Issue link: http://e-delivery.uberflip.com/i/331274
Statements of Changes in Net Assets Years ended February 28, 2014 and 2013 2014 Class A preferred shares Class B preferred shares Common shares Total Net assets, beginning of year $ 11,933,257 $ 1,271,298 $ 1,000 $ 13,205,555 Increase in net assets from operations 1,434,687 590,496 - 2,025,183 Dividends to shareholders (1,430,689) (590,072) - (2,020,761) Net proceeds from issuance of shares 13,373,096 11,411,434 - 24,784,530 Share based compensation issued to board members 5,000 - - 5,000 Net proceeds from dividend reinvestment plan 742,633 173,765 - 916,398 Redemption of shares (694,129) (9,000) - (703,129) Net assets, end of year $ 25,363,855 $ 12,847,921 $ 1,000 $ 38,212,776 2013 Class A preferred shares Class B preferred shares Common shares Total Net assets, beginning of year $ 8,049,136 $ - $ 1,000 $ 8,050,136 Increase in net assets from operations 777,247 3,951 - 781,198 Dividends to shareholders (765,689) (4,377) - (770,066) Net proceeds from issuance of shares 5,647,722 1,271,237 - 6,918,959 Share based compensation issued to board members 5,000 - - 5,000 Recovery of previously paid share issue costs 99,421 - - 99,421 Net proceeds from dividend reinvestment plan 367,160 487 - 367,647 Redemption of shares (2,246,740) - - (2,246,740) Net assets, end of year $ 11,933,257 $ 1,271,298 $ 1,000 $ 13,205,555 See accompanying notes to financial statements. 39