Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PGR	Progressive Corp.-Ohio	632,908	$16.05M	14.5%	$25.36 *	$17.04	+6.7%	COM	743315103
SYK	Stryker Corp.	79,600	$6.712M	6.1%	$84.32 *	$56.92	+29.5%	COM	863667101
—	E. I. duPont de Nemours & Co.	75,670	$4.952M	4.5%	$65.44	$52.50	—	COM	263534109
JNJ	Johnson & Johnson	44,938	$4.701M	4.3%	$104.61 *	$59.66	+27.4%	COM	478160104
—	General Electric Co.	178,178	$4.682M	4.2%	$26.28	$23.19	—	COM	369604103
EMR	Emerson Electric Co.	54,000	$3.583M	3.2%	$66.35 *	$40.02	+21.5%	COM	291011104
—	Unilever PLC	78,440	$3.554M	3.2%	$45.31	$40.44	—	COM	904767704
BMY	Bristol Myers Co.	68,020	$3.3M	3.0%	$48.52 *	$28.67	+15.1%	COM	110122108
MRK	Merck & Co., Inc.	53,100	$3.072M	2.8%	$57.85 *	$30.02	+28.7%	COM	58933Y105
INTC	Intel Corp.	95,760	$2.959M	2.7%	$30.90 *	$17.18	+36.2%	COM	458140100
KLAC	KLA Tencor Corp.	37,650	$2.735M	2.5%	$72.64 *	$33.95	+37.4%	COM	482480100
IBM	IBM	14,964	$2.713M	2.5%	$181.30 *	$118.33	-8.4%	COM	459200101
MSFT	Microsoft Corp.	63,500	$2.648M	2.4%	$41.70 *	$26.78	+31.1%	COM	594918104
PFE	Pfizer, Inc.	84,608	$2.511M	2.3%	$29.68 *	$16.46	+5.7%	COM	717081103
XOM	Exxon Mobil	23,898	$2.406M	2.2%	$100.68 *	$53.69	+15.4%	COM	30231G102
NUE	Nucor Corp.	45,850	$2.258M	2.0%	$49.25 *	$32.41	+15.2%	COM	670346105
CSCO	Cisco Systems	89,600	$2.226M	2.0%	$24.84 *	$15.24	+13.9%	COM	17275R102
—	Hewlett Packard	65,400	$2.203M	2.0%	$33.69	$24.80	—	COM	428236103
VZ	Verizon Communications	42,639	$2.086M	1.9%	$48.92 *	$26.70	+1.5%	COM	92343V104
ABBV	AbbVie Inc.	36,600	$2.065M	1.9%	$56.42 *	$26.55	+33.8%	COM	00287Y109
—	Plum Creek Timber	42,700	$1.926M	1.7%	$45.11	$46.66	—	COM	729251108
UPS	United Parcel Service, Inc.	17,550	$1.802M	1.6%	$102.68 *	$55.38	+23.3%	COM	911312106
—	EMC Corp.	64,800	$1.707M	1.5%	$26.34	$23.78	—	COM	268648102
MRSH	Marsh & McLennan Companies Inc	30,800	$1.596M	1.4%	$51.82 *	$31.19	+35.9%	COM	571748102
KO	Coca Cola Co.	36,800	$1.559M	1.4%	$42.36 *	$27.85	+6.0%	COM	191216100
ABT	Abbott Laboratories	36,600	$1.496M	1.4%	$40.87 *	$28.85	+13.8%	COM	002824100
TMO	Thermo Fisher Scientific	12,500	$1.475M	1.3%	$118.00 *	$79.76	+42.8%	COM	883556102
MAS	Masco Corp.	64,800	$1.439M	1.3%	$22.21 *	$14.92	+10.5%	COM	574599106
TAP	Molson Coors Brewery	19,400	$1.438M	1.3%	$74.12 *	$37.25	+50.8%	COM	60871R209
—	Vodafone Group ADR	42,488	$1.418M	1.3%	$33.37	$28.74	—	COM	92857T107
ING	ING Groep NV	98,000	$1.374M	1.2%	$14.02	$8.55	+64.0%	COM	456837103
AAPL	Apple Computer	14,735	$1.369M	1.2%	$92.91 *	$17.87	+14.2%	COM	037833100
—	Symantec Corp.	57,500	$1.317M	1.2%	$22.90	$21.82	—	COM	871503108
PHG	Koninklijke Philips NV	40,920	$1.3M	1.2%	$31.77	$28.45	+11.6%	COM	500472303
—	Staples Inc.	118,500	$1.284M	1.2%	$10.84	$13.76	—	COM	855030102
A	Agilent Technologies	21,400	$1.229M	1.1%	$57.43 *	$27.97	+33.8%	COM	00846U101
WLY	John Wiley & Sons Inc. A	20,000	$1.212M	1.1%	$60.60 *	$27.09	+60.0%	COM	968223206
PG	Procter & Gamble Company	15,000	$1.178M	1.1%	$78.53 *	$55.00	+3.5%	COM	742718109
—	GlaxoSmithKline	21,700	$1.161M	1.1%	$53.50	$49.96	—	COM	37733W105
NTRS	Northern Trust Corporation	14,700	$944K	0.9%	$64.22 *	$40.35	+17.8%	COM	665859104
CAJPY	Canon Inc.	27,600	$904K	0.8%	$32.75	$32.17	+1.8%	COM	138006309
AMAT	Applied Materials Inc.	40,000	$902K	0.8%	$22.55 *	$12.22	+59.5%	COM	038222105
GLW	Corning Inc.	40,600	$891K	0.8%	$21.95 *	$15.67	+3.8%	COM	219350105
—	Deutsche Bank Capital Funding	27,500	$702K	0.6%	$25.53	$25.04	—	PFD	25153Y206
—	Embraer-Empresa Brasileira	12,000	$437K	0.4%	$36.42	$36.92	—	COM	29081M102
BP	BP Amoco PLC	5,760	$303K	0.3%	$52.60	$42.56	+24.0%	COM	055622104
PCRIX	Pimco Commodity Real Return -	50,000	$302K	0.3%	$6.04	$5.53	—	-	722005667
—	ING Groep NV 6.2% SER	8,850	$225K	0.2%	$25.42	$23.50	—	PFD	456837400
—	American Superconductor	10,500	$17,000	0.0%	$1.62	$1.62	—	COM	030111108