Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NEE	NEXTERA ENERGY INC COM	1,704,071	$139M	4.4%	$14.15	0.0%	COM	65339F101
VZ	VERIZON COMMUNICATIONS COM	2,646,219	$133M	4.2%	$27.04	0.0%	COM	92343V104
T	AT & T INC. (NEW)	3,718,676	$132M	4.2%	$11.40	0.0%	COM	00206R102
—	ITC HOLDINGS CORP.	1,433,927	$131M	4.1%	$91.30	—	COM	465685105
DTE	DTE ENERGY CO COM	1,865,540	$125M	4.0%	$38.29	0.0%	COM	233331107
UNP	UNION PAC CORP COM	723,318	$112M	3.5%	$57.06	0.0%	COM	907818108
WMB	WILLIAMS COS INC COM	3,390,014	$110M	3.5%	$18.03	0.0%	COM	969457100
PNW	PINNACLE WEST CAP CORP COM	1,866,423	$104M	3.3%	$35.40	0.0%	COM	723484101
BCE	BCE INC COM NEW	2,341,936	$96.07M	3.0%	$22.29	0.0%	COM	05534B760
AWK	AMERICAN WATER WORKS	2,222,281	$91.63M	2.9%	$31.82	0.0%	COM	030420103
NI	NISOURCE INC COM	3,127,085	$89.56M	2.8%	$7.81	0.0%	COM	65473P105
AMT	AMERICAN TOWER REIT COM	1,217,872	$89.11M	2.8%	$59.51	0.0%	COM	03027X100
—	SCANA CORP NEW COM	1,796,008	$88.18M	2.8%	$49.10	—	COM	80589M102
D	DOMINION RES VA NEW COM	1,545,348	$87.81M	2.8%	$34.53	0.0%	COM	25746U109
OKE	ONEOK INC NEW COM	1,778,966	$73.49M	2.3%	$19.74	0.0%	COM	682680103
ETR	ENTERGY CORP NEW COM	1,005,000	$70.03M	2.2%	$20.57	0.0%	COM	29364G103
CMCSA	COMCAST CORP CLASS A	1,553,796	$64.87M	2.0%	$15.62	0.0%	COM	20030N101
PCG	PG&E CORP COM	1,404,986	$64.25M	2.0%	$38.88	0.0%	COM	69331C108
—	INTEGRYS ENERGY GROUP INC.	1,065,347	$62.35M	2.0%	$58.53	—	COM	45822P105
—	WISCONSIN ENERGY CORP COM	1,486,877	$60.95M	1.9%	$40.99	—	COM	976657106
—	VODAFONE GROUP PLC NEW SPONS A	2,091,181	$60.11M	1.9%	$28.75	—	COM	92857W209
PPL	PPL CORP COM	1,957,770	$59.24M	1.9%	$16.36	0.0%	COM	69351T106
SO	SOUTHERN CO COM	1,277,514	$56.38M	1.8%	$26.74	0.0%	COM	842587107
—	SOUTH JERSEY IND	951,897	$54.65M	1.7%	$57.41	—	COM	838518108
DUK	DUKE ENERGY CORP NEW COM NEW	703,985	$47.52M	1.5%	$41.83	0.0%	COM	26441C204
QCOM	QUALCOMM INC COM	716,623	$43.78M	1.4%	$45.06	0.0%	COM	747525103
EPD	ENTERPRISE PRODUCTS PARTNERS L	667,873	$41.51M	1.3%	$62.15	—	LP	293792107
—	TRANSCANADA CORP	949,528	$40.93M	1.3%	$43.11	—	COM	89353D107
—	NATIONAL GRID PLC SPON ADR NEW	716,350	$40.6M	1.3%	$56.67	—	COM	636274300
—	CENTURYLINK INC	1,129,552	$39.93M	1.3%	$35.35	—	COM	156700106
SLB	SCHLUMBERGER LTD COM	538,208	$38.57M	1.2%	$52.90	0.0%	COM	806857108
OXY	OCCIDENTAL PETE CP DEL COM	423,943	$37.83M	1.2%	$57.83	0.0%	COM	674599105
EIX	EDISON INTL COM	679,754	$32.74M	1.0%	$30.71	0.0%	COM	281020107
—	NORTHEAST UTILS COM	763,321	$32.08M	1.0%	$42.02	—	COM	664397106
XOM	EXXON MOBIL CORP	348,365	$31.48M	1.0%	$53.69	0.0%	COM	30231G102
—	TELUS CORPORATION	1,055,080	$30.7M	1.0%	$29.10	—	COM	87971M962
—	WESTAR ENERGY INC.	820,650	$26.23M	0.8%	$31.96	—	COM	95709T100
SRE	SEMPRA ENERGY COM	316,030	$25.84M	0.8%	$27.60	0.0%	COM	816851109
EQT	EQT CORP COM	307,206	$24.38M	0.8%	$37.67	0.0%	COM	26884L109
—	WILLIAMS PARTNERS_LP	405,800	$20.94M	0.7%	$51.60	—	LP	96950F104
—	ANNALY MTG MGMT INC COM	1,629,200	$20.48M	0.6%	$12.57	—	COM	035710409
—	TELEFONICA BRASIL S.A.	883,471	$20.16M	0.6%	$22.82	—	COM	87936R106
—	NATIONAL GRID PLC	1,750,000	$19.8M	0.6%	$11.31	—	COM	B08SNH3
CVE	CENOVUS ENERGY	674,000	$19.22M	0.6%	$22.39	0.0%	COM	15135U109
CIG	COMPANHIA ENERGETICA DE MINA	2,116,259	$18.98M	0.6%	$8.97	—	COM	204409601
—	MARKWEST ENERGY PARTNERS LP	272,000	$18.18M	0.6%	$66.85	—	LP	570759100
—	PENN WEST PETE LTD NEW COM	1,655,100	$17.51M	0.6%	$10.58	—	COM	707887105
—	TECO ENERGY INC COM	994,400	$17.09M	0.5%	$17.19	—	COM	872375100
MO	ALTRIA GROUP INC.	464,268	$16.25M	0.5%	$16.28	0.0%	COM	02209S103
—	SEADRILL LIMITED	393,170	$16.02M	0.5%	$40.74	—	COM	G7945E105
—	TIME WARNER CABLE INC COM	142,073	$15.98M	0.5%	$112.48	—	COM	88732J207
—	HESS CORPORATION	220,152	$14.64M	0.5%	$66.49	—	COM	42809H107
—	WINDSTREAM CORP COM	1,886,446	$14.54M	0.5%	$7.71	—	COM	97381W104
NJR	NEW JERSEY RES COM	308,005	$12.79M	0.4%	$14.85	0.0%	COM	646025106
—	CAMERON INTL CORP COM	201,025	$12.29M	0.4%	$61.16	—	COM	13342B105
ENB	ENBRIDGE INC COM	282,168	$11.87M	0.4%	$23.28	0.0%	COM	29250N105
POR	PORTLAND GEN ELEC CO COM NEW	380,200	$11.63M	0.4%	$19.65	0.0%	COM	736508847
—	SSE PLC	500,000	$11.55M	0.4%	$23.10	—	COM	0790873
—	RED ELECTRICA CORP	200,000	$10.98M	0.3%	$54.92	—	COM	5723777
—	ANADARKO PETE CORP COM	127,550	$10.96M	0.3%	$85.93	—	COM	032511107
NFG	NATIONAL FUEL GAS CO N J	174,600	$10.12M	0.3%	$60.82	0.0%	COM	636180101
TU	TELUS CORP COM	327,295	$9.554M	0.3%	$17.32	0.0%	COM	87971M103
—	BT GROUP	1,950,000	$9.145M	0.3%	$4.69	—	COM	3091357
—	ENBRIDGE ENERGY PARTNERS LP	294,000	$8.964M	0.3%	$30.49	—	LP	29250R106
VLO	VALERO ENERGY CORP NEW COM	242,862	$8.444M	0.3%	$24.01	0.0%	COM	91913Y100
—	LINNCO LLC COMSHS LTD INT	206,023	$7.678M	0.2%	$37.27	—	COM	535782106
—	AQUA AMERICA INC.	225,800	$7.065M	0.2%	$31.29	—	COM	03836W103
SBS	COMPANHIA DE SANEAMENTO BASICO	631,000	$6.569M	0.2%	$10.41	—	COM	20441A102
HAL	HALLIBURTON CO COM	140,700	$5.87M	0.2%	$33.21	0.0%	COM	406216101
—	FRONTIER COMMUNICATIONS CORP	1,291,231	$5.229M	0.2%	$4.05	—	COM	35906A108
AEE	AMEREN CORP COM	150,300	$5.176M	0.2%	$23.26	0.0%	COM	023608102
—	DT TELEKOM AG NA	400,000	$4.661M	0.1%	$11.65	—	COM	5842359
BRK/B	BERKSHIRE HATHAWAY INC CLASS B	41,450	$4.639M	0.1%	$110.02	0.0%	COM	084670702
BP	BP PLC SPONS ADR	102,300	$4.27M	0.1%	$41.74	—	COM	055622104
—	NATIONAL OILWELL VARCO INC.	60,000	$4.134M	0.1%	$68.90	—	COM	637071101
LYB	LYONDELLBASELL INDUSTR SHS - A	61,850	$4.098M	0.1%	$33.34	0.0%	COM	N53745100
DVN	DEVON ENERGY CORP NEW COM	76,800	$3.984M	0.1%	$37.00	0.0%	COM	25179M103
—	KANSAS CITY SOUTHN IND COM	35,000	$3.709M	0.1%	$105.97	—	COM	485170302
—	TELECOM CORP NZ ORD SHARES	2,500,000	$3.659M	0.1%	$1.46	—	COM	6881436
—	CONTINENTAL RES INC COM	39,650	$3.412M	0.1%	$86.05	—	COM	212015101
IDA	IDACORP INC COM	52,600	$2.512M	0.1%	$48.08	0.0%	COM	451107106
—	ROYAL DUTCH SHELL PLC ADRS B	33,984	$2.252M	0.1%	$66.27	—	COM	780259107
—	SNAM SPA	408,000	$1.856M	0.1%	$4.55	—	COM	7251470
OGE	OGE ENERGY CORP COM	25,000	$1.705M	0.1%	$34.79	0.0%	COM	670837103
—	REAVES UTIL INCOME FD COM SH B	66,800	$1.695M	0.1%	$25.37	—	CEF	756158101
—	WELLS FARGO CO PFD 8%	52,250	$1.512M	0.0%	$28.94	—	PFD	949746879
PM	PHILLIP MORRIS INTERNATIONAL	14,518	$1.258M	0.0%	$49.85	0.0%	COM	718172109
—	TOTAL S.A. ADRS	25,295	$1.232M	0.0%	$48.71	—	COM	89151E109
—	JUST ENERGY GROUP INC	180,000	$1.015M	0.0%	$5.64	—	COM	48213W101
—	AMEREN ILL CO PFD 4.25%	10,300	$917K	0.0%	$89.03	—	PFD	02361D308
PSX	PHILLIPS 66 COM	13,900	$819K	0.0%	$40.44	0.0%	COM	718546104
—	QWEST CORP 7.50% NOTES	30,000	$800K	0.0%	$26.67	—	PFD	74913G303
—	ENTERGY LA LLC PFD SER A 6.95%	7,900	$794K	0.0%	$100.51	—	PFD	293649307
—	ANGLO-DUTCH (EVEREST) LLC-CLAS	1,000	$708K	0.0%	$708.00	—	PFD	035068990
—	ALLETE INC COM NEW	10,000	$499K	0.0%	$49.90	—	COM	018522300
COST	COSTCO WHSL CORP NEW COM	4,000	$442K	0.0%	$86.56	0.0%	COM	22160K105
—	ENTERGY NEW ORLEANS INC 4.36%	4,500	$428K	0.0%	$95.11	—	PFD	29364P202
PPG	PPG INDS INC COM	2,800	$410K	0.0%	$59.61	0.0%	COM	693506107
NWE	NORTHWESTERN CORP COM NEW	10,000	$399K	0.0%	$24.78	0.0%	COM	668074305
—	DTE ENERGY CO JR SB DB6.5%61	15,000	$390K	0.0%	$26.00	—	PFD	233331602
WFC	WELLS FARGO & CO NEW COM	9,119	$376K	0.0%	$27.36	0.0%	COM	949746101
IBM	INTERNATIONAL BUS MACH COM	1,850	$354K	0.0%	$118.94	0.0%	COM	459200101
—	ENTERGY MISSISSIPPI 4.56%	3,520	$352K	0.0%	$100.00	—	PFD	29364N306
VFC	V F CORP COM	1,300	$251K	0.0%	$42.45	0.0%	COM	918204108
—	ENTERGY MISS INC PFD P 6.25%	10,000	$246K	0.0%	$24.60	—	PFD	29364N850
—	GENERAL ELEC CO COM	10,500	$243K	0.0%	$23.14	—	COM	369604103
GLD	SPDR GOLD TRUST	2,000	$238K	0.0%	$119.00	—	COM	78463V107
PEG	PUBLIC SVC ENTERPRISE GROUP IN	7,000	$229K	0.0%	$21.73	0.0%	COM	744573106
—	GOLDCORP INC.	9,000	$223K	0.0%	$24.78	—	COM	380956409
AVA	AVISTA CORP COM	8,000	$216K	0.0%	$16.44	0.0%	COM	05379B107
JNJ	JOHNSON & JOHNSON COM	2,400	$206K	0.0%	$59.66	0.0%	COM	478160104
—	CENTRAL FUND OF CANADA LTD	13,050	$177K	0.0%	$13.56	—	CEF	153501101
—	TURQUOISE HILL RES LTD COM	24,225	$144K	0.0%	$5.94	—	COM	900435108