| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| EXXON MOBIL COR | 30231G102 | 332,000 | $24,607,840.00 | 2.93% |
| CHEVRONTEXACO CORP | 166764100 | 315,000 | $23,499,000.00 | 2.80% |
| JP MORGAN CHASE & CO. | 46625H100 | 525,000 | $21,656,250.00 | 2.58% |
| JOHNSON & JOHNSON | 478160104 | 321,000 | $19,690,140.00 | 2.34% |
| BERKSHIRE HATHAWAY - CL B | 084670207 | 5,050 | $19,392,000.00 | 2.31% |
| AT&T INC. | 00206R102 | 720,000 | $19,274,400.00 | 2.29% |
| METLIFE, INC. | 59156R108 | 550,998 | $18,304,153.56 | 2.18% |
| WAL-MART STORES | 931142103 | 323,000 | $18,026,630.00 | 2.15% |
| MEDTRONIC | 585055106 | 430,000 | $17,341,900.00 | 2.06% |
| ORACLE CORP. | 68389X105 | 883,000 | $16,150,070.00 | 1.92% |
| CVS CORP | 126650100 | 523,000 | $16,029,950.00 | 1.91% |
| INTEL CORP. | 458140100 | 1,000,000 | $16,000,000.00 | 1.90% |
| TRAVELERS COMPANIES, INC. | 89417E109 | 356,000 | $15,147,800.00 | 1.80% |
| EDISON INTERNATIONAL | 281020107 | 410,000 | $14,591,900.00 | 1.74% |
| BRISTOL MYERS SQUIBB CO. | 110122108 | 700,000 | $14,385,000.00 | 1.71% |
| GOOGLE INC. - CLASS A | 38259P508 | 40,000 | $14,374,400.00 | 1.71% |
| CISCO SYSTEMS INC | 17275R102 | 800,000 | $14,216,000.00 | 1.69% |
| ACCENTURE LIMITED | G1150G111 | 425,000 | $14,046,250.00 | 1.67% |
| MARATHON OIL CORP | 565849106 | 475,000 | $13,822,500.00 | 1.64% |
| PRAXAIR INC | 74005P104 | 210,000 | $13,681,500.00 | 1.63% |
| KRAFT FOODS | 50075N104 | 464,000 | $13,520,960.00 | 1.61% |
| TEVA PHARMACEUTICAL ADR | 881624209 | 315,000 | $13,507,200.00 | 1.61% |
| THERMO ELECTRON | 883556102 | 318,000 | $12,910,800.00 | 1.53% |
| HOME DEPOT INC | 437076102 | 537,000 | $12,667,830.00 | 1.51% |
| UTD TECHNOLGIES | 913017109 | 225,000 | $12,366,000.00 | 1.47% |
| DISNEY (WALT) COMPANY | 254687106 | 475,000 | $12,302,500.00 | 1.46% |
| PEPSICO INC | 713448108 | 211,000 | $12,029,110.00 | 1.43% |
| MICROSOFT CORP. | 594918104 | 532,000 | $11,879,560.00 | 1.41% |
| PFIZER, INC. | 717081103 | 661,000 | $11,706,310.00 | 1.39% |
| MCDONALDS CORP | 580135101 | 201,000 | $11,643,930.00 | 1.38% |
| PROCTER & GAMBLE CO | 742718109 | 178,000 | $11,488,120.00 | 1.37% |
| KELLOGG COMPANY | 487836108 | 225,000 | $11,344,500.00 | 1.35% |
| MARSHALL & ILSLEY CORP. | 571837103 | 610,000 | $10,998,300.00 | 1.31% |
| SCHERING-PLOUGH | 806605101 | 750,000 | $10,867,500.00 | 1.29% |
| STATE STREET CORP | 857477103 | 250,000 | $10,837,500.00 | 1.29% |
| QUALCOMM | 747525103 | 283,000 | $10,827,580.00 | 1.29% |
| GOODRICH B F | 382388106 | 290,000 | $10,602,400.00 | 1.26% |
| DANAHER CORP | 235851102 | 172,000 | $10,189,280.00 | 1.21% |
| CADBURY SCHWEPPS- ADR | 12721E102 | 275,000 | $10,169,500.00 | 1.21% |
| ADOBE SYSTEMS INC | 00724F101 | 375,000 | $9,990,000.00 | 1.19% |
| AGILENT TECH INC | 00846U101 | 450,000 | $9,985,500.00 | 1.19% |
| GENERAL ELECTRIC | 369604103 | 500,000 | $9,755,000.00 | 1.16% |
| INST CASH MANAGEMENT MMKT | 76628T264 | 9,629,908 | $9,629,908.68 | 1.14% |
| WELLS FARGO CO (SHORT) | 949746101 | 281,000 | $9,568,050.00 | 1.14% |
| WESTERN UNION CORP. | 959802109 | 625,000 | $9,537,500.00 | 1.13% |
| TARGET CORP | 87612E106 | 235,000 | $9,428,200.00 | 1.12% |
| SYMANTEC CORP | 871503108 | 745,000 | $9,372,100.00 | 1.11% |
| ANADARKO PETRO | 032511107 | 264,000 | $9,319,200.00 | 1.11% |
| DR PEPPER SNAPPLE GROUP | 26138E109 | 401,783 | $9,200,830.70 | 1.09% |
| INTL BUSINESS MACHINES CO | 459200101 | 97,000 | $9,018,090.00 | 1.07% |
| HALLIBURTON CO. | 406216101 | 450,000 | $8,905,500.00 | 1.06% |
| NOKIA OYJ ADR | 654902204 | 583,000 | $8,849,940.00 | 1.05% |
| UNILEVER PLC SPON ADR | 904767704 | 390,000 | $8,798,400.00 | 1.04% |
| INVESCO LTD. | G491BT108 | 570,000 | $8,498,700.00 | 1.01% |
| DEVON ENERGY CORP | 25179M103 | 104,000 | $8,409,440.00 | 1.00% |
| TYCO INTERNATIONAL LTD | G9143X208 | 325,000 | $8,216,000.00 | 0.97% |
| COVIDIEN LTD. | G2552X108 | 183,000 | $8,105,070.00 | 0.96% |
| EMERSON ELECTRIC CO | 291011104 | 245,000 | $8,018,850.00 | 0.95% |
| TOTAL FINA ADR | 89151E109 | 143,000 | $7,927,920.00 | 0.94% |
| GOLDMAN SACHS, INC. | 38141G104 | 83,000 | $7,677,500.00 | 0.91% |
| EQUIFAX INC | 294429105 | 275,000 | $7,172,000.00 | 0.85% |
| TYCO ELECTRONICS | G9144P105 | 367,000 | $7,134,480.00 | 0.85% |
| TIME WARNER, INC. | 887317105 | 700,000 | $7,063,000.00 | 0.84% |
| BURGER KING HLD, INC. | 121208201 | 355,000 | $7,057,400.00 | 0.84% |
| EATON CORP | 278058102 | 156,000 | $6,957,600.00 | 0.82% |
| MCGRAW-HILL | 580645109 | 250,000 | $6,710,000.00 | 0.80% |
| PHILIP MORRIS INTERNATION | 718172109 | 149,000 | $6,477,030.00 | 0.77% |
| JOHNSON CONTROLS | 478366107 | 350,000 | $6,205,500.00 | 0.74% |
| ALCOA INC | 013817101 | 475,000 | $5,467,250.00 | 0.65% |
| EXPRESS SCRIPTS, INC. | 302182100 | 90,000 | $5,454,900.00 | 0.65% |
| FREEPORT COPPR | 35671D857 | 182,000 | $5,296,200.00 | 0.63% |
| PRINCIPAL FINANCIAL | 74251V102 | 275,000 | $5,222,250.00 | 0.62% |
| CAMERON INTERNATIONAL | 13342B105 | 165,000 | $4,002,900.00 | 0.47% |
| TELEFONICA SA | 879382208 | 70,000 | $3,885,700.00 | 0.46% |
| Total Fund Assets | | | $838,414,472.94 | 100.00% |
As of 10/31/2008.
Holdings subject to change.
