Mavrix Fund Management Inc. reported an increase in assets under management for the month ending Nov. 30, 2004. Total assets closed the month at a new record high of $639.5 million, up 85.2% year to date and up 99.1% since Nov. 30, 2003.

Mavrix reported net sales of $15.8 million for its mutual funds for the month. It also announced a successful final closing for the Mavrix Resource Fund 2004 II LP on November 16th. The fund’s gross proceeds were $23.2 million. The Mavrix Balanced Income and Growth Trust completed its closing on Nov. 23, rasing. aggregate gross proceeds of $45.0 million.

“It’s been a very rewarding month for Mavrix. We finalized the successful launch of two distinct products and our mutual fund group had a very strong month in terms of sales and performance,” said Raymond Steele, senior VP and CFO.