Energy Income Partners, LLC Activity Q4 2006-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$407,228,404	+7.6%	14,878,641	+3.6%	9.25%	+15.0%
ET	Buy	ENERGY TRANSFER LP	$349,525,546	+13.7%	24,912,726	+3.0%	7.94%	+21.6%
PAGP	Buy	PLAINS GP HLDGS L Pltd partnr int a	$221,939,419	+13.3%	13,767,954	+4.2%	5.04%	+21.1%
DTM	Buy	DT MIDSTREAM INC	$203,105,002	+9.6%	3,837,963	+2.7%	4.62%	+17.2%
SRE	Buy	SEMPRA	$182,209,783	-2.4%	2,678,374	+108.9%	4.14%	+4.4%
KMI	Buy	KINDER MORGAN INC DEL	$178,520,972	+5.4%	10,767,248	+9.4%	4.06%	+12.6%
OKE	Buy	ONEOK INC NEW	$173,042,685	+51.4%	2,728,089	+47.3%	3.93%	+61.9%
MPLX	Buy	MPLX LP	$155,077,303	+21.3%	4,359,778	+15.7%	3.52%	+29.7%
CQP	Sell	CHENIERE ENERGY PARTNERS LP	$152,044,893	+10.2%	2,805,774	-6.2%	3.46%	+17.8%
NFG	Buy	NATIONAL FUEL GAS CO	$134,648,519	+15.5%	2,593,884	+14.3%	3.06%	+23.5%
WMB	Buy	WILLIAMS COS INC	$131,836,281	+5.6%	3,913,217	+2.3%	3.00%	+12.9%
TRGP	Buy	TARGA RES CORP	$121,788,833	+16.4%	1,420,775	+3.3%	2.77%	+24.4%
HESM	Buy	HESS MIDSTREAM LP	$119,964,856	+3.0%	4,118,258	+8.5%	2.73%	+10.1%
AEP	Buy	AMERICAN ELEC PWR CO INC	$114,773,760	-7.4%	1,525,841	+3.7%	2.61%	-1.0%
PEG	Buy	PUBLIC SVC ENTERPRISE GRP IN	$99,747,295	-6.7%	1,752,720	+2.7%	2.27%	-0.2%
NEP	Buy	NEXTERA ENERGY PARTNERS LP	$83,664,841	-37.1%	2,816,998	+24.3%	1.90%	-32.7%
LNT	Buy	ALLIANT ENERGY CORP	$80,302,048	-4.0%	1,657,421	+4.0%	1.82%	+2.6%
PWR	Sell	QUANTA SVCS INC	$79,926,406	-37.0%	427,254	-33.9%	1.82%	-32.7%
	New	JACOBS SOLUTIONS INC	$77,715,730	–	569,346	–	1.77%	–
PPL	Buy	PPL CORP	$76,337,863	-6.9%	3,240,147	+4.5%	1.74%	-0.5%
ATO	Buy	ATMOS ENERGY CORP	$69,788,909	-5.2%	658,821	+4.2%	1.59%	+1.4%
ES	Buy	EVERSOURCE ENERGY	$66,364,793	-11.6%	1,141,269	+7.9%	1.51%	-5.5%
LNG	Sell	CHENIERE ENERGY INC	$64,644,075	-41.6%	389,516	-46.4%	1.47%	-37.6%
ENB	Buy	ENBRIDGE INC	$64,414,455	-7.0%	1,940,779	+4.1%	1.46%	-0.5%
PAA	Sell	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$64,267,799	+5.9%	4,195,026	-2.5%	1.46%	+13.2%
WEC	Buy	WEC ENERGY GROUP INC	$57,828,456	-5.5%	717,920	+3.5%	1.31%	+1.1%
SO	Buy	SOUTHERN CO	$53,977,775	-3.3%	834,020	+5.0%	1.23%	+3.5%
	Buy	SHELL PLC ADRspon ads	$53,197,130	+8.8%	826,299	+2.0%	1.21%	+16.4%
TTE	Buy	TOTALENERGIES SEsponsored ads	$52,958,238	+17.9%	805,326	+3.3%	1.20%	+26.0%
DTE	Buy	DTE ENERGY CO	$49,432,803	-6.1%	497,913	+4.1%	1.12%	+0.4%
WLKP	Buy	WESTLAKE CHEM PARTNERS LP	$47,424,766	+1.0%	2,180,449	+0.7%	1.08%	+8.0%
CMS	Buy	CMS ENERGY CORP	$47,118,023	-5.7%	887,178	+4.4%	1.07%	+0.8%
BP	Buy	BP PLCsponsored adr	$46,711,498	+12.6%	1,206,392	+2.6%	1.06%	+20.3%
TRP	Buy	TC ENERGY CORP	$42,171,795	-10.7%	1,225,568	+4.9%	0.96%	-4.6%
OGS	Buy	ONE GAS INC	$40,055,370	-7.4%	586,634	+4.2%	0.91%	-1.0%
HEP	Sell	HOLLY ENERGY PARTNERS LP	$36,854,458	-43.3%	1,678,254	-52.3%	0.84%	-39.4%
NEE	Sell	NEXTERA ENERGY INC	$35,008,429	-22.8%	611,074	-0.1%	0.80%	-17.5%
XEL	Buy	XCEL ENERGY INC	$32,554,861	-3.8%	568,942	+4.5%	0.74%	+2.8%
CWENA	Buy	CLEARWAY ENERGY INCcl a	$30,891,100	-20.7%	1,550,758	+7.5%	0.70%	-15.2%
IDA	Buy	IDACORP INC	$29,122,528	-4.7%	310,972	+4.4%	0.66%	+1.8%
ETR	Buy	ENTERGY CORP NEW	$28,770,923	-0.5%	311,037	+4.7%	0.65%	+6.3%
AROC	Buy	ARCHROCK INC	$26,983,568	+24.7%	2,141,553	+1.4%	0.61%	+33.3%
AES	Sell	AES CORP	$26,762,124	-60.0%	1,760,666	-45.5%	0.61%	-57.3%
DUK	Buy	DUKE ENERGY CORP NEW	$21,316,467	+2.4%	241,519	+4.1%	0.48%	+9.5%
EVRG	Buy	EVERGY INC	$20,504,804	-11.2%	404,434	+2.3%	0.47%	-5.1%
EXC	Buy	EXELON CORP	$20,123,629	-6.3%	532,512	+1.0%	0.46%	+0.2%
NJR	Buy	NEW JERSEY RES CORP	$15,064,710	-11.4%	370,778	+2.9%	0.34%	-5.3%
WES	Buy	WESTERN MIDSTREAM PARTNERS L	$14,882,883	+5.6%	546,562	+2.9%	0.34%	+12.7%
USAC	Buy	USA COMPRESSION PARTNERS LP	$10,915,019	+20.9%	457,461	+0.1%	0.25%	+29.2%
	Sell	CONSTELLATION ENERGY CORP	$9,798,002	-42.9%	89,824	-52.1%	0.22%	-38.9%
CNP	Buy	CENTERPOINT ENERGY INC	$7,177,300	-5.0%	267,311	+3.1%	0.16%	+1.2%
ENPH	Buy	ENPHASE ENERGY INC	$6,723,353	-27.0%	55,958	+1.7%	0.15%	-21.9%
	Buy	TXO PARTNERS LP	$6,403,966	-5.2%	315,311	+1.0%	0.15%	+1.4%
ENLC	Buy	ENLINK MIDSTREAM LLC	$5,400,800	+19.6%	441,964	+3.8%	0.12%	+28.1%
AWK	Buy	AMERICAN WTR WKS CO INC NEW	$4,590,502	-11.1%	37,071	+2.5%	0.10%	-5.5%
UGI	Buy	UGI CORP NEW	$4,525,204	-11.8%	196,748	+3.4%	0.10%	-5.5%
HASI	Sell	HANNON ARMSTRONG SUST INFR C	$3,378,792	-17.1%	159,377	-2.3%	0.08%	-11.5%
XOM	Buy	EXXON MOBIL CORP	$3,316,697	+45.5%	28,208	+32.7%	0.08%	+56.2%
SLB	Buy	SCHLUMBERGER LTD	$2,749,545	+20.8%	47,162	+1.8%	0.06%	+29.2%
HAL	Buy	HALLIBURTON CO	$2,589,894	+31.6%	63,948	+7.2%	0.06%	+40.5%
CPK	Buy	CHESAPEAKE UTILS CORP	$2,458,804	-16.0%	25,154	+2.3%	0.06%	-9.7%
OGE	Sell	OGE ENERGY CORP	$1,506,749	-9.0%	45,207	-2.0%	0.03%	-2.9%
CVX	New	CHEVRON CORP NEW	$1,473,064	–	8,736	–	0.03%	–
RRC	Buy	RANGE RES CORP	$1,329,037	+22.6%	41,007	+11.3%	0.03%	+30.4%
FANG	Buy	DIAMONDBACK ENERGY INC	$1,260,104	+31.3%	8,136	+11.4%	0.03%	+45.0%
COG	Buy	COTERRA ENERGY INC	$1,226,961	+46.8%	45,359	+37.3%	0.03%	+55.6%
NOV	Buy	NOV INC	$1,235,336	+73.1%	59,107	+32.9%	0.03%	+86.7%
EOG	Buy	EOG RES INC	$1,249,093	+48.8%	9,854	+34.3%	0.03%	+55.6%
PXD	Buy	PIONEER NAT RES CO	$1,180,116	+23.5%	5,141	+11.5%	0.03%	+35.0%
SWN	Buy	SOUTHWESTERN ENERGY CO	$1,090,637	+19.5%	169,091	+11.4%	0.02%	+31.6%
NBR	Buy	NABORS INDUSTRIES LTD	$1,016,151	+98.6%	8,252	+50.0%	0.02%	+109.1%
ARLP	Buy	ALLIANCE RESOURCE PARTNERS Lut ltd part	$1,028,337	+35.9%	45,643	+11.5%	0.02%	+43.8%
WHD	Buy	CACTUS INCcl a	$989,338	+28.5%	19,704	+8.3%	0.02%	+37.5%
PTEN	Buy	PATTERSON-UTI ENERGY INC	$867,782	+300.5%	62,701	+246.4%	0.02%	+300.0%
KRP	Buy	KIMBELL RTY PARTNERS LPunit	$792,480	+21.3%	49,530	+11.5%	0.02%	+28.6%
NRP	Buy	NATURAL RESOURCES PARTNERS L	$693,110	+66.8%	8,788	+11.5%	0.02%	+77.8%
LPI	Buy	VITAL ENERGY INC	$629,959	+36.9%	11,367	+11.5%	0.01%	+40.0%
TS	Sell	TENARIS SAsponsored ads	$578,343	-9.5%	18,302	-14.3%	0.01%	-7.1%
FTS	New	FORTIS INC	$500,974	–	13,187	–	0.01%	–
MPC	Buy	MARATHON PETE CORP	$465,371	+44.6%	3,075	+11.4%	0.01%	+57.1%
PSX	Buy	PHILLIPS 66	$455,489	+40.5%	3,791	+11.5%	0.01%	+42.9%
VLO	Buy	VALERO ENERGY CORP	$415,352	+34.5%	2,931	+11.4%	0.01%	+28.6%
SM	Buy	SM ENERGY CO	$324,416	+39.8%	8,182	+11.5%	0.01%	+40.0%
EIX	Exit	EDISON INTL	$0	–	-2,236	–	-0.00%	–
PDCE	Exit	PDC ENERGY INC	$0	–	-4,617	–	-0.01%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-5,997,394	–	-7.94%	–

Q2 2023

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$378,499,700	–	14,364,315	–	8.05%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$373,757,594	–	5,997,394	–	7.94%	–
ET	New	ENERGY TRANSFER LP	$307,314,956	–	24,198,028	–	6.53%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$195,864,036	–	13,207,285	–	4.16%	–
SRE	New	SEMPRA	$186,672,440	–	1,282,179	–	3.97%	–
DTM	New	DT MIDSTREAM INC	$185,327,161	–	3,738,696	–	3.94%	–
KMI	New	KINDER MORGAN INC DEL	$169,443,078	–	9,839,900	–	3.60%	–
CQP	New	CHENIERE ENERGY PARTNERS LP	$138,033,346	–	2,991,620	–	2.93%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$132,915,476	–	2,266,635	–	2.82%	–
MPLX	New	MPLX LP	$127,872,310	–	3,767,599	–	2.72%	–
PWR	New	QUANTA SVCS INC	$126,944,222	–	646,191	–	2.70%	–
WMB	New	WILLIAMS COS INC	$124,860,196	–	3,826,546	–	2.65%	–
AEP	New	AMERICAN ELEC PWR CO INC	$123,892,132	–	1,471,403	–	2.63%	–
NFG	New	NATIONAL FUEL GAS CO	$116,584,632	–	2,269,950	–	2.48%	–
HESM	New	HESS MIDSTREAM LP	$116,429,557	–	3,794,966	–	2.48%	–
OKE	New	ONEOK INC NEW	$114,274,704	–	1,851,502	–	2.43%	–
LNG	New	CHENIERE ENERGY INC	$110,756,730	–	726,941	–	2.35%	–
PEG	New	PUBLIC SVC ENTERPRISE GRP IN	$106,876,209	–	1,707,015	–	2.27%	–
TRGP	New	TARGA RES CORP	$104,667,940	–	1,375,400	–	2.22%	–
LNT	New	ALLIANT ENERGY CORP	$83,666,554	–	1,594,256	–	1.78%	–
PPL	New	PPL CORP	$82,010,097	–	3,099,399	–	1.74%	–
ES	New	EVERSOURCE ENERGY	$75,037,403	–	1,058,057	–	1.60%	–
ATO	New	ATMOS ENERGY CORP	$73,578,768	–	632,446	–	1.56%	–
ENB	New	ENBRIDGE INC	$69,242,957	–	1,863,875	–	1.47%	–
AES	New	AES CORP	$66,983,896	–	3,231,254	–	1.42%	–
HEP	New	HOLLY ENERGY PARTNERS LP	$65,024,041	–	3,514,813	–	1.38%	–
WEC	New	WEC ENERGY GROUP INC	$61,177,498	–	693,308	–	1.30%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$60,672,667	–	4,303,026	–	1.29%	–
SO	New	SOUTHERN CO	$55,802,245	–	794,338	–	1.19%	–
DTE	New	DTE ENERGY CO	$52,640,390	–	478,462	–	1.12%	–
CMS	New	CMS ENERGY CORP	$49,939,674	–	850,037	–	1.06%	–
	New	SHELL PLCspon ads	$48,893,671	–	809,766	–	1.04%	–
TRP	New	TC ENERGY CORP	$47,217,509	–	1,168,461	–	1.00%	–
WLKP	New	WESTLAKE CHEM PARTNERS LP	$46,941,953	–	2,164,221	–	1.00%	–
NEE	New	NEXTERA ENERGY INC	$45,373,819	–	611,507	–	0.96%	–
TTE	New	TOTALENERGIES SEsponsored ads	$44,916,835	–	779,265	–	0.96%	–
OGS	New	ONE GAS INC	$43,236,810	–	562,906	–	0.92%	–
BP	New	BP PLCsponsored adr	$41,483,430	–	1,175,501	–	0.88%	–
CWENA	New	CLEARWAY ENERGY INCci a	$38,940,993	–	1,442,259	–	0.83%	–
XEL	New	XCEL ENERGY INC	$33,853,927	–	544,538	–	0.72%	–
IDA	New	IDACORP INC	$30,561,462	–	297,870	–	0.65%	–
ETR	New	ENTERGY CORP NEW	$28,922,493	–	297,037	–	0.62%	–
EVRG	New	EVERGY INC	$23,101,313	–	395,435	–	0.49%	–
AROC	New	ARCHROCK INC	$21,639,790	–	2,111,199	–	0.46%	–
EXC	New	EXELON CORP	$21,472,384	–	527,059	–	0.46%	–
DUK	New	DUKE ENERGY CORP NEW	$20,811,782	–	231,912	–	0.44%	–
	New	CONSTELLATION ENERGY CORP	$17,164,984	–	187,493	–	0.36%	–
NJR	New	NEW JERSEY RES CORP	$17,005,972	–	360,296	–	0.36%	–
WES	New	WESTERN MIDSTREAM PARTNERS L	$14,089,811	–	531,290	–	0.30%	–
ENPH	New	ENPHASE ENERGY INC	$9,210,897	–	54,997	–	0.20%	–
USAC	New	USA COMPRESSION PARTNERS LP	$9,024,496	–	457,168	–	0.19%	–
CNP	New	CENTERPOINT ENERGY INC	$7,554,777	–	259,169	–	0.16%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$6,785,800	–	458,500	–	0.14%	–
	New	TXO PARTNERS LP	$6,756,835	–	312,094	–	0.14%	–
AWK	New	AMERICAN WTR WKS CO INC NEW	$5,162,697	–	36,166	–	0.11%	–
UGI	New	UGI CORP NEW	$5,132,607	–	190,308	–	0.11%	–
ENLC	New	ENLINK MIDSTREAM LLC	$4,514,031	–	425,852	–	0.10%	–
HASI	New	HANNON ARMSTRONG SUST INFR C	$4,077,600	–	163,104	–	0.09%	–
CPK	New	CHESAPEAKE UTILS CORP	$2,926,567	–	24,593	–	0.06%	–
XOM	New	EXXON MOBILE CORP	$2,279,277	–	21,252	–	0.05%	–
SLB	New	SCHLUMBERGER LTD	$2,276,319	–	46,342	–	0.05%	–
HAL	New	HALLIBURTON CO	$1,968,150	–	59,659	–	0.04%	–
OGE	New	OGE ENERGY CORP	$1,656,636	–	46,133	–	0.04%	–
RRC	New	RANGE RES CORP	$1,083,684	–	36,860	–	0.02%	–
FANG	New	DIAMONDBACK ENERGY INC	$959,585	–	7,305	–	0.02%	–
PXD	New	PIONEER NAT RES CO	$955,514	–	4,612	–	0.02%	–
SWN	New	SOUTHWESTERN ENERGY CO	$912,432	–	151,819	–	0.02%	–
EOG	New	EOG RES INC	$839,646	–	7,337	–	0.02%	–
COG	New	COTERRA ENERGY INC	$835,963	–	33,042	–	0.02%	–
WHD	New	CACTUS INCci a	$769,632	–	18,186	–	0.02%	–
ARLP	New	ALLIANCE RESOURCE PARTNERS Lut ltd part	$756,814	–	40,931	–	0.02%	–
NOV	New	NOV INC	$713,555	–	44,486	–	0.02%	–
KRP	New	KIMBELL RTY PARTNERS LPunit	$653,462	–	44,423	–	0.01%	–
TS	New	TENARIS SA ADRsponsored ads	$639,313	–	21,346	–	0.01%	–
NBR	New	NABORS INDUSTRIES LTD	$511,758	–	5,501	–	0.01%	–
LPI	New	VITAL ENERGY INC	$460,214	–	10,193	–	0.01%	–
NRP	New	NATURAL RESOURCES PARTNERS L	$415,644	–	7,881	–	0.01%	–
VLO	New	VALERO ENERGY CORP	$308,734	–	2,632	–	0.01%	–
PDCE	New	PDC ENERGY INC	$328,453	–	4,617	–	0.01%	–
PSX	New	PHILLIPS 66	$324,292	–	3,400	–	0.01%	–
MPC	New	MARATHON PETE CORP	$321,816	–	2,760	–	0.01%	–
HP	New	HELMERICH & PAYNE INC	$219,790	–	6,200	–	0.01%	–
PTEN	New	PATTERSON-UTI ENERGY INC	$216,657	–	18,100	–	0.01%	–
SM	New	SM ENERGY CO	$232,069	–	7,337	–	0.01%	–
EIX	New	EDISON INTL	$155,290	–	2,236	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
NBR	Exit	Nabors Industries Ltd	$0	–	-2,000	–	-0.01%	–
WHD	Exit	Cactus Inccl a	$0	–	-5,800	–	-0.01%	–
HP	Exit	Helmerich & Payne Inc	$0	–	-7,200	–	-0.01%	–
PTEN	Exit	Patterson-UTI Energy Inc	$0	–	-21,000	–	-0.01%	–
NOV	Exit	NOV Inc	$0	–	-16,600	–	-0.01%	–
HAL	Exit	Halliburton Co	$0	–	-26,000	–	-0.02%	–
SLB	Exit	Schlumberger Ltd	$0	–	-23,400	–	-0.02%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-22,025	–	-0.04%	–
HASI	Exit	Hannon Armstrong Sust Infra C	$0	–	-94,571	–	-0.07%	–
CPK	Exit	Chesapeake Utils Corp	$0	–	-25,917	–	-0.07%	–
AWK	Exit	American Wtr Wks Co Inc New	$0	–	-37,150	–	-0.11%	–
SPH	Exit	Suburban Propane Partners Lunit ltd partn	$0	–	-458,500	–	-0.16%	–
	Exit	Archaea Energy Inc	$0	–	-389,473	–	-0.16%	–
USAC	Exit	USA Compression Partners LP	$0	–	-440,962	–	-0.18%	–
ENPH	Exit	Enphase Energy Inc	$0	–	-29,752	–	-0.19%	–
ENLC	Exit	Enlink Midstream LLC	$0	–	-1,274,252	–	-0.26%	–
WES	Exit	Western Midstream Partners L	$0	–	-476,630	–	-0.28%	–
DUK	Exit	Duke Energy Corp New	$0	–	-136,860	–	-0.30%	–
AROC	Exit	Archrock Inc	$0	–	-2,078,157	–	-0.31%	–
AES	Exit	AES Corp	$0	–	-595,058	–	-0.31%	–
UGI	Exit	UGI Corp New	$0	–	-437,914	–	-0.33%	–
ES	Exit	Eversource Energy	$0	–	-284,453	–	-0.52%	–
TTE	Exit	TotalEnergies SEsponsored ads	$0	–	-549,450	–	-0.60%	–
DCP	Exit	DCP Midstream LP	$0	–	-683,082	–	-0.60%	–
BP	Exit	BP PLCsponsored adr	$0	–	-899,570	–	-0.60%	–
PAA	Exit	Plains All Amern Pipeline Lunit ltd partn	$0	–	-2,891,526	–	-0.71%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-341,536	–	-0.71%	–
	Exit	Shell PLCspon ads	$0	–	-614,170	–	-0.72%	–
	Exit	Constellation Energy Corp	$0	–	-383,879	–	-0.75%	–
NJR	Exit	New Jersey Res Corp	$0	–	-827,234	–	-0.75%	–
CMS	Exit	CMS Energy Corp	$0	–	-608,336	–	-0.83%	–
CWENA	Exit	Clearway Energy Incci a	$0	–	-1,221,003	–	-0.83%	–
EXC	Exit	Exelon Corp	$0	–	-985,087	–	-0.86%	–
XEL	Exit	Xcel Energy Inc	$0	–	-637,178	–	-0.95%	–
OGS	Exit	One Gas Inc	$0	–	-730,668	–	-1.20%	–
WLKP	Exit	Westlake Chem Partners LP	$0	–	-2,502,560	–	-1.26%	–
DTE	Exit	DTE Energy Co	$0	–	-475,535	–	-1.28%	–
PPL	Exit	PPL Corp	$0	–	-2,170,510	–	-1.29%	–
D	Exit	Dominion Energy Inc	$0	–	-822,509	–	-1.33%	–
CNP	Exit	CenterPoint Energy Inc	$0	–	-2,104,229	–	-1.39%	–
HEP	Exit	Holly Energy Partners LP	$0	–	-3,704,649	–	-1.42%	–
ATO	Exit	Atmos Energy Corp	$0	–	-598,925	–	-1.43%	–
SO	Exit	Southern Co	$0	–	-921,060	–	-1.46%	–
IDA	Exit	Idacorp Inc	$0	–	-645,488	–	-1.50%	–
NFG	Exit	National Fuel Gas Co	$0	–	-1,049,384	–	-1.51%	–
NEE	Exit	NextEra Energy Inc	$0	–	-826,291	–	-1.52%	–
TRGP	Exit	Targa Res Corp	$0	–	-1,117,167	–	-1.58%	–
LNT	Exit	Alliant Energy Corp	$0	–	-1,274,850	–	-1.58%	–
ENB	Exit	Enbridge Inc	$0	–	-2,125,564	–	-1.84%	–
HESM	Exit	Hess Midstream LP	$0	–	-3,168,911	–	-1.89%	–
OKE	Exit	Oneok Inc New	$0	–	-1,610,557	–	-1.93%	–
MPLX	Exit	MPLX LP	$0	–	-3,162,166	–	-2.22%	–
PAGP	Exit	Plains GP Holdings LPltd partnr int a	$0	–	-8,957,960	–	-2.28%	–
PEG	Exit	Public SVC Enterprise Grp In	$0	–	-1,785,027	–	-2.35%	–
AEP	Exit	American Elec Pwr Co Inc	$0	–	-1,319,792	–	-2.67%	–
KMI	Exit	Kinder Morgan Inc Del	$0	–	-6,916,206	–	-2.69%	–
SRE	Exit	Sempra	$0	–	-784,365	–	-2.75%	–
WMB	Exit	Williams Cos Inc	$0	–	-4,391,306	–	-2.94%	–
TRP	Exit	TC Energy Corp	$0	–	-3,331,937	–	-3.14%	–
PWR	Exit	Quanta Svcs Inc	$0	–	-1,064,582	–	-3.17%	–
NEP	Exit	NextEra Energy Partners LP	$0	–	-2,159,787	–	-3.65%	–
LNG	Exit	Cheniere Energy Inc	$0	–	-1,039,455	–	-4.03%	–
CQP	Exit	Cheniere Energy Partners LP	$0	–	-3,250,843	–	-4.06%	–
DTM	Exit	DT Midstream Inc	$0	–	-3,675,690	–	-4.46%	–
ET	Exit	Energy Transfer LP	$0	–	-25,529,480	–	-6.58%	–
MMP	Exit	Magellan Midstream Prtnrs LP	$0	–	-6,430,838	–	-7.14%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-14,701,701	–	-8.18%	–

Q3 2022

			Value		Shares		↓ Weighting
EPD	Buy	Enterprise Prods Partners L	$349,607,000	+3.7%	14,701,701	+6.3%	8.18%	+4.6%
MMP	Sell	Magellan Midstream Prtnrs LP	$305,529,000	-0.8%	6,430,838	-0.3%	7.14%	-0.0%
ET	Buy	Energy Transfer LP	$281,590,000	+19.7%	25,529,480	+8.3%	6.58%	+20.6%
DTM	Buy	DT Midstream Inc	$190,732,000	+10.1%	3,675,690	+4.0%	4.46%	+11.0%
CQP	Buy	Cheniere Energy Partners LP	$173,465,000	+20.7%	3,250,843	+1.5%	4.06%	+21.6%
LNG	Sell	Cheniere Energy Inc	$172,456,000	+9.6%	1,039,455	-12.1%	4.03%	+10.5%
NEP	Sell	NextEra Energy Partners LP	$156,174,000	-16.4%	2,159,787	-14.2%	3.65%	-15.7%
PWR	Sell	Quanta Svcs Inc	$135,617,000	-8.4%	1,064,582	-9.8%	3.17%	-7.7%
TRP	Buy	TC Energy Corp	$134,243,000	-18.4%	3,331,937	+4.9%	3.14%	-17.7%
WMB	Buy	Williams Cos Inc	$125,723,000	-5.2%	4,391,306	+3.3%	2.94%	-4.5%
SRE	Buy	Sempra	$117,608,000	+2.2%	784,365	+2.4%	2.75%	+3.0%
KMI	Buy	Kinder Morgan Inc Del	$115,086,000	+28.0%	6,916,206	+29.0%	2.69%	+29.1%
AEP	Buy	American Elec Pwr Co Inc	$114,096,000	-7.8%	1,319,792	+2.4%	2.67%	-7.0%
PEG	Sell	Public SVC Enterprise Grp In	$100,372,000	-12.9%	1,785,027	-1.9%	2.35%	-12.2%
PAGP	Buy	Plains GP Holdings LPltd partnr int a	$97,732,000	+11.3%	8,957,960	+5.3%	2.28%	+12.2%
MPLX	Buy	MPLX LP	$94,896,000	+15.4%	3,162,166	+12.1%	2.22%	+16.4%
OKE	Buy	Oneok Inc New	$82,525,000	-7.3%	1,610,557	+0.4%	1.93%	-6.5%
HESM	Buy	Hess Midstream LP	$80,870,000	-6.2%	3,168,911	+2.9%	1.89%	-5.4%
ENB	Buy	Enbridge Inc	$78,858,000	-10.6%	2,125,564	+1.8%	1.84%	-9.9%
LNT	Buy	Alliant Energy Corp	$67,554,000	-7.3%	1,274,850	+2.6%	1.58%	-6.5%
TRGP	Buy	Targa Res Corp	$67,410,000	+264.6%	1,117,167	+260.6%	1.58%	+267.4%
NEE	Sell	NextEra Energy Inc	$64,790,000	-4.3%	826,291	-5.5%	1.52%	-3.6%
NFG	Buy	National Fuel Gas Co	$64,590,000	+6.7%	1,049,384	+14.5%	1.51%	+7.5%
IDA	Buy	Idacorp Inc	$63,910,000	-4.0%	645,488	+2.7%	1.50%	-3.2%
SO	Sell	Southern Co	$62,632,000	-46.0%	921,060	-43.4%	1.46%	-45.6%
ATO	Sell	Atmos Energy Corp	$61,001,000	-9.7%	598,925	-0.7%	1.43%	-9.1%
HEP	Buy	Holly Energy Partners LP	$60,793,000	+3.8%	3,704,649	+1.4%	1.42%	+4.7%
CNP	Sell	CenterPoint Energy Inc	$59,297,000	-13.5%	2,104,229	-9.2%	1.39%	-12.8%
D	Buy	Dominion Energy Inc	$56,844,000	-4.4%	822,509	+10.4%	1.33%	-3.7%
PPL	Sell	PPL Corp	$55,022,000	-22.7%	2,170,510	-17.3%	1.29%	-22.0%
DTE	Buy	DTE Energy Co	$54,710,000	-7.0%	475,535	+2.5%	1.28%	-6.3%
WLKP	Sell	Westlake Chem Partners LP	$53,805,000	-16.2%	2,502,560	-2.9%	1.26%	-15.5%
OGS	Sell	One Gas Inc	$51,432,000	-13.8%	730,668	-0.6%	1.20%	-13.1%
XEL	Buy	Xcel Energy Inc	$40,780,000	-7.3%	637,178	+2.5%	0.95%	-6.5%
EXC	Buy	Exelon Corp	$36,901,000	-15.7%	985,087	+2.0%	0.86%	-15.1%
CWENA	Buy	Clearway Energy Incci a	$35,531,000	-8.4%	1,221,003	+0.6%	0.83%	-7.7%
CMS	Buy	CMS Energy Corp	$35,430,000	-11.9%	608,336	+2.1%	0.83%	-11.1%
NJR	Buy	New Jersey Res Corp	$32,014,000	-11.3%	827,234	+2.1%	0.75%	-10.5%
	Sell	Constellation Energy Corp	$31,935,000	+29.1%	383,879	-11.2%	0.75%	+30.1%
	Buy	Shell PLCspon ads	$30,561,000	-2.1%	614,170	+2.8%	0.72%	-1.2%
WEC	Buy	WEC Energy Group Inc	$30,544,000	-9.0%	341,536	+2.4%	0.71%	-8.3%
PAA	Buy	Plains All Amern Pipeline Lunit ltd partn	$30,418,000	+13.5%	2,891,526	+5.9%	0.71%	+14.3%
BP	Buy	BP PLCsponsored adr	$25,683,000	+26.8%	899,570	+25.9%	0.60%	+27.9%
DCP	Sell	DCP Midstream LP	$25,664,000	-41.3%	683,082	-53.8%	0.60%	-40.8%
TTE	Buy	TotalEnergies SEsponsored ads	$25,560,000	+20.2%	549,450	+36.0%	0.60%	+21.3%
ES	Buy	Eversource Energy	$22,176,000	-5.5%	284,453	+2.4%	0.52%	-4.6%
UGI	Sell	UGI Corp New	$14,158,000	-31.8%	437,914	-18.6%	0.33%	-31.3%
AES	Sell	AES Corp	$13,448,000	-6.0%	595,058	-12.6%	0.31%	-5.4%
AROC	Buy	Archrock Inc	$13,342,000	+127.4%	2,078,157	+192.9%	0.31%	+129.4%
DUK	Buy	Duke Energy Corp New	$12,731,000	+116.1%	136,860	+149.1%	0.30%	+117.5%
WES	New	Western Midstream Partners L	$11,992,000	–	476,630	–	0.28%	–
ENLC	New	Enlink Midstream LLC	$11,328,000	–	1,274,252	–	0.26%	–
ENPH	Sell	Enphase Energy Inc	$8,255,000	-27.2%	29,752	-48.7%	0.19%	-26.6%
USAC	Buy	USA Compression Partners LP	$7,672,000	+26.1%	440,962	+21.2%	0.18%	+27.0%
	Buy	Archaea Energy Inc	$7,015,000	+18.7%	389,473	+2.3%	0.16%	+19.7%
AWK	Buy	American Wtr Wks Co Inc New	$4,835,000	-10.6%	37,150	+2.2%	0.11%	-9.6%
CPK	Buy	Chesapeake Utils Corp	$2,991,000	-7.7%	25,917	+3.6%	0.07%	-6.7%
HASI	Buy	Hannon Armstrong Sust Infra C	$2,830,000	-17.9%	94,571	+3.8%	0.07%	-17.5%
XOM	Sell	Exxon Mobil Corp	$1,923,000	+1.5%	22,025	-0.5%	0.04%	+2.3%
SLB	Sell	Schlumberger Ltd	$840,000	0.0%	23,400	-0.4%	0.02%	+5.3%
HAL	Sell	Halliburton Co	$640,000	-21.8%	26,000	-0.4%	0.02%	-21.1%
NOV	Sell	NOV Inc	$269,000	-4.6%	16,600	-0.6%	0.01%	-14.3%
PTEN	Sell	Patterson-UTI Energy Inc	$245,000	-26.4%	21,000	-0.5%	0.01%	-25.0%
EIX	Exit	Edison Intl	$0	–	-1,738	–	-0.00%	–
SHLX	Exit	Shell Midstream Partners LPunit ltd int	$0	–	-998,306	–	-0.33%	–

Q2 2022

			Value		Shares		↓ Weighting
EPD	New	Enterprise Prods Partners L	$337,049,000	–	13,830,490	–	7.82%	–
MMP	New	Magellan Midstream Prtnrs LP	$308,107,000	–	6,451,155	–	7.15%	–
ET	New	Energy Transfer LP	$235,312,000	–	23,578,421	–	5.46%	–
NEP	New	NextEra Energy Partners LP	$186,736,000	–	2,518,019	–	4.33%	–
DTM	New	DT Midstream Inc	$173,222,000	–	3,533,717	–	4.02%	–
TRP	New	TC Energy Corp	$164,508,000	–	3,175,214	–	3.82%	–
LNG	New	Cheniere Energy Inc	$157,373,000	–	1,182,985	–	3.65%	–
PWR	New	Quanta Svcs Inc	$148,012,000	–	1,180,883	–	3.43%	–
CQP	New	Cheniere Energy Partners LP	$143,753,000	–	3,203,752	–	3.34%	–
WMB	New	Williams Cos Inc	$132,620,000	–	4,249,297	–	3.08%	–
AEP	New	American Elec Pwr Co Inc	$123,695,000	–	1,289,296	–	2.87%	–
SO	New	Southern Co	$116,084,000	–	1,627,869	–	2.69%	–
PEG	New	Public SVC Enterprise Grp In	$115,189,000	–	1,820,315	–	2.67%	–
SRE	New	Sempra	$115,118,000	–	766,078	–	2.67%	–
KMI	New	Kinder Morgan Inc Del	$89,891,000	–	5,363,414	–	2.08%	–
OKE	New	Oneok Inc New	$89,003,000	–	1,603,657	–	2.06%	–
ENB	New	Enbridge Inc	$88,222,000	–	2,087,601	–	2.05%	–
PAGP	New	Plains GP Hldgs LPltd partnr int a	$87,814,000	–	8,509,102	–	2.04%	–
HESM	New	Hess Midstream LP	$86,220,000	–	3,079,291	–	2.00%	–
MPLX	New	MPLX LP	$82,212,000	–	2,820,327	–	1.91%	–
LNT	New	Alliant Energy Corp	$72,846,000	–	1,242,889	–	1.69%	–
PPL	New	PPL Corp	$71,167,000	–	2,623,190	–	1.65%	–
CNP	New	CenterPoint Energy Inc	$68,542,000	–	2,317,190	–	1.59%	–
NEE	New	NextEra Energy Inc	$67,729,000	–	874,367	–	1.57%	–
ATO	New	Atmos Energy Corp	$67,583,000	–	602,874	–	1.57%	–
IDA	New	Idacorp Inc	$66,551,000	–	628,309	–	1.54%	–
WLKP	New	Westlake Chem Partners LP	$64,206,000	–	2,577,512	–	1.49%	–
NFG	New	National Fuel Gas Co	$60,549,000	–	916,714	–	1.40%	–
OGS	New	One Gas Inc	$59,681,000	–	735,080	–	1.38%	–
D	New	Dominion Energy Inc	$59,484,000	–	745,309	–	1.38%	–
DTE	New	DTE Energy Co	$58,821,000	–	464,074	–	1.36%	–
HEP	New	Holly Energy Partners LP	$58,542,000	–	3,652,033	–	1.36%	–
XEL	New	Xcel Energy Inc	$43,988,000	–	621,649	–	1.02%	–
EXC	New	Exelon Corp	$43,790,000	–	966,245	–	1.02%	–
DCP	New	DCP Midstream LP	$43,712,000	–	1,477,768	–	1.01%	–
CMS	New	CMS Energy Corp	$40,222,000	–	595,878	–	0.93%	–
CWENA	New	Clearway Energy Incci a	$38,808,000	–	1,213,862	–	0.90%	–
NJR	New	New Jersey Res Corp	$36,075,000	–	810,125	–	0.84%	–
WEC	New	WEC Energy Group Inc	$33,566,000	–	333,524	–	0.78%	–
	New	Shell PLCspon ads	$31,226,000	–	597,170	–	0.72%	–
PAA	New	Plains All Amern Pipeline Lunit ltd partn	$26,806,000	–	2,729,726	–	0.62%	–
	New	Constellation Energy Corp	$24,743,000	–	432,116	–	0.57%	–
ES	New	Eversource Energy	$23,456,000	–	277,687	–	0.54%	–
TTE	New	TotalEnergies SEsponsored ads	$21,269,000	–	404,050	–	0.49%	–
UGI	New	UGI Corp New	$20,771,000	–	537,968	–	0.48%	–
BP	New	BP PLCsponsored adr	$20,261,000	–	714,670	–	0.47%	–
TRGP	New	Targa Res Corp	$18,487,000	–	309,812	–	0.43%	–
AES	New	AES Corp	$14,302,000	–	680,688	–	0.33%	–
SHLX	New	Shell Midstream Partners LPunit ltd int	$14,046,000	–	998,306	–	0.33%	–
ENPH	New	Enphase Energy Inc	$11,332,000	–	58,044	–	0.26%	–
SPH	New	Suburban Propane Partners Lunit ltd partn	$6,997,000	–	458,500	–	0.16%	–
USAC	New	USA Compression Partners LP	$6,083,000	–	363,806	–	0.14%	–
	New	Archaea Energy Inc	$5,910,000	–	380,552	–	0.14%	–
DUK	New	Duke Energy Corp New	$5,891,000	–	54,947	–	0.14%	–
AROC	New	Archrock Inc	$5,868,000	–	709,505	–	0.14%	–
AWK	New	American Wtr Wks Co Inc New	$5,408,000	–	36,351	–	0.12%	–
HASI	New	Hannon Armstrong Sust Infra C	$3,449,000	–	91,103	–	0.08%	–
CPK	New	Chesapeake Utils Corp	$3,242,000	–	25,027	–	0.08%	–
XOM	New	Exxon Mobile Corp	$1,895,000	–	22,125	–	0.04%	–
SLB	New	Schlumberger Ltd	$840,000	–	23,500	–	0.02%	–
HAL	New	Halliburton Co	$818,000	–	26,100	–	0.02%	–
PTEN	New	Patterson-UTI Energy Inc	$333,000	–	21,100	–	0.01%	–
HP	New	Helmerich & Payne Inc	$310,000	–	7,200	–	0.01%	–
NOV	New	NOV Inc	$282,000	–	16,700	–	0.01%	–
NBR	New	Nabors Industries Ltd	$268,000	–	2,000	–	0.01%	–
WHD	New	Cactus Inc Class Acl a	$234,000	–	5,800	–	0.01%	–
EIX	New	Edison Intl	$109,000	–	1,738	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
EIX	Exit	Edison Intl	$0	–	-1,584	–	-0.00%	–
HASI	Exit	Hannon Armstrong Sust Infr C	$0	–	-12,148	–	-0.02%	–
FLNG	Exit	Flex LNG Ltd	$0	–	-78,263	–	-0.04%	–
CPK	Exit	Chesapeake Utilities Corp	$0	–	-23,722	–	-0.07%	–
FTS	Exit	Fortis Inc	$0	–	-69,628	–	-0.08%	–
SPH	Exit	Suburban Propane Partners Lunit ltd partn	$0	–	-461,677	–	-0.18%	–
DUK	Exit	Duke Energy Corp New	$0	–	-79,981	–	-0.19%	–
ENPH	Exit	Enphase Energy Inc	$0	–	-53,774	–	-0.20%	–
ES	Exit	Eversource Energy	$0	–	-129,992	–	-0.26%	–
BKH	Exit	Black Hills Corp	$0	–	-193,226	–	-0.30%	–
D	Exit	Dominion Energy Inc	$0	–	-169,331	–	-0.31%	–
AES	Exit	AES Corp	$0	–	-569,711	–	-0.32%	–
ETRN	Exit	Equitrans Midstream Corp	$0	–	-1,368,014	–	-0.34%	–
DTM	Exit	DT Midstream Inc	$0	–	-474,411	–	-0.55%	–
AWK	Exit	American Wtr Wks Co Inc New	$0	–	-137,212	–	-0.58%	–
NJR	Exit	New Jersey Res Corp	$0	–	-714,961	–	-0.62%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-290,210	–	-0.64%	–
HESM	Exit	Hess Midstream LP	$0	–	-1,052,785	–	-0.74%	–
CWENA	Exit	Clearway Energy Incci a	$0	–	-1,106,912	–	-0.78%	–
	Exit	Teekay LNG Partners LPprtnrsp units	$0	–	-2,862,819	–	-1.11%	–
PPL	Exit	PPL Corp	$0	–	-1,795,017	–	-1.25%	–
EXC	Exit	Exelon Corp	$0	–	-1,041,446	–	-1.25%	–
SHLX	Exit	Shell Midstream Partners LPunit ltd int	$0	–	-4,566,218	–	-1.34%	–
PAA	Exit	Plains All Amern Pipeline Lunit ltd partn	$0	–	-5,830,761	–	-1.48%	–
XEL	Exit	Xcel Energy Inc	$0	–	-975,873	–	-1.52%	–
WLKP	Exit	Westlake Chem Partners LP	$0	–	-2,654,477	–	-1.61%	–
CMS	Exit	CMS Energy Corp	$0	–	-1,091,823	–	-1.62%	–
OGS	Exit	One Gas Inc	$0	–	-1,050,561	–	-1.66%	–
OKE	Exit	Oneok Inc New	$0	–	-1,176,790	–	-1.70%	–
DTE	Exit	DTE Energy Co	$0	–	-638,921	–	-1.78%	–
HEP	Exit	Holly Energy Partners LP	$0	–	-3,977,272	–	-1.82%	–
KMI	Exit	Kinder Morgan Inc Del	$0	–	-4,466,120	–	-1.86%	–
LNT	Exit	Alliant Energy Corp	$0	–	-1,387,809	–	-1.94%	–
IDA	Exit	Idacorp Inc	$0	–	-790,397	–	-2.04%	–
UGI	Exit	UGI Corp New	$0	–	-1,983,742	–	-2.10%	–
ENB	Exit	Enbridge Inc	$0	–	-2,176,319	–	-2.16%	–
AEP	Exit	American Elec Pwr Co Inc	$0	–	-1,089,749	–	-2.20%	–
CNP	Exit	CenterPoint Energy Inc	$0	–	-3,769,492	–	-2.31%	–
ATO	Exit	Atmos Energy Corp	$0	–	-1,193,041	–	-2.62%	–
SO	Exit	Southern Co	$0	–	-1,753,093	–	-2.70%	–
NEE	Exit	NextEra Energy Inc	$0	–	-1,428,506	–	-2.79%	–
PWR	Exit	Quanta Svcs Inc	$0	–	-1,042,738	–	-2.96%	–
CQP	Exit	Cheniere Energy Partners LP	$0	–	-3,016,685	–	-3.06%	–
LNG	Exit	Cheniere Energy Inc	$0	–	-1,301,068	–	-3.16%	–
WMB	Exit	Williams Cos Inc	$0	–	-4,953,532	–	-3.20%	–
PAGP	Exit	Plains GP Hldgs LPltd partnr int a	$0	–	-12,274,696	–	-3.29%	–
PEG	Exit	Public SVC Enterprise Grp In	$0	–	-2,241,039	–	-3.40%	–
ET	Exit	Energy Transfer LP	$0	–	-14,490,928	–	-3.46%	–
SRE	Exit	Sempra	$0	–	-1,200,165	–	-3.78%	–
NEP	Exit	NextEra Energy Partners LP	$0	–	-2,709,123	–	-5.08%	–
TRP	Exit	TC Energy Corp	$0	–	-4,718,714	–	-5.65%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-13,892,463	–	-7.49%	–
MMP	Exit	Magellan Midstream Prtnrs LP	$0	–	-7,409,457	–	-8.41%	–

Q3 2021

			Value		Shares		↓ Weighting
MMP	Sell	Magellan Midstream Prtnrs LP	$337,723,000	-7.4%	7,409,457	-0.6%	8.41%	-6.1%
EPD	Sell	Enterprise Prods Partners L	$300,633,000	-15.6%	13,892,463	-5.9%	7.49%	-14.5%
TRP	Sell	TC Energy Corp	$226,923,000	-16.1%	4,718,714	-13.6%	5.65%	-14.9%
NEP	Sell	NextEra Energy Partners LP	$204,160,000	-13.4%	2,709,123	-12.3%	5.08%	-12.2%
SRE	Buy	Sempra	$151,821,000	-1.9%	1,200,165	+2.7%	3.78%	-0.5%
ET	Buy	Energy Transfer LP	$138,823,000	+20.0%	14,490,928	+33.1%	3.46%	+21.7%
PEG	Sell	Public SVC Enterprise Grp In	$136,479,000	-15.0%	2,241,039	-16.6%	3.40%	-13.8%
PAGP	Buy	Plains GP Hldgs LPltd partnr int a	$132,260,000	+21.7%	12,274,696	+34.9%	3.29%	+23.4%
WMB	Sell	Williams Cos Inc	$128,495,000	-24.6%	4,953,532	-22.8%	3.20%	-23.5%
LNG	Buy	Cheniere Energy Inc	$127,075,000	+21.9%	1,301,068	+8.2%	3.16%	+23.6%
CQP	Buy	Cheniere Energy Partners LP	$122,689,000	-0.6%	3,016,685	+8.3%	3.06%	+0.8%
PWR	Buy	Quanta Svcs Inc	$118,685,000	+55.6%	1,042,738	+23.8%	2.96%	+57.8%
NEE	Sell	NextEra Energy Inc	$112,166,000	+0.0%	1,428,506	-6.6%	2.79%	+1.5%
SO	Buy	Southern Co	$108,639,000	+223.7%	1,753,093	+216.1%	2.70%	+228.3%
ATO	Buy	Atmos Energy Corp	$105,227,000	+31.2%	1,193,041	+43.0%	2.62%	+33.1%
CNP	Sell	CenterPoint Energy Inc	$92,730,000	-25.7%	3,769,492	-25.9%	2.31%	-24.7%
AEP	Buy	American Elec Pwr Co Inc	$88,466,000	+62.7%	1,089,749	+69.6%	2.20%	+65.0%
ENB	Sell	Enbridge Inc	$86,617,000	-27.0%	2,176,319	-26.5%	2.16%	-25.9%
UGI	Sell	UGI Corp New	$84,547,000	-12.4%	1,983,742	-4.8%	2.10%	-11.1%
IDA	Sell	Idacorp Inc	$81,711,000	-10.8%	790,397	-15.9%	2.04%	-9.6%
LNT	Buy	Alliant Energy Corp	$77,690,000	+16.4%	1,387,809	+15.9%	1.94%	+18.1%
KMI	Buy	Kinder Morgan Inc Del	$74,718,000	+2.1%	4,466,120	+11.3%	1.86%	+3.6%
HEP	Buy	Holly Energy Partners LP	$72,903,000	-14.8%	3,977,272	+5.2%	1.82%	-13.6%
DTE	Buy	DTE Energy Co	$71,374,000	+2312.1%	638,921	+2280.8%	1.78%	+2334.2%
OKE	Sell	Oneok Inc New	$68,242,000	-44.2%	1,176,790	-46.5%	1.70%	-43.5%
OGS	Buy	One Gas Inc	$66,574,000	+2.2%	1,050,561	+19.5%	1.66%	+3.6%
CMS	Buy	CMS Energy Corp	$65,215,000	+44.2%	1,091,823	+42.7%	1.62%	+46.3%
WLKP	Buy	Westlake Chem Partners LP	$64,610,000	-9.5%	2,654,477	+0.1%	1.61%	-8.2%
XEL	Buy	Xcel Energy Inc	$60,992,000	+0.0%	975,873	+5.4%	1.52%	+1.5%
PAA	Buy	Plains All Amern Pipeline Lunit ltd partn	$59,299,000	+33.4%	5,830,761	+49.0%	1.48%	+35.4%
SHLX	Buy	Shell Midstream Partners LPunit ltd int	$53,745,000	+6.3%	4,566,218	+33.3%	1.34%	+7.7%
EXC	Buy	Exelon Corp	$50,343,000	+11.1%	1,041,446	+1.8%	1.25%	+12.7%
PPL	Buy	PPL Corp	$50,045,000	+0.6%	1,795,017	+1.0%	1.25%	+2.0%
	Buy	Teekay LNG Partners LPprtnrsp units	$44,517,000	+47.4%	2,862,819	+43.1%	1.11%	+49.7%
CWENA	Buy	Clearway Energy Incci a	$31,215,000	+25.9%	1,106,912	+12.6%	0.78%	+27.6%
HESM	Sell	Hess Midstream LP	$29,699,000	+11.7%	1,052,785	-0.0%	0.74%	+13.3%
WEC	Buy	WEC Energy Group Inc	$25,597,000	+8.4%	290,210	+9.3%	0.64%	+9.8%
NJR	Sell	New Jersey Res Corp	$24,888,000	-28.5%	714,961	-18.7%	0.62%	-27.5%
AWK	Buy	American Wtr Wks Co Inc New	$23,194,000	+11.0%	137,212	+1.2%	0.58%	+12.7%
DTM	New	DT Midstream Inc	$21,937,000	–	474,411	–	0.55%	–
ETRN	Buy	Equitrans Midstream Corp	$13,872,000	+19.6%	1,368,014	+0.4%	0.34%	+21.1%
AES	Sell	AES Corp	$13,006,000	-67.4%	569,711	-62.7%	0.32%	-66.9%
D	Sell	Dominion Energy Inc	$12,364,000	-76.0%	169,331	-75.8%	0.31%	-75.6%
BKH	Sell	Black Hills Corp	$12,127,000	-4.4%	193,226	-0.0%	0.30%	-2.9%
ES	Sell	Eversource Energy	$10,628,000	-13.0%	129,992	-14.6%	0.26%	-11.7%
ENPH	Buy	Enphase Energy Inc	$8,065,000	-16.0%	53,774	+2.8%	0.20%	-14.8%
DUK	Buy	Duke Energy Corp New	$7,806,000	-0.9%	79,981	+0.3%	0.19%	+0.5%
SPH	Buy	Suburban Propane Partners Lunit ltd partn	$7,087,000	+0.1%	461,677	+0.1%	0.18%	+1.1%
FTS	Sell	Fortis Inc	$3,087,000	-8.6%	69,628	-8.9%	0.08%	-7.2%
CPK	Buy	Chesapeake Utilities Corp	$2,848,000	+60.2%	23,722	+60.5%	0.07%	+61.4%
FLNG	Buy	Flex LNG Ltd	$1,409,000	+24.0%	78,263	+1.6%	0.04%	+25.0%
HASI	Buy	Hannon Armstrong Sust Infr C	$649,000	+512.3%	12,148	+543.1%	0.02%	+433.3%
EIX	New	Edison Intl	$88,000	–	1,584	–	0.00%	–
NGG	Exit	National Grid PLCsponsored adr ne	$0	–	-1,155	–	-0.00%	–
BPMP	Exit	BP Midstream Partners LPunit ltd ptnr	$0	–	-1,124,008	–	-0.40%	–

Q2 2021

			Value		Shares		↓ Weighting
MMP	New	Magellan Midstream Prtnrs LP	$364,641,000	–	7,455,330	–	8.95%	–
EPD	New	Enterprise Prods Partners L	$356,400,000	–	14,769,988	–	8.75%	–
TRP	New	TC Energy Corp	$270,360,000	–	5,459,610	–	6.64%	–
NEP	New	NextEra Energy Partners LP	$235,865,000	–	3,088,857	–	5.79%	–
WMB	New	Williams Cos Inc	$170,404,000	–	6,418,214	–	4.18%	–
PEG	New	Public SVC Enterprise Grp In	$160,505,000	–	2,686,725	–	3.94%	–
SRE	New	Sempra Energy	$154,745,000	–	1,168,061	–	3.80%	–
CNP	New	CenterPoint Energy Inc	$124,810,000	–	5,090,142	–	3.06%	–
CQP	New	Cheniere Energy Partners LP	$123,417,000	–	2,786,579	–	3.03%	–
OKE	New	Oneok Inc New	$122,406,000	–	2,199,974	–	3.01%	–
ENB	New	Enbridge Inc	$118,577,000	–	2,961,460	–	2.91%	–
ET	New	Energy Transfer LP	$115,689,000	–	10,883,288	–	2.84%	–
NEE	New	NextEra Energy Inc	$112,127,000	–	1,530,122	–	2.75%	–
PAGP	New	Plains GP Hldgs LPltd partnr int a	$108,682,000	–	9,102,409	–	2.67%	–
LNG	New	Cheniere Energy Inc	$104,255,000	–	1,201,931	–	2.56%	–
UGI	New	UGI Corp New	$96,477,000	–	2,083,283	–	2.37%	–
IDA	New	Idacorp Inc	$91,632,000	–	939,809	–	2.25%	–
HEP	New	Holly Energy Partners LP	$85,563,000	–	3,780,958	–	2.10%	–
ATO	New	Atmos Energy Corp	$80,203,000	–	834,497	–	1.97%	–
PWR	New	Quanta Svcs Inc	$76,284,000	–	842,259	–	1.87%	–
KMI	New	Kinder Morgan Inc Del	$73,162,000	–	4,013,312	–	1.80%	–
WLKP	New	Westlake Chem Partners LP	$71,365,000	–	2,650,991	–	1.75%	–
LNT	New	Alliant Energy Corp	$66,747,000	–	1,197,040	–	1.64%	–
OGS	New	One Gas Inc	$65,157,000	–	879,073	–	1.60%	–
XEL	New	Xcel Energy Inc	$60,975,000	–	925,535	–	1.50%	–
AEP	New	American Elec Pwr Co Inc	$54,366,000	–	642,694	–	1.34%	–
D	New	Dominion Energy Inc	$51,487,000	–	699,833	–	1.26%	–
SHLX	New	Shell Midstream Partners LPunit ltd int	$50,582,000	–	3,424,679	–	1.24%	–
PPL	New	PPL Corp	$49,724,000	–	1,777,771	–	1.22%	–
EXC	New	Exelon Corp	$45,309,000	–	1,022,553	–	1.11%	–
CMS	New	CMS Energy Corp	$45,213,000	–	765,294	–	1.11%	–
PAA	New	Plains All Amern Pipeline Lunit ltd partn	$44,443,000	–	3,912,169	–	1.09%	–
AES	New	AES Corporation	$39,852,000	–	1,528,656	–	0.98%	–
NJR	New	New Jersey Res Corp	$34,808,000	–	879,654	–	0.86%	–
SO	New	Southern Company	$33,559,000	–	554,594	–	0.82%	–
	New	Teekay LNG Partners LPprtnrsp units	$30,194,000	–	2,000,884	–	0.74%	–
HESM	New	Hess Midstream LP	$26,584,000	–	1,052,859	–	0.65%	–
CWENA	New	Clearway Energy Incci a	$24,800,000	–	983,358	–	0.61%	–
WEC	New	WEC Energy Group Inc	$23,607,000	–	265,404	–	0.58%	–
AWK	New	American Wtr Wks Co Inc New	$20,899,000	–	135,595	–	0.51%	–
BPMP	New	BP Midstream Partners LPunit ltd ptnr	$16,276,000	–	1,124,008	–	0.40%	–
BKH	New	Black Hills Corp	$12,684,000	–	193,268	–	0.31%	–
ES	New	Eversource Energy	$12,214,000	–	152,223	–	0.30%	–
ETRN	New	Equitrans Midstream Corp	$11,594,000	–	1,362,366	–	0.28%	–
ENPH	New	Enphase Energy Inc	$9,605,000	–	52,303	–	0.24%	–
DUK	New	Duke Energy Corp New	$7,873,000	–	79,749	–	0.19%	–
SPH	New	Suburban Propane Partners LPunit ltd partn	$7,079,000	–	461,444	–	0.17%	–
FTS	New	Fortis Inc	$3,379,000	–	76,407	–	0.08%	–
DTE	New	DTE Energy Co	$2,959,000	–	26,836	–	0.07%	–
CPK	New	Chesapeake Utils Corp	$1,778,000	–	14,777	–	0.04%	–
FLNG	New	Flex LNG Ltd	$1,136,000	–	77,023	–	0.03%	–
HASI	New	Hannon Armstrong Sust Infr C	$106,000	–	1,889	–	0.00%	–
NGG	New	National Grid PLCsponsored adr ne	$74,000	–	1,155	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
LNG	Exit	Cheniere Energy Inc	$0	–	-679	–	-0.00%	–
SPH	Exit	Suburban Propane Partners LPunit ltd partn	$0	–	-333,500	–	-0.16%	–
ET	Exit	Energy Transfer LP	$0	–	-1,227,832	–	-0.20%	–
PAA	Exit	Plains All Amern Pipeline Lunit ltd partn	$0	–	-1,208,998	–	-0.22%	–
OKE	Exit	Oneok Inc New	$0	–	-411,075	–	-0.32%	–
FTS	Exit	Fortis Inc	$0	–	-281,961	–	-0.34%	–
CPK	Exit	Chesapeake Utils Corp	$0	–	-154,660	–	-0.39%	–
AWK	Exit	American Wtr Wks Co Inc New	$0	–	-115,400	–	-0.50%	–
BPMP	Exit	BP Midstream Partners LPunit ltd ptnr	$0	–	-1,762,725	–	-0.52%	–
OGS	Exit	One Gas Inc	$0	–	-312,058	–	-0.64%	–
PAGP	Exit	Plains GP Holdings LPltd partnr int a	$0	–	-4,214,225	–	-0.77%	–
DUK	Exit	Duke Energy Corp New	$0	–	-298,000	–	-0.79%	–
ETRN	Exit	Equitrans Midstream Corp	$0	–	-3,695,970	–	-0.94%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-330,498	–	-0.96%	–
SHLX	Exit	Shell Midstream Partners LPunit ltd int	$0	–	-3,554,595	–	-1.01%	–
FE	Exit	FirstEnergy Corp	$0	–	-1,347,188	–	-1.16%	–
NJR	Exit	New Jersey Res	$0	–	-1,561,017	–	-1.26%	–
CQP	Exit	Cheniere Energy Partners LP	$0	–	-1,292,668	–	-1.29%	–
CMS	Exit	CMS Energy Corp	$0	–	-716,460	–	-1.32%	–
PWR	Exit	Quanta Svcs Inc	$0	–	-854,830	–	-1.35%	–
ES	Exit	Eversource Energy	$0	–	-543,405	–	-1.36%	–
HEP	Exit	Holly Energy Partners L P	$0	–	-4,266,311	–	-1.55%	–
WLKP	Exit	Westlake Chem Partners LP	$0	–	-2,797,262	–	-1.57%	–
PSXP	Exit	Phillips 66 Partners LP	$0	–	-2,305,720	–	-1.59%	–
ENB	Exit	Enbridge Inc	$0	–	-1,841,987	–	-1.61%	–
ATO	Exit	Atmos Energy Corp	$0	–	-582,115	–	-1.67%	–
SO	Exit	Southern Co	$0	–	-1,113,842	–	-1.81%	–
IDA	Exit	Idacorp Inc	$0	–	-758,639	–	-1.82%	–
XEL	Exit	Xcel Energy Inc	$0	–	-906,483	–	-1.87%	–
D	Exit	Dominion Energy Inc	$0	–	-800,724	–	-1.89%	–
AEP	Exit	American Elec Pwr Inc	$0	–	-787,792	–	-1.93%	–
EXC	Exit	Exelon Corp	$0	–	-1,971,750	–	-2.11%	–
DTE	Exit	DTE Energy Co	$0	–	-682,078	–	-2.35%	–
PPL	Exit	PPL Corp	$0	–	-3,191,538	–	-2.60%	–
LNT	Exit	Alliant Energy Corp	$0	–	-1,751,465	–	-2.71%	–
WMB	Exit	Williams Cos Inc	$0	–	-4,716,966	–	-2.78%	–
KMI	Exit	Kinder Morgan Inc Del	$0	–	-7,669,303	–	-2.83%	–
NEE	Exit	NextEra Energy Inc	$0	–	-436,988	–	-3.63%	–
SRE	Exit	Sempra Energy	$0	–	-1,376,448	–	-4.88%	–
PEG	Exit	Public SVC Enterprise Grp Inc	$0	–	-3,624,042	–	-5.96%	–
TCP	Exit	TC Pipelines LP	$0	–	-8,173,592	–	-6.26%	–
MMP	Exit	Magellan Midstream Prtnrs LP	$0	–	-6,126,909	–	-6.27%	–
NEP	Exit	NextEra Energy Partners L P	$0	–	-3,620,591	–	-6.50%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-17,434,504	–	-8.24%	–
TRP	Exit	TC Energy Corp	$0	–	-8,005,670	–	-10.07%	–

Q3 2020

			Value		Shares		↓ Weighting
TRP	Sell	TC Energy Corp	$336,398,000	-4.8%	8,005,670	-2.9%	10.07%	+2.3%
EPD	Buy	Enterprise Prods Partners L	$275,291,000	-6.4%	17,434,504	+7.7%	8.24%	+0.5%
NEP	Sell	NextEra Energy Partners L P	$217,091,000	+13.0%	3,620,591	-3.4%	6.50%	+21.4%
MMP	Buy	Magellan Midstream Prtnrs LP	$209,540,000	+0.7%	6,126,909	+27.2%	6.27%	+8.2%
TCP	Sell	TC Pipelines LP	$209,081,000	-20.3%	8,173,592	-3.2%	6.26%	-14.4%
PEG	Buy	Public SVC Enterprise Grp Inc	$198,996,000	+26.5%	3,624,042	+13.3%	5.96%	+35.9%
SRE	Buy	Sempra Energy	$162,917,000	+54.3%	1,376,448	+52.8%	4.88%	+65.7%
NEE	Sell	NextEra Energy Inc	$121,290,000	-5.4%	436,988	-18.2%	3.63%	+1.6%
KMI	Sell	Kinder Morgan Inc Del	$94,562,000	-44.7%	7,669,303	-32.0%	2.83%	-40.6%
WMB	Sell	Williams Cos Inc	$92,688,000	-6.7%	4,716,966	-9.6%	2.78%	+0.3%
LNT	Buy	Alliant Energy Corp	$90,464,000	+32.5%	1,751,465	+22.7%	2.71%	+42.3%
PPL	Buy	PPL Corp	$86,842,000	+23.5%	3,191,538	+17.3%	2.60%	+32.7%
DTE	Buy	DTE Energy Co	$78,466,000	+18.4%	682,078	+10.7%	2.35%	+27.2%
EXC	Buy	Exelon Corp	$70,509,000	+4.5%	1,971,750	+6.0%	2.11%	+12.2%
AEP	Buy	American Elec Pwr Inc	$64,386,000	+6.2%	787,792	+3.5%	1.93%	+14.1%
D	Buy	Dominion Energy Inc	$63,201,000	+187.3%	800,724	+195.5%	1.89%	+208.6%
XEL	Buy	Xcel Energy Inc	$62,556,000	+16.7%	906,483	+5.7%	1.87%	+25.4%
IDA	Buy	Idacorp Inc	$60,616,000	+3.2%	758,639	+12.8%	1.82%	+10.9%
SO	Buy	Southern Co	$60,392,000	+162.3%	1,113,842	+150.8%	1.81%	+181.6%
ATO	Buy	Atmos Energy Corp	$55,645,000	+1.1%	582,115	+5.3%	1.67%	+8.5%
ENB	Sell	Enbridge Inc	$53,786,000	-22.6%	1,841,987	-19.3%	1.61%	-16.8%
PSXP	Sell	Phillips 66 Partners LP	$53,124,000	-49.2%	2,305,720	-20.5%	1.59%	-45.4%
WLKP	Buy	Westlake Chem Partners LP	$52,449,000	+7.1%	2,797,262	+8.2%	1.57%	+15.0%
HEP	Sell	Holly Energy Partners L P	$51,750,000	-46.0%	4,266,311	-35.1%	1.55%	-42.0%
ES	Sell	Eversource Energy	$45,402,000	-34.4%	543,405	-34.6%	1.36%	-29.5%
PWR	Buy	Quanta Svcs Inc	$45,186,000	+42.7%	854,830	+5.9%	1.35%	+53.2%
CMS	Sell	CMS Energy Corp	$43,998,000	+2.1%	716,460	-2.9%	1.32%	+9.6%
CQP	Buy	Cheniere Energy Partners LP	$42,994,000	+127.0%	1,292,668	+138.7%	1.29%	+143.8%
NJR	Buy	New Jersey Res	$42,178,000	-8.6%	1,561,017	+10.4%	1.26%	-1.9%
FE	Buy	FirstEnergy Corp	$38,678,000	-15.1%	1,347,188	+14.7%	1.16%	-8.7%
SHLX	Sell	Shell Midstream Partners LPunit ltd int	$33,626,000	-61.7%	3,554,595	-50.4%	1.01%	-58.9%
WEC	Buy	WEC Energy Group Inc	$32,026,000	+12.6%	330,498	+1.8%	0.96%	+20.9%
ETRN	Buy	Equitrans Midstream Corp	$31,268,000	+157.2%	3,695,970	+152.7%	0.94%	+176.1%
DUK	Buy	Duke Energy Corp New	$26,391,000	+33.3%	298,000	+20.3%	0.79%	+43.1%
PAGP	Sell	Plains GP Holdings LPltd partnr int a	$25,664,000	-59.2%	4,214,225	-40.4%	0.77%	-56.2%
OGS	Buy	One Gas Inc	$21,535,000	+41.4%	312,058	+57.9%	0.64%	+52.1%
BPMP	Sell	BP Midstream Partners LPunit ltd ptnr	$17,468,000	-26.7%	1,762,725	-15.1%	0.52%	-21.2%
AWK	Buy	American Wtr Wks Co Inc New	$16,719,000	+13.4%	115,400	+0.7%	0.50%	+21.9%
CPK	Buy	Chesapeake Utils Corp	$13,038,000	+79.4%	154,660	+78.7%	0.39%	+92.1%
FTS	Buy	Fortis Inc	$11,521,000	+119.2%	281,961	+104.2%	0.34%	+134.7%
OKE	Sell	Oneok Inc New	$10,679,000	-90.0%	411,075	-87.2%	0.32%	-89.2%
PAA	Sell	Plains All Amern Pipeline Lunit ltd partn	$7,230,000	-56.5%	1,208,998	-35.7%	0.22%	-53.3%
ET	Sell	Energy Transfer LP	$6,655,000	-92.7%	1,227,832	-90.5%	0.20%	-92.2%
SPH	Buy	Suburban Propane Partners LPunit ltd partn	$5,429,000	+23.1%	333,500	+8.1%	0.16%	+32.5%
EIX	Exit	Edison Intl	$0	–	-1,124	–	-0.00%	–

Q2 2020

			Value		Shares		↓ Weighting
TRP	New	TC Energy Corp	$353,368,000	–	8,244,702	–	9.85%	–
EPD	New	Enterprise Prods Partners L	$294,244,000	–	16,193,946	–	8.20%	–
TCP	New	TC Pipelines LP	$262,363,000	–	8,446,993	–	7.31%	–
MMP	New	Magellan Midstream Prtnrs LP	$207,996,000	–	4,818,048	–	5.80%	–
NEP	New	NextEra Energy Partners L P	$192,136,000	–	3,746,795	–	5.36%	–
KMI	New	Kinder Morgan Inc Del	$171,119,000	–	11,280,109	–	4.77%	–
PEG	New	Public SVC Enterprise Grp In	$157,280,000	–	3,199,356	–	4.38%	–
NEE	New	NextEra Energy Inc	$128,279,000	–	534,119	–	3.58%	–
OKE	New	Oneok Inc. New	$106,606,000	–	3,209,086	–	2.97%	–
SRE	New	Sempra Energy	$105,618,000	–	900,947	–	2.94%	–
PSXP	New	Phillips 66 Partners LP	$104,575,000	–	2,901,644	–	2.92%	–
WMB	New	Williams Cos Inc	$99,295,000	–	5,220,561	–	2.77%	–
HEP	New	Holly Energy Partners L P	$95,840,000	–	6,568,915	–	2.67%	–
ET	New	Energy Transfer LP	$91,692,000	–	12,877,960	–	2.56%	–
SHLX	New	Shell Midstream Partners LPunit ltd int	$87,890,000	–	7,163,019	–	2.45%	–
PPL	New	PPL Corp	$70,301,000	–	2,720,618	–	1.96%	–
ENB	New	Enbridge Inc	$69,468,000	–	2,283,618	–	1.94%	–
ES	New	Eversource Energy	$69,183,000	–	830,823	–	1.93%	–
LNT	New	Alliant Energy Corp	$68,300,000	–	1,427,683	–	1.90%	–
EXC	New	Exelon Corp	$67,483,000	–	1,859,531	–	1.88%	–
DTE	New	DTE Energy Co	$66,251,000	–	616,286	–	1.85%	–
PAGP	New	Plains GP Hldgs L Pltd partnr int a	$62,895,000	–	7,066,777	–	1.75%	–
AEP	New	American Elec Pwr Co Inc	$60,616,000	–	761,122	–	1.69%	–
IDA	New	Idacorp Inc	$58,740,000	–	672,312	–	1.64%	–
ATO	New	Atmos Energy Corp	$55,061,000	–	552,932	–	1.54%	–
XEL	New	Xcel Energy Inc	$53,583,000	–	857,317	–	1.49%	–
WLKP	New	Westlake Chem Partners LP	$48,953,000	–	2,584,605	–	1.36%	–
NJR	New	New Jersey Res	$46,167,000	–	1,413,988	–	1.29%	–
FE	New	FirstEnergy Corporation	$45,531,000	–	1,174,086	–	1.27%	–
CMS	New	CMS Energy Corp	$43,112,000	–	737,959	–	1.20%	–
PWR	New	Quanta Svcs Inc	$31,666,000	–	807,184	–	0.88%	–
WEC	New	WEC Energy Group Inc	$28,448,000	–	324,564	–	0.79%	–
BPMP	New	BP Midstream Partners LPunit ltd ptnr	$23,818,000	–	2,076,519	–	0.66%	–
SO	New	Southern Co	$23,024,000	–	444,041	–	0.64%	–
D	New	Dominion Energy Inc	$21,998,000	–	270,984	–	0.61%	–
DUK	New	Duke Energy Corp New	$19,796,000	–	247,794	–	0.55%	–
CQP	New	Cheniere Energy Partners LP	$18,943,000	–	541,524	–	0.53%	–
PAA	New	Plains All Amern Pipeline Lunit ltd partn	$16,624,000	–	1,880,534	–	0.46%	–
OGS	New	One Gas Inc	$15,228,000	–	197,642	–	0.42%	–
AWK	New	American Wtr Wks Co Inc New	$14,746,000	–	114,615	–	0.41%	–
ETRN	New	Equitrans Midstream Corp	$12,156,000	–	1,462,790	–	0.34%	–
CPK	New	Chesapeake Utils Corp	$7,269,000	–	86,540	–	0.20%	–
FTS	New	Fortis Inc	$5,257,000	–	138,055	–	0.15%	–
SPH	New	Suburban Propane Partners LPunit ltd partn	$4,412,000	–	308,500	–	0.12%	–
EIX	New	Edison Intl	$61,000	–	1,124	–	0.00%	–
LNG	New	Cheniere Energy Inc	$32,000	–	679	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
SO	Exit	Southern Co	$0	–	-13,868	–	-0.02%	–
FTS	Exit	Fortis Inc	$0	–	-26,954	–	-0.02%	–
CPK	Exit	Chesapeake Utils Corp	$0	–	-28,835	–	-0.05%	–
SPH	Exit	Suburban Propane Partners LPunit ltd partn	$0	–	-401,700	–	-0.16%	–
AWK	Exit	American Wtr Wks Co Inc New	$0	–	-134,761	–	-0.29%	–
CORR	Exit	CorEnergy Infrastructure TR	$0	–	-401,569	–	-0.32%	–
NI	Exit	Nisource Inc	$0	–	-801,979	–	-0.41%	–
ATO	Exit	Atmos Energy Corp	$0	–	-250,318	–	-0.49%	–
SRE	Exit	Sempra Energy	$0	–	-208,657	–	-0.53%	–
IDA	Exit	Idacorp Inc	$0	–	-288,678	–	-0.56%	–
DUK	Exit	Duke Energy Corp New	$0	–	-366,691	–	-0.60%	–
NJR	Exit	New Jersey Res	$0	–	-863,942	–	-0.67%	–
WLKP	Exit	Westlake Chem Partners LP	$0	–	-1,733,132	–	-0.69%	–
BPMP	Exit	BP Midstream Partners LPunit ltd ptnr	$0	–	-3,129,892	–	-0.78%	–
ETRN	Exit	Equitrans Midstream Corporat	$0	–	-3,813,570	–	-0.95%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-627,405	–	-1.02%	–
MPLX	Exit	MPLX LP	$0	–	-2,304,828	–	-1.10%	–
XEL	Exit	Xcel Energy Inc	$0	–	-1,046,647	–	-1.16%	–
ARLP	Exit	Alliance Res Partner L Put ltd part	$0	–	-4,463,427	–	-1.22%	–
LNT	Exit	Alliant Energy Corp	$0	–	-1,350,946	–	-1.24%	–
CMS	Exit	CMS Energy Corp	$0	–	-1,370,621	–	-1.50%	–
ES	Exit	Eversource Energy	$0	–	-1,031,401	–	-1.50%	–
AEP	Exit	American Elec Pwr Co Inc	$0	–	-975,199	–	-1.56%	–
SHLX	Exit	Shell Midstream Partners LPunit ltd int	$0	–	-4,561,087	–	-1.59%	–
PPL	Exit	PPL Corp	$0	–	-3,322,380	–	-1.79%	–
PAGP	Exit	Plains GP Holdings LPltd partnr int a	$0	–	-5,602,849	–	-2.03%	–
TGE	Exit	Tallgrass Energy LP	$0	–	-6,117,768	–	-2.10%	–
PAA	Exit	Plains All Amern Pipeline Lunit ltd partn	$0	–	-6,424,733	–	-2.28%	–
HEP	Exit	Holly Energy Partners L P	$0	–	-5,419,996	–	-2.34%	–
PSXP	Exit	Phillips 66 Partners LP	$0	–	-2,782,294	–	-2.69%	–
OKE	Exit	Oneok Inc. New	$0	–	-2,455,093	–	-3.09%	–
WMB	Exit	Williams Cos Inc Del	$0	–	-7,686,136	–	-3.16%	–
PEG	Exit	Public SVC Enterprise Grp In	$0	–	-3,385,029	–	-3.59%	–
NEE	Exit	NextEra Energy Inc	$0	–	-982,649	–	-3.91%	–
ET	Exit	Energy Transfer LP	$0	–	-18,339,038	–	-4.10%	–
ENB	Exit	Enbridge Inc	$0	–	-6,904,375	–	-4.14%	–
EXC	Exit	Exelon Corp	$0	–	-5,071,290	–	-4.18%	–
NEP	Exit	NextEra Energy Partners L P	$0	–	-5,262,545	–	-4.75%	–
TCP	Exit	TC Pipelines LP	$0	–	-8,139,468	–	-5.65%	–
KMI	Exit	Kinder Morgan Inc Del	$0	–	-17,602,913	–	-6.20%	–
MMP	Exit	Magellan Midstream Prtnrs LP	$0	–	-5,705,052	–	-6.46%	–
TRP	Exit	TC Energy Corp	$0	–	-9,294,023	–	-8.22%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-22,378,491	–	-10.92%	–

Q3 2019

			Value		Shares		↓ Weighting
EPD	Buy	Enterprise Prods Partners L	$639,577,000	+0.5%	22,378,491	+1.5%	10.92%	-2.0%
TRP	Buy	TC Energy Corp	$481,337,000	+5.7%	9,294,023	+1.0%	8.22%	+3.1%
MMP	Buy	Magellan Midstream Prtnrs LP	$378,073,000	+4.8%	5,705,052	+1.2%	6.46%	+2.3%
KMI	Buy	Kinder Morgan Inc Del	$362,796,000	+0.7%	17,602,913	+2.0%	6.20%	-1.8%
TCP	Buy	TC Pipelines LP	$331,033,000	+10.2%	8,139,468	+1.9%	5.65%	+7.5%
NEP	Buy	NextEra Energy Partners L P	$278,072,000	+9.7%	5,262,545	+0.2%	4.75%	+7.0%
EXC	Buy	Exelon Corp	$244,994,000	+6.0%	5,071,290	+5.2%	4.18%	+3.4%
ENB	Buy	Enbridge Inc	$242,206,000	-1.1%	6,904,375	+1.7%	4.14%	-3.5%
ET	Buy	Energy Transfer LP	$239,875,000	-4.2%	18,339,038	+3.2%	4.10%	-6.5%
NEE	Buy	NextEra Energy Inc	$228,947,000	+14.2%	982,649	+0.4%	3.91%	+11.4%
PEG	Buy	Public SVC Enterprise Grp In	$210,143,000	+7.6%	3,385,029	+1.9%	3.59%	+4.9%
WMB	Sell	Williams Cos Inc Del	$184,928,000	-34.2%	7,686,136	-23.3%	3.16%	-35.8%
OKE	Sell	Oneok Inc. New	$180,916,000	+6.8%	2,455,093	-0.2%	3.09%	+4.2%
PSXP	Buy	Phillips 66 Partners LP	$157,533,000	+23.2%	2,782,294	+7.4%	2.69%	+20.2%
HEP	Buy	Holly Energy Partners L P	$136,963,000	-5.5%	5,419,996	+2.8%	2.34%	-7.8%
PAA	Buy	Plains All Amern Pipeline Lunit ltd partn	$133,314,000	-11.0%	6,424,733	+4.4%	2.28%	-13.2%
TGE	Buy	Tallgrass Energy LP	$123,212,000	+61.5%	6,117,768	+69.3%	2.10%	+57.6%
PAGP	Buy	Plains GP Holdings LPltd partnr int a	$118,949,000	-8.9%	5,602,849	+7.1%	2.03%	-11.2%
PPL	Buy	PPL Corp	$104,622,000	+5.2%	3,322,380	+3.6%	1.79%	+2.6%
SHLX	Buy	Shell Midstream Partners LPunit ltd int	$93,274,000	+15.6%	4,561,087	+17.1%	1.59%	+12.8%
AEP	Buy	American Elec Pwr Co Inc	$91,366,000	+11.7%	975,199	+4.9%	1.56%	+8.9%
ES	Buy	Eversource Energy	$88,153,000	+15.1%	1,031,401	+2.0%	1.50%	+12.2%
CMS	Sell	CMS Energy Corp	$87,651,000	+10.3%	1,370,621	-0.1%	1.50%	+7.6%
LNT	Buy	Alliant Energy Corp	$72,857,000	+11.9%	1,350,946	+1.8%	1.24%	+9.1%
ARLP	Buy	Alliance Res Partner L Put ltd part	$71,460,000	-3.7%	4,463,427	+2.1%	1.22%	-6.1%
XEL	Buy	Xcel Energy Inc	$67,916,000	+19.2%	1,046,647	+9.3%	1.16%	+16.3%
MPLX	Sell	MPLX LP	$64,559,000	-13.4%	2,304,828	-0.5%	1.10%	-15.6%
WEC	Buy	WEC Energy Group Inc	$59,666,000	+16.7%	627,405	+2.3%	1.02%	+13.9%
ETRN	Sell	Equitrans Midstream Corporat	$55,487,000	-41.4%	3,813,570	-20.6%	0.95%	-42.8%
BPMP	Buy	BP Midstream Partners LPunit ltd ptnr	$45,697,000	-4.7%	3,129,892	+1.1%	0.78%	-7.0%
WLKP	Buy	Westlake Chem Partners LP	$40,278,000	-3.8%	1,733,132	+1.8%	0.69%	-6.1%
NJR	Buy	New Jersey Res	$39,067,000	+20.8%	863,942	+32.9%	0.67%	+17.8%
DUK	Buy	Duke Energy Corp New	$35,151,000	+11.3%	366,691	+2.5%	0.60%	+8.5%
IDA	Buy	Idacorp Inc	$32,525,000	+15.3%	288,678	+2.8%	0.56%	+12.3%
SRE	Sell	Sempra Energy	$30,800,000	+4.5%	208,657	-2.7%	0.53%	+1.9%
ATO	Sell	Atmos Energy Corp	$28,509,000	+6.4%	250,318	-1.4%	0.49%	+3.8%
NI	Sell	Nisource Inc	$23,996,000	-5.4%	801,979	-8.9%	0.41%	-7.7%
CORR	Buy	CorEnergy Infrastructure TR	$18,962,000	+22.2%	401,569	+2.6%	0.32%	+19.1%
AWK	Buy	American Wtr Wks Co Inc New	$16,741,000	+10.2%	134,761	+2.9%	0.29%	+7.5%
SPH	Buy	Suburban Propane Partners LPunit ltd partn	$9,492,000	-0.5%	401,700	+2.3%	0.16%	-3.0%
CPK	Buy	Chesapeake Utils Corp	$2,748,000	+1.3%	28,835	+1.0%	0.05%	0.0%
SO	Buy	Southern Co	$857,000	+13.8%	13,868	+1.8%	0.02%	+15.4%

Q2 2019

			Value		Shares		↓ Weighting
EPD	New	Enterprise Prods Partners L	$636,601,000	–	22,050,598	–	11.14%	–
TRP	New	TC Energy Corp	$455,539,000	–	9,199,090	–	7.98%	–
MMP	New	Magellan Midstream Prtnrs LP	$360,616,000	–	5,634,627	–	6.31%	–
KMI	New	Kinder Morgan Inc Del	$360,443,000	–	17,262,613	–	6.31%	–
TCP	New	TC Pipelines LP	$300,371,000	–	7,984,338	–	5.26%	–
WMB	New	Williams Cos Inc Del	$280,911,000	–	10,018,257	–	4.92%	–
NEP	New	NextEra Energy Partners L P	$253,518,000	–	5,254,249	–	4.44%	–
ET	New	Energy Transfer LP	$250,315,000	–	17,778,042	–	4.38%	–
ENB	New	Enbridge Inc	$244,893,000	–	6,787,494	–	4.29%	–
EXC	New	Exelon Corp	$231,113,000	–	4,820,877	–	4.05%	–
NEE	New	NextEra Energy Inc	$200,538,000	–	978,903	–	3.51%	–
PEG	New	Public SVC Enterprise Grp In	$195,333,000	–	3,320,871	–	3.42%	–
OKE	New	Oneok Inc. New	$169,355,000	–	2,461,190	–	2.96%	–
PAA	New	Plains All Amern Pipeline Lunit ltd partn	$149,849,000	–	6,153,930	–	2.62%	–
HEP	New	Holly Energy Partners L P	$144,938,000	–	5,270,483	–	2.54%	–
PAGP	New	Plains GP Holdings LPltd partnr int a	$130,580,000	–	5,229,460	–	2.29%	–
PSXP	New	Phillips 66 Partners LP	$127,829,000	–	2,590,239	–	2.24%	–
PPL	New	PPL Corp	$99,489,000	–	3,208,277	–	1.74%	–
ETRN	New	Equitrans Midstream Corporat	$94,689,000	–	4,804,128	–	1.66%	–
AEP	New	American Elec Pwr Co Inc	$81,805,000	–	929,495	–	1.43%	–
SHLX	New	Shell Midstream Partners LPunit ltd int	$80,674,000	–	3,893,517	–	1.41%	–
CMS	New	CMS Energy Corp	$79,443,000	–	1,371,828	–	1.39%	–
ES	New	Eversource Energy	$76,599,000	–	1,011,066	–	1.34%	–
TGE	New	Tallgrass Energy LP	$76,280,000	–	3,613,444	–	1.34%	–
MPLX	New	MPLX LP	$74,589,000	–	2,317,136	–	1.31%	–
ARLP	New	Alliance Res Partner L Put ltd part	$74,227,000	–	4,371,455	–	1.30%	–
LNT	New	Alliant Energy Corp	$65,120,000	–	1,326,807	–	1.14%	–
XEL	New	Xcel Energy Inc	$56,975,000	–	957,715	–	1.00%	–
WEC	New	WEC Energy Group Inc	$51,128,000	–	613,259	–	0.90%	–
BPMP	New	BP Midstream Partners LPunit ltd ptnr	$47,943,000	–	3,097,128	–	0.84%	–
WLKP	New	Westlake Chem Partners LP	$41,856,000	–	1,702,179	–	0.73%	–
NJR	New	New Jersey Res	$32,352,000	–	650,022	–	0.57%	–
DUK	New	Duke Energy Corp New	$31,583,000	–	357,917	–	0.55%	–
SRE	New	Sempra Energy	$29,462,000	–	214,363	–	0.52%	–
IDA	New	Idacorp Inc	$28,201,000	–	280,798	–	0.49%	–
ATO	New	Atmos Energy Corp	$26,793,000	–	253,817	–	0.47%	–
NI	New	Nisource Inc	$25,362,000	–	880,642	–	0.44%	–
CORR	New	CorEnergy Infrastructure TR	$15,522,000	–	391,375	–	0.27%	–
AWK	New	American Wtr Wks Co Inc New	$15,190,000	–	130,947	–	0.27%	–
SPH	New	Suburban Propane Partners LPunit ltd partn	$9,539,000	–	392,700	–	0.17%	–
CPK	New	Chesapeake Utils Corp	$2,713,000	–	28,557	–	0.05%	–
FTS	New	Fortis Inc	$1,064,000	–	26,954	–	0.02%	–
SO	New	Southern Co	$753,000	–	13,626	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
FTS	Exit	Fortis Inc	$0	–	-26,854	–	-0.02%	–
SO	Exit	Southern Co	$0	–	-67,992	–	-0.05%	–
ENB	Exit	Enbridge Inc	$0	–	-116,334	–	-0.07%	–
DM	Exit	Dominion Energy Midstrm Prtn	$0	–	-246,920	–	-0.08%	–
VLP	Exit	Valero Energy Partners LP	$0	–	-216,488	–	-0.15%	–
SPH	Exit	Suburban Propane Partners LPunit ltd partn	$0	–	-376,624	–	-0.16%	–
AWK	Exit	American Wtr Wks Co Inc New	$0	–	-108,003	–	-0.17%	–
BPL	Exit	Buckeye Partners LPunit ltd partn	$0	–	-303,700	–	-0.20%	–
HIFR	Exit	Infrareit Inc	$0	–	-614,854	–	-0.24%	–
CORR	Exit	CorEnergy Infrastructure TR	$0	–	-345,504	–	-0.24%	–
CPK	Exit	Chesapeake Utils Corp	$0	–	-239,909	–	-0.37%	–
WGP	Exit	Western Gas Equity Partners	$0	–	-729,287	–	-0.40%	–
NI	Exit	Nisource Inc	$0	–	-908,641	–	-0.41%	–
WES	Exit	Western Gas Partners LP	$0	–	-523,343	–	-0.42%	–
ATO	Exit	Atmos Energy Corp	$0	–	-245,177	–	-0.42%	–
SRE	Exit	Sempra Energy	$0	–	-213,442	–	-0.44%	–
TLP	Exit	Transmontaigne Partners L P	$0	–	-709,760	–	-0.50%	–
LNT	Exit	Alliant Energy Corp	$0	–	-677,262	–	-0.53%	–
TRGP	Exit	Targa Res Corp	$0	–	-522,926	–	-0.54%	–
NJR	Exit	New Jersey Res	$0	–	-663,629	–	-0.56%	–
WLKP	Exit	Westlake Chem Partners LP	$0	–	-1,307,773	–	-0.59%	–
IDA	Exit	Idacorp Inc	$0	–	-335,329	–	-0.61%	–
BPMP	Exit	BP Midstream Partners LPunit ltd ptnr	$0	–	-1,797,140	–	-0.62%	–
SEP	Exit	Spectra Energy Partners LP	$0	–	-960,134	–	-0.62%	–
MPLX	Exit	MPLX LP	$0	–	-1,307,392	–	-0.83%	–
ES	Exit	Eversource Energy	$0	–	-830,523	–	-0.93%	–
XEL	Exit	Xcel Energy Inc	$0	–	-1,083,432	–	-0.93%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-912,899	–	-1.11%	–
SHLX	Exit	Shell Midstream Partners LPunit ltd int	$0	–	-3,028,466	–	-1.18%	–
PPL	Exit	PPL Corp	$0	–	-2,224,416	–	-1.19%	–
CMS	Exit	CMS Energy Corp	$0	–	-1,400,228	–	-1.25%	–
DUK	Exit	Duke Energy Corp	$0	–	-965,320	–	-1.41%	–
ET	Exit	Energy Transfer Equity LP	$0	–	-4,878,827	–	-1.55%	–
NGG	Exit	National Grid PLCspon adr new	$0	–	-1,707,176	–	-1.62%	–
EQT	Exit	EQT Corp	$0	–	-2,194,474	–	-1.77%	–
EQM	Exit	EQT Midstream Partners LPunit ltd partn	$0	–	-2,052,778	–	-1.98%	–
OKE	Exit	Oneok Inc. New	$0	–	-1,610,248	–	-1.99%	–
PSXP	Exit	Phillips 66 Partners LP	$0	–	-2,172,176	–	-2.03%	–
ARLP	Exit	Alliance Res Partner L Put ltd part	$0	–	-5,547,739	–	-2.06%	–
AEP	Exit	American Elec Pwr Inc	$0	–	-1,619,662	–	-2.09%	–
UGI	Exit	UGI Corp New	$0	–	-2,250,336	–	-2.28%	–
APU	Exit	Amerigas Partners L Punit l p int	$0	–	-3,231,255	–	-2.33%	–
PAA	Exit	Plains All Amern Pipeline Lunit ltd partn	$0	–	-5,175,787	–	-2.36%	–
ETP	Exit	Energy Transfer Partners LPunit ltd prt int	$0	–	-6,499,814	–	-2.64%	–
NEE	Exit	NextEra Energy Inc	$0	–	-937,175	–	-2.86%	–
HEP	Exit	Holly Energy Partners L P	$0	–	-5,281,893	–	-3.03%	–
EEP	Exit	Enbridge Energy Partners L P	$0	–	-15,250,338	–	-3.06%	–
PEG	Exit	Public SVC Enterprise Group	$0	–	-3,318,294	–	-3.20%	–
EEQ	Exit	Enbridge Energy Management L	$0	–	-16,344,633	–	-3.26%	–
TCP	Exit	TC Pipelines LP	$0	–	-6,881,718	–	-3.81%	–
EXC	Exit	Exelon Corp	$0	–	-5,410,918	–	-4.31%	–
NEP	Exit	NextEra Energy Partners L P	$0	–	-5,077,002	–	-4.49%	–
KMI	Exit	Kinder Morgan Inc Del	$0	–	-14,049,235	–	-4.54%	–
WMB	Exit	Williams Cos Inc Del	$0	–	-10,056,120	–	-4.99%	–
TRP	Exit	Transcanada Corp	$0	–	-7,006,847	–	-5.17%	–
MMP	Exit	Magellan Midstream Prtnrs LP	$0	–	-4,676,767	–	-5.78%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-18,272,276	–	-9.58%	–

Q3 2018

			Value		Shares		↓ Weighting
EPD	Buy	Enterprise Prods Partners L	$524,962,000	+5.2%	18,272,276	+1.4%	9.58%	+4.8%
MMP	Buy	Magellan Midstream Prtnrs LP	$316,710,000	+3.3%	4,676,767	+5.3%	5.78%	+2.8%
TRP	Buy	Transcanada Corp	$283,498,000	-2.4%	7,006,847	+4.2%	5.17%	-2.8%
WMB	Buy	Williams Cos Inc Del	$273,426,000	+47.7%	10,056,120	+47.3%	4.99%	+47.1%
KMI	Buy	Kinder Morgan Inc Del	$249,093,000	+4.8%	14,049,235	+4.5%	4.54%	+4.4%
NEP	Buy	NextEra Energy Partners L P	$246,235,000	+5.3%	5,077,002	+1.3%	4.49%	+4.9%
EXC	Buy	Exelon Corp	$236,241,000	+6.2%	5,410,918	+3.6%	4.31%	+5.8%
TCP	Buy	TC Pipelines LP	$208,723,000	+20.0%	6,881,718	+2.7%	3.81%	+19.5%
EEQ	Buy	Enbridge Energy Management L	$178,483,000	+9.7%	16,344,633	+3.1%	3.26%	+9.3%
PEG	Buy	Public SVC Enterprise Group	$175,173,000	-0.0%	3,318,294	+2.6%	3.20%	-0.4%
EEP	Buy	Enbridge Energy Partners L P	$167,601,000	+16.8%	15,250,338	+16.1%	3.06%	+16.3%
HEP	Sell	Holly Energy Partners L P	$166,168,000	+8.2%	5,281,893	-2.8%	3.03%	+7.7%
NEE	Buy	NextEra Energy Inc	$157,070,000	+16.4%	937,175	+16.0%	2.86%	+15.9%
ETP	Buy	Energy Transfer Partners LPunit ltd prt int	$144,685,000	+90.8%	6,499,814	+63.2%	2.64%	+90.0%
PAA	Buy	Plains All Amern Pipeline Lunit ltd partn	$129,447,000	+9.1%	5,175,787	+3.1%	2.36%	+8.6%
APU	Buy	Amerigas Partners L Punit l p int	$127,666,000	-5.9%	3,231,255	+0.6%	2.33%	-6.3%
UGI	Buy	UGI Corp New	$124,849,000	+7.7%	2,250,336	+1.1%	2.28%	+7.3%
AEP	Sell	American Elec Pwr Inc	$114,802,000	+0.6%	1,619,662	-1.7%	2.09%	+0.1%
ARLP	Buy	Alliance Res Partner L Put ltd part	$113,174,000	+14.6%	5,547,739	+3.1%	2.06%	+14.2%
PSXP	Buy	Phillips 66 Partners LP	$111,085,000	+1.2%	2,172,176	+1.1%	2.03%	+0.8%
OKE	Sell	Oneok Inc. New	$109,159,000	-27.5%	1,610,248	-25.3%	1.99%	-27.8%
EQM	Sell	EQT Midstream Partners LPunit ltd partn	$108,345,000	-19.0%	2,052,778	-20.9%	1.98%	-19.4%
EQT	Buy	EQT Corp	$97,062,000	+2.8%	2,194,474	+28.3%	1.77%	+2.4%
NGG	Buy	National Grid PLCspon adr new	$88,534,000	-4.7%	1,707,176	+2.6%	1.62%	-5.1%
ET	Buy	Energy Transfer Equity LP	$85,038,000	+11.0%	4,878,827	+9.8%	1.55%	+10.5%
DUK	Buy	Duke Energy Corp	$77,245,000	+3.6%	965,320	+2.4%	1.41%	+3.2%
CMS	Buy	CMS Energy Corp	$68,611,000	+5.2%	1,400,228	+1.5%	1.25%	+4.9%
PPL	Buy	PPL Corp	$65,087,000	+27.4%	2,224,416	+24.3%	1.19%	+26.8%
SHLX	Sell	Shell Midstream Partners LPunit ltd int	$64,749,000	-5.4%	3,028,466	-1.9%	1.18%	-5.8%
WEC	Buy	WEC Energy Group Inc	$60,945,000	+8.0%	912,899	+4.5%	1.11%	+7.5%
XEL	Buy	Xcel Energy Inc	$51,149,000	+10.5%	1,083,432	+6.9%	0.93%	+10.0%
ES	Buy	Eversource Energy	$51,028,000	+49.2%	830,523	+42.3%	0.93%	+48.7%
MPLX	Buy	MPLX LP	$45,340,000	+41.3%	1,307,392	+39.1%	0.83%	+40.6%
SEP	Sell	Spectra Energy Partners LP	$34,286,000	-76.1%	960,134	-76.3%	0.62%	-76.2%
BPMP	Buy	BP Midstream Partners LPunit ltd ptnr	$33,787,000	-8.5%	1,797,140	+2.1%	0.62%	-9.0%
IDA	Buy	Idacorp Inc	$33,275,000	+9.6%	335,329	+1.9%	0.61%	+9.2%
WLKP	Sell	Westlake Chem Partners LP	$32,564,000	+0.8%	1,307,773	-0.8%	0.59%	+0.3%
NJR	Sell	New Jersey Res	$30,594,000	-24.7%	663,629	-26.9%	0.56%	-25.0%
TRGP	Sell	Targa Res Corp	$29,446,000	+6.3%	522,926	-6.6%	0.54%	+5.9%
LNT	Buy	Alliant Energy Corp	$28,831,000	+13.5%	677,262	+12.8%	0.53%	+12.9%
TLP	Buy	Transmontaigne Partners L P	$27,326,000	+8.3%	709,760	+3.6%	0.50%	+7.8%
SRE	Sell	Sempra Energy	$24,279,000	-37.3%	213,442	-36.0%	0.44%	-37.5%
ATO	Sell	Atmos Energy Corp	$23,025,000	+0.9%	245,177	-3.1%	0.42%	+0.5%
WES	Buy	Western Gas Partners LP	$22,859,000	+29.2%	523,343	+43.1%	0.42%	+28.7%
NI	Sell	Nisource Inc	$22,644,000	-28.0%	908,641	-24.1%	0.41%	-28.3%
WGP	Buy	Western Gas Equity Partners	$21,835,000	+23.8%	729,287	+47.8%	0.40%	+23.2%
CPK	Sell	Chesapeake Utils Corp	$20,128,000	+1.9%	239,909	-2.9%	0.37%	+1.4%
HIFR	Buy	Infrareit Inc	$13,004,000	-1.1%	614,854	+3.6%	0.24%	-1.7%
CORR	Buy	CorEnergy Infrastructure TR	$12,984,000	+3.7%	345,504	+3.8%	0.24%	+3.5%
BPL	Sell	Buckeye Partners LPunit ltd partn	$10,845,000	+0.3%	303,700	-1.3%	0.20%	0.0%
AWK	Buy	American Wtr Wks Co Inc New	$9,501,000	+28.0%	108,003	+24.3%	0.17%	+27.2%
SPH	Buy	Suburban Propane Partners LPunit ltd partn	$8,862,000	+7.0%	376,624	+6.9%	0.16%	+6.6%
VLP	Buy	Valero Energy Partners LP	$8,200,000	+4.0%	216,488	+4.6%	0.15%	+4.2%
DM	Sell	Dominion Energy Midstrm Prtn	$4,420,000	+13.0%	246,920	-14.1%	0.08%	+12.5%
ENB	Sell	Enbridge Inc	$3,756,000	-90.1%	116,334	-89.0%	0.07%	-90.1%
SO	Sell	Southern Co	$2,964,000	-95.5%	67,992	-95.2%	0.05%	-95.5%
FTS	Sell	Fortis Inc	$871,000	-12.3%	26,854	-13.8%	0.02%	-11.1%
EIX	Exit	Edison Intl	$0	–	-165,673	–	-0.19%	–
WPZ	Exit	Williams Partners L P New	$0	–	-2,609,261	–	-1.94%	–

Q2 2018

			Value		Shares		↓ Weighting
EPD	New	Enterprise Prods Partners L	$498,830,000	–	18,027,851	–	9.14%	–
MMP	New	Magellan Midstream Prtnrs LP	$306,667,000	–	4,439,292	–	5.62%	–
TRP	New	Transcanada Corp	$290,463,000	–	6,723,677	–	5.32%	–
KMI	New	Kinder Morgan Inc Del	$237,631,000	–	13,448,241	–	4.35%	–
NEP	New	NextEra Energy Partners L P	$233,853,000	–	5,010,788	–	4.28%	–
EXC	New	Exelon Corp	$222,444,000	–	5,221,685	–	4.08%	–
WMB	New	Williams Cos Inc Del	$185,082,000	–	6,827,078	–	3.39%	–
PEG	New	Public SVC Enterprise Group	$175,175,000	–	3,235,587	–	3.21%	–
TCP	New	TC Pipelines LP	$173,961,000	–	6,703,712	–	3.19%	–
EEQ	New	Enbridge Energy Management L	$162,629,000	–	15,850,812	–	2.98%	–
HEP	New	Holly Energy Partners L P	$153,638,000	–	5,436,569	–	2.81%	–
OKE	New	Oneok Inc. New	$150,562,000	–	2,156,123	–	2.76%	–
EEP	New	Enbridge Energy Partners L P	$143,524,000	–	13,131,205	–	2.63%	–
SEP	New	Spectra Energy Partners LP	$143,352,000	–	4,047,184	–	2.63%	–
APU	New	Amerigas Partners L Punit l p int	$135,637,000	–	3,212,624	–	2.48%	–
NEE	New	NextEra Energy Inc	$134,981,000	–	808,122	–	2.47%	–
EQM	New	EQT Midstream Partners LPunit ltd partn	$133,839,000	–	2,594,299	–	2.45%	–
PAA	New	Plains All Amern Pipeline Lunit ltd partn	$118,675,000	–	5,020,115	–	2.17%	–
UGI	New	UGI Corp New	$115,923,000	–	2,226,285	–	2.12%	–
AEP	New	American Elec Pwr Inc	$114,154,000	–	1,648,432	–	2.09%	–
PSXP	New	Phillips 66 Partners LP	$109,724,000	–	2,148,932	–	2.01%	–
WPZ	New	Williams Partners L P New	$105,910,000	–	2,609,261	–	1.94%	–
ARLP	New	Alliance Res Partner L Put ltd part	$98,723,000	–	5,379,968	–	1.81%	–
EQT	New	EQT Corporation	$94,397,000	–	1,710,723	–	1.73%	–
NGG	New	National Grid PLCspon adr new	$92,926,000	–	1,663,853	–	1.70%	–
ET	New	Energy Transfer Equity LP	$76,614,000	–	4,441,418	–	1.40%	–
ETP	New	Energy Transfer Partners LPunit ltd prt int	$75,846,000	–	3,983,505	–	1.39%	–
DUK	New	Duke Energy Corp New	$74,536,000	–	942,535	–	1.36%	–
SHLX	New	Shell Midstream Partners LPunit ltd int	$68,454,000	–	3,086,286	–	1.25%	–
SO	New	Southern Co	$65,338,000	–	1,410,894	–	1.20%	–
CMS	New	CMS Energy Corp	$65,205,000	–	1,379,132	–	1.19%	–
WEC	New	WEC Energy Group Inc	$56,454,000	–	873,220	–	1.03%	–
PPL	New	PPL Corp	$51,082,000	–	1,789,231	–	0.94%	–
XEL	New	Xcel Energy Inc	$46,293,000	–	1,013,412	–	0.85%	–
NJR	New	New Jersey Res	$40,637,000	–	908,099	–	0.74%	–
SRE	New	Sempra Energy	$38,726,000	–	333,531	–	0.71%	–
ENB	New	Enbridge Inc	$37,903,000	–	1,062,000	–	0.69%	–
BPMP	New	BP Midstream Partners LPunit ltd ptnr	$36,936,000	–	1,759,700	–	0.68%	–
ES	New	Eversource Energy	$34,197,000	–	583,474	–	0.63%	–
WLKP	New	Westlake Chem Partners LP	$32,314,000	–	1,318,968	–	0.59%	–
MPLX	New	MPLX LP	$32,098,000	–	940,183	–	0.59%	–
NI	New	Nisource Inc	$31,454,000	–	1,196,857	–	0.58%	–
IDA	New	Idacorp Inc	$30,352,000	–	329,056	–	0.56%	–
TRGP	New	Targa Res Corp	$27,703,000	–	559,778	–	0.51%	–
LNT	New	Alliant Energy Corp	$25,411,000	–	600,454	–	0.47%	–
TLP	New	Transmontaigne Partners L P	$25,239,000	–	685,100	–	0.46%	–
ATO	New	Atmos Energy Corp	$22,809,000	–	253,038	–	0.42%	–
CPK	New	Chesapeake Utils Corp	$19,756,000	–	247,105	–	0.36%	–
WES	New	Western Gas Partners LP	$17,695,000	–	365,691	–	0.32%	–
WGP	New	Western Gas Equity Partners	$17,640,000	–	493,424	–	0.32%	–
HIFR	New	Infrareit Inc	$13,152,000	–	593,231	–	0.24%	–
CORR	New	CorEnergy Infrastructure TR	$12,516,000	–	332,851	–	0.23%	–
BPL	New	Buckeye Partners LPunit ltd partn	$10,811,000	–	307,577	–	0.20%	–
EIX	New	Edison Intl	$10,482,000	–	165,673	–	0.19%	–
SPH	New	Suburban Propane Partners LPunit ltd partn	$8,279,000	–	352,435	–	0.15%	–
VLP	New	Valero Energy Partners LP	$7,882,000	–	207,051	–	0.14%	–
AWK	New	American Water Works Co Inc	$7,421,000	–	86,914	–	0.14%	–
DM	New	Dominion Energy Midstrm Prtn	$3,910,000	–	287,520	–	0.07%	–
FTS	New	Fortis Inc	$993,000	–	31,153	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
AWK	Exit	American Water Works Co Inc NEW	$0	–	-97,868	–	-0.15%	–
NGL	Exit	NGL Energy Partners LP	$0	–	-712,077	–	-0.15%	–
DM	Exit	Dominion Energy Midstrm Prtn	$0	–	-270,199	–	-0.16%	–
EIX	Exit	Edison Intl	$0	–	-117,846	–	-0.17%	–
CORR	Exit	CorEnergy Infrastructure TR	$0	–	-382,231	–	-0.25%	–
NI	Exit	Nisource Inc	$0	–	-582,568	–	-0.28%	–
LNT	Exit	Alliant Energy Corp	$0	–	-529,717	–	-0.41%	–
HIFR	Exit	Infrareit Inc	$0	–	-1,043,105	–	-0.43%	–
WLKP	Exit	Westlake Chem Partners LP	$0	–	-1,061,450	–	-0.44%	–
TLP	Exit	Transmontaigne Partners L P	$0	–	-574,857	–	-0.45%	–
ATO	Exit	Atmos Energy Corp	$0	–	-301,303	–	-0.47%	–
IDA	Exit	Idacorp Inc	$0	–	-329,217	–	-0.53%	–
CPK	Exit	Chesapeake Utils Corp	$0	–	-397,976	–	-0.57%	–
AHGP	Exit	Alliance Holdings GP LP	$0	–	-1,271,643	–	-0.65%	–
XEL	Exit	Xcel Energy Inc	$0	–	-786,359	–	-0.69%	–
NJR	Exit	New Jersey Res	$0	–	-885,477	–	-0.69%	–
TEP	Exit	Tallgrass Energy Partners LP	$0	–	-781,871	–	-0.69%	–
TRGP	Exit	Targa Res Corp	$0	–	-794,982	–	-0.69%	–
BPL	Exit	Buckeye Partners LPunit ltd partn	$0	–	-692,162	–	-0.73%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-682,992	–	-0.79%	–
CMS	Exit	CMS Energy Corp	$0	–	-1,021,584	–	-0.87%	–
PAGP	Exit	Plains GP Holdings LPltd partnr int a	$0	–	-2,360,424	–	-0.95%	–
SO	Exit	Southern Co	$0	–	-1,238,127	–	-1.12%	–
SHLX	Exit	Shell Midstream Partners LPunit ltd int	$0	–	-2,395,843	–	-1.23%	–
UGI	Exit	UGI Corp New	$0	–	-1,429,614	–	-1.24%	–
DUK	Exit	Duke Energy Corp	$0	–	-802,207	–	-1.24%	–
ES	Exit	Eversource Energy	$0	–	-1,148,041	–	-1.28%	–
AEP	Exit	American Elec Pwr Inc	$0	–	-1,132,211	–	-1.47%	–
ARLP	Exit	Alliance Res Partner L Put ltd part	$0	–	-4,236,490	–	-1.51%	–
SRE	Exit	Sempra Energy	$0	–	-738,604	–	-1.55%	–
NGG	Exit	National Grid PLCspon adr new	$0	–	-1,540,832	–	-1.78%	–
PEG	Exit	Public SVC Enterprise Group	$0	–	-2,271,725	–	-1.94%	–
WPZ	Exit	Williams Partners L P New	$0	–	-2,799,309	–	-2.01%	–
NEE	Exit	NextEra Energy Inc	$0	–	-760,462	–	-2.05%	–
APU	Exit	Amerigas Partners L Punit l p int	$0	–	-2,525,434	–	-2.09%	–
PSXP	Exit	Phillips 66 Partners LP	$0	–	-2,339,178	–	-2.27%	–
EXC	Exit	Exelon Corp	$0	–	-3,280,888	–	-2.28%	–
ENB	Exit	ENBRIDGE INC	$0	–	-3,027,688	–	-2.34%	–
EEQ	Exit	Enbridge Energy Management L	$0	–	-11,774,353	–	-3.36%	–
WMB	Exit	Williams Cos Inc Del	$0	–	-6,195,365	–	-3.43%	–
KMI	Exit	Kinder Morgan Inc Del	$0	–	-10,269,709	–	-3.63%	–
EEP	Exit	Enbridge Energy Partners L P	$0	–	-12,563,060	–	-3.70%	–
NEP	Exit	NextEra Energy Partners L P	$0	–	-5,207,201	–	-3.87%	–
PAA	Exit	Plains All Amern Pipeline Lunit ltd partn	$0	–	-9,928,102	–	-3.88%	–
HEP	Exit	Holly Energy Partners L P	$0	–	-6,319,813	–	-3.89%	–
TCP	Exit	TC Pipelines LP	$0	–	-4,251,436	–	-4.10%	–
EQM	Exit	EQT Midstream Partners LPunit ltd partn	$0	–	-2,991,547	–	-4.13%	–
MMP	Exit	Magellan Midstream Prtnrs LP	$0	–	-3,330,133	–	-4.36%	–
TRP	Exit	Transcanada Corp	$0	–	-4,800,849	–	-4.37%	–
OKE	Exit	Oneok Inc New	$0	–	-4,356,163	–	-4.45%	–
SEP	Exit	Spectra Energy Partners LP	$0	–	-6,130,344	–	-5.02%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-19,193,721	–	-9.22%	–

Q3 2017

			Value		Shares		↓ Weighting
EPD	Buy	Enterprise Prods Partners L	$500,380,000	+1.0%	19,193,721	+4.9%	9.22%	-1.6%
SEP	Sell	Spectra Energy Partners LP	$272,065,000	-0.6%	6,130,344	-3.9%	5.02%	-3.1%
OKE	Buy	Oneok Inc New	$241,375,000	+276.4%	4,356,163	+254.3%	4.45%	+266.8%
TRP	Sell	Transcanada Corp	$237,306,000	+1.3%	4,800,849	-2.3%	4.37%	-1.3%
MMP	Buy	Magellan Midstream Prtnrs LP	$236,639,000	+8.6%	3,330,133	+8.9%	4.36%	+5.8%
EQM	Buy	EQT Midstream Partners LPunit ltd partn	$224,276,000	+27.4%	2,991,547	+26.8%	4.13%	+24.1%
TCP	Buy	TC Pipelines LP	$222,435,000	+1.3%	4,251,436	+6.4%	4.10%	-1.3%
HEP	Sell	Holly Energy Partners L P	$211,082,000	-3.2%	6,319,813	-5.9%	3.89%	-5.7%
PAA	Buy	Plains All Amern Pipeline Lunit ltd partn	$210,376,000	+5.3%	9,928,102	+30.5%	3.88%	+2.6%
NEP	Buy	NextEra Energy Partners L P	$209,798,000	+11.5%	5,207,201	+2.4%	3.87%	+8.6%
EEP	Buy	Enbridge Energy Partners L P	$200,757,000	+10.0%	12,563,060	+10.2%	3.70%	+7.2%
KMI	Buy	Kinder Morgan Inc Del	$196,973,000	+46.5%	10,269,709	+46.4%	3.63%	+42.8%
WMB	Buy	Williams Cos Inc Del	$185,923,000	+21.8%	6,195,365	+22.9%	3.43%	+18.6%
EEQ	Buy	Enbridge Energy Management L	$182,032,000	+9.1%	11,774,353	+8.8%	3.36%	+6.3%
ENB	Buy	ENBRIDGE INC	$126,678,000	+18.1%	3,027,688	+12.4%	2.34%	+15.1%
EXC	Buy	Exelon Corp	$123,591,000	+29.5%	3,280,888	+24.0%	2.28%	+26.1%
PSXP	Buy	Phillips 66 Partners LP	$122,947,000	+16.1%	2,339,178	+9.2%	2.27%	+13.1%
APU	Buy	Amerigas Partners L Punit l p int	$113,493,000	+11.3%	2,525,434	+11.8%	2.09%	+8.4%
NEE	Buy	NextEra Energy Inc	$111,445,000	+18.6%	760,462	+13.4%	2.05%	+15.6%
WPZ	Sell	Williams Partners L P New	$108,894,000	-24.3%	2,799,309	-22.0%	2.01%	-26.3%
PEG	Buy	Public SVC Enterprise Group	$105,068,000	+16.1%	2,271,725	+8.0%	1.94%	+13.1%
NGG	New	National Grid PLCspon adr new	$96,626,000	–	1,540,832	–	1.78%	–
SRE	Buy	Sempra Energy	$84,297,000	+13.1%	738,604	+11.7%	1.55%	+10.2%
ARLP	Sell	Alliance Res Partner L Put ltd part	$81,976,000	-5.7%	4,236,490	-7.9%	1.51%	-8.1%
AEP	Sell	American Elec Pwr Inc	$79,527,000	-11.1%	1,132,211	-12.1%	1.47%	-13.4%
ES	Sell	Eversource Energy	$69,387,000	-19.8%	1,148,041	-19.4%	1.28%	-21.8%
DUK	Buy	Duke Energy Corp	$67,321,000	+5.4%	802,207	+5.0%	1.24%	+2.7%
UGI	Buy	UGI Corp New	$66,992,000	+4.5%	1,429,614	+7.9%	1.24%	+1.8%
SHLX	Buy	Shell Midstream Partners LPunit ltd int	$66,700,000	-4.2%	2,395,843	+4.3%	1.23%	-6.7%
SO	Buy	Southern Co	$60,841,000	+10.7%	1,238,127	+7.9%	1.12%	+7.8%
PAGP	Sell	Plains GP Holdings LPltd partnr int a	$51,623,000	-35.1%	2,360,424	-22.4%	0.95%	-36.7%
CMS	Buy	CMS Energy Corp	$47,320,000	+5.7%	1,021,584	+5.5%	0.87%	+3.0%
WEC	Buy	WEC Energy Group Inc	$42,878,000	+9.1%	682,992	+6.7%	0.79%	+6.3%
BPL	Sell	Buckeye Partners LPunit ltd partn	$39,454,000	-46.0%	692,162	-39.4%	0.73%	-47.4%
TRGP	Sell	Targa Res Corp	$37,602,000	+1.8%	794,982	-2.7%	0.69%	-0.9%
TEP	Sell	Tallgrass Energy Partners LP	$37,444,000	-58.5%	781,871	-56.5%	0.69%	-59.5%
NJR	Buy	New Jersey Res	$37,323,000	+9.1%	885,477	+2.7%	0.69%	+6.3%
XEL	Buy	Xcel Energy Inc	$37,211,000	+9.4%	786,359	+6.0%	0.69%	+6.5%
AHGP	Buy	Alliance Holdings GP LP	$35,365,000	+19.9%	1,271,643	+2.1%	0.65%	+16.8%
CPK	Sell	Chesapeake Utils Corp	$31,142,000	-22.7%	397,976	-25.9%	0.57%	-24.7%
IDA	Buy	Idacorp Inc	$28,948,000	+10.4%	329,217	+7.2%	0.53%	+7.7%
ATO	Buy	Atmos Energy Corp	$25,261,000	+7.6%	301,303	+6.4%	0.47%	+5.0%
TLP	Buy	Transmontaigne Partners L P	$24,552,000	+5.4%	574,857	+3.7%	0.45%	+2.7%
WLKP	Buy	Westlake Chem Partners LP	$24,095,000	+3.9%	1,061,450	+13.3%	0.44%	+1.1%
HIFR	Sell	Infrareit Inc	$23,334,000	-3.2%	1,043,105	-17.1%	0.43%	-5.7%
LNT	Buy	Alliant Energy Corp	$22,021,000	+10.8%	529,717	+7.0%	0.41%	+8.0%
NI	Buy	Nisource Inc	$14,908,000	+7.6%	582,568	+6.6%	0.28%	+5.0%
CORR	Buy	CorEnergy Infrastructure TR	$13,512,000	+10.3%	382,231	+4.8%	0.25%	+7.3%
EIX	Buy	Edison Intl	$9,095,000	+4.6%	117,846	+6.0%	0.17%	+1.8%
DM	Sell	Dominion Energy Midstrm Prtn	$8,647,000	-37.0%	270,199	-43.2%	0.16%	-38.8%
NGL	Sell	NGL Energy Partners LP	$8,225,000	-66.6%	712,077	-59.5%	0.15%	-67.4%
AWK	Buy	American Water Works Co Inc NEW	$7,918,000	+11.0%	97,868	+7.0%	0.15%	+8.1%
SCG	Exit	Scana Corp New	$0	–	-704,565	–	-0.89%	–
NGG	Exit	National Grid PLCspon adr new	$0	–	-1,445,067	–	-1.72%	–
OKS	Exit	Oneok Partners LPunit ltd partn	$0	–	-3,380,925	–	-3.27%	–

Q2 2017

			Value		Shares		↓ Weighting
EPD	New	Enterprise Prods Partners L	$495,579,000	–	18,300,568	–	9.38%	–
SEP	New	Spectra Energy Partners LP	$273,692,000	–	6,379,783	–	5.18%	–
TRP	New	Transcanada Corp	$234,306,000	–	4,915,167	–	4.43%	–
TCP	New	TC Pipelines LP	$219,672,000	–	3,994,039	–	4.16%	–
HEP	New	Holly Energy Partners L P	$218,045,000	–	6,713,231	–	4.12%	–
MMP	New	Magellan Midstream Prtnrs LP	$217,941,000	–	3,057,951	–	4.12%	–
PAA	New	Plains All Amern Pipeline Lunit ltd partn	$199,856,000	–	7,607,760	–	3.78%	–
NEP	New	NextEra Energy Partners L P	$188,159,000	–	5,086,750	–	3.56%	–
EEP	New	Enbridge Energy Partners L P	$182,463,000	–	11,403,979	–	3.45%	–
EQM	New	EQT Midstream Partners LPunit ltd partn	$176,094,000	–	2,359,562	–	3.33%	–
OKS	New	Oneok Partners LPunit ltd partn	$172,664,000	–	3,380,925	–	3.27%	–
EEQ	New	Enbridge Energy Management L	$166,795,000	–	10,823,845	–	3.16%	–
WMB	New	Williams Cos Inc Del	$152,676,000	–	5,042,128	–	2.89%	–
WPZ	New	Williams Partners L P New	$143,910,000	–	3,587,874	–	2.72%	–
KMI	New	Kinder Morgan Inc Del	$134,422,000	–	7,015,729	–	2.54%	–
ENB	New	ENBRIDGE INC	$107,241,000	–	2,693,807	–	2.03%	–
PSXP	New	Phillips 66 Partners LP	$105,879,000	–	2,142,432	–	2.00%	–
APU	New	Amerigas Partners L Punit l p int	$102,007,000	–	2,258,289	–	1.93%	–
EXC	New	Exelon Corp	$95,464,000	–	2,646,628	–	1.81%	–
NEE	New	NextEra Energy Inc	$93,945,000	–	670,416	–	1.78%	–
NGG	New	National Grid PLCspon adr new	$90,779,000	–	1,445,067	–	1.72%	–
PEG	New	Public SVC Enterprise Group	$90,509,000	–	2,104,383	–	1.71%	–
TEP	New	Tallgrass Energy Partners LP	$90,122,000	–	1,799,191	–	1.70%	–
AEP	New	American Elec Pwr Inc	$89,468,000	–	1,287,870	–	1.69%	–
ARLP	New	Alliance Res Partner L Put ltd part	$86,923,000	–	4,599,074	–	1.64%	–
ES	New	Eversource Energy	$86,468,000	–	1,424,272	–	1.64%	–
PAGP	New	Plains GP Holdings LPltd partnr int a	$79,566,000	–	3,041,550	–	1.50%	–
SRE	New	Sempra Energy	$74,535,000	–	661,062	–	1.41%	–
BPL	New	Buckeye Partners LPunit ltd partn	$73,076,000	–	1,143,066	–	1.38%	–
SHLX	New	Shell Midstream Partners LPunit ltd int	$69,613,000	–	2,297,435	–	1.32%	–
OKE	New	Oneok Inc. New	$64,130,000	–	1,229,485	–	1.21%	–
UGI	New	UGI Corp New	$64,129,000	–	1,324,697	–	1.21%	–
DUK	New	Duke Energy Corp New	$63,864,000	–	764,010	–	1.21%	–
SO	New	Southern Co	$54,961,000	–	1,147,897	–	1.04%	–
SCG	New	Scana Corp New	$47,213,000	–	704,565	–	0.89%	–
CMS	New	CMS Energy Corp	$44,776,000	–	968,144	–	0.85%	–
CPK	New	Chesapeake Utils Corp	$40,277,000	–	537,381	–	0.76%	–
WEC	New	WEC Energy Group Inc	$39,285,000	–	640,023	–	0.74%	–
TRGP	New	Targa Res Corp	$36,942,000	–	817,302	–	0.70%	–
NJR	New	New Jersey Res	$34,218,000	–	861,911	–	0.65%	–
XEL	New	Xcel Energy Inc	$34,025,000	–	741,599	–	0.64%	–
AHGP	New	Alliance Holdings GP LP	$29,505,000	–	1,244,942	–	0.56%	–
IDA	New	Idacorp Inc	$26,210,000	–	307,087	–	0.50%	–
NGL	New	NGL Energy Partners LP	$24,617,000	–	1,758,387	–	0.47%	–
HIFR	New	Infrareit Inc	$24,098,000	–	1,258,396	–	0.46%	–
ATO	New	Atmos Energy Corp	$23,486,000	–	283,135	–	0.44%	–
TLP	New	Transmontaigne Partners L P	$23,291,000	–	554,549	–	0.44%	–
WLKP	New	Westlake Chem Partners LP	$23,183,000	–	936,674	–	0.44%	–
LNT	New	Alliant Energy Corp	$19,878,000	–	494,843	–	0.38%	–
NI	New	Nisource Inc	$13,857,000	–	546,398	–	0.26%	–
DM	New	Dominion Energy Midstrm Prtn	$13,718,000	–	475,495	–	0.26%	–
CORR	New	CorEnergy Infrastructure TR	$12,246,000	–	364,571	–	0.23%	–
EIX	New	Edison Intl	$8,697,000	–	111,226	–	0.16%	–
AWK	New	American Wtr Wks Co Inc NEW	$7,133,000	–	91,508	–	0.14%	–

Q4 2016

			Value		Shares		↓ Weighting
KMIWS	Exit	Kinder Morgan Inc Del*w exp 05/25/201	$0	–	-15,360	–	0.00%	–
AWK	Exit	American Wtr Wks Co Inc New	$0	–	-2,840	–	-0.00%	–
SHLX	Exit	Shell Midstream Partners LPunit ltd int	$0	–	-42,200	–	-0.03%	–
KMIPRA	Exit	Kinder Morgan Inc Delpfd ser a	$0	–	-40,000	–	-0.04%	–
ATO	Exit	Atmos Energy Corp	$0	–	-58,263	–	-0.09%	–
OGS	Exit	One Gas Inc.	$0	–	-74,432	–	-0.09%	–
NI	Exit	Nisource Inc	$0	–	-253,521	–	-0.12%	–
XEL	Exit	Xcel Energy Inc	$0	–	-270,865	–	-0.23%	–
LNT	Exit	Alliant Energy Corp	$0	–	-306,021	–	-0.24%	–
CORR	Exit	CorEnergy Infrastructure TR	$0	–	-439,815	–	-0.26%	–
WLKP	Exit	Westlake Chem Partners LP	$0	–	-709,365	–	-0.33%	–
IDA	Exit	Idacorp Inc	$0	–	-238,449	–	-0.38%	–
NJR	Exit	New Jersey Res	$0	–	-594,997	–	-0.40%	–
NGL	Exit	NGL Energy Partners LP	$0	–	-1,041,298	–	-0.40%	–
HIFR	Exit	Infrareit Inc	$0	–	-1,140,829	–	-0.42%	–
CMS	Exit	CMS Energy Corp	$0	–	-544,070	–	-0.46%	–
TLP	Exit	Transmontaigne Partners L P	$0	–	-564,098	–	-0.47%	–
SO	Exit	Southern Co	$0	–	-482,888	–	-0.50%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-417,474	–	-0.51%	–
SE	Exit	Spectra Energy Corp	$0	–	-717,844	–	-0.62%	–
CPK	Exit	Chesapeake Utils Corp	$0	–	-558,458	–	-0.69%	–
TRGP	Exit	Targa Res Corp	$0	–	-762,262	–	-0.76%	–
UGI	Exit	UGI Corp New	$0	–	-960,262	–	-0.88%	–
AHGP	Exit	Alliance Holdings GP LP	$0	–	-1,880,463	–	-1.00%	–
OKE	Exit	Oneok Inc. New	$0	–	-1,053,617	–	-1.10%	–
SCG	Exit	Scana Corp New	$0	–	-754,923	–	-1.11%	–
ENB	Exit	ENBRIDGE INC	$0	–	-1,298,356	–	-1.17%	–
EXC	Exit	Exelon Corp	$0	–	-1,928,507	–	-1.30%	–
WPZ	Exit	Williams Partners L P NEW	$0	–	-1,848,858	–	-1.40%	–
NGG	Exit	National Grid PLCspon adr new	$0	–	-987,120	–	-1.43%	–
PEG	Exit	Public SVC Enterprise Group	$0	–	-1,680,268	–	-1.43%	–
SPH	Exit	Suburban Propane Partners Lunit ltd partn	$0	–	-2,183,677	–	-1.48%	–
TEP	Exit	Tallgrass Energy Partners LP	$0	–	-1,535,824	–	-1.50%	–
ES	Exit	Eversource Energy	$0	–	-1,445,997	–	-1.59%	–
DUK	Exit	Duke Energy Corp	$0	–	-990,293	–	-1.61%	–
AEP	Exit	American Elec Pwr Inc	$0	–	-1,272,231	–	-1.66%	–
BPL	Exit	Buckeye Partners LPunit ltd partn	$0	–	-1,141,944	–	-1.66%	–
NEE	Exit	NextEra Energy Inc	$0	–	-691,265	–	-1.72%	–
SRE	Exit	Sempra Energy	$0	–	-801,978	–	-1.75%	–
CPPL	Exit	Columbia Pipeline Partners LP	$0	–	-5,711,312	–	-1.87%	–
APU	Exit	Amerigas Partners L Punit l p int	$0	–	-2,022,894	–	-1.88%	–
NEP	Exit	NextEra Energy Partners L P	$0	–	-4,633,860	–	-2.63%	–
WMB	Exit	Williams Cos Inc Del	$0	–	-4,270,977	–	-2.67%	–
OKS	Exit	Oneok Partners LPunit ltd partn	$0	–	-3,464,921	–	-2.81%	–
ARLP	Exit	Alliance Res Partner L Put ltd part	$0	–	-6,494,476	–	-2.93%	–
KMI	Exit	Kinder Morgan Inc Del	$0	–	-6,917,049	–	-3.25%	–
TCP	Exit	TC Pipelines LP	$0	–	-3,189,287	–	-3.70%	–
EQM	Exit	EQT Midstream Partners LPunit ltd partn	$0	–	-2,457,143	–	-3.80%	–
EEP	Exit	Enbridge Energy Partners L P	$0	–	-7,404,248	–	-3.82%	–
HEP	Exit	Holly Energy Partners L P	$0	–	-5,695,395	–	-3.92%	–
EEQ	Exit	Enbridge Energy Management L	$0	–	-8,809,664	–	-4.55%	–
MMP	Exit	Magellan Midstream Prtnrs LP	$0	–	-3,356,541	–	-4.82%	–
SEP	Exit	Spectra Energy Partners LP	$0	–	-5,639,983	–	-5.00%	–
PAA	Exit	Plains All Amern Pipeline Lunit ltd partn	$0	–	-9,012,765	–	-5.75%	–
TRP	Exit	Transcanada Corp	$0	–	-6,543,296	–	-6.32%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-16,812,095	–	-9.44%	–

Q3 2016

			Value		Shares		↓ Weighting
EPD	Buy	Enterprise Prods Partners L	$464,518,000	+6.0%	16,812,095	+12.3%	9.44%	-2.7%
TRP	Sell	Transcanada Corp	$311,200,000	+1.7%	6,543,296	-3.3%	6.32%	-6.7%
PAA	Buy	Plains All Amern Pipeline Lunit ltd partn	$283,091,000	+16.2%	9,012,765	+1.7%	5.75%	+6.6%
SEP	Buy	Spectra Energy Partners LP	$246,411,000	+5.6%	5,639,983	+14.0%	5.00%	-3.1%
MMP	Buy	Magellan Midstream Prtnrs LP	$237,442,000	+1.7%	3,356,541	+9.3%	4.82%	-6.7%
EEQ	Buy	Enbridge Energy Management L	$224,118,000	+16.9%	8,809,664	+5.7%	4.55%	+7.2%
HEP	Buy	Holly Energy Partners L P	$193,245,000	+14.5%	5,695,395	+16.9%	3.92%	+5.1%
EEP	Sell	Enbridge Energy Partners L P	$188,290,000	+9.3%	7,404,248	-0.3%	3.82%	+0.3%
EQM	Buy	EQT Midstream Partners LPunit ltd partn	$187,210,000	+7.2%	2,457,143	+13.0%	3.80%	-1.6%
TCP	Buy	TC Pipelines LP	$181,885,000	+17.5%	3,189,287	+18.0%	3.70%	+7.8%
KMI	Sell	Kinder Morgan Inc Del	$159,991,000	-8.4%	6,917,049	-25.8%	3.25%	-15.9%
ARLP	Buy	Alliance Res Partner L Put ltd part	$144,047,000	+67.3%	6,494,476	+18.8%	2.93%	+53.5%
OKS	Buy	Oneok Partners LPunit ltd partn	$138,423,000	+7.1%	3,464,921	+7.4%	2.81%	-1.7%
WMB	Buy	Williams Cos Inc Del	$131,247,000	+125.0%	4,270,977	+58.4%	2.67%	+106.5%
NEP	Buy	NextEra Energy Partners L P	$129,609,000	+8.8%	4,633,860	+18.1%	2.63%	-0.2%
APU	Buy	Amerigas Partners L Punit l p int	$92,365,000	+4.3%	2,022,894	+6.7%	1.88%	-4.2%
CPPL	Buy	Columbia Pipeline Partners LP	$92,181,000	+23.2%	5,711,312	+14.5%	1.87%	+13.0%
SRE	Buy	Sempra Energy	$85,964,000	+29.6%	801,978	+37.9%	1.75%	+18.9%
NEE	Sell	NextEra Energy Inc	$84,556,000	-10.7%	691,265	-4.8%	1.72%	-18.0%
BPL	Buy	Buckeye Partners LPunit ltd partn	$81,763,000	+39.7%	1,141,944	+37.2%	1.66%	+28.2%
AEP	Buy	American Elec Pwr Inc	$81,690,000	-2.2%	1,272,231	+6.8%	1.66%	-10.3%
DUK	Buy	Duke Energy Corp	$79,263,000	+205.4%	990,293	+227.3%	1.61%	+180.0%
ES	Buy	Eversource Energy	$78,344,000	+1.7%	1,445,997	+12.4%	1.59%	-6.7%
TEP	Buy	Tallgrass Energy Partners LP	$74,027,000	+9.4%	1,535,824	+4.4%	1.50%	+0.4%
SPH	Buy	Suburban Propane Partners Lunit ltd partn	$72,716,000	+7.2%	2,183,677	+7.5%	1.48%	-1.6%
PEG	Buy	Public SVC Enterprise Group	$70,353,000	-1.3%	1,680,268	+9.9%	1.43%	-9.4%
NGG	Buy	National Grid PLCspon adr new	$70,194,000	+8.9%	987,120	+13.8%	1.43%	-0.1%
WPZ	Buy	Williams Partners L P NEW	$68,759,000	+11.1%	1,848,858	+3.5%	1.40%	+2.0%
EXC	Buy	Exelon Corp	$64,200,000	+0.9%	1,928,507	+10.2%	1.30%	-7.4%
ENB	Sell	ENBRIDGE INC	$57,426,000	-10.3%	1,298,356	-14.1%	1.17%	-17.8%
SCG	Buy	Scana Corp New	$54,634,000	+37.5%	754,923	+43.7%	1.11%	+26.1%
OKE	Buy	Oneok Inc. New	$54,145,000	+12.5%	1,053,617	+3.9%	1.10%	+3.3%
AHGP	Buy	Alliance Holdings GP LP	$48,986,000	+36.8%	1,880,463	+10.5%	1.00%	+25.5%
UGI	Sell	UGI Corp New	$43,442,000	-7.5%	960,262	-7.5%	0.88%	-15.2%
TRGP	Buy	Targa Res Corp	$37,434,000	+40.3%	762,262	+20.4%	0.76%	+28.6%
CPK	Buy	Chesapeake Utils Corp	$34,100,000	+6.6%	558,458	+15.5%	0.69%	-2.1%
SE	Sell	Spectra Energy Corp	$30,688,000	-71.1%	717,844	-75.2%	0.62%	-73.5%
WEC	Buy	WEC Energy Group Inc	$24,998,000	-3.2%	417,474	+5.5%	0.51%	-11.2%
SO	Buy	Southern Co	$24,772,000	+0.3%	482,888	+4.9%	0.50%	-8.0%
TLP	Buy	Transmontaigne Partners L P	$23,274,000	+7.3%	564,098	+6.9%	0.47%	-1.5%
CMS	Buy	CMS Energy Corp	$22,856,000	+2.3%	544,070	+11.7%	0.46%	-6.3%
HIFR	Buy	Infrareit Inc	$20,695,000	+16.8%	1,140,829	+13.0%	0.42%	+7.1%
NGL	Sell	NGL Energy Partners LP	$19,618,000	-31.5%	1,041,298	-29.8%	0.40%	-37.2%
NJR	Sell	New Jersey Res	$19,551,000	-51.7%	594,997	-43.4%	0.40%	-55.7%
IDA	Buy	Idacorp Inc	$18,666,000	+7.5%	238,449	+11.7%	0.38%	-1.3%
WLKP	Buy	Westlake Chem Partners LP	$16,202,000	+41.7%	709,365	+24.0%	0.33%	+30.0%
CORR	Buy	CorEnergy Infrastructure TR	$12,900,000	+7.7%	439,815	+5.9%	0.26%	-1.1%
LNT	Buy	Alliant Energy Corp	$11,724,000	+12.3%	306,021	+16.3%	0.24%	+3.0%
XEL	Buy	Xcel Energy Inc	$11,144,000	+14.0%	270,865	+24.1%	0.23%	+4.6%
NI	Sell	Nisource Inc	$6,112,000	-56.0%	253,521	-51.6%	0.12%	-59.7%
OGS	Buy	One Gas Inc.	$4,603,000	-3.1%	74,432	+4.3%	0.09%	-10.5%
ATO	Buy	Atmos Energy Corp	$4,338,000	-1.1%	58,263	+8.0%	0.09%	-9.3%
SHLX	New	Shell Midstream Partners LPunit ltd int	$1,354,000	–	42,200	–	0.03%	–
AWK	Buy	American Wtr Wks Co Inc New	$213,000	-6.2%	2,840	+5.6%	0.00%	-20.0%

Q2 2016

			Value		Shares		↓ Weighting
EPD	New	Enterprise Prods Partners L	$438,217,000	–	14,976,634	–	9.70%	–
TRP	New	Transcanada Corp	$306,140,000	–	6,770,011	–	6.78%	–
PAA	New	Plains All Amern Pipeline Lunit ltd partn	$243,715,000	–	8,865,578	–	5.40%	–
MMP	New	Magellan Midstream Prtnrs LP	$233,477,000	–	3,072,067	–	5.17%	–
SEP	New	Spectra Energy Partners LP	$233,379,000	–	4,946,569	–	5.17%	–
EEQ	New	Enbridge Energy Management L	$191,771,000	–	8,334,236	–	4.24%	–
EQM	New	EQT Midstream Partners LPunit ltd partn	$174,627,000	–	2,174,672	–	3.86%	–
KMI	New	Kinder Morgan Inc Del	$174,575,000	–	9,325,572	–	3.86%	–
EEP	New	Enbridge Energy Partners L P	$172,237,000	–	7,424,005	–	3.81%	–
HEP	New	Holly Energy Partners L P	$168,785,000	–	4,871,157	–	3.74%	–
TCP	New	TC Pipelines LP	$154,821,000	–	2,703,818	–	3.43%	–
OKS	New	Oneok Partners LPunit ltd partn	$129,261,000	–	3,226,688	–	2.86%	–
NEP	New	NextEra Energy Partners L P	$119,151,000	–	3,922,025	–	2.64%	–
SE	New	Spectra Energy Corp	$106,009,000	–	2,894,045	–	2.35%	–
NEE	New	NextEra Energy Inc	$94,646,000	–	725,815	–	2.10%	–
APU	New	Amerigas Partners L Punit l p int	$88,520,000	–	1,895,505	–	1.96%	–
ARLP	New	Alliance Res Partner L Put ltd part	$86,121,000	–	5,464,531	–	1.91%	–
AEP	New	American Elec Pwr Inc	$83,522,000	–	1,191,644	–	1.85%	–
ES	New	Eversource Energy	$77,039,000	–	1,286,123	–	1.70%	–
CPPL	New	Columbia Pipeline Partners LP	$74,794,000	–	4,986,227	–	1.66%	–
PEG	New	Public SVC Enterprise Group	$71,259,000	–	1,528,835	–	1.58%	–
SPH	New	Suburban Propane Partners Lunit ltd partn	$67,817,000	–	2,030,425	–	1.50%	–
TEP	New	Tallgrass Energy Partners LP	$67,696,000	–	1,471,029	–	1.50%	–
SRE	New	Sempra Energy	$66,320,000	–	581,647	–	1.47%	–
NGG	New	National Grid PLCspon adr new	$64,485,000	–	867,545	–	1.43%	–
ENB	New	ENBRIDGE INC	$64,055,000	–	1,512,157	–	1.42%	–
EXC	New	Exelon Corp	$63,601,000	–	1,749,220	–	1.41%	–
WPZ	New	Williams Partners L P NEW	$61,867,000	–	1,786,001	–	1.37%	–
BPL	New	Buckeye Partners LPunit ltd partn	$58,537,000	–	832,314	–	1.30%	–
WMB	New	Williams Cos Inc Del	$58,333,000	–	2,696,841	–	1.29%	–
OKE	New	Oneok Inc. New	$48,129,000	–	1,014,307	–	1.06%	–
UGI	New	UGI Corp New	$46,968,000	–	1,037,969	–	1.04%	–
NJR	New	New Jersey Res	$40,512,000	–	1,050,893	–	0.90%	–
SCG	New	Scana Corp New	$39,737,000	–	525,210	–	0.88%	–
AHGP	New	Alliance Holdings GP LP	$35,808,000	–	1,701,906	–	0.79%	–
CPK	New	Chesapeake Utils Corp	$32,003,000	–	483,569	–	0.71%	–
NGL	New	NGL Energy Partners LP	$28,645,000	–	1,482,661	–	0.63%	–
TRGP	New	Targa Resources Corp	$26,679,000	–	633,088	–	0.59%	–
DUK	New	Duke Energy Corp	$25,958,000	–	302,572	–	0.58%	–
WEC	New	WEC Energy Group Inc	$25,835,000	–	395,644	–	0.57%	–
SO	New	Southern Co	$24,691,000	–	460,408	–	0.55%	–
CMS	New	CMS Energy Corp	$22,343,000	–	487,190	–	0.50%	–
TLP	New	Transmontaigne Partners L P	$21,686,000	–	527,761	–	0.48%	–
HIFR	New	Infrareit Inc	$17,711,000	–	1,009,748	–	0.39%	–
IDA	New	Idacorp Inc	$17,368,000	–	213,496	–	0.38%	–
NI	New	Nisource Inc	$13,896,000	–	523,993	–	0.31%	–
CORR	New	CorEnergy Infrastructure TR	$11,976,000	–	415,120	–	0.26%	–
WLKP	New	Westlake Chem Partners LP	$11,430,000	–	572,086	–	0.25%	–
LNT	New	Alliant Energy Corp	$10,442,000	–	263,036	–	0.23%	–
XEL	New	Xcel Energy Inc	$9,776,000	–	218,304	–	0.22%	–
OGS	New	One Gas Inc.	$4,750,000	–	71,340	–	0.10%	–
ATO	New	Atmos Energy Corp	$4,388,000	–	53,959	–	0.10%	–
KMIPRA	New	Kinder Morgan Inc Delpfd ser a	$1,954,000	–	40,000	–	0.04%	–
AWK	New	American Wtr Wks Co Inc NEW	$227,000	–	2,690	–	0.01%	–
KMIWS	New	Kinder Morgan Inc Del*w exp 05/25/201	$0	–	15,360	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
DM	Exit	Dominion Midstream Partners LP	$0	–	-770	–	0.00%	–
KMIWS	Exit	Kinder Morgan Inc Del*w exp 05/25/201	$0	–	-15,360	–	0.00%	–
RRMS	Exit	Rose Rock Midstream L P	$0	–	-580	–	0.00%	–
PAGP	Exit	Plains GP Hldgs L P	$0	–	-190	–	0.00%	–
WTR	Exit	Aqua America Inc	$0	–	-60,390	–	-0.04%	–
XEL	Exit	Xcel Energy Inc	$0	–	-54,000	–	-0.04%	–
AWK	Exit	American Wtr Wks Co Inc NEW	$0	–	-46,580	–	-0.06%	–
TGE	Exit	Tallgrass Energy GP LP	$0	–	-151,910	–	-0.07%	–
NRP	Exit	Natural Resource Partners L	$0	–	-1,565,793	–	-0.09%	–
CPGX	Exit	Columbia Pipeline Group Inc.	$0	–	-266,631	–	-0.11%	–
MPLX	Exit	MPLX LP	$0	–	-132,000	–	-0.12%	–
HMLP	Exit	Hoegh LNG Parnters L P	$0	–	-336,731	–	-0.13%	–
GMLP	Exit	Golar LNG Partners LP	$0	–	-397,430	–	-0.13%	–
DUK	Exit	Duke Energy Corp New	$0	–	-104,607	–	-0.17%	–
CORR	Exit	CorEnergy Infrastructure TR	$0	–	-1,724,689	–	-0.18%	–
PEGI	Exit	Pattern Energy Group Inccl a	$0	–	-440,490	–	-0.19%	–
CPK	Exit	Chesapeake Utils Corp	$0	–	-189,777	–	-0.23%	–
LNT	Exit	Alliant Energy Corp	$0	–	-172,302	–	-0.23%	–
WLKP	Exit	Westlake Chem Partners LP	$0	–	-620,012	–	-0.25%	–
IDA	Exit	Idacorp Inc	$0	–	-181,784	–	-0.27%	–
SO	Exit	Southern Co	$0	–	-294,600	–	-0.30%	–
SJI	Exit	South Jersey Inds Inc	$0	–	-632,993	–	-0.37%	–
CPPL	Exit	Columbia Pipeline Partners LP	$0	–	-1,345,928	–	-0.39%	–
SCG	Exit	Scana Corp New	$0	–	-303,859	–	-0.39%	–
OKS	Exit	Oneok Partners LPunit ltd partn	$0	–	-649,478	–	-0.44%	–
OKE	Exit	Oneok Inc. New	$0	–	-862,498	–	-0.64%	–
NJR	Exit	New Jersey Res	$0	–	-949,904	–	-0.66%	–
NI	Exit	Nisource Inc	$0	–	-1,633,323	–	-0.70%	–
HIFR	Exit	Infrareit Inc	$0	–	-1,342,586	–	-0.73%	–
EXC	Exit	Exelon Corp	$0	–	-1,161,378	–	-0.79%	–
CMS	Exit	CMS Energy Corp	$0	–	-978,406	–	-0.79%	–
OGS	Exit	One Gas Inc.	$0	–	-782,708	–	-0.82%	–
PNY	Exit	Piedmont Nat Gas Inc.	$0	–	-904,091	–	-0.83%	–
AEP	Exit	American Elec Pwr Inc	$0	–	-647,949	–	-0.85%	–
WEC	Exit	WEC Energy Group Inc	$0	–	-706,057	–	-0.85%	–
TLP	Exit	Transmontaigne Partners L P	$0	–	-1,397,593	–	-0.87%	–
AHGP	Exit	Alliance Holdings GP LP	$0	–	-1,338,972	–	-0.95%	–
SPH	Exit	Suburban Propane Partners Lunit ltd partn	$0	–	-1,447,179	–	-1.09%	–
NGG	Exit	National Grid PLCspon adr new	$0	–	-724,112	–	-1.16%	–
TGP	Exit	Teekay LNG Partners L Pprtnrsp units	$0	–	-2,123,284	–	-1.17%	–
TEP	Exit	Tallgrass Energy Partners LP	$0	–	-1,306,159	–	-1.18%	–
NEP	Exit	NextEra Energy Partners L P	$0	–	-2,457,634	–	-1.23%	–
ATO	Exit	Atmos Energy Corp	$0	–	-1,008,030	–	-1.35%	–
ES	Exit	Eversource Energy	$0	–	-1,349,912	–	-1.57%	–
UGI	Exit	UGI Corp New	$0	–	-1,991,719	–	-1.59%	–
NEE	Exit	NextEra Energy Inc	$0	–	-714,534	–	-1.60%	–
ENB	Exit	ENBRIDGE INC	$0	–	-1,916,683	–	-1.64%	–
NGL	Exit	NGL Energy Partners LP	$0	–	-3,573,286	–	-1.64%	–
ET	Exit	Energy Transfer Equity L P	$0	–	-3,561,328	–	-1.70%	–
NGLS	Exit	Targa Resources Partners LP	$0	–	-2,557,460	–	-1.71%	–
SRE	Exit	Sempra Energy	$0	–	-805,123	–	-1.79%	–
ETP	Exit	Energy Transfer Prtnrs L Punit ltd partn	$0	–	-2,013,000	–	-1.90%	–
WMB	Exit	Williams Cos Inc Del	$0	–	-2,331,736	–	-1.98%	–
D	Exit	Dominion Res Inc VA New	$0	–	-1,258,234	–	-2.04%	–
EQM	Exit	EQT Midstream Partners LPunit ltd partn	$0	–	-1,400,349	–	-2.14%	–
HEP	Exit	Holly Energy Partners L P	$0	–	-3,411,574	–	-2.28%	–
ITC	Exit	ITC Hldgs Corp	$0	–	-2,992,643	–	-2.29%	–
SE	Exit	Spectra Energy Corp	$0	–	-3,834,955	–	-2.32%	–
ARLP	Exit	Alliance Res Partner L Put ltd part	$0	–	-4,564,661	–	-2.34%	–
PEG	Exit	Public SVC Enterprise Group	$0	–	-2,464,364	–	-2.39%	–
WPZ	Exit	Williams Partners L P NEW	$0	–	-3,380,191	–	-2.48%	–
TCP	Exit	TC Pipelines LP	$0	–	-2,363,915	–	-2.59%	–
TRP	Exit	Transcanada Corp	$0	–	-3,776,689	–	-2.74%	–
SEP	Exit	Spectra Energy Partners LP	$0	–	-2,990,560	–	-2.76%	–
APU	Exit	Amerigas Partners L Punit l p int	$0	–	-3,358,332	–	-3.21%	–
EEP	Exit	Enbridge Energy Partners L P	$0	–	-5,734,420	–	-3.26%	–
EEQ	Exit	Enbridge Energy Management L	$0	–	-6,883,165	–	-3.76%	–
MMP	Exit	Magellan Midstream Prtnrs LP	$0	–	-3,201,406	–	-4.42%	–
PAA	Exit	Plains All Amern Pipeline Lunit ltd partn	$0	–	-6,386,550	–	-4.46%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-13,809,444	–	-7.90%	–
KMI	Exit	Kinder Morgan Inc Del	$0	–	-13,601,398	–	-8.65%	–

Q3 2015

			Value		Shares		↓ Weighting
KMI	Sell	Kinder Morgan Inc Del	$376,487,000	-29.1%	13,601,398	-1.7%	8.65%	-11.8%
EPD	Buy	Enterprise Prods Partners L	$343,855,000	+11.2%	13,809,444	+33.5%	7.90%	+38.4%
PAA	Buy	Plains All Amern Pipeline Lunit ltd partn	$194,024,000	-3.3%	6,386,550	+38.7%	4.46%	+20.4%
MMP	Buy	Magellan Midstream Prtnrs LP	$192,437,000	-12.9%	3,201,406	+6.3%	4.42%	+8.3%
EEQ	Buy	Enbridge Energy Management L	$163,682,000	-22.7%	6,883,165	+7.3%	3.76%	-3.8%
EEP	Buy	Enbridge Energy Partners L P	$141,755,000	-23.0%	5,734,420	+3.8%	3.26%	-4.2%
APU	Sell	Amerigas Partners L Punit l p int	$139,472,000	-19.5%	3,358,332	-11.4%	3.21%	+0.2%
SEP	Buy	Spectra Energy Partners LP	$120,280,000	-9.0%	2,990,560	+4.3%	2.76%	+13.3%
TRP	Sell	Transcanada Corp	$119,268,000	-35.6%	3,776,689	-17.1%	2.74%	-19.9%
TCP	Buy	TC Pipelines LP	$112,546,000	-16.2%	2,363,915	+0.3%	2.59%	+4.2%
WPZ	Sell	Williams Partners L P NEW	$107,895,000	-36.7%	3,380,191	-4.0%	2.48%	-21.3%
PEG	Buy	Public SVC Enterprise Group	$103,897,000	+37.9%	2,464,364	+28.5%	2.39%	+71.6%
ARLP	Buy	Alliance Res Partner L Put ltd part	$101,609,000	-6.7%	4,564,661	+4.6%	2.34%	+16.1%
SE	Sell	Spectra Energy Corp	$100,744,000	-29.7%	3,834,955	-12.8%	2.32%	-12.6%
ITC	Sell	ITC Hldgs Corp	$99,775,000	-2.4%	2,992,643	-5.8%	2.29%	+21.4%
HEP	Buy	Holly Energy Partners L P	$99,038,000	-8.2%	3,411,574	+11.1%	2.28%	+14.1%
EQM	Buy	EQT Midstream Partners LPunit ltd partn	$92,886,000	-4.0%	1,400,349	+18.0%	2.14%	+19.5%
D	Buy	Dominion Res Inc VA New	$88,555,000	+7.9%	1,258,234	+2.5%	2.04%	+34.2%
WMB	Sell	Williams Cos Inc Del	$85,924,000	-61.9%	2,331,736	-40.7%	1.98%	-52.6%
ETP	Sell	Energy Transfer Prtnrs L Punit ltd partn	$82,674,000	-43.7%	2,013,000	-28.5%	1.90%	-30.0%
SRE	Buy	Sempra Energy	$77,872,000	+48.9%	805,123	+52.3%	1.79%	+85.3%
NGLS	Buy	Targa Resources Partners LP	$74,269,000	+32.0%	2,557,460	+75.5%	1.71%	+64.3%
ET	Buy	Energy Transfer Equity L P	$74,111,000	-49.4%	3,561,328	+56.0%	1.70%	-37.1%
NGL	Sell	NGL Energy Partners LP	$71,359,000	-38.0%	3,573,286	-5.9%	1.64%	-22.9%
ENB	Sell	ENBRIDGE INC	$71,167,000	-43.9%	1,916,683	-29.4%	1.64%	-30.2%
NEE	Buy	NextEra Energy Inc	$69,703,000	+18.6%	714,534	+19.1%	1.60%	+47.5%
UGI	Sell	UGI Corp New	$69,352,000	-7.6%	1,991,719	-8.6%	1.59%	+14.9%
ES	Buy	Eversource Energy	$68,332,000	+11.5%	1,349,912	+0.0%	1.57%	+38.8%
ATO	Buy	Atmos Energy Corp	$58,647,000	+22.0%	1,008,030	+7.6%	1.35%	+51.8%
NEP	Buy	NextEra Energy Partners L P	$53,577,000	-17.4%	2,457,634	+50.0%	1.23%	+2.7%
TEP	Buy	Tallgrass Energy Partners LP	$51,319,000	+23.9%	1,306,159	+51.7%	1.18%	+54.2%
TGP	Sell	Teekay LNG Partners L Pprtnrsp units	$50,789,000	-48.1%	2,123,284	-30.1%	1.17%	-35.4%
NGG	Sell	National Grid PLCspon adr new	$50,420,000	+7.5%	724,112	-0.3%	1.16%	+33.8%
SPH	Sell	Suburban Propane Partners Lunit ltd partn	$47,569,000	-27.6%	1,447,179	-12.1%	1.09%	-9.9%
AHGP	Sell	Alliance Holdings GP LP	$41,454,000	-21.2%	1,338,972	-0.4%	0.95%	-2.0%
TLP	Sell	Transmontaigne Partners L P	$38,015,000	-30.9%	1,397,593	-3.4%	0.87%	-14.0%
AEP	Buy	American Elec Pwr Inc	$36,842,000	+20.5%	647,949	+12.2%	0.85%	+49.9%
WEC	Sell	WEC Energy Group Inc	$36,870,000	+7.4%	706,057	-7.5%	0.85%	+33.6%
PNY	Sell	Piedmont Nat Gas Inc.	$36,227,000	+2.8%	904,091	-9.4%	0.83%	+28.0%
OGS	Sell	One Gas Inc.	$35,480,000	-23.2%	782,708	-27.9%	0.82%	-4.4%
CMS	Sell	CMS Energy Corp	$34,557,000	+1.7%	978,406	-8.3%	0.79%	+26.4%
EXC	Buy	Exelon Corp	$34,493,000	+10.3%	1,161,378	+16.6%	0.79%	+37.2%
HIFR	Sell	Infrareit Inc	$31,793,000	-31.2%	1,342,586	-17.6%	0.73%	-14.3%
NI	Buy	Nisource Inc	$30,298,000	-53.0%	1,633,323	+15.6%	0.70%	-41.5%
NJR	Buy	New Jersey Res	$28,526,000	+272.2%	949,904	+241.4%	0.66%	+362.0%
OKE	Sell	Oneok Inc. New	$27,772,000	-18.6%	862,498	-0.2%	0.64%	+1.3%
OKS	Sell	Oneok Partners LPunit ltd partn	$19,004,000	-53.1%	649,478	-45.5%	0.44%	-41.6%
SCG	Sell	Scana Corp New	$17,095,000	+6.3%	303,859	-4.3%	0.39%	+32.3%
CPPL	Buy	Columbia Pipeline Partners LP	$17,040,000	-46.4%	1,345,928	+6.6%	0.39%	-33.3%
SJI	Sell	South Jersey Inds Inc	$15,983,000	-9.5%	632,993	-11.4%	0.37%	+12.6%
SO	Sell	Southern Co	$13,169,000	-40.1%	294,600	-43.8%	0.30%	-25.4%
IDA	Sell	Idacorp Inc	$11,764,000	+5.2%	181,784	-8.7%	0.27%	+30.4%
WLKP	Sell	Westlake Chem Partners LP	$10,850,000	-25.6%	620,012	-7.6%	0.25%	-7.8%
LNT	Sell	Alliant Energy Corp	$10,078,000	-0.5%	172,302	-1.8%	0.23%	+24.1%
CPK	Sell	Chesapeake Utils Corp	$10,074,000	-5.6%	189,777	-4.3%	0.23%	+17.8%
PEGI	Sell	Pattern Energy Group Inccl a	$8,409,000	-59.8%	440,490	-40.3%	0.19%	-50.1%
CORR	Sell	CorEnergy Infrastructure TR	$7,623,000	-30.9%	1,724,689	-1.3%	0.18%	-14.2%
DUK	Sell	Duke Energy Corp New	$7,525,000	-3.2%	104,607	-4.9%	0.17%	+20.1%
GMLP	Sell	Golar LNG Partners LP	$5,831,000	-82.6%	397,430	-70.7%	0.13%	-78.3%
HMLP	Sell	Hoegh LNG Parnters L P	$5,472,000	-18.8%	336,731	-4.6%	0.13%	+1.6%
CPGX	New	Columbia Pipeline Group Inc.	$4,877,000	–	266,631	–	0.11%	–
NRP	Sell	Natural Resource Partners L	$3,978,000	-36.0%	1,565,793	-4.6%	0.09%	-20.9%
TGE	Buy	Tallgrass Energy GP LP	$3,019,000	-38.1%	151,910	+0.1%	0.07%	-23.3%
AWK	Sell	American Wtr Wks Co Inc NEW	$2,566,000	-3.5%	46,580	-14.8%	0.06%	+20.4%
XEL	New	Xcel Energy Inc	$1,912,000	–	54,000	–	0.04%	–
WTR	Buy	Aqua America Inc	$1,599,000	+77.5%	60,390	+64.1%	0.04%	+117.6%
RRMS	Sell	Rose Rock Midstream L P	$14,000	-99.2%	580	-98.5%	0.00%	-100.0%
KMIWS	Sell	Kinder Morgan Inc Del*w exp 05/25/201	$14,000	-97.7%	15,360	-5.1%	0.00%	-100.0%
DM	Sell	Dominion Midstream Partners LP	$21,000	-99.0%	770	-98.6%	0.00%	-100.0%
PAGP	Sell	Plains GP Hldgs L P	$3,000	-100.0%	190	-100.0%	0.00%	-100.0%
NYLD	Exit	NRG Yield Inccl c	$0	–	-252,929	–	-0.10%	–
SHLX	Exit	Shell Midstream Partners LPunit ltd int	$0	–	-123,100	–	-0.10%	–
NYLDA	Exit	NRG Yield Inccl a new	$0	–	-661,036	–	-0.27%	–
PSXP	Exit	Phillips 66 Partners LP	$0	–	-295,316	–	-0.39%	–

Q2 2015

			Value		Shares		↓ Weighting
KMI	New	Kinder Morgan Inc Del	$530,956,000	–	13,830,583	–	9.81%	–
EPD	New	Enterprise Prods Partners L	$309,170,000	–	10,343,603	–	5.71%	–
WMB	New	Williams Cos Inc Del	$225,641,000	–	3,931,725	–	4.17%	–
MMP	New	Magellan Midstream Prtnrs LP	$221,052,000	–	3,012,436	–	4.08%	–
EEQ	New	Enbridge Energy Management L	$211,660,000	–	6,413,937	–	3.91%	–
PAA	New	Plains All Amern Pipeline Lunit ltd partn	$200,574,000	–	4,603,482	–	3.70%	–
TRP	New	Transcanada Corp	$185,161,000	–	4,558,354	–	3.42%	–
EEP	New	Enbridge Energy Partners L P	$184,137,000	–	5,524,687	–	3.40%	–
APU	New	Amerigas Partners L Punit l p int	$173,193,000	–	3,788,937	–	3.20%	–
WPZ	New	Williams Partners L P	$170,522,000	–	3,521,001	–	3.15%	–
ETP	New	Energy Transfer Prtnrs L Punit ltd partn	$146,938,000	–	2,814,901	–	2.71%	–
ET	New	Energy Transfer Equity L P	$146,513,000	–	2,283,201	–	2.71%	–
SE	New	Spectra Energy Corp	$143,394,000	–	4,398,601	–	2.65%	–
TCP	New	TC Pipelines LP	$134,352,000	–	2,357,056	–	2.48%	–
SEP	New	Spectra Energy Partners LP	$132,138,000	–	2,866,344	–	2.44%	–
ENB	New	ENBRIDGE INC	$126,961,000	–	2,713,427	–	2.34%	–
NGL	New	NGL Energy Partners LP	$115,125,000	–	3,795,730	–	2.13%	–
ARLP	New	Alliance Res Partner L Put ltd part	$108,897,000	–	4,362,893	–	2.01%	–
HEP	New	Holly Energy Partners L P	$107,915,000	–	3,071,004	–	1.99%	–
ITC	New	ITC Hldgs Corp	$102,257,000	–	3,177,640	–	1.89%	–
TGP	New	Teekay LNG Partners L Pprtnrsp units	$97,781,000	–	3,036,672	–	1.81%	–
EQM	New	EQT Midstream Partners LPunit ltd partn	$96,758,000	–	1,186,626	–	1.79%	–
D	New	Dominion Res Inc VA New	$82,072,000	–	1,227,333	–	1.52%	–
PEG	New	Public SVC Enterprise Group	$75,339,000	–	1,917,985	–	1.39%	–
UGI	New	UGI Corp New	$75,089,000	–	2,179,664	–	1.39%	–
SPH	New	Suburban Propane Partners Lunit ltd partn	$65,664,000	–	1,646,545	–	1.21%	–
NEP	New	NextEra Energy Partners L P	$64,901,000	–	1,638,072	–	1.20%	–
NI	New	Nisource Inc	$64,402,000	–	1,412,625	–	1.19%	–
ES	New	Eversource Energy	$61,296,000	–	1,349,826	–	1.13%	–
NEE	New	NextEra Energy Inc	$58,793,000	–	599,742	–	1.09%	–
NGLS	New	Targa Resources Partners LP	$56,258,000	–	1,457,463	–	1.04%	–
TLP	New	Transmontaigne Partners L P	$54,984,000	–	1,446,945	–	1.02%	–
AHGP	New	Alliance Holdings GP LP	$52,613,000	–	1,343,881	–	0.97%	–
SRE	New	Sempra Energy	$52,314,000	–	528,746	–	0.97%	–
ATO	New	Atmos Energy Corp	$48,062,000	–	937,251	–	0.89%	–
NGG	New	National Grid PLCspon adr new	$46,891,000	–	726,198	–	0.87%	–
OGS	New	One Gas Inc.	$46,226,000	–	1,086,135	–	0.85%	–
HIFR	New	Infrareit Inc	$46,198,000	–	1,628,966	–	0.85%	–
TEP	New	Tallgrass Energy Partners LP	$41,411,000	–	861,286	–	0.76%	–
OKS	New	Oneok Partners LPunit ltd partn	$40,498,000	–	1,191,119	–	0.75%	–
PNY	New	Piedmont Nat Gas Inc.	$35,249,000	–	998,283	–	0.65%	–
WEC	New	WEC Energy Group Inc	$34,333,000	–	763,463	–	0.63%	–
OKE	New	Oneok Inc. New	$34,119,000	–	864,213	–	0.63%	–
CMS	New	CMS Energy Corp	$33,991,000	–	1,067,533	–	0.63%	–
GMLP	New	Golar LNG Partners LP	$33,420,000	–	1,354,667	–	0.62%	–
CPPL	New	Columbia Pipeline Partners LP	$31,817,000	–	1,262,592	–	0.59%	–
EXC	New	Exelon Corp	$31,286,000	–	995,735	–	0.58%	–
AEP	New	American Elec Pwr Inc	$30,577,000	–	577,254	–	0.56%	–
SO	New	Southern Co	$21,981,000	–	524,613	–	0.41%	–
PSXP	New	Phillips 66 Partners LP	$21,263,000	–	295,316	–	0.39%	–
PEGI	New	Pattern Energy Group Inccl a	$20,942,000	–	737,909	–	0.39%	–
SJI	New	South Jersey Inds Inc	$17,669,000	–	714,487	–	0.33%	–
SCG	New	Scana Corp New	$16,080,000	–	317,478	–	0.30%	–
WLKP	New	Westlake Chem Partners LP	$14,592,000	–	670,863	–	0.27%	–
NYLDA	New	NRG Yield Inccl a new	$14,536,000	–	661,036	–	0.27%	–
PAGP	New	Plains GP Hldgs LP-CL A	$12,255,000	–	474,281	–	0.23%	–
IDA	New	Idacorp Inc	$11,183,000	–	199,204	–	0.21%	–
CORR	New	CorEnergy Infrastructure TR	$11,038,000	–	1,746,632	–	0.20%	–
CPK	New	Chesapeake Utils Corp	$10,674,000	–	198,230	–	0.20%	–
LNT	New	Alliant Energy Corp	$10,128,000	–	175,477	–	0.19%	–
MPLX	New	MPLX LP	$9,422,000	–	132,000	–	0.17%	–
DUK	New	Duke Energy Corp New	$7,771,000	–	110,046	–	0.14%	–
NJR	New	New Jersey Res	$7,664,000	–	278,200	–	0.14%	–
HMLP	New	Hoegh LNG Parnters L P	$6,739,000	–	352,842	–	0.12%	–
NRP	New	Natural Resource Partners L	$6,219,000	–	1,640,880	–	0.12%	–
SHLX	New	Shell Midstream Partners LPunit ltd int	$5,620,000	–	123,100	–	0.10%	–
NYLD	New	NRG Yield Inccl c	$5,536,000	–	252,929	–	0.10%	–
TGE	New	Tallgrass Energy GP LP	$4,880,000	–	151,800	–	0.09%	–
AWK	New	American WTR WKS Co Inc NEW	$2,660,000	–	54,700	–	0.05%	–
DM	New	Dominion Midstream Partners LP	$2,069,000	–	54,000	–	0.04%	–
RRMS	New	Rose Rock Midstream LP	$1,758,000	–	37,609	–	0.03%	–
WTR	New	Aqua America Inc	$901,000	–	36,810	–	0.02%	–
KMIWS	New	Kinder Morgan Inc Del*w exp 05/25/201	$621,000	–	16,179	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
KMIWS	Exit	Kinder Morgan Inc Del*w exp 05/25/201	$0	–	-17,139	–	-0.00%	–
ENBL	Exit	Enable Midstream Partners LP	$0	–	-20,720	–	-0.01%	–
QEPM	Exit	QEP Midstream Partners LP	$0	–	-38,420	–	-0.02%	–
CNNX	Exit	Cone Midstream Partners LP	$0	–	-35,000	–	-0.02%	–
PNY	Exit	Piedmont Nat Gas Inc.	$0	–	-50,741	–	-0.03%	–
HMLP	Exit	Hoegh LNG Parnters L P	$0	–	-171,076	–	-0.07%	–
CPK	Exit	Chesapeake Utils Corp	$0	–	-138,808	–	-0.10%	–
NJR	Exit	New Jersey Res	$0	–	-116,099	–	-0.10%	–
PSXP	Exit	Phillips 66 Partners LP	$0	–	-109,909	–	-0.13%	–
DUK	Exit	Duke Energy Corp New	$0	–	-107,683	–	-0.14%	–
NS	Exit	Nustar Energy LP	$0	–	-125,646	–	-0.14%	–
IDA	Exit	Idacorp Inc	$0	–	-154,646	–	-0.14%	–
CORR	Exit	CorEnergy Infrastructure TR	$0	–	-1,131,603	–	-0.15%	–
NSH	Exit	NuStar GP Holdings LLCunit restg llc	$0	–	-206,405	–	-0.16%	–
LNT	Exit	Alliant Energy Corp	$0	–	-177,581	–	-0.17%	–
NRP	Exit	Natural Resource Partners L	$0	–	-1,015,778	–	-0.23%	–
OILT	Exit	Oiltanking Partners L Punit ltd	$0	–	-270,052	–	-0.23%	–
BPL	Exit	Buckeye Partners L Punit ltd partn	$0	–	-182,662	–	-0.25%	–
EXC	Exit	Exelon Corp	$0	–	-471,600	–	-0.28%	–
GMLP	Exit	Golar LNG Partners LP	$0	–	-608,454	–	-0.37%	–
SCG	Exit	Scana Corp New	$0	–	-451,149	–	-0.39%	–
LG	Exit	Laclede Group Inc	$0	–	-489,757	–	-0.39%	–
NEP	Exit	NextEra Energy Partners L P	$0	–	-734,362	–	-0.44%	–
PEGI	Exit	Pattern Energy Group Inccl a	$0	–	-990,216	–	-0.53%	–
MPLX	Exit	MPLX LP	$0	–	-529,000	–	-0.54%	–
STR	Exit	Questar Corp	$0	–	-1,427,416	–	-0.55%	–
OGS	Exit	One Gas Inc.	$0	–	-984,391	–	-0.58%	–
SRE	Exit	Sempra Energy	$0	–	-324,853	–	-0.59%	–
SJI	Exit	South Jersey Inds Inc	$0	–	-663,271	–	-0.61%	–
NGG	Exit	National Grid PLCspon adr new	$0	–	-550,406	–	-0.68%	–
ATO	Exit	Atmos Energy Corp	$0	–	-865,218	–	-0.72%	–
CMS	Exit	CMS Energy Corp	$0	–	-1,400,959	–	-0.72%	–
L109PS	Exit	Access Midstream Partners Lunit	$0	–	-655,210	–	-0.72%	–
AEP	Exit	American Elec Pwr Inc	$0	–	-960,109	–	-0.87%	–
PEG	Exit	Public SVC Enterprise Group	$0	–	-1,376,419	–	-0.89%	–
NYLD	Exit	NRG Yield Inc	$0	–	-1,141,923	–	-0.93%	–
WEC	Exit	Wisconsin Energy Corp	$0	–	-1,303,818	–	-0.97%	–
TLP	Exit	Transmontaigne Partners L P	$0	–	-1,489,040	–	-1.06%	–
SPH	Exit	Suburban Propane Partners Lunit ltd partn	$0	–	-1,457,317	–	-1.12%	–
NI	Exit	Nisource Inc	$0	–	-1,761,884	–	-1.25%	–
AHGP	Exit	Alliance Holdings GP LP	$0	–	-1,058,418	–	-1.25%	–
EQM	Exit	EQT Midstream Partners LPunit ltd partn	$0	–	-890,057	–	-1.38%	–
NU	Exit	Northeast Utils	$0	–	-1,918,640	–	-1.47%	–
NGL	Exit	NGL Energy Partners LP	$0	–	-2,188,590	–	-1.49%	–
4945SC	Exit	Kinder Morgan Energy Partnerut ltd partner	$0	–	-950,498	–	-1.54%	–
SE	Exit	Spectra Energy Corp	$0	–	-2,425,140	–	-1.65%	–
UGI	Exit	UGI Corp New	$0	–	-2,798,118	–	-1.65%	–
HEP	Exit	Holly Energy Partners L P	$0	–	-2,623,313	–	-1.65%	–
2108SC	Exit	El Paso Pipeline Partners L	$0	–	-2,425,414	–	-1.69%	–
SO	Exit	Southern Co	$0	–	-2,245,495	–	-1.70%	–
ITC	Exit	ITC Hldgs Corp	$0	–	-2,770,513	–	-1.71%	–
ENB	Exit	ENBRIDGE INC	$0	–	-2,110,088	–	-1.75%	–
NEE	Exit	NextEra Energy Inc	$0	–	-1,084,083	–	-1.76%	–
D	Exit	Dominion Res Inc VA New	$0	–	-1,637,096	–	-1.96%	–
TRP	Exit	Transcanada Corp	$0	–	-2,257,804	–	-2.02%	–
SEP	Exit	Spectra Energy Partners LP	$0	–	-2,532,228	–	-2.32%	–
ET	Exit	Energy Transfer Equity L P	$0	–	-2,221,060	–	-2.37%	–
APU	Exit	Amerigas Partners L Punit l p int	$0	–	-3,129,265	–	-2.47%	–
TGP	Exit	Teekay LNG Partners L Pprtnrsp units	$0	–	-3,293,276	–	-2.48%	–
KMI	Exit	Kinder Morgan Inc Del	$0	–	-3,781,389	–	-2.51%	–
TCP	Exit	TC Pipelines LP	$0	–	-2,193,429	–	-2.57%	–
ARLP	Exit	Alliance Res Partner L Put ltd part	$0	–	-3,674,132	–	-2.73%	–
WPZ	Exit	Williams Partners L P	$0	–	-3,022,960	–	-2.78%	–
ETP	Exit	Energy Transfer Prtnrs L Punit ltd partn	$0	–	-2,722,934	–	-3.02%	–
OKS	Exit	Oneok Partners LPunit ltd partn	$0	–	-3,523,550	–	-3.42%	–
EEQ	Exit	Enbridge Energy Management L	$0	–	-5,582,918	–	-3.60%	–
PAA	Exit	Plains All Amern Pipeline Lunit ltd partn	$0	–	-3,575,259	–	-3.65%	–
WMB	Exit	Williams Cos Inc Del	$0	–	-3,978,585	–	-3.82%	–
EEP	Exit	Enbridge Energy Partners L P	$0	–	-5,754,224	–	-3.87%	–
MMP	Exit	Magellan Midstream Prtnrs LP	$0	–	-2,795,013	–	-4.08%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-8,277,188	–	-5.78%	–
KMR	Exit	Kinder Morgan Management LLC	$0	–	-4,012,957	–	-6.55%	–

Q3 2014

			Value		Shares		↓ Weighting
KMR	Buy	Kinder Morgan Management LLC	$377,819,000	+21.2%	4,012,957	+1.6%	6.55%	+17.9%
EPD	Buy	Enterprise Prods Partners L	$333,571,000	-9.6%	8,277,188	+75.6%	5.78%	-12.1%
MMP	Buy	Magellan Midstream Prtnrs LP	$235,284,000	+1.2%	2,795,013	+1.0%	4.08%	-1.6%
EEP	Sell	Enbridge Energy Partners L P	$223,552,000	+4.6%	5,754,224	-0.6%	3.87%	+1.7%
WMB	Buy	Williams Cos Inc Del	$220,215,000	+4.4%	3,978,585	+9.8%	3.82%	+1.5%
PAA	Buy	Plains All Amern Pipeline Lunit ltd partn	$210,440,000	+0.9%	3,575,259	+2.9%	3.65%	-1.9%
EEQ	Sell	Enbridge Energy Management L	$207,740,000	+4.0%	5,582,918	-1.5%	3.60%	+1.1%
OKS	Buy	Oneok Partners LPunit ltd partn	$197,178,000	+3.9%	3,523,550	+8.8%	3.42%	+1.1%
ETP	Buy	Energy Transfer Prtnrs L Punit ltd partn	$174,240,000	+13.9%	2,722,934	+3.2%	3.02%	+10.7%
WPZ	Buy	Williams Partners L P	$160,368,000	+63.1%	3,022,960	+66.9%	2.78%	+58.6%
ARLP	Buy	Alliance Res Partner L Put ltd part	$157,400,000	-6.2%	3,674,132	+2.2%	2.73%	-8.8%
TCP	Buy	TC Pipelines LP	$148,517,000	+34.1%	2,193,429	+2.3%	2.57%	+30.3%
KMI	Sell	Kinder Morgan Inc Del	$144,979,000	+2.3%	3,781,389	-3.2%	2.51%	-0.5%
TGP	Sell	Teekay LNG Partners L Pprtnrsp units	$143,455,000	-11.4%	3,293,276	-6.2%	2.48%	-13.9%
APU	Buy	Amerigas Partners L Punit l p int	$142,757,000	+5.4%	3,129,265	+4.8%	2.47%	+2.4%
ET	Sell	Energy Transfer Equity L P	$137,017,000	+4.2%	2,221,060	-0.4%	2.37%	+1.4%
SEP	Buy	Spectra Energy Partners LP	$134,183,000	+0.7%	2,532,228	+1.4%	2.32%	-2.1%
TRP	Sell	Transcanada Corp	$116,345,000	-13.6%	2,257,804	-19.9%	2.02%	-15.9%
D	Sell	Dominion Res Inc VA New	$113,107,000	-4.8%	1,637,096	-1.4%	1.96%	-7.4%
NEE	Buy	NextEra Energy Inc	$101,773,000	+3.9%	1,084,083	+13.5%	1.76%	+1.1%
ENB	Sell	ENBRIDGE INC	$101,031,000	-10.5%	2,110,088	-11.2%	1.75%	-12.9%
ITC	Buy	ITC Hldgs Corp	$98,714,000	+3.3%	2,770,513	+5.8%	1.71%	+0.5%
SO	Sell	Southern Co	$98,016,000	-6.6%	2,245,495	-2.9%	1.70%	-9.2%
2108SC	Sell	El Paso Pipeline Partners L	$97,405,000	-34.3%	2,425,414	-40.8%	1.69%	-36.1%
HEP	Buy	Holly Energy Partners L P	$95,489,000	+9.5%	2,623,313	+3.4%	1.65%	+6.4%
UGI	Buy	UGI Corp New	$95,388,000	-14.1%	2,798,118	+27.2%	1.65%	-16.5%
SE	Sell	Spectra Energy Corp	$95,211,000	-26.7%	2,425,140	-20.7%	1.65%	-28.7%
4945SC	Sell	Kinder Morgan Energy Partnerut ltd partner	$88,662,000	+6.5%	950,498	-6.1%	1.54%	+3.6%
NGL	Buy	NGL Energy Partners LP	$86,165,000	+6.7%	2,188,590	+17.4%	1.49%	+3.8%
NU	Buy	Northeast Utils	$84,995,000	+3.8%	1,918,640	+10.8%	1.47%	+1.0%
EQM	Buy	EQT Midstream Partners LPunit ltd partn	$79,758,000	-6.0%	890,057	+1.5%	1.38%	-8.5%
AHGP	Buy	Alliance Holdings GP LP	$72,226,000	+5.5%	1,058,418	+0.2%	1.25%	+2.5%
NI	Buy	Nisource Inc	$72,202,000	+47.3%	1,761,884	+41.4%	1.25%	+43.3%
SPH	Buy	Suburban Propane Partners Lunit ltd partn	$64,923,000	-2.0%	1,457,317	+1.1%	1.12%	-4.7%
TLP	Buy	Transmontaigne Partners L P	$61,408,000	-1.1%	1,489,040	+4.9%	1.06%	-3.8%
WEC	Buy	Wisconsin Energy Corp	$56,064,000	+8.9%	1,303,818	+18.8%	0.97%	+5.9%
NYLD	Buy	NRG Yield Inc	$53,727,000	-9.2%	1,141,923	+0.5%	0.93%	-11.7%
PEG	Buy	Public SVC Enterprise Group	$51,258,000	+132.9%	1,376,419	+155.1%	0.89%	+126.5%
AEP	Buy	American Elec Pwr Inc	$50,127,000	+1.2%	960,109	+8.0%	0.87%	-1.7%
L109PS	Buy	Access Midstream Partners Lunit	$41,698,000	+2.9%	655,210	+2.8%	0.72%	0.0%
CMS	Buy	CMS Energy Corp	$41,552,000	+18.3%	1,400,959	+24.3%	0.72%	+15.0%
ATO	Buy	Atmos Energy Corp	$41,270,000	+9.3%	865,218	+22.4%	0.72%	+6.2%
NGG	Sell	National Grid PLCspon adr new	$39,564,000	-49.9%	550,406	-48.2%	0.68%	-51.3%
SJI	Buy	South Jersey Inds Inc	$35,392,000	+145.4%	663,271	+177.9%	0.61%	+138.5%
SRE	Sell	Sempra Energy	$34,233,000	-6.1%	324,853	-6.7%	0.59%	-8.8%
OGS	Buy	One Gas Inc.	$33,715,000	+10.7%	984,391	+22.0%	0.58%	+7.6%
STR	Sell	Questar Corp	$31,817,000	-32.8%	1,427,416	-25.2%	0.55%	-34.6%
PEGI	Buy	Pattern Energy Group Inccl a	$30,617,000	+573.2%	990,216	+620.9%	0.53%	+554.3%
NEP	New	NextEra Energy Partners L P	$25,475,000	–	734,362	–	0.44%	–
LG	Sell	Laclede Group Inc	$22,725,000	-20.6%	489,757	-17.0%	0.39%	-22.7%
SCG	Buy	Scana Corp New	$22,381,000	+11.6%	451,149	+21.1%	0.39%	+8.7%
GMLP	Buy	Golar LNG Partners LP	$21,126,000	+33.4%	608,454	+41.6%	0.37%	+29.8%
EXC	Buy	Exelon Corp	$16,077,000	+124.2%	471,600	+139.9%	0.28%	+118.0%
OILT	Buy	Oiltanking Partners L Punit ltd	$13,392,000	+5.0%	270,052	+100.0%	0.23%	+2.2%
NRP	Buy	Natural Resource Partners L	$13,246,000	-18.2%	1,015,778	+4.0%	0.23%	-20.5%
LNT	Buy	Alliant Energy Corp	$9,840,000	-1.6%	177,581	+8.1%	0.17%	-4.5%
CORR	Sell	CorEnergy Infrastructure TR	$8,464,000	+0.8%	1,131,603	-0.2%	0.15%	-2.0%
IDA	Buy	Idacorp Inc	$8,291,000	+3.1%	154,646	+11.2%	0.14%	+0.7%
DUK	Sell	Duke Energy Corp New	$8,051,000	-14.9%	107,683	-15.6%	0.14%	-17.8%
PSXP	Buy	Phillips 66 Partners LP	$7,336,000	-5.0%	109,909	+7.5%	0.13%	-8.0%
NJR	New	New Jersey Res	$5,864,000	–	116,099	–	0.10%	–
CPK	Buy	Chesapeake Utils Corp	$5,783,000	+2.0%	138,808	+74.6%	0.10%	-1.0%
HMLP	New	Hoegh LNG Parnters L P	$3,919,000	–	171,076	–	0.07%	–
PNY	New	Piedmont Nat Gas Inc.	$1,702,000	–	50,741	–	0.03%	–
CNNX	New	Cone Midstream Partners LP	$984,000	–	35,000	–	0.02%	–
ENBL	Buy	Enable Midstream Partners LP	$511,000	-0.8%	20,720	+5.4%	0.01%	0.0%
PBA	Exit	Pembina Pipeline Corp	$0	–	-840	–	-0.00%	–
PBFX	Exit	PBF Logistics LPunit ltd ptnr	$0	–	-29,200	–	-0.01%	–

Q2 2014

			Value		Shares		↓ Weighting
EPD	New	Enterprise Prods Partners L	$368,990,000	–	4,713,111	–	6.57%	–
KMR	New	Kinder Morgan Management LLC	$311,632,000	–	3,948,213	–	5.55%	–
MMP	New	Magellan Midstream Prtnrs LP	$232,494,000	–	2,766,460	–	4.14%	–
EEP	New	Enbridge Energy Partners L P	$213,745,000	–	5,787,853	–	3.81%	–
WMB	New	Williams Cos Inc Del	$210,890,000	–	3,622,920	–	3.76%	–
PAA	New	Plains All Amern Pipeline Lunit ltd partn	$208,638,000	–	3,474,398	–	3.72%	–
EEQ	New	Enbridge Energy Management L	$199,783,000	–	5,667,602	–	3.56%	–
OKS	New	Oneok Partners LPunit ltd partn	$189,723,000	–	3,237,600	–	3.38%	–
ARLP	New	Alliance Res Partner L Put ltd part	$167,749,000	–	3,595,897	–	2.99%	–
TGP	New	Teekay LNG Partners L Pprtnrsp units	$161,971,000	–	3,510,433	–	2.89%	–
ETP	New	Energy Transfer Prtnrs L Punit ltd partn	$153,006,000	–	2,639,400	–	2.73%	–
2108SC	New	El Paso Pipeline Partners L	$148,311,000	–	4,093,592	–	2.64%	–
KMI	New	Kinder Morgan Inc Del	$141,717,000	–	3,908,355	–	2.52%	–
APU	New	Amerigas Partners L Punit l p int	$135,499,000	–	2,985,219	–	2.41%	–
TRP	New	Transcanada Corp	$134,593,000	–	2,820,478	–	2.40%	–
SEP	New	Spectra Energy Partners LP	$133,279,000	–	2,498,201	–	2.38%	–
ET	New	Energy Transfer Equity L P	$131,461,000	–	2,230,418	–	2.34%	–
SE	New	Spectra Energy Corp	$129,895,000	–	3,057,791	–	2.31%	–
D	New	Dominion Res Inc VA New	$118,799,000	–	1,661,052	–	2.12%	–
ENB	New	ENBRIDGE INC	$112,829,000	–	2,376,857	–	2.01%	–
UGI	New	UGI Corp New	$111,082,000	–	2,199,642	–	1.98%	–
TCP	New	TC Pipelines LP	$110,769,000	–	2,144,184	–	1.97%	–
SO	New	Southern Co	$104,944,000	–	2,312,568	–	1.87%	–
WPZ	New	Williams Partners L P	$98,306,000	–	1,810,753	–	1.75%	–
NEE	New	NextEra Energy Inc	$97,911,000	–	955,420	–	1.74%	–
ITC	New	ITC Hldgs Corp	$95,543,000	–	2,619,054	–	1.70%	–
HEP	New	Holly Energy Partners L P	$87,219,000	–	2,536,165	–	1.55%	–
EQM	New	EQT Midstream Partners LPunit ltd partn	$84,821,000	–	876,795	–	1.51%	–
4945SC	New	Kinder Morgan Energy Partnerut ltd partner	$83,260,000	–	1,012,763	–	1.48%	–
NU	New	Northeast Utils	$81,859,000	–	1,731,749	–	1.46%	–
NGL	New	NGL Energy Partners LP	$80,774,000	–	1,863,738	–	1.44%	–
NGG	New	National Grid PLCspon adr new	$78,999,000	–	1,062,106	–	1.41%	–
AHGP	New	Alliance Holdings GP LP	$68,449,000	–	1,056,469	–	1.22%	–
SPH	New	Suburban Propane Partners Lunit ltd partn	$66,276,000	–	1,440,785	–	1.18%	–
TLP	New	Transmontaigne Partners L P	$62,081,000	–	1,418,995	–	1.11%	–
NYLD	New	NRG Yield Inc	$59,139,000	–	1,136,201	–	1.05%	–
WEC	New	Wisconsin Energy Corp	$51,487,000	–	1,097,341	–	0.92%	–
AEP	New	American Elec Pwr Inc	$49,557,000	–	888,594	–	0.88%	–
NI	New	Nisource Inc	$49,022,000	–	1,246,102	–	0.87%	–
STR	New	Questar Corp	$47,321,000	–	1,908,104	–	0.84%	–
L109PS	New	Access Midstream Partners Lunit	$40,511,000	–	637,464	–	0.72%	–
ATO	New	Atmos Energy Corp	$37,747,000	–	706,864	–	0.67%	–
SRE	New	Sempra Energy	$36,470,000	–	348,297	–	0.65%	–
CMS	New	CMS Energy Corp	$35,111,000	–	1,127,146	–	0.63%	–
MPLX	New	MPLX LP	$34,121,000	–	529,000	–	0.61%	–
OGS	New	One Gas Inc.	$30,458,000	–	806,851	–	0.54%	–
LG	New	Laclede Group Inc	$28,632,000	–	589,747	–	0.51%	–
PEG	New	Public SVC Enterprise Group	$22,006,000	–	539,488	–	0.39%	–
SCG	New	Scana Corp New	$20,047,000	–	372,552	–	0.36%	–
NRP	New	Natural Resource Partners L	$16,189,000	–	977,009	–	0.29%	–
GMLP	New	Golar LNG Partners LP	$15,834,000	–	429,690	–	0.28%	–
BPL	New	Buckeye Partners L Punit ltd partn	$15,172,000	–	182,662	–	0.27%	–
SJI	New	South Jersey Inds Inc	$14,420,000	–	238,691	–	0.26%	–
OILT	New	Oiltanking Partners L Punit ltd	$12,751,000	–	135,026	–	0.23%	–
LNT	New	Alliant Energy Corp	$10,000,000	–	164,309	–	0.18%	–
DUK	New	Duke Energy Corp New	$9,460,000	–	127,518	–	0.17%	–
CORR	New	CorEnergy Infrastructure TR	$8,400,000	–	1,133,693	–	0.15%	–
NSH	New	NuStar GP Holdings LLCunit restg llc	$8,072,000	–	206,405	–	0.14%	–
IDA	New	Idacorp Inc	$8,042,000	–	139,062	–	0.14%	–
NS	New	Nustar Energy LP	$7,791,000	–	125,646	–	0.14%	–
PSXP	New	Phillips 66 Partners LP	$7,723,000	–	102,217	–	0.14%	–
EXC	New	Exelon Corp	$7,172,000	–	196,600	–	0.13%	–
CPK	New	Chesapeake Utils Corp	$5,669,000	–	79,478	–	0.10%	–
PEGI	New	Pattern Energy Group Inccl a	$4,548,000	–	137,360	–	0.08%	–
QEPM	New	QEP Midstream Partners LP	$989,000	–	38,420	–	0.02%	–
PBFX	New	PBF Logistics LPunit ltd ptnr	$804,000	–	29,200	–	0.01%	–
ENBL	New	Enable Midstream Partners LP	$515,000	–	19,660	–	0.01%	–
PBA	New	Pembina Pipeline Corp	$36,000	–	840	–	0.00%	–
KMIWS	New	Kinder Morgan Inc Del*w exp 05/25/201	$48,000	–	17,139	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
KMIWS	Exit	Kinder Morgan Inc. Del*w exp 05/25/201	$0	–	-20,275	–	-0.00%	–
NRGM	Exit	Inergy Midstream LPu ltd partners	$0	–	-6,340	–	-0.00%	–
NRGY	Exit	Inergy L Punit ltd ptnr	$0	–	-14,674	–	-0.01%	–
WPT	Exit	World PT Terms LPunit rep ltd pt	$0	–	-39,880	–	-0.02%	–
QEPM	Exit	QEP Midstream Partners LP	$0	–	-48,410	–	-0.03%	–
PBA	Exit	Pembina Pipeline Corp	$0	–	-40,200	–	-0.03%	–
PSXP	Exit	Phillips 66 Partners LP	$0	–	-120,880	–	-0.09%	–
SCG	Exit	Scana Corp New	$0	–	-100,000	–	-0.12%	–
CORR	Exit	CorEnergy Infrastructure TR	$0	–	-708,938	–	-0.13%	–
PVR	Exit	PVR Partners L P	$0	–	-219,465	–	-0.13%	–
SRE	Exit	Sempra Energy	$0	–	-70,863	–	-0.15%	–
OILT	Exit	Oiltanking Partners L Punit ltd	$0	–	-120,026	–	-0.16%	–
NRP	Exit	Natural Resource Partners L	$0	–	-457,307	–	-0.22%	–
BPL	Exit	Buckeye Partners L Punit ltd partn	$0	–	-182,662	–	-0.30%	–
NSH	Exit	NuStar GP Holdings LLCunit restg llc	$0	–	-607,529	–	-0.34%	–
ATO	Exit	Atmos Energy Corp	$0	–	-472,276	–	-0.51%	–
MPLX	Exit	MPLX LP	$0	–	-579,986	–	-0.54%	–
LG	Exit	Laclede Group Inc.	$0	–	-574,306	–	-0.65%	–
NYLD	Exit	NRG Yield Inc	$0	–	-1,034,749	–	-0.79%	–
L109PS	Exit	Access Midstream Partners LPunit	$0	–	-671,036	–	-0.82%	–
NS	Exit	Nustar Energy LP	$0	–	-882,546	–	-0.90%	–
WEC	Exit	Wisconsin Energy Corp	$0	–	-888,195	–	-0.91%	–
EXC	Exit	Exelon Corp	$0	–	-1,297,793	–	-0.97%	–
DUK	Exit	Duke Energy Corp New	$0	–	-596,946	–	-1.01%	–
STR	Exit	Questar Corp	$0	–	-1,778,585	–	-1.01%	–
EQM	Exit	EQT Midstream Partners LPunit ltd partn	$0	–	-926,121	–	-1.15%	–
NI	Exit	Nisource Inc	$0	–	-1,516,380	–	-1.19%	–
NGL	Exit	NGL Energy Partners LP	$0	–	-1,563,853	–	-1.22%	–
AHGP	Exit	Alliance Holdings GP LP	$0	–	-868,161	–	-1.32%	–
4945SC	Exit	Kinder Morgan Energy Partnerut ltd partner	$0	–	-652,091	–	-1.32%	–
TLP	Exit	Transmontaigne Partners L P	$0	–	-1,312,992	–	-1.35%	–
NU	Exit	Northeast Utils	$0	–	-1,371,751	–	-1.43%	–
WPZ	Exit	Williams Partners L P	$0	–	-1,080,887	–	-1.45%	–
NEE	Exit	NextEra Energy Inc	$0	–	-724,599	–	-1.47%	–
HEP	Exit	Holly Energy Partners L P	$0	–	-1,826,482	–	-1.53%	–
SE	Exit	Spectra Energy Corp	$0	–	-1,946,967	–	-1.69%	–
NGG	Exit	National Grid PLCspon adr new	$0	–	-1,197,290	–	-1.79%	–
ITC	Exit	ITC Hldgs Corp	$0	–	-827,446	–	-1.97%	–
ENB	Exit	ENBRIDGE INC	$0	–	-1,916,191	–	-2.02%	–
SPH	Exit	Suburban Propane Partners LPunit ltd partn	$0	–	-1,760,676	–	-2.09%	–
ET	Exit	Energy Transfer Equity L P	$0	–	-1,261,885	–	-2.10%	–
TCP	Exit	TC Pipelines LP	$0	–	-1,837,624	–	-2.27%	–
UGI	Exit	UGI Corp New	$0	–	-2,397,882	–	-2.38%	–
APU	Exit	Amerigas Partners L Punit l p int	$0	–	-2,191,262	–	-2.39%	–
SO	Exit	Southern Co	$0	–	-2,303,481	–	-2.40%	–
SEP	Exit	Spectra Energy Partners LP	$0	–	-2,216,234	–	-2.46%	–
ETP	Exit	Energy Transfer Prtnrs L Punit ltd partn	$0	–	-1,896,535	–	-2.50%	–
KMI	Exit	Kinder Morgan Inc. Del	$0	–	-2,801,801	–	-2.52%	–
TRP	Exit	Transcanada Corp	$0	–	-2,272,213	–	-2.53%	–
WMB	Exit	Williams Cos Inc Del	$0	–	-3,114,181	–	-2.87%	–
D	Exit	Dominion Res Inc VA New	$0	–	-1,881,962	–	-2.98%	–
2108SC	Exit	El Paso Pipeline Partners L	$0	–	-2,832,698	–	-3.03%	–
ARLP	Exit	Alliance Res Partner L Put ltd part	$0	–	-1,669,457	–	-3.13%	–
OKS	Exit	Oneok Partners LPunit ltd partn	$0	–	-2,358,190	–	-3.16%	–
TGP	Exit	Teekay LNG Partners L Pprtnrsp units	$0	–	-3,020,606	–	-3.37%	–
PAA	Exit	Plains All Amern Pipeline Lunit ltd partn	$0	–	-2,562,674	–	-3.42%	–
EEQ	Exit	Enbridge Energy Management L	$0	–	-4,694,951	–	-3.42%	–
EEP	Exit	Enbridge Energy Partners L P	$0	–	-4,461,971	–	-3.44%	–
MMP	Exit	Magellan Midstream Prtnrs LP	$0	–	-2,694,685	–	-3.85%	–
KMR	Exit	Kinder Morgan Management LLC	$0	–	-3,223,678	–	-6.12%	–
EPD	Exit	Enterprise Prods Partners L	$0	–	-4,416,679	–	-6.83%	–

Q3 2013

			Value		Shares		↓ Weighting
EPD	Sell	Enterprise Prods Partners L	$269,594,000	-3.7%	4,416,679	-1.9%	6.83%	-4.2%
KMR	Buy	Kinder Morgan Management LLC	$241,647,000	-6.1%	3,223,678	+4.7%	6.12%	-6.7%
MMP	Buy	Magellan Midstream Prtnrs LP	$152,061,000	+3.8%	2,694,685	+0.3%	3.85%	+3.2%
EEP	Buy	Enbridge Energy Partners L P	$135,867,000	+1.5%	4,461,971	+1.6%	3.44%	+0.9%
EEQ	Buy	Enbridge Energy Management L	$135,121,000	+8.1%	4,694,951	+13.7%	3.42%	+7.4%
PAA	Buy	Plains All Amern Pipeline Lunit ltd partn	$134,951,000	-5.0%	2,562,674	+0.7%	3.42%	-5.5%
TGP	Buy	Teekay LNG Partners L Pprtnrsp units	$133,238,000	+3.4%	3,020,606	+2.5%	3.37%	+2.8%
OKS	Buy	Oneok Partners LPunit ltd partn	$125,007,000	+8.6%	2,358,190	+1.5%	3.16%	+8.0%
ARLP	Sell	Alliance Res Partner L Put ltd part	$123,757,000	+1.4%	1,669,457	-3.4%	3.13%	+0.8%
2108SC	Buy	El Paso Pipeline Partners L	$119,597,000	-1.1%	2,832,698	+2.3%	3.03%	-1.7%
D	Sell	Dominion Res Inc VA New	$117,585,000	+5.4%	1,881,962	-4.2%	2.98%	+4.8%
WMB	Buy	Williams Cos Inc Del	$113,231,000	+31.0%	3,114,181	+17.0%	2.87%	+30.2%
TRP	Buy	Transcanada Corp	$99,841,000	+9.4%	2,272,213	+7.3%	2.53%	+8.8%
KMI	Buy	Kinder Morgan Inc. Del	$99,660,000	-0.3%	2,801,801	+6.9%	2.52%	-0.9%
ETP	Buy	Energy Transfer Prtnrs L Punit ltd partn	$98,752,000	+13.2%	1,896,535	+9.8%	2.50%	+12.5%
SEP	Sell	Spectra Energy Partners LP	$97,248,000	-9.4%	2,216,234	-5.0%	2.46%	-9.9%
SO	Buy	Southern Co	$94,857,000	-1.0%	2,303,481	+6.1%	2.40%	-1.6%
APU	New	Amerigas Partners L Punit l p int	$94,378,000	–	2,191,262	–	2.39%	–
UGI	Sell	UGI Corp New	$93,829,000	-1.6%	2,397,882	-1.6%	2.38%	-2.1%
TCP	Buy	TC Pipelines LP	$89,492,000	+1.5%	1,837,624	+0.7%	2.27%	+0.9%
ET	Sell	Energy Transfer Equity L P	$83,007,000	+9.7%	1,261,885	-0.2%	2.10%	+9.1%
SPH	Buy	Suburban Propane Partners LPunit ltd partn	$82,399,000	+2.7%	1,760,676	+1.9%	2.09%	+2.1%
ENB	Buy	ENBRIDGE INC	$79,982,000	+8.3%	1,916,191	+9.2%	2.02%	+7.7%
ITC	Buy	ITC Hldgs Corp	$77,664,000	+4.4%	827,446	+1.6%	1.97%	+3.8%
NGG	Sell	National Grid PLCspon adr new	$70,700,000	-17.8%	1,197,290	-21.1%	1.79%	-18.3%
SE	Sell	Spectra Energy Corp	$66,645,000	-12.5%	1,946,967	-11.9%	1.69%	-13.0%
HEP	Sell	Holly Energy Partners L P	$60,402,000	-13.8%	1,826,482	-0.8%	1.53%	-14.3%
NEE	Buy	NextEra Energy Inc	$58,084,000	+9.5%	724,599	+11.3%	1.47%	+8.9%
WPZ	Buy	Williams Partners L P	$57,157,000	+38.3%	1,080,887	+34.9%	1.45%	+37.4%
NU	Buy	Northeast Utils	$56,585,000	+2.6%	1,371,751	+4.5%	1.43%	+2.0%
TLP	Buy	Transmontaigne Partners L P	$53,478,000	+0.5%	1,312,992	+3.4%	1.35%	-0.1%
4945SC	Buy	Kinder Morgan Energy Partnerut ltd partner	$52,056,000	+52.9%	652,091	+63.6%	1.32%	+52.0%
AHGP	Buy	Alliance Holdings GP LP	$51,985,000	-3.5%	868,161	+2.8%	1.32%	-4.1%
NGL	Buy	NGL Energy Partners LP	$48,229,000	+14.0%	1,563,853	+11.6%	1.22%	+13.3%
NI	Sell	Nisource Inc	$46,841,000	-2.0%	1,516,380	-9.2%	1.19%	-2.6%
EQM	Buy	EQT Midstream Partners LPunit ltd partn	$45,593,000	+40.7%	926,121	+39.6%	1.15%	+39.9%
STR	Buy	Questar Corp	$40,000,000	-0.3%	1,778,585	+5.7%	1.01%	-0.9%
DUK	Buy	Duke Energy Corp New	$39,864,000	+6.7%	596,946	+7.9%	1.01%	+6.0%
EXC	Sell	Exelon Corp	$38,467,000	-10.2%	1,297,793	-6.5%	0.97%	-10.7%
WEC	Buy	Wisconsin Energy Corp	$35,865,000	+15.1%	888,195	+16.8%	0.91%	+14.4%
NS	Sell	Nustar Energy LP	$35,399,000	-37.2%	882,546	-28.6%	0.90%	-37.6%
L109PS	Sell	Access Midstream Partners LPunit	$32,418,000	-9.1%	671,036	-10.2%	0.82%	-9.6%
NYLD	New	NRG Yield Inc	$31,342,000	–	1,034,749	–	0.79%	–
LG	Buy	Laclede Group Inc.	$25,843,000	+1.7%	574,306	+3.2%	0.65%	+1.1%
MPLX	Sell	MPLX LP	$21,135,000	-41.3%	579,986	-40.7%	0.54%	-41.7%
ATO	New	Atmos Energy Corp	$20,114,000	–	472,276	–	0.51%	–
NSH	Sell	NuStar GP Holdings LLCunit restg llc	$13,633,000	-41.9%	607,529	-30.8%	0.34%	-42.2%
NRP	Sell	Natural Resource Partners L	$8,712,000	-8.5%	457,307	-1.2%	0.22%	-9.1%
OILT	Sell	Oiltanking Partners L Punit ltd	$6,153,000	-51.4%	120,026	-51.8%	0.16%	-51.6%
SRE	Buy	Sempra Energy	$6,066,000	+4.9%	70,863	+0.2%	0.15%	+4.8%
CORR	Sell	CorEnergy Infrastructure TR	$4,963,000	+0.1%	708,938	-0.5%	0.13%	0.0%
SCG	New	Scana Corp New	$4,604,000	–	100,000	–	0.12%	–
PSXP	New	Phillips 66 Partners LP	$3,718,000	–	120,880	–	0.09%	–
PBA	New	Pembina Pipeline Corp	$1,332,000	–	40,200	–	0.03%	–
QEPM	New	QEP Midstream Partners LP	$1,096,000	–	48,410	–	0.03%	–
WPT	New	World PT Terms LPunit rep ltd pt	$798,000	–	39,880	–	0.02%	–
	Exit	Atmos Energy Corp	$0	–	-470,440	–	-0.49%	–
SXL	Exit	Sunoco Logistics Prtnrs L P	$0	–	-595,706	–	-0.97%	–
	Exit	Amerigas Partners L Punit l p int	$0	–	-2,105,429	–	-2.65%	–

Q2 2013

			Value		Shares		↓ Weighting
EPD	New	Enterprise Prods Partners L	$279,873,000	–	4,503,182	–	7.13%	–
KMR	New	Kinder Morgan Management LLC	$257,439,000	–	3,079,787	–	6.56%	–
MMP	New	Magellan Midstream Prtnrs LP	$146,433,000	–	2,686,843	–	3.73%	–
PAA	New	Plains All Amern Pipeline Lunit ltd partn	$142,033,000	–	2,544,925	–	3.62%	–
EEP	New	Enbridge Energy Partners L P	$133,914,000	–	4,392,081	–	3.41%	–
TGP	New	Teekay LNG Partners L Pprtnrsp units	$128,823,000	–	2,947,888	–	3.28%	–
EEQ	New	Enbridge Energy Management L	$125,030,000	–	4,129,148	–	3.18%	–
ARLP	New	Alliance Res Partner L Put ltd part	$122,032,000	–	1,727,760	–	3.11%	–
2108SC	New	El Paso Pipeline Partners L	$120,905,000	–	2,768,619	–	3.08%	–
OKS	New	Oneok Partners LPunit ltd partn	$115,090,000	–	2,324,112	–	2.93%	–
D	New	Dominion Res Inc VA New	$111,600,000	–	1,964,087	–	2.84%	–
SEP	New	Spectra Energy Partners LP	$107,341,000	–	2,333,494	–	2.73%	–
	New	Amerigas Partners L Punit l p int	$104,071,000	–	2,105,429	–	2.65%	–
KMI	New	Kinder Morgan Inc. Del	$99,960,000	–	2,620,195	–	2.55%	–
SO	New	Southern Co	$95,831,000	–	2,171,558	–	2.44%	–
UGI	New	UGI Corp New	$95,312,000	–	2,437,038	–	2.43%	–
TRP	New	Transcanada Corp	$91,251,000	–	2,116,691	–	2.32%	–
TCP	New	TC Pipelines LP	$88,131,000	–	1,825,402	–	2.24%	–
ETP	New	Energy Transfer Prtnrs L Punit ltd partn	$87,261,000	–	1,726,565	–	2.22%	–
WMB	New	Williams Cos Inc Del	$86,447,000	–	2,662,352	–	2.20%	–
NGG	New	National Grid PLCspon adr new	$86,017,000	–	1,517,848	–	2.19%	–
SPH	New	Suburban Propane Partners LPunit ltd partn	$80,220,000	–	1,727,015	–	2.04%	–
SE	New	Spectra Energy Corp	$76,129,000	–	2,209,190	–	1.94%	–
ET	New	Energy Transfer Equity L P	$75,646,000	–	1,264,567	–	1.93%	–
ITC	New	ITC Hldgs Corp	$74,376,000	–	814,635	–	1.89%	–
ENB	New	ENBRIDGE INC	$73,823,000	–	1,754,787	–	1.88%	–
HEP	New	Holly Energy Partners L P	$70,064,000	–	1,841,852	–	1.78%	–
NS	New	Nustar Energy LP	$56,407,000	–	1,235,646	–	1.44%	–
NU	New	Northeast Utils	$55,149,000	–	1,312,440	–	1.40%	–
AHGP	New	Alliance Holdings GP LP	$53,851,000	–	844,720	–	1.37%	–
TLP	New	Transmontaigne Partners L P	$53,198,000	–	1,269,337	–	1.36%	–
NEE	New	NextEra Energy Inc	$53,041,000	–	650,976	–	1.35%	–
NI	New	Nisource Inc	$47,815,000	–	1,669,508	–	1.22%	–
EXC	New	Exelon Corp	$42,855,000	–	1,387,779	–	1.09%	–
NGL	New	NGL Energy Partners LP	$42,317,000	–	1,401,679	–	1.08%	–
WPZ	New	Williams Partners L P	$41,341,000	–	801,174	–	1.05%	–
STR	New	Questar Corp	$40,126,000	–	1,682,427	–	1.02%	–
SXL	New	Sunoco Logistics Prtnrs L P	$38,095,000	–	595,706	–	0.97%	–
DUK	New	Duke Energy Corp New	$37,360,000	–	553,484	–	0.95%	–
MPLX	New	MPLX LP	$36,027,000	–	978,725	–	0.92%	–
L109PS	New	Access Midstream Partners LPunit	$35,660,000	–	747,606	–	0.91%	–
4945SC	New	Kinder Morgan Energy Partnerut ltd partner	$34,040,000	–	398,591	–	0.87%	–
EQM	New	EQT Midstream Partners LPunit ltd partn	$32,402,000	–	663,296	–	0.82%	–
WEC	New	Wisconsin Energy Corp	$31,168,000	–	760,365	–	0.79%	–
LG	New	Laclede Group Inc.	$25,399,000	–	556,246	–	0.65%	–
NSH	New	NuStar GP Holdings LLCunit restg llc	$23,456,000	–	877,529	–	0.60%	–
	New	Atmos Energy Corp	$19,316,000	–	470,440	–	0.49%	–
BPL	New	Buckeye Partners L Punit ltd partn	$12,816,000	–	182,662	–	0.33%	–
OILT	New	Oiltanking Partners L Punit ltd	$12,651,000	–	249,026	–	0.32%	–
NRP	New	Natural Resource Partners L	$9,524,000	–	463,003	–	0.24%	–
PVR	New	PVR Partners L P	$5,991,000	–	219,465	–	0.15%	–
SRE	New	Sempra Energy	$5,781,000	–	70,697	–	0.15%	–
CORR	New	CorEnergy Infrastructure TR	$4,958,000	–	712,398	–	0.13%	–
NRGY	New	Inergy L Punit ltd ptnr	$235,000	–	14,674	–	0.01%	–
NRGM	New	Inergy Midstream LPu ltd partners	$141,000	–	6,340	–	0.00%	–
KMIWS	New	Kinder Morgan Inc. Del*w exp 05/25/201	$104,000	–	20,275	–	0.00%	–

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Export Energy Income Partners, LLC's holdings