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
ADVANCE AUTO PARTS INC COM 00751Y106 2,402 21,700 SH   SOLE   21,700 0 0
AGL RES INC COM 001204106 37,237 788,416 SH   SOLE   788,416 0 0
ALASKA AIR GROUP INC COM 011659109 7,528 102,600 SH   SOLE   102,600 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 267 2,005 SH   SOLE   2,005 0 0
ALLIANCE DATA SYSTEMS CORP COM 018581108 4,996 19,000 SH   SOLE   19,000 0 0
ALLIANT ENERGY CORP COM 018802108 3,630 70,354 SH   SOLE   70,354 0 0
ALLIANT TECHSYSTEMS INC COM 018804104 8,153 67,000 SH   SOLE   67,000 0 0
ALTRIA GROUP INC COM 02209S103 2,829 73,700 SH   SOLE   73,700 0 0
AMAZON COM INC COM 023135106 257 645 SH   SOLE   645 0 0
AMEREN CORP COM 023608102 5,547 153,390 SH   SOLE   153,390 0 0
AMERICAN AXLE & MFG HLDGS INC COM 024061103 6,734 329,300 SH   SOLE   329,300 0 0
AMERICAN CAP LTD COM COM 02503Y103 391 25,000 SH   SOLE   25,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 193 10,000 SH   SOLE   10,000 0 0
AMERICAN EQTY INVT LIFE HLD CO COM 025676206 8,188 310,400 SH   SOLE   310,400 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 9,592 187,900 SH   SOLE   187,900 0 0
AMERICAN WOODMARK CORP COM 030506109 5,103 129,100 SH   SOLE   129,100 0 0
AMTRUST FINL SVCS INC COM 032359309 5,430 166,100 SH   SOLE   166,100 0 0
ANNALY CAP MGMT INC COM 035710409 150 15,000 SH   SOLE   15,000 0 0
APOGEE ENTERPRISES INC COM 037598109 5,883 163,837 SH   SOLE   163,837 0 0
APPLE INC COM 037833100 1,655 2,950 SH   SOLE   2,950 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 2,573 144,200 SH   SOLE   144,200 0 0
ASTORIA FINL CORP COM 046265104 9,404 680,000 SH   SOLE   680,000 0 0
AT&T INC COM 00206R102 9,363 266,300 SH   SOLE   266,300 0 0
ATMOS ENERGY CORP COM 049560105 33,963 747,762 SH   SOLE   747,762 0 0
AUTOMATIC DATA PROCESSING INC COM 053015103 3,354 41,500 SH   SOLE   41,500 0 0
AUTOZONE INC COM 053332102 2,103 4,400 SH   SOLE   4,400 0 0
AVERY DENNISON CORP COM 053611109 5,149 102,600 SH   SOLE   102,600 0 0
AVIS BUDGET GROUP COM 053774105 16,451 407,000 SH   SOLE   407,000 0 0
AVISTA CORP COM 05379B107 2,748 97,472 SH   SOLE   97,472 0 0
AXIALL CORP COM 05463D100 3,269 68,900 SH   SOLE   68,900 0 0
BANCO SANTANDER SA ADR 05964H105 2,764 304,700 SH   SOLE   304,700 0 0
BANCORP INC DEL COM 05969A105 8,507 475,000 SH   SOLE   475,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 4,437 285,000 SH   SOLE   285,000 0 0
BANKUNITED INC COM 06652K103 10,041 305,000 SH   SOLE   305,000 0 0
BANNER CORP COM NEW 06652V208 9,860 220,000 SH   SOLE   220,000 0 0
BAXTER INTL INC COM 071813109 1,674 24,075 SH   SOLE   24,075 0 0
BEACON ROOFING SUPPLY INC COM 073685109 4,294 106,600 SH   SOLE   106,600 0 0
BED BATH & BEYOND INC COM 075896100 2,184 27,200 SH   SOLE   27,200 0 0
BERKSHIRE HATHAWAY INC CL A 084670108 6,404 36 SH   SOLE   36 0 0
BIOGEN IDEC INC COM 09062X103 264 945 SH   SOLE   945 0 0
BLACK HILLS CORP COM 092113109 3,857 73,459 SH   SOLE   73,459 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 4,347 138,000 SH   SOLE   138,000 0 0
BOEING CO COM 097023105 2,907 21,300 SH   SOLE   21,300 0 0
BP PLC SPONSORED ADR 055622104 2,737 56,300 SH   SOLE   56,300 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 3,630 68,300 SH   SOLE   68,300 0 0
BROOKDALE SR LIVING INC COM 112463104 3,900 143,500 SH   SOLE   143,500 0 0
BROOKLINE BANCORP INC DEL COM 11373M107 239 25,000 SH   SOLE   25,000 0 0
BRUNSWICK CORP COM 117043109 12,837 278,700 SH   SOLE   278,700 0 0
CABELAS INC COM 126804301 5,666 85,000 SH   SOLE   85,000 0 0
CALUMET SPECIALTY PRODS PTNRS UT LTD PARTNER 131476103 2,951 113,400 SH   SOLE   113,400 0 0
CAMPBELL SOUP CO COM 134429109 1,913 44,200 SH   SOLE   44,200 0 0
CAPITAL BK FINL CORP COM 139794101 3,329 146,308 SH   SOLE   146,308 0 0
CAPITAL ONE FINL CORP COM 14040H105 4,443 58,000 SH   SOLE   58,000 0 0
CAPITALSOURCE INC COM 14055X102 5,030 350,000 SH   SOLE   350,000 0 0
CARDINAL HEALTH INC COM 14149Y108 2,525 37,800 SH   SOLE   37,800 0 0
CARLISLE COS INC COM 142339100 4,788 60,300 SH   SOLE   60,300 0 0
CATAMARAN CORP COM 148887102 3,627 76,400 SH   SOLE   76,400 0 0
CATERPILLAR INC DEL COM 149123101 1,625 17,900 SH   SOLE   17,900 0 0
CELADON GROUP INC COM 150838100 3,857 198,000 SH   SOLE   198,000 0 0
CENTERPOINT ENERGY INC COM 15189T107 29,282 1,263,226 SH   SOLE   1,263,226 0 0
CENTURYLINK INC COM 156700106 1,949 61,200 SH   SOLE   61,200 0 0
CF INDS HLDGS INC COM 125269100 1,818 7,800 SH   SOLE   7,800 0 0
CHENIERE ENERGY INC COM NEW 16411R208 61,882 1,435,117 SH   SOLE   1,435,117 0 0
CHESAPEAKE UTILS CORP COM 165303108 3,749 62,469 SH   SOLE   62,469 0 0
CHEVRON CORP NEW COM 166764100 10,161 81,350 SH   SOLE   81,350 0 0
CIENA CORP COM NEW 171779309 6,234 260,500 SH   SOLE   260,500 0 0
CIGNA CORPORATION COM 125509109 5,870 67,100 SH   SOLE   67,100 0 0
CISCO SYS INC COM 17275R102 649 28,900 SH   SOLE   28,900 0 0
CIT GROUP INC COM NEW 125581801 4,431 85,000 SH   SOLE   85,000 0 0
CITIGROUP INC COM NEW 172967424 4,534 87,000 SH   SOLE   87,000 0 0
CMS ENERGY CORP COM 125896100 17,244 644,148 SH   SOLE   644,148 0 0
COMERICA INC COM 200340107 2,852 60,000 SH   SOLE   60,000 0 0
COMPUTER SCIENCES CORP COM 205363104 7,108 127,200 SH   SOLE   127,200 0 0
CONAGRA FOODS INC COM 205887102 2,568 76,200 SH   SOLE   76,200 0 0
CONOCOPHILLIPS COM 20825C104 4,960 70,200 SH   SOLE   70,200 0 0
CONSOLIDATED EDISON INC COM 209115104 21,608 390,886 SH   SOLE   390,886 0 0
CORNING NAT GAS HLDG CORP COM 219387107 324 17,634 SH   SOLE   17,634 0 0
CRACKER BARREL OLD CTRY STORE COM COM 22410J106 6,978 63,400 SH   SOLE   63,400 0 0
CUMMINS INC COM 231021106 2,115 15,000 SH   SOLE   15,000 0 0
CUSTOMERS BANCORP INC COM 23204G100 5,217 255,000 SH   SOLE   255,000 0 0
DEERE & CO COM 244199105 1,690 18,500 SH   SOLE   18,500 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 11,650 424,100 SH   SOLE   424,100 0 0
DELTA NAT GAS INC COM 247748106 1,311 58,566 SH   SOLE   58,566 0 0
DINEEQUITY INC COM 254423106 4,545 54,400 SH   SOLE   54,400 0 0
DIRECTV COM 25490A309 2,190 31,700 SH   SOLE   31,700 0 0
DISCOVER FINL SVCS COM 254709108 4,084 73,000 SH   SOLE   73,000 0 0
DOLLAR TREE INC COM 256746108 2,302 40,800 SH   SOLE   40,800 0 0
DOMINION RES INC VA NEW COM 25746U109 61,203 946,096 SH   SOLE   946,096 0 0
DOVER CORP COM 260003108 270 2,800 SH   SOLE   2,800 0 0
DOW CHEM CO COM 260543103 3,432 77,300 SH   SOLE   77,300 0 0
DR PEPPER SNAPPLE GROUP INC COM 26138E109 1,739 35,700 SH   SOLE   35,700 0 0
DREW INDS INC COM NEW 26168L205 5,458 106,600 SH   SOLE   106,600 0 0
DTE ENERGY CO COM 233331107 14,636 220,454 SH   SOLE   220,454 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 9,248 142,350 SH   SOLE   142,350 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 8,063 116,837 SH   SOLE   116,837 0 0
DXP ENTERPRISES INC NEW COM NEW 233377407 7,834 68,000 SH   SOLE   68,000 0 0
EMCOR GROUP INC COM 29084Q100 4,537 106,900 SH   SOLE   106,900 0 0
EMPIRE DIST ELEC CO COM 291641108 565 24,900 SH   SOLE   24,900 0 0
ENBRIDGE INC COM 29250N105 61,211 1,401,348 SH   SOLE   1,401,348 0 0
ENCORE CAP GROUP INC COM 292554102 9,449 188,000 SH   SOLE   188,000 0 0
ENERGEN CORP COM 29265N108 8,383 118,492 SH   SOLE   118,492 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 62,834 768,704 SH   SOLE   768,704 0 0
ENSTAR GROUP LIMITED SHS G3075P101 972 7,000 SH   SOLE   7,000 0 0
ENTERGY CORP NEW COM 29364G103 740 11,700 SH   SOLE   11,700 0 0
EQT CORP COM 26884L109 11,219 124,960 SH   SOLE   124,960 0 0
EVERBANK FINL CORP COM 29977G102 4,310 235,000 SH   SOLE   235,000 0 0
EXELON CORP COM 30161N101 10,747 392,381 SH   SOLE   392,381 0 0
EXXON MOBIL CORP COM 30231G102 1,811 17,900 SH   SOLE   17,900 0 0
FAMILY DLR STORES INC COM 307000109 1,559 24,000 SH   SOLE   24,000 0 0
FIDELITY NATIONAL FINANCIAL IN CL A CL A 31620R105 5,147 158,600 SH   SOLE   158,600 0 0
FIFTH & PAC COS INC COM 316645100 7,700 240,100 SH   SOLE   240,100 0 0
FIFTH THIRD BANCORP COM 316773100 4,458 212,000 SH   SOLE   212,000 0 0
FIRST BANCORP P R COM NEW 318672706 7,490 1,210,000 SH   SOLE   1,210,000 0 0
FIRST CONN BANCORP INC MD COM 319850103 2,499 155,000 SH   SOLE   155,000 0 0
FIRST INTERNET BANCORP COM 320557101 2,475 110,000 SH   SOLE   110,000 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 1,805 170,000 SH   SOLE   170,000 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 10,791 550,000 SH   SOLE   550,000 0 0
FLOWERS FOODS INC COM 343498101 6,447 300,300 SH   SOLE   300,300 0 0
FLUOR CORP NEW COM 343412102 2,232 27,800 SH   SOLE   27,800 0 0
FLUSHING FINL CORP COM 343873105 8,798 425,000 SH   SOLE   425,000 0 0
FOOT LOCKER INC COM 344849104 2,014 48,600 SH   SOLE   48,600 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 2,986 193,500 SH   SOLE   193,500 0 0
FREEPORT-MCMORAN COPPER & GOLD COM COM 35671D857 4,502 119,300 SH   SOLE   119,300 0 0
FULTON FINL CORP PA COM 360271100 4,643 355,000 SH   SOLE   355,000 0 0
GAP INC DEL COM 364760108 1,966 50,300 SH   SOLE   50,300 0 0
GAS NAT INC COM 367204104 521 64,943 SH   SOLE   64,943 0 0
GENERAL DYNAMICS CORP COM 369550108 5,886 61,600 SH   SOLE   61,600 0 0
GENERAL ELECTRIC CO COM 369604103 10,063 359,000 SH   SOLE   359,000 0 0
GENERAL MLS INC COM 370334104 2,985 59,800 SH   SOLE   59,800 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 4,831 91,900 SH   SOLE   91,900 0 0
GENWORTH FINL INC COM CL A 37247D106 17,507 1,127,300 SH   SOLE   1,127,300 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 2,947 55,200 SH   SOLE   55,200 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 4,166 23,500 SH   SOLE   23,500 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 6,955 291,600 SH   SOLE   291,600 0 0
GREEN DOT CORP CL A 39304D102 2,012 80,000 SH   SOLE   80,000 0 0
HALLIBURTON CO COM 406216101 2,400 47,300 SH   SOLE   47,300 0 0
HANESBRANDS INC COM 410345102 7,329 104,300 SH   SOLE   104,300 0 0
HCA HOLDINGS INC COM 40412C101 2,448 51,300 SH   SOLE   51,300 0 0
HELMERICH & PAYNE INC COM 423452101 2,455 29,200 SH   SOLE   29,200 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 6,016 210,200 SH   SOLE   210,200 0 0
HINGHAM INSTN SVGS MASS COM 433323102 7,378 94,000 SH   SOLE   94,000 0 0
HOLLYFRONTIER CORP COM 436106108 1,739 35,000 SH   SOLE   35,000 0 0
HOME DEPOT INC COM 437076102 4,998 60,700 SH   SOLE   60,700 0 0
HOME LN SERVICING SOLUTIONS LT ORD SHS ORD SH G6648D109 4,020 175,000 SH   SOLE   175,000 0 0
HOMESTREET INC COM 43785V102 10,100 505,000 SH   SOLE   505,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 2,442 44,300 SH   SOLE   44,300 0 0
HUNTINGTON BANCSHARES INC COM 446150104 3,281 340,000 SH   SOLE   340,000 0 0
HUNTINGTON INGALLS INDS INC COM 446413106 8,794 97,700 SH   SOLE   97,700 0 0
ILLUMINA INC COM 452327109 272 2,458 SH   SOLE   2,458 0 0
INDEPENDENT BANK CORP MASS COM 453836108 1,372 35,000 SH   SOLE   35,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 3,298 274,815 SH   SOLE   274,815 0 0
INNERWORKINGS INC COM 45773Y105 2,311 296,665 SH   SOLE   296,665 0 0
INNOSPEC INC COM 45768S105 4,608 99,700 SH   SOLE   99,700 0 0
INTEGRYS ENERGY GROUP INC COM 45822P105 17,873 328,488 SH   SOLE   328,488 0 0
INTEL CORP COM 458140100 12,395 477,450 SH   SOLE   477,450 0 0
INTERCONTINENTALEXCHANGE GROUP COM COM 45866F104 675 3,000 SH   SOLE   3,000 0 0
INTERNATIONAL BUSINESS MACHS COM COM 459200101 1,557 8,300 SH   SOLE   8,300 0 0
INTL PAPER CO COM 460146103 2,917 59,500 SH   SOLE   59,500 0 0
INVESTORS BANCORP INC COM 46146P102 5,244 205,000 SH   SOLE   205,000 0 0
ITT CORP NEW COM 450911201 7,863 181,100 SH   SOLE   181,100 0 0
JARDEN CORP COM 471109108 6,288 102,500 SH   SOLE   102,500 0 0
JOHNSON & JOHNSON COM 478160104 5,092 55,600 SH   SOLE   55,600 0 0
JOY GLOBAL INC COM 481165108 1,532 26,200 SH   SOLE   26,200 0 0
JPMORGAN CHASE & CO. COM 46625H100 5,254 89,850 SH   SOLE   89,850 0 0
KB HOME COM 48666K109 5,210 285,000 SH   SOLE   285,000 0 0
KELLOGG CO COM 487836108 2,626 43,000 SH   SOLE   43,000 0 0
KEYCORP NEW COM 493267108 1,476 110,000 SH   SOLE   110,000 0 0
KIMBERLY CLARK CORP COM 494368103 2,925 28,000 SH   SOLE   28,000 0 0
KINDER MORGAN INC DEL COM 49456B101 63,116 1,753,225 SH   SOLE   1,753,225 0 0
KKR FINL HLDGS LLC COM 48248A306 6,217 510,000 SH   SOLE   510,000 0 0
KLA-TENCOR CORP COM 482480100 2,192 34,000 SH   SOLE   34,000 0 0
KOHLS CORP COM 500255104 2,049 36,100 SH   SOLE   36,100 0 0
KRAFT FOODS GROUP INC COM 50076Q106 3,000 55,634 SH   SOLE   55,634 0 0
KROGER CO COM 501044101 2,376 60,100 SH   SOLE   60,100 0 0
LACLEDE GROUP INC COM 505597104 11,537 253,333 SH   SOLE   253,333 0 0
LEAR CORP COM NEW 521865204 7,376 91,100 SH   SOLE   91,100 0 0
LENNOX INTL INC COM 526107107 5,869 69,000 SH   SOLE   69,000 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 264 1,800 SH   SOLE   1,800 0 0
LILLY ELI & CO COM 532457108 4,044 79,300 SH   SOLE   79,300 0 0
LINKEDIN CORP COM CL A 53578A108 261 1,205 SH   SOLE   1,205 0 0
LITHIA MTRS INC CL A 536797103 13,009 187,400 SH   SOLE   187,400 0 0
LOCKHEED MARTIN CORP COM 539830109 6,913 46,500 SH   SOLE   46,500 0 0
LOWES COS INC COM 548661107 5,193 104,800 SH   SOLE   104,800 0 0
MARATHON OIL CORP COM 565849106 1,853 52,500 SH   SOLE   52,500 0 0
MARATHON PETE CORP COM 56585A102 2,348 25,600 SH   SOLE   25,600 0 0
MASTERCARD INC CL A 57636Q104 4,595 5,500 SH   SOLE   5,500 0 0
MBIA INC COM 55262C100 7,224 605,000 SH   SOLE   605,000 0 0
MCDONALDS CORP COM 580135101 8,699 89,650 SH   SOLE   89,650 0 0
MDU RES GROUP INC COM 552690109 16,531 541,107 SH   SOLE   541,107 0 0
MERCK & CO INC NEW COM 58933Y105 10,050 200,800 SH   SOLE   200,800 0 0
METLIFE INC COM 59156R108 4,475 83,000 SH   SOLE   83,000 0 0
MGE ENERGY INC COM 55277P104 1,611 27,831 SH   SOLE   27,831 0 0
MGIC INVT CORP WIS COM 552848103 9,453 1,120,000 SH   SOLE   1,120,000 0 0
MICROSOFT CORP COM 594918104 8,049 215,050 SH   SOLE   215,050 0 0
MOHAWK INDS INC COM 608190104 5,658 38,000 SH   SOLE   38,000 0 0
MORGAN STANLEY COM NEW 617446448 4,171 133,000 SH   SOLE   133,000 0 0
MOVE INC COM NEW 62458M207 720 45,000 SH   SOLE   45,000 0 0
MWI VETERINARY SUPPLY INC COM 55402X105 5,595 32,800 SH   SOLE   32,800 0 0
NATIONAL BK HLDGS CORP CL A 633707104 2,782 130,000 SH   SOLE   130,000 0 0
NATIONAL FUEL GAS CO N J COM 636180101 27,762 388,824 SH   SOLE   388,824 0 0
NATIONAL GRID PLC SPON ADR NEW 636274300 62,459 956,198 SH   SOLE   956,198 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 5,137 139,000 SH   SOLE   139,000 0 0
NETFLIX INC COM 64110L106 254 690 SH   SOLE   690 0 0
NEW JERSEY RES COM 646025106 12,237 264,642 SH   SOLE   264,642 0 0
NEWMONT MINING CORP COM 651639106 1,329 57,700 SH   SOLE   57,700 0 0
NISOURCE INC COM 65473P105 50,229 1,527,631 SH   SOLE   1,527,631 0 0
NMI HLDGS INC CL A 629209305 509 40,000 SH   SOLE   40,000 0 0
NORDSTROM INC COM 655664100 1,879 30,400 SH   SOLE   30,400 0 0
NORFOLK SOUTHERN CORP COM 655844108 3,360 36,200 SH   SOLE   36,200 0 0
NORTHEAST UTILS COM 664397106 6,781 159,975 SH   SOLE   159,975 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 8,070 600,000 SH   SOLE   600,000 0 0
NORTHWEST NAT GAS CO COM 667655104 8,637 201,694 SH   SOLE   201,694 0 0
NORTHWESTERN CORP COM NEW 668074305 4,029 92,998 SH   SOLE   92,998 0 0
NUCOR CORP COM 670346105 2,861 53,600 SH   SOLE   53,600 0 0
OCEANFIRST FINL CORP COM 675234108 3,604 210,400 SH   SOLE   210,400 0 0
OCWEN FINL CORP COM NEW 675746309 7,541 136,000 SH   SOLE   136,000 0 0
OMNICARE INC COM 681904108 7,225 119,700 SH   SOLE   119,700 0 0
ONEOK INC NEW COM 682680103 63,257 1,017,315 SH   SOLE   1,017,315 0 0
OSHKOSH CORP COM 688239201 6,826 135,500 SH   SOLE   135,500 0 0
PACCAR INC COM 693718108 2,136 36,100 SH   SOLE   36,100 0 0
PAPA JOHNS INTL INC COM 698813102 6,751 148,700 SH   SOLE   148,700 0 0
PARKER HANNIFIN CORP COM 701094104 2,444 19,000 SH   SOLE   19,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,296 100,000 SH   SOLE   100,000 0 0
PEPCO HOLDINGS INC COM 713291102 1,299 67,904 SH   SOLE   67,904 0 0
PEPSICO INC COM 713448108 2,878 34,700 SH   SOLE   34,700 0 0
PFIZER INC COM 717081103 9,558 312,050 SH   SOLE   312,050 0 0
PG&E CORP COM 69331C108 34,995 868,799 SH   SOLE   868,799 0 0
PHH CORP COM NEW 693320202 6,209 255,000 SH   SOLE   255,000 0 0
PHILIP MORRIS INTL INC COM 718172109 2,492 28,600 SH   SOLE   28,600 0 0
PIEDMONT NAT GAS INC COM 720186105 20,230 610,068 SH   SOLE   610,068 0 0
PIER 1 IMPORTS INC COM 720279108 4,205 182,200 SH   SOLE   182,200 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 6,373 392,200 SH   SOLE   392,200 0 0
PNC FINL SVCS GROUP INC COM 693475105 4,422 57,000 SH   SOLE   57,000 0 0
POPULAR INC COM NEW 733174700 9,912 345,000 SH   SOLE   345,000 0 0
PORTFOLIO RECOVERY ASSOCS INC COM COM 73640Q105 1,902 36,000 SH   SOLE   36,000 0 0
PPL CORP COM 69351T106 16,009 532,035 SH   SOLE   532,035 0 0
PRICELINE COM INC COM NEW 741503403 256 220 SH   SOLE   220 0 0
PROCTER & GAMBLE CO COM 742718109 7,705 94,650 SH   SOLE   94,650 0 0
PROVIDENT FINL SVCS INC COM 74386T105 6,955 360,000 SH   SOLE   360,000 0 0
PRUDENTIAL FINL INC COM 744320102 3,504 38,000 SH   SOLE   38,000 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 25,337 790,790 SH   SOLE   790,790 0 0
PVH CORP COM 693656100 4,638 34,100 SH   SOLE   34,100 0 0
QUESTAR CORP COM 748356102 25,522 1,110,115 SH   SOLE   1,110,115 0 0
RADIAN GROUP INC COM 750236101 9,813 695,000 SH   SOLE   695,000 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 6,144 685,000 SH   SOLE   685,000 0 0
RAYTHEON CO COM NEW 755111507 6,830 75,300 SH   SOLE   75,300 0 0
REGIONS FINL CORP NEW COM 7591EP100 4,332 438,000 SH   SOLE   438,000 0 0
RGC RES INC COM 74955L103 681 35,679 SH   SOLE   35,679 0 0
ROCKVILLE FINL INC NEW COM 774188106 2,274 160,000 SH   SOLE   160,000 0 0
ROCKWELL COLLINS INC COM 774341101 2,070 28,000 SH   SOLE   28,000 0 0
ROYAL DUTCH SHELL PLC SPONSORED ADR 780259107 2,599 34,600 SH   SOLE   34,600 0 0
SAFEWAY INC COM 786514208 6,595 202,500 SH   SOLE   202,500 0 0
SALESFORCE COM INC COM 79466L302 263 4,765 SH   SOLE   4,765 0 0
SANDISK CORP COM 80004C101 268 3,805 SH   SOLE   3,805 0 0
SCANA CORP NEW COM 80589M102 9,830 209,466 SH   SOLE   209,466 0 0
SCHULMAN A INC COM 808194104 4,503 127,700 SH   SOLE   127,700 0 0
SEMPRA ENERGY COM 816851109 61,794 688,440 SH   SOLE   688,440 0 0
SERVICE CORP INTL COM 817565104 4,732 261,000 SH   SOLE   261,000 0 0
SKECHERS U S A INC CL A 830566105 7,196 217,200 SH   SOLE   217,200 0 0
SOUTH JERSEY INDS INC COM 838518108 10,290 183,877 SH   SOLE   183,877 0 0
SOUTHWEST GAS CORP COM 844895102 20,112 359,725 SH   SOLE   359,725 0 0
SPECTRA ENERGY CORP COM 847560109 63,621 1,786,115 SH   SOLE   1,786,115 0 0
STEELCASE INC CL A 858155203 4,875 307,400 SH   SOLE   307,400 0 0
STEPAN CO COM 858586100 4,318 65,800 SH   SOLE   65,800 0 0
STERLING FINL CORP WASH COM NEW 859319303 8,690 255,000 SH   SOLE   255,000 0 0
STEWART INFORMATION SVCS CORP COM COM 860372101 5,005 155,100 SH   SOLE   155,100 0 0
STONEGATE MTG CORP COM 86181Q300 5,538 335,000 SH   SOLE   335,000 0 0
SUNPOWER CORP COM 867652406 7,718 258,900 SH   SOLE   258,900 0 0
SUNTRUST BKS INC COM 867914103 4,417 120,000 SH   SOLE   120,000 0 0
SWIFT TRANSN CO CL A 87074U101 7,376 332,100 SH   SOLE   332,100 0 0
SYNOVUS FINL CORP COM 87161C105 9,792 2,720,000 SH   SOLE   2,720,000 0 0
SYSCO CORP COM 871829107 2,834 78,500 SH   SOLE   78,500 0 0
TARGA RES CORP COM 87612G101 5,758 65,300 SH   SOLE   65,300 0 0
TCF FINL CORP COM 872275102 1,138 70,000 SH   SOLE   70,000 0 0
TEAM INC COM 878155100 3,857 91,100 SH   SOLE   91,100 0 0
TECO ENERGY INC COM 872375100 4,202 243,736 SH   SOLE   243,736 0 0
TENNECO INC COM 880349105 7,343 129,800 SH   SOLE   129,800 0 0
TEREX CORP NEW COM 880779103 4,930 117,400 SH   SOLE   117,400 0 0
TERRITORIAL BANCORP INC COM 88145X108 2,320 100,000 SH   SOLE   100,000 0 0
3M CO COM 88579Y101 2,398 17,100 SH   SOLE   17,100 0 0
TIME WARNER CABLE INC COM 88732J207 3,780 27,900 SH   SOLE   27,900 0 0
TORO CO COM 891092108 5,692 89,500 SH   SOLE   89,500 0 0
TOTAL S A SPONSORED ADR 89151E109 2,812 45,900 SH   SOLE   45,900 0 0
TOTAL SYS SVCS INC COM 891906109 4,826 145,000 SH   SOLE   145,000 0 0
TRANSCANADA CORP COM 89353D107 61,998 1,357,827 SH   SOLE   1,357,827 0 0
TRAVELERS COMPANIES INC COM 89417E109 3,531 39,000 SH   SOLE   39,000 0 0
TRIMAS CORP COM NEW 896215209 5,254 131,700 SH   SOLE   131,700 0 0
TRIPADVISOR INC COM 896945201 232 2,805 SH   SOLE   2,805 0 0
U S G CORP COM 903293405 3,823 134,700 SH   SOLE   134,700 0 0
UGI CORP NEW COM NEW 902681105 8,331 200,935 SH   SOLE   200,935 0 0
UIL HLDG CORP COM 902748102 7,310 188,633 SH   SOLE   188,633 0 0
UNIFIRST CORP MASS COM 904708104 5,211 48,700 SH   SOLE   48,700 0 0
UNILEVER N V NY SHS NEW 904784709 2,490 61,900 SH   SOLE   61,900 0 0
UNILEVER PLC SPON ADR NEW 904767704 2,534 61,500 SH   SOLE   61,500 0 0
UNION PAC CORP COM 907818108 2,134 12,700 SH   SOLE   12,700 0 0
UNITED FINANCIAL BANCORP INC COM COM 91030T109 2,456 130,000 SH   SOLE   130,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 3,310 31,500 SH   SOLE   31,500 0 0
UNITEDHEALTH GROUP INC COM 91324P102 2,191 29,100 SH   SOLE   29,100 0 0
UNITIL CORP COM 913259107 1,872 61,390 SH   SOLE   61,390 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 7,208 88,700 SH   SOLE   88,700 0 0
UNS ENERGY CORP COM 903119105 1,166 19,480 SH   SOLE   19,480 0 0
URS CORP NEW COM 903236107 6,301 118,900 SH   SOLE   118,900 0 0
US BANCORP DEL COM NEW 902973304 2,141 53,000 SH   SOLE   53,000 0 0
VALMONT INDS INC COM 920253101 3,847 25,800 SH   SOLE   25,800 0 0
VECTREN CORP COM 92240G101 9,192 258,916 SH   SOLE   258,916 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 9,575 194,850 SH   SOLE   194,850 0 0
VIACOM INC NEW CL B 92553P201 2,594 29,700 SH   SOLE   29,700 0 0
VISA INC CL A 92826C839 4,454 20,000 SH   SOLE   20,000 0 0
VISTEON CORP COM NEW 92839U206 7,116 86,900 SH   SOLE   86,900 0 0
WALTER INVT MGMT CORP COM 93317W102 6,365 180,000 SH   SOLE   180,000 0 0
WASHINGTON FED INC COM 938824109 7,569 325,000 SH   SOLE   325,000 0 0
WASTE MGMT INC DEL COM 94106L109 3,114 69,400 SH   SOLE   69,400 0 0
WELLS FARGO & CO NEW COM 949746101 6,342 139,700 SH   SOLE   139,700 0 0
WENDYS CO COM 95058W100 6,784 778,000 SH   SOLE   778,000 0 0
WESTERN DIGITAL CORP COM 958102105 3,515 41,900 SH   SOLE   41,900 0 0
WESTERN UN CO COM 959802109 2,061 119,500 SH   SOLE   119,500 0 0
WGL HLDGS INC COM 92924F106 14,762 368,487 SH   SOLE   368,487 0 0
WINTRUST FINL CORP COM 97650W108 10,146 220,000 SH   SOLE   220,000 0 0
WISCONSIN ENERGY CORP COM 976657106 8,618 208,460 SH   SOLE   208,460 0 0
WORTHINGTON INDS INC COM 981811102 5,950 141,400 SH   SOLE   141,400 0 0
WSFS FINL CORP COM 929328102 2,946 38,000 SH   SOLE   38,000 0 0
XCEL ENERGY INC COM 98389B100 12,458 445,899 SH   SOLE   445,899 0 0
ZIONS BANCORPORATION COM 989701107 4,344 145,000 SH   SOLE   145,000 0 0