Portfolio Holdings
Summary of Investment Portfolio
As at March 31, 2011
Portfolio Breakdown (Unaudited)
| Asset ( Liability ) Type 1 | March 31, 2011 | % of Net Assets |
|---|---|---|
| Cash & cash equivalents | $25,093,280 | 91.0 |
| Investment grade securities | 6,671,750 | 24.2 |
| Total mortgage portfolio, principal less unearned fees | 30,045,632 | 108.9 |
| Mortgage portfolio, fair value adjustment | (1,050,000) | (3.8) |
| Investment in private entity | 750,000 | 2.7 |
| Note receivable from manager | 1,349,011 | 4.9 |
| Series 1, Preferred Shares | (34,369,147) | (124.6) |
| Warrants2 | (72,500) | (0.3) |
| Other, net3 | (834,540) | (3.0) |
| Total Net Asset Value per NI 81-106 | $27,583,486 | 100.0 |
| Number of Class A Shares Outstanding | 3,026,460 | |
| Net Asset Value per Class A Share | $9.11 |
Top Holdings
| Holding | Location | Asset Type | % of Mortgage Portfolio | Principal less Unearned Fees | % of Net Assets |
|---|---|---|---|---|---|
| Commercial Real Estate Mortgages and Loans (the "Mortgage Portfolio") | |||||
| First Mortgage | Moncton | Recreational | 13.3% | $4,000,000 | 14.5% |
| First Mortgage | Chatham | Retail | 11.2% | 3,357,336 | 12.2% |
| First Mortgage | Toronto | Retail | 10.3% | 3,100,000 | 11.2% |
| First Mortgage | Toronto | Land | 9.5% | 2,860,000 | 10.4% |
| First Mortgage | Alliston | Land | 7.5% | 2,241,972 | 8.1% |
| First Mortgage | Ottawa | Industrial | 6.7% | 2,000,000 | 7.3% |
| First Mortgage | Lunenberg | Recreational | 4.5% | 1,346,154 | 4.9% |
| First Mortgage | Chatham | Retail | 4.2% | 1,262,500 | 4.6% |
| First Mortgage | Brockville | Condominiums | 1.2% | 356,117 | 1.3% |
| First Mortgage | Osoyoos | Condominiums | 1.2% | 348,552 | 1.3% |
| Second Mortgage | London | Hotel | 5.0% | 1,500,000 | 5.4% |
| Second Mortgage | Newmarket | Retail | 3.9% | 1,186,534 | 4.3% |
| Second Mortgage | Edmonton | Residential Lots | 2.5% | 750,000 | 2.7% |
| Second Mortgage | Kenora | Retail | 1.7% | 500,000 | 1.8% |
| Second Mortgage | Waterloo | Multi-res | 1.4% | 422,596 | 1.5% |
| Second Mortgage | Toronto | Retail | 0.4% | 125,480 | 0.5% |
| Secured commercial real estate loan | Ontario | Multi-res | 13.9% | 4,188,390 | 15.2% |
| Foreclosed Mortgage | Moncton | Recreational | 1.7% | 500,000 | 1.8% |
| 100% | $30,045,632 | 108.9% | |||
| Investment in Private Entity | Location | Asset Type | Cost | Fair Value | % of Net Assets |
|---|---|---|---|---|---|
| Equity Investment | Moncton | Recreational | $750,000 | $750,000 | 2.7% |
| Investment Grade Securities | Number of Shares | Face Value | Average Cost | Fair Value | % of Net Asset Value |
|---|---|---|---|---|
| Preferred Shares | ||||
| Bank of Montreal Class B Preferred, Series 13 | 5,500 | $ 102,856 | $ 133,40 | 0.5% |
| Brookfield Asset Management Inc. Class A Preferred, Series 12 | 13,000 | 314,730 | 349,180 | 1.3% |
| Brookfield Asset Management Inc. Class A Preferred, Series 18 | 20,000 | 337,120 | 422,800 | 1.5% |
| Great-West Lifeco Inc. Preferred, Series G | 15,700 | 346,685 | 387,633 | 1.4% |
| Laurentian Bank of Canada Preferred, Series 9 | 8,300 | 196,519 | 211,069 | 0.8% |
| National Bank of Canada 1st Preferred, Series 20 | 8,800 | 218,434 | 230,560 | 0.8% |
| Power Corporation of Canada 1st Preferred, Series B | 7,840 | 170,230 | 187,298 | 0.7% |
| Power Corporation of Canada 1st Preferred, Series D | 15,300 | 337,196 | 353,430 | 1.3% |
| Power Financial Corporation Preferred, Series L | 3,400 | 72,287 | 80,988 | 0.3% |
| Royal Bank of Canada Preferred, Series AF | 50,000 | 989,500 | 1,188,500 | 4.3% |
| The Bank of Nova Scotia Preferred, Series 14 | 5,800 | 111,627 | 140,360 | 0.5% |
| Common Shares | ||||
| First Capital Realty, Inc. | 1,017 | 15,625 | 16,282 | 0.1% |
| Debentures | ||||
| Boardwalk REIT 5.31% January 23, 2012 | 304,818 | 304,818 | 310,304 | 1.1% |
| First Capital Realty Debentures 5.32% October 30, 2014 | 957,700 | 957,700 | 1,041,116 | 3.8% |
| Convertible Debentures | ||||
| First Capital Realty 6.25% December 31, 2016 | 500,000 | 499,150 | 567,500 | 2.1% |
| H&R REIT 6.75% December 31, 2014 | 500,000 | 536,201 | 781,300 | 2.8% |
| Morguard REIT 6.50% September 30, 2014 | 250,000 | 250,063 | 270,000 | 1.0% |
| Total Investment Grade Securities | $5,760,740 | $6,671,750 | 24.2% | |
- Readers are encouraged to read the Corporation's December 31, 2010 consolidated financial statements for a full explanation of all the accounting policies.
- Valued using the closing ask quote on the Toronto Stock Exchange.
- Includes the Common Share Basket, the Forward Contract, non-controlling interest and other assets and liabilities. The Manager does not generally view the Common Share Basket, the Forward Contract and non-controlling interest as critical from an investor's perspective in understanding the economic risk of the Corporation. For further information on the structure please refer to the Corporation's prospectuses filed on SEDAR at www.sedar.com and to the Corporation's December 31, 2010 consolidated financial statements.