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   9,683,471 126,169 SH   SOLE   126,169 0 0
AGCO Corp COM 001084102   490,862 4,150 SH   SOLE   4,150 0 0
AT & T, Inc. New COM 00206r102   496,658 33,066 SH   SOLE   33,066 0 0
AbbVie, Inc. COM 00287y109   5,401,189 36,235 SH   SOLE   36,235 0 0
Abbott Laboratories COM 002824100   7,113,360 73,447 SH   SOLE   73,447 0 0
Adobe Systems Inc COM 00724F101   343,163 673 SH   SOLE   673 0 0
Alaska Air Group Inc. COM 011659109   356,710 9,620 SH   SOLE   9,620 0 0
Alphabet, Inc Non-Voting Class COM 02079k107   653,185 4,954 SH   SOLE   4,954 0 0
Alphabet, Inc Voting Class COM 02079k305   11,582,680 88,512 SH   SOLE   88,512 0 0
Altria Group Inc. COM 02209s103   6,614,323 157,297 SH   SOLE   157,297 0 0
Amazon.com, Inc. COM 023135106   685,177 5,390 SH   SOLE   5,390 0 0
American Express Co. COM 025816109   1,083,567 7,263 SH   SOLE   7,263 0 0
American International Group COM 026874784   6,508,076 107,394 SH   SOLE   107,394 0 0
Ameriprise Financial Inc. COM 03076c106   1,473,010 4,468 SH   SOLE   4,468 0 0
Amgen Inc. COM 031162100   2,523,656 9,390 SH   SOLE   9,390 0 0
Andersons Inc. COM 034164103   231,228 4,489 SH   SOLE   4,489 0 0
Apple, Inc. COM 037833100   5,047,784 29,483 SH   SOLE   29,483 0 0
Automatic Data Processing COM 053015103   1,858,480 7,725 SH   SOLE   7,725 0 0
Bank of America Corp COM 060505104   9,428,895 344,372 SH   SOLE   344,372 0 0
Bank of New York Mellon Corp COM 064058100   9,713,921 227,759 SH   SOLE   227,759 0 0
Becton Dickinson & Co COM 075887109   3,403,547 13,165 SH   SOLE   13,165 0 0
Berkshire Hathaway Inc. Class COM 084670702   8,829,662 25,206 SH   SOLE   25,206 0 0
Biogen Inc. COM 09062x103   5,592,538 21,760 SH   SOLE   21,760 0 0
Boeing Company COM 097023105   2,845,681 14,846 SH   SOLE   14,846 0 0
Booking Holdings Inc. COM 09857L108   6,682,920 2,167 SH   SOLE   2,167 0 0
Bristol Myers Squibb Co. COM 110122108   1,672,915 28,823 SH   SOLE   28,823 0 0
CSX Corp COM 126408103   232,654 7,566 SH   SOLE   7,566 0 0
CVS Health Corp. COM 126650100   7,999,820 114,578 SH   SOLE   114,578 0 0
Caterpillar Inc. COM 149123101   909,090 3,330 SH   SOLE   3,330 0 0
Celanese Corp COM 150870103   3,571,672 28,455 SH   SOLE   28,455 0 0
Central Pacific Financial Corp COM 154760409   1,461,168 87,600 SH   SOLE   87,600 0 0
Chevron Corp. COM 166764100   4,530,651 26,869 SH   SOLE   26,869 0 0
Cisco Sys Inc. COM 17275R102   2,599,672 48,357 SH   SOLE   48,357 0 0
Citigroup Inc. COM 172967424   2,994,099 72,796 SH   SOLE   72,796 0 0
Coca-Cola Company COM 191216100   5,443,150 97,234 SH   SOLE   97,234 0 0
Cognizant Technology Solutions COM 192446102   2,819,881 41,628 SH   SOLE   41,628 0 0
Comcast Corp Cl A COM 20030n101   4,299,694 96,971 SH   SOLE   96,971 0 0
ConAgra Foods Inc. COM 205887102   659,999 24,070 SH   SOLE   24,070 0 0
ConocoPhillips COM 20825c104   3,491,451 29,144 SH   SOLE   29,144 0 0
Corning Inc COM 219350105   4,869,898 159,826 SH   SOLE   159,826 0 0
Corteva, Inc. COM 22052L104   3,099,682 60,588 SH   SOLE   60,588 0 0
Costco Wholesale Corp COM 22160k105   5,089,314 9,008 SH   SOLE   9,008 0 0
DR Horton, Inc COM 23331a109   1,824,841 16,980 SH   SOLE   16,980 0 0
Deere & Co COM 244199105   230,202 610 SH   SOLE   610 0 0
Delta Airlines - New COM 247361702   245,125 6,625 SH   SOLE   6,625 0 0
Domino's Pizza Inc. COM 25754a201   530,306 1,400 SH   SOLE   1,400 0 0
Dow Inc. COM 260557103   2,942,065 57,061 SH   SOLE   57,061 0 0
DuPont de Nemours, Inc COM 26614n102   3,779,699 50,673 SH   SOLE   50,673 0 0
Elevance Health Inc. COM 036752103   20,172,138 46,328 SH   SOLE   46,328 0 0
Eli Lilly & Co COM 532457108   395,328 736 SH   SOLE   736 0 0
Exxon Mobil Corp COM 30231G102   1,524,238 12,963 SH   SOLE   12,963 0 0
Fedex Corp COM 31428X106   3,661,570 13,821 SH   SOLE   13,821 0 0
Ford Motor Co.- New COM 345370860   180,612 14,542 SH   SOLE   14,542 0 0
Forrester Research Inc. COM 346563109   1,034,129 35,783 SH   SOLE   35,783 0 0
Franklin Resources Inc. COM 354613101   2,674,869 108,823 SH   SOLE   108,823 0 0
Gates Industrial Corporation P COM g39108108   2,024,192 174,349 SH   SOLE   174,349 0 0
General Dynamics COM 369550108   524,141 2,372 SH   SOLE   2,372 0 0
General Electric Co. COM 369604103   271,179 2,453 SH   SOLE   2,453 0 0
General Motors Company COM 37045v100   1,133,311 34,374 SH   SOLE   34,374 0 0
Genuine Parts Co COM 372460105   1,221,166 8,458 SH   SOLE   8,458 0 0
Gilead Sciences Inc. COM 375558103   942,970 12,583 SH   SOLE   12,583 0 0
Global Medical REIT, Inc. COM 37954a204   107,640 12,000 SH   SOLE   12,000 0 0
Grand Canyon Education, Inc. COM 38526m106   1,689,500 14,455 SH   SOLE   14,455 0 0
H&R Block Inc. COM 093671105   2,307,026 53,577 SH   SOLE   53,577 0 0
HP Inc. COM 40434L105   305,650 11,893 SH   SOLE   11,893 0 0
Hewlett Packard Enterprise Co. COM 42824c109   224,768 12,940 SH   SOLE   12,940 0 0
Home Depot Inc. COM 437076102   7,813,028 25,857 SH   SOLE   25,857 0 0
Illinois Tool Works Inc. COM 452308109   257,717 1,119 SH   SOLE   1,119 0 0
Ingersoll Rand Inc. COM 45687v106   385,825 6,055 SH   SOLE   6,055 0 0
Intel Corp. COM 458140100   884,235 24,873 SH   SOLE   24,873 0 0
International Flavors & Fragra COM 459506101   279,156 4,095 SH   SOLE   4,095 0 0
Interpublic Group COM 460690100   252,552 8,812 SH   SOLE   8,812 0 0
Johnson & Johnson COM 478160104   11,878,274 76,265 SH   SOLE   76,265 0 0
KLA Corporation COM 482480100   382,981 835 SH   SOLE   835 0 0
Kenvue Inc. COM 49177j102   454,953 22,657 SH   SOLE   22,657 0 0
Keurig Dr. Pepper Inc. COM 49271v100   1,373,263 43,499 SH   SOLE   43,499 0 0
Kroger Co. COM 501044101   16,848,017 376,492 SH   SOLE   376,492 0 0
Lamb Weston Holdings COM 513272104   375,480 4,061 SH   SOLE   4,061 0 0
Lincoln Educational COM 533535100   1,971,588 233,324 SH   SOLE   233,324 0 0
Lloyds TSB Group COM 539439109   24,495 11,500 SH   SOLE   11,500 0 0
Lockheed Martin Corp COM 539830109   622,846 1,523 SH   SOLE   1,523 0 0
Lowes Companies COM 548661107   8,468,025 40,743 SH   SOLE   40,743 0 0
Manitex Intl COM 563420108   819,496 175,481 SH   SOLE   175,481 0 0
ManpowerGroup Inc. COM 56418h100   299,879 4,090 SH   SOLE   4,090 0 0
Marsh & McLennan Co. COM 571748102   6,875,539 36,130 SH   SOLE   36,130 0 0
Mastercard Inc. COM 57636q104   15,512,150 39,181 SH   SOLE   39,181 0 0
McDonalds Corp COM 580135101   3,073,554 11,667 SH   SOLE   11,667 0 0
Merck & Co.Inc. New COM 58933y105   12,779,286 124,131 SH   SOLE   124,131 0 0
Meta Platforms, Inc. COM 30303m102   4,434,102 14,770 SH   SOLE   14,770 0 0
Microsoft Corp. COM 594918104   36,337,356 115,083 SH   SOLE   115,083 0 0
Molson Coors Brewing Co COM 60871r209   7,168,146 112,724 SH   SOLE   112,724 0 0
Mondelez International, Inc. COM 609207105   2,521,510 36,333 SH   SOLE   36,333 0 0
Monster Beverage Corp. COM 61174x109   3,791,220 71,600 SH   SOLE   71,600 0 0
Nike Inc Class B COM 654106103   1,380,753 14,440 SH   SOLE   14,440 0 0
Nucor Corp COM 670346105   306,759 1,962 SH   SOLE   1,962 0 0
Occidental Petroleum Corp COM 674599105   247,647 3,817 SH   SOLE   3,817 0 0
Oracle Corp COM 68389X105   1,387,340 13,098 SH   SOLE   13,098 0 0
Organon & Co. COM 68622v106   823,940 47,462 SH   SOLE   47,462 0 0
Paramount Global B COM 92556h206   305,820 23,707 SH   SOLE   23,707 0 0
Parker-Hannifin Corp. COM 701094104   908,361 2,332 SH   SOLE   2,332 0 0
Paychex Inc. COM 704326107   4,787,464 41,511 SH   SOLE   41,511 0 0
Pepsico Inc. COM 713448108   13,700,580 80,858 SH   SOLE   80,858 0 0
Perspective Therapeutics COM 46489v104   2,797 10,218 SH   SOLE   10,218 0 0
Pfizer Inc. COM 717081103   2,391,543 72,100 SH   SOLE   72,100 0 0
Philip Morris International COM 718172109   19,086,941 206,167 SH   SOLE   206,167 0 0
Phillips 66 COM 718546104   2,137,108 17,787 SH   SOLE   17,787 0 0
Procter & Gamble Co. COM 742718109   2,982,545 20,448 SH   SOLE   20,448 0 0
Qualcomm Inc COM 747525103   337,845 3,042 SH   SOLE   3,042 0 0
Quest Diagnostics Inc. COM 74834L100   3,457,777 28,375 SH   SOLE   28,375 0 0
RTX Corp. COM 75513e101   2,727,303 37,895 SH   SOLE   37,895 0 0
SM Energy Company COM 78454L100   227,591 5,740 SH   SOLE   5,740 0 0
Sally Beauty Holdings Inc. COM 79546e104   638,187 76,156 SH   SOLE   76,156 0 0
Starbucks Corp COM 855244109   1,161,319 12,724 SH   SOLE   12,724 0 0
Stryker Corporation COM 863667101   206,319 755 SH   SOLE   755 0 0
Tapestry Inc. COM 876030107   217,925 7,580 SH   SOLE   7,580 0 0
The Cigna Group COM 125523100   7,351,713 25,699 SH   SOLE   25,699 0 0
The Kraft Heinz Company COM 500754106   376,162 11,182 SH   SOLE   11,182 0 0
The Mosaic Company COM 61945c103   2,251,306 63,239 SH   SOLE   63,239 0 0
The Travelers Companies Inc. COM 89417e109   8,092,990 49,556 SH   SOLE   49,556 0 0
The Walt Disney Co. COM 254687106   1,254,978 15,484 SH   SOLE   15,484 0 0
Tractor Supply Co. COM 892356106   284,270 1,400 SH   SOLE   1,400 0 0
US Bancorp Delaware New COM 902973304   380,488 11,509 SH   SOLE   11,509 0 0
Union Pacific Corp COM 907818108   1,926,340 9,460 SH   SOLE   9,460 0 0
United Parcel Service Inc. COM 911312106   2,478,919 15,904 SH   SOLE   15,904 0 0
UnitedHealth Group Inc. COM 91324p102   40,081,691 79,497 SH   SOLE   79,497 0 0
Unum Group COM 91529y106   2,934,774 59,662 SH   SOLE   59,662 0 0
Valero Energy Corp. COM 91913y100   8,592,994 60,638 SH   SOLE   60,638 0 0
Verizon Communications COM 92343V104   1,113,802 34,366 SH   SOLE   34,366 0 0
Visa, Inc. COM 92826c839   9,772,435 42,487 SH   SOLE   42,487 0 0
WW International, Inc. COM 98262p101   128,600 11,617 SH   SOLE   11,617 0 0
Wal Mart Stores COM 931142103   8,084,941 50,553 SH   SOLE   50,553 0 0
Warner Bros. Discovery, Inc. COM 934423104   2,027,584 186,702 SH   SOLE   186,702 0 0
Washington Federal COM 938824109   1,084,853 42,344 SH   SOLE   42,344 0 0
Waste Management Inc. Del COM 94106L109   244,971 1,607 SH   SOLE   1,607 0 0
Wells Fargo & Co. COM 949746101   1,531,310 37,477 SH   SOLE   37,477 0 0
Western Union Company COM 959802109   323,754 24,564 SH   SOLE   24,564 0 0
Weyerhaeuser Co. COM 962166104   386,807 12,616 SH   SOLE   12,616 0 0
Yum! Brands, Inc. COM 988498101   1,459,299 11,680 SH   SOLE   11,680 0 0
Zimmer Biomet Holdings COM 98956p102   6,928,351 61,739 SH   SOLE   61,739 0 0
AON Plc FOR g0403h108   923,054 2,847 SH   SOLE   2,847 0 0
Alibaba Group Holding Limited FOR 01609w102   1,120,681 12,920 SH   SOLE   12,920 0 0
Alkermes PLC FOR g01767105   369,480 13,191 SH   SOLE   13,191 0 0
Allegion PLC FOR g0176j109   375,641 3,605 SH   SOLE   3,605 0 0
America Movil ADR FOR 02390a101   1,442,600 83,291 SH   SOLE   83,291 0 0
Arcos Dorados Hldgs. FOR g0457f107   3,040,614 321,418 SH   SOLE   321,418 0 0
BP p.l.c. FOR 055622104   7,780,939 200,954 SH   SOLE   200,954 0 0
British American Tobacco FOR 110448107   5,101,298 162,410 SH   SOLE   162,410 0 0
CAE Inc. FOR 124765108   722,332 30,935 SH   SOLE   30,935 0 0
Colliers International Group FOR 194693107   901,065 9,460 SH   SOLE   9,460 0 0
Diageo PLC ADR FOR 25243q205   1,862,363 12,484 SH   SOLE   12,484 0 0
Ferguson PLC FOR g3421j106   378,281 2,300 SH   SOLE   2,300 0 0
FirstService Corp Voting Share FOR 33767e202   1,000,296 6,873 SH   SOLE   6,873 0 0
Glaxo SmithKline ADS FOR 37733W204   1,279,480 35,296 SH   SOLE   35,296 0 0
Haleon PLC FOR 405552100   372,817 44,756 SH   SOLE   44,756 0 0
Johnson Controls Intl. PLC FOR g51502105   239,392 4,499 SH   SOLE   4,499 0 0
LyondellBasell Industries N.V. FOR n53745100   6,382,212 67,394 SH   SOLE   67,394 0 0
Medtronic PLC FOR g5960L103   11,537,883 147,242 SH   SOLE   147,242 0 0
Nokia Corp Sponsored ADR FOR 654902204   48,422 12,947 SH   SOLE   12,947 0 0
Shell PLC FOR 780259305   1,183,369 18,381 SH   SOLE   18,381 0 0
Taiwan Semiconductor Manufactu FOR 874039100   476,820 5,487 SH   SOLE   5,487 0 0
Telefonica S.A. ADR FOR 879382208   650,423 159,809 SH   SOLE   159,809 0 0
Textainer Group Holdings Limit FOR g8766e109   2,771,772 74,410 SH   SOLE   74,410 0 0
Toyota Motor Corp ADR FOR 892331307   285,802 1,590 SH   SOLE   1,590 0 0
Trane Technologies PLC FOR g8994e103   1,356,048 6,683 SH   SOLE   6,683 0 0
Unilever PCL ADR FOR 904767704   5,211,848 105,503 SH   SOLE   105,503 0 0
Yum China Holdings, Inc. FOR 98850p109   591,746 10,620 SH   SOLE   10,620 0 0