NAV & Portfolio as of April 23, 2015


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 88,396 42.02 3,714,400 6.35
BCE Inc. 70,414 54.64 3,847,421 6.58
Canadian Utilities Limited (A) 11,611 39.98 464,208 0.79
Canadian Utilities Limited (B) 70,009 39.94 2,796,159 4.78
Capital Power 149,501 24.70 3,692,675 6.31
Emera Inc. 90,312 41.64 3,760,592 6.43
Enbridge Inc. 70,435 65.26 4,596,588 7.86
Fortis Inc. 95,094 39.63 3,768,575 6.44
Gibson Energy Inc. 125,884 28.11 3,538,599 6.05
Inter Pipeline Fund 139,525 31.92 4,453,638 7.61
Keyera Corp. 108,890 45.03 4,903,317 8.38
Manitoba 102,848 26.14 2,688,447 4.59
Northland Power Inc. 173,086 17.71 3,065,353 5.24
Pembina Pipelines Corporation 102,318 43.07 4,406,836 7.53
Rogers Communications Inc. Cl. B 67,100 43.30 2,905,430 4.97
TELUS Corporation 92,042 42.77 3,936,636 6.73
TransAlta Corporation 222,117 12.24 2,718,712 4.65
TransCanada Corporation 68,094 57.15 3,891,572 6.65
Veresen Inc. 242,149 18.86 4,566,930 7.80
Other Net Assets     -9,201,749 -15.73
Total     58,514,339 100.00

Units Outstanding 2,072,277
NAV per unit $28.24