The $1.4 billion growth fund, holding 44 companies, is packed with Minnesota names like multinational manufacturer 3M (MMM), food giant General Mills (GIS), medical-device makers Medtronic (MDT) and St. Jude Medical (STJ), discount retailer Target (TGT), industrial-filter producer Donaldson (DCI), nuts-and-bolts distributor Fastenal (FAST), paint-sprayer supplier Graco (GGG), and water-cleaning-equipment firm Pentair (PNR). "The Minneapolis-St. Paul area has one of the highest concentrations of large, multinational industrial and financial companies in the U.S.," Frels observes. "Local surveys claim that Minnesota public companies consistently have outperformed the general stock market, year after year, with the exception of the past two years."

A 5.90% increase to 0.18 from 0.17 a share. This is the 33rd consecutive year of dividend increases. The dividend is payable in the first quarter of 2009.

13%

Upgraded by Robert W. Baird from Underperform to Neutral

Water play

operates as a diversified industrial manufacturing company in the United States. It operates in two segments, Water and Technical Products. The Water segment manufactures and markets products and systems used in the movement, treatment, storage, and enjoyment of water.

Upgraded by CIBC from Sector Perform to Sector Outperform

Takeover play, thus a floor to the stock