Avalon Investment & Advisory 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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
ABB Ltd	COM	000375204	1,301	66,138	SH		SOLE		8,754	0	57,384
Abbott Laboratories	COM	002824100	42,683	510,138	SH		SOLE		10,513	0	499,625
AbbVie Inc	COM	00287Y109	36,999	488,633	SH		SOLE		44,088	0	444,545
Accenture PLC Ireland	COM	G1151C101	45,989	239,090	SH		SOLE		42,059	0	197,031
Addus Homecare Corp	COM	006739106	2,978	37,562	SH		SOLE		5,000	0	32,562
Adobe Inc	COM	00724F101	1,428	5,171	SH		SOLE		80	0	5,091
Advance Auto Parts Inc	COM	00751Y106	4,618	27,918	SH		SOLE		3,715	0	24,203
Advanced Micro Devices Inc	COM	007903107	20,903	721,049	SH		SOLE		26,644	0	694,405
AES Corp	COM	00130H105	445	27,204	SH		SOLE		17,062	0	10,142
Affiliated Managers Group	COM	008252108	3,564	42,765	SH		SOLE		5,717	0	37,048
Akamai Technologies Inc	COM	00971T101	3,011	32,946	SH		SOLE		4,311	0	28,635
Alibaba Group Holding Ltd	COM	01609W102	2,788	16,672	SH		SOLE		4,531	0	12,141
Allergan PLC	COM	G0177J108	213	1,263	SH		SOLE		0	0	1,263
Alpha Architect ETF Tr US Quan	COM	02072L409	203	6,760	SH		SOLE		0	0	6,760
Alphabet Inc	COM	02079K107	875	718	SH		SOLE		50	0	668
Alphabet Inc	COM	02079K305	36,816	30,149	SH		SOLE		1,061	0	29,088
Alps ETF Tr Alerian MLP	COM	00162Q866	169	18,440	SH		SOLE		0	0	18,440
Altria Group Inc	COM	02209S103	49,132	1,201,266	SH		SOLE		2,129	0	1,199,137
Amazon.com Inc	COM	023135106	34,610	19,938	SH		SOLE		774	0	19,164
Ambev SA	COM	02319V103	2,241	485,154	SH		SOLE		0	0	485,154
American Electric Power Inc	COM	025537101	16,288	173,848	SH		SOLE		31,140	0	142,708
American Express Co	COM	025816109	19,046	161,027	SH		SOLE		5,747	0	155,280
American Tower Corp	COM	03027X100	17,230	77,917	SH		SOLE		2,865	0	75,052
Amgen Inc	COM	031162100	42,264	218,409	SH		SOLE		25,733	0	192,676
Apple Inc	COM	037833100	207,478	926,364	SH		SOLE		39,776	0	886,588
Ares Capital Corp	COM	04010L103	15,349	823,641	SH		SOLE		147,708	0	675,933
ASML Holding NV	COM	N07059210	18,855	75,899	SH		SOLE		4,158	0	71,741
AstraZeneca PLC	COM	046353108	3,306	74,178	SH		SOLE		8,454	0	65,724
AT&T Inc	COM	00206R102	32,863	868,475	SH		SOLE		153,384	0	715,091
Automatic Data Processing Inc	COM	053015103	29,749	184,295	SH		SOLE		3,049	0	181,246
AutoZone Inc	COM	053332102	13,487	12,435	SH		SOLE		463	0	11,972
Bank America Corp	COM	060505104	26,470	907,445	SH		SOLE		34,225	0	873,220
Bank N S Halifax	COM	064149107	2,236	39,334	SH		SOLE		0	0	39,334
BB&T Corp	COM	054937107	17,034	319,159	SH		SOLE		57,566	0	261,593
Berkshire Hathaway Inc	COM	084670702	40,716	195,730	SH		SOLE		36,169	0	159,561
Berkshire Hathaway Inc	COM	084670108	23,387	75	SH		SOLE		1	0	74
BHP Billiton PLC	COM	05545E209	19,819	462,636	SH		SOLE		90,911	0	371,725
Bio Rad Laboratories Inc	COM	090572207	5,400	16,230	SH		SOLE		2,161	0	14,069
BJs Whsl Club	COM	05550J101	5,346	206,652	SH		SOLE		27,554	0	179,098
BlackRock Inc	COM	09247X101	6,997	15,700	SH		SOLE		0	0	15,700
Boeing Co	COM	097023105	41,341	108,657	SH		SOLE		14,010	0	94,647
BRF SA	COM	10552T107	2,027	221,318	SH		SOLE		62,694	0	158,624
Bristol-Myers Squibb Co	COM	110122108	18,485	364,528	SH		SOLE		17,363	0	347,165
Broadcom Inc	COM	11135F101	28,541	103,385	SH		SOLE		12,667	0	90,718
Broadridge Financial Solutions	COM	11133T103	214	1,721	SH		SOLE		0	0	1,721
Buckeye Partners LP	COM	118230101	271	6,588	SH		SOLE		0	0	6,588
C H Robinson Worldwide Inc	COM	12541W209	36,349	428,749	SH		SOLE		76,276	0	352,473
Cadence Bancorporation Cl A	COM	12739A100	535	30,516	SH		SOLE		0	0	30,516
Cal Maine Foods Inc	COM	128030202	36,140	904,507	SH		SOLE		161,243	0	743,264
Canadian Imperial Bank Comm To	COM	136069101	1,346	16,304	SH		SOLE		4,995	0	11,309
Canadian National Railway Co	COM	136375102	1,803	20,070	SH		SOLE		6,150	0	13,920
Canadian Pacific Railway Ltd	COM	13645T100	254	1,140	SH		SOLE		0	0	1,140
Caretrust REIT Inc	COM	14174T107	4,165	177,217	SH		SOLE		23,691	0	153,526
Caterpillar Inc	COM	149123101	13,494	106,833	SH		SOLE		3,998	0	102,835
CenterPoint Energy Inc	COM	15189T107	24,293	804,953	SH		SOLE		142,235	0	662,718
Cheniere Energy Partners LP	COM	16411Q101	606	13,328	SH		SOLE		0	0	13,328
Chevron Corp	COM	166764100	94,751	798,914	SH		SOLE		58,720	0	740,194
China Mobile Limited	COM	16941M109	276	6,670	SH		SOLE		0	0	6,670
Chubb Limited	COM	H1467J104	32,133	199,042	SH		SOLE		7,394	0	191,648
Church & Dwight Inc	COM	171340102	4,799	63,780	SH		SOLE		8,502	0	55,278
Cisco Systems Inc	COM	17275R102	68,074	1,377,746	SH		SOLE		180,034	0	1,197,712
Citigroup Inc	COM	172967424	417	6,043	SH		SOLE		0	0	6,043
Clorox Co	COM	189054109	228	1,500	SH		SOLE		1,500	0	0
CME Group Inc	COM	12572Q105	271	1,282	SH		SOLE		0	0	1,282
CMS Energy Corp	COM	125896100	212	3,308	SH		SOLE		1,836	0	1,472
Coca-Cola Co	COM	191216100	154,091	2,830,472	SH		SOLE		153,298	0	2,677,174
Colfax Corp	COM	194014106	3,799	130,739	SH		SOLE		17,491	0	113,248
Comcast Corp	COM	20030N101	27,326	606,165	SH		SOLE		16,398	0	589,767
ConocoPhillips	COM	20825C104	20,284	355,979	SH		SOLE		13,010	0	342,969
Contango Oil & Gas Company	COM	21075N204	347	125,000	SH		SOLE		0	0	125,000
CoreSite Realty Corp	COM	21870Q105	4,366	35,833	SH		SOLE		4,779	0	31,054
Costco Wholesale Corp	COM	22160K105	14,005	48,609	SH		SOLE		1,799	0	46,810
Crown Castle Intl Corp	COM	22822V101	28,786	207,077	SH		SOLE		41,053	0	166,024
Cummins Inc	COM	231021106	67,254	413,439	SH		SOLE		62,094	0	351,345
CVS Health Corp	COM	126650100	37,816	599,590	SH		SOLE		59,832	0	539,758
Danaher Corp	COM	235851102	13,038	90,269	SH		SOLE		3,666	0	86,603
DBX ETF Tr Xtrak Msci Japn	COM	233051507	209	5,250	SH		SOLE		0	0	5,250
DCP Midstream LP	COM	23311P100	790	30,144	SH		SOLE		0	0	30,144
Diageo PLC	COM	25243Q205	5,564	34,028	SH		SOLE		9,450	0	24,578
Digital Realty Trust Inc	COM	253868103	23,841	183,657	SH		SOLE		35,293	0	148,364
Discover Financial Services	COM	254709108	38,082	469,630	SH		SOLE		83,565	0	386,065
Disney Walt Co	COM	254687106	26,194	200,996	SH		SOLE		7,780	0	193,216
Dollar Tree Inc	COM	256746108	18,877	165,355	SH		SOLE		6,229	0	159,126
Duke Energy Corp	COM	26441C204	26,253	273,863	SH		SOLE		49,820	0	224,043
Edwards Lifesciences Corp	COM	28176E108	17,048	77,524	SH		SOLE		3,153	0	74,371
Emerson Electric Co	COM	291011104	41,429	619,635	SH		SOLE		109,614	0	510,021
Employers Holdings Inc	COM	292218104	1,832	42,037	SH		SOLE		5,613	0	36,424
Enbridge Inc	COM	29250N105	1,487	42,381	SH		SOLE		0	0	42,381
Energy Select Sector SPDR ETF	COM	81369Y506	224	3,792	SH		SOLE		0	0	3,792
Energy Transfer LP	COM	29273V100	3,017	230,687	SH		SOLE		18,569	0	212,118
Entergy Corp	COM	29364G103	19,147	163,145	SH		SOLE		29,626	0	133,519
Enterprise Products Partners L	COM	293792107	28,563	999,419	SH		SOLE		82,019	0	917,400
EOG Resources Inc	COM	26875P101	403	5,426	SH		SOLE		1,800	0	3,626
Equinix Inc	COM	29444U700	12,856	22,288	SH		SOLE		857	0	21,431
Ericsson	COM	294821608	1,993	249,692	SH		SOLE		70,373	0	179,319
Euronet Worldwide Inc	COM	298736109	4,815	32,909	SH		SOLE		4,380	0	28,529
Exxon Mobil Corp	COM	30231G102	71,497	1,012,555	SH		SOLE		62,968	0	949,587
Facebook Inc	COM	30303M102	25,268	141,894	SH		SOLE		5,237	0	136,657
First Financial Bankshares	COM	32020R109	694	20,808	SH		SOLE		0	0	20,808
Firstcash Inc	COM	33767D105	5,075	55,359	SH		SOLE		7,373	0	47,986
FirstEnergy Corp	COM	337932107	17,791	368,887	SH		SOLE		66,935	0	301,952
Firstservice Corp	COM	33767E202	4,099	39,960	SH		SOLE		5,318	0	34,642
Fleetcor Technologies Inc	COM	339041105	8,245	28,751	SH		SOLE		3,807	0	24,944
Fomento Economico Mexicano SAB	COM	344419106	2,055	22,444	SH		SOLE		6,437	0	16,007
Garmin Ltd	COM	H2906T109	17,308	204,372	SH		SOLE		37,321	0	167,051
General Electric Co	COM	369604103	710	79,364	SH		SOLE		4,000	0	75,364
General Mills Inc	COM	370334104	858	15,570	SH		SOLE		4,206	0	11,364
General Motors Co	COM	37045V100	355	9,469	SH		SOLE		0	0	9,469
Genuine Parts Co	COM	372460105	16,043	161,086	SH		SOLE		29,145	0	131,941
Gilead Sciences Inc	COM	375558103	32,396	511,136	SH		SOLE		91,632	0	419,504
GlaxoSmithKline PLC	COM	37733W105	24,283	568,964	SH		SOLE		100,094	0	468,870
Gold Shares SPDR ETF	COM	78463V107	10,709	77,118	SH		SOLE		0	0	77,118
Goldman Sachs Group Inc	COM	38141G104	12,273	59,226	SH		SOLE		2,267	0	56,959
Goodyear Tire & Rubber Co	COM	382550101	16,027	1,112,628	SH		SOLE		186,705	0	925,923
Goosehead Insurance	COM	38267D109	2,374	48,113	SH		SOLE		6,414	0	41,699
Guggenheim Taxable Muni Mgd Du	COM	401664107	206	8,617	SH		SOLE		0	0	8,617
Health Care Select Sector SPDR	COM	81369Y209	617	6,847	SH		SOLE		0	0	6,847
Healthcare Services Group Inc	COM	421906108	2,616	107,719	SH		SOLE		14,346	0	93,373
Holly Energy Partners LP	COM	435763107	839	33,219	SH		SOLE		0	0	33,219
Home Bancshares Inc	COM	436893200	2,451	130,419	SH		SOLE		17,465	0	112,954
Home Depot Inc	COM	437076102	28,233	121,685	SH		SOLE		6,168	0	115,517
Honeywell Intl Inc	COM	438516106	16,314	96,416	SH		SOLE		9,371	0	87,045
Iaa Inc	COM	449253103	2,791	66,885	SH		SOLE		9,201	0	57,684
IberiaBank Corp	COM	450828108	2,927	38,742	SH		SOLE		5,177	0	33,565
Icon PLC	COM	G4705A100	7,327	49,729	SH		SOLE		3,472	0	46,257
Infosys Ltd	COM	456788108	1,548	136,147	SH		SOLE		38,062	0	98,085
Ingersoll-Rand PLC	COM	G47791101	16,623	134,920	SH		SOLE		5,026	0	129,894
Inovalon Holdings Inc	COM	45781D101	3,700	225,772	SH		SOLE		30,066	0	195,706
Intel Corp	COM	458140100	16,169	313,774	SH		SOLE		5,885	0	307,889
Intercontinental Exchange Inc	COM	45866F104	389	4,215	SH		SOLE		0	0	4,215
Intercontinental Hotels Group	COM	45857P806	2,508	40,271	SH		SOLE		11,386	0	28,885
International Paper Co	COM	460146103	15,023	359,223	SH		SOLE		65,067	0	294,156
Invesco FTSE RAFI US 1000 ETF	COM	46137V613	437	3,706	SH		SOLE		0	0	3,706
Invesco Preferred ETF	COM	46138E511	15,038	1,001,197	SH		SOLE		186,962	0	814,235
Invesco QQQ Trust	COM	46090E103	522	2,765	SH		SOLE		2,765	0	0
Iron Mountain Inc PA	COM	46284V101	14,856	458,666	SH		SOLE		81,188	0	377,478
iShares Core MSCI Total	COM	46432F834	249	4,313	SH		SOLE		0	0	4,313
iShares Cre US REIT ETF	COM	464288521	966	17,386	SH		SOLE		0	0	17,386
iShares Gold Trust	COM	464285105	271	19,206	SH		SOLE		0	0	19,206
iShares TR Core High Dv ETF	COM	46429B663	206	2,187	SH		SOLE		0	0	2,187
iShares TR Core S&P Scp ETF	COM	464287804	463	5,950	SH		SOLE		2,492	0	3,458
iShares TR Core S&P Ttl Stk ET	COM	464287150	461	6,866	SH		SOLE		0	0	6,866
iShares TR Core US Aggbd ETF	COM	464287226	766	6,772	SH		SOLE		0	0	6,772
iShares TR Iboxx Hi Yd ETF	COM	464288513	14,711	168,766	SH		SOLE		31,057	0	137,709
iShares TR Iboxx Inv Cp ETF	COM	464287242	12,431	97,516	SH		SOLE		17,596	0	79,920
iShares TR MBS ETF	COM	464288588	75,426	696,454	SH		SOLE		17,087	0	679,367
iShares TR Min Vol Usa ETF	COM	46429B697	1,289	20,115	SH		SOLE		0	0	20,115
iShares TR MSCI Acwi Ex UD ETF	COM	464288240	252	5,477	SH		SOLE		0	0	5,477
iShares TR Rus 1000 ETF	COM	464287622	285	1,732	SH		SOLE		0	0	1,732
iShares TR Rus 1000 Grw ETF	COM	464287614	828	5,189	SH		SOLE		0	0	5,189
iShares TR Rus 1000 Val ETF	COM	464287598	927	7,227	SH		SOLE		0	0	7,227
iShares TR S&P 500 Grwt ETF	COM	464287309	349	1,941	SH		SOLE		0	0	1,941
iShares TR S&P Us Pfd Stk ETF	COM	464288687	19,573	521,530	SH		SOLE		95,413	0	426,117
iShares TR Tips Bd ETF	COM	464287176	3,604	30,989	SH		SOLE		1,783	0	29,206
iShares TR USA Momentum Fct ET	COM	46432F396	363	3,042	SH		SOLE		0	0	3,042
iShares TR USA Quality Fctr ET	COM	46432F339	1,479	16,007	SH		SOLE		0	0	16,007
iShares TR USA Value Factor ET	COM	46432F388	1,002	12,208	SH		SOLE		0	0	12,208
Itau Unibanco Holding SA	COM	465562106	1,075	127,796	SH		SOLE		13,997	0	113,799
J2 Global Inc	COM	48123V102	3,652	40,213	SH		SOLE		5,357	0	34,856
Johnson & Johnson	COM	478160104	30,569	236,273	SH		SOLE		16,766	0	219,507
JPMorgan Chase & Co	COM	46625H100	65,031	552,561	SH		SOLE		68,355	0	484,206
Kansas City Southern	COM	485170302	214	1,610	SH		SOLE		0	0	1,610
KB Financial Group Inc	COM	48241A105	1,419	39,728	SH		SOLE		11,177	0	28,551
Kimberly Clark Corp	COM	494368103	30,067	211,665	SH		SOLE		43,293	0	168,372
Kinder Morgan Inc	COM	49456B101	15,584	756,140	SH		SOLE		147,296	0	608,844
Koninklijke Philips NV	COM	500472303	2,734	59,265	SH		SOLE		16,871	0	42,394
Kraft Heinz Co	COM	500754106	2,970	106,313	SH		SOLE		4,026	0	102,287
Lam Research Corp	COM	512807108	58,294	252,237	SH		SOLE		36,177	0	216,060
Lamar Advertising Co	COM	512816109	23,950	292,329	SH		SOLE		54,587	0	237,742
Landstar Systems Inc	COM	515098101	3,480	30,913	SH		SOLE		4,119	0	26,794
Lauder Estee Cos Inc	COM	518439104	14,008	70,409	SH		SOLE		2,646	0	67,763
Lgi Homes Inc	COM	50187T106	4,848	58,190	SH		SOLE		7,755	0	50,435
Lilly Eli & Co	COM	532457108	1,372	12,267	SH		SOLE		11,386	0	881
Linde PLC	COM	G5494J103	27,794	143,473	SH		SOLE		2,415	0	141,058
Lockheed Martin Corp	COM	539830109	27,154	69,615	SH		SOLE		15,813	0	53,802
Lowes Cos Inc	COM	548661107	220	2,000	SH		SOLE		0	0	2,000
Lululemon Athletica Inc	COM	550021109	1,506	7,821	SH		SOLE		2,285	0	5,536
LyondellBasell Industries NV	COM	N53745100	12,780	142,837	SH		SOLE		5,234	0	137,603
Magellan Midstream Partners LP	COM	559080106	1,722	25,986	SH		SOLE		0	0	25,986
Main Street Capital Corp	COM	56035L104	270	6,259	SH		SOLE		0	0	6,259
Marathon Oil Corp	COM	565849106	307	25,000	SH		SOLE		0	0	25,000
Markel Corp	COM	570535104	3,728	3,154	SH		SOLE		419	0	2,735
MarketAxess Holdings Inc	COM	57060D108	305	931	SH		SOLE		0	0	931
MasterCard Incorporated	COM	57636Q104	919	3,385	SH		SOLE		385	0	3,000
Maxim Integrated Prods Inc	COM	57772K101	16,360	282,505	SH		SOLE		50,369	0	232,136
McCormick & Co Inc	COM	579780206	13,126	83,979	SH		SOLE		3,128	0	80,851
McDonalds Corp	COM	580135101	40,206	187,257	SH		SOLE		8,520	0	178,737
MercadoLibre Inc	COM	58733R102	2,047	3,713	SH		SOLE		1,018	0	2,695
Merck & Co Inc	COM	58933Y105	108,565	1,289,674	SH		SOLE		167,626	0	1,122,048
MetLife Inc	COM	59156R108	27,705	587,470	SH		SOLE		72,511	0	514,959
Microsoft Corp	COM	594918104	88,762	638,434	SH		SOLE		32,426	0	606,008
Mobile Telesystems PJSC	COM	607409109	936	115,545	SH		SOLE		3,809	0	111,736
Mondelez Intl Inc	COM	609207105	16,616	300,360	SH		SOLE		0	0	300,360
MPLX LP	COM	55336V100	607	21,663	SH		SOLE		0	0	21,663
National Retail Properties Inc	COM	637417106	17,729	314,348	SH		SOLE		53,678	0	260,670
National Storage Affiliates Tr	COM	637870106	3,932	117,816	SH		SOLE		15,710	0	102,106
Nextera Energy Partners LP In	COM	65341B106	15,075	285,296	SH		SOLE		54,170	0	231,126
Nike Inc	COM	654106103	19,727	210,042	SH		SOLE		7,580	0	202,462
Nokia Corp	COM	654902204	1,539	304,110	SH		SOLE		42,231	0	261,879
Nomad Foods Ltd	COM	G6564A105	3,938	192,085	SH		SOLE		25,628	0	166,457
Norfolk Southern Corp	COM	655844108	453	2,523	SH		SOLE		2,500	0	23
Northrop Grumman Corp	COM	666807102	13,716	36,596	SH		SOLE		1,392	0	35,204
Novartis AG	COM	66987V109	8,511	97,945	SH		SOLE		15,645	0	82,300
Novo-Nordisk AS	COM	670100205	21,935	424,269	SH		SOLE		846	0	423,423
Nutrien Ltd	COM	67077M108	1,945	38,988	SH		SOLE		0	0	38,988
Occidental Petroleum Corp	COM	674599105	4,574	102,852	SH		SOLE		0	0	102,852
Old Dominion Freight Lines Inc	COM	679580100	4,204	24,733	SH		SOLE		3,295	0	21,438
Ollies Bargain Outlt Holdings	COM	681116109	1,940	33,075	SH		SOLE		4,402	0	28,673
Omnicom Group Inc	COM	681919106	54,226	692,546	SH		SOLE		123,409	0	569,137
Onespaworld Holdings	COM	P73684113	2,202	141,816	SH		SOLE		18,900	0	122,916
Oracle Corp	COM	68389X105	11,321	205,731	SH		SOLE		7,268	0	198,463
Pagseguro Digital Ltd Cl A	COM	G68707101	4,916	106,157	SH		SOLE		14,093	0	92,064
Parsley Energy Inc	COM	701877102	5,032	299,537	SH		SOLE		40,348	0	259,189
Paychex Inc	COM	704326107	20,947	253,075	SH		SOLE		47,694	0	205,381
Paypal Holdings Inc	COM	70450Y103	18,408	177,705	SH		SOLE		7,001	0	170,704
Pbf Logistics LP	COM	69318Q104	1,186	56,073	SH		SOLE		0	0	56,073
Peoples United Financial Inc	COM	712704105	203	12,958	SH		SOLE		6,592	0	6,366
PepsiCo Inc	COM	713448108	135,087	985,319	SH		SOLE		118,971	0	866,348
PerkinElmer Inc	COM	714046109	3,712	43,584	SH		SOLE		5,806	0	37,778
Pfizer Inc	COM	717081103	36,381	1,012,546	SH		SOLE		154,928	0	857,618
Philip Morris Intl Inc	COM	718172109	95,158	1,253,227	SH		SOLE		16,338	0	1,236,889
Phillips 66	COM	718546104	43,738	427,131	SH		SOLE		76,102	0	351,029
Phillips 66 Partners LP	COM	718549207	1,211	21,383	SH		SOLE		0	0	21,383
Plains Group Hlgs LP	COM	72651A207	4,183	197,015	SH		SOLE		0	0	197,015
PNC Financial Services Group I	COM	693475105	425	3,035	SH		SOLE		3,035	0	0
Post Holdings Inc	COM	737446104	3,651	34,492	SH		SOLE		4,588	0	29,904
Pra Health Sciences Inc	COM	69354M108	5,973	60,193	SH		SOLE		8,223	0	51,970
Premier Inc	COM	74051N102	2,440	84,376	SH		SOLE		11,250	0	73,126
Price T Rowe Group Inc	COM	74144T108	46,475	406,785	SH		SOLE		72,548	0	334,237
Procter And Gamble Co	COM	742718109	121,470	976,606	SH		SOLE		73,925	0	902,681
Progressive Corp Ohio	COM	743315103	14,972	193,818	SH		SOLE		7,415	0	186,403
Prosperity Bancshares Inc	COM	743606105	3,788	53,626	SH		SOLE		7,138	0	46,488
Public Service Enterprise Grou	COM	744573106	41,762	672,718	SH		SOLE		119,645	0	553,073
Qualcomm Inc	COM	747525103	733	9,607	SH		SOLE		1,651	0	7,956
Radiant Logistics Inc	COM	75025X100	1,436	277,814	SH		SOLE		36,911	0	240,903
Raytheon Co	COM	755111507	266	1,356	SH		SOLE		1,300	0	56
Regeneron Pharmaceuticals	COM	75886F107	513	1,850	SH		SOLE		1,850	0	0
Restaurant Brands Intl Inc	COM	76131D103	2,778	39,048	SH		SOLE		5,208	0	33,840
Rio Tinto PLC	COM	767204100	14,531	278,952	SH		SOLE		18,390	0	260,562
Royal Bank of Canada Montreal	COM	780087102	2,292	28,246	SH		SOLE		2,990	0	25,256
Royal Dutch Shell PLC	COM	780259206	15,426	262,129	SH		SOLE		0	0	262,129
Royal Dutch Shell PLC	COM	780259107	7,702	128,574	SH		SOLE		25,689	0	102,885
Russell 2000 Ishares ETF	COM	464287655	3,256	21,515	SH		SOLE		112	0	21,403
Ryman Hospitality Properties I	COM	78377T107	4,097	50,084	SH		SOLE		6,672	0	43,412
S&P 500 INDEX Ishares ETF	COM	464287200	9,121	30,554	SH		SOLE		154	0	30,400
S&P 500 SPDR ETF	COM	78462F103	18,517	62,396	SH		SOLE		1,386	0	61,010
S&P Midcap 400 SPDR ETF	COM	78467Y107	1,729	4,906	SH		SOLE		23	0	4,883
Salesforce.com Inc	COM	79466L302	383	2,583	SH		SOLE		0	0	2,583
Sandstorm Gold Ltd	COM	80013R206	3,780	670,231	SH		SOLE		86,842	0	583,389
Sap SE	COM	803054204	2,343	19,875	SH		SOLE		5,880	0	13,995
Schlumberger Ltd	COM	806857108	16,063	470,084	SH		SOLE		87,429	0	382,655
Schwab Charles Corp	COM	808513105	418	9,992	SH		SOLE		0	0	9,992
ServiceMaster Global Holdings	COM	81761R109	5,102	91,270	SH		SOLE		12,105	0	79,165
Shell Midstream Partners LP	COM	822634101	1,375	67,243	SH		SOLE		0	0	67,243
Solaris Oilfield Infrast-A	COM	83418M103	4,897	364,921	SH		SOLE		48,696	0	316,225
Sony Corp	COM	835699307	3,166	53,550	SH		SOLE		14,799	0	38,751
Southwest Airlines Co	COM	844741108	406	7,510	SH		SOLE		0	0	7,510
SPDR Barclays Short Corporate	COM	78464A474	656	21,265	SH		SOLE		0	0	21,265
SPDR Bloomberg Barclays	COM	78468R622	2,233	20,531	SH		SOLE		1,243	0	19,288
SPDR Series Trust S&P Biotech	COM	78464A870	2,628	34,470	SH		SOLE		4,592	0	29,878
Spirit Aerosystems Holdings In	COM	848574109	3,047	37,051	SH		SOLE		4,843	0	32,208
Starbucks Corp	COM	855244109	20,417	230,907	SH		SOLE		8,485	0	222,422
State Street Corp	COM	857477103	337	5,700	SH		SOLE		0	0	5,700
Stellus Cap Inv Corp	COM	858568108	136	10,000	SH		SOLE		10,000	0	0
Sumitomo Mitsui Financial Grou	COM	86562M209	1,629	238,193	SH		SOLE		0	0	238,193
SunTrust Banks Inc	COM	867914103	34,802	505,849	SH		SOLE		90,003	0	415,846
SVB Financial Group	COM	78486Q101	5,095	24,386	SH		SOLE		3,259	0	21,127
Taiwan Semiconductor Mfg Ltd	COM	874039100	9,231	198,603	SH		SOLE		27,591	0	171,012
Targa Resources Corp	COM	87612G101	718	17,885	SH		SOLE		0	0	17,885
Target Corp	COM	87612E106	19,884	185,986	SH		SOLE		33,898	0	152,088
TC Energy Corp	COM	87807B107	1,013	19,552	SH		SOLE		648	0	18,904
Teleflex Inc	COM	879369106	3,932	11,572	SH		SOLE		1,539	0	10,033
Texas Instruments Inc	COM	882508104	27,762	214,813	SH		SOLE		38,783	0	176,030
Thermo Fisher Scientific Inc	COM	883556102	13,886	47,675	SH		SOLE		1,756	0	45,919
Toronto Dominion Bank Ont	COM	891160509	15,830	271,706	SH		SOLE		49,441	0	222,265
Total SA	COM	89151E109	2,785	53,549	SH		SOLE		2,802	0	50,747
TransUnion	COM	89400J107	4,028	49,667	SH		SOLE		6,617	0	43,050
Ulta Beauty Inc	COM	90384S303	8,630	34,430	SH		SOLE		1,258	0	33,172
Unilever PLC	COM	904767704	4,519	75,189	SH		SOLE		1,062	0	74,127
Union Pacific Corp	COM	907818108	13,123	81,018	SH		SOLE		4,125	0	76,893
United Continental Holdings In	COM	910047109	17,963	203,173	SH		SOLE		7,672	0	195,501
United Parcel Service Inc	COM	911312106	29,638	247,355	SH		SOLE		44,135	0	203,220
United Rentals Inc	COM	911363109	6,264	50,259	SH		SOLE		6,697	0	43,562
United Technologies Corp	COM	913017109	1,396	10,222	SH		SOLE		0	0	10,222
UnitedHealth Group Inc	COM	91324P102	42,860	197,220	SH		SOLE		34,566	0	162,654
Universal Health Services Inc	COM	913903100	4,230	28,435	SH		SOLE		3,787	0	24,648
Upland Software Inc	COM	91544A109	3,980	114,168	SH		SOLE		15,206	0	98,962
Vanguard Real Estate ETF	COM	922908553	293	3,144	SH		SOLE		0	0	3,144
Vereit Inc	COM	92339V100	180	18,402	SH		SOLE		0	0	18,402
Verizon Communications Inc	COM	92343V104	62,104	1,028,893	SH		SOLE		132,334	0	896,559
Visa Inc	COM	92826C839	29,417	171,022	SH		SOLE		6,806	0	164,216
Wal-Mart Stores Inc	COM	931142103	26,412	222,552	SH		SOLE		8,266	0	214,286
Walgreens Boots Alliance Inc	COM	931427108	254	4,600	SH		SOLE		0	0	4,600
Webster Financial Corp CT	COM	947890109	4,865	103,798	SH		SOLE		13,894	0	89,904
Wells Fargo Co	COM	949746101	20,125	398,991	SH		SOLE		24,012	0	374,979
Western Midstream Partners Lp	COM	958669103	691	27,781	SH		SOLE		7,625	0	20,156
Western Union Co	COM	959802109	21,238	916,607	SH		SOLE		175,006	0	741,601
Westpac Banking Corp	COM	961214301	2,202	110,147	SH		SOLE		0	0	110,147
Whirlpool Corp	COM	963320106	16,092	101,616	SH		SOLE		17,764	0	83,852
White Mountains Ins Group Ltd	COM	G9618E107	4,279	3,962	SH		SOLE		529	0	3,433
WisdomTree Dynamic Lng Equity	COM	97717X313	446	16,059	SH		SOLE		0	0	16,059
WisdomTree US Qtly Div Grt	COM	97717X669	1,223	27,120	SH		SOLE		0	0	27,120
WPP PLC	COM	92937A102	1,312	20,954	SH		SOLE		691	0	20,263
Yandex NV	COM	N97284108	1,454	41,536	SH		SOLE		11,758	0	29,778
Yum Brands Inc	COM	988498101	777	6,850	SH		SOLE		4,500	0	2,350