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Taylor North American Equity Opportunities Fund

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  • Closing Price (Jan 18, 2019) $9.30
  • Distribution $0.0520
  • Distribution Rate (Jan 19, 2019) 6.64%
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 1.00%
  • NAV (Jan 17, 2019) $9.43
  • Total Assets (Dec 31, 2018) $11 Million

TAYLOR NORTH AMERICAN EQUITY OPPORTUNITIES FUND ANNOUNCES RESULTS OF SPECIAL MEETING Toronto, November 30, 2018 – (TSX: TOF.UN) Brompton Funds Limited (the “Manager”), the manager of Taylor North American Equity Opportunities Fund (the “Fund”) is pleased to announce that at a special meeting of unitholders held today (the “Meeting”), unitholders of the Fund approved an extraordinary resolution to merge (the “Merger”) the Fund with Brompton Global Dividend Growth ETF. The Merger is expected to take place on or about January 16, 2019, pending receipt of all necessary regulatory approvals.

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FUND FACTS

  • Ticker
    TOF.UN
  • CUSIP
    87725P105
  • Service Fee
    0.50%
  • Outstanding (Jan 19, 2019)
    955,209
  • Inception Date
    June 19, 2012
  • Currency
    CAD
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • Custodian
    CIBC Mellon Trust Company
  • Transfer Agent
    TSX Trust Company
  • Eligibility
    All registered and non-registered accounts
  • Annual Redemption Date
    2nd last business day of January
  • Annual Redemption Notice Deadline
    Last business day of December
  • Investment Manager
    David Taylor of Taylor Asset Management Inc.

Portfolio Manager

David Taylor of Taylor Asset Management Inc. has been managing equities for 25 years and funds managed by David Taylor have won  15 Lipper Awards(1) and 3 Morningstar Canada’s Best Canadian Equity Fund Awards(1) in the past decade for short, mid and long-term performance.

Taylor North American Equity Opportunities Fund

Summary of Investment Portfolio as at September 30, 2018

Total Net Asset Value$13,544,116.16

Holdings

% of Portfolio% of Net Asset Value
Cash and short-term investments11.6%11.7%
Paramount Resources Ltd.8.2%8.3%
Martinrea International Inc.6.6%6.7%
Home Capital Group Inc.5.9%5.9%
Cipher Pharmaceuticals Inc.5.8%5.8%
MBIA Inc.5.6%5.6%
Element Fleet Management Corp.5.3%5.4%
Labrador Iron Ore Royalty Corporation5.2%5.3%
Stelco Holdings Inc.5.1%5.2%
Encana Corporation4.2%4.2%
OceanaGold Corporation4.1%4.2%
Whirlpool Corporation4.0%4.1%
Baylin Technologies Inc.3.6%3.7%
Can-Fite Biopharma Ltd. - ADR3.4%3.4%
Aecon Group Inc.3.4%3.4%
Facebook Inc.3.2%3.3%
Forterra Inc.3.1%3.2%
Celgene Corporation3.1%3.2%
MDC Partners Inc.2.9%2.9%
Source Energy Services Ltd.2.7%2.8%
REV Group Inc.2.4%2.5%
Birchcliff Energy Ltd.0.6%0.6%
Total100%101.4%
Performance NAV History

Annual Compound Returns(1)

YTD1-Year3-Year5-YearSince Inception(2)
Taylor North American Equity Opportunities Fund(25.8%)(25.8%)0.4%(0.8%)4.8%
S&P 500 Index(4.4%)(4.4%)9.2%8.5%12.3%
S&P/TSX Composite Index(8.9%)(8.9%)6.4%4.1%6.4%

Year-by Year Returns

Since Inception(2)2018201720162015201420132012(3)
Taylor North American Equity Opportunities Fund4.8% (25.8%)9.4%24.6%(8.0%)3.0%24.1%14.5%
S&P/TSX Composite Index6.4%(8.9%)9.1%21.1%(8.3%)10.6%13.0%7.3%
S&P 500 Index12.3%(4.4%)21.8%12.0%1.4%13.7%32.4%6.3%

The following table shows the past performance of the Fund. Past performance does not necessarily indicate how the Fund will perform in the future. The information shown is based on Net Asset Value per unit and assumes that distributions made by the Fund on its units in the period shown were reinvested at Net Asset Value per unit in additional units of the Fund.

The table shows the Fund’s compound return since inception compared with the S&P/TSX Composite Index (‘‘Composite Index’’) and the S&P 500 Index. The Fund invests in primarily North American securities that are in the Composite Index or the S&P 500 Index. The Composite Index tracks the performance, on a market weight basis, of a broad index of large-capitalization issuers listed on the TSX, while the S&P 500 Index tracks the performance of 500 major North American corporations. Since the Fund is actively managed, the sector weightings may differ from those of the indices. The benchmark indices are calculated without the deduction of management fees and fund expenses, whereas the performance of the Fund is calculated after deducting such fees and expenses..

Returns for Taylor North American Equity Opportunities Fund are unaudited.

You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment fund on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”).  If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them. 

There are ongoing fees and expenses associated with owning units of an investment fund.  An investment fund must prepare disclosure documents that contain key information about the fund.  You can find more detailed information about the fund in the public filings available at www.sedar.com.  The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns.  Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. 

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Distributions

Distributions from the Fund have tax benefits which results in higher after-tax cash flow than if the income had been earned as interest income.

It is expected that distributions to unitholders will primarily be characterized as combination of capital gains, return of capital and foreign income but may also include ordinary dividends.

The actual breakdown of distributions for tax purposes will be provided to unitholders annually in March. This information will also be posted on the website as soon as it is available.

This information is of a general nature only and does not constitute legal or tax advice to any particular investor. Accordingly, prospective investors are advised to consult their own tax advisors with respect to their individual circumstances.

DRIP

Investors may elect to automatically reinvest their distributions in additional units of the Fund and realize the benefits of compound growth. Any units acquired pursuant to the distribution reinvestment program qualify for the service fee. DRIP Plan

Tax Allocation

The following information is applicable to holders who, for the purpose of the Income Tax Act (Canada), are resident in Canada and hold units as capital property outside of an RRSP, DPSP, RRIF, RESP or TFSA. Unitholders should receive a T3 slip from their investment dealer providing this information.

T3 supplementary slips for holdings of the Fund will indicate Other Income (Investment Income and Non-Investment Income) in Box 26, Foreign Non-Business Income in Box 25, Capital Gains in Box 21 and Eligible Dividend Income in Box 49. Dividend income is subject to the standard gross-up and federal dividend tax credit rules. The return of capital component is a non-taxable amount that serves to reduce the adjusted cost base of Fund units and is reported on the T3 supplementary slips in Box 42.

The following table outlines the breakdown in the Fund’s distributions declared on a per unit basis

Select a year
Record Date Payment Date Foreign Non- Business Income Foreign Non- Business Income Tax Paid Capital Gains Return of Capital Total Distribution
Dec 31, 2018 Jan 15, 2019 0.00000 0.00000 0.00000 0.00000 0.05200
Nov 30, 2018 Dec 14, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
Oct 31, 2018 Nov 14, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
Sep 28, 2018 Oct 15, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
Aug 31, 2018 Sep 17, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
Jul 31, 2018 Aug 15, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
Jun 29, 2018 Jul 16, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
May 31, 2018 Jun 14, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
Apr 30, 2018 May 14, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
Mar 29, 2018 Apr 13, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
Feb 28, 2018 Mar 14, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
Jan 31, 2018 Feb 14, 2018 0.00000 0.00000 0.00000 0.00000 0.05200
Total 0.00000 0.00000 0.00000 0.00000 0.62400
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