Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	UnitedHealth Group Inc.	86,991	$34.84M	5.8%	—	—	COM	91324p102
MSFT	Microsoft Corp.	123,067	$33.34M	5.5%	—	—	COM	594918104
PM	Philip Morris International	205,658	$20.38M	3.4%	—	—	COM	718172109
ELV	Anthem, Inc.	47,874	$18.28M	3.0%	—	—	COM	036752103
—	Mastercard Inc.	49,235	$17.98M	3.0%	—	—	COM	57636q104
—	Medtronic PLC	141,937	$17.62M	2.9%	—	—	FOR	g5960L103
KR	Kroger Co.	374,878	$14.36M	2.4%	—	—	COM	501044101
JNJ	Johnson & Johnson	85,783	$14.13M	2.3%	—	—	COM	478160104
BAC	Bank of America Corp	342,568	$14.12M	2.3%	—	—	COM	060505104
PEP	Pepsico Inc.	88,318	$13.09M	2.2%	—	—	COM	713448108
BK	Bank of New York Mellon Corp	237,154	$12.15M	2.0%	—	—	COM	064058100
—	Alphabet, Inc Voting Class	4,301	$10.5M	1.7%	—	—	COM	02079k305
—	Merck & Co.Inc. New	130,976	$10.19M	1.7%	—	—	COM	58933y105
—	Visa, Inc.	43,107	$10.08M	1.7%	—	—	COM	92826c839
—	Zimmer Biomet Holdings	61,314	$9.861M	1.6%	—	—	COM	98956p102
ABT	Abbott Laboratories	84,240	$9.766M	1.6%	—	—	COM	002824100
CVS	CVS Health Corp.	107,766	$8.992M	1.5%	—	—	COM	126650100
—	The Travelers Companies Inc.	59,842	$8.959M	1.5%	—	—	COM	89417e109
—	Biogen Inc.	24,130	$8.355M	1.4%	—	—	COM	09062x103
HD	Home Depot Inc.	25,933	$8.27M	1.4%	—	—	COM	437076102
—	Altria Group Inc.	160,769	$7.665M	1.3%	—	—	COM	02209s103
WMT	Wal Mart Stores	52,537	$7.409M	1.2%	—	—	COM	931142103
BRK/B	Berkshire Hathaway Inc. Class	25,953	$7.213M	1.2%	—	—	COM	084670702
—	LyondellBasell Industries N.V.	69,893	$7.19M	1.2%	—	—	FOR	n53745100
AFL	AFLAC Inc.	128,902	$6.917M	1.1%	—	—	COM	001055102
GLW	Corning Inc	167,726	$6.86M	1.1%	—	—	COM	219350105
LOW	Lowes Companies	34,210	$6.636M	1.1%	—	—	COM	548661107
KO	Coca-Cola Company	112,906	$6.109M	1.0%	—	—	COM	191216100
—	Molson Coors Brewing Co	111,201	$5.97M	1.0%	—	—	COM	60871r209
—	Cerner Corporation	75,195	$5.877M	1.0%	—	—	COM	156782104
—	Comcast Corp Cl A	98,667	$5.626M	0.9%	—	—	COM	20030n101
CI	Cigna Corp	23,565	$5.587M	0.9%	—	—	COM	125523100
—	Unilever PCL ADR	93,503	$5.47M	0.9%	—	—	FOR	904767704
—	Discovery, Inc. Series A	176,330	$5.41M	0.9%	—	—	COM	25470f104
C	Citigroup Inc.	76,395	$5.405M	0.9%	—	—	COM	172967424
BP	BP p.l.c.	202,779	$5.357M	0.9%	—	—	FOR	055622104
—	Facebook, Inc.	15,100	$5.25M	0.9%	—	—	COM	30303m102
AAPL	Apple, Inc.	38,000	$5.204M	0.9%	—	—	COM	037833100
AIG	American International Group	105,987	$5.045M	0.8%	—	—	COM	026874784
MRSH	Marsh & McLennan Co.	35,362	$4.975M	0.8%	—	—	COM	571748102
DGX	Quest Diagnostics Inc.	36,880	$4.867M	0.8%	—	—	COM	74834L100
BKNG	Booking Holdings Inc.	2,195	$4.803M	0.8%	—	—	COM	09857L108
—	Valero Energy Corp.	61,357	$4.791M	0.8%	—	—	COM	91913y100
PAYX	Paychex Inc.	42,395	$4.549M	0.8%	—	—	COM	704326107
CE	Celanese Corp	29,765	$4.512M	0.7%	—	—	COM	150870103
FDX	Fedex Corp	14,395	$4.295M	0.7%	—	—	COM	31428X106
BDX	Becton Dickinson & Co	17,270	$4.2M	0.7%	—	—	COM	075887109
BEN	Franklin Resources Inc.	130,533	$4.176M	0.7%	—	—	COM	354613101
—	AbbVie, Inc.	36,032	$4.059M	0.7%	—	—	COM	00287y109
—	DuPont de Nemours, Inc	51,036	$3.951M	0.7%	—	—	COM	26614n102
BTI	British American Tobacco	99,323	$3.904M	0.6%	—	—	FOR	110448107
BA	Boeing Company	15,618	$3.741M	0.6%	—	—	COM	097023105
—	Costco Wholesale Corp	9,423	$3.728M	0.6%	—	—	COM	22160k105
DOW	Dow Inc.	57,492	$3.638M	0.6%	—	—	COM	260557103
UPS	United Parcel Service Inc.	16,580	$3.448M	0.6%	—	—	COM	911312106
—	Alibaba Group Holding Limited	14,825	$3.362M	0.6%	—	—	FOR	01609w102
—	Monster Beverage Corp.	35,800	$3.27M	0.5%	—	—	COM	61174x109
PG	Procter & Gamble Co.	23,170	$3.126M	0.5%	—	—	COM	742718109
CTSH	Cognizant Technology Solutions	43,518	$3.014M	0.5%	—	—	COM	192446102
PFE	Pfizer Inc.	76,421	$2.993M	0.5%	—	—	COM	717081103
CVX	Chevron Corp.	27,549	$2.885M	0.5%	—	—	COM	166764100
DIS	The Walt Disney Co.	16,107	$2.831M	0.5%	—	—	COM	254687106
MCD	McDonalds Corp	12,079	$2.79M	0.5%	—	—	COM	580135101
CSCO	Cisco Sys Inc.	51,071	$2.707M	0.4%	—	—	COM	17275R102
—	Raytheon Technologies	31,616	$2.697M	0.4%	—	—	COM	75513e101
—	Textainer Group Holdings Limit	79,300	$2.678M	0.4%	—	—	FOR	g8766e109
—	America Movil ADR	172,754	$2.591M	0.4%	—	—	FOR	02364W105
CTVA	Corteva, Inc.	57,526	$2.551M	0.4%	—	—	COM	22052L104
CPF	Central Pacific Financial Co	97,525	$2.542M	0.4%	—	—	COM	154760409
NKE	Nike Inc Class B	15,785	$2.439M	0.4%	—	—	COM	654106103
—	Arcos Dorados Hldgs.	400,551	$2.391M	0.4%	—	—	FOR	g0457f107
—	Diageo PLC ADR	12,459	$2.388M	0.4%	—	—	FOR	25243q205
MDLZ	Mondelez International, Inc.	37,097	$2.316M	0.4%	—	—	COM	609207105
UNP	Union Pacific Corp	10,477	$2.304M	0.4%	—	—	COM	907818108
—	General Motors Company	38,799	$2.296M	0.4%	—	—	COM	37045v100
—	Credit Suisse Group ADR	199,933	$2.097M	0.3%	—	—	FOR	225401108
—	The Mosaic Company	65,331	$2.085M	0.3%	—	—	COM	61945c103
—	Glaxo SmithKline PLC	52,336	$2.084M	0.3%	—	—	FOR	37733W105
BMY	Bristol Myers Squibb Co.	31,068	$2.076M	0.3%	—	—	COM	110122108
VZ	Verizon Communications	35,871	$2.01M	0.3%	—	—	COM	92343V104
—	Unum Group	69,370	$1.97M	0.3%	—	—	COM	91529y106
—	ConocoPhillips	29,244	$1.781M	0.3%	—	—	COM	20825c104
—	Sally Beauty Holdings Inc.	79,436	$1.753M	0.3%	—	—	COM	79546e104
LINC	Lincoln Educational	213,567	$1.662M	0.3%	—	—	COM	533535100
ADP	Automatic Data Processing	8,142	$1.617M	0.3%	—	—	COM	053015103
WFC	Wells Fargo & Co.	35,591	$1.612M	0.3%	—	—	COM	949746101
PSX	Phillips 66	18,312	$1.572M	0.3%	—	—	COM	718546104
—	DR Horton, Inc	16,920	$1.529M	0.3%	—	—	COM	23331a109
SBUX	Starbucks Corp	13,253	$1.482M	0.2%	—	—	COM	855244109
INTC	Intel Corp.	26,056	$1.463M	0.2%	—	—	COM	458140100
HRB	H & R Block Inc.	61,752	$1.45M	0.2%	—	—	COM	093671105
WAFD	Washington Federal	45,410	$1.443M	0.2%	—	—	COM	938824109
AXP	American Express Co.	8,308	$1.373M	0.2%	—	—	COM	025816109
YUM	Yum! Brands, Inc.	11,930	$1.372M	0.2%	—	—	COM	988498101
—	Manitex Intl	187,181	$1.365M	0.2%	—	—	COM	563420108
AMGN	Amgen Inc.	5,248	$1.279M	0.2%	—	—	COM	031162100
—	Trane Technologies PLC	6,705	$1.235M	0.2%	—	—	FOR	g8994e103
—	FirstService Corp Voting Share	7,160	$1.226M	0.2%	—	—	FOR	33767e103
—	Ameriprise Financial Inc.	4,538	$1.129M	0.2%	—	—	COM	03076c106
TELFY	Telefonica S.A. ADR	237,204	$1.115M	0.2%	—	—	FOR	879382208
—	AT & T, Inc. New	36,241	$1.043M	0.2%	—	—	COM	00206r102
ORCL	Oracle Corp	12,653	$985K	0.2%	—	—	COM	68389X105
GILD	Gilead Sciences Inc.	13,948	$960K	0.2%	—	—	COM	375558103
CAE	CAE Inc.	30,935	$953K	0.2%	—	—	FOR	124765108
CAG	ConAgra Foods Inc.	25,935	$944K	0.2%	—	—	COM	205887102
—	Gates Industrial Corporation P	48,807	$882K	0.1%	—	—	COM	g39108108
FORR	Forrester Research Inc.	19,050	$872K	0.1%	—	—	COM	346563109
XOM	Exxon Mobil Corp	13,511	$852K	0.1%	—	—	COM	30231G102
CIGI	Colliers International Group	7,160	$802K	0.1%	—	—	FOR	194693107
AMZN	Amazon.com, Inc.	226	$777K	0.1%	—	—	COM	023135106
CAT	Caterpillar Inc.	3,540	$770K	0.1%	—	—	COM	149123101
—	ViacomCBS Inc. B	16,436	$743K	0.1%	—	—	COM	92556h206
—	Yum China Holdings, Inc.	10,895	$722K	0.1%	—	—	FOR	98850p109
—	AON Plc	2,952	$705K	0.1%	—	—	FOR	g0403h108
LW	Lamb Weston Holdings	8,500	$686K	0.1%	—	—	COM	513272104
TSM	Taiwan Semiconductor Manufactu	5,487	$659K	0.1%	—	—	FOR	874039100
—	Royal Dutch Shell PLC A	15,803	$638K	0.1%	—	—	FOR	780259206
—	Organon & Co.	21,053	$637K	0.1%	—	—	COM	68622v106
WU	Western Union Company	26,914	$618K	0.1%	—	—	COM	959802109
IFF	International Flavors & Fragra	4,102	$613K	0.1%	—	—	COM	459506101
ALK	Alaska Air Group Inc.	9,945	$600K	0.1%	—	—	COM	011659109
—	Alphabet, Inc Non-Voting Class	225	$564K	0.1%	—	—	COM	02079k107
USB	US Bancorp Delaware New	9,535	$543K	0.1%	—	—	COM	902973304
AGCO	AGCO Corp	4,150	$541K	0.1%	—	—	COM	001084102
—	WW International, Inc.	14,397	$520K	0.1%	—	—	COM	98262p101
—	Allegion PLC	3,605	$502K	0.1%	—	—	FOR	g0176j109
—	ManpowerGroup Inc.	4,115	$489K	0.1%	—	—	COM	56418h100
KHC	The Kraft Heinz Company	11,979	$489K	0.1%	—	—	COM	500754106
LUMN	Lumen Technologies, Inc.	35,700	$485K	0.1%	—	—	COM	550241103
—	Alkermes PLC	19,416	$476K	0.1%	—	—	FOR	g01767105
WY	Weyerhaeuser Co.	13,772	$474K	0.1%	—	—	COM	962166104
ADBE	Adobe Systems Inc	806	$472K	0.1%	—	—	COM	00724F101
—	Keurig Dr. Pepper Inc.	13,174	$464K	0.1%	—	—	COM	49271v100
—	PayPal Holdings, Inc.	1,567	$457K	0.1%	—	—	COM	70450y103
QCOM	Qualcomm Inc	3,110	$445K	0.1%	—	—	COM	747525103
TPR	Tapestry Inc.	8,955	$389K	0.1%	—	—	COM	876030107
—	Laboratory Corp. of America	1,255	$346K	0.1%	—	—	COM	50540r409
HPQ	HP Inc.	11,324	$342K	0.1%	—	—	COM	40434L105
DAL	Delta Airlines - New	7,400	$320K	0.1%	—	—	COM	247361702
—	General Electric Co.	22,433	$302K	0.1%	—	—	COM	369604103
—	Ingersoll Rand Inc.	6,055	$296K	0.0%	—	—	COM	45687v106
—	Interpublic Group	9,067	$295K	0.0%	—	—	COM	460690100
GIS	General Mills	4,821	$294K	0.0%	—	—	COM	370334104
TM	Toyota Motor Corp ADR	1,630	$285K	0.0%	—	—	FOR	892331307
KLAC	Kla-Tencor Corp	835	$271K	0.0%	—	—	COM	482480100
CSX	CSX Corp	8,166	$262K	0.0%	—	—	COM	126408103
NUE	Nucor Corp	2,720	$261K	0.0%	—	—	COM	670346105
PH	Parker-Hannifin Corp.	845	$260K	0.0%	—	—	COM	701094104
DLR	Digital Realty Trust	1,704	$256K	0.0%	—	—	COM	253868103
WM	Waste Management Inc. Del	1,782	$250K	0.0%	—	—	COM	94106L109
ITW	Illinois Tool Works Inc.	1,104	$247K	0.0%	—	—	COM	452308109
ALGN	Align Technology, Inc.	400	$244K	0.0%	—	—	COM	016255101
—	Discovery,Inc. Series C	8,211	$238K	0.0%	—	—	COM	25470F302
—	Charter Communications	302	$218K	0.0%	—	—	COM	16119p108
—	Compass Minerals Intl.	3,620	$215K	0.0%	—	—	COM	20451n101
—	Enbridge Inc.	5,330	$213K	0.0%	—	—	FOR	29250n105
FOXA	Fox Corporation Class A	5,619	$209K	0.0%	—	—	COM	35137L105
F	Ford Motor Co.- New	12,982	$193K	0.0%	—	—	COM	345370860
—	Global Medical REIT, Inc.	12,000	$177K	0.0%	—	—	COM	37954a204
—	Hewlett Packard Enterprise Co.	11,821	$172K	0.0%	—	—	COM	42824c109
—	Viatris Inc.	10,500	$150K	0.0%	—	—	COM	92556v106
NOK	Nokia Corp Sponsored ADR	16,157	$86,000	0.0%	—	—	FOR	654902204
LYG	Lloyds TSB Group	16,500	$42,000	0.0%	—	—	COM	539439109
—	IsoRay, Inc.	14,218	$11,000	0.0%	—	—	COM	46489v104