Private Asset Management

• Private Asset Management Service
• Private Asset Management Team
• Philosophy
• Approach
• Implementation

Canadian Equity and Income Funds

• Sceptre Money Market Fund
• Sceptre Bond Fund
• Sceptre High Income Fund
• Sceptre Income & Growth Fund
• Sceptre Canadian Equity Fund
• Sceptre Large Cap Canadian Equity Fund
• Sceptre Equity Growth Fund

• Foreign Equity Funds
• Private Client Fund Performance
• Market & Fund Commentaries

Sceptre High Income Fund

Investment Objective

The objective of the Sceptre High Income Fund is to provide a relatively high level of income along with moderate capital growth by investing in a diversified portfolio of primarily Canadian securities including dividend paying equities, real estate investment trusts (REITs), preferred shares and fixed-income instruments.

Investment Strategy

Investments are chosen on a fundamental basis. Security selection will emphasize companies with consistent dividend and distribution levels coupled with the ability to grow those dividends over the longer term.

The Fund will primarily invest in dividend paying Canadian equities, REITs, preferred shares and fixed income instruments. The Fund may use derivatives, such as futures, options, warrants and swaps, for hedging purposes, or in conjunction with the Fund’s other investment strategies in a manner considered most appropriate to achieving the Fund’s overall investment objectives and enhancing the Fund’s return.

Class O Returns for the Period ended: June 30, 2010¹

	1 Mth. %	3 Mth. %	Year to Date %	1 Yr. %	3 Yrs.2 %	5 Yrs.2 %	10 Yrs.2 %	Since Inception2 %
High Income Fund	-1.3	-3.8	-1.6	15.0	-3.7	N/A	N/A	1.6
S&P/TSX Composite	-3.7	-5.5	-2.6	12.0	-3.9	5.5	3.3	4.0

Class O Returns for the One Year Periods ended: June 30

	2010 %	2009 %	2008 %	2007 %	2006 %
High Income Fund	15.0	-27.1	6.6	12.5	N/A
S&P/TSX Composite	12.0	-25.7	6.8	22.7	19.6

¹ The rates of return are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values of the mutual funds or returns on the investment in the mutual funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing.

² Sceptre Private Asset Management Fund Units are available for institutional and high net worth investors including other funds. Only investors who meet our discretionary account requirements and minimum investment levels will be eligible to purchase these Units.