Issuer 			Class	Cusip 		Mkt value	Quantity	Type	Discretion	Other Mgrs	Voting Auth
												
Allete Inc		COM NEW	018522300	 4,049,175.06 	97594	SH	Sole	NA	97594
Alliant Energy Corp	COM 	018802108	 22,241,700.96 	513428	SH	Sole	NA	513428
American Electrical	COM	025537101	 29,338,778.28 	760466	SH	Sole	NA	760466
American Express Co	COM	025816109	 142,195,520.94 2457579	SH	Sole	NA	2457579
Amer States Water	COM	029899101	 2,302,334.84 	63706	SH	Sole	NA	63706
American Water Works	COM	030420103	 36,735,419.03 	1079501	SH	Sole	NA	1079501
Aqua America Inc	COM	03836W103	 12,398,032.35 	556215	SH	Sole	NA	556215
Atmos Energy Corp	COM	049560105	 18,979,629.24 	603294	SH	Sole	NA	603294
Avista Corp		COM	05379B107	 4,280,045.60 	167320	SH	Sole	NA	167320
Bank of America Corp	COM	060505104	 4,294,135.56 	448708	SH	Sole	NA	448708
Caliafornia Water	COM	130788102	 2,598,949.41 	142721	SH	Sole	NA	142721
Centerpoint Energy	COM	15189T107	 22,655,460.04 	1148857	SH	Sole	NA	1148857
CH Energy Group		COM	12541M102	 2,984,165.60 	44720	SH	Sole	NA	44720
CME Group Inc		COM	12572Q105	 13,598,510.00 	47000	SH	Sole	NA	47000
Coca Cola		COM	191216100	 69,061,839.42 	933142	SH	Sole	NA	933142
Colgate-Palmolive Co	COM	194162103	 19,518,550.26 	199617	SH	Sole	NA	199617
Consoildated Edison	COM	209115104	 33,546,341.34 	574227	SH	Sole	NA	574227
DTE Energy Company	COM	233331107	 25,960,127.35 	471745	SH	Sole	NA	471745
Ebay Inc		COM	278642103	 134,201,056.50 3636885	SH	Sole	NA	3636885
El Paso Electric	COM NEW	283677854	 4,894,163.64 	150636	SH	Sole	NA	150636
Empire Dist Electric	COM 	291641108	 2,426,717.15 	119249	SH	Sole	NA	119249
Google Inc Class A	CL A	38259P508	 128,710,975.28 200722	SH	Sole	NA	200722
Gt Plains Energy	COM	391164100	 7,392,550.08 	364704	SH	Sole	NA	364704
Home Depot Inc		COM	437076102	 13,699,060.83 	272293	SH	Sole	NA	272293
Idacorp Inc		COM	451107106	 5,431,499.68 	132089	SH	Sole	NA	132089
Integrys Energy		COM	45822P105	 11,019,588.44 	207956	SH	Sole	NA	207956
ITC Holdings Corp	COM	465685105	 25,084,132.68 	326022	SH	Sole	NA	326022
Johnson & Johnson	COM	478160104	 44,335,937.44 	672164	SH	Sole	NA	672164
Kraft Foods Inc		CL A	50075N104	 50,618,867.25 	1331725	SH	Sole	NA	1331725
Lowe's Co Inc		COM	548661107	 87,726,022.14 	2795603	SH	Sole	NA	2795603
Mastercard Inc		COM	57636Q104	 61,187,728.92 	145498	SH	Sole	NA	145498
McDonald's Corp		COM	580135101	 69,096,538.80 	704348	SH	Sole	NA	704348
McGraw-Hill		COM	580645109	 1,454,100.00 	30000	SH	Sole	NA	30000
MGE Energy Inc		COM	55277P104	 2,782,764.71 	62689	SH	Sole	NA	62689
Nisource Inc		COM	65473P105	 18,317,141.40 	752244	SH	Sole	NA	752244
Northeast Utilities	COM	664397106	 17,720,419.84 	477382	SH	Sole	NA	477382
Northwest Naturl Gas	COM	667655104	 5,218,911.60 	114954	SH	Sole	NA	114954
Northwestern Corp	COM NEW	668074305	 3,858,579.90 	108815	SH	Sole	NA	108815
NStar			COM	67019E107	 24,244,875.54 	498558	SH	Sole	NA	498558
NV Energy Inc		COM	67073Y106	 10,218,097.24 	633877	SH	Sole	NA	633877
Pepco Holdings Inc	COM	713291102	 11,520,217.62 	609858	SH	Sole	NA	609858
Pepsico Inc		COM	713448108	 38,373,655.20 	578352	SH	Sole	NA	578352
PG & E Corp		COM	69331C108	 34,689,712.38 	799118	SH	Sole	NA	799118
Piedmont Natural Gas	COM	720186105	 8,129,993.69 	261667	SH	Sole	NA	261667
Pinnacle West Capitl	COM	723484101	 14,092,180.00 	294200	SH	Sole	NA	294200
PNM Resources Inc	COM	69349H107	 4,690,399.80 	256306	SH	Sole	NA	256306
Portland Electric	COM NEW	736508847	 5,011,337.72 	200614	SH	Sole	NA	200614
Procter & Gamble	COM	742718109	 64,492,565.28 	959568	SH	Sole	NA	959568
Progress Energy Inc	COM	743263105	 28,742,813.34 	541194	SH	Sole	NA	541194
Scana Corp		COM	80589M102	 15,349,543.79 	336539	SH	Sole	NA	336539
SJW Corp		COM	784305104	 1,583,719.20 	65660	SH	Sole	NA	65660
Southern Co		COM	842587107	 37,422,197.00 	832900	SH	Sole	NA	832900
Southwest Gas Corp	COM	844895102	 17,534,683.36 	410264	SH	Sole	NA	410264
Target Corp		COM	87612E106	 33,934,699.90 	582370	SH	Sole	NA	582370
Teco Energy Inc		COM	872375100	 10,032,984.00 	571680	SH	Sole	NA	571680
Terex Corporation	COM	880779103	 996,750.00 	44300	SH	Sole	NA	44300
UIL Holdings Corp	COM	902748102	 5,346,957.00 	153825	SH	Sole	NA	153825
Unisource Energy	COM	909205106	 3,952,595.31 	108083	SH	Sole	NA	108083
US Bancorp		COM NEW	902973304	 75,307,858.56 	2377142	SH	Sole	NA	2377142
Vectren Corp		COM	92240G101	 6,358,211.76 	218796	SH	Sole	NA	218796
Visa Inc-Class A	COM CLA	92826C839	 81,472,982.00 	690449	SH	Sole	NA	690449
Wal-Mart Stores Inc	COM	931142103	 59,915,412.00 	979010	SH	Sole	NA	979010
Wells Fargo & Co	COM	949746101	 96,705,407.82 	2832613	SH	Sole	NA	2832613
Westar Energy		COM	95709T100	 18,546,022.74 	664018	SH	Sole	NA	664018
WGL Holdings Inc	COM	92924F106	 13,142,437.00 	322910	SH	Sole	NA	322910
Wisconsin Energy	COM	976657106	 33,034,090.36 	939002	SH	Sole	NA	939002
Xcel Energy Inc		COM	98389B100	 40,115,364.41 	1515503	SH	Sole	NA	1515503
Yum! Brands Inc		COM	988498101	 104,712,969.18 1471101	SH	Sole	NA	1471101