INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE

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1 GUARDIAN CAPITAL LP INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE Guardian High Yield Bond Fund June 30, 2015 This interim management report of fund performance contains financial highlights, but does not contain either the interim financial report or annual financial statements of the investment fund. You can obtain a copy of the interim financial report or annual financial statements at your request, and at no cost, by calling , by writing to us at Guardian Capital LP, Commerce Court West, 199 Bay Street, Suite 3100, P.O. Box 201, Toronto, Ontario, M5L 1E8, 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.

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3 GUARDIAN HIGH YIELD BOND FUND For the period ended June 30, 2015 Manager: Guardian Capital LP Interim Management Report of Fund Performance Management Discussion of Fund Performance Investment Objective and Strategies Guardian High Yield Bond Fund aims to generate a high level of interest income by investing predominantly in high-yield bonds and debentures issued by Canadian corporations and other Canadian entities, as well as other securities such as high-yield bonds offered in the non-canadian marketplace. The Fund may invest a portion of the Fund s assets in securities demoninated in foreign currencies and/or in securities issued by foreign entities. The Fund is diversified by issuer and industry. The Manager maintains an income orientation, focusing on yield maximization in the context of rigorous credit analysis. Risk The risks associated with investing in the Fund remain as discussed in the prospectus. The Fund may be suitable for investors with a low to medium tolerance for risk, particularly those who seek income and potential capital gains through an investment in higher yielding bonds. Results of Operations (This commentary is based on the performance of Series I units of the Fund. Returns for other Series of units may vary, largely due to differences in fees and expenses. Please refer to the Past Performance section for specific Series level performance details.) The Fund s net assets increased by 9% to $120.2 million at June 30, 2015, from $110.5 million at December 31, Of this change, a $5.2 million increase was provided by investment performance and a $4.5 million increase came from net subscriptions. Guardian High Yield Bond Fund returned 4.7% during the period, while it benchmark, the Bank of America Merrill Lynch High Yield Canadian Issuers Index, returned 10.0%. In comparison, the S&P/TSX Composite Index returned 0.9%, the broad-market FTSE/TMX Canada Universe Bond Index returned 2.4% and the FTSE/TMX High Yield Bond Index was up 4.0%. Overriding the positive results from most developed equity and bond markets over the period, volatility was again the constant theme. On the back of improving U.S. economic statistics including further reductions in the unemployment rate and the continued low level of inflation, the U.S Federal Reserve is expected to start raising interest rates later this year. Despite positive indicators in the world s largest economy, turmoil in foreign countries and a sudden drop in oil prices caused volatility worldwide. The beginning of the period saw continued weakness in High Yield bonds through January, with average credit spreads in Canada widening almost 90 basis points from year-end before stabilizing through February and March. The U.S. High Yield market was less volatile on average, largely because of a lower weighting in energy related companies. Government bond yields fell through the period, as economic data in both Canada and the U.S. trended weaker than expected, suggesting growth in both countries was slowing from the encouraging pace seen last year. In response to this slowing growth caused by the sharp decline in energy prices, the Bank of Canada surprisingly cut overnight rates by 25 basis points in January, contributing to a slide of about 7.5 cents in the Canadian dollar relative to the U.S. dollar during the first quarter. During the first half of the period, the Fund benefited from a recovery in some heavily oversold holdings (largely energy related). The Fund underperformed its benchmark when the Canadian dollar fell -8.7% against the U.S. dollar. The Fund held roughly 45% Canadian-dollar denominated bonds and 55% unhedged U.S. dollar denominated bonds while the benchmark is much more heavily-weighted to unhedged U.S. dollar bonds. In terms of sectors, issuers in the Materials sector (mining, forestry, etc.) performed best during the first quarter, followed by Energy. The Fund remained somewhat underweight both sectors for the period, as credit quality and commodity prices remain a concern. The less volatile and generally higher quality Information Technology and Healthcare sectors were weaker performers, although all sectors showed positive returns. Individual standouts in the Fund included Iamgold (gold producer), CNG Holdings (consumer finance), Baytex (energy) and Magnum Hunter (energy) all of which provided double-digit returns. Weakest performers for the period included Allied Nevada Mining (gold and copper), Connacher Energy (oil and gas) and Banro Corp. (gold). The second half of the period saw surprisingly stable 3

4 GUARDIAN HIGH YIELD BOND FUND returns for High Yield as weak equity markets and rising bond yields created headwinds for most asset classes. In terms of bonds, Canadian issuers performed better than U.S. issuers on average, as treasury yields in the U.S. moved higher than in Canada. Average credit spreads for high yield issuers in Canada fell by 55 basis points (bps) versus rising by 15 bps for U.S. issuers. In terms of overall yields, the average yield for a Canadian High Yield issuer fell by 34 bps to 7.63% while U.S. yields rose by 34 bps to 6.94%. Government bond yields rose marginally in both Canada and the U.S., as more recent data showed signs of a return to growth after economies of both countries shrank in the first quarter. Energy, utilities and mining issues performed best, with energy and mining continuing their recovery from last year s selloff. However, with continued weakness in commodity prices and a negative outlook for those sectors in general, the Fund remained underweight both Energy and Mining. Higher quality Utilities and Pipelines remained significant overweights. Individual performance standouts in the Fund included DAVE Wireless Holdings (wireless), Banro Corp. (mining), Paramount Resources (energy) and Trevali Mining (mining). Weakest performers for the period included Allied Nevada (gold production), Armstrong Energy (coal) and CHC Helicopter (transportation). Recent Developments Global growth has slowed in recent months, although U.S. data indicates continued strength there. Political, regulatory, fiscal and monetary policies in the European Union will contribute to risk and uncertainty, and will continue to be a source of volatility for investors worldwide. With continued improving U.S. economic data, and communications from the U.S. Federal Reserve, capital markets expect the Fed to begin raising short-term interest rates during Reduced uncertainty regarding U.S. government spending and a decreasing fiscal drag will continue to positively impact U.S. economic growth. The decline in energy prices, through increasing consumer disposable income, will positively contribute to U.S. economic growth. Canada s resource-heavy economy is feeling the impact of weaker oil prices, although longer term it is expected that low energy prices will support a pickup in consumer spending globally. In that environment, corporate earnings should be positive, balance sheets healthy and default rates low all of which are supportive for high yield assets. Europe continues to show early signs of growth, but the Greek debt crisis creates a worrisome overhang from both an economic and capital market point of view. In addition, China s volatile equity markets and slower growth rate raise the possibility of contagion through the summer, suggesting the best strategy is to maintain higher than average liquidity and quality in the portfolio for now. Despite pockets of economic weakness at home and the European debt crisis dominating headlines, the U.S. Federal Reserve continues to signal interest rates in the U.S. could begin to move higher later this year. Although the portfolio manager continues to believe low inflation, anemic income growth, a rising currency and volatile capital markets will prevent the Fed from hiking this year, bond markets will begin to fear the worst and mark prices lower (yields higher) as the September Fed meeting approaches. Accordingly, Fund duration remains short at about 3 years, in order to protect against rising bond yields. Related Party Transactions Guardian Capital LP, the Manager of the Fund, is considered to be a related party of the Fund. The Manager receives an Administration Fee from the Fund, amounting to 0.18% of the average daily net asset value of the Fund, in return for the payment by the Manager of all the variable operating expenses of the Fund. The Independent Review Committee ( IRC ) has approved the Manager s Policy for this item and the Manager relies on this approval as a standing instruction from the IRC. The Manager received the Administration Fee and paid Fund expenses in accordance with this Policy during the period. The Fund may invest some of its available short-term cash in units of Guardian Canadian Short-Term Investment Fund, another investment fund managed by Guardian Capital LP, which invests its assets in high-quality shortterm fixed-income securities. As at June 30, 2015, the Fund had invested $3,300,427 or 2.7% of its net assets, in units of the Guardian Canadian Short-Term Investment Fund. This activity is consistent with standing instructions from the IRC. 4

5 GUARDIAN HIGH YIELD BOND FUND Management Fees No management fees are payable or collected for Series I units of the Fund. Series W units are subject to a management fee which is based on a percentage of the average Series NAV during each month, calculated and accrued daily, and payable monthly. The Series W management fee is 1.30% per annum. The table below provides a breakdown of services received in consideration of the management fees, as a percentage of the management fees, for the period. Series W Series I Year-by-Year Returns The bar chart shows the Fund s performance for the period from January 1, 2015 to June 30, 2015, and annual performance for each of the prior years shown, and illustrates how the Fund s performance has changed from year to year. The chart shows in percentage terms, how much an investment made on the first day of each financial year would have grown or decreased by the last day of that financial year % Series I Investment management and other general administration 38.5% n/a % 12.20% 4.92% 12.42% 8.43% 6.29% 4.72% Trailer commissions 61.5% n/a 0.0 Past Performance The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional units of the Fund. This performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. Past performance of the Fund does not necessarily indicate how the Fund will perform in the future % -8.87% % 3.84% 3.10%* Series W The performance shown below includes results prior to March 29, 2011 when the Fund was not a reporting issuer. Had the Fund been subject to the additional regulatory requirements applicable to a reporting issuer during such period, the expenses of the Series I units of the Fund would likely have been higher. The financial statements for the period when the Fund was not a reporting issuer, are available on the Manager s website at www. guardiancapitallp.com or upon request * Inception date - October 1,

6 GUARDIAN HIGH YIELD BOND FUND Annual Compound Returns The table below shows the historical compound returns of the Fund for the periods indicated, as at June 30, The returns of a broad based market index are also shown. 1 Yr 3 Yrs 5 Yrs 10 Yrs Series I (%) Bank of America Merrill Lynch High Yield (%) Yr 3 Yrs 5 Yrs 10 Yrs Since Inception* Series W (%) 2.56 N/A N/A N/A 6.81 Bank of America Merrill Lynch High Yield (%) N/A N/A N/A * Inception date - October 1, The Bank of America Merrill Lynch High Yield Canadian Issuers Index (unhedged) tracks the performance of below investment grade debt issued by Canadian corporations in both the Canadian and U.S. markets. 6

7 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the periods indicated. The Fund s Net Assets per Unit (Series I) [1,2] GUARDIAN HIGH YIELD BOND FUND 6 months 12 months 12 months 12 months 12 months ended ended ended ended ended June 30, Dec. 31, Dec 31, Dec 31, Dec 31, Net Assets per unit, Beginning of Period $10.21 $10.57 $10.56 $10.08 $10.33 Increase (decrease) from operations: Total revenue Total expenses (0.01) (0.02) (0.02) (0.02) (0.02) Realized gains (losses) (0.05) Unrealized gains (losses) 0.18 (0.52) (0.06) 0.40 (0.29) Total increase (decrease) from operations [3] Distributions: From income (excluding dividends) (0.38) (0.75) (0.76) (0.80) (0.76) From Canadian dividends From capital gains - (0.28) (0.09) (0.02) (0.04) Return of capital Total Distributions [4] (0.38) (1.03) (0.85) (0.82) (0.80) Net Assets per unit, End of Period $10.31 $10.21 $10.57 $10.53 $10.08 [1] The Fund transitioned to International Financial Reporting Standards ( IFRS ) effective January 1, Because of the transition to IFRS, the net assets per unit at the beginning of 2013 has been restated to agree with the net asset value per unit. For periods after December 31, 2013, the net assets per unit and the net asset value per unit are equal. [2] The information provided for 2015, 2014 and 2013 is in accordance with IFRS. The information for 2012 and 2011 is in accordance with previous Canadian GAAP. [3] Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. [4] Distributions were reinvested in additional units of the Fund. Ratios and Supplemental Data (Series I) 6 months 12 months 12 months 12 months 12 months ended ended ended ended ended June 30, Dec. 31, Dec 31, Dec 31, Dec 31, Total net asset value (000 s) [1] $ 119,754 $110,101 $98,281 $78,935 $63,850 Number of units outstanding [1] 11,617,936 10,778,887 9,298,859 7,473,740 6,311,020 Management expense ratio [2] 0.20% 0.20% 0.21% 0.21% 0.20% Management expense ratio before waivers and absorptions (%) 0.20% 0.20% 0.21% 0.21% 0.20% Trading expense ratio [3] 0.00% 0.00% 0.00% 0.00% 0.00% Portfolio turnover rate [4] 25.25% 95.17% 77.43% 58.83% 67.14% Net asset value per unit [1] $10.31 $10.21 $10.57 $10.56 $10.12 [1] This information is provided as at June 30, 2015, December 31, 2014, December 31, 2013, December and December 31, [2] The management expense ratio is based on total expenses (excluding commissions, other portfolio transaction costs and withholding taxes) 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 daily average net asset value for the period. [4] The Fund s portfolio turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in the portfolio once in the course of a year. The higher a fund s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, 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. 7

8 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the periods indicated. The Fund s Net Assets per Unit (Series W) [1,2] GUARDIAN HIGH YIELD BOND FUND 6 months 12 months Period from ended ended Sept. 30 to June 30, Dec. 31, Dec 31, Net Assets per unit, Beginning of Period $9.61 $10.02 $10.00 Increase (decrease) from operations: Total revenue Total expenses (0.08) (0.18) (0.04) Realized gains (losses) (0.07) Unrealized gains (losses) 0.20 (1.04) (0.05) Total increase (decrease) from operations [3] 0.37 (0.26) 0.13 Distributions: From income (excluding dividends) (0.29) (0.64) (0.20) From Canadian dividends From capital gains - (0.27) (0.09) Return of capital Total Distributions [4] (0.29) (0.91) (0.29) Net Assets per unit, End of Period $9.69 $9.61 $10.02 [1] The Fund transitioned to International Financial Reporting Standards ( IFRS ) effective January 1, Because of the transition to IFRS, the net assets per unit at the beginning of 2013 has been restated to agree with the net asset value per unit. For periods after December 31, 2013, the net assets per unit and the net asset value per unit are equal. [2] All information provided is in accordance with IFRS. [3] Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. [4] Distributions were reinvested in additional units of the Fund. Ratios and Supplemental Data (Series W) 6 months 12 months Period from ended ended Sept. 30 to June 30, Dec. 31, Dec 31, Total net asset value (000 s) [1] $492 $397 $18 Number of units outstanding [1] 50,774 41,309 1,812 Management expense ratio [2] 1.67% 1.68% 1.74% Management expense ratio before waivers and absorptions (%) 1.67% 1.68% 1.74% Trading expense ratio [3] 0.00% 0.00% 0.00% Portfolio turnover rate [4] 25.25% 95.17% 77.43% Net asset value per unit [1] $9.69 $9.61 $10.02 [1] This information is provided as at June 30, 2015, December 31, 2014 and December 31, [2] The management expense ratio is based on total expenses (excluding commissions, other portfolio transaction costs and withholding taxes) 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 daily average net asset value for the period. [4] The Fund s portfolio turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in the portfolio once in the course of a year. The higher a fund s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, 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. 8

9 GUARDIAN HIGH YIELD BOND FUND Summary of Investment Portfolio As at June 30, 2015 Portfolio Allocation % of Net Asset Value Top 25 Holdings % of Net Asset Value Canadian Corporate Bonds % United States Corporate Bonds % Common Stocks...0.3% Exchange-Traded Funds...7.0% Short-Term Securities...2.7% Forward Currency Contracts...0.3% Other Net Assets...1.9% ishares iboxx $ High Yield Corporate Bond ETF...6.0% Guardian Canadian Short-Term Investment Fund, Series I...2.7% NRL Energy Investments Ltd., 8.25%, April 13, % Wynn Las Vegas LLC, 4.25%, May 30, % Rockies Express Pipeline LLC, 6.00%, January 15, % Superior Plus LP, 6.50%, December 9, % Millar Western Forest Products Ltd., 8.50%, April 1, % Cascades Inc., 5.50%, July 15, % Sprint Corp., 7.25%, September 15, % Allied Nevada Gold Corp., 12.00%, March 12, % Cott Beverages Inc., 6.75%, January 1, % Athabasca Oil Corp., 7.50%, November 19, % Shaw Communications Inc., 4.35%, January 31, % Ford Credit Canada Ltd., 4.88%, February 8, % Midcontinent Express Pipeline LLC, 6.70%, September 15, % Newalta Corp., 5.88%, April 1, % HudBay Minerals Inc., 9.50%, October 1, % Wells Fargo Canada Corp., 3.04%, January 29, % Reynolds Group Issuer Inc., 5.75%, October 15, % Lightstream Resources Ltd., 8.63%, February 1, % AGT Food & Ingredients Inc., 9.00%, February 14, % Golf Town Canada Inc., 10.50%, July 24, % IAMGOLD Corp., 6.75%, October 1, % AK Steel Corp., 7.63%, May 15, % Ford Credit Canada Ltd., 2.94%, February 19, % Top 25 Holdings as a percentage of net asset value % Total Net Asset Value $120,245,628 The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Fund. A quarterly update is available. If the Fund has invested in other investment funds, the prospectus and other information about the underlying investment funds are available on the internet via 9

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12 GUARDIAN CAPITAL LP 199 Bay Street, Suite 3100 Commerce Court West, P.O. Box 201 Toronto, Ontario M5L 1E8 This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts, but rather represent our beliefs regarding future events. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors could cause actual future results, conditions, actions or events to differ materially from the expectations, estimates or intentions expressed or implied in the forward-looking statements. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including but not limited to market and general economic conditions, interest rates, regulatory and statutory developments and the effects of competition in the geographic and business areas in which the Fund may invest. We caution that the foregoing list of factors is not exhaustive and that when relying on forward-looking statements to make decisions with respect to investing in the Fund, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Due to the potential impact of these factors, Guardian Capital LP does not undertake, and specifically disclaims, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. 12

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