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
Flaherty & Crumrine PFD INCM O	ETF	33848E106	148	12,500	SH		SOLE		12,500	0	0
iShares Barclays 1-3 Year Cred	ETF	464288646	332	3,150	SH		SOLE		1,455	0	1,695
iShares Core U.S. Aggregate Bo	ETF	464287226	260	2,350	SH		SOLE		2,350	0	0
iShares iBoxx $ Inv Grade Corp	ETF	464287242	327	2,750	SH		SOLE		1,000	0	1,750
Nuveen Quality Pfd Income Fd	ETF	67071S101	87	10,400	SH		SOLE		10,400	0	0
PIMCO Enhanced Short Maturity	ETF	72201R833	4,342	43,087	SH		SOLE		40,187	0	2,900
PIMCO High Income Fund	ETF	722014107	433	48,590	SH		SOLE		4,090	0	44,500
SPDR Doubleline Total Return T	ETF	78467v848	4,247	86,000	SH		SOLE		68,800	0	17,200
Vanguard Int Term Bond ETF	ETF	921937819	1,680	19,470	SH		SOLE		1,645	0	17,825
Vanguard Int Term Corp Bond ET	ETF	92206C870	517	5,950	SH		SOLE		1,875	0	4,075
Vanguard Short Term Bond ETF	ETF	921937827	733	9,089	SH		SOLE		4,505	0	4,584
Vanguard Short Term Corp Bond	ETF	92206C409	10,314	128,877	SH		SOLE		92,284	0	36,593
Vanguard Total Bond Market ETF	ETF	921937835	951	11,490	SH		SOLE		408	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	1,667	122,675	SH		SOLE		86,229	0	36,446
Western Asset Premier Bond Fun	ETF	957664105	153	12,175	SH		SOLE		7,400	0	4,775
iShares Core S&P Mid-Cap ETF	ETF	464287507	210	1,455	SH		SOLE		1,455	0	0
iShares Core S&P Small-Cap ETF	ETF	464287804	432	3,842	SH		SOLE		3,842	0	0
iShares DJ US Housing	ETF	464288752	620	22,900	SH		SOLE		22,900	0	0
iShares North American Tech	ETF	464287549	315	2,850	SH		SOLE		2,600	0	250
iShares Russell 2000 Index	ETF	464287655	2,575	23,273	SH		SOLE		21,928	0	1,345
iShares Tr S&P 100	ETF	464287101	222	2,425	SH		SOLE		2,425	0	0
Kayne Anderson MLP Inv Com	ETF	486606106	492	29,700	SH		SOLE		5,500	0	24,200
PowerShares QQQ Trust Ser 1	ETF	73935A104	399	3,658	SH		SOLE		3,153	0	505
Select Sector SPDR Utilities	ETF	81369Y886	325	6,550	SH		SOLE		5,400	0	1,150
SPDR Dow Jones Industrial Avg	ETF	78467X109	296	1,675	SH		SOLE		925	0	750
SPDR S&P Dividend ETF	ETF	78464A763	663	8,298	SH		SOLE		6,698	0	1,600
SPDR S&P MidCap 400	ETF	78467Y107	691	2,630	SH		SOLE		2,235	0	395
SPDR Trust Series 1 (spy)	ETF	78462F103	2,042	9,935	SH		SOLE		9,005	0	930
Tortoise Energy Infr	ETF	89147L100	230	9,330	SH		SOLE		7,130	0	2,200
Vanguard Growth ETF	ETF	922908736	203	1,910	SH		SOLE		1,910	0	0
Vanguard REIT ETF	ETF	922908553	377	4,493	SH		SOLE		4,383	0	110
Vanguard Total Stock Market ET	ETF	922908769	407	3,886	SH		SOLE		3,236	0	650
Vanguard World Fds Inf Tech ET	ETF	92204A702	361	3,300	SH		SOLE		3,300	0	0
iShares MSCI EAFE Index Fund	ETF	464287465	861	15,066	SH		SOLE		10,300	0	4,766
iShares MSCI Emerging Markets	ETF	464287234	463	13,524	SH		SOLE		10,400	0	3,124
Vanguard FTSE All World ex US	ETF	922042775	335	7,775	SH		SOLE		6,000	0	1,775
Vanguard FTSE Emerging Markets	ETF	922042858	489	14,134	SH		SOLE		14,134	0	0
21st Century Fox Class A	COM	90130a101	559	20,060	SH		SOLE		20,006	0	54
3M Company	COM	88579Y101	13,626	81,774	SH		SOLE		58,699	0	23,075
Abbott Labs	COM	002824100	11,768	281,322	SH		SOLE		245,230	0	36,092
AbbVie Inc.	COM	00287Y109	12,022	210,467	SH		SOLE		187,119	0	23,348
Accenture PLC	COM	G1151C101	34,801	301,569	SH		SOLE		266,017	0	35,552
Ace Limited	COM	H1467J104	664	5,570	SH		SOLE		5,570	0	0
Agilent Technologies Inc.	COM	00846U101	9,238	231,816	SH		SOLE		227,545	0	4,271
Albemarle Corp.	COM	012653101	2,493	39,000	SH		SOLE		39,000	0	0
Allegion Plc	COM	G0176J109	369	5,786	SH		SOLE		4,919	0	867
Allergan Inc	COM	G0177J108	3,585	13,374	SH		SOLE		13,154	0	220
Allstate Corp.	COM	020002101	329	4,889	SH		SOLE		4,511	0	378
Alphabet Inc Class A	COM	02079K305	12,695	16,640	SH		SOLE		15,332	0	1,308
Alphabet Inc Class C	COM	02079K107	8,021	10,767	SH		SOLE		9,852	0	915
Altria Group, Inc.	COM	02209S103	9,104	145,295	SH		SOLE		108,466	0	36,829
Amazon Com Inc	COM	023135106	5,780	9,736	SH		SOLE		9,414	0	322
America Movil S.A. de C.V. Ser	COM	02364W105	256	16,510	SH		SOLE		16,510	0	0
American Express Co.	COM	025816109	4,745	77,286	SH		SOLE		66,861	0	10,425
Amgen, Inc.	COM	031162100	8,854	59,052	SH		SOLE		48,589	0	10,463
Anadarko Petroleum Corp	COM	032511107	272	5,846	SH		SOLE		5,746	0	100
Apache Corp	COM	037411105	3,245	66,488	SH		SOLE		59,937	0	6,551
Apple Inc.	COM	037833100	40,315	369,900	SH		SOLE		331,228	0	38,672
Astrazeneca PLC - Spons ADR	COM	046353108	282	10,000	SH		SOLE		10,000	0	0
AT&T Inc.	COM	00206R102	7,040	179,719	SH		SOLE		152,345	0	27,374
Automatic Data Proc.	COM	053015103	7,583	84,527	SH		SOLE		60,067	0	24,460
Bank of America Corp	COM	060505104	1,325	97,968	SH		SOLE		96,679	0	1,289
Bank of New York Mellon Corp.	COM	064058100	16,128	437,903	SH		SOLE		397,068	0	40,835
Bard (C.R.)	COM	067383109	10,533	51,973	SH		SOLE		48,560	0	3,413
Baxalta Inc Com	COM	07177M103	594	14,697	SH		SOLE		12,547	0	2,150
Baxter International Inc	COM	071813109	622	15,137	SH		SOLE		12,987	0	2,150
Becton Dickinson & Co.	COM	075887109	2,001	13,181	SH		SOLE		1,181	0	12,000
Bed Bath & Beyond	COM	075896100	4,518	91,025	SH		SOLE		87,960	0	3,065
Bemis Company	COM	081437105	257	4,965	SH		SOLE		4,965	0	0
Berkshire Hathaway (100=1 Clas	COM	084990175	2,135	1,000	SH		SOLE		1,000	0	0
Berkshire Hathaway A	COM	084670108	3,415	16	SH		SOLE		16	0	0
Berkshire Hathaway B	COM	084670702	37,254	262,575	SH		SOLE		229,729	0	32,846
Boeing Co.	COM	097023105	20,468	161,238	SH		SOLE		150,453	0	10,785
Boswell J G Co	COM	101205102	355	555	SH		SOLE		555	0	0
BP PLC - Spons ADR	COM	055622104	5,727	189,747	SH		SOLE		148,850	0	40,897
Bristol-Myers Squibb Co.	COM	110122108	7,318	114,561	SH		SOLE		83,135	0	31,426
Broadcom Ltd. Ordinary	COM	Y09827109	204	1,321	SH		SOLE		1,321	0	0
Campbell Soup Co.	COM	134429109	613	9,611	SH		SOLE		9,611	0	0
Casey's General Stores	COM	147528103	1,397	12,325	SH		SOLE		10,875	0	1,450
Caterpillar Inc.	COM	149123101	4,511	58,932	SH		SOLE		47,825	0	11,107
Cathay Intl Hld	COM	G1965E103	5	19,000	SH		SOLE		19,000	0	0
CDK Global Inc.	COM	12508e101	565	12,144	SH		SOLE		9,732	0	2,412
Cedar Fair L.P.	COM	150185106	663	11,160	SH		SOLE		10,610	0	550
Celgene Corp	COM	151020104	928	9,272	SH		SOLE		8,867	0	405
Cerner	COM	156782104	2,778	52,454	SH		SOLE		41,218	0	11,236
Chevron Corp.	COM	166764100	27,651	289,848	SH		SOLE		236,922	0	52,925
Cisco Systems, Inc.	COM	17275R102	13,343	468,682	SH		SOLE		395,559	0	73,123
Clorox Company	COM	189054109	2,526	20,042	SH		SOLE		14,489	0	5,553
Coach, Inc.	COM	189754104	15,475	386,004	SH		SOLE		348,535	0	37,469
Coca-Cola Company	COM	191216100	3,804	82,009	SH		SOLE		79,884	0	2,125
Colgate-Palmolive Co.	COM	194162103	24,975	353,499	SH		SOLE		328,545	0	24,954
Comcast Corp. Class A	COM	20030N101	576	9,434	SH		SOLE		8,822	0	612
Conagra Inc.	COM	205887102	235	5,266	SH		SOLE		5,266	0	0
ConocoPhillips	COM	20825C104	11,408	283,299	SH		SOLE		256,889	0	26,410
Consolidated Edison Inc.	COM	209115104	1,067	13,928	SH		SOLE		9,128	0	4,800
Costco Wholesale Corp.	COM	22160K105	35,705	226,586	SH		SOLE		197,135	0	29,451
CSX Corporation	COM	126408103	202	7,827	SH		SOLE		7,827	0	0
Cummins Inc	COM	231021106	2,458	22,362	SH		SOLE		8,962	0	13,400
CVS Health Corp.	COM	126650100	351	3,385	SH		SOLE		1,585	0	1,800
Deere & Co.	COM	244199105	684	8,890	SH		SOLE		8,490	0	400
Discovery Communications Ser.	COM	25470F302	9,748	361,050	SH		SOLE		341,655	0	19,395
Dominion Resources Inc.	COM	25746U109	495	6,594	SH		SOLE		6,594	0	0
Dow Chemical Company	COM	260543103	597	11,746	SH		SOLE		10,475	0	1,271
DTE Energy Company	COM	233331107	342	3,768	SH		SOLE		3,768	0	0
Du Pont E I De Nemours	COM	263534109	1,467	23,163	SH		SOLE		20,976	0	2,187
Duke Energy Corp. New	COM	26441C204	670	8,304	SH		SOLE		6,061	0	2,243
Eaton Corp. PLC	COM	G29183103	723	11,555	SH		SOLE		11,555	0	0
eBay Inc.	COM	278642103	6,936	290,698	SH		SOLE		249,360	0	41,338
Ecolab, Inc.	COM	278865100	2,542	22,793	SH		SOLE		21,493	0	1,300
Edgewell Personal Care Co	COM	28035Q102	1,106	13,729	SH		SOLE		13,729	0	0
Edison International	COM	281020107	742	10,316	SH		SOLE		10,316	0	0
Edwards Lifesciences Corp.	COM	28176E108	13,252	150,235	SH		SOLE		143,900	0	6,335
Electronic Arts	COM	285512109	207	3,130	SH		SOLE		3,130	0	0
EMC Corporation	COM	268648102	3,195	119,869	SH		SOLE		109,274	0	10,595
Emerson Electric Co.	COM	291011104	20,386	374,881	SH		SOLE		296,797	0	78,084
Enbridge Energy Management	COM	29250X103	271	15,071	SH		SOLE		14,243	0	827
Enbridge Energy Partners LP	COM	29250R106	976	53,256	SH		SOLE		44,106	0	9,150
Energizer Holdings Inc New	COM	29272W109	562	13,883	SH		SOLE		13,883	0	0
Enterprise Products Partners L	COM	293792107	332	13,470	SH		SOLE		13,320	0	150
EOG Res Inc	COM	26875P101	369	5,087	SH		SOLE		5,087	0	0
Equity Residential	COM	29476L107	668	8,899	SH		SOLE		6,599	0	2,300
Essex Property Trust	COM	297178105	2,694	11,519	SH		SOLE		8,316	0	3,203
Exelon Corp	COM	30161N101	251	6,997	SH		SOLE		3,518	0	3,479
Expeditors Int'l Of Washington	COM	302130109	935	19,147	SH		SOLE		18,847	0	300
Express Scripts Holding Compan	COM	30219G108	444	6,469	SH		SOLE		6,188	0	281
ExxonMobil Corporation	COM	30231G102	45,372	542,792	SH		SOLE		448,315	0	94,477
Facebook Inc	COM	30303M102	578	5,064	SH		SOLE		4,509	0	555
Farmers and Merchants Bank	COM	308243104	363	60	SH		SOLE		60	0	0
Fastenal Co.	COM	311900104	13,867	282,995	SH		SOLE		252,949	0	30,046
FedEx Corporation	COM	31428X106	764	4,694	SH		SOLE		4,694	0	0
FirstEnergy Corp.	COM	337932107	307	8,546	SH		SOLE		7,546	0	1,000
Flextronics International Ltd.	COM	Y2573F102	2,221	184,135	SH		SOLE		169,035	0	15,100
Franklin Resources Inc	COM	354613101	12,314	315,344	SH		SOLE		280,929	0	34,415
Frontier Communications Corp.	COM	35906A108	91	16,269	SH		SOLE		9,897	0	6,372
Gap Inc. Del	COM	364760108	4,728	160,810	SH		SOLE		140,710	0	20,100
General Electric	COM	369604103	39,768	1,250,946	SH		SOLE		1,055,666	0	195,280
General Mills Inc.	COM	370334104	394	6,223	SH		SOLE		5,923	0	300
German Amern Bancorp Inc Com	COM	373865104	351	10,913	SH		SOLE		10,913	0	0
Gilead Sciences Inc	COM	375558103	22,326	243,044	SH		SOLE		223,012	0	20,032
GlaxoSmithKline PLC-ADR	COM	37733W105	392	9,675	SH		SOLE		6,505	0	3,170
Goldman Sachs Group Inc.	COM	38141G104	4,547	28,964	SH		SOLE		27,399	0	1,565
Grainger Inc., W.W.	COM	384802104	490	2,098	SH		SOLE		1,478	0	620
Hain Celestial Group Inc.	COM	405217100	4,186	102,312	SH		SOLE		94,282	0	8,030
Harris & Harris Grp	COM	413833104	66	40,000	SH		SOLE		40,000	0	0
Hennessy Advisors Inc	COM	425885100	360	13,500	SH		SOLE		13,500	0	0
Hewlett Packard Enterprise Co	COM	42824C109	15,340	865,218	SH		SOLE		846,919	0	18,299
Home Depot, Inc.	COM	437076102	7,622	57,126	SH		SOLE		45,934	0	11,192
Honeywell Int'l Inc.	COM	438516106	10,891	97,199	SH		SOLE		96,099	0	1,100
HP Inc.	COM	40434L105	10,453	848,433	SH		SOLE		833,919	0	14,514
Illinois Tool Works Inc.	COM	452308109	6,074	59,292	SH		SOLE		49,632	0	9,660
Infusystem Holdings Inc	COM	45685K102	74	21,000	SH		SOLE		21,000	0	0
Ingersoll-Rand PLC	COM	G47791101	1,819	29,328	SH		SOLE		25,338	0	3,990
Intel Corp.	COM	458140100	21,597	667,613	SH		SOLE		574,742	0	92,871
International Bus Mach	COM	459200101	22,413	147,991	SH		SOLE		120,851	0	27,140
Intuit Inc.	COM	461202103	7,776	74,763	SH		SOLE		61,606	0	13,157
Intuitive Surgical Inc.	COM	46120E602	207	345	SH		SOLE		275	0	70
Jacobs Engineering Group Inc.	COM	469814107	9,083	208,554	SH		SOLE		189,468	0	19,086
Johnson & Johnson	COM	478160104	38,711	357,769	SH		SOLE		296,723	0	61,045
Johnson Controls Inc.	COM	478366107	16,282	417,819	SH		SOLE		380,957	0	36,862
JPMorgan Chase & Co.	COM	46625H100	16,183	273,262	SH		SOLE		216,277	0	56,985
Kellogg Co.	COM	487836108	1,641	21,436	SH		SOLE		5,286	0	16,150
Keysight Technologies, Inc.	COM	49338L103	2,989	107,738	SH		SOLE		105,582	0	2,156
Kimberly-Clark Corp.	COM	494368103	1,573	11,693	SH		SOLE		11,453	0	240
Kohls Corp	COM	500255104	717	15,388	SH		SOLE		12,988	0	2,400
Kraft Heinz Co Com	COM	500754106	1,833	23,334	SH		SOLE		17,239	0	6,095
Laboratory Corp. of America	COM	50540R409	3,448	29,439	SH		SOLE		28,064	0	1,375
Las Vegas Sands	COM	517834107	1,209	23,387	SH		SOLE		21,927	0	1,460
Lilly Eli & Co.	COM	532457108	1,191	16,540	SH		SOLE		12,850	0	3,690
Lincoln National Corp.	COM	534187109	371	9,465	SH		SOLE		9,465	0	0
Lockheed Martin Corp.	COM	539830109	4,080	18,418	SH		SOLE		17,918	0	500
Lowe's Companies	COM	548661107	26,500	349,831	SH		SOLE		308,782	0	41,049
Lyondellbasell Ind Shs - A	COM	N53745100	881	10,290	SH		SOLE		10,260	0	30
Magellan Midstream Partners	COM	559080106	2,551	37,072	SH		SOLE		28,269	0	8,803
Marsh & McLennan Companies	COM	571748102	1,321	21,725	SH		SOLE		3,525	0	18,200
Mastercard Inc-Cl A	COM	57636Q104	764	8,080	SH		SOLE		8,080	0	0
McDonald's Corp.	COM	580135101	15,284	121,614	SH		SOLE		97,597	0	24,017
McGraw Hill Financial	COM	580645109	796	8,040	SH		SOLE		2,500	0	5,540
McKesson Corp.	COM	58155Q103	207	1,315	SH		SOLE		1,270	0	45
Medtronic Plc.	COM	g5960l103	1,204	16,059	SH		SOLE		15,309	0	750
Merck & Co., Inc. New	COM	58933Y105	4,317	81,583	SH		SOLE		69,668	0	11,915
Mercury General Ins	COM	589400100	2,810	50,626	SH		SOLE		47,061	0	3,565
Meredith Corp.	COM	589433101	732	15,400	SH		SOLE		3,400	0	12,000
Microsoft Corp.	COM	594918104	26,092	472,429	SH		SOLE		393,618	0	78,811
Minerals Technologies Inc.	COM	603158106	1,338	23,530	SH		SOLE		22,030	0	1,500
Mondelez International	COM	609207105	3,583	89,307	SH		SOLE		59,003	0	30,304
Monsanto Company	COM	61166W101	14,471	164,933	SH		SOLE		154,873	0	10,060
Monster Beverage Corp.	COM	611740101	213	1,600	SH		SOLE		1,600	0	0
Moody's Corporation	COM	615369105	372	3,849	SH		SOLE		3,849	0	0
MSA Safety Inc.	COM	553498106	2,765	57,193	SH		SOLE		56,508	0	685
Nestle Sponsored ADR	COM	641069406	2,042	27,371	SH		SOLE		24,811	0	2,560
Netapp, Inc	COM	64110D104	3,322	121,725	SH		SOLE		117,950	0	3,775
NewMarket Corp	COM	651587107	3,368	8,500	SH		SOLE		8,500	0	0
NextEra Energy Inc.	COM	65339F101	774	6,540	SH		SOLE		4,640	0	1,900
Nike, Inc.	COM	654106103	10,025	163,083	SH		SOLE		140,678	0	22,405
Nokia Corp. ADR A	COM	654902204	108	18,349	SH		SOLE		18,349	0	0
Nordstrom Inc.	COM	655664100	2,191	38,297	SH		SOLE		33,997	0	4,300
Norfolk Southern Corp.	COM	655844108	770	9,255	SH		SOLE		7,505	0	1,750
Northrop Grumman Corp.	COM	666807102	5,059	25,563	SH		SOLE		25,563	0	0
Norwegian Cruise Line Holdings	COM	G66721104	620	11,210	SH		SOLE		11,210	0	0
Novartis AG ADS	COM	66987V109	7,229	99,792	SH		SOLE		89,327	0	10,465
Novo Nordisk ADR	COM	670100205	12,133	223,889	SH		SOLE		206,628	0	17,261
Nucor Corp.	COM	670346105	4,838	102,280	SH		SOLE		92,531	0	9,749
Occidental Petroleum	COM	674599105	666	9,727	SH		SOLE		9,727	0	0
Oneok Partners LP	COM	68268N103	1,740	55,400	SH		SOLE		45,790	0	9,610
Oracle Systems	COM	68389X105	21,773	532,228	SH		SOLE		480,123	0	52,105
Paccar Inc.	COM	693718108	243	4,450	SH		SOLE		4,450	0	0
Paychex Inc	COM	704326107	221	4,100	SH		SOLE		3,100	0	1,000
Paypal Hldgs Inc Com	COM	70450Y103	11,349	294,022	SH		SOLE		267,159	0	26,863
PepsiCo Inc.	COM	713448108	17,576	171,504	SH		SOLE		133,464	0	38,040
Pfizer, Inc.	COM	717081103	15,022	506,811	SH		SOLE		418,343	0	88,468
Philip Morris Intl	COM	718172109	15,345	156,404	SH		SOLE		121,841	0	34,562
Phillips 66	COM	718546104	1,293	14,934	SH		SOLE		9,707	0	5,227
Plains All American Pipeline L	COM	726503105	1,420	67,717	SH		SOLE		52,320	0	15,397
PPG Industries, Inc.	COM	693506107	877	7,868	SH		SOLE		5,686	0	2,182
Procter & Gamble Co.	COM	742718109	21,313	258,930	SH		SOLE		201,384	0	57,546
Profile technologies - NO No	COM	743164105	0	13,500	SH		SOLE		13,500	0	0
PS Business Parks Inc	COM	69360J107	488	4,854	SH		SOLE		4,854	0	0
Public Storage	COM	74460D109	12,085	43,813	SH		SOLE		30,313	0	13,500
Qualcomm, Inc	COM	747525103	12,282	240,159	SH		SOLE		196,584	0	43,575
Raytheon Company	COM	755111507	219	1,783	SH		SOLE		1,683	0	100
Realty Income Corp.	COM	756109104	2,035	32,558	SH		SOLE		30,258	0	2,300
Roche Dividend Right Cert	COM	771192895	247	1,000	SH		SOLE		1,000	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	232	7,565	SH		SOLE		7,565	0	0
Rockwell Automation, Inc.	COM	773903109	451	3,966	SH		SOLE		3,666	0	300
Rockwell Collins	COM	774341101	266	2,887	SH		SOLE		2,587	0	300
Royal Dutch Shell PLC-ADR A	COM	780259206	1,039	21,446	SH		SOLE		20,388	0	1,058
Schlumberger Ltd	COM	806857108	29,469	399,577	SH		SOLE		335,897	0	63,680
Sempra Energy	COM	816851109	788	7,577	SH		SOLE		6,777	0	800
Simpson Manufacturing Co	COM	829073105	615	16,112	SH		SOLE		16,112	0	0
Southern Company	COM	842587107	612	11,825	SH		SOLE		4,000	0	7,825
Sovran Self Storage	COM	84610H108	961	8,150	SH		SOLE		8,150	0	0
Starbucks Corp.	COM	855244109	2,061	34,530	SH		SOLE		31,820	0	2,710
Stericycle, Inc.	COM	858912108	662	5,245	SH		SOLE		4,845	0	400
Stryker Corporation	COM	863667101	19,656	183,201	SH		SOLE		161,632	0	21,569
Sysco Corp.	COM	871829107	11,806	252,653	SH		SOLE		190,781	0	61,872
T. Rowe Price Group	COM	74144T108	222	3,020	SH		SOLE		3,020	0	0
Target Corp	COM	87612E106	4,720	57,361	SH		SOLE		48,796	0	8,565
Teva Pharmaceutical Industries	COM	881624209	1,820	34,009	SH		SOLE		30,494	0	3,515
Texas Instruments	COM	882508104	2,944	51,278	SH		SOLE		44,031	0	7,247
The Walt Disney Company	COM	254687106	11,136	112,138	SH		SOLE		98,737	0	13,401
TJX Companies	COM	872540109	3,952	50,438	SH		SOLE		44,288	0	6,150
Transocean Ltd.	COM	H8817H100	1,389	152,011	SH		SOLE		139,975	0	12,036
Tredegar Corporation	COM	894650100	252	16,000	SH		SOLE		16,000	0	0
U.S. Bancorp	COM	902973304	635	15,634	SH		SOLE		14,834	0	800
Under Armour Inc - Class A	COM	904311107	1,032	12,160	SH		SOLE		12,160	0	0
Unilever N V	COM	904784709	495	11,086	SH		SOLE		9,686	0	1,400
Union Pacific	COM	907818108	7,980	100,310	SH		SOLE		94,255	0	6,055
United Parcel Service	COM	911312106	49,192	466,405	SH		SOLE		445,379	0	21,025
United Technologies	COM	913017109	11,351	113,397	SH		SOLE		105,612	0	7,785
UnitedHealth Group Inc.	COM	91324P102	1,090	8,455	SH		SOLE		7,455	0	1,000
Valmont Industries Inc.	COM	920253101	632	5,100	SH		SOLE		5,100	0	0
Verizon Comm.	COM	92343V104	8,611	159,223	SH		SOLE		138,616	0	20,607
Visa Inc.	COM	92826C839	221	2,892	SH		SOLE		2,892	0	0
Vodafone Group PLC New	COM	92857w308	3,361	104,873	SH		SOLE		94,632	0	10,241
Wal-Mart Stores, Inc.	COM	931142103	10,791	157,553	SH		SOLE		127,160	0	30,393
Walgreens Boots Alliance Inc.	COM	931427108	15,354	182,267	SH		SOLE		163,118	0	19,149
Waste Management Inc.	COM	94106L109	1,009	17,108	SH		SOLE		17,108	0	0
Wec Energy Group Inc	COM	92939U106	1,026	17,076	SH		SOLE		6,014	0	11,062
Wells Fargo & Co.	COM	949746101	34,420	711,749	SH		SOLE		663,968	0	47,781
Weyerhaeuser Co.	COM	962166104	1,334	43,067	SH		SOLE		42,880	0	187
Whole Food Markets	COM	966837106	4,189	134,642	SH		SOLE		117,594	0	17,048
Zimmer Biomet Hldgs Inc Com	COM	98956P102	507	4,751	SH		SOLE		3,011	0	1,740
iPath Dow Jones UBS Commodity	AA	06738C778	312	14,500	SH		SOLE		14,500	0	0
iShares Gold Trust	AA	464285105	212	17,860	SH		SOLE		17,860	0	0
SPDR Gold Trust	AA	78463V107	1,892	16,083	SH		SOLE		15,008	0	1,075
Sprott Physical Gold Trust ETV	AA	85207h104	213	21,000	SH		SOLE		21,000	0	0
Sprott Physical Silver Trust E	AA	85207k107	95	15,250	SH		SOLE		15,250	0	0