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

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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	117	16,000	SH		SOLE		16,000	0	0
iShares Barclays 1-3 Year Cred	ETF	464288646	579	5,485	SH		SOLE		920	0	4,565
iShares iBoxx $ Inv Grade Corp	ETF	464287242	333	2,850	SH		SOLE		100	0	2,750
iShares Iboxx H/Y Corp Bond	ETF	464288513	206	2,185	SH		SOLE		2,185	0	0
Nuveen Quality Pfd Income Fd	ETF	67071S101	84	10,400	SH		SOLE		10,400	0	0
PIMCO Enhanced Short Term Stra	ETF	72201R833	17,525	172,878	SH		SOLE		161,967	0	10,911
PIMCO Total Return Bond Fund E	ETF	72201R775	1,054	9,881	SH		SOLE		4,881	0	5,000
Powershares ETF Fundamental Hi	ETF	73936t557	388	19,990	SH		SOLE		19,990	0	0
Vanguard Int-Term Bond ETF	ETF	921937819	1,660	19,920	SH		SOLE		2,095	0	17,825
Vanguard Int-Term Corp Bond ET	ETF	92206C870	618	7,275	SH		SOLE		1,875	0	5,400
Vanguard S/T Corp Bond ETF	ETF	92206C409	21,485	268,629	SH		SOLE		225,875	0	42,754
Vanguard Short-Term Bond ETF	ETF	921937827	1,184	14,779	SH		SOLE		6,385	0	8,394
Vanguard Total Bond Market ETF	ETF	921937835	900	11,082	SH		SOLE		0	0	11,082
Western Asset High Income Oppo	ETF	95766K109	148	24,395	SH		SOLE		24,395	0	0
Western Asset Income Fund	ETF	95766T100	2,024	152,505	SH		SOLE		92,580	0	59,925
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	321	2,915	SH		SOLE		2,915	0	0
iShares DJ US Housing	ETF	464288752	628	25,935	SH		SOLE		25,935	0	0
iShares North American Tech	ETF	464287549	259	2,850	SH		SOLE		2,600	0	250
iShares Tr S&P Index Fd	ETF	464287101	201	2,425	SH		SOLE		2,425	0	0
SPDR Dow Jones Industrial Avg	ETF	78467X109	297	1,810	SH		SOLE		1,060	0	750
SPDR S&P Dividend ETF	ETF	78464A763	316	4,300	SH		SOLE		2,700	0	1,600
SPDR S&P MidCap 400	ETF	78467Y107	659	2,630	SH		SOLE		2,235	0	395
SPDR Trust Series 1 (spy)	ETF	78462F103	3,984	21,301	SH		SOLE		20,601	0	700
Utilities Select Sector SPDR	ETF	81369Y886	851	20,525	SH		SOLE		19,375	0	1,150
Vanguard REIT ETF	ETF	922908553	331	4,690	SH		SOLE		4,390	0	300
Vanguard Total Stock Market ET	ETF	922908769	430	4,412	SH		SOLE		3,762	0	650
Vanguard World Fds Inf Tech ET	ETF	92204A702	275	3,000	SH		SOLE		3,000	0	0
iShares MSCI EAFE Index Fund	ETF	464287465	1,088	16,190	SH		SOLE		10,844	0	5,346
iShares MSCI Emerging Markets	ETF	464287234	229	5,573	SH		SOLE		3,349	0	2,224
Vanguard FTSE All World ex US	ETF	922042775	391	7,775	SH		SOLE		6,000	0	1,775
Vanguard FTSE Emerging Markets	ETF	922042858	655	16,134	SH		SOLE		16,134	0	0
21st Century Fox Class A	COM	90130a101	641	20,054	SH		SOLE		20,000	0	54
3M Company	COM	88579Y101	14,239	104,958	SH		SOLE		76,934	0	28,024
Abbott Labs	COM	002824100	11,566	300,327	SH		SOLE		255,260	0	45,067
AbbVie Inc.	COM	00287Y109	14,743	286,827	SH		SOLE		246,233	0	40,594
Accenture PLC	COM	G1151C101	25,874	324,562	SH		SOLE		281,777	0	42,785
Agilent Technologies Inc.	COM	00846U101	13,569	242,656	SH		SOLE		232,785	0	9,871
Albemarle Corp.	COM	012653101	2,590	39,000	SH		SOLE		39,000	0	0
Allegion Plc	COM	G0176J109	1,350	25,879	SH		SOLE		22,892	0	2,987
Allergan Inc	COM	018490102	3,059	24,652	SH		SOLE		23,487	0	1,165
Allstate Corp.	COM	020002101	315	5,562	SH		SOLE		3,708	0	1,854
Altria Group, Inc.	COM	02209S103	6,601	176,345	SH		SOLE		133,765	0	42,580
Amazon Com Inc	COM	023135106	1,177	3,500	SH		SOLE		3,500	0	0
America Movil S.A. de C.V. Ser	COM	02364W105	328	16,510	SH		SOLE		15,250	0	1,260
American Express Co.	COM	025816109	5,138	57,073	SH		SOLE		46,530	0	10,543
American Intl Group	COM	026874784	825	16,503	SH		SOLE		16,503	0	0
Amgen, Inc.	COM	031162100	6,464	52,405	SH		SOLE		41,298	0	11,107
Anadarko Pete Corp	COM	032511107	440	5,190	SH		SOLE		5,090	0	100
Apache Corp	COM	037411105	4,958	59,765	SH		SOLE		53,640	0	6,125
Apple Inc.	COM	037833100	27,033	50,364	SH		SOLE		44,871	0	5,493
Astrazeneca PLC - Spons ADR	COM	046353108	324	5,000	SH		SOLE		5,000	0	0
AT&T Inc.	COM	00206R102	6,821	194,508	SH		SOLE		155,519	0	38,990
Automatic Data Proc.	COM	053015103	6,808	88,115	SH		SOLE		63,090	0	25,025
Bank of America Corp	COM	060505104	1,873	108,872	SH		SOLE		104,650	0	4,222
Bank of New York Mellon Corp.	COM	064058100	17,219	487,929	SH		SOLE		445,042	0	42,887
Bard (C.R.)	COM	067383109	10,387	70,192	SH		SOLE		66,434	0	3,758
Baxter International Inc	COM	071813109	1,143	15,532	SH		SOLE		13,092	0	2,440
Becton Dickinson & Co.	COM	075887109	1,936	16,538	SH		SOLE		1,038	0	15,500
Bed Bath & Beyond	COM	075896100	2,454	35,675	SH		SOLE		34,275	0	1,400
Berkshire Hathaway (100=1 Clas	COM	084990175	1,874	1,000	SH		SOLE		1,000	0	0
Berkshire Hathaway A	COM	084670108	3,747	20	SH		SOLE		20	0	0
Berkshire Hathaway B	COM	084670702	33,277	266,283	SH		SOLE		234,270	0	32,013
Boeing Co.	COM	097023105	6,171	49,172	SH		SOLE		43,492	0	5,680
Boswell J G Co	COM	101205102	518	565	SH		SOLE		565	0	0
BP PLC - Spons ADR	COM	055622104	9,114	189,476	SH		SOLE		141,594	0	47,882
BRE Properties Cl A	COM	05564E106	4,571	72,815	SH		SOLE		43,315	0	29,500
Bristol-Myers Squibb Co.	COM	110122108	7,443	143,278	SH		SOLE		95,432	0	47,846
Campbell Soup Co.	COM	134429109	536	11,939	SH		SOLE		10,039	0	1,900
Casey's General Stores	COM	147528103	934	13,825	SH		SOLE		12,175	0	1,650
Caterpillar Inc.	COM	149123101	7,449	74,961	SH		SOLE		63,841	0	11,120
Cathay Intl Hld	COM	G1965E103	12	19,000	SH		SOLE		19,000	0	0
Cedar Fair L.P.	COM	150185106	568	11,160	SH		SOLE		10,610	0	550
Cemex S.A. de C.V. Spon. ADR	COM	151290889	371	29,400	SH		SOLE		29,400	0	0
Chevron Corp.	COM	166764100	31,605	265,790	SH		SOLE		205,555	0	60,235
Chubb Corp.	COM	171232101	773	8,660	SH		SOLE		8,660	0	0
Cisco Systems, Inc.	COM	17275R102	13,994	624,334	SH		SOLE		532,035	0	92,299
Clorox Company	COM	189054109	1,907	21,671	SH		SOLE		15,853	0	5,818
Coach, Inc.	COM	189754104	13,534	272,535	SH		SOLE		252,790	0	19,745
Coca-Cola Company	COM	191216100	4,775	123,523	SH		SOLE		121,398	0	2,125
Colgate-Palmolive Co.	COM	194162103	23,371	360,279	SH		SOLE		331,364	0	28,915
Comcast Corp. Class A	COM	20030N101	446	8,920	SH		SOLE		7,921	0	999
Conagra Inc.	COM	205887102	248	8,000	SH		SOLE		6,900	0	1,100
ConocoPhillips	COM	20825C104	19,902	282,897	SH		SOLE		253,918	0	28,979
Consolidated Edison Inc.	COM	209115104	774	14,428	SH		SOLE		8,278	0	6,150
Corning Inc.	COM	219350105	256	12,300	SH		SOLE		11,100	0	1,200
Costco Wholesale Corp.	COM	22160K105	30,136	269,846	SH		SOLE		235,774	0	34,072
Cotton & Western Mining Inc.	COM	221737307	0	1,000,000	SH		SOLE		1,000,000	0	0
CSX Corporation	COM	126408103	727	25,084	SH		SOLE		25,084	0	0
Cummins Inc	COM	231021106	4,199	28,186	SH		SOLE		14,376	0	13,810
Daily Journal Corp	COM	233912104	225	1,300	SH		SOLE		0	0	1,300
Deere & Co.	COM	244199105	718	7,911	SH		SOLE		7,511	0	400
Dominion Resources Inc.	COM	25746U109	461	6,496	SH		SOLE		6,496	0	0
Dow Chemical Company	COM	260543103	970	19,961	SH		SOLE		18,690	0	1,271
Du Pont E I De Nemours	COM	263534109	1,531	22,820	SH		SOLE		20,361	0	2,459
Duke Energy Corp. New	COM	26441C204	648	9,099	SH		SOLE		6,545	0	2,554
East West Bancorp Inc.	COM	27579R104	530	14,523	SH		SOLE		14,523	0	0
Eaton Corp. PLC	COM	G29183103	936	12,461	SH		SOLE		12,461	0	0
eBay Inc.	COM	278642103	2,446	44,282	SH		SOLE		36,122	0	8,160
Ecolab, Inc.	COM	278865100	2,709	25,083	SH		SOLE		23,283	0	1,800
Edison International	COM	281020107	809	14,294	SH		SOLE		14,294	0	0
Edwards Lifesciences Corp.	COM	28176E108	7,875	106,173	SH		SOLE		102,637	0	3,536
EMC Corporation	COM	268648102	4,079	148,802	SH		SOLE		138,087	0	10,715
Emerson Electric Co.	COM	291011104	20,099	300,890	SH		SOLE		214,054	0	86,836
Enbridge Energy Management	COM	29250X103	474	17,104	SH		SOLE		16,499	0	605
Enbridge Energy Partners LP	COM	29250R106	1,522	55,528	SH		SOLE		43,450	0	12,078
Energizer Holdings, Inc.	COM	29266R108	1,306	12,966	SH		SOLE		12,966	0	0
Enterprise Products Partners L	COM	293792107	543	7,830	SH		SOLE		7,830	0	0
Equity Residential	COM	29476L107	525	9,059	SH		SOLE		6,675	0	2,384
Exelon Corp	COM	30161N101	294	8,763	SH		SOLE		4,018	0	4,745
Expeditors Int'l Of Washington	COM	302130109	668	16,855	SH		SOLE		16,855	0	0
Express Scripts Holding Compan	COM	30219G108	511	6,806	SH		SOLE		6,398	0	408
ExxonMobil Corporation	COM	30231G102	53,311	545,775	SH		SOLE		429,817	0	115,958
Facebook Inc	COM	30303M102	237	3,926	SH		SOLE		3,926	0	0
Farmers and Merchants Bank	COM	308243104	345	60	SH		SOLE		60	0	0
FedEx Corporation	COM	31428X106	464	3,498	SH		SOLE		3,498	0	0
FirstEnergy Corp.	COM	337932107	291	8,546	SH		SOLE		7,546	0	1,000
Franklin Resources Inc	COM	354613101	13,809	254,878	SH		SOLE		222,038	0	32,840
Frontier Communications Corp.	COM	35906A108	97	16,994	SH		SOLE		10,187	0	6,807
Gannett Inc.	COM	364730101	223	8,075	SH		SOLE		75	0	8,000
General Electric	COM	369604103	37,180	1,436,093	SH		SOLE		1,186,280	0	249,813
General Mills Inc.	COM	370334104	1,101	21,239	SH		SOLE		20,939	0	300
Genworth Financial Inc-Cl A	COM	37247D106	560	31,583	SH		SOLE		30,303	0	1,280
GlaxoSmithKline PLC-ADR	COM	37733W105	573	10,717	SH		SOLE		6,185	0	4,532
Goldman Sachs Group Inc.	COM	38141G104	3,857	23,538	SH		SOLE		21,648	0	1,890
Google Inc - CL C Non-Voting S	COM	38259P706	2,620	2,351	SH		SOLE		2,226	0	125
Grainger Inc., W.W.	COM	384802104	535	2,117	SH		SOLE		1,497	0	620
Harley-Davidson	COM	412822108	206	3,100	SH		SOLE		3,100	0	0
Hennessy Advisors Inc	COM	425885100	159	13,500	SH		SOLE		13,500	0	0
Hewlett-Packard Co.	COM	428236103	30,270	935,424	SH		SOLE		912,150	0	23,274
Home Depot, Inc.	COM	437076102	5,116	64,659	SH		SOLE		53,006	0	11,653
Honeywell Int'l Inc.	COM	438516106	9,015	97,190	SH		SOLE		96,890	0	300
Illinois Tool Works Inc.	COM	452308109	5,574	68,533	SH		SOLE		58,241	0	10,292
Infusystem Holdings Inc	COM	45685K102	44	16,000	SH		SOLE		16,000	0	0
Ingersoll-Rand PLC	COM	G47791101	5,131	89,648	SH		SOLE		80,653	0	8,995
Intel Corp.	COM	458140100	22,166	858,680	SH		SOLE		740,283	0	118,397
International Bus Mach	COM	459200101	31,913	165,791	SH		SOLE		134,905	0	30,886
Intuit Inc.	COM	461202103	4,216	54,233	SH		SOLE		44,803	0	9,430
Jacobs Engineering Group Inc.	COM	469814107	11,533	181,623	SH		SOLE		153,817	0	27,806
Johnson & Johnson	COM	478160104	39,971	406,912	SH		SOLE		333,095	0	73,817
Johnson Controls Inc.	COM	478366107	28,794	608,493	SH		SOLE		554,412	0	54,081
JPMorgan Chase & Co.	COM	46625H100	18,350	302,257	SH		SOLE		233,625	0	68,632
Kellogg Co.	COM	487836108	1,572	25,060	SH		SOLE		6,910	0	18,150
Kimberly-Clark Corp.	COM	494368103	1,259	11,421	SH		SOLE		10,886	0	535
Kinder Morgan Energy Prtnrs	COM	494550106	754	10,200	SH		SOLE		10,200	0	0
Kohls Corp	COM	500255104	3,822	67,288	SH		SOLE		60,920	0	6,368
Kraft Foods Group	COM	50076Q106	1,393	24,833	SH		SOLE		17,442	0	7,391
Laboratory Corp. of America	COM	50540R409	6,360	64,757	SH		SOLE		62,007	0	2,750
Las Vegas Sands	COM	517834107	926	11,460	SH		SOLE		11,460	0	0
Lilly Eli & Co.	COM	532457108	813	13,816	SH		SOLE		9,776	0	4,040
Lincoln National Corp.	COM	534187109	533	10,523	SH		SOLE		10,523	0	0
Lockheed Martin Corp.	COM	539830109	2,990	18,317	SH		SOLE		17,817	0	500
Lowe's Companies	COM	548661107	20,225	413,609	SH		SOLE		360,538	0	53,071
Lyondellbasell Ind Shs - A	COM	N53745100	551	6,200	SH		SOLE		6,200	0	0
Magellan Midstream Partners	COM	559080106	2,757	39,535	SH		SOLE		31,440	0	8,095
Marathon Oil Corporation	COM	565849106	320	9,000	SH		SOLE		3,500	0	5,500
Marathon Petroleum Corporation	COM	56585A102	305	3,500	SH		SOLE		500	0	3,000
Marriott Int'l, Inc.	COM	571903202	251	4,472	SH		SOLE		4,472	0	0
Marsh & McLennan Companies	COM	571748102	1,341	27,210	SH		SOLE		11,010	0	16,200
Masco Corp.	COM	574599106	376	16,950	SH		SOLE		16,950	0	0
Mastercard Inc-Cl A	COM	57636Q104	764	10,230	SH		SOLE		10,230	0	0
McDonald's Corp.	COM	580135101	12,670	129,243	SH		SOLE		97,176	0	32,067
McGraw Hill Financial	COM	580645109	654	8,570	SH		SOLE		3,030	0	5,540
McKesson Corp.	COM	58155Q103	241	1,365	SH		SOLE		1,290	0	75
Medtronic Inc.	COM	585055106	3,578	58,143	SH		SOLE		51,641	0	6,502
Merck & Co., Inc. New	COM	58933Y105	5,748	101,251	SH		SOLE		83,283	0	17,968
Mercury General Ins	COM	589400100	1,896	42,050	SH		SOLE		41,505	0	545
Meredith Corp.	COM	589433101	743	16,000	SH		SOLE		3,400	0	12,600
Microsoft Corp.	COM	594918104	30,017	732,293	SH		SOLE		626,552	0	105,741
Minerals Technologies Inc.	COM	603158106	1,826	28,282	SH		SOLE		26,582	0	1,700
Mondelez International	COM	609207105	3,642	105,421	SH		SOLE		70,375	0	35,046
Monsanto Company	COM	61166W101	5,525	48,559	SH		SOLE		43,359	0	5,200
Moody's Corporation	COM	615369105	305	3,849	SH		SOLE		3,849	0	0
MSA Safety Inc.	COM	553498106	485	8,500	SH		SOLE		7,850	0	650
National Oilwell Varco	COM	637071101	1,027	13,192	SH		SOLE		13,192	0	0
Nestle Sponsored ADR	COM	641069406	1,635	21,731	SH		SOLE		19,521	0	2,210
NewMarket Corp	COM	651587107	3,322	8,500	SH		SOLE		8,500	0	0
NextEra Energy Inc.	COM	65339F101	622	6,504	SH		SOLE		4,304	0	2,200
Nike, Inc.	COM	654106103	6,365	86,183	SH		SOLE		74,083	0	12,100
Nordstrom Inc.	COM	655664100	312	5,002	SH		SOLE		2,802	0	2,200
Norfolk Southern Corp.	COM	655844108	914	9,405	SH		SOLE		7,655	0	1,750
Northrop Grumman Corp.	COM	666807102	3,154	25,563	SH		SOLE		25,563	0	0
Novartis AG ADS	COM	66987V109	9,487	111,591	SH		SOLE		100,379	0	11,212
Novo Nordisk ADR	COM	670100205	9,074	198,770	SH		SOLE		183,260	0	15,510
Nucor Corp.	COM	670346105	6,780	134,150	SH		SOLE		122,017	0	12,133
Occidental Petroleum	COM	674599105	1,130	11,857	SH		SOLE		11,857	0	0
Oneok Partners LP	COM	68268N103	1,559	29,116	SH		SOLE		23,110	0	6,006
Oracle Systems	COM	68389X105	22,280	544,621	SH		SOLE		492,798	0	51,823
Paccar Inc.	COM	693718108	300	4,450	SH		SOLE		4,450	0	0
Pall Corp.	COM	696429307	3,047	34,060	SH		SOLE		27,660	0	6,400
PepsiCo Inc.	COM	713448108	15,209	182,146	SH		SOLE		141,019	0	41,127
Pfizer, Inc.	COM	717081103	18,939	589,635	SH		SOLE		470,512	0	119,123
Philip Morris Intl	COM	718172109	14,352	175,303	SH		SOLE		136,581	0	38,722
Phillips 66	COM	718546104	1,492	19,365	SH		SOLE		14,053	0	5,312
Plains All American Pipeline L	COM	726503105	3,892	70,612	SH		SOLE		54,820	0	15,792
Plum Creek Timber L.P.	COM	729251108	1,135	27,000	SH		SOLE		26,900	0	100
PPG Industries, Inc.	COM	693506107	667	3,446	SH		SOLE		2,355	0	1,091
Precision Castparts Corp	COM	740189105	18,658	73,816	SH		SOLE		69,389	0	4,427
Procter & Gamble Co.	COM	742718109	22,070	273,820	SH		SOLE		207,932	0	65,888
Protective Life Corp.	COM	743674103	365	6,940	SH		SOLE		5,715	0	1,225
PS Business Parks Inc	COM	69360J107	406	4,854	SH		SOLE		4,854	0	0
Public Storage	COM	74460D109	7,297	43,309	SH		SOLE		29,809	0	13,500
Qualcomm, Inc	COM	747525103	18,384	233,120	SH		SOLE		198,510	0	34,610
Realty Income Corp.	COM	756109104	1,611	39,428	SH		SOLE		37,858	0	1,570
Roche Dividend Right Cert	COM	771192895	300	1,000	SH		SOLE		1,000	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	299	7,930	SH		SOLE		7,930	0	0
Rockwell Automation, Inc.	COM	773903109	530	4,255	SH		SOLE		3,955	0	300
Rockwell Collins	COM	774341101	215	2,695	SH		SOLE		2,395	0	300
Royal Dutch Shell PLC-ADR A	COM	780259206	2,596	35,533	SH		SOLE		28,880	0	6,653
Schlumberger Ltd	COM	806857108	33,733	345,981	SH		SOLE		283,990	0	61,991
Sempra Energy	COM	816851109	936	9,671	SH		SOLE		8,671	0	1,000
Sigma-Aldrich Corp.	COM	826552101	18,872	202,094	SH		SOLE		152,684	0	49,410
Sociedad Quimica y Minera de C	COM	833635105	843	26,550	SH		SOLE		26,550	0	0
Southern Company	COM	842587107	640	14,560	SH		SOLE		4,635	0	9,925
Sovran Self Storage	COM	84610H108	635	8,650	SH		SOLE		8,650	0	0
Spectra Energy Corp	COM	847560109	309	8,367	SH		SOLE		4,709	0	3,658
Sport Chalet Class A	COM	849163209	34	28,000	SH		SOLE		28,000	0	0
SPX Corporation	COM	784635104	678	6,900	SH		SOLE		6,900	0	0
Starbucks Corp.	COM	855244109	796	10,849	SH		SOLE		9,649	0	1,200
Stryker Corporation	COM	863667101	19,626	240,897	SH		SOLE		216,351	0	24,546
Sysco Corp.	COM	871829107	12,219	338,198	SH		SOLE		256,784	0	81,414
T. Rowe Price Group	COM	74144T108	251	3,045	SH		SOLE		3,045	0	0
Target Corp	COM	87612E106	3,984	65,834	SH		SOLE		52,464	0	13,370
Teva Pharmaceutical Industries	COM	881624209	6,591	124,735	SH		SOLE		116,713	0	8,022
Texas Instruments	COM	882508104	2,930	62,139	SH		SOLE		52,750	0	9,389
Texas Pacific Land Trust	COM	882610108	324	2,500	SH		SOLE		0	0	2,500
The Walt Disney Company	COM	254687106	6,387	79,769	SH		SOLE		69,148	0	10,621
TJX Companies	COM	872540109	806	13,297	SH		SOLE		13,297	0	0
Total SA-Spon ADR	COM	89151E109	203	3,100	SH		SOLE		2,600	0	500
Transocean Ltd.	COM	H8817H100	9,005	217,825	SH		SOLE		199,907	0	17,918
Tredegar Corporation	COM	894650100	368	16,000	SH		SOLE		16,000	0	0
U.S. Bancorp	COM	902973304	497	11,600	SH		SOLE		9,784	0	1,816
Unilever N V	COM	904784709	430	10,453	SH		SOLE		9,053	0	1,400
Union Pacific	COM	907818108	2,891	15,403	SH		SOLE		14,603	0	800
United Parcel Service	COM	911312106	48,479	497,836	SH		SOLE		477,215	0	20,621
United Technologies	COM	913017109	12,101	103,573	SH		SOLE		97,703	0	5,870
UnitedHealth Group Inc.	COM	91324P102	1,096	13,365	SH		SOLE		12,065	0	1,300
Valmont Industries Inc.	COM	920253101	759	5,100	SH		SOLE		5,100	0	0
Verizon Comm.	COM	92343V104	8,519	179,077	SH		SOLE		150,974	0	28,103
Visa Inc.	COM	92826C839	306	1,417	SH		SOLE		1,417	0	0
Vodafone Group PLC New	COM	92857w308	3,867	105,044	SH		SOLE		87,699	0	17,345
Wal-Mart Stores, Inc.	COM	931142103	9,420	123,246	SH		SOLE		95,756	0	27,490
Walgreen Co.	COM	931422109	15,859	240,185	SH		SOLE		212,756	0	27,429
Waste Management Inc.	COM	94106L109	657	15,614	SH		SOLE		15,614	0	0
Wells Fargo & Co.	COM	949746101	35,722	718,169	SH		SOLE		654,741	0	63,428
Wisconsin Energy Corp.	COM	976657106	723	15,526	SH		SOLE		3,964	0	11,562
Zimmer Holdings Inc.	COM	98956P102	604	6,389	SH		SOLE		3,172	0	3,217
American Intl Group Warrants E	WT	026874156	286	14,011	SH		SOLE		14,005	0	0
PIMCO Commodity Plus Strategy	AA	72201P175	382	34,147	SH		SOLE		34,147	0	0
SPDR Gold Trust	AA	78463V107	447	3,614	SH		SOLE		3,334	0	280