The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALTRIA GROUP INC. COM 02209S103 928 18,550 SH   SOLE   10,000 0 8,550
AMEREN CORP COM COM 023608102 11,404 270,245 SH   SOLE   270,245 0 0
AMERICAN TOWER REIT COM COM 03027X100 90,908 965,566 SH   SOLE   859,236 0 106,330
AMERICAN WATER WORKS COM 030420103 115,003 2,121,444 SH   SOLE   1,952,594 0 168,850
ANADARKO PETE CORP COM COM 032511107 5,432 65,600 SH   SOLE   54,350 0 11,250
ANNALY MTG MGMT INC COM COM 035710409 8,899 855,700 SH   SOLE   756,575 0 99,125
AQUA AMERICA INC. COM 03836W103 6,640 252,000 SH   SOLE   252,000 0 0
AT & T INC. (NEW) COM 00206R102 36,724 1,124,770 SH   SOLE   1,095,845 0 28,925
ATMOS ENERGY CORP COM COM 049560105 18,863 341,105 SH   SOLE   270,520 0 70,585
BCE INC COM NEW COM 05534B760 78,417 1,851,204 SH   SOLE   1,764,663 0 86,541
BERKSHIRE HATHAWAY INC CLASS B COM 084670702 5,831 40,400 SH   SOLE   1,100 0 39,300
BT GROUP PLC ADR COM 05577E101 5,991 91,925 SH   SOLE   91,925 0 0
CANADIAN PACIFIC LTD COM 13645T100 11,017 60,300 SH   SOLE   52,600 0 7,700
CENTURYLINK INC COM 156700106 28,025 811,140 SH   SOLE   776,365 0 34,775
CHARTER COMMUNCTNS DEL CL A COM 16117M305 79,984 414,190 SH   SOLE   375,485 0 38,705
CHESAPEAKE ENERGY CORP COM COM 165167107 142 10,000 SH   SOLE   0 0 10,000
CHEVRON CORPORATION COM COM 166764100 24,640 234,715 SH   SOLE   217,100 0 17,615
CMS ENERGY CORP COM COM 125896100 2,409 69,000 SH   SOLE   69,000 0 0
COGENT COMMUNICATIONS COM NEW COM 19239V302 27,465 777,380 SH   SOLE   664,040 0 113,340
COMCAST CORP CLASS A COM 20030N101 55,102 975,767 SH   SOLE   812,972 0 162,795
COSTCO WHSL CORP NEW COM COM 22160K105 606 4,000 SH   SOLE   4,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 43,996 533,025 SH   SOLE   473,960 0 59,065
DEVON ENERGY CORP NEW COM COM 25179M103 1,656 27,450 SH   SOLE   22,300 0 5,150
DOMINION RES VA NEW COM COM 25746U109 107,819 1,521,368 SH   SOLE   1,398,508 0 122,860
DTE ENERGY CO COM COM 233331107 133,964 1,660,226 SH   SOLE   1,540,234 0 119,992
DUKE ENERGY CORP NEW COM NEW COM 26441C204 63,104 821,879 SH   SOLE   815,499 0 6,380
EDISON INTL COM COM 281020107 4,685 75,000 SH   SOLE   75,000 0 0
ENBRIDGE INC COM COM 29250N105 11,108 229,040 SH   SOLE   210,490 0 18,550
ENERGEN CORP COM 29265N108 10,702 162,150 SH   SOLE   139,750 0 22,400
ENTERGY CORP NEW COM COM 29364G103 22,472 290,000 SH   SOLE   290,000 0 0
EOG RES INC COM COM 26875P101 2,386 26,025 SH   SOLE   26,025 0 0
EQT CORP COM COM 26884L109 6,212 74,965 SH   SOLE   71,748 0 3,217
EVERSOURCE ENERGY COM 30040W108 55,378 1,096,163 SH   SOLE   1,090,013 0 6,150
EXELON CORP COM COM 30161N101 5,882 175,000 SH   SOLE   175,000 0 0
EXXON MOBIL CORP COM 30231G102 10,328 121,503 SH   SOLE   88,893 0 32,610
FIRST SOLAR INC COM 336433107 12,899 215,745 SH   SOLE   186,130 0 29,615
GENERAL DYNAMICS CORP COM COM 369550108 244 1,800 SH   SOLE   0 0 1,800
GENERAL ELEC CO COM COM 369604103 261 10,500 SH   SOLE   0 0 10,500
HALLIBURTON CO COM COM 406216101 6,707 152,845 SH   SOLE   129,745 0 23,100
HAWAIIAN ELECTRIC INDUST INC COM 419870100 803 25,000 SH   SOLE   25,000 0 0
HESS CORPORATION COM 42809H107 36,537 538,340 SH   SOLE   449,655 0 88,685
INFRAREIT INC COM 45685L100 2,402 84,000 SH   SOLE   69,100 0 14,900
INTEGRYS ENERGY GROUP INC. COM 45822P105 45,599 633,145 SH   SOLE   620,895 0 12,250
ITC HOLDINGS CORP. COM 465685105 134,565 3,595,121 SH   SOLE   3,325,831 0 269,290
JOHNSON & JOHNSON COM COM 478160104 241 2,400 SH   SOLE   0 0 2,400
KINDER MORGAN INC KANS COM COM 49456B101 35,869 852,810 SH   SOLE   798,390 0 54,420
LEVEL 3 COMMUNICTIONS COM NEW COM 52729N308 2,921 54,250 SH   SOLE   54,000 0 250
LIBERTY GLOBAL PLC SHS CL A COM G5480U104 22,266 432,595 SH   SOLE   382,080 0 50,515
LIBERTY GLOBAL PLC SHS CL C COM G5480U120 13,109 263,176 SH   SOLE   189,795 0 73,381
NATIONAL FUEL GAS CO N J COM 636180101 3,318 55,000 SH   SOLE   55,000 0 0
NATIONAL GRID PLC SPON ADR NEW COM 636274300 49,009 758,541 SH   SOLE   726,591 0 31,950
NEXTERA ENERGY INC COM COM 65339F101 150,455 1,445,988 SH   SOLE   1,335,459 0 110,529
NEXTERA ENERGY PARTNERS LP COM 65341B106 8,413 192,000 SH   SOLE   189,500 0 2,500
NISOURCE INC COM COM 65473P105 55,296 1,252,166 SH   SOLE   1,226,093 0 26,073
NOBLE ENERGY COM COM 655044105 2,572 52,600 SH   SOLE   44,800 0 7,800
NRG ENERGY INC COM COM 629377508 1,771 70,300 SH   SOLE   62,180 0 8,120
NRG YIELD INC COM CL A COM 62942X108 11,331 223,350 SH   SOLE   201,800 0 21,550
OCCIDENTAL PETE CP DEL COM COM 674599105 37,840 518,356 SH   SOLE   431,616 0 86,740
ONE GAS INC COM COM 68235P108 17,918 414,473 SH   SOLE   389,173 0 25,300
ONEOK INC NEW COM COM 682680103 556 11,530 SH   SOLE   100 0 11,430
PATTERN ENERGY GROUP INC COM 70338P100 20,028 707,190 SH   SOLE   633,933 0 73,257
PG&E CORP COM COM 69331C108 5,307 100,000 SH   SOLE   100,000 0 0
PHILLIP MORRIS INTERNATIONAL COM 718172109 1,094 14,518 SH   SOLE   9,500 0 5,018
PINNACLE WEST CAP CORP COM COM 723484101 36,039 565,321 SH   SOLE   508,728 0 56,593
PIONEER NAT RES CO COM COM 723787107 74,275 454,255 SH   SOLE   423,390 0 30,865
PPG INDS INC COM COM 693506107 632 2,800 SH   SOLE   0 0 2,800
PPL CORP COM COM 69351T106 58,343 1,733,305 SH   SOLE   1,651,199 0 82,106
QUESTAR CORP COM COM 748356102 484 20,300 SH   SOLE   20,000 0 300
RANGE RES CORP COM COM 75281A109 1,462 28,100 SH   SOLE   28,100 0 0
ROYAL DUTCH SHELL PLC ADRS B COM 780259107 1,255 20,019 SH   SOLE   1,365 0 18,654
ROYAL DUTCH SHELL PLC SPONS AD COM 780259206 51,016 855,260 SH   SOLE   780,025 0 75,235
SBA COMMUNICATIONS CORP COM 78388J106 1,522 13,000 SH   SOLE   13,000 0 0
SCANA CORP NEW COM COM 80589M102 99,920 1,817,055 SH   SOLE   1,707,225 0 109,830
SCHLUMBERGER LTD COM COM 806857108 35,011 419,600 SH   SOLE   346,100 0 73,500
SEMPRA ENERGY COM COM 816851109 81,684 749,260 SH   SOLE   701,070 0 48,190
SOUTH JERSEY IND COM 838518108 30,055 553,698 SH   SOLE   468,973 0 84,725
SOUTHERN CO COM COM 842587107 22,173 500,750 SH   SOLE   500,000 0 750
SOUTHWEST GAS CORP COM COM 844895102 1,792 30,800 SH   SOLE   25,990 0 4,810
T-MOBILE US INC COM COM 872590104 34,355 1,084,100 SH   SOLE   1,012,950 0 71,150
TELUS CORP COM COM 87971M103 3,567 107,320 SH   SOLE   105,575 0 1,745
TERRAFORM PWR INC CL A COM COM 88104R100 1,098 30,075 SH   SOLE   30,075 0 0
TIME WARNER CABLE INC COM COM 88732J207 71,567 477,498 SH   SOLE   452,168 0 25,330
TOTAL S.A. ADRS COM 89151E109 289 5,820 SH   SOLE   350 0 5,470
TRANSCANADA CORP COM 89353D107 4,529 106,015 SH   SOLE   91,495 0 14,520
UNION PAC CORP COM COM 907818108 128,062 1,182,368 SH   SOLE   1,094,073 0 88,295
VERIZON COMMUNICATIONS COM COM 92343V104 93,048 1,913,377 SH   SOLE   1,824,933 0 88,444
VODAFONE GROUP PUBLIC LTD CO A COM 92857W308 15,118 462,595 SH   SOLE   450,340 0 12,255
WELLS FARGO & CO NEW COM COM 949746101 490 9,000 SH   SOLE   0 0 9,000
WESTAR ENERGY INC. COM 95709T100 5,898 152,165 SH   SOLE   152,165 0 0
WILLIAMS COS INC COM COM 969457100 120,880 2,389,400 SH   SOLE   2,141,645 0 247,755
WISCONSIN ENERGY CORP COM COM 976657106 9,900 200,000 SH   SOLE   200,000 0 0
AMEREN ILL CO PFD 4.25% PFD 02361D308 909 10,300 SH   SOLE   10,300 0 0
ENTERGY LA LLC PFD SER A 6.95% PFD 293649307 796 7,900 SH   SOLE   7,900 0 0
ENTERGY MISS INC PFD P 6.25% PFD 29364N850 250 10,000 SH   SOLE   10,000 0 0
ENTERGY MISSISSIPPI 4.56% PFD 29364N306 348 3,520 SH   SOLE   3,520 0 0
ENTERGY NEW ORLEANS INC 4.36% PFD 29364P202 424 4,500 SH   SOLE   4,500 0 0
UNION ELECTRIC CO PFD 906548607 451 4,738 SH   SOLE   4,738 0 0
WASHINGTON GAS LT CO PFD PFD 938837507 1,043 10,671 SH   SOLE   10,671 0 0
WELLS FARGO CO PFD 8% PFD 949746879 609 20,814 SH   SOLE   1,350 0 19,464
ENBRIDGE ENERGY PARTNERS LP LP 29250R106 5,402 150,000 SH   SOLE   150,000 0 0
ENTERPRISE PRODUCTS PARTNERS L LP 293792107 46,691 1,417,880 SH   SOLE   1,381,030 0 36,850
MARKWEST ENERGY PARTNERS LP LP 570759100 3,966 60,000 SH   SOLE   60,000 0 0
SHELL MIDSTREAM PARTNERS LP LP 822634101 1,950 50,000 SH   SOLE   50,000 0 0
TALARA OPPORTUNITIES II, LP LP 874111111 3,009 35,394 SH   SOLE   35,394 0 0
WILLIAMS PARTNERS L P COM UNIT LP 96949L105 10,238 208,013 SH   SOLE   208,013 0 0
TELUS CORPORATION COM 87971M103 17,706 533,029 SH   SOLE   477,600 0 55,429
TDC A/S COM 5698790 716 100,000 SH   SOLE   00000.00 0 0
BT GROUP COM 3091357 19,084 2,935,000 SH   SOLE   2,935,000 0 0
NATIONAL GRID PLC COM B08SNH3 21,116 1,645,000 SH   SOLE   1,645,000 0 0
SSE PLC COM 0790873 1,112 50,000 SH   SOLE   50,000 0 0
VODAFONE COM BH4HKS3 3,570 1,090,909 SH   SOLE   1,090,909 0 0
TERNA COM B01BN57 881 200,000 SH   SOLE   00000.00 0 0
RED ELECTRICA CORP COM 5723777 976 12,000 SH   SOLE   12,000 0 0
REAVES UTIL INCOME FD COM SH B CEF 756158101 2,441 80,679 SH   SOLE   20,783 0 59,896
IENOVA COM B84XBP2 3,688 675,000 SH   SOLE   675,000 0 0