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
Intel Corp., 2.95 percent , 12/15/2035 CONVERTIBLE 458140AD2 1,013 750,000 PRN   SOLE   750,000 0 0
Micron Technology Inc., 3.00 percent, 11/15/2043 CONVERTIBLE 595112AY9 745 750,000 PRN   SOLE   750,000 0 0
Allergan plc, 5.50 percent, 03/01/2018 PREFERRED STOCK G0177J116 2,211 2,900 SH   SOLE   2,900 0 0
Air Lease Corp. COMMON STOCK 00912X302 16,066 468,000 SH   SOLE   468,000 0 0
Alibaba Group Holding Ltd. (ADR) COMMON STOCK 01609W102 439 5,000 SH   SOLE   5,000 0 0
Allergan plc COMMON STOCK G0177J108 685,725 3,265,201 SH   SOLE   3,175,463 0 89,738
Alliance Data Systems Corp. COMMON STOCK 018581108 122,248 535,000 SH   SOLE   535,000 0 0
Alphabet Inc., Class A COMMON STOCK 02079K305 310,063 391,272 SH   SOLE   379,626 0 11,646
Alphabet Inc., Class C COMMON STOCK 02079K107 429,135 556,004 SH   SOLE   535,601 0 20,403
American Express Co. COMMON STOCK 025816109 129,640 1,750,000 SH   SOLE   1,750,000 0 0
Anthem Inc. COMMON STOCK 036752103 82,668 575,000 SH   SOLE   575,000 0 0
Apple Inc. COMMON STOCK 037833100 674,177 5,820,899 SH   SOLE   5,619,935 0 200,964
Applied Materials Inc. COMMON STOCK 038222105 456,803 14,155,648 SH   SOLE   13,771,782 0 383,866
Autodesk Inc. COMMON STOCK 052769106 74,009 999,990 SH   SOLE   999,990 0 0
Axalta Coating Systems Ltd. COMMON STOCK G0750C108 50,320 1,850,000 SH   SOLE   1,850,000 0 0
Belmond Ltd. COMMON STOCK G1154H107 6,675 500,000 SH   SOLE   500,000 0 0
Calgon Carbon Corp. COMMON STOCK 129603106 21,420 1,260,000 SH   SOLE   1,260,000 0 0
Capital One Financial Corp. COMMON STOCK 14040H105 74,154 850,000 SH   SOLE   850,000 0 0
Cardinal Health Inc. COMMON STOCK 14149Y108 49,299 685,000 SH   SOLE   685,000 0 0
Charles Schwab Corp. COMMON STOCK 808513105 818,595 20,739,687 SH   SOLE   20,150,202 0 589,485
Ciena Corp. COMMON STOCK 171779309 128,153 5,250,000 SH   SOLE   5,250,000 0 0
Compass Minerals International Inc. COMMON STOCK 20451N101 235,613 3,007,180 SH   SOLE   2,921,808 0 85,372
Cummins Inc. COMMON STOCK 231021106 54,668 400,000 SH   SOLE   400,000 0 0
CVS Health Corp. COMMON STOCK 126650100 478,299 6,061,321 SH   SOLE   5,843,038 0 218,283
Danaher Corp. COMMON STOCK 235851102 582,184 7,479,244 SH   SOLE   7,200,822 0 278,422
Deere & Co. COMMON STOCK 244199105 138,074 1,340,000 SH   SOLE   1,340,000 0 0
Dentsply Sirona Inc. COMMON STOCK 24906P109 51,668 895,000 SH   SOLE   895,000 0 0
eBay Inc. COMMON STOCK 278642103 61,310 2,065,000 SH   SOLE   2,065,000 0 0
Ecolab Inc. COMMON STOCK 278865100 26,375 225,000 SH   SOLE   225,000 0 0
Equifax Inc. COMMON STOCK 294429105 36,060 305,000 SH   SOLE   305,000 0 0
Essent Group Ltd. COMMON STOCK G3198U102 16,185 500,000 SH   SOLE   500,000 0 0
Expeditors International of Washington Inc. COMMON STOCK 302130109 95,540 1,804,000 SH   SOLE   1,804,000 0 0
FedEx Corp. COMMON STOCK 31428X106 18,620 100,000 SH   SOLE   100,000 0 0
First American Financial Corp. COMMON STOCK 31847R102 17,216 470,000 SH   SOLE   470,000 0 0
First Horizon National Corp. COMMON STOCK 320517105 75,038 3,750,000 SH   SOLE   3,750,000 0 0
Fiserv Inc. COMMON STOCK 337738108 60,048 565,000 SH   SOLE   565,000 0 0
Fortive Corp. COMMON STOCK 34959J108 308,620 5,754,623 SH   SOLE   5,576,583 0 178,040
Gilead Sciences Inc. COMMON STOCK 375558103 871,440 12,169,249 SH   SOLE   11,802,756 0 366,493
Hanesbrands Inc. COMMON STOCK 410345102 44,758 2,075,000 SH   SOLE   2,075,000 0 0
Insperity Inc. COMMON STOCK 45778Q107 16,841 237,370 SH   SOLE   237,370 0 0
Intel Corp. COMMON STOCK 458140100 659,296 18,177,459 SH   SOLE   17,615,431 0 562,028
International Business Machines Corp. COMMON STOCK 459200101 167,650 1,010,000 SH   SOLE   1,010,000 0 0
Iron Mountain Inc. COMMON STOCK 46284V101 373,565 11,501,379 SH   SOLE   11,160,852 0 340,527
Keysight Technologies Inc. COMMON STOCK 49338L103 146 4,000 SH   SOLE   4,000 0 0
KLA-Tencor Corporation COMMON STOCK 482480100 271,361 3,448,917 SH   SOLE   3,357,896 0 91,021
Lam Research Corp. COMMON STOCK 512807108 47,579 450,000 SH   SOLE   450,000 0 0
Mastercard Incorporated COMMON STOCK 57636Q104 329,878 3,194,941 SH   SOLE   3,072,054 0 122,887
McCormick & Co. COMMON STOCK 579780206 197,501 2,116,159 SH   SOLE   2,047,546 0 68,613
McKesson Corp. COMMON STOCK 58155Q103 146,630 1,044,000 SH   SOLE   1,044,000 0 0
MDU Resources Group Inc. COMMON STOCK 552690109 399,199 13,875,527 SH   SOLE   13,388,257 0 487,270
Micron Technology Inc. COMMON STOCK 595112103 619,188 28,247,622 SH   SOLE   27,589,035 0 658,587
Mondelez International Inc., Class A COMMON STOCK 609207105 463,071 10,446,001 SH   SOLE   10,079,741 0 366,260
Motorola Solutions Inc. COMMON STOCK 620076307 585,476 7,063,285 SH   SOLE   6,846,344 0 216,941
National Oilwell Varco Inc. COMMON STOCK 637071101 545,419 14,567,804 SH   SOLE   14,081,681 0 486,123
Northwest Natural Gas Co. COMMON STOCK 667655104 23,771 397,500 SH   SOLE   397,500 0 0
Novartis AG (ADR) COMMON STOCK 66987V109 314,330 4,315,342 SH   SOLE   4,154,952 0 160,390
Patterson Companies Inc. COMMON STOCK 703395103 324,749 7,914,917 SH   SOLE   7,678,584 0 236,333
PayPal Holdings Inc. COMMON STOCK 70450Y103 365,273 9,254,441 SH   SOLE   8,911,718 0 342,723
Pentair plc COMMON STOCK G7S00T104 500,365 8,923,943 SH   SOLE   8,652,248 0 271,695
Perrigo Co. plc COMMON STOCK G97822103 161,466 1,940,000 SH   SOLE   1,940,000 0 0
Potash Corporation of Saskatchewan Inc. COMMON STOCK 73755L107 25,326 1,400,000 SH   SOLE   1,400,000 0 0
Praxair Inc. COMMON STOCK 74005P104 505,106 4,310,149 SH   SOLE   4,161,760 0 148,389
Procter & Gamble Co. COMMON STOCK 742718109 308,937 3,674,317 SH   SOLE   3,540,290 0 134,027
Progressive Corp. COMMON STOCK 743315103 28,400 800,000 SH   SOLE   800,000 0 0
QUALCOMM Inc. COMMON STOCK 747525103 147,156 2,257,000 SH   SOLE   2,257,000 0 0
Redwood Trust Inc. COMMON STOCK 758075402 16,731 1,100,000 SH   SOLE   1,100,000 0 0
SEI Investments Co. COMMON STOCK 784117103 55,036 1,115,000 SH   SOLE   1,115,000 0 0
Shaw Communications Inc., Class B COMMON STOCK 82028K200 51,655 2,575,000 SH   SOLE   2,575,000 0 0
Sysco Corp. COMMON STOCK 871829107 526,281 9,504,813 SH   SOLE   9,157,414 0 347,399
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) COMMON STOCK 874039100 288 10,000 SH   SOLE   10,000 0 0
Teleflex Inc. COMMON STOCK 879369106 58,014 360,000 SH   SOLE   360,000 0 0
The Walt Disney Co. COMMON STOCK 254687106 604,760 5,802,723 SH   SOLE   5,598,688 0 204,035
Thomson Reuters Corp. COMMON STOCK 884903105 452,388 10,333,219 SH   SOLE   9,987,810 0 345,409
Trimble Inc. COMMON STOCK 896239100 16,583 550,000 SH   SOLE   550,000 0 0
United Parcel Service Inc., Class B COMMON STOCK 911312106 520,989 4,544,563 SH   SOLE   4,377,588 0 166,975
Verisk Analytics Inc. COMMON STOCK 92345Y106 418,534 5,156,267 SH   SOLE   4,983,926 0 172,341
VF Corp. COMMON STOCK 918204108 572,966 10,739,751 SH   SOLE   10,425,841 0 313,910
Waste Management Inc. COMMON STOCK 94106L109 384,411 5,421,118 SH   SOLE   5,227,231 0 193,887
WD-40 Co. COMMON STOCK 929236107 153,473 1,312,853 SH   SOLE   1,263,982 0 48,871
Wells Fargo & Co. COMMON STOCK 949746101 915,007 16,603,284 SH   SOLE   16,077,329 0 525,955
WhiteWave Foods Co. COMMON STOCK 966244105 35,028 630,000 SH   SOLE   630,000 0 0
Whole Foods Market Inc. COMMON STOCK 966837106 186,252 6,055,000 SH   SOLE   6,055,000 0 0
Xylem Inc. COMMON STOCK 98419M100 449,034 9,067,732 SH   SOLE   8,760,761 0 306,971