Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KMI	Kinder Morgan Inc Del	13,830,583	$531M	9.8%	$21.84	+11.4%	Com	49456B101
EPD	Enterprise Prods Partners L	10,343,603	$309M	5.7%	$49.32	—	Com	293792107
WMB	Williams Cos Inc Del	3,931,725	$226M	4.2%	$22.08	+27.1%	Com	969457100
—	Magellan Midstream Prtnrs LP	3,012,436	$221M	4.1%	$58.92	—	Com Unit RP LP	559080106
—	Enbridge Energy Management L	6,413,937	$212M	3.9%	$30.95	—	Shs Units LLI	29250X103
PAA	Plains All Amern Pipeline L	4,603,482	$201M	3.7%	$54.30	—	Unit Ltd Partn	726503105
—	Transcanada Corp	4,558,354	$185M	3.4%	$46.01	—	Com	89353D107
—	Enbridge Energy Partners L P	5,524,687	$184M	3.4%	$31.77	—	Com	29250R106
—	Amerigas Partners L P	3,788,937	$173M	3.2%	$44.28	—	Unit L P Int	030975106
—	Williams Partners L P	3,521,001	$171M	3.2%	$48.43	—	Com Unit L P	96949L105
—	Energy Transfer Prtnrs L P	2,814,901	$147M	2.7%	$54.16	—	Unit Ltd Partn	29273R109
ET	Energy Transfer Equity L P	2,283,201	$147M	2.7%	$54.39	—	Com Ut Ltd Ptn	29273V100
—	Spectra Energy Corp	4,398,601	$143M	2.6%	$36.47	—	Com	847560109
—	TC Pipelines LP	2,357,056	$134M	2.5%	$50.44	—	Ut Com Ltd Prt	87233Q108
—	Spectra Energy Partners LP	2,866,344	$132M	2.4%	$46.96	—	Com	84756N109
ENB	ENBRIDGE INC	2,713,427	$127M	2.3%	$23.88	+13.7%	Com	29250N105
NGL	NGL Energy Partners LP	3,795,730	$115M	2.1%	$31.03	—	Com Unit Repst	62913M107
ARLP	Alliance Res Partner L P	4,362,893	$109M	2.0%	$53.55	—	Ut Ltd Part	01877R108
—	Holly Energy Partners L P	3,071,004	$108M	2.0%	$36.03	—	Com Ut Ltd Ptn	435763107
—	ITC Hldgs Corp	3,177,640	$102M	1.9%	$50.72	—	Com	465685105
—	Teekay LNG Partners L P	3,036,672	$97.78M	1.8%	$43.90	—	Prtnrsp Units	Y8564M105
—	EQT Midstream Partners LP	1,186,626	$96.76M	1.8%	$58.02	—	Unit LTD Partn	26885B100
D	Dominion Res Inc VA New	1,227,333	$82.07M	1.5%	$35.98	+23.9%	Com	25746U109
PEG	Public SVC Enterprise Group	1,917,985	$75.34M	1.4%	$26.90	+6.3%	Com	744573106
UGI	UGI Corp New	2,179,664	$75.09M	1.4%	$28.73	+23.5%	Com	902681105
SPH	Suburban Propane Partners L	1,646,545	$65.66M	1.2%	$45.93	—	Unit Ltd Partn	864482104
XIFR	NextEra Energy Partners L P	1,638,072	$64.9M	1.2%	$36.48	+18.7%	Com Unit Part In	65341B106
NI	Nisource Inc	1,412,625	$64.4M	1.2%	$8.71	+45.8%	Com	65473P105
ES	Eversource Energy	1,349,826	$61.3M	1.1%	$36.09	-6.8%	Com	30040W108
NEE	NextEra Energy Inc	599,742	$58.79M	1.1%	$15.63	+23.4%	Com	65339F101
—	Targa Resources Partners LP	1,457,463	$56.26M	1.0%	$43.16	—	Com Unit	87611X105
—	Transmontaigne Partners L P	1,446,945	$54.98M	1.0%	$41.59	—	Com Unit L P	89376V100
—	Alliance Holdings GP LP	1,343,881	$52.61M	1.0%	$60.84	—	Com Units LP	01861G100
SRE	Sempra Energy	528,746	$52.31M	1.0%	$34.55	+9.5%	Com	816851109
ATO	Atmos Energy Corp	937,251	$48.06M	0.9%	$35.14	+18.2%	Com	049560105
—	National Grid PLC	726,198	$46.89M	0.9%	$60.12	—	SPON ADR NEW	636274300
OGS	One Gas Inc.	1,086,135	$46.23M	0.9%	$37.09	+15.1%	Com	68235P108
—	Infrareit Inc	1,628,966	$46.2M	0.9%	$28.53	—	Com	45685L100
—	Tallgrass Energy Partners LP	861,286	$41.41M	0.8%	$48.01	—	Com Unit	874697105
—	Oneok Partners LP	1,191,119	$40.5M	0.7%	$51.67	—	Unit Ltd Partn	68268N103
—	Piedmont Nat Gas Inc.	998,283	$35.25M	0.7%	$37.37	—	Com	720186105
WEC	WEC Energy Group Inc	763,463	$34.33M	0.6%	$33.96	0.0%	Com	92939U106
OKE	Oneok Inc. New	864,213	$34.12M	0.6%	$25.98	-11.9%	Com	682680103
CMS	CMS Energy Corp	1,067,533	$33.99M	0.6%	$21.45	+14.1%	Com	125896100
—	Golar LNG Partners LP	1,354,667	$33.42M	0.6%	$32.35	—	Com Unit LPI	Y2745C102
—	Columbia Pipeline Partners LP	1,262,592	$31.82M	0.6%	$26.98	—	Com UT Repstg	198281107
EXC	Exelon Corp	995,735	$31.29M	0.6%	$16.46	-0.2%	Com	30161N101
AEP	American Elec Pwr Inc	577,254	$30.58M	0.6%	$33.30	+14.1%	Com	025537101
SO	Southern Co	524,613	$21.98M	0.4%	$26.60	+4.5%	Com	842587107
—	Phillips 66 Partners LP	295,316	$21.26M	0.4%	$56.41	—	COM UNIT REP INT	718549207
—	Pattern Energy Group Inc	737,909	$20.94M	0.4%	$29.15	—	CL A	70338P100
—	South Jersey Inds Inc	714,487	$17.67M	0.3%	$47.61	—	Com	838518108
—	Scana Corp New	317,478	$16.08M	0.3%	$50.51	—	Com	80589M102
WLKP	Westlake Chem Partners LP	670,863	$14.59M	0.3%	$22.91	—	Com Unit RP LP	960417103
—	NRG Yield Inc	661,036	$14.54M	0.3%	$21.99	—	CL A NEW	62942X306
—	Plains GP Hldgs LP-CL A	474,281	$12.26M	0.2%	$28.17	—	SHS A REP LTPN	72651A108
IDA	Idacorp Inc	199,204	$11.18M	0.2%	$56.90	+4.6%	Com	451107106
—	CorEnergy Infrastructure TR	1,746,632	$11.04M	0.2%	$6.80	—	Com	21870U205
CPK	Chesapeake Utils Corp	198,230	$10.67M	0.2%	$36.44	+16.0%	Com	165303108
LNT	Alliant Energy Corp	175,477	$10.13M	0.2%	$20.12	+7.5%	Com	018802108
MPLX	MPLX LP	132,000	$9.422M	0.2%	$36.81	—	Com Unit Rep Ltd	55336V100
DUK	Duke Energy Corp New	110,046	$7.771M	0.1%	$42.80	+13.8%	Com New	26441C204
NJR	New Jersey Res	278,200	$7.664M	0.1%	$20.21	+4.1%	Com	646025106
—	Hoegh LNG Parnters L P	352,842	$6.739M	0.1%	$22.01	—	Com Unit Ltd	Y3262R100
—	Natural Resource Partners L	1,640,880	$6.219M	0.1%	$14.22	—	Com Unit L P	63900P103
—	Shell Midstream Partners LP	123,100	$5.62M	0.1%	$40.95	—	Unit Ltd Int	822634101
—	NRG Yield Inc	252,929	$5.536M	0.1%	$21.89	—	CL C	62942X405
—	Tallgrass Energy GP LP	151,800	$4.88M	0.1%	$32.15	—	SHS CL A	874696107
AWK	American WTR WKS Co Inc NEW	54,700	$2.66M	0.0%	$43.75	-2.3%	Com	030420103
—	Dominion Midstream Partners LP	54,000	$2.069M	0.0%	$39.20	—	Com UT Rep Ltd	257454108
—	Rose Rock Midstream LP	37,609	$1.758M	0.0%	$47.10	—	COM U REP LTD	777149105
—	Aqua America Inc	36,810	$901K	0.0%	$26.02	—	Com	03836W103
—	Kinder Morgan Inc Del	16,179	$621K	0.0%	$5.13	—	*W EXP 05/25/201	49456B119