Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp.	123,020	$34.68M	5.9%	—	—	COM	594918104
—	UnitedHealth Group Inc.	86,834	$33.93M	5.7%	—	—	COM	91324p102
PM	Philip Morris International	204,590	$19.39M	3.3%	—	—	COM	718172109
ELV	Anthem, Inc.	47,836	$17.83M	3.0%	—	—	COM	036752103
—	Medtronic PLC	141,022	$17.68M	3.0%	—	—	FOR	g5960L103
—	Mastercard Inc.	46,830	$16.28M	2.8%	—	—	COM	57636q104
KR	Kroger Co.	374,653	$15.15M	2.6%	—	—	COM	501044101
BAC	Bank of America Corp	341,747	$14.51M	2.5%	—	—	COM	060505104
JNJ	Johnson & Johnson	85,595	$13.82M	2.3%	—	—	COM	478160104
PEP	Pepsico Inc.	85,708	$12.89M	2.2%	—	—	COM	713448108
BK	Bank of New York Mellon Corp	236,799	$12.28M	2.1%	—	—	COM	064058100
—	Alphabet, Inc Voting Class	4,269	$11.41M	1.9%	—	—	COM	02079k305
—	Merck & Co.Inc. New	130,792	$9.824M	1.7%	—	—	COM	58933y105
ABT	Abbott Laboratories	81,562	$9.635M	1.6%	—	—	COM	002824100
—	Visa, Inc.	43,107	$9.602M	1.6%	—	—	COM	92826c839
CVS	CVS Health Corp.	108,859	$9.238M	1.6%	—	—	COM	126650100
—	The Travelers Companies Inc.	59,734	$9.08M	1.5%	—	—	COM	89417e109
—	Zimmer Biomet Holdings	61,239	$8.963M	1.5%	—	—	COM	98956p102
HD	Home Depot Inc.	25,933	$8.513M	1.4%	—	—	COM	437076102
—	Altria Group Inc.	160,561	$7.309M	1.2%	—	—	COM	02209s103
WMT	Wal Mart Stores	52,317	$7.292M	1.2%	—	—	COM	931142103
BRK/B	Berkshire Hathaway Inc. Class	25,843	$7.054M	1.2%	—	—	COM	084670702
LOW	Lowes Companies	34,115	$6.921M	1.2%	—	—	COM	548661107
—	Biogen Inc.	23,985	$6.788M	1.1%	—	—	COM	09062x103
AFL	AFLAC Inc.	128,002	$6.673M	1.1%	—	—	COM	001055102
—	LyondellBasell Industries N.V.	69,223	$6.497M	1.1%	—	—	FOR	n53745100
GLW	Corning Inc	167,476	$6.111M	1.0%	—	—	COM	219350105
AIG	American International Group	105,302	$5.78M	1.0%	—	—	COM	026874784
KO	Coca-Cola Company	108,366	$5.686M	1.0%	—	—	COM	191216100
BP	BP p.l.c.	202,664	$5.539M	0.9%	—	—	FOR	055622104
—	Comcast Corp Cl A	98,457	$5.507M	0.9%	—	—	COM	20030n101
AAPL	Apple, Inc.	38,155	$5.399M	0.9%	—	—	COM	037833100
C	Citigroup Inc.	76,455	$5.366M	0.9%	—	—	COM	172967424
MRSH	Marsh & McLennan Co.	35,177	$5.327M	0.9%	—	—	COM	571748102
—	Unilever PCL ADR	97,053	$5.262M	0.9%	—	—	FOR	904767704
—	Cerner Corporation	74,345	$5.243M	0.9%	—	—	COM	156782104
—	Molson Coors Brewing Co	112,651	$5.225M	0.9%	—	—	COM	60871r209
DGX	Quest Diagnostics Inc.	35,780	$5.199M	0.9%	—	—	COM	74834L100
BKNG	Booking Holdings Inc.	2,178	$5.17M	0.9%	—	—	COM	09857L108
—	Facebook, Inc.	14,985	$5.086M	0.9%	—	—	COM	30303m102
CI	Cigna Corp	25,030	$5.01M	0.8%	—	—	COM	125523100
PAYX	Paychex Inc.	42,345	$4.762M	0.8%	—	—	COM	704326107
—	Discovery, Inc. Series A	174,705	$4.434M	0.8%	—	—	COM	25470f104
CE	Celanese Corp	29,325	$4.418M	0.7%	—	—	COM	150870103
—	Valero Energy Corp.	61,307	$4.326M	0.7%	—	—	COM	91913y100
BDX	Becton Dickinson & Co	17,245	$4.239M	0.7%	—	—	COM	075887109
—	Costco Wholesale Corp	9,398	$4.223M	0.7%	—	—	COM	22160k105
BEN	Franklin Resources Inc.	130,178	$3.869M	0.7%	—	—	COM	354613101
—	AbbVie, Inc.	35,853	$3.867M	0.7%	—	—	COM	00287y109
BTI	British American Tobacco	101,498	$3.581M	0.6%	—	—	FOR	110448107
—	DuPont de Nemours, Inc	50,988	$3.467M	0.6%	—	—	COM	26614n102
BA	Boeing Company	15,558	$3.422M	0.6%	—	—	COM	097023105
DOW	Dow Inc.	57,144	$3.289M	0.6%	—	—	COM	260557103
PFE	Pfizer Inc.	75,771	$3.259M	0.6%	—	—	COM	717081103
PG	Procter & Gamble Co.	23,170	$3.239M	0.5%	—	—	COM	742718109
CTSH	Cognizant Technology Solutions	42,893	$3.183M	0.5%	—	—	COM	192446102
—	Monster Beverage Corp.	35,800	$3.18M	0.5%	—	—	COM	61174x109
FDX	Fedex Corp	14,245	$3.124M	0.5%	—	—	COM	31428X106
UPS	United Parcel Service Inc.	16,506	$3.006M	0.5%	—	—	COM	911312106
MCD	McDonalds Corp	12,006	$2.895M	0.5%	—	—	COM	580135101
—	America Movil ADR	160,204	$2.831M	0.5%	—	—	FOR	02364W105
CVX	Chevron Corp.	27,549	$2.795M	0.5%	—	—	COM	166764100
—	Textainer Group Holdings Limit	79,300	$2.768M	0.5%	—	—	FOR	g8766e109
CSCO	Cisco Sys Inc.	50,321	$2.739M	0.5%	—	—	COM	17275R102
—	Raytheon Technologies	31,616	$2.718M	0.5%	—	—	COM	75513e101
DIS	The Walt Disney Co.	15,837	$2.679M	0.5%	—	—	COM	254687106
CPF	Central Pacific Financial Co	97,025	$2.492M	0.4%	—	—	COM	154760409
CTVA	Corteva, Inc.	57,478	$2.419M	0.4%	—	—	COM	22052L104
—	Diageo PLC ADR	11,959	$2.308M	0.4%	—	—	FOR	25243q205
—	The Mosaic Company	64,081	$2.289M	0.4%	—	—	COM	61945c103
NKE	Nike Inc Class B	15,485	$2.249M	0.4%	—	—	COM	654106103
MDLZ	Mondelez International, Inc.	37,097	$2.158M	0.4%	—	—	COM	609207105
—	Alibaba Group Holding Limited	14,575	$2.158M	0.4%	—	—	FOR	01609w102
—	Arcos Dorados Hldgs.	406,236	$2.08M	0.4%	—	—	FOR	g0457f107
—	General Motors Company	38,674	$2.039M	0.3%	—	—	COM	37045v100
UNP	Union Pacific Corp	10,252	$2.009M	0.3%	—	—	COM	907818108
—	Glaxo SmithKline PLC	51,936	$1.984M	0.3%	—	—	FOR	37733W105
—	ConocoPhillips	29,244	$1.982M	0.3%	—	—	COM	20825c104
—	Credit Suisse Group ADR	198,633	$1.959M	0.3%	—	—	FOR	225401108
VZ	Verizon Communications	35,581	$1.922M	0.3%	—	—	COM	92343V104
AMGN	Amgen Inc.	8,704	$1.851M	0.3%	—	—	COM	031162100
BMY	Bristol Myers Squibb Co.	31,019	$1.835M	0.3%	—	—	COM	110122108
—	Unum Group	68,932	$1.727M	0.3%	—	—	COM	91529y106
WFC	Wells Fargo & Co.	36,841	$1.71M	0.3%	—	—	COM	949746101
ADP	Automatic Data Processing	8,142	$1.628M	0.3%	—	—	COM	053015103
WAFD	Washington Federal	45,300	$1.554M	0.3%	—	—	COM	938824109
HRB	H&R Block Inc.	61,602	$1.54M	0.3%	—	—	COM	093671105
LINC	Lincoln Educational	221,567	$1.482M	0.3%	—	—	COM	533535100
SBUX	Starbucks Corp	13,253	$1.462M	0.2%	—	—	COM	855244109
YUM	Yum! Brands, Inc.	11,930	$1.459M	0.2%	—	—	COM	988498101
INTC	Intel Corp.	27,281	$1.454M	0.2%	—	—	COM	458140100
—	DR Horton, Inc	17,220	$1.446M	0.2%	—	—	COM	23331a109
AXP	American Express Co.	8,308	$1.392M	0.2%	—	—	COM	025816109
—	Sally Beauty Holdings Inc.	79,336	$1.337M	0.2%	—	—	COM	79546e104
—	Manitex Intl	184,281	$1.323M	0.2%	—	—	COM	563420108
PSX	Phillips 66	18,412	$1.289M	0.2%	—	—	COM	718546104
—	FirstService Corp Voting Share	7,123	$1.286M	0.2%	—	—	FOR	33767e103
—	Ameriprise Financial Inc.	4,538	$1.199M	0.2%	—	—	COM	03076c106
—	Gates Industrial Corporation P	71,904	$1.17M	0.2%	—	—	COM	g39108108
—	Trane Technologies PLC	6,705	$1.158M	0.2%	—	—	FOR	g8994e103
—	ViacomCBS Inc. B	28,677	$1.133M	0.2%	—	—	COM	92556h206
ORCL	Oracle Corp	12,618	$1.099M	0.2%	—	—	COM	68389X105
TELFY	Telefonica S.A. ADR	232,401	$1.095M	0.2%	—	—	FOR	879382208
—	AT & T, Inc. New	36,679	$991K	0.2%	—	—	COM	00206r102
GILD	Gilead Sciences Inc.	13,948	$974K	0.2%	—	—	COM	375558103
FORR	Forrester Research Inc.	19,050	$938K	0.2%	—	—	COM	346563109
CAE	CAE Inc.	30,935	$924K	0.2%	—	—	FOR	124765108
CIGI	Colliers International Group	7,160	$914K	0.2%	—	—	FOR	194693107
CAG	ConAgra Foods Inc.	25,485	$863K	0.1%	—	—	COM	205887102
—	AON Plc	2,952	$844K	0.1%	—	—	FOR	g0403h108
XOM	Exxon Mobil Corp	13,511	$795K	0.1%	—	—	COM	30231G102
—	Grand Canyon Education, Inc.	8,475	$745K	0.1%	—	—	COM	38526m106
AMZN	Amazon.com, Inc.	226	$742K	0.1%	—	—	COM	023135106
—	Royal Dutch Shell PLC A	15,693	$699K	0.1%	—	—	FOR	780259206
—	Organon & Co.	21,000	$689K	0.1%	—	—	COM	68622v106
CAT	Caterpillar Inc.	3,540	$680K	0.1%	—	—	COM	149123101
—	Yum China Holdings, Inc.	10,895	$633K	0.1%	—	—	FOR	98850p109
TSM	Taiwan Semiconductor Manufactu	5,487	$613K	0.1%	—	—	FOR	874039100
—	Alphabet, Inc Non-Voting Class	225	$600K	0.1%	—	—	COM	02079k107
—	Alkermes PLC	19,416	$599K	0.1%	—	—	FOR	g01767105
ALK	Alaska Air Group Inc.	9,945	$583K	0.1%	—	—	COM	011659109
USB	US Bancorp Delaware New	9,535	$567K	0.1%	—	—	COM	902973304
IFF	International Flavors & Fragra	4,102	$549K	0.1%	—	—	COM	459506101
WU	Western Union Company	26,614	$538K	0.1%	—	—	COM	959802109
LMT	Lockheed Martin Corp	1,515	$523K	0.1%	—	—	COM	539830109
LW	Lamb Weston Holdings	8,455	$519K	0.1%	—	—	COM	513272104
AGCO	AGCO Corp	4,150	$508K	0.1%	—	—	COM	001084102
WY	Weyerhaeuser Co.	13,772	$490K	0.1%	—	—	COM	962166104
—	Allegion PLC	3,605	$477K	0.1%	—	—	FOR	g0176j109
—	Keurig Dr. Pepper Inc.	13,149	$449K	0.1%	—	—	COM	49271v100
—	ManpowerGroup Inc.	4,115	$446K	0.1%	—	—	COM	56418h100
ADBE	Adobe Systems Inc	771	$444K	0.1%	—	—	COM	00724F101
KHC	The Kraft Heinz Company	11,979	$441K	0.1%	—	—	COM	500754106
LUMN	Lumen Technologies, Inc.	34,750	$431K	0.1%	—	—	COM	550241103
—	PayPal Holdings, Inc.	1,567	$408K	0.1%	—	—	COM	70450y103
QCOM	Qualcomm Inc	3,110	$401K	0.1%	—	—	COM	747525103
—	Laboratory Corp. of America	1,200	$338K	0.1%	—	—	COM	50540r409
—	Interpublic Group	9,067	$332K	0.1%	—	—	COM	460690100
TPR	Tapestry Inc.	8,455	$313K	0.1%	—	—	COM	876030107
HPQ	HP Inc.	11,324	$310K	0.1%	—	—	COM	40434L105
—	Ingersoll Rand Inc.	6,055	$305K	0.1%	—	—	COM	45687v106
DAL	Delta Airlines - New	6,800	$290K	0.0%	—	—	COM	247361702
—	General Electric Co.	2,765	$285K	0.0%	—	—	COM	369604103
TM	Toyota Motor Corp ADR	1,590	$283K	0.0%	—	—	FOR	892331307
NUE	Nucor Corp	2,700	$266K	0.0%	—	—	COM	670346105
ALGN	Align Technology, Inc.	400	$266K	0.0%	—	—	COM	016255101
WM	Waste Management Inc. Del	1,782	$266K	0.0%	—	—	COM	94106L109
DLR	Digital Realty Trust	1,829	$264K	0.0%	—	—	COM	253868103
KLAC	Kla-Tencor Corp	785	$263K	0.0%	—	—	COM	482480100
—	WW International, Inc.	14,332	$262K	0.0%	—	—	COM	98262p101
GIS	General Mills	4,321	$258K	0.0%	—	—	COM	370334104
CSX	CSX Corp	8,166	$243K	0.0%	—	—	COM	126408103
—	Compass Minerals Intl.	3,695	$238K	0.0%	—	—	COM	20451n101
PH	Parker-Hannifin Corp.	845	$236K	0.0%	—	—	COM	701094104
ITW	Illinois Tool Works Inc.	1,104	$228K	0.0%	—	—	COM	452308109
—	Charter Communications	302	$220K	0.0%	—	—	COM	16119p108
FOXA	Fox Corporation Class A	5,453	$219K	0.0%	—	—	COM	35137L105
—	Enbridge Inc.	5,330	$212K	0.0%	—	—	FOR	29250n105
GAMI	GAMCO Investors Inc.	7,900	$208K	0.0%	—	—	COM	361438104
F	Ford Motor Co.- New	12,482	$177K	0.0%	—	—	COM	345370860
—	Global Medical REIT, Inc.	12,000	$176K	0.0%	—	—	COM	37954a204
—	Hewlett Packard Enterprise Co.	11,821	$168K	0.0%	—	—	COM	42824c109
—	Viatris Inc.	10,519	$143K	0.0%	—	—	COM	92556v106
NOK	Nokia Corp Sponsored ADR	16,157	$88,000	0.0%	—	—	FOR	654902204
LYG	Lloyds TSB Group	16,500	$40,000	0.0%	—	—	COM	539439109
—	IsoRay, Inc.	14,218	$9,000	0.0%	—	—	COM	46489v104