D L Carlson Investment 13F-HR Quarterly holdings report by institutional manager

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

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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
AT&T Inc	COM	00206r102	3,053	97,357	SH		SOLE		18,009	0	79,348
AbbVie Inc.	COM	00287Y109	1,829	22,690	SH		SOLE		22,550	0	140
Abbott Labs	COM	002824100	2,112	26,420	SH		SOLE		25,120	0	1,300
Accenture PLC	COM	g1151c101	911	5,178	SH		SOLE		1,215	0	3,963
Adobe Systems	COM	00724F101	2,781	10,435	SH		SOLE		2,970	0	7,465
Albemarle Corp.	COM	012653101	2,368	28,885	SH		SOLE		4,310	0	24,575
Alerian MLP ETF	COM	00162Q866	103	10,000	SH		SOLE		0	0	10,000
Alliant Energy Corp	COM	018802108	2,570	54,530	SH		SOLE		7,175	0	47,355
Alphabet, Inc. Class A	COM	02079K305	5,777	4,909	SH		SOLE		684	0	4,225
Alphabet, Inc. Class C	COM	02079K107	1,010	861	SH		SOLE		197	0	664
Altria Group Inc	COM	02209s103	4,194	73,020	SH		SOLE		6,410	0	66,610
Amazon.com	COM	023135106	8,964	5,034	SH		SOLE		769	0	4,265
Amgen	COM	031162100	234	1,230	SH		SOLE		0	0	1,230
Analog Devices Inc.	COM	032654105	345	3,282	SH		SOLE		473	0	2,809
Annaly Mort Mgmt	COM	035710409	139	14,000	SH		SOLE		0	0	14,000
Apple Computer	COM	037833100	10,742	56,552	SH		SOLE		9,432	0	47,120
Ares Capital Corp.	COM	04010l103	4,915	286,746	SH		SOLE		47,895	0	238,851
Atlassian Corp.	COM	g06242104	3,191	28,388	SH		SOLE		3,600	0	24,788
BCE Inc.	COM	05534b760	2,494	56,175	SH		SOLE		7,560	0	48,615
BHP Billiton PLC ADR	COM	05545e209	4,190	86,796	SH		SOLE		10,190	0	76,606
BJ's Wholesale Club Hldgs	COM	05550J101	2,873	104,855	SH		SOLE		10,080	0	94,775
Becton Dickinson	COM	075887109	5,227	20,930	SH		SOLE		3,655	0	17,275
Berkshire Hathaway CL B New	COM	084670702	362	1,800	SH		SOLE		978	0	822
Boeing Co	COM	097023105	2,921	7,659	SH		SOLE		1,040	0	6,619
Bristol Myers	COM	110122108	2,286	47,925	SH		SOLE		4,060	0	43,865
Cadence Bancorp Class A	COM	12739A100	544	29,327	SH		SOLE		12,795	0	16,532
Caterpillar Tractor	COM	149123101	4,413	32,569	SH		SOLE		3,910	0	28,659
Centerstate Bank Corp.	COM	15201p109	2,154	90,480	SH		SOLE		4,965	0	85,515
Charles Schwab	COM	808513105	2,451	57,313	SH		SOLE		3,365	0	53,948
Chevron Corp	COM	166764100	3,468	28,154	SH		SOLE		9,923	0	18,231
Cisco Systems	COM	17275R102	3,361	62,258	SH		SOLE		8,930	0	53,328
Citigroup	COM	172967424	4,416	70,975	SH		SOLE		10,780	0	60,195
Coca Cola Euro Ptnrs	COM	g25839104	4,822	93,206	SH		SOLE		15,905	0	77,301
Columbia Sportswear, Co.	COM	198516106	1,779	17,076	SH		SOLE		1,520	0	15,556
Constellation Brands, Inc.	COM	21036p108	1,369	7,808	SH		SOLE		2,160	0	5,648
Cree Inc.	COM	225447101	12,226	213,658	SH		SOLE		16,815	0	196,843
CyrusOne, Inc.	COM	23283r100	3,071	58,569	SH		SOLE		7,455	0	51,114
Dominion Res New	COM	25746u109	315	4,106	SH		SOLE		1,664	0	2,442
DowDuPont Inc.	COM	26078J100	627	11,762	SH		SOLE		647	0	11,115
EOG Resources, Inc.	COM	26875p101	2,477	26,026	SH		SOLE		3,402	0	22,624
Emerson Electric	COM	291011104	5,026	73,407	SH		SOLE		12,078	0	61,329
Enbridge Inc.	COM	29250N105	723	19,945	SH		SOLE		5,164	0	14,781
Energy Select Spdr	COM	81369y506	440	6,650	SH		SOLE		3,490	0	3,160
Enterprise Prods LP	COM	293792107	720	24,749	SH		SOLE		2,500	0	22,249
Exelon Corp.	COM	30161n101	3,234	64,513	SH		SOLE		5,760	0	58,753
Exxon Mobil	COM	30231g102	3,277	40,558	SH		SOLE		13,306	0	27,252
Facebook Inc.	COM	30303m102	1,086	6,513	SH		SOLE		2,330	0	4,183
Fidelity MSCI Financials ETF	COM	316092501	717	19,103	SH		SOLE		0	0	19,103
Fidelity MSCI Health Care ETF	COM	316092600	600	13,472	SH		SOLE		185	0	13,287
First Busey Corp	COM	319383204	251	10,300	SH		SOLE		10,300	0	0
First Republic Bank	COM	33616c100	2,123	21,129	SH		SOLE		1,950	0	19,179
Floor & Decor Hldgs	COM	339750101	2,659	64,500	SH		SOLE		3,145	0	61,355
Glacier Bancorp, Inc.	COM	37637q105	390	9,725	SH		SOLE		725	0	9,000
Gol Linhas Aereas Inteligentes	COM	38045r206	1,669	127,875	SH		SOLE		5,795	0	122,080
Goldman Sachs	COM	38141G104	3,340	17,394	SH		SOLE		2,199	0	15,195
Goldmining Inc.	COM	38149E101	10	14,000	SH		SOLE		0	0	14,000
Green Energy Renewable	COM	17277D101	0	10,000	SH		SOLE		0	0	10,000
HSBC Holdings Plc	COM	404280406	1,912	47,109	SH		SOLE		3,645	0	43,464
Healthcare Select Sector Spdr	COM	81369y209	793	8,644	SH		SOLE		1,034	0	7,610
Home Depot Inc.	COM	437076102	5,429	28,291	SH		SOLE		4,731	0	23,560
Honeywell Inc.	COM	438516106	1,090	6,857	SH		SOLE		1,325	0	5,532
Hormel Foods Corp.	COM	440452100	4,980	111,252	SH		SOLE		13,545	0	97,707
Illinois Tool Works	COM	452308109	4,498	31,338	SH		SOLE		4,564	0	26,774
Independent Bank Group, Inc.	COM	45384b106	1,737	33,872	SH		SOLE		2,495	0	31,377
Int'l. Flavors & Fragrances	COM	459506101	1,857	14,416	SH		SOLE		1,560	0	12,856
Intel Corp	COM	458140100	5,854	109,009	SH		SOLE		10,940	0	98,069
Invesco S&P 500 Equal Weight E	COM	46137v357	509	4,876	SH		SOLE		0	0	4,876
JP Morgan Chase	COM	46625H100	8,587	84,825	SH		SOLE		13,239	0	71,586
JPMorgan Diversified Rtn US Eq	COM	46641q407	1,065	14,555	SH		SOLE		1,265	0	13,290
Johnson & Johnson	COM	478160104	8,421	60,239	SH		SOLE		7,555	0	52,684
Kayne Anderson MLP Inv. Co.	COM	486606106	162	10,110	SH		SOLE		0	0	10,110
Kratos Defense & Security Solu	COM	50077b207	5,605	358,575	SH		SOLE		52,260	0	306,315
Lockheed Martin	COM	539830109	4,904	16,336	SH		SOLE		2,438	0	13,898
Marathon Oil	COM	565849106	1,281	76,650	SH		SOLE		3,360	0	73,290
Masco Corp	COM	574599106	525	13,360	SH		SOLE		3,000	0	10,360
Masimo Corp.	COM	574795100	6,341	45,858	SH		SOLE		7,768	0	38,090
Materials Select Sector SPDR	COM	81369y100	1,287	23,182	SH		SOLE		2,850	0	20,332
McDonalds Corp	COM	580135101	684	3,600	SH		SOLE		1,910	0	1,690
McEwen Mining Inc.	COM	58039p107	17	11,039	SH		SOLE		0	0	11,039
Microsoft	COM	594918104	11,480	97,338	SH		SOLE		14,034	0	83,304
Mongodb, Inc.	COM	60937p106	5,281	35,917	SH		SOLE		6,005	0	29,912
Netflix	COM	64110l106	4,412	12,374	SH		SOLE		2,683	0	9,691
Nextera Energy Inc.	COM	65339f101	2,375	12,284	SH		SOLE		1,055	0	11,229
Nike Inc. Cl B	COM	654106103	3,896	46,263	SH		SOLE		7,540	0	38,723
Okta, Inc.	COM	679295105	1,879	22,715	SH		SOLE		1,710	0	21,005
Oneok, Inc	COM	682680103	3,362	48,143	SH		SOLE		7,055	0	41,088
Palo Alto Networks	COM	697435105	6,576	27,075	SH		SOLE		4,478	0	22,597
Pepsico Inc.	COM	713448108	578	4,720	SH		SOLE		1,925	0	2,795
Pfizer Inc.	COM	717081103	489	11,518	SH		SOLE		0	0	11,518
Preformed Line Prods	COM	740444104	276	5,200	SH		SOLE		0	0	5,200
Procter Gamble	COM	742718109	4,666	44,846	SH		SOLE		12,262	0	32,584
Q2 Holdings, Inc.	COM	74736l109	3,566	51,483	SH		SOLE		10,200	0	41,283
Repligen Corp.	COM	759916109	1,741	29,461	SH		SOLE		10,754	0	18,707
Royal Dutch Shell PLC	COM	780259206	296	4,725	SH		SOLE		925	0	3,800
SPDR S&P 500 ETF Trust	COM	78462f103	258	915	SH		SOLE		0	0	915
SPDR S&P Bank ETF	COM	78464a797	539	12,908	SH		SOLE		3,005	0	9,903
SPDR S&P Biotech ETF	COM	78464a870	4,625	51,077	SH		SOLE		7,715	0	43,362
SPDR S&P Oil & Gas	COM	78464a730	210	6,840	SH		SOLE		910	0	5,930
SPDR S&P Pharmaceuticals ETF	COM	78464a722	385	9,250	SH		SOLE		1,310	0	7,940
SPDR S&P Regional Banking ETF	COM	78464a698	327	6,375	SH		SOLE		1,825	0	4,550
Schwab US Broad Market	COM	808524102	325	4,778	SH		SOLE		330	0	4,448
Schwab US Div Eqty ETF	COM	808524797	2,620	50,124	SH		SOLE		2,446	0	47,678
Schwab US Large Cap Growth ETF	COM	808524300	285	3,590	SH		SOLE		85	0	3,505
Sector SPDR Fincl. Select	COM	81369y605	1,165	45,318	SH		SOLE		9,025	0	36,293
Solera Bank	COM	83420T104	571	54,400	SH		SOLE		11,000	0	43,400
Starbucks	COM	855244109	2,299	30,920	SH		SOLE		7,195	0	23,725
Steel Case	COM	858155203	2,101	144,385	SH		SOLE		16,125	0	128,260
Stryker Corp.	COM	863667101	8,032	40,665	SH		SOLE		6,796	0	33,869
Surgutneftegaz JSC ADR Pfd	COM	868861105	68	11,000	SH		SOLE		0	0	11,000
TJX Cos Inc	COM	872540109	590	11,085	SH		SOLE		1,560	0	9,525
Target Corp	COM	87612e106	4,370	54,443	SH		SOLE		9,084	0	45,359
Technology Select Sect SPDR	COM	81369y803	297	4,008	SH		SOLE		100	0	3,908
Texas Instruments	COM	882508104	1,174	11,065	SH		SOLE		5,340	0	5,725
Tortoise MLP Fund	COM	89148b101	195	13,900	SH		SOLE		10,000	0	3,900
Total SA/Adr	COM	89151E109	3,466	62,280	SH		SOLE		7,300	0	54,980
Travelers Companies	COM	89417e109	680	4,957	SH		SOLE		1,600	0	3,357
US Bancorp	COM	902973304	249	5,168	SH		SOLE		1,500	0	3,668
Under Armour Inc. Class A	COM	904311107	4,077	192,845	SH		SOLE		28,880	0	163,965
Union Pacific Corp.	COM	907818108	359	2,150	SH		SOLE		231	0	1,919
United Health Group Inc.	COM	91324p102	2,388	9,658	SH		SOLE		1,663	0	7,995
Uranium Energy Corp	COM	916896103	25	18,000	SH		SOLE		0	0	18,000
Utilities Select Sector SPDR	COM	81369y886	1,587	27,280	SH		SOLE		4,847	0	22,433
VICI Properties, Inc.	COM	925652109	2,134	97,525	SH		SOLE		8,095	0	89,430
Vanguard Dividend Appreciation	COM	921908844	587	5,356	SH		SOLE		955	0	4,401
Vanguard FTSE Dev. Market	COM	921943858	281	6,868	SH		SOLE		0	0	6,868
Vanguard Reit	COM	922908553	1,634	18,799	SH		SOLE		4,691	0	14,108
Varian Med Sys	COM	92220p105	3,635	25,651	SH		SOLE		2,564	0	23,087
Verizon	COM	92343v104	4,190	70,863	SH		SOLE		12,465	0	58,398
WEC Energy Group, Inc.	COM	92939U106	285	3,602	SH		SOLE		2,540	0	1,062
Walt Disney Co.	COM	254687106	2,220	19,992	SH		SOLE		900	0	19,092
Welltower, Inc.	COM	95040Q104	4,745	61,147	SH		SOLE		8,375	0	52,772
iQiyi	COM	46267x108	3,260	136,281	SH		SOLE		9,225	0	127,056
iShares China Large Cap	COM	464287184	352	7,945	SH		SOLE		2,160	0	5,785
iShares Core S&P 500 Index	COM	464287200	622	2,186	SH		SOLE		0	0	2,186
iShares Core US Value	COM	464287663	947	17,269	SH		SOLE		641	0	16,628
iShares DJ US Tech Sec	COM	464287721	463	2,431	SH		SOLE		548	0	1,883
iShares Global Telecom	COM	464287275	334	5,927	SH		SOLE		1,455	0	4,472
iShares MSCI Europe Financials	COM	464289180	755	41,576	SH		SOLE		7,880	0	33,696
iShares Russell 1000	COM	464287622	293	1,862	SH		SOLE		0	0	1,862
iShares Russell 2000	COM	464287655	388	2,534	SH		SOLE		0	0	2,534
iShares S&P Global Cons Stpls	COM	464288737	230	4,450	SH		SOLE		2,200	0	2,250
iShares SP MidCap 400	COM	464287507	477	2,518	SH		SOLE		750	0	1,768
First Republic Bank 5.5 pfd	FD	336158803	477	19,245	SH		SOLE		4,200	0	15,045
JP Morgan Chase 6.1 pfd	PFD	48127X542	1,222	46,631	SH		SOLE		16,275	0	30,356
Wells Fargo 5.70 Pfd	PFD	94988u714	1,091	42,737	SH		SOLE		9,350	0	33,387
Wells Fargo & Co 7.50 Cv Pfd S	COM	949746804	258	200	SH		SOLE		200	0	0