Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	UnitedHealth Group Inc.	85,917	$43.81M	6.9%	—	—	COM	91324p102
MSFT	Microsoft Corp.	120,829	$37.25M	5.9%	—	—	COM	594918104
ELV	Anthem, Inc.	46,614	$22.9M	3.6%	—	—	COM	036752103
KR	Kroger Co.	373,957	$21.45M	3.4%	—	—	COM	501044101
PM	Philip Morris International	204,327	$19.19M	3.0%	—	—	COM	718172109
—	Mastercard Inc.	46,830	$16.74M	2.7%	—	—	COM	57636q104
—	Medtronic PLC	140,832	$15.63M	2.5%	—	—	FOR	g5960L103
PEP	Pepsico Inc.	85,336	$14.28M	2.3%	—	—	COM	713448108
JNJ	Johnson & Johnson	80,421	$14.25M	2.3%	—	—	COM	478160104
BAC	Bank of America Corp	340,104	$14.02M	2.2%	—	—	COM	060505104
—	Alphabet, Inc Voting Class	4,259	$11.85M	1.9%	—	—	COM	02079k305
BK	Bank of New York Mellon Corp	235,454	$11.69M	1.9%	—	—	COM	064058100
CVS	CVS Health Corp.	109,134	$11.04M	1.8%	—	—	COM	126650100
—	The Travelers Companies Inc.	58,273	$10.65M	1.7%	—	—	COM	89417e109
—	Merck & Co.Inc. New	127,579	$10.47M	1.7%	—	—	COM	58933y105
—	Visa, Inc.	42,607	$9.449M	1.5%	—	—	COM	92826c839
ABT	Abbott Laboratories	77,287	$9.148M	1.5%	—	—	COM	002824100
BRK/B	Berkshire Hathaway Inc. Class	25,598	$9.034M	1.4%	—	—	COM	084670702
—	Altria Group Inc.	160,334	$8.377M	1.3%	—	—	COM	02209s103
AFL	AFLAC Inc.	128,002	$8.242M	1.3%	—	—	COM	001055102
—	Zimmer Biomet Holdings	62,064	$7.938M	1.3%	—	—	COM	98956p102
HD	Home Depot Inc.	25,883	$7.748M	1.2%	—	—	COM	437076102
WMT	Wal Mart Stores	52,012	$7.746M	1.2%	—	—	COM	931142103
—	LyondellBasell Industries N.V.	69,038	$7.098M	1.1%	—	—	FOR	n53745100
LOW	Lowes Companies	33,938	$6.862M	1.1%	—	—	COM	548661107
AIG	American International Group	105,297	$6.609M	1.0%	—	—	COM	026874784
KO	Coca-Cola Company	103,826	$6.437M	1.0%	—	—	COM	191216100
AAPL	Apple, Inc.	36,656	$6.401M	1.0%	—	—	COM	037833100
—	Valero Energy Corp.	60,982	$6.192M	1.0%	—	—	COM	91913y100
GLW	Corning Inc	167,126	$6.169M	1.0%	—	—	COM	219350105
CI	Cigna Corp	25,680	$6.153M	1.0%	—	—	COM	125523100
—	Molson Coors Brewing Co	111,916	$5.974M	0.9%	—	—	COM	60871r209
MRSH	Marsh & McLennan Co.	34,935	$5.954M	0.9%	—	—	COM	571748102
BP	BP p.l.c.	202,264	$5.947M	0.9%	—	—	FOR	055622104
—	AbbVie, Inc.	35,693	$5.786M	0.9%	—	—	COM	00287y109
PAYX	Paychex Inc.	42,195	$5.758M	0.9%	—	—	COM	704326107
—	Costco Wholesale Corp	9,164	$5.277M	0.8%	—	—	COM	22160k105
BKNG	Booking Holdings Inc.	2,172	$5.101M	0.8%	—	—	COM	09857L108
—	Biogen Inc.	23,810	$5.014M	0.8%	—	—	COM	09062x103
—	Comcast Corp Cl A	96,857	$4.535M	0.7%	—	—	COM	20030n101
BTI	British American Tobacco	104,198	$4.393M	0.7%	—	—	FOR	110448107
—	Discovery, Inc. Series A	174,405	$4.346M	0.7%	—	—	COM	25470f104
DGX	Quest Diagnostics Inc.	31,325	$4.287M	0.7%	—	—	COM	74834L100
—	Unilever PCL ADR	94,063	$4.286M	0.7%	—	—	FOR	904767704
—	The Mosaic Company	63,981	$4.255M	0.7%	—	—	COM	61945c103
CE	Celanese Corp	29,325	$4.19M	0.7%	—	—	COM	150870103
CVX	Chevron Corp.	25,349	$4.128M	0.7%	—	—	COM	166764100
C	Citigroup Inc.	76,975	$4.11M	0.7%	—	—	COM	172967424
CTSH	Cognizant Technology Solutions	41,893	$3.757M	0.6%	—	—	COM	192446102
—	DuPont de Nemours, Inc	50,796	$3.738M	0.6%	—	—	COM	26614n102
DOW	Dow Inc.	57,186	$3.644M	0.6%	—	—	COM	260557103
PFE	Pfizer Inc.	70,218	$3.635M	0.6%	—	—	COM	717081103
BEN	Franklin Resources Inc.	130,148	$3.634M	0.6%	—	—	COM	354613101
BDX	Becton Dickinson & Co	13,345	$3.55M	0.6%	—	—	COM	075887109
UPS	United Parcel Service Inc.	16,107	$3.454M	0.5%	—	—	COM	911312106
—	Meta Platforms, Inc.	15,035	$3.343M	0.5%	—	—	COM	30303m102
CTVA	Corteva, Inc.	57,386	$3.299M	0.5%	—	—	COM	22052L104
FDX	Fedex Corp	14,245	$3.296M	0.5%	—	—	COM	31428X106
PG	Procter & Gamble Co.	20,970	$3.204M	0.5%	—	—	COM	742718109
—	America Movil ADR	150,444	$3.182M	0.5%	—	—	FOR	02364W105
—	Raytheon Technologies	31,316	$3.102M	0.5%	—	—	COM	75513e101
—	Textainer Group Holdings Limit	78,275	$2.98M	0.5%	—	—	FOR	g8766e109
BA	Boeing Company	15,514	$2.971M	0.5%	—	—	COM	097023105
MCD	McDonalds Corp	12,012	$2.97M	0.5%	—	—	COM	580135101
—	Arcos Dorados Hldgs.	362,321	$2.946M	0.5%	—	—	FOR	g0457f107
—	ConocoPhillips	29,244	$2.924M	0.5%	—	—	COM	20825c104
—	Monster Beverage Corp.	35,800	$2.86M	0.5%	—	—	COM	61174x109
CSCO	Cisco Sys Inc.	50,321	$2.806M	0.4%	—	—	COM	17275R102
UNP	Union Pacific Corp	10,202	$2.787M	0.4%	—	—	COM	907818108
CPF	Central Pacific Financial Co	95,125	$2.654M	0.4%	—	—	COM	154760409
—	Diageo PLC ADR	11,959	$2.429M	0.4%	—	—	FOR	25243q205
MDLZ	Mondelez International, Inc.	37,097	$2.329M	0.4%	—	—	COM	609207105
BMY	Bristol Myers Squibb Co.	31,095	$2.271M	0.4%	—	—	COM	110122108
—	Unum Group	68,717	$2.165M	0.3%	—	—	COM	91529y106
AMGN	Amgen Inc.	8,908	$2.154M	0.3%	—	—	COM	031162100
DIS	The Walt Disney Co.	15,698	$2.153M	0.3%	—	—	COM	254687106
NKE	Nike Inc Class B	15,440	$2.078M	0.3%	—	—	COM	654106103
—	Glaxo SmithKline PLC	45,941	$2.001M	0.3%	—	—	FOR	37733W105
ADP	Automatic Data Processing	8,062	$1.834M	0.3%	—	—	COM	053015103
VZ	Verizon Communications	35,266	$1.796M	0.3%	—	—	COM	92343V104
WFC	Wells Fargo & Co.	36,837	$1.785M	0.3%	—	—	COM	949746101
—	Gates Industrial Corporation P	113,049	$1.703M	0.3%	—	—	COM	g39108108
—	General Motors Company	38,674	$1.692M	0.3%	—	—	COM	37045v100
—	Organon & Co.	48,350	$1.689M	0.3%	—	—	COM	68622v106
HRB	H&R Block Inc.	61,302	$1.596M	0.3%	—	—	COM	093671105
—	Alibaba Group Holding Limited	14,595	$1.588M	0.3%	—	—	FOR	01609w102
LINC	Lincoln Educational	221,567	$1.584M	0.3%	—	—	COM	533535100
PSX	Phillips 66	18,062	$1.56M	0.2%	—	—	COM	718546104
WAFD	Washington Federal	45,163	$1.482M	0.2%	—	—	COM	938824109
—	Credit Suisse Group ADR	180,883	$1.42M	0.2%	—	—	FOR	225401108
YUM	Yum! Brands, Inc.	11,730	$1.39M	0.2%	—	—	COM	988498101
—	Ameriprise Financial Inc.	4,538	$1.363M	0.2%	—	—	COM	03076c106
AXP	American Express Co.	7,288	$1.363M	0.2%	—	—	COM	025816109
—	Manitex Intl	183,881	$1.339M	0.2%	—	—	COM	563420108
INTC	Intel Corp.	26,861	$1.331M	0.2%	—	—	COM	458140100
—	DR Horton, Inc	17,220	$1.283M	0.2%	—	—	COM	23331a109
—	Sally Beauty Holdings Inc.	79,336	$1.24M	0.2%	—	—	COM	79546e104
SBUX	Starbucks Corp	13,253	$1.206M	0.2%	—	—	COM	855244109
—	Paramount Global B	31,180	$1.179M	0.2%	—	—	COM	92556h206
—	Grand Canyon Education, Inc.	11,405	$1.108M	0.2%	—	—	COM	38526m106
FORR	Forrester Research Inc.	19,050	$1.075M	0.2%	—	—	COM	346563109
XOM	Exxon Mobil Corp	12,986	$1.073M	0.2%	—	—	COM	30231G102
ORCL	Oracle Corp	12,618	$1.044M	0.2%	—	—	COM	68389X105
—	FirstService Corp Voting Share	7,123	$1.032M	0.2%	—	—	FOR	33767e103
—	Trane Technologies PLC	6,705	$1.024M	0.2%	—	—	FOR	g8994e103
CIGI	Colliers International Group	7,160	$934K	0.1%	—	—	FOR	194693107
—	AON Plc	2,852	$929K	0.1%	—	—	FOR	g0403h108
SHEL	Shell PLC	16,596	$912K	0.1%	—	—	FOR	780259305
TELFY	Telefonica S.A. ADR	185,258	$889K	0.1%	—	—	FOR	879382208
CAG	ConAgra Foods Inc.	25,485	$856K	0.1%	—	—	COM	205887102
—	AT & T, Inc. New	35,707	$844K	0.1%	—	—	COM	00206r102
CAE	CAE Inc.	30,935	$807K	0.1%	—	—	FOR	124765108
AMZN	Amazon.com, Inc.	246	$802K	0.1%	—	—	COM	023135106
GILD	Gilead Sciences Inc.	13,308	$791K	0.1%	—	—	COM	375558103
CAT	Caterpillar Inc.	3,540	$789K	0.1%	—	—	COM	149123101
LMT	Lockheed Martin Corp	1,520	$671K	0.1%	—	—	COM	539830109
—	Alphabet, Inc Non-Voting Class	221	$617K	0.1%	—	—	COM	02079k107
AGCO	AGCO Corp	4,150	$606K	0.1%	—	—	COM	001084102
ALK	Alaska Air Group Inc.	9,945	$577K	0.1%	—	—	COM	011659109
TSM	Taiwan Semiconductor Manufactu	5,487	$572K	0.1%	—	—	FOR	874039100
IFF	International Flavors & Fragra	4,102	$539K	0.1%	—	—	COM	459506101
WY	Weyerhaeuser Co.	13,672	$518K	0.1%	—	—	COM	962166104
USB	US Bancorp Delaware New	9,535	$507K	0.1%	—	—	COM	902973304
LW	Lamb Weston Holdings	8,334	$499K	0.1%	—	—	COM	513272104
WU	Western Union Company	26,289	$493K	0.1%	—	—	COM	959802109
—	Keurig Dr. Pepper Inc.	12,924	$490K	0.1%	—	—	COM	49271v100
KHC	The Kraft Heinz Company	11,979	$472K	0.1%	—	—	COM	500754106
QCOM	Qualcomm Inc	3,042	$465K	0.1%	—	—	COM	747525103
—	Yum China Holdings, Inc.	10,645	$442K	0.1%	—	—	FOR	98850p109
—	Alkermes PLC	16,741	$440K	0.1%	—	—	FOR	g01767105
HPQ	HP Inc.	11,324	$411K	0.1%	—	—	COM	40434L105
—	Allegion PLC	3,605	$396K	0.1%	—	—	FOR	g0176j109
—	ManpowerGroup Inc.	4,115	$386K	0.1%	—	—	COM	56418h100
SWK	Stanley Black & Decker Inc.	2,536	$355K	0.1%	—	—	COM	854502101
ADBE	Adobe Systems Inc	771	$351K	0.1%	—	—	COM	00724F101
NUE	Nucor Corp	2,260	$336K	0.1%	—	—	COM	670346105
LUMN	Lumen Technologies, Inc.	29,500	$332K	0.1%	—	—	COM	550241103
—	Laboratory Corp. of America	1,200	$316K	0.1%	—	—	COM	50540r409
—	Interpublic Group	8,912	$316K	0.1%	—	—	COM	460690100
—	Ryan Specialty Group Holdings	8,100	$314K	0.0%	—	—	COM	78351f107
TPR	Tapestry Inc.	8,355	$310K	0.0%	—	—	COM	876030107
KLAC	Kla-Tencor Corp	835	$306K	0.0%	—	—	COM	482480100
CSX	CSX Corp	8,166	$306K	0.0%	—	—	COM	126408103
—	Ingersoll Rand Inc.	6,055	$305K	0.0%	—	—	COM	45687v106
GIS	General Mills	4,321	$293K	0.0%	—	—	COM	370334104
VALU	Value Line Inc.	4,339	$291K	0.0%	—	—	COM	920437100
TM	Toyota Motor Corp ADR	1,590	$287K	0.0%	—	—	FOR	892331307
WM	Waste Management Inc. Del	1,757	$278K	0.0%	—	—	COM	94106L109
SM	SM Energy Company	7,040	$274K	0.0%	—	—	COM	78454L100
DAL	Delta Airlines - New	6,800	$269K	0.0%	—	—	COM	247361702
PH	Parker-Hannifin Corp.	895	$254K	0.0%	—	—	COM	701094104
DLR	Digital Realty Trust	1,704	$242K	0.0%	—	—	COM	253868103
—	Enbridge Inc.	5,257	$242K	0.0%	—	—	FOR	29250n105
ITW	Illinois Tool Works Inc.	1,104	$231K	0.0%	—	—	COM	452308109
—	Compass Minerals Intl.	3,620	$227K	0.0%	—	—	COM	20451n101
ANDE	Andersons Inc.	4,489	$226K	0.0%	—	—	COM	034164103
—	General Electric Co.	2,405	$220K	0.0%	—	—	COM	369604103
F	Ford Motor Co.- New	12,782	$216K	0.0%	—	—	COM	345370860
FOXA	Fox Corporation Class A	5,453	$215K	0.0%	—	—	COM	35137L105
LLY	Eli Lilly & Co	726	$208K	0.0%	—	—	COM	532457108
—	Discovery,Inc. Series C	8,211	$205K	0.0%	—	—	COM	25470F302
SYK	Stryker Corporation	755	$202K	0.0%	—	—	COM	863667101
—	Hewlett Packard Enterprise Co.	11,821	$198K	0.0%	—	—	COM	42824c109
—	Global Medical REIT, Inc.	12,000	$196K	0.0%	—	—	COM	37954a204
—	WW International, Inc.	14,282	$146K	0.0%	—	—	COM	98262p101
—	Viatris Inc.	10,439	$114K	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	$5,000	0.0%	—	—	COM	46489v104