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 914 18,550 SH   SOLE   10,000 0 8,550
AMEREN CORP COM COM 023608102 13,850 300,245 SH   SOLE   300,245 0 0
AMERICAN TOWER REIT COM COM 03027X100 93,195 942,793 SH   SOLE   838,853 0 103,940
AMERICAN WATER WORKS COM 030420103 112,241 2,105,842 SH   SOLE   1,937,087 0 168,755
ANADARKO PETE CORP COM COM 032511107 1,898 23,000 SH   SOLE   23,000 0 0
ANNALY MTG MGMT INC COM COM 035710409 2,702 249,950 SH   SOLE   141,650 0 108,300
AQUA AMERICA INC. COM 03836W103 6,835 256,000 SH   SOLE   256,000 0 0
AT & T INC. (NEW) COM 00206R102 43,372 1,291,220 SH   SOLE   1,244,595 0 46,625
ATMOS ENERGY CORP COM COM 049560105 17,551 314,875 SH   SOLE   249,635 0 65,240
BCE INC COM NEW COM 05534B760 89,179 1,944,589 SH   SOLE   1,849,173 0 95,416
BERKSHIRE HATHAWAY INC CLASS B COM 084670702 6,066 40,400 SH   SOLE   1,100 0 39,300
BP PLC SPONS ADR COM 055622104 4,702 123,350 SH   SOLE   105,775 0 17,575
BT GROUP PLC ADR COM 05577E101 15,631 252,150 SH   SOLE   217,275 0 34,875
CALIFORNIA RESOURCES CORP COM 13057Q107 139 25,317 SH   SOLE   21,703 0 3,614
CANADIAN PACIFIC LTD COM 13645T100 1,927 10,000 SH   SOLE   10,000 0 0
CENOVUS ENERGY COM 15135U109 512 24,850 SH   SOLE   24,850 0 0
CENTURYLINK INC COM 156700106 24,116 609,290 SH   SOLE   581,965 0 27,325
CHARTER COMMUNCTNS DEL CL A COM 16117M305 51,312 307,960 SH   SOLE   276,395 0 31,565
CHESAPEAKE ENERGY CORP COM COM 165167107 196 10,000 SH   SOLE   0 0 10,000
CMS ENERGY CORP COM COM 125896100 2,467 71,000 SH   SOLE   71,000 0 0
COGENT COMMUNICATIONS COM NEW COM 19239V302 8,256 233,300 SH   SOLE   197,336 0 35,964
COMCAST CORP CLASS A COM 20030N101 62,263 1,073,307 SH   SOLE   894,507 0 178,800
CONSOLIDATED EDISON INC COM 209115104 5,736 86,900 SH   SOLE   72,650 0 14,250
COSTCO WHSL CORP NEW COM COM 22160K105 567 4,000 SH   SOLE   4,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 25,954 329,785 SH   SOLE   282,330 0 47,455
DOMINION RES VA NEW COM COM 25746U109 116,818 1,519,096 SH   SOLE   1,395,481 0 123,615
DTE ENERGY CO COM COM 233331107 144,425 1,672,165 SH   SOLE   1,552,633 0 119,532
DUKE ENERGY CORP NEW COM NEW COM 26441C204 71,043 850,404 SH   SOLE   843,499 0 6,905
EDISON INTL COM COM 281020107 4,911 75,000 SH   SOLE   75,000 0 0
ENBRIDGE INC COM COM 29250N105 5,337 103,803 SH   SOLE   103,653 0 150
ENERGEN CORP COM 29265N108 14,537 228,002 SH   SOLE   194,402 0 33,600
ENERGY SELECT SECTOR SPDR COM 81369Y506 469 5,925 SH   SOLE   5,925 0 0
ENTERGY CORP NEW COM COM 29364G103 53,800 615,000 SH   SOLE   615,000 0 0
EOG RES INC COM COM 26875P101 2,302 25,000 SH   SOLE   25,000 0 0
EQT CORP COM COM 26884L109 4,020 53,103 SH   SOLE   50,221 0 2,882
EXELON CORP COM COM 30161N101 7,045 190,000 SH   SOLE   190,000 0 0
EXXON MOBIL CORP COM 30231G102 19,697 213,061 SH   SOLE   171,021 0 42,040
FIRST SOLAR INC COM 336433107 9,850 220,885 SH   SOLE   190,145 0 30,740
GENERAL DYNAMICS CORP COM COM 369550108 248 1,800 SH   SOLE   0 0 1,800
GENERAL ELEC CO COM COM 369604103 265 10,500 SH   SOLE   0 0 10,500
HALLIBURTON CO COM COM 406216101 5,950 151,295 SH   SOLE   125,095 0 26,200
HAWAIIAN ELECTRIC INDUST INC COM 419870100 837 25,000 SH   SOLE   25,000 0 0
HESS CORPORATION COM 42809H107 33,714 456,700 SH   SOLE   374,570 0 82,130
INTEGRYS ENERGY GROUP INC. COM 45822P105 47,817 614,215 SH   SOLE   600,915 0 13,300
ITC HOLDINGS CORP. COM 465685105 145,643 3,602,346 SH   SOLE   3,330,506 0 271,840
JOHNSON & JOHNSON COM COM 478160104 251 2,400 SH   SOLE   0 0 2,400
KINDER MORGAN INC KANS COM COM 49456B101 11,517 272,200 SH   SOLE   235,800 0 36,400
LEVEL 3 COMMUNICTIONS COM NEW COM 52729N308 839 17,000 SH   SOLE   17,000 0 0
LIBERTY GLOBAL PLC SHS CL A COM G5480U104 18,747 373,405 SH   SOLE   324,445 0 48,960
LIBERTY GLOBAL PLC SHS CL C COM G5480U120 11,809 244,441 SH   SOLE   171,010 0 73,431
LYONDELLBASELL INDUSTR SHS - A COM N53745100 6,213 78,260 SH   SOLE   67,970 0 10,290
NATIONAL FUEL GAS CO N J COM 636180101 4,172 60,000 SH   SOLE   60,000 0 0
NATIONAL GRID PLC SPON ADR NEW COM 636274300 46,752 661,641 SH   SOLE   642,056 0 19,585
NEXTERA ENERGY INC COM COM 65339F101 154,495 1,453,528 SH   SOLE   1,341,774 0 111,754
NEXTERA ENERGY PARTNERS LP COM 65341B106 1,384 41,000 SH   SOLE   41,000 0 0
NISOURCE INC COM COM 65473P105 47,049 1,109,130 SH   SOLE   1,080,967 0 28,163
NOBLE ENERGY COM COM 655044105 10,267 216,475 SH   SOLE   184,875 0 31,600
NORTHEAST UTILS COM COM 664397106 71,528 1,336,476 SH   SOLE   1,295,541 0 40,935
NRG ENERGY INC COM COM 629377508 12,090 448,590 SH   SOLE   359,700 0 88,890
NRG YIELD INC COM CL A COM 62942X108 3,677 78,000 SH   SOLE   78,000 0 0
OCCIDENTAL PETE CP DEL COM COM 674599105 40,256 499,386 SH   SOLE   408,691 0 90,695
ONE GAS INC COM COM 68235P108 20,771 503,917 SH   SOLE   470,752 0 33,165
ONEOK INC NEW COM COM 682680103 3,192 64,100 SH   SOLE   52,670 0 11,430
PATTERN ENERGY GROUP INC COM 70338P100 3,517 142,600 SH   SOLE   142,600 0 0
PG&E CORP COM COM 69331C108 6,634 124,600 SH   SOLE   124,600 0 0
PHILLIP MORRIS INTERNATIONAL COM 718172109 1,182 14,518 SH   SOLE   9,500 0 5,018
PINNACLE WEST CAP CORP COM COM 723484101 76,987 1,127,028 SH   SOLE   1,000,780 0 126,248
PIONEER NAT RES CO COM COM 723787107 62,343 418,833 SH   SOLE   387,368 0 31,465
PPG INDS INC COM COM 693506107 647 2,800 SH   SOLE   0 0 2,800
PPL CORP COM COM 69351T106 38,706 1,065,390 SH   SOLE   1,065,000 0 390
RANGE RES CORP COM COM 75281A109 1,497 28,000 SH   SOLE   28,000 0 0
ROYAL DUTCH SHELL PLC ADRS B COM 780259107 1,528 21,969 SH   SOLE   1,365 0 20,604
ROYAL DUTCH SHELL PLC SPONS AD COM 780259206 37,808 564,720 SH   SOLE   498,090 0 66,630
SBA COMMUNICATIONS CORP COM 78388J106 1,440 13,000 SH   SOLE   13,000 0 0
SCANA CORP NEW COM COM 80589M102 110,277 1,825,785 SH   SOLE   1,723,125 0 102,660
SCHLUMBERGER LTD COM COM 806857108 35,001 409,799 SH   SOLE   335,139 0 74,660
SELECT SECTOR SPDR-UTILITIES COM 81369Y886 897 18,995 SH   SOLE   18,995 0 0
SEMPRA ENERGY COM COM 816851109 69,773 626,550 SH   SOLE   587,435 0 39,115
SOUTH JERSEY IND COM 838518108 34,778 590,163 SH   SOLE   505,303 0 84,860
SOUTHERN CO COM COM 842587107 30,239 615,750 SH   SOLE   615,000 0 750
SOUTHWEST GAS CORP COM COM 844895102 2,118 34,260 SH   SOLE   25,165 0 9,095
T-MOBILE US INC COM COM 872590104 17,906 664,650 SH   SOLE   618,300 0 46,350
TECO ENERGY INC COM COM 872375100 1,025 50,000 SH   SOLE   50,000 0 0
TELUS CORP COM COM 87971M103 6,362 176,528 SH   SOLE   172,498 0 4,030
TERRAFORM PWR INC CL A COM COM 88104R100 225 7,300 SH   SOLE   7,300 0 0
TIME WARNER CABLE INC COM COM 88732J207 32,768 215,495 SH   SOLE   204,035 0 11,460
TOTAL S.A. ADRS COM 89151E109 521 10,180 SH   SOLE   715 0 9,465
TRANSCANADA CORP COM 89353D107 18,955 386,048 SH   SOLE   312,785 0 73,263
UNION PAC CORP COM COM 907818108 141,087 1,184,312 SH   SOLE   1,095,667 0 88,645
V F CORP COM COM 918204108 337 4,500 SH   SOLE   0 0 4,500
VERIZON COMMUNICATIONS COM COM 92343V104 104,561 2,235,172 SH   SOLE   2,109,777 0 125,395
VODAFONE GROUP PUBLIC LTD CO A COM 92857W308 21,640 633,290 SH   SOLE   620,235 0 13,055
WELLS FARGO & CO NEW COM COM 949746101 493 9,000 SH   SOLE   0 0 9,000
WESTAR ENERGY INC. COM 95709T100 7,493 181,690 SH   SOLE   181,540 0 150
WILLIAMS COS INC COM COM 969457100 105,796 2,354,170 SH   SOLE   2,111,365 0 242,805
WISCONSIN ENERGY CORP COM COM 976657106 13,445 254,935 SH   SOLE   254,935 0 0
AMEREN ILL CO PFD 4.25% PFD 02361D308 896 10,300 SH   SOLE   10,300 0 0
ENTERGY LA LLC PFD SER A 6.95% PFD 293649307 798 7,900 SH   SOLE   7,900 0 0
ENTERGY MISS INC PFD P 6.25% PFD 29364N850 240 10,000 SH   SOLE   10,000 0 0
ENTERGY MISSISSIPPI 4.56% PFD 29364N306 334 3,520 SH   SOLE   3,520 0 0
ENTERGY NEW ORLEANS INC 4.36% PFD 29364P202 415 4,500 SH   SOLE   4,500 0 0
UNION ELECTRIC CO PFD 906548607 442 4,738 SH   SOLE   4,738 0 0
WASHINGTON GAS LT CO PFD PFD 938837507 1,056 10,671 SH   SOLE   10,671 0 0
WELLS FARGO CO PFD 8% PFD 949746879 657 22,539 SH   SOLE   1,350 0 21,189
ENBRIDGE ENERGY PARTNERS LP LP 29250R106 5,985 150,000 SH   SOLE   150,000 0 0
ENTERPRISE PRODUCTS PARTNERS L LP 293792107 48,393 1,339,780 SH   SOLE   1,301,030 0 38,750
MARKWEST ENERGY PARTNERS LP LP 570759100 4,031 60,000 SH   SOLE   60,000 0 0
TALARA OPPORTUNITIES II, LP LP 874111111 2,991 35,183 SH   SOLE   35,183 0 0
WILLIAMS PARTNERS_LP LP 96950F104 10,740 240,000 SH   SOLE   240,000 0 0
TELUS CORPORATION COM 87971M103 19,285 533,234 SH   SOLE   477,805 0 55,429
BT GROUP COM 3091357 18,374 2,935,000 SH   SOLE   2,935,000 0 0
NATIONAL GRID PLC COM B08SNH3 23,549 1,645,000 SH   SOLE   1,645,000 0 0
SSE PLC COM 0790873 1,265 50,000 SH   SOLE   50,000 0 0
VODAFONE COM BH4HKS3 3,787 1,090,909 SH   SOLE   1,090,909 0 0
REAVES UTIL INCOME FD COM SH B CEF 756158101 2,483 75,583 SH   SOLE   20,783 0 54,800
IENOVA COM B84XBP2 2,987 596,500 SH   SOLE   596,500 0 0