Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KMI	Kinder Morgan Inc Del	13,815,569	$581M	10.2%	$21.84	+9.3%	Com	49456B101
EPD	Enterprise Prods Partners L	10,035,098	$330M	5.8%	$49.92	—	Com	293792107
WMB	Williams Cos Inc Del	5,159,087	$261M	4.6%	$22.08	+13.0%	Com	969457100
—	Magellan Midstream Prtnrs LP	2,981,293	$229M	4.0%	$58.76	—	Com Unit RP LP	559080106
—	Enbridge Energy Management L	6,136,392	$223M	3.9%	$30.86	—	Shs Units LLI	29250X103
PAA	Plains All Amern Pipeline L	4,228,610	$206M	3.6%	$55.26	—	Unit Ltd Partn	726503105
—	Enbridge Energy Partners L P	5,525,386	$199M	3.5%	$31.77	—	Com	29250R106
—	Energy Transfer Prtnrs L P	3,400,554	$190M	3.3%	$54.16	—	Unit Ltd Partn	29273R109
—	Transcanada Corp	4,388,811	$187M	3.3%	$46.22	—	Com	89353D107
—	Amerigas Partners L P	3,618,647	$173M	3.0%	$44.21	—	Unit L P Int	030975106
—	Williams Partners L P	3,483,302	$171M	3.0%	$52.20	—	Com Unit L P	96950F104
—	Spectra Energy Corp	4,396,955	$159M	2.8%	$36.47	—	Com	847560109
—	TC Pipelines LP	2,316,103	$151M	2.6%	$50.32	—	Ut Com Ltd Prt	87233Q108
—	Spectra Energy Partners LP	2,757,611	$143M	2.5%	$46.99	—	Com	84756N109
ET	Energy Transfer Equity L P	2,248,220	$142M	2.5%	$54.24	—	Com Ut Ltd Ptn	29273V100
ARLP	Alliance Res Partner L P	4,121,048	$138M	2.4%	$55.23	—	Ut Ltd Part	01877R108
ENB	Enbridge Inc	2,627,349	$127M	2.2%	$23.77	+9.8%	Com	29250N105
—	Oneok Partners LP	3,102,460	$127M	2.2%	$51.67	—	Unit Ltd Partn	68268N103
—	Teekay LNG Partners L P	3,065,479	$114M	2.0%	$43.90	—	Prtnrsp Units	Y8564M105
—	ITC Hldgs Corp	3,017,164	$113M	2.0%	$51.70	—	Com	465685105
NGL	NGL Energy Partners LP	3,670,852	$96.29M	1.7%	$31.05	—	Com Unit Repst	62913M107
—	Holly Energy Partners L P	3,016,956	$94.85M	1.7%	$36.05	—	Com Ut Ltd Ptn	435763107
—	EQT Midstream Partners LP	1,158,192	$89.94M	1.6%	$57.44	—	Unit LTD Partn	26885B100
D	Dominion Res Inc VA New	1,180,843	$83.69M	1.5%	$35.64	+30.7%	Com	25746U109
SPH	Suburban Propane Partners L	1,660,545	$71.35M	1.2%	$45.93	—	Unit Ltd Partn	864482104
XIFR	NextEra Energy Partners L P	1,577,432	$69.12M	1.2%	$36.22	+9.8%	Com Unit Part In	65341B106
UGI	UGI Corp New	2,113,966	$68.89M	1.2%	$28.52	+22.9%	Com	902681105
ES	Eversource Energy	1,285,906	$64.96M	1.1%	$36.21	0.0%	Com	30040W108
—	Alliance Holdings GP LP	1,238,210	$64M	1.1%	$62.69	—	Com Units LP	01861G100
—	NRG Yield Inc	1,225,519	$62.17M	1.1%	$35.92	—	COM CL A	62942X108
NI	Nisource Inc	1,395,486	$61.63M	1.1%	$8.66	+38.7%	Com	65473P105
NEE	NextEra Energy Inc	563,815	$58.66M	1.0%	$15.40	+29.0%	Com	65339F101
SRE	Sempra Energy	493,890	$53.84M	0.9%	$34.32	+14.1%	Com	816851109
—	Transmontaigne Partners L P	1,545,482	$49.87M	0.9%	$41.59	—	Com Unit L P	89376V100
—	Targa Resources Partners LP	1,143,225	$47.28M	0.8%	$44.42	—	Com Unit	87611X105
OKE	Oneok Inc. New	957,253	$46.18M	0.8%	$25.98	-10.3%	Com	682680103
OGS	One Gas Inc.	1,051,990	$45.48M	0.8%	$36.91	+15.8%	Com	68235P108
ATO	Atmos Energy Corp	816,713	$45.16M	0.8%	$34.20	+23.8%	Com	049560105
—	National Grid PLC	666,748	$43.08M	0.8%	$59.72	—	SPON ADR NEW	636274300
PEG	Public SVC Enterprise Group	919,934	$38.56M	0.7%	$25.05	+13.8%	Com	744573106
—	Wisconsin Energy Corp	735,988	$36.43M	0.6%	$42.31	—	Com	976657106
—	Golar LNG Partners LP	1,350,907	$36.33M	0.6%	$32.35	—	Com Unit LPI	Y2745C102
—	Infrareit Inc	1,203,270	$34.4M	0.6%	$28.59	—	Com	45685L100
EXC	Exelon Corp	980,735	$32.96M	0.6%	$16.46	+2.2%	Com	30161N101
—	Piedmont Nat Gas Inc.	885,214	$32.67M	0.6%	$37.63	—	Com	720186105
—	South Jersey Inds Inc	524,474	$28.47M	0.5%	$55.90	—	Com	838518108
AEP	American Elec Pwr Inc	497,825	$28M	0.5%	$32.55	+24.0%	Com	025537101
SO	Southern Co	573,955	$25.41M	0.4%	$26.60	+12.6%	Com	842587107
—	Columbia Pipeline Partners LP	903,686	$25.02M	0.4%	$27.69	—	Com UT Repstg	198281107
CMS	CMS Energy Corp	693,189	$24.2M	0.4%	$19.81	+29.5%	Com	125896100
—	Pattern Energy Group Inc	788,187	$22.32M	0.4%	$29.15	—	CL A	70338P100
—	Phillips 66 Partners LP	294,096	$20.78M	0.4%	$56.41	—	COM UNIT REP INT	718549207
—	Scana Corp New	300,658	$16.53M	0.3%	$50.50	—	Com	80589M102
—	Tallgrass Energy Partners LP	326,750	$16.52M	0.3%	$47.90	—	Com Unit	874697105
—	Plains GP Holdings L P	437,613	$12.41M	0.2%	$28.37	—	SHS A REP LTPN	72651A108
—	CorEnergy Infrastructure TR	1,741,572	$12.07M	0.2%	$6.80	—	Com	21870U205
IDA	Idacorp Inc	181,894	$11.44M	0.2%	$56.65	+13.5%	Com	451107106
—	Natural Resource Partners L	1,543,130	$10.46M	0.2%	$14.88	—	Com Unit L P	63900P103
LNT	Alliant Energy Corp	154,553	$9.737M	0.2%	$19.91	+15.7%	Com	018802108
MPLX	MPLX LP	132,000	$9.67M	0.2%	$36.81	—	Com Unit Rep Ltd	55336V100
CPK	Chesapeake Utils Corp	185,091	$9.367M	0.2%	$36.03	+10.5%	Com	165303108
—	Hoegh LNG Parnters L P	396,279	$8.599M	0.2%	$22.01	—	Com Unit Ltd	Y3262R100
DUK	Duke Energy Corp New	106,806	$8.201M	0.1%	$42.62	+21.5%	Com New	26441C204
NJR	New Jersey Res	255,340	$7.931M	0.1%	$20.13	+8.8%	Com	646025106
—	Shell Midstream Partners LP	152,520	$5.948M	0.1%	$40.95	—	Unit Ltd Int	822634101
WLKP	Westlake Chem Partners LP	153,399	$4.114M	0.1%	$26.82	—	Com Unit RP LP	960417103
AWK	American Water Works Co Inc	47,000	$2.548M	0.0%	$43.91	0.0%	Com	030420103
—	Dominion Midstream Partners LP	55,030	$2.284M	0.0%	$39.20	—	Com UT Rep Ltd	257454108
—	Rose Rock Midstream LP	18,130	$861K	0.0%	$47.49	—	COM U REP LTD	777149105
—	Aqua America Inc	30,000	$791K	0.0%	$26.37	—	Com	03836W103
—	Cone Midstream Partners LP	25,954	$452K	0.0%	$25.96	—	Com Unit Repst	206812109
—	Kinder Morgan Inc Del	17,139	$70,000	0.0%	$5.13	—	*W EXP 05/25/201	49456B119