Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp.	110,854	$49.55M	7.8%	—	—	COM	594918104
—	UnitedHealth Group Inc.	66,575	$33.9M	5.4%	—	—	COM	91324p102
PM	Philip Morris International	214,120	$21.7M	3.4%	—	—	COM	718172109
ELV	Elevance Health Inc.	37,205	$20.16M	3.2%	—	—	COM	036752103
KR	Kroger Co.	368,538	$18.4M	2.9%	—	—	COM	501044101
—	Mastercard Inc.	38,526	$17M	2.7%	—	—	COM	57636q104
—	Alphabet, Inc Voting Class	87,482	$15.93M	2.5%	—	—	COM	02079k305
—	Merck & Co.Inc. New	120,496	$14.92M	2.4%	—	—	COM	58933y105
BK	Bank of New York Mellon Corp	222,399	$13.32M	2.1%	—	—	COM	064058100
BAC	Bank of America Corp	333,997	$13.28M	2.1%	—	—	COM	060505104
PEP	Pepsico Inc.	80,414	$13.26M	2.1%	—	—	COM	713448108
—	Medtronic PLC	143,542	$11.3M	1.8%	—	—	FOR	g5960L103
—	Visa, Inc.	41,682	$10.94M	1.7%	—	—	COM	92826c839
AFL	AFLAC Inc.	119,244	$10.65M	1.7%	—	—	COM	001055102
JNJ	Johnson & Johnson	72,779	$10.64M	1.7%	—	—	COM	478160104
BRK/B	Berkshire Hathaway Inc. Class	24,948	$10.15M	1.6%	—	—	COM	084670702
WMT	Wal Mart Stores	147,474	$9.985M	1.6%	—	—	COM	931142103
—	The Travelers Companies Inc.	47,011	$9.559M	1.5%	—	—	COM	89417e109
—	Valero Energy Corp.	59,176	$9.276M	1.5%	—	—	COM	91913y100
CI	The Cigna Group	26,430	$8.737M	1.4%	—	—	COM	125523100
HD	Home Depot Inc.	24,983	$8.6M	1.4%	—	—	COM	437076102
LOW	Lowes Companies	38,759	$8.545M	1.4%	—	—	COM	548661107
BKNG	Booking Holdings Inc.	2,150	$8.517M	1.3%	—	—	COM	09857L108
AIG	American International Group	106,174	$7.882M	1.2%	—	—	COM	026874784
MRSH	Marsh & McLennan Co.	35,605	$7.503M	1.2%	—	—	COM	571748102
ABT	Abbott Laboratories	71,080	$7.386M	1.2%	—	—	COM	002824100
—	Meta Platforms, Inc.	14,585	$7.354M	1.2%	—	—	COM	30303m102
BP	BP p.l.c.	193,394	$6.982M	1.1%	—	—	FOR	055622104
—	Altria Group Inc.	152,481	$6.946M	1.1%	—	—	COM	02209s103
—	Zimmer Biomet Holdings	61,503	$6.675M	1.1%	—	—	COM	98956p102
—	Costco Wholesale Corp	7,542	$6.411M	1.0%	—	—	COM	22160k105
—	LyondellBasell Industries N.V.	65,951	$6.309M	1.0%	—	—	FOR	n53745100
CVS	CVS Health Corp.	105,654	$6.24M	1.0%	—	—	COM	126650100
—	Unilever PLC ADR	112,743	$6.2M	1.0%	—	—	FOR	904767704
AAPL	Apple, Inc.	28,940	$6.095M	1.0%	—	—	COM	037833100
KO	Coca-Cola Company	94,996	$6.046M	1.0%	—	—	COM	191216100
—	AbbVie, Inc.	33,689	$5.778M	0.9%	—	—	COM	00287y109
BTI	British American Tobacco	186,796	$5.778M	0.9%	—	—	FOR	110448107
—	Molson Coors Brewing Co	109,966	$5.59M	0.9%	—	—	COM	60871r209
GLW	Corning Inc	130,551	$5.072M	0.8%	—	—	COM	219350105
PAYX	Paychex Inc.	40,963	$4.857M	0.8%	—	—	COM	704326107
C	Citigroup Inc.	70,596	$4.48M	0.7%	—	—	COM	172967424
CVX	Chevron Corp.	25,930	$4.056M	0.6%	—	—	COM	166764100
—	DuPont de Nemours, Inc	48,317	$3.889M	0.6%	—	—	COM	26614n102
DGX	Quest Diagnostics Inc.	28,215	$3.862M	0.6%	—	—	COM	74834L100
CE	Celanese Corp	28,059	$3.785M	0.6%	—	—	COM	150870103
—	Biogen Inc.	16,220	$3.76M	0.6%	—	—	COM	09062x103
—	Comcast Corp Cl A	93,421	$3.658M	0.6%	—	—	COM	20030n101
—	Monster Beverage Corp.	71,600	$3.576M	0.6%	—	—	COM	61174x109
—	RTX Corp.	34,945	$3.508M	0.6%	—	—	COM	75513e101
PG	Procter & Gamble Co.	19,854	$3.274M	0.5%	—	—	COM	742718109
—	ConocoPhillips	28,527	$3.263M	0.5%	—	—	COM	20825c104
CTVA	Corteva, Inc.	57,048	$3.077M	0.5%	—	—	COM	22052L104
BDX	Becton Dickinson & Co	13,165	$3.077M	0.5%	—	—	COM	075887109
—	Unum Group	59,126	$3.022M	0.5%	—	—	COM	91529y106
DOW	Dow Inc.	55,462	$2.942M	0.5%	—	—	COM	260557103
MCD	McDonalds Corp	11,301	$2.88M	0.5%	—	—	COM	580135101
FDX	Fedex Corp	9,521	$2.855M	0.5%	—	—	COM	31428X106
LINC	Lincoln Educational	238,324	$2.827M	0.4%	—	—	COM	533535100
—	Arcos Dorados Hldgs.	306,931	$2.762M	0.4%	—	—	FOR	g0457f107
AMGN	Amgen Inc.	8,715	$2.723M	0.4%	—	—	COM	031162100
CTSH	Cognizant Technology Solutions	40,011	$2.721M	0.4%	—	—	COM	192446102
HRB	H&R Block Inc.	49,530	$2.686M	0.4%	—	—	COM	093671105
BA	Boeing Company	14,195	$2.584M	0.4%	—	—	COM	097023105
—	Gates Industrial Corporation P	162,449	$2.568M	0.4%	—	—	COM	g39108108
PSX	Phillips 66	17,480	$2.468M	0.4%	—	—	COM	718546104
—	DR Horton, Inc	16,900	$2.382M	0.4%	—	—	COM	23331a109
MDLZ	Mondelez International, Inc.	35,759	$2.34M	0.4%	—	—	COM	609207105
—	Keurig Dr. Pepper Inc.	66,604	$2.225M	0.4%	—	—	COM	49271v100
—	Trane Technologies PLC	6,683	$2.198M	0.3%	—	—	FOR	g8994e103
—	Ameriprise Financial Inc.	5,081	$2.171M	0.3%	—	—	COM	03076c106
CSCO	Cisco Sys Inc.	45,393	$2.157M	0.3%	—	—	COM	17275R102
UPS	United Parcel Service Inc.	15,482	$2.119M	0.3%	—	—	COM	911312106
UNP	Union Pacific Corp	9,340	$2.113M	0.3%	—	—	COM	907818108
HSY	Hershey Company	11,110	$2.042M	0.3%	—	—	COM	427866108
—	Grand Canyon Education, Inc.	14,455	$2.022M	0.3%	—	—	COM	38526m106
PFE	Pfizer Inc.	68,778	$1.924M	0.3%	—	—	COM	717081103
WFC	Wells Fargo & Co.	32,302	$1.918M	0.3%	—	—	COM	949746101
CPF	Central Pacific Financial Corp	86,900	$1.842M	0.3%	—	—	COM	154760409
ADP	Automatic Data Processing	7,675	$1.832M	0.3%	—	—	COM	053015103
ORCL	Oracle Corp	12,583	$1.777M	0.3%	—	—	COM	68389X105
—	The Mosaic Company	60,595	$1.751M	0.3%	—	—	COM	61945c103
AXP	American Express Co.	7,098	$1.644M	0.3%	—	—	COM	025816109
—	Diageo PLC ADR	12,784	$1.612M	0.3%	—	—	FOR	25243q205
XOM	Exxon Mobil Corp	13,192	$1.519M	0.2%	—	—	COM	30231G102
—	General Motors Company	32,552	$1.512M	0.2%	—	—	COM	37045v100
YUM	Yum! Brands, Inc.	11,370	$1.506M	0.2%	—	—	COM	988498101
DIS	The Walt Disney Co.	15,027	$1.492M	0.2%	—	—	COM	254687106
—	America Movil ADR	81,741	$1.39M	0.2%	—	—	FOR	02390a101
VZ	Verizon Communications	32,625	$1.345M	0.2%	—	—	COM	92343V104
BEN	Franklin Resources Inc.	57,578	$1.287M	0.2%	—	—	COM	354613101
GSK	Glaxo SmithKline ADS	31,552	$1.215M	0.2%	—	—	FOR	37733W204
SHEL	Shell PLC	16,346	$1.18M	0.2%	—	—	FOR	780259305
PH	Parker-Hannifin Corp.	2,262	$1.144M	0.2%	—	—	COM	701094104
AMZN	Amazon.com, Inc.	5,890	$1.138M	0.2%	—	—	COM	023135106
WAFD	Washington Federal	39,050	$1.116M	0.2%	—	—	COM	938824109
WBD	Warner Bros. Discovery, Inc.	149,658	$1.113M	0.2%	—	—	COM	934423104
—	AON Plc	3,767	$1.106M	0.2%	—	—	FOR	g0403h108
CAT	Caterpillar Inc.	3,230	$1.076M	0.2%	—	—	COM	149123101
—	FirstService Corp Voting Share	6,873	$1.047M	0.2%	—	—	FOR	33767e202
NKE	Nike Inc Class B	13,841	$1.043M	0.2%	—	—	COM	654106103
BMY	Bristol Myers Squibb Co.	24,546	$1.019M	0.2%	—	—	COM	110122108
GPC	Genuine Parts Co	7,358	$1.018M	0.2%	—	—	COM	372460105
CAE	CAE Inc.	52,830	$982K	0.2%	—	—	FOR	124765108
SBUX	Starbucks Corp	12,424	$967K	0.2%	—	—	COM	855244109
—	Sally Beauty Holdings Inc.	89,877	$964K	0.2%	—	—	COM	79546e104
TSM	Taiwan Semiconductor Manufactu	5,487	$954K	0.2%	—	—	FOR	874039100
—	Alphabet, Inc Non-Voting Class	4,954	$909K	0.1%	—	—	COM	02079k107
GILD	Gilead Sciences Inc.	11,825	$811K	0.1%	—	—	COM	375558103
CIGI	Colliers International Group	7,160	$799K	0.1%	—	—	FOR	194693107
—	Organon & Co.	37,210	$770K	0.1%	—	—	COM	68622v106
INTC	Intel Corp.	24,437	$757K	0.1%	—	—	COM	458140100
—	Manitex Intl	163,851	$726K	0.1%	—	—	COM	563420108
—	Alibaba Group Holding Limited	9,754	$702K	0.1%	—	—	FOR	01609w102
TELFY	Telefonica S.A. ADR	165,115	$695K	0.1%	—	—	FOR	879382208
LMT	Lockheed Martin Corp	1,488	$695K	0.1%	—	—	COM	539830109
KLAC	KLA Corporation	835	$688K	0.1%	—	—	COM	482480100
CAG	ConAgra Foods Inc.	23,600	$671K	0.1%	—	—	COM	205887102
QCOM	Qualcomm Inc	3,042	$606K	0.1%	—	—	COM	747525103
LLY	Eli Lilly & Co	669	$606K	0.1%	—	—	COM	532457108
—	Ingersoll Rand Inc.	6,055	$550K	0.1%	—	—	COM	45687v106
USB	US Bancorp Delaware New	13,009	$516K	0.1%	—	—	COM	902973304
OXY	Occidental Petroleum Corp	7,117	$449K	0.1%	—	—	COM	674599105
—	Kenvue Inc.	24,541	$446K	0.1%	—	—	COM	49177j102
—	AT & T, Inc. New	23,198	$443K	0.1%	—	—	COM	00206r102
—	Allegion PLC	3,605	$426K	0.1%	—	—	FOR	g0176j109
HPQ	HP Inc.	12,162	$426K	0.1%	—	—	COM	40434L105
AGCO	AGCO Corp	4,170	$408K	0.1%	—	—	COM	001084102
ADBE	Adobe Systems Inc	653	$363K	0.1%	—	—	COM	00724F101
ALK	Alaska Air Group Inc.	8,770	$354K	0.1%	—	—	COM	011659109
—	Ulta Beauty, Inc.	918	$354K	0.1%	—	—	COM	90384s303
—	Arch Capital Group Ltd	3,500	$353K	0.1%	—	—	FOR	g0450a105
HLN	Haleon PLC	41,590	$344K	0.1%	—	—	FOR	405552100
WM	Waste Management Inc. Del	1,607	$343K	0.1%	—	—	COM	94106L109
IFF	International Flavors & Fragra	3,556	$339K	0.1%	—	—	COM	459506101
LW	Lamb Weston Holdings	4,005	$337K	0.1%	—	—	COM	513272104
GE	GE Aerospace	2,091	$332K	0.1%	—	—	COM	369604301
FORR	Forrester Research Inc.	19,388	$331K	0.1%	—	—	COM	346563109
—	Nvidia Corp	2,630	$325K	0.1%	—	—	COM	67066g104
KHC	The Kraft Heinz Company	9,869	$318K	0.1%	—	—	COM	500754106
—	Yum China Holdings, Inc.	10,268	$317K	0.1%	—	—	FOR	98850p109
GD	General Dynamics	1,082	$314K	0.0%	—	—	COM	369550108
TPR	Tapestry Inc.	7,255	$310K	0.0%	—	—	COM	876030107
—	Domino's Pizza Inc.	600	$310K	0.0%	—	—	COM	25754a201
NUE	Nucor Corp	1,948	$308K	0.0%	—	—	COM	670346105
WY	Weyerhaeuser Co.	10,716	$304K	0.0%	—	—	COM	962166104
AMAT	Applied Materials Inc Delaware	1,283	$303K	0.0%	—	—	COM	038222105
TM	Toyota Motor Corp ADR	1,429	$293K	0.0%	—	—	FOR	892331307
DAL	Delta Airlines - New	6,125	$291K	0.0%	—	—	COM	247361702
WU	Western Union Company	23,490	$287K	0.0%	—	—	COM	959802109
—	Alkermes PLC	11,891	$287K	0.0%	—	—	FOR	g01767105
—	Devon Energy Corp.	6,000	$284K	0.0%	—	—	COM	25179m103
—	ASML Holding N.V.	277	$283K	0.0%	—	—	FOR	n07059210
—	Hewlett Packard Enterprise Co.	13,359	$283K	0.0%	—	—	COM	42824c109
—	ManpowerGroup Inc.	3,882	$271K	0.0%	—	—	COM	56418h100
ITW	Illinois Tool Works Inc.	1,119	$265K	0.0%	—	—	COM	452308109
—	Johnson Controls Intl. PLC	3,899	$259K	0.0%	—	—	FOR	g51502105
SYK	Stryker Corporation	755	$257K	0.0%	—	—	COM	863667101
CSX	CSX Corp	7,566	$253K	0.0%	—	—	COM	126408103
DE	Deere & Co	660	$247K	0.0%	—	—	COM	244199105
—	Interpublic Group	8,345	$243K	0.0%	—	—	COM	460690100
EFX	Equifax Inc.	1,000	$242K	0.0%	—	—	COM	294429105
—	J P Morgan Chase & Co.	1,137	$230K	0.0%	—	—	COM	46625h100
ANDE	Andersons Inc.	4,423	$219K	0.0%	—	—	COM	034164103
SM	SM Energy Company	4,990	$216K	0.0%	—	—	COM	78454L100
—	Ferguson PLC	1,050	$203K	0.0%	—	—	FOR	g3421j106
—	Paramount Global B	18,351	$191K	0.0%	—	—	COM	92556h206
F	Ford Motor Co.- New	12,666	$159K	0.0%	—	—	COM	345370860
NOK	Nokia Corp Sponsored ADR	11,747	$44,404	0.0%	—	—	FOR	654902204