OLD REPUBLIC INTERNATIONAL CORP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MDLZ	MONDELEZ INTERNATIONAL CL A	414,100 (+156.6%)	$22 (+121.1%)	0.9%	$59.53	-4.2%	COMMON	609207105
WEC	WEC ENERGY GROUP	479,679 (+42.6%)	$51 (+31.3%)	2.0%	$75.36	+46.3%	COMMON	92939U106
STZ	CONSTELLATION BRANDS CL A	193,500 (+76.7%)	$27 (+81.0%)	1.1%	$148.54	-7.9%	COMMON	21036P108
XEL	XCEL ENERGY	655,300 (+25.5%)	$48 (+14.9%)	2.0%	$35.11	+123.0%	COMMON	98389B100
POR	PORTLAND GENERAL ELECTRIC	687,500 (+10.9%)	$33 (+20.9%)	1.3%	$43.73	+6.9%	COMMON	736508847
FE	FIRSTENERGY	631,500 (+21.1%)	$28 (+18.3%)	1.1%	$39.73	+15.1%	COMMON	337932107
BF/B	BROWN FORMAN CL B	906,300 (+16.7%)	$24 (+12.3%)	1.0%	$28.51	-1.9%	COMMON	115637209

Exited Positions (3)

— KELLANOVA 1.8%

Value ($000) $44 Shares 541,500 Est. Cost $45.24 Unrealized +82.7%

— ALLETE 1.0%

Value ($000) $25 Shares 383,100 Est. Cost $61.47 Unrealized —

TROW T ROWE PRICE GROUP 0.5%

Value ($000) $11 Shares 110,000 Est. Cost $89.69 Unrealized +13.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	KELLANOVA	541,500	$44	1.8%	$45.24	+82.7%	—	487836108
—	ALLETE	383,100	$25	1.0%	$61.47	—	—	018522300
TROW	T ROWE PRICE GROUP	110,000	$11	0.5%	$89.69	+13.9%	—	74144T108

Decreased Positions (11)

CAT CATERPILLAR 2.0%

Value ($000) $49 (-42.0%) Shares 85,500 (-51.7%) Est. Cost $113.86 Unrealized +387.9%

CMI CUMMINS 2.5%

Value ($000) $61 (-34.3%) Shares 119,250 (-45.7%) Est. Cost $87.36 Unrealized +433.8%

LMT LOCKHEED MARTIN 0.9%

Value ($000) $23 (-55.0%) Shares 46,800 (-53.6%) Est. Cost $311.11 Unrealized +53.1%

CAH CARDINAL HEALTH 1.5%

Value ($000) $36 (-38.2%) Shares 177,000 (-52.8%) Est. Cost $42.38 Unrealized +342.9%

CSCO CISCO SYSTEMS 2.5%

Value ($000) $62 (-24.6%) Shares 809,700 (-33.0%) Est. Cost $20.49 Unrealized +260.2%

DUK DUKE ENERGY 1.8%

Value ($000) $45 (-26.3%) Shares 383,196 (-22.2%) Est. Cost $59.29 Unrealized +105.0%

SO SOUTHERN 2.5%

Value ($000) $62 (-15.0%) Shares 711,900 (-7.7%) Est. Cost $35.42 Unrealized +156.6%

EVRG EVERGY 2.1%

Value ($000) $53 (-17.0%) Shares 727,561 (-13.0%) Est. Cost $46.55 Unrealized +62.1%

TXN TEXAS INSTRUMENTS 2.3%

Value ($000) $57 (-13.7%) Shares 329,500 (-8.6%) Est. Cost $68.78 Unrealized +148.2%

CINF CINCINNATI FINANCIAL 2.4%

Value ($000) $60 (-4.5%) Shares 368,900 (-7.6%) Est. Cost $36.01 Unrealized +347.7%

GWW WW GRAINGER 1.8%

Value ($000) $45 (+3.6%) Shares 44,500 (-2.2%) Est. Cost $163.61 Unrealized +492.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAT	CATERPILLAR	85,500 (-51.7%)	$49 (-42.0%)	2.0%	$113.86	+387.9%	COMMON	149123101
CMI	CUMMINS	119,250 (-45.7%)	$61 (-34.3%)	2.5%	$87.36	+433.8%	COMMON	231021106
LMT	LOCKHEED MARTIN	46,800 (-53.6%)	$23 (-55.0%)	0.9%	$311.11	+53.1%	COMMON	539830109
CAH	CARDINAL HEALTH	177,000 (-52.8%)	$36 (-38.2%)	1.5%	$42.38	+342.9%	COMMON	14149Y108
CSCO	CISCO SYSTEMS	809,700 (-33.0%)	$62 (-24.6%)	2.5%	$20.49	+260.2%	COMMON	17275R102
DUK	DUKE ENERGY	383,196 (-22.2%)	$45 (-26.3%)	1.8%	$59.29	+105.0%	COMMON	26441C204
SO	SOUTHERN	711,900 (-7.7%)	$62 (-15.0%)	2.5%	$35.42	+156.6%	COMMON	842587107
EVRG	EVERGY	727,561 (-13.0%)	$53 (-17.0%)	2.1%	$46.55	+62.1%	COMMON	30034W106
TXN	TEXAS INSTRUMENTS	329,500 (-8.6%)	$57 (-13.7%)	2.3%	$68.78	+148.2%	COMMON	882508104
CINF	CINCINNATI FINANCIAL	368,900 (-7.6%)	$60 (-4.5%)	2.4%	$36.01	+347.7%	COMMON	172062101
GWW	WW GRAINGER	44,500 (-2.2%)	$45 (+3.6%)	1.8%	$163.61	+492.2%	COMMON	384802104

Unchanged Positions (35)

MRK MERCK & CO 3.0%

Value ($000) $74 Shares 705,600 Est. Cost $50.72 Unrealized +83.8%

ETN EATON 2.8%

Value ($000) $69 Shares 217,000 Est. Cost $48.34 Unrealized +633.1%

AJG ARTHUR J GALLAGHER 2.0%

Value ($000) $49 Shares 190,800 Est. Cost $36.24 Unrealized +629.2%

KMB KIMBERLY CLARK 1.6%

Value ($000) $39 Shares 387,500 Est. Cost $80.84 Unrealized +34.1%

JNJ JOHNSON & JOHNSON 2.8%

Value ($000) $69 Shares 333,000 Est. Cost $79.02 Unrealized +149.3%

UPS UNITED PARCEL SERVICE CL B 1.6%

Value ($000) $41 Shares 411,400 Est. Cost $81.46 Unrealized +13.9%

PAYX PAYCHEX 1.9%

Value ($000) $47 Shares 423,100 Est. Cost $48.35 Unrealized +141.0%

BMY BRISTOL MYERS SQUIBB 1.3%

Value ($000) $33 Shares 608,750 Est. Cost $38.49 Unrealized +23.5%

SYY SYSCO 1.8%

Value ($000) $46 Shares 620,200 Est. Cost $39.24 Unrealized +92.4%

PG PROCTER & GAMBLE 3.0%

Value ($000) $73 Shares 510,800 Est. Cost $59.18 Unrealized +148.7%

XOM EXXON MOBIL 3.5%

Value ($000) $87 Shares 722,500 Est. Cost $53.73 Unrealized +114.9%

MSM MSC INDUSTRIAL CL A 1.9%

Value ($000) $48 Shares 565,200 Est. Cost $72.39 Unrealized +19.7%

GPC GENUINE PARTS 1.4%

Value ($000) $35 Shares 285,500 Est. Cost $68.07 Unrealized +89.0%

KO COCA-COLA 3.0%

Value ($000) $73 Shares 1,047,300 Est. Cost $32.35 Unrealized +114.5%

BKH BLACK HILLS 1.2%

Value ($000) $29 Shares 416,000 Est. Cost $49.83 Unrealized +33.4%

OGE OGE ENERGY 1.5%

Value ($000) $37 Shares 862,500 Est. Cost $33.19 Unrealized +34.4%

ES EVERSOURCE ENERGY 1.9%

Value ($000) $47 Shares 703,933 Est. Cost $57.42 Unrealized +21.1%

USB US BANCORP 1.0%

Value ($000) $26 Shares 480,000 Est. Cost $36.71 Unrealized +32.7%

ITW ILLINOIS TOOL 1.6%

Value ($000) $39 Shares 160,000 Est. Cost $113.08 Unrealized +118.9%

VLO VALERO ENERGY 1.9%

Value ($000) $46 Shares 284,500 Est. Cost $60.57 Unrealized +178.7%

QCOM QUALCOMM 3.1%

Value ($000) $76 Shares 441,800 Est. Cost $42.49 Unrealized +301.9%

PSX PHILLIPS 66 1.5%

Value ($000) $36 Shares 280,600 Est. Cost $66.33 Unrealized +102.0%

HUBB HUBBELL 2.3%

Value ($000) $56 Shares 127,000 Est. Cost $95.19 Unrealized +359.3%

PEP PEPSICO 2.6%

Value ($000) $65 Shares 455,950 Est. Cost $89.11 Unrealized +63.7%

CVX CHEVRON 3.0%

Value ($000) $74 Shares 486,300 Est. Cost $73.51 Unrealized +105.9%

PEG PUBLIC SERVICE ENTERPRISE GROUP 1.3%

Value ($000) $32 Shares 392,500 Est. Cost $39.73 Unrealized +104.1%

PFE PFIZER 2.0%

Value ($000) $49 Shares 1,963,700 Est. Cost $23.75 Unrealized +5.4%

EMR EMERSON ELECTRIC 2.7%

Value ($000) $68 Shares 511,100 Est. Cost $44.68 Unrealized +196.3%

AEP AMERICAN ELECTRIC POWER 1.7%

Value ($000) $42 Shares 367,100 Est. Cost $60.31 Unrealized +95.2%

SR SPIRE 1.4%

Value ($000) $36 Shares 433,500 Est. Cost $72.87 Unrealized —

AVA AVISTA 0.9%

Value ($000) $23 Shares 597,500 Est. Cost $27.55 Unrealized +40.7%

MCD MCDONALD'S 2.4%

Value ($000) $60 Shares 196,150 Est. Cost $81.17 Unrealized +275.9%

EMN EASTMAN CHEMICAL 1.0%

Value ($000) $25 Shares 387,500 Est. Cost $61.44 Unrealized -0.7%

DGICA DONEGAL GROUP CL A 0.3%

Value ($000) $9 Shares 425,500 Est. Cost $10.38 Unrealized +86.7%

SON SONOCO PRODUCTS 1.0%

Value ($000) $25 Shares 576,700 Est. Cost $34.89 Unrealized +18.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MRK	MERCK & CO	705,600	$74	3.0%	$50.72	+83.8%	COMMON	58933Y105
ETN	EATON	217,000	$69	2.8%	$48.34	+633.1%	COMMON	G29183103
AJG	ARTHUR J GALLAGHER	190,800	$49	2.0%	$36.24	+629.2%	COMMON	363576109
KMB	KIMBERLY CLARK	387,500	$39	1.6%	$80.84	+34.1%	COMMON	494368103
JNJ	JOHNSON & JOHNSON	333,000	$69	2.8%	$79.02	+149.3%	COMMON	478160104
UPS	UNITED PARCEL SERVICE CL B	411,400	$41	1.6%	$81.46	+13.9%	COMMON	911312106
PAYX	PAYCHEX	423,100	$47	1.9%	$48.35	+141.0%	COMMON	704326107
BMY	BRISTOL MYERS SQUIBB	608,750	$33	1.3%	$38.49	+23.5%	COMMON	110122108
SYY	SYSCO	620,200	$46	1.8%	$39.24	+92.4%	COMMON	871829107
PG	PROCTER & GAMBLE	510,800	$73	3.0%	$59.18	+148.7%	COMMON	742718109
XOM	EXXON MOBIL	722,500	$87	3.5%	$53.73	+114.9%	COMMON	30231G102
MSM	MSC INDUSTRIAL CL A	565,200	$48	1.9%	$72.39	+19.7%	COMMON	553530106
GPC	GENUINE PARTS	285,500	$35	1.4%	$68.07	+89.0%	COMMON	372460105
KO	COCA-COLA	1,047,300	$73	3.0%	$32.35	+114.5%	COMMON	191216100
BKH	BLACK HILLS	416,000	$29	1.2%	$49.83	+33.4%	COMMON	092113109
OGE	OGE ENERGY	862,500	$37	1.5%	$33.19	+34.4%	COMMON	670837103
ES	EVERSOURCE ENERGY	703,933	$47	1.9%	$57.42	+21.1%	COMMON	30040W108
USB	US BANCORP	480,000	$26	1.0%	$36.71	+32.7%	COMMON	902973304
ITW	ILLINOIS TOOL	160,000	$39	1.6%	$113.08	+118.9%	COMMON	452308109
VLO	VALERO ENERGY	284,500	$46	1.9%	$60.57	+178.7%	COMMON	91913Y100
QCOM	QUALCOMM	441,800	$76	3.1%	$42.49	+301.9%	COMMON	747525103
PSX	PHILLIPS 66	280,600	$36	1.5%	$66.33	+102.0%	COMMON	718546104
HUBB	HUBBELL	127,000	$56	2.3%	$95.19	+359.3%	COMMON	443510607
PEP	PEPSICO	455,950	$65	2.6%	$89.11	+63.7%	COMMON	713448108
CVX	CHEVRON	486,300	$74	3.0%	$73.51	+105.9%	COMMON	166764100
PEG	PUBLIC SERVICE ENTERPRISE GROUP	392,500	$32	1.3%	$39.73	+104.1%	COMMON	744573106
PFE	PFIZER	1,963,700	$49	2.0%	$23.75	+5.4%	COMMON	717081103
EMR	EMERSON ELECTRIC	511,100	$68	2.7%	$44.68	+196.3%	COMMON	291011104
AEP	AMERICAN ELECTRIC POWER	367,100	$42	1.7%	$60.31	+95.2%	COMMON	025537101
SR	SPIRE	433,500	$36	1.4%	$72.87	—	COMMON	84857L101
AVA	AVISTA	597,500	$23	0.9%	$27.55	+40.7%	COMMON	05379B107
MCD	MCDONALD'S	196,150	$60	2.4%	$81.17	+275.9%	COMMON	580135101
EMN	EASTMAN CHEMICAL	387,500	$25	1.0%	$61.44	-0.7%	COMMON	277432100
DGICA	DONEGAL GROUP CL A	425,500	$9	0.3%	$10.38	+86.7%	COMMON	257701201
SON	SONOCO PRODUCTS	576,700	$25	1.0%	$34.89	+18.0%	COMMON	835495102