Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PGR	Progressive Corp.-Ohio	632,908	$17.08M	14.8%	$26.99 *	$17.04	+13.6%	COM	743315103
SYK	Stryker Corp.	78,600	$7.414M	6.4%	$94.33 *	$56.92	+46.0%	COM	863667101
—	E. I. duPont de Nemours & Co.	74,670	$5.521M	4.8%	$73.94	$52.50	—	COM	263534109
JNJ	Johnson & Johnson	44,438	$4.647M	4.0%	$104.57 *	$59.66	+29.1%	COM	478160104
—	General Electric Co.	175,178	$4.426M	3.8%	$25.27	$23.19	—	COM	369604103
BMY	Bristol Myers Co.	67,020	$3.956M	3.4%	$59.03 *	$28.67	+42.9%	COM	110122108
INTC	Intel Corp.	95,760	$3.475M	3.0%	$36.29 *	$17.18	+62.1%	COM	458140100
EMR	Emerson Electric Co.	53,500	$3.302M	2.9%	$61.72 *	$40.02	+14.7%	COM	291011104
—	Unilever PLC	78,440	$3.175M	2.7%	$40.48	$40.44	—	COM	904767704
MRK	Merck & Co., Inc.	52,600	$2.987M	2.6%	$56.79 *	$30.02	+28.2%	COM	58933Y105
MSFT	Microsoft Corp.	63,500	$2.95M	2.6%	$46.46 *	$26.78	+47.8%	COM	594918104
KLAC	KLA Tencor Corp.	37,650	$2.648M	2.3%	$70.33 *	$33.95	+67.6%	COM	482480100
—	Hewlett Packard	65,400	$2.625M	2.3%	$40.14	$24.80	—	COM	428236103
PFE	Pfizer, Inc.	83,608	$2.604M	2.3%	$31.15 *	$16.46	+12.9%	COM	717081103
CSCO	Cisco Systems	89,600	$2.493M	2.2%	$27.82 *	$15.24	+29.5%	COM	17275R102
IBM	IBM	15,434	$2.477M	2.1%	$160.49 *	$117.78	-17.5%	COM	459200101
ABBV	AbbVie Inc.	36,600	$2.395M	2.1%	$65.44 *	$26.55	+57.5%	COM	00287Y109
NUE	Nucor Corp.	45,850	$2.249M	1.9%	$49.05 *	$32.41	+16.4%	COM	670346105
XOM	Exxon Mobil	23,853	$2.206M	1.9%	$92.48 *	$53.69	+7.4%	COM	30231G102
—	Staples Inc.	118,500	$2.147M	1.9%	$18.12	$13.76	—	COM	855030102
VZ	Verizon Communications	42,639	$1.994M	1.7%	$46.76 *	$26.70	-0.8%	COM	92343V104
UPS	United Parcel Service, Inc.	17,550	$1.951M	1.7%	$111.17 *	$55.38	+35.3%	COM	911312106
—	EMC Corp.	64,800	$1.928M	1.7%	$29.75	$23.78	—	COM	268648102
—	Plum Creek Timber	42,700	$1.827M	1.6%	$42.79	$46.66	—	COM	729251108
MRSH	Marsh & McLennan Companies Inc	30,800	$1.763M	1.5%	$57.24 *	$31.19	+51.7%	COM	571748102
ABT	Abbott Laboratories	36,600	$1.648M	1.4%	$45.03 *	$28.85	+26.6%	COM	002824100
MAS	Masco Corp.	64,800	$1.633M	1.4%	$25.20 *	$14.92	+25.9%	COM	574599106
AAPL	Apple Computer	14,735	$1.626M	1.4%	$110.35 *	$17.87	+36.9%	COM	037833100
TMO	Thermo Fisher Scientific	12,500	$1.566M	1.4%	$125.28 *	$79.76	+51.9%	COM	883556102
KO	Coca Cola Co.	36,800	$1.554M	1.3%	$42.23 *	$27.85	+7.1%	COM	191216100
—	Symantec Corp.	57,500	$1.475M	1.3%	$25.65	$21.82	—	COM	871503108
TAP	Molson Coors Brewery	19,400	$1.446M	1.3%	$74.54 *	$37.25	+53.1%	COM	60871R209
—	Vodafone Group ADR	42,270	$1.444M	1.2%	$34.16	$28.74	—	COM	92857T107
PHG	Koninklijke Philips NV	48,920	$1.419M	1.2%	$29.01	$28.50	+1.7%	COM	500472303
PG	Procter & Gamble Company	15,000	$1.366M	1.2%	$91.07 *	$55.00	+21.8%	COM	742718109
ING	ING Groep NV	98,000	$1.271M	1.1%	$12.97	$8.55	+51.7%	COM	456837103
WLY	John Wiley & Sons Inc. A	20,000	$1.185M	1.0%	$59.25 *	$27.09	+58.0%	COM	968223206
AMAT	Applied Materials Inc.	40,000	$997K	0.9%	$24.93 *	$12.22	+77.9%	COM	038222105
NTRS	Northern Trust Corporation	14,700	$991K	0.9%	$67.41 *	$40.35	+24.9%	COM	665859104
GLW	Corning Inc.	40,600	$931K	0.8%	$22.93 *	$15.67	+9.5%	COM	219350105
—	GlaxoSmithKline	21,700	$927K	0.8%	$42.72	$49.96	—	COM	37733W105
A	Agilent Technologies	21,400	$876K	0.8%	$40.93 *	$27.97	+33.7%	COM	00846U101
CAJPY	Canon Inc.	27,600	$874K	0.8%	$31.67	$32.17	-1.6%	COM	138006309
—	Deutsche Bank Capital Funding	27,500	$703K	0.6%	$25.56	$25.04	—	PFD	25153Y206
—	Embraer-Empresa Brasileira	12,000	$442K	0.4%	$36.83	$36.92	—	COM	29081M102
KEYS	Keysight Technologies Inc.	10,700	$361K	0.3%	$33.74	$32.07	+5.3%	COM	49338L103
—	ING Groep NV 6.2% SER	8,850	$223K	0.2%	$25.20	$23.50	—	PFD	456837400
BP	BP Amoco PLC	5,760	$219K	0.2%	$38.02	$42.56	-10.4%	COM	055622104
—	Berkshire Hathaway Inc. Class	1,350	$203K	0.2%	$150.37	$150.37	—	COM	084670207
—	American Superconductor	10,500	$8,000	0.0%	$0.76	$1.62	—	COM	030111108