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Lodging Around for Growth and Income

Chesapeake Lodging Trust (NYSE: CHSP) is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 15 hotels with an aggregate of 4,722 rooms in seven states and the District of Columbia.

Chesapeake Lodging Trust reported its financial results for the quarter ended September 30, 2012 with a 8.9% increase in RevPAR for comparable 10-hotel portfolio over the same period in 2011.  For the quarter, the Trust produced EPS of $0.21 compared to $0.18 a year ago.  For the 9 months, the Trust produced EPS of $0.47 compared to $0.21 a year ago, an increase of 124%.

On August 21, 2012, the Trust acquired the 520-room W Chicago – Lakeshore located inChicago, Illinois for approximately $124.9 million, including acquired working capital. The Trust funded the acquisition with available cash on hand and a borrowing under its revolving credit facility. The Trust entered into a long-term management agreement with Starwood Hotels & Resorts Worldwide, Inc. to continue operating the hotel under the W flag.

On September 7, 2012, the Trust acquired the 429-room Hyatt Regency Mission Bay Spa andMarina located in San Diego, California for approximately $59.8 million, including acquired working capital. The Trust funded the acquisition with available cash on hand and a borrowing under its revolving credit facility. The Trust assumed the existing management agreement with Hyatt Hotels Corporation.

Chesapeake Lodging Trust announced that its board of trustees has declared a dividend payment of $.22 per common share. The dividend will be paid on January 15, 2013 to shareholders of record at the close of business on December 31, 2012. The dividend represents a 5% annualized yield based on the closing price of the Trust’s common shares on December 12, 2012.  Chesapeake Lodging has a current dividend yield of 4.08% which was increased 10% in the past year.

Chesapeake Lodging is projected to grow EPS by 19.8% in 2013.  First Call consensus has a BUY recommendation with a 1.7 rating.  Chesapeake Lodging has an equity summary score of 7.5 out of 10 for a Bullish outlook.

Chesapeake Lodging Trust (NYSE: CHSP) has a 12-month price target of $26.50.

This Healthcare REIT will Grow EPS 20% in 2013

Medical Properties Trust, Inc.’s (NYSE: MPW) continued successful execution of its growth and investment strategies have driven the Company’s strong results.  Since 2010, MPW has made hospital investments totaling more than $1.0 billion with average returns of more than 10%.  MPW has rewarded shareholders with a current dividend yield of 6.81%.

Medical Properties Trust, Inc. operates as a real estate investment trust (REIT) in the United States.  It acquires, develops, and invests in healthcare facilities; and leases healthcare facilities to healthcare operating companies and healthcare providers.

Third quarter 2012 total revenues increased 55% to $53.7 million compared with $34.6 millionfor the third quarter of 2011. Normalized FFO for the quarter increased 71% to $33.4 millioncompared with $19.5 million in the third quarter of 2011. Per share Normalized FFO increased 39% to $0.25 per diluted share during the 2012 third quarter, compared with $0.18 per diluted share in the third quarter of 2011. The FFO dividend payout ratio for the third quarter of 2012 was 80%, an 11% improvement compared with the second quarter of 2012.

Net income for the third quarter of 2012 was $31.5 million (or $0.23 per diluted share) compared with net income of $0.4 million (or $0.00 per diluted share) during the third quarter of 2011.

For the nine months ended September 30, 2012 normalized FFO was $85.5 million (or $0.65per diluted share) compared with $57.5 million (or $0.52 per diluted share) in the corresponding period in 2011. Revenue for the nine months ended September 30, 2012 was$145 million compared to $102 million in the corresponding period in 2011. Net income for the first nine months of 2012 was $61.3 million compared with $13.8 million in 2011.

Based upon its expected 2012 performance and placement of its properties under construction into service, MPW expects to enter 2013 with a Normalized FFO run rate of approximately $1.08 per diluted share. This does not include the impact of any potential 2013 acquisitions or financing activities.  This is an increase of 22.81% next year compared to 2012.

MPW has an equity summary score of 8.6 out of 10 for a Bullish outlook.  Based on a PE of 14, MPW has a 12-month price target of $15.

Look to this Insurance Company for Growth and Yield

Aegon NV (NYSE: AEG) is one of the world’s largest life insurance and pension companies. Its three major markets are the U.S., the Netherlands and the U.K.; the company also has numerous operations in various other countries.  Having completed its restructuring, AEG has a nice 4% dividend yield and significant growth prospects with a new long-term partnership with Banco Santander and a recent entry into the Ukraine by purchasing Fidem Life.

The Americas contributed about 72% of underlying pretax profits in 2011 (excluding holdings and other activities). The U.S. is the dominant part of the region, accounting for more than 97% of 2011 underlying pretax earnings, but the region also includes business in Canada and Latin America. The major product lines in the U.S. are traditional life policies (universal life, term life, accident and health), annuities (fixed and variable), life reinsurance and a pension segment which is active in 401(k) and similar products. Aegon is among the leading U.S. providers of universal life and term life policies, through its TransAmerica unit.

Aegon also has important operations in new markets, which include Hungary, Poland, France and Spain, and smaller operations in some other CEE countries as well as in Asia. New markets generated 12% of 2011 underlying pretax profit. The CEE activities were pensions-focused, but changes to legislation in Poland and nationalization of pension funds in Hungary mean that, outside of Poland, the emphasis is shifting to protection and non-life and non-pension savings. Spain is a bancassurance operation for Cajas.  France (35% owned) is a major life insurer that operates through affinity groups and brokers selling savings and protection products. Working with joint venture partners in Asia, the company provides life insurance in China and India and variable annuities in Japan.

We see AEG’s sales, measured by the present value of new business premiums, commencing a recovery in 2012 with 10% growth after four years of declines. We see stronger U.S. indexed universal life and variable annuities offsetting lower U.S. fixed annuity sales, which the group is de-emphasizing.

AEG has a target of 7-10% per annum “underlying profit” growth in the 2010-2015 period. We see this target being achieved through the gearing provided by the interest charge (lower fixed costs), advances in operating profit, and a paydown in debt over the period.

Aegon’s restructuring has been completed, providing what we think is a solid operating base alongside enhanced capital strength. The IGD ratio is around 222% as of the 2012 third quarter and should continue rising, we think, as the U.S. fixed annuity book runs off. The resumption of dividends with 2011 full-year reporting should, in our view, be followed by a modestly progressive dividend.  AEG has a current dividend yield of 3.96% which is paid on a semi-annual basis.

Aegon has a 12-month price target of $8.00.  AEG has an equity summary score of 7.5 out of 10 for a Bullish outlook.

How to Invest in Chinese Real Estate

China’s home prices edged up for a sixth straight month in November, a private survey showed, reinforcing signs of a gentle recovery in the property market as the government seeks to bolster economic growth.  The average home price in China’s 100 biggest cities rose 0.3 percent in November from October to 8,791 yuan ($1,400) per square metre, accelerating from October’s 0.2 increase, the China Real Estate Index System (CREIS).

The China market has rallied since summer as the iShares FTSE China 25 Index fund (FXI) is up 20% over the past 6 months.  A more direct play on Chinese real estate is in shares of SouFun Holdings Limited (NASDAQ: SFUN) which is the leading real estate and home furnishing Internet portal in China.  Soufun is up around 90% in the past 5 months as the Chinese real estate market has improved.

SouFun has built a large and active community of users who are attracted by the comprehensive real estate and home furnishing and improvement content available on its portal that forms the foundation of its service offerings. SouFun currently maintains 106 offices to focus on local market needs and its website and database contains real estate-related content coverage of 314 cities in China.

SouFun Holdings had Q3 EPS of $49.2 million, or $0.61 per diluted share, compared to consensus estimate of $0.55 per share earnings.  Revenues were $127.2 million, which is also above the $122.34 million analysts’ estimate.  In the same period last year, net income attributable to SouFun Holdings Limited was $42.9 million, or $0.52 per diluted share, on revenues of $108.6 million.

The company has also raised its revenue guidance for fiscal year of 2012 from between $390 million and $410 million to between $400 million and $420 million, representing a year-on-year increase of 16.6% to 22.2%.

SouFun has an annual dividend rate of 8.67%.  Soufun has paid dividends on an annual basis but there is a chance of the increase in frequency of distributions as the real estate market continues to recover.

SouFun Holdings has am equity summary score of 7.5 out of 10 for a Bullish Outlook.  First Call analysts have a BUY recommendation with 2.0 rating.  Based on 2013 EPS of $2.21, the 12-month price target is $29.

mREIT Update – High Yield and a Special Dividend

Investors have long been attracted to the high yields of mortgage REITs, which currently averages around 13 percent, nearly 7 times the average dividend yield of the S&P 500. The Fed’s announcement has caused drops in spreads, bond yields and homeowner’s borrowing costs, and as a result company’s earnings and dividends have been under pressure.

This will have a big impact on reinvestment for mREITs with low prepay protection.  November’s prepayment report showed a decline in overall prepayment speeds, but lower coupon speeds increased in the month. We continue to favor the mortgage REITs with prepay protected portfolios as they will have more stable cash flows from lower reinvestment needs. AGNC, AMTG, ARR, IVR, MTGE, and TWO have the lowest and most stable prepays in the sector.

Prepayment speeds on 30-year conventional speeds decreased 8% in November from the prior month, which was generally in line with expectations. Speeds on 3.5s rebounded potentially attributable to accelerated closing ahead of g-fee increases, rate relocks post September QE3 rally and closing delays due to Super Storm Sandy. The increase in 15-year speeds was in line with expectations.

The mortgage REITs are currently at a 7% discount to estimated fourth quarter book value and yielding 13.2%. Agency-only mortgage REITs are trading at a 7% discount to the hybrid peers.

While we continue to prefer the flexibility that hybrids have to invest across the entire mortgage universe, we see the Agency-only REITs offering better relative value today given the valuation discount. Trading at a discount to book value AGNC is our top pick; CYS and ARR also provide attractive relative value given current discounts to book.

The Board of Directors of CYS Investments, Inc. (CYS) declared a quarterly dividend of $0.40 per share of common stock for the fourth quarter of 2012, as well as a special dividend of $0.52 per share of common stock. The Company is making the special dividend to distribute the remaining REIT taxable income earned during 2012. These dividends will be paid on December 28, 2012 to common stock stockholders of record on December 21, 2012.  The company currently pays an annual dividend of$1.60 per share for a yield of around 12.3%.  CYS is trading at 87% of estimated book value.

American Capital Agency Corporation (AGNC) pays an annual dividend of five dollars per share for a yield of around 16.2%. The company invests in residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by government-sponsored entities or by the United States government agency.  AGNC is trading at 95% of estimated book value.  American Capital Agency Corp. announced that its Board of Directors has authorized the repurchase of up to $500 million of its outstanding shares of common stock through December 31, 2013.

ARMOUR Residential REIT (ARR) invests primarily in residential mortgage backed securities issued or guaranteed by a United States Government-chartered entity, such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, or guaranteed by the Government National Mortgage Administration, a United States Government corporation (Ginnie Mae). The company currently pays an annual dividend of$1.08 per share for a yield of around 15.5%.  ARR is trading at 91% of estimated book value.

PSEC Increases Monthly Dividend by 8.2%

Prospect Capital Corporation (PSEC) announced that Prospect has declared revised monthly cash distributions to shareholders in the following amounts and with the following record and payment dates, representing an 8.2% increase from the previous announcement in early November and representing a dividend yield of 12.8% based on the closing stock price as of December 6, 2012:

11.0000 cents per share for December 2012 (record date of December 31, 2012 and payment date of January 23, 2013); and

11.0025 cents per share for January 2013 (record date of January 31, 2013 and payment date of February 20, 2013).

These dividends mark Prospect’s 53rd and 54th consecutive cash distributions to shareholders and replace the dividends for December 2012 and January 2013 that were previously announced on November 7, 2012.

“Through September 30, 2012 in calendar year 2012, and not including expected excess income in the current December 2012 quarter, Prospect generated net investment income in excess of dividends declared of more than $70 million, or more than $0.33 per outstanding share, representing a significant storehouse of potential future additional dividend value for shareholders,” said John F. Barry, Chairman and Chief Executive Officer of Prospect.

Because of its 2012 record date, Prospect’s 11.0000 cents per share December 2012 dividend should enjoy current 2012 tax rates for shareholders and should not be subject to higher 2013 tax rates envisioned by currently passed United States legislation.

Based on past distributions and assuming its current share count for upcoming dividends, Prospect since inception through its January 2013 dividend will have distributed more than $10.72 per share to original shareholders and approximately $600 million in cumulative distributions to all shareholders.

Prospect expects to declare its February 2013, March 2013, and April 2013 distributions in February 2013.

Complete List of Special Dividends

More companies have unveiled a special dividend or accelerated dividend payout, as they have sought to avoid potentially higher taxes next year amid heated “fiscal cliff” deliberations inWashington.

In January, $500 billion in automatic tax increases and spending cuts–dubbed the “fiscal cliff”–will begin if Congress and the White House don’t intervene. Dozens of companies already have moved their quarterly dividend payouts to December instead of early 2013 to avoid possible higher taxes, while others have approved one-time special dividend payments for December.

Innovative Solutions & Support, Inc. (NASDAQ: ISSC) announced that its Board of Directors has declared a special cash dividend in the amount of $1.50 per share. The dividend will be payable on or about December 27, 2012 to shareholders of record as of the close of business on December 17, 2012. The dividend yield is 35.8%.

SEACOR Holdings Inc. (NYSE: CKH) announced that its Board of Directors declared a Special Dividend of $5.00 per common share. The Special Dividend is payable to shareholders of record on December 17, 2012, and is expected to be paid on or about December 26, 2012. The Company expects that its common stock will trade ex-dividend beginning on December 12, 2012. The dividend yield is 5.6%.

Interactive Brokers Group, Inc. (NASDAQ: IBKR) , an automated global electronic broker and market maker, announced that its Board of Directors has declared a special cash dividend of $1.00 per share on the Company’s outstanding shares of common stock. The dividend is payable on December 28, 2012 to shareholders of record as of December 21, 2012.  The dividend yield is 6.6%.

Kforce Inc. (NASDAQ: KFRC) , a provider of professional staffing services and solutions, announced that the Board of Directors has declared a special cash dividend on Kforce common stock of $1.00 per share, payable December 27, 2012, to shareholders of record as of the close of business onDecember 17, 2012. The dividend yield is 7.7%.

Hyster-Yale Materials Handling, Inc. (NYSE: HY) today announced that the Board of Directors declared a one-time special cash dividend of $2.00per share, and authorized a stock repurchase program for up to a total of $50 million of shares of the Company’s Class A Common Stock. The dividends are payable on both the Class A and Class B Common Stock, and will be paidDecember 27, 2012 to stockholders of record at the close of business on December 17, 2012.  The dividend yield is 4.5%.

Shoe Carnival, Inc. (NASDAQ: SCVL) a leading retailer of value-priced footwear and accessories, announced today that its Board of Directors has approved the payment of a quarterly cash dividend and a special cash dividend.  The quarterly cash dividend of $0.05 per share and the special cash dividend of $1.00 per share will be paid on December 28, 2012, to shareholders of record as of the close of business on December 17, 2012.  The dividend yield is 4.85%.

Abaxis, Inc. (NASDAQ: ABAX) , a medical products company manufacturing point-of-care blood analysis systems, today announced that its Board of Directors declared a special cash dividend of $1.00 per share on its outstanding common stock.  The dividend will be payable on December 28, 2012 to all shareholders of record at the close of business on December 17, 2012. The dividend yield is 2.7%.

Einstein Noah Restaurant Group Inc. (NASDAQ: BAGL) said it has completed its strategic review process by recapitalizing the company and issued a special dividend of $4 a share.  The special dividend is payable on Dec. 27 to shareholders of record as of Dec. 17 and will cost the company about $68 million.  The dividend yield is 25.33%.

Geo Group Inc.’s (NYSE: GEO) board has authorized a special per-share dividend of $5.68 will cost GEO about $350 million and will be paid onDec. 31 to shareholders of record on Dec. 12. Shareholders can choose to receive the payment in cash–the amount of which is subject to a lottery–or common stock.  The dividend yield is 19.3%.

P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) today announced its Board of Directors has approved a special one-time dividend of$1.00 per share. The dividend is payable on December 28, 2012 to stockholders of record at the close of business on December 17, 2012.  The dividend yield is 10.98%.

HCA Holdings, Inc. (NYSE: HCA) today announced that its Board of Directors has approved a special cash dividend of $2.00 per share to be paid to shareholders of record as of December 17, 2012 with a payment date of December 21, 2012. The dividend yield is 6.02%.

McGraw-Hill Cos.’s (NYSE: MHP) board approved a special dividend of $2.50 a share, to be paid Dec. 27. The special dividend, which will cost the company about $ 694 million, supersedes its previously disclosed plans to repurchase up to $200 million of stock during the remainder of the year.  The dividend yield is 4.61%.

Tree.com, Inc., (NASDAQ: TREE) the parent company of wholly owned subsidiary LendingTree, LLC, today announced that its Board of Directors has approved a special cash dividend of $1.00 per share.  The $1.00 special cash dividend is payable on December 26, 2012 to shareholders of record on December 17, 2012.  The dividend yield is 6.1%.

The Marcus Corporation (NYSE: MCS) announced that its Board of Directors has declared a special cash dividend of $1.00 per common share and has accelerated the next two regular quarterly cash dividend payments totaling $0.17 per common share. The dividends are payable on December 28, 2012 to shareholders of record on December 17, 2012.  The dividend yield is 9.9%.

T. Rowe Price Group, Inc. (NASDAQ: TROW) announced that its Board of Directors has declared a special cash dividend of $1.00 per share payable December 28, 2012 to stockholders of record as of the close of business on December 17, 2012.  The dividend yield is 1.54%.

Heico Corp. (NYSE: HEI), an aircraft parts and repair company, boosted its previously unveiled special dividend by $1, to $2.14 a share–now costing the company about $114 million. The payment has been scheduled around Dec. 31.  The dividend yield is 5.2%.

Capitol Federal Financial, Inc. (NASDAQ: CFFN) announced that its Board of Directors has declared a True Blue® dividend of $0.52 per share on outstanding CFFN common stock.  The cash dividend will be paid on December 28, 2012 to holders of record on December 21, 2012.  With this dividend, the Company will have paid cash dividends of $1.00 per share in calendar year 2012.  The special dividend yield is 4.4%.

Harte-Hanks, Inc. (NYSE: HHS) today reported that its board of directors has declared a cash dividend of 8.5 cents per share payable on December 28, 2012, to the holders of record of shares of common stock of the company at the close of business on December 17, 2012. This dividend is a one-time acceleration of the regular quarterly dividend the company would have ordinarily declared and paid in the first quarter of 2013; the company does not anticipate paying a dividend in the first quarter of 2013.  The special dividend yield is 6.2%.

Diamond Hill Investment Group, Inc.  (NASDAQ: DHIL) announced that its board of directors has approved an $8.00 per share special cash dividend to shareholders of record on December 17, 2012 payable December 21, 2012.  The company will finalize tax characterization of the dividend in February 2013 and expects a portion will be return of capital.  The special dividend yield is 10.3%.

Dick’s Sporting Goods Inc.’s (NYSE: DKS) board approved a special dividend of $2 a share for the company’s common stock and Class B shares, in addition to its previously announced regular quarterly dividend. Both payouts to shareholders are set for Dec. 28. The retailer’s special dividend is expected to cost a combined $245.3 million.  The special dividend yield is 3.9%.

The ProAssurance Corporation (NYSE: PRA) Board of Directors has authorized a 2-for-1 stock split. Following the split, shareholders will also receive a special dividend of $2.50 per common share and a regular dividend of $0.25 per common share.  The special and regular dividend yield is 2.96%.

ePlus inc. (NASDAQ: PLUS) , a leading provider of technology solutions, announced that on December 4, 2012, its Board of Directors declared a special cash dividend on ePlus common stock of $2.50 per share. The special dividend will be paid on or around December 26, 2012, to shareholders of record as of the close of business on December 17, 2012.  The special dividend yield is 6.3%.

RCM Technologies, Inc. (NASDAQ: RCMT) announced that its Board of Directors declared a one-time special cash dividend (the “Dividend”) of $1.00 per share, payable on December 27, 2012 to stockholders of record at the close of business on December 20, 2012.  The special dividend yield is 17.5%.

New Special Dividends from DDS, SLI and LVS

Dillard’s, Inc. (NYSE: DDS) announced that the Board of Directors declared a regular, quarterly cash dividend of$0.05 per share as well as a special, one-time cash dividend of $5.00 per share.  Both dividends are payable on the Class A and Class B Common Stock of the Company on December 21, 2012 to shareholders of record as of December 7, 2012.  The dividends combine for a yield of 5.9%.

DDS has an equity summary score of 7.6 out of 10 for a Bullish outlook.

SL INDUSTRIES, INC. (NYSE: SLI) announced that its board of directors declared a cash dividend of $2.00per share of Common Stock outstanding, payable in cash on December 17, 2012 to shareholders of record as of the close of business on December 6, 2012. The dividend yield is 11.6%.

SLI has an equity summary score of 9.3 out of 10 for a VERY Bullish outlook.

Las Vegas Sands Corp.’s (NYSE: LVS) board has approved a special dividend of $2.75 a share, as the casino operator looks to boost shareholder returns.  The dividend will be paid on Dec. 18 to shareholders of record as of Dec. 10 and will cost the company about $2.26 billion.

LVS has an equity summary score of 1.6 out of 10 for a Bearish outlook.

Arden Pays a $20 Special Dividend

Arden Group, Inc. (NASDAQ: ARDNA) declared a special dividend of $20 per share. The dividend will be payable on December 18, 2012, to stockholders of record on December 3, 2012.  The special cash dividend will total approximately $61,420,000. The Company anticipates paying the special cash dividend from cash on hand. The special cash dividend is in addition to the current quarterly cash dividend.

The base price under all outstanding stock appreciation rights of the Company, including those issued to non-employee directors of the Company, is being amended and adjusted downward by $20 as of the record date for each unit of stock appreciation rights outstanding on the record date in connection with the payment of the special cash dividend.

The annual yield on the dividend is 20.4 percent.

Arden also approved a dividend of 0.25 per share. The dividend is payable on January 18, 2013 to shareholders of record on December 28, 2012.

Arden Group, Inc., through its subsidiaries, operates supermarkets in southern California.

A New IPO – Gold Stocks with a 7% Dividend Yield

If you are looking for income and have an interest in gold as an investment, then a new IPO might be what you are looking for to combine the two needs.  Faircourt Gold Income Corp. (FRCGF) is a new closed-end fund that invests in gold stocks and sells covered calls and puts for income.  With the current market flux, gold is a good play until we get more definite information where the fiscal policy and taxes end under the new negotiations.  Why not let professional managers sell covered calls and pay you monthly dividends.  Here are the details.

Faircourt Gold Income Corp., a closed-end investment fund established as a mutual fund corporation under the laws of the Province of Ontario, is offering upon the terms and subject to the conditions specified in this short form prospectus, to issue up to 4,733,740 Class A shares of the Company at a price per Offered Share of $8.45.  The initial IPO was November 9, 2012.

The shares are currently trading at $8.24, a 2.5% discount to the IPO price.  Faircourt Gold Income pays monthly distributions with an annual yield of 7.0%.

 

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The Company will not make any investment that would result in holdings of gold companies comprising less than 60% of the NAV of the Portfolio of the Company at the time of such investment. The Company will not make any investments that would result in holdings of gold bullion comprising greater than 30% of the NAV of the Portfolio of the Company at the time of such investment.

In order to generate additional returns and to reduce risk, the Company has engaged the Manager to employ an option strategy whereby it writes covered call options on securities held in the Portfolio and cash secured put options on securities desired to be held in the Portfolio. It is the Manager’s belief that utilizing the option strategy will assist in providing Shareholders with lower volatility and potentially enhanced returns as compared to owning the individual securities in the Portfolio directly.

The Manager believes that option writing has potential to add value in some sectors more than others. Option writing programs in the past have relied on the volatility of a security as a source of long term capital gains distributions. All other things being equal, sustained volatility in the price of a security results in higher option premiums in respect of such security. The Manager believes gold stocks, which have historically maintained a high degree of volatility, are well suited for a covered call writing strategy. This higher degree of volatility is reflected in the S&P/TSX Global Gold Index which has an historic 10 year average volatility is 36% as measured by standard deviation, between September 2002 and September 2012, while the S&P/TSX Composite Index has exhibited a volatility of 16% during the same period.

Covered call options and cash secured put options may be written from time to time in respect of part of the Portfolio.  The extent to which any of the individual securities in the Portfolio are subject to options and the terms of such options will vary from time to time based on the Manager’s assessment of the market.

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