Sprott Short-Term Bond Class
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1 Sprott Short-Term Bond Class SPROTT ASSET MANAGEMENT LP INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE JUL The interim 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 interim financial statements of the investment fund. You can get a copy of the interim 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 Short-Term Bond Class (the Fund ) is to seek a similar return to its underlying fund, Sprott Short-Term Bond Fund (the Underlying Fund ) by investing substantially all of its assets in securities of that fund. The investment objective of the Underlying Fund is to provide regular income while preserving capital and maintaining liquidity through investing primarily in short-term debt securities issued by Canadian federal, provincial and municipal governments as well as corporate issuers. To achieve the Underlying Fund s investment objective, it will employ investment strategies based upon economic research, quantitative and technical analysis, the analysis of credit quality pertaining to prospective investments and establishing an evolving asset allocation containing government and corporate bonds. Risk The risks of investing in the Fund are described in the Fund s simplified prospectus. The Fund is suitable for those investors who seek exposure to short-term high quality fixed income securities issued primarily by Canadian governments and companies. The Fund is suitable for investors with a low risk tolerance and a short-term investment horizon. Results of Operations The Fund ended June 30, 2012 with a total net asset value of $1.7 million. Of this, 97.7% was invested in units of the Underlying Fund. At the end of the period, the Underlying Fund held approximately 76% of the portfolio in short-term corporate bonds. The Underlying Fund follows a strategy which typically limits the term-to-maturity of the bond portfolio to two years. Accordingly, a meaningful allocation to corporate bonds is used to provide additional yield with limited risk. Following a relatively strong initial two months to the year, global investors became risk averse towards the end of February when it became clear that the U.S. Federal Reserve had no intention of providing additional rounds of money printing to foster a stronger economy. Investors quickly favoured government fixed-income securities over equities. Investors drove yields to exceptionally low levels as capital preservation overshadowed desires for investment gains. Illustrating this behavior was the German 2-year bond which turned negative toward the end of May. Highlighting the exceptionally low interest rate environment in Canada was the Government s February 23 rd announcement that the one-year rate on Canada Savings Bonds was 0.65%. The premium on protection of principal has created an environment of negative real interest rates where the total return earned on government fixed income is exceeded by the current inflation rate. The current environment remains unstable on the global stage, punctuated by the emergence of a Spanish banking crisis which reignited deep concerns over the future health of Europe s financial health and even the future of the Euro. We continue to position the Underlying Fund in the corporate bonds of large cap North American companies which are delivering solid financial performance, though the environment for earning strong yields remains constrained. The net asset value of the Fund increased 289% from $436 thousand as of December 31, 2011 to $1.7 million as of June 30, The increase was primarily the result of net share issuances of $1.2 million. The management expense ratio of Series A was unchanged from the prior period, while higher sales of securities holdings caused the portfolio turnover rate to rise. 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 January 1, 2014 for investment funds. The Manager plans to defer the adoption of IFRS until this time for the Fund. The Manager has developed an IFRS changeover plan and has identified key issues and likely impacts resulting from the adoption of IFRS. Based on management s current evaluation of the differences between Canadian GAAP and IFRS, the adoption of IFRS is not * 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 expected to have a significant impact on the calculation of net assets per share as the Fund s assets are currently stated at fair value which is consistent with the requirements under IFRS. IFRS is expected to affect the overall presentation of financial statements and additional disclosure in the notes to financial statements will be required. 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 0.75% for Series A shares, up to 0.5% for Series F shares and is negotiated by the shareholders for Series I. The management fee is calculated and accrued daily based on daily net asset value of the applicable series of the Fund, and is paid monthly. For the six months ended June 30, 2012, the Fund incurred management fees of $4,385 (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 Commission Sprott Short-Term Bond Class Series A 68% 32% Sprott Short-Term Bond Class Series F 100% Sprott Short-Term Bond Class Series I 100% Out of the management fees that the Manager received from the Fund, the Manager paid trailer commissions of $726 during the six-month period ended June 30, 2012, to Sprott Private Wealth LP, an affiliate of the Manager. 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 shareholder reporting costs. The Manager pays certain of these expenses on behalf of the Fund and then is reimbursed by the Fund. At its sole discretion, the Manager may waive or absorb a portion of the operating expenses of certain Funds. Amounts waived or absorbed by the Manager are reported in the Statements of Operations. Waivers or absorptions can be terminated at any time without notice. For the six-month period ended June 30, 2012, the Manager waived $66,671 of expenses.
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 six-months ended June 30, 2012 and the period ended December 31, June 30, Dec 31, Series A $ $ Net assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses (0.04) (0.02) Realized gains (losses) for the period (0.02) Unrealized gains (losses) for the period 0.02 (0.03) Total Increase (decrease) from operations Distributions: Total annual distributions Net assets, end of period June 30, Dec 31, Series F $ $ Net assets, beginning of period Increase (decrease) from operations: Total revenue Total expenses (0.03) Realized gains (losses) for the period (0.01) Unrealized gains (losses) for the period (0.02) (0.05) Total Increase (decrease) from operations (0.01) Distributions: Total annual distributions Net assets, end of period
5 The Fund s Net Assets per Share 1 continued June 30, Series I $ Net assets, beginning of period Increase (decrease) from operations: Total revenue 0.03 Total expenses Realized gains (losses) for the period Unrealized gains (losses) for the period (0.04) Total Increase (decrease) from operations 2 (0.01) Distributions: Total annual distributions Net assets, end of period This information is derived from the Fund s unaudited interim and audited annual financial statements. The net assets per share presented in the financial statements may differ 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 share outstanding over the financial period. Net assets and distributions are based on the actual number of share outstanding at the relevant time. This table is not intended to be a reconciliation of beginning to ending net assets per share. 3 Information provided is for the period from October 17, 2011 (launch date) for Series A and from December 7, 2011 (first issuance) for Series F, to December 31, Information provided is for the period from June 27, 2012 (first issuance) to June 30, 2012 for Series I. Ratios and Supplemental Data June 30, Dec 31, Series A Total net asset value (000s) 1 $1,105 $188 Number of shares outstanding 1 109,241 18,742 Management expense ratio % 0.84% Management expense ratio before waivers or absorptions % 38.62% Trading expense ratio % 0.00% Portfolio turnover rate % Net asset value per share 1 $10.12 $10.03 June 30, Dec 31, Series F Total net asset value (000s) 1 $554 $247 Number of shares outstanding 1 54,825 24,744 Management expense ratio % 0.53% Management expense ratio before waivers or absorptions % 23.15% Trading expense ratio % 0.00% Portfolio turnover rate % Net asset value per share 1 $10.09 $10.00
6 Ratios and Supplemental Data continued June 30, Series I 2012 Total net asset value (000s) 1 $25 Number of shares outstanding 1 2,500 Management expense ratio % Management expense ratio before waivers or absorptions % Trading expense ratio % Portfolio turnover rate % Net asset value per share 1 $ The information is provided as at June 30, 2012 and December 31 of the year 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 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. As this Fund only invests in units of the Underlying Fund, the portfolio turnover rate relates to additional purchases and sales of these units resulting from unitholder subscriptions and redemptions.
7 Past Performance The indicated rates of return are the historical total returns including changes in share values and assume reinvestment of all distributions in additional shares 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 shareholder 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 the six months ended June 30, 2012 and for the period shown. 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. 10% RETURN 0% % 2011* 2012** Series A Series F Series I 31JUL * Return from October 17, 2011 to December 31, 2011 (not annualized). ** Return from June 27, 2012 to June 30, 2012 for Series I (not annualized).
8 Summary of Investment Portfolio As at June 30, 2012 Portfolio Allocation The top 25 holdings of the Underlying Fund, as a percentage of the net asset value of the Underlying Fund are as follows: % of % of Net Asset Value Issuer Net Asset Value Long Positions Canada Housing Trust No. 1, 2.05%, June 15, Mutual Fund Units 97.7 Canada Housing Trust No. 1, 2.2%, March 15, Total Long Positions 97.7 Thompson Reuters Corp., 5.2%, December 1, GE Capital Canada Funding Co., 2.95%, February 10, Cash (1.4) TELUS Corp., 4.95%, May 15, Other Net Assets 3.7 Capital Power LP, 4.6%, December 1, Total Net Asset Value Bank of Nova Scotia, FRN, 4.99%, March 27, Daimler Canada Finance, 3.16%, April 14, HSBC Bank Canada, 2.901%, January 13, BP Capital Markets PLC, 2.74%, February 24, Canadian Western Bank, 2.57%, November 4, John Deere Credit Inc., 1.85%, January 24, Caterpillar Financial Services Ltd., 2.64%, December 3, John Deere Credit Inc., 2.25%, October 14, Ford Auto Securitization Trust, 1.75%, April 15, Royal Bank of Canada, 2.05%, January 13, Toyota Credit Canada Inc., 2.45%, February 27, Caisse Centrale Desjardins du Quebec, 3.11%, December 4, Metropolitan Life Global Funding I, FRN, 2.18%, June 17, Westpac Banking Corp., 3.75%, December 1, BMW Canada Inc., 2.64%, August 10, Bell Canada, 4.85%, June 30, Ford Auto Securitization Trust, 2.43%, June 15, Royal Bank of Canada, FRN, 5.00%, June 6, OMERS Realty Corp., 4.09%, June 4, Top 25 positions as a percentage of net asset value 79.8 This summary of investment portfolio may change due to the ongoing portfolio transactions of the Fund. Quarterly updates of the Fund s investment portfolio are available on the Internet at In addition, the simplified prospectus and other information about the Underlying Funds are available on the internet at or
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