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	124	16,000	SH		SOLE		16,000	0	0
Doubleline Income Solutions	ETF	258622109	430	21,667	SH		SOLE		21,667	0	0
iShares Barclays 1-3 Year Cred	ETF	464288646	332	3,150	SH		SOLE		1,455	0	1,695
iShares iBoxx $ Inv Grade Corp	ETF	464287242	347	2,850	SH		SOLE		1,100	0	1,750
Nuveen Quality Pfd Income Fd	ETF	67071S101	89	10,400	SH		SOLE		10,400	0	0
PIMCO Enhanced Short Maturity	ETF	72201R833	4,734	46,805	SH		SOLE		41,654	0	5,151
Vanguard Int Term Bond ETF	ETF	921937819	1,679	19,470	SH		SOLE		1,645	0	17,825
Vanguard Int Term Corp Bond ET	ETF	92206C870	522	5,950	SH		SOLE		1,875	0	4,075
Vanguard Short Term Bond ETF	ETF	921937827	888	11,027	SH		SOLE		5,095	0	5,932
Vanguard Short Term Corp Bond	ETF	92206C409	20,151	251,232	SH		SOLE		209,528	0	41,704
Vanguard Total Bond Market ETF	ETF	921937835	1,111	13,322	SH		SOLE		2,240	0	11,082
Western Asset High Income Oppo	ETF	95766K109	130	24,395	SH		SOLE		24,395	0	0
Western Asset Income Fund	ETF	95766T100	2,106	151,405	SH		SOLE		92,980	0	58,425
Western Asset Premier Bond Fun	ETF	957664105	170	12,175	SH		SOLE		7,400	0	4,775
iShares Biotech Fund	ETF	464287556	213	619	SH		SOLE		619	0	0
iShares Core S&P Small-Cap ETF	ETF	464287804	344	2,915	SH		SOLE		2,915	0	0
iShares DJ US Housing	ETF	464288752	728	25,775	SH		SOLE		25,775	0	0
iShares North American Tech	ETF	464287549	294	2,850	SH		SOLE		2,600	0	250
iShares Russell 2000 Growth In	ETF	464287648	840	5,540	SH		SOLE		5,540	0	0
iShares Tr S&P Index Fd	ETF	464287101	219	2,425	SH		SOLE		2,425	0	0
Kayne Anderson MLP Inv Com	ETF	486606106	222	6,244	SH		SOLE		6,244	0	0
S&P 500 Equal Wt Index Fd	ETF	78355W106	382	4,716	SH		SOLE		4,716	0	0
SPDR Dow Jones Industrial Avg	ETF	78467X109	304	1,710	SH		SOLE		960	0	750
SPDR S&P Dividend ETF	ETF	78464A763	371	4,748	SH		SOLE		3,148	0	1,600
SPDR S&P MidCap 400	ETF	78467Y107	729	2,630	SH		SOLE		2,235	0	395
SPDR Trust Series 1 (spy)	ETF	78462F103	3,303	16,001	SH		SOLE		15,281	0	720
Utilities Select Sector SPDR	ETF	81369Y886	516	11,625	SH		SOLE		10,475	0	1,150
Vanguard REIT ETF	ETF	922908553	326	3,866	SH		SOLE		3,866	0	0
Vanguard Total Stock Market ET	ETF	922908769	288	2,683	SH		SOLE		2,033	0	650
Vanguard World Fds Inf Tech ET	ETF	92204A702	320	3,000	SH		SOLE		3,000	0	0
iShares MSCI EAFE Index Fund	ETF	464287465	959	14,946	SH		SOLE		10,300	0	4,646
iShares MSCI Emerging Markets	ETF	464287234	430	10,724	SH		SOLE		7,600	0	3,124
Schwab Intl Equity ETF	ETF	808524805	342	11,313	SH		SOLE		11,313	0	0
Vanguard FTSE All World ex US	ETF	922042775	379	7,775	SH		SOLE		6,000	0	1,775
Vanguard FTSE Emerging Markets	ETF	922042858	602	14,734	SH		SOLE		14,734	0	0
21st Century Fox Class A	COM	90130a101	679	20,054	SH		SOLE		20,000	0	54
3M Company	COM	88579Y101	15,536	94,189	SH		SOLE		68,999	0	25,190
Abbott Labs	COM	002824100	13,860	299,152	SH		SOLE		258,592	0	40,560
AbbVie Inc.	COM	00287Y109	13,865	236,855	SH		SOLE		211,574	0	25,281
Accenture PLC	COM	G1151C101	31,852	339,972	SH		SOLE		299,193	0	40,779
Actavis, Inc.	COM	G0083B108	720	2,419	SH		SOLE		2,196	0	223
Agilent Technologies Inc.	COM	00846U101	9,889	238,006	SH		SOLE		228,435	0	9,571
Albemarle Corp.	COM	012653101	2,061	39,000	SH		SOLE		39,000	0	0
Allegion Plc	COM	G0176J109	970	15,860	SH		SOLE		14,020	0	1,840
Allstate Corp.	COM	020002101	387	5,431	SH		SOLE		3,577	0	1,854
Altria Group, Inc.	COM	02209S103	7,755	155,040	SH		SOLE		115,282	0	39,758
Amazon Com Inc	COM	023135106	4,477	12,031	SH		SOLE		11,823	0	208
America Movil S.A. de C.V. Ser	COM	02364W105	338	16,510	SH		SOLE		15,250	0	1,260
American Express Co.	COM	025816109	5,344	68,408	SH		SOLE		58,998	0	9,410
American Intl Group	COM	026874784	1,330	24,265	SH		SOLE		24,065	0	200
Amgen, Inc.	COM	031162100	7,857	49,155	SH		SOLE		38,388	0	10,767
Anadarko Pete Corp	COM	032511107	517	6,240	SH		SOLE		6,140	0	100
Apache Corp	COM	037411105	4,557	75,528	SH		SOLE		68,002	0	7,526
Apple Inc.	COM	037833100	43,367	348,522	SH		SOLE		312,732	0	35,790
Astrazeneca PLC - Spons ADR	COM	046353108	342	5,000	SH		SOLE		5,000	0	0
AT&T Inc.	COM	00206R102	6,375	195,267	SH		SOLE		158,976	0	36,292
Automatic Data Proc.	COM	053015103	7,469	87,218	SH		SOLE		62,793	0	24,425
Bank of America Corp	COM	060505104	1,653	107,406	SH		SOLE		103,184	0	4,222
Bank of New York Mellon Corp.	COM	064058100	17,622	437,928	SH		SOLE		399,937	0	37,991
Bard (C.R.)	COM	067383109	10,908	65,178	SH		SOLE		61,557	0	3,621
Baxter International Inc	COM	071813109	1,023	14,932	SH		SOLE		12,642	0	2,290
Becton Dickinson & Co.	COM	075887109	1,895	13,195	SH		SOLE		1,195	0	12,000
Bed Bath & Beyond	COM	075896100	2,848	37,095	SH		SOLE		35,595	0	1,500
Bemis Company	COM	081437105	230	4,965	SH		SOLE		4,965	0	0
Berkshire Hathaway (100=1 Clas	COM	084990175	2,175	1,000	SH		SOLE		1,000	0	0
Berkshire Hathaway A	COM	084670108	4,350	20	SH		SOLE		20	0	0
Berkshire Hathaway B	COM	084670702	37,670	261,016	SH		SOLE		228,258	0	32,758
Boeing Co.	COM	097023105	10,559	70,358	SH		SOLE		64,743	0	5,615
Boswell J G Co	COM	101205102	402	555	SH		SOLE		555	0	0
BP PLC - Spons ADR	COM	055622104	9,197	235,164	SH		SOLE		185,210	0	49,954
Bristol-Myers Squibb Co.	COM	110122108	8,822	136,769	SH		SOLE		101,066	0	35,703
Campbell Soup Co.	COM	134429109	447	9,611	SH		SOLE		9,611	0	0
Casey's General Stores	COM	147528103	1,129	12,525	SH		SOLE		10,875	0	1,650
Caterpillar Inc.	COM	149123101	5,102	63,746	SH		SOLE		52,628	0	11,118
Cathay Intl Hld	COM	G1965E103	7	19,000	SH		SOLE		19,000	0	0
CDK Global Inc.	COM	12508e101	1,316	28,154	SH		SOLE		20,073	0	8,081
Cedar Fair L.P.	COM	150185106	641	11,160	SH		SOLE		10,610	0	550
Chevron Corp.	COM	166764100	28,621	272,631	SH		SOLE		219,749	0	52,882
Chubb Corp.	COM	171232101	876	8,660	SH		SOLE		8,660	0	0
Cisco Systems, Inc.	COM	17275R102	16,114	585,425	SH		SOLE		492,373	0	93,052
Clorox Company	COM	189054109	2,286	20,706	SH		SOLE		15,153	0	5,553
Coach, Inc.	COM	189754104	14,573	351,738	SH		SOLE		324,628	0	27,110
Coca-Cola Company	COM	191216100	4,320	106,528	SH		SOLE		104,403	0	2,125
Colgate-Palmolive Co.	COM	194162103	25,774	371,709	SH		SOLE		345,065	0	26,644
Comcast Corp. Class A	COM	20030N101	512	9,069	SH		SOLE		8,071	0	998
Conagra Inc.	COM	205887102	219	6,000	SH		SOLE		6,000	0	0
ConocoPhillips	COM	20825C104	18,465	296,577	SH		SOLE		268,817	0	27,760
Consolidated Edison Inc.	COM	209115104	877	14,378	SH		SOLE		9,578	0	4,800
Corning Inc.	COM	219350105	222	9,800	SH		SOLE		8,600	0	1,200
Costco Wholesale Corp.	COM	22160K105	38,078	251,347	SH		SOLE		220,164	0	31,183
Cotton & Western Mining Inc.	COM	221737307	0	1,000,000	SH		SOLE		1,000,000	0	0
CSX Corporation	COM	126408103	925	27,936	SH		SOLE		27,936	0	0
Cummins Inc	COM	231021106	5,208	37,563	SH		SOLE		23,913	0	13,650
CVS Health Corp.	COM	126650100	304	2,950	SH		SOLE		1,150	0	1,800
Deere & Co.	COM	244199105	762	8,690	SH		SOLE		8,290	0	400
Dominion Resources Inc.	COM	25746U109	541	7,638	SH		SOLE		7,638	0	0
Dow Chemical Company	COM	260543103	628	13,095	SH		SOLE		11,824	0	1,271
DTE Energy Company	COM	233331107	306	3,796	SH		SOLE		3,796	0	0
Du Pont E I De Nemours	COM	263534109	1,665	23,303	SH		SOLE		21,111	0	2,192
Duke Energy Corp. New	COM	26441C204	678	8,828	SH		SOLE		6,668	0	2,160
East West Bancorp Inc.	COM	27579R104	641	15,850	SH		SOLE		15,550	0	300
Eaton Corp. PLC	COM	G29183103	847	12,461	SH		SOLE		12,461	0	0
eBay Inc.	COM	278642103	17,053	295,640	SH		SOLE		268,555	0	27,085
Ecolab, Inc.	COM	278865100	2,635	23,033	SH		SOLE		21,733	0	1,300
Edison International	COM	281020107	703	11,258	SH		SOLE		11,258	0	0
Edwards Lifesciences Corp.	COM	28176E108	14,119	99,106	SH		SOLE		95,822	0	3,284
EMC Corporation	COM	268648102	3,492	136,609	SH		SOLE		125,709	0	10,900
Emerson Electric Co.	COM	291011104	20,346	359,347	SH		SOLE		275,551	0	83,796
Enbridge Energy Management	COM	29250X103	589	16,202	SH		SOLE		15,557	0	646
Enbridge Energy Partners LP	COM	29250R106	1,994	55,378	SH		SOLE		44,128	0	11,250
Energizer Holdings, Inc.	COM	29266R108	1,917	13,883	SH		SOLE		13,883	0	0
Enterprise Products Partners L	COM	293792107	549	16,660	SH		SOLE		16,660	0	0
EOG Res Inc	COM	26875P101	522	5,692	SH		SOLE		5,592	0	100
Equity Residential	COM	29476L107	709	9,109	SH		SOLE		6,809	0	2,300
Essex Property Trust	COM	297178105	3,782	16,450	SH		SOLE		8,884	0	7,566
Exelon Corp	COM	30161N101	291	8,663	SH		SOLE		3,918	0	4,745
Expeditors Int'l Of Washington	COM	302130109	1,072	22,247	SH		SOLE		22,247	0	0
Express Scripts Holding Compan	COM	30219G108	585	6,745	SH		SOLE		6,464	0	281
ExxonMobil Corporation	COM	30231G102	47,190	555,172	SH		SOLE		457,632	0	97,540
Facebook Inc	COM	30303M102	314	3,814	SH		SOLE		3,489	0	325
Farmers and Merchants Bank	COM	308243104	359	60	SH		SOLE		60	0	0
Fastenal Co.	COM	311900104	8,887	214,492	SH		SOLE		200,324	0	14,168
FedEx Corporation	COM	31428X106	1,049	6,338	SH		SOLE		6,338	0	0
FirstEnergy Corp.	COM	337932107	300	8,546	SH		SOLE		7,546	0	1,000
Franklin Resources Inc	COM	354613101	17,666	344,227	SH		SOLE		306,863	0	37,364
Frontier Communications Corp.	COM	35906A108	118	16,747	SH		SOLE		10,363	0	6,384
Gannett Inc.	COM	364730101	299	8,075	SH		SOLE		75	0	8,000
General Electric	COM	369604103	35,261	1,421,226	SH		SOLE		1,194,030	0	227,196
General Mills Inc.	COM	370334104	1,282	22,643	SH		SOLE		22,343	0	300
Genworth Financial Inc-Cl A	COM	37247D106	129	17,710	SH		SOLE		16,745	0	965
GlaxoSmithKline PLC-ADR	COM	37733W105	458	9,930	SH		SOLE		6,305	0	3,625
Goldman Sachs Group Inc.	COM	38141G104	2,921	15,538	SH		SOLE		13,973	0	1,565
Google Inc - Cl A	COM	38259p508	8,678	15,645	SH		SOLE		14,381	0	1,264
Google Inc - CL C Non-Voting S	COM	38259P706	1,332	2,431	SH		SOLE		2,211	0	220
Grainger Inc., W.W.	COM	384802104	495	2,098	SH		SOLE		1,478	0	620
Hain Celestial Group Inc.	COM	405217100	2,924	45,656	SH		SOLE		44,136	0	1,520
Harman International Industrie	COM	413086109	206	1,540	SH		SOLE		1,540	0	0
Harris & Harris Grp	COM	413833104	123	40,000	SH		SOLE		40,000	0	0
HCP Inc.	COM	40414L109	253	5,850	SH		SOLE		5,850	0	0
Hennessy Advisors Inc	COM	425885100	273	13,500	SH		SOLE		13,500	0	0
Hewlett-Packard Co.	COM	428236103	27,034	867,591	SH		SOLE		849,442	0	18,149
Home Depot, Inc.	COM	437076102	6,777	59,653	SH		SOLE		48,653	0	11,000
Honeywell Int'l Inc.	COM	438516106	10,300	98,740	SH		SOLE		98,440	0	300
Illinois Tool Works Inc.	COM	452308109	6,140	63,205	SH		SOLE		53,555	0	9,650
Infusystem Holdings Inc	COM	45685K102	57	21,000	SH		SOLE		21,000	0	0
Ingersoll-Rand PLC	COM	G47791101	5,335	78,366	SH		SOLE		70,336	0	8,030
Intel Corp.	COM	458140100	22,373	715,488	SH		SOLE		617,347	0	98,141
International Bus Mach	COM	459200101	25,385	158,164	SH		SOLE		128,908	0	29,256
Intuit Inc.	COM	461202103	5,328	54,951	SH		SOLE		44,401	0	10,550
J. C. Penney Company, Inc.	COM	708160106	106	12,590	SH		SOLE		12,590	0	0
Jacobs Engineering Group Inc.	COM	469814107	12,153	269,108	SH		SOLE		235,032	0	34,076
Johnson & Johnson	COM	478160104	38,844	386,128	SH		SOLE		323,009	0	63,119
Johnson Controls Inc.	COM	478366107	31,784	630,144	SH		SOLE		571,731	0	58,413
JPMorgan Chase & Co.	COM	46625H100	17,786	293,590	SH		SOLE		231,978	0	61,612
Kellogg Co.	COM	487836108	1,474	22,346	SH		SOLE		6,196	0	16,150
Keysight Technologies, Inc.	COM	49338L103	4,406	118,600	SH		SOLE		113,815	0	4,785
Kimberly-Clark Corp.	COM	494368103	1,204	11,241	SH		SOLE		11,001	0	240
Kinder Morgan Inc.	COM	49456B101	445	10,584	SH		SOLE		10,584	0	0
Kohls Corp	COM	500255104	3,683	47,065	SH		SOLE		41,365	0	5,700
Kraft Foods Group	COM	50076Q106	2,104	24,148	SH		SOLE		17,589	0	6,559
Laboratory Corp. of America	COM	50540R409	4,108	32,582	SH		SOLE		30,992	0	1,590
Las Vegas Sands	COM	517834107	2,831	51,426	SH		SOLE		50,216	0	1,210
Lilly Eli & Co.	COM	532457108	1,023	14,075	SH		SOLE		10,185	0	3,890
Lincoln National Corp.	COM	534187109	546	9,497	SH		SOLE		9,497	0	0
Lockheed Martin Corp.	COM	539830109	3,720	18,327	SH		SOLE		17,827	0	500
Lowe's Companies	COM	548661107	27,984	376,182	SH		SOLE		327,771	0	48,411
Lyondellbasell Ind Shs - A	COM	N53745100	885	10,082	SH		SOLE		10,082	0	0
Magellan Midstream Partners	COM	559080106	2,879	37,530	SH		SOLE		30,830	0	6,700
Marriott Int'l, Inc.	COM	571903202	209	2,602	SH		SOLE		2,602	0	0
Marsh & McLennan Companies	COM	571748102	1,500	26,740	SH		SOLE		10,540	0	16,200
Mastercard Inc-Cl A	COM	57636Q104	698	8,080	SH		SOLE		8,080	0	0
McDonald's Corp.	COM	580135101	13,266	136,146	SH		SOLE		111,829	0	24,317
McGraw Hill Financial	COM	580645109	868	8,390	SH		SOLE		2,850	0	5,540
McKesson Corp.	COM	58155Q103	309	1,365	SH		SOLE		1,290	0	75
Medtronic Plc.	COM	g5960l103	2,103	26,971	SH		SOLE		21,878	0	5,093
Merck & Co., Inc. New	COM	58933Y105	5,741	99,882	SH		SOLE		86,392	0	13,490
Mercury General Ins	COM	589400100	3,212	55,615	SH		SOLE		53,200	0	2,415
Meredith Corp.	COM	589433101	859	15,400	SH		SOLE		3,400	0	12,000
Microsoft Corp.	COM	594918104	23,983	589,926	SH		SOLE		499,841	0	90,085
Minerals Technologies Inc.	COM	603158106	2,049	28,030	SH		SOLE		26,530	0	1,500
Mondelez International	COM	609207105	3,438	95,270	SH		SOLE		62,454	0	32,816
Monsanto Company	COM	61166W101	5,820	51,715	SH		SOLE		46,490	0	5,225
Monster Beverage Corp.	COM	611740101	221	1,600	SH		SOLE		1,600	0	0
Moody's Corporation	COM	615369105	400	3,849	SH		SOLE		3,849	0	0
MSA Safety Inc.	COM	553498106	847	16,982	SH		SOLE		16,332	0	650
National Oilwell Varco	COM	637071101	527	10,550	SH		SOLE		10,550	0	0
Nestle Sponsored ADR	COM	641069406	1,506	20,016	SH		SOLE		17,606	0	2,410
NewMarket Corp	COM	651587107	4,061	8,500	SH		SOLE		8,500	0	0
NextEra Energy Inc.	COM	65339F101	733	7,040	SH		SOLE		4,840	0	2,200
Nike, Inc.	COM	654106103	8,549	85,206	SH		SOLE		72,288	0	12,918
Nordstrom Inc.	COM	655664100	241	3,002	SH		SOLE		1,302	0	1,700
Norfolk Southern Corp.	COM	655844108	968	9,405	SH		SOLE		7,655	0	1,750
Northrop Grumman Corp.	COM	666807102	4,115	25,563	SH		SOLE		25,563	0	0
Novartis AG ADS	COM	66987V109	10,167	103,102	SH		SOLE		93,224	0	9,878
Novo Nordisk ADR	COM	670100205	12,731	238,445	SH		SOLE		221,834	0	16,611
Nucor Corp.	COM	670346105	7,404	155,769	SH		SOLE		142,221	0	13,548
Occidental Petroleum	COM	674599105	807	11,057	SH		SOLE		11,057	0	0
Oneok Partners LP	COM	68268N103	1,952	47,791	SH		SOLE		40,621	0	7,170
Oracle Systems	COM	68389X105	23,041	533,980	SH		SOLE		479,962	0	54,018
Paccar Inc.	COM	693718108	281	4,450	SH		SOLE		4,450	0	0
Pall Corp.	COM	696429307	3,298	32,850	SH		SOLE		26,450	0	6,400
PepsiCo Inc.	COM	713448108	17,261	180,520	SH		SOLE		140,626	0	39,894
Pfizer, Inc.	COM	717081103	18,542	532,970	SH		SOLE		438,448	0	94,522
Philip Morris Intl	COM	718172109	12,374	164,264	SH		SOLE		127,942	0	36,322
Phillips 66	COM	718546104	1,230	15,654	SH		SOLE		10,353	0	5,301
Plains All American Pipeline L	COM	726503105	3,494	71,633	SH		SOLE		57,777	0	13,856
Plum Creek Timber L.P.	COM	729251108	1,191	27,417	SH		SOLE		27,300	0	117
PPG Industries, Inc.	COM	693506107	777	3,446	SH		SOLE		2,355	0	1,091
Precision Castparts Corp	COM	740189105	22,421	106,768	SH		SOLE		97,931	0	8,837
Procter & Gamble Co.	COM	742718109	21,750	265,438	SH		SOLE		202,883	0	62,555
Profile technologies - NO No	COM	743164105	0	13,500	SH		SOLE		13,500	0	0
PS Business Parks Inc	COM	69360J107	403	4,854	SH		SOLE		4,854	0	0
Public Storage	COM	74460D109	8,538	43,309	SH		SOLE		29,809	0	13,500
Qualcomm, Inc	COM	747525103	15,415	222,307	SH		SOLE		184,857	0	37,450
Realty Income Corp.	COM	756109104	2,040	39,528	SH		SOLE		38,328	0	1,200
Roche Dividend Right Cert	COM	771192895	276	1,000	SH		SOLE		1,000	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	259	7,530	SH		SOLE		7,530	0	0
Rockwell Automation, Inc.	COM	773903109	459	3,960	SH		SOLE		3,660	0	300
Rockwell Collins	COM	774341101	277	2,864	SH		SOLE		2,564	0	300
Royal Dutch Shell PLC-ADR A	COM	780259206	2,050	34,373	SH		SOLE		30,973	0	3,400
Schlumberger Ltd	COM	806857108	33,520	401,731	SH		SOLE		336,058	0	65,673
Sempra Energy	COM	816851109	861	7,902	SH		SOLE		6,902	0	1,000
Sigma-Aldrich Corp.	COM	826552101	22,193	160,525	SH		SOLE		122,599	0	37,926
Southern Company	COM	842587107	528	11,925	SH		SOLE		4,100	0	7,825
Sovran Self Storage	COM	84610H108	813	8,650	SH		SOLE		8,650	0	0
Spectra Energy Corp	COM	847560109	318	8,782	SH		SOLE		5,124	0	3,658
SPX Corporation	COM	784635104	586	6,900	SH		SOLE		6,900	0	0
Starbucks Corp.	COM	855244109	1,617	17,072	SH		SOLE		15,722	0	1,350
Stryker Corporation	COM	863667101	17,998	195,101	SH		SOLE		172,638	0	22,463
Sysco Corp.	COM	871829107	12,489	331,023	SH		SOLE		249,147	0	81,876
T. Rowe Price Group	COM	74144T108	245	3,020	SH		SOLE		3,020	0	0
Target Corp	COM	87612E106	5,599	68,226	SH		SOLE		56,076	0	12,150
Teva Pharmaceutical Industries	COM	881624209	3,861	61,974	SH		SOLE		56,559	0	5,415
Texas Instruments	COM	882508104	3,330	58,231	SH		SOLE		49,617	0	8,614
Texas Pacific Land Trust	COM	882610108	362	2,500	SH		SOLE		0	0	2,500
The Walt Disney Company	COM	254687106	8,796	83,857	SH		SOLE		73,098	0	10,759
TJX Companies	COM	872540109	3,658	52,218	SH		SOLE		46,068	0	6,150
Tootsie Roll Inds	COM	890516107	205	6,044	SH		SOLE		5,714	0	330
Total SA-Spon ADR	COM	89151E109	253	5,100	SH		SOLE		4,600	0	500
Transocean Ltd.	COM	H8817H100	3,730	254,237	SH		SOLE		235,691	0	18,546
Tredegar Corporation	COM	894650100	322	16,000	SH		SOLE		16,000	0	0
U.S. Bancorp	COM	902973304	692	15,850	SH		SOLE		14,834	0	1,016
Under Armour Inc - Class A	COM	904311107	293	3,630	SH		SOLE		3,630	0	0
Unilever N V	COM	904784709	463	11,086	SH		SOLE		9,686	0	1,400
Union Pacific	COM	907818108	4,463	41,209	SH		SOLE		40,309	0	900
United Parcel Service	COM	911312106	46,067	475,210	SH		SOLE		455,650	0	19,560
United Technologies	COM	913017109	12,965	110,627	SH		SOLE		105,002	0	5,625
UnitedHealth Group Inc.	COM	91324P102	994	8,405	SH		SOLE		7,905	0	500
Valmont Industries Inc.	COM	920253101	627	5,100	SH		SOLE		5,100	0	0
Verizon Comm.	COM	92343V104	8,400	172,728	SH		SOLE		149,382	0	23,346
Visa Inc.	COM	92826C839	243	3,708	SH		SOLE		3,708	0	0
Vodafone Group PLC New	COM	92857w308	3,533	108,107	SH		SOLE		93,316	0	14,791
Wal-Mart Stores, Inc.	COM	931142103	9,663	117,486	SH		SOLE		90,596	0	26,890
Walgreens Boots Alliance Inc.	COM	931427108	17,143	202,441	SH		SOLE		180,842	0	21,599
Waste Management Inc.	COM	94106L109	853	15,730	SH		SOLE		15,730	0	0
Wells Fargo & Co.	COM	949746101	37,984	698,230	SH		SOLE		639,958	0	58,272
Wisconsin Energy Corp.	COM	976657106	880	17,776	SH		SOLE		6,714	0	11,062
Wynn Resorts	COM	983134107	415	3,299	SH		SOLE		3,299	0	0
Zimmer Holdings Inc.	COM	98956P102	625	5,315	SH		SOLE		3,455	0	1,860
SPDR Gold Trust	AA	78463V107	1,675	14,736	SH		SOLE		13,761	0	975
Sprott Physical Gold Trust ETV	AA	85207h104	166	17,000	SH		SOLE		17,000	0	0
Sprott Physical Silver Trust E	AA	85207k107	78	12,000	SH		SOLE		12,000	0	0