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## Portfolio Holdings 

December 31, 2010 

## Results of Operations 

## Distributions 

<img src='content_image/192568.jpg'>

For the year ended December 31, 2010, cash distributions of $0.48 per unit were paid to unitholders compared to $0.43 per unit in 2009. Since the inception of the Fund in November 2006, the Fund has paid total cash distributions of $2.11 per unit. 

## Revenues and Expenses 

The Fund’s total revenue per unit increased to $0.26 per unit for the year ended December 31, 2010 from $0.23 per unit for 2009, largely reflecting higher dividend income earned on a per average-unit basis. Overall expenses (excluding warrant offering costs) decreased slightly from $0.6 million in 2009 to $0.5 million in 2010, mainly attributable to a decrease in average net asset value and unitholder activity in the current year partially offset by the unfavourable impact of the Ontario harmonized sales tax and the administra- tive costs associated with the normal course issuer bid. However, total expenses per unit increased by $0.02 per unit to $0.22 per unit in 2010 due to a decreased number of units outstanding during the year. The Fund had a net realized and unrealized gain of $0.67 per unit in 2010 as compared to a net realized and unrealized gain of $1.45 per unit in 2009. 

## Net Asset Value 

The net asset value per unit of the Fund increased by $0.23 per unit, or 3.1 percent, from $7.40 per unit at December 31, 2009 to $7.63 per unit at December 31, 2010. The total net asset value of the Fund decreased $3.3 million, from $17.3 million at December 31, 2009 to $14.0 million at December 31, 2010, primarily as a result of annual redemptions in December totalling $4.0 million. 

