Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL	725,000	$84.27M	3.3%	$53.73	+82.5%	—	30231G102
PG	PROCTER & GAMBLE	508,800	$82.55M	3.2%	$59.18	+153.2%	—	742718109
MRK	MERCK & CO	609,850	$80.47M	3.2%	$46.72	+147.8%	—	58933Y105
CVX	CHEVRON	483,300	$76.24M	3.0%	$73.51	+89.1%	—	166764100
QCOM	QUALCOMM	445,700	$75.46M	3.0%	$42.49	+249.6%	—	747525103
ETN	EATON	217,000	$67.85M	2.7%	$48.34	+453.5%	—	G29183103
PEP	PEPSICO	386,800	$67.69M	2.7%	$82.00	+91.8%	—	713448108
MCD	MCDONALD'S	236,500	$66.68M	2.6%	$77.77	+257.5%	—	580135101
CAT	CATERPILLAR	177,000	$64.86M	2.6%	$113.86	+173.2%	—	149123101
CMI	CUMMINS	219,500	$64.68M	2.5%	$87.36	+183.4%	—	231021106
KO	COCA-COLA	1,042,300	$63.77M	2.5%	$32.35	+75.3%	—	191216100
SYY	SYSCO	784,700	$63.7M	2.5%	$39.24	+90.1%	—	871829107
TXN	TEXAS INSTRUMENTS	360,500	$62.8M	2.5%	$68.78	+129.6%	—	882508104
GWW	WW GRAINGER	61,000	$62.05M	2.4%	$163.61	+460.8%	—	384802104
HUBB	HUBBELL	148,000	$61.43M	2.4%	$95.19	+271.1%	—	443510607
CSCO	CISCO SYSTEMS	1,208,600	$60.32M	2.4%	$20.49	+130.5%	—	17275R102
EMR	EMERSON ELECTRIC	505,600	$57.34M	2.3%	$43.87	+126.5%	—	291011104
SO	SOUTHERN	766,000	$54.95M	2.2%	$35.42	+82.8%	—	842587107
MSM	MSC INDUSTRIAL CL A	565,200	$54.85M	2.2%	$72.39	+35.4%	—	553530106
UPS	UNITED PARCEL SERVICE CL B	365,600	$54.34M	2.1%	$77.55	+75.9%	—	911312106
DUK	DUKE ENERGY	560,731	$54.23M	2.1%	$59.29	+49.2%	—	26441C204
ITW	ILLINOIS TOOL	198,500	$53.26M	2.1%	$113.08	+119.0%	—	452308109
CAH	CARDINAL HEALTH	471,000	$52.7M	2.1%	$42.38	+146.8%	—	14149Y108
PAYX	PAYCHEX	428,600	$52.63M	2.1%	$48.35	+137.1%	—	704326107
JNJ	JOHNSON & JOHNSON	329,000	$52.05M	2.0%	$78.13	+92.3%	—	478160104
KMB	KIMBERLY CLARK	383,200	$49.57M	1.9%	$80.29	+42.1%	—	494368103
CINF	CINCINNATI FINANCIAL	395,100	$49.06M	1.9%	$34.98	+207.6%	—	172062101
VLO	VALERO ENERGY	284,500	$48.56M	1.9%	$60.57	+124.0%	—	91913Y100
AJG	ARTHUR J GALLAGHER	190,800	$47.71M	1.9%	$36.24	+552.4%	—	363576109
LMT	LOCKHEED MARTIN	100,800	$45.85M	1.8%	$311.11	+33.7%	—	539830109
PSX	PHILLIPS 66	280,600	$45.83M	1.8%	$66.33	+103.5%	—	718546104
PFE	PFIZER	1,614,700	$44.81M	1.8%	$24.04	+2.6%	—	717081103
EVRG	EVERGY	830,246	$44.32M	1.7%	$46.55	+1.2%	—	30034W106
GPC	GENUINE PARTS	285,500	$44.23M	1.7%	$68.07	+102.0%	—	372460105
ES	EVERSOURCE ENERGY	644,183	$38.5M	1.5%	$57.44	-8.5%	—	30040W108
DOW	DOW	646,000	$37.42M	1.5%	$39.56	+23.7%	—	260557103
SON	SONOCO PRODUCTS	580,200	$33.56M	1.3%	$34.89	+50.5%	—	835495102
BMY	BRISTOL MYERS SQUIBB	608,750	$33.01M	1.3%	$38.49	+19.9%	—	110122108
EMN	EASTMAN CHEMICAL	326,500	$32.72M	1.3%	$60.18	+35.3%	—	277432100
—	ALLETE	541,100	$32.27M	1.3%	$61.47	—	—	018522300
SR	SPIRE	523,000	$32.1M	1.3%	$73.63	—	—	84857L101
AEP	AMERICAN ELECTRIC POWER	366,300	$31.54M	1.2%	$60.31	+26.0%	—	025537101
—	KELLANOVA	542,000	$31.05M	1.2%	$45.24	+14.9%	—	487836108
OGE	OGE ENERGY	862,500	$29.58M	1.2%	$33.19	+1.1%	—	670837103
XEL	XCEL ENERGY	515,600	$27.71M	1.1%	$23.56	+126.4%	—	98389B100
WEC	WEC ENERGY GROUP	332,331	$27.29M	1.1%	$60.02	+25.4%	—	92939U106
PEG	PUBLIC SERVICE ENTERPRISE GROUP	392,500	$26.21M	1.0%	$39.73	+45.0%	—	744573106
BKH	BLACK HILLS	414,000	$22.6M	0.9%	$49.83	-4.2%	—	092113109
USB	US BANCORP	480,000	$21.46M	0.8%	$36.71	+5.3%	—	902973304
AVA	AVISTA	597,500	$20.92M	0.8%	$27.55	+12.4%	—	05379B107
GIS	GENERAL MILLS	283,500	$19.84M	0.8%	$38.12	+58.9%	—	370334104
NTRS	NORTHERN TRUST	160,500	$14.27M	0.6%	$76.24	+1.5%	—	665859104
TROW	T ROWE PRICE GROUP	110,000	$13.41M	0.5%	$89.69	+13.4%	—	74144T108
DGICA	DONEGAL GROUP CL A	425,500	$6.017M	0.2%	$10.38	+24.7%	—	257701201