Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PM	Philip Morris International	187,494	$18.39M	4.4%	—	—	COM	718172109
KR	Kroger Co.	403,638	$15.44M	3.7%	—	—	COM	501044101
—	Unitedhealth Group Inc.	119,075	$15.35M	3.6%	—	—	COM	91324p102
PEP	Pepsico Inc.	140,339	$14.38M	3.4%	—	—	COM	713448108
—	Molson Coors Brewing Co	138,199	$13.29M	3.1%	—	—	COM	60871r209
BK	Bank of New York Mellon Corp	315,979	$11.64M	2.8%	—	—	COM	064058100
JNJ	Johnson & Johnson	105,176	$11.38M	2.7%	—	—	COM	478160104
MSFT	Microsoft Corp.	191,619	$10.58M	2.5%	—	—	COM	594918104
—	Medtronic PLC	139,773	$10.48M	2.5%	—	—	COM	g5960l103
—	The Travelers Companies Inc.	84,753	$9.892M	2.3%	—	—	COM	89417e109
—	Altria Group Inc.	146,050	$9.151M	2.2%	—	—	COM	02209s103
—	Zimmer Biomet Holdings	83,814	$8.937M	2.1%	—	—	COM	98956p102
—	Merck & Co.Inc. New	153,303	$8.111M	1.9%	—	—	COM	58933y105
ELV	Anthem, Inc.	56,044	$7.79M	1.8%	—	—	COM	036752103
—	America Movil ADR	448,119	$6.959M	1.6%	—	—	COM	02364W105
GLW	Corning Inc	330,751	$6.909M	1.6%	—	—	COM	219350105
—	Dr. Pepper Snapple Group	75,487	$6.75M	1.6%	—	—	COM	26138e109
BP	BP p.l.c.	218,802	$6.603M	1.6%	—	—	COM	055622104
—	Mastercard Inc.	69,410	$6.559M	1.6%	—	—	COM	57636q104
KO	Coca-Cola Company	134,874	$6.257M	1.5%	—	—	COM	191216100
WMT	Wal Mart Stores	91,042	$6.235M	1.5%	—	—	COM	931142103
BEN	Franklin Resources Inc.	159,215	$6.217M	1.5%	—	—	COM	354613101
CVS	CVS Health Corp.	52,349	$5.43M	1.3%	—	—	COM	126650100
TELFY	Telefonica S.A. ADR	484,901	$5.397M	1.3%	—	—	FOR	879382208
—	Discovery Communications Serie	187,861	$5.378M	1.3%	—	—	COM	25470f104
—	Unilever NV New York Shs	118,728	$5.305M	1.3%	—	—	COM	904784709
—	Express Scripts Inc.	74,035	$5.085M	1.2%	—	—	COM	30219g108
—	Quest Diagnostics Inc.	69,955	$4.998M	1.2%	—	—	COM	74834l100
BAC	Bank of America Corp	364,469	$4.928M	1.2%	—	—	COM	060505104
ORCL	Oracle Corp	119,337	$4.882M	1.2%	—	—	COM	68389X105
—	Dow Chemical Company	95,372	$4.851M	1.1%	—	—	COM	260543103
CAG	ConAgra Foods Inc.	108,610	$4.846M	1.1%	—	—	COM	205887102
—	Valero Energy Corp.	72,610	$4.657M	1.1%	—	—	COM	91913y100
PG	Procter & Gamble Co.	55,753	$4.589M	1.1%	—	—	COM	742718109
—	Glaxo SmithKline PLC	111,282	$4.512M	1.1%	—	—	COM	37733W105
AFL	AFLAC Inc.	70,220	$4.434M	1.1%	—	—	COM	001055102
—	E. I. Du Pont De Nemours	66,075	$4.184M	1.0%	—	—	COM	263534109
WU	Western Union Company	213,902	$4.126M	1.0%	—	—	COM	959802109
—	Comcast Corp Cl A	67,405	$4.117M	1.0%	—	—	COM	20030n101
HRB	H & R Block Inc.	154,752	$4.089M	1.0%	—	—	COM	093671105
BDX	Becton Dickinson & Co	26,225	$3.981M	0.9%	—	—	COM	075887109
HD	Home Depot Inc.	28,171	$3.759M	0.9%	—	—	COM	437076102
CVX	Chevron Corp.	36,743	$3.505M	0.8%	—	—	COM	166764100
—	Visa, Inc.	44,248	$3.384M	0.8%	—	—	COM	92826c839
ABT	Abbott Laboratories	78,672	$3.291M	0.8%	—	—	COM	002824100
C	Citigroup Inc.	77,170	$3.222M	0.8%	—	—	COM	172967424
—	Berkshire Hathaway Inc. Class	21,955	$3.115M	0.7%	—	—	COM	084670207
MRSH	Marsh & McLennan Co.	48,837	$2.969M	0.7%	—	—	COM	571748102
—	Credit Suisse Group ADR	206,518	$2.918M	0.7%	—	—	COM	225401108
—	Unum Group	92,871	$2.872M	0.7%	—	—	COM	91529y106
LOW	Lowes Companies	36,820	$2.789M	0.7%	—	—	COM	548661107
PAYX	Paychex Inc.	49,085	$2.651M	0.6%	—	—	COM	704326107
PFE	Pfizer Inc.	85,899	$2.546M	0.6%	—	—	COM	717081103
—	American International Group	44,650	$2.413M	0.6%	—	—	COM	026874107
BTI	British American Tobacco	20,250	$2.367M	0.6%	—	—	COM	110448107
—	Biogen Inc.	9,015	$2.347M	0.6%	—	—	COM	09062x103
VZ	Verizon Communications	42,652	$2.307M	0.5%	—	—	COM	92343V104
CPF	Central Pacific Financial Co	104,947	$2.285M	0.5%	—	—	COM	154760409
—	Twenty-First Century Fox Cl A	74,776	$2.085M	0.5%	—	—	COM	90130a101
MCD	McDonalds Corp	16,145	$2.029M	0.5%	—	—	COM	580135101
—	Diageo PLC ADR	18,224	$1.966M	0.5%	—	—	COM	25243q205
—	Costco Wholesale Corp	11,551	$1.82M	0.4%	—	—	COM	22160k105
—	St. Jude Medical Inc.	31,972	$1.758M	0.4%	—	—	COM	790849103
SJM	J.M. Smucker Co.	13,480	$1.75M	0.4%	—	—	COM	832696405
—	Intel Corp.	52,187	$1.688M	0.4%	—	—	COM	458140101
—	Raytheon Company	13,500	$1.656M	0.4%	—	—	COM	755111507
BA	Boeing Company	12,847	$1.631M	0.4%	—	—	COM	097023105
—	CST Brands, Inc.	42,512	$1.628M	0.4%	—	—	COM	12646r105
MDLZ	Mondelez International, Inc.	40,484	$1.624M	0.4%	—	—	COM	609207105
—	Monster Beverage Corp.	12,100	$1.614M	0.4%	—	—	COM	611740101
PSX	Phillips 66	17,293	$1.497M	0.4%	—	—	COM	718546104
NKE	Nike Inc Class B	23,340	$1.435M	0.3%	—	—	COM	654106103
UPS	United Parcel Service Inc.	13,333	$1.406M	0.3%	—	—	COM	911312106
—	ConocoPhillips	34,691	$1.397M	0.3%	—	—	COM	20825c104
XOM	Exxon Mobil Corp	16,334	$1.365M	0.3%	—	—	COM	30231G102
CSCO	Cisco Sys Inc.	47,895	$1.364M	0.3%	—	—	COM	17275R102
—	Apollo Education Group, Inc.	161,829	$1.329M	0.3%	—	—	COM	037604105
ALL	Allstate Corp	19,565	$1.318M	0.3%	—	—	COM	020002101
—	Vitamin Shoppe, Inc.	39,860	$1.234M	0.3%	—	—	COM	92849E101
—	Time Warner Inc.	16,876	$1.224M	0.3%	—	—	COM	887317303
—	AbbVie, Inc.	20,572	$1.175M	0.3%	—	—	COM	00287y109
—	AT & T, Inc. New	29,175	$1.143M	0.3%	—	—	COM	00206r102
—	General Motors Company	35,817	$1.126M	0.3%	—	—	COM	37045v100
—	Legg Mason Inc.	32,270	$1.119M	0.3%	—	—	COM	524901105
ADP	Automatic Data Processing	12,452	$1.117M	0.3%	—	—	COM	053015103
YUM	Yum! Brands, Inc.	13,347	$1.092M	0.3%	—	—	COM	988498101
KHC	The Kraft Heinz Company	13,130	$1.031M	0.2%	—	—	COM	500754106
—	Textainer Group Holdings Limit	63,600	$944K	0.2%	—	—	COM	g8766e109
—	Viacom Inc. Class B	22,695	$937K	0.2%	—	—	COM	92553p201
—	Alkermes PLC	26,751	$915K	0.2%	—	—	COM	g01767105
—	LyondellBasell Industries N.V.	10,500	$899K	0.2%	—	—	FOR	n53745100
—	Waddell & Reed Financial	35,008	$824K	0.2%	—	—	COM	930059100
AAPL	Apple Computer Inc.	7,205	$785K	0.2%	—	—	COM	037833100
—	Royal Dutch Shell PLC	15,978	$774K	0.2%	—	—	FOR	780259206
LINC	Lincoln Educational	309,157	$767K	0.2%	—	—	COM	533535100
—	Weight Watchers Intl. Inc.	50,620	$736K	0.2%	—	—	COM	948626106
—	Ingersoll Rand Co	11,500	$713K	0.2%	—	—	COM	g47791101
CYH	Community Health Systems, Inc.	36,416	$674K	0.2%	—	—	COM	203668108
—	Coach Inc.	15,670	$628K	0.1%	—	—	COM	189754104
DIS	Walt Disney Holding Co.	6,207	$616K	0.1%	—	—	COM	254687106
—	Alliance One International	34,587	$607K	0.1%	—	—	COM	018772103
—	AETNA Inc.	5,315	$597K	0.1%	—	—	COM	00817y108
KELYA	Kelly Services,Inc.	28,428	$544K	0.1%	—	—	COM	488152208
WAFD	Washington Federal	23,939	$542K	0.1%	—	—	COM	938824109
—	General Electric Co.	16,935	$538K	0.1%	—	—	COM	369604103
AXP	American Express Co.	8,018	$492K	0.1%	—	—	COM	025816109
—	Zynerba Pharmaceuticals Inc.	50,556	$478K	0.1%	—	—	COM	98986x109
USB	US Bancorp Delaware New	11,660	$473K	0.1%	—	—	COM	902973304
—	Baxalta, Inc.	11,631	$470K	0.1%	—	—	COM	07177m103
—	Apache Corp	9,501	$464K	0.1%	—	—	COM	037411105
SBUX	Starbucks Corp	7,554	$451K	0.1%	—	—	COM	855244109
—	ManpowerGroup Inc.	5,450	$444K	0.1%	—	—	COM	56418h100
—	Alphabet, Inc Voting Class	525	$401K	0.1%	—	—	COM	02076k305
AGCO	AGCO Corp	8,005	$398K	0.1%	—	—	COM	001084102
—	Interpublic Group	17,188	$394K	0.1%	—	—	COM	460690100
—	Laboratory Corp. of America	3,180	$372K	0.1%	—	—	COM	50540r409
WY	Weyerhaeuser Co.	11,780	$365K	0.1%	—	—	COM	962166104
UNP	Union Pacific Corp	4,434	$353K	0.1%	—	—	COM	907818108
BMY	Bristol Myers Squibb Co.	4,993	$319K	0.1%	—	—	COM	110122108
WM	Waste Management Inc. Del	5,180	$306K	0.1%	—	—	COM	94106L109
—	FirstService Corp Voting Share	7,460	$305K	0.1%	—	—	COM	33767e103
CIGI	Colliers International Group	7,460	$282K	0.1%	—	—	COM	194693107
—	Arcos Dorados Hldgs.	75,298	$282K	0.1%	—	—	FOR	g0457f107
—	Hewlett Packard Enterprise Co.	15,904	$282K	0.1%	—	—	COM	42824c109
CCHGY	Coca-Cola HBC AG ADR Unsponsor	13,200	$277K	0.1%	—	—	FOR	191223205
GILD	Gilead Sciences Inc.	2,982	$274K	0.1%	—	—	COM	375558103
NWL	Newell Rubbermaid Inc.	5,850	$259K	0.1%	—	—	COM	651229106
—	Allegion PLC	3,835	$244K	0.1%	—	—	COM	0176j1097
—	Ameriprise Financial Inc.	2,498	$235K	0.1%	—	—	COM	03076c106
—	Nordstrom Inc.	4,078	$233K	0.1%	—	—	COM	655664100
—	Discovery Communications Serie	8,598	$232K	0.1%	—	—	COM	25470F302
TM	Toyota Motor Corp ADR	2,175	$231K	0.1%	—	—	FOR	892331307
—	Time Warner Cable Inc.	1,070	$219K	0.1%	—	—	COM	88732j207
—	Wells Fargo & Co.	4,460	$216K	0.1%	—	—	COM	949974610
BRK/A	Berkshire Hathaway Inc. Class	1	$213K	0.1%	—	—	COM	084670108
—	SK Telecom ADR	10,408	$210K	0.0%	—	—	FOR	78440p108
—	Principal Financial Group	5,322	$210K	0.0%	—	—	COM	74251v102
HPQ	HP Inc.	15,904	$196K	0.0%	—	—	COM	40434L105
NOK	Nokia Corp Sponsored ADR	13,117	$78,000	0.0%	—	—	FOR	654902204
—	Ideal Power, Inc. (Restricted)	14,383	$65,000	0.0%	—	—	COM	451622104
—	Willbros Group, Inc	12,175	$26,000	0.0%	—	—	COM	969203108
—	IsoRay, Inc.	14,218	$13,000	0.0%	—	—	COM	46489v104