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
3 M CO COM 88579Y101 3,046 21,500 SH   SOLE   0 0 0
AbbVie Inc. COM 00287Y109 4,430 76,700 SH   SOLE   0 0 0
AGL Resources Inc. COM 001204106 3,966 77,247 SH   SOLE   0 0 0
Air Products & Chemicals Inc. COM 009158106 4,004 30,755 SH   SOLE   0 0 0
Alliant Energy Corp. COM 018802108 3,723 67,189 SH   SOLE   0 0 0
Altria Group Inc. COM 02209S103 3,926 85,459 SH   SOLE   0 0 0
Ameren Corp. COM 023608102 2,182 56,937 SH   SOLE   0 0 0
American Electric Power Co. COM 025537101 3,790 72,600 SH   SOLE   0 0 0
AT&T Inc. COM 00206R102 4,229 120,000 SH   SOLE   0 0 0
Atmos Energy Corp. COM 049560105 3,759 78,800 SH   SOLE   0 0 0
Avista Corp. COM 05379B107 2,876 94,200 SH   SOLE   0 0 0
B&G Foods Inc. COM 05508R106 3,003 109,000 SH   SOLE   0 0 0
Bristol-Myers Squibb Co. COM 110122108 1,221 23,866 SH   SOLE   0 0 0
CenterPoint Energy Inc. COM 15189T107 4,532 185,200 SH   SOLE   0 0 0
Chevron Corp. COM 166764100 3,699 31,000 SH   SOLE   0 0 0
Clorox Co. COM 189054109 4,802 50,000 SH   SOLE   0 0 0
CMS Energy Corp. COM 125896100 3,871 130,500 SH   SOLE   0 0 0
Coca Cola Co. COM 191216100 939 22,000 SH   SOLE   0 0 0
Conagra Foods Inc. COM 205887102 2,148 65,000 SH   SOLE   0 0 0
ConocoPhillips COM 20825C104 4,132 54,000 SH   SOLE   0 0 0
Consolidated Edison Inc. COM 209115104 4,012 70,801 SH   SOLE   0 0 0
Dominion Resources Inc. COM 25746U109 3,745 54,200 SH   SOLE   0 0 0
Dow Chemical COM 260543103 3,304 63,000 SH   SOLE   0 0 0
Dr Pepper Snapple Group COM 26138E109 2,572 40,000 SH   SOLE   0 0 0
DTE Energy Co. COM 233331107 3,708 48,740 SH   SOLE   0 0 0
Duke Energy Corp. COM 26441C204 4,688 62,700 SH   SOLE   0 0 0
Dupont E.I. De Nemours COM 263534109 3,193 44,500 SH   SOLE   0 0 0
Eaton Corporation PLC COM G29183103 1,185 18,700 SH   SOLE   0 0 0
Emerson Electric Co. COM 291011104 1,314 21,000 SH   SOLE   0 0 0
Entergy Corp. COM 29364G103 587 7,589 SH   SOLE   0 0 0
Firstenergy Corp. COM 337932107 3,348 99,743 SH   SOLE   0 0 0
General Electric Co. COM 369604103 5,170 201,800 SH   SOLE   0 0 0
General Mills Inc. COM 370334104 1,044 20,700 SH   SOLE   0 0 0
Intel Corp. COM 458140100 1,832 52,600 SH   SOLE   0 0 0
Johnson & Johnson COM 478160104 4,349 40,800 SH   SOLE   0 0 0
Kimberly-Clark Corp. COM 494368103 4,217 39,200 SH   SOLE   0 0 0
Kinder Morgan Inc. COM 49456B101 3,987 104,000 SH   SOLE   0 0 0
Kraft Foods Group Inc. COM 50076Q106 4,439 78,700 SH   SOLE   0 0 0
Leggett & Platt Inc. COM 524660107 4,529 129,700 SH   SOLE   0 0 0
Lockheed Martin Corp. COM 539830109 4,387 24,000 SH   SOLE   0 0 0
McDonald's Corp. COM 580135101 3,859 40,700 SH   SOLE   0 0 0
Merck & Co. Inc. COM 58933Y105 4,446 75,000 SH   SOLE   0 0 0
Metlife Inc. COM 59156R108 1 10 SH   SOLE   0 0 0
Microchip Technology Inc. COM 595017104 2,947 62,400 SH   SOLE   0 0 0
National Westminster Bank PLC PFD 638539882 6,082 235,000 SH   SOLE   0 0 0
New Jersey Resources Corp. COM 646025106 4,253 84,200 SH   SOLE   0 0 0
Newtek Business Services Inc. COM 652526104 33 12,000 SH   SOLE   0 0 0
Nextera Energy Inc. COM 65339F101 3,004 32,000 SH   SOLE   0 0 0
Northeast Utilities COM 664397106 2,259 51,000 SH   SOLE   0 0 0
Paychex Inc. COM 704326107 4,628 104,700 SH   SOLE   0 0 0
Pepsico Inc. COM 713448108 1,955 21,000 SH   SOLE   0 0 0
Pfizer Inc. COM 717081103 4,376 148,000 SH   SOLE   0 0 0
PG&E Corp. COM 69331C108 2,643 58,676 SH   SOLE   0 0 0
Philip Morris Int'l, Inc. COM 718172109 3,044 36,500 SH   SOLE   0 0 0
Piedmont Natural Gas Co. COM 720186105 4,339 129,400 SH   SOLE   0 0 0
Pinnacle West Capital COM 723484101 3,655 66,900 SH   SOLE   0 0 0
Portland General Electric Co. COM 736508847 4,076 126,900 SH   SOLE   0 0 0
PPL Corp. COM 69351T106 2,501 76,142 SH   SOLE   0 0 0
Proctor & Gamble Co. COM 742718109 4,857 58,000 SH   SOLE   0 0 0
Public Svc Enterprise Group COM 744573106 2,899 77,839 SH   SOLE   0 0 0
Reynolds American Inc. COM 761713106 2,360 40,000 SH   SOLE   0 0 0
SCANA Corp. COM 80589M102 3,145 63,400 SH   SOLE   0 0 0
South Jersey Industries COM 838518108 1,515 28,400 SH   SOLE   0 0 0
Southern Co. COM 842587107 4,452 102,000 SH   SOLE   0 0 0
Sysco Corp. COM 871829107 4,281 112,800 SH   SOLE   0 0 0
Target Corp. COM 87612E106 1,254 20,000 SH   SOLE   0 0 0
TECO Energy Inc. COM 872375100 3,923 225,700 SH   SOLE   0 0 0
The Laclede Group Inc. COM 505597104 4,273 92,100 SH   SOLE   0 0 0
Time Warner Cable Inc. COM 88732J207 179 1,244 SH   SOLE   0 0 0
Vanguard FTSE DEV MKT ETF 921943858 51,488 1,295,300 SH   SOLE   0 0 0
Vanguard FTSE EMR MKT ETF 922042858 71,699 1,719,000 SH   SOLE   0 0 0
Vanguard VALUE ETF 922908744 38,286 471,500 SH   SOLE   0 0 0
Vanguard TOTAL STK MKT 922908769 107,021 1,057,100 SH   SOLE   0 0 0
Vectren Corp. COM 92240G101 3,296 82,600 SH   SOLE   0 0 0
Verizon Comm. Inc. COM 92343V104 4,499 90,000 SH   SOLE   0 0 0
Waste Management Inc. COM 94106L109 5,342 112,400 SH   SOLE   0 0 0
Westar Energy Inc. COM 95709T100 4,484 131,423 SH   SOLE   0 0 0
WGL Holdings Inc. COM 92924F106 4,465 106,000 SH   SOLE   0 0 0
Williams Companies COM 969457100 3,321 60,000 SH   SOLE   0 0 0
Windstream Corp. COM 97382A101 2,278 211,300 SH   SOLE   0 0 0
Xcel Energy Inc. COM 98389B100 4,156 136,709 SH   SOLE   0 0 0