#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Microsoft Corp.	MSFT	98,226	$47.5M	8.44%
2	Philip Morris International	718172109	206,963	$33.2M	5.90%
3	Alphabet, Inc Voting Class	GOOG	89,410	$28.0M	4.97%
4	Bank of New York Mellon Corp	064058100	194,578	$22.6M	4.01%
5	Kroger Co.	KR	356,962	$22.3M	3.96%
6	UnitedHealth Group Inc.	UNH	64,028	$21.1M	3.76%
7	Mastercard Inc.	MA	32,519	$18.6M	3.30%
8	Bank of America Corp	060505104	311,758	$17.1M	3.05%
9	Wal Mart Stores	WMT	138,314	$15.4M	2.74%
10	Johnson & Johnson	JNJ	70,745	$14.6M	2.60%
11	Visa, Inc.	V	38,885	$13.6M	2.42%
12	Medtronic PLC	MDT	138,854	$13.3M	2.37%
13	Elevance Health Inc.	ELV	36,541	$12.8M	2.28%
14	AFLAC Inc.	AFL	115,194	$12.7M	2.26%
15	British American Tobacco	110448107	219,814	$12.4M	2.21%
16	Merck & Co.Inc. New	MRK	117,346	$12.4M	2.20%
17	The Travelers Companies Inc.	TRV	40,955	$11.9M	2.11%
18	Berkshire Hathaway Inc. Class	BRK-A	23,276	$11.7M	2.08%
19	Booking Holdings Inc.	BKNG	2,136	$11.4M	2.03%
20	Pepsico Inc.	PEP	78,904	$11.3M	2.01%