Franklin ETF. Semi-Annual Management Report of Fund Performance. March 31, 2018
|
|
- Trevor Armstrong
- 5 years ago
- Views:
Transcription
1 Franklin ETF Semi-Annual Management Report of Fund Performance March 31, 2018 This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements of the investment fund. If you have not received a copy of the semi-annual financial statements with this report, you can get a copy of the semi-annual financial statements at your request, and at no cost, by calling , by writing to us at 5000 Yonge Street, Suite 900, Toronto ON M2N 0A7, or by visiting our website at or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure.
2 Co-Lead Manager Darcy Briggs, CFA, CGA Franklin Bissett Investment Management, part of Franklin Templeton Investments Corp. Industry Experience: 24 years Location: Calgary, AB Co-Lead Manager Adrienne Marvi Young Franklin Bissett Investment Management, part of Franklin Templeton Investments Corp. Industry Experience: 24 years Location: Calgary, AB Co-Lead Manager Izabel Flis, CFA Franklin Bissett Investment Management, part of Franklin Templeton Investments Corp. Industry Experience: 17 years Location: Calgary, AB RESULTS OF OPERATIONS As at March 31, 2018, total net asset value of the Fund was $21.4 million, an increase of 120.0% from September 30, This was primarily driven by $11.7 million in net subscriptions and an increase in net assets from operations of $245,000. The Fund paid out $322,000 in cash distributions to unitholders. For the performance period starting October 1, 2017 and ending March 31, 2018, the Fund generated total returns of 2.14%, net of fees, in Canadian-dollar terms. Over the review period, the Fund s benchmark index, the FTSE TMX Canada All Corporate Bond Index (the Index ), returned 2.15%. For the six-month period, the Fund underperformed the Index by one basis point (bp). Residual effects were the most significant detractors from relative performance and security selection was the most important contributor. It is important to note that the Fund s return reflects the effect of fees and expenses for professional management, while the Index does not have such costs. Gross of fees, the Fund returned 2.34%. Security selection was the primary contributor to performance, adding 20 bps to performance, largely due to outperformance from holdings in investment-grade Financials and Energy. Asset allocation detracted two bps from relative performance. Yield curve and duration positioning contributed six bps to relative performance during this period. The Fund s shorter-than-index duration positioning, combined with an underweighted exposure to the short end of the Canadian curve, contributed to performance as yields rose. Index performance comparison information is provided for reference only. It is important to note that the Fund s return reflects the effect of fees and expenses for professional management, while an index does not have such costs. RECENT DEVELOPMENTS North American risk markets performed well through the first half of this period, but with weaker economic indicators and more attention paid to geopolitical risk in the second half, performance was more mixed in early Oil prices continued to strengthen during our six-month review period, with the West Texas Intermediate (WTI) price approaching US$65 per barrel by the end of March, up almost 26% versus September 30. Even so, Canadian gross domestic product (GDP) grew by only 1.7% in the last part of 2017, down sharply from the levels seen earlier in the year and lagging US growth by more than 1.0%. Nevertheless, the Bank of Canada (BoC) chose to follow the U.S. Federal Reserve in early 2018, increasing its Overnight Lending Rate by 25 bps to 1.25%. With a weaker economic outlook, this contributed to further flattening of the Canadian yield curve, such that the Canadian differential tightened to a level not seen since In this environment, Canadian investors took a more cautious stance. Equity market volatility increased sharply and the S&P/TSX Composite Index sold off by 5% in early 2018, reversing the gains made in the fourth quarter of Fixed income markets were less volatile, but investor risk aversion did slow reach-for-yield activity in longer tenors. The short-term segment of the broad FTSE TMX Canada Universe Bond Index posted a gain of approximately 0.5% during this period, while the mid-term segment gained 1.2% and the long segment gained 5.6%. With corporate spreads cushioning some of the effects of increasing government yields, the FTSE TMX All Corporate Bond Index outperformed the broad universe across all segments: the short-term segment posted a return of 0.8% (30 bps outperformance), the midterm segment returned 1.7% (48 bps of outperformance) and the long segment gained 5.62% (6 bps of outperformance). In the opinion of the portfolio managers, economic tailwinds that propelled growth in early 2017 have run their course. We expect trade will continue to detract from Canadian GDP growth and that housing activity will continue to slow due to tighter credit conditions. Accordingly, we expect that most economic data reported in 2018 will either miss or at best meet expectations. Markets, meanwhile, have priced in another 50 bps of monetary tightening from the BoC in Given that inflation remains comfortably within the BoC s tolerance band, we believe this is aggressive. At this late stage in the credit cycle, and despite some recent market softness, we believe that valuations remain expensive. The portfolio managers will therefore continue to seek to capitalize on trading opportunities arising from periods of volatility, with biases toward upgrading the Fund s overall credit quality and toward maintaining a shorter-than-index duration.
3 FORWARD-LOOKING STATEMENTS Investors should take note that certain statements in this report about a fund, including its strategy and expected future performance, are forward-looking. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as may, will, should, could, expect, anticipate, intend, plan, believe, or estimate or other similar expressions. Any statement that is made concerning future strategies or performance is also a forward-looking statement. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the forward-looking statements. The forward-looking statements are by their nature based on numerous assumptions, which include, amongst other things, that (i) the Fund can attract and maintain investors and has sufficient capital under management to effect its investment strategies, (ii) the investment strategies will produce the results intended by the portfolio manager, and (iii) the markets will react and perform in a manner consistent with the investment strategies. Although the forward-looking statements contained herein are based upon what the portfolio manager believes to be reasonable assumptions, the portfolio manager cannot assure that actual results will be consistent with these forward-looking statements. borrowing and interest costs and investor meeting costs (as permitted by Canadian securities regulation). Standing Instructions from the Independent Review Committee The Manager relied on standing instructions from the IRC with respect to the allocation of any operating expenses not covered by the Administration Fee. The Manager relied, or may rely, on standing instructions from the IRC in respect of securities trades amongst mutual funds, investment funds or managed accounts managed by the Manager or an affiliate of the Manager. In both cases, the standing instructions require the Manager to comply with the policies and procedures presented to the IRC with respect to the above matters and to provide periodic reports to the IRC in accordance with NI MANAGEMENT FEES The Franklin ETF pays an aggregate monthly fee for management and investment advisory services to the Manager. The monthly fee is calculated and accrued daily and paid monthly. The Management Fee is calculated on the annual rate of 0.40% applied against the monthly average net assets plus applicable taxes. Forward-looking statements are not guarantees of future performance. Any number of factors could contribute to differing results, including, among other things, general economic, political and market factors, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings and catastrophic events. This list of factors is not exhaustive. Investors should not place undue reliance on forward-looking information and should be aware that the Fund may not update any forward-looking statements, whether as a result of new information, future events or otherwise. RELATED PARTY TRANSACTIONS The Manager is an indirect wholly-owned subsidiary of Franklin Resources, Inc., a global investment management organization known as. The Manager provides or arranges for the day-to-day Fund operations, including the marketing, promotion and distribution of the Fund and portfolio advisory services. In consideration of these management and portfolio advisory services, the Fund pays the Manager a monthly management fee plus applicable taxes, based on the average net asset value of the series of the Fund, calculated daily, as set out under Management Fees below. During the period ended March 31, 2018, the Fund paid management fees of $34,000. The Manager pays the operating expenses of the Fund, other than certain fund costs which include, but are not limited to, the cost of compliance with new governmental and regulatory requirements, fees and expenses of the Fund s Independent Review Committee (IRC),
4 Summary of Investment Portfolio (MARCH 31, 2018) REGIONAL WEIGHTINGS (%)* North America Europe 2.43 Australia & New Zealand 0.17 ASSET CLASS WEIGHTINGS (%) Canadian Corporate Bonds Foreign Corporate Bonds 6.81 Short-term securities and all other assets, net 1.11 TOP 25 HOLDINGS (%) TD Capital Trust IV, Junior Subordinated Bond, 9.52% to 6/30/19, Floating Rate Note thereafter, 6/30/ CIBC Capital Trust, Junior Subordinated Bond, 9.98% to 6/30/19, Floating Rate Note thereafter, 6/30/ BMO Capital Trust II, Junior Subordinated Bond, 10.22% to 12/31/18, Floating Rate Note thereafter, 12/31/ Scotiabank Tier I Trust, Junior Subordinated Bond, 7.80% to 6/30/19, Floating Rate Note thereafter, 6/30/ TELUS Corp., Senior Note, 2.35%, 3/28/ Hydro One Inc., Senior Bond, 4.89%, 3/13/ International Inc., Subordinated Secured Note, 06-D1, 5.75%, 2/14/ Industrial Alliance Insurance & Financial Services Inc., Subordinated Note, 2.80% to 5/16/19, Floating Rate Note thereafter, 5/16/ Wells Fargo & Co., Subordinated Note, 3.87%, 5/21/ Hydro One Inc., Senior Bond, 6.03%, 3/3/ Manitoba Telecom Services Inc., Senior Bond, 4.00%, 5/27/ TransCanada PipeLines Ltd., Senior Note, 7.90%, 4/15/ Smart Real Estate Investment Trust, Senior Note, I, 3.99%, 5/30/ TransCanada Trust, Junior Subordinated Bond, 4.65% to 5/18/27, Floating Rate Note thereafter, 5/18/ Eagle Credit Card Trust, 2.15%, 9/17/ Royal Bank of Canada, Senior Note, 4.93%, 7/16/ AltaLink LP, Senior Secured Bond, 4.09%, 6/30/ Canadian Natural Resources Ltd., Senior Note, 3.31%, 2/11/ Enbridge Income Fund, 3.94%, 1/13/ Veresen Inc., Senior Note, 3.43%, 11/10/ Westcoast Energy Inc., 8.85%, 7/21/ TransCanada PipeLines Ltd., Senior Bond, 8.23%, 1/16/ FortisAlberta Inc., Senior Bond, 3.34%, 9/21/ Hydro One Inc., Senior Bond, 4.59%, 10/9/ Canadian Imperial Bank of Commerce, 1.90%, 4/26/ TOTAL NET ASSET VALUE: $21,353,000 * Excluding short-term securities and all other assets, net. Above is an outline of the investments held in the Fund as a percentage of its net assets. Due to ongoing portfolio transactions, the investments and percentages may have changed by the time you purchase units of the Fund. The Summary of Investment Portfolio is made available quarterly, 60 days after the quarter-end. To obtain a copy, please contact a member of our client services team at or visit
5 (AS AT MARCH 31, 2018) FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the ETF and are intended to help you understand the ETF s financial performance for the six months ended March 31, 2018, and for the fiscal period ended September 30. Net assets per unit (1) Net assets beginning of period $19.41 $20.00 Increase (decrease) from operations: Total revenue Total expenses (0.05) (0.03) Realized gains (losses) for the period (0.05) (0.11) Unrealized gains (losses) for the period (0.02) (0.59) Total increase (decrease) from operations (2) 0.32 (0.43) Distributions: From income (excluding dividends) (0.41) (0.21) From dividends From capital gains Returns of capital Total annual distributions (3) (0.41) (0.21) Net assets end of period $19.41 $19.41 Ratios and supplemental data: Total net asset value ( 000 s) (1) $21,353 $9,704 Number of units outstanding 1,100, ,000 Management expense ratio (2) 0.45% 0.45% Management expense ratio before waivers or absorptions 0.45% 0.45% Trading expense ratio (3) Portfolio turnover rate (4) 18.00% 34.76% Net asset value per units $19.41 $19.41 For explanatory notes, please refer to Explanatory Notes to Financial Highlights at the end of the section. Total revenue includes total investment income net of any provision for or recoverable from income taxes. PAST PERFORMANCE The following information assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund and does not take into account sales, redemption, distribution or other optional charges that would have reduced returns. Past performance does not necessarily indicate how the Fund will perform in the future. Year-by-Year Returns The bar chart shows the Fund s performance for the six-month period ended March 30, 2018, and for each of the previous 12-month periods ended September 30. In percentage terms, the bar chart indicates how much an investment made on October 1 would have grown or decreased by the end of the period. 40% 20% 0% -20% -40% * -2.3% 2018** 2.1% * 2017 ETF return: June 5 to September 30 ** For the period October 1, 2017 to March 30, 2018
6 EXPLANATORY NOTES TO FINANCIAL HIGHLIGHTS NOTES TO FINANCIAL HIGHLIGHTS Net Assets per Unit: (1) This information is derived from the Fund s unaudited interim financial statements and audited annual financial statements. In the period a fund or series is established, the financial information is provided from the date of inception to the end of the period. In cases where the net assets per share presented in the financial statements differ from the net asset value calculated for Fund pricing purposes, an explanation of these differences can be found in the notes to the financial statements. OTHER FUND INFORMATION Reported year-by-year returns for past years may be revised, based on the results of recalculations, audits and/or other historical review processes. Such revisions are considered immaterial to performance disclosure unless otherwise stated. (2) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease in net assets from operations is based on the weighted average number of units outstanding over the fiscal period. This table is not intended to be a reconciliation of opening and closing net assets per unit. (3) Dividends were paid in cash or reinvested in additional units of the Fund or both, and exclude distributions of management fee reductions to unitholders. Ratios and Supplemental Data: (1) This information is provided as at the period-end of the year shown. (2) Management expense ratio is based on total expenses for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. (3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of net asset value during the period. For funds that invest in multiple Underlying Funds, the trading expense ratio represents the Fund s proportionate share of total commissions and other portfolio costs of the Underlying Fund as an annualized percentage of its daily average net assets during the period. For funds that invest substantially all of its assets in an Underlying Fund, the trading expense ratio shown is that of the Underlying Fund. (4) The Fund s portfolio turnover rate indicates how actively the Fund s portfolio manager manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling each security in its portfolio once in the course of the relevant period. The higher the portfolio turnover rate in the period, the greater the trading costs payable by the Fund and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of the Fund. Where a fund has invested substantially all its assets in an Underlying Fund for the entire period, the portfolio turnover rate is zero. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.
Franklin ETF. Annual Management Report of Fund Performance. September 30, 2017
Franklin ETF Annual Management Report of Fund Performance September 30, 2017 This annual management report of fund performance contains financial highlights but does not contain the complete annual financial
More informationSemi-Annual Management Report of Fund Performance
June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More informationSemi-Annual Management Report of Fund Performance
June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More informationFranklin ETF. Annual Management Report of Fund Performance. September 30, 2018
Franklin ETF Annual Management Report of Fund Performance September 30, 2018 This annual management report of fund performance contains financial highlights but does not contain the complete annual financial
More informationSemi-Annual Management Report of Fund Performance
June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More informationAnnual Management Report of Fund Performance
December 31, 2017 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete financial statements of
More informationAnnual Management Report of Fund Performance
December 31, 2017 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete financial statements of
More informationAnnual Management Report of Fund Performance
December 31, 2017 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete financial statements of
More informationSemi-Annual Management Report of Fund Performance
June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More informationAnnual Management Report of Fund Performance
December 31, 2017 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete financial statements of
More informationSemi-Annual Management Report of Fund Performance
June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More informationFranklin ETF. Semi-Annual Management Report of Fund Performance. March 31, 2018
Franklin ETF Semi-Annual Management Report of Fund Performance March 31, 2018 This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial
More informationSemi-Annual Management Report of Fund Performance
June 30, 2017 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More informationFranklin ETF. Annual Management Report of Fund Performance. September 30, 2018
Franklin ETF Annual Management Report of Fund Performance September 30, 2018 This annual management report of fund performance contains financial highlights but does not contain the complete annual financial
More informationHarmony Canadian Fixed Income Pool
INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE Harmony Canadian Fixed Income Pool MARCH 31, Management Discussion of Fund Performance This management discussion of fund performance represents the portfolio
More informationSemi-Annual Management Report of Fund Performance
June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More information2014 Semi-Annual Management Report of Fund Performance
(the Fund ) For the period ended March 31, 2014 Manager: BMO Investments Inc. (the Manager ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio manager ) 2014 Semi-Annual Management
More informationCORPORATE BOND FUND (PORTICO)
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationSemi-Annual Management Report of Fund Performance
June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More informationFranklin ETF. Semi-Annual Management Report of Fund Performance. March 31, 2018
Franklin ETF Semi-Annual Management Report of Fund Performance March 31, 2018 This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial
More informationBMO Mid Corporate Bond Index ETF (ZCM) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Mid Corporate Bond Index ETF (ZCM) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More information2014 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationAnnual Management Report of Fund Performance
December 31, 2017 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete financial statements of
More information2014 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2014 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More information2014 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2014 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationRBC TARGET 2023 CORPORATE BOND INDEX ETF
FIXED INCOME ETF RBC TARGET 2023 CORPORATE BOND INDEX ETF December 31, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved
More informationAnnual Management Report of Fund Performance
December 31, 2017 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete financial statements of
More informationSemi-Annual Management Report of Fund Performance
June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More information2018 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationBMO Canadian High Dividend Covered Call ETF (ZWC) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Canadian High Dividend Covered Call ETF (ZWC) (the ETF ) For the period from February 3, 2017 to June 30, 2017 (the Period ) Manager: BMO Asset Management
More information2016 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2016 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationSemi-Annual Management Report of Fund Performance
June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More informationAnnual Management Report of Fund Performance
Annual Management Report of Fund Performance BMO Private Canadian Mid-Term Bond Portfolio For the period ended December 31, 2017 This annual management report of fund performance contains financial highlights,
More informationINCOME FUND (PORTICO)
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationHarmony Balanced Portfolio
INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE Harmony Balanced Portfolio MARCH 31, Management Discussion of Fund Performance This management discussion of fund performance represents the portfolio management
More informationBMO Long Corporate Bond Index ETF (ZLC) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Long Corporate Bond Index ETF (ZLC) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More informationAnnual Management Report of Fund Performance
Annual Management Report of Fund Performance BMO Private Canadian Short-Term Bond Portfolio For the period ended December 31, 2017 This annual management report of fund performance contains financial highlights,
More informationDIVIDEND FUND (GWLIM)
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationSemi-Annual Management Report of Fund Performance
June 30, 2018 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More information2015 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2015 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationMACKENZIE STRATEGIC INCOME FUND
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationTD Canadian Diversified Yield Fund
TD Canadian Diversified Yield Fund 535280 (08/18) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the
More informationBMO Ultra Short-Term Bond ETF (ZST) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Ultra Short-Term Bond ETF (ZST) (the ETF ) For the 12-month period ended December 31, 2016 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More informationRBC CANADIAN DIVIDEND FUND
CANADIAN EQUITY FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved this annual management report of
More informationBMO Canadian Dividend ETF (ZDV) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Canadian Dividend ETF (ZDV) (the ETF ) For the 12-month period ended December 31, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager and
More informationInterim Management Report of Fund Performance AGF Fixed Income Plus Fund
Interim Management Report of Fund Performance AGF Fixed Income Plus Fund March 31, AGF Fixed Income Plus Fund MARCH 31, Management Discussion of Fund Performance This management discussion of fund performance
More information2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE For the period ended June 30, 2015
2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE For the period ended June 30, 2015 Offered by Educators Financial Group Portfolio Adviser: HSBC Global Asset Management (Canada) Limited, Toronto, Ontario
More informationSemi-Annual Management Report of Fund Performance
June 30, 2017 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More information2018 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More information2014 Semi-Annual Management Report of Fund Performance
(the Fund ) For the period ended March 31, 2014 Manager: BMO Investments Inc. (the Manager ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio manager ) 2014 Semi-Annual Management
More informationRBC MONTHLY INCOME FUND
BALANCED FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved this annual management report of fund
More informationBMO Long Corporate Bond Index ETF (ZLC) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Long Corporate Bond Index ETF (ZLC) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the Manager
More informationHarmony Growth Plus Portfolio Class
INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE Harmony Growth Plus Portfolio Class MARCH 31, Management Discussion of Fund Performance This management discussion of fund performance represents the portfolio
More informationScotia Private Strategic Balanced Pool
Scotia Private Pools Scotia Private Strategic Balanced Pool Interim Management Report of Fund Performance For the period ended June 30, 2018 This interim management report of fund performance contains
More informationScotia Private Canadian Preferred Share Pool
Scotia Private Canadian Preferred Share Pool Annual Management Report of Fund Performance For the period ended December 31, 2017 This annual management report of fund performance contains financial highlights
More informationDIVIDEND CLASS (GWLIM)
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationAnnual Management Report of Fund Performance
December 31, 2017 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete financial statements of
More informationInterim Management Report of Fund Performance AGF Dividend Income Fund
Interim Management Report of Fund Performance AGF Dividend Income Fund March 31, AGF Dividend Income Fund MARCH 31, Management Discussion of Fund Performance This management discussion of fund performance
More information2014 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2014 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationHarmony Canadian Equity Pool
INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE Harmony Canadian Equity Pool MARCH 31, Management Discussion of Fund Performance This management discussion of fund performance represents the portfolio management
More information2018 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationFidelity Corporate Bond Class of the Fidelity Capital Structure Corp.
Fidelity Corporate Bond Class of the Fidelity Capital Structure Corp. Semi-Annual Management Report of Fund Performance May 31, Caution Regarding Forward-looking Statements Certain portions of this report,
More informationFidelity Corporate Bond Fund
Fidelity Corporate Bond Fund Semi-Annual Management Report of Fund Performance December 31, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to,
More informationAnnual Management Report of Fund Performance AGF Tactical Fund
Annual Management Report of Fund Performance AGF Tactical Fund September 30, 2017 Management Discussion of Fund Performance This management discussion of fund performance represents the portfolio management
More informationFidelity Corporate Bond Class of the Fidelity Capital Structure Corp.
Fidelity Corporate Bond Class of the Fidelity Capital Structure Corp. Annual Management Report of Fund Performance November 3, Caution Regarding Forward-looking Statements Certain portions of this report,
More informationTD Monthly Income Fund
525446 (03/19) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More informationSOCIAL HOUSING CANADIAN SHORT-TERM BOND FUND
FIXED-INCOME FUND SOCIAL HOUSING CANADIAN SHORT-TERM BOND FUND June 30, 2017 The Board of Directors of Encasa Financial Inc. approved this interim management report of fund performance on August 15, 2017.
More informationInvestors Dividend Class
Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH 31, 218 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, including
More informationSemi-Annual Management Report of Fund Performance
June 30, 2017 Semi-Annual Management Report of Fund Performance This semi-annual management report of fund performance contains financial highlights but does not contain the complete financial statements
More informationFidelity Canadian Short Term Bond Fund
Fidelity Canadian Short Term Bond Fund Semi-Annual Management Report of Fund Performance December 31, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited
More informationHarmony Growth Portfolio
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE Harmony Growth Portfolio SEPTEMBER 30, Harmony Growth Portfolio SEPTEMBER 30, Management Discussion of Fund Performance This management discussion of fund performance
More informationPinnacle Income Portfolio
Pinnacle Portfolios Pinnacle Income Portfolio Annual Management Report of Fund Performance For the period ended December 31, 2017 This annual management report of fund performance contains financial highlights,
More information2018 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationTD Balanced Income Fund
525450 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More information2014 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2014 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationTD S&P/TSX Capped Composite Index ETF. TD EXCHANGE-TRADED FUNDS Semi-Annual Management Report of Fund Performance
TD Asset Management TD S&P/TSX Capped Composite Index ETF 535228 (08/17) TD EXCHANGE-TRADED FUNDS Semi-Annual Management Report of Fund Performance for the period ended June 30, 2017 This Interim Management
More informationCANADIAN GROWTH FUND (GWLIM)
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationFidelity Corporate Bond Class of the Fidelity Capital Structure Corp.
Fidelity Corporate Bond Class of the Fidelity Capital Structure Corp. Semi-Annual Management Report of Fund Performance May 31, 217 Caution Regarding Forward-looking Statements Certain portions of this
More informationSHORT TERM BOND FUND (PORTICO)
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationTD Comfort Balanced Income Portfolio
TD Comfort Balanced Income Portfolio 529100 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationGROWTH AND INCOME CLASS (GWLIM)
Annual Management Report of Fund Performance For the Year Ended March 31, This Annual Management Report of Fund Performance contains financial highlights but does not contain the complete annual financial
More information2015 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2015 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationScotia INNOVA Growth Portfolio
Scotia INNOVA Growth Portfolio Annual Management Report of Fund Performance For the period ended December 31, 2017 This annual management report of fund performance contains financial highlights but does
More informationBMO Canadian Equity Fund (the Fund ) (formerly BMO Equity Fund )
(the Fund ) (formerly BMO Equity Fund ) For the six-month period ended March 31, 2015 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto,
More informationBMO Canadian High Dividend Covered Call ETF (ZWC) (the ETF )
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO Canadian High Dividend Covered Call ETF (ZWC) (the ETF ) For the period from February 3, 2017 (the performance launch date) to December 31, 2017 (the Period
More informationFidelity Premium Fixed Income Private Pool Class of the Fidelity Capital Structure Corp.
Fidelity Premium Fixed Income Private Pool Class of the Fidelity Capital Structure Corp. Semi-Annual Management Report of Fund Performance May 31, 2018 Caution Regarding Forward-looking Statements Certain
More informationCI Short-Term Advantage Corporate Class
This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial
More informationTD Canadian Corporate Bond Fund
TD Canadian Corporate Bond Fund 535272 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the complete
More informationFidelity Corporate Bond Class of the Fidelity Capital Structure Corp.
Fidelity Corporate Bond Class of the Fidelity Capital Structure Corp. Annual Management Report of Fund Performance November 3, Caution Regarding Forward-looking Statements Certain portions of this report,
More informationTD Canadian Corporate Bond Fund
TD Canadian Corporate Bond Fund 535312 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More informationCANADIAN LOW VOLATILITY CLASS (LONDON CAPITAL)
Annual Management Report of Fund Performance For the Year Ended March 31, This Annual Management Report of Fund Performance contains financial highlights but does not contain the complete annual financial
More informationShort Term Income Pool
This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial
More informationTD Comfort Balanced Income Portfolio
TD Comfort Balanced Income Portfolio 529386 (08/18) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the
More informationInvestors Mortgage and Short Term Income Fund
Investors Mortgage and Short Term Income Fund Interim Management Report of Fund Performance FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER, 7 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain
More informationRBC CANADIAN DIVIDEND CLASS
CANADIAN EQUITY FUND Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Corporate Class Inc. approved this interim management report of fund performance on November
More informationCORE PLUS BOND FUND (PORTICO)
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationCANADIAN VALUE CLASS (FGP)
Annual Management Report of Fund Performance For the Year Ended March 31, This Annual Management Report of Fund Performance contains financial highlights but does not contain the complete annual financial
More informationSOCIAL HOUSING CANADIAN EQUITY FUND
CANADIAN EQUITY FUND SOCIAL HOUSING CANADIAN EQUITY FUND December 31, 2017 The Board of Directors of Encasa Financial Inc. approved this annual management report of fund performance on March 19, 2018.
More informationHarmony Conservative Portfolio
ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE Harmony Conservative Portfolio SEPTEMBER 30, 2017 Management Discussion of Fund Performance This management discussion of fund performance represents the portfolio
More information2014 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2014 (the period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More information