Returns as at April 30, 2013

*Blend: 60% MSCI World, 40% Barclays Cap

Growth of $10,000

Risk Measures as at April 30, 2013

Best/Worst 12 months (since inception)

Best (ending Feb 10):	42.42
Worst (ending Feb 09):	-38.67

Volatility meter (Based on 3 year standard deviation from GlobeInvestor.com)

Low  High

Fund Objectives

The investment objective of the Fund is to provide investors with a tax efficient stream of monthly cash distributions consisting mostly of capital return and capital gains; and to preserve and enhance the net asset value of the Fund against inflation through capital appreciation, primarily through the purchase of a specified portfolio consisting of equity securities of Canadian public issuers ("Canadian Securities") and entering into forward contracts under which it will forward sell the Canadian Securities in return for the the total return of an investment in a diversified pool of global large capitalization dividend-yielding equity securities, income trusts and fixed income securities held by the Mavrix Tax Deferred Income Fund.

Fund Facts

Globe 5-Star Rating:

RRSP Eligible:

Canadian

Min. Invest (initial):

$500

Subsequent:

$25

Min. Invest (initial RRSP):

$500

Subsequent RRSP:

$25

Closed:

No

Restricted:

No

Restriction:

 

 

Top Holdings as at February 28, 2013

Symbol	Company Name	Sector	Geographic Area	Asset Type	% of Total Assets		Performance as at May 17, 2013 1 Year Performance (%)
	Noranda Aluminum Acquisition, 6.83%, MAY/15/15			Bond	3.23		-
	Cascades Inc., 7.88%, JAN/15/20			Bond	3.13		-
WTE-T	Westshore Terminals Investment	Transportation	Canada	Stock	2.93		21.69
-	Roche Holdings	Biotechnology & Pharmaceuticals	Other	Stock	2.77		-
	Masonite International, 8.25%, APR/15/21			Bond	2.74		-
	Standard Pacific, 8.38%, MAY/15/18			Bond	2.71		-
SI-N	Siemens AG	Electrical & Electronic	Other	Stock	2.59		25.66
	HCA Holdings Inc., 7.75%, MAY/15/21			Bond	2.54		-
	First Data Corp., 8.25%, JAN/15/21			Bond	2.35		-
	L Brands, Inc., 7.60%, JUL/15/37			Bond	2.3		-

Distribution Report (18 months up to May 17, 2013)

Frequency of Income Distributions: Monthly

Frequency of Capital Gain Distributions: Monthly

Portfolio Manager(s)

Liis Palmer

Cassels Investment Mgmt. Inc.

Start Date: October, 2006

Fund Return: 0.75%

Prior to forming Cassels Investment Management Inc., Ms. Palmer was Vice President and Director in the Institutional Equity Group at TD Securities Inc. Ms. Palmer¿s previous positions include Institutional Equity Sales with ScotiaMcLeod Inc. and Corporate Finance with UBS Warburg and CS First Boston Inc. She is a registered portfolio manager and lawyer. Ms. Palmer received an LL.B from the University of Toronto Law School (1985) and an A.B. cum laude from Barnard College, Columbia University (1982).

View fund manager performance report