Fund Summary



Semi-Annual Financial Statements
June 30, 2011



Annual Financial Statements as at
December 31, 2010



MRFP - Skylon International Advantage Yield Trust as at June 30, 2011



MRFP - Skylon Global Yield Fund Limited Series B as at June 30, 2011



Prospectus



Quarterly Portfolio Disclosure - Skylon International Advantage Yield Trust Series B as at
Septeber 30, 2011



Quarterly Portfolio Disclosure - Skylon Global Yield Fund Limited Series B as at September 30, 2011



Quarterly Portfolio Disclosure - Skylon International Advantage Yield Trust Series B as at
March 31, 2011



Quarterly Portfolio Disclosure - Skylon Global Yield Fund Limited Series B as at March 31, 2011



Quarterly Portfolio Disclosure - Skylon International Advantage Yield Trust Series B as at
December 31, 2010



Quarterly Portfolio Disclosure - Skylon Global Yield Fund Limited Series B as at December 31, 2010


Skylon International Advantage Yield Trust is an investment trust designed to provide investors with tax effective monthly distributions consisting of capital gains and return of capital, and returning at least the original subscription price of the Units to Unitholders.

The Trust provides investors with full exposure to an actively managed, broadly diversified portfolio of high yield debt securities by way of a sophisticated forward purchase and sale agreement. Please refer to the prospectus for more details.

HIGHLIGHTS
  • Access to the investment management expertise of PIMCO-one of the world's pre-eminent bond managers in the U.S.
  • Bill Gross, Chief Investment Officer of PIMCO, is Morningstar’s only two-time "Fixed Income Manager of the Year".
  • Solid long-term performance in the management of investment grade, corporate, emerging markets and high-yield fixed income securities.
  • PIMCO has 691 employees, including 258 investment professionals, servicing 596 institutional clients and 5,162 mutual fund clients.
Attractive tax efficient yield target of 5.00% per annum (7.16% pre-tax interest equivalent yield excluding tax deferral)
  • The Trust will provide unitholders with tax efficient capital gains and returns of capital instead of fully taxable interest income from the Global Yield Portfolios through the use of the forward structures.
  • Majority of each distribution on the Trust’s units at the outset will be treated as return of capital and fully tax deferred until disposition regardless of its income characterization within the Global Yield Portfolios. The remainder of each distribution will be capital gains.
  • "‘Return of Capital"’ is an income tax characterization. The monthly distributions will be capital gains, with the portion that is tax deferred being referred to as ‘‘return of capital’’.
  • The accumulated returns of capital distributed in the early years will result in significant tax deferral.

Exposure to the global fixed income markets and RRSP eligible as Canadian content
  • The Global Yield Portfolios will consist primarily of a combination of global yield instruments including corporate debt and emerging markets debt, both investment grade and non-investment grade.


Liquidity through TSX Listing, Annual Redemptions at NAV and Mandatory Market Purchase Program

Strong NAV and trading performance of previous PIMCO advised offerings, Skylon Global Capital Yield Trust & Skylon Global Capital Yield Trust II

Disclaimer
Please read important information about the trust.