Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PGR	Progressive Corp.-Ohio	632,908	$17.26M	15.2%	$27.27 *	$17.04	+7.9%	COM	743315103
SYK	Stryker Corp.	85,100	$6.394M	5.6%	$75.14 *	$56.92	+14.6%	COM	863667101
—	General Electric Co.	193,889	$5.435M	4.8%	$28.03	$23.19	—	COM	369604103
—	E. I. duPont de Nemours & Co.	81,070	$5.267M	4.7%	$64.97	$52.50	—	COM	263534109
JNJ	Johnson & Johnson	49,238	$4.51M	4.0%	$91.60 *	$59.66	+10.0%	COM	478160104
EMR	Emerson Electric Co.	58,000	$4.07M	3.6%	$70.17 *	$40.02	+26.9%	COM	291011104
BMY	Bristol Myers Co.	73,020	$3.881M	3.4%	$53.15 *	$28.67	+25.2%	COM	110122108
—	Unilever PLC	84,780	$3.493M	3.1%	$41.20	$40.44	—	COM	904767704
IBM	IBM	16,364	$3.07M	2.7%	$187.61 *	$118.33	-6.3%	COM	459200101
MRK	Merck & Co., Inc.	58,100	$2.908M	2.6%	$50.05 *	$30.02	+9.7%	COM	58933Y105
PFE	Pfizer, Inc.	91,608	$2.806M	2.5%	$30.63 *	$16.46	+7.2%	COM	717081103
INTC	Intel Corp.	107,760	$2.797M	2.5%	$25.96 *	$17.18	+12.4%	COM	458140100
XOM	Exxon Mobil	26,722	$2.704M	2.4%	$101.19 *	$53.69	+14.4%	COM	30231G102
MSFT	Microsoft Corp.	70,400	$2.634M	2.3%	$37.41 *	$26.78	+15.9%	COM	594918104
KLAC	KLA Tencor Corp.	40,700	$2.624M	2.3%	$64.47 *	$33.95	+20.2%	COM	482480100
NUE	Nucor Corp.	48,850	$2.608M	2.3%	$53.39 *	$32.41	+23.1%	COM	670346105
—	Plum Creek Timber	47,700	$2.219M	2.0%	$46.52	$46.66	—	COM	729251108
ABBV	AbbVie Inc.	41,600	$2.197M	1.9%	$52.81 *	$26.55	+23.1%	COM	00287Y109
CSCO	Cisco Systems	97,600	$2.189M	1.9%	$22.43 *	$15.24	+1.2%	COM	17275R102
—	Hewlett Packard	70,600	$1.975M	1.7%	$27.97	$24.80	—	COM	428236103
UPS	United Parcel Service, Inc.	18,550	$1.949M	1.7%	$105.07 *	$55.38	+24.5%	COM	911312106
—	Vodafone Group ADR	49,400	$1.942M	1.7%	$39.31	$28.74	—	COM	92857T107
KO	Coca Cola Co.	42,600	$1.76M	1.6%	$41.31 *	$27.85	+1.8%	COM	191216100
—	EMC Corp.	69,800	$1.756M	1.6%	$25.16	$23.78	—	COM	268648102
PHG	Koninklijke Philips NV	45,691	$1.689M	1.5%	$36.97	$28.45	+29.9%	COM	500472303
MRSH	Marsh & McLennan Companies Inc	34,800	$1.683M	1.5%	$48.36 *	$31.19	+25.5%	COM	571748102
VZ	Verizon Communications	33,080	$1.626M	1.4%	$49.15 *	$27.04	-1.6%	COM	92343V104
ABT	Abbott Laboratories	41,600	$1.594M	1.4%	$38.32 *	$28.85	+5.4%	COM	002824100
MAS	Masco Corp.	64,800	$1.475M	1.3%	$22.76 *	$14.92	+12.1%	COM	574599106
PG	Procter & Gamble Company	17,500	$1.425M	1.3%	$81.43 *	$55.00	+5.5%	COM	742718109
TMO	Thermo Fisher Scientific	12,500	$1.392M	1.2%	$111.36 *	$79.76	+34.4%	COM	883556102
ING	ING Groep NV	98,000	$1.373M	1.2%	$14.01	$8.55	+63.8%	COM	456837103
—	GlaxoSmithKline	23,700	$1.265M	1.1%	$53.38	$49.96	—	COM	37733W105
TAP	Molson Coors Brewery	21,900	$1.229M	1.1%	$56.12 *	$37.25	+12.8%	COM	60871R209
A	Agilent Technologies	21,400	$1.224M	1.1%	$57.20 *	$27.97	+32.6%	COM	00846U101
AAPL	Apple Computer	2,105	$1.181M	1.0%	$561.05 *	$13.18	+32.0%	COM	037833100
WLY	John Wiley & Sons Inc. A	20,000	$1.104M	1.0%	$55.20 *	$27.09	+44.4%	COM	968223206
—	Staples Inc.	64,000	$1.017M	0.9%	$15.89	$15.88	—	COM	855030102
—	Symantec Corp.	42,500	$1.002M	0.9%	$23.58	$22.47	—	COM	871503108
NTRS	Northern Trust Corporation	14,700	$910K	0.8%	$61.90 *	$40.35	+12.4%	COM	665859104
AMAT	Applied Materials Inc.	40,000	$707K	0.6%	$17.68 *	$12.22	+23.8%	COM	038222105
—	Deutsche Bank Capital Funding	28,000	$696K	0.6%	$24.86	$25.04	—	PFD	25153Y206
—	Royal Dutch Shell	5,500	$392K	0.3%	$71.27	$63.77	—	COM	780259206
—	Embraer-Empresa Brasileira	12,000	$386K	0.3%	$32.17	$36.92	—	COM	29081M102
CVX	Chevron Corp.	3,050	$381K	0.3%	$124.92 *	$71.30	+5.5%	COM	166764100
BP	BP Amoco PLC	5,760	$280K	0.2%	$48.61	$42.56	+14.2%	COM	055622104
PCRIX	Pimco Commodity Real Return -	50,000	$274K	0.2%	$5.48	$5.53	—	-	722005667
BK	Bank of New York Mellon Corp.	6,037	$211K	0.2%	$34.95 *	$24.30	+7.4%	COM	064058100
—	ING Groep NV 6.2% SER	8,850	$208K	0.2%	$23.50	$23.50	—	PFD	456837400
—	American Superconductor	10,500	$17,000	0.0%	$1.62	$1.62	—	COM	030111108