Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MA	MASTERCARD INC	24,381	$7.209M	3.0%	$70.62	+287.0%	COM	57636Q104
GWW	GRAINGER WW INC	21,554	$6.771M	2.9%	$202.80	+33.4%	COM	384802104
—	LINDE PLC COM	31,563	$6.694M	2.8%	$156.04	—	COM	G5494J103
SBUX	STARBUCKS CORP	86,824	$6.389M	2.7%	$32.51	+104.0%	COM	855244109
APD	AIR PRODUCTS & CHEMICALS	23,992	$5.793M	2.4%	$65.22	+204.6%	COM	009158106
TSCO	TRACTOR SUPPLY COMPANY	39,757	$5.239M	2.2%	$9.94	+101.3%	COM	892356106
MSFT	MICROSOFT CORP	25,079	$5.103M	2.2%	$27.57	+527.7%	COM	594918104
ADP	AUTO DATA PROCESSING	30,217	$4.499M	1.9%	$49.46	+156.8%	COM	053015103
HSY	HERSHEY FOODS CORP	33,564	$4.35M	1.8%	$65.77	+78.9%	COM	427866108
TXN	TEXAS INSTRUMENTS INC	33,176	$4.212M	1.8%	$25.31	+293.2%	COM	882508104
A	AGILENT TECHNOLOGIES	47,301	$4.179M	1.8%	$31.63	+149.4%	COM	00846U101
PEP	PEPSICO INCORPORATED	31,602	$4.179M	1.8%	$56.24	+97.0%	COM	713448108
CVX	CHEVRONTEXACO CORP	46,367	$4.137M	1.7%	$74.80	-6.7%	COM	166764100
JNJ	JOHNSON & JOHNSON	27,785	$3.907M	1.6%	$59.93	+107.3%	COM	478160104
XOM	EXXON MOBIL CORP	86,413	$3.864M	1.6%	$51.29	-32.1%	COM	30231G102
MKC	MC CORMICK & CO NEW VT	21,524	$3.861M	1.6%	$30.48	+141.1%	COM	579780206
AAPL	APPLE, INC	9,934	$3.623M	1.5%	$19.39	+287.3%	COM	037833100
BF/B	BROWN FORMAN CORP CL B	53,324	$3.394M	1.4%	$31.39	+83.3%	COM	115637209
ABT	ABBOTT LABORATORIES	36,007	$3.292M	1.4%	$30.33	+170.2%	COM	002824100
KMB	KIMBERLY-CLARK CORP	22,249	$3.144M	1.3%	$63.91	+76.3%	COM	494368103
BR	BROADRIDGE FINANCIAL	24,329	$3.07M	1.3%	$20.36	+417.3%	COM	11133T103
UNP	UNION PACIFIC CORP	18,051	$3.051M	1.3%	$67.70	+108.9%	COM	907818108
ABBV	ABBVIE INC COM	31,037	$3.047M	1.3%	$27.33	+157.9%	COM	00287Y109
IFF	INTL FLAVOR & FRAGRANCES	24,876	$3.046M	1.3%	$59.16	+83.3%	COM	459506101
DIS	DISNEY WALT HOLDING CO	26,826	$2.991M	1.3%	$73.99	+45.8%	COM	254687106
FIS	FIDELITY NATL INFO SVCS	21,576	$2.893M	1.2%	$35.22	+231.5%	COM	31620M106
EMR	EMERSON ELECTRIC	46,483	$2.883M	1.2%	$41.74	+20.5%	COM	291011104
EL	LAUDER ESTEE CORP CL A	14,642	$2.762M	1.2%	$63.29	+161.6%	COM	518439104
SYY	SYSCO CORP.	47,594	$2.601M	1.1%	$24.48	+84.6%	COM	871829107
KEYS	KEYSIGHT TECHNOLOGIES INC COM	25,575	$2.577M	1.1%	$33.81	+190.3%	COM	49338L103
SON	SONOCO PRODUCTS INC	43,967	$2.299M	1.0%	$28.72	+40.9%	COM	835495102
HD	HOME DEPOT INC	9,041	$2.264M	1.0%	$72.10	+177.0%	COM	437076102
GRC	GORMAN-RUPP CO COM	68,438	$2.127M	0.9%	$26.34	+11.2%	COM	383082104
DOW	DOW CHEMICAL	51,642	$2.104M	0.9%	$35.78	-25.0%	COM	260557103
DE	DEERE & CO	13,150	$2.066M	0.9%	$82.46	+62.8%	COM	244199105
TT	TRANE TECHNOLOGIES PLC	22,955	$2.042M	0.9%	$93.73	-13.9%	COM	G8994E103
—	STERIS PLC	13,200	$2.025M	0.9%	$57.09	—	COM	859152100
CPK	CHESAPEAKE UTIL CORP	22,664	$1.903M	0.8%	$30.46	+155.7%	COM	165303108
CTAS	CINTAS CORP	7,076	$1.884M	0.8%	$10.65	+413.2%	COM	172908105
NEM	NEWMONT GOLDCORP	30,399	$1.876M	0.8%	$22.45	+122.1%	COM	651639106
COST	COSTCO WHOLSALE CORP NEW	6,016	$1.824M	0.8%	$88.47	+215.6%	COM	22160K105
GIS	GENERAL MILLS INC	28,807	$1.775M	0.7%	$32.05	+55.7%	COM	370334104
—	EATON CORPORATION	19,860	$1.737M	0.7%	$67.08	—	COM	278058102
NSC	NORFOLK SOUTHERN CORP	9,865	$1.731M	0.7%	$57.67	+161.8%	COM	655844108
CASY	CASEYS GENERAL STORES INC	11,524	$1.723M	0.7%	$64.27	+126.1%	COM	147528103
ADI	ANALOG DEVICES INC	13,669	$1.676M	0.7%	$40.57	+144.9%	COM	032654105
MSA	MINE SAFTEY APPLIANCE CO	14,400	$1.647M	0.7%	$56.12	+98.1%	COM	553498106
KO	COCA-COLA COMPANY	35,277	$1.576M	0.7%	$29.51	+31.2%	COM	191216100
LOW	LOWES COMPANIES INC	11,600	$1.567M	0.7%	$32.55	+217.4%	COM	548661107
MIDD	MIDDLEBY CORP THE	19,050	$1.503M	0.6%	$73.60	-12.0%	COM	596278101
HON	HONEYWELL INC.	10,347	$1.496M	0.6%	$58.08	+103.0%	COM	438516106
—	WESTROCK CO COM	51,686	$1.46M	0.6%	$49.93	—	COM	96145D105
MMM	3M COMPANY	9,275	$1.446M	0.6%	$62.63	+63.5%	COM	88579Y101
DRI	DARDEN RESTURANTS INC	18,725	$1.418M	0.6%	$33.70	+79.2%	COM	237194105
AIT	APPLIED INDL. TECH.	22,700	$1.416M	0.6%	$40.80	+25.3%	COM	03820C105
PH	PARKER-HANNIFIN CORP	7,525	$1.379M	0.6%	$107.64	+38.8%	COM	701094104
AIN	ALBANY INT'L CORP.	23,450	$1.376M	0.6%	$33.48	+50.9%	COM	012348108
AMAT	APPLIED MATERIALS INC	21,875	$1.322M	0.6%	$14.34	+257.3%	COM	038222105
AXP	AMERICAN EXPRESS CO.	12,750	$1.213M	0.5%	$64.37	+33.0%	COM	025816109
ATO	ATMOS ENERGY CORP	12,026	$1.197M	0.5%	$32.40	+170.3%	COM	049560105
—	BUNGE	29,112	$1.197M	0.5%	$68.29	—	COM	G16962105
CE	CELANESE CORP.	13,200	$1.139M	0.5%	$49.37	+52.6%	COM	150870103
NTRS	NORTHERN TRUST CORP	13,900	$1.102M	0.5%	$42.51	+56.7%	COM	665859104
KEX	KIRBY CORP	20,489	$1.097M	0.5%	$78.48	-34.9%	COM	497266106
VLO	VALERO ENERGY	18,350	$1.079M	0.5%	$25.07	+90.4%	COM	91913Y100
TKR	TIMKEN COMPANY	23,600	$1.073M	0.5%	$39.59	-0.3%	COM	887389104
CAT	CATERPILLAR INC	8,353	$1.056M	0.4%	$63.39	+67.5%	COM	149123101
FELE	FRANKLIN ELEC CO INC	19,800	$1.039M	0.4%	$28.98	+61.8%	COM	353514102
—	DU PONT E I DE NEMOUR&CO	19,464	$1.034M	0.4%	$64.41	—	COM	263534109
BMY	BRISTOL MYERS SQUIBB CO	17,565	$1.032M	0.4%	$29.35	+63.3%	COM	110122108
MUSA	MURPHY USA INC.	9,043	$1.018M	0.4%	$43.32	+145.8%	COM	626755102
VZ	VERIZON COMM	18,410	$1.014M	0.4%	$29.33	+39.0%	COM	92343V104
D	DOMINION RESOURCES INC.	12,385	$1.005M	0.4%	$36.84	+70.1%	COM	25746U109
—	NEENAH PAPER INC	19,843	$981K	0.4%	$32.30	—	COM	640079109
OLN	OLIN CORP NEW	85,375	$980K	0.4%	$16.13	-31.0%	COM	680665205
PSX	PHILLIPS 66 COM	13,600	$977K	0.4%	$59.05	-4.8%	COM	718546104
SWK	STANLEY BLACK & DECKER INC.	6,890	$960K	0.4%	$58.01	+74.4%	COM	854502101
—	CHUBB CORPORATION	7,492	$948K	0.4%	$93.59	—	COM	171232101
ENB	ENBRIDGE INC.	30,583	$930K	0.4%	$24.38	-13.5%	COM	29250N105
SYK	STRYKER CORP	5,150	$927K	0.4%	$60.41	+187.5%	COM	863667101
MUR	MURPHY OIL CORP	65,020	$897K	0.4%	$24.50	-61.5%	COM	626717102
DOV	DOVER CORPORATION	9,125	$881K	0.4%	$41.67	+105.4%	COM	260003108
AVT	AVNET INC	31,350	$874K	0.4%	$25.85	-7.1%	COM	053807103
ASIX	ADVANSIX INC COM	72,776	$854K	0.4%	$16.50	-35.5%	COM	00773T101
ALLE	ALLEGION PUBLIC LTD. CO.	7,931	$810K	0.3%	$44.84	+104.2%	COM	G0176J109
SR	SPIRE	12,200	$801K	0.3%	$70.79	—	COM	84857L101
MET	METLIFE INC	21,700	$792K	0.3%	$26.65	+8.7%	COM	59156R108
NGVT	INGEVITY CORP COM	14,735	$774K	0.3%	$45.82	+3.6%	COM	45688C107
OKE	ONEOK, INC	23,317	$774K	0.3%	$21.32	+6.4%	COM	682680103
MPC	MARATHON PETE CORP COM	20,671	$772K	0.3%	$44.84	-39.4%	COM	56585A102
MRK	MERCK & CO INC	9,825	$759K	0.3%	$30.79	+104.2%	COM	58933Y105
—	KANSAS CITY SOUTHERN NEW	5,033	$751K	0.3%	$107.76	—	COM	485170302
INTC	INTEL	12,128	$725K	0.3%	$22.01	+141.7%	COM	458140100
GT	GOODYEAR TIRE & RUBBER	79,467	$710K	0.3%	$18.63	-59.2%	COM	382550101
SLB	SCHLUMBERGER LTD F	38,552	$708K	0.3%	$37.38	-58.6%	COM	806857108
CTVA	CORTEVA INC COM	26,405	$707K	0.3%	$25.53	-4.6%	COM	22052L104
CSX	CSX CORP	9,900	$690K	0.3%	$6.91	+196.9%	COM	126408103
COP	CONOCOPHILLIPS	16,107	$676K	0.3%	$42.93	-23.3%	COM	20825C104
—	DUKE ENERGY CORPORATION	8,281	$661K	0.3%	$67.96	—	COM	26441C105
MKL	MARKEL CORP.	710	$655K	0.3%	$1095.40	-17.0%	COM	570535104
GLW	CORNING INC.	24,925	$645K	0.3%	$11.05	+75.6%	COM	219350105
SHW	SHERWIN WILLIAMS CO	1,100	$635K	0.3%	$53.48	+220.8%	COM	824348106
CVGW	CALAVO GROWERS INC	9,500	$597K	0.3%	$25.96	+104.3%	COM	128246105
—	O-I GLASS, INC.	65,200	$585K	0.2%	$17.24	—	COM	690768403
—	INGERSOLL-RAND COMPANY	20,641	$580K	0.2%	$56.45	—	COM	G47791101
ICE	INTERCONTINENTAL EXCHANGE	6,000	$549K	0.2%	$46.42	+83.4%	COM	45866F104
AWR	AMERICAN STATES WATER CO	6,900	$542K	0.2%	$21.56	+230.6%	COM	029899101
GAP	GAP INC	42,667	$538K	0.2%	$25.35	-70.7%	COM	364760108
—	ANGLOGOLD LTD	18,150	$535K	0.2%	$14.30	—	COM	035128206
BHF	BRIGHTHOUSE FINL INC COM	18,650	$518K	0.2%	$58.82	-53.1%	COM	10922N103
GPC	GENUINE PARTS CO COM	5,960	$518K	0.2%	$56.06	+20.1%	COM	372460105
BK	BANK OF NEW YORK CO INC	13,300	$514K	0.2%	$21.22	+46.4%	COM	064058100
IBM	INTL BUSINESS MACHINES	4,186	$505K	0.2%	$109.98	-16.9%	COM	459200101
RTX	RAYTHEON TECHNOLOGIES CO.	7,911	$487K	0.2%	$54.61	0.0%	COM	75513E101
AGI	ALAMOS GOLD INC.	50,000	$469K	0.2%	$6.15	+19.4%	COM	011532108
AMGN	AMGEN INC	1,930	$455K	0.2%	$108.64	+76.4%	COM	031162100
—	HESS CORPORATION	8,700	$450K	0.2%	$41.82	—	COM	42809H107
—	BARRICK GOLD	16,600	$447K	0.2%	$14.20	—	COM	067901108
—	CDK GLOBAL HOLDINGS LLC COM	10,427	$431K	0.2%	$41.70	—	COM	12508E101
PFE	PFIZER INC	13,138	$429K	0.2%	$17.19	+51.2%	COM	717081103
PCAR	PACCAR INC	5,500	$411K	0.2%	$22.88	+66.7%	COM	693718108
ARTNA	ARTESIAN RES CORP CLA	11,313	$410K	0.2%	$16.06	+85.1%	COM	043113208
OGS	ONE GAS INC COM	5,158	$397K	0.2%	$46.40	+74.1%	COM	68235P108
NTAP	NETAPP INC.	8,800	$390K	0.2%	$43.28	-14.4%	COM	64110D104
GPN	GLOBAL PAYMENTS INC.	2,300	$390K	0.2%	$155.39	+2.2%	COM	37940X102
AZN	ASTRAZENECA PLC ADR	7,346	$388K	0.2%	$43.84	—	COM	046353108
—	MARATHON OIL CO.	62,775	$384K	0.2%	$17.95	—	COM	565849106
—	AMERITRADE HLDNG CORP CL A	10,550	$383K	0.2%	$24.54	—	COM	87236Y108
AEM	AGNICO-EAGLE MINES LTD	5,700	$365K	0.2%	$36.93	+40.1%	COM	008474108
PYPL	PAYPAL HOLDINGS INC.	2,081	$362K	0.2%	$137.88	0.0%	COM	70450Y103
LLY	LILLY ELI & COMPANY	2,203	$361K	0.2%	$90.28	+59.4%	COM	532457108
KN	KNOWLES CORP COM	22,862	$348K	0.1%	$20.80	-28.3%	COM	49926D109
—	AEROJET ROCKETDYNE HLDGS INC C OM	8,700	$344K	0.1%	$35.03	—	COM	007800105
CPB	CAMPBELL SOUP COMPANY	6,900	$342K	0.1%	$30.19	+36.6%	COM	134429109
NEE	NEXTERA ENERGY INC	1,420	$341K	0.1%	$27.54	+88.7%	COM	65339F101
PAG	PENSKE AUTOMOTIVE GROUP	8,800	$340K	0.1%	$31.60	+10.4%	COM	70959W103
BP	BP PLC	13,992	$326K	0.1%	$36.00	—	COM	055622104
CMC	COMMERCIAL METALS CO	15,600	$318K	0.1%	$18.01	-12.7%	COM	201723103
AEP	AMER ELECTRIC PWR CO INC	3,980	$316K	0.1%	$31.62	+110.7%	COM	025537101
—	NUVEEN QUALITY MUNICIPAL	22,435	$314K	0.1%	$13.73	—	COM	67066V101
AVY	AVERY DENNISON CORP	2,750	$313K	0.1%	$68.69	+45.3%	COM	053611109
TDG	TRANSDIGM GROUP INC.	685	$302K	0.1%	$452.74	-30.5%	COM	893641100
ATI	ALLEGHENY TECH INC	29,200	$297K	0.1%	$16.58	-47.7%	COM	01741R102
HP	HELMERICH & PAYNE INC	15,200	$296K	0.1%	$62.31	-68.7%	COM	423452101
KGC	KINROSS GOLD CORP NEW	39,600	$285K	0.1%	$3.92	+65.3%	COM	496902404
ORI	OLD REPUBLIC INTL CORP	17,200	$280K	0.1%	$13.35	-26.6%	COM	680223104
ZTS	ZOETIS INC.	2,000	$274K	0.1%	$85.91	+44.9%	COM	98978V103
BDX	BECTON DICKINSON & CO	1,140	$272K	0.1%	$138.32	+59.3%	COM	075887109
—	XEROX CORP	17,533	$268K	0.1%	$18.28	—	COM	984121103
NTR	NUTRIEN LTD CO COM	8,260	$265K	0.1%	$37.76	-23.4%	COM	67077M108
PRGO	PERRIGO CO	4,750	$262K	0.1%	$47.29	+11.4%	COM	G97822103
IP	INTERNATIONAL PAPER CO	7,338	$258K	0.1%	$27.17	-8.7%	COM	460146103
VVV	VALVOLINE INC.	12,900	$249K	0.1%	$23.39	-27.4%	COM	92047W101
—	DENNYS CORP	24,500	$247K	0.1%	$5.96	—	COM	24869P104
—	HOLLYFRONTIER CORP COM	8,268	$241K	0.1%	$29.15	—	COM	435758305
CHDN	CHURCHILL DOWNS INC KY	1,800	$239K	0.1%	$55.83	0.0%	COM	171484108
ASH	ASHLAND INC	3,200	$221K	0.1%	$56.17	0.0%	COM	044186104
EXPD	EXPEDITORS INTL WASH	2,900	$220K	0.1%	$68.29	0.0%	COM	302130109
M	MACYS INC.	31,550	$217K	0.1%	$14.65	-58.0%	COM	55616P104
CFR	CULLEN FROST BANKERS	2,900	$216K	0.1%	$58.78	0.0%	COM	229899109
STLD	STEEL DYNAMICS INC	8,300	$216K	0.1%	$22.53	0.0%	COM	858119100
KDP	KEURIG DR PEPPER INC.	7,600	$215K	0.1%	$23.58	0.0%	COM	49271V100
PAAS	PAN AMERICAN SILVER	7,000	$212K	0.1%	$23.72	0.0%	COM	697900108
OXY	OCCIDENTAL PETE CORP	11,579	$211K	0.1%	$44.43	-66.7%	COM	674599105
OTIS	OTIS WORLDWIDE CORP.	3,677	$209K	0.1%	$47.48	0.0%	COM	68902V107
ZION	ZIONS BANCORPORATION COM	6,100	$207K	0.1%	$31.66	0.0%	COM	989701107
KEY	KEYCORP	17,016	$207K	0.1%	$6.82	+29.4%	COM	493267108
WFC	WELLS FARGO & CO NEW	7,942	$203K	0.1%	$27.89	-14.0%	COM	949746101
USB	US BANCORP DEL	5,500	$202K	0.1%	$27.85	0.0%	COM	902973304
PNC	PNC BANK CORP	1,910	$200K	0.1%	$85.95	0.0%	COM	693475105
CC	CHEMOURS COMPANY	13,018	$199K	0.1%	$11.26	-8.9%	COM	163851108
HBAN	HUNTINGTON BANCSHARES INC	21,918	$198K	0.1%	$4.99	+36.6%	COM	446150104
—	FERRO CORP	16,326	$194K	0.1%	$7.64	—	COM	315405100
MWA	MUELLER WATER PRODUCTS	19,500	$183K	0.1%	$6.27	+30.3%	COM	624758108
RF	REGIONS FINANCIAL CP NEW	15,038	$167K	0.1%	$6.92	+22.1%	COM	7591EP100
F	FORD MOTOR COMPANY	26,150	$158K	0.1%	$7.77	-45.9%	COM	345370860
HAL	HALLIBURTON COMPANY	10,845	$140K	0.1%	$18.34	-46.7%	COM	406216101
RIG	TRANSOCEAN SEDCO FOREX	72,435	$132K	0.1%	$19.63	-92.1%	COM	H8817H100
FLR	FLUOR CORPORATION	10,300	$124K	0.1%	$13.84	-24.2%	COM	343412102
—	NOBLE ENERGY INC.	12,800	$114K	0.0%	$50.02	—	COM	655044105
NRT	NO EUROPEAN OIL TR	34,300	$107K	0.0%	$15.58	—	COM	659310106
FARM	FARMER BROS. CO.	13,700	$100K	0.0%	$33.02	-75.7%	COM	307675108
—	INTEVAC INC	17,600	$96,000	0.0%	$12.12	—	COM	461148108
PBT	PERMIAN BASIN ROYALTY TR	23,900	$78,000	0.0%	$10.65	—	COM	714236106
IAG	IAMGOLD CORPORATION	17,000	$67,000	0.0%	$3.61	-4.7%	COM	450913108
CLF	CLIFFS NATURAL RES INC.	12,240	$67,000	0.0%	$4.86	0.0%	COM	185899101
MTUS	TIMKENSTEEL CORP COM	16,850	$65,000	0.0%	$25.45	-86.9%	COM	887399103
—	YAMANA GOLD INC	11,500	$62,000	0.0%	$5.27	—	COM	98462Y100
XPL	SOLITARIO EXPLORATION	193,000	$60,000	0.0%	$1.31	-79.4%	COM	8342EP107
ORN	ORION MARINE GROUP	15,000	$47,000	0.0%	$4.10	-38.7%	COM	68628V308
—	PDL BIOPHARMA INC	13,000	$37,000	0.0%	$2.66	—	COM	69329Y104
VALPQ	VALARIS PLC	57,159	$37,000	0.0%	$4.80	—	COM	G9402V109
PTEN	PATTERSON UTIL ENRGY	10,400	$36,000	0.0%	$3.45	0.0%	COM	703481101
KOS	KOSMOS ENERGY LTD	22,000	$36,000	0.0%	$3.91	-59.0%	COM	500688106
HL	HECLA MINING	10,000	$32,000	0.0%	$2.97	-9.6%	COM	422704106
—	AEGON N V ORD AMER REG	10,000	$29,000	0.0%	$2.40	—	COM	007924103
—	GREAT PANTHER SILVER	12,000	$6,000	0.0%	$0.71	—	COM	39115V101
—	STEIN MART INC	10,800	$4,000	0.0%	$1.61	—	COM	858375108
—	DENBURY RESOURCES	10,100	$2,000	0.0%	$0.10	—	COM	247916208