27JAN201217354834

Dynamic Canadian Value Class

Interim Management Report of Fund Performance
For the period ended December 31, 2020

This interim management report of fund performance contains other things, risks and uncertainties, some of which may be
financial highlights but does not contain either the interim unforeseeable. Accordingly, current assumptions concerning
financial statements or annual financial statements of the future economic and other factors may prove to be incorrect at a
investment fund. You can get a copy of the interim financial future date.
statements or annual financial statements at your request, and at
Forward-looking statements are not guarantees of future
no cost, by calling toll-free 1-800-268-8186, by writing to us at
performance and actual results or events could differ materially
1832 Asset Management L.P., Dynamic Funds Tower, 1 Adelaide
from those expressed or implied in any forward-looking
Street East, 28th Floor, Toronto, ON, M5C 2V9 or by visiting our
statements made by the Fund. Any number of important factors
website at www.dynamic.ca or SEDAR at www.sedar.com.
could contribute to these digressions, including, but not limited
Securityholders may also contact us using one of these methods to, general economic, political and market factors in North
to request a copy of the investment fund’s proxy voting policies America and internationally, such as interest and foreign
and procedures, proxy voting disclosure record or quarterly exchange rates, global equity and capital markets, business
portfolio disclosure. competition, technological change, changes in government
relations, unexpected judicial or regulatory proceedings and
1832 Asset Management L.P. is the manager (the ‘‘Manager’’) of
catastrophic events. We stress that the above mentioned list of
the fund. In this document, ‘‘we’’, ‘‘us’’, ‘‘our’’ and the ‘‘Manager’’
important factors is not exhaustive. Some of these risks,
refer to 1832 Asset Management L.P. and the ‘‘Fund’’ refers to
uncertainties and other factors are described in the Fund’s
Dynamic Canadian Value Class.
simplified prospectus, under the heading ‘‘Risk Factors’’.
The term ‘‘net asset value’’ or ‘‘net asset value per share’’ in this
We encourage you to consider these and other factors carefully
document refers to the net asset value determined in accordance
before making any investment decisions. Forward-looking
with Part 14 of National Instrument 81-106 – Investment Fund
statements should not be unduly relied upon. Further, you
Continuous Disclosure (‘‘National Instrument 81-106’’); while the
should be aware of the fact that the Fund has no specific
term ‘‘net assets’’ or ‘‘net assets per share’’ refers to total equity or
intention of updating any forward-looking statements whether
net assets attributable to shareholders of the Fund as determined
as a result of new information, future events or otherwise, prior
in accordance with International Financial Reporting Standards
to the release of the next management report of fund
(‘‘IFRS’’).
performance, and that the forward-looking statements speak
only to the date of this management report of fund performance.
Caution Regarding Forward-Looking Statements

Certain portions of this report, including, but not limited to, Results of Operations
‘‘Recent Developments’’, may contain forward-looking statements
about the Fund and the underlying funds, as applicable, For the six month period ended at December 31, 2020
including statements with respect to strategies, risks, expected (the ‘‘period’’), the Series A shares of the Fund generated a total
performance events and conditions. Forward-looking statements return of 13.7%. Fund returns are reported net of all management
include statements that are predictive in nature, that depend fees and expenses for all series, unlike the returns of the Fund’s
upon or refer to future events or conditions, or that include benchmark, which is based on the performance of an index that
words such as ‘‘expects’’, ‘‘anticipates’’, ‘‘intends’’, ‘‘plans’’, does not pay fees or incur expenses. Returns for other series of
‘‘believes’’, ‘‘estimates’’, ‘‘projects’’ and similar forward-looking the Fund will be similar to Series A with any difference in
expressions or negative versions thereof. performance being primarily due to different management fees,
operating expenses and other expenses that are applicable to
In addition, any statement that may be made concerning future that particular series. Please see the ‘‘Past Performance’’ section
performance, strategies or prospects and possible future action for the performance of the Fund’s other series.
by the Fund is also a forward-looking statement. Forward-
looking statements are based on current expectations and The Fund’s broad-based benchmark, the S&P/TSX Composite
projections about future general economic, political and Index, returned 14.1% during the same period. In accordance
relevant market factors, such as interest rates, foreign exchange with National Instrument 81-106, we have included a comparison
rates, equity and capital markets, and the general business to this broad-based index to help you understand the Fund’s
environment, in each case assuming no changes to applicable performance relative to the general performance of the market.
tax or other laws or government regulation. Expectations and The Fund performed in line with its broad-based benchmark. An
projections about future events are inherently subject to, among underweight allocation in the Materials sector was the largest
 DYNAMIC CANADIAN VALUE CLASS

contributor to returns, while security selection in the Consumer The sector exposure within the Fund is diversified, with
Discretionary sector detracted from performance relative to Financials, Information Technology and Industrials representing
the Index. the top allocations. There were few changes to the sector
composition as the weighting to Financials and Real Estate were
The Canadian and U.S. equity markets ended the 6-month period
increased while Consumer Staples and Health Care were
in positive territory as the S&P/TSX Composite Index returned
lowered. Allocations to Financials, Industrials and Information
14.1% and the S&P 500 Index (C$) returned 14.4%. The second
Technology were the largest contributors to returns at a sector
half of the year saw both indices surge to new market highs after
level. Individual security contributors included Bank of Nova
a tumultuous first half as the pandemic spread of COVID-19
Scotia, Toronto-Dominion Bank and Canadian Pacific Railway.
created a nationwide lockdown earlier in the year.
Holdings Franco-Nevada Corporation, Suncor Energy and TC
In Canada after two contracting GDP quarters, the third quarter Energy had a negative impact on performance.
saw GDP grow by an annualized rate of 40.5% as the economy
The Fund’s net asset value increased to $137.1 million at
began to re-open. As well, crude oil prices rallied and stabilized
December 31, 2020, from $133.9 million at June 30, 2020. This
in the $40-$50 (U.S. dollar) per barrel range after collapsing in
change was composed of investment performance of
the first half of the year as a result of the pandemic. Stronger
$17.8 million, cash distributions of $0.4 million and net
demand began late in the year, offsetting concerns over increased
redemptions of $14.2 million. The investment performance of the
supply in crude oil. The extremely low interest rate environment
Fund includes income and expenses which vary year over year.
boosted the housing market. Both monetary and fiscal policies
The Fund’s income and expenses changed compared to the
remained supportive throughout the year and are expected to
previous year mainly as a result of fluctuations in average net
continue into 2021. The road to recovery is still very much
assets, portfolio activity and changes in the Fund’s income
impacted by the pandemic.
earning investments.
The U.S. economy recuperated in the third quarter as business
Certain series of the Fund, as applicable, may make distributions
activities re-opened along with the U.S. Federal Reserve
at a rate determined by the Manager from time to time. If the
reiterating their stance on maintaining low interest rates, even
aggregate amount of distributions in such series exceeds the
allowing inflation to float above 2% before raising rates. The
portion of net income and net realized capital gains allocated to
market, especially economically sensitive sectors, reacted very
such series, the excess will constitute a return of capital. The
positively.
Manager does not believe that the return of capital distributions
Entering the final quarter of 2020, the U.S. had a contested made by such series of the Fund have a meaningful impact on
presidential election and a second wave of COVID-19. Yet through the Fund’s ability to implement its investment strategy or to
this period, U.S. equity markets remained resilient, being buoyed fulfill its investment objective.
by the expectations of the Food and Drug Administration
approving a safe and effective COVID-19 vaccine. By year-end, a Recent Developments
sense of optimism for investors had been regained as vaccine
COVID-19
rollout was scheduled for early 2021.
The spread of the COVID-19 virus began in late 2019 and led to a
In Canada, all 11 GICS sectors posted positive returns over the
subsequent and dramatic global shutdown by March 2020 of all
6-month period. The best performing sectors were Consumer
but the most essential activities. Many businesses and schools
Discretionary (+31.2%), Industrials (+21.6%) and Financials
were closed along with borders as mobility restrictions were put
(+21.3). The worst performing sectors were Consumer Staples
in place around the world. This generated significant headwinds
(+3.0%), Materials (+5.1%) and Energy (+5.4%).
for corporate and consumer income which led to an increase in
In the U.S., ten of the 11 GICS sectors posted positive returns financial market volatility. In late March, markets began to see a
over the 6-month period. The best performing sectors were dramatic reversal with investors encouraged by the amount of
Industrials (+22.0%), Materials (+21.6%) and Financials stimulus being introduced into the financial system by global
(+20.7%). The worst performing sectors were Energy (–3.8%), policy makers. Trillions of dollars of supplementary income, tax
Real Estate (+0.3%) and Utilities (+6.1%). relief, and lending backstops were put into place. The recovery
continued throughout the course of 2020 with many markets
The Fund focuses on high-quality Canadian equities though the
seeing sharp recoveries, although not all sectors and industries
U.S. market represents an attractive opportunity to access
participated in the recovery with sectors such as travel, energy
sectors not well represented in Canada. The weighting to Canada
and real estate continuing to lag. A globally coordinated
was increased while exposure to the U.S. was lowered.
approach to vaccine development continued throughout the
Geographically Canada and the U.S. were a positive contributor second half of the year with Pfizer and Moderna both developing
to returns while Canada having the greatest impact on and starting to distribute a vaccine in record time. The rollout of
performance. The Fund used a consistent foreign currency the vaccine progressed around the world through the end of 2020
hedging strategy which contributed to performance. which continued to buoy markets. For now, we continue to
monitor the situation and the effects on the Fund.
 DYNAMIC CANADIAN VALUE CLASS

Risk Rating Change Distribution Services

Effective November 16, 2020, the risk rating of the Fund has been Certain registered dealers through which shares of the Fund are
changed from low-to-medium to medium. This change is in distributed are related parties to the Fund and the Manager. The
accordance with the Risk Classification Methodology mandated Manager may pay a trailing commission, which is negotiated with
by the Canadian Securities Administrators. There are no changes dealers, to dealers for their financial advisors in respect of the
to the investment objective or strategies of the Fund associated assets of their clients invested in securities of the Fund. The
with the new risk rating. Manager may also pay trailing commissions to dealers for
securities purchased or held through discount brokerage
Related Party Transactions accounts.
The Manager is a wholly-owned subsidiary of The Bank of Nova Other Fees
Scotia (‘‘Scotiabank’’). Scotiabank also owns, directly or
indirectly, 100% of Scotia Securities Inc., a mutual fund dealer, The Manager, or its affiliates, may earn fees and spreads in
and Scotia Capital Inc. (which includes ScotiaMcLeod and Scotia connection with various services provided to, or transactions
iTRADE), an investment dealer. with, the Fund, such as banking, brokerage, foreign exchange or
derivatives transactions. The Manager, or its affiliates, may earn
The Manager, on behalf of the Fund, may enter into transactions a foreign exchange spread when shareholders switch between
or arrangements with other members of Scotiabank or certain series of funds denominated in different currencies.
other companies that are related or connected to the Manager
(each a ‘‘related party’’). All transactions between the Fund and Independent Review Committee
the related parties are in the normal course of business and are
carried out at arm’s length terms. The Manager has established an independent review committee
(the ‘‘IRC’’) in accordance with National Instrument 81-107 –
The purpose of this section is to provide a brief description of Independent Review Committee for Investment Funds
any transaction involving the Fund and a related party. (‘‘NI 81-107’’) with a mandate to review and provide
recommendations or approval, as required, on conflict of interest
Management Fees matters referred to it by the Manager on behalf of the Fund. The
The Manager is responsible for the day-to-day management and IRC is responsible for overseeing the Manager’s decisions in
operations of the Fund. Certain series of the Fund pay the situations where the Manager is faced with any present or
Manager a management fee for its services as described in the perceived conflicts of interest, all in accordance with NI 81-107.
‘‘Management Fee’’ section later in this document. The The IRC may also approve certain mergers between the Fund and
management fee is an annualized rate based on the net asset other funds, and any change of the auditor of the Fund. Subject
value of each series of the Fund, accrued daily and calculated to any corporate and securities law requirements, no
and paid monthly. securityholder approval will be obtained in such circumstances,
but you will be sent a written notice at least 60 days before the
Fixed Administration Fees and Fund Costs
effective date of any such transaction or change of auditor. In
The Manager pays the operating expenses of the Fund, other certain circumstances, securityholder approval may be required
than Fund Costs, in exchange for the payment by the Fund of a to approve certain mergers.
fixed rate administration fee (the ‘‘Fixed Administration Fee’’) to The IRC has five members, Stephen J. Griggs (Chair), Steve
the Manager with respect to each series of the Fund. The Donald, Simon Hitzig, Heather A. T. Hunter and Jennifer L.
expenses charged to the Fund in respect of the Fixed Witterick, each of whom is independent of the Manager.
Administration Fee are disclosed in the Fund’s financial
statements. The Fixed Administration Fee is equal to a specified The IRC prepares and files a report to the securityholders each
percentage of the net asset value of a series, calculated and paid fiscal year that describes the IRC and its activities for
in the same manner as the management fees for the Fund. securityholders as well as contains a complete list of the standing
Further details about the Fixed Administration Fee can be found instructions. These standing instructions enable the Manager to
in the Fund’s most recent simplified prospectus. act in a particular conflict of interest matter on a continuing
basis provided the Manager complies with its policies and
In addition, each series of the Fund is responsible for its procedures established to address that conflict of interest matter
proportionate share of certain operating expenses (‘‘Fund and reports periodically to the IRC on the matter. This report to
Costs’’). Further details about Fund Costs can be found in the the securityholders is available on the Manager’s website or, at no
Fund’s most recent simplified prospectus. cost, by contacting the Manager.
The Manager, at its sole discretion, may waive or absorb a portion The compensation and other reasonable expenses of the IRC will
of a series’ expenses. These waivers or absorptions may be be paid out of the assets of the Fund as well as out of the assets
terminated at any time without notice. of the other investment funds for which the IRC may act as the
independent review committee. The main components of
 DYNAMIC CANADIAN VALUE CLASS

compensation are an annual retainer and a fee for each ● Outsourcing products and services to related parties which
committee meeting attended. The chair of the IRC is entitled to can be charged to the Fund;
an additional fee. Expenses of the IRC may include premiums for
● Acquisition of prohibited securities as defined by securities
insurance coverage, travel expenses and reasonable out-of-pocket
regulations;
expenses.
● Trading in mortgages with a related party.
The Manager, in respect of the Fund, received the following
standing instructions from the IRC with respect to related party The Manager is required to advise the IRC of any breach of a
transactions: condition of the standing instructions. The standing instructions
require, among other things, that the investment decision in
● Paying brokerage commissions and spreads to a related party
respect to a related party transaction: (a) is made by the
for effecting security transactions on an agency and principal
Manager free from any influence by an entity related to the
basis on behalf of the Fund;
Manager and without taking into account any consideration to
● Purchases or sales of securities of an issuer from or to another any associate or affiliate of the Manager; (b) represents the
investment fund managed by the Manager; business judgment of the Manager uninfluenced by
considerations other than the best interests of the Fund; and
● Investments in the securities of issuers for which a related
(c) is made in compliance with the Manager’s written policies
underwriter acted as an underwriter during the distribution of
and procedures. Transactions made by the Manager under the
such securities and the 60-day period following the completion
standing instructions are subsequently reviewed by the IRC to
of such distribution;
monitor compliance.
● Executing foreign exchange transactions with a related party
The Manager, in respect of the Fund, relied on IRC standing
on behalf of the Fund;
instructions regarding related party transactions during
● Purchases of securities of a related party; the period.
● Entering into over-the-counter derivatives on behalf of the
Fund with a related party;

Financial Highlights
The following tables show selected key financial information about each series of the Fund and are intended to help you understand the
Fund’s financial performance for the periods indicated. The information on the following tables is based on prescribed regulations and as
a result, is not expected to add across due to the increase (decrease) in net assets from operations being based on average shares
outstanding during the period and all other numbers being based on actual shares outstanding at the relevant point in time. Footnotes
for the tables are found at the end of the Financial Highlights section.

The Fund’s Net Assets per Share ($)(1)

Increase (decrease) from operations Distributions
Realized Unrealized Total From net
Net gains gains increase investment Net
Assets, (losses) (losses) (decrease) income From Return Assets,
beginning Total Total for the for the from (excluding From capital of Total end of
For the period ended of period revenue expenses period period operations(2) dividends) dividends gains capital distributions(3) period(1)
Series A
Dec. 31, 2020 13.30 0.19 (0.17) 0.74 1.06 1.82 – (0.36) – – (0.36) 14.75
June 30, 2020 14.21 0.30 (0.33) 0.22 (0.77) (0.58) – (0.19) (0.15) – (0.34) 13.30
June 30, 2019 14.34 0.39 (0.34) 0.56 (0.19) 0.42 – (0.58) – – (0.58) 14.21
June 30, 2018 14.22 0.33 (0.34) (0.34) 0.70 0.35 – (0.31) – – (0.31) 14.34
June 30, 2017 14.16 0.25 (0.37) 0.61 (0.11) 0.38 – (0.03) (0.18) – (0.21) 14.22
June 30, 2016 16.23 0.33 (0.35) 0.51 (1.47) (0.98) – (0.14) (1.03) – (1.17) 14.16
Series F
Dec. 31, 2020 16.68 0.24 (0.11) 0.93 1.34 2.40 – (0.36) (0.09) – (0.45) 18.62
June 30, 2020 17.73 0.37 (0.22) 0.26 (0.96) (0.55) – (0.21) (0.34) – (0.55) 16.68
June 30, 2019 17.95 0.49 (0.23) 0.69 (0.20) 0.75 – (0.97) – – (0.97) 17.73
June 30, 2018 17.59 0.41 (0.23) (0.47) 0.96 0.67 – (0.38) – – (0.38) 17.95
June 30, 2017 17.30 0.31 (0.26) 0.73 (0.29) 0.49 – (0.04) (0.19) – (0.23) 17.59
June 30, 2016 19.57 0.40 (0.23) 0.60 (1.59) (0.82) – (0.15) (1.24) – (1.39) 17.30
 DYNAMIC CANADIAN VALUE CLASS

Increase (decrease) from operations Distributions

Realized Unrealized Total From net
Net gains gains increase investment Net
Assets, (losses) (losses) (decrease) income From Return Assets,
beginning Total Total for the for the from (excluding From capital of Total end of
For the period ended of period revenue expenses period period operations(2) dividends) dividends gains capital distributions(3) period(1)
Series G
Dec. 31, 2020 13.54 0.20 (0.17) 0.75 1.09 1.87 – (0.36) – – (0.36) 15.04
June 30, 2020 14.50 0.31 (0.34) 0.21 (0.73) (0.55) – (0.21) (0.17) – (0.38) 13.54
June 30, 2019 14.62 0.40 (0.34) 0.57 (0.20) 0.43 – (0.59) – – (0.59) 14.50
June 30, 2018 14.49 0.34 (0.35) (0.33) 0.68 0.34 – (0.32) – – (0.32) 14.62
June 30, 2017 14.42 0.25 (0.36) 0.62 (0.12) 0.39 – (0.04) (0.19) – (0.23) 14.49
June 30, 2016 16.42 0.34 (0.34) 0.49 (1.45) (0.96) – (0.13) (0.98) – (1.11) 14.42
Series I
Dec. 31, 2020 9.21 0.13 (0.01) 0.51 0.74 1.37 – (0.14) (0.09) – (0.23) 10.36
June 30, 2020 9.76 0.21 (0.02) 0.16 (0.51) (0.16) – (0.12) (0.25) – (0.37) 9.21
June 30, 2019 9.86 0.28 (0.02) 0.40 (0.15) 0.51 – (0.63) – – (0.63) 9.76
June 30, 2018 9.58 0.22 (0.02) (0.19) 0.43 0.44 – (0.22) – – (0.22) 9.86
June 30, 2017 9.33 0.16 (0.02) 0.40 (0.08) 0.46 – (0.02) (0.13) – (0.15) 9.58
June 30, 2016 10.45 0.21 (0.02) 0.32 (0.89) (0.38) – (0.08) (0.68) – (0.76) 9.33
Series IP
Dec. 31, 2020 12.18 0.18 (0.01) 0.68 0.98 1.83 – (0.18) (0.12) – (0.30) 13.70
June 30, 2020 12.92 0.28 (0.03) 0.20 (0.71) (0.26) – (0.14) (0.38) – (0.52) 12.18
June 30, 2019 13.40 0.36 (0.03) 0.53 (0.21) 0.65 – (1.16) – – (1.16) 12.92
June 30, 2018 12.97 0.30 (0.03) (0.53) 0.77 0.51 – (0.27) – – (0.27) 13.40
June 30, 2017 12.66 0.22 (0.03) 0.54 (0.04) 0.69 – (0.03) (0.20) – (0.23) 12.97
June 30, 2016 14.34 0.29 (0.05) 0.48 (1.39) (0.67) – (0.11) (1.06) – (1.17) 12.66
Series O
Dec. 31, 2020 14.06 0.20 (0.01) 0.78 1.15 2.12 – (0.24) (0.14) – (0.38) 15.78
June 30, 2020 14.85 0.32 (0.02) 0.23 (0.65) (0.12) – (0.18) (0.36) – (0.54) 14.06
June 30, 2019 15.01 0.42 (0.02) 0.60 (0.16) 0.84 – (0.95) – – (0.95) 14.85
June 30, 2018 14.51 0.35 (0.03) (0.24) 0.72 0.80 – (0.28) – – (0.28) 15.01
June 30, 2017 14.10 0.25 (0.03) 0.61 (0.16) 0.67 – (0.03) (0.17) – (0.20) 14.51
June 30, 2016 15.92 0.32 (0.03) 0.43 (1.11) (0.39) – (0.17) (1.08) – (1.25) 14.10
Series T
Dec. 31, 2020 5.07 0.07 (0.06) 0.27 0.41 0.69 – (0.08) – (0.27) (0.35) 5.41
June 30, 2020 5.85 0.12 (0.13) 0.09 (0.30) (0.22) – (0.11) (0.09) (0.35) (0.55) 5.07
June 30, 2019 6.35 0.17 (0.14) 0.24 (0.08) 0.19 – (0.15) – (0.54) (0.69) 5.85
June 30, 2018 6.81 0.15 (0.16) (0.17) 0.34 0.16 – (0.12) – (0.54) (0.66) 6.35
June 30, 2017 7.32 0.12 (0.18) 0.30 (0.05) 0.19 – (0.06) (0.29) (0.31) (0.66) 6.81
June 30, 2016 8.93 0.18 (0.19) 0.27 (0.74) (0.48) – (0.06) (0.49) (0.56) (1.11) 7.32
(1) This information is derived from the Fund’s interim and audited annual financial statements. The net assets per share presented in the financial statements may differ from the net asset
value per share. An explanation of these differences can be found in note 2 of the Fund’s financial statements. The net asset value per share at the end of the period is disclosed in
Ratios and Supplemental Data.
(2) Net assets per share and distributions per share are based on the actual number of shares outstanding for the relevant series at the relevant time. The increase (decrease) in net assets
from operations per share is based on the weighted average number of shares outstanding for the relevant series over the period.
(3) Distributions were paid in cash or reinvested in additional shares of the Fund.

Ratios and Supplemental Data

Management MER before Trading
Total net asset Number of shares expense ratio waivers or expense ratio Portfolio turnover Net asset value
As at value (in $000s)(1) outstanding(1) (‘‘MER’’) (%)(2) absorptions (%)(2) (‘‘TER’’) (%)(3) rate (%)(4) per share ($)
Series A
Dec. 31, 2020 82,884 5,618,725 2.28* 2.28* 0.03* 10.26 14.75
June 30, 2020 81,600 6,136,940 2.30 2.30 0.08 63.23 13.30
June 30, 2019 108,205 7,613,672 2.30 2.30 0.06 30.96 14.21
June 30, 2018 140,622 9,808,356 2.29 2.29 0.12 72.18 14.34
June 30, 2017 209,625 14,745,357 2.40 2.40 0.12 102.81 14.22
June 30, 2016 269,454 19,025,965 2.27^ 2.27^ 0.11 97.72 14.16
Series F
Dec. 31, 2020 14,675 788,293 1.17* 1.17* 0.03* 10.26 18.62
June 30, 2020 13,842 829,809 1.17 1.17 0.08 63.23 16.68
June 30, 2019 21,060 1,187,677 1.18 1.18 0.06 30.96 17.73
June 30, 2018 27,157 1,512,737 1.17 1.17 0.12 72.18 17.95
June 30, 2017 41,102 2,336,059 1.28 1.28 0.12 102.81 17.59
June 30, 2016 38,110 2,203,289 1.17^ 1.17^ 0.11 97.72 17.30
 DYNAMIC CANADIAN VALUE CLASS

Management MER before Trading

Total net asset Number of shares expense ratio waivers or expense ratio Portfolio turnover Net asset value
As at value (in $000s)(1) outstanding(1) (‘‘MER’’) (%)(2) absorptions (%)(2) (‘‘TER’’) (%)(3) rate (%)(4) per share ($)
Series G
Dec. 31, 2020 15,927 1,059,317 2.25* 2.25* 0.03* 10.26 15.04
June 30, 2020 15,285 1,128,570 2.25 2.25 0.08 63.23 13.54
June 30, 2019 21,767 1,501,457 2.27 2.27 0.06 30.96 14.50
June 30, 2018 28,529 1,951,632 2.26 2.26 0.12 72.18 14.62
June 30, 2017 43,115 2,976,246 2.26 2.26 0.12 102.81 14.49
June 30, 2016 54,194 3,759,447 2.17^ 2.17^ 0.11 97.72 14.42
Series I
Dec. 31, 2020 2,234 215,631 0.08* 0.08* 0.03* 10.26 10.36
June 30, 2020 1,946 211,278 0.08 0.08 0.08 63.23 9.21
June 30, 2019 2,197 225,165 0.08 0.08 0.06 30.96 9.76
June 30, 2018 2,401 243,435 0.08 0.08 0.12 72.18 9.86
June 30, 2017 3,558 371,506 0.09 0.09 0.12 102.81 9.58
June 30, 2016 5,036 539,480 0.09 0.09 0.11 97.72 9.33
Series IP
Dec. 31, 2020 611 44,596 0.09* 0.09* 0.03* 10.26 13.70
June 30, 2020 536 43,988 0.09 0.09 0.08 63.23 12.18
June 30, 2019 646 50,050 0.09 0.09 0.06 30.96 12.92
June 30, 2018 797 59,517 0.09 0.09 0.12 72.18 13.40
June 30, 2017 1,971 151,946 0.09 0.09 0.12 102.81 12.97
June 30, 2016 2,605 205,853 0.26 0.26 0.11 97.72 12.66
Series O
Dec. 31, 2020 17,425 1,104,474 0.04* 0.04* 0.03* 10.26 15.78
June 30, 2020 16,874 1,200,439 0.05 0.05 0.08 63.23 14.06
June 30, 2019 17,773 1,196,595 0.05 0.05 0.06 30.96 14.85
June 30, 2018 18,730 1,247,664 0.04 0.04 0.12 72.18 15.01
June 30, 2017 21,259 1,464,909 0.04 0.04 0.12 102.81 14.51
June 30, 2016 22,814 1,617,574 0.05 0.05 0.11 97.72 14.10
Series T
Dec. 31, 2020 3,373 623,993 2.23* 2.23* 0.03* 10.26 5.41
June 30, 2020 3,839 756,868 2.26 2.26 0.08 63.23 5.07
June 30, 2019 6,260 1,070,230 2.27 2.27 0.06 30.96 5.85
June 30, 2018 8,324 1,310,846 2.25 2.25 0.12 72.18 6.35
June 30, 2017 12,643 1,855,428 2.34 2.34 0.12 102.81 6.81
June 30, 2016 17,234 2,354,020 2.27^ 2.27^ 0.11 97.72 7.32
* Annualized
^ The MER includes the reversal of performance fees which were accrued in the NAV of the series in the prior fiscal period. Performance fees are accrued daily and paid on a calendar
year basis, however the Fund’s fiscal year is from July 1st to June 30th. As such, any performance fees accrued during the first half of the calendar year (January 1st to June 30th) will
be included in the June 30th fiscal year end MER. If during the second half of the calendar year (July 1st to December 31st) the Fund’s performance decreases or underperforms the
benchmark, the performance fees may be reversed and will appear as a reversal of an expense in the Statements of Comprehensive Income, and will reduce the total expenses of the
Fund or series, potentially resulting in a negative MER.
(1) This information is provided as at the period end of the years shown.
(2) The management expense ratio is based on the total expenses (including sales tax, and excluding commissions and other portfolio transaction costs) of each series of the Fund and a
proportional share of underlying funds’ expenses (mutual funds, ETFs and closed-end funds), where applicable, 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, short borrowing costs and interest on leverage of the Fund and the underlying funds,
where applicable, expressed as an annualized percentage of daily average net asset value of the Fund during 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 its portfolio once in the course of the period. The higher a fund’s portfolio turnover rate in a period, the greater the trading costs payable by the
fund in the period, 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.

Management Fee Management Dealer

fees compensation Other†
The management fee is an annualized rate based on the net asset (%) (%) (%)
value of each series of the Fund, accrued daily and calculated Series A 2.00 43.0 57.0
Series F 1.00 – 100.0
and paid monthly. The management fees cover the costs of Series G 2.00 45.2 54.8
managing the Fund, arranging for investment analysis, Series I* – – –
recommendations and investment decision making for the Fund, Series IP* – – –
Series O* – – –
arranging for distribution of the Fund, marketing and promotion Series T 2.00 42.3 57.7
of the Fund and providing or arranging for other services. * The management fee for this series is negotiated and paid directly by these
shareholders and not by the Fund.
The breakdown of services received in consideration of † Relates to all services provided by the Manager described above except dealer
management fees for each series, as a percentage of the compensation.

management fees, are as follows:

 DYNAMIC CANADIAN VALUE CLASS

% Series I Shares
Past Performance 40
The following shows the past performance for each series and 30 27.3%
will not necessarily indicate how the Fund will perform in the 23.1%
20 17.1%
future. The information shown assumes that all distributions 14.9%
10.3%
made by each series of the Fund in the periods shown were 10
4.3% 5.3% 5.9%
reinvested in additional shares of the relevant series. In addition, 0
-2.0%
the information does not take into account sales, redemption, -3.0%
-10
distribution or other optional charges that would have reduced -13.6%
returns or performance. -20
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(1)

Year-by-Year Returns % Series IP Shares

40
The following charts show the performance for each series of the
30 26.8%
Fund and illustrate how performance has varied from year to 22.5%
year. The charts show, in percentage terms, how much an 20 16.7% 14.9%
investment held on the first day of each fiscal year would have 10
9.4%
5.9%
4.2% 5.4%
increased or decreased by the last day of each fiscal year for
0
that series. -3.1% -2.1%
-10
(for fiscal years ended June 30)
-13.4%
-20
% Series A Shares 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(1)
40
% Series O Shares
30
24.3% 40
20.2%
20
14.3% 13.7% 30 27.3%
23.2%
10 7.6%
3.0% 3.6% 20 17.1%
15.0%
1.9%
0 10.4%
10 5.4% 6.0%
-5.2% -4.2% 4.3%
-10
0
-15.5% -3.1% -2.0%
-20
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(1) -10
-13.5%
-20
% Series F Shares 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(1)
40
% Series T Shares
30 25.8% 40
21.6%
20 15.6% 14.3% 30
24.3%
10 8.9% 20.4%
3.0% 4.2% 4.8% 20
14.3% 13.7%
0 7.7%
10
-4.1% -3.1% 3.2% 3.6%
1.9%
-10
0
-14.5%
-20 -5.2% -4.1%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(1) -10
-15.4%
-20
% Series G Shares 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(1)
40
(1) Six month period ended December 31, 2020.
30
24.5%
20
20.5% Summary of Investment Portfolio
13.7%
10 7.8% The Summary of Investment Portfolio may change due to ongoing
2.0% 3.1% 3.6%
0
portfolio transactions. A quarterly portfolio update is available to
-5.1% -4.1% the investor at no cost by calling 1-800-268-8186, or by visiting
-10 www.dynamic.ca, 60 days after quarter end, except for June 30,
-15.4%
-20 which is the fiscal year end, when they are available after
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(1)
90 days.
 DYNAMIC CANADIAN VALUE CLASS

Percentage of
By Asset Type net asset value†
Equities 99.1
Cash and Short Term Instruments (Bank Overdraft) 1.0
Other Net Assets (Liabilities) –0.1

Percentage of
By Country / Region(1) net asset value†
Canada 74.0
United States 25.1
Cash and Short Term Instruments (Bank Overdraft) 1.0

Percentage of
By Industry(1)(2) net asset value†
Financials 28.3
Information Technology 14.7
Industrials 11.5
Materials 9.0
Energy 8.0
Communication Services 6.3
Consumer Staples 5.6
Consumer Discretionary 5.1
Real Estate 4.4
Health Care 4.2
Utilities 2.0
Cash and Short Term Instruments (Bank Overdraft) 1.0

Percentage of
Top 25 Holdings net asset value†
Bank of Nova Scotia (The) 5.7
Toronto-Dominion Bank (The) 5.0
Royal Bank of Canada 4.8
Canadian National Railway Company 3.6
Onex Corporation 3.6
Canadian Pacific Railway Limited 3.4
Power Corporation of Canada 3.3
Microsoft Corporation 3.2
Intact Financial Corporation 3.1
Visa Inc., Class ‘‘A’’ 2.7
Manulife Financial Corporation 2.6
Franco-Nevada Corporation 2.6
CGI Inc. 2.6
Thermo Fisher Scientific Inc. 2.5
Boardwalk Real Estate Investment Trust 2.5
Shaw Communications Inc., Class ‘‘B’’ 2.5
PrairieSky Royalty Ltd. 2.4
Brookfield Asset Management Inc., Class ‘‘A’’ 2.3
Restaurant Brands International Inc. 2.2
Amazon.com, Inc. 2.1
United Parcel Service, Inc., Class ‘‘B’’ 2.1
Alimentation Couche-Tard Inc., Class ‘‘B’’, Subordinated Voting 2.1
BCE Inc. 2.0
Algonquin Power & Utilities Corp. 2.0
Suncor Energy Inc. 2.0
(1) Excludes other net assets (liabilities) and derivatives.
(2) Excludes bonds and debentures.
† Based on the net asset value, therefore, weightings presented in the Schedule of
Investments may differ from the ones disclosed above.