Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PGR	Progressive Corp.-Ohio	610,608	$23.92M	19.1%	$39.18 *	$17.04	+77.6%	COM	743315103
SYK	Stryker Corp.	75,700	$9.966M	8.0%	$131.65 *	$56.92	+110.3%	COM	863667101
JNJ	Johnson & Johnson	41,038	$5.111M	4.1%	$124.54 *	$59.66	+63.8%	COM	478160104
—	General Electric Co.	164,478	$4.901M	3.9%	$29.80	$23.30	—	COM	369604103
—	E. I. duPont de Nemours & Co.	60,200	$4.836M	3.9%	$80.33	$52.50	—	COM	263534109
MSFT	Microsoft Corp.	58,600	$3.86M	3.1%	$65.87 *	$26.78	+122.6%	COM	594918104
—	Unilever PLC	71,940	$3.549M	2.8%	$49.33	$40.44	—	COM	904767704
INTC	Intel Corp.	90,750	$3.273M	2.6%	$36.07 *	$17.18	+72.7%	COM	458140100
IBM	IBM	18,664	$3.25M	2.6%	$174.13 *	$110.46	+3.1%	COM	459200101
MRK	Merck & Co., Inc.	49,400	$3.139M	2.5%	$63.54 *	$30.02	+54.2%	COM	58933Y105
BMY	Bristol Myers Co.	54,100	$2.942M	2.3%	$54.38 *	$28.67	+38.1%	COM	110122108
CSCO	Cisco Systems	80,400	$2.718M	2.2%	$33.81 *	$15.24	+69.2%	COM	17275R102
NUE	Nucor Corp.	45,350	$2.709M	2.2%	$59.74 *	$32.55	+51.6%	COM	670346105
PFE	Pfizer, Inc.	78,608	$2.689M	2.1%	$34.21 *	$16.46	+34.3%	COM	717081103
EMR	Emerson Electric Co.	44,500	$2.664M	2.1%	$59.87 *	$40.11	+20.2%	COM	291011104
ABBV	AbbVie Inc.	37,600	$2.45M	2.0%	$65.16 *	$27.59	+63.5%	COM	00287Y109
—	Berkshire Hathaway Inc. Class	13,750	$2.292M	1.8%	$166.69	$166.32	—	COM	084670207
AMAT	Applied Materials Inc.	57,000	$2.217M	1.8%	$38.89 *	$13.39	+163.7%	COM	038222105
AAPL	Apple Computer	14,735	$2.117M	1.7%	$143.67 *	$17.87	+86.1%	COM	037833100
MRSH	Marsh & McLennan Companies Inc	26,800	$1.98M	1.6%	$73.88 *	$31.19	+105.4%	COM	571748102
TMO	Thermo Fisher Scientific	12,500	$1.92M	1.5%	$153.60 *	$79.76	+88.1%	COM	883556102
—	AT&T Corp.	44,800	$1.861M	1.5%	$41.54	$34.42	—	COM	001957505
VZ	Verizon Communications	37,887	$1.847M	1.5%	$48.75 *	$26.72	+14.4%	COM	92343V104
ORCL	Oracle Corp.	40,700	$1.816M	1.4%	$44.62 *	$36.49	+7.1%	COM	68389X105
XOM	Exxon Mobil	21,239	$1.742M	1.4%	$82.02 *	$53.69	+3.0%	COM	30231G102
UPS	United Parcel Service, Inc.	15,750	$1.69M	1.3%	$107.30 *	$55.38	+39.5%	COM	911312106
MAS	Masco Corp.	49,300	$1.676M	1.3%	$34.00 *	$14.92	+99.2%	COM	574599106
—	Symantec Corp.	52,500	$1.611M	1.3%	$30.69	$21.82	—	COM	871503108
KO	Coca Cola Co.	37,600	$1.596M	1.3%	$42.45 *	$27.88	+15.8%	COM	191216100
GLW	Corning Inc.	58,000	$1.566M	1.3%	$27.00 *	$15.04	+41.9%	COM	219350105
ABT	Abbott Laboratories	34,700	$1.541M	1.2%	$44.41 *	$29.01	+30.8%	COM	002824100
PHG	Koninklijke Philips NV	46,420	$1.491M	1.2%	$32.12	$28.43	+13.0%	COM	500472303
PG	Procter & Gamble Company	16,400	$1.474M	1.2%	$89.88 *	$55.64	+27.7%	COM	742718109
HPE	Hewlett Packard Enterprise Co.	59,100	$1.401M	1.1%	$23.71 *	$6.50	+63.2%	COM	42824C109
CMCSA	Comcast Corp. (New)	36,400	$1.368M	1.1%	$37.58 *	$29.92	+1.3%	COM	20030N101
ING	ING Groep NV	90,000	$1.358M	1.1%	$15.09	$8.55	+76.5%	COM	456837103
NTRS	Northern Trust Corporation	13,200	$1.143M	0.9%	$86.59 *	$40.35	+67.8%	COM	665859104
WLY	John Wiley & Sons Inc. A	20,000	$1.076M	0.9%	$53.80 *	$27.09	+51.3%	COM	968223206
HPQ	HP Inc.	59,100	$1.057M	0.8%	$17.88 *	$9.12	+47.3%	COM	40434L105
A	Agilent Technologies	19,900	$1.052M	0.8%	$52.86 *	$28.37	+74.7%	COM	00846U101
—	Staples Inc.	119,800	$1.051M	0.8%	$8.77	$10.97	—	COM	855030102
—	GlaxoSmithKline	23,800	$1.003M	0.8%	$42.14	$48.04	—	COM	37733W105
GS	Goldman Sachs Group	4,300	$988K	0.8%	$229.77 *	$200.04	-4.7%	COM	38141G104
—	Morgan Stanley Series J	460,000	$473K	0.4%	$1.03	$1.01	—	-	617474AA9
—	Dell Technologies, Inc.	6,459	$414K	0.3%	$64.10	$47.75	—	COM	24703L103
CAJPY	Canon Inc.	7,800	$244K	0.2%	$31.28	$31.42	-0.5%	COM	138006309
—	ING Groep NV 6.2 SER	7,850	$200K	0.2%	$25.48	$25.48	—	PFD	456837400