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	126	16,000	SH		SOLE		16,000	0	0
iShares Barclays 1-3 Year Cred	ETF	464288646	331	3,150	SH		SOLE		1,455	0	1,695
iShares iBoxx $ Inv Grade Corp	ETF	464287242	319	2,750	SH		SOLE		1,000	0	1,750
Nuveen Quality Pfd Income Fd	ETF	67071S101	82	10,400	SH		SOLE		10,400	0	0
PIMCO Enhanced Short Maturity	ETF	72201R833	2,304	22,871	SH		SOLE		20,621	0	2,250
SPDR Doubleline Total Return T	ETF	78467v848	2,516	50,800	SH		SOLE		50,800	0	0
Vanguard Int Term Bond ETF	ETF	921937819	1,652	19,470	SH		SOLE		1,645	0	17,825
Vanguard Int Term Corp Bond ET	ETF	92206C870	508	5,950	SH		SOLE		1,875	0	4,075
Vanguard Short Term Bond ETF	ETF	921937827	739	9,189	SH		SOLE		4,505	0	4,684
Vanguard Short Term Corp Bond	ETF	92206C409	14,315	179,588	SH		SOLE		142,370	0	37,218
Vanguard Total Bond Market ETF	ETF	921937835	908	11,082	SH		SOLE		0	0	11,082
Western Asset High Income Oppo	ETF	95766K109	114	24,395	SH		SOLE		24,395	0	0
Western Asset Income Fund	ETF	95766T100	2,089	158,355	SH		SOLE		104,830	0	53,525
Western Asset Premier Bond Fun	ETF	957664105	152	12,175	SH		SOLE		7,400	0	4,775
iShares Biotech Fund	ETF	464287556	285	938	SH		SOLE		938	0	0
iShares Core S&P Small-Cap ETF	ETF	464287804	409	3,842	SH		SOLE		3,842	0	0
iShares DJ US Housing	ETF	464288752	665	25,475	SH		SOLE		25,475	0	0
iShares North American Tech	ETF	464287549	286	2,850	SH		SOLE		2,600	0	250
iShares Russell 2000 Index	ETF	464287655	2,794	25,590	SH		SOLE		24,245	0	1,345
iShares Tr S&P 100	ETF	464287101	206	2,425	SH		SOLE		2,425	0	0
PowerShares QQQ Trust Ser 1	ETF	73935A104	241	2,364	SH		SOLE		1,874	0	490
Select Sector SPDR Energy ETF	ETF	81369Y506	829	13,540	SH		SOLE		13,540	0	0
SPDR Dow Jones Industrial Avg	ETF	78467X109	278	1,710	SH		SOLE		960	0	750
SPDR S&P Dividend ETF	ETF	78464A763	426	5,898	SH		SOLE		4,298	0	1,600
SPDR S&P MidCap 400	ETF	78467Y107	655	2,630	SH		SOLE		2,235	0	395
SPDR Trust Series 1 (spy)	ETF	78462F103	2,379	12,417	SH		SOLE		11,787	0	630
Utilities Select Sector SPDR	ETF	81369Y886	284	6,550	SH		SOLE		5,400	0	1,150
Vanguard REIT ETF	ETF	922908553	292	3,866	SH		SOLE		3,866	0	0
Vanguard World Fds Inf Tech ET	ETF	92204A702	330	3,300	SH		SOLE		3,300	0	0
iShares MSCI EAFE Index Fund	ETF	464287465	857	14,946	SH		SOLE		10,300	0	4,646
iShares MSCI Emerging Markets	ETF	464287234	425	12,958	SH		SOLE		9,834	0	3,124
Vanguard FTSE All World ex US	ETF	922042775	331	7,775	SH		SOLE		6,000	0	1,775
Vanguard FTSE Emerging Markets	ETF	922042858	488	14,734	SH		SOLE		14,734	0	0
21st Century Fox Class A	COM	90130a101	541	20,058	SH		SOLE		20,004	0	54
3M Company	COM	88579Y101	13,076	92,233	SH		SOLE		67,618	0	24,615
Abbott Labs	COM	002824100	11,659	289,886	SH		SOLE		251,726	0	38,160
AbbVie Inc.	COM	00287Y109	11,678	214,633	SH		SOLE		190,642	0	23,991
Accenture PLC	COM	G1151C101	31,714	322,751	SH		SOLE		285,540	0	37,211
Agilent Technologies Inc.	COM	00846U101	8,154	237,506	SH		SOLE		227,935	0	9,571
Albemarle Corp.	COM	012653101	1,720	39,000	SH		SOLE		39,000	0	0
Allegion Plc	COM	G0176J109	782	13,555	SH		SOLE		11,599	0	1,956
Allergan Inc	COM	G0177J108	447	1,645	SH		SOLE		1,422	0	223
Allstate Corp.	COM	020002101	316	5,431	SH		SOLE		3,577	0	1,854
Alphabet Inc Class A	COM	02079K305	10,587	16,585	SH		SOLE		15,296	0	1,289
Alphabet Inc Class C	COM	02079K107	5,846	9,609	SH		SOLE		8,719	0	890
Altria Group, Inc.	COM	02209S103	8,034	147,688	SH		SOLE		107,605	0	40,083
Amazon Com Inc	COM	023135106	4,790	9,358	SH		SOLE		9,125	0	233
America Movil S.A. de C.V. Ser	COM	02364W105	273	16,510	SH		SOLE		15,250	0	1,260
American Express Co.	COM	025816109	4,791	64,623	SH		SOLE		55,153	0	9,470
American Intl Group	COM	026874784	1,122	19,745	SH		SOLE		19,545	0	200
Amgen, Inc.	COM	031162100	7,985	57,727	SH		SOLE		47,490	0	10,237
Anadarko Pete Corp	COM	032511107	386	6,386	SH		SOLE		6,286	0	100
Apache Corp	COM	037411105	2,565	65,493	SH		SOLE		59,892	0	5,601
Apple Inc.	COM	037833100	39,121	354,681	SH		SOLE		318,189	0	36,492
Astrazeneca PLC - Spons ADR	COM	046353108	318	10,000	SH		SOLE		10,000	0	0
AT&T Inc.	COM	00206R102	6,172	189,436	SH		SOLE		159,464	0	29,972
Automatic Data Proc.	COM	053015103	6,961	86,618	SH		SOLE		62,393	0	24,225
Bank of America Corp	COM	060505104	1,666	106,904	SH		SOLE		102,682	0	4,222
Bank of New York Mellon Corp.	COM	064058100	16,786	428,772	SH		SOLE		391,348	0	37,424
Bard (C.R.)	COM	067383109	11,039	59,249	SH		SOLE		55,798	0	3,451
Baxalta Inc Com	COM	07177M103	466	14,792	SH		SOLE		12,642	0	2,150
Baxter International Inc	COM	071813109	491	14,932	SH		SOLE		12,782	0	2,150
Becton Dickinson & Co.	COM	075887109	1,735	13,081	SH		SOLE		1,081	0	12,000
Bed Bath & Beyond	COM	075896100	1,852	32,485	SH		SOLE		31,885	0	600
Berkshire Hathaway (100=1 Clas	COM	084990175	1,952	1,000	SH		SOLE		1,000	0	0
Berkshire Hathaway A	COM	084670108	3,905	20	SH		SOLE		20	0	0
Berkshire Hathaway B	COM	084670702	34,116	261,628	SH		SOLE		229,065	0	32,563
Boeing Co.	COM	097023105	11,141	85,076	SH		SOLE		79,486	0	5,590
Boswell J G Co	COM	101205102	364	555	SH		SOLE		555	0	0
BP PLC - Spons ADR	COM	055622104	6,924	226,555	SH		SOLE		180,526	0	46,029
Bristol-Myers Squibb Co.	COM	110122108	7,675	129,638	SH		SOLE		95,933	0	33,705
Campbell Soup Co.	COM	134429109	487	9,611	SH		SOLE		9,611	0	0
Casey's General Stores	COM	147528103	1,268	12,325	SH		SOLE		10,875	0	1,450
Caterpillar Inc.	COM	149123101	3,748	57,343	SH		SOLE		46,700	0	10,643
Cathay Intl Hld	COM	G1965E103	5	19,000	SH		SOLE		19,000	0	0
CDK Global Inc.	COM	12508e101	1,248	26,117	SH		SOLE		18,137	0	7,980
Cedar Fair L.P.	COM	150185106	587	11,160	SH		SOLE		10,610	0	550
Celgene Corp	COM	151020104	300	2,770	SH		SOLE		2,770	0	0
Cerner	COM	156782104	1,384	23,080	SH		SOLE		17,935	0	5,145
Chevron Corp.	COM	166764100	22,226	281,775	SH		SOLE		229,753	0	52,022
Chubb Corp.	COM	171232101	1,062	8,660	SH		SOLE		8,660	0	0
Cisco Systems, Inc.	COM	17275R102	13,313	507,161	SH		SOLE		426,509	0	80,652
Clorox Company	COM	189054109	2,340	20,252	SH		SOLE		14,699	0	5,553
Coach, Inc.	COM	189754104	12,696	438,869	SH		SOLE		397,939	0	40,930
Coca-Cola Company	COM	191216100	3,878	96,655	SH		SOLE		94,530	0	2,125
Colgate-Palmolive Co.	COM	194162103	23,235	366,133	SH		SOLE		339,966	0	26,167
Comcast Corp. Class A	COM	20030N101	484	8,500	SH		SOLE		7,938	0	562
Conagra Inc.	COM	205887102	254	6,266	SH		SOLE		6,266	0	0
ConocoPhillips	COM	20825C104	14,403	300,308	SH		SOLE		272,763	0	27,545
Consolidated Edison Inc.	COM	209115104	961	14,378	SH		SOLE		9,578	0	4,800
Costco Wholesale Corp.	COM	22160K105	35,413	244,955	SH		SOLE		214,347	0	30,608
CSX Corporation	COM	126408103	254	9,426	SH		SOLE		9,426	0	0
Cummins Inc	COM	231021106	3,013	27,746	SH		SOLE		14,346	0	13,400
CVS Health Corp.	COM	126650100	277	2,875	SH		SOLE		1,075	0	1,800
Deere & Co.	COM	244199105	643	8,690	SH		SOLE		8,290	0	400
Discovery Communications Ser.	COM	25470F302	930	38,300	SH		SOLE		38,000	0	300
Dominion Resources Inc.	COM	25746U109	527	7,494	SH		SOLE		7,494	0	0
Dow Chemical Company	COM	260543103	513	12,091	SH		SOLE		10,320	0	1,771
DTE Energy Company	COM	233331107	303	3,768	SH		SOLE		3,768	0	0
Du Pont E I De Nemours	COM	263534109	1,138	23,613	SH		SOLE		21,426	0	2,187
Duke Energy Corp. New	COM	26441C204	609	8,461	SH		SOLE		6,135	0	2,326
East West Bancorp Inc.	COM	27579R104	581	15,124	SH		SOLE		14,824	0	300
Eaton Corp. PLC	COM	G29183103	636	12,400	SH		SOLE		12,400	0	0
eBay Inc.	COM	278642103	7,317	299,403	SH		SOLE		268,588	0	30,815
Ecolab, Inc.	COM	278865100	2,605	23,743	SH		SOLE		22,443	0	1,300
Edgewell Personal Care Co	COM	28035Q102	1,133	13,883	SH		SOLE		13,883	0	0
Edison International	COM	281020107	710	11,258	SH		SOLE		11,258	0	0
Edwards Lifesciences Corp.	COM	28176E108	12,574	88,445	SH		SOLE		85,183	0	3,262
Electronic Arts	COM	285512109	203	3,000	SH		SOLE		3,000	0	0
EMC Corporation	COM	268648102	4,187	173,319	SH		SOLE		163,269	0	10,050
Emerson Electric Co.	COM	291011104	16,562	374,968	SH		SOLE		295,852	0	79,116
Enbridge Energy Management	COM	29250X103	399	16,763	SH		SOLE		16,095	0	668
Enbridge Energy Partners LP	COM	29250R106	1,404	56,778	SH		SOLE		46,478	0	10,300
Energizer Holdings Inc New	COM	29272W109	537	13,883	SH		SOLE		13,883	0	0
Enterprise Products Partners L	COM	293792107	380	15,252	SH		SOLE		13,716	0	1,536
EOG Res Inc	COM	26875P101	613	8,427	SH		SOLE		8,427	0	0
Equity Residential	COM	29476L107	684	9,109	SH		SOLE		6,809	0	2,300
Essex Property Trust	COM	297178105	3,469	15,529	SH		SOLE		8,582	0	6,947
Exelon Corp	COM	30161N101	220	7,413	SH		SOLE		3,818	0	3,595
Expeditors Int'l Of Washington	COM	302130109	769	16,347	SH		SOLE		16,347	0	0
Express Scripts Holding Compan	COM	30219G108	538	6,643	SH		SOLE		6,362	0	281
ExxonMobil Corporation	COM	30231G102	41,694	560,779	SH		SOLE		463,922	0	96,857
Facebook Inc	COM	30303M102	488	5,426	SH		SOLE		5,101	0	325
Farmers and Merchants Bank	COM	308243104	363	60	SH		SOLE		60	0	0
Fastenal Co.	COM	311900104	9,426	257,459	SH		SOLE		237,009	0	20,450
FedEx Corporation	COM	31428X106	737	5,118	SH		SOLE		5,118	0	0
FirstEnergy Corp.	COM	337932107	268	8,546	SH		SOLE		7,546	0	1,000
Flextronics International Ltd.	COM	Y2573F102	917	87,000	SH		SOLE		83,500	0	3,500
Franklin Resources Inc	COM	354613101	13,657	366,540	SH		SOLE		328,976	0	37,564
Frontier Communications Corp.	COM	35906A108	80	16,839	SH		SOLE		10,455	0	6,384
General Electric	COM	369604103	33,970	1,346,947	SH		SOLE		1,130,036	0	216,911
General Mills Inc.	COM	370334104	1,277	22,743	SH		SOLE		22,443	0	300
Gilead Sciences Inc	COM	375558103	13,617	138,678	SH		SOLE		129,759	0	8,919
GlaxoSmithKline PLC-ADR	COM	37733W105	372	9,675	SH		SOLE		6,505	0	3,170
Goldman Sachs Group Inc.	COM	38141G104	3,439	19,790	SH		SOLE		18,425	0	1,365
Grainger Inc., W.W.	COM	384802104	451	2,098	SH		SOLE		1,478	0	620
Hain Celestial Group Inc.	COM	405217100	3,516	68,146	SH		SOLE		65,161	0	2,985
Harris & Harris Grp	COM	413833104	86	40,000	SH		SOLE		40,000	0	0
HCP Inc.	COM	40414L109	218	5,850	SH		SOLE		5,850	0	0
Hennessy Advisors Inc	COM	425885100	321	13,500	SH		SOLE		13,500	0	0
Home Depot, Inc.	COM	437076102	6,761	58,541	SH		SOLE		47,491	0	11,050
Honeywell Int'l Inc.	COM	438516106	9,346	98,699	SH		SOLE		96,799	0	1,900
HP Inc.	COM	40434L105	22,351	872,758	SH		SOLE		853,959	0	18,799
Illinois Tool Works Inc.	COM	452308109	5,196	63,132	SH		SOLE		53,682	0	9,450
Infusystem Holdings Inc	COM	45685K102	58	21,000	SH		SOLE		21,000	0	0
Ingersoll-Rand PLC	COM	G47791101	3,788	74,616	SH		SOLE		66,456	0	8,160
Intel Corp.	COM	458140100	20,861	692,121	SH		SOLE		595,293	0	96,828
International Bus Mach	COM	459200101	22,418	154,640	SH		SOLE		126,789	0	27,851
Intuit Inc.	COM	461202103	6,261	70,548	SH		SOLE		58,148	0	12,400
Jacobs Engineering Group Inc.	COM	469814107	10,024	267,813	SH		SOLE		233,335	0	34,478
Johnson & Johnson	COM	478160104	36,348	389,378	SH		SOLE		326,293	0	63,085
Johnson Controls Inc.	COM	478366107	25,799	623,755	SH		SOLE		565,242	0	58,513
JPMorgan Chase & Co.	COM	46625H100	16,813	275,766	SH		SOLE		218,364	0	57,402
Kellogg Co.	COM	487836108	1,487	22,346	SH		SOLE		6,196	0	16,150
Keysight Technologies, Inc.	COM	49338L103	3,601	116,770	SH		SOLE		112,089	0	4,681
Kimberly-Clark Corp.	COM	494368103	1,245	11,418	SH		SOLE		11,178	0	240
Kohls Corp	COM	500255104	1,508	32,561	SH		SOLE		28,361	0	4,200
Kraft Heinz Co Com	COM	500754106	1,631	23,108	SH		SOLE		17,049	0	6,059
Laboratory Corp. of America	COM	50540R409	3,077	28,364	SH		SOLE		26,774	0	1,590
Las Vegas Sands	COM	517834107	1,513	39,844	SH		SOLE		38,684	0	1,160
Lilly Eli & Co.	COM	532457108	1,061	12,679	SH		SOLE		8,889	0	3,790
Lincoln National Corp.	COM	534187109	451	9,497	SH		SOLE		9,497	0	0
Lockheed Martin Corp.	COM	539830109	3,818	18,418	SH		SOLE		17,918	0	500
Lowe's Companies	COM	548661107	24,998	362,716	SH		SOLE		317,216	0	45,500
Lyondellbasell Ind Shs - A	COM	N53745100	687	8,240	SH		SOLE		8,240	0	0
Magellan Midstream Partners	COM	559080106	2,235	37,180	SH		SOLE		30,630	0	6,550
Marsh & McLennan Companies	COM	571748102	1,385	26,525	SH		SOLE		5,325	0	21,200
Mastercard Inc-Cl A	COM	57636Q104	737	8,180	SH		SOLE		8,180	0	0
McDonald's Corp.	COM	580135101	12,748	129,379	SH		SOLE		105,962	0	23,417
McGraw Hill Financial	COM	580645109	778	8,990	SH		SOLE		3,450	0	5,540
McKesson Corp.	COM	58155Q103	258	1,395	SH		SOLE		1,320	0	75
Medtronic Plc.	COM	g5960l103	1,289	19,259	SH		SOLE		17,209	0	2,050
Merck & Co., Inc. New	COM	58933Y105	4,807	97,332	SH		SOLE		85,492	0	11,840
Mercury General Ins	COM	589400100	4,938	97,764	SH		SOLE		94,224	0	3,540
Meredith Corp.	COM	589433101	656	15,400	SH		SOLE		3,400	0	12,000
Microsoft Corp.	COM	594918104	23,572	532,583	SH		SOLE		444,478	0	88,105
Minerals Technologies Inc.	COM	603158106	1,350	28,030	SH		SOLE		26,530	0	1,500
Mondelez International	COM	609207105	3,773	90,117	SH		SOLE		59,001	0	31,116
Monsanto Company	COM	61166W101	7,637	89,491	SH		SOLE		83,086	0	6,405
Monster Beverage Corp.	COM	611740101	216	1,600	SH		SOLE		1,600	0	0
Moody's Corporation	COM	615369105	378	3,849	SH		SOLE		3,849	0	0
MSA Safety Inc.	COM	553498106	1,396	34,926	SH		SOLE		34,126	0	800
National Oilwell Varco	COM	637071101	240	6,365	SH		SOLE		6,365	0	0
Nestle Sponsored ADR	COM	641069406	1,541	20,478	SH		SOLE		17,768	0	2,710
Netapp, Inc	COM	64110D104	2,868	96,900	SH		SOLE		95,500	0	1,400
NewMarket Corp	COM	651587107	3,035	8,500	SH		SOLE		8,500	0	0
NextEra Energy Inc.	COM	65339F101	638	6,540	SH		SOLE		4,640	0	1,900
Nike, Inc.	COM	654106103	9,934	80,787	SH		SOLE		69,394	0	11,393
Nordstrom Inc.	COM	655664100	215	3,002	SH		SOLE		2,002	0	1,000
Norfolk Southern Corp.	COM	655844108	719	9,405	SH		SOLE		7,655	0	1,750
Northrop Grumman Corp.	COM	666807102	4,242	25,563	SH		SOLE		25,563	0	0
Novartis AG ADS	COM	66987V109	9,026	98,195	SH		SOLE		88,727	0	9,468
Novo Nordisk ADR	COM	670100205	12,202	224,955	SH		SOLE		208,344	0	16,611
Nucor Corp.	COM	670346105	6,113	162,786	SH		SOLE		149,838	0	12,948
Occidental Petroleum	COM	674599105	665	10,057	SH		SOLE		10,057	0	0
Oneok Partners LP	COM	68268N103	1,850	63,241	SH		SOLE		53,271	0	9,970
Oracle Systems	COM	68389X105	18,977	525,388	SH		SOLE		471,470	0	53,918
Paccar Inc.	COM	693718108	232	4,450	SH		SOLE		4,450	0	0
Paychex Inc	COM	704326107	211	4,425	SH		SOLE		3,425	0	1,000
Paypal Hldgs Inc Com	COM	70450Y103	9,025	290,758	SH		SOLE		263,643	0	27,115
PepsiCo Inc.	COM	713448108	16,540	175,397	SH		SOLE		136,895	0	38,502
Pfizer, Inc.	COM	717081103	16,403	522,228	SH		SOLE		433,852	0	88,376
Philip Morris Intl	COM	718172109	12,881	162,372	SH		SOLE		126,250	0	36,122
Phillips 66	COM	718546104	1,152	14,986	SH		SOLE		9,709	0	5,277
Plains All American Pipeline L	COM	726503105	2,279	75,020	SH		SOLE		59,264	0	15,756
Plum Creek Timber L.P.	COM	729251108	1,071	27,117	SH		SOLE		27,000	0	117
PPG Industries, Inc.	COM	693506107	743	8,468	SH		SOLE		5,886	0	2,582
Precision Castparts Corp	COM	740189105	24,420	106,307	SH		SOLE		96,925	0	9,382
Procter & Gamble Co.	COM	742718109	19,419	269,934	SH		SOLE		211,369	0	58,565
Profile technologies - NO No	COM	743164105	0	13,500	SH		SOLE		13,500	0	0
PS Business Parks Inc	COM	69360J107	385	4,854	SH		SOLE		4,854	0	0
Public Storage	COM	74460D109	9,373	44,289	SH		SOLE		30,789	0	13,500
Qualcomm, Inc	COM	747525103	12,137	225,893	SH		SOLE		188,448	0	37,445
Realty Income Corp.	COM	756109104	1,925	40,628	SH		SOLE		38,328	0	2,300
Roche Dividend Right Cert	COM	771192895	263	1,000	SH		SOLE		1,000	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	249	7,565	SH		SOLE		7,565	0	0
Rockwell Automation, Inc.	COM	773903109	392	3,860	SH		SOLE		3,560	0	300
Rockwell Collins	COM	774341101	226	2,764	SH		SOLE		2,464	0	300
Royal Caribbean Cruise	COM	V7780T103	906	10,175	SH		SOLE		10,175	0	0
Royal Dutch Shell PLC-ADR A	COM	780259206	1,574	33,220	SH		SOLE		31,320	0	1,900
Schlumberger Ltd	COM	806857108	28,126	407,794	SH		SOLE		343,226	0	64,568
Sempra Energy	COM	816851109	772	7,980	SH		SOLE		7,180	0	800
Sigma-Aldrich Corp.	COM	826552101	16,047	115,514	SH		SOLE		90,057	0	25,457
Southern Company	COM	842587107	587	13,125	SH		SOLE		5,300	0	7,825
Sovran Self Storage	COM	84610H108	816	8,650	SH		SOLE		8,650	0	0
Spx Flow Inc Com	COM	78469X107	238	6,900	SH		SOLE		6,900	0	0
Starbucks Corp.	COM	855244109	1,786	31,414	SH		SOLE		28,714	0	2,700
Stryker Corporation	COM	863667101	17,451	185,447	SH		SOLE		163,442	0	22,005
Sysco Corp.	COM	871829107	12,418	318,643	SH		SOLE		240,667	0	77,976
T. Rowe Price Group	COM	74144T108	210	3,020	SH		SOLE		3,020	0	0
Target Corp	COM	87612E106	4,731	60,142	SH		SOLE		48,767	0	11,375
Teva Pharmaceutical Industries	COM	881624209	1,889	33,459	SH		SOLE		30,444	0	3,015
Texas Instruments	COM	882508104	2,584	52,181	SH		SOLE		44,651	0	7,530
The Walt Disney Company	COM	254687106	9,358	91,570	SH		SOLE		79,401	0	12,169
TJX Companies	COM	872540109	3,679	51,513	SH		SOLE		45,363	0	6,150
Transocean Ltd.	COM	H8817H100	2,529	195,757	SH		SOLE		180,461	0	15,296
Tredegar Corporation	COM	894650100	209	16,000	SH		SOLE		16,000	0	0
U.S. Bancorp	COM	902973304	650	15,850	SH		SOLE		14,834	0	1,016
Under Armour Inc - Class A	COM	904311107	463	4,780	SH		SOLE		4,780	0	0
Unilever N V	COM	904784709	446	11,086	SH		SOLE		9,686	0	1,400
Union Pacific	COM	907818108	7,557	85,475	SH		SOLE		83,138	0	2,337
United Parcel Service	COM	911312106	47,850	484,855	SH		SOLE		465,545	0	19,310
United Technologies	COM	913017109	10,311	115,864	SH		SOLE		109,577	0	6,287
UnitedHealth Group Inc.	COM	91324P102	975	8,405	SH		SOLE		7,905	0	500
Valmont Industries Inc.	COM	920253101	484	5,100	SH		SOLE		5,100	0	0
Verizon Comm.	COM	92343V104	7,462	171,496	SH		SOLE		149,003	0	22,493
Visa Inc.	COM	92826C839	290	4,158	SH		SOLE		4,158	0	0
Vodafone Group PLC New	COM	92857w308	3,426	107,931	SH		SOLE		94,295	0	13,636
Wal-Mart Stores, Inc.	COM	931142103	8,360	128,936	SH		SOLE		101,256	0	27,680
Walgreens Boots Alliance Inc.	COM	931427108	16,276	195,866	SH		SOLE		175,867	0	19,999
Waste Management Inc.	COM	94106L109	868	17,432	SH		SOLE		17,432	0	0
Wec Energy Group Inc	COM	92939U106	897	17,176	SH		SOLE		6,114	0	11,062
Wells Fargo & Co.	COM	949746101	36,065	702,346	SH		SOLE		646,796	0	55,550
Whole Food Markets	COM	966837106	612	19,335	SH		SOLE		17,320	0	2,015
Zimmer Biomet Hldgs Inc Com	COM	98956P102	465	4,955	SH		SOLE		3,215	0	1,740
SPDR Gold Trust	AA	78463V107	1,760	16,466	SH		SOLE		15,458	0	1,008
Sprott Physical Gold Trust ETV	AA	85207h104	193	21,000	SH		SOLE		21,000	0	0
Sprott Physical Silver Trust E	AA	85207k107	86	15,250	SH		SOLE		15,250	0	0