Heronetta Management, L.P. Activity Q4 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$16,869,445	+4.5%	616,348	+0.6%	12.38%	+4.9%
OKE	Buy	ONEOK INC NEW	$12,093,056	+129.8%	190,652	+123.6%	8.87%	+130.6%
MPLX	Buy	MPLX LP	$12,017,822	+6.4%	337,864	+1.6%	8.82%	+6.8%
ET	Buy	ENERGY TRANSFER L P	$11,828,048	+11.5%	843,054	+0.9%	8.68%	+11.9%
ENB	Buy	ENBRIDGE INC	$7,989,276	-6.0%	181,190	+2.8%	5.86%	-5.7%
WES	Buy	WESTERN MIDSTREAM PARTNERS L	$5,981,696	+4.1%	219,673	+1.3%	4.39%	+4.4%
TRP	Buy	TC ENERGY CORP	$5,352,643	-9.8%	117,486	+3.5%	3.93%	-9.5%
LNG	Buy	CHENIERE ENERGY INC	$342,375	+27.5%	2,063	+17.0%	0.25%	+28.1%
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-158,023	–	-7.20%	–

Q2 2023

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$16,138,005	–	612,448	–	11.80%	–
MPLX	New	MPLX LP	$11,290,616	–	332,664	–	8.26%	–
ET	New	ENERGY TRANSFER L P	$10,607,726	–	835,254	–	7.76%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$9,847,993	–	158,023	–	7.20%	–
	New	CANADIAN PACIFIC KANSAS CITY	$9,234,100	–	86,300	–	6.75%	–
WMB	New	WILLIAMS COS INC	$9,050,812	–	277,377	–	6.62%	–
ENB	New	ENBRIDGE INC	$8,498,900	–	176,190	–	6.22%	–
CNI	New	CANADIAN NATL RY CO	$8,341,840	–	52,000	–	6.10%	–
CNQ	New	CANADIAN NAT RES LTD	$7,820,400	–	105,000	–	5.72%	–
PBA	New	PEMBINA PIPELINE CORP	$7,803,525	–	191,698	–	5.71%	–
TRP	New	TC ENERGY CORP	$5,931,794	–	113,486	–	4.34%	–
WES	New	WESTERN MIDSTREAM PARTNERS L	$5,748,820	–	216,773	–	4.20%	–
OKE	New	ONEOK INC NEW	$5,261,815	–	85,253	–	3.85%	–
SU	New	SUNCOR ENERGY INC NEW	$5,129,520	–	132,000	–	3.75%	–
FTS	New	FORTIS INC	$4,681,380	–	82,000	–	3.42%	–
HESM	New	HESS MIDSTREAM LP	$3,204,679	–	104,455	–	2.34%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$2,882,878	–	194,395	–	2.11%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$1,773,900	–	162,000	–	1.30%	–
KMI	New	KINDER MORGAN INC DEL	$1,638,053	–	95,125	–	1.20%	–
TRGP	New	TARGA RES CORP	$771,806	–	10,142	–	0.56%	–
CVE	New	CENOVUS ENERGY INC	$337,500	–	15,000	–	0.25%	–
LNG	New	CHENIERE ENERGY INC	$268,611	–	1,763	–	0.20%	–
CQP	New	CHENIERE ENERGY PARTNERS LP	$268,073	–	5,810	–	0.20%	–
AM	New	ANTERO MIDSTREAM CORP	$196,156	–	16,910	–	0.14%	–

Q4 2022

			Value		Shares		↓ Weighting
ETRN	Exit	EQUITRANS MIDSTREAM CORP	$0	–	-19,032	–	-0.10%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-15,000	–	-0.23%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-50,600	–	-0.38%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-54,690	–	-0.53%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-34,100	–	-0.92%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-79,400	–	-0.95%	–
PAGP	Exit	PLAINS GP HLDGS L Pltd partnr int a	$0	–	-227,500	–	-1.78%	–
HESM	Exit	HESS MIDSTREAM LP	$0	–	-131,200	–	-2.40%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-255,000	–	-2.76%	–
FTS	Exit	FORTIS INC	$0	–	-80,000	–	-3.01%	–
OKE	Exit	ONEOK INC NEW	$0	–	-93,495	–	-3.44%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-132,000	–	-3.68%	–
TRP	Exit	TC ENERGY CORP	$0	–	-107,050	–	-4.22%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS L	$0	–	-264,891	–	-4.78%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-105,000	–	-4.84%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-167,500	–	-5.04%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-51,000	–	-5.45%	–
ENB	Exit	ENBRIDGE INC	$0	–	-157,603	–	-5.73%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-87,000	–	-5.75%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-304,065	–	-6.24%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-220,598	–	-7.51%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-1,009,058	–	-7.98%	–
MPLX	Exit	MPLX LP	$0	–	-437,737	–	-9.42%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-755,080	–	-12.87%	–

Q3 2022

			Value		Shares		↓ Weighting
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$17,956,000	-2.0%	755,080	+0.4%	12.87%	+0.5%
MPLX	Buy	MPLX LP	$13,136,000	+3.5%	437,737	+0.6%	9.42%	+6.3%
ET	Buy	ENERGY TRANSFER L P	$11,130,000	+13.8%	1,009,058	+3.0%	7.98%	+16.8%
MMP	Buy	MAGELLAN MIDSTREAM PRTNRS LP	$10,481,000	+0.2%	220,598	+0.7%	7.51%	+2.8%
WMB	Buy	WILLIAMS COS INC	$8,705,000	-7.6%	304,065	+0.7%	6.24%	-5.2%
TRP	Buy	TC ENERGY CORP	$5,886,000	-15.6%	107,050	+1.4%	4.22%	-13.3%
NS	Buy	NUSTAR ENERGY LP	$738,000	+1.9%	54,690	+5.8%	0.53%	+4.5%

Q2 2022

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$18,331,000	–	752,180	–	12.80%	–
MPLX	New	MPLX LP	$12,690,000	–	435,337	–	8.86%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$10,464,000	–	219,098	–	7.31%	–
ET	New	ENERGY TRANSFER L P	$9,781,000	–	980,058	–	6.83%	–
WMB	New	WILLIAMS COS INC	$9,421,000	–	301,865	–	6.58%	–
ENB	New	ENBRIDGE INC	$8,494,000	–	157,603	–	5.93%	–
CP	New	CANADIAN PAC RY LTD	$7,822,000	–	87,000	–	5.46%	–
PBA	New	PEMBINA PIPELINE CORP	$7,621,000	–	167,500	–	5.32%	–
CNI	New	CANADIAN NATL RY CO	$7,384,000	–	51,000	–	5.16%	–
CNQ	New	CANADIAN NAT RES LTD	$7,263,000	–	105,000	–	5.07%	–
TRP	New	TC ENERGY CORP	$6,970,000	–	105,550	–	4.87%	–
WES	New	WESTERN MIDSTREAM PARTNERS L	$6,440,000	–	264,891	–	4.50%	–
SU	New	SUNCOR ENERGY INC NEW	$5,961,000	–	132,000	–	4.16%	–
OKE	New	ONEOK INC NEW	$5,189,000	–	93,495	–	3.62%	–
FTS	New	FORTIS INC	$4,868,000	–	80,000	–	3.40%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$4,412,000	–	255,000	–	3.08%	–
HESM	New	HESS MIDSTREAM LP	$3,674,000	–	131,200	–	2.57%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$2,348,000	–	227,500	–	1.64%	–
KMI	New	KINDER MORGAN INC DEL	$1,331,000	–	79,400	–	0.93%	–
DCP	New	DCP MIDSTREAM LP	$1,009,000	–	34,100	–	0.70%	–
NS	New	NUSTAR ENERGY LP	$724,000	–	51,690	–	0.51%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$497,000	–	50,600	–	0.35%	–
CVE	New	CENOVUS ENERGY INC	$367,000	–	15,000	–	0.26%	–
ETRN	New	EQUITRANS MIDSTREAM CORP	$121,000	–	19,032	–	0.08%	–

Q4 2021

			Value		Shares		↓ Weighting
ETRN	Exit	EQUITRANS MIDSTREAM CORP	$0	–	-19,032	–	-0.15%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-17,690	–	-0.21%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-50,600	–	-0.40%	–
PSXP	Exit	PHILLIPS 66 PARTNERS LP	$0	–	-20,200	–	-0.56%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-34,100	–	-0.74%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-91,400	–	-1.18%	–
BPMP	Exit	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$0	–	-146,000	–	-1.49%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-132,000	–	-2.67%	–
HESM	Exit	HESS MIDSTREAM LP	$0	–	-133,700	–	-2.91%	–
FTS	Exit	FORTIS INC	$0	–	-80,000	–	-3.46%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-255,000	–	-3.65%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-105,000	–	-3.75%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS L	$0	–	-264,891	–	-4.28%	–
OKE	Exit	ONEOK INC NEW	$0	–	-96,995	–	-4.33%	–
TRP	Exit	TC ENERGY CORP	$0	–	-105,550	–	-4.91%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-161,000	–	-4.98%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-87,000	–	-5.54%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-51,000	–	-5.77%	–
ENB	Exit	ENBRIDGE INC	$0	–	-153,603	–	-5.92%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-301,865	–	-6.03%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-975,058	–	-7.20%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-222,898	–	-7.83%	–
MPLX	Exit	MPLX LP	$0	–	-412,637	–	-9.05%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-778,480	–	-12.98%	–

Q3 2021

			Value		Shares		↓ Weighting
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$16,846,000	+11.6%	778,480	+0.5%	12.98%	-2.0%
MPLX	Buy	MPLX LP	$11,748,000	+28.3%	412,637	+2.9%	9.05%	+12.7%
MMP	Buy	MAGELLAN MIDSTREAM PRTNRS LP	$10,160,000	+17.7%	222,898	+0.2%	7.83%	+3.4%
ENB	Buy	ENBRIDGE INC	$7,687,000	+7.1%	153,603	+2.0%	5.92%	-6.0%
CNI	Buy	CANADIAN NATL RY CO	$7,486,000	+14.5%	51,000	+2.0%	5.77%	+0.5%
CP	Buy	CANADIAN PAC RY LTD	$7,196,000	-11.2%	87,000	+2.4%	5.54%	-22.0%
HESM	Buy	HESS MIDSTREAM LP	$3,772,000	+51.3%	133,700	+3.9%	2.91%	+32.8%

Q2 2021

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$15,092,000	–	774,480	–	13.24%	–
MPLX	New	MPLX LP	$9,154,000	–	400,937	–	8.03%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$8,630,000	–	222,398	–	7.57%	–
CP	New	CANADIAN PAC RY LTD	$8,102,000	–	85,000	–	7.11%	–
ET	New	ENERGY TRANSFER L P	$8,093,000	–	975,058	–	7.10%	–
ENB	New	ENBRIDGE INC	$7,176,000	–	150,603	–	6.30%	–
WMB	New	WILLIAMS COS INC	$6,667,000	–	301,865	–	5.85%	–
CNI	New	CANADIAN NATL RY CO	$6,540,000	–	50,000	–	5.74%	–
PBA	New	PEMBINA PIPELINE CORP	$6,342,000	–	161,000	–	5.57%	–
TRP	New	TC ENERGY CORP	$6,196,000	–	105,550	–	5.44%	–
CNQ	New	CANADIAN NAT RES LTD	$4,725,000	–	105,000	–	4.15%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$4,710,000	–	255,000	–	4.13%	–
FTS	New	FORTIS INC	$4,390,000	–	80,000	–	3.85%	–
OKE	New	ONEOK INC NEW	$4,369,000	–	96,995	–	3.83%	–
WES	New	WESTERN MIDSTREAM PARTNERS L	$4,351,000	–	264,891	–	3.82%	–
SU	New	SUNCOR ENERGY INC NEW	$3,919,000	–	132,000	–	3.44%	–
HESM	New	HESS MIDSTREAM LP	$2,493,000	–	128,700	–	2.19%	–
KMI	New	KINDER MORGAN INC DEL	$1,325,000	–	91,400	–	1.16%	–
BPMP	New	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$1,178,000	–	146,000	–	1.03%	–
PSXP	New	PHILLIPS 66 PARTNERS LP	$415,000	–	20,200	–	0.36%	–
DCP	New	DCP MIDSTREAM LP	$50,000	–	34,100	–	0.04%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$17,000	–	50,600	–	0.02%	–
NS	New	NUSTAR ENERGY LP	$8,000	–	17,690	–	0.01%	–
ETRN	New	EQUITRANS MIDSTREAM CORP	$2,000	–	19,032	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
ETRN	Exit	EQUITRANS MIDSTREAM CORP	$0	–	-19,032	–	-0.17%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-17,690	–	-0.19%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-44,400	–	-0.56%	–
TCP	Exit	TC PIPELINES LP	$0	–	-21,500	–	-0.57%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-58,800	–	-0.68%	–
PSXP	Exit	PHILLIPS 66 PARTNERS LP	$0	–	-34,200	–	-0.81%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-205,300	–	-1.27%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-97,000	–	-1.63%	–
BPMP	Exit	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$0	–	-187,300	–	-1.91%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-87,000	–	-1.92%	–
HESM	Exit	HESS MIDSTREAM LP	$0	–	-126,500	–	-1.97%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS L	$0	–	-322,891	–	-2.66%	–
OKE	Exit	ONEOK INC NEW	$0	–	-125,195	–	-3.35%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-151,000	–	-4.40%	–
FTS	Exit	FORTIS INC	$0	–	-80,000	–	-4.49%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-255,000	–	-5.08%	–
TRP	Exit	TC ENERGY CORP	$0	–	-96,000	–	-5.53%	–
ENB	Exit	ENBRIDGE INC	$0	–	-150,603	–	-5.98%	–
MPLX	Exit	MPLX LP	$0	–	-368,837	–	-5.99%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-336,865	–	-6.82%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-1,253,058	–	-7.00%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-48,000	–	-7.02%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-17,000	–	-7.10%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-244,498	–	-8.62%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-876,280	–	-14.27%	–

Q3 2020

			Value		Shares		↓ Weighting
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$13,836,000	-12.2%	876,280	+1.0%	14.27%	-4.2%
MMP	Buy	MAGELLAN MIDSTREAM PRTNRS LP	$8,362,000	-18.6%	244,498	+2.7%	8.62%	-11.2%
CP	Sell	CANADIAN PAC RY LTD	$6,886,000	-0.3%	17,000	-15.0%	7.10%	+8.9%
CNI	Sell	CANADIAN NATL RY CO	$6,807,000	+6.9%	48,000	-9.4%	7.02%	+16.7%
ET	Sell	ENERGY TRANSFER LP	$6,792,000	-33.0%	1,253,058	-11.9%	7.00%	-26.8%
WMB	Sell	WILLIAMS COS INC	$6,619,000	-0.4%	336,865	-3.6%	6.82%	+8.8%
MPLX	Buy	MPLX LP	$5,805,000	-6.2%	368,837	+3.0%	5.99%	+2.4%
ENB	Buy	ENBRIDGE INC	$5,800,000	-2.4%	150,603	+3.4%	5.98%	+6.5%
TRP	New	TC ENERGY CORP	$5,366,000	–	96,000	–	5.53%	–
PAA	Sell	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$1,228,000	-60.2%	205,300	-41.2%	1.27%	-56.6%
PSXP	Sell	PHILLIPS 66 PARTNERS LP	$788,000	-51.6%	34,200	-24.3%	0.81%	-47.1%
DCP	Sell	DCP MIDSTREAM LP	$657,000	-63.4%	58,800	-63.0%	0.68%	-60.0%
TCP	Buy	TC PIPELINES LP	$550,000	+172.3%	21,500	+230.8%	0.57%	+196.9%

Q2 2020

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$15,762,000	–	867,480	–	14.89%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$10,279,000	–	238,098	–	9.71%	–
ET	New	ENERGY TRANSFER LP	$10,132,000	–	1,423,058	–	9.57%	–
CP	New	CANADIAN PAC RY LTD	$6,906,000	–	20,000	–	6.52%	–
WMB	New	WILLIAMS COS INC	$6,645,000	–	349,365	–	6.28%	–
CNI	New	CANADIAN NATL RY CO	$6,366,000	–	53,000	–	6.01%	–
MPLX	New	MPLX LP	$6,190,000	–	358,237	–	5.85%	–
ENB	New	ENBRIDGE INC	$5,945,000	–	145,603	–	5.61%	–
PBA	New	PEMBINA PIPELINE CORP	$5,125,000	–	151,000	–	4.84%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$4,475,000	–	255,000	–	4.23%	–
OKE	New	ONEOK INC NEW	$4,159,000	–	125,195	–	3.93%	–
FTS	New	FORTIS INC	$4,130,000	–	80,000	–	3.90%	–
WES	New	WESTERN MIDSTREAM PARTNERS L	$3,242,000	–	322,891	–	3.06%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$3,088,000	–	349,300	–	2.92%	–
HESM	New	HESS MIDSTREAM LP	$2,317,000	–	126,500	–	2.19%	–
SU	New	SUNCOR ENERGY INC NEW	$2,220,000	–	97,000	–	2.10%	–
BPMP	New	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$2,148,000	–	187,300	–	2.03%	–
CNQ	New	CANADIAN NAT RES LTD	$2,049,000	–	87,000	–	1.94%	–
DCP	New	DCP MIDSTREAM LLC	$1,794,000	–	158,800	–	1.69%	–
PSXP	New	PHILLIPS 66 PARTNERS LP	$1,629,000	–	45,200	–	1.54%	–
KMI	New	KINDER MORGAN INC DEL	$674,000	–	44,400	–	0.64%	–
NS	New	NUSTAR ENERGY LP	$253,000	–	17,690	–	0.24%	–
TCP	New	TC PIPELINES LP	$202,000	–	6,500	–	0.19%	–
ETRN	New	EQUITRANS MIDSTREAM CORP	$158,000	–	19,032	–	0.15%	–

Q4 2019

			Value		Shares		↓ Weighting
TRGP	Exit	TARGA RES CORP	$0	–	-8,308	–	-0.22%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-13,690	–	-0.25%	–
BPL	Exit	BUCKEYE PARTNERS L Punit ltd partn	$0	–	-11,355	–	-0.30%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-24,500	–	-0.32%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS L Punit ltd int	$0	–	-58,100	–	-0.76%	–
HESM	Exit	HESS MIDSTREAM PARTNERS LPunit ltd pr int	$0	–	-72,200	–	-0.90%	–
BPMP	Exit	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$0	–	-99,600	–	-0.94%	–
PSXP	Exit	PHILLIPS 66 PARTNERS LP	$0	–	-37,500	–	-1.37%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-77,000	–	-1.75%	–
EQM	Exit	EQM MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-102,462	–	-2.16%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-85,000	–	-2.28%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-142,800	–	-2.41%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-235,000	–	-2.74%	–
FTS	Exit	FORTIS INC	$0	–	-80,000	–	-2.88%	–
TGE	Exit	TALLGRASS ENERGY LP	$0	–	-234,700	–	-3.04%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS L	$0	–	-243,991	–	-3.91%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-53,000	–	-4.06%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-135,000	–	-4.26%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-324,300	–	-4.33%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-23,500	–	-4.45%	–
ENB	Exit	ENBRIDGE INC	$0	–	-152,503	–	-4.47%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-334,365	–	-5.18%	–
OKE	Exit	ONEOK INC NEW	$0	–	-112,795	–	-5.35%	–
MPLX	Exit	MPLX LP	$0	–	-307,737	–	-5.55%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-228,498	–	-9.74%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-1,306,058	–	-10.99%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-838,080	–	-15.41%	–

Q3 2019

			Value		Shares		↓ Weighting
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$23,952,000	-3.5%	838,080	-2.6%	15.41%	+2.7%
MPLX	Buy	MPLX LP	$8,620,000	-5.0%	307,737	+9.2%	5.55%	+1.2%
ENB	Buy	ENBRIDGE INC	$6,944,000	-0.4%	152,503	+1.3%	4.47%	+6.0%
WES	Sell	WESTERN MIDSTREAM PARTNERS L	$6,073,000	-25.2%	243,991	-7.6%	3.91%	-20.4%
AQN	Buy	ALGONQUIN PWR UTILS CORP	$4,263,000	+19.4%	235,000	+4.4%	2.74%	+27.0%
DCP	Buy	DCP MIDSTREAM LP	$3,743,000	-8.0%	142,800	+2.9%	2.41%	-2.0%
EQM	Sell	EQM MIDSTREAM PARTNERS LPunit ltd partn	$3,351,000	-35.6%	102,462	-12.0%	2.16%	-31.5%
BPMP	Buy	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$1,454,000	-2.7%	99,600	+3.1%	0.94%	+3.4%
BPL	Sell	BUCKEYE PARTNERS L Punit ltd partn	$467,000	-73.8%	11,355	-73.9%	0.30%	-72.2%
TRGP	Sell	TARGA RES CORP	$334,000	-75.9%	8,308	-76.5%	0.22%	-74.3%

Q2 2019

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$24,831,000	–	860,080	–	15.01%	–
ET	New	ENERGY TRANSFER LP	$18,389,000	–	1,306,058	–	11.12%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$14,624,000	–	228,498	–	8.84%	–
WMB	New	WILLIAMS COS INC DEL	$9,376,000	–	334,365	–	5.67%	–
MPLX	New	MPLX LP	$9,069,000	–	281,737	–	5.48%	–
WES	New	WESTERN MIDSTREAM PARTNERS L	$8,123,000	–	263,991	–	4.91%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$7,897,000	–	324,300	–	4.77%	–
OKE	New	ONEOK INC NEW	$7,761,000	–	112,795	–	4.69%	–
CP	New	CANADIAN PAC RY LTD	$7,248,000	–	23,500	–	4.38%	–
ENB	New	ENBRIDGE INC	$6,974,000	–	150,503	–	4.22%	–
PBA	New	PEMBINA PIPELINE CORP	$6,581,000	–	135,000	–	3.98%	–
CNI	New	CANADIAN NATL RY CO	$6,424,000	–	53,000	–	3.88%	–
EQM	New	EQM MIDSTREAM PARTNERS LPunit ltd partn	$5,204,000	–	116,462	–	3.15%	–
TGE	New	TALLGRASS ENERGY LP	$4,955,000	–	234,700	–	3.00%	–
FTS	New	FORTIS INC	$4,137,000	–	80,000	–	2.50%	–
DCP	New	DCP MIDSTREAM LP	$4,067,000	–	138,800	–	2.46%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$3,571,000	–	225,000	–	2.16%	–
SU	New	SUNCOR ENERGY INC NEW	$3,472,000	–	85,000	–	2.10%	–
CNQ	New	CANADIAN NAT RES LTD	$2,719,000	–	77,000	–	1.64%	–
PSXP	New	PHILLIPS 66 PARTNERS LP	$1,851,000	–	37,500	–	1.12%	–
BPL	New	BUCKEYE PARTNERS L Punit ltd partn	$1,784,000	–	43,455	–	1.08%	–
BPMP	New	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$1,495,000	–	96,600	–	0.90%	–
HESM	New	HESS MIDSTREAM PARTNERS LPunit ltd pr int	$1,408,000	–	72,200	–	0.85%	–
TRGP	New	TARGA RES CORP	$1,386,000	–	35,308	–	0.84%	–
SHLX	New	SHELL MIDSTREAM PARTNERS L Punit ltd int	$1,204,000	–	58,100	–	0.73%	–
KMI	New	KINDER MORGAN INC DEL	$512,000	–	24,500	–	0.31%	–
NS	New	NUSTAR ENERGY LP	$372,000	–	13,690	–	0.22%	–

Q4 2018

			Value		Shares		↓ Weighting
NS	Exit	NUSTAR ENERGY LP	$0	–	-13,690	–	-0.21%	–
TRGP	Exit	TARGA RES CORP	$0	–	-8,308	–	-0.26%	–
BPMP	Exit	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$0	–	-26,100	–	-0.28%	–
PSXP	Exit	PHILLIPS 66 PARTNERS LP	$0	–	-15,500	–	-0.44%	–
WGP	Exit	WESTERN GAS EQUITY PARTNERS	$0	–	-34,500	–	-0.58%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS L Punit ltd int	$0	–	-63,300	–	-0.76%	–
BPL	Exit	BUCKEYE PARTNERS L Punit ltd partn	$0	–	-44,821	–	-0.90%	–
AM	Exit	ANTERO MIDSTREAM PARTNERS LPunt ltd partn	$0	–	-72,100	–	-1.16%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-195,000	–	-1.46%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-249,800	–	-1.54%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-69,500	–	-1.64%	–
FTS	Exit	FORTIS INC	$0	–	-75,000	–	-1.76%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-77,000	–	-2.15%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-119,260	–	-2.38%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-99,000	–	-2.90%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-132,800	–	-2.94%	–
TGE	Exit	TALLGRASS ENERGY LP	$0	–	-228,800	–	-3.02%	–
ENB	Exit	ENBRIDGE INC	$0	–	-134,500	–	-3.14%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-135,000	–	-3.32%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-53,000	–	-3.44%	–
OKE	Exit	ONEOK INC NEW	$0	–	-94,582	–	-3.59%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-24,000	–	-3.67%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-266,153	–	-3.73%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-152,900	–	-3.74%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-144,789	–	-4.28%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-332,452	–	-5.06%	–
MPLX	Exit	MPLX LP	$0	–	-269,537	–	-5.23%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-643,980	–	-6.28%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$0	–	-555,380	–	-6.92%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-235,879	–	-8.94%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-888,346	–	-14.29%	–

Q3 2018

			Value		Shares		↓ Weighting
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$25,522,000	+4.2%	888,346	+0.4%	14.29%	+2.3%
MMP	Sell	MAGELLAN MIDSTREAM PRTNRS LP	$15,974,000	-9.0%	235,879	-7.2%	8.94%	-10.7%
MPLX	Buy	MPLX LP	$9,348,000	+7.2%	269,537	+5.5%	5.23%	+5.1%
WMB	New	WILLIAMS COS INC DEL	$9,039,000	–	332,452	–	5.06%	–
EQM	Buy	EQT MIDSTREAM PARTNERS LPunit ltd partn	$7,642,000	+48.0%	144,789	+44.6%	4.28%	+45.2%
OKE	Buy	ONEOK INC NEW	$6,412,000	-2.3%	94,582	+0.6%	3.59%	-4.1%
TGE	Buy	TALLGRASS ENERGY LP	$5,395,000	+547.7%	228,800	+508.5%	3.02%	+535.8%
TRP	Buy	TRANSCANADA CORP	$5,174,000	-3.2%	99,000	+5.3%	2.90%	-5.0%
SEP	Sell	SPECTRA ENERGY PARTNERS LP	$4,259,000	-27.1%	119,260	-27.7%	2.38%	-28.5%
SU	Buy	SUNCOR ENERGY INC NEW	$3,848,000	-1.5%	77,000	+5.5%	2.15%	-3.3%
CNQ	Buy	CANADIAN NAT RES LTD	$2,933,000	+11.4%	69,500	+25.2%	1.64%	+9.3%
AM	Buy	ANTERO MIDSTREAM PARTNERS LPunt ltd partn	$2,066,000	-0.1%	72,100	+2.9%	1.16%	-1.9%
SHLX	Buy	SHELL MIDSTREAM PARTNERS L Punit ltd int	$1,353,000	+25.0%	63,300	+29.7%	0.76%	+22.7%
WGP	Buy	WESTERN GAS EQUITY PARTNERS	$1,033,000	+0.7%	34,500	+20.2%	0.58%	-1.2%
PSXP	Buy	PHILLIPS 66 PARTNERS LP	$793,000	+230.4%	15,500	+229.8%	0.44%	+224.1%
BPMP	Buy	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$491,000	+79.9%	26,100	+100.8%	0.28%	+76.3%
NS	New	NUSTAR ENERGY LP	$381,000	–	13,690	–	0.21%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-11,800	–	-0.08%	–
RMP	Exit	RICE MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-77,100	–	-0.75%	–
TEP	Exit	TALLGRASS ENERGY PARTNERS LP	$0	–	-95,600	–	-2.36%	–
WPZ	Exit	WILLIAMS PARTNERS L P NEW	$0	–	-222,526	–	-5.15%	–

Q2 2018

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$24,484,000	–	884,846	–	13.97%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$17,562,000	–	254,221	–	10.02%	–
ET	New	ENERGY TRANSFER EQUITY L P	$11,109,000	–	643,980	–	6.34%	–
ETP	New	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$10,574,000	–	555,380	–	6.03%	–
WPZ	New	WILLIAMS PARTNERS L P NEW	$9,032,000	–	222,526	–	5.15%	–
MPLX	New	MPLX LP	$8,724,000	–	255,537	–	4.98%	–
WES	New	WESTERN GAS PARTNERS LP	$7,399,000	–	152,900	–	4.22%	–
OKE	New	ONEOK INC NEW	$6,563,000	–	93,982	–	3.74%	–
ENB	New	ENBRIDGE INC	$6,322,000	–	134,500	–	3.61%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$6,292,000	–	266,153	–	3.59%	–
PBA	New	PEMBINA PIPELINE CORP	$6,147,000	–	135,000	–	3.51%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$5,843,000	–	164,960	–	3.33%	–
CP	New	CANADIAN PAC RY LTD	$5,782,000	–	24,000	–	3.30%	–
CNI	New	CANADIAN NATL RY CO	$5,699,000	–	53,000	–	3.25%	–
TRP	New	TRANSCANADA CORP	$5,347,000	–	94,000	–	3.05%	–
DCP	New	DCP MIDSTREAM LP	$5,252,000	–	132,800	–	3.00%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$5,164,000	–	100,100	–	2.95%	–
TEP	New	TALLGRASS ENERGY PARTNERS LP	$4,140,000	–	95,600	–	2.36%	–
SU	New	SUNCOR ENERGY INC NEW	$3,906,000	–	73,000	–	2.23%	–
FTS	New	FORTIS INC	$3,152,000	–	75,000	–	1.80%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$2,730,000	–	249,800	–	1.56%	–
CNQ	New	CANADIAN NAT RES LTD	$2,633,000	–	55,500	–	1.50%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$2,477,000	–	195,000	–	1.41%	–
AM	New	ANTERO MIDSTREAM PARTNERS LPunt ltd partn	$2,069,000	–	70,100	–	1.18%	–
BPL	New	BUCKEYE PARTNERS L Punit ltd partn	$1,575,000	–	44,821	–	0.90%	–
RMP	New	RICE MIDSTREAM PARTNERS LPunit ltd partn	$1,312,000	–	77,100	–	0.75%	–
SHLX	New	SHELL MIDSTREAM PARTNERS L Punit ltd int	$1,082,000	–	48,800	–	0.62%	–
WGP	New	WESTERN GAS EQUITY PARTNERS	$1,026,000	–	28,700	–	0.58%	–
TGE	New	TALLGRASS ENERGY GP LP	$833,000	–	37,600	–	0.48%	–
TRGP	New	TARGA RES CORP	$411,000	–	8,308	–	0.23%	–
BPMP	New	BP MIDSTREAM PARTNERS LPunit ltd ptnr	$273,000	–	13,000	–	0.16%	–
PSXP	New	PHILLIPS 66 PARTNERS LP	$240,000	–	4,700	–	0.14%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$146,000	–	11,800	–	0.08%	–

Q4 2017

			Value		Shares		↓ Weighting
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-11,800	–	-0.14%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-7,200	–	-0.16%	–
TRGP	Exit	TARGA RES CORP	$0	–	-8,308	–	-0.22%	–
GEL	Exit	GENESIS ENERGY L Punit ltd partn	$0	–	-25,000	–	-0.36%	–
TGE	Exit	TALLGRASS ENERGY GP LP	$0	–	-45,600	–	-0.71%	–
WGP	Exit	WESTERN GAS EQUITY PARTNERS	$0	–	-33,500	–	-0.76%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-106,000	–	-0.77%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-33,500	–	-0.78%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS L Punit ltd int	$0	–	-58,500	–	-0.90%	–
RMP	Exit	RICE MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-89,600	–	-1.04%	–
AM	Exit	ANTERO MIDSTREAM PARTNERS LPunt ltd partn	$0	–	-70,300	–	-1.23%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-52,000	–	-1.26%	–
FTS	Exit	FORTIS INC	$0	–	-57,400	–	-1.42%	–
BPL	Exit	BUCKEYE PARTNERS L Punit ltd partn	$0	–	-65,531	–	-2.07%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-282,800	–	-2.50%	–
DCP	Exit	DCP MIDSTREAM LP	$0	–	-132,800	–	-2.55%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-74,600	–	-2.55%	–
TEP	Exit	TALLGRASS ENERGY PARTNERS LP	$0	–	-110,100	–	-2.92%	–
OKE	Exit	ONEOK INC NEW	$0	–	-99,129	–	-3.04%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-300,800	–	-3.53%	–
ENB	Exit	ENBRIDGE INC	$0	–	-123,100	–	-3.55%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-30,850	–	-3.58%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-171,587	–	-4.16%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-105,700	–	-4.39%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-76,900	–	-4.40%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-179,660	–	-4.42%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-163,600	–	-4.65%	–
WPZ	Exit	WILLIAMS PARTNERS L P NEW	$0	–	-234,439	–	-5.05%	–
MPLX	Exit	MPLX LP	$0	–	-262,837	–	-5.10%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-691,180	–	-6.65%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-275,480	–	-10.84%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-987,881	–	-14.27%	–

Q3 2017

			Value		Shares		↓ Weighting
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$25,754,000	-2.8%	987,881	+0.9%	14.27%	-2.8%
MPLX	Buy	MPLX LP	$9,202,000	+11.8%	262,837	+6.7%	5.10%	+11.9%
WPZ	Buy	WILLIAMS PARTNERS L P NEW	$9,120,000	-2.6%	234,439	+0.4%	5.05%	-2.5%
SEP	Buy	SPECTRA ENERGY PARTNERS LP	$7,973,000	+9.7%	179,660	+6.0%	4.42%	+9.8%
EQM	Buy	EQT MIDSTREAM PARTNERS LPunit ltd partn	$7,924,000	+4.1%	105,700	+3.6%	4.39%	+4.2%
OKE	New	ONEOK INC NEW	$5,493,000	–	99,129	–	3.04%	–
TEP	Buy	TALLGRASS ENERGY PARTNERS LP	$5,273,000	+0.2%	110,100	+4.8%	2.92%	+0.2%
TRP	Buy	TRANSCANADA CORP	$4,601,000	+15.2%	74,600	+15.5%	2.55%	+15.3%
AM	Buy	ANTERO MIDSTREAM PARTNERS LPunt ltd partn	$2,217,000	+5.6%	70,300	+11.1%	1.23%	+5.7%
SHLX	Buy	SHELL MIDSTREAM PARTNERS L Punit ltd int	$1,629,000	+2.6%	58,500	+11.6%	0.90%	+2.6%
WGP	Buy	WESTERN GAS EQUITY PARTNERS	$1,380,000	+27.3%	33,500	+32.9%	0.76%	+27.3%
TGE	Buy	TALLGRASS ENERGY GP LP	$1,288,000	+17.5%	45,600	+5.8%	0.71%	+17.5%
GEL	Buy	GENESIS ENERGY L Punit ltd partn	$659,000	-13.5%	25,000	+4.2%	0.36%	-13.5%
OKS	Exit	ONEOK PARTNERS LPunit ltd partn	$0	–	-100,640	–	-2.84%	–

Q2 2017

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$26,502,000	–	978,670	–	14.67%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$19,633,000	–	275,480	–	10.87%	–
ET	New	ENERGY TRANSFER EQUITY L P	$12,414,000	–	691,180	–	6.87%	–
WPZ	New	WILLIAMS PARTNERS L P NEW	$9,363,000	–	233,439	–	5.18%	–
WES	New	WESTERN GAS PARTNERS LP	$9,152,000	–	163,600	–	5.07%	–
MPLX	New	MPLX LP	$8,231,000	–	246,437	–	4.56%	–
CNI	New	CANADIAN NATL RY CO	$8,091,000	–	76,900	–	4.48%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$7,902,000	–	300,800	–	4.37%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$7,612,000	–	102,000	–	4.21%	–
PBA	New	PEMBINA PIPELINE CORP	$7,370,000	–	171,587	–	4.08%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$7,270,000	–	169,460	–	4.02%	–
CP	New	CANADIAN PAC RY LTD	$6,437,000	–	30,850	–	3.56%	–
ENB	New	ENBRIDGE INC	$6,359,000	–	123,100	–	3.52%	–
TEP	New	TALLGRASS ENERGY PARTNERS LP	$5,264,000	–	105,100	–	2.91%	–
OKS	New	ONEOK PARTNERS LPunit ltd partn	$5,140,000	–	100,640	–	2.84%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$4,525,000	–	282,800	–	2.50%	–
DCP	New	DCP MIDSTREAM LP	$4,493,000	–	132,800	–	2.49%	–
BPL	New	BUCKEYE PARTNERS L Punit ltd partn	$4,189,000	–	65,531	–	2.32%	–
TRP	New	TRANSCANADA CORP	$3,994,000	–	64,600	–	2.21%	–
FTS	New	FORTIS INC	$2,616,000	–	57,400	–	1.45%	–
AM	New	ANTERO MIDSTREAM PARTNERS LPunt ltd partn	$2,100,000	–	63,300	–	1.16%	–
SU	New	SUNCOR ENERGY INC NEW	$1,970,000	–	52,000	–	1.09%	–
RMP	New	RICE MIDSTREAM PARTNERS LPunit ltd partn	$1,787,000	–	89,600	–	0.99%	–
SHLX	New	SHELL MIDSTREAM PARTNERS L Punit ltd int	$1,588,000	–	52,400	–	0.88%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$1,447,000	–	106,000	–	0.80%	–
CNQ	New	CANADIAN NAT RES LTD	$1,254,000	–	33,500	–	0.69%	–
TGE	New	TALLGRASS ENERGY GP LP	$1,096,000	–	43,100	–	0.61%	–
WGP	New	WESTERN GAS EQUITY PARTNERS	$1,084,000	–	25,200	–	0.60%	–
GEL	New	GENESIS ENERGY L Punit ltd partn	$762,000	–	24,000	–	0.42%	–
TRGP	New	TARGA RES CORP	$376,000	–	8,308	–	0.21%	–
NS	New	NUSTAR ENERGY LP	$336,000	–	7,200	–	0.19%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$289,000	–	11,800	–	0.16%	–

Q4 2016

			Value		Shares		↓ Weighting
NS	Exit	NUSTAR ENERGY LP	$0	–	-6,700	–	-0.17%	–
TRGP	Exit	TARGA RES CORP	$0	–	-8,308	–	-0.21%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT L	$0	–	-16,552	–	-0.22%	–
CPG	Exit	CRESCENT PT ENERGY CORP	$0	–	-35,700	–	-0.32%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-26,322	–	-0.35%	–
CPPL	Exit	COLUMBIA PIPELINE PARTNERS L	$0	–	-47,000	–	-0.40%	–
WGP	Exit	WESTERN GAS EQUITY PARTNERS	$0	–	-20,400	–	-0.46%	–
TGE	Exit	TALLGRASS ENERGY GP LP	$0	–	-36,500	–	-0.46%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-23,500	–	-0.52%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS L Punit ltd int	$0	–	-37,100	–	-0.62%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-47,000	–	-0.90%	–
GEL	Exit	GENESIS ENERGY L Punit ltd partn	$0	–	-68,100	–	-1.36%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-52,100	–	-1.70%	–
OKS	Exit	ONEOK PARTNERS LPunit ltd partn	$0	–	-102,240	–	-2.14%	–
TEP	Exit	TALLGRASS ENERGY PARTNERS LP	$0	–	-89,400	–	-2.26%	–
BPL	Exit	BUCKEYE PARTNERS L Punit ltd partn	$0	–	-61,431	–	-2.31%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-124,600	–	-2.31%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-118,160	–	-2.71%	–
ENB	Exit	ENBRIDGE INC	$0	–	-104,100	–	-3.15%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-30,850	–	-3.24%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-157,587	–	-3.31%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-76,900	–	-3.46%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-264,100	–	-3.52%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-91,100	–	-3.64%	–
WPZ	Exit	WILLIAMS PARTNERS L P NEW	$0	–	-226,039	–	-4.41%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-156,900	–	-4.53%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-248,138	–	-4.82%	–
MPLX	Exit	MPLX LP	$0	–	-292,524	–	-5.20%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-358,400	–	-5.34%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-331,300	–	-5.46%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-691,180	–	-6.09%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-276,880	–	-10.28%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-972,920	–	-14.11%	–

Q3 2016

			Value		Shares		↓ Weighting
MMP	Sell	MAGELLAN MIDSTREAM PRTNRS LP	$19,586,000	-13.2%	276,880	-6.7%	10.28%	-15.1%
ETP	Buy	ENERGY TRANSFER PRTNRS L Punit ltd partn	$9,181,000	+6.5%	248,138	+9.6%	4.82%	+4.2%
EQM	Buy	EQT MIDSTREAM PARTNERS LPunit ltd partn	$6,941,000	+4.3%	91,100	+9.9%	3.64%	+2.0%
SEP	Buy	SPECTRA ENERGY PARTNERS LP	$5,162,000	-5.0%	118,160	+2.6%	2.71%	-7.1%
TRP	Buy	TRANSCANADA CORP	$3,246,000	+17.9%	52,100	+10.6%	1.70%	+15.3%
GEL	Buy	GENESIS ENERGY L Punit ltd partn	$2,586,000	+3.5%	68,100	+4.6%	1.36%	+1.3%
SHLX	Buy	SHELL MIDSTREAM PARTNERS L Punit ltd int	$1,190,000	+85.4%	37,100	+95.3%	0.62%	+81.7%
NSH	Sell	NUSTAR GP HOLDINGS LLCunit restg llc	$673,000	-48.9%	26,322	-48.7%	0.35%	-50.0%
EEQ	Buy	ENBRIDGE ENERGY MANAGEMENT L	$421,000	+34.1%	16,552	+21.3%	0.22%	+31.5%

Q2 2016

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$28,468,000	–	972,920	–	15.28%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$22,563,000	–	296,880	–	12.11%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$10,304,000	–	358,400	–	5.53%	–
ET	New	ENERGY TRANSFER EQUITY L P	$9,932,000	–	691,180	–	5.33%	–
MPLX	New	MPLX LP	$9,838,000	–	292,524	–	5.28%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$9,107,000	–	331,300	–	4.89%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$8,617,000	–	226,338	–	4.62%	–
WES	New	WESTERN GAS PARTNERS LP	$7,908,000	–	156,900	–	4.24%	–
WPZ	New	WILLIAMS PARTNERS L P NEW	$7,830,000	–	226,039	–	4.20%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$6,657,000	–	82,900	–	3.57%	–
PBA	New	PEMBINA PIPELINE CORP	$6,187,000	–	157,587	–	3.32%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$6,127,000	–	264,100	–	3.29%	–
CNI	New	CANADIAN NATL RY CO	$5,867,000	–	76,900	–	3.15%	–
ENB	New	ENBRIDGE INC	$5,697,000	–	104,100	–	3.06%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$5,433,000	–	115,160	–	2.92%	–
CP	New	CANADIAN PAC RY LTD	$5,131,000	–	30,850	–	2.75%	–
BPL	New	BUCKEYE PARTNERS L Punit ltd partn	$4,320,000	–	61,431	–	2.32%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$4,297,000	–	124,600	–	2.31%	–
TEP	New	TALLGRASS ENERGY PARTNERS LP	$4,114,000	–	89,400	–	2.21%	–
OKS	New	ONEOK PARTNERS LPunit ltd partn	$4,096,000	–	102,240	–	2.20%	–
TRP	New	TRANSCANADA CORP	$2,753,000	–	47,100	–	1.48%	–
GEL	New	GENESIS ENERGY L Punit ltd partn	$2,498,000	–	65,100	–	1.34%	–
SU	New	SUNCOR ENERGY INC NEW	$1,684,000	–	47,000	–	0.90%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$1,316,000	–	51,322	–	0.71%	–
CNQ	New	CANADIAN NAT RES LTD	$937,000	–	23,500	–	0.50%	–
TGE	New	TALLGRASS ENERGY GP LP	$824,000	–	36,500	–	0.44%	–
WGP	New	WESTERN GAS EQUITY PARTNERS	$780,000	–	20,400	–	0.42%	–
CPG	New	CRESCENT PT ENERGY CORP	$729,000	–	35,700	–	0.39%	–
CPPL	New	COLUMBIA PIPELINE PARTNERS L	$705,000	–	47,000	–	0.38%	–
SHLX	New	SHELL MIDSTREAM PARTNERS L Punit ltd int	$642,000	–	19,000	–	0.34%	–
TRGP	New	TARGA RES CORP	$350,000	–	8,308	–	0.19%	–
NS	New	NUSTAR ENERGY LP	$334,000	–	6,700	–	0.18%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT L	$314,000	–	13,640	–	0.17%	–

Q4 2015

			Value		Shares		↓ Weighting
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT L	$0	–	-10,000	–	-0.14%	–
WGP	Exit	WESTERN GAS EQUITY PARTNERS	$0	–	-6,600	–	-0.15%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-6,700	–	-0.17%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-11,500	–	-0.24%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-19,000	–	-0.30%	–
CPG	Exit	CRESCENT PT ENERGY CORP	$0	–	-35,700	–	-0.32%	–
GRPU	Exit	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$0	–	-14,700	–	-0.32%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-23,500	–	-0.35%	–
TGE	Exit	TALLGRASS ENERGY GP LP	$0	–	-40,800	–	-0.47%	–
GEL	Exit	GENESIS ENERGY L Punit ltd partn	$0	–	-25,000	–	-0.55%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-51,322	–	-0.79%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-47,000	–	-0.97%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-44,100	–	-1.08%	–
OKS	Exit	ONEOK PARTNERS LPunit ltd partn	$0	–	-90,240	–	-1.53%	–
TEP	Exit	TALLGRASS ENERGY PARTNERS LP	$0	–	-69,000	–	-1.57%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-148,100	–	-2.07%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-90,060	–	-2.09%	–
BPL	Exit	BUCKEYE PARTNERS L Punit ltd partn	$0	–	-61,431	–	-2.10%	–
MPLX	Exit	MPLX LP	$0	–	-107,430	–	-2.37%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-148,333	–	-2.37%	–
EQM	Exit	EQT MIDSTREAM PARTNERS LPunit ltd partn	$0	–	-63,400	–	-2.43%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-136,587	–	-2.54%	–
NGLS	Exit	TARGA RESOURCES PARTNERS LP	$0	–	-159,940	–	-2.68%	–
ENB	Exit	ENBRIDGE INC	$0	–	-104,100	–	-2.98%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-76,900	–	-3.37%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-30,850	–	-3.42%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-242,100	–	-3.46%	–
MWE	Exit	MARKWEST ENERGY PARTNERS L Punit ltd partn	$0	–	-159,720	–	-3.96%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-171,268	–	-4.06%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-151,600	–	-4.10%	–
WPZ	Exit	WILLIAMS PARTNERS L P NEW	$0	–	-223,039	–	-4.11%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-339,700	–	-5.63%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-321,000	–	-5.64%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-638,780	–	-7.68%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-296,880	–	-10.31%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-949,820	–	-13.67%	–

Q3 2015

			Value		Shares		↓ Weighting
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$23,651,000	-17.5%	949,820	-0.9%	13.67%	+2.7%
ET	Buy	ENERGY TRANSFER EQUITY L P	$13,293,000	-33.9%	638,780	+103.7%	7.68%	-17.7%
PAA	Sell	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$9,752,000	-31.0%	321,000	-1.1%	5.64%	-14.1%
SXL	Buy	SUNOCO LOGISTICS PRTNRS L P	$9,736,000	-23.6%	339,700	+1.3%	5.63%	-4.9%
WPZ	New	WILLIAMS PARTNERS L P NEW	$7,119,000	–	223,039	–	4.11%	–
ETP	Buy	ENERGY TRANSFER PRTNRS L Punit ltd partn	$7,034,000	+32.9%	171,268	+69.0%	4.06%	+65.5%
EQM	Buy	EQT MIDSTREAM PARTNERS LPunit ltd partn	$4,205,000	+97.6%	63,400	+142.9%	2.43%	+146.0%
KMI	Buy	KINDER MORGAN INC DEL	$4,106,000	-15.9%	148,333	+16.6%	2.37%	+4.7%
SEP	Buy	SPECTRA ENERGY PARTNERS LP	$3,622,000	-8.7%	90,060	+4.6%	2.09%	+13.7%
TEP	Buy	TALLGRASS ENERGY PARTNERS LP	$2,711,000	-4.6%	69,000	+16.8%	1.57%	+18.8%
GEL	New	GENESIS ENERGY L Punit ltd partn	$959,000	–	25,000	–	0.55%	–
TGE	Buy	TALLGRASS ENERGY GP LP	$811,000	-34.1%	40,800	+6.5%	0.47%	-17.9%
POT	Buy	POTASH CORP SASK INC	$521,000	+3.6%	19,000	+46.2%	0.30%	+29.2%
WGP	Sell	WESTERN GAS EQUITY PARTNERS	$260,000	-90.5%	6,600	-85.5%	0.15%	-88.2%
EEQ	Sell	ENBRIDGE ENERGY MANAGEMENT L	$238,000	-92.9%	10,000	-90.2%	0.14%	-91.2%
CVE	Exit	CENOVUS ENERGY INC	$0	–	-50,100	–	-0.46%	–
TRGP	Exit	TARGA RES CORP	$0	–	-21,900	–	-0.91%	–
PAGP	Exit	PLAINS GP HLDGS L P	$0	–	-111,700	–	-1.34%	–

Q2 2015

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$28,659,000	–	958,820	–	13.30%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$21,785,000	–	296,880	–	10.11%	–
ET	New	ENERGY TRANSFER EQUITY L P	$20,120,000	–	313,540	–	9.34%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$14,138,000	–	324,500	–	6.56%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$12,748,000	–	335,200	–	5.92%	–
WES	New	WESTERN GAS PARTNERS LP	$9,607,000	–	151,600	–	4.46%	–
MWE	New	MARKWEST ENERGY PARTNERS L Punit ltd partn	$9,005,000	–	159,720	–	4.18%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$8,069,000	–	242,100	–	3.74%	–
MPLX	New	MPLX LP	$7,668,000	–	107,430	–	3.56%	–
NGLS	New	TARGA RESOURCES PARTNERS LP	$6,174,000	–	159,940	–	2.87%	–
CP	New	CANADIAN PAC RY LTD	$6,171,000	–	30,850	–	2.86%	–
ENB	New	ENBRIDGE INC	$6,080,000	–	104,100	–	2.82%	–
CNI	New	CANADIAN NATL RY CO	$5,541,000	–	76,900	–	2.57%	–
PBA	New	PEMBINA PIPELINE CORP	$5,514,000	–	136,587	–	2.56%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$5,291,000	–	101,368	–	2.46%	–
KMI	New	KINDER MORGAN INC DEL	$4,884,000	–	127,233	–	2.27%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$4,545,000	–	148,100	–	2.11%	–
BPL	New	BUCKEYE PARTNERS L Punit ltd partn	$4,542,000	–	61,431	–	2.11%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$3,967,000	–	86,060	–	1.84%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT L	$3,370,000	–	102,134	–	1.56%	–
OKS	New	ONEOK PARTNERS LPunit ltd partn	$3,068,000	–	90,240	–	1.42%	–
PAGP	New	PLAINS GP HLDGS L P	$2,886,000	–	111,700	–	1.34%	–
TEP	New	TALLGRASS ENERGY PARTNERS LP	$2,842,000	–	59,100	–	1.32%	–
WGP	New	WESTERN GAS EQUITY PARTNERS	$2,736,000	–	45,600	–	1.27%	–
TRP	New	TRANSCANADA CORP	$2,239,000	–	44,100	–	1.04%	–
EQM	New	EQT MIDSTREAM PARTNERS LPunit ltd partn	$2,128,000	–	26,100	–	0.99%	–
TRGP	New	TARGA RES CORP	$1,954,000	–	21,900	–	0.91%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$1,953,000	–	51,322	–	0.91%	–
SU	New	SUNCOR ENERGY INC NEW	$1,617,000	–	47,000	–	0.75%	–
TGE	New	TALLGRASS ENERGY GP LP	$1,231,000	–	38,300	–	0.57%	–
CVE	New	CENOVUS ENERGY INC	$1,000,000	–	50,100	–	0.46%	–
CPG	New	CRESCENT PT ENERGY CORP	$915,000	–	35,700	–	0.42%	–
CNQ	New	CANADIAN NAT RES LTD	$797,000	–	23,500	–	0.37%	–
WMB	New	WILLIAMS COS INC DEL	$660,000	–	11,500	–	0.31%	–
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$632,000	–	14,700	–	0.29%	–
POT	New	POTASH CORP SASK INC	$503,000	–	13,000	–	0.23%	–
NS	New	NUSTAR ENERGY LP	$398,000	–	6,700	–	0.18%	–

Q4 2014

			Value		Shares		↓ Weighting
CEQP	Exit	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$0	–	-12,040	–	-0.05%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-6,700	–	-0.17%	–
KMI	Exit	KINDER MORGAN ORD SHS	$0	–	-12,300	–	-0.18%	–
OKE	Exit	ONEOK INC NEW	$0	–	-7,200	–	-0.18%	–
GRPU	Exit	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$0	–	-14,700	–	-0.22%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-14,500	–	-0.31%	–
WGP	Exit	WESTERN GAS EQUITY PARTNERS	$0	–	-16,500	–	-0.38%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-23,500	–	-0.39%	–
BTEGF	Exit	BAYTEX ENERGY CORP	$0	–	-32,800	–	-0.53%	–
CPG	Exit	CRESCENT PT ENERGY CORP	$0	–	-35,700	–	-0.55%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-50,100	–	-0.58%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-29,100	–	-0.64%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-47,000	–	-0.73%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-31,500	–	-0.77%	–
PAGP	Exit	PLAINS GP HLDGS L P	$0	–	-76,900	–	-0.90%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERut ltd partner	$0	–	-32,169	–	-1.15%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-71,800	–	-1.20%	–
KMR	Exit	KINDER MORGAN MANAGEMENT LLC	$0	–	-33,348	–	-1.20%	–
TRGP	Exit	TARGA RES CORP	$0	–	-24,830	–	-1.30%	–
WPZ	Exit	WILLIAMS PARTNERS L P	$0	–	-71,520	–	-1.45%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT L	$0	–	-103,830	–	-1.48%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-86,060	–	-1.75%	–
OKS	Exit	ONEOK PARTNERS LPunit ltd partn	$0	–	-87,040	–	-1.86%	–
BPL	Exit	BUCKEYE PARTNERS L Punit ltd partn	$0	–	-61,431	–	-1.87%	–
ENB	Exit	ENBRIDGE INC	$0	–	-102,100	–	-2.10%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-126,387	–	-2.28%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-76,900	–	-2.34%	–
MPLX	Exit	MPLX LP	$0	–	-106,430	–	-2.40%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-30,850	–	-2.74%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-147,160	–	-3.07%	–
2108SC	Exit	EL PASO PIPELINE PARTNERS L	$0	–	-211,100	–	-3.25%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-242,100	–	-3.60%	–
L109PS	Exit	ACCESS MIDSTREAM PARTNERS Lunit	$0	–	-163,750	–	-3.99%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-140,600	–	-4.04%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-227,400	–	-4.20%	–
NGLS	Exit	TARGA RESOURCES PARTNERS LP	$0	–	-156,940	–	-4.35%	–
MWE	Exit	MARKWEST ENERGY PARTNERS L Punit ltd partn	$0	–	-155,720	–	-4.58%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-280,200	–	-6.32%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-289,040	–	-6.83%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-290,580	–	-9.37%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-952,820	–	-14.70%	–

Q3 2014

			Value		Shares		↓ Weighting
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$38,399,000	+3.4%	952,820	+100.8%	14.70%	-0.3%
MMP	Sell	MAGELLAN MIDSTREAM PRTNRS LP	$24,461,000	+0.1%	290,580	-0.1%	9.37%	-3.5%
MWE	Buy	MARKWEST ENERGY PARTNERS L Punit ltd partn	$11,962,000	+9.4%	155,720	+2.0%	4.58%	+5.6%
SXL	Buy	SUNOCO LOGISTICS PRTNRS L P	$10,974,000	+6.4%	227,400	+3.8%	4.20%	+2.6%
WES	Buy	WESTERN GAS PARTNERS LP	$10,545,000	-0.2%	140,600	+1.8%	4.04%	-3.7%
L109PS	Buy	ACCESS MIDSTREAM PARTNERS Lunit	$10,421,000	+3.3%	163,750	+3.1%	3.99%	-0.4%
EEP	Buy	ENBRIDGE ENERGY PARTNERS L P	$9,406,000	+10.7%	242,100	+5.2%	3.60%	+6.8%
CP	Buy	CANADIAN PAC RY LTD	$7,170,000	+1325.4%	30,850	+48.3%	2.74%	+1272.5%
MPLX	Buy	MPLX LP	$6,273,000	+4.6%	106,430	+14.4%	2.40%	+0.8%
ENB	Buy	ENBRIDGE INC	$5,474,000	+243.4%	102,100	+203.0%	2.10%	+231.1%
EEQ	Buy	ENBRIDGE ENERGY MANAGEMENT L	$3,864,000	+8.3%	103,830	+2.6%	1.48%	+4.5%
KMR	Sell	KINDER MORGAN MANAGEMENT LLC	$3,140,000	+3.5%	33,348	-26.0%	1.20%	-0.2%
NSH	Sell	NUSTAR GP HOLDINGS LLCunit restg llc	$3,123,000	-13.9%	71,800	-22.6%	1.20%	-16.9%
PAGP	Buy	PLAINS GP HLDGS L P	$2,357,000	+3.9%	76,900	+8.5%	0.90%	+0.2%
ETP	Sell	ENERGY TRANSFER PRTNRS L Punit ltd partn	$2,016,000	-19.1%	31,500	-26.7%	0.77%	-22.0%
CVE	Buy	CENOVUS ENERGY INC	$1,510,000	-74.7%	50,100	+62.4%	0.58%	-75.6%
CPG	Sell	CRESCENT PT ENERGY CORP	$1,443,000	-16.7%	35,700	-28.7%	0.55%	-19.6%
CNQ	New	CANADIAN NAT RES LTD	$1,022,000	–	23,500	–	0.39%	–
WGP	Buy	WESTERN GAS EQUITY PARTNERS	$1,006,000	+129.2%	16,500	+135.7%	0.38%	+121.3%
GRPU	Sell	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$566,000	-85.1%	14,700	-86.8%	0.22%	-85.6%
KMI	New	KINDER MORGAN ORD SHS	$472,000	–	12,300	–	0.18%	–
CEQP	Sell	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$127,000	-84.7%	12,040	-78.4%	0.05%	-85.1%

Q2 2014

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$37,142,000	–	474,410	–	14.74%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRSLP	$24,446,000	–	290,880	–	9.70%	–
ET	New	ENERGY TRANSFER EQUITY L P	$17,036,000	–	289,040	–	6.76%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$16,826,000	–	280,200	–	6.68%	–
NGLS	New	TARGA RESOURCES PARTNERS LP	$11,287,000	–	156,940	–	4.48%	–
MWE	New	MARKWEST ENERGY PARTNERS L Punit ltd partn	$10,932,000	–	152,720	–	4.34%	–
WES	New	WESTERN GAS PARTNERS LP	$10,562,000	–	138,100	–	4.19%	–
SXL	New	SUNOCO LOGISTICS PRTNRSL P	$10,317,000	–	219,000	–	4.10%	–
L109PS	New	ACCESS MIDSTREAM PARTNERS Lunit	$10,089,000	–	158,750	–	4.00%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$8,498,000	–	230,100	–	3.37%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$8,388,000	–	147,160	–	3.33%	–
2108SC	New	EL PASO PIPELINE PARTNERS L	$7,648,000	–	211,100	–	3.04%	–
MPLX	New	MPLX LP	$6,000,000	–	93,030	–	2.38%	–
CVE	New	CENOVUS ENERGY INC	$5,964,000	–	30,850	–	2.37%	–
PBA	New	PEMBINA PIPELINE CORP	$5,802,000	–	126,387	–	2.30%	–
CNI	New	CANADIAN NATL RY CO	$5,337,000	–	76,900	–	2.12%	–
BPL	New	BUCKEYE PARTNERS L Punit ltd partn	$5,102,000	–	61,431	–	2.02%	–
OKS	New	ONEOK PARTNERS LPunit ltd partn	$5,101,000	–	87,040	–	2.02%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$4,591,000	–	86,060	–	1.82%	–
WPZ	New	WILLIAMS PARTNERS L P	$3,883,000	–	71,520	–	1.54%	–
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$3,802,000	–	111,700	–	1.51%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$3,629,000	–	92,800	–	1.44%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT L	$3,567,000	–	101,189	–	1.42%	–
TRGP	New	TARGA RES CORP	$3,466,000	–	24,830	–	1.38%	–
KMR	New	KINDER MORGAN MANAGEMENT LLC	$3,033,000	–	45,078	–	1.20%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERut ltd partner	$2,645,000	–	32,169	–	1.05%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$2,493,000	–	43,000	–	0.99%	–
PAGP	New	PLAINS GP HLDGSL P	$2,268,000	–	70,900	–	0.90%	–
SU	New	SUNCOR ENERGY INC NEW	$2,139,000	–	47,000	–	0.85%	–
CPG	New	CRESCENT PT ENERGY CORP	$1,733,000	–	50,100	–	0.69%	–
BTEGF	New	BAYTEX ENERGY CORP	$1,615,000	–	32,800	–	0.64%	–
ENB	New	ENBRIDGE INC	$1,594,000	–	33,700	–	0.63%	–
TRP	New	TRANSCANADA CORP	$1,482,000	–	29,100	–	0.59%	–
WMB	New	WILLIAMS COS INC DEL	$844,000	–	14,500	–	0.34%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$830,000	–	55,787	–	0.33%	–
CP	New	CANADIAN PAC RYLTD	$503,000	–	20,800	–	0.20%	–
OKE	New	ONEOK INC NEW	$490,000	–	7,200	–	0.19%	–
WGP	New	WESTERN GAS EQUITY PARTNERS	$439,000	–	7,000	–	0.17%	–
NS	New	NUSTAR ENERGY LP	$415,000	–	6,700	–	0.16%	–

Q4 2013

			Value		Shares		↓ Weighting
NS	Exit	NUSTAR ENERGY LP	$0	–	-6,700	–	-0.14%	–
OKE	Exit	ONEOK INC NEW	$0	–	-6,100	–	-0.17%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-10,500	–	-0.20%	–
NRGM	Exit	INERGY MIDSTREAM LPu ltd partners	$0	–	-24,101	–	-0.28%	–
NRGY	Exit	INERGY L Punit ltd ptnr	$0	–	-55,787	–	-0.41%	–
GRPU	Exit	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$0	–	-24,700	–	-0.49%	–
TRGP	Exit	TARGA RES CORP	$0	–	-17,130	–	-0.67%	–
BTEGF	Exit	BAYTEX ENERGY CORP	$0	–	-29,800	–	-0.68%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-29,100	–	-0.70%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-47,000	–	-0.93%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-63,500	–	-1.04%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-43,000	–	-1.20%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERut ltd partner	$0	–	-32,169	–	-1.37%	–
MPLX	Exit	MPLX LP	$0	–	-73,030	–	-1.42%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT L	$0	–	-92,983	–	-1.43%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-125,600	–	-1.51%	–
KMR	Exit	KINDER MORGAN MANAGEMENT LLC	$0	–	-38,369	–	-1.54%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-82,060	–	-1.93%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-35,600	–	-1.99%	–
WPZ	Exit	WILLIAMS PARTNERS L P	$0	–	-71,520	–	-2.02%	–
ENB	Exit	ENBRIDGE INC	$0	–	-91,200	–	-2.10%	–
BPL	Exit	BUCKEYE PARTNERS L Punit ltd partn	$0	–	-61,431	–	-2.15%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-125,287	–	-2.29%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-34,700	–	-2.36%	–
OKS	Exit	ONEOK PARTNERS LPunit ltd partn	$0	–	-85,040	–	-2.41%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-182,400	–	-2.97%	–
L109PS	Exit	ACCESS MIDSTREAM PARTNERS Lunit	$0	–	-131,150	–	-3.39%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-130,360	–	-3.46%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-101,000	–	-3.59%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-127,900	–	-4.12%	–
NGLS	Exit	TARGA RESOURCES PARTNERS LP	$0	–	-156,940	–	-4.32%	–
2108SC	Exit	EL PASO PIPELINE PARTNERS L	$0	–	-218,620	–	-4.94%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-144,520	–	-5.09%	–
MWE	Exit	MARKWEST ENERGY PARTNERS L Punit ltd partn	$0	–	-140,520	–	-5.43%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-262,000	–	-7.38%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-290,880	–	-8.78%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-461,510	–	-15.07%	–

Q3 2013

			Value		Shares		↓ Weighting
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$28,171,000	+2.8%	461,510	-10.7%	15.07%	-1.0%
MMP	Sell	MAGELLAN MIDSTREAM PRTNRS LP	$16,414,000	+0.6%	290,880	-1.3%	8.78%	-3.1%
PAA	Buy	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$13,797,000	-2.3%	262,000	+3.3%	7.38%	-6.0%
MWE	Buy	MARKWEST ENERGY PARTNERS L Punit ltd partn	$10,149,000	+11.7%	140,520	+2.6%	5.43%	+7.6%
ET	Buy	ENERGY TRANSFER EQUITY L P	$9,506,000	+12.0%	144,520	+0.3%	5.09%	+7.8%
2108SC	Buy	EL PASO PIPELINE PARTNERS L	$9,229,000	-2.1%	218,620	+3.7%	4.94%	-5.8%
NGLS	Sell	TARGA RESOURCES PARTNERS LP	$8,078,000	-2.4%	156,940	-3.2%	4.32%	-6.1%
WES	Buy	WESTERN GAS PARTNERS LP	$7,691,000	+3.3%	127,900	+9.6%	4.12%	-0.5%
SXL	Buy	SUNOCO LOGISTICS PRTNRS L P	$6,711,000	+18.4%	101,000	+9.3%	3.59%	+14.0%
DCP	Buy	DCP MIDSTREAM PARTNERS LP	$6,473,000	-4.6%	130,360	+5.4%	3.46%	-8.1%
L109PS	Buy	ACCESS MIDSTREAM PARTNERS Lunit	$6,336,000	+13.7%	131,150	+12.2%	3.39%	+9.4%
EEP	Sell	ENBRIDGE ENERGY PARTNERS L P	$5,554,000	-11.1%	182,400	-7.3%	2.97%	-14.4%
OKS	Buy	ONEOK PARTNERS LPunit ltd partn	$4,509,000	+7.8%	85,040	+0.4%	2.41%	+3.8%
BPL	Buy	BUCKEYE PARTNERS L Punit ltd partn	$4,026,000	+0.6%	61,431	+3.5%	2.15%	-3.1%
ENB	Buy	ENBRIDGE INC	$3,923,000	+10.6%	91,200	+13.7%	2.10%	+6.5%
WPZ	Sell	WILLIAMS PARTNERS L P	$3,781,000	+1.4%	71,520	-1.2%	2.02%	-2.4%
CNI	Buy	CANADIAN NATL RY CO	$3,716,000	+4.9%	35,600	+2.9%	1.99%	+1.0%
SEP	Sell	SPECTRA ENERGY PARTNERS LP	$3,601,000	-1.4%	82,060	-5.9%	1.93%	-5.0%
KMR	Buy	KINDER MORGAN MANAGEMENT LLC	$2,876,000	-2.7%	38,369	+1.8%	1.54%	-6.3%
NSH	Sell	NUSTAR GP HOLDINGS LLCunit restg llc	$2,819,000	-24.6%	125,600	-4.2%	1.51%	-27.4%
EEQ	Buy	ENBRIDGE ENERGY MANAGEMENT L	$2,676,000	+48.0%	92,983	+55.7%	1.43%	+42.5%
MPLX	Buy	MPLX LP	$2,661,000	+68.4%	73,030	+70.1%	1.42%	+62.2%
4945SC	Sell	KINDER MORGAN ENERGY PARTNERut ltd partner	$2,568,000	-13.4%	32,169	-7.4%	1.37%	-16.6%
ETP	Sell	ENERGY TRANSFER PRTNRS L Punit ltd partn	$2,239,000	+2.6%	43,000	-11.9%	1.20%	-1.2%
CVE	Buy	CENOVUS ENERGY INC	$1,952,000	+13.2%	63,500	+10.4%	1.04%	+8.9%
TRP	Buy	TRANSCANADA CORP	$1,317,000	+7.3%	29,100	+7.4%	0.70%	+3.4%
TRGP	Sell	TARGA RES CORP	$1,250,000	+85.2%	17,130	-78.2%	0.67%	+78.4%
GRPU	Buy	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$913,000	+30.6%	24,700	+28.0%	0.49%	+26.0%
NRGY	Buy	INERGY L Punit ltd ptnr	$768,000	-23.1%	55,787	+15.4%	0.41%	-25.9%
NRGM	Buy	INERGY MIDSTREAM LPu ltd partners	$532,000	-1.7%	24,101	+12.6%	0.28%	-5.3%
WMB	New	WILLIAMS COS INC DEL	$382,000	–	10,500	–	0.20%	–
OKE	New	ONEOK INC NEW	$325,000	–	6,100	–	0.17%	–
NS	Sell	NUSTAR ENERGY LP	$269,000	-14.6%	6,700	-43.2%	0.14%	-17.7%

Q2 2013

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$27,398,000	–	516,988	–	15.23%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$16,314,000	–	294,702	–	9.07%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$14,126,000	–	253,600	–	7.85%	–
2108SC	New	EL PASO PIPELINE PARTNERS L	$9,429,000	–	210,820	–	5.24%	–
MWE	New	MARKWEST ENERGY PARTNERS L Punit ltd partn	$9,083,000	–	137,020	–	5.05%	–
ET	New	ENERGY TRANSFER EQUITY L P	$8,489,000	–	144,020	–	4.72%	–
NGLS	New	TARGA RESOURCES PARTNERS LP	$8,279,000	–	162,140	–	4.60%	–
WES	New	WESTERN GAS PARTNERS LP	$7,444,000	–	116,700	–	4.14%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$6,783,000	–	123,709	–	3.77%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$6,249,000	–	196,720	–	3.47%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$5,668,000	–	92,400	–	3.15%	–
L109PS	New	ACCESS MIDSTREAM PARTNERS Lunit	$5,574,000	–	116,850	–	3.10%	–
CP	New	CANADIAN PAC RY LTD	$4,425,000	–	34,700	–	2.46%	–
OKS	New	ONEOK PARTNERS LPunit ltd partn	$4,183,000	–	84,740	–	2.32%	–
PBA	New	PEMBINA PIPELINE CORP	$4,032,000	–	125,287	–	2.24%	–
BPL	New	BUCKEYE PARTNERS L Punit ltd partn	$4,002,000	–	59,382	–	2.22%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$3,740,000	–	131,116	–	2.08%	–
WPZ	New	WILLIAMS PARTNERS L P	$3,729,000	–	72,420	–	2.07%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$3,651,000	–	87,200	–	2.03%	–
ENB	New	ENBRIDGE INC	$3,546,000	–	80,200	–	1.97%	–
CNI	New	CANADIAN NATL RY CO	$3,543,000	–	34,600	–	1.97%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERut ltd partner	$2,966,000	–	34,733	–	1.65%	–
KMR	New	KINDER MORGAN MANAGEMENT LLC	$2,955,000	–	37,682	–	1.64%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$2,182,000	–	48,800	–	1.21%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT L	$1,808,000	–	59,715	–	1.00%	–
CVE	New	CENOVUS ENERGY INC	$1,725,000	–	57,500	–	0.96%	–
MPLX	New	MPLX LP	$1,580,000	–	42,930	–	0.88%	–
SU	New	SUNCOR ENERGY INC NEW	$1,457,000	–	47,000	–	0.81%	–
TRP	New	TRANSCANADA CORP	$1,227,000	–	27,100	–	0.68%	–
BTEGF	New	BAYTEX ENERGY CORP	$1,129,000	–	29,800	–	0.63%	–
NRGY	New	INERGY L Punit ltd ptnr	$999,000	–	48,347	–	0.56%	–
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$699,000	–	19,300	–	0.39%	–
TRGP	New	TARGA RES CORP	$675,000	–	78,510	–	0.38%	–
NRGM	New	INERGY MIDSTREAM LPu ltd partners	$541,000	–	21,400	–	0.30%	–
NS	New	NUSTAR ENERGY LP	$315,000	–	11,800	–	0.18%	–

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