Historical Performance


Fund Information \| Historical Performance

Historical Performance
(As at March 31, 2004)

*Annualized Returns*	Since Inception	3 Year	1 Year	YTD
Adaly Fund (Class "A" Units)	33.2%	27.5%	46.6%	6.5%
TSX	2.1%	6.0%	37.7%	4.9%
Dow Jones IA	-2.8%	-2.5%	18.2%	0.6%
S&P 500	-6.9%	-5.4%	20.5%	2.7%
- All returns are in Canadian dollars. Adaly Fund performance represents returns for Class "A" units and are net of fees. Inception Dec. 31/99. Past performance is no guarantee of future returns.

Performance Update (as at May 31, 2004)
Units	NAV	MTD	QTD	YTD
Class "A"	$3,217.05	0.7%	-5.0%	1.2%
Class "B"	$1,126.33	0.7%	-5.1%	0.8%

Class "B" units inception date was September 30, 2003.

Performance differences between Class "A" and Class "B" units are attributable to variance in applicable administrative and performance fees.

This Fund is currently closed to new investment.

The Adaly Opportunity Fund is offered by Offering Memorandum. The Offering Memorandum contains important information about the Fund, including management fees, other charges and expenses, and should be read carefully before investing. This is not a solicitation.

Adaly Opportunity Fund

Trapeze Capital Corporation