NAV & Portfolio as of February 11, 2016


Security Number of Shares Closing Price per Share($) Amount ($) Weighting (%)
AltaGas Ltd. 85,272 30.30 2,583,742 6.11
BCE Inc. 67,926 57.29 3,891,481 9.20
Canadian Utilities Limited (A) 11,201 33.74 377,922 0.89
Canadian Utilities Limited (B) 67,535 33.51 2,263,098 5.35
Capital Power 144,217 16.93 2,441,594 5.77
Emera Inc. 87,121 45.05 3,924,801 9.28
Enbridge Inc. 67,946 42.98 2,920,319 6.90
Fortis Inc. 91,734 36.13 3,314,349 7.83
Gibson Energy Inc. 121,435 14.68 1,782,666 4.21
Inter Pipeline Fund 134,594 20.45 2,752,447 6.51
Keyera Corp. 105,041 33.71 3,540,932 8.37
Manitoba 99,213 31.82 3,156,958 7.46
Northland Power Inc. 166,967 18.03 3,010,415 7.12
Pembina Pipelines Corporation 98,701 29.52 2,913,654 6.89
Rogers Communications Inc. Cl. B 64,729 47.71 3,088,221 7.30
TELUS Corporation 88,789 39.69 3,524,035 8.33
TransAlta Corporation 214,265 4.80 1,028,472 2.43
TransCanada Corporation 65,687 48.24 3,168,741 7.49
Veresen Inc. 233,589 6.82 1,593,077 3.77
Other Net Assets     -8,969,748 -21.20
Total     42,307,174 100.00

Units Outstanding 1,998,910
NAV per unit $21.17