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 852 18,550 SH   SOLE   10,000 0 8,550
AMEREN CORP COM COM 023608102 15,341 400,245 SH   SOLE   400,245 0 0
AMERICAN TOWER REIT COM COM 03027X100 87,324 932,653 SH   SOLE   828,908 0 103,745
AMERICAN WATER WORKS COM 030420103 101,569 2,105,932 SH   SOLE   1,936,587 0 169,345
ANNALY MTG MGMT INC COM COM 035710409 6,665 624,025 SH   SOLE   506,525 0 117,500
AQUA AMERICA INC. COM 03836W103 6,024 256,000 SH   SOLE   256,000 0 0
AT & T INC. (NEW) COM 00206R102 44,242 1,255,447 SH   SOLE   1,223,897 0 31,550
ATMOS ENERGY CORP COM COM 049560105 6,478 135,815 SH   SOLE   112,750 0 23,065
BCE INC COM NEW COM 05534B760 83,137 1,944,275 SH   SOLE   1,851,659 0 92,616
BERKSHIRE HATHAWAY INC CLASS B COM 084670702 5,581 40,400 SH   SOLE   1,100 0 39,300
BP PLC SPONS ADR COM 055622104 10,637 242,021 SH   SOLE   179,566 0 62,455
BT GROUP PLC ADR COM 05577E101 19,996 325,251 SH   SOLE   275,876 0 49,375
CENOVUS ENERGY COM 15135U109 14,741 548,415 SH   SOLE   457,900 0 90,515
CENTURYLINK INC COM 156700106 15,344 375,255 SH   SOLE   351,630 0 23,625
CHARTER COMMUNCTNS DEL CL A COM 16117M305 40,821 269,680 SH   SOLE   245,025 0 24,655
CMS ENERGY CORP COM COM 125896100 2,106 71,000 SH   SOLE   71,000 0 0
COMCAST CORP CLASS A COM 20030N101 58,671 1,090,947 SH   SOLE   910,497 0 180,450
COMPANHIA DE SANEAMENTO BASICO COM 20441A102 1,622 200,000 SH   SOLE   200,000 0 0
COSTCO WHSL CORP NEW COM COM 22160K105 501 4,000 SH   SOLE   4,000 0 0
DOMINION RES VA NEW COM COM 25746U109 104,288 1,509,451 SH   SOLE   1,386,506 0 122,945
DTE ENERGY CO COM COM 233331107 127,687 1,678,325 SH   SOLE   1,557,983 0 120,342
DUKE ENERGY CORP NEW COM NEW COM 26441C204 64,696 865,269 SH   SOLE   860,444 0 4,825
EDISON INTL COM COM 281020107 4,474 80,000 SH   SOLE   80,000 0 0
ENBRIDGE INC COM COM 29250N105 5,979 124,883 SH   SOLE   124,733 0 150
ENERGEN CORP COM 29265N108 17,497 242,202 SH   SOLE   208,402 0 33,800
ENTERGY CORP NEW COM COM 29364G103 49,878 645,000 SH   SOLE   645,000 0 0
EQT CORP COM COM 26884L109 4,833 52,793 SH   SOLE   50,051 0 2,742
EXELON CORP COM COM 30161N101 11,659 342,000 SH   SOLE   342,000 0 0
EXXON MOBIL CORP COM 30231G102 17,586 186,986 SH   SOLE   148,766 0 38,220
FIRST SOLAR INC COM 336433107 14,603 221,900 SH   SOLE   197,250 0 24,650
FMC TECHNOLOGIES INC COM COM 30249U101 11,770 216,725 SH   SOLE   167,700 0 49,025
GENERAL DYNAMICS CORP COM COM 369550108 229 1,800 SH   SOLE   0 0 1,800
GENERAL ELEC CO COM COM 369604103 269 10,500 SH   SOLE   0 0 10,500
HALLIBURTON CO COM COM 406216101 12,647 196,045 SH   SOLE   164,345 0 31,700
HESS CORPORATION COM 42809H107 40,625 430,710 SH   SOLE   356,420 0 74,290
INTEGRYS ENERGY GROUP INC. COM 45822P105 38,531 594,435 SH   SOLE   580,860 0 13,575
INTERNATIONAL BUS MACH COM COM 459200101 323 1,700 SH   SOLE   0 0 1,700
ITC HOLDINGS CORP. COM 465685105 130,194 3,654,061 SH   SOLE   3,382,221 0 271,840
JOHNSON & JOHNSON COM COM 478160104 256 2,400 SH   SOLE   0 0 2,400
KBR INC COM COM 48242W106 192 10,200 SH   SOLE   10,200 0 0
KINDER MORGAN INC KANS COM COM 49456B101 694 18,100 SH   SOLE   14,500 0 3,600
LIBERTY GLOBAL PLC SHS CL A COM G5480U104 13,379 314,500 SH   SOLE   274,400 0 40,100
LIBERTY GLOBAL PLC SHS CL C COM G5480U120 10,941 266,763 SH   SOLE   193,065 0 73,698
LYONDELLBASELL INDUSTR SHS - A COM N53745100 18,468 169,965 SH   SOLE   152,890 0 17,075
NATIONAL FUEL GAS CO N J COM 636180101 4,199 60,000 SH   SOLE   60,000 0 0
NATIONAL GRID PLC SPON ADR NEW COM 636274300 48,064 668,666 SH   SOLE   648,741 0 19,925
NEXTERA ENERGY INC COM COM 65339F101 135,686 1,445,317 SH   SOLE   1,333,013 0 112,304
NEXTERA ENERGY PARTNERS LP COM 65341B106 1,318 38,000 SH   SOLE   38,000 0 0
NISOURCE INC COM COM 65473P105 45,567 1,111,940 SH   SOLE   1,083,337 0 28,603
NOBLE ENERGY COM COM 655044105 16,979 248,375 SH   SOLE   205,250 0 43,125
NORTHEAST UTILS COM COM 664397106 76,159 1,719,163 SH   SOLE   1,580,313 0 138,850
NRG ENERGY INC COM COM 629377508 11,209 367,740 SH   SOLE   319,195 0 48,545
NRG YIELD INC COM CL A COM 62942X108 3,670 78,000 SH   SOLE   78,000 0 0
OCCIDENTAL PETE CP DEL COM COM 674599105 42,566 442,707 SH   SOLE   368,412 0 74,295
OGE ENERGY CORP COM COM 670837103 1,113 30,000 SH   SOLE   30,000 0 0
ONE GAS INC COM COM 68235P108 26,543 774,964 SH   SOLE   709,551 0 65,413
ONEOK INC NEW COM COM 682680103 20,458 312,100 SH   SOLE   300,670 0 11,430
PATTERN ENERGY GROUP INC COM 70338P100 3,308 107,000 SH   SOLE   107,000 0 0
PG&E CORP COM COM 69331C108 22,537 500,375 SH   SOLE   500,000 0 375
PHILLIP MORRIS INTERNATIONAL COM 718172109 1,211 14,518 SH   SOLE   9,500 0 5,018
PINNACLE WEST CAP CORP COM COM 723484101 73,578 1,346,587 SH   SOLE   1,227,425 0 119,162
PIONEER NAT RES CO COM COM 723787107 22,945 116,488 SH   SOLE   98,133 0 18,355
PORTLAND GEN ELEC CO COM NEW COM 736508847 18,597 579,000 SH   SOLE   524,650 0 54,350
PPG INDS INC COM COM 693506107 551 2,800 SH   SOLE   0 0 2,800
PPL CORP COM COM 69351T106 35,345 1,076,282 SH   SOLE   1,075,107 0 1,175
ROYAL DUTCH SHELL PLC ADRS B COM 780259107 1,159 14,649 SH   SOLE   755 0 13,894
ROYAL DUTCH SHELL PLC SPONS AD COM 780259206 18,102 237,775 SH   SOLE   194,920 0 42,855
SBA COMMUNICATIONS CORP COM 78388J106 1,442 13,000 SH   SOLE   13,000 0 0
SCANA CORP NEW COM COM 80589M102 97,599 1,967,320 SH   SOLE   1,863,470 0 103,850
SCHLUMBERGER LTD COM COM 806857108 42,892 421,789 SH   SOLE   345,874 0 75,915
SEMPRA ENERGY COM COM 816851109 63,589 603,430 SH   SOLE   566,210 0 37,220
SOUTH JERSEY IND COM 838518108 32,329 605,863 SH   SOLE   520,453 0 85,410
SOUTHERN CO COM COM 842587107 31,068 711,750 SH   SOLE   710,000 0 1,750
SOUTHWEST GAS CORP COM COM 844895102 9,621 198,051 SH   SOLE   164,696 0 33,355
T-MOBILE US INC COM COM 872590104 1,474 51,050 SH   SOLE   45,600 0 5,450
TECO ENERGY INC COM COM 872375100 9,843 566,350 SH   SOLE   536,300 0 30,050
TELEFONICA BRASIL S.A. ADR COM 87936R106 4,084 207,500 SH   SOLE   207,500 0 0
TELUS CORP COM COM 87971M103 7,680 224,683 SH   SOLE   213,588 0 11,095
TERRAFORM PWR INC CL A COM COM 88104R100 5,084 176,150 SH   SOLE   146,900 0 29,250
TIME WARNER CABLE INC COM COM 88732J207 22,912 159,676 SH   SOLE   154,150 0 5,526
TOTAL S.A. ADRS COM 89151E109 1,206 18,715 SH   SOLE   1,190 0 17,525
TRANSCANADA CORP COM 89353D107 27,745 538,420 SH   SOLE   458,452 0 79,968
UNION PAC CORP COM COM 907818108 133,573 1,231,997 SH   SOLE   1,138,467 0 93,530
V F CORP COM COM 918204108 343 5,200 SH   SOLE   0 0 5,200
VALERO ENERGY CORP NEW COM COM 91913Y100 324 7,000 SH   SOLE   7,000 0 0
VERIZON COMMUNICATIONS COM COM 92343V104 123,382 2,468,125 SH   SOLE   2,296,187 0 171,938
VODAFONE GROUP PUBLIC LTD CO A COM 92857W308 23,519 715,090 SH   SOLE   701,735 0 13,355
WELLS FARGO & CO NEW COM COM 949746101 467 9,000 SH   SOLE   0 0 9,000
WESTAR ENERGY INC. COM 95709T100 6,257 183,390 SH   SOLE   183,240 0 150
WILLIAMS COS INC COM COM 969457100 110,324 1,993,210 SH   SOLE   1,790,360 0 202,850
WISCONSIN ENERGY CORP COM COM 976657106 11,006 255,960 SH   SOLE   255,960 0 0
AMEREN ILL CO PFD 4.25% PFD 02361D308 855 10,300 SH   SOLE   10,300 0 0
ENTERGY LA LLC PFD SER A 6.95% PFD 293649307 792 7,900 SH   SOLE   7,900 0 0
ENTERGY MISS INC PFD P 6.25% PFD 29364N850 279 10,000 SH   SOLE   10,000 0 0
ENTERGY MISSISSIPPI 4.56% PFD 29364N306 331 3,520 SH   SOLE   3,520 0 0
ENTERGY NEW ORLEANS INC 4.36% PFD 29364P202 400 4,500 SH   SOLE   4,500 0 0
WELLS FARGO CO PFD 8% PFD 949746879 667 22,989 SH   SOLE   1,350 0 21,639
ENBRIDGE ENERGY PARTNERS LP LP 29250R106 5,828 150,000 SH   SOLE   150,000 0 0
ENTERPRISE PRODUCTS PARTNERS L LP 293792107 52,328 1,298,450 SH   SOLE   1,260,000 0 38,450
MARKWEST ENERGY PARTNERS LP LP 570759100 6,376 83,000 SH   SOLE   83,000 0 0
TALARA OPPORTUNITIES II, LP LP 874111111 2,564 30,165 SH   SOLE   30,165 0 0
WILLIAMS PARTNERS_LP LP 96950F104 12,732 240,000 SH   SOLE   240,000 0 0
TELUS CORPORATION COM 87971M103 18,386 537,310 SH   SOLE   480,605 0 56,705
BT GROUP COM 3091357 18,062 2,935,000 SH   SOLE   2,935,000 0 0
NATIONAL GRID PLC COM B08SNH3 23,681 1,645,000 SH   SOLE   1,645,000 0 0
SSE PLC COM 0790873 1,254 50,000 SH   SOLE   50,000 0 0
VODAFONE COM BH4HKS3 3,615 1,090,909 SH   SOLE   1,090,909 0 0
REAVES UTIL INCOME FD COM SH B CEF 756158101 1,744 60,083 SH   SOLE   20,783 0 39,300
IENOVA COM B84XBP2 3,540 580,000 SH   SOLE   580,000 0 0