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	120	16,000	SH		SOLE		16,000	0	0
iShares Barclays 1-3 Year Cred	ETF	464288646	343	3,250	SH		SOLE		855	0	2,395
iShares iBoxx $ Inv Grade Corp	ETF	464287242	340	2,850	SH		SOLE		100	0	2,750
iShares Iboxx H/Y Corp Bond	ETF	464288513	228	2,399	SH		SOLE		2,399	0	0
Nuveen Quality Pfd Income Fd	ETF	67071S101	89	10,400	SH		SOLE		10,400	0	0
PIMCO Enhanced Short Term Stra	ETF	72201R833	19,711	194,386	SH		SOLE		183,970	0	10,416
PIMCO Total Return Bond Fund E	ETF	72201R775	1,077	9,881	SH		SOLE		4,881	0	5,000
Powershares ETF Fundamental Hi	ETF	73936t557	372	19,000	SH		SOLE		19,000	0	0
Vanguard Int-Term Bond ETF	ETF	921937819	1,687	19,920	SH		SOLE		2,095	0	17,825
Vanguard Int-Term Corp Bond ET	ETF	92206C870	517	5,975	SH		SOLE		1,875	0	4,100
Vanguard S/T Corp Bond ETF	ETF	92206C409	22,273	277,129	SH		SOLE		232,575	0	44,554
Vanguard Short-Term Bond ETF	ETF	921937827	912	11,352	SH		SOLE		5,743	0	5,609
Vanguard Total Bond Market ETF	ETF	921937835	911	11,082	SH		SOLE		0	0	11,082
Western Asset High Income Oppo	ETF	95766K109	149	24,395	SH		SOLE		24,395	0	0
Western Asset Income Fund	ETF	95766T100	2,091	150,505	SH		SOLE		90,580	0	59,925
Western Asset Premier Bond Fun	ETF	957664105	182	12,175	SH		SOLE		5,650	0	6,525
iShares Core S&P Small-Cap ETF	ETF	464287804	327	2,915	SH		SOLE		2,915	0	0
iShares DJ US Housing	ETF	464288752	643	25,935	SH		SOLE		25,935	0	0
iShares North American Tech	ETF	464287549	271	2,850	SH		SOLE		2,600	0	250
iShares Tr S&P Index Fd	ETF	464287101	210	2,425	SH		SOLE		2,425	0	0
SPDR Dow Jones Industrial Avg	ETF	78467X109	304	1,810	SH		SOLE		1,060	0	750
SPDR S&P Dividend ETF	ETF	78464A763	329	4,300	SH		SOLE		2,700	0	1,600
SPDR S&P MidCap 400	ETF	78467Y107	685	2,630	SH		SOLE		2,235	0	395
SPDR Trust Series 1 (spy)	ETF	78462F103	3,310	16,911	SH		SOLE		16,211	0	700
Utilities Select Sector SPDR	ETF	81369Y886	908	20,525	SH		SOLE		19,375	0	1,150
Vanguard REIT ETF	ETF	922908553	314	4,191	SH		SOLE		4,191	0	0
Vanguard Total Stock Market ET	ETF	922908769	378	3,718	SH		SOLE		3,068	0	650
Vanguard World Fds Inf Tech ET	ETF	92204A702	290	3,000	SH		SOLE		3,000	0	0
iShares MSCI EAFE Index Fund	ETF	464287465	1,045	15,280	SH		SOLE		10,634	0	4,646
iShares MSCI Emerging Markets	ETF	464287234	310	7,173	SH		SOLE		5,349	0	1,824
Vanguard FTSE All World ex US	ETF	922042775	407	7,775	SH		SOLE		6,000	0	1,775
Vanguard FTSE Emerging Markets	ETF	922042858	696	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	14,077	98,274	SH		SOLE		72,019	0	26,255
Abbott Labs	COM	002824100	12,140	296,825	SH		SOLE		253,484	0	43,341
AbbVie Inc.	COM	00287Y109	15,400	272,852	SH		SOLE		235,946	0	36,906
Accenture PLC	COM	G1151C101	26,943	333,293	SH		SOLE		291,391	0	41,902
Agilent Technologies Inc.	COM	00846U101	13,921	242,356	SH		SOLE		232,485	0	9,871
Albemarle Corp.	COM	012653101	2,789	39,000	SH		SOLE		39,000	0	0
Allegion Plc	COM	G0176J109	1,126	19,868	SH		SOLE		17,746	0	2,122
Allergan Inc	COM	018490102	3,952	23,355	SH		SOLE		22,230	0	1,125
Allstate Corp.	COM	020002101	327	5,562	SH		SOLE		3,708	0	1,854
Altria Group, Inc.	COM	02209S103	7,097	169,220	SH		SOLE		127,707	0	41,513
Amazon Com Inc	COM	023135106	1,739	5,355	SH		SOLE		5,305	0	50
America Movil S.A. de C.V. Ser	COM	02364W105	343	16,510	SH		SOLE		15,250	0	1,260
American Express Co.	COM	025816109	5,304	55,910	SH		SOLE		45,900	0	10,010
American Intl Group	COM	026874784	1,387	25,406	SH		SOLE		25,406	0	0
Amgen, Inc.	COM	031162100	6,351	53,655	SH		SOLE		42,548	0	11,107
Anadarko Pete Corp	COM	032511107	683	6,240	SH		SOLE		6,140	0	100
Apache Corp	COM	037411105	5,984	59,466	SH		SOLE		53,341	0	6,125
Apple Inc.	COM	037833100	33,048	355,628	SH		SOLE		318,816	0	36,812
Astrazeneca PLC - Spons ADR	COM	046353108	372	5,000	SH		SOLE		5,000	0	0
AT&T Inc.	COM	00206R102	6,808	192,524	SH		SOLE		154,588	0	37,937
Automatic Data Proc.	COM	053015103	6,883	86,815	SH		SOLE		62,390	0	24,425
Bank of America Corp	COM	060505104	1,666	108,408	SH		SOLE		104,186	0	4,222
Bank of New York Mellon Corp.	COM	064058100	17,748	473,527	SH		SOLE		431,614	0	41,913
Bard (C.R.)	COM	067383109	9,440	66,009	SH		SOLE		62,276	0	3,733
Baxter International Inc	COM	071813109	1,080	14,932	SH		SOLE		12,492	0	2,440
Becton Dickinson & Co.	COM	075887109	1,869	15,801	SH		SOLE		801	0	15,000
Bed Bath & Beyond	COM	075896100	3,207	55,895	SH		SOLE		54,495	0	1,400
Bemis Company	COM	081437105	202	4,965	SH		SOLE		4,965	0	0
Berkshire Hathaway (100=1 Clas	COM	084990175	1,899	1,000	SH		SOLE		1,000	0	0
Berkshire Hathaway A	COM	084670108	3,798	20	SH		SOLE		20	0	0
Berkshire Hathaway B	COM	084670702	33,616	265,611	SH		SOLE		233,918	0	31,693
Boeing Co.	COM	097023105	6,781	53,298	SH		SOLE		48,283	0	5,015
Boswell J G Co	COM	101205102	563	555	SH		SOLE		555	0	0
BP PLC - Spons ADR	COM	055622104	9,864	186,993	SH		SOLE		140,319	0	46,674
Bristol-Myers Squibb Co.	COM	110122108	6,691	137,929	SH		SOLE		100,883	0	37,046
Campbell Soup Co.	COM	134429109	460	10,039	SH		SOLE		10,039	0	0
Casey's General Stores	COM	147528103	972	13,825	SH		SOLE		12,175	0	1,650
Caterpillar Inc.	COM	149123101	6,664	61,319	SH		SOLE		50,654	0	10,665
Cathay Intl Hld	COM	G1965E103	12	19,000	SH		SOLE		19,000	0	0
Cedar Fair L.P.	COM	150185106	590	11,160	SH		SOLE		10,610	0	550
Cemex S.A. de C.V. Spon. ADR	COM	151290889	546	41,288	SH		SOLE		41,288	0	0
Chevron Corp.	COM	166764100	33,951	260,060	SH		SOLE		207,408	0	52,652
Chubb Corp.	COM	171232101	798	8,660	SH		SOLE		8,660	0	0
Cisco Systems, Inc.	COM	17275R102	15,472	622,628	SH		SOLE		530,171	0	92,457
Clorox Company	COM	189054109	1,958	21,421	SH		SOLE		15,853	0	5,568
Coach, Inc.	COM	189754104	10,449	305,625	SH		SOLE		284,430	0	21,195
Coca-Cola Company	COM	191216100	5,239	123,686	SH		SOLE		121,561	0	2,125
Colgate-Palmolive Co.	COM	194162103	24,354	357,201	SH		SOLE		328,706	0	28,495
Comcast Corp. Class A	COM	20030N101	479	8,920	SH		SOLE		7,921	0	999
Conagra Inc.	COM	205887102	214	7,200	SH		SOLE		6,100	0	1,100
ConocoPhillips	COM	20825C104	24,123	281,387	SH		SOLE		252,658	0	28,729
Consolidated Edison Inc.	COM	209115104	894	15,478	SH		SOLE		9,328	0	6,150
Corning Inc.	COM	219350105	270	12,300	SH		SOLE		11,100	0	1,200
Costco Wholesale Corp.	COM	22160K105	31,497	273,509	SH		SOLE		239,562	0	33,947
Cotton & Western Mining Inc.	COM	221737307	0	1,000,000	SH		SOLE		1,000,000	0	0
CSX Corporation	COM	126408103	1,007	32,677	SH		SOLE		32,677	0	0
Cummins Inc	COM	231021106	4,519	29,287	SH		SOLE		15,637	0	13,650
Deere & Co.	COM	244199105	698	7,711	SH		SOLE		7,311	0	400
Dominion Resources Inc.	COM	25746U109	608	8,496	SH		SOLE		8,496	0	0
Dow Chemical Company	COM	260543103	1,158	22,511	SH		SOLE		21,240	0	1,271
Du Pont E I De Nemours	COM	263534109	1,503	22,970	SH		SOLE		20,511	0	2,459
Duke Energy Corp. New	COM	26441C204	675	9,099	SH		SOLE		6,545	0	2,554
East West Bancorp Inc.	COM	27579R104	634	18,123	SH		SOLE		18,123	0	0
Eaton Corp. PLC	COM	G29183103	962	12,461	SH		SOLE		12,461	0	0
eBay Inc.	COM	278642103	12,091	241,529	SH		SOLE		220,569	0	20,960
Ecolab, Inc.	COM	278865100	2,556	22,958	SH		SOLE		21,158	0	1,800
Edison International	COM	281020107	796	13,694	SH		SOLE		13,694	0	0
Edwards Lifesciences Corp.	COM	28176E108	9,214	107,342	SH		SOLE		103,806	0	3,536
EMC Corporation	COM	268648102	3,833	145,507	SH		SOLE		135,162	0	10,345
Emerson Electric Co.	COM	291011104	20,684	311,687	SH		SOLE		226,626	0	85,061
Enbridge Energy Management	COM	29250X103	577	16,366	SH		SOLE		15,750	0	616
Enbridge Energy Partners LP	COM	29250R106	2,045	55,378	SH		SOLE		43,628	0	11,750
Energizer Holdings, Inc.	COM	29266R108	1,582	12,966	SH		SOLE		12,966	0	0
Enterprise Products Partners L	COM	293792107	613	7,830	SH		SOLE		7,830	0	0
Equity Residential	COM	29476L107	586	9,309	SH		SOLE		7,009	0	2,300
Essex Property Trust	COM	297178105	3,953	21,377	SH		SOLE		12,828	0	8,549
Exelon Corp	COM	30161N101	316	8,663	SH		SOLE		3,918	0	4,745
Expeditors Int'l Of Washington	COM	302130109	961	21,755	SH		SOLE		21,755	0	0
Express Scripts Holding Compan	COM	30219G108	472	6,806	SH		SOLE		6,398	0	408
ExxonMobil Corporation	COM	30231G102	53,380	530,195	SH		SOLE		428,508	0	101,687
Facebook Inc	COM	30303M102	260	3,866	SH		SOLE		3,866	0	0
Farmers and Merchants Bank	COM	308243104	347	60	SH		SOLE		60	0	0
FedEx Corporation	COM	31428X106	622	4,108	SH		SOLE		4,108	0	0
FirstEnergy Corp.	COM	337932107	297	8,546	SH		SOLE		7,546	0	1,000
Franklin Resources Inc	COM	354613101	17,427	301,300	SH		SOLE		267,031	0	34,269
Frontier Communications Corp.	COM	35906A108	97	16,638	SH		SOLE		10,218	0	6,420
Gannett Inc.	COM	364730101	253	8,075	SH		SOLE		75	0	8,000
General Electric	COM	369604103	37,280	1,418,582	SH		SOLE		1,182,676	0	235,906
General Mills Inc.	COM	370334104	1,116	21,239	SH		SOLE		20,939	0	300
Genworth Financial Inc-Cl A	COM	37247D106	487	27,988	SH		SOLE		26,753	0	1,235
GlaxoSmithKline PLC-ADR	COM	37733W105	505	9,440	SH		SOLE		5,515	0	3,925
Gold Miners ETF	COM	57060U100	284	10,732	SH		SOLE		10,732	0	0
Goldman Sachs Group Inc.	COM	38141G104	3,799	22,688	SH		SOLE		20,798	0	1,890
Google Inc - Cl A	COM	38259p508	1,989	3,402	SH		SOLE		3,277	0	125
Google Inc - CL C Non-Voting S	COM	38259P706	1,292	2,245	SH		SOLE		2,120	0	125
Grainger Inc., W.W.	COM	384802104	538	2,117	SH		SOLE		1,497	0	620
Hain Celestial Group Inc.	COM	405217100	438	4,940	SH		SOLE		4,490	0	450
Halliburton Co.	COM	406216101	238	3,348	SH		SOLE		3,348	0	0
Harley-Davidson	COM	412822108	217	3,100	SH		SOLE		3,100	0	0
Hennessy Advisors Inc	COM	425885100	201	13,500	SH		SOLE		13,500	0	0
Hewlett-Packard Co.	COM	428236103	31,117	923,914	SH		SOLE		902,840	0	21,074
Home Depot, Inc.	COM	437076102	5,228	64,576	SH		SOLE		53,426	0	11,150
Honeywell Int'l Inc.	COM	438516106	9,187	98,840	SH		SOLE		98,540	0	300
Illinois Tool Works Inc.	COM	452308109	5,879	67,138	SH		SOLE		57,048	0	10,090
Infusystem Holdings Inc	COM	45685K102	56	21,000	SH		SOLE		21,000	0	0
Ingersoll-Rand PLC	COM	G47791101	5,292	84,662	SH		SOLE		76,467	0	8,195
Intel Corp.	COM	458140100	25,900	838,175	SH		SOLE		725,741	0	112,434
International Bus Mach	COM	459200101	28,064	154,821	SH		SOLE		124,895	0	29,926
Intuit Inc.	COM	461202103	4,385	54,458	SH		SOLE		45,011	0	9,447
J. C. Penney Company, Inc.	COM	708160106	134	14,840	SH		SOLE		10,840	0	4,000
Jacobs Engineering Group Inc.	COM	469814107	9,448	177,328	SH		SOLE		149,732	0	27,596
Johnson & Johnson	COM	478160104	40,829	390,264	SH		SOLE		324,922	0	65,342
Johnson Controls Inc.	COM	478366107	30,924	619,353	SH		SOLE		564,972	0	54,381
JPMorgan Chase & Co.	COM	46625H100	17,174	298,048	SH		SOLE		232,441	0	65,607
Kellogg Co.	COM	487836108	1,522	23,160	SH		SOLE		7,010	0	16,150
Kimberly-Clark Corp.	COM	494368103	1,251	11,246	SH		SOLE		11,006	0	240
Kinder Morgan Energy Prtnrs	COM	494550106	863	10,500	SH		SOLE		10,500	0	0
Kohls Corp	COM	500255104	3,439	65,287	SH		SOLE		59,470	0	5,817
Kraft Foods Group	COM	50076Q106	1,464	24,416	SH		SOLE		17,415	0	7,001
Laboratory Corp. of America	COM	50540R409	6,112	59,692	SH		SOLE		56,942	0	2,750
Las Vegas Sands	COM	517834107	1,306	17,140	SH		SOLE		17,140	0	0
Lilly Eli & Co.	COM	532457108	958	15,417	SH		SOLE		11,627	0	3,790
Lincoln National Corp.	COM	534187109	541	10,523	SH		SOLE		10,523	0	0
Lockheed Martin Corp.	COM	539830109	2,962	18,427	SH		SOLE		17,927	0	500
Lowe's Companies	COM	548661107	19,659	409,655	SH		SOLE		357,134	0	52,521
Lyondellbasell Ind Shs - A	COM	N53745100	851	8,710	SH		SOLE		8,710	0	0
Magellan Midstream Partners	COM	559080106	3,291	39,160	SH		SOLE		31,310	0	7,850
Marathon Oil Corporation	COM	565849106	220	5,500	SH		SOLE		3,500	0	2,000
Marsh & McLennan Companies	COM	571748102	1,384	26,710	SH		SOLE		10,510	0	16,200
Mastercard Inc-Cl A	COM	57636Q104	594	8,080	SH		SOLE		8,080	0	0
McDonald's Corp.	COM	580135101	13,353	132,553	SH		SOLE		100,639	0	31,914
McGraw Hill Financial	COM	580645109	712	8,570	SH		SOLE		3,030	0	5,540
McKesson Corp.	COM	58155Q103	254	1,365	SH		SOLE		1,290	0	75
Medtronic Inc.	COM	585055106	3,643	57,134	SH		SOLE		50,834	0	6,300
Merck & Co., Inc. New	COM	58933Y105	5,752	99,431	SH		SOLE		84,962	0	14,469
Mercury General Ins	COM	589400100	2,331	49,550	SH		SOLE		49,450	0	100
Meredith Corp.	COM	589433101	745	15,400	SH		SOLE		3,400	0	12,000
Microsoft Corp.	COM	594918104	28,436	681,913	SH		SOLE		584,776	0	97,137
Minerals Technologies Inc.	COM	603158106	1,855	28,282	SH		SOLE		26,582	0	1,700
Mondelez International	COM	609207105	3,807	101,218	SH		SOLE		67,072	0	34,146
Monitise PLC	COM	G6258F105	31	35,000	SH		SOLE		35,000	0	0
Monsanto Company	COM	61166W101	6,024	48,290	SH		SOLE		43,215	0	5,075
Moody's Corporation	COM	615369105	337	3,849	SH		SOLE		3,849	0	0
MSA Safety Inc.	COM	553498106	624	10,850	SH		SOLE		10,200	0	650
National Oilwell Varco	COM	637071101	1,748	21,230	SH		SOLE		21,230	0	0
Nestle Sponsored ADR	COM	641069406	1,640	21,117	SH		SOLE		18,907	0	2,210
NewMarket Corp	COM	651587107	3,333	8,500	SH		SOLE		8,500	0	0
NextEra Energy Inc.	COM	65339F101	626	6,104	SH		SOLE		3,904	0	2,200
Nike, Inc.	COM	654106103	6,750	87,036	SH		SOLE		74,918	0	12,118
Nordstrom Inc.	COM	655664100	340	5,002	SH		SOLE		2,802	0	2,200
Norfolk Southern Corp.	COM	655844108	969	9,405	SH		SOLE		7,655	0	1,750
Northrop Grumman Corp.	COM	666807102	3,058	25,563	SH		SOLE		25,563	0	0
Novartis AG ADS	COM	66987V109	10,044	110,943	SH		SOLE		99,921	0	11,022
Novo Nordisk ADR	COM	670100205	9,032	195,535	SH		SOLE		179,350	0	16,185
Nucor Corp.	COM	670346105	6,415	130,245	SH		SOLE		118,497	0	11,748
Occidental Petroleum	COM	674599105	1,160	11,307	SH		SOLE		11,307	0	0
Oneok Partners LP	COM	68268N103	1,670	28,491	SH		SOLE		23,071	0	5,420
Oracle Systems	COM	68389X105	21,665	534,552	SH		SOLE		482,829	0	51,723
Paccar Inc.	COM	693718108	280	4,450	SH		SOLE		4,450	0	0
Pall Corp.	COM	696429307	2,878	33,710	SH		SOLE		27,310	0	6,400
PepsiCo Inc.	COM	713448108	16,442	184,033	SH		SOLE		143,699	0	40,334
Pfizer, Inc.	COM	717081103	16,921	570,103	SH		SOLE		464,511	0	105,592
Philip Morris Intl	COM	718172109	14,636	173,594	SH		SOLE		136,022	0	37,572
Phillips 66	COM	718546104	1,407	17,488	SH		SOLE		12,201	0	5,287
Plains All American Pipeline L	COM	726503105	4,242	70,633	SH		SOLE		56,041	0	14,592
Plum Creek Timber L.P.	COM	729251108	1,236	27,400	SH		SOLE		27,300	0	100
PPG Industries, Inc.	COM	693506107	724	3,446	SH		SOLE		2,355	0	1,091
Precision Castparts Corp	COM	740189105	18,998	75,269	SH		SOLE		70,914	0	4,355
Procter & Gamble Co.	COM	742718109	21,305	271,088	SH		SOLE		206,998	0	64,090
Protective Life Corp.	COM	743674103	481	6,940	SH		SOLE		5,715	0	1,225
PS Business Parks Inc	COM	69360J107	405	4,854	SH		SOLE		4,854	0	0
Public Storage	COM	74460D109	7,421	43,309	SH		SOLE		29,809	0	13,500
Qualcomm, Inc	COM	747525103	18,492	233,487	SH		SOLE		199,047	0	34,440
Realty Income Corp.	COM	756109104	1,751	39,428	SH		SOLE		37,858	0	1,570
Roche Dividend Right Cert	COM	771192895	298	1,000	SH		SOLE		1,000	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	288	7,730	SH		SOLE		7,730	0	0
Rockwell Automation, Inc.	COM	773903109	554	4,430	SH		SOLE		4,130	0	300
Rockwell Collins	COM	774341101	224	2,864	SH		SOLE		2,564	0	300
Royal Dutch Shell PLC-ADR A	COM	780259206	2,716	32,973	SH		SOLE		28,848	0	4,125
Schlumberger Ltd	COM	806857108	40,902	346,778	SH		SOLE		284,817	0	61,961
Sempra Energy	COM	816851109	1,013	9,671	SH		SOLE		8,671	0	1,000
Sigma-Aldrich Corp.	COM	826552101	20,179	198,844	SH		SOLE		150,134	0	48,710
Sociedad Quimica y Minera de C	COM	833635105	1,312	44,773	SH		SOLE		44,773	0	0
Southern Company	COM	842587107	635	13,994	SH		SOLE		4,069	0	9,925
Sovran Self Storage	COM	84610H108	668	8,650	SH		SOLE		8,650	0	0
Spectra Energy Corp	COM	847560109	355	8,367	SH		SOLE		4,709	0	3,658
Sport Chalet Class A	COM	849163209	24	28,000	SH		SOLE		28,000	0	0
SPX Corporation	COM	784635104	747	6,900	SH		SOLE		6,900	0	0
Starbucks Corp.	COM	855244109	1,083	14,000	SH		SOLE		12,800	0	1,200
Stryker Corporation	COM	863667101	17,749	210,496	SH		SOLE		186,750	0	23,746
Sysco Corp.	COM	871829107	12,630	337,248	SH		SOLE		255,772	0	81,476
T. Rowe Price Group	COM	74144T108	257	3,045	SH		SOLE		3,045	0	0
Target Corp	COM	87612E106	4,041	69,740	SH		SOLE		56,420	0	13,320
Teva Pharmaceutical Industries	COM	881624209	4,941	94,256	SH		SOLE		86,734	0	7,522
Texas Instruments	COM	882508104	2,911	60,919	SH		SOLE		52,030	0	8,889
Texas Pacific Land Trust	COM	882610108	400	2,500	SH		SOLE		0	0	2,500
The Walt Disney Company	COM	254687106	6,918	80,689	SH		SOLE		69,318	0	11,371
TJX Companies	COM	872540109	536	10,093	SH		SOLE		10,093	0	0
Total SA-Spon ADR	COM	89151E109	224	3,100	SH		SOLE		2,600	0	500
Transocean Ltd.	COM	H8817H100	9,939	220,711	SH		SOLE		204,596	0	16,115
Tredegar Corporation	COM	894650100	375	16,000	SH		SOLE		16,000	0	0
U.S. Bancorp	COM	902973304	481	11,100	SH		SOLE		9,284	0	1,816
Under Armour Inc - Class A	COM	904311107	202	3,400	SH		SOLE		3,400	0	0
Unilever N V	COM	904784709	457	10,453	SH		SOLE		9,053	0	1,400
Union Pacific	COM	907818108	3,922	39,317	SH		SOLE		37,717	0	1,600
United Parcel Service	COM	911312106	51,063	497,395	SH		SOLE		477,075	0	20,320
United Technologies	COM	913017109	12,004	103,974	SH		SOLE		98,104	0	5,870
UnitedHealth Group Inc.	COM	91324P102	1,046	12,800	SH		SOLE		11,500	0	1,300
Valmont Industries Inc.	COM	920253101	775	5,100	SH		SOLE		5,100	0	0
Verizon Comm.	COM	92343V104	8,502	173,752	SH		SOLE		147,917	0	25,835
Visa Inc.	COM	92826C839	292	1,387	SH		SOLE		1,387	0	0
Vodafone Group PLC New	COM	92857w308	3,425	102,585	SH		SOLE		85,346	0	17,239
Wal-Mart Stores, Inc.	COM	931142103	9,106	121,296	SH		SOLE		94,406	0	26,890
Walgreen Co.	COM	931422109	16,141	217,736	SH		SOLE		193,982	0	23,754
Waste Management Inc.	COM	94106L109	789	17,629	SH		SOLE		17,629	0	0
Wells Fargo & Co.	COM	949746101	37,833	719,814	SH		SOLE		657,659	0	62,156
Wisconsin Energy Corp.	COM	976657106	797	16,976	SH		SOLE		5,414	0	11,562
Zimmer Holdings Inc.	COM	98956P102	580	5,585	SH		SOLE		3,515	0	2,070
American Intl Group Warrants E	WT	026874156	314	11,805	SH		SOLE		11,805	0	0
SPDR Gold Trust	AA	78463V107	1,032	8,059	SH		SOLE		7,384	0	675
Sprott Physical Gold Trust ETV	AA	85207h104	110	10,000	SH		SOLE		10,000	0	0