Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVS	CVS HEALTH CORP	1,717,608 (+4.6%)	$178M (+50.6%)	4.0%	$79.76	—	COM	126650100
UL	UNILEVER PLC	2,722,721 (+11.6%)	$164M (+17.7%)	3.7%	$64.49	—	SPON ADR NEW	904767803
SLB	SLB LIMITED	1,644,026 (+53.4%)	$76.43M (+38.8%)	1.7%	$47.67	—	COM STK	806857108
PAYX	PAYCHEX INC	1,196,771 (+5.2%)	$118M (+12.3%)	2.6%	$95.80	—	COM	704326107
ARES	ARES MANAGEMENT CORPORATION	959,634 (+1.5%)	$107M (+3.6%)	2.4%	$55.98	—	CL A COM STK	03990B101

Exited Positions (1)

IWD ISHARES TR 0.0%

Value $491K Shares 2,299 Est. Cost $210.34 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWD	ISHARES TR	2,299	$491K	0.0%	$210.34	—	—	464287598

Decreased Positions (20)

CME CME GROUP INC 2.7%

Value $119M (-44.4%) Shares 537,054 (-25.6%) Est. Cost $160.74 Unrealized —

CMI CUMMINS INC 6.2%

Value $274M (+20.9%) Shares 384,365 (-8.8%) Est. Cost $180.01 Unrealized —

COP CONOCOPHILLIPS 3.4%

Value $151M (-23.6%) Shares 1,451,322 (-3.0%) Est. Cost $59.23 Unrealized —

TXN TEXAS INSTRS INC 3.4%

Value $150M (+38.2%) Shares 503,546 (-10.0%) Est. Cost $173.65 Unrealized —

MS MORGAN STANLEY 5.5%

Value $246M (+16.1%) Shares 1,178,300 (-8.6%) Est. Cost $80.93 Unrealized —

LAMR LAMAR ADVERTISING CO 4.7%

Value $209M (+19.5%) Shares 1,340,213 (-2.9%) Est. Cost $78.30 Unrealized —

RHP RYMAN HOSPITALITY PPTYS INC 2.8%

Value $127M (+33.4%) Shares 984,218 (-4.2%) Est. Cost $99.28 Unrealized —

SPG SIMON PPTY GROUP INC NEW 4.4%

Value $194M (+15.7%) Shares 866,580 (-3.5%) Est. Cost $166.20 Unrealized —

AVGO BROADCOM INC 4.7%

Value $208M (+9.9%) Shares 550,927 (-9.9%) Est. Cost $146.03 Unrealized —

DKS DICKS SPORTING GOODS INC 3.3%

Value $146M (+11.1%) Shares 644,619 (-2.9%) Est. Cost $215.66 Unrealized —

SNA SNAP ON INC 4.1%

Value $184M (+7.8%) Shares 457,430 (-2.7%) Est. Cost $158.76 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 4.0%

Value $176M (-4.3%) Shares 4,792,357 (-1.5%) Est. Cost $24.07 Unrealized —

PM PHILIP MORRIS INTL INC 2.6%

Value $115M (-5.1%) Shares 634,664 (-13.3%) Est. Cost $165.18 Unrealized —

WSO WATSCO INC 2.9%

Value $127M (+3.3%) Shares 304,324 (-9.8%) Est. Cost $355.97 Unrealized —

ABBV ABBVIE INC 4.2%

Value $186M (+2.2%) Shares 738,590 (-11.7%) Est. Cost $70.32 Unrealized —

PAG PENSKE AUTOMOTIVE GRP INC 0.5%

Value $23.25M (+18.4%) Shares 129,925 (-1.1%) Est. Cost $164.41 Unrealized —

DRI DARDEN RESTAURANTS INC 3.8%

Value $169M (+1.6%) Shares 822,585 (-3.3%) Est. Cost $160.48 Unrealized —

ORI OLD REP INTL CORP 4.3%

Value $191M (+1.0%) Shares 4,665,045 (-1.6%) Est. Cost $13.78 Unrealized —

PEG PUBLIC SVC ENTERPRISE GROUP 4.1%

Value $182M (-0.8%) Shares 2,246,234 (-1.1%) Est. Cost $50.35 Unrealized —

JNJ JOHNSON & JOHNSON 4.1%

Value $182M (+0.8%) Shares 714,820 (-2.9%) Est. Cost $136.56 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CME	CME GROUP INC	537,054 (-25.6%)	$119M (-44.4%)	2.7%	$160.74	—	COM	12572Q105
CMI	CUMMINS INC	384,365 (-8.8%)	$274M (+20.9%)	6.2%	$180.01	—	COM	231021106
COP	CONOCOPHILLIPS	1,451,322 (-3.0%)	$151M (-23.6%)	3.4%	$59.23	—	COM	20825C104
TXN	TEXAS INSTRS INC	503,546 (-10.0%)	$150M (+38.2%)	3.4%	$173.65	—	COM	882508104
MS	MORGAN STANLEY	1,178,300 (-8.6%)	$246M (+16.1%)	5.5%	$80.93	—	COM NEW	617446448
LAMR	LAMAR ADVERTISING CO	1,340,213 (-2.9%)	$209M (+19.5%)	4.7%	$78.30	—	CL A	512816109
RHP	RYMAN HOSPITALITY PPTYS INC	984,218 (-4.2%)	$127M (+33.4%)	2.8%	$99.28	—	COM	78377T107
SPG	SIMON PPTY GROUP INC NEW	866,580 (-3.5%)	$194M (+15.7%)	4.4%	$166.20	—	COM	828806109
AVGO	BROADCOM INC	550,927 (-9.9%)	$208M (+9.9%)	4.7%	$146.03	—	COM	11135F101
DKS	DICKS SPORTING GOODS INC	644,619 (-2.9%)	$146M (+11.1%)	3.3%	$215.66	—	COM	253393102
SNA	SNAP ON INC	457,430 (-2.7%)	$184M (+7.8%)	4.1%	$158.76	—	COM	833034101
EPD	ENTERPRISE PRODS PARTNERS L	4,792,357 (-1.5%)	$176M (-4.3%)	4.0%	$24.07	—	COM	293792107
PM	PHILIP MORRIS INTL INC	634,664 (-13.3%)	$115M (-5.1%)	2.6%	$165.18	—	COM	718172109
WSO	WATSCO INC	304,324 (-9.8%)	$127M (+3.3%)	2.9%	$355.97	—	COM	942622200
ABBV	ABBVIE INC	738,590 (-11.7%)	$186M (+2.2%)	4.2%	$70.32	—	COM	00287Y109
PAG	PENSKE AUTOMOTIVE GRP INC	129,925 (-1.1%)	$23.25M (+18.4%)	0.5%	$164.41	—	COM	70959W103
DRI	DARDEN RESTAURANTS INC	822,585 (-3.3%)	$169M (+1.6%)	3.8%	$160.48	—	COM	237194105
ORI	OLD REP INTL CORP	4,665,045 (-1.6%)	$191M (+1.0%)	4.3%	$13.78	—	COM	680223104
PEG	PUBLIC SVC ENTERPRISE GROUP	2,246,234 (-1.1%)	$182M (-0.8%)	4.1%	$50.35	—	COM	744573106
JNJ	JOHNSON & JOHNSON	714,820 (-2.9%)	$182M (+0.8%)	4.1%	$136.56	—	COM	478160104

Unchanged Positions (4)

HD HOME DEPOT INC 3.2%

Value $144M Shares 407,725 Est. Cost $279.66 Unrealized —

UGI UGI CORP NEW 2.1%

Value $91.75M Shares 2,656,429 Est. Cost $37.60 Unrealized —

PG PROCTER & GAMBLE CO 3.5%

Value $155M Shares 1,059,367 Est. Cost $117.20 Unrealized —

IEF ISHARES TR 0.0%

Value $1.017M Shares 10,756 Est. Cost $96.46 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HD	HOME DEPOT INC	407,725	$144M	3.2%	$279.66	—	COM	437076102
UGI	UGI CORP NEW	2,656,429	$91.75M	2.1%	$37.60	—	COM	902681105
PG	PROCTER & GAMBLE CO	1,059,367	$155M	3.5%	$117.20	—	COM	742718109
IEF	ISHARES TR	10,756	$1.017M	0.0%	$96.46	—	7-10 YR TRSY BD	464287440