NAV & Portfolio as of November 20, 2014


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 88,396 45.72 4,041,465 6.80
BCE Inc. 70,414 53.22 3,747,433 6.30
Bell Aliant Inc. 0 0.00 0 0.00
Canadian Utilities Limited (A) 11,611 40.34 468,388 0.79
Canadian Utilities Limited (B) 70,009 40.18 2,812,962 4.73
Capital Power 149,501 27.99 4,184,533 7.04
Emera Inc. 90,312 39.14 3,534,812 5.94
Enbridge Inc. 70,435 52.58 3,703,472 6.23
Fortis Inc. 95,094 39.17 3,724,832 6.26
Gibson Energy Inc. 125,884 31.19 3,926,322 6.60
Inter Pipeline Fund 139,525 35.30 4,925,232 8.28
Keyera Corp. 54,445 95.02 5,173,364 8.70
Manitoba 102,848 29.15 2,998,019 5.04
Northland Power Inc. 173,086 17.30 2,994,388 5.04
Pembina Pipelines Corporation 102,318 44.32 4,534,734 7.63
Rogers Communications Inc. Cl. B 67,100 45.16 3,030,236 5.10
TELUS Corporation 92,042 42.65 3,925,591 6.60
TransAlta Corporation 222,117 11.50 2,554,346 4.30
TransCanada Corporation 68,094 57.55 3,918,810 6.59
Veresen Inc. 242,149 18.87 4,569,352 7.68
Other Net Assets     -9,301,888 -15.64
Total     59,466,402 100.00

Units Outstanding 2,072,277
NAV per unit $28.70