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 2,937 121,127 SH   SOLE   121,127 0 0
Sempra Energy, 6.00 percent, due 01/15/2021 PREFERRED STOCK 816851406 5,119 50,000 SH   SOLE   50,000 0 0
Apple Inc. COMMON STOCK 037833100 339,165 2,021,484 SH   SOLE   1,938,977 0 82,507
Alliance Data Systems Corp. COMMON STOCK 018581108 186,253 875,000 SH   SOLE   875,000 0 0
Autodesk Inc. COMMON STOCK 052769106 213,486 1,700,000 SH   SOLE   1,700,000 0 0
Allergan plc COMMON STOCK G0177J108 301,201 1,789,775 SH   SOLE   1,789,775 0 0
Air Lease Corp. COMMON STOCK 00912X302 18,753 440,000 SH   SOLE   440,000 0 0
Applied Materials Inc. COMMON STOCK 038222105 5,561 100,000 SH   SOLE   100,000 0 0
American Express Co. COMMON STOCK 025816109 720,678 7,725,963 SH   SOLE   7,494,840 0 231,123
Axalta Coating Systems Ltd. COMMON STOCK G0750C108 79,988 2,649,500 SH   SOLE   2,649,500 0 0
Belmond Ltd. COMMON STOCK G1154H107 11,150 1,000,000 SH   SOLE   1,000,000 0 0
Bristol-Myers Squibb Co. COMMON STOCK 110122108 221,375 3,500,000 SH   SOLE   3,500,000 0 0
Cerner Corp. COMMON STOCK 156782104 150,298 2,591,341 SH   SOLE   2,491,293 0 100,048
C.H. Robinson Worldwide Inc. COMMON STOCK 12541W209 40,295 430,000 SH   SOLE   430,000 0 0
Clorox Company COMMON STOCK 189054109 617,074 4,635,821 SH   SOLE   4,471,107 0 164,714
Cummins Inc. COMMON STOCK 231021106 16,209 100,000 SH   SOLE   100,000 0 0
Capital One Financial Corp. COMMON STOCK 14040H105 67,074 700,000 SH   SOLE   700,000 0 0
Costco Wholesale Corp. COMMON STOCK 22160K105 65,951 350,000 SH   SOLE   350,000 0 0
Cognizant Tech Solutions - Class A COMMON STOCK 192446102 32,200 400,000 SH   SOLE   400,000 0 0
CVS Health Corp. COMMON STOCK 126650100 1,014,560 16,308,629 SH   SOLE   15,840,070 0 468,559
Deere & Co. COMMON STOCK 244199105 23,298 150,000 SH   SOLE   150,000 0 0
Danaher Corp. COMMON STOCK 235851102 662,420 6,765,604 SH   SOLE   6,503,781 0 261,823
The Walt Disney Co. COMMON STOCK 254687106 723,739 7,205,683 SH   SOLE   6,907,411 0 298,272
eBay Inc. COMMON STOCK 278642103 97,291 2,417,776 SH   SOLE   2,417,776 0 0
Ecolab Inc. COMMON STOCK 278865100 56,199 410,000 SH   SOLE   410,000 0 0
Expeditors International of Washington Inc. COMMON STOCK 302130109 79,289 1,252,590 SH   SOLE   1,252,590 0 0
First American Financial Corp. COMMON STOCK 31847R102 27,580 470,000 SH   SOLE   470,000 0 0
FedEx Corp. COMMON STOCK 31428X106 20,409 85,000 SH   SOLE   85,000 0 0
First Horizon National Corp. COMMON STOCK 320517105 117,104 6,218,997 SH   SOLE   6,218,997 0 0
Fiserv Inc. COMMON STOCK 337738108 121,249 1,700,310 SH   SOLE   1,700,310 0 0
First Republic Bank COMMON STOCK 33616C100 430,645 4,650,095 SH   SOLE   4,488,111 0 161,984
Fortive Corp. COMMON STOCK 34959J108 73,806 952,090 SH   SOLE   952,090 0 0
Gilead Sciences Inc. COMMON STOCK 375558103 1,486,002 19,710,860 SH   SOLE   19,265,330 0 445,530
Alphabet Inc., Class C COMMON STOCK 02079K107 378,464 366,803 SH   SOLE   351,641 0 15,162
Alphabet Inc., Class A COMMON STOCK 02079K305 523,150 504,416 SH   SOLE   490,386 0 14,030
Hannon Armstrong Sustainable Infrastructure Capital Inc. COMMON STOCK 41068X100 8,873 455,000 SH   SOLE   455,000 0 0
Hanesbrands Inc. COMMON STOCK 410345102 268,932 14,600,000 SH   SOLE   14,600,000 0 0
Hologic Inc. COMMON STOCK 436440101 586,761 15,705,589 SH   SOLE   15,322,490 0 383,099
International Business Machines Corp. COMMON STOCK 459200101 153,430 1,000,000 SH   SOLE   1,000,000 0 0
Intel Corp. COMMON STOCK 458140100 618,917 11,883,972 SH   SOLE   11,537,719 0 346,253
Iron Mountain Inc. COMMON STOCK 46284V101 437,653 13,318,718 SH   SOLE   12,887,499 0 431,219
KLA-Tencor Corporation COMMON STOCK 482480100 236,878 2,172,990 SH   SOLE   2,110,690 0 62,300
Lam Research Corp. COMMON STOCK 512807108 5,079 25,000 SH   SOLE   25,000 0 0
Mastercard Incorporated COMMON STOCK 57636Q104 560,720 3,201,188 SH   SOLE   3,071,730 0 129,458
Mattel, Inc. COMMON STOCK 577081102 286,670 21,800,000 SH   SOLE   21,800,000 0 0
Mondelez International Inc., Class A COMMON STOCK 609207105 498,646 11,949,332 SH   SOLE   11,491,347 0 457,985
MDU Resources Group Inc. COMMON STOCK 552690109 446,082 15,840,980 SH   SOLE   15,330,819 0 510,161
McCormick & Co. COMMON STOCK 579780206 75,922 713,620 SH   SOLE   713,620 0 0
Motorola Solutions Inc. COMMON STOCK 620076307 591,636 5,618,575 SH   SOLE   5,454,163 0 164,412
Micron Technology Inc. COMMON STOCK 595112103 182,490 3,500,000 SH   SOLE   3,500,000 0 0
Nielsen Holdings plc COMMON STOCK G6518L108 216,474 6,809,500 SH   SOLE   6,809,500 0 0
National Oilwell Varco Inc. COMMON STOCK 637071101 255,861 6,950,863 SH   SOLE   6,745,618 0 205,245
Nutrien Ltd. COMMON STOCK 67077M108 23,630 500,000 SH   SOLE   500,000 0 0
Novartis AG (ADR) COMMON STOCK 66987V109 774,532 9,579,868 SH   SOLE   9,305,051 0 274,817
Northwest Natural Gas Co. COMMON STOCK 667655104 22,916 397,500 SH   SOLE   397,500 0 0
Patterson Companies Inc. COMMON STOCK 703395103 53,979 2,428,224 SH   SOLE   2,428,224 0 0
Procter & Gamble Co. COMMON STOCK 742718109 333,592 4,207,766 SH   SOLE   4,033,823 0 173,943
Progressive Corp. COMMON STOCK 743315103 51,791 850,000 SH   SOLE   850,000 0 0
Pentair plc COMMON STOCK G7S00T104 478,145 7,018,133 SH   SOLE   6,792,171 0 225,962
PPG Industries Inc. COMMON STOCK 693506107 282,549 2,531,803 SH   SOLE   2,435,783 0 96,020
Perrigo Co. plc COMMON STOCK G97822103 183,348 2,200,000 SH   SOLE   2,200,000 0 0
Public Storage COMMON STOCK 74460D109 396,605 1,979,166 SH   SOLE   1,915,058 0 64,108
Praxair Inc. COMMON STOCK 74005P104 929,054 6,438,353 SH   SOLE   6,205,581 0 232,772
QUALCOMM Inc. COMMON STOCK 747525103 543,018 9,800,000 SH   SOLE   9,800,000 0 0
Redwood Trust Inc. COMMON STOCK 758075402 17,017 1,100,000 SH   SOLE   1,100,000 0 0
Signature Bank COMMON STOCK 82669G104 228,540 1,610,000 SH   SOLE   1,610,000 0 0
Starbucks Corp. COMMON STOCK 855244109 550,467 9,508,849 SH   SOLE   9,130,109 0 378,740
Charles Schwab Corp. COMMON STOCK 808513105 702,599 13,454,600 SH   SOLE   13,051,357 0 403,243
SEI Investments Co. COMMON STOCK 784117103 82,217 1,097,545 SH   SOLE   1,097,545 0 0
Shaw Communications Inc., Class B COMMON STOCK 82028K200 87,225 4,528,796 SH   SOLE   4,528,796 0 0
Sempra Energy COMMON STOCK 816851109 490,836 4,413,203 SH   SOLE   4,260,156 0 153,047
Sysco Corp. COMMON STOCK 871829107 451,223 7,525,407 SH   SOLE   7,280,310 0 245,097
Teleflex Inc. COMMON STOCK 879369106 88,344 346,473 SH   SOLE   346,473 0 0
Thomson Reuters Corp. COMMON STOCK 884903105 81,360 2,105,039 SH   SOLE   2,105,039 0 0
United Parcel Service Inc., Class B COMMON STOCK 911312106 709,940 6,783,303 SH   SOLE   6,589,118 0 194,185
VF Corp. COMMON STOCK 918204108 968,736 13,069,836 SH   SOLE   12,674,109 0 395,727
Verisk Analytics Inc. COMMON STOCK 92345Y106 659,082 6,337,327 SH   SOLE   6,116,168 0 221,159
WD-40 Co. COMMON STOCK 929236107 173,319 1,316,011 SH   SOLE   1,262,636 0 53,375
Waste Management Inc. COMMON STOCK 94106L109 459,585 5,463,451 SH   SOLE   5,250,890 0 212,561
Dentsply Sirona Inc. COMMON STOCK 24906P109 100,629 2,000,174 SH   SOLE   2,000,174 0 0
Xylem Inc. COMMON STOCK 98419M100 468,946 6,096,542 SH   SOLE   5,899,289 0 197,253