Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp.	100,605	$52.11M	7.3%	—	—	COM	594918104
PM	Philip Morris International	209,557	$33.99M	4.8%	—	—	COM	718172109
KR	Kroger Co.	353,332	$23.82M	3.3%	—	—	COM	501044101
BK	Bank of New York Mellon Corp	213,543	$23.27M	3.3%	—	—	COM	064058100
—	UnitedHealth Group Inc.	64,868	$22.4M	3.1%	—	—	COM	91324p102
—	Alphabet, Inc Voting Class	89,956	$21.87M	3.1%	—	—	COM	02079k305
—	Mastercard Inc.	33,654	$19.14M	2.7%	—	—	COM	57636q104
BAC	Bank of America Corp	318,698	$16.44M	2.3%	—	—	COM	060505104
WMT	Wal Mart Stores	142,206	$14.66M	2.1%	—	—	COM	931142103
—	Visa, Inc.	39,485	$13.48M	1.9%	—	—	COM	92826c839
—	Medtronic PLC	139,988	$13.33M	1.9%	—	—	FOR	g5960L103
JNJ	Johnson & Johnson	71,828	$13.32M	1.9%	—	—	COM	478160104
AFL	AFLAC Inc.	116,924	$13.06M	1.8%	—	—	COM	001055102
—	The Travelers Companies Inc.	42,977	$12M	1.7%	—	—	COM	89417e109
ELV	Elevance Health Inc.	37,096	$11.99M	1.7%	—	—	COM	036752103
BTI	British American Tobacco	223,538	$11.87M	1.7%	—	—	FOR	110448107
BRK/B	Berkshire Hathaway Inc. Class	23,486	$11.81M	1.7%	—	—	COM	084670702
BKNG	Booking Holdings Inc.	2,139	$11.55M	1.6%	—	—	COM	09857L108
PEP	Pepsico Inc.	79,663	$11.19M	1.6%	—	—	COM	713448108
—	Meta Platforms, Inc.	14,596	$10.72M	1.5%	—	—	COM	30303m102
GLW	Corning Inc	128,801	$10.57M	1.5%	—	—	COM	219350105
LOW	Lowes Companies	41,436	$10.41M	1.5%	—	—	COM	548661107
—	Merck & Co.Inc. New	118,564	$9.951M	1.4%	—	—	COM	58933y105
HD	Home Depot Inc.	24,530	$9.939M	1.4%	—	—	COM	437076102
—	Altria Group Inc.	149,499	$9.876M	1.4%	—	—	COM	02209s103
—	Valero Energy Corp.	56,516	$9.622M	1.3%	—	—	COM	91913y100
AIG	American International Group	117,677	$9.242M	1.3%	—	—	COM	026874784
ABT	Abbott Laboratories	67,153	$8.994M	1.3%	—	—	COM	002824100
CVS	CVS Health Corp.	102,141	$7.7M	1.1%	—	—	COM	126650100
AAPL	Apple, Inc.	28,956	$7.373M	1.0%	—	—	COM	037833100
—	Costco Wholesale Corp	7,899	$7.312M	1.0%	—	—	COM	22160k105
—	AbbVie, Inc.	31,490	$7.291M	1.0%	—	—	COM	00287y109
C	Citigroup Inc.	70,029	$7.108M	1.0%	—	—	COM	172967424
MRSH	Marsh & McLennan Co.	33,615	$6.774M	0.9%	—	—	COM	571748102
—	Unilever PLC ADR	111,141	$6.588M	0.9%	—	—	FOR	904767704
—	Zimmer Biomet Holdings	63,378	$6.243M	0.9%	—	—	COM	98956p102
BP	BP p.l.c.	180,047	$6.204M	0.9%	—	—	FOR	055622104
KO	Coca-Cola Company	91,491	$6.068M	0.9%	—	—	COM	191216100
—	RTX Corp.	34,245	$5.73M	0.8%	—	—	COM	75513e101
CI	The Cigna Group	19,780	$5.702M	0.8%	—	—	COM	125523100
LINC	Lincoln Educational	236,594	$5.56M	0.8%	—	—	COM	533535100
DGX	Quest Diagnostics Inc.	26,298	$5.012M	0.7%	—	—	COM	74834L100
PAYX	Paychex Inc.	38,924	$4.934M	0.7%	—	—	COM	704326107
—	Molson Coors Brewing Co	107,901	$4.883M	0.7%	—	—	COM	60871r209
—	Monster Beverage Corp.	71,600	$4.819M	0.7%	—	—	COM	61174x109
—	Unum Group	57,371	$4.462M	0.6%	—	—	COM	91529y106
—	Gates Industrial Corporation P	164,876	$4.092M	0.6%	—	—	COM	g39108108
CVX	Chevron Corp.	26,195	$4.068M	0.6%	—	—	COM	166764100
WAFD	Washington Federal	130,913	$3.965M	0.6%	—	—	COM	938824109
—	DuPont de Nemours, Inc	46,984	$3.66M	0.5%	—	—	COM	26614n102
CTVA	Corteva, Inc.	53,929	$3.647M	0.5%	—	—	COM	22052L104
ORCL	Oracle Corp	11,819	$3.324M	0.5%	—	—	COM	68389X105
BA	Boeing Company	14,761	$3.186M	0.4%	—	—	COM	097023105
—	LyondellBasell Industries N.V.	64,506	$3.163M	0.4%	—	—	FOR	n53745100
—	Grand Canyon Education, Inc.	14,410	$3.163M	0.4%	—	—	COM	38526m106
BDX	Becton Dickinson & Co	16,519	$3.092M	0.4%	—	—	COM	075887109
MCD	McDonalds Corp	10,054	$3.055M	0.4%	—	—	COM	580135101
CSCO	Cisco Sys Inc.	44,566	$3.049M	0.4%	—	—	COM	17275R102
—	DR Horton, Inc	17,200	$2.915M	0.4%	—	—	COM	23331a109
PG	Procter & Gamble Co.	18,575	$2.854M	0.4%	—	—	COM	742718109
—	Trane Technologies PLC	6,445	$2.72M	0.4%	—	—	FOR	g8994e103
—	ConocoPhillips	28,631	$2.708M	0.4%	—	—	COM	20825c104
WFC	Wells Fargo & Co.	31,627	$2.651M	0.4%	—	—	COM	949746101
—	Comcast Corp Cl A	83,801	$2.633M	0.4%	—	—	COM	20030n101
CTSH	Cognizant Technology Solutions	38,769	$2.6M	0.4%	—	—	COM	192446102
AMGN	Amgen Inc.	9,110	$2.571M	0.4%	—	—	COM	031162100
CPF	Central Pacific Financial Corp	83,845	$2.544M	0.4%	—	—	COM	154760409
HSY	Hershey Company	13,560	$2.536M	0.4%	—	—	COM	427866108
—	Arcos Dorados Hldgs.	369,921	$2.497M	0.3%	—	—	FOR	g0457f107
—	Ameriprise Financial Inc.	5,041	$2.476M	0.3%	—	—	COM	03076c106
AMZN	Amazon.com, Inc.	10,756	$2.362M	0.3%	—	—	COM	023135106
HRB	H&R Block Inc.	46,037	$2.328M	0.3%	—	—	COM	093671105
AXP	American Express Co.	6,986	$2.32M	0.3%	—	—	COM	025816109
PSX	Phillips 66	16,878	$2.296M	0.3%	—	—	COM	718546104
—	The Mosaic Company	59,880	$2.077M	0.3%	—	—	COM	61945c103
MDLZ	Mondelez International, Inc.	33,234	$2.076M	0.3%	—	—	COM	609207105
FDX	Fedex Corp	8,576	$2.022M	0.3%	—	—	COM	31428X106
—	Keurig Dr. Pepper Inc.	78,666	$2.007M	0.3%	—	—	COM	49271v100
ADP	Automatic Data Processing	6,582	$1.932M	0.3%	—	—	COM	053015103
—	General Motors Company	31,337	$1.911M	0.3%	—	—	COM	37045v100
FISV	Fiserv Inc.	13,440	$1.733M	0.2%	—	—	COM	337738108
—	Alibaba Group Holding Limited	9,476	$1.694M	0.2%	—	—	FOR	01609w102
UNP	Union Pacific Corp	7,160	$1.692M	0.2%	—	—	COM	907818108
PH	Parker-Hannifin Corp.	2,217	$1.681M	0.2%	—	—	COM	701094104
—	Alphabet, Inc Non-Voting Class	6,844	$1.667M	0.2%	—	—	COM	02079k107
DIS	The Walt Disney Co.	14,443	$1.654M	0.2%	—	—	COM	254687106
PFE	Pfizer Inc.	64,739	$1.65M	0.2%	—	—	COM	717081103
YUM	Yum! Brands, Inc.	10,836	$1.647M	0.2%	—	—	COM	988498101
—	America Movil ADR	76,215	$1.601M	0.2%	—	—	FOR	02390a101
TSM	Taiwan Semiconductor Manufactu	5,587	$1.56M	0.2%	—	—	FOR	874039100
CAT	Caterpillar Inc.	3,230	$1.541M	0.2%	—	—	COM	149123101
CAE	CAE Inc.	51,830	$1.536M	0.2%	—	—	FOR	124765108
XOM	Exxon Mobil Corp	12,755	$1.438M	0.2%	—	—	COM	30231G102
—	Sally Beauty Holdings Inc.	88,110	$1.434M	0.2%	—	—	COM	79546e104
WBD	Warner Bros. Discovery, Inc.	73,017	$1.426M	0.2%	—	—	COM	934423104
—	Biogen Inc.	10,162	$1.423M	0.2%	—	—	COM	09062x103
—	AON Plc	3,967	$1.415M	0.2%	—	—	FOR	g0403h108
VZ	Verizon Communications	31,252	$1.374M	0.2%	—	—	COM	92343V104
—	FirstService Corp Voting Share	6,873	$1.309M	0.2%	—	—	FOR	33767e202
UPS	United Parcel Service Inc.	14,865	$1.242M	0.2%	—	—	COM	911312106
DOW	Dow Inc.	53,878	$1.235M	0.2%	—	—	COM	260557103
BEN	Franklin Resources Inc.	53,277	$1.232M	0.2%	—	—	COM	354613101
GSK	Glaxo SmithKline ADS	28,211	$1.218M	0.2%	—	—	FOR	37733W204
SHEL	Shell PLC	16,451	$1.177M	0.2%	—	—	FOR	780259305
CE	Celanese Corp	27,568	$1.16M	0.2%	—	—	COM	150870103
—	Diageo PLC ADR	12,087	$1.153M	0.2%	—	—	FOR	25243q205
—	Arch Capital Group Ltd	12,480	$1.132M	0.2%	—	—	FOR	g0450a105
CIGI	Colliers International Group	7,160	$1.118M	0.2%	—	—	FOR	194693107
BMY	Bristol Myers Squibb Co.	23,740	$1.071M	0.2%	—	—	COM	110122108
SBUX	Starbucks Corp	12,334	$1.043M	0.1%	—	—	COM	855244109
GPC	Genuine Parts Co	7,340	$1.017M	0.1%	—	—	COM	372460105
—	FTAI Aviation Ltd.	6,000	$1.001M	0.1%	—	—	COM	G3730v105
GILD	Gilead Sciences Inc.	8,993	$998K	0.1%	—	—	COM	375558103
NKE	Nike Inc Class B	14,006	$977K	0.1%	—	—	COM	654106103
KLAC	KLA Corporation	835	$901K	0.1%	—	—	COM	482480100
TELFY	Telefonica S.A. ADR	156,922	$797K	0.1%	—	—	FOR	879382208
INTC	Intel Corp.	22,117	$742K	0.1%	—	—	COM	458140100
TPR	Tapestry Inc.	6,190	$701K	0.1%	—	—	COM	876030107
—	ASML Holding N.V.	703	$681K	0.1%	—	—	FOR	n07059210
SCHW	Charles Schwab Corp	6,850	$654K	0.1%	—	—	COM	808513105
LMT	Lockheed Martin Corp	1,283	$640K	0.1%	—	—	COM	539830109
USB	US Bancorp Delaware New	13,009	$629K	0.1%	—	—	COM	902973304
—	Allegion PLC	3,533	$627K	0.1%	—	—	FOR	g0176j109
GE	GE Aerospace	2,053	$618K	0.1%	—	—	COM	369604301
—	AT & T, Inc. New	20,466	$578K	0.1%	—	—	COM	00206r102
—	Nvidia Corp	2,837	$529K	0.1%	—	—	COM	67066g104
QCOM	Qualcomm Inc	3,032	$504K	0.1%	—	—	COM	747525103
—	Ingersoll Rand Inc.	5,867	$485K	0.1%	—	—	COM	45687v106
LLY	Eli Lilly & Co	613	$468K	0.1%	—	—	COM	532457108
PGR	Progressive Corp	1,882	$465K	0.1%	—	—	COM	743315103
—	Johnson Controls Intl. PLC	3,922	$431K	0.1%	—	—	FOR	g51502105
—	Yum China Holdings, Inc.	9,729	$418K	0.1%	—	—	FOR	98850p109
ALK	Alaska Air Group Inc.	8,005	$398K	0.1%	—	—	COM	011659109
CAG	ConAgra Foods Inc.	21,676	$397K	0.1%	—	—	COM	205887102
—	Kenvue Inc.	24,140	$392K	0.1%	—	—	COM	49177j102
—	Organon & Co.	34,299	$366K	0.1%	—	—	COM	68622v106
AGCO	AGCO Corp	3,376	$361K	0.1%	—	—	COM	001084102
DAL	Delta Airlines - New	6,247	$355K	0.0%	—	—	COM	247361702
—	J P Morgan Chase & Co.	1,115	$352K	0.0%	—	—	COM	46625h100
GEV	GE Vernova Inc.	569	$350K	0.0%	—	—	COM	36828A101
HLN	Haleon PLC	37,974	$341K	0.0%	—	—	FOR	405552100
—	Paramount Skydance Corp Class	17,443	$330K	0.0%	—	—	COM	69932a204
WM	Waste Management Inc. Del	1,480	$327K	0.0%	—	—	COM	94106L109
GD	General Dynamics	952	$325K	0.0%	—	—	COM	369550108
ITW	Illinois Tool Works Inc.	1,109	$289K	0.0%	—	—	COM	452308109
OXY	Occidental Petroleum Corp	6,067	$287K	0.0%	—	—	COM	674599105
—	Hewlett Packard Enterprise Co.	11,631	$286K	0.0%	—	—	COM	42824c109
HPQ	HP Inc.	10,482	$285K	0.0%	—	—	COM	40434L105
SYK	Stryker Corporation	755	$279K	0.0%	—	—	COM	863667101
LH	Labcorp Holdings Inc.	950	$273K	0.0%	—	—	COM	504922105
FORR	Forrester Research Inc.	25,726	$273K	0.0%	—	—	COM	346563109
CSX	CSX Corp	7,566	$269K	0.0%	—	—	COM	126408103
AMAT	Applied Materials Inc Delaware	1,283	$263K	0.0%	—	—	COM	038222105
TM	Toyota Motor Corp ADR	1,374	$263K	0.0%	—	—	FOR	892331307
—	Domino's Pizza Inc.	600	$259K	0.0%	—	—	COM	25754a201
—	Devon Energy Corp.	7,350	$258K	0.0%	—	—	COM	25179m103
EFX	Equifax Inc.	1,000	$257K	0.0%	—	—	COM	294429105
—	Tenet Healthcare Corp.	1,250	$254K	0.0%	—	—	COM	88033g100
NUE	Nucor Corp	1,814	$246K	0.0%	—	—	COM	670346105
WY	Weyerhaeuser Co.	9,745	$242K	0.0%	—	—	COM	962166104
—	Enbridge Inc.	4,764	$240K	0.0%	—	—	FOR	29250n105
—	3M Company	1,530	$237K	0.0%	—	—	COM	88579y101
—	Ferguson Enterprises	1,050	$236K	0.0%	—	—	COM	31488v107
—	Alkermes PLC	7,837	$235K	0.0%	—	—	FOR	g01767105
ADBE	Adobe Systems Inc	636	$224K	0.0%	—	—	COM	00724F101
LW	Lamb Weston Holdings	3,738	$217K	0.0%	—	—	COM	513272104
NFLX	Netflix Inc.	180	$216K	0.0%	—	—	COM	64110L106
DECK	Deckers Outdoor Corp	2,072	$210K	0.0%	—	—	COM	243537107
IFF	International Flavors & Fragra	3,375	$208K	0.0%	—	—	COM	459506101
—	Interpublic Group	7,430	$207K	0.0%	—	—	COM	460690100
DE	Deere & Co	450	$206K	0.0%	—	—	COM	244199105
DLR	Digital Realty Trust	1,167	$202K	0.0%	—	—	COM	253868103
WU	Western Union Company	17,452	$139K	0.0%	—	—	COM	959802109
—	Rithm Capital Corp. REIT	11,000	$125K	0.0%	—	—	COM	64828t201
NOK	Nokia Corp Sponsored ADR	10,107	$48,615	0.0%	—	—	FOR	654902204