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 Common 001204106 9,621 147,700 SH   SOLE   147,700 0 0
AT&T INC Common 00206R102 102,633 2,620,200 SH   SOLE   2,620,200 0 0
ABBVIE INC Common 00287Y109 21,660 379,200 SH   SOLE   379,200 0 0
ALLETE INC Common 018522300 9,229 164,600 SH   SOLE   164,600 0 0
ALLIANT ENERGY CORP Common 018802108 12,033 162,000 SH   SOLE   162,000 0 0
AMEREN CORP Common 023608102 14,150 282,442 SH   SOLE   282,442 0 0
AMERICAN ELECTRIC POWER CO INC Common 025537101 11,275 169,800 SH   SOLE   169,800 0 0
AVISTA CORP Common 05379B107 11,316 277,500 SH   SOLE   277,500 0 0
BP PLC ADR Common 055622104 37,589 1,245,500 SH   SOLE   1,245,500 0 0
BALDWIN & LYONS INC Common 057755209 6,128 249,000 SH   SOLE   249,000 0 0
BLACK HILLS CORP Common 092113109 13,698 227,800 SH   SOLE   227,800 0 0
CATERPILLAR INC Common 149123101 40,574 530,100 SH   SOLE   530,100 0 0
CENTERPOINT ENERGY INC Common 15189T107 20,502 980,000 SH   SOLE   980,000 0 0
CHEVRON CORP Common 166764100 53,395 559,700 SH   SOLE   559,700 0 0
CINCINNATI FINANCIAL CORP Common 172062101 37,889 579,700 SH   SOLE   579,700 0 0
CISCO SYSTEMS Common 17275R102 30,816 1,082,400 SH   SOLE   1,082,400 0 0
COCA COLA CO Common 191216100 37,311 804,300 SH   SOLE   804,300 0 0
CONSOLIDATED EDISON INC Common 209115104 21,322 278,286 SH   SOLE   278,286 0 0
CUMMINS INC Common 231021106 22,428 204,000 SH   SOLE   204,000 0 0
DEERE & CO Common 244199105 24,409 317,040 SH   SOLE   317,040 0 0
DOMINION RESOURCES INC Common 25746U109 17,691 235,500 SH   SOLE   235,500 0 0
DONEGAL GROUP INC Common 257701201 1,150 80,000 SH   SOLE   80,000 0 0
DOW CHEMICAL COMPANY Common 260543103 33,822 665,000 SH   SOLE   665,000 0 0
DUKE ENERGY CORP Common 26441C204 18,967 235,095 SH   SOLE   235,095 0 0
EATON VANCE CORP Common 278265103 12,671 378,000 SH   SOLE   378,000 0 0
EMERSON ELECTRIC CO Common 291011104 35,157 646,500 SH   SOLE   646,500 0 0
EMPIRE DISTRICT ELECTRIC Common 291641108 15,451 467,500 SH   SOLE   467,500 0 0
ERIE INDEMNITY CO CL A Common 29530P102 20,700 222,600 SH   SOLE   222,600 0 0
EXXON MOBIL CORP Common 30231G102 25,336 303,100 SH   SOLE   303,100 0 0
GALLAGHER ARTHUR J Common 363576109 40,228 904,400 SH   SOLE   904,400 0 0
GENERAL ELECTRIC CO Common 369604103 44,932 1,413,400 SH   SOLE   1,413,400 0 0
GENERAL MILLS INC Common 370334104 17,782 280,700 SH   SOLE   280,700 0 0
GENUINE PARTS CO Common 372460105 18,282 184,000 SH   SOLE   184,000 0 0
GLAXOSMITHKLINE ADR Common 37733W105 53,546 1,320,500 SH   SOLE   1,320,500 0 0
GREAT PLAINS ENERGY INC Common 391164100 10,933 339,000 SH   SOLE   339,000 0 0
HELMERICH & PAYNE INC Common 423452101 20,147 343,100 SH   SOLE   343,100 0 0
INTEL CORP Common 458140100 29,856 922,900 SH   SOLE   922,900 0 0
IBM CORP Common 459200101 35,136 232,000 SH   SOLE   232,000 0 0
JOHNSON & JOHNSON Common 478160104 30,491 281,800 SH   SOLE   281,800 0 0
KELLOGG CO Common 487836108 14,736 192,500 SH   SOLE   192,500 0 0
KIMBERLY CLARK CORP Common 494368103 28,341 210,700 SH   SOLE   210,700 0 0
LACLEDE GROUP INC Common 505597104 10,840 160,000 SH   SOLE   160,000 0 0
LEGGETT & PLATT INC Common 524660107 28,145 581,500 SH   SOLE   581,500 0 0
MDU RESOURCES GROUP INC Common 552690109 25,298 1,300,000 SH   SOLE   1,300,000 0 0
MCDONALDS CORP Common 580135101 37,603 299,200 SH   SOLE   299,200 0 0
MERCK & CO INC Common 58933Y105 21,984 415,500 SH   SOLE   415,500 0 0
MERCURY GENERAL CORP Common 589400100 47,769 860,700 SH   SOLE   860,700 0 0
MURPHY OIL CORP Common 626717102 18,905 750,500 SH   SOLE   750,500 0 0
NATIONAL OILWELL VARCO INC Common 637071101 17,634 567,000 SH   SOLE   567,000 0 0
NORFOLK SOUTHERN CO Common 655844108 15,751 189,200 SH   SOLE   189,200 0 0
NORTHWEST NATURAL GAS CO Common 667655104 14,179 263,300 SH   SOLE   263,300 0 0
NUCOR CORP Common 670346105 36,397 769,500 SH   SOLE   769,500 0 0
OGE ENERGY CORP Common 670837103 4,180 146,000 SH   SOLE   146,000 0 0
PPL CORP Common 69351T106 20,897 548,900 SH   SOLE   548,900 0 0
PAYCHEX INC Common 704326107 10,521 194,800 SH   SOLE   194,800 0 0
PEPSICO INC Common 713448108 30,867 301,200 SH   SOLE   301,200 0 0
PFIZER INC Common 717081103 30,514 1,029,500 SH   SOLE   1,029,500 0 0
PHILIP MORRIS INTERNATIONAL INC Common 718172109 36,517 372,200 SH   SOLE   372,200 0 0
PIEDMONT NATURAL GAS CO Common 720186105 16,711 279,300 SH   SOLE   279,300 0 0
PROCTER & GAMBLE CO Common 742718109 44,126 536,100 SH   SOLE   536,100 0 0
PUBLIC SERVICE ENTERPRISE GRP INC Common 744573106 17,371 368,500 SH   SOLE   368,500 0 0
QUALCOMM INC Common 747525103 25,007 489,000 SH   SOLE   489,000 0 0
QUESTAR CORP Common 748356102 24,738 997,500 SH   SOLE   997,500 0 0
ROCKWELL AUTOMATION INC Common 773903109 10,465 92,000 SH   SOLE   92,000 0 0
ROYAL DUTCH SHELL ADR Common 780259107 35,628 724,300 SH   SOLE   724,300 0 0
SCANA CORP Common 80589M102 14,998 213,800 SH   SOLE   213,800 0 0
SONOCO PRODUCTS Common 835495102 17,087 351,800 SH   SOLE   351,800 0 0
SOUTH JERSEY INDUSTRIES INC Common 838518108 13,798 485,000 SH   SOLE   485,000 0 0
SOUTHERN COMPANY Common 842587107 19,735 381,500 SH   SOLE   381,500 0 0
SYSCO CORP Common 871829107 29,318 627,400 SH   SOLE   627,400 0 0
TECO ENERGY INC Common 872375100 15,103 548,600 SH   SOLE   548,600 0 0
TEXAS INSTRUMENTS INC Common 882508104 10,336 180,000 SH   SOLE   180,000 0 0
3M CO Common 88579Y101 20,629 123,800 SH   SOLE   123,800 0 0
UNION PACIFIC CORP Common 907818108 13,126 165,000 SH   SOLE   165,000 0 0
UNITED PARCEL SERVICES INC Common 911312106 18,436 174,800 SH   SOLE   174,800 0 0
VECTREN CORP Common 92240G101 9,052 179,044 SH   SOLE   179,044 0 0
VERIZON COMMUNICATIONS INC Common 92343V104 90,746 1,678,000 SH   SOLE   1,678,000 0 0
WGL HOLDINGS INC Common 92924F106 15,820 218,600 SH   SOLE   218,600 0 0
WEC ENERGY GROUP INC Common 92939U106 18,811 313,151 SH   SOLE   313,151 0 0
WASTE MANAGEMENT INC Common 94106L109 20,691 350,700 SH   SOLE   350,700 0 0
WESTAR ENERGY INC Common 95709T100 16,371 330,000 SH   SOLE   330,000 0 0
XCEL ENERGY CORP Common 98389B100 17,564 420,000 SH   SOLE   420,000 0 0
EATON CORP Common G29183103 20,520 328,000 SH   SOLE   328,000 0 0