Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PGR	Progressive Corp.-Ohio	632,908	$16M	14.4%	$25.28 *	$17.04	+6.4%	COM	743315103
SYK	Stryker Corp.	79,600	$6.427M	5.8%	$80.74 *	$56.92	+24.5%	COM	863667101
—	E. I. duPont de Nemours & Co.	75,670	$5.43M	4.9%	$71.76	$52.50	—	COM	263534109
JNJ	Johnson & Johnson	44,738	$4.769M	4.3%	$106.60 *	$59.66	+30.7%	COM	478160104
—	General Electric Co.	178,178	$4.565M	4.1%	$25.62	$23.19	—	COM	369604103
BMY	Bristol Myers Co.	68,020	$3.481M	3.1%	$51.18 *	$28.67	+22.3%	COM	110122108
EMR	Emerson Electric Co.	53,500	$3.348M	3.0%	$62.58 *	$40.02	+15.4%	COM	291011104
INTC	Intel Corp.	95,760	$3.335M	3.0%	$34.83 *	$17.18	+54.5%	COM	458140100
—	Unilever PLC	78,440	$3.287M	3.0%	$41.90	$40.44	—	COM	904767704
MRK	Merck & Co., Inc.	52,600	$3.118M	2.8%	$59.28 *	$30.02	+32.9%	COM	58933Y105
KLAC	KLA Tencor Corp.	37,650	$2.966M	2.7%	$78.78 *	$33.95	+50.1%	COM	482480100
MSFT	Microsoft Corp.	63,500	$2.944M	2.6%	$46.36 *	$26.78	+46.6%	COM	594918104
IBM	IBM	14,964	$2.841M	2.6%	$189.86 *	$118.33	-3.5%	COM	459200101
PFE	Pfizer, Inc.	84,608	$2.502M	2.2%	$29.57 *	$16.46	+6.3%	COM	717081103
NUE	Nucor Corp.	45,850	$2.489M	2.2%	$54.29 *	$32.41	+27.9%	COM	670346105
—	Hewlett Packard	65,400	$2.32M	2.1%	$35.47	$24.80	—	COM	428236103
CSCO	Cisco Systems	89,600	$2.255M	2.0%	$25.17 *	$15.24	+17.1%	COM	17275R102
XOM	Exxon Mobil	23,898	$2.248M	2.0%	$94.07 *	$53.69	+8.5%	COM	30231G102
VZ	Verizon Communications	42,639	$2.132M	1.9%	$50.00 *	$26.70	+4.8%	COM	92343V104
ABBV	AbbVie Inc.	36,600	$2.114M	1.9%	$57.76 *	$26.55	+37.9%	COM	00287Y109
—	EMC Corp.	64,800	$1.896M	1.7%	$29.26	$23.78	—	COM	268648102
UPS	United Parcel Service, Inc.	17,550	$1.725M	1.6%	$98.29 *	$55.38	+18.9%	COM	911312106
—	Plum Creek Timber	42,700	$1.666M	1.5%	$39.02	$46.66	—	COM	729251108
MRSH	Marsh & McLennan Companies Inc	30,800	$1.612M	1.4%	$52.34 *	$31.19	+38.0%	COM	571748102
KO	Coca Cola Co.	36,800	$1.57M	1.4%	$42.66 *	$27.85	+7.5%	COM	191216100
MAS	Masco Corp.	64,800	$1.55M	1.4%	$23.92 *	$14.92	+19.0%	COM	574599106
ABT	Abbott Laboratories	36,600	$1.522M	1.4%	$41.58 *	$28.85	+16.3%	COM	002824100
TMO	Thermo Fisher Scientific	12,500	$1.521M	1.4%	$121.68 *	$79.76	+47.4%	COM	883556102
AAPL	Apple Computer	14,735	$1.485M	1.3%	$100.78 *	$17.87	+24.4%	COM	037833100
TAP	Molson Coors Brewery	19,400	$1.444M	1.3%	$74.43 *	$37.25	+52.1%	COM	60871R209
—	Staples Inc.	118,500	$1.434M	1.3%	$12.10	$13.76	—	COM	855030102
—	Vodafone Group ADR	42,488	$1.398M	1.3%	$32.90	$28.74	—	COM	92857T107
ING	ING Groep NV	98,000	$1.391M	1.3%	$14.19	$8.55	+65.9%	COM	456837103
—	Symantec Corp.	57,500	$1.352M	1.2%	$23.51	$21.82	—	COM	871503108
PHG	Koninklijke Philips NV	40,920	$1.298M	1.2%	$31.72	$28.45	+11.5%	COM	500472303
PG	Procter & Gamble Company	15,000	$1.256M	1.1%	$83.73 *	$55.00	+11.1%	COM	742718109
A	Agilent Technologies	21,400	$1.219M	1.1%	$56.96 *	$27.97	+33.1%	COM	00846U101
WLY	John Wiley & Sons Inc. A	20,000	$1.122M	1.0%	$56.10 *	$27.09	+48.9%	COM	968223206
NTRS	Northern Trust Corporation	14,700	$1M	0.9%	$68.03 *	$40.35	+25.4%	COM	665859104
—	GlaxoSmithKline	21,700	$998K	0.9%	$45.99	$49.96	—	COM	37733W105
CAJPY	Canon Inc.	27,600	$899K	0.8%	$32.57	$32.17	+1.3%	COM	138006309
AMAT	Applied Materials Inc.	40,000	$864K	0.8%	$21.60 *	$12.22	+53.6%	COM	038222105
GLW	Corning Inc.	40,600	$785K	0.7%	$19.33 *	$15.67	-8.1%	COM	219350105
—	Deutsche Bank Capital Funding	27,500	$698K	0.6%	$25.38	$25.04	—	PFD	25153Y206
—	Embraer-Empresa Brasileira	12,000	$471K	0.4%	$39.25	$36.92	—	COM	29081M102
BP	BP Amoco PLC	5,760	$253K	0.2%	$43.92	$42.56	+3.3%	COM	055622104
—	ING Groep NV 6.2% SER	8,850	$222K	0.2%	$25.08	$23.50	—	PFD	456837400
—	American Superconductor	10,500	$15,000	0.0%	$1.43	$1.62	—	COM	030111108