Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QCOM	QUALCOMM	626,700	$90.64M	3.4%	$42.49	+178.5%	—	747525103
HUBB	HUBBELL	240,750	$79.19M	3.0%	$95.19	+207.1%	—	443510607
CAT	CATERPILLAR	262,000	$77.47M	2.9%	$113.86	+120.6%	—	149123101
PG	PROCTER & GAMBLE	508,800	$74.56M	2.8%	$59.18	+137.6%	—	742718109
XOM	EXXON MOBIL	725,000	$72.49M	2.7%	$53.73	+81.6%	—	30231G102
CVX	CHEVRON	483,300	$72.09M	2.7%	$73.51	+87.4%	—	166764100
AJG	ARTHUR J GALLAGHER	314,800	$70.79M	2.7%	$36.24	+541.3%	—	363576109
MCD	MCDONALD'S	236,500	$70.13M	2.6%	$77.77	+232.6%	—	580135101
ETN	EATON	286,500	$69M	2.6%	$48.34	+345.9%	—	G29183103
MRK	MERCK & CO	609,850	$66.49M	2.5%	$46.72	+107.2%	—	58933Y105
PEP	PEPSICO	386,800	$65.69M	2.5%	$82.00	+87.5%	—	713448108
ITW	ILLINOIS TOOL	238,000	$62.34M	2.3%	$113.08	+101.0%	—	452308109
TXN	TEXAS INSTRUMENTS	360,500	$61.45M	2.3%	$68.78	+111.6%	—	882508104
KO	COCA-COLA	1,042,300	$61.42M	2.3%	$32.35	+64.7%	—	191216100
CSCO	CISCO SYSTEMS	1,208,600	$61.06M	2.3%	$20.49	+134.2%	—	17275R102
CAH	CARDINAL HEALTH	587,000	$59.17M	2.2%	$42.38	+125.8%	—	14149Y108
UPS	UNITED PARCEL SERVICE CL B	365,600	$57.48M	2.2%	$77.55	+73.1%	—	911312106
SYY	SYSCO	784,700	$57.38M	2.2%	$39.24	+65.4%	—	871829107
MSM	MSC INDUSTRIAL CL A	565,200	$57.23M	2.2%	$72.39	+36.7%	—	553530106
DUK	DUKE ENERGY	560,731	$54.41M	2.1%	$59.29	+41.4%	—	26441C204
NUE	NUCOR	312,200	$54.34M	2.0%	$37.40	+309.9%	—	670346105
SO	SOUTHERN	766,000	$53.71M	2.0%	$35.42	+80.0%	—	842587107
CMI	CUMMINS	219,500	$52.59M	2.0%	$87.36	+148.2%	—	231021106
JNJ	JOHNSON & JOHNSON	329,000	$51.57M	1.9%	$78.13	+83.8%	—	478160104
PAYX	PAYCHEX	428,600	$51.05M	1.9%	$48.35	+129.8%	—	704326107
MPC	MARATHON PETROLEUM	341,000	$50.59M	1.9%	$41.73	+240.3%	—	56585A102
GWW	WW GRAINGER	61,000	$50.55M	1.9%	$163.61	+362.3%	—	384802104
EMR	EMERSON ELECTRIC	505,600	$49.21M	1.9%	$43.87	+100.8%	—	291011104
KMB	KIMBERLY CLARK	383,200	$46.56M	1.8%	$80.29	+38.5%	—	494368103
PFE	PFIZER	1,614,700	$46.49M	1.8%	$24.04	+9.8%	—	717081103
LMT	LOCKHEED MARTIN	100,800	$45.69M	1.7%	$311.11	+34.2%	—	539830109
EVRG	EVERGY	830,246	$43.34M	1.6%	$46.55	-1.4%	—	30034W106
CINF	CINCINNATI FINANCIAL	395,100	$40.88M	1.5%	$34.98	+174.7%	—	172062101
ES	EVERSOURCE ENERGY	644,183	$39.76M	1.5%	$57.44	-9.4%	—	30040W108
GPC	GENUINE PARTS	285,500	$39.54M	1.5%	$68.07	+88.7%	—	372460105
PSX	PHILLIPS 66	280,600	$37.36M	1.4%	$66.33	+67.4%	—	718546104
VLO	VALERO ENERGY	284,500	$36.98M	1.4%	$60.57	+97.0%	—	91913Y100
ADM	ARCHER DANIELS MIDLAND	501,000	$36.18M	1.4%	$33.35	+103.3%	—	039483102
DOW	DOW	646,000	$35.43M	1.3%	$39.56	+12.9%	—	260557103
—	ALLETE	541,100	$33.09M	1.2%	$61.47	—	—	018522300
SR	SPIRE	523,000	$32.6M	1.2%	$73.63	—	—	84857L101
SON	SONOCO PRODUCTS	580,200	$32.42M	1.2%	$34.89	+42.0%	—	835495102
XEL	XCEL ENERGY	515,600	$31.92M	1.2%	$23.56	+135.6%	—	98389B100
BMY	BRISTOL MYERS SQUIBB	608,750	$31.23M	1.2%	$38.49	+22.1%	—	110122108
—	KELLANOVA	542,000	$30.3M	1.1%	$45.24	+7.8%	—	487836108
OGE	OGE ENERGY	862,500	$30.13M	1.1%	$33.19	+4.0%	—	670837103
AEP	AMERICAN ELECTRIC POWER	366,300	$29.75M	1.1%	$60.31	+18.9%	—	025537101
EMN	EASTMAN CHEMICAL	326,500	$29.33M	1.1%	$60.18	+21.5%	—	277432100
WEC	WEC ENERGY GROUP	332,331	$27.97M	1.1%	$60.02	+27.1%	—	92939U106
PEG	PUBLIC SERVICE ENTERPRISE GROUP	392,500	$24M	0.9%	$39.73	+44.2%	—	744573106
BKH	BLACK HILLS	414,000	$22.34M	0.8%	$49.83	-7.4%	—	092113109
AVA	AVISTA	597,500	$21.36M	0.8%	$27.55	+10.4%	—	05379B107
USB	US BANCORP	480,000	$20.77M	0.8%	$36.71	-9.8%	—	902973304
GIS	GENERAL MILLS	283,500	$18.47M	0.7%	$38.12	+56.2%	—	370334104
NTRS	NORTHERN TRUST	160,500	$13.54M	0.5%	$76.24	-9.3%	—	665859104
TROW	T ROWE PRICE GROUP	110,000	$11.85M	0.4%	$89.69	0.0%	—	74144T108
DGICA	DONEGAL GROUP CL A	425,500	$5.953M	0.2%	$10.38	+24.0%	—	257701201
INTC	INTEL	90,300	$4.538M	0.2%	$23.02	+73.9%	—	458140100