Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PGR	Progressive Corp.-Ohio	610,608	$21.68M	19.5%	$35.50 *	$17.04	+58.0%	COM	743315103
SYK	Stryker Corp.	75,700	$9.069M	8.2%	$119.80 *	$56.92	+90.8%	COM	863667101
—	General Electric Co.	164,478	$5.197M	4.7%	$31.60	$23.30	—	COM	369604103
JNJ	Johnson & Johnson	41,038	$4.728M	4.2%	$115.21 *	$59.66	+50.5%	COM	478160104
—	E. I. duPont de Nemours & Co.	60,200	$4.419M	4.0%	$73.41	$52.50	—	COM	263534109
MSFT	Microsoft Corp.	58,600	$3.642M	3.3%	$62.15 *	$26.78	+108.7%	COM	594918104
INTC	Intel Corp.	90,750	$3.292M	3.0%	$36.28 *	$17.18	+72.4%	COM	458140100
BMY	Bristol Myers Co.	54,100	$3.162M	2.8%	$58.45 *	$28.67	+47.5%	COM	110122108
IBM	IBM	18,664	$3.098M	2.8%	$165.99 *	$110.46	-2.5%	COM	459200101
—	Unilever PLC	71,940	$2.928M	2.6%	$40.70	$40.44	—	COM	904767704
MRK	Merck & Co., Inc.	49,400	$2.909M	2.6%	$58.89 *	$30.02	+41.8%	COM	58933Y105
NUE	Nucor Corp.	45,350	$2.699M	2.4%	$59.51 *	$32.55	+50.1%	COM	670346105
PFE	Pfizer, Inc.	78,608	$2.553M	2.3%	$32.48 *	$16.46	+26.3%	COM	717081103
EMR	Emerson Electric Co.	44,500	$2.481M	2.2%	$55.75 *	$40.11	+11.1%	COM	291011104
CSCO	Cisco Systems	80,400	$2.429M	2.2%	$30.21 *	$15.24	+50.0%	COM	17275R102
ABBV	AbbVie Inc.	37,600	$2.355M	2.1%	$62.63 *	$27.59	+55.5%	COM	00287Y109
VZ	Verizon Communications	37,887	$2.022M	1.8%	$53.37 *	$26.72	+23.9%	COM	92343V104
XOM	Exxon Mobil	21,239	$1.918M	1.7%	$90.31 *	$53.69	+12.3%	COM	30231G102
—	AT&T Corp.	44,800	$1.906M	1.7%	$42.54	$34.42	—	COM	001957505
AMAT	Applied Materials Inc.	57,000	$1.839M	1.7%	$32.26 *	$13.39	+118.2%	COM	038222105
MRSH	Marsh & McLennan Companies Inc	26,800	$1.811M	1.6%	$67.57 *	$31.19	+86.9%	COM	571748102
UPS	United Parcel Service, Inc.	15,750	$1.806M	1.6%	$114.67 *	$55.38	+47.9%	COM	911312106
TMO	Thermo Fisher Scientific	12,500	$1.764M	1.6%	$141.12 *	$79.76	+72.6%	COM	883556102
AAPL	Apple Computer	14,735	$1.707M	1.5%	$115.85 *	$17.87	+49.4%	COM	037833100
KO	Coca Cola Co.	37,600	$1.559M	1.4%	$41.46 *	$27.88	+12.1%	COM	191216100
MAS	Masco Corp.	49,300	$1.559M	1.4%	$31.62 *	$14.92	+84.7%	COM	574599106
PHG	Koninklijke Philips NV	46,420	$1.419M	1.3%	$30.57	$28.43	+7.5%	COM	500472303
GLW	Corning Inc.	58,000	$1.408M	1.3%	$24.28 *	$15.04	+26.9%	COM	219350105
PG	Procter & Gamble Company	16,400	$1.379M	1.2%	$84.09 *	$55.64	+18.5%	COM	742718109
HPE	Hewlett Packard Enterprise Co.	59,100	$1.368M	1.2%	$23.15 *	$6.50	+58.9%	COM	42824C109
ABT	Abbott Laboratories	34,700	$1.333M	1.2%	$38.41 *	$29.01	+12.4%	COM	002824100
ING	ING Groep NV	90,000	$1.269M	1.1%	$14.10	$8.55	+64.9%	COM	456837103
—	Symantec Corp.	52,500	$1.254M	1.1%	$23.89	$21.82	—	COM	871503108
NTRS	Northern Trust Corporation	13,200	$1.175M	1.1%	$89.02 *	$40.35	+71.8%	COM	665859104
WLY	John Wiley & Sons Inc. A	20,000	$1.09M	1.0%	$54.50 *	$27.09	+52.4%	COM	968223206
—	Staples Inc.	119,800	$1.085M	1.0%	$9.06	$10.97	—	COM	855030102
—	GlaxoSmithKline	23,800	$917K	0.8%	$38.53	$48.04	—	COM	37733W105
A	Agilent Technologies	19,900	$907K	0.8%	$45.58 *	$28.37	+50.1%	COM	00846U101
HPQ	HP Inc.	59,100	$877K	0.8%	$14.84 *	$9.12	+21.3%	COM	40434L105
—	Morgan Stanley Series J	460,000	$465K	0.4%	$1.01	$1.01	—	COM	617474AA9
—	Dell Technologies, Inc.	6,459	$355K	0.3%	$54.96	$47.75	—	COM	24703L103
—	Berkshire Hathaway Inc. Class	1,350	$220K	0.2%	$162.96	$162.96	—	COM	084670207
CAJPY	Canon Inc.	7,800	$219K	0.2%	$28.08	$31.42	-10.5%	COM	138006309