Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp.	105,435	$45.37M	6.7%	—	—	COM	594918104
—	UnitedHealth Group Inc.	66,541	$38.91M	5.8%	—	—	COM	91324p102
PM	Philip Morris International	214,094	$25.99M	3.8%	—	—	COM	718172109
KR	Kroger Co.	368,263	$21.1M	3.1%	—	—	COM	501044101
ELV	Elevance Health Inc.	37,215	$19.35M	2.9%	—	—	COM	036752103
—	Mastercard Inc.	38,514	$19.02M	2.8%	—	—	COM	57636q104
BK	Bank of New York Mellon Corp	222,499	$15.99M	2.4%	—	—	COM	064058100
—	Alphabet, Inc Voting Class	87,432	$14.5M	2.1%	—	—	COM	02079k305
—	Merck & Co.Inc. New	120,431	$13.68M	2.0%	—	—	COM	58933y105
PEP	Pepsico Inc.	79,932	$13.59M	2.0%	—	—	COM	713448108
AFL	AFLAC Inc.	119,144	$13.32M	2.0%	—	—	COM	001055102
BAC	Bank of America Corp	333,958	$13.25M	2.0%	—	—	COM	060505104
—	Medtronic PLC	143,432	$12.91M	1.9%	—	—	FOR	g5960L103
WMT	Wal Mart Stores	147,448	$11.91M	1.8%	—	—	COM	931142103
JNJ	Johnson & Johnson	72,621	$11.77M	1.7%	—	—	COM	478160104
BRK/B	Berkshire Hathaway Inc. Class	24,944	$11.48M	1.7%	—	—	COM	084670702
—	Visa, Inc.	41,682	$11.46M	1.7%	—	—	COM	92826c839
—	The Travelers Companies Inc.	46,994	$11M	1.6%	—	—	COM	89417e109
LOW	Lowes Companies	38,855	$10.52M	1.6%	—	—	COM	548661107
HD	Home Depot Inc.	24,922	$10.1M	1.5%	—	—	COM	437076102
CI	The Cigna Group	26,443	$9.161M	1.4%	—	—	COM	125523100
BKNG	Booking Holdings Inc.	2,150	$9.056M	1.3%	—	—	COM	09857L108
—	Meta Platforms, Inc.	14,585	$8.349M	1.2%	—	—	COM	30303m102
ABT	Abbott Laboratories	71,039	$8.099M	1.2%	—	—	COM	002824100
AIG	American International Group	109,206	$7.997M	1.2%	—	—	COM	026874784
—	Valero Energy Corp.	59,168	$7.989M	1.2%	—	—	COM	91913y100
MRSH	Marsh & McLennan Co.	35,518	$7.924M	1.2%	—	—	COM	571748102
—	Altria Group Inc.	152,494	$7.783M	1.2%	—	—	COM	02209s103
—	Unilever PLC ADR	112,693	$7.321M	1.1%	—	—	FOR	904767704
BTI	British American Tobacco	199,596	$7.301M	1.1%	—	—	FOR	110448107
—	Zimmer Biomet Holdings	63,573	$6.863M	1.0%	—	—	COM	98956p102
KO	Coca-Cola Company	95,014	$6.828M	1.0%	—	—	COM	191216100
—	Costco Wholesale Corp	7,532	$6.678M	1.0%	—	—	COM	22160k105
CVS	CVS Health Corp.	105,256	$6.618M	1.0%	—	—	COM	126650100
—	AbbVie, Inc.	33,439	$6.604M	1.0%	—	—	COM	00287y109
AAPL	Apple, Inc.	27,445	$6.395M	0.9%	—	—	COM	037833100
—	Molson Coors Brewing Co	109,921	$6.323M	0.9%	—	—	COM	60871r209
—	LyondellBasell Industries N.V.	65,901	$6.32M	0.9%	—	—	FOR	n53745100
BP	BP p.l.c.	192,794	$6.052M	0.9%	—	—	FOR	055622104
GLW	Corning Inc	130,051	$5.872M	0.9%	—	—	COM	219350105
PAYX	Paychex Inc.	40,984	$5.5M	0.8%	—	—	COM	704326107
C	Citigroup Inc.	70,546	$4.416M	0.7%	—	—	COM	172967424
DGX	Quest Diagnostics Inc.	28,205	$4.379M	0.6%	—	—	COM	74834L100
—	DuPont de Nemours, Inc	48,281	$4.302M	0.6%	—	—	COM	26614n102
—	RTX Corp.	34,945	$4.234M	0.6%	—	—	COM	75513e101
CVX	Chevron Corp.	26,357	$3.882M	0.6%	—	—	COM	166764100
CE	Celanese Corp	28,049	$3.814M	0.6%	—	—	COM	150870103
—	Monster Beverage Corp.	71,600	$3.735M	0.6%	—	—	COM	61174x109
—	Comcast Corp Cl A	88,473	$3.696M	0.5%	—	—	COM	20030n101
MCD	McDonalds Corp	11,634	$3.543M	0.5%	—	—	COM	580135101
—	Unum Group	59,187	$3.518M	0.5%	—	—	COM	91529y106
PG	Procter & Gamble Co.	19,826	$3.434M	0.5%	—	—	COM	742718109
CTVA	Corteva, Inc.	56,714	$3.334M	0.5%	—	—	COM	22052L104
—	DR Horton, Inc	16,900	$3.224M	0.5%	—	—	COM	23331a109
BDX	Becton Dickinson & Co	13,145	$3.169M	0.5%	—	—	COM	075887109
HRB	H&R Block Inc.	49,520	$3.147M	0.5%	—	—	COM	093671105
—	Biogen Inc.	16,182	$3.137M	0.5%	—	—	COM	09062x103
CTSH	Cognizant Technology Solutions	39,986	$3.086M	0.5%	—	—	COM	192446102
DOW	Dow Inc.	55,439	$3.029M	0.4%	—	—	COM	260557103
—	ConocoPhillips	28,507	$3.001M	0.4%	—	—	COM	20825c104
—	Gates Industrial Corporation P	162,249	$2.847M	0.4%	—	—	COM	g39108108
LINC	Lincoln Educational	238,324	$2.846M	0.4%	—	—	COM	533535100
AMGN	Amgen Inc.	8,710	$2.806M	0.4%	—	—	COM	031162100
—	Arcos Dorados Hldgs.	305,906	$2.667M	0.4%	—	—	FOR	g0457f107
MDLZ	Mondelez International, Inc.	35,699	$2.63M	0.4%	—	—	COM	609207105
FDX	Fedex Corp	9,521	$2.606M	0.4%	—	—	COM	31428X106
—	Trane Technologies PLC	6,683	$2.598M	0.4%	—	—	FOR	g8994e103
—	Keurig Dr. Pepper Inc.	67,406	$2.526M	0.4%	—	—	COM	49271v100
CPF	Central Pacific Financial Corp	84,900	$2.505M	0.4%	—	—	COM	154760409
CSCO	Cisco Sys Inc.	45,381	$2.415M	0.4%	—	—	COM	17275R102
—	Ameriprise Financial Inc.	5,081	$2.387M	0.4%	—	—	COM	03076c106
UNP	Union Pacific Corp	9,340	$2.302M	0.3%	—	—	COM	907818108
PSX	Phillips 66	17,470	$2.296M	0.3%	—	—	COM	718546104
UPS	United Parcel Service Inc.	15,859	$2.162M	0.3%	—	—	COM	911312106
BA	Boeing Company	14,177	$2.155M	0.3%	—	—	COM	097023105
ADP	Automatic Data Processing	7,755	$2.146M	0.3%	—	—	COM	053015103
ORCL	Oracle Corp	12,583	$2.144M	0.3%	—	—	COM	68389X105
HSY	Hershey Company	11,110	$2.131M	0.3%	—	—	COM	427866108
—	Grand Canyon Education, Inc.	14,430	$2.047M	0.3%	—	—	COM	38526m106
PFE	Pfizer Inc.	68,253	$1.975M	0.3%	—	—	COM	717081103
AXP	American Express Co.	7,133	$1.934M	0.3%	—	—	COM	025816109
WFC	Wells Fargo & Co.	32,302	$1.825M	0.3%	—	—	COM	949746101
—	Diageo PLC ADR	12,784	$1.794M	0.3%	—	—	FOR	25243q205
—	The Mosaic Company	61,960	$1.659M	0.2%	—	—	COM	61945c103
YUM	Yum! Brands, Inc.	11,370	$1.589M	0.2%	—	—	COM	988498101
XOM	Exxon Mobil Corp	13,172	$1.544M	0.2%	—	—	COM	30231G102
—	General Motors Company	32,552	$1.46M	0.2%	—	—	COM	37045v100
VZ	Verizon Communications	32,425	$1.456M	0.2%	—	—	COM	92343V104
DIS	The Walt Disney Co.	15,101	$1.453M	0.2%	—	—	COM	254687106
PH	Parker-Hannifin Corp.	2,262	$1.429M	0.2%	—	—	COM	701094104
—	America Movil ADR	81,166	$1.328M	0.2%	—	—	FOR	02390a101
—	AON Plc	3,767	$1.303M	0.2%	—	—	FOR	g0403h108
GSK	Glaxo SmithKline ADS	31,192	$1.275M	0.2%	—	—	FOR	37733W204
BMY	Bristol Myers Squibb Co.	24,497	$1.267M	0.2%	—	—	COM	110122108
CAT	Caterpillar Inc.	3,230	$1.263M	0.2%	—	—	COM	149123101
WAFD	Washington Federal	36,094	$1.258M	0.2%	—	—	COM	938824109
—	FirstService Corp Voting Share	6,873	$1.254M	0.2%	—	—	FOR	33767e202
NKE	Nike Inc Class B	14,001	$1.238M	0.2%	—	—	COM	654106103
SBUX	Starbucks Corp	12,424	$1.211M	0.2%	—	—	COM	855244109
—	Sally Beauty Holdings Inc.	89,217	$1.211M	0.2%	—	—	COM	79546e104
WBD	Warner Bros. Discovery, Inc.	141,836	$1.17M	0.2%	—	—	COM	934423104
BEN	Franklin Resources Inc.	56,723	$1.143M	0.2%	—	—	COM	354613101
AMZN	Amazon.com, Inc.	6,090	$1.135M	0.2%	—	—	COM	023135106
CIGI	Colliers International Group	7,160	$1.087M	0.2%	—	—	FOR	194693107
SHEL	Shell PLC	16,346	$1.078M	0.2%	—	—	FOR	780259305
—	Alibaba Group Holding Limited	9,734	$1.033M	0.2%	—	—	FOR	01609w102
GPC	Genuine Parts Co	7,340	$1.025M	0.2%	—	—	COM	372460105
CAE	CAE Inc.	52,830	$991K	0.1%	—	—	FOR	124765108
GILD	Gilead Sciences Inc.	11,777	$987K	0.1%	—	—	COM	375558103
TSM	Taiwan Semiconductor Manufactu	5,487	$953K	0.1%	—	—	FOR	874039100
LMT	Lockheed Martin Corp	1,488	$870K	0.1%	—	—	COM	539830109
—	Alphabet, Inc Non-Voting Class	4,954	$828K	0.1%	—	—	COM	02079k107
TELFY	Telefonica S.A. ADR	163,261	$793K	0.1%	—	—	FOR	879382208
CAG	ConAgra Foods Inc.	23,600	$767K	0.1%	—	—	COM	205887102
—	Manitex Intl	132,783	$748K	0.1%	—	—	COM	563420108
—	Organon & Co.	37,060	$709K	0.1%	—	—	COM	68622v106
KLAC	KLA Corporation	835	$647K	0.1%	—	—	COM	482480100
FORR	Forrester Research Inc.	33,412	$602K	0.1%	—	—	COM	346563109
USB	US Bancorp Delaware New	13,009	$595K	0.1%	—	—	COM	902973304
—	Ingersoll Rand Inc.	6,055	$594K	0.1%	—	—	COM	45687v106
INTC	Intel Corp.	24,487	$574K	0.1%	—	—	COM	458140100
—	Kenvue Inc.	24,525	$567K	0.1%	—	—	COM	49177j102
LLY	Eli Lilly & Co	627	$555K	0.1%	—	—	COM	532457108
—	Allegion PLC	3,605	$525K	0.1%	—	—	FOR	g0176j109
SCHW	Charles Schwab Corp	8,050	$522K	0.1%	—	—	COM	808513105
QCOM	Qualcomm Inc	3,042	$517K	0.1%	—	—	COM	747525103
—	AT & T, Inc. New	23,198	$510K	0.1%	—	—	COM	00206r102
—	Yum China Holdings, Inc.	10,268	$462K	0.1%	—	—	FOR	98850p109
—	Ulta Beauty, Inc.	1,168	$454K	0.1%	—	—	COM	90384s303
OXY	Occidental Petroleum Corp	8,767	$452K	0.1%	—	—	COM	674599105
HPQ	HP Inc.	12,162	$436K	0.1%	—	—	COM	40434L105
HLN	Haleon PLC	41,216	$436K	0.1%	—	—	FOR	405552100
AGCO	AGCO Corp	4,170	$408K	0.1%	—	—	COM	001084102
GE	GE Aerospace	2,103	$397K	0.1%	—	—	COM	369604301
ALK	Alaska Air Group Inc.	8,770	$396K	0.1%	—	—	COM	011659109
—	Arch Capital Group Ltd	3,500	$392K	0.1%	—	—	FOR	g0450a105
IFF	International Flavors & Fragra	3,556	$373K	0.1%	—	—	COM	459506101
WY	Weyerhaeuser Co.	10,716	$363K	0.1%	—	—	COM	962166104
KHC	The Kraft Heinz Company	9,892	$347K	0.1%	—	—	COM	500754106
TPR	Tapestry Inc.	7,215	$339K	0.1%	—	—	COM	876030107
WM	Waste Management Inc. Del	1,607	$334K	0.0%	—	—	COM	94106L109
ADBE	Adobe Systems Inc	644	$333K	0.0%	—	—	COM	00724F101
—	Alkermes PLC	11,891	$333K	0.0%	—	—	FOR	g01767105
DAL	Delta Airlines - New	6,125	$311K	0.0%	—	—	COM	247361702
—	Johnson Controls Intl. PLC	3,922	$304K	0.0%	—	—	FOR	g51502105
EFX	Equifax Inc.	1,000	$294K	0.0%	—	—	COM	294429105
ITW	Illinois Tool Works Inc.	1,119	$293K	0.0%	—	—	COM	452308109
NUE	Nucor Corp	1,916	$288K	0.0%	—	—	COM	670346105
GD	General Dynamics	952	$288K	0.0%	—	—	COM	369550108
—	ManpowerGroup Inc.	3,882	$285K	0.0%	—	—	COM	56418h100
WU	Western Union Company	23,210	$277K	0.0%	—	—	COM	959802109
—	Hewlett Packard Enterprise Co.	13,359	$273K	0.0%	—	—	COM	42824c109
SYK	Stryker Corporation	755	$273K	0.0%	—	—	COM	863667101
—	Nvidia Corp	2,165	$263K	0.0%	—	—	COM	67066g104
CSX	CSX Corp	7,566	$261K	0.0%	—	—	COM	126408103
LW	Lamb Weston Holdings	4,005	$259K	0.0%	—	—	COM	513272104
AMAT	Applied Materials Inc Delaware	1,283	$259K	0.0%	—	—	COM	038222105
—	Domino's Pizza Inc.	600	$258K	0.0%	—	—	COM	25754a201
TM	Toyota Motor Corp ADR	1,429	$255K	0.0%	—	—	FOR	892331307
—	ASML Holding N.V.	303	$252K	0.0%	—	—	FOR	n07059210
—	Interpublic Group	7,442	$235K	0.0%	—	—	COM	460690100
—	J P Morgan Chase & Co.	1,115	$235K	0.0%	—	—	COM	46625h100
—	Devon Energy Corp.	6,000	$235K	0.0%	—	—	COM	25179m103
—	3M Company	1,689	$231K	0.0%	—	—	COM	88579y101
ANDE	Andersons Inc.	4,489	$225K	0.0%	—	—	COM	034164103
—	Celsius Holdings, Inc.	6,925	$217K	0.0%	—	—	COM	15118v207
LH	Labcorp Holdings Inc.	955	$213K	0.0%	—	—	COM	504922105
—	Ferguson Enterprises	1,050	$208K	0.0%	—	—	COM	31488v107
—	Tenet Healthcare Corp.	1,250	$208K	0.0%	—	—	COM	88033g100
SPGI	S&P Global Inc.	399	$206K	0.0%	—	—	COM	78409V104
—	Enbridge Inc.	5,030	$204K	0.0%	—	—	FOR	29250n105
—	Paramount Global B	17,376	$185K	0.0%	—	—	COM	92556h206
F	Ford Motor Co.- New	12,666	$134K	0.0%	—	—	COM	345370860
NOK	Nokia Corp Sponsored ADR	11,747	$51,334	0.0%	—	—	FOR	654902204