Mawer Canadian Bond Fund. Interim Management Report of Fund Performance

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1 Interim Management Report of Fund Performance For the Period Ended June 30, 2015 This interim management report of fund performance contains financial highlights but does not contain either interim or annual financial statements of the investment fund. You may obtain a copy of the interim or annual financial statements at your request, and at no cost, by calling , by writing to us at 600, th Avenue SW, Calgary, Alberta T2R 0A8, or by visiting our website at or SEDAR at Security holders 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. Management Discussion of Fund Performance INVESTMENT OBJECTIVE AND STRATEGIES The investment objective of the Mawer Canadian Bond Fund (the Fund ) is to invest for interest income and capital returns primarily from bonds and debentures of Canadian government and corporate issuers. The Fund is primarily invested in a diversified portfolio of high quality Canadian government and corporate bonds. The balance of the Fund s assets will be short term fixed income securities. The Manager focuses on security, sector, credit and curve analysis in making investment decisions. Investment considerations may include interest rates, yield spreads, exchange rates, structures, credit spread and fundamental analysis of sovereign, government, corporate and structured finance issuers. RISK The risks of investing in the Fund remain as discussed in the Prospectus. The Fund is suitable for investors seeking income returns with low to moderate risk. The major risks for the Fund are interest rate risk and credit risk. To reduce interest rate risk we constrain the duration of the portfolio within narrow limits versus our benchmark. To reduce credit risk in the portfolio, we hold only investment grade securities and diversify our corporate holdings by issuer and sector. We perform in depth credit analysis and place a 5% limit on individual corporate issuer exposure. During the financial period, we maintained a shorter average term in the portfolio versus the benchmark. We continue to hold our total allocation of investment grade corporate bonds at approximately 35%. We continue to favour higher quality holdings in our corporate bond allocation. Our allocation to provincial bonds was held relatively steady over the first and second quarter and is currently weighted at approximately 30%. There were no material changes to the Fund over the financial period that affected its overall level of risk. RESULTS OF OPERATIONS Over the past six months, the Fund's Series A units posted a return of 1.9%. The return of the Fund s benchmark, the FTSE TMX Canada Universe Bond Index, was 2.4%. The Fund's return is after the deduction of management fees and operating expenses, unlike the benchmark s return, which is a gross return. The Fund's net assets increased by 11.1% to $1.45 billion, up from $1.24 billion at the end of Of this change, an increase of $26.6 million was attributable to investment performance, and an increase of $185.9 million was due to net contributions to the Fund. The relative performance of the Fund versus the benchmark is typically affected by four management

2 strategies: duration positioning, yield curve positioning, sector allocation and security selection. Our view at the beginning of the period was that bond yields would remain low and might move modestly higher into the mid part of While incoming economic data had been showing signs of modest improvement, the global economic landscape was still recovering from years of excessive debt accumulation. This combination led us to hold the view that any rise in yields would be modest. Rising yields in fixed income typically lead to capital losses and lower overall returns while falling yields typically lead to capital gains and higher overall returns. Based on our expectation of modestly higher yields the portfolio duration position was set shorter than the benchmark. Over the past six months, yields did not move higher, in fact they moved lower. The 2 to 6 year term bucket realized the largest move lower in yields while the 10 year and longer bucket was largely unchanged. The decision to employ a shorter duration in the Fund had a negative effect on relative performance versus the benchmark, as yields moved lower over the period. In conjunction with the shorter duration, the portfolio held a relatively larger allocation of mid term securities and a relatively smaller allocation of short term and long term securities than that of the benchmark. The yield curve positioning of maturities in the portfolio contributed positively to relative performance over the period, especially in provincials. Security selection was a positive contributor to portfolio performance in the first half of Individual securities in federals, provincials, infrastructure and financials outperformed the benchmark, while positions in municipal holdings underperformed the benchmark. Sector allocation detracted from relative performance over the period. The Fund s underweight exposure to provincials hurt relative performance as this was one of the strongest performing areas in the benchmark. Additionally, the Fund s overweight exposure to infrastructure detracted from relative performance as this was one of the weakest performing areas in the benchmark. RECENT DEVELOPMENTS It has been a tale of two halves so far in The year started with the global economy adjusting to a powerful oil shock which was initially triggered approximately 6 months earlier. Significant policy easing followed with the European Central Bank, Reserve Bank of Australia, Reserve Bank of New Zealand Riksbank, Norges Bank, Bank of Canada and many emerging market Central Banks taking aggressive measures in attempts to increase competitiveness while stimulating growth and inflation. Meanwhile, weak activity in the US, China and many emerging markets weighed on risk appetite. In the spring, a partial recovery in oil prices, improved short term inflation expectations and signs of stronger activity, in particular the United States and Europe changed the tone as investors reversed expectations of falling German bond yields, sending global bond yields higher. Towards the end of the quarter Greek drama returned to center stage with the country rejecting the latest terms put forward by international creditors via a No vote in a national referendum. Heading into the second half of the year, the question of whether Greece remains in the European Monetary Union remains highly uncertain and likely to drive short term sentiment. Corporate bond markets, both investment grade and high yield appeared to still be in solid shape overall. In the first half of 2015 the Canadian corporate new issue market saw record issuance, primarily driven by financials. However, spread concessions were increasingly required to ensure the deals were placed successfully. Secondary market corporate credit trading is becoming more and more challenging as liquidity continues to deteriorate, as dealers are less willing to inventory bond positions due to the evolving regulatory environment. Despite the headwinds noted above we expect high quality corporates to be well supported as all in yields

3 remain low and credit spreads provide a natural offset for investors. The lower rated segment of the corporate bond market is more vulnerable if the macro and liquidity environment deteriorates. We anticipate that North American government bond yields will remain low and range bound around current levels over the next year. Due to a combination of considerable excess capacity in most economies along with stimulative fiscal policy being withdrawn, we feel that inflation pressures on fixed income, while likely to increase from very low levels, will be muted. We continue to favour high quality and defensive holdings within the corporate allocation. As in prior quarters, we plan to add selectively to the corporate exposure by diversifying the number of issuers further based on our internal credit analysis. The duration of the portfolio is positioned to be neutral in terms of the overall length versus the benchmark. No new issuers were added or removed from the portfolio during the first half of RELATED PARTY TRANSACTIONS As Portfolio Advisor to the Fund, Mawer Investment Management Ltd. ( Mawer ) receives management fees which are calculated as 0.60% of the net asset value of the Fund on a daily basis. Management fees for Series O units are payable directly to the Manager by Series O investors and not by the Funds. The terms of the Management Agreement were amended January 4, 1994, to grant the managers of the Funds the ability, at their discretion, to reduce the management fees for large investors. This reduction is effected by means of a management fee distribution and will be automatically reinvested in additional units of the particular Fund at the net asset value of the particular Fund on the date of distribution. Mawer also receives fees for performing administrative services. As at June 30, 2015 the Fund owes Mawer $18,591 related to these administrative services. 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 six month period ended June 30, and for each of the past five years ended December 31 as applicable. This information is derived from the Fund s unaudited interim financial statements and audited annual financial statements. (Note: Series F was consolidated with Series A on June 25, 2010.) THE FUND S NET ASSET VALUE (NAV) PER UNIT SERIES A Jun Net Assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses Realized gains (losses) for the period Unrealized gains (losses) for the period Total increase (decrease) from operations¹ (0.29) Distributions: From income (excluding dividends) (0.14) (0.27) (0.24) (0.27) (0.35) (0.40) From dividends From capital gains - (0.01) (0.01) (0.22) (0.36) (0.10) Return of capital Total Distributions² (0.14) (0.28) (0.25) (0.49) (0.71) (0.50) Net Assets, end of period³ SERIES F Jun Net Assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses (0.05) Realized gains (losses) for the period Unrealized gains (losses) for the period Total increase (decrease) from operations¹ Distributions: From income (excluding dividends) (0.15) From dividends From capital gains Return of capital Total Distributions² (0.15) Net Assets, end of period³

4 SERIES O Jun Net Assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses Realized gains (losses) for the period Unrealized gains (losses) for the period Total increase (decrease) from operations¹ (0.17) Distributions: From income (excluding dividends) (0.18) (0.34) (0.32) (0.36) (0.44) (0.48) From dividends From capital gains - (0.01) (0.01) (0.21) (0.34) (0.10) Return of capital Total Distributions² (0.18) (0.35) (0.33) (0.57) (0.78) (0.58) Net Assets, end of period³ (1) Net asset value 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. (2) Distributions were reinvested in additional units of the Fund. (3) The six months ended June 30, 2015 and the years ended 2014 and 2013 are presented in accordance with IFRS. For all other years, the financial information is presented in accordance with Canadian GAAP. Specifically, Section 3855 results in a difference between the Transactional NAV and the GAAP NAV due to the differences in valuation techniques of certain investments. For investments that are traded in an active market where quoted prices are readily and regularly available, Section 3855 requires bid prices (for investments held) or ask prices (for investments sold short) to be used in the fair valuation of investments, rather than the use of closing sale prices used for the purpose of determining Transactional NAV. RATIOS AND SUPPLEMENTAL DATA SERIES A Jun Net Assets (000's) 1,6 100,376 91,833 81,192 92,035 76,608 77,087 Number of units outstanding (000's)¹ 7,633 7,043 6,572 7,140 5,923 6,143 ratio² 0.71% 0.73% 0.84% 0.94% 0.95% 0.94% ratio before waivers or absorptions 0.71% 0.73% 0.84% 0.94% 0.95% 0.95% Portfolio turnover rate³ 20.15% 38.71% 59.10% 71.84% % 13.27% Trading expense ratio Closing market price or pricing NAV, (if applicable) SERIES F Jun Net Assets (000's) 1, Number of units outstanding (000's)¹ ratio² % ratio before waivers or absorptions % Portfolio turnover rate³ % Trading expense ratio Closing market price or pricing NAV, (if applicable) SERIES O Jun Net Assets (000's) 1,6 1,350,926 1,147, , , , ,695 Number of units outstanding (000's)¹ 109,274 93,583 68,032 45,880 30,996 28,218 ratio² 0.02% 0.03% 0.04% 0.04% 0.06% 0.05% ratio before waivers or absorptions 0.02% 0.03% 0.04% 0.04% 0.06% 0.05% Portfolio turnover rate³ 20.15% 38.71% 59.10% 71.84% % 13.27% Trading expense ratio Closing market price or pricing NAV, (if applicable) (1) This information is provided at June 30 or December 31 of the year shown, as applicable. (2) ratio is based on total expenses for the stated period and is expressed as an annualized percentage of daily average net assets during the period. (3) The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund s

5 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. (4) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the period. (5) Series F merged into Series A on June 25, (6) The years ended 2014 and 2013 are presented in accordance with IFRS. For all other years, the financial information is presented in accordance with Canadian GAAP. Specifically, Section 3855 results in a difference between the Transactional NAV and the GAAP NAV due to the differences in valuation techniques of certain investments. For investments that are traded in an active market where quoted prices are readily and regularly available, Section 3855 requires bid prices (for investments held) or ask prices (for investments sold short) to be used in the fair valuation of investments, rather than the use of closing sale prices used for the purpose of determining Transactional NAV. Past Performance Sales commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any investor that would have reduced returns. Mutual funds are not guaranteed. Their value changes frequently and past performance may not be repeated. The Fund s performance numbers assume that all distributions are reinvested in additional units of the Fund. If you hold this Fund outside of a registered plan, income and capital gains distributions that are paid to you increase your income for tax purposes whether paid to you in cash or reinvested in additional units. The amount of the reinvested taxable distributions is added to the adjusted cost base of the units that you own. This would decrease your capital gains or increase your capital loss when you later redeem from the Fund, thereby ensuring that you are not taxed on this amount again. Please consult your tax advisor regarding your personal tax situation. The past performance of the Fund is set out in the following charts. YEAR-BY-YEAR RETURNS The bar charts below show the Fund s annual performance in each of the past 10 years to December 31, 2014 plus the interim period to June 30, The charts show in percentage terms how an investment made on January 1 would have increased or decreased by December 31 of the fiscal year. Series A Jun Series O Jun Series O start date was December 1, 2004.

6 Summary of Investment Portfolio A summary of the Fund as at June 30, 2015 is as follows: Cash 0.2 Total cash 0.2 Treasury bills Total short term Fixed income Federal 33.5 Provincial 28.6 Municipal 1.7 Corporate 35.2 Total fixed income 99.0 Total portfolio Totals may not add to 100% due to rounding. The following table lists the 25 largest holdings of the Fund as at June 30, Percentage of Transactional Net Asset Issuer Value Canada Housing Trust No % Dec 15/18 5.2% Government of Canada 2.75% Jun 01/22 4.3% Government of Canada 2.25% Jun 01/25 4.3% Canada Housing Trust No % Sep 15/19 4.1% Province of Quebec 3.00% Sep 01/23 4.0% Government of Canada 4.00% Jun 01/41 3.9% Government of Canada 3.50% Dec 01/45 3.8% Province of Ontario 4.65% Jun 02/41 3.5% Province of Ontario 2.85% Jun 02/23 3.1% Canada Housing Trust No % Dec 15/22 2.9% Province of British Columbia 2.85% Jun 18/25 2.4% Government of Canada 3.25% Jun 01/21 2.2% Province of Ontario 1.16% Aug 28/18 2.2% The Toronto Dominion Bank 2.62% Dec 22/21 2.1% Province of Ontario 3.50% Jun 02/24 1.8% Government of Canada 1.50% Mar 01/20 1.7% Province of Quebec 4.50% Dec 01/20 1.5% The Bank of Nova Scotia 2.90% Aug 03/22 1.5% Province of Quebec 3.50% Dec 01/45 1.5% Province of British Columbia 3.30% Dec 18/23 1.4% Royal Bank of Canada 1.59% Mar 23/20 1.3% NAV CANADA 1.95% Apr 19/18 1.3% Province of Ontario 2.10% Sep 08/18 1.2% 407 International Inc. 3.35% May 16/24 1.2% Hydro One Inc. 3.20% Jan 13/22 1.1%

7 The investments and percentages may have changed by the time you purchase units of this fund. The top 25 holdings are made available quarterly, 60 days after quarter end and may be obtained by contacting your registered representative or by contacting Mawer toll free at or by contacting Mawer at

8 C

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