NAV & Portfolio as of October 30, 2014


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 88,396 46.74 4,131,629 7.15
BCE Inc. 70,414 49.76 3,503,801 6.06
Bell Aliant Inc. 0 0.00 0 0.00
Canadian Utilities Limited (A) 11,611 40.20 466,762 0.81
Canadian Utilities Limited (B) 70,009 39.75 2,782,858 4.82
Capital Power 149,501 25.42 3,800,315 6.58
Emera Inc. 90,312 38.07 3,438,178 5.95
Enbridge Inc. 70,435 52.92 3,727,420 6.45
Fortis Inc. 95,094 36.83 3,502,312 6.06
Gibson Energy Inc. 125,884 32.42 4,081,159 7.06
Inter Pipeline Fund 139,525 35.22 4,914,070 8.50
Keyera Corp. 54,445 89.84 4,891,339 8.46
Manitoba 102,848 29.55 3,039,158 5.26
Northland Power Inc. 173,086 16.79 2,906,114 5.03
Pembina Pipelines Corporation 102,318 46.53 4,760,857 8.24
Rogers Communications Inc. Cl. B 67,100 42.20 2,831,620 4.90
TELUS Corporation 92,042 40.41 3,719,417 6.44
TransAlta Corporation 222,117 11.00 2,443,287 4.23
TransCanada Corporation 68,094 55.21 3,759,470 6.51
Veresen Inc. 242,149 17.60 4,261,822 7.37
Other Net Assets     -9,173,456 -15.87
Total     57,788,133 100.00

Units Outstanding 2,072,277
NAV per unit $27.89