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 1,254 18,550 SH   SOLE   10,000 0 8,550
AMERICAN TOWER REIT COM COM 03027X100 50,210 475,110 SH   SOLE   430,462 0 44,648
AMERICAN WATER WORKS COM 030420103 94,221 1,302,120 SH   SOLE   1,254,178 0 47,942
AMERICAN WATER WORKS COM 030420103 639 8,834 SH   OTR 1 0 8,834 0
ANNALY MTG MGMT INC COM COM 035710409 13,006 1,304,500 SH   SOLE   1,304,500 0 0
AQUA AMERICA INC. COM 03836W103 2,103 70,000 SH   SOLE   70,000 0 0
AT & T INC. (NEW) COM 00206R102 54,559 1,282,825 SH   SOLE   1,282,825 0 0
ATMOS ENERGY CORP COM COM 049560105 44,451 599,475 SH   SOLE   542,348 0 57,127
ATMOS ENERGY CORP COM COM 049560105 590 7,955 SH   OTR 1 0 7,955 0
AVANGRID, INC. COM 05351W103 11,266 297,400 SH   SOLE   297,400 0 0
AVANGRID, INC. COM 05351W103 352 9,298 SH   OTR 1 0 9,298 0
BAKER HUGHES INC COM COM 057224107 17,009 261,800 SH   SOLE   260,000 0 1,800
BCE INC COM NEW COM 05534B760 77,759 1,798,317 SH   SOLE   1,714,884 0 83,433
BERKSHIRE HATHAWAY INC CLASS B COM 084670702 7,012 43,025 SH   SOLE   1,300 0 41,725
BP PLC SPONS ADR COM 055622104 2,804 75,000 SH   SOLE   75,000 0 0
CANADIAN PACIFIC LTD COM 13645T100 1,428 10,000 SH   SOLE   10,000 0 0
CENTURYLINK INC COM 156700106 6,421 270,000 SH   SOLE   270,000 0 0
CHARTER COMMUNICATIONS INC COM 16119P108 159,264 553,153 SH   SOLE   514,631 0 38,522
CHEVRON CORPORATION COM COM 166764100 47,521 403,747 SH   SOLE   371,015 0 32,732
CIMAREX ENERGY COM 171798101 12,336 90,775 SH   SOLE   69,450 0 21,325
CMS ENERGY CORP COM COM 125896100 28,071 674,450 SH   SOLE   669,750 0 4,700
CMS ENERGY CORP COM COM 125896100 600 14,408 SH   OTR 1 0 14,408 0
COGENT COMMUNICATIONS COM NEW COM 19239V302 2,121 51,288 SH   SOLE   48,843 0 2,445
COMCAST CORP CLASS A COM 20030N101 122,846 1,779,082 SH   SOLE   1,643,028 0 136,054
COMMUNICATIONS SALES & LEASING COM 20341J104 22,749 895,280 SH   SOLE   797,902 0 97,378
CONTINENTAL RES INC COM COM 212015101 15,526 301,241 SH   SOLE   239,577 0 61,664
COSTCO WHSL CORP NEW COM COM 22160K105 640 4,000 SH   SOLE   4,000 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 57,891 667,180 SH   SOLE   604,904 0 62,276
DOMINION RES VA NEW COM COM 25746U109 46,180 602,955 SH   SOLE   602,955 0 0
DTE ENERGY CO COM COM 233331107 152,023 1,543,226 SH   SOLE   1,453,504 0 89,722
DTE ENERGY CO COM COM 233331107 960 9,746 SH   OTR 1 0 9,746 0
EDISON INTL COM COM 281020107 79,068 1,098,313 SH   SOLE   1,022,609 0 75,704
EDISON INTL COM COM 281020107 1,028 14,275 SH   OTR 1 0 14,275 0
ENERGY SELECT SECTOR SPDR COM 81369Y506 746 9,910 SH   SOLE   9,910 0 0
EOG RES INC COM COM 26875P101 29,103 287,860 SH   SOLE   247,786 0 40,074
EQT CORP COM COM 26884L109 13,886 212,324 SH   SOLE   194,773 0 17,551
EVERSOURCE ENERGY COM 30040W108 47,062 852,111 SH   SOLE   851,826 0 285
EXXON MOBIL CORP COM 30231G102 19,428 215,246 SH   SOLE   190,688 0 24,558
FORTIS INC COM 349553107 42,508 1,376,564 SH   SOLE   1,327,640 0 48,924
FRONTIER COMMUNICATIONS CORP COM 35906A108 2,818 833,750 SH   SOLE   833,750 0 0
GENERAL DYNAMICS CORP COM COM 369550108 214 1,240 SH   SOLE   0 0 1,240
GENERAL ELEC CO COM COM 369604103 332 10,500 SH   SOLE   0 0 10,500
HAWAIIAN ELECTRIC INDUST INC COM 419870100 9,174 277,412 SH   SOLE   246,837 0 30,575
HAWAIIAN ELECTRIC INDUST INC COM 419870100 365 11,050 SH   OTR 1 0 11,050 0
HESS CORPORATION COM 42809H107 5,595 89,825 SH   SOLE   72,225 0 17,600
JOHNSON & JOHNSON COM COM 478160104 277 2,400 SH   SOLE   0 0 2,400
KRAFT HEINZ CO COM 500754106 34,046 389,900 SH   SOLE   383,900 0 6,000
LEVEL 3 COMMUNICTIONS COM NEW COM 52729N308 11,311 200,695 SH   SOLE   164,975 0 35,720
MARATHON PETROLEUM CORP COM 56585A102 23,032 457,432 SH   SOLE   381,749 0 75,683
NATIONAL GRID PLC SPON ADR NEW COM 636274300 12,491 214,148 SH   SOLE   214,148 0 0
NEW JERSEY RES COM COM 646025106 10,899 307,000 SH   SOLE   307,000 0 0
NEW JERSEY RES COM COM 646025106 316 8,900 SH   OTR 1 0 8,900 0
NEXTERA ENERGY INC COM COM 65339F101 139,687 1,169,322 SH   SOLE   1,097,808 0 71,514
NEXTERA ENERGY INC COM COM 65339F101 1,622 13,580 SH   OTR 1 0 13,580 0
NEXTERA ENERGY PARTNERS LP COM 65341B106 24,452 957,383 SH   SOLE   859,533 0 97,850
NEXTERA ENERGY PARTNERS LP COM 65341B106 470 18,392 SH   OTR 1 0 18,392 0
NISOURCE INC COM COM 65473P105 38,198 1,725,277 SH   SOLE   1,700,675 0 24,602
NISOURCE INC COM COM 65473P105 447 20,206 SH   OTR 1 0 20,206 0
OCCIDENTAL PETE CP DEL COM COM 674599105 33,954 476,680 SH   SOLE   430,758 0 45,922
ONEOK INC NEW COM COM 682680103 12,043 209,780 SH   SOLE   200,000 0 9,780
PATTERN ENERGY GROUP INC COM 70338P100 3,531 185,940 SH   SOLE   185,940 0 0
PATTERN ENERGY GROUP INC COM 70338P100 537 28,286 SH   OTR 1 0 28,286 0
PG&E CORP COM COM 69331C108 46,835 770,700 SH   SOLE   770,700 0 0
PG&E CORP COM COM 69331C108 1,051 17,295 SH   OTR 1 0 17,295 0
PHILLIP MORRIS INTERNATIONAL COM 718172109 1,328 14,518 SH   SOLE   9,500 0 5,018
PINNACLE WEST CAP CORP COM COM 723484101 44,518 570,525 SH   SOLE   561,625 0 8,900
PINNACLE WEST CAP CORP COM COM 723484101 430 5,508 SH   OTR 1 0 5,508 0
PIONEER NAT RES CO COM COM 723787107 40,037 222,342 SH   SOLE   184,826 0 37,516
PORTLAND GEN ELEC CO COM NEW COM 736508847 27,019 623,568 SH   SOLE   587,146 0 36,422
PORTLAND GEN ELEC CO COM NEW COM 736508847 586 13,517 SH   OTR 1 0 13,517 0
PPG INDS INC COM COM 693506107 531 5,600 SH   SOLE   0 0 5,600
PPL CORP COM COM 69351T106 29,000 851,677 SH   SOLE   851,677 0 0
ROYAL DUTCH SHELL PLC ADRS B COM 780259107 262 4,520 SH   SOLE   4,520 0 0
ROYAL DUTCH SHELL PLC SPONS AD COM 780259206 107,387 1,974,749 SH   SOLE   1,832,485 0 142,264
SCANA CORP NEW COM COM 80589M102 108,968 1,487,008 SH   SOLE   1,440,909 0 46,099
SCANA CORP NEW COM COM 80589M102 681 9,298 SH   OTR 1 0 9,298 0
SCHLUMBERGER LTD COM COM 806857108 16,890 201,188 SH   SOLE   153,369 0 47,819
SELECT SECTOR SPDR-UTILITIES COM 81369Y886 732 15,070 SH   SOLE   15,070 0 0
SEMPRA ENERGY COM COM 816851109 103,120 1,024,640 SH   SOLE   962,472 0 62,168
SEMPRA ENERGY COM COM 816851109 1,082 10,753 SH   OTR 1 0 10,753 0
SOUTH JERSEY IND COM 838518108 11,464 340,276 SH   SOLE   297,875 0 42,401
SOUTHERN CO COM COM 842587107 48,905 994,212 SH   SOLE   967,604 0 26,608
T-MOBILE US INC COM COM 872590104 57,341 997,062 SH   SOLE   924,408 0 72,654
TARGA RESOURCES CORP COM 87612G101 1,712 30,525 SH   SOLE   30,525 0 0
TELUS CORP COM COM 87971M103 1,440 45,200 SH   SOLE   45,200 0 0
TIME WARNER INC. COM 887317303 6,657 68,965 SH   SOLE   58,900 0 10,065
TRANSCANADA CORP COM 89353D107 25,652 568,147 SH   SOLE   478,761 0 89,386
UNION PAC CORP COM COM 907818108 69,652 671,800 SH   SOLE   645,900 0 25,900
VALERO ENERGY CORP NEW COM COM 91913Y100 1,093 16,000 SH   SOLE   16,000 0 0
VERIZON COMMUNICATIONS COM COM 92343V104 90,270 1,691,092 SH   SOLE   1,638,669 0 52,423
WEC ENERGY GROUP INC COM COM 92939U106 59,673 1,017,436 SH   SOLE   1,013,436 0 4,000
WEC ENERGY GROUP INC COM COM 92939U106 586 9,989 SH   OTR 1 0 9,989 0
WELLS FARGO & CO NEW COM COM 949746101 496 9,000 SH   SOLE   0 0 9,000
WESTAR ENERGY INC. COM 95709T100 3,478 61,715 SH   SOLE   61,715 0 0
WILLIAMS COS INC COM COM 969457100 31,110 999,035 SH   SOLE   999,035 0 0
XCEL ENERGY INC COM COM 98389B100 414 10,178 SH   OTR 1 0 10,178 0
ZAYO GROUP HLDGS INC COM 98919V105 16,571 504,295 SH   SOLE   473,743 0 30,552
BASTION ENERGY LLC (ANGLO DUTC LP 065000999 5,330 761 SH   SOLE   761 0 0
ENBRIDGE ENERGY PARTNERS LP LP 29250R106 3,185 125,000 SH   SOLE   125,000 0 0
ENTERPRISE PRODUCTS PARTNERS L LP 293792107 39,697 1,468,100 SH   SOLE   1,448,300 0 19,800
TALARA OPPORTUNITIES II, LP LP 874111111 2,168 40,519 SH   SOLE   40,519 0 0
WILLIAMS PARTNERS L P COM UNIT LP 96949L105 3,613 95,000 SH   SOLE   95,000 0 0
REAVES UTIL INCOME FD COM SH B CEF 756158101 3,180 103,539 SH   SOLE   27,635 0 75,903