NAV & Portfolio as of May 26, 2016


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 78,705 31.12 2,449,300 5.34
BCE Inc. 62,695 60.73 3,807,467 8.31
Canadian Utilities Limited (A) 10,340 36.13 373,584 0.81
Canadian Utilities Limited (B) 62,334 36.05 2,247,141 4.90
Capital Power 133,112 18.78 2,499,843 5.45
Emera Inc. 80,412 46.27 3,720,663 8.12
Enbridge Inc. 62,715 52.69 3,304,453 7.21
Fortis Inc. 84,671 40.81 3,455,424 7.54
Gibson Energy Inc. 112,080 15.83 1,774,226 3.87
Inter Pipeline Fund 124,227 26.87 3,337,979 7.28
Keyera Corp. 96,957 38.05 3,689,214 8.05
Manitoba 91,576 37.76 3,457,910 7.54
Northland Power Inc. 154,109 21.91 3,376,528 7.37
Pembina Pipelines Corporation 91,100 38.33 3,491,863 7.62
Rogers Communications Inc. Cl. B 59,745 50.83 3,036,838 6.62
TELUS Corporation 81,952 41.45 3,396,910 7.41
TransAlta Corporation 197,772 6.39 1,263,763 2.76
TransCanada Corporation 60,628 53.86 3,265,424 7.12
Veresen Inc. 215,602 10.10 2,177,580 4.75
Other Net Assets     -8,281,538 -18.06
Total     45,844,574 100.00

Units Outstanding 1,844,975
NAV per unit $24.85