Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WMT	Wal-Mart Stores Inc	3,412,903	$261M	29.7%	$19.98	-0.4%	Common	931142103
XOM	Exxon	591,361	$57.76M	6.6%	$53.81	+7.9%	Common	30231G102
KO	Coca-Cola	1,406,829	$54.39M	6.2%	$27.59	-3.7%	Common	191216100
UPS	United Parcel Service	554,327	$53.98M	6.1%	$55.42	+15.8%	Common	911312106
BMY	Bristol Myers	963,193	$50.04M	5.7%	$33.46	+7.4%	Common	110122108
PG	Procter & Gamble	602,448	$48.56M	5.5%	$55.10	+2.6%	Common	742718109
JNJ	Johnson & Johnson	266,388	$26.17M	3.0%	$60.59	+10.0%	Common	478160104
MSFT	Microsoft	355,517	$14.57M	1.7%	$27.03	+15.6%	Common	594918104
—	3M Company	104,806	$14.22M	1.6%	$124.83	—	Common	604059105
ABT	Abbott	287,486	$11.07M	1.3%	$29.35	+4.7%	Common	002824100
SLB	Schlumberger	112,102	$10.93M	1.2%	$56.20	+16.5%	Common	806857108
—	Merck	183,973	$10.44M	1.2%	$46.75	—	Common	589331107
—	B B & T Corp	250,933	$10.08M	1.1%	$37.42	—	Common	054937107
DIS	Disney Walt Co	122,852	$9.837M	1.1%	$61.64	+13.1%	Common	254687106
PFE	Pfizer	297,848	$9.567M	1.1%	$16.92	+7.6%	Common	717081103
COP	ConocoPhillips	128,995	$9.075M	1.0%	$40.36	+12.5%	Common	20825C104
CL	Colgate Palmolive	138,450	$8.981M	1.0%	$44.67	+7.2%	Common	194162103
VZ	Verizon Communications	178,613	$8.497M	1.0%	$26.92	-3.9%	Common	92343V104
CMCSA	Comcast Corp	164,986	$8.256M	0.9%	$16.78	+19.0%	Common	20030N101
PEP	PepsiCo	95,830	$8.002M	0.9%	$56.27	+1.1%	Common	713448108
JPM	J P Morgan Chase	125,936	$7.646M	0.9%	$37.06	+13.6%	Common	46625H100
USB	US Bancorp	169,757	$7.276M	0.8%	$22.61	+20.9%	Common	902973304
VFC	V F Corp	117,576	$7.276M	0.8%	$56.33	0.0%	Common	918204108
—	Medtronic	117,338	$7.221M	0.8%	$51.68	—	Common	585055106
—	A T & T Corp	188,830	$6.622M	0.8%	$35.16	—	Common	001957505
BAX	Baxter Intl	87,321	$6.425M	0.7%	$29.27	+3.7%	Common	071813109
LOW	Lowes	127,892	$6.254M	0.7%	$32.16	+21.3%	Common	548661107
TXN	Texas Instruments	129,650	$6.114M	0.7%	$26.27	+21.6%	Common	882508104
ORCL	Oracle Systems	145,100	$5.936M	0.7%	$28.08	+13.9%	Common	68389X105
—	SunTrust Banks	148,935	$5.926M	0.7%	$31.57	—	Common	867914103
—	Monsanto	51,978	$5.914M	0.7%	$100.64	—	Common	611662107
WMB	Williams Companies	131,900	$5.353M	0.6%	$18.03	+16.0%	Common	969457100
CAT	Caterpillar	51,956	$5.163M	0.6%	$61.56	+13.2%	Common	149123101
—	Maxim Integrated Products	155,429	$5.148M	0.6%	$29.47	—	Common	57772K101
HAS	Hasbro Inc	91,845	$5.108M	0.6%	$33.44	+8.3%	Common	418056107
NUE	Nucor	99,674	$5.038M	0.6%	$32.86	+14.1%	Common	670346105
—	Eaton Corp	65,406	$4.913M	0.6%	$68.74	—	Common	278058102
—	United Tech	39,550	$4.621M	0.5%	$94.70	—	Common	913017109
NSC	Norfolk Southern	45,330	$4.405M	0.5%	$60.27	+18.5%	Common	655844108
—	UBS AG	179,542	$3.72M	0.4%	$17.70	—	Common	H8920M855
UNP	Union Pacific	17,900	$3.359M	0.4%	$59.02	+15.7%	Common	907818108
ZBH	Zimmer Holdings	32,700	$3.093M	0.4%	$68.57	+21.9%	Common	98956P102
BA	Boeing	24,060	$3.019M	0.3%	$110.96	+0.6%	Common	097023105
INTU	Intuit	38,700	$3.008M	0.3%	$54.39	+27.3%	Common	461202103
BP	BP PLC	62,313	$2.997M	0.3%	$48.55	—	Common	055622104
HD	Home Depot	36,002	$2.849M	0.3%	$56.81	+6.0%	Common	437076102
TGT	Target Corp	45,534	$2.755M	0.3%	$47.88	-13.0%	Common	87612E106
CVS	CVS Corp	35,675	$2.671M	0.3%	$41.54	+23.0%	Common	126650100
SYY	Sysco	73,700	$2.663M	0.3%	$24.40	+7.0%	Common	871829107
DEO	Diageo PLC	20,426	$2.545M	0.3%	$130.25	—	Common	25243Q205
SBUX	Starbucks	33,646	$2.469M	0.3%	$25.73	+13.8%	Common	855244109
—	Praxair Inc	17,560	$2.3M	0.3%	$117.49	—	Common	74005P104
—	Berkshire Hathaway Cl B	17,550	$2.193M	0.2%	$119.16	—	Common	084670207
BF/B	Brown Forman Class B	23,512	$2.109M	0.2%	$26.75	0.0%	Common	115637209
AMGN	Amgen	17,010	$2.098M	0.2%	$83.04	+4.6%	Common	031162100
—	GlaxoSmithkline	38,171	$2.039M	0.2%	$52.17	—	Common	37733W105
LLY	Lilly	33,900	$1.995M	0.2%	$42.47	+4.9%	Common	532457108
MO	Altria Group	50,780	$1.901M	0.2%	$16.33	+4.9%	Common	02209S103
—	Fluor	24,000	$1.866M	0.2%	$59.32	—	Common	343861100
FITB	Fifth Third Bancorp	80,840	$1.856M	0.2%	$11.81	+23.7%	Common	316773100
EBAY	eBay	33,450	$1.848M	0.2%	$20.17	+2.5%	Common	278642103
CSX	CSX Corp	58,059	$1.682M	0.2%	$7.00	+9.5%	Common	126408103
DVN	Devon Energy	24,560	$1.644M	0.2%	$38.38	+8.6%	Common	25179M103
OXY	Occidental Petroleum	17,000	$1.62M	0.2%	$62.47	0.0%	Common	674599105
—	Walgreen	24,433	$1.613M	0.2%	$53.46	—	Common	931422109
—	DuPont	23,539	$1.579M	0.2%	$55.82	—	Common	263534109
—	Cigna	17,700	$1.482M	0.2%	$72.50	—	Common	125509109
ADBE	Adobe	20,600	$1.354M	0.2%	$55.25	+16.1%	Common	00724F101
ADSK	Autodesk	26,200	$1.289M	0.1%	$43.82	+18.2%	Common	052769106
BAC	Bank Of America	73,980	$1.272M	0.1%	$11.85	+11.8%	Common	060505104
ADI	Analog Devices	22,100	$1.174M	0.1%	$37.85	+3.7%	Common	032654105
—	Xilinx	20,800	$1.129M	0.1%	$40.74	—	Common	983919101
—	Johnson Controls	23,385	$1.107M	0.1%	$35.80	—	Common	478366107
MRSH	Marsh & McLennan	20,000	$986K	0.1%	$31.19	+24.4%	Common	571748102
FISV	Fiserv	16,780	$951K	0.1%	$26.98	+6.0%	Common	337738108
—	Dow Chemical	19,561	$950K	0.1%	$33.96	—	Common	260543103
SYK	Stryker	11,200	$912K	0.1%	$56.92	+21.3%	Common	863667101
—	St Jude Medical Inc	13,700	$896K	0.1%	$47.83	—	Common	790849103
ALL	Allstate	15,726	$890K	0.1%	$41.10	+1.1%	Common	020002101
—	Morgan Stanley Group	24,380	$760K	0.1%	$31.17	—	Common	59935P100
HAL	Halliburton	12,600	$742K	0.1%	$41.55	+3.0%	Common	406216101
BSX	Boston Scientific	41,965	$567K	0.1%	$8.48	+54.7%	Common	101137107
—	Premiere Global Services	30,900	$373K	0.0%	$12.07	—	Common	740585104
—	Ford Motor	23,200	$362K	0.0%	$15.48	—	Common	345370100
—	Alcoa	27,700	$356K	0.0%	$10.86	—	Common	013817101
—	Krispy Kreme	20,000	$355K	0.0%	$19.30	—	Common	501014104
—	Aegon NV-Ord	17,784	$164K	0.0%	$9.22	—	Common	007924103
SYPR	Sypris Solution	18,000	$50,000	0.0%	$2.97	0.0%	Common	871655106