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
Public Storage, 5.15 percent, due 06/02/2022 PREFERRED STOCK 74460W685 3,031 121,127 SH   SOLE   121,127 0 0
Wells Fargo & Co., 5.63 percent, due 06/15/2022 PREFERRED STOCK 94988U656 3,271 126,100 SH   SOLE   126,100 0 0
Air Lease Corp. COMMON STOCK 00912X302 21,448 446,000 SH   SOLE   446,000 0 0
Alibaba Group Holding Ltd. (ADR) COMMON STOCK 01609W102 431 2,500 SH   SOLE   2,500 0 0
Allergan plc COMMON STOCK G0177J108 353,633 2,161,833 SH   SOLE   2,132,113 0 29,720
Alliance Data Systems Corp. COMMON STOCK 018581108 176,169 695,000 SH   SOLE   695,000 0 0
Alphabet Inc., Class A COMMON STOCK 02079K305 519,243 492,921 SH   SOLE   479,830 0 13,091
Alphabet Inc., Class C COMMON STOCK 02079K107 381,805 364,875 SH   SOLE   350,870 0 14,005
American Express Co. COMMON STOCK 025816109 218,482 2,200,000 SH   SOLE   2,200,000 0 0
Apple Inc. COMMON STOCK 037833100 340,771 2,013,658 SH   SOLE   1,936,580 0 77,078
Applied Materials Inc. COMMON STOCK 038222105 5,112 100,000 SH   SOLE   100,000 0 0
Autodesk Inc. COMMON STOCK 052769106 188,694 1,800,000 SH   SOLE   1,800,000 0 0
Axalta Coating Systems Ltd. COMMON STOCK G0750C108 74,530 2,303,160 SH   SOLE   2,303,160 0 0
Belmond Ltd. COMMON STOCK G1154H107 12,250 1,000,000 SH   SOLE   1,000,000 0 0
Bristol-Myers Squibb Co. COMMON STOCK 110122108 171,584 2,800,000 SH   SOLE   2,800,000 0 0
C.H. Robinson Worldwide Inc. COMMON STOCK 12541W209 38,309 430,000 SH   SOLE   430,000 0 0
Capital One Financial Corp. COMMON STOCK 14040H105 99,580 1,000,000 SH   SOLE   1,000,000 0 0
Charles Schwab Corp. COMMON STOCK 808513105 687,376 13,380,886 SH   SOLE   13,010,605 0 370,281
Clorox Company COMMON STOCK 189054109 662,421 4,453,552 SH   SOLE   4,310,572 0 142,980
Cognizant Tech Solutions - A COMMON STOCK 192446102 28,692 404,000 SH   SOLE   404,000 0 0
Compass Minerals International Inc. COMMON STOCK 20451N101 13,413 185,653 SH   SOLE   185,653 0 0
Costco Wholesale Corp. COMMON STOCK 22160K105 65,142 350,000 SH   SOLE   350,000 0 0
Cummins Inc. COMMON STOCK 231021106 17,664 100,000 SH   SOLE   100,000 0 0
CVS Health Corp. COMMON STOCK 126650100 522,952 7,213,130 SH   SOLE   6,943,416 0 269,714
Danaher Corp. COMMON STOCK 235851102 910,021 9,804,152 SH   SOLE   9,441,924 0 362,228
Deere & Co. COMMON STOCK 244199105 23,477 150,000 SH   SOLE   150,000 0 0
Dentsply Sirona Inc. COMMON STOCK 24906P109 131,671 2,000,174 SH   SOLE   2,000,174 0 0
eBay Inc. COMMON STOCK 278642103 101,078 2,678,280 SH   SOLE   2,678,280 0 0
Ecolab Inc. COMMON STOCK 278865100 55,014 410,000 SH   SOLE   410,000 0 0
Expeditors International of Washington Inc. COMMON STOCK 302130109 81,030 1,252,590 SH   SOLE   1,252,590 0 0
FedEx Corp. COMMON STOCK 31428X106 31,193 125,000 SH   SOLE   125,000 0 0
First American Financial Corp. COMMON STOCK 31847R102 26,339 470,000 SH   SOLE   470,000 0 0
First Horizon National Corp. COMMON STOCK 320517105 132,064 6,606,499 SH   SOLE   6,606,499 0 0
Fiserv Inc. COMMON STOCK 337738108 111,481 850,155 SH   SOLE   850,155 0 0
Fortive Corp. COMMON STOCK 34959J108 68,899 952,301 SH   SOLE   952,090 0 211
Gilead Sciences Inc. COMMON STOCK 375558103 1,372,604 19,159,748 SH   SOLE   18,738,227 0 421,521
Hanesbrands Inc. COMMON STOCK 410345102 71,328 3,411,202 SH   SOLE   3,411,202 0 0
Hannon Armstrong Sustainable Infrastructure Capital Inc. COMMON STOCK 41068X100 10,947 455,000 SH   SOLE   455,000 0 0
Hologic Inc. COMMON STOCK 436440101 608,797 14,240,875 SH   SOLE   13,918,039 0 322,836
Infosys Ltd. (ADR) COMMON STOCK 456788108 406 25,000 SH   SOLE   25,000 0 0
Intel Corp. COMMON STOCK 458140100 1,182,211 25,611,165 SH   SOLE   24,796,851 0 814,314
International Business Machines Corp. COMMON STOCK 459200101 258,896 1,687,500 SH   SOLE   1,687,500 0 0
Iron Mountain Inc. COMMON STOCK 46284V101 474,177 12,567,627 SH   SOLE   12,184,448 0 383,179
Keysight Technologies Inc. COMMON STOCK 49338L103 333 8,000 SH   SOLE   8,000 0 0
KLA-Tencor Corporation COMMON STOCK 482480100 358,528 3,412,277 SH   SOLE   3,308,232 0 104,045
Lam Research Corp. COMMON STOCK 512807108 4,602 25,000 SH   SOLE   25,000 0 0
Mastercard Incorporated COMMON STOCK 57636Q104 483,709 3,195,749 SH   SOLE   3,070,643 0 125,106
Mattel Inc. COMMON STOCK 577081102 329,008 21,391,928 SH   SOLE   21,391,928 0 0
McCormick & Co. COMMON STOCK 579780206 79,999 785,000 SH   SOLE   785,000 0 0
MDU Resources Group Inc. COMMON STOCK 552690109 421,632 15,685,724 SH   SOLE   15,215,391 0 470,333
Micron Technology Inc. COMMON STOCK 595112103 160,368 3,900,000 SH   SOLE   3,900,000 0 0
Mondelez International Inc., Class A COMMON STOCK 609207105 500,886 11,702,943 SH   SOLE   11,291,358 0 411,585
Motorola Solutions Inc. COMMON STOCK 620076307 513,868 5,688,161 SH   SOLE   5,538,887 0 149,274
National Oilwell Varco Inc. COMMON STOCK 637071101 249,616 6,929,938 SH   SOLE   6,742,422 0 187,516
Nielsen Holdings PLC COMMON STOCK G6518L108 188,825 5,187,500 SH   SOLE   5,187,500 0 0
Northwest Natural Gas Co. COMMON STOCK 667655104 23,711 397,500 SH   SOLE   397,500 0 0
Novartis AG (ADR) COMMON STOCK 66987V109 793,865 9,455,274 SH   SOLE   9,207,223 0 248,051
Patterson Companies Inc. COMMON STOCK 703395103 275,353 7,621,174 SH   SOLE   7,436,901 0 184,273
PayPal Holdings Inc. COMMON STOCK 70450Y103 358,007 4,862,910 SH   SOLE   4,677,737 0 185,173
Pentair plc COMMON STOCK G7S00T104 493,595 6,989,457 SH   SOLE   6,780,490 0 208,967
Perrigo Co. plc COMMON STOCK G97822103 192,362 2,207,000 SH   SOLE   2,207,000 0 0
Potash Corporation of Saskatchewan Inc. COMMON STOCK 73755L107 25,813 1,250,000 SH   SOLE   1,250,000 0 0
PPG Industries Inc. COMMON STOCK 693506107 286,935 2,456,212 SH   SOLE   2,369,226 0 86,986
Praxair Inc. COMMON STOCK 74005P104 993,382 6,422,173 SH   SOLE   6,215,302 0 206,871
Procter & Gamble Co. COMMON STOCK 742718109 338,077 3,679,554 SH   SOLE   3,538,558 0 140,996
Progressive Corp. COMMON STOCK 743315103 47,872 850,000 SH   SOLE   850,000 0 0
Public Storage COMMON STOCK 74460D109 403,841 1,932,255 SH   SOLE   1,873,907 0 58,348
QUALCOMM Inc. COMMON STOCK 747525103 532,070 8,311,000 SH   SOLE   8,311,000 0 0
Redwood Trust Inc. COMMON STOCK 758075402 16,302 1,100,000 SH   SOLE   1,100,000 0 0
SEI Investments Co. COMMON STOCK 784117103 78,870 1,097,545 SH   SOLE   1,097,545 0 0
Sempra Energy COMMON STOCK 816851109 470,278 4,398,413 SH   SOLE   4,255,385 0 143,028
Shaw Communications Inc., Class B COMMON STOCK 82028K200 103,392 4,528,796 SH   SOLE   4,528,796 0 0
Signature Bank COMMON STOCK 82669G104 220,989 1,610,000 SH   SOLE   1,610,000 0 0
Starbucks Corp. COMMON STOCK 855244109 534,471 9,306,475 SH   SOLE   8,956,886 0 349,589
Sysco Corp. COMMON STOCK 871829107 458,352 7,547,366 SH   SOLE   7,331,230 0 216,136
Taiwan Semiconductor Manufactuing Co., Ltd. (ADR) COMMON STOCK 874039100 238 6,000 SH   SOLE   6,000 0 0
Teleflex Inc. COMMON STOCK 879369106 86,209 346,473 SH   SOLE   346,473 0 0
The Walt Disney Co. COMMON STOCK 254687106 746,374 6,942,368 SH   SOLE   6,673,620 0 268,748
Thomson Reuters Corp. COMMON STOCK 884903105 48,385 1,110,000 SH   SOLE   1,110,000 0 0
United Parcel Service Inc., Class B COMMON STOCK 911312106 769,665 6,459,628 SH   SOLE   6,281,134 0 178,494
Verisk Analytics Inc. COMMON STOCK 92345Y106 616,735 6,424,319 SH   SOLE   6,224,159 0 200,160
VF Corp. COMMON STOCK 918204108 1,053,903 14,241,938 SH   SOLE   13,881,808 0 360,130
Waste Management Inc. COMMON STOCK 94106L109 468,206 5,425,325 SH   SOLE   5,224,589 0 200,736
WD-40 Co. COMMON STOCK 929236107 154,531 1,309,588 SH   SOLE   1,261,798 0 47,790
Wells Fargo & Co. COMMON STOCK 949746101 927,253 15,283,543 SH   SOLE   14,850,577 0 432,966
Xylem Inc. COMMON STOCK 98419M100 413,518 6,063,309 SH   SOLE   5,884,671 0 178,638