Lysander-Slater Preferred Share Dividend Fund – Series F

  • Fund Code: LYZ920F
  • Portfolio Manager: Slater Asset Management Inc.
  • As of: May 31, 2025
  • Asset Class: Preferred Shares
  • CIFSC Category: Preferred Share Fixed Income
  • Benchmark: S&P/TSX Preferred Share Total Return Index1

Investment Focus

The funds objective is to seek to generate income while preserving investor capital by investing primarily in preferred securities of Canadian issuers that are listed on a Canadian stock exchange.

Risk Rating

Why Invest in this Fund?

Founded in 2009, Slater Asset Management is an independent portfolio manager with a focus on delivering dedicated, active management of Canadian preferred share portfolios to investors. Slater’s approach to investing in preferred shares is based on identifying high quality preferred shares that are at a discount to the market. Slater is committed to the ongoing monitoring of preferred share valuations to provide prudent risk management.

  • Experience – Portfolio Manager with over 20 years’ experience managing portfolios of preferred shares.
  • Active management – Slater’s active portfolio construction results in a well-diversified portfolio of preferred shares offering diversification from traditional equity and fixed income securities.
  • Tax Efficient Income – Slater invests in Canadian preferred shares which are taxed at a more favourable rate than interest income because of the federal dividend tax credit.

Fund Facts

Inception Date December 30, 2014
Currency CAD
Fund AUM $86.7 Million
NAVPU $9.39
Management Fee 0.75%
MER as of December 31, 2024 0.95%
Minimum Initial Investment $500
Minimum Subsequent Investment $100
Liquidity Daily
RSP Eligible Yes

Compound Returns – Series F

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 10 Year
(Annualized)		 Since Inception
(Annualized)
Fund 2.6% 0.2% 2.3% 10.5% 5.5% 12.4% 4.0% 3.6%
Benchmark 5.0% 1.6% 4.4% 14.0% 5.9% 10.9% 4.1% 3.4%

Calendar Year Returns – Series F

Lysander Funds Limited
Lysander-Slater Preferred Share Dividend Fund – Series F

Top 10 Holdings

Security % of Fund
Canadian T-Bill 08-27-25 11.9%
TD Bank $1000 Preferred 7.23% 8.6%
Royal Bank $1000 Preferred 7.4% 7.4%
Bank Of Nova Scotia 7.023% 5.0%
CIBC $1000 Preferred 7.337% 4.9%
Bank Of Montreal $1000 Preferred 7.057%        4.8%
Bank Of Montreal $1000 Preferred 7.37%          4.6%
TC Energy Preferred 3.6%
CIBC $1000 Preferred 7.365%                                       3.3%
US Dollar 2.7%
Total 56.8%

Portfolio Characteristics

Number of Securities 69
Current Yield (%) 5.8%

Credit Rating

P1/P2 24.2%
P2/P3 7.2%
P3 8.1%
Cash & Other 60.5%
Total 100.0%

Structure

Fixed Resets 65.3%
Straight Perpetual 15.2%
Floater 0.9%
Cash & Equivalents 15.2%
Other 3.4%
Total 100.0%

Distributions

  • Distribution Frequency: Monthly
  • Most Recent Distribution per Unit: $0.0395
  • 12-Month Trailing Distribution Yield: 5.3%
  • Next Record Date: June 26, 2025
  • Next Distribution Date: June 27, 2025
Distributions ($)/Unit2 YTD* 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Distributions 0.1917 0.4450 0.3728 0.3243 0.3440 0.3525 0.3533 0.4238 0.4321 0.3228 0.1809
Interest – 0.0448 0.0083 0.0029 0.0036 – – – – – –
Dividends – 0.3519 0.3645 0.3213 0.2444 0.3525 0.3533 0.3174 0.3319 0.3228 0.1793
Capital Gains – – – – – – – 0.1064 0.1002 – –
Withholding Tax – – – – – – – – – – –
Return of Capital – 0.0483 – – 0.0961 – – – – – 0.0016
*The final tax character will be determined based on the Fund’s tax year end information.
Lysander Funds Limited
Lysander-Slater Preferred Share Dividend Fund – Series F

Lysander Funds Limited is the investment fund manager of Lysander-Slater Preferred Share Dividend Fund (the “Fund”). This document is not an invitation to invest in the Fund and does not constitute a public offering of sale. Purchases in the Fund can only be made through an investment professional on the terms in the Fund’s offering document by eligible investors. Each purchaser of units in a fund may have statutory or contractual right of action. Please read the prospectus before investing. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds.

The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed or insured, their values change frequently and past performance may not be repeated.

1TSX © Copyright 2025 TSX Inc. All Rights Reserved.

2Distributions are based on the actual number of units outstanding at the relevant time. Distributions are paid in cash or reinvested in additional units of the Fund. If the Fund’s series’ net income/capital gains is less than the amounts distributed in the year, the distribution will include a return of capital. In these circumstances, if an investor elects to receive their distributions in cash and not reinvest such distributions, it is expected that the value of their investment will decline over time. Distributions are not an indication of performance, rate of return or yield.

®Lysander Funds is a registered trademark of Lysander Funds Limited.

Lysander Funds Ltd., 3080 Yonge St., Suite 4000, Toronto, ON, M4N 3N1
Toll Free: (877) 308-6979 Website: www.lysanderfunds.com
Lysander Funds Limited