Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL	779,000	$91.59M	3.4%	$53.73	+88.0%	—	30231G102
CVX	CHEVRON	486,300	$82M	3.1%	$73.51	+98.3%	—	166764100
CAT	CATERPILLAR	296,500	$80.94M	3.0%	$113.86	+129.6%	—	149123101
HUBB	HUBBELL	250,750	$78.59M	2.9%	$95.19	+224.0%	—	443510607
PG	PROCTER & GAMBLE	512,900	$74.81M	2.8%	$59.18	+143.5%	—	742718109
CSCO	CISCO SYSTEMS	1,361,600	$73.2M	2.7%	$20.49	+145.5%	—	17275R102
AJG	ARTHUR J GALLAGHER	316,900	$72.23M	2.7%	$36.24	+504.6%	—	363576109
QCOM	QUALCOMM	634,700	$70.49M	2.6%	$42.49	+159.0%	—	747525103
EMR	EMERSON ELECTRIC	715,700	$69.11M	2.6%	$43.87	+107.8%	—	291011104
PEP	PEPSICO	399,400	$67.67M	2.5%	$82.00	+103.8%	—	713448108
ETN	EATON	309,700	$66.05M	2.5%	$48.34	+333.8%	—	G29183103
MRK	MERCK & CO	618,850	$63.71M	2.4%	$46.72	+113.7%	—	58933Y105
MCD	MCDONALD'S	239,800	$63.17M	2.4%	$77.77	+246.5%	—	580135101
KO	COCA-COLA	1,053,300	$58.96M	2.2%	$32.35	+72.3%	—	191216100
UPS	UNITED PARCEL SERVICE CL B	373,400	$58.2M	2.2%	$77.55	+95.6%	—	911312106
TXN	TEXAS INSTRUMENTS	360,500	$57.32M	2.1%	$68.78	+131.0%	—	882508104
MPC	MARATHON PETROLEUM	376,000	$56.9M	2.1%	$41.73	+217.8%	—	56585A102
NUE	NUCOR	362,200	$56.63M	2.1%	$37.40	+326.5%	—	670346105
MSM	MSC INDUSTRIAL CL A	565,200	$55.47M	2.1%	$72.39	+36.3%	—	553530106
ITW	ILLINOIS TOOL	240,500	$55.39M	2.1%	$113.08	+103.4%	—	452308109
PSX	PHILLIPS 66	435,900	$52.37M	2.0%	$66.33	+55.8%	—	718546104
CAH	CARDINAL HEALTH	597,000	$51.83M	1.9%	$42.38	+104.6%	—	14149Y108
SYY	SYSCO	784,700	$51.83M	1.9%	$39.24	+70.8%	—	871829107
JNJ	JOHNSON & JOHNSON	329,000	$51.24M	1.9%	$78.13	+96.2%	—	478160104
SO	SOUTHERN	775,500	$50.19M	1.9%	$35.42	+80.1%	—	842587107
CMI	CUMMINS	219,500	$50.15M	1.9%	$87.36	+161.6%	—	231021106
DUK	DUKE ENERGY	560,731	$49.49M	1.8%	$59.29	+40.9%	—	26441C204
PAYX	PAYCHEX	428,600	$49.43M	1.8%	$48.35	+132.0%	—	704326107
GWW	WW GRAINGER	70,000	$48.43M	1.8%	$163.61	+333.1%	—	384802104
PFE	PFIZER	1,424,700	$47.26M	1.8%	$23.72	+28.9%	—	717081103
KMB	KIMBERLY CLARK	388,500	$46.95M	1.8%	$80.29	+46.7%	—	494368103
GPC	GENUINE PARTS	287,900	$41.57M	1.6%	$68.07	+112.3%	—	372460105
LMT	LOCKHEED MARTIN	100,800	$41.22M	1.5%	$311.11	+33.4%	—	539830109
CINF	CINCINNATI FINANCIAL	395,100	$40.41M	1.5%	$34.98	+181.1%	—	172062101
VLO	VALERO ENERGY	284,500	$40.32M	1.5%	$60.57	+101.6%	—	91913Y100
ADM	ARCHER DANIELS MIDLAND	507,000	$38.24M	1.4%	$33.35	+123.7%	—	039483102
BMY	BRISTOL MYERS SQUIBB	619,000	$35.93M	1.3%	$38.49	+41.2%	—	110122108
INTC	INTEL	975,900	$34.69M	1.3%	$23.02	+48.6%	—	458140100
—	KELLANOVA	542,000	$32.25M	1.2%	$45.24	+21.4%	—	487836108
EVRG	EVERGY	630,246	$31.95M	1.2%	$46.75	+9.5%	—	30034W106
SON	SONOCO PRODUCTS	580,200	$31.53M	1.2%	$34.89	+46.9%	—	835495102
SR	SPIRE	523,000	$29.59M	1.1%	$73.63	—	—	84857L101
XEL	XCEL ENERGY	515,600	$29.5M	1.1%	$23.56	+134.2%	—	98389B100
—	ALLETE	545,100	$28.78M	1.1%	$61.47	—	—	018522300
OGE	OGE ENERGY	862,500	$28.75M	1.1%	$33.19	+5.6%	—	670837103
MDU	MDU RESOURCES GROUP	1,445,000	$28.29M	1.1%	$6.24	+72.7%	—	552690109
DOW	DOW	546,000	$28.15M	1.1%	$38.63	+19.9%	—	260557103
AEP	AMERICAN ELECTRIC POWER	366,300	$27.55M	1.0%	$60.31	+23.3%	—	025537101
ES	EVERSOURCE ENERGY	469,183	$27.28M	1.0%	$59.47	0.0%	—	30040W108
WEC	WEC ENERGY GROUP	332,331	$26.77M	1.0%	$60.02	+32.9%	—	92939U106
EMN	EASTMAN CHEMICAL	330,500	$25.36M	0.9%	$60.18	+25.3%	—	277432100
PEG	PUBLIC SERVICE ENTERPRISE GROUP	402,500	$22.91M	0.9%	$39.73	+42.8%	—	744573106
BKH	BLACK HILLS	414,000	$20.94M	0.8%	$49.83	+1.4%	—	092113109
AVA	AVISTA	597,500	$19.34M	0.7%	$27.55	+14.8%	—	05379B107
GIS	GENERAL MILLS	283,500	$18.14M	0.7%	$38.12	+69.4%	—	370334104
USB	US BANCORP	480,000	$15.87M	0.6%	$36.71	-11.4%	—	902973304
NWN	NORTHWEST NATURAL HOLDING COMPAN	365,800	$13.96M	0.5%	$66.85	-38.5%	—	66765N105
NTRS	NORTHERN TRUST	167,500	$11.64M	0.4%	$76.24	-8.3%	—	665859104
DGICA	DONEGAL GROUP CL A	425,500	$6.066M	0.2%	$10.38	+25.9%	—	257701201