Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PM	PHILIP MORRIS INTL INC	832,495 (+31.2%)	$159M (+38.4%)	3.9%	$190.82	$170.82	+11.7%	COM	718172109
PAYX	PAYCHEX INC	1,425,954 (+19.2%)	$140M (+19.4%)	3.5%	$98.50	$98.84	-0.3%	COM	704326107
SLB	SLB LIMITED	1,946,294 (+18.4%)	$94.82M (+24.1%)	2.3%	$48.72	$50.41	-3.4%	COM STK	806857108
SNA	SNAP ON INC	468,663 (+2.5%)	$170M (-7.5%)	4.2%	$363.35	$164.41	+121.0%	COM	833034101
ARES	ARES MANAGEMENT CORPORATION	1,022,899 (+6.6%)	$119M (+11.2%)	2.9%	$116.17	$60.72	+91.3%	CL A COM STK	03990B101
CVS	CVS HEALTH CORP	1,951,402 (+13.6%)	$167M (-5.9%)	4.1%	$85.69	$81.39	+5.3%	COM	126650100
IBM	INTERNATIONAL BUSINESS MACHS	241,311 (+24.5%)	$53.07M (-2.6%)	1.3%	$219.93	$249.09	-11.7%	COM	459200101

Exited Positions (3)

DKS DICKS SPORTING GOODS INC 3.6%

Value $146M Shares 644,619 Share Price $226.81 * Est. Cost/Share $215.66 Unrealized @ Report Date -37.7%

PAG PENSKE AUTOMOTIVE GRP INC 0.6%

Value $23.25M Shares 129,925 Share Price $178.95 * Est. Cost/Share $164.26 Unrealized @ Report Date +22.0%

IEF ISHARES TR 0.0%

Value $1.017M Shares 10,756 Share Price $94.57 * Est. Cost/Share $95.61 Unrealized @ Report Date -6.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
DKS	DICKS SPORTING GOODS INC	644,619	$146M	3.6%	$226.81 *	$215.66	-37.7%	—	253393102
PAG	PENSKE AUTOMOTIVE GRP INC	129,925	$23.25M	0.6%	$178.95 *	$164.26	+22.0%	—	70959W103
IEF	ISHARES TR	10,756	$1.017M	0.0%	$94.57 *	$95.61	-6.6%	—	464287440

Decreased Positions (13)

CMI CUMMINS INC 4.4%

Value $179M (-34.8%) Shares 345,805 (-10.0%) Share Price $516.57 Est. Cost/Share $180.01 Unrealized @ Report Date +187.0%

HD HOME DEPOT INC 2.5%

Value $103M (-28.4%) Shares 361,805 (-11.3%) Share Price $284.49 Est. Cost/Share $278.67 Unrealized @ Report Date +2.1%

PG PROCTER & GAMBLE CO 2.9%

Value $116M (-25.6%) Shares 795,587 (-24.9%) Share Price $145.28 Est. Cost/Share $117.14 Unrealized @ Report Date +24.0%

PEG PUBLIC SVC ENTERPRISE GROUP 3.7%

Value $148M (-18.8%) Shares 2,199,421 (-2.1%) Share Price $67.34 Est. Cost/Share $50.35 Unrealized @ Report Date +33.8%

SPG SIMON PPTY GROUP INC NEW 4.0%

Value $163M (-15.7%) Shares 814,071 (-6.1%) Share Price $200.76 Est. Cost/Share $166.20 Unrealized @ Report Date —

DRI DARDEN RESTAURANTS INC 3.5%

Value $140M (-17.5%) Shares 723,779 (-12.0%) Share Price $193.25 Est. Cost/Share $160.48 Unrealized @ Report Date +20.4%

AVGO BROADCOM INC 4.5%

Value $182M (-12.7%) Shares 517,570 (-6.1%) Share Price $351.19 Est. Cost/Share $146.03 Unrealized @ Report Date +140.5%

ORI OLD REP INTL CORP 4.3%

Value $172M (-10.1%) Shares 4,599,066 (-1.4%) Share Price $37.31 Est. Cost/Share $13.78 Unrealized @ Report Date +170.7%

LAMR LAMAR ADVERTISING CO 4.7%

Value $190M (-9.0%) Shares 1,320,340 (-1.5%) Share Price $144.11 Est. Cost/Share $78.30 Unrealized @ Report Date —

RHP RYMAN HOSPITALITY PPTYS INC 2.9%

Value $116M (-8.6%) Shares 967,273 (-1.7%) Share Price $119.53 Est. Cost/Share $99.28 Unrealized @ Report Date —

ABBV ABBVIE INC 4.7%

Value $191M (+2.6%) Shares 728,805 (-1.3%) Share Price $261.59 Est. Cost/Share $70.32 Unrealized @ Report Date +272.0%

UL UNILEVER PLC 4.0%

Value $162M (-1.3%) Shares 2,660,722 (-2.3%) Share Price $60.73 Est. Cost/Share $66.27 Unrealized @ Report Date -8.4%

UGI UGI CORP NEW 2.3%

Value $91.11M (-0.7%) Shares 2,554,320 (-3.8%) Share Price $35.67 Est. Cost/Share $37.14 Unrealized @ Report Date -4.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CMI	CUMMINS INC	345,805 (-10.0%)	$179M (-34.8%)	4.4%	$516.57	$180.01	+187.0%	COM	231021106
HD	HOME DEPOT INC	361,805 (-11.3%)	$103M (-28.4%)	2.5%	$284.49	$278.67	+2.1%	COM	437076102
PG	PROCTER & GAMBLE CO	795,587 (-24.9%)	$116M (-25.6%)	2.9%	$145.28	$117.14	+24.0%	COM	742718109
PEG	PUBLIC SVC ENTERPRISE GROUP	2,199,421 (-2.1%)	$148M (-18.8%)	3.7%	$67.34	$50.35	+33.8%	COM	744573106
SPG	SIMON PPTY GROUP INC NEW	814,071 (-6.1%)	$163M (-15.7%)	4.0%	$200.76	$166.20	—	COM	828806109
DRI	DARDEN RESTAURANTS INC	723,779 (-12.0%)	$140M (-17.5%)	3.5%	$193.25	$160.48	+20.4%	COM	237194105
AVGO	BROADCOM INC	517,570 (-6.1%)	$182M (-12.7%)	4.5%	$351.19	$146.03	+140.5%	COM	11135F101
ORI	OLD REP INTL CORP	4,599,066 (-1.4%)	$172M (-10.1%)	4.3%	$37.31	$13.78	+170.7%	COM	680223104
LAMR	LAMAR ADVERTISING CO	1,320,340 (-1.5%)	$190M (-9.0%)	4.7%	$144.11	$78.30	—	CL A	512816109
RHP	RYMAN HOSPITALITY PPTYS INC	967,273 (-1.7%)	$116M (-8.6%)	2.9%	$119.53	$99.28	—	COM	78377T107
ABBV	ABBVIE INC	728,805 (-1.3%)	$191M (+2.6%)	4.7%	$261.59	$70.32	+272.0%	COM	00287Y109
UL	UNILEVER PLC	2,660,722 (-2.3%)	$162M (-1.3%)	4.0%	$60.73	$66.27	-8.4%	SPON ADR NEW	904767803
UGI	UGI CORP NEW	2,554,320 (-3.8%)	$91.11M (-0.7%)	2.3%	$35.67	$37.14	-4.0%	COM	902681105

Unchanged Positions (7)

WSO WATSCO INC 2.3%

Value $91.77M Shares 303,183 Share Price $302.69 Est. Cost/Share $355.97 Unrealized @ Report Date -15.0%

COP CONOCOPHILLIPS 4.5%

Value $180M Shares 1,441,909 Share Price $125.15 Est. Cost/Share $59.51 Unrealized @ Report Date +110.3%

MS MORGAN STANLEY 5.4%

Value $220M Shares 1,169,699 Share Price $188.08 Est. Cost/Share $80.93 Unrealized @ Report Date +132.4%

CME CME GROUP INC 3.5%

Value $139M Shares 531,932 Share Price $261.98 Est. Cost/Share $160.74 Unrealized @ Report Date +63.0%

TXN TEXAS INSTRS INC 3.5%

Value $140M Shares 500,329 Share Price $280.09 Est. Cost/Share $172.76 Unrealized @ Report Date +62.1%

EPD ENTERPRISE PRODS PARTNERS L 4.2%

Value $169M Shares 4,757,411 Share Price $35.61 Est. Cost/Share $24.07 Unrealized @ Report Date —

JNJ JOHNSON & JOHNSON 4.7%

Value $188M Shares 709,904 Share Price $264.74 Est. Cost/Share $136.56 Unrealized @ Report Date +93.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WSO	WATSCO INC	303,183	$91.77M	2.3%	$302.69	$355.97	-15.0%	COM	942622200
COP	CONOCOPHILLIPS	1,441,909	$180M	4.5%	$125.15	$59.51	+110.3%	COM	20825C104
MS	MORGAN STANLEY	1,169,699	$220M	5.4%	$188.08	$80.93	+132.4%	COM NEW	617446448
CME	CME GROUP INC	531,932	$139M	3.5%	$261.98	$160.74	+63.0%	COM	12572Q105
TXN	TEXAS INSTRS INC	500,329	$140M	3.5%	$280.09	$172.76	+62.1%	COM	882508104
EPD	ENTERPRISE PRODS PARTNERS L	4,757,411	$169M	4.2%	$35.61	$24.07	—	COM	293792107
JNJ	JOHNSON & JOHNSON	709,904	$188M	4.7%	$264.74	$136.56	+93.9%	COM	478160104