NAV & Portfolio as of July 23, 2015


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 85,272 36.28 3,093,668 6.26
BCE Inc. 67,926 52.19 3,545,058 7.17
Canadian Utilities Limited (A) 11,201 36.00 403,236 0.82
Canadian Utilities Limited (B) 67,535 35.80 2,417,753 4.89
Capital Power 144,217 21.60 3,115,087 6.30
Emera Inc. 87,121 42.04 3,662,567 7.41
Enbridge Inc. 67,946 55.32 3,758,773 7.60
Fortis Inc. 91,734 36.61 3,358,382 6.79
Gibson Energy Inc. 121,435 19.26 2,338,838 4.73
Inter Pipeline Fund 134,594 26.46 3,561,357 7.20
Keyera Corp. 105,041 41.55 4,364,454 8.83
Manitoba 99,213 28.94 2,871,224 5.81
Northland Power Inc. 166,967 16.01 2,673,142 5.41
Pembina Pipelines Corporation 98,701 38.15 3,765,443 7.62
Rogers Communications Inc. Cl. B 64,729 45.56 2,949,053 5.97
TELUS Corporation 88,789 43.83 3,891,622 7.87
TransAlta Corporation 214,265 9.24 1,979,809 4.00
TransCanada Corporation 65,687 48.94 3,214,722 6.50
Veresen Inc. 233,589 14.65 3,422,079 6.92
Other Net Assets     -8,947,412 -18.10
Total     49,438,853 100.00

Units Outstanding 1,998,910
NAV per unit $24.73