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
AbbVie Inc. COM 00287Y109 434 9,700 SH   SOLE   0 0 0
AGL Resources Inc. COM 001204106 4,047 87,924 SH   SOLE   0 0 0
Air Products & Chemicals Inc. COM 009158106 3,384 31,755 SH   SOLE   0 0 0
Alliant Energy Corp. COM 018802108 4,008 80,889 SH   SOLE   0 0 0
Altria Group Inc COM 02209S103 3,331 96,959 SH   SOLE   0 0 0
Ameren Corporation COM 023608102 3,612 103,687 SH   SOLE   0 0 0
American Electric Power Co. COM 025537101 4,664 107,600 SH   SOLE   0 0 0
AT&T Inc. COM 00206R102 4,058 120,000 SH   SOLE   0 0 0
Atmos Energy Corp. COM 049560105 2,533 59,468 SH   SOLE   0 0 0
B&G Foods Inc. COM 05508R106 2,567 74,300 SH   SOLE   0 0 0
Bristol-Myers Squibb Co. COM 110122108 4,300 92,904 SH   SOLE   0 0 0
CenterPoint Energy Inc. COM 15189T107 3,634 151,600 SH   SOLE   0 0 0
Chevron Corp. COM 166764100 2,430 20,000 SH   SOLE   0 0 0
Cliffs Natural Resources COM 18683K101 512 25,000 SH   SOLE   0 0 0
Clorox Co. COM 189054109 4,495 55,000 SH   SOLE   0 0 0
CMS Energy Corp. COM 125896100 4,137 157,179 SH   SOLE   0 0 0
Conagra Inc. COM 205887102 1,517 50,000 SH   SOLE   0 0 0
ConocoPhillips COM 20825C104 4,101 59,000 SH   SOLE   0 0 0
Consolidated Edison Inc. COM 209115104 4,180 75,801 SH   SOLE   0 0 0
Darden Restaurants Inc. COM 237194105 2,037 44,000 SH   SOLE   0 0 0
Dominion Resources Inc. COM 25746U109 5,161 82,600 SH   SOLE   0 0 0
Dow Chemical COM 260543103 2,419 63,000 SH   SOLE   0 0 0
Dr Pepper Snapple Group COM 26138E109 2,465 55,000 SH   SOLE   0 0 0
DTE Energy Co. COM 233331107 4,766 72,240 SH   SOLE   0 0 0
Duke Energy Corp. COM 26441C204 4,054 60,700 SH   SOLE   0 0 0
Dupont E.I. De Nemours COM 263534109 2,606 44,500 SH   SOLE   0 0 0
Emerson Electric Co. COM 291011104 1,359 21,000 SH   SOLE   0 0 0
Entergy Corp. COM 29364G103 3,690 58,395 SH   SOLE   0 0 0
Exelon Corp. COM 30161N101 3,112 105,010 SH   SOLE   0 0 0
Firstenergy Corp. COM 337932107 3,636 99,743 SH   SOLE   0 0 0
General Electric Co. COM 369604103 4,821 201,800 SH   SOLE   0 0 0
Integrys Energy Group Inc. COM 45822P105 4,230 75,679 SH   SOLE   0 0 0
Intel Corp. COM 458140100 2,054 89,600 SH   SOLE   0 0 0
Johnson & Johnson COM 478160104 2,237 25,800 SH   SOLE   0 0 0
Kimberly-Clark Corp. COM 494368103 4,805 51,000 SH   SOLE   0 0 0
Kraft Foods Group Inc. COM 50076Q106 4,461 85,000 SH   SOLE   0 0 0
Leggett & Platt Inc. COM 524660107 3,519 116,700 SH   SOLE   0 0 0
Lockheed Martin Corp. COM 539830109 5,115 40,100 SH   SOLE   0 0 0
McDonalds' Corp. COM 580135101 1,992 20,700 SH   SOLE   0 0 0
Merk & Co. Inc. COM 58933Y105 4,761 100,000 SH   SOLE   0 0 0
Metlife Inc. COM 59156R108 0 10 SH   SOLE   0 0 0
Microchip Technology Inc COM 595017104 2,176 54,000 SH   SOLE   0 0 0
National Westminster Bank PLC PFD 638539882 5,889 235,000 SH   SOLE   0 0 0
New Jersey Natural Gas COM 646025106 1,608 36,500 SH   SOLE   0 0 0
Newtek Business Services, Inc. COM 652526104 36 12,000 SH   SOLE   0 0 0
Nextera Energy Inc. COM 65339F101 3,912 48,800 SH   SOLE   0 0 0
Nisource Inc. COM 65473P105 2,796 90,500 SH   SOLE   0 0 0
Paychex Inc. COM 704326107 2,426 59,700 SH   SOLE   0 0 0
PEPCO Holdings Inc. COM 713291102 4,037 218,674 SH   SOLE   0 0 0
Pfizer Inc. COM 717081103 3,160 110,000 SH   SOLE   0 0 0
PG&E Corp. COM 69331C108 4,324 105,676 SH   SOLE   0 0 0
Philip Morris Int'l COM 718172109 866 10,000 SH   SOLE   0 0 0
Piedmont Natural Gas Co COM 720186105 1,644 50,000 SH   SOLE   0 0 0
Pinnacle West Capital COM 723484101 3,328 60,800 SH   SOLE   0 0 0
Portland General Electric Co. COM 736508847 1,468 52,000 SH   SOLE   0 0 0
PPL Corp. COM 69351T106 4,109 135,259 SH   SOLE   0 0 0
Proctor & Gamble Co. COM 742718109 4,233 56,000 SH   SOLE   0 0 0
Public Svc Enterprise Group COM 744573106 4,120 125,127 SH   SOLE   0 0 0
Raytheon Co. COM 755111507 1,541 20,000 SH   SOLE   0 0 0
Resolute Forest Products COM 76117W109 279 21,087 SH   SOLE   0 0 0
Reynolds American Inc. COM 761713106 3,561 73,000 SH   SOLE   0 0 0
SCANA Corp. COM 80589M102 3,964 86,100 SH   SOLE   0 0 0
Southern Co. COM 842587107 3,583 87,000 SH   SOLE   0 0 0
Sysco Corp. COM 871829107 3,718 116,800 SH   SOLE   0 0 0
TECO Energy Inc COM 872375100 4,001 241,900 SH   SOLE   0 0 0
Time Warner Cable Inc. CL A 88732J207 206 1,844 SH   SOLE   0 0 0
Vanguard EMR MKT ETF 922042858 67,788 1,689,000 SH   SOLE   0 0 0
Vanguard TOT STK MKT ETF 922908769 79,718 909,500 SH   SOLE   0 0 0
Vanguard VALUE ETF 922908744 26,360 377,700 SH   SOLE   0 0 0
Vanguard MSCI EAFE ETF 921943858 37,791 954,800 SH   SOLE   0 0 0
Vectren Corp. COM 92240G101 4,295 128,793 SH   SOLE   0 0 0
Verizon Communications Inc. COM 92343V104 2,800 60,000 SH   SOLE   0 0 0
Waste Management Inc. COM 94106L109 4,545 110,200 SH   SOLE   0 0 0
Westar Energy Inc. COM 95709T100 4,371 142,623 SH   SOLE   0 0 0
Windstream Corp. COM 97381W104 2,327 291,300 SH   SOLE   0 0 0
Xcel Energy Inc. COM 98389B100 4,686 169,709 SH   SOLE   0 0 0