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
Exelixis Inc., 4.25%, due 08/15/19 CONVERTIBLE 30161QAC8 815 550,000 PRN   SOLE   550,000 0 0
Intel Corp., 2.95%, due 12/15/35 CONVERTIBLE 458140AD2 970 750,000 PRN   SOLE   750,000 0 0
Micron Technology Inc., 3.00%, due 11/15/43 CONVERTIBLE 595112AY9 573 750,000 PRN   SOLE   750,000 0 0
AGL Resources Inc. COMMON STOCK 001204106 8,906 135,000 SH   SOLE   135,000 0 0
Air Lease Corp. COMMON STOCK 00912X302 12,533 468,000 SH   SOLE   468,000 0 0
Alibaba Group Holding Ltd. (ADR) COMMON STOCK 01609W102 477 6,000 SH   SOLE   6,000 0 0
Allergan plc COMMON STOCK G0177J108 444,222 1,922,289 SH   SOLE   1,851,789 0 70,500
Alphabet Inc., Class A COMMON STOCK 02079K305 266,058 378,176 SH   SOLE   366,530 0 11,646
Alphabet Inc., Class C COMMON STOCK 02079K107 357,846 517,044 SH   SOLE   496,641 0 20,403
American Express Co. COMMON STOCK 025816109 88,102 1,450,000 SH   SOLE   1,450,000 0 0
Apple Inc. COMMON STOCK 037833100 443,486 4,638,976 SH   SOLE   4,470,830 0 168,146
Applied Materials Inc. COMMON STOCK 038222105 565,342 23,585,404 SH   SOLE   22,866,053 0 719,351
Autodesk Inc. COMMON STOCK 052769106 82,970 1,532,500 SH   SOLE   1,532,500 0 0
Axalta Coating Systems Ltd. COMMON STOCK G0750C108 34,622 1,305,000 SH   SOLE   1,305,000 0 0
Belmond Ltd. COMMON STOCK G1154H107 4,950 500,000 SH   SOLE   500,000 0 0
C.H. Robinson Worldwide Inc. COMMON STOCK 12541W209 29,700 400,000 SH   SOLE   400,000 0 0
Calgon Carbon Corp. COMMON STOCK 129603106 14,268 1,085,000 SH   SOLE   1,085,000 0 0
Capital One Financial Corp. COMMON STOCK 14040H105 53,984 850,000 SH   SOLE   850,000 0 0
Cardinal Health Inc. COMMON STOCK 14149Y108 27,889 357,500 SH   SOLE   357,500 0 0
Charles Schwab Corp. COMMON STOCK 808513105 518,449 20,483,956 SH   SOLE   19,867,378 0 616,578
Ciena Corp. COMMON STOCK 171779309 112,500 6,000,000 SH   SOLE   6,000,000 0 0
Citrix Systems Inc. COMMON STOCK 177376100 52,059 650,000 SH   SOLE   650,000 0 0
Compass Minerals International Inc. COMMON STOCK 20451N101 186,582 2,514,926 SH   SOLE   2,429,554 0 85,372
Cummins Inc. COMMON STOCK 231021106 33,732 300,000 SH   SOLE   300,000 0 0
CVS Health Corp. COMMON STOCK 126650100 387,506 4,047,481 SH   SOLE   3,889,802 0 157,679
Danaher Corp. COMMON STOCK 235851102 661,430 6,548,812 SH   SOLE   6,285,333 0 263,479
Deere & Co. COMMON STOCK 244199105 265,677 3,278,348 SH   SOLE   3,193,943 0 84,405
Dentsply Sirona Inc. COMMON STOCK 24906P109 20,473 330,000 SH   SOLE   330,000 0 0
eBay Inc. COMMON STOCK 278642103 29,906 1,277,500 SH   SOLE   1,277,500 0 0
Ecolab Inc. COMMON STOCK 278865100 4,234 35,700 SH   SOLE   35,700 0 0
Equifax Inc. COMMON STOCK 294429105 13,803 107,500 SH   SOLE   107,500 0 0
Essent Group Ltd. COMMON STOCK G3198U102 17,448 800,000 SH   SOLE   800,000 0 0
Expeditors International of Washington Inc. COMMON STOCK 302130109 74,688 1,523,000 SH   SOLE   1,523,000 0 0
FedEx Corp. COMMON STOCK 31428X106 15,178 100,000 SH   SOLE   100,000 0 0
First American Financial Corp. COMMON STOCK 31847R102 4,022 100,000 SH   SOLE   100,000 0 0
First Horizon National Corp. COMMON STOCK 320517105 36,930 2,680,000 SH   SOLE   2,680,000 0 0
Fiserv Inc. COMMON STOCK 337738108 21,855 201,000 SH   SOLE   201,000 0 0
Gilead Sciences Inc. COMMON STOCK 375558103 705,774 8,460,484 SH   SOLE   8,171,420 0 289,064
Hanesbrands Inc. COMMON STOCK 410345102 18,394 731,969 SH   SOLE   731,969 0 0
Insperity Inc. COMMON STOCK 45778Q107 23,748 307,500 SH   SOLE   307,500 0 0
Intel Corp. COMMON STOCK 458140100 522,916 15,942,558 SH   SOLE   15,387,503 0 555,055
International Business Machines Corp. COMMON STOCK 459200101 107,764 710,000 SH   SOLE   710,000 0 0
Iron Mountain Inc. COMMON STOCK 46284V101 464,932 11,672,907 SH   SOLE   11,237,121 0 435,786
Lam Research Corp. COMMON STOCK 512807108 63,045 750,000 SH   SOLE   750,000 0 0
Linear Technology Corp. COMMON STOCK 535678106 279 6,000 SH   SOLE   6,000 0 0
MasterCard Inc., Class A COMMON STOCK 57636Q104 261,099 2,965,008 SH   SOLE   2,842,121 0 122,887
McCormick & Co. COMMON STOCK 579780206 200,089 1,875,779 SH   SOLE   1,807,166 0 68,613
McKesson Corp. COMMON STOCK 58155Q103 7,466 40,000 SH   SOLE   40,000 0 0
MDU Resources Group Inc. COMMON STOCK 552690109 312,637 13,026,528 SH   SOLE   12,539,258 0 487,270
Micron Technology Inc. COMMON STOCK 595112103 384,242 27,924,543 SH   SOLE   27,265,956 0 658,587
Mondelez International Inc., Class A COMMON STOCK 609207105 445,457 9,788,121 SH   SOLE   9,421,861 0 366,260
Motorola Solutions Inc. COMMON STOCK 620076307 401,831 6,091,115 SH   SOLE   5,874,174 0 216,941
National Oilwell Varco Inc. COMMON STOCK 637071101 393,551 11,695,434 SH   SOLE   11,250,994 0 444,440
Northwest Natural Gas Co. COMMON STOCK 667655104 18,150 280,000 SH   SOLE   280,000 0 0
Novartis AG (ADR) COMMON STOCK 66987V109 287,291 3,481,896 SH   SOLE   3,344,486 0 137,410
Patterson Companies Inc. COMMON STOCK 703395103 337,911 7,055,974 SH   SOLE   6,819,641 0 236,333
PayPal Holdings Inc. COMMON STOCK 70450Y103 314,400 8,611,344 SH   SOLE   8,268,621 0 342,723
Pentair plc COMMON STOCK G7S00T104 461,909 7,924,326 SH   SOLE   7,636,483 0 287,843
Perrigo Co. plc COMMON STOCK G97822103 498,584 5,498,887 SH   SOLE   5,329,515 0 169,372
Potash Corporation of Saskatchewan Inc. COMMON STOCK 73755L107 17,864 1,100,000 SH   SOLE   1,100,000 0 0
Praxair Inc. COMMON STOCK 74005P104 439,852 3,913,618 SH   SOLE   3,765,229 0 148,389
Procter & Gamble Co. COMMON STOCK 742718109 288,402 3,406,188 SH   SOLE   3,272,161 0 134,027
Progressive Corp. COMMON STOCK 743315103 16,750 500,000 SH   SOLE   500,000 0 0
QUALCOMM Inc. COMMON STOCK 747525103 90,105 1,682,000 SH   SOLE   1,682,000 0 0
Questar Corp. COMMON STOCK 748356102 359,049 14,152,486 SH   SOLE   13,600,942 0 551,544
Redwood Trust Inc. COMMON STOCK 758075402 15,191 1,100,000 SH   SOLE   1,100,000 0 0
SEI Investments Co. COMMON STOCK 784117103 19,244 400,000 SH   SOLE   400,000 0 0
Shaw Communications Inc., Class B COMMON STOCK 82028K200 19,008 990,000 SH   SOLE   990,000 0 0
Sysco Corp. COMMON STOCK 871829107 450,030 8,869,330 SH   SOLE   8,521,931 0 347,399
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) COMMON STOCK 874039100 262 10,000 SH   SOLE   10,000 0 0
Teleflex Inc. COMMON STOCK 879369106 11,082 62,500 SH   SOLE   62,500 0 0
The Walt Disney Co. COMMON STOCK 254687106 392,780 4,015,339 SH   SOLE   3,856,841 0 158,498
Thomson Reuters Corp. COMMON STOCK 884903105 361,606 8,946,215 SH   SOLE   8,624,327 0 321,888
Trimble Navigation Ltd. COMMON STOCK 896239100 18,270 750,000 SH   SOLE   750,000 0 0
United Parcel Service Inc., Class B COMMON STOCK 911312106 441,883 4,102,140 SH   SOLE   3,935,165 0 166,975
Verisk Analytics Inc. COMMON STOCK 92345Y106 361,220 4,455,107 SH   SOLE   4,282,766 0 172,341
VF Corp. COMMON STOCK 918204108 397,828 6,469,801 SH   SOLE   6,226,478 0 243,323
W.W. Grainger Inc. COMMON STOCK 384802104 31,815 140,000 SH   SOLE   140,000 0 0
Waste Management Inc. COMMON STOCK 94106L109 335,505 5,062,695 SH   SOLE   4,868,808 0 193,887
WD-40 Co. COMMON STOCK 929236107 154,709 1,317,232 SH   SOLE   1,259,690 0 57,542
Wells Fargo & Co. COMMON STOCK 949746101 579,330 12,240,229 SH   SOLE   11,831,901 0 408,328
WhiteWave Foods Co. COMMON STOCK 966244105 8,567 182,500 SH   SOLE   182,500 0 0
Whole Foods Market Inc. COMMON STOCK 966837106 105,666 3,300,000 SH   SOLE   3,300,000 0 0
Xylem Inc. COMMON STOCK 98419M100 388,855 8,708,959 SH   SOLE   8,352,814 0 356,145