SCOTIABANK US DOLLAR BOND FUND UNAUDITED FINANCIAL STATEMENTS QUARTER ENDED DECEMBER 31, 2017

Transcription

1 UNAUDITED FINANCIAL STATEMENTS

2 INDEX TO UNAUDITED FINANCIAL STATEMENTS CONTENTS PAGE UNAUDITED STATEMENT OF FINANCIAL POSITION 1 UNAUDITED STATEMENT OF COMPREHENSIVE INCOME (LOSS) 2 UNAUDITED STATEMENT OF CHANGES IN NET ASSETS 3 UNAUDITED NOTES TO FINANCIAL STATEMENTS 4

3 UNAUDITED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2017 (expressed in United States dollars) 31-Dec Sep Dec-16 ASSETS Cash and cash equivalents $ 750,884 $ 92,131 $ 228,920 Financial assets at fair value through profit or loss (Amortized cost: $67,933,000 (September 2017: $68,047,005; December 2016: $74,895,030)) 67,932,777 68,148,237 73,557,979 Interest receivable 598, , ,684 Subscriptions receivable 496 1, Total assets 69,282,729 68,676,231 74,407,391 LIABILITIES Management fee payable 51,495 49,616 54,106 Accrued expenses 39,256 39,302 55,231 Redemptions payable 8,035 36,000 30,057 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 98, , ,394 Management shares 1,000 1,000 1,000 Net assets attributable to holders of redeemable participating shares $ 69,182,943 $ 68,550,313 $ 74,266,997 Net asset value per redeemable participating share Class A $47,647,119/17,894,742 shares (September 2017: $47,309,438/17,778,895 shares; December 2016: $49,782,507/19,014,297 shares) $ 2.66 $ 2.66 $ 2.62 Class NU $2,176,684/853,852 shares (September 2017: $2,202,804/863,544 shares; December 2016: $2,480,614/984,671 shares) $ 2.55 $ 2.55 $ 2.52 Class IU $19,358,615/6,781,875 shares (September 2017: $19,037,547/6,693,732 shares; December 2016: $22,003,366/7,933,940 shares) $ 2.85 $ 2.84 $ 2.77 Class IJ JMC65,488/558 shares (September 2017: JMC67,819/558 shares; December 2016: JMC65,708/558 shares) JMC JMC JMC Approved for issuance on behalf of Scotiabank US Dollar Bond Fund s Board of Directors by: Farried Sulliman Farried Sulliman Director Dwight Burrows Date : February 5, 2018 Dwight Burrows Director 1

4 UNAUDITED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (expressed in United States dollars) 31-Dec Sep Dec-16 Income Interest income $ 374,532 $ 366,182 $ 409,035 Net realized gain (loss) on financial assets at fair value through profit or loss 14,084 (14,759) 179,501 Net change in unrealized (depreciation) appreciation on financial assets at fair value through profit or loss (101,455) 57,462 (3,523,069) Total net income (loss) 287, ,885 (2,934,533) Expenses Management fees 152, , ,676 Other expenses 17,339 16,785 16,073 Custodian and administration fees 16,839 18,150 16,179 Professional fees 6,349 5,671 8,393 Total operating expenses 192, , ,321 Operating gain (loss) 94, ,230 (3,139,854) Increase (decrease) in net assets from operations attributable to holders of redeemable participating shares $ 94,294 $ 214,230 $ (3,139,854) 2

5 UNAUDITED STATEMENT OF CHANGES IN NET ASSETS (expressed in United States dollars) Shareholders' Equity 31-Dec Sep Dec-16 Share Capital $ 183,194 $ 181,251 $ 207,218 Share Premium 59,539,788 59,003,395 66,017,839 Retained Earnings 9,365,667 9,151,437 11,181,794 Increase (decrease) in net assets for the quarter 94, ,230 (3,139,854) Net assets attributable to holders of redeemable participating shares $ 69,182,943 $ 68,550,313 $ 74,266,997 3

6 INDEX TO UNAUDITED FINANCIAL STATEMENTS 1. General Scotiabank US Dollar Bond Fund (the "Company") was incorporated in the Cayman Islands on December 21, 1992 and registered under the Mutual Fund Law of the Cayman Islands. The Company is an open ended investment company which may issue and redeem its shares at a price based on the underlying net asset value. The address of the registered office is Scotia Centre, 6 Cardinal Avenue, P.O. Box 501, Grand Cayman KY The Company has no employees. 2. Significant accounting policies These statements are prepared using the International Accounting Standards. Security transactions are accounted for on a trade date basis. Realized gains and losses on the sales of portfolio securities are calculated on an average cost basis. Interest is recorded on an accrual basis and dividend income is recognized on the ex-dividend date. 4