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
AGL Resources Inc. COM 001204106 5,418 98,447 SH   SOLE   0 0 0
3 M CO COM 88579Y101 1,934 13,500 SH   SOLE   0 0 0
AbbVie Inc. COM 00287Y109 4,329 76,700 SH   SOLE   0 0 0
Air Products & Chemicals Inc. COM 009158106 3,956 30,755 SH   SOLE   0 0 0
Alliant Energy Corp. COM 018802108 4,941 81,189 SH   SOLE   0 0 0
Altria Group Inc. COM 02209S103 3,584 85,459 SH   SOLE   0 0 0
Ameren Corp. COM 023608102 2,328 56,937 SH   SOLE   0 0 0
American Electric Power Co. COM 025537101 4,607 82,600 SH   SOLE   0 0 0
AT&T Inc. COM 00206R102 4,243 120,000 SH   SOLE   0 0 0
Atmos Energy Corp. COM 049560105 4,208 78,800 SH   SOLE   0 0 0
Avista Corp. COM 05379B107 3,158 94,200 SH   SOLE   0 0 0
B&G Foods Inc. COM 05508R106 3,563 109,000 SH   SOLE   0 0 0
Bristol-Myers Squibb Co. COM 110122108 1,643 33,866 SH   SOLE   0 0 0
CenterPoint Energy Inc. COM 15189T107 4,730 185,200 SH   SOLE   0 0 0
Chevron Corp. COM 166764100 4,047 31,000 SH   SOLE   0 0 0
Clorox Co. COM 189054109 5,027 55,000 SH   SOLE   0 0 0
CMS Energy Corp. COM 125896100 4,896 157,179 SH   SOLE   0 0 0
Coca Cola Co. COM 191216100 932 22,000 SH   SOLE   0 0 0
Conagra Foods Inc. COM 205887102 2,226 75,000 SH   SOLE   0 0 0
ConocoPhillips COM 20825C104 4,629 54,000 SH   SOLE   0 0 0
Consolidated Edison Inc. COM 209115104 4,377 75,801 SH   SOLE   0 0 0
Dominion Resources Inc. COM 25746U109 3,848 53,800 SH   SOLE   0 0 0
Dow Chemical COM 260543103 3,242 63,000 SH   SOLE   0 0 0
Dr Pepper Snapple Group COM 26138E109 3,222 55,000 SH   SOLE   0 0 0
DTE Energy Co. COM 233331107 3,795 48,740 SH   SOLE   0 0 0
Duke Energy Corp. COM 26441C204 4,652 62,700 SH   SOLE   0 0 0
Dupont E.I. De Nemours COM 263534109 2,912 44,500 SH   SOLE   0 0 0
Eaton Corporation PLC COM G29183103 594 7,700 SH   SOLE   0 0 0
Emerson Electric Co. COM 291011104 1,394 21,000 SH   SOLE   0 0 0
Entergy Corp. COM 29364G103 2,397 29,195 SH   SOLE   0 0 0
Exelon Corp. COM 30161N101 2,445 67,010 SH   SOLE   0 0 0
Firstenergy Corp. COM 337932107 3,463 99,743 SH   SOLE   0 0 0
General Electric Co. COM 369604103 5,303 201,800 SH   SOLE   0 0 0
General Mills Inc. COM 370334104 457 8,700 SH   SOLE   0 0 0
Integrys Energy Group Inc. COM 45822P105 740 10,398 SH   SOLE   0 0 0
Intel Corp. COM 458140100 1,965 63,600 SH   SOLE   0 0 0
Johnson & Johnson COM 478160104 4,268 40,800 SH   SOLE   0 0 0
Kimberly-Clark Corp. COM 494368103 4,137 37,200 SH   SOLE   0 0 0
Kinder Morgan Inc. COM 49456B101 2,828 78,000 SH   SOLE   0 0 0
Kraft Foods Group Inc. COM 50076Q106 4,718 78,700 SH   SOLE   0 0 0
Leggett & Platt Inc. COM 524660107 4,446 129,700 SH   SOLE   0 0 0
Lockheed Martin Corp. COM 539830109 4,340 27,000 SH   SOLE   0 0 0
McDonald's Corp. COM 580135101 4,100 40,700 SH   SOLE   0 0 0
Merck & Co. Inc. COM 58933Y105 4,339 75,000 SH   SOLE   0 0 0
Metlife Inc. COM 59156R108 1 10 SH   SOLE   0 0 0
Microchip Technology Inc. COM 595017104 2,704 55,400 SH   SOLE   0 0 0
National Westminster Bank PLC PFD 638539882 6,173 235,000 SH   SOLE   0 0 0
New Jersey Resources Corp. COM 646025106 5,384 94,200 SH   SOLE   0 0 0
Newtek Business Services Inc. COM 652526104 33 12,000 SH   SOLE   0 0 0
Nextera Energy Inc. COM 65339F101 3,279 32,000 SH   SOLE   0 0 0
Nisource Inc. COM 65473P105 275 7,000 SH   SOLE   0 0 0
Paychex Inc. COM 704326107 4,351 104,700 SH   SOLE   0 0 0
Pepsico Inc. COM 713448108 983 11,000 SH   SOLE   0 0 0
Pfizer Inc. COM 717081103 4,393 148,000 SH   SOLE   0 0 0
PG&E Corp. COM 69331C108 2,818 58,676 SH   SOLE   0 0 0
Philip Morris Int'l COM 718172109 3,077 36,500 SH   SOLE   0 0 0
Piedmont Natural Gas Co. COM 720186105 4,841 129,400 SH   SOLE   0 0 0
Pinnacle West Capital COM 723484101 3,869 66,900 SH   SOLE   0 0 0
Portland General Electric Co. COM 736508847 4,400 126,900 SH   SOLE   0 0 0
PPL Corp. COM 69351T106 2,705 76,142 SH   SOLE   0 0 0
Proctor & Gamble Co. COM 742718109 4,558 58,000 SH   SOLE   0 0 0
Public Svc Enterprise Group COM 744573106 3,175 77,839 SH   SOLE   0 0 0
Reynolds American Inc. COM 761713106 2,414 40,000 SH   SOLE   0 0 0
SCANA Corp. COM 80589M102 3,412 63,400 SH   SOLE   0 0 0
South Jersey Industries ADR 838518108 1,414 23,400 SH   SOLE   0 0 0
Southern Co. COM 842587107 4,629 102,000 SH   SOLE   0 0 0
Sysco Corp. COM 871829107 4,224 112,800 SH   SOLE   0 0 0
Target Corp. COM 87612E106 1,159 20,000 SH   SOLE   0 0 0
TECO Energy Inc. COM 872375100 4,171 225,700 SH   SOLE   0 0 0
The Laclede Group Inc. COM 505597104 4,471 92,100 SH   SOLE   0 0 0
Time Warner Cable Inc. COM 88732J207 183 1,244 SH   SOLE   0 0 0
Vanguard FTSE EMR MKT ETF 922042858 74,140 1,719,000 SH   SOLE   0 0 0
Vanguard VALUE ETF 922908744 31,190 385,300 SH   SOLE   0 0 0
Vanguard TOTAL STK MKT 922908769 92,824 912,100 SH   SOLE   0 0 0
Vanguard FTSE DEV MKT ETF 921943858 43,455 1,020,300 SH   SOLE   0 0 0
Vectren Corp. COM 92240G101 3,511 82,600 SH   SOLE   0 0 0
Verizon Comm. Inc. COM 92343V104 4,404 90,000 SH   SOLE   0 0 0
Waste Management Inc. COM 94106L109 5,028 112,400 SH   SOLE   0 0 0
Westar Energy Inc. COM 95709T100 5,019 131,423 SH   SOLE   0 0 0
WGL Holdings Inc. COM 92924F106 4,569 106,000 SH   SOLE   0 0 0
Windstream Corp. COM 97382A101 3,026 303,800 SH   SOLE   0 0 0
Xcel Energy Inc. COM 98389B100 4,825 149,709 SH   SOLE   0 0 0