Dynamic Total Return Bond Class
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1 7JAN17353 Dynamic Total Return Bond Class Interim Management Report of Fund Performance For the period ended December 31, 1 This interim management report of fund performance contains financial highlights but does not contain either the interim financial statements or annual financial statements of the investment fund. You can get a copy of the interim financial statements or annual financial statements at your request, and at no cost, by calling toll-free 1---1, by writing to us at 13 Asset Management L.P., Dynamic Funds Tower, 1 Adelaide Street East, th Floor, Toronto, ON, M5C V9 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. 13 Asset Management L.P. is the manager (the Manager ) of the fund. In this document, we, us, our and the Manager refer to 13 Asset Management L.P. and the Fund refers to Dynamic Total Return Bond Class. The term net asset value or net asset value per share in this document refers to the net asset value determined in accordance with Part 1 of National Instrument 1- Investment Fund Continuous Disclosure ( National Instrument 1- ); while the term net assets or net assets per share refers to total equity or net assets attributable to shareholders of the Fund as determined in accordance with International Financial Reporting Standards ( IFRS ). Caution Regarding Forward-Looking Statements Certain portions of this report, including, but not limited to, Recent Developments, may contain forward-looking statements about the Fund and the underlying funds, as applicable, including statements with respect to strategies, risks, expected performance events and conditions. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as expects, anticipates, intends, plans, believes, estimates, projects and similar forward-looking expressions or negative versions thereof. In addition, any statement that may be made concerning future performance, strategies or prospects and possible future action by the Fund is also a forward-looking statement. Forwardlooking statements are based on current expectations and projections about future general economic, political and relevant market factors, such as interest rates, foreign exchange rates, equity and capital markets, and the general business environment, in each case assuming no changes to applicable tax or other laws or government regulation. Expectations and projections about future events are inherently subject to, among other things, risks and uncertainties, some of which may be unforeseeable. Accordingly, current assumptions concerning future economic and other factors may prove to be incorrect at a future date. Forward-looking statements are not guarantees of future performance and actual results or events could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, such as interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government relations, unexpected judicial or regulatory proceedings and catastrophic events. We stress that the above mentioned list of important factors is not exhaustive. Some of these risks, uncertainties and other factors are described in the Fund s simplified prospectus, under the heading Risk Factors. We encourage you to consider these and other factors carefully before making any investment decisions. Forward-looking statements should not be unduly relied upon. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next management report of fund performance, and that the forward-looking statements speak only to the date of this management report of fund performance. Results of Operations For the six month period ended at December 31, 1 (the period ), the Series A shares of the Fund returned 1.5. Fund returns are reported net of all management fees and expenses for all series, unlike the returns of the Fund s benchmark, which is based on the performance of an index that does not pay fees or incur expenses. Returns for other series of the Fund will be similar to Series A with any difference in performance being primarily due to different management fees, operating expenses and other expenses that are applicable to that particular series. Please see the Past Performance section for the performance of the Fund s other series. The Fund s broad-based benchmark, the FTSE Canada Universe Bond Index, returned. during the same period. In accordance with National Instrument 1-, we have included a comparison to this broad-based index to help you understand the Fund s performance relative to the general performance of the market.
2 The Fund outperformed the benchmark for the period. Net long duration exposure added in October had a positive impact on performance as yields declined into the end of the year. Curve positioning was a contributor to performance as the long end of the curve steepened. The Fund was defensively positioned in credit with lower market risk than the benchmark, which helped as spreads widened. The Fund s underweight exposure to provincial securities was a positive contributor to performance as well. Some performance was attributable to currency as well as the Fund unhedged New Zealand and Australia income exposure in October and November, hedging these back towards the end of the year once they d been profitable. Fixed income markets experienced a period of volatility driven by numerous macroeconomic factors (geopolitical tensions, U.S. election concerns, trade agreement discussions, plunging oil & commodity prices, equity market volatility and investor outflows). The Canadian yield curve shifted downwards in response to economic data and expectations of slowing rate hikes. Corporate and provincial issues underperformed the market as credit spreads moved wider while federal bonds outperformed. The U.S. witnessed a similar story with slowing growth, declining inflation metrics and lower trade on the back of slower global economic growth and trade tariffs. Although U.S. employment remained robust, manufacturing output appeared to be slowing which was cause for concern about the year ahead. The last two months of the year saw a dramatic drop in the U.S. -year, falling to. on concerns of recession and Chinese and North American slowdown. The U.S. Federal Reserve continued on their path of Quantitative Tightening and raised rates three times by 5 basis points throughout the period, in June, September and December. While Canadian interest rates followed the general path of U.S. yields, they were more impacted by developments on NAFTA and commodity prices and ended the year relatively flat below.. The Bank of Canada raised rates two times by 5 basis points, once in July and once again in October. During the period the duration of the portfolio was actively managed, beginning at. years and finishing at 7.7 years, though having been as high as.1 years in November. The weighting to provincials was decreased to 1.1 partially to take profits before oil concerns shook prices in provinces like Alberta. The credit portion of the portfolio remained defensively positioned with higher overall liquidity than the benchmark. There were no material changes to sector weightings during the period. Towards the end of the year there was an increase in the weighting to Canada to 7.7 while the U.S. weighting had been lowered to.1. The remainder of the geographic weighting was held in global bonds including Australia, New Zealand, Mexico, the U.K., Luxembourg and Belgium. The Fund s net asset value decreased by 11. to $37.5 million at December 31, 1, from $9. million at June 3, 1. This change was composed of net redemptions of $3.1 million, cash distributions of $. million and investment performance of $. million. The investment performance of the Fund includes income and expenses which vary year over year. The Fund s income and expenses changed compared to the previous year mainly as a result of fluctuations in average net assets, portfolio activity and changes in the Fund s income earning investments. Certain series of the Fund, as applicable, may make distributions at a rate determined by the Manager from time to time. If the aggregate amount of distributions in such series exceeds the portion of net income and net realized capital gains allocated to such series, the excess will constitute a return of capital. The Manager does not believe that the return of capital distributions made by such series of the Fund have a meaningful impact on the Fund s ability to implement its investment strategy or to fulfill its investment objective. Recent Developments IFRS 9, Financial Instruments The Fund has adopted IFRS 9, Financial Instruments in the current reporting period commencing July 1, 1. The adoption of IFRS 9 has been applied retrospectively and does not result in a change to the classification or measurement of financial instruments, in either the current or prior period. The impact to the Fund will include additional disclosures related to changes to the classification of certain financial instruments to align with the classifications under IFRS 9. Adoption of the standard does not impact net assets attributable to holders of redeemable shares. Related Party Transactions The Manager is a wholly-owned subsidiary of The Bank of Nova Scotia ( Scotiabank ). Scotiabank also owns, directly or indirectly, of Scotia Securities Inc. and Tangerine Investment Funds Limited, each a mutual fund dealer, and Scotia Capital Inc. (which includes ScotiaMcLeod and Scotia itrade), an investment dealer. The Manager, on behalf of the Fund, may enter into transactions or arrangements with other members of Scotiabank or certain other companies that are related or connected to the Manager (each a related party ). All transactions between the Fund and the related parties are in the normal course of business and are carried out at arm s length terms. The purpose of this section is to provide a brief description of any transaction involving the Fund and a related party. Management Fees The Manager is responsible for the day-to-day management and operations of the Fund. Certain series of the Fund pay the Manager a management fee for its services as described in the Management Fee section later in this document. The management fee is an annualized rate based on the net asset value of each series of the Fund, accrued daily and calculated and paid monthly.
3 Fixed Administration Fees and Fund Costs effective date of any such transaction or change of auditor. In The Manager pays the operating expenses of the Fund, other certain circumstances, securityholder approval may be required than Fund Costs, in exchange for the payment by the Fund of a to approve certain mergers. fixed rate administration fee (the Fixed Administration Fee ) to The IRC has five members, Carol S. Perry (Chair), Stephen J. the Manager with respect to each series of the Fund. The Griggs, Simon Hitzig, Heather A. T. Hunter and Jennifer L. expenses charged to the Fund in respect of the Fixed Witterick, each of whom is independent of the Manager. Administration Fee are disclosed in the Fund s financial statements. The Fixed Administration Fee is equal to a specified The IRC prepares and files a report to the securityholders each percentage of the net asset value of a series, calculated and paid fiscal year that describes the IRC and its activities for in the same manner as the management fees for the Fund. securityholders as well as contains a complete list of the standing Further details about the Fixed Administration Fee can be found instructions. These standing instructions enable the Manager to in the Fund s most recent simplified prospectus. act in a particular conflict of interest matter on a continuing basis provided the Manager complies with its policies and In addition, each series of the Fund is responsible for its procedures established to address that conflict of interest matter proportionate share of certain operating expenses ( Fund and reports periodically to the IRC on the matter. This report to Costs ). Further details about Fund Costs can be found in the the securityholders is available on the Manager s website or, at no Fund s most recent simplified prospectus. cost, by contacting the Manager. The Manager, at its sole discretion, may waive or absorb a portion The compensation and other reasonable expenses of the IRC will of a series expenses. These waivers or absorptions may be be paid out of the assets of the Fund as well as out of the assets terminated at any time without notice. of the other investment funds for which the IRC may act as the independent review committee. The main components of Distribution Services compensation are an annual retainer and a fee for each Certain registered dealers through which shares of the Fund are committee meeting attended. The chair of the IRC is entitled to distributed are related parties to the Fund and the Manager. The an additional fee. Expenses of the IRC may include premiums for Manager may pay a trailing commission, which is negotiated with insurance coverage, travel expenses and reasonable out-of-pocket dealers, to dealers for their financial advisors in respect of the expenses. assets of their clients invested in securities of the Fund. The The Fund received the following standing instructions from the Manager may also pay trailing commissions to dealers for IRC with respect to related party transactions: securities purchased or held through discount brokerage accounts. Paying brokerage commissions and spreads to a related party for effecting security transactions on an agency and principal Other Fees basis on behalf of the Fund; The Manager, or its affiliates, may earn fees and spreads in Purchases or sales of securities of an issuer from or to another connection with various services provided to, or transactions investment fund managed by the Manager; with, the Fund, such as banking, brokerage, foreign exchange or Investments in the securities of issuers for which a related derivatives transactions. The Manager, or its affiliates, may earn underwriter acted as an underwriter during the distribution of a foreign exchange spread when shareholers switch between such securities and the -day period following the completion series of funds denominated in different currencies. of such distribution; Independent Review Committee Executing foreign exchange transactions with a related party The Manager has established an independent review committee on behalf of the Fund; (the IRC ) in accordance with National Instrument 1-7 Purchases of securities of a related party; Independent Review Committee for Investment Funds Entering into over-the-counter derivatives on behalf of the ( NI 1-7 ) with a mandate to review and provide Fund with a related party; recommendations or approval, as required, on conflict of interest matters referred to it by the Manager on behalf of the Fund. The Outsourcing products and services to related parties which IRC is responsible for overseeing the Manager s decisions in can be charged to the Fund; situations where the Manager is faced with any present or Acquisition of prohibited securities as defined by securities perceived conflicts of interest, all in accordance with NI 1-7. regulations; The IRC may also approve certain mergers between the Fund and other funds, and any change of the auditor of the Fund. Subject Trading in mortgages with a related party. to any corporate and securities law requirements, no The Manager is required to advise the IRC of any breach of a securityholder approval will be obtained in such circumstances, condition of the standing instructions. The standing instructions but you will be sent a written notice at least days before the require, among other things, that the investment decision in
4 respect to a related party transaction: (a) is made by the Manager free from any influence by an entity related to the Manager and without taking into account any consideration to any associate or affiliate of the Manager; (b) represents the business judgment of the Manager uninfluenced by considerations other than the best interests of the Fund; and (c) is made in compliance with the Manager s written policies and procedures. Transactions made by the Manager under the standing instructions are subsequently reviewed by the IRC to monitor compliance. The Fund relied on IRC standing instructions regarding related party transactions during the period. Financial Highlights The following tables show selected key financial information about each series of the Fund and are intended to help you understand the Fund s financial performance for the periods indicated. The information on the following tables is based on prescribed regulations and as a result, is not expected to add across due to the increase (decrease) in net assets from operations being based on average shares outstanding during the period and all other numbers being based on actual shares outstanding at the relevant point in time. Footnotes for the tables are found at the end of the Financial Highlights section. The Fund s Net Assets per Share ($) (1) Increase (decrease) from operations Distributions Realized Unrealized Total From net Net gains gains increase investment Net Assets, (losses) (losses) (decrease) income From Return Assets, beginning Total Total for the for the from (excluding From capital of Total end of For the period ended of period revenue expenses period period operations () dividends) dividends gains capital distributions (3) period (1) Series A Dec. 31, (.9) (.) June 3, (.19) (.1) (.1) (.7) (.) (.) 11.1 June 3, (.1) (.11) (.11) (.) 11.3 June 3, (.) (.) (.) 11.5 June 3, (.1).9 (.11).53 (.3) (.3) June 3, (.) (.9) (.9) 11.1 Series F Dec. 31, (.5) (.) June 3, (.11) (.1) (.). (.) (.) 11.9 June 3, (.11) (.13) (.9).1 June 3, (.11) (.7) (.7). June 3, (.).5 (.11). (.3) (.3) 11. June 3, (.1)... (.9) (.9) 11.5 Series FH (USD) Dec. 31, (.5) June 3, (.9) (1.1).91. (.) (.) June 3, (.). (.3) (.) 11. June 3, (.11).9..9 (.) (.) 11. June 3, (.) 1. (.) 1.97 (.) (.) 11. June 3, 1.3. (.13).1 (.).7 (.) (.).75 Series FT Dec. 31, (.) (.1)..1 (.1) (.1). June 3, (.) (.15).1.1 (.57) (.57).1 June 3, (.) (.7) (.) (.1) (.) (.5) (.5).7 June 3, (.9) (.39) (.) (.3) 9.1 June 3, (.).3 (.).57 (.) (.) (.7) 9.37 June 3, (.)..3.5 (.7) (.5) (.5) 9.5 Series H (USD) Dec. 31, (.9) June 3, (.1) (.95).. (.) (.).7 June 3, (.).5 (.7) (.9).7 June 3, (.).. 1. (.) (.).7 June 3, (.) (.31) (.31).7 June 3, 1.1. (.1).79 (.). (.) (.).5
5 Increase (decrease) from operations Distributions Realized Unrealized Total From net Net gains gains increase investment Net Assets, (losses) (losses) (decrease) income From Return Assets, beginning Total Total for the for the from (excluding From capital of Total end of For the period ended of period revenue expenses period period operations () dividends) dividends gains capital distributions (3) period (1) Series I Dec. 31, (.1) (.3) June 3, (.) (.1) (.3). (.) (.).1 June 3, (.) (.1).9.93 June 3, (.) (.5) (.5). June 3, (.).53 (.1).7 (.37) (.37).33 June 3, (.) (.9) (.9) 11.9 Series IT Dec. 31, (.1) (.1)..19 (.3) (.3). June 3, (.1) (.) (.11).7 (.) (.).9 June 3, (.1) (.) (.9). (.19) (.3) (.9) 9.5 June 3, 1..9 (.1) (.3) (.7) (.9) 9. June 3, (.1).3 (.9).5 (.) (.) (.7). June 3, (.)..31. (.) (.7) (.55).11 Series T Dec. 31, (.) (.1).7.11 (.) (.) 7.5 June 3, (.13) (.11) (.3) (.5) (.55) (.55) 7.59 June 3, (.15) (.) (.) (.) (.19) (.) (.3).19 June 3, (.17) (.3) (.) (.). June 3, (.17).1 (.).7 (.) (.59) (.9).99 June 3, (.19) (.7) (.3) (.5) 9.3 (1) This information is derived from the Fund s interim and audited annual financial statements. The net assets per share presented in the financial statements may differ from the net asset value per share. An explanation of these differences can be found in note of the Fund s financial statements. The net asset value per share at the end of the period is disclosed in Ratios and Supplemental Data. For Series FH and Series H, the information is presented in U.S. dollars. For all the other series, the information is expressed in Canadian dollars, which is the functional currency of the Fund. () Net assets per share and distributions per share are based on the actual number of shares outstanding for the relevant series at the relevant time. The increase (decrease) in net assets from operations per share is based on the weighted average number of shares outstanding for the relevant series over the period. (3) Distributions were paid in cash or reinvested in additional shares of the Fund. Ratios and Supplemental Data Management MER before Total net asset Number of shares expense ratio waivers or Trading expense Portfolio turnover Net asset value As at value (in $s) (1) outstanding (1) ( MER ) () () absorptions () () ratio () (3) ratio () () per share ($) Series A Dec. 31, 1, 5,99,79 1.* 1.*.3* June 3, 1 7, 7,75, June 3, 17 7,,93, June 3, 1 7,577,19, June 3, 15 5,1 5,171, June 3, 1 5,5 5,57, Series F Dec. 31, 1 5,,9,39.*.*.3* June 3, 1 3,35 5,35, June 3, 17,1 5,5, June 3, 1 37,39 3,5, June 3, 15 11,55 95, June 3, 1 13,7 1,3, Series FH (USD) Dec. 31, 1 3,719 3,9.*.7*.3* June 3, 1 3,93 353, June 3, 17 5,3 99, June 3, 1,5 359, June 3, 15 3,1 73, June 3, 1 3,9 3, Series FT Dec. 31, 1 3,3 7,7,1.*.*.3* June 3, 1,99,7, June 3, 17 59,,3, June 3, 1 33,71 3,1, June 3, 15 9,955 3,197, June 3, 1 31,953 3,357,
6 Management MER before Total net asset Number of shares expense ratio waivers or Trading expense Portfolio turnover Net asset value As at value (in $s) (1) outstanding (1) ( MER ) () () absorptions () () ratio () (3) ratio () () per share ($) Series H (USD) Dec. 31, 1,59 37, 1.9* 1.9*.3* June 3, 1,93 77, June 3, 17 3, 33, June 3, 1 5,353 97, June 3, 15 5,393 55, June 3, 1 5, 539, Series I Dec. 31, 1,5 95,31.13*.13*.3* June 3, 1,59 91, June 3, 17 13,77 1,57, June 3, 1 1,39 1,, June 3, 15 9,915, June 3, 1, 9, Series IT Dec. 31, 1 1,799,999.*.*.3* June 3, 1,75 33, June 3, 17 3,91, June 3, 1,17 5, June 3, 15 3,11 317, June 3, 1 3,1 3, Series T Dec. 31, 1 3,7,37,1 1.5* 1.5*.3* June 3, 1 35,,7, June 3, 17 3,37,9, June 3, 1 37,9,3, June 3, 15 35, 3,93, June 3, 1 37,71,3, * Annualized (1) This information is provided as at the period end of the years shown. () The management expense ratio is based on the total expenses (including sales tax, and excluding commissions and other portfolio transaction costs) of each series of the Fund and a proportionate share of underlying funds expenses (mutual funds, ETFs and closed-end funds), where applicable, 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, short borrowing costs and interest on leverage of the Fund and the underlying funds, where applicable, expressed as an annualized percentage of daily average net asset value of the Fund during the period. () The Fund s portfolio turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period. The higher a fund s portfolio turnover rate in a period, the greater the trading costs payable by the fund in the period, 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 a fund. Management Fee Management Dealer fees compensation Other The management fee is an annualized rate based on the net asset () () () value of each series of the Fund, accrued daily and calculated Series A Series F.5. and paid monthly. The management fees cover the costs of Series FH.5. managing the Fund, arranging for investment analysis, Series FT.5. recommendations and investment decision making for the Fund, Series H Series I* n/a n/a n/a arranging for distribution of the Fund, marketing and promotion Series IT* n/a n/a n/a of the Fund and providing or arranging for other services. Series T The breakdown of services received in consideration of * The management fee for this series is negotiated and paid directly by these shareholders and not by the Fund. management fees for each series, as a percentage of the Relates to all services provided by the Manager described above except dealer management fees, are as follows: compensation. Past Performance The following shows the past performance for each series and will not necessarily indicate how the Fund will perform in the future. The information shown assumes that all distributions made by each series of the Fund in the periods shown were reinvested in additional shares of the relevant series. In addition, the information does not take into account sales, redemption,
7 distribution or other optional charges that would have reduced returns or performance. Year-by-Year Returns The following charts show the performance for each series of the Fund and illustrate how performance has varied from year to year. The charts show, in percentage terms, how much an investment held on the first day of each fiscal year would have increased or decreased by the last day of each fiscal year for that series. (for fiscal years ended June 3) Series A Shares - - Series H Shares (1) Series I Shares (1) (1) Series IT Shares Series F Shares (1) (1) Series T Shares Series FH Shares (1) - (1) Six month period ended December 31, (1) Performance for Series FH and Series H is calculated based on the net asset value per security in U.S. dollars. Series FT Shares Summary of Investment Portfolio.3 The Summary of Investment Portfolio may change due to ongoing portfolio transactions. A quarterly portfolio update is available to the investor at no cost by calling 1---1, or by visiting days after quarter end, except for June 3, -.3 which is the fiscal year end, when they are available after - 9 days (1)
8 Percentage of By Asset Type net asset value Bonds and Debentures 9.7 Investments In Underlying Funds. Other Net Assets (Liabilities) 1. Cash and Short Term Instruments (Bank Overdraft).3 Percentage of By Country / Region (1) net asset value Canada.3 United States.9 Australia 3. New Zealand 1.9 Mexico 1.9 United Kingdom 1.3 Luxembourg 1. Cash and Short Term Instruments (Bank Overdraft).3 Percentage of Top 5 Holdings net asset value Government of Canada,.5 Jun Government of Canada,. Dec Canada Housing Trust,.5 Dec Province of Ontario,.9 Jun. 9. Province of Quebec,.75 Sep. 1. Province of Quebec, 3.5 Dec Queensland Treasury Corporation,.75 Aug AM Investment Grade U.S. Corporate Bond Pool, Series I. United Mexican States,.5 Jun. 1, Series M 1.9 Government of Canada,. Dec. 1 31, Real Return Bond 1. Canada Housing Trust,. Dec New Zealand Local Government Funding Agency Limited,.75 Apr Royal Bank of Canada,. Mar Government of Canada,.5 Dec. 1, Real Return Bond 1. Canadian Mortgage and Housing Corporation,.39 Jul Bank of Montreal, 1.1 Oct Bank of Nova Scotia (The), 1.3 Apr Royal Bank of Canada, 1.5 Jul Province of Manitoba, 3. Sep Bank of Montreal,.33 Oct Government of Canada,. Jun Bank of Nova Scotia (The),.13 Jun International Bank for Reconstruction and Development, 3.5 Jan Loblaw Companies Limited,. Jun. 3.9 Canada Housing Trust,.5 Mar (1) Excludes other net assets (liabilities) and derivatives. Based on the net asset value, therefore, weightings presented in the Schedule of Investments may differ from the ones disclosed above.
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