1.1% 0.6%
global developed fixed income market as a whole. Following
a manager-of-managers approach, the fund’s assets are
diversified across specialist sub-advisers
Fund Benchmark
Lehman Global Aggregate Index
Top 10 Holdings % Country Allocation %
BUNDESREPUB DEUT 3.50% 1/4/16 2.2 Euro 27.9
JAPAN-86 0.6% 09/20/14 /JPY/ 2.0 Japan 23.4
JAPAN-113 2.1% 09/20/29 /JPY/ 1.6 USA 20.9
JAPAN-112 2.1% 06/20/29 /JPY/ 1.5 Other 15.1
US TREAS NTS 3.5% 05/15/20 1.5 UK 8.7
JAPAN-79 0.7% 12/20/13 /JPY/ 1.3 Canada 4.1
EUROPEAN IN 3.875%10/15/16/EUR 1.3
JAPAN-304 1.3% 09/20/19 /JPY/ 1.2
BONOS Y O 5.5% 04/30/21 /EUR/ 1.2
JAPAN GOV 2.5% 12/21/20/JPY/ 1.1
Total 14.8
Underlying Managers Quality Allocation %
AllianceBernstein 32.00 Treasury 82.8
First International Advisors 28.00 Agency 8.2
Wellington Management Company 24.00 Credit 6.5
UBS Global Asset Management 16.00 Collateralized 1.2
Fund Total 100.00 Cash 1.3
Quality Exposure %
Aaa and Treasury 53.4
Aa 32.9
A 5.9
Baa 4.4
Ba and Below 3.3
57

60. Canada Life / SEI Manager-of-Managers Fund Quarter 1, 2011
CL SEI Global Opportunistic Fixed Income Fund P
Low Medium High
Investment Objective and Strategy Fund Performance
The SEI Global Opportunistic Fixed Income Fund aims to Q1 11 1 Yr 2 Yr p.a 3 Yr p.a 4 Yr p.a
generate current income consistent with the preservation of
-0.1% 3.2% 9.6% 3.1% 2.7%
capital by investing primarily in global fixed income markets.
Following a manager-of-managers approach, the fund’s
assets are diversified across specialist sub-advisers.
Fund Benchmark
Lehman Global Aggregate Hedged Index
Top 10 Holdings % Country Allocation %
FGLMC PA90761 4.50% 01/01/40 2.3 USA 59.3
FREDDIE MAC GOLD POOL 1.1 Euro 26.4
CANADA GOVT 3.75% 6/1/19 /CAD/ 1.1 UK 6.9
US TREAS NTS 2.5% 03/31/15 0.9 Canada 2.9
BUNDESREP 2.5% 01/04/21 /EUR/ 0.8 Other 2.4
FEDERAL NATL MTG ASSN FR 2.625%112014 0.7 Japan 2.1
FNMA PMA0023 5.00% 04/01/29 0.7
GENERAL ELEC C 5.625% 05/01/18 0.7
FGLMC PG12491 5.00% 01/01/22 0.7
FNMA PAD0470 5.00% 02/01/49 0.6
Total 9.5
Underlying Managers Market Value Weighting %
TCW Investment Management Company 24.3 Treasury 12.5
Wellington Management Company 21.8 Agency 16.0
DB Advisors 20.3 Credit 35.3
Jennison Associates 18.0 Collateralized 37.7
Schroders Investment Management 15.6 Cash -1.4
Fund Total 100.00
Quality Exposure %
Aaa and Treasury 54.1
A 17.1
Baa 14.3
Aa 12.0
Ba and Below 2.5
58

61. Canada Life / Morgan Stanley Pension European Property Fund Quarter 1, 2011
Fund Description
The Canada Life/Morgan Stanley European Property Fund provides a highly efficient and cost-effective way of gaining
allows investors to access the potential returns available such exposure. As an asset class, real estate can provide
from the European commercial property market in one important advantages to investors: historically low volatility
diversified fund. The fund invests in a professionally managed relative to equities, attractive returns and a low correlation to
portfolio of European property companies and is managed by other asset classes.
a team of property experts at Morgan Stanley with over 40
years of collective experience of real estate markets.
Real estate securities are indirect investments in property
whose long-term returns depend on the underlying real
estate market. Broad geographic and sector diversification
would be prohibitively expensive for a direct real estate
investor. However, an indirect real estate portfolio structure
Top 10 Holdings Fund Performance to 31/03/11
Company % Q1 2011 4.4%
Unibail-Rodamco SE 10.22 1 Year 11.7%
Land Securities PLC 5.31 2 Year p.a 42.6%
Klepierre 5.27 3 Year p.a -7.5%
PSP Swiss Property AG 4.54 Source: Moneymate. Performance is net of management fees.
Icade 4.54
Hammerson PLC 4.46
British Land Co. Ltd 4.07
Gecina 3.60
Beni Stabili SPA 3.04
Corio NV 3.01
Total 48.06
Equity Geographic Distribution
Finland Switzerland
1.85% 6.37%
Sweden
4.67% UK
Italy
3.04% 37.90%
Belgium
1.35%
France
30.42% Netherlands
Austria 7.06%
2.38% Cash & equivalents
Germany 1.94%
3.02%
Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as
well as up. The Canada Life/Morgan Stanley European Property Fund was launched on 30/7/07.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Canada Life Assurance (Ireland) Limited is regulated
by the Central Bank of Ireland.
59

62. Canada Life / BlackRock Pension Managed Fund Quarter 1, 2011
Fund Description
The Canada Life/Blackrock Pensions Managed Fund invests The Global Allocation Fund seeks to maximise total return.
in both bonds and equities worldwide. The fund follows an The fund invests globally in equity, debt, and short-term
asset allocation policy, which seeks to maximise returns securities of both corporate and governmental issuers, with
while managing the risk in euro terms. The Canada Life/ no prescribed limits. The fund generally will seek to invest
Blackrock Pensions Managed Fund invests 100% in the in securities that are, in the opinion of the investment
Blackrock Global Allocation Fund, which is run by Blackrock advisor, undervalued. The fund may also invest in the equity
Investment Managers. Blackrock Investment Managers securities of small and emerging growth companies. The
is one of the world’s largest investment management fund may also invest a portion of its debt portfolio in high-
organisations. yield fixed income transferable securities. Currency exposure
is flexibly managed.
Top 10 Holdings Fund Performance to 31/03/11
% Q1 2011 1 yr p.a 3 yr p.a 5 yr p.a
Company %
12
SPDR Gold Trust 1.4
10
Exxon Mobil 1.3
8
Apple 1.0
6
Microsoft 0.8
4
Petrobras 0.8
2
Chevron Corp 0.7
0
General Electric 0.7
-2
International Business Machines Corp. 0.7
-4
AT&T 0.6
-6
Bristol-Myers Squibb 0.6
Total 8.6 Canada Life/BlackRock Pension Managed Fund
Average Managed Fund (Mercer Survey)
Asset Distribution Regional Distribution Equity Sectoral Distribution
Asia/Pacific Consumer
(ex Japan) Equity Asia/Pacifc Other
Discretionary
2.7% (ex Japan) Bonds 2.4%
Cash 2.1% Consumer 5.9% Energy
7.3% Europe Bonds Staples
4.8% Japan Bonds 16.5%
0.3% 6.0%
Fixed Income Japan Equity
25.9% 6.2% Industrials
North America 8.6%
Emerging Market Equity
Bonds Financials
38.8%
6.8% 13.9%
Cash Healthcare
7.3% 9.9%
Equity Europe Equity
Materials
66.8% 8.5% Utilities / Telecoms 13.1%
11.0%
Emerging Market Equity North America Bonds Information
10.7% 11.8% Technology
12.7%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to
the specific product policy conditions. You should always seek advice of an appropriately qualified professional. BlackRock Investment Managers (UK) Limited is
authorised and regulated by the Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
60

63. Canada Life / Merrion Managed Fund Quarter 1, 2011
Fund Description
The Canada Life/Merrion Managed Fund is managed by
Merrion Investment Managers. The fund is designed to
provide balanced long term growth by actively managing the
distribution of the portfolio between cash, bonds, equities
and property according to economic conditions.
The fund maintains an average market weight in property
through its exposure to Canada Life’s Property Fund while
the remainder of the fund is invested in Merrion Investment
Managers’ Managed Fund thus providing broad diversification
in quality equities, bonds, property and cash.
Top 10 Holdings Fund Performance to 31/03/11
Q1 2011 1 yr p.a 3 yr p.a
Canada Life/Merrion Managed Fund % %
6
iShares MSCI World 3.0
5
iShares MSCI Emerging Markets 1.7
4
Financial Select Sector SPDR 1.3
3
Siemens 1.2
2
Microsoft 1.1
1
CRH 1.1
0
iShares MSCI Pacific ex Japan 1.1
-1
iShares MSCI Japan 1.0
-2
ChevronTexaco 1.0
-3
iShares MSCI Asia ex Japan 1.0
Canada Life/Merrion Managed Fund
Average Managed Fund (Mercer Survey)
The Canada Life/Merrion Managed Fund was launched on 1/10/07. Source: Merrion & Mercer
Pooled Fund Survey. Performance is net of management fees.
Asset Distribution Equity Geographic Distribution Equity Sectoral Distribution
Property Ireland Utilities Consumer
5.0% Pacific Basin Telecoms 1.8% Discretionary
Cash 7.5%
9.7% 3.5% 8.3%
11.6% UK Information Consumer
12.4% Technology
Japan Staples
11.4% 5.7%
8.0%
Fixed Interest
11.1% Energy
13.7%
Industrials
26.9%
Equities
72.3% US Europe
34.7% 27.7%
Financials
Healthcare 20.5%
8.2%
Warning: Past performance is not a reliable guide to future performance.
The value of your investment may go down as well as up.
Important Information:
This fact sheet does not form part of any contract. The information contained in this document is based on current legislation and is, therefore, subject to change.
The contents are intended as a guideline only and should not be construed as an interpretation of the law. For full details of all our products, please refer to the
specific product policy conditions. You should always seek advice of an appropriately qualified professional. Merrion Capital Investment Managers Limited (trading
as Merrion Investment Managers) is regulated by the Central Bank of Ireland. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
61

64. March 2011 Fund Performance as of 31/03/11
Life Investment Funds (Gross Tax Basis)
Name 1 Month 3 Month YTD 1 Year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a.
Canada Life/Setanta Life UWP Fund 0.00% 0.00% 0.00% 0.00% 0.18% 0.50% 0.65% 1.74%
Canada Life/SEI US Equity Fund -2.87% -0.24% -0.24% 7.22% 2.70% -- -- --
Canada Life/SEI UK Equity Fund -5.19% -2.60% -2.60% 6.43% -2.02% -- -- --
Canada Life/SEI Pacific Basin Equity Fund -1.41% -4.66% -4.66% 7.12% 7.62% -- -- --
Canada Life/SEI Japan Equity Fund -11.02% -9.22% -9.22% -1.72% -2.89% -- -- --
Canada Life/SEI Global Opportunistic Fixed Income Fund -0.18% -0.18% -0.18% 2.68% 2.65% -- -- --
Canada Life/SEI Global Fixed Income Fund -0.19% -0.96% -0.96% 0.88% 0.62% -- -- --
Canada Life/SEI Global Equity Fund -3.78% -2.41% -2.41% 5.68% -3.01% -- -- --
Canada Life/SEI Global Balanced Fund -2.16% -1.09% -1.09% 6.06% 2.16% -1.26% -- --
Canada Life/SEI European Equity Fund -1.21% 1.61% 1.61% 7.75% -3.55% -- -- --
Canada Life/SEI Emerging Markets Equity Fund 2.22% -5.52% -5.52% 8.71% 4.86% -- -- --
Canada Life Quadrivium Fund -0.60% 1.34% 1.34% 8.34% -3.09% -- -- --
Canada Life/Morgan Stanley European Property Fund -0.16% 4.36% 4.36% 11.67% -7.50% -- -- --
Canada Life/Merrion Managed Fund -2.64% -2.74% -2.74% 1.32% -1.23% -- -- --
Canada Life/Setanta Equity Dividend Distributing Fund -0.62% 3.07% 3.07% 6.16% -2.79% -5.10% 0.27% --
Canada Life/Setanta Equity Dividend Non Distributing Fund -0.67% 3.06% 3.06% 10.79% 2.28% -0.46% 4.93% --
Canada Life/Setanta Balanced Dividend Non Distributing Fund -0.62% 1.64% 1.64% 6.61% 3.76% 1.36% 4.61% --
Canada Life/Setanta Balanced Dividend Distributing Fund -0.60% 1.57% 1.57% 2.19% -1.01% -3.07% 0.16% --
Canada Life/Setanta Strategic Growth Fund -1.96% 0.00% 0.00% 2.46% 0.46% -1.67% 2.74% 0.57%
Canada Life Property Fund 0.09% -1.60% -1.60% -4.81% -19.30% -11.42% -4.53% -1.09%
Canada Life/Setanta Irish Equity Fund -4.15% -3.21% -3.21% 4.53% -8.07% -8.10% 0.54% 1.07%
Canada Life/Setanta Global Opportunity Fund -2.68% -0.32% -0.32% 4.66% 2.40% -0.99% 4.26% 0.58%
Canada Life/Setanta Focus 15 Fund -3.49% -1.13% -1.13% 10.88% 11.18% 3.43% 6.52% -0.15%
Canada Life/Setanta Fixed Interest Fund -0.59% -0.93% -0.93% -7.26% 1.25% 0.97% 1.58% 2.69%
Canada Life/Setanta European Equity Fund -4.20% -0.80% -0.80% 2.19% -0.36% -2.45% 4.18% -0.10%
Canada Life/Setanta Cash Fund -0.07% -0.14% -0.14% -0.61% 0.69% 1.32% 1.13% 1.32%
Canada Life/Setanta Balanced Fund -1.54% -0.67% -0.67% -1.18% -0.78% -2.06% 1.60% 0.85%
These funds relate only to unit linked investment policies that commenced after 01/01/2001.
Life Investment Funds (Net Tax Basis)
Name 1 Month 3 Month YTD 1 Year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a. 15 yr p.a.
Canada Life With Profit Fund 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.79% --
Canada Life SSGA Master Client -2.50% -1.25% -1.25% 1.28% -1.15% -3.48% 0.84% 0.81% 4.57%
Canada Life SSGA Managed -2.51% -1.25% -1.25% 1.28% -1.15% -3.48% 0.84% 0.81% 4.58%
Canada Life Property Fund 0.06% -1.30% -1.30% -4.42% -15.94% -9.35% -3.25% -0.33% 4.95%
Canada Life Pacific Equity Fund -0.91% -2.89% -2.89% 10.89% 6.25% 4.59% 6.65% 5.08% 3.26%
Canada Life Money Fund -0.05% -0.07% -0.07% -0.25% 0.79% 1.32% 1.16% 1.28% 1.72%
Canada Life Managed Fund -1.76% -0.29% -0.29% 1.97% 0.76% -0.85% 2.76% 1.20% 4.80%
Canada Life Leading Companies Fund -2.20% -0.14% -0.14% 4.59% 1.96% -0.71% 3.53% 0.75% 4.64%
Canada Life Irish Equity Fund -3.41% -3.12% -3.12% 4.24% -6.82% -6.74% 0.99% 1.56% 5.62%
Canada Life International Equity Fund -2.20% -0.27% -0.27% 5.23% 2.47% -0.22% 3.75% 0.54% 4.52%
Canada Life High Growth Managed Fund -2.22% -0.12% -0.12% 4.58% 1.96% -0.72% 3.53% 0.75% 4.58%
Canada Life Growth Managed Fund -1.75% -0.29% -0.29% 1.98% 0.76% -0.85% 2.77% 1.20% 4.80%
Canada Life Gilt Fund -0.51% -0.76% -0.76% -5.63% 1.38% 1.14% 1.65% 2.57% 4.01%
Canada Life Gilt & Bond Fund -0.51% -0.78% -0.78% -5.64% 1.39% 1.14% 1.65% 2.68% 4.07%
Canada Life Focus 15 Fund -2.83% -0.89% -0.89% 9.22% 8.79% 2.63% 5.01% -0.09% --
Canada Life European Equity Fund -3.41% -0.77% -0.77% 2.17% -0.41% -1.93% 3.24% 0.04% 4.62%
Canada Life Cash Fund -0.07% -0.11% -0.11% -0.27% 0.79% 1.32% 1.16% 1.31% 1.76%
Canada Life Balanced Equity Fund -2.20% -0.13% -0.13% 4.59% 1.97% -0.71% 3.53% 0.75% 4.65%
62

65. March 2011 Fund Performance as of 31/03/11
Pension Funds
Name 1 Month 3 Month YTD 1 Year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a. 15 yr p.a.
Canada Life/Setanta MM Pension Overseas Fund -2.63% -0.28% -0.28% 5.89% 4.23% 0.31% 4.96% 0.04% 5.31%
Canada Life/SEI US Equity Fund -2.92% -0.12% -0.12% 7.71% 3.15% -- -- -- --
Canada Life/SEI UK Equity Fund -5.11% -2.56% -2.56% 6.94% -1.69% -- -- -- --
Canada Life/SEI Pacific Basin Equity Fund -1.30% -4.49% -4.49% 7.73% 8.11% -- -- -- --
Canada Life/SEI Japanese Equity Fund -11.08% -9.19% -9.19% -1.23% -2.52% -- -- -- --
Canada Life/SEI Global Fixed Income Fund -0.10% -0.86% -0.86% 1.37% 1.08% -- -- -- --
Canada Life/SEI Global Equity Fund -3.84% -2.37% -2.37% 6.21% -2.62% -- -- -- --
Canada Life/SEI Global Balanced Fund -2.29% -1.21% -1.21% 5.71% 1.90% -- -- -- --
Canada Life/SEI European Equity Fund -1.18% 1.70% 1.70% 8.29% -3.14% -- -- -- --
Canada Life/SEI Emerging Markets Fund 2.26% -5.35% -5.35% 9.21% 5.29% -- -- -- --
Canada Life Quadrivium Fund -0.55% 1.47% 1.47% 9.11% -2.37% -- -- -- --
Canada Life/Morgan Stanley European Property Fund -0.16% 4.44% 4.44% 12.19% -6.98% -- -- -- --
Canada Life/Merrion Managed Fund -2.60% -2.60% -2.60% 1.85% -0.18% -- -- -- --
Canada Life/SEI Global Opportunistic Fixed Income -0.09% -0.09% -0.09% 3.19% 3.09% -- -- -- --
Canada Life/SSGA Pension Managed -3.27% -1.55% -1.55% 2.03% -1.54% -3.66% 1.23% 0.99% 5.22%
Canada Life/Setanta With Profit Fund 0.00% 0.00% 0.00% 0.00% 1.26% 1.94% 2.24% 3.08% 4.83%
Canada Life/Setanta Pension Money Fund 0.02% 0.07% 0.07% 0.21% 1.44% 2.08% 1.89% 2.07% 2.73%
Canada Life/Setanta Pension Managed Fund -1.82% 0.23% 0.23% 3.16% 1.62% -0.38% 4.04% 2.07% 5.93%
Canada Life/Setanta Pension Equity Fund -2.62% -0.11% -0.11% 5.47% 3.13% -0.26% 5.02% 1.37% 5.63%
Canada Life/Setanta Pension Fixed Interest Fund -0.54% -0.76% -0.76% -6.55% 2.06% 1.77% 2.38% 3.48% 5.33%
Canada Life/Setanta Consensus Fund -2.31% -0.76% -0.76% 4.38% -0.91% -2.66% 2.21% 0.59% --
Canada Life/Setanta Pension Property Fund 0.12% -1.47% -1.47% -4.16% -18.55% -10.65% -3.73% -0.29% 6.07%
Canada Life/Setanta Passive Equity Fund -3.91% -1.30% -1.30% 6.43% 2.10% -2.35% 2.08% -- --
Canada Life/KBI Pension Managed Fund -1.84% -0.64% -0.64% 4.00% -2.44% -3.52% 1.91% -0.06% --
Canada Life/Setanta Pension Focus 15 Fund -3.32% -0.89% -0.89% 11.96% 12.20% 4.41% 7.54% 0.85% --
Canada Life/Setanta Equity Dividend Fund -0.55% 3.29% 3.29% 11.64% 3.03% 0.29% 5.71% -- --
Canada Life/Setanta Balanced Dividend Fund -0.54% 1.84% 1.84% 7.37% 4.52% 2.09% 5.34% -- --
Canada Life/Blackrock Pension Managed Fund 0.41% 3.47% 3.47% 9.94% 1.70% 4.49% 6.24% -- --
Indices and Measures
Name 1 Month 3 Month YTD 1 year 3 yr p.a. 5 yr p.a. 7 yr p.a. 10 yr p.a. 15 yr p.a.
ISEQ Overall Return 0.30% 2.95% 2.95% -6.50% -20.62% -16.00% -5.41% -3.69% 3.78%
Irish Inflation 0.00% 0.00% 0.00% 0.00% -1.93% 0.80% 1.37% 2.05% 2.37%
FTSE 100 Share Index (TR) 1.74% 2.84% 2.84% 8.04% 4.78% 3.88% 8.32% 4.18% 6.65%
DJ EURO STOXX(50) TR -0.63% 6.37% 6.37% 2.71% -4.34% -2.15% 3.65% -0.87% 6.60%
S&P 500 TR 2.15% 6.45% 6.45% 15.36% 1.33% 2.73% 4.45% 3.46% --
MSCI The World Index (Gross TR) 0.29% 4.43% 4.43% 9.21% -0.23% 0.73% 4.87% 2.74% 5.58%
Japan NIKKEI 225 -9.72% -5.09% -5.09% -13.66% -8.46% -10.66% -2.61% -2.88% -5.18%
Hong K. Hang Seng Bank 1.73% 3.33% 3.33% 10.52% 0.95% 8.53% 9.42% 6.43% 5.33%
All prices and performances are illustrated as at effective date 31st March 2011. Performance is illustrated on an offer-to-offer basis.
Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up
This document does not form part of any contract. E&OE. Canada Life Assurance (Ireland) Limited is regulated by the Central Bank of Ireland.
63

66. Our Investment Partners
We partner with only the best investment fund managers to provide a full range of investment options for our clients.
Setanta Asset Management Morgan Stanley
Setanta Asset Management Limited (“Setanta”) is the primary Morgan Stanley Investment Management (MSIM) is a client-centric
asset manager for Canada Life in Ireland and other European organisation dedicated to providing investment and risk-management
countries. Setanta was established in Dublin in 1998 and has solutions to investors worldwide. With over three decades of asset
grown steadily since then, now managing €5.1bn (December management experience, Morgan Stanley’s investment strategies span
2010) in assets for the Great-West Lifeco Inc group of the risk/return spectrum across geographies, investment styles and asset
companies with clients in Ireland, Germany and Canada as classes, including equity, fixed income, alternatives and private markets.
well other third-party institutions. MSIM comprises a community of specialised investment boutiques, each
with a unique talent pool of experienced investment professionals backed by
Setanta specialises in active global equity management, the broad reach, access and resources of Morgan Stanley.
investing in stocks on a fundamental basis, with a focus on
value and quality. Setanta has an experienced investment As of 30th September, 2010, MSIM had more than 740 investment
team, who choose stocks within a global sector framework. professionals worldwide who managed and supervised US$265 billion in
The team has a strong track record in its core global equity assets for institutional and intermediary investors around the globe. With
style, and in other regional, country and specialist styles. 53 offices in 23 countries, Morgan Stanley is able to provide in-depth
local knowledge and expertise while channelling the strengths of its global
Setanta offers investment on a segregated and on a pooled presence and resources to deliver targeted investment solutions.
basis. It is the investment manager for a range of unit-linked
funds, which Canada Life policyholders in Ireland and Europe
may invest in. In addition Setanta has a number of specialist
www.morganstanley.com
mutual funds available for professional investors, offering a
global equity, high-yield, covered call strategy, and a similar Merrion Investment Managers
strategy which invests in companies which meet certain In 2007, Canada Life announced the launch of the Canada Life/Merrion
ethical restrictions. Managed fund and is delighted to welcome Merrion Investment Managers as
a partner. Merrion Investment Managers, formerly Oppenheim Investment
www.setanta-asset.com Managers, have built a reputation upon a proven approach to investment
management that has delivered consistently strong performance - not only
in years when markets have risen but also during periods when markets
SEI Investments (SEI) have fallen. Merrion Investment Managers’ focus is on controlling risk, while
In 2005, SEI partnered with Canada Life and together obtaining the maximum return available within the market.
introduced the Manager-of-Managers concept in Ireland
launching the SEI Manager-of-Manager Global Balanced Fund. Merrion Investment Managers’ only business is asset management meaning
that they are totally focused on delivering exceptional investment returns to
In 2006, Canada Life added another nine SEI Manager-of- their clients.
Managers funds to our investment platform.
SEI Investments is a global leader in Manager-of-Managers
www.merrion-investments.ie
with €129 billion (December 2010) under management
worldwide. It is one of the world’s leading providers of multi BlackRock
manager investment products through their Manager-of- BlackRock is one of the world’s preeminent asset management firms and
Managers offering, and has a strong track record of growth a premier provider of global investment management, risk management
in Europe with a presence in the UK, Italy, Germany, The and advisory services to institutional, intermediary and individual investors
Netherlands and France. around the world. BlackRock offers a range of solutions - from rigorous
fundamental and quantitative active management approaches aimed at
The Manager-of-Managers concept is a sophisticated maximizing outperformance to highly efficient indexing strategies designed to
investment approach, which builds up a portfolio of the best gain broad exposure to the world’s capital markets.
specialist investment managers around the world, rather
than a portfolio of individual stocks and bonds. The Manager- BlackRock is a truly global enterprise that combines the benefits of world-
of-Managers, SEI, is responsible for the selection and wide reach with localised service. Blackrock manages assets for clients
performance of the investment managers. in North and South America, Europe, Asia, Australia and the Middle East
and Africa. Headquartered in New York, the firm employs more than 8,500
Through this partnership, Canada Life can offer clients a talented professionals and maintains offices in 24 countries around the
greater chance of achieving more consistent long-term returns world. Blackrock’s client base includes corporate, public, union and industry
with controlled risk. pension plans; insurance companies; third-party mutual funds; endowments;
foundations; charities; corporations; official institutions; banks; and
www.seic.com individuals worldwide.
As of 30th September, 2010, BlackRock’s assets under management total
US$3.45 trillion across equity, fixed income, cash management, alternative
investment, real estate and advisory strategies.
www.blackrock.co.uk
64

67. For further information on Canada Life investment products please contact:
Michael Hayes
Investment Development Manager, Canada Life
Tel: 01 210 2757
Email: michael.hayes@canadalife.ie

68. Canada Life House, Temple Road, Blackrock, Co. Dublin.
Tel: 01 210 2000 Fax: 01 210 2020 Web: www.canadalife.ie Email: customerservices@canadalife.ie
This information is correct at the time of going to print.
Canada Life Assurance (Ireland) Limited and The Canada Life Assurance Company are regulated by the Central Bank of Ireland.