# EDGAR Filing Document

**Accession Number:** 0000932024
**File Stem:** 0001941040-25-000499
**Filing Date:** 2025-8
**Character Count:** 60354
**Document Hash:** fb0369f123b485e68fc36d4d5a8e2bb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001941040-25-000499.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001941040-25-000499

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SKBA CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0000932024

**ORGANIZATION NAME:**
- **EIN:** 943323106
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04530
- **FILM NUMBER:** 251252344

**BUSINESS ADDRESS:**
- **STREET 1:** 601 CALIFORNIA STREET
- **STREET 2:** SUITE 1500
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94108
- **BUSINESS PHONE:** 4159897852

**MAIL ADDRESS:**
- **STREET 1:** 601 CALIFORNIA STREET
- **STREET 2:** SUITE 1500
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPARE KAPLAN BISCHEL & ASSOCIATES LLC/
- **DATE OF NAME CHANGE:** 19991112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPARE KAPLAN BISCHEL & ASSOCIATES INC
- **DATE OF NAME CHANGE:** 19990329

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0000932024

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** SKBA CAPITAL MANAGEMENT LLC

**Address:** 601 CALIFORNIA STREET, SAN FRANCISCO, CA 94108

**Telephone number:** 415-989-7852

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-04530

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [ ] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [x] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [ ] No

- [x] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                           | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                            | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| 3M COMPANY                               | 88579Y101 | 05/13/2025     | Advisory Approval of Executive Compensation.                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          81020 |            15400 | For         |                                    81020 | FOR                         |  |
| ABBOTT LABORATORIES                      | 002824100 | 04/25/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compensation                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | For         |                                      100 | FOR                         |  |
| ABBVIE INC.                              | 00287Y109 | 05/09/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compensation                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           2130 |                0 | For         |                                     2130 | FOR                         |  |
| AIR LEASE CORPORATION                    | 00912X302 | 05/02/2025     | Advisory vote to approve named executive officer compensation                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          41485 |           135805 | For         |                                    41485 | FOR                         |  |
| AIR PRODUCTS AND CHEMICALS, INC.         | 009158106 | 01/23/2025     | Advisory Vote Approving the Compensation of the Company's Executive Officers.                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          31635 |                0 | For         |                                    31635 | FOR                         |  |
| AMERICAN ELECTRIC POWER COMPANY, INC.    | 025537101 | 04/29/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          97555 |                0 | For         |                                    97555 | FOR                         |  |
| AMERICAN EXPRESS COMPANY                 | 025816109 | 04/29/2025     | Approval, on an advisory basis, of the Company's executive compensation.                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |             50 |                0 | For         |                                       50 | FOR                         |  |
| AMERICAN INTERNATIONAL GROUP, INC.       | 026874784 | 05/14/2025     | Advisory Vote on the Frequency of Future Executive Compensation Votes.                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          95284 |            52921 | 1 year      |                                    95284 | FOR                         |  |
| AMERICAN INTERNATIONAL GROUP, INC.       | 026874784 | 05/14/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          95284 |            52921 | For         |                                    95284 | FOR                         |  |
| AMERIPRISE FINANCIAL, INC.               | 03076C106 | 04/30/2025     | To approve the compensation of the named executive officers by a nonbinding advisory vote.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            985 |                0 | For         |                                      985 | FOR                         |  |
| AMGEN INC.                               | 031162100 | 05/23/2025     | Advisory vote to approve our executive compensation.                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          14320 |            19700 | For         |                                    14320 | FOR                         |  |
| APTIV PLC                                | G3265R107 | 04/23/2025     | Say-on-Pay - To approve, by advisory vote, executive compensation.                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |             90 |                0 | For         |                                       90 | FOR                         |  |
| AT INC.                                  | 00206R102 | 05/15/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         864780 |                0 | For         |                                   864780 | FOR                         |  |
| AUTOMATIC DATA PROCESSING, INC.          | 053015103 | 11/06/2024     | Advisory Vote on Executive Compensation.                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            150 |                0 | For         |                                      150 | FOR                         |  |
| AVANTOR, INC.                            | 05352A100 | 05/08/2025     | Approve, on an Advisory Basis, Named Executive Officer Compensation.                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |            330 |                0 | For         |                                      330 | FOR                         |  |
| BANK OF AMERICA CORPORATION              | 060505104 | 04/22/2025     | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |             60 |                0 | For         |                                       60 | FOR                         |  |
| BECTON, DICKINSON AND COMPANY            | 075887109 | 01/28/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |             30 |                0 | For         |                                       30 | FOR                         |  |
| BRISTOL-MYERS SQUIBB COMPANY             | 110122108 | 05/06/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           3700 |                0 | For         |                                     3700 | FOR                         |  |
| BROOKFIELD ASSET MANAGEMENT LTD.         | 113004105 | 05/05/2025     | The Say on Pay Resolution set out in the Management Information Circular of the Corporation dated March 25, 2025 (the "Circular").                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          69800 |            68800 | For         |                                    69800 | FOR                         |  |
| BROOKFIELD CORPORATION                   | 11271J107 | 06/06/2025     | Say on Pay Resolution The Say on Pay Resolution set out in the Circular.                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           1897 |                0 | For         |                                     1897 | FOR                         |  |
| CARDINAL HEALTH, INC.                    | 14149Y108 | 11/06/2024     | To approve, on a non-binding advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          70260 |            31000 | For         |                                    70260 | FOR                         |  |
| CBOE GLOBAL MARKETS, INC.                | 12503M108 | 05/06/2025     | Approve, in a non-binding resolution, the compensation paid to our executive officers.                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |             35 |                0 | For         |                                       35 | FOR                         |  |
| CHEVRON CORPORATION                      | 166764100 | 05/28/2025     | Advisory vote to approve named executive officer compensation                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          23298 |            58877 | For         |                                    23298 | FOR                         |  |
| CHUBB LIMITED                            | H1467J104 | 05/15/2025     | Advisory vote to approve executive compensation under U.S. securities law requirements                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |            450 |                0 | For         |                                      450 | FOR                         |  |
| CISCO SYSTEMS, INC.                      | 17275R102 | 12/09/2024     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         160630 |                0 | For         |                                   160630 | FOR                         |  |
| CITIGROUP INC.                           | 172967424 | 04/29/2025     | Advisory vote to approve our 2024 Executive Compensation.                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          71391 |           114259 | For         |                                    71391 | FOR                         |  |
| CLARIVATE PLC                            | G21810109 | 05/07/2025     | APPROVAL, ON AN ADVISORY, NON-BINDING BASIS, OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           1580 |                0 | For         |                                     1580 | FOR                         |  |
| CME GROUP INC.                           | 12572Q105 | 05/08/2025     | Advisory vote on the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          70055 |                0 | For         |                                    70055 | FOR                         |  |
| COHERENT CORP.                           | 19247G107 | 11/14/2024     | Non-binding advisory vote to approve compensation paid to named executive officers in fiscal year 2024.                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            180 |                0 | For         |                                      180 | FOR                         |  |
| COMCAST CORPORATION                      | 20030N101 | 06/18/2025     | Advisory Vote On Executive Compensation                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         276561 |                0 | For         |                                   276561 | FOR                         |  |
| CONOCOPHILLIPS                           | 20825C104 | 05/13/2025     | Advisory Approval of Executive Compensation.                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         128795 |                0 | For         |                                   128795 | FOR                         |  |
| COREBRIDGE FINANCIAL, INC.               | 21871X109 | 06/03/2025     | Approve the 2024 compensation of Corebridge's named executive officers on an advisory basis.                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         121754 |           369600 | For         |                                   121754 | FOR                         |  |
| CORNING INCORPORATED                     | 219350105 | 05/01/2025     | Advisory approval of our executive compensation (Say on Pay).                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |             85 |                0 | For         |                                       85 | FOR                         |  |
| CUMMINS INC.                             | 231021106 | 05/13/2025     | Advisory vote to approve the compensation of our named executive officers as disclosed in the proxy statement.                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |             10 |                0 | For         |                                       10 | FOR                         |  |
| DARDEN RESTAURANTS, INC.                 | 237194105 | 09/18/2024     | To obtain non-binding advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          27170 |            70600 | For         |                                    27170 | FOR                         |  |
| DENTSPLY SIRONA INC.                     | 24906P109 | 05/21/2025     | Approval, by non-binding vote, of the Company's executive compensation for 2024.                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         156708 |           421682 | For         |                                   156708 | FOR                         |  |
| DEVON ENERGY CORPORATION                 | 25179M103 | 06/04/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           1593 |                0 | For         |                                     1593 | FOR                         |  |
| FEDEX CORPORATION                        | 31428X106 | 09/23/2024     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          24850 |             7700 | For         |                                    24850 | FOR                         |  |
| FORTREA HOLDINGS INC.                    | 34965K107 | 06/10/2025     | Approval, on an advisory (non-binding) basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           1262 |                0 | For         |                                     1262 | FOR                         |  |
| GENUINE PARTS COMPANY                    | 372460105 | 04/28/2025     | Advisory Vote On Executive Compensation                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          12255 |            35000 | For         |                                    12255 | FOR                         |  |
| GRAPHIC PACKAGING HOLDING COMPANY        | 388689101 | 05/21/2025     | Advisory vote on compensation paid to Named Executive Officers (Say-on-Pay).                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            450 |                0 | For         |                                      450 | FOR                         |  |
| HASBRO, INC.                             | 418056107 | 05/21/2025     | Advisory Vote to Approve the Compensation of Hasbro's Named Executive Officers                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         155905 |                0 | For         |                                   155905 | FOR                         |  |
| HEALTHCARE REALTY TRUST INCORPORATED     | 42226K105 | 05/20/2025     | To approve, on a non-binding advisory basis, the following resolution: RESOLVED, that the stockholders of Healthcare Realty Trust Incorporated approve, on a non-binding advisory basis, the compensation of the Named Executive Officers as disclosed pursuant to Item 402 of Regulation S-K in the Company's proxy statement for the 2025 Annual Meeting of Stockholders. | SECTION 14A SAY-ON-PAY VOTES |         148740 |           511700 | For         |                                   148740 | FOR                         |  |
| INGREDION INCORPORATED                   | 457187102 | 05/21/2025     | To approve, by advisory vote, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          56177 |            29653 | For         |                                    56177 | FOR                         |  |
| INTEL CORPORATION                        | 458140100 | 05/06/2025     | Advisory vote on executive compensation (Say-On-Pay).                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |            130 |                0 | For         |                                      130 | FOR                         |  |
| INTERACTIVE BROKERS GROUP, INC.          | 45841N107 | 04/17/2025     | To approve, by non-binding vote, executive compensation.                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |             40 |                0 | For         |                                       40 | FOR                         |  |
| INTERNATIONAL BUSINESS MACHINES CORP.    | 459200101 | 04/29/2025     | Advisory Vote On Executive Compensation                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          18620 |            57400 | For         |                                    18620 | FOR                         |  |
| JPMORGAN CHASE  CO.                      | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           2787 |                0 | For         |                                     2787 | FOR                         |  |
| KENVUE INC.                              | 49177J102 | 05/22/2025     | Approve, on a non-binding advisory basis, the compensation of Kenvue Inc.'s named executive officers.                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         202175 |           427900 | For         |                                   202175 | FOR                         |  |
| KINDER MORGAN, INC.                      | 49456B101 | 05/15/2025     | Approval, on an advisory basis, of the compensation of our named executive officers, as disclosed in the Proxy Statement                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         656357 |            21913 | For         |                                   656357 | FOR                         |  |
| KONTOOR BRANDS, INC.                     | 50050N103 | 04/24/2025     | To approve the compensation of Kontoor's named executive officers as disclosed in our proxy statement.                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          67615 |            77219 | For         |                                    67615 | FOR                         |  |
| L3HARRIS TECHNOLOGIES, INC.              | 502431109 | 04/18/2025     | Approval, in an Advisory Vote, of the Compensation of Named Executive Officers as Disclosed in the Proxy Statement.                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          39150 |                0 | For         |                                    39150 | FOR                         |  |
| LABCORP HOLDINGS INC.                    | 504922105 | 05/15/2025     | To approve, by non-binding vote, the compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |             45 |                0 | For         |                                       45 | FOR                         |  |
| LEAR CORPORATION                         | 521865204 | 05/16/2025     | Approve, in a non-binding advisory vote, Lear Corporation's executive compensation.                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          13364 |            44736 | For         |                                    13364 | FOR                         |  |
| LOWE'S COMPANIES, INC.                   | 548661107 | 05/30/2025     | Advisory vote to approve the Company's named executive officer compensation in fiscal 2024.                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           9632 |            15278 | For         |                                     9632 | FOR                         |  |
| MCDONALD'S CORPORATION                   | 580135101 | 05/20/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |             50 |                0 | For         |                                       50 | FOR                         |  |
| MEDTRONIC PLC                            | G5960L103 | 10/17/2024     | Approving, on an advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         223955 |                0 | For         |                                   223955 | FOR                         |  |
| MERCK  CO., INC.                         | 58933Y105 | 05/27/2025     | Non-binding advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         160485 |                0 | For         |                                   160485 | FOR                         |  |
| METLIFE, INC.                            | 59156R108 | 06/17/2025     | Advisory (non-binding) vote to approve the compensation paid to MetLife, Inc.'s Named Executive Officers                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         147610 |                0 | For         |                                   147610 | FOR                         |  |
| MOLSON COORS BEVERAGE COMPANY            | 60871R209 | 05/14/2025     | To approve, in a non-binding advisory vote, the compensation of Molson Coors Beverage Company's named executive officers.                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          38650 |           124200 | For         |                                    38650 | FOR                         |  |
| MONDELEZ INTERNATIONAL, INC.             | 609207105 | 05/21/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            125 |                0 | For         |                                      125 | FOR                         |  |
| NETAPP, INC.                             | 64110D104 | 09/11/2024     | To hold an advisory vote to approve Named Executive Officer compensation.                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          30545 |            79000 | For         |                                    30545 | FOR                         |  |
| NVENT ELECTRIC PLC                       | G6700G107 | 05/16/2025     | Approve, by Non-Binding Advisory Vote, the Compensation of the Named Executive Officers                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            265 |                0 | For         |                                      265 | FOR                         |  |
| NVENT ELECTRIC PLC                       | G6700G107 | 05/16/2025     | Recommend, by Non-Binding Advisory Vote, the Frequency of Advisory Votes on the Compensation of Named Executive Officers                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            265 |                0 | 1 year      |                                      265 | FOR                         |  |
| NXP SEMICONDUCTORS N.V.                  | N6596X109 | 06/11/2025     | Non-binding, advisory vote to approve Named Executive Officer compensation                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          28426 |            18183 | For         |                                    28426 | FOR                         |  |
| PACKAGING CORPORATION OF AMERICA         | 695156109 | 05/07/2025     | Proposal to approve our executive compensation.                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           9766 |            29184 | For         |                                     9766 | FOR                         |  |
| PARKER-HANNIFIN CORPORATION              | 701094104 | 10/23/2024     | Approval of, on a non-binding, advisory basis, the compensation of our Named Executive Officers.                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          10350 |                0 | For         |                                    10350 | FOR                         |  |
| PEPSICO, INC.                            | 713448108 | 05/07/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          39500 |                0 | For         |                                    39500 | FOR                         |  |
| PFIZER INC.                              | 717081103 | 04/24/2025     | 2025 advisory approval of executive compensation                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         407350 |            35700 | For         |                                   407350 | FOR                         |  |
| PHILLIPS 66                              | 718546104 | 05/21/2025     | ADVISORY APPROVAL OF EXECUTIVE COMPENSATION                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          19130 |            61800 | For         |                                    19130 | FOR                         |  |
| PHILLIPS 66                              | 718546104 | 05/21/2025     | ADVISORY APPROVAL OF FREQUENCY OF FUTURE ADVISORY APPROVALS OF EXECUTIVE COMPENSATION                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          19130 |            61800 | 1 year      |                                    19130 | FOR                         |  |
| PINNACLE WEST CAPITAL CORPORATION        | 723484101 | 05/21/2025     | To hold an advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          37800 |           116600 | For         |                                    37800 | FOR                         |  |
| RADIAN GROUP INC.                        | 750236101 | 05/21/2025     | Advisory, non-binding vote to approve named executive officer compensation                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         113974 |           250056 | For         |                                   113974 | FOR                         |  |
| REALTY INCOME CORPORATION                | 756109104 | 05/13/2025     | A non-binding advisory proposal to approve the compensation of our named executive officers as described in the Proxy Statement.                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          36267 |           131198 | For         |                                    36267 | FOR                         |  |
| REGENERON PHARMACEUTICALS, INC.          | 75886F107 | 06/13/2025     | Proposal to approve, on an advisory basis, executive compensation.                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            147 |                0 | For         |                                      147 | FOR                         |  |
| REPUBLIC SERVICES, INC.                  | 760759100 | 05/19/2025     | Advisory vote to approve our named executive officer compensation.                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            700 |                0 | For         |                                      700 | FOR                         |  |
| RTX CORPORATION                          | 75513E101 | 05/01/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         195923 |                0 | For         |                                   195923 | FOR                         |  |
| SCHLUMBERGER LIMITED (SCHLUMBERGER N.V.) | 806857108 | 04/02/2025     | Advisory approval of our executive compensation.                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |             90 |                0 | For         |                                       90 | FOR                         |  |
| SEMPRA                                   | 816851109 | 05/13/2025     | Advisory approval of our executive compensation                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 | For         |                                      200 | FOR                         |  |
| SOLVENTUM CORPORATION                    | 83444M101 | 04/30/2025     | Advisory vote on frequency of advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |             40 |                0 | 1 year      |                                       40 | FOR                         |  |
| SOLVENTUM CORPORATION                    | 83444M101 | 04/30/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |             40 |                0 | For         |                                       40 | FOR                         |  |
| TARGET CORPORATION                       | 87612E106 | 06/11/2025     | Company proposal to approve, on an advisory basis, our executive compensation (Say on Pay).                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          18578 |            35122 | For         |                                    18578 | FOR                         |  |
| TE CONNECTIVITY PLC                      | G87052109 | 03/12/2025     | An advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            752 |                0 | For         |                                      752 | FOR                         |  |
| TEXAS INSTRUMENTS INCORPORATED           | 882508104 | 04/17/2025     | Board proposal regarding advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          25442 |            22138 | For         |                                    25442 | FOR                         |  |
| TEXAS PACIFIC LAND CORPORATION           | 88262P102 | 11/08/2024     | To approve, by non-binding advisory vote, the executive compensation paid to the Company's named executive officers.                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |             33 |                0 | For         |                                       33 | FOR                         |  |
| THE CHARLES SCHWAB CORPORATION           | 808513105 | 05/22/2025     | Advisory approval of named executive officer compensation                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          70175 |            12725 | For         |                                    70175 | FOR                         |  |
| THE HERSHEY COMPANY                      | 427866108 | 05/06/2025     | Approve named executive officer compensation on a non-binding advisory basis.                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          13590 |            47900 | For         |                                    13590 | FOR                         |  |
| THE HOME DEPOT, INC.                     | 437076102 | 05/22/2025     | Advisory Vote to Approve Executive Compensation ("Say-on-Pay")                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |            125 |                0 | For         |                                      125 | FOR                         |  |
| U.S. BANCORP                             | 902973304 | 04/15/2025     | An advisory vote to approve the compensation of our executives disclosed in the proxy statement.                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         188975 |                0 | For         |                                   188975 | FOR                         |  |
| UNION PACIFIC CORPORATION                | 907818108 | 05/08/2025     | Approve, by non-binding vote, the compensation of the Company's Named Executive Officers ("Say on Pay").                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           8400 |            19900 | For         |                                     8400 | FOR                         |  |
| VICI PROPERTIES INC.                     | 925652109 | 04/29/2025     | To approve (on a non-binding, advisory basis) the compensation of our named executive officers.                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          76110 |           229800 | For         |                                    76110 | FOR                         |  |
| W. R. BERKLEY CORPORATION                | 084423102 | 06/11/2025     | Non-binding advisory vote on a resolution approving the compensation of the Company's named executive officers pursuant to the compensation disclosure rules of the Securities and Exchange Commission, or "say-on-pay" vote.                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           3946 |                0 | For         |                                     3946 | FOR                         |  |
| WEC ENERGY GROUP, INC.                   | 92939U106 | 05/08/2025     | Advisory vote to approve executive compensation of the named executive officers                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |             30 |                0 | For         |                                       30 | FOR                         |  |
| WELLS FARGO  COMPANY                     | 949746101 | 04/29/2025     | Advisory vote to approve executive compensation (Say on Pay).                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         134250 |                0 | For         |                                   134250 | FOR                         |  |
| WEYERHAEUSER COMPANY                     | 962166104 | 05/09/2025     | Approval, on an advisory basis, of the compensation of the named executive officers.                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          72960 |           242200 | For         |                                    72960 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** SKBA CAPITAL MANAGEMENT LLC

**By (Signature):** Shelley Mann

**By (Printed Signature):** Shelley Mann

**By (Title):** SVP, Director of Trading

**Date:** 08/25/2025