Dynamic Global Yield Private Pool Class

INVESTMENT DISCIPLINE

David Fingold employs a deliberately different, disciplined and opportunistic approach to investing and targets companies with high free cash flow generation, dividend growth and strong balance sheets.

Jason Gibbs and Bill McLeod follow a capital protection philosophy in targeting primarily high quality “best-in- class” Canadian businesses with sustainable dividend income and the potential for dividend growth.

Ryan Nicholl and Tom Dicker take a quality-value approach to stock selection that places emphasis on bottom-up fundamental research and valuation. They seek to invest in dividend-paying U.S. companies that are dominant within their industries thanks to enduring competitive advantages, strong balance sheets and best-in-class management teams.

Marc-André Gaudreau offers exposure to a broad range of credit asset classes using a rigorous security selection process and a full range of risk management tools to protect capital.

Derek Amery focuses on high quality Canadian issuers. He tactically manages duration, sector allocation and foreign currency exposure utilizing a broad range of risk management tools.

Romas Budd uses a combination of investment strategies to generate risk adjusted total returns through both interest income and capital gains.

The Oversight Committee is responsible for monitoring at both the manager level and the overall Pool level.

PORTFOLIO MANAGEMENT

LITERATURE

Client Agreement

Dynamic Private Investment Pools Brochure - Investor

Market Commentary

Quarterly Commentary

Dynamic Global Yield Private Pool Class

Dynamic Series T - Investor Brochure

Interim Report

Annual Report

PERFORMANCE

Growth of $

CALENDAR RETURNS (%) As at 03/31/2024

YTD	2023	2022	2021	2020	2019	2018	2017	2016
6.3	9.4	-10.1	10.6	5.6	14.7	—	—	—

COMPOUND RETURNS (%) As at 03/31/2024

1 month	3 months	6 months	1 year	3 years	5 years	10 years	Inception
1.8	6.3	14.2	11.7	4.8	5.3	—	6.2

ASSET
ALLOCATION
As at 03/31/2024

value	holding
30.8%	Common Stocks-US
18.6%	Common Stocks-Foreign
15.3%	Common Stocks-CDN
10.3%	Corporate Bonds - CDN
6.0%	Foreign Bonds & Debentures
5.6%	Federal Govt Bonds - CDN
5.4%	Provincial Govt Bonds - CDN
4.6%	Cash, Short-Term Investments & Other Net Assets
1.7%	Mutual Funds - Canadian Income
1.5%	Canadian - Foreign Pay Bonds
0.1%	Mutual Funds - Foreign Income
0.1%	Other

GEOGRAPHIC
ALLOCATION
As at 03/31/2024

value	holding
40.1%	Canada
36.1%	United States
10.5%	Continental Europe
2.8%	Emerging Markets
2.7%	Japan
2.6%	United Kingdom
0.6%	Pacific

SECTOR
ALLOCATION
As at 03/31/2024

value	holding
12.2%	Financials
12.0%	Information Technology
10.1%	Industrials
6.9%	Health Care
4.6%	Consumer Discretionary
3.9%	Energy
3.7%	Consumer Staples
3.5%	Real Estate
3.3%	Communication Services
2.1%	Materials
1.9%	Utilities
0.6%	Other

TOP EQUITY HOLDINGS (%)
As at 03/31/2024

Microsoft Corporation	3.0
JPMorgan Chase & Co.	2.1
Novo Nordisk A/S, ADR	1.6
Apple Inc.	1.6
Oracle Corporation	1.4
Visa Inc., Class "A"	1.4
Walt Disney Company (The)	1.4
Stryker Corporation	1.3
Broadcom Inc.	1.3
Interroll Holding AG	1.3
Total allocation in top holdings	16.4

TOP BOND HOLDINGS (%)
As at 03/31/2024

Government of Canada, 3.00% Jun. 01 34	1.1
Canada Housing Trust, 3.650% Jun. 15 33	0.7
Dynamic Active Discount Bond ETF	0.6
Dynamic Short Term Credit PLUS Fund, Series "O"	0.6
Government of Canada, 2.750% Jun. 01 33	0.6
Scotia Mortgage Income Fund, Series "I"	0.5
Province of Ontario, 2.65% Dec. 02 50	0.5
Province of Ontario, 3.650% Jun. 02 33	0.5
Province of Quebec, 3.10% Dec. 01 51	0.4
Government of Canada, 1.00% Sep. 01 26	0.3
Total allocation in top holdings	5.8

HISTORICAL DISTRIBUTIONS ($/unit)

2024 Mar	Feb	2024 Jan	Dec	Nov	Oct	Sep	Aug	Jul	Jun	May	Apr
0.0420	0.0420	0.0420	0.0442	0.0403	0.0403	0.0403	0.0403	0.0403	0.0403	0.0403	0.0403

DYNAMIC PREFERRED PRICING
Management fee rates are applied back to dollar one

Fund Value	%
$0K - $250K	1.650
$250K - $1M	1.575
$1M - $5M	1.525
$5M+	1.475

^1. For the period ended 2023-06-30.
^2. We review the amount of the distribution in January of each year.
^3. The yield is determined by annualizing the fixed distribution rate and does not include any distributions in excess of the fixed distribution rate that may be paid at the fund’s year-end.
^4. Risk rating measures the degree of uncertainty that an investor can handle regarding fluctuations in the value of their portfolio. The amount of risk associated with any particular investment depends largely on your own personal circumstances including your time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their financial advisor before making a decision as to whether this pool is a suitable investment for them.
^5. Closed to purchases and switches in.

^. The benchmark used for analytics for this fund is 40% FTSE Canada Universe Bond/20% S&P/TSX Composite/20% S&P500/20% Solactive GBS Developed Markets Large & Mid Cap Index C$.

^. Distributions may consist of dividends, net realized capital gains, and/or return of capital. Distributions are not guaranteed and investors should not confuse a fund’s distribution yield with its performance or rate of return.

^. Commissions, trailing commissions, management fees and expenses all may be associated with investments in pools. Please read the prospectus before investing.

^. The indicated rates of return are the historical annual compounded total returns including changes in units [share] value and reinvestment of all distributions [dividends] and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. The rates of return are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values of the pool or returns on investment in the pool. Investments in pools are not guaranteed, their values change frequently and past performance may not be repeated.

^. Compound growth calculations are used only for the purpose of illustrating the effects of compound growth and are not intended to reflect future value of any mutual fund or returns on investment in any mutual fund.

^. R² is a measurement out of 100 that shows the extent to which a portfolio’s movements can be explained by the benchmark's movements.

^. Standard deviation is a measure of volatility; it shows how broadly the Fund's returns have varied over a given time period.