The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFLAC Inc. COM 001055102   9,186,522 127,697 SH   SOLE   127,697 0 0
AGCO Corp COM 001084102   575,563 4,150 SH   SOLE   4,150 0 0
AT & T, Inc. New COM 00206r102   623,426 33,863 SH   SOLE   33,863 0 0
AbbVie, Inc. COM 00287y109   5,704,510 35,298 SH   SOLE   35,298 0 0
Abbott Laboratories COM 002824100   8,253,918 75,179 SH   SOLE   75,179 0 0
Adobe Systems Inc COM 00724F101   230,187 684 SH   SOLE   684 0 0
Alaska Air Group Inc. COM 011659109   422,744 9,845 SH   SOLE   9,845 0 0
Alphabet, Inc Non-Voting Class COM 02079k107   409,933 4,620 SH   SOLE   4,620 0 0
Alphabet, Inc Voting Class COM 02079k305   7,541,900 85,480 SH   SOLE   85,480 0 0
Altria Group Inc. COM 02209s103   7,319,131 160,121 SH   SOLE   160,121 0 0
Amazon.com, Inc. COM 023135106   444,360 5,290 SH   SOLE   5,290 0 0
American Express Co. COM 025816109   1,074,586 7,273 SH   SOLE   7,273 0 0
American International Group COM 026874784   6,671,630 105,497 SH   SOLE   105,497 0 0
Ameriprise Financial Inc. COM 03076c106   1,412,997 4,538 SH   SOLE   4,538 0 0
Amgen Inc. COM 031162100   2,339,597 8,908 SH   SOLE   8,908 0 0
Apple, Inc. COM 037833100   4,007,821 30,846 SH   SOLE   30,846 0 0
Automatic Data Processing COM 053015103   1,916,135 8,022 SH   SOLE   8,022 0 0
Bank of America Corp COM 060505104   11,255,237 339,832 SH   SOLE   339,832 0 0
Bank of New York Mellon Corp COM 064058100   10,698,065 235,019 SH   SOLE   235,019 0 0
Becton Dickinson & Co COM 075887109   3,393,633 13,345 SH   SOLE   13,345 0 0
Berkshire Hathaway Inc. Class COM 084670702   7,853,782 25,425 SH   SOLE   25,425 0 0
Biogen Inc. COM 09062x103   6,187,777 22,345 SH   SOLE   22,345 0 0
Boeing Company COM 097023105   2,872,399 15,079 SH   SOLE   15,079 0 0
Booking Holdings Inc. COM 09857L108   4,373,158 2,170 SH   SOLE   2,170 0 0
Bristol Myers Squibb Co. COM 110122108   2,104,321 29,247 SH   SOLE   29,247 0 0
CSX Corp COM 126408103   234,395 7,566 SH   SOLE   7,566 0 0
CVS Health Corp. COM 126650100   10,230,004 109,776 SH   SOLE   109,776 0 0
Caterpillar Inc. COM 149123101   848,042 3,540 SH   SOLE   3,540 0 0
Celanese Corp COM 150870103   2,998,188 29,325 SH   SOLE   29,325 0 0
Central Pacific Financial Co COM 154760409   1,784,640 88,000 SH   SOLE   88,000 0 0
Chevron Corp. COM 166764100   4,508,609 25,119 SH   SOLE   25,119 0 0
Cigna Corp COM 125523100   8,492,576 25,631 SH   SOLE   25,631 0 0
Cisco Sys Inc. COM 17275R102   2,377,522 49,906 SH   SOLE   49,906 0 0
Citigroup Inc. COM 172967424   3,363,981 74,375 SH   SOLE   74,375 0 0
Coca-Cola Company COM 191216100   6,398,711 100,593 SH   SOLE   100,593 0 0
Cognizant Technology Solutions COM 192446102   2,395,861 41,893 SH   SOLE   41,893 0 0
Comcast Corp Cl A COM 20030n101   3,381,634 96,701 SH   SOLE   96,701 0 0
ConAgra Foods Inc. COM 205887102   985,302 25,460 SH   SOLE   25,460 0 0
ConocoPhillips COM 20825c104   3,448,432 29,224 SH   SOLE   29,224 0 0
Corning Inc COM 219350105   5,290,094 165,626 SH   SOLE   165,626 0 0
Corteva, Inc. COM 22052L104   3,371,209 57,353 SH   SOLE   57,353 0 0
Costco Wholesale Corp COM 22160k105   4,120,830 9,027 SH   SOLE   9,027 0 0
DR Horton, Inc COM 23331a109   1,534,991 17,220 SH   SOLE   17,220 0 0
Delta Airlines - New COM 247361702   223,448 6,800 SH   SOLE   6,800 0 0
Dow Inc. COM 260557103   2,881,603 57,186 SH   SOLE   57,186 0 0
DuPont de Nemours, Inc COM 26614n102   3,486,129 50,796 SH   SOLE   50,796 0 0
Elevance Health Inc. COM 036752103   23,871,572 46,536 SH   SOLE   46,536 0 0
Eli Lilly & Co COM 532457108   265,600 726 SH   SOLE   726 0 0
Exxon Mobil Corp COM 30231G102   1,419,165 12,866 SH   SOLE   12,866 0 0
Fedex Corp COM 31428X106   2,413,614 13,935 SH   SOLE   13,935 0 0
Ford Motor Co.- New COM 345370860   173,078 14,882 SH   SOLE   14,882 0 0
Forrester Research Inc. COM 346563109   681,228 19,050 SH   SOLE   19,050 0 0
Franklin Resources Inc. COM 354613101   2,927,468 110,973 SH   SOLE   110,973 0 0
Gates Industrial Corporation P COM g39108108   1,533,493 134,399 SH   SOLE   134,399 0 0
General Electric Co. COM 369604103   201,766 2,408 SH   SOLE   2,408 0 0
General Mills COM 370334104   211,805 2,526 SH   SOLE   2,526 0 0
General Motors Company COM 37045v100   1,300,993 38,674 SH   SOLE   38,674 0 0
Genuine Parts Co COM 372460105   223,828 1,290 SH   SOLE   1,290 0 0
Gilead Sciences Inc. COM 375558103   1,133,907 13,208 SH   SOLE   13,208 0 0
Global Medical REIT, Inc. COM 37954a204   113,760 12,000 SH   SOLE   12,000 0 0
Grand Canyon Education, Inc. COM 38526m106   1,527,315 14,455 SH   SOLE   14,455 0 0
H&R Block Inc. COM 093671105   1,974,534 54,082 SH   SOLE   54,082 0 0
HP Inc. COM 40434L105   297,558 11,074 SH   SOLE   11,074 0 0
Hewlett Packard Enterprise Co. COM 42824c109   188,663 11,821 SH   SOLE   11,821 0 0
Home Depot Inc. COM 437076102   8,158,112 25,828 SH   SOLE   25,828 0 0
Illinois Tool Works Inc. COM 452308109   243,211 1,104 SH   SOLE   1,104 0 0
Ingersoll Rand Inc. COM 45687v106   316,374 6,055 SH   SOLE   6,055 0 0
Intel Corp. COM 458140100   687,074 25,996 SH   SOLE   25,996 0 0
International Flavors & Fragra COM 459506101   433,513 4,135 SH   SOLE   4,135 0 0
Interpublic Group COM 460690100   295,193 8,862 SH   SOLE   8,862 0 0
IsoRay, Inc. COM 46489v104   3,513 14,218 SH   SOLE   14,218 0 0
Johnson & Johnson COM 478160104   13,564,954 76,790 SH   SOLE   76,790 0 0
Keurig Dr. Pepper Inc. COM 49271v100   460,870 12,924 SH   SOLE   12,924 0 0
Kla-Tencor Corp COM 482480100   314,820 835 SH   SOLE   835 0 0
Kroger Co. COM 501044101   16,651,388 373,517 SH   SOLE   373,517 0 0
Laboratory Corp. of America COM 50540r409   281,399 1,195 SH   SOLE   1,195 0 0
Lamb Weston Holdings COM 513272104   740,616 8,288 SH   SOLE   8,288 0 0
Lincoln Educational COM 533535100   1,322,285 228,374 SH   SOLE   228,374 0 0
Lloyds TSB Group COM 539439109   36,300 16,500 SH   SOLE   16,500 0 0
Lockheed Martin Corp COM 539830109   739,465 1,520 SH   SOLE   1,520 0 0
Lowes Companies COM 548661107   7,257,915 36,428 SH   SOLE   36,428 0 0
Lumen Technologies, Inc. COM 550241103   68,037 13,034 SH   SOLE   13,034 0 0
Manitex Intl COM 563420108   709,124 177,281 SH   SOLE   177,281 0 0
ManpowerGroup Inc. COM 56418h100   340,329 4,090 SH   SOLE   4,090 0 0
Marsh & McLennan Co. COM 571748102   5,744,473 34,714 SH   SOLE   34,714 0 0
Mastercard Inc. COM 57636q104   16,174,661 46,515 SH   SOLE   46,515 0 0
McDonalds Corp COM 580135101   3,118,087 11,832 SH   SOLE   11,832 0 0
Merck & Co.Inc. New COM 58933y105   13,963,834 125,857 SH   SOLE   125,857 0 0
Meta Platforms, Inc. COM 30303m102   1,788,252 14,860 SH   SOLE   14,860 0 0
Microsoft Corp. COM 594918104   28,381,041 118,343 SH   SOLE   118,343 0 0
Molson Coors Brewing Co COM 60871r209   5,778,814 112,166 SH   SOLE   112,166 0 0
Mondelez International, Inc. COM 609207105   2,469,516 37,052 SH   SOLE   37,052 0 0
Monster Beverage Corp. COM 61174x109   3,634,774 35,800 SH   SOLE   35,800 0 0
Nike Inc Class B COM 654106103   1,803,709 15,415 SH   SOLE   15,415 0 0
Nucor Corp COM 670346105   258,348 1,960 SH   SOLE   1,960 0 0
Oracle Corp COM 68389X105   1,031,395 12,618 SH   SOLE   12,618 0 0
Organon & Co. COM 68622v106   1,347,734 48,254 SH   SOLE   48,254 0 0
Paramount Global B COM 92556h206   437,378 25,911 SH   SOLE   25,911 0 0
Parker-Hannifin Corp. COM 701094104   656,205 2,255 SH   SOLE   2,255 0 0
Paychex Inc. COM 704326107   4,862,880 42,081 SH   SOLE   42,081 0 0
Pepsico Inc. COM 713448108   15,200,190 84,137 SH   SOLE   84,137 0 0
Pfizer Inc. COM 717081103   3,433,878 67,016 SH   SOLE   67,016 0 0
Philip Morris International COM 718172109   20,655,139 204,082 SH   SOLE   204,082 0 0
Phillips 66 COM 718546104   1,853,873 17,812 SH   SOLE   17,812 0 0
Procter & Gamble Co. COM 742718109   3,163,057 20,870 SH   SOLE   20,870 0 0
Qualcomm Inc COM 747525103   334,437 3,042 SH   SOLE   3,042 0 0
Quest Diagnostics Inc. COM 74834L100   4,828,521 30,865 SH   SOLE   30,865 0 0
Raytheon Technologies COM 75513e101   3,140,227 31,116 SH   SOLE   31,116 0 0
SM Energy Company COM 78454L100   219,081 6,290 SH   SOLE   6,290 0 0
Sally Beauty Holdings Inc. COM 79546e104   985,149 78,686 SH   SOLE   78,686 0 0
Starbucks Corp COM 855244109   1,314,698 13,253 SH   SOLE   13,253 0 0
Tapestry Inc. COM 876030107   308,638 8,105 SH   SOLE   8,105 0 0
The Kraft Heinz Company COM 500754106   483,309 11,872 SH   SOLE   11,872 0 0
The Mosaic Company COM 61945c103   2,802,456 63,881 SH   SOLE   63,881 0 0
The Travelers Companies Inc. COM 89417e109   9,372,437 49,989 SH   SOLE   49,989 0 0
The Walt Disney Co. COM 254687106   1,369,489 15,763 SH   SOLE   15,763 0 0
US Bancorp Delaware New COM 902973304   415,821 9,535 SH   SOLE   9,535 0 0
Union Pacific Corp COM 907818108   2,007,130 9,693 SH   SOLE   9,693 0 0
United Parcel Service Inc. COM 911312106   2,800,685 16,111 SH   SOLE   16,111 0 0
UnitedHealth Group Inc. COM 91324p102   43,328,534 81,724 SH   SOLE   81,724 0 0
Unum Group COM 91529y106   2,589,075 63,102 SH   SOLE   63,102 0 0
Valero Energy Corp. COM 91913y100   7,718,401 60,842 SH   SOLE   60,842 0 0
Value Line Inc. COM 920437100   220,768 4,339 SH   SOLE   4,339 0 0
Verizon Communications COM 92343V104   1,370,962 34,796 SH   SOLE   34,796 0 0
Visa, Inc. COM 92826c839   8,852,030 42,607 SH   SOLE   42,607 0 0
WW International, Inc. COM 98262p101   46,231 11,977 SH   SOLE   11,977 0 0
Wal Mart Stores COM 931142103   7,308,140 51,542 SH   SOLE   51,542 0 0
Warner Bros. Discovery, Inc. COM 934423104   1,777,500 187,500 SH   SOLE   187,500 0 0
Washington Federal COM 938824109   1,479,622 44,102 SH   SOLE   44,102 0 0
Waste Management Inc. Del COM 94106L109   275,638 1,757 SH   SOLE   1,757 0 0
Wells Fargo & Co. COM 949746101   1,509,851 36,567 SH   SOLE   36,567 0 0
Western Union Company COM 959802109   356,271 25,873 SH   SOLE   25,873 0 0
Weyerhaeuser Co. COM 962166104   397,792 12,832 SH   SOLE   12,832 0 0
Yum! Brands, Inc. COM 988498101   1,502,378 11,730 SH   SOLE   11,730 0 0
Zimmer Biomet Holdings COM 98956p102   7,906,147 62,009 SH   SOLE   62,009 0 0
AON Plc FOR g0403h108   855,999 2,852 SH   SOLE   2,852 0 0
Alibaba Group Holding Limited FOR 01609w102   1,140,765 12,950 SH   SOLE   12,950 0 0
Alkermes PLC FOR g01767105   353,826 13,541 SH   SOLE   13,541 0 0
Allegion PLC FOR g0176j109   379,462 3,605 SH   SOLE   3,605 0 0
America Movil ADR FOR 02364W105   2,008,024 110,331 SH   SOLE   110,331 0 0
Arcos Dorados Hldgs. FOR g0457f107   2,852,825 341,247 SH   SOLE   341,247 0 0
BP p.l.c. FOR 055622104   7,063,335 202,214 SH   SOLE   202,214 0 0
British American Tobacco FOR 110448107   5,347,725 133,760 SH   SOLE   133,760 0 0
CAE Inc. FOR 124765108   598,283 30,935 SH   SOLE   30,935 0 0
Colliers International Group FOR 194693107   659,006 7,160 SH   SOLE   7,160 0 0
Credit Suisse Group ADR FOR 225401108   121,907 40,101 SH   SOLE   40,101 0 0
Diageo PLC ADR FOR 25243q205   2,125,629 11,929 SH   SOLE   11,929 0 0
Enbridge Inc. FOR 29250n105   205,549 5,257 SH   SOLE   5,257 0 0
FirstService Corp Voting Share FOR 33767e103   872,924 7,123 SH   SOLE   7,123 0 0
Glaxo SmithKline ADS FOR 37733W204   1,233,519 35,103 SH   SOLE   35,103 0 0
Haleon PLC FOR 405552100   355,168 44,396 SH   SOLE   44,396 0 0
LyondellBasell Industries N.V. FOR n53745100   5,633,835 67,853 SH   SOLE   67,853 0 0
Medtronic PLC FOR g5960L103   11,269,944 145,007 SH   SOLE   145,007 0 0
Nokia Corp Sponsored ADR FOR 654902204   66,384 14,307 SH   SOLE   14,307 0 0
Shell PLC FOR 780259305   996,397 17,496 SH   SOLE   17,496 0 0
Taiwan Semiconductor Manufactu FOR 874039100   408,727 5,487 SH   SOLE   5,487 0 0
Telefonica S.A. ADR FOR 879382208   605,754 169,679 SH   SOLE   169,679 0 0
Textainer Group Holdings Limit FOR g8766e109   2,424,207 78,175 SH   SOLE   78,175 0 0
Toyota Motor Corp ADR FOR 892331307   217,162 1,590 SH   SOLE   1,590 0 0
Trane Technologies PLC FOR g8994e103   1,127,043 6,705 SH   SOLE   6,705 0 0
Unilever PCL ADR FOR 904767704   4,836,269 96,053 SH   SOLE   96,053 0 0
Yum China Holdings, Inc. FOR 98850p109   581,749 10,645 SH   SOLE   10,645 0 0