Goodwood Capital Fund

The Goodwood Capital Fund is an RRSP eligible Canadian equity mutual fund. The objective is to achieve capital appreciation through the purchase of Canadian equity securities over a broad range of industry sectors. Incepted in December 1999, the Goodwood Capital Fund focuses on the fundamental value attractiveness and prospects of individual companies rather than the direction of the overall markets. The Goodwood Capital Fund, with initial minimum purchase of C$5,000, is offered through a simplified prospectus and can be purchased directly through Goodwood Inc. or, if you prefer, through your investment dealer or financial planner where permitted by provincial law.

Long Only Equity Mutual Fund (RRSP Eligible)
NAVPS ($) (as at May 10, 2013):	$13.0944
Management Fee (%):	1.90%
Style / Process:	Value/Bottom Up
Minimum Investment - Canadian Resident (C$):	C$5,000
Valuation:	Weekly
Inception Date:	December, 1999
FundSERV Code:	GWD001

As at April 30, 2013	1 Month	YTD 2013	1 Year	3 Years	5 Years	10 Years	Since Inception
Goodwood Capital Fund	(0.98)%	(1.01)%	(1.32)%	(6.50)%	(4.15)%	+4.08%	+3.71%
S&P/TSX Composite TRI	(2.07)%	+1.20%	+4.53%	+3.56%	+0.73%	+9.32%	+5.41%

For the Management Report of Fund Performance (MRFP), English please click here, French please click here.

For Fund Facts Document, please click here.

For the Quarterly Portfolio Disclosure, please click here.

For the Financial Statements for December 31, 2012, English please click here, French please click here.

Monthly Performance:

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Net	S&P/TSX
2000	-1.17%	9.80%	8.35%	-1.65%	1.16%	7.56%	-1.76%	4.69%	1.68%	-5.31%	-4.41%	9.57%	29.48%	7.41%
2001	7.88%	-9.43%	-3.01%	8.82%	5.57%	-0.25%	-0.70%	-2.07%	-4.54%	3.96%	5.30%	2.27%	12.88%	-12.57%
2002	1.61%	-2.39%	2.38%	-1.51%	0.80%	-6.75%	-8.89%	-3.91%	-6.15%	1.58%	0.87%	-3.60%	-23.72%	-12.44%
2003	0.96%	-5.27%	-4.83%	7.37%	4.83%	4.58%	3.42%	5.85%	-1.62%	5.09%	3.72%	5.58%	32.78%	26.72%
2004	0.88%	2.64%	-2.10%	1.56%	-5.78%	-0.04%	0.33%	-2.99%	0.43%	3.43%	5.99%	9.36%	13.63%	14.48%
2005	3.15%	5.45%	-0.42%	1.12%	8.13%	2.59%	3.76%	0.14%	0.83%	-6.03%	7.41%	1.02%	29.80%	24.13%
2006	2.94%	-0.23%	6.13%	-1.88%	-1.73%	-2.98%	2.27%	2.05%	0.18%	5.85%	-2.13%	2.05%	12.72%	17.26%
2007	5.27%	-0.25%	-0.26%	-0.14%	1.08%	1.81%	-4.77%	-2.25%	0.79%	2.37%	-8.59%	1.61%	-3.99%	9.83%
2008	-6.23%	-3.60%	-6.87%	0.98%	-3.37%	-1.76%	-6.90%	9.00%	-16.43%	-20.01%	-3.37%	2.12%	-45.97%	-33.00%
2009	-2.78%	-8.96%	6.37%	14.76%	2.12%	1.17%	3.38%	3.70%	9.79%	-1.52%	3.94%	7.27%	44.26%	35.05%
2010	-0.03%	3.98%	4.30%	-0.44%	-6.34%	-7.36%	4.01%	-2.80%	4.99%	2.74%	-0.87%	1.09%	2.35%	17.61%
2011	0.86%	-1.29%	-2.49%	-2.30%	-2.17%	-2.01%	-1.29%	-7.53%	-8.34%	3.11%	0.40%	0.01	-21.24%	-8.71%
2012	3.80%	5.67%	1.85%	-0.72%	-5.54%	1.96%	-1.44%	3.22%	3.04%	0.85%	-4.23%	2.23%	10.57%	7.19%
2013	1.51%	-1.57%	0.04%	-0.98%									-1.01%	1.20%

Note: Performance numbers are net of all management fees, expenses and incentive performance fees.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing.

The indicated rates of return of the Goodwood Capital Fund (the "Fund") are the historical annual compounded total return including changes in unit value and assume that

all distributions made by the Fund were reinvested in additional units of the Fund. The rates of return do not include deduction of sales, transfer, redemption, income

taxes payable, or other charges (which distributors may charge) that would have reduced returns. The rates of return are net of all management fees, expenses and

performance incentive fees. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.