NAV & Portfolio as of May 21, 2015


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 85,272 40.18 3,426,229 6.35
BCE Inc. 67,926 53.58 3,639,475 6.75
Canadian Utilities Limited (A) 11,201 36.61 410,069 0.76
Canadian Utilities Limited (B) 67,535 36.72 2,479,885 4.60
Capital Power 144,217 23.91 3,448,228 6.39
Emera Inc. 87,121 41.52 3,617,264 6.71
Enbridge Inc. 67,946 62.67 4,258,176 7.90
Fortis Inc. 91,734 38.38 3,520,751 6.53
Gibson Energy Inc. 121,435 24.69 2,998,230 5.56
Inter Pipeline Fund 134,594 31.40 4,226,252 7.84
Keyera Corp. 105,041 42.66 4,481,049 8.31
Manitoba 99,213 27.59 2,737,287 5.08
Northland Power Inc. 166,967 16.66 2,781,670 5.16
Pembina Pipelines Corporation 98,701 41.17 4,063,520 7.54
Rogers Communications Inc. Cl. B 64,729 43.40 2,809,239 5.21
TELUS Corporation 88,789 41.85 3,715,820 6.89
TransAlta Corporation 214,265 11.06 2,369,771 4.39
TransCanada Corporation 65,687 54.37 3,571,402 6.62
Veresen Inc. 233,589 18.62 4,349,427 8.07
Other Net Assets     -8,976,682 -16.65
Total     53,927,061 100.00

Units Outstanding 1,998,910
NAV per unit $26.98