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
ALLETE INC COM NEW COM 018522300 499 10,000 SH   SOLE   10,000 0 0
ALLIANT CORP COM COM 018802108 774 15,000 SH   SOLE   15,000 0 0
ALTRIA GROUP INC. COM 02209S103 6,859 178,668 SH   SOLE   170,000 0 8,668
AMEREN CORP COM COM 023608102 7,531 208,270 SH   SOLE   208,270 0 0
AMERICAN TOWER REIT COM COM 03027X100 95,182 1,192,461 SH   SOLE   1,095,176 0 97,285
AMERICAN WATER WORKS COM 030420103 90,373 2,138,511 SH   SOLE   1,981,186 0 157,325
ANADARKO PETE CORP COM COM 032511107 4,771 60,150 SH   SOLE   53,100 0 7,050
ANNALY MTG MGMT INC COM COM 035710409 16,436 1,648,500 SH   SOLE   1,573,025 0 75,475
AQUA AMERICA INC. COM 03836W103 5,732 243,000 SH   SOLE   243,000 0 0
AT & T INC. (NEW) COM 00206R102 99,310 2,824,516 SH   SOLE   2,729,645 0 94,871
BCE INC COM NEW COM 05534B760 93,431 2,158,252 SH   SOLE   2,050,200 0 108,052
BERKSHIRE HATHAWAY INC CLASS B COM 084670702 4,917 41,470 SH   SOLE   800 0 40,670
BP PLC SPONS ADR COM 055622104 15,507 319,000 SH   SOLE   267,500 0 51,500
BT GROUP PLC ADR COM 05577E101 8,859 140,337 SH   SOLE   113,887 0 26,450
CALPINE CORP COM COM 131347304 634 32,500 SH   SOLE   32,500 0 0
CAMERON INTL CORP COM COM 13342B105 3,017 50,675 SH   SOLE   23,650 0 27,025
CENOVUS ENERGY COM 15135U109 16,541 577,338 SH   SOLE   500,013 0 77,325
CENTURYLINK INC COM 156700106 26,997 847,641 SH   SOLE   833,841 0 13,800
COMCAST CORP CLASS A COM 20030N101 75,404 1,451,058 SH   SOLE   1,289,258 0 161,800
COMPANHIA DE SANEAMENTO BASICO COM 20441A102 10,886 960,000 SH   SOLE   960,000 0 0
COMPANHIA ENERGETICA DE MINA COM 204409601 4,169 535,142 SH   SOLE   535,142 0 0
CONTINENTAL RES INC COM COM 212015101 4,211 37,425 SH   SOLE   32,375 0 5,050
COSTCO WHSL CORP NEW COM COM 22160K105 476 4,000 SH   SOLE   4,000 0 0
DOMINION RES VA NEW COM COM 25746U109 96,501 1,491,751 SH   SOLE   1,412,636 0 79,115
DTE ENERGY CO COM COM 233331107 123,012 1,852,867 SH   SOLE   1,751,575 0 101,292
DUKE ENERGY CORP NEW COM NEW COM 26441C204 54,555 790,539 SH   SOLE   778,619 0 11,920
EDISON INTL COM COM 281020107 31,618 682,899 SH   SOLE   631,289 0 51,610
ENBRIDGE INC COM COM 29250N105 8,067 184,689 SH   SOLE   184,489 0 200
ENERGEN CORP COM 29265N108 17,031 240,720 SH   SOLE   217,894 0 22,826
ENTERGY CORP NEW COM COM 29364G103 55,994 885,000 SH   SOLE   885,000 0 0
EQT CORP COM COM 26884L109 19,841 220,991 SH   SOLE   202,661 0 18,330
EXXON MOBIL CORP COM 30231G102 33,894 334,924 SH   SOLE   270,684 0 64,240
FIRST SOLAR INC COM 336433107 382 7,000 SH   SOLE   7,000 0 0
FMC TECHNOLOGIES INC COM COM 30249U101 4,862 93,125 SH   SOLE   83,450 0 9,675
GENERAL ELEC CO COM COM 369604103 294 10,500 SH   SOLE   0 0 10,500
GOODRICH PETE CORP COM 382410405 255 15,000 SH   SOLE   15,000 0 0
HALLIBURTON CO COM COM 406216101 10,982 216,400 SH   SOLE   186,750 0 29,650
HESS CORPORATION COM 42809H107 21,860 263,370 SH   SOLE   218,710 0 44,660
IDACORP INC COM COM 451107106 1,348 26,000 SH   SOLE   26,000 0 0
INTEGRYS ENERGY GROUP INC. COM 45822P105 49,060 901,672 SH   SOLE   870,522 0 31,150
INTERNATIONAL BUS MACH COM COM 459200101 319 1,700 SH   SOLE   0 0 1,700
ITC HOLDINGS CORP. COM 465685105 128,754 1,343,709 SH   SOLE   1,250,079 0 93,630
JOHNSON & JOHNSON COM COM 478160104 220 2,400 SH   SOLE   0 0 2,400
LIBERTY GLOBAL PLC SHS CL A COM G5480U104 8,001 89,900 SH   SOLE   83,550 0 6,350
LIBERTY GLOBAL PLC SHS CL C COM G5480U120 1,391 16,500 SH   SOLE   3,000 0 13,500
LYONDELLBASELL INDUSTR SHS - A COM N53745100 14,685 182,925 SH   SOLE   166,550 0 16,375
NATIONAL FUEL GAS CO N J COM 636180101 6,776 94,900 SH   SOLE   90,400 0 4,500
NATIONAL GRID PLC SPON ADR NEW COM 636274300 51,195 783,756 SH   SOLE   761,596 0 22,160
NATIONAL OILWELL VARCO INC. COM 637071101 4,229 53,175 SH   SOLE   53,100 0 75
NEW JERSEY RES COM COM 646025106 7,116 153,900 SH   SOLE   153,900 0 0
NEXTERA ENERGY INC COM COM 65339F101 139,558 1,629,966 SH   SOLE   1,532,628 0 97,338
NISOURCE INC COM COM 65473P105 44,360 1,349,152 SH   SOLE   1,318,356 0 30,796
NORTHEAST UTILS COM COM 664397106 45,782 1,080,013 SH   SOLE   1,028,396 0 51,617
NRG ENERGY INC COM COM 629377508 3,277 114,100 SH   SOLE   98,700 0 15,400
NRG YIELD INC COM CL A COM 62942X108 4,521 113,000 SH   SOLE   113,000 0 0
OCCIDENTAL PETE CP DEL COM COM 674599105 38,020 399,787 SH   SOLE   341,887 0 57,900
ONEOK INC NEW COM COM 682680103 77,207 1,241,675 SH   SOLE   1,168,815 0 72,860
PENN WEST PETE LTD NEW COM COM 707887105 1,421 170,000 SH   SOLE   170,000 0 0
PG&E CORP COM COM 69331C108 18,994 471,550 SH   SOLE   471,550 0 0
PHILLIP MORRIS INTERNATIONAL COM 718172109 1,265 14,518 SH   SOLE   9,500 0 5,018
PINNACLE WEST CAP CORP COM COM 723484101 88,720 1,676,502 SH   SOLE   1,595,715 0 80,787
PIONEER NAT RES CO COM COM 723787107 4,749 25,800 SH   SOLE   22,400 0 3,400
PORTLAND GEN ELEC CO COM NEW COM 736508847 17,824 590,200 SH   SOLE   590,000 0 200
PPG INDS INC COM COM 693506107 531 2,800 SH   SOLE   0 0 2,800
PPL CORP COM COM 69351T106 46,929 1,559,615 SH   SOLE   1,489,275 0 70,340
QUALCOMM INC COM COM 747525103 1,804 24,300 SH   SOLE   21,790 0 2,510
ROYAL DUTCH SHELL PLC ADRS B COM 780259107 1,429 19,029 SH   SOLE   1,235 0 17,794
SCANA CORP NEW COM COM 80589M102 102,097 2,175,522 SH   SOLE   2,060,216 0 115,306
SCHLUMBERGER LTD COM COM 806857108 44,753 496,649 SH   SOLE   429,509 0 67,140
SEADRILL LIMITED COM G7945E105 17,327 421,795 SH   SOLE   369,950 0 51,845
SEMPRA ENERGY COM COM 816851109 39,104 435,655 SH   SOLE   416,405 0 19,250
SOUTH JERSEY IND COM 838518108 48,481 866,359 SH   SOLE   748,569 0 117,790
SOUTHERN CO COM COM 842587107 36,499 887,848 SH   SOLE   852,591 0 35,257
TECO ENERGY INC COM COM 872375100 9,189 533,000 SH   SOLE   533,000 0 0
TELEFONICA BRASIL S.A. COM 87936R106 15,030 781,977 SH   SOLE   747,602 0 34,375
TELUS CORP COM COM 87971M103 13,669 396,890 SH   SOLE   346,180 0 50,710
TIME WARNER CABLE INC COM COM 88732J207 3,931 29,012 SH   SOLE   29,000 0 12
TOTAL S.A. ADRS COM 89151E109 944 15,400 SH   SOLE   750 0 14,650
TRANSCANADA CORP COM 89353D107 46,676 1,022,258 SH   SOLE   903,485 0 118,773
TRANSOCEAN LTD ZUG NAMEN AKT COM H8817H100 5,070 102,600 SH   SOLE   95,800 0 6,800
UNION PAC CORP COM COM 907818108 117,718 700,703 SH   SOLE   657,203 0 43,500
V F CORP COM COM 918204108 324 5,200 SH   SOLE   0 0 5,200
VALERO ENERGY CORP NEW COM COM 91913Y100 2,362 46,872 SH   SOLE   42,622 0 4,250
VERIZON COMMUNICATIONS COM COM 92343V104 129,276 2,630,773 SH   SOLE   2,487,588 0 143,185
VODAFONE GROUP PLC NEW SPONS A COM 92857W209 82,390 2,095,901 SH   SOLE   1,978,716 0 117,185
WELLS FARGO & CO NEW COM COM 949746101 409 9,000 SH   SOLE   0 0 9,000
WESTAR ENERGY INC. COM 95709T100 21,858 679,450 SH   SOLE   679,175 0 275
WILLIAMS COS INC COM COM 969457100 113,755 2,949,304 SH   SOLE   2,706,689 0 242,615
WINDSTREAM HLDGS INC COM COM 97382A101 10,534 1,320,002 SH   SOLE   1,320,000 0 2
WISCONSIN ENERGY CORP COM COM 976657106 56,575 1,368,532 SH   SOLE   1,261,832 0 106,700
AMEREN ILL CO PFD 4.25% PFD 02361D308 879 10,300 SH   SOLE   10,300 0 0
DTE ENERGY CO JR SB DB6.5%61 PFD 233331602 363 15,000 SH   SOLE   15,000 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 236 10,000 SH   SOLE   10,000 0 0
ENTERGY MISSISSIPPI 4.56% PFD 29364N306 322 3,520 SH   SOLE   3,520 0 0
ENTERGY NEW ORLEANS INC 4.36% PFD 29364P202 387 4,500 SH   SOLE   4,500 0 0
QWEST CORP 7.50% NOTES PFD 74913G303 703 30,000 SH   SOLE   30,000 0 0
WELLS FARGO CO PFD 8% PFD 949746879 841 30,064 SH   SOLE   1,825 0 28,239
ENBRIDGE ENERGY PARTNERS LP LP 29250R106 7,468 250,000 SH   SOLE   250,000 0 0
ENTERPRISE PRODUCTS PARTNERS L LP 293792107 43,644 658,280 SH   SOLE   630,000 0 28,280
MARKWEST ENERGY PARTNERS LP LP 570759100 21,416 323,850 SH   SOLE   321,600 0 2,250
TALARA OPPORTUNITIES II, LP LP 874111111 2,418 28,443 SH   SOLE   28,443 0 0
WILLIAMS PARTNERS_LP LP 96950F104 17,587 345,800 SH   SOLE   345,000 0 800
TELUS CORPORATION COM 87971M103 34,165 992,885 SH   SOLE   935,380 0 57,505
BT GROUP COM 3091357 18,443 2,935,000 SH   SOLE   2,935,000 0 0
NATIONAL GRID PLC COM B08SNH3 21,469 1,645,000 SH   SOLE   1,645,000 0 0
SSE PLC COM 0790873 12,026 530,000 SH   SOLE   530,000 0 0
VODAFONE COM B16GWD5 20,687 5,270,000 SH   SOLE   5,270,000 0 0
SNAM SPA COM 7251470 1,943 346,800 SH   SOLE   46,800 0 0
TELECOM CORP NZ ORD SHARES COM 6881436 3,320 1,750,000 SH   SOLE   1,750,000 0 0
REAVES UTIL INCOME FD COM SH B CEF 756158101 1,573 62,700 SH   SOLE   19,899 0 42,801
IENOVA COM B84XBP2 597 150,000 SH   SOLE   150,000 0 0