Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WMT	Wal-Mart Stores Inc	3,389,623	$259M	29.5%	$19.99	+1.6%	Common	931142103
XOM	Exxon	688,376	$64.74M	7.4%	$55.47	+10.9%	Common	30231G102
KO	Coca-Cola	1,393,807	$59.46M	6.8%	$28.00	+3.0%	Common	191216100
BMY	Bristol Myers	1,062,303	$54.37M	6.2%	$34.16	+0.2%	Common	110122108
PG	Procter & Gamble	632,608	$52.97M	6.0%	$56.01	+6.6%	Common	742718109
UPS	United Parcel Service	300,730	$29.56M	3.4%	$55.42	+19.7%	Common	911312106
JNJ	Johnson & Johnson	269,486	$28.72M	3.3%	$63.76	+18.5%	Common	478160104
ABT	Abbott	296,718	$12.34M	1.4%	$34.11	0.0%	Common	002824100
MSFT	Microsoft	253,063	$11.73M	1.3%	$27.03	+39.3%	Common	594918104
—	3M Company	77,413	$10.97M	1.2%	$132.26	—	Common	604059105
PFE	Pfizer	368,209	$10.89M	1.2%	$17.22	+1.3%	Common	717081103
—	Merck	179,633	$10.65M	1.2%	$49.04	—	Common	589331107
—	B B & T Corp	285,640	$10.63M	1.2%	$37.21	—	Common	054937107
CL	Colgate Palmolive	153,100	$9.985M	1.1%	$47.44	+6.8%	Common	194162103
CMCSA	Comcast Corp	175,456	$9.436M	1.1%	$19.53	+8.4%	Common	20030N101
VZ	Verizon Communications	185,095	$9.252M	1.1%	$27.25	+2.0%	Common	92343V104
DIS	Disney Walt Co	100,195	$8.92M	1.0%	$75.49	+5.1%	Common	254687106
PEP	PepsiCo	91,362	$8.504M	1.0%	$59.38	+9.3%	Common	713448108
VFC	V F Corp	120,325	$7.945M	0.9%	$59.82	0.0%	Common	918204108
JPM	J P Morgan Chase	128,378	$7.733M	0.9%	$39.69	+8.7%	Common	46625H100
COP	ConocoPhillips	95,895	$7.337M	0.8%	$40.98	+38.3%	Common	20825C104
WMB	Williams Companies	131,730	$7.291M	0.8%	$22.04	+37.1%	Common	969457100
BAX	Baxter Intl	101,495	$7.284M	0.8%	$33.43	0.0%	Common	071813109
USB	US Bancorp	173,594	$7.261M	0.8%	$24.14	+17.7%	Common	902973304
TXN	Texas Instruments	144,250	$6.879M	0.8%	$27.96	+25.7%	Common	882508104
—	Maxim Integrated Products	224,751	$6.796M	0.8%	$30.24	—	Common	57772K101
SLB	Schlumberger	66,290	$6.741M	0.8%	$56.20	+41.4%	Common	806857108
—	Medtronic	107,282	$6.646M	0.8%	$51.68	—	Common	585055106
—	A T & T Corp	178,049	$6.274M	0.7%	$35.24	—	Common	001957505
LOW	Lowes	111,151	$5.882M	0.7%	$35.16	+17.2%	Common	548661107
—	SunTrust Banks	150,235	$5.713M	0.7%	$32.34	—	Common	867914103
HAS	Hasbro Inc	100,050	$5.502M	0.6%	$35.64	+2.0%	Common	418056107
NUE	Nucor	100,579	$5.459M	0.6%	$34.96	+14.5%	Common	670346105
—	Monsanto	43,138	$4.853M	0.6%	$103.34	—	Common	611662107
CAT	Caterpillar	45,730	$4.528M	0.5%	$62.56	+26.7%	Common	149123101
ORCL	Oracle Systems	107,900	$4.13M	0.5%	$29.29	+16.8%	Common	68389X105
SBUX	Starbucks	50,876	$3.839M	0.4%	$28.19	+9.4%	Common	855244109
—	Eaton Corp	58,440	$3.703M	0.4%	$65.66	—	Common	278058102
AMGN	Amgen	26,110	$3.667M	0.4%	$94.52	0.0%	Common	031162100
INTU	Intuit	41,730	$3.657M	0.4%	$55.88	+35.5%	Common	461202103
—	United Tech	34,440	$3.636M	0.4%	$94.70	—	Common	913017109
HD	Home Depot	37,802	$3.467M	0.4%	$58.46	+12.4%	Common	437076102
BA	Boeing	26,940	$3.431M	0.4%	$109.27	0.0%	Common	097023105
SYY	Sysco	86,000	$3.263M	0.4%	$24.98	+10.4%	Common	871829107
UNP	Union Pacific	28,915	$3.134M	0.4%	$72.51	+10.8%	Common	907818108
CVS	CVS Corp	37,955	$3.02M	0.3%	$43.76	+31.3%	Common	126650100
TGT	Target Corp	46,830	$2.935M	0.3%	$47.53	-9.0%	Common	87612E106
MO	Altria Group	62,580	$2.874M	0.3%	$17.99	+14.9%	Common	02209S103
ZBH	Zimmer Holdings	28,510	$2.866M	0.3%	$70.20	+27.6%	Common	98956P102
OXY	Occidental Petroleum	28,280	$2.719M	0.3%	$68.03	0.0%	Common	674599105
BP	BP PLC	57,954	$2.547M	0.3%	$43.95	—	Common	055622104
DEO	Diageo PLC	21,856	$2.522M	0.3%	$115.39	—	Common	25243Q205
—	Berkshire Hathaway Cl B	16,750	$2.313M	0.3%	$138.09	—	Common	084670207
—	Praxair Inc	17,780	$2.293M	0.3%	$120.46	—	Common	74005P104
LLY	Lilly	33,200	$2.153M	0.2%	$43.45	+18.2%	Common	532457108
BF/B	Brown Forman Class B	23,512	$2.121M	0.2%	$30.17	0.0%	Common	115637209
EBAY	eBay	37,264	$2.11M	0.2%	$20.06	-1.3%	Common	278642103
CSX	CSX Corp	64,159	$2.056M	0.2%	$7.94	+8.7%	Common	126408103
ADSK	Autodesk	36,700	$2.022M	0.2%	$54.80	0.0%	Common	052769106
CLX	Clorox	19,945	$1.915M	0.2%	$64.77	+1.4%	Common	189054109
DVN	Devon Energy	27,940	$1.904M	0.2%	$41.55	+21.0%	Common	25179M103
HAL	Halliburton	29,100	$1.877M	0.2%	$55.20	0.0%	Common	406216101
NSC	Norfolk Southern	16,307	$1.819M	0.2%	$60.27	+37.1%	Common	655844108
—	DuPont	25,165	$1.805M	0.2%	$55.04	—	Common	263534109
—	UBS AG	100,000	$1.737M	0.2%	$17.37	—	Common	H8920M855
FITB	Fifth Third Bancorp	80,840	$1.618M	0.2%	$12.69	+9.8%	Common	316773100
ADBE	Adobe	23,200	$1.605M	0.2%	$70.88	0.0%	Common	00724F101
—	Fluor	23,550	$1.572M	0.2%	$59.31	—	Common	343861100
—	GlaxoSmithkline	33,871	$1.557M	0.2%	$45.97	—	Common	37733W105
—	ACE LTD	13,900	$1.457M	0.2%	$104.82	—	Common	G0070K103
—	Xilinx	34,350	$1.454M	0.2%	$40.03	—	Common	983919101
—	Cigna	15,700	$1.423M	0.2%	$72.50	—	Common	125509109
—	Walgreen	23,440	$1.389M	0.2%	$56.66	—	Common	931422109
—	Morgan Stanley Group	32,780	$1.133M	0.1%	$34.56	—	Common	59935P100
BAC	Bank Of America	64,250	$1.095M	0.1%	$12.57	0.0%	Common	060505104
ALL	Allstate	17,426	$1.069M	0.1%	$46.95	0.0%	Common	020002101
MRSH	Marsh & McLennan	20,000	$1.046M	0.1%	$31.19	+37.0%	Common	571748102
—	Dow Chemical	17,961	$941K	0.1%	$35.25	—	Common	260543103
—	St Jude Medical Inc	15,600	$938K	0.1%	$47.34	—	Common	790849103
ADI	Analog Devices	18,800	$930K	0.1%	$40.45	0.0%	Common	032654105
—	Johnson Controls	20,285	$892K	0.1%	$35.79	—	Common	478366107
ITW	Illinois Tool Works	10,500	$886K	0.1%	$66.18	0.0%	Common	452308109
FISV	Fiserv	12,000	$775K	0.1%	$26.98	+17.2%	Common	337738108
GAP	Gap Inc	11,630	$484K	0.1%	$28.69	0.0%	Common	364760108
—	Alcoa	27,700	$445K	0.1%	$16.06	—	Common	013817101
—	Ford Motor	26,440	$391K	0.0%	$14.79	—	Common	345370100
—	Premiere Global Services	28,900	$345K	0.0%	$12.07	—	Common	740585104
—	Krispy Kreme	20,000	$343K	0.0%	$17.15	—	Common	501014104
—	Aegon NV-Ord	17,784	$146K	0.0%	$8.21	—	Common	007924103
SYPR	Sypris Solution	23,000	$75,000	0.0%	$4.42	0.0%	Common	871655106