We believe the following stocks to be suitable for investment by the defensive investor. This simply means that the companies are reasonably stable financially and there is limited risk of the investor losing all of the investment. This list does not imply that the companies may be good purchases, as some may be overvalued but still be financially stable.
| Symbol | Company Name |
| AT | ALLTEL CORPORATION |
| ABK | AMBAC FINANCIAL |
| ASH | ASHLAND INC |
| ASBC | ASSOCIATED BANC-CORP |
| AF | ASTORIA FINANCIAL |
| BBT | BB&T CORPORATION |
| BXS | BANCORPSOUTH INC |
| BAC | BANK OF AMERICA CORP |
| BN | BANTA CORP |
| BSC | BEAR STEARNS CO. |
| BL | BLAIR CORPORATION |
| BWA | BORGWARNER INC |
| BGG | BRIGGS & STRATTON |
| BC | BRUNSWICK CORP |
| COF | CAPITAL ONE FIN'L |
| CAE | CASCADE CORPORATION |
| CTL | CENTURYTEL INC |
| CB | CHUBB CORP (THE) |
| CNB | COLONIAL BANCGROUP |
| CMA | COMERICA INC. |
| CGI | COMMERCE GROUP, INC. |
| CEG | CONSTELLATION ENERGY |
| CFC | COUNTRYWIDE FINCL |
| CK | CASINO GUICHARD PERR |
| DHI | D.R. HORTON, INC. |
| DEX | DEXIA |
| ELK | ELKCORP |
| FPL | FPL GROUP INC |
| FRE | FREDDIE MAC |
| FNF | FIDELITY NAT'L FIN'L |
| FITB | FIFTH THIRD BANCORP |
| FAF | FIRST AMERICAN CORP |
| FL | FOOT LOCKER, INC |
| FRED | FRED'S, INC. |
| FULT | FULTON FINL CORP |
| GCI | GANNETT CO INC |
| HVT | HAVERTY FURNITURE |
| HBAN | HUNTINGTON BANCSHR |
| IVC | INVACARE CORPORATION |
| JNY | JONES APPAREL GROUP |
| KBH | KB HOME |
| LANC | LANCASTER COLONY |
| LEG | LEGGETT & PLATT INC |
| LEN | LENNAR CORP |
| LUK | LEUCADIA NATIONAL |
| LNC | LINCOLN NAT'L CORP |
| LIZ | LIZ CLAIBORNE, INC. |
| MBI | MBIA INC |
| MDC | M.D.C. HOLDINGS, INC |
| MTG | MGIC INVESTMENT CORP |
| MAS | MASCO CORP |
| MNI | MCCLATCHY COMPANY |
| MRBK | MERCANTILE BANKSHARE |
| MCY | MERCURY GENERAL CORP |
| MER | MERRILL LYNCH & CO., |
| MHK | MOHAWK INDUSTRIES |
| TAP | MOLSON COORS BREW |
| NCC | NATIONAL CITY CORP |
| NYB | N Y COMMUNITY |
| NYT | NEW YORK TIMES CO. |
| NFB | NORTH FORK BANCORP |
| ORI | OLD REPUBLIC INTL |
| OKE | ONEOK, INC. |
| OXM | OXFORD INDUSTRIES |
| PMI | PMI GROUP, INC. |
| BPOP | POPULAR, INC. |
| PP | PPR SA |
| PL | PROTECTIVE LIFE CORP |
| PHM | PULTE HOMES, INC. |
| RDN | RADIAN GROUP INC. |
| RF | REGIONS FINANCIAL |
| RGA | REINSURANCE GROUP |
| RYL | RYLAND GROUP, INC |
| SCHN | SCHNITZER STEEL INDS |
| SRE | SEMPRA ENERGY |
| SKYF | SKY FINANCIAL GROUP |
| SKYW | SKYWEST, INC. |
| TSFG | THE SOUTH FINACL GRP |
| SPF | STANDARD PACIFIC |
| STTX | STEEL TECHNOLOGIES |
| SRR | STRIDE RITE CORP. |
| STI | SUNTRUST BANKS INC |
| BNK | TD BANKNORTH INC |
| TLB | TALBOTS, INC. |
| TII | THOMAS INDUSTRIES |
| TMA | THORNBURG MORTGAGE |
| TOL | TOLL BROTHERS, INC. |
| TMK | TORCHMARK CORP |
| TRB | TRIBUNE COMPANY |
| TSN | TYSON FOODS, INC. |
| UB | UNIONBANCAL CORP |
| WPS | WPS RESOURCES CORP |
| WM | WASHINGTON MUTUAL |
| WBS | WEBSTER FIN`L CORP |
| WSC | WESCO FINANCIAL CORP |
| WEYS | WEYCO GROUP, INC. |