Sprott Diversified Yield Fund

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1 Sprott Diversified Yield Fund SPROTT ASSET MANAGEMENT LP ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE JUL The annual management report of fund performance is an analysis and explanation that is designed to complement and supplement an investment fund s financial statements. This report contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling , by visiting our website at or SEDAR at or by writing to us at: Sprott Asset Management LP, Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2700, P.O. Box 27, Toronto, Ontario M5J 2J1. 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.

2 Management Discussion of Fund Performance * Investment Objective and Strategies The investment objective of the Sprott Diversified Yield Fund (the Fund ) is to maximize the total return of the Fund and to provide income by investing primarily in debt and debt-like securities of corporate and government issuers from around the world. To achieve the Fund s investment objective, the Fund will take a flexible approach in investing in debt instruments and the allocation will depend on the portfolio advisor s view of economic and market conditions. In addition, the portfolio manager will select the Fund s investments in an effort to take advantage of the credit cycle and the difference in currencies, interest rates and credits between countries based on a global macroeconomic and political analysis. As part of its investment strategy, the Fund may engage in short selling up to 20% of the Fund s total net assets as a result of special relief it obtained from Canadian securities regulators. Risk The risks of investing in the Fund are described in the Fund s simplified prospectus. The Fund is suitable for investors who seek regular income and the potential for capital growth and who want to share in the opportunities offered by high yielding debt securities issued by companies and countries from around the world. The Fund is suitable for investors with a medium tolerance for risk and volatility and a medium term investment horizon. Results of Operations The Sprott Diversified Yield Fund, Series A, gained 2.9% in 2013, lagging its custom benchmark which gained 5.2% during the period. The Fund underperformed its benchmark largely due to a significantly lower allocation to high yield bonds, at between 50-60% for the year, compared to 75% for the benchmark index. The portfolio managers continued to value having lower volatility compared to the benchmark and therefore kept a lower allocation to high yield than the index. The Fund generated overall positive performance in 2013 despite a challenging year for fixed income investments. Beginning in June, all segments of the fixed income universe were hurt by rapid moves in the market. While the discussion of reducing asset purchases by the U.S. Federal Reserve was the main catalyst, redemptions out of ETFs and mutual funds, as well as extreme deleveraging in the hedge fund community exacerbated the situation in very thin and illiquid markets. The Fund took advantage of the pullback in the second quarter, adding significant amounts of short-dated bonds, which benefited the Fund in the second half of the year as short term Government bonds recovered from the lows experienced during the summer. The performance of the Fund recovered in the second half of the year, particularly in October, when the Fund benefited from a 12-basis point rally in 10-year Canadian government bonds, strong credit markets and the broad underperformance of the Canadian Dollar. The Fund s net asset value decreased 5.2% to $150.1 million at December 31, 2013 from $158.4 million as of December 31, This was primarily the result of $7.6 million in net redemptions during the period. The management expense ratio was largely unchanged from the prior year. Recent Developments FUTURE ACCOUNTING STANDARDS In December 2011, the Canadian Accounting Standards Board confirmed that the use of International Financial Reporting Standards ( IFRS ) will be required commencing for fiscal periods beginning on or after January 1, 2014 for investment funds. The Fund will commence reporting under IFRS effective January 1, The Manager continues to execute its transition plan to complete the changeover to IFRS for the Fund effective January 1, Based on management s evaluation of the differences between Canadian GAAP and IFRS, the major changes identified include the addition of a Statement of cash flows and the classification of Securityholder equity (puttable instruments) as a liability unless certain conditions are met, as well as more extensive note disclosure requirements. Also, the adoption of IFRS 13 will align the calculation of net assets per unit with NAV * In this report, net asset value ( NAV ) refers to the value of the Fund as calculated for transaction purposes, whereas net assets is used for financial statement purposes.

3 per unit and eliminate the need for a NAV per unit reconciliation. The Manager will continue to monitor new standards and amendments to existing IFRS standards and evaluate their impact on the Fund. Related Party Transactions MANAGEMENT FEES The Fund pays a management fee to the Manager, at an annual rate of up to 1.65% for Series A and Series T units, up to 1.0% for Series F and Series FT units and is negotiated by the unitholders for Series I. The management fee is calculated and accrued daily based on the daily net asset value of the applicable series of the Fund, and is paid monthly. For the year ended December 31, 2013, the Fund incurred management fees of $1,883,601 (including taxes). The breakdown of the services received in consideration of the management fees, as a percentage of management fees, is as follows: Portfolio Trailing Advisory Commissions Sprott Diversified Yield Fund Series A 76% 24% Sprott Diversified Yield Fund Series F 100% Sprott Diversified Yield Fund Series FT 100% Sprott Diversified Yield Fund Series I 100% Sprott Diversified Yield Fund Series T 80% 20% Out of the management fees that the Manager received from the Fund, the Manager paid trailer commissions of $51,219 during the year ended December 31, 2013 to Sprott Private Wealth LP, an affiliate of the Manager. INCENTIVE FEES The Fund also pays its Portfolio Adviser, Sprott Asset Management LP, an annual incentive fee, equal to a percentage of the average net asset value of the applicable Series of the Fund. Such percentage will be equal to 10% of the difference by which the return in net asset value per unit of the applicable Series from launch date to December 31 exceeds the percentage return of the blended benchmark consisting of 75% of the daily return of the Bank of America Merrill Lynch U.S. High Yield Index and 25% of the daily return of the DEX Universe Bond Index for the same period. If the performance of a Series of the Fund in any year is less than the performance of the Index (the Deficiency ), then no incentive fee will be payable until the performance of the applicable Series, on a cumulative basis, has exceeded the amount of the Deficiency. For the year ended December 31, 2013, the Fund did not accrue any incentive fees. OPERATING EXPENSES The Fund pays its own operating expenses, which include, but are not limited to, audit, legal, custodial, trustee, filing and administrative expenses as well as unitholder reporting costs. The Manager pays certain of these expenses on behalf of the Fund and then is reimbursed by the Fund.

4 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 years shown Series A $ $ $ $ Net assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses (0.21) (0.21) (0.20) (0.10) Realized gains (losses) for the period (0.22) 0.22 (0.59) 0.17 Unrealized gains (losses) for the period (0.32) (0.19) Total increase (decrease) from operations (0.44) 0.15 Distributions: From income (excluding dividends) From dividends From capital gains 0.04 Return of capital 0.12 Total annual distributions Net assets, end of period Series F $ $ $ $ Net assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses (0.14) (0.14) (0.13) (0.05) Realized gains (losses) for the period (0.21) 0.21 (0.64) 0.18 Unrealized gains (losses) for the period (0.41) (0.33) Total increase (decrease) from operations (0.51) 0.07 Distributions: From income (excluding dividends) From dividends From capital gains 0.04 Return of capital 0.13 Total annual distributions Net assets, end of period

5 The Fund s Net Assets per Unit 1 continued Series I $ $ $ $ Net assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses (0.03) (0.03) (0.02) Realized gains (losses) for the period (0.24) 0.21 (0.65) 0.07 Unrealized gains (losses) for the period (0.32) (0.08) Total increase (decrease) from operations (0.33) 0.05 Distributions: From income (excluding dividends) From dividends From capital gains 0.04 Return of capital 0.14 Total annual distributions Net assets, end of period Series T $ $ $ $ Net assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses (0.20) (0.20) (0.20) (0.10) Realized gains (losses) for the period (0.20) 0.21 (0.52) 0.17 Unrealized gains (losses) for the period (0.33) (0.16) Total increase (decrease) from operations (0.39) 0.17 Distributions: From income (excluding dividends) From dividends From capital gains 0.04 Return of capital Total annual distributions Net assets, end of period

6 The Fund s Net Assets per Unit 1 continued Dec 31, Dec 31, Dec 31, Series FT $ $ $ Net assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses (0.13) (0.14) (0.04) Realized gains (losses) for the period (0.15) 0.20 (0.28) Unrealized gains (losses) for the period (0.08) Total increase (decrease) from operations (0.22) Distributions: From income (excluding dividends) From dividends From capital gains Return of capital Total annual distributions Net assets, end of period This information is derived from the Fund s audited annual financial statements. The net assets per unit presented in the financial statements differs from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to the financial statements. 2 The increase/decrease from operations is based on the weighted average number of units outstanding over the financial period. Net assets and distributions are based on the actual number of units outstanding at the relevant time. This table is not intended to be a reconciliation of beginning to ending net assets per unit. 3 Distributions were reinvested in additional units of the Fund, except for Series T and FT which distribute in cash. 4 Information provided is for the period from August 10, 2010 (first issuance of unit) to December 31, Information provided is for the period from December 2, 2010 (first issuance of unit) to December 31, Information provided is for the period from September 22, 2011 (first issuance of unit) to December 31, 2011.

7 Ratios and Supplemental Data Series A Total net asset value (000s) 1 $59,409 $69,368 $59,619 $19,322 Number of units outstanding 1 5,728,576 6,712,087 6,125,155 1,917,780 Management expense ratio % 2.09% 1.96% 1.85% Management expense ratio before waivers or absorptions % 2.09% 2.17% 2.86% Trading expense ratio % 0.02% 0.02% 0.00% Portfolio turnover rate % % % % Net asset value per unit 1 $10.37 $10.34 $9.73 $10.08 Series F Total net asset value (000s) 1 $27,978 $33,058 $27,422 $1,762 Number of units outstanding 1 2,671,336 3,169,210 2,805, ,791 Management expense ratio % 1.37% 1.25% 1.03% Management expense ratio before waivers or absorptions % 1.37% 1.44% 1.97% Trading expense ratio % 0.02% 0.02% 0.00% Portfolio turnover rate % % % % Net asset value per unit 1 $10.47 $10.43 $9.77 $10.08 Series I Total net asset value (000s) 1 $50,276 $42,597 $21,456 $3,194 Number of units outstanding 1 4,785,073 4,077,620 2,208, ,398 Management expense ratio % 0.26% 0.14% 0.00% Management expense ratio before waivers or absorptions % 0.26% 0.33% 0.91% Trading expense ratio % 0.02% 0.02% 0.00% Portfolio turnover rate % % % % Net asset value per unit 1 $10.51 $10.45 $9.72 $9.94 Series T Total net asset value (000s) 1 $10,061 $13,030 $12,355 $3,444 Number of units outstanding 1 1,073,358 1,343,472 1,326, ,654 Management expense ratio % 2.09% 1.91% 1.82% Management expense ratio before waivers or absorptions % 2.09% 2.12% 2.87% Trading expense ratio % 0.02% 0.02% 0.00% Portfolio turnover rate % % % % Net asset value per unit 1 $9.37 $9.70 $9.31 $9.99

8 Ratios and Supplemental Data continued Dec 31, Dec 31, Dec 31, Series FT Total net asset value (000s) 1 $2,464 $849 $95 Number of units outstanding 1 249,370 83,903 9,873 Management expense ratio % 1.40% 1.52% Management expense ratio before waivers or absorptions % 1.40% 1.67% Trading expense ratio % 0.02% 0.02% Portfolio turnover rate % % % Net asset value per unit 1 $9.88 $10.12 $ The information is provided as at December 31 of the years shown. 2 Management expense ratio ( MER ) is based on total expenses (excluding commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of the daily average net asset value during the period. 3 The Manager may waive or absorb a portion of the operating expenses of the Fund. Waivers and absorption can be terminated at any time. 4 The trading expense ratio ( TER ) represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. The TER includes dividend expense and securities borrowing expense paid by the Fund in connection with securities sold short. 5 The Fund s portfolio turnover rate indicates how actively the Fund s portfolio adviser trades 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 the 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 the Fund.

9 Past Performance The indicated rates of return are the historical total returns including changes in unit values and assume reinvestment of all distributions in additional units of the relevant Series of the Fund. These returns do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that may reduce returns. Please note that past performance is not indicative of future performance. All rates of return are calculated based on the Net Asset Value of the particular Series of the Fund. Year-by-Year Returns The following chart indicates the non-annualized performance of each Series of the Fund for each of the previous 12-month periods ended December 31, unless otherwise noted. The chart shows, in percentage terms, how much an investment made on the first day of each period would have grown or decreased by the last day of each period. 20% RETURN** 10% 0% % 2010* 2011** Series A Series F Series I Series T Series FT 27FEB * Return from August 5, 2010 to December 31, 2010 for Series A, F, and T and from December 2, 2010 to December 31, 2010 for Series I (not annualized). ** Return from September 22, 2011 to December 31, 2011 for Series FT (not annualized). Long and Short Portfolio Returns The following table illustrates the contribution to the return of the Fund by the long portfolio and the short portfolio of the Fund for each of the previous 12-month periods ended December 31, unless otherwise noted. 10% RETURN** 0% % 2011* Long Portfolio Short Portfolio 27FEB * Return from March 31, 2011 to December 31, 2011 for short positions (not annualized, and not including the returns from distributions); the Fund did not hold short portfolio positions prior to March 31, ** The returns shown prior to 2013 do not include the return associated with distributions to unitholders.

10 Annual Compound Returns The following table illustrates the annual compound total return for Series A, F, I, T and FT units of the Fund for the periods shown. As a basis of performance comparison, the annual compound return of the Fund is compared to that of a blended index consisting of 75% Bank of America Merrill Lynch US High Yield Index and 25% DEX Universe Bond Index (the Blended Index ). The Bank of America Merrill Lynch US High Yield Index is a measure of the broad high yield market for corporate bonds, and the DEX Universe Bond Index is a broad measure of the Canadian investment-grade fixed income market. Since the Fund does not necessarily invest in the same securities or in the same proportion as the Blended Index, the performance of the Fund is not expected to equal the performance of the Blended Index. Since 1-Year 3-Year Inception* Sprott Diversified Yield Fund Series A 2.93% 4.40% 4.73% Blended Index 5.20% 7.82% 8.33% Sprott Diversified Yield Fund Series F 3.67% 5.15% 5.48% Blended Index 5.20% 7.82% 8.33% Sprott Diversified Yield Fund Series I 4.83% 6.33% 6.45% Blended Index 5.20% 7.82% 8.02% Sprott Diversified Yield Fund Series T 2.93% 4.41% 4.74% Blended Index 5.20% 7.82% 8.33% Sprott Diversified Yield Fund Series FT 3.67% 5.81% Blended Index 5.20% 8.95% Long portfolio 4.23% Short portfolio 0.25% * Since launch date of August 5, 2010 for Series A, F, and T, since December 2, 2010 for Series I and since September 22, 2011 for Series FT.

11 Summary of Investment Portfolio As at December 31, 2013 Portfolio Allocation by Sector Top 25 Long Positions % of % of Net Asset Value Issuer Net Asset Value Long Positions Canadian Government Bond, 1.25%, Sep 1, High Yield Bonds 59.3 Canadian Government Bond, 1.25%, Jun 1, Government Bonds 14.5 Vedanta Resources Jersey Ltd., 5.50%, Jul 13, Corporate Bonds 9.3 Barclays Bank PLC, 14.00%, Jun 15, Emerging Market Government Bonds 5.7 Unique Pub Finance Co. PLC, 6.54%, Mar 30, Convertible Bonds 4.4 Nationwide Building Society, 10.25%, Jun 29, Emerging Market Corporate Bonds 4.4 Eksportfinans ASA, 3.00%, Nov 17, Exchange Traded Funds 1.8 Sirius XM Canada Holdings Inc., 9.75%, Jun 21, Other 0.2 Reliance LP, 4.57%, Mar 15, Total Long Positions 99.6 Sprott Strategic Fixed Income Fund 1.8 Hungary Government Bond, 5.00%, Dec 22, Cash 1.1 Hungary Government Bond, 6.00%, Nov 24, Other Net Assets (0.7) ADT Corp., 6.25%, Oct 15, Total Net Asset Value Catlin Insurance Co Ltd, FRN, 7.25%, Jul 29, Reynolds Group Issuer Inc., 8.50%, May 15, Sirius XM Radio Inc., 5.25%, Aug 1, Portfolio Allocation by Geographic Region Aberdeen Asset Management PLC, 7.00%, Mar 29, % of Standard Pacific Corp., 8.38%, Jan 15, Net Asset Value Eksportfinans ASA, 2.38%, May 25, Long Positions Xplornet Communications Inc., 13.00%, May 15, United States 32.7 Merito Inc., 4.00%, Feb 15, Canada 27.0 Co-Operative Bank PLC, 5.13%, Sep 20, United Kingdom 16.1 ILFC E-Capital Trust I, 5.46%, Dec 21, Other 6.1 Momentive Performance Materials Inc., 8.88%, Oct 15, Norway 4.6 Old Mutual PLC, FRN, 6.38%, Mar 24, Luxembourg 4.0 Hungary 3.5 Top 25 long positions as a percentage of net asset value 53.1 Mexico 3.3 Poland 2.3 The Fund held no short positions as at December 31, Total Long Positions 99.6 This summary of investment portfolio may change due to the ongoing portfolio transactions of the Fund. Quarterly updates of Cash 1.1 the Fund s investment portfolio are available on the Internet at Other Net Assets (0.7) Total Net Asset Value 100.0

12 Corporate Information Corporate Address Sprott Asset Management LP Royal Bank Plaza, South Tower 200 Bay Street, Suite 2700, P.O. Box 27 Toronto, Ontario M5J 2J1 T TOLL-FREE F E For additional information visit our website: Call our mutual fund information line for daily closing prices: or Auditors Ernst & Young LLP Ernst & Young Tower P.O. Box 251, 222 Bay Street Toronto-Dominion Centre Toronto, Ontario M5K 1J7 Legal Counsel Borden Ladner Gervais LLP Scotia Plaza 40 King Street West Toronto, Ontario M5H 3Y4 M 07 E

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