| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| INST CASH MANAGEMENT MMKT | 76628T264 | 7,276,416 | $7,276,416.13 | 3.26% |
| HARRIS CORP DEL | 413875105 | 194,600 | $6,995,870.00 | 3.14% |
| CONSOL ENERGY INC. | 20854P109 | 221,600 | $6,956,024.00 | 3.12% |
| PEOPLE'S UNITED FNCL | 712704105 | 396,200 | $6,933,500.00 | 3.11% |
| WILLIAMS COS | 969457100 | 329,100 | $6,901,227.00 | 3.09% |
| MATTEL INC | 577081102 | 428,700 | $6,439,074.00 | 2.89% |
| SARA LEE CORP | 803111103 | 575,900 | $6,438,562.00 | 2.89% |
| XTO ENERGY INC. | 98385X106 | 178,000 | $6,399,100.00 | 2.87% |
| ALLEGHENY ENERGY INC | 017361106 | 193,900 | $5,846,085.00 | 2.62% |
| EDISON INTERNATIONAL | 281020107 | 153,600 | $5,466,624.00 | 2.45% |
| ACE LTD | H0023R105 | 93,300 | $5,351,688.00 | 2.40% |
| TALISMAN ENERGY INC | 87425E103 | 530,600 | $5,348,448.00 | 2.40% |
| TIDEWATER INC | 886423102 | 118,900 | $5,185,229.00 | 2.32% |
| HANOVER INSURANCE GROUP | 410867105 | 127,900 | $5,020,075.00 | 2.25% |
| FRANKLIN RESRCS | 354613101 | 73,800 | $5,018,400.00 | 2.25% |
| LAZARD LTD CL A | G54050102 | 158,200 | $4,772,894.00 | 2.14% |
| DARDEN RESTAURANT | 237194105 | 213,400 | $4,731,078.00 | 2.12% |
| CARDINAL HEALTH INC | 14149Y108 | 122,300 | $4,671,860.00 | 2.09% |
| CONAGRA FOODS, INC. | 205887102 | 260,100 | $4,530,942.00 | 2.03% |
| THE GAP INC | 364760108 | 349,900 | $4,527,706.00 | 2.03% |
| SEMPRA ENERGY | 816851109 | 102,100 | $4,348,439.00 | 1.95% |
| PEPSI BOTTLING GROUP INC | 713409100 | 187,200 | $4,328,064.00 | 1.94% |
| QWEST COMMUNICATIONS INTL | 749121109 | 1,510,500 | $4,320,030.00 | 1.94% |
| BJ SERVICES CO | 055482103 | 330,000 | $4,240,500.00 | 1.90% |
| ENTERGY CORP | 29364G103 | 53,300 | $4,160,065.00 | 1.86% |
| PAYCHEX INC | 704326107 | 144,600 | $4,126,884.00 | 1.85% |
| HCC INSURANCE | 404132102 | 185,400 | $4,089,924.00 | 1.83% |
| MEREDITH CORP | 589433101 | 204,100 | $3,953,417.00 | 1.77% |
| QUEST DIAGNOSTI | 74834L100 | 83,900 | $3,926,520.00 | 1.76% |
| LUBRIZOL CORP | 549271104 | 103,800 | $3,900,804.00 | 1.75% |
| KEY CORP. | 493267108 | 305,300 | $3,733,819.00 | 1.67% |
| ROCKWELL AUTOMATION | 773903109 | 128,300 | $3,550,061.00 | 1.59% |
| HARMAN INTL | 413086109 | 183,900 | $3,378,243.00 | 1.51% |
| MOTOROLA INC | 620076109 | 624,600 | $3,354,102.00 | 1.50% |
| ASSURANT INC | 04621X108 | 121,600 | $3,098,368.00 | 1.39% |
| SPX CORP | 784635104 | 78,200 | $3,029,468.00 | 1.36% |
| TECO ENERGY INC | 872375100 | 260,500 | $3,006,170.00 | 1.35% |
| RAYMOND JAMES FIN CORP | 754730109 | 120,900 | $2,815,761.00 | 1.26% |
| INTERSIL HOLDING CORP. A | 46069S109 | 205,550 | $2,813,979.50 | 1.26% |
| DUPONT FABROS TECH | 26613Q106 | 439,200 | $2,736,216.00 | 1.22% |
| VALSPAR CORP | 920355104 | 129,000 | $2,638,050.00 | 1.18% |
| SAFEWAY INC. | 786514208 | 121,500 | $2,584,305.00 | 1.16% |
| SONOCO PRODUCTS INC | 835495102 | 102,600 | $2,583,468.00 | 1.16% |
| AMERICAN ELECTRIC POWER | 025537101 | 75,000 | $2,447,250.00 | 1.09% |
| TYCO ELECTRONICS | G9144P105 | 125,500 | $2,439,720.00 | 1.09% |
| DONNELLEY R R & SONS | 257867101 | 145,000 | $2,402,650.00 | 1.07% |
| SOUTHWEST AIRLINES CO | 844741108 | 195,900 | $2,307,702.00 | 1.03% |
| PACKAGING CORP OF AMERICA | 695156109 | 125,300 | $2,108,799.00 | 0.94% |
| FPL GROUP INC | 302571104 | 44,200 | $2,088,008.00 | 0.93% |
| SEAGATE TECHNOLOGY | G7945J104 | 300,500 | $2,034,385.00 | 0.91% |
| TELEFLEX INCORPORATED | 879369106 | 35,650 | $1,889,093.50 | 0.84% |
| GFI GROUP INC. | 361652209 | 551,600 | $1,770,636.00 | 0.79% |
| ALBEMARLE CORP | 012653101 | 70,800 | $1,723,980.00 | 0.77% |
| MENTOR CORP MINN | 587188103 | 101,400 | $1,713,660.00 | 0.76% |
| MILLER (HERMAN) INC | 600544100 | 75,000 | $1,650,000.00 | 0.74% |
| AIR PRODUCTS & CHEMICALS | 009158106 | 22,000 | $1,278,860.00 | 0.57% |
| BECKMAN COULTER | 075811109 | 25,000 | $1,248,000.00 | 0.56% |
| Total Fund Assets | | | $222,630,203.13 | 100.00% |
As of 10/31/2008.
Holdings subject to change.
