Mavrix Fund Management Inc. announced today that its total assets under management and administration for the first quarter of fiscal 2006, ended March 31, was a record $833.7 million, up 13% from $735.5 million a year earlier.

The increases are attributable to market appreciation and fund sales. Its AUM+A was comprised of $501.7 million of Mavrix Mutual Funds, $167.8 million of specialty funds and $164.2 million of administrative services.

For the three months ended March 31 revenue totalled a record $3 million compared to $2.2 million for the three months ended March 31, 2005. The year-over-year increase in revenue for the first quarter was the result of the increase in AUM+A.

“We are pleased to report our first quarter of net income since becoming a public company in April of 2004, with a net income for the three months ended March 31 of $20,000 compared to a net loss for the three months ended March 31, 2005 of $273,000,” the company stated in a release.

On Feb. 7, Mavrix began offering Class F units for nine Mavrix Mutual Funds. Class F units are available for approved participants in a fee-for-service or wrap account program sponsored by registered dealers. The launch of the F Class recognized the demand Mavrix had received for this type of fund product for fee-based accounts. It is part of the continuing growth progression of the Mavrix Mutual Funds family to expand into this sales channel as it believes that fee-based business is a growing segment of the Canadian mutual fund industry.

Also on Feb. 7, Mavrix increased the low-load deferred sales charge commission to 3%, up from 2%, with the applicable trailing service fee now payable beginning on the first anniversary of the purchase. Mavrix changed the low load deferred sales charge commission to match the needs of investment advisors.