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
Expires: July 31, 2015
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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Company COM 88579y101 208,054 1,285 SH SOLE 1,285 0 0
AFLAC Inc. COM 001055102 13,438,960 114,618 SH SOLE 114,618 0 0
AGCO Corp COM 001084102 386,152 3,226 SH SOLE 3,226 0 0
AT & T, Inc. New COM 00206r102 384,699 18,584 SH SOLE 18,584 0 0
AbbVie, Inc. COM 00287y109 7,706,475 30,625 SH SOLE 30,625 0 0
Abbott Laboratories COM 002824100 5,940,886 65,472 SH SOLE 65,472 0 0
Advanced Micro Devices COM 007903107 345,641 595 SH SOLE 595 0 0
Alaska Air Group Inc. COM 011659109 382,730 7,332 SH SOLE 7,332 0 0
Alphabet, Inc Non-Voting Class COM 02079k107 2,384,977 6,750 SH SOLE 6,750 0 0
Alphabet, Inc Voting Class COM 02079k305 31,628,674 88,504 SH SOLE 88,504 0 0
Altria Group Inc. COM 02209s103 10,458,784 145,362 SH SOLE 145,362 0 0
Amazon.com, Inc. COM 023135106 3,898,527 16,357 SH SOLE 16,357 0 0
American Express Co. COM 025816109 2,117,783 6,261 SH SOLE 6,261 0 0
American International Group COM 026874784 9,185,822 123,250 SH SOLE 123,250 0 0
Ameriprise Financial Inc. COM 03076c106 2,288,295 4,988 SH SOLE 4,988 0 0
Amgen Inc. COM 031162100 3,181,224 8,785 SH SOLE 8,785 0 0
Andersons Inc. COM 034164103 238,853 3,492 SH SOLE 3,492 0 0
Apple, Inc. COM 037833100 7,811,852 26,997 SH SOLE 26,997 0 0
Applied Materials Inc Delaware COM 038222105 927,609 1,283 SH SOLE 1,283 0 0
Automatic Data Processing COM 053015103 1,304,061 5,823 SH SOLE 5,823 0 0
Bank of America Corp COM 060505104 16,841,459 295,568 SH SOLE 295,568 0 0
Bank of New York Mellon Corp COM 064058100 21,257,959 147,002 SH SOLE 147,002 0 0
Becton Dickinson & Co COM 075887109 2,681,416 17,719 SH SOLE 17,719 0 0
Berkshire Hathaway Inc. Class COM 084670702 11,609,048 23,200 SH SOLE 23,200 0 0
Biogen Inc. COM 09062x103 1,876,265 8,684 SH SOLE 8,684 0 0
Boeing Company COM 097023105 2,910,223 13,444 SH SOLE 13,444 0 0
Booking Holdings Inc. COM 09857L108 9,481,477 53,195 SH SOLE 53,195 0 0
Bristol Myers Squibb Co. COM 110122108 1,248,678 21,671 SH SOLE 21,671 0 0
CSX Corp COM 126408103 359,612 7,566 SH SOLE 7,566 0 0
CVS Health Corp. COM 126650100 10,239,561 98,981 SH SOLE 98,981 0 0
Capital One Financial COM 14040h105 326,007 1,625 SH SOLE 1,625 0 0
Caterpillar Inc. COM 149123101 3,142,520 2,951 SH SOLE 2,951 0 0
Celanese Corp COM 150870103 535,302 11,637 SH SOLE 11,637 0 0
Celsius Holdings, Inc. COM 15118v207 1,755,717 59,963 SH SOLE 59,963 0 0
Central Pacific Financial Corp COM 154760409 3,170,982 83,010 SH SOLE 83,010 0 0
Charles Schwab Corp COM 808513105 645,244 6,993 SH SOLE 6,993 0 0
Chevron Corp. COM 166764100 4,245,611 25,613 SH SOLE 25,613 0 0
Cisco Sys Inc. COM 17275R102 5,243,884 44,644 SH SOLE 44,644 0 0
Citigroup Inc. COM 172967424 9,581,102 68,456 SH SOLE 68,456 0 0
Coca-Cola Company COM 191216100 7,055,930 86,821 SH SOLE 86,821 0 0
Cognizant Technology Solutions COM 192446102 779,170 20,118 SH SOLE 20,118 0 0
Comcast Corp Cl A COM 20030n101 1,966,259 80,092 SH SOLE 80,092 0 0
ConAgra Foods Inc. COM 205887102 252,644 18,770 SH SOLE 18,770 0 0
ConocoPhillips COM 20825c104 2,909,217 27,984 SH SOLE 27,984 0 0
Corning Inc COM 219350105 28,163,967 110,261 SH SOLE 110,261 0 0
Corteva, Inc. COM 22052L104 4,429,202 52,299 SH SOLE 52,299 0 0
Costco Wholesale Corp COM 22160k105 5,874,759 6,280 SH SOLE 6,280 0 0
DHI Group Inc. COM 23331s100 37,100 10,000 SH SOLE 10,000 0 0
DR Horton, Inc COM 23331a109 2,801,536 17,200 SH SOLE 17,200 0 0
Deckers Outdoor Corp COM 243537107 621,754 6,262 SH SOLE 6,262 0 0
Delta Airlines - New COM 247361702 519,532 5,547 SH SOLE 5,547 0 0
Devon Energy Corp. COM 25179m103 427,662 10,350 SH SOLE 10,350 0 0
Domino's Pizza Inc. COM 25754a201 514,221 1,737 SH SOLE 1,737 0 0
Dow Inc. COM 260557103 527,802 19,291 SH SOLE 19,291 0 0
DuPont de Nemours, Inc COM 26614n201 2,037,720 15,023 SH SOLE 15,023 0 0
Elevance Health Inc. COM 036752103 13,801,234 35,687 SH SOLE 35,687 0 0
Eli Lilly & Co COM 532457108 718,459 599 SH SOLE 599 0 0
ExxonMobil Holdings Corporatio COM 30233q108 1,579,309 11,551 SH SOLE 11,551 0 0
FTAI Aviation Ltd. COM G3730v105 1,623,180 6,000 SH SOLE 6,000 0 0
FedEx Freight Holding Company COM 314352105 639,334 4,234 SH SOLE 4,234 0 0
Fedex Corp COM 31428X106 2,662,049 8,501 SH SOLE 8,501 0 0
Ferguson Enterprises COM 31488v107 249,196 1,050 SH SOLE 1,050 0 0
Fiserv Inc. COM 337738108 2,940,057 59,940 SH SOLE 59,940 0 0
Franklin Resources Inc. COM 354613101 1,647,031 49,505 SH SOLE 49,505 0 0
GE Aerospace COM 369604301 801,728 2,145 SH SOLE 2,145 0 0
GE Vernova Inc. COM 36828A101 696,692 593 SH SOLE 593 0 0
Gates Industrial Corporation P COM g39104107 4,620,952 165,211 SH SOLE 165,211 0 0
General Dynamics COM 369550108 337,236 952 SH SOLE 952 0 0
General Motors Company COM 37045v100 2,374,372 30,804 SH SOLE 30,804 0 0
Genuine Parts Co COM 372460105 512,033 4,340 SH SOLE 4,340 0 0
Gilead Sciences Inc. COM 375558103 1,087,914 8,611 SH SOLE 8,611 0 0
Grand Canyon Education, Inc. COM 38526m106 2,485,821 17,370 SH SOLE 17,370 0 0
H&R Block Inc. COM 093671105 1,607,395 42,211 SH SOLE 42,211 0 0
Hershey Company COM 427866108 1,326,402 7,560 SH SOLE 7,560 0 0
Hewlett Packard Enterprise Co. COM 42824c109 432,334 9,584 SH SOLE 9,584 0 0
Home Depot Inc. COM 437076102 8,058,827 22,850 SH SOLE 22,850 0 0
Illinois Tool Works Inc. COM 452308109 251,537 930 SH SOLE 930 0 0
Ingersoll Rand Inc. COM 45687v106 415,443 5,067 SH SOLE 5,067 0 0
Intel Corp. COM 458140100 2,487,648 17,816 SH SOLE 17,816 0 0
J P Morgan Chase & Co. COM 46625h100 328,312 1,003 SH SOLE 1,003 0 0
Johnson & Johnson COM 478160104 17,736,503 69,837 SH SOLE 69,837 0 0
KLA Corporation COM 482480100 2,111,970 7,000 SH SOLE 7,000 0 0
Kenvue Inc. COM 49177j102 450,442 23,571 SH SOLE 23,571 0 0
Keurig Dr. Pepper Inc. COM 49271v100 3,630,412 110,920 SH SOLE 110,920 0 0
Kroger Co. COM 501044101 18,934,175 340,972 SH SOLE 340,972 0 0
Labcorp Holdings Inc. COM 504922105 249,200 890 SH SOLE 890 0 0
Lincoln Educational COM 533535100 10,429,399 209,006 SH SOLE 209,006 0 0
Lockheed Martin Corp COM 539830109 636,825 1,250 SH SOLE 1,250 0 0
Lowes Companies COM 548661107 9,082,424 41,192 SH SOLE 41,192 0 0
Marsh COM 571748102 5,355,440 32,132 SH SOLE 32,132 0 0
Mastercard Inc. COM 57636q104 15,031,018 29,266 SH SOLE 29,266 0 0
McDonalds Corp COM 580135101 2,567,134 9,497 SH SOLE 9,497 0 0
Merck & Co.Inc. New COM 58933y105 14,877,216 115,776 SH SOLE 115,776 0 0
Meta Platforms, Inc. COM 30303m102 8,868,438 15,744 SH SOLE 15,744 0 0
Micron Technology Inc. COM 595112AB9 911,889 790 SH SOLE 790 0 0
Microsoft Corp. COM 594918104 31,306,859 83,928 SH SOLE 83,928 0 0
Molson Coors Brewing Co COM 60871r209 4,037,246 103,625 SH SOLE 103,625 0 0
Mondelez International, Inc. COM 609207105 1,751,569 30,283 SH SOLE 30,283 0 0
Monster Beverage Corp. COM 61174x109 6,882,192 71,600 SH SOLE 71,600 0 0
Nike Inc Class B COM 654106103 564,273 13,746 SH SOLE 13,746 0 0
Nucor Corp COM 670346105 343,258 1,541 SH SOLE 1,541 0 0
Nvidia Corp COM 67066g104 624,481 3,121 SH SOLE 3,121 0 0
Occidental Petroleum Corp COM 674599105 285,543 5,879 SH SOLE 5,879 0 0
Oracle Corp COM 68389X105 1,724,454 11,767 SH SOLE 11,767 0 0
Paramount Skydance Corp Class COM 69932a204 156,922 15,915 SH SOLE 15,915 0 0
Parker-Hannifin Corp. COM 701094104 2,011,993 2,057 SH SOLE 2,057 0 0
Paychex Inc. COM 704326107 3,647,748 37,097 SH SOLE 37,097 0 0
Pepsico Inc. COM 713448108 10,497,968 77,533 SH SOLE 77,533 0 0
Perma-Pipe International Holdi COM 714167103 228,732 8,400 SH SOLE 8,400 0 0
Pfizer Inc. COM 717081103 1,468,243 60,974 SH SOLE 60,974 0 0
Philip Morris International COM 718172109 36,860,413 203,750 SH SOLE 203,750 0 0
Phillips 66 COM 718546104 2,734,215 16,174 SH SOLE 16,174 0 0
Principal Financial Group COM 74251v102 250,265 2,322 SH SOLE 2,322 0 0
Procter & Gamble Co. COM 742718109 2,575,878 17,566 SH SOLE 17,566 0 0
Progressive Corp COM 743315103 691,831 3,167 SH SOLE 3,167 0 0
Public Storage. Inc. COM 74460d109 447,226 1,405 SH SOLE 1,405 0 0
Qnity Electronics Inc. COM 74743l100 3,737,676 22,887 SH SOLE 22,887 0 0
Qualcomm Inc COM 747525103 560,283 3,032 SH SOLE 3,032 0 0
Quest Diagnostics Inc. COM 74834L100 5,302,565 25,018 SH SOLE 25,018 0 0
RTX Corp. COM 75513e101 6,495,976 34,238 SH SOLE 34,238 0 0
Rithm Capital Corp. REIT COM 64828t201 103,290 11,000 SH SOLE 11,000 0 0
S&P Global Inc. COM 78409V104 305,445 750 SH SOLE 750 0 0
Sally Beauty Holdings Inc. COM 79546e104 1,260,397 89,137 SH SOLE 89,137 0 0
Starbucks Corp COM 855244109 906,834 8,874 SH SOLE 8,874 0 0
Tapestry Inc. COM 876030107 870,229 5,945 SH SOLE 5,945 0 0
Tenet Healthcare Corp. COM 88033g107 233,850 1,250 SH SOLE 1,250 0 0
The Cigna Group COM 125523100 4,746,658 17,218 SH SOLE 17,218 0 0
The Hanover Insurance Group COM 410867105 214,120 1,000 SH SOLE 1,000 0 0
The Mosaic Company COM 61945c103 1,487,282 70,188 SH SOLE 70,188 0 0
The Travelers Companies Inc. COM 89417e109 13,073,081 39,601 SH SOLE 39,601 0 0
The Walt Disney Co. COM 254687106 1,333,255 13,852 SH SOLE 13,852 0 0
US Bancorp Delaware New COM 902973304 969,420 16,050 SH SOLE 16,050 0 0
Union Pacific Corp COM 907818108 1,874,080 6,890 SH SOLE 6,890 0 0
United Parcel Service Inc. COM 911312106 1,592,005 14,809 SH SOLE 14,809 0 0
UnitedHealth Group Inc. COM 91324p102 26,234,231 63,119 SH SOLE 63,119 0 0
Universal Technical Institute COM 913915104 427,700 10,000 SH SOLE 10,000 0 0
Unum Group COM 91529y106 4,872,479 54,502 SH SOLE 54,502 0 0
Valero Energy Corp. COM 91913y100 13,408,202 51,483 SH SOLE 51,483 0 0
Verisk Analytics, Inc. COM 92345y106 377,013 2,100 SH SOLE 2,100 0 0
Verizon Communications COM 92343V104 1,274,900 30,111 SH SOLE 30,111 0 0
Vertiv Holdings Co. COM 92537n108 398,436 1,190 SH SOLE 1,190 0 0
Visa, Inc. COM 92826c839 11,832,145 34,487 SH SOLE 34,487 0 0
Wal Mart Stores COM 931142103 15,226,561 134,439 SH SOLE 134,439 0 0
Warner Bros. Discovery, Inc. COM 934423104 1,795,178 67,336 SH SOLE 67,336 0 0
Washington Federal COM 938824109 2,982,308 77,725 SH SOLE 77,725 0 0
Waste Management Inc. Del COM 94106L109 329,862 1,480 SH SOLE 1,480 0 0
Waters Corp. COM 941848103 895,596 2,388 SH SOLE 2,388 0 0
Wells Fargo & Co. COM 949746101 2,489,034 30,119 SH SOLE 30,119 0 0
Western Union Company COM 959802109 109,617 14,236 SH SOLE 14,236 0 0
Weyerhaeuser Co. COM 962166104 360,536 15,060 SH SOLE 15,060 0 0
Yum! Brands, Inc. COM 988498101 1,629,453 10,193 SH SOLE 10,193 0 0
Zimmer Biomet Holdings COM 98956p102 5,982,394 69,490 SH SOLE 69,490 0 0
AON Plc FOR g0403h108 1,632,578 4,922 SH SOLE 4,922 0 0
ASML Holding N.V. FOR n07059210 1,408,524 708 SH SOLE 708 0 0
Alibaba Group Holding Limited FOR 01609w102 912,386 9,506 SH SOLE 9,506 0 0
Alkermes PLC FOR g01767105 360,635 6,883 SH SOLE 6,883 0 0
Allegion PLC FOR g0176j109 466,848 3,323 SH SOLE 3,323 0 0
America Movil ADR FOR 02390a101 1,950,030 75,030 SH SOLE 75,030 0 0
Arch Capital Group Ltd FOR g0450a105 1,252,559 12,905 SH SOLE 12,905 0 0
Arcos Dorados Hldgs. FOR g0457f107 3,377,616 419,059 SH SOLE 419,059 0 0
BP p.l.c. FOR 055622104 5,840,317 158,060 SH SOLE 158,060 0 0
Baidu Inc. ADR FOR 056752108 232,009 2,030 SH SOLE 2,030 0 0
British American Tobacco FOR 110448107 13,614,807 220,447 SH SOLE 220,447 0 0
CAE Inc. FOR 124765108 1,273,800 50,830 SH SOLE 50,830 0 0
Colliers International Group FOR 194693107 671,536 7,160 SH SOLE 7,160 0 0
Diageo PLC ADR FOR 25243q205 894,871 11,133 SH SOLE 11,133 0 0
Eaton Corp PLC FOR g29183103 231,849 544 SH SOLE 544 0 0
Enbridge Inc. FOR 29250n105 245,788 4,534 SH SOLE 4,534 0 0
FirstService Corp Voting Share FOR 33767e202 976,722 6,873 SH SOLE 6,873 0 0
Glaxo SmithKline ADS FOR 37733W204 1,424,828 27,181 SH SOLE 27,181 0 0
Haleon PLC FOR 405552100 340,004 36,442 SH SOLE 36,442 0 0
Johnson Controls Intl. PLC FOR g51502105 573,043 3,922 SH SOLE 3,922 0 0
LyondellBasell Industries N.V. FOR n53745100 2,216,196 42,093 SH SOLE 42,093 0 0
Magnum Ice Cream Company NV FOR n5505d105 381,854 21,933 SH SOLE 21,933 0 0
Medtronic PLC FOR g5960L103 11,111,555 142,037 SH SOLE 142,037 0 0
Nokia Corp Sponsored ADR FOR 654902204 134,221 10,107 SH SOLE 10,107 0 0
Shell PLC FOR 780259305 1,248,239 16,098 SH SOLE 16,098 0 0
Taiwan Semiconductor Manufactu FOR 874039100 2,668,184 5,587 SH SOLE 5,587 0 0
Telefonica S.A. ADR FOR 879382208 594,483 150,122 SH SOLE 150,122 0 0
Toyota Motor Corp ADR FOR 892331307 210,357 1,249 SH SOLE 1,249 0 0
Trane Technologies PLC FOR g8994e103 2,694,995 5,487 SH SOLE 5,487 0 0
Unilever PLC ADR FOR 904767803 5,565,549 92,574 SH SOLE 92,574 0 0
Wal-Mart de Mexico SA DE FOR 93114w107 733,132 24,928 SH SOLE 24,928 0 0
Yum China Holdings, Inc. FOR 98850p109 368,933 9,027 SH SOLE 9,027 0 0