Cumberland Income Fund First Quarter 2013 Review and Outlook

Cumberland Private Wealth Management Inc. 99 Yorkville Avenue, Suite 300, Toronto, Ontario, Canada M5R 3K5 The Cumberland Income Fund generated a return of +1.8% for the first quarter of 2013. By comparison, the DEX Universe Bond Index generated a return of +0.7% overthe same period. The Fund’s dividend paying equity allocation and income generated from the higher yielding corporate bonds were the main contributors to the performance this quarter.To a lesser extent,the Fund was also a beneficiary of the slight decline in Canadian interest rates that occurred during the quarter.

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