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   255,611 1,679 SH   SOLE   1,679 0 0
AFLAC Inc. COM 001055102   12,379,106 117,382 SH   SOLE   117,382 0 0
AGCO Corp COM 001084102   348,268 3,376 SH   SOLE   3,376 0 0
AT & T, Inc. New COM 00206r102   608,217 21,016 SH   SOLE   21,016 0 0
AbbVie, Inc. COM 00287y109   6,091,306 32,816 SH   SOLE   32,816 0 0
Abbott Laboratories COM 002824100   9,214,975 67,752 SH   SOLE   67,752 0 0
Adobe Systems Inc COM 00724F101   249,151 644 SH   SOLE   644 0 0
Alaska Air Group Inc. COM 011659109   396,087 8,005 SH   SOLE   8,005 0 0
Alphabet, Inc Non-Voting Class COM 02079k107   1,224,701 6,904 SH   SOLE   6,904 0 0
Alphabet, Inc Voting Class COM 02079k305   15,820,696 89,773 SH   SOLE   89,773 0 0
Altria Group Inc. COM 02209s103   8,799,743 150,089 SH   SOLE   150,089 0 0
Amazon.com, Inc. COM 023135106   1,881,269 8,575 SH   SOLE   8,575 0 0
American Express Co. COM 025816109   2,262,525 7,093 SH   SOLE   7,093 0 0
American International Group COM 026874784   9,738,088 113,776 SH   SOLE   113,776 0 0
Ameriprise Financial Inc. COM 03076c106   2,711,882 5,081 SH   SOLE   5,081 0 0
Amgen Inc. COM 031162100   2,543,603 9,110 SH   SOLE   9,110 0 0
Apple, Inc. COM 037833100   5,892,277 28,719 SH   SOLE   28,719 0 0
Applied Materials Inc Delaware COM 038222105   234,879 1,283 SH   SOLE   1,283 0 0
Automatic Data Processing COM 053015103   2,040,374 6,616 SH   SOLE   6,616 0 0
Bank of America Corp COM 060505104   15,133,604 319,814 SH   SOLE   319,814 0 0
Bank of New York Mellon Corp COM 064058100   19,626,825 215,419 SH   SOLE   215,419 0 0
Becton Dickinson & Co COM 075887109   2,870,374 16,664 SH   SOLE   16,664 0 0
Berkshire Hathaway Inc. Class COM 084670702   11,321,841 23,307 SH   SOLE   23,307 0 0
Biogen Inc. COM 09062x103   1,285,037 10,232 SH   SOLE   10,232 0 0
Boeing Company COM 097023105   2,975,536 14,201 SH   SOLE   14,201 0 0
Booking Holdings Inc. COM 09857L108   12,383,184 2,139 SH   SOLE   2,139 0 0
Bristol Myers Squibb Co. COM 110122108   1,092,890 23,610 SH   SOLE   23,610 0 0
CSX Corp COM 126408103   246,879 7,566 SH   SOLE   7,566 0 0
CVS Health Corp. COM 126650100   7,075,125 102,568 SH   SOLE   102,568 0 0
Caterpillar Inc. COM 149123101   1,253,918 3,230 SH   SOLE   3,230 0 0
Celanese Corp COM 150870103   1,516,042 27,400 SH   SOLE   27,400 0 0
Central Pacific Financial Corp COM 154760409   2,378,205 84,845 SH   SOLE   84,845 0 0
Charles Schwab Corp COM 808513105   624,994 6,850 SH   SOLE   6,850 0 0
Chevron Corp. COM 166764100   3,737,402 26,101 SH   SOLE   26,101 0 0
Cisco Sys Inc. COM 17275R102   3,094,348 44,600 SH   SOLE   44,600 0 0
Citigroup Inc. COM 172967424   5,977,126 70,220 SH   SOLE   70,220 0 0
Coca-Cola Company COM 191216100   6,501,702 91,897 SH   SOLE   91,897 0 0
Cognizant Technology Solutions COM 192446102   3,070,559 39,351 SH   SOLE   39,351 0 0
Comcast Corp Cl A COM 20030n101   3,021,373 84,656 SH   SOLE   84,656 0 0
ConAgra Foods Inc. COM 205887102   456,501 22,301 SH   SOLE   22,301 0 0
ConocoPhillips COM 20825c104   2,565,756 28,591 SH   SOLE   28,591 0 0
Corning Inc COM 219350105   6,778,904 128,901 SH   SOLE   128,901 0 0
Corteva, Inc. COM 22052L104   4,026,632 54,027 SH   SOLE   54,027 0 0
Costco Wholesale Corp COM 22160k105   7,845,411 7,925 SH   SOLE   7,925 0 0
DR Horton, Inc COM 23331a109   2,217,424 17,200 SH   SOLE   17,200 0 0
Deere & Co COM 244199105   228,820 450 SH   SOLE   450 0 0
Delta Airlines - New COM 247361702   301,227 6,125 SH   SOLE   6,125 0 0
Devon Energy Corp. COM 25179m103   233,803 7,350 SH   SOLE   7,350 0 0
Digital Realty Trust COM 253868103   207,976 1,193 SH   SOLE   1,193 0 0
Domino's Pizza Inc. COM 25754a201   270,360 600 SH   SOLE   600 0 0
Dow Inc. COM 260557103   1,430,556 54,024 SH   SOLE   54,024 0 0
DuPont de Nemours, Inc COM 26614n102   3,234,567 47,158 SH   SOLE   47,158 0 0
Elevance Health Inc. COM 036752103   14,295,447 36,753 SH   SOLE   36,753 0 0
Eli Lilly & Co COM 532457108   478,631 614 SH   SOLE   614 0 0
Equifax Inc. COM 294429105   259,370 1,000 SH   SOLE   1,000 0 0
Exxon Mobil Corp COM 30231G102   1,389,047 12,885 SH   SOLE   12,885 0 0
FTAI Aviation Ltd. COM G3730v105   690,240 6,000 SH   SOLE   6,000 0 0
Fedex Corp COM 31428X106   1,982,465 8,721 SH   SOLE   8,721 0 0
Ferguson Enterprises COM 31488v107   228,637 1,050 SH   SOLE   1,050 0 0
Forrester Research Inc. COM 346563109   254,687 25,726 SH   SOLE   25,726 0 0
Franklin Resources Inc. COM 354613101   1,276,619 53,527 SH   SOLE   53,527 0 0
GE Aerospace COM 369604301   528,422 2,053 SH   SOLE   2,053 0 0
GE Vernova Inc. COM 36828A101   301,086 569 SH   SOLE   569 0 0
Gates Industrial Corporation P COM g39108108   3,797,900 164,911 SH   SOLE   164,911 0 0
General Dynamics COM 369550108   277,660 952 SH   SOLE   952 0 0
General Motors Company COM 37045v100   1,543,570 31,367 SH   SOLE   31,367 0 0
Genuine Parts Co COM 372460105   890,415 7,340 SH   SOLE   7,340 0 0
Gilead Sciences Inc. COM 375558103   1,014,793 9,153 SH   SOLE   9,153 0 0
Grand Canyon Education, Inc. COM 38526m106   2,723,490 14,410 SH   SOLE   14,410 0 0
H&R Block Inc. COM 093671105   2,539,157 46,259 SH   SOLE   46,259 0 0
HP Inc. COM 40434L105   266,663 10,902 SH   SOLE   10,902 0 0
Hershey Company COM 427866108   2,250,282 13,560 SH   SOLE   13,560 0 0
Hewlett Packard Enterprise Co. COM 42824c109   247,465 12,101 SH   SOLE   12,101 0 0
Home Depot Inc. COM 437076102   9,047,668 24,677 SH   SOLE   24,677 0 0
Illinois Tool Works Inc. COM 452308109   276,673 1,119 SH   SOLE   1,119 0 0
Ingersoll Rand Inc. COM 45687v106   495,337 5,955 SH   SOLE   5,955 0 0
Intel Corp. COM 458140100   504,157 22,507 SH   SOLE   22,507 0 0
International Flavors & Fragra COM 459506101   248,231 3,375 SH   SOLE   3,375 0 0
J P Morgan Chase & Co. COM 46625h100   323,250 1,115 SH   SOLE   1,115 0 0
Johnson & Johnson COM 478160104   11,018,774 72,136 SH   SOLE   72,136 0 0
KLA Corporation COM 482480100   747,943 835 SH   SOLE   835 0 0
Kenvue Inc. COM 49177j102   507,092 24,228 SH   SOLE   24,228 0 0
Keurig Dr. Pepper Inc. COM 49271v100   2,385,709 72,163 SH   SOLE   72,163 0 0
Kroger Co. COM 501044101   25,256,635 352,107 SH   SOLE   352,107 0 0
Labcorp Holdings Inc. COM 504922105   249,384 950 SH   SOLE   950 0 0
Lincoln Educational COM 533535100   5,448,882 236,394 SH   SOLE   236,394 0 0
Lockheed Martin Corp COM 539830109   594,209 1,283 SH   SOLE   1,283 0 0
Lowes Companies COM 548661107   9,218,698 41,550 SH   SOLE   41,550 0 0
Marsh & McLennan Co. COM 571748102   7,382,161 33,764 SH   SOLE   33,764 0 0
Mastercard Inc. COM 57636q104   19,164,402 34,104 SH   SOLE   34,104 0 0
McDonalds Corp COM 580135101   2,990,068 10,234 SH   SOLE   10,234 0 0
Merck & Co.Inc. New COM 58933y105   9,420,911 119,011 SH   SOLE   119,011 0 0
Meta Platforms, Inc. COM 30303m102   10,768,733 14,590 SH   SOLE   14,590 0 0
Microsoft Corp. COM 594918104   50,215,080 100,953 SH   SOLE   100,953 0 0
Molson Coors Brewing Co COM 60871r209   5,200,857 108,148 SH   SOLE   108,148 0 0
Mondelez International, Inc. COM 609207105   2,274,347 33,724 SH   SOLE   33,724 0 0
Monster Beverage Corp. COM 61174x109   4,485,024 71,600 SH   SOLE   71,600 0 0
Netflix Inc. COM 64110L106   241,043 180 SH   SOLE   180 0 0
Nike Inc Class B COM 654106103   998,183 14,051 SH   SOLE   14,051 0 0
Nucor Corp COM 670346105   234,986 1,814 SH   SOLE   1,814 0 0
Nvidia Corp COM 67066g104   421,043 2,665 SH   SOLE   2,665 0 0
Occidental Petroleum Corp COM 674599105   254,875 6,067 SH   SOLE   6,067 0 0
Oracle Corp COM 68389X105   2,724,130 12,460 SH   SOLE   12,460 0 0
Organon & Co. COM 68622v106   332,440 34,343 SH   SOLE   34,343 0 0
Paramount Global B COM 92556h206   202,207 15,675 SH   SOLE   15,675 0 0
Parker-Hannifin Corp. COM 701094104   1,555,493 2,227 SH   SOLE   2,227 0 0
Paychex Inc. COM 704326107   5,716,869 39,302 SH   SOLE   39,302 0 0
Pepsico Inc. COM 713448108   10,542,074 79,840 SH   SOLE   79,840 0 0
Pfizer Inc. COM 717081103   1,583,807 65,339 SH   SOLE   65,339 0 0
Philip Morris International COM 718172109   38,320,698 210,403 SH   SOLE   210,403 0 0
Phillips 66 COM 718546104   2,028,458 17,003 SH   SOLE   17,003 0 0
Pioneer Municipal High Income COM 723760104   203,054 17,208 SH   SOLE   17,208 0 0
Procter & Gamble Co. COM 742718109   3,015,928 18,930 SH   SOLE   18,930 0 0
Qualcomm Inc COM 747525103   482,876 3,032 SH   SOLE   3,032 0 0
Quest Diagnostics Inc. COM 74834L100   4,809,953 26,777 SH   SOLE   26,777 0 0
RTX Corp. COM 75513e101   5,102,669 34,945 SH   SOLE   34,945 0 0
Rithm Capital Corp. REIT COM 64828t201   124,190 11,000 SH   SOLE   11,000 0 0
S&P Global Inc. COM 78409V104   209,334 397 SH   SOLE   397 0 0
Sally Beauty Holdings Inc. COM 79546e104   818,741 88,417 SH   SOLE   88,417 0 0
Starbucks Corp COM 855244109   1,130,164 12,334 SH   SOLE   12,334 0 0
Stryker Corporation COM 863667101   298,701 755 SH   SOLE   755 0 0
Tapestry Inc. COM 876030107   543,544 6,190 SH   SOLE   6,190 0 0
Tenet Healthcare Corp. COM 88033g100   220,000 1,250 SH   SOLE   1,250 0 0
The Cigna Group COM 125523100   6,546,806 19,804 SH   SOLE   19,804 0 0
The Mosaic Company COM 61945c103   2,194,269 60,150 SH   SOLE   60,150 0 0
The Travelers Companies Inc. COM 89417e109   11,551,039 43,175 SH   SOLE   43,175 0 0
The Walt Disney Co. COM 254687106   1,791,076 14,443 SH   SOLE   14,443 0 0
US Bancorp Delaware New COM 902973304   588,657 13,009 SH   SOLE   13,009 0 0
Union Pacific Corp COM 907818108   1,992,493 8,660 SH   SOLE   8,660 0 0
United Parcel Service Inc. COM 911312106   1,604,480 15,895 SH   SOLE   15,895 0 0
UnitedHealth Group Inc. COM 91324p102   20,138,348 64,552 SH   SOLE   64,552 0 0
Unum Group COM 91529y106   4,648,869 57,564 SH   SOLE   57,564 0 0
Valero Energy Corp. COM 91913y100   7,642,702 56,857 SH   SOLE   56,857 0 0
Verizon Communications COM 92343V104   1,361,837 31,473 SH   SOLE   31,473 0 0
Visa, Inc. COM 92826c839   14,160,459 39,883 SH   SOLE   39,883 0 0
Wal Mart Stores COM 931142103   13,988,505 143,061 SH   SOLE   143,061 0 0
Warner Bros. Discovery, Inc. COM 934423104   839,984 73,297 SH   SOLE   73,297 0 0
Washington Federal COM 938824109   3,833,133 130,913 SH   SOLE   130,913 0 0
Waste Management Inc. Del COM 94106L109   367,714 1,607 SH   SOLE   1,607 0 0
Wells Fargo & Co. COM 949746101   2,533,955 31,627 SH   SOLE   31,627 0 0
Western Union Company COM 959802109   147,619 17,532 SH   SOLE   17,532 0 0
Weyerhaeuser Co. COM 962166104   254,074 9,890 SH   SOLE   9,890 0 0
Yum! Brands, Inc. COM 988498101   1,607,012 10,845 SH   SOLE   10,845 0 0
Zimmer Biomet Holdings COM 98956p102   5,812,631 63,728 SH   SOLE   63,728 0 0
AON Plc FOR g0403h108   1,415,267 3,967 SH   SOLE   3,967 0 0
ASML Holding N.V. FOR n07059210   535,329 668 SH   SOLE   668 0 0
Alibaba Group Holding Limited FOR 01609w102   1,065,941 9,399 SH   SOLE   9,399 0 0
Alimentation Couche Tard Inc. FOR 01626p148   439,314 8,850 SH   SOLE   8,850 0 0
Alkermes PLC FOR g01767105   333,049 11,641 SH   SOLE   11,641 0 0
Allegion PLC FOR g0176j109   513,932 3,566 SH   SOLE   3,566 0 0
America Movil ADR FOR 02390a101   1,371,782 76,465 SH   SOLE   76,465 0 0
Arch Capital Group Ltd FOR g0450a105   1,004,281 11,030 SH   SOLE   11,030 0 0
Arcos Dorados Hldgs. FOR g0457f107   2,606,659 330,375 SH   SOLE   330,375 0 0
BP p.l.c. FOR 055622104   5,410,057 180,757 SH   SOLE   180,757 0 0
British American Tobacco FOR 110448107   10,598,039 223,918 SH   SOLE   223,918 0 0
CAE Inc. FOR 124765108   1,517,064 51,830 SH   SOLE   51,830 0 0
Colliers International Group FOR 194693107   934,666 7,160 SH   SOLE   7,160 0 0
Diageo PLC ADR FOR 25243q205   1,218,853 12,087 SH   SOLE   12,087 0 0
Enbridge Inc. FOR 29250n105   215,904 4,764 SH   SOLE   4,764 0 0
FirstService Corp Voting Share FOR 33767e202   1,200,163 6,873 SH   SOLE   6,873 0 0
Glaxo SmithKline ADS FOR 37733W204   1,096,013 28,542 SH   SOLE   28,542 0 0
Haleon PLC FOR 405552100   398,716 38,449 SH   SOLE   38,449 0 0
Johnson Controls Intl. PLC FOR g51502105   414,242 3,922 SH   SOLE   3,922 0 0
LyondellBasell Industries N.V. FOR n53745100   3,733,359 64,524 SH   SOLE   64,524 0 0
Medtronic PLC FOR g5960L103   12,254,882 140,586 SH   SOLE   140,586 0 0
Nokia Corp Sponsored ADR FOR 654902204   54,685 10,557 SH   SOLE   10,557 0 0
Shell PLC FOR 780259305   1,137,192 16,151 SH   SOLE   16,151 0 0
Taiwan Semiconductor Manufactu FOR 874039100   1,265,400 5,587 SH   SOLE   5,587 0 0
Telefonica S.A. ADR FOR 879382208   823,171 157,394 SH   SOLE   157,394 0 0
Toyota Motor Corp ADR FOR 892331307   236,685 1,374 SH   SOLE   1,374 0 0
Trane Technologies PLC FOR g8994e103   2,862,848 6,545 SH   SOLE   6,545 0 0
Unilever PLC ADR FOR 904767704   6,839,968 111,819 SH   SOLE   111,819 0 0
Yum China Holdings, Inc. FOR 98850p109   435,610 9,743 SH   SOLE   9,743 0 0