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Closed End Funds

Canadian 50 Advantaged Preferred Share FundMarch 31, 2017

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Canadian 50 Advantaged Preferred Share Fund is a closed-end investment fund established under the laws of the Province of Ontario.

The Fund’s investment objectives are to provide (i) tax-advantaged quarterly cash distributions consisting primarily of returns of capital; and (ii) low-cost exposure to the total return approximating that of the BMO Capital Markets 50 Preferred Share Index.

The Fund has been designed to provide low cost exposure to the total return approximating that of the BMO Capital Markets 50 Preferred Share Index. This index was established in 1992 to provide a benchmark representing the Canadian preferred share market. It had only previously been available on an institutional basis.

The Fund does not have a fixed distribution policy but intends to make quarterly tax-advantaged distributions to Unitholders.

For weekly prices, click here.

Performance Review

Performance (%) – Class A

As OfCurrent QuarterYTD1 Yr2 Yr3 Yr4 Yr5 yrIncep.
03/31/201714.414.433.72.0-0.3-0.9-0.5

Portfolio Review

Top 10 Holdings

Issue% of PortfolioRating S&P
Fortis Inc, 4.100%, Series M3.9P-2
Bank of Nova Scotia, 5.500%, Series 363.8P-2 (low)
TransCanada Corp., 4.000%, Series 73.7P-2
Bank of Montreal, Series 273.2P-3 (high)
Toronto-Dominion Bank, 3.900%, Series 13.1P-2
Royal Bank of Canada, 4.000%, Series AZ3.1P-2
Toronto-Dominion Bank, 3.800%, Series 33.1P-2
BCE Inc., 4.150%, Series AK2.8P-2 (low)
Enbridge, 4.00%, Series F2.7P-2 (low)
Sun Life Financial, 4.750%, Series 12.6P-2 (high)

Industry Breakdown

 % of Portfolio
Financials60.1
Energy21.4
Telecom7.7
Utilities5.9
Real Estate3.2
Consumer Staples1.7

Portfolio by Rating

P-1
7.8%
P-2
72.1%
P-3
20.2%

Portfolio by Preferred Share Type

Fixed-Rate Reset Preferred Shares
67.6%
Straight Perpetual Preferred Shares
23.4%
Floating Rate Preferred Shares
9.0%
Retractable Preferred Shares
0.0%

Fund Facts

Class A Units (March 31, 2017)

NAV:$17.60
Market Price:$16.73
Quarterly Distribution:$0.270
Cumulative Distributions:$5.70
Current Yield (at target distribution):6.5%
Pre-Tax Interest Equivalent Yield*:9.3%
Market Capitalization:$24.1 million
TSX Symbol:CPF.UN
Inception Date:May 18, 2012

Class F Units (March 31, 2017)

NAV:$18.45
Quarterly Distribution:$0.270
Cumulative Distributions:$5.70
Current Yield (at target distribution):5.9%
Pre-Tax Interest Equivalent Yield*:8.5%
Inception Date:May 18, 2012

This webpage and any related documents may make forward-looking statements and there are risks that actual results could differ materially from forecasts, projections or conclusions in the forward-looking statements. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projections in the forward-looking statements and you may find additional information about such material factors and assumptions and the material factors that could cause actual results to so differ in the prospectus for Canadian 50 Advantaged Preferred Share Fund (the “Fund”) and on an ongoing basis in the Fund’s management reports of fund performance. The above information should be considered as background information only and should not be construed as investment or financial advice. Further, it should not be construed as an offer or solicitation to buy or sell securities. Investors should read the Fund’s prospectus and continuous disclosure documents available at www.astonhill.ca or www.sedar.com, which further describe the risks and fees and expenses associated with an investment in the securities of the Fund and should consult with professional advisors before making investments decisions.

Please correct the following errors:

Minimum Investment Requirements

The AHF Credit Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $125,000 or $25,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $25,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the AHF Credit Opportunities Fund.


Disclaimer: Information pertaining to AHF Credit Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the AHF Credit Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

Minimum Investment Requirements

The Aston Hill Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $150,000 or $5,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $5,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the Aston Hill Opportunities Fund.


Disclaimer: Information pertaining to Aston Hill Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the Aston Hill Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

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