#	Issuer	Ticker	Shares	Value	% of Portfolio
1	AT&T INC	T-PC	4,323,320	$107.4M	16.86%
2	UNITED PARCEL SERVICE INC	UPS	712,440	$70.7M	11.10%
3	JPMORGAN CHASE & CO.	VYLD	163,589	$52.7M	8.28%
4	JOHNSON & JOHNSON	JNJ	216,207	$44.7M	7.03%
5	INTERNATIONAL BUSINESS MACHS	INTR	139,735	$41.4M	6.50%
6	CLEVELAND-CLIFFS INC NEW	CLF	2,954,569	$39.2M	6.16%
7	AMERICAN EXPRESS CO	AXP	95,918	$35.5M	5.57%
8	COCA COLA CO	KO	456,411	$31.9M	5.01%
9	FORD MTR CO	345370860	2,100,000	$27.6M	4.33%
10	CATERPILLAR INC	CAT	27,886	$16.0M	2.51%
11	MICROSOFT CORP	MSFT	30,129	$14.6M	2.29%
12	MERCK & CO INC	MRK	132,292	$13.9M	2.19%
13	DISNEY WALT CO	254687106	116,683	$13.3M	2.08%
14	SLB LIMITED	SLB	345,412	$13.3M	2.08%
15	DEERE & CO	DE	28,065	$13.1M	2.05%
16	APPLE INC	AAPL	44,296	$12.0M	1.89%
17	WASHINGTON TR BANCORP INC	940610108	300,800	$8.9M	1.40%
18	EXXON MOBIL CORP	XOM	68,680	$8.3M	1.30%
19	SPDR S&P 500 ETF TR	SPY	10,911	$7.4M	1.17%
20	UNION PAC CORP	UNP	19,373	$4.5M	0.70%