NAV & Portfolio as of December 18, 2014


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 88,396 41.18 3,640,147 6.73
BCE Inc. 70,414 52.97 3,729,830 6.90
Canadian Utilities Limited (A) 11,611 39.62 460,028 0.85
Canadian Utilities Limited (B) 70,009 39.50 2,765,356 5.11
Capital Power 149,501 25.39 3,795,830 7.02
Emera Inc. 90,312 38.18 3,448,112 6.38
Enbridge Inc. 70,435 56.09 3,950,699 7.30
Fortis Inc. 95,094 38.62 3,672,530 6.79
Gibson Energy Inc. 125,884 26.17 3,294,384 6.09
Inter Pipeline Fund 139,525 30.55 4,262,489 7.88
Keyera Corp. 54,445 74.91 4,078,475 7.54
Manitoba 102,848 26.85 2,761,469 5.11
Northland Power Inc. 173,086 15.08 2,610,137 4.83
Pembina Pipelines Corporation 102,318 39.66 4,057,932 7.50
Rogers Communications Inc. Cl. B 67,100 44.81 3,006,751 5.56
TELUS Corporation 92,042 42.15 3,879,570 7.17
TransAlta Corporation 222,117 10.39 2,307,796 4.27
TransCanada Corporation 68,094 54.57 3,715,890 6.87
Veresen Inc. 242,149 16.08 3,893,756 7.20
Other Net Assets     -9,247,502 -17.10
Total     54,083,678 100.00

Units Outstanding 2,072,277
NAV per unit $26.10