lysander-canso bond fund – series...

LYSANDER FUNDS LIMITED FUND FACTSDecember 30, 2016

Lysander-Canso Bond Fund – Series A

This document contains key information you should know about the Series A Units of Lysander-Canso Bond (the “Fund”).You can find more details in the Fund’s simplified prospectus. Ask your representative for a copy, contact Lysander FundsLimited at 1-877-308-6979 or [email protected], or visit www.lysanderfunds.com.

Before you invest in any fund, consider how the fund would work with your other investments and your tolerance forrisk.

Quick Facts

Fund Code: LYZ804A Fund Manager: Lysander Funds Limited

Date series started: December 28, 2011 Portfolio manager: Canso Investment Counsel Ltd.

Total value of theFund on December 2,2016:

$86,723,547 Distributions:Quarterly (March, June, September andDecember)

Management expenseratio (MER):

1.43%Minimuminvestment:

$5,000 initial, $100 additional

What does the fund invest in?This Fund is a fixed income fund that invests in a diversified portfolio composed primarily of Canadian dollar denominatedfixed-income securities of Canadian and foreign issuers.

The charts below give you a snapshot of the Fund’s investments on December 2, 2016. The Fund’s investments will change.

Top 10 investments (as of December 2, 2016) Investment mix (as of December 2, 2016)

RBC CB FRN Mar 23, 2020 (3M CDOR + 36) 6.2%Kraft Canada Inc. FRN July 6, 2020 (Q CDOR+105) 5.1%ICICI Bank NHA MBS FRN (98001256) Jul 1,2020 (CDOR+0.4037%) 4.9%GE Capital Canada FRN Feb 6, 2023 (Q CDOR+120) 4.3%Central 1 Credit Union FRN Nov 21, 2018 (3MCDOR +62) 4.3%Enbridge Inc. FRN Mar 13, 2017 (Q CDOR+45) 4.1%TD Bank FRN Feb 18, 2020 (Q CDOR +54) 3.5%BMO FRN Apr 10, 2017 (3M CDOR + 27) 3.0%RBC FRN Feb 11, 2020 (3M CDOR + 54) 2.8%MCAP Service NHA MBS FRN(98001833) (MCDOR+25) Oct 1, 2021 2.6%Total percentage of top 10 investments 40.7%

Total number of investments 70



How risky is it?The value of the Fund can go down as well as up. You couldlose money.

One way to gauge risk is to look at how much a fund’s returnschange over time. This is called “volatility”.

In general, funds with higher volatility will have returns thatchange more over time. They typically have a greater chanceof losing money and may have a greater chance of higherreturns. Funds with lower volatility tend to have returns thatchange less over time. They typically have lower returns andmay have a lower chance of losing money.

Risk ratingLysander Funds Limited has rated the volatility of this Fund aslow.

This rating is based on how much the Fund’s returns havechanged from year to year. It doesn’t tell you how volatilethe Fund will be in the future. The rating can change overtime. A fund with a low risk rating can still lose money.

For more information about the risk rating and specific risksthat can affect the Fund’s returns, see the Risk section ofthe Fund’s simplified prospectus.

No guaranteesLike most mutual funds, this Fund doesn’t have anyguarantees. You may not get back the amount of money youinvest.

How has the fund performed?This section tells you how the Series A Units of the Fund have performed over the past 4 years. Returns are after Fundexpenses have been deducted. These expenses reduce the Series’ returns.

Year-by-year returnsThis chart shows how the Series A Units of the Fund have performed in each of the last 4 years. The Fund dropped in value inzero of the 4 years. The range of returns and change from year to year can help you assess how risky the Fund has been in thepast. It does not tell you how the Fund will perform in the future.

Best and worst 3-month returnsThis table shows the best and worst returns for this Series of the Fund in a 3-month period over the past 4 years. The best andworst 3-month returns could be higher or lower in the future. Consider how much of a loss you could afford to take in a shortperiod of time.

Low Low tomedium

Medium Mediumto high

High



Return 3 months ending If you invested $1,000 at the beginning of the period

Best return 4.14% January 31, 2015 Your investment would rise to $1,041.41.

Worst return -1.71% July 31, 2013 Your investment would drop to $982.92.

Average returnThe annual compounded return of Series A was 2.51% since its start date. If you had invested $1,000 in the Series A Units ofthe Fund on its start date of December 28, 2011, your investment would have been worth $1,125.44 on December 2, 2016.

Who is the fund for?

Investors who: plan to hold this investment for the medium term;

and want to primarily receive interest income.

A word about taxIn general, you’ll have to pay income tax on your share ofthe Fund’s earnings and on taxable capital gains you realizefrom redeeming your investment. How much you paydepends on the tax rates that apply to you, and whether ornot you hold the fund in a registered plan such as aRegistered Retirement Savings Plan or a Tax-Free SavingsAccount.

Keep in mind that if you hold your fund in a non-registeredaccount, fund distributions of income and taxable capitalgains are included in your taxable income, whether you getthem in cash or have them reinvested.

How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series A Units of the Fund. The fees andexpenses – including any commissions – can vary among series of a fund and among funds. Higher commissions can influencerepresentatives to recommend one investment over another. Ask about other funds and investments that may be suitable for youat a lower cost.

Sales chargesThere is only one sales charge option when you buy Series A Units.

Sales chargeoption

What you pay How it worksin per cent (%) in dollars ($)

Initial SalesChargeOption

0% to 5% of the amountyou buy

$0 to $50 onevery $1,000you buy

You and your representative decide on the rate ofcommission that you pay when you buy Units. The initialsales charge is deducted from the amount paid at the time ofpurchase. It goes to your representative’s firm as acommission.

Fund expensesYou do not pay these expenses directly. They affect you because they reduce the Fund’s returns.

As at June 30, 2016, the expenses of the Series were 1.43% of its average value. This equates to $14.30 for every $1,000invested.

Annual rate(as a % of the Fund’s value)

Management expense ratio (MER) – This is the total of the Series’management fee (including the trailing commission) and operatingexpenses.

1.43%

Trading expense ratio (TER) – These are the Fund’s trading costs. 0.00%




Fund expenses 1.43%

More about the trailing commissionThe trailing commission is an ongoing commission. Lysander Funds Limited pays your representative a trailing commission foras long as you own Units of this Series of the Fund. It is for the services and advice your representative and their firm provide toyou. Lysander Funds Limited pays the trailing commission to your representative’s firm. It is paid by Lysander Funds Limitedout of the management fee and is based on the value of your investment. The maximum annual trailing commission rate forSeries A Units of the Fund is 0.50%, which equals $5.00 for every $1,000 invested.

Other feesYou may have to pay other fees when you buy, hold, sell or switch Units of this Series of the Fund.

Fee What you payShort-term trading fees Up to 2% of the amount redeemed or switched if you redeem or switch within 30 days of

purchase. This fee goes to the Fund.Switch fees Your representative’s firm may charge you up to 2% of the net asset value of the

switched Units, as negotiated between you and your representative’s firm.

What if I change my mind?Under securities law in some provinces and territories, you have the rightto: withdraw from an agreement to buy mutual fund securities within 2

business days after you receive a simplified prospectus or Fund Factsdocument, or

cancel your purchase within 48 hours after you receive confirmation ofthe purchase.

In some provinces and territories, you also have the right to cancel apurchase, or in some jurisdictions, claim damages, if the simplifiedprospectus, annual information form, Fund Facts document or financialstatements contain a misrepresentation. You must act within the time limitset by the securities law in your province or territory.

For more information, see the securities law of your province or territory orask a lawyer.

For more informationContact Lysander Funds Limited or yourrepresentative for the Fund’s simplifiedprospectus and other disclosure documents whichhave more detailed information. Thesedocuments and the Fund Facts make up theFund’s legal documents.

Lysander Funds Limited100 York Blvd.Richmond Hill, ON L4B 1J8Toll-free: 1-877-308-6979Email: [email protected]

To learn more about investing in mutual funds,see the brochure Understanding mutual funds,which is available on the website of the CanadianSecurities Administrators at www.securities-administrators.ca.


Lysander-Canso Bond Fund – Series F

This document contains key information you should know about the Series F Units of Lysander-Canso Bond Fund(the “Fund”). You can find more details in the Fund’s simplified prospectus. Ask your representative for a copy, contactLysander Funds Limited at 1-877-308-6979 or [email protected], or visit www.lysanderfunds.com.


Quick Facts

Fund Code: LYZ804F Fund Manager: Lysander Funds Limited





0.87%Minimuminvestment:

$5,000 initial, $100 additional




RBC CB FRN Mar 23, 2020 (3M CDOR + 36) 6.2%Kraft Canada Inc. FRN July 6, 2020 (Q CDOR +105) 5.1%ICICI Bank NHA MBS FRN (98001256) Jul 1, 2020(CDOR+0.4037%) 4.9%GE Capital Canada FRN Feb 6, 2023 (Q CDOR+120) 4.3%Central 1 Credit Union FRN Nov 21, 2018 (3MCDOR +62) 4.3%Enbridge Inc. FRN Mar 13, 2017 (Q CDOR +45) 4.1%TD Bank FRN Feb 18, 2020 (Q CDOR +54) 3.5%BMO FRN Apr 10, 2017 (3M CDOR + 27) 3.0%RBC FRN Feb 11, 2020 (3M CDOR + 54) 2.8%MCAP Service NHA MBS FRN(98001833) (MCDOR+25) Oct 1, 2021 2.6%Total percentage of top 10 investments 40.7%




How risky is it?The value of the Fund can go down as well as up. You could losemoney.

One way to gauge risk is to look at how much a fund’s returnschange over time. This is called “volatility”.

In general, funds with higher volatility will have returns that changemore over time. They typically have a greater chance of losingmoney and may have a greater chance of higher returns. Funds withlower volatility tend to have returns that change less over time.They typically have lower returns and may have a lower chance oflosing money.

Risk ratingLysander Funds Limited has rated the volatility of this Fund as low.

This rating is based on how much the Fund’s returnshave changed from year to year. It doesn’t tell youhow volatile the Fund will be in the future. The ratingcan change over time. A fund with a low risk ratingcan still lose money.

For more information about the risk rating and specificrisks that can affect the Fund’s returns, see the Risksection of the Fund’s simplified prospectus.

No guaranteesLike most mutual funds, this Fund doesn’t have anyguarantees. You may not get back the amount ofmoney you invest.

How has the fund performed?This section tells you how the Series F Units of the Fund have performed over the past 4 years. Returns are after Fundexpenses have been deducted. These expenses reduce the Series’ returns.

Year-by-year returnsThis chart shows how the Series F Units of the Fund have performed in each of the last 4 years. The Fund dropped in value inzero of the 4 years. The range of returns and change from year to year can help you assess how risky the Fund has been in thepast. It does not tell you how the Fund will perform in the future.

Best and worst 3-month returnsThis table shows the best and worst returns for this Series of the Fund in a 3-month period over the past 4 years. The best andworst 3-month returns could be higher or lower in the future. Consider how much of a loss you could afford to take in a shortperiod of time.

Low Low tomedium


High



Return 3 months ending If you invested $1,000 at the beginning of the period

Best return 4.30% January 31, 2015 Your investment would rise to $1,042.94.

Worst return -1.56% July 31, 2013 Your investment would drop to $984.40

Average returnThe annual compounded return of Series F was 3.06% since its start date. If you had invested $1,000 in the Series F Units ofthe Fund on its start date of December 28, 2011, your investment would have been worth $1,154.52 on December 2, 2016.




A word about taxIn general, you’ll have to pay income tax on your share ofthe Fund’s earnings and on taxable capital gains you realizefrom redeeming your investment. How much you paydepends on the tax rates that apply to you, and whether ornot you hold the fund in a registered plan such as aRegistered Retirement Savings Plan or a Tax-Free SavingsAccount.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series F Units of the Fund. The fees andexpenses – including any commissions – can vary among series of a fund and among funds. Higher commissions can influencerepresentatives to recommend one investment over another. Ask about other funds and investments that may be suitable for youat a lower cost.

Sales chargesNo sales charges apply when you purchase Series F Units of the Fund. However, investors in this Series generally pay theirrepresentative’s firm an asset-based fee as part of a fee-based program offered through that firm.

Fund expensesYou do not pay these expenses directly. They affect you because they reduce the Fund’s returns.

As at June 30, 2016, the expenses of the Series were 0.87% of its average value. This equates to $8.70 for every $1,000invested.


Management expense ratio (MER) – This is the total of the Series’management fee (including the trailing commission) and operatingexpenses.

0.87%

Trading expense ratio (TER) – These are the Fund’s trading costs. 0.00%Fund expenses 0.87%

More about the trailing commission



Lysander Funds Limited does not pay a trailing commission for this Series of the Fund.


Fee What you payFee-based program Investors in this Series generally pay their representative’s firm an asset-based fee as part

of a fee-based program offered through that firm.Short-term trading fees Up to 2% of the amount redeemed or switched if you redeem or switch within 30 days of

purchase. This fee goes to the Fund.Switch fees Your representative’s firm may charge you up to 2% of the net asset value of the

switched Units, as negotiated between you and your representative’s firm.





For more information, see the securities law of your province or territoryor ask a lawyer.

For more informationContact Lysander Funds Limited or yourrepresentative for the Fund’s simplifiedprospectus and other disclosure documentswhich have more detailed information. Thesedocuments and the Fund Facts make up theFund’s legal documents.


To learn more about investing in mutual funds,see the brochure Understanding mutual funds,which is available on the website of theCanadian Securities Administrators atwww.securities-administrators.ca.


Lysander-Canso Bond Fund – Series O

This document contains key information you should know about the Series O Units of Lysander-Canso Bond Fund(the “Fund”). You can find more details in the Fund’s simplified prospectus. Ask your representative for a copy, contactLysander Funds Limited at 1-877-308-6979 or [email protected], or visit www.lysanderfunds.com.


Quick Facts

Fund Code: LYZ804O Fund Manager: Lysander Funds Limited





MER is not availablebecause no Units of thisSeries have been issued.

Minimuminvestment:

Determined at the discretion of LysanderFunds Limited




RBC CB FRN Mar 23, 2020 (3M CDOR + 36) 6.2%Kraft Canada Inc. FRN July 6, 2020 (Q CDOR +105) 5.1%ICICI Bank NHA MBS FRN (98001256) Jul 1, 2020(CDOR+0.4037%) 4.9%GE Capital Canada FRN Feb 6, 2023 (Q CDOR +120) 4.3%Central 1 Credit Union FRN Nov 21, 2018 (3MCDOR +62) 4.3%Enbridge Inc. FRN Mar 13, 2017 (Q CDOR +45) 4.1%TD Bank FRN Feb 18, 2020 (Q CDOR +54) 3.5%BMO FRN Apr 10, 2017 (3M CDOR + 27) 3.0%RBC FRN Feb 11, 2020 (3M CDOR + 54) 2.8%MCAP Service NHA MBS FRN(98001833) (MCDOR+25) Oct 1, 2021 2.6%Total percentage of top 10 investments 40.7%




How risky is it?The value of the Fund can go down as well as up. You couldlose money.

One way to gauge risk is to look at how much a fund’sreturns change over time. This is called “volatility”.

In general, funds with higher volatility will have returns thatchange more over time. They typically have a greater chanceof losing money and may have a greater chance of higherreturns. Funds with lower volatility tend to have returns thatchange less over time. They typically have lower returns andmay have a lower chance of losing money.

Risk ratingLysander Funds Limited has rated the volatility of this Fundas low.

This rating is based on how much the Fund’s returns havechanged from year to year. It doesn’t tell you how volatilethe Fund will be in the future. The rating can change overtime. A fund with a low risk rating can still lose money.

For more information about the risk rating and specific risksthat can affect the Fund’s returns, see the Risk section of theFund’s simplified prospectus.

No guaranteesLike most mutual funds, this Fund doesn’t have anyguarantees. You may not get back the amount of money youinvest.

How has the fund performed?This section tells you how the Series O Units of the Fund have performed over the past 3 years. Returns are after Fundexpenses have been deducted. These expenses reduce the Series’ returns.

Year-by-year returnsThis information is not available because the Fund has been distributing Series O Units under a simplified prospectus for lessthan one calendar year.

Best and worst 3-month returnsThis information is not available because the Fund has been distributing Series O Units under a simplified prospectus for lessthan one calendar year.

Average returnThis information is not available because the Fund has been distributing Series O Units under a simplified prospectus for lessthan 12 consecutive months.




A word about taxIn general, you’ll have to pay income tax on your share ofthe Fund’s earnings and on taxable capital gains you realizefrom redeeming your investment. How much you paydepends on the tax rates that apply to you, and whether or notyou hold the fund in a registered plan such as a RegisteredRetirement Savings Plan or a Tax-Free Savings Account.


How much does it cost?

Low Low tomedium


High



The following tables show the fees and expenses you could pay to buy, own and sell Series O Units of the Fund. The fees andexpenses – including any commissions – can vary among series of a fund and among funds. Higher commissions can influencerepresentatives to recommend one investment over another. Ask about other funds and investments that may be suitable for youat a lower cost.

Sales chargesNo sales charges apply when you purchase Series O Units of the Fund.

Fund expensesYou do not pay these expenses directly. They affect you because they reduce the Fund’s returns. The Fund’s expenses are madeup of the management fee, operating expenses and trading costs. The Series’ management fee is negotiated on a case-by-casebasis with the Manager, but will not exceed the management fee payable on Series A Units of the Fund, which is currently1.15%. The expenses for this Series are not available because no Units of this Series have been issued.

More about the trailing commissionLysander Funds Limited does not pay a trailing commission for this Series of the Fund.


Fee What you payManagement fee You pay a management fee to Lysander Funds Limited for services provided to you. The

amount of this fee is negotiated on a case-by-case basis with the Manager, but will notexceed the management fee payable on Series A Units of the Fund, which is currently1.15%.

Short-term trading fees Up to 2% of the amount redeemed or switched if you redeem or switch within 30 days ofpurchase. This fee goes to the Fund.

Switch fees Your representative’s firm may charge you up to 2% of the net asset value of theswitched Units, as negotiated between you and your representative’s firm.





For more information, see the securities law of your province or territoryor ask a lawyer.

For more informationContact Lysander Funds Limited or yourrepresentative for the Fund’s simplifiedprospectus and other disclosure documentswhich have more detailed information. Thesedocuments and the Fund Facts make up theFund’s legal documents.


To learn more about investing in mutual funds,see the brochure Understanding mutual funds,which is available on the website of theCanadian Securities Administrators atwww.securities-administrators.ca.

lysander-canso bond fund – series...

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