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
Expires: July 31, 2015
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
ALLETE Common 018522300 24,545 383,100 SH SOLE 383,100 0 0
AMERICAN ELECTRIC POWER Common 025537101 38,319 369,300 SH SOLE 369,300 0 0
ARTHUR J GALLAGHER Common 363576109 61,079 190,800 SH SOLE 190,800 0 0
AVISTA Common 05379B107 22,675 597,500 SH SOLE 597,500 0 0
BLACK HILLS Common 092113109 23,338 416,000 SH SOLE 416,000 0 0
BRISTOL MYERS SQUIBB Common 110122108 28,179 608,750 SH SOLE 608,750 0 0
CARDINAL HEALTH Common 14149Y108 63,000 375,000 SH SOLE 375,000 0 0
CATERPILLAR Common 149123101 68,713 177,000 SH SOLE 177,000 0 0
CHEVRON Common 166764100 69,633 486,300 SH SOLE 486,300 0 0
CINCINNATI FINANCIAL Common 172062101 59,434 399,100 SH SOLE 399,100 0 0
CISCO SYSTEMS Common 17275R102 83,853 1,208,600 SH SOLE 1,208,600 0 0
COCA-COLA Common 191216100 74,096 1,047,300 SH SOLE 1,047,300 0 0
CUMMINS Common 231021106 71,886 219,500 SH SOLE 219,500 0 0
DONEGAL GROUP CL A Common 257701201 8,521 425,500 SH SOLE 425,500 0 0
DUKE ENERGY Common 26441C204 58,083 492,231 SH SOLE 492,231 0 0
EASTMAN CHEMICAL Common 277432100 24,376 326,500 SH SOLE 326,500 0 0
EATON Common G29183103 77,467 217,000 SH SOLE 217,000 0 0
EMERSON ELECTRIC Common 291011104 68,145 511,100 SH SOLE 511,100 0 0
EVERGY Common 30034W106 57,629 836,046 SH SOLE 836,046 0 0
EVERSOURCE ENERGY Common 30040W108 44,784 703,933 SH SOLE 703,933 0 0
EXXON MOBIL Common 30231G102 78,155 725,000 SH SOLE 725,000 0 0
FIRSTENERGY Common 337932107 20,996 521,500 SH SOLE 521,500 0 0
GENERAL MILLS Common 370334104 14,983 289,200 SH SOLE 289,200 0 0
GENUINE PARTS Common 372460105 34,634 285,500 SH SOLE 285,500 0 0
HUBBELL Common 443510607 51,868 127,000 SH SOLE 127,000 0 0
ILLINOIS TOOL Common 452308109 39,560 160,000 SH SOLE 160,000 0 0
JOHNSON & JOHNSON Common 478160104 50,866 333,000 SH SOLE 333,000 0 0
KELLANOVA Common 487836108 43,065 541,500 SH SOLE 541,500 0 0
KIMBERLY CLARK Common 494368103 49,957 387,500 SH SOLE 387,500 0 0
LOCKHEED MARTIN Common 539830109 46,685 100,800 SH SOLE 100,800 0 0
MCDONALD'S Common 580135101 57,309 196,150 SH SOLE 196,150 0 0
MERCK & CO Common 58933Y105 55,855 705,600 SH SOLE 705,600 0 0
MSC INDUSTRIAL CL A Common 553530106 48,053 565,200 SH SOLE 565,200 0 0
NORTHWEST NATURAL HOLDING COMPAN Common 66765N105 187 4,700 SH SOLE 4,700 0 0
OGE ENERGY Common 670837103 38,278 862,500 SH SOLE 862,500 0 0
PAYCHEX Common 704326107 61,544 423,100 SH SOLE 423,100 0 0
PEPSICO Common 713448108 60,204 455,950 SH SOLE 455,950 0 0
PFIZER Common 717081103 47,600 1,963,700 SH SOLE 1,963,700 0 0
PHILLIPS 66 Common 718546104 33,476 280,600 SH SOLE 280,600 0 0
PORTLAND GENERAL ELECTRIC Common 736508847 25,191 620,000 SH SOLE 620,000 0 0
PROCTER & GAMBLE Common 742718109 81,381 510,800 SH SOLE 510,800 0 0
PUBLIC SERVICE ENTERPRISE GROUP Common 744573106 33,041 392,500 SH SOLE 392,500 0 0
QUALCOMM Common 747525103 70,361 441,800 SH SOLE 441,800 0 0
SONOCO PRODUCTS Common 835495102 25,274 580,200 SH SOLE 580,200 0 0
SOUTHERN Common 842587107 70,801 771,000 SH SOLE 771,000 0 0
SPIRE Common 84857L101 31,641 433,500 SH SOLE 433,500 0 0
SYSCO Common 871829107 46,974 620,200 SH SOLE 620,200 0 0
T ROWE PRICE GROUP Common 74144T108 10,615 110,000 SH SOLE 110,000 0 0
TEXAS INSTRUMENTS Common 882508104 74,847 360,500 SH SOLE 360,500 0 0
UNITED PARCEL SERVICE CL B Common 911312106 41,527 411,400 SH SOLE 411,400 0 0
US BANCORP Common 902973304 21,720 480,000 SH SOLE 480,000 0 0
VALERO ENERGY Common 91913Y100 38,242 284,500 SH SOLE 284,500 0 0
WEC ENERGY GROUP Common 92939U106 35,040 336,279 SH SOLE 336,279 0 0
WW GRAINGER Common 384802104 47,331 45,500 SH SOLE 45,500 0 0
XCEL ENERGY Common 98389B100 35,562 522,200 SH SOLE 522,200 0 0