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 782 18,650 SH   SOLE   10,000 0 8,650
AMEREN CORP COM COM 023608102 16,363 400,270 SH   SOLE   400,270 0 0
AMERICAN TOWER REIT COM COM 03027X100 93,696 1,041,296 SH   SOLE   939,848 0 101,448
AMERICAN WATER WORKS COM 030420103 107,156 2,166,957 SH   SOLE   1,996,497 0 170,460
ANNALY MTG MGMT INC COM COM 035710409 7,217 631,425 SH   SOLE   508,875 0 122,550
AQUA AMERICA INC. COM 03836W103 6,765 258,000 SH   SOLE   258,000 0 0
AT & T INC. (NEW) COM 00206R102 51,511 1,456,767 SH   SOLE   1,435,767 0 21,000
BCE INC COM NEW COM 05534B760 89,690 1,977,287 SH   SOLE   1,884,435 0 92,852
BERKSHIRE HATHAWAY INC CLASS B COM 084670702 5,252 41,500 SH   SOLE   1,100 0 40,400
BP PLC SPONS ADR COM 055622104 19,852 376,336 SH   SOLE   295,176 0 81,160
BT GROUP PLC ADR COM 05577E101 21,658 329,994 SH   SOLE   281,719 0 48,275
CENOVUS ENERGY COM 15135U109 16,894 521,895 SH   SOLE   444,880 0 77,015
CENTURYLINK INC COM 156700106 21,067 581,965 SH   SOLE   558,015 0 23,950
CHARTER COMMUNCTNS DEL CL A COM 16117M305 31,018 195,845 SH   SOLE   187,245 0 8,600
CHEVRON CORPORATION COM COM 166764100 12,311 94,300 SH   SOLE   81,150 0 13,150
CMS ENERGY CORP COM COM 125896100 2,243 72,000 SH   SOLE   72,000 0 0
COMCAST CORP CLASS A COM 20030N101 64,522 1,201,973 SH   SOLE   1,029,215 0 172,758
COMPANHIA DE SANEAMENTO BASICO COM 20441A102 6,883 642,100 SH   SOLE   642,100 0 0
CONSOLIDATED EDISON INC COM 209115104 693 12,000 SH   SOLE   12,000 0 0
CONTINENTAL RES INC COM COM 212015101 2,205 13,950 SH   SOLE   11,700 0 2,250
COSTCO WHSL CORP NEW COM COM 22160K105 461 4,000 SH   SOLE   4,000 0 0
DOMINION RES VA NEW COM COM 25746U109 101,805 1,423,451 SH   SOLE   1,320,781 0 102,670
DTE ENERGY CO COM COM 233331107 131,302 1,686,165 SH   SOLE   1,576,643 0 109,522
DUKE ENERGY CORP NEW COM NEW COM 26441C204 69,168 932,304 SH   SOLE   921,279 0 11,025
EDISON INTL COM COM 281020107 4,815 82,863 SH   SOLE   82,800 0 63
ENBRIDGE INC COM COM 29250N105 5,560 117,128 SH   SOLE   116,978 0 150
ENERGEN CORP COM 29265N108 16,096 181,102 SH   SOLE   163,552 0 17,550
ENERGY XXI LIMITED COM G10082140 201 8,500 SH   SOLE   8,500 0 0
ENSCO PLC SHS CLASS A COM G3157S106 2,223 40,000 SH   SOLE   40,000 0 0
ENTERGY CORP NEW COM COM 29364G103 52,948 645,000 SH   SOLE   645,000 0 0
EQT CORP COM COM 26884L109 5,579 52,191 SH   SOLE   49,301 0 2,890
EXELON CORP COM COM 30161N101 6,566 180,000 SH   SOLE   180,000 0 0
EXXON MOBIL CORP COM 30231G102 17,766 176,458 SH   SOLE   141,758 0 34,700
FIRST SOLAR INC COM 336433107 16,479 231,900 SH   SOLE   206,750 0 25,150
FMC TECHNOLOGIES INC COM COM 30249U101 11,983 196,225 SH   SOLE   153,200 0 43,025
GENERAL DYNAMICS CORP COM COM 369550108 210 1,800 SH   SOLE   0 0 1,800
GENERAL ELEC CO COM COM 369604103 276 10,500 SH   SOLE   0 0 10,500
HALLIBURTON CO COM COM 406216101 13,928 196,145 SH   SOLE   168,995 0 27,150
HESS CORPORATION COM 42809H107 43,355 438,418 SH   SOLE   367,950 0 70,468
INTEGRYS ENERGY GROUP INC. COM 45822P105 41,699 586,235 SH   SOLE   580,885 0 5,350
INTERNATIONAL BUS MACH COM COM 459200101 308 1,700 SH   SOLE   0 0 1,700
ITC HOLDINGS CORP. COM 465685105 135,580 3,716,544 SH   SOLE   3,451,431 0 265,113
JOHNSON & JOHNSON COM COM 478160104 251 2,400 SH   SOLE   0 0 2,400
KBR INC COM COM 48242W106 243 10,200 SH   SOLE   10,200 0 0
KINDER MORGAN INC KANS COM COM 49456B101 1,585 43,700 SH   SOLE   37,350 0 6,350
LAREDO PETROLEUM INC COM COM 516806106 220 7,100 SH   SOLE   7,100 0 0
LIBERTY GLOBAL PLC SHS CL A COM G5480U104 12,997 293,922 SH   SOLE   257,547 0 36,375
LIBERTY GLOBAL PLC SHS CL C COM G5480U120 18,299 432,495 SH   SOLE   358,235 0 74,260
LYONDELLBASELL INDUSTR SHS - A COM N53745100 21,111 216,188 SH   SOLE   196,965 0 19,223
NATIONAL FUEL GAS CO N J COM 636180101 4,698 60,000 SH   SOLE   60,000 0 0
NATIONAL GRID PLC SPON ADR NEW COM 636274300 47,382 637,021 SH   SOLE   615,511 0 21,510
NEXTERA ENERGY INC COM COM 65339F101 160,077 1,562,033 SH   SOLE   1,452,777 0 109,256
NEXTERA ENERGY PARTNERS LP COM 65341B106 670 20,000 SH   SOLE   20,000 0 0
NISOURCE INC COM COM 65473P105 45,754 1,163,030 SH   SOLE   1,136,437 0 26,593
NOBLE ENERGY COM COM 655044105 15,972 206,200 SH   SOLE   171,675 0 34,525
NORTHEAST UTILS COM COM 664397106 80,542 1,703,863 SH   SOLE   1,571,541 0 132,322
NRG ENERGY INC COM COM 629377508 15,260 410,205 SH   SOLE   365,860 0 44,345
NRG YIELD INC COM CL A COM 62942X108 6,662 128,000 SH   SOLE   128,000 0 0
OCCIDENTAL PETE CP DEL COM COM 674599105 49,612 483,407 SH   SOLE   412,662 0 70,745
OGE ENERGY CORP COM COM 670837103 1,172 30,000 SH   SOLE   30,000 0 0
ONE GAS INC COM COM 68235P108 33,774 894,684 SH   SOLE   817,458 0 77,226
ONEOK INC NEW COM COM 682680103 28,341 416,285 SH   SOLE   404,710 0 11,575
PATTERN ENERGY GROUP INC COM 70338P100 2,053 62,000 SH   SOLE   62,000 0 0
PG&E CORP COM COM 69331C108 33,632 700,375 SH   SOLE   700,000 0 375
PHILLIP MORRIS INTERNATIONAL COM 718172109 1,224 14,518 SH   SOLE   9,500 0 5,018
PINNACLE WEST CAP CORP COM COM 723484101 83,144 1,437,487 SH   SOLE   1,335,850 0 101,637
PIONEER NAT RES CO COM COM 723787107 20,207 87,930 SH   SOLE   78,695 0 9,235
PORTLAND GEN ELEC CO COM NEW COM 736508847 20,036 577,900 SH   SOLE   527,950 0 49,950
PPG INDS INC COM COM 693506107 588 2,800 SH   SOLE   0 0 2,800
PPL CORP COM COM 69351T106 45,123 1,270,002 SH   SOLE   1,217,817 0 52,185
ROYAL DUTCH SHELL PLC ADRS B COM 780259107 1,331 15,299 SH   SOLE   1,055 0 14,244
ROYAL DUTCH SHELL PLC SPONS AD COM 780259206 15,770 191,450 SH   SOLE   172,480 0 18,970
SCANA CORP NEW COM COM 80589M102 113,079 2,101,451 SH   SOLE   1,963,960 0 137,491
SCHLUMBERGER LTD COM COM 806857108 50,516 428,284 SH   SOLE   355,281 0 73,003
SEADRILL LIMITED COM G7945E105 7,998 200,200 SH   SOLE   200,000 0 200
SEMPRA ENERGY COM COM 816851109 63,750 608,820 SH   SOLE   573,650 0 35,170
SOUTH JERSEY IND COM 838518108 37,591 622,259 SH   SOLE   551,438 0 70,821
SOUTHERN CO COM COM 842587107 32,299 711,750 SH   SOLE   710,000 0 1,750
SOUTHWEST GAS CORP COM COM 844895102 10,970 207,805 SH   SOLE   180,790 0 27,015
SOUTHWESTERN ENERGY CO COM COM 845467109 318 7,000 SH   SOLE   7,000 0 0
TECO ENERGY INC COM COM 872375100 1,109 60,000 SH   SOLE   60,000 0 0
TELEFONICA BRASIL S.A. COM 87936R106 4,461 217,500 SH   SOLE   217,500 0 0
TELUS CORP COM COM 87971M103 14,204 381,414 SH   SOLE   322,191 0 59,223
TIME WARNER CABLE INC COM COM 88732J207 15,319 104,000 SH   SOLE   104,000 0 0
TOTAL S.A. ADRS COM 89151E109 1,393 19,290 SH   SOLE   1,565 0 17,725
TRANSCANADA CORP COM 89353D107 42,362 887,730 SH   SOLE   775,257 0 112,473
ULTRA PETROLEUM CORP COM 903914109 742 25,000 SH   SOLE   25,000 0 0
UNION PAC CORP COM COM 907818108 138,677 1,390,242 SH   SOLE   1,292,472 0 97,770
V F CORP COM COM 918204108 328 5,200 SH   SOLE   0 0 5,200
VERIZON COMMUNICATIONS COM COM 92343V104 136,586 2,791,467 SH   SOLE   2,622,501 0 168,966
VODAFONE GROUP PUBLIC LTD CO COM 92857W308 47,314 1,417,019 SH   SOLE   1,349,588 0 67,431
WELLS FARGO & CO NEW COM COM 949746101 473 9,000 SH   SOLE   0 0 9,000
WESTAR ENERGY INC. COM 95709T100 22,689 594,115 SH   SOLE   593,865 0 250
WILLIAMS COS INC COM COM 969457100 117,838 2,024,360 SH   SOLE   1,830,390 0 193,970
WISCONSIN ENERGY CORP COM COM 976657106 24,780 528,135 SH   SOLE   528,135 0 0
AMEREN ILL CO PFD 4.25% PFD 02361D308 865 10,300 SH   SOLE   10,300 0 0
ENTERGY LA LLC PFD SER A 6.95% PFD 293649307 806 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 326 3,520 SH   SOLE   3,520 0 0
ENTERGY NEW ORLEANS INC 4.36% PFD 29364P202 404 4,500 SH   SOLE   4,500 0 0
WELLS FARGO CO PFD 8% PFD 949746879 710 23,864 SH   SOLE   1,725 0 22,139
ENBRIDGE ENERGY PARTNERS LP LP 29250R106 5,540 150,000 SH   SOLE   150,000 0 0
ENTERPRISE PRODUCTS PARTNERS L LP 293792107 50,840 649,375 SH   SOLE   630,000 0 19,375
MARKWEST ENERGY PARTNERS LP LP 570759100 20,901 292,000 SH   SOLE   292,000 0 0
TALARA OPPORTUNITIES II, LP LP 874111111 2,453 28,864 SH   SOLE   28,864 0 0
WILLIAMS PARTNERS_LP LP 96950F104 13,030 240,000 SH   SOLE   240,000 0 0
TELUS CORPORATION COM 87971M103 38,144 1,021,610 SH   SOLE   958,205 0 63,405
BT GROUP COM 3091357 20,388 3,098,000 SH   SOLE   3,098,000 0 0
NATIONAL GRID PLC COM B08SNH3 23,627 1,645,000 SH   SOLE   1,645,000 0 0
VODAFONE COM BH4HKS3 5,638 1,690,909 SH   SOLE   1,690,909 0 0
TELECOM CORP NZ ORD SHARES COM 6881436 4,106 1,750,000 SH   SOLE   1,750,000 0 0
REAVES UTIL INCOME FD COM SH B CEF 756158101 1,802 60,133 SH   SOLE   20,833 0 39,300
IENOVA COM B84XBP2 3,218 580,000 SH   SOLE   580,000 0 0