NAV & Portfolio as of January 22, 2015


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 88,396 42.32 3,740,919 6.58
BCE Inc. 70,414 58.65 4,129,781 7.27
Canadian Utilities Limited (A) 11,611 42.48 493,235 0.87
Canadian Utilities Limited (B) 70,009 41.98 2,938,978 5.17
Capital Power 149,501 26.59 3,975,232 6.99
Emera Inc. 90,312 41.30 3,729,886 6.56
Enbridge Inc. 70,435 61.40 4,324,709 7.61
Fortis Inc. 95,094 40.56 3,857,013 6.79
Gibson Energy Inc. 125,884 23.50 2,958,274 5.20
Inter Pipeline Fund 139,525 32.99 4,602,930 8.10
Keyera Corp. 54,445 77.26 4,206,421 7.40
Manitoba 102,848 26.23 2,697,703 4.75
Northland Power Inc. 173,086 16.64 2,880,151 5.07
Pembina Pipelines Corporation 102,318 39.85 4,077,372 7.17
Rogers Communications Inc. Cl. B 67,100 46.73 3,135,583 5.52
TELUS Corporation 92,042 44.20 4,068,256 7.16
TransAlta Corporation 222,117 11.09 2,463,278 4.33
TransCanada Corporation 68,094 55.36 3,769,684 6.63
Veresen Inc. 242,149 16.63 4,026,938 7.08
Other Net Assets     -9,238,844 -16.25
Total     56,837,497 100.00

Units Outstanding 2,072,277
NAV per unit $27.43