Mavrix Balanced Income and Growth Trust announced today that its merger with Mavrix Canadian Income Trust Fund will be effective on October 2, 2006. The last day of trading for the units of the trust on the Toronto Stock Exchange will be September 29, 2006.

The regular monthly distribution in the amount of $0.0583333 per unit payable to unitholders of record on September 29, 2006 will be paid on October 16, 2006. No further distribution will be made in connection with the merger.

On the effective date of the merger, the units will be redeemed and unitholders will receive their pro rata share of the class A mutual fund units issued to the trust in connection with the merger. The ratio will be calculated based on the calculated net asset per unit as at the close of business on September 29, 2006. The ratio will be announced on October 2, 2006.