<SEC-DOCUMENT>0001477872-22-000001.txt : 20220208
<SEC-HEADER>0001477872-22-000001.hdr.sgml : 20220208
<ACCEPTANCE-DATETIME>20220208162714
ACCESSION NUMBER:		0001477872-22-000001
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220208
DATE AS OF CHANGE:		20220208
EFFECTIVENESS DATE:		20220208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saratoga Research & Investment Management
		CENTRAL INDEX KEY:			0001477872
		IRS NUMBER:				770401310
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-13757
		FILM NUMBER:		22601964

	BUSINESS ADDRESS:	
		STREET 1:		14471 BIG BASIN WAY
		STREET 2:		SUITE E
		CITY:			SARATOGA
		STATE:			CA
		ZIP:			95070
		BUSINESS PHONE:		(408) 741-2330

	MAIL ADDRESS:	
		STREET 1:		P.O BOX 3552
		CITY:			SARATOGA
		STATE:			CA
		ZIP:			95070
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001477872</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2021</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2021</reportCalendarOrQuarter>
      <filingManager>
        <name>Saratoga Research &amp; Investment Management</name>
        <address>
          <com:street1>P.O BOX 3552</com:street1>
          <com:city>SARATOGA</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>95070</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-13757</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>James Tanner</name>
      <title>Director of Operations</title>
      <phone>408-741-2331</phone>
      <signature>James Tanner</signature>
      <city>Saratoga</city>
      <stateOrCountry>CA</stateOrCountry>
      <signatureDate>02-08-2022</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>48</tableEntryTotal>
      <tableValueTotal>2347937</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
    </summaryPage>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>inftable123121.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<informationTable xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">
  <infoTable>
    <nameOfIssuer>3M Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88579Y101</cusip>
    <value>56881</value>
    <shrsOrPrnAmt>
      <sshPrnamt>320219</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>302325</Sole>
      <Shared>0</Shared>
      <None>17894</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Accenture Ltd New</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G1151C101</cusip>
    <value>59263</value>
    <shrsOrPrnAmt>
      <sshPrnamt>142957</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>134048</Sole>
      <Shared>0</Shared>
      <None>8909</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Adobe Systems</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00724F101</cusip>
    <value>1299</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2290</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2043</Sole>
      <Shared>0</Shared>
      <None>247</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Alphabet Inc Cl A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02079K305</cusip>
    <value>104531</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36082</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33852</Sole>
      <Shared>0</Shared>
      <None>2230</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Alphabet Inc Cl C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02079K107</cusip>
    <value>1386</value>
    <shrsOrPrnAmt>
      <sshPrnamt>479</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>471</Sole>
      <Shared>0</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Amazon.com</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023135106</cusip>
    <value>403</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>121</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Amgen</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031162100</cusip>
    <value>9197</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40880</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40187</Sole>
      <Shared>0</Shared>
      <None>693</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Apple Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>124621</value>
    <shrsOrPrnAmt>
      <sshPrnamt>701815</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>662347</Sole>
      <Shared>0</Shared>
      <None>39468</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Becton, Dickinson &amp; Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>075887109</cusip>
    <value>55408</value>
    <shrsOrPrnAmt>
      <sshPrnamt>220328</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>207797</Sole>
      <Shared>0</Shared>
      <None>12531</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Berkshire Hathaway B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>084670702</cusip>
    <value>144189</value>
    <shrsOrPrnAmt>
      <sshPrnamt>482238</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>453896</Sole>
      <Shared>0</Shared>
      <None>28342</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Biogen Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09062X103</cusip>
    <value>56427</value>
    <shrsOrPrnAmt>
      <sshPrnamt>235191</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>221376</Sole>
      <Shared>0</Shared>
      <None>13815</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Bristol-Myers Squibb</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>110122108</cusip>
    <value>248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3977</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3802</Sole>
      <Shared>0</Shared>
      <None>175</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>C.H. Robinson Worldwide</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12541W209</cusip>
    <value>130667</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1214037</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1148688</Sole>
      <Shared>0</Shared>
      <None>65349</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Cisco Systems</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17275R102</cusip>
    <value>83794</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1322300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1229729</Sole>
      <Shared>0</Shared>
      <None>92571</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Coca-Cola</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>191216100</cusip>
    <value>8691</value>
    <shrsOrPrnAmt>
      <sshPrnamt>146778</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>131514</Sole>
      <Shared>0</Shared>
      <None>15264</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Cognizant Tech Solutions</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>192446102</cusip>
    <value>64969</value>
    <shrsOrPrnAmt>
      <sshPrnamt>732297</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>688068</Sole>
      <Shared>0</Shared>
      <None>44229</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Colgate-Palmolive</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>194162103</cusip>
    <value>628</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7357</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7357</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Disney Walt Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254687106</cusip>
    <value>121142</value>
    <shrsOrPrnAmt>
      <sshPrnamt>782116</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>739259</Sole>
      <Shared>0</Shared>
      <None>42857</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Franklin Resources</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
    <value>354</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10577</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10299</Sole>
      <Shared>0</Shared>
      <None>278</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>General Dynamics</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369550108</cusip>
    <value>84314</value>
    <shrsOrPrnAmt>
      <sshPrnamt>404442</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>381074</Sole>
      <Shared>0</Shared>
      <None>23368</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Home Depot</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>437076102</cusip>
    <value>64158</value>
    <shrsOrPrnAmt>
      <sshPrnamt>154594</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>145311</Sole>
      <Shared>0</Shared>
      <None>9283</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Int'l Business Machines</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459200101</cusip>
    <value>290</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2172</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2117</Sole>
      <Shared>0</Shared>
      <None>55</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Int'l Flavors &amp; Frag</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459506101</cusip>
    <value>60041</value>
    <shrsOrPrnAmt>
      <sshPrnamt>398543</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>374654</Sole>
      <Shared>0</Shared>
      <None>23889</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Intel</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>458140100</cusip>
    <value>370</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7185</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6995</Sole>
      <Shared>0</Shared>
      <None>190</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Johnson &amp; Johnson</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>68626</value>
    <shrsOrPrnAmt>
      <sshPrnamt>401159</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>380044</Sole>
      <Shared>0</Shared>
      <None>21115</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Lockheed Martin</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>539830109</cusip>
    <value>327</value>
    <shrsOrPrnAmt>
      <sshPrnamt>920</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>895</Sole>
      <Shared>0</Shared>
      <None>25</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Medtronic PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G5960L103</cusip>
    <value>56433</value>
    <shrsOrPrnAmt>
      <sshPrnamt>545512</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>509894</Sole>
      <Shared>0</Shared>
      <None>35618</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Microsoft</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>139629</value>
    <shrsOrPrnAmt>
      <sshPrnamt>415168</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>391656</Sole>
      <Shared>0</Shared>
      <None>23512</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NIKE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>654106103</cusip>
    <value>73845</value>
    <shrsOrPrnAmt>
      <sshPrnamt>443063</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>413056</Sole>
      <Shared>0</Shared>
      <None>30007</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>National Grid PLC New</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>636274409</cusip>
    <value>252</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3482</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3423</Sole>
      <Shared>0</Shared>
      <None>59</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Novo Nordisk ADR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670100205</cusip>
    <value>89427</value>
    <shrsOrPrnAmt>
      <sshPrnamt>798454</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>750227</Sole>
      <Shared>0</Shared>
      <None>48227</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Oracle</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68389X105</cusip>
    <value>133466</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1530399</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1436257</Sole>
      <Shared>0</Shared>
      <None>94142</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Paychex</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>704326107</cusip>
    <value>704</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5154</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4994</Sole>
      <Shared>0</Shared>
      <None>160</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pepsico</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>713448108</cusip>
    <value>43388</value>
    <shrsOrPrnAmt>
      <sshPrnamt>249771</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>234782</Sole>
      <Shared>0</Shared>
      <None>14989</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pfizer</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>348</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5888</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5888</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Polaris Industries</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>731068102</cusip>
    <value>302</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2749</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2749</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Procter &amp; Gamble</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>742718109</cusip>
    <value>58099</value>
    <shrsOrPrnAmt>
      <sshPrnamt>355170</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>336306</Sole>
      <Shared>0</Shared>
      <None>18864</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Raytheon Technologies</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75513E101</cusip>
    <value>109060</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1267259</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1197653</Sole>
      <Shared>0</Shared>
      <None>69606</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Reckitt Benckiser Group PLC AD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>756255204</cusip>
    <value>48199</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2754238</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2570244</Sole>
      <Shared>0</Shared>
      <None>183994</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Roche Holding AG</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>771195104</cusip>
    <value>56198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1087219</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1020153</Sole>
      <Shared>0</Shared>
      <None>67066</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAP AG Spons ADR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>803054204</cusip>
    <value>650</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4641</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4641</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Starbucks</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855244109</cusip>
    <value>58491</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500051</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>472744</Sole>
      <Shared>0</Shared>
      <None>27307</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Unilever PLC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>904767704</cusip>
    <value>83502</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1552379</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1464923</Sole>
      <Shared>0</Shared>
      <None>87456</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Visa Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92826C839</cusip>
    <value>53082</value>
    <shrsOrPrnAmt>
      <sshPrnamt>244947</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>230223</Sole>
      <Shared>0</Shared>
      <None>14724</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Walmart Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>931142103</cusip>
    <value>35633</value>
    <shrsOrPrnAmt>
      <sshPrnamt>246273</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>231043</Sole>
      <Shared>0</Shared>
      <None>15230</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Magellan Midstream Partners LP</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>559080106</cusip>
    <value>209</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Monmouth Real Estate Investmen</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>609720107</cusip>
    <value>535</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25444</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24969</Sole>
      <Shared>0</Shared>
      <None>475</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>iShares Edge MSCI USA Quality</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>46432F339</cusip>
    <value>4260</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29268</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28687</Sole>
      <Shared>0</Shared>
      <None>581</None>
    </votingAuthority>
  </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>