NAV & Portfolio as at September 02, 2010

Symbol Security Number of Shares Closing Price per Share ($) Amount ($) Weighting (%) BCE BCE Inc. 194,634 32.95 6,413,190 6.99 BMO Bank of Montreal 103,180 59.30 6,118,574 6.67 BNS The Bank of Nova Scotia 115,419 52.21 6,026,026 6.57 CM Canadian Imperial Bank of Commerce 86,003 73.84 6,350,462 6.92 CU Canadian Utilities Limited 129,802 48.34 6,274,629 6.84 EMA Emera Inc. 221,464 27.14 6,010,533 6.55 ENB Enbridge Inc. 117,481 53.79 6,319,303 6.89 FTS Fortis Inc. 185,990 30.06 5,590,859 6.09 MBT Manitoba Telecom Services Inc 137,037 27.68 3,793,184 4.13 NA National Bank of Canada 85,385 62.93 5,373,278 5.86 RCIb Rogers Communications Inc. 151,096 37.57 5,676,677 6.19 RY Royal Bank of Canada 102,693 52.30 5,370,844 5.85 T TELUS Corporation 90,108 43.86 3,952,137 4.31 TA TransAlta Corp. 219,332 21.35 4,682,738 5.10 TA2 TELUS Corporation NV 58,507 41.92 2,452,613 2.67 TD The Toronto-Dominion Bank 82,000 73.17 5,999,940 6.54 TRP TransCanada Corp. 137,214 38.49 5,281,367 5.76   Other Net Assets     71,585 0.08   Total     91,757,939 100.00 Units Outstanding 2,200,113 NAV per unit $41.71