This document contains key information you should know about Series F Units of Lysander-Canso U.S. Short Term and Floating Rate Fund (the “Fund”). You can find more details in the Fund’s simplified prospectus. Ask your representative for a copy, contact Lysander Funds Limited at 1-877-308-6979 or firstname.lastname@example.org, or visit www.lysanderfunds.com.
Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.
|Fund Code:||LYZ815F||Fund Manager:||Lysander Funds Limited|
|Date Series Started:||May 12, 2021||Portfolio Manager:||Canso Investment Counsel Ltd.|
|Total Value of the Fund on October 31, 2022:||U.S. $13,652,882||Distributions:||Quarterly (March, June, September and December)|
|Management Expense Ratio (MER):||0.81%||Minimum Investment:||U.S.$500 initial, U.S.$100 additional|
What does the fund invest in?
This Fund is a fixed income fund that invests primarily in a diversified portfolio of U.S. dollar denominated short term fixed income and floating rate debt securities. The Fund may purchase securities of foreign issuers.
The charts below give you a snapshot of the Fund’s investments on October 31, 2022. The Fund’s investments will change.
|Top 10 investments (as of October 31, 2022)|
|US Treasury 0.125% Apr 30, 2023 (USD)||24.0%|
|Honda Canada Finance Inc. FRN Sep 27, 2024 (Q CDOR+20)||5.2%|
|Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38)||4.8%|
|Peoples Trust NHA MBS FRN (98004248) Nov 1, 2025 (M CDOR+0)||4.8%|
|GE Capital Corp FRN May 5, 2026 (Q LIBOR+38)(USD)||4.4%|
|New York Life Global FDG FRN Apr 26, 2024 (SOFR+31)(USD)||3.9%|
|Morgan Stanley FRN May 8, 2023/2024 (Q LIBOR+122)(USD)||3.8%|
|WTH Car Rental ULC (AVIS) 3.279% Jul 20, 2023||3.6%|
|TransCanada Pipelines FRN Jun 9, 2024 (Q CDOR+29)||3.4%|
|Verizon Communications Inc. FRN May 15, 2025(Q LIB+110)(USD)||3.3%|
|Total percentage of top 10 investments||61.2%|
|Total number of investments||49|
|Investment mix (as of October 31, 2022)|
|Canadian Fixed Income||41.6%|
|Foreign Fixed Income||55.4%|
|Cash and Cash Equivalents||3.0%|
How risky is it?
The value of the Fund can go down as well as up. You could lose money.
One way to gauge risk is to look at how much a fund’s returns change over time. This is called “volatility”.
In general, funds with higher volatility will have returns that change more over time. They typically have a greater chance of losing money and may have a greater chance of higher returns. Funds with lower volatility tend to have returns that change less over time. They typically have lower returns and may have a lower chance of losing money.
Lysander Funds Limited has rated the volatility of this Fund as Low.
This rating is based on how much the Fund’s returns have changed from year to year. It doesn’t tell you how volatile the Fund will be in the future. The rating can change over time. A fund with a low risk rating can still lose money.
For more information about the risk rating and specific risks that can affect the Fund’s returns, see the Risk section of the Fund’s simplified prospectus.
Like most mutual funds, this Fund doesn’t have any guarantees. You may not get back the amount of money you invest.
How has the fund performed?
This section tells you how the Series F Units of the Fund have performed. Returns are after fund expenses have been deducted. These expenses reduce the Series’ returns.
This section tells you how Series F Units of the Fund have performed in past calendar years. However, this information is not available because the Series has not yet completed a calendar year.
Best and worst 3-month returns
This section shows the best and worst returns for this Series of the Fund in a 3-month period. However, this information is not available because the Series has not yet completed a calendar year.
The annual compounded return of Series F was -2.77% since its start date. If you had invested U.S. $1,000 in the Series F Units of the Fund on its start date of May 12, 2021 your investment would have been worth U.S. $959.51 on October 31, 2022.
Who is the fund for?
- plan to hold this investment for the medium term and wish to invest in a fund that is primarily denominated in U.S. dollars; and
- want to primarily receive interest income and can handle the currency volatility associated with fixed income investments denominated in U.S. dollars.
A word about tax
In general, you’ll have to pay income tax on your share of the Fund’s earnings and on taxable capital gains you realize from redeeming your investment. How much you pay depends on the tax rates that apply to you, and whether or not you hold the fund in a registered plan such as a Registered Retirement Savings Plan or a Tax-Free Savings Account.
Keep in mind that if you hold your fund in a non-registered account, fund distributions of income and taxable capital gains are included in your taxable income, whether you get them in cash or have them reinvested.
How much does it cost?
The following tables show the fees and expenses you could pay to buy, own and sell Series F Units of the Fund. The fees and expenses – including any commissions – can vary among series of a fund and among funds. Higher commissions can influence representatives to recommend one investment over another. Ask about other funds and investments that may be suitable for you at a lower cost.
No sales charges apply when you purchase Series F Units of the Fund. However, investors who purchase this Series through a fee-based program offered at their representative’s firm generally pay to that firm an asset-based fee.
You do not pay these expenses directly. They affect you because they reduce the Fund’s returns.
As at June 30, 2022, the expenses of the Series were 0.81% of its average value. This equates to U.S. $8.10 for every U.S. $1,000 invested.
|Annual rate (as a % of the Fund’s value)|
|Management expense ratio (MER) – This is the total of the Series’ management fee and operating expenses.||0.81%|
|Trading expense ratio (TER) – These are the Fund’s trading costs.||0.00%|
More about the trailing commission
Lysander Funds Limited does not pay a trailing commission for this Series of the Fund.
You may have to pay other fees when you buy, hold, sell or switch Units of this Series of the Fund.
|Fee||What you pay|
|Fee Based Program||Investors who purchase this Series through a fee-based program offered at their representative’s firm generally pay to that firm an asset-based fee.|
|Short-term Trading Fee||Up to 2% of the amount redeemed or switched if you redeem or switch within 30 days of purchase. This fee goes to the Fund.|
|Switch Fees||Your representative’s firm may charge you up to 2% of the net asset value of the switched Units, as negotiated between you and your representative’s firm.|
What if I change my mind?
Under securities law in some provinces and territories, you have the right to:
- withdraw from an agreement to buy mutual fund securities within 2 business days after you receive a simplified prospectus or Fund Facts document, or
- cancel your purchase within 48 hours after you receive confirmation of the purchase.
In some provinces and territories, you also have the right to cancel a purchase, or in some jurisdictions, claim damages, if the simplified prospectus, Fund Facts document or financial statements contain a misrepresentation. You must act within the time limit set by the securities law in your province or territory.
For more information, see the securities law of your province or territory or ask a lawyer.
For more information
Contact Lysander Funds Limited or your representative for the Fund’s simplified prospectus and other disclosure documents. These documents and the Fund Facts make up the Fund’s legal documents.
To learn more about investing in mutual funds, see the brochure Understanding mutual funds, which is available on the website of the Canadian Securities Administrators at www.securities-administrators.ca.