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, due 12/15/2035 CONVERTIBLE 458140AD2 1,067 750,000 PRN   SOLE   750,000 0 0
Public Storage, 5.15 percent, due 06/02/2022 PREFERRED STOCK 74460W685 3,068 121,127 SH   SOLE   121,127 0 0
Wells Fargo & Co., 5.63 percent, due 06/15/2022 PREFERRED STOCK 94988U656 3,303 126,100 SH   SOLE   126,100 0 0
Apple Inc. COMMON STOCK 037833100 310,513 2,014,751 SH   SOLE   1,947,469 0 67,282
Alliance Data Systems Corp. COMMON STOCK 018581108 149,546 675,000 SH   SOLE   675,000 0 0
Autodesk Inc. COMMON STOCK 052769106 101,034 900,000 SH   SOLE   900,000 0 0
Allergan plc COMMON STOCK G0177J108 368,074 1,795,919 SH   SOLE   1,748,968 0 46,951
Air Lease Corp. COMMON STOCK 00912X302 19,009 446,000 SH   SOLE   446,000 0 0
Applied Materials Inc. COMMON STOCK 038222105 5,209 100,000 SH   SOLE   100,000 0 0
Anthem Inc. COMMON STOCK 036752103 75,952 400,000 SH   SOLE   400,000 0 0
American Express Co. COMMON STOCK 025816109 208,058 2,300,000 SH   SOLE   2,300,000 0 0
Axalta Coating Systems Ltd. COMMON STOCK G0750C108 51,359 1,775,899 SH   SOLE   1,775,899 0 0
Alibaba Group Holding Ltd. (ADR) COMMON STOCK 01609W102 432 2,500 SH   SOLE   2,500 0 0
Belmond Ltd. COMMON STOCK G1154H107 13,650 1,000,000 SH   SOLE   1,000,000 0 0
Bristol-Myers Squibb Co. COMMON STOCK 110122108 172,098 2,700,000 SH   SOLE   2,700,000 0 0
Cardinal Health Inc. COMMON STOCK 14149Y108 93,688 1,400,000 SH   SOLE   1,400,000 0 0
C.H. Robinson Worldwide Inc. COMMON STOCK 12541W209 32,723 430,000 SH   SOLE   430,000 0 0
Ciena Corp. COMMON STOCK 171779309 37,349 1,700,000 SH   SOLE   1,700,000 0 0
The Clorox Company COMMON STOCK 189054109 587,151 4,451,150 SH   SOLE   4,326,853 0 124,297
Cummins Inc. COMMON STOCK 231021106 16,803 100,000 SH   SOLE   100,000 0 0
Compass Minerals International Inc. COMMON STOCK 20451N101 118,115 1,819,956 SH   SOLE   1,764,590 0 55,366
Capital One Financial Corp. COMMON STOCK 14040H105 84,660 1,000,000 SH   SOLE   1,000,000 0 0
Costco Wholesale Corp. COMMON STOCK 22160K105 57,502 350,000 SH   SOLE   350,000 0 0
Cognizant Tech Solutions Corp., Class A COMMON STOCK 192446102 29,306 404,000 SH   SOLE   404,000 0 0
CVS Health Corp. COMMON STOCK 126650100 594,472 7,310,283 SH   SOLE   7,056,832 0 253,451
Deere & Co. COMMON STOCK 244199105 18,839 150,000 SH   SOLE   150,000 0 0
Danaher Corp. COMMON STOCK 235851102 840,351 9,796,584 SH   SOLE   9,456,255 0 340,329
The Walt Disney Co. COMMON STOCK 254687106 684,187 6,941,130 SH   SOLE   6,706,517 0 234,613
eBay Inc. COMMON STOCK 278642103 98,265 2,555,000 SH   SOLE   2,555,000 0 0
Ecolab Inc. COMMON STOCK 278865100 52,730 410,000 SH   SOLE   410,000 0 0
Expeditors International of Washington Inc. COMMON STOCK 302130109 52,916 884,000 SH   SOLE   884,000 0 0
First American Financial Corp. COMMON STOCK 31847R102 23,486 470,000 SH   SOLE   470,000 0 0
FedEx Corp. COMMON STOCK 31428X106 28,198 125,000 SH   SOLE   125,000 0 0
First Horizon National Corp. COMMON STOCK 320517105 108,285 5,654,568 SH   SOLE   5,654,568 0 0
Fiserv Inc. COMMON STOCK 337738108 95,108 737,500 SH   SOLE   737,500 0 0
Fortive Corp. COMMON STOCK 34959J108 70,805 1,000,211 SH   SOLE   1,000,211 0 0
Gilead Sciences Inc. COMMON STOCK 375558103 1,514,680 18,695,139 SH   SOLE   18,299,216 0 395,923
Alphabet Inc., Class C COMMON STOCK 02079K107 349,800 364,713 SH   SOLE   352,532 0 12,181
Alphabet Inc., Class A COMMON STOCK 02079K305 504,049 517,653 SH   SOLE   506,250 0 11,403
Hannon Armstrong Sustainable Infrastructure Capital Inc. COMMON STOCK 41068X100 11,088 455,000 SH   SOLE   455,000 0 0
Hanesbrands Inc. COMMON STOCK 410345102 68,376 2,775,000 SH   SOLE   2,775,000 0 0
Hologic Inc. COMMON STOCK 436440101 277,062 7,551,421 SH   SOLE   7,418,780 0 132,641
International Business Machines Corp. COMMON STOCK 459200101 237,569 1,637,500 SH   SOLE   1,637,500 0 0
Intel Corp. COMMON STOCK 458140100 974,842 25,599,838 SH   SOLE   24,887,535 0 712,303
Iron Mountain Inc. COMMON STOCK 46284V101 486,158 12,497,627 SH   SOLE   12,164,221 0 333,406
Keysight Technologies Inc. COMMON STOCK 49338L103 333 8,000 SH   SOLE   8,000 0 0
KLA-Tencor Corporation COMMON STOCK 482480100 361,520 3,410,564 SH   SOLE   3,320,150 0 90,414
Lam Research Corp. COMMON STOCK 512807108 4,626 25,000 SH   SOLE   25,000 0 0
Mastercard Incorporated COMMON STOCK 57636Q104 450,921 3,193,492 SH   SOLE   3,084,460 0 109,032
Mattel, Inc. COMMON STOCK 577081102 248,676 16,064,364 SH   SOLE   16,064,364 0 0
McKesson Corp. COMMON STOCK 58155Q103 680,823 4,432,150 SH   SOLE   4,338,299 0 93,851
Mondelez International Inc., Class A COMMON STOCK 609207105 473,910 11,655,438 SH   SOLE   11,297,584 0 357,854
MDU Resources Group Inc. COMMON STOCK 552690109 407,406 15,699,658 SH   SOLE   15,267,392 0 432,266
McCormick & Co. COMMON STOCK 579780206 80,572 785,000 SH   SOLE   785,000 0 0
Motorola Solutions Inc. COMMON STOCK 620076307 479,480 5,649,582 SH   SOLE   5,519,105 0 130,477
Micron Technology Inc. COMMON STOCK 595112103 196,650 5,000,000 SH   SOLE   5,000,000 0 0
Nielsen Holdings PLC COMMON STOCK G6518L108 103,625 2,500,000 SH   SOLE   2,500,000 0 0
National Oilwell Varco Inc. COMMON STOCK 637071101 224,814 6,292,013 SH   SOLE   6,129,965 0 162,048
Novartis AG (ADR) COMMON STOCK 66987V109 811,095 9,447,817 SH   SOLE   9,215,149 0 232,668
Northwest Natural Gas Co. COMMON STOCK 667655104 25,599 397,500 SH   SOLE   397,500 0 0
Patterson Companies Inc. COMMON STOCK 703395103 334,252 8,648,177 SH   SOLE   8,438,617 0 209,560
Procter & Gamble Co. COMMON STOCK 742718109 334,576 3,677,466 SH   SOLE   3,555,054 0 122,412
Progressive Corp. COMMON STOCK 743315103 41,157 850,000 SH   SOLE   850,000 0 0
Pentair plc COMMON STOCK G7S00T104 471,546 6,938,585 SH   SOLE   6,755,789 0 182,796
Potash Corporation of Saskatchewan Inc. COMMON STOCK 73755L107 32,708 1,700,000 SH   SOLE   1,700,000 0 0
PPG Industries Inc. COMMON STOCK 693506107 266,850 2,455,827 SH   SOLE   2,379,966 0 75,861
Perrigo Co. plc COMMON STOCK G97822103 191,055 2,257,000 SH   SOLE   2,257,000 0 0
Public Storage COMMON STOCK 74460D109 413,186 1,930,865 SH   SOLE   1,880,009 0 50,856
Praxair Inc. COMMON STOCK 74005P104 896,957 6,418,753 SH   SOLE   6,239,233 0 179,520
PayPal Holdings Inc. COMMON STOCK 70450Y103 311,376 4,862,964 SH   SOLE   4,701,050 0 161,914
QUALCOMM Inc. COMMON STOCK 747525103 404,819 7,809,000 SH   SOLE   7,809,000 0 0
Redwood Trust Inc. COMMON STOCK 758075402 17,919 1,100,000 SH   SOLE   1,100,000 0 0
Signature Bank COMMON STOCK 82669G104 167,732 1,310,000 SH   SOLE   1,310,000 0 0
Starbucks Corp. COMMON STOCK 855244109 498,863 9,288,076 SH   SOLE   8,983,420 0 304,656
Charles Schwab Corp. COMMON STOCK 808513105 584,995 13,374,369 SH   SOLE   13,053,401 0 320,968
SEI Investments Co. COMMON STOCK 784117103 70,350 1,152,153 SH   SOLE   1,152,153 0 0
Shaw Communications Inc., Class B COMMON STOCK 82028K200 96,642 4,200,000 SH   SOLE   4,200,000 0 0
Sempra Energy COMMON STOCK 816851109 411,103 3,602,061 SH   SOLE   3,505,586 0 96,475
Sysco Corp. COMMON STOCK 871829107 399,791 7,410,401 SH   SOLE   7,221,848 0 188,553
Teleflex Inc. COMMON STOCK 879369106 91,949 380,000 SH   SOLE   380,000 0 0
Thomson Reuters Corp. COMMON STOCK 884903105 50,927 1,110,000 SH   SOLE   1,110,000 0 0
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) COMMON STOCK 874039100 225 6,000 SH   SOLE   6,000 0 0
United Parcel Service Inc., Class B COMMON STOCK 911312106 775,391 6,456,753 SH   SOLE   6,301,707 0 155,046
VF Corp. COMMON STOCK 918204108 917,717 14,436,327 SH   SOLE   14,123,487 0 312,840
Verisk Analytics Inc. COMMON STOCK 92345Y106 528,471 6,352,573 SH   SOLE   6,177,335 0 175,238
WD-40 Co. COMMON STOCK 929236107 146,604 1,310,136 SH   SOLE   1,266,709 0 43,427
Wells Fargo & Co. COMMON STOCK 949746101 842,519 15,276,856 SH   SOLE   14,900,609 0 376,247
Waste Management Inc. COMMON STOCK 94106L109 424,362 5,421,765 SH   SOLE   5,246,648 0 175,117
Dentsply Sirona Inc. COMMON STOCK 24906P109 126,498 2,115,000 SH   SOLE   2,115,000 0 0
Xylem Inc. COMMON STOCK 98419M100 376,681 6,014,390 SH   SOLE   5,859,332 0 155,058