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
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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 512 9,700 SH   SOLE   0 0 0
AGL Resources Inc. COM 001204106 2,845 60,247 SH   SOLE   0 0 0
Air Products & Chemicals Inc. COM 009158106 3,550 31,755 SH   SOLE   0 0 0
Alliant Energy Corp. COM 018802108 2,729 52,889 SH   SOLE   0 0 0
Altria Group Inc. COM 02209S103 3,281 85,459 SH   SOLE   0 0 0
Ameren Corp. COM 023608102 3,015 83,387 SH   SOLE   0 0 0
American Electric Power Co. COM 025537101 2,692 57,600 SH   SOLE   0 0 0
AT&T Inc. COM 00206R102 4,219 120,000 SH   SOLE   0 0 0
Atmos Energy Corp. COM 049560105 2,671 58,800 SH   SOLE   0 0 0
B&G Foods Inc. COM 05508R106 2,520 74,300 SH   SOLE   0 0 0
Bristol-Myers Squibb Co. COM 110122108 2,066 38,866 SH   SOLE   0 0 0
CenterPoint Energy Inc. COM 15189T107 2,471 106,600 SH   SOLE   0 0 0
Chevron Corp. COM 166764100 1,499 12,000 SH   SOLE   0 0 0
Cliffs Natural Resources COM 18683K101 655 25,000 SH   SOLE   0 0 0
Clorox Co. COM 189054109 2,783 30,000 SH   SOLE   0 0 0
CMS Energy Corp. COM 125896100 2,735 102,179 SH   SOLE   0 0 0
Conagra Inc. COM 205887102 1,685 50,000 SH   SOLE   0 0 0
ConocoPhillips COM 20825C104 2,120 30,000 SH   SOLE   0 0 0
Consolidated Edison Inc. COM 209115104 2,875 52,001 SH   SOLE   0 0 0
Dominion Resources Inc. COM 25746U109 2,898 44,800 SH   SOLE   0 0 0
Dow Chemical COM 260543103 2,797 63,000 SH   SOLE   0 0 0
Dr Pepper Snapple Group COM 26138E109 2,680 55,000 SH   SOLE   0 0 0
DTE Energy Co. COM 233331107 2,838 42,740 SH   SOLE   0 0 0
Duke Energy Corp. COM 26441C204 2,878 41,700 SH   SOLE   0 0 0
Dupont E.I. De Nemours COM 263534109 2,144 33,000 SH   SOLE   0 0 0
Emerson Electric Co. COM 291011104 1,123 16,000 SH   SOLE   0 0 0
Entergy Corp. COM 29364G103 3,695 58,395 SH   SOLE   0 0 0
Exelon Corp. COM 30161N101 2,876 105,010 SH   SOLE   0 0 0
Firstenergy Corp. COM 337932107 3,290 99,743 SH   SOLE   0 0 0
General Electric Co. COM 369604103 4,535 161,800 SH   SOLE   0 0 0
Integrys Energy Group Inc. COM 45822P105 4,118 75,679 SH   SOLE   0 0 0
Intel Corp. COM 458140100 1,651 63,600 SH   SOLE   0 0 0
Johnson & Johnson COM 478160104 1,905 20,800 SH   SOLE   0 0 0
Kimberly-Clark Corp. COM 494368103 3,134 30,000 SH   SOLE   0 0 0
Kraft Foods Group Inc. COM 50076Q106 2,911 54,000 SH   SOLE   0 0 0
Leggett & Platt Inc. COM 524660107 3,611 116,700 SH   SOLE   0 0 0
Lockheed Martin Corp. COM 539830109 4,014 27,000 SH   SOLE   0 0 0
McDonald's Corp. COM 580135101 3,949 40,700 SH   SOLE   0 0 0
Merck & Co. Inc. COM 58933Y105 4,004 80,000 SH   SOLE   0 0 0
Metlife Inc. COM 59156R108 1 10 SH   SOLE   0 0 0
Microchip Technology Inc COM 595017104 2,170 48,500 SH   SOLE   0 0 0
National Westminster Bank PLC PFD 638539882 5,917 235,000 SH   SOLE   0 0 0
New Jersey Natural Gas COM 646025106 2,381 51,500 SH   SOLE   0 0 0
Newtek Business Services, Inc. COM 652526104 38 12,000 SH   SOLE   0 0 0
Nextera Energy Inc. COM 65339F101 2,740 32,000 SH   SOLE   0 0 0
Nisource Inc. COM 65473P105 1,660 50,500 SH   SOLE   0 0 0
Paychex Inc. COM 704326107 2,718 59,700 SH   SOLE   0 0 0
PEPCO Holdings Inc. COM 713291102 4,183 218,674 SH   SOLE   0 0 0
Pfizer Inc. COM 717081103 2,144 70,000 SH   SOLE   0 0 0
PG&E Corp. COM 69331C108 4,257 105,676 SH   SOLE   0 0 0
Philip Morris Int'l COM 718172109 871 10,000 SH   SOLE   0 0 0
Piedmont Natural Gas Co. COM 720186105 2,653 80,000 SH   SOLE   0 0 0
Pinnacle West Capital COM 723484101 2,688 50,800 SH   SOLE   0 0 0
Portland General Electric Co. COM 736508847 2,023 67,000 SH   SOLE   0 0 0
PPL Corp. COM 69351T106 4,070 135,259 SH   SOLE   0 0 0
Proctor & Gamble Co. COM 742718109 2,117 26,000 SH   SOLE   0 0 0
Public Svc Enterprise Group COM 744573106 2,174 67,839 SH   SOLE   0 0 0
Raytheon Co. COM 755111507 1,814 20,000 SH   SOLE   0 0 0
Resolute Forest Products COM 76117W109 338 21,087 SH   SOLE   0 0 0
Reynolds American Inc. COM 761713106 3,649 73,000 SH   SOLE   0 0 0
SCANA Corp. COM 80589M102 4,041 86,100 SH   SOLE   0 0 0
Southern Co. COM 842587107 3,577 87,000 SH   SOLE   0 0 0
Sysco Corp. COM 871829107 3,494 96,800 SH   SOLE   0 0 0
TECO Energy Inc COM 872375100 4,170 241,900 SH   SOLE   0 0 0
Time Warner Cable Inc. CL A 88732J207 169 1,244 SH   SOLE   0 0 0
Vanguard EMR MKT ETF 922042858 70,720 1,719,000 SH   SOLE   0 0 0
Vanguard TOT STK MKT ETF 922908769 56,104 584,900 SH   SOLE   0 0 0
Vanguard VALUE ETF 922908744 22,787 298,300 SH   SOLE   0 0 0
Vanguard MSCI EAFE ETF 921943858 27,088 649,900 SH   SOLE   0 0 0
Vectren Corp. COM 92240G101 2,932 82,600 SH   SOLE   0 0 0
Verizon Communications Inc. COM 92343V104 2,948 60,000 SH   SOLE   0 0 0
Waste Management Inc. COM 94106L109 3,823 85,200 SH   SOLE   0 0 0
Westar Energy Inc. COM 95709T100 2,941 91,423 SH   SOLE   0 0 0
Windstream Holdings Inc. COM 97382A101 2,325 291,300 SH   SOLE   0 0 0
Xcel Energy Inc. COM 98389B100 4,183 149,709 SH   SOLE   0 0 0