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 Preferred	ETF	33848E106	149	12,500	SH		SOLE		12,500	0	0
iShares Barclays 1-3 Year Cred	ETF	464288646	485	4,610	SH		SOLE		2,965	0	1,645
IShares Barclays Intermediate	ETF	464288638	470	4,311	SH		SOLE		4,311	0	0
iShares Core U.S. Aggregate Bo	ETF	464287226	263	2,425	SH		SOLE		2,425	0	0
iShares iBoxx $ Inv Grade Corp	ETF	464287242	430	3,645	SH		SOLE		1,895	0	1,750
iShares S&P U.S. Preferred Sto	ETF	464288687	756	19,539	SH		SOLE		2,635	0	16,904
Nuveen Preferred Securities In	ETF	67072C105	183	19,166	SH		SOLE		19,166	0	0
PIMCO Enhanced Short Maturity	ETF	72201R833	5,653	55,610	SH		SOLE		51,060	0	4,550
PIMCO High Income Fund	ETF	722014107	423	48,590	SH		SOLE		48,590	0	0
SPDR DoubleLine Total Return T	ETF	78467v848	4,535	92,799	SH		SOLE		75,599	0	17,200
SPDR Wells Fargo Preferred Sto	ETF	78464a292	247	5,620	SH		SOLE		0	0	5,620
Vanguard Int Term Bond ETF	ETF	921937819	1,490	17,825	SH		SOLE		262	0	17,563
Vanguard Int Term Corp Bond ET	ETF	92206C870	352	4,075	SH		SOLE		150	0	3,925
Vanguard Short Term Bond ETF	ETF	921937827	695	8,724	SH		SOLE		4,140	0	4,584
Vanguard Short Term Corp Bond	ETF	92206C409	8,934	112,041	SH		SOLE		77,714	0	34,327
Vanguard Total Bond Market ETF	ETF	921937835	966	11,917	SH		SOLE		985	0	10,932
Western Asset High Income Oppo	ETF	95766K109	123	24,395	SH		SOLE		24,395	0	0
Western Asset Income Fund	ETF	95766T100	1,692	116,749	SH		SOLE		85,524	0	31,225
Western Asset Premier Bond Fun	ETF	957664105	167	12,535	SH		SOLE		9,435	0	3,100
Guggenheim S&P 500 Equal Wt In	ETF	78355W106	231	2,545	SH		SOLE		2,545	0	0
iShares Core S&P 500 ETF	ETF	464287200	222	934	SH		SOLE		934	0	0
iShares Core S&P Small-Cap ETF	ETF	464287804	403	5,830	SH		SOLE		5,830	0	0
iShares DJ Select Dividend Ind	ETF	464287168	311	3,410	SH		SOLE		3,110	0	300
iShares DJ US Housing	ETF	464288752	732	22,900	SH		SOLE		22,900	0	0
iShares North American Tech	ETF	464287549	395	2,850	SH		SOLE		2,600	0	250
iShares Russell 2000 Index	ETF	464287655	3,337	24,269	SH		SOLE		23,009	0	1,260
iShares Tr Russell 1000 Value	ETF	464287598	204	1,774	SH		SOLE		1,099	0	675
iShares Tr S&P 100	ETF	464287101	254	2,425	SH		SOLE		2,425	0	0
Kayne Anderson MLP Inv Com	ETF	486606106	519	24,700	SH		SOLE		24,700	0	0
PowerShares QQQ Trust Ser 1	ETF	73935A104	431	3,258	SH		SOLE		2,678	0	580
Select Sector SPDR Technology	ETF	81369Y803	225	4,215	SH		SOLE		4,215	0	0
Select Sector SPDR Utilities	ETF	81369Y886	336	6,550	SH		SOLE		5,400	0	1,150
SPDR Dow Jones Industrial Avg	ETF	78467X109	346	1,675	SH		SOLE		925	0	750
SPDR S&P Dividend ETF	ETF	78464A763	597	6,773	SH		SOLE		5,173	0	1,600
SPDR S&P MidCap 400	ETF	78467Y107	814	2,605	SH		SOLE		2,345	0	260
SPDR Trust Series 1 (spy)	ETF	78462F103	4,003	16,982	SH		SOLE		14,742	0	2,240
Tortoise Energy Infr	ETF	89147L100	326	9,330	SH		SOLE		7,130	0	2,200
Vanguard Dividend Apprec Fd	ETF	921908844	237	2,631	SH		SOLE		2,561	0	70
Vanguard Growth ETF	ETF	922908736	271	2,226	SH		SOLE		2,226	0	0
Vanguard High Dividend Yield I	ETF	921946406	300	3,860	SH		SOLE		3,860	0	0
Vanguard REIT ETF	ETF	922908553	446	5,401	SH		SOLE		5,291	0	110
Vanguard Small-Cap ETF	ETF	922908751	971	7,284	SH		SOLE		7,284	0	0
Vanguard Total Stock Market ET	ETF	922908769	621	5,121	SH		SOLE		4,521	0	600
Vanguard World Fds Inf Tech ET	ETF	92204A702	407	3,000	SH		SOLE		3,000	0	0
iShares MSCI EAFE Growth Index	ETF	464288885	205	2,951	SH		SOLE		2,951	0	0
iShares MSCI EAFE Index Fund	ETF	464287465	821	13,178	SH		SOLE		11,912	0	1,266
iShares MSCI Emerging Markets	ETF	464287234	1,336	33,909	SH		SOLE		29,685	0	4,224
Vanguard FTSE All World ex US	ETF	922042775	377	7,875	SH		SOLE		6,100	0	1,775
Vanguard FTSE Emerging Markets	ETF	922042858	546	13,735	SH		SOLE		13,735	0	0
Vanguard MSCI EAFE ETF	ETF	921943858	787	20,022	SH		SOLE		20,022	0	0
Vanguard MSCI Eurpean ETF	ETF	922042874	217	4,202	SH		SOLE		4,202	0	0
21st Century Fox Class A	COM	90130a101	650	20,058	SH		SOLE		20,058	0	0
3M Company	COM	88579Y101	14,560	76,101	SH		SOLE		57,101	0	19,000
Abbott Labs	COM	002824100	15,539	349,902	SH		SOLE		302,514	0	47,388
AbbVie Inc.	COM	00287Y109	12,192	187,102	SH		SOLE		165,721	0	21,381
Accenture PLC	COM	G1151C101	30,247	252,307	SH		SOLE		225,007	0	27,300
Adient PLC	COM	G0084W101	1,144	15,747	SH		SOLE		14,518	0	1,229
Agilent Technologies Inc.	COM	00846U101	12,123	229,290	SH		SOLE		225,619	0	3,671
Akamai Technologies Inc.	COM	00971T101	1,356	22,715	SH		SOLE		19,215	0	3,500
Albemarle Corp.	COM	012653101	4,120	39,000	SH		SOLE		39,000	0	0
Allegion Plc	COM	G0176J109	293	3,867	SH		SOLE		3,058	0	809
Allergan Inc	COM	G0177J108	8,116	33,970	SH		SOLE		27,405	0	6,565
Allstate Corp.	COM	020002101	328	4,019	SH		SOLE		4,019	0	0
Alphabet Inc Class A	COM	02079K305	11,571	13,648	SH		SOLE		12,859	0	789
Alphabet Inc Class C	COM	02079K107	6,909	8,329	SH		SOLE		7,351	0	978
Altria Group, Inc.	COM	02209S103	9,474	132,653	SH		SOLE		89,176	0	43,477
Amazon Com Inc	COM	023135106	6,701	7,559	SH		SOLE		7,309	0	250
America Movil S.A. de C.V. Ser	COM	02364W105	230	16,210	SH		SOLE		16,210	0	0
American Express Co.	COM	025816109	6,298	79,606	SH		SOLE		72,191	0	7,415
American Wtr Wks Inc.	COM	030420103	714	9,183	SH		SOLE		380	0	8,803
Amgen, Inc.	COM	031162100	9,845	60,005	SH		SOLE		46,509	0	13,496
Anadarko Petroleum Corp	COM	032511107	266	4,296	SH		SOLE		4,296	0	0
Apache Corp	COM	037411105	2,857	55,603	SH		SOLE		50,117	0	5,486
Apple Inc.	COM	037833100	50,968	354,784	SH		SOLE		315,638	0	39,145
Arena Pharmaceuticals	COM	040047102	42	28,628	SH		SOLE		28,628	0	0
Arthur J. Gallagher & Co.	COM	363576109	221	3,900	SH		SOLE		1,250	0	2,650
Astrazeneca PLC - Spons ADR	COM	046353108	582	18,680	SH		SOLE		9,250	0	9,430
AT&T Inc.	COM	00206R102	7,105	171,006	SH		SOLE		145,166	0	25,840
Automatic Data Proc.	COM	053015103	7,996	78,094	SH		SOLE		59,142	0	18,952
Bank of America Corp	COM	060505104	1,819	77,102	SH		SOLE		75,935	0	1,167
Bank of New York Mellon Corp.	COM	064058100	20,003	423,529	SH		SOLE		388,215	0	35,314
Bank of the Ozarks	COM	063904106	586	11,276	SH		SOLE		0	0	11,276
Bard (C.R.)	COM	067383109	9,533	38,355	SH		SOLE		35,456	0	2,899
Baxter International Inc	COM	071813109	788	15,204	SH		SOLE		13,054	0	2,150
Becton Dickinson & Co.	COM	075887109	1,956	10,664	SH		SOLE		814	0	9,850
Bed Bath & Beyond	COM	075896100	6,917	175,290	SH		SOLE		163,365	0	11,925
Bemis Company	COM	081437105	233	4,765	SH		SOLE		4,765	0	0
Berkshire Hathaway (100=1 Clas	COM	084990175	1,499	600	SH		SOLE		600	0	0
Berkshire Hathaway A	COM	084670108	4,747	19	SH		SOLE		16	0	3
Berkshire Hathaway B	COM	084670702	41,221	247,308	SH		SOLE		219,552	0	27,756
BlockRock Capital Investment C	COM	092533108	396	52,400	SH		SOLE		0	0	52,400
Boeing Co.	COM	097023105	18,805	106,325	SH		SOLE		99,231	0	7,094
Boswell J G Co	COM	101205102	322	465	SH		SOLE		465	0	0
BP PLC - Spons ADR	COM	055622104	6,600	191,204	SH		SOLE		149,716	0	41,488
Bristol-Myers Squibb Co.	COM	110122108	17,124	314,897	SH		SOLE		250,841	0	64,056
Broadcom Ltd. Ordinary	COM	Y09827109	307	1,400	SH		SOLE		1,280	0	120
Campbell Soup Co.	COM	134429109	540	9,433	SH		SOLE		9,433	0	0
Casey's General Stores	COM	147528103	1,383	12,325	SH		SOLE		10,875	0	1,450
Caterpillar Inc.	COM	149123101	6,065	65,382	SH		SOLE		54,225	0	11,157
Cathay Intl Hld	COM	G1965E103	3	19,000	SH		SOLE		19,000	0	0
CDK Global Inc.	COM	12508e101	632	9,715	SH		SOLE		7,413	0	2,302
Cedar Fair L.P.	COM	150185106	241	3,560	SH		SOLE		3,010	0	550
Cerner	COM	156782104	8,018	136,241	SH		SOLE		109,160	0	27,081
Chevron Corp.	COM	166764100	29,270	272,610	SH		SOLE		225,521	0	47,089
Chubb LTD	COM	H1467J104	804	5,902	SH		SOLE		5,825	0	77
Cisco Systems, Inc.	COM	17275R102	14,716	435,371	SH		SOLE		375,214	0	60,157
Clorox Company	COM	189054109	2,702	20,042	SH		SOLE		14,589	0	5,453
CME Group Inc.	COM	12572Q105	441	3,710	SH		SOLE		0	0	3,710
Coach, Inc.	COM	189754104	15,072	364,675	SH		SOLE		317,986	0	46,689
Coca-Cola Company	COM	191216100	3,636	85,679	SH		SOLE		79,244	0	6,435
Colgate-Palmolive Co.	COM	194162103	23,297	318,315	SH		SOLE		293,459	0	24,856
Comcast Corp. Class A	COM	20030N101	601	16,001	SH		SOLE		14,776	0	1,225
Conagra Inc.	COM	205887102	1,291	32,014	SH		SOLE		32,014	0	0
ConocoPhillips	COM	20825C104	13,002	260,727	SH		SOLE		243,759	0	16,968
Consolidated Edison Inc.	COM	209115104	956	12,306	SH		SOLE		8,306	0	4,000
Corning Inc.	COM	219350105	232	8,600	SH		SOLE		8,600	0	0
Costco Wholesale Corp.	COM	22160K105	34,156	203,685	SH		SOLE		179,819	0	23,866
CSX Corporation	COM	126408103	360	7,724	SH		SOLE		7,724	0	0
Cummins Inc	COM	231021106	3,402	22,497	SH		SOLE		9,097	0	13,400
CVS Health Corp.	COM	126650100	285	3,627	SH		SOLE		1,966	0	1,661
DCP Midstream, LP	COM	23311p100	743	18,942	SH		SOLE		0	0	18,942
Deere & Co.	COM	244199105	892	8,190	SH		SOLE		7,790	0	400
Dell Technologies Inc	COM	24703L103	587	9,162	SH		SOLE		8,379	0	783
Discovery Communications Ser.	COM	25470F302	13,702	484,002	SH		SOLE		431,369	0	52,633
Dominion Resources Inc.	COM	25746U109	314	4,044	SH		SOLE		4,044	0	0
Dow Chemical Company	COM	260543103	892	14,031	SH		SOLE		10,675	0	3,356
DTE Energy Company	COM	233331107	350	3,432	SH		SOLE		3,432	0	0
Du Pont E I De Nemours	COM	263534109	2,268	28,236	SH		SOLE		19,078	0	9,158
Duke Energy Corp. New	COM	26441C204	734	8,944	SH		SOLE		3,592	0	5,352
Duke Realty Corp	COM	264411505	437	16,622	SH		SOLE		2,800	0	13,822
Eaton Corp. PLC	COM	G29183103	857	11,555	SH		SOLE		11,555	0	0
eBay Inc.	COM	278642103	6,579	195,986	SH		SOLE		161,501	0	34,485
Ecolab, Inc.	COM	278865100	2,002	15,969	SH		SOLE		14,669	0	1,300
Edgewell Personal Care Co	COM	28035Q102	1,004	13,729	SH		SOLE		13,729	0	0
Edison International	COM	281020107	630	7,916	SH		SOLE		7,916	0	0
Edwards Lifesciences Corp.	COM	28176E108	11,539	122,660	SH		SOLE		116,907	0	5,753
Electronic Arts	COM	285512109	274	3,065	SH		SOLE		3,065	0	0
Emerson Electric Co.	COM	291011104	20,499	342,442	SH		SOLE		270,927	0	71,515
Enbridge Energy Management	COM	29250X103	225	12,218	SH		SOLE		12,218	0	0
Enbridge Energy Partners LP	COM	29250R106	774	40,750	SH		SOLE		34,550	0	6,200
Enbridge Inc.	COM	29250N105	218	5,201	SH		SOLE		3,621	0	1,580
Energizer Holdings Inc New	COM	29272W109	774	13,883	SH		SOLE		13,883	0	0
Enterprise Products Partners L	COM	293792107	1,333	48,272	SH		SOLE		13,020	0	35,252
Equity Residential	COM	29476L107	504	8,100	SH		SOLE		5,800	0	2,300
Essex Property Trust	COM	297178105	2,822	12,187	SH		SOLE		8,678	0	3,509
Expeditors Int'l Of Washington	COM	302130109	976	17,272	SH		SOLE		16,972	0	300
Express Scripts Holding Compan	COM	30219G108	424	6,439	SH		SOLE		6,158	0	281
ExxonMobil Corporation	COM	30231G102	40,485	493,665	SH		SOLE		405,685	0	87,980
Facebook Inc	COM	30303M102	631	4,443	SH		SOLE		4,118	0	325
Farmers and Merchants Bank	COM	308243104	411	55	SH		SOLE		45	0	10
Fastenal Co.	COM	311900104	13,292	258,097	SH		SOLE		232,819	0	25,278
Flextronics International Ltd.	COM	Y2573F102	3,133	186,477	SH		SOLE		166,972	0	19,505
Ford Motor Co.	COM	345370860	195	16,778	SH		SOLE		6,578	0	10,200
Franklin Resources Inc	COM	354613101	12,393	294,085	SH		SOLE		259,635	0	34,450
Frontier Communications Corp.	COM	35906A108	33	15,573	SH		SOLE		9,201	0	6,372
Gap Inc. Del	COM	364760108	4,890	201,320	SH		SOLE		170,850	0	30,470
General Electric	COM	369604103	35,133	1,178,974	SH		SOLE		945,842	0	233,132
General Mills Inc.	COM	370334104	1,894	32,099	SH		SOLE		4,123	0	27,976
Gilead Sciences Inc	COM	375558103	9,327	137,316	SH		SOLE		114,229	0	23,087
GlaxoSmithKline PLC-ADR	COM	37733W105	367	8,715	SH		SOLE		7,210	0	1,505
Goldman Sachs Group Inc.	COM	38141G104	5,014	21,828	SH		SOLE		19,373	0	2,455
Grainger Inc., W.W.	COM	384802104	360	1,548	SH		SOLE		928	0	620
Hain Celestial Group Inc.	COM	405217100	1,686	45,323	SH		SOLE		40,730	0	4,593
Hennessy Advisors Inc	COM	425885100	340	20,250	SH		SOLE		20,250	0	0
Hewlett Packard Enterprise Co	COM	42824C109	19,994	843,609	SH		SOLE		830,145	0	13,464
Home Depot, Inc.	COM	437076102	7,629	51,959	SH		SOLE		40,915	0	11,044
Honeywell Int'l Inc.	COM	438516106	11,779	94,329	SH		SOLE		93,429	0	900
HP Inc.	COM	40434L105	15,013	839,655	SH		SOLE		825,006	0	14,649
Illinois Tool Works Inc.	COM	452308109	6,387	48,216	SH		SOLE		40,106	0	8,110
Infusystem Holdings Inc	COM	45685K102	48	21,000	SH		SOLE		21,000	0	0
Ingersoll-Rand PLC	COM	G47791101	1,912	23,508	SH		SOLE		19,793	0	3,715
Intel Corp.	COM	458140100	19,628	544,173	SH		SOLE		471,993	0	72,180
International Bus Mach	COM	459200101	21,184	121,647	SH		SOLE		97,412	0	24,235
Intuit Inc.	COM	461202103	8,400	72,419	SH		SOLE		59,054	0	13,365
Intuitive Surgical Inc.	COM	46120E602	264	345	SH		SOLE		345	0	0
Jacobs Engineering Group Inc.	COM	469814107	6,926	125,288	SH		SOLE		113,222	0	12,066
Johnson & Johnson	COM	478160104	39,652	318,365	SH		SOLE		260,029	0	58,336
Johnson Controls International	COM	G51502105	4,810	114,190	SH		SOLE		102,946	0	11,244
JPMorgan Chase & Co.	COM	46625H100	20,206	230,027	SH		SOLE		182,936	0	47,091
Kellogg Co.	COM	487836108	1,443	19,869	SH		SOLE		4,369	0	15,500
Keysight Technologies, Inc.	COM	49338L103	3,770	104,325	SH		SOLE		103,081	0	1,244
Kimberly-Clark Corp.	COM	494368103	1,150	8,738	SH		SOLE		8,498	0	240
Kraft Heinz Co Com	COM	500754106	2,038	22,444	SH		SOLE		16,884	0	5,560
Laboratory Corp. of America	COM	50540R409	3,228	22,502	SH		SOLE		21,662	0	840
Lamb Weston Holdings, Inc	COM	513272104	449	10,670	SH		SOLE		10,670	0	0
Las Vegas Sands	COM	517834107	911	15,970	SH		SOLE		9,735	0	6,235
Life Storage Inc.	COM	53223X107	439	5,350	SH		SOLE		5,350	0	0
Lilly Eli & Co.	COM	532457108	615	7,315	SH		SOLE		2,630	0	4,685
Lincoln National Corp.	COM	534187109	577	8,818	SH		SOLE		8,818	0	0
Lockheed Martin Corp.	COM	539830109	4,650	17,375	SH		SOLE		17,375	0	0
Lowe's Companies	COM	548661107	27,094	329,568	SH		SOLE		291,745	0	37,823
Magellan Midstream Partners	COM	559080106	2,622	34,094	SH		SOLE		27,341	0	6,753
Marriott Int'l, Inc.	COM	571903202	240	2,552	SH		SOLE		2,552	0	0
Marsh & McLennan Companies	COM	571748102	1,517	20,532	SH		SOLE		3,475	0	17,057
Mastercard Inc-Cl A	COM	57636Q104	810	7,199	SH		SOLE		7,199	0	0
McDonald's Corp.	COM	580135101	15,280	117,893	SH		SOLE		95,546	0	22,347
McKesson Corp.	COM	58155Q103	3,184	21,473	SH		SOLE		19,768	0	1,705
Medtronic Plc.	COM	g5960l103	1,149	14,260	SH		SOLE		13,345	0	915
Merck & Co., Inc. New	COM	58933Y105	4,361	68,639	SH		SOLE		55,814	0	12,825
Mercury General Ins	COM	589400100	911	14,930	SH		SOLE		10,090	0	4,840
Meredith Corp.	COM	589433101	988	15,300	SH		SOLE		3,300	0	12,000
Microsoft Corp.	COM	594918104	29,698	450,933	SH		SOLE		368,676	0	82,257
Minerals Technologies Inc.	COM	603158106	1,121	14,630	SH		SOLE		13,130	0	1,500
Mondelez International	COM	609207105	4,123	95,711	SH		SOLE		61,111	0	34,600
Monsanto Company	COM	61166W101	18,838	166,410	SH		SOLE		151,964	0	14,446
Monster Beverage Corp.	COM	611740101	222	4,800	SH		SOLE		4,800	0	0
Moody's Corporation	COM	615369105	447	3,990	SH		SOLE		3,990	0	0
MSA Safety Inc.	COM	553498106	255	3,610	SH		SOLE		3,350	0	260
Nestle Sponsored ADR	COM	641069406	1,126	14,645	SH		SOLE		12,385	0	2,260
Netapp, Inc	COM	64110D104	4,627	110,555	SH		SOLE		104,105	0	6,450
NewMarket Corp	COM	651587107	3,852	8,500	SH		SOLE		8,500	0	0
NextEra Energy Inc.	COM	65339F101	830	6,465	SH		SOLE		4,765	0	1,700
Nike, Inc.	COM	654106103	10,498	188,365	SH		SOLE		131,779	0	56,586
Nordstrom Inc.	COM	655664100	9,040	194,109	SH		SOLE		176,504	0	17,605
Norfolk Southern Corp.	COM	655844108	936	8,356	SH		SOLE		6,055	0	2,301
Northrop Grumman Corp.	COM	666807102	6,101	25,653	SH		SOLE		25,653	0	0
Novartis AG ADS	COM	66987V109	8,922	120,130	SH		SOLE		108,825	0	11,305
Novo Nordisk ADR	COM	670100205	10,147	295,994	SH		SOLE		262,188	0	33,806
Nucor Corp.	COM	670346105	2,455	41,105	SH		SOLE		35,992	0	5,113
Oaktree Capital Group LLC	COM	674001201	417	9,200	SH		SOLE		0	0	9,200
Occidental Petroleum	COM	674599105	850	13,412	SH		SOLE		9,842	0	3,570
Old Republic International Cor	COM	680223104	262	12,781	SH		SOLE		0	0	12,781
Oneok Partners LP	COM	68268N103	2,927	54,210	SH		SOLE		45,570	0	8,640
Oracle Systems	COM	68389X105	21,185	474,894	SH		SOLE		437,146	0	37,748
Paccar Inc.	COM	693718108	299	4,450	SH		SOLE		4,450	0	0
Parker Hannifin Corp.	COM	701094104	3,550	22,142	SH		SOLE		500	0	21,642
Paychex Inc	COM	704326107	379	6,435	SH		SOLE		3,550	0	2,885
Paypal Hldgs Inc Com	COM	70450Y103	15,473	359,661	SH		SOLE		321,700	0	37,961
PepsiCo Inc.	COM	713448108	17,311	154,760	SH		SOLE		117,366	0	37,394
Pfizer, Inc.	COM	717081103	17,211	503,103	SH		SOLE		416,214	0	86,889
Philip Morris Intl	COM	718172109	15,645	138,571	SH		SOLE		106,467	0	32,104
Phillips 66	COM	718546104	1,156	14,590	SH		SOLE		9,388	0	5,202
Plains All American Pipeline L	COM	726503105	2,449	77,471	SH		SOLE		52,308	0	25,163
Polaris Industries Inc.	COM	731068102	312	3,724	SH		SOLE		100	0	3,624
Post Holdings, Inc.	COM	737446104	700	8,000	SH		SOLE		0	0	8,000
PPG Industries, Inc.	COM	693506107	674	6,418	SH		SOLE		5,086	0	1,332
Procter & Gamble Co.	COM	742718109	21,290	236,945	SH		SOLE		185,630	0	51,315
Profile technologies - NO No	COM	743164105	0	13,500	SH		SOLE		13,500	0	0
PS Business Parks Inc	COM	69360J107	557	4,854	SH		SOLE		4,854	0	0
Public Storage	COM	74460D109	7,018	32,060	SH		SOLE		30,076	0	1,984
Qualcomm, Inc	COM	747525103	14,980	261,257	SH		SOLE		209,497	0	51,760
Quanta Services, Inc.	COM	74762e102	631	17,000	SH		SOLE		0	0	17,000
Raytheon Company	COM	755111507	272	1,783	SH		SOLE		1,683	0	100
Realty Income Corp.	COM	756109104	1,643	27,601	SH		SOLE		25,301	0	2,300
Reynolds American Inc.	COM	761713106	989	15,700	SH		SOLE		1,596	0	14,104
Roche Dividend Right Cert	COM	771192895	255	1,000	SH		SOLE		1,000	0	0
Roche Holdings Ltd-Spons ADR	COM	771195104	264	8,230	SH		SOLE		8,230	0	0
Rockwell Automation, Inc.	COM	773903109	495	3,176	SH		SOLE		2,976	0	200
Rockwell Collins	COM	774341101	250	2,577	SH		SOLE		2,377	0	200
Royal Dutch Shell PLC-ADR A	COM	780259206	1,092	20,708	SH		SOLE		19,643	0	1,065
S&P Global Inc	COM	78409V104	960	7,340	SH		SOLE		1,800	0	5,540
Schlumberger Ltd	COM	806857108	28,975	370,999	SH		SOLE		311,286	0	59,713
Sempra Energy	COM	816851109	762	6,894	SH		SOLE		6,074	0	820
Shire Plc-ADR	COM	82481R106	229	1,314	SH		SOLE		1,146	0	168
Simpson Manufacturing Co	COM	829073105	1,055	24,493	SH		SOLE		24,493	0	0
Southern Company	COM	842587107	663	13,325	SH		SOLE		4,450	0	8,875
Starbucks Corp.	COM	855244109	604	10,343	SH		SOLE		7,777	0	2,566
Starwood Property Trust Inc. R	COM	85571b105	259	11,459	SH		SOLE		0	0	11,459
Stericycle, Inc.	COM	858912108	11,322	136,592	SH		SOLE		111,867	0	24,725
Stryker Corporation	COM	863667101	21,765	165,323	SH		SOLE		147,926	0	17,397
Sysco Corp.	COM	871829107	10,375	199,826	SH		SOLE		148,200	0	51,626
T. Rowe Price Group	COM	74144T108	206	3,020	SH		SOLE		3,020	0	0
Target Corp	COM	87612E106	4,279	77,527	SH		SOLE		69,417	0	8,110
Tegna Inc Com	COM	87901J105	207	8,075	SH		SOLE		75	0	8,000
Teva Pharmaceutical Industries	COM	881624209	5,533	172,429	SH		SOLE		161,374	0	11,055
Texas Instruments	COM	882508104	4,259	52,864	SH		SOLE		43,018	0	9,846
The Walt Disney Company	COM	254687106	14,583	128,610	SH		SOLE		109,775	0	18,835
TJX Companies	COM	872540109	1,885	23,836	SH		SOLE		22,086	0	1,750
Torchmark Corp	COM	891027104	207	2,690	SH		SOLE		2,690	0	0
Toro Co.	COM	891092108	627	10,042	SH		SOLE		0	0	10,042
Transocean Ltd.	COM	H8817H100	1,725	138,581	SH		SOLE		129,776	0	8,805
Tredegar Corporation	COM	894650100	281	16,000	SH		SOLE		16,000	0	0
U.S. Bancorp	COM	902973304	934	18,134	SH		SOLE		10,134	0	8,000
Unilever N V	COM	904784709	481	9,686	SH		SOLE		9,686	0	0
Union Pacific	COM	907818108	7,919	74,761	SH		SOLE		70,441	0	4,320
United Parcel Service	COM	911312106	48,384	450,919	SH		SOLE		429,349	0	21,570
United Technologies	COM	913017109	13,205	117,680	SH		SOLE		111,025	0	6,655
UnitedHealth Group Inc.	COM	91324P102	1,012	6,173	SH		SOLE		6,133	0	40
Valmont Industries Inc.	COM	920253101	793	5,100	SH		SOLE		5,100	0	0
Verizon Comm.	COM	92343V104	7,575	155,383	SH		SOLE		128,634	0	26,749
Vodafone Group PLC New	COM	92857w308	4,592	173,749	SH		SOLE		146,821	0	26,928
Wal-Mart Stores, Inc.	COM	931142103	9,550	132,495	SH		SOLE		111,142	0	21,353
Walgreens Boots Alliance Inc.	COM	931427108	11,727	141,205	SH		SOLE		126,831	0	14,374
Wec Energy Group Inc	COM	92939U106	887	14,626	SH		SOLE		3,564	0	11,062
Wells Fargo & Co.	COM	949746101	38,723	695,715	SH		SOLE		634,493	0	61,222
Weyerhaeuser Co.	COM	962166104	1,788	52,619	SH		SOLE		42,560	0	10,059
Whole Food Markets	COM	966837106	5,956	200,411	SH		SOLE		169,036	0	31,375
WisdomTree Investments Inc	COM	97717p104	191	21,000	SH		SOLE		0	0	21,000
Xilinx Inc	COM	983919101	223	3,860	SH		SOLE		225	0	3,635
Zimmer Biomet Hldgs Inc Com	COM	98956P102	398	3,262	SH		SOLE		2,402	0	860
AQR Managed Futures Strategy F	AA	00203H859	227	24,587	SH		SOLE		24,587	0	0
Deutsche Enhanced Commodity St	AA	25159L836	786	68,676	SH		SOLE		68,676	0	0
Franklin K2 Alternative Strate	AA	35241W500	375	33,937	SH		SOLE		33,937	0	0
iPath Dow Jones UBS Commodity	AA	06738C778	341	14,500	SH		SOLE		14,500	0	0
iShares Gold Trust	AA	464285105	214	17,860	SH		SOLE		17,860	0	0
Principal Global Multi-Strateg	AA	74255L696	375	33,572	SH		SOLE		33,572	0	0
SPDR Gold Trust	AA	78463V107	2,476	20,860	SH		SOLE		19,393	0	1,467
Sprott Physical Gold Trust ETV	AA	85207h104	215	21,000	SH		SOLE		21,000	0	0
Sprott Physical Silver Trust E	AA	85207k107	105	15,250	SH		SOLE		15,250	0	0