# EDGAR Filing Document

**Accession Number:** 0001166620
**File Stem:** 0001166620-25-000005
**Filing Date:** 2025-8
**Character Count:** 20603
**Document Hash:** 5bd1ec5f4ac6683798d7bf7436d0bce3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001166620-25-000005.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001166620-25-000005

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KLCM Advisors, Inc.
- **CENTRAL INDEX KEY:** 0001166620

**ORGANIZATION NAME:**
- **EIN:** 391752579
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10047
- **FILM NUMBER:** 251178936

**BUSINESS ADDRESS:**
- **STREET 1:** 330 E KILBOURN AVE
- **STREET 2:** STE 1180
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4147651234

**MAIL ADDRESS:**
- **STREET 1:** 330 E KILBOURN AVE
- **STREET 2:** STE 1180
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KITZINGER LAUTMANN CAPITAL MANAGEMENT INC
- **DATE OF NAME CHANGE:** 20020205

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** KLCM Advisors Inc.<br>**Address:** 330 E KILBOURN AVE<br>STE 1180<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-10047

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Tracey S. Campbell<br>**Title:** Office/Operations Manager<br>**Phone:** 4147651234

**Signature, Place, and Date of Signing:**

Tracey S. Campbell  Milwaukee, WI  08-04-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 179

**Form 13F Information Table Value Total:** $940627371

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M Co. | COM | 88579y101 |  | 254670 | 1673 | SH |  | SOLE |  | 0 | 0 | 1673 |
| AEHR Test Sys | COM | 00760j108 |  | 323250 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| AMBAC Financial Group | COM | 023139884 |  | 170400 | 24000 | SH |  | SOLE |  | 0 | 0 | 24000 |
| APA Corporation | COM | 03743q108 |  | 14516901 | 793707 | SH |  | SOLE |  | 0 | 0 | 793707 |
| AT Inc. | COM | 00206R102 |  | 1620164 | 55984 | SH |  | SOLE |  | 0 | 0 | 55984 |
| AbbVie Inc. | COM | 00287y109 |  | 1806295 | 9731 | SH |  | SOLE |  | 0 | 0 | 9731 |
| Abbott Laboratories | COM | 002824100 |  | 1347756 | 9909 | SH |  | SOLE |  | 0 | 0 | 9909 |
| Accenture PLC | COM | G1151C101 |  | 429804 | 1438 | SH |  | SOLE |  | 0 | 0 | 1438 |
| Advanced Micro Devices Inc. | COM | 007903107 |  | 1789217 | 12609 | SH |  | SOLE |  | 0 | 0 | 12609 |
| Agnico Eagle Mines Ltd. | COM | 008474108 |  | 1191441 | 10018 | SH |  | SOLE |  | 0 | 0 | 10018 |
| Allegheny Technologies Inc. | COM | 01741r102 |  | 29810007 | 345263 | SH |  | SOLE |  | 0 | 0 | 345263 |
| Alliant Energy Corp. | COM | 018802108 |  | 976367 | 16146 | SH |  | SOLE |  | 0 | 0 | 16146 |
| Alphabet Inc. Cl A | COM | 02079k305 |  | 2603713 | 14775 | SH |  | SOLE |  | 0 | 0 | 14775 |
| Alphabet Inc. Cl C | COM | 02079k107 |  | 2960862 | 16691 | SH |  | SOLE |  | 0 | 0 | 16691 |
| Altria Group Inc. | COM | 02209S103 |  | 1212187 | 20675 | SH |  | SOLE |  | 0 | 0 | 20675 |
| Amazon Inc. | COM | 023135106 |  | 3787768 | 17265 | SH |  | SOLE |  | 0 | 0 | 17265 |
| American Express Co. | COM | 025816109 |  | 433027 | 1358 | SH |  | SOLE |  | 0 | 0 | 1358 |
| Amgen Inc. | COM | 031162100 |  | 323884 | 1160 | SH |  | SOLE |  | 0 | 0 | 1160 |
| Ammo Inc. | COM | 00175J107 |  | 12800 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| Analog Devices | COM | 032654105 |  | 457712 | 1923 | SH |  | SOLE |  | 0 | 0 | 1923 |
| Ansys Inc. | COM | 03662q105 |  | 308371 | 878 | SH |  | SOLE |  | 0 | 0 | 878 |
| Apple Inc. | COM | 037833100 |  | 25329783 | 123458 | SH |  | SOLE |  | 0 | 0 | 123458 |
| Applied Materials Inc. | COM | 038222105 |  | 562269 | 3071 | SH |  | SOLE |  | 0 | 0 | 3071 |
| Ares Capital Corp. | COM | 04010l103 |  | 227725 | 10370 | SH |  | SOLE |  | 0 | 0 | 10370 |
| Arthur J. Gallagher  Co. | COM | 363576109 |  | 309068 | 965 | SH |  | SOLE |  | 0 | 0 | 965 |
| Associated Banc-Corp. | COM | 045487105 |  | 984380 | 40360 | SH |  | SOLE |  | 0 | 0 | 40360 |
| BCE Inc. | COM | 05534B760 |  | 205915 | 9288 | SH |  | SOLE |  | 0 | 0 | 9288 |
| BP PLC | COM | 055622104 |  | 378843 | 12658 | SH |  | SOLE |  | 0 | 0 | 12658 |
| Badger Meter Inc. | COM | 056525108 |  | 391920 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| Bald Eagle Energy | COM | 057690109 |  | 0 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| Bank of America Corp. | COM | 060505104 |  | 16172619 | 341771 | SH |  | SOLE |  | 0 | 0 | 341771 |
| Bank of Montreal | COM | 063671101 |  | 462756 | 4183 | SH |  | SOLE |  | 0 | 0 | 4183 |
| Berkley W R Corp. | COM | 084423102 |  | 4005805 | 54523 | SH |  | SOLE |  | 0 | 0 | 54523 |
| Berkshire Hathaway Cl B | COM | 084670702 |  | 3364443 | 6926 | SH |  | SOLE |  | 0 | 0 | 6926 |
| Best Buy Inc. | COM | 086516101 |  | 7159414 | 106650 | SH |  | SOLE |  | 0 | 0 | 106650 |
| Boeing Co. | COM | 097023105 |  | 31138038 | 148609 | SH |  | SOLE |  | 0 | 0 | 148609 |
| Bristol-Myers Squibb Corp. | COM | 110122108 |  | 15723200 | 339667 | SH |  | SOLE |  | 0 | 0 | 339667 |
| Broadcom Inc. | COM | 11135F101 |  | 10119150 | 36710 | SH |  | SOLE |  | 0 | 0 | 36710 |
| Builders Firstsource | COM | 12008R107 |  | 23188170 | 198716 | SH |  | SOLE |  | 0 | 0 | 198716 |
| Caterpillar Inc. | COM | 149123101 |  | 1086048 | 2798 | SH |  | SOLE |  | 0 | 0 | 2798 |
| Cencora Inc. | COM | 21870q105 |  | 562219 | 1875 | SH |  | SOLE |  | 0 | 0 | 1875 |
| Ceragon Networks Ltd. | COM | m22013102 |  | 1958094 | 795973 | SH |  | SOLE |  | 0 | 0 | 795973 |
| Charles Schwab | COM | 808513105 |  | 377186 | 4134 | SH |  | SOLE |  | 0 | 0 | 4134 |
| Chevron Corp. | COM | 166764100 |  | 3963519 | 27680 | SH |  | SOLE |  | 0 | 0 | 27680 |
| Cisco Systems Inc. | COM | 17275r102 |  | 15861735 | 228621 | SH |  | SOLE |  | 0 | 0 | 228621 |
| Citigroup Inc. | COM | 172967424 |  | 32953512 | 387142 | SH |  | SOLE |  | 0 | 0 | 387142 |
| Coastalsouth Bancshares Inc. | COM | 19058x207 |  | 788709 | 37046 | SH |  | SOLE |  | 0 | 0 | 37046 |
| Colgate-Palmolive Co. | COM | 194162103 |  | 445774 | 4904 | SH |  | SOLE |  | 0 | 0 | 4904 |
| Comcast Corp. Cl A | COM | 20030n101 |  | 248831 | 6972 | SH |  | SOLE |  | 0 | 0 | 6972 |
| Conagra Foods Inc. | COM | 205887102 |  | 16536280 | 807830 | SH |  | SOLE |  | 0 | 0 | 807830 |
| ConocoPhillips | COM | 20825c104 |  | 413342 | 4606 | SH |  | SOLE |  | 0 | 0 | 4606 |
| Constellation Energy Corp. | COM | 21037T109 |  | 637774 | 1976 | SH |  | SOLE |  | 0 | 0 | 1976 |
| Costco Wholesale Corp. | COM | 22160k105 |  | 1412548 | 1427 | SH |  | SOLE |  | 0 | 0 | 1427 |
| Coterra Energy Inc. | COM | 127097103 |  | 239968 | 9455 | SH |  | SOLE |  | 0 | 0 | 9455 |
| CrowdStrike Holdings Inc. | COM | 22788c105 |  | 1892087 | 3715 | SH |  | SOLE |  | 0 | 0 | 3715 |
| D R Horton Inc. | COM | 23331a109 |  | 268025 | 2079 | SH |  | SOLE |  | 0 | 0 | 2079 |
| Deere  Co. | COM | 244199105 |  | 653918 | 1286 | SH |  | SOLE |  | 0 | 0 | 1286 |
| Dotz Nano Ltd. | COM | q3254m100 |  | 283 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| Dow Inc. | COM | 260557103 |  | 11404821 | 430696 | SH |  | SOLE |  | 0 | 0 | 430696 |
| Duke Energy Corp. | COM | 26441c204 |  | 852196 | 7222 | SH |  | SOLE |  | 0 | 0 | 7222 |
| Eaton Corp. | COM | g29183103 |  | 1417607 | 3971 | SH |  | SOLE |  | 0 | 0 | 3971 |
| Elevance Health Inc. | COM | 036752103 |  | 214457 | 551 | SH |  | SOLE |  | 0 | 0 | 551 |
| Eli Lilly  Co. | COM | 532457108 |  | 5388126 | 6912 | SH |  | SOLE |  | 0 | 0 | 6912 |
| Emerson Electric Co. | COM | 291011104 |  | 687673 | 5158 | SH |  | SOLE |  | 0 | 0 | 5158 |
| Enbridge Inc. | COM | 29250n105 |  | 200360 | 4421 | SH |  | SOLE |  | 0 | 0 | 4421 |
| Exact Sciences Corp. | COM | 30063p105 |  | 211869 | 3987 | SH |  | SOLE |  | 0 | 0 | 3987 |
| Exelon Corp. | COM | 30161n101 |  | 324608 | 7476 | SH |  | SOLE |  | 0 | 0 | 7476 |
| Exxon Mobil Corp. | COM | 30231g102 |  | 4148061 | 38479 | SH |  | SOLE |  | 0 | 0 | 38479 |
| Fastenal Co. | COM | 311900104 |  | 1408680 | 33540 | SH |  | SOLE |  | 0 | 0 | 33540 |
| Fidelity National Information | COM | 31620m106 |  | 746937 | 9175 | SH |  | SOLE |  | 0 | 0 | 9175 |
| Fiserv Inc. | COM | 337738108 |  | 3270273 | 18968 | SH |  | SOLE |  | 0 | 0 | 18968 |
| Ford Motor Co. | COM | 345370860 |  | 583748 | 53802 | SH |  | SOLE |  | 0 | 0 | 53802 |
| GE Vernova Inc. | COM | 36828A101 |  | 1048246 | 1981 | SH |  | SOLE |  | 0 | 0 | 1981 |
| Gates Industrial Corp. | COM | g39108108 |  | 16283937 | 707075 | SH |  | SOLE |  | 0 | 0 | 707075 |
| General Electric Co. | COM | 369604301 |  | 2062209 | 8012 | SH |  | SOLE |  | 0 | 0 | 8012 |
| General Motors Co. | COM | 37045v100 |  | 9165486 | 186253 | SH |  | SOLE |  | 0 | 0 | 186253 |
| Gilead Sciences Inc. | COM | 375558103 |  | 200453 | 1808 | SH |  | SOLE |  | 0 | 0 | 1808 |
| Goldman Sachs | COM | 38141G104 |  | 205955 | 291 | SH |  | SOLE |  | 0 | 0 | 291 |
| Goodyear Tire  Rubber | COM | 382550101 |  | 17988518 | 1734669 | SH |  | SOLE |  | 0 | 0 | 1734669 |
| Halliburton Co. | COM | 406216101 |  | 14347295 | 703989 | SH |  | SOLE |  | 0 | 0 | 703989 |
| HanesBrands Inc. | COM | 410345102 |  | 4318984 | 943010 | SH |  | SOLE |  | 0 | 0 | 943010 |
| Hewlett Packard Enterprise | COM | 42824c109 |  | 538691 | 26342 | SH |  | SOLE |  | 0 | 0 | 26342 |
| Hexcel Corp. | COM | 428291108 |  | 12572132 | 222555 | SH |  | SOLE |  | 0 | 0 | 222555 |
| Home Depot Inc. | COM | 437076102 |  | 1059152 | 2889 | SH |  | SOLE |  | 0 | 0 | 2889 |
| Honeywell Inc. | COM | 438516106 |  | 427102 | 1834 | SH |  | SOLE |  | 0 | 0 | 1834 |
| IBM Corp. | COM | 459200101 |  | 1835847 | 6228 | SH |  | SOLE |  | 0 | 0 | 6228 |
| Illinois Tool Works Inc. | COM | 452308109 |  | 924962 | 3741 | SH |  | SOLE |  | 0 | 0 | 3741 |
| Intel Corp. | COM | 458140100 |  | 388697 | 17353 | SH |  | SOLE |  | 0 | 0 | 17353 |
| Isracann Biosciences | COM | 46501d108 |  | 0 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| JP Morgan Chase  Co. | COM | 46625H100 |  | 4617365 | 15927 | SH |  | SOLE |  | 0 | 0 | 15927 |
| Jabil Circuit Inc. | COM | 466313103 |  | 371860 | 1705 | SH |  | SOLE |  | 0 | 0 | 1705 |
| Johnson  Johnson | COM | 478160104 |  | 1097396 | 7184 | SH |  | SOLE |  | 0 | 0 | 7184 |
| Johnson Controls International | COM | g51502105 |  | 2488302 | 23559 | SH |  | SOLE |  | 0 | 0 | 23559 |
| KKR  Co. Inc. | COM | 48251w104 |  | 209788 | 1577 | SH |  | SOLE |  | 0 | 0 | 1577 |
| KLA-Tencor Corp. | COM | 482480100 |  | 297386 | 332 | SH |  | SOLE |  | 0 | 0 | 332 |
| Kellanova | COM | 487836108 |  | 367484 | 4621 | SH |  | SOLE |  | 0 | 0 | 4621 |
| Kenvue Inc. | COM | 49177J102 |  | 11466166 | 547834 | SH |  | SOLE |  | 0 | 0 | 547834 |
| KeyCorp. | COM | 493267108 |  | 2555357 | 146691 | SH |  | SOLE |  | 0 | 0 | 146691 |
| Kimberly-Clark Corp. | COM | 494368103 |  | 2517808 | 19530 | SH |  | SOLE |  | 0 | 0 | 19530 |
| Kinder Morgan Inc. | COM | 49456b101 |  | 851936 | 28977 | SH |  | SOLE |  | 0 | 0 | 28977 |
| Kraft Heinz Co. | COM | 500754106 |  | 211440 | 8189 | SH |  | SOLE |  | 0 | 0 | 8189 |
| Liberty Star Uranium | COM | 53123t305 |  | 13935 | 201374 | SH |  | SOLE |  | 0 | 0 | 201374 |
| Lockheed Martin Corp. | COM | 539830109 |  | 570414 | 1232 | SH |  | SOLE |  | 0 | 0 | 1232 |
| Loews Corp. | COM | 540424108 |  | 382222 | 4170 | SH |  | SOLE |  | 0 | 0 | 4170 |
| Lowes Companies Inc. | COM | 548661107 |  | 217905 | 982 | SH |  | SOLE |  | 0 | 0 | 982 |
| MGE Energy Inc. | COM | 55277p104 |  | 1081179 | 12225 | SH |  | SOLE |  | 0 | 0 | 12225 |
| MGIC Investment Corp. | COM | 552848103 |  | 2028979 | 72880 | SH |  | SOLE |  | 0 | 0 | 72880 |
| Manpower Inc. | COM | 56418h100 |  | 22143563 | 548108 | SH |  | SOLE |  | 0 | 0 | 548108 |
| Marathon Bancorp Inc. | COM | 565759107 |  | 341827 | 34320 | SH |  | SOLE |  | 0 | 0 | 34320 |
| Marcus Corp. | COM | 566330106 |  | 16933223 | 1004343 | SH |  | SOLE |  | 0 | 0 | 1004343 |
| Masco Corp. | COM | 574599106 |  | 203957 | 3169 | SH |  | SOLE |  | 0 | 0 | 3169 |
| Mastercard Inc. | COM | 57636q104 |  | 1032284 | 1837 | SH |  | SOLE |  | 0 | 0 | 1837 |
| McDonald's Corp. | COM | 580135101 |  | 783559 | 2682 | SH |  | SOLE |  | 0 | 0 | 2682 |
| McKesson Corp. | COM | 58155q103 |  | 766051 | 1045 | SH |  | SOLE |  | 0 | 0 | 1045 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 1016205 | 12837 | SH |  | SOLE |  | 0 | 0 | 12837 |
| MetLife Inc. | COM | 59156R108 |  | 352022 | 4377 | SH |  | SOLE |  | 0 | 0 | 4377 |
| Meta Platforms Inc. | COM | 30303M102 |  | 21484324 | 29108 | SH |  | SOLE |  | 0 | 0 | 29108 |
| Microsoft Corp. | COM | 594918104 |  | 8227295 | 16540 | SH |  | SOLE |  | 0 | 0 | 16540 |
| Mondelez International Inc. | COM | 609207105 |  | 596237 | 8841 | SH |  | SOLE |  | 0 | 0 | 8841 |
| Morgan Stanley | COM | 617446448 |  | 1346198 | 9557 | SH |  | SOLE |  | 0 | 0 | 9557 |
| Motorola Solutions Inc. | COM | 620076307 |  | 521934 | 1241 | SH |  | SOLE |  | 0 | 0 | 1241 |
| Netflix Inc. | COM | 64110l106 |  | 1933259 | 1444 | SH |  | SOLE |  | 0 | 0 | 1444 |
| Newmont Corp. | COM | 651639106 |  | 1070935 | 18382 | SH |  | SOLE |  | 0 | 0 | 18382 |
| Nike Inc. | COM | 654106103 |  | 11552823 | 162624 | SH |  | SOLE |  | 0 | 0 | 162624 |
| Norfolk Southern Corp. | COM | 655844108 |  | 748745 | 2925 | SH |  | SOLE |  | 0 | 0 | 2925 |
| Northwest Biotherapeutics | COM | 66737p600 |  | 2399 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| Nucor Corp. | COM | 670346105 |  | 1668556 | 12881 | SH |  | SOLE |  | 0 | 0 | 12881 |
| Nvidia Corp. | COM | 67066g104 |  | 254847307 | 1613060 | SH |  | SOLE |  | 0 | 0 | 1613060 |
| O-I Glass Inc. | COM | 67098h104 |  | 147400 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| OPKO Health Inc. | COM | 68375n103 |  | 13200 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| Occidental Petroleum Corp. | COM | 674599105 |  | 244265 | 5814 | SH |  | SOLE |  | 0 | 0 | 5814 |
| Office Pptys Income Tr Reit | COM | 67623c109 |  | 6965 | 28200 | SH |  | SOLE |  | 0 | 0 | 28200 |
| Oklo Inc. | COM | 02156V109 |  | 559900 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| Options Media Group Hldgs. | COM | 684008105 |  | 0 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| Oracle Corp. | COM | 68389x105 |  | 849713 | 3887 | SH |  | SOLE |  | 0 | 0 | 3887 |
| Organon  Co. | COM | 68622v106 |  | 11812649 | 1220315 | SH |  | SOLE |  | 0 | 0 | 1220315 |
| Palantir Technologies Inc. | COM | 69608A108 |  | 1908480 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| Patterson UTI Energy | COM | 703481101 |  | 7822755 | 1319183 | SH |  | SOLE |  | 0 | 0 | 1319183 |
| Paypal Holdings Inc. | COM | 70450y103 |  | 251202 | 3380 | SH |  | SOLE |  | 0 | 0 | 3380 |
| PepsiCo Inc. | COM | 713448108 |  | 2917827 | 22098 | SH |  | SOLE |  | 0 | 0 | 22098 |
| Pfizer Inc. | COM | 717081103 |  | 4365713 | 180104 | SH |  | SOLE |  | 0 | 0 | 180104 |
| Philip Morris International In | COM | 718172109 |  | 2365021 | 12985 | SH |  | SOLE |  | 0 | 0 | 12985 |
| Phillips 66 | COM | 718546104 |  | 241582 | 2025 | SH |  | SOLE |  | 0 | 0 | 2025 |
| Procter  Gamble Co. | COM | 742718109 |  | 1635272 | 10264 | SH |  | SOLE |  | 0 | 0 | 10264 |
| Pulsar Helium Inc. | COM | 745932103 |  | 18500 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| Qualcomm Inc. | COM | 747525103 |  | 424508 | 2666 | SH |  | SOLE |  | 0 | 0 | 2666 |
| RPM Intl. | COM | 749685103 |  | 212321 | 1933 | SH |  | SOLE |  | 0 | 0 | 1933 |
| Range Impact Inc. | COM | 56089m107 |  | 14060 | 74000 | SH |  | SOLE |  | 0 | 0 | 74000 |
| Raytheon Technologies Inc. | COM | 75513E101 |  | 526452 | 3605 | SH |  | SOLE |  | 0 | 0 | 3605 |
| Rockwell Automation Inc. | COM | 773903109 |  | 320876 | 966 | SH |  | SOLE |  | 0 | 0 | 966 |
| Schlumberger | COM | 806857108 |  | 346349 | 10247 | SH |  | SOLE |  | 0 | 0 | 10247 |
| Servicenow Inc. | COM | 81762p102 |  | 1028080 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| Sofi Technologies Inc. | COM | 83406F102 |  | 222162 | 12200 | SH |  | SOLE |  | 0 | 0 | 12200 |
| Starbucks Corp. | COM | 855244109 |  | 290065 | 3166 | SH |  | SOLE |  | 0 | 0 | 3166 |
| State Street Corp. | COM | 857477103 |  | 212680 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| T Mobile US Inc. | COM | 872590104 |  | 302114 | 1268 | SH |  | SOLE |  | 0 | 0 | 1268 |
| Target Corp. | COM | 87612e106 |  | 9724029 | 98571 | SH |  | SOLE |  | 0 | 0 | 98571 |
| Tesla Inc. | COM | 88160r101 |  | 2299541 | 7239 | SH |  | SOLE |  | 0 | 0 | 7239 |
| Tetra Technologies Inc. | COM | 88162F105 |  | 33600 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| Texas Instruments Inc. | COM | 882508104 |  | 1098208 | 5290 | SH |  | SOLE |  | 0 | 0 | 5290 |
| Texas Pacific Land Corp. | COM | 88262p102 |  | 5296739 | 5014 | SH |  | SOLE |  | 0 | 0 | 5014 |
| The Coca-Cola Co. | COM | 191216100 |  | 437446 | 6183 | SH |  | SOLE |  | 0 | 0 | 6183 |
| The Southern Co. | COM | 842587107 |  | 262817 | 2862 | SH |  | SOLE |  | 0 | 0 | 2862 |
| The Walt Disney Co. | COM | 254687106 |  | 11302841 | 91145 | SH |  | SOLE |  | 0 | 0 | 91145 |
| Troy Minerals Inc. | COM | 897471108 |  | 1520 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| Truist Financial Corp. | COM | 89832Q109 |  | 14617388 | 340018 | SH |  | SOLE |  | 0 | 0 | 340018 |
| UMB Financial Corp. | COM | 902788108 |  | 512970 | 4878 | SH |  | SOLE |  | 0 | 0 | 4878 |
| US Bancorp | COM | 902973304 |  | 5944462 | 131369 | SH |  | SOLE |  | 0 | 0 | 131369 |
| Union Pacific Corp. | COM | 907818108 |  | 4720977 | 20519 | SH |  | SOLE |  | 0 | 0 | 20519 |
| United Parcel Service Inc. | COM | 911312106 |  | 14710996 | 145740 | SH |  | SOLE |  | 0 | 0 | 145740 |
| UnitedHealth Group Inc. | COM | 91324P102 |  | 991129 | 3177 | SH |  | SOLE |  | 0 | 0 | 3177 |
| Verizon Communications | COM | 92343v104 |  | 16103953 | 372174 | SH |  | SOLE |  | 0 | 0 | 372174 |
| Visa Inc. | COM | 92826c839 |  | 1321851 | 3723 | SH |  | SOLE |  | 0 | 0 | 3723 |
| WEC Energy Group Inc. | COM | 92939u106 |  | 4148293 | 39811 | SH |  | SOLE |  | 0 | 0 | 39811 |
| Walmart Inc. | COM | 931142103 |  | 1166253 | 11927 | SH |  | SOLE |  | 0 | 0 | 11927 |
| Waste Management Inc. | COM | 94106l109 |  | 648293 | 2833 | SH |  | SOLE |  | 0 | 0 | 2833 |
| Wells Fargo  Co. | COM | 949746101 |  | 19160598 | 239149 | SH |  | SOLE |  | 0 | 0 | 239149 |
| XCEL Energy Inc. | COM | 98389b100 |  | 898920 | 13200 | SH |  | SOLE |  | 0 | 0 | 13200 |
| Zimmer Biomet Holdings Inc. | COM | 98956p102 |  | 6657783 | 72994 | SH |  | SOLE |  | 0 | 0 | 72994 |

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