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PRICE & PERFORMANCE  Select A Fund IA Clarington Funds IA Clarington Fixed Income Funds Bond Fund Money Market Fund - A Money Market Fund - B Real Return Bond Fund IA Clarington Canadian Cash Distribution Funds Canadian Dividend Fund - A Canadian Dividend Fund - X Canadian Dividend Fund - T6 Canadian Income Fund - T8 Dividend Income Fund - T4 Dividend Income Fund - T6 Dividend Growth Fund - T6 Dividend Growth Fund - T10 Tactical Income Fund - T6 Tactical Income Fund - T8 Monthly Income Balanced Fund - X Monthly Income Balanced Fund - T6 Monthly Income Balanced Fund - T8 IA Clarington Global Cash Distribution Funds Global Dividend Fund - T6 Global Dividend Fund - T6 (US$) Global Dividend Fund - T8 Global Dividend Fund (US$) - T8 Global Income Fund - T6 Global Income Fund - T8 Global Income Fund (US$) - T6 Global Income Fund (US$) - T8 IA Clarington Canadian Funds Canadian Balanced Fund Tactical Income Fund Canadian Conservative Equity Fund Canadian Equity Fund Canadian Leaders Fund Canadian Small Cap Fund Canadian Small Cap Fund - X IA Clarington U.S. Funds American Fund Sarbit US Equity Fund Sarbit US Equity Fund - T6 Sarbit US Equity Fund (US$) Sarbit US Equity Fund (US$) - T6 IA Clarington Global Funds Global Income Fund Global Equity Fund Global Equity Fund (US$) Global Small Cap Global Value Fund IA Clarington Inhance Funds Inhance Monthly Income SRI Inhance Conservative SRI Portfolio Inhance Balanced SRI Portfolio Inhance Balanced SRI Portfolio - T6 Inhance Growth SRI Portfolio Inhance Canadian Equity SRI Class Inhance Global Equity SRI Class IA Clarington Target Click Funds Target Click 2015 Target Click 2020 Target Click 2025 Target Click 2030 Distinction Portfolios Prudent Portfolio Prudent Portfolio - M Conservative Portfolio Conservative Portfolio - M Balanced Portfolio Balanced Portfolio Series M Monthly Income Portfolio - T6 Monthly Income Portfolio - M6 Monthly Income Portfolio - M8 Growth Portfolio Growth Portfolio - M Bold Portfolio Bold Portfolio - M IA Clarington Corporate Class Funds Short-Term Income Class Canadian Equity Class Global Equity Class Canandian Leaders Class - A Canadian Small Cap Class - A Tactical Income Class - Series T6 Tactical Income Class - Series T8 Dividend Growth Class - T6 Dividend Growth Class - T10 Distinction Prudent Class - A Distinction Prudent Class - M Distinction Conservative Class - A Distinction Conservative Class - M Distinction Balanced Class - A Distinction Balanced Class - M Distinction Growth Class - A Distinction Growth Class - M Distinction Bold Class - A Distinction Bold Class - M Distinction Monthly Income Class - T6 Distinction Monthly Income Class - M6 Distinction Monthly Income Class - M8 Clarington Guaranteed Investment Funds Money Market GIF Bond GIF Dividend Income GIF Dividend Growth GIF Canadian Conservative Equity GIF Canadian Small Cap GIF Global Dividend GIF Global Equity GIF Global Value GIF

NAV as of is $

Focused 40 Income Fund is a closed-end unit trust established in March, 2005 with the objectives of providing:

• Monthly cash distributions targeted at $0.0625 per unit.
• Return of at least the original issue price of units upon termination of the Fund on March 31, 2015.

The Fund will invest in an actively-managed diversified portfolio of the 40 large-cap Income Trusts that the manager believes will provide a more favourable total return than the universe of large-cap income trusts as a whole. The Fund will focus on income trusts with market capitalizations in excess of $400 million, and will approximately equal-weight the 40 holdings.

KBSH Capital Management Inc. is the portfolio advisor of the Fund.

• Fund Commentary