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
Flaherty & Crumrine PFD INCM O	ETF	33848E106	156	12,500	SH		SOLE		12,500	0	0
iShares Barclays 1-3 Year Cred	ETF	464288646	334	3,150	SH		SOLE		1,455	0	1,695
iShares Core U.S. Aggregate Bo	ETF	464287226	265	2,350	SH		SOLE		2,350	0	0
iShares iBoxx $ Inv Grade Corp	ETF	464287242	338	2,750	SH		SOLE		1,000	0	1,750
Nuveen Preferred Securities In	ETF	67072C105	177	19,166	SH		SOLE		19,166	0	0
PIMCO Enhanced Short Maturity	ETF	72201R833	4,440	43,887	SH		SOLE		39,587	0	4,300
PIMCO High Income Fund	ETF	722014107	473	48,590	SH		SOLE		4,090	0	44,500
SPDR DoubleLine Total Return T	ETF	78467v848	4,293	86,000	SH		SOLE		68,800	0	17,200
Vanguard Int Term Bond ETF	ETF	921937819	1,715	19,470	SH		SOLE		1,645	0	17,825
Vanguard Int Term Corp Bond ET	ETF	92206C870	510	5,700	SH		SOLE		1,625	0	4,075
Vanguard Short Term Bond ETF	ETF	921937827	609	7,514	SH		SOLE		2,930	0	4,584
Vanguard Short Term Corp Bond	ETF	92206C409	10,745	132,922	SH		SOLE		96,329	0	36,593
Vanguard Total Bond Market ETF	ETF	921937835	969	11,490	SH		SOLE		408	0	11,082
Western Asset High Income Oppo	ETF	95766K109	120	24,395	SH		SOLE		24,395	0	0
Western Asset Income Fund	ETF	95766T100	1,700	119,904	SH		SOLE		83,429	0	36,475
Western Asset Premier Bond Fun	ETF	957664105	162	12,175	SH		SOLE		7,400	0	4,775
Guggenheim S&P 500 Equal Wt In	ETF	78355W106	204	2,538	SH		SOLE		2,538	0	0
iShares Core S&P Mid-Cap ETF	ETF	464287507	220	1,475	SH		SOLE		1,455	0	20
iShares Core S&P Small-Cap ETF	ETF	464287804	384	3,307	SH		SOLE		3,307	0	0
iShares DJ US Housing	ETF	464288752	633	22,900	SH		SOLE		22,900	0	0
iShares North American Tech	ETF	464287549	313	2,850	SH		SOLE		2,600	0	250
iShares Russell 2000 Index	ETF	464287655	2,572	22,373	SH		SOLE		21,113	0	1,260
iShares Tr S&P 100	ETF	464287101	225	2,425	SH		SOLE		2,425	0	0
Kayne Anderson MLP Inv Com	ETF	486606106	503	24,700	SH		SOLE		500	0	24,200
PowerShares QQQ Trust Ser 1	ETF	73935A104	316	2,935	SH		SOLE		2,355	0	580
Select Sector SPDR Utilities	ETF	81369Y886	344	6,550	SH		SOLE		5,400	0	1,150
SPDR Dow Jones Industrial Avg	ETF	78467X109	300	1,675	SH		SOLE		925	0	750
SPDR S&P Dividend ETF	ETF	78464A763	600	7,148	SH		SOLE		5,548	0	1,600
SPDR S&P MidCap 400	ETF	78467Y107	716	2,630	SH		SOLE		2,235	0	395
SPDR Trust Series 1 (spy)	ETF	78462F103	2,425	11,575	SH		SOLE		10,535	0	1,040
Tortoise Energy Infr	ETF	89147L100	287	9,330	SH		SOLE		7,130	0	2,200
Vanguard REIT ETF	ETF	922908553	398	4,493	SH		SOLE		4,383	0	110
Vanguard Total Stock Market ET	ETF	922908769	416	3,886	SH		SOLE		3,236	0	650
Vanguard World Fds Inf Tech ET	ETF	92204A702	321	3,000	SH		SOLE		3,000	0	0
iShares MSCI EAFE Index Fund	ETF	464287465	908	16,266	SH		SOLE		11,500	0	4,766
iShares MSCI Emerging Markets	ETF	464287234	926	26,959	SH		SOLE		23,835	0	3,124
Vanguard FTSE All World ex US	ETF	922042775	333	7,775	SH		SOLE		6,000	0	1,775
Vanguard FTSE Emerging Markets	ETF	922042858	498	14,134	SH		SOLE		14,134	0	0
21st Century Fox Class A	COM	90130a101	543	20,060	SH		SOLE		20,006	0	54
3M Company	COM	88579Y101	13,663	78,022	SH		SOLE		57,997	0	20,025
Abbott Labs	COM	002824100	12,553	319,323	SH		SOLE		279,701	0	39,622
AbbVie Inc.	COM	00287Y109	12,558	202,851	SH		SOLE		179,053	0	23,798
Accenture PLC	COM	G1151C101	30,856	272,366	SH		SOLE		240,109	0	32,257
Ace Limited	COM	H1467J104	728	5,570	SH		SOLE		5,570	0	0
Agilent Technologies Inc.	COM	00846U101	10,263	231,366	SH		SOLE		227,245	0	4,121
Albemarle Corp.	COM	012653101	3,093	39,000	SH		SOLE		39,000	0	0
Allegion Plc	COM	G0176J109	379	5,464	SH		SOLE		4,597	0	867
Allergan Inc	COM	G0177J108	994	4,301	SH		SOLE		4,081	0	220
Allstate Corp.	COM	020002101	316	4,511	SH		SOLE		4,511	0	0
Alphabet Inc Class A	COM	02079K305	9,614	13,666	SH		SOLE		12,314	0	1,352
Alphabet Inc Class C	COM	02079K107	5,493	7,936	SH		SOLE		7,021	0	915
Altria Group, Inc.	COM	02209S103	8,873	128,675	SH		SOLE		96,446	0	32,229
Amazon Com Inc	COM	023135106	5,361	7,492	SH		SOLE		7,159	0	333
Ameren Corp.	COM	023608102	206	3,837	SH		SOLE		2,587	0	1,250
America Movil S.A. de C.V. Ser	COM	02364W105	199	16,210	SH		SOLE		16,210	0	0
American Express Co.	COM	025816109	4,994	82,186	SH		SOLE		71,461	0	10,725
Amgen, Inc.	COM	031162100	8,270	54,353	SH		SOLE		43,887	0	10,466
Anadarko Petroleum Corp	COM	032511107	229	4,296	SH		SOLE		4,296	0	0
Apache Corp	COM	037411105	3,195	57,388	SH		SOLE		51,737	0	5,651
Apple Inc.	COM	037833100	34,378	359,604	SH		SOLE		320,470	0	39,134
Arena Pharmaceuticals	COM	040047102	40	23,628	SH		SOLE		23,628	0	0
Astrazeneca PLC - Spons ADR	COM	046353108	302	10,000	SH		SOLE		10,000	0	0
AT&T Inc.	COM	00206R102	7,328	169,580	SH		SOLE		145,180	0	24,400
Automatic Data Proc.	COM	053015103	7,766	84,534	SH		SOLE		60,067	0	24,467
Bank of America Corp	COM	060505104	1,294	97,538	SH		SOLE		96,249	0	1,289
Bank of New York Mellon Corp.	COM	064058100	17,114	440,503	SH		SOLE		402,468	0	38,035
Bard (C.R.)	COM	067383109	10,180	43,291	SH		SOLE		40,118	0	3,173
Baxter International Inc	COM	071813109	684	15,137	SH		SOLE		12,987	0	2,150
Becton Dickinson & Co.	COM	075887109	2,019	11,904	SH		SOLE		904	0	11,000
Bed Bath & Beyond	COM	075896100	5,117	118,385	SH		SOLE		111,420	0	6,965
Bemis Company	COM	081437105	256	4,965	SH		SOLE		4,965	0	0
Berkshire Hathaway (100=1 Clas	COM	084990175	2,170	1,000	SH		SOLE		1,000	0	0
Berkshire Hathaway A	COM	084670108	3,472	16	SH		SOLE		16	0	0
Berkshire Hathaway B	COM	084670702	36,891	254,790	SH		SOLE		222,575	0	32,215
Boeing Co.	COM	097023105	16,281	125,365	SH		SOLE		115,531	0	9,834
Boswell J G Co	COM	101205102	355	555	SH		SOLE		555	0	0
BP PLC - Spons ADR	COM	055622104	6,694	188,511	SH		SOLE		147,755	0	40,756
Bristol-Myers Squibb Co.	COM	110122108	7,170	97,484	SH		SOLE		70,161	0	27,323
Campbell Soup Co.	COM	134429109	633	9,520	SH		SOLE		9,520	0	0
Casey's General Stores	COM	147528103	1,621	12,325	SH		SOLE		10,875	0	1,450
Caterpillar Inc.	COM	149123101	5,101	67,282	SH		SOLE		57,175	0	10,107
Cathay Intl Hld	COM	G1965E103	4	19,000	SH		SOLE		19,000	0	0
CDK Global Inc.	COM	12508e101	627	11,299	SH		SOLE		8,951	0	2,348
Cedar Fair L.P.	COM	150185106	241	4,160	SH		SOLE		3,610	0	550
Cerner	COM	156782104	3,248	55,429	SH		SOLE		43,243	0	12,186
Chevron Corp.	COM	166764100	29,775	284,031	SH		SOLE		232,100	0	51,930
Cisco Systems, Inc.	COM	17275R102	13,659	476,105	SH		SOLE		403,817	0	72,288
Clorox Company	COM	189054109	2,774	20,042	SH		SOLE		14,489	0	5,553
Coach, Inc.	COM	189754104	14,838	364,200	SH		SOLE		329,131	0	35,069
Coca-Cola Company	COM	191216100	3,530	77,880	SH		SOLE		75,755	0	2,125
Colgate-Palmolive Co.	COM	194162103	24,002	327,895	SH		SOLE		302,772	0	25,123
Comcast Corp. Class A	COM	20030N101	615	9,434	SH		SOLE		8,822	0	612
Conagra Inc.	COM	205887102	252	5,266	SH		SOLE		5,266	0	0
ConocoPhillips	COM	20825C104	12,158	278,862	SH		SOLE		252,094	0	26,768
Consolidated Edison Inc.	COM	209115104	1,012	12,578	SH		SOLE		7,778	0	4,800
Costco Wholesale Corp.	COM	22160K105	34,323	218,562	SH		SOLE		190,786	0	27,776
CSX Corporation	COM	126408103	201	7,724	SH		SOLE		7,724	0	0
Cummins Inc	COM	231021106	2,530	22,497	SH		SOLE		9,097	0	13,400
CVS Health Corp.	COM	126650100	295	3,085	SH		SOLE		1,285	0	1,800
Deere & Co.	COM	244199105	664	8,190	SH		SOLE		7,790	0	400
Discovery Communications Ser.	COM	25470F302	8,854	371,252	SH		SOLE		350,559	0	20,693
Dominion Resources Inc.	COM	25746U109	323	4,144	SH		SOLE		4,144	0	0
Dow Chemical Company	COM	260543103	569	11,446	SH		SOLE		10,175	0	1,271
DTE Energy Company	COM	233331107	373	3,768	SH		SOLE		3,768	0	0
Du Pont E I De Nemours	COM	263534109	1,444	22,283	SH		SOLE		20,096	0	2,187
Duke Energy Corp. New	COM	26441C204	712	8,304	SH		SOLE		6,061	0	2,243
Eaton Corp. PLC	COM	G29183103	690	11,555	SH		SOLE		11,555	0	0
eBay Inc.	COM	278642103	6,644	283,801	SH		SOLE		241,686	0	42,115
Ecolab, Inc.	COM	278865100	2,021	17,043	SH		SOLE		15,743	0	1,300
Edgewell Personal Care Co	COM	28035Q102	1,159	13,729	SH		SOLE		13,729	0	0
Edison International	COM	281020107	755	9,716	SH		SOLE		9,716	0	0
Edwards Lifesciences Corp.	COM	28176E108	14,125	141,631	SH		SOLE		135,298	0	6,333
Electronic Arts	COM	285512109	237	3,130	SH		SOLE		3,130	0	0
EMC Corporation	COM	268648102	3,256	119,829	SH		SOLE		109,234	0	10,595
Emerson Electric Co.	COM	291011104	19,049	365,197	SH		SOLE		290,003	0	75,194
Enbridge Energy Management	COM	29250X103	324	14,076	SH		SOLE		13,206	0	870
Enbridge Energy Partners LP	COM	29250R106	1,224	52,756	SH		SOLE		43,606	0	9,150
Energizer Holdings Inc New	COM	29272W109	715	13,883	SH		SOLE		13,883	0	0
Equity Residential	COM	29476L107	595	8,634	SH		SOLE		6,334	0	2,300
Essex Property Trust	COM	297178105	2,603	11,411	SH		SOLE		8,266	0	3,145
Exelon Corp	COM	30161N101	254	6,997	SH		SOLE		3,518	0	3,479
Expeditors Int'l Of Washington	COM	302130109	937	19,097	SH		SOLE		18,797	0	300
Express Scripts Holding Compan	COM	30219G108	490	6,469	SH		SOLE		6,188	0	281
ExxonMobil Corporation	COM	30231G102	48,634	518,816	SH		SOLE		426,546	0	92,270
Facebook Inc	COM	30303M102	519	4,544	SH		SOLE		3,989	0	555
Farmers and Merchants Bank	COM	308243104	372	60	SH		SOLE		60	0	0
Fastenal Co.	COM	311900104	12,467	280,857	SH		SOLE		249,869	0	30,988
FirstEnergy Corp.	COM	337932107	298	8,546	SH		SOLE		7,546	0	1,000
Flextronics International Ltd.	COM	Y2573F102	2,366	200,500	SH		SOLE		182,475	0	18,025
Franklin Resources Inc	COM	354613101	9,899	296,641	SH		SOLE		262,681	0	33,960
Frontier Communications Corp.	COM	35906A108	80	16,266	SH		SOLE		9,894	0	6,372
Gap Inc. Del	COM	364760108	5,098	240,265	SH		SOLE		213,415	0	26,850
General Electric	COM	369604103	37,725	1,198,374	SH		SOLE		1,009,230	0	189,144
General Mills Inc.	COM	370334104	315	4,423	SH		SOLE		4,123	0	300
Gilead Sciences Inc	COM	375558103	20,928	250,877	SH		SOLE		229,812	0	21,065
GlaxoSmithKline PLC-ADR	COM	37733W105	411	9,475	SH		SOLE		6,675	0	2,800
Goldman Sachs Group Inc.	COM	38141G104	4,482	30,168	SH		SOLE		27,453	0	2,715
Grainger Inc., W.W.	COM	384802104	352	1,548	SH		SOLE		928	0	620
Hain Celestial Group Inc.	COM	405217100	4,923	98,956	SH		SOLE		90,783	0	8,173
Harris & Harris Grp	COM	413833104	39	24,000	SH		SOLE		24,000	0	0
Hennessy Advisors Inc	COM	425885100	452	13,500	SH		SOLE		13,500	0	0
Hewlett Packard Enterprise Co	COM	42824C109	15,592	853,419	SH		SOLE		837,105	0	16,314
Home Depot, Inc.	COM	437076102	6,688	52,377	SH		SOLE		41,177	0	11,200
Honeywell Int'l Inc.	COM	438516106	11,021	94,749	SH		SOLE		93,849	0	900
HP Inc.	COM	40434L105	10,590	843,819	SH		SOLE		831,905	0	11,914
Illinois Tool Works Inc.	COM	452308109	6,030	57,892	SH		SOLE		48,432	0	9,460
Infusystem Holdings Inc	COM	45685K102	55	21,000	SH		SOLE		21,000	0	0
Ingersoll-Rand PLC	COM	G47791101	1,868	29,328	SH		SOLE		25,338	0	3,990
Intel Corp.	COM	458140100	21,186	645,909	SH		SOLE		554,554	0	91,355
International Bus Mach	COM	459200101	21,197	139,658	SH		SOLE		113,663	0	25,995
Intuit Inc.	COM	461202103	8,281	74,196	SH		SOLE		60,791	0	13,405
Intuitive Surgical Inc.	COM	46120E602	228	345	SH		SOLE		275	0	70
Jacobs Engineering Group Inc.	COM	469814107	9,232	185,351	SH		SOLE		169,335	0	16,016
Johnson & Johnson	COM	478160104	40,407	333,115	SH		SOLE		275,321	0	57,793
Johnson Controls Inc.	COM	478366107	15,220	343,880	SH		SOLE		312,298	0	31,582
JPMorgan Chase & Co.	COM	46625H100	16,586	266,914	SH		SOLE		212,560	0	54,354
Kellogg Co.	COM	487836108	1,622	19,870	SH		SOLE		4,220	0	15,650
Keysight Technologies, Inc.	COM	49338L103	3,084	106,001	SH		SOLE		104,532	0	1,469
Kimberly-Clark Corp.	COM	494368103	1,298	9,443	SH		SOLE		9,203	0	240
Kohls Corp	COM	500255104	576	15,188	SH		SOLE		12,788	0	2,400
Kraft Heinz Co Com	COM	500754106	1,992	22,517	SH		SOLE		17,323	0	5,194
Laboratory Corp. of America	COM	50540R409	3,407	26,152	SH		SOLE		24,862	0	1,290
Las Vegas Sands	COM	517834107	567	13,045	SH		SOLE		11,585	0	1,460
Lilly Eli & Co.	COM	532457108	464	5,890	SH		SOLE		2,200	0	3,690
Lincoln National Corp.	COM	534187109	367	9,465	SH		SOLE		9,465	0	0
Lockheed Martin Corp.	COM	539830109	4,447	17,918	SH		SOLE		17,918	0	0
Lowe's Companies	COM	548661107	27,054	341,715	SH		SOLE		300,366	0	41,349
Magellan Midstream Partners	COM	559080106	2,702	35,547	SH		SOLE		28,144	0	7,403
Marsh & McLennan Companies	COM	571748102	1,383	20,200	SH		SOLE		3,525	0	16,675
Mastercard Inc-Cl A	COM	57636Q104	601	6,830	SH		SOLE		6,830	0	0
McDonald's Corp.	COM	580135101	14,287	118,722	SH		SOLE		95,500	0	23,222
Medtronic Plc.	COM	g5960l103	1,297	14,945	SH		SOLE		13,909	0	1,036
Merck & Co., Inc. New	COM	58933Y105	4,484	77,829	SH		SOLE		65,904	0	11,925
Mercury General Ins	COM	589400100	695	13,080	SH		SOLE		9,515	0	3,565
Meredith Corp.	COM	589433101	799	15,400	SH		SOLE		3,400	0	12,000
Microsoft Corp.	COM	594918104	23,794	464,998	SH		SOLE		387,283	0	77,715
Minerals Technologies Inc.	COM	603158106	859	15,130	SH		SOLE		13,630	0	1,500
Mondelez International	COM	609207105	3,923	86,204	SH		SOLE		58,603	0	27,601
Monsanto Company	COM	61166W101	16,346	158,074	SH		SOLE		147,033	0	11,041
Monster Beverage Corp.	COM	611740101	257	1,600	SH		SOLE		1,600	0	0
Moody's Corporation	COM	615369105	361	3,849	SH		SOLE		3,849	0	0
MSA Safety Inc.	COM	553498106	674	12,840	SH		SOLE		12,405	0	435
Nestle Sponsored ADR	COM	641069406	1,047	13,545	SH		SOLE		12,385	0	1,160
Netapp, Inc	COM	64110D104	3,223	131,075	SH		SOLE		125,600	0	5,475
NewMarket Corp	COM	651587107	3,522	8,500	SH		SOLE		8,500	0	0
NextEra Energy Inc.	COM	65339F101	843	6,465	SH		SOLE		4,565	0	1,900
Nike, Inc.	COM	654106103	8,494	153,878	SH		SOLE		131,598	0	22,280
Nordstrom Inc.	COM	655664100	2,498	65,647	SH		SOLE		59,547	0	6,100
Norfolk Southern Corp.	COM	655844108	775	9,105	SH		SOLE		7,505	0	1,600
Northrop Grumman Corp.	COM	666807102	5,682	25,563	SH		SOLE		25,563	0	0
Novartis AG ADS	COM	66987V109	8,481	102,790	SH		SOLE		92,398	0	10,392
Novo Nordisk ADR	COM	670100205	11,886	221,013	SH		SOLE		203,638	0	17,375
Nucor Corp.	COM	670346105	3,104	62,822	SH		SOLE		58,262	0	4,560
Occidental Petroleum	COM	674599105	735	9,727	SH		SOLE		9,727	0	0
Oneok Partners LP	COM	68268N103	2,189	54,650	SH		SOLE		45,440	0	9,210
Oracle Systems	COM	68389X105	21,828	533,301	SH		SOLE		473,738	0	59,563
Paccar Inc.	COM	693718108	231	4,450	SH		SOLE		4,450	0	0
Paychex Inc	COM	704326107	238	4,000	SH		SOLE		3,000	0	1,000
Paypal Hldgs Inc Com	COM	70450Y103	10,758	294,669	SH		SOLE		267,618	0	27,051
PepsiCo Inc.	COM	713448108	17,302	163,315	SH		SOLE		127,470	0	35,845
Pfizer, Inc.	COM	717081103	17,304	491,454	SH		SOLE		403,947	0	87,507
Philip Morris Intl	COM	718172109	14,540	142,942	SH		SOLE		112,280	0	30,662
Phillips 66	COM	718546104	1,172	14,775	SH		SOLE		9,423	0	5,352
Plains All American Pipeline L	COM	726503105	1,840	66,917	SH		SOLE		52,320	0	14,597
PPG Industries, Inc.	COM	693506107	731	7,018	SH		SOLE		5,686	0	1,332
Procter & Gamble Co.	COM	742718109	20,808	245,754	SH		SOLE		188,949	0	56,805
Profile technologies - NO No	COM	743164105	0	13,500	SH		SOLE		13,500	0	0
PS Business Parks Inc	COM	69360J107	515	4,854	SH		SOLE		4,854	0	0
Public Storage	COM	74460D109	10,943	42,813	SH		SOLE		29,313	0	13,500
Qualcomm, Inc	COM	747525103	15,215	284,021	SH		SOLE		235,406	0	48,615
Raytheon Company	COM	755111507	242	1,783	SH		SOLE		1,683	0	100
Realty Income Corp.	COM	756109104	2,109	30,408	SH		SOLE		28,108	0	2,300
Roche Dividend Right Cert	COM	771192895	262	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	450	3,918	SH		SOLE		3,618	0	300
Rockwell Collins	COM	774341101	246	2,887	SH		SOLE		2,587	0	300
Royal Dutch Shell PLC-ADR A	COM	780259206	1,178	21,338	SH		SOLE		20,273	0	1,065
S&P Global Inc	COM	78409V104	798	7,440	SH		SOLE		1,900	0	5,540
Schlumberger Ltd	COM	806857108	30,496	385,629	SH		SOLE		322,873	0	62,756
Sempra Energy	COM	816851109	818	7,174	SH		SOLE		6,374	0	800
Shire Plc-ADR	COM	82481R106	395	2,144	SH		SOLE		1,848	0	296
Simpson Manufacturing Co	COM	829073105	644	16,112	SH		SOLE		16,112	0	0
Southern Company	COM	842587107	634	11,825	SH		SOLE		4,000	0	7,825
Sovran Self Storage	COM	84610H108	850	8,100	SH		SOLE		8,100	0	0
Spectra Energy Corp	COM	847560109	215	5,876	SH		SOLE		3,826	0	2,050
St Jude Medical Inc.	COM	790849103	580	7,433	SH		SOLE		1,708	0	5,725
Starbucks Corp.	COM	855244109	589	10,320	SH		SOLE		7,610	0	2,710
Stericycle, Inc.	COM	858912108	4,094	39,320	SH		SOLE		31,995	0	7,325
Stryker Corporation	COM	863667101	21,071	175,840	SH		SOLE		156,522	0	19,318
Sysco Corp.	COM	871829107	12,134	239,147	SH		SOLE		179,840	0	59,307
T. Rowe Price Group	COM	74144T108	220	3,020	SH		SOLE		3,020	0	0
Target Corp	COM	87612E106	3,911	56,011	SH		SOLE		48,646	0	7,365
Teva Pharmaceutical Industries	COM	881624209	2,823	56,209	SH		SOLE		53,694	0	2,515
Texas Instruments	COM	882508104	3,186	50,848	SH		SOLE		43,601	0	7,247
The Walt Disney Company	COM	254687106	10,236	104,643	SH		SOLE		93,198	0	11,445
TJX Companies	COM	872540109	3,366	43,588	SH		SOLE		39,438	0	4,150
Torchmark Corp	COM	891027104	204	3,295	SH		SOLE		3,295	0	0
Transocean Ltd.	COM	H8817H100	1,637	137,665	SH		SOLE		127,279	0	10,386
Tredegar Corporation	COM	894650100	258	16,000	SH		SOLE		16,000	0	0
U.S. Bancorp	COM	902973304	562	13,934	SH		SOLE		13,134	0	800
Unilever N V	COM	904784709	455	9,686	SH		SOLE		9,686	0	0
Union Pacific	COM	907818108	7,208	82,617	SH		SOLE		76,062	0	6,555
United Parcel Service	COM	911312106	51,125	474,606	SH		SOLE		453,642	0	20,964
United Technologies	COM	913017109	11,622	113,327	SH		SOLE		105,942	0	7,385
UnitedHealth Group Inc.	COM	91324P102	1,055	7,470	SH		SOLE		7,470	0	0
Valmont Industries Inc.	COM	920253101	690	5,100	SH		SOLE		5,100	0	0
Verizon Comm.	COM	92343V104	8,672	155,303	SH		SOLE		136,468	0	18,835
Visa Inc.	COM	92826C839	214	2,892	SH		SOLE		2,892	0	0
Vodafone Group PLC New	COM	92857w308	3,295	106,667	SH		SOLE		95,341	0	11,326
Wal-Mart Stores, Inc.	COM	931142103	11,343	155,343	SH		SOLE		125,205	0	30,138
Walgreens Boots Alliance Inc.	COM	931427108	12,924	155,211	SH		SOLE		136,587	0	18,624
Wec Energy Group Inc	COM	92939U106	988	15,126	SH		SOLE		4,064	0	11,062
Wells Fargo & Co.	COM	949746101	32,460	685,828	SH		SOLE		638,156	0	47,672
Weyerhaeuser Co.	COM	962166104	1,282	43,067	SH		SOLE		42,880	0	187
Whole Food Markets	COM	966837106	4,377	136,699	SH		SOLE		119,039	0	17,660
Zimmer Biomet Hldgs Inc Com	COM	98956P102	386	3,206	SH		SOLE		2,466	0	740
Deutsche Enhanced Commodity St	AA	25159L836	1,057	82,554	SH		SOLE		82,554	0	0
iPath Dow Jones UBS Commodity	AA	06738C778	359	14,500	SH		SOLE		14,500	0	0
iShares Gold Trust	AA	464285105	228	17,860	SH		SOLE		17,860	0	0
SPDR Gold Trust	AA	78463V107	1,831	14,475	SH		SOLE		13,333	0	1,142
Sprott Physical Gold Trust ETV	AA	85207h104	231	21,000	SH		SOLE		21,000	0	0
Sprott Physical Silver Trust E	AA	85207k107	111	15,250	SH		SOLE		15,250	0	0