Canadian Closed-End Funds Monitor

Transcription

1 Canadian Closed-End Funds Monitor June 2015 Troy Killick, CFA Investment Strategy Group Daniel Arsenault, FRM, CFA Investment Strategy Group Christopher Antony Investment Strategy Group Inside This Issue 3 Canadian Closed-End Fund Updates Aston Hill Advantage Bond Fund Bloom Select Income Fund Central GoldTrust 4 Cymbria Corp Faircourt Gold Income Corp 5 First Asset Canadian REIT Income Fund First Asset Diversified Conv. Debenture 6 Healthcare Leaders Income Fund MINT Income Fund Real Asset Income and Growth Fund 7 REIT IndexPLUS Income Fund SCITI ROCS Trust Silver Bullion Trust 8 Sprott Physical Gold Trust / Sprott Physical Silver Trust 9 Tech Achievers Growth & Income Fund YieldPLUS Income Fund 11 Canadian Split Share Updates Dividend 15 Split Corp 12 Dividend 15 Split Corp II 13 Faircourt Split Trust North American Financial 15 Split Corp 14 R Split III Corp 15 Exhibits 26 Disclosures & Disclaimers Canadian Closed-End Funds Monitor highlights the key news items released during the previous month for the various Canadian closed-end funds and split-share corporations we monitor. Highlights in the closed-end fund and split-share markets contained in this edition include: Closed-End Funds Aston Hill Advantage Bond Fund renewed its normal course issuer bid to purchase up to 131,075 units of the fund representing approximately 10% of the public float. Bloom Select Income Fund announced acceptance by the TSX of the fund s notice of intention to make a normal course issuer bid. Central GoldTrust, acknowledging the unsolicited offer from Sprott Asset Management Gold LP, will convene to evaluate and consider the offer and related materials filed by Sprott. Cymbria Corporation announced that it has received approval with the TSX to make a normal course issuer bid. Faircourt Gold Income Corp. announced that it has completed its previously announced public offering of class A shares of the company which were issued for cash at a price of $3.59 per share. The company raised aggregate gross proceeds of approximately $4,604,534 under the offering. First Asset Canadian REIT Income Fund announced a special meeting where unitholders will be asked to approve conversion of the fund from a closed-end fund to an ETF. First Asset Diversified Convertible Debenture Fund announced that the fund will not renew its forward agreements when they expire on or about July 15, After the termination date, the fund will continue to pursue the same investment objectives through direct exposure to a portfolio consisting primarily of convertible debentures, instead of indirect exposure through the use of the forward agreement. Healthcare Leaders Income Fund announced it has completed the overnight offering of 2,360,000 units of the fund. In addition, the underwriters exercised their over-allotment option for 145,000 units. Total gross proceeds of the offering were $25,551,000. MINT Income Fund announced that it has received approval to make a normal course issuer bid. Real Asset Income and Growth Fund announced the closing of its initial public offering for aggregate gross proceeds of approximately $52 million. REIT IndexPLUS Income Fund announced that it has received approval to make a normal course issuer bid. SCITI ROCS Trust has announced that the redemption price for all outstanding trust units to be paid on May 15, 2015 will be $5.47. Silver Bullion Trust announced results from its annual and special meeting of unitholders. Unitholders voted to reject the proposed amendments to Silver Bullion Trust's amended and restated declaration of trust to include a new physical bullion redemption feature and to amend the trust s existing cash redemption feature made by Polar Securities Inc. Unitholders also voted to reject Polar s proposal to replace all of Silver Bullion Trust s independent CIBC Wood Gundy is a division of CIBC World Markets Inc., P.O. Box 500, 161 Bay Street, Toronto, Canada M5J 2S8 (416)

2 trustees and voted to elect all of Silver Bullion Trust s trustee nominees to the board. Sprott Physical Gold Trust and Sprott Physical Silver Trust announced they have formally commenced their offer to acquire all of the outstanding units of Central GoldTrust and Silver Bullion Trust. Tech Achievers Growth & Income Fund announced the completion of its initial public offering for aggregate gross proceeds of $55 million. YieldPLUS Income Fund announced that it has received approval to make a normal course issuer bid. Split Share Corporations Dividend 15 Split Corp. announced it has completed the overnight offering of 4,300,000 preferred shares and 4,300,000 class A shares of the company. Total proceeds of the offering were $94.2 million. Dividend 15 Split Corp. II announced it has completed the overnight offering of 2,700,000 preferred shares and 2,700,000 class A shares of the company. Total proceeds of the offering were $50.2 million, bringing the company s net assets to approximately $234.8 million. Faircourt Split Trust announced it is doubling its monthly distribution to $0.04 per unit. North American Financial 15 Split Corp announced it has completed the overnight marketing of up to 1,380,000 preferred shares and up to 1,380,000 class A shares. Total proceeds of the offering are expected to be approximately $25.7 million. R Split III Corp announced that it has called 111,228 preferred shares for cash redemption on May 29, 2015 representing approximately % of the outstanding preferred shares as a result of the annual retraction of 222,456 capital shares by the holders thereof. The date shown in advance of each item in this report is the date that the news was announced. All funds are listed on the Toronto Stock Exchange (TSX) and are priced as of May 29, June 2015

3 Canadian Closed-End Fund Updates Aston Hill Advantage Bond Fund MBB.UN - $10.72 May 21, 2015 Renews Normal Course Issuer Bid Aston Hill Advantage Bond Fund renewed its normal course issuer bid to purchase up to 131,075 units of the fund representing approximately 10% of the public float of 1,310,756 units. The fund may purchase up to 26,215 units in any 30 day period which is 2% of the 1,310,756 issued and outstanding units at May 12, As of May 12, 2015, the fund had purchased 12,000 units under its current bid at an average price of $12.45 per unit. The units may be purchased for cancellation from May 25, 2015 to May 24, 2016 through the facilities of the TSX or other eligible alternative market and may only be purchased at a price per unit not exceeding the last published NAV per unit. Bloom Select Income Fund BLB.UN - $9.80 May 20, 2015 Announces Normal Course Issuer Bid Bloom Select Income Fund announced acceptance by the TSX of the fund s notice of intention to make a normal course issuer bid. Pursuant to the normal course issuer bid, the fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 238,732 units of the fund, representing approximately 10% of the public float of 2,387,329 units as of May 13, The fund will not purchase in any given 30-day period, in the aggregate, more than 49,941 units, being 2% of the issued and outstanding units of 2,497,083 as of May 13, Purchases of units under the normal course issuer bid may commence on May 22, All purchases will be made through the facilities of the TSX or alternative Canadian trading platforms in accordance with their rules and policies. All units purchased by the fund pursuant to the normal course issuer bid will be cancelled. The normal course issuer bid will expire on May 21, The fund repurchased 91,800 units at a weighted average price of $10.15 per unit under the existing normal course issuer bid, which expires on May 21, Central GoldTrust GTU.UN - $52.33 May 27, 2015 Acknowledges Unsolicited Offers From Sprott Asset Management LP Central GoldTrust acknowledged the unsolicited offer from Sprott Asset Management Gold Bid LP, a subsidiary controlled by Sprott Asset Management LP to acquire all of the issued and outstanding trust units of GoldTrust for consideration per unit consisting solely of trust units of Sprott Physical Gold Trust, a gold bullion investment fund affiliated with Sprott. Consistent with its fiduciary duties, and in consultation with its legal and financial advisors, the board of trustees of GoldTrust, including its special committee of independent trustees, will convene to evaluate and consider the offer and related materials filed by Sprott and, on or before June 9, 2015, will advise unitholders of the board's position regarding the offer, as well as its reasons for that position. In the interim, prior to receiving the recommendation of GoldTrust, the managers of the fund urge unitholders to take no action in connection with the offer. 3 June 2015

4 Bennett Jones LLP is acting as legal counsel to the special committee of the independent trustees of GoldTrust, CIBC World Markets Inc. is acting as financial advisor and Dentons Canada LLP is legal counsel to GoldTrust. Cymbria Corp CYB - $34.58 May 15, Announces Normal Course Issuer Bid Cymbria Corporation announced that it has filed a notice with the TSX and received its approval to make a normal course issuer bid. This permits the company to purchase for cancellation up to 1,407,901 non-voting, non-redeemable class A shares representing 10% of the company's public float of shares as of May 12, As of May 12, 2015, Cymbria had a total of 14,194,892 shares issued and outstanding. Cymbria may buy back shares from time to time during the 12-month period beginning on May 20, 2015 and ending on May 19, All class A shares will be purchased on the open market through the facilities of the TSX or through alternative trading systems. In accordance with TSX rules, the company can purchase a maximum of 283,898 shares during a 30-day period, subject to certain TSX exceptions. The company is implementing the normal course issuer bid to allow it to purchase shares if and when it makes sense to do so. Under the company s previous normal course issuer bid, which expires on May 19, 2015, the company did not buy back any class A shares for cancellation. Faircourt Gold Income Corp FGX - $3.39 May 7, 2015 Announces Pricing of Offering Faircourt Asset Management Inc., the manager of Faircourt Gold Income Corp., announced that the company has set the offering price of its previously announced public offering of class A shares of the company at $3.59 per share. The offering price was established so as to be equal to or exceed the NAV per share on May 6, 2015, the date of pricing, plus the per-share fees and expenses of the offering, to ensure that existing shareholders are not diluted. The company is in the process of filing with securities regulators in each of the provinces of Canada a final prospectus to qualify up to $15,000,000 of shares at such price. The sales period of this offering is expected to end at 12:00 p.m. EST on May 8, The offering is expected to close on or about May 14, 2015 and is subject to customary closing conditions including approvals of applicable securities regulatory authorities and the TSX. The syndicate of agents for the offering is being co-led by National Bank Financial Inc., CIBC, Scotiabank, and BMO Capital Markets, and includes Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd. and Mackie Research Capital Corporation. May 14, 2015 Closes Share Offering Faircourt Asset Management Inc., the manager of Faircourt Gold Income Corp., announced that the company has completed its previously announced public offering of class A shares of the company, which were issued for cash at a price of $3.59 per share. The company raised aggregate gross proceeds of approximately $4,604,534 under the offering. The shares trade on the TSX under the symbol FGX. 4 June 2015

5 The syndicate of agents for the offering was co-led by National Bank Financial Inc., CIBC, Scotiabank, and BMO Capital Markets, and includes Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd. and Mackie Research Capital Corporation. First Asset Canadian REIT Income Fund RIT.UN - $13.40 May 25, 2015 Announces Meeting to Approve Conversion to ETF First Asset Canadian REIT Income Fund announced that a special meeting of unitholders will be held on Friday, June 19, If required, an adjourned meeting will be held on Tuesday, June 30, At the meeting, unitholders will be asked to approve the conversion of the fund from a closed-end fund to an exchange traded fund, including changes to the fund s investment objectives, strategies and restrictions and certain other provisions contained in the fund s declaration of trust related to the conversion. First Asset Investment Management Inc., the manager of the fund, believes that the conversion will benefit existing unitholders through greater market liquidity and trading efficiency, potential benefits from economies of scale through the continuous offering of units, and a reduction in the management fee to 0.75% from 1.05% of NAV per unit. If approved, the manager anticipates implementing the conversion in July, 2015, subject to obtaining a receipt for the final prospectus and any required third party or regulatory approvals. First Asset Diversified Convertible Debenture Fund DCD.UN - $14.30 May 15, 2015 Announces Expiry of Forward Agreement First Asset Investment Management Inc., the manager of First Asset Diversified Convertible Debenture Fund, announced that the fund will not renew its forward agreements when they expire on or about July 15, After the termination date, the fund will continue to pursue the same investment objectives through direct exposure to a portfolio consisting primarily of convertible debentures, instead of indirect exposure through the use of the forward agreement. Unitholders do not have to take any steps in connection with the matters described above. Following the expiry of the forward agreement, a greater portion of the distributions made to unitholders may be taxable as ordinary income. However, the manager anticipates that the fund, and therefore unitholders, will save approximately 0.75% of NAV per annum by not employing the forward agreement. The fund s declaration of trust will be amended in accordance with its terms in order to reflect the termination of the forward agreement and other necessary amendments associated with the change. Such amendments will not affect the fund s investment objectives, which remain the same. The fund does not expect that the termination of the forward agreement will result in any net taxable capital gain for unitholders. 5 June 2015

6 Healthcare Leaders Income Fund HHL.UN - $9.88 May 14, 2015 Announces Completion of Overnight Offering Healthcare Leaders Income Fund announced it has completed the overnight offering of 2,360,000 units of the fund. In addition, the underwriters exercised their over-allotment option for 145,000 units. Total gross proceeds of the offering were $25,551,000. The syndicate of underwriters for the offering was co-led by BMO Capital Markets, CIBC and Scotiabank, and included National Bank Financial Inc., Canaccord Genuity Corp., Global Securities Corporation, Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd., Industrial Alliance Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated. MINT Income Fund MID.UN - $8.24 May 13, 2015 Announces Normal Course Issuer Bid MINT Income Fund announced that it has filed a notice with the TSX and received its approval to make a normal course issuer bid for its units through the facilities of the TSX. This normal course issuer bid will commence on May 16, 2015 and will terminate on May 15, In accordance with the declaration of trust by which the fund is governed, market purchases pursuant to its normal course issuer bid may be effected by the fund. The fund had 16,305,646 units issued and outstanding as at May 5, The fund may, during the 12 month period commencing May 16, 2015 purchase on the TSX up to 1,623,937 units, being 10% of the public float and may not, in any 30 day period, purchase more than 326,112 units, being 2% of the units issued and outstanding. The fund will hold in treasury for resale all units purchased pursuant to the bid. As at May 5, 2015 the fund had purchased 264,800 units at an average price of $9.75 per unit under its previously approved normal course issuer bid. Real Asset Income and Growth Fund RAI.UN - $9.80 May 27, 2015 Closes Initial Public Offering Fiera Capital Corporation announced the closing of the initial public offering of Real Asset Income and Growth Fund for aggregate gross proceeds of approximately $52 million. Pursuant to the offering, the fund issued class A units at a price of $10.00 per class A unit and class U units at a price of US$10.00 per class U unit. The fund has granted the agents an over-allotment option, exercisable for a period of 30 days from May 27, 2015, to purchase up to an additional 735,054 class A units. The fund's investment objectives are to provide holders of units with monthly cash distributions and the opportunity for capital appreciation as well as to preserve capital. The fund has been created to invest on an actively managed basis across the capital structure of global real asset-related issuers. The portfolio of the fund will be comprised primarily of publicly traded securities of issuers with significant exposure to income producing physical assets in the infrastructure and real estate sectors. The fund's distributions are initially targeted to be $ per class A unit per month ($0.50 per annum) and US$ per class U unit per month (US$0.50 per annum) to yield 5.0% per annum on the subscription price per unit. Fiera Capital is the manager and promoter of the fund. Fiera Capital has retained Nuveen Asset Management, LLC to provide portfolio management services to 6 June 2015

7 the fund. Nuveen has approximately U.S. $138 billion in assets under management as of March 31, 2015, including approximately U.S. $10 billion in real assets. The syndicate of agents for this offering was led by CIBC and RBC Capital Markets, and included National Bank Financial Inc., Scotiabank, BMO Capital Markets, TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated. REIT IndexPLUS Income Fund IDR.UN - $12.60 May 13, 2015 Announces Normal Course Issuer Bid REIT IndexPLUS Income Fund announced that it has filed a notice with the TSX and received its approval to make a normal course issuer bid for its units through the facilities of the TSX. This normal course issuer bid will commence on May 18, 2015 and will terminate on May 17, In accordance with the declaration of trust by which the fund is governed, market purchases pursuant to its normal course issuer bid may be effected by the fund. The fund had 7,039,790 units issued and outstanding as at May 5, The fund may, during the 12 month period commencing May 18, 2015 purchase on the TSX up to 703,159 units, being 10% of the public float and may not, in any 30 day period, purchase more than 140,795 units, being 2% of the units issued and outstanding. The fund will hold in treasury for resale all units purchased pursuant to the bid. As at May 5, 2015 the fund had purchased 136,600 units at an average price of $12.40 per unit under its previously approved normal course issuer bid. SCITI ROCS Trust SCI.UN - $ May 14, 2015 Announces Redemption Price The Board of Directors of SCITI ROCS Ltd., as general partner of SCITI ROCS Limited Partnership, Trustee for SCITI ROCS Trust has announced that the redemption price for all outstanding trust units to be paid on May 15, 2015 will be $5.47. The units are de-listed from the TSX as at close of trading on May 15, Silver Bullion Trust SBT.UN - $11.48 May 20, 2015 Announces Results of Board Election Silver Bullion Trust announced results from its annual and special meeting of unitholders, held on May 20, 2015 in Toronto. Unitholders voted to reject the proposed amendments to Silver Bullion Trust's amended and restated declaration of trust to include a new physical bullion redemption feature and to amend the trust s existing cash redemption feature made by Polar Securities Inc. on behalf of its Cayman Islands based hedge fund, North Pole Capital Master Fund. Unitholders also voted to reject Polar s proposal to replace all of Silver Bullion Trust s independent trustees and voted to elect all of Silver Bullion Trust s trustee nominees to the board. A total of 2,207,703 units, or 40.38% of Silver Bullion Trust s units that were eligible to be voted at the meeting, were voted. Polar s proposals to amend the declaration of trust to include a new physical bullion redemption feature and to amend the trust s existing cash redemption 7 June 2015

8 feature were soundly rejected by unitholders, with over 66% of votes cast recommending against such proposals. When votes cast in respect of the 544,500 units held by Polar are excluded from the vote count, Polar's redemption proposal was overwhelmingly rejected by over 91% of the votes cast by unitholders. Unitholders elected all of the trust s nominees to the board. May 27, 2015 Acknowledges Unsolicited Offer From Sprott Asset Management LP Silver Bullion Trust acknowledged the unsolicited offer from Sprott Asset Management Silver Bid LP, a subsidiary controlled by Sprott Asset Management LP to acquire all of the issued and outstanding trust units of the trust for consideration per unit consisting solely of trust units of Sprott Physical Silver Trust, a silver bullion investment fund affiliated with Sprott. Consistent with its fiduciary duties, and in consultation with its legal and financial advisors, the board of trustees of the trust, including its special committee of independent trustees, will convene to discuss the offer and related materials filed by Sprott, and, on or before June 10, 2015, will advise unitholders of the board's position regarding the offer as well as its reasons for that position. In the interim, prior to receiving the recommendation of the trust, the manager of the fund urges unitholders to take no action in connection with the offer. Bennett Jones LLP is acting as legal counsel to the special committee of the independent trustees of the trust, CIBC World Markets Inc. is acting as financial advisor and Dentons Canada LLP is legal counsel to the trust. Sprott Physical GoldTrust / Sprott Physical Silver Trust PHY.UN - $9.84 PHS.UN - $ 6.44 May 27, 2015 Formally Launches Offers to Central GoldTrust and Silver Bullion Trust Unitholders Sprott Asset Management LP, together with Sprott Physical Gold Trust and Sprott Physical Silver Trust, announced that it has formally commenced its offers to acquire all of the outstanding units of Central GoldTrust and Silver Bullion Trust, respectively, on a NAV to NAV exchange basis. We are making these offers to GTU and SBT unitholders because we believe they deserve an opportunity to choose how their bullion is held and managed, said John Wilson, CEO of Sprott Asset Management. By moving their investments to the Sprott Physical Trusts, we believe GTU and SBT unitholders will see a meaningful reduction in the persistent NAV discounts that have negatively impacted their investments and will also benefit from ownership of products with best-in-class physical redemption features, significantly larger asset bases and increased liquidity. Since Sprott s intention to make the offers was announced, the discounts at which GTU and SBT units were trading have narrowed by 26% and 51%, respectively, unlocking approximately US$25 million and US$6 million in GTU and SBT unitholder value, respectively (based on the closing prices on May 22, 2015). The two largest unitholders of GTU, Pekin Singer Strauss Asset Management Inc. and Polar Securities, have publicly declared their support for the offers. Together these two unitholders control approximately 12.7% of the outstanding units of GTU and Polar Securities controls approximately 10% of the outstanding units of SBT. 8 June 2015

9 Tech Achievers Growth & Income Fund HTA.UN - $9.73 May 26, 2015 Closes $55 Million Initial Public Offering Harvest Portfolios Group Inc. announced that Tech Achievers Growth & Income Fund has completed its initial public offering of units at a price of $10.00 per unit for aggregate gross proceeds of $55 million. The fund has granted the agents an overallotment option to acquire up to 15% of the units issued at the closing at a price of $10.00 per unit exercisable in whole or in part for a period of 30 days following today s closing of the offering. The fund s investment objectives are to provide unitholders with (i) the opportunity for capital appreciation; (ii) monthly cash distributions; and (iii) lower overall volatility of portfolio returns than would otherwise be experienced by owning equity securities of technology achievers directly. The fund invests in an equally-weighted portfolio of equity securities of 20 technology issuers, which are issuers listed on a North American stock exchange that are included in the information technology, health care equipment, health care technology, wireless telecommunication services or electrical components and equipment sub-sectors of the Global Industry Classification Standards and whose underlying business includes, but is not limited to, the provision of technology related goods and services and that at the time of investment (i) have a market capitalization of at least US$10 billion, and (ii) have options in respect of their equity securities listed on a recognized options exchange. In order to seek to generate additional returns, Highstreet Asset Management Inc. may sell call options each month on equity securities held in the portfolio. The options advisor will not sell call options on more than 33% of the equity securities of any of the technology achievers held in the portfolio. The manager is responsible for the execution of the fund s overall investment strategy, including managing the composition of the Portfolio. The indicative distribution amount is $ per unit per month ($0.70 per annum), representing an annual cash distribution of 7% based on the $10.00 per unit issue price. The syndicate of agents for the offering was co-led by BMO Capital Markets, CIBC and Scotiabank, and included National Bank Financial Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Dundee Securities Ltd., PI Financial Corp., Desjardins Securities Inc., Global Securities Corporation and Industrial Alliance Securities Inc. Borden Ladner Gervais LLP acted as counsel for the fund and the manager and Blake, Cassels & Graydon LLP acted as counsel for the agents. YieldPLUS Income Fund YP.UN - $6.79 May 13, 2015 Announces Normal Course Issuer Bid YieldPLUS Income Fund announced that it has filed a notice with the TSX and received its approval to make a normal course issuer bid for its units through the facilities of the TSX. This normal course issuer bid will commence on May 16, 2015 and will terminate on May 15, In accordance with the declaration of trust by which the fund is governed, market purchases pursuant to its normal course issuer bid may be effected by the fund. The fund had 20,567,262 units issued and outstanding as at May 5, The fund may, during the 12 month period commencing May 16, 2015 purchase on the TSX up to 2,056,718 units, being 10% of the public float and may not, in any 30 day period, 9 June 2015

10 Notes: 1. Market price for SCITI ROCS Trust is as of May 14, 2015 purchase more than 411,345 units, being 2% of the units issued and outstanding. The fund will hold in treasury for resale all units purchased pursuant to the bid. As at May 5, 2015 the fund had purchased 36,500 units at an average price of $7.29 per unit under its previously approved normal course issuer bid. 10 June 2015

11 Canadian Split Share Updates Dividend 15 Split Corp DFN - $11.58 DFN.PR.A - $10.13 May 13, 2015 Announces Overnight Offering Dividend 15 Split Corp. announced it has filed a preliminary short form prospectus in each of the provinces of Canada with respect to an offering of preferred shares and class A shares of the company. The offering will be co-led by National Bank Financial Inc., CIBC, RBC Capital Markets and will also include Scotia Capital Inc., TD Securities Inc., BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp., Dundee Securities, Raymond James, Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated. The preferred shares will be offered at a price of $10.00 per preferred share to yield 5.25% on the issue price and the class A shares will be offered at a price of $11.90 per class A share to yield 10.08% on the issue price. The closing price on the TSX of each of the preferred shares and the class A shares on May 12, 2015 was $10.35 and $12.23, respectively. Since inception of the company, the aggregate dividends paid on the preferred shares have been $5.84 per share and the aggregate dividends paid on the class A shares have been $16.80 per share (including five special distributions of $0.25 per share, one special distribution of $0.50 per share and one special stock dividend of $1.75 per share), for a combined total of $22.64 per unit. All distributions to date have been made in tax advantage eligible Canadian dividends or capital gains dividends. The net proceeds of the offering will be used by the company to invest in an actively managed portfolio of dividend-yielding common shares which includes each of the 15 Canadian companies listed below: Bank of Montreal Enbridge Inc TELUS Corp Bank of Nova Scotia Manulife Financial Corp Thomson-Reuters Corp BCE Inc National Bank of Canada Toronto-Dominion Bank CIBC Royal Bank of Canada TransAlta Corp CI Financial Corp Sun Life Financial Inc TransCanada Corp May 14, 2015 Announces Successful Overnight Offering Dividend 15 Split Corp. announced it has completed the overnight marketing of up to 4,300,000 preferred shares and up to 4,300,000 class A shares of the company. Total proceeds of the offering are expected to be approximately $94.2 million. The offering is being co-led by National Bank Financial Inc., CIBC, RBC Capital Markets and will also include Scotia Capital Inc., TD Securities Inc., BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp., Dundee Securities, Raymond James, Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated. The sales period of the overnight offering has now ended. The preferred shares were offered at a price of $10.00 per preferred share to yield 5.25% on the issue price and the class A shares were offered at a price of $11.90 per class A share to yield 10.08% on the issue price. The closing price on the TSX of each of the preferred shares and the class A shares on May 13, 2015 was $10.35 and $12.18, respectively. The net proceeds of the offering will be used by the company to invest in an actively managed portfolio of dividend-yielding common shares which includes each of the 15 Canadian companies listed below: 11 June 2015

12 Bank of Montreal Enbridge Inc TELUS Corp Bank of Nova Scotia Manulife Financial Corp Thomson-Reuters Corp BCE Inc National Bank of Canada Toronto-Dominion Bank CIBC Royal Bank of Canada TransAlta Corp CI Financial Corp Sun Life Financial Inc TransCanada Corp May 28, 2015 Completes Overnight Offering Dividend 15 Split Corp. announced it has completed the overnight offering of 4,300,000 preferred shares and 4,300,000 class A shares of the company. Total proceeds of the offering were $94.2 million, bringing the company s net assets to approximately $591.0 million. The preferred shares were offered at a price of $10.00 per preferred share to yield 5.25% on the issue price and the class A shares were offered at a price of $11.90 per class A share to yield 10.08% on the issue price. The offering was co-led by National Bank Financial Inc., CIBC, RBC Capital Markets and also included Scotia Capital Inc., TD Securities Inc., BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp., Dundee Securities, Raymond James, Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated. The net proceeds of the offering will be used by the company to invest in an actively managed portfolio of dividend-yielding common shares which includes each of the 15 Canadian companies listed below: Bank of Montreal Enbridge Inc TELUS Corp Bank of Nova Scotia Manulife Financial Corp Thomson-Reuters Corp BCE Inc National Bank of Canada Toronto-Dominion Bank CIBC Royal Bank of Canada TransAlta Corp CI Financial Corp Sun Life Financial Inc TransCanada Corp Dividend 15 Split Corp II DF - $8.52 DF.PR.A - $10.08 May 7, 2015 Completes Overnight Offering Dividend 15 Split Corp. II announced it has completed the overnight offering of 2,700,000 preferred shares and 2,700,000 class A shares of the company. Total proceeds of the offering were $50.2 million, bringing the company s net assets to approximately $234.8 million. The preferred shares were offered at a price of $10.00 per preferred share to yield 5.25% and the class A shares were offered at a price of $8.60 per class A share to yield 13.95%. The offering was co-led by National Bank Financial Inc., CIBC, RBC Capital Markets and will also include Scotia Capital Inc., TD Securities Inc., BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp., Dundee Securities, Raymond James, Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated. The net proceeds of the offering will be used by the company to invest in an actively managed portfolio of dividend-yielding common shares which includes each of the 15 Canadian companies listed below: Bank of Montreal Enbridge Inc TELUS Corp Bank of Nova Scotia Manulife Financial Corp Thomson-Reuters Corp BCE Inc National Bank of Canada Toronto-Dominion Bank CIBC Royal Bank of Canada TransAlta Corp 12 June 2015

13 CI Financial Corp Sun Life Financial Inc TransCanada Corp Faircourt Split Trust FCS - $5.70 FCS.PR.C - $10.33 May 27, 2015 Doubles Monthly Distribution Faircourt Asset Management Inc., the manager of Faircourt Split Trust, announced a change in the distribution rate payable on the outstanding units of the trust. Commencing with the June distribution (i.e. payable to holders of units as at June 30, 2015), the trust will double its monthly distribution to $0.04 per unit ($0.48 per annum), which would yield 8.4% annually based on the May 27, 2015 closing price of the units of $5.70. There is no assurance that the trust will earn sufficient returns to be able to achieve its distribution targets. Distributions on the units are conditional upon the trust being current in its obligations to pay interest on the outstanding 6.00% preferred securities due June 30, The trust s ability to continue variable distributions on the units will depend on market conditions and the trust s asset coverage levels and will be evaluated on a monthly basis. North American Financial 15 Split Corp FFN - $8.60 FFN.PR.A - $10.05 May 28, 2015 Announces Overnight Offering North American Financial 15 Split Corp. announced it has filed a preliminary short form prospectus in each of the provinces of Canada with respect to an offering of preferred shares and class A shares of the company. The offering will be co-led by National Bank Financial Inc., CIBC, RBC Capital Markets, Scotia Capital Inc., and will also include BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp., Dundee Securities, Raymond James, Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated. The preferred shares will be offered at a price of $10.00 per preferred share to yield 5.25% on the issue price and the class A shares will be offered at a price of $8.65 per class A share to yield 13.87% on the issue price. The closing price on the TSX of each of the preferred shares and class A shares on May 27, 2015 was $10.08 and $9.19, respectively. Since inception of the company, the aggregate dividends paid on the preferred shares have been $5.58 per share and the aggregate dividends paid on the class A shares have been $8.85 per share (including one special distribution of $0.25 per share), for a combined total of $ All distributions to date have been made in tax advantage eligible Canadian dividends or capital gains dividends. The net proceeds of the secondary offering will be used by the company to invest in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal National Bank of Canada Bank of America Corp Bank of Nova Scotia Manulife Financial Corp Citigroup Inc CIBC Sun Life Financial Goldman Sachs Group Royal Bank of Canada Great-West Lifeco Inc. JP Morgan Chase & Co Toronto-Dominion Bank CI Financial Corp Wells Fargo & Co 13 June 2015

14 May 29, 2015 Announces Successful Overnight Offering North American Financial 15 Split Corp. announced it has completed the overnight marketing of up to 1,380,000 preferred shares and up to 1,380,000 class A shares. Total proceeds of the offering are expected to be approximately $25.7 million. The offering will be co-led by National Bank Financial Inc., CIBC, RBC Capital Markets, Scotia Capital Inc., and will also include BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp., Dundee Securities, Raymond James, Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated. The sales period of the overnight offering has now ended. The preferred shares were offered at a price of $10.00 per preferred share to yield 5.25% on the issue price and the class A shares were offered at a price of $8.65 per class A share to yield 13.87% on the issue price. The closing price on the TSX of each of the preferred shares and class A shares on May 28, 2014 was $10.09 and $9.13, respectively. The net proceeds of the secondary offering will be used by the company to invest in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal National Bank of Canada Bank of America Corp Bank of Nova Scotia Manulife Financial Corp Citigroup Inc CIBC Sun Life Financial Goldman Sachs Group Royal Bank of Canada Great-West Lifeco Inc. JP Morgan Chase & Co Toronto-Dominion Bank CI Financial Corp Wells Fargo & Co R Split III Corp RBS - $18.47 RBS.PR.B - $14.12 May 15, 2015 Announces Partial Call for Redemption R Split III Corp. announced that it has called 111,228 preferred shares for cash redemption on May 29, 2015 (in accordance with the company's articles) representing approximately % of the outstanding preferred shares as a result of the annual retraction of 222,456 capital shares by the holders thereof. The preferred shares shall be redeemed on a pro rata basis, so that each holder of preferred shares of record on May 27, 2015 will have approximately % of their preferred shares redeemed. The redemption price for the preferred shares will be $13.60 per share. In addition, holders of a further 23,400 capital shares and 11,700 preferred shares have deposited such shares concurrently for retraction on May 29, As a result, a total of 245,856 capital shares and 111,228 preferred shares, or approximately % of both classes of shares currently outstanding, will be redeemed. Holders of preferred shares that are on record for dividends but have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to but not including May 29, Payment of the amount due to holders of preferred shares will be made by the company on May 29, From and after May 29, 2015 the holders of preferred shares that have been called for redemption will not be entitled to dividends or to exercise any rights in respect of such shares except to receive the amount due on redemption. 14 June 2015

15 Exhibit 1. Canadian Closed-End Fund Universe Sorted Alphabetically Issue Symbol NAV Date NAV Market Price1 Premium (Discount) to NAV1 Indicated Yield (%) Market Cap ($MM) Aberdeen Asia-Pacific Income Investment Co Ltd FAP 05/29/ % ACTIVEnergy Income Fund AEU.UN 05/28/ % Advantaged Canadian High Yield Bond Fund AHY.UN 05/29/ % Advantaged Preferred Share Trust PFR.UN 05/28/ % American Core Sectors Dividend Fund ACZ.UN 05/29/ % Aston Hill Advantage Bond Fund MBB.UN 05/29/ % Aston Hill Advantage Oil & Gas Income Fund AOG.UN 05/29/ % Aston Hill Advantage VIP Income Fund AV.UN 05/29/ % Aston Hill Oil & Gas Income Fund OGF.UN 05/29/ % Aston Hill VIP Income Fund VIP.UN 05/29/ % Australian Banc Capital Securities Trust AUZ.UN 05/29/ % Australian Banc Income Fund AUI.UN 05/29/ % Australian REIT Income Fund HRR.UN 05/29/ % Bloom Income & Growth Canadian Fund BI.UN 05/28/ % Bloom Select Income Fund BLB.UN 05/28/ % Bloom US Income & Growth Fund BUA.UN 05/29/ % Blue Ribbon Income Fund RBN.UN 05/28/ % Brand Leaders Income Fund HBL.UN 05/29/ % Brand Leaders Plus Income Fund HBF.UN 05/29/ % Brookfield High Yield Strategic Income Fund BHY.UN 05/29/ % Brookfield Global Infrastructure Securities Income Fund BGI.UN 05/29/ % Brookfield Select Opportunities Income Fund BSO.UN 05/29/ % Brookfield Soundvest Equity Fund BSE.UN 05/29/ % Can-60 Income Corp CSY 05/29/ % Canadian 50 Advantaged Preferred Share Fund CPF.UN 05/29/ % Canadian Advantaged Convertibles Fund ADC.UN 05/29/ % Canadian Banc Capital Securities Trust CSB.UN 05/29/ % Canadian Convertibles Plus Fund CCI.UN 05/29/ % Canadian General Investments Ltd CGI 05/29/ % Canadian High Income Equity Fund CIQ.UN 05/28/ % Canadian High Yield Focus Fund CAH.UN 05/29/ % Canadian Resources Income Trust RTU.UN 05/29/ % Canadian Utilities & Telecom Income Fund UTE.UN 05/29/ % Canadian World Fund Ltd CWF 05/29/ % CanBanc 8 Income Corp CBF 05/29/ % CanBanc Income Corp CIC 05/29/ % Can-Financials Income Corp FIC 05/29/ % Canso Credit Income Fund PBY.UN 05/29/ % Central Fund of Canada Ltd CEF/A 05/29/ % Central GoldTrust GTU.UN 05/29/ % Citadel Income Fund CTF.UN 05/29/ % COMPASS Income Fund/Canada CMZ.UN 05/28/ % Core Canadian Dividend Trust CDD.UN 05/29/ % Coxe Commodity Strategy Fund COX.UN 05/29/ % Coxe Global Agribusiness Income Fund CAG.UN 05/29/ % Cymbria Corp CYB 05/29/ % DDJ High Yield Fund HYB.UN 05/29/ % Dividend Select 15 Corp DS 05/29/ % DoubleLine Income Solutions Trust DSL.UN 05/29/ % East Coast Investment Grade Income Fund ECF.UN 05/28/ % June 2015

16 Exhibit 1. Canadian Closed-End Fund Universe Sorted Alphabetically Issue Symbol NAV Date NAV Market Price1 Premium (Discount) to NAV1 Indicated Yield (%) Market Cap ($MM) Economic Investment Trust Ltd EVT 05/28/ % Eclipse Residential Mortgage Investment Corp ERM 05/28/ % Energy Income Fund ENI.UN 05/28/ % ENERGY INDEXPLUS Dividend Fund IDE.UN 05/29/ % Energy Leaders Income Fund HEN.UN 05/29/ % Energy Leaders Plus Income Fund HPF.UN 05/29/ % Euro Banc Capital Securities Trust EBT.UN 05/29/ % Europe Blue-Chip Dividend & Growth Fund EBC.UN 05/29/ % European Strategic Balanced Fund EBF.UN 05/29/ % Canoe EIT Income Fund EIT.UN 05/29/ % Canso Select Opportunities Fund SCW.UN 05/29/ % Excel Latin America Bond Fund ELA.UN 05/29/ % Excel Latin America Bond Fund II ELB.UN 05/29/ % Faircourt Gold Income Corp FGX 05/29/ % First Asset Canadian REIT Income Fund RIT.UN 05/29/ % First Asset Diversified Convertible Debenture Fund DCD.UN 05/29/ % First Asset Energy & Resource Fund TRF.UN 05/29/ % First Asset Advantaged Morningstar U.S. Consumer Defensive Index Fund UCD.UN 05/29/ % First Asset Hamilton Capital European Bank Fund EB.UN 05/29/ % First National Mortgage Investment Fund FNM.UN 05/29/ % First Trust Advantaged Short Duration High Yield Bond Fund FSD.UN 05/29/ % First Trust Global DividendSeeker Fund FDS.UN 05/29/ % Flaherty & Crumrine Investment Grade Fixed Income Fund FFI.UN 05/29/ % Floating Rate Income Fund OFR.UN 05/29/ % Front Street US MLP Income Fund Ltd MLP 05/29/ % Global Advantaged Telecom & Utilities Income Fund HGI.UN 05/29/ % Global Diversified Investment Grade Income Trust II GII.UN 05/29/ % Global Dividend Fund GDP.UN 05/29/ % Global Dividend Growers Income Fund GDG.UN 05/29/ % Global Healthcare Dividend Fund GHC.UN 05/29/ % Global Infrastructure Dividend Fund GIF.UN 05/29/ % Global Water Solutions Fund HTO.UN 05/29/ % Goldman Sachs U.S. Income Builder Trust GSB.UN 05/29/ % Gold Participation and Income Fund GPF.UN 05/29/ % Goodman Gold Trust GGT.UN 05/29/ % HBanc Capital Securities Trust HSC.UN 05/29/ % Healthcare Leaders Income Fund HHL.UN 05/29/ % High Rock Canadian High Yield Bond Fund HHY.UN 05/29/ % Income Financial Trust INC.UN 05/29/ % Indexplus Income Fund IDX.UN 05/28/ % ING Diversified Floating Rate Senior Loan Fund IFL.UN 05/29/ % ING Floating Rate Senior Loan Fund ISL.UN 05/29/ % ING High Income Floating Rate Fund IHL.UN 05/29/ % Investment Grade Infrastructure Bond Fund IFB.UN 05/29/ % JFT Strategies Fund JFS.UN 05/29/ % Limited Duration Investment Grade Preferred Securities Fund PFD.UN 05/29/ % Low Volatility Canadian Equities Income Fund LOW.UN 05/29/ % Low Volatility US Equity Income Fund LVU.UN 05/29/ % Macquarie Emerging Markets Infrastructure Income Fund MQA.UN 05/29/ % Macquarie Global Infrastructure Income Fund MQI.UN 05/29/ % June 2015

17 Exhibit 1. Canadian Closed-End Fund Universe Sorted Alphabetically Issue Symbol NAV Date NAV Market Price1 Premium (Discount) to NAV1 Indicated Yield (%) Market Cap ($MM) Manulife Floating Rate Senior Loan Fund MFR.UN 05/29/ % Manulife US Regional Bank Trust MBK.UN 05/29/ % Marquest Canadian Equity Income Fund MIF.UN 05/29/ % Marret High Yield Strategies Fund MHY.UN 05/28/ % Marret Investment Grade Bond Fund MIG.UN 05/28/ % Marret Multi-Strategy Income Fund MMF.UN 05/29/ % MBN Corp MBN 05/28/ % Metals Plus Income Corp MPI 05/29/ % Middlefield Can-Global REIT Income Fund RCO.UN 05/29/ % MINT Income Fund MID.UN 05/28/ % Moneda LatAm Growth Fund MLE.UN 05/29/ % Moneda LatAm Fixed Income Fund MLF.UN 05/29/ % NDX Growth & Income Fund NGI.UN 05/29/ % NexC Partners Corp NXC 05/29/ % North American Advantaged Convertibles Fund NCD.UN 05/29/ % North American Financials Capital Securities Trust NAF.UN 05/29/ % North American Preferred Share Fund NPF.UN 05/29/ % North American REIT Income Fund NRF.UN 05/29/ % OCP Credit Strategy Fund OCS.UN 05/29/ % OCP Senior Credit Fund OSL.UN 05/29/ % Oil Sands Sector Fund OSF.UN 05/28/ % O'Leary Canadian Diversified Income Fund ODI.UN 05/29/ % O'Leary U.S. Strategic Yield Advantaged Fund OUY.UN 05/29/ % Pathfinder Income Fund PCD.UN 05/29/ % Picton Mahoney Tactical Income Fund PMB.UN 05/29/ % PIMCO Global Income Opportunities Fund PGI.UN 05/29/ % PineBridge Investment Grade Preferred Securities Fund PRF.UN 05/29/ % Precious Metals & Mining Trust MMP.UN 05/28/ % Precious Metals Bullion Trust PBU.UN 05/29/ % Preferred Share Investment Trust PSF.UN 05/29/ % Raven Rock Strategic Income Fund RRF.UN 05/28/ % Ravensource Fund RAV.UN 05/28/ % Real Asset Income and Growth Fund RAI.UN 05/29/ % REIT INDEXPLUS Income Fund IDR.UN 05/29/ % Ridgewood Canadian Investment Grade Bond Fund RIB.UN 05/28/ % Royal Canadian Mint - Canadian Silver Reserves MNS 05/29/ % SCITI ROCS Trust SCI.UN 05/14/ % - SCITI Trust SIN.UN 05/29/ % Senior Secured Floating Rate Loan Fund FRL.UN 05/29/ % Sentry Select Primary Metals Corp PME 05/28/ % Silver Bullion Trust SBT.UN 05/29/ % Skylon Growth & Income Trust SKG.UN 05/29/ % Sprott Physical Gold Trust PHY/U 05/29/ % Sprott Physical Silver Trust PHS/U 05/29/ % Sprott Strategic Fixed Income Fund SFI.UN 05/29/ % Star Portfolio Corp XYM 05/29/ % Stone Agribusiness Fund HAY.UN 05/29/ % Strategic Income Allocation Fund SIF.UN 05/29/ % Symphony Floating Rate Senior Loan Fund SSF.UN 05/29/ % Taylor North American Equity Opportunities Fund TOF.UN 05/29/ % June 2015

18 Exhibit 1. Canadian Closed-End Fund Universe Sorted Alphabetically Issue Symbol NAV Date NAV Market Price1 Premium (Discount) to NAV1 Indicated Yield (%) Market Cap ($MM) Tech Achievers Growth & Income Fund HTA.UN 05/29/ % Tech Leaders Income Fund TLF.UN 05/29/ % Timbercreek Global Real Estate Fund TGF.UN 05/29/ % Top 10 Canadian Financial Trust TCT.UN 05/29/ % Top 20 Dividend Trust TTY.UN 05/29/ % Top 20 Europe Dividend Trust TTE.UN 05/29/ % Top 20 US Dividend Trust TUT.UN 05/29/ % Triax Diversified High-Yield Trust TRH.UN 05/29/ % Trident Performance Corp TCP 05/29/ % Trident Performance Corp II TCZ 05/29/ % United Corporations Ltd UNC 05/28/ % US Agency Mortgage-Backed REIT Advantaged Fund USM.UN 05/29/ % US Buyback Leaders Fund HUL.UN 05/29/ % US Dividend Growers Income Corp US 05/29/ % US Housing Recovery Fund USH.UN 05/29/ % US Financials Income Fund USF.UN 05/29/ % Utility Corp UTC/C 05/29/ % Voya Global Income Solutions Fund VGI.UN 05/29/ % Yield Advantage Income Trust YOU.UN 05/29/ % Convertible Debentures Income Fund OCV.UN 05/29/ % YIELDPLUS Income Fund YP.UN 05/28/ % Average -4.8% Notes: 1. Market price is the last traded price as of close on the NAV date -- denotes that the output was not meaningful Net Asset Value = Net Asset Value per share Source: Company Reports, Bloomberg 18 June 2015

19 Exhibit 2. Canadian Closed-End Fund Universe Sorted By Discount To Net Asset Value Issue Symbol NAV Date NAV Market Price1 Premium (Discount) to NAV1 Indicated Yield (%) Marret High Yield Strategies Fund MHY.UN 05/28/ % Marret Multi-Strategy Income Fund MMF.UN 05/29/ % Canadian World Fund Ltd CWF 05/29/ % MBN Corp MBN 05/28/ % Market Cap ($MM) United Corporations Ltd UNC 05/28/ % Canadian General Investments Ltd CGI 05/29/ % Energy Income Fund ENI.UN 05/28/ % Citadel Income Fund CTF.UN 05/29/ % Economic Investment Trust Ltd EVT 05/28/ % Goodman Gold Trust GGT.UN 05/29/ % Canoe EIT Income Fund EIT.UN 05/29/ % Global Diversified Investment Grade Income Trust II GII.UN 05/29/ % Brookfield Global Infrastructure Securities Income Fund BGI.UN 05/29/ % DDJ High Yield Fund HYB.UN 05/29/ % Central Fund of Canada Ltd CEF/A 05/29/ % Eclipse Residential Mortgage Investment Corp ERM 05/28/ % Trident Performance Corp TCP 05/29/ % Sentry Select Primary Metals Corp PME 05/28/ % US Agency Mortgage-Backed REIT Advantaged Fund USM.UN 05/29/ % First National Mortgage Investment Fund FNM.UN 05/29/ % Moneda LatAm Growth Fund MLE.UN 05/29/ % Brookfield Select Opportunities Income Fund BSO.UN 05/29/ % Gold Participation and Income Fund GPF.UN 05/29/ % NexC Partners Corp NXC 05/29/ % First Asset Energy & Resource Fund TRF.UN 05/29/ % Voya Global Income Solutions Fund VGI.UN 05/29/ % Trident Performance Corp II TCZ 05/29/ % PineBridge Investment Grade Preferred Securities Fund PRF.UN 05/29/ % Macquarie Global Infrastructure Income Fund MQI.UN 05/29/ % Excel Latin America Bond Fund ELA.UN 05/29/ % Manulife US Regional Bank Trust MBK.UN 05/29/ % Aston Hill Oil & Gas Income Fund OGF.UN 05/29/ % Canadian High Yield Focus Fund CAH.UN 05/29/ % Sprott Strategic Fixed Income Fund SFI.UN 05/29/ % Metals Plus Income Corp MPI 05/29/ % European Strategic Balanced Fund EBF.UN 05/29/ % Australian REIT Income Fund HRR.UN 05/29/ % High Rock Canadian High Yield Bond Fund HHY.UN 05/29/ % HBanc Capital Securities Trust HSC.UN 05/29/ % Aston Hill Advantage Oil & Gas Income Fund AOG.UN 05/29/ % Australian Banc Capital Securities Trust AUZ.UN 05/29/ % Utility Corp UTC/C 05/29/ % Aberdeen Asia-Pacific Income Investment Co Ltd FAP 05/29/ % OCP Senior Credit Fund OSL.UN 05/29/ % ING High Income Floating Rate Fund IHL.UN 05/29/ % Euro Banc Capital Securities Trust EBT.UN 05/29/ % Bloom Select Income Fund BLB.UN 05/28/ % Advantaged Canadian High Yield Bond Fund AHY.UN 05/29/ % Energy Leaders Plus Income Fund HPF.UN 05/29/ % Floating Rate Income Fund OFR.UN 05/29/ % June 2015

20 Exhibit 2. Canadian Closed-End Fund Universe Sorted By Discount To Net Asset Value Issue Symbol NAV Date NAV Market Price1 Premium (Discount) to NAV1 Indicated Yield (%) Taylor North American Equity Opportunities Fund TOF.UN 05/29/ % Market Cap ($MM) Central GoldTrust GTU.UN 05/29/ % Stone Agribusiness Fund HAY.UN 05/29/ % Excel Latin America Bond Fund II ELB.UN 05/29/ % Silver Bullion Trust SBT.UN 05/29/ % Moneda LatAm Fixed Income Fund MLF.UN 05/29/ % OCP Credit Strategy Fund OCS.UN 05/29/ % North American Advantaged Convertibles Fund NCD.UN 05/29/ % US Housing Recovery Fund USH.UN 05/29/ % Canadian Convertibles Plus Fund CCI.UN 05/29/ % Australian Banc Income Fund AUI.UN 05/29/ % Goldman Sachs U.S. Income Builder Trust GSB.UN 05/29/ % North American Financials Capital Securities Trust NAF.UN 05/29/ % First Asset Hamilton Capital European Bank Fund EB.UN 05/29/ % NDX Growth & Income Fund NGI.UN 05/29/ % PIMCO Global Income Opportunities Fund PGI.UN 05/29/ % Can-60 Income Corp CSY 05/29/ % Ridgewood Canadian Investment Grade Bond Fund RIB.UN 05/28/ % Coxe Commodity Strategy Fund COX.UN 05/29/ % Pathfinder Income Fund PCD.UN 05/29/ % Oil Sands Sector Fund OSF.UN 05/28/ % MINT Income Fund MID.UN 05/28/ % First Trust Advantaged Short Duration High Yield Bond Fund FSD.UN 05/29/ % Global Dividend Growers Income Fund GDG.UN 05/29/ % ACTIVEnergy Income Fund AEU.UN 05/28/ % First Trust Global DividendSeeker Fund FDS.UN 05/29/ % Preferred Share Investment Trust PSF.UN 05/29/ % North American Preferred Share Fund NPF.UN 05/29/ % O'Leary U.S. Strategic Yield Advantaged Fund OUY.UN 05/29/ % Precious Metals & Mining Trust MMP.UN 05/28/ % Bloom US Income & Growth Fund BUA.UN 05/29/ % Limited Duration Investment Grade Preferred Securities Fund PFD.UN 05/29/ % Global Healthcare Dividend Fund GHC.UN 05/29/ % COMPASS Income Fund/Canada CMZ.UN 05/28/ % Middlefield Can-Global REIT Income Fund RCO.UN 05/29/ % East Coast Investment Grade Income Fund ECF.UN 05/28/ % YIELDPLUS Income Fund YP.UN 05/28/ % Low Volatility US Equity Income Fund LVU.UN 05/29/ % Faircourt Gold Income Corp FGX 05/29/ % Blue Ribbon Income Fund RBN.UN 05/28/ % Aston Hill Advantage Bond Fund MBB.UN 05/29/ % Canadian Banc Capital Securities Trust CSB.UN 05/29/ % Canadian Utilities & Telecom Income Fund UTE.UN 05/29/ % Skylon Growth & Income Trust SKG.UN 05/29/ % Indexplus Income Fund IDX.UN 05/28/ % Canadian 50 Advantaged Preferred Share Fund CPF.UN 05/29/ % Macquarie Emerging Markets Infrastructure Income Fund MQA.UN 05/29/ % Marret Investment Grade Bond Fund MIG.UN 05/28/ % ING Floating Rate Senior Loan Fund ISL.UN 05/29/ % SCITI Trust SIN.UN 05/29/ % June 2015