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 1,173 18,550 SH   SOLE   10,000 0 8,550
AMEREN CORP COM COM 023608102 1,475 30,000 SH   SOLE   30,000 0 0
AMERICAN TOWER REIT COM COM 03027X100 55,175 486,855 SH   SOLE   431,622 0 55,233
AMERICAN WATER WORKS COM 030420103 91,079 1,216,984 SH   SOLE   1,158,096 0 58,888
AMERICAN WATER WORKS COM 030420103 624 8,334 SH   OTR 1 0 8,334 0
ANADARKO PETE CORP COM COM 032511107 634 10,000 SH   SOLE   7,300 0 2,700
ANNALY MTG MGMT INC COM COM 035710409 13,571 1,292,450 SH   SOLE   1,291,950 0 500
AQUA AMERICA INC. COM 03836W103 2,286 75,000 SH   SOLE   75,000 0 0
AT & T INC. (NEW) COM 00206R102 55,369 1,363,425 SH   SOLE   1,363,425 0 0
ATMOS ENERGY CORP COM COM 049560105 21,262 285,516 SH   SOLE   223,371 0 62,145
ATMOS ENERGY CORP COM COM 049560105 592 7,955 SH   OTR 1 0 7,955 0
AVANGRID, INC. COM 05351W103 13,262 317,417 SH   SOLE   316,176 0 1,241
AVANGRID, INC. COM 05351W103 388 9,298 SH   OTR 1 0 9,298 0
BCE INC COM NEW COM 05534B760 71,247 1,542,807 SH   SOLE   1,508,107 0 34,700
BERKSHIRE HATHAWAY INC CLASS B COM 084670702 6,216 43,025 SH   SOLE   1,300 0 41,725
BP PLC SPONS ADR COM 055622104 2,338 66,500 SH   SOLE   66,500 0 0
BT GROUP PLC ADR COM 05577E101 1,780 70,000 SH   SOLE   70,000 0 0
CANADIAN PACIFIC LTD COM 13645T100 1,222 8,000 SH   SOLE   8,000 0 0
CENTURYLINK INC COM 156700106 7,406 270,000 SH   SOLE   270,000 0 0
CHARTER COMMUNICATIONS INC COM 16119P108 154,541 572,436 SH   SOLE   525,048 0 47,388
CHEVRON CORPORATION COM COM 166764100 28,160 273,613 SH   SOLE   255,920 0 17,693
CIMAREX ENERGY COM 171798101 10,226 76,100 SH   SOLE   57,550 0 18,550
CMS ENERGY CORP COM COM 125896100 19,806 471,450 SH   SOLE   466,750 0 4,700
CMS ENERGY CORP COM COM 125896100 605 14,408 SH   OTR 1 0 14,408 0
COGENT COMMUNICATIONS COM NEW COM 19239V302 2,009 54,589 SH   SOLE   51,723 0 2,866
COMCAST CORP CLASS A COM 20030N101 108,677 1,638,183 SH   SOLE   1,476,658 0 161,525
COMMUNICATIONS SALES & LEASING COM 20341J104 23,126 736,248 SH   SOLE   619,588 0 116,660
CONTINENTAL RES INC COM COM 212015101 16,342 314,515 SH   SOLE   239,402 0 75,113
COSTCO WHSL CORP NEW COM COM 22160K105 610 4,000 SH   SOLE   4,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 62,328 661,582 SH   SOLE   588,238 0 73,344
DOMINION RES VA NEW COM COM 25746U109 49,564 667,355 SH   SOLE   667,355 0 0
DTE ENERGY CO COM COM 233331107 138,617 1,479,847 SH   SOLE   1,371,817 0 108,030
DTE ENERGY CO COM COM 233331107 913 9,746 SH   OTR 1 0 9,746 0
DUKE ENERGY CORP NEW COM NEW COM 26441C204 27,513 343,739 SH   SOLE   343,739 0 0
EDISON INTL COM COM 281020107 59,959 829,880 SH   SOLE   740,429 0 89,451
EDISON INTL COM COM 281020107 887 12,275 SH   OTR 1 0 12,275 0
EOG RES INC COM COM 26875P101 19,593 202,599 SH   SOLE   170,114 0 32,485
EQT CORP COM COM 26884L109 17,475 240,635 SH   SOLE   210,810 0 29,825
EVERSOURCE ENERGY COM 30040W108 47,241 871,933 SH   SOLE   871,325 0 608
EXXON MOBIL CORP COM 30231G102 27,163 311,212 SH   SOLE   256,971 0 54,241
FRONTIER COMMUNICATIONS CORP COM 35906A108 3,627 871,950 SH   SOLE   871,950 0 0
GENERAL ELEC CO COM COM 369604103 311 10,500 SH   SOLE   0 0 10,500
ITC HOLDINGS CORP. COM 465685105 88,383 1,901,535 SH   SOLE   1,836,460 0 65,075
JOHNSON & JOHNSON COM COM 478160104 284 2,400 SH   SOLE   0 0 2,400
KRAFT HEINZ CO COM 500754106 34,900 389,900 SH   SOLE   383,900 0 6,000
LEVEL 3 COMMUNICTIONS COM NEW COM 52729N308 46,459 1,001,701 SH   SOLE   907,659 0 94,042
MARATHON PETROLEUM CORP COM 56585A102 18,094 445,770 SH   SOLE   358,464 0 87,306
NATIONAL GRID PLC SPON ADR NEW COM 636274300 35,564 500,123 SH   SOLE   479,123 0 21,000
NEXTERA ENERGY INC COM COM 65339F101 142,950 1,168,652 SH   SOLE   1,084,122 0 84,530
NEXTERA ENERGY INC COM COM 65339F101 1,661 13,580 SH   OTR 1 0 13,580 0
NEXTERA ENERGY PARTNERS LP COM 65341B106 30,030 1,073,633 SH   SOLE   948,883 0 124,750
NEXTERA ENERGY PARTNERS LP COM 65341B106 514 18,392 SH   OTR 1 0 18,392 0
NISOURCE INC COM COM 65473P105 35,413 1,468,791 SH   SOLE   1,461,798 0 6,993
NISOURCE INC COM COM 65473P105 487 20,206 SH   OTR 1 0 20,206 0
OCCIDENTAL PETE CP DEL COM COM 674599105 37,692 516,902 SH   SOLE   447,027 0 69,875
ONEOK INC NEW COM COM 682680103 5,642 109,780 SH   SOLE   100,000 0 9,780
PATTERN ENERGY GROUP INC COM 70338P100 1,219 54,190 SH   SOLE   54,190 0 0
PATTERN ENERGY GROUP INC COM 70338P100 535 23,786 SH   OTR 1 0 23,786 0
PG&E CORP COM COM 69331C108 8,380 137,000 SH   SOLE   137,000 0 0
PG&E CORP COM COM 69331C108 905 14,795 SH   OTR 1 0 14,795 0
PHILLIP MORRIS INTERNATIONAL COM 718172109 1,411 14,518 SH   SOLE   9,500 0 5,018
PINNACLE WEST CAP CORP COM COM 723484101 45,118 593,732 SH   SOLE   574,325 0 19,407
PINNACLE WEST CAP CORP COM COM 723484101 419 5,508 SH   OTR 1 0 5,508 0
PIONEER NAT RES CO COM COM 723787107 41,484 223,454 SH   SOLE   178,343 0 45,111
PORTLAND GEN ELEC CO COM NEW COM 736508847 25,459 597,762 SH   SOLE   529,749 0 68,013
PORTLAND GEN ELEC CO COM NEW COM 736508847 576 13,517 SH   OTR 1 0 13,517 0
PPG INDS INC COM COM 693506107 579 5,600 SH   SOLE   0 0 5,600
PPL CORP COM COM 69351T106 31,744 918,252 SH   SOLE   918,252 0 0
PPL CORP COM COM 69351T106 275 7,966 SH   OTR 1 0 7,966 0
ROYAL DUTCH SHELL PLC ADRS B COM 780259107 594 11,245 SH   SOLE   11,245 0 0
ROYAL DUTCH SHELL PLC SPONS AD COM 780259206 101,209 2,021,349 SH   SOLE   1,845,998 0 175,351
SCANA CORP NEW COM COM 80589M102 111,575 1,541,729 SH   SOLE   1,469,022 0 72,707
SCANA CORP NEW COM COM 80589M102 687 9,498 SH   OTR 1 0 9,498 0
SCHLUMBERGER LTD COM COM 806857108 14,612 185,811 SH   SOLE   128,286 0 57,525
SEMPRA ENERGY COM COM 816851109 111,024 1,035,766 SH   SOLE   959,214 0 76,552
SEMPRA ENERGY COM COM 816851109 970 9,053 SH   OTR 1 0 9,053 0
SOUTH JERSEY IND COM 838518108 12,201 412,900 SH   SOLE   344,800 0 68,100
SOUTHERN CO COM COM 842587107 84,976 1,656,447 SH   SOLE   1,558,617 0 97,830
SOUTHERN CO COM COM 842587107 1,360 26,508 SH   OTR 1 0 26,508 0
T-MOBILE US INC COM COM 872590104 49,344 1,056,158 SH   SOLE   966,862 0 89,296
TARGA RESOURCES CORP COM 87612G101 1,130 23,000 SH   SOLE   23,000 0 0
TELUS CORP COM COM 87971M103 3,429 103,900 SH   SOLE   103,200 0 700
TRANSCANADA CORP COM 89353D107 17,849 375,303 SH   SOLE   313,860 0 61,443
UNION PAC CORP COM COM 907818108 88,301 905,371 SH   SOLE   839,430 0 65,941
VERIZON COMMUNICATIONS COM COM 92343V104 96,100 1,848,797 SH   SOLE   1,769,418 0 79,379
VODAFONE GROUP PUBLIC LTD CO A COM 92857W308 6,160 211,321 SH   SOLE   211,321 0 0
WEC ENERGY GROUP INC COM COM 92939U106 51,700 863,390 SH   SOLE   863,390 0 0
WEC ENERGY GROUP INC COM COM 92939U106 598 9,989 SH   OTR 1 0 9,989 0
WELLS FARGO & CO NEW COM COM 949746101 399 9,000 SH   SOLE   0 0 9,000
WESTAR ENERGY INC. COM 95709T100 3,677 64,790 SH   SOLE   64,790 0 0
WESTAR ENERGY INC. COM 95709T100 289 5,100 SH   OTR 1 0 5,100 0
WILLIAMS COS INC COM COM 969457100 50,594 1,646,410 SH   SOLE   1,519,735 0 126,675
XCEL ENERGY INC COM COM 98389B100 419 10,178 SH   OTR 1 0 10,178 0
ZAYO GROUP HLDGS INC COM 98919V105 13,723 461,900 SH   SOLE   420,672 0 41,228
ENTERGY MISS INC PFD P 6.25% PFD 29364N850 254 10,000 SH   SOLE   10,000 0 0
WELLS FARGO CO PFD 8% PFD 949746879 243 8,989 SH   SOLE   8,989 0 0
BASTION ENERGY LLC (ANGLO DUTC LP 065000999 5,511 787 SH   SOLE   787 0 0
ENBRIDGE ENERGY PARTNERS LP LP 29250R106 3,179 125,000 SH   SOLE   125,000 0 0
ENTERPRISE PRODUCTS PARTNERS L LP 293792107 40,583 1,468,800 SH   SOLE   1,448,500 0 20,300
TALARA OPPORTUNITIES II, LP LP 874111111 2,168 40,519 SH   SOLE   40,519 0 0
WILLIAMS PARTNERS L P COM UNIT LP 96949L105 3,533 95,000 SH   SOLE   95,000 0 0
TELUS CORPORATION COM 87971M103 7,247 220,000 SH   SOLE   220,000 0 0
NATIONAL GRID PLC COM B08SNH3 19,150 1,350,000 SH   SOLE   1,350,000 0 0
ROYAL DUTCH A SHARES COM B03MLX2 10,442 420,000 SH   SOLE   420,000 0 0
REAVES UTIL INCOME FD COM SH B CEF 756158101 3,033 99,248 SH   SOLE   27,428 0 71,820
IENOVA COM B84XBP2 3,114 795,000 SH   SOLE   795,000 0 0