Canadian Banc Capital Securities Trust

Canadian Banc Capital Securities Trust (the “Fund”) was designed to provide investors with access to an actively managed portfolio of Innovative Tier 1 Capital Securities. Class A Units are listed on the Toronto Stock Exchange under the symbol CSB.UN. Class F Units are designed for fee-based accounts and are not listed on a stock exchange but may be converted into Class A Units on a weekly basis.

The Fund's investment objectives are to (i) provide Unitholders with attractive tax-advantaged quarterly cash distributions, and (ii) return to Unitholders the original issue price of the Units upon termination of the Fund on June 30, 2014. Distributions are initially targeted to be $1.50 per annum per Unit consisting primarily of returns of capital, representing a yield on the Unit issue price of 6.0% per annum. The Fund will seek to achieve its investment objectives through exposure to an actively managed portfolio consisting primarily of Innovative Tier 1 Capital Securities of the six largest Canadian banks, including such issues as TD Capital Trust IV Notes (TD CaTS IV), Scotiabank Capital Trust Securities (Scotia BaTS II) and BMO Capital Trust II Notes (BoATS VI).

Performance Update

Canadian Banc Capital Securities Trust Performance Update — Second Quarter 2010
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