| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| INST CASH MANAGEMENT MMKT | 76628T264 | 1,954,147 | $1,954,147.92 | 1.77% |
| DR PEPPER SNAPPLE GROUP | 26138E109 | 76,190 | $1,744,751.00 | 1.58% |
| JACK IN THE BOX INC | 466367109 | 83,742 | $1,683,214.20 | 1.53% |
| ARCH CAPITAL GROUP LTD | G0450A105 | 23,619 | $1,647,425.25 | 1.49% |
| CHURCH & DWIGHT INC | 171340102 | 27,118 | $1,602,402.62 | 1.45% |
| CLOROX CO | 189054109 | 25,927 | $1,576,620.87 | 1.43% |
| SYBASE INC | 871130100 | 59,059 | $1,572,741.17 | 1.43% |
| COPART INC | 217204106 | 44,702 | $1,560,099.80 | 1.41% |
| NCR CORP | 62886E108 | 83,861 | $1,532,979.08 | 1.39% |
| LABORATORY CORP | 50540R409 | 24,813 | $1,525,751.37 | 1.38% |
| JUNIPER NETWORKS | 48203R104 | 80,938 | $1,516,778.12 | 1.37% |
| CEPHALON | 156708109 | 21,125 | $1,515,085.00 | 1.37% |
| BURGER KING HLD, INC. | 121208201 | 76,105 | $1,512,967.40 | 1.37% |
| M&T BANK CORPORATION | 55261F104 | 18,607 | $1,509,027.70 | 1.37% |
| CURTISS-WRIGHT CORP | 231561101 | 40,543 | $1,496,036.70 | 1.36% |
| DISCOVER FINANCIAL SERV | 254709108 | 121,942 | $1,493,789.50 | 1.35% |
| EXPRESS SCRIPTS, INC. | 302182100 | 24,615 | $1,491,915.15 | 1.35% |
| BMC SOFTWARE, INC. | 055921100 | 57,671 | $1,489,065.22 | 1.35% |
| JM SMUCKERS CO. | 832696405 | 33,220 | $1,480,283.20 | 1.34% |
| RAYMOND JAMES FIN CORP | 754730109 | 63,545 | $1,479,963.05 | 1.34% |
| OGE ENERGY CORP | 670837103 | 53,105 | $1,449,766.50 | 1.31% |
| P G & E CORP | 69331C108 | 38,940 | $1,427,929.80 | 1.29% |
| COVANTA HOLDING CORP | 22282E102 | 65,446 | $1,411,015.76 | 1.28% |
| ADVANCE AUTO PARTS INC. | 00751Y106 | 45,190 | $1,409,928.00 | 1.28% |
| EDISON INTERNATIONAL | 281020107 | 38,875 | $1,383,561.25 | 1.25% |
| DIAMOND OFFSHORE | 25271C102 | 15,495 | $1,375,956.00 | 1.25% |
| HARRIS CORP DEL | 413875105 | 38,095 | $1,369,515.25 | 1.24% |
| THERMO ELECTRON | 883556102 | 33,722 | $1,369,113.20 | 1.24% |
| NTELOS HOLDING CORP. | 67020Q107 | 52,523 | $1,365,598.00 | 1.24% |
| MOHAWK INDUSTRIES INC | 608190104 | 28,045 | $1,356,817.10 | 1.23% |
| L-3 COMMUNICATN | 502424104 | 16,708 | $1,356,188.36 | 1.23% |
| NOBLE ENERGY INC | 655044105 | 25,644 | $1,328,872.08 | 1.20% |
| AMERN EAGLE OUTFITTERS IN | 02553E106 | 118,136 | $1,313,672.32 | 1.19% |
| POLYCOM INC | 73172K104 | 60,815 | $1,277,723.15 | 1.16% |
| AGILENT TECH INC | 00846U101 | 57,470 | $1,275,259.30 | 1.15% |
| BECTON DICKIN | 075887109 | 18,372 | $1,275,016.80 | 1.15% |
| GOODRICH B F | 382388106 | 34,503 | $1,261,429.68 | 1.14% |
| MARSHALL & ILSLEY CORP. | 571837103 | 69,899 | $1,260,278.97 | 1.14% |
| UNIVERSAL HLTH-B | 913903100 | 29,629 | $1,245,603.16 | 1.13% |
| MDU RESOURCES GROUP INC. | 552690109 | 66,979 | $1,219,687.59 | 1.10% |
| CIMAREX ENERGY CO | 171798101 | 30,030 | $1,215,013.80 | 1.10% |
| MATTEL INC | 577081102 | 80,502 | $1,209,140.04 | 1.09% |
| EATON CORP | 278058102 | 27,038 | $1,205,894.80 | 1.09% |
| XILINX INC | 983919101 | 65,460 | $1,205,773.20 | 1.09% |
| ALBEMARLE CORP | 012653101 | 49,189 | $1,197,752.15 | 1.08% |
| EQUIFAX INC | 294429105 | 45,635 | $1,190,160.80 | 1.08% |
| DOVER CORP | 260003108 | 37,119 | $1,179,270.63 | 1.07% |
| AIR PRODUCTS & CHEMICALS | 009158106 | 20,200 | $1,174,226.00 | 1.06% |
| ROCKWELL AUTOMATION | 773903109 | 41,332 | $1,143,656.44 | 1.04% |
| DARDEN RESTAURANT | 237194105 | 51,172 | $1,134,483.24 | 1.03% |
| INVESCO LTD. | G491BT108 | 74,710 | $1,113,926.10 | 1.01% |
| FMC CORP | 302491303 | 25,417 | $1,106,656.18 | 1.00% |
| NORDSTROM INC | 655664100 | 61,038 | $1,104,177.42 | 1.00% |
| ADOBE SYSTEMS INC | 00724F101 | 41,332 | $1,101,084.48 | 1.00% |
| TERADATA CORP. | 88076W103 | 71,372 | $1,098,415.08 | 0.99% |
| HANESBRANDS INC. | 410345102 | 62,537 | $1,092,521.39 | 0.99% |
| ENTERTAINMENT PROP. TR | 29380T105 | 28,978 | $1,085,226.10 | 0.98% |
| CAMERON INTERNATIONAL | 13342B105 | 44,088 | $1,069,574.88 | 0.97% |
| SPDR KBW REGIONAL BANK | 78464A698 | 32,800 | $1,065,672.00 | 0.96% |
| ENDO PHARMACEUTICAL HLDG | 29264F205 | 57,493 | $1,063,620.50 | 0.96% |
| PEPCO HOLDINGS INC | 713291102 | 50,955 | $1,052,220.75 | 0.95% |
| ANALOG DEVICES | 032654105 | 48,950 | $1,045,572.00 | 0.95% |
| SYMANTEC CORP | 871503108 | 82,800 | $1,041,624.00 | 0.94% |
| CSX CORP. | 126408103 | 22,422 | $1,025,133.84 | 0.93% |
| MCGRAW-HILL | 580645109 | 38,095 | $1,022,469.80 | 0.92% |
| ONEOK INC | 682680103 | 31,630 | $1,008,997.00 | 0.91% |
| AMDOCS LTD | G02602103 | 44,655 | $1,007,416.80 | 0.91% |
| PEPSI BOTTLING GROUP INC | 713409100 | 42,500 | $982,600.00 | 0.89% |
| JANUS CAPITAL GROUP INC | 47102X105 | 83,070 | $975,241.80 | 0.88% |
| OMNICOM GROUP | 681919106 | 32,010 | $945,575.40 | 0.85% |
| PACKAGING CORP OF AMERICA | 695156109 | 55,707 | $937,548.81 | 0.85% |
| JONES LANG LASALLE, INC. | 48020Q107 | 28,361 | $933,644.12 | 0.84% |
| CELGENE CORP. | 151020104 | 14,480 | $930,484.80 | 0.84% |
| SPECTRA ENERGY CORP | 847560109 | 45,870 | $886,667.10 | 0.80% |
| CORE LABS NV | N22717107 | 11,862 | $874,229.40 | 0.79% |
| ANADARKO PETRO | 032511107 | 23,840 | $841,552.00 | 0.76% |
| AMERIPRISE FINANCIAL INC | 03076C106 | 38,140 | $823,824.00 | 0.74% |
| CADBURY SCHWEPPS- ADR | 12721E102 | 22,115 | $817,812.70 | 0.74% |
| PATTERSON ENERG | 703481101 | 61,336 | $813,928.72 | 0.74% |
| WESTERN UNION CORP. | 959802109 | 53,305 | $813,434.30 | 0.73% |
| STANCORP FINANCIAL GROUP | 852891100 | 23,720 | $808,377.60 | 0.73% |
| PACCAR, INC. | 693718108 | 26,326 | $769,772.24 | 0.70% |
| STEEL DYNAMICS, INC. | 858119100 | 64,436 | $768,077.12 | 0.69% |
| TEL & DATA SYS | 879433100 | 28,575 | $767,238.75 | 0.69% |
| SCRIPPS NETWORKS CL A | 811065101 | 26,615 | $755,866.00 | 0.68% |
| BORG-WARNER AUTOMOTIVE | 099724106 | 33,204 | $746,093.88 | 0.67% |
| WHIRLPOOL CORP | 963320106 | 15,924 | $742,854.60 | 0.67% |
| WATERS CORPORATION | 941848103 | 16,735 | $732,993.00 | 0.66% |
| TYCO ELECTRONICS | G9144P105 | 37,345 | $725,986.80 | 0.66% |
| SL GREEN REALTY CORP | 78440X101 | 17,135 | $720,355.40 | 0.65% |
| PRINCIPAL FINANCIAL | 74251V102 | 35,442 | $673,043.58 | 0.61% |
| PROLOGIS | 743410102 | 45,637 | $638,918.00 | 0.58% |
| MURPHY OIL | 626717102 | 10,840 | $548,937.60 | 0.49% |
| SPDR KBW BANK ETF | 78464A797 | 15,850 | $457,748.00 | 0.41% |
| ARCH COAL INC | 039380100 | 21,140 | $452,607.40 | 0.41% |
| Total Fund Assets | | | $109,963,069.13 | 100.00% |
As of 10/31/2008.
Holdings subject to change.
