Clifford Swan Investment Counsel 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

OMB APPROVAL

OMB Number:		3235-0006
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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
Alliance Bernstein Inc Fund	ETF	01881E101	114	16,000	SH		SOLE		16,000	0	0
iShares Barclays 1-3 Year Cred	ETF	464288646	578	5,485	SH		SOLE		920	0	4,565
iShares iBoxx $ Inv Grade Corp	ETF	464287242	349	3,060	SH		SOLE		310	0	2,750
iShares Iboxx H/Y Corp Bond	ETF	464288513	203	2,185	SH		SOLE		2,185	0	0
Nuveen Quality Pfd Income Fd	ETF	67071S101	80	10,400	SH		SOLE		10,400	0	0
PIMCO Enhanced Short Term Stra	ETF	72201R833	15,759	155,535	SH		SOLE		142,174	0	13,361
PIMCO Total Return Bond Fund E	ETF	72201R775	1,035	9,881	SH		SOLE		4,881	0	5,000
Vanguard Int-Term Bond ETF	ETF	921937819	1,627	19,920	SH		SOLE		2,095	0	17,825
Vanguard Int-Term Corp Bond ET	ETF	92206C870	502	6,075	SH		SOLE		1,875	0	4,200
Vanguard S/T Corp Bond ETF	ETF	92206C409	19,163	240,194	SH		SOLE		200,040	0	40,154
Vanguard Short-Term Bond ETF	ETF	921937827	1,169	14,624	SH		SOLE		6,230	0	8,394
Vanguard Total Bond Market ETF	ETF	921937835	887	11,082	SH		SOLE		0	0	11,082
Western Asset High Income Oppo	ETF	95766K109	145	24,395	SH		SOLE		24,395	0	0
Western Asset Income Fund	ETF	95766T100	1,755	133,105	SH		SOLE		75,180	0	57,925
Western Asset Premier Bond Fun	ETF	957664105	177	12,175	SH		SOLE		5,650	0	6,525
iShares Core S&P Small-Cap ETF	ETF	464287804	318	2,915	SH		SOLE		2,915	0	0
iShares DJ US Housing	ETF	464288752	644	25,935	SH		SOLE		25,935	0	0
iShares North American Tech	ETF	464287549	291	3,250	SH		SOLE		3,000	0	250
SPDR Dow Jones Industrial Avg	ETF	78467X109	300	1,810	SH		SOLE		1,060	0	750
SPDR S&P Dividend ETF	ETF	78464A763	312	4,300	SH		SOLE		2,700	0	1,600
SPDR S&P MidCap 400	ETF	78467Y107	642	2,630	SH		SOLE		2,235	0	395
SPDR Trust Series 1 (spy)	ETF	78462F103	3,856	20,876	SH		SOLE		20,176	0	700
Utilities Select Sector SPDR	ETF	81369Y886	722	19,025	SH		SOLE		17,875	0	1,150
Vanguard REIT ETF	ETF	922908553	299	4,634	SH		SOLE		4,334	0	300
Vanguard Total Stock Market ET	ETF	922908769	460	4,800	SH		SOLE		4,150	0	650
Vanguard World Fds Inf Tech ET	ETF	92204A702	269	3,000	SH		SOLE		3,000	0	0
iShares MSCI EAFE Index Fund	ETF	464287465	1,086	16,190	SH		SOLE		10,844	0	5,346
iShares MSCI Emerging Markets	ETF	464287234	204	4,873	SH		SOLE		2,649	0	2,224
Vanguard FTSE All World ex US	ETF	922042775	394	7,775	SH		SOLE		6,000	0	1,775
Vanguard FTSE Emerging Markets	ETF	922042858	664	16,134	SH		SOLE		16,134	0	0
21st Century Fox Class A	COM	90130a101	705	20,054	SH		SOLE		20,000	0	54
3M Company	COM	88579Y101	15,025	107,128	SH		SOLE		78,204	0	28,924
Abbott Labs	COM	002824100	11,462	299,047	SH		SOLE		252,131	0	46,916
AbbVie Inc.	COM	00287Y109	15,753	298,290	SH		SOLE		252,665	0	45,625
Accenture	COM	G1151C101	26,255	319,325	SH		SOLE		274,355	0	44,971
Agilent Technologies Inc.	COM	00846U101	13,932	243,613	SH		SOLE		232,635	0	10,978
Albemarle Corp.	COM	012653101	2,472	39,000	SH		SOLE		39,000	0	0
Allegion Plc	COM	G0176J109	1,325	29,993	SH		SOLE		26,823	0	3,170
Allergan Inc	COM	018490102	2,838	25,552	SH		SOLE		24,387	0	1,165
Allstate Corp.	COM	020002101	303	5,562	SH		SOLE		3,708	0	1,854
Altria Group, Inc.	COM	02209S103	5,956	155,133	SH		SOLE		111,953	0	43,180
Amazon Com Inc	COM	023135106	996	2,497	SH		SOLE		2,497	0	0
America Movil S.A. de C.V. Ser	COM	02364W105	386	16,510	SH		SOLE		15,250	0	1,260
American Express Co.	COM	025816109	5,251	57,873	SH		SOLE		46,830	0	11,043
Amgen, Inc.	COM	031162100	5,889	51,621	SH		SOLE		40,364	0	11,257
Anadarko Pete Corp	COM	032511107	418	5,270	SH		SOLE		5,170	0	100
Apache Corp	COM	037411105	4,314	50,197	SH		SOLE		44,090	0	6,107
Apple Inc.	COM	037833100	26,256	46,800	SH		SOLE		41,229	0	5,571
Astrazeneca PLC - Spons ADR	COM	046353108	297	5,000	SH		SOLE		5,000	0	0
AT&T Inc.	COM	00206R102	6,529	185,706	SH		SOLE		144,089	0	41,618
Automatic Data Proc.	COM	053015103	7,576	93,765	SH		SOLE		68,040	0	25,725
Bank of America Corp	COM	060505104	1,715	110,140	SH		SOLE		104,218	0	5,922
Bank of New York Mellon Corp.	COM	064058100	17,584	503,254	SH		SOLE		456,009	0	47,245
Bard (C.R.)	COM	067383109	9,826	73,362	SH		SOLE		69,524	0	3,838
Baxter International Inc	COM	071813109	1,091	15,682	SH		SOLE		13,242	0	2,440
Becton Dickinson & Co.	COM	075887109	1,827	16,538	SH		SOLE		1,038	0	15,500
Bed Bath & Beyond	COM	075896100	2,891	36,000	SH		SOLE		34,600	0	1,400
Bemis Company	COM	081437105	203	4,965	SH		SOLE		4,965	0	0
Berkshire Hathaway (100=1 Clas	COM	084990175	1,779	1,000	SH		SOLE		1,000	0	0
Berkshire Hathaway A	COM	084670108	3,558	20	SH		SOLE		20	0	0
Berkshire Hathaway B	COM	084670702	31,657	267,013	SH		SOLE		233,076	0	33,937
Boeing Co.	COM	097023105	4,797	35,146	SH		SOLE		29,166	0	5,980
Boswell J G Co	COM	101205102	497	565	SH		SOLE		565	0	0
BP PLC - Spons ADR	COM	055622104	9,508	195,602	SH		SOLE		144,572	0	51,030
BRE Properties Cl A	COM	05564E106	4,493	82,115	SH		SOLE		50,215	0	31,900
Bristol-Myers Squibb Co.	COM	110122108	7,239	136,207	SH		SOLE		87,761	0	48,446
Campbell Soup Co.	COM	134429109	517	11,939	SH		SOLE		10,039	0	1,900
Casey's General Stores	COM	147528103	971	13,825	SH		SOLE		12,175	0	1,650
Caterpillar Inc.	COM	149123101	7,085	78,021	SH		SOLE		66,901	0	11,120
Cathay Intl Hld	COM	G1965E103	10	19,000	SH		SOLE		19,000	0	0
Cedar Fair L.P.	COM	150185106	553	11,160	SH		SOLE		10,610	0	550
Chevron Corp.	COM	166764100	31,902	255,401	SH		SOLE		191,716	0	63,685
Chubb Corp.	COM	171232101	827	8,560	SH		SOLE		8,560	0	0
Cisco Systems, Inc.	COM	17275R102	14,229	634,353	SH		SOLE		542,395	0	91,958
Clorox Company	COM	189054109	2,023	21,813	SH		SOLE		15,995	0	5,818
Coach, Inc.	COM	189754104	11,297	201,264	SH		SOLE		191,494	0	9,770
Coca-Cola Company	COM	191216100	3,693	89,390	SH		SOLE		87,390	0	2,000
Colgate-Palmolive Co.	COM	194162103	23,373	358,422	SH		SOLE		325,694	0	32,728
Comcast Corp. Class A	COM	20030N101	464	8,920	SH		SOLE		7,921	0	999
Conagra Inc.	COM	205887102	246	7,309	SH		SOLE		6,209	0	1,100
ConocoPhillips	COM	20825C104	19,879	281,367	SH		SOLE		250,011	0	31,356
Consolidated Edison Inc.	COM	209115104	415	7,508	SH		SOLE		1,358	0	6,150
Corning Inc.	COM	219350105	228	12,800	SH		SOLE		11,100	0	1,700
Costco Wholesale Corp.	COM	22160K105	31,104	261,338	SH		SOLE		226,506	0	34,831
Cotton & Western Mining Inc.	COM	221737307	0	1,000,000	SH		SOLE		1,000,000	0	0
Cummins Inc	COM	231021106	3,316	23,526	SH		SOLE		9,716	0	13,810
Daily Journal Corp	COM	233912104	249	1,300	SH		SOLE		0	0	1,300
Deere & Co.	COM	244199105	600	6,571	SH		SOLE		6,171	0	400
Dominion Resources Inc.	COM	25746U109	381	5,896	SH		SOLE		5,896	0	0
Dow Chemical Company	COM	260543103	442	9,946	SH		SOLE		8,675	0	1,271
Du Pont E I De Nemours	COM	263534109	1,479	22,765	SH		SOLE		20,306	0	2,459
Duke Energy Corp. New	COM	26441C204	501	7,266	SH		SOLE		4,712	0	2,554
Eaton Corp. PLC	COM	G29183103	944	12,400	SH		SOLE		12,400	0	0
eBay Inc.	COM	278642103	1,786	32,557	SH		SOLE		25,297	0	7,260
Ecolab, Inc.	COM	278865100	2,480	23,783	SH		SOLE		21,983	0	1,800
Edison International	COM	281020107	710	15,334	SH		SOLE		15,334	0	0
Edwards Lifesciences Corp.	COM	28176E108	6,852	104,193	SH		SOLE		100,748	0	3,445
EMC Corporation	COM	268648102	3,664	145,667	SH		SOLE		134,952	0	10,715
Emerson Electric Co.	COM	291011104	20,760	295,809	SH		SOLE		207,713	0	88,096
Enbridge Energy Management	COM	29250X103	481	16,778	SH		SOLE		16,184	0	594
Enbridge Energy Partners LP	COM	29250R106	1,744	58,400	SH		SOLE		46,350	0	12,050
Energizer Holdings, Inc.	COM	29266R108	574	5,300	SH		SOLE		5,300	0	0
Enterprise Products Partners L	COM	293792107	496	7,474	SH		SOLE		7,474	0	0
Equity Residential	COM	29476L107	466	8,975	SH		SOLE		6,675	0	2,300
Exelon Corp	COM	30161N101	237	8,663	SH		SOLE		3,918	0	4,745
Expeditors Int'l Of Washington	COM	302130109	648	14,655	SH		SOLE		14,655	0	0
Express Scripts Holding Compan	COM	30219G108	513	7,306	SH		SOLE		6,898	0	408
ExxonMobil Corporation	COM	30231G102	55,036	543,831	SH		SOLE		425,131	0	118,700
Farmers and Merchants Bank	COM	308243104	313	60	SH		SOLE		60	0	0
FirstEnergy Corp.	COM	337932107	282	8,546	SH		SOLE		7,546	0	1,000
Franklin Resources Inc	COM	354613101	12,667	219,418	SH		SOLE		193,891	0	25,527
Frontier Communications Corp.	COM	35906A108	87	18,606	SH		SOLE		11,583	0	7,023
Gannett Inc.	COM	364730101	239	8,075	SH		SOLE		75	0	8,000
General Electric	COM	369604103	40,084	1,430,022	SH		SOLE		1,172,638	0	257,384
General Mills Inc.	COM	370334104	943	18,895	SH		SOLE		18,595	0	300
Genworth Financial Inc-Cl A	COM	37247D106	494	31,808	SH		SOLE		30,528	0	1,280
GlaxoSmithKline PLC-ADR	COM	37733W105	572	10,717	SH		SOLE		6,185	0	4,532
Goldman Sachs Group Inc.	COM	38141G104	4,047	22,833	SH		SOLE		20,843	0	1,990
Google Inc-CL A	COM	38259P508	1,484	1,324	SH		SOLE		1,199	0	125
Grainger Inc., W.W.	COM	384802104	541	2,117	SH		SOLE		1,497	0	620
Harley-Davidson	COM	412822108	215	3,100	SH		SOLE		3,100	0	0
Hennessy Advisors Inc	COM	425885100	151	13,500	SH		SOLE		13,500	0	0
Hewlett-Packard Co.	COM	428236103	27,434	980,494	SH		SOLE		946,470	0	34,024
Home Depot, Inc.	COM	437076102	5,255	63,824	SH		SOLE		50,671	0	13,153
Honeywell Int'l Inc.	COM	438516106	8,756	95,833	SH		SOLE		95,533	0	300
Illinois Tool Works Inc.	COM	452308109	5,889	70,036	SH		SOLE		59,669	0	10,367
Infusystem Holdings Inc	COM	45685K102	34	16,000	SH		SOLE		16,000	0	0
Ingersoll-Rand PLC	COM	G47791101	5,604	90,980	SH		SOLE		81,435	0	9,545
Intel Corp.	COM	458140100	22,195	855,143	SH		SOLE		733,484	0	121,659
International Bus Mach	COM	459200101	31,052	165,549	SH		SOLE		134,070	0	31,479
Intuit Inc.	COM	461202103	4,597	60,233	SH		SOLE		50,803	0	9,430
Jacobs Engineering Group Inc.	COM	469814107	11,659	185,098	SH		SOLE		156,692	0	28,406
Johnson & Johnson	COM	478160104	37,205	406,214	SH		SOLE		329,945	0	76,269
Johnson Controls Inc.	COM	478366107	31,239	608,941	SH		SOLE		551,204	0	57,737
JPMorgan Chase & Co.	COM	46625H100	18,509	316,501	SH		SOLE		243,230	0	73,271
Kellogg Co.	COM	487836108	1,506	24,660	SH		SOLE		6,510	0	18,150
Kimberly-Clark Corp.	COM	494368103	984	9,416	SH		SOLE		8,926	0	490
Kinder Morgan Energy Prtnrs	COM	494550106	333	4,125	SH		SOLE		4,125	0	0
Kohls Corp	COM	500255104	3,802	66,988	SH		SOLE		60,620	0	6,368
Kraft Foods Group	COM	50076Q106	1,264	23,451	SH		SOLE		16,512	0	6,939
Laboratory Corp. of America	COM	50540R409	6,820	74,642	SH		SOLE		71,692	0	2,950
Life Technologies Corporation	COM	53217V109	3,540	46,708	SH		SOLE		36,748	0	9,960
Lilly Eli & Co.	COM	532457108	314	6,165	SH		SOLE		2,125	0	4,040
Lincoln National Corp.	COM	534187109	559	10,825	SH		SOLE		10,825	0	0
Lockheed Martin Corp.	COM	539830109	2,723	18,317	SH		SOLE		17,817	0	500
Lowe's Companies	COM	548661107	20,589	415,529	SH		SOLE		360,178	0	55,351
Magellan Midstream Partners	COM	559080106	2,619	41,390	SH		SOLE		33,040	0	8,350
Marathon Oil Corporation	COM	565849106	318	9,000	SH		SOLE		3,500	0	5,500
Marathon Petroleum Corporation	COM	56585A102	321	3,500	SH		SOLE		500	0	3,000
Marriott Int'l, Inc.	COM	571903202	221	4,472	SH		SOLE		4,472	0	0
Marsh & McLennan Companies	COM	571748102	1,316	27,210	SH		SOLE		11,010	0	16,200
Mastercard Inc-Cl A	COM	57636Q104	855	1,023	SH		SOLE		1,023	0	0
Matthews International Corp Cl	COM	577128101	281	6,600	SH		SOLE		0	0	6,600
McDonald's Corp.	COM	580135101	11,826	121,881	SH		SOLE		89,867	0	32,014
McGraw Hill Financial	COM	580645109	670	8,570	SH		SOLE		3,030	0	5,540
McKesson Corp.	COM	58155Q103	220	1,365	SH		SOLE		1,290	0	75
Medtronic Inc.	COM	585055106	3,331	58,040	SH		SOLE		50,938	0	7,102
Merck & Co., Inc. New	COM	58933Y105	4,830	96,503	SH		SOLE		78,005	0	18,498
Meredith Corp.	COM	589433101	829	16,000	SH		SOLE		3,400	0	12,600
Microsoft Corp.	COM	594918104	26,817	716,840	SH		SOLE		606,727	0	110,113
Minerals Technologies Inc.	COM	603158106	1,717	28,582	SH		SOLE		26,882	0	1,700
Mondelez International	COM	609207105	3,576	101,312	SH		SOLE		66,266	0	35,046
Monsanto Company	COM	61166W101	5,703	48,934	SH		SOLE		43,217	0	5,717
Moody's Corporation	COM	615369105	302	3,849	SH		SOLE		3,849	0	0
National Oilwell Varco	COM	637071101	276	3,470	SH		SOLE		3,470	0	0
Nestle Sponsored ADR	COM	641069406	1,105	15,011	SH		SOLE		12,801	0	2,210
NewMarket Corp	COM	651587107	2,840	8,500	SH		SOLE		8,500	0	0
NextEra Energy Inc.	COM	65339F101	500	5,840	SH		SOLE		3,640	0	2,200
Nike, Inc.	COM	654106103	6,526	82,983	SH		SOLE		70,683	0	12,300
Nordstrom Inc.	COM	655664100	309	5,002	SH		SOLE		2,802	0	2,200
Norfolk Southern Corp.	COM	655844108	877	9,445	SH		SOLE		7,695	0	1,750
Northrop Grumman Corp.	COM	666807102	2,930	25,563	SH		SOLE		25,563	0	0
Novartis AG ADS	COM	66987V109	8,874	110,405	SH		SOLE		97,954	0	12,451
Novo Nordisk ADR	COM	670100205	7,289	39,450	SH		SOLE		36,285	0	3,165
Nucor Corp.	COM	670346105	7,328	137,280	SH		SOLE		123,090	0	14,191
Occidental Petroleum	COM	674599105	914	9,607	SH		SOLE		9,607	0	0
Oneok Partners LP	COM	68268N103	1,586	30,130	SH		SOLE		23,910	0	6,220
Oracle Systems	COM	68389X105	20,968	548,040	SH		SOLE		493,550	0	54,490
Paccar Inc.	COM	693718108	263	4,450	SH		SOLE		4,450	0	0
Pall Corp.	COM	696429307	2,912	34,120	SH		SOLE		27,720	0	6,400
PepsiCo Inc.	COM	713448108	15,103	182,092	SH		SOLE		139,397	0	42,695
Pfizer, Inc.	COM	717081103	17,991	587,359	SH		SOLE		467,074	0	120,285
Philip Morris Intl	COM	718172109	13,894	159,461	SH		SOLE		119,289	0	40,172
Phillips 66	COM	718546104	1,540	19,966	SH		SOLE		14,054	0	5,912
Plains All American Pipeline L	COM	726503105	3,807	73,528	SH		SOLE		57,320	0	16,208
Plum Creek Timber L.P.	COM	729251108	1,256	27,000	SH		SOLE		26,900	0	100
PPG Industries, Inc.	COM	693506107	654	3,446	SH		SOLE		2,355	0	1,091
Precision Castparts Corp	COM	740189105	18,480	68,622	SH		SOLE		63,900	0	4,722
Procter & Gamble Co.	COM	742718109	21,729	266,913	SH		SOLE		199,789	0	67,124
Protective Life Corp.	COM	743674103	352	6,940	SH		SOLE		5,715	0	1,225
PS Business Parks Inc	COM	69360J107	371	4,854	SH		SOLE		4,854	0	0
Public Storage	COM	74460D109	6,519	43,309	SH		SOLE		29,809	0	13,500
Qualcomm, Inc	COM	747525103	16,741	225,474	SH		SOLE		189,549	0	35,925
Realty Income Corp.	COM	756109104	1,403	37,578	SH		SOLE		36,008	0	1,570
Roche Dividend Right Cert	COM	771192895	282	1,000	SH		SOLE		1,000	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	289	4,114	SH		SOLE		4,114	0	0
Rockwell Automation, Inc.	COM	773903109	475	4,017	SH		SOLE		3,467	0	550
Royal Dutch Shell PLC-ADR A	COM	780259206	2,556	35,865	SH		SOLE		28,980	0	6,885
Schlumberger Ltd	COM	806857108	30,493	338,398	SH		SOLE		274,688	0	63,710
Sempra Energy	COM	816851109	832	9,271	SH		SOLE		8,271	0	1,000
Sigma-Aldrich Corp.	COM	826552101	19,479	207,199	SH		SOLE		156,299	0	50,900
Southern Company	COM	842587107	667	16,225	SH		SOLE		6,300	0	9,925
Sovran Self Storage	COM	84610H108	564	8,650	SH		SOLE		8,650	0	0
Spectra Energy Corp	COM	847560109	294	8,267	SH		SOLE		4,609	0	3,658
Sport Chalet Class A	COM	849163209	31	28,000	SH		SOLE		28,000	0	0
SPX Corporation	COM	784635104	687	6,900	SH		SOLE		6,900	0	0
Starbucks Corp.	COM	855244109	346	4,411	SH		SOLE		3,211	0	1,200
Stryker Corporation	COM	863667101	18,772	249,833	SH		SOLE		223,205	0	26,629
Sysco Corp.	COM	871829107	11,405	315,920	SH		SOLE		236,684	0	79,236
T. Rowe Price Group	COM	74144T108	255	3,045	SH		SOLE		3,045	0	0
Target Corp	COM	87612E106	3,847	60,799	SH		SOLE		47,629	0	13,170
Teva Pharmaceutical Industries	COM	881624209	6,202	154,752	SH		SOLE		140,730	0	14,022
Texas Instruments	COM	882508104	2,975	67,760	SH		SOLE		57,921	0	9,839
Texas Pacific Land Trust	COM	882610108	250	2,500	SH		SOLE		0	0	2,500
The Walt Disney Company	COM	254687106	5,933	77,657	SH		SOLE		67,025	0	10,632
TJX Companies	COM	872540109	832	13,057	SH		SOLE		13,057	0	0
Tootsie Roll Inds	COM	890516107	269	8,257	SH		SOLE		7,194	0	1,063
Transocean Ltd.	COM	H8817H100	10,232	207,040	SH		SOLE		194,565	0	12,475
Tredegar Corporation	COM	894650100	461	16,000	SH		SOLE		16,000	0	0
U.S. Bancorp	COM	902973304	438	10,850	SH		SOLE		7,334	0	3,516
Unilever N V	COM	904784709	421	10,453	SH		SOLE		9,053	0	1,400
Union Pacific	COM	907818108	1,765	10,508	SH		SOLE		9,708	0	800
United Parcel Service	COM	911312106	50,670	482,203	SH		SOLE		461,051	0	21,152
United Technologies	COM	913017109	11,634	102,233	SH		SOLE		95,683	0	6,550
UnitedHealth Group Inc.	COM	91324P102	984	13,065	SH		SOLE		11,465	0	1,600
Valmont Industries Inc.	COM	920253101	761	5,100	SH		SOLE		5,100	0	0
Verizon Comm.	COM	92343V104	5,976	121,612	SH		SOLE		101,217	0	20,395
Visa Inc.	COM	92826C839	254	1,142	SH		SOLE		1,142	0	0
Vodafone Group PLC	COM	92857W209	7,600	193,344	SH		SOLE		159,684	0	33,660
Wal-Mart Stores, Inc.	COM	931142103	9,757	123,996	SH		SOLE		96,006	0	27,990
Walgreen Co.	COM	931422109	15,442	268,845	SH		SOLE		236,678	0	32,167
Wells Fargo & Co.	COM	949746101	32,362	712,824	SH		SOLE		645,447	0	67,377
Wisconsin Energy Corp.	COM	976657106	625	15,126	SH		SOLE		3,564	0	11,562
Zimmer Holdings Inc.	COM	98956P102	582	6,249	SH		SOLE		2,782	0	3,467
PIMCO Commodity Plus Strategy	AA	72201P175	366	34,147	SH		SOLE		34,147	0	0
SPDR Gold Trust	AA	78463V107	518	4,462	SH		SOLE		4,182	0	280