NAV & Portfolio as of July 21, 2016


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 78,705 33.20 2,613,006 5.40
BCE Inc. 62,695 62.75 3,934,111 8.13
Canadian Utilities Limited (A) 10,340 39.80 411,532 0.85
Canadian Utilities Limited (B) 62,334 39.90 2,487,127 5.14
Capital Power 133,112 19.59 2,607,664 5.39
Emera Inc. 80,412 49.31 3,965,116 8.19
Enbridge Inc. 62,715 53.22 3,337,692 6.90
Fortis Inc. 84,671 43.31 3,667,101 7.58
Gibson Energy Inc. 112,080 14.97 1,677,838 3.47
Inter Pipeline Fund 124,227 27.54 3,421,212 7.07
Keyera Corp. 96,957 38.08 3,692,123 7.63
Manitoba Telecom Services Inc. 91,576 38.49 3,524,760 7.28
Northland Power Inc. 154,109 24.45 3,767,965 7.78
Pembina Pipelines Corporation 91,100 39.02 3,554,722 7.34
Rogers Communications Inc. Cl. B 59,745 55.67 3,326,004 6.87
TELUS Corporation 81,952 43.27 3,546,063 7.33
TransAlta Corporation 197,772 6.19 1,224,209 2.53
TransCanada Corporation 60,628 60.43 3,663,750 7.57
Veresen Inc. 215,602 10.94 2,358,686 4.87
Other Net Assets     -8,379,891 -17.31
Total     48,400,788 100.00

Units Outstanding 1,844,975
NAV per unit $26.23