Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NEE	NEXTERA ENERGY INC COM	1,453,528	$154M	5.4%	$14.17	+33.3%	COM	65339F101
—	ITC HOLDINGS CORP.	3,602,346	$146M	5.1%	$56.65	—	COM	465685105
DTE	DTE ENERGY CO COM	1,672,165	$144M	5.0%	$38.28	+24.8%	COM	233331107
UNP	UNION PAC CORP COM	1,184,312	$141M	4.9%	$66.00	+35.5%	COM	907818108
D	DOMINION RES VA NEW COM	1,519,096	$117M	4.1%	$35.39	+27.4%	COM	25746U109
AWK	AMERICAN WATER WORKS	2,105,842	$112M	3.9%	$31.85	+30.5%	COM	030420103
—	SCANA CORP NEW COM	1,825,785	$110M	3.8%	$48.69	—	COM	80589M102
WMB	WILLIAMS COS INC COM	2,354,170	$106M	3.7%	$19.43	+39.9%	COM	969457100
VZ	VERIZON COMMUNICATIONS COM	2,235,172	$105M	3.6%	$26.87	+2.9%	COM	92343V104
AMT	AMERICAN TOWER REIT COM	942,793	$93.19M	3.2%	$58.82	+27.8%	COM	03027X100
BCE	BCE INC COM NEW	1,944,589	$89.18M	3.1%	$22.11	+6.5%	COM	05534B760
PNW	PINNACLE WEST CAP CORP COM	1,127,028	$76.99M	2.7%	$35.31	+14.0%	COM	723484101
—	NORTHEAST UTILS COM	1,336,476	$71.53M	2.5%	$43.13	—	COM	664397106
DUK	DUKE ENERGY CORP NEW COM NEW	850,404	$71.04M	2.5%	$41.98	+21.4%	COM	26441C204
SRE	SEMPRA ENERGY COM	626,550	$69.77M	2.4%	$29.72	+29.4%	COM	816851109
—	PIONEER NAT RES CO COM	418,833	$62.34M	2.2%	$160.00	—	COM	723787107
CMCSA	COMCAST CORP CLASS A	1,073,307	$62.26M	2.2%	$15.63	+36.0%	COM	20030N101
ETR	ENTERGY CORP NEW COM	615,000	$53.8M	1.9%	$20.57	+29.6%	COM	29364G103
—	CHARTER COMMUNCTNS DEL CL A	307,960	$51.31M	1.8%	$157.72	—	COM	16117M305
EPD	ENTERPRISE PRODUCTS PARTNERS L	1,339,780	$48.39M	1.7%	$50.76	—	LP	293792107
—	INTEGRYS ENERGY GROUP INC.	614,215	$47.82M	1.7%	$59.24	—	COM	45822P105
NI	NISOURCE INC COM	1,109,130	$47.05M	1.6%	$7.81	+47.0%	COM	65473P105
—	NATIONAL GRID PLC SPON ADR NEW	661,641	$46.75M	1.6%	$58.01	—	COM	636274300
T	AT & T INC. (NEW)	1,291,220	$43.37M	1.5%	$11.41	+3.5%	COM	00206R102
OXY	OCCIDENTAL PETE CP DEL COM	499,386	$40.26M	1.4%	$58.88	+0.7%	COM	674599105
PPL	PPL CORP COM	1,065,390	$38.71M	1.3%	$16.36	+21.3%	COM	69351T106
—	ROYAL DUTCH SHELL PLC SPONS AD	564,720	$37.81M	1.3%	$72.93	—	COM	780259206
SLB	SCHLUMBERGER LTD COM	409,799	$35M	1.2%	$52.90	+27.3%	COM	806857108
—	SOUTH JERSEY IND	590,163	$34.78M	1.2%	$57.41	—	COM	838518108
—	HESS CORPORATION	456,700	$33.71M	1.2%	$75.57	—	COM	42809H107
—	TIME WARNER CABLE INC COM	215,495	$32.77M	1.1%	$142.86	—	COM	88732J207
SO	SOUTHERN CO COM	615,750	$30.24M	1.0%	$26.75	+10.2%	COM	842587107
CCI	CROWN CASTLE INTL CORP NEW	329,785	$25.95M	0.9%	$50.35	0.0%	COM	22822V101
TU	TELUS CORP COM	709,762	$25.65M	0.9%	$17.24	+4.5%	COM	87971M103
—	CENTURYLINK INC	609,290	$24.12M	0.8%	$36.79	—	COM	156700106
—	NATIONAL GRID PLC	1,645,000	$23.55M	0.8%	$11.42	—	COM	B08SNH3
VOD	VODAFONE GROUP PUBLIC LTD CO A	633,290	$21.64M	0.8%	$36.81	—	COM	92857W308
OGS	ONE GAS INC COM	503,917	$20.77M	0.7%	$34.26	+13.3%	COM	68235P108
XOM	EXXON MOBIL CORP	213,061	$19.7M	0.7%	$54.73	+6.0%	COM	30231G102
—	TRANSCANADA CORP	386,048	$18.95M	0.7%	$43.46	—	COM	89353D107
LBTYAUSD	LIBERTY GLOBAL PLC SHS CL A	373,405	$18.75M	0.7%	$53.90	—	COM	G5480U104
—	BT GROUP	2,935,000	$18.37M	0.6%	$5.27	—	COM	3091357
TMUS	T-MOBILE US INC COM	664,650	$17.91M	0.6%	$26.94	-0.9%	COM	872590104
ATO	ATMOS ENERGY CORP COM	314,875	$17.55M	0.6%	$39.19	+2.6%	COM	049560105
—	BT GROUP PLC ADR	252,150	$15.63M	0.5%	$63.56	—	COM	05577E101
—	ENERGEN CORP	228,002	$14.54M	0.5%	$72.92	—	COM	29265N108
AEE	AMEREN CORP COM	300,245	$13.85M	0.5%	$25.18	+19.9%	COM	023608102
—	WISCONSIN ENERGY CORP COM	254,935	$13.45M	0.5%	$40.93	—	COM	976657106
NRG	NRG ENERGY INC COM	448,590	$12.09M	0.4%	$24.43	-5.4%	COM	629377508
—	LIBERTY GLOBAL PLC SHS CL C	244,441	$11.81M	0.4%	$42.98	—	COM	G5480U120
KMI	KINDER MORGAN INC KANS COM	272,200	$11.52M	0.4%	$22.21	+1.1%	COM	49456B101
—	WILLIAMS PARTNERS_LP	240,000	$10.74M	0.4%	$51.60	—	LP	96950F104
—	NOBLE ENERGY COM	216,475	$10.27M	0.4%	$75.91	—	COM	655044105
FSLR	FIRST SOLAR INC	220,885	$9.85M	0.3%	$58.67	-13.2%	COM	336433107
CCOI	COGENT COMMUNICATIONS COM NEW	233,300	$8.256M	0.3%	$19.46	0.0%	COM	19239V302
—	WESTAR ENERGY INC.	181,690	$7.493M	0.3%	$31.83	—	COM	95709T100
EXC	EXELON CORP COM	190,000	$7.045M	0.2%	$16.28	+6.2%	COM	30161N101
—	AQUA AMERICA INC.	256,000	$6.835M	0.2%	$30.33	—	COM	03836W103
PCG	PG&E CORP COM	124,600	$6.634M	0.2%	$38.66	+14.9%	COM	69331C108
LYB	LYONDELLBASELL INDUSTR SHS - A	78,260	$6.213M	0.2%	$38.11	+25.4%	COM	N53745100
BRK/B	BERKSHIRE HATHAWAY INC CLASS B	40,400	$6.066M	0.2%	$110.02	+31.2%	COM	084670702
—	ENBRIDGE ENERGY PARTNERS LP	150,000	$5.985M	0.2%	$30.49	—	LP	29250R106
HAL	HALLIBURTON CO COM	151,295	$5.95M	0.2%	$40.32	-2.6%	COM	406216101
ED	CONSOLIDATED EDISON INC	86,900	$5.736M	0.2%	$41.83	0.0%	COM	209115104
ENB	ENBRIDGE INC COM	103,803	$5.337M	0.2%	$23.47	+8.0%	COM	29250N105
EIX	EDISON INTL COM	75,000	$4.911M	0.2%	$30.70	+31.2%	COM	281020107
BP	BP PLC SPONS ADR	123,350	$4.702M	0.2%	$43.25	—	COM	055622104
NFG	NATIONAL FUEL GAS CO N J	60,000	$4.172M	0.1%	$60.82	+13.5%	COM	636180101
—	MARKWEST ENERGY PARTNERS LP	60,000	$4.031M	0.1%	$67.56	—	LP	570759100
EQT	EQT CORP COM	53,103	$4.02M	0.1%	$37.80	+14.9%	COM	26884L109
—	VODAFONE	1,090,909	$3.787M	0.1%	$3.67	—	COM	BH4HKS3
—	NRG YIELD INC COM CL A	78,000	$3.677M	0.1%	$31.38	—	COM	62942X108
—	PATTERN ENERGY GROUP INC	142,600	$3.517M	0.1%	$28.22	—	COM	70338P100
OKE	ONEOK INC NEW COM	64,100	$3.192M	0.1%	$19.74	+40.7%	COM	682680103
—	TALARA OPPORTUNITIES II, LP	35,183	$2.991M	0.1%	$85.01	—	LP	874111111
—	IENOVA	596,500	$2.987M	0.1%	$4.87	—	COM	B84XBP2
—	ANNALY MTG MGMT INC COM	249,950	$2.702M	0.1%	$12.27	—	COM	035710409
—	REAVES UTIL INCOME FD COM SH B	75,583	$2.483M	0.1%	$26.91	—	CEF	756158101
CMS	CMS ENERGY CORP COM	71,000	$2.467M	0.1%	$19.41	+20.7%	COM	125896100
EOG	EOG RES INC COM	25,000	$2.302M	0.1%	$68.05	0.0%	COM	26875P101
SWX	SOUTHWEST GAS CORP COM	34,260	$2.118M	0.1%	$53.02	+7.0%	COM	844895102
—	CANADIAN PACIFIC LTD	10,000	$1.927M	0.1%	$192.70	—	COM	13645T100
—	ANADARKO PETE CORP COM	23,000	$1.898M	0.1%	$82.52	—	COM	032511107
—	ROYAL DUTCH SHELL PLC ADRS B	21,969	$1.528M	0.1%	$70.64	—	COM	780259107
RRC	RANGE RES CORP COM	28,000	$1.497M	0.1%	$64.63	0.0%	COM	75281A109
—	SBA COMMUNICATIONS CORP	13,000	$1.44M	0.0%	$110.92	—	COM	78388J106
XIFR	NEXTERA ENERGY PARTNERS LP	41,000	$1.384M	0.0%	$33.81	+1.3%	COM	65341B106
—	SSE PLC	50,000	$1.265M	0.0%	$25.08	—	COM	0790873
PM	PHILLIP MORRIS INTERNATIONAL	14,518	$1.182M	0.0%	$49.85	-1.3%	COM	718172109
—	WASHINGTON GAS LT CO PFD	10,671	$1.056M	0.0%	$98.96	—	PFD	938837507
—	TECO ENERGY INC COM	50,000	$1.025M	0.0%	$17.36	—	COM	872375100
MO	ALTRIA GROUP INC.	18,550	$914K	0.0%	$16.28	+46.0%	COM	02209S103
XLU	SELECT SECTOR SPDR-UTILITIES	18,995	$897K	0.0%	$47.22	—	COM	81369Y886
—	AMEREN ILL CO PFD 4.25%	10,300	$896K	0.0%	$89.03	—	PFD	02361D308
—	LEVEL 3 COMMUNICTIONS COM NEW	17,000	$839K	0.0%	$49.35	—	COM	52729N308
HE	HAWAIIAN ELECTRIC INDUST INC	25,000	$837K	0.0%	$29.12	0.0%	COM	419870100
—	ENTERGY LA LLC PFD SER A 6.95%	7,900	$798K	0.0%	$100.51	—	PFD	293649307
—	WELLS FARGO CO PFD 8%	22,539	$657K	0.0%	$28.94	—	PFD	949746879
PPG	PPG INDS INC COM	2,800	$647K	0.0%	$59.61	+43.0%	COM	693506107
COST	COSTCO WHSL CORP NEW COM	4,000	$567K	0.0%	$86.56	+26.4%	COM	22160K105
—	TOTAL S.A. ADRS	10,180	$521K	0.0%	$52.21	—	COM	89151E109
CVE	CENOVUS ENERGY	24,850	$512K	0.0%	$22.62	-18.9%	COM	15135U109
WFC	WELLS FARGO & CO NEW COM	9,000	$493K	0.0%	$27.36	+41.7%	COM	949746101
XLE	ENERGY SELECT SECTOR SPDR	5,925	$469K	0.0%	$79.16	—	COM	81369Y506
—	UNION ELECTRIC CO	4,738	$442K	0.0%	$93.29	—	PFD	906548607
—	ENTERGY NEW ORLEANS INC 4.36%	4,500	$415K	0.0%	$95.11	—	PFD	29364P202
VFC	V F CORP COM	4,500	$337K	0.0%	$49.70	+33.1%	COM	918204108
—	ENTERGY MISSISSIPPI 4.56%	3,520	$334K	0.0%	$100.00	—	PFD	29364N306
—	GENERAL ELEC CO COM	10,500	$265K	0.0%	$23.14	—	COM	369604103
JNJ	JOHNSON & JOHNSON COM	2,400	$251K	0.0%	$59.66	+29.6%	COM	478160104
GD	GENERAL DYNAMICS CORP COM	1,800	$248K	0.0%	$88.53	+20.9%	COM	369550108
—	ENTERGY MISS INC PFD P 6.25%	10,000	$240K	0.0%	$24.60	—	PFD	29364N850
—	TERRAFORM PWR INC CL A COM	7,300	$225K	0.0%	$28.86	—	COM	88104R100
—	CHESAPEAKE ENERGY CORP COM	10,000	$196K	0.0%	$19.60	—	COM	165167107
—	CALIFORNIA RESOURCES CORP	25,317	$139K	0.0%	$5.49	—	COM	13057Q107