13. What does the term "returns of a fund" mean?

The returns of a fund mean the appreciation or depreciation of the value of the fund's assets over a specified time period and usually expressed as a percentage. The returns of the fund are not the same as the returns experienced by investors in the fund because individual investors may have invested, redeemed or sold their units in the fund at time periods that are different than the beginning and ending of the time period used to measure the fund's returns. The returns of a fund are published in its prospectus and on the fund's website every six months for the last 12 months, as well as the total return for the last five years of operation of the fund.