Performance of the HIMIPrefâ„˘ Indices for October, 2008, was:

Total Return | ||

Index | Performance October 2008 |
Three Months to October 30, 2008 |

Ratchet | N/A | N/A |

FixFloat | -11.76% | -12.47% |

Floater | -34.16% | -42.25% |

OpRet | -3.75% | -4.33% |

SplitShare | -3.86% | -9.79% |

Interest | -16.37% | -19.42% |

PerpetualPremium | -13.96% | -14.08% |

PerpetualDiscount | -7.47% | -6.07% |

FixedReset | -3.68% | N/A |

Funds (see below for calculations) | ||

CPD | -7.22% | -7.67% |

DPS.UN | -9.56% | -10.62% |

Index | ||

BMO-CM 50 | -8.16% | -8.96% |

Claymore has published NAV and distribution data for its exchange traded fund (CPD) and I have derived the following table:

CPD Return, 1- & 3-month, to October, 2008 | ||||

Date | NAV | Distribution | Return for Sub-Period | Monthly Return |

July 31, 2008 | 16.50 | 0.00 | ||

August 29 | 16.91 | 0.00 | +2.48% | |

Sept 25 | 16.41 | 0.2135 | -1.69% | -2.89% |

Sept 30, 2008 | 16.21 | -1.22% | ||

October 31 | 15.04 | 0.00 | -7.22% | |

Quarterly Return |
-7.67% |

The DPS.UN NAV for October has been published so we may calculate the September returns (approximately!) for this closed end fund:

DPS.UN NAV Return, October-ish 2008 | |||

Date | NAV | Distribution | Return for period |

Estimated October Beginning Stub | -0.25% | ||

October 1, 2008 | 18.97 | ||

October 29, 2008 | 16.96 | -10.60% | |

Estimated October Ending Stub | +1.42% | ||

Estimated October Return |
-9.56% |
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CPD had a NAV of $16.17 on October 1 and $16.21 on September 30. The estimated October beginning of month stub period return for CPD was therefore -0.25%, which is added to the DPS.UN period return to estimate a return for the period. |
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CPD had a NAV of $14.83 on October 29 and $15.04 on October 31. The estimated October end of month stub period return for CPD was therefore +1.42%, which is added to the DPS.UN period return to estimate a return for the period. |
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The October return for DPS.UN’s NAV is therefore the product of three period returns, -0.25%, -10.60% & +1.42%, to arrive at an estimate for the calendar month of -9.56% |

Now, to see the DPS.UN quarterly NAV approximate return, we refer to the calculations for August and September:

DPS.UN NAV Returns, three-month-ish to end-October-ish, 2008 | |

August-ish | +2.63% |

September-ish | -3.70% |

October-ish | -9.56% |

Three-months-ish |
-10.62% |

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