PICTON MAHONEY TACTICAL INCOME FUND SUMMARY OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2014
PORTFOLIO BREAKDOWN*
% of Net Asset % of Net Asset Category Category Value Value Long positions Short positions Corporate bonds Corporate bonds Canada 53.9% Canada -3.2% United States 76.8% United States -35.7% International 18.8% International -5.7% Government bonds Government bonds *These are allocations and Canada 3.3% Canada -7.9% holdings of the underlying United States 1.6% United States -8.0% fund. The summary of International 0.0% International -4.0% investment portfolio may Equities Equities change due to ongoing Canada 5.8% Canada -0.7% portfolio transactions of the United States 2.9% United States -4.2% investment fund and International 0.6% International 0.0% updates will be available on Other Assets (net) 2.8% a quarterly basis. The Forward contracts -0.3% prospectus and other Cash 3.2% Derivatives -0.5% information about the fund Derivatives 0.5% -70.2% are available on the internet 170.2% at www.pictonmahoney.com PICTON MAHONEY TACTICAL INCOME FUND SUMMARY OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2014
TOP 25 HOLDINGS % of Net % of Net Security Name Asset Security Name Asset Value Value Long positions Short positions Tervita Corporation 5.1% United States Treasury Bonds -6.4% First Quantum Minerals Limited 4.6% Province of Quebec -5.0% Radiation Therapy Services 4.5% iShares iBoxx High Yield Corporate Bond -4.0% Paramount Resources Limited 4.1% United Kingdom Treasury Bonds -4.0% LBG Capital No.1 PLC 4.0% Credit Suisse Group AG -3.1% CHC Helicopter SA 3.7% Sinclair Television Group -1.8% Dresdner Funding Trust 3.6% Total Net Asset Value ($000 ) $154,776 Royal Bank of Scotland Group PLC 3.6% Milestone Aviation Group 3.2% Calfrac Holdings Limited Partnership 3.0% Viterra Inc. 2.8% Millar Western Forest Products Limited 2.8% Glen Meadow Pass Through Trust 2.8% GFL Environmental Corporation 2.7% BBVA International Preferred Unipersonal 2.4% Canadian Energy Services & Technology Corporation 2.4% GRD Holding III Corporation 2.3% Western Energy Services Corp. 2.3% Genworth Holdings Inc. 2.3%