Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp.	102,313	$43.12M	6.7%	—	—	COM	594918104
—	UnitedHealth Group Inc.	64,816	$32.79M	5.1%	—	—	COM	91324p102
PM	Philip Morris International	211,587	$25.46M	3.9%	—	—	COM	718172109
KR	Kroger Co.	362,110	$22.14M	3.4%	—	—	COM	501044101
—	Mastercard Inc.	38,429	$20.24M	3.1%	—	—	COM	57636q104
BK	Bank of New York Mellon Corp	220,707	$16.96M	2.6%	—	—	COM	064058100
—	Alphabet, Inc Voting Class	88,697	$16.79M	2.6%	—	—	COM	02079k305
BAC	Bank of America Corp	328,819	$14.45M	2.2%	—	—	COM	060505104
ELV	Elevance Health Inc.	35,642	$13.15M	2.0%	—	—	COM	036752103
WMT	Wal Mart Stores	144,625	$13.07M	2.0%	—	—	COM	931142103
—	Visa, Inc.	40,193	$12.7M	2.0%	—	—	COM	92826c839
AFL	AFLAC Inc.	117,987	$12.2M	1.9%	—	—	COM	001055102
PEP	Pepsico Inc.	78,584	$11.95M	1.9%	—	—	COM	713448108
—	Merck & Co.Inc. New	119,141	$11.85M	1.8%	—	—	COM	58933y105
—	Medtronic PLC	141,242	$11.28M	1.7%	—	—	FOR	g5960L103
BRK/B	Berkshire Hathaway Inc. Class	24,163	$10.95M	1.7%	—	—	COM	084670702
BKNG	Booking Holdings Inc.	2,148	$10.67M	1.7%	—	—	COM	09857L108
JNJ	Johnson & Johnson	72,461	$10.48M	1.6%	—	—	COM	478160104
—	The Travelers Companies Inc.	43,449	$10.47M	1.6%	—	—	COM	89417e109
HD	Home Depot Inc.	24,855	$9.668M	1.5%	—	—	COM	437076102
LOW	Lowes Companies	38,201	$9.428M	1.5%	—	—	COM	548661107
—	Meta Platforms, Inc.	14,375	$8.417M	1.3%	—	—	COM	30303m102
AIG	American International Group	114,043	$8.302M	1.3%	—	—	COM	026874784
BTI	British American Tobacco	217,939	$7.916M	1.2%	—	—	FOR	110448107
—	Altria Group Inc.	150,986	$7.895M	1.2%	—	—	COM	02209s103
ABT	Abbott Laboratories	69,739	$7.888M	1.2%	—	—	COM	002824100
CI	The Cigna Group	26,385	$7.286M	1.1%	—	—	COM	125523100
MRSH	Marsh & McLennan Co.	33,983	$7.218M	1.1%	—	—	COM	571748102
—	Valero Energy Corp.	57,055	$6.994M	1.1%	—	—	COM	91913y100
—	Costco Wholesale Corp	7,503	$6.874M	1.1%	—	—	COM	22160k105
—	Zimmer Biomet Holdings	64,054	$6.766M	1.0%	—	—	COM	98956p102
AAPL	Apple, Inc.	26,952	$6.749M	1.0%	—	—	COM	037833100
—	Unilever PLC ADR	112,568	$6.383M	1.0%	—	—	FOR	904767704
—	Molson Coors Brewing Co	107,835	$6.181M	1.0%	—	—	COM	60871r209
GLW	Corning Inc	130,051	$6.18M	1.0%	—	—	COM	219350105
KO	Coca-Cola Company	92,545	$5.762M	0.9%	—	—	COM	191216100
—	AbbVie, Inc.	32,206	$5.723M	0.9%	—	—	COM	00287y109
PAYX	Paychex Inc.	39,620	$5.556M	0.9%	—	—	COM	704326107
BP	BP p.l.c.	181,428	$5.363M	0.8%	—	—	FOR	055622104
C	Citigroup Inc.	70,379	$4.954M	0.8%	—	—	COM	172967424
—	LyondellBasell Industries N.V.	64,827	$4.815M	0.7%	—	—	FOR	n53745100
CVS	CVS Health Corp.	103,318	$4.638M	0.7%	—	—	COM	126650100
WAFD	Washington Federal	131,223	$4.231M	0.7%	—	—	COM	938824109
—	Unum Group	57,752	$4.218M	0.7%	—	—	COM	91529y106
DGX	Quest Diagnostics Inc.	27,577	$4.16M	0.6%	—	—	COM	74834L100
—	RTX Corp.	34,945	$4.044M	0.6%	—	—	COM	75513e101
—	Monster Beverage Corp.	71,600	$3.763M	0.6%	—	—	COM	61174x109
LINC	Lincoln Educational	236,994	$3.749M	0.6%	—	—	COM	533535100
CVX	Chevron Corp.	25,651	$3.715M	0.6%	—	—	COM	166764100
BDX	Becton Dickinson & Co	16,219	$3.68M	0.6%	—	—	COM	075887109
—	DuPont de Nemours, Inc	47,300	$3.607M	0.6%	—	—	COM	26614n102
—	Gates Industrial Corporation P	162,424	$3.341M	0.5%	—	—	COM	g39108108
MCD	McDonalds Corp	11,329	$3.284M	0.5%	—	—	COM	580135101
—	Comcast Corp Cl A	85,505	$3.209M	0.5%	—	—	COM	20030n101
PG	Procter & Gamble Co.	19,060	$3.195M	0.5%	—	—	COM	742718109
CTVA	Corteva, Inc.	55,384	$3.155M	0.5%	—	—	COM	22052L104
CTSH	Cognizant Technology Solutions	39,936	$3.071M	0.5%	—	—	COM	192446102
—	ConocoPhillips	28,500	$2.826M	0.4%	—	—	COM	20825c104
—	Ameriprise Financial Inc.	5,081	$2.705M	0.4%	—	—	COM	03076c106
CSCO	Cisco Sys Inc.	45,311	$2.682M	0.4%	—	—	COM	17275R102
—	Trane Technologies PLC	6,683	$2.468M	0.4%	—	—	FOR	g8994e103
HRB	H&R Block Inc.	46,697	$2.467M	0.4%	—	—	COM	093671105
CPF	Central Pacific Financial Corp	84,850	$2.465M	0.4%	—	—	COM	154760409
FDX	Fedex Corp	8,721	$2.454M	0.4%	—	—	COM	31428X106
AMGN	Amgen Inc.	9,285	$2.42M	0.4%	—	—	COM	031162100
—	DR Horton, Inc	17,200	$2.405M	0.4%	—	—	COM	23331a109
BA	Boeing Company	13,536	$2.396M	0.4%	—	—	COM	097023105
—	Grand Canyon Education, Inc.	14,430	$2.364M	0.4%	—	—	COM	38526m106
WFC	Wells Fargo & Co.	31,942	$2.244M	0.3%	—	—	COM	949746101
—	Arcos Dorados Hldgs.	305,268	$2.222M	0.3%	—	—	FOR	g0457f107
—	Keurig Dr. Pepper Inc.	68,845	$2.211M	0.3%	—	—	COM	49271v100
HSY	Hershey Company	12,885	$2.182M	0.3%	—	—	COM	427866108
DOW	Dow Inc.	54,280	$2.178M	0.3%	—	—	COM	260557103
—	Biogen Inc.	14,046	$2.148M	0.3%	—	—	COM	09062x103
AXP	American Express Co.	7,093	$2.105M	0.3%	—	—	COM	025816109
ORCL	Oracle Corp	12,583	$2.097M	0.3%	—	—	COM	68389X105
MDLZ	Mondelez International, Inc.	33,948	$2.028M	0.3%	—	—	COM	609207105
UNP	Union Pacific Corp	8,740	$1.993M	0.3%	—	—	COM	907818108
PSX	Phillips 66	17,017	$1.939M	0.3%	—	—	COM	718546104
ADP	Automatic Data Processing	6,620	$1.938M	0.3%	—	—	COM	053015103
UPS	United Parcel Service Inc.	15,368	$1.938M	0.3%	—	—	COM	911312106
CE	Celanese Corp	27,049	$1.872M	0.3%	—	—	COM	150870103
PFE	Pfizer Inc.	65,528	$1.738M	0.3%	—	—	COM	717081103
—	General Motors Company	31,502	$1.678M	0.3%	—	—	COM	37045v100
DIS	The Walt Disney Co.	14,617	$1.628M	0.3%	—	—	COM	254687106
—	Diageo PLC ADR	12,116	$1.54M	0.2%	—	—	FOR	25243q205
—	The Mosaic Company	60,777	$1.494M	0.2%	—	—	COM	61945c103
YUM	Yum! Brands, Inc.	10,845	$1.455M	0.2%	—	—	COM	988498101
PH	Parker-Hannifin Corp.	2,252	$1.432M	0.2%	—	—	COM	701094104
XOM	Exxon Mobil Corp	12,889	$1.387M	0.2%	—	—	COM	30231G102
BMY	Bristol Myers Squibb Co.	24,347	$1.377M	0.2%	—	—	COM	110122108
—	AON Plc	3,767	$1.353M	0.2%	—	—	FOR	g0403h108
AMZN	Amazon.com, Inc.	6,165	$1.353M	0.2%	—	—	COM	023135106
CAE	CAE Inc.	51,830	$1.315M	0.2%	—	—	FOR	124765108
VZ	Verizon Communications	31,629	$1.265M	0.2%	—	—	COM	92343V104
—	FirstService Corp Voting Share	6,873	$1.244M	0.2%	—	—	FOR	33767e202
CAT	Caterpillar Inc.	3,230	$1.172M	0.2%	—	—	COM	149123101
SBUX	Starbucks Corp	12,374	$1.129M	0.2%	—	—	COM	855244109
BEN	Franklin Resources Inc.	54,627	$1.108M	0.2%	—	—	COM	354613101
—	America Movil ADR	76,890	$1.1M	0.2%	—	—	FOR	02390a101
TSM	Taiwan Semiconductor Manufactu	5,487	$1.084M	0.2%	—	—	FOR	874039100
NKE	Nike Inc Class B	13,991	$1.059M	0.2%	—	—	COM	654106103
SHEL	Shell PLC	16,271	$1.019M	0.2%	—	—	FOR	780259305
GSK	Glaxo SmithKline ADS	29,362	$993K	0.2%	—	—	FOR	37733W204
CIGI	Colliers International Group	7,160	$974K	0.2%	—	—	FOR	194693107
—	Alphabet, Inc Non-Voting Class	4,904	$934K	0.1%	—	—	COM	02079k107
—	Sally Beauty Holdings Inc.	89,167	$932K	0.1%	—	—	COM	79546e104
GILD	Gilead Sciences Inc.	9,705	$896K	0.1%	—	—	COM	375558103
GPC	Genuine Parts Co	7,340	$857K	0.1%	—	—	COM	372460105
WBD	Warner Bros. Discovery, Inc.	76,693	$811K	0.1%	—	—	COM	934423104
—	Alibaba Group Holding Limited	9,474	$803K	0.1%	—	—	FOR	01609w102
LMT	Lockheed Martin Corp	1,474	$716K	0.1%	—	—	COM	539830109
TELFY	Telefonica S.A. ADR	160,015	$643K	0.1%	—	—	FOR	879382208
CAG	ConAgra Foods Inc.	22,644	$628K	0.1%	—	—	COM	205887102
USB	US Bancorp Delaware New	13,009	$622K	0.1%	—	—	COM	902973304
ALK	Alaska Air Group Inc.	8,720	$565K	0.1%	—	—	COM	011659109
—	Ingersoll Rand Inc.	6,055	$548K	0.1%	—	—	COM	45687v106
—	Organon & Co.	36,391	$543K	0.1%	—	—	COM	68622v106
KLAC	KLA Corporation	835	$526K	0.1%	—	—	COM	482480100
FORR	Forrester Research Inc.	33,412	$524K	0.1%	—	—	COM	346563109
—	Kenvue Inc.	24,485	$523K	0.1%	—	—	COM	49177j102
—	Ulta Beauty, Inc.	1,168	$508K	0.1%	—	—	COM	90384s303
SCHW	Charles Schwab Corp	6,850	$507K	0.1%	—	—	COM	808513105
LLY	Eli Lilly & Co	627	$484K	0.1%	—	—	COM	532457108
—	AT & T, Inc. New	21,232	$483K	0.1%	—	—	COM	00206r102
INTC	Intel Corp.	23,737	$476K	0.1%	—	—	COM	458140100
TPR	Tapestry Inc.	7,215	$471K	0.1%	—	—	COM	876030107
—	Allegion PLC	3,605	$471K	0.1%	—	—	FOR	g0176j109
—	Yum China Holdings, Inc.	9,743	$469K	0.1%	—	—	FOR	98850p109
QCOM	Qualcomm Inc	3,042	$467K	0.1%	—	—	COM	747525103
—	ASML Holding N.V.	668	$463K	0.1%	—	—	FOR	n07059210
OXY	Occidental Petroleum Corp	8,767	$433K	0.1%	—	—	COM	674599105
—	Arch Capital Group Ltd	4,530	$418K	0.1%	—	—	FOR	g0450a105
HLN	Haleon PLC	39,034	$372K	0.1%	—	—	FOR	405552100
DAL	Delta Airlines - New	6,125	$371K	0.1%	—	—	COM	247361702
HPQ	HP Inc.	11,282	$368K	0.1%	—	—	COM	40434L105
GE	GE Aerospace	2,078	$347K	0.1%	—	—	COM	369604301
—	Alkermes PLC	11,816	$340K	0.1%	—	—	FOR	g01767105
WM	Waste Management Inc. Del	1,607	$324K	0.1%	—	—	COM	94106L109
AGCO	AGCO Corp	3,376	$316K	0.0%	—	—	COM	001084102
—	Johnson Controls Intl. PLC	3,922	$310K	0.0%	—	—	FOR	g51502105
—	Nvidia Corp	2,265	$304K	0.0%	—	—	COM	67066g104
IFF	International Flavors & Fragra	3,464	$293K	0.0%	—	—	COM	459506101
ADBE	Adobe Systems Inc	644	$286K	0.0%	—	—	COM	00724F101
ITW	Illinois Tool Works Inc.	1,119	$284K	0.0%	—	—	COM	452308109
WY	Weyerhaeuser Co.	9,890	$278K	0.0%	—	—	COM	962166104
TM	Toyota Motor Corp ADR	1,429	$278K	0.0%	—	—	FOR	892331307
SYK	Stryker Corporation	755	$272K	0.0%	—	—	COM	863667101
—	J P Morgan Chase & Co.	1,115	$267K	0.0%	—	—	COM	46625h100
—	Hewlett Packard Enterprise Co.	12,407	$265K	0.0%	—	—	COM	42824c109
LW	Lamb Weston Holdings	3,829	$256K	0.0%	—	—	COM	513272104
EFX	Equifax Inc.	1,000	$255K	0.0%	—	—	COM	294429105
—	Domino's Pizza Inc.	600	$252K	0.0%	—	—	COM	25754a201
GD	General Dynamics	952	$251K	0.0%	—	—	COM	369550108
KHC	The Kraft Heinz Company	8,068	$248K	0.0%	—	—	COM	500754106
CSX	CSX Corp	7,566	$244K	0.0%	—	—	COM	126408103
VALU	Value Line Inc.	4,239	$224K	0.0%	—	—	COM	920437100
—	ManpowerGroup Inc.	3,832	$221K	0.0%	—	—	COM	56418h100
WU	Western Union Company	20,706	$219K	0.0%	—	—	COM	959802109
LH	Labcorp Holdings Inc.	955	$219K	0.0%	—	—	COM	504922105
—	3M Company	1,679	$217K	0.0%	—	—	COM	88579y101
DLR	Digital Realty Trust	1,204	$214K	0.0%	—	—	COM	253868103
NUE	Nucor Corp	1,814	$212K	0.0%	—	—	COM	670346105
AMAT	Applied Materials Inc Delaware	1,283	$209K	0.0%	—	—	COM	038222105
—	Interpublic Group	7,442	$209K	0.0%	—	—	COM	460690100
—	Enbridge Inc.	4,788	$203K	0.0%	—	—	FOR	29250n105
—	PayPal Holdings, Inc.	2,367	$202K	0.0%	—	—	COM	70450y103
—	Manitex Intl	30,950	$180K	0.0%	—	—	COM	563420108
—	Paramount Global B	16,618	$174K	0.0%	—	—	COM	92556h206
F	Ford Motor Co.- New	12,441	$123K	0.0%	—	—	COM	345370860
NOK	Nokia Corp Sponsored ADR	11,747	$52,039	0.0%	—	—	FOR	654902204