REAVES W H & CO INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
NI	Buy	NISOURCE INC COM	$108,605	-2.7%	4,400,533	+7.8%	4.30%	+4.5%
CMCSA	Buy	COMCAST CORP CLASS A	$100,834	+9.5%	2,274,117	+2.6%	3.99%	+17.6%
CMS	Sell	CMS ENERGY CORP COM	$95,926	-13.7%	1,806,185	-4.5%	3.80%	-7.3%
ETR	Sell	ENTERGY CORP NEW COM	$91,281	-13.2%	986,819	-8.6%	3.61%	-6.7%
NEE	Buy	NEXTERA ENERGY INC COM	$87,787	-22.7%	1,532,321	+0.1%	3.48%	-16.9%
LNT	Sell	ALLIANT ENERGY CORP COM	$85,975	-8.8%	1,774,519	-1.2%	3.40%	-2.0%
DTE	Sell	DTE ENERGY CO COM	$85,012	-14.2%	856,279	-4.9%	3.36%	-7.8%
DUK	Sell	DUKE ENERGY CORP NEW COM NEW	$80,885	-6.9%	916,435	-5.4%	3.20%	0.0%
PPL	Buy	PPL CORP COM	$79,889	-1.6%	3,390,912	+10.5%	3.16%	+5.7%
UNP	Buy	UNION PAC CORP COM	$77,201	-0.2%	379,126	+0.3%	3.06%	+7.2%
	Sell	CONSTELLATION ENERGY CORP	$75,791	-17.7%	694,822	-31.0%	3.00%	-11.6%
BCE	Sell	BCE INC COM NEW	$75,090	-16.5%	1,967,239	-0.2%	2.97%	-10.3%
XEL	Sell	XCEL ENERGY INC COM	$73,377	-13.8%	1,282,369	-6.4%	2.90%	-7.4%
AEE	Sell	AMEREN CORP COM	$72,739	-29.7%	972,055	-23.2%	2.88%	-24.5%
SRE	Buy	SEMPRA	$70,168	-3.7%	1,031,432	+106.1%	2.78%	+3.5%
EIX	Buy	EDISON INTL COM	$65,623	+23.7%	1,036,870	+35.7%	2.60%	+32.9%
OGE	Sell	OGE ENERGY CORP COM	$59,837	-14.0%	1,795,291	-7.3%	2.37%	-7.6%
AWK	Sell	AMERICAN WATER WORKS	$57,961	-13.8%	468,071	-0.6%	2.29%	-7.4%
EXC	Sell	EXELON CORP COM	$56,903	-7.8%	1,505,788	-0.6%	2.25%	-1.0%
EQIX	Sell	EQUINIX INC COM NEW	$55,948	-8.3%	77,035	-1.1%	2.22%	-1.5%
SO	Buy	SOUTHERN CO COM	$54,989	+7710.9%	849,646	+8375.3%	2.18%	+8273.1%
WMB	Sell	WILLIAMS COS INC COM	$54,230	+2.9%	1,609,674	-0.3%	2.15%	+10.6%
PNW	Sell	PINNACLE WEST CAP CORP COM	$53,408	-9.6%	724,867	-0.1%	2.11%	-2.9%
AEP	Sell	AMERICAN ELEC PWR INC COM	$51,436	-10.9%	683,811	-0.3%	2.04%	-4.3%
DTM	Buy	DT MIDSTREAM INC	$50,960	+12.5%	962,954	+5.4%	2.02%	+20.9%
	Sell	CANADIAN PACIFIC KANSAS CITY L	$50,302	-8.7%	676,012	-0.9%	1.99%	-1.9%
SBAC	Sell	SBA COMMUNICATIONS COR CL A	$50,198	-14.5%	250,779	-1.1%	1.99%	-8.2%
PEG	Buy	PUBLIC SVC ENTERPRISE GROUP IN	$49,368	-3.6%	867,483	+6.1%	1.95%	+3.6%
PCG	Sell	PG&E CORP COM	$48,665	-26.6%	3,017,022	-21.4%	1.93%	-21.2%
NSC	Buy	NORFOLK SOUTHERN CORP COM	$46,298	-9.3%	235,100	+4.4%	1.83%	-2.6%
AMT	Buy	AMERICAN TOWER REIT COM	$44,254	-2.5%	269,106	+15.0%	1.75%	+4.7%
TRP	Buy	TC ENERGY	$41,980	-9.7%	1,220,000	+6.1%	1.66%	-2.9%
CHTR	Buy	CHARTER COMMUNICATIONS INC	$39,455	+20.5%	89,708	+0.7%	1.56%	+29.5%
TMUS	Buy	T-MOBILE US INC COM	$31,751	+74.4%	226,712	+73.0%	1.26%	+87.3%
CCI	Sell	CROWN CASTLE INC	$31,212	-26.3%	339,147	-8.8%	1.24%	-20.9%
WEC	Sell	WEC ENERGY GROUP INC COM	$27,859	-48.8%	345,860	-43.9%	1.10%	-45.0%
CCOI	Buy	COGENT COMMUNICATIONS HLDGS CO	$25,709	+6.3%	415,331	+15.5%	1.02%	+14.3%
REXR	Sell	REXFORD INDUSTRIAL REALTY, INC	$19,605	-7.0%	397,271	-1.6%	0.78%	-0.1%
DLR	Sell	DIGITAL REALTY TR	$18,395	-25.8%	152,000	-30.2%	0.73%	-20.3%
CNI	Buy	CANADIAN NATL RY CO COM	$15,925	+94.3%	147,004	+117.1%	0.63%	+108.6%
OKE	Buy	ONEOK INC NEW COM	$15,742	+454.9%	248,172	+439.8%	0.62%	+493.3%
ATO	Sell	ATMOS ENERGY CORP COM	$15,632	-11.0%	147,568	-2.2%	0.62%	-4.3%
	Sell	LINDE PLC SH	$13,666	-6.0%	36,702	-3.8%	0.54%	+1.1%
CNP	Sell	CENTERPOINT ENERGY INC	$12,659	-9.4%	471,464	-1.7%	0.50%	-2.7%
RCI	Sell	ROGERS COMMUNICATIONS INC-B	$12,131	-16.0%	315,994	-0.2%	0.48%	-9.8%
TU	Sell	TELUS CORP COM	$8,077	-21.7%	494,326	-6.7%	0.32%	-15.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC CLASS B	$8,045	+1.6%	22,966	-1.1%	0.32%	+8.9%
PLD	Sell	PROLOGIS INC COM	$5,802	-8.8%	51,704	-0.3%	0.23%	-1.7%
UTG	Sell	REAVES UTIL INCOME FD COM SH Bcef	$2,334	-10.5%	94,677	-0.5%	0.09%	-4.2%
VST	Sell	VISTRA CORP.	$2,306	+6.4%	69,503	-15.9%	0.09%	+13.8%
NWN	New	NORTHWEST NATURAL HOLDING CO	$2,311	–	60,564	–	0.09%	–
GOOGL	Sell	ALPHABET INC. CLASS A	$1,712	+6.8%	13,084	-2.3%	0.07%	+15.3%
PNM	Buy	PNM RES INCCOM	$1,196	+4.2%	26,799	+5.3%	0.05%	+11.9%
CVX	Buy	CHEVRON CORPORATION COM	$1,012	+60.9%	6,000	+50.0%	0.04%	+73.9%
DTEGY	Sell	DEUTSCHE TELEKOM AG	$625	-22.8%	29,696	-20.1%	0.02%	-16.7%
JNJ	Sell	JOHNSON & JOHNSON COM	$520	-6.3%	3,340	-0.4%	0.02%	+5.0%
SLB	New	SCHLUMBERGER LTD COM	$233	–	4,000	–	0.01%	–
CWENA	Exit	CLEARWAY ENERGY INC. CL A	$0	–	-65,676	–	-0.06%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-60,043	–	-0.13%	–

Q2 2023

			Value		Shares		↓ Weighting
NEE	New	NEXTERA ENERGY INC COM	$113,546	–	1,530,269	–	4.18%	–
NI	New	NISOURCE INC COM	$111,626	–	4,081,390	–	4.11%	–
CMS	New	CMS ENERGY CORP COM	$111,169	–	1,892,230	–	4.10%	–
ETR	New	ENTERGY CORP NEW COM	$105,127	–	1,079,669	–	3.87%	–
AEE	New	AMEREN CORP COM	$103,434	–	1,266,478	–	3.81%	–
DTE	New	DTE ENERGY CO COM	$99,096	–	900,709	–	3.65%	–
LNT	New	ALLIANT ENERGY CORP COM	$94,236	–	1,795,655	–	3.47%	–
CMCSA	New	COMCAST CORP CLASS A	$92,112	–	2,216,888	–	3.39%	–
	New	CONSTELLATION ENERGY CORP	$92,131	–	1,006,356	–	3.39%	–
BCE	New	BCE INC COM NEW	$89,903	–	1,971,980	–	3.31%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$86,900	–	968,351	–	3.20%	–
XEL	New	XCEL ENERGY INC COM	$85,160	–	1,369,784	–	3.14%	–
PPL	New	PPL CORP COM	$81,170	–	3,067,663	–	2.99%	–
UNP	New	UNION PAC CORP COM	$77,377	–	378,152	–	2.85%	–
SRE	New	SEMPRA	$72,852	–	500,390	–	2.68%	–
OGE	New	OGE ENERGY CORP COM	$69,570	–	1,937,348	–	2.56%	–
AWK	New	AMERICAN WATER WORKS	$67,241	–	471,037	–	2.48%	–
PCG	New	PG&E CORP COM	$66,339	–	3,839,045	–	2.44%	–
EXC	New	EXELON CORP COM	$61,740	–	1,515,447	–	2.28%	–
EQIX	New	EQUINIX INC COM NEW	$61,035	–	77,857	–	2.25%	–
PNW	New	PINNACLE WEST CAP CORP COM	$59,094	–	725,438	–	2.18%	–
SBAC	New	SBA COMMUNICATIONS COR CL A	$58,739	–	253,447	–	2.16%	–
AEP	New	AMERICAN ELEC PWR INC COM	$57,726	–	685,585	–	2.13%	–
	New	CANADIAN PACIFIC KANSAS CITY L	$55,102	–	682,204	–	2.03%	–
WEC	New	WEC ENERGY GROUP INC COM	$54,448	–	617,048	–	2.01%	–
EIX	New	EDISON INTL COM	$53,062	–	764,030	–	1.96%	–
WMB	New	WILLIAMS COS INC COM	$52,685	–	1,614,623	–	1.94%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP IN	$51,202	–	817,801	–	1.89%	–
NSC	New	NORFOLK SOUTHERN CORP COM	$51,044	–	225,100	–	1.88%	–
TRP	New	TC ENERGY	$46,472	–	1,150,000	–	1.71%	–
VZ	New	VERIZON COMMUNICATIONS COM	$45,617	–	1,226,589	–	1.68%	–
AMT	New	AMERICAN TOWER REIT COM	$45,403	–	234,106	–	1.67%	–
DTM	New	DT MIDSTREAM INC	$45,284	–	913,540	–	1.67%	–
CCI	New	CROWN CASTLE INC	$42,361	–	371,780	–	1.56%	–
CHTR	New	CHARTER COMMUNICATIONS INC	$32,735	–	89,105	–	1.21%	–
DLR	New	DIGITAL REALTY TR	$24,794	–	217,737	–	0.91%	–
CCOI	New	COGENT COMMUNICATIONS HLDGS CO	$24,190	–	359,492	–	0.89%	–
REXR	New	REXFORD INDUSTRIAL REALTY, INC	$21,085	–	403,766	–	0.78%	–
TMUS	New	T-MOBILE US INC COM	$18,205	–	131,065	–	0.67%	–
ATO	New	ATMOS ENERGY CORP COM	$17,559	–	150,927	–	0.65%	–
	New	LINDE PLC SH	$14,533	–	38,137	–	0.54%	–
RCI	New	ROGERS COMMUNICATIONS INC-B	$14,446	–	316,515	–	0.53%	–
CNP	New	CENTERPOINT ENERGY INC	$13,979	–	479,566	–	0.52%	–
FE	New	FIRSTENERGY CORP COM	$13,534	–	348,100	–	0.50%	–
TU	New	TELUS CORP COM	$10,312	–	529,923	–	0.38%	–
CNI	New	CANADIAN NATL RY CO COM	$8,198	–	67,713	–	0.30%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$7,917	–	23,218	–	0.29%	–
PLD	New	PROLOGIS INC COM	$6,359	–	51,858	–	0.23%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$3,521	–	60,043	–	0.13%	–
OKE	New	ONEOK INC NEW COM	$2,837	–	45,971	–	0.10%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$2,608	–	95,126	–	0.10%	–
FTS	New	FORTIS INC	$2,410	–	55,920	–	0.09%	–
VST	New	VISTRA CORP.	$2,168	–	82,601	–	0.08%	–
CWENA	New	CLEARWAY ENERGY INC. CL A	$1,774	–	65,676	–	0.06%	–
GOOGL	New	ALPHABET INC. CLASS A	$1,603	–	13,390	–	0.06%	–
XOM	New	EXXON MOBIL CORP	$1,373	–	12,800	–	0.05%	–
PNM	New	PNM RES INCCOM	$1,148	–	25,459	–	0.04%	–
AAPL	New	APPLE INC COM	$931	–	4,800	–	0.03%	–
DTEGY	New	DEUTSCHE TELEKOM AG	$810	–	37,186	–	0.03%	–
GOOG	New	ALPHABET INC	$804	–	6,650	–	0.03%	–
PPG	New	PPG INDS INC COM	$742	–	5,000	–	0.03%	–
SO	New	SOUTHERN CO COM	$704	–	10,025	–	0.03%	–
CVX	New	CHEVRON CORPORATION COM	$629	–	4,000	–	0.02%	–
SCEPRJ	New	SCE TRUST IV 5.375 PFDpfd	$585	–	29,927	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON COM	$555	–	3,355	–	0.02%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$488	–	5,000	–	0.02%	–
SCEPRH	New	SCE TRUST III 5.75 PFDpfd	$351	–	15,473	–	0.01%	–
MO	New	ALTRIA GROUP INC.	$362	–	8,000	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
MO	Exit	ALTRIA GROUP INC.	$0	–	-8,000	–	-0.01%	–
AMT	Exit	AMERICAN TOWER REIT COM	$0	–	-1,579	–	-0.01%	–
PM	Exit	PHILLIP MORRIS INTERNATIONAL	$0	–	-5,000	–	-0.02%	–
OKE	Exit	ONEOK INC NEW COM	$0	–	-10,000	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-3,630	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-5,600	–	-0.02%	–
AAPL	Exit	APPLE INC COM	$0	–	-4,800	–	-0.02%	–
D	Exit	DOMINION ENERGY INC.	$0	–	-12,655	–	-0.03%	–
GOOG	Exit	ALPHABET INC	$0	–	-12,200	–	-0.04%	–
VST	Exit	VISTRA CORP.	$0	–	-77,159	–	-0.06%	–
UGI	Exit	UGI CORP NEW COM	$0	–	-53,123	–	-0.06%	–
CABO	Exit	CABLE ONE	$0	–	-2,080	–	-0.07%	–
CWENA	Exit	CLEARWAY ENERGY INC. CL A	$0	–	-73,187	–	-0.08%	–
UTG	Exit	REAVES UTIL INCOME FD COM SH Bcef	$0	–	-93,632	–	-0.10%	–
AEP	Exit	AMERICAN ELEC PWR INC COM	$0	–	-37,340	–	-0.12%	–
EIX	Exit	EDISON INTL COM	$0	–	-72,136	–	-0.15%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-53,618	–	-0.18%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B	$0	–	-23,784	–	-0.24%	–
CNI	Exit	CANADIAN NATL RY CO COM	$0	–	-69,793	–	-0.28%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-119,110	–	-0.32%	–
RCI	Exit	ROGERS COMMUNICATIONS INC-B	$0	–	-281,008	–	-0.41%	–
TU	Exit	TELUS CORP COM	$0	–	-594,243	–	-0.44%	–
REXR	Exit	REXFORD INDUSTRIAL REALTY, INC	$0	–	-231,549	–	-0.45%	–
LIN	Exit	LINDE PLC SH	$0	–	-47,385	–	-0.48%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-133,630	–	-0.48%	–
CCOI	Exit	COGENT COMMUNICATIONS COM NEW	$0	–	-270,579	–	-0.53%	–
DTM	Exit	DT MIDSTREAM INC	$0	–	-273,587	–	-0.53%	–
ATO	Exit	ATMOS ENERGY CORP COM	$0	–	-140,906	–	-0.54%	–
TMUS	Exit	T-MOBILE US INC COM	$0	–	-161,764	–	-0.82%	–
AWR	Exit	AMERICAN STS WTR CO COM	$0	–	-295,000	–	-0.86%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC	$0	–	-109,720	–	-1.25%	–
PLD	Exit	PROLOGIS INC COM	$0	–	-353,074	–	-1.35%	–
WMB	Exit	WILLIAMS COS INC COM	$0	–	-1,255,299	–	-1.35%	–
DLR	Exit	DIGITAL REALTY TR	$0	–	-384,027	–	-1.43%	–
NSC	Exit	NORFOLK SOUTHERN CORP COM	$0	–	-185,100	–	-1.46%	–
FE	Exit	FIRSTENERGY CORP COM	$0	–	-1,060,112	–	-1.48%	–
SRE	Exit	SEMPRA	$0	–	-266,396	–	-1.50%	–
FTS	Exit	FORTIS INC	$0	–	-1,354,330	–	-1.94%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-1,797,600	–	-1.98%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-1,492,036	–	-2.13%	–
PPL	Exit	PPL CORP COM	$0	–	-2,356,000	–	-2.25%	–
PCG	Exit	PG&E CORP COM	$0	–	-4,937,391	–	-2.32%	–
EXC	Exit	EXELON CORP COM	$0	–	-1,658,941	–	-2.34%	–
EQIX	Exit	EQUINIX INC COM NEW	$0	–	-116,243	–	-2.49%	–
CCI	Exit	CROWN CASTLE INC	$0	–	-462,925	–	-2.52%	–
NI	Exit	NISOURCE INC COM	$0	–	-2,833,809	–	-2.69%	–
CP	Exit	CANADIAN PACIFIC LTD	$0	–	-1,076,000	–	-2.70%	–
OGE	Exit	OGE ENERGY CORP COM	$0	–	-1,992,844	–	-2.73%	–
SBAC	Exit	SBA COMMUNICATIONS COR CL A	$0	–	-260,380	–	-2.79%	–
UNP	Exit	UNION PAC CORP COM	$0	–	-385,127	–	-2.82%	–
WEC	Exit	WEC ENERGY GROUP INC COM	$0	–	-869,239	–	-2.92%	–
DTE	Exit	DTE ENERGY CO COM	$0	–	-727,386	–	-3.15%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-648,812	–	-3.18%	–
SO	Exit	SOUTHERN CO COM	$0	–	-1,312,011	–	-3.36%	–
BCE	Exit	BCE INC COM NEW	$0	–	-2,137,799	–	-3.37%	–
CMS	Exit	CMS ENERGY CORP COM	$0	–	-1,561,001	–	-3.42%	–
	Exit	CONSTELLATION ENERGY CORP	$0	–	-1,127,521	–	-3.53%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-1,036,770	–	-3.63%	–
XEL	Exit	XCEL ENERGY INC COM	$0	–	-1,568,165	–	-3.78%	–
AEE	Exit	AMEREN CORP COM	$0	–	-1,274,880	–	-3.86%	–
LNT	Exit	ALLIANT ENERGY CORP COM	$0	–	-1,955,764	–	-3.90%	–
ETR	Exit	ENTERGY CORP NEW COM	$0	–	-1,067,035	–	-4.04%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP IN	$0	–	-1,931,891	–	-4.09%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-1,628,339	–	-4.80%	–

Q3 2022

			Value		Shares		↓ Weighting
NEE	Sell	NEXTERA ENERGY INC COM	$127,679,000	-0.6%	1,628,339	-1.8%	4.80%	+8.9%
PEG	Buy	PUBLIC SVC ENTERPRISE GROUP IN	$108,630,000	+7.3%	1,931,891	+20.7%	4.09%	+17.5%
ETR	Buy	ENTERGY CORP NEW COM	$107,375,000	-10.5%	1,067,035	+0.2%	4.04%	-1.9%
LNT	Buy	ALLIANT ENERGY CORP COM	$103,636,000	-9.0%	1,955,764	+0.6%	3.90%	-0.3%
AEE	Buy	AMEREN CORP COM	$102,692,000	-7.7%	1,274,880	+3.6%	3.86%	+1.2%
XEL	Sell	XCEL ENERGY INC COM	$100,362,000	-11.0%	1,568,165	-1.6%	3.78%	-2.5%
DUK	Buy	DUKE ENERGY CORP NEW COM NEW	$96,440,000	-2.0%	1,036,770	+13.0%	3.63%	+7.4%
	Buy	CONSTELLATION ENERGY CORP	$93,798,000	+58.6%	1,127,521	+9.1%	3.53%	+73.7%
CMS	Buy	CMS ENERGY CORP COM	$90,913,000	-11.6%	1,561,001	+2.5%	3.42%	-3.1%
BCE	Buy	BCE INC COM NEW	$89,659,000	-14.7%	2,137,799	+0.0%	3.37%	-6.5%
SO	Sell	SOUTHERN CO COM	$89,217,000	-5.6%	1,312,011	-1.0%	3.36%	+3.4%
AWK	Sell	AMERICAN WATER WORKS	$84,450,000	-13.3%	648,812	-0.9%	3.18%	-5.0%
DTE	Sell	DTE ENERGY CO COM	$83,686,000	-9.3%	727,386	-0.0%	3.15%	-0.6%
WEC	Buy	WEC ENERGY GROUP INC COM	$77,736,000	-6.3%	869,239	+5.5%	2.92%	+2.7%
UNP	Buy	UNION PAC CORP COM	$75,030,000	-3.0%	385,127	+6.2%	2.82%	+6.3%
SBAC	Sell	SBA COMMUNICATIONS COR CL A	$74,117,000	-11.9%	260,380	-1.0%	2.79%	-3.5%
OGE	Buy	OGE ENERGY CORP COM	$72,659,000	+128.4%	1,992,844	+141.6%	2.73%	+150.1%
CP	Buy	CANADIAN PACIFIC LTD	$71,791,000	+4.7%	1,076,000	+9.6%	2.70%	+14.8%
NI	Buy	NISOURCE INC COM	$71,383,000	-1.3%	2,833,809	+15.6%	2.69%	+8.2%
CCI	Buy	CROWN CASTLE INC	$66,916,000	-9.7%	462,925	+5.2%	2.52%	-1.1%
EQIX	Sell	EQUINIX INC COM NEW	$66,124,000	-14.0%	116,243	-0.7%	2.49%	-5.8%
EXC	Sell	EXELON CORP COM	$62,144,000	-28.5%	1,658,941	-13.5%	2.34%	-21.6%
PCG	Sell	PG&E CORP COM	$61,718,000	+11.8%	4,937,391	-10.7%	2.32%	+22.5%
PPL	Buy	PPL CORP COM	$59,725,000	+29.5%	2,356,000	+38.6%	2.25%	+41.9%
VZ	Buy	VERIZON COMMUNICATIONS COM	$56,653,000	-25.2%	1,492,036	+0.0%	2.13%	-18.0%
CMCSA	Sell	COMCAST CORP CLASS A	$52,724,000	-26.4%	1,797,600	-1.6%	1.98%	-19.4%
FTS	Sell	FORTIS INC	$51,451,000	-20.9%	1,354,330	-1.6%	1.94%	-13.4%
SRE	Sell	SEMPRA	$39,943,000	-2.0%	266,396	-1.8%	1.50%	+7.4%
FE	Buy	FIRSTENERGY CORP COM	$39,224,000	+2.0%	1,060,112	+5.9%	1.48%	+11.8%
NSC	Buy	NORFOLK SOUTHERN CORP COM	$38,806,000	+26.4%	185,100	+37.0%	1.46%	+38.4%
DLR	Buy	DIGITAL REALTY TR	$38,088,000	+44.6%	384,027	+89.3%	1.43%	+58.3%
WMB	Buy	WILLIAMS COS INC COM	$35,939,000	+4.9%	1,255,299	+14.4%	1.35%	+15.0%
PLD	Sell	PROLOGIS INC COM	$35,872,000	-35.8%	353,074	-25.6%	1.35%	-29.6%
CHTR	Sell	CHARTER COMMUNICATIONS INC	$33,284,000	-55.5%	109,720	-31.3%	1.25%	-51.2%
TMUS	Sell	T-MOBILE US INC COM	$21,704,000	-2.6%	161,764	-2.4%	0.82%	+6.7%
ATO	Sell	ATMOS ENERGY CORP COM	$14,351,000	-11.4%	140,906	-2.4%	0.54%	-2.9%
CCOI	Buy	COGENT COMMUNICATIONS COM NEW	$14,113,000	+1.1%	270,579	+17.8%	0.53%	+10.9%
LIN	Sell	LINDE PLC SH	$12,775,000	-8.9%	47,385	-2.8%	0.48%	-0.2%
GOOGL	Buy	ALPHABET INC. CLASS A	$12,782,000	-31.4%	133,630	+1463.5%	0.48%	-24.8%
REXR	Sell	REXFORD INDUSTRIAL REALTY, INC	$12,041,000	-12.2%	231,549	-2.8%	0.45%	-3.8%
TU	Buy	TELUS CORP COM	$11,802,000	+172.7%	594,243	+205.9%	0.44%	+198.0%
RCI	Sell	ROGERS COMMUNICATIONS INC-B	$10,830,000	-21.9%	281,008	-3.0%	0.41%	-14.3%
NEP	Buy	NEXTERA ENERGY PARTNERS LP	$8,612,000	+40.1%	119,110	+43.7%	0.32%	+53.6%
CNI	Sell	CANADIAN NATL RY CO COM	$7,537,000	-18.8%	69,793	-15.4%	0.28%	-11.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC CLASS B	$6,351,000	-2.8%	23,784	-0.6%	0.24%	+6.7%
XOM	Buy	EXXON MOBIL CORP	$4,681,000	+406.1%	53,618	+396.5%	0.18%	+450.0%
EIX	Buy	EDISON INTL COM	$4,082,000	-7.7%	72,136	+3.2%	0.15%	+1.3%
AEP	Buy	AMERICAN ELEC PWR INC COM	$3,228,000	+26.5%	37,340	+40.4%	0.12%	+37.5%
UTG	Buy	REAVES UTIL INCOME FD COM SH Bcef	$2,551,000	-11.7%	93,632	+0.5%	0.10%	-3.0%
CWENA	Buy	CLEARWAY ENERGY INC. CL A	$2,130,000	-1.2%	73,187	+8.6%	0.08%	+8.1%
CABO	Sell	CABLE ONE	$1,774,000	-34.3%	2,080	-0.7%	0.07%	-28.0%
UGI	Buy	UGI CORP NEW COM	$1,718,000	+21.9%	53,123	+45.5%	0.06%	+35.4%
VST	Sell	VISTRA CORP.	$1,620,000	-12.5%	77,159	-4.8%	0.06%	-4.7%
GOOG	Buy	ALPHABET INC	$1,173,000	-54.9%	12,200	+925.2%	0.04%	-50.6%
D	Sell	DOMINION ENERGY INC.	$875,000	-62.6%	12,655	-56.8%	0.03%	-58.8%
	Exit	WARNER BROS DISCOVERY INC	$0	–	-79,130	–	-0.04%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-5,344	–	-0.04%	–
LAMR	Exit	LAMAR ADVERTISING CO	$0	–	-12,148	–	-0.04%	–
SJR	Exit	SHAW COMMUNICATIONS, INC.	$0	–	-102,543	–	-0.10%	–
ODFL	Exit	OLD DOMINION FREIGHT LINE	$0	–	-32,211	–	-0.28%	–
AES	Exit	AES CORP COM	$0	–	-1,677,879	–	-1.21%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-597,645	–	-1.73%	–

Q2 2022

			Value		Shares		↓ Weighting
NEE	New	NEXTERA ENERGY INC COM	$128,497,000	–	1,658,878	–	4.41%	–
ETR	New	ENTERGY CORP NEW COM	$119,971,000	–	1,065,083	–	4.12%	–
LNT	New	ALLIANT ENERGY CORP COM	$113,937,000	–	1,943,982	–	3.91%	–
XEL	New	XCEL ENERGY INC COM	$112,814,000	–	1,594,317	–	3.88%	–
AEE	New	AMEREN CORP COM	$111,248,000	–	1,231,161	–	3.82%	–
BCE	New	BCE INC COM NEW	$105,106,000	–	2,137,175	–	3.61%	–
CMS	New	CMS ENERGY CORP COM	$102,818,000	–	1,523,230	–	3.53%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP IN	$101,282,000	–	1,600,543	–	3.48%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$98,372,000	–	917,567	–	3.38%	–
AWK	New	AMERICAN WATER WORKS	$97,427,000	–	654,884	–	3.35%	–
SO	New	SOUTHERN CO COM	$94,544,000	–	1,325,810	–	3.25%	–
DTE	New	DTE ENERGY CO COM	$92,237,000	–	727,710	–	3.17%	–
EXC	New	EXELON CORP COM	$86,907,000	–	1,917,632	–	2.98%	–
SBAC	New	SBA COMMUNICATIONS COR CL A	$84,151,000	–	262,930	–	2.89%	–
WEC	New	WEC ENERGY GROUP INC COM	$82,931,000	–	824,029	–	2.85%	–
UNP	New	UNION PAC CORP COM	$77,372,000	–	362,772	–	2.66%	–
EQIX	New	EQUINIX INC COM NEW	$76,911,000	–	117,060	–	2.64%	–
VZ	New	VERIZON COMMUNICATIONS COM	$75,695,000	–	1,491,532	–	2.60%	–
CHTR	New	CHARTER COMMUNICATIONS INC	$74,790,000	–	159,626	–	2.57%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$74,121,000	–	440,202	–	2.55%	–
NI	New	NISOURCE INC COM	$72,303,000	–	2,451,800	–	2.48%	–
CMCSA	New	COMCAST CORP CLASS A	$71,654,000	–	1,826,039	–	2.46%	–
CP	New	CANADIAN PACIFIC LTD	$68,537,000	–	981,346	–	2.35%	–
FTS	New	FORTIS INC	$65,068,000	–	1,376,522	–	2.24%	–
	New	CONSTELLATION ENERGY CORP	$59,156,000	–	1,033,104	–	2.03%	–
PLD	New	PROLOGIS INC COM	$55,854,000	–	474,746	–	1.92%	–
PCG	New	PG&E CORP COM	$55,203,000	–	5,531,322	–	1.90%	–
ES	New	EVERSOURCE ENERGY	$50,483,000	–	597,645	–	1.73%	–
PPL	New	PPL CORP COM	$46,121,000	–	1,700,000	–	1.58%	–
SRE	New	SEMPRA	$40,757,000	–	271,221	–	1.40%	–
FE	New	FIRSTENERGY CORP COM	$38,438,000	–	1,001,250	–	1.32%	–
AES	New	AES CORP COM	$35,252,000	–	1,677,879	–	1.21%	–
WMB	New	WILLIAMS COS INC COM	$34,253,000	–	1,097,488	–	1.18%	–
OGE	New	OGE ENERGY CORP COM	$31,811,000	–	824,983	–	1.09%	–
NSC	New	NORFOLK SOUTHERN CORP COM	$30,707,000	–	135,100	–	1.06%	–
DLR	New	DIGITAL REALITY TR	$26,337,000	–	202,857	–	0.90%	–
AWR	New	AMERICAN STS WTR CO COM	$24,045,000	–	295,000	–	0.83%	–
TMUS	New	T-MOBILE US INC COM	$22,294,000	–	165,709	–	0.77%	–
GOOGL	New	ALPHABET INC. CLASS A	$18,626,000	–	8,547	–	0.64%	–
ATO	New	ATMOS ENERGY CORP COM	$16,190,000	–	144,431	–	0.56%	–
LIN	New	LINDE PLC SH	$14,023,000	–	48,771	–	0.48%	–
CCOI	New	COGENT COMMUNICATIONS COM NEW	$13,958,000	–	229,718	–	0.48%	–
RCI	New	ROGERS COMMUNICATIONS INC-B	$13,871,000	–	289,592	–	0.48%	–
REXR	New	REXFORD INDUSTRIAL REALTY, INC	$13,716,000	–	238,172	–	0.47%	–
DTM	New	DT MIDSTREAM INC	$13,411,000	–	273,587	–	0.46%	–
CNI	New	CANADIAN NATL RY CO COM	$9,279,000	–	82,504	–	0.32%	–
ODFL	New	OLD DOMINION FREIGHT LINE	$8,255,000	–	32,211	–	0.28%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$6,536,000	–	23,939	–	0.22%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$6,148,000	–	82,904	–	0.21%	–
EIX	New	EDISON INTL COM	$4,421,000	–	69,898	–	0.15%	–
TU	New	TELUS CORP COM	$4,328,000	–	194,247	–	0.15%	–
SJR	New	SHAW COMMUNICATIONS, INC.	$3,021,000	–	102,543	–	0.10%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$2,888,000	–	93,154	–	0.10%	–
CABO	New	CABLE ONE	$2,701,000	–	2,095	–	0.09%	–
GOOG	New	ALPHABET INC	$2,603,000	–	1,190	–	0.09%	–
AEP	New	AMERICAN ELEC PWR INC COM	$2,552,000	–	26,600	–	0.09%	–
D	New	DOMINION ENERGY INC.	$2,339,000	–	29,313	–	0.08%	–
CWENA	New	CLEARWAY ENERGY INC. CL A	$2,155,000	–	67,412	–	0.07%	–
VST	New	VISTRA CORP.	$1,851,000	–	81,017	–	0.06%	–
UGI	New	UGI CORP NEW COM	$1,409,000	–	36,500	–	0.05%	–
LAMR	New	LAMAR ADVERTISING CO	$1,069,000	–	12,148	–	0.04%	–
ROK	New	ROCKWELL AUTOMATION INC	$1,065,000	–	5,344	–	0.04%	–
	New	WARNER BROS DISCOVERY INC	$1,062,000	–	79,130	–	0.04%	–
XOM	New	EXXON MOBIL CORP	$925,000	–	10,800	–	0.03%	–
AAPL	New	APPLE INC COM	$656,000	–	4,800	–	0.02%	–
PPG	New	PPG INDS INC COM	$640,000	–	5,600	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON COM	$644,000	–	3,630	–	0.02%	–
OKE	New	ONEOK INC NEW COM	$555,000	–	10,000	–	0.02%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$494,000	–	5,000	–	0.02%	–
AMT	New	AMERICAN TOWER REIT COM	$404,000	–	1,579	–	0.01%	–
MO	New	ALTRIA GROUP INC.	$334,000	–	8,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
VOD	Exit	VODAFONE GROUP PUBLIC LTD CO A	$0	–	-10,783	–	-0.01%	–
YELL	Exit	YELLOW CORPORATION	$0	–	-40,000	–	-0.01%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-8,000	–	-0.01%	–
CWENA	Exit	CLEARWAY ENERGY INC. CL A	$0	–	-14,000	–	-0.01%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-4,486	–	-0.01%	–
PM	Exit	PHILLIP MORRIS INTERNATIONAL	$0	–	-5,000	–	-0.02%	–
D	Exit	DOMINION ENERGY INC.	$0	–	-6,922	–	-0.02%	–
FYBR	Exit	FRONTIER COMMUNICATIONS PARENT	$0	–	-20,000	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-3,650	–	-0.02%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-10,800	–	-0.02%	–
AAPL	Exit	APPLE INC COM	$0	–	-4,800	–	-0.02%	–
DLR	Exit	DIGITAL REALITY TR	$0	–	-5,360	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-5,600	–	-0.03%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-14,416	–	-0.03%	–
ELS	Exit	EQUITY LIFESTYLE PROPERTIES, I	$0	–	-15,372	–	-0.04%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-17,432	–	-0.04%	–
KSU	Exit	KANSAS CITY SOUTHN IND COM	$0	–	-5,395	–	-0.05%	–
GOOG	Exit	ALPHABET INC	$0	–	-1,193	–	-0.10%	–
UTG	Exit	REAVES UTIL INCOME FD COM SH Bcef	$0	–	-107,469	–	-0.11%	–
ENLAY	Exit	ENEL SOCIETA PER AZIONI ADR	$0	–	-607,225	–	-0.15%	–
AMZN	Exit	AMAZON COM INC COM	$0	–	-1,461	–	-0.15%	–
SWX	Exit	SOUTHWEST GAS CORP COM	$0	–	-77,692	–	-0.17%	–
CCOI	Exit	COGENT COMMUNICATIONS COM NEW	$0	–	-80,131	–	-0.18%	–
OGS	Exit	ONE GAS INC COM	$0	–	-92,530	–	-0.19%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B	$0	–	-29,614	–	-0.26%	–
DISCA	Exit	DISCOVERY INC COM SER A	$0	–	-341,808	–	-0.28%	–
XPO	Exit	XPO LOGISTICS	$0	–	-122,813	–	-0.31%	–
	Exit	GXO LOGISTICS INC	$0	–	-125,561	–	-0.31%	–
REXR	Exit	REXFORD INDUSTRIAL REALTY, INC	$0	–	-174,234	–	-0.32%	–
TU	Exit	TELUS CORP COM	$0	–	-476,523	–	-0.33%	–
DTM	Exit	DT MIDSTREAM INC	$0	–	-235,587	–	-0.35%	–
CP	Exit	CANADIAN PACIFIC LTD	$0	–	-200,000	–	-0.42%	–
EIX	Exit	EDISON INTL COM	$0	–	-248,739	–	-0.44%	–
SJR	Exit	SHAW COMMUNICATIONS, INC.	$0	–	-484,753	–	-0.45%	–
LILA	Exit	LIBERTY LATIN AMERICA CLASS A	$0	–	-1,341,754	–	-0.56%	–
ATO	Exit	ATMOS ENERGY CORP COM	$0	–	-245,400	–	-0.69%	–
CNI	Exit	CANADIAN NATL RY CO COM	$0	–	-201,280	–	-0.74%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-10,294	–	-0.88%	–
PCG	Exit	PG&E CORP COM	$0	–	-3,467,464	–	-1.06%	–
FE	Exit	FIRSTENERGY CORP COM	$0	–	-1,001,500	–	-1.14%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-749,412	–	-1.29%	–
O	Exit	REALTY INCOME CORP COM	$0	–	-660,415	–	-1.37%	–
SRE	Exit	SEMPRA	$0	–	-368,857	–	-1.49%	–
COLD	Exit	AMERICOLD RLTY TR	$0	–	-1,630,920	–	-1.51%	–
AMT	Exit	AMERICAN TOWER REIT COM	$0	–	-207,266	–	-1.76%	–
T	Exit	AT & T INC. (NEW)	$0	–	-2,040,000	–	-1.76%	–
NI	Exit	NISOURCE INC COM	$0	–	-2,409,195	–	-1.86%	–
FTS	Exit	FORTIS INC	$0	–	-1,329,051	–	-1.88%	–
NSC	Exit	NORFOLK SOUTHERN CORP COM	$0	–	-252,100	–	-1.92%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-395,629	–	-2.19%	–
SO	Exit	SOUTHERN CO COM	$0	–	-1,136,728	–	-2.25%	–
UNP	Exit	UNION PAC CORP COM	$0	–	-383,460	–	-2.40%	–
TMUS	Exit	T-MOBILE US INC COM	$0	–	-596,843	–	-2.43%	–
DTE	Exit	DTE ENERGY CO COM	$0	–	-712,163	–	-2.54%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-980,427	–	-2.56%	–
ETR	Exit	ENTERGY CORP NEW COM	$0	–	-814,737	–	-2.58%	–
PLD	Exit	PROLOGIS INC COM	$0	–	-658,308	–	-2.64%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP IN	$0	–	-1,433,265	–	-2.78%	–
WEC	Exit	WEC ENERGY GROUP INC COM	$0	–	-1,066,070	–	-3.00%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-1,708,079	–	-3.05%	–
COR	Exit	CORESITE REALTY CORP	$0	–	-690,581	–	-3.05%	–
SBAC	Exit	SBA COMMUNICATIONS COR CL A	$0	–	-301,050	–	-3.18%	–
BCE	Exit	BCE INC COM NEW	$0	–	-2,017,425	–	-3.22%	–
AEE	Exit	AMEREN CORP COM	$0	–	-1,265,235	–	-3.27%	–
XEL	Exit	XCEL ENERGY INC COM	$0	–	-1,676,100	–	-3.34%	–
EXC	Exit	EXELON CORP COM	$0	–	-2,204,691	–	-3.40%	–
ATUS	Exit	ALTICE USA INC. CL A	$0	–	-5,326,114	–	-3.52%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC	$0	–	-152,846	–	-3.55%	–
EQIX	Exit	EQUINIX INC COM NEW	$0	–	-141,102	–	-3.56%	–
LNT	Exit	ALLIANT ENERGY CORP COM	$0	–	-2,001,490	–	-3.58%	–
CMS	Exit	CMS ENERGY CORP COM	$0	–	-1,880,551	–	-3.58%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-812,843	–	-4.38%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-2,054,872	–	-5.15%	–

Q3 2021

			Value		Shares		↓ Weighting
NEE	Buy	NEXTERA ENERGY INC COM	$161,348,000	+8.3%	2,054,872	+1.0%	5.15%	+6.2%
AWK	Buy	AMERICAN WATER WORKS	$137,403,000	+11.5%	812,843	+1.6%	4.38%	+9.4%
CMS	Sell	CMS ENERGY CORP COM	$112,325,000	+0.6%	1,880,551	-0.5%	3.58%	-1.3%
LNT	Buy	ALLIANT ENERGY CORP COM	$112,043,000	+1.8%	2,001,490	+1.4%	3.58%	-0.2%
EQIX	Buy	EQUINIX INC COM NEW	$111,489,000	-1.5%	141,102	+0.1%	3.56%	-3.3%
CHTR	Sell	CHARTER COMMUNICATIONS INC	$111,205,000	-11.7%	152,846	-12.5%	3.55%	-13.4%
ATUS	Buy	ALTICE USA INC. CL A	$110,357,000	-1.2%	5,326,114	+62.9%	3.52%	-3.0%
EXC	Buy	EXELON CORP COM	$106,574,000	+35.6%	2,204,691	+24.3%	3.40%	+33.1%
XEL	Buy	XCEL ENERGY INC COM	$104,756,000	+0.9%	1,676,100	+6.3%	3.34%	-1.0%
AEE	Buy	AMEREN CORP COM	$102,484,000	+4.8%	1,265,235	+3.5%	3.27%	+2.8%
BCE	Buy	BCE INC COM NEW	$100,992,000	+2.7%	2,017,425	+1.2%	3.22%	+0.8%
SBAC	Sell	SBA COMMUNICATIONS COR CL A	$99,518,000	-0.9%	301,050	-4.5%	3.18%	-2.8%
COR	Sell	CORESITE REALTY CORP	$95,673,000	+1.7%	690,581	-1.2%	3.05%	-0.2%
CMCSA	Buy	COMCAST CORP CLASS A	$95,533,000	-1.2%	1,708,079	+0.8%	3.05%	-3.0%
WEC	Buy	WEC ENERGY GROUP INC COM	$94,027,000	+4.0%	1,066,070	+4.9%	3.00%	+2.0%
PEG	Sell	PUBLIC SVC ENTERPRISE GROUP IN	$87,286,000	-3.9%	1,433,265	-5.7%	2.78%	-5.8%
PLD	Buy	PROLOGIS INC COM	$82,572,000	+5.4%	658,308	+0.5%	2.64%	+3.4%
ETR	Buy	ENTERGY CORP NEW COM	$80,912,000	+81.7%	814,737	+82.4%	2.58%	+78.3%
ES	Sell	EVERSOURCE ENERGY	$80,160,000	+0.6%	980,427	-1.3%	2.56%	-1.3%
DTE	Buy	DTE ENERGY CO COM	$79,556,000	+28.6%	712,163	+49.2%	2.54%	+26.2%
TMUS	Sell	T-MOBILE US INC COM	$76,253,000	-20.6%	596,843	-9.9%	2.43%	-22.1%
UNP	Buy	UNION PAC CORP COM	$75,162,000	+9.8%	383,460	+23.2%	2.40%	+7.7%
SO	Buy	SOUTHERN CO COM	$70,443,000	+3.0%	1,136,728	+0.6%	2.25%	+1.0%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$68,570,000	-11.8%	395,629	-0.7%	2.19%	-13.5%
NSC	Buy	NORFOLK SOUTHERN CORP COM	$60,315,000	+20.9%	252,100	+34.1%	1.92%	+18.6%
FTS	Sell	FORTIS INC	$58,917,000	-3.7%	1,329,051	-3.9%	1.88%	-5.5%
NI	Sell	NISOURCE INC COM	$58,375,000	-1.6%	2,409,195	-0.6%	1.86%	-3.5%
T	New	AT & T INC. (NEW)	$55,100,000	–	2,040,000	–	1.76%	–
AMT	Buy	AMERICAN TOWER REIT COM	$55,010,000	+13.6%	207,266	+15.6%	1.76%	+11.4%
COLD	Buy	AMERICOLD RLTY TR	$47,378,000	-21.2%	1,630,920	+2.7%	1.51%	-22.7%
SRE	Sell	SEMPRA	$46,660,000	-13.3%	368,857	-9.2%	1.49%	-14.9%
O	Buy	REALTY INCOME CORP COM	$42,835,000	+1.6%	660,415	+4.6%	1.37%	-0.3%
VZ	Sell	VERIZON COMMUNICATIONS COM	$40,476,000	-54.6%	749,412	-52.9%	1.29%	-55.4%
PCG	Buy	PG&E CORP COM	$33,288,000	+13.4%	3,467,464	+20.1%	1.06%	+11.2%
GOOGL	Sell	ALPHABET INC. CLASS A	$27,521,000	+6.9%	10,294	-2.4%	0.88%	+4.8%
CNI	Sell	CANADIAN NATL RY CO COM	$23,278,000	+5.6%	201,280	-3.6%	0.74%	+3.6%
ATO	Buy	ATMOS ENERGY CORP COM	$21,644,000	-1.7%	245,400	+7.1%	0.69%	-3.5%
LILA	Buy	LIBERTY LATIN AMERICA CLASS A	$17,550,000	+5.4%	1,341,754	+11.7%	0.56%	+3.5%
SJR	Buy	SHAW COMMUNICATIONS, INC.	$14,077,000	+11.0%	484,753	+10.6%	0.45%	+9.0%
EIX	Sell	EDISON INTL COM	$13,797,000	-79.6%	248,739	-78.7%	0.44%	-80.0%
CP	New	CANADIAN PACIFIC LTD	$13,014,000	–	200,000	–	0.42%	–
DTM	New	DT MIDSTREAM INC	$10,894,000	–	235,587	–	0.35%	–
TU	Sell	TELUS CORP COM	$10,464,000	-14.3%	476,523	-12.5%	0.33%	-15.9%
REXR	New	REXFORD INDUSTRIAL REALTY, INC	$9,888,000	–	174,234	–	0.32%	–
	New	GXO LOGISTICS INC	$9,849,000	–	125,561	–	0.31%	–
XPO	Buy	XPO LOGISTICS	$9,773,000	+0.5%	122,813	+76.7%	0.31%	-1.3%
DISCA	New	DISCOVERY INC COM SER A	$8,675,000	–	341,808	–	0.28%	–
OGS	New	ONE GAS INC COM	$5,863,000	–	92,530	–	0.19%	–
CCOI	Sell	COGENT COMMUNICATIONS COM NEW	$5,676,000	-28.9%	80,131	-22.8%	0.18%	-30.4%
SWX	Sell	SOUTHWEST GAS CORP COM	$5,197,000	-41.2%	77,692	-41.8%	0.17%	-42.4%
AMZN	New	AMAZON COM INC COM	$4,799,000	–	1,461	–	0.15%	–
ENLAY	Sell	ENEL SOCIETA PER AZIONI ADR	$4,681,000	-68.7%	607,225	-62.3%	0.15%	-69.4%
UTG	Buy	REAVES UTIL INCOME FD COM SH Bcef	$3,522,000	-3.0%	107,469	+1.5%	0.11%	-5.1%
GOOG	Sell	ALPHABET INC	$3,180,000	+0.3%	1,193	-5.7%	0.10%	-1.9%
KSU	Sell	KANSAS CITY SOUTHN IND COM	$1,460,000	-94.8%	5,395	-94.5%	0.05%	-94.8%
PNW	Buy	PINNACLE WEST CAP CORP COM	$1,043,000	-10.4%	14,416	+1.5%	0.03%	-13.2%
DLR	Buy	DIGITAL REALITY TR	$774,000	-2.0%	5,360	+2.0%	0.02%	-3.8%
FYBR	New	FRONTIER COMMUNICATIONS PARENT	$557,000	–	20,000	–	0.02%	–
D	Buy	DOMINION ENERGY INC.	$505,000	+1.2%	6,922	+2.1%	0.02%	0.0%
CWENA	New	CLEARWAY ENERGY INC. CL A	$395,000	–	14,000	–	0.01%	–
VOD	Sell	VODAFONE GROUP PUBLIC LTD CO A	$167,000	-17.3%	10,783	-8.6%	0.01%	-28.6%

Q2 2021

			Value		Shares		↓ Weighting
NEE	New	NEXTERA ENERGY INC COM	$149,040,000	–	2,033,846	–	4.85%	–
CHTR	New	CHARTER COMMUNICATIONS INC	$125,990,000	–	174,634	–	4.10%	–
AWK	New	AMERICAN WATER WORKS	$123,251,000	–	799,661	–	4.01%	–
EQIX	New	EQUINIX INC COM NEW	$113,141,000	–	140,968	–	3.68%	–
ATUS	New	ALTICE USA INC. CL A	$111,644,000	–	3,270,171	–	3.63%	–
CMS	New	CMS ENERGY CORP COM	$111,615,000	–	1,889,207	–	3.63%	–
LNT	New	ALLIANT ENERGY CORP COM	$110,114,000	–	1,974,788	–	3.58%	–
XEL	New	XCEL ENERGY INC COM	$103,829,000	–	1,576,029	–	3.38%	–
SBAC	New	SBA COMMUNICATIONS COR CL A	$100,418,000	–	315,086	–	3.27%	–
BCE	New	BCE INC COM NEW	$98,315,000	–	1,993,417	–	3.20%	–
AEE	New	AMEREN CORP COM	$97,805,000	–	1,221,950	–	3.18%	–
CMCSA	New	COMCAST CORP CLASS A	$96,651,000	–	1,695,039	–	3.14%	–
TMUS	New	T-MOBILE US INC COM	$95,991,000	–	662,787	–	3.12%	–
COR	New	CORESITE REALTY CORP	$94,052,000	–	698,753	–	3.06%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP IN	$90,845,000	–	1,520,668	–	2.96%	–
WEC	New	WEC ENERGY GROUP INC COM	$90,373,000	–	1,016,002	–	2.94%	–
VZ	New	VERIZON COMMUNICATIONS COM	$89,117,000	–	1,590,531	–	2.90%	–
ES	New	EVERSOURCE ENERGY	$79,675,000	–	992,963	–	2.59%	–
EXC	New	EXELON CORP COM	$78,582,000	–	1,773,456	–	2.56%	–
PLD	New	PROLOGIS INC COM	$78,319,000	–	655,228	–	2.55%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$77,745,000	–	398,490	–	2.53%	–
UNP	New	UNION PAC CORP COM	$68,454,000	–	311,253	–	2.23%	–
SO	New	SOUTHERN CO COM	$68,392,000	–	1,130,252	–	2.22%	–
EIX	New	EDISON INTL COM	$67,638,000	–	1,169,790	–	2.20%	–
DTE	New	DTE ENERGY CO COM	$61,840,000	–	477,163	–	2.01%	–
FTS	New	FORTIS INC	$61,188,000	–	1,383,389	–	1.99%	–
COLD	New	AMERICOLD RLTY TR	$60,097,000	–	1,587,780	–	1.96%	–
NI	New	NISOURCE INC COM	$59,354,000	–	2,422,636	–	1.93%	–
SRE	New	SEMPRA	$53,813,000	–	406,195	–	1.75%	–
NSC	New	NORFOLK SOUTHERN CORP COM	$49,897,000	–	188,000	–	1.62%	–
AMT	New	AMERICAN TOWER REIT COM	$48,427,000	–	179,266	–	1.58%	–
ETR	New	ENTERGY CORP NEW COM	$44,530,000	–	446,640	–	1.45%	–
O	New	REALTY INCOME CORP COM	$42,141,000	–	631,415	–	1.37%	–
FE	New	FIRSTENERGY CORP COM	$37,266,000	–	1,001,500	–	1.21%	–
PCG	New	PG&E CORP COM	$29,355,000	–	2,886,464	–	0.96%	–
KSU	New	KANSAS CITY SOUTHN IND COM	$27,896,000	–	98,445	–	0.91%	–
GOOGL	New	ALPHABET INC. CLASS A	$25,756,000	–	10,548	–	0.84%	–
CNI	New	CANADIAN NATL RY CO COM	$22,035,000	–	208,825	–	0.72%	–
ATO	New	ATMOS ENERGY CORP COM	$22,012,000	–	229,026	–	0.72%	–
LILA	New	LIBERTY LATIN AMERICA CLASS A	$16,646,000	–	1,201,015	–	0.54%	–
ENLAY	New	ENEL SOCIETA PER AZIONI ADR	$14,962,000	–	1,610,933	–	0.49%	–
SJR	New	SHAW COMMUNICATIONS, INC.	$12,678,000	–	438,399	–	0.41%	–
TU	New	TELUS CORP COM	$12,214,000	–	544,538	–	0.40%	–
XPO	New	XPO LOGISTICS	$9,722,000	–	69,496	–	0.32%	–
SWX	New	SOUTHWEST GAS CORP COM	$8,840,000	–	133,562	–	0.29%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$8,230,000	–	29,614	–	0.27%	–
CCOI	New	COGENT COMMUNICATIONS COM NEW	$7,979,000	–	103,773	–	0.26%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$3,632,000	–	105,860	–	0.12%	–
GOOG	New	ALPHABET INC	$3,170,000	–	1,265	–	0.10%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$1,331,000	–	17,432	–	0.04%	–
PNW	New	PINNACLE WEST CAP CORP COM	$1,164,000	–	14,203	–	0.04%	–
ELS	New	EQUITY LIFESTYLE PROPERTIES, I	$1,142,000	–	15,372	–	0.04%	–
PPG	New	PPG INDS INC COM	$951,000	–	5,600	–	0.03%	–
DLR	New	DIGITAL REALITY TR	$790,000	–	5,253	–	0.03%	–
XOM	New	EXXON MOBIL CORP	$681,000	–	10,800	–	0.02%	–
AAPL	New	APPLE INC COM	$657,000	–	4,800	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON COM	$601,000	–	3,650	–	0.02%	–
D	New	DOMINION ENERGY INC.	$499,000	–	6,777	–	0.02%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$496,000	–	5,000	–	0.02%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$443,000	–	4,486	–	0.01%	–
MO	New	ALTRIA GROUP INC.	$381,000	–	8,000	–	0.01%	–
YELL	New	YELLOW CORPORATION	$260,000	–	40,000	–	0.01%	–
VOD	New	VODAFONE GROUP PUBLIC LTD CO A	$202,000	–	11,798	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
MO	Exit	ALTRIA GROUP INC.	$0	–	-8,000	–	-0.01%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-10,800	–	-0.01%	–
PM	Exit	PHILLIP MORRIS INTERNATIONAL	$0	–	-5,000	–	-0.02%	–
CPK	Exit	CHESAPEAKE UTILS CORP	$0	–	-6,070	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-3,650	–	-0.02%	–
AAPL	Exit	APPLE INC COM	$0	–	-4,800	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-5,600	–	-0.03%	–
ELS	Exit	EQUITY LIFESTYLE PROPERTIES, I	$0	–	-11,947	–	-0.03%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-15,047	–	-0.04%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-16,260	–	-0.06%	–
GOOG	Exit	ALPHABET INC	$0	–	-1,456	–	-0.08%	–
UTG	Exit	REAVES UTIL INCOME FD COM SH Bcef	$0	–	-103,454	–	-0.13%	–
COLD	Exit	AMERICOLD RLTY TR	$0	–	-141,330	–	-0.20%	–
AEP	Exit	AMERICAN ELEC PWR INC COM	$0	–	-74,500	–	-0.24%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B	$0	–	-31,530	–	-0.26%	–
NJR	Exit	NEW JERSEY RES COM	$0	–	-542,433	–	-0.57%	–
TRP	Exit	TC ENERGY	$0	–	-431,833	–	-0.71%	–
KSU	Exit	KANSAS CITY SOUTHN IND COM	$0	–	-108,909	–	-0.77%	–
TU	Exit	TELUS CORP COM	$0	–	-1,146,536	–	-0.79%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-14,269	–	-0.82%	–
PCG	Exit	PG&E CORP COM	$0	–	-2,949,899	–	-1.08%	–
SWX	Exit	SOUTHWEST GAS CORP COM	$0	–	-564,970	–	-1.39%	–
LNT	Exit	ALLIANT ENERGY CORP COM	$0	–	-715,486	–	-1.44%	–
FE	Exit	FIRSTENERGY CORP COM	$0	–	-1,416,475	–	-1.59%	–
DTE	Exit	DTE ENERGY CO COM	$0	–	-400,175	–	-1.80%	–
CP	Exit	CANADIAN PACIFIC LTD	$0	–	-152,400	–	-1.81%	–
ATO	Exit	ATMOS ENERGY CORP COM	$0	–	-561,656	–	-2.10%	–
TMUS	Exit	T-MOBILE US INC COM	$0	–	-509,958	–	-2.28%	–
SO	Exit	SOUTHERN CO COM	$0	–	-1,100,447	–	-2.33%	–
SBAC	Exit	SBA COMMUNICATIONS COR CL A	$0	–	-193,420	–	-2.40%	–
PLD	Exit	PROLOGIS INC COM	$0	–	-623,793	–	-2.45%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-377,723	–	-2.46%	–
CNI	Exit	CANADIAN NATL RY CO COM	$0	–	-671,168	–	-2.79%	–
FTS	Exit	FORTIS INC	$0	–	-1,752,384	–	-2.80%	–
UNP	Exit	UNION PAC CORP COM	$0	–	-375,977	–	-2.89%	–
SRE	Exit	SEMPRA ENERGY COM	$0	–	-633,513	–	-2.93%	–
EIX	Exit	EDISON INTL COM	$0	–	-1,495,350	–	-2.97%	–
NI	Exit	NISOURCE INC COM	$0	–	-3,464,916	–	-2.98%	–
BCE	Exit	BCE INC COM NEW	$0	–	-1,963,450	–	-3.18%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-1,404,425	–	-3.26%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP IN	$0	–	-1,562,348	–	-3.35%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-1,889,393	–	-3.41%	–
COR	Exit	CORESITE REALTY CORP	$0	–	-763,091	–	-3.54%	–
WEC	Exit	WEC ENERGY GROUP INC COM	$0	–	-963,270	–	-3.64%	–
XEL	Exit	XCEL ENERGY INC COM	$0	–	-1,400,480	–	-3.77%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC	$0	–	-158,811	–	-3.87%	–
EQIX	Exit	EQUINIX INC COM NEW	$0	–	-134,544	–	-3.99%	–
ATUS	Exit	ALTICE USA INC. CL A	$0	–	-4,194,428	–	-4.26%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-1,306,050	–	-4.26%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-756,226	–	-4.28%	–
CMS	Exit	CMS ENERGY CORP COM	$0	–	-1,788,687	–	-4.29%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-515,886	–	-5.59%	–

Q3 2020

			Value		Shares		↓ Weighting
NEE	Sell	NEXTERA ENERGY INC COM	$143,189,000	-5.4%	515,886	-18.1%	5.59%	-10.9%
CMS	Buy	CMS ENERGY CORP COM	$109,844,000	+25.9%	1,788,687	+19.8%	4.29%	+18.6%
AWK	Sell	AMERICAN WATER WORKS	$109,562,000	+11.6%	756,226	-0.9%	4.28%	+5.2%
ES	Buy	EVERSOURCE ENERGY	$109,120,000	+8.3%	1,306,050	+7.9%	4.26%	+2.1%
ATUS	Buy	ALTICE USA INC. CL A	$109,055,000	+21.1%	4,194,428	+5.0%	4.26%	+14.1%
EQIX	Buy	EQUINIX INC COM NEW	$102,271,000	+9.7%	134,544	+1.4%	3.99%	+3.4%
CHTR	Sell	CHARTER COMMUNICATIONS INC	$99,152,000	+20.9%	158,811	-1.2%	3.87%	+13.9%
XEL	Buy	XCEL ENERGY INC COM	$96,647,000	+91.4%	1,400,480	+73.4%	3.77%	+80.4%
WEC	Buy	WEC ENERGY GROUP INC COM	$93,340,000	+27.5%	963,270	+15.3%	3.64%	+20.1%
COR	Buy	CORESITE REALTY CORP	$90,716,000	+27.2%	763,091	+29.5%	3.54%	+19.8%
CMCSA	Buy	COMCAST CORP CLASS A	$87,403,000	+18.9%	1,889,393	+0.2%	3.41%	+12.0%
PEG	Buy	PUBLIC SVC ENTERPRISE GROUP IN	$85,789,000	+13.2%	1,562,348	+1.3%	3.35%	+6.6%
VZ	Buy	VERIZON COMMUNICATIONS COM	$83,549,000	+11.1%	1,404,425	+2.9%	3.26%	+4.7%
BCE	Sell	BCE INC COM NEW	$81,424,000	-6.2%	1,963,450	-5.5%	3.18%	-11.6%
NI	Buy	NISOURCE INC COM	$76,228,000	-2.8%	3,464,916	+0.5%	2.98%	-8.4%
EIX	Buy	EDISON INTL COM	$76,024,000	-5.7%	1,495,350	+0.8%	2.97%	-11.1%
SRE	Sell	SEMPRA ENERGY COM	$74,983,000	-4.5%	633,513	-5.4%	2.93%	-10.0%
UNP	Sell	UNION PAC CORP COM	$74,019,000	-31.8%	375,977	-41.4%	2.89%	-35.8%
FTS	Buy	FORTIS INC	$71,602,000	+13.9%	1,752,384	+6.2%	2.80%	+7.3%
CNI	Buy	CANADIAN NATL RY CO COM	$71,453,000	+67.3%	671,168	+39.2%	2.79%	+57.6%
CCI	Buy	CROWN CASTLE INTL CORP NEW	$62,891,000	+25.7%	377,723	+26.3%	2.46%	+18.4%
PLD	Buy	PROLOGIS INC COM	$62,766,000	+566.4%	623,793	+518.1%	2.45%	+528.5%
SBAC	Buy	SBA COMMUNICATIONS COR CL A	$61,600,000	+58.3%	193,420	+48.1%	2.40%	+49.1%
SO	Buy	SOUTHERN CO COM	$59,666,000	+6.2%	1,100,447	+1.6%	2.33%	+0.1%
TMUS	Buy	T-MOBILE US INC COM	$58,319,000	+34.4%	509,958	+22.4%	2.28%	+26.6%
ATO	Buy	ATMOS ENERGY CORP COM	$53,689,000	+5.6%	561,656	+10.0%	2.10%	-0.5%
CP	New	CANADIAN PACIFIC LTD	$46,395,000	–	152,400	–	1.81%	–
DTE	Sell	DTE ENERGY CO COM	$46,037,000	+5.6%	400,175	-1.3%	1.80%	-0.5%
FE	Sell	FIRSTENERGY CORP COM	$40,667,000	-30.5%	1,416,475	-6.1%	1.59%	-34.5%
LNT	Buy	ALLIANT ENERGY CORP COM	$36,955,000	+16.1%	715,486	+7.5%	1.44%	+9.4%
SWX	Buy	SOUTHWEST GAS CORP COM	$35,650,000	+3.6%	564,970	+13.3%	1.39%	-2.4%
PCG	Sell	PG&E CORP COM	$27,699,000	+5.8%	2,949,899	-0.1%	1.08%	-0.3%
GOOGL	Buy	ALPHABET INC. CLASS A	$20,913,000	+3.5%	14,269	+0.2%	0.82%	-2.4%
TU	Sell	TELUS CORP COM	$20,190,000	+4.9%	1,146,536	-0.1%	0.79%	-1.3%
KSU	Sell	KANSAS CITY SOUTHN IND COM	$19,694,000	+19.9%	108,909	-1.0%	0.77%	+12.9%
TRP	Sell	TC ENERGY	$18,146,000	-10.8%	431,833	-9.0%	0.71%	-15.9%
NJR	Buy	NEW JERSEY RES COM	$14,657,000	+36.7%	542,433	+65.2%	0.57%	+28.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC CLASS B	$6,714,000	+19.0%	31,530	-0.2%	0.26%	+12.0%
AEP	New	AMERICAN ELEC PWR INC COM	$6,089,000	–	74,500	–	0.24%	–
COLD	New	AMERICOLD RLTY TR	$5,053,000	–	141,330	–	0.20%	–
UTG	Buy	REAVES UTIL INCOME FD COM SH Bcef	$3,237,000	+3.9%	103,454	+0.3%	0.13%	-2.3%
DUK	New	DUKE ENERGY CORP NEW COM NEW	$1,440,000	–	16,260	–	0.06%	–
NEP	Sell	NEXTERA ENERGY PARTNERS LP	$902,000	-87.5%	15,047	-89.3%	0.04%	-88.3%
ELS	New	EQUITY LIFESTYLE PROPERTIES, I	$732,000	–	11,947	–	0.03%	–
AAPL	Buy	APPLE INC COM	$556,000	+26.9%	4,800	+300.0%	0.02%	+22.2%
CPK	Sell	CHESAPEAKE UTILS CORP	$512,000	-6.2%	6,070	-6.7%	0.02%	-13.0%
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-9,030	–	-0.01%	–
SJI	Exit	SOUTH JERSEY IND	$0	–	-10,000	–	-0.01%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-8,681	–	-0.03%	–
OUT	Exit	OUTFRONT MEDIA INC COM	$0	–	-200,000	–	-0.12%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Llp	$0	–	-1,381,750	–	-1.04%	–
PPL	Exit	PPL CORP COM	$0	–	-976,682	–	-1.05%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONS AD	$0	–	-1,005,963	–	-1.36%	–
OKE	Exit	ONEOK INC NEW COM	$0	–	-1,173,836	–	-1.62%	–
D	Exit	DOMINION ENERGY INC.	$0	–	-920,985	–	-3.10%	–

Q2 2020

			Value		Shares		↓ Weighting
NEE	New	NEXTERA ENERGY INC COM	$151,349,000	–	630,175	–	6.27%	–
UNP	New	UNION PAC CORP COM	$108,561,000	–	642,106	–	4.50%	–
ES	New	EVERSOURCE ENERGY	$100,761,000	–	1,210,042	–	4.18%	–
AWK	New	AMERICAN WATER WORKS	$98,142,000	–	762,797	–	4.07%	–
EQIX	New	EQUINIX INC COM NEW	$93,225,000	–	132,742	–	3.86%	–
ATUS	New	ALTICE USA INC. CL A	$90,051,000	–	3,995,176	–	3.73%	–
CMS	New	CMS ENERGY CORP COM	$87,247,000	–	1,493,433	–	3.62%	–
BCE	New	BCE INC COM NEW	$86,786,000	–	2,077,720	–	3.60%	–
CHTR	New	CHARTER COMMUNICATIONS INC	$82,003,000	–	160,777	–	3.40%	–
EIX	New	EDISON INTL COM	$80,592,000	–	1,483,924	–	3.34%	–
SRE	New	SEMPRA ENERGY COM	$78,507,000	–	669,685	–	3.25%	–
NI	New	NISOURCE INC COM	$78,400,000	–	3,447,686	–	3.25%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP IN	$75,812,000	–	1,542,158	–	3.14%	–
VZ	New	VERIZON COMMUNICATIONS COM	$75,220,000	–	1,364,420	–	3.12%	–
D	New	DOMINION ENERGY INC.	$74,766,000	–	920,985	–	3.10%	–
CMCSA	New	COMCAST CORP CLASS A	$73,499,000	–	1,885,553	–	3.05%	–
WEC	New	WEC ENERGY GROUP INC COM	$73,219,000	–	835,359	–	3.03%	–
COR	New	CORESITE REALTY CORP	$71,342,000	–	589,312	–	2.96%	–
FTS	New	FORTIS INC	$62,857,000	–	1,650,662	–	2.60%	–
FE	New	FIRSTENERGY CORP COM	$58,474,000	–	1,507,846	–	2.42%	–
SO	New	SOUTHERN CO COM	$56,177,000	–	1,083,452	–	2.33%	–
ATO	New	ATMOS ENERGY CORP COM	$50,830,000	–	510,443	–	2.11%	–
XEL	New	XCEL ENERGY INC COM	$50,494,000	–	807,890	–	2.09%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$50,041,000	–	299,022	–	2.07%	–
DTE	New	DTE ENERGY CO COM	$43,598,000	–	405,565	–	1.81%	–
TMUS	New	T-MOBILE US INC COM	$43,381,000	–	416,520	–	1.80%	–
CNI	New	CANADIAN NATL RY CO COM	$42,707,000	–	482,180	–	1.77%	–
OKE	New	ONEOK INC NEW COM	$38,995,000	–	1,173,836	–	1.62%	–
SBAC	New	SBA COMMUNICATIONS COR CL A	$38,918,000	–	130,633	–	1.61%	–
SWX	New	SOUTHWEST GAS CORP COM	$34,420,000	–	498,480	–	1.43%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONS AD	$32,885,000	–	1,005,963	–	1.36%	–
LNT	New	ALLIANT ENERGY CORP COM	$31,833,000	–	665,388	–	1.32%	–
PCG	New	PG&E CORP COM	$26,181,000	–	2,951,620	–	1.08%	–
PPL	New	PPL CORP COM	$25,237,000	–	976,682	–	1.05%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Llp	$25,106,000	–	1,381,750	–	1.04%	–
TRP	New	TC ENERGY	$20,337,000	–	474,488	–	0.84%	–
GOOGL	New	ALPHABET INC. CLASS A	$20,202,000	–	14,246	–	0.84%	–
TU	New	TELUS CORP COM	$19,252,000	–	1,148,004	–	0.80%	–
KSU	New	KANSAS CITY SOUTHN IND COM	$16,426,000	–	110,028	–	0.68%	–
NJR	New	NEW JERSEY RES COM	$10,719,000	–	328,286	–	0.44%	–
PLD	New	PROLOGIS INC COM	$9,418,000	–	100,915	–	0.39%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$7,191,000	–	140,237	–	0.30%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$5,642,000	–	31,605	–	0.23%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$3,114,000	–	103,171	–	0.13%	–
OUT	New	OUTFRONT MEDIA INC COM	$2,834,000	–	200,000	–	0.12%	–
GOOG	New	ALPHABET INC	$2,058,000	–	1,456	–	0.08%	–
PNW	New	PINNACLE WEST CAP CORP COM	$637,000	–	8,681	–	0.03%	–
PPG	New	PPG INDS INC COM	$594,000	–	5,600	–	0.02%	–
CPK	New	CHESAPEAKE UTILS CORP	$546,000	–	6,504	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON COM	$513,000	–	3,650	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$483,000	–	10,800	–	0.02%	–
AAPL	New	APPLE INC COM	$438,000	–	1,200	–	0.02%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$350,000	–	5,000	–	0.02%	–
MO	New	ALTRIA GROUP INC.	$314,000	–	8,000	–	0.01%	–
SJI	New	SOUTH JERSEY IND	$250,000	–	10,000	–	0.01%	–
WFC	New	WELLS FARGO & CO NEW COM	$231,000	–	9,030	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
LNG	Exit	CHENIERE ENERGY INC	$0	–	-3,500	–	-0.01%	–
GD	Exit	GENERAL DYNAMICS CORP COM	$0	–	-1,240	–	-0.01%	–
AAPL	Exit	APPLE INC COM	$0	–	-1,200	–	-0.01%	–
	Exit	BASTION ENERGY LLC (ANGLO DUTClp	$0	–	-1,000	–	-0.01%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-8,000	–	-0.01%	–
PM	Exit	PHILLIP MORRIS INTERNATIONAL	$0	–	-5,000	–	-0.01%	–
CPK	Exit	CHESAPEAKE UTILS CORP	$0	–	-4,225	–	-0.01%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-9,030	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-3,650	–	-0.02%	–
EXC	Exit	EXELON CORP COM	$0	–	-10,400	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-5,600	–	-0.02%	–
XEL	Exit	XCEL ENERGY INC COM	$0	–	-14,700	–	-0.03%	–
AMT	Exit	AMERICAN TOWER REIT COM	$0	–	-5,178	–	-0.04%	–
	Exit	TALARA OPPORTUNITIES II, LPlp	$0	–	-40,519	–	-0.10%	–
UTG	Exit	REAVES UTIL INCOME FD COM SH Bcef	$0	–	-120,558	–	-0.14%	–
UNIT	Exit	UNITI GROUP INC	$0	–	-618,635	–	-0.15%	–
PXD	Exit	PIONEER NAT RES CO COM	$0	–	-49,969	–	-0.19%	–
KSU	Exit	KANSAS CITY SOUTHN IND COM	$0	–	-48,583	–	-0.20%	–
EOG	Exit	EOG RES INC COM	$0	–	-97,605	–	-0.22%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B	$0	–	-45,462	–	-0.29%	–
TMUS	Exit	T-MOBILE US INC COM	$0	–	-134,456	–	-0.32%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-8,870	–	-0.33%	–
TRGP	Exit	TARGA RESOURCES CORP	$0	–	-270,495	–	-0.33%	–
OXY	Exit	OCCIDENTAL PETE CP DEL COM	$0	–	-296,290	–	-0.40%	–
CVX	Exit	CHEVRON CORPORATION COM	$0	–	-130,624	–	-0.48%	–
GOOG	Exit	ALPHABET INC	$0	–	-13,245	–	-0.50%	–
CNI	Exit	CANADIAN NATL RY CO COM	$0	–	-181,572	–	-0.50%	–
ED	Exit	CONSOLIDATED EDISON INC	$0	–	-175,450	–	-0.51%	–
NRG	Exit	NRG ENERGY INC COM	$0	–	-447,645	–	-0.54%	–
CWEN	Exit	CLEARWAY ENERGY INC. CL C	$0	–	-986,420	–	-0.55%	–
CBS	Exit	CBS CORP COM	$0	–	-460,879	–	-0.57%	–
SBAC	Exit	SBA COMMUNICATIONS COR CL A	$0	–	-85,253	–	-0.63%	–
TRP	Exit	TC ENERGY	$0	–	-434,083	–	-0.69%	–
T	Exit	AT & T INC. (NEW)	$0	–	-613,234	–	-0.71%	–
VST	Exit	VISTRA ENERGY CORP.	$0	–	-871,548	–	-0.72%	–
SWX	Exit	SOUTHWEST GAS CORP COM	$0	–	-317,650	–	-0.89%	–
COR	Exit	CORESITE REALTY CORP	$0	–	-252,002	–	-0.94%	–
WMB	Exit	WILLIAMS COS INC COM	$0	–	-1,279,290	–	-0.95%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-489,940	–	-1.06%	–
SJI	Exit	SOUTH JERSEY IND	$0	–	-1,071,320	–	-1.08%	–
PPL	Exit	PPL CORP COM	$0	–	-1,125,560	–	-1.09%	–
ATO	Exit	ATMOS ENERGY CORP COM	$0	–	-319,958	–	-1.12%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-377,104	–	-1.12%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-1,018,400	–	-1.19%	–
FE	Exit	FIRSTENERGY CORP COM	$0	–	-914,045	–	-1.35%	–
DAL	Exit	DELTA AIRLINES INC	$0	–	-846,109	–	-1.50%	–
CMS	Exit	CMS ENERGY CORP COM	$0	–	-793,619	–	-1.56%	–
FTS	Exit	FORTIS INC	$0	–	-1,298,866	–	-1.69%	–
NI	Exit	NISOURCE INC COM	$0	–	-1,928,502	–	-1.77%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Llp	$0	–	-2,063,100	–	-1.81%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-709,110	–	-1.86%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-1,002,637	–	-1.87%	–
SO	Exit	SOUTHERN CO COM	$0	–	-1,081,000	–	-2.05%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-1,486,775	–	-2.06%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-488,289	–	-2.08%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-565,130	–	-2.16%	–
D	Exit	DOMINION ENERGY INC.	$0	–	-949,411	–	-2.36%	–
EQIX	Exit	EQUINIX INC COM NEW	$0	–	-145,995	–	-2.59%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONS AD	$0	–	-1,460,183	–	-2.64%	–
WEC	Exit	WEC ENERGY GROUP INC COM	$0	–	-904,319	–	-2.64%	–
EIX	Exit	EDISON INTL COM	$0	–	-1,166,575	–	-2.70%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP IN	$0	–	-1,619,927	–	-3.09%	–
UNP	Exit	UNION PAC CORP COM	$0	–	-623,763	–	-3.10%	–
OKE	Exit	ONEOK INC NEW COM	$0	–	-1,391,868	–	-3.15%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-2,018,549	–	-3.28%	–
TU	Exit	TELUS CORPORATION	$0	–	-3,074,733	–	-3.36%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-1,959,870	–	-3.64%	–
BCE	Exit	BCE INC COM NEW	$0	–	-2,464,453	–	-3.67%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC	$0	–	-295,327	–	-3.74%	–
ATUS	Exit	ALTICE USA INC. CL A	$0	–	-4,519,650	–	-3.98%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-709,619	–	-5.08%	–
SRE	Exit	SEMPRA ENERGY COM	$0	–	-1,123,202	–	-5.09%	–
DTE	Exit	DTE ENERGY CO COM	$0	–	-1,318,052	–	-5.38%	–

Q3 2019

			Value		Shares		↓ Weighting
DTE	Buy	DTE ENERGY CO COM	$175,249,000	+4.2%	1,318,052	+0.3%	5.38%	+0.3%
SRE	Sell	SEMPRA ENERGY COM	$165,796,000	+6.5%	1,123,202	-0.8%	5.09%	+2.5%
NEE	Sell	NEXTERA ENERGY INC COM	$165,335,000	+11.8%	709,619	-1.7%	5.08%	+7.5%
ATUS	Sell	ALTICE USA INC. CL A	$129,624,000	+14.1%	4,519,650	-3.1%	3.98%	+9.8%
CHTR	Sell	CHARTER COMMUNICATIONS INC	$121,710,000	+3.1%	295,327	-1.1%	3.74%	-0.8%
BCE	Sell	BCE INC COM NEW	$119,304,000	+5.2%	2,464,453	-1.2%	3.67%	+1.2%
VZ	Sell	VERIZON COMMUNICATIONS COM	$118,298,000	+2.1%	1,959,870	-3.3%	3.64%	-1.7%
TU	Buy	TELUS CORPORATION	$109,502,000	+2.7%	3,074,733	+6.8%	3.36%	-1.2%
NEP	Sell	NEXTERA ENERGY PARTNERS LP	$106,660,000	+4.7%	2,018,549	-4.4%	3.28%	+0.7%
OKE	Sell	ONEOK INC NEW COM	$102,567,000	-1.1%	1,391,868	-7.7%	3.15%	-4.9%
UNP	Sell	UNION PAC CORP COM	$101,037,000	-4.3%	623,763	-0.1%	3.10%	-7.9%
PEG	Buy	PUBLIC SVC ENTERPRISE GROUP IN	$100,565,000	+27.4%	1,619,927	+20.7%	3.09%	+22.6%
EIX	Buy	EDISON INTL COM	$87,984,000	+59.9%	1,166,575	+43.0%	2.70%	+53.8%
WEC	Sell	WEC ENERGY GROUP INC COM	$86,001,000	+12.5%	904,319	-1.4%	2.64%	+8.2%
RDSA	Sell	ROYAL DUTCH SHELL PLC SPONS AD	$85,932,000	-18.9%	1,460,183	-10.3%	2.64%	-21.9%
EQIX	Sell	EQUINIX INC COM NEW	$84,210,000	+7.8%	145,995	-5.8%	2.59%	+3.7%
D	Buy	DOMINION ENERGY INC.	$76,941,000	+4.8%	949,411	+0.0%	2.36%	+0.9%
AWK	Buy	AMERICAN WATER WORKS	$70,206,000	+7.6%	565,130	+0.5%	2.16%	+3.5%
CCI	Buy	CROWN CASTLE INTL CORP NEW	$67,877,000	+7.0%	488,289	+0.3%	2.08%	+2.9%
CMCSA	Buy	COMCAST CORP CLASS A	$67,024,000	+6.7%	1,486,775	+0.1%	2.06%	+2.7%
SO	Sell	SOUTHERN CO COM	$66,773,000	-14.4%	1,081,000	-23.4%	2.05%	-17.6%
MPC	Sell	MARATHON PETROLEUM CORP	$60,910,000	+1.6%	1,002,637	-6.5%	1.87%	-2.2%
ES	Buy	EVERSOURCE ENERGY	$60,608,000	+13.2%	709,110	+0.3%	1.86%	+8.9%
NI	Buy	NISOURCE INC COM	$57,701,000	+6.2%	1,928,502	+2.2%	1.77%	+2.2%
FTS	Buy	FORTIS INC	$54,981,000	+7.5%	1,298,866	+0.2%	1.69%	+3.4%
CMS	Sell	CMS ENERGY CORP COM	$50,752,000	+7.1%	793,619	-3.1%	1.56%	+3.0%
DAL	Buy	DELTA AIRLINES INC	$48,736,000	+3.5%	846,109	+2.0%	1.50%	-0.4%
FE	Sell	FIRSTENERGY CORP COM	$44,085,000	+0.3%	914,045	-11.0%	1.35%	-3.6%
BP	Sell	BP PLC SPONS ADR	$38,689,000	-10.5%	1,018,400	-1.7%	1.19%	-13.8%
PNW	Sell	PINNACLE WEST CAP CORP COM	$36,606,000	+2.6%	377,104	-0.5%	1.12%	-1.2%
ATO	Buy	ATMOS ENERGY CORP COM	$36,440,000	+8.8%	319,958	+0.9%	1.12%	+4.8%
PPL	Buy	PPL CORP COM	$35,444,000	+17.3%	1,125,560	+15.5%	1.09%	+12.8%
SJI	Buy	SOUTH JERSEY IND	$35,257,000	-1.6%	1,071,320	+0.9%	1.08%	-5.3%
XOM	Sell	EXXON MOBIL CORP	$34,595,000	-23.5%	489,940	-17.0%	1.06%	-26.4%
WMB	Sell	WILLIAMS COS INC COM	$30,780,000	-18.4%	1,279,290	-5.0%	0.95%	-21.5%
COR	Buy	CORESITE REALTY CORP	$30,706,000	+42.7%	252,002	+34.8%	0.94%	+37.3%
SWX	Buy	SOUTHWEST GAS CORP COM	$28,919,000	+5.4%	317,650	+3.7%	0.89%	+1.5%
VST	Buy	VISTRA ENERGY CORP.	$23,296,000	+43.3%	871,548	+21.4%	0.72%	+38.0%
TRP	Buy	TC ENERGY	$22,481,000	+36.8%	434,083	+30.8%	0.69%	+31.6%
SBAC	Sell	SBA COMMUNICATIONS COR CL A	$20,559,000	+6.2%	85,253	-1.0%	0.63%	+2.3%
CBS	Buy	CBS CORP COM	$18,606,000	+104.4%	460,879	+152.6%	0.57%	+96.6%
CWEN	Sell	CLEARWAY ENERGY INC. CL C	$18,002,000	-1.7%	986,420	-9.2%	0.55%	-5.5%
NRG	Buy	NRG ENERGY INC COM	$17,727,000	+13.1%	447,645	+0.3%	0.54%	+8.8%
ED	Sell	CONSOLIDATED EDISON INC	$16,574,000	+2.3%	175,450	-5.0%	0.51%	-1.5%
CNI	Buy	CANADIAN NATL RY CO COM	$16,316,000	+43.8%	181,572	+48.0%	0.50%	+38.4%
GOOG	Buy	ALPHABET INC	$16,146,000	+20.3%	13,245	+6.7%	0.50%	+15.6%
CVX	Sell	CHEVRON CORPORATION COM	$15,492,000	-30.6%	130,624	-27.2%	0.48%	-33.2%
TRGP	Sell	TARGA RESOURCES CORP	$10,866,000	+1.9%	270,495	-0.4%	0.33%	-2.1%
GOOGL	Buy	ALPHABET INC. CLASS A	$10,832,000	+17.3%	8,870	+4.0%	0.33%	+12.9%
TMUS	Sell	T-MOBILE US INC COM	$10,591,000	-72.7%	134,456	-74.3%	0.32%	-73.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC CLASS B	$9,457,000	-2.5%	45,462	-0.1%	0.29%	-6.1%
EOG	Sell	EOG RES INC COM	$7,244,000	-55.1%	97,605	-43.6%	0.22%	-56.7%
KSU	Buy	KANSAS CITY SOUTHN IND COM	$6,462,000	+12.6%	48,583	+3.1%	0.20%	+8.7%
PXD	Buy	PIONEER NAT RES CO COM	$6,285,000	-16.9%	49,969	+1.7%	0.19%	-20.2%
UTG	Sell	REAVES UTIL INCOME FD COM SH Bcef	$4,424,000	-19.4%	120,558	-21.3%	0.14%	-22.3%
AMT	Sell	AMERICAN TOWER REIT COM	$1,145,000	-19.6%	5,178	-25.7%	0.04%	-23.9%
XEL	Buy	XCEL ENERGY INC COM	$954,000	+18.2%	14,700	+8.3%	0.03%	+11.5%
EXC	Buy	EXELON CORP COM	$502,000	+9.1%	10,400	+8.3%	0.02%	0.0%
CPK	Buy	CHESAPEAKE UTILS CORP	$403,000	+8.6%	4,225	+8.3%	0.01%	0.0%
HES	Exit	HESS CORPORATION	$0	–	-13,205	–	-0.03%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-27,666	–	-0.08%	–

Q2 2019

			Value		Shares		↓ Weighting
DTE	New	DTE ENERGY CO COM	$168,129,000	–	1,314,737	–	5.37%	–
SRE	New	SEMPRA ENERGY COM	$155,657,000	–	1,132,544	–	4.97%	–
NEE	New	NEXTERA ENERGY INC COM	$147,950,000	–	722,202	–	4.72%	–
CHTR	New	CHARTER COMMUNICATIONS INC	$118,060,000	–	298,749	–	3.77%	–
VZ	New	VERIZON COMMUNICATIONS COM	$115,846,000	–	2,027,755	–	3.70%	–
ATUS	New	ALTICE USA INC. CL A	$113,605,000	–	4,665,495	–	3.63%	–
BCE	New	BCE INC COM NEW	$113,448,000	–	2,494,470	–	3.62%	–
TU	New	TELUS CORPORATION	$106,587,000	–	2,878,883	–	3.40%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONS AD	$105,906,000	–	1,627,573	–	3.38%	–
UNP	New	UNION PAC CORP COM	$105,582,000	–	624,338	–	3.37%	–
OKE	New	ONEOK INC NEW COM	$103,747,000	–	1,507,737	–	3.31%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$101,881,000	–	2,111,516	–	3.25%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP IN	$78,939,000	–	1,342,056	–	2.52%	–
EQIX	New	EQUINIX INC COM NEW	$78,123,000	–	154,917	–	2.50%	–
SO	New	SOUTHERN CO COM	$77,964,000	–	1,410,348	–	2.49%	–
WEC	New	WEC ENERGY GROUP INC COM	$76,434,000	–	916,805	–	2.44%	–
D	New	DOMINION ENERGY INC.	$73,382,000	–	949,064	–	2.34%	–
AWK	New	AMERICAN WATER WORKS	$65,256,000	–	562,554	–	2.08%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$63,460,000	–	486,840	–	2.03%	–
CMCSA	New	COMCAST CORP CLASS A	$62,795,000	–	1,485,225	–	2.00%	–
MPC	New	MARATHON PETROLEUM CORP	$59,932,000	–	1,072,516	–	1.91%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Llp	$59,562,000	–	2,063,100	–	1.90%	–
EIX	New	EDISON INTL COM	$55,010,000	–	816,050	–	1.76%	–
NI	New	NISOURCE INC COM	$54,340,000	–	1,886,811	–	1.74%	–
ES	New	EVERSOURCE ENERGY	$53,543,000	–	706,739	–	1.71%	–
FTS	New	FORTIS INC	$51,162,000	–	1,296,235	–	1.63%	–
CMS	New	CMS ENERGY CORP COM	$47,406,000	–	818,625	–	1.51%	–
DAL	New	DELTA AIRLINES INC	$47,069,000	–	829,402	–	1.50%	–
XOM	New	EXXON MOBIL CORP	$45,207,000	–	589,940	–	1.44%	–
FE	New	FIRSTENERGY CORP COM	$43,975,000	–	1,027,226	–	1.40%	–
BP	New	BP PLC SPONS ADR	$43,218,000	–	1,036,400	–	1.38%	–
TMUS	New	T-MOBILE US INC COM	$38,813,000	–	523,507	–	1.24%	–
WMB	New	WILLIAMS COS INC COM	$37,742,000	–	1,345,990	–	1.20%	–
SJI	New	SOUTH JERSEY IND	$35,817,000	–	1,061,889	–	1.14%	–
PNW	New	PINNACLE WEST CAP CORP COM	$35,674,000	–	379,144	–	1.14%	–
ATO	New	ATMOS ENERGY CORP COM	$33,489,000	–	317,246	–	1.07%	–
PPL	New	PPL CORP COM	$30,218,000	–	974,448	–	0.96%	–
SWX	New	SOUTHWEST GAS CORP COM	$27,447,000	–	306,260	–	0.88%	–
CVX	New	CHEVRON CORPORATION COM	$22,326,000	–	179,414	–	0.71%	–
COR	New	CORESITE REALTY CORP	$21,524,000	–	186,885	–	0.69%	–
T	New	AT & T INC. (NEW)	$20,549,000	–	613,234	–	0.66%	–
SBAC	New	SBA COMMUNICATIONS COR CL A	$19,356,000	–	86,088	–	0.62%	–
CWEN	New	CLEARWAY ENERGY INC. CL C	$18,317,000	–	1,086,420	–	0.58%	–
TRP	New	TC ENERGY	$16,435,000	–	331,887	–	0.52%	–
VST	New	VISTRA ENERGY CORP.	$16,255,000	–	717,998	–	0.52%	–
ED	New	CONSOLIDATED EDISON INC	$16,199,000	–	184,750	–	0.52%	–
EOG	New	EOG RES INC COM	$16,124,000	–	173,083	–	0.52%	–
NRG	New	NRG ENERGY INC COM	$15,675,000	–	446,338	–	0.50%	–
OXY	New	OCCIDENTAL PETE CP DEL COM	$14,897,000	–	296,290	–	0.48%	–
GOOG	New	ALPHABET INC	$13,419,000	–	12,415	–	0.43%	–
CNI	New	CANADIAN NATL RY CO COM	$11,345,000	–	122,674	–	0.36%	–
TRGP	New	TARGA RESOURCES CORP	$10,665,000	–	271,647	–	0.34%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$9,696,000	–	45,487	–	0.31%	–
GOOGL	New	ALPHABET INC. CLASS A	$9,236,000	–	8,530	–	0.30%	–
CBS	New	CBS CORP COM	$9,104,000	–	182,450	–	0.29%	–
PXD	New	PIONEER NAT RES CO COM	$7,563,000	–	49,155	–	0.24%	–
UNIT	New	UNITI GROUP INC	$5,877,000	–	618,635	–	0.19%	–
KSU	New	KANSAS CITY SOUTHN IND COM	$5,740,000	–	47,118	–	0.18%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$5,486,000	–	153,250	–	0.18%	–
	New	TALARA OPPORTUNITIES II, LPlp	$3,121,000	–	40,519	–	0.10%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$2,441,000	–	27,666	–	0.08%	–
AMT	New	AMERICAN TOWER REIT COM	$1,425,000	–	6,969	–	0.05%	–
HES	New	HESS CORPORATION	$839,000	–	13,205	–	0.03%	–
XEL	New	XCEL ENERGY INC COM	$807,000	–	13,569	–	0.03%	–
	New	BASTION ENERGY LLC (ANGLO DUTClp	$760,000	–	1,000	–	0.02%	–
PPG	New	PPG INDS INC COM	$654,000	–	5,600	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON COM	$508,000	–	3,650	–	0.02%	–
EXC	New	EXELON CORP COM	$460,000	–	9,600	–	0.02%	–
WFC	New	WELLS FARGO & CO NEW COM	$427,000	–	9,030	–	0.01%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$393,000	–	5,000	–	0.01%	–
CPK	New	CHESAPEAKE UTILS CORP	$371,000	–	3,900	–	0.01%	–
MO	New	ALTRIA GROUP INC.	$379,000	–	8,000	–	0.01%	–
AAPL	New	APPLE INC COM	$238,000	–	1,200	–	0.01%	–
LNG	New	CHENIERE ENERGY INC	$240,000	–	3,500	–	0.01%	–
GD	New	GENERAL DYNAMICS CORP COM	$225,000	–	1,240	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
RDSB	Exit	ROYAL DUTCH SHELL PLC ADRS B	$0	–	-2,990	–	-0.01%	–
GD	Exit	GENERAL DYNAMICS CORP COM	$0	–	-1,240	–	-0.01%	–
EXC	Exit	EXELON CORP COM	$0	–	-6,400	–	-0.01%	–
AAPL	Exit	APPLE INC COM	$0	–	-1,389	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-2,400	–	-0.01%	–
XEL	Exit	XCEL ENERGY INC COM	$0	–	-9,047	–	-0.01%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-9,000	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-5,600	–	-0.02%	–
PM	Exit	PHILLIP MORRIS INTERNATIONAL	$0	–	-11,318	–	-0.03%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-16,050	–	-0.03%	–
KSU	Exit	KANSAS CITY SOUTHN IND COM	$0	–	-9,700	–	-0.04%	–
NRG	Exit	NRG ENERGY INC COM	$0	–	-40,650	–	-0.05%	–
CXO	Exit	CONCHO RESOURCES INC	$0	–	-12,850	–	-0.06%	–
CONE	Exit	CYRUSONE INC	$0	–	-31,600	–	-0.06%	–
	Exit	BASTION ENERGY LLC (ANGLO DUTClp	$0	–	-1,000	–	-0.08%	–
CLR	Exit	CONTINENTAL RES INC COM	$0	–	-34,800	–	-0.08%	–
AEE	Exit	AMEREN CORP COM	$0	–	-42,450	–	-0.09%	–
GOOG	Exit	ALPHABET INC	$0	–	-2,600	–	-0.10%	–
HES	Exit	HESS CORPORATION	$0	–	-44,275	–	-0.10%	–
	Exit	TALARA OPPORTUNITIES II, LPlp	$0	–	-40,519	–	-0.12%	–
LBTYA	Exit	LIBERTY GLOBAL PLC SHS CL A	$0	–	-125,000	–	-0.12%	–
CWEN	Exit	CLEARWAY ENERGY INC. CL C	$0	–	-190,919	–	-0.12%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-106,571	–	-0.14%	–
LILA	Exit	LIBERTY LATIN AMERICA CLASS A	$0	–	-218,702	–	-0.15%	–
UTG	Exit	REAVES UTIL INCOME FD COM SH Bcef	$0	–	-152,019	–	-0.15%	–
CNI	Exit	CANADIAN NATL RY CO COM	$0	–	-81,124	–	-0.24%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B	$0	–	-43,362	–	-0.30%	–
SBAC	Exit	SBA COMMUNICATIONS COR CL A	$0	–	-67,846	–	-0.36%	–
SWX	Exit	SOUTHWEST GAS CORP COM	$0	–	-158,820	–	-0.41%	–
EVRG	Exit	EVERGY INC COM	$0	–	-242,860	–	-0.44%	–
TRGP	Exit	TARGA RESOURCES CORP	$0	–	-242,292	–	-0.45%	–
UNIT	Exit	UNITI GROUP INC	$0	–	-813,423	–	-0.54%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-477,910	–	-0.54%	–
NGG	Exit	NATIONAL GRID PLC SPONSORED AD	$0	–	-320,322	–	-0.54%	–
TU	Exit	TELUS CORPORATION	$0	–	-485,397	–	-0.58%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-235,106	–	-0.62%	–
EQIX	Exit	EQUINIX INC COM NEW	$0	–	-43,792	–	-0.62%	–
PXD	Exit	PIONEER NAT RES CO COM	$0	–	-115,219	–	-0.66%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-462,100	–	-0.83%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-325,995	–	-0.91%	–
HIFR	Exit	INFRAREIT INC	$0	–	-1,345,688	–	-0.93%	–
SJI	Exit	SOUTH JERSEY IND	$0	–	-845,125	–	-0.98%	–
PPL	Exit	PPL CORP COM	$0	–	-1,059,720	–	-1.01%	–
OXY	Exit	OCCIDENTAL PETE CP DEL COM	$0	–	-385,412	–	-1.04%	–
NLY	Exit	ANNALY MTG MGMT INC COM	$0	–	-3,102,500	–	-1.04%	–
ATO	Exit	ATMOS ENERGY CORP COM	$0	–	-341,900	–	-1.05%	–
FTS	Exit	FORTIS INC	$0	–	-1,152,772	–	-1.22%	–
SO	Exit	SOUTHERN CO COM	$0	–	-876,050	–	-1.25%	–
EOG	Exit	EOG RES INC COM	$0	–	-301,128	–	-1.26%	–
EIX	Exit	EDISON INTL COM	$0	–	-572,200	–	-1.27%	–
FOXA	Exit	TWENTY-FIRST CENTURY FOX INC	$0	–	-868,154	–	-1.32%	–
T	Exit	AT & T INC. (NEW)	$0	–	-1,233,285	–	-1.35%	–
CVX	Exit	CHEVRON CORPORATION COM	$0	–	-339,400	–	-1.36%	–
DAL	Exit	DELTA AIRLINES INC	$0	–	-732,001	–	-1.38%	–
CMS	Exit	CMS ENERGY CORP COM	$0	–	-871,367	–	-1.40%	–
AMT	Exit	AMERICAN TOWER REIT COM	$0	–	-306,981	–	-1.46%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP IN	$0	–	-850,970	–	-1.47%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-572,850	–	-1.48%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-423,850	–	-1.54%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Llp	$0	–	-1,651,050	–	-1.55%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-1,126,575	–	-1.70%	–
WMB	Exit	WILLIAMS COS INC COM	$0	–	-2,058,595	–	-1.83%	–
NI	Exit	NISOURCE INC COM	$0	–	-2,419,943	–	-1.97%	–
TMUS	Exit	T-MOBILE US INC COM	$0	–	-874,885	–	-2.01%	–
WEC	Exit	WEC ENERGY GROUP INC COM	$0	–	-1,038,540	–	-2.27%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-3,494,800	–	-2.42%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-1,246,058	–	-2.50%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-1,613,198	–	-2.56%	–
UNP	Exit	UNION PAC CORP COM	$0	–	-515,228	–	-2.74%	–
OKE	Exit	ONEOK INC NEW COM	$0	–	-1,297,235	–	-2.88%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-2,663,262	–	-3.08%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-1,083,477	–	-3.12%	–
BCE	Exit	BCE INC COM NEW	$0	–	-2,394,048	–	-3.17%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC	$0	–	-324,520	–	-3.46%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-1,995,513	–	-3.48%	–
ATUS	Exit	ALTICE USA INC. CL A	$0	–	-5,992,411	–	-3.55%	–
SRE	Exit	SEMPRA ENERGY COM	$0	–	-1,065,788	–	-3.96%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONS AD	$0	–	-1,784,117	–	-3.98%	–
D	Exit	DOMINION ENERGY INC.	$0	–	-1,765,446	–	-4.06%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-877,832	–	-4.81%	–
DTE	Exit	DTE ENERGY CO COM	$0	–	-1,528,678	–	-5.46%	–

Q3 2018

			Value		Shares		↓ Weighting
DTE	Buy	DTE ENERGY CO COM	$166,825,000	+6.5%	1,528,678	+1.1%	5.46%	+2.6%
NEE	Sell	NEXTERA ENERGY INC COM	$147,125,000	-5.9%	877,832	-6.2%	4.81%	-9.3%
D	Sell	DOMINION ENERGY INC.	$124,075,000	-1.1%	1,765,446	-4.0%	4.06%	-4.7%
RDSA	Buy	ROYAL DUTCH SHELL PLC SPONS AD	$121,570,000	+4.2%	1,784,117	+5.9%	3.98%	+0.5%
SRE	Sell	SEMPRA ENERGY COM	$121,234,000	-12.3%	1,065,788	-10.4%	3.96%	-15.4%
ATUS	Buy	ALTICE USA INC. CL A	$108,702,000	+30.9%	5,992,411	+23.1%	3.55%	+26.2%
VZ	Sell	VERIZON COMMUNICATIONS COM	$106,540,000	+5.0%	1,995,513	-1.0%	3.48%	+1.2%
CHTR	Buy	CHARTER COMMUNICATIONS INC	$105,755,000	+45.5%	324,520	+30.9%	3.46%	+40.2%
BCE	Sell	BCE INC COM NEW	$97,007,000	-4.2%	2,394,048	-4.3%	3.17%	-7.7%
AWK	Buy	AMERICAN WATER WORKS	$95,314,000	+4.3%	1,083,477	+1.3%	3.12%	+0.6%
CMCSA	Sell	COMCAST CORP CLASS A	$94,306,000	-16.2%	2,663,262	-22.4%	3.08%	-19.3%
OKE	Sell	ONEOK INC NEW COM	$87,940,000	-3.0%	1,297,235	-0.1%	2.88%	-6.6%
UNP	Sell	UNION PAC CORP COM	$83,895,000	+12.7%	515,228	-1.9%	2.74%	+8.6%
NEP	Buy	NEXTERA ENERGY PARTNERS LP	$78,240,000	+6.1%	1,613,198	+2.1%	2.56%	+2.3%
ES	Buy	EVERSOURCE ENERGY	$76,558,000	+5.3%	1,246,058	+0.5%	2.50%	+1.5%
LUMN	Sell	CENTURYLINK INC	$74,090,000	-7.9%	3,494,800	-19.0%	2.42%	-11.2%
WEC	Buy	WEC ENERGY GROUP INC COM	$69,333,000	+7.7%	1,038,540	+4.3%	2.27%	+3.8%
TMUS	Sell	T-MOBILE US INC COM	$61,399,000	-6.6%	874,885	-20.5%	2.01%	-10.0%
NI	Buy	NISOURCE INC COM	$60,305,000	+13.5%	2,419,943	+19.7%	1.97%	+9.4%
WMB	Buy	WILLIAMS COS INC COM	$55,973,000	+50.4%	2,058,595	+49.9%	1.83%	+44.9%
BP	Buy	BP PLC SPONS ADR	$51,935,000	+91.8%	1,126,575	+89.9%	1.70%	+84.8%
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS Llp	$47,435,000	+4.3%	1,651,050	+0.5%	1.55%	+0.5%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$47,187,000	-30.4%	423,850	-32.6%	1.54%	-32.9%
PNW	Sell	PINNACLE WEST CAP CORP COM	$45,359,000	-13.7%	572,850	-12.2%	1.48%	-16.9%
PEG	Buy	PUBLIC SVC ENTERPRISE GROUP IN	$44,923,000	+9.0%	850,970	+11.8%	1.47%	+5.1%
AMT	Sell	AMERICAN TOWER REIT COM	$44,604,000	-4.3%	306,981	-5.0%	1.46%	-7.8%
CMS	Buy	CMS ENERGY CORP COM	$42,697,000	+22.6%	871,367	+18.3%	1.40%	+18.2%
DAL	Buy	DELTA AIRLINES INC	$42,332,000	+20.6%	732,001	+3.3%	1.38%	+16.2%
CVX	Buy	CHEVRON CORPORATION COM	$41,502,000	+74.3%	339,400	+80.2%	1.36%	+67.9%
T	Sell	AT & T INC. (NEW)	$41,414,000	-11.8%	1,233,285	-15.6%	1.35%	-15.0%
FOXA	Buy	TWENTY-FIRST CENTURY FOX INC	$40,222,000	+110.9%	868,154	+126.2%	1.32%	+103.2%
EIX	Sell	EDISON INTL COM	$38,726,000	-1.8%	572,200	-8.2%	1.27%	-5.3%
EOG	Buy	EOG RES INC COM	$38,415,000	+73.0%	301,128	+68.8%	1.26%	+66.8%
FTS	Sell	FORTIS INC	$37,373,000	-5.7%	1,152,772	-7.3%	1.22%	-9.1%
ATO	Sell	ATMOS ENERGY CORP COM	$32,108,000	+1.9%	341,900	-2.2%	1.05%	-1.8%
OXY	Buy	OCCIDENTAL PETE CP DEL COM	$31,669,000	+176.1%	385,412	+181.2%	1.04%	+166.3%
PPL	Sell	PPL CORP COM	$31,007,000	-44.8%	1,059,720	-46.2%	1.01%	-46.8%
SJI	Sell	SOUTH JERSEY IND	$29,808,000	-22.1%	845,125	-26.1%	0.98%	-24.9%
HIFR	Buy	INFRAREIT INC	$28,461,000	+4.8%	1,345,688	+9.9%	0.93%	+1.1%
XOM	Buy	EXXON MOBIL CORP	$27,716,000	+4.0%	325,995	+1.2%	0.91%	+0.2%
PXD	Buy	PIONEER NAT RES CO COM	$20,070,000	+21.9%	115,219	+32.4%	0.66%	+17.4%
EQIX	Buy	EQUINIX INC COM NEW	$18,957,000	+404.3%	43,792	+400.8%	0.62%	+384.4%
MPC	Sell	MARATHON PETROLEUM CORP	$18,801,000	+13.2%	235,106	-0.7%	0.62%	+9.0%
TU	Sell	TELUS CORPORATION	$17,879,000	+3.6%	485,397	-0.2%	0.58%	-0.2%
ZAYO	Buy	ZAYO GROUP HLDGS INC	$16,593,000	+6.1%	477,910	+11.5%	0.54%	+2.3%
NGG	New	NATIONAL GRID PLC SPONSORED AD	$16,612,000	–	320,322	–	0.54%	–
UNIT	Sell	UNITI GROUP INC	$16,390,000	-9.2%	813,423	-9.7%	0.54%	-12.4%
TRGP	Buy	TARGA RESOURCES CORP	$13,643,000	+23.5%	242,292	+8.5%	0.45%	+18.9%
EVRG	Sell	EVERGY INC COM	$13,338,000	-2.3%	242,860	-0.1%	0.44%	-5.8%
SWX	Sell	SOUTHWEST GAS CORP COM	$12,552,000	-0.4%	158,820	-3.9%	0.41%	-4.2%
SBAC	Buy	SBA COMMUNICATIONS COR CL A	$10,898,000	-0.2%	67,846	+2.6%	0.36%	-4.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC CLASS B	$9,284,000	+14.3%	43,362	-0.3%	0.30%	+10.1%
CNI	Buy	CANADIAN NATL RY CO COM	$7,285,000	+10.4%	81,124	+0.5%	0.24%	+6.2%
UTG	Sell	REAVES UTIL INCOME FD COM SH Bcef	$4,661,000	+1.2%	152,019	-4.5%	0.15%	-2.6%
LILA	Sell	LIBERTY LATIN AMERICA CLASS A	$4,558,000	-35.2%	218,702	-40.6%	0.15%	-37.7%
TRP	Sell	TRANSCANADA CORP	$4,312,000	-18.9%	106,571	-13.4%	0.14%	-21.7%
CWEN	New	CLEARWAY ENERGY INC. CL C	$3,676,000	–	190,919	–	0.12%	–
LBTYA	Sell	LIBERTY GLOBAL PLC SHS CL A	$3,616,000	-20.6%	125,000	-24.4%	0.12%	-23.9%
HES	Buy	HESS CORPORATION	$3,169,000	+9.5%	44,275	+2.3%	0.10%	+6.1%
GOOG	Buy	ALPHABET INC	$3,103,000	+46.4%	2,600	+36.8%	0.10%	+40.3%
AEE	Buy	AMEREN CORP COM	$2,684,000	+26.0%	42,450	+21.3%	0.09%	+22.2%
CLR	Buy	CONTINENTAL RES INC COM	$2,376,000	+62.0%	34,800	+53.6%	0.08%	+56.0%
CONE	Sell	CYRUSONE INC	$2,003,000	-87.3%	31,600	-88.3%	0.06%	-87.9%
CXO	Sell	CONCHO RESOURCES INC	$1,963,000	+5.7%	12,850	-4.2%	0.06%	+1.6%
KSU	Sell	KANSAS CITY SOUTHN IND COM	$1,099,000	+1.7%	9,700	-4.9%	0.04%	-2.7%
MO	Sell	ALTRIA GROUP INC.	$968,000	+4.9%	16,050	-1.2%	0.03%	+3.2%
RDSB	Sell	ROYAL DUTCH SHELL PLC ADRS B	$212,000	-3.2%	2,990	-0.8%	0.01%	0.0%
WTR	Exit	AQUA AMERICA INC.	$0	–	-75,000	–	-0.09%	–
AGR	Exit	AVANGRID, INC.	$0	–	-62,662	–	-0.11%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-50,425	–	-0.14%	–
NYLD	Exit	NRG YIELD INC CL C	$0	–	-244,000	–	-0.14%	–
LBTYK	Exit	LIBERTY GLOBAL PLC SHS CL C	$0	–	-185,039	–	-0.17%	–
WPZ	Exit	WILLIAMS PARTNERS L P COM UNITlp	$0	–	-355,000	–	-0.49%	–

Q2 2018

			Value		Shares		↓ Weighting
DTE	New	DTE ENERGY CO COM	$156,654,000	–	1,511,670	–	5.32%	–
NEE	New	NEXTERA ENERGY INC COM	$156,278,000	–	935,624	–	5.30%	–
SRE	New	SEMPRA ENERGY COM	$138,172,000	–	1,190,011	–	4.69%	–
D	New	DOMINION ENERGY INC.	$125,441,000	–	1,839,846	–	4.26%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONS AD	$116,637,000	–	1,684,782	–	3.96%	–
CMCSA	New	COMCAST CORP CLASS A	$112,587,000	–	3,431,483	–	3.82%	–
VZ	New	VERIZON COMMUNICATIONS COM	$101,458,000	–	2,016,663	–	3.44%	–
BCE	New	BCE INC COM NEW	$101,254,000	–	2,500,709	–	3.44%	–
AWK	New	AMERICAN WATER WORKS	$91,343,000	–	1,069,845	–	3.10%	–
OKE	New	ONEOK INC NEW COM	$90,692,000	–	1,298,760	–	3.08%	–
ATUS	New	ALTICE USA INC. CL A	$83,034,000	–	4,867,195	–	2.82%	–
LUMN	New	CENTURYLINK INC	$80,435,000	–	4,315,200	–	2.73%	–
UNP	New	UNION PAC CORP COM	$74,412,000	–	525,213	–	2.52%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$73,725,000	–	1,579,695	–	2.50%	–
ES	New	EVERSOURCE ENERGY	$72,690,000	–	1,240,235	–	2.47%	–
CHTR	New	CHARTER COMMUNICATIONS INC	$72,673,000	–	247,852	–	2.47%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$67,830,000	–	629,102	–	2.30%	–
TMUS	New	T-MOBILE US INC COM	$65,746,000	–	1,100,351	–	2.23%	–
WEC	New	WEC ENERGY GROUP INC COM	$64,349,000	–	995,340	–	2.18%	–
PPL	New	PPL CORP COM	$56,216,000	–	1,969,045	–	1.91%	–
NI	New	NISOURCE INC COM	$53,116,000	–	2,021,162	–	1.80%	–
PNW	New	PINNACLE WEST CAP CORP COM	$52,573,000	–	652,596	–	1.78%	–
T	New	AT & T INC. (NEW)	$46,941,000	–	1,461,892	–	1.59%	–
AMT	New	AMERICAN TOWER REIT COM	$46,596,000	–	323,200	–	1.58%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Llp	$45,463,000	–	1,643,050	–	1.54%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP IN	$41,214,000	–	761,249	–	1.40%	–
SO	New	SOUTHERN CO COM	$40,570,000	–	876,050	–	1.38%	–
FTS	New	FORTIS INC	$39,636,000	–	1,243,272	–	1.34%	–
EIX	New	EDISON INTL COM	$39,417,000	–	622,989	–	1.34%	–
SJI	New	SOUTH JERSEY IND	$38,280,000	–	1,143,715	–	1.30%	–
WMB	New	WILLIAMS COS INC COM	$37,222,000	–	1,372,990	–	1.26%	–
DAL	New	DELTA AIRLINES INC	$35,111,000	–	708,745	–	1.19%	–
CMS	New	CMS ENERGY CORP COM	$34,816,000	–	736,367	–	1.18%	–
NLY	New	ANNALY MTG MGMT INC COM	$31,925,000	–	3,102,500	–	1.08%	–
ATO	New	ATMOS ENERGY CORP COM	$31,516,000	–	349,636	–	1.07%	–
KHC	New	KRAFT HEINZ CO	$29,029,000	–	462,100	–	0.98%	–
HIFR	New	INFRAREIT INC	$27,156,000	–	1,224,876	–	0.92%	–
BP	New	BP PLC SPONS ADR	$27,083,000	–	593,150	–	0.92%	–
XOM	New	EXXON MOBIL CORP	$26,649,000	–	322,120	–	0.90%	–
CVX	New	CHEVRON CORPORATION COM	$23,816,000	–	188,373	–	0.81%	–
EOG	New	EOG RES INC COM	$22,201,000	–	178,423	–	0.75%	–
FOXA	New	TWENTY-FIRST CENTURY FOX INC	$19,074,000	–	383,850	–	0.65%	–
UNIT	New	UNITI GROUP INC	$18,044,000	–	900,860	–	0.61%	–
TU	New	TELUS CORPORATION	$17,262,000	–	486,237	–	0.59%	–
MPC	New	MARATHON PETROLEUM CORP	$16,614,000	–	236,801	–	0.56%	–
PXD	New	PIONEER NAT RES CO COM	$16,468,000	–	87,024	–	0.56%	–
CONE	New	CYRUSONE INC	$15,769,000	–	270,200	–	0.54%	–
ZAYO	New	ZAYO GROUP HLDGS INC	$15,636,000	–	428,629	–	0.53%	–
WPZ	New	WILLIAMS PARTNERS L P COM UNITlp	$14,409,000	–	355,000	–	0.49%	–
EVRG	New	EVERGY INC COM	$13,646,000	–	243,020	–	0.46%	–
SWX	New	SOUTHWEST GAS CORP COM	$12,607,000	–	165,300	–	0.43%	–
OXY	New	OCCIDENTAL PETE CP DEL COM	$11,469,000	–	137,052	–	0.39%	–
TRGP	New	TARGA RESOURCES CORP	$11,047,000	–	223,222	–	0.38%	–
SBAC	New	SBA COMMUNICATIONS COR CL A	$10,924,000	–	66,157	–	0.37%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$8,122,000	–	43,512	–	0.28%	–
LILA	New	LIBERTY LATIN AMERICA CLASS A	$7,034,000	–	367,902	–	0.24%	–
CNI	New	CANADIAN NATL RY CO COM	$6,600,000	–	80,740	–	0.22%	–
TRP	New	TRANSCANADA CORP	$5,319,000	–	123,125	–	0.18%	–
LBTYK	New	LIBERTY GLOBAL PLC SHS CL C	$4,924,000	–	185,039	–	0.17%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$4,604,000	–	159,240	–	0.16%	–
LBTYA	New	LIBERTY GLOBAL PLC SHS CL A	$4,554,000	–	165,350	–	0.16%	–
NYLD	New	NRG YIELD INC CL C	$4,197,000	–	244,000	–	0.14%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$3,988,000	–	50,425	–	0.14%	–
EQIX	New	EQUINIX INC COM NEW	$3,759,000	–	8,745	–	0.13%	–
	New	TALARA OPPORTUNITIES II, LPlp	$3,591,000	–	40,519	–	0.12%	–
AGR	New	AVANGRID, INC.	$3,317,000	–	62,662	–	0.11%	–
HES	New	HESS CORPORATION	$2,895,000	–	43,275	–	0.10%	–
WTR	New	AQUA AMERICA INC.	$2,639,000	–	75,000	–	0.09%	–
	New	BASTION ENERGY LLC (ANGLO DUTClp	$2,325,000	–	1,000	–	0.08%	–
AEE	New	AMEREN CORP COM	$2,130,000	–	35,000	–	0.07%	–
GOOG	New	ALPHABET INC	$2,120,000	–	1,900	–	0.07%	–
CXO	New	CONCHO RESOURCES INC	$1,857,000	–	13,420	–	0.06%	–
CLR	New	CONTINENTAL RES INC COM	$1,467,000	–	22,650	–	0.05%	–
NRG	New	NRG ENERGY INC COM	$1,248,000	–	40,650	–	0.04%	–
KSU	New	KANSAS CITY SOUTHN IND COM	$1,081,000	–	10,200	–	0.04%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$914,000	–	11,318	–	0.03%	–
MO	New	ALTRIA GROUP INC.	$923,000	–	16,250	–	0.03%	–
PPG	New	PPG INDS INC COM	$581,000	–	5,600	–	0.02%	–
WFC	New	WELLS FARGO & CO NEW COM	$499,000	–	9,000	–	0.02%	–
XEL	New	XCEL ENERGY INC COM	$413,000	–	9,047	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON COM	$291,000	–	2,400	–	0.01%	–
AAPL	New	APPLE INC COM	$257,000	–	1,389	–	0.01%	–
EXC	New	EXELON CORP COM	$273,000	–	6,400	–	0.01%	–
GD	New	GENERAL DYNAMICS CORP COM	$231,000	–	1,240	–	0.01%	–
RDSB	New	ROYAL DUTCH SHELL PLC ADRS B	$219,000	–	3,015	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
AAPL	Exit	APPLE INC COM	$0	–	-1,389	–	-0.01%	–
GD	Exit	GENERAL DYNAMICS CORP COM	$0	–	-1,240	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-2,400	–	-0.01%	–
XEL	Exit	XCEL ENERGY INC COM	$0	–	-10,178	–	-0.02%	–
LILAK	Exit	LIBERTY GLOBAL PLC LILAC SHS C	$0	–	-20,002	–	-0.02%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-9,000	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-5,600	–	-0.02%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-4,000	–	-0.02%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-18,550	–	-0.04%	–
PM	Exit	PHILLIP MORRIS INTERNATIONAL	$0	–	-14,518	–	-0.06%	–
TU	Exit	TELUS CORP COM	$0	–	-45,200	–	-0.06%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-35,847	–	-0.09%	–
	Exit	BASTION ENERGY LLC (ANGLO DUTClp	$0	–	-414	–	-0.10%	–
UTG	Exit	REAVES UTIL INCOME FD COM SH Bcef	$0	–	-96,407	–	-0.11%	–
WTR	Exit	AQUA AMERICA INC.	$0	–	-100,955	–	-0.12%	–
	Exit	TALARA OPPORTUNITIES II, LPlp	$0	–	-40,519	–	-0.12%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-91,500	–	-0.13%	–
HES	Exit	HESS CORPORATION	$0	–	-82,250	–	-0.14%	–
CLR	Exit	CONTINENTAL RES INC COM	$0	–	-149,700	–	-0.21%	–
CONE	Exit	CYRUSONE INC	$0	–	-99,850	–	-0.21%	–
SJI	Exit	SOUTH JERSEY IND	$0	–	-180,625	–	-0.23%	–
LBTYA	Exit	LIBERTY GLOBAL PLC SHS CL A	$0	–	-183,616	–	-0.23%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B	$0	–	-43,050	–	-0.29%	–
ALE	Exit	ALLETE INC COM NEW	$0	–	-104,810	–	-0.29%	–
AGR	Exit	AVANGRID, INC.	$0	–	-204,348	–	-0.35%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-120,145	–	-0.36%	–
EQT	Exit	EQT CORP COM	$0	–	-152,198	–	-0.36%	–
BKR	Exit	BAKER HUGHES INC NEW CLASS A	$0	–	-315,500	–	-0.42%	–
OKE	Exit	ONEOK INC NEW COM	$0	–	-209,780	–	-0.42%	–
POR	Exit	PORTLAND GEN ELEC CO COM NEW	$0	–	-367,043	–	-0.61%	–
TRGP	Exit	TARGA RESOURCES CORP	$0	–	-362,715	–	-0.62%	–
WPZ	Exit	WILLIAMS PARTNERS L P COM UNITlp	$0	–	-445,000	–	-0.63%	–
CGEAF	Exit	COGECO COMMUNICATIONS INC	$0	–	-240,150	–	-0.64%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-332,897	–	-0.68%	–
SBAC	Exit	SBA COMMUNICATIONS COR CL A	$0	–	-129,861	–	-0.68%	–
SO	Exit	SOUTHERN CO COM	$0	–	-396,325	–	-0.70%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP IN	$0	–	-481,425	–	-0.81%	–
UNIT	Exit	UNITI GROUP INC	$0	–	-1,596,851	–	-0.85%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-771,355	–	-0.96%	–
HIFR	Exit	INFRAREIT INC	$0	–	-1,236,995	–	-1.00%	–
NLY	Exit	ANNALY MTG MGMT INC COM	$0	–	-2,302,500	–	-1.02%	–
NGG	Exit	NATIONAL GRID PLC SPONSORED AD	$0	–	-458,533	–	-1.04%	–
WMB	Exit	WILLIAMS COS INC COM	$0	–	-961,940	–	-1.05%	–
PXD	Exit	PIONEER NAT RES CO COM	$0	–	-200,794	–	-1.07%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-384,000	–	-1.08%	–
CMS	Exit	CMS ENERGY CORP COM	$0	–	-650,408	–	-1.09%	–
ATO	Exit	ATMOS ENERGY CORP COM	$0	–	-395,516	–	-1.20%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-700,382	–	-1.25%	–
SCG	Exit	SCANA CORP NEW COM	$0	–	-770,036	–	-1.35%	–
TMUS	Exit	T-MOBILE US INC COM	$0	–	-617,678	–	-1.38%	–
EOG	Exit	EOG RES INC COM	$0	–	-394,309	–	-1.38%	–
PPL	Exit	PPL CORP COM	$0	–	-1,052,470	–	-1.45%	–
FTS	Exit	FORTIS INC	$0	–	-1,235,026	–	-1.60%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Llp	$0	–	-1,718,250	–	-1.62%	–
D	Exit	DOMINION RES VA NEW COM	$0	–	-589,910	–	-1.64%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-2,449,268	–	-1.68%	–
AMT	Exit	AMERICAN TOWER REIT COM	$0	–	-352,986	–	-1.75%	–
PCG	Exit	PG&E CORP COM	$0	–	-743,095	–	-1.83%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-607,433	–	-1.86%	–
T	Exit	AT & T INC. (NEW)	$0	–	-1,324,175	–	-1.88%	–
TWX	Exit	TIME WARNER INC.	$0	–	-507,372	–	-1.88%	–
NI	Exit	NISOURCE INC COM	$0	–	-2,187,562	–	-2.03%	–
CVX	Exit	CHEVRON CORPORATION COM	$0	–	-494,338	–	-2.10%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-1,444,248	–	-2.11%	–
EIX	Exit	EDISON INTL COM	$0	–	-767,810	–	-2.15%	–
WEC	Exit	WEC ENERGY GROUP INC COM	$0	–	-963,689	–	-2.19%	–
UNP	Exit	UNION PAC CORP COM	$0	–	-558,650	–	-2.35%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-1,188,256	–	-2.60%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-722,251	–	-2.62%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-1,556,015	–	-2.79%	–
BCE	Exit	BCE INC COM NEW	$0	–	-2,074,950	–	-3.52%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC	$0	–	-279,416	–	-3.68%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-1,310,087	–	-3.84%	–
SRE	Exit	SEMPRA ENERGY COM	$0	–	-979,100	–	-4.05%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONS AD	$0	–	-1,886,975	–	-4.14%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-3,789,113	–	-5.28%	–
DTE	Exit	DTE ENERGY CO COM	$0	–	-1,442,407	–	-5.61%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-1,171,876	–	-6.22%	–

Q3 2017

			Value		Shares		↓ Weighting
NEE	Sell	NEXTERA ENERGY INC COM	$171,738,000	+1.5%	1,171,876	-3.0%	6.22%	-0.6%
DTE	Sell	DTE ENERGY CO COM	$154,857,000	-1.3%	1,442,407	-2.7%	5.61%	-3.3%
CMCSA	Buy	COMCAST CORP CLASS A	$145,805,000	+7.4%	3,789,113	+8.6%	5.28%	+5.2%
RDSA	Sell	ROYAL DUTCH SHELL PLC SPONS AD	$114,313,000	+13.2%	1,886,975	-0.6%	4.14%	+10.9%
SRE	Sell	SEMPRA ENERGY COM	$111,744,000	-1.1%	979,100	-2.3%	4.05%	-3.1%
AWK	Buy	AMERICAN WATER WORKS	$105,999,000	+4.2%	1,310,087	+0.4%	3.84%	+2.1%
CHTR	Sell	CHARTER COMMUNICATIONS INC	$101,545,000	-29.6%	279,416	-34.7%	3.68%	-31.0%
BCE	Buy	BCE INC COM NEW	$97,170,000	+10.1%	2,074,950	+5.9%	3.52%	+7.9%
VZ	Sell	VERIZON COMMUNICATIONS COM	$77,007,000	-8.3%	1,556,015	-17.3%	2.79%	-10.1%
CCI	Buy	CROWN CASTLE INTL CORP NEW	$72,211,000	+13.6%	722,251	+13.9%	2.62%	+11.4%
ES	Sell	EVERSOURCE ENERGY	$71,819,000	-9.2%	1,188,256	-8.8%	2.60%	-11.0%
UNP	Sell	UNION PAC CORP COM	$64,787,000	+4.9%	558,650	-1.5%	2.35%	+2.8%
WEC	Sell	WEC ENERGY GROUP INC COM	$60,500,000	-2.8%	963,689	-4.9%	2.19%	-4.7%
EIX	Sell	EDISON INTL COM	$59,252,000	-2.9%	767,810	-1.6%	2.15%	-4.9%
NEP	Buy	NEXTERA ENERGY PARTNERS LP	$58,189,000	+12.5%	1,444,248	+3.3%	2.11%	+10.3%
CVX	Sell	CHEVRON CORPORATION COM	$58,085,000	+5.8%	494,338	-6.1%	2.10%	+3.6%
NI	Sell	NISOURCE INC COM	$55,980,000	-0.2%	2,187,562	-1.1%	2.03%	-2.2%
TWX	Buy	TIME WARNER INC.	$51,980,000	+43.4%	507,372	+40.6%	1.88%	+40.5%
T	Buy	AT & T INC. (NEW)	$51,868,000	+7.2%	1,324,175	+3.3%	1.88%	+5.1%
PNW	Buy	PINNACLE WEST CAP CORP COM	$51,365,000	+1.8%	607,433	+2.5%	1.86%	-0.3%
PCG	Sell	PG&E CORP COM	$50,598,000	-3.3%	743,095	-5.7%	1.83%	-5.2%
AMT	Buy	AMERICAN TOWER REIT COM	$48,246,000	+3.3%	352,986	+0.0%	1.75%	+1.2%
LUMN	Buy	CENTURYLINK INC	$46,291,000	+23.4%	2,449,268	+55.9%	1.68%	+20.9%
D	Buy	DOMINION RES VA NEW COM	$45,382,000	+7.2%	589,910	+6.8%	1.64%	+5.1%
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS Llp	$44,795,000	+12.7%	1,718,250	+17.0%	1.62%	+10.3%
PPL	Sell	PPL CORP COM	$39,941,000	-5.6%	1,052,470	-3.8%	1.45%	-7.5%
EOG	Buy	EOG RES INC COM	$38,145,000	+37.2%	394,309	+28.3%	1.38%	+34.4%
TMUS	Sell	T-MOBILE US INC COM	$38,086,000	+1.2%	617,678	-0.5%	1.38%	-0.9%
SCG	Sell	SCANA CORP NEW COM	$37,340,000	-42.7%	770,036	-20.9%	1.35%	-43.9%
TRP	Buy	TRANSCANADA CORP	$34,620,000	+5.2%	700,382	+1.4%	1.25%	+3.0%
ATO	Sell	ATMOS ENERGY CORP COM	$33,160,000	-0.1%	395,516	-1.2%	1.20%	-2.1%
CMS	Buy	CMS ENERGY CORP COM	$30,127,000	+0.9%	650,408	+0.8%	1.09%	-1.1%
KHC	Buy	KRAFT HEINZ CO	$29,779,000	-8.5%	384,000	+1.1%	1.08%	-10.3%
PXD	Sell	PIONEER NAT RES CO COM	$29,625,000	-13.9%	200,794	-6.9%	1.07%	-15.6%
WMB	Buy	WILLIAMS COS INC COM	$28,868,000	-0.9%	961,940	+0.0%	1.05%	-2.8%
NGG	Sell	NATIONAL GRID PLC SPONSORED AD	$28,754,000	-2.3%	458,533	-2.1%	1.04%	-4.2%
NLY	Buy	ANNALY MTG MGMT INC COM	$28,067,000	+78.8%	2,302,500	+76.8%	1.02%	+75.3%
HIFR	New	INFRAREIT INC	$27,671,000	–	1,236,995	–	1.00%	–
ZAYO	Buy	ZAYO GROUP HLDGS INC	$26,550,000	+33.0%	771,355	+19.4%	0.96%	+30.4%
UNIT	Sell	UNITI GROUP INC	$23,410,000	-50.3%	1,596,851	-14.8%	0.85%	-51.3%
PEG	New	PUBLIC SVC ENTERPRISE GROUP IN	$22,266,000	–	481,425	–	0.81%	–
SO	Buy	SOUTHERN CO COM	$19,475,000	+46.7%	396,325	+42.9%	0.70%	+43.6%
SBAC	Buy	SBA COMMUNICATIONS COR CL A	$18,706,000	+11.8%	129,861	+4.7%	0.68%	+9.5%
MPC	Sell	MARATHON PETROLEUM CORP	$18,669,000	-15.3%	332,897	-21.0%	0.68%	-17.1%
CGEAF	New	COGECO COMMUNICATIONS INC	$17,670,000	–	240,150	–	0.64%	–
WPZ	Buy	WILLIAMS PARTNERS L P COM UNITlp	$17,311,000	+121.3%	445,000	+128.2%	0.63%	+117.0%
TRGP	Buy	TARGA RESOURCES CORP	$17,156,000	+15.6%	362,715	+10.5%	0.62%	+13.1%
POR	Buy	PORTLAND GEN ELEC CO COM NEW	$16,752,000	+0.0%	367,043	+0.2%	0.61%	-1.9%
BKR	New	BAKER HUGHES INC NEW CLASS A	$11,554,000	–	315,500	–	0.42%	–
EQT	Sell	EQT CORP COM	$9,929,000	+11.2%	152,198	-0.1%	0.36%	+9.1%
XOM	Sell	EXXON MOBIL CORP	$9,849,000	+1.4%	120,145	-0.2%	0.36%	-0.6%
ALE	Buy	ALLETE INC COM NEW	$8,101,000	+16.1%	104,810	+7.7%	0.29%	+13.6%
BRKB	Buy	BERKSHIRE HATHAWAY INC CLASS B	$7,892,000	+8.6%	43,050	+0.3%	0.29%	+6.3%
SJI	Sell	SOUTH JERSEY IND	$6,237,000	-7.5%	180,625	-8.5%	0.23%	-9.2%
LBTYA	Buy	LIBERTY GLOBAL PLC SHS CL A	$6,226,000	+6.2%	183,616	+0.6%	0.23%	+4.1%
CONE	New	CYRUSONE INC	$5,884,000	–	99,850	–	0.21%	–
CLR	Sell	CONTINENTAL RES INC COM	$5,780,000	-12.1%	149,700	-26.4%	0.21%	-14.0%
HES	Sell	HESS CORPORATION	$3,857,000	-27.3%	82,250	-32.0%	0.14%	-28.6%
BP	Buy	BP PLC SPONS ADR	$3,516,000	+44.9%	91,500	+30.7%	0.13%	+41.1%
WTR	Buy	AQUA AMERICA INC.	$3,351,000	+43.8%	100,955	+44.2%	0.12%	+40.7%
UTG	Buy	REAVES UTIL INCOME FD COM SH Bcef	$3,056,000	-5.6%	96,407	+2.3%	0.11%	-7.5%
	Sell	BASTION ENERGY LLC (ANGLO DUTClp	$2,631,000	-16.5%	414	-38.6%	0.10%	-18.1%
SLB	Sell	SCHLUMBERGER LTD COM	$2,501,000	-50.6%	35,847	-53.4%	0.09%	-51.3%
LILAK	New	LIBERTY GLOBAL PLC LILAC SHS C	$466,000	–	20,002	–	0.02%	–
FTR	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-20,050	–	-0.00%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-10,500	–	-0.01%	–
HP	Exit	HELMERICH & PAYNE	$0	–	-4,860	–	-0.01%	–
HAL	Exit	HALLIBURTON CO COM	$0	–	-138,350	–	-0.22%	–
XEC	Exit	CIMAREX ENERGY	$0	–	-67,385	–	-0.23%	–
PEGI	Exit	PATTERN ENERGY GROUP INC	$0	–	-662,338	–	-0.58%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-403,500	–	-0.81%	–

Q2 2017

			Value		Shares		↓ Weighting
NEE	New	NEXTERA ENERGY INC COM	$169,212,000	–	1,207,536	–	6.26%	–
DTE	New	DTE ENERGY CO COM	$156,870,000	–	1,482,846	–	5.80%	–
CHTR	New	CHARTER COMMUNICATIONS INC	$144,244,000	–	428,214	–	5.33%	–
CMCSA	New	COMCAST CORP CLASS A	$135,787,000	–	3,488,862	–	5.02%	–
SRE	New	SEMPRA ENERGY COM	$112,952,000	–	1,001,794	–	4.18%	–
AWK	New	AMERICAN WATER WORKS	$101,695,000	–	1,304,611	–	3.76%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONS AD	$101,017,000	–	1,899,175	–	3.73%	–
BCE	New	BCE INC COM NEW	$88,268,000	–	1,959,765	–	3.26%	–
VZ	New	VERIZON COMMUNICATIONS COM	$83,981,000	–	1,880,451	–	3.10%	–
ES	New	EVERSOURCE ENERGY	$79,111,000	–	1,303,097	–	2.92%	–
SCG	New	SCANA CORP NEW COM	$65,201,000	–	973,014	–	2.41%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$63,547,000	–	634,325	–	2.35%	–
WEC	New	WEC ENERGY GROUP INC COM	$62,217,000	–	1,013,639	–	2.30%	–
UNP	New	UNION PAC CORP COM	$61,741,000	–	566,900	–	2.28%	–
EIX	New	EDISON INTL COM	$61,030,000	–	780,532	–	2.26%	–
NI	New	NISOURCE INC COM	$56,111,000	–	2,212,579	–	2.07%	–
CVX	New	CHEVRON CORPORATION COM	$54,910,000	–	526,315	–	2.03%	–
PCG	New	PG&E CORP COM	$52,306,000	–	788,095	–	1.93%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$51,720,000	–	1,398,223	–	1.91%	–
PNW	New	PINNACLE WEST CAP CORP COM	$50,473,000	–	592,683	–	1.87%	–
T	New	AT & T INC. (NEW)	$48,380,000	–	1,282,275	–	1.79%	–
UNIT	New	UNITI GROUP INC	$47,100,000	–	1,873,501	–	1.74%	–
AMT	New	AMERICAN TOWER REIT COM	$46,701,000	–	352,941	–	1.73%	–
FTS	New	FORTIS INC	$43,411,000	–	1,235,026	–	1.60%	–
PPL	New	PPL CORP COM	$42,306,000	–	1,094,320	–	1.56%	–
D	New	DOMINION RES VA NEW COM	$42,320,000	–	552,260	–	1.56%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Llp	$39,760,000	–	1,468,250	–	1.47%	–
TMUS	New	T-MOBILE US INC COM	$37,622,000	–	620,623	–	1.39%	–
LUMN	New	CENTURYLINK INC	$37,522,000	–	1,571,283	–	1.39%	–
TWX	New	TIME WARNER INC.	$36,240,000	–	360,920	–	1.34%	–
PXD	New	PIONEER NAT RES CO COM	$34,402,000	–	215,580	–	1.27%	–
ATO	New	ATMOS ENERGY CORP COM	$33,208,000	–	400,330	–	1.23%	–
TRP	New	TRANSCANADA CORP	$32,924,000	–	690,655	–	1.22%	–
KHC	New	KRAFT HEINZ CO	$32,535,000	–	379,900	–	1.20%	–
CMS	New	CMS ENERGY CORP COM	$29,845,000	–	645,308	–	1.10%	–
NGG	New	NATIONAL GRID PLC SPONSORED AD	$29,416,000	–	468,260	–	1.09%	–
WMB	New	WILLIAMS COS INC COM	$29,117,000	–	961,590	–	1.08%	–
EOG	New	EOG RES INC COM	$27,812,000	–	307,249	–	1.03%	–
MPC	New	MARATHON PETROLEUM CORP	$22,038,000	–	421,130	–	0.82%	–
BHI	New	BAKER HUGHES INC COM	$21,995,000	–	403,500	–	0.81%	–
ZAYO	New	ZAYO GROUP HLDGS INC	$19,955,000	–	645,784	–	0.74%	–
POR	New	PORTLAND GEN ELEC CO COM NEW	$16,744,000	–	366,469	–	0.62%	–
SBAC	New	SBA COMMUNICATIONS COR CL A	$16,734,000	–	124,049	–	0.62%	–
PEGI	New	PATTERN ENERGY GROUP INC	$15,790,000	–	662,338	–	0.58%	–
NLY	New	ANNALY MTG MGMT INC COM	$15,695,000	–	1,302,500	–	0.58%	–
TRGP	New	TARGA RESOURCES CORP	$14,840,000	–	328,326	–	0.55%	–
SO	New	SOUTHERN CO COM	$13,278,000	–	277,325	–	0.49%	–
OKE	New	ONEOK INC NEW COM	$10,942,000	–	209,780	–	0.40%	–
XOM	New	EXXON MOBIL CORP	$9,715,000	–	120,343	–	0.36%	–
AGR	New	AVANGRID, INC.	$9,022,000	–	204,348	–	0.33%	–
EQT	New	EQT CORP COM	$8,927,000	–	152,368	–	0.33%	–
WPZ	New	WILLIAMS PARTNERS L P COM UNITlp	$7,821,000	–	195,000	–	0.29%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$7,266,000	–	42,900	–	0.27%	–
ALE	New	ALLETE INC COM NEW	$6,979,000	–	97,360	–	0.26%	–
SJI	New	SOUTH JERSEY IND	$6,743,000	–	197,351	–	0.25%	–
CLR	New	CONTINENTAL RES INC COM	$6,578,000	–	203,450	–	0.24%	–
XEC	New	CIMAREX ENERGY	$6,335,000	–	67,385	–	0.23%	–
HAL	New	HALLIBURTON CO COM	$5,909,000	–	138,350	–	0.22%	–
LBTYA	New	LIBERTY GLOBAL PLC SHS CL A	$5,862,000	–	182,511	–	0.22%	–
HES	New	HESS CORPORATION	$5,304,000	–	120,900	–	0.20%	–
SLB	New	SCHLUMBERGER LTD COM	$5,062,000	–	76,878	–	0.19%	–
	New	TALARA OPPORTUNITIES II, LPlp	$3,454,000	–	40,519	–	0.13%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$3,237,000	–	94,260	–	0.12%	–
	New	BASTION ENERGY LLC (ANGLO DUTClp	$3,150,000	–	674	–	0.12%	–
BP	New	BP PLC SPONS ADR	$2,426,000	–	70,000	–	0.09%	–
WTR	New	AQUA AMERICA INC.	$2,331,000	–	70,000	–	0.09%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$1,705,000	–	14,518	–	0.06%	–
TU	New	TELUS CORP COM	$1,560,000	–	45,200	–	0.06%	–
MO	New	ALTRIA GROUP INC.	$1,381,000	–	18,550	–	0.05%	–
COST	New	COSTCO WHSL CORP NEW COM	$640,000	–	4,000	–	0.02%	–
PPG	New	PPG INDS INC COM	$616,000	–	5,600	–	0.02%	–
WFC	New	WELLS FARGO & CO NEW COM	$499,000	–	9,000	–	0.02%	–
XEL	New	XCEL ENERGY INC COM	$467,000	–	10,178	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON COM	$317,000	–	2,400	–	0.01%	–
HP	New	HELMERICH & PAYNE	$264,000	–	4,860	–	0.01%	–
GE	New	GENERAL ELEC CO COM	$284,000	–	10,500	–	0.01%	–
GD	New	GENERAL DYNAMICS CORP COM	$246,000	–	1,240	–	0.01%	–
AAPL	New	APPLE INC COM	$200,000	–	1,389	–	0.01%	–
FTR	New	FRONTIER COMMUNICATIONS CORP	$23,000	–	20,050	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
EYMXP	Exit	ENTERGY MISS INC PFD P 6.25%pfd	$0	–	-10,000	–	-0.01%	–
WFCPRJCL	Exit	WELLS FARGO CO PFD 8%pfd	$0	–	-8,989	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-2,400	–	-0.01%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-10,500	–	-0.01%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-9,000	–	-0.02%	–
XEL	Exit	XCEL ENERGY INC COM	$0	–	-10,178	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-5,600	–	-0.02%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC ADRS B	$0	–	-11,245	–	-0.02%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-4,000	–	-0.02%	–
APC	Exit	ANADARKO PETE CORP COM	$0	–	-10,000	–	-0.02%	–
TRGP	Exit	TARGA RESOURCES CORP	$0	–	-23,000	–	-0.04%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-18,550	–	-0.04%	–
CP	Exit	CANADIAN PACIFIC LTD	$0	–	-8,000	–	-0.04%	–
PM	Exit	PHILLIP MORRIS INTERNATIONAL	$0	–	-14,518	–	-0.05%	–
AEE	Exit	AMEREN CORP COM	$0	–	-30,000	–	-0.05%	–
PEGI	Exit	PATTERN ENERGY GROUP INC	$0	–	-77,976	–	-0.06%	–
BTTGY	Exit	BT GROUP PLC ADR	$0	–	-70,000	–	-0.06%	–
CCOI	Exit	COGENT COMMUNICATIONS COM NEW	$0	–	-54,589	–	-0.07%	–
	Exit	TALARA OPPORTUNITIES II, LPlp	$0	–	-40,519	–	-0.08%	–
WTR	Exit	AQUA AMERICA INC.	$0	–	-75,000	–	-0.08%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-66,500	–	-0.09%	–
UTG	Exit	REAVES UTIL INCOME FD COM SH Bcef	$0	–	-99,248	–	-0.11%	–
	Exit	IENOVA	$0	–	-795,000	–	-0.11%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LPlp	$0	–	-125,000	–	-0.12%	–
WPZ	Exit	WILLIAMS PARTNERS L P COM UNITlp	$0	–	-95,000	–	-0.13%	–
FTR	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-871,950	–	-0.13%	–
WR	Exit	WESTAR ENERGY INC.	$0	–	-69,890	–	-0.15%	–
	Exit	BASTION ENERGY LLC (ANGLO DUTClp	$0	–	-787	–	-0.20%	–
OKE	Exit	ONEOK INC NEW COM	$0	–	-109,780	–	-0.21%	–
VOD	Exit	VODAFONE GROUP PUBLIC LTD CO A	$0	–	-211,321	–	-0.23%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B	$0	–	-43,025	–	-0.23%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-270,000	–	-0.27%	–
PCG	Exit	PG&E CORP COM	$0	–	-151,795	–	-0.34%	–
XEC	Exit	CIMAREX ENERGY	$0	–	-76,100	–	-0.38%	–
	Exit	ROYAL DUTCH A SHARES	$0	–	-420,000	–	-0.38%	–
TU	Exit	TELUS CORPORATION	$0	–	-323,900	–	-0.39%	–
SJI	Exit	SOUTH JERSEY IND	$0	–	-412,900	–	-0.45%	–
NLY	Exit	ANNALY MTG MGMT INC COM	$0	–	-1,292,450	–	-0.50%	–
AGR	Exit	AVANGRID, INC.	$0	–	-326,715	–	-0.50%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-461,900	–	-0.50%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-185,811	–	-0.54%	–
CLR	Exit	CONTINENTAL RES INC COM	$0	–	-314,515	–	-0.60%	–
EQT	Exit	EQT CORP COM	$0	–	-240,635	–	-0.64%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-375,303	–	-0.66%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-445,770	–	-0.66%	–
	Exit	NATIONAL GRID PLC	$0	–	-1,350,000	–	-0.70%	–
EOG	Exit	EOG RES INC COM	$0	–	-202,599	–	-0.72%	–
CMS	Exit	CMS ENERGY CORP COM	$0	–	-485,858	–	-0.75%	–
ATO	Exit	ATMOS ENERGY CORP COM	$0	–	-293,471	–	-0.80%	–
CSAL	Exit	COMMUNICATIONS SALES & LEASING	$0	–	-736,248	–	-0.85%	–
POR	Exit	PORTLAND GEN ELEC CO COM NEW	$0	–	-611,279	–	-0.96%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-311,212	–	-1.00%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-343,739	–	-1.01%	–
CVX	Exit	CHEVRON CORPORATION COM	$0	–	-273,613	–	-1.03%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-1,092,025	–	-1.12%	–
PPL	Exit	PPL CORP COM	$0	–	-926,218	–	-1.18%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-389,900	–	-1.28%	–
NGG	Exit	NATIONAL GRID PLC SPON ADR NEW	$0	–	-500,123	–	-1.31%	–
NI	Exit	NISOURCE INC COM	$0	–	-1,488,997	–	-1.32%	–
OXY	Exit	OCCIDENTAL PETE CP DEL COM	$0	–	-516,902	–	-1.38%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Llp	$0	–	-1,468,800	–	-1.49%	–
PXD	Exit	PIONEER NAT RES CO COM	$0	–	-223,454	–	-1.52%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-599,240	–	-1.67%	–
LVLT	Exit	LEVEL 3 COMMUNICTIONS COM NEW	$0	–	-1,001,701	–	-1.71%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-871,933	–	-1.73%	–
TMUS	Exit	T-MOBILE US INC COM	$0	–	-1,056,158	–	-1.81%	–
D	Exit	DOMINION RES VA NEW COM	$0	–	-667,355	–	-1.82%	–
WMB	Exit	WILLIAMS COS INC COM	$0	–	-1,646,410	–	-1.86%	–
WEC	Exit	WEC ENERGY GROUP INC COM	$0	–	-873,379	–	-1.92%	–
AMT	Exit	AMERICAN TOWER REIT COM	$0	–	-486,855	–	-2.03%	–
T	Exit	AT & T INC. (NEW)	$0	–	-1,363,425	–	-2.03%	–
EIX	Exit	EDISON INTL COM	$0	–	-842,155	–	-2.23%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-661,582	–	-2.29%	–
BCE	Exit	BCE INC COM NEW	$0	–	-1,542,807	–	-2.62%	–
SO	Exit	SOUTHERN CO COM	$0	–	-1,682,955	–	-3.17%	–
UNP	Exit	UNION PAC CORP COM	$0	–	-905,371	–	-3.24%	–
ITC	Exit	ITC HOLDINGS CORP.	$0	–	-1,901,535	–	-3.24%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-1,225,318	–	-3.37%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-1,848,797	–	-3.53%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONS AD	$0	–	-2,021,349	–	-3.72%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-1,638,183	–	-3.99%	–
SRE	Exit	SEMPRA ENERGY COM	$0	–	-1,044,819	–	-4.11%	–
SCG	Exit	SCANA CORP NEW COM	$0	–	-1,551,227	–	-4.12%	–
DTE	Exit	DTE ENERGY CO COM	$0	–	-1,489,593	–	-5.12%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-1,182,232	–	-5.31%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC	$0	–	-572,436	–	-5.67%	–

Q3 2016

			Value		Shares		↓ Weighting
CHTR	Sell	CHARTER COMMUNICATIONS INC	$154,541,000	+12.5%	572,436	-4.7%	5.67%	+18.6%
NEE	Sell	NEXTERA ENERGY INC COM	$144,611,000	-11.9%	1,182,232	-6.1%	5.31%	-7.2%
DTE	Sell	DTE ENERGY CO COM	$139,530,000	-8.8%	1,489,593	-3.5%	5.12%	-4.0%
SCG	Sell	SCANA CORP NEW COM	$112,262,000	-10.5%	1,551,227	-6.5%	4.12%	-5.7%
SRE	Sell	SEMPRA ENERGY COM	$111,994,000	-8.7%	1,044,819	-2.9%	4.11%	-3.9%
CMCSA	Sell	COMCAST CORP CLASS A	$108,677,000	+1.0%	1,638,183	-0.8%	3.99%	+6.4%
RDSA	Sell	ROYAL DUTCH SHELL PLC SPONS AD	$101,209,000	-10.5%	2,021,349	-1.3%	3.72%	-5.7%
VZ	Sell	VERIZON COMMUNICATIONS COM	$96,100,000	-15.0%	1,848,797	-8.6%	3.53%	-10.4%
AWK	Sell	AMERICAN WATER WORKS	$91,703,000	-23.1%	1,225,318	-13.1%	3.37%	-18.9%
ITC	Sell	ITC HOLDINGS CORP.	$88,383,000	-2.6%	1,901,535	-1.9%	3.24%	+2.7%
UNP	Sell	UNION PAC CORP COM	$88,301,000	+7.9%	905,371	-3.4%	3.24%	+13.8%
SO	Buy	SOUTHERN CO COM	$86,336,000	+156.7%	1,682,955	+168.4%	3.17%	+170.5%
BCE	Sell	BCE INC COM NEW	$71,247,000	-4.8%	1,542,807	-2.4%	2.62%	+0.4%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$62,328,000	-9.6%	661,582	-2.7%	2.29%	-4.8%
EIX	Sell	EDISON INTL COM	$60,846,000	-11.9%	842,155	-5.3%	2.23%	-7.1%
T	Sell	AT & T INC. (NEW)	$55,369,000	-8.8%	1,363,425	-3.0%	2.03%	-3.9%
AMT	Sell	AMERICAN TOWER REIT COM	$55,175,000	-10.4%	486,855	-10.2%	2.03%	-5.6%
WEC	Sell	WEC ENERGY GROUP INC COM	$52,298,000	-9.3%	873,379	-1.1%	1.92%	-4.5%
WMB	Buy	WILLIAMS COS INC COM	$50,594,000	+74.1%	1,646,410	+22.5%	1.86%	+83.3%
D	Sell	DOMINION RES VA NEW COM	$49,564,000	-34.6%	667,355	-31.4%	1.82%	-31.1%
TMUS	Sell	T-MOBILE US INC COM	$49,344,000	+7.7%	1,056,158	-0.3%	1.81%	+13.4%
ES	Sell	EVERSOURCE ENERGY	$47,241,000	-32.0%	871,933	-24.8%	1.73%	-28.4%
LVLT	Buy	LEVEL 3 COMMUNICTIONS COM NEW	$46,459,000	+32.0%	1,001,701	+46.5%	1.71%	+39.0%
PNW	Sell	PINNACLE WEST CAP CORP COM	$45,537,000	-9.5%	599,240	-3.4%	1.67%	-4.6%
PXD	Sell	PIONEER NAT RES CO COM	$41,484,000	-11.8%	223,454	-28.1%	1.52%	-7.0%
EPD	Sell	ENTERPRISE PRODUCTS PARTNERS Llp	$40,583,000	-9.1%	1,468,800	-3.7%	1.49%	-4.2%
OXY	Sell	OCCIDENTAL PETE CP DEL COM	$37,692,000	-5.0%	516,902	-1.6%	1.38%	+0.1%
NI	Buy	NISOURCE INC COM	$35,900,000	-6.8%	1,488,997	+2.5%	1.32%	-1.9%
NGG	Sell	NATIONAL GRID PLC SPON ADR NEW	$35,564,000	-21.7%	500,123	-18.1%	1.31%	-17.4%
PPL	Sell	PPL CORP COM	$32,019,000	-11.5%	926,218	-3.4%	1.18%	-6.8%
NEP	Buy	NEXTERA ENERGY PARTNERS LP	$30,544,000	+61.6%	1,092,025	+75.6%	1.12%	+70.4%
CVX	Buy	CHEVRON CORPORATION COM	$28,160,000	+4.7%	273,613	+6.7%	1.03%	+10.4%
DUK	Sell	DUKE ENERGY CORP NEW COM NEW	$27,513,000	-7.1%	343,739	-0.4%	1.01%	-2.1%
XOM	Sell	EXXON MOBIL CORP	$27,163,000	-20.8%	311,212	-15.0%	1.00%	-16.6%
POR	Buy	PORTLAND GEN ELEC CO COM NEW	$26,035,000	+4.5%	611,279	+8.2%	0.96%	+10.1%
CSAL	Buy	COMMUNICATIONS SALES & LEASING	$23,126,000	+14.7%	736,248	+5.5%	0.85%	+20.8%
ATO	Sell	ATMOS ENERGY CORP COM	$21,854,000	-24.7%	293,471	-17.8%	0.80%	-20.8%
CMS	Sell	CMS ENERGY CORP COM	$20,411,000	-16.8%	485,858	-9.2%	0.75%	-12.4%
EOG	Buy	EOG RES INC COM	$19,593,000	+33.6%	202,599	+15.2%	0.72%	+40.7%
MPC	Sell	MARATHON PETROLEUM CORP	$18,094,000	-4.7%	445,770	-10.9%	0.66%	+0.3%
TRP	Buy	TRANSCANADA CORP	$17,849,000	+229.6%	375,303	+213.4%	0.66%	+246.6%
EQT	Buy	EQT CORP COM	$17,475,000	-1.4%	240,635	+5.2%	0.64%	+4.1%
CLR	Buy	CONTINENTAL RES INC COM	$16,342,000	+203.0%	314,515	+164.0%	0.60%	+219.1%
SLB	Sell	SCHLUMBERGER LTD COM	$14,612,000	-26.7%	185,811	-26.2%	0.54%	-22.8%
ZAYO	Buy	ZAYO GROUP HLDGS INC	$13,723,000	+162.1%	461,900	+146.4%	0.50%	+176.9%
AGR	Sell	AVANGRID, INC.	$13,650,000	-37.9%	326,715	-31.6%	0.50%	-34.6%
NLY	Buy	ANNALY MTG MGMT INC COM	$13,571,000	+16.6%	1,292,450	+22.9%	0.50%	+22.7%
SJI	Sell	SOUTH JERSEY IND	$12,201,000	-16.2%	412,900	-10.4%	0.45%	-11.6%
TU	Sell	TELUS CORPORATION	$10,676,000	-2.4%	323,900	-4.9%	0.39%	+2.9%
XEC	Buy	CIMAREX ENERGY	$10,226,000	+24.7%	76,100	+10.7%	0.38%	+31.1%
PCG	Sell	PG&E CORP COM	$9,285,000	-16.3%	151,795	-12.6%	0.34%	-11.9%
VOD	Sell	VODAFONE GROUP PUBLIC LTD CO A	$6,160,000	-36.8%	211,321	-33.1%	0.23%	-33.5%
OKE	Buy	ONEOK INC NEW COM	$5,642,000	+1115.9%	109,780	+1022.5%	0.21%	+1193.8%
	Sell	BASTION ENERGY LLC (ANGLO DUTClp	$5,511,000	-2.6%	787	-2.7%	0.20%	+2.5%
WR	Sell	WESTAR ENERGY INC.	$3,966,000	-0.6%	69,890	-1.7%	0.15%	+5.0%
FTR	Sell	FRONTIER COMMUNICATIONS CORP	$3,627,000	-48.8%	871,950	-39.2%	0.13%	-46.2%
WPZ	Sell	WILLIAMS PARTNERS L P COM UNITlp	$3,533,000	-13.1%	95,000	-19.0%	0.13%	-8.5%
EEP	Sell	ENBRIDGE ENERGY PARTNERS LPlp	$3,179,000	-8.6%	125,000	-16.7%	0.12%	-3.3%
UTG	Buy	REAVES UTIL INCOME FD COM SH Bcef	$3,033,000	-3.8%	99,248	+2.2%	0.11%	+0.9%
WTR	Sell	AQUA AMERICA INC.	$2,286,000	-45.7%	75,000	-36.4%	0.08%	-42.9%
CCOI	Sell	COGENT COMMUNICATIONS COM NEW	$2,009,000	-9.1%	54,589	-1.0%	0.07%	-3.9%
BTTGY	Buy	BT GROUP PLC ADR	$1,780,000	+112.9%	70,000	+133.3%	0.06%	+124.1%
PEGI	Sell	PATTERN ENERGY GROUP INC	$1,754,000	-48.9%	77,976	-47.8%	0.06%	-46.7%
AEE	Sell	AMEREN CORP COM	$1,475,000	-52.5%	30,000	-48.3%	0.05%	-50.0%
CP	New	CANADIAN PACIFIC LTD	$1,222,000	–	8,000	–	0.04%	–
TRGP	New	TARGA RESOURCES CORP	$1,130,000	–	23,000	–	0.04%	–
APC	New	ANADARKO PETE CORP COM	$634,000	–	10,000	–	0.02%	–
RDSB	Sell	ROYAL DUTCH SHELL PLC ADRS B	$594,000	-40.8%	11,245	-37.2%	0.02%	-37.1%
XEL	Sell	XCEL ENERGY INC COM	$419,000	-93.8%	10,178	-93.3%	0.02%	-93.7%
WFCPRJCL	Sell	WELLS FARGO CO PFD 8%pfd	$243,000	-32.7%	8,989	-30.9%	0.01%	-30.8%
TTE	Exit	TOTAL S.A. ADRS	$0	–	-6,115	–	-0.01%	–
AEP	Exit	AMERICAN ELEC PWR INC COM	$0	–	-5,000	–	-0.01%	–
EXC	Exit	EXELON CORP COM	$0	–	-15,000	–	-0.02%	–
ETR	Exit	ENTERGY CORP NEW COM	$0	–	-7,000	–	-0.02%	–
HES	Exit	HESS CORPORATION	$0	–	-16,910	–	-0.04%	–
SWX	Exit	SOUTHWEST GAS CORP COM	$0	–	-14,000	–	-0.04%	–
UTES	Exit	REAVES UTILITIES ETF	$0	–	-51,500	–	-0.06%	–
FSLR	Exit	FIRST SOLAR INC	$0	–	-126,257	–	-0.21%	–
CPGX	Exit	COLUMBIA PIPELINE GRP INC	$0	–	-792,486	–	-0.70%	–

Q2 2016

			Value		Shares		↓ Weighting
NEE	New	NEXTERA ENERGY INC COM	$164,143,000	–	1,258,771	–	5.72%	–
DTE	New	DTE ENERGY CO COM	$153,045,000	–	1,544,037	–	5.33%	–
CHTR	New	CHARTER COMMUNICATIONS INC	$137,311,000	–	600,556	–	4.78%	–
SCG	New	SCANA CORP NEW COM	$125,485,000	–	1,658,535	–	4.37%	–
SRE	New	SEMPRA ENERGY COM	$122,716,000	–	1,076,263	–	4.28%	–
AWK	New	AMERICAN WATER WORKS	$119,195,000	–	1,410,429	–	4.15%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONS AD	$113,123,000	–	2,048,584	–	3.94%	–
VZ	New	VERIZON COMMUNICATIONS COM	$113,005,000	–	2,023,720	–	3.94%	–
CMCSA	New	COMCAST CORP CLASS A	$107,634,000	–	1,651,077	–	3.75%	–
ITC	New	ITC HOLDINGS CORP.	$90,715,000	–	1,937,535	–	3.16%	–
UNP	New	UNION PAC CORP COM	$81,804,000	–	937,579	–	2.85%	–
D	New	DOMINION RES VA NEW COM	$75,765,000	–	972,227	–	2.64%	–
BCE	New	BCE INC COM NEW	$74,802,000	–	1,581,107	–	2.61%	–
ES	New	EVERSOURCE ENERGY	$69,480,000	–	1,159,936	–	2.42%	–
EIX	New	EDISON INTL COM	$69,044,000	–	888,933	–	2.41%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$68,975,000	–	680,021	–	2.40%	–
AMT	New	AMERICAN TOWER REIT COM	$61,595,000	–	542,163	–	2.15%	–
T	New	AT & T INC. (NEW)	$60,734,000	–	1,405,550	–	2.12%	–
WEC	New	WEC ENERGY GROUP INC COM	$57,672,000	–	883,191	–	2.01%	–
PNW	New	PINNACLE WEST CAP CORP COM	$50,294,000	–	620,454	–	1.75%	–
PXD	New	PIONEER NAT RES CO COM	$47,019,000	–	310,954	–	1.64%	–
TMUS	New	T-MOBILE US INC COM	$45,824,000	–	1,059,019	–	1.60%	–
NGG	New	NATIONAL GRID PLC SPON ADR NEW	$45,410,000	–	610,922	–	1.58%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Llp	$44,636,000	–	1,525,500	–	1.56%	–
OXY	New	OCCIDENTAL PETE CP DEL COM	$39,688,000	–	525,248	–	1.38%	–
NI	New	NISOURCE INC COM	$38,530,000	–	1,452,854	–	1.34%	–
PPL	New	PPL CORP COM	$36,196,000	–	958,825	–	1.26%	–
LVLT	New	LEVEL 3 COMMUNICTIONS COM NEW	$35,202,000	–	683,665	–	1.23%	–
KHC	New	KRAFT HEINZ CO	$34,498,000	–	389,900	–	1.20%	–
XOM	New	EXXON MOBIL CORP	$34,306,000	–	365,967	–	1.20%	–
SO	New	SOUTHERN CO COM	$33,627,000	–	627,003	–	1.17%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$29,603,000	–	345,064	–	1.03%	–
WMB	New	WILLIAMS COS INC COM	$29,063,000	–	1,343,660	–	1.01%	–
ATO	New	ATMOS ENERGY CORP COM	$29,036,000	–	357,054	–	1.01%	–
CVX	New	CHEVRON CORPORATION COM	$26,892,000	–	256,525	–	0.94%	–
POR	New	PORTLAND GEN ELEC CO COM NEW	$24,917,000	–	564,747	–	0.87%	–
CMS	New	CMS ENERGY CORP COM	$24,538,000	–	535,056	–	0.86%	–
AGR	New	AVANGRID, INC.	$21,987,000	–	477,356	–	0.77%	–
CPGX	New	COLUMBIA PIPELINE GRP INC	$20,200,000	–	792,486	–	0.70%	–
CSAL	New	COMMUNICATIONS SALES & LEASING	$20,168,000	–	697,847	–	0.70%	–
SLB	New	SCHLUMBERGER LTD COM	$19,922,000	–	251,928	–	0.69%	–
	New	NATIONAL GRID PLC	$19,779,000	–	1,350,000	–	0.69%	–
MPC	New	MARATHON PETROLEUM CORP	$18,991,000	–	500,295	–	0.66%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$18,898,000	–	622,050	–	0.66%	–
EQT	New	EQT CORP COM	$17,719,000	–	228,844	–	0.62%	–
EOG	New	EOG RES INC COM	$14,667,000	–	175,825	–	0.51%	–
SJI	New	SOUTH JERSEY IND	$14,564,000	–	460,600	–	0.51%	–
NLY	New	ANNALY MTG MGMT INC COM	$11,638,000	–	1,051,275	–	0.41%	–
	New	ROYAL DUTCH A SHARES	$11,496,000	–	420,000	–	0.40%	–
PCG	New	PG&E CORP COM	$11,097,000	–	173,607	–	0.39%	–
TU	New	TELUS CORPORATION	$10,934,000	–	340,700	–	0.38%	–
VOD	New	VODAFONE GROUP PUBLIC LTD CO A	$9,754,000	–	315,771	–	0.34%	–
XEC	New	CIMAREX ENERGY	$8,203,000	–	68,750	–	0.29%	–
LUMN	New	CENTURYLINK INC	$7,833,000	–	270,000	–	0.27%	–
FTR	New	FRONTIER COMMUNICATIONS CORP	$7,090,000	–	1,435,301	–	0.25%	–
XEL	New	XCEL ENERGY INC COM	$6,793,000	–	151,711	–	0.24%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$6,230,000	–	43,025	–	0.22%	–
FSLR	New	FIRST SOLAR INC	$6,121,000	–	126,257	–	0.21%	–
	New	BASTION ENERGY LLC (ANGLO DUTClp	$5,661,000	–	809	–	0.20%	–
TRP	New	TRANSCANADA CORP	$5,415,000	–	119,750	–	0.19%	–
CLR	New	CONTINENTAL RES INC COM	$5,394,000	–	119,150	–	0.19%	–
ZAYO	New	ZAYO GROUP HLDGS INC	$5,236,000	–	187,475	–	0.18%	–
WTR	New	AQUA AMERICA INC.	$4,208,000	–	118,000	–	0.15%	–
WPZ	New	WILLIAMS PARTNERS L P COM UNITlp	$4,065,000	–	117,344	–	0.14%	–
WR	New	WESTAR ENERGY INC.	$3,989,000	–	71,115	–	0.14%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LPlp	$3,480,000	–	150,000	–	0.12%	–
PEGI	New	PATTERN ENERGY GROUP INC	$3,430,000	–	149,290	–	0.12%	–
	New	IENOVA	$3,319,000	–	795,000	–	0.12%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$3,153,000	–	97,106	–	0.11%	–
AEE	New	AMEREN CORP COM	$3,108,000	–	58,000	–	0.11%	–
BP	New	BP PLC SPONS ADR	$2,361,000	–	66,500	–	0.08%	–
CCOI	New	COGENT COMMUNICATIONS COM NEW	$2,209,000	–	55,145	–	0.08%	–
	New	TALARA OPPORTUNITIES II, LPlp	$1,742,000	–	40,519	–	0.06%	–
UTES	New	REAVES UTILITIES ETF	$1,680,000	–	51,500	–	0.06%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$1,477,000	–	14,518	–	0.05%	–
MO	New	ALTRIA GROUP INC.	$1,279,000	–	18,550	–	0.04%	–
SWX	New	SOUTHWEST GAS CORP COM	$1,102,000	–	14,000	–	0.04%	–
RDSB	New	ROYAL DUTCH SHELL PLC ADRS B	$1,004,000	–	17,920	–	0.04%	–
HES	New	HESS CORPORATION	$1,016,000	–	16,910	–	0.04%	–
BTTGY	New	BT GROUP PLC ADR	$836,000	–	30,000	–	0.03%	–
COST	New	COSTCO WHSL CORP NEW COM	$628,000	–	4,000	–	0.02%	–
ETR	New	ENTERGY CORP NEW COM	$569,000	–	7,000	–	0.02%	–
PPG	New	PPG INDS INC COM	$583,000	–	5,600	–	0.02%	–
EXC	New	EXELON CORP COM	$545,000	–	15,000	–	0.02%	–
OKE	New	ONEOK INC NEW COM	$464,000	–	9,780	–	0.02%	–
WFC	New	WELLS FARGO & CO NEW COM	$426,000	–	9,000	–	0.02%	–
WFCPRJCL	New	WELLS FARGO CO PFD 8%pfd	$361,000	–	13,014	–	0.01%	–
AEP	New	AMERICAN ELEC PWR INC COM	$350,000	–	5,000	–	0.01%	–
GE	New	GENERAL ELEC CO COM	$331,000	–	10,500	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON COM	$291,000	–	2,400	–	0.01%	–
TTE	New	TOTAL S.A. ADRS	$294,000	–	6,115	–	0.01%	–
EYMXP	New	ENTERGY MISS INC PFD P 6.25%pfd	$268,000	–	10,000	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-2,400	–	-0.01%	–
EYMXP	Exit	ENTERGY MISS INC PFD P 6.25%pfd	$0	–	-10,000	–	-0.01%	–
AAPL	Exit	APPLE INC COM	$0	–	-2,389	–	-0.01%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-10,500	–	-0.01%	–
GD	Exit	GENERAL DYNAMICS CORP COM	$0	–	-1,800	–	-0.01%	–
NYLD	Exit	NRG YIELD INC CL C	$0	–	-25,015	–	-0.01%	–
OKE	Exit	ONEOK INC NEW COM	$0	–	-9,780	–	-0.01%	–
NYLDA	Exit	NRG YIELD INC CL A NEW	$0	–	-26,580	–	-0.01%	–
WFCPRJCL	Exit	WELLS FARGO CO PFD 8%pfd	$0	–	-15,389	–	-0.02%	–
EYNOP	Exit	ENTERGY NEW ORLEANS INC 4.36%pfd	$0	–	-4,500	–	-0.02%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-9,000	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-5,600	–	-0.02%	–
CAM	Exit	CAMERON INTL CORP COM	$0	–	-7,975	–	-0.02%	–
XEC	Exit	CIMAREX ENERGY	$0	–	-5,200	–	-0.02%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-11,000	–	-0.02%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-4,000	–	-0.02%	–
NRG	Exit	NRG ENERGY INC COM	$0	–	-47,030	–	-0.03%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC ADRS B	$0	–	-14,984	–	-0.03%	–
CXO	Exit	CONCHO RESOURCES INC	$0	–	-7,550	–	-0.03%	–
KSU	Exit	KANSAS CITY SOUTHN IND COM	$0	–	-9,000	–	-0.03%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-18,550	–	-0.04%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS LPlp	$0	–	-35,000	–	-0.04%	–
APC	Exit	ANADARKO PETE CORP COM	$0	–	-19,175	–	-0.04%	–
PM	Exit	PHILLIP MORRIS INTERNATIONAL	$0	–	-14,518	–	-0.04%	–
TLN	Exit	TALEN ENERGY CORP	$0	–	-134,842	–	-0.05%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-15,000	–	-0.06%	–
CP	Exit	CANADIAN PACIFIC LTD	$0	–	-11,100	–	-0.06%	–
UTG	Exit	REAVES UTIL INCOME FD COM SH Bcef	$0	–	-79,738	–	-0.09%	–
	Exit	TALARA OPPORTUNITIES II, LPlp	$0	–	-40,519	–	-0.10%	–
MWE	Exit	MARKWEST ENERGY PARTNERS LPlp	$0	–	-60,000	–	-0.10%	–
NFG	Exit	NATIONAL FUEL GAS CO N J	$0	–	-55,000	–	-0.11%	–
PCG	Exit	PG&E CORP COM	$0	–	-52,288	–	-0.11%	–
AEE	Exit	AMEREN CORP COM	$0	–	-70,245	–	-0.12%	–
	Exit	IENOVA	$0	–	-745,000	–	-0.12%	–
ENB	Exit	ENBRIDGE INC COM	$0	–	-87,315	–	-0.13%	–
HAL	Exit	HALLIBURTON CO COM	$0	–	-95,545	–	-0.13%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LPlp	$0	–	-150,000	–	-0.14%	–
WPZ	Exit	WILLIAMS PARTNERS L P COM UNITlp	$0	–	-130,344	–	-0.16%	–
ETR	Exit	ENTERGY CORP NEW COM	$0	–	-65,000	–	-0.16%	–
BTTGY	Exit	BT GROUP PLC ADR	$0	–	-70,025	–	-0.17%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B	$0	–	-41,025	–	-0.21%	–
FTR	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-1,129,155	–	-0.21%	–
WR	Exit	WESTAR ENERGY INC.	$0	–	-148,990	–	-0.22%	–
FSLR	Exit	FIRST SOLAR INC	$0	–	-135,680	–	-0.23%	–
EQT	Exit	EQT CORP COM	$0	–	-92,320	–	-0.23%	–
KMI	Exit	KINDER MORGAN INC KANS COM	$0	–	-226,500	–	-0.24%	–
DVN	Exit	DEVON ENERGY CORP NEW COM	$0	–	-177,950	–	-0.26%	–
WTR	Exit	AQUA AMERICA INC.	$0	–	-252,000	–	-0.26%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-308,900	–	-0.26%	–
	Exit	BASTION ENERGY LLC (ANGLO DUTClp	$0	–	-1,000	–	-0.27%	–
TU	Exit	TELUS CORPORATION	$0	–	-230,000	–	-0.28%	–
EGN	Exit	ENERGEN CORP	$0	–	-149,276	–	-0.29%	–
LBTYK	Exit	LIBERTY GLOBAL PLC SHS CL C	$0	–	-199,276	–	-0.32%	–
CVX	Exit	CHEVRON CORPORATION COM	$0	–	-104,350	–	-0.32%	–
	Exit	BT GROUP	$0	–	-1,400,000	–	-0.35%	–
NLY	Exit	ANNALY MTG MGMT INC COM	$0	–	-1,236,125	–	-0.48%	–
CCOI	Exit	COGENT COMMUNICATIONS COM NEW	$0	–	-561,992	–	-0.59%	–
HES	Exit	HESS CORPORATION	$0	–	-320,395	–	-0.62%	–
PEGI	Exit	PATTERN ENERGY GROUP INC	$0	–	-881,468	–	-0.66%	–
PXD	Exit	PIONEER NAT RES CO COM	$0	–	-138,229	–	-0.66%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-238,783	–	-0.69%	–
OGS	Exit	ONE GAS INC COM	$0	–	-414,300	–	-0.73%	–
CMS	Exit	CMS ENERGY CORP COM	$0	–	-532,802	–	-0.73%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-302,796	–	-0.76%	–
SJI	Exit	SOUTH JERSEY IND	$0	–	-805,468	–	-0.79%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-296,144	–	-0.80%	–
LBTYA	Exit	LIBERTY GLOBAL PLC SHS CL A	$0	–	-485,320	–	-0.81%	–
OXY	Exit	OCCIDENTAL PETE CP DEL COM	$0	–	-326,128	–	-0.84%	–
CPGX	Exit	COLUMBIA PIPELINE GRP INC	$0	–	-1,239,196	–	-0.88%	–
	Exit	NATIONAL GRID PLC	$0	–	-1,645,000	–	-0.89%	–
ATO	Exit	ATMOS ENERGY CORP COM	$0	–	-395,678	–	-0.90%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-955,190	–	-0.93%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-341,000	–	-0.94%	–
VOD	Exit	VODAFONE GROUP PUBLIC LTD CO A	$0	–	-798,246	–	-0.99%	–
NI	Exit	NISOURCE INC COM	$0	–	-1,596,942	–	-1.15%	–
SO	Exit	SOUTHERN CO COM	$0	–	-761,308	–	-1.32%	–
LVLT	Exit	LEVEL 3 COMMUNICTIONS COM NEW	$0	–	-778,525	–	-1.32%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Llp	$0	–	-1,388,730	–	-1.35%	–
TMUS	Exit	T-MOBILE US INC COM	$0	–	-884,450	–	-1.37%	–
EIX	Exit	EDISON INTL COM	$0	–	-565,163	–	-1.39%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-512,655	–	-1.58%	–
WEC	Exit	WEC ENERGY GROUP INC COM	$0	–	-827,689	–	-1.68%	–
T	Exit	AT & T INC. (NEW)	$0	–	-1,481,638	–	-1.88%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-999,516	–	-1.97%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONS AD	$0	–	-1,115,900	–	-2.06%	–
NGG	Exit	NATIONAL GRID PLC SPON ADR NEW	$0	–	-803,073	–	-2.18%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-819,189	–	-2.30%	–
BCE	Exit	BCE INC COM NEW	$0	–	-1,481,972	–	-2.36%	–
PPL	Exit	PPL CORP COM	$0	–	-1,977,349	–	-2.53%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-1,145,522	–	-2.54%	–
TWC	Exit	TIME WARNER CABLE INC COM	$0	–	-374,220	–	-2.61%	–
WMB	Exit	WILLIAMS COS INC COM	$0	–	-1,932,430	–	-2.77%	–
AMT	Exit	AMERICAN TOWER REIT COM	$0	–	-858,423	–	-2.94%	–
CHTR	Exit	CHARTER COMMUNCTNS DEL CL A	$0	–	-488,820	–	-3.35%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-2,029,147	–	-3.44%	–
SRE	Exit	SEMPRA ENERGY COM	$0	–	-958,097	–	-3.61%	–
UNP	Exit	UNION PAC CORP COM	$0	–	-1,052,740	–	-3.62%	–
D	Exit	DOMINION RES VA NEW COM	$0	–	-1,450,497	–	-3.98%	–
SCG	Exit	SCANA CORP NEW COM	$0	–	-1,875,892	–	-4.11%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-2,072,564	–	-4.45%	–
ITC	Exit	ITC HOLDINGS CORP.	$0	–	-3,559,804	–	-4.62%	–
DTE	Exit	DTE ENERGY CO COM	$0	–	-1,638,759	–	-5.13%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-1,423,556	–	-5.41%	–

Q3 2015

			Value		Shares		↓ Weighting
NEE	Sell	NEXTERA ENERGY INC COM	$138,868,000	-51.2%	1,423,556	-50.9%	5.41%	+6.3%
DTE	Sell	DTE ENERGY CO COM	$131,707,000	-46.4%	1,638,759	-50.2%	5.13%	+16.7%
ITC	Sell	ITC HOLDINGS CORP.	$118,684,000	-49.1%	3,559,804	-50.8%	4.62%	+10.9%
AWK	Sell	AMERICAN WATER WORKS	$114,157,000	-47.0%	2,072,564	-53.2%	4.45%	+15.4%
SCG	Sell	SCANA CORP NEW COM	$105,538,000	-47.9%	1,875,892	-53.1%	4.11%	+13.5%
D	Sell	DOMINION RES VA NEW COM	$102,086,000	-48.9%	1,450,497	-51.4%	3.98%	+11.3%
UNP	Sell	UNION PAC CORP COM	$93,073,000	-58.3%	1,052,740	-55.0%	3.62%	-9.2%
SRE	Sell	SEMPRA ENERGY COM	$92,667,000	-46.9%	958,097	-45.7%	3.61%	+15.7%
VZ	Sell	VERIZON COMMUNICATIONS COM	$88,288,000	-49.0%	2,029,147	-45.3%	3.44%	+11.2%
CHTR	Sell	CHARTER COMMUNCTNS DEL CL A	$85,959,000	-50.3%	488,820	-51.6%	3.35%	+8.3%
AMT	Sell	AMERICAN TOWER REIT COM	$75,524,000	-56.6%	858,423	-54.0%	2.94%	-5.6%
WMB	Sell	WILLIAMS COS INC COM	$71,210,000	-70.7%	1,932,430	-54.4%	2.77%	-36.2%
TWC	Sell	TIME WARNER CABLE INC COM	$67,124,000	-45.6%	374,220	-45.9%	2.61%	+18.4%
CMCSA	Sell	COMCAST CORP CLASS A	$65,157,000	-41.5%	1,145,522	-38.1%	2.54%	+27.5%
PPL	Sell	PPL CORP COM	$65,035,000	-44.4%	1,977,349	-50.2%	2.53%	+21.0%
BCE	Sell	BCE INC COM NEW	$60,702,000	-61.4%	1,481,972	-59.9%	2.36%	-15.9%
DUK	Sell	DUKE ENERGY CORP NEW COM NEW	$58,932,000	-49.1%	819,189	-50.1%	2.30%	+10.7%
NGG	Sell	NATIONAL GRID PLC SPON ADR NEW	$55,918,000	-45.9%	803,073	-49.9%	2.18%	+17.7%
RDSA	Sell	ROYAL DUTCH SHELL PLC SPONS AD	$52,883,000	-53.2%	1,115,900	-43.8%	2.06%	+1.8%
ES	Sell	EVERSOURCE ENERGY	$50,595,000	-44.3%	999,516	-50.0%	1.97%	+21.4%
T	Sell	AT & T INC. (NEW)	$48,272,000	-38.5%	1,481,638	-32.9%	1.88%	+33.9%
WEC	Sell	WEC ENERGY GROUP INC COM	$43,222,000	-47.3%	827,689	-54.6%	1.68%	+14.7%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$40,433,000	-54.1%	512,655	-53.3%	1.58%	-0.1%
EIX	Buy	EDISON INTL COM	$35,645,000	+216.8%	565,163	+179.2%	1.39%	+590.5%
TMUS	Sell	T-MOBILE US INC COM	$35,210,000	-52.5%	884,450	-53.8%	1.37%	+3.3%
EPD	Sell	ENTERPRISE PRODUCTS PARTNERS Llp	$34,579,000	-58.5%	1,388,730	-50.1%	1.35%	-9.6%
LVLT	Sell	LEVEL 3 COMMUNICTIONS COM NEW	$34,014,000	-25.7%	778,525	-10.5%	1.32%	+61.8%
SO	Sell	SOUTHERN CO COM	$34,030,000	-49.3%	761,308	-52.5%	1.32%	+10.4%
NI	Sell	NISOURCE INC COM	$29,623,000	-73.9%	1,596,942	-35.9%	1.15%	-43.2%
VOD	Sell	VODAFONE GROUP PUBLIC LTD CO A	$25,336,000	-59.0%	798,246	-52.9%	0.99%	-10.7%
KHC	New	KRAFT HEINZ CO	$24,068,000	–	341,000	–	0.94%	–
LUMN	Sell	CENTURYLINK INC	$23,994,000	-54.6%	955,190	-46.9%	0.93%	-1.2%
ATO	Sell	ATMOS ENERGY CORP COM	$23,021,000	-36.4%	395,678	-43.9%	0.90%	+38.6%
	Sell	NATIONAL GRID PLC	$22,897,000	-45.8%	1,645,000	-50.0%	0.89%	+18.0%
CPGX	New	COLUMBIA PIPELINE GRP INC	$22,665,000	–	1,239,196	–	0.88%	–
OXY	Sell	OCCIDENTAL PETE CP DEL COM	$21,573,000	-67.5%	326,128	-61.8%	0.84%	-29.2%
LBTYA	Sell	LIBERTY GLOBAL PLC SHS CL A	$20,840,000	-65.6%	485,320	-56.6%	0.81%	-25.0%
SLB	Sell	SCHLUMBERGER LTD COM	$20,425,000	-67.0%	296,144	-58.8%	0.80%	-28.3%
SJI	Sell	SOUTH JERSEY IND	$20,338,000	-56.2%	805,468	-57.1%	0.79%	-4.6%
PNW	Sell	PINNACLE WEST CAP CORP COM	$19,421,000	-62.9%	302,796	-67.1%	0.76%	-19.3%
CMS	Buy	CMS ENERGY CORP COM	$18,819,000	+328.3%	532,802	+286.1%	0.73%	+827.8%
OGS	Sell	ONE GAS INC COM	$18,780,000	-46.7%	414,300	-50.0%	0.73%	+15.8%
XOM	Sell	EXXON MOBIL CORP	$17,754,000	-11.1%	238,783	-0.5%	0.69%	+93.6%
PEGI	Sell	PATTERN ENERGY GROUP INC	$16,827,000	-72.5%	881,468	-59.1%	0.66%	-40.2%
PXD	Sell	PIONEER NAT RES CO COM	$16,814,000	-75.7%	138,229	-72.3%	0.66%	-47.1%
HES	Sell	HESS CORPORATION	$16,039,000	-68.0%	320,395	-57.2%	0.62%	-30.2%
CCOI	Sell	COGENT COMMUNICATIONS COM NEW	$15,264,000	-82.6%	561,992	-78.3%	0.59%	-62.1%
NLY	Sell	ANNALY MTG MGMT INC COM	$12,201,000	-23.6%	1,236,125	-28.9%	0.48%	+66.1%
	Sell	BT GROUP	$8,898,000	-67.4%	1,400,000	-63.6%	0.35%	-28.9%
CVX	Sell	CHEVRON CORPORATION COM	$8,231,000	-71.4%	104,350	-65.0%	0.32%	-37.7%
LBTYK	Sell	LIBERTY GLOBAL PLC SHS CL C	$8,174,000	-67.0%	199,276	-59.3%	0.32%	-28.4%
EGN	Sell	ENERGEN CORP	$7,443,000	-64.9%	149,276	-52.0%	0.29%	-23.7%
TU	Sell	TELUS CORPORATION	$7,214,000	-81.5%	230,000	-79.7%	0.28%	-59.7%
	New	BASTION ENERGY LLC (ANGLO DUTClp	$7,000,000	–	1,000	–	0.27%	–
NEP	Sell	NEXTERA ENERGY PARTNERS LP	$6,734,000	-65.3%	308,900	-37.0%	0.26%	-24.5%
WTR	Sell	AQUA AMERICA INC.	$6,670,000	-46.0%	252,000	-50.0%	0.26%	+17.6%
DVN	Sell	DEVON ENERGY CORP NEW COM	$6,600,000	-56.0%	177,950	-29.4%	0.26%	-4.1%
KMI	Sell	KINDER MORGAN INC KANS COM	$6,270,000	-87.0%	226,500	-81.9%	0.24%	-71.7%
EQT	Sell	EQT CORP COM	$5,980,000	-50.9%	92,320	-38.3%	0.23%	+6.9%
FSLR	Sell	FIRST SOLAR INC	$5,800,000	-73.9%	135,680	-71.3%	0.23%	-43.1%
WR	Sell	WESTAR ENERGY INC.	$5,727,000	-45.0%	148,990	-51.0%	0.22%	+19.9%
FTR	Sell	FRONTIER COMMUNICATIONS CORP	$5,363,000	-50.3%	1,129,155	-48.2%	0.21%	+8.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC CLASS B	$5,350,000	-50.4%	41,025	-48.3%	0.21%	+7.8%
BTTGY	Sell	BT GROUP PLC ADR	$4,464,000	-55.0%	70,025	-50.0%	0.17%	-2.2%
ETR	Sell	ENTERGY CORP NEW COM	$4,232,000	-85.7%	65,000	-84.5%	0.16%	-68.9%
WPZ	Sell	WILLIAMS PARTNERS L P COM UNITlp	$4,161,000	-67.0%	130,344	-50.0%	0.16%	-28.3%
EEP	Sell	ENBRIDGE ENERGY PARTNERS LPlp	$3,708,000	-62.9%	150,000	-50.0%	0.14%	-19.6%
HAL	Sell	HALLIBURTON CO COM	$3,378,000	-75.7%	95,545	-70.4%	0.13%	-46.8%
ENB	Sell	ENBRIDGE INC COM	$3,242,000	-81.4%	87,315	-76.5%	0.13%	-59.5%
	Sell	IENOVA	$3,035,000	-56.0%	745,000	-46.4%	0.12%	-4.1%
AEE	Sell	AMEREN CORP COM	$2,969,000	-78.1%	70,245	-80.5%	0.12%	-52.3%
PCG	Sell	PG&E CORP COM	$2,761,000	-43.8%	52,288	-47.7%	0.11%	+22.7%
NFG	Sell	NATIONAL FUEL GAS CO N J	$2,749,000	-57.6%	55,000	-50.0%	0.11%	-7.8%
MWE	Sell	MARKWEST ENERGY PARTNERS LPlp	$2,575,000	-61.9%	60,000	-50.0%	0.10%	-17.4%
	Sell	TALARA OPPORTUNITIES II, LPlp	$2,431,000	-59.8%	40,519	-43.1%	0.10%	-12.0%
UTG	Sell	REAVES UTIL INCOME FD COM SH Bcef	$2,240,000	-52.3%	79,738	-51.3%	0.09%	+3.6%
CP	Sell	CANADIAN PACIFIC LTD	$1,594,000	-88.6%	11,100	-87.3%	0.06%	-75.2%
SBAC	Sell	SBA COMMUNICATIONS CORP	$1,571,000	-47.5%	15,000	-42.3%	0.06%	+15.1%
TLN	Sell	TALEN ENERGY CORP	$1,362,000	-95.9%	134,842	-93.1%	0.05%	-91.1%
PM	Sell	PHILLIP MORRIS INTERNATIONAL	$1,152,000	-50.5%	14,518	-50.0%	0.04%	+7.1%
APC	Sell	ANADARKO PETE CORP COM	$1,158,000	-93.2%	19,175	-91.2%	0.04%	-85.3%
SHLX	Sell	SHELL MIDSTREAM PARTNERS LPlp	$1,030,000	-67.8%	35,000	-50.0%	0.04%	-29.8%
MO	Sell	ALTRIA GROUP INC.	$1,009,000	-44.4%	18,550	-50.0%	0.04%	+21.9%
KSU	Sell	KANSAS CITY SOUTHN IND COM	$818,000	-35.9%	9,000	-35.7%	0.03%	+39.1%
CXO	New	CONCHO RESOURCES INC	$742,000	–	7,550	–	0.03%	–
RDSB	Sell	ROYAL DUTCH SHELL PLC ADRS B	$711,000	-65.9%	14,984	-58.8%	0.03%	-24.3%
NRG	Sell	NRG ENERGY INC COM	$698,000	-69.7%	47,030	-53.3%	0.03%	-34.1%
COST	Sell	COSTCO WHSL CORP NEW COM	$578,000	-46.5%	4,000	-50.0%	0.02%	+21.1%
BHI	New	BAKER HUGHES INC COM	$572,000	–	11,000	–	0.02%	–
XEC	New	CIMAREX ENERGY	$533,000	–	5,200	–	0.02%	–
PPG	Sell	PPG INDS INC COM	$491,000	-61.8%	5,600	-50.0%	0.02%	-17.4%
CAM	New	CAMERON INTL CORP COM	$489,000	–	7,975	–	0.02%	–
WFC	Sell	WELLS FARGO & CO NEW COM	$462,000	-54.3%	9,000	-50.0%	0.02%	0.0%
EYNOP	Sell	ENTERGY NEW ORLEANS INC 4.36%pfd	$432,000	-48.4%	4,500	-50.0%	0.02%	+13.3%
WFCPRJCL	Sell	WELLS FARGO CO PFD 8%pfd	$424,000	-60.1%	15,389	-59.1%	0.02%	-10.5%
OKE	Sell	ONEOK INC NEW COM	$315,000	-59.6%	9,780	-50.5%	0.01%	-14.3%
NYLDA	Sell	NRG YIELD INC CL A NEW	$296,000	-97.8%	26,580	-95.6%	0.01%	-95.0%
NYLD	Sell	NRG YIELD INC CL C	$290,000	-97.9%	25,015	-96.1%	0.01%	-95.6%
GE	Sell	GENERAL ELEC CO COM	$265,000	-52.5%	10,500	-50.0%	0.01%	0.0%
GD	Sell	GENERAL DYNAMICS CORP COM	$248,000	-51.4%	1,800	-50.0%	0.01%	+11.1%
AAPL	New	APPLE INC COM	$264,000	–	2,389	–	0.01%	–
EYMXP	Sell	ENTERGY MISS INC PFD P 6.25%pfd	$253,000	-49.4%	10,000	-50.0%	0.01%	+11.1%
JNJ	Sell	JOHNSON & JOHNSON COM	$224,000	-52.1%	2,400	-50.0%	0.01%	+12.5%
CHK	Exit	CHESAPEAKE ENERGY CORP COM	$0	–	-40,000	–	-0.01%	–
CABO	Exit	CABLE ONE W/I	$0	–	-1,000	–	-0.01%	–
TTE	Exit	TOTAL S.A. ADRS	$0	–	-9,640	–	-0.01%	–
EYMSP	Exit	ENTERGY MISSISSIPPI 4.56%pfd	$0	–	-7,040	–	-0.01%	–
CAFD	Exit	8POINT3 ENERGY PARTNERS LP	$0	–	-56,600	–	-0.02%	–
	Exit	TDC A/S	$0	–	-200,000	–	-0.03%	–
ELUOP	Exit	ENTERGY LA LLC PFD SER A 6.95%pfd	$0	–	-15,800	–	-0.03%	–
RRC	Exit	RANGE RES CORP COM	$0	–	-36,200	–	-0.03%	–
	Exit	AMEREN ILL CO PFD 4.25%pfd	$0	–	-20,600	–	-0.03%	–
WGLCO	Exit	WASHINGTON GAS LT CO PFDpfd	$0	–	-21,342	–	-0.04%	–
	Exit	SSE PLC	$0	–	-100,000	–	-0.04%	–
TERP	Exit	TERRAFORM PWR INC CL A COM	$0	–	-64,150	–	-0.04%	–
	Exit	VODAFONE	$0	–	-1,201,818	–	-0.08%	–
EOG	Exit	EOG RES INC COM	$0	–	-52,100	–	-0.08%	–
ALE	Exit	ALLETE INC COM NEW	$0	–	-176,350	–	-0.15%	–
A309PS	Exit	DIRECTV COM CL A	$0	–	-130,596	–	-0.22%	–
KRFT	Exit	KRAFT FOODS GROUP INC COM	$0	–	-490,000	–	-0.75%	–

Q2 2015

			Value		Shares		↓ Weighting
NEE	New	NEXTERA ENERGY INC COM	$284,300,000	–	2,900,136	–	5.09%	–
DTE	New	DTE ENERGY CO COM	$245,740,000	–	3,292,332	–	4.40%	–
WMB	New	WILLIAMS COS INC COM	$243,072,000	–	4,235,430	–	4.35%	–
ITC	New	ITC HOLDINGS CORP.	$233,056,000	–	7,242,282	–	4.17%	–
UNP	New	UNION PAC CORP COM	$223,132,000	–	2,339,656	–	3.99%	–
AWK	New	AMERICAN WATER WORKS	$215,330,000	–	4,427,918	–	3.85%	–
SCG	New	SCANA CORP NEW COM	$202,460,000	–	3,997,220	–	3.62%	–
D	New	DOMINION RES VA NEW COM	$199,606,000	–	2,984,976	–	3.57%	–
SRE	New	SEMPRA ENERGY COM	$174,418,000	–	1,762,860	–	3.12%	–
AMT	New	AMERICAN TOWER REIT COM	$174,178,000	–	1,867,062	–	3.12%	–
VZ	New	VERIZON COMMUNICATIONS COM	$172,970,000	–	3,710,994	–	3.09%	–
CHTR	New	CHARTER COMMUNCTNS DEL CL A	$172,818,000	–	1,009,160	–	3.09%	–
BCE	New	BCE INC COM NEW	$157,104,000	–	3,696,558	–	2.81%	–
TWC	New	TIME WARNER CABLE INC COM	$123,356,000	–	692,350	–	2.21%	–
PPL	New	PPL CORP COM	$116,982,000	–	3,969,560	–	2.09%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$115,876,000	–	1,640,828	–	2.07%	–
NI	New	NISOURCE INC COM	$113,580,000	–	2,491,342	–	2.03%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONS AD	$113,110,000	–	1,984,030	–	2.02%	–
CMCSA	New	COMCAST CORP CLASS A	$111,318,000	–	1,850,974	–	1.99%	–
NGG	New	NATIONAL GRID PLC SPON ADR NEW	$103,412,000	–	1,601,542	–	1.85%	–
ES	New	EVERSOURCE ENERGY	$90,754,000	–	1,998,562	–	1.62%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$88,184,000	–	1,098,180	–	1.58%	–
CCOI	New	COGENT COMMUNICATIONS COM NEW	$87,700,000	–	2,591,600	–	1.57%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Llp	$83,266,000	–	2,785,760	–	1.49%	–
WEC	New	WEC ENERGY GROUP INC COM	$82,034,000	–	1,824,180	–	1.47%	–
T	New	AT & T INC. (NEW)	$78,478,000	–	2,209,420	–	1.40%	–
TMUS	New	T-MOBILE US INC COM	$74,170,000	–	1,913,060	–	1.33%	–
PXD	New	PIONEER NAT RES CO COM	$69,208,000	–	499,010	–	1.24%	–
SO	New	SOUTHERN CO COM	$67,102,000	–	1,601,500	–	1.20%	–
OXY	New	OCCIDENTAL PETE CP DEL COM	$66,356,000	–	853,222	–	1.19%	–
SLB	New	SCHLUMBERGER LTD COM	$61,982,000	–	719,140	–	1.11%	–
VOD	New	VODAFONE GROUP PUBLIC LTD CO A	$61,798,000	–	1,695,392	–	1.10%	–
PEGI	New	PATTERN ENERGY GROUP INC	$61,230,000	–	2,157,526	–	1.10%	–
LBTYA	New	LIBERTY GLOBAL PLC SHS CL A	$60,524,000	–	1,119,360	–	1.08%	–
LUMN	New	CENTURYLINK INC	$52,808,000	–	1,797,430	–	0.94%	–
PNW	New	PINNACLE WEST CAP CORP COM	$52,374,000	–	920,616	–	0.94%	–
HES	New	HESS CORPORATION	$50,052,000	–	748,394	–	0.90%	–
KMI	New	KINDER MORGAN INC KANS COM	$48,128,000	–	1,253,670	–	0.86%	–
SJI	New	SOUTH JERSEY IND	$46,398,000	–	1,876,202	–	0.83%	–
LVLT	New	LEVEL 3 COMMUNICTIONS COM NEW	$45,794,000	–	869,460	–	0.82%	–
	New	NATIONAL GRID PLC	$42,284,000	–	3,290,000	–	0.76%	–
KRFT	New	KRAFT FOODS GROUP INC COM	$41,718,000	–	490,000	–	0.75%	–
TU	New	TELUS CORPORATION	$39,006,000	–	1,131,850	–	0.70%	–
ATO	New	ATMOS ENERGY CORP COM	$36,188,000	–	705,700	–	0.65%	–
OGS	New	ONE GAS INC COM	$35,266,000	–	828,600	–	0.63%	–
TLN	New	TALEN ENERGY CORP	$33,326,000	–	1,942,118	–	0.60%	–
ETR	New	ENTERGY CORP NEW COM	$29,610,000	–	420,000	–	0.53%	–
CVX	New	CHEVRON CORPORATION COM	$28,796,000	–	298,500	–	0.52%	–
	New	BT GROUP	$27,260,000	–	3,850,000	–	0.49%	–
LBTYK	New	LIBERTY GLOBAL PLC SHS CL C	$24,806,000	–	489,932	–	0.44%	–
FSLR	New	FIRST SOLAR INC	$22,200,000	–	472,540	–	0.40%	–
EGN	New	ENERGEN CORP	$21,224,000	–	310,752	–	0.38%	–
XOM	New	EXXON MOBIL CORP	$19,960,000	–	239,906	–	0.36%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$19,414,000	–	490,000	–	0.35%	–
ENB	New	ENBRIDGE INC COM	$17,412,000	–	372,130	–	0.31%	–
APC	New	ANADARKO PETE CORP COM	$17,092,000	–	218,950	–	0.31%	–
NLY	New	ANNALY MTG MGMT INC COM	$15,980,000	–	1,738,800	–	0.29%	–
DVN	New	DEVON ENERGY CORP NEW COM	$14,998,000	–	252,100	–	0.27%	–
NYLD	New	NRG YIELD INC CL C	$14,042,000	–	641,440	–	0.25%	–
CP	New	CANADIAN PACIFIC LTD	$13,964,000	–	87,150	–	0.25%	–
HAL	New	HALLIBURTON CO COM	$13,890,000	–	322,490	–	0.25%	–
AEE	New	AMEREN CORP COM	$13,584,000	–	360,490	–	0.24%	–
NYLDA	New	NRG YIELD INC CL A NEW	$13,314,000	–	605,420	–	0.24%	–
WPZ	New	WILLIAMS PARTNERS L P COM UNITlp	$12,626,000	–	260,688	–	0.23%	–
WTR	New	AQUA AMERICA INC.	$12,342,000	–	504,000	–	0.22%	–
EQT	New	EQT CORP COM	$12,172,000	–	149,650	–	0.22%	–
A309PS	New	DIRECTV COM CL A	$12,118,000	–	130,596	–	0.22%	–
EIX	New	EDISON INTL COM	$11,250,000	–	202,400	–	0.20%	–
FTR	New	FRONTIER COMMUNICATIONS CORP	$10,792,000	–	2,180,110	–	0.19%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$10,794,000	–	79,300	–	0.19%	–
WR	New	WESTAR ENERGY INC.	$10,412,000	–	304,280	–	0.19%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LPlp	$10,000,000	–	300,000	–	0.18%	–
BTTGY	New	BT GROUP PLC ADR	$9,928,000	–	140,050	–	0.18%	–
ALE	New	ALLETE INC COM NEW	$8,180,000	–	176,350	–	0.15%	–
	New	IENOVA	$6,896,000	–	1,390,000	–	0.12%	–
MWE	New	MARKWEST ENERGY PARTNERS LPlp	$6,766,000	–	120,000	–	0.12%	–
NFG	New	NATIONAL FUEL GAS CO N J	$6,478,000	–	110,000	–	0.12%	–
	New	TALARA OPPORTUNITIES II, LPlp	$6,052,000	–	71,212	–	0.11%	–
PCG	New	PG&E CORP COM	$4,910,000	–	100,000	–	0.09%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$4,692,000	–	163,684	–	0.08%	–
EOG	New	EOG RES INC COM	$4,562,000	–	52,100	–	0.08%	–
CMS	New	CMS ENERGY CORP COM	$4,394,000	–	138,000	–	0.08%	–
	New	VODAFONE	$4,344,000	–	1,201,818	–	0.08%	–
SHLX	New	SHELL MIDSTREAM PARTNERS LPlp	$3,196,000	–	70,000	–	0.06%	–
SBAC	New	SBA COMMUNICATIONS CORP	$2,990,000	–	26,000	–	0.05%	–
TERP	New	TERRAFORM PWR INC CL A COM	$2,436,000	–	64,150	–	0.04%	–
	New	SSE PLC	$2,416,000	–	100,000	–	0.04%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$2,328,000	–	29,036	–	0.04%	–
NRG	New	NRG ENERGY INC COM	$2,306,000	–	100,810	–	0.04%	–
WGLCO	New	WASHINGTON GAS LT CO PFDpfd	$2,134,000	–	21,342	–	0.04%	–
RDSB	New	ROYAL DUTCH SHELL PLC ADRS B	$2,088,000	–	36,408	–	0.04%	–
	New	AMEREN ILL CO PFD 4.25%pfd	$1,916,000	–	20,600	–	0.03%	–
RRC	New	RANGE RES CORP COM	$1,788,000	–	36,200	–	0.03%	–
MO	New	ALTRIA GROUP INC.	$1,814,000	–	37,100	–	0.03%	–
ELUOP	New	ENTERGY LA LLC PFD SER A 6.95%pfd	$1,612,000	–	15,800	–	0.03%	–
	New	TDC A/S	$1,466,000	–	200,000	–	0.03%	–
PPG	New	PPG INDS INC COM	$1,284,000	–	11,200	–	0.02%	–
KSU	New	KANSAS CITY SOUTHN IND COM	$1,276,000	–	14,000	–	0.02%	–
CAFD	New	8POINT3 ENERGY PARTNERS LP	$1,054,000	–	56,600	–	0.02%	–
WFCPRJCL	New	WELLS FARGO CO PFD 8%pfd	$1,062,000	–	37,628	–	0.02%	–
COST	New	COSTCO WHSL CORP NEW COM	$1,080,000	–	8,000	–	0.02%	–
WFC	New	WELLS FARGO & CO NEW COM	$1,012,000	–	18,000	–	0.02%	–
EYNOP	New	ENTERGY NEW ORLEANS INC 4.36%pfd	$838,000	–	9,000	–	0.02%	–
OKE	New	ONEOK INC NEW COM	$780,000	–	19,760	–	0.01%	–
EYMSP	New	ENTERGY MISSISSIPPI 4.56%pfd	$686,000	–	7,040	–	0.01%	–
GE	New	GENERAL ELEC CO COM	$558,000	–	21,000	–	0.01%	–
GD	New	GENERAL DYNAMICS CORP COM	$510,000	–	3,600	–	0.01%	–
EYMXP	New	ENTERGY MISS INC PFD P 6.25%pfd	$500,000	–	20,000	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON COM	$468,000	–	4,800	–	0.01%	–
TTE	New	TOTAL S.A. ADRS	$474,000	–	9,640	–	0.01%	–
CABO	New	CABLE ONE W/I	$426,000	–	1,000	–	0.01%	–
CHK	New	CHESAPEAKE ENERGY CORP COM	$446,000	–	40,000	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
KBR	Exit	KBR INC COM	$0	–	-10,200	–	-0.01%	–
GD	Exit	GENERAL DYNAMICS CORP COM	$0	–	-1,800	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-2,400	–	-0.01%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-10,500	–	-0.01%	–
EYMXP	Exit	ENTERGY MISS INC PFD P 6.25%pfd	$0	–	-10,000	–	-0.01%	–
VFC	Exit	V F CORP COM	$0	–	-5,200	–	-0.01%	–
VLO	Exit	VALERO ENERGY CORP NEW COM	$0	–	-7,000	–	-0.01%	–
EYMSP	Exit	ENTERGY MISSISSIPPI 4.56%pfd	$0	–	-3,520	–	-0.01%	–
IBM	Exit	INTERNATIONAL BUS MACH COM	$0	–	-1,700	–	-0.01%	–
EYNOP	Exit	ENTERGY NEW ORLEANS INC 4.36%pfd	$0	–	-4,500	–	-0.01%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-9,000	–	-0.02%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-4,000	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-2,800	–	-0.02%	–
WFCPRJCL	Exit	WELLS FARGO CO PFD 8%pfd	$0	–	-22,989	–	-0.02%	–
KMI	Exit	KINDER MORGAN INC KANS COM	$0	–	-18,100	–	-0.02%	–
ELUOP	Exit	ENTERGY LA LLC PFD SER A 6.95%pfd	$0	–	-7,900	–	-0.03%	–
	Exit	AMEREN ILL CO PFD 4.25%pfd	$0	–	-10,300	–	-0.03%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-18,550	–	-0.03%	–
OGE	Exit	OGE ENERGY CORP COM	$0	–	-30,000	–	-0.04%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC ADRS B	$0	–	-14,649	–	-0.04%	–
TTE	Exit	TOTAL S.A. ADRS	$0	–	-18,715	–	-0.04%	–
PM	Exit	PHILLIP MORRIS INTERNATIONAL	$0	–	-14,518	–	-0.04%	–
	Exit	SSE PLC	$0	–	-50,000	–	-0.04%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-38,000	–	-0.05%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-13,000	–	-0.05%	–
TMUS	Exit	T-MOBILE US INC COM	$0	–	-51,050	–	-0.05%	–
SBS	Exit	COMPANHIA DE SANEAMENTO BASICO	$0	–	-200,000	–	-0.06%	–
UTG	Exit	REAVES UTIL INCOME FD COM SH Bcef	$0	–	-60,083	–	-0.06%	–
CMS	Exit	CMS ENERGY CORP COM	$0	–	-71,000	–	-0.08%	–
	Exit	TALARA OPPORTUNITIES II, LPlp	$0	–	-30,165	–	-0.09%	–
PEGI	Exit	PATTERN ENERGY GROUP INC	$0	–	-107,000	–	-0.12%	–
	Exit	IENOVA	$0	–	-580,000	–	-0.13%	–
	Exit	VODAFONE	$0	–	-1,090,909	–	-0.13%	–
NYLD	Exit	NRG YIELD INC COM CL A	$0	–	-78,000	–	-0.13%	–
VIV	Exit	TELEFONICA BRASIL S.A. ADR	$0	–	-207,500	–	-0.15%	–
NFG	Exit	NATIONAL FUEL GAS CO N J	$0	–	-60,000	–	-0.15%	–
EIX	Exit	EDISON INTL COM	$0	–	-80,000	–	-0.16%	–
EQT	Exit	EQT CORP COM	$0	–	-52,793	–	-0.17%	–
TERP	Exit	TERRAFORM PWR INC CL A COM	$0	–	-176,150	–	-0.18%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B	$0	–	-40,400	–	-0.20%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LPlp	$0	–	-150,000	–	-0.21%	–
ENB	Exit	ENBRIDGE INC COM	$0	–	-124,883	–	-0.22%	–
WTR	Exit	AQUA AMERICA INC.	$0	–	-256,000	–	-0.22%	–
WR	Exit	WESTAR ENERGY INC.	$0	–	-183,390	–	-0.22%	–
MWE	Exit	MARKWEST ENERGY PARTNERS LPlp	$0	–	-83,000	–	-0.23%	–
ATO	Exit	ATMOS ENERGY CORP COM	$0	–	-135,815	–	-0.23%	–
NLY	Exit	ANNALY MTG MGMT INC COM	$0	–	-624,025	–	-0.24%	–
SWX	Exit	SOUTHWEST GAS CORP COM	$0	–	-198,051	–	-0.35%	–
TE	Exit	TECO ENERGY INC COM	$0	–	-566,350	–	-0.36%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-242,021	–	-0.38%	–
LBTYK	Exit	LIBERTY GLOBAL PLC SHS CL C	$0	–	-266,763	–	-0.39%	–
WEC	Exit	WISCONSIN ENERGY CORP COM	$0	–	-255,960	–	-0.40%	–
NRG	Exit	NRG ENERGY INC COM	$0	–	-367,740	–	-0.40%	–
EXC	Exit	EXELON CORP COM	$0	–	-342,000	–	-0.42%	–
FTI	Exit	FMC TECHNOLOGIES INC COM	$0	–	-216,725	–	-0.42%	–
HAL	Exit	HALLIBURTON CO COM	$0	–	-196,045	–	-0.46%	–
WPZ	Exit	WILLIAMS PARTNERS_LPlp	$0	–	-240,000	–	-0.46%	–
LBTYA	Exit	LIBERTY GLOBAL PLC SHS CL A	$0	–	-314,500	–	-0.48%	–
FSLR	Exit	FIRST SOLAR INC	$0	–	-221,900	–	-0.53%	–
CVE	Exit	CENOVUS ENERGY	$0	–	-548,415	–	-0.53%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-375,255	–	-0.55%	–
AEE	Exit	AMEREN CORP COM	$0	–	-400,245	–	-0.55%	–
NBL	Exit	NOBLE ENERGY COM	$0	–	-248,375	–	-0.61%	–
EGN	Exit	ENERGEN CORP	$0	–	-242,202	–	-0.63%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-186,986	–	-0.63%	–
	Exit	BT GROUP	$0	–	-2,935,000	–	-0.65%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONS AD	$0	–	-237,775	–	-0.65%	–
LYB	Exit	LYONDELLBASELL INDUSTR SHS - A	$0	–	-169,965	–	-0.66%	–
POR	Exit	PORTLAND GEN ELEC CO COM NEW	$0	–	-579,000	–	-0.67%	–
BTTGY	Exit	BT GROUP PLC ADR	$0	–	-325,251	–	-0.72%	–
OKE	Exit	ONEOK INC NEW COM	$0	–	-312,100	–	-0.74%	–
PCG	Exit	PG&E CORP COM	$0	–	-500,375	–	-0.81%	–
TWC	Exit	TIME WARNER CABLE INC COM	$0	–	-159,676	–	-0.83%	–
PXD	Exit	PIONEER NAT RES CO COM	$0	–	-116,488	–	-0.83%	–
VOD	Exit	VODAFONE GROUP PUBLIC LTD CO A	$0	–	-715,090	–	-0.85%	–
	Exit	NATIONAL GRID PLC	$0	–	-1,645,000	–	-0.85%	–
TU	Exit	TELUS CORPORATION	$0	–	-761,993	–	-0.94%	–
OGS	Exit	ONE GAS INC COM	$0	–	-774,964	–	-0.96%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-538,420	–	-1.00%	–
SO	Exit	SOUTHERN CO COM	$0	–	-711,750	–	-1.12%	–
SJI	Exit	SOUTH JERSEY IND	$0	–	-605,863	–	-1.16%	–
PPL	Exit	PPL CORP COM	$0	–	-1,076,282	–	-1.27%	–
P105PS	Exit	INTEGRYS ENERGY GROUP INC.	$0	–	-594,435	–	-1.39%	–
HES	Exit	HESS CORPORATION	$0	–	-430,710	–	-1.46%	–
CHTR	Exit	CHARTER COMMUNCTNS DEL CL A	$0	–	-269,680	–	-1.47%	–
OXY	Exit	OCCIDENTAL PETE CP DEL COM	$0	–	-442,707	–	-1.53%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-421,789	–	-1.54%	–
T	Exit	AT & T INC. (NEW)	$0	–	-1,255,447	–	-1.59%	–
NI	Exit	NISOURCE INC COM	$0	–	-1,111,940	–	-1.64%	–
NGG	Exit	NATIONAL GRID PLC SPON ADR NEW	$0	–	-668,666	–	-1.73%	–
ETR	Exit	ENTERGY CORP NEW COM	$0	–	-645,000	–	-1.80%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Llp	$0	–	-1,298,450	–	-1.88%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-1,090,947	–	-2.11%	–
SRE	Exit	SEMPRA ENERGY COM	$0	–	-603,430	–	-2.29%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-865,269	–	-2.33%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-1,346,587	–	-2.65%	–
NU	Exit	NORTHEAST UTILS COM	$0	–	-1,719,163	–	-2.74%	–
BCE	Exit	BCE INC COM NEW	$0	–	-1,944,275	–	-3.00%	–
AMT	Exit	AMERICAN TOWER REIT COM	$0	–	-932,653	–	-3.15%	–
SCG	Exit	SCANA CORP NEW COM	$0	–	-1,967,320	–	-3.52%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-2,105,932	–	-3.66%	–
D	Exit	DOMINION RES VA NEW COM	$0	–	-1,509,451	–	-3.76%	–
WMB	Exit	WILLIAMS COS INC COM	$0	–	-1,993,210	–	-3.98%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-2,468,125	–	-4.45%	–
DTE	Exit	DTE ENERGY CO COM	$0	–	-1,678,325	–	-4.60%	–
ITC	Exit	ITC HOLDINGS CORP.	$0	–	-3,654,061	–	-4.69%	–
UNP	Exit	UNION PAC CORP COM	$0	–	-1,231,997	–	-4.81%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-1,445,317	–	-4.89%	–

Q3 2014

			Value		Shares		↓ Weighting
NEE	Sell	NEXTERA ENERGY INC COM	$135,686,000	-15.2%	1,445,317	-7.5%	4.89%	-5.3%
UNP	Sell	UNION PAC CORP COM	$133,573,000	-3.7%	1,231,997	-11.4%	4.81%	+7.6%
ITC	Sell	ITC HOLDINGS CORP.	$130,194,000	-4.0%	3,654,061	-1.7%	4.69%	+7.3%
DTE	Sell	DTE ENERGY CO COM	$127,687,000	-2.8%	1,678,325	-0.5%	4.60%	+8.7%
VZ	Sell	VERIZON COMMUNICATIONS COM	$123,382,000	-9.7%	2,468,125	-11.6%	4.45%	+1.0%
WMB	Sell	WILLIAMS COS INC COM	$110,324,000	-6.4%	1,993,210	-1.5%	3.98%	+4.6%
D	Buy	DOMINION RES VA NEW COM	$104,288,000	+2.4%	1,509,451	+6.0%	3.76%	+14.5%
AWK	Sell	AMERICAN WATER WORKS	$101,569,000	-5.2%	2,105,932	-2.8%	3.66%	+5.9%
SCG	Sell	SCANA CORP NEW COM	$97,599,000	-13.7%	1,967,320	-6.4%	3.52%	-3.5%
AMT	Sell	AMERICAN TOWER REIT COM	$87,324,000	-6.8%	932,653	-10.4%	3.15%	+4.1%
BCE	Sell	BCE INC COM NEW	$83,137,000	-7.3%	1,944,275	-1.7%	3.00%	+3.6%
NU	Buy	NORTHEAST UTILS COM	$76,159,000	-5.4%	1,719,163	+0.9%	2.74%	+5.7%
PNW	Sell	PINNACLE WEST CAP CORP COM	$73,578,000	-11.5%	1,346,587	-6.3%	2.65%	-1.1%
DUK	Sell	DUKE ENERGY CORP NEW COM NEW	$64,696,000	-6.5%	865,269	-7.2%	2.33%	+4.5%
SRE	Sell	SEMPRA ENERGY COM	$63,589,000	-0.3%	603,430	-0.9%	2.29%	+11.5%
CMCSA	Sell	COMCAST CORP CLASS A	$58,671,000	-9.1%	1,090,947	-9.2%	2.11%	+1.6%
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS Llp	$52,328,000	+2.9%	1,298,450	+100.0%	1.88%	+15.0%
NGG	Buy	NATIONAL GRID PLC SPON ADR NEW	$48,064,000	+1.4%	668,666	+5.0%	1.73%	+13.4%
NI	Sell	NISOURCE INC COM	$45,567,000	-0.4%	1,111,940	-4.4%	1.64%	+11.3%
T	Sell	AT & T INC. (NEW)	$44,242,000	-14.1%	1,255,447	-13.8%	1.59%	-4.0%
SLB	Sell	SCHLUMBERGER LTD COM	$42,892,000	-15.1%	421,789	-1.5%	1.54%	-5.2%
OXY	Sell	OCCIDENTAL PETE CP DEL COM	$42,566,000	-14.2%	442,707	-8.4%	1.53%	-4.1%
CHTR	Buy	CHARTER COMMUNCTNS DEL CL A	$40,821,000	+31.6%	269,680	+37.7%	1.47%	+47.1%
HES	Sell	HESS CORPORATION	$40,625,000	-6.3%	430,710	-1.8%	1.46%	+4.7%
P105PS	Buy	INTEGRYS ENERGY GROUP INC.	$38,531,000	-7.6%	594,435	+1.4%	1.39%	+3.3%
PPL	Sell	PPL CORP COM	$35,345,000	-21.7%	1,076,282	-15.3%	1.27%	-12.4%
SJI	Sell	SOUTH JERSEY IND	$32,329,000	-14.0%	605,863	-2.6%	1.16%	-3.9%
TRP	Sell	TRANSCANADA CORP	$27,745,000	-34.5%	538,420	-39.3%	1.00%	-26.8%
OGS	Sell	ONE GAS INC COM	$26,543,000	-21.4%	774,964	-13.4%	0.96%	-12.2%
TU	Sell	TELUS CORPORATION	$26,066,000	-50.2%	761,993	-45.7%	0.94%	-44.4%
VOD	Sell	VODAFONE GROUP PUBLIC LTD CO A	$23,519,000	-50.3%	715,090	-49.5%	0.85%	-44.5%
PXD	Buy	PIONEER NAT RES CO COM	$22,945,000	+13.5%	116,488	+32.5%	0.83%	+27.0%
TWC	Buy	TIME WARNER CABLE INC COM	$22,912,000	+49.6%	159,676	+53.5%	0.83%	+67.2%
PCG	Sell	PG&E CORP COM	$22,537,000	-33.0%	500,375	-28.6%	0.81%	-25.1%
OKE	Sell	ONEOK INC NEW COM	$20,458,000	-27.8%	312,100	-25.0%	0.74%	-19.4%
BTTGY	Sell	BT GROUP PLC ADR	$19,996,000	-7.7%	325,251	-1.4%	0.72%	+3.2%
POR	Buy	PORTLAND GEN ELEC CO COM NEW	$18,597,000	-7.2%	579,000	+0.2%	0.67%	+3.7%
LYB	Sell	LYONDELLBASELL INDUSTR SHS - A	$18,468,000	-12.5%	169,965	-21.4%	0.66%	-2.3%
RDSA	Buy	ROYAL DUTCH SHELL PLC SPONS AD	$18,102,000	+14.8%	237,775	+24.2%	0.65%	+28.3%
	Sell	BT GROUP	$18,062,000	-11.4%	2,935,000	-5.3%	0.65%	-0.9%
XOM	Buy	EXXON MOBIL CORP	$17,586,000	-1.0%	186,986	+6.0%	0.63%	+10.6%
EGN	Buy	ENERGEN CORP	$17,497,000	+8.7%	242,202	+33.7%	0.63%	+21.4%
NBL	Buy	NOBLE ENERGY COM	$16,979,000	+6.3%	248,375	+20.5%	0.61%	+18.8%
LUMN	Sell	CENTURYLINK INC	$15,344,000	-27.2%	375,255	-35.5%	0.55%	-18.6%
AEE	Sell	AMEREN CORP COM	$15,341,000	-6.2%	400,245	-0.0%	0.55%	+4.7%
CVE	Buy	CENOVUS ENERGY	$14,741,000	-12.7%	548,415	+5.1%	0.53%	-2.6%
FSLR	Sell	FIRST SOLAR INC	$14,603,000	-11.4%	221,900	-4.3%	0.53%	-0.9%
LBTYA	Buy	LIBERTY GLOBAL PLC SHS CL A	$13,379,000	+2.9%	314,500	+7.0%	0.48%	+15.0%
HAL	Sell	HALLIBURTON CO COM	$12,647,000	-9.2%	196,045	-0.1%	0.46%	+1.6%
FTI	Buy	FMC TECHNOLOGIES INC COM	$11,770,000	-1.8%	216,725	+10.4%	0.42%	+9.8%
EXC	Buy	EXELON CORP COM	$11,659,000	+77.6%	342,000	+90.0%	0.42%	+98.1%
NRG	Sell	NRG ENERGY INC COM	$11,209,000	-26.5%	367,740	-10.4%	0.40%	-17.9%
WEC	Sell	WISCONSIN ENERGY CORP COM	$11,006,000	-55.6%	255,960	-51.5%	0.40%	-50.3%
LBTYK	Sell	LIBERTY GLOBAL PLC SHS CL C	$10,941,000	-40.2%	266,763	-38.3%	0.39%	-33.2%
BP	Sell	BP PLC SPONS ADR	$10,637,000	-46.4%	242,021	-35.7%	0.38%	-40.2%
TE	Buy	TECO ENERGY INC COM	$9,843,000	+787.6%	566,350	+843.9%	0.36%	+886.1%
SWX	Sell	SOUTHWEST GAS CORP COM	$9,621,000	-12.3%	198,051	-4.7%	0.35%	-2.0%
NLY	Sell	ANNALY MTG MGMT INC COM	$6,665,000	-7.6%	624,025	-1.2%	0.24%	+3.0%
ATO	New	ATMOS ENERGY CORP COM	$6,478,000	–	135,815	–	0.23%	–
MWE	Sell	MARKWEST ENERGY PARTNERS LPlp	$6,376,000	-69.5%	83,000	-71.6%	0.23%	-65.9%
WR	Sell	WESTAR ENERGY INC.	$6,257,000	-72.4%	183,390	-69.1%	0.22%	-69.3%
WTR	Sell	AQUA AMERICA INC.	$6,024,000	-11.0%	256,000	-0.8%	0.22%	-0.5%
ENB	Buy	ENBRIDGE INC COM	$5,979,000	+7.5%	124,883	+6.6%	0.22%	+20.1%
BRKB	Sell	BERKSHIRE HATHAWAY INC CLASS B	$5,581,000	+6.3%	40,400	-2.7%	0.20%	+18.9%
TERP	New	TERRAFORM PWR INC CL A COM	$5,084,000	–	176,150	–	0.18%	–
EQT	Buy	EQT CORP COM	$4,833,000	-13.4%	52,793	+1.2%	0.17%	-3.3%
EIX	Sell	EDISON INTL COM	$4,474,000	-7.1%	80,000	-3.5%	0.16%	+3.9%
VIV	Sell	TELEFONICA BRASIL S.A. ADR	$4,084,000	-8.5%	207,500	-4.6%	0.15%	+2.1%
NYLD	Sell	NRG YIELD INC COM CL A	$3,670,000	-44.9%	78,000	-39.1%	0.13%	-38.6%
	Sell	VODAFONE	$3,615,000	-35.9%	1,090,909	-35.5%	0.13%	-28.6%
PEGI	Buy	PATTERN ENERGY GROUP INC	$3,308,000	+61.1%	107,000	+72.6%	0.12%	+80.3%
	Buy	TALARA OPPORTUNITIES II, LPlp	$2,564,000	+4.5%	30,165	+4.5%	0.09%	+16.5%
CMS	Sell	CMS ENERGY CORP COM	$2,106,000	-6.1%	71,000	-1.4%	0.08%	+5.6%
UTG	Sell	REAVES UTIL INCOME FD COM SH Bcef	$1,744,000	-3.2%	60,083	-0.1%	0.06%	+8.6%
SBS	Sell	COMPANHIA DE SANEAMENTO BASICO	$1,622,000	-76.4%	200,000	-68.9%	0.06%	-73.9%
TMUS	New	T-MOBILE US INC COM	$1,474,000	–	51,050	–	0.05%	–
SBAC	New	SBA COMMUNICATIONS CORP	$1,442,000	–	13,000	–	0.05%	–
NEP	Buy	NEXTERA ENERGY PARTNERS LP	$1,318,000	+96.7%	38,000	+90.0%	0.05%	+113.6%
	New	SSE PLC	$1,254,000	–	50,000	–	0.04%	–
TTE	Sell	TOTAL S.A. ADRS	$1,206,000	-13.4%	18,715	-3.0%	0.04%	-4.4%
RDSB	Sell	ROYAL DUTCH SHELL PLC ADRS B	$1,159,000	-12.9%	14,649	-4.2%	0.04%	-2.3%
MO	Sell	ALTRIA GROUP INC.	$852,000	+9.0%	18,550	-0.5%	0.03%	+24.0%
KMI	Sell	KINDER MORGAN INC KANS COM	$694,000	-56.2%	18,100	-58.6%	0.02%	-51.0%
WFCPRJCL	Sell	WELLS FARGO CO PFD 8%pfd	$667,000	-6.1%	22,989	-3.7%	0.02%	+4.3%
VLO	New	VALERO ENERGY CORP NEW COM	$324,000	–	7,000	–	0.01%	–
EXXIQ	Exit	ENERGY XXI LIMITED	$0	–	-8,500	–	-0.01%	–
LPI	Exit	LAREDO PETROLEUM INC COM	$0	–	-7,100	–	-0.01%	–
SWN	Exit	SOUTHWESTERN ENERGY CO COM	$0	–	-7,000	–	-0.01%	–
ED	Exit	CONSOLIDATED EDISON INC	$0	–	-12,000	–	-0.02%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-25,000	–	-0.02%	–
CLR	Exit	CONTINENTAL RES INC COM	$0	–	-13,950	–	-0.07%	–
ESV	Exit	ENSCO PLC SHS CLASS A	$0	–	-40,000	–	-0.07%	–
	Exit	TELECOM CORP NZ ORD SHARES	$0	–	-1,750,000	–	-0.13%	–
SDRL	Exit	SEADRILL LIMITED	$0	–	-200,200	–	-0.26%	–
CVX	Exit	CHEVRON CORPORATION COM	$0	–	-94,300	–	-0.40%	–

Q2 2014

			Value		Shares		↓ Weighting
NEE	New	NEXTERA ENERGY INC COM	$160,077,000	–	1,562,033	–	5.16%	–
UNP	New	UNION PAC CORP COM	$138,677,000	–	1,390,242	–	4.47%	–
VZ	New	VERIZON COMMUNICATIONS COM	$136,586,000	–	2,791,467	–	4.40%	–
ITC	New	ITC HOLDINGS CORP.	$135,580,000	–	3,716,544	–	4.37%	–
DTE	New	DTE ENERGY CO COM	$131,302,000	–	1,686,165	–	4.23%	–
WMB	New	WILLIAMS COS INC COM	$117,838,000	–	2,024,360	–	3.80%	–
SCG	New	SCANA CORP NEW COM	$113,079,000	–	2,101,451	–	3.65%	–
AWK	New	AMERICAN WATER WORKS	$107,156,000	–	2,166,957	–	3.46%	–
D	New	DOMINION RES VA NEW COM	$101,805,000	–	1,423,451	–	3.28%	–
AMT	New	AMERICAN TOWER REIT COM	$93,696,000	–	1,041,296	–	3.02%	–
BCE	New	BCE INC COM NEW	$89,690,000	–	1,977,287	–	2.89%	–
PNW	New	PINNACLE WEST CAP CORP COM	$83,144,000	–	1,437,487	–	2.68%	–
NU	New	NORTHEAST UTILS COM	$80,542,000	–	1,703,863	–	2.60%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$69,168,000	–	932,304	–	2.23%	–
CMCSA	New	COMCAST CORP CLASS A	$64,522,000	–	1,201,973	–	2.08%	–
SRE	New	SEMPRA ENERGY COM	$63,750,000	–	608,820	–	2.06%	–
ETR	New	ENTERGY CORP NEW COM	$52,948,000	–	645,000	–	1.71%	–
TU	New	TELUS CORPORATION	$52,348,000	–	1,403,024	–	1.69%	–
T	New	AT & T INC. (NEW)	$51,511,000	–	1,456,767	–	1.66%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Llp	$50,840,000	–	649,375	–	1.64%	–
SLB	New	SCHLUMBERGER LTD COM	$50,516,000	–	428,284	–	1.63%	–
OXY	New	OCCIDENTAL PETE CP DEL COM	$49,612,000	–	483,407	–	1.60%	–
NGG	New	NATIONAL GRID PLC SPON ADR NEW	$47,382,000	–	637,021	–	1.53%	–
VOD	New	VODAFONE GROUP PUBLIC LTD CO	$47,314,000	–	1,417,019	–	1.52%	–
NI	New	NISOURCE INC COM	$45,754,000	–	1,163,030	–	1.48%	–
PPL	New	PPL CORP COM	$45,123,000	–	1,270,002	–	1.46%	–
HES	New	HESS CORPORATION	$43,355,000	–	438,418	–	1.40%	–
TRP	New	TRANSCANADA CORP	$42,362,000	–	887,730	–	1.37%	–
P105PS	New	INTEGRYS ENERGY GROUP INC.	$41,699,000	–	586,235	–	1.34%	–
SJI	New	SOUTH JERSEY IND	$37,591,000	–	622,259	–	1.21%	–
OGS	New	ONE GAS INC COM	$33,774,000	–	894,684	–	1.09%	–
PCG	New	PG&E CORP COM	$33,632,000	–	700,375	–	1.08%	–
SO	New	SOUTHERN CO COM	$32,299,000	–	711,750	–	1.04%	–
CHTR	New	CHARTER COMMUNCTNS DEL CL A	$31,018,000	–	195,845	–	1.00%	–
OKE	New	ONEOK INC NEW COM	$28,341,000	–	416,285	–	0.91%	–
WEC	New	WISCONSIN ENERGY CORP COM	$24,780,000	–	528,135	–	0.80%	–
	New	NATIONAL GRID PLC	$23,627,000	–	1,645,000	–	0.76%	–
WR	New	WESTAR ENERGY INC.	$22,689,000	–	594,115	–	0.73%	–
BTTGY	New	BT GROUP PLC ADR	$21,658,000	–	329,994	–	0.70%	–
LYB	New	LYONDELLBASELL INDUSTR SHS - A	$21,111,000	–	216,188	–	0.68%	–
LUMN	New	CENTURYLINK INC	$21,067,000	–	581,965	–	0.68%	–
MWE	New	MARKWEST ENERGY PARTNERS LPlp	$20,901,000	–	292,000	–	0.67%	–
	New	BT GROUP	$20,388,000	–	3,098,000	–	0.66%	–
PXD	New	PIONEER NAT RES CO COM	$20,207,000	–	87,930	–	0.65%	–
POR	New	PORTLAND GEN ELEC CO COM NEW	$20,036,000	–	577,900	–	0.65%	–
BP	New	BP PLC SPONS ADR	$19,852,000	–	376,336	–	0.64%	–
LBTYK	New	LIBERTY GLOBAL PLC SHS CL C	$18,299,000	–	432,495	–	0.59%	–
XOM	New	EXXON MOBIL CORP	$17,766,000	–	176,458	–	0.57%	–
CVE	New	CENOVUS ENERGY	$16,894,000	–	521,895	–	0.54%	–
FSLR	New	FIRST SOLAR INC	$16,479,000	–	231,900	–	0.53%	–
AEE	New	AMEREN CORP COM	$16,363,000	–	400,270	–	0.53%	–
EGN	New	ENERGEN CORP	$16,096,000	–	181,102	–	0.52%	–
NBL	New	NOBLE ENERGY COM	$15,972,000	–	206,200	–	0.52%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONS AD	$15,770,000	–	191,450	–	0.51%	–
TWC	New	TIME WARNER CABLE INC COM	$15,319,000	–	104,000	–	0.49%	–
NRG	New	NRG ENERGY INC COM	$15,260,000	–	410,205	–	0.49%	–
HAL	New	HALLIBURTON CO COM	$13,928,000	–	196,145	–	0.45%	–
WPZ	New	WILLIAMS PARTNERS_LPlp	$13,030,000	–	240,000	–	0.42%	–
LBTYA	New	LIBERTY GLOBAL PLC SHS CL A	$12,997,000	–	293,922	–	0.42%	–
CVX	New	CHEVRON CORPORATION COM	$12,311,000	–	94,300	–	0.40%	–
FTI	New	FMC TECHNOLOGIES INC COM	$11,983,000	–	196,225	–	0.39%	–
SWX	New	SOUTHWEST GAS CORP COM	$10,970,000	–	207,805	–	0.35%	–
SDRL	New	SEADRILL LIMITED	$7,998,000	–	200,200	–	0.26%	–
NLY	New	ANNALY MTG MGMT INC COM	$7,217,000	–	631,425	–	0.23%	–
SBS	New	COMPANHIA DE SANEAMENTO BASICO	$6,883,000	–	642,100	–	0.22%	–
WTR	New	AQUA AMERICA INC.	$6,765,000	–	258,000	–	0.22%	–
NYLD	New	NRG YIELD INC COM CL A	$6,662,000	–	128,000	–	0.22%	–
EXC	New	EXELON CORP COM	$6,566,000	–	180,000	–	0.21%	–
	New	VODAFONE	$5,638,000	–	1,690,909	–	0.18%	–
EQT	New	EQT CORP COM	$5,579,000	–	52,191	–	0.18%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LPlp	$5,540,000	–	150,000	–	0.18%	–
ENB	New	ENBRIDGE INC COM	$5,560,000	–	117,128	–	0.18%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$5,252,000	–	41,500	–	0.17%	–
EIX	New	EDISON INTL COM	$4,815,000	–	82,863	–	0.16%	–
NFG	New	NATIONAL FUEL GAS CO N J	$4,698,000	–	60,000	–	0.15%	–
VIV	New	TELEFONICA BRASIL S.A.	$4,461,000	–	217,500	–	0.14%	–
	New	TELECOM CORP NZ ORD SHARES	$4,106,000	–	1,750,000	–	0.13%	–
	New	IENOVA	$3,218,000	–	580,000	–	0.10%	–
	New	TALARA OPPORTUNITIES II, LPlp	$2,453,000	–	28,864	–	0.08%	–
ESV	New	ENSCO PLC SHS CLASS A	$2,223,000	–	40,000	–	0.07%	–
CMS	New	CMS ENERGY CORP COM	$2,243,000	–	72,000	–	0.07%	–
CLR	New	CONTINENTAL RES INC COM	$2,205,000	–	13,950	–	0.07%	–
PEGI	New	PATTERN ENERGY GROUP INC	$2,053,000	–	62,000	–	0.07%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$1,802,000	–	60,133	–	0.06%	–
KMI	New	KINDER MORGAN INC KANS COM	$1,585,000	–	43,700	–	0.05%	–
TTE	New	TOTAL S.A. ADRS	$1,393,000	–	19,290	–	0.04%	–
RDSB	New	ROYAL DUTCH SHELL PLC ADRS B	$1,331,000	–	15,299	–	0.04%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$1,224,000	–	14,518	–	0.04%	–
OGE	New	OGE ENERGY CORP COM	$1,172,000	–	30,000	–	0.04%	–
TE	New	TECO ENERGY INC COM	$1,109,000	–	60,000	–	0.04%	–
	New	AMEREN ILL CO PFD 4.25%pfd	$865,000	–	10,300	–	0.03%	–
ELUOP	New	ENTERGY LA LLC PFD SER A 6.95%pfd	$806,000	–	7,900	–	0.03%	–
MO	New	ALTRIA GROUP INC.	$782,000	–	18,650	–	0.02%	–
UPLMQ	New	ULTRA PETROLEUM CORP	$742,000	–	25,000	–	0.02%	–
WFCPRJCL	New	WELLS FARGO CO PFD 8%pfd	$710,000	–	23,864	–	0.02%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$670,000	–	20,000	–	0.02%	–
ED	New	CONSOLIDATED EDISON INC	$693,000	–	12,000	–	0.02%	–
PPG	New	PPG INDS INC COM	$588,000	–	2,800	–	0.02%	–
COST	New	COSTCO WHSL CORP NEW COM	$461,000	–	4,000	–	0.02%	–
WFC	New	WELLS FARGO & CO NEW COM	$473,000	–	9,000	–	0.02%	–
EYNOP	New	ENTERGY NEW ORLEANS INC 4.36%pfd	$404,000	–	4,500	–	0.01%	–
VFC	New	V F CORP COM	$328,000	–	5,200	–	0.01%	–
EYMSP	New	ENTERGY MISSISSIPPI 4.56%pfd	$326,000	–	3,520	–	0.01%	–
SWN	New	SOUTHWESTERN ENERGY CO COM	$318,000	–	7,000	–	0.01%	–
IBM	New	INTERNATIONAL BUS MACH COM	$308,000	–	1,700	–	0.01%	–
GE	New	GENERAL ELEC CO COM	$276,000	–	10,500	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON COM	$251,000	–	2,400	–	0.01%	–
EYMXP	New	ENTERGY MISS INC PFD P 6.25%pfd	$240,000	–	10,000	–	0.01%	–
KBR	New	KBR INC COM	$243,000	–	10,200	–	0.01%	–
GD	New	GENERAL DYNAMICS CORP COM	$210,000	–	1,800	–	0.01%	–
LPI	New	LAREDO PETROLEUM INC COM	$220,000	–	7,100	–	0.01%	–
EXXIQ	New	ENERGY XXI LIMITED	$201,000	–	8,500	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-2,400	–	-0.01%	–
DNRCQ	Exit	DENBURY RESOURCES INC	$0	–	-10,700	–	-0.01%	–
CHK	Exit	CHESAPEAKE ENERGY CORP COM	$0	–	-8,000	–	-0.01%	–
AVA	Exit	AVISTA CORP COM	$0	–	-8,000	–	-0.01%	–
EYMXP	Exit	ENTERGY MISS INC PFD P 6.25%pfd	$0	–	-10,000	–	-0.01%	–
GE	Exit	GENERAL ELEC CO COM	$0	–	-10,500	–	-0.01%	–
VFC	Exit	V F CORP COM	$0	–	-1,300	–	-0.01%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-5,000	–	-0.01%	–
CPN	Exit	CALPINE CORP COM	$0	–	-16,500	–	-0.01%	–
EYMSP	Exit	ENTERGY MISSISSIPPI 4.56%pfd	$0	–	-3,520	–	-0.01%	–
IBM	Exit	INTERNATIONAL BUS MACH COM	$0	–	-1,850	–	-0.01%	–
DTZCL	Exit	DTE ENERGY CO JR SB DB6.5%61pfd	$0	–	-15,000	–	-0.01%	–
WFC	Exit	WELLS FARGO & CO NEW COM	$0	–	-9,119	–	-0.01%	–
EYNOP	Exit	ENTERGY NEW ORLEANS INC 4.36%pfd	$0	–	-4,500	–	-0.01%	–
	Exit	ANGLO-DUTCH (EVEREST) LLC-CLASpfd	$0	–	-1,000	–	-0.01%	–
FTR	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-99,231	–	-0.01%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-4,000	–	-0.01%	–
PPG	Exit	PPG INDS INC COM	$0	–	-2,800	–	-0.01%	–
ALE	Exit	ALLETE INC COM NEW	$0	–	-10,000	–	-0.02%	–
CTWCL	Exit	QWEST CORP 7.50% NOTESpfd	$0	–	-30,000	–	-0.02%	–
ELUOP	Exit	ENTERGY LA LLC PFD SER A 6.95%pfd	$0	–	-7,900	–	-0.02%	–
	Exit	AMEREN ILL CO PFD 4.25%pfd	$0	–	-10,300	–	-0.03%	–
FSLR	Exit	FIRST SOLAR INC	$0	–	-24,600	–	-0.03%	–
WFCPRJCL	Exit	WELLS FARGO CO PFD 8%pfd	$0	–	-35,959	–	-0.03%	–
TTE	Exit	TOTAL S.A. ADRS	$0	–	-18,335	–	-0.03%	–
NWE	Exit	NORTHWESTERN CORP COM NEW	$0	–	-25,000	–	-0.03%	–
BTTGY	Exit	BT GROUP PLC ADR	$0	–	-20,000	–	-0.03%	–
PM	Exit	PHILLIP MORRIS INTERNATIONAL	$0	–	-14,518	–	-0.04%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC ADRS B	$0	–	-22,954	–	-0.05%	–
QCOM	Exit	QUALCOMM INC COM	$0	–	-24,511	–	-0.05%	–
UTG	Exit	REAVES UTIL INCOME FD COM SH Bcef	$0	–	-66,800	–	-0.05%	–
QEP	Exit	QEP RES INC COM	$0	–	-65,200	–	-0.06%	–
HAL	Exit	HALLIBURTON CO COM	$0	–	-38,303	–	-0.06%	–
IDA	Exit	IDACORP INC COM	$0	–	-39,600	–	-0.06%	–
	Exit	SNAM SPA	$0	–	-408,000	–	-0.06%	–
LBTYA	Exit	LIBERTY GLOBAL PLC SHS CL A	$0	–	-26,200	–	-0.06%	–
	Exit	TALARA OPPORTUNITIES II, LPlp	$0	–	-28,443	–	-0.07%	–
NYLD	Exit	NRG YIELD INC COM CL A	$0	–	-129,500	–	-0.12%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B	$0	–	-41,370	–	-0.14%	–
	Exit	TELECOM CORP NZ ORD SHARES	$0	–	-2,500,000	–	-0.15%	–
AEE	Exit	AMEREN CORP COM	$0	–	-150,300	–	-0.16%	–
DVN	Exit	DEVON ENERGY CORP NEW COM	$0	–	-91,600	–	-0.16%	–
	Exit	DT TELEKOM AG NA	$0	–	-400,000	–	-0.18%	–
SBS	Exit	COMPANHIA DE SANEAMENTO BASICO	$0	–	-592,900	–	-0.18%	–
WTR	Exit	AQUA AMERICA INC.	$0	–	-253,000	–	-0.19%	–
NOV	Exit	NATIONAL OILWELL VARCO INC.	$0	–	-91,575	–	-0.22%	–
EGN	Exit	ENERGEN CORP	$0	–	-102,050	–	-0.24%	–
ENB	Exit	ENBRIDGE INC COM	$0	–	-189,193	–	-0.24%	–
VLO	Exit	VALERO ENERGY CORP NEW COM	$0	–	-233,072	–	-0.24%	–
KSU	Exit	KANSAS CITY SOUTHN IND COM	$0	–	-77,975	–	-0.26%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LPlp	$0	–	-303,000	–	-0.28%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-283,268	–	-0.30%	–
NJR	Exit	NEW JERSEY RES COM	$0	–	-223,855	–	-0.30%	–
LYB	Exit	LYONDELLBASELL INDUSTR SHS - A	$0	–	-148,850	–	-0.33%	–
	Exit	BT GROUP	$0	–	-2,050,000	–	-0.35%	–
WIN	Exit	WINDSTREAM HLDGS INC COM	$0	–	-1,420,002	–	-0.35%	–
	Exit	RED ELECTRICA CORP	$0	–	-200,000	–	-0.35%	–
TU	Exit	TELUS CORP COM	$0	–	-347,245	–	-0.35%	–
APC	Exit	ANADARKO PETE CORP COM	$0	–	-125,350	–	-0.36%	–
NFG	Exit	NATIONAL FUEL GAS CO N J	$0	–	-171,900	–	-0.36%	–
TE	Exit	TECO ENERGY INC COM	$0	–	-770,000	–	-0.39%	–
TWC	Exit	TIME WARNER CABLE INC COM	$0	–	-119,073	–	-0.41%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-337,875	–	-0.44%	–
CIG	Exit	COMPANHIA ENERGETICA DE MINA	$0	–	-1,648,252	–	-0.44%	–
	Exit	SSE PLC	$0	–	-600,000	–	-0.44%	–
PWE	Exit	PENN WEST PETE LTD NEW COM	$0	–	-1,506,500	–	-0.51%	–
NLY	Exit	ANNALY MTG MGMT INC COM	$0	–	-1,483,075	–	-0.53%	–
CAM	Exit	CAMERON INTL CORP COM	$0	–	-297,925	–	-0.53%	–
WPZ	Exit	WILLIAMS PARTNERS_LPlp	$0	–	-345,800	–	-0.56%	–
HES	Exit	HESS CORPORATION	$0	–	-241,650	–	-0.57%	–
SDRL	Exit	SEADRILL LIMITED	$0	–	-426,770	–	-0.59%	–
POR	Exit	PORTLAND GEN ELEC CO COM NEW	$0	–	-697,200	–	-0.60%	–
VIV	Exit	TELEFONICA BRASIL S.A.	$0	–	-914,846	–	-0.63%	–
CVE	Exit	CENOVUS ENERGY	$0	–	-701,460	–	-0.64%	–
EQT	Exit	EQT CORP COM	$0	–	-238,726	–	-0.65%	–
	Exit	VODAFONE	$0	–	-6,200,000	–	-0.66%	–
MWE	Exit	MARKWEST ENERGY PARTNERS LPlp	$0	–	-315,850	–	-0.70%	–
	Exit	NATIONAL GRID PLC	$0	–	-2,200,000	–	-0.80%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-311,760	–	-0.82%	–
WR	Exit	WESTAR ENERGY INC.	$0	–	-907,525	–	-0.85%	–
EIX	Exit	EDISON INTL COM	$0	–	-675,754	–	-0.95%	–
	Exit	TELUS CORPORATION	$0	–	-1,047,385	–	-1.07%	–
PCG	Exit	PG&E CORP COM	$0	–	-853,360	–	-1.07%	–
SRE	Exit	SEMPRA ENERGY COM	$0	–	-445,555	–	-1.17%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-1,221,942	–	-1.18%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-881,393	–	-1.19%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Llp	$0	–	-661,005	–	-1.24%	–
OXY	Exit	OCCIDENTAL PETE CP DEL COM	$0	–	-450,200	–	-1.29%	–
NU	Exit	NORTHEAST UTILS COM	$0	–	-1,101,202	–	-1.39%	–
SLB	Exit	SCHLUMBERGER LTD COM	$0	–	-537,782	–	-1.46%	–
NGG	Exit	NATIONAL GRID PLC SPON ADR NEW	$0	–	-841,605	–	-1.52%	–
SO	Exit	SOUTHERN CO COM	$0	–	-1,248,183	–	-1.58%	–
SJI	Exit	SOUTH JERSEY IND	$0	–	-931,129	–	-1.67%	–
DUK	Exit	DUKE ENERGY CORP NEW COM NEW	$0	–	-839,535	–	-1.72%	–
P105PS	Exit	INTEGRYS ENERGY GROUP INC.	$0	–	-1,010,602	–	-1.73%	–
PPL	Exit	PPL CORP COM	$0	–	-1,891,425	–	-1.76%	–
ETR	Exit	ENTERGY CORP NEW COM	$0	–	-1,005,000	–	-1.95%	–
WEC	Exit	WISCONSIN ENERGY CORP COM	$0	–	-1,643,592	–	-2.03%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-1,570,836	–	-2.17%	–
OKE	Exit	ONEOK INC NEW COM	$0	–	-1,363,681	–	-2.23%	–
VOD	Exit	VODAFONE GROUP PLC NEW SPONS A	$0	–	-2,288,996	–	-2.47%	–
SCG	Exit	SCANA CORP NEW COM	$0	–	-1,867,622	–	-2.64%	–
NI	Exit	NISOURCE INC COM	$0	–	-2,930,421	–	-2.77%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-2,261,763	–	-2.86%	–
D	Exit	DOMINION RES VA NEW COM	$0	–	-1,495,863	–	-2.86%	–
T	Exit	AT & T INC. (NEW)	$0	–	-3,075,442	–	-3.19%	–
AMT	Exit	AMERICAN TOWER REIT COM	$0	–	-1,453,239	–	-3.30%	–
PNW	Exit	PINNACLE WEST CAP CORP COM	$0	–	-2,036,423	–	-3.42%	–
BCE	Exit	BCE INC COM NEW	$0	–	-2,636,272	–	-3.45%	–
UNP	Exit	UNION PAC CORP COM	$0	–	-748,393	–	-3.56%	–
WMB	Exit	WILLIAMS COS INC COM	$0	–	-3,421,309	–	-3.81%	–
DTE	Exit	DTE ENERGY CO COM	$0	–	-1,915,670	–	-3.87%	–
ITC	Exit	ITC HOLDINGS CORP.	$0	–	-1,416,947	–	-4.08%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-1,745,654	–	-4.29%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-3,141,229	–	-4.49%	–

Q3 2013

			Value		Shares		↓ Weighting
VZ	Buy	VERIZON COMMUNICATIONS COM	$146,617,000	+10.1%	3,141,229	+18.7%	4.49%	+6.7%
NEE	Buy	NEXTERA ENERGY INC COM	$139,932,000	+0.8%	1,745,654	+2.4%	4.29%	-2.3%
ITC	Sell	ITC HOLDINGS CORP.	$132,995,000	+1.6%	1,416,947	-1.2%	4.08%	-1.5%
DTE	Buy	DTE ENERGY CO COM	$126,396,000	+1.1%	1,915,670	+2.7%	3.87%	-1.9%
WMB	Buy	WILLIAMS COS INC COM	$124,399,000	+13.0%	3,421,309	+0.9%	3.81%	+9.6%
UNP	Buy	UNION PAC CORP COM	$116,255,000	+4.2%	748,393	+3.5%	3.56%	+1.0%
BCE	Buy	BCE INC COM NEW	$112,569,000	+17.2%	2,636,272	+12.6%	3.45%	+13.7%
PNW	Buy	PINNACLE WEST CAP CORP COM	$111,474,000	+7.7%	2,036,423	+9.1%	3.42%	+4.4%
AMT	Buy	AMERICAN TOWER REIT COM	$107,729,000	+20.9%	1,453,239	+19.3%	3.30%	+17.3%
T	Sell	AT & T INC. (NEW)	$104,011,000	-21.0%	3,075,442	-17.3%	3.19%	-23.4%
D	Sell	DOMINION RES VA NEW COM	$93,462,000	+6.4%	1,495,863	-3.2%	2.86%	+3.2%
AWK	Buy	AMERICAN WATER WORKS	$93,366,000	+1.9%	2,261,763	+1.8%	2.86%	-1.2%
NI	Sell	NISOURCE INC COM	$90,521,000	+1.1%	2,930,421	-6.3%	2.77%	-2.0%
SCG	Buy	SCANA CORP NEW COM	$85,985,000	-2.5%	1,867,622	+4.0%	2.64%	-5.4%
VOD	Buy	VODAFONE GROUP PLC NEW SPONS A	$80,527,000	+34.0%	2,288,996	+9.5%	2.47%	+30.0%
OKE	Sell	ONEOK INC NEW COM	$72,711,000	-1.1%	1,363,681	-23.3%	2.23%	-4.0%
CMCSA	Buy	COMCAST CORP CLASS A	$70,868,000	+9.2%	1,570,836	+1.1%	2.17%	+6.0%
WEC	Buy	WISCONSIN ENERGY CORP COM	$66,368,000	+8.9%	1,643,592	+10.5%	2.03%	+5.6%
PPL	Sell	PPL CORP COM	$57,461,000	-3.0%	1,891,425	-3.4%	1.76%	-5.9%
P105PS	Sell	INTEGRYS ENERGY GROUP INC.	$56,483,000	-9.4%	1,010,602	-5.1%	1.73%	-12.1%
DUK	Buy	DUKE ENERGY CORP NEW COM NEW	$56,064,000	+18.0%	839,535	+19.3%	1.72%	+14.4%
SJI	Sell	SOUTH JERSEY IND	$54,546,000	-0.2%	931,129	-2.2%	1.67%	-3.2%
SO	Sell	SOUTHERN CO COM	$51,400,000	-8.8%	1,248,183	-2.3%	1.58%	-11.6%
NGG	Buy	NATIONAL GRID PLC SPON ADR NEW	$49,697,000	+22.4%	841,605	+17.5%	1.52%	+18.7%
SLB	Sell	SCHLUMBERGER LTD COM	$47,518,000	+23.2%	537,782	-0.1%	1.46%	+19.4%
NU	Buy	NORTHEAST UTILS COM	$45,425,000	+41.6%	1,101,202	+44.3%	1.39%	+37.3%
OXY	Buy	OCCIDENTAL PETE CP DEL COM	$42,112,000	+11.3%	450,200	+6.2%	1.29%	+8.0%
EPD	Sell	ENTERPRISE PRODUCTS PARTNERS Llp	$40,348,000	-2.8%	661,005	-1.0%	1.24%	-5.7%
TRP	Sell	TRANSCANADA CORP	$38,728,000	-5.4%	881,393	-7.2%	1.19%	-8.2%
LUMN	Buy	CENTURYLINK INC	$38,345,000	-4.0%	1,221,942	+8.2%	1.18%	-6.9%
SRE	Buy	SEMPRA ENERGY COM	$38,140,000	+47.6%	445,555	+41.0%	1.17%	+43.3%
PCG	Sell	PG&E CORP COM	$34,919,000	-45.7%	853,360	-39.3%	1.07%	-47.3%
	Sell	TELUS CORPORATION	$34,787,000	+13.3%	1,047,385	-0.7%	1.07%	+9.9%
EIX	Sell	EDISON INTL COM	$31,125,000	-4.9%	675,754	-0.6%	0.95%	-7.7%
WR	Buy	WESTAR ENERGY INC.	$27,816,000	+6.1%	907,525	+10.6%	0.85%	+2.8%
XOM	Sell	EXXON MOBIL CORP	$26,824,000	-14.8%	311,760	-10.5%	0.82%	-17.4%
	Buy	NATIONAL GRID PLC	$26,025,000	+31.4%	2,200,000	+25.7%	0.80%	+27.5%
MWE	Buy	MARKWEST ENERGY PARTNERS LPlp	$22,814,000	+25.5%	315,850	+16.1%	0.70%	+21.6%
	New	VODAFONE	$21,687,000	–	6,200,000	–	0.66%	–
EQT	Sell	EQT CORP COM	$21,180,000	-13.1%	238,726	-22.3%	0.65%	-15.7%
CVE	Buy	CENOVUS ENERGY	$20,939,000	+8.9%	701,460	+4.1%	0.64%	+5.8%
VIV	Buy	TELEFONICA BRASIL S.A.	$20,529,000	+1.8%	914,846	+3.6%	0.63%	-1.3%
POR	Buy	PORTLAND GEN ELEC CO COM NEW	$19,682,000	+69.2%	697,200	+83.4%	0.60%	+64.3%
SDRL	Buy	SEADRILL LIMITED	$19,239,000	+20.1%	426,770	+8.5%	0.59%	+16.6%
HES	Buy	HESS CORPORATION	$18,689,000	+27.7%	241,650	+9.8%	0.57%	+23.8%
WPZ	Sell	WILLIAMS PARTNERS_LPlp	$18,286,000	-12.7%	345,800	-14.8%	0.56%	-15.4%
CAM	Buy	CAMERON INTL CORP COM	$17,390,000	+41.4%	297,925	+48.2%	0.53%	+37.4%
NLY	Sell	ANNALY MTG MGMT INC COM	$17,174,000	-16.1%	1,483,075	-9.0%	0.53%	-18.7%
PWE	Sell	PENN WEST PETE LTD NEW COM	$16,767,000	-4.2%	1,506,500	-9.0%	0.51%	-7.1%
	Buy	SSE PLC	$14,322,000	+24.0%	600,000	+20.0%	0.44%	+20.3%
CIG	Sell	COMPANHIA ENERGETICA DE MINA	$14,241,000	-25.0%	1,648,252	-22.1%	0.44%	-27.3%
BP	Buy	BP PLC SPONS ADR	$14,201,000	+232.6%	337,875	+230.3%	0.44%	+222.2%
TWC	Sell	TIME WARNER CABLE INC COM	$13,289,000	-16.8%	119,073	-16.2%	0.41%	-19.4%
TE	Sell	TECO ENERGY INC COM	$12,736,000	-25.5%	770,000	-22.6%	0.39%	-27.8%
NFG	Sell	NATIONAL FUEL GAS CO N J	$11,820,000	+16.8%	171,900	-1.5%	0.36%	+13.1%
APC	Sell	ANADARKO PETE CORP COM	$11,656,000	+6.4%	125,350	-1.7%	0.36%	+3.2%
TU	Buy	TELUS CORP COM	$11,501,000	+20.4%	347,245	+6.1%	0.35%	+16.6%
WIN	New	WINDSTREAM HLDGS INC COM	$11,346,000	–	1,420,002	–	0.35%	–
	Buy	BT GROUP	$11,367,000	+24.3%	2,050,000	+5.1%	0.35%	+20.4%
LYB	Buy	LYONDELLBASELL INDUSTR SHS - A	$10,900,000	+166.0%	148,850	+140.7%	0.33%	+158.9%
NJR	Sell	NEW JERSEY RES COM	$9,861,000	-22.9%	223,855	-27.3%	0.30%	-25.2%
MO	Sell	ALTRIA GROUP INC.	$9,730,000	-40.1%	283,268	-39.0%	0.30%	-41.9%
EEP	Buy	ENBRIDGE ENERGY PARTNERS LPlp	$9,226,000	+2.9%	303,000	+3.1%	0.28%	0.0%
KSU	Buy	KANSAS CITY SOUTHN IND COM	$8,527,000	+129.9%	77,975	+122.8%	0.26%	+123.1%
VLO	Sell	VALERO ENERGY CORP NEW COM	$7,959,000	-5.7%	233,072	-4.0%	0.24%	-8.6%
ENB	Sell	ENBRIDGE INC COM	$7,897,000	-33.5%	189,193	-33.0%	0.24%	-35.5%
EGN	New	ENERGEN CORP	$7,796,000	–	102,050	–	0.24%	–
NOV	Buy	NATIONAL OILWELL VARCO INC.	$7,153,000	+73.0%	91,575	+52.6%	0.22%	+67.2%
WTR	Buy	AQUA AMERICA INC.	$6,257,000	-11.4%	253,000	+12.0%	0.19%	-13.9%
SBS	Sell	COMPANHIA DE SANEAMENTO BASICO	$5,905,000	-10.1%	592,900	-6.0%	0.18%	-13.0%
DVN	Buy	DEVON ENERGY CORP NEW COM	$5,291,000	+32.8%	91,600	+19.3%	0.16%	+28.6%
BRKB	Sell	BERKSHIRE HATHAWAY INC CLASS B	$4,696,000	+1.2%	41,370	-0.2%	0.14%	-2.0%
NYLD	New	NRG YIELD INC COM CL A	$3,923,000	–	129,500	–	0.12%	–
	New	TALARA OPPORTUNITIES II, LPlp	$2,418,000	–	28,443	–	0.07%	–
LBTYA	New	LIBERTY GLOBAL PLC SHS CL A	$2,079,000	–	26,200	–	0.06%	–
IDA	Sell	IDACORP INC COM	$1,917,000	-23.7%	39,600	-24.7%	0.06%	-25.3%
HAL	Sell	HALLIBURTON CO COM	$1,844,000	-68.6%	38,303	-72.8%	0.06%	-69.2%
QEP	New	QEP RES INC COM	$1,805,000	–	65,200	–	0.06%	–
QCOM	Sell	QUALCOMM INC COM	$1,650,000	-96.2%	24,511	-96.6%	0.05%	-96.3%
RDSB	Sell	ROYAL DUTCH SHELL PLC ADRS B	$1,580,000	-29.8%	22,954	-32.5%	0.05%	-32.4%
BTTGY	New	BT GROUP PLC ADR	$1,106,000	–	20,000	–	0.03%	–
NWE	Buy	NORTHWESTERN CORP COM NEW	$1,123,000	+181.5%	25,000	+150.0%	0.03%	+161.5%
TTE	Sell	TOTAL S.A. ADRS	$1,062,000	-13.8%	18,335	-27.5%	0.03%	-15.4%
WFCPRJCL	Sell	WELLS FARGO CO PFD 8%pfd	$1,019,000	-32.6%	35,959	-31.2%	0.03%	-35.4%
FSLR	New	FIRST SOLAR INC	$989,000	–	24,600	–	0.03%	–
FTR	Sell	FRONTIER COMMUNICATIONS CORP	$415,000	-92.1%	99,231	-92.3%	0.01%	-92.1%
MPC	New	MARATHON PETROLEUM CORP	$322,000	–	5,000	–	0.01%	–
CPN	New	CALPINE CORP COM	$321,000	–	16,500	–	0.01%	–
CHK	New	CHESAPEAKE ENERGY CORP COM	$207,000	–	8,000	–	0.01%	–
DNRCQ	New	DENBURY RESOURCES INC	$197,000	–	10,700	–	0.01%	–
TRQ	Exit	TURQUOISE HILL RES LTD COM	$0	–	-24,225	–	-0.01%	–
CEF	Exit	CENTRAL FUND OF CANADA LTDcef	$0	–	-13,050	–	-0.01%	–
GG	Exit	GOLDCORP INC.	$0	–	-9,000	–	-0.01%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP IN	$0	–	-7,000	–	-0.01%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,000	–	-0.01%	–
PSX	Exit	PHILLIPS 66 COM	$0	–	-13,900	–	-0.03%	–
JE	Exit	JUST ENERGY GROUP INC	$0	–	-180,000	–	-0.03%	–
OGE	Exit	OGE ENERGY CORP COM	$0	–	-25,000	–	-0.05%	–
CLR	Exit	CONTINENTAL RES INC COM	$0	–	-39,650	–	-0.11%	–
LNCOQ	Exit	LINNCO LLC COMSHS LTD INT	$0	–	-206,023	–	-0.24%	–
WIN	Exit	WINDSTREAM CORP COM	$0	–	-1,886,446	–	-0.46%	–

Q2 2013

			Value		Shares		↓ Weighting
NEE	New	NEXTERA ENERGY INC COM	$138,848,000	–	1,704,071	–	4.39%	–
VZ	New	VERIZON COMMUNICATIONS COM	$133,211,000	–	2,646,219	–	4.21%	–
T	New	AT & T INC. (NEW)	$131,641,000	–	3,718,676	–	4.16%	–
ITC	New	ITC HOLDINGS CORP.	$130,918,000	–	1,433,927	–	4.14%	–
DTE	New	DTE ENERGY CO COM	$125,010,000	–	1,865,540	–	3.95%	–
UNP	New	UNION PAC CORP COM	$111,594,000	–	723,318	–	3.53%	–
WMB	New	WILLIAMS COS INC COM	$110,074,000	–	3,390,014	–	3.48%	–
PNW	New	PINNACLE WEST CAP CORP COM	$103,530,000	–	1,866,423	–	3.27%	–
BCE	New	BCE INC COM NEW	$96,066,000	–	2,341,936	–	3.04%	–
AWK	New	AMERICAN WATER WORKS	$91,625,000	–	2,222,281	–	2.90%	–
NI	New	NISOURCE INC COM	$89,560,000	–	3,127,085	–	2.83%	–
AMT	New	AMERICAN TOWER REIT COM	$89,112,000	–	1,217,872	–	2.82%	–
SCG	New	SCANA CORP NEW COM	$88,184,000	–	1,796,008	–	2.79%	–
D	New	DOMINION RES VA NEW COM	$87,807,000	–	1,545,348	–	2.78%	–
OKE	New	ONEOK INC NEW COM	$73,489,000	–	1,778,966	–	2.32%	–
ETR	New	ENTERGY CORP NEW COM	$70,028,000	–	1,005,000	–	2.21%	–
CMCSA	New	COMCAST CORP CLASS A	$64,871,000	–	1,553,796	–	2.05%	–
PCG	New	PG&E CORP COM	$64,250,000	–	1,404,986	–	2.03%	–
P105PS	New	INTEGRYS ENERGY GROUP INC.	$62,355,000	–	1,065,347	–	1.97%	–
WEC	New	WISCONSIN ENERGY CORP COM	$60,947,000	–	1,486,877	–	1.93%	–
VOD	New	VODAFONE GROUP PLC NEW SPONS A	$60,111,000	–	2,091,181	–	1.90%	–
PPL	New	PPL CORP COM	$59,242,000	–	1,957,770	–	1.87%	–
SO	New	SOUTHERN CO COM	$56,377,000	–	1,277,514	–	1.78%	–
SJI	New	SOUTH JERSEY IND	$54,648,000	–	951,897	–	1.73%	–
DUK	New	DUKE ENERGY CORP NEW COM NEW	$47,519,000	–	703,985	–	1.50%	–
QCOM	New	QUALCOMM INC COM	$43,778,000	–	716,623	–	1.38%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Llp	$41,508,000	–	667,873	–	1.31%	–
TRP	New	TRANSCANADA CORP	$40,934,000	–	949,528	–	1.29%	–
NGG	New	NATIONAL GRID PLC SPON ADR NEW	$40,596,000	–	716,350	–	1.28%	–
LUMN	New	CENTURYLINK INC	$39,930,000	–	1,129,552	–	1.26%	–
SLB	New	SCHLUMBERGER LTD COM	$38,568,000	–	538,208	–	1.22%	–
OXY	New	OCCIDENTAL PETE CP DEL COM	$37,828,000	–	423,943	–	1.20%	–
EIX	New	EDISON INTL COM	$32,737,000	–	679,754	–	1.03%	–
NU	New	NORTHEAST UTILS COM	$32,075,000	–	763,321	–	1.01%	–
XOM	New	EXXON MOBIL CORP	$31,475,000	–	348,365	–	1.00%	–
	New	TELUS CORPORATION	$30,704,000	–	1,055,080	–	0.97%	–
WR	New	WESTAR ENERGY INC.	$26,228,000	–	820,650	–	0.83%	–
SRE	New	SEMPRA ENERGY COM	$25,839,000	–	316,030	–	0.82%	–
EQT	New	EQT CORP COM	$24,383,000	–	307,206	–	0.77%	–
WPZ	New	WILLIAMS PARTNERS_LPlp	$20,939,000	–	405,800	–	0.66%	–
NLY	New	ANNALY MTG MGMT INC COM	$20,479,000	–	1,629,200	–	0.65%	–
VIV	New	TELEFONICA BRASIL S.A.	$20,161,000	–	883,471	–	0.64%	–
	New	NATIONAL GRID PLC	$19,800,000	–	1,750,000	–	0.63%	–
CVE	New	CENOVUS ENERGY	$19,222,000	–	674,000	–	0.61%	–
CIG	New	COMPANHIA ENERGETICA DE MINA	$18,983,000	–	2,116,259	–	0.60%	–
MWE	New	MARKWEST ENERGY PARTNERS LPlp	$18,183,000	–	272,000	–	0.58%	–
PWE	New	PENN WEST PETE LTD NEW COM	$17,511,000	–	1,655,100	–	0.55%	–
TE	New	TECO ENERGY INC COM	$17,094,000	–	994,400	–	0.54%	–
MO	New	ALTRIA GROUP INC.	$16,245,000	–	464,268	–	0.51%	–
SDRL	New	SEADRILL LIMITED	$16,018,000	–	393,170	–	0.51%	–
TWC	New	TIME WARNER CABLE INC COM	$15,980,000	–	142,073	–	0.50%	–
HES	New	HESS CORPORATION	$14,638,000	–	220,152	–	0.46%	–
WIN	New	WINDSTREAM CORP COM	$14,544,000	–	1,886,446	–	0.46%	–
NJR	New	NEW JERSEY RES COM	$12,791,000	–	308,005	–	0.40%	–
CAM	New	CAMERON INTL CORP COM	$12,295,000	–	201,025	–	0.39%	–
ENB	New	ENBRIDGE INC COM	$11,871,000	–	282,168	–	0.38%	–
POR	New	PORTLAND GEN ELEC CO COM NEW	$11,630,000	–	380,200	–	0.37%	–
	New	SSE PLC	$11,550,000	–	500,000	–	0.36%	–
	New	RED ELECTRICA CORP	$10,984,000	–	200,000	–	0.35%	–
APC	New	ANADARKO PETE CORP COM	$10,960,000	–	127,550	–	0.35%	–
NFG	New	NATIONAL FUEL GAS CO N J	$10,118,000	–	174,600	–	0.32%	–
TU	New	TELUS CORP COM	$9,554,000	–	327,295	–	0.30%	–
	New	BT GROUP	$9,145,000	–	1,950,000	–	0.29%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LPlp	$8,964,000	–	294,000	–	0.28%	–
VLO	New	VALERO ENERGY CORP NEW COM	$8,444,000	–	242,862	–	0.27%	–
LNCOQ	New	LINNCO LLC COMSHS LTD INT	$7,678,000	–	206,023	–	0.24%	–
WTR	New	AQUA AMERICA INC.	$7,065,000	–	225,800	–	0.22%	–
SBS	New	COMPANHIA DE SANEAMENTO BASICO	$6,569,000	–	631,000	–	0.21%	–
HAL	New	HALLIBURTON CO COM	$5,870,000	–	140,700	–	0.18%	–
FTR	New	FRONTIER COMMUNICATIONS CORP	$5,229,000	–	1,291,231	–	0.16%	–
AEE	New	AMEREN CORP COM	$5,176,000	–	150,300	–	0.16%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B	$4,639,000	–	41,450	–	0.15%	–
	New	DT TELEKOM AG NA	$4,661,000	–	400,000	–	0.15%	–
BP	New	BP PLC SPONS ADR	$4,270,000	–	102,300	–	0.14%	–
NOV	New	NATIONAL OILWELL VARCO INC.	$4,134,000	–	60,000	–	0.13%	–
LYB	New	LYONDELLBASELL INDUSTR SHS - A	$4,098,000	–	61,850	–	0.13%	–
DVN	New	DEVON ENERGY CORP NEW COM	$3,984,000	–	76,800	–	0.13%	–
KSU	New	KANSAS CITY SOUTHN IND COM	$3,709,000	–	35,000	–	0.12%	–
	New	TELECOM CORP NZ ORD SHARES	$3,659,000	–	2,500,000	–	0.12%	–
CLR	New	CONTINENTAL RES INC COM	$3,412,000	–	39,650	–	0.11%	–
IDA	New	IDACORP INC COM	$2,512,000	–	52,600	–	0.08%	–
RDSB	New	ROYAL DUTCH SHELL PLC ADRS B	$2,252,000	–	33,984	–	0.07%	–
	New	SNAM SPA	$1,856,000	–	408,000	–	0.06%	–
OGE	New	OGE ENERGY CORP COM	$1,705,000	–	25,000	–	0.05%	–
UTG	New	REAVES UTIL INCOME FD COM SH Bcef	$1,695,000	–	66,800	–	0.05%	–
WFCPRJCL	New	WELLS FARGO CO PFD 8%pfd	$1,512,000	–	52,250	–	0.05%	–
PM	New	PHILLIP MORRIS INTERNATIONAL	$1,258,000	–	14,518	–	0.04%	–
TTE	New	TOTAL S.A. ADRS	$1,232,000	–	25,295	–	0.04%	–
JE	New	JUST ENERGY GROUP INC	$1,015,000	–	180,000	–	0.03%	–
	New	AMEREN ILL CO PFD 4.25%pfd	$917,000	–	10,300	–	0.03%	–
PSX	New	PHILLIPS 66 COM	$819,000	–	13,900	–	0.03%	–
ELUOP	New	ENTERGY LA LLC PFD SER A 6.95%pfd	$794,000	–	7,900	–	0.02%	–
CTWCL	New	QWEST CORP 7.50% NOTESpfd	$800,000	–	30,000	–	0.02%	–
	New	ANGLO-DUTCH (EVEREST) LLC-CLASpfd	$708,000	–	1,000	–	0.02%	–
ALE	New	ALLETE INC COM NEW	$499,000	–	10,000	–	0.02%	–
COST	New	COSTCO WHSL CORP NEW COM	$442,000	–	4,000	–	0.01%	–
EYNOP	New	ENTERGY NEW ORLEANS INC 4.36%pfd	$428,000	–	4,500	–	0.01%	–
NWE	New	NORTHWESTERN CORP COM NEW	$399,000	–	10,000	–	0.01%	–
PPG	New	PPG INDS INC COM	$410,000	–	2,800	–	0.01%	–
WFC	New	WELLS FARGO & CO NEW COM	$376,000	–	9,119	–	0.01%	–
DTZCL	New	DTE ENERGY CO JR SB DB6.5%61pfd	$390,000	–	15,000	–	0.01%	–
IBM	New	INTERNATIONAL BUS MACH COM	$354,000	–	1,850	–	0.01%	–
EYMSP	New	ENTERGY MISSISSIPPI 4.56%pfd	$352,000	–	3,520	–	0.01%	–
GE	New	GENERAL ELEC CO COM	$243,000	–	10,500	–	0.01%	–
VFC	New	V F CORP COM	$251,000	–	1,300	–	0.01%	–
EYMXP	New	ENTERGY MISS INC PFD P 6.25%pfd	$246,000	–	10,000	–	0.01%	–
GLD	New	SPDR GOLD TRUST	$238,000	–	2,000	–	0.01%	–
GG	New	GOLDCORP INC.	$223,000	–	9,000	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON COM	$206,000	–	2,400	–	0.01%	–
AVA	New	AVISTA CORP COM	$216,000	–	8,000	–	0.01%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP IN	$229,000	–	7,000	–	0.01%	–
CEF	New	CENTRAL FUND OF CANADA LTDcef	$177,000	–	13,050	–	0.01%	–
TRQ	New	TURQUOISE HILL RES LTD COM	$144,000	–	24,225	–	0.01%	–

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