Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
XOM	EXXON MOBIL	779,000	$91.59M	3.4%	$117.58 *	$53.73	+102.3%	Common	30231G102
CVX	CHEVRON	486,300	$82M	3.1%	$168.62 *	$73.51	+108.0%	Common	166764100
CAT	CATERPILLAR	296,500	$80.94M	3.0%	$273.00 *	$113.86	+131.3%	Common	149123101
HUBB	HUBBELL	250,750	$78.59M	2.9%	$313.41 *	$95.19	+219.6%	Common	443510607
PG	PROCTER & GAMBLE	512,900	$74.81M	2.8%	$145.86 *	$59.18	+132.8%	Common	742718109
CSCO	CISCO SYSTEMS	1,361,600	$73.2M	2.7%	$53.76 *	$20.49	+144.7%	Common	17275R102
AJG	ARTHUR J GALLAGHER	316,900	$72.23M	2.7%	$227.93	$36.24	+516.7%	Common	363576109
QCOM	QUALCOMM	634,700	$70.49M	2.6%	$111.06 *	$42.49	+149.1%	Common	747525103
EMR	EMERSON ELECTRIC	715,700	$69.11M	2.6%	$96.57 *	$43.87	+111.2%	Common	291011104
PEP	PEPSICO	399,400	$67.67M	2.5%	$169.44 *	$82.00	+91.1%	Common	713448108
ETN	EATON	309,700	$66.05M	2.5%	$213.28 *	$48.34	+329.7%	Common	G29183103
MRK	MERCK & CO	618,850	$63.71M	2.4%	$102.95 *	$46.72	+105.3%	Common	58933Y105
MCD	MCDONALD'S	239,800	$63.17M	2.4%	$263.44 *	$77.77	+221.3%	Common	580135101
KO	COCA-COLA	1,053,300	$58.96M	2.2%	$55.98 *	$32.35	+61.8%	Common	191216100
UPS	UNITED PARCEL SERVICE CL B	373,400	$58.2M	2.2%	$155.87 *	$77.55	+77.3%	Common	911312106
TXN	TEXAS INSTRUMENTS	360,500	$57.32M	2.1%	$159.01 *	$68.78	+115.8%	Common	882508104
MPC	MARATHON PETROLEUM	376,000	$56.9M	2.1%	$151.34 *	$41.73	+245.8%	Common	56585A102
NUE	NUCOR	362,200	$56.63M	2.1%	$156.35 *	$37.40	+304.2%	Common	670346105
MSM	MSC INDUSTRIAL CL A	565,200	$55.47M	2.1%	$98.15	$72.39	+35.6%	Common	553530106
ITW	ILLINOIS TOOL	240,500	$55.39M	2.1%	$230.31 *	$113.08	+93.2%	Common	452308109
PSX	PHILLIPS 66	435,900	$52.37M	2.0%	$120.15 *	$66.33	+67.5%	Common	718546104
CAH	CARDINAL HEALTH	597,000	$51.83M	1.9%	$86.82 *	$42.38	+96.5%	Common	14149Y108
SYY	SYSCO	784,700	$51.83M	1.9%	$66.05 *	$39.24	+57.1%	Common	871829107
JNJ	JOHNSON & JOHNSON	329,000	$51.24M	1.9%	$155.75 *	$78.13	+86.0%	Common	478160104
SO	SOUTHERN	775,500	$50.19M	1.9%	$64.72 *	$35.42	+68.8%	Common	842587107
CMI	CUMMINS	219,500	$50.15M	1.9%	$228.46 *	$87.36	+148.6%	Common	231021106
DUK	DUKE ENERGY	560,731	$49.49M	1.8%	$88.26 *	$59.29	+36.5%	Common	26441C204
PAYX	PAYCHEX	428,600	$49.43M	1.8%	$115.33 *	$48.35	+122.7%	Common	704326107
GWW	WW GRAINGER	70,000	$48.43M	1.8%	$691.84	$163.61	+314.8%	Common	384802104
PFE	PFIZER	1,424,700	$47.26M	1.8%	$33.17 *	$23.72	+21.2%	Common	717081103
KMB	KIMBERLY CLARK	388,500	$46.95M	1.8%	$120.85 *	$80.29	+38.2%	Common	494368103
GPC	GENUINE PARTS	287,900	$41.57M	1.6%	$144.38 *	$68.07	+98.2%	Common	372460105
LMT	LOCKHEED MARTIN	100,800	$41.22M	1.5%	$408.96 *	$311.11	+23.6%	Common	539830109
CINF	CINCINNATI FINANCIAL	395,100	$40.41M	1.5%	$102.29 *	$34.98	+176.6%	Common	172062101
VLO	VALERO ENERGY	284,500	$40.32M	1.5%	$141.71 *	$60.57	+118.6%	Common	91913Y100
ADM	ARCHER DANIELS MIDLAND	507,000	$38.24M	1.4%	$75.42 *	$33.35	+108.8%	Common	039483102
BMY	BRISTOL MYERS SQUIBB	619,000	$35.93M	1.3%	$58.04 *	$38.49	+33.8%	Common	110122108
INTC	INTEL	975,900	$34.69M	1.3%	$35.55	$23.02	+51.9%	Common	458140100
—	KELLANOVA	542,000	$32.25M	1.2%	$59.51 *	$45.24	+14.8%	Common	487836108
EVRG	EVERGY	630,246	$31.95M	1.2%	$50.70 *	$46.75	-1.6%	Common	30034W106
SON	SONOCO PRODUCTS	580,200	$31.53M	1.2%	$54.35 *	$34.89	+41.6%	Common	835495102
SR	SPIRE	523,000	$29.59M	1.1%	$56.58	$73.63	—	Common	84857L101
XEL	XCEL ENERGY	515,600	$29.5M	1.1%	$57.22 *	$23.56	+124.6%	Common	98389B100
—	ALLETE	545,100	$28.78M	1.1%	$52.80	$61.47	—	Common	018522300
OGE	OGE ENERGY	862,500	$28.75M	1.1%	$33.33	$33.19	+0.4%	Common	670837103
MDU	MDU RESOURCES GROUP	1,445,000	$28.29M	1.1%	$19.58 *	$6.24	+63.6%	Common	552690109
DOW	DOW	546,000	$28.15M	1.1%	$51.56 *	$38.63	+16.1%	Common	260557103
AEP	AMERICAN ELECTRIC POWER	366,300	$27.55M	1.0%	$75.22 *	$60.31	+14.5%	Common	025537101
ES	EVERSOURCE ENERGY	469,183	$27.28M	1.0%	$58.15 *	$59.47	-11.9%	Common	30040W108
WEC	WEC ENERGY GROUP	332,331	$26.77M	1.0%	$80.55 *	$60.02	+23.7%	Common	92939U106
EMN	EASTMAN CHEMICAL	330,500	$25.36M	0.9%	$76.72 *	$60.18	+16.8%	Common	277432100
PEG	PUBLIC SERVICE ENTERPRISE GROUP	402,500	$22.91M	0.9%	$56.91 *	$39.73	+33.2%	Common	744573106
BKH	BLACK HILLS	414,000	$20.94M	0.8%	$50.59 *	$49.83	-9.2%	Common	092113109
AVA	AVISTA	597,500	$19.34M	0.7%	$32.37 *	$27.55	+4.8%	Common	05379B107
GIS	GENERAL MILLS	283,500	$18.14M	0.7%	$63.99 *	$38.12	+53.4%	Common	370334104
USB	US BANCORP	480,000	$15.87M	0.6%	$33.06 *	$36.71	-18.5%	Common	902973304
NWN	NORTHWEST NATURAL HOLDING COMPAN	365,800	$13.96M	0.5%	$38.16	$66.85	-42.9%	Common	66765N105
NTRS	NORTHERN TRUST	167,500	$11.64M	0.4%	$69.48 *	$76.24	-15.0%	Common	665859104
DGICA	DONEGAL GROUP CL A	425,500	$6.066M	0.2%	$14.26 *	$10.38	+22.9%	Common	257701201