Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PGR	Progressive Corp.-Ohio	632,908	$15.33M	13.5%	$24.22 *	$17.04	+2.0%	COM	743315103
SYK	Stryker Corp.	84,800	$6.908M	6.1%	$81.46 *	$56.92	+24.7%	COM	863667101
—	E. I. duPont de Nemours & Co.	80,770	$5.42M	4.8%	$67.10	$52.50	—	COM	263534109
—	General Electric Co.	193,589	$5.012M	4.4%	$25.89	$23.19	—	COM	369604103
JNJ	Johnson & Johnson	49,238	$4.836M	4.3%	$98.22 *	$59.66	+18.8%	COM	478160104
EMR	Emerson Electric Co.	58,000	$3.874M	3.4%	$66.79 *	$40.02	+21.6%	COM	291011104
BMY	Bristol Myers Co.	73,020	$3.793M	3.3%	$51.94 *	$28.67	+22.4%	COM	110122108
—	Unilever PLC	85,100	$3.641M	3.2%	$42.78	$40.44	—	COM	904767704
MRK	Merck & Co., Inc.	58,100	$3.298M	2.9%	$56.76 *	$30.02	+25.4%	COM	58933Y105
IBM	IBM	16,364	$3.15M	2.8%	$192.50 *	$118.33	-3.3%	COM	459200101
PFE	Pfizer, Inc.	91,608	$2.943M	2.6%	$32.13 *	$16.46	+13.4%	COM	717081103
MSFT	Microsoft Corp.	70,400	$2.886M	2.5%	$40.99 *	$26.78	+27.9%	COM	594918104
KLAC	KLA Tencor Corp.	40,650	$2.811M	2.5%	$69.15 *	$33.95	+29.9%	COM	482480100
INTC	Intel Corp.	107,760	$2.782M	2.4%	$25.82 *	$17.18	+12.8%	COM	458140100
XOM	Exxon Mobil	26,722	$2.61M	2.3%	$97.67 *	$53.69	+11.2%	COM	30231G102
NUE	Nucor Corp.	48,850	$2.468M	2.2%	$50.52 *	$32.41	+17.4%	COM	670346105
—	Hewlett Packard	70,400	$2.278M	2.0%	$32.36	$24.80	—	COM	428236103
VZ	Verizon Communications	46,822	$2.228M	2.0%	$47.58 *	$26.70	-2.4%	COM	92343V104
CSCO	Cisco Systems	97,600	$2.188M	1.9%	$22.42 *	$15.24	+1.9%	COM	17275R102
ABBV	AbbVie Inc.	41,600	$2.139M	1.9%	$51.42 *	$26.55	+20.8%	COM	00287Y109
—	Plum Creek Timber	47,700	$2.005M	1.8%	$42.03	$46.66	—	COM	729251108
—	EMC Corp.	69,800	$1.913M	1.7%	$27.41	$23.78	—	COM	268648102
UPS	United Parcel Service, Inc.	18,550	$1.806M	1.6%	$97.36 *	$55.38	+16.2%	COM	911312106
MRSH	Marsh & McLennan Companies Inc	34,800	$1.716M	1.5%	$49.31 *	$31.19	+27.9%	COM	571748102
KO	Coca Cola Co.	42,800	$1.655M	1.5%	$38.67 *	$27.85	-4.0%	COM	191216100
—	Vodafone Group ADR	44,942	$1.654M	1.5%	$36.80	$28.74	—	COM	92857T107
PHG	Koninklijke Philips NV	45,891	$1.614M	1.4%	$35.17	$28.45	+23.6%	COM	500472303
ABT	Abbott Laboratories	41,600	$1.602M	1.4%	$38.51 *	$28.85	+6.5%	COM	002824100
TMO	Thermo Fisher Scientific	12,500	$1.503M	1.3%	$120.24 *	$79.76	+45.3%	COM	883556102
MAS	Masco Corp.	64,800	$1.439M	1.3%	$22.21 *	$14.92	+9.7%	COM	574599106
PG	Procter & Gamble Company	17,500	$1.41M	1.2%	$80.57 *	$55.00	+5.3%	COM	742718109
ING	ING Groep NV	98,000	$1.396M	1.2%	$14.24	$8.55	+66.6%	COM	456837103
—	Staples Inc.	120,000	$1.361M	1.2%	$11.34	$13.76	—	COM	855030102
TAP	Molson Coors Brewery	21,900	$1.289M	1.1%	$58.86 *	$37.25	+19.0%	COM	60871R209
—	GlaxoSmithKline	23,700	$1.266M	1.1%	$53.42	$49.96	—	COM	37733W105
A	Agilent Technologies	21,400	$1.197M	1.1%	$55.93 *	$27.97	+29.7%	COM	00846U101
WLY	John Wiley & Sons Inc. A	20,000	$1.153M	1.0%	$57.65 *	$27.09	+51.5%	COM	968223206
—	Symantec Corp.	57,500	$1.148M	1.0%	$19.97	$21.82	—	COM	871503108
AAPL	Apple Computer	2,105	$1.13M	1.0%	$536.82 *	$13.18	+27.1%	COM	037833100
NTRS	Northern Trust Corporation	14,700	$964K	0.8%	$65.58 *	$40.35	+19.7%	COM	665859104
AMAT	Applied Materials Inc.	40,000	$817K	0.7%	$20.43 *	$12.22	+43.7%	COM	038222105
—	Deutsche Bank Capital Funding	27,500	$705K	0.6%	$25.64	$25.04	—	PFD	25153Y206
—	Embraer-Empresa Brasileira	12,000	$426K	0.4%	$35.50	$36.92	—	COM	29081M102
—	Royal Dutch Shell	5,500	$402K	0.4%	$73.09	$63.77	—	COM	780259206
CVX	Chevron Corp.	3,050	$363K	0.3%	$119.02 *	$71.30	+1.3%	COM	166764100
PCRIX	Pimco Commodity Real Return -	50,000	$295K	0.3%	$5.90	$5.53	—	-	722005667
BP	BP Amoco PLC	5,760	$277K	0.2%	$48.09	$42.56	+13.0%	COM	055622104
—	ING Groep NV 6.2% SER	8,850	$220K	0.2%	$24.86	$23.50	—	PFD	456837400
BK	Bank of New York Mellon Corp.	6,037	$213K	0.2%	$35.28 *	$24.30	+9.0%	COM	064058100
PEP	PepsiCo Inc.	2,400	$200K	0.2%	$83.33 *	$56.86	+3.3%	COM	713448108
—	American Superconductor	10,500	$17,000	0.0%	$1.62	$1.62	—	COM	030111108