| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| INST CASH MANAGEMENT MMKT | 76628T264 | 79,764,777 | $79,764,777.85 | 7.64% |
| JP MORGAN CHASE & CO. | 46625H100 | 915,816 | $37,777,410.00 | 3.61% |
| BANK OF AMERICA CORP. | 060505104 | 1,460,975 | $35,311,765.75 | 3.38% |
| TRAVELERS COMPANIES, INC. | 89417E109 | 750,250 | $31,923,137.50 | 3.05% |
| EXXON MOBIL COR | 30231G102 | 415,600 | $30,804,272.00 | 2.95% |
| AT&T INC. | 00206R102 | 1,111,800 | $29,762,886.00 | 2.85% |
| VERIZON COMMUNICATIONS | 92343V104 | 993,860 | $29,487,826.20 | 2.82% |
| GENERAL ELECTRIC | 369604103 | 1,474,600 | $28,769,446.00 | 2.75% |
| JOHNSON & JOHNSON | 478160104 | 445,050 | $27,299,367.00 | 2.61% |
| HOME DEPOT INC | 437076102 | 1,150,350 | $27,136,756.50 | 2.59% |
| MERCK & CO | 589331107 | 836,900 | $25,902,055.00 | 2.48% |
| FRANKLIN RESRCS | 354613101 | 358,550 | $24,381,400.00 | 2.33% |
| CONAGRA FOODS, INC. | 205887102 | 1,368,750 | $23,843,625.00 | 2.28% |
| PEPSICO INC | 713448108 | 404,400 | $23,054,844.00 | 2.20% |
| WELLS FARGO CO | 949746101 | 663,900 | $22,605,795.00 | 2.16% |
| PENNEY J.C. | 708160106 | 910,300 | $21,774,376.00 | 2.08% |
| UNITED PARCEL SERVICES | 911312106 | 411,200 | $21,703,136.00 | 2.07% |
| UTD TECHNOLGIES | 913017109 | 386,450 | $21,239,292.00 | 2.03% |
| SARA LEE CORP | 803111103 | 1,824,050 | $20,392,879.00 | 1.95% |
| MINNESOTA MINING & MFG CO | 88579Y101 | 305,450 | $19,640,435.00 | 1.88% |
| EMERSON ELECTRIC CO | 291011104 | 593,254 | $19,417,203.42 | 1.86% |
| XTO ENERGY INC. | 98385X106 | 532,700 | $19,150,565.00 | 1.83% |
| PPG INDUSTRIES INC | 693506107 | 383,050 | $18,991,619.00 | 1.81% |
| MARATHON OIL CORP | 565849106 | 622,500 | $18,114,750.00 | 1.73% |
| TALISMAN ENERGY INC | 87425E103 | 1,759,650 | $17,737,272.00 | 1.69% |
| CHEVRONTEXACO CORP | 166764100 | 228,400 | $17,038,640.00 | 1.63% |
| MATTEL INC | 577081102 | 1,083,850 | $16,279,427.00 | 1.55% |
| QUESTAR CORP | 748356102 | 441,385 | $15,210,127.10 | 1.45% |
| BRISTOL MYERS SQUIBB CO. | 110122108 | 718,050 | $14,755,927.50 | 1.41% |
| HARRIS CORP DEL | 413875105 | 409,675 | $14,727,816.25 | 1.41% |
| TIME WARNER, INC. | 887317105 | 1,454,933 | $14,680,273.97 | 1.40% |
| CONOCOPHILLIPS | 20825C104 | 273,807 | $14,243,440.14 | 1.36% |
| PROCTER & GAMBLE CO | 742718109 | 220,600 | $14,237,524.00 | 1.36% |
| CVS CORP | 126650100 | 436,950 | $13,392,517.50 | 1.28% |
| COLGATE PALMOLIVE CO | 194162103 | 212,000 | $13,305,120.00 | 1.27% |
| EDISON INTERNATIONAL | 281020107 | 365,150 | $12,995,688.50 | 1.24% |
| DARDEN RESTAURANT | 237194105 | 572,656 | $12,695,783.52 | 1.21% |
| INTEL CORP. | 458140100 | 777,500 | $12,440,000.00 | 1.19% |
| TEXAS INSTRUMENTS INC | 882508104 | 632,750 | $12,376,590.00 | 1.18% |
| PUBLIC SERVICE ENTRP | 744573106 | 438,750 | $12,350,812.50 | 1.18% |
| MICROSOFT CORP. | 594918104 | 540,350 | $12,066,015.50 | 1.15% |
| ENTERGY CORP | 29364G103 | 151,550 | $11,828,477.50 | 1.13% |
| DU PONT (E I) DE NEMOURS | 263534109 | 346,900 | $11,100,800.00 | 1.06% |
| PFIZER, INC. | 717081103 | 603,200 | $10,682,672.00 | 1.02% |
| NEWS CORP. - CLASS A | 65248E104 | 998,800 | $10,627,232.00 | 1.01% |
| ROCKWELL AUTOMATION | 773903109 | 376,450 | $10,416,371.50 | 0.99% |
| CARDINAL HEALTH INC | 14149Y108 | 257,713 | $9,844,636.60 | 0.94% |
| PEABODY ENERGY CORP | 704549104 | 269,200 | $9,290,092.00 | 0.88% |
| WYETH | 983024100 | 264,250 | $8,503,565.00 | 0.81% |
| SPX CORP | 784635104 | 212,150 | $8,218,691.00 | 0.78% |
| TIDEWATER INC | 886423102 | 177,081 | $7,722,502.41 | 0.73% |
| SONOCO PRODUCTS INC | 835495102 | 302,532 | $7,617,755.76 | 0.72% |
| BJ SERVICES CO | 055482103 | 562,850 | $7,232,622.50 | 0.69% |
| INTERSIL HOLDING CORP. A | 46069S109 | 498,450 | $6,823,780.50 | 0.65% |
| TYCO ELECTRONICS | G9144P105 | 289,250 | $5,623,020.00 | 0.53% |
| QUEST DIAGNOSTI | 74834L100 | 116,250 | $5,440,500.00 | 0.52% |
| SEAGATE TECHNOLOGY | G7945J104 | 655,000 | $4,434,350.00 | 0.42% |
| ALCOA INC | 013817101 | 263,400 | $3,031,734.00 | 0.29% |
| ALLEGHENY TECHNOLOGIES | 01741R102 | 94,600 | $2,510,684.00 | 0.24% |
| DONNELLEY R R & SONS | 257867101 | 131,100 | $2,172,327.00 | 0.20% |
| ASHLAND INC. | 044209104 | 87,234 | $1,970,616.06 | 0.18% |
| Total Fund Assets | | | $1,043,875,024.53 | 100.00% |
As of 10/31/2008.
Holdings subject to change.
