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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hours per response: 23.8
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
Alphabet Inc. Cl A COMMON 02079K305 158,281 186,696 SH   SOLE   141,296 0 45,400
Alphabet Inc. Cl C COMMON 02079K107 373 450 SH   SOLE   450 0 0
Analog Devices Inc COMMON 032654105 169,715 2,070,953 SH   SOLE   1,581,753 0 489,200
Antero Resources Corp COMMON 03674X106 175,832 7,708,542 SH   SOLE   5,836,192 0 1,872,350
Applied Materials COMMON 038222105 154,668 3,976,052 SH   SOLE   3,020,152 0 955,900
Bank of America Corporatio COMMON 060505104 190,073 8,057,360 SH   SOLE   6,136,410 0 1,920,950
Berkshire Hathaway, Inc. Cl B COMMON 084670702 174,485 1,046,829 SH   SOLE   801,079 0 245,750
BP PLC Sponsored ADR COMMON 055622104 140,482 4,069,591 SH   SOLE   3,061,841 0 1,007,750
Calpine Corporation COMMON 131347304 121,961 11,037,205 SH   SOLE   8,401,205 0 2,636,000
Capital One Financial Corp COMMON 14040H105 200,138 2,309,459 SH   SOLE   1,758,609 0 550,850
CBS Corporation COMMON 124857202 164,203 2,367,406 SH   SOLE   1,805,356 0 562,050
CitiGroup, Inc. COMMON 172967424 206,958 3,459,681 SH   SOLE   2,633,531 0 826,150
Comcast Corporation Class A COMMON 20030N101 157,949 4,201,891 SH   SOLE   3,199,091 0 1,002,800
Exelon Corporation COMMON 30161N101 136,927 3,805,629 SH   SOLE   2,891,429 0 914,200
First Data Corporation COMMON 32008D106 194,696 12,561,031 SH   SOLE   9,578,481 0 2,982,550
General Electric Company COMMON 369604103 190,227 6,383,451 SH   SOLE   4,854,451 0 1,529,000
Hewlett Packard Enterprise COMMON 42824C109 197,444 8,330,980 SH   SOLE   6,335,230 0 1,995,750
International Paper Company COMMON 460146103 171,155 3,370,525 SH   SOLE   2,560,175 0 810,350
Keysight Technologies, Inc. COMMON 49338L103 160,498 4,440,994 SH   SOLE   3,371,294 0 1,069,700
Marsh & McLennan Companies Inc. COMMON 571748102 151,603 2,051,741 SH   SOLE   1,558,241 0 493,500
Merck & Co. Inc. COMMON 58933Y105 206,357 3,247,674 SH   SOLE   2,485,474 0 762,200
Microsoft Corporation COMMON 594918104 194,454 2,952,532 SH   SOLE   2,246,882 0 705,650
Occidental Pertoleum Corp COMMON 674599105 203,773 3,216,111 SH   SOLE   2,444,361 0 771,750
Oracle Corporation COMMON 68389X105 212,057 4,753,568 SH   SOLE   3,626,668 0 1,126,900
Pfizer Inc. COMMON 717081103 199,023 5,817,692 SH   SOLE   4,387,342 0 1,430,350
Thermo Fisher Scientific, COMMON 883556102 164,359 1,070,047 SH   SOLE   817,097 0 252,950
TOTAL S.A. - ADR COMMON 89151E109 161,721 3,207,482 SH   SOLE   2,402,432 0 805,050
Vodafone Group Plc ADR COMMON 92857W308 174,985 6,620,681 SH   SOLE   4,982,481 0 1,638,200
Walgreens Boots Alliance, Inc. COMMON 931427108 171,793 2,068,549 SH   SOLE   1,571,799 0 496,750
Wal-Mart Stores, Inc. COMMON 931142103 164,636 2,284,073 SH   SOLE   1,737,573 0 546,500
Allergan plc COMMON G0177J108 166,873 698,448 SH   SOLE   526,948 0 171,500
Aon PLC COMMON G0408V102 160,364 1,351,114 SH   SOLE   1,021,864 0 329,250
Invesco Ltd. COMMON G491BT108 157,594 5,145,083 SH   SOLE   3,872,433 0 1,272,650
Liberty Global plc - Series C COMMON G5480U120 187,254 5,343,995 SH   SOLE   4,003,395 0 1,340,600
Pentair plc COMMON G7S00T104 133,129 2,120,561 SH   SOLE   1,595,261 0 525,300
Flex, Ltd. COMMON Y2573F102 147,121 8,757,178 SH   SOLE   6,593,128 0 2,164,050