Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PM	Philip Morris International	205,647	$34M	4.9%	—	—	COM	718172109
MSFT	Microsoft Corp.	84,932	$31.44M	4.5%	—	—	COM	594918104
—	Alphabet, Inc Voting Class	89,432	$25.72M	3.7%	—	—	COM	02079k305
KR	Kroger Co.	340,137	$24.61M	3.5%	—	—	COM	501044101
BK	Bank of New York Mellon Corp	163,641	$19.41M	2.8%	—	—	COM	064058100
—	UnitedHealth Group Inc.	63,937	$17.3M	2.5%	—	—	COM	91324p102
JNJ	Johnson & Johnson	70,703	$17.28M	2.5%	—	—	COM	478160104
GLW	Corning Inc	126,681	$17.22M	2.5%	—	—	COM	219350105
WMT	Wal Mart Stores	136,706	$16.99M	2.4%	—	—	COM	931142103
BAC	Bank of America Corp	310,053	$15.12M	2.2%	—	—	COM	060505104
—	Mastercard Inc.	28,521	$14.25M	2.0%	—	—	COM	57636q104
—	Merck & Co.Inc. New	117,242	$14.1M	2.0%	—	—	COM	58933y105
BTI	British American Tobacco	220,744	$12.91M	1.9%	—	—	FOR	110448107
—	Valero Energy Corp.	51,962	$12.84M	1.8%	—	—	COM	91913y100
AFL	AFLAC Inc.	114,978	$12.61M	1.8%	—	—	COM	001055102
PEP	Pepsico Inc.	78,464	$12.18M	1.7%	—	—	COM	713448108
—	Medtronic PLC	138,479	$12M	1.7%	—	—	FOR	g5960L103
—	The Travelers Companies Inc.	40,655	$11.86M	1.7%	—	—	COM	89417e109
BRK/B	Berkshire Hathaway Inc. Class	23,409	$11.22M	1.6%	—	—	COM	084670702
ELV	Elevance Health Inc.	36,367	$10.65M	1.5%	—	—	COM	036752103
—	Visa, Inc.	34,888	$10.54M	1.5%	—	—	COM	92826c839
LOW	Lowes Companies	41,015	$9.691M	1.4%	—	—	COM	548661107
—	Altria Group Inc.	145,533	$9.604M	1.4%	—	—	COM	02209s103
AIG	American International Group	124,740	$9.387M	1.3%	—	—	COM	026874784
BKNG	Booking Holdings Inc.	2,135	$8.989M	1.3%	—	—	COM	09857L108
—	Meta Platforms, Inc.	15,412	$8.818M	1.3%	—	—	COM	30303m102
LINC	Lincoln Educational	216,406	$8.803M	1.3%	—	—	COM	533535100
BP	BP p.l.c.	176,962	$8.317M	1.2%	—	—	FOR	055622104
C	Citigroup Inc.	69,416	$7.872M	1.1%	—	—	COM	172967424
HD	Home Depot Inc.	23,412	$7.7M	1.1%	—	—	COM	437076102
CVS	CVS Health Corp.	100,195	$7.196M	1.0%	—	—	COM	126650100
AAPL	Apple, Inc.	27,096	$6.877M	1.0%	—	—	COM	037833100
ABT	Abbott Laboratories	66,433	$6.821M	1.0%	—	—	COM	002824100
—	AbbVie, Inc.	31,054	$6.754M	1.0%	—	—	COM	00287y109
KO	Coca-Cola Company	88,272	$6.713M	1.0%	—	—	COM	191216100
—	RTX Corp.	34,238	$6.605M	0.9%	—	—	COM	75513e101
—	Costco Wholesale Corp	6,373	$6.35M	0.9%	—	—	COM	22160k105
—	Zimmer Biomet Holdings	68,911	$6.231M	0.9%	—	—	COM	98956p102
MRSH	Marsh	32,870	$5.701M	0.8%	—	—	COM	571748102
UL	Unilever PLC ADR	98,086	$5.588M	0.8%	—	—	FOR	904767803
CVX	Chevron Corp.	25,863	$5.351M	0.8%	—	—	COM	166764100
—	Monster Beverage Corp.	71,600	$5.188M	0.7%	—	—	COM	61174x109
DGX	Quest Diagnostics Inc.	25,451	$4.988M	0.7%	—	—	COM	74834L100
—	LyondellBasell Industries N.V.	59,140	$4.764M	0.7%	—	—	FOR	n53745100
CI	The Cigna Group	17,421	$4.647M	0.7%	—	—	COM	125523100
—	Molson Coors Brewing Co	105,416	$4.539M	0.7%	—	—	COM	60871r209
CTVA	Corteva, Inc.	52,986	$4.435M	0.6%	—	—	COM	22052L104
—	Unum Group	55,814	$4.076M	0.6%	—	—	COM	91529y106
—	ConocoPhillips	28,451	$3.756M	0.5%	—	—	COM	20825c104
—	Gates Industrial Corporation P	165,211	$3.735M	0.5%	—	—	COM	g39108108
CSCO	Cisco Sys Inc.	47,050	$3.651M	0.5%	—	—	COM	17275R102
PAYX	Paychex Inc.	37,893	$3.491M	0.5%	—	—	COM	704326107
—	Arcos Dorados Hldgs.	419,547	$3.461M	0.5%	—	—	FOR	g0457f107
AMZN	Amazon.com, Inc.	16,477	$3.432M	0.5%	—	—	COM	023135106
FISV	Fiserv Inc.	60,465	$3.374M	0.5%	—	—	COM	337738108
AMGN	Amgen Inc.	8,910	$3.135M	0.5%	—	—	COM	031162100
PSX	Phillips 66	16,633	$3.03M	0.4%	—	—	COM	718546104
FDX	Fedex Corp	8,501	$3.028M	0.4%	—	—	COM	31428X106
MCD	McDonalds Corp	9,517	$2.958M	0.4%	—	—	COM	580135101
BDX	Becton Dickinson & Co	17,819	$2.802M	0.4%	—	—	COM	075887109
—	Keurig Dr. Pepper Inc.	106,256	$2.798M	0.4%	—	—	COM	49271v100
BA	Boeing Company	13,595	$2.706M	0.4%	—	—	COM	097023105
—	Qnity Electronics Inc.	23,134	$2.669M	0.4%	—	—	COM	74743l100
CPF	Central Pacific Financial Corp	83,480	$2.668M	0.4%	—	—	COM	154760409
PG	Procter & Gamble Co.	17,840	$2.577M	0.4%	—	—	COM	742718109
—	Trane Technologies PLC	6,020	$2.509M	0.4%	—	—	FOR	g8994e103
WFC	Wells Fargo & Co.	30,815	$2.453M	0.4%	—	—	COM	949746101
—	Grand Canyon Education, Inc.	14,410	$2.45M	0.4%	—	—	COM	38526m106
WAFD	Washington Federal	77,992	$2.449M	0.4%	—	—	COM	938824109
—	DR Horton, Inc	17,200	$2.36M	0.3%	—	—	COM	23331a109
—	Comcast Corp Cl A	80,785	$2.319M	0.3%	—	—	COM	20030n101
—	General Motors Company	30,879	$2.3M	0.3%	—	—	COM	37045v100
—	Ameriprise Financial Inc.	4,988	$2.217M	0.3%	—	—	COM	03076c106
—	DuPont de Nemours, Inc	45,782	$2.097M	0.3%	—	—	COM	26614n102
CAT	Caterpillar Inc.	2,951	$2.091M	0.3%	—	—	COM	149123101
XOM	Exxon Mobil Corp	11,961	$2.029M	0.3%	—	—	COM	30231G102
PH	Parker-Hannifin Corp.	2,217	$1.985M	0.3%	—	—	COM	701094104
AXP	American Express Co.	6,461	$1.954M	0.3%	—	—	COM	025816109
—	Alphabet, Inc Non-Voting Class	6,810	$1.954M	0.3%	—	—	COM	02079k107
WBD	Warner Bros. Discovery, Inc.	70,141	$1.926M	0.3%	—	—	COM	934423104
—	America Movil ADR	75,280	$1.918M	0.3%	—	—	FOR	02390a101
TSM	Taiwan Semiconductor Manufactu	5,587	$1.888M	0.3%	—	—	FOR	874039100
CTSH	Cognizant Technology Solutions	30,743	$1.886M	0.3%	—	—	COM	192446102
MDLZ	Mondelez International, Inc.	30,552	$1.761M	0.3%	—	—	COM	609207105
CE	Celanese Corp	26,533	$1.745M	0.3%	—	—	COM	150870103
ORCL	Oracle Corp	11,852	$1.744M	0.3%	—	—	COM	68389X105
PFE	Pfizer Inc.	61,759	$1.734M	0.2%	—	—	COM	717081103
UNP	Union Pacific Corp	7,044	$1.709M	0.2%	—	—	COM	907818108
—	The Mosaic Company	66,264	$1.69M	0.2%	—	—	COM	61945c103
YUM	Yum! Brands, Inc.	10,836	$1.685M	0.2%	—	—	COM	988498101
—	Biogen Inc.	8,869	$1.626M	0.2%	—	—	COM	09062x103
HSY	Hershey Company	7,660	$1.592M	0.2%	—	—	COM	427866108
VZ	Verizon Communications	30,847	$1.549M	0.2%	—	—	COM	92343V104
GSK	Glaxo SmithKline ADS	27,532	$1.519M	0.2%	—	—	FOR	37733W204
SHEL	Shell PLC	16,188	$1.505M	0.2%	—	—	FOR	780259305
UPS	United Parcel Service Inc.	15,150	$1.49M	0.2%	—	—	COM	911312106
—	FTAI Aviation Ltd.	6,000	$1.47M	0.2%	—	—	COM	G3730v105
HRB	H&R Block Inc.	43,212	$1.372M	0.2%	—	—	COM	093671105
—	AON Plc	4,222	$1.363M	0.2%	—	—	FOR	g0403h108
DIS	The Walt Disney Co.	14,114	$1.36M	0.2%	—	—	COM	254687106
CAE	CAE Inc.	51,330	$1.337M	0.2%	—	—	FOR	124765108
BMY	Bristol Myers Squibb Co.	21,851	$1.325M	0.2%	—	—	COM	110122108
—	Arch Capital Group Ltd	12,905	$1.239M	0.2%	—	—	FOR	g0450a105
—	Sally Beauty Holdings Inc.	89,190	$1.235M	0.2%	—	—	COM	79546e104
—	Alibaba Group Holding Limited	9,769	$1.226M	0.2%	—	—	FOR	01609w102
ADP	Automatic Data Processing	6,016	$1.222M	0.2%	—	—	COM	053015103
GILD	Gilead Sciences Inc.	8,616	$1.201M	0.2%	—	—	COM	375558103
BEN	Franklin Resources Inc.	50,387	$1.19M	0.2%	—	—	COM	354613101
SBUX	Starbucks Corp	12,184	$1.092M	0.2%	—	—	COM	855244109
KLAC	KLA Corporation	700	$1.031M	0.1%	—	—	COM	482480100
—	FirstService Corp Voting Share	6,873	$955K	0.1%	—	—	FOR	33767e202
—	ASML Holding N.V.	708	$935K	0.1%	—	—	FOR	n07059210
INTC	Intel Corp.	20,234	$893K	0.1%	—	—	COM	458140100
—	Diageo PLC ADR	11,600	$864K	0.1%	—	—	FOR	25243q205
TPR	Tapestry Inc.	5,945	$839K	0.1%	—	—	COM	876030107
DOW	Dow Inc.	19,883	$828K	0.1%	—	—	COM	260557103
USB	US Bancorp Delaware New	15,769	$820K	0.1%	—	—	COM	902973304
GPC	Genuine Parts Co	7,340	$776K	0.1%	—	—	COM	372460105
CIGI	Colliers International Group	7,160	$765K	0.1%	—	—	FOR	194693107
LMT	Lockheed Martin Corp	1,260	$762K	0.1%	—	—	COM	539830109
NKE	Nike Inc Class B	13,876	$733K	0.1%	—	—	COM	654106103
WAT	Waters Corp.	2,401	$715K	0.1%	—	—	COM	941848103
DECK	Deckers Outdoor Corp	6,862	$687K	0.1%	—	—	COM	243537107
TELFY	Telefonica S.A. ADR	150,998	$655K	0.1%	—	—	FOR	879382208
SCHW	Charles Schwab Corp	6,968	$655K	0.1%	—	—	COM	808513105
PGR	Progressive Corp	3,167	$628K	0.1%	—	—	COM	743315103
GE	GE Aerospace	2,086	$592K	0.1%	—	—	COM	369604301
—	Wal-Mart de Mexico SA DE	16,828	$547K	0.1%	—	—	FOR	93114w107
—	Nvidia Corp	3,125	$545K	0.1%	—	—	COM	67066g104
—	AT & T, Inc. New	18,584	$539K	0.1%	—	—	COM	00206r102
LLY	Eli Lilly & Co	579	$533K	0.1%	—	—	COM	532457108
—	Johnson Controls Intl. PLC	3,922	$514K	0.1%	—	—	FOR	g51502105
GEV	GE Vernova Inc.	579	$505K	0.1%	—	—	COM	36828A101
—	Domino's Pizza Inc.	1,400	$502K	0.1%	—	—	COM	25754a201
—	Allegion PLC	3,401	$494K	0.1%	—	—	FOR	g0176j109
—	Yum China Holdings, Inc.	9,729	$475K	0.1%	—	—	FOR	98850p109
—	Ingersoll Rand Inc.	5,490	$440K	0.1%	—	—	COM	45687v106
AMAT	Applied Materials Inc Delaware	1,283	$439K	0.1%	—	—	COM	038222105
—	Kenvue Inc.	23,828	$411K	0.1%	—	—	COM	49177j102
QCOM	Qualcomm Inc	3,032	$390K	0.1%	—	—	COM	747525103
OXY	Occidental Petroleum Corp	5,879	$382K	0.1%	—	—	COM	674599105
—	Public Storage. Inc.	1,405	$381K	0.1%	—	—	COM	74460d109
AGCO	AGCO Corp	3,276	$380K	0.1%	—	—	COM	001084102
WY	Weyerhaeuser Co.	15,284	$373K	0.1%	—	—	COM	962166104
—	Devon Energy Corp.	7,350	$370K	0.1%	—	—	COM	25179m103
HLN	Haleon PLC	36,876	$369K	0.1%	—	—	FOR	405552100
DAL	Delta Airlines - New	5,547	$369K	0.1%	—	—	COM	247361702
UTI	Universal Technical Institute	10,000	$361K	0.1%	—	—	COM	913915104
WM	Waste Management Inc. Del	1,480	$340K	0.0%	—	—	COM	94106L109
—	Magnum Ice Cream Company NV	22,086	$330K	0.0%	—	—	FOR	n5505d105
GD	General Dynamics	952	$327K	0.0%	—	—	COM	369550108
CSX	CSX Corp	7,566	$311K	0.0%	—	—	COM	126408103
CAG	ConAgra Foods Inc.	19,351	$304K	0.0%	—	—	COM	205887102
—	Micron Technology Inc.	890	$301K	0.0%	—	—	COM	595112AB9
—	Vertiv Holdings Co.	1,190	$298K	0.0%	—	—	COM	92537n108
—	J P Morgan Chase & Co.	1,013	$298K	0.0%	—	—	COM	46625h100
—	Capital One Financial	1,625	$296K	0.0%	—	—	COM	14040h105
NUE	Nucor Corp	1,741	$294K	0.0%	—	—	COM	670346105
ALK	Alaska Air Group Inc.	7,555	$278K	0.0%	—	—	COM	011659109
—	Alkermes PLC	7,652	$271K	0.0%	—	—	FOR	g01767105
ANDE	Andersons Inc.	3,727	$268K	0.0%	—	—	COM	034164103
—	Enbridge Inc.	4,766	$258K	0.0%	—	—	FOR	29250n105
TM	Toyota Motor Corp ADR	1,249	$257K	0.0%	—	—	FOR	892331307
—	Ferguson Enterprises	1,050	$245K	0.0%	—	—	COM	31488v107
ITW	Illinois Tool Works Inc.	934	$243K	0.0%	—	—	COM	452308109
LH	Labcorp Holdings Inc.	890	$237K	0.0%	—	—	COM	504922105
—	Hewlett Packard Enterprise Co.	9,959	$237K	0.0%	—	—	COM	42824c109
—	Tenet Healthcare Corp.	1,250	$236K	0.0%	—	—	COM	88033g107
DLR	Digital Realty Trust	1,167	$210K	0.0%	—	—	COM	253868103
—	Principal Financial Group	2,322	$209K	0.0%	—	—	COM	74251v102
—	Paramount Skydance Corp Class	15,915	$144K	0.0%	—	—	COM	69932a204
WU	Western Union Company	14,851	$130K	0.0%	—	—	COM	959802109
—	Rithm Capital Corp. REIT	11,000	$104K	0.0%	—	—	COM	64828t201
NOK	Nokia Corp Sponsored ADR	10,107	$81,260	0.0%	—	—	FOR	654902204
FORR	Forrester Research Inc.	13,076	$74,010	0.0%	—	—	COM	346563109
—	DHI Group Inc.	10,000	$28,100	0.0%	—	—	COM	23331s100