Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TMO	THERMO FISHER SCIENTIFIC ORD	140,967 (+32.7%)	$70.68M (+35.4%)	1.0%	$556.54	—	COMMON	883556102
SSB	SOUTHSTATE BANK ORD	290,274 (+52.6%)	$29M (+64.7%)	0.4%	$100.55	—	COMMON	84472E102
MA	MASTERCARD CL A ORD	81,000 (+32.8%)	$41.6M (+36.5%)	0.6%	$420.66	—	COMMON	57636Q104
XYL	XYLEM ORD	321,700 (+36.6%)	$38.03M (+35.1%)	0.5%	$131.57	—	COMMON	98419M100

Exited Positions (1)

HON HONEYWELL INTERNATIONAL ORD 0.8%

Value $55.38M Shares 245,000 Est. Cost $53.13 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTERNATIONAL ORD	245,000	$55.38M	0.8%	$53.13	—	—	438516106

Decreased Positions (9)

— LAM RESEARCH ORD 9.3%

Value $643M (+47.9%) Shares 1,483,770 (-27.1%) Est. Cost $213.66 Unrealized —

MRSH MARSH ORD 0.4%

Value $26.83M (-43.9%) Shares 161,000 (-41.6%) Est. Cost $204.01 Unrealized —

CMCSA COMCAST CL A ORD 0.4%

Value $25.47M (-44.7%) Shares 1,037,500 (-35.3%) Est. Cost $34.23 Unrealized —

AJG ARTHUR J GALLAGHER ORD 0.5%

Value $36.13M (-32.3%) Shares 157,374 (-36.1%) Est. Cost $285.01 Unrealized —

USB US BANCORP ORD 1.8%

Value $126M (+10.4%) Shares 2,091,500 (-4.9%) Est. Cost $23.81 Unrealized —

NSA NATIONAL STORAGE AFFILIATES ORD 0.3%

Value $24.16M (-28.4%) Shares 543,352 (-39.2%) Est. Cost $35.22 Unrealized —

CMI CUMMINS ORD 4.4%

Value $305M (-2.4%) Shares 427,800 (-26.4%) Est. Cost $75.52 Unrealized —

JPM JPMORGAN CHASE ORD 6.3%

Value $438M (-1.5%) Shares 1,338,978 (-11.5%) Est. Cost $36.24 Unrealized —

NSC NORFOLK SOUTHERN ORD 1.0%

Value $67.45M (+8.3%) Shares 214,400 (-1.2%) Est. Cost $66.24 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LAM RESEARCH ORD	1,483,770 (-27.1%)	$643M (+47.9%)	9.3%	$213.66	—	COMMON	US5128073
MRSH	MARSH ORD	161,000 (-41.6%)	$26.83M (-43.9%)	0.4%	$204.01	—	COMMON	571748102
CMCSA	COMCAST CL A ORD	1,037,500 (-35.3%)	$25.47M (-44.7%)	0.4%	$34.23	—	COMMON	20030N101
AJG	ARTHUR J GALLAGHER ORD	157,374 (-36.1%)	$36.13M (-32.3%)	0.5%	$285.01	—	COMMON	363576109
USB	US BANCORP ORD	2,091,500 (-4.9%)	$126M (+10.4%)	1.8%	$23.81	—	COMMON	902973304
NSA	NATIONAL STORAGE AFFILIATES ORD	543,352 (-39.2%)	$24.16M (-28.4%)	0.3%	$35.22	—	COMMON	637870106
CMI	CUMMINS ORD	427,800 (-26.4%)	$305M (-2.4%)	4.4%	$75.52	—	COMMON	231021106
JPM	JPMORGAN CHASE ORD	1,338,978 (-11.5%)	$438M (-1.5%)	6.3%	$36.24	—	COMMON	46625H100
NSC	NORFOLK SOUTHERN ORD	214,400 (-1.2%)	$67.45M (+8.3%)	1.0%	$66.24	—	COMMON	655844108

Unchanged Positions (49)

CSCO CISCO SYSTEMS ORD 2.3%

Value $157M Shares 1,334,000 Est. Cost $16.94 Unrealized —

ABBV ABBVIE ORD 5.1%

Value $354M Shares 1,405,200 Est. Cost $30.33 Unrealized —

ACN ACCENTURE CL A ORD 1.1%

Value $76.63M Shares 615,765 Est. Cost $66.12 Unrealized —

ADI ANALOG DEVICES ORD 3.2%

Value $224M Shares 564,614 Est. Cost $70.83 Unrealized —

XOM EXXON MOBIL CORPORATION 2.3%

Value $160M Shares 1,172,200 Est. Cost $53.69 Unrealized —

UNH UNITEDHEALTH GRP ORD 1.3%

Value $91.47M Shares 220,081 Est. Cost $82.89 Unrealized —

CVX CHEVRON ORD 1.5%

Value $105M Shares 635,961 Est. Cost $71.30 Unrealized —

LYB LYONDELLBASELL INDUSTRIES CL A ORD 0.7%

Value $46.63M Shares 885,666 Est. Cost $52.15 Unrealized —

PEP PEPSICO ORD 2.4%

Value $168M Shares 1,240,500 Est. Cost $56.00 Unrealized —

QCOM QUALCOMM ORD 1.1%

Value $79M Shares 427,500 Est. Cost $44.99 Unrealized —

AVGO BROADCOM ORD 1.9%

Value $129M Shares 342,500 Est. Cost $125.52 Unrealized —

MCHP MICROCHIP TECHNOLOGY ORD 0.9%

Value $65.4M Shares 717,083 Est. Cost $74.29 Unrealized —

MCD MCDONALD'S ORD 1.5%

Value $105M Shares 389,000 Est. Cost $71.89 Unrealized —

AAPL APPLE ORD 1.8%

Value $122M Shares 420,000 Est. Cost $83.04 Unrealized —

RF REGIONS FINANCIAL ORD 1.5%

Value $107M Shares 3,545,893 Est. Cost $17.40 Unrealized —

ABT ABBOTT LABORATORIES ORD 1.5%

Value $105M Shares 1,157,200 Est. Cost $28.85 Unrealized —

RPM RPM ORD 1.7%

Value $115M Shares 1,033,303 Est. Cost $32.11 Unrealized —

HAS HASBRO ORD 1.2%

Value $86.47M Shares 1,046,968 Est. Cost $30.22 Unrealized —

OC OWENS CORNIING ORD 0.5%

Value $33.7M Shares 212,000 Est. Cost $158.69 Unrealized —

JNJ JOHNSON & JOHNSON ORD 3.9%

Value $271M Shares 1,066,000 Est. Cost $62.75 Unrealized —

MMM 3M ORD 1.2%

Value $84.47M Shares 521,700 Est. Cost $61.26 Unrealized —

WAL WESTERN ALLIANCE ORD 0.9%

Value $59.59M Shares 725,000 Est. Cost $58.87 Unrealized —

TJX TJX ORD 2.1%

Value $146M Shares 963,000 Est. Cost $46.12 Unrealized —

T AT&T ORD 0.2%

Value $16.62M Shares 803,000 Est. Cost $11.40 Unrealized —

DOV DOVER ORD 1.2%

Value $82.71M Shares 368,780 Est. Cost $40.09 Unrealized —

HD HOME DEPOT ORD 1.2%

Value $79.86M Shares 226,446 Est. Cost $135.79 Unrealized —

SNA SNAP ON ORD 0.7%

Value $49.86M Shares 123,900 Est. Cost $129.93 Unrealized —

VLO VALERO ENERGY ORD 1.3%

Value $92.86M Shares 356,538 Est. Cost $56.95 Unrealized —

PM PHILIP MORRIS INTERNATIONAL ORD 0.6%

Value $43.86M Shares 242,435 Est. Cost $48.01 Unrealized —

ADP AUTOMATIC DATA PROCESSING ORD 0.6%

Value $40.55M Shares 181,050 Est. Cost $51.12 Unrealized —

RTX RTX ORD 3.1%

Value $213M Shares 1,121,916 Est. Cost $57.34 Unrealized —

DUK DUKE ENERGY ORD 1.4%

Value $101M Shares 794,816 Est. Cost $57.74 Unrealized —

MSFT MICROSOFT ORD 6.4%

Value $442M Shares 1,183,997 Est. Cost $28.47 Unrealized —

VZ VERIZON COMMUNICATIONS ORD 0.2%

Value $17.16M Shares 405,301 Est. Cost $27.04 Unrealized —

NEE NEXTERA ENERGY ORD 0.6%

Value $43.1M Shares 491,000 Est. Cost $66.61 Unrealized —

PG PROCTER & GAMBLE ORD 2.2%

Value $151M Shares 1,027,504 Est. Cost $55.00 Unrealized —

CME CME GROUP CL A ORD 0.1%

Value $6.603M Shares 29,900 Est. Cost $39.16 Unrealized —

PNW PINNACLE WEST ORD 0.5%

Value $31.76M Shares 296,838 Est. Cost $59.72 Unrealized —

DG DOLLAR GENERAL ORD 0.7%

Value $50.25M Shares 436,567 Est. Cost $114.96 Unrealized —

APD AIR PRODUCTS AND CHEMICALS ORD 2.0%

Value $138M Shares 469,232 Est. Cost $139.80 Unrealized —

AMT AMERICAN TOWER REIT 0.3%

Value $18.65M Shares 114,000 Est. Cost $143.14 Unrealized —

WEC WEC ENERGY GROUP ORD 1.6%

Value $114M Shares 978,300 Est. Cost $33.96 Unrealized —

ARES ARES MANAGEMENT CL A ORD 0.6%

Value $41.26M Shares 370,672 Est. Cost $149.62 Unrealized —

PLD PROLOGIS REIT 0.3%

Value $22.76M Shares 168,000 Est. Cost $55.83 Unrealized —

ADC AGREE REALTY REIT ORD 0.9%

Value $59.8M Shares 789,500 Est. Cost $63.75 Unrealized —

MDLZ MONDELEZ INTERNATIONAL CL A ORD 1.0%

Value $67.07M Shares 1,159,500 Est. Cost $51.53 Unrealized —

ENB ENBRIDGE ORD 1.3%

Value $89.29M Shares 1,647,025 Est. Cost $24.31 Unrealized —

BLK BLACKROCK ORD 1.6%

Value $111M Shares 115,800 Est. Cost $991.05 Unrealized —

— HL ACQUISITION, INC., DBA HOSTA 0.0%

Value $587K Shares 20,103 Est. Cost $29.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CSCO	CISCO SYSTEMS ORD	1,334,000	$157M	2.3%	$16.94	—	COMMON	17275R102
ABBV	ABBVIE ORD	1,405,200	$354M	5.1%	$30.33	—	COMMON	00287Y109
ACN	ACCENTURE CL A ORD	615,765	$76.63M	1.1%	$66.12	—	COMMON	G1151C101
ADI	ANALOG DEVICES ORD	564,614	$224M	3.2%	$70.83	—	COMMON	032654105
XOM	EXXON MOBIL CORPORATION	1,172,200	$160M	2.3%	$53.69	—	COMMON	30231G102
UNH	UNITEDHEALTH GRP ORD	220,081	$91.47M	1.3%	$82.89	—	COMMON	91324P102
CVX	CHEVRON ORD	635,961	$105M	1.5%	$71.30	—	COMMON	166764100
LYB	LYONDELLBASELL INDUSTRIES CL A ORD	885,666	$46.63M	0.7%	$52.15	—	COMMON	N53745100
PEP	PEPSICO ORD	1,240,500	$168M	2.4%	$56.00	—	COMMON	713448108
QCOM	QUALCOMM ORD	427,500	$79M	1.1%	$44.99	—	COMMON	747525103
AVGO	BROADCOM ORD	342,500	$129M	1.9%	$125.52	—	COMMON	11135F101
MCHP	MICROCHIP TECHNOLOGY ORD	717,083	$65.4M	0.9%	$74.29	—	COMMON	595017104
MCD	MCDONALD'S ORD	389,000	$105M	1.5%	$71.89	—	COMMON	580135101
AAPL	APPLE ORD	420,000	$122M	1.8%	$83.04	—	COMMON	037833100
RF	REGIONS FINANCIAL ORD	3,545,893	$107M	1.5%	$17.40	—	COMMON	7591EP100
ABT	ABBOTT LABORATORIES ORD	1,157,200	$105M	1.5%	$28.85	—	COMMON	002824100
RPM	RPM ORD	1,033,303	$115M	1.7%	$32.11	—	COMMON	749685103
HAS	HASBRO ORD	1,046,968	$86.47M	1.2%	$30.22	—	COMMON	418056107
OC	OWENS CORNIING ORD	212,000	$33.7M	0.5%	$158.69	—	COMMON	690742101
JNJ	JOHNSON & JOHNSON ORD	1,066,000	$271M	3.9%	$62.75	—	COMMON	478160104
MMM	3M ORD	521,700	$84.47M	1.2%	$61.26	—	COMMON	88579Y101
WAL	WESTERN ALLIANCE ORD	725,000	$59.59M	0.9%	$58.87	—	COMMON	957638109
TJX	TJX ORD	963,000	$146M	2.1%	$46.12	—	COMMON	872540109
T	AT&T ORD	803,000	$16.62M	0.2%	$11.40	—	COMMON	00206R102
DOV	DOVER ORD	368,780	$82.71M	1.2%	$40.09	—	COMMON	260003108
HD	HOME DEPOT ORD	226,446	$79.86M	1.2%	$135.79	—	COMMON	437076102
SNA	SNAP ON ORD	123,900	$49.86M	0.7%	$129.93	—	COMMON	833034101
VLO	VALERO ENERGY ORD	356,538	$92.86M	1.3%	$56.95	—	COMMON	91913Y100
PM	PHILIP MORRIS INTERNATIONAL ORD	242,435	$43.86M	0.6%	$48.01	—	COMMON	718172109
ADP	AUTOMATIC DATA PROCESSING ORD	181,050	$40.55M	0.6%	$51.12	—	COMMON	053015103
RTX	RTX ORD	1,121,916	$213M	3.1%	$57.34	—	COMMON	75513E101
DUK	DUKE ENERGY ORD	794,816	$101M	1.4%	$57.74	—	COMMON	26441C204
MSFT	MICROSOFT ORD	1,183,997	$442M	6.4%	$28.47	—	COMMON	594918104
VZ	VERIZON COMMUNICATIONS ORD	405,301	$17.16M	0.2%	$27.04	—	COMMON	92343V104
NEE	NEXTERA ENERGY ORD	491,000	$43.1M	0.6%	$66.61	—	COMMON	65339F101
PG	PROCTER & GAMBLE ORD	1,027,504	$151M	2.2%	$55.00	—	COMMON	742718109
CME	CME GROUP CL A ORD	29,900	$6.603M	0.1%	$39.16	—	COMMON	12572Q105
PNW	PINNACLE WEST ORD	296,838	$31.76M	0.5%	$59.72	—	COMMON	723484101
DG	DOLLAR GENERAL ORD	436,567	$50.25M	0.7%	$114.96	—	COMMON	256677105
APD	AIR PRODUCTS AND CHEMICALS ORD	469,232	$138M	2.0%	$139.80	—	COMMON	009158106
AMT	AMERICAN TOWER REIT	114,000	$18.65M	0.3%	$143.14	—	COMMON	03027X100
WEC	WEC ENERGY GROUP ORD	978,300	$114M	1.6%	$33.96	—	COMMON	92939U106
ARES	ARES MANAGEMENT CL A ORD	370,672	$41.26M	0.6%	$149.62	—	COMMON	03990B101
PLD	PROLOGIS REIT	168,000	$22.76M	0.3%	$55.83	—	COMMON	74340W103
ADC	AGREE REALTY REIT ORD	789,500	$59.8M	0.9%	$63.75	—	COMMON	008492100
MDLZ	MONDELEZ INTERNATIONAL CL A ORD	1,159,500	$67.07M	1.0%	$51.53	—	COMMON	609207105
ENB	ENBRIDGE ORD	1,647,025	$89.29M	1.3%	$24.31	—	COMMON	29250N105
BLK	BLACKROCK ORD	115,800	$111M	1.6%	$991.05	—	COMMON	09290D101
—	HL ACQUISITION, INC., DBA HOSTA	20,103	$587K	0.0%	$29.20	—	COMMON	9941487P3