Premier Canadian Income Fund

As of September 30, 2014, the Net Asset Value (“NAV”) of the Fund was $2.95 per unit versus the June 30, 2014 NAV of $3.11. The Fund paid distributions totaling $0.05055 during the quarter.

The S&P/TSX 60 Index (the “Index”) opened the quarter at 866.04 and moved gradually higher through all of July. It had a minor correction during the first week of August before continuing higher to make a high on September 3rd of 902.74. From there we had a vicious move lower to make a low of 856.14 on September 26th before closing the quarter at 864.24. Factoring in dividends, the total return of the Index over the quarter was relatively flat at 0.43%. Among the various sectors, Consumer Staples and Industrials were the best performing sectors while Energy and Materials two of the sectors the fund focuses on were the worst performing sectors.

The Canadian economy continues to post positive growth while job creation has been surprisingly stronger. The housing market has generally been positive with minor increases in home prices, however house sales were generally flat during the summer. Retail sales were marginally negative. The Bank of Canada kept its key lending rate steady at 1.0% with consensus calling for the rate to stay steady throughout 2014.

Of the three major sectors that the Fund primarily invests in, the S&P/TSX Financials Index outperformed with a total return of 2.7% followed by the S&P/TSX Energy Index which had a total return of negative 6.6% while the S&P/TSX Materials Index lagged behind with a total return of negative 10.1%.

In Canada, we saw a couple of instances where volatility was elevated increasing in the first week of August and finally into the end of the quarter as the market started to sell off. This elevation in volatility resulted in the Fund being relatively active in its selective covered call writing. The Fund still ended the quarter with 15.5% of the portfolio written as opportunities presented themselves in the Energy space. The Fund did not purchase any protective puts and ended the quarter with about 5% of the portfolio in cash.

At the end of the quarter, the overall portfolio was overweight the Financials sector, and underweight the Energy and Materials sector.

As of March 31, 2014, the Net Asset Value (“NAV”) of the Fund was $3.11 per unit versus the March 31, 2014 NAV of $3.04. The Fund paid distributions totaling $0.04951 during the quarter.

The S&P/TSX 60 Index (the “Index”) opened the quarter at 820.51 and moved marginally lower to make a low on April 11th of 810.81. From there it rose at a gradual but consistent pace to make a high on June 30th of 867.23 and close the quarter at 866.04. Factoring in dividends, the total return of the Index over the quarter was 6.3%. Among the various sectors, returns were positive for almost all the sectors barring the Health Care and Telecom Services Sector. Energy and Industrials were the strongest sectors this quarter.

The Canadian economy continues to post positive growth while job creation was mixed. The housing market continues to be additive to the Canadian economy as housing starts are robust and home sales month over month had their strongest month in May up 5.9%. The Bank of Canada kept its key lending rate steady at 1.0% with consensus calling for the rate to stay steady throughout 2014.

Of the three major sectors that the Fund primarily invests in, the S&P/TSX Energy Index outperformed with a total return of 10.4% while the S&P/TSX Materials Index had a total return of 6.3% followed closely by S&P/TSX Financials Index had a total return 5.6%.

In Canada, volatility was subdued and declining which resulted in the Fund not being very active in its selective covered call writing as the lower volatility did not compensate the Fund enough to justify this activity. The Fund still ended the quarter with 8.4% of the portfolio written as opportunities presented themselves in the Energy space. The Fund did not purchase any protective puts and ended the quarter with no put protection.

At the end of the quarter, the overall portfolio was overweight the Energy sector, slightly less than market weight the Financials sector and underweight the Materials sector.

As of March 31, 2014, the Net Asset Value (“NAV”) of the Fund was $3.04 per unit versus the December 3, 2013 NAV of $3.01. The Fund paid distributions totaling $0.04912 during the quarter.

The S&P/TSX 60 Index (the “Index”) opened the quarter at 783.75 and then traded higher to the end of January before pulling back to the middle of February and then traded mostly higher till the end of the quarter making a high on March 24th of 826.77 before closing the quarter at 820.51. Factoring in dividends, the total return of the Index over the quarter was 5.5%. Among the various sectors, returns were positive across the board with Health Care being the best performing sector while Industrials and Financials sectors were the weakest sectors with slightly positive returns in the quarter.

The Canadian economy continues to post stronger positive growth and job creation was strong. The housing market might look frothy in certain metropolitan cities but on national level housing starts stayed steady while prices were up marginally from a year ago. The Bank of Canada kept its key lending rate steady at 1.0% with consensus calling for the rate to stay steady throughout 2014.

Of the three major sectors that the Fund primarily invests in, the S&P/TSX Materials Index outperformed with a total return of 9.7% followed closely by the S&P/TSX Energy Index which had a total return of 9.6%. Over the same period, the S&P/TSX Financials Index had a total return 3.0%.

In Canada, volatility continued to stay subdued as the market moved higher. The Fund still ended the quarter with 7.7% of the portfolio written as opportunities presented themselves in the Financial sector especially the insurers. On average, the Fund was written on 9.7% of the portfolio during the quarter. The Fund did not purchase any protective puts and ended the quarter with no put protection.

At the end of the quarter, the overall portfolio was overweight the Energy sector, marketweight the Financials sector and underweight the Materials sector.

As of December 31, 2013, the Net Asset Value (“NAV”) of the Fund was $3.01 per unit versus the September 30th NAV of $2.93. The Fund paid distributions totaling $0.04832 during the quarter.

The S&P/TSX 60 Index (the “Index”) opened the quarter at 732.89 and then traded sideways through the second week of October before moving sharply higher through November. There was a bit of a corrective move through mid-December before the market continued higher to close at a high for the quarter at 783.75. Factoring in dividends, the total return of the Index over the quarter was 7.70%. Among the various sectors, returns were generally positive across the board with the Industrials and Healthcare being the best performing sectors while the Materials sector was the only sector with negative performance for the quarter.

The Canadian economy continues to post stronger positive growth and job creation was mixed with negative and positive months. The Bank of Canada kept its key lending rate steady at 1.0% with consensus calling for the rate to stay steady through 2014.

Of the three major sectors that the Fund primarily invests in, the S&P/TSX Financials Index outperformed with a total return of 9.97% followed closely by the S&P/TSX Energy Index which had a total return of 5.71%. During the same period, the S&P/TSX Materials Index had a total return of negative 1.99%.

In Canada, volatility was subdued and generally stayed in a narrow range. The lower level of volatility during the fourth quarter along with the general uptrend in the market resulted in very few selective opportunities to write and the Fund ended the period with no covered call positions and on average was written on 8.9% of the portfolio. The Fund did not purchase any protective puts and ended the year with no put protection.

At the end of the quarter, the overall portfolio was overweight the Energy sector, marketweight the Financials sector and underweight the Materials sector.

As of September 30, 2013, the Net Asset Value (NAV) of the Fund was $2.93 per unit versus the June 30th NAV of $2.91. The Fund paid distributions totaling $0.04826 during the quarter.

The S&P/TSX 60 Index (the “Index”) opened the quarter at 697.79 and then traded sharply higher in July before trading mostly sideways to end the quarter at 732.89. Factoring in dividends, the total return of the Index over the quarter was 6.20%. Among the various sectors, returns were generally positive across the board with the Healthcare, Consumer Discretionary and Financials the best performing sectors while the Utilities sector was the only sector with negative performance for the quarter.

The Canadian economy continues to post positive but subdued growth and job creation was mixed with negative and positive months. The Bank of Canada kept its key lending rate steady at 1.0% while continuing to monitor domestic and international conditions.

Of the three major sectors that the Fund primarily invests in, the S&P/TSX Financials Index outperformed with a total return of 7.44% followed closely by the S&P/TSX Energy Index which had a total return of 6.59%. During the same period, the S&P/TSX Materials Index had a total return of 4.54%.

In Canada, volatility was subdued and generally stayed in a narrow range. The lower level of volatility during the second quarter along with the general uptrend in the market resulted in fewer selective opportunities to write and the Fund ended the period with covered call positions on approximately 17% of the portfolio. The Fund did not purchase any protective puts during the quarter and ended the quarter with no put protection.

At the end of the quarter, the overall portfolio was overweight the Energy and Financial sectors and underweight the Materials sector.

As of June 30, 2013, the Net Asset Value (NAV) of the Fund was $2.91 per unit versus the March 31, 2013 NAV of $3.13. The Fund paid cash distributions totaling $0.05005 during the quarter.

The S&P/TSX 60 Index (the “Index”) opened the quarter at 731.49 and then traded lower to the middle of April before rallying to a high in the quarter on May 22nd of 740.72 and declining fairly rapidly toward the end of June making a low on June 24th of 677.55. Factoring in dividends, the total return of the Index over the quarter was negative 4.09%. Among the various sectors, returns were varied with Healthcare, Consumer Staples and Consumer Discretionary performing well while Utilities and Materials sectors having a double-digit loss.

Global equity market returns seemed to decouple with Japan, U.S. and Germany having positive performance while resource-based and developing markets posting negative returns. Concerns over U.S. Federal Reserve tapering their bond purchasing program as well as a slowdown in China led to elevated volatility with some markets moving sharply lower towards the end of the quarter.

The Canadian economy continues to post subdued growth; however, job creation came in better than expected for the quarter. The Bank of Canada kept its key lending rate steady at 1.0 percent while continuing to monitor domestic and international conditions. During this period, there was also a personnel change with Stephen Poloz replacing Mark Carney as Governor of the Bank of Canada.

Of the three major sectors that the Fund primarily invests in, the S&P/TSX Financials Index was flat with a total return of 0.42% while the S&P/TSX Energy Index had a negative return of 3.26%. Meanwhile, the S&P/TSX Materials Index was significantly lower with a total return of negative 22.84%, which contributed largely to the Fund’s decline in the quarter.

In Canada, volatility rose abruptly to peak in the middle of April while maintaining a slightly elevated level till the end of June. The higher level of volatility during the second quarter resulted in more selective opportunities to overwriting activity and the Fund ended the period with covered call positions on approximately 33% of the portfolio. The Fund did not purchase any protective puts during the quarter and ended the quarter with no put protection.

At the end of the quarter, the total portfolio was overweight the Energy and Financial sectors and underweight the Materials sector.

As of March 31, 2013, the Net Asset Value (“NAV”) of the Fund was $3.13 per unit versus the December 31st, 2012 NAV of $3.23. The Fund paid distributions totaling $0.05271 during the quarter.

The S&P/TSX 60 Index (the “Index”) opened the quarter at 721.60 and then continued to head higher reaching a peak of 743.39 on January 30th and then continued to trade in a range for the next two months to close the quarter at 731.34. Factoring in dividends, the total return of the Index over the quarter was 3.3%. Among the various sectors, returns were generally positive to flat with only the Materials sector having a doubledigit loss.

Global equity markets climbed higher once the U.S. ‘Fiscal Cliff’ fears had passed. The Bank of Japan joined the central bank party with a new governor in charge and its commitment to roughly double the balance sheet in two years. In March, Europe was once again in the headlines. Cyprus banking crisis led to banks in that country being temporarily closed and the resulting uncertainty led to markets stalling towards the end of the quarter.

The Canadian economy continues to grow albeit slowly with annual growth coming in at 1.0 percent for the month of January. The Bank of Canada kept its key lending rate steady at 1.0 percent while continuing to monitor domestic and international conditions.

Of the three major sectors that the Fund primarily invests in, the S&P/TSX Energy Index and the S&P/TSX Financials Index had similar total returns with 4.2% and 4.2% respectively. The S&P/TSX Materials Index was significantly lower with a total return of negative 10.4%, which was the primary reason for the Fund’s decline in the quarter.

In Canada, volatility was range bound and fairly depressed after declining from the fourth quarter of last year. The S&P/TSX VIX Index made lows in January and Mid-March. The relatively low levels of implied volatility makes overwriting more challenging due to the lower option premiums available. The Fund began the quarter with just 7.9% of the portfolio overwritten; on average, the Fund was written on 2.9% of the portfolio during the quarter. The Fund ended the quarter with 5.3% of the portfolio subject to covered calls.

The Fund also had protective puts as a carry forward from the previous quarter and, on average, 0.3% of the portfolio was hedged with purchased put options during the quarter. The Fund ended the quarter no put protection.

At the end of the quarter, the overall portfolio was overweight the Energy sector and underweight the Financials and Materials sectors.

As of December 31, 2012, the Net Asset Value (“NAV”) of the Fund was $3.23 per unit versus the September 30th NAV of $3.29. The Fund paid distributions totaling $0.05324 during the quarter.

The S&P/TSX 60 Index (the “Index”) opened the quarter at 706.19 and traded in a range most of October. The Index proceeded to make a high for the quarter on November 1st before declining initially on U.S. election uncertainty and then on election results to reach a low of 672.36 on November 15th. After reaching the lowest point of Q4, the Index, however, climbed steadily to close the year at 713.72. Factoring in dividends, the total return of the Index over the quarter was 2.3%. Consumer Staples and Information Technology sectors were the best performers in this quarter, while the Materials and Energy sectors were the laggards.

Despite uncertainty regarding the U.S. election outcome, global markets rallied into year-end on optimism about the U.S. ‘Fiscal Cliff’ negotiations. In the U.S., ’Operation Twist’ morphed into quantitative easing as the Federal Reserve stated its intention to continue to provide stimulus as long as the unemployment rate was above 6.5%.

The growth in the Canadian economy was anemic, resulting in the Bank of Canada keeping its key lending rate steady at 1.0 percent while cautious in its growth forecasts. The unemployment rate in Canada dipped lower with job growth being fairly robust in the fourth quarter.

Of the three major sectors that the Fund primarily invests in, the S&P/TSX Financials Index had the best relative performance with a total return of 6.3%, followed by the S&P/TSX Energy Index and the S&P/TSX Materials Index which had a total return of negative 0.7% and negative 6.7% respectively.

In Canada, volatility was subdued except for a brief spike in mid-November. The Fund began the quarter with just 3.9% of the portfolio overwritten; on average, the Fund was written on 15.3% of the portfolio during the quarter. The Fund ended the quarter with approximately 8% of the portfolio subject to covered calls.

The Fund also had protective puts in the quarter and, on average, 3% of the portfolio was hedged with purchased put options during the quarter. The Fund ended the quarter with approximately 6% of the portfolio hedged with purchased puts.

At the end of the quarter, the overall portfolio was overweighed in the financial sector and underweighted in the Materials sector. Asset allocation to the Energy sector was maintained in accordance with the benchmark.

As of September 30, 2012, the Net Asset Value (“NAV”) of the Fund was $3.29 per unit essentially unchanged from the June 29th NAV. The Fund paid distributions totaling $0.0527 during the quarter.

During the quarter, the S&P/TSX 60 Index opened the quarter at 671.95 before making a low of 649.14 on July 12th. The Index then rallied to a high of 718.10 on September 14th before closing the quarter at 702.87. Factoring in dividends, the total return of the S&P/TSX 60 Index was 6.7%. Markets rallied in anticipation of stimulus measures coming out of Europe to deal with their debt crisis and the two major central banks the European Central Bank and the U.S. Federal Reserve responded with aggressive measures. In Canada, Materials, Healthcare and Energy sectors were the best performers, while Utilities, Consumer Discretionary and Industrials sectors were the laggards.

All three major sectors that the Fund primarily invests in had positive returns. The S&P/TSX Materials Index had the best relative performance with a total return of 13.1%, followed by the S&P/TSX Energy Index and the S&P/TSX Financials Index which had a total return of 8.5% and 4.8% respectively.

Volatility declined in July and in the first half of August before spiking in late August only to decline and stay in a narrow range through the end of the quarter. The Fund began the quarter written on 56.3% of the portfolio and on average the fund was written on 19.3% of the portfolio during the quarter. However, the Fund ended the quarter with only two equity securities representing approximately 4% of the portfolio subject to covered calls. The Fund had purchased puts in the prior quarter and on average 8.3% of the portfolio was hedged with put options during the quarter. The Fund ended the quarter with no put options.

At the end of the quarter, the overall portfolio was overweight the Energy and Materials sectors and underweight the Financials sector.

As of June 30, 2012, the Net Asset Value of the Fund was $3.29 per unit compared to $3.59 on March 31, 2012. The Fund paid distributions totaling $0.05661 during the quarter.

During the quarter, the S&P/TSX 60 Index reached a high of 715.98 on April 2nd before declining over the first two months of the quarter to reach a low on June 4th of 637.30 and closed the quarter at 663.62. Factoring in dividends, the total return of the S&P/TSX 60 Index was negative 5.4%. Markets took a bit of a breather after rallying in the first quarter due to continued concerns about the European debt crisis as well as growing fears about global decelerating economy. In Canada, Telecom Services, Consumer Staples and Industrial sectors were flat to slightly positive while Energy, Materials and Technology sectors were the laggards.

All three major sectors that the Fund primarily invests in had negative returns. The S&P/TSX Financials Index had the best relative performance with a total return of negative 4.9%, followed by the S&P/TSX Energy Index and the S&P/TSX Materials Index with respective returns of negative 7.3% and negative 10.8%. In comparison, the Fund had a total return of negative 6.8% for the quarter.

Volatility rose steadily over the first two months reaching a peak in early June before decline gradually towards the end of the quarter. Our option writing program presented some excellent opportunities to write calls on individual holdings in all three main sectors and on average the Fund was written on 31.6% of the portfolio over the quarter. The Fund ended the quarter with 56.3% of the portfolio subject to covered calls. The Fund also purchased puts and on average 12.7% of the portfolio was hedged with put options. The Fund ended the quarter with 19.0% of the portfolio hedged with put options.

At the end of the quarter, the overall portfolio was overweight the Energy sector and underweight the Energy and Materials sectors.

As of March 31, 2012 the Net Asset Value of the Fund was unchanged at $3.59 per unit compared to December 31, 2011. The Fund paid distributions totaling $0.05932 during the quarter.

During the quarter, the S&P/TSX 60 Index traded in a fairly narrow range from 680 to 725 and finished slightly higher from where it ended the previous quarter. Factoring in dividends, the total return of the S&P/TSX 60 Index was 4.6%. Concerns about a global recession which had investors cautious at the end of last year seemed to have abated and any sign of a chaotic debt default in Europe was temporarily resolved with the Greece debt deal reached on March 8, 2012. The economic statistics in the U.S. continued to improve and global markets inched higher towards the end of the first quarter. In Canada, Healthcare, Consumer Discretionary and Financials were the robust sectors while the Energy and the Telecom sectors were the laggards.

Of the three major sectors that the Fund primarily invests in, the S&P/TSX Financials Index had the best performance with a total return of 11.0% followed by the S&P/TSX Materials Index which was relatively flat with a total return of 0.2%, followed closely by the S&P/TSX Energy Index which had a total return of negative 0.5%. In comparison, the Fund had a total return of 1.5% for the quarter that slightly underperformed the market.

Volatility continued to decline gradually during the quarter reaching a low of 13.10 not seen since July of 2011. Our option writing program presented some excellent opportunities to write calls on individual holdings in all three main sectors and on average the Fund was written on 15.8% of the portfolio over the quarter. The Fund ended the quarter with 20.1% of the portfolio subject to covered calls. The Fund also purchased puts and on average 5.8% of the portfolio was hedged with put options. The Fund ended the quarter with 9.7% of the portfolio hedged with put options.

Financial names were the best performing equities in the Fund this quarter. At the end of the quarter, the overall portfolio was overweight in the Financials and Energy sectors and underweight in the Materials sector.

As of December 31 2011 the Net Asset Value of the Fund was $3.59 per unit versus $3.74 on September 30th. The Fund paid distributions totalling $0.05932 during the quarter.

During the quarter the S&P/TSX 60 Index traded in a fairly narrow range from 650 to 700 and finished slightly higher from where it ended the previous quarter. The total return of the S&P/TSX 60 Index was 2.8%. Concerns about a global recession had investors cautious. Continued concerns on Eurozone sovereign debt and the failure of European leaders to come up with a satisfactory solution to deal with the debt crisis kept markets subdued. In Canada, Healthcare, Industrials, Energy and Utilities were the robust sectors while the Technology sector continued to be led lower by Research In Motion.

Of the three major sectors that the Fund primarily invests in, the S&P/TSX Energy Index had the best performance with a total return of 11.5 percent followed by the S&P/TSX Financials Index which had a total return of 5.1%, one-third of which can be attributed to dividends, while S&P/TSX Materials Index had a total return of negative 4.3 percent. The fund comparatively had a total return of negative 2.4 percent for the quarter which underperformed the market due to losses sustained in Agnico Eagle Mines Ltd, First Quantum Minerals Ltd, Potash Corp of Saskatchewan and Sun Life Financial Inc.

Volatility peaked in the early part of the quarter with the S&P/TSX 60 VIX (“VIXC”) reaching just below 40% and then steadily declined for the balance of the quarter to end 2011 at just over 20%. Our option writing program presented some excellent opportunities to write calls on individual holdings in all three main sectors and on average the Fund was written on 16.0% of the portfolio over the quarter. The Fund ended the quarter with 27.3 percent of the portfolio subject to covered calls.

Energy names were the best performing equities in the Fund this quarter. At the end of the quarter, the overall portfolio was overweight the Energy sector, slightly underweight the Financial sector and underweight the Materials sector.

As of September 30th 2011 the Net Asset Value of the fund was $3.74 per unit versus $4.09 on June 30th. In addition the fund paid distributions during the quarter amounting to $0.06364.

During the quarter the S&P/TSX 60 Index declined drastically during July and the first week of August before consolidating and then continued the decline in September. The total return of the S&P/TSX 60 Index was negative 12.08%. Concerns about Eurozone Sovereign debt and the inability of US policy makers to agree unilaterally to curb expenditures before raising the debt ceiling created uncertainty and sent global stock markets lower, eventually leading to S&P’s downgrade of US Government AAA sovereign credit. In Canada, we continued to see sector rotation into defensive sectors with the Utilities , Telecom and Consumer Staples being the best performing sectors with only the Utility sector showing a positive return while the Energy sector was the laggard of the ten broad sectors followed close behind by the technology sector that was led lower by Research In Motion.

Of the three major sectors that the fund primarily invests in, the S&P/TSX Materials Index had total return of negative 8.79 percent followed closely by the S&P/TSX Financials Index total return of negative 9.60 percent, while S&P/TSX Energy Index had a total return of negative 18.68 percent. The fund comparatively had a total return of negative 7.07 percent for the quarter which outperformed the market considerably due to the fund writing covered calls aross all sectors and the option premium generated mitigating some of the downside from the decline in the underlying stocks. Our protective put positions in the Materials and Energy sector also helped stem some of the decline.

Volatility increased from a low of 15.12 on July 1st reaching a high of 48 on August 8th and stayed elevated through the rest of the quarter. Our selective option writing program presented some excellent opportunities to write calls on individiual holdings in all three main sectors and the fund ended the quarter with approximately 14 percent of the portfolio subject to covered calls.

The gold names were the best performing equities in the fund this quarter. At the end of the quarter, the overall portfolio was underweight the Energy sector, slightly underweight the Financial sector and overweight the Materials sector.

The Net Asset Value on June 30, 2011 was $4.09 per unit versus $4.38 on March 31, 2011.

Distribution during the quarter totaled $0.06956 per unit.

During the period the S&P/TSX 60 Index declined from 809.16 to 763.90. The markets were lower mainly due to concerns about a slowing global economy and the European sovereign debt crisis and its systemic effects. In Canada the sectors most broadly affected were the Energy and Materials sectors as investors moved into more defensive sectors.

Of the three major sectors that the fund primarily invested in, the S&P/TSX Financials Index posted a total return of negative 2.65 percent, while the S&P/TSX Materials Index had total return of negative 8.41 percent followed closely by the S&P/TSX Energy Index which had a total return of negative 8.51 percent. The fund comparatively had a total return of negative 5.01 percent for the quarter which was inline with the market performance.

Volatility was range bound during the quarter and our selective option writing program presented us more opportunities to write on the Energy and Materials sector while opportunities to write on the Financials sector were less frequent. The fund also ended the first half with some put protection on the Energy and Financial sectors and in the Materials sector to a lesser extent we bought some protection on the Gold sector.

At the end of the quarter, the overall portfolio remained overweight in the Energy sector, slightly underweight in the Financial sector and underweight the Materials sector.

The trading price of $3.85 on June 30, 2011 represents a discount to NAV of $0.24 per unit or -5.87%.

Redemption Deadlines
Units may be surrendered at any time for redemption, but will be redeemed only on a Redemption Date, being the last business day of any month. Units surrendered for redemption by a Unitholder at least twenty business days prior to the last day in November (the “Annual Redemption Date”) will be redeemed on such Annual Redemption Date. Units surrendered for redemption by a Unitholder at least ten business days prior to the last day of any other month (a “Monthly Redemption Date”), will be redeemed on such Monthly Redemption Date. Unitholders will receive payment for the Units on or before the 15th day following any such Redemption Date. If a Unitholder surrenders Units after 5:00 p.m. (EST) on the applicable cut-off date, the Units will be redeemed on the following Redemption Date. Redemption notices must be delivered to the Fund by an investor’s advisory form in sufficient time to meet the deadline.

Annual Redemption
Units surrendered for redemption at least 20 business days prior to the last day of November will be redeemed at 100% of net asset value per unit, valued on the last business day of November being the redemption day. Payment will be received on or before the 15th day following the redemption day.

Monthly Redemption
For Unitholders whose Units are redeemed on any other Redemption Date, the redemption price per Unit will be equal to the lesser of:

1. 95% of the Market Price. For such purposes, “Market Price” means the weighted average trading price of the Units on the principal stock exchange on which the Units are listed for the ten trading days immediately preceding the applicable Redemption Date, and
2. 100% of the Closing Market Price of the Units on the applicable Redemption Date, minus an amount equal to the aggregate of all brokerage fees, commissions and other costs incurred by the Fund in connection with such payment, including, but not limited to, costs incurred in liquidating securities held in the Fund’s portfolio. For such purposes, the “Closing Market Price” means the closing price of the Units on the principal stock exchange on which the Units are listed or, if there was no trade on the relevant date, the average of the last bid and the last asking prices of the Units on the principal stock exchange on which the Units are listed.

Any unpaid distribution payable on or before the applicable Redemption Date in respect of Units tendered for redemption on such Redemption Date will also be paid on the applicable Redemption Payment Date.