Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp.	98,226	$47.5M	6.7%	—	—	COM	594918104
PM	Philip Morris International	206,963	$33.2M	4.7%	—	—	COM	718172109
—	Alphabet, Inc Voting Class	89,410	$27.99M	3.9%	—	—	COM	02079k305
BK	Bank of New York Mellon Corp	194,578	$22.59M	3.2%	—	—	COM	064058100
KR	Kroger Co.	356,962	$22.3M	3.1%	—	—	COM	501044101
—	UnitedHealth Group Inc.	64,028	$21.14M	3.0%	—	—	COM	91324p102
—	Mastercard Inc.	32,519	$18.56M	2.6%	—	—	COM	57636q104
BAC	Bank of America Corp	311,758	$17.15M	2.4%	—	—	COM	060505104
WMT	Wal Mart Stores	138,314	$15.41M	2.2%	—	—	COM	931142103
JNJ	Johnson & Johnson	70,745	$14.64M	2.1%	—	—	COM	478160104
—	Visa, Inc.	38,885	$13.64M	1.9%	—	—	COM	92826c839
—	Medtronic PLC	138,854	$13.34M	1.9%	—	—	FOR	g5960L103
ELV	Elevance Health Inc.	36,541	$12.81M	1.8%	—	—	COM	036752103
AFL	AFLAC Inc.	115,194	$12.7M	1.8%	—	—	COM	001055102
BTI	British American Tobacco	219,814	$12.45M	1.7%	—	—	FOR	110448107
—	Merck & Co.Inc. New	117,346	$12.35M	1.7%	—	—	COM	58933y105
—	The Travelers Companies Inc.	40,955	$11.88M	1.7%	—	—	COM	89417e109
BRK/B	Berkshire Hathaway Inc. Class	23,276	$11.7M	1.6%	—	—	COM	084670702
BKNG	Booking Holdings Inc.	2,136	$11.44M	1.6%	—	—	COM	09857L108
PEP	Pepsico Inc.	78,904	$11.32M	1.6%	—	—	COM	713448108
GLW	Corning Inc	126,926	$11.11M	1.6%	—	—	COM	219350105
AIG	American International Group	119,708	$10.24M	1.4%	—	—	COM	026874784
—	Meta Platforms, Inc.	15,393	$10.16M	1.4%	—	—	COM	30303m102
LOW	Lowes Companies	41,036	$9.896M	1.4%	—	—	COM	548661107
—	Valero Energy Corp.	52,342	$8.521M	1.2%	—	—	COM	91913y100
—	Altria Group Inc.	146,858	$8.468M	1.2%	—	—	COM	02209s103
ABT	Abbott Laboratories	66,477	$8.329M	1.2%	—	—	COM	002824100
C	Citigroup Inc.	69,404	$8.099M	1.1%	—	—	COM	172967424
HD	Home Depot Inc.	23,397	$8.051M	1.1%	—	—	COM	437076102
CVS	CVS Health Corp.	100,723	$7.993M	1.1%	—	—	COM	126650100
AAPL	Apple, Inc.	28,809	$7.832M	1.1%	—	—	COM	037833100
—	AbbVie, Inc.	31,197	$7.128M	1.0%	—	—	COM	00287y109
—	Costco Wholesale Corp	7,500	$6.467M	0.9%	—	—	COM	22160k105
UL	Unilever PLC ADR	98,106	$6.416M	0.9%	—	—	FOR	904767803
—	RTX Corp.	34,225	$6.277M	0.9%	—	—	COM	75513e101
KO	Coca-Cola Company	88,319	$6.174M	0.9%	—	—	COM	191216100
BP	BP p.l.c.	177,312	$6.158M	0.9%	—	—	FOR	055622104
MRSH	Marsh & McLennan Co.	33,115	$6.143M	0.9%	—	—	COM	571748102
LINC	Lincoln Educational	236,544	$5.713M	0.8%	—	—	COM	533535100
—	Zimmer Biomet Holdings	62,536	$5.623M	0.8%	—	—	COM	98956p102
—	Monster Beverage Corp.	71,600	$5.49M	0.8%	—	—	COM	61174x109
CI	The Cigna Group	19,571	$5.387M	0.8%	—	—	COM	125523100
—	Molson Coors Brewing Co	106,166	$4.956M	0.7%	—	—	COM	60871r209
DGX	Quest Diagnostics Inc.	25,911	$4.496M	0.6%	—	—	COM	74834L100
—	Unum Group	56,329	$4.365M	0.6%	—	—	COM	91529y106
PAYX	Paychex Inc.	38,064	$4.27M	0.6%	—	—	COM	704326107
CVX	Chevron Corp.	26,095	$3.977M	0.6%	—	—	COM	166764100
AMZN	Amazon.com, Inc.	16,281	$3.758M	0.5%	—	—	COM	023135106
CTVA	Corteva, Inc.	53,062	$3.557M	0.5%	—	—	COM	22052L104
—	Gates Industrial Corporation P	163,976	$3.521M	0.5%	—	—	COM	g39108108
CSCO	Cisco Sys Inc.	45,500	$3.505M	0.5%	—	—	COM	17275R102
BDX	Becton Dickinson & Co	17,534	$3.403M	0.5%	—	—	COM	075887109
FISV	Fiserv Inc.	47,965	$3.222M	0.5%	—	—	COM	337738108
BA	Boeing Company	13,734	$2.982M	0.4%	—	—	COM	097023105
—	Arcos Dorados Hldgs.	398,992	$2.929M	0.4%	—	—	FOR	g0457f107
AMGN	Amgen Inc.	8,910	$2.916M	0.4%	—	—	COM	031162100
MCD	McDonalds Corp	9,501	$2.904M	0.4%	—	—	COM	580135101
WFC	Wells Fargo & Co.	30,627	$2.854M	0.4%	—	—	COM	949746101
WAFD	Washington Federal	88,223	$2.826M	0.4%	—	—	COM	938824109
CTSH	Cognizant Technology Solutions	33,528	$2.783M	0.4%	—	—	COM	192446102
—	ConocoPhillips	28,481	$2.666M	0.4%	—	—	COM	20825c104
—	Keurig Dr. Pepper Inc.	94,756	$2.654M	0.4%	—	—	COM	49271v100
CPF	Central Pacific Financial Corp	83,595	$2.605M	0.4%	—	—	COM	154760409
—	LyondellBasell Industries N.V.	59,410	$2.572M	0.4%	—	—	FOR	n53745100
PG	Procter & Gamble Co.	17,925	$2.569M	0.4%	—	—	COM	742718109
—	General Motors Company	31,049	$2.525M	0.4%	—	—	COM	37045v100
—	DR Horton, Inc	17,200	$2.477M	0.3%	—	—	COM	23331a109
FDX	Fedex Corp	8,551	$2.47M	0.3%	—	—	COM	31428X106
—	Ameriprise Financial Inc.	5,028	$2.465M	0.3%	—	—	COM	03076c106
HSY	Hershey Company	13,460	$2.449M	0.3%	—	—	COM	427866108
—	Comcast Corp Cl A	80,785	$2.415M	0.3%	—	—	COM	20030n101
AXP	American Express Co.	6,511	$2.409M	0.3%	—	—	COM	025816109
—	Grand Canyon Education, Inc.	14,410	$2.397M	0.3%	—	—	COM	38526m106
—	Trane Technologies PLC	6,025	$2.345M	0.3%	—	—	FOR	g8994e103
ORCL	Oracle Corp	11,814	$2.303M	0.3%	—	—	COM	68389X105
PSX	Phillips 66	16,733	$2.159M	0.3%	—	—	COM	718546104
—	Alphabet, Inc Non-Voting Class	6,844	$2.148M	0.3%	—	—	COM	02079k107
WBD	Warner Bros. Discovery, Inc.	70,450	$2.03M	0.3%	—	—	COM	934423104
HRB	H&R Block Inc.	45,292	$1.974M	0.3%	—	—	COM	093671105
PH	Parker-Hannifin Corp.	2,217	$1.949M	0.3%	—	—	COM	701094104
—	Qnity Electronics Inc.	23,188	$1.893M	0.3%	—	—	COM	74743l100
—	DuPont de Nemours, Inc	45,858	$1.843M	0.3%	—	—	COM	26614n102
CAT	Caterpillar Inc.	3,030	$1.736M	0.2%	—	—	COM	149123101
TSM	Taiwan Semiconductor Manufactu	5,587	$1.698M	0.2%	—	—	FOR	874039100
MDLZ	Mondelez International, Inc.	30,756	$1.656M	0.2%	—	—	COM	609207105
YUM	Yum! Brands, Inc.	10,836	$1.639M	0.2%	—	—	COM	988498101
UNP	Union Pacific Corp	7,044	$1.629M	0.2%	—	—	COM	907818108
DIS	The Walt Disney Co.	14,300	$1.627M	0.2%	—	—	COM	254687106
ADP	Automatic Data Processing	6,116	$1.573M	0.2%	—	—	COM	053015103
—	Biogen Inc.	8,911	$1.568M	0.2%	—	—	COM	09062x103
CAE	CAE Inc.	51,330	$1.561M	0.2%	—	—	FOR	124765108
—	America Movil ADR	75,515	$1.561M	0.2%	—	—	FOR	02390a101
PFE	Pfizer Inc.	60,909	$1.517M	0.2%	—	—	COM	717081103
UPS	United Parcel Service Inc.	15,192	$1.507M	0.2%	—	—	COM	911312106
XOM	Exxon Mobil Corp	12,242	$1.473M	0.2%	—	—	COM	30231G102
—	Alibaba Group Holding Limited	9,749	$1.429M	0.2%	—	—	FOR	01609w102
—	The Mosaic Company	59,274	$1.428M	0.2%	—	—	COM	61945c103
—	AON Plc	3,972	$1.402M	0.2%	—	—	FOR	g0403h108
GSK	Glaxo SmithKline ADS	27,532	$1.35M	0.2%	—	—	FOR	37733W204
VZ	Verizon Communications	30,922	$1.259M	0.2%	—	—	COM	92343V104
—	Sally Beauty Holdings Inc.	88,190	$1.258M	0.2%	—	—	COM	79546e104
—	Arch Capital Group Ltd	12,980	$1.245M	0.2%	—	—	FOR	g0450a105
BEN	Franklin Resources Inc.	50,877	$1.215M	0.2%	—	—	COM	354613101
SHEL	Shell PLC	16,188	$1.189M	0.2%	—	—	FOR	780259305
BMY	Bristol Myers Squibb Co.	21,900	$1.181M	0.2%	—	—	COM	110122108
—	FTAI Aviation Ltd.	6,000	$1.181M	0.2%	—	—	COM	G3730v105
CE	Celanese Corp	26,283	$1.111M	0.2%	—	—	COM	150870103
GILD	Gilead Sciences Inc.	8,793	$1.079M	0.2%	—	—	COM	375558103
—	FirstService Corp Voting Share	6,873	$1.069M	0.2%	—	—	FOR	33767e202
CIGI	Colliers International Group	7,160	$1.053M	0.1%	—	—	FOR	194693107
SBUX	Starbucks Corp	12,234	$1.03M	0.1%	—	—	COM	855244109
KLAC	KLA Corporation	835	$1.015M	0.1%	—	—	COM	482480100
—	Diageo PLC ADR	11,700	$1.009M	0.1%	—	—	FOR	25243q205
GPC	Genuine Parts Co	7,340	$903K	0.1%	—	—	COM	372460105
NKE	Nike Inc Class B	13,876	$884K	0.1%	—	—	COM	654106103
USB	US Bancorp Delaware New	15,609	$833K	0.1%	—	—	COM	902973304
TPR	Tapestry Inc.	5,945	$760K	0.1%	—	—	COM	876030107
INTC	Intel Corp.	20,559	$759K	0.1%	—	—	COM	458140100
—	ASML Holding N.V.	703	$752K	0.1%	—	—	FOR	n07059210
DECK	Deckers Outdoor Corp	6,862	$711K	0.1%	—	—	COM	243537107
PGR	Progressive Corp	3,092	$704K	0.1%	—	—	COM	743315103
SCHW	Charles Schwab Corp	6,750	$674K	0.1%	—	—	COM	808513105
GE	GE Aerospace	2,053	$632K	0.1%	—	—	COM	369604301
LMT	Lockheed Martin Corp	1,280	$619K	0.1%	—	—	COM	539830109
TELFY	Telefonica S.A. ADR	151,557	$614K	0.1%	—	—	FOR	879382208
LLY	Eli Lilly & Co	563	$605K	0.1%	—	—	COM	532457108
—	Allegion PLC	3,401	$542K	0.1%	—	—	FOR	g0176j109
—	Nvidia Corp	2,887	$538K	0.1%	—	—	COM	67066g104
QCOM	Qualcomm Inc	3,032	$519K	0.1%	—	—	COM	747525103
—	AT & T, Inc. New	19,178	$476K	0.1%	—	—	COM	00206r102
—	Johnson Controls Intl. PLC	3,922	$470K	0.1%	—	—	FOR	g51502105
DOW	Dow Inc.	19,975	$467K	0.1%	—	—	COM	260557103
—	Yum China Holdings, Inc.	9,729	$464K	0.1%	—	—	FOR	98850p109
—	Ingersoll Rand Inc.	5,490	$435K	0.1%	—	—	COM	45687v106
—	Kenvue Inc.	23,828	$411K	0.1%	—	—	COM	49177j102
ALK	Alaska Air Group Inc.	7,755	$390K	0.1%	—	—	COM	011659109
—	Capital One Financial	1,590	$385K	0.1%	—	—	COM	14040h105
DAL	Delta Airlines - New	5,547	$385K	0.1%	—	—	COM	247361702
HLN	Haleon PLC	37,076	$375K	0.1%	—	—	FOR	405552100
GEV	GE Vernova Inc.	569	$372K	0.1%	—	—	COM	36828A101
WY	Weyerhaeuser Co.	15,344	$363K	0.1%	—	—	COM	962166104
AGCO	AGCO Corp	3,376	$352K	0.0%	—	—	COM	001084102
—	Magnum Ice Cream Company NV	22,086	$350K	0.0%	—	—	FOR	n5505d105
CAG	ConAgra Foods Inc.	19,451	$337K	0.0%	—	—	COM	205887102
AMAT	Applied Materials Inc Delaware	1,283	$330K	0.0%	—	—	COM	038222105
WM	Waste Management Inc. Del	1,480	$325K	0.0%	—	—	COM	94106L109
GD	General Dynamics	952	$321K	0.0%	—	—	COM	369550108
—	J P Morgan Chase & Co.	965	$311K	0.0%	—	—	COM	46625h100
NUE	Nucor Corp	1,814	$296K	0.0%	—	—	COM	670346105
CSX	CSX Corp	7,566	$274K	0.0%	—	—	COM	126408103
ITW	Illinois Tool Works Inc.	1,099	$271K	0.0%	—	—	COM	452308109
—	Devon Energy Corp.	7,350	$269K	0.0%	—	—	COM	25179m103
TM	Toyota Motor Corp ADR	1,249	$267K	0.0%	—	—	FOR	892331307
—	Domino's Pizza Inc.	600	$250K	0.0%	—	—	COM	25754a201
—	Tenet Healthcare Corp.	1,250	$248K	0.0%	—	—	COM	88033g107
—	Hewlett Packard Enterprise Co.	10,309	$248K	0.0%	—	—	COM	42824c109
OXY	Occidental Petroleum Corp	5,879	$242K	0.0%	—	—	COM	674599105
LH	Labcorp Holdings Inc.	950	$238K	0.0%	—	—	COM	504922105
—	Ferguson Enterprises	1,050	$234K	0.0%	—	—	COM	31488v107
—	Micron Technology Inc.	795	$227K	0.0%	—	—	COM	595112AB9
—	Paramount Skydance Corp Class	16,793	$225K	0.0%	—	—	COM	69932a204
ADBE	Adobe Systems Inc	636	$223K	0.0%	—	—	COM	00724F101
FOXA	Fox Corporation Class A	3,041	$222K	0.0%	—	—	COM	35137L105
—	Enbridge Inc.	4,539	$217K	0.0%	—	—	FOR	29250n105
EFX	Equifax Inc.	1,000	$217K	0.0%	—	—	COM	294429105
—	Alkermes PLC	7,652	$214K	0.0%	—	—	FOR	g01767105
—	3M Company	1,330	$213K	0.0%	—	—	COM	88579y101
—	Builders FirstSource Inc.	2,000	$206K	0.0%	—	—	COM	12008r107
HPQ	HP Inc.	9,210	$205K	0.0%	—	—	COM	40434L105
—	Principal Financial Group	2,322	$205K	0.0%	—	—	COM	74251v102
ANDE	Andersons Inc.	3,802	$202K	0.0%	—	—	COM	034164103
—	Zoetis Inc	1,600	$201K	0.0%	—	—	COM	98978v103
OMC	Omnicom Group Inc.	2,480	$200K	0.0%	—	—	COM	681919106
WU	Western Union Company	14,871	$138K	0.0%	—	—	COM	959802109
—	Rithm Capital Corp. REIT	11,000	$120K	0.0%	—	—	COM	64828t201
FORR	Forrester Research Inc.	13,876	$113K	0.0%	—	—	COM	346563109
NOK	Nokia Corp Sponsored ADR	10,107	$65,392	0.0%	—	—	FOR	654902204