U.S. Equity Advisor Fund, Series D and Series F

Morningstar Rating^TM:

Series F		(April 30, 2020)
Series D		(April 30, 2020)

Portfolio Managers:

Date of Inception:

October 24, 2009

Fund Size:

$58,861,440 (as of April 30, 2020)

Minimum Initial Purchase:

$5,000 per account

RRSP/TFSA/RRIF Eligibility:

Yes

Management Fee:

0.70%

Trailer Fee:

0.30% (Series D)

Net Asset Value Per Unit:

Series F	$37.77 CAD (as of June 1, 2020)
	$27.71 USD
Series D	$37.86 CAD (as of June 1, 2020)
	$27.77 USD

Fund Codes:

Series F	NGM 370 (CAD)	NGM 371 (USD)
Series D	NGM 372 (CAD)	NGM 373 (USD)

Available Through an Advisor:

Through registered dealers, FundSERV purchases only, with minimum initial investment of $5,000 and minimum subsequent investment of $1,000.

Investment Growth

Investment Strategy

The objective of the Fund is to achieve long term growth and capital appreciation according to our “Growth at a Reasonable Price” philosophy. The Fund invests in equity securities of U.S. based companies, avoiding the tobacco and oil and gas industries. On occasion, Treasury bills or short-term cash equivalents may be held.

Performance

Annualized Trailing Returns

	1 Year	2 Years	5 Years	10 Years
U.S. Equity Advisor Fund Series F $CAD	3.4%	7.7%	10.5%	13.3%
U.S. Equity Advisor Fund Series D $CAD	3.1%	7.3%	10.2%	12.8%
S&P 500 Index $CAD	4.5%	11.4%	12.3%	15.3%

Calendar Year Returns

	2019	2018	2017	2016	2015
U.S. Equity Advisor Fund Series F $CAD	21.7%	2.7%	16.7%	3.7%	20.6%
U.S. Equity Advisor Fund Series D $CAD	21.3%	2.4%	16.3%	3.4%	20.2%
S&P 500 Index $CAD	25.2%	4.0%	13.8%	8.6%	21.0%

The Fund’s detailed performance record can be viewed by visiting the Tables Page and the Charts Page.

Fund Holdings and Equity Sector Weights

North Growth U.S. Equity Advisor Fund Series F - Top Holdings

Portfolio Date: April 30, 2020

	Ticker	Portfolio Weight
Ciena	CIEN	5.80%
SolarEdge	SEDG	4.14%
Intel	INTC	3.97%
Cisco Systems	CSCO	3.90%
Applied Materials	AMAT	3.41%
Bristol-Myers Squibb	BMY	3.10%
Amgen	AMGN	3.04%
First Solar Inc.	FSLR	3.04%
Jabil	JBL	2.99%
II-VI	IIVI	2.91%

Source: North Growth Management

North Growth U.S. Equity Advisor Fund Series F - Sectors

As of April 30, 2020

Tax Information

The Fund’s realized income and capital gains are accumulated throughout the year and distributed on a pro rata basis on December 15th. All the distribution details for tax purposes are printed on T-3 slips, and unitholders of the Fund receive their T-3 tax slips by mail near the end of January of the following year.

Distribution History

			Series F		Series D		Series F		Series D
			Expressed in Canadian Dollars				As a Percentage of Unit Price
Year	Date	FX Rate	Foreign Income	Capital Gain	Foreign Income	Capital Gain	Foreign Income	Capital Gain	Foreign Income	Capital Gain
2019	December 13	1.3183	0.60	-	0.12	-	0.31%	-	0.22%	-
2018	December 14	1.3379	0.15	2.18	0.05	2.18	0.47%	6.66%	0.16%	6.66%
2017	December 15	1.2834	0.39	2.23	0.27	2.23	1.12%	6.36%	0.78%	6.37%
2016	December 15	1.3347	0.26	0.39	0.17	0.39	0.85%	1.28%	0.56%	1.28%
2015	December 15	1.3738	0.08	0.17	-	0.12	0.29%	0.58%	-	0.42%
2014	December 15	1.1656	0.03	0.18	-	0.03	0.14%	0.74%	-	0.13%
2013	December 15	1.0636	0.03	0.27	-	0.19	0.16%	1.38%	-	0.94%

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

The Investment Growth chart and Performance returns are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values of the investment fund or returns on investment in the investment fund.

The Morningstar Rating reflects how a fund has performed on a risk-adjusted basis against its Morningstar category peers and is subject to change every month. Funds are ranked by their Morningstar Risk-Adjusted Return scores with the top 10% of funds in a category receiving 5 stars, the next 22.5% receiving 4 stars, a fund in the middle 35% receiving 3 stars, a fund in the next 22.5% receiving 2 stars and a fund in the bottom 10% receiving 1 star. Funds are rated for up to three time periods: 3, 5 and 10 years. These ratings are combined to provide an Overall Star Rating for a fund. Overall ratings are adjusted where a fund has less than 5 or 10 years of history. For further details see www.morningstar.ca.