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
OMB APPROVAL
OMB Number: 3235-0006
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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 3,010 121,127 SH   SOLE   121,127 0 0
Sempra Energy, 6.00 percent, due 01/15/2021 PREFERRED STOCK 816851406 5,161 50,000 SH   SOLE   50,000 0 0
3M Co. COMMON STOCK 88579Y101 706,178 3,589,762 SH   SOLE   3,446,243 0 143,519
ACI Worldwide Inc. COMMON STOCK 004498101 9,208 373,239 SH   SOLE   373,239 0 0
Air Lease Corp. COMMON STOCK 00912X302 18,467 440,000 SH   SOLE   440,000 0 0
Allergan plc COMMON STOCK G0177J108 307,566 1,844,804 SH   SOLE   1,844,804 0 0
Alliance Data Systems Corp. COMMON STOCK 018581108 290,334 1,245,000 SH   SOLE   1,245,000 0 0
Alphabet Inc., Class A COMMON STOCK 02079K305 570,057 504,837 SH   SOLE   490,855 0 13,982
Alphabet Inc., Class C COMMON STOCK 02079K107 409,733 367,259 SH   SOLE   352,148 0 15,111
American Express Co. COMMON STOCK 025816109 724,582 7,393,691 SH   SOLE   7,163,322 0 230,369
Apple Inc. COMMON STOCK 037833100 374,656 2,023,963 SH   SOLE   1,941,737 0 82,226
Applied Materials Inc. COMMON STOCK 038222105 13,857 300,000 SH   SOLE   300,000 0 0
Autodesk Inc. COMMON STOCK 052769106 176,972 1,350,000 SH   SOLE   1,350,000 0 0
Axalta Coating Systems Ltd. COMMON STOCK G0750C108 106,375 3,509,561 SH   SOLE   3,509,561 0 0
Belmond Ltd. COMMON STOCK G1154H107 19,681 1,765,147 SH   SOLE   1,765,147 0 0
Biogen Inc. COMMON STOCK 09062X103 15,963 55,000 SH   SOLE   55,000 0 0
Bristol-Myers Squibb Co. COMMON STOCK 110122108 199,224 3,600,000 SH   SOLE   3,600,000 0 0
C.H. Robinson Worldwide Inc. COMMON STOCK 12541W209 23,425 280,000 SH   SOLE   280,000 0 0
Cadence Design Systems Inc. COMMON STOCK 127387108 460,597 10,634,893 SH   SOLE   10,231,504 0 403,389
Capital One Financial Corp. COMMON STOCK 14040H105 55,140 600,000 SH   SOLE   600,000 0 0
Cerner Corp. COMMON STOCK 156782104 430,944 7,207,631 SH   SOLE   6,927,266 0 280,365
Charles Schwab Corp. COMMON STOCK 808513105 652,892 12,776,761 SH   SOLE   12,395,285 0 381,476
Cognizant Technology Solutions Corp. COMMON STOCK 192446102 39,495 500,000 SH   SOLE   500,000 0 0
Costco Wholesale Corp. COMMON STOCK 22160K105 60,604 290,000 SH   SOLE   290,000 0 0
Cummins Inc. COMMON STOCK 231021106 46,550 350,000 SH   SOLE   350,000 0 0
CVS Health Corp. COMMON STOCK 126650100 1,072,039 16,659,501 SH   SOLE   16,190,942 0 468,559
Danaher Corp. COMMON STOCK 235851102 486,750 4,932,609 SH   SOLE   4,740,766 0 191,843
Deere & Co. COMMON STOCK 244199105 20,970 150,000 SH   SOLE   150,000 0 0
Dentsply Sirona Inc. COMMON STOCK 24906P109 40,185 918,087 SH   SOLE   918,087 0 0
eBay Inc. COMMON STOCK 278642103 98,428 2,714,504 SH   SOLE   2,714,504 0 0
Ecolab Inc. COMMON STOCK 278865100 57,535 410,000 SH   SOLE   410,000 0 0
Expeditors International of Washington Inc. COMMON STOCK 302130109 56,305 770,242 SH   SOLE   770,242 0 0
FedEx Corp. COMMON STOCK 31428X106 19,300 85,000 SH   SOLE   85,000 0 0
First American Financial Corp. COMMON STOCK 31847R102 29,635 572,998 SH   SOLE   572,998 0 0
First Horizon National Corp. COMMON STOCK 320517105 117,026 6,559,737 SH   SOLE   6,559,737 0 0
First Republic Bank COMMON STOCK 33616C100 450,554 4,654,963 SH   SOLE   4,493,530 0 161,433
Fiserv Inc. COMMON STOCK 337738108 125,976 1,700,310 SH   SOLE   1,700,310 0 0
Fortive Corp. COMMON STOCK 34959J108 73,416 952,090 SH   SOLE   952,090 0 0
Gilead Sciences Inc. COMMON STOCK 375558103 1,383,286 19,526,902 SH   SOLE   19,081,372 0 445,530
Hanesbrands Inc. COMMON STOCK 410345102 358,503 16,280,808 SH   SOLE   16,280,808 0 0
Hannon Armstrong Sustainable Infrastructure Capital Inc. COMMON STOCK 41068X100 8,986 455,000 SH   SOLE   455,000 0 0
Hologic Inc. COMMON STOCK 436440101 645,593 16,241,334 SH   SOLE   15,858,235 0 383,099
Integrated Device Technology Inc. COMMON STOCK 458118106 36,021 1,129,907 SH   SOLE   1,129,907 0 0
Intel Corp. COMMON STOCK 458140100 545,714 10,977,943 SH   SOLE   10,632,810 0 345,133
International Business Machines Corp. COMMON STOCK 459200101 1,424 10,190 SH   SOLE   10,190 0 0
Iron Mountain Inc. COMMON STOCK 46284V101 466,636 13,328,662 SH   SOLE   12,900,263 0 428,399
Johnson Controls International plc COMMON STOCK G51502105 66,900 2,000,000 SH   SOLE   2,000,000 0 0
KLA-Tencor Corporation COMMON STOCK 482480100 154,309 1,505,015 SH   SOLE   1,442,910 0 62,105
Lam Research Corp. COMMON STOCK 512807108 12,964 75,000 SH   SOLE   75,000 0 0
Mastercard Inc., Class A COMMON STOCK 57636Q104 612,987 3,119,207 SH   SOLE   2,990,189 0 129,018
Mattel, Inc. COMMON STOCK 577081102 352,790 21,485,411 SH   SOLE   21,485,411 0 0
McCormick & Co. COMMON STOCK 579780206 72,010 620,298 SH   SOLE   620,298 0 0
MDU Resources Group Inc. COMMON STOCK 552690109 454,759 15,856,314 SH   SOLE   15,347,888 0 508,426
Micron Technology Inc. COMMON STOCK 595112103 256,956 4,900,000 SH   SOLE   4,900,000 0 0
Mondelez International Inc., Class A COMMON STOCK 609207105 38,356 935,500 SH   SOLE   935,500 0 0
Motorola Solutions Inc. COMMON STOCK 620076307 643,296 5,528,019 SH   SOLE   5,364,166 0 163,853
National Oilwell Varco Inc. COMMON STOCK 637071101 448,112 10,325,152 SH   SOLE   9,973,422 0 351,730
Nielsen Holdings PLC COMMON STOCK G6518L108 69,577 2,249,500 SH   SOLE   2,249,500 0 0
Northwest Natural Gas Co. COMMON STOCK 667655104 28,581 447,973 SH   SOLE   447,973 0 0
Novartis AG (ADR) COMMON STOCK 66987V109 358,188 4,741,699 SH   SOLE   4,568,569 0 173,130
Pentair plc COMMON STOCK G7S00T104 335,525 7,973,507 SH   SOLE   7,731,821 0 241,686
Perrigo Co. plc COMMON STOCK G97822103 164,048 2,250,000 SH   SOLE   2,250,000 0 0
PPG Industries Inc. COMMON STOCK 693506107 441,520 4,256,434 SH   SOLE   4,086,916 0 169,518
Praxair Inc. COMMON STOCK 74005P104 888,954 5,620,954 SH   SOLE   5,416,175 0 204,779
Procter & Gamble Co. COMMON STOCK 742718109 328,866 4,212,994 SH   SOLE   4,039,643 0 173,351
Public Storage COMMON STOCK 74460D109 449,431 1,981,093 SH   SOLE   1,917,203 0 63,890
QUALCOMM Inc. COMMON STOCK 747525103 569,618 10,150,000 SH   SOLE   10,150,000 0 0
Redwood Trust Inc. COMMON STOCK 758075402 18,117 1,100,000 SH   SOLE   1,100,000 0 0
SEI Investments Co. COMMON STOCK 784117103 68,619 1,097,545 SH   SOLE   1,097,545 0 0
Sempra Energy COMMON STOCK 816851109 478,562 4,121,622 SH   SOLE   3,979,144 0 142,478
Shaw Communications Inc., Class B COMMON STOCK 82028K200 92,161 4,528,796 SH   SOLE   4,528,796 0 0
Signature Bank COMMON STOCK 82669G104 162,408 1,270,000 SH   SOLE   1,270,000 0 0
Starbucks Corp. COMMON STOCK 855244109 588,767 12,052,546 SH   SOLE   11,675,094 0 377,452
Synopsys Inc. COMMON STOCK 871607107 29,066 339,671 SH   SOLE   339,671 0 0
Sysco Corp. COMMON STOCK 871829107 486,899 7,129,874 SH   SOLE   6,885,611 0 244,263
Teleflex Inc. COMMON STOCK 879369106 92,928 346,473 SH   SOLE   346,473 0 0
The Clorox Company COMMON STOCK 189054109 637,294 4,711,970 SH   SOLE   4,547,788 0 164,182
The Walt Disney Co. COMMON STOCK 254687106 756,122 7,214,219 SH   SOLE   6,917,375 0 296,844
Thomson Reuters Corp. COMMON STOCK 884903105 118,442 2,937,541 SH   SOLE   2,937,541 0 0
T-Mobile US, Inc. COMMON STOCK 872590104 21,032 352,000 SH   SOLE   352,000 0 0
United Parcel Service Inc., Class B COMMON STOCK 911312106 726,586 6,839,746 SH   SOLE   6,646,177 0 193,569
Verisk Analytics Inc. COMMON STOCK 92345Y106 523,986 4,867,951 SH   SOLE   4,706,461 0 161,490
VF Corp. COMMON STOCK 918204108 674,021 8,268,171 SH   SOLE   8,007,810 0 260,361
Waste Management Inc. COMMON STOCK 94106L109 444,917 5,469,840 SH   SOLE   5,258,002 0 211,838
WD-40 Co. COMMON STOCK 929236107 192,619 1,317,055 SH   SOLE   1,264,167 0 52,888
Xylem Inc. COMMON STOCK 98419M100 415,837 6,171,524 SH   SOLE   5,974,942 0 196,582
Zayo Group Holdings Inc. COMMON STOCK 98919V105 21,888 600,000 SH   SOLE   600,000 0 0