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   10,649,682 119,244 SH   SOLE   119,244 0 0
AGCO Corp COM 001084102   408,160 4,170 SH   SOLE   4,170 0 0
AT & T, Inc. New COM 00206r102   443,323 23,198 SH   SOLE   23,198 0 0
AbbVie, Inc. COM 00287y109   5,778,337 33,689 SH   SOLE   33,689 0 0
Abbott Laboratories COM 002824100   7,385,965 71,080 SH   SOLE   71,080 0 0
Adobe Systems Inc COM 00724F101   362,768 653 SH   SOLE   653 0 0
Alaska Air Group Inc. COM 011659109   354,308 8,770 SH   SOLE   8,770 0 0
Alphabet, Inc Non-Voting Class COM 02079k107   908,663 4,954 SH   SOLE   4,954 0 0
Alphabet, Inc Voting Class COM 02079k305   15,934,846 87,482 SH   SOLE   87,482 0 0
Altria Group Inc. COM 02209s103   6,945,500 152,481 SH   SOLE   152,481 0 0
Amazon.com, Inc. COM 023135106   1,138,242 5,890 SH   SOLE   5,890 0 0
American Express Co. COM 025816109   1,643,542 7,098 SH   SOLE   7,098 0 0
American International Group COM 026874784   7,882,358 106,174 SH   SOLE   106,174 0 0
Ameriprise Financial Inc. COM 03076c106   2,170,552 5,081 SH   SOLE   5,081 0 0
Amgen Inc. COM 031162100   2,723,002 8,715 SH   SOLE   8,715 0 0
Andersons Inc. COM 034164103   219,381 4,423 SH   SOLE   4,423 0 0
Apple, Inc. COM 037833100   6,095,343 28,940 SH   SOLE   28,940 0 0
Applied Materials Inc Delaware COM 038222105   302,775 1,283 SH   SOLE   1,283 0 0
Automatic Data Processing COM 053015103   1,831,946 7,675 SH   SOLE   7,675 0 0
Bank of America Corp COM 060505104   13,283,051 333,997 SH   SOLE   333,997 0 0
Bank of New York Mellon Corp COM 064058100   13,319,476 222,399 SH   SOLE   222,399 0 0
Becton Dickinson & Co COM 075887109   3,076,792 13,165 SH   SOLE   13,165 0 0
Berkshire Hathaway Inc. Class COM 084670702   10,148,846 24,948 SH   SOLE   24,948 0 0
Biogen Inc. COM 09062x103   3,760,120 16,220 SH   SOLE   16,220 0 0
Boeing Company COM 097023105   2,583,632 14,195 SH   SOLE   14,195 0 0
Booking Holdings Inc. COM 09857L108   8,517,225 2,150 SH   SOLE   2,150 0 0
Bristol Myers Squibb Co. COM 110122108   1,019,384 24,546 SH   SOLE   24,546 0 0
CSX Corp COM 126408103   253,083 7,566 SH   SOLE   7,566 0 0
CVS Health Corp. COM 126650100   6,239,912 105,654 SH   SOLE   105,654 0 0
Caterpillar Inc. COM 149123101   1,075,913 3,230 SH   SOLE   3,230 0 0
Celanese Corp COM 150870103   3,784,879 28,059 SH   SOLE   28,059 0 0
Central Pacific Financial Corp COM 154760409   1,842,280 86,900 SH   SOLE   86,900 0 0
Chevron Corp. COM 166764100   4,055,971 25,930 SH   SOLE   25,930 0 0
Cisco Sys Inc. COM 17275R102   2,156,621 45,393 SH   SOLE   45,393 0 0
Citigroup Inc. COM 172967424   4,480,022 70,596 SH   SOLE   70,596 0 0
Coca-Cola Company COM 191216100   6,046,485 94,996 SH   SOLE   94,996 0 0
Cognizant Technology Solutions COM 192446102   2,720,748 40,011 SH   SOLE   40,011 0 0
Comcast Corp Cl A COM 20030n101   3,658,366 93,421 SH   SOLE   93,421 0 0
ConAgra Foods Inc. COM 205887102   670,712 23,600 SH   SOLE   23,600 0 0
ConocoPhillips COM 20825c104   3,262,918 28,527 SH   SOLE   28,527 0 0
Corning Inc COM 219350105   5,071,906 130,551 SH   SOLE   130,551 0 0
Corteva, Inc. COM 22052L104   3,077,169 57,048 SH   SOLE   57,048 0 0
Costco Wholesale Corp COM 22160k105   6,410,808 7,542 SH   SOLE   7,542 0 0
DR Horton, Inc COM 23331a109   2,381,717 16,900 SH   SOLE   16,900 0 0
Deere & Co COM 244199105   246,596 660 SH   SOLE   660 0 0
Delta Airlines - New COM 247361702   290,570 6,125 SH   SOLE   6,125 0 0
Devon Energy Corp. COM 25179m103   284,400 6,000 SH   SOLE   6,000 0 0
Domino's Pizza Inc. COM 25754a201   309,798 600 SH   SOLE   600 0 0
Dow Inc. COM 260557103   2,942,259 55,462 SH   SOLE   55,462 0 0
DuPont de Nemours, Inc COM 26614n102   3,889,035 48,317 SH   SOLE   48,317 0 0
Elevance Health Inc. COM 036752103   20,159,901 37,205 SH   SOLE   37,205 0 0
Eli Lilly & Co COM 532457108   605,699 669 SH   SOLE   669 0 0
Equifax Inc. COM 294429105   242,460 1,000 SH   SOLE   1,000 0 0
Exxon Mobil Corp COM 30231G102   1,518,711 13,192 SH   SOLE   13,192 0 0
Fedex Corp COM 31428X106   2,854,902 9,521 SH   SOLE   9,521 0 0
Ford Motor Co.- New COM 345370860   158,832 12,666 SH   SOLE   12,666 0 0
Forrester Research Inc. COM 346563109   331,147 19,388 SH   SOLE   19,388 0 0
Franklin Resources Inc. COM 354613101   1,286,868 57,578 SH   SOLE   57,578 0 0
GE Aerospace COM 369604301   332,406 2,091 SH   SOLE   2,091 0 0
Gates Industrial Corporation P COM g39108108   2,568,319 162,449 SH   SOLE   162,449 0 0
General Dynamics COM 369550108   313,931 1,082 SH   SOLE   1,082 0 0
General Motors Company COM 37045v100   1,512,366 32,552 SH   SOLE   32,552 0 0
Genuine Parts Co COM 372460105   1,017,759 7,358 SH   SOLE   7,358 0 0
Gilead Sciences Inc. COM 375558103   811,313 11,825 SH   SOLE   11,825 0 0
Grand Canyon Education, Inc. COM 38526m106   2,022,399 14,455 SH   SOLE   14,455 0 0
H&R Block Inc. COM 093671105   2,686,012 49,530 SH   SOLE   49,530 0 0
HP Inc. COM 40434L105   425,913 12,162 SH   SOLE   12,162 0 0
Hershey Company COM 427866108   2,042,351 11,110 SH   SOLE   11,110 0 0
Hewlett Packard Enterprise Co. COM 42824c109   282,810 13,359 SH   SOLE   13,359 0 0
Home Depot Inc. COM 437076102   8,600,235 24,983 SH   SOLE   24,983 0 0
Illinois Tool Works Inc. COM 452308109   265,158 1,119 SH   SOLE   1,119 0 0
Ingersoll Rand Inc. COM 45687v106   550,036 6,055 SH   SOLE   6,055 0 0
Intel Corp. COM 458140100   756,814 24,437 SH   SOLE   24,437 0 0
International Flavors & Fragra COM 459506101   338,567 3,556 SH   SOLE   3,556 0 0
Interpublic Group COM 460690100   242,756 8,345 SH   SOLE   8,345 0 0
J P Morgan Chase & Co. COM 46625h100   229,970 1,137 SH   SOLE   1,137 0 0
Johnson & Johnson COM 478160104   10,637,379 72,779 SH   SOLE   72,779 0 0
KLA Corporation COM 482480100   688,466 835 SH   SOLE   835 0 0
Kenvue Inc. COM 49177j102   446,155 24,541 SH   SOLE   24,541 0 0
Keurig Dr. Pepper Inc. COM 49271v100   2,224,574 66,604 SH   SOLE   66,604 0 0
Kroger Co. COM 501044101   18,401,102 368,538 SH   SOLE   368,538 0 0
Lamb Weston Holdings COM 513272104   336,740 4,005 SH   SOLE   4,005 0 0
Lincoln Educational COM 533535100   2,826,523 238,324 SH   SOLE   238,324 0 0
Lockheed Martin Corp COM 539830109   695,045 1,488 SH   SOLE   1,488 0 0
Lowes Companies COM 548661107   8,544,809 38,759 SH   SOLE   38,759 0 0
Manitex Intl COM 563420108   725,860 163,851 SH   SOLE   163,851 0 0
ManpowerGroup Inc. COM 56418h100   270,964 3,882 SH   SOLE   3,882 0 0
Marsh & McLennan Co. COM 571748102   7,502,686 35,605 SH   SOLE   35,605 0 0
Mastercard Inc. COM 57636q104   16,996,130 38,526 SH   SOLE   38,526 0 0
McDonalds Corp COM 580135101   2,879,947 11,301 SH   SOLE   11,301 0 0
Merck & Co.Inc. New COM 58933y105   14,917,405 120,496 SH   SOLE   120,496 0 0
Meta Platforms, Inc. COM 30303m102   7,354,049 14,585 SH   SOLE   14,585 0 0
Microsoft Corp. COM 594918104   49,546,266 110,854 SH   SOLE   110,854 0 0
Molson Coors Brewing Co COM 60871r209   5,589,593 109,966 SH   SOLE   109,966 0 0
Mondelez International, Inc. COM 609207105   2,340,069 35,759 SH   SOLE   35,759 0 0
Monster Beverage Corp. COM 61174x109   3,576,420 71,600 SH   SOLE   71,600 0 0
Nike Inc Class B COM 654106103   1,043,196 13,841 SH   SOLE   13,841 0 0
Nucor Corp COM 670346105   307,940 1,948 SH   SOLE   1,948 0 0
Nvidia Corp COM 67066g104   324,910 2,630 SH   SOLE   2,630 0 0
Occidental Petroleum Corp COM 674599105   448,585 7,117 SH   SOLE   7,117 0 0
Oracle Corp COM 68389X105   1,776,720 12,583 SH   SOLE   12,583 0 0
Organon & Co. COM 68622v106   770,247 37,210 SH   SOLE   37,210 0 0
Paramount Global B COM 92556h206   190,667 18,351 SH   SOLE   18,351 0 0
Parker-Hannifin Corp. COM 701094104   1,144,142 2,262 SH   SOLE   2,262 0 0
Paychex Inc. COM 704326107   4,856,573 40,963 SH   SOLE   40,963 0 0
Pepsico Inc. COM 713448108   13,262,681 80,414 SH   SOLE   80,414 0 0
Pfizer Inc. COM 717081103   1,924,396 68,778 SH   SOLE   68,778 0 0
Philip Morris International COM 718172109   21,696,780 214,120 SH   SOLE   214,120 0 0
Phillips 66 COM 718546104   2,467,652 17,480 SH   SOLE   17,480 0 0
Procter & Gamble Co. COM 742718109   3,274,322 19,854 SH   SOLE   19,854 0 0
Qualcomm Inc COM 747525103   605,906 3,042 SH   SOLE   3,042 0 0
Quest Diagnostics Inc. COM 74834L100   3,862,069 28,215 SH   SOLE   28,215 0 0
RTX Corp. COM 75513e101   3,508,129 34,945 SH   SOLE   34,945 0 0
SM Energy Company COM 78454L100   215,718 4,990 SH   SOLE   4,990 0 0
Sally Beauty Holdings Inc. COM 79546e104   964,380 89,877 SH   SOLE   89,877 0 0
Starbucks Corp COM 855244109   967,208 12,424 SH   SOLE   12,424 0 0
Stryker Corporation COM 863667101   256,889 755 SH   SOLE   755 0 0
Tapestry Inc. COM 876030107   310,441 7,255 SH   SOLE   7,255 0 0
The Cigna Group COM 125523100   8,736,965 26,430 SH   SOLE   26,430 0 0
The Kraft Heinz Company COM 500754106   317,979 9,869 SH   SOLE   9,869 0 0
The Mosaic Company COM 61945c103   1,751,193 60,595 SH   SOLE   60,595 0 0
The Travelers Companies Inc. COM 89417e109   9,559,216 47,011 SH   SOLE   47,011 0 0
The Walt Disney Co. COM 254687106   1,492,031 15,027 SH   SOLE   15,027 0 0
US Bancorp Delaware New COM 902973304   516,457 13,009 SH   SOLE   13,009 0 0
Ulta Beauty, Inc. COM 90384s303   354,229 918 SH   SOLE   918 0 0
Union Pacific Corp COM 907818108   2,113,268 9,340 SH   SOLE   9,340 0 0
United Parcel Service Inc. COM 911312106   2,118,670 15,482 SH   SOLE   15,482 0 0
UnitedHealth Group Inc. COM 91324p102   33,904,084 66,575 SH   SOLE   66,575 0 0
Unum Group COM 91529y106   3,021,930 59,126 SH   SOLE   59,126 0 0
Valero Energy Corp. COM 91913y100   9,276,411 59,176 SH   SOLE   59,176 0 0
Verizon Communications COM 92343V104   1,345,455 32,625 SH   SOLE   32,625 0 0
Visa, Inc. COM 92826c839   10,940,275 41,682 SH   SOLE   41,682 0 0
Wal Mart Stores COM 931142103   9,985,465 147,474 SH   SOLE   147,474 0 0
Warner Bros. Discovery, Inc. COM 934423104   1,113,456 149,658 SH   SOLE   149,658 0 0
Washington Federal COM 938824109   1,116,049 39,050 SH   SOLE   39,050 0 0
Waste Management Inc. Del COM 94106L109   342,837 1,607 SH   SOLE   1,607 0 0
Wells Fargo & Co. COM 949746101   1,918,416 32,302 SH   SOLE   32,302 0 0
Western Union Company COM 959802109   287,048 23,490 SH   SOLE   23,490 0 0
Weyerhaeuser Co. COM 962166104   304,227 10,716 SH   SOLE   10,716 0 0
Yum! Brands, Inc. COM 988498101   1,506,070 11,370 SH   SOLE   11,370 0 0
Zimmer Biomet Holdings COM 98956p102   6,674,921 61,503 SH   SOLE   61,503 0 0
AON Plc FOR g0403h108   1,105,916 3,767 SH   SOLE   3,767 0 0
ASML Holding N.V. FOR n07059210   283,296 277 SH   SOLE   277 0 0
Alibaba Group Holding Limited FOR 01609w102   702,288 9,754 SH   SOLE   9,754 0 0
Alkermes PLC FOR g01767105   286,573 11,891 SH   SOLE   11,891 0 0
Allegion PLC FOR g0176j109   425,931 3,605 SH   SOLE   3,605 0 0
America Movil ADR FOR 02390a101   1,389,597 81,741 SH   SOLE   81,741 0 0
Arch Capital Group Ltd FOR g0450a105   353,115 3,500 SH   SOLE   3,500 0 0
Arcos Dorados Hldgs. FOR g0457f107   2,762,379 306,931 SH   SOLE   306,931 0 0
BP p.l.c. FOR 055622104   6,981,523 193,394 SH   SOLE   193,394 0 0
British American Tobacco FOR 110448107   5,777,600 186,796 SH   SOLE   186,796 0 0
CAE Inc. FOR 124765108   981,581 52,830 SH   SOLE   52,830 0 0
Colliers International Group FOR 194693107   799,414 7,160 SH   SOLE   7,160 0 0
Diageo PLC ADR FOR 25243q205   1,611,807 12,784 SH   SOLE   12,784 0 0
Ferguson PLC FOR g3421j106   203,332 1,050 SH   SOLE   1,050 0 0
FirstService Corp Voting Share FOR 33767e202   1,047,239 6,873 SH   SOLE   6,873 0 0
Glaxo SmithKline ADS FOR 37733W204   1,214,752 31,552 SH   SOLE   31,552 0 0
Haleon PLC FOR 405552100   343,533 41,590 SH   SOLE   41,590 0 0
Johnson Controls Intl. PLC FOR g51502105   259,167 3,899 SH   SOLE   3,899 0 0
LyondellBasell Industries N.V. FOR n53745100   6,308,873 65,951 SH   SOLE   65,951 0 0
Medtronic PLC FOR g5960L103   11,298,191 143,542 SH   SOLE   143,542 0 0
Nokia Corp Sponsored ADR FOR 654902204   44,404 11,747 SH   SOLE   11,747 0 0
Shell PLC FOR 780259305   1,179,854 16,346 SH   SOLE   16,346 0 0
Taiwan Semiconductor Manufactu FOR 874039100   953,695 5,487 SH   SOLE   5,487 0 0
Telefonica S.A. ADR FOR 879382208   695,135 165,115 SH   SOLE   165,115 0 0
Toyota Motor Corp ADR FOR 892331307   292,902 1,429 SH   SOLE   1,429 0 0
Trane Technologies PLC FOR g8994e103   2,198,239 6,683 SH   SOLE   6,683 0 0
Unilever PLC ADR FOR 904767704   6,199,738 112,743 SH   SOLE   112,743 0 0
Yum China Holdings, Inc. FOR 98850p109   316,665 10,268 SH   SOLE   10,268 0 0