DONEGAL GROUP INC

Ticker: DGICA CUSIP: 257701201 Class: Common Stock

Note: Option positions (PUT/CALL) are excluded.

InstitutionSharesValue ($000)
BlackRock, Inc.2,011,957$40,199
DIMENSIONAL FUND ADVISORS LP1,729,921$34,564
VANGUARD GROUP INC1,023,155$20,443
GEODE CAPITAL MANAGEMENT, LLC534,703$10,685
OLD REPUBLIC INTERNATIONAL CORP425,500$9
STATE STREET CORP391,729$7,827
RENAISSANCE TECHNOLOGIES LLC371,211$7,417
Connor, Clark & Lunn Investment Management Ltd.363,272$7,258
AMERICAN CENTURY COMPANIES INC312,220$6,238
ProShare Advisors LLC308,778$6,169
PHILADELPHIA TRUST CO247,650$5
GOLDMAN SACHS GROUP INC236,124$4,718
MORGAN STANLEY224,929$4,494
WELLS FARGO & COMPANY/MN224,018$4,476
LOGAN CAPITAL MANAGEMENT INC223,703$4,470
CALDWELL SUTTER CAPITAL, INC.212,303$4,242
KENNEDY CAPITAL MANAGEMENT LLC203,625$4,068
AQR CAPITAL MANAGEMENT LLC200,029$3,997
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP195,623$3,909
TEACHER RETIREMENT SYSTEM OF TEXAS192,437$3,845
CSM Advisors, LLC179,160$4
CHARLES SCHWAB INVESTMENT MANAGEMENT INC170,348$3,404
ROYCE & ASSOCIATES LP169,853$3,394
Creative Planning161,535$3,227
TWO SIGMA INVESTMENTS, LP161,121$3,219
Bank of New York Mellon Corp157,541$3,148
NORTHERN TRUST CORP155,383$3,105
ACADIAN ASSET MANAGEMENT LLC141,050$3
BRIDGEWAY CAPITAL MANAGEMENT, LLC136,781$2,733
JACOBS LEVY EQUITY MANAGEMENT, INC131,591$2,629
Qube Research & Technologies Ltd125,149$2,500
CANNELL CAPITAL LLC82,939$1,657
MILLENNIUM MANAGEMENT LLC75,719$1,513
BANK OF AMERICA CORP /DE/71,577$1,430
MML INVESTORS SERVICES, LLC69,106$1,381
BARCLAYS PLC68,872$1,376
LOS ANGELES CAPITAL MANAGEMENT LLC67,726$1,245
Quantinno Capital Management LP62,196$1,243
Brandywine Global Investment Management, LLC55,900$1,117
FIRST TRUST ADVISORS LP53,451$1,068
UBS Group AG51,741$1,034
PINNACLE ASSOCIATES LTD47,706$953
UBS ASSET MANAGEMENT AMERICAS INC47,344$946
Minerva Advisors LLC46,490$929
Campbell & CO Investment Adviser LLC45,865$916
TWO SIGMA ADVISERS, LP41,200$823
RAYMOND JAMES FINANCIAL INC39,495$789
Invesco Ltd.39,226$784
HSBC HOLDINGS PLC35,570$710
PRINCIPAL FINANCIAL GROUP INC34,114$682
Swiss National Bank33,500$669
AMERIPRISE FINANCIAL INC32,077$641
MARTINGALE ASSET MANAGEMENT L P29,854$596
STRS OHIO28,300$565
State of Wyoming25,406$508
Empirical Financial Services, LLC d.b.a. Empirical Wealth Management25,363$507
ALLIANCEBERNSTEIN L.P.23,444$468
JPMORGAN CHASE & CO23,171$463
STATE OF WISCONSIN INVESTMENT BOARD23,021$460
RHUMBLINE ADVISERS22,939$458
IEQ CAPITAL, LLC22,895$457
AlphaQuest LLC21,315$426
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC21,160$415
Nuveen, LLC20,503$410
Pinnacle Wealth Management Advisory Group, LLC20,400$408
NAVELLIER & ASSOCIATES INC18,498$370
Susquehanna Portfolio Strategies, LLC17,413$348
Sterling Capital Management LLC17,179$343
Universal- Beteiligungs- und Servicegesellschaft mbH16,807$336
Trexquant Investment LP16,485$329
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM15,403$308
US BANCORP \DE\15,216$304
Ancora Advisors LLC14,900$298
Mariner, LLC14,874$297
TrueMark Investments, LLC14,552$291
DEUTSCHE BANK AG\14,357$287
Brinker Capital Investments, LLC14,062$281
CWM, LLC14,009$0
Ascent Group, LLC13,958$279
HAZLETT, BURT & WATSON, INC.12,936$0
PDT Partners, LLC12,461$249
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO12,215$244
MERCER GLOBAL ADVISORS INC /ADV12,150$243
Legal & General Group Plc11,522$230
Bleakley Financial Group, LLC11,262$225
CITIGROUP INC11,149$223
Savant Capital, LLC10,900$218
Fidelis Capital Partners, LLC10,217$204
PRICE T ROWE ASSOCIATES INC /MD/10,144$0
IAG Wealth Partners, LLC9,892$198
MetLife Investment Management, LLC8,681$173
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.7,784$156
Virtus ETF Advisers LLC7,437$149
SG Americas Securities, LLC5,590$0
PhiloSmith Capital Corp5,192$104
BNP PARIBAS ARBITRAGE, SA4,923$98
Police & Firemen's Retirement System of New Jersey4,881$98
NEW YORK STATE COMMON RETIREMENT FUND4,766$95
Russell Investments Group, Ltd.4,284$86
IFP Advisors, Inc3,768$75
51 other institutions45,775$775
Total (151 institutions)13,177,626$242,355