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 2,884 121,127 SH   SOLE   121,127 0 0
Sempra Energy, 6.00 percent, due 01/15/2021 PREFERRED STOCK 816851406 5,042 50,000 SH   SOLE   50,000 0 0
3M Company COMMON STOCK 88579Y101 755,876 3,587,280 SH   SOLE   3,444,553 0 142,727
ACI Worldwide Inc. COMMON STOCK 004498101 18,304 650,450 SH   SOLE   650,450 0 0
Air Lease Corp. COMMON STOCK 00912X302 20,187 440,000 SH   SOLE   440,000 0 0
Allergan plc COMMON STOCK G0177J108 199,014 1,044,804 SH   SOLE   1,044,804 0 0
Alliance Data Systems Corp. COMMON STOCK 018581108 294,019 1,245,000 SH   SOLE   1,245,000 0 0
Alphabet Inc., Class A COMMON STOCK 02079K305 609,938 505,300 SH   SOLE   491,008 0 14,292
Alphabet Inc., Class C COMMON STOCK 02079K107 437,997 366,995 SH   SOLE   351,974 0 15,021
American Express Co. COMMON STOCK 025816109 787,697 7,396,911 SH   SOLE   7,163,770 0 233,141
Apple Inc. COMMON STOCK 037833100 457,487 2,026,609 SH   SOLE   1,942,593 0 84,016
Applied Materials Inc. COMMON STOCK 038222105 108,220 2,800,000 SH   SOLE   2,800,000 0 0
Autodesk Inc. COMMON STOCK 052769106 103,033 660,000 SH   SOLE   660,000 0 0
Axalta Coating Systems Ltd. COMMON STOCK G0750C108 102,339 3,509,561 SH   SOLE   3,509,561 0 0
Belmond Ltd. COMMON STOCK G1154H107 32,214 1,765,147 SH   SOLE   1,765,147 0 0
Biogen Inc. COMMON STOCK 09062X103 19,432 55,000 SH   SOLE   55,000 0 0
Bristol-Myers Squibb Co. COMMON STOCK 110122108 217,280 3,500,000 SH   SOLE   3,500,000 0 0
Cadence Design Systems Inc. COMMON STOCK 127387108 575,341 12,695,085 SH   SOLE   12,211,558 0 483,527
Capital One Financial Corp. COMMON STOCK 14040H105 56,958 600,000 SH   SOLE   600,000 0 0
Celgene Corp. COMMON STOCK 151020104 13,424 150,000 SH   SOLE   150,000 0 0
Cerner Corp. COMMON STOCK 156782104 463,995 7,203,778 SH   SOLE   6,923,413 0 280,365
Charles Schwab Corp. COMMON STOCK 808513105 627,798 12,773,100 SH   SOLE   12,393,027 0 380,073
Cognizant Technology Solutions - Class A COMMON STOCK 192446102 23,627 306,251 SH   SOLE   306,251 0 0
Costco Wholesale Corp. COMMON STOCK 22160K105 5,872 25,000 SH   SOLE   25,000 0 0
Cummins Inc. COMMON STOCK 231021106 124,160 850,000 SH   SOLE   850,000 0 0
CVS Health Corp. COMMON STOCK 126650100 1,296,311 16,467,361 SH   SOLE   15,991,251 0 476,110
Danaher Corp. COMMON STOCK 235851102 535,683 4,929,901 SH   SOLE   4,738,058 0 191,843
Deere & Co. COMMON STOCK 244199105 7,517 50,000 SH   SOLE   50,000 0 0
Dentsply Sirona Inc. COMMON STOCK 24906P109 34,649 918,087 SH   SOLE   918,087 0 0
eBay Inc. COMMON STOCK 278642103 178,023 5,391,360 SH   SOLE   5,391,360 0 0
Ecolab Inc. COMMON STOCK 278865100 64,280 410,000 SH   SOLE   410,000 0 0
Expeditors International of Washington Inc. COMMON STOCK 302130109 28,781 391,418 SH   SOLE   391,418 0 0
FedEx Corp. COMMON STOCK 31428X106 20,467 85,000 SH   SOLE   85,000 0 0
First American Financial Corp. COMMON STOCK 31847R102 29,561 572,998 SH   SOLE   572,998 0 0
First Horizon National Corp. COMMON STOCK 320517105 139,972 8,109,611 SH   SOLE   8,109,611 0 0
First Republic Bank COMMON STOCK 33616C100 453,470 4,723,649 SH   SOLE   4,563,108 0 160,541
Fiserv Inc. COMMON STOCK 337738108 116,460 1,413,696 SH   SOLE   1,413,696 0 0
Fortive Corp. COMMON STOCK 34959J108 75,212 893,250 SH   SOLE   893,250 0 0
Gilead Sciences Inc. COMMON STOCK 375558103 809,641 10,486,213 SH   SOLE   10,194,229 0 291,984
Hanesbrands Inc. COMMON STOCK 410345102 314,337 17,055,732 SH   SOLE   17,055,732 0 0
Hologic Inc. COMMON STOCK 436440101 669,462 16,336,327 SH   SOLE   15,942,981 0 393,346
Integrated Device Technology Inc. COMMON STOCK 458118106 53,117 1,129,907 SH   SOLE   1,129,907 0 0
Intel Corp. COMMON STOCK 458140100 422,704 8,938,548 SH   SOLE   8,594,949 0 343,599
IPG Photonics Corp. COMMON STOCK 44980X109 78,035 500,000 SH   SOLE   500,000 0 0
Iron Mountain Inc. COMMON STOCK 46284V101 460,685 13,345,438 SH   SOLE   12,905,478 0 439,960
Johnson Controls International plc COMMON STOCK G51502105 105,000 3,000,000 SH   SOLE   3,000,000 0 0
Lam Research Corp. COMMON STOCK 512807108 106,190 700,000 SH   SOLE   700,000 0 0
Mastercard Inc., Class A COMMON STOCK 57636Q104 693,902 3,117,121 SH   SOLE   2,988,831 0 128,290
Mattel Inc. COMMON STOCK 577081102 337,321 21,485,411 SH   SOLE   21,485,411 0 0
McCormick & Co. COMMON STOCK 579780206 81,724 620,298 SH   SOLE   620,298 0 0
MDU Resources Group Inc. COMMON STOCK 552690109 361,944 14,088,912 SH   SOLE   13,641,758 0 447,154
Micron Technology Inc. COMMON STOCK 595112103 221,627 4,900,000 SH   SOLE   4,900,000 0 0
Mondelez International Inc., Class A COMMON STOCK 609207105 40,189 935,500 SH   SOLE   935,500 0 0
Motorola Solutions Inc. COMMON STOCK 620076307 549,253 4,220,476 SH   SOLE   4,097,748 0 122,728
National Oilwell Varco Inc. COMMON STOCK 637071101 444,508 10,318,217 SH   SOLE   9,968,725 0 349,492
Nielsen Holdings plc COMMON STOCK G6518L108 155,735 5,630,332 SH   SOLE   5,630,332 0 0
Northwest Natural Holding Co. COMMON STOCK 66765N105 29,969 447,973 SH   SOLE   447,973 0 0
Novartis AG (ADR) COMMON STOCK 66987V109 408,278 4,738,600 SH   SOLE   4,565,470 0 173,130
Pentair plc COMMON STOCK G7S00T104 345,340 7,966,305 SH   SOLE   7,726,388 0 239,917
Perrigo Co. plc COMMON STOCK G97822103 141,423 1,997,500 SH   SOLE   1,997,500 0 0
PPG Industries Inc. COMMON STOCK 693506107 464,129 4,252,990 SH   SOLE   4,084,477 0 168,513
Praxair Inc. COMMON STOCK 74005P104 902,939 5,617,738 SH   SOLE   5,413,599 0 204,139
Public Storage COMMON STOCK 74460D109 394,808 1,958,078 SH   SOLE   1,894,471 0 63,607
QUALCOMM Inc. COMMON STOCK 747525103 345,744 4,800,000 SH   SOLE   4,800,000 0 0
Redwood Trust Inc. COMMON STOCK 758075402 17,864 1,100,000 SH   SOLE   1,100,000 0 0
SEI Investments Co. COMMON STOCK 784117103 67,060 1,097,545 SH   SOLE   1,097,545 0 0
Sempra Energy COMMON STOCK 816851109 468,720 4,120,614 SH   SOLE   3,978,765 0 141,849
Shaw Communications Inc., Class B COMMON STOCK 82028K200 45,324 2,325,497 SH   SOLE   2,325,497 0 0
Signature Bank COMMON STOCK 82669G104 148,266 1,291,068 SH   SOLE   1,291,068 0 0
Starbucks Corp. COMMON STOCK 855244109 718,880 12,647,429 SH   SOLE   12,271,651 0 375,778
Synopsys Inc. COMMON STOCK 871607107 578,200 5,863,495 SH   SOLE   5,640,549 0 222,946
Sysco Corp. COMMON STOCK 871829107 515,580 7,038,631 SH   SOLE   6,794,353 0 244,278
Teleflex Inc. COMMON STOCK 879369106 120,701 453,609 SH   SOLE   453,609 0 0
The Clorox Company COMMON STOCK 189054109 700,143 4,654,898 SH   SOLE   4,487,873 0 167,025
The Procter & Gamble Co. COMMON STOCK 742718109 350,477 4,210,945 SH   SOLE   4,038,363 0 172,582
The Walt Disney Co. COMMON STOCK 254687106 844,363 7,220,485 SH   SOLE   6,918,929 0 301,556
Thomson Reuters Corp. COMMON STOCK 884903105 134,187 2,937,541 SH   SOLE   2,937,541 0 0
T-Mobile US Inc. COMMON STOCK 872590104 24,703 352,000 SH   SOLE   352,000 0 0
Trimble Inc. COMMON STOCK 896239100 100,872 2,321,040 SH   SOLE   2,321,040 0 0
United Parcel Service Inc., Class B COMMON STOCK 911312106 799,574 6,848,598 SH   SOLE   6,648,852 0 199,746
Verisk Analytics Inc. COMMON STOCK 92345Y106 573,052 4,753,644 SH   SOLE   4,593,127 0 160,517
VF Corp. COMMON STOCK 918204108 668,625 7,154,899 SH   SOLE   6,895,681 0 259,218
Waste Management Inc. COMMON STOCK 94106L109 524,678 5,806,535 SH   SOLE   5,595,637 0 210,898
WD-40 Co. COMMON STOCK 929236107 227,646 1,322,756 SH   SOLE   1,265,949 0 56,807
Xylem Inc. COMMON STOCK 98419M100 492,713 6,168,937 SH   SOLE   5,973,227 0 195,710
Zayo Group Holdings Inc. COMMON STOCK 98919V105 88,790 2,557,324 SH   SOLE   2,557,324 0 0