Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VZ	VERIZON COMMUNICATIONS COM	3,141,229	$147M	4.5%	$26.89	-2.9%	COM	92343V104
NEE	NEXTERA ENERGY INC COM	1,745,654	$140M	4.3%	$14.17	+4.8%	COM	65339F101
—	ITC HOLDINGS CORP.	1,416,947	$133M	4.1%	$91.30	—	COM	465685105
DTE	DTE ENERGY CO COM	1,915,670	$126M	3.9%	$38.28	-0.6%	COM	233331107
WMB	WILLIAMS COS INC COM	3,421,309	$124M	3.8%	$18.03	-1.7%	COM	969457100
UNP	UNION PAC CORP COM	748,393	$116M	3.6%	$57.16	+5.2%	COM	907818108
BCE	BCE INC COM NEW	2,636,272	$113M	3.4%	$22.11	-6.4%	COM	05534B760
PNW	PINNACLE WEST CAP CORP COM	2,036,423	$111M	3.4%	$35.33	-2.2%	COM	723484101
AMT	AMERICAN TOWER REIT COM	1,453,239	$108M	3.3%	$58.64	-7.6%	COM	03027X100
T	AT & T INC. (NEW)	3,075,442	$104M	3.2%	$11.40	-3.9%	COM	00206R102
D	DOMINION RES VA NEW COM	1,495,863	$93.46M	2.9%	$34.53	+2.3%	COM	25746U109
AWK	AMERICAN WATER WORKS	2,261,763	$93.37M	2.9%	$31.83	+0.9%	COM	030420103
NI	NISOURCE INC COM	2,930,421	$90.52M	2.8%	$7.81	+3.2%	COM	65473P105
—	SCANA CORP NEW COM	1,867,622	$85.98M	2.6%	$48.98	—	COM	80589M102
—	VODAFONE GROUP PLC NEW SPONS A	2,288,996	$80.53M	2.5%	$29.30	—	COM	92857W209
OKE	ONEOK INC NEW COM	1,363,681	$72.71M	2.2%	$19.74	+6.3%	COM	682680103
CMCSA	COMCAST CORP CLASS A	1,570,836	$70.87M	2.2%	$15.63	+5.9%	COM	20030N101
—	WISCONSIN ENERGY CORP COM	1,643,592	$66.37M	2.0%	$40.93	—	COM	976657106
ETR	ENTERGY CORP NEW COM	1,005,000	$63.51M	1.9%	$20.57	-2.3%	COM	29364G103
PPL	PPL CORP COM	1,891,425	$57.46M	1.8%	$16.36	+0.5%	COM	69351T106
—	INTEGRYS ENERGY GROUP INC.	1,010,602	$56.48M	1.7%	$58.53	—	COM	45822P105
DUK	DUKE ENERGY CORP NEW COM NEW	839,535	$56.06M	1.7%	$41.66	-2.0%	COM	26441C204
—	SOUTH JERSEY IND	931,129	$54.55M	1.7%	$57.41	—	COM	838518108
SO	SOUTHERN CO COM	1,248,183	$51.4M	1.6%	$26.74	-5.3%	COM	842587107
—	NATIONAL GRID PLC SPON ADR NEW	841,605	$49.7M	1.5%	$57.02	—	COM	636274300
SLB	SCHLUMBERGER LTD COM	537,782	$47.52M	1.5%	$52.90	+11.5%	COM	806857108
—	NORTHEAST UTILS COM	1,101,202	$45.42M	1.4%	$41.78	—	COM	664397106
OXY	OCCIDENTAL PETE CP DEL COM	450,200	$42.11M	1.3%	$57.91	+2.3%	COM	674599105
EPD	ENTERPRISE PRODUCTS PARTNERS L	661,005	$40.35M	1.2%	$62.15	—	LP	293792107
—	TRANSCANADA CORP	881,393	$38.73M	1.2%	$43.11	—	COM	89353D107
—	CENTURYLINK INC	1,221,942	$38.34M	1.2%	$35.05	—	COM	156700106
SRE	SEMPRA ENERGY COM	445,555	$38.14M	1.2%	$28.00	+3.5%	COM	816851109
PCG	PG&E CORP COM	853,360	$34.92M	1.1%	$38.88	-4.9%	COM	69331C108
—	TELUS CORPORATION	1,047,385	$34.79M	1.1%	$29.10	—	COM	87971M962
EIX	EDISON INTL COM	675,754	$31.13M	1.0%	$30.71	-3.5%	COM	281020107
—	WESTAR ENERGY INC.	907,525	$27.82M	0.9%	$31.83	—	COM	95709T100
XOM	EXXON MOBIL CORP	311,760	$26.82M	0.8%	$53.69	+0.9%	COM	30231G102
—	NATIONAL GRID PLC	2,200,000	$26.02M	0.8%	$11.42	—	COM	B08SNH3
—	MARKWEST ENERGY PARTNERS LP	315,850	$22.81M	0.7%	$67.60	—	LP	570759100
—	VODAFONE	6,200,000	$21.69M	0.7%	$3.50	—	COM	B16GWD5
EQT	EQT CORP COM	238,726	$21.18M	0.6%	$37.67	+12.9%	COM	26884L109
CVE	CENOVUS ENERGY	701,460	$20.94M	0.6%	$22.40	+0.9%	COM	15135U109
—	TELEFONICA BRASIL S.A.	914,846	$20.53M	0.6%	$22.81	—	COM	87936R106
POR	PORTLAND GEN ELEC CO COM NEW	697,200	$19.68M	0.6%	$19.38	-1.7%	COM	736508847
—	SEADRILL LIMITED	426,770	$19.24M	0.6%	$41.08	—	COM	G7945E105
—	HESS CORPORATION	241,650	$18.69M	0.6%	$67.46	—	COM	42809H107
—	WILLIAMS PARTNERS_LP	345,800	$18.29M	0.6%	$51.60	—	LP	96950F104
—	CAMERON INTL CORP COM	297,925	$17.39M	0.5%	$60.25	—	COM	13342B105
—	ANNALY MTG MGMT INC COM	1,483,075	$17.17M	0.5%	$12.57	—	COM	035710409
—	PENN WEST PETE LTD NEW COM	1,506,500	$16.77M	0.5%	$10.58	—	COM	707887105
—	SSE PLC	600,000	$14.32M	0.4%	$23.23	—	COM	0790873
CIG	COMPANHIA ENERGETICA DE MINA	1,648,252	$14.24M	0.4%	$8.97	—	COM	204409601
BP	BP PLC SPONS ADR	337,875	$14.2M	0.4%	$41.94	—	COM	055622104
—	TIME WARNER CABLE INC COM	119,073	$13.29M	0.4%	$112.48	—	COM	88732J207
—	TECO ENERGY INC COM	770,000	$12.74M	0.4%	$17.19	—	COM	872375100
NFG	NATIONAL FUEL GAS CO N J	171,900	$11.82M	0.4%	$60.82	+6.9%	COM	636180101
—	ANADARKO PETE CORP COM	125,350	$11.66M	0.4%	$85.93	—	COM	032511107
TU	TELUS CORP COM	347,245	$11.5M	0.4%	$17.22	-9.5%	COM	87971M103
—	RED ELECTRICA CORP	200,000	$11.39M	0.3%	$54.92	—	COM	5723777
—	BT GROUP	2,050,000	$11.37M	0.3%	$4.73	—	COM	3091357
—	WINDSTREAM HLDGS INC COM	1,420,002	$11.35M	0.3%	$7.99	—	COM	97382A101
LYB	LYONDELLBASELL INDUSTR SHS - A	148,850	$10.9M	0.3%	$35.45	+4.2%	COM	N53745100
NJR	NEW JERSEY RES COM	223,855	$9.861M	0.3%	$14.85	-2.3%	COM	646025106
MO	ALTRIA GROUP INC.	283,268	$9.73M	0.3%	$16.28	-0.7%	COM	02209S103
—	ENBRIDGE ENERGY PARTNERS LP	303,000	$9.226M	0.3%	$30.49	—	LP	29250R106
—	KANSAS CITY SOUTHN IND COM	77,975	$8.527M	0.3%	$107.84	—	COM	485170302
VLO	VALERO ENERGY CORP NEW COM	233,072	$7.959M	0.2%	$24.01	-6.7%	COM	91913Y100
ENB	ENBRIDGE INC COM	189,193	$7.897M	0.2%	$23.28	-4.9%	COM	29250N105
—	ENERGEN CORP	102,050	$7.796M	0.2%	$76.39	—	COM	29265N108
—	NATIONAL OILWELL VARCO INC.	91,575	$7.153M	0.2%	$72.08	—	COM	637071101
—	AQUA AMERICA INC.	253,000	$6.257M	0.2%	$30.58	—	COM	03836W103
SBS	COMPANHIA DE SANEAMENTO BASICO	592,900	$5.905M	0.2%	$10.41	—	COM	20441A102
—	DT TELEKOM AG NA	400,000	$5.802M	0.2%	$11.65	—	COM	5842359
DVN	DEVON ENERGY CORP NEW COM	91,600	$5.291M	0.2%	$37.18	+2.5%	COM	25179M103
AEE	AMEREN CORP COM	150,300	$5.236M	0.2%	$23.26	+0.3%	COM	023608102
—	TELECOM CORP NZ ORD SHARES	2,500,000	$4.841M	0.1%	$1.46	—	COM	6881436
BRK/B	BERKSHIRE HATHAWAY INC CLASS B	41,370	$4.696M	0.1%	$110.02	+4.9%	COM	084670702
—	NRG YIELD INC COM CL A	129,500	$3.923M	0.1%	$30.29	—	COM	62942X108
—	TALARA OPPORTUNITIES II, LP	28,443	$2.418M	0.1%	$85.01	—	LP	874111111
LBTYAUSD	LIBERTY GLOBAL PLC SHS CL A	26,200	$2.079M	0.1%	$79.35	—	COM	G5480U104
—	SNAM SPA	408,000	$2.068M	0.1%	$4.55	—	COM	7251470
IDA	IDACORP INC COM	39,600	$1.917M	0.1%	$48.08	+3.5%	COM	451107106
HAL	HALLIBURTON CO COM	38,303	$1.844M	0.1%	$33.21	+12.4%	COM	406216101
—	QEP RES INC COM	65,200	$1.805M	0.1%	$27.68	—	COM	74733V100
—	REAVES UTIL INCOME FD COM SH B	66,800	$1.675M	0.1%	$25.37	—	CEF	756158101
QCOM	QUALCOMM INC COM	24,511	$1.65M	0.1%	$45.06	+3.3%	COM	747525103
—	ROYAL DUTCH SHELL PLC ADRS B	22,954	$1.58M	0.0%	$66.27	—	COM	780259107
PM	PHILLIP MORRIS INTERNATIONAL	14,518	$1.257M	0.0%	$49.85	-5.0%	COM	718172109
NWE	NORTHWESTERN CORP COM NEW	25,000	$1.123M	0.0%	$25.19	+1.1%	COM	668074305
—	BT GROUP PLC ADR	20,000	$1.106M	0.0%	$55.30	—	COM	05577E101
—	TOTAL S.A. ADRS	18,335	$1.062M	0.0%	$48.71	—	COM	89151E109
—	WELLS FARGO CO PFD 8%	35,959	$1.019M	0.0%	$28.94	—	PFD	949746879
FSLR	FIRST SOLAR INC	24,600	$989K	0.0%	$42.28	0.0%	COM	336433107
—	AMEREN ILL CO PFD 4.25%	10,300	$866K	0.0%	$89.03	—	PFD	02361D308
—	ENTERGY LA LLC PFD SER A 6.95%	7,900	$792K	0.0%	$100.51	—	PFD	293649307
—	QWEST CORP 7.50% NOTES	30,000	$755K	0.0%	$26.67	—	PFD	74913G303
—	ALLETE INC COM NEW	10,000	$483K	0.0%	$49.90	—	COM	018522300
PPG	PPG INDS INC COM	2,800	$468K	0.0%	$59.61	+8.4%	COM	693506107
COST	COSTCO WHSL CORP NEW COM	4,000	$461K	0.0%	$86.56	+5.9%	COM	22160K105
—	ANGLO-DUTCH (EVEREST) LLC-CLAS	1,000	$424K	0.0%	$708.00	—	PFD	035068990
—	FRONTIER COMMUNICATIONS CORP	99,231	$415K	0.0%	$4.05	—	COM	35906A108
—	ENTERGY NEW ORLEANS INC 4.36%	4,500	$412K	0.0%	$95.11	—	PFD	29364P202
WFC	WELLS FARGO & CO NEW COM	9,119	$377K	0.0%	$27.36	+10.3%	COM	949746101
—	DTE ENERGY CO JR SB DB6.5%61	15,000	$369K	0.0%	$26.00	—	PFD	233331602
IBM	INTERNATIONAL BUS MACH COM	1,850	$343K	0.0%	$118.94	-6.2%	COM	459200101
—	ENTERGY MISSISSIPPI 4.56%	3,520	$324K	0.0%	$100.00	—	PFD	29364N306
MPC	MARATHON PETROLEUM CORP	5,000	$322K	0.0%	$24.39	0.0%	COM	56585A102
—	CALPINE CORP COM	16,500	$321K	0.0%	$19.45	—	COM	131347304
VFC	V F CORP COM	1,300	$259K	0.0%	$42.45	+8.7%	COM	918204108
—	GENERAL ELEC CO COM	10,500	$251K	0.0%	$23.14	—	COM	369604103
—	ENTERGY MISS INC PFD P 6.25%	10,000	$241K	0.0%	$24.60	—	PFD	29364N850
AVA	AVISTA CORP COM	8,000	$211K	0.0%	$16.44	+0.8%	COM	05379B107
JNJ	JOHNSON & JOHNSON COM	2,400	$208K	0.0%	$59.66	+6.5%	COM	478160104
—	CHESAPEAKE ENERGY CORP COM	8,000	$207K	0.0%	$25.88	—	COM	165167107
—	DENBURY RESOURCES INC	10,700	$197K	0.0%	$18.41	—	COM	247916208