Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MA	MASTERCARD INC	23,881	$8.075M	3.2%	$70.62	+347.0%	COM	57636Q104
—	LINDE PLC COM	31,458	$7.491M	3.0%	$156.04	—	COM	G5494J103
GWW	GRAINGER WW INC	20,902	$7.457M	3.0%	$202.80	+59.9%	COM	384802104
SBUX	STARBUCKS CORP	86,409	$7.424M	3.0%	$32.51	+117.8%	COM	855244109
APD	AIR PRODUCTS & CHEMICALS	23,250	$6.925M	2.8%	$65.22	+286.0%	COM	009158106
TSCO	TRACTOR SUPPLY COMPANY	39,352	$5.64M	2.3%	$9.94	+165.2%	COM	892356106
MSFT	MICROSOFT CORP	23,904	$5.027M	2.0%	$27.57	+628.1%	COM	594918104
HSY	HERSHEY FOODS CORP	32,964	$4.725M	1.9%	$65.77	+89.8%	COM	427866108
A	AGILENT TECHNOLOGIES	46,601	$4.703M	1.9%	$31.63	+194.7%	COM	00846U101
TXN	TEXAS INSTRUMENTS INC	32,131	$4.587M	1.8%	$25.31	+361.6%	COM	882508104
AAPL	APPLE, INC	37,776	$4.374M	1.7%	$83.20	+27.4%	COM	037833100
PEP	PEPSICO INCORPORATED	30,802	$4.269M	1.7%	$56.24	+104.8%	COM	713448108
MKC	MC CORMICK & CO NEW VT	21,215	$4.117M	1.6%	$30.48	+187.6%	COM	579780206
ADP	AUTO DATA PROCESSING	29,167	$4.068M	1.6%	$49.46	+152.7%	COM	053015103
JNJ	JOHNSON & JOHNSON	27,136	$4.04M	1.6%	$59.93	+111.9%	COM	478160104
BF/B	BROWN FORMAN CORP CL B	51,653	$3.89M	1.6%	$31.39	+106.2%	COM	115637209
ABT	ABBOTT LABORATORIES	35,207	$3.831M	1.5%	$30.33	+204.5%	COM	002824100
UNP	UNION PACIFIC CORP	17,456	$3.436M	1.4%	$67.70	+143.5%	COM	907818108
CVX	CHEVRONTEXACO CORP	45,917	$3.306M	1.3%	$74.80	-11.1%	COM	166764100
KMB	KIMBERLY-CLARK CORP	21,949	$3.24M	1.3%	$63.91	+93.2%	COM	494368103
DIS	DISNEY WALT HOLDING CO	26,059	$3.233M	1.3%	$73.99	+65.0%	COM	254687106
FIS	FIDELITY NATL INFO SVCS	21,356	$3.143M	1.3%	$35.22	+265.7%	COM	31620M106
EL	LAUDER ESTEE CORP CL A	14,042	$3.064M	1.2%	$63.29	+201.5%	COM	518439104
BR	BROADRIDGE FINANCIAL	23,137	$3.054M	1.2%	$20.36	+499.8%	COM	11133T103
EMR	EMERSON ELECTRIC	45,703	$2.996M	1.2%	$41.74	+40.8%	COM	291011104
XOM	EXXON MOBIL CORP	86,191	$2.958M	1.2%	$51.29	-37.0%	COM	30231G102
IFF	INTL FLAVOR & FRAGRANCES	24,026	$2.941M	1.2%	$59.16	+81.6%	COM	459506101
SYY	SYSCO CORP.	47,094	$2.93M	1.2%	$24.48	+106.0%	COM	871829107
DE	DEERE & CO	13,150	$2.914M	1.2%	$82.46	+118.0%	COM	244199105
TT	TRANE TECHNOLOGIES PLC	22,955	$2.783M	1.1%	$93.73	+11.7%	COM	G8994E103
ABBV	ABBVIE INC COM	30,287	$2.652M	1.1%	$27.33	+179.2%	COM	00287Y109
KEYS	KEYSIGHT TECHNOLOGIES INC COM	25,325	$2.501M	1.0%	$33.81	+190.5%	COM	49338L103
HD	HOME DEPOT INC	8,991	$2.496M	1.0%	$72.10	+229.6%	COM	437076102
DOW	DOW CHEMICAL	51,242	$2.41M	1.0%	$35.78	-6.4%	COM	260557103
—	STERIS PLC	13,100	$2.308M	0.9%	$57.09	—	COM	859152100
CTAS	CINTAS CORP	6,876	$2.288M	0.9%	$10.65	+584.3%	COM	172908105
SON	SONOCO PRODUCTS INC	44,000	$2.247M	0.9%	$28.72	+51.8%	COM	835495102
COST	COSTCO WHOLSALE CORP NEW	5,966	$2.117M	0.8%	$88.47	+249.3%	COM	22160K105
NSC	NORFOLK SOUTHERN CORP	9,468	$2.026M	0.8%	$57.67	+212.0%	COM	655844108
GRC	GORMAN-RUPP CO COM	68,620	$2.021M	0.8%	$26.34	+19.9%	COM	383082104
CASY	CASEYS GENERAL STORES INC	11,374	$2.02M	0.8%	$64.27	+154.1%	COM	147528103
—	EATON CORPORATION	19,753	$2.015M	0.8%	$67.08	—	COM	278058102
MSA	MINE SAFTEY APPLIANCE CO	14,300	$1.918M	0.8%	$56.12	+118.2%	COM	553498106
CPK	CHESAPEAKE UTIL CORP	22,414	$1.889M	0.8%	$30.46	+144.3%	COM	165303108
NEM	NEWMONT GOLDCORP	29,699	$1.884M	0.8%	$22.45	+145.6%	COM	651639106
DRI	DARDEN RESTURANTS INC	18,525	$1.866M	0.7%	$33.70	+109.9%	COM	237194105
LOW	LOWES COMPANIES INC	11,175	$1.853M	0.7%	$32.55	+329.8%	COM	548661107
—	WESTROCK CO COM	51,230	$1.779M	0.7%	$49.93	—	COM	96145D105
GIS	GENERAL MILLS INC	28,207	$1.739M	0.7%	$32.05	+62.6%	COM	370334104
KO	COCA-COLA COMPANY	34,777	$1.716M	0.7%	$29.51	+38.2%	COM	191216100
MIDD	MIDDLEBY CORP THE	19,050	$1.708M	0.7%	$73.60	+23.1%	COM	596278101
HON	HONEYWELL INC.	10,347	$1.703M	0.7%	$58.08	+129.4%	COM	438516106
ADI	ANALOG DEVICES INC	13,687	$1.597M	0.6%	$40.57	+162.4%	COM	032654105
PH	PARKER-HANNIFIN CORP	7,425	$1.502M	0.6%	$107.64	+69.8%	COM	701094104
CE	CELANESE CORP.	12,800	$1.375M	0.5%	$49.37	+84.0%	COM	150870103
—	BUNGE	29,562	$1.35M	0.5%	$67.94	—	COM	G16962105
MMM	3M COMPANY	8,325	$1.333M	0.5%	$62.63	+76.2%	COM	88579Y101
AMAT	APPLIED MATERIALS INC	21,875	$1.3M	0.5%	$14.34	+310.6%	COM	038222105
TKR	TIMKEN COMPANY	23,600	$1.279M	0.5%	$39.59	+30.4%	COM	887389104
AIT	APPLIED INDL. TECH.	22,600	$1.245M	0.5%	$40.80	+41.0%	COM	03820C105
CAT	CATERPILLAR INC	8,253	$1.23M	0.5%	$63.39	+100.1%	COM	149123101
AXP	AMERICAN EXPRESS CO.	12,200	$1.223M	0.5%	$64.37	+42.8%	COM	025816109
FELE	FRANKLIN ELEC CO INC	19,400	$1.141M	0.5%	$28.98	+85.5%	COM	353514102
ATO	ATMOS ENERGY CORP	11,926	$1.14M	0.5%	$32.40	+169.1%	COM	049560105
AIN	ALBANY INT'L CORP.	22,850	$1.131M	0.5%	$33.48	+45.0%	COM	012348108
SWK	STANLEY BLACK & DECKER INC.	6,890	$1.117M	0.4%	$58.01	+126.1%	COM	854502101
—	DU PONT E I DE NEMOUR&CO	20,048	$1.112M	0.4%	$64.15	—	COM	263534109
VZ	VERIZON COMM	18,410	$1.095M	0.4%	$29.33	+45.2%	COM	92343V104
MUSA	MURPHY USA INC.	8,443	$1.082M	0.4%	$43.32	+196.7%	COM	626755102
SYK	STRYKER CORP	5,150	$1.073M	0.4%	$60.41	+204.0%	COM	863667101
OLN	OLIN CORP NEW	84,575	$1.047M	0.4%	$16.13	-36.2%	COM	680665205
PFE	PFIZER INC	28,238	$1.036M	0.4%	$22.50	+20.5%	COM	717081103
NTRS	NORTHERN TRUST CORP	13,250	$1.033M	0.4%	$42.51	+59.9%	COM	665859104
BMY	BRISTOL MYERS SQUIBB CO	17,065	$1.028M	0.4%	$29.35	+65.6%	COM	110122108
DOV	DOVER CORPORATION	9,113	$987K	0.4%	$41.67	+139.3%	COM	260003108
D	DOMINION RESOURCES INC.	12,049	$951K	0.4%	$36.84	+68.4%	COM	25746U109
ASIX	ADVANSIX INC COM	72,326	$931K	0.4%	$16.50	-30.9%	COM	00773T101
—	KANSAS CITY SOUTHERN NEW	5,033	$910K	0.4%	$107.76	—	COM	485170302
ENB	ENBRIDGE INC.	30,265	$883K	0.4%	$24.38	-9.8%	COM	29250N105
—	CHUBB CORPORATION	7,444	$864K	0.3%	$93.59	—	COM	171232101
MRK	MERCK & CO INC	9,825	$814K	0.3%	$30.79	+114.1%	COM	58933Y105
AVT	AVNET INC	31,075	$802K	0.3%	$25.85	-8.7%	COM	053807103
MET	METLIFE INC	21,150	$786K	0.3%	$26.65	+20.1%	COM	59156R108
VLO	VALERO ENERGY	18,138	$785K	0.3%	$25.07	+69.9%	COM	91913Y100
ALLE	ALLEGION PUBLIC LTD. CO.	7,931	$784K	0.3%	$44.84	+110.9%	COM	G0176J109
GLW	CORNING INC.	24,100	$781K	0.3%	$11.05	+141.3%	COM	219350105
CSX	CSX CORP	9,900	$768K	0.3%	$6.91	+232.2%	COM	126408103
CTVA	CORTEVA INC COM	26,639	$767K	0.3%	$25.53	+3.7%	COM	22052L104
SHW	SHERWIN WILLIAMS CO	1,100	$766K	0.3%	$53.48	+289.4%	COM	824348106
KEX	KIRBY CORP	20,489	$741K	0.3%	$78.48	-43.9%	COM	497266106
—	INGERSOLL-RAND COMPANY	20,641	$734K	0.3%	$56.45	—	COM	G47791101
—	NEENAH PAPER INC	19,443	$728K	0.3%	$32.30	—	COM	640079109
NGVT	INGEVITY CORP COM	14,609	$722K	0.3%	$45.82	+23.2%	COM	45688C107
GAP	GAP INC	42,167	$718K	0.3%	$25.35	-51.5%	COM	364760108
—	DUKE ENERGY CORPORATION	7,915	$700K	0.3%	$67.96	—	COM	26441C105
PSX	PHILLIPS 66 COM	13,495	$699K	0.3%	$59.05	-16.9%	COM	718546104
—	O-I GLASS, INC.	64,500	$683K	0.3%	$17.24	—	COM	690768403
MKL	MARKEL CORP.	685	$666K	0.3%	$1095.40	-7.3%	COM	570535104
SR	SPIRE	12,200	$649K	0.3%	$70.79	—	COM	84857L101
CVGW	CALAVO GROWERS INC	9,500	$629K	0.3%	$25.96	+114.0%	COM	128246105
INTC	INTEL	11,728	$607K	0.2%	$22.01	+111.4%	COM	458140100
GT	GOODYEAR TIRE & RUBBER	78,967	$605K	0.2%	$18.63	-50.3%	COM	382550101
MPC	MARATHON PETE CORP COM	20,571	$603K	0.2%	$44.84	-32.8%	COM	56585A102
ICE	INTERCONTINENTAL EXCHANGE	6,000	$600K	0.2%	$46.42	+98.2%	COM	45866F104
SLB	SCHLUMBERGER LTD F	38,352	$596K	0.2%	$37.38	-55.8%	COM	806857108
OKE	ONEOK, INC	22,705	$589K	0.2%	$21.32	-6.5%	COM	682680103
GPC	GENUINE PARTS CO COM	5,960	$567K	0.2%	$56.06	+42.8%	COM	372460105
MUR	MURPHY OIL CORP	63,220	$563K	0.2%	$24.50	-56.6%	COM	626717102
COP	CONOCOPHILLIPS	16,007	$525K	0.2%	$42.93	-27.3%	COM	20825C104
AWR	AMERICAN STATES WATER CO	6,900	$517K	0.2%	$21.56	+219.9%	COM	029899101
BHF	BRIGHTHOUSE FINL INC COM	18,450	$496K	0.2%	$58.82	-50.6%	COM	10922N103
AMGN	AMGEN INC	1,930	$490K	0.2%	$108.64	+92.9%	COM	031162100
—	ANGLOGOLD LTD	18,150	$478K	0.2%	$14.30	—	COM	035128206
PCAR	PACCAR INC	5,500	$469K	0.2%	$22.88	+100.8%	COM	693718108
—	BARRICK GOLD	16,600	$466K	0.2%	$14.20	—	COM	067901108
AEM	AGNICO-EAGLE MINES LTD	5,800	$461K	0.2%	$37.45	+78.8%	COM	008474108
BK	BANK OF NEW YORK CO INC	13,300	$456K	0.2%	$21.22	+46.9%	COM	064058100
RTX	RAYTHEON TECHNOLOGIES CO.	7,836	$450K	0.2%	$54.61	-1.7%	COM	75513E101
—	CDK GLOBAL HOLDINGS LLC COM	10,122	$441K	0.2%	$41.70	—	COM	12508E101
IBM	INTL BUSINESS MACHINES	3,586	$436K	0.2%	$109.98	-14.7%	COM	459200101
AGI	ALAMOS GOLD INC.	47,500	$418K	0.2%	$6.15	+56.9%	COM	011532108
PAG	PENSKE AUTOMOTIVE GROUP	8,700	$414K	0.2%	$31.60	+47.0%	COM	70959W103
—	AMERITRADE HLDNG CORP CL A	10,550	$413K	0.2%	$24.54	—	COM	87236Y108
PYPL	PAYPAL HOLDINGS INC.	2,081	$410K	0.2%	$137.88	+36.3%	COM	70450Y103
GPN	GLOBAL PAYMENTS INC.	2,300	$408K	0.2%	$155.39	+6.4%	COM	37940X102
NEE	NEXTERA ENERGY INC	1,420	$394K	0.2%	$27.54	+118.8%	COM	65339F101
AZN	ASTRAZENECA PLC ADR	7,146	$391K	0.2%	$43.84	—	COM	046353108
NTAP	NETAPP INC.	8,700	$381K	0.2%	$43.28	-12.1%	COM	64110D104
SFM	SPROUTS FARMERS MKT	18,050	$377K	0.2%	$23.96	0.0%	COM	85208M102
ARTNA	ARTESIAN RES CORP CLA	10,913	$376K	0.2%	$16.06	+87.7%	COM	043113208
—	HESS CORPORATION	8,700	$356K	0.1%	$41.82	—	COM	42809H107
KGC	KINROSS GOLD CORP NEW	39,600	$349K	0.1%	$3.92	+120.4%	COM	496902404
—	AEROJET ROCKETDYNE HLDGS INC C OM	8,700	$347K	0.1%	$35.03	—	COM	007800105
OGS	ONE GAS INC COM	5,008	$345K	0.1%	$46.40	+58.8%	COM	68235P108
KN	KNOWLES CORP COM	22,731	$338K	0.1%	$20.80	-27.1%	COM	49926D109
ZTS	ZOETIS INC.	2,000	$330K	0.1%	$85.91	+70.8%	COM	98978V103
—	XEROX CORP	17,408	$326K	0.1%	$18.28	—	COM	984121103
LLY	LILLY ELI & COMPANY	2,203	$326K	0.1%	$90.28	+61.5%	COM	532457108
AVY	AVERY DENNISON CORP	2,550	$325K	0.1%	$68.69	+56.9%	COM	053611109
TDG	TRANSDIGM GROUP INC.	685	$325K	0.1%	$452.74	-13.7%	COM	893641100
AEP	AMER ELECTRIC PWR CO INC	3,980	$325K	0.1%	$31.62	+114.4%	COM	025537101
NTR	NUTRIEN LTD CO COM	8,260	$324K	0.1%	$37.76	-18.7%	COM	67077M108
—	NUVEEN QUALITY MUNICIPAL	22,135	$321K	0.1%	$13.73	—	COM	67066V101
CMC	COMMERCIAL METALS CO	15,100	$301K	0.1%	$18.01	+6.5%	COM	201723103
CHDN	CHURCHILL DOWNS INC KY	1,800	$294K	0.1%	$55.83	+36.2%	COM	171484108
IP	INTERNATIONAL PAPER CO	7,138	$289K	0.1%	$27.17	+2.9%	COM	460146103
CC	CHEMOURS COMPANY	12,998	$271K	0.1%	$11.26	+41.1%	COM	163851108
BDX	BECTON DICKINSON & CO	1,140	$265K	0.1%	$138.32	+62.9%	COM	075887109
EXPD	EXPEDITORS INTL WASH	2,800	$253K	0.1%	$68.29	+17.1%	COM	302130109
MATX	MATSON INC COM	6,300	$252K	0.1%	$34.96	0.0%	COM	57686G105
—	MARATHON OIL CO.	61,575	$251K	0.1%	$17.95	—	COM	565849106
ATI	ALLEGHENY TECH INC	28,800	$251K	0.1%	$16.58	-44.5%	COM	01741R102
VVV	VALVOLINE INC.	12,900	$245K	0.1%	$23.39	-11.7%	COM	92047W101
—	DENNYS CORP	24,500	$245K	0.1%	$5.96	—	COM	24869P104
ORI	OLD REPUBLIC INTL CORP	16,200	$238K	0.1%	$13.35	-24.8%	COM	680223104
STLD	STEEL DYNAMICS INC	8,300	$237K	0.1%	$22.53	+15.8%	COM	858119100
CARR	CARRIER GLOBAL CORP.	7,756	$236K	0.1%	$26.37	0.0%	COM	14448C104
OTIS	OTIS WORLDWIDE CORP.	3,677	$229K	0.1%	$47.48	+18.9%	COM	68902V107
ASH	ASHLAND INC	3,200	$226K	0.1%	$56.17	+19.8%	COM	044186104
PAAS	PAN AMERICAN SILVER	7,000	$225K	0.1%	$23.72	+44.9%	COM	697900108
MOS	MOSAIC CO NEW	12,300	$224K	0.1%	$14.60	0.0%	COM	61945C103
BP	BP PLC	12,828	$223K	0.1%	$36.00	—	COM	055622104
HP	HELMERICH & PAYNE INC	15,050	$220K	0.1%	$62.31	-72.0%	COM	423452101
—	DISCOVER FINL SVCS COM	3,800	$219K	0.1%	$57.63	—	COM	254709108
PRGO	PERRIGO CO	4,750	$218K	0.1%	$47.29	+10.7%	COM	G97822103
PNC	PNC BANK CORP	1,910	$209K	0.1%	$85.95	+3.2%	COM	693475105
CL	COLGATE-PALMOLIVE CO	2,700	$208K	0.1%	$67.34	0.0%	COM	194162103
KDP	KEURIG DR PEPPER INC.	7,400	$204K	0.1%	$23.58	+8.6%	COM	49271V100
—	ACTIVISION CORP	2,500	$202K	0.1%	$80.80	—	COM	00507V109
MWA	MUELLER WATER PRODUCTS	19,500	$202K	0.1%	$6.27	+52.6%	COM	624758108
HBAN	HUNTINGTON BANCSHARES INC	21,418	$196K	0.1%	$4.99	+45.8%	COM	446150104
—	FERRO CORP	15,626	$193K	0.1%	$7.64	—	COM	315405100
KEY	KEYCORP	16,016	$191K	0.1%	$6.82	+37.7%	COM	493267108
M	MACYS INC.	31,550	$179K	0.1%	$14.65	-54.5%	COM	55616P104
F	FORD MOTOR COMPANY	26,150	$174K	0.1%	$7.77	-33.9%	COM	345370860
RF	REGIONS FINANCIAL CP NEW	14,401	$166K	0.1%	$6.92	+29.6%	COM	7591EP100
HAL	HALLIBURTON COMPANY	10,695	$128K	0.1%	$18.34	-28.2%	COM	406216101
OXY	OCCIDENTAL PETE CORP	11,429	$114K	0.0%	$44.43	-70.1%	COM	674599105
—	NOBLE ENERGY INC.	12,275	$104K	0.0%	$50.02	—	COM	655044105
—	INTEVAC INC	18,100	$99,000	0.0%	$11.93	—	COM	461148108
NRT	NO EUROPEAN OIL TR	33,900	$99,000	0.0%	$15.58	—	COM	659310106
CLF	CLEVELAND-CLIFFS, INC.	13,740	$88,000	0.0%	$4.99	+20.6%	COM	185899101
XPL	SOLITARIO EXPLORATION	193,000	$77,000	0.0%	$1.31	-70.3%	COM	8342EP107
—	YAMANA GOLD INC	11,500	$65,000	0.0%	$5.27	—	COM	98462Y100
IAG	IAMGOLD CORPORATION	17,000	$65,000	0.0%	$3.61	+20.3%	COM	450913108
FARM	FARMER BROS. CO.	13,700	$60,000	0.0%	$33.02	-82.0%	COM	307675108
MTUS	TIMKENSTEEL CORP COM	16,850	$59,000	0.0%	$25.45	-84.9%	COM	887399103
PBT	PERMIAN BASIN ROYALTY TR	23,900	$59,000	0.0%	$10.65	—	COM	714236106
RIG	TRANSOCEAN SEDCO FOREX	73,435	$59,000	0.0%	$19.39	-91.6%	COM	H8817H100
—	ZIX CORP	10,000	$58,000	0.0%	$5.80	—	COM	98974P100
ORN	ORION MARINE GROUP	15,000	$41,000	0.0%	$4.10	-30.3%	COM	68628V308
—	PDL BIOPHARMA INC	13,000	$40,000	0.0%	$2.66	—	COM	69329Y104
PTEN	PATTERSON UTIL ENRGY	10,200	$29,000	0.0%	$3.45	+6.7%	COM	703481101
—	AEGON N V ORD AMER REG	10,000	$25,000	0.0%	$2.40	—	COM	007924103
KOS	KOSMOS ENERGY LTD	22,000	$21,000	0.0%	$3.91	-62.5%	COM	500688106
—	GREAT PANTHER SILVER	11,000	$9,000	0.0%	$0.71	—	COM	39115V101