Institutional Funds

Investment Strategy

The Fund seeks to provide income and preserve capital by investing primarily in private debt securities and debt-like instruments which, in the opinion of TD Asset Management Inc., are investment grade quality at the time of purchase. The Funds may also invest in publicly traded fixed income securities in order to provide liquidity and ensure an appropriate level of diversification. The Fund uses a disciplined approach that seeks the maximum yield for a given level of risk by capturing the illiquidity premium associated with private debt securities and by utilizing tactical sources of added value, including foreign private debt securities which will normally be hedged back to Canadian dollars. The duration of the Fund will be maintained within 30% of the benchmark duration.

Investment Objective

The Fund's performance objective is to outperform the FTSE TMX Canada Universe Bond Index by 1.0% to 1.5% per annum, over a 4 year rolling period.

Who Should Invest

The Fund is designed for institutional investors seeking the incremental income associated with illiquid private debt securities and preservation of capital over the long term.

Fund Facts

Asset Class	Private Credit
Management Philosophy	Active Fundamental
Inception Date	July 13, 2016
Benchmark	FTSE Canada Universe Bond Index

Details

NAV($) / Yield (%)	10.8605 (As of January 26, 2021)
Distribution Date	December 31, 2020
Income Distribution	0.1008
Capital Distribution	0.0000
Total Distribution	0.1008
AUM (in millions)	739.71 (As of December 31, 2020)
Distribution Frequency	Annual

Performance

	1 M	3 M	YTD	1 Y	2 Y	3 Y	4 Y	5 Y	10 Y	Since Inception
Fund	1.30	2.06	10.61	10.61	9.85	6.84	6.27	-	-	5.18
Benchmark	0.37	0.63	8.68	8.68	7.77	5.61	4.83	-	-	3.61

Note: Fund performance is before fees but after expenses

Yearly Performance

	2019	2018	2017	2016	2015
Fund	9.10	1.05	4.61	-	-
Benchmark	6.87	1.41	2.52	-	-