Dynamic Power Hedge Fund

Hedge Funds • Series C • CDN

Hedge Funds

Hedge funds provide qualified clients access to some of the most accomplished investment professionals in Canada. Hedge funds allow our portfolio managers to utilize leverage, short sell securities and invest under a flexible, mandate. Our comprehensive hedge fund lineup covers a broad range of investment styles, geographic areas and security types.

Co-managers for this fund:

Fund Details
as at April 30, 2013

Mutual Fund Type	Mutual Fund Trust
Inception Date	10/18/2004
Fund Category	Long/short
Total Assets	$331.8 million(s)
Liquidity	Weekly
Incentive Fee	20.00%
Hurdle Rate	6.00%
High Water Mark	Annual
Early Redemption Fee	5% if redeemed within 180 days
MER^†	2.93%
Management Fee	2.25%
# of Holdings	87

Unit Price (NAVPS) Update

Current Price¹ (5/17/2013) Daily change	$22.78 $0.11 (0.49%)

Current Price¹ (5/17/2013)

Daily change

$22.78

$0.11 (0.49%)

Compounded Returns (%) (Series C) • as at April 30, 2013

1 month	3 months	6 months	1 year	3 years	5 years	10 years	Inception
-10.8	-15.1	-14.3	-17.7	-14.1	-9.2	--	12.7
Mutual fund regulations restrict the presentation of performance figures until a fund reaches its one-year anniversary.

Historical Returns (%) (Series C) • as at April 30, 2013

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2013	2.5	-6.6	2.0	-10.8									-13.0
2012	3.2	7.1	-8.0	-6.6	-9.0	-8.2	6.2	4.9	5.0	-1.8	1.1	-2.6	-10.2
2011	-1.5	2.7	-5.1	-4.1	-4.6	-5.1	0.9	-17.0	-15.7	20.1	-8.6	0.2	-35.2
2010	-2.1	3.7	17.0	-3.7	-14.6	2.1	-1.4	-0.4	5.1	16.5	8.1	10.3	43.1
2009	-0.3	-17.9	13.0	34.9	19.3	10.4	15.5	11.3	18.6	0.5	3.4	9.8	185.8
2008	-14.7	18.4	-5.8	-1.6	15.3	4.0	-18.1	-1.8	-25.7	-43.1	-20.2	-8.2	-72.1
2007	-5.1	9.6	0.6	10.7	-0.9	-5.0	13.7	-3.6	8.9	9.9	-8.3	5.7	38.5
2006	20.6	4.1	23.0	-1.0	-11.3	-8.2	-1.8	7.2	-8.8	15.8	8.0	15.4	72.6
2005	8.6	20.7	-5.9	-15.4	3.2	8.3	18.9	6.3	21.8	-16.0	0.6	15.8	75.9
2004											19.5	-1.0	18.3

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Initial investment:

From:

To:

Top Equity Holdings (%)
April 30, 2013

Holding	%
Athabasca Oil Corporation
Griffiths Energy International Inc.
American Apparel, Inc.
Canadian International Oil Corp.
Continental Gold Limited
RIFT Energy Corp., Restricted
Financial Select Sector SPDR Fund
Manulife Financial Corporation
Research In Motion Limited
United Hydrocarbon International Corp.
Total allocation in top equity holdings	61.7

Top Bond Holdings (%)
April 30, 2013

Holding	%
Supratek Pharma Inc., 10.00% Dec. 31 13, Restricted
First Global Data Limited, 10.00% Dec. 17 14
Delavaco Real Estate Opportunities, 0.00% Aug. 31 13
Aura Oil Holdings Ltd., 14.00% Apr. 30 13
Total allocation in top bond holdings	1.8

Related Documents

Notes:

†. For the period ended 6/30/2012.
1. As at last Friday of the month.

Disclaimer:

Information pertaining to the Dynamic Hedge Funds (the “Funds”) is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units of each of the Funds is made pursuant to its respective Confidential Offering Memorandum only to those investors in jurisdictions of Canada who meet certain eligibility and/or minimum purchase requirements. Important information about each of the Funds, including a statement of their fundamental investment objectives, is contained in their respective Confidential Offering Memorandums, copies of which may be obtained from your investment advisor. Eligible investors should read the Funds’ Confidential Offering Memorandums carefully before deciding to purchase units. Investments in the Funds are not guaranteed, their values change frequently and past performance may not be repeated. Unit values and investment returns will fluctuate and there is no assurance that the Funds can maintain a specific net asset value.