Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PG	PROCTER & GAMBLE	510,800	$87.05M	3.4%	$59.18	+177.0%	—	742718109
XOM	EXXON MOBIL	725,000	$86.22M	3.3%	$53.73	+99.5%	—	30231G102
CVX	CHEVRON	486,300	$81.35M	3.2%	$73.51	+104.7%	—	166764100
KO	COCA-COLA	1,047,300	$75.01M	2.9%	$32.35	+100.9%	—	191216100
CSCO	CISCO SYSTEMS	1,208,600	$74.58M	2.9%	$20.49	+193.4%	—	17275R102
SO	SOUTHERN	771,000	$70.89M	2.8%	$35.42	+137.5%	—	842587107
CMI	CUMMINS	219,500	$68.8M	2.7%	$87.36	+296.1%	—	231021106
QCOM	QUALCOMM	441,800	$67.86M	2.6%	$42.49	+275.8%	—	747525103
AJG	ARTHUR J GALLAGHER	190,800	$65.87M	2.6%	$36.24	+764.6%	—	363576109
PAYX	PAYCHEX	423,100	$65.28M	2.5%	$48.35	+196.1%	—	704326107
TXN	TEXAS INSTRUMENTS	360,500	$64.78M	2.5%	$68.78	+165.0%	—	882508104
MCD	MCDONALD'S	196,150	$61.27M	2.4%	$81.17	+260.8%	—	580135101
DUK	DUKE ENERGY	492,231	$60.04M	2.3%	$59.29	+86.5%	—	26441C204
ETN	EATON	217,000	$58.99M	2.3%	$48.34	+538.2%	—	G29183103
CINF	CINCINNATI FINANCIAL	399,100	$58.95M	2.3%	$36.01	+282.3%	—	172062101
PEP	PEPSICO	389,800	$58.45M	2.3%	$82.00	+75.0%	—	713448108
CAT	CATERPILLAR	177,000	$58.38M	2.3%	$113.86	+209.1%	—	149123101
EVRG	EVERGY	836,046	$57.65M	2.2%	$46.55	+35.6%	—	30034W106
CAH	CARDINAL HEALTH	410,000	$56.49M	2.2%	$42.38	+197.0%	—	14149Y108
EMR	EMERSON ELECTRIC	511,100	$56.04M	2.2%	$44.68	+165.9%	—	291011104
JNJ	JOHNSON & JOHNSON	333,000	$55.23M	2.1%	$79.02	+92.9%	—	478160104
KMB	KIMBERLY CLARK	387,500	$55.11M	2.1%	$80.84	+60.6%	—	494368103
MRK	MERCK & CO	613,600	$55.08M	2.1%	$46.72	+92.9%	—	58933Y105
SYY	SYSCO	620,200	$46.54M	1.8%	$39.24	+81.7%	—	871829107
UPS	UNITED PARCEL SERVICE CL B	411,400	$45.25M	1.8%	$81.46	+38.3%	—	911312106
LMT	LOCKHEED MARTIN	100,800	$45.03M	1.7%	$311.11	+44.1%	—	539830109
GWW	WW GRAINGER	45,500	$44.95M	1.7%	$163.61	+527.0%	—	384802104
—	KELLANOVA	541,500	$44.67M	1.7%	$45.24	+76.9%	—	487836108
MSM	MSC INDUSTRIAL CL A	565,200	$43.9M	1.7%	$72.39	+10.6%	—	553530106
ES	EVERSOURCE ENERGY	703,933	$43.72M	1.7%	$57.42	-0.4%	—	30040W108
HUBB	HUBBELL	127,000	$42.03M	1.6%	$95.19	+301.9%	—	443510607
PFE	PFIZER	1,623,700	$41.15M	1.6%	$24.04	+2.8%	—	717081103
AEP	AMERICAN ELECTRIC POWER	369,300	$40.35M	1.6%	$60.31	+63.2%	—	025537101
ITW	ILLINOIS TOOL	160,000	$39.68M	1.5%	$113.08	+121.7%	—	452308109
OGE	OGE ENERGY	862,500	$39.64M	1.5%	$33.19	+31.1%	—	670837103
VLO	VALERO ENERGY	284,500	$37.57M	1.5%	$60.57	+113.6%	—	91913Y100
BMY	BRISTOL MYERS SQUIBB	608,750	$37.13M	1.4%	$38.49	+44.1%	—	110122108
XEL	XCEL ENERGY	522,200	$36.97M	1.4%	$24.10	+174.0%	—	98389B100
WEC	WEC ENERGY GROUP	336,279	$36.65M	1.4%	$60.48	+64.1%	—	92939U106
PSX	PHILLIPS 66	280,600	$34.65M	1.3%	$66.33	+79.8%	—	718546104
GPC	GENUINE PARTS	285,500	$34.01M	1.3%	$68.07	+71.6%	—	372460105
SR	SPIRE	433,500	$33.92M	1.3%	$73.68	—	—	84857L101
PEG	PUBLIC SERVICE ENTERPRISE GROUP	392,500	$32.3M	1.3%	$39.73	+103.9%	—	744573106
EMN	EASTMAN CHEMICAL	326,500	$28.77M	1.1%	$60.18	+50.2%	—	277432100
POR	PORTLAND GENERAL ELECTRIC	620,000	$27.65M	1.1%	$43.40	-5.7%	—	736508847
SON	SONOCO PRODUCTS	580,200	$27.41M	1.1%	$34.89	+29.8%	—	835495102
BKH	BLACK HILLS	416,000	$25.23M	1.0%	$49.83	+13.3%	—	092113109
—	ALLETE	383,100	$25.17M	1.0%	$61.47	—	—	018522300
AVA	AVISTA	597,500	$25.02M	1.0%	$27.55	+31.7%	—	05379B107
DOW	DOW	646,000	$22.56M	0.9%	$39.56	-9.1%	—	260557103
FE	FIRSTENERGY	521,500	$21.08M	0.8%	$38.47	0.0%	—	337932107
USB	US BANCORP	480,000	$20.27M	0.8%	$36.71	+20.4%	—	902973304
GIS	GENERAL MILLS	289,200	$17.29M	0.7%	$38.51	+50.5%	—	370334104
NTRS	NORTHERN TRUST	160,500	$15.83M	0.6%	$76.24	+35.7%	—	665859104
TROW	T ROWE PRICE GROUP	110,000	$10.11M	0.4%	$89.69	+12.2%	—	74144T108
DGICA	DONEGAL GROUP CL A	425,500	$8.353M	0.3%	$10.38	+49.9%	—	257701201
NWN	NORTHWEST NATURAL HOLDING COMPAN	4,700	$201K	0.0%	$40.77	0.0%	—	66765N105