NAV & Portfolio as of April 28, 2016


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 85,272 30.32 2,585,447 5.32
BCE Inc. 67,926 58.83 3,996,087 8.22
Canadian Utilities Limited (A) 11,201 36.50 408,836 0.84
Canadian Utilities Limited (B) 67,535 36.25 2,448,144 5.04
Capital Power 144,217 17.94 2,587,253 5.32
Emera Inc. 87,121 45.67 3,978,816 8.18
Enbridge Inc. 67,946 52.52 3,568,524 7.34
Fortis Inc. 91,734 39.88 3,658,352 7.52
Gibson Energy Inc. 121,435 18.57 2,255,048 4.64
Inter Pipeline Fund 134,594 26.86 3,615,195 7.44
Keyera Corp. 105,041 39.95 4,196,388 8.63
Manitoba 99,213 32.74 3,248,234 6.68
Northland Power Inc. 166,967 21.00 3,506,307 7.21
Pembina Pipelines Corporation 98,701 37.97 3,747,677 7.71
Rogers Communications Inc. Cl. B 64,729 48.85 3,162,012 6.50
TELUS Corporation 88,789 39.69 3,524,035 7.25
TransAlta Corporation 214,265 6.73 1,442,003 2.97
TransCanada Corporation 65,687 51.99 3,415,067 7.02
Veresen Inc. 233,589 9.07 2,118,652 4.36
Other Net Assets     -8,845,646 -18.19
Total     48,616,431 100.00

Units Outstanding 1,998,910
NAV per unit $24.32