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
3M Company COM 88579y101   216,742 1,679 SH   SOLE   1,679 0 0
AFLAC Inc. COM 001055102   12,204,575 117,987 SH   SOLE   117,987 0 0
AGCO Corp COM 001084102   315,588 3,376 SH   SOLE   3,376 0 0
AT & T, Inc. New COM 00206r102   483,463 21,232 SH   SOLE   21,232 0 0
AbbVie, Inc. COM 00287y109   5,723,006 32,206 SH   SOLE   32,206 0 0
Abbott Laboratories COM 002824100   7,888,161 69,739 SH   SOLE   69,739 0 0
Adobe Systems Inc COM 00724F101   286,374 644 SH   SOLE   644 0 0
Alaska Air Group Inc. COM 011659109   564,620 8,720 SH   SOLE   8,720 0 0
Alphabet, Inc Non-Voting Class COM 02079k107   933,918 4,904 SH   SOLE   4,904 0 0
Alphabet, Inc Voting Class COM 02079k305   16,790,342 88,697 SH   SOLE   88,697 0 0
Altria Group Inc. COM 02209s103   7,895,066 150,986 SH   SOLE   150,986 0 0
Amazon.com, Inc. COM 023135106   1,352,539 6,165 SH   SOLE   6,165 0 0
American Express Co. COM 025816109   2,105,131 7,093 SH   SOLE   7,093 0 0
American International Group COM 026874784   8,302,330 114,043 SH   SOLE   114,043 0 0
Ameriprise Financial Inc. COM 03076c106   2,705,277 5,081 SH   SOLE   5,081 0 0
Amgen Inc. COM 031162100   2,420,042 9,285 SH   SOLE   9,285 0 0
Apple, Inc. COM 037833100   6,749,320 26,952 SH   SOLE   26,952 0 0
Applied Materials Inc Delaware COM 038222105   208,654 1,283 SH   SOLE   1,283 0 0
Automatic Data Processing COM 053015103   1,937,873 6,620 SH   SOLE   6,620 0 0
Bank of America Corp COM 060505104   14,451,617 328,819 SH   SOLE   328,819 0 0
Bank of New York Mellon Corp COM 064058100   16,956,919 220,707 SH   SOLE   220,707 0 0
Becton Dickinson & Co COM 075887109   3,679,605 16,219 SH   SOLE   16,219 0 0
Berkshire Hathaway Inc. Class COM 084670702   10,952,605 24,163 SH   SOLE   24,163 0 0
Biogen Inc. COM 09062x103   2,147,914 14,046 SH   SOLE   14,046 0 0
Boeing Company COM 097023105   2,395,872 13,536 SH   SOLE   13,536 0 0
Booking Holdings Inc. COM 09857L108   10,672,166 2,148 SH   SOLE   2,148 0 0
Bristol Myers Squibb Co. COM 110122108   1,377,077 24,347 SH   SOLE   24,347 0 0
CSX Corp COM 126408103   244,155 7,566 SH   SOLE   7,566 0 0
CVS Health Corp. COM 126650100   4,637,935 103,318 SH   SOLE   103,318 0 0
Caterpillar Inc. COM 149123101   1,171,715 3,230 SH   SOLE   3,230 0 0
Celanese Corp COM 150870103   1,872,061 27,049 SH   SOLE   27,049 0 0
Central Pacific Financial Corp COM 154760409   2,464,892 84,850 SH   SOLE   84,850 0 0
Charles Schwab Corp COM 808513105   506,968 6,850 SH   SOLE   6,850 0 0
Chevron Corp. COM 166764100   3,715,291 25,651 SH   SOLE   25,651 0 0
Cisco Sys Inc. COM 17275R102   2,682,411 45,311 SH   SOLE   45,311 0 0
Citigroup Inc. COM 172967424   4,953,978 70,379 SH   SOLE   70,379 0 0
Coca-Cola Company COM 191216100   5,761,842 92,545 SH   SOLE   92,545 0 0
Cognizant Technology Solutions COM 192446102   3,071,078 39,936 SH   SOLE   39,936 0 0
Comcast Corp Cl A COM 20030n101   3,209,003 85,505 SH   SOLE   85,505 0 0
ConAgra Foods Inc. COM 205887102   628,371 22,644 SH   SOLE   22,644 0 0
ConocoPhillips COM 20825c104   2,826,345 28,500 SH   SOLE   28,500 0 0
Corning Inc COM 219350105   6,180,024 130,051 SH   SOLE   130,051 0 0
Corteva, Inc. COM 22052L104   3,154,673 55,384 SH   SOLE   55,384 0 0
Costco Wholesale Corp COM 22160k105   6,874,497 7,503 SH   SOLE   7,503 0 0
DR Horton, Inc COM 23331a109   2,404,904 17,200 SH   SOLE   17,200 0 0
Delta Airlines - New COM 247361702   370,562 6,125 SH   SOLE   6,125 0 0
Digital Realty Trust COM 253868103   213,505 1,204 SH   SOLE   1,204 0 0
Domino's Pizza Inc. COM 25754a201   251,856 600 SH   SOLE   600 0 0
Dow Inc. COM 260557103   2,178,256 54,280 SH   SOLE   54,280 0 0
DuPont de Nemours, Inc COM 26614n102   3,606,625 47,300 SH   SOLE   47,300 0 0
Elevance Health Inc. COM 036752103   13,148,334 35,642 SH   SOLE   35,642 0 0
Eli Lilly & Co COM 532457108   484,044 627 SH   SOLE   627 0 0
Equifax Inc. COM 294429105   254,850 1,000 SH   SOLE   1,000 0 0
Exxon Mobil Corp COM 30231G102   1,386,514 12,889 SH   SOLE   12,889 0 0
Fedex Corp COM 31428X106   2,453,596 8,721 SH   SOLE   8,721 0 0
Ford Motor Co.- New COM 345370860   123,166 12,441 SH   SOLE   12,441 0 0
Forrester Research Inc. COM 346563109   523,566 33,412 SH   SOLE   33,412 0 0
Franklin Resources Inc. COM 354613101   1,108,382 54,627 SH   SOLE   54,627 0 0
GE Aerospace COM 369604301   346,590 2,078 SH   SOLE   2,078 0 0
Gates Industrial Corporation P COM g39108108   3,341,062 162,424 SH   SOLE   162,424 0 0
General Dynamics COM 369550108   250,842 952 SH   SOLE   952 0 0
General Motors Company COM 37045v100   1,678,112 31,502 SH   SOLE   31,502 0 0
Genuine Parts Co COM 372460105   857,018 7,340 SH   SOLE   7,340 0 0
Gilead Sciences Inc. COM 375558103   896,451 9,705 SH   SOLE   9,705 0 0
Grand Canyon Education, Inc. COM 38526m106   2,363,634 14,430 SH   SOLE   14,430 0 0
H&R Block Inc. COM 093671105   2,467,469 46,697 SH   SOLE   46,697 0 0
HP Inc. COM 40434L105   368,132 11,282 SH   SOLE   11,282 0 0
Hershey Company COM 427866108   2,182,075 12,885 SH   SOLE   12,885 0 0
Hewlett Packard Enterprise Co. COM 42824c109   264,889 12,407 SH   SOLE   12,407 0 0
Home Depot Inc. COM 437076102   9,668,445 24,855 SH   SOLE   24,855 0 0
Illinois Tool Works Inc. COM 452308109   283,734 1,119 SH   SOLE   1,119 0 0
Ingersoll Rand Inc. COM 45687v106   547,735 6,055 SH   SOLE   6,055 0 0
Intel Corp. COM 458140100   475,927 23,737 SH   SOLE   23,737 0 0
International Flavors & Fragra COM 459506101   292,881 3,464 SH   SOLE   3,464 0 0
Interpublic Group COM 460690100   208,525 7,442 SH   SOLE   7,442 0 0
J P Morgan Chase & Co. COM 46625h100   267,277 1,115 SH   SOLE   1,115 0 0
Johnson & Johnson COM 478160104   10,479,310 72,461 SH   SOLE   72,461 0 0
KLA Corporation COM 482480100   526,150 835 SH   SOLE   835 0 0
Kenvue Inc. COM 49177j102   522,755 24,485 SH   SOLE   24,485 0 0
Keurig Dr. Pepper Inc. COM 49271v100   2,211,301 68,845 SH   SOLE   68,845 0 0
Kroger Co. COM 501044101   22,143,026 362,110 SH   SOLE   362,110 0 0
Labcorp Holdings Inc. COM 504922105   219,001 955 SH   SOLE   955 0 0
Lamb Weston Holdings COM 513272104   255,892 3,829 SH   SOLE   3,829 0 0
Lincoln Educational COM 533535100   3,749,245 236,994 SH   SOLE   236,994 0 0
Lockheed Martin Corp COM 539830109   716,276 1,474 SH   SOLE   1,474 0 0
Lowes Companies COM 548661107   9,428,007 38,201 SH   SOLE   38,201 0 0
Manitex Intl COM 563420108   179,510 30,950 SH   SOLE   30,950 0 0
ManpowerGroup Inc. COM 56418h100   221,183 3,832 SH   SOLE   3,832 0 0
Marsh & McLennan Co. COM 571748102   7,218,329 33,983 SH   SOLE   33,983 0 0
Mastercard Inc. COM 57636q104   20,235,559 38,429 SH   SOLE   38,429 0 0
McDonalds Corp COM 580135101   3,284,164 11,329 SH   SOLE   11,329 0 0
Merck & Co.Inc. New COM 58933y105   11,852,147 119,141 SH   SOLE   119,141 0 0
Meta Platforms, Inc. COM 30303m102   8,416,706 14,375 SH   SOLE   14,375 0 0
Microsoft Corp. COM 594918104   43,124,970 102,313 SH   SOLE   102,313 0 0
Molson Coors Brewing Co COM 60871r209   6,181,126 107,835 SH   SOLE   107,835 0 0
Mondelez International, Inc. COM 609207105   2,027,714 33,948 SH   SOLE   33,948 0 0
Monster Beverage Corp. COM 61174x109   3,763,296 71,600 SH   SOLE   71,600 0 0
Nike Inc Class B COM 654106103   1,058,699 13,991 SH   SOLE   13,991 0 0
Nucor Corp COM 670346105   211,712 1,814 SH   SOLE   1,814 0 0
Nvidia Corp COM 67066g104   304,167 2,265 SH   SOLE   2,265 0 0
Occidental Petroleum Corp COM 674599105   433,177 8,767 SH   SOLE   8,767 0 0
Oracle Corp COM 68389X105   2,096,831 12,583 SH   SOLE   12,583 0 0
Organon & Co. COM 68622v106   542,954 36,391 SH   SOLE   36,391 0 0
Paramount Global B COM 92556h206   173,824 16,618 SH   SOLE   16,618 0 0
Parker-Hannifin Corp. COM 701094104   1,432,340 2,252 SH   SOLE   2,252 0 0
PayPal Holdings, Inc. COM 70450y103   202,023 2,367 SH   SOLE   2,367 0 0
Paychex Inc. COM 704326107   5,555,516 39,620 SH   SOLE   39,620 0 0
Pepsico Inc. COM 713448108   11,949,483 78,584 SH   SOLE   78,584 0 0
Pfizer Inc. COM 717081103   1,738,446 65,528 SH   SOLE   65,528 0 0
Philip Morris International COM 718172109   25,464,495 211,587 SH   SOLE   211,587 0 0
Phillips 66 COM 718546104   1,938,747 17,017 SH   SOLE   17,017 0 0
Procter & Gamble Co. COM 742718109   3,195,409 19,060 SH   SOLE   19,060 0 0
Qualcomm Inc COM 747525103   467,312 3,042 SH   SOLE   3,042 0 0
Quest Diagnostics Inc. COM 74834L100   4,160,266 27,577 SH   SOLE   27,577 0 0
RTX Corp. COM 75513e101   4,043,835 34,945 SH   SOLE   34,945 0 0
Sally Beauty Holdings Inc. COM 79546e104   931,795 89,167 SH   SOLE   89,167 0 0
Starbucks Corp COM 855244109   1,129,127 12,374 SH   SOLE   12,374 0 0
Stryker Corporation COM 863667101   271,838 755 SH   SOLE   755 0 0
Tapestry Inc. COM 876030107   471,356 7,215 SH   SOLE   7,215 0 0
The Cigna Group COM 125523100   7,285,954 26,385 SH   SOLE   26,385 0 0
The Kraft Heinz Company COM 500754106   247,768 8,068 SH   SOLE   8,068 0 0
The Mosaic Company COM 61945c103   1,493,897 60,777 SH   SOLE   60,777 0 0
The Travelers Companies Inc. COM 89417e109   10,466,429 43,449 SH   SOLE   43,449 0 0
The Walt Disney Co. COM 254687106   1,627,603 14,617 SH   SOLE   14,617 0 0
US Bancorp Delaware New COM 902973304   622,220 13,009 SH   SOLE   13,009 0 0
Ulta Beauty, Inc. COM 90384s303   507,998 1,168 SH   SOLE   1,168 0 0
Union Pacific Corp COM 907818108   1,993,070 8,740 SH   SOLE   8,740 0 0
United Parcel Service Inc. COM 911312106   1,937,852 15,368 SH   SOLE   15,368 0 0
UnitedHealth Group Inc. COM 91324p102   32,787,920 64,816 SH   SOLE   64,816 0 0
Unum Group COM 91529y106   4,217,629 57,752 SH   SOLE   57,752 0 0
Valero Energy Corp. COM 91913y100   6,994,358 57,055 SH   SOLE   57,055 0 0
Value Line Inc. COM 920437100   223,819 4,239 SH   SOLE   4,239 0 0
Verizon Communications COM 92343V104   1,264,844 31,629 SH   SOLE   31,629 0 0
Visa, Inc. COM 92826c839   12,702,596 40,193 SH   SOLE   40,193 0 0
Wal Mart Stores COM 931142103   13,066,869 144,625 SH   SOLE   144,625 0 0
Warner Bros. Discovery, Inc. COM 934423104   810,645 76,693 SH   SOLE   76,693 0 0
Washington Federal COM 938824109   4,230,630 131,223 SH   SOLE   131,223 0 0
Waste Management Inc. Del COM 94106L109   324,277 1,607 SH   SOLE   1,607 0 0
Wells Fargo & Co. COM 949746101   2,243,606 31,942 SH   SOLE   31,942 0 0
Western Union Company COM 959802109   219,484 20,706 SH   SOLE   20,706 0 0
Weyerhaeuser Co. COM 962166104   278,403 9,890 SH   SOLE   9,890 0 0
Yum! Brands, Inc. COM 988498101   1,454,965 10,845 SH   SOLE   10,845 0 0
Zimmer Biomet Holdings COM 98956p102   6,766,024 64,054 SH   SOLE   64,054 0 0
AON Plc FOR g0403h108   1,352,956 3,767 SH   SOLE   3,767 0 0
ASML Holding N.V. FOR n07059210   462,977 668 SH   SOLE   668 0 0
Alibaba Group Holding Limited FOR 01609w102   803,300 9,474 SH   SOLE   9,474 0 0
Alkermes PLC FOR g01767105   339,828 11,816 SH   SOLE   11,816 0 0
Allegion PLC FOR g0176j109   471,101 3,605 SH   SOLE   3,605 0 0
America Movil ADR FOR 02390a101   1,100,296 76,890 SH   SOLE   76,890 0 0
Arch Capital Group Ltd FOR g0450a105   418,345 4,530 SH   SOLE   4,530 0 0
Arcos Dorados Hldgs. FOR g0457f107   2,222,351 305,268 SH   SOLE   305,268 0 0
BP p.l.c. FOR 055622104   5,363,012 181,428 SH   SOLE   181,428 0 0
British American Tobacco FOR 110448107   7,915,544 217,939 SH   SOLE   217,939 0 0
CAE Inc. FOR 124765108   1,315,445 51,830 SH   SOLE   51,830 0 0
Colliers International Group FOR 194693107   973,545 7,160 SH   SOLE   7,160 0 0
Diageo PLC ADR FOR 25243q205   1,540,307 12,116 SH   SOLE   12,116 0 0
Enbridge Inc. FOR 29250n105   203,155 4,788 SH   SOLE   4,788 0 0
FirstService Corp Voting Share FOR 33767e202   1,244,150 6,873 SH   SOLE   6,873 0 0
Glaxo SmithKline ADS FOR 37733W204   993,023 29,362 SH   SOLE   29,362 0 0
Haleon PLC FOR 405552100   372,384 39,034 SH   SOLE   39,034 0 0
Johnson Controls Intl. PLC FOR g51502105   309,563 3,922 SH   SOLE   3,922 0 0
LyondellBasell Industries N.V. FOR n53745100   4,814,701 64,827 SH   SOLE   64,827 0 0
Medtronic PLC FOR g5960L103   11,282,411 141,242 SH   SOLE   141,242 0 0
Nokia Corp Sponsored ADR FOR 654902204   52,039 11,747 SH   SOLE   11,747 0 0
Shell PLC FOR 780259305   1,019,378 16,271 SH   SOLE   16,271 0 0
Taiwan Semiconductor Manufactu FOR 874039100   1,083,628 5,487 SH   SOLE   5,487 0 0
Telefonica S.A. ADR FOR 879382208   643,261 160,015 SH   SOLE   160,015 0 0
Toyota Motor Corp ADR FOR 892331307   278,098 1,429 SH   SOLE   1,429 0 0
Trane Technologies PLC FOR g8994e103   2,468,366 6,683 SH   SOLE   6,683 0 0
Unilever PLC ADR FOR 904767704   6,382,606 112,568 SH   SOLE   112,568 0 0
Yum China Holdings, Inc. FOR 98850p109   469,320 9,743 SH   SOLE   9,743 0 0