Rates of Return and Management Expense Ratios

Rates of Return

Actual Rates of Return as of March 31, 2021

ReturnTradex Equity Fund LimitedTradex Bond FundTradex Global Equity Fund
Latest 3 months*4.63%1.01%3.78%
Latest 6 months*17.11%5.69%21.47%
1 year*45.64%15.80%54.34%
2 years**13.50%4.85%13.25%
3 years**11.68%3.52%9.74%
4 years**10.40%3.02%11.10%
5 years**11.62%4.05%13.02%
10 years**7.92%4.29%12.12%
Since Inception**(April 1960)
(September 1989)
(May 1999)

*Total return

** Average annual compound return

Management fees and expenses may be associated with mutual fund investments. The rates of return include reinvestment of all distributions and do not take into account income taxes payable by the investor that could have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Management Expense Ratios

Since Tradex operates at an “at cost” basis, any excess revenue earned goes back to the Tradex Funds to reduce their management expense ratio. In 2020, we were able to reduce management expenses for the three Tradex Funds by a total of $550,310 (versus $440,700 in 2019, $549,18 in 2018, $548,050 in 2017, $401,150 in 2016) through rebating a portion of our dealer operations revenue.

Median MER for Fund Category*
Tradex Equity Fund1.03%1.10%1.03%1.02%1.11%2.28%
   Before Rebates1.30%1.30%1.32%1.34%1.36%
Tradex Bond Fund0.97%0.97%0.96%0.92%0.99%1.27%/1.81%
   Before Rebates1.22%1.24%1.25%1.24%1.29%
Tradex Global Equity Fund2.79%#2.85%#2.80%#2.76%#2.92%#2.29%
   Before Rebates3.20%3.20%3.19%3.19%3.32%
   Underlying Funds1.09%1.07%1.04%1.03%0.97%

*Source: Morningstar

^ Canadian fixed income/Canadian fixed income balanced
# Amendments to Canadian security regulations now require the MER calculation to include the underlying expenses charges against the net assets of foreign listed closed-end fund companies.
1)Management expense ratio is based on total expenses (excluding broker commission and other portfolio transaction costs) of the fund and the underlying funds where applicable, for the year and is ex-pressed as an annualized percentage of daily average net asset value during the year.
2) The fund invests in closed-end fund companies listed on global stock exchanges whose investments are principally in a diversified portfolio of equity securities. Each closed-end fund will have expenses charged against the underlying Net Assets of the fund. Purchasing at a significant discount to these NAVs is a key component of this fund.
3)The movements in the discounts applicable to the underlying fund prices frequently offsets the potential impact of the underlying incremental expenses.
The 2020 attribution from discount movement was +0.3% versus +3.10% in 2019 only partially offsetting the underlying fund expenses. The direct cost of Tradex Global Equity Fund declined from 1.95% in 2016 to 1.70% for 2020.

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