Monthly Portfolio Holdings


Portfolio holdings sorted alphabetically
as of April 30, 2008

Security Description

Symbol

Security Description

Symbol

AFLAC, Inc.
AFL
Level 3 Communications - Conv. Bond
52729NBE9
Agilent Technologies, Inc.
A
Markel Corp.
MKL
Ambac Financial Group, Inc.
ABK
MBIA, Inc.
MBI
American Tower Corp. Class A
AMT
Merrill Lynch & Co. Inc.
MER
Bed Bath & Beyond, Inc.
BBBY
Microsoft Corp.
MSFT
Blount International, Inc
BLT
Molex, Inc. Class A
MOLXA
Brown & Brown, Inc.
BRO
Netflix, Inc.
NFLX
Cardinal Health, Inc.
CAH
News Corp. Class A
NWSA
CarMax, Inc.
KMX
Nymex Holdings, Inc.
NMX
Cisco Systems, Inc.
CSCO
Oaktree Capital Group
OAKTRZ
Clark Holdings, Inc.
GLA
Pargesa Holding SA
PARG SW
Comcast Corp. - Special Class A
CMCSK
Power Corp. of Canada
POW CN
Convera Corp.
CNVR
Redwood Trust, Inc.
RWT
Costco Wholesale Corp.
COST
RenaissanceRe Holdings Ltd.
RNR
D&B Corp.
DNB
Schering-Plough Corp.
SGP
Dell, Inc.
DELL
Sealed Air Corp.
SEE
Discover Financial Services
DFS
Shaw Group, Inc.
SGR
E*TRADE Financial Corp.
ETFC
Sigma-Aldrich Corp.
SIAL
Everest Re Group Ltd.
RE
Sino-Forest Corp.
TRE CN
Franklin Electric Co., Inc.
FELE
SK Telecom Co. Ltd. ADR
SKM
Garmin Ltd.
GRMN
Sprint Nextel Corp.
S
Google, Inc. Class A
GOOG
Tenaris S.A. ADR
TS
Grupo Televisa S.A. ADR
TV
Texas Instruments, Inc.
TXN
H&R Block, Inc.
HRB
Tiffany & Co.
TIF
Heineken Holding NV
HEIO NA
Trane, Inc.
TT
Hunter Douglas NV
HDG NA
Transatlantic Holdings, Inc.
TRH
IDEXX Laboratories, Inc.
IDXX
Transocean, Inc.
RIG
Iron Mountain, Inc.
IRM
UnitedHealth Group, Inc.
UNH
Johnson & Johnson
JNJ
Virgin Media, Inc.
VMED
Johnson Controls, Inc.
JCI
Wabco Holdings, Inc.
WBC
Julius Baer Holdings Ltd. AG
BAER VX
Walt Disney Company
DIS
Kuehne & Nagel International AG
KNIN VX
Whole Foods Market, Inc.
WFMI
Lagardere S.C.A.
MMB FP
WPP Group Plc ADR
WPPGY
Legg Mason, Inc.
LM
Yum! Brands, Inc.
YUM


Portfolio holdings are subject to change. The holdings above may not represent the entire portfolio. For a complete listing of portfolio holdings review the most recent Annual Report, Semi-Annual report, or Form N-Q.