Mawer Short Term Bond Fund | Mawer Investment Management Ltd

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Mawer Short Term Bond Fund

As at February 28, 2026

Morningstar Rating™ ^*:

N/A

Fund Managers:

Crista Caughlin, CFA

Series Start Date:

Jun 1, 2026

Fund Net Asset Value:

$26.00 million

Total Net Asset Value (Series F):

$1.30 million

Net Asset Value Per Unit:

$10.04

RRSP Eligibility:

Yes

Management Expense Ratio^† :

0.50% (as at February 28, 2026)

Fund Code:

MAW125

Performance

Fund Documents

Prices

What Does this Fund Invest In?

The Fund invests primarily in short term bonds and debentures of Canadian government and corporate issuers. Treasury bills or other short-term will also be used.

Investor Suitability

Investors seeking income and stability. Low risk.

Investment Strategy

In order to achieve its investment objectives, the Manager focuses on security, sector, credit and curve analysis in making investment decisions. Investment considerations may include interest rates, yield spreads, exchange rates, structures, credit spread and fundamental analysis of sovereign, government, corporate and structured finance issuers. The Fund is actively managed, seeking a diversified source of fixed income returns, generated in a risk conscious and conservative manner.The Fund intends to hedge its foreign currency exposure back to Canadian Dollars and may also employ derivatives to manage interest rate and duration exposure.

Top Holdings

Top Holdings	Weight (%)
Canada Housing Trust No 1 1.9% March 15, 2031	9.4
Bank of America Corp 2.6% April 4, 2029	8.8
Canada Housing Trust No 1 2.9% December 15, 2029	8.4
North West Redwater Partnership / NWR Financing Co Ltd 4.25% June 1, 2029	7.3
Canada Housing Trust No 1 2.85% December 15, 2030	6.9
Sun Life Financial Inc 4.78% August 10, 2034	6.3
Royal Bank of Canada 3.63% December 10, 2028	6.2
TELUS Corp 4.8% December 15, 2028	5.8
Manulife Financial Corp 4.06% December 6, 2034	5.7
Enbridge Inc 3.2% June 8, 2027	5.6
Pembina Pipeline Corp 4.24% June 15, 2027	5.5
Bank of Nova Scotia 3.84% September 26, 2030	5.4
Canadian Imperial Bank of Commerce 3.65% January 13, 2032	5.1
Goldman Sachs Group Inc 3.64% March 5, 2032	4.3
Municipal Finance Authority of British Columbia 3.3% October 2, 2030	3.9
Amazon.com Inc 3.7% June 12, 2031	2.1
Cash and Cash Equivalents	1.8
Toronto-Dominion Bank 4.68% January 8, 2029	0.8
Projet Rem SEC 3.54% June 22, 2031	0.6

Net Performance

As at December 30, 2025

	1 Yr	3 Yr	5 Yr	10 Yr
Mawer Short Term Bond Fund	-	-	-	-
FTSE Canadian Short Term Bond Index	-	-	-	-
Morningstar Rating™	-	-	-	-
Number of Funds in Morningstar Category	-	-	-	-
Number of Holdings				18

Disclaimers

^* Funds with less than three years of performance history are not rated.

^† The Fund’s MER is made up of the management fee and operating expenses. The Fund’s annual management fee is 0.30% of the Fund’s value. Because this fund is new, its operating expenses are relatively large in comparison to the fund’s assets. Mawer Investment Management Ltd. has committed to subsidize the operating expenses of the Fund from its inception so that the MER is no more than 0.50%; without the subsidy the MER may be higher. Mawer Investment Management Ltd. reserves the right to terminate the subsidy at any time. Management plans to review the subsidy periodically with the intent to remove the subsidy once the MER of the Fund has stabilized. After the subsidized period ends, the actual MER for the Fund may be higher than 0.50%.