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	332	3,150	SH		SOLE		1,305	0	1,845
iShares iBoxx $ Inv Grade Corp	ETF	464287242	337	2,850	SH		SOLE		1,000	0	1,850
iShares Iboxx H/Y Corp Bond	ETF	464288513	221	2,399	SH		SOLE		2,399	0	0
Nuveen Quality Pfd Income Fd	ETF	67071S101	85	10,400	SH		SOLE		10,400	0	0
PIMCO Enhanced Short Maturity	ETF	72201R833	7,192	70,963	SH		SOLE		65,247	0	5,716
Powershares ETF Fundamental Hi	ETF	73936t557	362	19,000	SH		SOLE		19,000	0	0
Vanguard Int-Term Bond ETF	ETF	921937819	1,678	19,920	SH		SOLE		2,095	0	17,825
Vanguard Int-Term Corp Bond ET	ETF	92206C870	512	5,975	SH		SOLE		1,875	0	4,100
Vanguard S/T Corp Bond ETF	ETF	92206C409	22,686	284,039	SH		SOLE		237,385	0	46,654
Vanguard Short-Term Bond ETF	ETF	921937827	991	12,377	SH		SOLE		6,245	0	6,132
Vanguard Total Bond Market ETF	ETF	921937835	908	11,082	SH		SOLE		0	0	11,082
Western Asset High Income Oppo	ETF	95766K109	141	24,395	SH		SOLE		24,395	0	0
Western Asset Income Fund	ETF	95766T100	1,997	149,155	SH		SOLE		89,230	0	59,925
Western Asset Premier Bond Fun	ETF	957664105	174	12,175	SH		SOLE		7,400	0	4,775
iShares Core S&P Small-Cap ETF	ETF	464287804	304	2,915	SH		SOLE		2,915	0	0
iShares DJ US Housing	ETF	464288752	583	25,935	SH		SOLE		25,935	0	0
iShares North American Tech	ETF	464287549	279	2,850	SH		SOLE		2,600	0	250
iShares Tr S&P Index Fd	ETF	464287101	214	2,425	SH		SOLE		2,425	0	0
Kayne Anderson MLP Inv Com	ETF	486606106	255	6,244	SH		SOLE		6,244	0	0
SPDR Dow Jones Industrial Avg	ETF	78467X109	308	1,810	SH		SOLE		1,060	0	750
SPDR S&P Dividend ETF	ETF	78464A763	322	4,300	SH		SOLE		2,700	0	1,600
SPDR S&P MidCap 400	ETF	78467Y107	656	2,630	SH		SOLE		2,235	0	395
SPDR Trust Series 1 (spy)	ETF	78462F103	3,455	17,536	SH		SOLE		16,816	0	720
Utilities Select Sector SPDR	ETF	81369Y886	864	20,525	SH		SOLE		19,375	0	1,150
Vanguard REIT ETF	ETF	922908553	301	4,191	SH		SOLE		4,191	0	0
Vanguard Total Stock Market ET	ETF	922908769	376	3,718	SH		SOLE		3,068	0	650
Vanguard World Fds Inf Tech ET	ETF	92204A702	300	3,000	SH		SOLE		3,000	0	0
iShares MSCI EAFE Index Fund	ETF	464287465	980	15,280	SH		SOLE		10,634	0	4,646
iShares MSCI Emerging Markets	ETF	464287234	298	7,173	SH		SOLE		5,349	0	1,824
Vanguard FTSE All World ex US	ETF	922042775	383	7,775	SH		SOLE		6,000	0	1,775
Vanguard FTSE Emerging Markets	ETF	922042858	673	16,134	SH		SOLE		16,134	0	0
21st Century Fox Class A	COM	90130a101	688	20,054	SH		SOLE		20,000	0	54
3M Company	COM	88579Y101	13,690	96,624	SH		SOLE		70,719	0	25,905
Abbott Labs	COM	002824100	12,234	294,163	SH		SOLE		252,893	0	41,270
AbbVie Inc.	COM	00287Y109	14,306	247,685	SH		SOLE		216,704	0	30,981
Accenture PLC	COM	G1151C101	27,360	336,443	SH		SOLE		294,644	0	41,799
Agilent Technologies Inc.	COM	00846U101	13,570	238,156	SH		SOLE		228,435	0	9,721
Albemarle Corp.	COM	012653101	2,297	39,000	SH		SOLE		39,000	0	0
Allegion Plc	COM	G0176J109	922	19,352	SH		SOLE		17,323	0	2,029
Allergan Inc	COM	018490102	2,647	14,855	SH		SOLE		14,590	0	265
Allstate Corp.	COM	020002101	333	5,431	SH		SOLE		3,577	0	1,854
Altria Group, Inc.	COM	02209S103	7,673	167,022	SH		SOLE		126,109	0	40,913
Amazon Com Inc	COM	023135106	1,997	6,193	SH		SOLE		6,008	0	185
America Movil S.A. de C.V. Ser	COM	02364W105	416	16,510	SH		SOLE		15,250	0	1,260
American Express Co.	COM	025816109	4,738	54,123	SH		SOLE		44,813	0	9,310
American Intl Group	COM	026874784	1,356	25,106	SH		SOLE		25,106	0	0
Amgen, Inc.	COM	031162100	7,328	52,170	SH		SOLE		41,063	0	11,107
Anadarko Pete Corp	COM	032511107	633	6,240	SH		SOLE		6,140	0	100
Apache Corp	COM	037411105	5,498	58,566	SH		SOLE		51,940	0	6,626
Apple Inc.	COM	037833100	35,585	353,198	SH		SOLE		316,027	0	37,171
Astrazeneca PLC - Spons ADR	COM	046353108	357	5,000	SH		SOLE		5,000	0	0
AT&T Inc.	COM	00206R102	6,804	193,080	SH		SOLE		156,588	0	36,492
Automatic Data Proc.	COM	053015103	7,246	87,218	SH		SOLE		62,793	0	24,425
Bank of America Corp	COM	060505104	2,198	128,890	SH		SOLE		124,668	0	4,222
Bank of New York Mellon Corp.	COM	064058100	18,018	465,227	SH		SOLE		422,752	0	42,475
Bard (C.R.)	COM	067383109	9,468	66,342	SH		SOLE		62,609	0	3,733
Baxter International Inc	COM	071813109	1,072	14,932	SH		SOLE		12,492	0	2,440
Becton Dickinson & Co.	COM	075887109	1,605	14,101	SH		SOLE		801	0	13,300
Bed Bath & Beyond	COM	075896100	3,762	57,145	SH		SOLE		55,645	0	1,500
Berkshire Hathaway (100=1 Clas	COM	084990175	2,069	1,000	SH		SOLE		1,000	0	0
Berkshire Hathaway A	COM	084670108	4,138	20	SH		SOLE		20	0	0
Berkshire Hathaway B	COM	084670702	36,603	264,973	SH		SOLE		232,215	0	32,758
Boeing Co.	COM	097023105	7,425	58,289	SH		SOLE		53,274	0	5,015
Boswell J G Co	COM	101205102	592	555	SH		SOLE		555	0	0
BP PLC - Spons ADR	COM	055622104	8,603	195,739	SH		SOLE		149,038	0	46,701
Bristol-Myers Squibb Co.	COM	110122108	7,069	138,114	SH		SOLE		101,868	0	36,246
Campbell Soup Co.	COM	134429109	424	9,914	SH		SOLE		9,914	0	0
Casey's General Stores	COM	147528103	991	13,825	SH		SOLE		12,175	0	1,650
Caterpillar Inc.	COM	149123101	5,717	57,731	SH		SOLE		46,613	0	11,118
Cathay Intl Hld	COM	G1965E103	10	19,000	SH		SOLE		19,000	0	0
Cedar Fair L.P.	COM	150185106	528	11,160	SH		SOLE		10,610	0	550
Cemex S.A. de C.V. Spon. ADR	COM	151290889	524	40,208	SH		SOLE		40,208	0	0
Chevron Corp.	COM	166764100	30,945	259,348	SH		SOLE		206,306	0	53,042
Chubb Corp.	COM	171232101	789	8,660	SH		SOLE		8,660	0	0
Cisco Systems, Inc.	COM	17275R102	15,853	629,844	SH		SOLE		535,942	0	93,902
Clorox Company	COM	189054109	2,057	21,421	SH		SOLE		15,853	0	5,568
Coach, Inc.	COM	189754104	11,754	330,080	SH		SOLE		302,785	0	27,295
Coca-Cola Company	COM	191216100	4,876	114,291	SH		SOLE		112,166	0	2,125
Colgate-Palmolive Co.	COM	194162103	24,193	370,950	SH		SOLE		343,661	0	27,289
Comcast Corp. Class A	COM	20030N101	488	9,069	SH		SOLE		8,071	0	998
Conagra Inc.	COM	205887102	238	7,200	SH		SOLE		6,100	0	1,100
ConocoPhillips	COM	20825C104	21,590	282,148	SH		SOLE		254,409	0	27,739
Consolidated Edison Inc.	COM	209115104	877	15,478	SH		SOLE		9,728	0	5,750
Corning Inc.	COM	219350105	238	12,300	SH		SOLE		11,100	0	1,200
Costco Wholesale Corp.	COM	22160K105	34,072	271,880	SH		SOLE		238,578	0	33,302
Cotton & Western Mining Inc.	COM	221737307	0	1,000,000	SH		SOLE		1,000,000	0	0
CSX Corporation	COM	126408103	1,046	32,629	SH		SOLE		32,629	0	0
Cummins Inc	COM	231021106	4,024	30,487	SH		SOLE		16,837	0	13,650
CVS Health Corp.	COM	126650100	235	2,950	SH		SOLE		1,150	0	1,800
Deere & Co.	COM	244199105	657	8,011	SH		SOLE		7,611	0	400
Dominion Resources Inc.	COM	25746U109	507	7,338	SH		SOLE		7,338	0	0
Dow Chemical Company	COM	260543103	1,191	22,711	SH		SOLE		21,440	0	1,271
DTE Energy Company	COM	233331107	289	3,796	SH		SOLE		3,796	0	0
Du Pont E I De Nemours	COM	263534109	1,541	21,470	SH		SOLE		19,011	0	2,459
Duke Energy Corp. New	COM	26441C204	666	8,902	SH		SOLE		6,612	0	2,290
East West Bancorp Inc.	COM	27579R104	671	19,723	SH		SOLE		19,723	0	0
Eaton Corp. PLC	COM	G29183103	790	12,461	SH		SOLE		12,461	0	0
eBay Inc.	COM	278642103	14,041	247,942	SH		SOLE		226,002	0	21,940
Ecolab, Inc.	COM	278865100	2,636	22,958	SH		SOLE		21,158	0	1,800
Edison International	COM	281020107	646	11,553	SH		SOLE		11,553	0	0
Edwards Lifesciences Corp.	COM	28176E108	10,731	105,047	SH		SOLE		101,711	0	3,336
EMC Corporation	COM	268648102	4,153	141,928	SH		SOLE		131,028	0	10,900
Emerson Electric Co.	COM	291011104	19,665	314,238	SH		SOLE		231,337	0	82,901
Enbridge Energy Management	COM	29250X103	610	16,405	SH		SOLE		15,779	0	626
Enbridge Energy Partners LP	COM	29250R106	2,151	55,378	SH		SOLE		44,128	0	11,250
Energizer Holdings, Inc.	COM	29266R108	1,598	12,966	SH		SOLE		12,966	0	0
Enterprise Products Partners L	COM	293792107	671	16,660	SH		SOLE		16,660	0	0
Equity Residential	COM	29476L107	567	9,209	SH		SOLE		6,909	0	2,300
Essex Property Trust	COM	297178105	3,693	20,661	SH		SOLE		12,200	0	8,461
Exelon Corp	COM	30161N101	295	8,663	SH		SOLE		3,918	0	4,745
Expeditors Int'l Of Washington	COM	302130109	903	22,245	SH		SOLE		22,245	0	0
Express Scripts Holding Compan	COM	30219G108	476	6,745	SH		SOLE		6,337	0	408
ExxonMobil Corporation	COM	30231G102	49,534	526,681	SH		SOLE		426,534	0	100,147
Facebook Inc	COM	30303M102	288	3,639	SH		SOLE		3,639	0	0
Farmers and Merchants Bank	COM	308243104	358	60	SH		SOLE		60	0	0
FedEx Corporation	COM	31428X106	670	4,148	SH		SOLE		4,148	0	0
FirstEnergy Corp.	COM	337932107	287	8,546	SH		SOLE		7,546	0	1,000
Franklin Resources Inc	COM	354613101	16,551	303,078	SH		SOLE		268,349	0	34,729
Frontier Communications Corp.	COM	35906A108	107	16,510	SH		SOLE		10,090	0	6,420
Gannett Inc.	COM	364730101	240	8,075	SH		SOLE		75	0	8,000
General Electric	COM	369604103	36,171	1,411,812	SH		SOLE		1,179,903	0	231,909
General Mills Inc.	COM	370334104	1,070	21,214	SH		SOLE		20,914	0	300
Genworth Financial Inc-Cl A	COM	37247D106	335	25,583	SH		SOLE		23,918	0	1,665
GlaxoSmithKline PLC-ADR	COM	37733W105	392	8,530	SH		SOLE		4,905	0	3,625
Goldman Sachs Group Inc.	COM	38141G104	4,087	22,263	SH		SOLE		20,398	0	1,865
Google Inc - Cl A	COM	38259p508	2,023	3,438	SH		SOLE		3,313	0	125
Google Inc - CL C Non-Voting S	COM	38259P706	1,243	2,153	SH		SOLE		1,993	0	160
Grainger Inc., W.W.	COM	384802104	528	2,098	SH		SOLE		1,478	0	620
Hain Celestial Group Inc.	COM	405217100	508	4,959	SH		SOLE		4,509	0	450
Halliburton Co.	COM	406216101	216	3,348	SH		SOLE		3,348	0	0
Hennessy Advisors Inc	COM	425885100	268	13,500	SH		SOLE		13,500	0	0
Hewlett-Packard Co.	COM	428236103	30,899	871,117	SH		SOLE		852,168	0	18,949
Home Depot, Inc.	COM	437076102	5,906	64,376	SH		SOLE		53,226	0	11,150
Honeywell Int'l Inc.	COM	438516106	9,204	98,840	SH		SOLE		98,540	0	300
Illinois Tool Works Inc.	COM	452308109	5,556	65,815	SH		SOLE		55,725	0	10,090
Infusystem Holdings Inc	COM	45685K102	66	21,000	SH		SOLE		21,000	0	0
Ingersoll-Rand PLC	COM	G47791101	4,739	84,085	SH		SOLE		75,855	0	8,230
Intel Corp.	COM	458140100	26,947	773,889	SH		SOLE		668,910	0	104,979
International Bus Mach	COM	459200101	29,359	154,658	SH		SOLE		124,882	0	29,776
Intuit Inc.	COM	461202103	4,729	53,958	SH		SOLE		43,408	0	10,550
J. C. Penney Company, Inc.	COM	708160106	131	13,090	SH		SOLE		12,590	0	500
Jacobs Engineering Group Inc.	COM	469814107	9,964	204,103	SH		SOLE		174,552	0	29,551
Johnson & Johnson	COM	478160104	41,157	386,126	SH		SOLE		321,764	0	64,362
Johnson Controls Inc.	COM	478366107	27,309	620,650	SH		SOLE		567,124	0	53,526
JPMorgan Chase & Co.	COM	46625H100	17,837	296,103	SH		SOLE		231,841	0	64,262
Kellogg Co.	COM	487836108	1,384	22,460	SH		SOLE		6,310	0	16,150
Kimberly-Clark Corp.	COM	494368103	1,204	11,196	SH		SOLE		10,956	0	240
Kinder Morgan Energy Prtnrs	COM	494550106	933	10,000	SH		SOLE		10,000	0	0
Kohls Corp	COM	500255104	3,716	60,895	SH		SOLE		55,095	0	5,800
Kraft Foods Group	COM	50076Q106	1,374	24,359	SH		SOLE		17,524	0	6,835
Laboratory Corp. of America	COM	50540R409	3,498	34,381	SH		SOLE		32,566	0	1,815
Las Vegas Sands	COM	517834107	1,672	26,872	SH		SOLE		26,872	0	0
Lilly Eli & Co.	COM	532457108	960	14,797	SH		SOLE		11,007	0	3,790
Lincoln National Corp.	COM	534187109	564	10,523	SH		SOLE		10,523	0	0
Lockheed Martin Corp.	COM	539830109	3,368	18,427	SH		SOLE		17,927	0	500
Lowe's Companies	COM	548661107	21,549	407,208	SH		SOLE		355,992	0	51,216
Lyondellbasell Ind Shs - A	COM	N53745100	953	8,770	SH		SOLE		8,770	0	0
Magellan Midstream Partners	COM	559080106	3,288	39,060	SH		SOLE		31,910	0	7,150
Marriott Int'l, Inc.	COM	571903202	211	3,022	SH		SOLE		3,022	0	0
Marsh & McLennan Companies	COM	571748102	1,360	25,975	SH		SOLE		9,775	0	16,200
Mastercard Inc-Cl A	COM	57636Q104	597	8,080	SH		SOLE		8,080	0	0
McDonald's Corp.	COM	580135101	12,318	129,923	SH		SOLE		99,231	0	30,692
McGraw Hill Financial	COM	580645109	724	8,570	SH		SOLE		3,030	0	5,540
McKesson Corp.	COM	58155Q103	266	1,365	SH		SOLE		1,290	0	75
Medtronic Inc.	COM	585055106	3,515	56,736	SH		SOLE		50,436	0	6,300
Merck & Co., Inc. New	COM	58933Y105	5,857	98,794	SH		SOLE		84,843	0	13,951
Mercury General Ins	COM	589400100	2,378	48,725	SH		SOLE		48,625	0	100
Meredith Corp.	COM	589433101	659	15,400	SH		SOLE		3,400	0	12,000
Microsoft Corp.	COM	594918104	31,137	671,624	SH		SOLE		577,479	0	94,145
Minerals Technologies Inc.	COM	603158106	1,745	28,282	SH		SOLE		26,582	0	1,700
Mondelez International	COM	609207105	3,458	100,908	SH		SOLE		67,262	0	33,646
Monitise PLC	COM	G6258F105	20	41,000	SH		SOLE		41,000	0	0
Monsanto Company	COM	61166W101	5,463	48,560	SH		SOLE		43,335	0	5,225
Moody's Corporation	COM	615369105	364	3,849	SH		SOLE		3,849	0	0
MSA Safety Inc.	COM	553498106	548	11,100	SH		SOLE		10,450	0	650
National Oilwell Varco	COM	637071101	1,616	21,240	SH		SOLE		21,240	0	0
Nestle Sponsored ADR	COM	641069406	1,613	21,912	SH		SOLE		19,702	0	2,210
NewMarket Corp	COM	651587107	3,239	8,500	SH		SOLE		8,500	0	0
NextEra Energy Inc.	COM	65339F101	573	6,104	SH		SOLE		3,904	0	2,200
Nike, Inc.	COM	654106103	7,585	85,036	SH		SOLE		70,918	0	14,118
Nordstrom Inc.	COM	655664100	205	3,002	SH		SOLE		1,302	0	1,700
Norfolk Southern Corp.	COM	655844108	1,050	9,405	SH		SOLE		7,655	0	1,750
Northrop Grumman Corp.	COM	666807102	3,368	25,563	SH		SOLE		25,563	0	0
Novartis AG ADS	COM	66987V109	10,263	109,026	SH		SOLE		98,838	0	10,188
Novo Nordisk ADR	COM	670100205	9,299	195,270	SH		SOLE		179,085	0	16,185
Nucor Corp.	COM	670346105	6,987	128,725	SH		SOLE		117,077	0	11,648
Occidental Petroleum	COM	674599105	981	10,207	SH		SOLE		10,207	0	0
Oneok Partners LP	COM	68268N103	1,594	28,491	SH		SOLE		23,471	0	5,020
Oracle Systems	COM	68389X105	20,406	533,078	SH		SOLE		479,655	0	53,423
Paccar Inc.	COM	693718108	253	4,450	SH		SOLE		4,450	0	0
Pall Corp.	COM	696429307	2,807	33,540	SH		SOLE		27,140	0	6,400
PepsiCo Inc.	COM	713448108	17,063	183,296	SH		SOLE		143,112	0	40,184
Pfizer, Inc.	COM	717081103	16,618	561,984	SH		SOLE		458,844	0	103,140
Philip Morris Intl	COM	718172109	14,271	171,118	SH		SOLE		133,796	0	37,322
Phillips 66	COM	718546104	1,381	16,986	SH		SOLE		11,699	0	5,287
Plains All American Pipeline L	COM	726503105	4,140	70,333	SH		SOLE		56,277	0	14,056
Plum Creek Timber L.P.	COM	729251108	1,070	27,417	SH		SOLE		27,300	0	117
PPG Industries, Inc.	COM	693506107	678	3,446	SH		SOLE		2,355	0	1,091
Precision Castparts Corp	COM	740189105	21,798	92,021	SH		SOLE		85,586	0	6,435
Procter & Gamble Co.	COM	742718109	22,535	269,106	SH		SOLE		206,416	0	62,690
Protective Life Corp.	COM	743674103	471	6,790	SH		SOLE		5,565	0	1,225
PS Business Parks Inc	COM	69360J107	370	4,854	SH		SOLE		4,854	0	0
Public Storage	COM	74460D109	7,182	43,309	SH		SOLE		29,809	0	13,500
Qualcomm, Inc	COM	747525103	17,791	237,947	SH		SOLE		201,202	0	36,745
Realty Income Corp.	COM	756109104	1,608	39,428	SH		SOLE		37,858	0	1,570
Roche Dividend Right Cert	COM	771192895	296	1,000	SH		SOLE		1,000	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	279	7,530	SH		SOLE		7,530	0	0
Rockwell Automation, Inc.	COM	773903109	435	3,960	SH		SOLE		3,660	0	300
Rockwell Collins	COM	774341101	225	2,864	SH		SOLE		2,564	0	300
Royal Dutch Shell PLC-ADR A	COM	780259206	2,495	32,773	SH		SOLE		28,648	0	4,125
Schlumberger Ltd	COM	806857108	36,190	355,890	SH		SOLE		292,509	0	63,381
Sempra Energy	COM	816851109	873	8,289	SH		SOLE		7,289	0	1,000
Sigma-Aldrich Corp.	COM	826552101	26,200	192,636	SH		SOLE		144,176	0	48,460
Sociedad Quimica y Minera de C	COM	833635105	1,342	51,320	SH		SOLE		51,320	0	0
Southern Company	COM	842587107	611	13,994	SH		SOLE		5,069	0	8,925
Sovran Self Storage	COM	84610H108	643	8,650	SH		SOLE		8,650	0	0
Spectra Energy Corp	COM	847560109	325	8,267	SH		SOLE		4,609	0	3,658
SPX Corporation	COM	784635104	648	6,900	SH		SOLE		6,900	0	0
Starbucks Corp.	COM	855244109	1,070	14,180	SH		SOLE		12,980	0	1,200
Stryker Corporation	COM	863667101	16,864	208,838	SH		SOLE		185,977	0	22,861
Sysco Corp.	COM	871829107	12,742	335,763	SH		SOLE		253,887	0	81,876
T. Rowe Price Group	COM	74144T108	237	3,020	SH		SOLE		3,020	0	0
Target Corp	COM	87612E106	4,337	69,185	SH		SOLE		56,145	0	13,040
Teva Pharmaceutical Industries	COM	881624209	4,089	76,074	SH		SOLE		70,159	0	5,915
Texas Instruments	COM	882508104	2,834	59,419	SH		SOLE		50,530	0	8,889
Texas Pacific Land Trust	COM	882610108	481	2,500	SH		SOLE		0	0	2,500
The Walt Disney Company	COM	254687106	7,205	80,926	SH		SOLE		69,555	0	11,371
TJX Companies	COM	872540109	3,131	52,918	SH		SOLE		46,768	0	6,150
Transocean Ltd.	COM	H8817H100	7,887	246,714	SH		SOLE		229,491	0	17,223
Tredegar Corporation	COM	894650100	295	16,000	SH		SOLE		16,000	0	0
U.S. Bancorp	COM	902973304	462	11,050	SH		SOLE		9,234	0	1,816
Under Armour Inc - Class A	COM	904311107	235	3,400	SH		SOLE		3,400	0	0
Unilever N V	COM	904784709	415	10,453	SH		SOLE		9,053	0	1,400
Union Pacific	COM	907818108	4,227	38,989	SH		SOLE		38,289	0	700
United Parcel Service	COM	911312106	48,407	492,495	SH		SOLE		472,215	0	20,280
United Technologies	COM	913017109	10,994	104,112	SH		SOLE		98,322	0	5,790
UnitedHealth Group Inc.	COM	91324P102	1,061	12,305	SH		SOLE		10,205	0	2,100
Valmont Industries Inc.	COM	920253101	688	5,100	SH		SOLE		5,100	0	0
Verizon Comm.	COM	92343V104	8,551	171,058	SH		SOLE		147,648	0	23,410
Visa Inc.	COM	92826C839	203	952	SH		SOLE		952	0	0
Vodafone Group PLC New	COM	92857w308	3,480	105,811	SH		SOLE		90,961	0	14,850
Wal-Mart Stores, Inc.	COM	931142103	9,268	121,196	SH		SOLE		94,306	0	26,890
Walgreen Co.	COM	931422109	12,716	214,548	SH		SOLE		192,494	0	22,054
Waste Management Inc.	COM	94106L109	802	16,879	SH		SOLE		16,879	0	0
Wells Fargo & Co.	COM	949746101	36,574	705,106	SH		SOLE		644,376	0	60,731
Wisconsin Energy Corp.	COM	976657106	900	20,926	SH		SOLE		9,864	0	11,062
Zimmer Holdings Inc.	COM	98956P102	540	5,375	SH		SOLE		3,515	0	1,860
American Intl Group Warrants E	WT	026874156	274	11,505	SH		SOLE		11,505	0	0
SPDR Gold Trust	AA	78463V107	1,384	11,909	SH		SOLE		10,934	0	975
Sprott Physical Gold Trust ETV	AA	85207h104	145	14,500	SH		SOLE		14,500	0	0