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  <infoTable>
    <nameOfIssuer>3M ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>88579Y101</cusip>
    <figi>BBG000BP5522</figi>
    <value>34163010</value>
    <shrsOrPrnAmt>
      <sshPrnamt>211000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>211000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ABBOTT LABORATORIES ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>002824100</cusip>
    <figi>BBG000B9ZZG4</figi>
    <value>21577972</value>
    <shrsOrPrnAmt>
      <sshPrnamt>237800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>237800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ABBVIE ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>00287Y109</cusip>
    <figi>BBG003P7K0B5</figi>
    <value>142629552</value>
    <shrsOrPrnAmt>
      <sshPrnamt>566800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>566800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACCENTURE CL A ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>G1151C101</cusip>
    <figi>BBG000D9DC22</figi>
    <value>42060720</value>
    <shrsOrPrnAmt>
      <sshPrnamt>338000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>338000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AIR PRODUCTS AND CHEMICALS ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>009158106</cusip>
    <figi>BBG000BC4LR0</figi>
    <value>42774962</value>
    <shrsOrPrnAmt>
      <sshPrnamt>145900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>145900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN TOWER REIT</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>03027X100</cusip>
    <figi>BBG000B9Y214</figi>
    <value>32978820</value>
    <shrsOrPrnAmt>
      <sshPrnamt>201619</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>201619</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ANALOG DEVICES ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>032654105</cusip>
    <figi>BBG000BB6RX0</figi>
    <value>177086188</value>
    <shrsOrPrnAmt>
      <sshPrnamt>445870</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>445870</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>APPLE ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>037833100</cusip>
    <figi>BBG000B9Y5X2</figi>
    <value>809344550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2797016</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2797016</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARES MANAGEMENT CL A ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>03990B101</cusip>
    <figi>BBG0068KVVG3</figi>
    <value>39309572</value>
    <shrsOrPrnAmt>
      <sshPrnamt>353154</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>353154</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARTHUR J GALLAGHER ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>363576109</cusip>
    <figi>BBG000BBHZK4</figi>
    <value>53319699</value>
    <shrsOrPrnAmt>
      <sshPrnamt>232259</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>232259</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AT&amp;T ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>00206R102</cusip>
    <figi>BBG000BSJLV4</figi>
    <value>11012400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>532000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>532000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AUTOMATIC DATA PROCESSING ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>053015103</cusip>
    <figi>BBG000JG1MT2</figi>
    <value>52124363</value>
    <shrsOrPrnAmt>
      <sshPrnamt>232750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>232750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BLACKROCK ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>09290D101</cusip>
    <figi>BBG01PT1FFJ9</figi>
    <value>27735237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28844</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28844</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BROADCOM ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>11135F101</cusip>
    <figi>BBG00KHY5SQ7</figi>
    <value>397037915</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1051060</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1051060</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHEVRON ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>166764100</cusip>
    <figi>BBG000K4NHJ5</figi>
    <value>5824641</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35139</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35139</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CISCO SYSTEMS ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>17275R102</cusip>
    <figi>BBG000C3JBN9</figi>
    <value>299111890</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2546500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2546500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CME GROUP CL A ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>12572Q105</cusip>
    <figi>BBG000BHMC53</figi>
    <value>221271660</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1002000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1002000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COMCAST CL A ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>20030N101</cusip>
    <figi>BBG000BFTG15</figi>
    <value>19066758</value>
    <shrsOrPrnAmt>
      <sshPrnamt>776650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>776650</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DOLLAR GENERAL ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>256677105</cusip>
    <figi>BBG000NV1PS8</figi>
    <value>24173100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>210000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>210000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DOVER ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>260003108</cusip>
    <figi>BBG000BHB4Z0</figi>
    <value>189202608</value>
    <shrsOrPrnAmt>
      <sshPrnamt>843600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>843600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DUKE ENERGY ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>26441C204</cusip>
    <figi>BBG000BHGGD2</figi>
    <value>4909279</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38784</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38784</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ENBRIDGE ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>29250N105</cusip>
    <figi>BBG000K5M411</figi>
    <value>10073736</value>
    <shrsOrPrnAmt>
      <sshPrnamt>185828</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>185828</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HASBRO ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>418056107</cusip>
    <figi>BBG000BKVWG0</figi>
    <value>21522954</value>
    <shrsOrPrnAmt>
      <sshPrnamt>260600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>260600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOME DEPOT ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>437076102</cusip>
    <figi>BBG000BKZDM1</figi>
    <value>150260725</value>
    <shrsOrPrnAmt>
      <sshPrnamt>426054</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>426054</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HONEYWELL AEROSPACE ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>43849R105</cusip>
    <figi>BBG020QYV1S7</figi>
    <value>92577250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>418750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>418750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HONEYWELL INTERNATIONAL ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>438516205</cusip>
    <figi>BBG022XF4TJ5</figi>
    <value>93758125</value>
    <shrsOrPrnAmt>
      <sshPrnamt>418750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>418750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOHNSON &amp; JOHNSON ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>478160104</cusip>
    <figi>BBG000BMHZY5</figi>
    <value>51047970</value>
    <shrsOrPrnAmt>
      <sshPrnamt>201000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>201000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JPMORGAN CHASE ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>46625H100</cusip>
    <figi>BBG000DMBZW1</figi>
    <value>29459700</value>
    <shrsOrPrnAmt>
      <sshPrnamt>90000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LYONDELLBASELL INDUSTRIES CL A ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>N53745100</cusip>
    <figi>BBG000WCFWH2</figi>
    <value>6422826</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121991</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>121991</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARSH ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>571748102</cusip>
    <figi>BBG000BP4P74</figi>
    <value>42484183</value>
    <shrsOrPrnAmt>
      <sshPrnamt>254900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>254900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MCDONALD'S ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>580135101</cusip>
    <figi>BBG000BNT1L9</figi>
    <value>121001028</value>
    <shrsOrPrnAmt>
      <sshPrnamt>447638</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>447638</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROCHIP TECHNOLOGY ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>595017104</cusip>
    <figi>BBG000BHD1P5</figi>
    <value>98611550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1081267</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1081267</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROSOFT ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>594918104</cusip>
    <figi>BBG000BPHFS9</figi>
    <value>183208773</value>
    <shrsOrPrnAmt>
      <sshPrnamt>491150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>491150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MONDELEZ INTERNATIONAL CL A ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>609207105</cusip>
    <figi>BBG000D4M6H0</figi>
    <value>83752320</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1448000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1448000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NATIONAL STORAGE AFFILIATES ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>637870106</cusip>
    <figi>BBG008417VT8</figi>
    <value>3647874</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82030</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>82030</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEXTERA ENERGY ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>65339F101</cusip>
    <figi>BBG000BJSF01</figi>
    <value>7548220</value>
    <shrsOrPrnAmt>
      <sshPrnamt>86000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>86000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORFOLK SOUTHERN ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>655844108</cusip>
    <figi>BBG000BQ5GM4</figi>
    <value>180664947</value>
    <shrsOrPrnAmt>
      <sshPrnamt>574287</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>574287</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OWENS CORNIING ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>690742101</cusip>
    <figi>BBG000M44Y70</figi>
    <value>33222640</value>
    <shrsOrPrnAmt>
      <sshPrnamt>209000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>209000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEPSICO ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>713448108</cusip>
    <figi>BBG000DH7TN1</figi>
    <value>17263500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>127500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>127500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>718172109</cusip>
    <figi>BBG000J2XPB0</figi>
    <value>199308547</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1101700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1101700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PINNACLE WEST ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>723484101</cusip>
    <figi>BBG000BRDVJ4</figi>
    <value>78052220</value>
    <shrsOrPrnAmt>
      <sshPrnamt>729460</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>729460</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>742718109</cusip>
    <figi>BBG000BR2WS4</figi>
    <value>7317336</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROLOGIS REIT</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>74340W103</cusip>
    <figi>BBG000B9Z339</figi>
    <value>79927300</value>
    <shrsOrPrnAmt>
      <sshPrnamt>590000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>590000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>747525103</cusip>
    <figi>BBG000CGCDW3</figi>
    <value>176936425</value>
    <shrsOrPrnAmt>
      <sshPrnamt>957500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>957500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RPM ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>749685103</cusip>
    <figi>BBG000DCPNF4</figi>
    <value>91668184</value>
    <shrsOrPrnAmt>
      <sshPrnamt>824725</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>824725</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RTX ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>75513E101</cusip>
    <figi>BBG000BW8TX8</figi>
    <value>13470830</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNAP ON ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>833034101</cusip>
    <figi>BBG000BT7MD3</figi>
    <value>135513834</value>
    <shrsOrPrnAmt>
      <sshPrnamt>336764</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>336764</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHSTATE BANK ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>84472E102</cusip>
    <figi>BBG000BNQ0V3</figi>
    <value>20021858</value>
    <shrsOrPrnAmt>
      <sshPrnamt>200419</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>200419</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>THERMO FISHER SCIENTIFIC ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>883556102</cusip>
    <figi>BBG000BVDPD4</figi>
    <value>42968056</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85703</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85703</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TJX ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>872540109</cusip>
    <figi>BBG000BV8G95</figi>
    <value>131274750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>866500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>866500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITEDHEALTH GRP ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>91324P102</cusip>
    <figi>BBG000CH53T5</figi>
    <value>194856488</value>
    <shrsOrPrnAmt>
      <sshPrnamt>468822</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>468822</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>US BANCORP ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>902973304</cusip>
    <figi>BBG000FFFQT4</figi>
    <value>14329175</value>
    <shrsOrPrnAmt>
      <sshPrnamt>237238</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>237238</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VALERO ENERGY ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>91913Y100</cusip>
    <figi>BBG000BBGKP3</figi>
    <value>134032842</value>
    <shrsOrPrnAmt>
      <sshPrnamt>514640</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>514640</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>92343V104</cusip>
    <figi>BBG000HS79Q4</figi>
    <value>20606878</value>
    <shrsOrPrnAmt>
      <sshPrnamt>486700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>486700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WESTERN ALLIANCE ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>957638109</cusip>
    <figi>BBG000Q1KHQ0</figi>
    <value>4110000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XYLEM ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>98419M100</cusip>
    <figi>BBG00256TDP9</figi>
    <value>14563472</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>123200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
