Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CSCO	CISCO SYSTEMS	638,700 (-21.1%)	$75.02M (+19.4%)	2.8%	$20.49	—	—	17275R102
TXN	TEXAS INSTRUMENTS	236,120 (-28.3%)	$70.24M (+9.8%)	2.6%	$68.78	—	—	882508104
ITW	ILLINOIS TOOL	108,500 (-18.7%)	$29.31M (-15.7%)	1.1%	$113.08	—	—	452308109

Unchanged Positions (49)

CAT CATERPILLAR 3.4%

Value $90.62M Shares 85,500 Est. Cost $113.86 Unrealized —

CMI CUMMINS 3.2%

Value $85.05M Shares 119,250 Est. Cost $87.36 Unrealized —

QCOM QUALCOMM 2.5%

Value $67.56M Shares 364,700 Est. Cost $42.49 Unrealized —

XOM EXXON MOBIL 2.6%

Value $68.3M Shares 499,800 Est. Cost $53.73 Unrealized —

CVX CHEVRON 2.5%

Value $66.48M Shares 400,700 Est. Cost $73.51 Unrealized —

ETN EATON 3.2%

Value $85.89M Shares 201,650 Est. Cost $48.34 Unrealized —

GWW WW GRAINGER 2.3%

Value $60.54M Shares 44,500 Est. Cost $163.61 Unrealized —

MSM MSC INDUSTRIAL CL A 1.8%

Value $49.03M Shares 412,400 Est. Cost $72.39 Unrealized —

CINF CINCINNATI FINANCIAL 2.6%

Value $68.31M Shares 368,900 Est. Cost $36.01 Unrealized —

PEP PEPSICO 2.3%

Value $62.43M Shares 460,250 Est. Cost $89.11 Unrealized —

MCD MCDONALD'S 2.0%

Value $53M Shares 196,150 Est. Cost $81.17 Unrealized —

PFE PFIZER 1.8%

Value $47.32M Shares 1,963,700 Est. Cost $23.75 Unrealized —

SYY SYSCO 1.9%

Value $51.25M Shares 613,200 Est. Cost $39.24 Unrealized —

EMR EMERSON ELECTRIC 2.7%

Value $71.43M Shares 499,100 Est. Cost $44.68 Unrealized —

MRK MERCK & CO 3.4%

Value $90.68M Shares 705,600 Est. Cost $50.72 Unrealized —

SR SPIRE 1.3%

Value $33.89M Shares 433,500 Est. Cost $73.68 Unrealized —

KO COCA-COLA 3.0%

Value $80.66M Shares 991,300 Est. Cost $32.35 Unrealized —

KMB KIMBERLY CLARK 1.6%

Value $42.54M Shares 387,500 Est. Cost $80.84 Unrealized —

CAH CARDINAL HEALTH 1.6%

Value $42.02M Shares 177,000 Est. Cost $42.38 Unrealized —

LMT LOCKHEED MARTIN 0.9%

Value $23.84M Shares 46,800 Est. Cost $311.11 Unrealized —

USB US BANCORP 1.1%

Value $28.96M Shares 479,400 Est. Cost $36.71 Unrealized —

UPS UNITED PARCEL SERVICE CL B 1.7%

Value $44.24M Shares 411,400 Est. Cost $81.46 Unrealized —

HUBB HUBBELL 2.2%

Value $59.82M Shares 114,500 Est. Cost $95.19 Unrealized —

EMN EASTMAN CHEMICAL 1.0%

Value $25.95M Shares 387,500 Est. Cost $61.44 Unrealized —

GPC GENUINE PARTS 1.3%

Value $34.44M Shares 292,100 Est. Cost $69.55 Unrealized —

JNJ JOHNSON & JOHNSON 2.9%

Value $78.01M Shares 307,000 Est. Cost $79.02 Unrealized —

EVRG EVERGY 2.0%

Value $54.26M Shares 627,561 Est. Cost $46.55 Unrealized —

PAYX PAYCHEX 1.6%

Value $41.65M Shares 423,100 Est. Cost $48.35 Unrealized —

VLO VALERO ENERGY 1.9%

Value $50.21M Shares 192,800 Est. Cost $60.57 Unrealized —

AJG ARTHUR J GALLAGHER 1.6%

Value $43.8M Shares 190,800 Est. Cost $36.24 Unrealized —

PSX PHILLIPS 66 1.1%

Value $28.82M Shares 170,100 Est. Cost $66.33 Unrealized —

ES EVERSOURCE ENERGY 1.9%

Value $50.9M Shares 703,933 Est. Cost $57.42 Unrealized —

AEP AMERICAN ELECTRIC POWER 1.9%

Value $50.24M Shares 367,100 Est. Cost $60.31 Unrealized —

STZ CONSTELLATION BRANDS CL A 1.0%

Value $26.93M Shares 193,500 Est. Cost $148.54 Unrealized —

BKH BLACK HILLS 1.2%

Value $30.96M Shares 416,000 Est. Cost $49.83 Unrealized —

FE FIRSTENERGY 1.1%

Value $30.07M Shares 631,500 Est. Cost $39.73 Unrealized —

BMY BRISTOL MYERS SQUIBB 1.3%

Value $35.78M Shares 620,450 Est. Cost $38.85 Unrealized —

DUK DUKE ENERGY 1.8%

Value $48.51M Shares 383,196 Est. Cost $59.29 Unrealized —

PG PROCTER & GAMBLE 2.8%

Value $73.65M Shares 501,800 Est. Cost $59.18 Unrealized —

DGICA DONEGAL GROUP CL A 0.3%

Value $8.025M Shares 425,500 Est. Cost $10.38 Unrealized —

OGE OGE ENERGY 1.6%

Value $42.01M Shares 862,500 Est. Cost $33.19 Unrealized —

POR PORTLAND GENERAL ELECTRIC 1.4%

Value $36.34M Shares 700,600 Est. Cost $43.86 Unrealized —

SO SOUTHERN 2.6%

Value $68.14M Shares 711,900 Est. Cost $35.42 Unrealized —

WEC WEC ENERGY GROUP 2.1%

Value $55.73M Shares 477,179 Est. Cost $75.36 Unrealized —

AVA AVISTA 0.9%

Value $24.45M Shares 597,500 Est. Cost $27.55 Unrealized —

BF/B BROWN FORMAN CL B 1.1%

Value $29.54M Shares 1,103,400 Est. Cost $28.41 Unrealized —

PEG PUBLIC SERVICE ENTERPRISE GROUP 1.2%

Value $31.92M Shares 392,500 Est. Cost $39.73 Unrealized —

MDLZ MONDELEZ INTERNATIONAL CL A 0.9%

Value $24.01M Shares 414,100 Est. Cost $59.53 Unrealized —

XEL XCEL ENERGY 1.9%

Value $51.54M Shares 641,400 Est. Cost $35.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CAT	CATERPILLAR	85,500	$90.62M	3.4%	$113.86	—	—	149123101
CMI	CUMMINS	119,250	$85.05M	3.2%	$87.36	—	—	231021106
QCOM	QUALCOMM	364,700	$67.56M	2.5%	$42.49	—	—	747525103
XOM	EXXON MOBIL	499,800	$68.3M	2.6%	$53.73	—	—	30231G102
CVX	CHEVRON	400,700	$66.48M	2.5%	$73.51	—	—	166764100
ETN	EATON	201,650	$85.89M	3.2%	$48.34	—	—	G29183103
GWW	WW GRAINGER	44,500	$60.54M	2.3%	$163.61	—	—	384802104
MSM	MSC INDUSTRIAL CL A	412,400	$49.03M	1.8%	$72.39	—	—	553530106
CINF	CINCINNATI FINANCIAL	368,900	$68.31M	2.6%	$36.01	—	—	172062101
PEP	PEPSICO	460,250	$62.43M	2.3%	$89.11	—	—	713448108
MCD	MCDONALD'S	196,150	$53M	2.0%	$81.17	—	—	580135101
PFE	PFIZER	1,963,700	$47.32M	1.8%	$23.75	—	—	717081103
SYY	SYSCO	613,200	$51.25M	1.9%	$39.24	—	—	871829107
EMR	EMERSON ELECTRIC	499,100	$71.43M	2.7%	$44.68	—	—	291011104
MRK	MERCK & CO	705,600	$90.68M	3.4%	$50.72	—	—	58933Y105
SR	SPIRE	433,500	$33.89M	1.3%	$73.68	—	—	84857L101
KO	COCA-COLA	991,300	$80.66M	3.0%	$32.35	—	—	191216100
KMB	KIMBERLY CLARK	387,500	$42.54M	1.6%	$80.84	—	—	494368103
CAH	CARDINAL HEALTH	177,000	$42.02M	1.6%	$42.38	—	—	14149Y108
LMT	LOCKHEED MARTIN	46,800	$23.84M	0.9%	$311.11	—	—	539830109
USB	US BANCORP	479,400	$28.96M	1.1%	$36.71	—	—	902973304
UPS	UNITED PARCEL SERVICE CL B	411,400	$44.24M	1.7%	$81.46	—	—	911312106
HUBB	HUBBELL	114,500	$59.82M	2.2%	$95.19	—	—	443510607
EMN	EASTMAN CHEMICAL	387,500	$25.95M	1.0%	$61.44	—	—	277432100
GPC	GENUINE PARTS	292,100	$34.44M	1.3%	$69.55	—	—	372460105
JNJ	JOHNSON & JOHNSON	307,000	$78.01M	2.9%	$79.02	—	—	478160104
EVRG	EVERGY	627,561	$54.26M	2.0%	$46.55	—	—	30034W106
PAYX	PAYCHEX	423,100	$41.65M	1.6%	$48.35	—	—	704326107
VLO	VALERO ENERGY	192,800	$50.21M	1.9%	$60.57	—	—	91913Y100
AJG	ARTHUR J GALLAGHER	190,800	$43.8M	1.6%	$36.24	—	—	363576109
PSX	PHILLIPS 66	170,100	$28.82M	1.1%	$66.33	—	—	718546104
ES	EVERSOURCE ENERGY	703,933	$50.9M	1.9%	$57.42	—	—	30040W108
AEP	AMERICAN ELECTRIC POWER	367,100	$50.24M	1.9%	$60.31	—	—	025537101
STZ	CONSTELLATION BRANDS CL A	193,500	$26.93M	1.0%	$148.54	—	—	21036P108
BKH	BLACK HILLS	416,000	$30.96M	1.2%	$49.83	—	—	092113109
FE	FIRSTENERGY	631,500	$30.07M	1.1%	$39.73	—	—	337932107
BMY	BRISTOL MYERS SQUIBB	620,450	$35.78M	1.3%	$38.85	—	—	110122108
DUK	DUKE ENERGY	383,196	$48.51M	1.8%	$59.29	—	—	26441C204
PG	PROCTER & GAMBLE	501,800	$73.65M	2.8%	$59.18	—	—	742718109
DGICA	DONEGAL GROUP CL A	425,500	$8.025M	0.3%	$10.38	—	—	257701201
OGE	OGE ENERGY	862,500	$42.01M	1.6%	$33.19	—	—	670837103
POR	PORTLAND GENERAL ELECTRIC	700,600	$36.34M	1.4%	$43.86	—	—	736508847
SO	SOUTHERN	711,900	$68.14M	2.6%	$35.42	—	—	842587107
WEC	WEC ENERGY GROUP	477,179	$55.73M	2.1%	$75.36	—	—	92939U106
AVA	AVISTA	597,500	$24.45M	0.9%	$27.55	—	—	05379B107
BF/B	BROWN FORMAN CL B	1,103,400	$29.54M	1.1%	$28.41	—	—	115637209
PEG	PUBLIC SERVICE ENTERPRISE GROUP	392,500	$31.92M	1.2%	$39.73	—	—	744573106
MDLZ	MONDELEZ INTERNATIONAL CL A	414,100	$24.01M	0.9%	$59.53	—	—	609207105
XEL	XCEL ENERGY	641,400	$51.54M	1.9%	$35.11	—	—	98389B100