Top Holdings

TOP 10 HOLDINGS (June 30, 2009)

Company	Shareholder since	% of Portfolio
Danaher	1998
CVS Caremark	2007
Johnson & Johnson	1998
American Tower	2001
Baxter International	2008	top 5 = 23%
Cisco Systems	1998
Colgate Palmolive	2003
Berkshire Hathaway	2004
PepsiCo	1998
Diageo	2005	top 10 = 43%

Supplemental Information - please see full performance disclosure.

Equity Management
    Philosophy
    Research
    Portfolio Construction
    Top 10 Holdings