Portfolio Strategy
Diversified holdings serve to reduce risk.
Top Ten Sectors
Distribution of assets across ten largest industries.
Top Ten Holdings
Distribution of assets among ten largest investment holdings.
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As of 06/30/2008
Holding
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Shares
|
Value
|
% Common
Net Assets*
|
WEATHERFORD INTERNATIONAL LTD.
Weatherford supplies a broad range of oil field services and equipment on a worldwide basis. Its focus on helping customers to increase production from existing fields and enhancing recovery from new wells should lead to earnings growth.
|
2,470,000
|
$122,487,300
|
10.7%
|
|
APACHE CORPORATION
Apache is a large independent oil and gas company with a long history of growing production and creating value for shareholders. The company's operations are primarily focused in North America, the North Sea and Egypt.
|
549,800
|
$76,422,200
|
6.7%
|
|
CEMEX, S.A. de C.V. ADR
Domiciled in Mexico, CEMEX has grown organically and through acquisition to become one of the world's leading cement and aggregates companies. With the expansion of its operations into related construction materials and additional geographic areas, as well as its focus on cost containment, the company's free cash flow should continue to increase, supporting a positive long-term outlook.
|
2,306,590
|
$56,972,762
|
5.0%
|
|
THE TJX COMPANIES, INC.
Through its T.J. Maxx and Marshalls divisions, TJX is the leading off-price retailer. The continued growth of these divisions, along with expansion into related U.S. and foreign off-price formats, provide ongoing growth opportunities.
|
1,675,000
|
$52,712,250
|
4.6%
|
|
HALLIBURTON COMPANY
Halliburton offers a broad suite of services and products to customers worldwide for the exploration, development and production of oil and gas. The company has the scale, product depth and technology to provide value-added customer service and produce attractive long-term shareholder returns. |
800,000
|
$42,456,000
|
3.7%
|
|
COSTCO WHOLESALE CORPORATION
Costco is the largest wholesale club with a record of steady growth in sales and profits as it continues to gain share of the consumer dollar.
|
575,000
|
$40,330,500
|
3.6%
|
|
NINTENDO CO., LTD.
Nintendo is one of the world's leading developers of video game platforms and software. Its innovative approach to product development and customer segmentation should lead to continued market share gains.
|
70,000
|
$39,545,100
|
3.5%
|
|
QUALCOMM INCORPORATED
Qualcomm is a leading developer of mobile communications intellectual property and semiconductors. The company stands to benefit greatly from the global adoption of mobile data applications. |
800,000
|
$35,496,000
|
3.1%
|
|
DELL, INC.
Dell is a leading provider of computer systems and services. With growing global demand for its products, the company should continue to generate significant free cash flow as a result of its focus on efficient distribution and margin expansion.
|
1,555,000
|
$34,023,400
|
3.0%
|
|
TEXTRON INC.
Textron is a global company with operations in aerospace, defense, industrial products and finance. Portfolio rationalization and operational improvements made over the past few years have created a strong platform for earnings growth.
|
600,700
|
$28,791,551
|
2.5%
|
|
|
|
$529,237,063
|
46.4%
|
|
* Net Assets Applicable to the Company's Common Stock.
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