MAPF Returns : November, 2006

The monthly return for Malachite Aggressive Preferred Fund has been calculated.
The unit price as of November 30, 2006, was $9.8314

Returns may therefore be calculated as:

Period Ending November 30, 2006 Return (see Note)
Month +1.74%
Quarter +3.71%
Year +6.61%
Two Years (Annualized) +6.51%
Three Years (Annualized) +9.22%
Four Years (Annualized) +14.22%
Five Years (Annualized) +10.87%
MAPF returns are shown after expenses, but before fees.

Note that past performance should not be taken as a guarantee of future performance. You can lose money investing in MAPF or any other investment.

“But what about risk?” you ask, and I’m glad you asked that question. All issues held in the portfolio are rated Pfd-2(low) or better by DBRS. 43% are rated Pfd-1(low) or better, the remainder are rated Pfd-2(low) or better.

The composition of the portfolio in terms of the HIMI Preferred Indices as of November 30, 2006 is:

Index MAPF Composition
Ratchet 0%
Fixed-Floater 0%
Floating Rate 0%
OpRet 25%
SplitShare 23%
InterestBearing 0%
PerpetualPremium 34%
PerpetualDiscount 20%
Cash -2%

The nice thing about the returns is that they have been virtually entirely dividends and capital gains, resulting in a generally lower tax rate than for interest for most taxable investors.
The fund is available only to accredited investors in Ontario. If you are a Canadian accredited investor not in Ontario with a substantial amount of money to invest, contact me and we can discuss the possibility of Hymas Investment Management Inc. (HIMI) applying for registration in your province or territory.
For more information and documents regarding the fund, see the HIMI website

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