/s/ Karla M. Rabusch

Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS

 Including Sales Charge Excluding Sales Charge Expense Ratio(3)
 Inception ---------------------------------- ---------------------------------- -----------------
Target Today Fund Date 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross Net(4)
----------------- ---------- --------- ------ ------ ------- --------- ------ ------ ------- ------- --------
Class A (STWRX) 03/01/1994 (1.99) 0.91 3.06 3.22 3.96 7.05 4.29 3.83 1.17% 0.96%
Class B (WFOKX)** 08/01/1998 (1.40) 1.22 3.16 3.37 3.60 6.22 3.51 3.37 1.92% 1.71%
Class C (WFODX) 12/01/1998 2.59 5.25 3.50 3.14 3.59 6.25 3.50 3.14 1.92% 1.71%
Administrator (WFLOX) 11/08/1999 4.07 7.19 4.56 4.12 1.01% 0.80%
Institutional (WOTDX)(5) 06/29/2004 4.31 7.57 4.83 4.28 0.72% 0.45%
Investor (WFBTX)(5) 01/31/2007 4.11 7.25 4.52 4.11 1.23% 0.86%
Dow Jones Target Today
 Index(6) 4.45 8.18 5.34 6.12
Russell 3000(R) Index(7) (3.93) 5.64 (0.72) (1.26)
Barclays Capital U.S.
 Aggregate
 Bond Index(8) 5.81 9.18 5.96 6.47

 Including Sales Charge Excluding Sales Charge Expense Ratio(3)
 Inception ---------------------------------- ---------------------------------- -----------------
Target 2010 Fund Date 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross Net(4)
----------------- ---------- --------- ------ ------ ------- --------- ------ ------ ------- ------- --------
Class A (STNRX) 03/01/1994 (2.48) 1.11 2.46 2.14 3.44 7.31 3.67 2.75 1.14% 0.99%
Class B (SPTBX)** 03/01/1997 (1.91) 1.47 2.53 2.27 3.09 6.47 2.89 2.27 1.90% 1.74%
Class C (WFOCX) 12/01/1998 2.10 5.51 2.90 2.04 3.10 6.51 2.90 2.04 1.89% 1.74%
Administrator (WFLGX) 11/08/1999 3.58 7.47 3.96 3.01 0.98% 0.83%
Institutional (WFOAX)(5) 06/29/2004 3.83 7.87 4.22 3.16 0.71% 0.48%
Investor (WFCTX)(5) 01/31/2007 3.56 7.42 3.90 2.99 1.21% 0.89%
Dow Jones Target
 2010 Index(6) 3.96 8.44 4.61 4.98
Russell 3000(R) Index(7) (3.93) 5.64 (0.72) (1.26)
Barclays Capital U.S.
 Aggregate Bond
 Index(8) 5.81 9.18 5.96 6.47

 Including Sales Charge Excluding Sales Charge Expense Ratio(3)
 Inception ---------------------------------- ---------------------------------- -----------------
Target 2020 Fund(5) Date 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross Net(4)
------------------- ---------- --------- ------ ------ ------- --------- ------ ------ ------- ------- --------
Class A (STTRX) 03/01/1994 (3.88) 1.24 1.50 0.63 2.03 7.39 2.72 1.23 1.13% 1.01%
Class B (STPBX)** 03/01/1997 (3.39) 1.55 1.57 0.76 1.61 6.55 1.94 0.76 1.88% 1.76%
Class C (WFLAX) 12/01/1998 0.68 5.60 1.95 0.54 1.68 6.60 1.95 0.54 1.88% 1.76%
Administrator (WFLPX) 11/08/1998 2.09 7.51 2.99 1.51 0.96% 0.85%
Institutional (WFOBX) 06/29/2004 2.33 7.97 3.26 1.68 0.69% 0.50%
Investor (WFDTX) 01/31/2007 2.16 7.56 2.97 1.50 1.19% 0.91%
Dow Jones Target 2020
 Index(6) 2.55 8.51 3.85 4.00
Russell 3000(R) Index(7) (3.93) 5.64 (0.72) (1.26)
Barclays Capital U.S.
 Aggregate Bond
 Index(8) 5.81 9.18 5.96 6.47

 Including Sales Charge Excluding Sales Charge Expense Ratio(3)
 Inception ---------------------------------- ---------------------------------- -----------------
Target 2030 Fund Date 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross Net(4)
---------------- ---------- --------- ------ ------ ------- --------- ------ ------ ------- ------- --------
Class A (STHRX) 03/01/1994 (5.64) 0.93 0.28 (0.48) 0.11 7.12 1.48 0.11 1.14% 1.02%
Class B (SGPBX)** 03/01/1997 (5.27) 1.26 0.33 (0.34) (0.27) 6.26 0.72 (0.34) 1.90% 1.77%
Class C (WFDMX) 12/01/1998 (1.32) 5.29 0.72 (0.56) (0.32) 6.29 0.72 (0.56) 1.89% 1.77%
Administrator (WFLIX) 11/08/1999 0.17 7.31 1.77 0.40 0.98% 0.86%
Institutional (WFOOX)(5) 06/29/2004 0.35 7.65 2.00 0.54 0.71% 0.51%
Investor (WFETX)(5) 01/31/2007 0.17 7.21 1.71 0.37 1.20% 0.92%
Dow Jones Target 2030
 Index(6) 0.66 8.28 3.03 3.22
Russell 3000(R) Index(7) (3.93) 5.64 (0.72) (1.26)
Barclays Capital U.S.
 Aggregate Bond
 Index(8) 5.81 9.18 5.96 6.47

 Including Sales Charge Excluding Sales Charge Expense Ratio(3)
 Inception ---------------------------------- ---------------------------------- -----------------
Target 2040 Fund Date 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross Net(4)
---------------- ---------- --------- ------ ------ ------- --------- ------ ------ ------- ------- --------
Class A (STFRX) 03/01/1994 (6.90) 0.67 (0.24) (1.45) (1.21) 6.80 0.96 (0.87) 1.16% 1.03%
Class B (SLPBX)** 03/01/1997 (6.59) 0.87 (0.22) (1.32) (1.59) 5.87 0.18 (1.32) 1.91% 1.78%
Class C (WFOFX) 07/01/1998 (2.54) 4.97 0.21 (1.55) (1.54) 5.97 0.21 (1.55) 1.91% 1.78%
Administrator (WFLWX) 11/08/1999 (1.10) 6.99 1.24 (0.58) 0.99% 0.87%
Institutional (WFOSX)(5) 06/29/2004 (0.94) 7.29 1.48 (0.44) 0.72% 0.52%
Investor (WFFTX)(5) 01/31/2007 (1.19) 6.87 1.18 (0.62) 1.22% 0.93%
Dow Jones Target 2040
 Index(6) (0.60) 7.95 2.38 2.92
Russell 3000(R) Index(7) (3.93) 5.64 (0.72) (1.26)
Barclays Capital U.S.
 Aggregate Bond
 Index(8) 5.81 9.18 5.96 6.47

 Beginning Ending Expenses
 Account Value Account Value Paid During the Net Annual
 03-01-2010 08-31-2010 Period(1) Expense Ratio
 ------------- ------------- --------------- -------------
TARGET TODAY FUND
CLASS A
 Actual $1,000.00 $1,039.63 $4.99 0.97%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.32 $4.94 0.97%
CLASS B
 Actual $1,000.00 $1,036.00 $8.88 1.73%
 Hypothetical (5% return before expenses) $1,000.00 $1,016.48 $8.79 1.73%
CLASS C
 Actual $1,000.00 $1,035.93 $8.83 1.72%
 Hypothetical (5% return before expenses) $1,000.00 $1,016.53 $8.74 1.72%
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,040.69 $4.11 0.80%
 Hypothetical (5% return before expenses) $1,000.00 $1,021.17 $4.08 0.80%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,043.09 $2.32 0.45%
 Hypothetical (5% return before expenses) $1,000.00 $1,022.94 $2.29 0.45%
INVESTOR CLASS
 Actual $1,000.00 $1,041.09 $4.42 0.86%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.87 $4.38 0.86%

 Beginning Ending Expenses
 Account Value Account Value Paid During the Net Annual
 03-01-2010 08-31-2010 Period(1) Expense Ratio
 ------------- ------------- --------------- -------------
TARGET 2010 FUND
CLASS A
 Actual $1,000.00 $1,034.38 $5.13 1.00%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.16 $5.09 1.00%
CLASS B
 Actual $1,000.00 $1,030.89 $8.96 1.75%
 Hypothetical (5% return before expenses) $1,000.00 $1,016.38 $8.89 1.75%
CLASS C
 Actual $1,000.00 $1,031.02 $8.96 1.75%
 Hypothetical (5% return before expenses) $1,000.00 $1,016.38 $8.89 1.75%
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,035.81 $4.26 0.83%
 Hypothetical (5% return before expenses) $1,000.00 $1,021.02 $4.23 0.83%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,038.33 $2.47 0.48%
 Hypothetical (5% return before expenses) $1,000.00 $1,022.79 $2.45 0.48%
INVESTOR CLASS
 Actual $1,000.00 $1,035.62 $4.57 0.89%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.72 $4.53 0.89%
TARGET 2015 FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,029.23 $4.30 0.84%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.97 $4.28 0.84%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,031.17 $2.51 0.49%
 Hypothetical (5% return before expenses) $1,000.00 $1,022.74 $2.50 0.49%
INVESTOR CLASS
 Actual $1,000.00 $1,028.93 $4.60 0.90%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.67 $4.58 0.90%
TARGET 2020 FUND
CLASS A
 Actual $1,000.00 $1,020.26 $5.19 1.02%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.06 $5.19 1.02%
CLASS B
 Actual $1,000.00 $1,016.11 $9.05 1.78%
 Hypothetical (5% return before expenses) $1,000.00 $1,016.23 $9.05 1.78%
CLASS C
 Actual $1,000.00 $1,016.81 $9.00 1.77%
 Hypothetical (5% return before expenses) $1,000.00 $1,016.28 $9.00 1.77%
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,020.92 $4.33 0.85%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.92 $4.33 0.85%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,023.29 $2.55 0.50%
 Hypothetical (5% return before expenses) $1,000.00 $1,022.68 $2.55 0.50%
INVESTOR CLASS
 Actual $1,000.00 $1,021.59 $4.64 0.91%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.62 $4.63 0.91%

 Beginning Ending Expenses
 Account Value Account Value Paid During the Net Annual
 03-01-2010 08-31-2010 Period(1) Expense Ratio
 ------------- ------------- --------------- -------------
TARGET 2025 FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,010.79 $4.31 0.85%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.92 $4.33 0.85%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,012.39 $2.54 0.50%
 Hypothetical (5% return before expenses) $1,000.00 $1,022.68 $2.55 0.50%
INVESTOR CLASS
 Actual $1,000.00 $1,009.95 $4.61 0.91%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.62 $4.63 0.91%
TARGET 2030 FUND
CLASS A
 Actual $1,000.00 $1,001.05 $5.20 1.03%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.01 $5.24 1.03%
CLASS B
 Actual $1,000.00 $ 997.29 $9.01 1.79%
 Hypothetical (5% return before expenses) $1,000.00 $1,016.18 $9.10 1.79%
CLASS C
 Actual $1,000.00 $ 996.82 $8.96 1.78%
 Hypothetical (5% return before expenses) $1,000.00 $1,016.23 $9.05 1.78%
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,001.66 $4.34 0.86%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.87 $4.38 0.86%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,003.55 $2.58 0.51%
 Hypothetical (5% return before expenses) $1,000.00 $1,022.63 $2.60 0.51%
INVESTOR CLASS
 Actual $1,000.00 $1,001.69 $4.64 0.92%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.57 $4.69 0.92%
TARGET 2035 FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $ 993.02 $4.37 0.87%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.82 $4.43 0.87%
INSTITUTIONAL CLASS
 Actual $1,000.00 $ 994.56 $2.61 0.52%
 Hypothetical (5% return before expenses) $1,000.00 $1,022.58 $2.65 0.52%
INVESTOR CLASS
 Actual $1,000.00 $ 993.97 $4.67 0.93%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.52 $4.74 0.93%

 Beginning Ending Expenses
 Account Value Account Value Paid During the Net Annual
 03-01-2010 08-31-2010 Period(1) Expense Ratio
 ------------- ------------- --------------- -------------
TARGET 2040 FUND
CLASS A
 Actual $1,000.00 $ 987.86 $5.21 1.04%
 Hypothetical (5% return before expenses) $1,000.00 $1,019.96 $5.30 1.04%
CLASS B
 Actual $1,000.00 $ 984.06 $8.95 1.79%
 Hypothetical (5% return before expenses) $1,000.00 $1,016.18 $9.10 1.79%
CLASS C
 Actual $1,000.00 $ 984.64 $8.95 1.79%
 Hypothetical (5% return before expenses) $1,000.00 $1,016.18 $9.10 1.79%
ADMINISTRATOR CLASS
 Actual $1,000.00 $ 988.99 $4.36 0.87%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.82 $4.43 0.87%
INSTITUTIONAL CLASS
 Actual $1,000.00 $ 990.58 $2.61 0.52%
 Hypothetical (5% return before expenses) $1,000.00 $1,022.58 $2.65 0.52%
INVESTOR CLASS
 Actual $1,000.00 $ 988.05 $4.66 0.93%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.52 $4.74 0.93%
TARGET 2045 FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $ 987.12 $4.36 0.87%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.82 $4.43 0.87%
INSTITUTIONAL CLASS
 Actual $1,000.00 $ 988.58 $2.61 0.52%
 Hypothetical (5% return before expenses) $1,000.00 $1,022.58 $2.65 0.52%
INVESTOR CLASS
 Actual $1,000.00 $ 986.95 $4.66 0.93%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.52 $4.74 0.93%
TARGET 2050 FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $ 986.63 $4.36 0.87%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.82 $4.43 0.87%
INSTITUTIONAL CLASS
 Actual $1,000.00 $ 989.43 $2.61 0.52%
 Hypothetical (5% return before expenses) $1,000.00 $1,022.58 $2.65 0.52%
INVESTOR CLASS
 Actual $1,000.00 $ 986.23 $4.66 0.93%
 Hypothetical (5% return before expenses) $1,000.00 $1,020.52 $4.74 0.93%

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
-------------- ------------------------------------------------------------ -------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.97%
 NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 387,686,347
 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 68,815,669
 NA WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT PORTFOLIO 23,878,026
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $460,527,383) 480,380,042
 -------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $460,527,383)* 99.97% 480,380,042
OTHER ASSETS AND LIABILITIES, NET 0.03 135,293
 ------ -------------
TOTAL NET ASSETS 100.00% $ 480,515,335
 ------ -------------

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
-------------- ------------------------------------------------------------ ------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.88%
 NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 478,781,478
 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 148,737,258
 NA WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT PORTFOLIO 26,110,319
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST$623,836,355) 653,629,055
 -------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $623,836,355) 99.88% 653,629,055
OTHER ASSETS AND LIABILITIES, NET 0.12 802,190
 ------ -------------
TOTAL NET ASSETS 100.00% $ 654,431,245
 ------ -------------

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
-------------- ------------------------------------------------------------ -------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.63%
 NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 294,341,889
 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 147,379,485
 NA WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT PORTFOLIO 18,478,216
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $450,871,033) 460,199,590
 -------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $450,871,033)* 100.63% 460,199,590
OTHER ASSETS AND LIABILITIES, NET (0.63) (2,902,653)
 ------ -------------
TOTAL NET ASSETS 100.00% $ 457,296,937
 ------ -------------

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
-------------- ------------------------------------------------------------ --------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.02%
 NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 775,832,309
 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 640,672,635
 NA WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT PORTFOLIO 59,644,252
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $1,446,434,440) 1,476,149,196
 --------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $1,446,434,440)* 100.02% 1,476,149,196
OTHER ASSETS AND LIABILITIES, NET (0.02) (253,333)
 ------ --------------
TOTAL NET ASSETS 100.00% $1,475,895,863
 ------ --------------

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
-------------- ------------------------------------------------------------ --------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.23%
 NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 514,537,964
 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 749,954,373
 NA WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT PORTFOLIO 53,655,215
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $1,314,163,822) 1,318,147,552
 --------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $1,314,163,822)* 100.23% 1,318,147,552
OTHER ASSETS AND LIABILITIES, NET (0.23) (2,991,146)
 ------ --------------
TOTAL NET ASSETS 100.00% $1,315,156,406
 ------ --------------

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
-------------- ------------------------------------------------------------ -------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.00%
 NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 297,606,589
 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 794,837,111
 NA WELLS FARGO ADVANTAGE SHORT TERM INVESTMENT PORTFOLIO 46,694,564
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $1,141,686,020) 1,139,138,264
 --------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $1,141,686,020)* 100.00% 1,139,138,264
OTHER ASSETS AND LIABILITIES, NET 0.00 (26,238)
 ------ --------------
TOTAL NET ASSETS 100.00% $1,139,112,026
 ------ --------------

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
-------------- ------------------------------------------------------------ -------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.27%
 NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 63,403,287
 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 323,717,632
 NA WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT PORTFOLIO 16,644,053
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $408,307,536) 403,764,972
TOTAL INVESTMENTS IN SECURITIES
(COST $408,307,536)* 100.27% 403,764,972
OTHER ASSETS AND LIABILITIES, NET (0.27) (1,071,423)
 ------ ------------
TOTAL NET ASSETS 100.00% $402,693,549
 ------ ------------

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
-------------- ------------------------------------------------------------ -------------
INVESTMENTS IN AFFILIATED MASTER
PORTFOLIOS: 99.98%
 NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 68,216,607
 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 656,778,540
 NA WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT PORTFOLIO 31,287,610
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $768,783,896) 756,282,757
 -------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $768,783,896)* 99.98% 756,282,757
OTHER ASSETS AND LIABILITIES, NET 0.02 183,594
 ------ -------------
TOTAL NET ASSETS 100.00% $ 756,466,351
 ------ -------------

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
-------------- ------------------------------------------------------------ -------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.26%
 NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 10,648,574
 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 137,184,970
 NA WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT PORTFOLIO 6,387,390
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $156,756,387) 154,220,934
 -------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $156,756,387)* 100.26% 154,220,934
OTHER ASSETS AND LIABILITIES, NET (0.26) (405,202)
 ------ -------------
TOTAL NET ASSETS 100.00% $ 153,815,732
 ------ -------------

 FACE/SHARE
 AMOUNT SECURITY NAME VALUE
-------------- ------------------------------------------------------------ -------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.12%
 NA WELLS FARGO ADVANTAGE DIVERSIFIED FIXED INCOME PORTFOLIO $ 32,522,340
 NA WELLS FARGO ADVANTAGE DIVERSIFIED STOCK PORTFOLIO 418,983,335
 NA WELLS FARGO ADVANTAGE SHORT-TERM INVESTMENT PORTFOLIO 19,508,040
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $474,954,284) 471,013,715
 -------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $474,954,284)* 100.12% 471,013,715
OTHER ASSETS AND LIABILITIES, NET (0.12) (571,618)
 ------ -------------
TOTAL NET ASSETS 100.00% $470,442,097
 ------ -------------

Target 2015 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040 Target 2045 Target 2050
 Fund Fund Fund Fund Fund Fund Fund Fund
----------- ----------- ------------ ------------ ------------ ------------ ----------- ------------

 $1,412,662 $ 6,789,838 $ 7,891,810 $ 8,678,993 $2,874,121 $ 6,846,595 $ 1,140,807 $ 4,424,132
 4,054,642 12,561,090 7,612,178 4,603,259 915,708 1,261,661 170,180 664,188
 (588,141) (2,139,874) (1,965,832) (1,774,451) (554,827) (1,233,211) (200,504) (789,341)
 69,843 281,624 286,330 280,181 92,565 213,189 34,876 137,792
 ---------- ----------- ------------ ------------ ---------- ------------ ----------- ------------
 4,949,006 17,492,678 13,824,486 11,787,982 3,327,567 7,088,234 1,145,359 4,436,771
 ---------- ----------- ------------ ------------ ---------- ------------ ----------- ------------

 501,499 1,651,415 1,490,284 1,332,585 429,603 922,408 152,707 604,800

 100,300 357,186 318,822 281,274 85,921 189,565 30,541 120,980
 NA 100,682 NA 77,313 NA 140,216 NA NA
 NA 5,731 NA 3,878 NA 4,964 NA NA
 NA 3,999 NA 2,390 NA 3,225 NA NA
 24,040 184,035 23,086 142,202 15,674 98,179 8,981 22,833
 108,665 365,655 435,821 289,250 80,951 171,302 27,180 167,240
 148,134 120,358 253,660 103,603 199,942 46,627 65,730 36,888

 NA 91,697 NA 70,380 NA 127,659 NA NA
 NA 5,206 NA 3,526 NA 4,513 NA NA
 NA 3,644 NA 2,177 NA 2,936 NA NA
 59,787 460,087 57,715 355,506 38,900 245,448 22,139 57,083
 101,820 82,623 174,452 70,876 137,444 31,947 45,316 25,191
 19,482 45,189 35,872 37,288 16,012 29,857 13,331 21,034

 NA 15,620 NA 10,578 NA 13,539 NA NA
 NA 10,931 NA 6,532 NA 8,809 NA NA
 13,456 13,456 13,456 13,456 13,456 13,456 13,456 13,456
 25,206 32,767 25,206 32,767 22,685 30,246 20,165 20,165
 3,025 63,014 3,025 45,371 2,521 40,329 2,017 3,025
 5,332 5,332 5,332 5,332 5,332 5,332 5,332 5,332
 1,737 10,181 1,770 7,491 1,562 5,748 1,425 1,706
 ---------- ----------- ------------ ------------ ---------- ------------ ----------- ------------
 1,112,483 3,628,808 2,838,501 2,893,775 1,050,003 2,136,305 408,320 1,099,733

 (396,718) (898,062) (962,871) (728,325) (338,415) (482,906) (150,520) (371,857)
 ---------- ----------- ------------ ------------ ---------- ------------ ----------- ------------
 715,765 2,730,746 1,875,630 2,165,450 711,588 1,653,399 257,800 727,876
 ---------- ----------- ------------ ------------ ---------- ------------ ----------- ------------
 4,233,241 14,761,932 11,948,856 9,622,532 2,615,979 5,434,835 887,559 3,708,895


 2,321,314 5,134,866 14,443,810 12,537,757 2,622,149 10,576,198 89,076 8,971,621


 3,944,723 8,803,767 (14,661,171) (23,748,525) (13,143,513) (26,983,383) (5,928,718) (19,472,366)
 ---------- ----------- ------------ ------------ ---------- ------------ ----------- ------------

 6,266,037 13,938,633 (217,361) (11,210,768) (10,521,364) (16,407,185) (5,839,642) (10,500,745)
----------- ----------- ------------ ------------ ---------- ------------ ----------- ------------

$10,499,278 $28,700,565 $ 11,731,495 $ (1,588,236) $ (7,905,385) $(10,972,350) $(4,952,083) $ (6,791,850)
=========== =========== ============ ============ ============ ============ =========== ============

$ 97,407 $ 387,577 $ 31,259 $ 483,003 $ 167,368 $ 399,573 $65,084 $ 260,874

 TARGET TODAY FUND
 -------------------------------------------------------
 For the Six Months Ended For the
 August 31, 2010 Year Ended
 (Unaudited) February 28, 2010
 ------------------------- ---------------------------
OPERATIONS
 Net investment income ................................... $ 4,948,208 $ 6,634,954
 Net realized gains (losses) on investments .............. 2,423,763 (1,668,409)
 Net change in unrealized gains (losses) on investments .. 10,442,193 24,485,820
 ------------ -------------
Net increase in net assets resulting from operations ....... 17,814,164 29,452,365
 ------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income
 Class A .............................................. (232,532) (540,913)
 Class B .............................................. (9,076) (41,425)
 Class C .............................................. (33,803) (83,874)
 Administrator Class .................................. (524,690) (1,654,461)
 Institutional Class .................................. (3,563,137) (3,497,499)
 Investor Class ....................................... (588,381) (681,494)
 Net realized gains
 Class A .............................................. 0 0
 Class B .............................................. 0 0
 Class C .............................................. 0 0
 Administrator Class .................................. 0 0
 Institutional Class .................................. 0 0
 Investor Class ....................................... 0 0
 ------------ -------------
 Total distributions to shareholders ..................... (4,951,619) (6,499,666)
 ------------ -------------
 SHARES SHARES
 --------- ----------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold
 Class A .............................................. 141,887 1,437,561 351,258 3,352,127
 Class B .............................................. 28 280 147 1,459
 Class C .............................................. 11,689 120,942 543,004 5,378,402
 Administrator Class .................................. 1,250,704 12,953,938 5,106,996 50,102,154
 Institutional Class .................................. 9,438,128 97,407,975 27,810,556 279,413,805
 Investor Class ....................................... 4,394,644 45,345,916 5,476,027 53,637,040
 ------------ -------------
 157,266,612 391,884,987
 ------------ -------------
 Net asset value of shares issued in reinvestment of
 distributions
 Class A .............................................. 21,692 217,133 52,281 504,381
 Class B .............................................. 788 8,122 3,801 37,527
 Class C .............................................. 2,772 28,369 7,384 72,896
 Administrator Class .................................. 51,335 523,454 167,124 1,651,452
 Institutional Class .................................. 343,714 3,505,349 350,124 3,482,315
 Investor Class ....................................... 57,680 587,271 68,874 680,925
 ------------ -------------
 4,869,698 6,429,496
 ------------ -------------
 Payment for shares redeemed
 Class A .............................................. (137,041) (1,388,352) (471,875) (4,568,625)
 Class B .............................................. (96,896) (1,003,818) (187,353) (1,837,390)
 Class C .............................................. (45,133) (465,797) (538,151) (5,321,739)
 Administrator Class .................................. (710,778) (7,324,982) (3,784,641) (36,932,327)
 Institutional Class .................................. (5,837,125) (60,126,830) (11,771,062) (115,579,978)
 Investor Class ....................................... (1,135,656) (11,675,489) (3,063,372) (29,839,552)
 ------------ -------------
 (81,985,268) (194,079,611)
 ------------ -------------
Net increase in net assets resulting from capital share
 transactions ............................................ 80,151,042 204,234,872
 ------------ -------------
Total increase in net assets ............................... 93,013,587 227,187,571
 ------------ -------------
NET ASSETS
Beginning of period ........................................ 387,501,748 160,314,177
 ------------ -------------
End of period .............................................. $480,515,335 $ 387,501,748
 ------------ -------------
Undistributed net investment income ........................ $ 1,672,759 $ 1,676,170
 ============ =============

 TARGET 2015 FUND
 ------------------------------------------------------
 For the Six Months Ended For the
 August 31, 2010 Year Ended
 (Unaudited) February 28, 2010
 ------------------------- --------------------------
OPERATIONS
 Net investment income ................................... $ 4,233,241 $ 3,369,648
 Net realized gains (losses) on investments .............. 2,321,314 (636,177)
 Net change in unrealized gains (losses) on investments .. 3,944,723 15,341,476
 ------------ -------------
Net increase in net assets resulting from operations ....... 10,499,278 18,074,947
 ------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income
 Class A .............................................. NA NA
 Class B .............................................. NA NA
 Class C .............................................. NA NA
 Administrator Class .................................. (434,632) (371,599)
 Institutional Class .................................. (2,889,740) (1,659,160)
 Investor Class ....................................... (626,384) (454,979)
 Net realized gains
 Class A .............................................. NA NA
 Class B .............................................. NA NA
 Class C .............................................. NA NA
 Administrator Class .................................. 0 0
 Institutional Class .................................. 0 0
 Investor Class ....................................... 0 0
 ------------ -------------
Total distributions to shareholders ........................ (3,950,756) (2,485,738)
 ------------ -------------
 SHARES SHARES
 ---------- ----------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold
 Class A .............................................. NA NA NA NA
 Class B .............................................. NA NA NA NA
 Class C .............................................. NA NA NA NA
 Administrator Class .................................. 1,413,535 13,126,855 6,610,326 57,907,762
 Institutional Class .................................. 9,225,941 84,731,740 29,286,147 259,692,107
 Investor Class ....................................... 9,874,416 92,130,319 7,708,768 65,261,800
 ------------ -------------
 189,988,914 382,861,669
 ------------ -------------
 Net asset value of shares issued in reinvestment of
 distributions
 Class A .............................................. NA NA NA NA
 Class B .............................................. NA NA NA NA
 Class C .............................................. NA NA NA NA
 Administrator Class .................................. 47,344 433,215 42,099 370,115
 Institutional Class .................................. 311,019 2,815,358 181,420 1,607,882
 Investor Class ....................................... 68,330 625,021 51,496 453,632
 ------------ -------------
 3,873,594 2,431,629
 ------------ -------------
 Payment for shares redeemed
 Class A .............................................. NA NA NA NA
 Class B .............................................. NA NA NA NA
 Class C .............................................. NA NA NA NA
 Administrator Class .................................. (868,799) (8,092,303) (3,700,009) (31,935,378)
 Institutional Class .................................. (4,059,757) (37,169,486) (6,450,410) (55,070,956)
 Investor Class ....................................... (2,037,331) (18,853,709) (4,288,015) (35,972,869)
 ------------ -------------
 (64,115,498) (122,979,203)
 ------------ -------------
Net increase in net assets resulting from capital share
 transactions ............................................ 129,747,010 262,314,095
 ------------ -------------
Total increase in net assets ............................... 136,295,532 277,903,304
 ------------ -------------
NET ASSETS
Beginning of period ........................................ 321,001,405 43,098,101
 ============ =============
End of period .............................................. $457,296,937 $ 321,001,405
 ============ =============
Undistributed net investment income ........................ $ 1,396,712 $ 1,114,227
 ------------ -------------

 TARGET 2025 FUND
 -----------------------------------------------------------
 For the Six Months Ended For the
 August 31, 2010 Year Ended
 (Unaudited) February 28, 2010
 ---------------------------- ----------------------------
OPERATIONS
 Net investment income ................................... $ 11,948,856 $ 8,523,030
 Net realized gains (losses) on investments .............. 14,443,810 (250,933)
 Net change in unrealized gains (losses) on investments .. (14,661,171) 36,614,152
 -------------- --------------
Net increase (decrease) in net assets resulting from
 operations .............................................. 11,731,495 44,886,249
 -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income
 Class A .............................................. NA NA
 Class B .............................................. NA NA
 Class C .............................................. NA NA
 Administrator Class .................................. (325,054) (312,127)
 Institutional Class .................................. (10,643,355) (4,819,421)
 Investor Class ....................................... (863,783) (730,879)
 Net realized gains
 Class A .............................................. NA NA
 Class B .............................................. NA NA
 Class C .............................................. NA NA
 Administrator Class .................................. 0 0
 Institutional Class .................................. 0 0
 Investor Class ....................................... 0 0
 -------------- --------------
Total distributions to shareholders ........................ (11,832,192) (5,862,427)
 -------------- --------------
 SHARES SHARES
 ----------- -----------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold
 Class A .............................................. NA NA NA NA
 Class B .............................................. NA NA NA NA
 Class C .............................................. NA NA NA NA
 Administrator Class .................................. 1,610,844 14,278,478 6,037,906 49,118,341
 Institutional Class .................................. 12,739,971 113,112,910 135,175,913 1,151,378,468
 Investor Class ....................................... 17,770,557 158,402,258 12,596,763 97,671,905
 -------------- --------------
 285,793,646 1,298,168,714
 -------------- --------------
 Net asset value of shares issued in reinvestment of
 distributions
 Class A .............................................. NA NA NA NA
 Class B .............................................. NA NA NA NA
 Class C .............................................. NA NA NA NA
 Administrator Class .................................. 37,395 325,054 38,176 312,098
 Institutional Class .................................. 1,192,116 10,389,947 557,529 4,765,153
 Investor Class ....................................... 99,892 862,775 89,200 730,109
 -------------- --------------
 11,577,776 5,807,360
 -------------- --------------
 Payment for shares redeemed
 Class A .............................................. NA NA NA NA
 Class B .............................................. NA NA NA NA
 Class C .............................................. NA NA NA NA
 Administrator Class .................................. (810,949) (7,121,850) (3,080,364) (24,378,310)
 Institutional Class .................................. (13,505,123) (119,517,500) (18,105,262) (150,529,330)
 Investor Class ....................................... (2,532,056) (22,327,998) (6,121,695) (46,548,639)
 -------------- --------------
 (148,967,348) (221,456,279)
 -------------- --------------
Net increase in net assets resulting from capital share
 transactions ............................................ 148,404,074 1,082,519,795
 -------------- --------------
Total increase in net assets ............................... 148,303,377 1,121,543,617
NET ASSETS
Beginning of period ........................................ 1,166,853,029 45,309,412
 ============== ==============
End of period .............................................. $1,315,156,406 $1,166,853,029
 ============== ==============
Undistributed net investment income ........................ $ 3,288,728 $ 3,172,064
 -------------- --------------

 TARGET 2035 FUND
 ------------------------------------------------------
 For the Six Months Ended For the
 August 31, 2010 Year Ended
 (Unaudited) February 28, 2010
 -------------------------- -------------------------
OPERATIONS
 Net investment income ................................... $ 2,615,979 $ 1,546,950
 Net realized gains (losses) on investments .............. 2,622,149 370,744
 Net change in unrealized gains (losses) on investments .. (13,143,513) 22,238,474
 ------------ ------------
Net increase (decrease) in net assets resulting from
 operations .............................................. (7,905,385) 24,156,168
 ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income
 Class A .............................................. NA NA
 Class B .............................................. NA NA
 Class C .............................................. NA NA
 Administrator Class .................................. (194,827) (100,105)
 Institutional Class .................................. (1,564,665) (767,354)
 Investor Class ....................................... (613,224) (330,235)
 Net realized gains
 Class A .............................................. NA NA
 Class B .............................................. NA NA
 Class C .............................................. NA NA
 Administrator Class .................................. 0 0
 Institutional Class .................................. 0 0
 Investor Class ....................................... 0 0
 ------------ ------------
Total distributions to shareholders ........................ (2,372,716) (1,197,694)
 ------------ ------------
 SHARES SHARES
 ----------- ----------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold
 Class A .............................................. NA NA NA NA
 Class B .............................................. NA NA NA NA
 Class C .............................................. NA NA NA NA
 Administrator Class .................................. 1,224,560 10,347,846 3,949,090 30,380,165
 Institutional Class .................................. 8,231,052 69,471,658 23,575,495 184,108,433
 Investor Class ....................................... 13,686,229 116,362,139 11,277,247 83,124,701
 ------------ ------------
 196,181,643 297,613,299
 ------------ ------------
 Net asset value of shares issued in reinvestment of
 distributions
 Class A .............................................. NA NA NA NA
 Class B .............................................. NA NA NA NA
 Class C .............................................. NA NA NA NA
 Administrator Class .................................. 23,663 194,828 13,289 100,086
 Institutional Class .................................. 189,092 1,552,305 97,729 756,787
 Investor Class ....................................... 74,511 611,623 43,253 329,253
 ------------ ------------
 2,358,756 1,186,126
 ------------ ------------
 Payment for shares redeemed
 Class A .............................................. NA NA NA NA
 Class B .............................................. NA NA NA NA
 Class C .............................................. NA NA NA NA
 Administrator Class .................................. (471,081) (3,895,233) (1,563,248) (11,364,104)
 Institutional Class .................................. (2,607,695) (21,755,499) (5,923,038) (43,690,793)
 Investor Class ....................................... (1,975,705) (16,651,275) (5,261,977) (37,374,946)
 ------------ ------------
 (42,302,007) (92,429,843)
 ------------ ------------
Net increase in net assets resulting from capital share
 transactions ............................................ 156,238,392 206,369,582
 ------------ ------------
Total increase in net assets ............................... 145,960,291 229,328,056
 ------------ ------------
NET ASSETS
Beginning of period ........................................ 256,733,258 27,405,202
 ============ ============
End of period .............................................. $402,693,549 $256,733,258
 ============ ============
Undistributed net investment income ........................ $ 733,092 $ 489,829
 ------------ ------------

 TARGET 2045 FUND
 -----------------------------------------------------
 For the Six Months Ended For the
 August 31, 2010 Year Ended
 (Unaudited) February 28, 2010
 ------------------------- ------------------------
OPERATIONS
 Net investment income ................................... $ 887,559 $ 469,269
 Net realized gains (losses) on investments .............. 89,076 158,404
 Net change in unrealized gains (losses) on investments .. (5,928,718) 9,516,637
 ------------ ------------
Net increase (decrease) in net assets resulting from
 operations .............................................. (4,952,083) 10,144,310
 ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
 Net investment income
 Administrator Class .................................. (98,478) (45,051)
 Institutional Class .................................. (472,471) (269,388)
 Investor Class ....................................... (176,856) (71,651)
 Net realized gains
 Administrator Class .................................. 0 (19,577)
 Institutional Class .................................. 0 (99,799)
 Investor Class ....................................... 0 (28,465)
 ------------ ------------
Total distributions to shareholders ........................ (747,805) (533,931)
 ------------ ------------
 SHARES SHARES
 ---------- ----------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold
 Administrator Class .................................. 797,546 6,636,222 2,444,483 18,563,942
 Institutional Class .................................. 4,330,666 36,177,800 8,283,176 62,412,688
 Investor Class ....................................... 6,750,034 56,832,875 3,523,235 24,459,065
 ------------ ------------
 99,646,897 105,435,695
 ------------ ------------
 Reinvestment of distributions
 Administrator Class .................................. 12,125 98,470 8,477 64,597
 Institutional Class .................................. 58,033 469,250 48,162 366,031
 Investor Class ....................................... 21,905 176,840 13,129 99,985
 ------------ ------------
 744,560 530,613
 ------------ ------------
 Payment for shares redeemed
 Administrator Class .................................. (281,199) (2,323,396) (929,082) (6,609,825)
 Institutional Class .................................. (1,183,710) (9,780,149) (3,520,135) (25,461,641)
 Investor Class ....................................... (944,583) (7,849,214) (2,249,817) (15,576,705)
 ------------ ------------
 (19,952,759) (47,648,171)
 ------------ ------------
Net increase in net assets resulting from capital share
 transactions ............................................ 80,438,698 58,318,137
 ------------ ------------
Total increase in net assets ............................... 74,738,810 67,928,516
 ------------ ------------
NET ASSETS
Beginning of period ........................................ 79,076,922 11,148,406
 ============ ============
End of period .............................................. $153,815,732 $ 79,076,922
 ============ ============
Undistributed net investment income ........................ $ 274,402 $ 134,648
 ------------ ------------

 Beginning Net Realized Distributions Distributions
 Net Asset Net and Unrealized from Net from Net
 Value Per Investment Gain (Loss) Investment Realized
 Share Income on Investments Income Gains
 --------- ---------- -------------- ------------- -------------
TARGET TODAY
Class A
March 1, 2010 to August 31, 2010 (Unaudited) ... $10.04 0.10 0.29 (0.10) 0.00
March 1, 2009 to February 28, 2010 ............. $ 8.86 0.22(5) 1.20 (0.24) 0.00
March 1, 2008 to February 28, 2009 ............. $10.10 0.26(5) (1.15) (0.29) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.07 0.35(5) 0.15 (0.36) (0.11)
March 1, 2006 to February 28, 2007 ............. $10.28 0.33(5) 0.15 (0.30) (0.39)
March 1, 2005 to February 28, 2006 ............. $10.20 0.20 0.23 (0.20) (0.15)
Class B
March 1, 2010 to August 31, 2010 (Unaudited) ... $10.31 0.06(5) 0.31 (0.06) 0.00
March 1, 2009 to February 28, 2010 ............. $ 9.08 0.16(5) 1.22 (0.15) 0.00
March 1, 2008 to February 28, 2009 ............. $10.33 0.19(5) (1.17) (0.21) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.29 0.28(5) 0.15 (0.28) (0.11)
March 1, 2006 to February 28, 2007 ............. $10.48 0.25(5) 0.17 (0.22) (0.39)
March 1, 2005 to February 28, 2006 ............. $10.39 0.13 0.23 (0.12) (0.15)
Class C
March 1, 2010 to August 31, 2010 (Unaudited) ... $10.25 0.07(5) 0.30 (0.07) 0.00
March 1, 2009 to February 28, 2010 ............. $ 9.04 0.15(5) 1.23 (0.17) 0.00
March 1, 2008 to February 28, 2009 ............. $10.30 0.19(5) (1.18) (0.21) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.26 0.28(5) 0.15 (0.28) (0.11)
March 1, 2006 to February 28, 2007 ............. $10.45 0.25(5) 0.17 (0.22) (0.39)
March 1, 2005 to February 28, 2006 ............. $10.36 0.13 0.23 (0.12) (0.15)
Administrator Class
March 1, 2010 to August 31, 2010 (Unaudited) ... $10.19 0.11(5) 0.30 (0.08) 0.00
March 1, 2009 to February 28, 2010 ............. $ 9.03 0.25(5) 1.21 (0.30) 0.00
March 1, 2008 to February 28, 2009 ............. $10.29 0.29(5) (1.17) (0.32) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.25 0.38(5) 0.16 (0.39) (0.11)
March 1, 2006 to February 28, 2007 ............. $10.45 0.37(5) 0.16 (0.34) (0.39)
March 1, 2005 to February 28, 2006 ............. $10.37 0.23 0.23 (0.23) (0.15)
Institutional Class
March 1, 2010 to August 31, 2010 (Unaudited) ... $10.24 0.12(5) 0.32 (0.14) 0.00
March 1, 2009 to February 28, 2010 ............. $ 9.03 0.27(5) 1.22 (0.28) 0.00
March 1, 2008 to February 28, 2009 ............. $10.29 0.32(5) (1.18) (0.34) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.26 0.41(5) 0.14 (0.41) (0.11)
March 1, 2006 to February 28, 2007 ............. $10.45 0.39(5) 0.17 (0.36) (0.39)
March 1, 2005 to February 28, 2006 ............. $10.37 0.26 0.22 (0.25) (0.15)
Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) ... $10.21 0.11(5) 0.31 (0.12) 0.00
March 1, 2009 to February 28, 2010 ............. $ 9.01 0.24(5) 1.22 (0.26) 0.00
March 1, 2008 to February 28, 2009 ............. $10.28 0.28(5) (1.17) (0.32) (0.06)
March 1, 2007 to February 29, 2008 ............. $10.26 0.37(5) 0.15 (0.39) (0.11)
January 31, 2007(4) to February 28, 2007 ....... $10.18 0.04(5) 0.04 0.00 0.00

 Beginning Net Realized Distributions Distributions
 Net Asset Net and Unrealized from Net from Net
 Value Per Investment Gain (Loss) Investment Realized
 Share Income on Investments Income Gains
 --------- ---------- -------------- ------------- -------------
TARGET 2010
Class A
March 1, 2010 to August 31, 2010 (Unaudited) ... $12.04 0.12(5) 0.29 (0.12) 0.00
March 1, 2009 to February 28, 2010 ............. $10.15 0.25(5) 1.93 (0.29) (0.00)(6)
March 1, 2008 to February 28, 2009 ............. $12.71 0.31(5) (2.42) (0.35) (0.10)
March 1, 2007 to February 29, 2008 ............. $12.68 0.38(5) 0.20 (0.39) (0.16)
March 1, 2006 to February 28, 2007 ............. $12.91 0.36(5) 0.45 (0.33) (0.71)
March 1, 2005 to February 28, 2006 ............. $12.48 0.23 0.44 (0.21) (0.03)
Class B
March 1, 2010 to August 31, 2010 (Unaudited) ... $12.10 0.08(5) 0.28 (0.07) 0.00
March 1, 2009 to February 28, 2010 ............. $10.18 0.17(5) 1.93 (0.18) (0.00)(6)
March 1, 2008 to February 28, 2009 ............. $12.73 0.22(5) (2.42) (0.25) (0.10)
March 1, 2007 to February 29, 2008 ............. $12.70 0.29(5) 0.18 (0.28) (0.16)
March 1, 2006 to February 28, 2007 ............. $12.92 0.26(5) 0.46 (0.23) (0.71)
March 1, 2005 to February 28, 2006 ............. $12.48 0.14 0.44 (0.11) (0.03)
Class C
March 1, 2010 to August 31, 2010 (Unaudited) ... $12.19 0.07 0.31 (0.08) 0.00
March 1, 2009 to February 28, 2010 ............. $10.27 0.16(5) 1.96 (0.20) (0.00)(6)
March 1, 2008 to February 28, 2009 ............. $12.85 0.22(5) (2.45) (0.25) (0.10)
March 1, 2007 to February 29, 2008 ............. $12.82 0.29(5) 0.19 (0.29) (0.16)
March 1, 2006 to February 28, 2007 ............. $13.04 0.26(5) 0.45 (0.22) (0.71)
March 1, 2005 to February 28, 2006 ............. $12.59 0.14 0.45 (0.11) (0.03)
Administrator Class
March 1, 2010 to August 31, 2010 (Unaudited) ... $12.14 0.13 0.30 (0.13) 0.00
March 1, 2009 to February 28, 2010 ............. $10.24 0.27(5) 1.95 (0.32) (0.00)(6)
March 1, 2008 to February 28, 2009 ............. $12.82 0.34(5) (2.44) (0.38) (0.10)
March 1, 2007 to February 29, 2008 ............. $12.79 0.42(5) 0.20 (0.43) (0.16)
March 1, 2006 to February 28, 2007 ............. $13.01 0.40(5) 0.45 (0.36) (0.71)
March 1, 2005 to February 28, 2006 ............. $12.57 0.26 0.46 (0.25) (0.03)
Institutional Class
March 1, 2010 to August 31, 2010 (Unaudited) ... $12.15 0.15 0.30 (0.15) 0.00
March 1, 2009 to February 28, 2010 ............. $10.24 0.31(5) 1.95 (0.35) (0.00)(6)
March 1, 2008 to February 28, 2009 ............. $12.81 0.37(5) (2.43) (0.41) (0.10)
March 1, 2007 to February 29, 2008 ............. $12.78 0.44(5) 0.21 (0.46) (0.16)
March 1, 2006 to February 28, 2007 ............. $13.01 0.44(5) 0.43 (0.39) (0.71)
March 1, 2005 to February 28, 2006 ............. $12.57 0.28 0.46 (0.27) (0.03)
Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) ... $12.12 0.15(5) 0.28 (0.13) 0.00
March 1, 2009 to February 28, 2010 ............. $10.22 0.27(5) 1.94 (0.31) (0.00)(6)
March 1, 2008 to February 28, 2009 ............. $12.80 0.33(5) (2.43) (0.38) (0.10)
March 1, 2007 to February 29, 2008 ............. $12.78 0.40(5) 0.21 (0.43) (0.16)
January 31, 2007(4) to February 28, 2007 ....... $12.66 0.04(5) 0.08 0.00 0.00
TARGET 2015
Administrator Class
March 1, 2010 to August 31, 2010 (Unaudited) ... $ 9.15 0.07 0.20 (0.09) 0.00
March 1, 2009 to February 28, 2010 ............. $ 7.31 0.17(5) 1.82 (0.15) 0.00
March 1, 2008 to February 28, 2009 ............. $10.04 0.24(5) (2.37) (0.30) 0.00
June 29, 2007(4) to February 29, 2008 .......... $10.00 0.20(5) (0.11) (0.05) 0.00
Institutional Class
March 1, 2010 to August 31, 2010 (Unaudited) ... $ 9.05 0.11(5) 0.17 (0.10) 0.00
March 1, 2009 to February 28, 2010 ............. $ 7.23 0.21(5) 1.77 (0.16) 0.00
March 1, 2008 to February 28, 2009 ............. $ 9.92 0.25(5) (2.33) (0.31) 0.00
June 29, 2007(4) to February 29, 2008 .......... $10.00 0.19(5) (0.10) (0.17) 0.00
Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) ... $ 9.16 0.10 0.16 (0.08) 0.00
March 1, 2009 to February 28, 2010 ............. $ 7.32 0.15(5) 1.83 (0.14) 0.00
March 1, 2008 to February 28, 2009 ............. $10.03 0.22(5) (2.34) (0.29) 0.00
June 29, 2007(4) to February 29, 2008 .......... $10.00 0.19(5) (0.10) (0.06) 0.00

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income (Loss) on Investments Income Realized Gains
 --------- ------------- -------------- ------------- --------------
TARGET 2020
Class A
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.54 0.11 0.14 (0.10) 0.00
March 1, 2009 to February 28, 2010 .............. $ 9.58 0.21(5) 2.97 (0.22) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $13.78 0.26(5) (4.04) (0.27) (0.15)
March 1, 2007 to February 29, 2008 .............. $14.22 0.33(5) (0.08) (0.32) (0.37)
March 1, 2006 to February 28, 2007 .............. $14.24 0.28(5) 1.04 (0.27) (1.07)
March 1, 2005 to February 28, 2006 .............. $13.44 0.19 0.80 (0.19) 0.00
Class B
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.41 0.06(5) 0.14 (0.04) 0.00
March 1, 2009 to February 28, 2010 .............. $ 9.50 0.12(5) 2.95 (0.16) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $13.66 0.17(5) (4.01) (0.17) (0.15)
March 1, 2007 to February 29, 2008 .............. $14.09 0.20(5) (0.06) (0.20) (0.37)
March 1, 2006 to February 28, 2007 .............. $14.12 0.18(5) 1.02 (0.16) (1.07)
March 1, 2005 to February 28, 2006 .............. $13.33 0.10 0.77 (0.08) 0.00
Class C
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.51 0.06(5) 0.14 (0.06) 0.00
March 1, 2009 to February 28, 2010 .............. $ 9.58 0.12(5) 2.98 (0.17) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $13.78 0.17(5) (4.05) (0.17) (0.15)
March 1, 2007 to February 29, 2008 .............. $14.21 0.21(5) (0.06) (0.21) (0.37)
March 1, 2006 to February 28, 2007 .............. $14.23 0.18(5) 1.03 (0.16) (1.07)
March 1, 2005 to February 28, 2006 .............. $13.43 0.09 0.79 (0.08) 0.00
Administrator Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.70 0.12(5) 0.14 (0.11) 0.00
March 1, 2009 to February 28, 2010 .............. $ 9.71 0.23(5) 3.01 (0.25) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $13.96 0.30(5) (4.09) (0.31) (0.15)
March 1, 2007 to February 29, 2008 .............. $14.39 0.36(5) (0.06) (0.36) (0.37)
March 1, 2006 to February 28, 2007 .............. $14.40 0.33(5) 1.04 (0.31) (1.07)
March 1, 2005 to February 28, 2006 .............. $13.58 0.23 0.82 (0.23) 0.00
Institutional Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.73 0.14(5) 0.15 (0.13) 0.00
March 1, 2009 to February 28, 2010 .............. $ 9.73 0.27(5) 3.01 (0.28) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $13.98 0.32(5) (4.08) (0.34) (0.15)
March 1, 2007 to February 29, 2008 .............. $14.41 0.39(5) (0.06) (0.39) (0.37)
March 1, 2006 to February 28, 2007 .............. $14.41 0.36(5) 1.05 (0.34) (1.07)
March 1, 2005 to February 28, 2006 .............. $13.60 0.25 0.81 (0.25) 0.00
Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.70 0.12(5) 0.14 (0.11) 0.00
March 1, 2009 to February 28, 2010 .............. $ 9.71 0.22(5) 3.02 (0.25) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $13.96 0.29(5) (4.08) (0.31) (0.15)
March 1, 2007 to February 29, 2008 .............. $14.40 0.33(5) (0.03) (0.37) (0.37)
January 31, 2007 to February 28, 2007 ........... $14.30 0.02(5) 0.08 0.00 0.00
TARGET 2025
Administrator Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.69 0.08(5) 0.02 (0.06) 0.00
March 1, 2009 to February 28, 2010 .............. $ 6.25 (0.04)(5) 2.61 (0.13) 0.00
March 1, 2008 to February 28, 2009 .............. $ 9.53 0.20(5) (3.29) (0.19) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.14(5) (0.57) (0.04) 0.00
Institutional Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.68 0.09(5) 0.02 (0.09) 0.00
March 1, 2009 to February 28, 2010 .............. $ 6.24 0.18(5) 2.39 (0.13) 0.00
March 1, 2008 to February 28, 2009 .............. $ 9.49 0.20(5) (3.26) (0.19) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.14(5) (0.55) (0.10) 0.00
Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.68 0.07(5) 0.02 (0.06) 0.00
March 1, 2009 to February 28, 2010 .............. $ 6.25 (0.08)(5) 2.64 (0.13) 0.00
March 1, 2008 to February 28, 2009 .............. $ 9.51 0.18(5) (3.26) (0.18) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.14(5) (0.57) (0.06) 0.00

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income on Investments Income Realized Gains
 --------- ------------- -------------- ------------- --------------
TARGET 2030
Class A
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.65 0.09(5) (0.08) (0.08) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.65 0.15(5) 4.00 (0.15) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $14.36 0.21(5) (5.55) (0.20) (0.17)
March 1, 2007 to February 29, 2008 .............. $15.16 0.24(5) (0.32) (0.23) (0.49)
March 1, 2006 to February 28, 2007 .............. $15.04 0.20(5) 1.44 (0.20) (1.32)
March 1, 2005 to February 28, 2006 .............. $14.21 0.16(5) 1.05 (0.15) (0.23)
Class B
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.41 0.04(5) (0.07) (0.04) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.49 0.07(5) 3.91 (0.06) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $14.09 0.11(5) (5.44) (0.10) (0.17)
March 1, 2007 to February 29, 2008 .............. $14.88 0.12(5) (0.31) (0.11) (0.49)
March 1, 2006 to February 28, 2007 .............. $14.79 0.09(5) 1.41 (0.09) (1.32)
March 1, 2005 to February 28, 2006 .............. $13.97 0.05(5) 1.04 (0.04) (0.23)
Class C
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.43 0.04(5) (0.08) (0.04) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.50 0.06(5) 3.93 (0.06) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $14.11 0.11(5) (5.45) (0.10) (0.17)
March 1, 2007 to February 29, 2008 .............. $14.91 0.12(5) (0.32) (0.11) (0.49)
March 1, 2006 to February 28, 2007 .............. $14.82 0.09(5) 1.41 (0.09) (1.32)
March 1, 2005 to February 28, 2006 .............. $14.00 0.05(5) 1.05 (0.05) (0.23)
Administrator Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.79 0.10(5) (0.08) (0.09) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.74 0.17(5) 4.06 (0.18) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $14.50 0.24(5) (5.59) (0.24) (0.17)
March 1, 2007 to February 29, 2008 .............. $15.31 0.28(5) (0.32) (0.28) (0.49)
March 1, 2006 to February 28, 2007 .............. $15.18 0.25(5) 1.45 (0.25) (1.32)
March 1, 2005 to February 28, 2006 .............. $14.33 0.20(5) 1.08 (0.20) (0.23)
Institutional Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.79 0.12(5) (0.07) (0.12) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.75 0.21(5) 4.03 (0.20) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $14.51 0.26(5) (5.58) (0.27) (0.17)
March 1, 2007 to February 29, 2008 .............. $15.31 0.31(5) (0.31) (0.31) (0.49)
March 1, 2006 to February 28, 2007 .............. $15.18 0.26(5) 1.47 (0.28) (1.32)
March 1, 2005 to February 28, 2006 .............. $14.33 0.23(5) 1.07 (0.22) (0.23)
Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.77 0.09(5) (0.07) (0.09) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.74 0.16(5) 4.04 (0.17) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $14.50 0.22(5) (5.58) (0.23) (0.17)
March 1, 2007 to February 29, 2008 .............. $15.31 0.25(5) (0.29) (0.28) (0.49)
January 31, 2007 to February 28, 2007 ........... $15.29 0.01(5) 0.01 0.00 0.00
Target 2035
Administrator Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.22 0.05 (0.11) (0.05) 0.00
March 1, 2009 to February 28, 2010 .............. $ 5.40 0.09(5) 2.81 (0.08) 0.00
March 1, 2008 to February 28, 2009 .............. $ 9.24 0.14(5) (3.84) (0.14) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.10(5) (0.85) (0.01) 0.00
Institutional Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.19 0.07 (0.11) (0.07) 0.00
March 1, 2009 to February 28, 2010 .............. $ 5.36 0.11(5) 2.82 (0.10) 0.00
March 1, 2008 to February 28, 2009 .............. $ 9.15 0.14(5) (3.80) (0.13) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.10(5) (0.84) (0.11) 0.00
Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.24 0.05 (0.10) (0.05) 0.00
March 1, 2009 to February 28, 2010 .............. $ 5.42 0.08(5) 2.82 (0.08) 0.00
March 1, 2008 to February 28, 2009 .............. $ 9.24 0.12(5) (3.82) (0.12) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.10(5) (0.86) (0.00)(6) 0.00

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income on Investments Income Realized Gains
 --------- ------------- -------------- ------------- --------------
TARGET 2040
Class A
March 1, 2010 to August 31, 2010 (Unaudited) .... $13.60 0.08 (0.24) (0.08) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.73 0.12(5) 4.87 (0.12) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $16.04 0.19(5) (6.92) (0.18) (0.40)
March 1, 2007 to February 29, 2008 .............. $17.42 0.22(5) (0.49) (0.22) (0.89)
March 1, 2006 to February 28, 2007 .............. $16.69 0.17(5) 1.85 (0.18) (1.11)
March 1, 2005 to February 28, 2006 .............. $15.27 0.14(5) 1.42 (0.14) 0.00

Class B
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.99 0.02(5) (0.23) (0.02) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.35 0.10(5) 4.57 (0.03) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $15.40 0.09(5) (6.64) (0.10) (0.40)
March 1, 2007 to February 29, 2008 .............. $16.75 0.09(5) (0.47) (0.08) (0.89)
March 1, 2006 to February 28, 2007 .............. $16.10 0.04(5) 1.78 (0.06) (1.11)
March 1, 2005 to February 28, 2006 .............. $14.72 0.03(5) 1.36 (0.01) 0.00

Class C
March 1, 2010 to August 31, 2010 (Unaudited) .... $12.95 0.02 (0.22) (0.03) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.33 0.05(5) 4.61 (0.04) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $15.36 0.09(5) (6.62) (0.10) (0.40)
March 1, 2007 to February 29, 2008 .............. $16.73 0.08(5) (0.47) (0.09) (0.89)
March 1, 2006 to February 28, 2007 .............. $16.08 0.04(5) 1.78 (0.06) (1.11)
March 1, 2005 to February 28, 2006 .............. $14.71 0.03(5) 1.36 (0.02) 0.00

Administrator Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $13.82 0.10 (0.25) (0.09) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.88 0.16(5) 4.93 (0.15) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $16.29 0.23(5) (7.02) (0.22) (0.40)
March 1, 2007 to February 29, 2008 .............. $17.67 0.27(5) (0.49) (0.27) (0.89)
March 1, 2006 to February 28, 2007 .............. $16.91 0.22(5) 1.88 (0.23) (1.11)
March 1, 2005 to February 28, 2006 .............. $15.48 0.19(5) 1.43 (0.19) 0.00

Institutional Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $13.84 0.09 (0.22) (0.11) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.88 0.18(5) 4.95 (0.17) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $16.29 0.25(5) (7.02) (0.24) (0.40)
March 1, 2007 to February 29, 2008 .............. $17.67 0.30(5) (0.48) (0.31) (0.89)
March 1, 2006 to February 28, 2007 .............. $16.91 0.24(5) 1.89 (0.26) (1.11)
March 1, 2005 to February 28, 2006 .............. $15.47 0.23(5) 1.43 (0.22) 0.00

Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $13.81 0.07 (0.23) (0.09) 0.00
March 1, 2009 to February 28, 2010 .............. $ 8.87 0.15(5) 4.93 (0.14) (0.00)(6)
March 1, 2008 to February 28, 2009 .............. $16.28 0.21(5) (7.01) (0.21) (0.40)
March 1, 2007 to February 29, 2008 .............. $17.67 0.23(5) (0.46) (0.27) (0.89)
January 31, 2007 to February 28, 2007 ........... $17.69 0.01(5) (0.03) 0.00 0.00

 Beginning Net Realized Distributions
 Net Asset Net and Unrealized from Net Distributions
 Value Per Investment Gain (Loss) Investment from Net
 Share Income on Investments Income Realized Gains
 --------- ------------- -------------- ------------- --------------
TARGET 2045
Administrator Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.12 0.05(5) (0.15) (0.05) 0.00
March 1, 2009 to February 28, 2010 .............. $ 5.21 0.08(5) 2.92 (0.07) (0.02)
March 1, 2008 to February 28, 2009 .............. $ 9.18 0.12(5) (3.94) (0.15) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.09(5) (0.91) 0.00 0.00

Institutional Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.08 0.07(5) (0.16) (0.06) 0.00
March 1, 2009 to February 28, 2010 .............. $ 5.19 0.10(5) 2.90 (0.09) (0.02)
March 1, 2008 to February 28, 2009 .............. $ 9.09 0.13(5) (3.91) (0.12) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.09(5) (0.90) (0.10) 0.00
Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.14 0.05(5) (0.16) (0.04) 0.00
March 1, 2009 to February 28, 2010 .............. $ 5.23 0.09(5) 2.91 (0.07) (0.02)
March 1, 2008 to February 28, 2009 .............. $ 9.17 0.11(5) (3.95) (0.10) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.09(5) (0.92) 0.00 0.00

TARGET 2050
Administrator Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.10 0.06 (0.16) (0.06) 0.00
March 1, 2009 to February 28, 2010 .............. $ 5.20 0.09 2.91 (0.07) (0.03)
March 1, 2008 to February 28, 2009 .............. $ 9.14 0.12(5) (3.96) (0.10) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.08(5) (0.92) (0.02) 0.00

Institutional Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.10 0.07 (0.15) (0.07) 0.00
March 1, 2009 to February 28, 2010 .............. $ 5.20 0.10 2.92 (0.09) (0.03)
March 1, 2008 to February 28, 2009 .............. $ 9.13 0.13(5) (3.94) (0.12) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.08(5) (0.90) (0.05) 0.00

Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) .... $ 8.11 0.05 (0.16) (0.05) 0.00
March 1, 2009 to February 28, 2010 .............. $ 5.21 0.07 2.93 (0.07) (0.03)
March 1, 2008 to February 28, 2009 .............. $ 9.16 0.11(5) (3.96) (0.10) 0.00
June 29, 2007 to February 29, 2008 .............. $10.00 0.07(5) (0.91) 0.00 0.00

 Target Target Target Target Target Target Target Target Target Target
 Today 2010 2015 2020 2025 2030 2035 2040 2045 2050
 Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund
 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Diversified Fixed Income
 Portfolio 13% 17% 10% 27% 18% 10% 2% 2% 0%* 1%
Diversified Stock Portfolio 2% 4% 4% 16% 18% 19% 8% 16% 3% 10%
Short-Term Investment Portfolio 8% 9% 6% 20% 18% 15% 6% 10% 2% 6%

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
CORPORATE BONDS & NOTES: 21.52%
CONSUMER DISCRETIONARY: 1.80%
AUTO COMPONENTS: 0.02%
$ 250,000 JOHNSON CONTROLS INCORPORATED 4.88% 09/15/2013 $ 270,851
 100,000 JOHNSON CONTROLS INCORPORATED 5.00 03/30/2020 110,144
 250,000 JOHNSON CONTROLS INCORPORATED 5.50 01/15/2016 282,580
 663,575
 -------------
AUTOMOBILES: 0.07%
 1,200,000 DAIMLER FINANCE NA LLC 5.75 09/08/2011 1,255,843
 330,000 DAIMLER FINANCE NA LLC 6.50 11/15/2013 376,908
 200,000 DAIMLER FINANCE NA LLC 7.30 01/15/2012 215,251
 225,000 DAIMLER FINANCE NA LLC 8.50 01/18/2031 305,709
 2,153,711
 -------------
DIVERSIFIED CONSUMER SERVICES: 0.07%
 500,000 BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY,
 STANFORD UNIVERSITY 4.75 05/01/2019 579,930
 75,000 DARTMOUTH COLLEGE 4.75 06/01/2019 84,903
 250,000 JOHNS HOPKINS UNIVERSITY 5.25 07/01/2019 287,680
 500,000 PRINCETON UNIVERSITY 5.70 03/01/2039 606,840
 250,000 VANDERBILT UNIVERSITY 5.25 04/01/2019 290,820
 225,000 YALE UNIVERSITY 2.90 10/15/2014 238,630
 2,088,803
 -------------
HOTELS, RESTAURANTS & LEISURE: 0.13%
 250,000 DARDEN RESTAURANTS INCORPORATED 5.63 10/15/2012 271,033
 105,000 DARDEN RESTAURANTS INCORPORATED 6.20 10/15/2017 122,776
 20,000 DARDEN RESTAURANTS INCORPORATED 6.80 10/15/2037 23,577
 250,000 INTERNATIONAL GAME TECHNOLOGY 5.50 06/15/2020 265,922
 425,000 MARRIOTT INTERNATIONAL 5.81 11/10/2015 471,235
 100,000 MARRIOTT INTERNATIONAL SERIES J 5.63 02/15/2013 106,869
 100,000 MCDONALD'S CORPORATION 5.80 10/15/2017 120,723
 150,000 MCDONALD'S CORPORATION 6.30 10/15/2037 190,927
 100,000 MCDONALD'S CORPORATION SERIES MTN 4.30 03/01/2013 108,368
 400,000 MCDONALD'S CORPORATION SERIES MTN<< 5.35 03/01/2018 471,500
 600,000 MCDONALD'S CORPORATION SERIES MTN 6.30 03/01/2038 776,201
 250,000 YUM! BRANDS INCORPORATED 5.30 09/15/2019 281,292
 350,000 YUM! BRANDS INCORPORATED 6.25 03/15/2018 416,345
 50,000 YUM! BRANDS INCORPORATED 6.88 11/15/2037 61,775
 3,688,543
 -------------
HOUSEHOLD DURABLES: 0.07%
 300,000 FORTUNE BRANDS INCORPORATED 3.00 06/01/2012 304,154
 200,000 FORTUNE BRANDS INCORPORATED 5.38 01/15/2016 217,966
 250,000 FORTUNE BRANDS INCORPORATED 6.38 06/15/2014 282,980
 65,000 MDC HOLDINGS INCORPORATED 5.38 07/01/2015 66,899
 200,000 NEWELL RUBBERMAID INCORPORATED 4.70 08/15/2020 209,579
 200,000 NEWELL RUBBERMAID INCORPORATED 5.50 04/15/2013 216,626
 165,000 NEWELL RUBBERMAID INCORPORATED 6.25 04/15/2018 189,719
 115,000 WHIRLPOOL CORPORATION 8.00 05/01/2012 125,548
 320,000 WHIRLPOOL CORPORATION 8.60 05/01/2014 383,630
 1,997,101
 -------------
LEISURE EQUIPMENT & PRODUCTS: 0.01%
 155,000 HASBRO INCORPORATED 6.35 03/15/2040 160,922
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
MEDIA: 1.09%
$ 180,000 CBS CORPORATION 4.63% 05/15/2018 $ 188,817
 300,000 CBS CORPORATION 7.88 07/30/2030 367,228
 200,000 CBS CORPORATION 8.88 05/15/2019 259,875
 100,000 COMCAST CORPORATION 4.95 06/15/2016 110,497
 500,000 COMCAST CORPORATION 5.15 03/01/2020 545,094
 800,000 COMCAST CORPORATION 5.30 01/15/2014 890,469
 1,000,000 COMCAST CORPORATION 5.70 07/01/2019 1,136,566
 75,000 COMCAST CORPORATION 5.88 02/15/2018 86,331
 475,000 COMCAST CORPORATION 5.90 03/15/2016 548,647
 500,000 COMCAST CORPORATION<< 6.30 11/15/2017 589,820
 500,000 COMCAST CORPORATION 6.40 03/01/2040 570,518
 900,000 COMCAST CORPORATION 6.45 03/15/2037 1,024,773
 200,000 COMCAST CORPORATION 6.50 11/15/2035 229,023
 650,000 COMCAST CORPORATION 6.55 07/01/2039 752,760
 400,000 COMCAST CORPORATION 6.95 08/15/2037 481,966
 285,000 DIRECTV HOLDINGS LLC 3.55 03/15/2015 293,904
 330,000 DIRECTV HOLDINGS LLC 5.20 03/15/2020 354,118
 145,000 DIRECTV HOLDINGS LLC 6.35 03/15/2040 159,830
 620,000 DIRECTV HOLDINGS LLC 7.63 05/15/2016 683,550
 500,000 DIRECTV HOLDINGS LLC 4.75 10/01/2014 540,101
 250,000 DISCOVERY COMMUNICATIONS 3.70 06/01/2015 262,993
 500,000 DISCOVERY COMMUNICATIONS 5.05 06/01/2020 540,736
 250,000 DISCOVERY COMMUNICATIONS 6.35 06/01/2040 282,517
 800,000 HISTORIC TW INCORPORATED 6.63 05/15/2029 907,766
 250,000 MCGRAW-HILL COMPANY INCORPORATED 5.90 11/15/2017 281,548
 500,000 NBC UNIVERSAL INCORPORATED++ 3.65 04/30/2015 524,450
 500,000 NBC UNIVERSAL INCORPORATED++ 6.40 04/30/2040 559,852
 180,000 NEWS AMERICA INCORPORATED 5.30 12/15/2014 203,087
 450,000 NEWS AMERICA INCORPORATED 6.40 12/15/2035 505,103
 600,000 NEWS AMERICA INCORPORATED 6.65 11/15/2037 695,027
 800,000 NEWS AMERICA INCORPORATED 6.90 03/01/2019 975,045
 500,000 NEWS AMERICA INCORPORATED 6.90 08/15/2039 599,139
 250,000 NEWS AMERICA INCORPORATED 8.15 10/17/2036 320,830
 90,000 OMNICOM GROUP INCORPORATED 4.45 08/15/2020 92,253
 450,000 OMNICOM GROUP INCORPORATED 6.25 07/15/2019 526,397
 65,000 REED ELSEVIER CAPITAL INCORPORATED 4.63 06/15/2012 68,204
 500,000 REED ELSEVIER CAPITAL INCORPORATED 8.63 01/15/2019 657,592
 250,000 TIME WARNER CABLE INCORPORATED 3.50 02/01/2015 260,259
 535,000 TIME WARNER CABLE INCORPORATED 5.00 02/01/2020 570,155
 350,000 TIME WARNER CABLE INCORPORATED 5.40 07/02/2012 375,505
 150,000 TIME WARNER CABLE INCORPORATED 5.85 05/01/2017 171,071
 600,000 TIME WARNER CABLE INCORPORATED 6.20 07/01/2013 675,869
 250,000 TIME WARNER CABLE INCORPORATED 6.55 05/01/2037 285,127
 1,000,000 TIME WARNER CABLE INCORPORATED 6.75 07/01/2018 1,193,649
 500,000 TIME WARNER CABLE INCORPORATED 6.75 06/15/2039 586,900
 800,000 TIME WARNER CABLE INCORPORATED 7.30 07/01/2038 988,565
 150,000 TIME WARNER CABLE INCORPORATED 7.50 04/01/2014 176,520
 150,000 TIME WARNER CABLE INCORPORATED 8.25 02/14/2014 179,187
 650,000 TIME WARNER CABLE INCORPORATED 8.25 04/01/2019 833,661
 100,000 TIME WARNER CABLE INCORPORATED 8.75 02/14/2019 131,163
 250,000 TIME WARNER COMPANIES INCORPORATED 7.57 02/01/2024 312,810
 150,000 TIME WARNER ENTERTAINMENT COMPANY LP 8.38 07/15/2033 197,060
 500,000 TIME WARNER INCORPORATED 4.88 03/15/2020 536,069
 1,000,000 TIME WARNER INCORPORATED 5.88 11/15/2016 1,160,827
 300,000 TIME WARNER INCORPORATED 6.20 03/15/2040 330,249
 50,000 TIME WARNER INCORPORATED 6.50 11/15/2036 56,476

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
MEDIA (continued)
$ 825,000 TIME WARNER INCORPORATED 7.63% 04/15/2031 $ 1,028,297
 300,000 TIME WARNER INCORPORATED 7.70 05/01/2032 377,794
 150,000 VIACOM INCORPORATED 4.38 09/15/2014 162,278
 200,000 VIACOM INCORPORATED 5.50 05/15/2033 195,172
 150,000 VIACOM INCORPORATED 5.63 09/15/2019 172,883
 480,000 VIACOM INCORPORATED 6.25 04/30/2016 559,493
 50,000 VIACOM INCORPORATED 6.75 10/05/2037 59,344
 480,000 VIACOM INCORPORATED 6.88 04/30/2036 571,247
 700,000 WALT DISNEY COMPANY 4.50 12/15/2013 779,260
 500,000 WALT DISNEY COMPANY 5.50 03/15/2019 598,286
 180,000 WALT DISNEY COMPANY 6.38 03/01/2012 195,018
 75,000 WALT DISNEY COMPANY 7.00 03/01/2032 99,532
 250,000 WALT DISNEY COMPANY SERIES MTN 5.63 09/15/2016 299,186
 31,935,338
 -------------
MULTILINE RETAIL: 0.15%
 65,000 KOHL'S CORPORATION 6.00 01/15/2033 72,840
 500,000 KOHL'S CORPORATION 6.25 12/15/2017 595,292
 135,000 NORDSTROM INCORPORATED 4.75 05/01/2020 143,932
 500,000 NORDSTROM INCORPORATED 6.25 01/15/2018 583,710
 60,000 NORDSTROM INCORPORATED 6.75 06/01/2014 70,240
 350,000 TARGET CORPORATION 5.38 05/01/2017 405,713
 1,000,000 TARGET CORPORATION 5.88 03/01/2012 1,073,218
 500,000 TARGET CORPORATION 6.00 01/15/2018 604,464
 100,000 TARGET CORPORATION 6.50 10/15/2037 123,816
 150,000 TARGET CORPORATION 7.00 07/15/2031 193,481
 500,000 TARGET CORPORATION 7.00 01/15/2038 654,757
 4,521,463
 -------------
SPECIALTY RETAIL: 0.18%
 150,000 AUTOZONE INCORPORATED 5.75 01/15/2015 167,149
 450,000 AUTOZONE INCORPORATED 6.50 01/15/2014 508,491
 550,000 HOME DEPOT INCORPORATED 5.25 12/16/2013 611,168
 680,000 HOME DEPOT INCORPORATED 5.40 03/01/2016 766,134
 750,000 HOME DEPOT INCORPORATED 5.88 12/16/2036 800,741
 200,000 LOWE'S COMPANIES INCORPORATED 4.63 04/15/2020 224,195
 400,000 LOWE'S COMPANIES INCORPORATED 5.00 10/15/2015 460,567
 110,000 LOWE'S COMPANIES INCORPORATED 5.80 04/15/2040 127,866
 75,000 LOWE'S COMPANIES INCORPORATED 6.50 03/15/2029 91,782
 350,000 LOWE'S COMPANIES INCORPORATED 6.65 09/15/2037 444,952
 500,000 STAPLES INCORPORATED 9.75 01/15/2014 620,671
 250,000 TJX COMPANIES INCORPORATED 4.20 08/15/2015 276,310
 85,000 TJX COMPANIES INCORPORATED 6.95 04/15/2019 108,393
 5,208,419
 -------------
TEXTILES, APPAREL & LUXURY GOODS: 0.01%
 50,000 CINTAS CORPORATION 6.15 08/15/2036 58,793
 100,000 VF CORPORATION 5.95 11/01/2017 116,046
 174,839
 -------------
CONSUMER STAPLES: 1.99%
BEVERAGES: 0.41%
 180,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 4.38 01/15/2013 191,411
 200,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.50 01/15/2018 225,520

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
BEVERAGES (continued)
$ 50,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.60% 03/01/2017 $ 56,846
 250,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.75 04/01/2036 271,932
 750,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 3.00 10/15/2012 773,861
 625,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 4.13 01/15/2015 669,696
 900,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 5.38 01/15/2020 1,013,819
 400,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 6.38 01/15/2040 489,879
 150,000 BROWN-FORMAN CORPORATION 5.20 04/01/2012 159,652
 150,000 COCA-COLA COMPANY 4.88 03/15/2019 173,109
 750,000 COCA-COLA COMPANY 5.35 11/15/2017 883,289
 500,000 COCA-COLA ENTERPRISES INCORPORATED 4.50 08/15/2019 559,730
 100,000 COCA-COLA ENTERPRISES INCORPORATED 5.00 08/15/2013 110,775
 180,000 COCA-COLA ENTERPRISES INCORPORATED 6.75 09/15/2028 228,621
 250,000 COCA-COLA ENTERPRISES INCORPORATED 6.75 01/15/2038 337,999
 500,000 COCA-COLA ENTERPRISES INCORPORATED 7.38 03/03/2014 601,803
 120,000 COCA-COLA ENTERPRISES INCORPORATED 8.50 02/01/2022 171,545
 250,000 DR PEPPER SNAPPLE GROUP INCORPORATED 2.35 12/21/2012 254,622
 400,000 DR PEPPER SNAPPLE GROUP INCORPORATED 6.82 05/01/2018 492,685
 100,000 DR PEPPER SNAPPLE GROUP INCORPORATED 7.45 05/01/2038 135,553
 150,000 GRAND METROPOLITAN INVESTMENT CORPORATION 7.45 04/15/2035 206,088
 100,000 PEPSI BOTTLING GROUP INCORPORATED SERIES B 7.00 03/01/2029 132,063
 500,000 PEPSIAMERICAS INCORPORATED 4.38 02/15/2014 548,892
 200,000 PEPSICO INCORPORATED 3.10 01/15/2015 212,689
 500,000 PEPSICO INCORPORATED 3.75 03/01/2014 539,244
 200,000 PEPSICO INCORPORATED 4.50 01/15/2020 222,133
 750,000 PEPSICO INCORPORATED 5.00 06/01/2018 858,197
 600,000 PEPSICO INCORPORATED 5.50 01/15/2040 697,888
 500,000 PEPSICO INCORPORATED 7.90 11/01/2018 668,765
 11,888,306
 -------------
FOOD & STAPLES RETAILING: 0.54%
 100,000 COSTCO WHOLESALE CORPORATION 5.30 03/15/2012 107,056
 200,000 COSTCO WHOLESALE CORPORATION 5.50 03/15/2017 236,804
 250,000 CVS CAREMARK CORPORATION 3.25 05/18/2015 260,649
 250,000 CVS CAREMARK CORPORATION 4.75 05/18/2020 268,279
 400,000 CVS CAREMARK CORPORATION 5.75 06/01/2017 458,334
 250,000 CVS CAREMARK CORPORATION 6.13 08/15/2016 294,106
 500,000 CVS CAREMARK CORPORATION 6.13 09/15/2039 561,578
 65,000 CVS CAREMARK CORPORATION 6.25 06/01/2027 74,859
 1,000,000 CVS CAREMARK CORPORATION 6.30 06/01/2062 917,500
 500,000 CVS CAREMARK CORPORATION 6.60 03/15/2019 600,000
 500,000 DELHAIZE AMERICA INCORPORATED 9.00 04/15/2031 697,787
 150,000 KROGER COMPANY 3.90 10/01/2015 162,222
 100,000 KROGER COMPANY 4.95 01/15/2015 111,299
 800,000 KROGER COMPANY 6.15 01/15/2020 953,919
 350,000 KROGER COMPANY 6.75 04/15/2012 379,279
 250,000 KROGER COMPANY 7.50 01/15/2014 295,775
 75,000 KROGER COMPANY 7.50 04/01/2031 97,654
 750,000 SAFEWAY INCORPORATED 5.00 08/15/2019 827,357
 89,000 SAFEWAY INCORPORATED 5.80 08/15/2012 96,430
 75,000 SAFEWAY INCORPORATED 7.25 02/01/2031 92,626
 500,000 STARBUCKS CORPORATION 6.25 08/15/2017 582,575
 250,000 SYSCO CORPORATION 4.20 02/12/2013 269,146
 200,000 SYSCO CORPORATION 6.63 03/17/2039 269,110
 500,000 WAL-MART STORES INCORPORATED 2.25 07/08/2015 514,193
 150,000 WAL-MART STORES INCORPORATED 2.88 04/01/2015 158,482
 500,000 WAL-MART STORES INCORPORATED 3.63 07/08/2020 520,831

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FOOD & STAPLES RETAILING (continued)
$ 1,180,000 WAL-MART STORES INCORPORATED 4.55% 05/01/2013 $ 1,292,770
 825,000 WAL-MART STORES INCORPORATED 5.25 09/01/2035 904,168
 500,000 WAL-MART STORES INCORPORATED 5.80 02/15/2018 600,875
 100,000 WAL-MART STORES INCORPORATED 5.88 04/05/2027 118,330
 800,000 WAL-MART STORES INCORPORATED 6.20 04/15/2038 985,923
 650,000 WAL-MART STORES INCORPORATED 6.50 08/15/2037 837,240
 500,000 WAL-MART STORES INCORPORATED 7.55 02/15/2030 691,430
 250,000 WALGREEN COMPANY 4.88 08/01/2013 277,515
 250,000 WALGREEN COMPANY 5.25 01/15/2019 291,742
 15,807,843
 -------------
FOOD PRODUCTS: 0.52%
 350,000 ARCHER-DANIELS-MIDLAND COMPANY 5.38 09/15/2035 395,711
 100,000 ARCHER-DANIELS-MIDLAND COMPANY 5.45 03/15/2018 117,450
 500,000 ARCHER-DANIELS-MIDLAND COMPANY 5.94 10/01/2032 600,519
 300,000 BUNGE LIMITED FINANCE CORPORATION 5.10 07/15/2015 315,677
 500,000 BUNGE LIMITED FINANCE CORPORATION 8.50 06/15/2019 604,586
 300,000 CAMPBELL SOUP COMPANY 3.38 08/15/2014 322,965
 35,000 CAMPBELL SOUP COMPANY 4.50 02/15/2019 39,309
 150,000 CONAGRA FOODS INCORPORATED 6.75 09/15/2011 158,277
 500,000 CONAGRA FOODS INCORPORATED 7.00 04/15/2019 622,438
 120,000 CONAGRA FOODS INCORPORATED 8.25 09/15/2030 163,550
 200,000 GENERAL MILLS INCORPORATED 5.25 08/15/2013 222,377
 345,000 GENERAL MILLS INCORPORATED 5.40 06/15/2040 390,700
 1,000,000 GENERAL MILLS INCORPORATED 5.65 02/15/2019 1,179,313
 100,000 GENERAL MILLS INCORPORATED 5.70 02/15/2017 119,123
 250,000 HEINZ HJ FINANCE COMPANY 6.75 03/15/2032 299,111
 100,000 HJ HEINZ COMPANY 5.35 07/15/2013 110,549
 300,000 KELLOGG COMPANY SERIES B 4.15 11/15/2019 326,791
 500,000 KELLOGG COMPANY SERIES B 4.25 03/06/2013 537,005
 250,000 KELLOGG COMPANY SERIES B 7.45 04/01/2031 345,778
 350,000 KRAFT FOODS INCORPORATED 2.63 05/08/2013 361,178
 350,000 KRAFT FOODS INCORPORATED 5.25 10/01/2013 384,858
 275,000 KRAFT FOODS INCORPORATED 5.63 11/01/2011 289,715
 750,000 KRAFT FOODS INCORPORATED 6.13 08/23/2018 880,276
 800,000 KRAFT FOODS INCORPORATED 6.25 06/01/2012 869,149
 250,000 KRAFT FOODS INCORPORATED 6.50 08/11/2017 298,488
 75,000 KRAFT FOODS INCORPORATED 6.50 11/01/2031 86,570
 600,000 KRAFT FOODS INCORPORATED 6.88 02/01/2038 739,795
 100,000 KRAFT FOODS INCORPORATED 6.88 01/26/2039 123,840
 60,000 KRAFT FOODS INCORPORATED 7.00 08/11/2037 74,641
 600,000 KRAFT FOODS INCORPORATED CLASS A 4.13 02/09/2016 641,900
 1,050,000 KRAFT FOODS INCORPORATED CLASS A 5.38 02/10/2020 1,166,881
 950,000 KRAFT FOODS INCORPORATED CLASS A 6.50 02/09/2040 1,126,937
 100,000 MEAD JOHNSON NUTRITION COMPANY 3.50 11/01/2014 105,263
 150,000 MEAD JOHNSON NUTRITION COMPANY 4.90 11/01/2019 165,219
 100,000 MEAD JOHNSON NUTRITION COMPANY 5.90 11/01/2039 114,913
 100,000 RALCORP HOLDINGS INCORPORATED 6.63 08/15/2039 108,677
 500,000 SARA LEE CORPORATION 3.88 06/15/2013 530,885
 250,000 SARA LEE CORPORATION 6.25 09/15/2011 263,182
 15,203,596
 -------------
HOUSEHOLD PRODUCTS: 0.21%
 150,000 CLOROX COMPANY 5.00 03/01/2013 163,772
 300,000 CLOROX COMPANY 5.00 01/15/2015 337,179

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
HOUSEHOLD PRODUCTS (continued)
$ 100,000 CLOROX COMPANY 5.45% 10/15/2012 $ 108,882
 90,000 CLOROX COMPANY 5.95 10/15/2017 106,568
 40,000 COLGATE-PALMOLIVE COMPANY 3.15 08/05/2015 42,986
 100,000 COLGATE-PALMOLIVE COMPANY SERIES MTN 5.20 11/07/2016 117,529
 750,000 KIMBERLY-CLARK CORPORATION 3.63 08/01/2020 787,286
 300,000 KIMBERLY-CLARK CORPORATION 5.00 08/15/2013 333,339
 200,000 KIMBERLY-CLARK CORPORATION 6.13 08/01/2017 243,814
 200,000 KIMBERLY-CLARK CORPORATION 6.63 08/01/2037 266,684
 100,000 KIMBERLY-CLARK CORPORATION 7.50 11/01/2018 132,270
 1,150,000 PROCTER & GAMBLE COMPANY 1.38 08/01/2012 1,164,475
 400,000 PROCTER & GAMBLE COMPANY 3.50 02/15/2015 435,909
 500,000 PROCTER & GAMBLE COMPANY 4.70 02/15/2019 569,642
 500,000 PROCTER & GAMBLE COMPANY 4.85 12/15/2015 578,350
 500,000 PROCTER & GAMBLE COMPANY 5.55 03/05/2037 599,179
 100,000 PROCTER & GAMBLE COMPANY 5.80 08/15/2034 121,608
 6,109,472
 -------------
PERSONAL PRODUCTS: 0.04%
 350,000 AVON PRODUCTS INCORPORATED 4.20 07/15/2018 376,287
 750,000 UNILEVER CAPITAL CORPORATION 3.65 02/15/2014 808,190
 100,000 UNILEVER CAPITAL CORPORATION 5.90 11/15/2032 123,636
 1,308,113
 -------------
TOBACCO: 0.27%
 1,000,000 ALTRIA GROUP INCORPORATED 9.25 08/06/2019 1,310,527
 1,050,000 ALTRIA GROUP INCORPORATED 9.70 11/10/2018 1,388,897
 350,000 ALTRIA GROUP INCORPORATED 9.95 11/10/2038 499,095
 500,000 ALTRIA GROUP INCORPORATED 10.20 02/06/2039 722,722
 250,000 LORILLARD TOBACCO COMPANY 6.88 05/01/2020 263,951
 250,000 LORILLARD TOBACCO COMPANY 8.13 05/01/2040 264,099
 155,000 LORILLARD TOBACCO COMPANY 8.13 06/23/2019 178,631
 125,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 4.88 05/16/2013 136,678
 700,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 5.65 05/16/2018 815,003
 400,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 6.38 05/16/2038 501,702
 750,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 6.88 03/17/2014 881,564
 200,000 REYNOLDS AMERICAN INCORPORATED 7.25 06/15/2037 212,540
 500,000 REYNOLDS AMERICAN INCORPORATED 7.63 06/01/2016 586,676
 100,000 UST INCORPORATED 5.75 03/01/2018 107,617
 7,869,702
 -------------
ENERGY: 1.53%
ENERGY EQUIPMENT & SERVICES: 0.12%
 250,000 BAKER HUGHES INCORPORATED 6.88 01/15/2029 313,890
 100,000 BAKER HUGHES INCORPORATION 6.50 11/15/2013 114,853
 75,000 BAKER HUGHES INCORPORATION 7.50 11/15/2018 95,972
 300,000 DIAMOND OFFSHORE DRILLING INCORPORATED 5.70 10/15/2039 314,475
 65,000 DIAMOND OFFSHORE DRILLING INCORPORATED 5.88 05/01/2019 74,355
 150,000 HALLIBURTON COMPANY 6.15 09/15/2019 177,620
 650,000 HALLIBURTON COMPANY 7.45 09/15/2039 875,167
 500,000 SMITH INTERNATIONAL INCORPORATED 9.75 03/15/2019 712,372
 500,000 WEATHERFORD INTERNATIONAL LIMITED 5.15 03/15/2013 535,362
 300,000 WEATHERFORD INTERNATIONAL LIMITED 6.50 08/01/2036 311,907
 50,000 WEATHERFORD INTERNATIONAL LIMITED 7.00 03/15/2038 55,605
 3,581,578
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
OIL, GAS & CONSUMABLE FUELS: 1.41%
$ 600,000 ANADARKO PETROLEUM CORPORATION 5.95% 09/15/2016 $ 594,238
 750,000 ANADARKO PETROLEUM CORPORATION 6.45 09/15/2036 650,495
 500,000 ANADARKO PETROLEUM CORPORATION 7.63 03/15/2014 537,555
 100,000 APACHE CORPORATION 5.25 04/15/2013 109,162
 380,000 APACHE CORPORATION 5.63 01/15/2017 439,809
 500,000 APACHE CORPORATION 6.00 01/15/2037 580,889
 100,000 APACHE CORPORATION 6.25 04/15/2012 107,787
 150,000 BJ SERVICES COMPANY 6.00 06/01/2018 176,289
 150,000 BOARDWALK PIPELINES LP 5.75 09/15/2019 165,428
 100,000 BOARDWALK PIPELINES LP 5.88 11/15/2016 113,005
 150,000 BUCKEYE PARTNERS LP 5.50 08/15/2019 164,537
 100,000 BUCKEYE PARTNERS LP 6.05 01/15/2018 112,502
 65,000 CANADIAN NATURAL RESOURCES LIMITED 4.90 12/01/2014 72,126
 150,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.13 11/01/2017 172,396
 50,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.63 11/01/2037 59,192
 75,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES B 7.88 04/01/2013 86,472
 100,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES MTN 6.00 05/15/2018 112,227
 500,000 CHEVRON CORPORATION 3.45 03/03/2012 520,780
 500,000 CHEVRON CORPORATION 3.95 03/03/2014 545,473
 500,000 CHEVRON CORPORATION 4.95 03/03/2019 577,543
 150,000 CONOCOPHILLIPS COMPANY 4.40 05/15/2013 162,748
 100,000 CONOCOPHILLIPS COMPANY 5.90 05/15/2038 119,349
 1,050,000 CONOCOPHILLIPS COMPANY 6.50 02/01/2039 1,338,754
 300,000 CONOCOPHILLIPS COMPANY 6.95 04/15/2029 387,072
 500,000 CONOCOPHLLIPS COMPANY 4.60 01/15/2015 560,990
 1,425,000 CONOCOPHLLIPS COMPANY 4.75 02/01/2014 1,579,907
 750,000 CONOCOPHLLIPS COMPANY 5.75 02/01/2019 895,527
 750,000 CONOCOPHLLIPS COMPANY 6.00 01/15/2020 911,988
 300,000 DEVON ENERGY CORPORATION 6.30 01/15/2019 360,938
 500,000 DEVON ENERGY CORPORATION 7.95 04/15/2032 687,748
 1,180,000 DEVON FINANCING CORPORATION ULC 6.88 09/30/2011 1,255,027
 120,000 DEVON FINANCING CORPORATION ULC 7.88 09/30/2031 163,656
 500,000 EL PASO ENERGY CORPORATION 5.90 04/01/2017 550,534
 150,000 EL PASO NATURAL GAS COMPANY 5.95 04/15/2017 165,666
 350,000 EL PASO NATURALL GAS COMPANY 8.38 06/15/2032 433,682
 380,000 ENBRIDGE ENERGY PARTNERS LP 5.20 03/15/2020 409,625
 65,000 ENBRIDGE ENERGY PARTNERS LP 5.88 12/15/2016 74,064
 125,000 ENBRIDGE ENERGY PARTNERS LP 9.88 03/01/2019 170,626
 100,000 ENBRIDGE INCORPORATED 5.60 04/01/2017 116,523
 250,000 ENERGY TRANSFER PARTNERS LP 6.00 07/01/2013 270,647
 55,000 ENERGY TRANSFER PARTNERS LP 6.13 02/15/2017 60,426
 30,000 ENERGY TRANSFER PARTNERS LP 6.63 10/15/2036 31,676
 100,000 ENERGY TRANSFER PARTNERS LP 6.70 07/01/2018 113,269
 100,000 ENERGY TRANSFER PARTNERS LP 7.50 07/01/2038 116,527
 1,000,000 ENERGY TRANSFER PARTNERS LP 9.00 04/15/2019 1,250,834
 500,000 ENTERPRISE PRODUCTS OPERATING LLC 4.60 08/01/2012 523,523
 500,000 ENTERPRISE PRODUCTS OPERATING LLC 5.20 09/01/2020 539,197
 500,000 ENTERPRISE PRODUCTS OPERATING LLC 5.25 01/31/2020 539,228
 500,000 ENTERPRISE PRODUCTS OPERATING LLC 6.13 10/15/2039 534,445
 250,000 ENTERPRISE PRODUCTS OPERATING LLC 6.65 04/15/2018 294,174
 100,000 ENTERPRISE PRODUCTS OPERATING LLC 7.55 04/15/2038 124,916
 65,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 5.60 10/15/2014 72,618
 75,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 6.88 03/01/2033 87,040
 75,000 EOG RESOURCES INCORPORATED 5.63 06/01/2019 88,216
 400,000 EOG RESOURCES INCORPORATED 6.88 10/01/2018 501,338
 325,000 EQT CORPORATION 8.13 06/01/2019 399,330

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
OIL, GAS & CONSUMABLE FUELS (continued)
$ 100,000 EQUITABLE RESOURCES INCORPORATED 6.50% 04/01/2018 $ 113,204
 350,000 HESS CORPORATION 6.00 01/15/2040 383,475
 120,000 HESS CORPORATION 7.30 08/15/2031 145,984
 180,000 HESS CORPORATION 7.88 10/01/2029 232,890
 500,000 HESS CORPORATION 8.13 02/15/2019 651,660
 365,000 HUSKY ENERGY INCORPORATED 7.25 12/15/2019 450,169
 100,000 KANEB PIPE LINE OPERATING PARTNERSHIP LP 5.88 06/01/2013 109,185
 125,000 KINDER MORGAN ENERGY PARTNERS LP 5.30 09/15/2020 133,732
 100,000 KINDER MORGAN ENERGY PARTNERS LP 5.00 12/15/2013 107,992
 500,000 KINDER MORGAN ENERGY PARTNERS LP 5.13 11/15/2014 551,163
 1,000,000 KINDER MORGAN ENERGY PARTNERS LP 5.80 03/01/2021 1,111,328
 100,000 KINDER MORGAN ENERGY PARTNERS LP 5.80 03/15/2035 100,914
 500,000 KINDER MORGAN ENERGY PARTNERS LP 6.50 09/01/2039 548,094
 500,000 KINDER MORGAN ENERGY PARTNERS LP SERIES MTN 6.95 01/15/2038 571,559
 100,000 MAGELLAN MIDSTREAM PARTNERS LP 6.40 07/15/2018 117,787
 375,000 MAGELLAN MIDSTREAM PARTNERS LP 6.55 07/15/2019 446,388
 150,000 MARATHON OIL CORPORATION 6.00 07/01/2012 161,978
 625,000 MARATHON OIL CORPORATION 6.00 10/01/2017 724,788
 50,000 MARATHON OIL CORPORATION 6.60 10/01/2037 59,776
 700,000 MARATHON OIL CORPORATION 7.50 02/15/2019 889,621
 500,000 NABORS INDUSTRIES INCORPORATED 9.25 01/15/2019 643,791
 120,000 NEXEN INCORPORATED 7.88 03/15/2032 155,977
 350,000 NOBLE ENERGY INCORPORATED 8.25 03/01/2019 453,012
 170,000 NORTHWEST PIPELINE CORPORATION 6.05 06/15/2018 197,679
 250,000 NUSTAR LOGISTICS LP 4.80 09/01/2020 253,755
 400,000 OCCIDENTAL PETROLEUM CORPORATION 4.13 06/01/2016 445,882
 180,000 OCCIDENTAL PETROLEUM CORPORATION 6.75 01/15/2012 194,056
 200,000 ONEOK PARTNERS LP 6.15 10/01/2016 230,664
 350,000 ONEOK PARTNERS LP 8.63 03/01/2019 450,160
 50,000 PLAINS ALL AMERICAN PIPELINE LP 6.13 01/15/2017 55,741
 150,000 PLAINS ALL AMERICAN PIPELINE LP 6.50 05/01/2018 171,303
 200,000 PLAINS ALL AMERICAN PIPELINE LP 6.65 01/15/2037 218,779
 150,000 PLAINS ALL AMERICAN PIPELINE LP 8.75 05/01/2019 190,590
 500,000 PLAINS ALL AMERICAN PIPELINE LP / PAA FINANCE
 CORPORATION 4.25 09/01/2012 521,686
 100,000 SPECTRA ENERGY CAPITAL LLC 5.90 09/15/2013 109,884
 100,000 SPECTRA ENERGY CAPITAL LLC 7.50 09/15/2038 122,915
 100,000 SUNOCO INCORPORATED 5.75 01/15/2017 104,933
 250,000 SUNOCO LOGISTICS PARTNER 6.85 02/15/2040 272,578
 325,000 TEXAS EASTERN TRANSMISSION LP 7.00 07/15/2032 402,823
 444,000 THE WILLIAMS COMPANIES INCORPORATED 8.75 03/15/2032 559,818
 65,000 TRANSCANADA PIPELINES LIMITED 4.88 01/15/2015 72,801
 100,000 TRANSCANADA PIPELINES LIMITED 5.60 03/31/2034 107,023
 105,000 TRANSCONTINENTAL GAS PIPE LINE CORPORATION 6.05 06/15/2018 122,483
 120,000 TRANSOCEAN INCORPORATED 7.50 04/15/2031 120,048
 65,000 VALERO ENERGY CORPORATION 4.50 02/01/2015 69,350
 500,000 VALERO ENERGY CORPORATION 6.13 06/15/2017 552,843
 65,000 VALERO ENERGY CORPORATION 6.13 02/01/2020 70,916
 500,000 VALERO ENERGY CORPORATION 6.63 06/15/2037 506,543
 100,000 VALERO ENERGY CORPORATION 7.50 04/15/2032 107,976
 450,000 VALERO ENERGY CORPORATION 9.38 03/15/2019 573,413
 600,000 WILLIAMS PARTNERS LP 3.80 02/15/2015 627,724
 140,000 WILLIAMS PARTNERS LP 5.25 03/15/2020 151,117
 390,000 WILLIAMS PARTNERS LP 6.30 04/15/2040 433,173
 125,000 XTO ENERGY INCORPORATED 4.90 02/01/2014 140,008
 350,000 XTO ENERGY INCORPORATED 5.30 06/30/2015 406,536

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
OIL, GAS & CONSUMABLE FUELS (continued)
$ 1,000,000 XTO ENERGY INCORPORATED 5.75% 12/15/2013 $ 1,146,715
 500,000 XTO ENERGY INCORPORATED 6.50 12/15/2018 637,597
 41,003,712
 -------------
FINANCIALS: 8.30%
CAPITAL MARKETS: 1.57%
 400,000 AMERIPRISE FINANCIAL INCORPORATED 5.65 11/15/2015 450,577
 65,000 AMERIPRISE FINANCIAL INCORPORATED 7.30 06/28/2019 80,351
 415,000 BANK OF NEW YORK MELLON CORPORATION 4.30 05/15/2014 453,800
 1,000,000 BANK OF NEW YORK MELLON CORPORATION 5.45 05/15/2019 1,167,555
 650,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 11/01/2012 703,665
 180,000 BEAR STEARNS COMPANIES INCORPORATED 5.30 10/30/2015 198,428
 25,000 BEAR STEARNS COMPANIES INCORPORATED 5.55 01/22/2017 26,880
 120,000 BEAR STEARNS COMPANIES INCORPORATED 6.40 10/02/2017 139,517
 1,500,000 BEAR STEARNS COMPANIES INCORPORATED 7.25 02/01/2018 1,818,666
 500,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTN 6.95 08/10/2012 553,564
 250,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 4.00 04/15/2012 262,948
 500,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 4.85 01/15/2015 562,859
 1,275,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 5.00 08/15/2013 1,415,765
 150,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 5.75 01/15/2040 169,033
 350,000 BLACKROCK INCORPORATED 6.25 09/15/2017 411,778
 300,000 BLACKROCK INCORPORATED NEW YORK SHARES 3.50 12/10/2014 317,797
 250,000 BLACKROCK INCORPORATED NEW YORK SHARES 5.00 12/10/2019 275,663
 425,000 CHARLES SCHWAB CORPORATION 4.95 06/01/2014 469,260
 50,000 EATON VANCE CORPORATION 6.50 10/02/2017 59,142
 1,100,000 GOLDMAN SACHS GROUP INCORPORATED 3.25 06/15/2012 1,150,173
 750,000 GOLDMAN SACHS GROUP INCORPORATED 3.63 08/01/2012 776,300
 700,000 GOLDMAN SACHS GROUP INCORPORATED 4.75 07/15/2013 743,681
 2,000,000 GOLDMAN SACHS GROUP INCORPORATED 5.13 01/15/2015 2,149,224
 360,000 GOLDMAN SACHS GROUP INCORPORATED 5.15 01/15/2014 386,384
 275,000 GOLDMAN SACHS GROUP INCORPORATED 5.35 01/15/2016 296,201
 1,000,000 GOLDMAN SACHS GROUP INCORPORATED 5.38 03/15/2020 1,032,084
 1,000,000 GOLDMAN SACHS GROUP INCORPORATED 5.45 11/01/2012 1,071,781
 500,000 GOLDMAN SACHS GROUP INCORPORATED 5.75 10/01/2016 551,952
 1,070,000 GOLDMAN SACHS GROUP INCORPORATED 5.95 01/15/2027 1,065,482
 1,045,000 GOLDMAN SACHS GROUP INCORPORATED 6.00 05/01/2014 1,157,372
 1,500,000 GOLDMAN SACHS GROUP INCORPORATED 6.13 02/15/2033 1,576,206
 1,250,000 GOLDMAN SACHS GROUP INCORPORATED 6.15 04/01/2018 1,365,189
 1,250,000 GOLDMAN SACHS GROUP INCORPORATED 6.25 09/01/2017 1,387,006
 1,025,000 GOLDMAN SACHS GROUP INCORPORATED 6.60 01/15/2012 1,095,101
 925,000 GOLDMAN SACHS GROUP INCORPORATED 6.75 10/01/2037 944,691
 1,300,000 GOLDMAN SACHS GROUP INCORPORATED 7.50 02/15/2019 1,516,017
 150,000 JEFFERIES GROUP INCORPORATED 6.45 06/08/2027 150,899
 400,000 JEFFERIES GROUP INCORPORATED 8.50 07/15/2019 464,059
 750,000 MORGAN STANLEY 2.00 09/22/2011 763,021
 1,000,000 MORGAN STANLEY 2.25 03/13/2012 1,025,735
 300,000 MORGAN STANLEY 3.25 12/01/2011 310,472
 1,000,000 MORGAN STANLEY 4.20 11/20/2014 1,029,800
 525,000 MORGAN STANLEY 5.38 10/15/2015 560,105
 500,000 MORGAN STANLEY 5.50 07/24/2020 503,737
 1,300,000 MORGAN STANLEY 6.00 05/13/2014 1,416,747
 1,500,000 MORGAN STANLEY 6.60 04/01/2012 1,609,560
 470,000 MORGAN STANLEY 7.25 04/01/2032 559,768
 400,000 MORGAN STANLEY 7.30 05/13/2019 454,640
 500,000 MORGAN STANLEY SERIES EMTN 5.45 01/09/2017 524,983

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
CAPITAL MARKETS (continued)
$ 1,000,000 MORGAN STANLEY SERIES GMTN 5.50% 01/26/2020 $ 1,012,645
 1,500,000 MORGAN STANLEY SERIES MTN 5.25 11/02/2012 1,595,874
 850,000 MORGAN STANLEY SERIES MTN 5.55 04/27/2017 890,596
 1,500,000 MORGAN STANLEY SERIES MTN 5.63 09/23/2019 1,526,490
 1,500,000 MORGAN STANLEY SERIES MTN 6.00 04/28/2015 1,635,525
 1,000,000 MORGAN STANLEY SERIES MTN 6.63 04/01/2018 1,098,916
 540,000 NORTHERN TRUST CORPORATION 4.63 05/01/2014 597,189
 100,000 RAYMOND JAMES FINANCIAL INCORPORATED 8.60 08/15/2019 120,270
 200,000 TD AMERITRADE HOLDING CORPORATION 5.60 12/01/2019 221,454
 45,874,577
 -------------
COMMERCIAL BANKS: 0.72%
 150,000 ABBEY NATIONAL CAPITAL TRUST I 8.96 12/29/2049 163,503
 500,000 ALLY FINANCIAL INCORPORATED 1.75 10/30/2012 510,901
 1,000,000 ALLY FINANCIAL INCORPORATED 2.20 12/19/2012 1,031,877
 500,000 BANK OF THE WEST (SAN FRANCISCO CA) 2.15 03/27/2012 512,677
 240,000 BANK ONE CORPORATION 7.63 10/15/2026 294,029
 250,000 BANK ONE CORPORATION 8.00 04/29/2027 319,818
 100,000 BB&T CAPITAL TRUST IV 6.82 06/12/2057 97,000
 150,000 BB&T CORPORATION 3.38 09/25/2013 157,064
 1,000,000 BB&T CORPORATION 3.85 07/27/2012 1,047,469
 350,000 BB&T CORPORATION 3.95 04/29/2016 367,495
 250,000 BB&T CORPORATION 5.20 12/23/2015 274,179
 500,000 BB&T CORPORATION 6.85 04/30/2019 608,167
 750,000 CAPITAL ONE BANK USA NA 8.80 07/15/2019 949,935
 100,000 COMERICA CAPITAL TRUST II 6.58 02/20/2037 93,000
 250,000 COMPASS BANK 6.40 10/01/2017 263,833
 500,000 FIFTH THIRD BANCORP 5.45 01/15/2017 520,267
 350,000 FIFTH THIRD BANCORP 6.25 05/01/2013 382,217
 250,000 FIFTH THIRD BANCORP 8.25 03/01/2038 297,313
 1,000,000 HSBC HOLDINGS PLC 6.50 05/02/2036 1,140,053
 500,000 KEYCORP 6.50 05/14/2013 547,567
 250,000 M&I MARSHALL & ILSLEY BANK SERIES BKNT 5.00 01/17/2017 237,048
 500,000 MANUFACTURERS & TRADERS TRUST COMPANY 6.63 12/04/2017 577,358
 250,000 REGIONS FINANCIAL CORPORATION 5.75 06/15/2015 253,935
 200,000 REGIONS FINANCIAL CORPORATION 7.75 11/10/2014 215,703
 500,000 SUNTRUST BANK, INCORPORATED 3.00 11/16/2011 514,902
 34,000 SUNTRUST BANK, INCORPORATED 5.00 09/01/2015 36,656
 750,000 SUNTRUST BANKS, INCORPORATED 6.00 09/11/2017 822,332
 165,000 SUNTRUST CAPITAL VIII 6.10 12/01/2066 140,250
 200,000 UNION BANK OF CALIFORNIA SERIES BKNT 5.95 05/11/2016 216,258
 500,000 US BANCORP N.A. 1.80 05/15/2012 510,414
 250,000 US BANCORP N.A. 4.20 05/15/2014 273,160
 1,000,000 US BANK N.A. (CINCINNATI) 3.78 04/29/2020 1,038,791
 275,000 US BANK N.A. SERIES BKNT 4.95 10/30/2014 303,964
 750,000 WELLS FARGO & COMPANY(l) 3.00 12/09/2011 774,376
 1,500,000 WELLS FARGO & COMPANY(l) 3.75 10/01/2014 1,580,907
 1,500,000 WELLS FARGO & COMPANY<<(l) 4.38 01/31/2013 1,599,743
 1,000,000 WELLS FARGO & COMPANY(l) 5.25 10/23/2012 1,075,437
 1,000,000 WELLS FARGO & COMPANY(l) 5.63 12/11/2017 1,129,312
 200,000 WESTERN CORPORATE FEDERAL CREDIT UNION 1.75 11/02/2012 204,369
 21,083,279
 -------------
CONSUMER FINANCE: 0.50%
 1,000,000 AMERICAN EXPRESS BANK FSB 3.15 12/09/2011 1,034,006
 500,000 AMERICAN EXPRESS BANK FSB SERIES BKN1 5.55 10/17/2012 538,480

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
CONSUMER FINANCE (continued)
$ 500,000 AMERICAN EXPRESS CENTURION BANK SERIES BKN1 6.00% 09/13/2017 $ 568,759
 200,000 AMERICAN EXPRESS COMPANY 6.80 09/01/2066 195,000
 800,000 AMERICAN EXPRESS COMPANY 7.00 03/19/2018 957,240
 150,000 AMERICAN EXPRESS COMPANY 7.25 05/20/2014 174,464
 650,000 AMERICAN EXPRESS COMPANY<< 8.13 05/20/2019 836,382
 500,000 AMERICAN EXPRESS CREDIT CORPORATION 5.13 08/25/2014 549,489
 100,000 AMERICAN EXPRESS CREDIT CORPORATION 5.30 12/02/2015 111,181
 1,000,000 AMERICAN EXPRESS CREDIT CORPORATION 7.30 08/20/2013 1,145,586
 1,000,000 AMERICAN EXPRESS CREDIT CORPORATION SERIES MTN 5.88 05/02/2013 1,099,744
 115,000 CAPITAL ONE FINANCIAL CORPORATION SERIES MTN 5.70 09/15/2011 119,724
 300,000 CAPITAL ONE FINANCIAL CORPORATION 4.80 02/21/2012 311,706
 700,000 CAPITAL ONE FINANCIAL CORPORATION 7.38 05/23/2014 815,462
 550,000 DISCOVER BANK 8.70 11/18/2019 649,501
 250,000 KEY BANK NA 4.95 09/15/2015 259,815
 350,000 KEYBANK NA 5.80 07/01/2014 382,087
 360,000 NATIONAL CITY CORPORATION 4.90 01/15/2015 396,422
 500,000 NATIONAL CITY CORPORATION 6.88 05/15/2019 584,740
 250,000 REGIONS BANK 6.45 06/26/2037 220,393
 500,000 REGIONS BANK 7.50 05/15/2018 531,021
 400,000 SLM CORPORATION 8.00 03/25/2020 350,000
 65,000 SLM CORPORATION SERIES MTN 5.63 08/01/2033 44,200
 750,000 SLM CORPORATION SERIES MTN 8.45 06/15/2018 688,125
 800,000 SLM CORPORATION SERIES MTNA 5.00 10/01/2013 754,000
 250,000 SOVEREIGN BANK 8.75 05/30/2018 289,873
 200,000 TOYOTA MOTOR CREDIT CORPORATION 1.38 08/12/2013 200,549
 500,000 TOYOTA MOTOR CREDIT CORPORATION 3.20 06/17/2015 528,097
 250,000 TOYOTA MOTOR CREDIT CORPORATION 4.50 06/17/2020 273,601
 14,609,647
 -------------
DIVERSIFIED FINANCIAL SERVICES: 4.25%
 500,000 ALLSTATE LIFE GLOBAL FUNDING TRUSTS SERIES MTN 5.38 04/30/2013 551,968
 1,000,000 BANK OF AMERICA CORPORATION 2.10 04/30/2012 1,024,885
 1,750,000 BANK OF AMERICA CORPORATION 4.75 08/01/2015 1,841,534
 700,000 BANK OF AMERICA CORPORATION 5.38 06/15/2014 754,184
 250,000 BANK OF AMERICA CORPORATION 5.49 03/15/2019 255,050
 100,000 BANK OF AMERICA CORPORATION 5.63 10/14/2016 106,587
 1,000,000 BANK OF AMERICA CORPORATION 5.65 05/01/2018 1,039,388
 1,500,000 BANK OF AMERICA CORPORATION 5.75 12/01/2017 1,587,752
 1,000,000 BANK OF AMERICA CORPORATION 6.00 09/01/2017 1,077,879
 500,000 BANK OF AMERICA CORPORATION 6.25 04/15/2012 531,856
 1,850,000 BANK OF AMERICA CORPORATION 6.50 08/01/2016 2,066,820
 1,000,000 BANK OF AMERICA CORPORATION 7.38 05/15/2014 1,141,545
 1,500,000 BANK OF AMERICA CORPORATION 7.63 06/01/2019 1,755,687
 800,000 BANK OF AMERICA CORPORATION SERIES BKNT 6.00 10/15/2036 812,670
 1,500,000 BANK OF AMERICA CORPORATION SERIES MTN 3.13 06/15/2012 1,567,013
 500,000 BANK OF AMERICA CORPORATION SERIES MTN 4.90 05/01/2013 530,471
 500,000 BOEING CAPITAL CORPORATION 4.70 10/27/2019 562,115
 100,000 BRANCH BANKING & TRUST SERIES BKNT 5.63 09/15/2016 113,170
 200,000 CAPITAL ONE CAPITAL III 7.69 08/15/2036 200,500
 50,000 CAPITAL ONE CAPITAL IV 6.75 02/17/2037 47,625
 659,000 CAPITAL ONE CAPITAL VI 8.88 05/15/2040 693,598
 250,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 2.00 04/05/2013 255,990
 750,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 6.13 02/17/2014 861,878
 1,000,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 7.15 02/15/2019 1,287,739
 500,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 4.90 08/15/2013 550,195
 275,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 5.50 03/15/2016 319,876

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
DIVERSIFIED FINANCIAL SERVICES (continued)
$ 65,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES
 MTNF 4.75% 02/17/2015 $ 72,628
 95,000 CATERPILLAR INCORPORATED 1.90 12/17/2012 96,730
 150,000 CITIBANK NA 1.25 09/22/2011 151,376
 250,000 CITIGROUP FUNDING INCORPORATED 1.88 10/22/2012 256,117
 2,000,000 CITIGROUP INCORPORATED 2.13 04/30/2012 2,050,594
 750,000 CITIGROUP INCORPORATED 4.75 05/19/2015 772,637
 900,000 CITIGROUP INCORPORATED 5.00 09/15/2014 924,755
 1,000,000 CITIGROUP INCORPORATED 5.10 09/29/2011 1,041,963
 1,000,000 CITIGROUP INCORPORATED 5.30 10/17/2012 1,056,051
 1,700,000 CITIGROUP INCORPORATED 5.50 04/11/2013 1,804,948
 1,000,000 CITIGROUP INCORPORATED 5.50 10/15/2014 1,064,929
 1,000,000 CITIGROUP INCORPORATED 5.50 02/15/2017 1,027,466
 750,000 CITIGROUP INCORPORATED 5.63 08/27/2012 786,504
 250,000 CITIGROUP INCORPORATED 5.85 07/02/2013 267,767
 525,000 CITIGROUP INCORPORATED 6.00 10/31/2033 498,952
 1,000,000 CITIGROUP INCORPORATED 6.13 11/21/2017 1,080,681
 1,000,000 CITIGROUP INCORPORATED 6.13 05/15/2018 1,079,161
 500,000 CITIGROUP INCORPORATED 6.13 08/25/2036 480,855
 1,500,000 CITIGROUP INCORPORATED 6.38 08/12/2014 1,641,263
 750,000 CITIGROUP INCORPORATED 6.50 08/19/2013 820,254
 1,300,000 CITIGROUP INCORPORATED 6.88 03/05/2038 1,407,877
 855,000 CITIGROUP INCORPORATED 8.13 07/15/2039 1,063,935
 900,000 CITIGROUP INCORPORATED 8.50 05/22/2019 1,100,500
 500,000 CME GROUP INCORPORATED 5.75 02/15/2014 566,755
 500,000 COMERICA BANK SERIES BKNT 5.75 11/21/2016 563,293
 500,000 COUNTRYWIDE FINANCIAL CORPORATION SERIES MTN 5.80 06/07/2012 531,786
 1,000,000 CREDIT SUISSE NEW YORK NY 5.00 05/15/2013 1,082,005
 1,000,000 CREDIT SUISSE NEW YORK NY 5.30 08/13/2019 1,098,775
 1,000,000 CREDIT SUISSE USA INCORPORATED 4.88 01/15/2015 1,095,851
 500,000 CREDIT SUISSE USA INCORPORATED 5.50 08/15/2013 550,624
 1,000,000 CREDIT SUISSE USA INCORPORATED 6.13 11/15/2011 1,060,533
 1,350,000 CREDIT SUISSE USA INCORPORATED 6.50 01/15/2012 1,448,635
 250,000 CREDIT SUISSE USA INCORPORATED 7.13 07/15/2032 322,170
 1,000,000 DEERE & COMPANY 6.95 04/25/2014 1,193,090
 100,000 DEUTSCHE BANK FINANCIAL LLC 5.38 03/02/2015 109,833
 100,000 EQUIFAX INCORPORATED 4.45 12/01/2014 106,473
 75,000 FUND AMERICAN COMPANIES INCORPORATED 5.88 05/15/2013 78,644
 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION 2.20 06/08/2012 1,542,339
 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 2.63 12/28/2012 1,041,624
 500,000 GENERAL ELECTRIC CAPITAL CORPORATION 3.00 12/09/2011 515,155
 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION 4.80 05/01/2013 1,618,280
 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION 4.88 03/04/2015 1,640,012
 525,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.00 11/15/2011 551,435
 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.50 01/08/2020 1,094,390
 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.63 05/01/2018 1,102,583
 2,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.88 02/15/2012 2,132,052
 1,300,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.88 01/14/2038 1,336,719
 1,125,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.90 05/13/2014 1,271,833
 850,000 GENERAL ELECTRIC CAPITAL CORPORATION 6.00 08/07/2019 955,265
 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 6.88 01/10/2039 1,170,459
 650,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES GMTN 6.15 08/07/2037 690,915
 500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.00 01/08/2016 546,000
 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN<< 5.63 09/15/2017 1,656,869
 1,200,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 4.38 03/03/2012 1,253,323
 1,725,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.00 06/15/2012 1,864,454
 1,600,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA<< 6.75 03/15/2032 1,808,971

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
DIVERSIFIED FINANCIAL SERVICES (continued)
$ 350,000 GENWORTH GLOBAL FUNDING TRUSTS SERIES MTN 5.75% 05/15/2013 $ 366,872
 200,000 GOLDMAN SACHS CAPITAL II 5.79 06/01/2043 160,750
 450,000 GOLDMAN SACHS GROUP INCORPORATED 6.35 02/15/2034 419,188
 200,000 HSBC BANK USA NA NEW YORK 4.63 04/01/2014 213,485
 225,000 HSBC BANK USA NA NEW YORK SERIES BKNT 5.63 08/15/2035 229,401
 200,000 HSBC FINANCE CAPITAL TRUST IX 5.91 11/30/2035 180,750
 325,000 HSBC FINANCE CORPORATION 5.00 06/30/2015 350,558
 1,500,000 HSBC FINANCE CORPORATION 5.50 01/19/2016 1,641,311
 750,000 HSBC FINANCE CORPORATION 6.38 10/15/2011 792,215
 800,000 HSBC FINANCE CORPORATION 6.38 11/27/2012 871,069
 500,000 HSBC USA INCORPORATED 3.13 12/16/2011 517,217
 1,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC 5.05 10/22/2012 1,089,633
 500,000 JOHN DEERE CAPITAL CORPORATION 2.88 06/19/2012 520,048
 250,000 JOHN DEERE CAPITAL CORPORATION 7.00 03/15/2012 273,953
 250,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.25 10/01/2012 270,810
 100,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.50 04/13/2017 116,255
 500,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.75 09/10/2018 596,117
 1,000,000 JPMORGAN CHASE & COMPANY 2.20 06/15/2012 1,029,196
 350,000 JPMORGAN CHASE & COMPANY 3.13 12/01/2011 361,720
 500,000 JPMORGAN CHASE & COMPANY 3.40 06/24/2015 515,485
 1,500,000 JPMORGAN CHASE & COMPANY 3.70 01/20/2015 1,570,157
 500,000 JPMORGAN CHASE & COMPANY 4.40 07/22/2020 506,833
 1,650,000 JPMORGAN CHASE & COMPANY 4.65 06/01/2014 1,795,365
 600,000 JPMORGAN CHASE & COMPANY 5.25 05/01/2015 654,563
 2,000,000 JPMORGAN CHASE & COMPANY 5.38 10/01/2012 2,161,436
 1,000,000 JPMORGAN CHASE & COMPANY 6.00 01/15/2018 1,135,573
 1,500,000 JPMORGAN CHASE & COMPANY 6.30 04/23/2019 1,723,817
 850,000 JPMORGAN CHASE & COMPANY 6.40 05/15/2038 1,028,779
 800,000 JPMORGAN CHASE & COMPANY 6.63 03/15/2012 863,578
 1,250,000 JPMORGAN CHASE BANK NATIONAL SERIES BKNT 6.00 10/01/2017 1,410,106
 750,000 JPMORGAN CHASE CAPITAL SERIES XXV 6.80 10/01/2037 765,411
 650,000 JPMORGAN CHASE CAPITAL SERIES XXVII 7.00 11/01/2039 689,079
 180,000 JPMORGAN CHASE CAPITAL XV 5.88 03/15/2035 171,906
 150,000 JPMORGAN CHASE CAPITAL XXII SERIES V 6.45 01/15/2087 147,467
 500,000 LAZARD GROUP LLC 6.85 06/15/2017 532,234
 200,000 MELLON FUNDING CORPORATION 5.00 12/01/2014 221,945
 100,000 MELLON FUNDING CORPORATION 5.20 05/15/2014 112,227
 1,000,000 MERRILL LYNCH & COMPANY INCORPORATED 5.45 02/05/2013 1,067,404
 450,000 MERRILL LYNCH & COMPANY INCORPORATED 5.45 07/15/2014 481,896
 500,000 MERRILL LYNCH & COMPANY INCORPORATED 5.70 05/02/2017 520,513
 1,000,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 08/15/2012 1,072,885
 250,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 05/16/2016 264,817
 300,000 MERRILL LYNCH & COMPANY INCORPORATED 6.11 01/29/2037 289,917
 600,000 MERRILL LYNCH & COMPANY INCORPORATED 6.22 09/15/2026 604,835
 500,000 MERRILL LYNCH & COMPANY INCORPORATED 6.40 08/28/2017 539,147
 500,000 MERRILL LYNCH & COMPANY INCORPORATED 7.75 05/14/2038 570,727
 500,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 6.15 04/25/2013 544,897
 1,690,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 6.88 04/25/2018 1,859,862
 200,000 NASDAQ OMX GROUP INCORPORATED 4.00 01/15/2015 207,201
 100,000 NASDAQ OMX GROUP INCORPORATED 5.55 01/15/2020 105,761
 590,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 5.50 07/01/2013 661,599
 400,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 10.38 11/01/2018 575,019
 530,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
 SERIES MTNC 7.25 03/01/2012 579,138
 150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
 SERIES MTNC 8.00 03/01/2032 206,767
 250,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 5.45 04/10/2017 289,205
 150,000 PACCAR FINANCIAL CORPORATION 1.95 12/17/2012 152,096

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
DIVERSIFIED FINANCIAL SERVICES (continued)
$ 1,100,000 PNC FINANCIAL SERVICES GROUP 3.63% 02/08/2015 $ 1,156,095
 150,000 PNC FINANCIAL SERVICES GROUP 5.13 02/08/2020 161,867
 350,000 PNC FUNDING CORPORATION 5.63 02/01/2017 387,668
 500,000 PNC FUNDING CORPORATION 6.70 06/10/2019 595,317
 100,000 PRIVATE EXPORT FUNDING CORPORATION 4.30 12/15/2021 110,697
 250,000 PRIVATE EXPORT FUNDING CORPORATION 4.95 11/15/2015 289,254
 250,000 TECO FINANCE INCORPORATED 6.57 11/01/2017 293,435
 130,000 TECO FINANCE INCORPORATED 4.00 03/15/2016 135,967
 65,000 TECO FINANCE INCORPORATED 5.15 03/15/2020 70,989
 200,000 UBS AG STAMFORD CT 5.88 07/15/2016 220,551
 100,000 USB CAPITAL XIII TRUST 6.63 12/15/2039 110,337
 500,000 WACHOVIA BANK NA(l) 4.88 02/01/2015 537,761
 750,000 WACHOVIA BANK NA(l) 5.85 02/01/2037 778,986
 600,000 WACHOVIA BANK NA(l) 6.60 01/15/2038 680,012
 1,300,000 WACHOVIA CORPORATION(l) 5.25 08/01/2014 1,402,280
 700,000 WACHOVIA CORPORATION(l) 5.50 08/01/2035 688,848
 500,000 WACHOVIA CORPORATION(l) 5.63 10/15/2016 551,448
 1,000,000 WACHOVIA CORPORATION(l) 5.75 06/15/2017 1,122,554
 1,000,000 WACHOVIA CORPORATION(l) 5.75 02/01/2018 1,129,860
 700,000 WACHOVIA CORPORATION SERIES MTN(l) 5.50 05/01/2013 768,457
 500,000 WELLS FARGO BANK NA(l) 4.75 02/09/2015 530,328
 150,000 WELLS FARGO BANK NA(l) 5.95 08/26/2036 157,569
 124,167,538
 -------------
INSURANCE: 0.89%
 350,000 ACE INA HOLDINGS INCORPORATED 5.60 05/15/2015 395,789
 75,000 ACE INA HOLDINGS INCORPORATED 5.88 06/15/2014 85,102
 500,000 ACE INA HOLDINGS INCORPORATED 5.90 06/15/2019 576,253
 75,000 AEGON FUNDING CORPORATION 5.75 12/15/2020 80,837
 150,000 AFLAC INCORPORATED 3.45 08/15/2015 154,223
 250,000 AFLAC INCORPORATED 6.90 12/17/2039 277,525
 150,000 AFLAC INCORPORATED 8.50 05/15/2019 187,878
 830,000 ALLSTATE CORPORATION 5.55 05/09/2035 874,378
 150,000 ALLSTATE CORPORATION 6.20 05/16/2014 174,280
 650,000 ALLSTATE CORPORATION 7.45 05/16/2019 802,383
 500,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 4.25 05/15/2013 500,625
 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 5.05 10/01/2015 244,688
 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6.25 05/01/2036 220,625
 750,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 8.25 08/15/2018 810,000
 500,000 AMERICAN INTERNATIONAL GROUP INCORPORATED SERIES MTN 5.45 05/18/2017 480,000
 850,000 AMERICAN INTERNATIONAL GROUP INCORPORATED SERIES MTN 5.85 01/16/2018 820,250
 75,000 AON CORPORATION 8.21 01/01/2027 80,190
 75,000 ASSURANT INCORPORATED 6.75 02/15/2034 80,651
 500,000 BERKSHIRE HATHAWAY INCORPORATED 1.40 02/10/2012 503,871
 500,000 BERKSHIRE HATHAWAY INCORPORATED 2.13 02/11/2013 514,385
 500,000 BERKSHIRE HATHAWAY INCORPORATED 3.20 02/11/2015 527,938
 150,000 CHUBB CORPORATION 5.75 05/15/2018 173,035
 80,000 CHUBB CORPORATION 6.00 05/11/2037 92,492
 350,000 CHUBB CORPORATION 6.38 03/29/2067 337,750
 350,000 CHUBB CORPORATION SERIES 1 6.50 05/15/2038 428,838
 75,000 CINCINNATI FINANCIAL CORPORATION 6.92 05/15/2028 81,703
 65,000 CNA FINANCIAL CORPORATION 5.85 12/15/2014 69,131
 50,000 CNA FINANCIAL CORPORATION 6.50 08/15/2016 53,988
 295,000 CNA FINANCIAL CORPORATION 7.35 11/15/2019 328,892

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
INSURANCE (continued)
$ 180,000 GE GLOBAL INSURANCE HOLDINGS 7.00% 02/15/2026 $ 198,091
 100,000 GENWORTH FINANCIAL INCORPORATED 4.95 10/01/2015 99,390
 500,000 GENWORTH FINANCIAL INCORPORATED 6.52 05/22/2018 500,251
 100,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4.63 07/15/2013 104,936
 250,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 5.50 03/30/2020 251,600
 75,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 5.95 10/15/2036 68,100
 750,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 6.00 01/15/2019 786,602
 250,000 JEFFERSON-PILOT CORPORATION 4.75 01/30/2014 264,080
 500,000 LINCOLN NATIONAL CORPORATION 6.15 04/07/2036 523,841
 50,000 LINCOLN NATIONAL CORPORATION 6.25 02/15/2020 56,061
 350,000 LINCOLN NATIONAL CORPORATION 7.00 05/17/2066 318,500
 120,000 LINCOLN NATIONAL CORPORATION 8.75 07/01/2019 153,222
 100,000 LOEWS CORPORATION 5.25 03/15/2016 112,305
 100,000 MARKEL CORPORATION 7.13 09/30/2019 114,724
 500,000 MARSH & MCLENNAN COMPANIES INCORPORATED 5.75 09/15/2015 543,036
 300,000 MARSH & MCLENNAN COMPANIES INCORPORATED 9.25 04/15/2019 395,526
 250,000 METLIFE INCORPORATED 5.00 11/24/2013 271,707
 250,000 METLIFE INCORPORATED 5.70 06/15/2035 269,338
 100,000 METLIFE INCORPORATED 6.13 12/01/2011 105,815
 280,000 METLIFE INCORPORATED 6.38 06/15/2034 326,118
 600,000 METLIFE INCORPORATED 6.40 12/15/2066 546,000
 500,000 METLIFE INCORPORATED 6.75 06/01/2016 593,626
 750,000 METLIFE INCORPORATED SERIES A 6.82 08/15/2018 893,855
 75,000 NATIONWIDE FINANCIAL SERVICES 5.90 07/01/2012 79,493
 100,000 PARTNERRE FINANCE B LLC 5.50 06/01/2020 102,809
 600,000 PRINCIPAL FINANCIAL GROUP INCORPORATED 7.88 05/15/2014 709,937
 500,000 PRINCIPAL LIFE INCOME FUNDING TRUSTS 5.30 04/24/2013 541,889
 75,000 PROGRESSIVE CORPORATION 6.25 12/01/2032 82,903
 500,000 PROTECTIVE LIFE CORPORATION 7.38 10/15/2019 569,508
 75,000 PRUDENTIAL FINANCIAL INCORPORATED 2.75 01/14/2013 76,135
 1,000,000 PRUDENTIAL FINANCIAL INCORPORATED 3.63 09/17/2012 1,037,672
 100,000 PRUDENTIAL FINANCIAL INCORPORATED 3.88 01/14/2015 104,207
 1,000,000 PRUDENTIAL FINANCIAL INCORPORATED 4.75 09/17/2015 1,072,678
 250,000 PRUDENTIAL FINANCIAL INCORPORATED 5.38 06/21/2020 269,251
 30,000 PRUDENTIAL FINANCIAL INCORPORATED 6.20 01/15/2015 33,727
 55,000 PRUDENTIAL FINANCIAL INCORPORATED 7.38 06/15/2019 66,901
 105,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 5.10 12/14/2011 109,780
 65,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 6.63 12/01/2037 74,448
 500,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNB 5.75 07/15/2033 503,772
 180,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNC 5.40 06/13/2035 176,847
 100,000 REINSURANCE GROUP OF AMERICA INCORPORATED 6.45 11/15/2019 109,265
 180,000 ST. PAUL TRAVELERS COMPANIES INCORPORATED 5.50 12/01/2015 204,667
 250,000 THE TRAVELERS COMPANIES INCORPORATED 6.25 03/15/2037 239,802
 100,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.38 06/15/2012 106,816
 150,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.75 12/15/2017 172,191
 365,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 6.25 06/15/2037 434,339
 75,000 TRANSATLANTIC HOLDINGS INCORPORATED 5.75 12/14/2015 78,493
 100,000 TRANSATLANTIC HOLDINGS INCORPORATED 8.00 11/30/2039 105,000
 500,000 TRAVELERS COMPANIES INCORPORATED 5.90 06/02/2019 577,990
 100,000 UNITRIN INCORPORATED 6.00 05/15/2017 100,271
 75,000 WILLIS NORTH AMERICA INCORPORATED 5.63 07/15/2015 79,966
 500,000 WILLIS NORTH AMERICA INCORPORATED 7.00 09/29/2019 551,504
 100,000 WR BERKLEY CORPORATION 6.25 02/15/2037 95,904
 100,000 XL CAPITAL LIMITED 6.25 05/15/2027 98,564
 26,021,153
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
REAL ESTATE INVESTMENT TRUSTS: 0.36%
$ 150,000 AVALONBAY COMMUNITIES INCORPORATED 5.70% 03/15/2017 $ 168,407
 100,000 AVALONBAY COMMUNITIES INCORPORATED 6.10 03/15/2020 116,230
 185,000 AVALONBAY COMMUNITIES INCORPORATED SERIES MTN 6.13 11/01/2012 202,978
 500,000 BOSTON PROPERTIES LP 5.88 10/15/2019 558,410
 250,000 BOSTON PROPERTIES LP 5.63 04/15/2015 278,850
 100,000 BOSTON PROPERTIES LP 6.25 01/15/2013 109,626
 350,000 BRANDYWINE OPERATING PARTNERSHIP LP 7.50 05/15/2015 391,860
 350,000 DUKE REALTY LP 5.95 02/15/2017 375,190
 200,000 DUKE REALTY LP 6.25 05/15/2013 216,157
 180,000 ERP OPERATING LP 5.25 09/15/2014 198,772
 750,000 ERP OPERATING LP 5.75 06/15/2017 846,692
 500,000 HEALTH CARE PROPERTIES INCORPORATED SERIES MTN 6.70 01/30/2018 549,405
 100,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 5.63 05/01/2017 103,898
 200,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 6.00 01/30/2017 212,667
 250,000 HEALTH CARE REIT INCORPORATED 6.13 04/15/2020 272,620
 60,000 HEALTH CARE REIT INCORPORATED 6.50 01/17/2017 64,856
 75,000 HOSPITALITY PROPERTIES TRUST 5.63 03/15/2017 75,719
 250,000 HOSPITALITY PROPERTIES TRUST 7.88 08/15/2014 280,398
 350,000 HRPT PROPERTIES TRUST 5.75 11/01/2015 370,545
 100,000 KIMCO REALTY CORPORATION 6.88 10/01/2019 114,920
 75,000 LIBERTY PROPERTY LP 5.50 12/15/2016 80,770
 150,000 LIBERTY PROPERTY LP 6.63 10/01/2017 171,656
 150,000 MACK-CALI REALTY CORPORATION 7.75 08/15/2019 182,372
 100,000 NATIONAL RETAIL PROPERTIES INCORPORATED 6.88 10/15/2017 112,969
 300,000 PROLOGIS TRUST 5.63 11/15/2016 285,574
 100,000 PROLOGIS TRUST 6.25 03/15/2017 96,912
 100,000 PROLOGIS TRUST 6.63 05/15/2018 97,806
 385,000 PROLOGIS TRUST 6.88 03/15/2020 375,766
 150,000 PROLOGIS TRUST 7.38 10/30/2019 150,639
 100,000 PROLOGIS TRUST 7.63 08/15/2014 108,035
 100,000 REALTY INCOME CORPORATION 5.95 09/15/2016 111,734
 90,000 SIMON PROPERTY GROUP INCORPORATED 4.20 02/01/2015 96,196
 200,000 SIMON PROPERTY GROUP INCORPORATED 5.65 02/01/2020 223,996
 100,000 SIMON PROPERTY GROUP INCORPORATED 6.13 05/30/2018 116,042
 100,000 SIMON PROPERTY GROUP INCORPORATED 6.75 02/01/2040 119,107
 750,000 SIMON PROPERTY GROUP LIMITED PARTNERSHIP 5.10 06/15/2015 837,731
 50,000 SIMON PROPERTY GROUP LIMITED PARTNERSHIP 5.25 12/01/2016 55,508
 125,000 SIMON PROPERTY GROUP LIMITED PARTNERSHIP 5.75 12/01/2015 141,655
 250,000 SIMON PROPERTY GROUP LIMITED PARTNERSHIP 5.88 03/01/2017 284,461
 600,000 SIMON PROPERTY GROUP LIMITED PARTNERSHIP 10.35 04/01/2019 842,738
 250,000 TANGER PROPERTIES LIMITED PARTNERSHIP 6.15 11/15/2015 278,017
 250,000 VORNADO REALTY TRUST 4.25 04/01/2015 256,946
 10,534,830
 -------------
REAL ESTATE MANAGEMENT & DEVELOPMENT: 0.01%
 125,000 BROOKFIELD ASSET MANAGEMENT INCORPORATED 5.80 04/25/2017 129,315
 100,000 REGENCY CENTERS LP 5.88 06/15/2017 108,356
 237,671
 -------------
HEALTH CARE: 1.55%
BIOTECHNOLOGY: 0.10%
 65,000 AMGEN INCORPORATED 4.50 03/15/2020 72,461
 1,000,000 AMGEN INCORPORATED 5.70 02/01/2019 1,205,146

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
BIOTECHNOLOGY (continued)
$ 80,000 AMGEN INCORPORATED 5.75% 03/15/2040 $ 93,910
 350,000 AMGEN INCORPORATED 5.85 06/01/2017 419,028
 100,000 AMGEN INCORPORATED 6.38 06/01/2037 124,630
 250,000 AMGEN INCORPORATED 6.40 02/01/2039 314,866
 500,000 BIOGEN IDEC INCORPORATED 6.88 03/01/2018 588,417
 250,000 GENZYME CORPORATION GENERAL DIVISION++ 3.63 06/15/2015 265,617
 3,084,075
 -------------
HEALTH CARE EQUIPMENT & SUPPLIES: 0.18%
 60,000 BAXTER INTERNATIONAL INCORPORATED 1.80 03/15/2013 61,226
 100,000 BAXTER INTERNATIONAL INCORPORATED 4.25 03/15/2020 109,428
 500,000 BAXTER INTERNATIONAL INCORPORATED 5.38 06/01/2018 590,473
 50,000 BAXTER INTERNATIONAL INCORPORATED 5.90 09/01/2016 60,177
 250,000 BAXTER INTERNATIONAL INCORPORATED 6.25 12/01/2037 311,863
 500,000 CAREFUSION CORPORATION 6.38 08/01/2019 596,534
 500,000 HOSPIRA INCORPORATED 6.05 03/30/2017 572,462
 45,000 HOSPIRA INCORPORATED SERIES GMTN 6.40 05/15/2015 52,000
 250,000 MEDTRONIC INCORPORATED 3.00 03/15/2015 264,121
 500,000 MEDTRONIC INCORPORATED 4.45 03/15/2020 549,705
 250,000 MEDTRONIC INCORPORATED 4.50 03/15/2014 278,212
 300,000 MEDTRONIC INCORPORATED 5.55 03/15/2040 361,808
 500,000 ST JUDE MEDICAL INCORPORATED 3.75 07/15/2014 537,924
 150,000 STRYKER CORPORATION 3.00 01/15/2015 157,589
 150,000 STRYKER CORPORATION 4.38 01/15/2020 165,055
 250,000 ZIMMER HOLDINGS INCORPORATED 4.63 11/30/2019 270,390
 250,000 ZIMMER HOLDINGS INCORPORATED 5.75 11/30/2039 282,817
 5,221,784
 -------------
HEALTH CARE PROVIDERS & SERVICES: 0.35%
 650,000 AETNA INCORPORATED 6.63 06/15/2036 764,537
 250,000 AMERISOURCEBERGEN CORPORATION 4.88 11/15/2019 271,092
 350,000 ANTHEM INCORPORATED 6.80 08/01/2012 382,688
 350,000 CARDINAL HEALTH INCORPORATED 5.80 10/15/2016 404,571
 215,000 CIGNA CORPORATION 5.13 06/15/2020 232,495
 50,000 CIGNA CORPORATION 6.15 11/15/2036 54,832
 500,000 CIGNA CORPORATION 8.50 05/01/2019 650,056
 750,000 EXPRESS SCRIPTS INCORPORATED 6.25 06/15/2014 864,571
 500,000 HUMANA INCORPORATED 7.20 06/15/2018 572,770
 300,000 MCKESSON HBOC INCORPORATED 5.25 03/01/2013 326,518
 750,000 MEDCO HEALTH SOLUTIONS INCORPORATED 7.25 08/15/2013 867,920
 590,000 QUEST DIAGNOSTICS INCORPORATED 4.75 01/30/2020 620,609
 40,000 QUEST DIAGNOSTICS INCORPORATED 5.75 01/30/2040 41,210
 100,000 QUEST DIAGNOSTICS INCORPORATED 6.95 07/01/2037 115,842
 250,000 UNITEDHEALTH GROUP INCORPORATED 5.80 03/15/2036 267,012
 1,000,000 UNITEDHEALTH GROUP INCORPORATED 6.00 02/15/2018 1,177,001
 150,000 UNITEDHEALTH GROUP INCORPORATED 6.63 11/15/2037 175,546
 500,000 UNITEDHEALTH GROUP INCORPORATED 6.88 02/15/2038 609,878
 100,000 WELLPOINT INCORPORATED 5.25 01/15/2016 112,008
 135,000 WELLPOINT INCORPORATED 5.80 08/15/2040 144,224
 425,000 WELLPOINT INCORPORATED 5.85 01/15/2036 454,896
 500,000 WELLPOINT INCORPORATED 5.88 06/15/2017 576,369
 500,000 WELLPOINT INCORPORATED 7.00 02/15/2019 609,450
 10,296,095
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
LIFE SCIENCES TOOLS & SERVICES: 0.04%
$ 300,000 LIFE TECHNOLOGIES CORPORATION 4.40% 03/01/2015 $ 317,666
 250,000 LIFE TECHNOLOGIES CORPORATION 6.00 03/01/2020 285,357
 500,000 THERMO FISHER SCIENTIFIC 3.20 05/01/2015 525,633
 1,128,656
 -------------
PHARMACEUTICALS: 0.88%
 350,000 ABBOTT LABORATORIES 2.70 05/27/2015 366,662
 350,000 ABBOTT LABORATORIES 5.13 04/01/2019 403,871
 1,000,000 ABBOTT LABORATORIES 5.15 11/30/2012 1,096,556
 1,000,000 ABBOTT LABORATORIES 5.60 11/30/2017 1,193,547
 150,000 ABBOTT LABORATORIES 5.88 05/15/2016 179,359
 300,000 ABBOTT LABORATORIES 6.00 04/01/2039 364,757
 250,000 BRISTOL MYERS SQUIBB COMPANY 6.13 05/01/2038 307,495
 750,000 BRISTOL-MYERS SQUIBB COMPANY 5.88 11/15/2036 889,544
 800,000 ELI LILLY & COMPANY 4.20 03/06/2014 879,518
 400,000 ELI LILLY & COMPANY 5.50 03/15/2027 458,981
 250,000 ELI LILLY & COMPANY 5.95 11/15/2037 300,201
 500,000 GENETECH INCORPORATED 4.75 07/15/2015 562,462
 250,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.38 04/15/2014 276,513
 1,000,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.85 05/15/2013 1,098,591
 500,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 5.65 05/15/2018 593,793
 900,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 6.38 05/15/2038 1,141,999
 180,000 JOHNSON & JOHNSON 4.95 05/15/2033 198,501
 1,000,000 JOHNSON & JOHNSON 5.15 08/15/2012 1,087,004
 250,000 JOHNSON & JOHNSON 5.55 08/15/2017 299,644
 300,000 JOHNSON & JOHNSON 5.85 07/15/2038 376,790
 225,000 MERCK & COMPANY INCORPORATED 4.75 03/01/2015 255,199
 250,000 MERCK & COMPANY INCORPORATED 5.00 06/30/2019 290,156
 150,000 MERCK & COMPANY INCORPORATED 5.75 11/15/2036 179,192
 150,000 MERCK & COMPANY INCORPORATED 5.85 06/30/2039 184,191
 65,000 MERCK & COMPANY INCORPORATED 5.95 12/01/2028 79,063
 1,000,000 MERCK & COMPANY INCORPORATED 6.00 09/15/2017 1,215,884
 250,000 MERCK & COMPANY INCORPORATED 6.30 01/01/2026 318,451
 595,000 NOVARTIS CAPITAL CORPORATION 1.90 04/24/2013 610,543
 500,000 NOVARTIS CAPITAL CORPORATION 2.90 04/24/2015 524,130
 475,000 NOVARTIS CAPITAL CORPORATION 4.13 02/10/2014 519,427
 500,000 NOVARTIS CAPITAL CORPORATION 4.40 04/24/2020 559,148
 1,400,000 PFIZER INCORPORATED 4.45 03/15/2012 1,476,679
 300,000 PFIZER INCORPORATED 4.50 02/15/2014 330,414
 1,250,000 PFIZER INCORPORATED 5.35 03/15/2015 1,441,161
 800,000 PFIZER INCORPORATED 6.20 03/15/2019 988,747
 750,000 PFIZER INCORPORATED 7.20 03/15/2039 1,047,450
 100,000 SCHERING-PLOUGH CORPORATION 5.30 12/01/2013 112,778
 120,000 SCHERING-PLOUGH CORPORATION 6.50 12/01/2033 155,086
 475,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 625,046
 200,000 TEVA PHARMACEUTICAL FINANCE LLC 1.50 06/15/2012 201,993
 200,000 TEVA PHARMACEUTICAL FINANCE LLC 6.15 02/01/2036 245,646
 125,000 WATSON PHARMACEUTICALS INCORPORATED 5.00 08/15/2014 137,191
 130,000 WATSON PHARMACEUTICALS INCORPORATED 6.13 08/15/2019 152,747
 500,000 WYETH LABORATORIES INCORPORATED 5.45 04/01/2017 585,322
 180,000 WYETH LABORATORIES INCORPORATED 5.50 02/15/2016 209,968
 350,000 WYETH LABORATORIES INCORPORATED 5.95 04/01/2037 421,423
 625,000 WYETH LABORATORIES INCORPORATED 6.00 02/15/2036 760,774
 25,703,597
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
INDUSTRIALS: 1.46%
AEROSPACE & DEFENSE: 0.44%
$ 500,000 BOEING COMPANY 1.88% 11/20/2012 $ 509,626
 140,000 BOEING COMPANY 4.88 02/15/2020 159,604
 1,000,000 BOEING COMPANY 5.00 03/15/2014 1,124,173
 30,000 BOEING COMPANY 5.88 02/15/2040 35,971
 180,000 BOEING COMPANY 6.13 02/15/2033 218,745
 300,000 BOEING COMPANY 6.88 03/15/2039 397,318
 500,000 GENERAL DYNAMICS CORPORATION 4.25 05/15/2013 544,274
 500,000 GENERAL DYNAMICS CORPORATION 5.25 02/01/2014 567,109
 350,000 GOODRICH CORPORATION 4.88 03/01/2020 390,688
 75,000 GOODRICH CORPORATION 7.63 12/15/2012 85,586
 500,000 HONEYWELL INTERNATIONAL INCORPORATED 3.88 02/15/2014 544,446
 100,000 HONEYWELL INTERNATIONAL INCORPORATED 4.25 03/01/2013 108,219
 500,000 HONEYWELL INTERNATIONAL INCORPORATED 5.00 02/15/2019 577,373
 100,000 HONEYWELL INTERNATIONAL INCORPORATED 5.30 03/01/2018 117,538
 250,000 HONEYWELL INTERNATIONAL INCORPORATED 5.70 03/15/2037 297,938
 395,000 ITT CORPORATION 4.90 05/01/2014 435,490
 60,000 ITT CORPORATION 6.13 05/01/2019 71,282
 500,000 L 3 COMMUNICATIONS CORPORATION 5.20 10/15/2019 537,956
 100,000 LOCKHEED MARTIN CORPORATION 4.12 03/14/2013 107,369
 500,000 LOCKHEED MARTIN CORPORATION 4.25 11/15/2019 546,942
 150,000 LOCKHEED MARTIN CORPORATION 5.50 11/15/2039 168,429
 162,000 LOCKHEED MARTIN CORPORATION++ 5.72 06/01/2040 189,182
 350,000 LOCKHEED MARTIN CORPORATION SERIES B 6.15 09/01/2036 427,510
 90,000 NORTHROP GRUMMAN CORPORATION 3.70 08/01/2014 96,156
 85,000 NORTHROP GRUMMAN CORPORATION 5.05 08/01/2019 96,823
 520,000 NORTHROP GRUMMAN CORPORATION 7.75 02/15/2031 727,595
 600,000 RAYTHEON COMPANY 4.40 02/15/2020 670,762
 120,000 RAYTHEON COMPANY 7.20 08/15/2027 161,077
 50,000 ROCKWELL COLLINS INCORPORATED 5.25 07/15/2019 56,905
 500,000 UNITED TECHNOLOGIES CORPORATION 4.50 04/15/2020 562,949
 350,000 UNITED TECHNOLOGIES CORPORATION 4.88 05/01/2015 398,576
 565,000 UNITED TECHNOLOGIES CORPORATION 6.13 02/01/2019 701,273
 500,000 UNITED TECHNOLOGIES CORPORATION 6.13 07/15/2038 615,534
 430,000 UNITED TECHNOLOGIES CORPORATION 7.50 09/15/2029 595,725
 12,846,143
 -------------
AIR FREIGHT & LOGISTICS: 0.09%
 20,000 FEDEX CORPORATION 7.38 01/15/2014 23,481
 400,000 FEDEX CORPORATION 8.00 01/15/2019 520,085
 350,000 UNITED PARCEL SERVICE INCORPORATED 3.88 04/01/2014 381,120
 100,000 UNITED PARCEL SERVICE INCORPORATED 4.50 01/15/2013 108,404
 100,000 UNITED PARCEL SERVICE INCORPORATED 5.50 01/15/2018 118,237
 795,000 UNITED PARCEL SERVICE INCORPORATED<< 6.20 01/15/2038 993,261
 500,000 UNITED PARCEL SERVICE INCORPORATED CLASS B 5.13 04/01/2019 594,806
 2,739,394
 -------------
AIRLINES: 0.05%
 143,937 CONTINENTAL AIRLINES INCORPORATED(a) 9.00 07/08/2016 159,770
 417,473 CONTINENTAL AIRLINES INCORPORATED SERIES A(a) 5.98 10/19/2023 427,493
 93,444 DELTA AIR LINES INCORPORATED(a) 6.82 02/10/2024 95,547
 196,722 DELTA AIR LINES INCORPORATED(a) 7.75 06/17/2021 212,460
 192,696 NORTHWEST AIRLINES INCORPORATED(a) 7.03 11/01/2019 189,805
 500,000 SOUTHWEST AIRLINES COMPANY 5.25 10/01/2014 540,073
 1,625,148
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
BUILDING PRODUCTS: 0.02%
$ 500,000 OWENS CORNING INCORPORATED 6.50% 12/01/2016 $ 535,510
 -------------
COMMERCIAL SERVICES & SUPPLIES: 0.27%
 1,000,000 ALLIED WASTE NORTH AMERICA INCORPORATED 6.88 06/01/2017 1,103,750
 150,000 AVERY DENNISON CORPORATION 5.38 04/15/2020 166,324
 500,000 BLACK & DECKER 8.95 04/15/2014 616,308
 500,000 BLOCK FINANCIAL LLC 7.88 01/15/2013 552,599
 350,000 BROWNING-FERRIS INDUSTRIES INCORPORATED 7.40 09/15/2035 432,341
 100,000 COOPER US INCORPORATED 6.10 07/01/2017 117,710
 180,000 CRH AMERICA INCORPORATED 5.30 10/15/2013 193,018
 100,000 CRH AMERICA INCORPORATED 5.63 09/30/2011 104,319
 350,000 CRH AMERICA INCORPORATED 6.00 09/30/2016 384,556
 350,000 CRH AMERICA INCORPORATED 6.95 03/15/2012 375,495
 200,000 CRH AMERICA INCORPORATED 8.13 07/15/2018 237,704
 500,000 PITNEY BOWES INCORPORATED 5.25 01/15/2037 522,848
 250,000 PITNEY BOWES INCORPORATED SERIES MTN 4.75 01/15/2016 263,503
 100,000 PITNEY BOWES INCORPORATED SERIES MTN 5.75 09/15/2017 109,666
 50,000 REPUBLIC SERVICES INCORPORATED 5.25 11/15/2021 55,552
 125,000 REPUBLIC SERVICES INCORPORATED 5.50 09/15/2019 140,315
 65,000 RR DONNELLEY & SONS COMPANY 5.50 05/15/2015 67,610
 50,000 RR DONNELLEY & SONS COMPANY 6.13 01/15/2017 51,550
 600,000 RR DONNELLEY & SONS COMPANY 8.60 08/15/2016 689,431
 415,000 WASTE MANAGEMENT INCORPORATED 5.00 03/15/2014 457,167
 326,000 WASTE MANAGEMENT INCORPORATED 6.10 03/15/2018 383,382
 500,000 WASTE MANAGEMENT INCORPORATED 6.13 11/30/2039 569,895
 150,000 WASTE MANAGEMENT INCORPORATED 7.75 05/15/2032 198,920
 7,793,963
 -------------
CONSTRUCTION & ENGINEERING: 0.01%
 65,000 TOLL BROTHERS FINANCE CORPORATION 5.15 05/15/2015 65,697
 100,000 TOLL BROTHERS FINANCE CORPORATION 6.75 11/01/2019 105,794
 171,491
 -------------
CORPORATE BONDS & NOTES: 0.00%
 50,000 EQUIFAX INCORPORATED 7.00 07/01/2037 56,926
 -------------
ELECTRICAL EQUIPMENT: 0.04%
 100,000 EMERSON ELECTRIC COMPANY 4.13 04/15/2015 110,021
 100,000 EMERSON ELECTRIC COMPANY 4.75 10/15/2015 114,321
 50,000 EMERSON ELECTRIC COMPANY 5.25 10/15/2018 58,167
 500,000 EMERSON ELECTRIC COMPANY 5.25 11/15/2039 562,335
 100,000 EMERSON ELECTRIC COMPANY 6.13 04/15/2039 126,379
 100,000 ROPER INDUSTRIES INCORPORATED 6.63 08/15/2013 113,114
 1,084,337
 -------------
INDUSTRIAL CONGLOMERATES: 0.12%
 500,000 3M COMPANY 4.50 11/01/2011 523,546
 75,000 3M COMPANY SERIES MTN 5.70 03/15/2037 91,176
 1,360,000 GENERAL ELECTRIC COMPANY 5.00 02/01/2013 1,473,870
 750,000 GENERAL ELECTRIC COMPANY 5.25 12/06/2017 841,353
 250,000 PHILIPS ELECTRONICS NV 6.88 03/11/2038 321,682
 350,000 TEXTRON INCORPORATED 7.25 10/01/2019 416,079
 3,667,706
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
MACHINERY: 0.11%
$ 550,000 CATERPILLAR INCORPORATED 6.05% 08/15/2036 $ 680,705
 450,000 DANAHER CORPORATION 5.40 03/01/2019 531,194
 200,000 DEERE & COMPANY 4.38 10/16/2019 220,952
 150,000 DEERE & COMPANY 5.38 10/16/2029 170,023
 100,000 DOVER CORPORATION 5.45 03/15/2018 117,228
 60,000 DOVER CORPORATION 6.60 03/15/2038 79,314
 500,000 EATON CORPORATION 5.60 05/15/2018 583,818
 300,000 ILLINOIS TOOL WORKS INCORPORATED 5.15 04/01/2014 339,884
 155,000 ILLINOIS TOOL WORKS INCORPORATED 6.25 04/01/2019 190,213
 135,000 PARKER HANNIFIN CORPORATION SERIES MTN 5.50 05/15/2018 158,289
 60,000 PARKER HANNIFIN CORPORATION SERIES MTN 6.25 05/15/2038 73,887
 150,000 SNAP ON INCORPORATED 6.13 09/01/2021 175,506
 3,321,013
 -------------
ROAD & RAIL: 0.25%
 435,000 CANADIAN NATIONAL RAILWAY COMPANY 5.55 03/01/2019 519,109
 350,000 CANADIAN NATIONAL RAILWAY COMPANY 6.38 11/15/2037 451,350
 100,000 CSX CORPORATION 5.60 05/01/2017 113,883
 100,000 CSX CORPORATION 6.00 10/01/2036 113,841
 70,000 CSX CORPORATION 6.15 05/01/2037 80,868
 200,000 CSX CORPORATION 6.22 04/30/2040 235,407
 250,000 CSX CORPORATION 6.25 04/01/2015 292,432
 300,000 CSX CORPORATION 6.30 03/15/2012 321,048
 500,000 CSX CORPORATION 7.38 02/01/2019 631,756
 275,000 NORFOLK SOUTHERN CORPORATION 5.59 05/17/2025 305,895
 1,100,000 NORFOLK SOUTHERN CORPORATION 5.75 04/01/2018 1,280,445
 65,000 NORFOLK SOUTHERN CORPORATION 5.90 06/15/2019 77,180
 500,000 NORFOLK SOUTHERN CORPORATION 7.25 02/15/2031 639,655
 100,000 RYDER SYSTEM INCORPORATED 5.85 03/01/2014 110,477
 250,000 RYDER SYTEMS INCORPORATED 5.85 11/01/2016 279,651
 360,000 UNION PACIFIC CORPORATION 4.88 01/15/2015 399,421
 200,000 UNION PACIFIC CORPORATION 5.75 11/15/2017 233,193
 300,000 UNION PACIFIC CORPORATION++ 5.78 07/15/2040 342,716
 40,000 UNION PACIFIC CORPORATION 6.15 05/01/2037 47,934
 600,000 UNION PACIFIC CORPORATION 6.63 02/01/2029 725,602
 7,201,863
 -------------
TRANSPORTATION INFRASTRUCTURE: 0.06%
 125,000 BURLINGTON NORTHERN SANTA FE CORPORATION 4.70 10/01/2019 137,598
 500,000 BURLINGTON NORTHERN SANTA FE CORPORATION 4.88 01/15/2015 555,604
 360,000 BURLINGTON NORTHERN SANTA FE CORPORATION 5.65 05/01/2017 414,538
 550,000 BURLINGTON NORTHERN SANTA FE CORPORATION 6.15 05/01/2037 643,452
 1,751,192
 -------------
INFORMATION TECHNOLOGY: 0.89%
COMMUNICATIONS EQUIPMENT: 0.17%
 600,000 CISCO SYSTEMS INCORPORATED 4.45 01/15/2020 660,266
 600,000 CISCO SYSTEMS INCORPORATED 4.95 02/15/2019 685,786
 775,000 CISCO SYSTEMS INCORPORATED 5.50 02/22/2016 913,830
 700,000 CISCO SYSTEMS INCORPORATED 5.50 01/15/2040 782,638
 500,000 CISCO SYSTEMS INCORPORATED 5.90 02/15/2039 586,583
 400,000 HARRIS CORPORATION 5.95 12/01/2017 458,178
 700,000 MOTOROLA INCORPORATED 6.00 11/15/2017 779,425
 120,000 MOTOROLA INCORPORATED 7.50 05/15/2025 142,769
 5,009,475
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
COMPUTERS & PERIPHERALS: 0.16%
$ 200,000 DELL INCORPORATED 5.63% 04/15/2014 $ 226,593
 550,000 DELL INCORPORATED 5.88 06/15/2019 640,320
 100,000 DELL INCORPORATED 6.50 04/15/2038 119,937
 200,000 DELL INCORPORATED 7.10 04/15/2028 246,382
 500,000 HEWLETT-PACKARD COMPANY 4.25 02/24/2012 524,831
 1,500,000 HEWLETT-PACKARD COMPANY 4.75 06/02/2014 1,681,709
 500,000 HEWLETT-PACKARD COMPANY 5.50 03/01/2018 592,570
 180,000 HEWLETT-PACKARD COMPANY 6.50 07/01/2012 197,882
 250,000 LEXMARK INTERNATIONAL INCORPORATED 6.65 06/01/2018 283,131
 4,513,355
 -------------
ELECTRONIC EQUIPMENT & INSTRUMENTS: 0.03%
 500,000 AGILENT TECHNOLOGIES INCORPORATED 5.50 09/14/2015 560,159
 60,000 AGILENT TECHNOLOGIES INCORPORATED 6.50 11/01/2017 69,600
 150,000 AMPHENOL CORPORATION 4.75 11/15/2014 162,499
 100,000 ARROW ELECTRONICS INCORPORATED 6.00 04/01/2020 108,086
 20,000 CORNING INCORPORATED 6.63 05/15/2019 24,134
 924,478
 -------------
IT SERVICES: 0.21%
 500,000 COMPUTER SCIENCES CORPORATION 5.50 03/15/2013 544,682
 150,000 COMPUTER SCIENCES CORPORATION SERIES WI 6.50 03/15/2018 174,196
 180,000 ELECTRONIC DATA SYSTEMS CORPORATION SERIES B 6.00 08/01/2013 204,335
 600,000 FISERV INCORPORATED 6.13 11/20/2012 653,679
 100,000 FISERV INCORPORATED 6.80 11/20/2017 114,481
 350,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 1.00 08/05/2013 350,413
 250,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 2.10 05/06/2013 257,816
 200,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 4.75 11/29/2012 217,750
 550,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 5.60 11/30/2039 649,818
 500,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 5.70 09/14/2017 599,021
 250,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 5.88 11/29/2032 297,975
 1,000,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 7.63 10/15/2018 1,336,921
 80,000 THE WESTERN UNION COMPANY++ 5.25 04/01/2020 86,847
 75,000 THE WESTERN UNION COMPANY 5.93 10/01/2016 87,102
 75,000 THE WESTERN UNION COMPANY 6.20 11/17/2036 82,903
 500,000 THE WESTERN UNION COMPANY 6.50 02/26/2014 570,801
 6,228,740
 -------------
OFFICE ELECTRONICS: 0.08%
 200,000 XEROX CORPORATION 4.25 02/15/2015 212,992
 570,000 XEROX CORPORATION 5.50 05/15/2012 608,264
 200,000 XEROX CORPORATION 5.63 12/15/2019 222,050
 150,000 XEROX CORPORATION 6.35 05/15/2018 171,773
 250,000 XEROX CORPORATION 6.75 02/01/2017 292,394
 100,000 XEROX CORPORATION 6.75 12/15/2039 118,521
 570,000 XEROX CORPORATION 8.25 05/15/2014 683,073
 2,309,067
 -------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 0.02%
 250,000 ANALOG DEVICES INCORPORATED 5.00 07/01/2014 275,301
 350,000 NATIONAL SEMICONDUCTOR 3.95 04/15/2015 366,689
 641,990
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
SOFTWARE: 0.22%
$ 100,000 ADOBE SYSTEMS INCORPORATED 3.25% 02/01/2015 $ 104,519
 125,000 ADOBE SYSTEMS INCORPORATED 4.75 02/01/2020 134,523
 500,000 CA INCORPORATED 5.38 12/01/2019 545,393
 690,000 MICROSOFT CORPORATION 2.95 06/01/2014 735,493
 175,000 MICROSOFT CORPORATION 4.20 06/01/2019 196,332
 110,000 MICROSOFT CORPORATION 5.20 06/01/2039 127,442
 500,000 ORACLE CORPORATION 3.75 07/08/2014 543,949
 350,000 ORACLE CORPORATION++ 3.88 07/15/2020 371,979
 500,000 ORACLE CORPORATION 4.95 04/15/2013 551,742
 300,000 ORACLE CORPORATION 5.00 07/08/2019 345,051
 350,000 ORACLE CORPORATION 5.25 01/15/2016 406,204
 750,000 ORACLE CORPORATION++ 5.38 07/15/2040 812,991
 750,000 ORACLE CORPORATION 5.75 04/15/2018 897,317
 200,000 ORACLE CORPORATION 6.13 07/08/2039 241,498
 250,000 ORACLE CORPORATION 6.50 04/15/2038 315,084
 6,329,517
 -------------
MATERIALS: 0.77%
CHEMICALS: 0.39%
 150,000 AIR PRODUCTS & CHEMICALS INCORPORATED 4.38 08/21/2019 160,263
 100,000 AIRGAS INCORPORATED 2.85 10/01/2013 101,881
 100,000 CABOT CORPORATION 5.00 10/01/2016 109,252
 250,000 CYTEC INDUSTRIES INCORPORATED 6.00 10/01/2015 279,266
 500,000 DOW CHEMICAL COMPANY 4.85 08/15/2012 527,683
 500,000 DOW CHEMICAL COMPANY 5.90 02/15/2015 553,603
 100,000 DOW CHEMICAL COMPANY 6.00 10/01/2012 108,408
 350,000 DOW CHEMICAL COMPANY 7.38 11/01/2029 401,712
 685,000 DOW CHEMICAL COMPANY 7.60 05/15/2014 798,444
 1,155,000 DOW CHEMICAL COMPANY 8.55 05/15/2019 1,447,775
 135,000 DOW CHEMICAL COMPANY 9.40 05/15/2039 191,621
 250,000 DU PONT E I DE NEMOURS & COMPANY 6.50 01/15/2028 308,418
 700,000 E.I. DU PONT DE NEMOURS & COMPANY 3.25 01/15/2015 743,644
 400,000 E.I. DU PONT DE NEMOURS & COMPANY 4.50 08/15/2019 437,297
 200,000 E.I. DU PONT DE NEMOURS & COMPANY 4.63 01/15/2020 222,388
 565,000 E.I. DU PONT DE NEMOURS & COMPANY 4.88 04/30/2014 631,339
 200,000 E.I. DU PONT DE NEMOURS & COMPANY 5.00 07/15/2013 221,221
 50,000 E.I. DU PONT DE NEMOURS & COMPANY 5.25 12/15/2016 58,249
 25,000 E.I. DU PONT DE NEMOURS & COMPANY 5.60 12/15/2036 28,788
 625,000 E.I. DU PONT DE NEMOURS & COMPANY 6.00 07/15/2018 754,732
 200,000 EASTMAN CHEMICAL COMPANY 7.60 02/01/2027 248,985
 65,000 LUBRIZOL CORPORATION 5.50 10/01/2014 71,612
 250,000 LUBRIZOL CORPORATION 8.88 02/01/2019 321,208
 500,000 MONSANTO COMPANY 5.13 04/15/2018 567,440
 100,000 MONSANTO COMPANY 5.50 08/15/2025 113,725
 200,000 PPG INDUSTRIES INCORPORATED 5.75 03/15/2013 219,469
 100,000 PPG INDUSTRIES INCORPORATED 6.65 03/15/2018 120,879
 600,000 PRAXAIR INCORPORATED 2.13 06/14/2013 616,190
 50,000 PRAXAIR INCORPORATED 5.20 03/15/2017 56,426
 75,000 PRAXAIR INCORPORATED 5.38 11/01/2016 86,977
 150,000 PRAXAIR INCORPORATED 6.38 04/01/2012 162,883
 250,000 RPM INTERNATIONAL INCORPORATED 6.50 02/15/2018 279,162
 250,000 SHERWIN-WILLIAMS COMPANY 3.13 12/15/2014 263,183
 100,000 VALSPAR CORPORATION 7.25 06/15/2019 122,367
 11,336,490
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
CONSTRUCTION MATERIALS: 0.03%
$ 25,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.25% 05/01/2037 $ 27,755
 125,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.60 04/15/2018 140,040
 100,000 VULCAN MATERIALS COMPANY 5.60 11/30/2012 107,644
 500,000 VULCAN MATERIALS COMPANY 7.00 06/15/2018 557,428
 50,000 VULCAN MATERIALS COMPANY 7.15 11/30/2037 55,006
 887,873
 -------------
CONTAINERS & PACKAGING: 0.06%
 515,000 BEMIS COMPANY INCORPORATED 5.65 08/01/2014 575,900
 10,000 BEMIS COMPANY INCORPORATED 6.80 08/01/2019 11,965
 100,000 BOTTLING GROUP LLC 4.63 11/15/2012 107,816
 750,000 BOTTLING GROUP LLC 6.95 03/15/2014 889,391
 200,000 PACTIV CORPORATION 6.40 01/15/2018 207,361
 1,792,433
 -------------
METALS & MINING: 0.22%
 180,000 ALCAN INCORPORATED 5.00 06/01/2015 196,301
 25,000 ALCOA INCORPORATED 5.55 02/01/2017 25,522
 350,000 ALCOA INCORPORATED 5.72 02/23/2019 353,265
 300,000 ALCOA INCORPORATED 5.90 02/01/2027 291,997
 25,000 ALCOA INCORPORATED 5.95 02/01/2037 22,634
 1,200,000 ALCOA INCORPORATED<< 6.00 07/15/2013 1,299,796
 50,000 ALCOA INCORPORATED 6.75 07/15/2018 53,793
 75,000 ALCOA INCORPORATED 6.75 01/15/2028 75,604
 150,000 ALLEGHENY TECHNOLOGIES INCORPORATED 9.38 06/01/2019 181,978
 150,000 BHP BILLITON FINANCE USA LIMITED 5.25 12/15/2015 170,170
 50,000 COMMERCIAL METALS COMPANY 6.50 07/15/2017 52,466
 250,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED 8.25 04/01/2015 267,500
 1,000,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED 8.38 04/01/2017 1,110,000
 225,000 NEWMONT MINING CORPORATION 5.13 10/01/2019 249,876
 475,000 NEWMONT MINING CORPORATION 6.25 10/01/2039 542,027
 100,000 NUCOR CORPORATION 5.00 06/01/2013 109,387
 500,000 NUCOR CORPORATION 5.75 12/01/2017 582,315
 150,000 NUCOR CORPORATION 5.85 06/01/2018 176,668
 50,000 NUCOR CORPORATION 6.40 12/01/2037 61,908
 440,000 SOUTHERN COPPER CORPORATION 6.75 04/16/2040 474,925
 150,000 SOUTHERN COPPER CORPORATION 7.50 07/27/2035 173,822
 90,000 SOUTHERN PERU COPPER CORPORATION 5.38 04/16/2020 94,803
 6,566,757
 -------------
PAPER & FOREST PRODUCTS: 0.07%
 65,000 CELULOSA ARAUCO Y CONSTITUCION SA 5.63 04/20/2015 71,026
 450,000 INTERNATIONAL PAPER COMAPNY 7.50 08/15/2021 536,400
 430,000 INTERNATIONAL PAPER COMPANY 5.30 04/01/2015 464,353
 250,000 INTERNATIONAL PAPER COMPANY 7.30 11/15/2039 281,703
 500,000 INTERNATIONAL PAPER COMPANY 7.95 06/15/2018 605,775
 1,959,257
 -------------
TELECOMMUNICATION SERVICES: 1.20%
DIVERSIFIED TELECOMMUNICATION SERVICES: 1.08%
 350,000 ALLTEL CORPORATION 7.88 07/01/2032 469,333
 700,000 AMERICAN TOWER CORPORATION 5.25 04/15/2013 772,671
 1,000,000 AT&T INCORPORATED 4.95 01/15/2013 1,089,512
 1,075,000 AT&T INCORPORATED 5.10 09/15/2014 1,208,349
 1,000,000 AT&T INCORPORATED 5.50 02/01/2018 1,154,290

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
DIVERSIFIED TELECOMMUNICATION SERVICES (continued)
$ 500,000 AT&T INCORPORATED 5.60% 05/15/2018 $ 579,855
 300,000 AT&T INCORPORATED 5.80 02/15/2019 353,720
 1,500,000 AT&T INCORPORATED 6.30 01/15/2038 1,718,850
 570,000 AT&T INCORPORATED 6.50 09/01/2037 666,241
 800,000 AT&T INCORPORATED 6.55 02/15/2039 948,042
 1,350,000 AT&T INCORPORATED 6.70 11/15/2013 1,563,578
 1,050,000 AT&T INCORPORATED 8.00 11/15/2031 1,439,113
 1,000,000 AT&T WIRELESS 8.13 05/01/2012 1,115,560
 950,000 AT&T WIRELESS 8.75 03/01/2031 1,382,187
 750,000 BELLSOUTH CAPITAL FUNDING CORPORATION 7.88 02/15/2030 946,940
 325,000 BELLSOUTH CORPORATION 5.20 09/15/2014 365,898
 180,000 BELLSOUTH CORPORATION 6.00 11/15/2034 193,583
 180,000 BELLSOUTH CORPORATION 6.55 06/15/2034 205,280
 100,000 CENTURYTELELEPHONE INCORPORATED 5.00 02/15/2015 102,232
 240,000 CENTURYTELELEPHONE INCORPORATED 6.00 04/01/2017 246,816
 365,000 COMCAST CABLE COMMUNICATIONS HOLDINGS INCORPORATED 8.38 03/15/2013 424,098
 350,000 COMCAST CABLE HOLDINGS LLC 7.13 02/15/2028 409,371
 500,000 COX COMMUNICATIONS INCORPORATED 4.63 06/01/2013 537,569
 180,000 COX COMMUNICATIONS INCORPORATED 5.45 12/15/2014 202,839
 300,000 COX COMMUNICATIONS INCORPORATED 7.13 10/01/2012 333,570
 650,000 EMBARQ CORPORATION 7.08 06/01/2016 708,627
 500,000 EMBARQ CORPORATION 8.00 06/01/2036 517,181
 350,000 FRANCE TELECOM SA (EUR) 5.38 07/08/2019 403,024
 300,000 QWEST CORPORATION 6.88 09/15/2033 294,750
 500,000 QWEST CORPORATION 7.50 06/15/2023 510,000
 285,000 QWEST CORPORATION 8.38 05/01/2016 332,025
 800,000 QWEST CORPORATION 8.88 03/15/2012 880,000
 350,000 SBC COMMUNICATIONS 5.63 06/15/2016 405,659
 250,000 VERIZON COMMUNICATIONS INCORPORATED 6.25 04/01/2037 285,398
 1,000,000 VERIZON COMMUNICATIONS INCORPORATED 6.35 04/01/2019 1,208,012
 500,000 VERIZON COMMUNICATIONS INCORPORATED 6.90 04/15/2038 618,266
 1,350,000 VERIZON COMMUNICATIONS INCORPORATED 7.35 04/01/2039 1,758,605
 1,050,000 VERIZON COMMUNICATIONS INCORPORATED 8.75 11/01/2018 1,415,291
 500,000 VERIZON COMMUNICATIONS INCORPORATED 8.95 03/01/2039 742,415
 325,000 VERIZON GLOBAL FUNDING CORPORATION 4.90 09/15/2015 365,420
 100,000 VERIZON GLOBAL FUNDING CORPORATION 5.85 09/15/2035 109,114
 1,000,000 VERIZON GLOBAL FUNDING CORPORATION 7.38 09/01/2012 1,122,710
 350,000 VERIZON GLOBAL FUNDING CORPORATION 7.75 12/01/2030 456,419
 550,000 VERIZON (NEW JERSEY) INCORPORATED SERIES A 5.88 01/17/2012 582,666
 467,000 VERIZON NEW YORK INCORPORATED SERIES A 6.88 04/01/2012 504,572
 31,649,651
 -------------
WIRELESS TELECOMMUNICATION SERVICES: 0.12%
 100,000 AMERICAN TOWER CORPORATION 4.63 04/01/2015 106,065
 200,000 AMERICAN TOWER CORPORATION 5.05 09/01/2020 201,708
 350,000 AMERICAN TOWER CORPORATION 7.00 10/15/2017 404,688
 1,500,000 VERIZON WIRELESS CAPITAL LLC 5.55 02/01/2014 1,697,456
 250,000 VERIZON WIRELESS CAPITAL LLC 7.38 11/15/2013 296,258
 500,000 VERIZON WIRELESS CAPITAL LLC 8.50 11/15/2018 674,321
 3,380,496
 -------------
UTILITIES: 2.03%
ELECTRIC UTILITIES: 1.75%
 500,000 ALABAMA POWER COMPANY 6.00 03/01/2039 598,372
 105,000 ALABAMA POWER COMPANY 6.13 05/15/2038 126,460

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
ELECTRIC UTILITIES (continued)
$ 100,000 AMEREN ENERGY GENERATING COMPANY 6.30% 04/01/2020 $ 100,500
 100,000 AMEREN ENERGY GENERATING COMPANY SERIES H 7.00 04/15/2018 106,795
 75,000 AMEREN UNION ELECTRIC 5.40 02/01/2016 83,172
 100,000 AMEREN UNION ELECTRIC 6.00 04/01/2018 115,225
 250,000 AMERENENERGY GENERATING COMPANY SENIOR NOTE SERIES F 7.95 06/01/2032 263,731
 600,000 APPALACHIAN POWER COMPANY 7.00 04/01/2038 753,610
 315,000 APPALACHIAN POWER COMPANY SERIES L 5.80 10/01/2035 335,106
 500,000 ARIZONA PUBLIC SERVICE COMPANY 6.38 10/15/2011 525,822
 65,000 ATLANTIC CITY ELECTRIC COMPANY 7.75 11/15/2018 83,049
 180,000 CAROLINA POWER & LIGHT COMPANY 5.25 12/15/2015 209,275
 800,000 CAROLINA POWER & LIGHT COMPANY 5.30 01/15/2019 933,357
 250,000 CENTERPOINT ENERGY HOUSTON MORTGAGE BOND SERIES K 6.95 03/15/2033 312,110
 450,000 CENTERPOINT ENERGY HOUSTON SERIES J2 5.70 03/15/2013 498,505
 500,000 COMMONWEALTH EDISON COMPANY 5.80 03/15/2018 587,174
 250,000 COMMONWEALTH EDISON COMPANY 5.90 03/15/2036 291,651
 250,000 COMMONWEALTH EDISON COMPANY FIRST MORTGAGE BOND 4.70 04/15/2015 279,141
 65,000 COMMONWEALTH EDISON COMPANY SERIES 100 5.88 02/01/2033 74,672
 50,000 COMMONWEALTH EDISON COMPANY SERIES 105 5.40 12/15/2011 52,708
 100,000 CONNECTICUT LIGHT & POWER COMPANY 5.65 05/01/2018 115,943
 180,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 4.88 02/01/2013 195,641
 600,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 5.50 12/01/2039 662,066
 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 5.85 04/01/2018 119,344
 500,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 6.65 04/01/2019 631,532
 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 6.75 04/01/2038 128,995
 200,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 7.13 12/01/2018 257,669
 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED
 SERIES 06-C 5.50 09/15/2016 115,848
 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED
 SERIES D 5.30 12/01/2016 57,605
 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED
 SERIES E 5.70 12/01/2036 56,388
 150,000 CONSUMERS ENERGY COMPANY 5.65 09/15/2018 172,084
 500,000 CONSUMERS ENERGY COMPANY FIRST MORTGAGE BOND 6.70 09/15/2019 618,228
 150,000 CONSUMERS ENERGY COMPANY SERIES B 5.38 04/15/2013 164,019
 150,000 DUKE ENERGY CAROLINAS LLC 5.75 11/15/2013 171,070
 100,000 DUKE ENERGY CAROLINAS LLC 7.00 11/15/2018 127,967
 750,000 DUKE ENERGY CORPORATION 3.35 04/01/2015 784,322
 725,000 DUKE ENERGY CORPORATION 3.95 09/15/2014 776,867
 950,000 DUKE ENERGY CORPORATION 6.30 02/01/2014 1,087,377
 75,000 DUKE ENERGY CORPORATION 6.45 10/15/2032 93,104
 750,000 DUKE ENERGY INDIANA INCORPORATED 6.35 08/15/2038 943,465
 65,000 DUKE ENERGY INDIANA INCORPORATED 6.45 04/01/2039 82,965
 250,000 DUKE ENERGY OHIO INCORPORATED 5.45 04/01/2019 294,380
 500,000 ENERGY EAST CORPORATION 6.75 07/15/2036 579,165
 100,000 ENTERGY ARKANSAS INCORPORATED 5.40 08/01/2013 110,198
 120,000 ENTERGY GULF STATES LOUISIANA LLC 5.59 10/01/2024 136,971
 100,000 ENTERGY GULF STATES LOUISIANA LLC 6.00 05/01/2018 116,279
 250,000 ENTERGY LOUISIANA LLC 5.40 11/01/2024 292,589
 375,000 EXELON CORPORATION 4.90 06/15/2015 411,050
 65,000 EXELON CORPORATION 5.63 06/15/2035 67,115
 500,000 EXELON GENERATION COMPANY LLC 5.20 10/01/2019 554,966
 500,000 EXELON GENERATION COMPANY LLC 6.25 10/01/2039 559,183
 7,000 FIRSTENERGY CORPORATION SERIES B 6.45 11/15/2011 7,351
 430,000 FIRSTENERGY CORPORATION SERIES C 7.38 11/15/2031 476,350
 1,200,000 FIRSTENERGY SOLUTIONS COMPANY 4.80 02/15/2015 1,279,490
 240,000 FIRSTENERGY SOLUTIONS COMPANY 6.05 08/15/2021 254,207
 164,000 FIRSTENERGY SOLUTIONS COMPANY 6.80 08/15/2039 168,526
 100,000 FLORIDA POWER & LIGHT COMPANY 4.80 03/01/2013 108,032
 150,000 FLORIDA POWER & LIGHT COMPANY 5.63 04/01/2034 172,334

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
ELECTRIC UTILITIES (continued)
$ 585,000 FLORIDA POWER & LIGHT COMPANY 5.69% 03/01/2040 $ 686,842
 100,000 FLORIDA POWER & LIGHT COMPANY 5.85 05/01/2037 118,997
 50,000 FLORIDA POWER & LIGHT COMPANY 5.95 02/01/2038 60,409
 500,000 FLORIDA POWER & LIGHT COMPANY 6.40 06/15/2038 627,867
 125,000 FLORIDA POWER CORPORATION 5.65 04/01/2040 143,756
 100,000 FPL GROUP CAPITAL INCORPORATED 2.55 11/15/2013 102,299
 800,000 FPL GROUP CAPITAL INCORPORATED 5.63 09/01/2011 837,052
 750,000 FPL GROUP CAPITAL INCORPORATED 6.00 03/01/2019 880,189
 125,000 GEORGIA POWER COMPANY 4.25 12/01/2019 135,125
 200,000 GEORGIA POWER COMPANY 5.40 06/01/2018 232,507
 250,000 GEORGIA POWER COMPANY 5.40 06/01/2040 272,140
 125,000 GEORGIA POWER COMPANY 6.00 11/01/2013 142,479
 250,000 GEORGIA POWER COMPANY SERIES 2009 A 5.95 02/01/2039 295,408
 100,000 GEORGIA POWER COMPANY SERIES B 5.70 06/01/2017 117,511
 250,000 GREAT PLAIN ENERGY INCORPORATED 6.38 03/01/2018 294,694
 100,000 ILLINOIS POWER COMPANY 6.13 11/15/2017 115,342
 50,000 ILLINOIS POWER COMPANY 6.25 04/01/2018 57,364
 500,000 INDIANA MICHIGAN POWER COMPANY 7.00 03/15/2019 614,480
 30,000 INTERSTATE POWER & LIGHT COMPANY 6.25 07/15/2039 36,567
 100,000 JERSEY CENTRAL POWER & LIGHT COMPANY 5.63 05/01/2016 112,511
 250,000 JERSEY CENTURY POWER & LIGHT COMPANY 7.35 02/01/2019 311,759
 200,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 3.15 07/15/2012 206,856
 250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.30 03/15/2018 288,894
 75,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.80 10/15/2036 86,895
 180,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.88 10/01/2012 195,913
 100,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.95 05/15/2037 113,347
 250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 6.13 04/01/2036 288,939
 500,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 6.50 09/15/2037 607,538
 300,000 NEVADA POWER COMPANY 7.13 03/15/2019 370,166
 550,000 NEVADA POWER COMPANY SERIES O 6.50 05/15/2018 659,301
 180,000 NISOURCE FINANCE CORPORATION 5.25 09/15/2017 194,776
 65,000 NISOURCE FINANCE CORPORATION 5.45 09/15/2020 69,595
 100,000 NISOURCE FINANCE CORPORATION 6.13 03/01/2022 111,601
 100,000 NISOURCE FINANCE CORPORATION 6.40 03/15/2018 114,802
 90,000 NISOURCE FINANCE CORPORATION 6.80 01/15/2019 106,046
 500,000 NISOURCE FINANCE CORPORATION 10.75 03/15/2016 655,124
 150,000 NORTHERN STATES POWER COMPANY MINNESOTA 1.95 08/15/2015 150,770
 500,000 NORTHERN STATES POWER COMPANY MINNESOTA 5.25 03/01/2018 579,404
 40,000 NORTHERN STATES POWER COMPANY MINNESOTA 5.35 11/01/2039 45,242
 100,000 NORTHERN STATES POWER COMPANY MINNESOTA 6.20 07/01/2037 124,777
 250,000 NORTHERN STATES POWER COMPANY MINNESOTA FIRST MORTGAGE BOND
 SERIES B 8.00 08/28/2012 284,235
 100,000 NSTAR ELECTRIC COMPANY 5.50 03/15/2040 116,522
 65,000 OHIO POWER COMPANY 5.38 10/01/2021 74,635
 250,000 OHIO POWER COMPANY 6.00 06/01/2016 290,136
 100,000 OKLAHOMA GAS AND ELECTRIC COMPANY 5.85 06/01/2040 115,915
 800,000 ONCOR ELECTRIC DELIVERY COMPANY 5.95 09/01/2013 891,724
 500,000 ONCOR ELECTRIC DELIVERY COMPANY 6.80 09/01/2018 607,234
 125,000 PACIFIC GAS & ELECTRIC COMPANY 4.80 03/01/2014 138,133
 500,000 PACIFIC GAS & ELECTRIC COMPANY 5.80 03/01/2037 575,758
 200,000 PACIFIC GAS & ELECTRIC COMPANY 6.05 03/01/2034 235,465
 200,000 PACIFIC GAS & ELECTRIC COMPANY 6.25 12/01/2013 229,578
 100,000 PACIFIC GAS & ELECTRIC COMPANY 6.35 02/15/2038 122,888
 1,000,000 PACIFIC GAS & ELECTRIC COMPANY 8.25 10/15/2018 1,319,823
 600,000 PACIFICORP 5.65 07/15/2018 711,628
 500,000 PACIFICORP 6.00 01/15/2039 602,579
 720,000 PACIFICORP 6.25 10/15/2037 891,954

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
ELECTRIC UTILITIES (continued)
$ 250,000 PORTLAND GENERAL ELECTRIC COMPANY 6.10% 04/15/2019 $ 304,654
 200,000 POTOMAC ELECTRIC POWER 6.50 11/15/2037 255,477
 45,000 PPL ELECTRIC UTILITIES CORPORATION 6.25 05/15/2039 55,883
 500,000 PPL ENERGY SUPPLY LLC 6.20 05/15/2016 568,049
 75,000 PROGRESS ENERGY INCORPORATED 4.55 04/01/2020 83,760
 300,000 PROGRESS ENERGY INCORPORATED 6.00 12/01/2039 343,030
 50,000 PROGRESS ENERGY INCORPORATED 6.30 04/01/2038 62,427
 120,000 PROGRESS ENERGY INCORPORATED 7.75 03/01/2031 161,918
 700,000 PSEG POWER LLC 2.50 04/15/2013 716,855
 280,000 PSEG POWER LLC 5.13 04/15/2020 303,093
 75,000 PSEG POWER LLC 8.63 04/15/2031 104,441
 50,000 PUBLIC SERVICE COMPANY OF COLORADO 5.13 06/01/2019 57,581
 500,000 PUBLIC SERVICE COMPANY OF COLORADO 6.25 09/01/2037 628,163
 150,000 PUBLIC SERVICE COMPANY OF COLORADO 7.88 10/01/2012 170,201
 40,000 PUBLIC SERVICE COMPANY OF OKLAHOMA 5.15 12/01/2019 44,243
 1,000,000 PUBLIC SERVICE ELECTRIC & GAS COMPANY 5.30 05/01/2018 1,146,830
 100,000 PUBLIC SERVICE ELECTRIC & GAS COMPANY SERIES MTN 5.80 05/01/2037 119,798
 150,000 PUGET SOUND ENERGY INCORPORATED 5.76 10/01/2039 165,213
 50,000 PUGET SOUND ENERGY INCORPORATED 5.80 03/15/2040 55,396
 330,000 PUGET SOUND ENERGY INCORPORATED 6.27 03/15/2037 386,794
 530,000 SAN DIEGO GAS & ELECTRIC COMPANY 6.00 06/01/2039 661,963
 525,000 SOUTH CAROLINA ELECTRIC & GAS COMPANY 6.50 11/01/2018 649,437
 700,000 SOUTHERN CALIFORNIA EDISON COMPANY 5.50 03/15/2040 803,059
 750,000 SOUTHERN CALIFORNIA EDISON COMPANY 5.75 03/15/2014 860,936
 350,000 SOUTHERN CALIFORNIA EDISON COMPANY 6.05 03/15/2039 431,148
 100,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-A 5.00 01/15/2016 114,147
 180,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-E 5.35 07/15/2035 200,294
 125,000 SOUTHERN COMPANY 4.15 05/15/2014 135,509
 100,000 SOUTHERN COMPANY SERIES A 5.30 01/15/2012 105,631
 250,000 SOUTHERN POWER COMPANY SERIES D 4.88 07/15/2015 277,756
 50,000 SOUTHWESTERN ELECTRIC POWER 6.20 03/15/2040 54,808
 100,000 SOUTHWESTERN ELECTRIC POWER COMPANY SERIES E 5.55 01/15/2017 109,934
 100,000 SOUTHWESTERN PUBLIC SERVICE 6.00 10/01/2036 107,823
 100,000 TAMPA ELECTRIC COMAPNY 6.10 05/15/2018 117,565
 75,000 TAMPA ELECTRIC COMPANY 6.15 05/15/2037 86,591
 200,000 TENNESSEE VALLEY AUTHORITY 4.50 04/01/2018 228,671
 150,000 TENNESSEE VALLEY AUTHORITY 5.50 07/18/2017 180,983
 50,000 TOLEDA EDISON COMPANY 6.15 05/15/2037 56,929
 75,000 TXU ELECTRIC DELIVERY COMPANY 6.38 05/01/2012 80,865
 75,000 TXU ELECTRIC DELIVERY COMPANY 7.00 05/01/2032 92,023
 75,000 TXU ELECTRIC DELIVERY COMPANY 7.25 01/15/2033 94,426
 80,000 UNION ELECTRIC COMPANY 8.45 03/15/2039 120,304
 200,000 VIRGINIA ELECTRIC & POWER COMPANY 5.00 06/30/2019 227,826
 300,000 VIRGINIA ELECTRIC & POWER COMPANY 8.88 11/15/2038 459,979
 100,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 4.75 03/01/2013 108,294
 605,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 6.00 05/15/2037 725,448
 100,000 WISCONSIN ELECTRIC POWER COMPANY 4.25 12/15/2019 109,813
 100,000 WISCONSIN ELECTRIC POWER COMPANY 5.63 05/15/2033 114,569
 50,000 WISCONSIN ELECTRIC POWER COMPANY 5.70 12/01/2036 58,455
 50,000 WISCONSIN POWER & LIGHT COMPANY 5.00 07/15/2019 57,402
 250,000 WISCONSIN POWER & LIGHT COMPANY 6.38 08/15/2037 312,049
 51,133,054
 -------------
GAS UTILITIES: 0.04%
 100,000 ATMOS ENERGY CORPORATION 4.95 10/15/2014 109,973
 50,000 ATMOS ENERGY CORPORATION 6.35 06/15/2017 57,143

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
GAS UTILITIES (continued)
$ 250,000 ATMOS ENERGY CORPORATION 8.50% 03/15/2019 $ 325,815
 100,000 CONSOLIDATED NATURAL GAS COMPANY SERIES A 5.00 12/01/2014 111,538
 125,000 KEYSPAN CORPORATION 5.80 04/01/2035 139,390
 65,000 ONEOK INCORPORATED 5.20 06/15/2015 70,148
 400,000 PANHANDLE EAST PIPE LINE COMPANY LP 6.20 11/01/2017 443,038
 75,000 SOUTHERN CALIFORNIA GAS COMPANY 5.75 11/15/2035 87,722
 1,344,767
 -------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS: 0.02%
 500,000 CONSTELLATION ENERGY GROUP INCORPORATED 7.60 04/01/2032 618,146
 -------------
MULTI-UTILITIES: 0.19%
 100,000 ALLIANT ENERGY CORPORATION 4.00 10/15/2014 104,867
 250,000 AMEREN CORPORATION 8.88 05/15/2014 290,189
 55,000 AVISTA CORPORATION 5.13 04/01/2022 61,070
 250,000 CENTERPOINT ENERGY RESOURCES CORPORATION 5.95 02/01/2017 280,637
 580,000 DOMINION RESOURCES INCORPORATED 5.20 08/15/2019 663,385
 180,000 DOMINION RESOURCES INCORPORATED 5.70 09/17/2012 196,132
 750,000 DOMINION RESOURCES INCORPORATED 6.40 06/15/2018 924,095
 50,000 DOMINION RESOURCES INCORPORATED SERIES A 5.60 11/15/2016 58,564
 125,000 DOMINION RESOURCES INCORPORATED SERIES B 5.95 06/15/2035 143,018
 350,000 DOMINION RESOURCES INCORPORATED SERIES C 5.15 07/15/2015 396,687
 350,000 DTE ENERGY COMPANY 6.35 06/01/2016 406,596
 50,000 DTE ENERGY COMPANY 7.63 05/15/2014 58,727
 125,000 DUKE CAPITAL LLC 5.67 08/15/2014 139,210
 100,000 DUKE CAPITAL LLC 8.00 10/01/2019 126,999
 100,000 NSTAR GLOBAL SERVICES INCORPORATED 4.50 11/15/2019 110,883
 100,000 SEMPRA ENERGY 6.00 02/01/2013 109,972
 1,090,000 SEMPRA ENERGY 6.50 06/01/2016 1,296,774
 125,000 WISCONSIN ENERGY CORPORATION 6.25 05/15/2067 118,125
 5,485,930
 -------------
WATER UTILITIES: 0.03%
 750,000 AMERICAN WATER CAPITAL CORPORATION 6.09 10/15/2017 856,354
 -------------
TOTAL CORPORATE BONDS & NOTES (COST $579,289,746) 629,090,454
 -------------
YANKEE CORPORATE BONDS & NOTES: 3.65%
CONSUMER DISCRETIONARY: 0.09%
MEDIA: 0.09%
 250,000 GRUPO TELEVISA SA 6.00 05/15/2018 279,693
 500,000 GRUPO TELEVISA SA 6.63 01/15/2040 566,847
 125,000 THOMSON REUTERS CORPORATION 4.70 10/15/2019 138,376
 200,000 THOMSON REUTERS CORPORATION 5.70 10/01/2014 228,912
 250,000 THOMSON REUTERS CORPORATION 5.95 07/15/2013 281,194
 500,000 THOMSON REUTERS CORPORATION 6.50 07/15/2018 605,063
 500,000 WPP FINANCE UK 8.00 09/15/2014 588,245
 2,688,330
 -------------
CONSUMER STAPLES: 0.09%
BEVERAGES: 0.09%
 250,000 COCA-COLA HBC FINANCE B.V. 5.13 09/17/2013 272,473
 50,000 DIAGEO CAPITAL PLC 5.20 01/30/2013 54,570
 1,050,000 DIAGEO CAPITAL PLC 5.75 10/23/2017 1,232,772
 75,000 DIAGEO CAPITAL PLC 5.88 09/30/2036 88,637

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
BEVERAGES (continued)
$ 500,000 DIAGEO CAPITAL PLC 7.38% 01/15/2014 $ 591,137
 100,000 DIAGEO FINANCE BV 3.25 01/15/2015 105,463
 125,000 DIAGEO FINANCE BV 5.30 10/28/2015 142,865
 2,487,917
 -------------
ENERGY: 0.86%
ENERGY EQUIPMENT & SERVICES: 0.03%
 100,000 WEATHERFORD INTERNATIONAL LIMITED 6.00 03/15/2018 110,172
 500,000 WEATHERFORD INTERNATIONAL LIMITED 9.63 03/01/2019 656,021
 766,193
 -------------
OIL, GAS & CONSUMABLE FUELS: 0.83%
 350,000 ALBERTA ENERGY COMPANY LIMITED 7.38 11/01/2031 430,673
 150,000 ALBERTA ENERGY COMPANY LIMITED 8.13 09/15/2030 195,585
 325,000 ANADARKO FINANCE COMPANY SERIES B 7.50 05/01/2031 312,770
 500,000 BP CAPITAL MARKETS PLC 3.13 03/10/2012 500,864
 200,000 BP CAPITAL MARKETS PLC 3.63 05/08/2014 198,444
 200,000 BP CAPITAL MARKETS PLC 3.88 03/10/2015 198,114
 150,000 BP CAPITAL MARKETS PLC 4.75 03/10/2019 147,161
 1,000,000 BP CAPITAL MARKETS PLC 5.25 11/07/2013 1,037,880
 100,000 BURLINGTON RESOURCES FINANCE COMPANY 6.50 12/01/2011 106,765
 500,000 BURLINGTON RESOURCES FINANCE COMPANY 7.20 08/15/2031 640,266
 1,150,000 CANADIAN NATURAL RESOURCES LIMITED 5.70 05/15/2017 1,327,404
 65,000 CANADIAN NATURAL RESOURCES LIMITED 5.85 02/01/2035 71,905
 500,000 CANADIAN NATURAL RESOURCES LIMITED 6.25 03/15/2038 571,164
 500,000 CENOVUS ENERGY INCORPORATED 4.50 09/15/2014 548,386
 500,000 CENOVUS ENERGY INCORPORATED 6.75 11/15/2039 613,517
 400,000 ENCANA CORPORATION 6.50 05/15/2019 487,329
 350,000 ENCANA CORPORATION 6.50 02/01/2038 408,357
 154,000 ENCANA HOLDINGS FINANCE CORPORATION 5.80 05/01/2014 174,608
 105,000 HUSKY ENERGY INCORPORATED 5.90 06/15/2014 117,239
 100,000 HUSKY ENERGY INCORPORATED 6.80 09/15/2037 117,628
 100,000 NEXEN INCORPORATED 5.65 05/15/2017 112,870
 80,000 NEXEN INCORPORATED 6.20 07/30/2019 92,370
 100,000 NEXEN INCORPORATED 6.40 05/15/2037 109,751
 560,000 NEXEN INCORPORATED 7.50 07/30/2039 702,437
 250,000 NOBLE HOLDINGS INTERNATIONAL LIMITED CORPORATION 4.90 08/01/2020 267,218
 250,000 NOBLE HOLDINGS INTERNATIONAL LIMITED CORPORATION 7.38 03/15/2014 288,302
 250,000 NORSK HYDRO ASA 6.80 01/15/2028 317,536
 250,000 PC FINANCIAL PARTNERSHIP 5.00 11/15/2014 274,334
 400,000 PETRO-CANADA 6.80 05/15/2038 480,943
 700,000 PETRO-CANADA 5.95 05/15/2035 761,691
 120,000 PETROLEOS MEXICANOS++ 6.00 03/05/2020 129,900
 440,000 SHELL INTERNATIONAL FINANCE BV 1.88 03/25/2013 449,069
 950,000 SHELL INTERNATIONAL FINANCE BV 4.00 03/21/2014 1,029,709
 250,000 SHELL INTERNATIONAL FINANCE BV 4.38 03/25/2020 274,049
 500,000 SHELL INTERNATIONAL FINANCE BV 4.95 03/22/2012 532,076
 300,000 SHELL INTERNATIONAL FINANCE BV 5.50 03/25/2040 343,650
 750,000 SHELL INTERNATIONAL FINANCE BV 6.38 12/15/2038 953,042
 500,000 SHELL INTERNATIONAL FINANCE BV 3.25 09/22/2015 527,647
 500,000 SHELL INTERNATIONAL FINANCE BV 4.30 09/22/2019 542,146
 250,000 SHELL INTERNATIONAL FINANCE BV 5.20 03/22/2017 287,319
 150,000 STATOILHYDRO ASA 3.88 04/15/2014 161,993
 815,000 STATOILHYDRO ASA 5.25 04/15/2019 941,983
 75,000 SUNCOR ENERGY INCORPORATED 5.95 12/01/2034 81,765

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
OIL, GAS & CONSUMABLE FUELS (continued)
$ 500,000 SUNCOR ENERGY INCORPORATED 6.10% 06/01/2018 $ 583,833
 150,000 SUNCOR ENERGY INCORPORATED 6.50 06/15/2038 174,670
 250,000 SUNCOR ENERGY INCORPORATED 6.85 06/01/2039 303,219
 65,000 TALISMAN ENERGY INCORPORATED 5.13 05/15/2015 71,878
 400,000 TALISMAN ENERGY INCORPORATED 6.25 02/01/2038 443,106
 65,000 TALISMAN ENERGY INCORPORATED 7.75 06/01/2019 82,013
 1,000,000 TOTAL CAPITAL SA 3.13 10/02/2015 1,050,569
 500,000 TOTAL CAPITAL SA 4.45 06/24/2020 547,431
 585,000 TRANSCANADA PIPELINES LIMITED 6.20 10/15/2037 666,237
 1,000,000 TRANSCANADA PIPELINES LIMITED 7.13 01/15/2019 1,285,295
 500,000 TRANSCANADA PIPELINES LIMITED 7.63 01/15/2039 670,924
 600,000 TRANSOCEAN INCORPORATED 6.00 03/15/2018 600,019
 24,347,053
 -------------
FINANCIALS: 1.01%
CAPITAL MARKETS: 0.03%
 400,000 NOMURA HOLDINGS INCORPORATED 5.00 03/04/2015 429,432
 356,000 NOMURA HOLDINGS INCORPORATED 6.70 03/04/2020 406,576
 836,008
 -------------
COMMERCIAL BANKS: 0.33%
 300,000 BANK OF MONTREAL 2.13 06/28/2013 308,368
 545,000 BANK OF NOVA SCOTIA 2.25 01/22/2013 558,846
 250,000 BANK OF NOVA SCOTIA 2.38 12/17/2013 258,157
 650,000 BANK OF NOVA SCOTIA 3.40 01/22/2015 691,373
 500,000 BNP PARIBAS 3.25 03/11/2015 516,103
 800,000 HSBC HOLDINGS PLC 5.25 12/12/2012 857,037
 850,000 HSBC HOLDINGS PLC 6.50 09/15/2037 979,449
 350,000 HSBC HOLDINGS PLC 6.80 06/01/2038 414,326
 1,000,000 ICICI BANK LIMITED++ 6.63 10/03/2012 1,069,400
 500,000 ROYAL BANK OF CANADA 2.10 07/29/2013 513,432
 250,000 ROYAL BANK OF CANADA 2.63 12/15/2015 257,527
 360,000 ROYAL BANK OF SCOTLAND GROUP PLC 5.00 10/01/2014 361,817
 375,000 ROYAL BANK OF SCOTLAND GROUP PLC 6.40 10/21/2019 400,919
 750,000 WESTPAC BANKING CORPORATION 2.25 11/19/2012 762,920
 780,000 WESTPAC BANKING CORPORATION 4.20 02/27/2015 833,820
 800,000 WESTPAC BANKING CORPORATION 4.88 11/19/2019 851,605
 9,635,099
 -------------
CONSUMER FINANCE: 0.02%
 415,000 ORIX CORPORATION 4.71 04/27/2015 425,757
 75,000 ORIX CORPORATION 5.48 11/22/2011 78,149
 503,906
 -------------
DIVERSIFIED FINANCIAL SERVICES: 0.57%
 165,000 ANGLOGOLD HOLDINGS PLC 5.38 04/15/2020 172,373
 45,000 ANGLOGOLD HOLDINGS PLC 6.50 04/15/2040 47,545
 1,000,000 BARCLAYS BANK PLC 2.50 01/23/2013 1,018,226
 250,000 BARCLAYS BANK PLC 3.90 04/07/2015 261,576
 400,000 BARCLAYS BANK PLC 5.00 09/22/2016 434,048
 500,000 BARCLAYS BANK PLC 5.13 01/08/2020 531,536
 600,000 BARCLAYS BANK PLC 5.20 07/10/2014 660,047
 300,000 BARCLAYS BANK PLC 5.45 09/12/2012 323,625
 750,000 BARCLAYS BANK PLC 6.75 05/22/2019 886,798

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
DIVERSIFIED FINANCIAL SERVICES (continued)
$ 150,000 CONOCOPHILLIPS CANADA 5.63% 10/15/2016 $ 176,652
 500,000 CREDIT SUISSE NEW YORK NY 3.50 03/23/2015 518,640
 250,000 CREDIT SUISSE NEW YORK NY 5.40 01/14/2020 263,196
 1,200,000 CREDIT SUISSE NEW YORK NY 5.50 05/01/2014 1,328,292
 625,000 CREDIT SUISSE NEW YORK NY 6.00 02/15/2018 681,436
 500,000 DEUTSCHE BANK AG 3.45 03/30/2015 520,605
 750,000 DEUTSCHE BANK AG LONDON 2.38 01/11/2013 763,552
 1,000,000 DEUTSCHE BANK AG LONDON 3.88 08/18/2014 1,065,500
 1,000,000 DEUTSCHE BANK AG LONDON 4.88 05/20/2013 1,079,527
 500,000 DEUTSCHE BANK AG LONDON 6.00 09/01/2017 579,251
 1,000,000 ROYAL BANK OF SCOTLAND PLC 4.88 03/16/2015 1,043,502
 500,000 UBS AG STAMFORD CT 3.88 01/15/2015 516,654
 1,000,000 UBS AG STAMFORD CT 5.75 04/25/2018 1,122,998
 1,500,000 UBS AG STAMFORD CT SERIES DPNT 5.88 12/20/2017 1,693,254
 1,000,000 UFJ FINANCE ARUBA AEC 6.75 07/15/2013 1,124,714
 16,813,547
 -------------
INSURANCE: 0.06%
 500,000 AEGON NV 4.63 12/01/2015 523,832
 650,000 AXA SA 8.60 12/15/2030 751,147
 65,000 AXIS CAPITAL HOLDINGS LIMITED 5.75 12/01/2014 69,760
 312,000 XL CAPITAL LIMITED 5.25 09/15/2014 331,398
 1,676,137
 -------------
HEALTH CARE: 0.16%
PHARMACEUTICALS: 0.16%
 500,000 ASTRAZENECA PLC 5.40 09/15/2012 545,604
 75,000 ASTRAZENECA PLC 5.40 06/01/2014 85,932
 500,000 ASTRAZENECA PLC 5.90 09/15/2017 604,392
 850,000 ASTRAZENECA PLC 6.45 09/15/2037 1,089,504
 200,000 COVIDIEN INTERNATIONAL FINANCE SA 1.88 06/15/2013 203,424
 150,000 COVIDIEN INTERNATIONAL FINANCE SA 2.80 06/15/2015 154,814
 100,000 COVIDIEN INTERNATIONAL FINANCE SA 5.45 10/15/2012 109,197
 600,000 COVIDIEN INTERNATIONAL FINANCE SA 6.00 10/15/2017 713,752
 50,000 COVIDIEN INTERNATIONAL FINANCE SA 6.55 10/15/2037 64,139
 500,000 NOVARTIS SECURITIES INVESTMENT LIMITED 5.13 02/10/2019 576,288
 500,000 TEVA PHARMACEUTICAL FINANCE LLC 3.00 06/15/2015 521,041
 4,668,087
 -------------
INDUSTRIALS: 0.14%
AEROSPACE & DEFENSE: 0.02%
 500,000 EMBRAER OVERSEAS LIMITED 6.38 01/15/2020 550,000
 -------------
COMMERCIAL SERVICES & SUPPLIES: 0.08%
 65,000 CANADIAN PACIFIC RAILWAY COMPANY 7.25 05/15/2019 80,772
 500,000 INGERSOLL-RAND GLOBAL HOLDING COMPANY LTD 9.50 04/15/2014 619,703
 500,000 TYCO ELECTRONICS GROUP SA 6.00 10/01/2012 541,082
 250,000 TYCO INTERNATIONAL FINANCE SA 3.38 10/15/2015 262,639
 200,000 TYCO INTERNATIONAL FINANCE SA 4.13 10/15/2014 216,785
 500,000 TYCO INTERNATIONAL FINANCE SA 8.50 01/15/2019 667,936
 2,388,917
 -------------
INDUSTRIAL CONGLOMERATES: 0.02%
 650,000 KONINKLIJKE PHILIPS ELECTRONICS NV 5.75 03/11/2018 759,128
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
TRANSPORTATION INFRASTRUCTURE: 0.02%
$ 360,000 CANADIAN PACIFIC RAILWAY COMPANY 5.75% 03/15/2033 $ 393,929
 65,000 CANADIAN PACIFIC RAILWAY COMPANY 5.95 05/15/2037 73,675
 467,604
 -------------
INFORMATION TECHNOLOGY: 0.02%
COMMUNICATIONS EQUIPMENT: 0.02%
 500,000 NOKIA CORPORATION 5.38 05/15/2019 551,611
 -------------
MATERIALS: 0.53%
CHEMICALS: 0.04%
 300,000 AGRIUM INCORPORATED 6.75 01/15/2019 356,300
 560,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 3.75 09/30/2015 598,927
 55,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 4.88 03/30/2020 59,391
 50,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 5.25 05/15/2014 55,670
 75,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 5.88 12/01/2036 83,176
 65,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 6.50 05/15/2019 78,273
 1,231,737
 -------------
CONSTRUCTION MATERIALS: 0.02%
 500,000 LAFARGE SA 7.13 07/15/2036 484,472
 75,000 LAFARGE SA 6.50 07/15/2016 80,689
 565,161
 -------------
METALS & MINING: 0.46%
 600,000 ALCAN INCORPORATED 6.13 12/15/2033 697,667
 750,000 ARCELORMITTAL 5.38 06/01/2013 799,679
 350,000 ARCELORMITTAL 7.00 10/15/2039 359,014
 425,000 ARCELORMITTAL 9.00 02/15/2015 510,422
 250,000 ARCELORMITTAL 9.85 06/01/2019 314,144
 450,000 BARRICK AUSTRALIAN FINANCE PROPRIETARY LIMITED 5.95 10/15/2039 508,968
 450,000 BARRICK GOLD CORPORATION 6.95 04/01/2019 564,964
 200,000 BHP BILLITON FINANCE USA LIMITED 5.40 03/29/2017 226,519
 800,000 BHP BILLITON FINANCE USA LIMITED 5.50 04/01/2014 900,070
 700,000 BHP BILLITON FINANCE USA LIMITED 6.50 04/01/2019 849,846
 600,000 FALCONBRIDGE LIMITED 6.00 10/15/2015 659,627
 750,000 RIO TINTO FINANCE USA LIMITED 6.50 07/15/2018 887,717
 1,475,000 RIO TINTO FINANCE USA LIMITED 8.95 05/01/2014 1,809,213
 130,000 RIO TINTO FINANCE USA LIMITED 9.00 05/01/2019 177,644
 1,250,000 TECK RESOURCES LIMITED 9.75 05/15/2014 1,548,705
 855,000 VALE OVERSEAS LIMITED 6.25 01/23/2017 958,430
 1,260,000 VALE OVERSEAS LIMITED 6.88 11/21/2036 1,434,705
 130,000 VALE OVERSEAS LIMITED 6.88 11/10/2039 148,871
 13,356,205
 -------------
PAPER & FOREST PRODUCTS: 0.01%
 350,000 CELULOSA ARAUCO Y CONSTITUCION 7.25 07/29/2019 406,594
 -------------
TELECOMMUNICATION SERVICES: 0.71%
DIVERSIFIED TELECOMMUNICATION SERVICES: 0.46%
 350,000 BRITISH TELECOMMUNICATIONS PLC 5.15 01/15/2013 371,117
 250,000 BRITISH TELECOMMUNICATIONS PLC 5.95 01/15/2018 273,829
 600,000 BRITISH TELECOMMUNICATIONS PLC 9.88 12/15/2030 823,327

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
DIVERSIFIED TELECOMMUNICATION SERVICES (continued)
$ 1,000,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.25% 07/22/2013 $ 1,093,421
 275,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.75 03/23/2016 315,536
 500,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 6.00 07/08/2019 588,173
 830,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.75 06/15/2030 1,164,707
 500,000 FRANCE TELECOM SA (EUR) 4.38 07/08/2014 552,725
 575,000 FRANCE TELECOM SA (EUR) 8.50 03/01/2031 836,469
 375,000 ROYAL KPN NV 8.38 10/01/2030 523,137
 650,000 TELECOM ITALIA CAPITAL SA 4.95 09/30/2014 683,192
 415,000 TELECOM ITALIA CAPITAL SA 5.25 11/15/2013 441,221
 200,000 TELECOM ITALIA CAPITAL SA 5.25 10/01/2015 212,882
 150,000 TELECOM ITALIA CAPITAL SA 6.00 09/30/2034 142,938
 1,000,000 TELECOM ITALIA CAPITAL SA 7.18 06/18/2019 1,152,409
 500,000 TELECOM ITALIA CAPITAL SA 7.72 06/04/2038 561,476
 500,000 TELEFONICA EMISIONES SAU 2.58 04/26/2013 506,852
 470,000 TELEFONICA EMISIONES SAU 3.73 04/27/2015 485,973
 430,000 TELEFONICA EMISIONES SAU 4.95 01/15/2015 464,211
 445,000 TELEFONICA EMISIONES SAU 5.13 04/27/2020 479,541
 150,000 TELEFONICA EMISIONES SAU 6.42 06/20/2016 172,876
 550,000 TELEFONICA EMISIONES SAU 7.05 06/20/2036 661,569
 120,000 TELEFONICA EUROPE BV 8.25 09/15/2030 158,614
 645,000 TELEFONICA SA 5.88 07/15/2019 731,553
 65,000 TELEFONOS DE MEXICO SA DE CV 5.50 01/27/2015 71,816
 13,469,564
 -------------
WIRELESS TELECOMMUNICATION SERVICES: 0.25%
 500,000 AMERICA MOVIL SAB DE CV++ 3.63 03/30/2015 522,823
 1,000,000 AMERICA MOVIL SAB DE CV 5.00 03/30/2020 1,089,752
 450,000 AMERICA MOVIL SAB DE CV 5.63 11/15/2017 509,177
 100,000 AMERICA MOVIL SAB DE CV 6.13 11/15/2037 111,758
 65,000 AMERICA MOVIL SAB DE CV 6.38 03/01/2035 75,163
 750,000 ROGERS COMMUNICATIONS INCORPORATED 6.80 08/15/2018 922,850
 500,000 ROGERS WIRELESS INCORPORATED 7.50 03/15/2015 607,925
 400,000 SUNCOR ENERGY INCORPORATED 5.45 06/10/2019 454,590
 250,000 VODAFONE GROUP PLC 4.15 06/10/2014 268,559
 180,000 VODAFONE GROUP PLC 4.63 07/15/2018 191,913
 1,000,000 VODAFONE GROUP PLC 5.00 12/16/2013 1,093,021
 75,000 VODAFONE GROUP PLC 5.38 01/30/2015 83,976
 500,000 VODAFONE GROUP PLC 5.63 02/27/2017 567,070
 400,000 VODAFONE GROUP PLC 6.15 02/27/2037 459,689
 250,000 VODAFONE GROUP PLC 7.88 02/15/2030 328,818
 7,287,084
 -------------
UTILITIES: 0.04%
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS: 0.02%
 400,000 TRANSALTA CORPORATION 4.75 01/15/2015 430,286
 90,000 TRANSALTA CORPORATION 6.50 03/15/2040 96,385
 526,671
 -------------
MULTI-UTILITIES: 0.01%
 350,000 NATIONAL GRID PLC 6.30 08/01/2016 410,243
 -------------
WATER UTILITIES: 0.01%
 250,000 UNITED UTILITIES INCORPORATED 5.38 02/01/2019 272,121
 -------------
TOTAL YANKEE CORPORATE BONDS & NOTES (COST $98,668,514) 106,664,917
 -------------

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FOREIGN GOVERNMENT BONDS@: 24.54%
 500,000 AUSTRALIA COMMONWEALTH (AUD) 5.75% 05/15/2021 $ 479,099
 600,000 AUSTRALIA COMMONWEALTH (AUD) 6.25 06/15/2014 568,956
 500,000 AUSTRALIA COMMONWEALTH (AUD) 6.25 04/15/2015 479,104
 850,000 AUSTRALIA COMMONWEALTH (AUD) 6.50 05/15/2013 799,457
 1,000,000 AUSTRALIA GOVERNMENT BOND SERIES 122 (AUD) 5.25 03/15/2019 922,824
 800,000 AUSTRALIA GOVERNMENT BOND SERIES 217 (AUD) 6.00 02/15/2017 766,858
 600,000 AUSTRALIAN GOVERNMENT BOND SERIES 123 (AUD) 5.75 04/15/2012 546,306
 600,000 AUSTRALIAN GOVERNMENT BOND SERIES 126 (AUD) 4.50 04/15/2020 522,172
 350,000 AUSTRALIAN GOVERNMENT BOND SERIES 127 (AUD) 4.75 11/15/2012 314,559
 1,000,000 BELGIUM (KINGDOM) (EUR) 3.25 09/28/2016 1,341,955
 1,200,000 BELGIUM (KINGDOM) (EUR) 3.75 09/28/2020 1,638,981
 1,800,000 BELGIUM (KINGDOM) (EUR) 4.00 03/28/2014 2,491,888
 500,000 BELGIUM (KINGDOM) (EUR) 4.00 03/28/2022 697,311
 1,000,000 BELGIUM (KINGDOM) (EUR) 4.25 09/28/2013 1,386,372
 250,000 BELGIUM (KINGDOM) (EUR) 4.25 03/28/2041 366,090
 500,000 BELGIUM (KINGDOM) (EUR) 5.00 09/28/2011 662,506
 2,000,000 BELGIUM (KINGDOM) (EUR) 5.00 09/28/2012 2,750,314
 885,000 BELGIUM GOVERNMENT BOND SERIES 31 (EUR) 5.50 03/28/2028 1,473,516
 700,000 BELGIUM GOVERNMENT BOND SERIES 40 (EUR) 5.50 09/28/2017 1,066,664
 1,000,000 BELGIUM GOVERNMENT BOND SERIES 43 (EUR) 4.25 09/28/2014 1,401,668
 680,000 BELGIUM GOVERNMENT BOND SERIES 44 (EUR) 5.00 03/28/2035 1,107,065
 1,050,000 BELGIUM GOVERNMENT BOND SERIES 49 (EUR) 4.00 03/28/2017 1,467,160
 500,000 BELGIUM GOVERNMENT BOND SERIES 56 (EUR) 3.50 03/28/2015 682,142
 1,000,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 3.15 01/31/2016 1,256,124
 1,000,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.25 01/31/2014 1,333,159
 2,500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.30 10/31/2019 3,253,064
 1,500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.60 07/30/2019 1,994,456
 500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.65 07/30/2025 642,838
 500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.70 07/30/2041 616,454
 500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.85 10/31/2020 677,105
 1,000,000 BUNDESOBLIGATION (EUR) 2.25 04/11/2014 1,329,979
 1,000,000 BUNDESOBLIGATION (EUR) 2.25 04/10/2015 1,326,520
 1,000,000 BUNDESOBLIGATION (EUR) 2.50 10/10/2014 1,341,930
 1,000,000 BUNDESOBLIGATION (EUR) 2.50 02/27/2015 1,341,296
 1,000,000 BUNDESOBLIGATION (EUR) 3.50 10/14/2011 1,309,437
 1,300,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 3.25 01/04/2020 1,813,684
 750,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 3.25 07/04/2042 1,072,103
 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 3.50 07/04/2019 2,128,049
 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 3.75 07/04/2013 2,061,690
 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.00 10/11/2013 2,089,481
 600,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.25 10/12/2012 818,555
 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.25 07/04/2014 2,133,258
 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.25 07/04/2017 2,213,779
 550,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.75 07/04/2040 993,842
 500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 6.50 07/04/2027 972,355
 1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 5.50 01/04/2031 2,003,282
 750,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 6.25 01/04/2030 1,466,887
 1,400,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 01/04/2012 1,881,292
 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 07/04/2012 1,369,644
 2,140,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.25 01/04/2014 3,014,701
 2,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.50 01/04/2013 3,038,867
 1,160,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.75 07/04/2034 1,994,099
 1,600,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 04 (EUR) 3.75 01/04/2015 2,251,326
 1,300,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 3.25 07/04/2015 1,799,170
 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 3.50 01/04/2016 1,403,188
 1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 4.00 01/04/2037 1,736,071

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FOREIGN GOVERNMENT BONDS (continued)
 1,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 06 (EUR) 4.00% 07/04/2016 $ 1,731,515
 1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 07 (EUR) 4.25 07/04/2039 1,841,233
 1,700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 08 (EUR) 4.25 07/04/2018 2,525,925
 1,500,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 09 (EUR) 3.75 01/04/2019 2,162,797
 655,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 94 (EUR) 6.25 01/04/2024 1,198,201
 500,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 98 (EUR) 4.75 07/04/2028 824,353
 700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 98 (EUR) 5.63 01/04/2028 1,256,312
 1,250,000 BUNDESSCHATZANWEISUNGEN (EUR) 0.50 06/15/2012 1,583,699
 1,850,000 BUNDESSCHATZANWEISUNGEN (EUR) 1.00 03/16/2012 2,361,739
 2,000,000 BUNDESSCHATZANWEISUNGEN (EUR) 1.25 09/16/2011 2,554,574
 1,500,000 BUONI POLIENNALI DEL TES (EUR) 2.00 12/15/2012 1,904,677
 1,000,000 BUONI POLIENNALI DEL TES (EUR) 2.00 06/01/2013 1,262,679
 1,000,000 BUONI POLIENNALI DEL TES (EUR) 2.50 07/01/2012 1,283,698
 1,300,000 BUONI POLIENNALI DEL TES (EUR) 3.00 03/01/2012 1,680,855
 1,700,000 BUONI POLIENNALI DEL TES (EUR) 3.00 04/15/2015 2,191,488
 1,000,000 BUONI POLIENNALI DEL TES (EUR) 3.00 06/15/2015 1,287,575
 1,500,000 BUONI POLIENNALI DEL TES (EUR) 3.50 06/01/2014 1,978,051
 1,000,000 BUONI POLIENNALI DEL TES (EUR) 4.00 09/01/2020 1,295,764
 500,000 BUONI POLIENNALI DEL TES (EUR) 4.25 10/15/2012 664,578
 2,000,000 BUONI POLIENNALI DEL TES (EUR) 4.25 09/01/2019 2,662,544
 1,800,000 BUONI POLIENNALI DEL TES (EUR) 4.25 03/01/2020 2,382,375
 1,000,000 BUONI POLIENNALI DEL TES (EUR) 4.50 08/01/2018 1,362,738
 500,000 BUONI POLIENNALI DEL TES (EUR) 5.00 03/01/2025 683,390
 800,000 BUONI POLIENNALI DEL TES (EUR) 5.00 09/01/2040 1,078,988
 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 1.25 12/01/2011 940,170
 1,600,000 CANADIAN GOVERNMENT BOND (CAD) 1.50 06/01/2012 1,510,408
 900,000 CANADIAN GOVERNMENT BOND (CAD) 2.00 09/01/2012 857,083
 1,100,000 CANADIAN GOVERNMENT BOND (CAD) 2.00 12/01/2014 1,039,025
 400,000 CANADIAN GOVERNMENT BOND (CAD) 2.50 06/01/2015 384,838
 1,500,000 CANADIAN GOVERNMENT BOND (CAD) 3.00 06/01/2014 1,473,231
 600,000 CANADIAN GOVERNMENT BOND (CAD) 3.00 12/01/2015 589,788
 600,000 CANADIAN GOVERNMENT BOND (CAD) 3.50 06/01/2013 594,345
 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 3.50 06/01/2020 996,202
 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 3.75 06/01/2019 1,016,955
 1,300,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2016 1,340,414
 500,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2017 517,827
 850,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2041 889,848
 500,000 CANADIAN GOVERNMENT BOND (CAD) 4.25 06/01/2018 526,778
 400,000 CANADIAN GOVERNMENT BOND (CAD) 4.50 06/01/2015 418,673
 700,000 CANADIAN GOVERNMENT BOND (CAD) 5.00 06/01/2037 836,311
 300,000 CANADIAN GOVERNMENT BOND (CAD) 5.25 06/01/2012 301,370
 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 5.25 06/01/2013 1,035,026
 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 5.75 06/01/2029 1,242,772
 600,000 CANADIAN GOVERNMENT BOND (CAD) 5.75 06/01/2033 766,549
 95,000 CANADIAN GOVERNMENT BOND (CAD) 8.00 06/01/2023 135,469
 593,000 CANADIAN GOVERNMENT BOND (CAD) 8.00 06/01/2027 887,623
 500,000 CERT DI CREDITO DEL TES (EUR)## 1.40 02/29/2012 618,323
 3,000,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2012 545,439
 3,925,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2015 750,150
 3,500,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2017 679,243
 3,500,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2019 687,480
 5,000,000 DENMARK GOVERNMENT BOND (DKK) 4.50 11/15/2039 1,174,343
 4,000,000 DENMARK GOVERNMENT BOND (DKK) 5.00 11/15/2013 765,719
 3,450,000 DENMARK GOVERNMENT BOND (DKK) 6.00 11/15/2011 624,511
 1,000,000 DENMARK GOVERNMENT BOND (DKK) 7.00 11/10/2024 264,283

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FOREIGN GOVERNMENT BONDS (continued)
 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.00% 07/12/2014 $ 1,354,475
 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.00 10/25/2015 2,030,686
 700,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.25 04/25/2016 959,061
 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.50 04/25/2015 1,382,634
 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.50 04/25/2020 2,066,214
 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 01/12/2012 660,871
 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 04/25/2017 1,408,790
 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 10/25/2019 703,837
 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 04/25/2021 1,405,419
 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2013 2,060,625
 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2013 2,080,128
 2,700,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2014 3,776,428
 2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2014 2,810,761
 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2018 1,433,691
 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2038 2,257,841
 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2055 784,162
 350,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2060 553,903
 700,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 10/25/2018 1,020,270
 2,250,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 04/25/2019 3,288,334
 800,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 10/25/2023 1,185,538
 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.50 07/12/2012 678,594
 350,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.50 04/25/2041 572,070
 2,100,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 10/25/2012 2,889,932
 1,900,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 04/25/2035 3,134,081
 2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2011 2,662,620
 2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 04/25/2012 2,716,174
 800,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2016 1,198,920
 1,800,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.50 04/25/2029 3,108,935
 1,600,000 FRANCE GOVERNMENT BOND OAT (EUR) 6.00 10/25/2025 2,825,157
 1,900,000 FRANCE GOVERNMENT BOND OAT (EUR) 8.50 10/25/2019 3,634,803
 800,000 FRANCE GOVERNMENT BOND OAT (EUR) 8.50 04/25/2023 1,647,973
 1,000,000 FRANCE GOVERNMENT TREASURY BILL (EUR) 4.25 10/25/2017 1,453,378
 1,000,000 FRENCH REPUBLIC BOND (EUR) 2.50 01/12/2014 1,328,040
 350,000 FRENCH TREASURY NOTE (EUR) 2.00 07/12/2015 452,972
 1,000,000 FRENCH TREASURY NOTE (EUR) 2.50 01/15/2015 1,327,293
 1,200,000 FRENCH TREASURY NOTE SERIES 5 (EUR) 3.75 01/12/2013 1,627,530
 1,200,000 GERMANY GOVERNMENT BOND (EUR) 3.75 01/04/2017 1,717,555
 1,000,000 GERMANY GOVERNMENT BOND (EUR) 4.00 01/04/2018 1,458,605
 2,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 09/15/2011 2,595,785
 1,700,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 12/15/2013 2,253,511
 1,800,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2015 2,395,605
 1,425,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2016 1,896,485
 500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2021 633,948
 2,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 04/15/2012 3,281,418
 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 02/01/2017 1,341,296
 1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 02/01/2037 1,758,500
 1,300,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 08/01/2014 1,758,215
 1,300,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2015 1,763,569
 2,750,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2019 3,676,262
 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.50 02/01/2018 1,366,020
 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.50 03/01/2019 1,355,781
 800,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.50 02/01/2020 1,081,928
 1,900,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.75 02/01/2013 2,561,416
 2,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.75 08/01/2023 2,701,778
 1,317,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 02/01/2012 1,746,776

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FOREIGN GOVERNMENT BONDS (continued)
 900,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00% 08/01/2034 $ 1,215,777
 1,400,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 08/01/2039 1,896,053
 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.25 08/01/2017 1,433,324
 1,700,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.25 11/01/2029 2,362,757
 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.75 02/01/2033 1,473,812
 1,425,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.00 05/01/2031 2,146,647
 1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.50 11/01/2027 2,358,017
 800,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 7.25 11/01/2026 1,340,883
 230,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 9.00 11/01/2023 432,083
 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 60 (JPY) 1.20 09/20/2011 6,018,355
 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 63 (JPY) 1.20 03/20/2012 6,051,047
 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 69 (JPY) 0.90 12/20/2012 6,057,779
 250,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 70 (JPY) 0.80 03/20/2013 3,026,839
 275,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 79 (JPY) 0.70 12/20/2013 3,332,155
 150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 81 (JPY) 0.80 03/20/2014 1,825,661
 75,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 82 (JPY) 0.90 03/20/2014 915,663
 150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 83 (JPY) 0.90 06/20/2014 1,833,228
 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 84 (JPY) 0.70 06/20/2014 6,065,784
 350,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 85 (JPY) 0.70 09/20/2014 4,247,890
 150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 86 (JPY) 0.60 09/20/2014 1,813,341
 470,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 87 (JPY) 0.50 12/20/2014 5,658,456
 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 88 (JPY) 0.50 03/20/2015 6,018,141
 300,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 89 (JPY) 0.40 06/20/2015 3,592,594
 50,000,000 JAPAN GOVERNMENT FORTY YEAR BOND SERIES 3 (JYP) 2.20 03/20/2050 662,490
 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 235 (JPY) 1.40 12/20/2011 3,629,864
 470,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 236 (JPY) 1.50 12/20/2011 5,694,754
 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 237 (JPY) 1.50 03/20/2012 2,431,422
 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 240 (JPY) 1.30 06/20/2012 6,077,824
 410,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 243 (JPY) 1.10 09/20/2012 4,978,042
 570,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 248 (JPY) 0.70 03/20/2013 6,883,973
 700,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 253 (JPY) 1.60 09/20/2013 8,705,614
 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 256 (JPY) 1.40 12/20/2013 4,954,653
 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 259 (JPY) 1.50 03/20/2014 6,228,324
 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 261 (JPY) 1.80 06/20/2014 6,310,850
 250,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 264 (JPY) 1.50 09/20/2014 3,128,750
 350,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 265 (JPY) 1.50 12/20/2014 4,387,998
 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 269 (JPY) 1.30 03/20/2015 3,736,523
 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 270 (JPY) 1.30 06/20/2015 2,497,050
 330,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 273 (JPY) 1.50 09/20/2015 4,163,130
 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 276 (JPY) 1.60 12/20/2015 6,353,279
 370,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 277 (JPY) 1.60 03/20/2016 4,710,099
 100,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 279 (JPY) 2.00 03/20/2016 1,299,125
 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 280 (JPY) 1.90 06/20/2016 5,182,878
 150,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 282 (JPY) 1.70 09/20/2016 1,926,447
 480,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 284 (JPY) 1.70 12/20/2016 6,172,688
 450,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 285 (JPY) 1.70 03/20/2017 5,793,500
 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 288 (JPY) 1.70 09/20/2017 5,158,200
 440,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 289 (JPY) 1.50 12/20/2017 5,598,354
 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 292 (JPY) 1.70 03/20/2018 2,577,707
 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 293 (JPY) 1.80 06/20/2018 3,891,426
 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 296 (JPY) 1.50 09/20/2018 5,073,306
 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 297 (JPY) 1.40 12/20/2018 2,519,086
 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 298 (JPY) 1.30 12/20/2018 3,741,026
 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 299 (JPY) 1.30 03/20/2019 3,738,287
 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 300 (JPY) 1.50 03/20/2019 2,527,480

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FOREIGN GOVERNMENT BONDS (continued)
 320,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 301 (JPY) 1.50% 06/20/2019 $ 4,035,188
 250,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 302 (JPY) 1.40 06/20/2019 3,127,268
 370,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 303 (JPY) 1.40 09/20/2019 4,593,325
 380,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 304 (JPY) 1.30 09/20/2019 4,702,298
 525,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 305 (JPY) 1.30 12/20/2019 6,481,110
 450,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 306 (JPY) 1.40 03/20/2020 5,589,786
 150,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 307 (JPY) 1.30 03/20/2020 1,846,994
 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 308 (JPY) 1.30 06/20/2020 2,455,824
 150,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 309 (JPY) 1.10 06/20/2020 1,808,567
 320,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 64 (JPY) 1.90 09/20/2023 4,090,241
 100,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 1 (JPY) 2.30 03/20/2040 1,335,798
 140,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 18 (JPY) 2.30 03/20/2035 1,847,692
 190,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 25 (JPY) 2.30 12/20/2036 2,516,013
 110,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 26 (JPY) 2.40 03/20/2037 1,485,031
 100,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 27 (JPY) 2.50 09/20/2037 1,379,992
 150,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 28 (JPY) 2.50 03/20/2038 2,068,991
 120,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 29 (JPY) 2.40 09/20/2038 1,626,222
 200,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 3 (JPY) 2.30 05/20/2030 2,635,022
 210,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 30 (JPY) 2.30 03/20/2039 2,793,642
 135,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 31 (JPY) 2.20 09/20/2039 1,761,322
 250,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 100 (JPY) 2.20 03/20/2028 3,271,054
 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 105 (JPY) 2.10 09/20/2028 2,570,958
 150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 108 (JPY) 1.90 12/20/2028 1,869,960
 230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 110 (JPY) 2.10 03/20/2029 2,950,943
 280,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 112 (JPY) 2.10 06/20/2029 3,594,275
 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 113 (JPY) 2.10 09/20/2029 2,560,705
 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 114 (JPY) 2.10 12/20/2029 2,558,741
 120,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 115 (JPY) 2.20 12/20/2029 1,558,774
 100,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 116 (JPY) 2.20 03/20/2030 1,298,169
 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 117 (JPY) 2.10 03/20/2030 2,556,731
 70,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 118 (JPY) 2.00 06/20/2030 880,087
 100,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 30 (JPY) 3.70 09/21/2015 1,393,245
 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 41 (JPY) 1.50 03/20/2019 2,527,480
 300,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 50 (JPY) 1.90 03/22/2021 3,869,407
 135,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 70 (JPY) 2.40 06/20/2024 1,820,324
 230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 73 (JPY) 2.00 12/20/2024 2,959,739
 175,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 82 (JPY) 2.10 09/20/2025 2,274,840
 150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 84 (JPY) 2.00 12/20/2025 1,916,465
 150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 90 (JPY) 2.20 09/20/2026 1,966,552
 230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 92 (JPY) 2.10 12/20/2026 2,969,620
 420,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 93 (JPY) 2.00 03/20/2027 5,375,095
 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 97 (JPY) 2.20 09/20/2027 2,617,300
 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 99 (JPY) 2.10 12/20/2027 2,579,226
 300,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 286 (JPY) 0.30 11/15/2011 3,578,903
 60,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 17 (JPY) 2.40 12/20/2034 807,087
 200,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 284 (JPY) 0.30 09/15/2011 2,385,216
 300,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 287 (JPY) 0.30 12/15/2011 3,579,449
 400,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 288 (JPY) 0.20 01/15/2012 4,766,813
 150,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 289 (JPY) 0.20 02/15/2012 1,787,675
 150,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 290 (JPY) 0.20 03/15/2012 1,787,787
 200,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 291 (JPY) 0.20 04/15/2012 2,383,873
 500,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 292 (JPY) 0.20 05/15/2012 5,960,058
 120,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 293 (JPY) 0.20 06/15/2012 1,430,505
 400,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 64 (JPY) 1.50 06/20/2012 4,879,324
 200,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 67 (JPY) 1.30 09/20/2012 2,438,024

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FOREIGN GOVERNMENT BONDS (continued)
 500,000 NETHERLANDS GOVERNMENT BOND (EUR) 1.75% 01/15/2013 $ 648,940
 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 2.50 01/15/2012 1,300,136
 950,000 NETHERLANDS GOVERNMENT BOND (EUR) 2.75 01/15/2015 1,277,483
 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.50 07/15/2020 1,400,134
 1,500,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.75 07/15/2014 2,090,678
 500,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.75 01/15/2023 719,146
 850,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2016 1,217,970
 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2018 1,448,442
 500,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2019 726,629
 953,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 01/15/2037 1,492,451
 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.25 07/15/2013 1,390,782
 500,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.50 07/15/2017 740,340
 810,000 NETHERLANDS GOVERNMENT BOND (EUR) 5.50 01/15/2028 1,429,158
 85,000 NETHERLANDS GOVERNMENT BOND (EUR) 7.50 01/15/2023 165,950
 1,000,000 SPAIN GOVERNMENT BOND (EUR) 2.75 04/30/2012 1,282,419
 400,000 SPAIN GOVERNMENT BOND (EUR) 3.00 04/30/2015 504,292
 500,000 SPAIN GOVERNMENT BOND (EUR) 3.90 10/31/2012 654,560
 500,000 SPAIN GOVERNMENT BOND (EUR) 4.20 07/30/2013 662,930
 350,000 SPAIN GOVERNMENT BOND (EUR) 4.20 01/31/2037 403,947
 752,000 SPAIN GOVERNMENT BOND (EUR) 4.40 01/31/2015 1,005,815
 2,000,000 SPAIN GOVERNMENT BOND (EUR) 4.75 07/30/2014 2,713,031
 500,000 SPAIN GOVERNMENT BOND (EUR) 4.80 01/31/2024 663,944
 800,000 SPAIN GOVERNMENT BOND (EUR) 4.90 07/30/2040 1,028,876
 1,050,000 SPAIN GOVERNMENT BOND (EUR) 5.00 07/30/2012 1,400,337
 1,500,000 SPAIN GOVERNMENT BOND (EUR) 5.35 10/31/2011 1,978,907
 1,100,000 SPAIN GOVERNMENT BOND (EUR) 5.50 07/30/2017 1,549,473
 1,250,000 SPAIN GOVERNMENT BOND (EUR) 5.75 07/30/2032 1,802,442
 1,100,000 SPAIN GOVERNMENT BOND (EUR) 6.00 01/31/2029 1,624,400
 650,000 SPAIN GOVERNMENT BOND (EUR) 6.15 01/31/2013 894,387
 5,300,000 SWEDEN GOVERNMENT BOND SERIES 1041 (SEK) 6.75 05/05/2014 847,213
 1,640,000 SWEDEN GOVERNMENT BOND SERIES 1047 (SEK) 5.00 12/01/2020 276,789
 3,500,000 SWEDEN GOVERNMENT BOND SERIES 1050 (SEK) 3.00 07/12/2016 501,981
 9,000,000 SWEDEN GOVERNMENT BOND SERIES 1052 (SEK) 4.25 03/12/2019 1,414,201
 1,000,000 SWEDISH GOVERNMENT BOND (SEK) 3.50 03/30/2039 152,590
 2,000,000 SWEDISH GOVERNMENT BOND (SEK) 3.75 08/12/2017 300,489
 1,300,000 SWEDISH GOVERNMENT BOND (SEK) 4.50 08/12/2015 198,216
 1,000,000 SWEDISH GOVERNMENT BOND (SEK) 5.50 10/08/2012 146,981
 750,000 UNITED KINGDOM GILT (EUR) 3.75 09/07/2020 1,232,273
 500,000 UNITED KINGDOM GILT (EUR) 4.25 12/07/2040 823,877
 2,750,000 UNITED KINGDOM GILT (GBP) 2.25 03/07/2014 4,368,569
 2,200,000 UNITED KINGDOM GILT (GBP) 2.75 01/22/2015 3,535,580
 1,500,000 UNITED KINGDOM GILT (GBP) 3.25 12/07/2011 2,378,048
 2,200,000 UNITED KINGDOM GILT (GBP) 3.75 09/07/2019 3,634,473
 1,500,000 UNITED KINGDOM GILT (GBP) 4.00 09/07/2016 2,555,737
 800,000 UNITED KINGDOM GILT (GBP) 4.00 03/07/2022 1,329,209
 1,000,000 UNITED KINGDOM GILT (GBP) 4.00 01/22/2060 1,601,821
 1,400,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2027 2,335,305
 1,050,000 UNITED KINGDOM GILT (GBP) 4.25 06/07/2032 1,736,100
 1,300,000 UNITED KINGDOM GILT (GBP) 4.25 03/07/2036 2,140,087
 500,000 UNITED KINGDOM GILT (GBP) 4.25 09/07/2039 824,682
 1,600,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2046 2,662,908
 1,000,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2049 1,671,909
 1,175,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2055 1,981,432
 1,750,000 UNITED KINGDOM GILT (GBP) 4.50 03/07/2013 2,927,935
 1,500,000 UNITED KINGDOM GILT (GBP) 4.50 03/07/2019 2,618,540

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FOREIGN GOVERNMENT BONDS (continued)
 600,000 UNITED KINGDOM GILT (GBP) 4.50% 09/07/2034 $ 1,023,638
 900,000 UNITED KINGDOM GILT (GBP) 4.50 12/07/2042 1,554,823
 1,275,000 UNITED KINGDOM GILT (GBP) 4.75 09/07/2015 2,239,877
 1,600,000 UNITED KINGDOM GILT (GBP) 4.75 03/07/2020 2,844,247
 1,250,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2030 2,203,952
 1,100,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2038 1,964,698
 1,400,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2012 2,288,112
 1,585,000 UNITED KINGDOM GILT (GBP) 5.00 09/07/2014 2,769,646
 1,000,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2018 1,803,834
 800,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2025 1,454,796
 1,300,000 UNITED KINGDOM GILT (GBP) 5.25 06/07/2012 2,152,069
 1,500,000 UNITED KINGDOM GILT (GBP) 6.00 12/07/2028 3,051,811
 600,000 UNITED KINGDOM GILT (GBP) 8.00 12/07/2015 1,208,550
 1,600,000 UNITED KINGDOM GILT (GBP) 8.00 06/07/2021 3,609,158
 200,000 UNITED KINGDOM GILT (GBP) 8.75 08/25/2017 436,094
TOTAL FOREIGN GOVERNMENT BONDS (COST $674,968,519) 717,382,603
 -------------
MUNICIPAL BONDS & NOTES: 0.00%
NEVADA: 0.00%
$ 50,000 COUNTY OF CLARK NV BUILD AMERICA BONDS SERIES B (AIRPORT
 REVENUE) 6.88 07/01/2042 52,614
 -------------
TOTAL MUNICIPAL BONDS & NOTES (COST $50,000) 52,614
 -------------
AGENCY SECURITIES: 27.46%
FEDERAL FARM CREDIT BANK: 0.12%
 250,000 FFCB 1.13 10/03/2011 251,807
 300,000 FFCB 1.75 02/21/2013 306,196
 250,000 FFCB 1.88 12/07/2012 256,360
 2,600,000 FFCB 2.63 04/17/2014 2,735,541
 3,549,904
 -------------
FEDERAL HOME LOAN BANK: 0.44%
 830,000 FHLB 1.13 05/18/2012 837,724
 750,000 FHLB 1.63 11/21/2012 764,789
 500,000 FHLB 1.63 03/20/2013 510,257
 2,500,000 FHLB 1.75 08/22/2012 2,553,253
 250,000 FHLB 1.88 11/19/2012 250,794
 700,000 FHLB 1.88 06/21/2013 719,702
 250,000 FHLB 2.50 10/15/2013 250,543
 1,500,000 FHLB 3.38 02/27/2013 1,595,052
 1,000,000 FHLB 4.88 09/08/2017 1,166,322
 1,000,000 FHLB 5.00 11/17/2017 1,183,122
 100,000 FHLB 5.13 08/14/2013 112,409
 100,000 FHLB 5.38 09/30/2022 120,691
 800,000 FHLB #363 4.50 11/15/2012 865,962
 400,000 FHLB #467 5.25 06/18/2014 460,804
 1,250,000 FHLB #656 5.38 05/18/2016 1,492,338
 12,883,762
 -------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 9.55%
 300,000 FHLMC 1.88 06/20/2012 306,807
 3,000,000 FHLMC 3.63 09/16/2011 3,104,793
 1,500,000 FHLMC 5.50 08/13/2014 1,744,797
 250,000 FHLMC 5.50 07/15/2036 310,555

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)
$ 400,000 FHLMC 1.13% 12/15/2011 $ 403,525
 150,000 FHLMC 1.13 04/25/2012 151,394
 250,000 FHLMC 1.45 02/24/2014 250,679
 200,000 FHLMC 1.50 09/10/2012 200,045
 2,000,000 FHLMC 1.63 04/15/2013 2,040,652
 600,000 FHLMC 2.00 04/27/2012 605,612
 4,000,000 FHLMC 2.13 03/23/2012 4,097,828
 2,000,000 FHLMC 2.13 09/21/2012 2,058,620
 250,000 FHLMC 2.13 10/07/2013 251,833
 250,000 FHLMC 2.13 08/25/2015 250,728
 500,000 FHLMC 2.50 04/08/2013 506,079
 800,000 FHLMC 2.50 01/07/2014 838,072
 1,250,000 FHLMC 2.50 04/23/2014 1,311,470
 2,750,000 FHLMC 2.88 02/09/2015 2,918,182
 1,000,000 FHLMC 3.00 07/28/2014 1,067,793
 200,000 FHLMC 3.00 12/30/2014 201,834
 2,000,000 FHLMC 3.75 06/28/2013 2,163,990
 900,000 FHLMC 3.75 03/27/2019 979,089
 3,000,000 FHLMC%% 4.00 07/15/2040 3,101,250
 5,000,000 FHLMC%% 4.50 05/15/2039 5,243,750
 2,000,000 FHLMC 4.63 10/25/2012 2,167,986
 2,000,000 FHLMC 4.75 11/17/2015 2,302,968
 800,000 FHLMC 4.88 11/15/2013 899,138
 1,700,000 FHLMC 4.88 06/13/2018 1,992,198
 812,687 FHLMC 5.00 10/01/2024 864,840
 1,200,000 FHLMC 5.13 07/15/2012 1,302,834
 650,000 FHLMC 5.25 04/18/2016 768,906
 650,000 FHLMC 5.50 07/18/2016 780,135
 2,000,000 FHLMC 5.50 08/23/2017 2,411,342
 5,000,000 FHLMC%% 5.50 12/15/2037 5,335,940
 150,000 FHLMC 5.55 10/04/2016 157,790
 1,000,000 FHLMC 6.00 04/16/2037 1,077,118
 5,000,000 FHLMC%% 6.00 12/15/2037 5,373,440
 200,000 FHLMC 6.25 07/15/2032 271,970
 300,000 FHLMC 6.75 03/15/2031 424,319
 2,838,571 FHLMC #A87994 5.00 08/01/2039 3,016,129
 18,639,798 FHLMC #A87997 5.00 08/01/2039 19,833,547
 947,353 FHLMC #G08368 4.50 10/01/2039 994,918
 75,016 FHLMC #G13232 5.00 06/01/2023 79,837
 2,171,157 FHLMC #1J1139+/- 4.71 06/01/2038 2,294,583
 271,377 FHLMC #1J1368+/- 5.58 10/01/2036 286,589
 2,396,258 FHLMC #1Q0612+/- 5.53 08/01/2038 2,560,316
 361,377 FHLMC #783191+/- 5.63 04/01/2037 385,260
 4,801,867 FHLMC #A11964 5.00 08/01/2033 5,145,751
 1,004,959 FHLMC #A15183 6.00 11/01/2033 1,101,182
 718,002 FHLMC #A15966 5.00 11/01/2033 769,422
 1,026,911 FHLMC #A16693 5.50 12/01/2033 1,108,685
 720,093 FHLMC #A19717 5.00 03/01/2034 770,537
 1,540,083 FHLMC #A24888 6.00 07/01/2034 1,677,917
 1,444,212 FHLMC #A29757 5.50 01/01/2035 1,551,092
 1,279,240 FHLMC #A35253 5.50 06/01/2035 1,373,911
 2,328,599 FHLMC #A35743 5.00 07/01/2035 2,482,990
 843,857 FHLMC #A36541 5.00 08/01/2035 899,806
 772,961 FHLMC #A41694 5.50 01/01/2036 830,165
 2,004,545 FHLMC #A43030 6.00 02/01/2036 2,161,397

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)
$ 2,123,148 FHLMC #A47041 5.00% 09/01/2035 $ 2,297,632
 244,664 FHLMC #A54804 6.50 06/01/2036 266,676
 498,069 FHLMC #A55537 5.00 12/01/2036 529,847
 1,018,376 FHLMC #A56988 5.50 02/01/2037 1,088,115
 209,104 FHLMC #A58285 6.00 03/01/2037 225,139
 1,438,134 FHLMC #A58420 5.50 03/01/2037 1,536,618
 493,643 FHLMC #A64581 6.00 08/01/2037 531,499
 555,038 FHLMC #A64624 6.00 08/01/2037 597,601
 466,780 FHLMC #A64825 6.00 08/01/2037 502,575
 681,160 FHLMC #A65018 6.00 08/01/2037 733,395
 43,659 FHLMC #A65173 6.00 09/01/2037 47,007
 541,899 FHLMC #A65773 6.00 09/01/2037 583,455
 460,597 FHLMC #A66706 6.00 10/01/2037 495,918
 903,905 FHLMC #A68939 6.00 11/01/2037 973,221
 289,493 FHLMC #A69303 6.00 11/01/2037 311,693
 603,116 FHLMC #A71048 6.00 12/01/2037 649,366
 504,126 FHLMC #A75076 6.50 03/01/2038 548,428
 1,920,156 FHLMC #A77194 5.50 05/01/2038 2,051,649
 348,874 FHLMC #A77988 6.00 06/01/2038 375,336
 387,794 FHLMC #A78253 6.00 06/01/2038 417,208
 805,165 FHLMC #A79523 6.00 07/01/2038 866,236
 133,276 FHLMC #A79972 6.00 08/01/2038 143,384
 578,636 FHLMC #A80659 5.00 02/01/2037 615,555
 862,099 FHLMC #A80882 6.00 08/01/2038 927,487
 1,404,416 FHLMC #A80985 6.00 08/01/2038 1,510,938
 613,125 FHLMC #A81606 6.00 09/01/2038 659,629
 972,530 FHLMC #A81619 6.00 09/01/2038 1,046,295
 876,139 FHLMC #A81884 5.50 09/01/2038 936,138
 384,320 FHLMC #A82134 6.00 10/01/2038 413,470
 11,704 FHLMC #A83580 6.00 12/01/2038 12,592
 919,269 FHLMC #A85636 6.00 04/01/2039 988,902
 1,926,593 FHLMC #A85718 4.00 04/01/2039 2,002,184
 1,898,239 FHLMC #A86314 4.00 05/01/2039 1,965,073
 487,287 FHLMC #A86755 4.00 06/01/2039 504,444
 7,645,384 FHLMC #A86951 4.50 06/01/2039 8,029,246
 19,832 FHLMC #A86958 6.00 06/01/2039 21,337
 426,277 FHLMC #A87820 6.00 08/01/2039 458,567
 4,794,570 FHLMC #A88483 5.00 09/01/2039 5,101,786
 409,278 FHLMC #A88938 6.00 09/01/2039 440,280
 4,842,653 FHLMC #A88958 4.50 09/01/2039 5,085,794
 18,321 FHLMC #A89388 6.00 10/01/2039 19,709
 2,346,411 FHLMC #A89607 5.50 11/01/2039 2,506,860
 4,975,239 FHLMC #A90319 5.00 12/01/2039 5,286,451
 4,941,351 FHLMC #A90590 4.50 01/01/2040 5,189,448
 5,536,175 FHLMC #A91526 4.50 03/01/2040 5,814,137
 444,446 FHLMC #C03063 6.50 10/01/2037 483,737
 11,525,502 FHLMC #C03466 5.50 03/01/2040 12,314,776
 2,893,444 FHLMC #E01425 4.50 08/01/2018 3,068,781
 266,563 FHLMC #E95352 4.50 04/01/2018 284,850
 1,120,617 FHLMC #G01740 5.50 12/01/2034 1,206,350
 762,298 FHLMC #G02074 5.50 02/01/2036 818,712
 344,511 FHLMC #G02184 5.00 04/01/2036 367,353
 730,177 FHLMC #G02386 6.00 11/01/2036 787,312
 296,754 FHLMC #G02422 6.00 12/01/2036 319,974
 1,224,653 FHLMC #G02478 5.50 12/01/2036 1,311,457

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)
$ 928,487 FHLMC #G02744 6.00% 03/01/2037 $ 1,001,140
 124,649 FHLMC #G03120 6.00 08/01/2037 134,208
 616,412 FHLMC #G03303 4.50 09/01/2035 651,599
 272,188 FHLMC #G03392 6.00 10/01/2037 293,061
 2,715,328 FHLMC #G03616 6.00 12/01/2037 2,923,554
 234,538 FHLMC #G03734 6.00 01/01/2038 252,524
 589,290 FHLMC #G04051 6.00 02/01/2038 633,986
 148,388 FHLMC #G04063 6.00 02/01/2038 159,768
 3,109,594 FHLMC #G04162 5.50 04/01/2038 3,322,541
 554,716 FHLMC #G04173 6.50 12/01/2037 603,755
 416,295 FHLMC #G04316 6.00 05/01/2038 448,219
 1,065,994 FHLMC #G04378 6.50 03/01/2038 1,160,233
 1,749,890 FHLMC #G04385 5.50 07/01/2038 1,869,724
 240,667 FHLMC #G04447 6.00 06/01/2038 258,921
 2,315,896 FHLMC #G04448 5.50 07/01/2038 2,474,490
 431,590 FHLMC #G04607 6.00 09/01/2038 464,325
 191,240 FHLMC #G05204 6.00 01/01/2036 209,550
 1,896,290 FHLMC #G05354 5.00 03/01/2039 2,015,096
 250,746 FHLMC #G05369 6.00 03/01/2039 269,765
 144,809 FHLMC #G05411 6.50 01/01/2039 157,611
 4,035,199 FHLMC #G05633 5.50 08/01/2039 4,311,532
 1,502,729 FHLMC #G05669 6.50 04/01/2039 1,635,577
 2,746,403 FHLMC #G05680 6.50 04/01/2039 2,989,197
 14,657,511 FHLMC #G05792 4.50 02/01/2040 15,393,440
 15,193 FHLMC #G08180 6.00 02/01/2037 16,382
 327,225 FHLMC #G08190 4.50 01/01/2037 344,268
 251,054 FHLMC #G08192 5.50 04/01/2037 268,246
 11,761 FHLMC #G08193 6.00 04/01/2037 12,663
 601,113 FHLMC #G11950 4.50 10/01/2018 642,351
 3,123,635 FHLMC #G12491 5.00 01/01/2022 3,329,945
 200,358 FHLMC #G12697 5.50 05/01/2022 215,538
 26,185 FHLMC #G12741 6.00 08/01/2022 28,374
 468,241 FHLMC #G13032 6.00 09/01/2022 507,388
 996,664 FHLMC #G13151 6.00 03/01/2023 1,079,988
 367,831 FHLMC #G13223 4.00 05/01/2023 387,291
 6,211,448 FHLMC #G13300 4.50 05/01/2023 6,580,309
 3,096,580 FHLMC #G13727 5.50 11/01/2017 3,331,840
 1,938,259 FHLMC #G13838 5.00 05/01/2025 2,062,837
 375,616 FHLMC #G18274 6.00 09/01/2023 405,611
 528,564 FHLMC #G18280 5.50 11/01/2023 568,609
 904,018 FHLMC #G18320 4.00 08/01/2024 950,432
 3,441 FHLMC #J02886 6.00 06/01/2021 3,713
 488,311 FHLMC #J04533 6.00 03/01/2022 528,373
 11,623 FHLMC #J04871 6.00 05/01/2022 12,577
 388,937 FHLMC #J05191 6.00 07/01/2022 420,845
 17,036 FHLMC #J05194 5.00 07/01/2022 18,131
 151,138 FHLMC #J05195 5.00 07/01/2022 161,120
 433,699 FHLMC #J05228 5.00 07/01/2022 461,574
 229,259 FHLMC #J05243 5.00 07/01/2022 243,994
 139,181 FHLMC #J05408 5.00 08/01/2022 148,127
 294,679 FHLMC #J05455 5.00 09/01/2022 313,619
 333,207 FHLMC #J08096 5.00 06/01/2023 354,623
 47,653 FHLMC #J08112 5.00 06/01/2023 50,716
 269,418 FHLMC #J08719 4.50 04/01/2024 286,753
 37,548 FHLMC #J08719 5.00 10/01/2023 39,961

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)
$ 16,075 FHLMC #J09641 5.00% 04/01/2024 $ 17,107
 53,835 FHLMC #J10539 5.00 08/01/2024 57,290
 1,831,949 FHLMC #J10575 4.50 08/01/2024 1,939,306
 919,612 FHLMC #J10903 5.00 10/01/2024 978,626
 671,227 FHLMC #J11159 4.50 11/01/2024 710,563
 1,411,068 FHLMC #J11703 4.50 02/01/2025 1,493,760
 7,220,700 FHLMC #J11824 4.00 03/01/2025 7,591,424
 1,537,458 FHLMC #Z40003 6.00 11/01/2036 1,653,918
 450,000 FHMLC 1.75 06/15/2012 459,169
 984,366 FHMLC #C03461 4.00 02/01/2040 1,019,024
 279,166,158
 -------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 12.64%
 700,000 FNMA 6.13 03/15/2012 759,578
 2,000,000 FNMA 0.88 01/12/2012 2,010,056
 390,000 FNMA 1.00 11/23/2011 392,872
 500,000 FNMA 1.00 04/04/2012 503,641
 500,000 FNMA 1.00 09/23/2013 500,728
 700,000 FNMA 1.25 06/22/2012 708,054
 250,000 FNMA 1.35 02/24/2014 250,039
 250,000 FNMA 1.50 07/26/2013 250,290
 250,000 FNMA 1.55 08/12/2014 249,967
 3,000,000 FNMA 1.75 08/10/2012 3,063,447
 200,000 FNMA 1.75 12/28/2012 201,606
 2,500,000 FNMA 1.75 02/22/2013 2,559,045
 2,000,000 FNMA 1.75 05/07/2013 2,047,432
 350,000 FNMA 1.88 04/20/2012 357,520
 500,000 FNMA 1.88 10/29/2012 500,931
 300,000 FNMA 2.00 09/28/2012 300,329
 300,000 FNMA## 2.06 06/01/2017 252,102
 500,000 FNMA 2.13 01/25/2013 502,551
 500,000 FNMA 2.17 03/21/2013 500,399
 2,500,000 FNMA 2.50 05/15/2014 2,618,403
 700,000 FNMA 2.63 11/20/2014 739,603
 500,000 FNMA 3.00 09/15/2014 500,532
 2,500,000 FNMA 3.00 09/16/2014 2,668,160
 500,000 FNMA 3.00 10/29/2014 502,091
 250,000 FNMA 3.00 03/09/2015 250,151
 100,000 FNMA 3.13 01/21/2015 100,923
 500,000 FNMA 4.00 01/20/2017 506,614
 1,500,000 FNMA 4.38 09/15/2012 1,611,974
 3,500,000 FNMA 4.38 03/15/2013 3,811,150
 3,000,000 FNMA%% 4.50 05/25/2039 3,150,000
 200,000 FNMA## 4.60 10/09/2019 131,846
 600,000 FNMA 4.63 10/15/2013 667,432
 950,000 FNMA 4.88 12/15/2016 1,107,467
 1,500,000 FNMA 5.00 10/15/2011 1,577,496
 500,000 FNMA 5.00 02/13/2017 586,126
 1,200,000 FNMA 5.00 05/11/2017 1,412,604
 2,000,000 FNMA%% 5.00 10/25/2035 2,123,750
 2,821,103 FNMA 5.00 10/01/2039 2,999,773
 1,200,000 FNMA 5.25 08/01/2012 1,298,592
 1,500,000 FNMA 5.38 06/12/2017 1,798,538
 1,000,000 FNMA 5.38 04/11/2022 1,064,429
 200,000 FNMA 5.45 10/18/2021 234,399

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 75,000 FNMA 5.63% 11/15/2021 $ 79,044
 150,000 FNMA 5.63 07/15/2037 189,618
 200,000 FNMA 6.21 08/06/2038 271,024
 1,300,000 FNMA 6.63 11/15/2030 1,807,823
 500,000 FNMA 7.13 01/15/2030 726,361
 1,300,000 FNMA 7.25 05/15/2030 1,913,123
 3,001,038 FNMA #995838 5.50 05/01/2039 3,212,647
 384,940 FNMA #190360 5.00 08/01/2035 411,004
 4,711,016 FNMA #190396 4.50 06/01/2039 4,954,173
 44,480 FNMA #253879 6.00 07/01/2016 48,060
 746,329 FNMA #254950 5.50 11/01/2033 806,576
 428,017 FNMA #255407 5.00 09/01/2024 458,130
 388,870 FNMA #255857 5.50 08/01/2025 419,067
 434,007 FNMA #256702 4.50 03/01/2022 462,449
 129,820 FNMA #256758 4.50 05/01/2022 138,003
 178,019 FNMA #256851 7.00 08/01/2037 198,081
 252,713 FNMA #257084 6.00 01/01/2018 273,269
 235,327 FNMA #310044 6.00 04/01/2014 253,912
 55,725 FNMA #323099 6.00 04/01/2013 60,123
 28,225 FNMA #323250 6.00 08/01/2013 29,739
 167,450 FNMA #535733 6.50 08/01/2015 181,390
 604,265 FNMA #545414 5.50 01/01/2017 654,250
 485,802 FNMA #725690 6.00 08/01/2034 530,191
 340,069 FNMA #725773 5.50 09/01/2034 366,777
 872,576 FNMA #729333 5.50 07/01/2033 943,015
 9,819,773 FNMA #735141 5.50 01/01/2035 10,590,988
 9,175,105 FNMA #735382 5.00 04/01/2035 9,825,008
 579,605 FNMA #745526 6.00 05/01/2021 627,518
 481,235 FNMA #745627+/- 5.50 04/01/2036 513,897
 2,106,440 FNMA #745886 5.50 04/01/2036 2,266,608
 105,142 FNMA #753669 6.00 11/01/2033 115,472
 1,246,203 FNMA #767097 4.00 06/01/2019 1,328,099
 685,330 FNMA #775199+/- 4.28 05/01/2034 715,767
 671,307 FNMA #776966 5.00 04/01/2034 718,858
 1,969,736 FNMA #777075 5.00 04/01/2034 2,111,721
 378,679 FNMA #779510 5.00 06/01/2019 405,583
 1,222,372 FNMA #783852 5.50 07/01/2034 1,318,374
 1,849,781 FNMA #793607 5.00 09/01/2019 1,981,203
 436,051 FNMA #793675 6.00 09/01/2034 475,894
 514,801 FNMA #794514 5.00 10/01/2019 551,376
 353,848 FNMA #795047 5.50 10/01/2034 381,638
 417,921 FNMA #796334 6.00 10/01/2034 456,108
 514,546 FNMA #804666 6.00 11/01/2034 561,561
 1,222,401 FNMA #805412 5.50 01/01/2035 1,315,349
 482,868 FNMA #811460 5.00 06/01/2020 516,572
 268,512 FNMA #812338 6.00 03/01/2035 291,032
 71,985 FNMA #821030 4.50 05/01/2035 76,094
 158,225 FNMA #822651 4.50 04/01/2035 167,257
 1,972,316 FNMA #824601 5.50 12/01/2034 2,127,216
 3,114,615 FNMA #826590 5.00 06/01/2035 3,325,500
 378,912 FNMA #828346 5.00 07/01/2035 404,567
 126,648 FNMA #828698 5.00 07/01/2035 135,223
 448,834 FNMA #829190 5.00 07/01/2035 479,224
 257,877 FNMA #830177 6.00 11/01/2038 277,894
 426,032 FNMA #830957 5.50 08/01/2035 458,426

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 366,403 FNMA #831406 6.00% 03/01/2036 $ 395,760
 518,485 FNMA #831625 7.00 06/01/2036 576,894
 636,267 FNMA #831697 6.00 09/01/2036 687,247
 34,434 FNMA #832199 4.50 07/01/2035 36,399
 1,040,847 FNMA #834657 5.50 08/01/2035 1,119,990
 1,730,817 FNMA #835284 5.50 09/01/2035 1,862,423
 2,136,119 FNMA #835331 5.50 08/01/2035 2,298,543
 238,032 FNMA #836068 4.50 10/01/2020 254,003
 421,551 FNMA #836958 4.50 10/01/2035 445,615
 2,047,123 FNMA #839064 6.00 01/01/2036 2,218,821
 972,421 FNMA #843901 4.50 09/01/2035 1,027,930
 3,436,297 FNMA #844158 5.00 11/01/2035 3,668,963
 3,281,113 FNMA #844703 5.50 12/01/2035 3,530,599
 164,895 FNMA #845782 4.50 10/01/2020 175,959
 308,174 FNMA #847926 4.50 12/01/2020 328,851
 813,269 FNMA #851264 5.50 05/01/2021 884,950
 2,292,745 FNMA #865283 5.50 02/01/2036 2,458,480
 814,114 FNMA #868424+/- 5.64 03/01/2036 873,147
 426,786 FNMA #872244 6.00 05/01/2021 462,200
 308,428 FNMA #878198 5.50 09/01/2036 330,724
 110,824 FNMA #884631 6.50 06/01/2036 121,002
 593,658 FNMA #885593 6.00 09/01/2036 641,223
 480,322 FNMA #888221 5.50 03/01/2037 515,043
 2,642,243 FNMA #888645 5.00 08/01/2037 2,809,998
 403,870 FNMA #888815 4.50 11/01/2022 430,337
 324,881 FNMA #888890 6.50 10/01/2037 354,718
 294,473 FNMA #892546 6.00 09/01/2021 318,908
 1,370,068 FNMA #895995 6.50 07/01/2036 1,495,898
 576,728 FNMA #897130 6.50 09/01/2036 629,696
 237,141 FNMA #899953 6.00 12/01/2037 255,771
 86,204 FNMA #900959 6.50 09/01/2036 94,121
 1,569,294 FNMA #902738 5.00 11/01/2036 1,672,606
 99,073 FNMA #904767+/- 5.45 12/01/2036 105,611
 1,513,328 FNMA #907051+/- 5.56 10/01/2037 1,609,589
 307,490 FNMA #907860+/- 5.50 02/01/2037 325,493
 299,564 FNMA #908182 5.50 12/01/2021 322,800
 1,071,609 FNMA #908249 6.50 12/01/2036 1,170,028
 616,882 FNMA #909855 5.50 02/01/2037 672,079
 460,552 FNMA #910093+/- 5.68 03/01/2037 489,857
 114,292 FNMA #910535+/- 5.55 01/01/2037 122,114
 230,369 FNMA #914224+/- 5.42 03/01/2037 243,671
 354,340 FNMA #915356 4.50 05/01/2023 375,623
 480,731 FNMA #917101 5.00 05/01/2037 511,252
 1,164,786 FNMA #917882 5.00 05/01/2037 1,238,738
 202,258 FNMA #918049 6.50 05/01/2037 220,455
 1,050,077 FNMA #918506 5.50 05/01/2037 1,124,120
 898,998 FNMA #918619 5.50 06/01/2037 962,389
 2,333,591 FNMA #919640 6.00 09/01/2037 2,516,919
 118,698 FNMA #922123 6.50 04/01/2037 129,377
 726,716 FNMA #922675+/- 4.80 06/01/2035 758,495
 800,401 FNMA #928414 6.50 06/01/2037 872,410
 257,179 FNMA #928433 7.00 05/01/2037 286,162
 362,426 FNMA #928507 6.50 06/01/2037 395,033
 644,901 FNMA #928774 6.00 10/01/2022 697,204
 2,043,006 FNMA #929723 6.00 07/01/2038 2,201,590

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 1,206,161 FNMA #929953 5.50% 09/01/2038 $ 1,291,210
 802,049 FNMA #930324 6.00 12/01/2038 864,307
 749,845 FNMA #931011 5.00 04/01/2024 798,040
 2,105,672 FNMA #931227 4.50 05/01/2039 2,214,356
 1,727,602 FNMA #931409 4.00 06/01/2024 1,819,000
 9,644,042 FNMA #932473 4.50 02/01/2040 10,141,815
 8,783,626 FNMA #932491 4.50 02/01/2040 9,236,989
 936,437 FNMA #933465 5.50 02/01/2038 1,002,467
 5,360,337 FNMA #933559 5.50 02/01/2038 5,738,305
 349,576 FNMA #934568 6.00 09/01/2038 376,711
 287,517 FNMA #934699 6.00 12/01/2038 309,835
 6,399 FNMA #937055 6.50 05/01/2037 6,975
 3,104,053 FNMA #941164 6.00 10/01/2037 3,347,910
 180,521 FNMA #945074 7.00 08/01/2037 200,865
 364,712 FNMA #945909 6.00 08/01/2037 393,364
 273,032 FNMA #946008 6.00 09/01/2037 294,481
 326,763 FNMA #946045 6.00 09/01/2037 352,434
 608,079 FNMA #947654 6.00 10/01/2037 655,850
 230,789 FNMA #947992 6.00 11/01/2037 248,920
 124,741 FNMA #948007 6.50 10/01/2037 135,964
 297,856 FNMA #949473 6.00 09/01/2037 321,256
 360,902 FNMA #949594 6.00 08/01/2022 390,173
 586,954 FNMA #950300 6.00 08/01/2037 636,184
 198,326 FNMA #950929 6.00 11/01/2037 213,906
 209,903 FNMA #952033 4.50 05/01/2023 222,511
 16,686 FNMA #953017 6.00 10/01/2037 17,997
 319,334 FNMA #953436 6.50 11/01/2037 348,063
 4,732,152 FNMA #955488 6.50 10/01/2037 5,157,890
 488,186 FNMA #955801 6.00 10/01/2037 526,538
 2,034,346 FNMA #960622 6.00 01/01/2038 2,194,165
 3,336,723 FNMA #962302 4.50 03/01/2038 3,510,511
 2,474,961 FNMA #963318 5.00 05/01/2023 2,633,786
 630,103 FNMA #964234 6.00 07/01/2023 680,025
 592,698 FNMA #964241 6.00 07/01/2038 638,705
 318,121 FNMA #964657 6.00 08/01/2038 342,815
 148,284 FNMA #964796 6.00 08/01/2038 159,794
 20,430 FNMA #964924 6.00 09/01/2038 22,016
 324,840 FNMA #965105 6.00 09/01/2038 350,055
 361,305 FNMA #965308 6.00 09/01/2038 389,350
 259,832 FNMA #965649 6.00 01/01/2038 280,244
 653,199 FNMA #966039 5.50 02/01/2038 699,257
 247,633 FNMA #968280 6.00 02/01/2038 266,856
 281,020 FNMA #969628 6.00 01/01/2038 303,097
 262,353 FNMA #969862 6.00 05/01/2038 282,718
 381,243 FNMA #970535 5.50 10/01/2023 410,673
 76,754 FNMA #971075 5.50 02/01/2024 82,679
 145,090 FNMA #972134 6.50 01/01/2038 158,112
 519,201 FNMA #972172 6.00 02/01/2038 559,503
 1,382,008 FNMA #973827 4.50 03/01/2023 1,469,121
 123,697 FNMA #973996 6.00 02/01/2023 133,497
 726,644 FNMA #974571 5.00 11/01/2036 778,114
 421,245 FNMA #974886+/- 4.36 04/01/2038 441,522
 238,159 FNMA #975288 4.50 05/01/2023 252,463
 1,326,182 FNMA #975365 5.00 06/01/2023 1,411,287
 574,092 FNMA #979639 5.00 06/01/2023 610,933

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 651,684 FNMA #982876 5.00% 05/01/2023 $ 693,504
 366,057 FNMA #983111 5.50 09/01/2023 394,315
 102,159 FNMA #983518 4.50 05/01/2023 108,295
 680,501 FNMA #984260 5.50 05/01/2023 733,032
 326,122 FNMA #985509 6.00 09/01/2038 351,436
 1,311,892 FNMA #985815 6.00 07/01/2038 1,413,725
 218,011 FNMA #986250 6.00 07/01/2038 234,934
 391,874 FNMA #987128 6.00 09/01/2038 422,292
 127,845 FNMA #987283 6.50 07/01/2038 139,319
 400,789 FNMA #987380 6.00 10/01/2023 432,542
 197,031 FNMA #988044 6.00 08/01/2038 212,325
 226,898 FNMA #988220 6.50 09/01/2038 247,737
 470,772 FNMA #988714 6.00 10/01/2038 507,314
 195,419 FNMA #988746 6.00 11/01/2023 210,902
 15,604 FNMA #988953 5.50 08/01/2023 16,809
 410,709 FNMA #990051 6.00 09/01/2038 442,590
 738,052 FNMA #990080 6.00 08/01/2038 795,342
 259,469 FNMA #990285 6.00 10/01/2038 279,610
 359,121 FNMA #990380 6.50 09/01/2038 391,353
 649,192 FNMA #990543 6.00 09/01/2038 699,584
 207,233 FNMA #990741 6.00 09/01/2038 223,319
 153,660 FNMA #991859 6.00 10/01/2038 165,587
 454,280 FNMA #991932 6.00 12/01/2023 490,272
 9,111 FNMA #992042 7.00 10/01/2038 10,124
 4,222,684 FNMA #992235 6.00 11/01/2038 4,550,462
 319,894 FNMA #992312 6.00 10/01/2038 344,726
 436,970 FNMA #992490 5.50 11/01/2023 470,702
 390,702 FNMA #992940 6.00 11/01/2038 421,030
 336,069 FNMA #993091 6.00 01/01/2039 362,156
 274,839 FNMA #993164 6.00 11/01/2038 296,173
 29,076 FNMA #994282 5.50 11/01/2023 31,321
 240,601 FNMA #994339 6.00 01/01/2039 259,278
 767,304 FNMA #994436 6.00 12/01/2038 826,865
 2,908,731 FNMA #994897 5.50 09/01/2033 3,144,446
 15,807,742 FNMA #995119 5.50 11/01/2038 16,922,377
 2,371,091 FNMA #995692 4.50 05/01/2024 2,513,509
 189,888 FNMA #995778 6.00 11/01/2017 204,873
 6,005,527 FNMA #995901 4.50 07/01/2024 6,364,368
 482,035 FNMA #A82829 6.00 11/01/2038 518,597
 287,639 FNMA #AA0731 6.50 02/01/2039 313,428
 307,928 FNMA #AA0781 6.00 04/01/2039 331,831
 717,520 FNMA #AA1090 4.50 12/01/2023 760,618
 445,692 FNMA #AA3078 4.50 02/01/2039 468,905
 2,816,567 FNMA #AA3295 4.00 02/01/2039 2,920,574
 4,274,183 FNMA #AA4662 4.50 05/01/2039 4,494,793
 1,077,388 FNMA #AA7895 4.00 06/01/2024 1,134,386
 2,978,691 FNMA #AB1048 4.50 05/01/2040 3,134,615
 5,819,598 FNMA #AC1258 4.00 08/01/2039 6,049,472
 10,083,302 FNMA #AC1616 5.00 08/01/2039 10,721,911
 1,322,860 FNMA #AC1928 4.00 08/01/2039 1,371,710
 3,554,529 FNMA #AC2181 4.00 08/01/2039 3,685,788
 3,855,221 FNMA #AC2968 4.50 09/01/2039 4,054,207
 23,909 FNMA #AC2998 6.00 09/01/2024 25,893
 4,795,795 FNMA #AC7962 4.50 01/01/2025 5,082,352
 975,671 FNMA #AC8563 4.00 01/01/2040 1,011,699

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 7,185,450 FNMA #AD0891 5.00% 03/01/2025 $ 7,646,560
 5,413,071 FNMA #AD1654 4.50 03/01/2040 5,709,863
 5,335,641 FNMA #AD3770 4.00 03/01/2025 5,618,435
 4,953,889 FNMA #AD4317 4.00 04/01/2040 5,136,822
 15,997,617 FNMA #AD7134 5.00 07/01/2040 17,010,799
 2,579,918 FNMA #AD7948 4.50 06/01/2040 2,712,676
 4,975,305 FNMA #AE1173 4.00 07/01/2025 5,233,856
 369,412,296
 -------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 4.71%
 2,000,000 GNMA 4.00 12/01/2099 2,083,124
 5,000,000 GNMA%% 4.50 05/15/2040 5,307,030
 10,000,000 GNMA%% 5.00 10/15/2039 10,745,310
 211,106 GNMA #672938 6.50 08/15/2038 232,081
 182,760 GNMA #676812 6.50 04/15/2038 200,920
 2,066,485 GNMA #745086 4.50 06/15/2040 2,197,490
 1,441 GNMA #337120 6.50 11/15/2023 1,604
 1,522 GNMA #379192 6.50 12/15/2023 1,694
 1,311,882 GNMA #520782 5.00 03/15/2035 1,417,187
 771,486 GNMA #605373 5.50 09/15/2034 839,802
 40,623 GNMA #617417 6.50 02/15/2037 44,665
 620,320 GNMA #617522 6.00 05/15/2037 676,484
 150,533 GNMA #625436 6.50 09/15/2036 165,867
 421,170 GNMA #632007 6.50 10/15/2036 464,071
 994,791 GNMA #633305 5.50 12/15/2035 1,081,637
 849,839 GNMA #648391 5.50 11/15/2035 924,031
 602,717 GNMA #651722 5.50 02/15/2036 654,582
 331,609 GNMA #651882 6.50 09/15/2036 365,387
 520,788 GNMA #653068 5.50 03/15/2036 568,347
 634,816 GNMA #654920 6.00 06/15/2036 700,255
 138,963 GNMA #658328 4.50 03/15/2037 147,946
 9,403 GNMA #659749 6.50 11/15/2036 10,361
 51,802 GNMA #663342 6.50 12/15/2036 57,078
 58,505 GNMA #664629 7.00 03/15/2037 65,098
 111,331 GNMA #667470 6.00 05/15/2037 121,411
 298,256 GNMA #668585 6.00 08/15/2037 325,260
 334,392 GNMA #669078 6.00 06/15/2037 364,667
 193,951 GNMA #671433 6.00 07/15/2037 211,512
 241,424 GNMA #673220 6.00 10/15/2038 263,207
 1,775,285 GNMA #676678 6.00 01/15/2038 1,935,464
 6,028,116 GNMA #677213 5.50 08/15/2038 6,579,892
 404,963 GNMA #677314 5.50 09/15/2038 441,983
 212,660 GNMA #677606 6.50 12/15/2037 233,824
 22,873 GNMA #681324 6.50 05/15/2038 25,146
 249,128 GNMA #681332 6.50 05/15/2038 273,882
 396,760 GNMA #683124 5.50 03/15/2038 430,157
 52,111 GNMA #684230 6.50 08/15/2038 57,288
 35,450 GNMA #691547 6.50 07/15/2038 38,973
 175,418 GNMA #693431 5.50 06/15/2038 190,184
 1,947,060 GNMA #694553 5.50 12/15/2038 2,110,956
 10,214 GNMA #695742 6.50 11/15/2038 11,229
 232,924 GNMA #695746 6.00 11/15/2038 253,940
 207,864 GNMA #696456 5.50 08/15/2038 225,361
 449,441 GNMA #697595 6.50 11/15/2038 494,098
 1,554,769 GNMA #698033 5.50 01/15/2039 1,685,644

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (continued)
$ 963,476 GNMA #698223 4.00% 06/15/2039 $ 1,005,819
 2,804,807 GNMA #698308 4.50 05/15/2039 2,982,617
 1,324,288 GNMA #698507 6.00 10/15/2038 1,443,775
 207,529 GNMA #698624 6.00 10/15/2038 226,254
 619,058 GNMA #699457 6.00 10/15/2038 674,914
 622,106 GNMA #700069 6.50 12/15/2038 683,919
 293,544 GNMA #700821 6.50 10/15/2038 322,711
 755,994 GNMA #702172 4.00 07/15/2039 789,219
 226,975 GNMA #702190 4.00 07/15/2039 236,950
 12,874 GNMA #704277 6.50 02/15/2039 14,153
 1,423,704 GNMA #704439 4.50 03/15/2039 1,513,959
 131,943 GNMA #706004 6.00 10/15/2038 143,848
 10,435,233 GNMA #709475 5.00 06/15/2039 11,233,735
 214,836 GNMA #709484 5.50 07/15/2039 232,920
 806,763 GNMA #711321 6.00 01/15/2039 879,555
 2,422,434 GNMA #712488 4.50 06/15/2039 2,576,004
 1,413,838 GNMA #712495 4.50 06/15/2039 1,503,468
 12,302,108 GNMA #713866 5.00 09/15/2039 13,243,463
 9,881,556 GNMA #713872 4.50 09/15/2039 10,507,996
 134,627 GNMA #716343 6.00 06/15/2039 146,774
 133,070 GNMA #716586 6.00 08/15/2039 145,077
 2,997,750 GNMA #716792 4.50 04/15/2039 3,187,792
 1,425,599 GNMA #722269 4.50 09/15/2039 1,515,975
 261,173 GNMA #722785 6.00 10/15/2039 284,738
 2,893,312 GNMA #723449 5.00 11/15/2039 3,118,545
 1,959,992 GNMA #723526 4.50 12/15/2039 2,084,246
 4,898,560 GNMA #723616 5.00 01/15/2040 5,273,398
 3,315,886 GNMA #726000 4.50 05/15/2040 3,541,801
 3,911,739 GNMA #728627 4.50 01/15/2040 4,159,723
 2,945,533 GNMA #737011 5.00 02/15/2040 3,170,924
 83,735 GNMA #782167 6.00 06/15/2037 91,423
 2,150,017 GNMA #782273 5.50 02/15/2038 2,333,909
 2,225,048 GNMA #782365 6.00 07/15/2038 2,426,446
 881,865 GNMA #782379 6.00 08/15/2038 961,479
 395,205 GNMA #782407 5.50 09/15/2038 428,523
 882,061 GNMA #782776 6.00 09/15/2038 961,807
 6,061,747 GNMA #782789 5.50 10/15/2039 6,572,475
 1,777,687 GNMA #782831 6.00 12/15/2039 1,938,546
 137,785,009
 -------------
TOTAL AGENCY SECURITIES (COST $769,951,894) 802,797,129
 -------------
US TREASURY SECURITIES: 20.67%
US TREASURY BONDS: 4.08%
 3,100,000 US TREASURY BOND 3.50 02/15/2039 3,082,563
 2,000,000 US TREASURY BOND 3.88 08/15/2040 2,129,539
 3,600,000 US TREASURY BOND 4.25 05/15/2039 4,066,312
 1,750,000 US TREASURY BOND 4.38 02/15/2038 2,025,079
 5,800,000 US TREASURY BOND 4.38 11/15/2039 6,682,690
 5,000,000 US TREASURY BOND 4.38 05/15/2040 5,768,750
 3,150,000 US TREASURY BOND 4.50 02/15/2036 3,717,000
 2,600,000 US TREASURY BOND 4.50 05/15/2038 3,069,625
 4,600,000 US TREASURY BOND 4.50 08/15/2039 5,409,315
 4,500,000 US TREASURY BOND 4.63 02/15/2040 5,398,596
 1,550,000 US TREASURY BOND 4.75 02/15/2037 1,902,625

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
US TREASURY BONDS (continued)
$ 800,000 US TREASURY BOND 5.00% 05/15/2037 $ 1,019,875
 4,000,000 US TREASURY BOND 5.25 11/15/2028 5,139,376
 1,500,000 US TREASURY BOND 5.25 02/15/2029 1,928,204
 2,750,000 US TREASURY BOND<< 5.38 02/15/2031 3,607,227
 2,000,000 US TREASURY BOND 5.50 08/15/2028 2,637,812
 1,150,000 US TREASURY BOND 6.00 02/15/2026 1,573,523
 1,400,000 US TREASURY BOND 6.13 11/15/2027 1,961,313
 1,500,000 US TREASURY BOND 6.13 08/15/2029 2,124,141
 1,500,000 US TREASURY BOND 6.25 08/15/2023 2,048,672
 3,250,000 US TREASURY BOND 6.25 05/15/2030 4,682,031
 2,400,000 US TREASURY BOND 6.38 08/15/2027 3,440,251
 2,000,000 US TREASURY BOND 6.50 11/15/2026 2,887,500
 950,000 US TREASURY BOND 6.63 02/15/2027 1,389,821
 1,500,000 US TREASURY BOND 6.88 08/15/2025 2,205,000
 2,500,000 US TREASURY BOND 7.25 05/15/2016 3,279,688
 1,000,000 US TREASURY BOND 7.25 08/15/2022 1,458,594
 2,000,000 US TREASURY BOND 7.50 11/15/2016 2,680,000
 2,000,000 US TREASURY BOND 7.50 11/15/2024 3,061,876
 500,000 US TREASURY BOND 7.88 02/15/2021 744,688
 4,100,000 US TREASURY BOND 8.00 11/15/2021 6,217,265
 2,850,000 US TREASURY BOND 8.13 08/15/2019 4,190,389
 1,700,000 US TREASURY BOND 8.50 02/15/2020 2,578,555
 2,500,000 US TREASURY BOND 8.75 05/15/2017 3,595,703
 400,000 US TREASURY BOND 8.75 08/15/2020 621,062
 1,275,000 US TREASURY BOND 8.88 08/15/2017 1,858,710
 1,200,000 US TREASURY BOND 8.88 02/15/2019 1,822,313
 2,900,000 US TREASURY BOND 9.13 05/15/2018 4,411,851
 2,000,000 US TREASURY BOND 11.25 02/15/2015 2,876,718
 119,294,252
 -------------
US TREASURY NOTES: 16.59%
 5,000,000 US TREASURY NOTE 0.38 08/31/2012 4,989,665
 4,500,000 US TREASURY NOTE 0.63 06/30/2012 4,513,185
 5,000,000 US TREASURY NOTE 0.63 07/31/2012 5,015,050
 5,000,000 US TREASURY NOTE 0.75 11/30/2011 5,023,635
 3,000,000 US TREASURY NOTE 0.75 05/31/2012 3,015,360
 5,000,000 US TREASURY NOTE 0.75 08/15/2013 5,006,853
 3,000,000 US TREASURY NOTE 0.88 01/31/2012 3,020,508
 4,500,000 US TREASURY NOTE 0.88 02/29/2012 4,532,175
 3,500,000 US TREASURY NOTE 1.00 09/30/2011 3,525,158
 5,000,000 US TREASURY NOTE 1.00 10/31/2011 5,037,500
 5,000,000 US TREASURY NOTE 1.00 12/31/2011 5,041,015
 6,000,000 US TREASURY NOTE 1.00 03/31/2012 6,055,080
 4,500,000 US TREASURY NOTE 1.00 04/30/2012 4,541,310
 5,000,000 US TREASURY NOTE 1.00 07/15/2013 5,043,350
 3,500,000 US TREASURY NOTE 1.13 12/15/2011 3,533,768
 5,000,000 US TREASURY NOTE 1.13 01/15/2012 5,050,780
 5,000,000 US TREASURY NOTE<< 1.13 12/15/2012 5,064,060
 3,500,000 US TREASURY NOTE 1.13 06/15/2013 3,542,665
 5,000,000 US TREASURY NOTE 1.25 08/31/2015 4,978,337
 2,000,000 US TREASURY NOTE 1.38 02/15/2012 2,028,438
 2,500,000 US TREASURY NOTE 1.38 03/15/2012 2,537,793
 1,500,000 US TREASURY NOTE 1.38 04/15/2012 1,523,496
 5,000,000 US TREASURY NOTE 1.38 05/15/2012 5,078,710
 5,000,000 US TREASURY NOTE 1.38 09/15/2012 5,088,280

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
US TREASURY NOTES (continued)
$ 5,000,000 US TREASURY NOTE 1.38% 10/15/2012 $ 5,090,625
 4,000,000 US TREASURY NOTE 1.38 11/15/2012 4,072,500
 3,000,000 US TREASURY NOTE<< 1.38 01/15/2013 3,056,016
 3,500,000 US TREASURY NOTE<< 1.38 02/15/2013 3,565,625
 5,000,000 US TREASURY NOTE<< 1.38 03/15/2013 5,096,100
 5,000,000 US TREASURY NOTE 1.38 05/15/2013 5,096,500
 3,000,000 US TREASURY NOTE 1.50 07/15/2012 3,059,883
 4,000,000 US TREASURY NOTE<< 1.50 12/31/2013 4,091,248
 2,000,000 US TREASURY NOTE 1.75 11/15/2011 2,033,516
 5,000,000 US TREASURY NOTE 1.75 08/15/2012 5,124,805
 3,000,000 US TREASURY NOTE<< 1.75 04/15/2013 3,087,180
 4,500,000 US TREASURY NOTE 1.75 01/31/2014 4,636,404
 5,000,000 US TREASURY NOTE 1.75 03/31/2014 5,150,390
 5,000,000 US TREASURY NOTE 1.75 07/31/2015 5,104,700
 5,000,000 US TREASURY NOTE 1.88 06/15/2012 5,127,735
 1,500,000 US TREASURY NOTE 1.88 02/28/2014 1,551,563
 4,400,000 US TREASURY NOTE 1.88 04/30/2014 4,549,873
 4,250,000 US TREASURY NOTE 1.88 06/30/2015 4,366,875
 4,000,000 US TREASURY NOTE 1.88 08/31/2017 3,987,047
 3,800,000 US TREASURY NOTE 2.00 11/30/2013 3,948,436
 3,500,000 US TREASURY NOTE 2.13 11/30/2014 3,645,194
 3,500,000 US TREASURY NOTE 2.13 05/31/2015 3,639,195
 3,500,000 US TREASURY NOTE<< 2.25 05/31/2014 3,668,984
 5,000,000 US TREASURY NOTE 2.25 01/31/2015 5,229,295
 5,000,000 US TREASURY NOTE<< 2.38 08/31/2014 5,259,765
 5,500,000 US TREASURY NOTE 2.38 09/30/2014 5,786,600
 5,000,000 US TREASURY NOTE 2.38 10/31/2014 5,258,595
 5,000,000 US TREASURY NOTE<< 2.38 02/28/2015 5,257,800
 2,500,000 US TREASURY NOTE 2.38 03/31/2016 2,609,570
 3,500,000 US TREASURY NOTE 2.38 07/31/2017 3,607,188
 6,500,000 US TREASURY NOTE<< 2.50 03/31/2015 6,871,735
 5,000,000 US TREASURY NOTE<< 2.50 04/30/2015 5,286,330
 3,000,000 US TREASURY NOTE 2.50 06/30/2017 3,118,125
 3,500,000 US TREASURY NOTE 2.63 06/30/2014 3,716,563
 5,750,000 US TREASURY NOTE 2.63 07/31/2014 6,107,127
 5,000,000 US TREASURY NOTE<< 2.63 12/31/2014 5,309,765
 2,500,000 US TREASURY NOTE 2.63 02/29/2016 2,644,530
 2,500,000 US TREASURY NOTE 2.63 04/30/2016 2,641,993
 3,500,000 US TREASURY NOTE 2.63 08/15/2020 3,545,952
 3,375,000 US TREASURY NOTE 2.75 10/31/2013 3,585,148
 2,500,000 US TREASURY NOTE 2.75 11/30/2016 2,646,095
 4,000,000 US TREASURY NOTE 2.75 05/31/2017 4,222,500
 5,950,000 US TREASURY NOTE<< 2.75 02/15/2019 6,183,817
 3,500,000 US TREASURY NOTE 3.00 08/31/2016 3,763,869
 4,000,000 US TREASURY NOTE 3.00 09/30/2016 4,299,064
 2,000,000 US TREASURY NOTE 3.00 02/28/2017 2,143,750
 550,000 US TREASURY NOTE 3.13 04/30/2013 586,910
 3,500,000 US TREASURY NOTE 3.13 08/31/2013 3,753,204
 3,300,000 US TREASURY NOTE 3.13 09/30/2013 3,541,313
 6,000,000 US TREASURY NOTE 3.13 10/31/2016 6,489,846
 5,000,000 US TREASURY NOTE 3.13 01/31/2017 5,399,610
 3,000,000 US TREASURY NOTE 3.13 04/30/2017 3,239,064
 8,000,000 US TREASURY NOTE 3.13 05/15/2019 8,522,496
 4,000,000 US TREASURY NOTE<< 3.25 05/31/2016 4,362,500
 1,000,000 US TREASURY NOTE 3.25 06/30/2016 1,090,312

 INTEREST
 PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
US TREASURY NOTES (continued)
$ 3,500,000 US TREASURY NOTE<< 3.25% 12/31/2016 $ 3,806,523
 5,000,000 US TREASURY NOTE<< 3.25 03/31/2017 5,437,500
 3,500,000 US TREASURY NOTE 3.38 06/30/2013 3,769,063
 2,000,000 US TREASURY NOTE 3.38 07/31/2013 2,157,500
 8,000,000 US TREASURY NOTE<< 3.38 11/15/2019 8,640,624
 2,000,000 US TREASURY NOTE 3.50 05/31/2013 2,158,594
 1,500,000 US TREASURY NOTE 3.50 02/15/2018 1,656,680
 7,500,000 US TREASURY NOTE<< 3.50 05/15/2020 8,172,075
 6,500,000 US TREASURY NOTE 3.63 08/15/2019 7,167,771
 8,000,000 US TREASURY NOTE 3.63 02/15/2020 8,804,376
 7,000,000 US TREASURY NOTE<< 3.75 11/15/2018 7,837,816
 8,500,000 US TREASURY NOTE<< 3.88 10/31/2012 9,123,552
 2,750,000 US TREASURY NOTE<< 3.88 02/15/2013 2,975,156
 2,000,000 US TREASURY NOTE 3.88 05/15/2018 2,261,094
 4,000,000 US TREASURY NOTE 4.00 11/15/2012 4,309,688
 3,000,000 US TREASURY NOTE 4.00 02/15/2014 3,324,141
 3,500,000 US TREASURY NOTE 4.00 02/15/2015 3,932,033
 2,525,000 US TREASURY NOTE 4.00 08/15/2018 2,876,725
 3,000,000 US TREASURY NOTE 4.13 05/15/2015 3,395,859
 1,600,000 US TREASURY NOTE 4.25 08/15/2013 1,767,875
 2,500,000 US TREASURY NOTE<< 4.25 11/15/2013 2,780,078
 1,500,000 US TREASURY NOTE<< 4.25 08/15/2014 1,688,438
 4,370,000 US TREASURY NOTE 4.25 11/15/2014 4,943,222
 2,500,000 US TREASURY NOTE<< 4.25 08/15/2015 2,850,585
 4,000,000 US TREASURY NOTE 4.25 11/15/2017 4,623,752
 2,550,000 US TREASURY NOTE 4.38 08/15/2012 2,746,230
 3,800,000 US TREASURY NOTE 4.50 04/30/2012 4,058,134
 3,000,000 US TREASURY NOTE 4.50 11/15/2015 3,475,782
 2,500,000 US TREASURY NOTE 4.50 02/15/2016 2,895,508
 2,000,000 US TREASURY NOTE 4.50 05/15/2017 2,334,218
 3,000,000 US TREASURY NOTE 4.63 10/31/2011 3,150,000
 1,500,000 US TREASURY NOTE 4.63 12/31/2011 1,585,547
 3,000,000 US TREASURY NOTE 4.63 02/29/2012 3,189,492
 1,000,000 US TREASURY NOTE 4.63 07/31/2012 1,080,117
 3,000,000 US TREASURY NOTE 4.63 11/15/2016 3,518,436
 2,000,000 US TREASURY NOTE 4.75 05/15/2014 2,283,124
 4,000,000 US TREASURY NOTE 4.88 02/15/2012 4,261,248
 5,000,000 US TREASURY NOTE 4.88 08/15/2016 5,928,125
 2,000,000 US TREASURY NOTE 5.13 05/15/2016 2,391,876
 484,975,553
 -------------
TOTAL US TREASURY SECURITIES (COST $570,566,703) 604,269,805
 -------------
SHORT-TERM INVESTMENTS: 6.56%
CORPORATE BONDS & NOTES: 0.13%
 1,802,595 GRYPHON FUNDING LIMITED(v)(a)(i) 0.00 08/05/2011 733,280
 5,648,935 VFNC CORPORATION(v)+++/-(a)(i) 0.33 09/29/2011 3,174,041
 3,907,321
 -------------

 SHARES SECURITY NAME YIELD VALUE
------------- --------------------------------------------------------------- --------- --------------
INVESTMENT COMPANIES: 6.43%
 90,629,254 WELLS FARGO ADVANTAGE MONEY MARKET
 Trust(l)(u)(o) 0.29% $ 90,629,252
 97,299,961 WELLS FARGO SECURITIES LENDING CASH INVESTMENT
 LLC(v)(l)(u) 0.31 97,299,961
 187,929,213
 --------------
TOTAL SHORT-TERM INVESTMENTS (COST $190,726,213) 191,836,534
 --------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $2,884,221,589)* 104.40% 3,052,094,056
Other Assets and Liabilities, Net (4.40) (128,516,669)
Total Net ------ --------------
Assets 100.00% $2,923,577,387
 ------ --------------

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
COMMON STOCKS: 97.60%
CONSUMER DISCRETIONARY: 12.99%
AUTO COMPONENTS: 0.62%
 123,000 AAPICO HITECH PUBLIC COMPANY LIMITED $ 59,741
 21,400 AISIN SEIKI COMPANY LIMITED 553,786
 5,200 AKEBONO BRAKE INDUSTRY COMPANY LIMITED 26,121
 19,334 BHARAT FORGE LIMITED 143,772
 62,389 BORGWARNER INCORPORATED+<< 2,723,280
 1,032 BOSCH LIMITED 131,108
 67,200 BRIDGESTONE CORPORATION 1,166,261
 4,725 BRIDGESTONE CORPORATION 163,013
 7,000 CALSONIC KANSEI CORPORATION 19,664
 242,283 CHENG SHIN RUBBER INDUSTRY COMPANY LIMITED 492,371
 7,915 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN CLASS B 587,875
 2,446 CONTINENTAL AG 147,855
 95,232 COOPER TIRE & RUBBER COMPANY 1,541,806
 216,869 DANA HOLDING CORPORATION+ 2,225,076
 55,800 DENSO CORPORATION 1,513,063
 3,600 EXEDY CORPORATION 103,788
 43,992 EXIDE INDUSTRIES LIMITED+ 138,036
 3,300 FCC COMPANY LIMITED 70,470
 6,100 FUTABA INDUSTRIAL COMPANY LIMITED 33,909
 67,355 GENTEX CORPORATION 1,183,427
 78,273 GKN PLC 173,823
 10,640 HANKOOK TIRE COMPANY LIMITED 231,189
 1,100 HI-LEX CORPORATION 14,888
 9,388 HYUNDAI MOBIS+ 1,699,221
 74,386 JOHNSON CONTROLS INCORPORATED 1,973,461
 1,200 KANTO AUTO WORKS LIMITED 8,113
 20,000 KAYABA INDUSTRY COMPANY LIMITED 91,656
 3,500 KEIHIN CORPORATION 66,909
 53,906 KENDA RUBBER INDUSTRIAL COMPANY LIMITED 56,373
 17,000 KOITO MANUFACTURING COMPANY LIMITED 234,734
 24,753 LEAR CORPORATION+ 1,823,306
 469 LEONI AG 12,282
 2,422 LINAMAR CORPORATION 41,974
 5,900 MAGNA INTERNATIONAL INCORPORATED CLASS A 459,451
 3,001 MARTINREA INTERNATIONAL INCORPORATED+ 21,754
 44,000 MINTH GROUP LIMITED 71,271
 1,900 MUSASHI SEIMITSU INDUSTRY COMPANY LIMITED 41,772
 66,771 NAN KANG RUBBER TIRE COMPANY LIMITED 87,961
 18,000 NGK SPARK PLUG COMPANY LIMITED 210,618
 21,000 NHK SPRING COMPANY LIMITED 174,229
 4,700 NIFCO INCORPORATED 104,451
 4,000 NIPPON SEIKI COMPANY LIMITED 38,519
 6,000 NISSAN SHATAI COMPANY LIMITED 41,138
 3,200 NISSIN KOGYO COMPANY LIMITED 46,623
 12,500 NOK CORPORATION 188,519
 6,680 NOKIAN RENKAAT OYJ 191,484
 5,000 PACIFIC INDUSTRIAL COMPANY LIMITED 21,545
 11,055 PIRELLI & COMPANY SPA 73,410
 4,000 PRESS KOGYO COMPANY LIMITED 12,332
 164 RIETER HOLDING AG+ 47,976
 4,000 RIKEN CORPORATION 12,998
 14,000 SANDEN CORPORATION 45,995

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
AUTO COMPONENTS (continued)
 1,800 SHOWA CORPORATION $ 9,470
 96,200 SOMBOON ADVANCE TECHNOLOGY PCL 69,380
 17,400 STANLEY ELECTRIC COMPANY LIMITED 268,425
 18,800 SUMITOMO RUBBER INDUSTRIES 170,523
 700 TACHI-S COMPANY LIMITED 8,557
 3,800 TAKATA CORPORATION 81,464
 13,600 THAI STANLEY ELECTRIC PCL 74,312
 5,300 TOKAI RIKA COMPANY LIMITED 82,519
 6,500 TOKAI RUBBER INDUSTRIES INCORPORATED 67,236
 88,000 TONG YANG INDUSTRY 138,728
 4,200 TOPRE CORPORATION 29,696
 19,000 TOYO TIRE & RUBBER COMPANY LIMITED 38,222
 7,400 TOYODA GOSEI COMPANY LIMITED 151,330
 4,400 TOYOTA AUTO BODY COMPANY LIMITED 66,149
 8,900 TOYOTA BOSHOKU CORPORATION 129,458
 23,200 TOYOTA INDUSTRIES CORPORATION 582,969
 47,499 TRW AUTOMOTIVE HOLDINGS CORPORATION+<< 1,651,065
 5,000 TS TECH COMPANY LIMITED 72,253
 46,800 UMW HOLDINGS BHD 98,427
 1,200 UNIPRES CORPORATION 18,584
 2,677 VALEO SA 93,428
 212,000 XINYI GLASS HOLDING COMPANY LIMITED 109,015
 1,551,500 YARNAPUND PCL+ 23,797
 27,000 YOKOHAMA RUBBER COMPANY LIMITED 124,057
 25,503,461
 --------------
AUTOMOBILES: 0.98%
 322,114 TOYOTA MOTOR CORPORATION 10,965,909
 10,417 BAJAJ AUTO 604,946
 18,723 BAYERISCHE MOTOREN WERKE AG 988,574
 74,500 BYD COMPNAY LIMITED 429,066
 67,150 CHINA MOTOR COMPANY LIMITED 39,933
 24 CHONGQING CHANGCHUN AUTOMOBILE CLASS B+ 20
 28,000 DAIHATSU MOTOR COMPANY LIMITED 353,625
 51,919 DAIMLER AG 2,523,872
 342,000 DONGFENG MOTOR GROUP COMPANY LIMITED 531,108
 40,665 FIAT SPA 476,420
 3,220 FIAT SPA (NON-CONVERTIBLE SAVINGS SHARES) 24,402
 1,733 FLEETWOOD CORPORATION LIMITED 15,434
 8,512 FORD OTOMOTIV SANAYI AS 65,218
 70,000 FUJI HEAVY INDUSTRIES LIMITED 393,287
 530,000 GEELY AUTOMOBILE HOLDINGS LIMITED 173,743
 3,188 GHABBOUR AUTO 21,154
 265,454 GUANGZHOU AUTOMOBILE GROUP 311,225
 117,400 HARLEY-DAVIDSON INCORPORATED<< 2,855,168
 12,559 HERO HONDA MOTORS LIMITED 478,318
 195,200 HONDA MOTOR COMPANY LIMITED 6,457,098
 25 HONDA MOTOR COMPANY LIMITED ADR 823
 17,881 HYUNDAI MOTOR COMPANY LIMITED 2,110,402
 131,000 ISUZU MOTORS LIMITED 435,055
 26,830 KIA MOTORS CORPORATION 689,269
 20,144 MAHINDRA & MAHINDRA GDR 271,743
 35,702 MAHINDRA & MAHINDRA LIMITED 475,647
 15,759 MARUTI SUZUKI INDIA LIMITED 421,279
 168,000 MAZDA MOTOR CORPORATION 375,955

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
AUTOMOBILES (continued)
 415,000 MITSUBISHI MOTORS CORPORATION+<< $ 528,568
 242,400 NISSAN MOTOR COMPANY LIMITED 1,852,408
 28,320 ORIENTAL HOLDINGS BHD 46,476
 9,102 PEUGEOT SA 239,110
 12,700 PROTON HOLDINGS BHD 18,535
 260,294 PT ASTRA INTERNATIONAL INCORPORATED 1,371,333
 11,146 RENAULT SA 452,840
 46,400 SUZUKI MOTOR CORPORATION 920,157
 87,300 TAN CHONG MOTOR HOLDINGS BHD 132,140
 46,104 THOR INDUSTRIES INCORPORATED 1,076,067
 12,763 TOFAS TURK OTOMOBIL FABRIKASI AS+ 52,237
 2,854 VOLKSWAGEN AG 259,501
 29,600 YAMAHA MOTOR COMPANY LIMITED 397,791
 158,929 YUE LOONG MOTOR 231,691
 40,067,547
 --------------
DISTRIBUTORS: 0.17%
 6,400 CANON MARKETING JAPAN INCORPORATED 82,124
 83 D'IETEREN SA 39,012
 80,379 GENUINE PARTS COMPANY 3,370,291
 23,572 IMPERIAL HOLDING LIMITED 326,332
 20,586 INCHCAPE PLC 80,824
 9,000 INTEGRATED DISTRIBUTION SERVICES GROUP LIMITED 26,148
 8,439 JARDINE CYCLE & CARRIAGE LIMITED 202,461
 258,000 LI & FUNG LIMITED 1,306,791
 74,113 LKQ CORPORATION+<< 1,378,502
 88,865 PACIFIC BRANDS LIMITED 82,621
 432 UNI-SELECT INCORPORATED 10,513
 2,000 YOKOHAMA REITO COMPANY 14,403
 6,920,022
 --------------
DIVERSIFIED CONSUMER SERVICES: 0.36%
 19,750 APOLLO GROUP INCORPORATED CLASS A+ 838,980
 10,600 BENESSE CORPORATION 477,574
 32,835 DEVRY INCORPORATED<< 1,251,342
 5,295 EDUCOMP SOLUTIONS LIMITED 61,404
 166,011 H & R BLOCK INCORPORATED 2,133,241
 95,400 HILLENBRAND INCORPORATED 1,815,462
 10,697 INVOCARE LIMITED 61,005
 18,311 ITT EDUCATIONAL SERVICES INCORPORATED+<< 975,244
 38,834 MATTHEWS INTERNATIONAL CORPORATION 1,222,883
 18,757 NAVITAS LIMITED 74,095
 165,531 RAFFLES EDUCATION CORPORATION LIMITED 32,972
 88,939 REGIS CORPORATION<< 1,491,507
 396,843 SERVICE CORPORATION INTERNATIONAL US 3,051,723
 7,430 STRAYER EDUCATION INCORPORATED<< 1,075,715
 14,563,147
 --------------
HOTELS, RESTAURANTS & LEISURE: 1.50%
 83,500 A-MAX HOLDINGS LIMITED+ 827
 7,625 ACCOR SA 233,936
 85 ACCORDIA GOLF COMPANY LIMITED 83,776
 41,200 AJISEN CHINA HOLDINGS LIMITED 61,757

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
HOTELS, RESTAURANTS & LEISURE (continued)
 70,903 ARISTOCRAT LEISURE LIMITED $ 234,667
 5,082 AUTOGRILL SPA 58,606
 71,807 BALLY TECHNOLOGIES INCORPORATED+<< 2,258,330
 13,000 BANYAN TREE HOLDINGS LIMITED+ 8,152
 52,600 BERJAYA LAND BHD+ 72,912
 78,950 BERJAYA SPORTS TOTO BHD 104,155
 46,635 BOB EVANS FARMS INCORPORATED 1,191,524
 88,331 BOYD GAMING CORPORATION+<< 613,017
 157,593 BRINKER INTERNATIONAL INCORPORATED<< 2,482,090
 48,742 BURGER KING HOLDINGS INCORPORATED 801,806
 1,453 BWIN INTERACTIVE ENTERTAINMENT AG 69,445
 18,000 CAFE DE CORAL HOLDINGS LIMITED 46,974
 8,839 CARNIVAL PLC 286,979
 28,040 CEC ENTERTAINMENT INCORPORATED+ 879,615
 16,775 CHIPOTLE MEXICAN GRILL INCORPORATED+ 2,530,173
 109,465 COMPASS GROUP PLC 895,645
 47,891 CROWN LIMITED 352,800
 5,200 DOUTOR NICHIRES HOLDINGS COMPANY LIMITED 68,892
 16,982 EGYPTIAN FOR TOURISM RESORTS+ 5,477
 33,373 EIH LIMITED 99,466
 26,791 ENTERPRISE INNS PLC 36,157
 6,238 FLIGHT CENTRE LIMITED 109,001
 12,282 FORMOSA INTERNATIONAL HOTELS CORPORATION 197,070
 2,000 FUJITA KANKO INCORPORATED 9,261
 103,000 GALAXY ENTERTAINMENT GROUP LIMITED+ 79,447
 44,786 GAYLORD ENTERTAINMENT COMPANY+<< 1,171,602
 292,400 GENTING BHD 880,512
 151,000 GENTING HONG KONG LIMITED+ 42,124
 500,320 GENTING INTERNATIONAL PLC+ 623,785
 1,414 GREAT CANADIAN GAMING CORPORATION+ 9,362
 10,307 GREENE KING PLC 65,284
 1,200 H.I.S COMPANY LIMITED 25,626
 63,657 HONG KONG & SHANGHAI HOTELS LIMITED 107,694
 6,000 HOTEL PROPERTIES LIMITED 12,394
 47,686 HYATT HOTELS CORPORATION CLASS A+ 1,795,855
 1,450 IMPERIAL HOTEL LIMITED 33,622
 66,498 INDIAN HOTELS COMPANY LIMITED 145,464
 17,677 INTERCONTINENTAL HOTELS GROUP PLC 266,224
 149,739 INTERNATIONAL GAME TECHNOLOGY 2,186,189
 59,587 INTERVAL LEISURE GROUP INCORPORATED+ 745,433
 4,444 INTRALOT SA-INTEGRATED LOTTERY SYSTEMS & SERVICES+ 17,458
 1,000 JACK IN THE BOX INCORPORATED+ 20,180
 52,200 JOLLIBEE FOODS CORPORATION 89,762
 12,760 KANGWON LAND INCORPORATED+ 233,616
 2,100 KAPPA CREATE COMPANY LIMITED 42,995
 2,100 KENTUCKY FRIED CHICKEN (JAPAN) LIMITED 46,220
 5,400 KFC HOLDINGS MALAYSIA BHD 18,584
 3,500 KISOJI COMPANY LIMITED 76,074
 74 KUONI REISEN HOLDING+ 26,167
 49,263 LADBROKERS PLC 98,973
 54,476 LIFE TIME FITNESS INCORPORATED+<< 1,850,550
 2,636 LOTTOMATICA SPA 35,910
 33,800 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,081,938
 27,687 MARSTON'S PLC 39,575
 119,614 MCDONALD'S CORPORATION 8,738,999

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
HOTELS, RESTAURANTS & LEISURE (continued)
 6,600 MCDONALD'S HOLDINGS COMPANY (JAPAN) LIMITED $ 157,517
 84,000 MELCO INTERNATIONAL DEVELOPMENT LIMITED 33,368
 5,836 MILLENNIUM & COPTHORNE HOTELS PLC 43,499
 95,700 MINOR INTERNATIONAL PCL ADR 36,390
 19,207 MITCHELLS & BUTLERS PLC 85,395
 4,500 MOS FOOD SERVICES INCORPORATED 80,776
 2,300 NISSIN HEALTHCARE FOOD SERVICE COMPANY LIMITED 47,391
 1,600 OHSHO FOOD SERVICE CORPORATION 36,110
 10,037 OPAP SA 151,997
 5,985 ORASCOM HOTELS & DEVELOPMENT(a)+(i) 21,354
 2,450 ORBIS SA 29,136
 160,827 ORIENT EXPRESS HOTELS LIMITED CLASS A+<< 1,389,545
 7,000 ORIENTAL LAND COMPANY LIMITED 620,759
 14 PACIFIC GOLF GROUP INTERNATIONAL 8,982
 2,235 PADDY POWER PLC 77,577
 39,771 PANERA BREAD COMPANY+<< 3,179,294
 27,060 PAPA JOHN'S INTERNATIONAL INCORPORATED+ 644,299
 14,431 PARTYGAMING PLC+<< 57,986
 33,690 PENN NATIONAL GAMING INCORPORATED+ 949,384
 28,115 PF CHANG'S CHINA BISTRO INCORPORATED<< 1,203,603
 89,798 PINNACLE ENTERTAINMENT INCORPORATED+<< 880,020
 2,000 PLENUS COMPANY LIMITED 31,020
 32,370 PUNCH TAVERNS PLC 39,939
 346,915 RESORTS WORLD BHD 333,854
 2,880 RESORTTRUST INCORPORATED 42,132
 5,909 RESTAURANT GROUP PLC 21,849
 625,000 REXCAPITAL FINANCIAL HOLDINGS LIMITED 52,226
 1,200 ROUND ONE CORPORATION 5,199
 67,772 ROYAL CARIBBEAN CRUISES LIMITED+ 1,664,480
 1,300 ROYAL HOLDINGS COMPANY LIMITED 13,014
 2,000 SAIZERIYA COMPANY LIMITED 38,948
 297,523 SANDS CHINA LIMITED 462,038
 168,000 SHANGRI-LA ASIA LIMITED 367,154
 156,000 SJM HOLDINGS LIMITED 150,009
 46,040 SKY CITY ENTERTAINMENT GROUP LIMITED 92,138
 5,883 SODEXHO ALLIANCE SA 338,058
 91,453 SONIC CORPORATION+ 701,445
 300 ST. MARC HOLDINGS COMPANY LIMITED 11,588
 108,470 STARBUCKS CORPORATION 2,493,725
 62,093 TABCORP HOLDINGS LIMITED 353,010
 160,556 TATTERSALL'S LIMITED 341,404
 37,081 THOMAS COOK GROUP PLC 103,332
 10,944 TIM HORTONS INCORPORATED 387,943
 11,000 TOKYO DOME CORPORATION 27,366
 12,000 TOKYOTOKEIBA COMPANY LIMITED 16,998
 1,458 TRANSAT A.T. INCORPORATED CLASS A+ 15,915
 6,630 TUI AG 66,845
 24,735 TUI TRAVEL PLC 76,363
 47,817 VAIL RESORTS INCORPORATED+<< 1,579,396
 3,900 WATAMI FOOD SERVICE COMPANY+ 76,366
 166,508 WENDY'S ARBY'S GROUP INCORPORATED 647,716
 2,154 WETHERSPOON (J.D.) PLC 13,835
 12,320 WHITBREAD PLC 263,768
 37,488 WILLIAM HILL PLC 96,244
 77,504 WMS INDUSTRIES INCORPORATED+ 2,738,991

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
HOTELS, RESTAURANTS & LEISURE (continued)
 90,073 WYNDHAM WORLDWIDE CORPORATION<< $ 2,088,793
 138,000 WYNN MACAU LIMITED+ 238,079
 15,011 WYNN RESORTS LIMITED<< 1,210,037
 37 YOSHINOYA D&C COMPANY LIMITED 43,426
 7,800 ZENSHO COMPANY LIMITED 73,720
 61,452,873
 --------------
HOUSEHOLD DURABLES: 0.89%
 3,700 ALPINE ELECTRONICS INCORPORATED 42,281
 23,206 ARCELIK AS+ 110,176
 3,700 ARNEST ONE CORPORATION 37,392
 38,322 BARRATT DEVELOPMENTS PLC 56,451
 5,665 BELLWAY PLC 45,439
 11,306 BERKELEY GROUP HOLDINGS PLC+ 142,010
 2,759 BOVIS HOMES GROUP PLC 14,937
 27,400 CASIO COMPUTER COMPANY LIMITED 181,993
 1,900 CHOFU SEISAKUSHO COMPANY LIMITED 42,790
 5,200 CLEANUP CORPORATION 28,597
 2,000 CORONA CORPORATION 19,688
 1,167 DOREL INDUSTRIES INCORPORATED CLASS B 38,304
 135,239 DR HORTON INCORPORATED<< 1,387,552
 800 EKORNES ASA 18,074
 14,855 ELECTROLUX AB CLASS B 286,386
 76,700 FORTUNE BRANDS INCORPORATED 3,435,393
 2,400 FOSTER ELECTRIC COMPANY LIMITED 51,451
 6,000 FRANCE BED HOLDINGS COMPANY LIMITED 8,428
 2,100 FUNAI ELECTRIC COMPANY LIMITED 63,667
 6,509 GUD HOLDINGS LIMITED 55,884
 91,526 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED+<< 2,852,865
 150,000 HASEKO CORPORATION 124,985
 5,000 HITACHI KOKI COMPANY LIMITED 42,852
 1 HUSQVARNA AB A SHARES A NPV 6
 18,839 HUSQVARNA AB B SHARES 118,286
 10,914 INVENTEC APPLIANCES CORPORATION 7,802
 2,686 JM AB 42,244
 3,500 JVC KENWOOD HOLDINGS INCORPORATED+ 8,582
 72,246 LEGGETT & PLATT INCORPORATED 1,384,956
 10,363 LG ELECTRONICS INCORPORATED 833,258
 20,000 MATSUNICHI COMMUNICATION HOLDINGS LIMITED+ 11,621
 220,410 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED 2,802,022
 45,980 MDC HOLDINGS INCORPORATED<< 1,223,988
 29,274 MOHAWK INDUSTRIES INCORPORATED+ 1,297,131
 140,719 NEWELL RUBBERMAID INCORPORATED<< 2,113,599
 429 NEXITY SA 13,154
 5,775 NOBIA AB 30,080
 3,171 NVR INCORPORATED+<< 1,915,791
 12,000 PANAHOME CORPORATION 71,991
 14,070 PERSIMMON PLC 78,373
 27,300 PIONEER CORPORATION 80,915
 3,458 REDROW PLC+ 5,675
 5,300 RINNAI CORPORATION 316,700
 54,925 RYLAND GROUP INCORPORATED 884,842
 3,300 SANGETSU COMPANY LIMITED 70,470
 187,000 SANYO ELECTRIC COMPANY LIMITED+ 304,952
 1,103 SEB SA 81,071

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
HOUSEHOLD DURABLES (continued)
 49,000 SEKISUI CHEMICAL COMPANY LIMITED $ 287,549
 62,000 SEKISUI HOUSE LIMITED 537,269
 111,000 SHARP CORPORATION 1,062,302
 132,000 SKYWORTH DIGITAL TECHNOLOGY COMPANY LIMITED 68,556
 105,694 SONY CORPORATION 2,979,210
 80,582 STANLEY BLACK & DECKER INCORPORATED 4,322,418
 107,281 STEINHOFF INTERNATIONAL HOLDINGS LIMITED+ 273,476
 15,100 SUMITOMO FORESTING 108,204
 900 TAKAMATSU CORPORATION 11,152
 937,000 TATUNG COMPANY LIMITED+ 156,781
 144,697 TAYLOR WOODROW PLC 57,387
 89,000 TECHTRONIC INDUSTRIES COMPANY 77,344
 1,000 TOA CORPORATION 4,999
 4,700 TOMTOM NV+<< 25,117
 82,667 TUPPERWARE BRANDS CORPORATION<< 3,252,120
 58,903 TURK SISE VE CAM FABRIKALARI AS+ 87,947
 16,162 VIDEOCON INDUSTRIES LIMITED+ 88,128
 514,000 WELLING HOLDING LIMITED+ 20,814
 6,350 WOONGJIN COWAY COMPANY LIMITED+ 212,126
 36,418,003
 --------------
INTERNET & CATALOG RETAIL: 0.51%
 50,727 AMAZON.COM INCORPORATED+ 6,332,251
 2,300 ASKUL CORPORATION 43,120
 3,000 BELLUNA COMPANY LIMITED 14,784
 10,800 DENA COMPANY LIMITED 323,704
 62,866 HOME RETAIL GROUP 210,762
 284,628 LIBERTY MEDIA HOLDING CORPORATION INTERACTIVE SERIES A+ 3,002,825
 3,324 N BROWN GROUP PLC 11,414
 23,923 NETFLIX INCORPORATED+<< 3,002,815
 2,200 NISSEN COMPANY LIMITED 9,454
 25,153 PRICELINE.COM INCORPORATED+ 7,331,596
 761 RAKUTEN INCORPORATED 576,117
 1,800 SENSHUKAI COMPANY LIMITED 10,584
 9,113 WOTIF.COM HOLDINGS LIMITED 35,674
 20,905,100
 --------------
LEISURE EQUIPMENT & PRODUCTS: 0.34%
 86,000 ALTEK CORPORATION 126,850
 6,650 AMER SPORTS OYJ 69,440
 4,400 ARUZE CORPORATION 86,418
 14,239 ASIA OPTICAL COMPANY INCORPORATED 20,136
 1,319 BENETEAU SA 17,517
 93,845 CALLAWAY GOLF COMPANY<< 586,531
 395,202 EASTMAN KODAK COMPANY+<< 1,379,255
 7 FIELDS CORPORATION 8,766
 35,200 GIANT MANUFACTURING COMPANY LIMITED 127,465
 65,875 HASBRO INCORPORATED 2,658,715
 4,900 HEIWA CORPORATION 60,601
 600 MARS ENGINEERING CORPORATION 10,070
 182,295 MATTEL INCORPORATED<< 3,826,372
 17,000 MIZUNO CORPORATION 76,289
 29,100 NAMCO BANDAI HOLDINGS INCORPORATED 276,417
 2,800 NIDEC COPAL ELECTRONICS CORPORATION 43,362
 40,000 NIKON CORPORATION 665,159

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
LEISURE EQUIPMENT & PRODUCTS (continued)
 42,869 POLARIS INDUSTRIES INCORPORATED<< $ 2,286,204
 800 ROLAND CORPORATION 7,942
 6,500 SANKYO COMPANY LIMITED 328,830
 25,800 SEGA SAMMY HOLDINGS INCORPORATED 382,962
 8,400 SHIMANO INCORPORATED 411,951
 600 TAMRON COMPANY LIMITED 10,827
 8,100 TOMY COMPANY LIMITED<< 62,478
 23,800 YAMAHA CORPORATION 244,204
 14,000 YOUNG OPTICS INCORPORATED 75,170
 13,849,931
 --------------
MEDIA: 2.00%
 38,611 AEGIS GROUP PLC 66,677
 5,097 AGORA SA+ 40,244
 8,316 AMALGAMATED HOLDINGS+ 43,209
 1,425 ANTENA 3 DE TELEVISION SA 9,661
 36,497 APN NEWS & MEDIA LIMITED 61,371
 1,753 ARNOLDO MONDADORI EDITORE SPA 4,959
 3,400 ASATSU-DK INCORPORATED 71,675
 2,449 ASTRAL MEDIA INCORPORATED 83,161
 57,954 AUSTAR UNITED COMMUNICATIONS LIMITED+ 47,437
 4,600 AVEX GROUP HOLDINGS INCORPORATED 66,856
 307 AXEL SPRINGER AG 35,792
 121,700 BEC WORLD PCL 123,469
 59,576 BRITISH SKY BROADCASTING PLC 646,434
 133,279 CABLEVISION SYSTEMS CORPORATION 3,343,970
 315,129 CBS CORPORATION CLASS B 4,355,083
 1 CITADEL BROADCASTING CORPORATION(a)+ 0
 1,258 COGECO CABLE INCORPORATED 42,258
 3,691 CORUS ENTERTAINMENT INCORPORATED CLASS B 67,392
 48 CYBERAGENT INCORPORATED 76,962
 6,541 CYFROWY POLSAT SA 29,331
 4,900 DAIICHIKOSHO COMPANY LIMITED 75,299
 14,021 DAILY MAIL & GENERAL TRUST CLASS A NV 97,130
 21,200 DENTSU INCORPORATED 483,252
 129,456 DIRECTV+ 4,908,972
 71,042 DISCOVERY COMMUNICATIONS INCORPORATED+<< 2,681,836
 74,251 DISCOVERY COMMUNICATIONS INCORPORATED CLASS A+ 2,509,684
 84,286 DREAMWORKS ANIMATION SKG INCORPORATED CLASS A+<< 2,497,394
 8,400 ENIRO AB 10,682
 3,000 ESUN HOLDINGS LIMITED+ 397
 4,971 EUTELSAT COMMUNICATIONS 178,717
 239,880 FAIRFAX MEDIA LIMITED<< 307,327
 61 FUJI TELEVISION NETWORK INCORPORATED 82,703
 115,118 GANNETT COMPANY INCORPORATED<< 1,391,777
 5,315 GESTEVISION TELECINCO SA 53,816
 353 GFK SE+ 13,420
 9,321 GROUPE AEROPLAN INCORPORATED 99,123
 379,802 GRUPO TELEVISA SA 1,405,619
 2,960 HAKUHODO DY HOLDINGS INCORPORATED 138,293
 14,292 HAVAS SA 65,564
 1,224 HOT TELECOMMUNICATION SYSTEM LIMITED 12,179
 42,987 INFORMA PLC 252,896
 245,183 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 2,091,411
 1,280 IPSOS 47,641

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
MEDIA (continued)
 189,797 ITV PLC $ 163,006
 5,375 JC DECAUX SA 128,430
 64,145 JOHN WILEY & SONS INCORPORATED 2,282,921
 218 JUPITER TELECOMMUNICATIONS COMPANY LIMITED 232,246
 3,300 KADOKAWA GROUP HOLDINGS INCORPORATED 73,338
 5,647 LAGARDERE SCA 203,414
 74,497 LAMAR ADVERTISING COMPANY+<< 1,952,566
 64,246 LIBERTY GLOBAL INCORPORATED+<< 1,769,335
 64,980 LIBERTY GLOBAL INCORPORATED SERIES A+<< 1,788,250
 48,658 LIBERTY MEDIA HOLDING CORPORATION CAPITAL SERIES A+<< 2,193,503
 222,511 LIVE NATION INCORPORATED+ 1,922,495
 2,718 M6 METROPOLE TELEVISION 56,677
 81,526 MADISON SQUARE GARDEN INCORPORATED CLASS A+ 1,596,687
 33,700 MCGRAW-HILL COMPANIES INCORPORATED 931,805
 43,712 MEDIASET SPA 270,877
 55,917 MEREDITH CORPORATION<< 1,636,131
 2,310 MODERN TIMES GROUP MTG B SHARES 132,852
 10,976 MORNINGSTAR INCORPORATED+ 443,979
 35,830 NASPERS LIMITED 1,446,706
 145,268 NEW YORK TIMES COMPANY CLASS A+ 1,043,024
 201,096 NEWS CORPORATION CLASS A 2,527,777
 45,186 NEWS CORPORATION CLASS B 637,123
 500 NIPPON TELEVISION NETWORK CORPORATION 66,302
 5,117 PAGESJAUNES SA 48,627
 47,100 PEARSON PLC 702,485
 17,170 PREMIERE AG+ 21,171
 7,553 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA
 SGPS SA 30,438
 7,519 PUBLICIS GROUPE 314,915
 41,433 PUBLISHING & BROADCASTING LIMITED 120,173
 2,241 QUEBECOR INCORPORATED 68,427
 42,557 REED ELSEVIER NV 509,804
 72,594 REED ELSEVIER PLC 583,389
 121,981 REGAL ENTERTAINMENT GROUP CLASS A 1,501,586
 6,926 RIGHTMOVE PLC 68,725
 543 RTL GROUP 42,904
 4,610 SANOMAWSOY OYJ 85,294
 3,560 SCHIBSTED ASA 81,277
 41,617 SCHOLASTIC CORPORATION<< 975,086
 47,201 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 1,896,536
 259 SEAT PAGINE GIALLE SPA+ 44
 17,382 SES FDR 399,025
 21,200 SHAW COMMUNICATIONS INCORPORATED CLASS B<< 434,795
 12,000 SHOCHIKU COMPANY LIMITED 81,847
 182,000 SINGAPORE PRESS HOLDINGS LIMITED 547,813
 17,723 SKY NETWORK TELEVISION LIMITED 62,656
 92 SKY PERFECT JSAT HOLDINGS INCORPORATED 32,393
 5,679 SOCIETE TELEVISION FRANCAISE 1 84,166
 33,600 STAR PUBLICATIONS LIMITED 38,117
 10,107 SUN TV NETWORK LIMITED 102,638
 4,271 TECHNICOLOR REGR 20,648
 28,000 TELEVISION BROADCASTS LIMITED 139,303
 3,543 TELUS CORPORATION(a) 146,192
 63,863 TEN NETWORK HOLDINGS LIMITED 77,842
 7 THOMSON(a) 4
 21,352 THOMSON CORPORATION 741,468
 39,041 TIME WARNER CABLE INCORPORATED 2,014,906

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
MEDIA (continued)
 126,873 TIME WARNER INCORPORATED $ 3,803,653
 5,000 TOEI COMPANY LIMITED 21,962
 18,300 TOHO COMPANY LIMITED TOKYO 297,122
 2,200 TOKYO BROADCASTING SYSTEM INCORPORATED 27,261
 1,036 TORSTAR CORPORATION 9,230
 9 TV ASAHI CORPORATION 11,977
 16,466 TVN SA PLN 89,521
 11,367 UNITED BUSINESS MEDIA LIMITED 96,230
 61,496 VIACOM INCORPORATED CLASS B 1,932,204
 71,101 VIVENDI SA 1,658,792
 79,667 VODACOM GROUP PROPRIETARY LIMITED 666,394
 199,608 WALT DISNEY COMPANY 6,505,225
 2,926 WASHINGTON POST COMPANY CLASS B<< 1,054,033
 17,103 WEST AUSTRALIAN NEWSPAPERS HOLDING LIMITED<< 102,712
 16,030 WOLTERS KLUWER NV 299,226
 73,114 WPP PLC 724,368
 98,003 YELL GROUP PLC+ 21,734
 10,131 YELLOW PAGES INCOME FUND 49,023
 34,653 ZEE ENTERTAINMENT ENTERPRISES LIMITED 211,535
 5,000 ZENRIN COMPANY LIMITED 52,672
 81,730,085
 --------------
MULTILINE RETAIL: 0.79%
 68,621 99 CENTS ONLY STORES+<< 1,200,868
 9,700 AEON COMPANY M BHD 16,073
 107,048 BIG LOTS INCORPORATED+<< 3,346,320
 3,800 CANADIAN TIRE CORPORATION LIMITED 197,100
 67,904 DAVID JONES LIMITED 297,842
 63,852 DEBENHAMS PLC 56,553
 85,290 DILLARD'S INCORPORATED<< 1,865,292
 70,191 DOLLAR TREE INCORPORATED+ 3,181,758
 2,958 DOLLARAMA INCORPORATED 70,181
 4,200 DON QUIJOTE COMPANY LIMITED 102,538
 101,749 FAR EASTERN DEPARTMENT STORES COMPANY LIMITED 100,688
 1,100 FUJI COMPANY LIMITED 21,042
 51,000 GOLDEN EAGLE RETAIL GROUP LIMITED 134,405
 9,000 HANKYU DEPARTMENT STORES 54,101
 77,749 HARVEY NORMAN HOLDINGS LIMITED 238,648
 1,916 HYUNDAI DEPARTMENT STORE COMPANY LIMITED+ 191,776
 102,000 INTIME DEPARTMENT STORE GROUP COMPANY LIMITED 125,226
 45,000 ISETAN MITSUKOSHI HOLDINGS LIMITED 474,051
 7,200 IZUMI COMPANY LIMITED 88,875
 46,800 J FRONT RETAILING COMPANY LIMITED 225,059
 104,600 JCPENNEY COMPANY INCORPORATED 2,092,000
 41,891 KOHL'S CORPORATION+ 1,968,039
 60,500 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED 130,975
 1,568 LOTTE SHOPPING COMPANY LIMITED+ 508,106
 211,673 MACY'S INCORPORATED 4,114,923
 89,125 MARKS & SPENCER GROUP PLC 473,072
 27,200 MARUI COMPANY LIMITED 182,607
 4,900 MATSUYA COMPANY LIMITED<< 35,112
 136,000 METRO HOLDINGS LIMITED 76,252
 55,082 MYER HOLDINGS LIMITED 180,344
 14,000 NEW WORLD DEPARTMENT STORE CHINA LIMITED 12,130
 10,004 NEXT PLC 303,784
 10,098 PANTALOON RETAIL INDIA LIMITED+ 97,234

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
MULTILINE RETAIL (continued)
 3,200 PARCO COMPANY LIMITED $ 24,607
 56,238 PARKSON HOLDINGS BHD 98,564
 171,000 PARKSON RETAIL GROUP LIMITED 284,020
 4,364 PINAULT-PRINTEMPTS-REDOUTE SA 568,236
 188,400 ROBINSON DEPARTMENT STORE PCL 134,851
 2,500 RYOHIN KEIKAKU COMPANY LIMITED 87,430
 144,347 SACI FALABELLA+ 1,204,589
 211,601 SAKS INCORPORATED+<< 1,669,532
 655 SEARS CANADA INCORPORATED 14,005
 7,101 SEARS HOLDINGS CORPORATION+<< 439,552
 1,375 STOCKMANN OYJ ABP 43,631
 36,000 TAKASHIMAYA COMPANY LIMITED 272,539
 97,100 TARGET CORPORATION 4,967,636
 2,400 THE DAIEI INCORPORATED 9,713
 10,254 WAREHOUSE GROUP LIMITED 25,311
 83,120 WOOLWORTHS HOLDINGS LIMITED 277,255
 32,284,445
 --------------
SPECIALTY RETAIL: 1.85%
 91,939 AARON RENTS INCORPORATED<< 1,497,686
 2,900 ABC-MART INCORPORATED 87,059
 46,577 ADVANCE AUTO PARTS INCORPORATED 2,537,049
 124,368 AEROPOSTALE INCORPORATED+<< 2,649,038
 700 ALPEN COMPANY LIMITED 11,032
 94,206 AMERICAN EAGLE OUTFITTERS INCORPORATED 1,190,764
 3,300 AOKI HOLDINGS INCORPORATED 40,852
 7,000 AOYAMA TRADING COMPANY LIMITED 96,405
 2,500 AUTOBACS SEVEN COMPANY LIMITED 93,590
 35,454 AUTONATION INCORPORATED+<< 800,551
 15,400 AUTOZONE INCORPORATED+ 3,230,612
 58,717 BARNES & NOBLE INCORPORATED<< 888,975
 46,900 BED BATH & BEYOND INCORPORATED+ 1,686,993
 446,000 BELLE INTERNATIONAL HOLDINGS LIMITED 778,619
 8,000 BEST DENKI COMPANY LIMITED 18,760
 2,534 CARPETRIGHT PLC 28,156
 41,771 CATO CORPORATION 958,644
 273,453 CHICO'S FAS INCORPORATED 2,255,987
 2,000 CHIYODA COMPANY LIMITED 22,735
 24,000 CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 45,910
 15,200 CULTURE CONVENIENCE CLUB COMPANY LIMITED 66,583
 13,300 DCM JAPAN HOLDINGS COMPANY LIMITED 62,693
 1,187 DELEK AUTOMOTIVE SYSTEMS LIMITED 12,947
 118,045 DICK'S SPORTING GOODS INCORPORATED+ 2,888,561
 36,000 DICKSON CONCEPTS INTERNATIONAL LIMITED 23,603
 1,280 DOUGLAS HOLDING AG 54,924
 91,472 DRESS BARN INCORPORATED+<< 1,907,191
 172,361 DSG INTERNATIONAL PLC 63,733
 9,700 EDION CORPORATION 66,853
 124,286 ESPRIT HOLDINGS LIMITED 696,625
 8,000 FAST RETAILING COMPANY LIMITED 1,102,726
 331 FIELMANN AG 27,290
 78,132 FOOT LOCKER INCORPORATED 917,270
 1,820 FOURLIS HOLDINGS SA 14,346
 9,019 GAME GROUP PLC 9,164
 50,800 GAP INCORPORATED 858,012

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
SPECIALTY RETAIL (continued)
 22 GEO COMPANY LIMITED $ 25,847
 338,000 GIORDANO INTERNATIONAL LIMITED 190,319
 1,024,000 GOME ELECTRICAL APPLIANCES 310,672
 4,139 GRUPO ELEKTRA SA DE CV+ 131,861
 29,823 GUESS? INCORPORATED<< 963,581
 560 GULLIVER INTERNATIONAL COMPANY LIMITED 21,797
 10,381 HALFORDS GROUP 77,025
 56,702 HENNES & MAURITZ AB CLASS B 1,854,894
 2,700 HIKARI TSUSHIN INCORPORATED 47,694
 6,422 HMV GROUP PLC 5,860
 188,230 HOME DEPOT INCORPORATED 5,234,676
 49,000 HOTAI MOTOR COMPANY LIMITED 134,454
 12,347 INDUSTRIA DE DISENO TEXTIL SA 823,801
 172,900 IT CITY PUBLIC COMPANY LIMITED 47,514
 68,832 J.CREW GROUP INCORPORATED+<< 2,098,688
 10,762 JB HI-FI LIMITED<< 199,351
 5,000 JOSHIN DENKI COMPANY LIMITED 46,780
 3,484 JUMBO SA 22,252
 5,600 K'S HOLDINGS CORPORATION+ 120,986
 2,000 KEIYO COMPANY LIMITED<< 10,689
 21,336 KESA ELECTRICALS PLC 43,586
 129,357 KINGFISHER PLC 405,704
 2,600 KOMERI COMPANY LIMITED 59,824
 138,700 LIMITED BRANDS 3,273,320
 159,900 LOWE'S COMPANIES INCORPORATED 3,245,970
 26,000 LUK FOOK HOLDINGS INTERNATIONAL LIMITED 50,605
 70,226 MEN'S WEARHOUSE INCORPORATED<< 1,353,957
 1,400 NAFCO COMPANY LIMITED 22,297
 11,076 NEW CARPHONE WAREHOUSE 36,946
 8,400 NISHIMATSUYA CHAIN COMPANY LIMITED 72,991
 4,450 NITORI COMPANY LIMITED 387,740
 72,496 O'REILLY AUTOMOTIVE INCORPORATED+<< 3,426,886
 424,800 OFFICE DEPOT INCORPORATED+<< 1,448,568
 127,622 OFFICEMAX INCORPORATED+<< 1,243,038
 3,500 PARIS MIKI INCORPORATED+ 27,872
 1,450 POINT INCORPORATED 67,831
 3,061 PRAKTIKER BAU- UND HEIMWERKERMAERKTE AG 23,585
 6,871 PREMIER INVESTMENTS LIMITED+ 40,041
 61,208 RADIOSHACK CORPORATION 1,131,124
 2,386 REITMAN'S CANADA LIMITED CLASS A 42,043
 102,829 RENT-A-CENTER INCORPORATED 2,064,806
 1,000 RIGHT ON COMPANY LIMITED 5,809
 6,259 RONA INCORPORATED+ 74,250
 64,878 ROSS STORES INCORPORATED 3,219,895
 14,000 SA SA INTERNATIONAL HOLDINGS LIMITED 9,611
 143,070 SALLY BEAUTY HOLDINGS INCORPORATED+<< 1,234,694
 4,800 SANRIO COMPANY LIMITED 80,676
 4,800 SHIMACHU COMPANY LIMITED 94,389
 3,300 SHIMANURA COMPANY LIMITED 300,500
 1,261 SIGNET JEWELERS LIMITED+ 33,341
 4,458 SUPER CHEAP AUTO GROUP LIMITED 23,123
 39,428 THE GYMBOREE CORPORATION+<< 1,483,676
 59,500 TJX COMPANIES INCORPORATED 2,361,555
 47,845 TRACTOR SUPPLY COMPANY 3,252,503
 47,439 TRUWORTHS INTERNATIONAL LIMITED 376,617

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
SPECIALTY RETAIL (continued)
 1,900 UNITED ARROWS LIMITED $ 26,303
 70,681 URBAN OUTFITTERS INCORPORATED+<< 2,143,048
 2,490 USS COMPANY LIMITED 183,764
 55 VALORA HOLDING AG 14,789
 7,923 WH SMITH PUBLIC LIMITED CORPORATION 49,528
 55,566 WILLIAMS-SONOMA INCORPORATED<< 1,442,493
 1,800 XEBIO COMPANY LIMITED 32,696
 10,040 YAMADA DENKI COMPANY LIMITED 625,035
 75,597,708
 --------------
TEXTILES, APPAREL & LUXURY GOODS: 1.00%
 12,185 ADIDAS-SALOMON AG 620,206
 95,000 ANTA SPORTS PRODUCTS LIMITED 194,671
 19,000 ASICS CORPORATION 178,443
 8,000 ATSUGI COMPANY LIMITED 9,523
 1,225 BENETTON GROUP SPA 8,282
 21,069 BILLABONG INTERNATIONAL LIMITED 141,713
 218,000 BOSIDENG INTERNATIONAL HOLDINGS LIMITED 70,903
 7,742 BULGARI SPA<< 57,198
 25,206 BURBERRY GROUP PLC 328,586
 78,424 CARTER'S INCORPORATED+ 1,751,992
 272,000 CHINA DONGXIANG GROUP COMPANY 143,365
 37,000 CHINA HONGXING SPORTS LIMITED 4,504
 3,350 CHRISTIAN DIOR SA 338,859
 43,286 COACH INCORPORATED 1,551,370
 30,403 COMPAGNIE FINANCIERE RICHEMONT SA 1,181,682
 1,200 DAIDOH LIMITED 10,056
 12,000 DAIWABO COMPANY LIMITED 24,997
 50,891 DECKERS OUTDOOR CORPORATION+<< 2,212,232
 3,000 DESCENTE LIMITED 18,105
 20,000 FIBRECHEM TECHNOLOGIES LIMITED(a)+ 0
 111,000 FORMOSA TAFFETA COMPANY LIMITED 82,988
 62,295 FOSSIL INCORPORATED+ 2,958,390
 950 GEOX SPA 4,472
 5,637 GILDAN ACTIVEWEAR INCORPORATED+ 154,623
 19,000 GUNZE LIMITED 62,421
 146,039 HANESBRANDS INCORPORATED+ 3,496,174
 3,269 HERMES INTERNATIONAL 592,398
 165,900 INDORAMA VENTURES FOREIGN 135,180
 15,488 JAYBHARAT TEXTILES & REAL ESTATE LIMITED 87,581
 135,800 JONES APPAREL GROUP INCORPORATED<< 2,088,604
 19,000 KURABO INDUSTRIES LIMITED 29,854
 79,500 LI NING COMPANY LIMITED 256,015
 126 LPP SA 70,975
 10,398 LUXOTTICA GROUP SPA 240,346
 14,933 LVMH MOET HENNESSY LOUIS VUITTON SA 1,736,642
 750 NG2 SA 13,042
 40,300 NIKE INCORPORATED CLASS B 2,821,000
 17,000 NISSHINBO INDUSTRIES INCORPORATED 160,874
 14,000 ONWARD KASHIYAMA COMPANY LIMITED 100,488
 29,609 PHILLIPS-VAN HEUSEN CORPORATION 1,352,539
 34,893 POLO RALPH LAUREN CORPORATION 2,642,796
 33,000 PORTS DESIGN LIMITED 80,519
 390,600 POU CHEN CORPORATION 315,197
 88,000 PRIME SUCCESS INTERNATIONAL GROUP LIMITED 90,616

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
TEXTILES, APPAREL & LUXURY GOODS (continued)
 229 PUMA AG RUDOLF DASSLER SPORT $ 62,161
 81,618 RUENTEX INDUSTRIES LIMITED 241,027
 5,000 SANYO SHOKAI LIMITED 20,117
 12,000 SEIKO HOLDINGS CORPORATION CLASS C 34,424
 2,100 SEIREN COMPANY LIMITED 12,349
 38,000 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED 43,771
 19,500 STELLA INTERNATIONAL 36,449
 2,102 SWATCH GROUP AG 124,433
 1,659 SWATCH GROUP AG CLASS B 534,017
 332,520 TAINAN SPINNING COMPANY LIMITED 151,551
 64,000 TEXWINCA HOLDINGS LIMITED 63,270
 13,000 THE JAPAN WOOL TEXTILE COMPANY LIMITED 98,417
 68,087 TIMBERLAND COMPANY+ 1,094,158
 2,574 TITAN INDUSTRIES LIMITED 160,415
 207 TOD'S SPA 16,104
 11,000 TOKYO STYLE COMPANY LIMITED 79,610
 81,000 TOYOBO COMPANY LIMITED 124,378
 46,194 UNDER ARMOUR INCORPORATED+<< 1,656,979
 17,000 UNITIKA 13,558
 46,229 VF CORPORATION 3,264,692
 14,000 WACOAL CORPORATION 190,644
 58,625 WARNACO GROUP INCORPORATED+<< 2,455,215
 65,438 WOLVERINE WORLD WIDE INCORPORATED 1,653,618
 154,500 XTEP INTERNATIONAL HOLDINGS 118,972
 61,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED 201,607
 40,872,357
 --------------
CONSUMER STAPLES: 7.23%
BEVERAGES: 1.44%
 23,881 ANADOLU EFES BIRACILIK VE MALT SANAYII AS 320,592
 6,960 ANHEUSER-BUSCH INBEV NV+ 26
 49,700 ASAHI BREWERIES LIMITED 937,680
 10,808 BRITVIC PLC 79,961
 9,114 BROWN-FORMAN CORPORATION 556,683
 47,861 BROWN-FORMAN CORPORATION CLASS B<< 2,933,401
 16,248 C&C GROUP PLC 63,418
 5,600 CARLSBERG AS 527,632
 9,100 CARLSBERG BREWERY MALAYSIA BERHAD 14,992
 83,762 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+<< 1,916,475
 11,518 CIA CERVECERIAS UNIDAS SA 133,944
 6,611 CIA DE BEBIDAS DAS AMERICAS 628,633
 57,549 COCA-COLA AMATIL LIMITED 610,832
 1,000 COCA-COLA CENTRAL JAPAN COMPANY LIMITED 12,939
 235,933 COCA-COLA COMPANY 13,193,373
 35,000 COCA-COLA ENTERPRISES INCORPORATED 996,100
 8,215 COCA-COLA HELLENIC BOTTLING COMPANY SA 194,051
 8,224 COCA-COLA ICECEK URETIM AS 86,169
 9,000 COCA-COLA WEST JAPAN COMPANY LIMITED 152,553
 99,483 CONSTELLATION BRANDS INCORPORATED CLASS A+ 1,657,387
 4,300 COTT CORPORATION+ 29,719
 14,156 DAVID CAMPARI-MILANO SPA 73,237
 142,779 DIAGEO PLC 2,318,925
 283,200 FOMENTO ECONOMICO MEXICANO SAB DE CV 1,382,808
 205,860 FOSTER'S GROUP LIMITED 1,109,911
 5,500 FRASER & NEAVE HOLDINGS 24,887

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
BEVERAGES (continued)
 8,900 GUINNESS ANCHOR BHD $ 22,972
 37,489 HANSEN NATURAL CORPORATION+ 1,688,505
 4,844 HEINEKEN HOLDING NV 186,489
 14,265 HEINEKEN NV<< 638,853
 418 HITE BREWERY COMPANY LIMITED 45,325
 43,319 INBEV NA 2,253,207
 5,200 ITO EN LIMITED 85,171
 104,000 KIRIN BREWERY COMPANY LIMITED 1,438,495
 93 LOTTE CHILSUNG BEVERAGE COMPANY LIMITED 57,790
 1,300 MIKUNI COCA-COLA BOTTLING COMPANY LIMITED 11,018
 79,217 MOLSON COORS BREWING COMPANY 3,450,693
 235,363 PEPSICO INCORPORATED 15,105,597
 11,794 PERNOD-RICARD 922,016
 1,088 REMY COINTREAU SA 60,245
 56,068 SABMILLER PLC 1,596,811
 116,200 SAN MIGUEL CORPORATION 171,764
 53,000 SAPPORO HOLDINGS LIMITED 247,935
 20,000 TAKARA HOLDINGS INCORPORATED 103,797
 1,069,000 THAI BEVERAGE PUBLIC COMPANY LIMITED 220,819
 36,000 TSINGTAO BREWERY COMPANY LIMITED 189,285
 12,258 UNITED SPIRITS LIMITED 373,277
 1,000 YOMEISHU SEIZO COMPANY LIMITED 9,558
 58,835,950
 -------------
FOOD & STAPLES RETAILING: 1.32%
 81,700 AEON COMPANY LIMITED 872,335
 5,981 ALIMENTATION COUCHE TARD INCORPORATED 128,387
 413,000 ALLIANCE GLOBAL GROUP INCORPORATED 58,090
 3,800 ARCS COMPANY LIMITED 49,801
 66,581 AWB LIMITED 85,598
 450 AXFOOD AB 12,821
 19,310 BERJAYA CORP BHD 2,461
 33,600 BIG C SUPERCENTER+ 62,272
 34,400 BIG C SUPERCENTER (NON VOTING)+ 63,755
 10,617 BIM BIRLESIK MAGAZALAR AS 290,272
 277,000 C.P. SEVEN ELEVEN PCL 351,837
 35,440 CARREFOUR SA 1,609,174
 64,887 CASEY'S GENERAL STORES INCORPORATED<< 2,441,049
 2,899 CASINO GUICHARD PERRACHON SA 234,716
 2,100 CAWACHI LIMITED 38,195
 201,766 CENCOSUD SA 1,209,272
 142,000 CHINA RESOURCES ENTERPRISE LIMITED 591,458
 2,900 CIRCLE K SUNKUS COMPANY LIMITED 39,663
 842 COLRUYT SA 208,497
 64,127 COSTCO WHOLESALE CORPORATION 3,626,382
 42,300 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED 307,521
 5,426 DELHAIZE GROUP 363,883
 1,299 EMPIRE COMPANY LIMITED 66,317
 9,166 EUROCASH SA 65,235
 8,800 FAMILYMART COMPANY LIMITED 318,438
 16,692 FU JI FOOD & CATERING SERVICES HOLDINGS LIMITED(a)+ 0
 2,300 GEORGE WESTON LIMITED 176,024
 109 GUYENNE ET GASCOGNE SA+ 11,016
 4,400 HEIWADO COMPANY LIMITED 52,218
 2,000 INAGEYA COMPANY LIMITED 21,569

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
FOOD & STAPLES RETAILING (continued)
 5,000 IZUMIYA COMPANY LIMITED $ 20,355
 68,469 J SAINSBURY PLC 383,487
 10,195 JERONIMO MARTINS 112,620
 10,000 KASUMI COMPANY LIMITED 53,327
 3,500 KATO SANGYO COMPANY LIMITED 52,827
 600 KESKO OYJ A SHARES 22,772
 3,200 KESKO OYJ B SHARES 124,251
 69,419 KONINKLIJKE AHOLD NV 854,641
 6,900 LAWSON INCORPORATED 314,570
 4,000 LIFE CORPORATION 62,326
 5,600 LOBLAW COS LIMITED 228,390
 22,032 MASSMART HOLDINGS LIMITED 365,836
 3,300 MATSUMOTOKIYOSHI HOLDINGS COMPANY LIMITED 62,653
 81,036 METCASH LIMITED 316,509
 6,734 METRO AG 342,840
 5,178 METRO INCORPORATED 219,192
 500 MINISTOP COMPANY LIMITED 7,142
 115,905 OLAM INTERNATIONAL LIMITED 228,304
 21,770 PICK'N PAY STORES LIMITED 131,004
 84,032 PRESIDENT CHAIN STORE CORPORATION+ 310,851
 296 RALLYE SA+ 10,032
 910,953 RITE AID CORPORATION+ 793,987
 3,100 RYOSHOKU LIMITED 68,450
 40,816 SAFEWAY INCORPORATED 767,341
 90,180 SEVEN & I HOLDINGS COMPANY LIMITED 2,061,012
 1,731 SHINSEGAE COMPANY LIMITED 833,086
 11,300 SHOPPERS DRUG MART CORPORATION 384,773
 42,173 SHOPRITE HOLDINGS LIMITED 516,941
 12,000 SIAM MAKRO PLC 50,999
 1,429 SLIGRO FOOD GROUP NV 41,904
 5,300 SUGI PHARMACY COMPANY LIMITED 114,820
 3,800 SUNDRUG COMPANY LIMITED 102,769
 1,882 SUPER-SOL LIMITED 10,805
 106,915 SUPERVALU INCORPORATED 1,039,214
 65,248 SYSCO CORPORATION 1,793,668
 462,480 TESCO PLC 2,886,426
 5,911 THE JEAN COUTU GROUP PJC INCORPORATED 48,503
 2,000 THE MARUETSU INCORPORATED 8,166
 2,000 TSURUHA HOLDINGS INCORPORATED 82,252
 52,423 UNITED NATURAL FOODS INCORPORATED+<< 1,821,175
 19,700 UNY COMPANY LIMITED 144,684
 2,100 VALOR COMPANY LIMITED 15,448
 779,099 WAL-MART DE MEXICO SAB DE CV 1,766,038
 235,843 WAL-MART STORES INCORPORATED<< 11,825,168
 106,954 WESFARMERS LIMITED 3,041,218
 71,476 WHOLE FOODS MARKET INCORPORATED+<< 2,486,650
 133,137 WILLIAM MORRISON SUPERMARKETS PLC 592,138
 130,992 WOOLWORTHS LIMITED 3,235,251
 1,000 YAOKO COMPANY LIMITED 27,663
 54,142,734
 ------------
FOOD PRODUCTS: 2.16%
 72,000 AJINOMOTO COMPANY INCORPORATED 706,202
 31,963 ALICORP SA 42,282
 65,100 ARCHER-DANIELS-MIDLAND COMPANY 2,003,778

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
FOOD PRODUCTS (continued)
 900 ARIAKE JAPAN COMPANY LIMITED $ 13,895
 4,530 ARYZTA AG 194,095
 85,000 ASIA FOOD & PROPERTIES LIMITED+ 33,862
 31,900 ASIATIC DEVELOPMENT BHD 74,104
 22,261 ASSOCIATED BRITISH FOODS PLC 361,208
 45,000 ASTRA AGRO LESTARI TBK PT 97,869
 5,345 AUSTRALIAN AGRICULTURAL COMPANY LIMITED 7,751
 66 BARRY CALLEBAUT AG 45,669
 85,100 BRF BRASIL FOODS SA 1,141,127
 72,702 BUNGE LIMITED<< 3,853,206
 22,600 CAMPBELL SOUP COMPANY<< 842,076
 277,776 CHAODA MODERN AGRICULTURE LIMITED 207,116
 298,500 CHAROEN POKHAND FOODS PLC 247,995
 198,000 CHINA AGRI-INDUSTRIES HOLDINGS LIMITED 240,794
 18,000 CHINA FISHERY GROUP LIMITED+ 24,434
 48,000 CHINA GREEN HOLDINGS LIMITED 45,169
 21,500 CHINA HUIYUAN JUICE GROUP 15,561
 112,000 CHINA MENGNIU DAIRY COMPANY 309,561
 112,000 CHINA YURUN FOOD GROUP LIMITED 406,749
 67,530 CHIQUITA BRANDS INTERNATIONAL INCORPORATED+<< 848,177
 1,434 CJ CHEILJEDANG CORPORATION 266,131
 48,014 CONAGRA FOODS INCORPORATED 1,036,622
 97,712 CORN PRODUCTS INTERNATIONAL INCORPORATED 3,334,911
 3,198 CSM 83,161
 6,886 DAIRY CREST GROUP PLC 38,842
 2,500 DANISCO AS 180,397
 123,706 DARLING INTERNATIONAL INCORPORATED+ 930,269
 87,900 DEAN FOODS COMPANY+ 899,217
 310,371 DEL MONTE FOODS COMPANY 4,047,238
 1,200 DYDO DRINCO INCORPORATED 41,781
 250 EAST ASIATIC COMPANY LIMITED A/S+ 5,937
 3,868 EBRO PULEVA SA 67,693
 11,000 EZAKI GLICO COMPANY LIMITED 141,805
 63,073 FRESH DEL MONTE PRODUCE INCORPORATED+<< 1,385,714
 6,700 FUJI OIL COMPANY LIMITED 103,359
 1,000 FUJICCO COMPANY LIMITED 12,213
 36,531 FUTURIS CORPORATION LIMITED+ 20,801
 5,201 GLAXOSMITHKLINE CONSUMER HEA+ 200,698
 179,200 GLOBAL BIO-CHEM TECHNOLOGY 26,953
 782,045 GOLDEN AGRI-RESOURCES LIMITED 323,088
 174,975 GOODMAN FIELDER LIMITED 208,605
 15,867 GRAIN CORPORATION LIMITED 96,983
 61,444 GREEN MOUNTAIN COFFEE ROASTERS INCORPORATED+<< 1,893,704
 1,680 GREGGS PLC 11,584
 35,257 GROUPE DANONE 1,894,632
 73,300 GRUPO BIMBO SAB DE CV 503,960
 34,100 H.J. HEINZ COMPANY<< 1,576,784
 60,967 HAIN CELESTIAL GROUP INCORPORATED+ 1,362,003
 2,600 HOKUTO CORPORATION 58,648
 9,700 HOUSE FOODS CORPORATION 151,140
 39,000 INDOFOOD AGRI RESOURCES LIMITED+ 66,175
 533,424 INDOFOOD SUKSES MAKMUR TBK PT 268,631
 377,646 IOI CORPORATION BHD 631,787
 19,000 ITOHAM FOODS INCORPORATED 67,171
 5,000 J-OIL MILLS INCORPORATED 13,867

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
FOOD PRODUCTS (continued)
 70,423 JBS SA $ 298,734
 59,505 JM SMUCKER COMPANY 3,479,852
 8,400 KAGOME COMPANY LIMITED 164,180
 6,384 KERRY GROUP PLC 209,656
 21,200 KHON KAEN SUGAR INDUSTRY PCL 7,994
 19,000 KIKKOMAN CORPORATION 193,370
 177,364 KRAFT FOODS INCORPORATED CLASS A 5,312,052
 45,400 KUALA LUMPUR KEPONG BHD 245,362
 16,900 KULIM (MALAYSIA) BERHAD 45,506
 25,997 LANCASTER COLONY CORPORATION<< 1,184,683
 41 LINDT & SPRUENGLI AG 96,033
 7 LINDT & SPRUENGLI AG 184,886
 117 LOTTE CONFECTIONERY COMPANY LIMITED 120,328
 1,451 MAPLE LEAF FOODS INCORPORATED 14,328
 116,200 MARINE HARVEST<< 88,651
 5,000 MARUDAI FOOD COMPANY LIMITED 15,296
 43,000 MARUHA NICHIRO HOLDINGS INCORPORATED 69,611
 55,773 MCCORMICK & COMPANY INCORPORATED 2,223,670
 108,420 MEAD JOHNSON & COMPANY 5,658,440
 4,600 MEGMILK SNOW BRAND COMPANY LIMITED 86,733
 8,200 MEIJI HOLDINGS COMPANY LIMITED 382,133
 600 MEITO SANGYO COMPANY LIMITED 8,649
 4,000 MITSUI SUGAR COMPANY LIMITED 14,760
 36,000 MORINAGA & COMPANY LIMITED 84,847
 21,000 MORINAGA MILK INDUSTRY COMPANY LIMITED 90,739
 2,000 NAKAMURAYA COMPANY LIMITED 10,689
 5,741 NESTLE INDIA LIMITED+ 375,752
 4,000 NESTLE MALAYSIA BHD 50,960
 201,920 NESTLE SA 10,461,455
 15 NESTLE SA ADR 773
 29,000 NICHIREI CORPORATION 123,581
 6,000 NIPPON BEET SUGAR MANUFACTURING COMPANY LIMITED 13,213
 17,000 NIPPON FLOUR MILLS COMPANY LIMITED 87,823
 26,000 NIPPON MEAT PACKERS INCORPORATED 312,272
 27,000 NIPPON SUISAN KAISHA LIMITED<< 85,168
 22,000 NISSHIN SEIFUN GROUP INCORPORATED 281,252
 10,400 NISSIN FOOD PRODUCTS COMPANY LIMITED 370,270
 24,790 NORTHERN FOODS PLC 17,204
 1,509 NUTRECO HOLDING NV 87,563
 3,453 OSEM INVESTMENT LIMITED+ 49,025
 113,485 PARMALAT SPA 273,103
 21,000 PEOPLES FOOD HOLDINGS LIMITED 10,225
 54,000 PPB GROUP BHD 293,906
 96,960 PREMIER FOODS PLC 23,792
 12,700 QP CORPORATION 160,545
 29,024 RALCORP HOLDINGS INCORPORATED+ 1,731,282
 11,389 RIDLEY CORPORATION LIMITED 12,311
 600 RIKEN VITAMIN COMPANY LIMITED 18,069
 2,900 SAKATA SEED CORPORATION 38,593
 10,004 SAPUTO INCORPORATED 318,315
 315,500 SARA LEE CORPORATION 4,555,820
 12,000 SHOWA SANGYO COMPANY LIMITED 36,424
 50,603 SHREE RENUKA SUGARS LIMITED+ 68,579
 75,676 SMITHFIELD FOODS INCORPORATED+<< 1,220,654
 1,291 STRAUSS GROUP LIMITED 17,940

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
FOOD PRODUCTS (continued)
 3,072 SUEDZUCKER AG $ 56,001
 16,000 SYNEAR FOOD HOLDINGS LIMITED 2,774
 52,710 TATA TEA LIMITED 135,025
 25,124 TATE & LYLE PLC 157,632
 29,400 THAI UNION FROZEN PRODUCTS PCL 59,890
 12,000 THE NISSHIN OILLIO GROUP LIMITED 56,850
 18,649 TIGER BRANDS LIMITED 457,059
 176,000 TINGYI (CAYMAN ISLANDS) HOLDING CORPORATION 444,822
 11,000 TOYO SUISAN KAISHA LIMITED 231,889
 45,936 TREEHOUSE FOODS INCORPORATED+<< 1,906,344
 155,140 TYSON FOODS INCORPORATED CLASS A 2,541,193
 90,000 UNI PRESIDENT CHINA HOLDINGS 53,685
 579,522 UNI-PRESIDENT ENTERPRISES CORPORATION 670,266
 88,939 UNILEVER NV 2,382,083
 75,628 UNILEVER PLC ADR 1,997,307
 3,600 UNITED PLANTATIONS BHD 17,093
 238,100 UNIVERSAL ROBINA CORPORATION 181,357
 2,096 VISCOFAN SA 61,570
 68,000 VITASOY INTERNATIONAL HOLDINGS LIMITED 53,150
 17,006 VITERRA INCORPORATED+ 133,962
 734,000 WANT WANT CHINA HOLDINGS LIMITED 593,522
 54,000 WEI CHUAN FOOD CORPORATION+ 55,123
 77,930 WILMAR INTERNATIONAL LIMITED 359,898
 18,500 YAKULT HONSHA COMPANY LIMITED 552,732
 18,000 YAMAZAKI BAKING COMPANY LIMITED 218,974
 88,482,436
 --------------
HOUSEHOLD PRODUCTS: 1.17%
 37,129 CHURCH & DWIGHT COMPANY INCORPORATED 2,273,409
 73,400 CLOROX COMPANY 4,757,788
 71,254 COLGATE-PALMOLIVE COMPANY 5,261,395
 36,796 ENERGIZER HOLDINGS INCORPORATED+ 2,319,988
 7,493 HENKEL KGAA 301,055
 177,456 HINDUSTAN UNILEVER LIMITED 997,813
 46,016 KIMBERLY-CLARK CORPORATION 2,963,430
 35,100 KIMBERLY-CLARK DE MEXICO SAB DE CV 203,430
 1,227 LG HOUSEHOLD & HEALTH CARE LIMITED CLASS H+ 411,422
 27,000 LION CORPORATION 145,268
 2,400 PIGEON CORPORATION 88,275
 420,282 PROCTER & GAMBLE COMPANY 25,078,227
 9,520 PZ CUSSONS PLC 47,714
 35,674 RECKITT BENCKISER GROUP 1,785,235
 5,800 UNI-CHARM CORPORATION 707,654
 161,000 UNILEVER INDONESIA TBK PT 286,895
 47,628,998
 --------------
PERSONAL PRODUCTS: 0.43%
 2,700 ADERANS COMPANY LIMITED 31,978
 323 AMOREPACIFIC CORPORATION 296,355
 734 ATRIUM INNOVATIONS INCORPORATED+ 9,809
 82,000 BAWANG INTERNATIONAL GROUP HOLDING LIMITED 37,528
 5,805 BEIERSDORF AG 310,329
 6,846 COLGATE PALMOLIVE INDIA LIMITED+ 120,147
 37,217 DABUR INDIA LIMITED 165,554
 64,344 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 3,607,768

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
PERSONAL PRODUCTS (continued)
 4,500 FANCL CORPORATION $ 73,331
 12,716 GODREJ CONSUMER PRODUCTS LIMITED 100,303
 86,000 HENGAN INTERNATIONAL GROUP COMPANY LIMITED 762,295
 31,982 HERBALIFE LIMITED 1,777,560
 58,900 KAO CORPORATION 1,369,262
 2,700 KOBAYASHI PHARMACEUTICAL COMPANY LIMITED 124,057
 3,100 KOSE CORPORATION 72,878
 13,968 L'OREAL SA 1,389,525
 1,800 MANDOM CORPORATION 48,444
 70,088 MARICO LIMITED+ 187,214
 400 MILBON COMPANY LIMITED 10,475
 75,750 NBTY INCORPORATED+ 4,127,618
 79,863 NU SKIN ENTERPRISES INCORPORATED<< 2,042,097
 1,903 ORIFLAME COSMETICS SA 99,610
 40,300 SHISEIDO COMPANY LIMITED 905,683
 17,669,820
 --------------
TOBACCO: 0.71%
 230,750 ALTRIA GROUP INCORPORATED 5,150,340
 14,600 BRITISH AMERICAN TOBACCO MALAYSIA BHD 209,824
 117,913 BRITISH AMERICAN TOBACCO PLC 4,007,356
 2,662 EASTERN TOBACCO+ 59,253
 61,752 IMPERIAL TOBACCO GROUP PLC 1,704,708
 411,536 ITC LIMITED 1,427,341
 521 JAPAN TOBACCO INCORPORATED 1,616,768
 14,740 KT&G CORPORATION 749,971
 16,467 LORILLARD INCORPORATED 1,251,657
 206,678 PHILIP MORRIS INTERNATIONAL 10,631,516
 68,500 PT GUDANG GARAM TBK 298,716
 18,731 REYNOLDS AMERICAN INCORPORATED 1,021,589
 9,000 SOUZA CRUZ SA 414,833
 12,000 SWEDISH MATCH AB 276,478
 28,820,350
 --------------
ENERGY: 8.47%
ENERGY EQUIPMENT & SERVICES: 1.77%
 2,949 ABAN OFFSHORE LIMITED 47,987
 8,290 ACERGY SA 127,294
 309 AKER ASA CLASS A 5,438
 7,775 AKER KVAERNER ASA 85,734
 16,630 AMEC PLC 233,877
 72,568 ATWOOD OCEANICS INCORPORATED+ 1,820,005
 62,444 BAKER HUGHES INCORPORATED 2,346,646
 1,896 BOURBON SA 72,346
 52,963 BRISTOW GROUP INCORPORATED+<< 1,747,779
 425 CALFRAC WELL SERVICES LIMITED 9,466
 129,038 CAMERON INTERNATIONAL CORPORATION+ 4,746,018
 6,535 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS+ 110,558
 689 COMPAGNIE GENERALE DE GEOPHYSIQUE-VERITAS ADR+ 11,527
 99,588 COMPLETE PRODUCTION SERVICES INCORPORATED+ 1,756,732
 58,984 CORE LABORATORIES NV<< 4,655,607
 8,849 DIAMOND OFFSHORE DRILLING INCORPORATED<< 514,835
 43,447 DRESSER RAND GROUP INCORPORATED+ 1,543,237
 39,336 DRIL-QUIP INCORPORATED+<< 2,079,694

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
ENERGY EQUIPMENT & SERVICES (continued)
 5,878 ENSIGN ENERGY SERVICES INCORPORATED $ 63,777
 82,434 EXTERRAN HOLDINGS INCORPORATED+<< 1,824,264
 30,000 EZRA HOLDINGS LIMITED(a) 36,826
 64,773 FMC TECHNOLOGIES INCORPORATED+<< 4,006,210
 1,236 FRED OLSEN ENERGY ASA 35,724
 3,651 FUGRO NV 205,519
 155,032 GLOBAL INDUSTRIES LIMITED+<< 707,721
 1 HALLIBURTON COMPANY 28
 147,324 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 1,340,648
 51,280 HELMERICH & PAYNE INCORPORATED<< 1,899,411
 153,965 HERCULES OFFSHORE INCORPORATED+<< 329,485
 24,775 JOHN WOOD GROUP PLC 138,078
 259,900 KENCANA PETROLEUM BHD 127,542
 192,310 KEY ENERGY SERVICES INCORPORATED+<< 1,540,403
 357,100 KNM GROUP BHD+ 55,190
 122,385 MCDERMOTT INTERNATIONAL INCORPORATED+ 1,568,976
 500 MODEC INCORPORATED 6,529
 4,400 MULLEN GROUP LIMITED 57,231
 61,026 NATIONAL OILWELL VARCO INCORPORATED 2,293,967
 29,223 OCEANEERING INTERNATIONAL INCORPORATED+ 1,461,442
 65,213 OIL STATES INTERNATIONAL INCORPORATED+ 2,688,732
 173,128 PARKER DRILLING COMPANY+<< 628,455
 956 PASON SYSTEMS INCORPORATED 10,579
 75,341 PATTERSON-UTI ENERGY INCORPORATED 1,112,033
 12,521 PETROFAC LIMITED 269,032
 8,368 PETROLEUM GEO-SERVICES ASA+ 75,224
 15,312 PRECISION DRILLING CORPORATION+ 95,920
 84,252 PRIDE INTERNATIONAL INCORPORATED+ 1,984,135
 11,150 PROSAFE ASA 53,528
 1,900 PROSAFE PRODUCTION PUBLIC LIMITED+ 3,886
 13,259 SAIPEM SPA 464,084
 170,300 SAPURACREST PETROLEUM BHD 125,358
 839 SAVANNA ENERGY SERVICES CORPORATION 4,335
 8,376 SBM OFFSHORE NV 127,427
 261,105 SCHLUMBERGER LIMITED 13,924,730
 225 SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG 11,819
 29,775 SEACOR HOLDINGS INCORPORATED+<< 2,342,399
 14,252 SEADRILL LIMITED 332,159
 2,728 SHAWCOR LIMITED CLASS A 68,817
 4,000 SHINKO PLANTECH COMPANY LIMITED 31,472
 41,103 SUPERIOR ENERGY SERVICES INCORPORATED+ 883,715
 5,928 TECHNIP SA 388,309
 1,176 TECNICAS REUNIDAS SA 59,701
 24,633 TENARIS SA 417,672
 113,232 TETRA TECHNOLOGIES INCORPORATED+ 950,016
 5,000 TGS NOPEC GEOPHYSICAL COMPANY ASA 67,223
 25,993 TIDEWATER INCORPORATED 1,041,799
 6,000 TOYO KANETSU K K 9,427
 48,928 TRANSOCEAN LIMITED+ 2,490,435
 6,146 TRICAN WELL SERVICE LIMITED 82,073
 2,600 TRINIDAD DRILLING LIMITED 12,191
 103,359 WEATHERFORD INTERNATIONAL LIMITED+ 1,541,083
 5,218 WELLSTREAM HOLDINGS PLC 43,614
 21,924 WORLEYPARSONS LIMITED 405,135
 72,360,268
 --------------

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
OIL, GAS & CONSUMABLE FUELS: 6.70%
 8,522 ADVANTAGE OIL & GAS LIMITED+ $ 50,987
 63,259 ALPHA NATURAL RESOURCES INCORPORATED+ 2,348,807
 4,348 ALTAGAS LIMITED 82,569
 73,100 ANADARKO PETROLEUM CORPORATION 3,361,869
 2,300 AOC HOLDINGS INCORPORATED 9,938
 37,293 APACHE CORPORATION 3,350,776
 13,928 AQUILA RESOURCES LIMITED+ 105,330
 5,955 ARC ENERGY TRUST 110,628
 86,138 ARCH COAL INCORPORATED 1,938,966
 103,156 ATLAS ENERGY INCORPORATED+ 2,805,843
 41,681 AUSTRALIAN WORLDWIDE EXPLORATION LIMITED+ 57,850
 10,655 BANKERS PETROLEUM LIMITED+ 68,146
 14,200 BANPU PCL 277,693
 254,500 BAYAN RESOURCES GROUP+ 245,064
 2,365 BAYTEX ENERGY TRUST 77,514
 103,685 BEACH PETROLEUM LIMITED 60,423
 72,788 BERRY PETROLEUM COMPANY CLASS A<< 1,976,194
 195,272 BG GROUP PLC 3,143,032
 21,354 BHARAT PETROLEUM CORPORATION LIMITED 345,573
 64,186 BILL BARRETT CORPORATION+<< 2,089,896
 4,522 BIRCHCLIFF ENERGY LIMITED+ 38,081
 3,117 BONAVISTA ENERGY TRUST 72,024
 1,083,155 BP PLC 6,322,456
 153,656 BRIGHAM EXPLORATION COMPANY+ 2,354,010
 160,000 BRIGHTOIL PETROLEUM HOLDINGS+ 64,586
 2,575,358 BUMI RESOURCES TBK PT 473,170
 55,090 CABOT OIL & GAS CORPORATION 1,533,706
 75,694 CAIRN ENERGY PLC+ 542,596
 81,372 CAIRN INDIA LIMITED+ 575,261
 10,780 CALTEX AUSTRALIA LIMITED 107,802
 22,900 CAMECO CORPORATION 558,783
 62,054 CANADIAN NATURAL RESOURCES LIMITED 1,996,017
 12,485 CANADIAN OIL SANDS TRUST 293,641
 40,840 CARRIZO OIL & GAS INCORPORATED+ 856,006
 11,766 CELTIC EXPLORATION LIMITED+ 126,117
 43,871 CENOVUS ENERGY INCORPORATED 1,180,343
 38,600 CENTENNIAL COAL COMPANY LIMITED 207,085
 70,550 CHESAPEAKE ENERGY CORPORATION 1,458,974
 222,123 CHEVRON CORPORATION<< 16,472,642
 577,962 CHINA COAL ENERGY COMPANY 814,329
 2,218,000 CHINA PETROLEUM & CHEMICAL CORPORATION 1,756,436
 445,500 CHINA SHENHUA ENERGY COMPANY LIMITED 1,623,645
 364 CIA ESPANOLA DE PETROLEOS SA 7,773
 42,304 CIMAREX ENERGY COMPANY 2,767,528
 1,944,000 CNOOC LIMITED 3,358,812
 260,000 CNPC (HONG KONG) LIMITED 321,877
 3,290 COAL & ALLIED INDUSTRIES LIMITED 286,272
 58,720 COMSTOCK RESOURCES INCORPORATED+ 1,278,334
 40,633 CONCHO RESOURCES INCORPORATED+ 2,373,780
 22,597 CONNACHER OIL AND GAS LIMITED+ 25,429
 153,695 CONOCOPHILLIPS 8,058,229
 119,665 CONSOL ENERGY INCORPORATED 3,853,213
 15,580 CONTINENTAL RESOURCES INCORPORATED+<< 631,302
 1,363 CORRIDOR RESOURCES INCORPORATED+ 6,429
 67,000 COSMO OIL COMPANY LIMITED 160,302
 12,945 CRESCENT POINT ENERGY CORPORATION 455,840

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
OIL, GAS & CONSUMABLE FUELS (continued)
 3,839 CREW ENERGY INCORPORATED+ $ 59,402
 4,291 DANA PETROLEUM PLC+ 119,312
 27,929 DART ENERGY LIMITED 19,630
 11,272 DAYLIGHT ENERGY LIMITED 96,299
 40,123 DENBURY RESOURCES INCORPORATED+ 591,413
 1,265 DENISON MINES CORPORATION+ 1,708
 46,505 DEVON ENERGY CORPORATION 2,803,321
 102,500 DNO ASA+ 138,051
 12,082 DRAGON OIL PLC+ 77,626
 152,909 EASTERN STAR GAS LIMITED+ 114,276
 355,772 EL PASO CORPORATION 4,052,243
 19,800 ENBRIDGE INCORPORATED 985,033
 44,034 ENCANA CORPORATION 1,207,853
 4,826 ENERGY RESOURCES OF AUSTRALIA LIMITED 56,462
 3,678 ENERPLUS RESOURCES 84,228
 123,103 ENI SPA 2,444,557
 9,439 ENI SPA ADR<< 374,256
 47,816 ENQUEST PLC 86,679
 36,748 EOG RESOURCES INCORPORATED 3,192,299
 76,258 EQT CORPORATION 2,486,011
 2,269 ERG SPA 27,992
 90,955 ESSAR OIL LIMITED+ 237,442
 26,300 ESSO THAILAND ALIEN MARKET 5,463
 3,641 ESTABLISSEMENTS MAUREL ET PROM 39,925
 10,481 EXTRACT RESOURCES LIMITED+ 56,509
 565,931 EXXON MOBIL CORPORATION 33,480,478
 1,661 FAIRBORNE ENERGY LIMITED+ 6,620
 56,610 FOREST OIL CORPORATION+ 1,478,653
 249,590 FORMOSA PETROCHEMICAL CORPORATION 560,202
 136,663 FRONTIER OIL CORPORATION 1,600,324
 1,079 GALLEON ENERGY INCORPORATED+ 3,562
 11,515 GALP ENERGIA SGPS SA 187,074
 351,801 GAZPROM ADR<< 7,194,330
 3,776 GOODRICH PETROLEUM CORPORATION+<< 50,145
 23,505 GRAN TIERRA ENERGY INCORPORATED+ 147,685
 5,054 GRUPA LOTOS SA+ 47,677
 6,650 GS HOLDINGS CORPORATION 272,900
 2,590 HELLENIC PETROLEUM SA 19,398
 19,511 HINDUSTAN PETROLEUM CORPORATION LIMITED 218,109
 58,752 HOLLY CORPORATION<< 1,528,140
 5,358 HUNTING PLC 49,674
 13,000 HUSKY ENERGY INCORPORATED 302,827
 3,500 IDEMITSU KOSAN COMPANY LIMITED 275,801
 15,000 IMPERIAL OIL LIMITED 553,102
 67,074 INDIAN OIL CORPORATION LIMITED 586,256
 106,000 INDIKA ENERGY TBK PT 37,543
 29,000 INDO TAMBANGRAYA MEGAH PT 125,822
 97 INPEX HOLDINGS INCORPORATED 438,757
 6,700 INTER PIPELINE FUND 81,995
 974,221 IRPC PCL 125,144
 6,000 ITOCHU ENEX COMPANY LIMITED 28,140
 8,964 IVANHOE ENERGY INCORPORATED+ 14,795
 3,800 JAPAN PETROLEUM EXPLORATION COMPANY 137,055
 272,600 JX HOLDINGS INCORPORATED 1,375,817
 14,087 KAROON GAS AUSTRALIA LIMITED+ 83,221

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
OIL, GAS & CONSUMABLE FUELS (continued)
 1,723 KEYERA FACILITIES INCOME FUND $ 47,488
 8,953 LINC ENERGY LIMITED+ 13,183
 60,610 LUKOIL ADR 3,203,239
 11,247 LUNDIN PETROLEUM AB+ 62,720
 21,310 MANGALORE REFINERY & PETROCHEMICALS LIMITED 34,067
 78,661 MARATHON OIL CORPORATION 2,398,374
 54,589 MASSEY ENERGY COMPANY 1,569,434
 5,888 MOL HUNGARIAN OIL & GAS PLC 545,845
 277,000 MONGOLIA ENERGY COMPANY LIMITED+ 109,322
 681 MOTOR OIL (HELLAS) CORINTH REFINERIES SA 6,818
 3,100 NAL OIL & GAS TRUST 31,193
 6,080 NESTE OIL OYJ LIMITED 81,826
 23,479 NEW HOPE CORPORATION LIMITED 96,717
 16,885 NEW ZEALAND OIL & GAS LIMITED 13,540
 30,300 NEXEN INCORPORATED 561,190
 2,237 NIKO RESOURCE LIMITED 220,795
 3,300 NIPPON GAS COMPANY LIMITED 52,244
 24,935 NOBLE ENERGY INCORPORATED 1,739,964
 3,905 NUVISTA ENERGY LIMITED 38,817
 118,162 OCCIDENTAL PETROLEUM CORPORATION 8,635,279
 423,600 OGX PETROLEO E GAS PARTICIPACOES SA+ 5,036,167
 76,355 OIL & NATURAL GAS CORPORATION LIMITED 2,171,183
 5,784 OIL INDIA LIMITED 178,863
 37,539 OIL REFINERIES LIMITED 18,799
 118,002 OIL SEARCH LIMITED 619,420
 9,020 OMV AG 290,566
 2,891 OPTI CANADA INCORPORATED+ 2,792
 94,111 ORIGIN ENERGY LIMITED 1,276,891
 40,398 OVERSEAS SHIPHOLDING GROUP INCORPORATED<< 1,300,816
 20,295 PA RESOURCES AB+ 13,179
 1,572 PACE OIL AND GAS LIMITED+ 10,537
 14,007 PACIFIC RUBIALES ENERGY CORPORATION 330,357
 70,555 PALADIN ENERGY LIMITED+ 232,887
 173 PAZ OIL COMPANY LIMITED 24,358
 38,387 PEABODY ENERGY CORPORATION 1,642,964
 3,732 PEMBINA PIPELINE INCOME FUND 68,596
 6,204 PENGROWTH ENERGY TRUST 60,100
 9,855 PENN WEST ENERGY TRUST 185,113
 3,000 PETROBAKKEN ENERGY LIMITED 56,632
 6,135 PETROBANK ENERGY & RESOURCES LIMITED+ 212,756
 1,769 PETROBRAS ENERGIA SA 26,464
 2,736,000 PETROCHINA COMPANY LIMITED 2,968,580
 159,490 PETROHAWK ENERGY CORPORATION+ 2,411,489
 10,179 PETROL OFISI+ 40,328
 294,562 PETROLEO BRASILEIRO SA 4,962,898
 45,300 PETRONAS DAGANGAN BHD 155,323
 48,131 PETRONET LNG LIMITED 110,914
 4,002 PETROPLUS HOLDINGS AG 44,938
 2,982 PEYTO ENERGY TRUST 39,402
 58,200 PIONEER NATURAL RESOURCES COMPANY 3,365,124
 190,312 POLISH OIL & GAS 211,993
 40,626 POLSKI KONCERN NAFTOWY ORLEN SA+ 499,983
 5,137 PREMIER OIL PLC+ 119,436
 7,472 PROGRESS ENERGY RESOURCES CORPORATION 82,263
 12,855 PROVIDENT ENERGY TRUST 80,528

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
OIL, GAS & CONSUMABLE FUELS (continued)
 94,500 PT TAMBANG BATUBARA BUKIT ASAM TBK $ 183,038
 102,272 PTT AROMATICS & REFINING PCL 76,471
 146,300 PTT EXPLORATION & PRODUCTION PCL 670,844
 87,400 PTT PCL 740,086
 88,273 QEP RESOURCES INCORPORATED 2,562,565
 8,414 QUESTERRE ENERGY CORPORATION+ 20,200
 84,521 RANGE RESOURCES CORPORATION<< 2,857,655
 46,602 RELIANCE INDUSTRIES LIMITED<< 1,821,672
 195,843 RELIANCE INDUSTRIES LIMITED+ 3,826,932
 46,077 REPSOL YPF SA 1,051,916
 20,668 RIVERSDALE MINING LIMITED+ 167,518
 8,115 ROC OIL COMPANY LIMITED+ 2,599
 207,788 ROYAL DUTCH SHELL PLC CLASS A 5,523,118
 158,508 ROYAL DUTCH SHELL PLC CLASS B 4,056,053
 5,636 S-OIL CORPORATION 271,716
 221,051 SANDRIDGE ENERGY INCORPORATED+<< 893,045
 88,771 SANTOS LIMITED 1,121,510
 12,269 SARAS SPA 20,850
 56,748 SASOL LIMITED 2,161,041
 14,200 SHELL REFINING COMPANY FEDERATION OF MALAYA BHD 48,598
 20,000 SHOWA SHELL SEKIYU KK 144,745
 2,000 SINANEN COMPANY LIMITED 7,904
 7,737 SK ENERGY COMPANY LIMITED 822,810
 10,172 SOCO INTERNATIONAL PLC+ 73,384
 56,874 SOUTHERN UNION COMPANY 1,279,665
 50,513 SOUTHWESTERN ENERGY COMPANY+ 1,652,785
 69,940 SPECTRA ENERGY CORPORATION 1,422,580
 62,375 STATOIL ASA 1,171,877
 281 STORM RES LIMITED(a) 864
 53,000 STRAITS ASIA RESOURCES LIMITED 81,328
 90,465 SUNCOR ENERGY INCORPORATED 2,741,055
 60,804 SUNOCO INCORPORATED 2,047,879
 102,230 SURGUTNEFTEGAZ 418,121
 295,275 SURGUTNEFTEGAZ ADR<< 2,775,585
 48,260 SWIFT ENERGY COMPANY+ 1,300,607
 59,300 TALISMAN ENERGY INCORPORATED 932,584
 65,820 TEEKAY CORPORATION<< 1,600,084
 66,421 TESORO CORPORATION 745,908
 104,800 THAI OIL PCL 147,346
 13,632 THE GREAT EASTERN SHIPPING COMPANY LIMITED+ 86,127
 27,000 TONENGENERAL SEKIYU KK 243,935
 129,333 TOTAL SA 6,042,894
 39,700 TRANSCANADA CORPORATION 1,414,733
 51,269 TULLOW OIL PLC 957,698
 18,430 TUPRAS TURKIYE PETROL RAFINERILERI AS 413,364
 80,560 ULTRA PETROLEUM CORPORATION+ 3,142,646
 18,762 URANIUM ONE INCORPORATED 61,933
 169,046 USEC INCORPORATED+<< 794,516
 19,013 UTS ENERGY CORPORATION+ 63,118
 60,451 VALERO ENERGY CORPORATION 953,312
 1,785 VERMILION ENERGY TRUST 59,709
 30,440 WHITEHAVEN COAL LIMITED 161,953
 25,543 WHITING PETROLEUM CORPORATION+ 2,167,068
 61,900 WILLIAMS COMPANIES INCORPORATED 1,122,247

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
OIL, GAS & CONSUMABLE FUELS (continued)
 55,156 WOODSIDE PETROLEUM LIMITED $ 2,054,658
 78,443 WORLD FUEL SERVICES CORPORATION<< 2,003,434
 258,000 YANZHOU COAL MINING COMPANY LIMITED 529,350
 273,921,091
 --------------
FINANCIALS: 20.90%
CAPITAL MARKETS: 1.80%
 46,217 3I GROUP PLC 184,715
 36,607 ABERDEEN ASSET MANAGEMENT PLC 75,568
 23,619 AFFILIATED MANAGERS GROUP INCORPORATED+ 1,516,576
 3,567 AGF MANAGEMENT LIMITED 48,169
 128,668 AMERIPRISE FINANCIAL INCORPORATED 5,607,351
 1 APOLLO INVESTMENT CORPORATION 10
 14,340 ASHMORE GROUP PLC 63,800
 636,000 ASIA PLUS SECURITIES PCL 44,304
 6,204 AZIMUT HOLDING SPA 53,344
 133,898 BANK OF NEW YORK MELLON CORPORATION 3,249,704
 1,790 BANK SARASIN & CIE AG 64,883
 15,559 BINCKBANK NV 200,721
 6,193 BLACKROCK INCORPORATED 879,096
 8,704 BREWIN DOLPHIN LIMITED 16,019
 1,964 CANACCORD FINANCIAL INCORPORATED 19,302
 357,353 CAPITAL SECURITIES CORPORATION+ 156,176
 136,590 CHARLES SCHWAB CORPORATION 1,742,888
 10,003 CI FINANCIAL CORPORATION 185,736
 6,402 CLOSE BROTHERS GROUP PLC 65,342
 62,813 CREDIT SUISSE GROUP 2,758,761
 26,610 DAEWOO SECURITIES COMPANY LIMITED+ 489,407
 187,000 DAIWA SECURITIES GROUP INCORPORATED 759,041
 35,488 DEUTSCHE BANK AG 2,229,721
 3,322 DUNDEE CORPORATION CLASS A+ 35,109
 2,023 DUNDEEWEALTH INCORPORATED 24,663
 114,660 E TRADE FINANCIAL CORPORATION+ 1,422,936
 1,432 EFG INTERNATIONAL 15,374
 28,449 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING+ 144,150
 51,875 FEDERATED INVESTORS INCORPORATED CLASS B<< 1,081,594
 22,740 FRANKLIN RESOURCES INCORPORATED 2,194,637
 1,091,960 FUHWA FINANCIAL HOLDINGS COMPANY LIMITED 620,393
 9 GCA SAVVIAN GROUP CORPORATION 8,303
 259,550 GLG PARTNERS INCORPORATED+<< 1,160,189
 3,500 GMP CAPITAL INCORPORATED 33,150
 62,943 GOLDMAN SACHS GROUP INCORPORATED 8,619,414
 14,962 GREENHILL & COMPANY INCORPORATED<< 1,053,774
 12,382 HARGREAVES LANSDOWN PLC 73,889
 39,881 HENDERSON GROUP PLC 76,393
 15,167 HYUNDAI SECURITIES COMPANY+ 181,538
 28,436 ICAP PLC 178,805
 1,500 ICHIYOSHI SECURITIES COMPANY LIMITED 10,017
 7,300 IGM FINANCIAL INCORPORATED 274,174
 15,631 INTERMEDIATE CAPITAL GROUP PLC 65,445
 220,035 INVESCO LIMITED 3,982,634
 26,572 INVESTEC LIMITED 199,713
 21,933 INVESTEC PLC 158,197
 22,489 IOOF HOLDINGS LIMITED 131,256
 1,000 IWAI SECURITIES COMPANY LIMITED 8,047

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CAPITAL MARKETS (continued)
 2,800 JAFCO COMPANY LIMITED $ 62,226
 286,061 JANUS CAPITAL GROUP INCORPORATED<< 2,597,434
 11,434 JULIUS BAER GROUP LIMITED 403,301
 9,300 JULIUS BAER HOLDING AG 115,878
 9,400 KABU.COM SECURITIES COMPANY LIMITED<< 43,861
 848,000 KGI SECURITIES (THAILAND) PCL+ 39,562
 37,000 KIM ENG HOLDINGS LIMITED+ 45,039
 86,600 KIM ENG SECURITIES THAILAND PCL 39,848
 113,644 KNIGHT CAPITAL GROUP INCORPORATED+<< 1,350,091
 4,364 KOREA INVESTMENT HOLDINGS COMPANY LIMITED 114,478
 80,800 LEGG MASON INCORPORATED 2,046,664
 37,545 MACQUARIE GROUP LIMITED 1,251,306
 90,461 MAN GROUP PLC 288,847
 2,000 MARUSAN SECURITIES COMPANY LIMITED 10,665
 131,000 MASTERLINK SECURITIES CORPORATION 46,619
 12,600 MATSUI SECURITIES COMPANY LIMITED 71,991
 32,109 MEDIOBANCA SPA 252,686
 182,410 MF GLOBAL HOLDINGS LIMITED+<< 1,203,906
 3,004 MIRAE ASSET SECURITIES COMPANY LIMITED 142,320
 3,000 MITO SECURITIES COMPANY LIMITED 5,285
 35,000 MIZUHO INVESTORS SECURITIES COMPANY LIMITED 35,412
 1,057 MLP AG 9,780
 172 MONEX BEANS HOLDINGS INCORPORATED 68,997
 141,352 MORGAN STANLEY 3,489,981
 361,800 NOMURA HOLDINGS INCORPORATED 2,037,036
 30,500 NOMURA HOLDINGS INCORPORATED ADR 170,800
 34,400 NORTHERN TRUST CORPORATION 1,587,216
 19,000 OKASAN HOLDINGS INCORPORATED 67,849
 57,440 OPTIONSXPRESS HOLDINGS INCORPORATED+ 817,946
 36,488 PAMPA CALICHERA 70,357
 643 PARTNERS GROUP 89,428
 4,092 PERPETUAL TRUSTEES AUSTRALIA LIMITED<< 113,297
 33,100 PHATRA SECURITIES PCL 28,557
 11,002 PIONEERS HOLDING 6,749
 26,611 PIPER JAFFRAY COMPANIES INCORPORATED+ 734,996
 20,450 PLATINUM ASSET MANAGEMENT LIMITED 89,334
 225,828 POLARIS SECURITIES COMPANY LIMITED+ 100,457
 100,000 POLYTEC ASSET HOLDINGS LIMITED 16,198
 141,700 PRESIDENT SECURITIES CORPORATION 71,217
 710 RATHBONE BROTHERS 9,386
 4,600 RATOS AB B SHARES 122,973
 48,390 RAYMOND JAMES FINANCIAL INCORPORATED<< 1,116,841
 1,457 RICHEMONT SA+ 21,252
 4 RISA PARTNERS INCORPORATED 1,786
 7,053 SAMSUNG SECURITIES COMPANY LIMITED+ 341,208
 1,889 SBI HOLDINGS INCORPORATED 234,523
 5,824 SCHRODERS PLC 122,636
 2,472 SCHRODERS PLC (NON VOTING) 42,082
 61,000 SHINKO SECURITIES COMPANY LIMITED 136,508
 54,800 STATE STREET CORPORATION 1,922,384
 44,670 STIFEL FINANCIAL CORPORATION+<< 1,933,318
 37,836 T. ROWE PRICE GROUP INCORPORATED<< 1,656,460
 23,000 TOKAI TOKYO SECURITIES COMPANY LIMITED 76,110
 7,124 TONG YANG INVESTMENT BANK+ 58,054
 11,401 TULLETT PREBON PLC 64,695

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CAPITAL MARKETS (continued)
 208,720 UBS AG $ 3,531,947
 11,000 UOB-KAY HIAN HOLDINGS LIMITED 11,929
 67,000 VALUE PARTNERS GROUP LIMITED 38,759
 62 VERWALTUNGS-UND PRIVAT-BANK AG 6,901
 1 VIRTUS INVESTMENT PARTNERS INCORPORATED+ 27
 361 VONTOBEL HOLDINGS AG 10,667
 251,914 WATERLAND FINANCIAL HOLDINGS+ 76,044
 16,080 WOORI INVESTMENT & SECURITIES COMPANY LIMITED+ 235,386
 73,673,918
 --------------
COMMERCIAL BANKS: 7.38%
 50,000 77 BANK LIMITED 248,780
 77,679 ABSA GROUP LIMITED 1,298,161
 72,100 AFFIN HOLDINGS BHD 70,534
 3,420 AGRICULTURAL BANK OF GREECE+ 4,767
 216,038 AKBANK TAS 1,145,940
 22,824 ALLAHABAD BANK+ 101,408
 36,469 ALLIED IRISH BANKS PLC 35,586
 31,560 ALPHA BANK AE 203,972
 30,160 ANDHRA BANK 97,360
 61,000 AOZORA BANK LIMITED 82,050
 269,310 ASSOCIATED BANC-CORP<< 3,247,879
 48,136 ASYA KATILIM BANKASI AS 106,545
 270,603 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED 5,438,668
 34,542 AXIS BANK LIMITED+ 977,111
 33,259 BANCA CARIGE SPA 70,513
 157,243 BANCA MONTE DEI PASCHI DI SIENA SPA 188,107
 9,849 BANCA PICCOLO CREDITO VALTELLINESE SCARL+ 44,589
 18,482 BANCA POPOL EMILIA ROMAGNA+ 200,252
 1,251 BANCA POPOLARE DELL'ETRURIA E DEL LAZIO+ 5,465
 16,468 BANCA POPOLARE DI MILANO SCARL 71,581
 16,258 BANCA POPOLARE DI SONDRIO SCARL+ 132,992
 208,518 BANCO BILBAO VIZCAYA ARGENTARIA SA 2,514,551
 9,820 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR<< 118,429
 8,813 BANCO BPI SA+ 18,193
 66,874 BANCO BRADESCO SA 939,758
 171,214 BANCO COMERCIAL PORTUGUES SA 136,692
 16,952 BANCO CONTINENTAL PERU+ 42,425
 1,049,717 BANCO DE CHILE 140,644
 3,219 BANCO DE CREDITO DEL PERU 7,366
 5,688 BANCO DE CREDITO E INVERSIONES+ 308,682
 112,266 BANCO DE ORO 128,576
 59,538 BANCO DE SABADE<< 287,840
 11,163 BANCO DE VALENCIA SA+<< 59,132
 161,485 BANCO DO BRASIL SA 2,618,701
 3,199 BANCO ESPANOL DE CREDITO SA 27,360
 22,698 BANCO ESPIRITO SANTO SA 97,942
 1,156 BANCO GUIPUZCOANO SA+ 6,841
 70,925 BANCO ITAU HOLDING FINANCEIRA SA 1,183,261
 2,243 BANCO MACRO SA<< 84,763
 5,963 BANCO PASTOR SA 29,924
 30,717 BANCO POPOLARE SPA 172,735
 53,934 BANCO POPULAR ESPANOL SA 321,645
 73,514 BANCO SANTANDER BRASIL SA 933,445
 403,133 BANCO SANTANDER CENTRAL HISPANO SA 4,724,019

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
COMMERCIAL BANKS (continued)
 67,208 BANCO SANTANDER CENTRAL HISPANO SA ADR $ 785,662
 4,972,322 BANCO SANTANDER CHILE SA 412,672
 39 BANCO SANTANDER SA 453
 121,453 BANCORPSOUTH INCORPORATED<< 1,548,526
 31,000 BANGKOK BANK PCL 151,558
 31,000 BANGKOK BANK PCL (NON VOTING) 151,558
 1,834,000 BANK CENTRAL ASIA TBK PT 1,177,333
 4,008 BANK HANDLOWY W WARSZAWIE SA 98,805
 71,656 BANK HAPOALIM LIMITED+ 292,523
 61,229 BANK LEUMI LE-ISRAEL 253,007
 846,500 BANK MANDIRI PERSERO TBK PT 552,778
 37,612 BANK MILLENNIUM SA+ 52,609
 210,000 BANK NIAGA+ 29,054
 302,600 BANK OF AYUDHYA PCL 211,757
 25,294 BANK OF BARODA 432,832
 7,105,000 BANK OF CHINA LIMITED 3,571,339
 842,500 BANK OF COMMUNICATIONS LIMITED 893,540
 72,673 BANK OF CYPRUS PUBLIC COMPANY LIMITED 385,878
 185,203 BANK OF EAST ASIA LIMITED 696,409
 900 BANK OF GREECE 36,269
 22,645 BANK OF INDIA 212,947
 346,365 BANK OF IRELAND 337,977
 38,000 BANK OF KYOTO LIMITED 302,607
 31,900 BANK OF MONTREAL 1,762,001
 60,100 BANK OF NOVA SCOTIA 2,888,475
 28,536 BANK OF QUEENSLAND LIMITED 249,569
 168,261 BANK OF THE PHILIPPINE ISLANDS 178,054
 3,200 BANK OF THE RYUKYUS LIMITED 38,091
 146,000 BANK OF YOKOHAMA LIMITED 634,329
 13,993 BANK PEKAO SA 680,609
 309 BANK PRZEMYSLOWO HANDLOWY PBK+ 5,290
 648,000 BANK RAKYAT INDONESIA 667,006
 3,417 BANK ZACHODNI WBK SA 203,182
 11,042 BANKINTER SA 71,798
 244 BANQUE CANTONALE VAUDOISE WAADTLAENDER KANTONALBANK 116,562
 702,325 BARCLAYS PLC 3,257,214
 78,097 BRANCH BANKING & TRUST CORPORATION 1,727,506
 4,348 BBVA BANCO FRANCES SA 34,654
 37,721 BENDIGO BANK LIMITED 282,914
 128 BERNER KANTONALBANK AG 30,158
 15,636 BNP PARIBAS ADR 486,592
 48,949 BNP PARIBAS SA 3,062,453
 467,500 BOC HONG KONG HOLDINGS LIMITED 1,229,037
 12,662 BOK FINANCIAL CORPORATION 562,699
 1,527 BRE BANK SA+ 122,740
 569,000 BUMIPUTRA COMMERCE HOLDINGS BHD+ 1,414,273
 19,201 BUSAN BANK+ 204,198
 22,200 CANADIAN IMPERIAL BANK OF COMMERCE 1,509,354
 3,039 CANADIAN WESTERN BANK 69,538
 13,142 CANARA BANK 143,587
 462,264 CAPITAL SOURCE INCORPORATED 2,334,433
 118,133 CATHAY GENERAL BANCORP<< 1,132,895
 579,000 CHANG HWA COMMERCIAL BANK 328,957
 96,000 CHIBA BANK LIMITED 540,507
 10,021 CHINA BANKING CORPORATION 86,822

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
COMMERCIAL BANKS (continued)
 874,000 CHINA CITIC BANK $ 567,405
 6,681,000 CHINA CONSTRUCTION BANK 5,513,999
 1,520,342 CHINA DEVELOPMENT FINANCIAL HOLDING CORPORATION+ 416,226
 543,858 CHINA MERCHANTS BANK COMPANY LIMITED 1,401,813
 521,900 CHINA MINSHENG BANKING 474,348
 1,230,603 CHINA TRUST FINANCIAL HOLDING COMPANY LIMITED 689,559
 5,000 CHUKYO BANK LIMITED THE 16,129
 142 CIA DE BEBIDAS DAS AMERICAS+ 14,998
 94,971 CIT GROUP INCORPORATED+ 3,483,536
 23,366 CITY NATIONAL CORPORATION<< 1,131,849
 88,898 COMERICA INCORPORATED 3,058,980
 36,311 COMMERCE BANCSHARES INCORPORATED 1,297,392
 63,090 COMMERCIAL INTERNATIONAL BANK+ 426,048
 43,597 COMMERZBANK AG<< 343,203
 154,908 COMMONWEALTH BANK OF AUSTRALIA 6,932,431
 14,460 CORPORATION BANK 175,140
 6,797 CREDICORP LIMITED 715,384
 137 CREDIT AGRICOLE D'ILE DE F<< 10,339
 58,432 CREDIT AGRICOLE SA 736,407
 1,169 CREDITO EMILIANO SPA 6,903
 28,633 CULLEN FROST BANKERS INCORPORATED 1,467,441
 12,674 DAEGU BANK 147,470
 8,000 DAH SING BANKING GROUP LIMITED 12,259
 12,031 DAH SING FINANCIAL HOLDINGS LIMITED 75,399
 26,840 DANSKE BANK 597,150
 186,080 DBS GROUP HOLDINGS LIMITED 1,905,415
 3,415 DEUTSCHE POSTBANK AG 103,453
 37,502 DEXIA+<< 156,308
 53,200 DNB NOR ASA 587,470
 651,306 E.SUN FINANCIAL HOLDING COMPANY LIMITED 291,760
 230,420 EAST WEST BANCORP INCORPORATED<< 3,368,740
 12,018 EFG EUROBANK ERGASIAS SA 78,281
 640 EMPORIKI BANK OF GREECE SA+ 2,117
 63,977 ENTIE COMMERCIAL BANK+ 26,562
 16,500 EON CAPITAL BHD 36,700
 10,920 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG 396,331
 212,006 FAR EASTERN INTERNATIONAL BANK+ 88,683
 970 FIBI HOLDINGS LIMITED+ 19,710
 118,629 FIFTH THIRD BANCORP 1,310,850
 19,647 FINANSBANK AS TURKEY+ 72,050
 26,402 FIRST FINANCIAL BANKSHARE<< 1,179,377
 742,165 FIRST FINANCIAL HOLDING COMPANY LIMITED 428,609
 353,589 FIRST HORIZON NATIONAL CORPORATION+<< 3,564,179
 107,215 FIRST MIDWEST BANCORP INCORPORATED 1,177,221
 167,835 FIRSTMERIT CORPORATION 2,903,546
 171,477 FNB CORPORATION PA<< 1,332,376
 86,000 FUKUOKA FINANCIAL GROUP INCORPORATED 343,959
 307,178 FULTON FINANCIAL CORPORATION 2,543,434
 38,197 GETIN HOLDING SA+ 116,042
 109,739 GLACIER BANCORP INCORPORATED<< 1,518,788
 8,178 GREEK POSTAL SAVINGS BANK+ 47,672
 113,400 GRUPO FINANCIERO BANORTE SA DE CV 405,767
 162,382 GRUPO FINANCIERO INBURSA SA DE CV 590,999
 47,000 GUNMA BANK LIMITED 242,804
 25,204 HANA FINANCIAL GROUP INCORPORATED 648,547

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
COMMERCIAL BANKS (continued)
 40,346 HANCOCK HOLDING COMPANY<< $ 1,098,218
 73,600 HANG SENG BANK LIMITED 1,009,561
 28,176 HDFC BANK LIMITED 1,278,372
 4,397 HDFC BANK LIMITED ADR 702,641
 5,000 HIGASHI-NIPPON BANK LIMITED 9,285
 149,000 HOKUHOKU FINANCIAL GROUP INCORPORATED 260,719
 66,300 HONG LEONG BANK BHD+ 186,764
 68,900 HONG LOENG FINANCIAL GROUP BHD 190,794
 1,021,971 HSBC HOLDINGS PLC 10,089,009
 727,649 HUA NAN FINANCIAL HOLDINGS COMPANY LIMITED 427,040
 360,596 HUNTINGTON BANCSHARES INCORPORATED 1,907,553
 35,302 IBERIABANK CORPORATION<< 1,720,973
 75,905 ICICI BANK LIMITED 1,577,643
 16,121 ICICI BANK LIMITED ADR 665,959
 9,142 INDIAN BANK 48,285
 27,110 INDIAN OVERSEAS BANK+ 71,867
 9,036,103 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H 6,563,263
 24,550 INDUSTRIAL BANK OF KOREA+ 296,918
 31,351 INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED 81,010
 346 ING BANK SLASKI SA+ 88,416
 74,640 INTERNATIONAL BANCSHARES CORPORATION 1,164,384
 586,891 INTESA SANPAOLO 1,647,379
 49,378 INTESA SANPAOLO RNC 111,883
 32,895 ISRAEL DISCOUNT BANK LIMITED+ 58,045
 37,509 ITAUSA INVESTIMENTOS ITAU SA 265,473
 82,000 JOYO BANK LIMITED 333,817
 2,668 JYSKE BANK+ 87,880
 76,000 KANSAI URBAN BANKING CORPORATION 114,891
 145,600 KASIKORNBANK PCL 530,385
 50,409 KB FINANCIAL GROUP INCORPORATED 2,043,438
 7,751 KBC GROEP NV 321,784
 443,050 KEYCORP 3,265,279
 6,000 KIATNAKIN FINANCE 6,279
 71,000 KIYO HOLDINGS 97,191
 1,795 KOMERCNI BANKA 346,344
 41,390 KOREA EXCHANGE BANK 436,720
 1,838 KREDYT BANK SA 8,416
 346,900 KRUNG THAI BANK PCL ADR 157,405
 961 LAURENTIAN BANK OF CANADA 41,906
 570 LIECHTENSTEIN LANDESBANK 37,616
 6,000 LIU CHONG HING BANK LIMITED 12,634
 2,274,500 LLOYDS TSB GROUP PLC 2,424,012
 3,708 LLOYDS TSB GROUP PLC ADR 15,574
 43,021 M&T BANK CORPORATION<< 3,684,318
 353,356 MALAYAN BANKING BHD 944,715
 134,800 MALAYSIAN PLANTATIONS BHD 131,873
 264,626 MARSHALL & ILSLEY CORPORATION<< 1,733,300
 79,015 MB FINANCIAL INCORPORATED 1,183,645
 1,254,000 MEGA FINANCIAL HOLDING COMPANY LIMITED 757,473
 90,100 METROPOLITAN BANK & TRUST COMPANY 127,522
 1,484,970 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED 7,088,120
 440 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED ADR 2,090
 143,000 MITSUI TRUST HOLDINGS INCORPORATED 507,249
 15,000 MIYAZAKI BANK LIMITED 40,709
 2,051,600 MIZUHO FINANCIAL GROUP INCORPORATED 3,150,296

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
COMMERCIAL BANKS (continued)
 122,000 MIZUHO TRUST & BANKING COMPANY LIMITED $ 98,750
 226,427 NATIONAL AUSTRALIA BANK LIMITED 4,673,690
 8,600 NATIONAL BANK OF CANADA 496,636
 30,258 NATIONAL BANK OF GREECE SA 381,911
 24,348 NATIONAL BANK OF GREECE SA ADR 60,140
 189,127 NATIONAL PENN BANCSHARES INCORPORATED<< 1,098,828
 6,416 NATIONAL SOCIETE GENERALE BANK SAE+ 38,256
 46,668 NATIXIS 254,302
 20,509 NEDBANK GROUP LIMITED 390,325
 105,000 NISHI-NIPPON CITY BANK LIMITED 294,965
 145,574 NORDEA BANK AB 1,304,771
 131,164 OLD NATIONAL BANCORP 1,209,332
 12,374 ORIENTAL BANK OF COMMERCE 111,640
 25,016 OTP BANK 528,975
 284,842 OVERSEA-CHINESE BANKING CORPORATION LIMITED 1,821,896
 47,083 PACWEST BANCORP<< 803,236
 17,788 PIRAEUS BANK SA 92,422
 89,587 PKO BANK POLSKI SA 1,080,147
 58,287 PNC FINANCIAL SERVICES GROUP 2,970,306
 996,047 POPULAR INCORPORATED 2,549,880
 268,394 PT BANK DANAMON INDONESIA TBK 158,927
 506,500 PT BANK PAN INDONESIA TBK+ 62,787
 152,465 PUBLIC BANK BHD 584,956
 91,000 PUBLIC BANK BHD FOREIGN MARKET 353,195
 15,371 PUNJAB NATIONAL BANK LIMITED 385,664
 2,580 RAIFFEISEN INTERNATIONAL BANK HOLDINGS 105,442
 599,255 REGIONS FINANCIAL CORPORATION 3,853,210
 68,700 RESONA HOLDINGS INCORPORATED<< 680,376
 73,600 RHB CAPITAL BHD 155,965
 82,400 ROYAL BANK OF CANADA 3,940,920
 1,001,717 ROYAL BANK OF SCOTLAND GROUP PLC 684,875
 27,700 SAPPORO HOLDINGS 130,570
 4,996 SBERBANK OF RUSSIAN FEDERATION 1,382,393
 90,300 SENSHU IKEDA HOLDINGS INCORPORATED 127,910
 58 SEVEN BANK LIMITED 110,325
 26,000 SHIGA BANK 162,171
 1,000 SHIMIZU BANK LIMITED THE 42,257
 58,159 SHINHAN FINANCIAL GROUP COMPANY LIMITED 2,226,623
 88,000 SHINSEI BANK LIMITED<< 67,040
 75,000 SHIZUOKA BANK LIMITED 627,604
 107,800 SIAM CITY BANK PCL+ 110,228
 201,600 SIAM COMMERCIAL BANK PCL 608,762
 1,058,000 SINOPAC FINANCIAL HOLDINGS COMPANY LIMITED 371,558
 100,840 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A 628,788
 38,807 SOCIETE GENERALE 1,975,980
 19,840 SOCIETE GENERALE ADR<< 202,368
 210 ST. GALLER KANTONALBANK 95,149
 150,066 STANDARD BANK GROUP LIMITED 2,126,969
 95,583 STANDARD CHARTERED PLC 2,563,142
 24,458 STATE BANK OF INDIA LIMITED 1,438,363
 4,768 STATE BANK OF INDIA LIMITED GDR<< 561,432
 154,031 STERLING BANCSHARES INCORPORATED (TEXAS)<< 763,994
 149,100 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 4,438,747
 988 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED ADR 2,915
 178,000 SUMITOMO TRUST & BANKING COMPANY LIMITED 947,102

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
COMMERCIAL BANKS (continued)
 33,000 SURUGA BANK LIMITED $ 288,323
 201,914 SUSQUEHANNA BANCSHARES INCORPORATED<< 1,597,140
 54,615 SVB FINANCIAL GROUP+<< 2,030,040
 27,900 SVENSKA HANDELSBANKEN 728,494
 47,200 SWEDBANK AB 529,691
 3,160 SYDBANK AG+ 66,701
 18,615 SYNDICATE BANK 43,016
 674,017 SYNOVUS FINANCIAL CORPORATION<< 1,388,475
 394,000 TA CHONG BANK LIMITED+ 99,133
 795,563 TAISHIN FINANCIAL HOLDINGS COMPANY LIMITED 325,338
 266,000 TAIWAN BUSINESS BANK+ 77,224
 67,598 TCF FINANCIAL CORPORATION<< 965,299
 1,100 THE AICHI BANK LIMITED 67,302
 19,000 THE AKITA BANK LIMITED 62,195
 14,000 THE AOMORI BANK LIMITED 35,496
 25,000 THE AWA BANK LIMITED 161,588
 1,800 THE BANK OF IWATE LIMITED 83,669
 19,000 THE BANK OF NAGOYA LIMITED 66,492
 2,000 THE BANK OF OKINAWA LIMITED 76,896
 25,000 THE BANK OF SAGA LIMITED 71,122
 4,700 THE CHIBA KOGYO BANK LIMITED+ 28,476
 23,000 THE CHUGOKU BANK LIMITED 271,039
 8,000 THE DAISAN BANK LIMITED 23,521
 39,000 THE DAISHI BANK LIMITED 139,733
 27,000 THE EHIME BANK LIMITED 70,384
 25,000 THE EIGHTEENTH BANK LIMITED 72,908
 32,000 THE FUKUI BANK LIMITED 110,082
 52,000 THE HACHIJUNI BANK LIMITED 282,252
 21,000 THE HIGO BANK LIMITED 112,487
 78,000 THE HIROSHIMA BANK LIMITED 311,963
 24,000 THE HOKKOKU BANK LIMITED 103,131
 21,000 THE HOKUETSU BANK LIMITED 37,246
 24,000 THE HYAKUGO BANK LIMITED 103,416
 29,000 THE HYAKUJUSHI BANK LIMITED 110,118
 34,000 THE IYO BANK LIMITED 288,156
 35,000 THE JUROKU BANK LIMITED 116,653
 15,000 THE KAGOSHIMA BANK LIMITED 91,061
 2,400 THE KANTO TSUKUBA BANK LIMITED 7,399
 28,000 THE KEIYO BANK LIMITED 142,650
 5,000 THE MICHINOKU BANK LIMITED 10,237
 4,000 THE MIE BANK LIMITED 10,808
 7,000 THE MINATO BANK LIMITED 11,249
 3,200 THE MUSASHINO BANK LIMITED 97,474
 28,000 THE NANTO BANK LIMITED 162,314
 33,000 THE OGAKI KYORITSU BANK LIMITED 102,524
 23,000 THE OITA BANK LIMITED 75,289
 16,000 THE SAN-IN GODO BANK LIMITED 112,177
 28,000 THE SHIKOKU BANK LIMITED 89,989
 9,000 THE TOCHIGI BANK LIMITED 35,996
 21,000 THE TOHO BANK LIMITED 59,993
 6,200 TISCO FINANCIAL GROUP PCL 6,835
 2,682,765 TMB BANK PCL 231,458
 5,300 TOKYO TOMIN BANK LIMITED 57,473
 14,900 TOMONY HOLDINGS INCORPORATED 45,227
 50,431 TORONTO-DOMINION BANK 3,412,197

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
COMMERCIAL BANKS (continued)
 535,675 TRANSCEND INFORMATION INCORPORATED $ 334,442
 87,694 TRUSTMARK CORPORATION<< 1,672,325
 13,375 TURK EKONOMI BANKASI AS+ 19,620
 282,061 TURKIYE GARANTI BANKASI AS 1,366,852
 47,994 TURKIYE HALK BANKASI AS 389,722
 187,410 TURKIYE IS BANKASI 687,270
 111,274 TURKIYE VAKIFLAR BANKASI TAO 301,676
 41,648 UMB FINANCIAL CORPORATION 1,327,738
 174,762 UMPQUA HOLDINGS CORPORATION<< 1,817,525
 1,045,658 UNICREDITO ITALIANO SPA 2,454,105
 44,320 UNION BANK HONG KONG 163,805
 27,062 UNION BANK OF INDIA 189,273
 33,246 UNIONE DI BANCHE SCPA 291,547
 67,129 UNITED BANKSHARES INCORPORATED<< 1,544,638
 8,324 UNITED MIZRAHI BANK LIMITED+ 68,203
 129,803 UNITED OVERSEAS BANK LIMITED 1,792,632
 211,863 US BANCORP 4,406,750
 835 VALIANT HOLDING AG+ 163,505
 79,379 VALLEY NATIONAL BANCORP<< 1,034,308
 102,583 WEBSTER FINANCIAL CORPORATION 1,650,560
 543,020 WELLS FARGO & COMPANY (i) 12,788,121
 38,307 WESTAMERICA BANCORPORATION<< 1,941,399
 319,193 WESTPAC BANKING CORPORATION 6,162,499
 145,118 WHITNEY HOLDING CORPORATION<< 1,078,227
 137,220 WILMINGTON TRUST CORPORATION<< 1,207,536
 27,500 WING HANG BANK LIMITED 290,599
 47,017 WINTRUST FINANCIAL CORPORATION 1,352,209
 25,950 WOORI FINANCE HOLDINGS COMPANY LIMITED+ 291,123
 1,200 YACHIYO BANK LIMITED 26,140
 16,000 YAMAGATA BANK LIMITED 77,324
 28,000 YAMAGUCHI FINANCIAL GROUP 264,968
 18,000 YAMANASHI CHOU BANK LIMITED 73,063
 96,014 YAPI VE KREDI BANKASI AS+ 286,712
 40,135 YES BANK LIMITED+ 265,519
 80,800 ZIONS BANCORPORATION<< 1,489,144
 301,590,410
 --------------
CONSUMER FINANCE: 0.28%
 9,370 ACOM COMPANY LIMITED 141,426
 8,400 AEON CREDIT SERVICE COMPANY LIMITED 88,689
 2,600 AIFUL CORPORATION 3,250
 6,000 ALLIED GROUP LIMITED 21,366
 104,544 AMERICREDIT CORPORATION+ 2,529,965
 36,400 CEDYNA FINANCIAL CORPORATION 63,259
 21,626 CREDIT SAISON COMPANY LIMITED 274,669
 274,268 DISCOVER FINANCIAL SERVICES 3,979,629
 4,600 HITACHI CAPITAL CORPORATION 64,940
 18,000 HONG LEONG SINGAPORE FINANCE LIMITED 40,502
 10,364 INTERNATIONAL PERSONAL FINANCE PLC 37,988
 5,000 JACCS COMPANY LIMITED 9,166
 14,000 ORIENT CORPORATION+ 9,499
 11,400 ORIX CORPORATION 857,612
 12,150 PROMISE COMPANY LIMITED 95,308
 6,375 PROVIDENT FINANCIAL PLC 81,052
 7,397 SAMSUNG CARD COMPANY LIMITED 330,086

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CONSUMER FINANCE (continued)
 15,921 SHRIRAM TRANSPORT FINANCE COMPANY LIMITED $ 243,012
 245,000 SLM CORPORATION+ 2,707,250
 9,810 TAKEFUJI CORPORATION<< 23,588
 15,516 THANACHART CAPITAL PCL 17,105
 11,619,361
 --------------
DIVERSIFIED FINANCIAL SERVICES: 1.90%
 904 ACKERMANS & VAN HAAREN NV+ 61,301
 68,676 AFRICAN BANK INVESTMENTS LIMITED 301,709
 213,600 AMMB HOLDINGS BHD 385,251
 19,054 ASX LIMITED 493,483
 20,393 AYALA CORPORATION CLASS A 155,105
 9,936 BAJAJ AUTO LIMITED+ 157,605
 1,101,166 BANK OF AMERICA CORPORATION 13,709,517
 10 BANQUE NATIONALE DE BELGIQUE 47,357
 245,528 BMF BOVESPA SA 1,789,471
 2,908 BOLSAS Y MARCADOS ESPANOLES 75,620
 42,500 BUND CENTER INVESTMENT 14,736
 39,400 BURSA MALAYSIA BHD 90,021
 9,852 CATTLES PLC(a) 0
 6,100 CENTURY LEASING SYSTEM INCORPORATED 78,492
 48,005 CHALLENGER FINANCIAL SERVICES GROUP LIMITED 161,017
 74,000 CHINA EVERBRIGHT LIMITED 163,245
 2,338,000 CITIGROUP INCORPORATED+ 8,697,360
 9,642 CME GROUP INCORPORATED 2,391,987
 549 CORPORATION FINANCIERA ALBA 22,889
 30,397 CRITERIA CAIXACORP SA<< 142,719
 1,000 D. CARNEGIE & COMPANY AB(a)+ 0
 11,357 DEUTSCHE BOERSE AG 693,990
 46,763 ECM LIBRA BERHAD(a)+ 0
 1,295 EURAZEO 75,507
 158 FIMALAC 5,955
 218,800 FIRST PACIFIC COMPANY LIMITED 162,861
 313,697 FIRSTRAND LIMITED 822,205
 847,306 FUBON FINANCIAL HOLDING COMPANY LIMITED 987,915
 1,800 FUYO GENERAL LEASE COMPANY LIMITED 47,266
 386 GIMV NV 18,515
 4,409 GROUPE BRUXELLES LAMBERT SA 325,237
 9,000 GUOCO GROUP LIMITED 91,229
 128,936 HACI OMER SABANCI HOLDING AS 582,599
 2,480 HELLENIC EXCHANGES SA HOLDING 15,557
 110,500 HONG KONG EXCHANGES & CLEARING LIMITED 1,731,634
 2,700 IBJ LEASING COMPANY LIMITED 54,829
 16,704 IG GROUP HOLDINGS PLC 133,726
 23,070 INDIABULLS FINANCIAL SERVICES LIMITED 68,465
 9,600 INDUSTRIVARDEN AB CLASS A 114,617
 5,600 INDUSTRIVARDEN AB CLASS C+ 64,398
 118,186 INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED 447,217
 222,846 ING GROEP NV 1,981,895
 39,025 INTERCONTINENTAL EXCHANGE INCORPORATED+ 3,729,229
 7,600 INVESTOR AB A SHARES 126,263
 24,521 INVESTOR AB B SHARES 423,305
 9,000 JAPAN SECURITIES FINANCE COMPANY LIMITED 51,101
 440,277 JPMORGAN CHASE & COMPANY 16,008,472
 25,027 K GREEN TRUST 20,125

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
DIVERSIFIED FINANCIAL SERVICES (continued)
 11,428 KINNEVIK INVESTMENT AB+ $ 207,640
 25,753 KOTAK MAHINDRA BANK LIMITED 453,606
 102,456 LEUCADIA NATIONAL CORPORATION+<< 2,187,436
 5,823 LONDON STOCK EXCHANGE GROUP PLC 58,986
 850 LUNDBERGFORETAGEN AB+ 41,859
 31,243 MARFIN INVESTMENT GROUP SA 36,821
 5,280 MITSUBISHI UFJ SECURITIES COMPANY LIMITED 187,920
 108,210 MOODY'S CORPORATION<< 2,287,559
 151,885 MSCI INCORPORATED+ 4,541,362
 222,700 MULPHA INTERNATIONAL BHD+ 28,386
 85,370 MULTI-PURPOSE HOLDINGS BHD 57,400
 87,979 NASDAQ STOCK MARKET INCORPORATED+ 1,575,704
 1,747 NATIONALE A PORTEFEUILLE 78,903
 130,622 NYSE EURONEXT (PARIS) INCORPORATED 3,623,454
 10,068 OKO BANK 110,299
 4,500 ONEX CORPORATION 118,498
 2,020 PARGESA HOLDING SA 131,715
 84,222 PHH CORPORATION+<< 1,558,949
 14,236 POWER FINANCE CORPORATION LIMITED 105,665
 11,605 RELIANCE CAPITAL LIMITED 187,101
 59,235 REMGRO LIMITED 799,171
 1,117 RHJ INTERNATIONAL+ 8,974
 600 RICOH LEASING COMPANY LIMITED 14,105
 77,231 RMB HOLDINGS LIMITED 349,032
 43,913 RURAL ELECTRIFICATION CORPORATION LIMITED 306,476
 113,000 SINGAPORE EXCHANGE LIMITED 626,898
 4,259 SNS REAAL 18,000
 862 SOFINA SA 66,493
 3,367 TMX GROUP INCORPORATED 89,578
 11,190 WASHINGTON H SOUL PATTINSON & COMPANY LIMITED 119,469
 77,700,456
 --------------
INSURANCE: 3.71%
 36,888 ACE LIMITED 1,972,401
 13,631 ADMIRAL GROUP PLC 318,177
 81,365 AEGON NV 416,358
 51,600 AFLAC INCORPORATED 2,438,100
 15,670 AKSIGORTA AS 19,394
 26,346 ALLIANZ AG 2,702,342
 5 ALLIANZ AG ADR 51
 20,578 ALLIED WORLD ASSURANCE HOLDINGS 1,036,514
 54,627 ALLSTATE CORPORATION 1,507,705
 39,461 AMERICAN FINANCIAL GROUP INCORPORATED 1,135,293
 23,157 AMLIN PLC 144,332
 225,475 AMP LIMITED 1,011,050
 26,622 ARCH CAPITAL GROUP LIMITED+<< 2,124,436
 48,359 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 1,473,499
 49,650 ARTHUR J. GALLAGHER & COMPANY 1,233,803
 38,224 ASPEN INSURANCE HOLDINGS LIMITED 1,085,562
 80,206 ASSICURAZIONI GENERALI SPA 1,450,418
 56,399 ASSURANT INCORPORATED 2,061,947
 82,124 ASSURED GUARANTY LIMITED 1,268,816
 161,147 AVIVA PLC 936,673
 106,126 AXA ASIA PACIFIC HOLDINGS LIMITED 519,312
 105,713 AXA SA 1,643,079

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
INSURANCE (continued)
 63,922 AXIS CAPITAL HOLDINGS LIMITED $ 1,973,911
 17,911 BAJAJ FINSERV 182,632
 2,398 BALOISE HOLDING AG 194,155
 26,836 BEAZLEY PLC 46,014
 3,435 BRIT INSURANCE HOLDINGS NV 50,574
 60,655 BROWN & BROWN INCORPORATED 1,154,871
 1,098,100 CATHAY FINANCIAL HOLDING COMPANY LIMITED 1,580,271
 16,460 CATLIN GROUP LIMITED 83,027
 124,000 CHINA INSURANCE INTERNATIONAL HOLDINGS COMPANY LIMITED 384,972
 265,106 CHINA LIFE INSURANCE COMPANY+ 215,170
 919,000 CHINA LIFE INSURANCE COMPANY LIMITED CLASS H 3,508,829
 109,000 CHINA PACIFIC INSURANCE+ 391,650
 36,836 CHUBB CORPORATION 2,030,400
 76,634 CINCINNATI FINANCIAL CORPORATION<< 2,044,595
 832 CLAL INSURANCE ENTERPRISE HOLDINGS LIMITED+ 17,942
 7,344 CNP ASSURANCES 124,710
 741 DAI ICHI MUTUAL LIFE INSURANCE 875,864
 75,353 DELPHI FINANCIAL GROUP CLASS A 1,680,372
 3,519 DELTA LLOYD NV 60,002
 24,658 DISCOVERY HOLDINGS LIMITED 117,121
 5,030 DONGBU INSURANCE COMPANY LIMITED+ 141,599
 24,578 ENDURANCE SPECIALTY HOLDINGS LIMITED 905,454
 13,890 ERIE INDEMNITY COMPANY<< 729,225
 728 EULER HERMES SA 55,354
 30,389 EVEREST REINSURANCE GROUP LIMITED 2,404,985
 1,200 FAIRFAX FINANCIAL HOLDINGS LIMITED 475,893
 116,314 FIDELITY NATIONAL TITLE GROUP INCORPORATED 1,687,716
 188,042 FIRST AMERICAN FINANCIAL 2,788,663
 1,751 FONDIARIA SAI SPA+ 16,620
 1,309 FONDIARIA-SAI SPA RSP+ 7,863
 124,524 FORTIS 315,448
 6,000 FUJI FIRE & MARINE INSURANCE COMPANY LIMITED 7,571
 246,398 GENWORTH FINANCIAL INCORPORATED+ 2,668,490
 6,000 GREAT EASTERN HOLDINGS LIMITED 70,646
 14,500 GREAT-WEST LIFECO INCORPORATED 333,146
 2,305 GRUPO CATALANA OCCIDENTE SA 38,937
 2,795 HANNOVER RUECKVERSICHERUNG AG 123,986
 438 HAREL INSURANCE INVESTMENTS & FINANCES LIMITED+ 20,212
 62,882 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 1,267,701
 56,025 HCC INSURANCE HOLDINGS INCORPORATED 1,413,511
 249 HELVETIA HOLDING AG 81,426
 60,836 HORACE MANN EDUCATORS CORPORATION 997,710
 8,230 HYUNDAI MARINE & FIRE INSURANCE COMPANY LIMITED+ 144,157
 3,839 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INCORPORATED 108,364
 208,157 INSURANCE AUSTRALIA GROUP LIMITED 637,079
 4,404 INTACT FINANCIAL CORPORATION 183,288
 13,014 IRISH LIFE & PERMAMENT GROUP HOLDINGS PLC 23,913
 7,925 JARDINE LLOYD THOMPSON GROUP PLC 70,312
 26,440 KOREA LIFE INSURANCE 176,649
 10,787 KOREA REINSURANCE COMPANY+ 96,722
 322,616 LEGAL & GENERAL GROUP PLC 458,414
 28,345 LIBERTY HOLDINGS LIMITED+ 269,037
 152,360 LINCOLN NATIONAL CORPORATION 3,559,130
 38,454 LOEWS CORPORATION 1,351,274
 6,000 LPI CAPITAL BHD 22,867

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
INSURANCE (continued)
 104,200 MANULIFE FINANCIAL CORPORATION $ 1,159,895
 38,330 MAPFRE SA 110,117
 5,202 MARKEL CORPORATION+ 1,704,799
 57,909 MARSH & MCLENNAN COMPANIES INCORPORATED 1,373,601
 251,805 MBIA INCORPORATED+<< 2,356,895
 9,857 MEDIOLANUM SPA<< 36,475
 1,664 MENORAH MIVTACHIM HOLDINGS LIMITED+ 17,787
 12,822 MERCURY GENERAL CORPORATION 502,879
 64,226 METLIFE INCORPORATED 2,414,898
 10,202 MIGDAL INSURANCE & FINANCIAL HOLDING LIMITED+ 17,841
 8,878 MILANO ASSICURAZIONI SPA 15,402
 84,300 MILLEA HOLDINGS INCORPORATED 2,261,781
 59,800 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED 1,339,645
 120,617 MONTPELIER RE HOLDINGS LIMITED<< 1,910,573
 10,925 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG 1,395,547
 42,251 NIB HOLDINGS LIMITED 47,740
 177,000 NKSJHOLDINGS INCORPORATED 990,239
 301,957 OLD MUTUAL PLC 588,759
 121,285 OLD REPUBLIC INTERNATIONAL CORPORATION<< 1,550,791
 39,465 PARTNERRE LIMITED 2,938,169
 280,000 PICC PROPERTY & CASUALTY COMPANY LIMITED+ 320,360
 215,000 PING AN INSURANCE GROUP COMPANY OF CHINA LIMITED(a) 1,806,381
 69,805 PLATINUM UNDERWRITERS HOLDINGS LIMITED 2,806,859
 18,700 POWER CORPORATION OF CANADA 461,033
 12,100 POWER FINANCIAL CORPORATION 323,052
 7,115 POWSZECHNY ZAKLAD UBEZPIECZE 850,197
 151,427 PRINCIPAL FINANCIAL GROUP INCORPORATED 3,490,392
 42,793 PROASSURANCE CORPORATION+ 2,265,889
 69,400 PROGRESSIVE CORPORATION 1,374,120
 138,265 PROTECTIVE LIFE CORPORATION 2,582,790
 51,262 PRUDENTIAL FINANCIAL INCORPORATED 2,592,319
 147,007 PRUDENTIAL PLC 1,276,089
 110,838 QBE INSURANCE GROUP LIMITED 1,626,122
 36,698 REINSURANCE GROUP OF AMERICA INCORPORATED 1,605,171
 28,625 RENAISSANCERE HOLDINGS LIMITED<< 1,625,614
 22,495 RLI CORPORATION<< 1,180,088
 186,573 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 352,236
 28,154 SAMPO OYJ 678,242
 5,370 SAMSUNG FIRE & MARINE INSURANCE COMPANY LIMITED+ 857,749
 209,283 SANLAM LIMITED 660,637
 8,724 SCOR REGROUPE 189,768
 79,396 SELECTIVE INSURANCE GROUP INCORPORATED 1,179,825
 1,133,192 SHIN KONG FINANCIAL HOLDING COMPANY LIMITED+ 376,740
 2,034 SOCIETA CATTOLICA DI ASSICURAZIONI - SOCIETA COOPERATIVA+ 47,737
 93 SONY FINANCIAL HOLDINGS INCORPORATED 304,428
 7,786 ST. JAMES'S PLACE PLC 30,509
 73,755 STANCORP FINANCIAL GROUP INCORPORATED<< 2,627,891
 121,617 STANDARD LIFE PLC 380,124
 16,400 STOREBRAND ASA 81,280
 33,000 SUN LIFE FINANCIAL INCORPORATED 774,905
 135,770 SUNCORP-METWAY LIMITED 1,008,635
 1,964 SWISS LIFE HOLDING 204,863
 19,861 SWISS REINSURANCE 823,588
 36,400 T&D HOLDINGS INCORPORATED 692,384

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
INSURANCE (continued)
 13,847 TAIWAN LIFE INSURANCE COMPANY LIMITED+ $ 13,962
 54,624 THE TRAVELERS COMPANIES INCORPORATED 2,675,484
 650 TOPDANMARK AS+ 74,687
 41,727 TORCHMARK CORPORATION 2,059,227
 30,246 TOWER AUSTRALIA GROUP LIMITED+ 57,856
 52,203 TOWER GROUP INCORPORATED<< 1,120,276
 32,002 TRANSATLANTIC HOLDING INCORPORATED 1,525,535
 1,268 TRYGVESTA A/S 67,992
 36,511 UNIPOL SPA 24,384
 71,108 UNITRIN INCORPORATED 1,692,370
 166,953 UNUM GROUP 3,347,408
 43,470 VALIDUS HOLDINGS LIMITED 1,107,181
 67,512 W.R. BERKLEY CORPORATION<< 1,778,941
 4,195 WHITE MOUNTAIN INSURANCE GROUP LIMITED 1,273,518
 1,746 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG 82,199
 84,901 WILLIS GROUP HOLDINGS 2,468,921
 172,567 XL GROUP PLC 3,090,675
 2,204 YAPI KREDI SIGORTA AS+ 16,454
 7,260 ZURICH FINANCIAL SERVICES AG 1,618,975
 11,963 ZURICH FINANCIAL SERVICES AG ADR 266,416
 151,424,017
 --------------
REAL ESTATE INVESTMENT TRUSTS: 4.33%
 147,855 ABACUS PROPERTY GROUP 53,934
 102 ADVANCE RESIDENCE INVESTMENT REIT+ 159,052
 58,316 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED<< 4,045,381
 84,815 AMB PROPERTY CORPORATION<< 2,017,749
 80,730 AMP NZ OFFICE TRUST 40,531
 312,534 ANNALY CAPITAL MANAGEMENT INCORPORATED 5,431,841
 8,009 ARDENT LEISURE GROUP+ 6,591
 129,000 ASCENDAS REIT 196,997
 17,805 BABCOCK & BROWN JAPAN PROPERTY TRUST 4,515
 354 BEFIMMO SCA SICAFI 26,468
 176,821 BIOMED REALTY TRUST INCORPORATED 3,021,871
 11 BLIFE INVESTMENT CORPORATION REIT 57,219
 955 BOARDWALK REAL ESTATE INVESTMENT TRUST 39,934
 19,889 BOSTON PROPERTIES INCORPORATED 1,618,965
 204,626 BRANDYWINE REALTY TRUST 2,248,840
 99,341 BRE PROPERTIES INCORPORATED 4,061,060
 53,596 BRITISH LAND COMPANY PLC 375,150
 35,322 BUNNINGS WAREHOUSE PROPERTY TRUST 57,981
 1,567 CALLOWAY REAL ESTATE INVESTMENT TRUST 33,960
 33,210 CAMDEN PROPERTY TRUST 1,519,690
 740 CANADIAN APARTMENT PROPERTIES 11,554
 1,306 CANADIAN REAL ESTATE INVESTMENT TRUST 38,175
 203,464 CAPITACOMMERICAL TRUST 210,144
 271,636 CAPITAMALL TRUST 388,767
 400,000 CATHAY NO 1 REIT+ 139,477
 214,709 CBL & ASSOCIATES PROPERTIES INCORPORATED<< 2,619,450
 52,000 CDL HOSPITALITY TRUSTS 76,724
 182,404 CFS RETAIL PROPERTY TRUST 314,021
 178,653 CHAMPION REIT 87,733
 48,461 CHARTER HALL GROUP 25,223
 1,102,967 CHIMERA INVESTMENT CORPORATION 4,334,660
 517 COFINIMMO SA 61,815

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
REAL ESTATE INVESTMENT TRUSTS (continued)
 103,795 COLONIAL PROPERTIES TRUST<< $ 1,646,189
 148,306 COMMONWEALTH PROPERTY OFFICE FUND 124,691
 100,605 COMMONWEALTH REIT<< 2,426,593
 3,897 CORIO NV 223,614
 77,795 CORPORATE OFFICE PROPERTIES TRUST<< 2,808,400
 7 COUSINS PROPERTIES INCORPORATED 46
 192,649 CROMWELL GROUP 124,265
 24 DA OFFICE INVESTMENT CORPORATION 65,449
 440,751 DB RREEF TRUST 325,473
 328,857 DCT INDUSTRIAL TRUST INCORPORATED<< 1,522,608
 4,612 DERWENT VALLEY HOLDINGS PLC 99,732
 294,284 DEVELOPERS DIVERSIFIED REALTY CORPORATION<< 3,048,782
 235,644 DIAMONDROCK HOSPITALITY+<< 2,064,241
 44,984 DIGITAL REALITY TRUST INCORPORATED<< 2,666,202
 189,161 DOUGLAS EMMETT INCORPORATED<< 3,049,275
 120,755 DUKE REALTY CORPORATION 1,353,664
 34,377 EASTGROUP PROPERTIES INCORPORATED 1,211,789
 72,398 ENTERTAINMENT PROPERTIES TRUST<< 3,119,630
 40,093 EQUITY LIFESTYLE PROPERTIES INCORPORATED 2,074,011
 30,300 EQUITY RESIDENTIAL 1,388,649
 17,266 ESSEX PROPERTY TRUST INCORPORATED<< 1,826,225
 1,592 EUROCOMMERCIAL PROPERTIES NV 61,270
 32,295 FEDERAL REALTY INVESTMENT TRUST 2,560,671
 1,089 FONCIERE DES REGIONS 101,571
 108,357 FRANKLIN STREET PROPERTIES CORPORATION<< 1,271,028
 14 FRONTIER REAL ESTATE INVESTMENT CORPORATION 109,154
 7 FUKUOKA REIT CORPORATION 44,745
 973 GECINA SA 97,015
 14 GLOBAL ONE REAL ESTATE INVESTMENT CORPORATION 106,487
 28,124 GOODMAN PROPERTY TRUST 18,238
 207,193 GPT GROUP 551,176
 14,876 GREAT PORTLAND ESTATES PLC 72,163
 3,671 H&R REAL ESTATE INVESTMENT TRUST 65,925
 36,904 HAMMERSON PLC 203,526
 3 HANKYU REIT INCORPORATED 12,927
 56,358 HATTERAS FINANCIAL CORPORATION<< 1,633,255
 148,198 HCP INCORPORATED<< 5,219,534
 62,040 HEALTH CARE REIT INCORPORATED 2,850,118
 97,020 HEALTHCARE REALTY TRUST INCORPORATED 2,271,238
 111,500 HIGHWOODS PROPERTIES INCORPORATED<< 3,487,720
 47,969 HOME PROPERTIES INCORPORATED<< 2,422,435
 192,157 HOSPITALITY PROPERTIES TRUST 3,756,669
 331,993 HOST HOTELS & RESORTS INCORPORATED<< 4,359,068
 881 ICADE 83,533
 248,764 ING INDUSTRIAL FUND 100,703
 217,512 ING OFFICE FUND 116,112
 26,820 ING PROPERTY TRUST 13,091
 13 JAPAN EXCELLENT INCORPORATED 62,207
 12 JAPAN LOGISTICS FUND INCORPORATED<< 90,846
 103 JAPAN PRIME REALTY INVESTMENT CORPORATION 229,638
 52 JAPAN REAL ESTATE INVESTMENT CORPORATION 461,755
 155 JAPAN RETAIL FUND INVESTMENT CORPORATION 207,749
 13,000 K-REIT ASIA 11,509
 20 KENEDIX REALTY INVESTMENT 69,992
 81,443 KILROY REALTY CORPORATION<< 2,533,692

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
REAL ESTATE INVESTMENT TRUSTS (continued)
 202,620 KIMCO REALTY CORPORATION $ 3,021,064
 86,871 KIWI INCOME PROPERTY TRUST 58,152
 4,808 KLEPIERRE 146,809
 42,404 LAND SECURITIES GROUP PLC 397,676
 108,716 LASALLE HOTEL PROPERTIES 2,290,646
 163,843 LEXINGTON CORPORATE PROPERTIES TRUST<< 1,092,833
 26,296 LIBERTY INTERNATIONAL PLC 133,650
 57,116 LIBERTY PROPERTY TRUST 1,734,613
 65,432 MACERICH COMPANY<< 2,710,193
 38,743 MACK-CALI REALTY CORPORATION 1,195,222
 391,207 MACQUAIRE OFFICE TRUST 85,274
 151,575 MACQUARIE COUNTRYWIDE TRUST 80,240
 567,699 MACQUARIE GOODMAN GROUP 320,727
 46,000 MACQUARIE MEAG PRIME REIT 19,513
 71,000 MAPLETREE LOGISTICS TRUST 43,999
 3,326 MERCIALYS SA 108,681
 436,661 MFA MORTGAGE INVESTMENTS INCORPORATED 3,218,192
 5 MID REAL ESTATE INVESTMENT TRUST INCORPORATED 10,778
 39,746 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED<< 2,244,457
 352,422 MIRVAC GROUP 420,157
 5 MORI HILLS REIT INVESTMENT CORPORATION 10,118
 18 MORI TRUST SOGO REIT INCORPORATED 148,911
 129,753 NATIONAL RETAIL PROPERTIES INCORPORATED<< 3,160,783
 60,419 NATIONWIDE HEALTH PROPERTIES INCORPORATED 2,324,319
 11 NIPPON ACCOMMODATIONS FUND INCORPORATED 63,897
 61 NIPPON BUILDING FUND INCORPORATED 516,986
 38 NIPPON COMMERCIAL INVESTMENT CORPORATION 39,172
 26 NOMURA REAL ESTATE OFFICE FUND 129,056
 144,817 OMEGA HEALTHCARE INVESTORS INCORPORATED 3,106,325
 23 ORIX JREIT INCORPORATED 108,553
 33,000 PARKWAY LIFE REAL ESTATE INVESTMENT TRUST 38,466
 82,100 PLUM CREEK TIMBER COMPANY<< 2,829,987
 75,465 POST PROPERTIES INCORPORATED<< 1,916,811
 62,225 POTLATCH CORPORATION<< 2,084,538
 14 PREMIER INVESTMENT COMPANY 60,659
 238,657 PROLOGIS 2,589,428
 20,582 PUBLIC STORAGE INCORPORATED CLASS D 2,017,448
 60,713 REALTY INCORPORATEDOME CORPORATION<< 1,978,637
 108,663 REDWOOD TRUST INCORPORATED 1,500,636
 41,549 REGENCY CENTERS CORPORATION<< 1,514,877
 5,439 RIOCAN REAL ESTATE INVESTMENT TRUST 106,500
 39,604 SEGRO PLC 164,237
 197,739 SENIOR HOUSING PROPERTIES TRUST 4,646,867
 11,203 SHAFTESBURY PLC 71,647
 241 SILIC STE IMMOBILIERE DE LOCATION POUR L'INDUSTRIE ET LE
 COMMERCE+ 26,540
 42,186 SIMON PROPERTY GROUP INCORPORATED 3,815,724
 39,320 SL GREEN REALTY CORPORATION<< 2,370,210
 240,791 STOCKLAND AUSTRALIA 844,073
 147,763 SUNSTONE HOTEL INVESTORS INCORPORATED+<< 1,266,329
 170,000 SUNTEC REIT 178,089
 53,173 TANGER FACTORY OUTLET CENTERS INCORPORATED<< 2,457,656
 72,059 TAUBMAN CENTERS INCORPORATED<< 2,989,728
 249,149 THE LINK REIT 727,068
 17 TOKYU REIT INCORPORATED 92,477
 21 TOP REIT INCORPORATED 112,612
 5,314 UNIBAIL - RODAMCO SA 1,002,044

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
REAL ESTATE INVESTMENT TRUSTS (continued)
 19 UNITED URBAN INVESTMENT CORPORATION $ 123,033
 983 VASTNED RETAIL NV 53,167
 78,934 VENTAS INCORPORATED 3,986,956
 94,610 WASHINGTON REAL ESTATE INVESTMENT TRUST<< 2,898,850
 58,514 WEINGARTEN REALTY INVESTORS<< 1,180,813
 1,030 WERELDHAVE NV 84,921
 233,084 WESTFIELD GROUP 2,594,260
 177,018,044
 --------------
REAL ESTATE MANAGEMENT & DEVELOPMENT: 0.87%
 7,900 AEON MALL COMPANY LIMITED 181,114
 534 AFRICA ISRAEL INVESTMENTS LIMITED 2,800
 148,000 AGILE PROPERTY HOLDINGS LIMITED 172,948
 65,000 ALLGREEN PROPERTIES LIMITED+ 48,912
 17,000 ASCENDAS INDIA TRUST 12,040
 10,857 ATRIUM EUROPEAN REAL ESTATE LIMITED 57,084
 1,011 ATRIUM LJUNGBERG AB 8,856
 22,783 AUSTRALAND PROPERTY GROUP 56,148
 611,000 AYALA LAND INCORPORATED 220,908
 6,222 BENI STABILI SPA 4,810
 29,850 BROOKFIELD ASSET MANAGEMENT INCORPORATED 768,119
 130,614 BROOKFIELD PROPERTIES CORPORATION<< 1,888,637
 17,000 BUKIT SEMBAWANG ESTATES LIMITED 58,820
 150,000 C C LAND HOLDINGS LIMITED 60,164
 3,951 CA IMMOBILIEN ANLAGEN AG+ 46,564
 26,296 CAPITAL + COUNTIES PROPERTIE 47,548
 270,500 CAPITALAND LIMITED 780,269
 136,000 CAPITAMALLS ASIA LIMITED 210,697
 7,600 CASTELLUM AB 77,835
 260,000 CATHAY REAL ESTATE DEVELOPMENT COMPANY LIMITED 120,122
 53,000 CENT PATTANA PUBLIC COMPANY+ 50,807
 158,000 CHEUNG KONG HOLDINGS LIMITED 1,988,520
 474,480 CHINA OVERSEAS LAND & INVESTMENT LIMITED 1,012,549
 196,000 CHINA RESOURCES LAND LIMITED 374,929
 80 CHINA VANKE COMPANY LIMITED CLASS B 98
 43,696 CHINESE ESTATES HOLDINGS LIMITED 75,947
 52,000 CITY DEVELOPMENTS LIMITED 419,683
 8,904 CITYCON OYJ 30,127
 3,761 CONWERT IMMOBILIEN INVEST SE+ 43,529
 528,973 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 158,445
 5,400 DAIBIRU CORPORATION 39,852
 29,000 DAIKYO INCORPORATED 40,733
 10,200 DAITO TRUST CONSTRUCTION COMPANY LIMITED 585,216
 62,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED 581,550
 1,898 DEUTSCHE EUROSHOP AG 56,174
 97,256 DLF LIMITED 624,287
 26,597 ECHO INVESTMENT+ 38,633
 816 ELBIT IMAGING LIMITED+ 10,045
 7,000 FABEGE AB 49,009
 123,357 FAR EAST CONSORTIUM 36,157
 49,000 FARGLORY LAND DEVELOPMENT COMPANY LIMITED 105,850
 1,089 FIRST CAPITAL REALTY INCORPORATED 15,033
 638 FIRSTSERVICE CORPORATION+ 13,306
 88,703 FKP PROPERTY GROUP 60,373

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
REAL ESTATE MANAGEMENT & DEVELOPMENT (continued)
 188,153 FOREST CITY ENTERPRISES INCORPORATED+ $ 2,120,484
 350,000 FRANSHION PROPERTIES CHINA LIMITED 100,787
 956 GAGFAH SA 6,843
 4,376 GAZIT GLOBE LIMITED 42,865
 14,498 GLOBE TRADE CENTRE SA+ 104,331
 1,440 GOLDCREST COMPANY LIMITED 30,014
 273,900 GOLDEN LAND PROPERTY PCL+ 36,234
 7,618 GRAINGER PLC 12,782
 30,032 GREAT EAGLE HOLDINGS LIMITED 81,655
 56,000 GREENTOWN CHINA HOLDINGS LIMITED 60,040
 14,666 GUOCOLAND LIMITED 23,154
 95,000 HANG LUNG GROUP LIMITED 567,893
 196,000 HANG LUNG PROPERTIES LIMITED 875,591
 6,500 HEIWA REAL ESTATE COMPANY LIMITED 15,552
 945 HELIOPOLIS HOUSING+ 4,803
 106,318 HENDERSON LAND DEVELOPMENT COMPANY LIMITED 650,585
 111,000 HIGHWEALTH CONSTRUCTION CORPORATION 176,025
 33,600 HKR INTERNATIONAL LIMITED 13,174
 122,000 HONGKONG LAND HOLDINGS LIMITED 655,140
 65,000 HOPEWELL HOLDINGS 204,307
 56,000 HOPSON DEVELOPMENT HOLDINGS LIMITED 65,368
 33,352 HOUSING DEVELOPMENT & INFRASTRUCTURE LIMITED+ 178,849
 59,338 HUAKU DEVELOPMENT COMPANY LIMITED 154,486
 20,000 HUANG HSIANG CONSTRUCTION COMPANY 39,083
 5,000 HUFVUDSTADEN AB 43,496
 17,300 HULIC COMPANY LIMITED 119,026
 62,183 HYSAN DEVELOPMENT COMPANY LIMITED 197,051
 88,400 IGB CORPORATION BHD+ 52,114
 40,400 IJM LAND BHD+ 29,095
 15,082 IMMOEAST ANSPR NACHB(a) 0
 19,870 IMMOFINANZ ANSPR NACHB(a) 0
 52,222 IMMOFINANZ IMMOBILIEN ANLAGEN AG 170,740
 43,692 INDIABULLS REAL ESTATE LIMITED+ 155,439
 2,767 IVG IMMOBILIEN AG 18,129
 23,274 JONES LANG LASALLE INCORPORATED<< 1,757,420
 148,982 K WAH INTERNATIONAL HOLDINGS LIMITED 49,413
 127 KENEDIX INCORPORATED 20,711
 66,729 KEPPEL LAND LIMITED 191,006
 61,553 KERRY PROPERTIES LIMITED 310,188
 29,000 KLCC PROPERTY HOLDINGS BHD 30,496
 12,000 KOWLOON DEVELOPMENT COMPANY LIMITED 12,465
 3,102 KUNGSLEDEN 20,270
 103,000 KWG PROPERTY HOLDING LIMITED 71,900
 380,700 LAND AND HOUSES PCL 75,422
 53,319 LEND LEASE CORPORATION LIMITED 329,219
 12,200 LEOPALACE21 CORPORATION<< 26,285
 1,548,000 LIPPO KARAWACI TBK PT+ 85,667
 2,676 MEDINET NASR HOUSING+ 13,423
 700 MI DEVELOPMENTS INCORPORATED 7,858
 56,000 MIDLAND HOLDINGS LIMITED 44,634
 148,189 MITSUBISHI ESTATE COMPANY LIMITED 2,227,862
 94,000 MITSUI FUDOSAN COMPANY LIMITED 1,525,080
 168,000 NEW WORLD CHINA LAND LIMITED 55,289
 269,189 NEW WORLD DEVELOPMENT LIMITED 431,879
 7,900 NOMURA REAL ESTATE HOLDING INCORPORATED 104,569
 106 NTT URBAN DEVELOPMENT CORPORATION 82,645

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
REAL ESTATE MANAGEMENT & DEVELOPMENT (continued)
 46,809 PALM HILLS DEVELOPMENTS SAE+ $ 42,497
 19,918 PEET LIMITED 34,290
 169,000 POLY HONG KONG INVESTMENTS 180,325
 1,875 PSP SWISS PROPERTY AG 126,878
 372,100 ROBINSONS LAND COMPANY+ 115,666
 57,000 RUENTEX DEVELOPMENT COMPANY LIMITED 91,815
 2,690 SAVILLS PLC 12,814
 168,500 SHIMAO PROPERTY HOLDING LIMITED 273,369
 1,300 SHOEI 9,207
 174,778 SHUI ON LAND LIMITED 76,843
 14,000 SINGAPORE LAND LIMITED 70,026
 185,383 SINO LAND COMPANY 323,638
 364,099 SINO-OCEAN LAND HOLDINGS LIMITED 255,097
 454,563 SM PRIME HOLDINGS INCORPORATED 109,432
 181,000 SOHO CHINA LIMITED 115,877
 58,850 SP SETIA BHD 81,201
 360 SUMITOMO REAL ESTATE SALES COMPANY LIMITED 15,191
 51,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED 973,134
 148,895 SUN HUNG KAI PROPERTIES LIMITED 2,086,396
 3,148 SUN HUNG KAI PROPERTIES LIMITED ADR<< 44,135
 600 SURUGA CORPORATION(a)+ 0
 65,500 SWIRE PACIFIC LIMITED A SHARES 789,410
 100,000 SWIRE PACIFIC LIMITED B SHARES 227,286
 2,858 SWISS PRIME SITE AG 186,217
 34,080 TA GLOBAL BHD 4,018
 105,976 TALAAT MOUSTAFA GROUP+ 134,662
 1,600 THE SANKEI BUILDING COMPANY LIMITED 8,761
 48,626 THE ST. JOE COMPANY+<< 1,170,914
 81,399 TIAN AN CHINA INVESTMENT 54,833
 4,500 TOC COMPANY LIMITED 18,266
 37,000 TOKYO TATEMONO COMPANY LIMITED 129,485
 45,000 TOKYU LAND CORPORATION 177,836
 600 TOKYU LIVABLE INCORPORATED 6,699
 64,875 UEM LAND HOLDINGS BHD+ 34,524
 203,870 UNITECH LIMITED 336,099
 216,000 UNITED ENERGY GROUP LIMITED+ 18,049
 40,000 UNITED INDUSTRIAL CORPORATION LIMITED SGD+ 64,035
 57,000 UNITED OVERSEAS LAND LIMITED 167,783
 146,500 WHARF HOLDINGS LIMITED 788,176
 105,000 WHEELOCK & COMPANY 303,037
 10,000 WHEELOCK PROPERTIES (SINGAPORE) LIMITED+ 13,205
 51,000 WING TAI HOLDINGS LIMITED 60,952
 61,000 YANLORD LAND GROUP LIMITED 79,203
 35,525,364
 --------------
THRIFTS & MORTGAGE FINANCE: 0.63%
 137,422 ASTORIA FINANCIAL CORPORATION<< 1,657,309
 10,357 CAPITOL FEDERAL FINANCIAL<< 265,761
 324,635 FIRST NIAGARA FINANCIAL GROUP INCORPORATED<< 3,665,129
 2,068 GENWORTH MI CANADA INCORPORATED 51,198
 1,479 HOME CAPITAL GROUP INCORPORATED 59,917
 185,680 HOUSING DEVELOPMENT FINANCE CORPORATION 2,474,944
 246,034 HUDSON CITY BANCORP INCORPORATED<< 2,835,542
 11,318 LIC HOUSING FINANCE LIMITED 289,350
 312,139 MGIC INVESTMENT CORPORATION+<< 2,253,644

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
THRIFTS & MORTGAGE FINANCE (continued)
 219,611 NEW YORK COMMUNITY BANCORP INCORPORATED<< $ 3,489,619
 154,920 NEWALLIANCE BANCSHARES INCORPORATED 1,896,221
 16,492 PARAGON GROUP OF COMPANIES PLC 34,297
 188,699 PEOPLE'S UNITED FINANCIAL INCORPORATED 2,400,251
 85,191 PROVIDENT FINANCIAL SERVICES INCORPORATED<< 977,141
 44,038 TFS FINANCIAL CORPORATION 404,709
 115,666 TRUSTCO BANK CORPORATION NEW YORK SHARES 615,343
 171,815 WASHINGTON FEDERAL INCORPORATED 2,451,800
 25,822,175
 --------------
HEALTH CARE: 9.03%
BIOTECHNOLOGY: 1.48%
 48,127 ACORDA THERAPEUTICS INCORPORATED+<< 1,449,585
 6,746 ACTELION LIMITED+ 289,176
 47,494 ALEXION PHARMACEUTICALS INCORPORATED+ 2,681,986
 124,816 ALKERMES INCORPORATED+ 1,655,060
 139,600 AMGEN INCORPORATED+ 7,125,184
 68,996 AMYLIN PHARMACEUTICALS INCORPORATED+<< 1,417,178
 184 BASILEA PHARMACEUTICA+ 10,584
 929 BB BIOTECH AG 50,282
 8,634 BIOCON LIMITED 62,387
 35,807 BIOGEN IDEC INCORPORATED+<< 1,926,417
 134,162 BIOMARIN PHARMACEUTICAL INCORPORATED+<< 2,722,147
 16,423 BIOTA HOLDINGS LIMITED 13,589
 123,362 CELERA CORPORATION+<< 814,189
 67,178 CELGENE CORPORATION+<< 3,461,011
 39,576 CEPHALON INCORPORATED+<< 2,240,397
 75,813 CEPHEID INCORPORATED+<< 1,115,209
 702,000 CK LIFE SCIENCES INTERNATIONAL HOLDINGS INCORPORATED+ 40,159
 3,169 CRUCELL NV+ 59,556
 58,796 CSL LIMITED 1,724,165
 75,035 CUBIST PHARMACEUTICALS INCORPORATED+<< 1,653,021
 71,173 DENDREON CORPORATION+<< 2,550,840
 1,600 GENMAB A/S+ 15,157
 38,753 GENZYME CORPORATION+ 2,716,973
 129,902 GILEAD SCIENCES INCORPORATED+ 4,138,678
 6,518 GRIFOLS SA 75,901
 99,326 HUMAN GENOME SCIENCES INCORPORATED+<< 2,889,393
 149,113 INCYTE CORPORATION+<< 1,866,895
 1,885 INTERCELL AG+ 34,637
 118,484 ISIS PHARMACEUTICALS INCORPORATED+<< 928,915
 49,669 MYRIAD GENETICS INCORPORATED+ 777,817
 1,380 NICOX SA+ 4,218
 82,027 ONYX PHARMACEUTICALS INCORPORATED+<< 1,976,030
 179,515 PDL BIOPHARMA INCORPORATED 1,016,055
 84,984 REGENERON PHARMACEUTICAL INCORPORATED+ 1,867,948
 85,020 SAVIENT PHARMACEUTICALS INCORPORATED+<< 1,225,988
 204,000 SINO BIOPHARMACEUTICAL 69,235
 2 TAKARA BIO INCORPORATED+ 4,523
 81,364 THERAVANCE INCORPORATED+<< 983,691
 64,954 UNITED THERAPEUTICS CORPORATION+<< 3,002,174
 107,101 VERTEX PHARMACEUTICALS INCORPORATED+<< 3,570,747
 7,262 ZELTIA SA 29,311
 60,256,408
 --------------

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
HEALTH CARE EQUIPMENT & SUPPLIES: 1.75%
 11,160 ALCON INCORPORATED $ 1,810,152
 44,117 ALERE INCORPORATED+<< 1,233,952
 12,859 ANSELL LIMITED 154,220
 88,300 BAXTER INTERNATIONAL INCORPORATED 3,758,048
 36,757 BECKMAN COULTER INCORPORATED<< 1,677,589
 31,982 BECTON DICKINSON & COMPANY 2,180,853
 674 BIOMERIEUX SA 68,715
 26,000 BIOSENSORS INTERNATIONAL GROUP LIMITED+ 15,249
 167,000 BOSTON SCIENTIFIC CORPORATION+ 866,730
 6,615 COCHLEAR LIMITED 407,267
 1,105 COLOPLAST AS CLASS B 117,562
 51,194 CR BARD INCORPORATED 3,933,235
 77,502 DENTSPLY INTERNATIONAL INCORPORATED 2,156,106
 59,621 EDWARDS LIFESCIENCES CORPORATION+ 3,432,381
 4,123 ELEKTA AB CLASS B 118,979
 12,559 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE 762,268
 49,846 FISHER & PAYKEL HEALTHCARE CORPORATION 101,145
 1,040 FRESENIUS SE 73,791
 1,200 FUKUDA DENSHI COMPANY LIMITED 29,782
 65,492 GEN-PROBE INCORPORATED+<< 2,949,105
 10,844 GETINGE AB 217,715
 10,963 GN STORE NORD+ 70,542
 40,000 GOLDEN MEDITECH COMPANY LIMITED 6,839
 33,167 HAEMONETICS CORPORATION+ 1,727,337
 97,457 HILL-ROM HOLDINGS INCORPORATED<< 3,128,370
 1,100 HOGY MEDICAL COMPANY LIMITED 54,928
 87,468 HOSPIRA INCORPORATED+ 4,492,356
 32,837 IDEXX LABORATORIES INCORPORATED+<< 1,814,901
 92,307 IMMUCOR INCORPORATED+ 1,624,603
 5,508 INTUITIVE SURGICAL INCORPORATED+<< 1,459,785
 46,440 INVACARE CORPORATION<< 1,063,476
 3,000 JEOL LIMITED 8,999
 31,617 KINETIC CONCEPTS INCORPORATED+<< 1,009,215
 70,716 MASIMO CORPORATION<< 1,609,496
 122,923 MEDTRONIC INCORPORATED 3,869,616
 700 NAGAILEBEN COMPANY LIMITED 16,748
 400 NAKANISHI INCORPORATED 41,519
 4,400 NIHON KOHDEN CORPORATION 89,247
 9,000 NIKKISO COMPANY LIMITED 58,814
 4,600 NIPRO CORPORATION 90,620
 6,559 NOBEL BIOCARE HOLDING AG 103,109
 51,609 NUVASIVE INCORPORATED+<< 1,514,724
 22,800 OLYMPUS CORPORATION 544,421
 3,365 OLYMPUS CORPORATION ADR 79,683
 289 OMEGA PHARMA SA+ 10,494
 800 PARAMOUNT BED COMPANY LIMITED 19,026
 2,781 PHONAK HOLDING AG 355,826
 80,256 RESMED INCORPORATED+ 2,418,916
 51,398 SMITH & NEPHEW PLC 427,240
 11,861 SSL INTERNATIONAL PLC 211,193
 47,506 ST. JUDE MEDICAL INCORPORATED+ 1,642,282
 71,272 STERIS CORPORATION 2,050,495
 396 STRAUMANN HOLDING AG 83,471
 44,408 STRYKER CORPORATION<< 1,917,982
 3,671 SYNTHES INCORPORATED+ 404,976

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
HEALTH CARE EQUIPMENT & SUPPLIES (continued)
 52,371 TELEFLEX INCORPORATED<< $ 2,516,950
 19,700 TERUMO CORPORATION 975,503
 75,681 THORATEC CORPORATION+<< 2,436,928
 4,400 TOA MEDICAL ELECTRONICS COMPANY 278,110
 39,000 TOP GLOVE CORPORATION BHD 75,436
 65,976 VARIAN MEDICAL SYSTEMS INCORPORATED+<< 3,512,562
 42,392 WEST PHARMACEUTICAL SERVICES INCORPORATED 1,425,219
 1,196 WILLIAM DEMANT HOLDING+ 81,151
 71,387,952
 --------------
HEALTH CARE PROVIDERS & SERVICES: 1.80%
 2,189 ACIBADEM SAGLIK HIZMETLERI VE TICARET AS+ 18,635
 47,800 AETNA INCORPORATED 1,277,216
 4,900 ALFRESA HOLDINGS CORPORATION 218,432
 35,684 AMEDISYS INCORPORATED+<< 825,014
 600 AS ONE CORPORATION 11,270
 491,925 BANGKOK CHAIN HOSPITAL PCL+ 77,337
 109,900 BANGKOK DUSIT MEDICAL SERVICES PCL THB 115,888
 28,900 BUMRUNGRAD HOSPITAL PCL 29,551
 39,600 CARDINAL HEALTH INCORPORATED 1,186,416
 51,289 CATALYST HEALTH SOLUTIONS INCORPORATED+ 2,056,176
 3,478 CELESIO AG 70,520
 80,213 CENTENE CORPORATION+ 1,621,907
 30,145 CHEMED CORPORATION 1,504,236
 138,680 CIGNA CORPORATION 4,468,270
 896 CML HEALTHCARE INCOME FUND 9,411
 74,702 COVENTRY HEALTH CARE INCORPORATED+ 1,445,484
 54,184 DAVITA INCORPORATED+ 3,501,370
 39,776 EMERGENCY MEDICAL SERVICES CORPORATION+ 1,911,237
 74,320 EXPRESS SCRIPTS INCORPORATED+ 3,166,032
 10,939 FRESENIUS MEDICAL CARE AG & COMPANY 619,374
 226 GALENICA AG 96,555
 380,553 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A+ 2,378,456
 48,800 HEALTH NET INCORPORATED+ 1,165,344
 27,302 HEALTHSCOPE LIMITED 149,387
 123,177 HEALTHSOUTH REHABILITATION CORPORATION+<< 2,002,858
 50,538 HEALTHWAYS INCORPORATED+ 631,725
 48,445 HENRY SCHEIN INCORPORATED+<< 2,557,896
 37,853 HMS HOLDINGS CORPORATION+<< 1,975,170
 85,826 HUMANA INCORPORATED+ 4,101,625
 55,371 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 4,021,042
 85,325 LIFEPOINT HOSPITALS INCORPORATED+<< 2,595,587
 39,200 MCKESSON CORPORATION 2,275,560
 65,962 MEDCO HEALTH SOLUTIONS INCORPORATED+ 2,868,028
 44,330 MEDI-CLINIC CORPORATION+ 151,053
 20,600 MEDICEO PALTAC HOLDINGS COMPANY LIMITED 256,489
 62,088 MEDNAX INCORPORATED+ 2,877,158
 5,800 MIRACA HOLDINGS INCORPORATED 194,277
 175,722 NETWORK HEALTHCARE HOLDINGS LIMITED 315,227
 4,000 NICHII GAKKAN COMPANY 34,282
 58,805 OMNICARE INCORPORATED 1,129,056
 2,925 OPG GROEP NV 47,946
 742 ORPEA 28,012
 82,477 OWENS & MINOR INCORPORATED 2,198,837
 34,521 PHARMERICA CORPORATION+ 267,883

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
HEALTH CARE PROVIDERS & SERVICES (continued)
 32,930 PRIMARY HEALTH CARE LIMITED $ 94,632
 75,136 PSS WORLD MEDICAL INCORPORATED+<< 1,379,497
 70,029 PSYCHIATRIC SOLUTIONS INCORPORATED+ 2,335,467
 21,221 QUEST DIAGNOSTICS INCORPORATED 923,114
 12,422 RAMSAY HEALTH CARE LIMITED 161,578
 6,385 RHOEN KLINIKUM AG 140,062
 26,980 RYMAN HEALTHCARE LIMITED 38,567
 92,241 SIGMA PHARMACEUTICALS LIMITED 38,571
 38,269 SONIC HEALTHCARE LIMITED 376,230
 2,071 SOUTHERN CROSS HEALTHCARE LIMITED 969
 9,100 SUZUKEN COMPANY LIMITED 315,754
 747,434 TENET HEALTHCARE CORPORATION+<< 2,929,941
 6,200 TOHO PHARMACEUTICAL 89,373
 3,346 UNITED DRUG PLC 9,634
 126,800 UNITEDHEALTH GROUP INCORPORATED 4,022,096
 111,728 VCA ANTECH INCORPORATED+<< 2,208,863
 73,517,577
 -------------
HEALTH CARE TECHNOLOGY: 0.12%
 6,825 AGFA-GEVAERT NV<< 46,705
 28,864 ALLSCRIPTS HEALTHCARE SOLUTIONS INCORPORATED+ 482,317
 39,780 ATHENAHEALTH INCORPORATED+<< 1,071,673
 36,770 CERNER CORPORATION+<< 2,678,695
 77,813 IBA HEALTH GROUP LIMITED 9,692
 12 M3 INCORPORATED 54,422
 9,332 QUALITY SYSTEMS INCORPORATED<< 523,059
 1,444 SXC HEALTH SOLUTIONS CORPORATION+ 113,018
 4,979,581
 -------------
LIFE SCIENCES TOOLS & SERVICES: 0.59%
 24,239 BIO-RAD LABORATORIES INCORPORATED+ 2,000,445
 5,880 BTG PLC+ 18,126
 7,023 CELLESTIS LIMITED 14,746
 34,303 COVANCE INCORPORATED+<< 1,301,113
 23,409 DIONEX CORPORATION+<< 1,697,153
 7,716 DIVI'S LABORATORIES LIMITED 122,031
 4,299 FURIEX PHARMACEUTICALS+ 42,819
 1,265 GERRESHEIMER AG+ 43,844
 64,394 ILLUMINA INCORPORATED+<< 2,761,859
 96,814 LIFE TECHNOLOGIES CORPORATION+ 4,140,735
 3,369 LONZA GROUP AG 279,575
 2,000 MDS INCORPORATED+ 19,056
 17,773 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 1,965,516
 53,664 PHARMACEUTICAL PRODUCT DEVELOPMENT INCORPORATED 1,232,662
 14,303 QIAGEN NV+ 256,929
 201 TECAN GROUP AG 12,275
 49,492 TECHNE CORPORATION<< 2,857,173
 60,000 THERMO FISHER SCIENTIFIC INCORPORATED+ 2,527,200
 49,265 WATERS CORPORATION+ 2,981,518
 24,274,775
 -------------
PHARMACEUTICALS: 3.29%
 170,494 ABBOTT LABORATORIES 8,412,174
 6,158 ALAPIS HOLDING INDUSTRIAL 15,998
 44,404 ALLERGAN INCORPORATED 2,727,294

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
PHARMACEUTICALS (continued)
 45,707 ASPEN PHARMACARE HOLDINGS LIMITED $ 521,215
 47,700 ASTELLAS PHARMA INCORPORATED 1,648,293
 84,655 ASTRAZENECA PLC 4,190,951
 62,249 AUXILIUM PHARMACEUTICALS INCORPORATED+<< 1,612,872
 48,160 BAYER AG 2,940,463
 6,800 BIOVAIL CORPORATION 155,532
 190,377 BRISTOL-MYERS SQUIBB COMPANY 4,965,032
 9,434 CADILA HEALTHCARE LIMITED 121,254
 3,906 CARDIOME PHARMA CORPORATION+ 23,736
 47,000 CHINA SHINEWAY PHARMACEUTICAL GROUP LIMITED 123,259
 25,300 CHUGAI PHARMACEUTICAL COMPANY LIMITED 431,856
 76,430 CIPLA LIMITED INDIA 492,717
 72,800 DAIICHI SANKYO COMPANY LIMITED 1,454,960
 12,300 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED 102,049
 16,178 DR. REDDYS LABORATORIES LIMITED 469,262
 62,202 EIS ECZACIBASI ILAC VE SINAI 98,575
 29,000 EISAI COMPANY LIMITED 1,045,947
 34,164 ELAN CORPORATION PLC+ 150,664
 108,800 ELI LILLY & COMPANY 3,651,328
 50,835 ENDO PHARMACEUTICALS HOLDINGS INCORPORATED+ 1,381,187
 9,649 FAES FARMA SA 32,037
 439 FINANCIERE DE TUBIZE 11,210
 31,642 FOREST LABORATORIES INCORPORATED+ 863,510
 4,000 FUSO PHARMACEUTICAL INDUSTRIES LIMITED 12,237
 5,866 GLAXOSMITHKLINE PHARMACEUTICALS LIMITED+ 232,034
 304,982 GLAXOSMITHKLINE PLC 5,711,054
 14,398 GLENMARK PHARMACEUTICALS LIMITED 87,416
 2,372 H LUNDBECK AS 36,037
 6,650 HIKMA PHARMACEUTICALS PLC 78,021
 8,600 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED 355,220
 92,000 HUA HAN BIO PHARMACEUTICAL 28,622
 1,094 IPSEN 37,363
 306,504 JOHNSON & JOHNSON 17,476,858
 10,000 KAKEN PHARMACEUTICAL COMPANY LIMITED 108,320
 890,500 KALBE FARMA TBK PT 229,155
 122,112 KING PHARMACEUTICALS INCORPORATED+ 1,063,596
 5,000 KISSEI PHARMACEUTICAL COMPANY LIMITED 98,441
 6,000 KYORIN COMPANY LIMITED 86,133
 31,000 KYOWA HAKKO KOGYO COMPANY LIMITED 303,321
 1,037 LABORATORIOS ALMIRALL SA 10,500
 26,800 LUPIN LIMITED 203,051
 10,885 MEDA AB CLASS A+ 84,750
 93,956 MEDICIS PHARMACEUTICAL CORPORATION CLASS A 2,583,790
 345,197 MERCK & COMPANY INCORPORATED 12,137,127
 3,966 MERCK KGAA 344,476
 11,000 MOCHIDA PHARMACEUTICAL COMPANY LIMITED 109,987
 2,600 NICHI-IKO PHARMACEUTICAL COMPANY LIMITED 94,239
 15,667 NICHOLAS PIRAMAL INDIA LIMITED 165,879
 6,000 NIPPON SHINYAKU COMPANY LIMITED 77,277
 142,547 NOVARTIS AG 7,490,650
 24,590 NOVO NORDISK AS CLASS B 2,109,670
 12,200 ONO PHARMACEUTICAL COMPANY LIMITED 535,865
 2,073 ORION OYJ CLASS A 37,619
 4,268 ORION OYJ CLASS B 77,992
 44,066 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 1,162,020

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
PHARMACEUTICALS (continued)
 43,737 PERRIGO COMPANY<< $ 2,492,572
 892,550 PFIZER INCORPORATED 14,218,322
 22,924 PHARMAXIS LIMITED+ 41,403
 18,964 RANBAXY LABORATORIES LIMITED+ 197,804
 6,569 RECORDATI SPA 51,654
 1,670 RICHTER GEDEON PLC 345,757
 40,919 ROCHE HOLDING AG 5,562,001
 1,278 ROCHE HOLDINGS AG - BEARER SHARES 182,526
 12,000 ROHTO PHARMACEUTICAL COMPANY LIMITED 146,554
 75,131 SALIX PHARMACEUTICALS LIMITED+<< 2,844,460
 55,162 SANOFI-AVENTIS SA 3,164,557
 17,805 SANOFI-AVENTIS SA ADR 509,401
 10,300 SANTEN PHARMACEUTICAL COMPANY LIMITED 369,039
 1,500 SAWAI PHARMACEUTICAL COMPANY LIMITED 153,732
 5,500 SEIKAGAKU CORPORATION 58,725
 33,800 SHIONOGI & COMPANY LIMITED 589,820
 32,610 SHIRE LIMITED 703,174
 2,792 STADA ARZNEIMITTEL AG 85,252
 12,329 SUN PHARMACEUTICAL INDUSTRIES LIMITED 461,918
 24,000 TAISHO PHARMACEUTICAL COMPANY LIMITED 478,514
 81,100 TAKEDA PHARMACEUTICAL COMPANY LIMITED 3,726,294
 24,000 TANABE SEIYAKU COMPANY LIMITED 375,955
 54,294 TEVA PHARMACEUTICAL INDUSTRIES LIMITED 2,744,594
 1,100 TOWA PHARMACEUTICAL COMPANY LIMITED 65,730
 7,000 TSUMURA & COMPANY 218,141
 5,128 UCB SA 146,280
 34,975 VALEANT PHARMACEUTICALS INTERNATIONAL 2,017,708
 52,749 WARNER CHILCOTT LIMITED 1,499,127
 930 YUHAN CORPORATION+ 138,077
 3,000 ZERIA PHARMACEUTICAL COMPANY LIMITED 35,674
 134,436,860
 -------------
INDUSTRIALS: 11.39%
AEROSPACE & DEFENSE: 0.97%
 49,628 AAR CORPORATION+ 762,286
 16,612 ALLIANT TECHSYSTEMS INCORPORATED+ 1,094,731
 208,542 BAE SYSTEMS PLC 942,541
 2,301 BHARAT ELECTRONICS LIMITED+ 81,215
 86,159 BOMBARDIER INCORPORATED CLASS B 358,743
 12,300 BOMBARDIER INCORPORATED CLASS A 51,214
 11,900 CAE INCORPORATED 112,154
 32,913 CERADYNE INCORPORATED+ 718,820
 1,689 CHEMRING GROUP PLC 67,401
 74,067 COBHAM PLC 237,409
 60,489 CURTISS-WRIGHT CORPORATION 1,608,403
 1,785 ELBIT SYSTEMS LIMITED 88,922
 39,195 ESTERLINE TECHNOLOGIES CORPORATION+ 1,802,970
 19,915 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY 438,246
 24,043 FINMECCANICA SPA 241,463
 35,657 GENERAL DYNAMICS CORPORATION 1,992,157
 66,116 GOODRICH CORPORATION 4,527,624
 77,330 HONEYWELL INTERNATIONAL INCORPORATED 3,022,830
 31,410 MEGGITT PLC 128,282
 54,116 MOOG INCORPORATED CLASS A+<< 1,688,419
 2,336 MTU AERO ENGINES HOLDINGS 129,942

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
AEROSPACE & DEFENSE (continued)
 31,251 NORTHROP GRUMMAN CORPORATION $ 1,691,304
 20,678 PRECISION CASTPARTS CORPORATION 2,340,336
 31,275 QINETIQ PLC 51,754
 83,824 ROCKWELL COLLINS INCORPORATED 4,520,628
 107,905 ROLLS ROYCE GROUP PLC 916,807
 2,300 SAAB AB+ 28,456
 13,687 SAFRAN SA 336,317
 147,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED 347,031
 47,353 TELEDYNE TECHNOLOGIES INCORPORATED+ 1,713,232
 6,586 THALES SA 210,572
 18,854 TRANSDIGN GROUP INCORPORATED 1,091,458
 3,231 ULTRA ELECTRONICS HOLDINGS 82,703
 95,824 UNITED TECHNOLOGIES CORPORATION 6,248,683
 2,058 ZODIAC SA 123,698
 39,798,751
 --------------
AIR FREIGHT & LOGISTICS: 0.64%
 98 BOLLORE INVESTISSEMENT 16,573
 87,950 CH ROBINSON WORLDWIDE INCORPORATED<< 5,715,871
 48,967 DEUTSCHE POST AG 800,800
 112,956 EXPEDITORS INTERNATIONAL WASHINGTON INCORPORATED 4,471,928
 42,400 FEDEX CORPORATION 3,309,320
 5,254 FREIGHTWAYS LIMITED 10,515
 798 GLOVIS COMPANY LIMITED+ 109,160
 11,000 GOODPACK LIMITED 15,662
 48,903 HUB GROUP INCORPORATED CLASS A+ 1,299,842
 1,700 KINTETSU WORLD EXPRESS INCORPORATED 40,390
 3,167 MAINFREIGHT LIMITED 14,686
 782 OESTERREICHISCHE POST AG 20,216
 558 PANALPINA WELTTRANSPORT HOLDINGS AG 53,863
 138,000 SINGAPORE POST LIMITED 116,060
 2,000 THE SHIBUSAWA WAREHOUSE COMPANY LIMITED 7,118
 20,917 TNT NV 530,937
 75,669 TOLL HOLDINGS LIMITED 408,649
 104,200 UNITED PARCEL SERVICE INCORPORATED CLASS B 6,647,960
 155,175 UTI WORLDWIDE INCORPORATED 2,174,002
 46,700 YAMATO HOLDINGS COMPANY LIMITED 549,216
 26,312,768
 --------------
AIRLINES: 0.52%
 264,000 AIR CHINA 281,691
 16,025 AIR FRANCE-KLM 210,591
 180,000 AIRASIA BHD+ 96,363
 46,360 ALASKA AIR GROUP INCORPORATED+ 2,050,503
 32,900 ALITALIA SPA(a)+ 0
 102,000 ALL NIPPON AIRWAYS COMPANY LIMITED 369,099
 27,402 BRITISH AIRWAYS PLC 88,673
 95,000 CATHAY PACIFIC AIRWAYS LIMITED 234,241
 541,604 CHINA AIRLINES 322,927
 184,045 CONTINENTAL AIRLINES INCORPORATED CLASS B+<< 4,111,565
 15,953 DEUTSCHE LUFTHANSA AG 251,796
 10,419 EASYJET PLC+ 55,703
 322,878 EVA AIRWAYS CORPORATION+ 229,302
 27,436 IBERIA LINEAS AEREAS DE ESPANA SA 88,485
 63 JAZZ AIR INCOME FUND 255

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
AIRLINES (continued)
 381,555 JETBLUE AIRWAYS CORPORATION+<< $ 2,178,679
 5,649 KOREAN AIR LINES COMPANY LIMITED+ 343,492
 16,135 LAN AIRLINES SA 431,400
 46,134 MALAYSIAN AIRLINE SYSTEM BHD+ 31,607
 138,003 QANTAS AIRWAYS LIMITED 308,181
 16,200 RYANAIR HOLDINGS PLC ADR+ 459,270
 22,716 SAS AB+<< 80,212
 44,200 SINGAPORE AIRLINES LIMITED 492,379
 71,000 SINGAPORE AIRLINES LIMITED NPV 789,878
 84,157 SKYWEST INCORPORATED 1,072,160
 373,900 SOUTHWEST AIRLINES COMPANY<< 4,131,595
 76,300 THAI AIRWAYS INTERNATIONAL PCL 91,428
 59,841 TURK HAVA YOLLARI ANONIM ORTAKLIGI+ 188,099
 95,865 UAL CORPORATION+<< 2,031,379
 177,317 VIRGIN BLUE HOLDINGS LIMITED 54,427
 1,900 WESTJET AIRLINES LIMITED+ 20,277
 21,095,657
 -------------
BUILDING PRODUCTS: 0.34%
 8,600 AICA KOGYO COMPANY LIMITED 96,227
 130,000 ASAHI GLASS COMPANY LIMITED 1,268,897
 17,200 ASSA ABLOY AB CLASS B 343,695
 3,000 BUNKA SHUTTER COMPANY LIMITED 7,571
 21,000 CENTRAL GLASS COMPANY LIMITED 76,241
 5,625 CERSANIT-KRASNYSTAW SA+ 26,274
 25,191 COMPAGNIE DE SAINT-GOBAIN 927,053
 7,606 CRANE GROUP LIMITED 54,407
 29,700 DAIKIN INDUSTRIES LIMITED 1,011,801
 101,100 DYNASTY CERAMIC PCL 142,144
 2,244 GEBERIT AG 361,604
 28,791 GWA INTERNATIONAL LIMITED 76,078
 25,544 HASTIE GROUP LIMITED 31,817
 20,176 HILLS INDUSTRIES LIMITED 39,671
 29,800 JS GROUP CORPORATION 569,680
 154 KABA HOLDING 43,003
 469 KCC CORPORATION 116,575
 6,643 KINGSPAN GROUP PLC 45,880
 68,982 LENNOX INTERNATIONAL INCORPORATED<< 2,924,147
 903 LINDAB INTERNATIONAL AB 9,700
 181,278 MASCO CORPORATION 1,901,606
 9,000 NICHIAS CORPORATION 37,174
 66,000 NIPPON SHEET GLASS COMPANY LIMITED<< 144,554
 9,000 NITTO BOSEKI COMPANY LIMITED 17,462
 6,700 NORITZ CORPORATION 128,322
 57,861 OWENS CORNING INCORPORATED+<< 1,573,819
 56,680 QUANEX BUILDING PRODUCTS CORPORATION 895,544
 100 ROCKWOOL INTERNATIONAL AS B SHARES+ 8,562
 100 ROCKWOOL INTERNATIONAL AS A SHARES+ 8,852
 12,000 SANKYO-TATEYAMA HOLDINGS INCORPORATED 12,998
 23,000 SANWA SHUTTER CORPORATION 67,623
 2,000 SEKISUI JUSHI CORPORATION 18,355
 157,079 TAIWAN GLASS INDUSTRIAL CORPORATION 152,009
 9,000 TAKARA STANDARD COMPANY LIMITED 60,314
 10,000 TAKASAGO THERMAL ENGINEERING COMPANY 75,705
 41,000 TOTO LIMITED 260,124

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
BUILDING PRODUCTS (continued)
 677 ULTRATECH CEMENT LIMITED GDR(a) $ 25,961
 2,800 UPONOR OYJ 38,854
 331,800 VANACHAI GROUP PCL 70,506
 5,585 WIENERBERGER AG 72,333
 13,743,142
 --------------
COMMERCIAL SERVICES & SUPPLIES: 1.37%
 64,792 ABM INDUSTRIES INCORPORATED<< 1,270,571
 6,384 ADECCO SA 297,679
 700 AEON DELIGHT COMPANY LIMITED 13,123
 14,347 AGGREKO PLC 312,227
 1,700 ASAHI HOLDINGS INCORPORATED 30,252
 53,800 AVERY DENNISON CORPORATION 1,749,576
 16,555 BABCOCK INTERNATIONAL GROUP 128,345
 12,017 BFI CANADA LIMITED 284,549
 130,770 BRAMBLES LIMITED 681,788
 2,753 BUREAU VERITAS SA 167,460
 11,765 CABCHARGE AUSTRALIA LIMITED 50,348
 6,366 CAMPBELL BROTHERS LIMITED 180,519
 34,198 CAPITA GROUP PLC 368,708
 66,900 CINTAS CORPORATION 1,705,281
 30,271 CLEAN HARBORS INCORPORATED+<< 1,829,882
 39,436 COPART INCORPORATED+ 1,303,360
 69,000 DAI NIPPON PRINTING COMPANY LIMITED 802,440
 4,200 DAISEKI COMPANY LIMITED 76,341
 8,093 DAVIS SERVICE GROUP PLC 47,227
 4,668 DE LA RUE PLC 50,114
 77,194 DELUXE CORPORATION 1,291,456
 27,185 DOWNER EDI LIMITED 96,262
 26,715 DUN & BRADSTREET CORPORATION 1,760,519
 6,000 DUSKIN COMPANY LIMITED 107,487
 7,625 EDENRED<< 131,414
 59,612 EXPERIAN GROUP LIMITED 568,200
 60,705 FTI CONSULTING INCORPORATED+<< 1,989,910
 76,411 G4S PLC 295,782
 60,193 HAYS PLC 83,268
 57,936 HNI CORPORATION<< 1,353,964
 13,090 HOMESERVE PLC 91,364
 24,866 IHS INCORPORATED+ 1,536,470
 8,858 INTERTEK GROUP PLC 228,773
 3,400 INTRUM JUSTITIA AB 34,499
 97,925 IRON MOUNTAIN INCORPORATED 1,985,919
 1,000 ITOKI CORPORATION 2,797
 10,900 KOKUYO COMPANY LIMITED 83,557
 6,000 KYODO PRINTING COMPANY LIMITED 14,141
 1,440 LOOMIS AB 14,416
 43,400 MANPOWER INCORPORATED 1,844,500
 1,800 MATSUDA SANGYO COMPANY LIMITED 25,797
 3,000 MEITEC CORPORATION 49,387
 15,109 MICHAEL PAGE INTERNATIONAL PLC 91,923
 20,394 MINERAL RESOURCES LIMITED 154,592
 16,517 MITIE GROUP 49,447
 1,200 MITSUBISHI PENCIL COMPANY LIMITED 19,526
 1,850 MOSHI MOSHI HOTLINE INCORPORATED 37,656
 75,081 NAVIGANT CONSULTING INCORPORATED+ 743,302
 500 NIPPON KANZAI COMPANY LIMITED 8,451

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
COMMERCIAL SERVICES & SUPPLIES (continued)
 3,900 NISSHA PRINTING COMPANY LIMITED<< $ 86,022
 8,000 OKAMURA CORPORATION 42,281
 1,000 OYO CORPORATION 8,261
 8,600 PARK24 COMPANY LIMITED 92,848
 8 PILOT CORPORATION 14,627
 104,700 PITNEY BOWES INCORPORATED<< 2,014,428
 14,400 PMP LIMITED 8,071
 835 POYRY OYJ 11,513
 9,887 PROGRAMMED MAINTENANCE SERVICES LIMITED 17,681
 6,850 RANDSTAD HOLDINGS NV 254,561
 29,594 REGUS PLC 31,362
 129,934 RENTOKIL INITIAL PLC 186,918
 46,300 REPUBLIC SERVICES INCORPORATED 1,362,609
 69,805 RESOURCES GLOBAL PROFESSIONALS 774,137
 4,529 RITCHIE BROS AUCTIONEERS INCORPORATED 83,118
 80,240 ROBERT HALF INTERNATIONAL INCORPORATED<< 1,731,579
 3,331 RPS GROUP PLC 8,690
 103,400 RR DONNELLEY & SONS COMPANY 1,565,993
 2,323 S1 CORPORATION INCORPORATED (KOREA)+ 112,381
 17,979 SAI GLOBAL LIMITED 67,503
 5,981 SALMAT LIMITED 22,083
 1,100 SATO CORPORATION 13,277
 23,300 SECOM COMPANY LIMITED 1,013,707
 14,400 SECURITAS AB 132,573
 5,403 SECURITAS SYSTEMS AB CLASS B 6,908
 42,741 SEEK LIMITED 276,074
 28,595 SERCO GROUP PLC 255,235
 319 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA 461,886
 6,285 SHANKS GROUP PLC 9,470
 1,292 SOCIETE BIC SA 94,701
 6,900 SOHGO SECURITY SERVICES COMPANY LIMITED 67,349
 26,052 SPOTLESS GROUP LIMITED 46,589
 1,835 STANTEC INCORPORATED+ 44,260
 45,002 STERICYCLE INCORPORATED+<< 2,947,631
 24,000 TAIWAN SECOM COMPANY LIMITED 38,060
 2,343 TELEPERFORMANCE 56,533
 1,300 TEMP HOLDINGS COMPANY LIMITED 11,343
 76,848 TETRA TECH INCORPORATED+ 1,394,791
 61,069 THE BRINK'S COMPANY 1,152,372
 2,200 TOMRA SYSTEMS ASA 12,313
 6,500 TOPPAN FORMS COMPANY LIMITED 61,433
 213,000 TOPPAN PRINTING COMPANY LIMITED 1,622,664
 55,955 TOWERS WATSON & COMPANY 2,512,380
 3,424 TRANSCONTINENTAL INCORPORATED 39,013
 28,837 TRANSFIELD SERVICES LIMITED 84,409
 60,087 TRANSPACIFIC INDUSTRIES GROUP LIMITED 55,598
 66,322 TRUEBLUE INCORPORATED+ 715,614
 2,000 UCHIDA YOKO COMPANY LIMITED 5,452
 30,884 UNITED STATIONERS INCORPORATED+ 1,386,383
 2,832 USG PEOPLE NV 35,996
 54,720 VERISK ANALYTICS INCORPORATED CLASS A+ 1,522,310
 101,947 WASTE CONNECTIONS INCORPORATED+<< 3,848,499
 50,053 WASTE MANAGEMENT INCORPORATED<< 1,656,254
 5,238 WS ATKINS PLC 54,626
 56,176,938
 --------------

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CONSTRUCTION & ENGINEERING: 0.77%
 2,020 ABENGOA SA $ 48,381
 8,185 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 339,438
 52,731 AECOM TECHNOLOGY CORPORATION+ 1,186,448
 8,690 AECON GROUP INCORPORATED 95,102
 6,310 ARCADIS NV 128,102
 9,255 AUSENCO LIMITED 18,609
 29,832 AVENG LIMITED 153,711
 32,204 BALFOUR BEATTY PLC 118,387
 2,315 BILFINGER BERGER AG 138,015
 45,853 BOART LONGYEAR GROUP 118,714
 16,698 BOUYGUES SA 677,878
 489 BUDIMEX SA 14,082
 4,169 CARDNO LIMITED 15,912
 18,787 CARILLION PLC 87,533
 184,900 CH KARNCHANG PCL 49,925
 579,779 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED 512,792
 227,000 CHINA RAILWAY CONSTRUCTION CORPORATION 289,486
 552,000 CHINA RAILWAY GROUP LIMITED CLASS H 401,648
 16,000 CHIYODA CORPORATION 110,653
 3,900 CHUDENKO CORPORATION 42,106
 3,000 CHUGAI RO COMPANY LIMITED 9,535
 19,478 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA 171,155
 12,300 COMSYS HOLDINGS CORPORATION 105,416
 47,000 CTCI CORPORATION 51,645
 3,508 DAELIM INDUSTRIAL COMPANY LIMITED+ 220,622
 10,694 DAEWOO ENGINEERING & CONSTRUCTION COMPANY LIMITED+ 88,128
 1,000 DAIMEI TELECOM ENGINEERING CORPORATION 6,737
 85,394 DIALOG GROUP BHD 29,933
 6,756 DOOSAN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 387,699
 4,842 EIFFAGE SA+ 220,836
 86,269 EMCOR GROUP INCORPORATED+ 1,961,757
 3,800 FLSMIDTH & COMPANY A/S 224,460
 26,460 FLUOR CORPORATION 1,181,704
 2,658 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA<< 62,567
 61,824 FOSTER WHEELER AG+<< 1,318,706
 199,300 GAMUDA BHD 219,740
 43,730 GRANITE CONSTRUCTION INCORPORATED<< 962,497
 5,835 GS ENGINEERING & CONSTRUCTION CORPORATION 416,612
 6,620 HELLENIC TECHNODOMIKI TEV SA 24,077
 18,000 HENDERSON INVESTMENTS LIMITED 1,504
 2,000 HIBIYA ENGINEERING LIMITED 17,807
 197,170 HKC HOLDINGS LIMITED 12,167
 2,412 HOCHTIEF AG 159,586
 10,493 HOUSING & CONSTRUCTION HOLDINGS LIMITED 21,104
 6,803 HYUNDAI DEVELOPMENT COMPANY 156,045
 13,369 HYUNDAI ENGINEERING & CONSTRUCTION COMPANY LIMITED+ 713,668
 96,920 IJM CORPORATION BHD 154,113
 13,306 IMPREGILO SPA+ 33,606
 3,635 IMTECH NV 102,102
 50,795 INSITUFORM TECHNOLOGY INCORPORATED+ 1,034,186
 5,289 INTERSERVE PLC 15,757
 22,390 IRB INFRASTRUCTURE DEVELOPERS LIMITED 132,274
 82,400 ITALIAN-THAI DEVELOPMENT PCL+ 9,005
 65,695 JACOBS ENGINEERING GROUP INCORPORATED+ 2,278,303
 29,000 JGC CORPORATION 443,923

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CONSTRUCTION & ENGINEERING (continued)
 130,000 KAJIMA CORPORATION $ 304,845
 15,000 KANDENKO COMPANY LIMITED 88,561
 589 KIER GROUP PLC+ 8,943
 16,000 KINDEN CORPORATION 140,936
 3,660 KONIN KLIJKE BOSKAILS WOSTMINSTER NV 136,547
 5,624 KONINKLIJKE BAM GROEP NV 28,152
 10,000 KYOWA EXEO CORPORATION 87,371
 2,000 KYUDENKO CORPORATION 10,237
 198,580 LANCO INFRATECH LIMITED+ 279,042
 59,099 LARSEN & TOUBRO LIMITED 2,278,591
 19,347 LARSEN & TOUBRO LIMITED SP GDR 744,860
 15,597 LEIGHTON HOLDINGS LIMITED 426,013
 78,049 MACMAHON HOLDINGS LIMITED 41,317
 12,000 MAEDA CORPORATION 28,997
 6,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED 43,281
 8,385 MONADELPHOUS GROUP LIMITED 111,529
 37,410 MURRAY & ROBERTS HOLDINGS LIMITED 210,511
 2,400 NCC AB+ 39,515
 1,000 NEC NETWORKS & SYSTEM INTEGRATION CORPORATION 12,463
 2,000 NIPPO CORPORATION 13,117
 4,000 NIPPON DENSETSU KOGYO COMPANY LIMITED 36,710
 7,000 NIPPON KOEI COMPANY LIMITED 18,914
 12,000 NISHIMATSU CONSTRUCTION COMPANY LIMITED 13,998
 77,000 OBAYASHI CORPORATION 293,298
 2,064 OBRASCON HUARTE LAIN SA 51,527
 26,000 OKUMURA CORPORATION 86,037
 11,526 ORASCOM CONSTRUCTION INDUSTRIES+ 508,666
 2,063 OUTOTEC OYJ 69,515
 1,180 PBG SA 84,766
 7,800 PEAB AB 46,537
 10,000 PEACE MARK HOLDINGS LIMITED(a)+ 0
 8,500 PENTA-OCEAN CONSTRUCTION COMPANY LIMITED 11,231
 39,075 POLIMEX MOSTOSTAL SA 54,656
 244,400 POWER LINE ENGINEERING PCL+ 14,370
 22,537 PUNJ LLOYD LIMITED 50,497
 103,674 PYI CORPORATION LIMITED 3,399
 110,897 QUANTA SERVICES INCORPORATED+<< 1,989,492
 5,288 SACYR VALLEHERMOSO SA 23,890
 3,423 SAMSUNG ENGINEERING COMPANY LIMITED+ 376,875
 2,000 SANKI ENGINEERING COMPANY LIMITED 14,760
 43,951 SHAW GROUP INCORPORATED+ 1,424,012
 78,000 SHIMIZU CORPORATION 276,681
 1,100 SHO-BOND HOLDINGS COMPANY LIMITED 22,979
 291,300 SINO THAI ENGINEERING & CONSTRUCTION PCL+ 111,698
 21,289 SKANSKA AB 327,189
 7,900 SNC-LAVALIN GROUP INCORPORATED 365,607
 1,052 STRABAG SE 22,044
 2,000 TAIHEI DENGYO KAISHA LIMITED 13,451
 2,800 TAIKISHA 43,861
 138,000 TAISEI CORPORATION 272,682
 24,015 TEKFEN HOLDING AS 88,068
 9,000 TOA CORPORATION 8,892
 23,000 TODA CORPORATION 72,825
 2,000 TOENEC CORPORATION 10,832
 1,000 TOKYO ENERGY & SYSTEMS INCORPORATED 6,844

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CONSTRUCTION & ENGINEERING (continued)
 3,880 TOKYU CONSTRUCTION COMPANY LIMITED $ 10,253
 2,000 TOSHIBA PLANT SYSTEMS & SERVICES CORPORATION 22,902
 20,000 TOYO ENGINEERING CORPORATION 56,898
 21,698 UNITED CONSTRUCTION GROUP LIMITED 277,988
 5,000 UNITED ENGINEERS+ 8,189
 31,363 VINCI SA 1,376,163
 51,077 VOLTAS LIMITED 217,327
 5,040 YIT OYJ 104,490
 2,000 YOKOGAWA BRIDGE HOLDINGS CORPORATION 12,260
 31,433,999
 --------------
ELECTRICAL EQUIPMENT: 1.09%
 135,285 ABB LIMITED 2,614,422
 242 ABB LIMITED INDIA 4,009
 56,880 ACUITY BRANDS INCORPORATED<< 2,203,531
 11,991 ALSTOM SA 571,962
 55,090 AMERICAN SUPERCONDUCTOR CORPORATION+<< 1,481,370
 56,210 AMETEK INCORPORATED 2,416,468
 5,981 AREVA T&D INDIA LIMITED 37,076
 152,371 BABCOCK + WILCOX COMPANY 3,413,110
 56,230 BALDOR ELECTRIC COMPANY 1,972,548
 585 BEKAERT SA+ 118,615
 20,708 BHARAT HEAVY ELECTRICAL LIMITED 1,059,436
 89,000 CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP COMPANY
 LIMITED 198,394
 1,900 CHIYODA INTEGRE COMPANY LIMITED 20,377
 13,757 CHLORIDE GROUP 79,056
 2,700 COSEL COMPANY LIMITED 31,882
 60,032 CROMPTON GREAVES LIMITED+ 378,135
 8,000 DAIHEN CORPORATION 32,948
 5,736 ELSWEDY CABLES HOLDING COMPANY+ 66,714
 61,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED 151,030
 48,000 FUJIKURA LIMITED 208,547
 78,000 FURUKAWA ELECTRIC COMPANY LIMITED 283,181
 3,800 FUTABA CORPORATION CHIBA 58,712
 7,940 GAMESA CORPORATION TECNOLOGICA SA 53,328
 68,561 GENERAL CABLE CORPORATION+<< 1,525,482
 190,482 GRAFTECH INTERNATIONAL LIMITED+ 2,678,177
 41,000 GS YUASA CORPORATION<< 241,578
 28,000 HITACHI CABLE LIMITED 68,325
 25,805 HUBBELL INCORPORATED CLASS B 1,160,709
 300 HUBER & SUHNER AG+ 15,366
 1,100 IDEC CORPORATION 10,043
 145,500 JOHNSON ELECTRIC HOLDINGS LIMITED 64,532
 8,345 LEGRAND SA 253,435
 3,836 LS CABLE LIMITED+ 375,953
 3,641 LS INDUSTRIAL SYSTEMS COMPANY LIMITED+ 293,369
 3,500 MABUCHI MOTOR COMPANY LIMITED 164,772
 38,000 MATSUSHITA ELECTRIC WORKS LIMITED 498,917
 232,000 MITSUBISHI ELECTRIC CORPORATION 1,850,256
 163,500 NEO NEON HOLDINGS LIMITED 97,107
 1,104 NEXANS SA 66,161
 12,500 NIDEC CORPORATION 1,098,084
 11,000 NIPPON CARBON COMPANY LIMITED 32,472
 4,700 NIPPON SIGNAL COMPANY LIMITED 33,456
 8,000 NISSIN ELECTRIC COMPANY LIMITED 32,568

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
ELECTRICAL EQUIPMENT (continued)
 1,300 NITTO KOGYO CORPORATION $ 10,677
 816 NORDEX AG+ 7,568
 3,095 ORMAT INDUSTRIES 22,884
 10,030 PRYSMIAN SPA 157,229
 49,474 REGAL-BELOIT CORPORATION 2,736,902
 75,000 ROCKWELL AUTOMATION INCORPORATED 3,835,500
 49,776 ROPER INDUSTRIES INCORPORATED 2,890,990
 6,000 SANYO DENKI COMPANY LIMITED 22,997
 15,613 SCHNEIDER ELECTRIC SA 1,655,855
 2,158 SGL CARBON AG+ 67,055
 44,000 SHIHLIN ELECTRIC 48,623
 10,000 SHOWA ELECTRIC WIRE 8,689
 34,340 SILITECH TECHNOLOGY CORPORATION 94,978
 79,900 SUMITOMO ELECTRIC INDUSTRIES LIMITED 858,823
 89,769 SUZLON ENERGY LIMITED+ 88,261
 198,000 TECO ELECTRIC & MACHINERY COMPANY LIMITED 95,495
 26,855 THOMAS & BETTS CORPORATION+ 992,292
 4,785 TOGNUM AG 88,077
 1,300 TOYO TANSO COMPANY LIMITED<< 62,903
 17,300 USHIO INCORPORATED 292,418
 11,591 VESTAS WIND SYSTEMS AS+ 432,501
 336,000 WALSIN LIHWA CORPORATION 158,382
 76,764 WOODWARD GOVERNOR COMPANY 2,005,076
 40,000 YA HSIN INDUSTRIAL COMPANY LIMITED(a)+ 0
 44,649,788
 --------------
INDUSTRIAL CONGLOMERATES: 1.26%
 95,300 3M COMPANY 7,485,815
 237,000 ABOITIZ EQUITY VENTURES INCORPORATED+ 112,335
 13,276 ADITYA BIRLA NUVO LIMITED 229,663
 21,880 ANTARCHILE SA 452,345
 66,000 BEIJING ENTERPRISES HOLDINGS LIMITED 465,807
 193,100 BERJAYA CORPORATION BHD 58,456
 40,938 BIDVEST GROUP LIMITED 756,035
 51,819 BOUSTEAD HOLDINGS BHD 70,344
 129,000 CITIC PACIFIC LIMITED 263,680
 1,178 CJ CORPORATION+ 86,859
 2,926 CLAL INDUSTRIES AND INVESTMENTS+ 18,566
 19,942 COMPAGNIE INDUSTRIALI RIUNITE 34,597
 12,635 COOKSON GROUP PLC 81,231
 161,228 CSR LIMITED 244,573
 2,629 DCC CORPORATION 66,132
 1,395 DCC PLC 34,932
 312 DELEK GROUP LIMITED 78,286
 1,353 DISCOUNT INVESTMENT CORPORATION 25,478
 88,596 DOGAN SIRKETLER GRUBU HOLDINGS+ 58,018
 2,874 DOOSAN CORPORATION+ 287,664
 67,952 EMPRESAS COPEC SA 1,181,950
 108,583 ENKA INSAAT VE SANAYI AS 394,640
 495,524 FAR EASTERN TEXTILE COMPANY LIMITED 578,529
 99,000 FRASER & NEAVE LIMITED 405,349
 21,000 GALLANT VENTURE LIMITED+ 3,563
 1,182,307 GENERAL ELECTRIC COMPANY 17,119,805
 62,977 GRUPO CARSO SAB DE CV 278,400
 136,000 HANKYU HANSHIN HOLDINGS INCORPORATED 624,878

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
INDUSTRIAL CONGLOMERATES (continued)
 14,000 HAW PAR CORPORATION LIMITED $ 60,834
 11,000 HONG LEONG ASIA LIMITED 26,699
 233,000 HUTCHISON WHAMPOA LIMITED 1,722,320
 205,052 JAIPRAKASH ASSOCIATES LIMITED+ 475,360
 32,869 JARDINE MATHESON HOLDINGS LIMITED 1,426,515
 22,310 JARDINE STRATEGIC HOLDINGS LIMITED 555,073
 1,000 KATAKURA INDUSTRIES COMPANY LIMITED 9,618
 73,000 KEIHAN ELECTRIC RAILWAY COMPANY LIMITED 334,544
 132,138 KEPPEL CORPORATION LIMITED 872,471
 96,309 KOC HOLDING AS 375,259
 56,205 KONINKLIJKE PHILIPS ELECTRONICS NV 1,574,803
 1,354 KOOR INDUSTRIES LIMITED 27,336
 17,390 LG CORPORATION 1,247,427
 38,850 MALAYSIAN RESOURCES CORPORATION BHD+ 20,551
 9,000 MIRAMAR HOTEL & INVESTMENT 9,140
 109,200 MMC CORPORATION BHD 88,038
 90,005 NWS HOLDINGS LIMITED 163,377
 43,739 ORKLA ASA 365,801
 1,096 PRZEDSIEBIORSTWO EKSPORTU I IMPORTU KOPEX SA 6,153
 23,401 QUINENCO SA+ 74,429
 1,852 RHEINMETALL BERLIN 102,515
 5,696 SAMSUNG TECHWIN COMPANY LIMITED+ 524,988
 109,000 SEMBCORP INDUSTRIES LIMITED 342,560
 62,000 SHANGHAI INDUSTRIAL HOLDINGS LIMITED 302,079
 50,274 SIEMENS AG 4,573,086
 22,187 SIEMENS INDIA LIMITED+ 326,673
 287,840 SIME DARBY BHD 765,886
 5,571 SK CORPORATION 427,502
 20,425 SM INVESTMENTS CORPORATION 212,986
 20,401 SMITHS GROUP PLC 358,248
 38,828 SONAE SGPS SA+ 42,070
 49,139 TOMKINS PLC 244,173
 57,370 TYCO INTERNATIONAL LIMITED 2,138,754
 1,564 WENDEL 80,092
 4,064 YAZICILAR HOLDING AS+ 27,944
 51,403,234
 --------------
MACHINERY: 2.33%
 5,196 AALBERTS INDUSTRIES NV 73,583
 2,700 AIDA ENGINEERING LIMITED 8,710
 18,100 ALFA LAVAL AB 264,954
 41,000 AMADA COMPANY LIMITED 243,531
 5,200 AMANO CORPORATION 40,048
 1,797 ANDRITZ AG 109,308
 5,000 ASAHI DIAMOND INDUSTRIAL COMPANY LIMITED 73,860
 158,796 ASHOK LEYLAND LIMITED 248,456
 395,800 ASIAN INSULATORS PCL 49,072
 24,459 ASTEC INDUSTRIES INCORPORATED+<< 628,596
 37,551 ATLAS COPCO AB CLASS A 571,021
 23,892 ATLAS COPCO AB CLASS B 327,759
 4,800 ATS AUTOMATION TOOLING SYSTEMS INCORPORATED+ 27,278
 9,718 AUSTAL LIMITED 19,454
 3,000 BANDO CHEMICAL INDUSTRIES LIMITED 10,142
 2,770 BODYCOTE PLC 9,588
 10,494 BRADKEN LIMITED 70,397

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
MACHINERY (continued)
 75,235 BRIGGS & STRATTON CORPORATION<< $ 1,365,515
 256 BUCHER INDUSTRIES AG+ 33,360
 39,831 BUCYRUS INTERNATIONAL INCORPORATED CLASS A 2,289,884
 2,050 CARGOTEC CORPORATION 66,557
 82,300 CATERPILLAR INCORPORATED 5,362,668
 34,789 CHART INDUSTRIES INCORPORATED+ 553,841
 7,702 CHARTER INTERNATIONAL PLC 72,054
 150,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED 128,234
 5,000 CKD CORPORATION 29,639
 67,295 CLARCOR INCORPORATED<< 2,263,804
 139 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES SA 58,904
 88,000 COSCO CORPORATION SINGAPORE LIMITED 102,575
 79,023 CRANE COMPANY 2,678,880
 41,847 CSBC CORPORATION TAIWAN 34,357
 26,350 CUMMINS INCORPORATED 1,960,704
 10,280 CUMMINS INDIA LIMITED 161,171
 11,150 DAEWOO SHIPBUILDING & MARINE ENGINEERING COMPANY LIMITED 216,694
 14,500 DAIFUKU COMPANY LIMITED 68,349
 73,694 DANAHER CORPORATION 2,677,303
 338 DEMAG CRANES AG 10,323
 37,807 DONALDSON COMPANY INCORPORATED<< 1,584,113
 9,560 DOOSAN INFRACORE COMPANY LIMITED+ 153,898
 42,000 EBARA CORPORATION 166,480
 33,716 ESCO TECHNOLOGIES INCORPORATED 1,050,253
 19,500 FANUC LIMITED 2,093,679
 29,587 FLOWSERVE CORPORATION 2,644,486
 3,700 FUJI MACHINE MANUFACTURING COMPANY LIMITED 58,576
 3,000 FUJITEC COMPANY LIMITED 13,927
 61,000 FURUKAWA COMPANY LIMITED 58,814
 68,285 GARDNER DENVER INCORPORATED<< 3,259,926
 8,906 GEA GROUP AG 184,980
 206 GEORG FISCHER AG 75,785
 689 GILDEMEISTER AG+ 8,402
 6,500 GLORY LIMITED 138,728
 50,000 HAITIAN INTERNATIONAL HOLDINGS 39,852
 3,221 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 77,241
 2,009 HANJIN HEAVY INDUSTRIES COMPANY 20,192
 783 HEIDELBERGER DRUCKMASCHINEN AG 6,073
 10,500 HEXAGON AB 171,601
 33,000 HINO MOTORS LIMITED 145,340
 1,000 HISAKA WORKS LIMITED 9,570
 12,600 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED+ 250,320
 77,500 HITACHI ZOSEN CORPORATION<< 105,166
 7,200 HOSHIZAKI ELECTRIC COMPANY LIMITED 128,299
 4,000 HOSOKAWA MICRON CORPORATION 12,903
 5,106 HYUNDAI HEAVY INDUSTRIES COMPANY LIMITED 1,124,351
 1,347 HYUNDAI MIPO DOCKYARD COMPANY LIMITED+ 180,327
 106,527 IDEX CORPORATION 3,173,439
 14,858 IMI PLC 155,635
 203 INDUSTREA LIMITED 62
 39,367 INVENSYS PLC 138,984
 22,000 ISEKI & COMPANY LIMITED+<< 58,660
 139,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED 246,530
 7,973 JAIN IRRIGATION SYSTEMS LIMITED 211,046
 42,000 JAPAN STEEL WORKS 371,956
 61,000 JAYA HOLDINGS LIMITED 30,376

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
MACHINERY (continued)
 54,143 JOY GLOBAL INCORPORATED $ 3,072,074
 21,300 JTEKT CORPORATION 174,690
 7,000 JUKI CORPORATION<< 10,749
 188,000 KAWASAKI HEAVY INDUSTRIES LIMITED 501,274
 42,397 KAYDON CORPORATION<< 1,374,087
 2,500 KCI KONECRANES OYJ 76,193
 9,000 KITZ CORPORATION 37,067
 104,430 KOMATSU LIMITED 2,119,428
 6,600 KOMORI CORPORATION 63,164
 10,251 KONE OYJ 471,428
 626 KRONES AG 33,775
 132,865 KUBOTA CORPORATION 1,065,957
 11,100 KURITA WATER INDUSTRIES LIMITED 292,397
 56,608 LINCOLN ELECTRIC HOLDINGS INCORPORATED 2,806,059
 11,000 MAKINO MILLING MACHINE COMPANY LIMITED 61,147
 13,700 MAKITA CORPORATION 389,588
 1 MAKITA CORPORATION ADR 28
 5,198 MAN AG 447,203
 202,198 MANITOWOC COMPANY INCORPORATED<< 1,852,134
 2,000 MAX COMPANY LIMITED 23,521
 20,000 MEIDENSHA CORPORATION<< 60,231
 7,085 METSO OYJ 258,849
 5,526 MEYER BURGER TECHNOLOGY AG+ 152,132
 50,000 MINEBEA COMPANY LIMITED 230,330
 369,000 MITSUBISHI HEAVY INDUSTRIES LIMITED 1,330,877
 3,000 MITSUBOSHI BELTING COMPANY LIMITED 14,605
 77,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED 164,064
 3,000 MIURA COMPANY LIMITED 63,635
 11,798 MORGAN CRUCIBLE COMPANY 35,175
 11,000 MORI SEIKI COMPANY LIMITED 93,620
 231,545 MUELLER WATER PRODUCTS INCORPORATED 548,762
 10,000 NABTESCO CORPORATION 150,220
 35,000 NACHI-FUJIKOSHI CORPORATION 85,823
 1,000 NAMURA SHIPBUILDING COMPANY LIMITED 4,999
 28,093 NAVISTAR INTERNATIONAL CORPORATION+ 1,176,535
 29,000 NGK INSULATORS LIMITED 439,436
 14,000 NIPPON SHARYO LIMITED 60,493
 6,000 NIPPON THOMPSON COMPANY LIMITED 34,139
 900 NITTA CORPORATION 12,127
 700 NITTO KOHKI COMPANY LIMITED 16,531
 1,131 NKT HOLDING AS 42,760
 40,332 NORDSON CORPORATION 2,588,104
 4,000 NORITAKE COMPANY LIMITED 12,522
 54,000 NSK LIMITED 322,033
 68,000 NTN CORPORATION 257,398
 2,380 OILES CORPORATION 36,262
 15,000 OKUMA CORPORATION 72,670
 1,000 ORGANO CORPORATION 6,154
 9,500 OSG CORPORATION 88,882
 47,465 OSHKOSH TRUCK CORPORATION+ 1,180,929
 50,300 PACCAR INCORPORATED 2,061,797
 85,400 PARKER HANNIFIN CORPORATION 5,052,264
 49,567 PENTAIR INCORPORATED<< 1,491,967
 4,110 ROTORK PLC 99,340
 8,000 RYOBI LIMITED 27,140
 25,110 SAMSUNG HEAVY INDUSTRIES COMPANY LIMITED 558,163

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
MACHINERY (continued)
 61,147 SANDVIK AB $ 724,262
 4,000 SASEBO HEAVY INDUSTRIES COMPANY LIMITED 7,999
 16,220 SCANIA AB CLASS B 299,316
 3,274 SCHINDLER HOLDING AG 326,352
 1,005 SCHINDLER HOLDING SA 98,941
 1,200 SECO TOOLS 13,962
 99,200 SEMBCORP MARINE LIMITED 278,828
 2,500 SHIMA SEIKI MANUFACTURING LIMITED 46,721
 13,649 SHIN ZU SHING COMPANY LIMITED 30,848
 11,000 SHINMAYWA INDUSTRIES LIMITED 38,234
 180,000 SINGAMAS CONTAINER HOLDING 36,330
 86,000 SINOTRUK HONG KONG LIMITED 81,260
 5,500 SINTOKOGIO LIMITED 36,859
 976 SKF AB CLASS A+ 17,548
 18,900 SKF AB CLASS B 339,310
 6,900 SMC CORPORATION 850,899
 75,827 SNAP-ON INCORPORATED 3,126,347
 3,670 SPIRAX-SARCO ENGINEERING PLC 89,155
 26,400 SPX CORPORATION<< 1,479,984
 3,438 STX SHIPBUILDING COMPANY LIMITED+ 37,996
 1,131 SULZER AG 112,181
 60,000 SUMITOMO HEAVY INDUSTRIES LIMITED 277,824
 9,000 TADANO LIMITED 43,816
 22,564 TATA MOTORS LIMITED 484,642
 10,088 TATA MOTORS LIMITED ADR<< 215,984
 11,575 THERMAX INDIA LIMITED 186,556
 12,200 THK COMPANY LIMITED 200,986
 1,100 TOCALO COMPANY LIMITED 15,555
 1,300 TORISHIMA PUMP MANUFACTURING COMPANY LIMITED 19,188
 45,181 TORO COMPANY<< 2,254,532
 4,043 TOROMONT INDUSTRIES LIMITED 101,990
 10,000 TOSHIBA MACHINE COMPANY LIMITED 32,020
 12,469 TRELLEBORG AB CLASS B 82,896
 123,871 TRINITY INDUSTRIES INCORPORATED<< 2,120,672
 11,000 TSUBAKIMOTO CHAIN COMPANY 40,067
 18,000 TSUGAMI CORPORATION<< 109,701
 1,000 TSUKISHIMA KIKAI COMPANY LIMITED 6,321
 500 UNION TOOL COMPANY 10,808
 188,083 UNITED TRACTORS 383,036
 5,708 VALLOUREC SA 490,357
 11,186 VALMONT INDUSTRIES INCORPORATED<< 749,798
 27,800 VOLVO AB CLASS A 304,833
 62,080 VOLVO AB CLASS B 719,775
 279 VOSSLOH AG 27,850
 63,338 WABTEC CORPORATION 2,693,765
 4,539 WARTSILA OYJ CLASS B 242,046
 11,814 WEIR GROUP PLC 218,691
 181,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED 212,313
 5,982 ZARDOYA-OTIS SA 93,318
 95,176,146
 --------------
MARINE: 0.26%
 63,862 ALEXANDER & BALDWIN INCORPORATED<< 2,161,090
 23 AP MOLLER-MAERSK AS A 169,489
 87 AP MOLLER-MAERSK AS B 655,327
 6,000 CHINESE MARITIME TRANSPORT LIMITED 12,868

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
MARINE (continued)
 227 COMPAGNIE MARITIME BELGE SA+ $ 6,150
 307,000 COSCO HOLDINGS 319,284
 1,300 D S NORDEN 49,017
 12,000 DAIICHI CHUO KISEN KAISHA 29,425
 303,000 EVERGREEN MARINE CORPORATION (TAIWAN) LIMITED 200,997
 45,497 GENCO SHIPPING & TRADING LIMITED+<< 684,275
 8,635 HANJIN SHIPPING COMPANY LIMITED+ 217,514
 11,912 HANJIN SHIPPING HOLDING COMPANY+ 151,521
 5,690 HYUNDAI MERCHANT MARINE COMPANY LIMITED+ 147,838
 9,500 IINO KAIUN KAISHA LIMITED 49,304
 1,100 INUI STEAMSHIP COMPANY LIMITED 6,180
 82,000 KAWASAKI KISEN KAISHA LIMITED 305,511
 27,290 KIRBY CORPORATION+ 1,005,091
 3,262 KUEHNE & NAGEL INTERNATIONAL AG 340,257
 14,000 MALAYSIAN BULK CARRIERS BHD+ 12,715
 385,200 MISC BHD 1,078,950
 127,000 MITSUI OSK LINES LIMITED 798,191
 80,000 NEPTUNE ORIENT LINES LIMITED 112,726
 181,000 NIPPON YUSEN KABUSHIKI KAISHA 698,060
 19,000 ORIENT OVERSEAS INTERNATIONAL LIMITED 152,171
 155,000 PACIFIC BASIN SHIPPING LIMITED 105,210
 70,800 PRECIOUS SHIPPING PCL 40,948
 73,800 REGIONAL CONTAINER LINES PCL+ 36,081
 284 SCHMITT INDUSTRIES INCORPORATED(a)(i) 21,530
 31,652 SHIH WEI NAVIGATION COMPANY LIMITED 38,584
 2,000 SHINWA KAIUN KAISHA LIMITED 4,976
 33,100 SHIPPING CORP OF INDIA LIMITED 113,254
 132,000 SHUN TAK HOLDINGS LIMITED 75,853
 128,800 SINCERE NAVIGATION CORPORATION 146,355
 3,981 STX PAN OCEAN COMPANY LIMITED 38,020
 9,000 STX PAN OCEAN COMPANY LIMITED 86,448
 20,000 TAIWAN NAVIGATION COMPANY LIMITED 22,788
 81,840 THORESEN THAI AGENCIES PCL 63,286
 58,000 U-MING TRANSPORT CORPORATION 112,075
 199,250 WAN HAI LINES LIMITED 127,509
 259,416 YANG MING MARINE TRANSPORT 153,865
 10,550,733
 --------------
ROAD & RAIL: 0.95%
 290,942 ASCIANO GROUP 433,576
 159,500 AVIS BUDGET GROUP INCORPORATED+<< 1,454,640
 27,100 CANADIAN NATIONAL RAILWAY COMPANY 1,653,676
 9,100 CANADIAN PACIFIC RAILWAY LIMITED 536,007
 213 CENTRAL JAPAN RAILWAY COMPANY 1,719,010
 181,000 COMFORTDELGRO CORPORATION LIMITED 198,960
 71,048 CON-WAY INCORPORATED 1,862,168
 5,767 CONTAINER CORPORATION OF INDIA 159,917
 14,780 DSV A/S 234,234
 42,100 EAST JAPAN RAILWAY COMPANY 2,726,152
 124,000 EVERGREEN INTERNATIONAL STORAGE & TRANSPORT CORPORATION 95,611
 25,434 FIRSTGROUP PLC 135,705
 19,000 FUKUYAMA TRANSPORTING COMPANY LIMITED 97,024
 50,654 GENESEE & WYOMING INCORPORATED+<< 1,965,882
 1,463 GO-AHEAD GROUP PLC 24,569
 83,332 HEARTLAND EXPRESS INCORPORATED<< 1,213,314
 4,600 HITACHI TRANSPORT SYSTEM LIMITED 67,130

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
ROAD & RAIL (continued)
 50,562 J.B. HUNT TRANSPORT SERVICES INCORPORATED $ 1,655,400
 53,934 KANSAS CITY SOUTHERN+ 1,810,564
 51,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED 517,224
 63,000 KEIO CORPORATION<< 432,698
 34,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED 218,141
 182,000 KINTETSU CORPORATION 608,761
 1,506 KOREA EXPRESS COMPANY LIMITED+ 73,736
 66,335 LANDSTAR SYSTEM INCORPORATED 2,386,733
 3,000 MARUZEN SHOWA UNYU COMPANY LIMITED 9,713
 148,062 MTR CORPORATION LIMITED 529,150
 112,000 NAGOYA RAILROAD COMPANY LIMITED+ 337,293
 52,000 NANKAI ELECTRIC RAILWAY COMPANY LIMITED 230,258
 29,635 NATIONAL EXPRESS GROUP PLC 101,717
 94,000 NIPPON EXPRESS COMPANY LIMITED 328,961
 7,000 NIPPON KONPO UNYU SOKO COMPANY LIMITED 82,324
 39,000 NISHI-NIPPON RAILROAD COMPANY LIMITED 170,837
 40,600 NORFOLK SOUTHERN CORPORATION 2,179,408
 66,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED 609,642
 58,031 OLD DOMINION FREIGHT LINE+<< 1,352,691
 26,027 RYDER SYSTEM INCORPORATED 998,656
 38,000 SAGAMI RAILWAY COMPANY LIMITED 182,288
 28,000 SANKYU INCORPORATED 106,987
 1,684 SBS TRANSIT LIMITED 2,249
 13,000 SEINO HOLDINGS COMPANY LIMITED 80,931
 4,000 SENKO COMPANY LIMITED 11,665
 65,000 SMRT CORPORATION LIMITED 98,783
 25,848 STAGECOACH GROUP PLC 68,263
 96,000 TOBU RAILWAY COMPANY LIMITED 548,506
 123,000 TOKYU CORPORATION 562,219
 2,911 TRANSFORCE INCORPORATED 26,398
 24,000 TRANSPORT INTERNATIONAL HOLDINGS LIMITED+ 72,814
 72,800 UNION PACIFIC CORPORATION 5,310,032
 80,133 WERNER ENTERPRISES INCORPORATED<< 1,597,852
 198 WEST JAPAN RAILWAY COMPANY 735,341
 38,615,810
 --------------
TRADING COMPANIES & DISTRIBUTORS: 0.74%
 25,432 ADANI ENTERPRISES LIMITED 351,474
 3,463 ALESCO CORPORATION LIMITED 8,534
 26,651 ASHTEAD GROUP PLC 31,452
 313 BAYWA AG 11,554
 15,150 BUNZL PLC 165,199
 14,236 DAEWOO INTERNATIONAL CORPORATION+ 396,005
 72,497 FASTENAL COMPANY<< 3,281,939
 9,000 FINNING INTERNATIONAL INCORPORATED 173,864
 62,957 GATX CORPORATION<< 1,718,726
 8,472 GRAFTON GROUP PLC 28,912
 21,000 HANWHA CHEMICAL CORPORATION 75,991
 2,200 INABA DENKI SANGYO COMPANY LIMITED 50,882
 173,400 ITOCHU CORPORATION 1,415,931
 24,000 IWATANI INTERNATIONAL CORPORATION 66,278
 11,000 JAPAN PULP & PAPER COMPANY LIMITED 35,484
 9,000 JFE SHOJI HOLDINGS INCORPORATED 31,068
 34,000 KANEMATSU CORPORATION+ 27,116
 3,266 KLOECKNER & COMPANY 64,007

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
TRADING COMPANIES & DISTRIBUTORS (continued)
 3,100 KURODA ELECTRIC COMPANY LIMITED $ 35,240
 185,000 MARUBENI CORPORATION 953,517
 8,100 MISUMI GROUP INCORPORATED 157,642
 171,000 MITSUBISHI CORPORATION 3,663,850
 33 MITSUBISHI CORPORATION ADR 1,403
 188,000 MITSUI & COMPANY LIMITED 2,445,947
 263 MITSUI & COMPANY LIMITED ADR 67,591
 59,171 MSC INDUSTRIAL DIRECT COMPANY 2,637,251
 13,000 NAGASE & COMPANY LIMITED 140,817
 500 NICHIDEN CORPORATION 14,760
 339,113 NOBLE GROUP LIMITED 392,776
 1,500 OKAYA & COMPANY LIMITED 14,820
 700 ONOKEN COMPANY LIMITED 5,283
 1,108 RAMIRENT OYJ+ 9,815
 5,331 REECE AUSTRALIA LIMITED 112,172
 2,527 REXEL SA 35,354
 3,149 RUSSEL METALS INCORPORATED 56,404
 16,282 SAMSUNG CORPORATION 765,956
 17,008 SEVEN NETWORK LIMITED 94,726
 500 SHINWA COMPANY LIMITED NAGOYA 5,690
 15,730 SIG PLC 22,472
 9,660 SK NETWORKS COMPANY LIMITED+ 79,526
 160,700 SOJITZ CORPORATION 258,237
 136,600 SUMITOMO CORPORATION 1,565,835
 4,592 SUPERIOR PLUS CORPORATION 50,470
 7,000 TAT HONG HOLDINGS LIMITED 4,699
 22,900 TOYOTA TSUSHO CORPORATION 327,649
 8,910 TRAVIS PERKINS PLC 104,126
 900 TRUSCO NAKAYAMA CORPORATION 11,795
 90,471 UNITED RENTALS INCORPORATED+<< 1,017,799
 36,707 WATSCO INCORPORATED<< 1,884,904
 54,884 WESCO INTERNATIONAL INCORPORATED+<< 1,771,656
 14,929 WOLSELEY PLC 288,259
 32,780 WW GRAINGER INCORPORATED<< 3,467,796
 2,900 YAMAZEN CORPORATION 10,494
 10,000 YUASA TRADING COMPANY LIMITED 9,404
 30,420,551
 --------------
TRANSPORTATION INFRASTRUCTURE: 0.15%
 18,072 ABERTIS INFRAESTRUCTURAS SA 299,555
 1,420 AEROPORTS DE PARIS 100,196
 53,200 AIRPORTS OF THAILAND PCL 67,573
 3,972 ANSALDO STS SPA 47,542
 16,101 ATLANTIA SPA 303,407
 148,561 AUCKLAND INTERNATIONAL AIRPORT LIMITED 207,183
 48,400 BANGKOK EXPRESSWAY PCL 29,230
 22,153 BBA AVIATION PLC 60,204
 6,400 BINTULU PORT HOLDINGS BERHAD 13,990
 12,968 BRISA-AUTO ESTRADAS DE PORTUGAL SA 81,511
 136,507 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED 460,654
 19,155 CIA DE CONCESSOES RODOVIARIAS 439,542
 333,697 CONNECTEAST GROUP 120,241
 252,518 COSCO PACIFIC LIMITED 332,416
 155 FLUGHAFEN WIEN AG 9,036
 200 FLUGHAFEN ZUERICH AG+ 66,486

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
TRANSPORTATION INFRASTRUCTURE (continued)
 2,361 FORTH PORTS PLC $ 47,181
 1,636 FRAPORT AG 85,044
 10,922 GEMINA SPA+ 6,616
 20,824 GROUPE EUROTUNNEL SA 154,720
 1,110 HAMBURGER HAFEN UND LOGISTIK AG 38,831
 67,500 HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED 51,631
 134,600 INTERNATIONAL CONTAINER TERM SERVICES INCORPORATED 94,956
 7,800 JAPAN AIRPORT TERMINAL COMPANY LIMITED 133,513
 36,000 KAMIGUMI COMPANY LIMITED 260,969
 3,272 KONINKLIJKE VOPAK NV 131,422
 133,332 MACQUARIE AIRPORTS GROUP 351,132
 27,037 MACQUARIE ATLAS ROADS LIMITED+ 30,069
 170,979 MACQUARIE INFRASTRUCTURE GROUP 224,377
 50,200 MALAYSIA AIRPORTS HOLDINGS BHD 87,342
 21,000 MITSUBISHI LOGISTICS CORPORATION 231,722
 9,000 MITSUI-SOKO COMPANY LIMITED 32,460
 29,280 MUNDRA PORT & SPECIAL ECONOMIC ZONE LIMITED 478,445
 4,000 NISSIN CORPORATION 8,666
 136,500 PLUS EXPRESSWAYS BHD 182,687
 2,269 PORT OF TAURANGA LIMITED 10,680
 16,000 SIA ENGINEERING COMPANY 48,750
 53,666 SINGAPORE AIRPORT TERMINAL SERVICES LIMITED 110,460
 1,409 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA 11,892
 299 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 20,442
 17,000 SUMITOMO WAREHOUSE COMPANY LIMITED 81,347
 40,981 TAV HAVALIMANLARI HOLDING AS+ 181,148
 109,348 TRANSURBAN GROUP 473,787
 6,209,055
 --------------
INFORMATION TECHNOLOGY: 14.05%
COMMUNICATIONS EQUIPMENT: 1.55%
 60,000 AAC ACOUSTIC TECHNOLOGIES HOLDINGS INCORPORATED 109,838
 150,000 ADC TELECOMMUNICATIONS INCORPORATED+<< 1,900,500
 800 AIPHONE COMPANY LIMITED 12,741
 125,318 ALCATEL SA 323,018
 25,746 BLACK BOX CORPORATION 726,037
 217,051 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 1,089,596
 64,000 BYD ELECTRONIC INTERNATIONAL COMPANY LIMITED 30,771
 296,000 CHINA WIRELESS TECH LIMITED 122,529
 122,180 CIENA CORPORATION+<< 1,523,585
 841,849 CISCO SYSTEMS INCORPORATED+ 16,879,072
 57,200 COMBA TELECOM SYSTEMS HOLDINGS LIMITED 58,533
 123,572 COMMSCOPE INCORPORATED+ 2,316,975
 40,025 COMPAL COMMUNICATIONS INCORPORATED 31,299
 35,894 COMTECH TELECOMMUNICATIONS CORPORATION+<< 731,161
 73,749 D-LINK CORPORATION 59,857
 2,000 DENKI KOGYO COMPANY LIMITED 9,023
 5,800 ECHOSTAR CORPORATION+ 108,228
 121,515 EMULEX CORPORATION+ 1,159,253
 552 EVS BROADCAST EQUIPMENT SA 27,841
 41,647 F5 NETWORKS INCORPORATED+ 3,641,197
 142,962 HARMONIC INCORPORATED+ 830,609
 100,944 HIGH TECH COMPUTER CORPORATION 1,843,424
 5,000 HITACHI KOKUSAI ELECTRIC INCORPORATED 37,674
 600 ICOM INCORPORATED 15,741

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
COMMUNICATIONS EQUIPMENT (continued)
 57,379 INTERDIGITAL INCORPORATED+<< $ 1,418,409
 4,000 JAPAN RADIO COMPANY LIMITED 9,189
 339,449 JDS UNIPHASE CORPORATION+ 3,119,536
 77,084 JUNIPER NETWORKS INCORPORATED+ 2,096,685
 238,000 MOTOROLA INCORPORATED+ 1,792,140
 213,713 NOKIA OYJ 1,826,734
 45,541 POLYCOM INCORPORATED+ 1,297,008
 239,397 QUALCOMM INCORPORATED 9,171,299
 27,340 RESEARCH IN MOTION LIMITED+ 1,171,696
 74,707 RIVERBED TECHNOLOGY INCORPORATED+ 2,865,761
 317,935 SONUS NETWORKS INCORPORATED+ 941,088
 99,462 TEKELEC+ 1,090,104
 3,200 TELEFONAKTIEBOLAGET LM ERICSSON CLASS A 30,132
 171,778 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B 1,666,292
 173,064 TELLABS INCORPORATED 1,228,754
 16,000 VTECH HOLDINGS LIMITED 158,997
 23,446 ZINWELL CORPORATION 36,595
 63,508,921
 --------------
COMPUTERS & PERIPHERALS: 1.78%
 345,517 ACER INCORPORATED 810,025
 46,092 ADVANTECH COMPANY LIMITED 104,460
 164,761 AMTRAN TECHNOLOGY COMPANY LIMITED+ 124,468
 132,388 APPLE INCORPORATED+ 32,219,268
 83,280 ASUSTEK COMPUTER INCORPORATED 555,044
 168,032 BENQ CORPORATION+ 94,942
 91,614 CATCHER TECHNOLOGY COMPANY LIMITED 202,481
 57,017 CHICONY ELECTRONICS COMPANY LIMITED 102,344
 65,586 CLEVO COMPANY+ 136,151
 511,000 CMC MAGNETICS CORPORATION+ 125,062
 581,754 COMPAL ELECTRONIC INCORPORATED 651,963
 33,436 DIEBOLD INCORPORATED 867,330
 1,900 EIZO NANAO CORPORATION 37,046
 71,978 ELECTRONICS FOR IMAGING INCORPORATED+ 766,206
 43,672 ELITEGROUP COMPUTER SYSTEMS 14,519
 295,220 EMC CORPORATION+ 5,384,813
 136,935 FOXCONN TECHNOLOGY COMPANY LIMITED 392,415
 226,000 FUJITSU LIMITED 1,565,671
 3,654 GEMALTO NV 125,024
 342,315 HEWLETT-PACKARD COMPANY 13,172,281
 288,775 INVENTEC COMPANY LIMITED 141,981
 35,200 JESS LINK PRODUCTS COMPANY LIMITED 122,520
 596,000 LENOVO GROUP LIMITED 341,721
 38,200 LEXMARK INTERNATIONAL INCORPORATED+<< 1,336,618
 51,466 LITE-ON IT CORPORATION 48,198
 329,011 LITE-ON TECHNOLOGY CORPORATION 378,988
 8,712 LOGITECH INTERNATIONAL SA+ 129,489
 900 MEGACHIPS CORPORATION 16,091
 2,000 MELCO HOLDINGS INCORPORATED 60,279
 112,218 MICRO-STAR INTERNATIONAL COMPANY LIMITED 54,999
 90,131 MITAC INTERNATIONAL CORPORATION 33,482
 81,085 NCR CORPORATION+ 1,041,942
 277,149 NEC ELECTRONICS CORPORATION 705,986
 61,112 NETAPP INCORPORATED+ 2,471,369
 224,150 PEGATRON CORPORATION+ 280,590

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
COMPUTERS & PERIPHERALS (continued)
 55,800 QLOGIC CORPORATION+ $ 831,141
 426,766 QUANTA COMPUTER INCORPORATED 647,463
 272,159 RITEK CORPORATION+ 71,706
 246,383 SEAGATE TECHNOLOGY PLC+ 2,495,860
 20,800 SEIKO EPSON CORPORATION 266,654
 42,762 SYNAPTICS INCORPORATED+<< 1,129,772
 454,000 TOSHIBA CORPORATION 2,134,627
 122,000 TPV TECHNOLOGY LIMITED 72,773
 35 WACOM COMPANY LIMITED 39,329
 1,542 WINCOR NIXDORF AG 89,625
 275,267 WISTRON CORPORATION 430,507
 72,825,223
 --------------
ELECTRONIC EQUIPMENT & INSTRUMENTS: 1.60%
 50,000 AGILENT TECHNOLOGIES INCORPORATED+ 1,348,500
 16,500 ALPS ELECTRIC COMPANY LIMITED+ 113,719
 92,013 AMPHENOL CORPORATION CLASS A 3,746,769
 38,718 ANIXTER INTERNATIONAL INCORPORATED+<< 1,776,382
 9,000 ANRITSU CORPORATION<< 53,886
 3,400 ARISAWA MANUFACTURING COMPANY LIMITED 20,762
 59,166 ARROW ELECTRONICS INCORPORATED+ 1,353,718
 1,011,319 AU OPTRONICS CORPORATION 872,915
 76,279 AVNET INCORPORATED+ 1,746,789
 25,028 AVX CORPORATION 311,098
 98,361 BENCHMARK ELECTRONICS INCORPORATED+ 1,380,005
 101,779 BRIGHTPOINT INCORPORATED+ 606,603
 243,600 CALCOMP ELECTRONICS PCL 29,112
 2,400 CANON ELECTRONICS INCORPORATED 55,908
 3,400 CELESTICA INCORPORATED NPV+ 25,635
 7,738 CELESTICA INCORPORATED+ 58,112
 70,443 CHENG UEI PRECISION INDUSTRY COMPANY LIMITED 113,909
 81,370 CHROMA ATE INCORPORATED 186,952
 608,075 CHUNGHWA PICTURE TUBES LIMITED+ 93,962
 25,500 CITIZEN HOLDINGS COMPANY LIMITED 130,824
 4,800 CMK CORPORATION 21,483
 54,311 COGNEX CORPORATION 1,059,065
 6,000 DAISHINKU CORPORATION 22,426
 22,600 DELTA ELECTRONICS (THAILAND) PCL+ 20,762
 289,531 DELTA ELECTRONICS INCORPORATED 1,098,146
 88,000 DIGITAL CHINA HOLDINGS LIMITED 136,886
 28,452 DOLBY LABORATORIES INCORPORATED CLASS A+<< 1,576,810
 44,350 ELECTROCOMPONENTS PLC 143,517
 3,900 ENPLAS CORPORATION 61,836
 3,600 ESPEC CORPORATION 19,241
 41,210 EVERLIGHT ELECTRONICS COMPANY LIMITED 105,874
 1,640 EVERTZ TECHNOLOGIES LIMITED 23,546
 408,300 FLEXTRONICS INTERNATIONAL LIMITED+<< 2,012,919
 81,058 FLIR SYSTEMS INCORPORATED+<< 2,036,177
 173,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED+ 114,981
 52,200 FUJIFILM HOLDINGS CORPORATION 1,584,454
 4,800 HAKUTO COMPANY LIMITED 40,395
 15,334 HALMA PLC 64,507
 10,200 HAMAMATSU PHOTONICS 309,485
 194,800 HANA MICROELECTRONICS PCL 163,397
 523,962 HANNSTAR DISPLAY CORPORATION+ 96,012

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (continued)
 900 HIOKI EE CORPORATION $ 17,859
 3,400 HIROSE ELECTRIC COMPANY LIMITED 328,628
 5,900 HITACHI HIGH-TECHNOLOGIES CORPORATION 95,723
 483,000 HITACHI LIMITED 1,954,767
 1,028,535 HON HAI PRECISION INDUSTRY COMPANY LIMITED 3,628,159
 4,000 HORIBA LIMITED 95,227
 6,500 HOSIDEN CORPORATION 60,582
 46,000 HOYA CORPORATION 1,014,070
 16,200 IBIDEN COMPANY LIMITED 390,296
 1,024 INGENICO SA 24,969
 80,916 INGRAM MICRO INCORPORATED+ 1,218,595
 919,724 INNOLUX DISPLAY CORPORATION 950,330
 68,546 INSIGHT ENTERPRISES INCORPORATED+ 900,694
 52,799 ITRON INCORPORATED+ 2,851,146
 98,100 JABIL CIRCUIT INCORPORATED 1,005,525
 2,000 JAPAN AVIATION ELECTRONICS INDUSTRY LIMITED 10,951
 2,900 JAPAN CASH MACHINE COMPANY LIMITED 20,194
 76,000 JU TENG INTERNATIONAL HOLDINGS LIMITED 39,960
 3,800 KAGA ELECTRONICS COMPANY LIMITED 40,936
 4,400 KEYENCE CORPORATION 911,844
 54,500 KINGBOARD CHEMICALS HOLDINGS LIMITED 257,480
 82,500 KINGBOARD LAMINATES HOLDINGS LIMITED 79,225
 3,700 KOA CORPORATION 33,120
 2,324 KUDELSKI SA 58,372
 20,300 KYOCERA CORPORATION 1,725,295
 30 KYOCERA CORPORATION ADR 2,567
 7,493 LAIRD GROUP PLC 14,962
 20,244 LARGAN PRECISION COMPANY LIMITED 365,269
 579 LG INNOTEK COMPANY LIMITED 63,748
 28,650 LG PHILLIPS LCD COMPANY LIMITED+ 795,767
 27,652 LITTELFUSE INCORPORATED+<< 1,029,760
 8,700 MITSUMI ELECTRIC COMPANY LIMITED 121,993
 31,391 MOLEX INCORPORATED<< 554,051
 34,247 MOLEX INCORPORATED CLASS A 516,445
 300 MURAMOTO ELECTRON THAILAND PCL+ 1,888
 22,900 MURATA MANUFACTURING COMPANY LIMITED 1,087,621
 25,434 NAN YA PRINTED CIRCUIT BOARD CORPORATION 81,779
 80,900 NATIONAL INSTRUMENTS CORPORATION 2,332,347
 9,200 NICHICON CORPORATION 98,560
 7,000 NIDEC COPAL ELECTRONICS CORPORATION 57,660
 3,000 NIDEC SANKYO CORPORATION 21,819
 3,200 NIHON DEMPA KOGYO COMPANY LIMITED 41,595
 17,000 NIPPON CHEMI-CON CORPORATION 67,790
 38,000 NIPPON ELECTRIC GLASS COMPANY LIMITED 425,640
 64,000 OKI ELECTRIC INDUSTRY COMPANY LIMITED+ 49,518
 24,604 OMRON CORPORATION 523,359
 2,730 OPTEX COMPANY LIMITED 33,081
 5,000 OSAKI ELECTRIC COMPANY LIMITED 37,615
 58,591 PAN-INTERNATIONAL INDUSTRIAL 79,380
 51,596 PLEXUS CORPORATION+<< 1,187,740
 18,366 PREMIER FARNELL PLC 62,981
 4,200 RYOSAN COMPANY LIMITED 106,987
 800 RYOYO ELECTRO CORPORATION 7,256
 379,400 SAMART CORPORATION PCL+ 92,744
 7,560 SAMSUNG ELECTRO-MECHANICS COMPANY LIMITED+ 718,859

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (continued)
 4,754 SAMSUNG SDI COMPANY LIMITED+ $ 666,171
 900 SANSHIN ELECTRONICS COMPANY LIMITED 7,628
 26,000 SHIMADZU CORPORATION 176,098
 188,000 SINTEK PHOTRONIC CORPORATION+ 106,812
 11,000 SMK CORPORATION 46,090
 5,597 SPECTRIS PLC 75,409
 2,000 STAR MICRONICS COMPANY LIMITED 17,165
 186,462 SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION 383,006
 11,000 TAIYO YUDEN COMPANY LIMITED 121,247
 16,000 TAMURA CORPORATION 40,567
 13,800 TDK CORPORATION 722,771
 68,030 TECH DATA CORPORATION+ 2,462,686
 2,000 TEIKOKY TSUSHIN KOGYO COMPANY 4,547
 14,000 TOKO INCORPORATED 18,664
 6,200 TOPCON CORPORATION 25,756
 3,700 TOYO CORPORATION 41,003
 63,708 TRIMBLE NAVIGATION LIMITED+ 1,792,106
 71,407 TRIPOD TECHNOLOGY CORPORATION 245,201
 4,000 TRULY INTERNATIONAL 4,978
 49,972 TYCO ELECTRONICS LIMITED 1,225,313
 208,402 UNIMICRON TECHNOLOGY CORPORATION 329,836
 25,000 VENTURE CORPORATION LIMITED+ 160,457
 267,859 VISHAY INTERTECHNOLOGY INCORPORATED+ 2,059,836
 17,768 VISHAY PRECISION GROUP+ 257,458
 28,000 WASION GROUP HOLDINGS LIMITED+ 20,517
 16,000 WBL CORPORATION LIMITED 51,357
 205,000 WINTEK CORPORATION 254,698
 146,768 WPG HOLDINGS COMPANY LIMITED 272,149
 232,000 YAGEO CORPORATION 90,891
 6,000 YAMATAKE CORPORATION 146,768
 33,000 YASKAWA ELECTRIC CORPORATION 228,616
 23,500 YOKOGAWA ELECTRIC CORPORATION 146,298
 3,200 YOKOWO COMPANY LIMITED 18,893
 11,883 YOUNG FAST OPTOELECTRONICS COMPANY LIMITED 125,381
 65,378,580
 --------------
INTERNET SOFTWARE & SERVICES: 1.26%
 32 ACCESS COMPANY LIMITED 43,538
 91,561 AKAMAI TECHNOLOGIES INCORPORATED+<< 4,218,215
 133,266 ALIBABA.COM LIMITED 260,065
 51,928 AOL INCORPORATED+ 1,153,840
 50,561 DIGITAL RIVER INCORPORATED+<< 1,333,294
 120 EACCESS LIMITED 87,418
 162,317 EARTHLINK INCORPORATED 1,389,434
 163,708 EBAY INCORPORATED+ 3,804,574
 23,998 EQUINIX INCORPORATED+<< 2,188,858
 1,353,000 G RESOURCES GROUP LIMITED+ 66,095
 35,619 GOOGLE INCORPORATED CLASS A+ 16,029,262
 18 GOURMET NAVIGATOR INCORPORATED<< 24,126
 2,100 GREE INCORPORATED 154,732
 43,440 IAC INTERACTIVECORP+ 1,076,878
 6 INTERNET INITIATIVE JAPAN INCORPORATED 15,784
 16 KAKAKU.COM INCORPORATED 78,181
 4 MIXI INCORPORATED+ 21,474
 64,284 MONSTER WORLDWIDE INCORPORATED+<< 709,053

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
INTERNET SOFTWARE & SERVICES (continued)
 5,475 NHN CORPORATION+ $ 897,354
 2,700 OPEN TEXT CORPORATION+ 118,852
 136,789 RACKSPACE HOSTING INCORPORATED+<< 2,693,375
 51,430 SAVVIS INCORPORATED+<< 900,539
 4 SO-NET ENTERTAINMENT CORPORATION 10,332
 82,000 TENCENT HOLDINGS LIMITED 1,500,061
 588 TISCALI SPA+ 74
 5,507 UNITED INTERNET AG 70,590
 131,105 UNITED ONLINE INCORPORATED 646,348
 122,829 VALUECLICK INCORPORATED+<< 1,338,836
 96,600 VERISIGN INCORPORATED+<< 2,813,958
 52,952 VISTAPRINT NV+ 1,624,567
 61,213 WEBMD HEALTH CORPORATION+ 3,118,190
 192,550 YAHOO! INCORPORATED+ 2,518,554
 1,580 YAHOO! JAPAN CORPORATION 568,920
 51,475,371
 --------------
IT SERVICES: 2.06%
 92,302 ACCENTURE LIMITED CLASS A 3,378,253
 121,913 ACXIOM CORPORATION+ 1,511,112
 28,285 ALLIANCE DATA SYSTEMS CORPORATION+<< 1,589,334
 2,486 ATOS ORIGIN SA 96,150
 61,695 BROADRIDGE FINANCIAL SOLUTIONS INCORPORATED 1,317,188
 39,603 CACI INTERNATIONAL INCORPORATED CLASS A+ 1,616,198
 8,248 CAP GEMINI SA 348,688
 13,600 CGI GROUP INCORPORATED+ 187,991
 118,475 CIELO SA 1,011,886
 43,695 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,517,050
 77,500 COMPUTER SCIENCES CORPORATION 3,085,275
 49,614 COMPUTERSHARE LIMITED 418,904
 168,177 CONVERGYS CORPORATION+ 1,703,633
 57,456 CORELOGIC INCORPORATED 992,265
 51,239 CSG SYSTEMS INTERNATIONAL INCORPORATED+<< 937,674
 3,400 CSK HOLDINGS CORPORATION<< 11,130
 34,572 DIMENSION DATA HOLDINGS PLC 63,838
 20,245 DST SYSTEMS INCORPORATED<< 824,781
 60,865 EURONET WORLDWIDE INCORPORATED+ 856,979
 49,400 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,276,496
 81,614 FISERV INCORPORATED+ 4,083,148
 32,964 GARTNER INCORPORATED+ 945,408
 43,212 GLOBAL PAYMENTS INCORPORATED 1,626,068
 26,435 HCL TECHNOLOGIES LIMITED 214,981
 49,961 HEWITT ASSOCIATES INCORPORATED+ 2,411,617
 309,000 HI SUN TECHNOLOGY CHINA LIMITED+ 108,048
 6,012 INDRA SISTEMAS SA 100,605
 2,500 INES CORPORATION 16,278
 51,314 INFOSYS TECHNOLOGIES LIMITED 2,960,427
 23,617 INFOSYS TECHNOLOGIES LIMITED ADR<< 1,353,018
 187,146 INTERNATIONAL BUSINESS MACHINES CORPORATION 23,062,002
 10,643 IRESS MARKET TECHNOLOGY LIMITED 73,196
 8,106 IT HOLDINGS CORPORATION 91,471
 3,000 ITOCHU TECHNO-SCIENCE CORPORATION 97,774
 72,745 LOGICA PLC 121,048
 29,229 MANTECH INTERNATIONAL CORPORATION CLASS A+ 1,034,414
 14,038 MASTERCARD INCORPORATED CLASS A 2,784,578

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
IT SERVICES (continued)
 9,756 MPHASIS LIMITED+ $ 128,753
 800 NEC FIELDING LIMITED 8,561
 60 NET ONE SYSTEMS COMPANY LIMITED 69,135
 37,505 NEUSTAR INCORPORATED CLASS A+ 830,361
 9,400 NIHON UNISYS LIMITED 64,226
 17,300 NOMURA RESEARCH INSTITUTE LIMITED 336,280
 600 NS SOLUTIONS CORPORATION 10,392
 148 NTT DATA CORPORATION 462,973
 720 OBIC COMPANY LIMITED 135,498
 2,000 OTSUKA CORPORATION 131,651
 8,475 PATNI COMPUTER SYSTEMS LIMITED 81,714
 50,976 REDECARD SA 696,612
 195,018 SAIC INCORPORATED+<< 2,901,868
 16,451 SATYAM COMPUTER SERVICES LIMITED<< 74,359
 39,385 SATYAM COMPUTER SERVICES LIMITED+ 66,981
 7,620 SMS MANAGEMENT & TECHNOLOGY LIMITED 42,101
 57,236 TATA CONSULTANCY SERVICES LIMITED 1,026,634
 3,875 TECH MAHINDRA LIMITED+ 52,577
 39,904 TELETECH HOLDINGS INCORPORATED+ 505,983
 88,389 TERADATA CORPORATION+ 2,893,856
 2,740 TIETOENATOR OYJ 45,070
 2,200 TKC AS 39,726
 96,294 TOTAL SYSTEM SERVICES INCORPORATED 1,367,375
 1,300 TRANSCOSMOS INCORPORATED 10,554
 72,244 VISA INCORPORATED 4,983,391
 28,597 WIPRO LIMITED<< 366,896
 20,880 WIPRO LIMITED 177,662
 3,790 WIRECARD AG 44,004
 50,085 WRIGHT EXPRESS CORPORATION+<< 1,608,229
 83,992,328
 --------------
OFFICE ELECTRONICS: 0.22%
 40,000 ABILITY ENTERPRISE COMPANY LIMITED 61,809
 24,100 BROTHER INDUSTRIES LIMITED 258,757
 123,000 CANON INCORPORATED 5,014,582
 7 CANON INCORPORATED ADR 286
 53,000 KONICA MINOLTA HOLDINGS INCORPORATED 463,064
 1,475 NEOPOST SA 104,235
 3,572 OCE NV 31,854
 79,565 RICOH COMPANY LIMITED 1,017,174
 3,700 RISO KAGAKU CORPORATION 44,527
 19,000 TOSHIBA TEC CORPORATION 68,075
 148,139 XEROX CORPORATION<< 1,250,293
 30,607 ZEBRA TECHNOLOGIES CORPORATION+ 875,972
 9,190,628
 --------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 2.31%
 677,999 ADVANCED SEMICONDUCTOR ENGINEERING INCORPORATED 466,688
 18,500 ADVANTEST CORPORATION 351,018
 4,393 AIXTRON AG << 109,114
 61,000 ALI CORPORATION 89,308
 159,216 ALTERA CORPORATION 3,927,859
 175,359 AMKOR TECHNOLOGY INCORPORATED+<< 889,070
 148,700 APPLIED MATERIALS INCORPORATED 1,544,993
 99,687 APPLIED MICRO CIRCUITS CORPORATION+<< 1,074,626

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued)
 88,071 ARM HOLDINGS PLC $ 495,437
 1,848 ASM INTERNATIONAL NV 40,831
 17,500 ASM PACIFIC TECHNOLOGY 141,620
 25,119 ASML HOLDING NV 626,296
 90,717 ATHEROS COMMUNICATIONS INCORPORATED+<< 2,237,081
 626,014 ATMEL CORPORATION+<< 3,630,881
 1,400 AXELL CORPORATION 41,578
 64,300 BROADCOM CORPORATION CLASS A 1,927,071
 29,942 CABOT MICROELECTRONICS CORPORATION+ 896,164
 51,897 CREE INCORPORATED+<< 2,778,565
 9,097 CSR PLC+ 39,190
 38,392 CYMER INCORPORATED+<< 1,129,877
 23,000 DAINIPPON SCREEN MANUFACTURING COMPANY LIMITED 100,750
 3,000 DISCO CORPORATION 149,804
 44,000 ELAN MICROELECTRONICS CORPORATION 58,444
 19,200 ELPIDA MEMORY INCORPORATED+ 230,601
 114,210 EPISTAR CORPORATION 294,492
 193,152 FAIRCHILD SEMICONDUCTOR INTERNATIONAL INCORPORATED+ 1,493,065
 22,410 FARADAY TECHNOLOGY CORPORATION 36,587
 6,900 FIRST SOLAR INCORPORATED+<< 882,165
 62,964 FORMFACTOR INCORPORATED+ 442,007
 12,600 FORMOSA SUMCO TECHNOLOGY CORPORATION 22,853
 62,865 GINTECH ENERGY CORPORATION 182,900
 4,386 GLOBAL UNICHIP CORPORATION 14,445
 58,066 GREATEK ELECTRONIC INCORPORATED 53,292
 79,807 HYNIX SEMICONDUCTOR INCORPORATED+ 1,404,561
 57,136 INFINEON TECHNOLOGIES AG+ 318,657
 214,888 INOTERA MEMORIES INCORPORATED 103,640
 247,836 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+<< 1,268,920
 616,334 INTEL CORPORATION 10,921,438
 57,902 INTERSIL CORPORATION CLASS A<< 578,730
 144,063 KING YUAN ELECTRONICS COMPANY LIMITED 58,014
 27,582 KINSUS INTERCONNECT TECHNOLOGY CORPORATION 55,105
 3,147 KONTRON AG 22,169
 321,544 LSI LOGIC CORPORATION+<< 1,292,607
 509,192 MACRONIX INTERNATIONAL 271,016
 73,627 MARVELL TECHNOLOGY GROUP LIMITED+ 1,173,614
 153,700 MAXIM INTEGRATED PRODUCTS INCORPORATED<< 2,439,219
 141,367 MEDIATEK INCORPORATED 1,926,288
 115,859 MEMC ELECTRONIC MATERIALS INCORPORATED+<< 1,192,189
 91,700 MICROCHIP TECHNOLOGY INCORPORATED<< 2,539,173
 600 MICRONICS JAPAN COMPANY LIMITED 6,285
 600 MIMASU SEMICONDUCTOR INDUSTRY COMPANY LIMITED 5,942
 6,300 MITSUI HIGH-TEC INCORPORATED 33,296
 332,833 NANYA TECHNOLOGY CORPORATION 190,137
 1,400 NEC ELECTRONICS CORPORATION+ 11,565
 75,475 NETLOGIC MICROSYSTEMS INCORPORATED+<< 1,822,721
 83,790 NOVATEK MICROELECTRONICS CORPORATION LIMITED 199,836
 78,948 OMNIVISION TECHNOLOGIES INCORPORATED+<< 1,618,434
 348,498 PMC-SIERRA INCORPORATED+ 2,411,606
 96,286 POWERTECH TECHNOLOGY INCORPORATED 285,546
 8,268 PV CRYSTALOX SOLAR PLC 7,101
 2,396 Q-CELLS AG+ 15,546
 151,256 RAMBUS INCORPORATED+<< 2,696,894
 49,983 REALTEK SEMICONDUCTOR CORPORATION 98,768

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued)
 22,630 RENEWABLE ENERGY CORPORATION AS+<< $ 58,339
 376,166 RF MICRO DEVICES INCORPORATED+<< 1,835,690
 15,166 RICHTEK TECHNOLOGY CORPORATION 103,209
 10,800 ROHM COMPANY LIMITED 651,780
 15,614 SAMSUNG ELECTRONICS COMPANY LIMITED 9,845,845
 7,000 SANKEN ELECTRIC COMPANY LIMITED 22,164
 1,637,000 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION+ 104,170
 9,000 SHINDENGEN ELECTRIC MANUFACTURING COMPANY LIMITED 29,889
 2,200 SHINKAWA LIMITED 24,092
 6,300 SHINKO ELECTRIC INDUSTRIES 69,067
 14,168 SILEX SYSTEMS LIMITED+ 56,724
 60,291 SILICON LABORATORIES INCORPORATED+<< 2,299,499
 483,471 SILICONWARE PRECISION INDUSTRIES COMPANY 435,417
 3,034 SOITEC SA+ 25,734
 3,922 SOLARWORLD AG<< 44,602
 39,442 STMICROELECTRONICS NV 261,910
 14,300 SUMCO CORPORATION 243,241
 71,000 SUNPOWER CORPORATION+<< 767,510
 51,551 SUNPOWER CORPORATION CLASS B+ 533,037
 2,872,298 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 5,281,212
 276,308 TERADYNE INCORPORATED+<< 2,481,246
 64,071 TESSERA TECHNOLOGIES INCORPORATED+ 973,879
 19,800 TOKYO ELECTRON LIMITED 928,604
 4,100 TOKYO SEIMITSU COMPANY LIMITED 50,219
 36,130 TRANSCEND INFORMATION INCORPORATED 93,049
 3,800 ULVAC INCORPORATED 62,828
 1,710,301 UNITED MICROELECTRONICS CORPORATION 694,072
 98,156 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 2,436,232
 53,521 VEECO INSTRUMENTS INCORPORATED+<< 1,778,503
 44,971 VIA TECHNOLOGIES INCORPORATED+ 31,657
 630,000 WINDBOND ELECTRONICS CORPORATION+ 158,710
 76,988 ZORAN CORPORATION+ 622,063
 94,371,882
 --------------
SOFTWARE: 3.27%
 51,189 ACI WORLDWIDE INCORPORATED+ 972,079
 76,544 ADOBE SYSTEMS INCORPORATED+ 2,124,861
 18,490 ADVENT SOFTWARE INCORPORATED+<< 918,398
 47,900 ANSYS INCORPORATED+ 1,857,562
 6,672 ASSECO POLAND SA 116,443
 121,550 AUTODESK INCORPORATED+<< 3,373,013
 13,333 AUTONOMY CORPORATION PLC+ 318,991
 3,449 AVEVA GROUP PLC 75,482
 45,068 BLACKBOARD INCORPORATED+<< 1,491,300
 96,800 BMC SOFTWARE INCORPORATED+ 3,490,608
 60,900 CA INCORPORATED 1,096,809
 421,000 CADENCE DESIGN SYSTEMS INCORPORATED+<< 2,862,800
 5,100 CAPCOM COMPANY LIMITED 74,305
 148,917 CHECK POINT SOFTWARE TECHNOLOGIES+ 5,195,714
 98,500 CITRIX SYSTEMS INCORPORATED+ 5,707,090
 55,518 CONCUR TECHNOLOGIES INCORPORATED+<< 2,596,577
 4,240 DASSAULT SYSTEMES SA 255,681
 800 DTS CORPORATION 8,123
 173,132 ELECTRONIC ARTS INCORPORATED+ 2,638,532
 22,635 FACTSET RESEARCH SYSTEMS INCORPORATED<< 1,664,804

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
SOFTWARE (continued)
 73,534 FAIR ISAAC CORPORATION<< $ 1,646,426
 3,146 FINANCIAL TECHNOLOGIES (INDIA) LIMITED 90,805
 2,600 FUJI SOFT INCORPORATED 39,398
 110,620 HENRY JACK & ASSOCIATES INCORPORATED<< 2,603,995
 3,445 HONG KONG ENERGY HOLDINGS LIMITED+ 235
 2,030 I-FLEX SOLUTIONS LIMITED 87,846
 118,087 INFORMATICA CORPORATION+ 3,797,678
 51,742 INTUIT INCORPORATED+ 2,214,558
 340,000 KINGDEE INTERNATIONAL SOFTWARE 128,941
 9,500 KONAMI CORPORATION 152,887
 1,752 MACDONALD DETTWILER & ASSOCIATES LIMITED+ 76,629
 83,343 MCAFEE INCORPORATED+ 3,921,288
 157,717 MENTOR GRAPHICS CORPORATION+ 1,433,648
 20,166 MICRO FOCUS INTERNATIONAL PLC 93,216
 105,183 MICROS SYSTEMS INCORPORATED+<< 4,007,472
 1,138,471 MICROSOFT CORPORATION 26,731,299
 26,285 MISYS PLC 110,294
 1,699 NCSOFT CORPORATION 325,940
 4,405 NICE SYSTEMS LIMITED+ 118,267
 12,500 NINTENDO COMPANY LIMITED 3,478,753
 4,000 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED 43,090
 537,713 NOVELL INCORPORATED+ 3,021,947
 128,042 NUANCE COMMUNICATIONS INCORPORATED+<< 1,879,657
 300 OBIC BUSINESS CONSULTANTS LIMITED 15,373
 558,415 ORACLE CORPORATION 12,218,120
 3,300 ORACLE CORPORATION JAPAN 169,301
 180,640 PARAMETRIC TECHNOLOGY CORPORATION+ 3,079,912
 99,676 RED HAT INCORPORATED+ 3,443,806
 54,107 ROVI CORPORATION+ 2,354,196
 914 ROYALBLUE GROUP PLC 19,218
 73,020 SAGE GROUP PLC 274,257
 20,050 SALESFORCE.COM INCORPORATED+ 2,203,094
 53,836 SAP AG 2,350,647
 940 SHANDA INTERACTIVE ENTERTAINMENT LIMITED+ 38,196
 959 SOFTWARE AG 100,614
 91,027 SOLERA HOLDINGS INCORPORATED<< 3,611,951
 5,000 SQUARE ENIX COMPANY LIMITED 103,202
 900 SUMISHO COMPUTER SYSTEMS 13,884
 127,219 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 1,058,462
 8,000 TECMO KOEI HOLDINGS COMPANY LIMITED 51,327
 5,073 TEMENOS GROUP AG+ 130,416
 259,415 TIBCO SOFTWARE INCORPORATED+<< 3,758,923
 170,394 TIVO INCORPORATED+<< 1,339,297
 10,500 TREND MICRO INCORPORATED 284,841
 3,327 UBISOFT ENTERTAINMENT+ 28,771
 39,071 VMWARE INCORPORATED+<< 3,069,808
 50,972 WEBSENSE INCORPORATED+ 991,405
 13 WORKS APPLICATIONS COMPANY LIMITED 6,213
 133,558,675
 --------------
MATERIALS: 7.17%
CHEMICALS: 2.74%
 46,994 A SCHULMAN INCORPORATED 853,881
 8,000 ACHILLES CORPORATION 10,856
 9,800 ADEKA CORPORATION 99,971

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CHEMICALS (continued)
 9,200 AGRIUM INCORPORATED $ 640,596
 16,217 AIR LIQUIDE SA 1,686,415
 25,000 AIR WATER INCORPORATED 278,241
 35,459 AIRGAS INCORPORATED 2,333,202
 13,492 AKZO NOBEL NV 712,377
 1,424 ALEXANDRIA MINERAL OILS COMPANY 11,688
 2,484 ARKEMA 103,438
 142,000 ASAHI KASEI CORPORATION 701,464
 3,000 ASAHI ORGANIC CHEMICALS INDUSTRY COMPANY LIMITED 6,928
 35,774 ASHLAND INCORPORATED 1,662,060
 9,321 ASIAN PAINTS LIMITED 547,421
 53,532 BASF SE NPV 2,824,454
 20,600 BATU KAWAN BHD 78,904
 300 C UYEMURA & COMPANY LIMITED 11,195
 78,495 CABOT CORPORATION 2,231,613
 71,420 CALGON CARBON CORPORATION+ 891,322
 13,536 CASTROL INDIA LIMITED 137,015
 37,670 CF INDUSTRIES HOLDINGS INCORPORATED 3,484,475
 5,638 CHEIL INDUSTRIES INCORPORATED+ 491,426
 189,100 CHINA PETROCHEMICAL DEVELOPMENT CORPORATION+ 111,569
 9,000 CHINA STEEL CHEMICAL CORPORATION 28,039
 5,000 CHUGOKU MARINE PAINTS LIMITED 34,044
 645 CIECH SA 5,705
 17,409 CLARIANT AG 223,946
 6,649 CRODA INTERNATIONAL 130,525
 63,995 CYTEC INDUSTRIES INCORPORATED 3,035,283
 44,000 DAICEL CHEMICAL INDUSTRIES LIMITED 269,730
 4,000 DAINICHISEIKA COLOR & CHEMICALS MANUFACTURING COMPANY LIMITED 16,903
 65,000 DAINIPPON INK & CHEMICALS INCORPORATED 106,773
 4,000 DAISO COMPANY LIMITED 10,903
 2,076 DC CHEMICAL COMPANY LIMITED+ 644,150
 66,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA 265,540
 126,744 DOW CHEMICAL COMPANY 3,088,751
 38,228 DULUXGROUP LTD COMMON STOCK+ 88,430
 1,200 EARTH CHEMICAL COMPANY LIMITED 38,195
 34,467 EASTMAN CHEMICAL COMPANY 2,121,444
 41,838 ECOLAB INCORPORATED 1,983,121
 99,591 EI DU PONT DE NEMOURS & COMPANY<< 4,060,325
 477 EMS-CHEMIE HOLDINGS AG 69,254
 89,112 ETERNAL CHEMICAL COMPANY LIMITED 87,070
 4,197 FILTRONA PLC 15,139
 38,530 FMC CORPORATION 2,399,648
 572,170 FORMOSA CHEMICALS & FIBRE CORPORATION 1,271,727
 677,298 FORMOSA PLASTICS CORPORATION 1,501,160
 1,818 FRUTAROM INDUSTRIES LIMITED 15,968
 66,000 FUFENG GROUP LIMITED 42,338
 1,000 FUJIMI INCORPORATED 13,677
 483 GIVAUDAN SA 461,473
 6,865 GRASIM INDUSTRIES LIMITED 294,966
 2,371 GRASIM INDUSTRIES LIMITED GDR(a) 101,809
 7,410 HANWHA CHEMICAL (KOREA) CORPORATION 275,349
 10,113 HANWHA CHEMICAL CORPORATION+ 226,486
 75,880 HB FULLER COMPANY 1,440,961
 13,500 HITACHI CHEMICAL COMPANY LIMITED 234,133
 1,667 HONAM PETROCHEMICAL CORPORATION 260,013

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CHEMICALS (continued)
 123,000 HUABAO INTERNATIONAL HOLDINGS LIMITED $ 179,628
 96,993 HUNTSMAN CORPORATION 883,606
 2,543 HYOSUNG CORPORATION 226,959
 174,542 INCITEC PIVOT LIMITED 523,328
 39,615 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 1,810,009
 10,000 ISHIHARA SANGYO KAISHA LIMITED+ 7,261
 27,021 ISRAEL CHEMICALS LIMITED 340,986
 13,446 JOHNSON MATTHEY PLC 327,675
 23,700 JSR CORPORATION 349,251
 7,703 K&S AG 402,960
 43,000 KANEKA CORPORATION 256,946
 35,000 KANSAI PAINT COMPANY LIMITED 291,215
 6,000 KANTO DENKA KOGYO COMPANY LIMITED 35,496
 5,300 KEMIRA OYJ 63,470
 9,813 KONINKLIJKE DSM NV 407,823
 39,500 KURARAY COMPANY LIMITED 447,143
 14,000 KUREHA CORPORATION 71,158
 4,643 LANXESS AG 203,346
 57,100 LEE CHANG YUNG CHEMICAL INDUSTRY CORPORATION 110,692
 5,918 LG CHEM LIMITED 1,702,986
 9,796 LINDE AG 1,103,603
 6,500 LINTEC CORPORATION 132,074
 36,193 LUBRIZOL CORPORATION 3,377,169
 17,856 MAKHTESHIM-AGAN INDUSTRIES LIMITED 61,332
 4,300 METHANEX CORPORATION 91,779
 23,915 MINERALS TECHNOLOGIES INCORPORATED 1,281,844
 147,000 MITSUBISHI CHEMICAL HOLDINGS CORPORATION 696,417
 43,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED 232,377
 13,000 MITSUBISHI RAYON COMPANY LIMITED 48,435
 95,000 MITSUI CHEMICALS INCORPORATED 243,126
 78,608 MONSANTO COMPANY 4,138,711
 67,276 NALCO HOLDING COMPANY 1,528,511
 911,570 NAN YA PLASTICS CORPORATION 1,758,601
 14,451 NEWMARKET CORPORATION 1,452,759
 2,000 NIHON NOHYAKU COMPANY LIMITED 10,927
 6,000 NIHON PARKERIZING COMPANY LIMITED 71,491
 4,000 NIPPON CHEMICAL INDUSTRIAL COMPANY LIMITED 8,570
 18,000 NIPPON KAYAKU COMPANY LIMITED 169,480
 24,000 NIPPON PAINT COMPANY LIMITED 147,697
 15,000 NIPPON SHOKUBAI COMPANY LIMITED 130,699
 15,000 NIPPON SODA COMPANY LIMITED 48,566
 7,000 NIPPON SYNTHETIC CHEMICAL INDUSTRY COMPANY LIMITED 36,996
 4,000 NIPPON VALQUA INDUSTRIES LIMITED 10,237
 22,000 NISSAN CHEMICAL INDUSTRIES LIMITED 223,378
 17,800 NITTO DENKO CORPORATION 570,803
 17,000 NOF CORPORATION 70,015
 2,850 NOVOZYMES A/S CLASS B 334,749
 10,286 NUFARM LIMITED 35,233
 13,846 NUPLEX INDUSTRIES LIMITED 29,930
 4,000 OKAMOTO INDUSTRIES INCORPORATED 17,284
 39,204 OM GROUP INCORPORATED+ 1,003,622
 38,228 ORICA LIMITED 851,987
 72,660 ORIENTAL UNION CHEMICAL CORPORATION 55,118
 51,350 PETKIM PETROKIMYA HOLDING SA+ 73,643
 17,000 POTASH CORPORATION OF SASKATCHEWAN 2,502,931

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CHEMICALS (continued)
 17,728 PPG INDUSTRIES INCORPORATED $ 1,167,034
 45,002 PRAXAIR INCORPORATED<< 3,871,522
 67,700 PTT CHEMICAL PCL ADR 229,308
 4,871 RHODIA SA 91,542
 200,472 RPM INTERNATIONAL INCORPORATED 3,387,977
 3,000 SAKAI CHEMICAL INDUSTRY COMPANY LIMITED 11,356
 3,000 SANYO CHEMICAL INDUSTRIES LIMITED 20,676
 59,322 SCOTTS MIRACLE-GRO COMPANY<< 2,801,778
 76,814 SENSIENT TECHNOLOGIES CORPORATION 2,130,052
 49,000 SHERWIN-WILLIAMS COMPANY 3,448,620
 4,000 SHIKOKU CHEMICALS CORPORATION 22,283
 43,200 SHIN-ETSU CHEMICAL COMPANY LIMITED 2,000,333
 3,100 SHIN-ETSU POLYMER COMPANY LIMITED 17,269
 179,000 SHOWA DENKO KK 317,474
 9,866 SIDI KERIR PETROCHEMCIALS COMPANY 20,871
 55,444 SIGMA-ALDRICH CORPORATION<< 2,947,957
 120 SIKA AG 210,864
 280,000 SINO UNION ENERGY INVESTMENT+ 23,757
 212,000 SINOCHEM HONG KONG HOLDING LIMITED 110,378
 10,619 SOCIEDAD QUIMICA Y MINERA DE CHILE SA CLASS B 454,904
 156,683 SOLUTIA INCORPORATED+ 2,121,488
 3,563 SOLVAY SA 322,883
 700 ST CORPORATION 8,282
 600 STELLA CHEMIFA CORPORATION 21,569
 3,100 SUMIDA ELECTRIC 83,875
 17,000 SUMITOMO BAKELITE COMPANY LIMITED 82,359
 177,000 SUMITOMO CHEMICAL COMPANY LIMITED 726,878
 5,273 SYMRISE AG 130,303
 5,707 SYNGENTA AG 1,317,627
 113,000 TAIWAN FERTILIZER COMPANY LIMITED 345,695
 30,000 TAIYO NIPPON SANSO CORPORATION 237,472
 13,000 TAKASAGO INTERNATIONAL CORPORATION 60,969
 18,422 TATA CHEMICALS LIMITED 154,848
 105,000 TEIJIN LIMITED 322,462
 1,000 TENMA CORPORATION 9,951
 865 TESSENDERLO CHEMIE NV 24,445
 41 TESSENDERLO CHEMIE STRIP NPV 16
 200 THE ISRAEL CORPORATION LIMITED+ 160,986
 21,055 THE MOSAIC COMPANY 1,235,086
 1,325 TIKKURILA OY 26,009
 72,700 TITAN CHEMICALS CORPORATION+ 52,125
 25,000 TOAGOSEI COMPANY LIMITED 94,632
 21,000 TOKAI CARBON COMPANY LIMITED 121,985
 47,000 TOKUYAMA CORPORATION 227,699
 4,200 TOKYO OHKA KOKYO 67,592
 182,000 TORAY INDUSTRIES INCORPORATED 961,885
 60,000 TOSOH CORPORATION 149,982
 22,000 TOYO INK MANUFACTURING COMPANY LIMITED 80,657
 63,000 TSRC CORPORATION 91,941
 96,000 UBE INDUSTRIES LIMITED JAPAN 203,404
 5,961 UMICORE SA 207,208
 41,622 UNITED PHOSPHORUS LIMITED 163,117
 3,441 VICTREX PLC 56,784
 925 WACKER CHEMIE AG 140,313
 79,563 WR GRACE & COMPANY+ 2,012,944

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CHEMICALS (continued)
 9,800 YARA INTERNATIONAL ASA $ 393,874
 600 YUSHIRO CHEMICAL INDUSTRY COMPANY LIMITED 7,892
 351 ZAKLADY AZOTOWE PULAWY SA 8,497
 22,000 ZEON CORPORATION 148,220
 111,835,430
 --------------
CONSTRUCTION MATERIALS: 0.33%
 37,679 ADELAIDE BRIGHTON LIMITED 109,956
 93,738 AMBUJA CEMENTS LIMITED 250,187
 112,000 ANHUI CONCH CEMENT COMPANY LIMITED 398,110
 315,329 ASIA CEMENT CORPORATION 283,495
 11,219 ASSOCIATED CEMENT COMPANIES LIMITED+ 207,578
 183,000 BBMG CORPORATION 235,256
 76,495 BORAL LIMITED 299,454
 6,701 BRICKWORKS LIMITED+ 66,654
 3,462 BUZZI UNICEM SPA 31,413
 1,279,343 CEMEX SAB DE CV+ 995,413
 140,000 CHINA SHANSHUI CEMENT GROUP LIMITED 76,670
 116 CIMENTS FRANCAIS SA 8,757
 13,097 CIMPOR CIMENTOS DE PORTUGAL SA 80,330
 39,109 CRH PLC 608,360
 64,333 FLETCHER BUILDING LIMITED 337,343
 145,223 GOLDSUN DEVELOPMENT & CONSTRUCTION COMPANY LIMITED 64,374
 8,071 HEIDELBERGCEMENT AG 323,716
 14,343 HOLCIM LIMITED 863,194
 1,463 IMERYS SA 72,649
 26,354 INDIA CEMENTS LIMITED 59,946
 214,500 INDOCEMENT TUNGGAL PRAKARSA TBK PT 419,029
 3,427 ITALCEMENTI SPA 24,624
 2,435 ITALCEMENTI SPA RSP 9,898
 261 ITALMOBILIARE SPA 5,054
 39,731 JAMES HARDIE INDUSTRIES NV 188,408
 30,270 LAFARGE MALAYAN CEMENT BHD 72,151
 10,817 LAFARGE SA 498,349
 24,032 MARTIN MARIETTA MATERIALS INCORPORATED<< 1,759,142
 7,805 NUH CIMENTO 53,156
 76,819 PRETORIA PORTLAND CEMENT COMPANY LIMITED 312,797
 386 RHI AG+ 10,304
 887 SA DES CIMENTS VICAT 53,634
 163,000 SEMEN GRESIK PERSERO TBK PT 156,956
 2,671 SHREE CEMENT LIMITED 106,315
 31,300 SIAM CEMENT PUB COMPANY 310,050
 10,000 SIAM CITY CEMENT PCL 69,979
 4,510 SUEZ CEMENT COMPANY 30,519
 40,000 SUMITOMO OSAKA CEMENT COMPANY LIMITED 66,183
 90,000 TAIHEIYO CEMENT CORPORATION<< 100,702
 461,854 TAIWAN CEMENT CORPORATION 424,599
 39,000 TCC INTERNATIONAL HOLDINGS LIMITED 13,437
 29,627 TEXAS INDUSTRIES INCORPORATED<< 895,920
 2,650 TITAN CEMENT COMPANY SA 49,702
 13,602 ULTRA TECH CEMENT LIMITED 260,965
 61,145 VULCAN MATERIALS COMPANY<< 2,247,690
 14,000 YTL CEMENT BHD 17,800
 13,530,218
 --------------

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
CONTAINERS & PACKAGING: 0.48%
 129,355 AMCOR LIMITED $ 775,688
 14,000 AMVIG HOLDINGS LIMITED 8,999
 83,015 APTARGROUP INCORPORATED 3,457,575
 54,467 BEMIS COMPANY INCORPORATED 1,572,462
 2,512 CASCADES INCORPORATED 14,864
 424 CCL INDUSTRIES INCORPORATED 12,243
 85,792 CROWN HOLDINGS INCORPORATED+ 2,390,165
 15,849 DS SMITH PLC 32,936
 1,500 FP CORPORATION 81,240
 2,400 FUJI SEAL INTERNATIONAL INCORPORATED 47,480
 4,400 HUHTAMAKI OYJ 51,410
 48,278 LA SEDA DE BARCELONA SA+ 4,221
 155 MAYR-MELNHOF KARTON AG+ 14,757
 9,000 NIHON YAMAMURA GLASS COMPANY LIMITED 21,747
 50,096 PACKAGING CORPORATION OF AMERICA 1,116,640
 23,000 RENGO COMPANY LIMITED 153,863
 60,844 REXAM PLC 282,366
 51,155 ROCK-TENN COMPANY CLASS A 2,464,648
 79,700 SEALED AIR CORPORATION 1,634,647
 26,957 SILGAN HOLDINGS INCORPORATED 805,745
 6,101 SMURFIT KAPPA GROUP PLC 52,188
 50,144 SONOCO PRODUCTS COMPANY 1,577,029
 167,500 TEMPLE-INLAND INCORPORATED 2,668,275
 20,200 TOYO SEIKAN KAISHA LIMITED 321,478
 19,562,666
 --------------
METALS & MINING: 3.32%
 3,050 ABER DIAMOND CORPORATION+ 30,690
 4,982 ACERINOX SA 78,571
 9,417 AFRICAN RAINBOW MINERALS LIMITED+ 196,997
 9,122 AGNICO EAGLE MINES LIMITED 594,019
 18,000 AICHI STEEL CORPORATION 81,633
 142,180 AK STEEL HOLDING CORPORATION<< 1,811,373
 4,367 ALAMOS GOLD INCORPORATED 69,456
 244,013 ALUMINA LIMITED 372,324
 516,000 ALUMINUM CORPORATION OF CHINA LIMITED 409,948
 46,746 ANDEAN RESOURCES LIMITED+ 206,702
 392,674 ANEKA TAMBANG TBK PT 90,182
 78,160 ANGLO AMERICAN PLC 2,804,961
 8,786 ANGLO PLATINUM LIMITED 727,302
 47,455 ANGLOGOLD ASHANTI LIMITED 2,035,900
 23,413 ANTOFAGASTA PLC 370,564
 38,947 AQUARIUS PLATINUM LIMITED 163,207
 53,489 ARCELORMITTAL<< 1,560,726
 2,580 ASSORE LIMITED 244,182
 33,910 ATLAS IRON LIMITED+ 63,055
 6,389 AURIZON MINES LIMITED+ 42,480
 6,662 AUSDRILL LIMITED 10,669
 19,101 AVOCA RESOURCES LIMITED+ 50,643
 57,100 BARRICK GOLD CORPORATION<< 2,674,680
 362,505 BHP BILLITON LIMITED 11,949,396
 129,946 BHP BILLITON PLC 3,650,029
 1,665 BHUSHAN STEEL LIMITED 64,331
 203,248 BLUESCOPE STEEL LIMITED 386,976
 12,500 BOLIDEN AB 141,631

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
METALS & MINING (continued)
 4,300 BRADESPAR SA $ 90,101
 13,343 CAP SA 527,832
 68,658 CARPENTER TECHNOLOGY CORPORATION 2,129,085
 66,898 CENTAMIN EGYPT LIMITED+ 182,625
 13,776 CENTERRA GOLD INCORPORATED 193,395
 28,363 CGA MINING LIMITED+ 54,002
 28,200 CHINA METAL RECYCLING HOLDINGS LIMITED 27,842
 156,000 CHINA MINING RESOURCES GROUP LIMITED+ 4,252
 278,043 CHINA RARE EARTH HOLDINGS LIMITED 69,701
 1,319,965 CHINA STEEL CORPORATION 1,248,515
 128,000 CHINA ZHONGWANG HOLDINGS LIMITED 75,693
 2,600 CHUBU STEEL PLATE COMPANY LIMITED 13,246
 130,203 CHUNG HUNG STEEL CORPORATION 58,123
 19,009 CIA DE MINAS BUENAVENTURA SA+ 775,448
 65,483 CIA MINERA MILPO SA 162,713
 103,178 CIA SIDERURGICA NACIONAL SA 1,580,349
 170,946 CIA VALE DO RIO DOCE 4,563,102
 71,800 CLIFFS NATURAL RESOURCES INCORPORATED 4,393,442
 38,864 COAL OF AFRICA LIMITED+ 45,815
 137,123 COEUR D'ALENE MINES CORPORATION+<< 2,353,031
 174,936 COMMERCIAL METALS COMPANY<< 2,279,416
 42,765 COMPASS MINERALS INTERNATIONAL INCORPORATED<< 3,068,389
 8,600 CONS THOMPSON IRON MINES LIMITED+ 67,745
 10,995 CUDECO LIMITED+ 20,738
 39,000 DAIDO STEEL COMPANY LIMITED 184,764
 7,000 DELONG HOLDINGS LIMITED+ 2,556
 4,548 DETOUR GOLD CORPORATION+ 135,841
 3,875 DOMINION RESOURCES BLACK WARRIOR 7,619
 3,623 DONGKUK STEEL MILL COMPANY LIMITED+ 72,526
 29,000 DOWA MINING COMPANY LIMITED 149,816
 32,617 EASTERN PLATINUM LIMITED+ 32,729
 164 EL EZZ ALDEKHELA STEEL ALEXANDRIA+ 24,720
 15,612 EL EZZ STEEL COMPANY+ 49,718
 30,770 ELDORADO GOLD CORPORATION 604,233
 28,674 EQUINOX MINERALS LIMITED+ 127,996
 305 ERAMET 77,360
 95,296 EREGLI DEMIR VE CELIK FABRIKALARI TAS 275,831
 13,254 EURASIAN NATURAL RESOURCES CORPORATION 172,373
 6,327 EUROPEAN GOLDFIELDS LIMITED+ 56,485
 8,718 EXXARO RESOURCES LIMITED 135,280
 61,690 FENG HSIN IRON & STEEL COMPANY 94,748
 3,961 FIRST QUANTUM MINERALS LIMITED 228,370
 3,084 FIRST QUANTUM MINERALS LIMITED(a) 164,543
 139,305 FORTESCUE METALS GROUP LIMITED+ 580,038
 103,500 FOSUN INTERNATIONAL 79,035
 6,007 FRANCO-NEVADA CORPORATION 179,193
 62,741 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 4,516,097
 7,329 FRESNILLO PLC 122,517
 4,776 FRONTEER GOLD INCORPORATED+ 35,472
 358,000 FUSHAN INTERNATIONAL ENERGY GROUP LIMITED 187,313
 32,774 GABRIEL RESOURCES LIMITED+ 153,059
 6,192 GAMMON LAKE RESOURCES INCORPORATED+ 44,363
 8,909 GERDAU SA 88,164
 42,268 GINDALBIE METALS LIMITED+ 33,469
 7,000 GODO STEEL LIMITED 14,998

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
METALS & MINING (continued)
 88,354 GOLD FIELDS LIMITED $ 1,269,902
 41,936 GOLDCORP INCORPORATED 1,860,152
 13,559 GOLDEN STAR RESOURCES LIMITED+ 63,704
 456,658 GRUPO MEXICO SAB DE CV 1,173,180
 47,245 HARMONY GOLD MINING COMPANY LIMITED 489,811
 377,174 HECLA MINING COMPANY+<< 2,157,435
 88,000 HIDILI INDUSTRY INTERNATIONAL DEVELOPMENT LIMITED 72,063
 141,841 HINDALCO INDUSTRIES LIMITED 501,750
 47,917 HINDALCO INDUSTRIES LIMITED GDR(a) 169,396
 2,626 HINDUSTAN ZINC LIMITED 58,412
 16,000 HITACHI METALS LIMITED 172,360
 6,164 HUDBAY MINERALS INCORPORATED 85,320
 7,606 HYUNDAI STEEL COMPANY+ 685,168
 22,249 IAMGOLD CORPORATION 417,293
 44,558 ILUKA RESOURCES LIMITED+ 220,020
 77,789 IMPALA PLATINUM HOLDINGS LIMITED 1,835,293
 9,187 INDEPENDENCE GROUP NL 44,710
 13,243 INDOPHIL RESOURCES NL+ 10,015
 10,423 INDUSTRIAS PENOLES SAB DE CV 217,945
 2,652 INMET MINING CORPORATION 127,010
 247,428 INTERNATIONAL NICKEL INDONESIA TBK 117,073
 18,593 IVANHOE MINES LIMITED+ 331,286
 57,100 JFE HOLDINGS INCORPORATED 1,686,289
 198,000 JIANGXI COPPER COMPANY LIMITED 429,663
 84,355 JINDAL STEEL & POWER LIMITED 1,227,039
 115,718 JSC MMC NORILSK NICKEL ADR<< 1,961,420
 18,584 JSW STEEL LIMITED 446,921
 22,105 KAISER ALUMINUM CORPORATION<< 816,117
 10,160 KAZAKHMYS PLC 180,127
 18,365 KGHM POLSKA MIEDZ SA 621,272
 9,114 KINGSGATE CONSOLIDATED LIMITED 81,249
 40,869 KINROSS GOLD CORPORATION 691,019
 320,000 KOBE STEEL LIMITED 662,778
 1,674 KOREA ZINC COMPANY LIMITED 372,109
 9,411 KUMBA IRON ORE LIMITED 427,827
 2,500 KYOEI STEEL LIMITED 34,371
 1,778 LABRADOR IRON ORE ROYALTY COMPANY UNIT NPV 76,115
 38,384 LAKE SHORE GOLD CORPORATION+ 136,424
 110,078 LIHIR GOLD LIMITED(a) 454,709
 8,473 LONMIN PLC 198,558
 21,355 LUNDIN MINING CORPORATION+ 84,911
 176,167 LYNAS CORPORATION LIMITED+ 153,601
 12,547 MACARTHUR COAL LIMITED 125,919
 303 MAJOR DRILLING GROUP INTERNATIONAL 6,697
 12,400 MARUICHI STEEL TUBE LIMITED 236,162
 13,856 MEDUSA MINING LIMITED+ 49,311
 65,000 MIDAS HOLDINGS LIMITED 41,479
 62,536 MINARA RESOURCES LIMITED 41,172
 16,028 MINCOR RESOURCES NL 24,670
 4,880 MINEFINDERS CORPORATION+ 45,031
 51,259 MINERAL DEPOSIT LIMITED+ 42,413
 17,239 MIRABELA NICKEL LIMITED+ 25,997
 144,000 MITSUBISHI MATERIALS CORPORATION 380,526
 10,000 MITSUBISHI STEEL MANUFACTURING COMPANY LIMITED 19,641
 57,000 MITSUI MINING & SMELTING COMPANY LIMITED 153,339
 5,500 MITSUI MINING COMPANY LIMITED 7,463
 21,413 MITTAL STEEL SOUTH AFRICA LIMITED 239,245

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
METALS & MINING (continued)
 106,035 MOUNT GIBSON IRON LIMITED+ $ 164,151
 36,942 MURCHISON METALS LIMITED+ 45,686
 1,152 MYTILINEOS HOLDINGS SA+ 6,131
 14,000 NAKAYAMA STEEL WORKS LIMITED 18,998
 5,418,300 NAKORNTHAI STRIP MILL PCL+ 41,553
 9,139 NATIONAL ALUMINIUM COMPANY LIMITED 77,285
 900 NETUREN COMPANY LIMITED 6,203
 19,186 NEW GOLD INCORPORATED+ 121,447
 51,351 NEWCREST MINING LIMITED 1,701,841
 70,564 NEWMONT MINING CORPORATION 4,326,984
 2,560 NEWMONT MINING CORPORATION OF CANADA LIMITED 157,055
 10,000 NIPPON DENKO COMPANY LIMITED 74,634
 79,000 NIPPON LIGHT METAL COMPANY LIMITED 126,009
 19,000 NIPPON METAL INDUSTRY COMPANY LIMITED 24,426
 674,000 NIPPON STEEL CORPORATION 2,222,331
 12,500 NIPPON YAKIN KOGYO COMPANY LIMITED 36,305
 75,000 NISSHIN STEEL COMPANY LIMITED 120,521
 3,000 NITTETSU MINING COMPANY LIMITED 9,749
 21,975 NMDC LIMITED 112,351
 1,317 NORDDEUTSCHE AFFINERIE AG 52,314
 56,832 NORSK HYDRO ASA<< 270,764
 27,423 NORTHAM PLATINUM LIMITED 149,665
 2,200 NORTHERN DYNASTY MINERALS+ 15,143
 15,900 NORTHGATE MINERALS CORPORATION+ 48,012
 4,131 NOVAGOLD RESOURCES INCORPORATED+ 30,759
 40,600 NUCOR CORPORATION 1,493,268
 4,393 NYRSTAR 47,041
 28,126 OM HOLDINGS LIMITED 38,161
 151,751 ONESTEEL LIMITED 388,837
 15,082 OSISKO MINING CORPORATION+ 200,697
 5,218 OUTOKUMPU OYJ 85,301
 309,228 OZ MINERALS LIMITED 335,647
 14,000 PACIFIC METALS COMPANY LIMITED 100,655
 5,599 PAN AMERICAN SILVER CORPORATION 139,194
 182,747 PAN AUSTRALIAN RESOURCES LIMITED+ 95,928
 8,612 PETROPAVLOVSK PLC 140,663
 8,542 POSCO 3,466,247
 9,673 QUADRA FNX MINING LIMITED+ 105,769
 4,767 RANDGOLD RESOURCES LIMITED 444,503
 4,052 RAUTARUUKKI OYJ 71,118
 41,000 REAL GOLD MINING LIMITED 61,563
 13,239 RED BACK MINING INCORPORATED+ 395,177
 46,637 RIO TINTO LIMITED 2,908,241
 82,179 RIO TINTO PLC 4,159,118
 27,172 ROYAL GOLD INCORPORATED<< 1,333,330
 39,608 RTI INTERNATIONAL METALS INCORPORATED+<< 1,093,181
 21,272 SALLY MALAY MINING LIMITED 45,422
 2,771 SALZGITTER AG 168,151
 9,000 SANYO SPECIAL STEEL COMPANY LIMITED 41,459
 28,979 SCHNITZER STEEL INDUSTRY<< 1,282,031
 2,100 SEABRIDGE GOLD INCORPORATED+ 62,940
 11,996 SEMAFO INCORPORATED+ 98,321
 55,179 SESA GOA LIMITED 372,787
 13,540 SHERRITT INTERNATIONAL CORPORATION 86,978
 3,781 SHREE PRECOATED STEELS LIMITED+ 961
 3,223 SILVER STANDARD RESOURCES INCORPORATED+ 56,762

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
METALS & MINING (continued)
 19,941 SILVER WHEATON CORPORATION+ $ 449,741
 8,391 SILVERCORP METALS INCORPORATED 61,535
 15,116 SIMS GROUP LIMITED 223,249
 3,244 SOCIEDAD MINERA CERRO VERDE SA 78,505
 3,920 SOCIEDAD MINERA EL BROCAL SA 57,041
 28,766 SOUTHERN COPPER CORPORATION 869,884
 9,251 SSAB SVENSKT STAL AB CLASS A 126,658
 4,150 SSAB SVENSKT STAL AB CLASS B+ 50,194
 125,356 ST BARBARA LIMITED+ 36,247
 76,756 STEEL AUTHORITY OF INDIA LIMITED 304,642
 179,540 STERLITE INDUSTRIES INDIA LIMITED 576,330
 3,800 STRAITS RESOURCES LIMITED 5,088
 11,000 SUMITOMO LIGHT METAL INDUSTRIES LIMITED 11,653
 402,000 SUMITOMO METAL INDUSTRIES LIMITED 942,673
 59,000 SUMITOMO METAL MINING COMPANY LIMITED 754,970
 2,700 SUMITOMO TITANIUM CORPORATION 124,217
 42,782 SUNDANCE RESOURCES LIMITED AUSTRALIA+ 5,519
 6,222 SYLVANIA RESOURCES LIMITED+ 4,207
 8,732 TASEKO MINES LIMITED+ 38,487
 85,152 TATA STEEL LIMITED 946,194
 27,808 TECK COMINCO INCORPORATED LIMITED 930,193
 6,878 THOMPSON CREEK METALS COMPANY INCORPORATED+ 58,889
 17,584 THYSSENKRUPP AG 481,209
 40,538 TITANIUM METALS CORPORATION+<< 734,549
 3,000 TOHO TITANIUM COMPANY LIMITED 74,634
 18,000 TOHO ZINC COMPANY LIMITED 63,207
 29,000 TOKYO ROPE MANUFACTURING<< 64,897
 11,200 TOKYO STEEL MANUFACTURING COMPANY LIMITED 122,385
 47,000 TON YI INDUSTRIAL CORPORATION 21,935
 18,000 TOPY INDUSTRIES LIMITED 37,710
 87,962 TUNG HO STEEL ENTERPRISE CORPORATION 76,061
 54,500 TYCOONS WORLDWIDE GROUPS THAILAND PCL+ 12,974
 75,987 UNITED STATES STEEL CORPORATION<< 3,230,207
 17,994 USINAS SIDERURGICAS DE MINAS GERAIS SA 472,736
 6,812 VEDANTA RESOURCES PLC 197,348
 1,430 VIOHALCO SA 6,669
 5,693 VOESTALPINE AG 168,963
 110,396 VOLCAN CIA MINERA SAA 120,382
 28,393 WALTER INDUSTRIES INCORPORATED 2,045,432
 13,015 WESTERN AREAS NL 59,634
 8,237 WESTERN COAL CORPORATION+ 30,898
 96,772 WORTHINGTON INDUSTRIES<< 1,376,098
 111,508 XSTRATA PLC 1,754,607
 40,068 YAMANA GOLD INCORPORATED 405,809
 4,800 YAMATO KOGYO COMPANY LIMITED 108,501
 114,845 YIEH PHUI ENTERPRISE 42,663
 16,000 YODOGAWA STEEL WORKS LIMITED 60,564
 476,000 ZIJIN MINING GROUP COMPANY LIMITED CLASS H 329,215
 474 ZPH STALPRODUKT SA 63,450
 135,857,956
 --------------
PAPER & FOREST PRODUCTS: 0.30%
 1,791 AHLSTROM OYJ 33,364
 5,308 CANFOR CORPORATION+ 40,519
 86,000 CHINA GRAND FORESTRY RESOURCES GROUP LIMITED+ 2,432
 4,000 CHUETSU PULP & PAPER COMPANY LIMITED 7,237

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
PAPER & FOREST PRODUCTS (continued)
 15,684 COMPANIA MANUFACTURERA DE PAPELES Y CARTONES SA+ $ 717,339
 5,000 DAIKEN CORPORATION 13,332
 10,000 DAIO PAPER CORPORATION 71,420
 18,315 FIBRIA CELULOSE SA+ 282,194
 59,667 GUNNS LIMITED 33,444
 16,000 HOKUETSU PAPER MILLS LIMITED 76,753
 2,500 HOLMEN AB CLASS B 66,157
 203,800 INTERNATIONAL PAPER COMPANY 4,169,748
 168,000 LEE & MAN PAPER MANUFACTURING LIMITED 116,625
 190,795 LOUISIANA-PACIFIC CORPORATION+<< 1,270,695
 86,100 MEADWESTVACO CORPORATION 1,873,536
 15,000 MITSUBISHI PAPER MILLS LIMITED 16,070
 17,129 MONDI PLC 123,048
 1,542 MONDI SWIECIE SA+ 36,940
 122,000 NINE DRAGONS PAPER HOLDINGS LIMITED 167,502
 11,500 NIPPON PAPER GROUP INCORPORATED 298,691
 113,000 OJI PAPER COMPANY LIMITED 535,341
 60,182 PAPERLINX LIMITED 29,717
 61,001 SAPPI LIMITED 289,083
 26,000 SHIHLIN PAPER CORPORATION+ 52,756
 14,102 SINO-FOREST CORPORATION+ 242,935
 28,100 STORA ENSO OYJ 216,685
 1,000 SVENSKA CELLULOSA AB CLASS A+ 13,373
 32,300 SVENSKA CELLULOSA AB CLASS B 429,557
 7,000 TOKUSHU TOKAI HOLDINGS COMPANY LIMITED 17,415
 29,797 UPM-KYMMENE OYJ 408,944
 62,181 WAUSAU PAPER CORPORATION+ 393,606
 1,275 WEST FRASER TIMBER COMPANY LIMITED 44,252
 172,971 YUEN FOONG YU PAPER MANUFACTURING COMPANY LIMITED 69,385
 12,160,095
 --------------
METAL MINING: 0.00%
 306,000 OCEAN GRAND HOLDINGS LIMITED(a)+ 0
 --------------
TELECOMMUNICATION SERVICES: 3.21%
DIVERSIFIED TELECOMMUNICATION SERVICES: 2.00%
 29,641 ABOVENET INCORPORATED+ 1,530,068
 658,300 AT&T INCORPORATED 17,793,849
 13,400 BCE INCORPORATED 419,335
 8,553 BELGACOM SA 304,787
 2,969 BELL ALIANT REGIONAL COMMUNICATIONS INCOME FUND 70,971
 88,132 BEZEQ ISRAELI TELECOMMUNICATION CORPORATION LIMITED 194,542
 474,874 BT GROUP PLC 970,083
 158,839 CABLE & WIRELESS WORLDWIDE 162,727
 158,839 CABLE & WIRELESS COMMUNICATION 137,392
 151,471 CENTURYTEL INCORPORATED<< 5,477,191
 1,818,000 CHINA TELECOM CORPORATION LIMITED 878,763
 1,667,688 CHINA UNICOM LIMITED 2,298,263
 610,753 CHUNGHWA TELECOM COMPANY LIMITED 1,248,808
 305,407 CINCINNATI BELL INCORPORATED+<< 717,706
 350 CITIC 1616 HOLDINGS LIMITED 89
 4,296 COLT TELECOM GROUP SA+ 7,610
 170,954 DEUTSCHE TELEKOM AG 2,250,906
 6,200 ELISA OYJ 122,883
 325 FASTWEB SPA+ 4,638

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
DIVERSIFIED TELECOMMUNICATION SERVICES (continued)
 97,564 FRANCE TELECOM SA<< $ 1,983,154
 11,264 FRANCE TELECOM SA ADR<< 228,659
 503,192 FRONTIER COMMUNICATIONS CORPORATION<< 3,889,672
 12,060 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA 82,834
 196,000 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LIMITED 56,693
 714 ILIAD SA 67,137
 28,161 INMARSAT PLC 288,935
 16,761 KT CORPORATION+ 613,037
 835,400 LEVEL 3 COMMUNICATIONS INCORPORATED+<< 860,462
 31,079 LG TELECOM LIMITED+ 194,163
 48,339 MAGYAR TELEKOM PLC 146,814
 8,074 MAHANAGAR TELEPHONE NIGAM LIMITED 10,504
 3,045 MANITOBA TELECOM SERVICES INCORPORATED 78,527
 38,966 NETIA SA+ 59,189
 47,000 NIPPON TELEGRAPH & TELEPHONE CORPORATION 2,028,032
 3,636 OILEXCO INCORPORATED(a)+ 0
 44,738 PORTUGAL TELECOM SGPS SA 523,855
 702,200 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 3,967,430
 94,869 ROYAL KPN NV 1,375,349
 188,600 SHIN SATELLITE PCL 48,514
 61,000 SINGAPORE TELECOMMUNICATIONS 137,706
 687,100 SINGAPORE TELECOMMUNICATIONS LIMITED 1,561,245
 1,177 SWISSCOM AG 457,700
 22,153 TALKTALK TELECOM GROUP PLC 44,066
 3,567 TATA COMMUNICATIONS LIMITED 25,251
 4,735 TDC AS 33,023
 8,554 TELE NORTE LESTE PARTICIPACOES SA 148,310
 16,685 TELE2 AB 300,222
 2,951 TELECOM ARGENTINA SA ADR 55,508
 237,483 TELECOM CORPORATION OF NEW ZEALAND LIMITED 341,130
 36,313 TELECOM EGYPT+ 107,686
 332,171 TELECOM ITALIA RNC SPA 365,590
 604,372 TELECOM ITALIA SPA 817,205
 158,200 TELECOM MALAYSIA BHD 177,954
 3,600 TELECOMUNICACOES DE SAO PAULO SA+ 75,515
 10,454 TELEFONICA O2 CZECH REPUBLIC AS 234,828
 207,353 TELEFONICA SA 4,598,443
 643,036 TELEFONOS DE MEXICO SA DE CV 447,710
 15,208 TELEKOM AUSTRIA AG 194,458
 85,222 TELEKOMUNIKACJA POLSKA SA 462,248
 1,289,500 TELEKOMUNIKASI INDONESIA TBK PT 1,234,552
 2,640 TELENET GROUP HOLDING NV 78,787
 41,800 TELENOR ASA 612,352
 128,151 TELIASONERA AB 921,488
 22,371 TELKOM SOUTH AFRICA LIMITED 101,921
 375,075 TELSTRA CORPORATION LIMITED 917,687
 8,300 TELUS CORPORATION (NON-VOTING) 327,299
 262,500 TRUE CORPORATION PCL+ 55,360
 270,800 TT&T PCL+ 4,067
 63,713 TURK TELEKOMUNIKASYON AS 262,854
 196,776 TW TELECOM INCORPORATED+ 3,450,467
 316,924 VERIZON COMMUNICATIONS INCORPORATED 9,352,427
 243,740 WINDSTREAM CORPORATION 2,811,541
 81,810,171
 --------------

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
WIRELESS TELECOMMUNICATION SERVICES: 1.21%
 202,100 ADVANCED INFO SERVICE PCL THB $ 595,741
 11,397 AMERICA MOVIL SAB DE CV CLASS A 26,335
 2,992,415 AMERICA MOVIL SAB DE CV CLASS L 6,998,489
 58,592 AMERICAN TOWER CORPORATION CLASS A+ 2,745,621
 159,183 BHARTI AIRTEL LIMITED 1,107,750
 546,500 CHINA MOBILE LIMITED 5,560,723
 35,766 CROWN CASTLE INTERNATIONAL CORPORATION+ 1,470,698
 33,100 DIGI.COM BHD 260,948
 2,934 EGYPTIAN COMPANY FOR MOBILE SERVICES+ 88,864
 11,355 EMPRESA NACIONAL DE TELECOMUNICACIONES SA+ 182,384
 322,722 FAR EASTONE TELECOMMUNICATIONS COMPANY LIMITED 418,086
 3,280 FREENET AG 32,974
 4,050 GLOBE TELECOM INCORPORATED 71,429
 220,290 IDEA CELLULAR LIMITED+ 335,071
 330 KDDI CORPORATION 1,590,882
 78,475 LEAP WIRELESS INTERNATIONAL INCORPORATED+<< 813,786
 132,553 METROPCS COMMUNICATIONS INCORPORATED+<< 1,185,024
 21,400 MOBILONE LIMITED 34,259
 1,295 MOBISTAR SA 72,561
 139,711 MTN GROUP LIMITED 2,282,736
 1,487 NTT DOCOMO INCORPORATED 2,516,979
 22,450 NTT DOCOMO INCORPORATED ADR 378,732
 6 OKINAWA CELLULAR TELEPHONE COMPANY 12,163
 313,006 ORASCOM TELECOM HOLDING SAE+ 289,109
 5,768 PARTNER COMMUNICATIONS COMPANY LIMITED 96,017
 8,960 PHILIPPINE LONG DISTANCE TELEPHONE COMPANY 482,370
 138,500 PT INDONESIAN SATELLITE CORPORATION TBK 67,449
 99,697 RELIANCE COMMUNICATIONS LIMITED 330,734
 32,828 RELIANCE COMMUNICATIONS LIMITED GDR(a) 108,835
 27,400 ROGERS COMMUNICATIONS INCORPORATED 950,977
 61,813 SBA COMMUNICATIONS CORPORATION+<< 2,212,905
 4,693 SK TELECOM COMPANY LIMITED 632,179
 91,500 SOFTBANK CORPORATION 2,625,955
 315,276 SPRINT NEXTEL CORPORATION+ 1,286,326
 55,000 STARHUB LIMITED 99,816
 472,447 TAIWAN MOBILE COMPANY LIMITED 929,143
 26,818 TATA TELESERVICES MAHARASHTRA LIMITED+ 12,770
 23,769 TELEPHONE & DATA SYSTEMS INCORPORATED 686,686
 20,796 TELEPHONE & DATA SYSTEMS INCORPORATED - SPECIAL SHS 525,723
 310,850 TM INTERNATIONAL SDN BHD+ 442,777
 81,100 TOTAL ACCESS GROUP, INCORPORATED+ 132,165
 92,437 TURKCELL ILETISIM HIZMETLERI AS 584,144
 7,619 UNITED STATES CELLULAR CORPORATION+ 319,388
 2,854,636 VODAFONE GROUP PLC 6,880,049
 31,716 VODAFONE GROUP PLC ADR<< 766,893
 49,244,645
 --------------
UTILITIES: 5.14%
ELECTRIC UTILITIES: 2.15%
 1,157 ACCIONA SA 91,330
 45,808 ALLETE INCORPORATED 1,629,391
 52,798 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 1,869,577
 133 ATEL HOLDING AG 48,798
 678 BKW FMB ENERGIE AG 46,647
 36,800 CENTRAIS ELECTRICAS BRASILEIRAS SA 447,781

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
ELECTRIC UTILITIES (continued)
 11,882 CESC LIMITED $ 95,367
 21,596 CEZ AS 905,231
 32,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 123,207
 79,600 CHUBU ELECTRIC POWER COMPANY INCORPORATED 2,096,831
 5,980 CIA ENERGETICA DE MINAS GERAIS+ 72,254
 33,397 CIA GENERAL DE ELECTRICIDAD SA 224,395
 94,072 CLECO CORPORATION<< 2,665,060
 211,000 CLP HOLDINGS LIMITED 1,615,305
 27,727 CONTACT ENERGY LIMITED+ 109,237
 8,154 CPFL ENERGIA SA 188,267
 60,403 DPL INCORPORATED 1,529,404
 144,559 DUKE ENERGY CORPORATION 2,484,969
 116,543 E.ON AG 3,279,438
 32,068 EDISON INTERNATIONAL 1,082,295
 16,314 ELECTRICITE DE FRANCE 649,781
 5,213 EMERA INCORPORATED 128,082
 6,772 EMPRESA ELECTRICA PEHUENCHE SA 40,184
 3,909 ENDESA SA 90,801
 23,564 ENEA SA 149,214
 368,118 ENEL SPA 1,754,031
 133,061 ENERGIAS DE PORTUGAL SA 404,692
 1,623,229 ENERSIS SA (CHILE) 719,571
 20,539 ENTERGY CORPORATION 1,619,295
 529 EVN AG+ 8,433
 73,200 EXELON CORPORATION 2,980,704
 32,584 FIRSTENERGY CORPORATION<< 1,190,294
 9,974 FORTIS INCORPORATED/CANADA 275,832
 25,418 FORTUM OYJ 585,273
 66,138 GREAT PLAINS ENERGY INCORPORATED 1,222,892
 142,559 HAWAIIAN ELECTRIC INDUSTRIES INCORPORATED 3,424,267
 19,800 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED 445,683
 23,400 HOKURIKU ELECTRIC POWER COMPANY 559,862
 139,605 HONG KONG ELECTRIC HOLDINGS LIMITED 847,994
 236,091 IBERDROLA SA 1,663,477
 73,426 IDACORP INCORPORATED 2,574,316
 43,915 INFRATIL LIMITED 49,914
 65,895 ITC HOLDINGS CORPORATION<< 3,819,274
 12 JAPAN WIND DEVELOPMENT COMPANY LIMITED<< 14,455
 88,700 KANSAI ELECTRIC POWER COMPANY INCORPORATED 2,274,251
 38,644 KOREA ELECTRIC POWER CORPORATION 939,588
 40,370 KSK ENERGY VENTURES LIMITED+ 132,035
 48,100 KYUSHU ELECTRIC POWER COMPANY INCORPORATED 1,143,957
 52,410 MANILA ELECTRIC COMPANY 206,821
 45,801 NEXTERA ENERGY INCORPORATED 2,460,888
 88,325 NORTHEAST UTILITIES 2,558,775
 117,868 NV ENERGY INCORPORTED 1,508,710
 112,388 PEPCO HOLDINGS INCORPORATED 2,017,365
 50,754 PINNACLE WEST CAPITAL CORPORATION 2,022,547
 118,080 PNM RESOURCES INCORPORATED<< 1,350,835
 31,046 POLSKA GRUPA ENERGETYCZNA SA 224,494
 117,011 PORTLAND GENERAL ELECTRIC COMPANY 2,337,880
 67,365 POWER GRID CORPORATION OF INDIA LIMITED 155,810
 53,566 PPL CORPORATION 1,454,853
 20,314 PRIME INFRASTRUCTURE GROUP STAPLED UNITS 79,161
 30,429 PROGRESS ENERGY INCORPORATED 1,305,708
 5,300 PUBLIC POWER CORPORATION SA 75,358

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
ELECTRIC UTILITIES (continued)
 6,567 RED ELECTRICA DE ESPANA $ 270,633
 17,204 RELIANCE ENERGY LIMITED 366,426
 7 ROMANDE ENERGIE HOLDING SA+ 11,721
 53,606 SCOTTISH & SOUTHERN ENERGY PLC 941,337
 22,500 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED 697,149
 90,938 SOUTHERN COMPANY 3,336,515
 134,095 SP AUSNET 95,443
 22,659 TATA POWER COMPANY LIMITED 588,826
 226,750 TENAGA NASIONAL BHD 640,188
 78,220 TERNA SPA 314,472
 34,000 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED 743,459
 1,600 THE OKINAWA ELECTRIC POWER COMPANY INCORPORATED 84,657
 55,700 TOHOKU ELECTRIC POWER COMPANY INCORPORATED 1,291,556
 144,400 TOKYO ELECTRIC POWER COMPANY INCORPORATED 4,204,290
 26,581 TORRENT POWER LIMITED 191,616
 3,817 TRUSTPOWER LIMITED 19,297
 56,098 UNISOURCE ENERGY CORPORATION 1,824,868
 3,577 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG 127,149
 172,046 WESTAR ENERGY INCORPORATED 4,123,943
 87,945,686
 --------------
GAS UTILITIES: 0.98%
 121,496 AGL RESOURCES INCORPORATED 4,458,903
 40,927 APA GROUP 136,184
 144,926 ATMOS ENERGY CORPORATION 4,101,406
 6,312 AYGAZ AS+ 27,488
 174,000 CHINA GAS HOLDINGS LIMITED 88,356
 12,390 ENAGAS SA 219,032
 36,492 ENERGEN CORPORATION 1,557,479
 27,213 ENVESTRA LIMITED 12,106
 70,916 GAIL INDIA LIMITED 696,572
 13,417 GAS NATURAL SDG SA 202,927
 461,406 HONG KONG & CHINA GAS COMPANY LIMITED 1,112,772
 3,903 KOREA GAS CORPORATION+ 140,637
 31,464 LACLEDE GROUP INCORPORATED 1,047,751
 69,948 NICOR INCORPORATED<< 2,958,101
 35,090 NORTHWEST NATURAL GAS COMPANY 1,594,490
 49,657 ONEOK INCORPORATED 2,130,782
 219,000 OSAKA GAS COMPANY LIMITED 826,366
 1,483,500 PERUSAHAAN GAS NEGARA PT 656,779
 25,900 PETRONAS GAS BHD 86,659
 103,377 PIEDMONT NATURAL GAS COMPANY INCORPORATED<< 2,820,125
 85,286 QUESTAR CORPORATION 1,388,456
 32,000 SAIBU GAS COMPANY LIMITED 92,941
 5,500 SHIZUOKA GAS COMPANY LIMITED 34,764
 86,225 SNAM RETE GAS SPA 399,377
 39,335 SOUTH JERSEY INDUSTRIES INCORPORATED<< 1,848,352
 70,541 SOUTHWEST GAS CORPORATION 2,218,514
 56,000 TOHO GAS COMPANY LIMITED 289,965
 2,000 TOKAI CORPORATION 9,118
 281,000 TOKYO GAS COMPANY LIMITED 1,311,177
 169,543 UGI CORPORATION 4,679,387
 76,852 WGL HOLDINGS INCORPORATED<< 2,710,570
 94,000 XINAO GAS HOLDINGS LIMITED 251,956
 40,109,492
 --------------

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS: 0.32%
 223,000 ABOITIZ POWER CORPORATION $ 92,917
 70,726 ADANI POWER LIMITED+ 204,405
 66,482 BABCOCK & BROWN WIND PARTNERS 39,038
 2,800 BROOKFIELD RENEWABLE POWER FUND 53,435
 323,000 CHINA LONGYUAN POWER GROUP+ 325,959
 220,600 CHINA RESOURCES POWER HOLDINGS COMPANY 486,646
 956,543 COLBUN SA+ 266,018
 90,800 CONSTELLATION ENERGY GROUP INCORPORATED 2,663,164
 16,810 DRAX GROUP PLC 102,323
 158,499 DYNEGY INCORPORATED+ 781,400
 525 EDF ENERGIES NOUVELLES SA 20,448
 19,099 EDISON SPA 21,287
 9,632 EDP RENOVAVEIS SA+ 53,585
 15,400 ELECTRIC POWER DEVELOPMENT COMPANY 495,674
 29,800 ELECTRICITY GENERATING PCL 89,033
 430,156 EMPRESA NACIONAL DE ELECTRICIDAD SA (CHILE) 739,658
 25,459 ENERGY WORLD CORPORATION LIMITED+ 8,947
 31,600 GLOW ENERGY PCL 44,429
 111,348 GMR INFRASTRUCTURE LIMITED+ 131,847
 127,035 GVK POWER & INFRASTRUCTURE LIMITED+ 122,066
 61,276 IBERDROLA RENOVABLES 200,420
 81,849 INTERNATIONAL POWER PLC 466,210
 68,316 MIRANT CORPORATION+ 662,665
 4,901 NEYVELI LIGNITE CORPORATION LIMITED 16,368
 199,612 NHPC LIMITED 129,001
 129,318 NRG ENERGY INCORPORATED+<< 2,627,742
 181,719 NTPC LIMITED 756,969
 938,750 PNOC ENERGY DEVELOPMENT CORPORATION+ 96,441
 20,700 RATCHABURI ELECTRICITY GENERATING HOLDING PCL ADR 25,631
 100,801 RELIANCE NATURAL RESOURCES LIMITED+ 79,822
 57,633 RELIANCE POWER LIMITED+ 186,597
 165,719 RRI ENERGY INCORPORATED+ 575,045
 456 SECHILIENNE SA 11,913
 391,200 SOLARTRON PCL+ 36,001
 16,929 TRACTEBEL ENERGIA SA 223,921
 10,500 TRANSALTA CORPORATION 208,060
 13,045,085
 --------------
MULTI-UTILITIES: 1.56%
 1,765 ACEA SPA 19,571
 58,540 AEM SPA 81,752
 47,773 AGL ENERGY LIMITED 638,405
 55,637 ALLIANT ENERGY CORPORATION 1,948,408
 119,506 AMEREN CORPORATION 3,354,533
 1,929 ATCO LIMITED 92,710
 84,678 AVISTA CORPORATION<< 1,767,230
 60,244 BLACK HILLS CORPORATION 1,833,225
 4,999 CANADIAN UTILITIES LIMITED CLASS A 223,615
 258 CANADIAN UTILITIES LIMITED CLASS B 11,529
 186,210 CENTERPOINT ENERGY INCORPORATED 2,754,046
 307,580 CENTRICA PLC 1,534,506
 115,801 CMS ENERGY CORPORATION<< 2,026,518
 30,715 CONSOLIDATED EDISON INCORPORATED 1,459,884
 66,186 DOMINION RESOURCES INCORPORATED 2,830,113
 84,974 DTE ENERGY COMPANY 3,981,032
 77,631 GAZ DE FRANCE 2,403,864

 SHARES SECURITY NAME VALUE
------------- --------------------------------------------------------------- --------------
MULTI-UTILITIES (continued)
 15,096 HERA SPA $ 27,490
 38,544 INTEGRYS ENERGY GROUP INCORPORATED<< 1,867,457
 3,203 JUST ENERGY INCOME FUND 41,872
 87,588 MDU RESOURCES GROUP INCORPORATED 1,647,530
 212,268 NATIONAL GRID PLC 1,787,242
 139,583 NISOURCE INCORPORATED 2,420,369
 55,928 NORTHWESTERN CORPORATION 1,572,695
 53,810 NSTAR<< 2,046,394
 48,994 OGE ENERGY CORPORATION<< 1,913,216
 40,165 PG&E CORPORATION 1,878,115
 56,302 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 1,799,412
 23,842 RWE AG 1,561,448
 56,139 SCANA CORPORATION<< 2,191,105
 25,109 SEMPRA ENERGY 1,278,550
 15,347 SUEZ ENVIRONNEMENT SA 246,996
 101,720 TECO ENERGY INCORPORATED<< 1,717,034
 41,317 UNITED UTILITIES GROUP PLC 361,502
 8,821 VECTOR LIMITED 13,101
 126,118 VECTREN CORPORATION<< 3,094,936
 23,284 VEOLIA ENVIRONNEMENT 542,037
 59,001 WISCONSIN ENERGY CORPORATION 3,288,716
 229,838 XCEL ENERGY INCORPORATED 5,127,686
 72,636 YTL CORPORATION BHD 170,355
 258,603 YTL POWER INTERNATIONAL BHD 185,414
 63,741,613
 --------------
WATER UTILITIES: 0.13%
 88,039 AMERICAN WATER WORKS COMPANY INCORPORATED 1,987,921
 66,995 AQUA AMERICA INCORPORATED<< 1,331,861
 24,635 CALIFORNIA WATER SERVICE GROUP 857,544
 100,000 CHINA WATER AFFAIRS GROUP LIMITED 34,839
 254,000 GUANGDONG INVESTMENT LIMITED 123,755
 35,000 HYFLUX LIMITED 77,462
 64,900 MANILA WATER COMPANY 25,067
 18,233 NORTHUMBRIAN WATER GROUP PLC 92,306
 16,628 PENNON GROUP PLC 146,124
 13,700 PUNCAK NIAGA HOLDING BHD 12,573
 13,143 SEVERN TRENT PLC 261,030
 168,000 SOUND GLOBAL LIMITED 87,996
 5,038,478
 --------------
TOTAL COMMON STOCKS (COST $4,094,566,545) 3,989,022,939
 --------------
RIGHTS: 0.00%
 400 LPI CAPITAL(a)+ 635
 8,016 SOMBOON ADVANCE TECHNOLOGY(a)+ 2,209
TOTAL RIGHTS (COST $0) 2,844
 --------------

 EXPIRATION
 DATE
 -------------
WARRANTS: 0.00%
 1,583 BURU ENERGY LIMITED (OIL & GAS EXTRACTION)(a)+ 10/10/2010 8
 20,952 HENDERSON LAND DEVELOPMENT (REAL ESTATE MANAGEMENT &
 DEVELOPMENT)+ 06/01/2011 2,828
 17,924 HKC HOLDINGS (REAL ESTATE MANAGEMENT & DEVELOPMENT)+ 12/31/2011 115
 1,086 HONG KONG ENERGY HOLDINGS (ENERGY EQUIPMENT & SERVICES)+ 06/09/2011 7

 EXPIRATION
 SHARES SECURITY NAME DATE VALUE
------------- --------------------------------------------------------------- ------------- --------------
WARRANTS (continued)
 5,450 KINGBOARD CHEMICALS HOLDINGS (CHEMICALS)+ 10/31/2012 $ 2,396
 138 KRISPY KREME DOUGHNUTS INCORPORATED (FOOD & STAPLES
 Retailing)(a)+ 03/02/2012 14
 2,120 KSL W1 (HOUSEHOLD PRODUCTS)+ 03/15/2013 249
 3,641 MAUREL ET PROM (OIL, GAS & CONSUMABLE FUELS)+ 06/30/2014 521
 9,570 MINOR INTERNATIONAL PCL (HOTELS, RESTAURANTS & LEISURE)+ 05/18/2013 765
 17,515 OSIM INTERNATIONAL LIMITED (MEASURING, ANALYZING, & CONTROLLING
 INSTRUMENTS:
 PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS)+ 06/23/2011 7,947
 321 RESOLUTE MINING LIMITED (METAL MINING)+ 12/31/2011 94
 112 STORM RESOURCES (OIL, GAS & CONSUMABLE FUELS)(a)+ 09/08/2010 0
 700 TAT HONG HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS)(a)+ 08/02/2013 16
TOTAL WARRANTS (COST $1,132) 14,960
 --------------

 YIELD
 ---------
PREFERRED STOCKS: 0.88%
CONSUMER DISCRETIONARY: 0.04%
 2,478 BAYERISCHE MOTOREN WERKE AG (AUTOMOBILES) 1.00% 91,789
 1,069 FIAT SPA (AUTOMOBILES) 4.53 7,647
 588 HUGO BOSS AG (APPAREL) 2.49 25,294
 4,196 PORSCHE AG (AUTO MANUFACTURERS) 0.14 195,334
 4,409 PROSIEBENSAT.1 MEDIA AG (COMMUNICATIONS) 0.12 79,172
 11,721 VOLKSWAGEN AG (AUTOMOBILES) 1.83 1,166,441
 1,565,677
 --------------
CONSUMER STAPLES: 0.07%
 20,594 CIA DE BEBIDAS DAS AMERICAS (BEVERAGES) 1.92 2,268,887
 9,400 HENKEL KGAA PREFERRED (HOUSEHOLD PRODUCTS) 1.35 441,941
 2,710,828
 --------------
ENERGY: 0.15%
 405,904 PETROLEO BRASILEIRO SA (OIL, GAS & CONSUMABLE FUELS) 4.06 6,022,980
 --------------
FINANCIALS: 0.31%
 246,526 BANCO BRADESCO SA (COMMERCIAL BANKS) 2.44 4,275,691
 268,731 BANCO ITAU HOLDING FINANCEIRA SA (COMMERCIAL BANKS) 2.46 5,786,993
 355,408 INVESTIMENTOS ITAU SA (COMMERCIAL BANKS) 2.75 2,489,121
 67 SHINKIN CENTRAL BANK (COMMERCIAL BANKS) 4.08 127,444
 10,037 SWEDBANK AB (COMMERCIAL BANKS) 10.00 115,422
 18,590 UNIPOL (INSURANCE) 11.23 8,139
 12,802,810
 --------------
HEALTH CARE: 0.01%
 4,839 FRESENIUS AG (HEALTH CARE PROVIDERS & SERVICES) 1.29 344,263
 --------------
MATERIALS: 0.23%
 30,000 BRADESPAR SA (METALS & MINING) 2.64 625,196
 266,230 COMPANHIA VALE DO RIO DOCE CLASS A (METAL & MINING) 2.11 6,280,375
 624 FUCHS PETROLUB AG (OIL & GAS EXTRACTION) 2.03 61,395
 82,502 GERDAU SA (METALS & MINING) 2.14 1,097,365
 36,456 METALURGICA GERDAU SA (PRIMARY METAL INDUSTRIES) 2.80 584,749
 31,601 USINAS SIDERURGICAS DE MINAS GERAIS SA CLASS A
 (METALS & MINING) 1.78 792,252
 9,441,332
 --------------

 SHARES SECURITY NAME YIELD VALUE
------------- --------------------------------------------------------------- -------- --------------
TELECOMMUNICATION SERVICES: 0.04%
 31,319 BRASIL TELECOM SA (DIVERSIFIED TELECOMMUNICATION SERVICES)+ 0.00% $ 198,123
 31,177 TELE NORTE LESTE PARTICIPACOES SA (DIVERSIFIED
 TELECOMMUNICATION SERVICES) 12.94 424,273
 3,803 TELECOMUNICACOES DE SAO PAULO SA (DIVERSIFIED
 TELECOMMUNICATION SERVICES) 9.13 87,288
 3,078 TELEMAR NORTE LESTE SA (DIVERSIFIED TELECOMMUNICATION
 SERVICES)+ 0.00 78,008
 68,500 TIM PARTICIPACOES SA (WIRELESS TELECOMMUNICATION SERVICES) 2.29 193,458
 21,777 VIVO PARTICIPACOES SA (WIRELESS TELECOMMUNICATION SERVICES) 4.45 523,268
 1,504,418
 --------------
UTILITIES: 0.03%
 27,100 CENTRAIS ELECTRICAS BRASILEIRAS SA PREFERRED B (ELECTRIC
 UTILITIES) 7.32 391,320
 50,343 CIA ENERGETICA DE MINAS GERAIS (ELECTRIC UTILITIES) 5.12 802,621
 2,018 RWE AG (MULTI - UTILITIES) 7.27 124,221
 1,318,162
 --------------
TOTAL PREFERRED STOCKS (COST $31,342,983) 35,710,470
 --------------

SHORT-TERM INVESTMENTS: 16.07%

 INTEREST MATURITY
 PRINCIPAL RATE DATE
------------- --------- -------------
CORPORATE BONDS & NOTES: 0.18%
$ 6,429,905 GRYPHON FUNDING LIMITED(a)(i)(v) 0.00% 08/05/2011 2,614,897
 8,342,517 VFNC CORPORATION(a)(i)(v)+/-++ 0.33 09/29/2011 4,795,739
 7,410,636
 --------------

 SHARES YIELD
------------- ---------
INVESTMENT COMPANIES: 15.89%
 101,376,701 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)(u) 0.29% 101,376,701
 548,073,924 WELLS FARGO SECURITIES LENDING CASH INVESTMENTS LLC(v)(l)(u) 0.31 548,073,924
 649,450,625
 --------------
TOTAL SHORT-TERM INVESTMENTS (COST $654,810,505) 656,861,261

 --------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $4,780,721,165)* 114.55% 4,681,612,474
OTHER ASSETS AND LIABILITIES, NET (14.55) (594,551,465)
 ------- --------------
TOTAL NET ASSETS 100.00% $4,087,061,009
 ------- --------------

 INTEREST MATURITY
 PRINCIPAL SECURITY NAME RATE DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
AGENCY SECURITIES: 0.33%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.33%
$ 1,000,000 FHLMC+/-ss 0.23% 02/02/2012 $ 998,816
 -------------
TOTAL AGENCY SECURITIES (COST $998,855) 998,816
 -------------
CORPORATE BONDS & NOTES: 1.45%
ENERGY: 0.07%
OIL, GAS & CONSUMABLE FUELS: 0.07%
 200,000 SEARIVER MARITIME INCORPORATED+/-ss(i) 0.55 10/01/2011 200,000
 -------------
FINANCIALS: 1.35%
DIVERSIFIED FINANCIAL SERVICES: 0.52%
 179,000 GBG LLC CUSTODY RECEIPTS+/-ss++ 0.28 09/01/2027 179,000
 1,000,000 JPMORGAN CHASE & COMPANY+/- 0.49 05/16/2011 1,000,831
 390,000 LTF REAL ESTATE VRDN I LLC+/-ss++ 0.35 06/01/2033 390,000
 1,569,831
 -------------
INSURANCE: 0.83%
 2,500,000 BERKSHIRE HATHAWAY INCORPORATED+/- 0.39 02/10/2011 2,500,110
 -------------
HEALTH CARE: 0.03%
HEALTH CARE PROVIDERS & SERVICES: 0.03%
 100,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-ss 0.26 11/15/2029 100,000
 -------------
TOTAL CORPORATE BONDS & NOTES (COST $4,369,613) 4,369,941
 -------------
MUNICIPAL BONDS & NOTES: 8.83%
ALABAMA: 0.75%
 1,300,000 LOWER ALABAMA GAS DISTRICT SUPPLY REVENUE SERIES A (UTILITIES
 REVENUE, SOCIETE GENERALE LOC)+/-ss 0.30 11/01/2027 1,300,000
 965,000 SOUTHEAST ALABAMA GAS DISTRICT ALABAMA REVENUE SUPPLY PROJECT
 SERIES A (IDR)+/-ss 0.29 08/01/2027 965,000
 2,265,000
 -------------
CALIFORNIA: 1.24%
 500,000 CALIFORNIA PCFA PCR PACIFIC GAS & ELECTRIC COMPANY (IDR,
 JPMORGAN CHASE & COMPANY LOC)+/-ss 0.28 11/01/2026 500,000
 200,000 CALIFORNIA SERIES H (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2035 200,000
 230,000 CALIFORNIA STANFORD HOSPITAL SERIES B (HFA REVENUE,
 FNMA LOC)+/-ss 0.26 08/01/2036 230,000
 75,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE,
 FIRST SECURITY BANK LOC)+/-ss 0.27 05/01/2017 75,000
 500,000 CALIFORNIA STATE SERIES B SUBSERIES B6 (OTHER REVENUE, KBC BANK
 NV LOC)+/-ss 0.29 05/01/2040 500,000
 500,000 CITY OF NEWPORT BEACH CA (HOSPITAL REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.24 12/01/2040 500,000
 1,000,000 DEXIA CREDIT LOCAL CERTIFICATES TRUST (FSA INSURED, DEXIA LOCAL
 BANK LOC)+/-ss 0.44 08/01/2027 1,000,000
 250,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.30 02/01/2035 250,000
 500,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.30 10/01/2035 500,000
 3,755,000
 -------------
COLORADO: 0.71%
 250,000 COLORADO HFA TAXABLE MULTIFAMILY PROJECT B II (HOUSING REVENUE,
 FNMA INSURED)+/-ss 0.29 05/01/2050 250,000
 400,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT #1 SERIES A (LEASE
 REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.38 12/15/2037 400,000

 INTEREST MATURITY
 PRINCIPAL SECURITY NAME RATE DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
COLORADO (continued)
$ 500,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT #1 SERIES B (LEASE
 REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.45% 12/15/2037 $ 500,000
 1,000,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT SERIES B-2 (LEASE
 REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.45 12/15/2037 1,000,000
 2,150,000
 -------------
CONNECTICUT: 0.33%
 1,000,000 CONNECTICUT STATE SERIES A1 (PROPERTY TAX REVENUE)+/-ss 0.28 03/01/2023 1,000,000
 -------------
DELAWARE: 0.07%
 200,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY (RESOURCE
 RECOVERY REVENUE)+/-ss 0.30 08/01/2029 200,000
 -------------
FLORIDA: 0.53%
 500,000 FLORIDA MUNICIPAL POWER AGENCY ALL REQUIREMENTS SUPPLY SERIES C
 (ELECTRIC REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 10/01/2035 500,000
 500,000 LEE MEMORIAL HEALTH SYSTEM FLORIDA SERIES A (HOSPITAL & NURSING
 REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.25 04/01/2033 500,000
 590,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY SCHOOL PROJECT
 (EDUCATION REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.31 06/01/2032 590,000
 1,590,000
 -------------
INDIANA: 0.08%
 250,000 RICHMOND IN REID HOSPITAL & HEALTH CARE SERVICES INCORPORATED
 HOSPITAL AUTHORITY HOSPITAL SERIES A (HOSPITAL REVENUE, FIRST
 SECURITY BANK LOC)+/-ss 0.28 01/01/2040 250,000
 -------------
MASSACHUSETTS: 0.77%
 340,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BABSON COLLEGE B
 (OTHER REVENUE, CITIBANK NA LOC)+/-ss 0.27 10/01/2031 340,000
 2,000,000 MASSACHUSETTS STATE HEFA SERIES N-3 (HOSPITAL & NURSING HOME
 REVENUE, JPMORGAN CHASE BANK NA LOC)+/-ss 0.26 10/01/2038 2,000,000
 2,340,000
 -------------
MINNESOTA: 0.08%
 230,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES T
 (HOUSING REVENUE, GO OF AUTHORITY INSURED)+/-ss 0.29 07/01/2048 230,000
 -------------
NEW JERSEY: 0.06%
 195,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE AGENCY TAXABLE
 SERIES 4 (HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE
 LOC)+/-ss 0.50 11/01/2037 195,000
 -------------
NEW YORK: 1.07%
 1,000,000 NEW YORK NY SERIES E SUBSERIES E-2 (PROPERTY TAX REVENUE, BANK
 OF AMERICA NA LOC)+/-ss 0.25 08/01/2034 1,000,000
 1,000,000 NEW YORK NY SUBSERIES C-4 (PROPERTY TAX REVENUE)+/-ss 0.27 08/01/2020 1,000,000
 500,000 NEW YORK STATE HOUSING FINANCE AGENCY VICTORY HOUSING SERIES
 2004-A (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.28 11/01/2033 500,000
 250,000 NEW YORK STATE MORTGAGE AGENCY (HOUSING REVENUE)+/-ss 0.30 04/01/2037 250,000
 500,000 NEW YORK STATE MORTGAGE AGENCY (HOUSING REVENUE)+/-ss 0.32 10/01/2037 500,000
 3,250,000
 -------------
OHIO: 0.35%
 214,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I
 (HOUSING REVENUE, GNMA INSURED)+/-ss 0.26 09/01/2039 214,000
 442,000 OHIO STATE HFA RESIDENTIAL MORTGAGE SECURITIES PROGRAM
 (HOUSING REVENUE, GNMA INSURED)+/-ss 0.30 09/01/2029 442,000
 400,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A
 (OTHER REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.26 11/01/2029 400,000
 1,056,000
 -------------

 INTEREST MATURITY
 PRINCIPAL SECURITY NAME RATE DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
PENNSYLVANIA: 0.50%
$ 500,000 DOYLESTOWN HOSPITAL AUTHORITY SERIES B (HFFA, PNC BANK NA
 LOC)+/-ss 0.26% 07/01/2037 $ 500,000
 1,000,000 PHILADELPHIA PA SCHOOL DISTRICT (PROPERTY TAX REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 09/01/2030 1,000,000
 1,500,000
 -------------
TEXAS: 1.46%
 250,000 AUSTIN TEXAS AIRPORT SYSTEM (AIRPORT & MARINA REVENUE, FSA
 INSURED)+/-ss 0.36 11/15/2025 250,000
 2,000,000 BEXAR COUNTY TX HEALTH FACILITIES DEVELOPMENT (HOSPITAL &
 NURSING HOME REVENUE, JP MORGAN CHASE BANK NA LOC)+/-ss 0.32 12/01/2032 2,000,000
 250,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE
 CORPORATION YMCA GREATER HOUSTON SERIES B (RECREATIONAL
 REVENUE, ALLIED IRISH BANK LOC)+/-ss 1.00 06/01/2038 250,000
 500,000 HARRIS COUNTY TX INDUSTRIAL DEVELOPMENT CORPORATION DEER PARK
 REFINING (RESOURCE RECOVERY REVENUE)+/-ss 0.25 03/01/2023 500,000
 1,000,000 MIDLOTHIAN INDUSTRIAL DEVELOPMENT CORPORATION (INDUSTRIAL
 REVENUE, UBS AG LOC)+/-ss 0.24 08/01/2034 1,000,000
 100,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM SERIES A (OTHER
 REVENUE, NATIONS BANK NA LOC)+/-ss 0.29 06/01/2045 100,000
 300,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION MOTHER
 FRANCES HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.31 07/01/2020 300,000
 4,400,000
 -------------
VIRGINIA: 0.66%
 2,000,000 HARRISONBURG VA REDEVELOPMENT & HOUSING AUTHORITY (HOUSING
 REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.32 05/01/2026 2,000,000
 -------------
WASHINGTON: 0.17%
 500,000 PORT OF TACOMA WA SERIES B (AIRPORT & MARINA REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.25 12/01/2044 500,000
 -------------
TOTAL MUNICIPAL BONDS & NOTES (COST $26,681,000) 26,681,000
 -------------
SHORT-TERM INVESTMENTS: 0.99%
US TREASURY BILLS: 0.99%
 3,000,000 US TREASURY BILL## 0.22 11/18/2010 2,999,142
 -------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,998,563) 2,999,142
 -------------
REPURCHASE AGREEMENTS: 13.42%
 1,000,000 BANK OF AMERICA SECURITIES LLC, DATED 08/31/2010, MATURITY
 VALUE $1,000,009 (1) 0.32 09/01/2010 1,000,000
 2,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010, MATURITY VALUE
 $2,000,014 (2) 0.26 09/01/2010 2,000,000
 6,570,403 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010, MATURITY VALUE
 $6,570,447 (3) 0.24 09/01/2010 6,570,403
 2,000,000 BNP PARIBAS SECURITIES CORPORATION, DATED 08/31/2010, MATURITY
 VALUE $2,000,014 (4) 0.25 09/01/2010 2,000,000
 5,000,000 BNP PARIBAS SECURITIES CORPORATION, DATED 08/31/2010, MATURITY
 VALUE $5,000,033 (5) 0.24 09/01/2010 5,000,000
 1,000,000 CITIGROUP GLOBAL MARKETS, DATED 08/31/2010, MATURITY VALUE
 $1,000,007 (6) 0.26 09/01/2010 1,000,000
 3,000,000 CREDIT SUISSE SECURITIES (USA), DATED 08/31/2010, MATURITY
 VALUE $3,000,020 (7) 0.24 09/01/2010 3,000,000
 1,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010, MATURITY VALUE
 $1,000,007 (8) 0.24 09/01/2010 1,000,000
 5,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010, MATURITY VALUE
 $5,000,035 (9) 0.25 09/01/2010 5,000,000
 3,000,000 JPMORGAN SECURITIES, DATED 8/31/2010, MATURITY VALUE $3,000,021
 (10) 0.25 09/01/2010 3,000,000
 4,000,000 RBS SECURITIES INCORPORATED, DATED 08/31/2010, MATURITY VALUE
 $4,000,029 (11) 0.26 09/01/2010 4,000,000
 3,000,000 RBS SECURITIES INCORPORTED, DATED 08/31/2010, MATURITY VALUE
 $3,000,020 (12) 0.24 09/01/2010 3,000,000
 4,000,000 SOCIETE GENERALE (NEW YORK), DATED 08/31/2010, MATURITY VALUE
 $4,000,028 (13) 0.25 09/01/2010 4,000,000
TOTAL REPURCHASE AGREEMENTS (COST $40,570,403) 40,570,403
 -------------
COMMERCIAL PAPER: 56.03%
 1,000,000 ABBEY NATIONAL NA LLC## 0.36 09/02/2010 999,990
 400,000 ABBEY NATIONAL NA LLC## 0.55 11/08/2010 399,792
 1,000,000 ABN AMRO FUNDING USA LLC##++ 0.27 09/10/2010 999,940

 INTEREST MATURITY
 PRINCIPAL SECURITY NAME RATE DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
COMMERCIAL PAPER (continued)
$ 250,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.41% 10/29/2010 $ 249,878
 800,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.52 11/05/2010 799,560
 300,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.49 11/10/2010 299,820
 1,000,000 ANGLO IRISH BANK##++ 0.47 09/02/2010 999,980
 400,000 ANTALIS US FUNDING CORPORATION##++(p) 0.46 09/08/2010 399,976
 300,000 ANTALIS US FUNDING CORPORATION##++(p) 0.29 09/10/2010 299,976
 300,000 ANTALIS US FUNDING CORPORATION##++(p) 0.45 09/17/2010 299,958
 1,000,000 ARGENTO VARIABLE FUNDING COMPANY LIMITED##++(p) 0.40 09/01/2010 999,990
 1,000,000 ARGENTO VARIABLE FUNDING COMPANY LIMITED##++(p) 0.38 09/23/2010 999,810
 1,500,000 ARGENTO VARIABLE FUNDING COMPANY LIMITED##++(p) 0.23 10/13/2010 1,499,475
 1,000,000 ARGENTO VARIABLE FUNDING COMPANY LIMITED##++(p) 0.50 10/26/2010 999,540
 1,000,000 ARGENTO VARIABLE FUNDING COMPANY LIMITED##++(p) 0.39 11/10/2010 999,400
 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.41 12/13/2010 999,860
 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.60 01/12/2011 999,840
 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.34 01/27/2011 999,840
 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.39 02/01/2011 999,800
 700,000 ASPEN FUNDING CORPORATION##++(p) 0.36 09/15/2010 699,916
 800,000 ATLANTIC ASSET SECURITIZATION##++(p) 0.36 10/04/2010 799,800
 600,000 ATLANTIC ASSET SECURITIZATION##++(p) 0.34 10/18/2010 599,784
 700,000 ATLANTIC ASSET SECURITIZATION##++(p) 0.51 10/25/2010 699,706
 1,000,000 ATLANTIC ASSET SECURITIZATION##++(p) 0.51 10/26/2010 999,570
 300,000 ATLANTIC ASSET SECURITIZATION##++(p) 0.51 11/01/2010 299,856
 700,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.23 09/08/2010 699,972
 1,600,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.24 09/10/2010 1,599,920
 1,000,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.56 09/14/2010 999,930
 250,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.55 11/10/2010 249,893
 1,000,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.28 11/29/2010 999,308
 350,000 AUTOBAHN FUNDING COMPANY LLC##++(p) 0.46 10/26/2010 349,839
 250,000 BANQUE ET CAISSE D'EPARGNE DE E'TAT## 0.25 09/30/2010 249,952
 1,000,000 BEETHOVEN FUNDING CORPORATION##++(p) 0.22 09/02/2010 999,990
 800,000 BG ENERGY FINANCE INCORPORATED##++ 0.44 09/27/2010 799,848
 1,000,000 BGL BNP PARIBAS SA## 0.51 09/08/2010 999,960
 2,000,000 BGL BNP PARIBAS SA## 0.53 09/29/2010 1,999,640
 900,000 BGL BNP PARIBAS SA## 0.53 10/05/2010 899,793
 500,000 BGL BNP PARIBAS SA## 0.55 10/28/2010 499,785
 1,000,000 BGL BNP PARIBAS SA## 0.56 11/10/2010 999,460
 2,000,000 BNP PARIBAS FINANCE INCORPORATED## 0.65 11/09/2010 1,998,940
 1,000,000 BNZ INTERNATIONAL FUNDING LIMITED##++ 0.44 12/07/2010 999,220
 1,700,000 BPCE##++ 0.39 09/13/2010 1,699,864
 300,000 BPCE##++ 0.49 11/08/2010 299,826
 800,000 BPCE##++ 0.42 12/01/2010 799,360
 1,100,000 CAFCO LLC##++(p) 0.50 10/06/2010 1,099,736
 500,000 CAFCO LLC##++(p) 0.53 11/04/2010 499,745
 300,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.55 10/08/2010 299,907
 1,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.59 10/18/2010 999,610
 1,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47 10/20/2010 999,590
 250,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.48 10/22/2010 249,893
 650,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.29 10/27/2010 649,694
 800,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.44 10/28/2010 799,616
 1,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.54 11/10/2010 999,400
 500,000 CHARIOT FUNDING LLC##++(p) 0.54 09/15/2010 499,955
 300,000 CHARTA LLC##++(p) 0.46 09/16/2010 299,970
 400,000 CHARTA LLC##++(p) 0.40 10/04/2010 399,912
 1,500,000 CHARTA LLC##++(p) 0.36 11/02/2010 1,499,265
 300,000 CHARTA LLC##++(p) 0.36 11/03/2010 299,850
 300,000 CHARTA LLC##++(p) 0.36 11/05/2010 299,847
 250,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.35 09/15/2010 249,972

 INTEREST MATURITY
 PRINCIPAL SECURITY NAME RATE DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
COMMERCIAL PAPER (continued)
$ 1,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.44% 10/06/2010 $ 999,760
 1,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.58 10/07/2010 999,750
 400,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.36 10/08/2010 399,900
 500,000 CITY OF SAN JOSE CA INTERNATIONAL AIRPORT 0.31 09/08/2010 500,000
 1,000,000 COMMERZBANK US FINANCE INCORPORATED## 0.00 09/01/2010 999,990
 1,000,000 COMMERZBANK US FINANCE INCORPORATED## 0.28 09/09/2010 999,940
 1,000,000 CONCORD MINUTEMEN CAPITAL COMPANY LLC##++(p) 0.47 09/21/2010 999,830
 1,000,000 CONCORD MINUTEMEN CAPITAL COMPANY LLC##++(p) 0.55 09/29/2010 999,770
 900,000 CRC FUNDING LLC##++(p) 0.50 10/04/2010 899,802
 1,000,000 CRC FUNDING LLC##++(p) 0.34 10/08/2010 999,740
 500,000 CRC FUNDING LLC##++(p) 0.08 11/04/2010 499,745
 400,000 CREDIT AGRICOLE NORTH AMERICA INCORPORATED## 0.27 09/07/2010 399,984
 1,000,000 CREDIT AGRICOLE NORTH AMERICA INCORPORATED## 0.37 11/04/2010 999,510
 1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.38 09/07/2010 999,940
 1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.27 09/09/2010 999,930
 1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.33 09/10/2010 999,920
 1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.30 09/15/2010 999,880
 1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.50 09/17/2010 999,860
 1,000,000 DANSKE CORPORATION##++ 0.44 09/30/2010 999,780
 1,000,000 DANSKE CORPORATION##++ 0.39 10/25/2010 999,550
 700,000 DANSKE CORPORATION##++ 0.55 11/15/2010 699,552
 1,000,000 DANSKE CORPORATION##++ 0.51 12/10/2010 999,100
 500,000 DANSKE CORPORATION##++ 0.55 12/17/2010 499,510
 900,000 DEPARTMENT OF AIRPORT LA## 0.51 10/14/2010 899,640
 3,000,000 DEXIA CREDIT LOCAL SA 0.42 09/07/2010 3,000,000
 1,000,000 DEXIA DELAWARE## 0.34 09/03/2010 999,980
 1,000,000 DEXIA DELAWARE## 0.44 09/27/2010 999,810
 300,000 DISTRICT OF COLUMBIA WATER & SEWER AUTHORITY 0.28 10/14/2010 300,000
 1,000,000 EBBETS FUNDING LLC##++(p) 0.53 09/21/2010 999,830
 250,000 ENI COORDINATION CENTER SA##++ 0.34 09/29/2010 249,948
 1,700,000 FORTIS FUNDING LLC##++ 0.60 10/04/2010 1,699,626
 300,000 GEMINI SECURITIZATION CORPORATION##++(p) 0.31 09/09/2010 299,979
 300,000 GOVCO LLC##++(p) 0.25 09/17/2010 299,958
 400,000 GRAMPIAN FUNDING LIMITED##++(p) 0.24 09/14/2010 399,972
 500,000 GRAMPIAN FUNDING LIMITED##++(p) 0.25 10/12/2010 499,900
 1,000,000 GRAMPIAN FUNDING LIMITED##++(p) 0.39 10/13/2010 999,800
 300,000 GRAMPIAN FUNDING LIMITED##++(p) 0.37 10/22/2010 299,925
 1,000,000 GRAMPIAN FUNDING LIMITED##++(p) 0.40 11/08/2010 999,650
 1,000,000 GRAMPIAN FUNDING LIMITED##++(p) 0.36 11/16/2010 999,600
 1,600,000 ICICI BANK LIMITED## 0.25 09/29/2010 1,599,632
 500,000 ICICI BANK LIMITED## 0.25 09/29/2010 499,885
 400,000 INTESA FUNDING LLC## 0.33 09/01/2010 399,996
 1,000,000 INTESA FUNDING LLC## 0.63 09/16/2010 999,900
 1,000,000 IRISH LIFE & PERMANENT GROUP HOLDINGS PLC##++ 0.68 09/07/2010 999,908
 250,000 JUPITER SECURITIZATION COMPANY LLC##++(p) 0.52 12/03/2010 249,826
 1,000,000 LEGACY CAPITAL COMPANY##++ 0.55 09/15/2010 999,880
 1,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.51 09/07/2010 999,930
 1,000,000 LEXINGTON PARKER CAPITAL COMPANY LLC##++(p) 0.26 09/14/2010 999,870
 1,000,000 LEXINGTON PARKER CAPITAL COMPANY LLC##++(p) 0.43 09/16/2010 999,850
 2,200,000 LIBERTY STREET FUNDING COMPANY##++ 0.51 09/01/2010 2,199,978
 250,000 LMA SA##++(p) 0.39 09/15/2010 249,970
 250,000 LMA SA##++(p) 0.39 09/21/2010 249,957
 1,000,000 LMA SA##++(p) 0.27 09/23/2010 999,810
 1,000,000 LMA SA##++(p) 0.33 10/18/2010 999,610
 1,300,000 LMA SA##++(p) 0.35 10/25/2010 1,299,415
 3,000,000 MATCHPOINT MASTER TRUST##++(p) 0.27 09/13/2010 2,999,730
 750,000 MATCHPOINT MASTER TRUST##++(p) 0.37 09/27/2010 749,857

 INTEREST MATURITY
 PRINCIPAL SECURITY NAME RATE DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
COMMERCIAL PAPER (continued)
$ 1,500,000 MATCHPOINT MASTER TRUST##++(p) 0.40% 11/03/2010 $ 1,499,280
 250,000 MATCHPOINT MASTER TRUST##++(p) 0.37 11/05/2010 249,875
 1,750,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.25 09/08/2010 1,749,860
 500,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.49 10/12/2010 499,800
 1,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.33 11/12/2010 999,280
 1,000,000 NATEXIS BANQUES POPULAIRES## 0.63 10/01/2010 999,780
 1,100,000 NATEXIS BANQUES POPULAIRES## 0.31 10/06/2010 1,099,703
 1,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.52 10/07/2010 999,720
 1,000,000 NEWPORT FUNDING CORPORATION##++(p) 0.26 09/22/2010 999,820
 250,000 NEWPORT FUNDING CORPORATION##++(p) 0.44 10/21/2010 249,895
 800,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.25 10/12/2010 799,752
 500,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.27 10/13/2010 499,840
 500,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.27 10/29/2010 499,782
 300,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.61 11/05/2010 299,844
 300,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.61 11/09/2010 299,835
 400,000 PORT OF OAKLAND CA## 0.59 10/14/2010 399,840
 500,000 RANGER FUNDING COMPANY LLC##++(p) 0.59 09/13/2010 499,960
 3,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.28 10/19/2010 2,998,920
 1,200,000 RBS HOLDINGS USA INCORPORATED##++ 0.44 10/08/2010 1,199,652
 1,600,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.61 10/12/2010 1,599,456
 2,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.52 10/15/2010 1,999,280
 250,000 RHEINGOLD SECURITIZATION LIMITED##++(p) 0.27 09/20/2010 249,960
 800,000 RHEINGOLD SECURITIZATION LIMITED##++(p) 0.49 10/15/2010 799,712
 1,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.42 09/14/2010 999,890
 2,300,000 ROYAL PARK INVESTMENTS##++(p) 0.56 09/24/2010 2,299,609
 900,000 ROYAL PARK INVESTMENTS##++(p) 0.56 09/28/2010 899,820
 300,000 ROYAL PARK INVESTMENTS##++(p) 0.50 10/04/2010 299,925
 500,000 ROYAL PARK INVESTMENTS##++(p) 0.40 10/12/2010 499,850
 500,000 SALISBURY RECEIVABLES COMPANY##++(p) 0.50 09/13/2010 499,955
 700,000 SAN JOSE INTERNATIONAL AIRPORT 0.35 09/02/2010 700,000
 1,000,000 SAN JOSE INTERNATIONAL AIRPORT 0.40 09/02/2010 1,000,000
 400,000 SCALDIS CAPITAL LLC##++(p) 0.29 09/03/2010 399,992
 1,000,000 SCALDIS CAPITAL LLC##++(p) 0.28 09/28/2010 999,790
 1,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 10/15/2010 999,660
 1,000,000 SCALDIS CAPITAL LLC##++(p) 0.50 10/19/2010 999,630
 300,000 SCALDIS CAPITAL LLC##++(p) 0.26 10/27/2010 299,868
 1,000,000 SHEFFIELD RECEIVABLES CORPORATION##++(p) 0.55 09/16/2010 999,880
 1,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.47 09/07/2010 999,960
 1,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.34 09/10/2010 999,940
 1,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.28 09/17/2010 999,890
 750,000 SOLITAIRE FUNDING LLC##++(p) 0.28 09/08/2010 749,955
 2,000,000 SOLITAIRE FUNDING LLC##++(p) 0.31 09/13/2010 1,999,820
 500,000 SOLITAIRE FUNDING LLC##++(p) 0.23 09/28/2010 499,900
 1,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/21/2010 999,630
 350,000 SOLITAIRE FUNDING LLC##++(p) 0.30 11/15/2010 349,797
 300,000 STARBIRD FUNDING CORPORATION##++(p) 0.29 09/16/2010 299,961
 300,000 STARBIRD FUNDING CORPORATION##++(p) 0.33 11/30/2010 299,790
 500,000 STRAIGHT A FUNDING LLC##++(p) 0.41 10/14/2010 499,860
 400,000 STRAIGHT A FUNDING LLC##++(p) 0.41 10/18/2010 399,872
 1,200,000 STRAIGHT A FUNDING LLC##++(p) 0.57 10/25/2010 1,199,520
 700,000 STRAIGHT A FUNDING LLC##++(p) 0.31 11/01/2010 699,657
 700,000 STRAIGHT A FUNDING LLC##++(p) 0.31 11/01/2010 699,657
 982,000 STRAIGHT A FUNDING LLC##++(p) 0.49 11/02/2010 981,509
 500,000 STRAIGHT A FUNDING LLC##++(p) 0.29 11/16/2010 499,754
 300,000 SURREY FUNDING CORPORATION##++(p) 0.37 11/17/2010 299,814
 1,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.24 09/13/2010 999,900
 300,000 TASMAN FUNDING INCORPORATED##++(p) 0.54 09/17/2010 299,958

 INTEREST MATURITY
 PRINCIPAL SECURITY NAME RATE DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
COMMERCIAL PAPER (continued)
$ 400,000 TASMAN FUNDING INCORPORATED##++(p) 0.31% 10/27/2010 $ 399,812
 250,000 TASMAN FUNDING INCORPORATED##++(p) 0.63 11/05/2010 249,863
 400,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.51 09/07/2010 399,976
 1,300,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.44 09/13/2010 1,299,870
 1,000,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.27 10/06/2010 999,710
 300,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.64 10/07/2010 299,910
 1,000,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.30 10/13/2010 999,650
 400,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.44 12/07/2010 399,652
 1,000,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.58 01/07/2011 998,750
 300,000 THUNDER BAY FUNDING LLC##++(p) 0.66 12/09/2010 299,777
 1,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.40 11/30/2010 999,440
 1,000,000 UBS FINANCE DELAWARE LLC## 0.68 09/27/2010 999,870
 1,100,000 UBS FINANCE DELAWARE LLC## 0.23 11/08/2010 1,099,582
 1,000,000 UNICREDIT US FINANCE INCORPORATED##++ 0.21 09/03/2010 999,980
 1,000,000 UNICREDIT US FINANCE INCORPORATED##++ 0.59 10/01/2010 999,730
 1,000,000 VERSAILLES CDS LLC##++(p) 0.61 09/17/2010 999,860
 1,000,000 VERSAILLES CDS LLC##++(p) 0.19 10/12/2010 999,660
 2,200,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/03/2010 2,199,956
 800,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.24 09/13/2010 799,920
 1,500,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.39 02/03/2011 1,499,490
 1,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.38 08/19/2011 999,530
 300,000 WINDMILL FUNDING CORPORATION##++(p) 0.39 09/02/2010 299,997
 1,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.36 11/04/2010 999,490
 1,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.36 11/17/2010 999,383
TOTAL COMMERCIAL PAPER (COST $169,360,761) 169,386,601
 -------------
CERTIFICATES OF DEPOSIT: 10.14%
 2,000,000 ABBEY NATIONAL TREASURY SERVICES 0.33 12/10/2010 1,999,720
 2,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.32 02/14/2011 1,999,800
 1,000,000 ALLIED IRISH BANKS+/- 0.51 06/24/2011 999,590
 1,000,000 ALLIED IRISH BANKS PLC+/- 0.53 07/12/2011 999,500
 1,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED+/-++ 0.42 10/20/2010 1,000,050
 2,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED+/-++ 0.38 01/11/2011 1,999,920
 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.39 01/10/2011 999,960
 2,000,000 BANCO BILBAO VIZCAYA ARGENTARIA SA+/- 0.38 06/16/2011 2,000,060
 1,000,000 BANCO BILBAO VIZCAYA ARGENTARIA SA+/- 0.31 06/28/2011 999,650
 1,650,000 BANK OF AMERICA NA## 0.38 09/30/2010 1,649,670
 1,500,000 BARCLAYS BANK PLC (NEW YORK)+/-(a) 0.52 01/19/2011 1,500,000
 500,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.80 04/29/2011 499,935
 1,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.84 08/12/2011 999,530
 1,000,000 DZ BANK AG (NEW YORK) 0.57 09/20/2010 1,000,160
 1,500,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.52 11/12/2010 1,499,265
 1,000,000 NATIXIS (NEW YORK)+/- 0.74 02/04/2011 1,001,340
 1,000,000 RABOBANK NEDERLAND NV+/-ss 0.29 01/07/2011 999,650
 1,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.27 10/19/2010 1,000,210
 2,000,000 ROYAL BANK OF SCOTLAND PLC+/- 0.96 04/26/2011 2,000,540
 1,000,000 SOCIETE GENERALE NA+/- 0.65 08/12/2011 999,670
 1,000,000 TORONTO DOMINION BANK+/- 0.30 02/04/2011 999,870
 2,000,000 UNICREDITO ITALIANO SPA 0.44 09/14/2010 2,000,120
 1,500,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.41 11/05/2010 1,499,910
TOTAL CERTIFICATES OF DEPOSIT (COST $30,649,508) 30,648,120
 -------------
SECURED MASTER NOTE AGREEMENT: 1.39%
 4,200,000 BANK OF AMERICA NA+/-ss(a) 0.38 09/09/2034 4,200,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $4,200,000) 4,200,000
 -------------

 INTEREST MATURITY
 PRINCIPAL SECURITY NAME RATE DATE VALUE
------------- --------------------------------------------------------------- --------- ------------- -------------
TIME DEPOSITS: 7.94%
$ 1,000,000 ALLIED IRISH BANKS PLC 0.65% 09/03/2010 $ 1,000,030
 2,000,000 BANK OF IRELAND 0.50 09/01/2010 2,000,000
 2,000,000 BANK OF IRELAND 0.65 09/02/2010 2,000,040
 3,000,000 CREDIT AGRICOLE CIB 0.25 09/01/2010 3,000,000
 2,000,000 DANSKE BANK A S COPENHAGEN 0.26 09/02/2010 2,000,000
 1,000,000 DEXIA BANK SA 0.42 09/01/2010 1,000,000
 3,000,000 GROUPE BPCE 0.26 09/01/2010 3,000,000
 5,000,000 KBC BANK NV BRUSSELS 0.20 09/01/2010 5,000,000
 2,000,000 NATIXIS SA 0.26 09/01/2010 2,000,000
 3,000,000 SOCIETE GENERALE PARIS 0.23 09/01/2010 3,000,000
TOTAL TIME DEPOSITS (COST $24,000,000) 24,000,070
 -------------
YANKEE CORPORATE BONDS & NOTES: 0.16%
FINANCIALS: 0.16%
COMMERCIAL BANKS: 0.16%
 500,000 EKSPORTFINANS ASA+/- 0.35 09/22/2010 500,008
 -------------
TOTAL YANKEE CORPORATE BONDS & NOTES (COST $500,000) 500,008
 -------------
TOTAL INVESTMENTS IN SECURITIES
(COST $304,328,703)* 100.68% 304,354,101
OTHER ASSETS AND LIABILITIES, NET (0.68) (2,066,418)
 ------ -------------
TOTAL NET ASSETS 100.00% $ 302,287,683
 ------ -------------

 Diversified Fixed Diversified Stock Short-Term Investment
 Income Portfolio Portfolio Portfolio
 ----------------- ----------------- --------------------
ASSETS
 Investments
 In unaffiliated securities (including securities on loan),
 at value .............................................. $2,849,656,965 $4,019,373,728 $263,783,698
 In affiliated securities, at value ....................... 202,437,091 662,238,746 0
 In repurchase agreements, at value ....................... 0 0 40,570,403
 -------------- -------------- ------------
 Total investments, at value (see cost below) ................ 3,052,094,056 4,681,612,474 304,354,101
 Segregated cash ............................................. 0 10,210,000 0
 Foreign currency, at value (see cost below) ................. 2,029,086 6,860,236 0
 Principal paydown receivable ................................ 128,764 0 0
 Receivable for daily variation margin on open futures
 contracts ................................................ 0 335,570 0
 Receivable for investments sold ............................. 12,637,065 177,276 215,000
 Receivable for dividends and interest ....................... 24,550,914 7,306,783 23,804
 Receivable for securities lending income .................... 18,304 134,586 0
 Prepaid expenses and other assets ........................... 16,900 28,593 42,877
 -------------- -------------- ------------
Total Assets ................................................... 3,091,475,089 4,706,665,518 304,635,782
 -------------- -------------- ------------
LIABILITIES
 Payable for investments purchased ........................... 67,073,807 65,063,971 2,299,777
 Payable due to custodian bank ............................... 10,720 0 0
 Payable upon receipt of securities loaned ................... 100,096,961 553,433,804 0
 Advisory fee payable ........................................ 604,937 884,713 25,160
 Accrued expenses and other liabilities ...................... 111,277 222,021 23,162
 -------------- -------------- ------------
Total liabilities .............................................. 167,897,702 619,604,509 2,348,099
 -------------- -------------- ------------
TOTAL NET ASSETS ............................................... $2,923,577,387 $4,087,061,009 $302,287,683
 ============== ============== ============
Total investments, at cost ..................................... $2,884,221,589 $4,780,721,165 $304,328,703
 -------------- -------------- ------------
Foreign currency, at cost ...................................... $ 2,020,277 $ 6,837,082 $ 0
 -------------- -------------- ------------
Security on loan, at value ..................................... $ 98,104,608 $ 538,767,983 $ 0
 -------------- -------------- ------------

 Diversified Fixed Diversified Stock Short-Term Investment
 Income Portfolio Portfolio Portfolio
 ----------------- ----------------- --------------------
INVESTMENT INCOME
 Dividends(1) .................................................. $ 0 $ 42,435,671 $ 0
 Interest ...................................................... 42,456,468 11,496 498,846
 Income from affiliated securities ............................. 446,748 108,070 0
 Securities lending income, net ................................ 63,788 1,025,631 0
 ------------ ------------- ---------
Total investment income .......................................... 42,967,004 43,580,868 498,846
 ------------ ------------- ---------
EXPENSES
 Advisory fees ................................................. 3,625,666 6,315,073 141,241
 Custody and accounting fees ................................... 54,531 474,276 11,521
 Professional fees ............................................. 26,270 25,116 21,396
 Shareholder reports expenses .................................. 2,017 3,025 1,260
 Trustees' fees ................................................ 5,332 5,332 5,332
 Other fees and expenses ....................................... 8,422 30,547 1,465
 ------------ ------------- ---------
Total expenses ................................................... 3,722,238 6,853,369 182,215
LESS
 Waived fees and/or reimbursed expenses ........................ (298,585) (1,254,745) 0
 ------------ ------------- ---------
Net expenses ..................................................... 3,423,653 5,598,624 182,215
 ------------ ------------- ---------
Net investment income ............................................ 39,543,351 37,982,244 316,631
 ------------ ------------- ---------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
NET REALIZED GAINS (LOSSES) FROM
 Unaffiliated securities ....................................... 8,301,786 50,203,781 (280,592)
 Affiliated securities ......................................... 378,492 0 0
 Foreign currency related transactions ......................... (348,275) 73,947 0
 Futures transactions .......................................... 0 418,223 0
 ------------ ------------- ---------
Net realized gains (losses) from investments ..................... 8,332,003 50,695,951 (280,592)
 ------------ ------------- ---------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
 Unaffiliated securities ....................................... 102,181,191 (165,484,560) 360,890
 Affiliated securities ......................................... 298,810 (46,336) 0
 Futures transactions .......................................... 0 (1,427,579) 0
 Foreign currency related transactions ......................... 31,453 46,337 0
 ------------ ------------- ---------
Net change in unrealized appreciation (depreciation) of
 investments ................................................... 102,511,454 (166,912,138) 360,890
 ------------ ------------- ---------
Net realized and unrealized gains (losses) on investments ........ 110,843,457 (116,216,187) 80,298
 ------------ ------------- ---------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .. $150,386,808 $ (78,233,943) $ 396,929
 ============ ============= =========
(1.) Net of foreign withholding taxes of ......................... $ 0 $ 2,425,830 $ 0

 Ratio to Average Net Assets
 (Annualized)
 --------------------------------
 Net Portfolio
 Investment Gross Net Total Turnover
 Income Expenses Expenses Return(1) Rate(3)
 ---------- -------- -------- --------- ---------
DIVERSIFIED FIXED INCOME PORTFOLIO
March 1, 2010 to August 31, 2010 (Unaudited) ... 1.50% 0.28% 0.26% 5.65% 29%
March 1, 2009 to February 28, 2010 ............. 3.47% 0.31% 0.28% 10.44% 113%
March 1, 2008 to February 28, 2009 ............. 4.18% 0.35% 0.35% 0.00% 51%
March 1, 2007 to February 29, 2008 ............. 4.54% 0.35% 0.35% 9.56% 84%
June 26, 2006(2) to February 28, 2007 .......... 4.52% 0.37% 0.36% 6.70% 165%
DIVERSIFIED STOCK PORTFOLIO
March 1, 2010 to August 31, 2010 (Unaudited) ... 1.88% 0.34% 0.28% (1.57)% 17%
March 1, 2009 to February 28, 2010 ............. 1.66% 0.38% 0.31% 66.83% 22%
March 1, 2008 to February 28, 2009 ............. 2.02% 0.43% 0.42% (46.36)% 29%
March 1, 2007 to February 29, 2008 ............. 1.66% 0.43% 0.43% (2.23)% 29%
June 26, 2006(2) to February 28, 2007 .......... 1.25% 0.44% 0.43% 16.12% 87%
SHORT-TERM INVESTMENT PORTFOLIO
March 1, 2010 to August 31, 2010 (Unaudited) ... 0.22% 0.13% 0.13% 0.00% NA
March 1, 2009 to February 28, 2010 ............. 0.24% 0.17% 0.16% 0.45% NA
March 1, 2008 to February 28, 2009 ............. 2.32% 0.19% 0.18% 0.92% NA
March 1, 2007 to February 29, 2008 ............. 4.99% 0.17% 0.16% 4.81% NA
June 26, 2006(2) to February 28, 2007 .......... 5.21% 0.18% 0.17% 4.00% NA

 Significant Other Significant
 Quoted Prices Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- ------------- ----------------- ------------------- --------------
DIVERSIFIED FIXED INCOME PORTFOLIO
 CORPORATE BONDS AND NOTES $ 0 $ 628,005,379 $4,992,396 $ 632,997,775
 YANKEE CORPORATE BONDS AND NOTES 0 106,664,917 0 106,664,917
 FOREIGN GOVERNMENT BONDS 0 717,382,603 0 717,382,603
 AGENCY NOTES - INTEREST BEARING 0 21,924,216 0 21,924,216
 AGENCY SECURITIES 0 802,797,129 0 802,797,129
 MUNICIPAL BONDS AND NOTES 0 52,614 0 52,614
 U.S. TREASURY OBLIGATIONS 528,743,919 75,525,886 0 604,269,805
 INVESTMENT COMPANIES 90,629,252 97,299,961 0 187,929,213
 TOTAL $619,373,171 $2,427,728,489 $4,992,396 $3,052,094,056

 Significant Other Significant
 Quoted Prices Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- -------------- ----------------- ------------------- --------------
DIVERSIFIED STOCK PORTFOLIO
 EQUITY SECURITIES
 COMMON STOCKS $3,985,964,471 $ 0 $ 3,058,468 $3,989,022,939
 PREFERRED STOCKS 35,710,470 0 0 35,710,470
 WARRANTS 0 14,922 38 14,960
 RIGHTS 0 0 2,844 2,844
 CORPORATE BONDS AND NOTES 0 0 7,410,636 7,410,636
 INVESTMENT COMPANIES 101,376,701 548,073,924 0 649,450,625
 TOTAL $4,123,051,642 $548,088,846 $ 10,471,986 $4,681,612,474
SHORT-TERM INVESTMENT PORTFOLIO
 AGENCY SECURITIES $ 0 $ 998,816 $ 0 $ 998,816
 CERTIFICATE OF DEPOSIT 0 29,148,120 1,500,000 30,648,120
 COMMERCIAL PAPER 0 169,386,601 0 169,386,601
 CORPORATE BONDS AND NOTES 0 4,369,941 0 4,369,941
 MUNICIPAL BONDS AND NOTES 0 26,681,000 0 26,681,000
 REPURCHASE AGREEMENTS 0 40,570,403 0 40,570,403
 SECURED MASTER NOTE AGREEMENT 0 0 4,200,000 4,200,000
 TIME DEPOSITS 0 24,000,070 0 24,000,070
 U.S. TREASURY OBLIGATIONS 0 2,999,142 0 2,999,142
 YANKEE CORPORATE BONDS 0 500,008 0 500,008
 TOTAL $ 0 $298,654,101 $ 5,700,000 $ 304,354,101

 Significant Other Significant
 Quoted Prices Observable Inputs Unobservable Inputs
FUTURES CONTRACTS (Level 1) (Level 2) (Level 3) Total
----------------- -------------- ----------------- ------------------- -----------
DIVERSIFIED STOCK PORTFOLIO $(2,131,190) $0 $0 $(2,131,190)

 Corporate
 Common bonds
 stocks Rights and notes Warrants Total
 ---------- ------- ---------- -------- -----------
DIVERSIFIED STOCK PORTFOLIO
BALANCE AS OF FEBRUARY 28, 2010 $ 722,454 $ 8,450 $7,330,925 $ 0 $ 8,061,829
 Realized gains or losses (491,469) 0 0 0 (491,469)
 Change in unrealized gains or losses 469,546 (2,246) 858,038 13 1,325,351
 Net purchases (sales) (245,823) (3,360) (778,327) 0 (1,027,510)
 Transfers in and/or out of Level 3 2,603,760 0 0 25 2,603,785
BALANCE AS OF AUGUST 31, 2010 $3,058,468 $ 2,844 $7,410,636 $38 $10,471,986
CHANGE IN UNREALIZED GAINS OR LOSSES INCLUDED IN EARNINGS
 RELATING TO SECURITIES STILL HELD AT AUGUST 31, 2010 $ (120,203) $ 2,844 $ 441,410 $13 $ 324,064

 Corporate notes Certificates Secured Master
 and bonds of Deposit Note Agreement Total
 --------------- ------------ -------------- ----------
SHORT-TERM INVESTMENT PORTFOLIO
BALANCE AS OF FEBRUARY 28, 2010 $ 527,454 $ 0 $ 0 $ 527,454
 Realized gains or losses 53,915 0 0 53,915
 Change in unrealized gains or losses 0 0 0 0
 Net purchases (sales) (581,369) 0 0 (581,369)
 Transfers in and/or out of Level 3 0 1,500,000 4,200,000 5,700,000
BALANCE AS OF AUGUST 31, 2010 $ 0 $1,500,000 $4,200,000 $5,700,000
CHANGE IN UNREALIZED GAINS OR LOSSES INCLUDED IN EARNINGS
 RELATING TO SECURITIES STILL HELD AT AUGUST 31, 2010 $ 0 $ 0 $ 0 $ 0

 Purchases at Cost Sales Proceeds
 ------------------------------------- -------------------------------------
 U.S. Government Non-U.S. Government U.S. Government Non-U.S. Government
 --------------- ------------------- --------------- -------------------
DIVERSIFIED FIXED INCOME PORTFOLIO $993,545,823 $ 340,115,360 $755,749,195 $120,187,228
DIVERSIFIED STOCK PORTFOLIO 0 2,715,194,992 0 620,898,805

 Position Held and
 Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------------- -------------------- -------------------------------------------------------------------- ----------------------
Peter G. Gordon Trustee, since 1998; Co-Founder, Chairman, President and CEO of Crystal Geyser None
67 Chairman, since 2005 Water Company.
 (Lead Trustee since
 2001)

Isaiah Harris, Jr. Advisory Board Retired. Prior thereto, President and CEO of BellSouth Advertising CIGNA Corporation;
57 Trustee, since 2008 and Publishing Corp from 2005 to 2007, President and CEO of Deluxe Corporation
 BellSouth Enterprises from 2004 to 2005 and President of BellSouth
 Consumer Services from 2000 to 2003. Currently a member of the
 Iowa State University Foundation Board of Governors and a member
 of the Advisory Board of Iowa State University School of Business.

Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief Investment None
61 Officer of Minneapolis Employees Retirement Fund from 1996 to
 2008. Ms. Johnson is an attorney, certified public accountant and
 a certified managerial accountant.

Leroy Keith, Jr.(3) Trustee, since 2010 Chairman, Bloc Global Services (development and construction). Trustee, Phoenix Fund
71 Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Complex (consisting
 Director, Almanac Capital Management (commodities firm), former of 46 portfolios as of
 Partner, Stonington Partners, Inc. (private equity fund), former 12/31/09); Director,
 Director, Obagi Medical Products Co. and former Director, Lincoln Diversapack Co.
 Educational Services. (packaging company)

 Position Held and
 Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------------- -------------------- -------------------------------------------------------------------- ----------------------
David F. Larcker Advisory Board James Irvin Miller Professor of Accounting at the Graduate None
59 Trustee, since 2008 School of Business, Stanford University, Director of Corporate
 Governance Research Program and Co-Director of The Rock Center
 for Corporate Governance since 2006. From 2005 to 2008, Professor of
 Accounting at the Graduate School of Business, Stanford University.
 Prior thereto, Ernst & Young Professor of Accounting at The Wharton
 School, University of Pennsylvania from 1985 to 2005.

Olivia S. Mitchell Trustee, since 2006 International Foundation of Employee Benefit Plans Professor and None
57 Chair of the Department of Insurance and Risk Management,
 Wharton School of the University of Pennsylvania. Director of
 Wharton's Pension Research Council and Boettner Center on
 Pensions & Retirement Research, and Research Associate at
 the National Bureau of Economic Research. Previously,
 Cornell University Professor from 1978 to 1993.

Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative Foundation, None
58 a non-profit organization, since 2007 and Senior Fellow at the
 Humphrey Institute Policy Forum at the University of Minnesota since
 1995. Member of the Board of Trustees of NorthStar Education
 Finance, Inc., a non-profit organization, since 2007.

Michael S. Trustee, since 2010 Currently serves on the Investment Company Institute's Board of None
Scofield(3) Governors and Executive Committee. Former Chairman of the
67 Independent Directors Counsel. Trustee of the Evergreen Funds
 from 1984 to 2010. Retired Attorney, Law Offices of Michael S.
 Scofield and former Director and Chairman, Branded Media Corporation
 (multi-media branding company).

Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. General Counsel of None
69 the Minneapolis Employees Retirement Fund from 1984 until its
 consolidation into the Minnesota Public Employees Retirement
 Association on June 30, 2010.

 Position Held and
 Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------------- -------------------- -------------------------------------------------------------------- ----------------------
Karla M. Rabusch President, Executive Vice President of Wells Fargo Bank, N.A. and President of None
51 since 2003 Wells Fargo Funds Management, LLC since 2003. Senior Vice President
 and Chief Administrative Officer of Wells Fargo Funds Management,
 LLC from 2001 to 2003.

C. David Messman Secretary, since Senior Vice President and Secretary of Wells Fargo Funds Management, None
49 2000; Chief Legal LLC since 2001. Vice President and Managing Counsel of Wells Fargo
 Counsel, since 2003 Bank, N.A. since 1996.

Kasey Phillips(4) Treasurer, since Senior Vice President of Wells Fargo Funds Management, LLC since None
39 2009 2009. Senior Vice President of Evergreen Investment Management
 Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds
 from 2005 to 2010. Vice President and Assistant Vice President of
 Evergreen Investment Services, Inc. from 1999 to 2006.

David Berardi(5) Assistant Treasurer, Vice President of Wells Fargo Funds Management, LLC since 2009. Vice None
34 since 2009 President of Evergreen Investment Management Company, LLC from
 2008 to 2010. Assistant Vice President of Evergreen Investment
 Services, Inc. from 2004 to 2008. Manager of Fund Reporting and
 Control for Evergreen Investment Management Company, LLC from 2004
 to 2010.

 Position Held and
 Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------------- -------------------- -------------------------------------------------------------------- ----------------------
Jeremy DePalma(5) Assistant Treasurer, Senior Vice President of Wells Fargo Funds Management, LLC since None
36 since 2009 2009. Senior Vice President of Evergreen Investment Management
 Company, LLC from 2008 to 2010. Vice President, Evergreen Investment
 Services, Inc. from 2004 to 2007. Assistant Vice President,
 Evergreen Investment Services, Inc. from 2000 to 2004 and the head
 of the Fund Reporting and Control Team within Fund Administration
 form 2005 to 2010.

Debra Ann Early Chief Compliance Chief Compliance Officer of Wells Fargo Funds Management, LLC None
45 Officer, since 2007 since 2007. Chief Compliance Officer of Parnassus Investments from
 2005 to 2007. Chief Financial Officer of Parnassus Investments from
 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP
 from 1998 to 2004.

/s/ Karla M. Rabusch

Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS

 Beginning Ending
 Account Value Account Value Expenses Paid Net Annual
 03-01-2010 08-31-2010 During Period(1) Expense Ratio
 ------------- ------------- ---------------- -------------
WELLS FARGO ADVANTAGE CALIFORNIA MUNICIPAL MONEY MARKET FUND
CLASS A
 Actual $1,000.00 $1,000.05 $1.81 0.36%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.39 $1.84 0.36%
SWEEP CLASS
 Actual $1,000.00 $1,000.10 $1.87 0.37%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.34 $1.89 0.37%
WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND
CLASS A
 Actual $1,000.00 $1,000.05 $1.16 0.23%
 Hypothetical (5% Return before expenses) $1,000.00 $1,024.05 $1.17 0.23%
SWEEP CLASS
 Actual $1,000.00 $1,000.08 $1.31 0.26%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.89 $1.33 0.26%
WELLS FARGO ADVANTAGE MINNESOTA MONEY MARKET FUND
CLASS A
 Actual $1,000.00 $1,000.05 $1.76 0.35%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.44 $1.79 0.35%
SWEEP CLASS
 Actual $1,000.00 $1,000.06 $1.92 0.38%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.29 $1.94 0.38%

 Beginning Ending
 Account Value Account Value Expenses Paid Net Annual
 03-01-2010 08-31-2010 During Period(1) Expense Ratio
 ------------- ------------- ---------------- -------------
WELLS FARGO ADVANTAGE MONEY MARKET FUND
CLASS A
 Actual $1,000.00 $1,000.05 $1.81 0.36%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.39 $1.84 0.36%
CLASS B
 Actual $1,000.00 $1,000.05 $1.76 0.35%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.44 $1.79 0.35%
CLASS C
 Actual $1,000.00 $1,000.06 $2.12 0.42%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.09 $2.14 0.42%
DAILY CLASS
 Actual $1,000.00 $1,000.08 $2.12 0.42%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.09 $2.14 0.42%
INVESTOR CLASS
 Actual $1,000.00 $1,000.05 $1.81 0.36%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.39 $1.84 0.36%
WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND
CLASS A
 Actual $1,000.00 $1,000.05 $1.66 0.33%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.54 $1.68 0.33%
SWEEP CLASS
 Actual $1,000.00 $1,000.06 $1.71 0.34%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.49 $1.73 0.34%
WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND
CLASS A
 Actual $1,000.00 $1,000.05 $0.91 0.18%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.30 $0.92 0.18%
SWEEP CLASS
 Actual $1,000.00 $1,000.07 $1.01 0.20%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND
CLASS A
 Actual $1,000.00 $1,000.05 $0.66 0.13%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.55 $0.66 0.13%
SWEEP CLASS
 Actual $1,000.00 $1,000.06 $0.91 0.18%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.30 $0.92 0.18%

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER: 2.83%
$ 24,000,000 GOLDEN GATE BRIDGE HIGHWAY & TRANSPORTATION DISTRICT 0.25% 09/08/2010 $ 24,000,000
 5,000,000 RIVERSIDE COUNTY TETER FINANCING 0.26 09/08/2010 5,000,000
 53,185,000 SAN JOAQUIN COUNTY TRANSPORTATION AUTHORITY 0.23 09/15/2010 53,185,000
 3,780,000 SAN JOAQUIN COUNTY TRANSPORTATION AUTHORITY 0.26 09/15/2010 3,780,000
TOTAL COMMERCIAL PAPER (COST $85,965,000) 85,965,000
 ------------------
MUNICIPAL BONDS & NOTES: 97.34%
CALIFORNIA: 94.51%
 18,775,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA MARIN COUNTRY
 DAY SCHOOL (PRIVATE SCHOOL REVENUE, US BANK NA
 LOC)ss+/- 0.28 07/01/2037 18,775,000
 11,200,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA MFHR FINE ARTS
 BUILDING PROJECTS SERIES A (HOUSING REVENUE, FNMA
 INSURED)ss+/- 0.34 07/15/2035 11,200,000
 6,965,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA MFHR GAIA BUILDING
 PROJECT SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.34 09/15/2032 6,965,000
 1,700,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA SHARP HEALTHCARE
 SERIES D (HOSPITAL REVENUE, CITIBANK NA LOC)ss+/- 0.25 08/01/2035 1,700,000
 1,485,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA ST. ANTHONY FOUNDATION (OTHER REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.28 03/01/2037 1,485,000
 9,910,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA THE HEAD-ROYCE SCHOOL
 (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.37 09/01/2036 9,910,000
 3,735,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 SCHOOLS SACRED HEART
 SERIES FB (PRIVATE SCHOOL REVENUE, BANK OF AMERICA
 NA LOC)ss+/- 0.26 06/01/2030 3,735,000
 10,630,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA
 AIR FORCE VILLAGE WEST INCORPORATED (OTHER REVENUE,
 KBC BANK NV LOC)ss+/- 0.32 05/15/2035 10,630,000
 10,110,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA COLMA
 BART APARTMENTS SERIES A (HOUSING REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.30 11/15/2035 10,110,000
 5,315,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA FRANCIS
 PARKER SCHOOL PROJECT (PRIVATE SCHOOL REVENUE, BANK
 OF NEW YORK LOC)ss+/- 0.29 09/01/2036 5,315,000
 10,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA MENLO SCHOOL
 (PRIVATE SCHOOLS REVENUE, ALLIED IRISH BANK PLC
 LOC)ss+/- 0.25 09/01/2033 10,000,000
 2,420,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA SAN FRANCISCO
 UNIVERSITY SERIES A (PRIVATE SCHOOL REVENUE, ALLIED
 IRISH BANK PLC LOC)ss+/- 0.25 04/01/2035 2,420,000
 7,500,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA SCHOOLS
 SACRED HEART SERIES S-FA (PRIVATE SCHOOL REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.26 06/01/2030 7,500,000
 10,100,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA ZOOLOGICAL SOCIETY OF
 SAN DIEGO (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 10/01/2034 10,100,000
 6,150,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 JEWISH COMMUNITY CENTER
 (MISCELLANEOUS REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 06/01/2029 6,150,000
 3,895,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 SAN FRANCISCO FRIENDS SCHOOL
 (PRIVATE SCHOOLS REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 02/01/2038 3,895,000
 7,005,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 SAN FRANCISCO HIGH UNIVERSITY
 SERIES A (PRIVATE SCHOOLS REVENUE, NOTHERN TRUST
 COMPANY LOC)ss+/- 0.25 04/01/2036 7,005,000
 1,895,000 ANAHEIM CA HOUSING AUTHORITY MFHR MONTEREY APARTMENTS
 SERIES B (MFHR, FNMA INSURED)ss+/- 0.31 05/15/2027 1,895,000
 12,600,000 ANAHEIM CA HOUSING AUTHORITY PARK VISTA APARTMENTS
 (MFHR, FHLMC INSURED)ss+/- 0.28 07/01/2033 12,600,000
 6,000,000 ANAHEIM CA HOUSING AUTHORITY SEA WIND APARTMENTS
 PROJECT SERIES C
 (MFHR, FNMA INSURED)ss+/- 0.30 07/15/2033 6,000,000
 7,768,500 ARCADIA COUNTY CA USD SERIES 2679 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2013 7,768,500
 7,000,000 AUSTIN CTFS-BOA-SERIES 2008-3312 (PROPERTY TAX
 REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/-++ 0.32 08/01/2032 7,000,000
 5,900,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER
 AUTHORITY REVENUE,
 FIRST SECURITY BANK LOC)ss+/- 0.36 09/01/2035 5,900,000
 3,765,000 BAY AREA TOLL AUTHORITY VARIOUS SAN FRANCISCO BAY
 AREA SERIES B2 (TOLL BRIDGE REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.24 04/01/2047 3,765,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 41,600,000 BAY AREA TOLL AUTHORITY VARIOUS SAN FRANCISCO BAY
 AREA SERIES D1
 (HIGHWAY TOLLS REVENUE, SECURITIES PURCHASE
 AGREEMENT BY BNP PARIBAS)ss+/- 0.25% 04/01/2045 $ 41,600,000
 36,430,000 BIG BEAR LAKE CA SOUTHWEST GAS CORPORATION PROJECT
 SERIES A
 (IDR, KBC BANK NV LOC)ss+/- 0.30 12/01/2028 36,430,000
 8,100,000 BRANCH BANKING & TRUST MUNICIPAL TRUST
 (LEASE REVENUE, BRANCH BANKING & TRUST LOC)ss+/-++ 0.30 09/01/2022 8,100,000
 6,000,000 BRANCH BANKING & TRUST MUNICIPAL TRUST FLOATERS
 SERIES 2049
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.33 02/01/2027 6,000,000
 11,800,000 BURBANK CA RDA MFHR ISSUE A (HOUSING REVENUE, FHLB
 INSURED)ss+/- 0.20 11/01/2010 11,800,000
 25,040,000 CALIFORNIA ALTERNATIVE ENERGY SOURCE FINANCING
 AUTHORITY GE CAPITAL CORPORATION
 SERIES A (ELECTRIC REVENUE, BANK OF AMERICA NA
 LOC)ss+/-++ 0.30 10/01/2020 25,040,000
 2,300,000 CALIFORNIA ASSOCIATION OF BAY AREA GOVERNMENT
 FINANCE AUTHORITY FOR NONPROFIT
 CORPORATION SHARP HEALTHCARE SERIES 2009-C (HCFR,
 CITIBANK NA LOC)ss+/- 0.25 08/01/2035 2,300,000
 5,800,000 CALIFORNIA CDA MFHR GLEN HAVEN APARTMENTS SERIES
 2002
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 04/15/2035 5,800,000
 10,400,000 CALIFORNIA CDA REFUNDING MFHR SERIES 381 (OTHER
 REVENUE, FHLMC INSURED)ss+/-++ 0.39 02/01/2053 10,400,000
 12,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
 CHARLES R DREW UNIVERSITY
 (OTHER REVENUE, SOVEREIGN BANK FSB LOC)ss+/- 0.30 11/01/2042 12,500,000
 5,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
 UNIVERSITY OF LA VERNE
 (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK
 PLC LOC)ss+/- 0.26 03/01/2038 5,500,000
 8,900,000 CALIFORNIA FINANCE AUTHORITY KEHILLAH JEWISH HIGH
 SCHOOL SERIES 2009
 (PRIVATE SCHOOLS REVENUE, CALIFORNIA BANK & TRUST
 LOC)ss+/- 0.28 08/01/2039 8,900,000
 4,675,000 CALIFORNIA GO SERIES B-1 (GENERAL FUND REVENUE,
 CITIBANK NA LOC)ss+/- 0.25 05/01/2034 4,675,000
 7,000,000 CALIFORNIA HFFA FLOATERS SERIES 3103 (HEALTH
 HOSPITAL NURSING HOME REVENUE,
 MORGAN STANLEY LOC)ss+/-++ 0.31 08/15/2038 7,000,000
 3,635,000 CALIFORNIA HFA HOME MORTGAGE ROC-RR-II-R-11640
 (HOUSING REVENUE,
 GNMA/FNMA/FHLMC INSURED)ss+/-++ 0.36 08/01/2018 3,635,000
 5,000,000 CALIFORNIA HFA HOME MORTGAGE SERIES H (HOUSING
 REVENUE, FNMA INSURED)ss+/- 0.28 02/01/2036 5,000,000
 4,900,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK CALIFORNIA ACADEMY
 SERIES A (OTHER REVENUE, US BANK NA LOC)ss+/- 0.24 09/01/2038 4,900,000
 14,200,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK CALIFORNIA ACADEMY
 SERIES C (OTHER REVENUE, BANK OF NOVA SCOTIA
 LOC)ss+/- 0.24 09/01/2038 14,200,000
 26,595,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK J PAUL GETTY PROJECT
 SERIES B (RECREATIONAL REVENUE)ss+/- 0.18 04/01/2033 26,595,000
 2,600,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK LYCEE FRANCIAS
 DE LOS ANGELES PROJECT (COLLEGE & UNIVERSITY
 REVENUE, MELLON BANK NA LOC)ss+/- 0.27 09/01/2036 2,600,000
 20,850,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK ORANGE COUNTY
 PERFORMING SERIES A (RECREATIONAL REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.25 07/01/2034 20,850,000
 39,910,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK RAND CORPORATION
 SERIES B (ECONOMIC DEVELOPMENT REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.25 04/01/2042 39,910,000
 520,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK ROCS RR II R-11527
 (TOLL ROAD REVENUE, AMBAC INSURED)ss+/-++ 0.28 07/01/2030 520,000
 6,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK THE
 BAY INSTITUTE AQUARIUM FOUNDATION (OTHER REVENUE,
 FHLMC INSURED)ss+/- 0.26 06/01/2025 6,500,000
 1,590,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK HAIG PRECISION
 CORPORATION PROJECT (IDR, BANK OF THE WEST LOC)ss+/- 0.47 07/01/2030 1,590,000
 300,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK LOS ANGELES COUNTY
 MUSEUM OF NATURAL HISTORY SERIES 2008-B
 (RECREATIONAL REVENUE,
 BANK OF NEW YORK LOC)ss+/- 0.24 09/01/2037 300,000
 2,215,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK SOCIETY FOR THE BLIND PROJECT
 (MISCELLANEOUS REVENUE, US BANK NA LOC)ss+/-++ 0.30 01/01/2037 2,215,000
 6,935,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY (ECONOMIC
 DEVELOPMENT REVENUE,
 PACIFIC NATIONAL LOC)ss+/- 0.26 12/01/2042 6,935,000
 21,390,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY PACIFIC
 INSTITUTE SERIES A
 (HOUSING REVENUE, CALIFORNIA BANK & TRUST LOC)ss+/- 0.25 08/01/2037 21,390,000
 3,500,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY SERRA
 CATHOLIC SCHOOL
 (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
 LOC)ss+/- 3.40 05/01/2039 3,500,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 6,850,000 CALIFORNIA PCFA EXEMPT FACILITIES REVENUE EXXON
 MOBIL PROJECT
 (IDR, BANK OF AMERICA NA LOC)ss+/- 0.22% 12/01/2029 $ 6,850,000
 6,100,000 CALIFORNIA PCFA EXXON PROJECT (IDR)ss+/- 0.17 12/01/2012 6,100,000
 1,400,000 CALIFORNIA PCFA MILK TIME DAIRY FARMS PROJECT
 (RESOURCE RECOVERY REVENUE,
 BANK OF THE WEST LOC)ss+/- 0.36 11/01/2027 1,400,000
 3,200,000 CALIFORNIA PCFA MUSCO FAMILY OLIVE SERIES A (IDR,
 WELLS FARGO BANK NA LOC)ss+/-(q) 0.30 11/01/2019 3,200,000
 6,900,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES C
 (IDR, JPMORGAN CHASE LOC)ss+/- 0.25 11/01/2026 6,900,000
 2,500,000 CALIFORNIA PCFA SOLID WASTE GEORGE & JENIFER
 DEBOER TRUST
 (RESOURCE RECOVERY REVENUE, WELLS FARGO BANK NA
 LOC)ss+/-(q) 0.31 05/01/2029 2,500,000
 1,500,000 CALIFORNIA PCFA SOLID WASTE HERITAGE DAIRY PROJECT
 (RESOURCE RECOVERY REVENUE,
 WELLS FARGO BANK NA LOC)ss+/-(q) 0.31 10/01/2027 1,500,000
 3,400,000 CALIFORNIA PCFA SOLID WASTE JOHN & ANN M VERWEY
 PROJECT
 (RESOURCE RECOVERY REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.36 05/01/2028 3,400,000
 6,000,000 CALIFORNIA PCFA SOLID WASTE MILK TIME DAIRY FARMS
 PROJECT
 (RESOURCE RECOVERY REVENUE, BANK OF THE WEST
 LOC)ss+/- 0.36 11/01/2027 6,000,000
 3,000,000 CALIFORNIA PCFA SOLID WASTE P&D DAIRY & POSO CREEK
 (RESOURCE RECOVERY REVENUE, BANK OF THE WEST
 LOC)ss+/- 0.36 05/01/2028 3,000,000
 900,000 CALIFORNIA PCFA WADHAM ENERGY (PCR, BNP PARIBAS
 LOC)ss+/- 0.29 11/01/2017 900,000
 6,275,000 CALIFORNIA PCFA WADHAM ENERGY SERIES C (OTHER
 REVENUE,
 BANQUE NATIONALE PARIS LOC)ss+/- 0.29 11/01/2017 6,275,000
 15,695,000 CALIFORNIA REFUNDING GO BRANCH BANKING & TRUST
 COMPANY MUNICIPAL TRUST
 SERIES 2000 (GENERAL FUND REVENUE, FSA INSURED,
 BRANCH BANKING & TRUST LOC)ss+/-++ 0.32 07/10/2027 15,695,000
 6,125,000 CALIFORNIA STANFORD HOSPITAL SERIES B
 (RECREATIONAL REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.24 06/01/2034 6,125,000
 7,480,000 CALIFORNIA STATE DEPARTMENT OF VETERANS AFFAIRS
 ROCS RR II R-1131
 (OTHER REVENUE, CITIBANK NA LOC)ss+/-++ 0.35 12/01/2014 7,480,000
 3,090,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES
 B6 (WATER & WASTEWATER
 AUTHORITY REVENUE, STATE STREET BANK & TRUST
 COMPANY NA LOC)ss+/- 0.23 05/01/2022 3,090,000
 5,505,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES
 C-7
 (ELECTRIC REVENUE, AGM INSURED)ss+/- 0.30 05/01/2022 5,505,000
 4,380,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES
 C1 (POWER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.28 05/01/2022 4,380,000
 3,300,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SUBSERIES G1 (WATER REVENUE,
 BANK OF NOVA SCOTIA LOC)ss+/- 0.23 05/01/2011 3,300,000
 11,450,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11
 (POWER REVENUE, KBC BANK NV LOC)ss+/- 0.27 05/01/2022 11,450,000
 3,995,000 CALIFORNIA STATE DWR SERIES 3019 (WATER REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/-++ 0.30 06/01/2016 3,995,000
 6,600,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE SERIES
 C-2 (RECOVERY REVENUE,
 JPMORGAN CHASE & COMPANY LOC)ss+/- 0.23 07/01/2023 6,600,000
 7,665,000 CALIFORNIA STATE ENTERPRISE DEVELOPMENT AUTHORITY
 POCINO FOODS COMPANY PROJECT
 SERIES A (IDR, CITY NATIONAL BANK LOC)ss+/- 0.30 11/01/2033 7,665,000
 4,000,000 CALIFORNIA STATE ENTERPRISE DEVELOPMENT AUTHORITY
 RAMAR INTERNATIONAL
 CORPORATION PROJECT SERIES A (IDR, BANK OF THE
 WEST LOC)ss+/- 0.30 11/01/2033 4,000,000
 35,000,000 CALIFORNIA STATE FLOATING SERIES C-2-RMKT-12-1-09
 (OTHER REVENUE,
 BANK OF NOVA SCOTIA LOC)ss+/- 0.25 05/01/2033 35,000,000
 1,800,000 CALIFORNIA STATE KINDERGARTEN-B2-RMKT (OTHER
 REVENUE, CITIBANK NA LOC)ss+/- 0.23 05/01/2034 1,800,000
 22,315,000 CALIFORNIA STATE SERIES 2758 (OTHER REVENUE, AMBAC
 INSURED)ss+/-++ 0.55 07/01/2017 22,315,000
 23,385,000 CALIFORNIA STATE SERIES A SUBSERIES A1 (OTHER
 REVENUE, FORTIS BANQUE LOC)ss+/- 0.30 05/01/2040 23,385,000
 8,560,000 CALIFORNIA STATE SERIES A SUBSERIES A2 (OTHER
 REVENUE, CALYON BANK LOC)ss+/- 0.27 05/01/2040 8,560,000
 33,300,000 CALIFORNIA STATE SERIES A2 ( GO, BANK OF MONTREAL
 LOC)ss+/- 0.22 05/01/2033 33,300,000
 12,700,000 CALIFORNIA STATE SERIES A3 (GO, BANK OF MONTREAL
 LOC)ss+/- 0.25 05/01/2033 12,700,000
 2,500,000 CALIFORNIA STATE SERIES B SUBSERIES B 3 (OTHER
 REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.27 05/01/2040 2,500,000
 5,100,000 CALIFORNIA STATE SERIES B SUBSERIES B-2 (OTHER
 REVENUE, SOCIETE GENERALE LOC)ss+/- 0.26 11/15/2030 5,100,000
 7,125,000 CALIFORNIA STATE SERIES B SUBSERIES B1 (OTHER
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 05/01/2040 7,125,000
 10,000,000 CALIFORNIA STATE SERIES B-SUBSERIES B-2 (GENERAL
 FUND REVENUE, SOCIETE GENERALE LOC)ss+/- 0.26 05/01/2040 10,000,000
 19,550,000 CALIFORNIA STATE SERIES B5 (OTHER REVENUE,
 CITIBANK NA LOC)ss+/- 0.24 05/01/2034 19,550,000
 15,650,000 CALIFORNIA STATE SERIES C1 (OTHER REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.26 05/01/2033 15,650,000
 12,825,000 CALIFORNIA STATEWIDE CDA (HOSPITAL REVENUE,
 CITIBANK NA LOC)ss+/-++ 0.32 08/15/2032 12,825,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
 $ 2,155,000 CALIFORNIA STATEWIDE CDA AEGIS MORAGA PROJECT
 C (MFHR, FNMA INSURED)ss+/- 0.35% 07/01/2027 $ 2,155,000
 6,270,000 CALIFORNIA STATEWIDE CDA AEGIS PLEASANT HILL
 SERIES H (MFHR)ss+/- 0.30 07/01/2027 6,270,000
 6,645,000 CALIFORNIA STATEWIDE CDA ARBOR RIDGE
 APARTMENTS SERIES B (MFHR, FHLMC INSURED)ss+/- 0.30 11/01/2036 6,645,000
 4,070,000 CALIFORNIA STATEWIDE CDA ARCHER SCHOOL FOR
 GIRLS INCORPORATED
 (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
 LOC)ss+/- 2.90 05/01/2035 4,070,000
 9,390,000 CALIFORNIA STATEWIDE CDA BELMONT PROJECT
 SERIES F (MFHR, FNMA LOC)ss+/- 0.28 06/15/2038 9,390,000
 4,000,000 CALIFORNIA STATEWIDE CDA CHARTER COURT
 APARTMENTS SERIES L (MFHR, FHLMC INSURED)ss+/- 0.30 09/01/2040 4,000,000
 39,654,000 CALIFORNIA STATEWIDE CDA FLOATERS SERIES 3102
 (HEALTH HOSPITAL
 NURSING HOME REVENUE, MORGAN STANLEY BANK
 LOC)ss+/- 0.30 11/15/2048 39,654,000
 886,000 CALIFORNIA STATEWIDE CDA FLOATERS SERIES 3102
 (HEALTH HOSPITAL NURSING
 HOME REVENUE, MORGAN STANLEY LOC)ss+/- 0.30 11/15/2030 886,000
 1,925,000 CALIFORNIA STATEWIDE CDA GRANDE APARTMENTS
 SERIES TT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 12/15/2034 1,925,000
 6,000,000 CALIFORNIA STATEWIDE CDA HERITAGE PARK
 APARTMENTS
 SERIES C (MFHR, FHLMC INSURED)ss+/-++ 0.28 01/01/2038 6,000,000
 3,210,000 CALIFORNIA STATEWIDE CDA HORIZONS INDIO
 SERIES F (HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.31 07/01/2038 3,210,000
 6,100,000 CALIFORNIA STATEWIDE CDA JOHN MUIR HEALTH
 SERIES B (HOSPITAL REVENUE, UBS AG LOC)ss+/- 0.27 08/15/2036 6,100,000
 6,775,000 CALIFORNIA STATEWIDE CDA LA PUENTE APARTMENTS
 SERIES JJ (MFHR, US BANK NA LOC)ss+/- 0.28 11/01/2031 6,775,000
 11,450,000 CALIFORNIA STATEWIDE CDA LIVERMORE VALLEY ARTS
 CENTER PROJECT
 (OTHER REVENUE, BANK OF NEW YORK LOC)ss+/- 0.24 12/01/2036 11,450,000
 6,135,000 CALIFORNIA STATEWIDE CDA MARIN HORIZON SCHOOL
 (PRIVATE SCHOOL REVENUE,
 ALLIED IRISH BANK PLC LOC)ss+/- 3.45 07/01/2036 6,135,000
 6,500,000 CALIFORNIA STATEWIDE CDA MARINEARS POINTE
 SERIES A (MFHR, FNMA INSURED)ss+/- 0.26 02/15/2036 6,500,000
 10,500,000 CALIFORNIA STATEWIDE CDA MFHR CANYON COUNTRY
 APARTMENTS SERIES M
 (MFHR , FHLMC INSURED)ss+/- 0.29 12/01/2034 10,500,000
 3,985,000 CALIFORNIA STATEWIDE CDA MFHR GRANITE OAKS
 APARTMENTS SERIES R
 (MFHR, FNMA INSURED)ss+/- 0.32 10/15/2030 3,985,000
 11,500,000 CALIFORNIA STATEWIDE CDA MFHR IMPERIAL PARK
 APARTMENTS SERIES 00
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 11/01/2040 11,500,000
 7,000,000 CALIFORNIA STATEWIDE CDA MULTIFAMILY HOUSING
 DESERT PALMS SERIES A
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.28 08/01/2045 7,000,000
 17,500,000 CALIFORNIA STATEWIDE CDA MULTIFAMILY HOUSING
 PUTTERS SERIES 2680
 (HOUSING REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.40 05/15/2016 17,500,000
 2,100,000 CALIFORNIA STATEWIDE CDA MULTIFAMILY HOUSING
 PUTTERS SERIES 2680
 (HOUSING REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.40 05/15/2018 2,100,000
 1,300,000 CALIFORNIA STATEWIDE CDA MULTIFAMILY HOUSING
 PUTTERS SERIES 2681
 (HOUSING REVENUE, JPMORGAN CHASE BANK
 LOC)ss+/-++ 0.55 05/15/2018 1,300,000
 3,200,000 CALIFORNIA STATEWIDE CDA MULTIFAMILY HOUSING
 SEASONS AT LAKEWOOD
 SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 05/15/2037 3,200,000
 7,840,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING
 SERIES Y
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.29 08/01/2031 7,840,000
 8,640,000 CALIFORNIA STATEWIDE CDA OLYMPUS PARK
 APARTMENTS SERIES Y (MFHR, FNMA INSURED)ss+/- 0.30 10/15/2030 8,640,000
 2,750,000 CALIFORNIA STATEWIDE CDA PCR CHEVRON USA
 INCORPORATED PROJECT
 (RESOURCE RECOVERY REVENUE)ss+/- 0.20 05/15/2024 2,750,000
 48,845,000 CALIFORNIA STATEWIDE CDA RADY CHILDREN'S
 HOSPITAL SERIES A
 (HOSPITAL REVENUE, US BANK NA LOC)ss+/- 0.23 08/15/2047 48,845,000
 7,130,000 CALIFORNIA STATEWIDE CDA RIDGEWAY APARTMENTS
 SERIES K (MFHR, FHLMC INSURED)ss+/- 0.25 09/01/2039 7,130,000
 5,265,000 CALIFORNIA STATEWIDE CDA SEASONS SENIOR
 APARTMENTS SERIES B (MFHR, FNMA INSURED)ss+/- 0.30 05/15/2037 5,265,000
 4,000,000 CALIFORNIA STATEWIDE CDA SERIES 3108 (HCFR,
 AMBAC INSURED)ss+/-++ 0.30 08/15/2038 4,000,000
 5,665,000 CALIFORNIA STATEWIDE CDA SUNRISE OF DANVILLE
 PROJECT SERIES A (MFHR, FNMA INSURED)ss+/- 0.31 05/01/2027 5,665,000
 1,870,000 CALIFORNIA STATEWIDE CDA SWEEP LOAN PROGRAM
 SERIES A (HCFR, CITIBANK NA LOC)ss+/- 0.25 08/01/2035 1,870,000
 2,235,000 CALIFORNIA STATEWIDE CDA TYRELLA GARDENS
 APARTMENTS
 SERIES B (HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.37 06/01/2036 2,235,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 10,000,000 CALIFORNIA STATEWIDE CDA UNIVERSITY OF SAN
 DIEGO (COLLEGE & UNIVERSITY REVENUE,
 BANQUE NATIONALE PARIS LOC)ss+/- 0.26% 10/01/2045 $ 10,000,000
 13,265,000 CALIFORNIA STATEWIDE CDA UNIVERSITY RETIREMENT
 (OTHER REVENUE,
 BANK OF AMERICA LOC)ss+/- 0.26 11/15/2030 13,265,000
 4,000,000 CALIFORNIA STATEWIDE CDA VILLA PASEO SENIOR
 PROJECT MM (MFHR,
 EAST WEST BANK LOC)ss+/- 0.30 11/01/2035 4,000,000
 2,360,000 CALIFORNIA STATEWIDE CDA VILLAGE AT HESPERIA
 SERIES CCC (MFHR, FNMA INSURED)ss+/- 0.31 11/15/2039 2,360,000
 4,375,000 CALIFORNIA STATEWIDE CDA VILLAGE AT NINTH
 APARTMENTS SERIES D (HOUSING REVENUE,
 FNMA INSURED)ss+/- 0.31 11/15/2035 4,375,000
 2,600,000 CALIFORNIA STATEWIDE CDA VILLAGE AT SHAW
 APARTMENTS SERIES E
 (MFHR, FNMA INSURED)ss+/- 0.32 11/15/2035 2,600,000
 1,850,000 CALIFORNIA STATEWIDE COMMUNITIES AUTHORITY
 CENTER FOR EARLY EDUCATION
 (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
 LOC)ss+/- 3.40 09/01/2031 1,850,000
 4,538,000 CALIFORNIA UNIVERSITY OF SAN FRANCISCO SERIES
 2005B (EDUCATIONAL FACILITIES REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.26 10/01/2035 4,538,000
 2,100,000 CONCORD CA MFHR (OTHER REVENUE, FHLMC
 INSURED)ss+/- 0.40 12/01/2016 2,100,000
 6,440,000 CONTRA COSTA COUNTY CA HOUSING AUTHORITY
 SERIES C (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.26 11/15/2017 6,440,000
 2,000,000 CONTRA COSTA COUNTY CA SERIES B (MFHR, FNMA
 INSURED)ss+/- 0.26 11/15/2022 2,000,000
 7,000,000 CORONA CA HOUSEHOLD BANK PROJECT B (MFHR, FNMA
 INSURED)ss+/- 0.31 02/01/2023 7,000,000
 2,815,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-384
 (PROPERTY TAX REVENUE, NATL-RE LOC)ss+/-++ 0.29 02/01/2027 2,815,000
 13,100,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-384
 (PROPERTY TAX REVENUE, NATL-RE LOC)ss+/-++ 0.29 06/01/2032 13,100,000
 6,300,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-445
 (PROPERTY TAX REVENUE, FIRST SECURITY BANK
 LOC)ss+/-++ 0.30 08/01/2032 6,300,000
 8,870,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DB-448 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 07/01/2032 8,870,000
 3,987,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DB-457 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2032 3,987,000
 8,292,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DB-477 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 12/01/2024 8,292,000
 15,562,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DB-490 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2042 15,562,000
 10,495,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-490
 (TAX INCREMENTAL REVENUE, FIRST SECURITY BANK
 LOC)ss+/-++ 0.30 02/01/2031 10,495,000
 4,085,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-561
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.30 07/01/2031 4,085,000
 5,850,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-600
 (WATER REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.30 02/01/2038 5,850,000
 5,505,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-621
 (PROPERTY TAX REVENUE, FIRST SECURITY BANK
 LOC)ss+/-++ 0.30 08/01/2028 5,505,000
 4,065,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DB-628 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2031 4,065,000
 6,360,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-629
 (PROPERTY TAX REVENUE, NATL-RE LOC)ss+/-++ 0.30 08/01/2031 6,360,000
 4,520,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-630
 (PROPERTY TAX REVENUE, NATL-RE LOC)ss+/-++ 0.30 02/01/2024 4,520,000
 12,545,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-631
 (PROPERTY TAX REVENUE, NATL-RE LOC)ss+/-++ 0.30 09/01/2027 12,545,000
 12,350,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-632
 (PROPERTY TAX REVENUE, FIRST SECURITY BANK
 LOC)ss+/-++ 0.30 08/01/2033 12,350,000
 7,816,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-649
 (PROPERTY TAX REVENUE, NATL-RE LOC)ss+/-++ 0.30 06/01/2031 7,816,000
 8,683,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-670
 (PROPERTY TAX REVENUE, FIRST SECURITY BANK
 LOC)ss+/-++ 0.30 06/01/2028 8,683,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 2,500,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-247 (TAX REVENUE, FGIC INSURED)ss+/-++ 0.29% 12/01/2030 $ 2,500,000
 2,640,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-382 (OTHER REVENUE, NATL-RE LOC)ss+/- 0.29 08/01/2030 2,640,000
 1,100,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-382 (OTHER REVENUE, NATL-RE LOC)ss+/- 1.00 08/01/2030 1,100,000
 3,500,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-383 (OTHER REVENUE, FGIC INSURED)ss+/- 0.29 08/01/2029 3,500,000
 2,325,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-383 (OTHER REVENUE, FGIC INSURED)ss+/- 0.29 08/01/2035 2,325,000
 29,015,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-383 (OTHER REVENUE, FGIC INSURED)ss+/- 0.29 09/01/2037 29,015,000
 5,750,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-383 (OTHER REVENUE, FGIC INSURED)ss+/- 1.00 08/01/2035 5,750,000
 915,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-383 (OTHER REVENUE, FGIC INSURED)ss+/- 1.00 09/01/2037 915,000
 2,990,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-444 (OTHER REVENUE, FGIC INSURED)ss+/-++ 0.30 08/01/2032 2,990,000
 2,375,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-500 (OTHER REVENUE, AMBAC INSURED)ss+/-++ 0.30 11/01/2038 2,375,000
 1,690,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-525 (OTHER REVENUE, FGIC INSURED)ss+/-++ 0.30 06/01/2035 1,690,000
 1,025,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-575 (OTHER REVENUE, AMBAC INSURED)ss+/-++ 0.30 09/01/2029 1,025,000
 6,460,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-625 (OTHER REVENUE, AMBAC INSURED)ss+/-++ 0.30 06/01/2028 6,460,000
 8,800,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-637 (OTHER REVENUE,
 DEUTSCHE BANK LOC)ss+/-++ 0.30 08/01/2047 8,800,000
 3,510,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-648 (OTHER REVENUE, NATL-RE LOC)ss+/-++ 0.30 09/01/2029 3,510,000
 7,176,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-675
 (OTHER REVENUE, DEUTSCHE BANK LOC)ss+/- 0.30 08/01/2040 7,176,000
 211,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-675
 (OTHER REVENUE, DEUTSCHE BANK LOC)ss+/- 0.30 08/01/2048 211,000
 2,100,000 EAST BAY CA MUD SUBSERIES A2 (WATER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.32 06/01/2038 2,100,000
 470,000 EAST BAY CA MUD SUBSERIES A3 (OTHER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.32 06/01/2038 470,000
 6,780,000 EAST BAY CA MUD SUBSERIES B1 (OTHER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.34 06/01/2038 6,780,000
 6,540,000 EAST BAY CA MUD SUBSERIES C (OTHER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.34 06/01/2027 6,540,000
 9,755,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA
 WATER & SEWER COP
 SERIES D (WATER REVENUE, LLOYDS TSB BANK
 PLC)ss+/- 0.23 07/01/2023 9,755,000
 25,865,000 ECLIPSE FUNDING TRUST 2006-0002-SOLAR
 ECLIPSE-LOS ANGELES (PROPERTY TAX REVENUE,
 US BANK NA LOC)ss+/-++ 0.29 07/01/2030 25,865,000
 10,230,000 ECLIPSE FUNDING TRUST 2007-0079 SOLAR ECLIPSE
 (OTHER REVENUE, US BANK NA LOC)ss+/-++ 0.29 08/01/2032 10,230,000
 2,185,000 ECLIPSE FUNDING TRUST CALIFORNIA EDUCATIONAL
 FACILITIES 2006-0065 SOLAR ECLIPSE
 PEPPERDINE (COLLEGE & UNIVERSITY REVENUE, US
 BANK LOC)ss+/-++ 0.29 12/01/2013 2,185,000
 2,000,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO
 WATER AGENCY SERIES A
 (LEASE REVENUE, DEXIA CREDIT SA LOC)ss+/- 0.29 03/01/2036 2,000,000
 3,390,000 ELSINORE VALLEY CA MUNICIPAL WATER DISTRICT COP
 SERIES B (WATER & SEWER REVENUE,
 ALLIED IRISH BANK PLC LOC)ss+/- 2.90 07/01/2035 3,390,000
 10,000,000 FINANCING AUTHORITY MUNICIPAL TRUST RECEIPTS
 SGC-49 CLASS - A (SEWER REVENUE,
 SOCIETE GENERALE LOC)ss+/-++ 0.30 12/01/2035 10,000,000
 10,490,261 FHMLC MFHR SERIES M007, CLASS A (HOUSING
 REVENUE, FHLMC INSURED)ss+/- 0.34 11/15/2034 10,490,261
 2,854,169 FHMLC MFHR SERIES M001, CLASS A (HOUSING
 REVENUE, FHLMC INSURED)ss+/- 0.34 08/15/2045 2,854,169
 9,800,000 FREMONT CA TREETOPS APARTMENTS SERIES A
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 08/15/2026 9,800,000
 5,000,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO
 SETTLEMENT FLOATER SERIES 3123 (OTHER REVENUE,
 MORGAN STANLEY BANK LOC)ss+/- 0.37 12/29/2035 5,000,000
 10,690,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO
 SETTLEMENT FLOATER SERIES 3123 (OTHER REVENUE,
 MORGAN STANLEY BANK LOC)ss+/- 0.37 06/01/2045 10,690,000
 4,030,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO
 SETTLEMENT ROCS RR II R-11432 (OTHER REVENUE,
 CITIBANK NA LOC)ss+/-++ 0.35 06/01/2035 4,030,000
 6,255,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO
 SETTLEMENT ROCS RR II R-11442 (OTHER REVENUE,
 CITIBANK NA LOC)ss+/-++ 0.35 06/01/2035 6,255,000
 5,000,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO
 SETTLEMENT ROCS RR II R-287X (OTHER REVENUE,
 CIFG INSURED)ss+/-++ 0.28 06/01/2011 5,000,000
 4,800,000 HARTNELL CA COMMUNITY COLLEGE DISTRICT SERIES
 2966 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 06/01/2014 4,800,000
 7,400,000 HAYWARD CA HOUSING AUTHORITY MFHR BARRINGTON
 HILLS SERIES A
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 06/15/2025 7,400,000
 4,000,000 HAYWARD CA MFHR SHOREWOOD SERIES A (MFHR, FGIC
 INSURED)ss+/- 0.27 07/15/2014 4,000,000
 1,000,000 HEMET CA MFHR SUNWEST RETIREMENT SERIES A
 (MFHR, FHLMC INSURED)ss+/- 0.25 01/01/2025 1,000,000
 3,970,000 HEMET CA USD FACILITIES PROJECT (OTHER REVENUE,
 STATE STREET BANK & TRUST LOC)ss+/- 0.27 10/01/2036 3,970,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
 $ 5,190,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY
 FUNDING PROGRAM (LEASE REVENUE,
 FIRST SECURITY BANK LOC)ss+/- 0.50% 02/01/2028 $ 5,190,000
 7,505,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY
 FUNDING PROGRAM (LEASE REVENUE,
 FIRST SECURITY BANK LOC)ss+/- 0.50 02/01/2038 7,505,000
 4,955,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY
 FUNDING PROGRAM (OTHER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.50 02/01/2018 4,955,000
 3,500,000 HIGHLAND CA RDA JEFFREY COURT SENIOR APARTMENTS
 (MFHR, FHLB INSURED)ss+/- 0.31 03/01/2028 3,500,000
 19,368,000 IRVINE CA IMPROVEMENT BOARD ACT 1915
 ASSESSMENT DISTRICT #04-21-B
 (OTHER REVENUE, KBC BANK NV LOC)ss+/- 0.23 09/02/2030 19,368,000
 7,737,000 IRVINE CA IMPROVEMENT BOARD ACT 1915
 ASSESSMENT DISTRICT #85-7 SERIES A
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.22 09/02/2032 7,737,000
 2,301,000 IRVINE CA IMPROVEMENT BOARD ACT DISTRICT #87-8
 (SPECIAL ASSESSMENT REVENUE, KBC BANK NV
 LOC)ss+/- 0.23 09/02/2024 2,301,000
 9,370,000 IRVINE CA IMPROVEMENT BOND ACT 1915 SERIES
 07-22-A
 (OTHER REVENUE, KBC BANK NV LOC)ss+/- 0.23 09/02/2032 9,370,000
 4,000,000 IRVINE RANCH CA WATER DISTRICT (WATER REVENUE,
 STATE STREET BANK & TRUST LOC)ss+/- 0.23 01/01/2021 4,000,000
 15,450,000 IRVINE RANCH CA WATER DISTRICT SERIES B (WATER
 & SEWER REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.24 10/01/2041 15,450,000
 29,545,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES
 3164 (PROPERTY TAX REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/-++ 0.30 08/01/2015 29,545,000
 2,000,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES
 3499Z (MISCELLANEOUS REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/-++ 0.30 08/01/2030 2,000,000
 7,000,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES
 3761Z (WATER REVENUE,
 AMBAC INSURED)ss+/-++ 0.30 12/01/2011 7,000,000
 10,585,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES
 3761Z (WATER REVENUE,
 AMBAC INSURED)ss+/-++ 0.30 11/01/2015 10,585,000
 4,700,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES
 3763Z
 (MISCELLANEOUS REVENUE, AMBAC INSURED)ss+/-++ 0.30 11/15/2015 4,700,000
 6,700,000 KINGS COUNTY CA HOUSING AUTHORITY EDGEWATER
 LLSE APARTMENTS
 SERIES A (MFHR, FNMA INSURED)ss+/- 0.26 02/15/2031 6,700,000
 5,500,000 LANCASTER CA REDEVELOPMENT AGENCY MFHR 20TH
 STREET APARTMENTS PROJECT SERIES C
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.27 12/01/2026 5,500,000
 4,000,000 LOMA LINDA CA HOSPITAL LOMA LINDA UNIVERSITY
 MEDICAL CENTER B
 (HOSPITAL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.28 12/01/2038 4,000,000
 5,355,000 LOS ANGELES CA (PRIVATE SCHOOL REVENUE, BANK
 OF AMERICA NA LOC)ss+/- 0.45 08/01/2035 5,355,000
 4,780,000 LOS ANGELES CA COMMUNITY COLLEGE DISTRICT
 SERIES 2864 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2014 4,780,000
 7,265,000 LOS ANGELES CA COMMUNITY RDA SECOND & CENTRAL
 APARTMENTS PROJECT
 (HOUSING REVENUE, HSBC USA NA LOC)ss+/- 0.27 12/01/2038 7,265,000
 6,290,000 LOS ANGELES CA COMMUNITY RDA SECURITY BUILDING
 PROJECT
 SERIES A (MFHR, FNMA INSURED)ss+/- 0.30 12/15/2034 6,290,000
 4,170,000 LOS ANGELES CA COP LOYOLA HIGH SCHOOL SERIES A
 (LEASE REVENUE,
 ALLIED IRISH BANK PLC LOC)ss+/- 3.40 12/01/2035 4,170,000
 7,500,000 LOS ANGELES CA COP SAMUEL A FRYER YAVNEY
 SERIES A
 (COLLEGE & UNIVERSITY REVENUE, STATE STREET
 BANK & TRUST LOC)ss+/- 0.27 08/01/2038 7,500,000
 7,980,000 LOS ANGELES CA DW&P ROCS RR II R-11531 (WATER
 & SEWER REVENUE, NATL-RE PLC)ss+/-++ 0.31 01/01/2013 7,980,000
 11,600,000 LOS ANGELES CA DW&P SUBSERIES A4 (POWER
 REVENUE, LLOYDS TSB BANK LOC)ss+/- 0.23 07/01/2035 11,600,000
 3,540,000 LOS ANGELES CA MISSION VILLAGE TERRACE
 APARTMENTS (MFHR, EAST WEST BANK PLC LOC)ss+/- 0.30 07/01/2027 3,540,000
 18,900,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A3 (POWER
 REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.23 07/01/2035 18,900,000
 29,400,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A5 (ELECTRIC
 REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.25 07/01/2035 29,400,000
 5,000,000 LOS ANGELES CA POWER SYSTEM SUBSERIES-A6
 (UTILITIES REVENUE, LLOYD TSB BANK PLC LOC)ss+/- 0.25 07/01/2035 5,000,000
 4,595,000 LOS ANGELES CA ROCS RR II R-11281 (OTHER
 REVENUE, AMBAC INSURED)ss+/-++ 0.31 07/01/2015 4,595,000
 2,800,000 LOS ANGELES CA WASTE WATER SYSTEM SERIES 2254
 (OTHER REVENUE, NATL-RE LOC)ss+/-++ 0.30 06/01/2013 2,800,000
 8,330,000 LOS ANGELES CA WASTE WATER SYSTEM SUBSERIES G
 (SEWER REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.28 06/01/2032 8,330,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
 $ 7,340,000 LOS ANGELES CA WATER & POWER SERIES 2971
 (ELECTRIC REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30% 01/01/2014 $ 7,340,000
 4,300,000 LOS ANGELES CA WATTS ATHENS APARTMENTS SERIES
 A (HOUSING REVENUE, FHLB INSURED)ss+/- 0.30 08/15/2030 4,300,000
 2,500,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR
 BONDS (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.30 09/01/2030 2,500,000
 11,400,000 LOS ANGELES COUNTY CA METROPOLITAN
 TRANSPORTATION AUTHORITY SERIES C3
 (SALES TAX REVENUE, SUMITOMO MITSUI BANK
 LOC)ss+/- 0.24 07/01/2025 11,400,000
 4,350,000 LOS ANGELES COUNTY CA METROPOLITAN
 TRANSPORTATION AUTHORITY SERIES C4
 (SALES TAX REVENUE, US BANK NA LOC)ss+/- 0.24 07/01/2025 4,350,000
 11,000,000 LOS ANGELES CA USD COP ADMINISTRATION BUILDING
 PROJECT SERIES A
 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.30 10/01/2024 11,000,000
 5,065,000 LOS RIOS CA COMMUNITY COLLEGE DISTRICT SERIES
 2972 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 02/01/2013 5,065,000
 9,255,000 MANTECA CA RDA AMENDED MERGER PROJECT (TAX
 ALLOCATION REVENUE,
 STATE STREET BANK & TRUST COMPANY LOC)ss+/- 0.24 10/01/2042 9,255,000
 19,420,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY
 DEVELOPMENT
 (TAX ALLOCATION REVENUE, AMBAC INSURED)ss+/- 0.24 01/01/2031 19,420,000
 6,420,000 MERRILL LYNCH PUTTABLE OPTION TAX-EXEMPT
 RECEIPTS CLASS A
 (OTHER REVENUE, FHLMC INSURED)ss+/- 0.39 05/01/2027 6,420,000
 10,515,000 METROPOLITAN WATER DISTRICT SOUTHERN
 CALIFORNIA WATERWORKS
 (WATER REVENUE, CITIBANK NA LOC)ss+/-++ 0.29 02/01/2015 10,515,000
 25,600,000 METROPOLITAN WATER DISTRICT SOUTHERN
 CALIFORNIA WATERWORKS CLASS A
 (WATER REVENUE, CITIBANK NA LOC)ss+/-++ 0.29 07/01/2037 25,600,000
 22,700,000 METROPOLITAN WATER DISTRICT SOUTHERN
 CALIFORNIA WATERWORKS REVENUE
 SERIES C2 (WATER REVENUE, JPMORGAN CHASE BANK
 LOC)ss+/- 0.23 07/01/2036 22,700,000
 10,900,000 METROPOLITAN WATER DISTRICT SOUTHERN
 CALIFORNIA WATERWORKS
 SERIES B-3 (WATER REVENUE, BNP PARIBAS LOC)ss+/- 0.23 07/01/2035 10,900,000
 11,775,000 METROPOLITAN WATER DISTRICT SOUTHERN
 CALIFORNIA WATERWORKS
 SERIES C (WATER REVENUE, JPMORGAN CHASE BANK
 LOC)ss+/- 0.30 07/01/2027 11,775,000
 700,000 MODESTO COUNTY CA MULTIFAMILY HOUSING
 SHADOWBROOK APARTMENTS
 SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.27 05/15/2031 700,000
 1,450,000 MONTEREY PENINSULA CA WATER MANAGEMENT
 DISTRICT (LEASE REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.30 07/01/2022 1,450,000
 63,895,000 MORGAN HILL CA RDA TAX ALLOCATION OJO DE AGUA
 REDEVELOPMENT PROJECT A
 (OTHER REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.25 09/01/2033 63,895,000
 3,680,000 NORTHERN CALIFORNIA POWER AGENCY HYDROELECTRIC
 PROJECT SERIES A
 (ELECTRIC POWER & LIGHT REVENUES, DEXIA CREDIT
 SA LOC)ss+/- 0.29 07/01/2032 3,680,000
 21,600,000 NORTHERN CALIFORNIA TRANSMISSION AGENCY OREGON
 TRANSMISSION PROJECT
 SERIES A (UTILITIES REVENUE, AGM INSURED)ss+/- 0.32 05/01/2024 21,600,000
 100,000 OAKLAND CA REDEVELOPMENT AGENCY MULTIFAMILY
 HOUSING P-FLOATS -MT-176
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.39 06/25/2011 100,000
 6,100,000 OAKLAND CA REDEVELOPMENT AGENCY MULTIFAMILY
 HOUSING P-FLOATS -MT-176
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.39 10/01/2050 6,100,000
 6,500,000 ONTARIO COUNTY CA MFHR (HCFR, FHLMC
 INSURED)ss+/- 0.25 12/01/2035 6,500,000
 6,070,000 ORANGE COUNTY CA (HOUSING REVENUE, FNMA
 INSURED)ss+/- 0.31 12/15/2028 6,070,000
 4,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
 PARK RIDGE VILLAS PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 11/15/2028 4,000,000
 14,900,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
 PROJECT PARK PLACE APARTMENTS
 ISSUE A (HOUSING REVENUE, FHLB INSURED)ss+/- 0.28 04/01/2024 14,900,000
 8,619,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
 SERIES D HARBOR POINTE PROJECT
 (HOUSING REVENUE, FHLMC LOC)ss+/- 0.26 12/01/2022 8,619,000
 840,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT VILLAS
 ALIENTO-E PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 08/15/2028 840,000
 680,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT VILLAS
 LA PAZ-F PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 08/15/2028 680,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 2,844,000 ORANGE COUNTY CA IMPROVEMENT BOARD ACT 1915
 ASSESSMENT DISTRICT 01-1 SERIES A
 (SPECIAL TAX REVENUE, KBC BANK NV LOC)ss+/- 0.23% 09/02/2033 $ 2,844,000
 1,075,000 ORANGE COUNTY CA SANITATION DISTRICTS COP
 SERIES 25297 (SEWER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 02/01/2015 1,075,000
 500,000 PETALUMA CA COMMUNITY DEVELOPMENT MULTIFAMILY
 HOUSING OAKMONT AT PETALUMA
 SERIES A (HOUSING REVENUE, US BANK NA LOC)ss+/- 0.32 04/01/2026 500,000
 7,000,000 RANCHO CA WATER DISTRICT FINANCING AUTHORITY
 SERIES B (OTHER REVENUE, UBS AG LOC)ss+/- 0.26 08/15/2031 7,000,000
 160,000 RIVERSIDE COUNTY CA COP (LEASE REVENUE, BANK
 OF AMERICA NA LOC)ss+/- 0.30 03/01/2037 160,000
 3,245,000 RIVERSIDE COUNTY CA ELECTRIC PUTTERS SERIES
 3042Z (ELECTRIC REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.28 04/01/2016 3,245,000
 8,500,000 RIVERSIDE COUNTY CA (LEASE ABATEMENT REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.30 11/01/2039 8,500,000
 1,500,000 RIVERSIDE COUNTY CA HOUSING AUTHORITY MOUNTAIN
 VIEW APARTMENTS
 SERIES A (MFHR, REDLANDS FEDERAL S&L LOC)ss+/- 0.27 08/01/2025 1,500,000
 1,900,000 RIVERSIDE COUNTY CA IDA CRYOGENIC PROJECT
 ISSUE B (IDR, BANK OF AMERICA NA LOC)ss+/- 0.29 07/05/2014 1,900,000
 22,450,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE,
 BANK OF NEW YORK LOC)ss+/- 0.27 02/01/2035 22,450,000
 33,874,000 ROSEVILLE CA ELECTRIC SYSTEM COP SERIES B
 (OTHER REVENUE, DEXIA CREDIT SA LOC)ss+/- 0.27 02/01/2035 33,874,000
 7,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY
 SHENANDOAH APARTMENTS SERIES F
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 09/15/2036 7,000,000
 5,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.25 07/15/2029 5,000,000
 7,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY
 ARLINGTON CREEK APARTMENT
 SERIES I (HOUSING REVENUE, FNMA INSURED)ss+/- 0.29 05/15/2034 7,000,000
 9,140,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY LOGAN
 PARK APARTMENTS
 ISSUE E (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.30 05/01/2042 9,140,000
 6,535,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR
 CASCADES
 SERIES D (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 09/15/2035 6,535,000
 6,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR
 NORMANDY PARK APARTMENTS
 SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 02/15/2033 6,000,000
 2,900,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SEASONS
 AT WINTER
 SERIES C2 (MFHR, FHLMC INSURED)ss+/- 0.26 08/01/2034 2,900,000
 4,700,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY
 SHADWOOD APARTMENTS PROJECT
 ISSUE A (MFHR, FHLMC INSURED)ss+/- 0.28 12/01/2022 4,700,000
 10,000,000 SACRAMENTO COUNTY CA RIVER POINTE APARTMENTS
 SERIES B (MFHR, FNMA INSURED)ss+/- 0.26 08/15/2027 10,000,000
 10,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT
 FINANCING AUTHORITY MUNICIPAL
 TRUST RECEIPTS SGC-48 CLASS-A (SEWER REVENUE,
 SOCIETE GENERALE LOC)ss+/-++ 0.30 12/01/2035 10,000,000
 5,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT
 FINANCING AUTHORITY SUBORDINATE
 LIEN SACRAMENTO DISTRICT E (SEWER REVENUE, US
 BANK NA LOC)ss+/- 0.25 12/01/2040 5,000,000
 16,420,000 SACRAMENTO COUNTY CA SANITATION DISTRICT
 FINANCING AUTHORITY SUBORDINATE LIEN
 SACRAMENTO REGULATION SERIES C (SEWER REVENUE,
 CREDIT AGRICOLE INDOSUEZ LOC)ss+/- 0.30 12/01/2030 16,420,000
 7,000,000 SAN BERNARDINO COUNTY CA REDEVELOPMENT AGENCY
 SILVER WOODS APARTMENTS PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/-++ 0.30 05/01/2026 7,000,000
 6,809,000 SAN BERNARDINO COUNTY CA COP SERIES A (LEASE
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.30 03/01/2024 6,809,000
 5,500,000 SAN BERNARDINO COUNTY CA FLOOD CONTROL
 DISTRICT (OTHER REVENUE, UBS AG LOC)ss+/- 0.26 08/01/2037 5,500,000
 6,115,000 SAN BERNARDINO COUNTY CA MFHR GREEN VALLEY
 APARTMENTS PROJECT SERIES A
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 05/15/2029 6,115,000
 5,600,000 SAN BERNARDINO COUNTY CA MFHR SYCAMORE TERRACE
 PROJECT SERIES A
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 05/15/2029 5,600,000
 4,865,000 SAN DIEGO COUNTY CA BURNHAM INSTITUTE
 RMKT-7-2-09
 (SEWER REVENUE, SOCIETE GENERALE LOC)ss+/- 0.31 11/01/2030 4,865,000
 4,695,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION
 COMMUNITY LIMITED TAX
 SERIES A (SALES TAX REVENUE, JPMORGAN CHASE
 BANK LOC)ss+/- 0.26 04/01/2038 4,695,000
 4,005,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION
 COMMUNITY LIMITED TAX
 SERIES B (SALES TAX REVENUE, JPMORGAN CHASE
 BANK LOC)ss+/- 0.27 04/01/2038 4,005,000
 28,925,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION
 COMMUNITY LIMITED TAX
 SERIES D (SALES TAX REVENUE)ss+/- 0.30 04/01/2038 28,925,000
 1,545,000 SAN DIEGO COUNTY CA WATER AUTHORITY COP SERIES
 2873 (WATER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 05/01/2013 1,545,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 14,450,000 SAN FRANCISCO CA CITY & COUNTY AIRPORT
 COMMISSION SERIES 37-C
 (AIRPORT & MARINA REVENUE, FSA INSURED)ss+/- 0.32% 05/01/2029 $ 14,450,000
 5,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS
 COMMISSION SECOND SERIES 37-D
 (OTHER REVENUE, AGM INSURED)ss+/- 0.32 05/01/2030 5,000,000
 4,655,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS
 COMMISSION SERIES B (AIRPORT REVENUE)ss+/- 0.75 05/01/2029 4,655,000
 5,295,000 SAN FRANCISCO CA CITY & COUNTY FINANCE
 CORPORATION MOSCONE CENTER
 (LEASE REVENUE, STATE STREET BANK & TRUST
 COMPANY LOC)ss+/- 0.26 04/01/2030 5,295,000
 2,645,000 SAN FRANCISCO CA CITY & COUNTY MFHR CARTER
 TERRACE APARTMENTS SERIES B
 (MFHR, CITIBANK NA LOC)ss+/- 0.31 03/01/2036 2,645,000
 40,000,000 SAN FRANCISCO CA CITY & COUNTY RDA FILLMORE
 CENTER SERIES B1
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.30 12/01/2017 40,000,000
 6,305,000 SAN FRANCISCO CA CITY & COUNTY RDA NOTRE DAME
 APARTMENTS SERIES G
 (HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.29 12/01/2033 6,305,000
 8,725,000 SAN FRANCISCO CA CITY & COUNTY RDA ORLANDO
 CEPEDA PLACE SERIES D
 (MFHR, CITIBANK NA LOC)ss+/- 0.33 11/01/2033 8,725,000
 9,250,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
 AGENCY COMMUNITY FACILITIES
 DISTRICT HUNTERS POINT SERIES A (TAX REVENUE,
 KBC BANK NV LOC)ss+/- 0.31 08/01/2036 9,250,000
 2,860,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
 AGENCY MFHR LELAND POLK
 SENIOR COMMUNITY SERIES A (MFHR, CITIBANK NA
 LOC)ss+/- 0.31 12/01/2019 2,860,000
 25,345,000 SAN FRANCISCO CITY & COUNTY INTERNATIONAL
 AIRPORT SERIES 36-C
 (LEASE REVENUE DEXIA CREDIT SA LOC)ss+/- 0.34 05/01/2026 25,345,000
 8,800,000 SAN JOSE CA CINNABAR COMMONS SERIES C (HOUSING
 REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.28 02/01/2037 8,800,000
 9,360,000 SAN JOSE CA MFHR RAINTREE APARTMENTS SERIES A
 (MFHR, FNMA INSURED)ss+/- 0.31 02/01/2038 9,360,000
 5,510,000 SAN JOSE CA REDEVELOPMENT AGENCY MERGED AREA
 REDEVELOPMENT PROJECT
 SERIES A (PROPERTY TAX REVENUE, JPMORGAN CHASE
 LOC)ss+/- 0.24 07/01/2026 5,510,000
 4,230,000 SAN JOSE CA TURNLEAF APARTMENTS SERIES A
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.32 06/01/2036 4,230,000
 1,120,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR,
 FNMA INSURED)ss+/- 0.30 09/15/2032 1,120,000
 5,025,000 SAN LEANDRO CA PARKSIDE COMMONS APARTMENTS
 PROJECT (MFHR, FNMA INSURED)ss+/- 0.28 07/15/2018 5,025,000
 5,360,000 SAN MARCOS CA SCHOOLS FINANCING AUTHORITY
 SERIES 3194
 (OTHER REVENUE, AGM INSURED)ss+/-++ 0.31 08/15/2040 5,360,000
 5,460,000 SANTA ANA CA HEALTH FACILITY REVENUE
 MULTI-MODEL TOWN & COUNTRY PROJECT
 BNP PARIBAS (HCFR, DEXIA CREDIT SA LOC)ss+/- 0.26 10/01/2020 5,460,000
 37,370,000 SANTA CLARA COUNTY CA SUBSERIES B (ELECTRIC
 PLANT REVENUE, DEXIA CREDIT SA LOC)ss+/- 0.30 07/01/2027 37,370,000
 20,735,000 SANTA CLARA COUNTY CA FINANCING AUTHORITY
 MULTIPLE FACILITIES PROJECTS
 SERIES M (LEASE REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.30 05/15/2035 20,735,000
 5,900,000 SANTA CLARA COUNTY CA MFHR BENTON PARK CENTER
 APARTMENTS PROJECT
 SERIES A (MFHR, FNMA INSURED)ss+/- 0.25 12/15/2025 5,900,000
 15,975,000 SANTA CLARA COUNTY CA TRANSPORTATION AUTHORITY
 MEASURE A PROJECT
 SERIES C (SALES TAX REVENUE, SUMITOMO MITSUI
 BANK LOC)ss+/- 0.26 08/01/2036 15,975,000
 3,120,000 SANTA ROSA CA ALDERBROOK HEIGHTS APARTMENTS
 (HOUSING REVENUE, FHLB INSURED)ss+/- 0.30 05/01/2040 3,120,000
 17,695,000 SIMI VALLEY CA SERIES A (MFHR, FHLMC
 INSURED)ss+/- 0.25 07/01/2023 17,695,000
 5,700,000 SIMI VALLEY CA SHADOWRIDGE APARTMENTS PROJECT
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.29 09/01/2019 5,700,000
 85,285,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
 TRANSMISSION PROJECT (UTILITIES REVENUE,
 LLOYDS TSB BANK PLC LOC)ss+/- 0.28 07/01/2019 85,285,000
 28,600,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
 MAGNOLIA POWER
 PROJECT SERIES 2009-1-A (ELECTRIC POWER &
 LIGHT REVENUES, KBC BANK NV LOC)ss+/- 0.26 07/01/2036 28,600,000
 5,900,000 STOCKTON CA HCFR SERIES A (HCFR, CITIBANK NA
 LOC)ss+/- 0.24 12/01/2032 5,900,000
 8,220,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS
 RR II 11484
 (PROPERTY TAX REVENUE, FIRST SECURITY BANK
 LOC)ss+/-++ 0.32 02/01/2013 8,220,000
 15,060,000 UNIVERSITY OF CALIFORNIA (COLLEGE & UNIVERSITY
 REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.30 05/15/2032 15,060,000
 12,000,000 UPLAND CA COMMUNITY RDA SUNSET RIDGE APARTMENTS
 (HOUSING REVENUE, EAST WEST BANK LOC)ss+/- 0.25 08/01/2037 12,000,000
 7,750,000 VACAVILLE CA MFHR SYCAMORE APARTMENTS SERIES A
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.27 05/15/2029 7,750,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 7,400,000 VACAVILLE CA SERIES A (HOUSING REVENUE, FNMA
 INSURED)ss+/- 0.29% 07/15/2018 $ 7,400,000
 885,000 VALLEJO COUNTY CA HOUSING AUTHORITY
 MULTIFAMILY MORTGAGE
 REFUNDING (MFHR, FNMA INSURED)ss+/- 0.31 05/15/2022 885,000
 3,620,000 WALNUT CREEK CA CREEKSIDE DRIVE (HOUSING
 REVENUE, FHLMC INSURED)ss+/- 0.26 04/01/2027 3,620,000
 6,000,000 WHITTIER CA HEALTH FACILITIES PRESBYTERIAN
 INTERCOMMUNITY PROJECT
 SERIES C (HOSPITAL REVENUE, US BANK NA LOC)ss+/- 0.26 06/01/2036 6,000,000
 19,000,000 WHITTIER CA WHITTIER COLLEGE (COLLEGE &
 UNIVERSITY REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.28 12/01/2038 19,000,000
 2,868,429,930
 ------------------
PUERTO RICO: 2.83%
 5,331,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-627A
 (OTHER REVENUE, AMBAC INSURED)ss+/- 0.30 08/01/2049 5,331,000
 2,002,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES
 DBE-627A (OTHER REVENUE, AMBAC INSURED)ss+/- 0.30 08/01/2050 2,002,000
 11,000,000 PUERTO RICO COMMONWEALTH (OTHER REVENUE,
 WACHOVIA BANK LOC)ss+/-(q) 0.24 07/01/2034 11,000,000
 11,600,000 PUERTO RICO COMMONWEALTH (PROPERTY TAX
 REVENUE, WACHOVIA BANK LOC)ss+/-(q) 0.24 07/01/2034 11,600,000
 28,350,000 PUERTO RICO COMMONWEALTH HIGHWAY &
 TRANSPORTATION AUTHORITY
 SERIES 2148 (TOLL ROAD REVENUE, CIFG
 INSURED)ss+/-++ 0.35 07/01/2041 28,350,000
 10,780,000 PUERTO RICO ELECTRIC POWER AUTHORITY MUNICIPAL
 TRUST RECEIPTS-SGC-57 CLASS A
 (ELECTRIC POWER & LIGHTING REVENUE, FSA
 INSURED)ss+/-++ 0.30 07/01/2029 10,780,000
 2,295,000 PUERTO RICO ELECTRIC REVENUE PFOTER SERIES
 4147 (ELECTRIC REVENUE, FGIC INSURED)ss+/-++ 0.54 07/01/2033 2,295,000
 12,750,000 PUERTO RICO SALES TAX FINANCING CORPORATION
 ROCS RR-II-R11763
 (SALES TAX REVENUE, CITIBANK NA LOC)ss+/-++ 0.31 12/01/2047 12,750,000
 1,900,000 PUERTO RICO SALES TAX FINANCING CORPORATION
 SERIES 11829
 (SALES TAX REVENUE, AGM
 INSURED)ss+/-++ 0.32 02/01/2034 1,900,000
 86,008,000
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $2,954,437,930) 2,954,437,930
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $3,040,402,930)* 100.17% 3,040,402,930
OTHER ASSETS AND LIABILITIES, NET (0.17) (5,181,159)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 3,035,221,771
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
AGENCY NOTES - DISCOUNT: 21.30%
FEDERAL FARM CREDIT BANK: 0.61%
$ 50,000,000 FFCB## 0.20% 11/17/2010 $ 49,978,611
 40,000,000 FFCB## 0.20 11/22/2010 39,981,778
 25,000,000 FFCB## 0.28 11/23/2010 24,983,861
 49,000,000 FFCB## 0.29 11/30/2010 48,964,475
 15,000,000 FFCB## 0.27 12/15/2010 14,988,188
 178,896,913
 ------------------
FEDERAL HOME LOAN BANK: 2.60%
 175,000,000 FHLB## 0.00 09/01/2010 175,000,000
 225,000,000 FHLB## 0.20 10/25/2010 224,932,500
 264,730,000 FHLB## 0.20 11/19/2010 264,613,813
 100,000,000 FHLB## 0.25 01/19/2011 99,902,778
 764,449,091
 ------------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 9.61%
 27,732,000 FHLMC## 0.26 09/27/2010 27,726,592
 225,000,000 FHLMC## 0.30 10/04/2010 224,937,210
 250,000,000 FHLMC## 0.24 10/14/2010 249,925,347
 250,000,000 FHLMC## 0.24 10/15/2010 249,923,611
 100,000,000 FHLMC## 0.27 10/18/2010 99,963,445
 25,000,000 FHLMC## 0.28 10/26/2010 24,989,114
 200,000,000 FHLMC## 0.21 11/09/2010 199,919,500
 250,000,000 FHLMC## 0.20 11/15/2010 249,895,833
 175,000,000 FHLMC## 0.19 11/17/2010 174,928,882
 125,000,000 FHLMC## 0.20 11/23/2010 124,942,361
 200,000,000 FHLMC## 0.24 01/24/2011 199,806,667
 300,000,000 FHLMC## 0.24 01/31/2011 299,696,001
 250,000,000 FHLMC## 0.23 04/05/2011 249,655,000
 200,000,000 FHLMC## 0.25 05/24/2011 199,631,944
 250,000,000 FHLMC## 0.25 05/26/2011 249,536,458
 2,825,477,965
 ------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 8.48%
 49,710,000 FNMA## 0.24 09/08/2010 49,707,390
 260,000,000 FNMA## 0.24 09/20/2010 259,965,696
 150,000,000 FNMA## 0.24 09/21/2010 149,979,167
 140,000,000 FNMA## 0.25 09/22/2010 139,978,358
 105,000,000 FNMA## 0.24 09/23/2010 104,983,958
 22,596,000 FNMA## 0.28 10/06/2010 22,589,629
 300,000,000 FNMA## 0.27 10/13/2010 299,903,459
 100,000,000 FNMA## 0.30 10/25/2010 99,955,000
 198,537,000 FNMA## 0.20 11/17/2010 198,452,070
 175,000,000 FNMA## 0.25 12/20/2010 174,866,320
 125,000,000 FNMA## 0.25 12/21/2010 124,903,646
 198,142,000 FNMA## 0.27 01/12/2011 197,944,353
 200,000,000 FNMA## 0.27 01/18/2011 199,791,500
 172,614,000 FNMA## 0.24 01/19/2011 172,449,992
 100,000,000 FNMA## 0.22 01/20/2011 99,913,833
 200,000,000 FNMA## 0.27 02/01/2011 199,770,500
 2,495,154,871
 ------------------
TOTAL AGENCY NOTES - DISCOUNT (COST $6,263,978,840) 6,263,978,840
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
AGENCY SECURITIES: 24.30%
FEDERAL FARM CREDIT BANK: 4.62%
$ 2,000,000 FFCB 6.69% 09/08/2010 $ 2,002,448
 150,000,000 FFCB+/- 0.17 11/05/2010 150,000,000
 43,800,000 FFCB 3.75 12/06/2010 44,207,183
 75,000,000 FFCB+/- 0.32 12/17/2010 74,968,365
 13,500,000 FFCB 0.45 01/12/2011 13,508,947
 8,000,000 FFCB 0.35 02/01/2011 8,002,396
 16,030,000 FFCB 4.88 02/18/2011 16,369,035
 50,000,000 FFCB+/- 0.46 03/22/2011 50,000,000
 16,200,000 FFCB+/- 0.36 05/18/2011 16,217,549
 50,000,000 FFCB+/- 0.21 06/07/2011 49,991,265
 225,000,000 FFCB+/- 0.18 06/23/2011 224,975,731
 236,000,000 FFCB+/- 0.17 06/28/2011 235,969,814
 300,000,000 FFCB+/- 0.29 10/07/2011 300,068,987
 145,000,000 FFCB+/-ss 0.18 01/25/2012 144,838,669
 26,500,000 FFCB+/-ss 0.15 02/22/2012 26,456,999
 1,357,577,388
 ------------------
FEDERAL HOME LOAN BANK: 10.92%
 100,000,000 FHLB 4.50 09/10/2010 100,104,228
 13,000,000 FHLB 5.13 09/10/2010 13,015,427
 22,850,000 FHLB 4.38 09/17/2010 22,890,784
 5,000,000 FHLB 3.00 10/15/2010 5,016,329
 125,000,000 FHLB 0.50 10/18/2010 125,036,187
 17,165,000 FHLB 0.50 10/18/2010 17,169,735
 300,000,000 FHLB 0.27 10/29/2010 299,983,361
 250,000,000 FHLB 0.28 11/08/2010 249,977,945
 250,000,000 FHLB 0.28 11/10/2010 249,977,554
 250,000,000 FHLB 0.26 01/14/2011 249,975,893
 250,000,000 FHLB 0.26 01/14/2011 249,975,971
 50,000,000 FHLB 4.75 01/18/2011 50,842,642
 2,800,000 FHLB+/- 0.25 05/02/2011 2,800,000
 250,000,000 FHLB+/- 0.21 05/25/2011 249,963,462
 160,000,000 FHLB+/- 0.19 06/07/2011 159,950,206
 165,000,000 FHLB+/- 0.17 07/20/2011 164,955,239
 150,000,000 FHLB+/- 0.17 07/25/2011 149,952,145
 150,000,000 FHLB+/- 0.17 07/28/2011 149,951,706
 150,000,000 FHLB+/- 0.20 08/12/2011 149,942,838
 150,000,000 FHLB+/- 0.23 09/15/2011 149,936,833
 150,000,000 FHLB+/- 0.38 11/07/2011 149,928,000
 250,000,000 FHLB+/-ss 0.24 02/28/2012 249,870,550
 3,211,217,035
 ------------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 6.37%
 500,000,000 FHLMC+/- 0.52 09/03/2010 499,999,362
 600,000,000 FHLMC+/- 0.51 09/24/2010 600,002,888
 57,160,000 FHLMC 4.13 10/18/2010 57,449,986
 15,000,000 FHLMC 1.50 01/07/2011 15,063,191
 128,365,000 FHLMC+/- 0.53 01/28/2011 128,430,836
 250,000,000 FHLMC+/- 0.61 03/09/2011 250,097,852
 50,000,000 FHLMC+/- 0.23 09/26/2011 49,997,242
 23,007,000 FHLMC+/-ss 0.23 02/02/2012 22,980,634
 100,000,000 FHLMC+/-ss 0.25 02/10/2012 99,943,130
 150,000,000 FHLMC+/-ss 0.27 05/11/2012 149,873,063
 1,873,838,184
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 2.39%
$ 40,000,000 FNMA 1.50% 09/16/2010 $ 40,019,987
 359,887,000 FNMA 2.88 10/12/2010 360,940,901
 150,000,000 FNMA 1.75 03/23/2011 151,227,516
 150,000,000 FNMA+/- 0.20 08/11/2011 149,928,811
 702,117,215
 ------------------
TOTAL AGENCY SECURITIES (COST $7,144,749,822) 7,144,749,822
 ------------------
CORPORATE BONDS & NOTES: 3.78%
FINANCIALS: 3.78%
CONSUMER FINANCE: 0.80%
 235,000,000 AMERICAN EXPRESS BANK FSB+/- 1.14 12/10/2010 235,572,467
 ------------------
DIVERSIFIED FINANCIAL SERVICES: 2.98%
 375,000,000 BANK OF AMERICA NA 0.57 09/13/2010 375,000,891
 115,000,000 CITIBANK NA+/- 0.58 09/30/2010 115,000,000
 145,600,000 CITIGROUP INCORPORATED+/- 1.09 12/09/2010 145,877,789
 150,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 1.17 12/09/2010 150,323,216
 90,000,000 JPMORGAN CHASE & COMPANY+/- 1.04 12/02/2010 90,151,013
 876,352,909
 ------------------
TOTAL CORPORATE BONDS & NOTES (COST $1,111,925,376) 1,111,925,376
 ------------------
REPURCHASE AGREEMENTS (z): 47.64%
 1,000,000,000 BANK OF AMERICA NA, DATED 08/31/2010,
 MATURITY VALUE $1,000,006,944(1) 0.25 09/01/2010 1,000,000,000
 66,800,000 BANK OF AMERICA SECURITIES LLC, DATED 08/31/2010,
 MATURITY VALUE $66,800,464(2) 0.25 09/01/2010 66,800,000
 1,130,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $1,130,008,161(3) 0.26 09/01/2010 1,130,000,000
 1,260,500,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $1,260,508,403(4) 0.24 09/01/2010 1,260,500,000
 900,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $900,004,000(5) 0.16 09/01/2010 900,000,000
 905,000,000 BNP PARIBAS SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $905,006,285(6) 0.25 09/01/2010 905,000,000
 1,000,000,000 CITIBANK NA, DATED 08/31/2010,
 MATURITY VALUE $1,000,007,222(7) 0.26 09/01/2010 1,000,000,000
 250,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION, DATED 08/31/2010,
 MATURITY VALUE $250,001,736(8) 0.25 09/01/2010 250,000,000
 500,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION, DATED 08/31/2010,
 MATURITY VALUE $500,002,500(9) 0.18 09/01/2010 500,000,000
 1,000,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $1,000,006,667(10) 0.24 09/01/2010 1,000,000,000
 295,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $295,001,967(11) 0.24 09/01/2010 295,000,000
 1,150,000,000 GOLDMAN SACHS & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $1,150,007,986(12) 0.25 09/01/2010 1,150,000,000
 250,000,000 GOLDMAN SACHS & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $250,003,333(13) 0.24 09/02/2010 250,000,000
 1,000,000,000 HSBC SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $1,000,006,667(14) 0.24 09/01/2010 1,000,000,000
 1,000,000,000 JPMORGAN SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $1,000,006,667(15) 0.24 09/01/2010 1,000,000,000
 500,000,000 JPMORGAN SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $500,003,472(16) 0.25 09/01/2010 500,000,000
 100,000,000 MORGAN STANLEY & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $100,000,639(17) 0.23 09/01/2010 100,000,000
 200,000,000 MORGAN STANLEY & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $200,001,111(18) 0.20 09/01/2010 200,000,000
 250,000,000 MORGAN STANLEY & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $250,001,597(19) 0.23 09/01/2010 250,000,000
 250,000,000 MORGAN STANLEY & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $250,004,792(20) 0.23 09/03/2010 250,000,000
 1,000,000,000 RBS SECURITIES INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $1,000,006,667(21) 0.24 09/01/2010 1,000,000,000
TOTAL REPURCHASE AGREEMENTS (COST $14,007,300,000) 14,007,300,000
 ------------------
COMMERCIAL PAPER: 4.70%
 65,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.00 09/01/2010 65,000,000
 85,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.22 09/02/2010 84,998,985
 45,533,000 STRAIGHT-A FUNDING LLC##++(p) 0.35 09/07/2010 45,529,889
 155,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.36 09/08/2010 154,987,643

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 21,135,000 STRAIGHT-A FUNDING LLC##++(p) 0.37% 09/09/2010 $ 21,133,027
 22,926,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/10/2010 22,923,650
 60,865,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/14/2010 60,856,208
 40,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 09/15/2010 39,995,489
 60,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/15/2010 59,990,667
 50,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 09/16/2010 49,993,958
 15,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.38 09/16/2010 14,997,500
 75,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.38 09/17/2010 74,986,667
 25,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.34 09/22/2010 24,994,750
 100,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.35 09/23/2010 99,978,000
 25,089,000 STRAIGHT-A FUNDING LLC##++(p) 0.36 09/27/2010 25,082,296
 20,446,000 STRAIGHT-A FUNDING LLC##++(p) 0.35 10/05/2010 20,439,048
 25,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.34 10/14/2010 24,989,549
 30,030,000 STRAIGHT-A FUNDING LLC##++(p) 0.33 10/19/2010 30,016,386
 125,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.29 10/20/2010 124,948,958
 30,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/02/2010 29,985,533
 50,037,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/03/2010 50,013,358
 30,023,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/04/2010 30,008,589
 21,440,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/09/2010 21,428,905
 117,084,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/10/2010 117,024,808
 38,104,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/15/2010 38,082,567
 50,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/16/2010 49,971,500
TOTAL COMMERCIAL PAPER (COST $1,382,357,930) 1,382,357,930
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $29,910,311,968)* 101.72% 29,910,311,968
OTHER ASSETS AND LIABILITIES, NET (1.72) (505,481,010)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 29,404,830,958
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES: 99.69%
MINNESOTA: 99.69%
$ 270,000 ANDOVER MN PRESBYTERIAN HOMES INCORPORATED
 PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30% 11/15/2033 $ 270,000
 85,000 ARDEN HILLS MN HOUSING & HEALTH CARE FACILITIES
 PRESBYTERIAN HOMES
 SERIES A (HCFR, US BANK NA LOC)ss+/- 0.25 09/01/2029 85,000
 1,635,000 BECKER MN PLYMOUTH FOAM PROJECT (IDR, US BANK NA
 LOC)ss+/- 0.49 05/01/2019 1,635,000
 1,745,000 BLOOMINGTON MN BRISTOL VILLAGE (HOUSING REVENUE,
 FNMA INSURED)ss+/- 0.36 11/15/2032 1,745,000
 585,000 BLOOMINGTON MN HOUSING & RDA MASONIC HOME CLUSTER
 (HOUSING REVENUE, US BANK NA LOC)ss+/- 0.42 08/01/2025 585,000
 1,700,000 BLOOMINGTON MN PRESBYTERIAN HOMES (OTHER
 REVENUE, FHLMC INSURED)ss+/- 0.30 07/01/2038 1,700,000
 300,000 BURNSVILLE MN BRIDGEWAY APARTMENTS PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 10/15/2033 300,000
 1,750,000 CENTER CITY MN HCFR HAZELDEN FOUNDATION PROJECT
 (HOSPITAL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 2.55 11/01/2027 1,750,000
 2,500,000 CENTER CITY MN HCFR HAZELDEN FOUNDATION PROJECT
 (HCFR, BANK OF NEW YORK LOC)ss+/- 0.26 11/01/2035 2,500,000
 1,100,000 COHASSET MN POWER & LIGHT COMPANY PROJECT B
 (IDR, LASALLE NATIONAL BANK NA LOC)ss+/- 0.45 06/01/2013 1,100,000
 1,250,000 COHASSET MN POWER & LIGHT COMPANY PROJECT C
 (IDR, ABN AMRO BANK INSURED)ss+/- 0.50 06/01/2013 1,250,000
 955,000 COON RAPIDS MN DRAKE APARTMENTS PROJECT A (OTHER
 REVENUE, FNMA INSURED)ss+/- 0.36 06/15/2038 955,000
 335,000 DAKOTA COUNTY MN CDA BRENTWOOD HILLS APARTMENTS
 PROJECT
 SERIES B (HOUSING REVENUE, LASALLE NATIONAL BANK
 NA LOC)ss+/- 0.47 09/01/2038 335,000
 110,000 DAKOTA COUNTY MN CDA CATHOLIC FINANCE CORPORATION
 (ECONOMIC DEVELOPMENT REVENUE, US BANK NA
 LOC)ss+/- 0.39 01/01/2012 110,000
 915,000 DAKOTA COUNTY MN RDA (OTHER REVENUE, MERRILL
 LYNCH CAPITAL SERVICES LOC)ss+/- 0.33 06/01/2029 915,000
 3,285,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-489
 (OTHER REVENUE, AMBAC INSURED)ss+/- 0.30 01/01/2030 3,285,000
 5,000,000 DULUTH MN SEAWAY PORT AUTHORITY SAINT LAWRENCE
 CEMENT INCORPORATED PROJECT
 (IDR, WACHOVIA BANK LOC)ss+/-(q) 0.29 03/01/2020 5,000,000
 5,000,000 EAST GRAND FORKS MN VARIOUS REFERENCE AMERICAN
 CRYSTAL SUGAR COMPANY
 (RESOURCE RECOVERY REVENUE, COBANK ACB LOC)ss+/- 0.31 12/01/2021 5,000,000
 1,260,000 EDINA MN EDINA PARK PLAZA (MFHR, FHLMC
 INSURED)ss+/- 0.36 12/01/2029 1,260,000
 1,500,000 FOREST LAKE MN KILKENNY COURT APARTMENTS PROJECT
 (OTHER REVENUE,
 FNMA INSURED)ss+/- 0.31 08/15/2038 1,500,000
 815,000 HENNEPIN COUNTY MN HOUSING & RDA STONE ARCH
 APARTMENTS PROJECT
 (MFHR, LASALLE NATIONAL BANK NA LOC)ss+/- 0.35 04/15/2035 815,000
 1,245,000 MAHTOMEDI MN BRIARCLIFF MANOR APARTMENTS SERIES
 A (OTHER REVENUE, FNMA INSURED)ss+/- 0.36 06/15/2038 1,245,000
 875,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS
 HEALTH CARE SERIES B (OTHER REVENUE, FIRST SECURITY
 BANK LOC)ss+/- 0.25 08/15/2025 875,000
 1,100,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA
 CHILDRENS HOSPITALS CLINICS
 SERIES A (OTHER REVENUE, FIRST SECURITY BANK
 LOC)ss+/- 0.27 08/15/2037 1,100,000
 250,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTH
 CARE FACILITIES
 SERIES A (HCFR, FIRST SECURITY BANK LOC)ss+/- 0.27 08/15/2034 250,000
 700,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA RB ALLINA
 HEALTH SYSTEMS
 SERIES B-1 (HCFR, JPMORGAN CHASE BANK LOC)ss+/- 0.26 11/15/2035 700,000
 3,100,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA SERIES
 B-2 (HCFR,
 JPMORGAN CHASE BANK LOC)ss+/- 0.25 11/15/2035 3,100,000
 160,000 MINNEAPOLIS MN CDA C&G PARTNERS PROJECT (OTHER
 REVENUE, US BANK NA LOC)ss+/- 0.29 12/01/2015 160,000
 3,085,000 MINNEAPOLIS MN GATEWAY REAL ESTATE (HOUSING
 REVENUE, US BANK NA LOC)ss+/- 0.38 10/01/2032 3,085,000
 280,000 MINNEAPOLIS MN MINNEHAHA ACADEMY PROJECT
 (PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.25 05/01/2026 280,000
 610,000 MINNEAPOLIS MN PEOPLE SERVING PEOPLE PROJECT
 SERIES A (OTHER REVENUE, US BANK NA LOC)ss+/- 0.25 10/01/2021 610,000
 1,300,000 MINNESOTA STATE CONCORDIA UNIVERSITY SERIES P1
 (COLLEGE & UNIVERSITY REVENUE, US BANK NA
 LOC)ss+/- 0.22 04/01/2027 1,300,000
 510,000 MINNESOTA STATE HEFAR HAMLINE UNIVERSITY SERIES
 6E1 (COLLEGE & UNIVERSITY REVENUE, HARRIS TRUST
 SAVINGS BANK LOC)ss+/- 0.30 10/01/2016 510,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MINNESOTA (continued)
$ 200,000 MINNESOTA STATE HEFAR OLAF COLLEGE FIVE M2
 (COLLEGE & UNIVERSITY REVENUE,
 HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.26% 10/01/2020 $ 200,000
 2,350,000 MINNESOTA STATE HEFAR ST. OLAF COLLEGE SERIES 5H
 (COLLEGE & UNIVERSITY REVENUE,
 HARRIS TRUST & SAVING BANK LOC)ss+/- 0.26 10/01/2030 2,350,000
 1,375,000 MINNESOTA STATE HEFAR TRUSTEES HAMLINE
 UNIVERSITY SERIES 6E3
 (COLLEGE & UNIVERSITY REVENUE, HARRIS TRUST
 SAVINGS BANK LOC)ss+/- 0.30 10/01/2016 1,375,000
 485,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES 1
 (HOUSING REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.31 01/01/2036 485,000
 1,765,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING
 SERIES C (HOUSING REVENUE, FHLB INSURED)ss+/- 0.31 07/01/2048 1,765,000
 4,350,000 MINNESOTA STATE OLAF COLLEGE SERIES 5-M1
 (COLLEGE & UNIVERSITY REVENUE,
 HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.26 10/01/2032 4,350,000
 3,950,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES
 6H (OTHER REVENUE,
 BANK OF NEW YORK LOC)ss+/- 0.28 10/01/2032 3,950,000
 785,000 MINNETONKA MN (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 05/15/2034 785,000
 650,000 PINE CITY MN STATE AGENCY (HOUSING REVENUE, FNMA
 INSURED)ss+/- 0.30 04/15/2036 650,000
 340,000 PLYMOUTH MN DAILY PRINTING INCORPORATED PROJECT
 (IDR, US BANK NA LOC)ss+/- 0.47 10/01/2010 340,000
 4,865,000 PLYMOUTH MN MFHR AT THE LAKE APARTMENTS PROJECT
 (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.36 08/01/2034 4,865,000
 2,100,000 ROCHESTER MN HEALTH CARE FACILITIES MAYO
 FOUNDATION(HOSPITAL REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.26 10/20/2010 2,100,000
 145,000 ROSEVILLE MN PRESBYTERIAN HOMES CARE PROJECT
 (HCFR, US BANK NA LOC)ss+/- 0.25 10/01/2029 145,000
 975,000 RUSH CITY MN PLASTECH CORPORATION PROJECT (IDR,
 US BANK NA LOC)ss+/- 0.42 09/01/2014 975,000
 2,000,000 ST. CLOUD MN HEALTH CENTRAL CARE SERIES C
 (HEALTH, HOSPITAL & NURSING HOME REVENUE,
 ASSURED GUARANTY)ss+/- 0.27 05/01/2042 2,000,000
 2,775,000 ST. ANTHONY MN LANDINGS SILVER LAKE SERIES A
 (MFHR, LASALLE NATIONAL BANK NA LOC)ss+/- 0.38 10/01/2037 2,775,000
 3,760,000 ST. CLOUD MN CENRACARE HEALTH SERIES A (HOSPITAL
 REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.24 05/01/2042 3,760,000
 475,000 ST. LOUIS PARK MN REFUNDING MFHR NEWPORT ON SEVEN
 APARTMENTS PROJECT SERIES 2001
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.36 09/15/2031 475,000
 650,000 ST. PAUL MN PORT AUTHORITY (IDR, DEUTSCHE BANK AG
 LOC)ss+/- 0.26 12/01/2028 650,000
 375,000 ST. PAUL MN PORT AUTHORITY (OTHER REVENUE,
 DEUTSCHE BANK AG LOC)ss+/- 0.26 12/01/2028 375,000
 2,515,000 ST. PAUL MN PORT AUTHORITY AMHERST H WILDER
 FOUNDATION SERIES 06-3
 (RECREATIONAL FACILITIES REVENUE, BANK OF NEW
 YORK LOC)ss+/- 0.26 04/01/2036 2,515,000
 1,425,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING
 SERIES 13-FF
 (IDR, DEUTSCHE BANK AG LOC)ss+/- 0.26 03/01/2029 1,425,000
 2,600,000 ST. PAUL MN PORT AUTHORITY DISTRICT HEATING
 SERIES 14-S
 (OTHER REVENUE, DEUTSCHE BANK AG LOC)ss+/- 0.26 12/01/2028 2,600,000
 370,000 ST. PAUL MN PORT AUTHORITY DISTRICT SERIES 9BB
 (OTHER REVENUE,
 DEUTSCHE BANK AG LOC)ss+/- 0.26 03/01/2029 370,000
 350,000 ST. PAUL MN PORT AUTHORITY HARRIS CONTRACTING
 COMPANY PROJECT
 SERIES A (IDR, US BANK NA LOC)ss+/- 0.47 05/01/2016 350,000
 4,200,000 ST. PAUL MN PORT AUTHORITY TAX INCREMENT
 WESTGATE OFFICE & INDUSTRIAL CENTER PROJECT
 (IDR, US BANK NA LOC)ss+/- 0.27 02/01/2015 4,200,000
 3,800,000 STEVENS COUNTY MN SOLID WASTE DISPOSAL RIVERVIEW
 DAIRY PROJECT SERIES 2007
 (RESOURCE RECOVERY REVENUE, AGCOUNTRY FARM
 CREDIT LOC)ss+/- 0.43 08/01/2032 3,800,000
 665,000 STEWARTVILLE MN HALCON CORPORATION PROJECT (IDR,
 US BANK NA LOC)ss+/- 0.35 03/01/2018 665,000
 3,100,000 SWIFT COUNTY MN SOLID WASTE DISPOSAL RB EAST
 DUBLIN DAIRY LLP PROJECT
 SERIES 2008 (RESOURCE RECOVERY REVENUE,
 AGCOUNTRY FARM CREDIT LOC)ss+/- 0.30 04/01/2033 3,100,000
 2,115,000 UNIVERSITY OF MINNESOTA SERIES A (COLLEGE &
 UNIVERSITY REVENUE,
 GO OF UNIVERSITY INSURED)ss+/- 0.31 08/15/2031 2,115,000
 175,000 UNIVERSITY OF MINNESOTA SERIES C (COLLEGE &
 UNIVERSITY REVENUE,
 GO OF UNIVERSITY INSURED)ss+/- 0.31 12/01/2036 175,000
TOTAL MUNICIPAL BONDS & NOTES (COST $100,995,000) 100,995,000
 ------------------

 PRINCIPAL SECURITY NAME VALUE
-------------- ------------------------------------------------------------ ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $100,995,000) 99.69% $ 100,995,000
OTHER ASSETS AND LIABILITIES, NET 0.31 319,031
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 101,314,031
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
AGENCY SECURITIES: 0.33%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.33%
$ 1,000,000 FHLMCss+/- 0.52% 09/03/2010 $ 1,000,001
 1,000,000 FHLMCss+/- 0.51 09/10/2010 1,000,003
 29,000,000 FHLMCss+/- 0.23 02/02/2012 28,966,809
TOTAL AGENCY SECURITIES (COST $30,966,813) 30,966,813
 ------------------
BANKERS ACCEPTANCE NOTES: 0.60%
 7,300,000 BANK OF AMERICA NA## 0.49 09/07/2010 7,299,307
 1,400,000 BANK OF AMERICA NA## 0.55 09/16/2010 1,399,656
 5,062,370 BANK OF AMERICA NA## 0.58 09/20/2010 5,060,740
 43,105,307 BANK OF AMERICA NA## 0.36 09/30/2010 43,092,461
TOTAL BANKERS ACCEPTANCE NOTES (COST $56,852,164) 56,852,164
 ------------------
CERTIFICATES OF DEPOSIT: 9.36%
 25,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.33 12/10/2010 25,000,000
 68,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.32 02/14/2011 68,000,000
 55,000,000 ALLIED IRISH BANKS+/- 0.51 06/24/2011 55,000,000
 23,000,000 ALLIED IRISH BANKS+/- 0.53 07/12/2011 23,000,000
 32,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.34 01/25/2011 32,000,000
 26,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (LONDON)++ 0.17 09/03/2010 25,999,624
 53,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK)+/- 0.38 06/16/2011 53,000,000
 23,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK)+/- 0.31 06/28/2011 23,000,000
 35,000,000 BARCLAYS BANK PLC+/- 0.51 01/21/2011 35,000,000
 9,000,000 BARCLAYS BANK PLC+/- 0.80 04/29/2011 9,000,000
 7,400,000 CREDIT AGRICOLE+/- 0.65 09/09/2010 7,400,000
 82,000,000 DEXIA CREDIT LOCAL SA+/- 0.42 09/07/2010 82,000,000
 10,000,000 DEXIA CREDIT LOCAL SA+/- 0.44 08/01/2027 10,000,000
 48,000,000 DG BANK (NEW YORK) 0.57 09/20/2010 48,000,000
 50,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.52 11/12/2010 50,000,000
 19,000,000 NATIXIS CORPORATION+/- 0.74 02/04/2011 19,000,000
 50,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.27 10/19/2010 50,000,000
 5,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.30 01/06/2011 5,000,000
 11,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.29 01/07/2011 11,000,000
 54,000,000 ROYAL BANK OF SCOTLAND PLC+/- 0.96 04/26/2011 54,000,000
 15,000,000 SKANDINAVISKA ENSKILDA BANKEN AB 0.33 09/01/2010 15,000,000
 10,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.36 02/22/2011 10,000,000
 5,000,000 SOCIETE GENERALE (NEW YORK)+/- 1.33 05/05/2011 5,000,000
 47,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.65 08/12/2011 47,000,000
 25,000,000 TD BANK FINANCIAL GROUP+/- 0.30 02/04/2011 25,000,339
 3,000,000 UNICREDIT SPA (NEW YORK) 0.48 09/10/2010 3,000,022
 65,000,000 UNICREDIT SPA (NEW YORK) 0.44 09/14/2010 65,000,000
 28,000,000 WESTPAC BANKING CORPORATION+/-++ 0.54 09/17/2010 28,000,045
TOTAL CERTIFICATES OF DEPOSIT (COST $883,400,030) 883,400,030
 ------------------
COMMERCIAL PAPER: 52.61%
 26,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.16 09/02/2010 25,999,762
 17,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.25 09/16/2010 16,998,088
 11,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.55 11/08/2010 10,988,364
 10,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.54 11/15/2010 9,988,542
 32,000,000 ABN AMRO FUNDING USA LLC++## 0.27 09/10/2010 31,997,589
 6,000,000 ABN AMRO FUNDING USA LLC++## 0.27 09/13/2010 5,999,420
 3,800,000 AMSTERDAM FUNDING CORPORATION++##(p) 0.41 10/29/2010 3,797,429
 5,700,000 AMSTERDAM FUNDING CORPORATION++##(p) 0.39 11/05/2010 5,695,883

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 3,600,000 AMSTERDAM FUNDING CORPORATION++##(p) 0.43% 11/09/2010 $ 3,596,964
 13,900,000 AMSTERDAM FUNDING CORPORATION++##(p) 0.39 11/10/2010 13,889,189
 4,000,000 ANGLO IRISH BANK CORPORATION LIMITED++## 0.65 09/01/2010 4,000,000
 22,000,000 ANGLO IRISH BANK CORPORATION LIMITED++## 0.32 09/02/2010 21,999,603
 23,000,000 ANGLO IRISH BANK CORPORATION LIMITED++## 0.43 09/03/2010 22,999,169
 3,000,000 ANGLO IRISH BANK CORPORATION LIMITED++## 0.56 09/07/2010 2,999,675
 25,000,000 ANTALIS US FUNDING CORPORATION++##(p) 0.20 09/03/2010 24,999,583
 9,030,000 ANTALIS US FUNDING CORPORATION++##(p) 0.41 09/08/2010 9,029,175
 14,300,000 ANTALIS US FUNDING CORPORATION++##(p) 0.41 09/10/2010 14,298,356
 10,000,000 ANTALIS US FUNDING CORPORATION++##(p) 0.31 09/15/2010 9,998,717
 6,000,000 ANTALIS US FUNDING CORPORATION++##(p) 0.31 09/20/2010 5,998,955
 2,100,000 ANTALIS US FUNDING CORPORATION++##(p) 0.55 10/06/2010 2,098,836
 2,200,000 ANTALIS US FUNDING CORPORATION++##(p) 0.54 10/12/2010 2,198,621
 8,000,000 ANTALIS US FUNDING CORPORATION++##(p) 0.53 10/14/2010 7,994,840
 26,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED++ 0.42 10/20/2010 26,000,000
 50,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED++ 0.38 01/11/2011 50,000,000
 4,000,000 ARABELLA FINANCE LLC++##(p) 0.50 09/10/2010 3,999,450
 10,000,000 ARABELLA FINANCE LLC++##(p) 0.51 09/13/2010 9,998,167
 2,000,000 ARABELLA FINANCE LLC++##(p) 0.51 09/14/2010 1,999,603
 2,000,000 ARABELLA FINANCE LLC++##(p) 0.51 09/15/2010 1,999,572
 5,000,000 ARABELLA FINANCE LLC++##(p) 0.54 09/27/2010 4,997,978
 27,000,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.60 09/01/2010 27,000,000
 38,000,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.43 09/23/2010 37,989,599
 24,000,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.54 10/12/2010 23,984,967
 43,100,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.54 10/13/2010 43,072,344
 17,000,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.46 10/27/2010 16,987,571
 23,000,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.39 11/10/2010 22,982,111
 10,500,000 ASB FINANCE LIMITED (LONDON)++ 0.42 12/08/2010 10,500,293
 21,000,000 ASB FINANCE LIMITED (LONDON)++ 0.41 12/13/2010 21,000,602
 16,000,000 ASB FINANCE LIMITED (LONDON)++ 0.39 01/10/2011 16,000,000
 18,000,000 ASB FINANCE LIMITED (LONDON)++ 0.60 01/12/2011 17,999,672
 43,000,000 ASB FINANCE LIMITED (LONDON)++ 0.34 01/27/2011 42,970,578
 36,000,000 ASB FINANCE LIMITED (LONDON)++ 0.39 02/01/2011 35,974,080
 10,500,000 ASB FINANCE LIMITED (LONDON)++ 0.66 04/18/2011 10,500,654
 14,800,000 ASPEN FUNDING CORPORATION++##(p) 0.29 09/15/2010 14,798,216
 17,400,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.49 10/04/2010 17,392,025
 12,900,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.44 10/18/2010 12,892,421
 9,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.33 10/21/2010 8,995,750
 21,200,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.40 10/25/2010 21,186,962
 2,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.43 10/26/2010 1,998,656
 9,800,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.39 11/01/2010 9,793,358
 24,500,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.23 09/08/2010 24,498,726
 33,500,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.23 09/10/2010 33,497,823
 49,000,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.24 09/14/2010 48,995,399
 2,500,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.28 11/03/2010 2,498,775
 1,869,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.28 11/10/2010 1,867,982
 11,000,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.28 11/29/2010 10,992,386
 10,000,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.28 09/13/2010 9,999,000
 5,200,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.50 09/14/2010 5,198,990
 4,000,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.40 09/15/2010 3,999,331
 2,307,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.29 09/20/2010 2,306,623
 5,000,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.49 10/18/2010 4,996,703
 4,000,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.33 10/26/2010 3,997,922
 8,000,000 BANQUE ET CAISSE D'EPARGNE DE E'TAT## 0.25 09/30/2010 7,998,324
 7,000,000 BARTON CAPITAL CORPORATION++##(p) 0.27 10/06/2010 6,998,094
 19,000,000 BEETHOVEN FUNDING CORPORATION++##(p) 0.21 09/02/2010 18,999,778

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 12,800,000 BG ENERGY FINANCE INCORPORATED++## 0.55% 09/27/2010 $ 12,794,731
 23,000,000 BGL BNP PARIBAS SA## 0.30 09/08/2010 22,998,479
 45,000,000 BGL BNP PARIBAS SA## 0.55 09/29/2010 44,980,049
 19,600,000 BGL BNP PARIBAS SA## 0.56 10/05/2010 19,589,264
 1,500,000 BGL BNP PARIBAS SA## 0.49 10/28/2010 1,498,813
 72,000,000 BGL BNP PARIBAS SA## 0.65 11/09/2010 71,908,920
 34,000,000 BGL BNP PARIBAS SA## 0.40 11/10/2010 33,972,895
 3,000,000 BNZ INTERNATIONAL FUNDING LIMITED++## 0.31 12/07/2010 2,997,494
 15,700,000 BPCE SA++## 0.42 09/13/2010 15,697,645
 15,300,000 BPCE SA++## 0.45 11/08/2010 15,286,706
 30,000,000 BPCE SA++## 0.45 12/01/2010 29,965,876
 21,400,000 CAFCO LLC++##(p) 0.50 10/06/2010 21,389,390
 10,600,000 CAFCO LLC++##(p) 0.35 11/04/2010 10,593,216
 8,000,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.53 10/07/2010 7,995,680
 7,000,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.52 10/08/2010 6,996,187
 42,000,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.49 10/18/2010 41,972,583
 64,000,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.47 10/20/2010 63,958,187
 13,700,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.46 10/22/2010 13,690,878
 16,600,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.41 10/28/2010 16,589,065
 5,200,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.37 11/03/2010 5,196,542
 20,000,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.37 11/10/2010 19,985,222
 21,200,000 CHARIOT FUNDING LLC++##(p) 0.23 09/15/2010 21,197,939
 2,000,000 CHARIOT FUNDING LLC++##(p) 0.27 12/03/2010 1,998,605
 11,700,000 CHARTA LLC++##(p) 0.45 09/16/2010 11,697,660
 8,600,000 CHARTA LLC++##(p) 0.49 10/04/2010 8,595,980
 9,000,000 CHARTA LLC++##(p) 0.50 10/08/2010 8,995,283
 11,300,000 CHARTA LLC++##(p) 0.39 11/02/2010 11,292,216
 5,300,000 CHARTA LLC++##(p) 0.35 11/03/2010 5,296,661
 5,300,000 CHARTA LLC++##(p) 0.35 11/05/2010 5,296,555
 7,200,000 CITIBANK CREDIT CARD ISSUANCE TRUST++##(p) 0.34 09/15/2010 7,198,992
 14,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST++##(p) 0.51 10/06/2010 13,992,922
 39,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST++##(p) 0.51 10/07/2010 38,979,720
 10,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST++##(p) 0.51 10/08/2010 9,994,655
 26,000,000 COMMERZBANK US FINANCE## 0.30 09/01/2010 26,000,000
 25,000,000 COMMERZBANK US FINANCE## 0.24 09/09/2010 24,998,500
 15,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.30 09/02/2010 14,999,754
 4,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.52 09/08/2010 3,999,541
 28,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.55 09/15/2010 27,993,576
 6,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.54 09/20/2010 5,998,195
 27,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.56 09/21/2010 26,991,150
 27,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.56 09/22/2010 26,990,708
 17,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.55 09/24/2010 16,993,809
 13,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.55 09/29/2010 12,994,237
 17,100,000 CRC FUNDING LLC++##(p) 0.49 10/04/2010 17,092,006
 10,000,000 CRC FUNDING LLC++##(p) 0.50 10/08/2010 9,994,759
 10,600,000 CRC FUNDING LLC++##(p) 0.35 11/04/2010 10,593,216
 29,000,000 CREDIT INDUSTRIAL ET COMMERCIAL - NEW YORK 0.70 10/01/2010 29,000,000
 6,000,000 CREDIT SUISSE (NEW YORK)## 0.26 09/16/2010 5,999,300
 8,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.39 09/03/2010 7,999,737
 15,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.51 09/07/2010 14,998,525
 5,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.52 09/08/2010 4,999,426
 35,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.52 09/09/2010 34,995,410
 27,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.53 09/10/2010 26,996,018
 31,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.55 09/15/2010 30,992,887
 6,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.38 09/16/2010 5,999,000
 14,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.56 09/17/2010 13,996,329

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 7,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.54% 09/22/2010 $ 6,997,673
 21,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.55 09/23/2010 20,992,685
 4,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.55 09/24/2010 3,998,543
 6,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.55 09/29/2010 5,997,340
 14,200,000 DANSKE CORPORATION++## 0.43 09/30/2010 14,194,853
 37,000,000 DANSKE CORPORATION++## 0.39 10/25/2010 36,977,800
 34,500,000 DANSKE CORPORATION++## 0.49 11/15/2010 34,464,063
 4,000,000 DANSKE CORPORATION++## 0.42 12/10/2010 3,995,333
 3,150,000 DANSKE CORPORATION++## 0.42 12/17/2010 3,146,068
 26,000,000 DEXIA DELAWARE## 0.32 09/03/2010 25,999,299
 20,000,000 DEXIA DELAWARE## 0.43 09/27/2010 19,993,500
 14,400,000 DISTRICT OF COLUMBIA WATER AND SEWER AUTHORITY 0.28 10/14/2010 14,400,000
 7,000,000 EBBETS FUNDING LLC++##(p) 0.30 09/03/2010 6,999,825
 12,000,000 EBBETS FUNDING LLC++##(p) 0.51 09/14/2010 11,997,617
 13,000,000 EBBETS FUNDING LLC++##(p) 0.53 09/24/2010 12,995,432
 8,200,000 ENI COORDINATION CENTER SA++## 0.27 09/21/2010 8,198,724
 5,850,000 ENI COORDINATION CENTER SA++## 0.34 09/29/2010 5,848,408
 1,078,000 FAIRWAY FINANCE CORPORATION++##(p) 0.28 11/15/2010 1,077,371
 52,500,000 FORTIS FUNDING LLC++## 0.59 10/04/2010 52,470,644
 10,700,000 GEMINI SECURITIZATION CORPORATION LLC++##(p) 0.29 09/09/2010 10,699,215
 15,000,000 GEMINI SECURITIZATION CORPORATION LLC++##(p) 0.24 09/15/2010 14,998,483
 5,000,000 GEMINI SECURITIZATION CORPORATION LLC++##(p) 0.26 09/24/2010 4,999,138
 4,300,000 GOVCO LLC++##(p) 0.44 09/17/2010 4,299,102
 1,000,000 GOVCO LLC++##(p) 0.28 11/30/2010 999,300
 10,000,000 GRAMPIAN FUNDING LLC++##(p) 0.55 09/14/2010 9,997,869
 13,000,000 GRAMPIAN FUNDING LLC++##(p) 0.53 09/09/2010 12,998,267
 6,000,000 GRAMPIAN FUNDING LLC++##(p) 0.28 09/22/2010 5,998,985
 37,000,000 GRAMPIAN FUNDING LLC++##(p) 0.54 10/08/2010 36,979,085
 14,100,000 GRAMPIAN FUNDING LLC++##(p) 0.54 10/12/2010 14,091,167
 44,000,000 GRAMPIAN FUNDING LLC++##(p) 0.54 10/13/2010 43,971,767
 4,000,000 GRAMPIAN FUNDING LLC++##(p) 0.50 10/19/2010 3,997,280
 8,100,000 GRAMPIAN FUNDING LLC++##(p) 0.46 10/22/2010 8,094,607
 10,000,000 GRAMPIAN FUNDING LLC++##(p) 0.39 11/08/2010 9,992,444
 10,000,000 GRAMPIAN FUNDING LLC++##(p) 0.36 11/10/2010 9,992,806
 30,000,000 GRAMPIAN FUNDING LLC++##(p) 0.36 11/16/2010 29,977,200
 56,600,000 ICICI BANK LIMITED (BAHRAIN)## 0.39 09/29/2010 56,582,102
 10,900,000 ICICI BANK LIMITED (BAHRAIN)## 0.43 09/29/2010 10,896,185
 2,000,000 INTESA FUNDING LLC## 0.30 09/01/2010 2,000,000
 48,000,000 INTESA FUNDING LLC## 0.28 09/16/2010 47,994,000
 19,000,000 IRISH PERMANENT TREASURY++## 0.27 09/02/2010 18,999,710
 14,000,000 IRISH PERMANENT TREASURY++## 0.47 09/07/2010 13,998,717
 4,000,000 JUPITER SECURITIZATION COMPANIES LLC++##(p) 0.27 12/03/2010 3,997,210
 66,000,000 LEGACY CAPITAL COMPANY++##(p) 0.55 09/15/2010 65,984,857
 8,000,000 LEGACY CAPITAL COMPANY++##(p) 0.56 09/17/2010 7,997,902
 7,000,000 LEGACY CAPITAL COMPANY++##(p) 0.55 09/24/2010 6,997,451
 19,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.29 09/02/2010 18,999,689
 22,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.51 09/07/2010 21,997,836
 38,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.55 09/14/2010 37,991,904
 6,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.52 09/15/2010 5,998,697
 38,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.55 09/16/2010 37,990,658
 3,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.56 09/21/2010 2,999,017
 4,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.55 09/23/2010 3,998,607
 6,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.55 09/24/2010 5,997,815
 16,000,000 LIBERTY STREET FUNDING COMPANY++##(p) 0.27 09/01/2010 16,000,000
 13,000,000 LMA AMERICAS LLC++##(p) 0.17 09/03/2010 12,999,812

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 2,600,000 LMA AMERICAS LLC++##(p) 0.37% 09/15/2010 $ 2,599,596
 5,700,000 LMA AMERICAS LLC++##(p) 0.38 09/21/2010 5,698,733
 11,000,000 LMA AMERICAS LLC++##(p) 0.27 09/23/2010 10,998,118
 16,000,000 LMA AMERICAS LLC++##(p) 0.33 10/18/2010 15,992,898
 10,700,000 LMA AMERICAS LLC++##(p) 0.45 10/25/2010 10,692,715
 6,700,000 LOS ANGELES CA DEPARTMENT OF AIRPORTS## 0.31 10/14/2010 6,697,439
 10,400,000 LOUIS DREYFUS CORPORATION## 0.52 09/08/2010 10,398,807
 56,500,000 MATCHPOINT MASTER TRUST++##(p) 0.25 09/13/2010 56,494,993
 28,000,000 MATCHPOINT MASTER TRUST++##(p) 0.25 09/27/2010 27,994,742
 4,000,000 MATCHPOINT MASTER TRUST++##(p) 0.46 10/21/2010 3,997,416
 3,300,000 MATCHPOINT MASTER TRUST++##(p) 0.44 10/22/2010 3,297,896
 11,300,000 MATCHPOINT MASTER TRUST++##(p) 0.39 11/03/2010 11,292,090
 10,500,000 MATCHPOINT MASTER TRUST++##(p) 0.36 11/05/2010 10,492,985
 14,000,000 MATCHPOINT MASTER TRUST++##(p) 0.34 11/10/2010 13,990,744
 12,400,000 MONT BLANC CAPITAL CORPORATION++##(p) 0.24 09/08/2010 12,399,325
 1,000,000 MONT BLANC CAPITAL CORPORATION++##(p) 0.24 09/24/2010 999,840
 12,100,000 MONT BLANC CAPITAL CORPORATION++##(p) 0.49 10/12/2010 12,093,110
 17,000,000 MONT BLANC CAPITAL CORPORATION++##(p) 0.33 11/12/2010 16,988,780
 14,000,000 NATEXIS BANQUES POPULAIRES## 0.27 09/20/2010 13,997,931
 18,000,000 NATEXIS BANQUES POPULAIRES## 0.27 09/21/2010 17,997,200
 47,000,000 NATEXIS BANQUES POPULAIRES## 0.63 10/01/2010 46,974,542
 21,400,000 NATEXIS BANQUES POPULAIRES## 0.68 10/06/2010 21,385,436
 12,500,000 NATIONWIDE BUILDING SOCIETY++## 0.52 09/20/2010 12,496,371
 21,600,000 NATIONWIDE BUILDING SOCIETY++## 0.52 10/07/2010 21,588,552
 9,000,000 NATIONWIDE BUILDING SOCIETY++## 0.52 10/08/2010 8,995,098
 8,000,000 NATIONWIDE BUILDING SOCIETY++## 0.42 12/15/2010 7,990,200
 18,000,000 NEWPORT FUNDING CORPORATION++##(p) 0.26 09/22/2010 17,997,165
 13,700,000 NEWPORT FUNDING CORPORATION++##(p) 0.43 10/21/2010 13,691,628
 10,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.25 09/08/2010 9,999,436
 16,600,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.51 10/12/2010 16,590,169
 11,600,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.51 10/13/2010 11,592,963
 3,600,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.27 10/29/2010 3,598,434
 15,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.36 11/03/2010 14,990,288
 13,600,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.36 11/05/2010 13,590,914
 13,200,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.36 11/09/2010 13,190,639
 6,000,000 OAKLAND-ALAMEDA COUNTY+/- 0.30 09/07/2010 6,000,000
 2,800,000 PORT OF OAKLAND CALIFORNIA+/- 0.31 10/14/2010 2,798,930
 11,000,000 PRUDENTIAL PLC++## 0.47 09/01/2010 11,000,000
 13,000,000 PRUDENTIAL PLC++## 0.28 09/22/2010 12,997,801
 44,500,000 RANGER FUNDING COMPANY LLC++##(p) 0.25 09/13/2010 44,495,995
 6,000,000 RANGER FUNDING COMPANY LLC++##(p) 0.27 10/19/2010 5,997,760
 25,700,000 RBS HOLDINGS USA INCORPORATED++ 0.61 10/08/2010 25,683,360
 14,000,000 REGENCY MARKETS #1 LLC++##(p) 0.18 09/03/2010 13,999,790
 42,100,000 RHEIN-MAIN SECURITY LIMITED++##(p) 0.61 10/12/2010 42,070,273
 35,000,000 RHEIN-MAIN SECURITY LIMITED++##(p) 0.54 10/15/2010 34,976,350
 8,000,000 RHEIN-MAIN SECURITY LIMITED++##(p) 0.55 11/15/2010 7,990,667
 42,100,000 RHEINGOLD SECURITIZATION++##(p) 0.46 09/20/2010 42,089,343
 12,200,000 RHEINGOLD SECURITIZATION++##(p) 0.61 10/12/2010 12,191,385
 37,100,000 RHEINGOLD SECURITIZATION++##(p) 0.59 10/15/2010 37,072,793
 6,000,000 RHEINGOLD SECURITIZATION++##(p) 0.59 10/26/2010 5,994,500
 12,000,000 ROMULUS FUNDING CORPORATION++##(p) 0.42 09/14/2010 11,998,050
 2,000,000 ROMULUS FUNDING CORPORATION++##(p) 0.43 09/22/2010 1,999,475
 8,000,000 ROMULUS FUNDING CORPORATION++##(p) 0.43 09/24/2010 7,997,700
 1,000,000 ROMULUS FUNDING CORPORATION++##(p) 0.44 10/18/2010 999,413
 2,500,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.26 09/08/2010 2,499,854

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 11,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.26% 09/21/2010 $ 10,998,350
 2,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.26 09/22/2010 1,999,685
 2,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.26 09/22/2010 1,999,685
 36,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.26 09/24/2010 35,993,777
 14,100,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.56 09/28/2010 14,093,867
 5,800,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.49 10/04/2010 5,797,342
 9,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.52 10/05/2010 8,995,410
 10,700,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.52 10/12/2010 10,693,542
 7,000,000 SALISBURY RECEIVABLES COMPANY LLC++##(p) 0.23 09/13/2010 6,999,417
 5,200,000 SAN JOSE CITY CA INTERNATIONAL AIRPORT 0.35 09/02/2010 5,200,000
 7,000,000 SAN JOSE CITY CA INTERNATIONAL AIRPORT 0.40 09/02/2010 7,000,000
 12,500,000 SCALDIS CAPITAL LLC++##(p) 0.40 09/03/2010 12,499,583
 3,000,000 SCALDIS CAPITAL LLC++##(p) 0.53 09/09/2010 2,999,600
 6,000,000 SCALDIS CAPITAL LLC++##(p) 0.54 09/10/2010 5,999,100
 9,000,000 SCALDIS CAPITAL LLC++##(p) 0.57 09/20/2010 8,997,150
 13,300,000 SCALDIS CAPITAL LLC++##(p) 0.55 09/28/2010 13,294,344
 31,000,000 SCALDIS CAPITAL LLC++(p)## 0.53 10/15/2010 30,979,540
 12,600,000 SCALDIS CAPITAL LLC++(p)## 0.50 10/19/2010 12,591,432
 7,300,000 SCALDIS CAPITAL LLC++(p)## 0.44 10/27/2010 7,294,890
 20,000,000 SHEFFIELD RECEIVABLES CORPORATION++(p)## 0.23 09/16/2010 19,997,917
 26,000,000 SKANDINAVISKA ENSKILDA BANKEN AB++## 0.29 09/07/2010 25,998,548
 18,000,000 SKANDINAVISKA ENSKILDA BANKEN AB++## 0.28 09/10/2010 17,998,583
 25,000,000 SKANDINAVISKA ENSKILDA BANKEN AB++## 0.30 09/17/2010 24,996,500
 9,000,000 SKANDINAVISKA ENSKILDA BANKEN AB++## 0.30 09/23/2010 8,998,295
 25,000,000 SKANDINAVISKA ENSKILDA BANKEN AB++## 0.29 09/28/2010 24,994,281
 20,600,000 SOLITAIRE FUNDING LLC++(p)## 0.24 09/08/2010 20,598,879
 10,000,000 SOLITAIRE FUNDING LLC++(p)## 0.52 09/10/2010 9,998,551
 44,500,000 SOLITAIRE FUNDING LLC++(p)## 0.26 09/13/2010 44,495,847
 8,100,000 SOLITAIRE FUNDING LLC++(p)## 0.55 09/28/2010 8,096,538
 1,400,000 SOLITAIRE FUNDING LLC++(p)## 0.52 10/18/2010 1,399,031
 18,000,000 SOLITAIRE FUNDING LLC++(p)## 0.47 10/21/2010 17,988,000
 1,000,000 SOLITAIRE FUNDING LLC++(p)## 0.43 10/25/2010 999,340
 3,600,000 SOLITAIRE FUNDING LLC++(p)## 0.37 10/26/2010 3,597,910
 8,400,000 SOLITAIRE FUNDING LLC++(p)## 0.42 11/01/2010 8,393,880
 28,200,000 SOLITAIRE FUNDING LLC++(p)## 0.34 11/15/2010 28,180,025
 7,400,000 STARBIRD FUNDING CORPORATION++(p)## 0.54 09/16/2010 7,398,211
 8,000,000 STARBIRD FUNDING CORPORATION++(p)## 0.46 10/21/2010 7,994,778
 3,600,000 STARBIRD FUNDING CORPORATION++(p)## 0.28 11/30/2010 3,597,480
 2,000,000 STRAIGHT-A FUNDING LLC++(p)## 0.22 09/08/2010 1,999,903
 5,000,000 STRAIGHT-A FUNDING LLC++(p)## 0.22 09/09/2010 4,999,722
 2,500,000 STRAIGHT-A FUNDING LLC++(p)## 0.33 10/13/2010 2,499,008
 7,600,000 STRAIGHT-A FUNDING LLC++(p)## 0.33 10/14/2010 7,596,914
 3,400,000 STRAIGHT-A FUNDING LLC++(p)## 0.33 10/18/2010 3,398,491
 8,800,000 STRAIGHT-A FUNDING LLC++(p)## 0.30 10/25/2010 8,795,908
 21,619,000 STRAIGHT-A FUNDING LLC++(p)## 0.31 11/01/2010 21,607,644
 32,200,000 STRAIGHT-A FUNDING LLC++(p)## 0.31 11/01/2010 32,183,086
 38,000,000 STRAIGHT-A FUNDING LLC++(p)## 0.29 11/02/2010 37,981,021
 11,000,000 STRAIGHT-A FUNDING LLC++(p)## 0.23 11/16/2010 10,994,659
 3,000,000 SURREY FUNDING CORPORATION++(p)## 0.26 09/27/2010 2,999,415
 2,000,000 SURREY FUNDING CORPORATION++(p)## 0.29 11/17/2010 1,998,759
 6,400,000 TASMAN FUNDING INCORPORATED++(p)## 0.40 09/10/2010 6,399,296
 34,000,000 TASMAN FUNDING INCORPORATED++(p)## 0.41 09/13/2010 33,995,013
 6,000,000 TASMAN FUNDING INCORPORATED++(p)## 0.56 09/17/2010 5,998,400
 8,000,000 TASMAN FUNDING INCORPORATED++(p)## 0.54 10/07/2010 7,995,520
 1,500,000 TASMAN FUNDING INCORPORATED++(p)## 0.51 10/20/2010 1,498,938
 7,300,000 TASMAN FUNDING INCORPORATED++(p)## 0.50 10/22/2010 7,294,736

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 5,600,000 TASMAN FUNDING INCORPORATED++(p)## 0.43% 11/02/2010 $ 5,595,756
 9,700,000 TASMAN FUNDING INCORPORATED++(p)## 0.41 11/05/2010 9,692,644
 10,200,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.37 09/07/2010 10,199,269
 38,500,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.34 09/13/2010 38,495,330
 20,100,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.31 10/06/2010 20,093,747
 9,000,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.63 10/07/2010 8,994,150
 28,000,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.51 10/13/2010 27,983,013
 5,947,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.31 11/18/2010 5,943,006
 8,500,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.44 12/07/2010 8,489,923
 17,000,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.74 01/07/2011 16,954,667
 3,600,000 THUNDER BAY FUNDING LLC++(p)## 0.27 12/09/2010 3,597,327
 3,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.30 11/29/2010 2,997,775
 2,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.30 11/30/2010 1,998,500
 2,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.30 12/01/2010 1,998,483
 24,000,000 UBS FINANCE DELAWARE LLC## 0.58 09/27/2010 23,989,600
 21,400,000 UBS FINANCE DELAWARE LLC## 0.66 11/08/2010 21,372,917
 5,000,000 UNICREDIT DELAWARE INCORPORATED++## 0.24 09/02/2010 4,999,932
 32,900,000 UNICREDIT DELAWARE INCORPORATED++## 0.40 09/03/2010 32,898,904
 5,000,000 UNICREDIT DELAWARE INCORPORATED++## 0.38 09/08/2010 4,999,582
 23,600,000 UNICREDIT DELAWARE INCORPORATED++## 0.68 10/01/2010 23,586,234
 13,000,000 VERSAILLES COMMERCIAL PAPER LLC++(p)## 0.53 09/07/2010 12,998,657
 7,000,000 VERSAILLES COMMERCIAL PAPER LLC++(p)## 0.54 09/08/2010 6,999,156
 2,000,000 VERSAILLES COMMERCIAL PAPER LLC++(p)## 0.55 09/09/2010 1,999,724
 16,500,000 VERSAILLES COMMERCIAL PAPER LLC++(p)## 0.58 09/17/2010 16,495,454
 24,000,000 VERSAILLES COMMERCIAL PAPER LLC++(p)## 0.61 10/12/2010 23,983,053
 16,400,000 VICTORY RECEIVABLES CORPORATION++(p)## 0.19 09/03/2010 16,399,745
 23,200,000 VICTORY RECEIVABLES CORPORATION++(p)## 0.24 09/13/2010 23,197,962
 7,000,000 VICTORY RECEIVABLES CORPORATION++(p)## 0.24 09/15/2010 6,999,292
 28,000,000 WESTPAC SECURITIES NZ LIMITED++## 0.41 11/05/2010 28,000,000
 2,000,000 WESTPAC SECURITIES NZ LIMITED++## 0.31 12/03/2010 1,998,398
 35,600,000 WESTPAC SECURITIES NZ LIMITED++## 0.39 02/03/2011 35,574,390
 25,000,000 WESTPAC SECURITIES NZ LIMITED++## 0.38 08/19/2011 25,000,000
 5,200,000 WINDMILL FUNDING CORPORATION++(p)## 0.42 09/01/2010 5,200,000
 4,700,000 WINDMILL FUNDING CORPORATION++(p)## 0.24 09/02/2010 4,699,938
 6,000,000 WINDMILL FUNDING CORPORATION++(p)## 0.35 09/07/2010 5,999,590
 4,600,000 WINDMILL FUNDING CORPORATION++(p)## 0.43 09/23/2010 4,598,735
 7,000,000 WINDMILL FUNDING CORPORATION++(p)## 0.39 11/04/2010 6,995,022
 47,000,000 WINDMILL FUNDING CORPORATION++(p)## 0.36 11/16/2010 46,964,280
TOTAL COMMERCIAL PAPER (COST $4,966,902,928) 4,966,902,928
 ------------------
CORPORATE BONDS & NOTES: 4.46%
ENERGY: 0.02%
ENERGY EQUIPMENT & SERVICES: 0.02%
 1,900,000 SEARIVER MARITIME INCORPORATED(i)ss 0.55 10/01/2011 1,900,000
 ------------------
FINANCIALS: 4.36%
CAPITAL MARKETS: 0.10%
 7,000,000 BEAR STEARNS & COMPANY INCORPORATED+/- 0.59 08/15/2011 7,010,104
 2,000,000 MORGAN STANLEYss 1.39 12/01/2011 2,022,731
 9,032,835
 ------------------
COMMERCIAL BANKS: 0.55%
 34,000,000 PNC FUNDING CORPORATION 0.82 06/22/2011 34,090,989
 11,000,000 STATE STREET BANK & TRUST COMPANY SERIES FRN 0.74 09/15/2011 11,029,251
 7,000,000 WESTPAC BANKING CORPORATION++ 0.66 04/19/2011 7,004,911
 52,125,151
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CONSUMER FINANCE: 0.32%
$ 30,000,000 AMERICAN EXPRESS BANK FSBss 1.27% 12/09/2011 $ 30,388,806
 ------------------
DIVERSIFIED FINANCIAL SERVICES: 2.76%
 45,000,000 BANK OF AMERICA CORPORATIONss 1.07 12/02/2011 45,449,158
 81,000,000 BANK OF AMERICA CORPORATIONss 1.36 12/02/2011 81,891,613
 3,000,000 BANK OF SCOTLAND PLC++ 0.60 12/08/2010 2,997,177
 37,000,000 CITIBANK NA 0.58 09/30/2010 37,000,000
 1,000,000 CITIGROUP FUNDING INCORPORATED 0.35 11/15/2011 999,221
 7,700,000 CREDIT AGRICOLE SA (LONDON) 0.45 09/07/2010 7,699,320
 10,509,000 GBG LLC++ss 0.28 09/01/2027 10,509,000
 18,000,000 GENERAL ELECTRIC CAPITAL CORPORATIONss 1.47 12/09/2011 18,228,929
 2,500,000 INDEPENDENCE PLACE FORT CAMPBELL PATRIOTS LLCss 0.35 01/01/2040 2,500,000
 3,000,000 JPMORGAN CHASE & COMPANYss 0.49 05/16/2011 3,001,707
 50,000,000 JPMORGAN CHASE & COMPANYss 1.07 12/02/2011 50,498,610
 260,774,735
 ------------------
INSURANCE: 0.45%
 42,375,000 BERKSHIRE HATHAWAY INCORPORATED 0.39 02/10/2011 42,376,052
 ------------------
REAL ESTATE MANAGEMENT & DEVELOPMENT: 0.16%
 15,430,000 LTF REAL ESTATE LLC+++/-ss 0.35 06/01/2033 15,430,000
 ------------------
THRIFTS & MORTGAGE FINANCE: 0.02%
 2,000,000 US CENTRAL FEDERAL CREDIT UNION 0.52 10/19/2011 2,000,751
 ------------------
HEALTH CARE: 0.08%
HEALTH CARE PROVIDERS & SERVICES: 0.08%
 2,930,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-ss 0.26 11/15/2029 2,930,000
 4,500,000 BAPTIST HOSPITAL INCORPORATED+/-ss 0.34 02/01/2040 4,500,000
 7,430,000
 ------------------
TOTAL CORPORATE BONDS & NOTES (COST $421,458,330) 421,458,330
 ------------------
MUNICIPAL BONDS & NOTESss: 9.76%
ALABAMA: 0.65%
 21,100,000 LOWER ALABAMA GAS DISTRICT SUPPLY REVENUE +/-ss
 SERIES A (UTILITIES REVENUE, SOCIETE GENERALE
 LOC)+/-ss 0.30 11/01/2027 21,100,000
 40,355,000 SOUTHEAST ALABAMA GAS DISTRICT ALABAMA SUPPLY
 PROJECT
 SERIES 2007-A (NATURAL GAS REVENUE)+/-ss 0.29 08/01/2027 40,355,000
 61,455,000
 ------------------
ALASKA: 0.10%
 9,000,000 ALASKA HOUSING FINANCE CORPORATION (HOUSING REVENUE)+/-ss 0.24 12/01/2040 9,000,000
 ------------------
 ARIZONA: 0.15%
 14,465,000 ARIZONA SPORTS & TOURISM AUTHORITY MULTIPURPOSE STADIUM
 (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 2.00 07/01/2036 14,465,000
 ------------------
CALIFORNIA: 2.44%
 21,910,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA JEWISH
 HOME SAN FRANCISCO (OTHER REVENUE, ALLIED IRISH
 BANK PLC LOC)+/-ss 1.00 11/15/2035 21,910,000
 2,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA OSHMAN FAMILY JEWISH
 COMMUNITY (ECONOMIC DEVELOPMENT REVENUE, LASALLE
 NATIONAL BANK NA LOC)+/-ss 0.23 06/01/2037 2,000,000
 11,145,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA MFHR GENEVA
 POINTE APARTMENTS A (HOUSING REVENUE, FNMA
 INSURED)+/-ss 0.28 03/15/2037 11,145,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 1,125,000 CALIFORNIA CDA AZUSA PACIFIC UNIVERSITY PROJECT
 SERIES 2007
 (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK
 PLC LOC)+/-ss 3.00% 04/01/2039 $ 1,125,000
 8,450,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
 (COLLEGE & UNIVERSITY REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.30 10/01/2043 8,450,000
 6,500,000 CALIFORNIA GO SERIES B (OTHER REVENUE, SOCIETE
 GENERALE LOC)+/-ss 0.26 05/01/2040 6,500,000
 2,000,000 CALIFORNIA HEFA CATHOLIC HEALTHCARE
 SERIES C (HCFR, MBIA INSURED)+/-ss 0.29 07/01/2020 2,000,000
 2,000,000 CALIFORNIA HFA PROGRAM SERIES A (HOUSING REVENUE,
 FORTIS BANQUE LOC)+/-ss 0.28 08/01/2036 2,000,000
 200,000 CALIFORNIA HFFA CATHOLIC WEST SERIES H (HCFR,
 BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2035 200,000
 7,000,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES B
 (IDR, JPMORGAN CHASE BANK LOC)+/-ss 0.28 11/01/2026 7,000,000
 8,700,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SERIES C-7 (ELECTRIC REVENUE, AGM INSURED)+/-ss 0.30 05/01/2022 8,700,000
 23,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SERIES C1 (POWER REVENUE, DEXIA CREDIT SA LOC)+/-ss 0.28 05/01/2022 23,000,000
 8,640,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SERIES C13 (UTILITIES REVENUE, FIRST SECURITY
 BANK LOC)+/-ss 0.31 05/01/2022 8,640,000
 8,090,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G 6
 (WATER REVENUE, AGM INSURED)+/-ss 0.27 05/01/2017 8,090,000
 2,000,000 CALIFORNIA STATE SERIES B SUBSERIES B6 (OTHER
 REVENUE, KBC BANK NV LOC)+/-ss 0.29 05/01/2040 2,000,000
 3,500,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING
 SERIES Y (HOUSING REVENUE, FNMA INSURED)+/-ss 0.29 08/01/2031 3,500,000
 3,500,000 CALIFORNIA STATEWIDE CDA PRAVILLIONS APARTMENTS
 SERIES M (MFHR, FNMA INSURED)+/-ss 0.29 08/15/2034 3,500,000
 5,065,000 CAMARILLO CA HACIENDA DE CAMARILLO PROJECT (MFHR,
 FNMA INSURED)+/-ss 0.28 10/15/2026 5,065,000
 4,000,000 CONTRA COSTA COUNTY CA CREEKVIEW APARTMENTS
 SERIES B (MFHR, FHLMC INSURED)+/-ss 0.28 07/01/2036 4,000,000
 3,000,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO
 WATER AGENCY
 SERIES A (LEASE REVENUE, DEXIA CREDIT SA LOC)+/-ss 0.29 03/01/2036 3,000,000
 6,500,000 LOS ANGELES CA BEVERLY PARK APARTMENTS SERIES A
 (MFHR, FHLMC INSURED)+/-ss 0.28 08/01/2018 6,500,000
 500,000 LOS ANGELES CA COMMUNITY RDA ACADEMY VILLAGE
 APARTMENTS
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.27 10/01/2019 500,000
 8,500,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR BONDS
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.30 09/01/2030 8,500,000
 4,000,000 ORANGE COUNTY CA COP SANITATION DISTRICT SERIES A
 (LEASE REVENUE)+/-ss 0.25 08/01/2029 4,000,000
 4,000,000 ORANGE COUNTY CA COP SANITATION DISTRICTS SERIES
 B (LEASE REVENUE)+/-ss 0.25 08/01/2030 4,000,000
 21,000,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.30 02/01/2035 21,000,000
 16,900,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA
 NA LOC)+/-ss 0.30 03/01/2037 16,900,000
 7,350,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.30 10/01/2035 7,350,000
 4,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SHADWOOD
 APARTMENTS PROJECT ISSUE A
 (MFHR, FHLMC INSURED)+/-ss 0.28 12/01/2022 4,000,000
 3,500,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS PROJECT
 SERIES A (HOUSING REVENUE, FNMA INSURED)+/-ss 0.28 01/15/2033 3,500,000
 3,500,000 SAN DIEGO CA HOUSING AUTHORITY MFHR HILLSIDE
 GARDEN APARTMENTS SERIES B
 (HOUSING REVENUE, FNMA INSURED)+/-ss 0.28 01/15/2035 3,500,000
 5,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORT COMMISSION
 SERIES 37-C
 (AIRPORT & MARINA REVENUE, FSA INSURED)+/-ss 0.32 05/01/2029 5,000,000
 2,000,000 SAN FRANCISCO CA CITY & COUNTY FINANCE
 CORPORATION CA MOSCONE CENTER
 (LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.30 04/01/2030 2,000,000
 5,000,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
 AGENCY (MFHR, FNMA INSURED)+/-ss 0.28 06/15/2034 5,000,000
 5,000,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
 AGENCY COMMUNITY
 FACILITIES DISTRICT # 4 (OTHER REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.26 08/01/2032 5,000,000
 1,800,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA
 INSURED)+/-ss 0.30 09/15/2032 1,800,000
 230,375,000
 ------------------
COLORADO: 1.46%
 2,000,000 AURORA CO CHILDRENS HOSPITAL ASSOCIATION PROJECT-B
 (HFFA REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 2.15 12/01/2036 2,000,000
 4,870,500 COLORADO HOUSING & FINANCE AUTHORITY CLASS I-B1
 (HOUSING REVENUE,
 GO OF AUTHORITY INSURED)+/-ss 0.40 10/01/2038 4,870,500

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COLORADO (continued)
$ 47,980,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE
 MULTIFAMILY PROJECT B II
 (HOUSING REVENUE, FNMA INSURED)+/-ss 0.29% 05/01/2049 $ 47,980,000
 76,825,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT TAXABLE
 SERIES A
 (LEASE REVENUE, AGM INSURED)+/-ss 0.38 12/15/2037 76,825,000
 6,000,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT TAXABLE
 SERIES B
 (LEASE REVENUE, AGM INSURED)+/-ss 0.45 12/15/2037 6,000,000
 137,675,500
 ------------------
CONNECTICUT: 0.05%
 5,000,000 NEW BRITAIN CT TAXABLE PENSION SERIES C (PROPERTY
 TAX REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.36 02/01/2026 5,000,000
 ------------------
DELAWARE: 0.08%
 4,000,000 DELAWARE ECONOMIC DEVELOPMENT AGENCY CLEAN POWER
 PROJECT SERIES 1997-D
 (RESOURCE RECOVERY REVENUE)+/-ss 0.31 08/01/2029 4,000,000
 3,000,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY
 (RESOURCE RECOVERY REVENUE)+/-ss 0.30 08/01/2029 3,000,000
 7,000,000
 ------------------
DISTRICT OF COLUMBIA: 0.18%
 2,000,000 DISTRICT OF COLUMBIA BALLPARK SERIES B2
 (RECREATIONAL FACILITIES REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 02/01/2036 2,000,000
 9,000,000 DISTRICT OF COLUMBIA THE AMERICAN UNIVERSITY
 (MISCELLANEOUS REVENUE,
 PNC BANK NA LOC)+/-ss 0.26 04/01/2038 9,000,000
 5,000,000 METROPOLITAN WASHINGTON DC AIRPORTS AUTHORITY
 SUBSERIES D-2 (AIRPORT REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.25 10/01/2039 5,000,000
 16,000,000
 ------------------
 FLORIDA: 0.12%
 5,000,000 LEE MEMORIAL FL HEALTH SYSTEM SERIES B (HCFR, BANK
 OF AMERICA NA LOC)+/-ss 0.25 04/01/2033 5,000,000
 6,115,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY
 (PRIVATE SCHOOL REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 06/01/2032 6,115,000
 11,115,000
 ------------------
ILLINOIS: 0.02%
 1,000,000 CHICAGO IL MIDWAY AIRPORT (AIRPORT REVENUE)+/-ss 0.29 01/01/2025 1,000,000
 1,000,000 COOK COUNTY IL GO (OTHER REVENUE, NORTHERN TRUST
 CORPORATION LOC)+/-ss 0.26 11/01/2030 1,000,000
 2,000,000
 ------------------
INDIANA: 0.05%
 5,000,000 INDIANAPOLIS IN LOCAL PUBLIC IMPROVEMENT
 INDIANAPOLIS AIRPORT AUTHORITY PROJECT
 SERIES 2008-C-1 (OTHER REVENUE, FSA INSURED)+/-ss 0.31 01/01/2037 5,000,000
 ------------------
KENTUCKY: 0.07%
 6,200,000 WARREN COUNTY KY IDA (OTHER REVENUE)+/-ss 0.45 12/01/2018 6,200,000
 ------------------
MARYLAND: 0.06%
 3,000,000 HOWARD COUNTY MD MULTIFAMILY HOUSING REFUNDING
 REVENUE BOND+/-ss 0.29 07/15/2033 3,000,000
 3,000,000 MARYLAND CDA DEPARTMENT OF HOUSING & COMMUNITY
 DEVELOPMENT
 SERIES 2007-J (HOUSING REVENUE, KBC BANK NV
 LOC)+/-ss 0.32 09/01/2031 3,000,000
 6,000,000
 ------------------
MASSACHUSETTS: 0.14%
 2,450,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BABSON
 COLLEGE B
 (OTHER REVENUE, CITIBANK NA LOC)+/-ss 0.27 10/01/2031 2,450,000
 2,000,000 MASSACHUSETTS HEFA (COLLEGE & UNIVERSITY REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.27 10/01/2034 2,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MASSACHUSETTS (continued)
$ 2,000,000 MASSACHUSETTS STATE DEPARTMENT OF TRANSPORTATION
 SERIES A6 (TOLL REVENUE,
 BANK OF AMERICA LOC)+/-ss 0.28% 01/01/2029 $ 2,000,000
 2,500,000 MASSACHUSETTS STATE DEPARTMENT OF TRANSPORTATION
 SERIES A7
 (TOLL REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.31 01/01/2029 2,500,000
 1,000,000 MASSACHUSETTS STATE HEFA SERIES N-3
 (HCFR, JPMORGAN CHASE BANK LOC)+/-ss 0.26 10/01/2048 1,000,000
 2,810,000 MASSACHUSETTS WATER RESOURCES AUTHORITY SERIES E
 (WATER REVENUE, GO OF AUTHORITY)+/-ss 0.27 08/01/2037 2,810,000
 12,760,000
 ------------------
MICHIGAN: 0.10%
 7,000,000 MICHIGAN HIGHER EDUCATION FACILITIES (EDUCATION
 REVENUE)+/-ss 0.26 09/01/2037 7,000,000
 2,000,000 WAYNE COUNTY MI AIRPORT AUTHORITY SERIES F
 (AIRPORT REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.35 05/01/2020 2,000,000
 9,000,000
 ------------------
MINNESOTA: 0.04%
 4,100,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR
 GATEWAY APARTMENTS LP
 SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK
 NA LOC)+/-ss 0.38 10/01/2038 4,100,000
 ------------------
MISSISSIPPI: 0.29%
 27,310,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (OTHER
 REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 11/01/2028 27,308,859
 ------------------
NEBRASKA: 0.05%
 4,980,000 CENTRAL PLAINS NE NEBRASKA GAS PROJECT NO. 2
 SERIES 2009 (NATURAL GAS REVENUE)+/-ss 0.31 08/01/2039 4,980,000
 ------------------
 NEVADA: 0.06%
 6,000,000 CLARK COUNTY NV INDUSTRIAL DEVELOPMENT (OTHER
 REVENUE)+/-ss 0.35 03/01/2038 6,000,000
 ------------------
NEW HAMPSHIRE: 0.03%
 3,000,000 NEW HAMPSHIRE HEFA DARTMOUTH HITCHCOCK OBLIGATION
 SERIES A
 (HCFR, AGM INSURED)+/-ss 0.36 08/01/2031 3,000,000
 ------------------
NEW JERSEY: 0.60%
 4,000,000 NEW JERSEY EDA NUI CORPORATION PROJECT SERIES A
 (NATURAL GAS REVENUE)+/-ss 0.23 06/01/2026 4,000,000
 9,000,000 NEW JERSEY EDA SCHOOL FACILITIES SERIES R-1
 (OTHER REVENUE, BANK OF NOVA SCOTIA LOC)+/-ss 0.26 09/01/2031 9,000,000
 1,000,000 NEW JERSEY HEALTH CARE FACILITIES (HCFR, BANK OF
 AMERICA NA LOC)+/-ss 0.31 07/01/2041 1,000,000
 10,000,000 NEW JERSEY SPORT & EXPOSITION AUTHORITY (OTHER
 REVENUE)+++/-ss 0.36 11/15/2010 10,000,000
 9,550,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE
 AGENCY TAXABLE SERIES 4
 (HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE
 LOC)+/-ss 0.50 11/01/2037 9,550,000
 13,000,000 NEW JERSEY STATE TURNPIKE AUTHORITY SERIES C
 (TRANSIT REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.26 06/15/2032 13,000,000
 10,000,000 NEW JERSEY STATE TURNPIKE AUTHORITY SERIES D
 (TOLLS ROAD REVENUE,
 NATL-RE INSURED, SOCIETE GENERALE LOC)+/-ss 0.32 01/01/2018 10,000,000
 56,550,000
 ------------------
NEW YORK: 0.65%
 1,000,000 NEW YORK HOMEOWNER MORTGAGE AGENCY SERIES 147
 (HOUSING
 REVENUE, DEXIA CREDIT SA LOC)+/-ss 0.30 04/01/2037 1,000,000
 6,000,000 NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY
 (TRANSPORTATION REVENUE,
 FIRST SECURITY BANK LOC)+++/-ss 0.32 11/15/2025 6,000,000
 1,600,000 NEW YORK NY CITY HOUSING DEVELOPMENT CORPORATION
 (HOUSING REVENUE)+/-ss 0.29 01/01/2016 1,600,000
 13,300,000 NEW YORK NY CITY TRANSITIONAL FINANCING AUTHORITY
 CLASS A
 (OTHER REVENUE, FGIC INSURED)+/-ss 0.31 07/15/2036 13,300,000
 6,000,000 NEW YORK NY SERIES E-2 (PROPERTY TAX REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.25 08/01/2034 6,000,000
 5,000,000 NEW YORK NY SUBSERIES C-3 (PROPERTY TAX REVENUE,
 BNP PARIBAS LOC)+/-ss 0.26 08/01/2020 5,000,000
 1,000,000 NEW YORK NY SUBSERIES C-4 (PROPERTY TAX REVENUE
 BNP PARIBAS LOC)+/-ss 0.27 08/01/2020 1,000,000
 3,000,000 NEW YORK STATE HOUSING FINANCE AGENCY (HOUSING
 REVENUE)+/-ss 0.27 11/01/2037 3,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------

NEW YORK (continued)
$ 10,600,000 NEW YORK STATE HOUSING FINANCE AGENCY TAXABLE 600
 WEST 42ND B
 (OTHER REVENUE, BANK OF NEW YORK LOC)+/-ss 0.39% 11/01/2041 $ 10,600,000
 10,400,000 NEW YORK STATE HOUSING FINANCE AGENCY VICTORY
 HOUSING SERIES 2004-A
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.28 11/01/2033 10,400,000
 3,000,000 ONONDAGA COUNTY NY CULTURE AND RECREATION
 SYRACUSE UNIVERSITY PROJECT
 SERIES A (OTHER REVENUE)+/-ss 0.27 12/01/2029 3,000,000
 60,900,000
 ------------------
NORTH CAROLINA: 0.04%
 4,000,000 NORTH CAROLINA MEDICAL CARE COMMISSION (HEALTH &
 HOSPITAL REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.25 10/01/2037 4,000,000
 ------------------
NORTH DAKOTA: 0.02%
 1,900,000 NORTH DAKOTA STATE HFA SERIES B (HOUSING REVENUE,
 GO OF AUTHORITY INSURED)+/-ss 0.29 07/01/2038 1,900,000
 ------------------
 OHIO: 0.49%
 21,700,000 CLEVELAND-CUYAHOGA COUNTY OH PORT AUTHORITY
 (HCFR, JPMORGAN CHASE BANK LOC)+/-ss 0.27 01/01/2037 21,700,000
 7,304,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE
 SERIES I
 (HOUSING REVENUE, GNMA INSURED)+/-ss 0.26 09/01/2039 7,304,000
 8,658,000 OHIO STATE HFA RESIDENTIAL MORTGAGE SECURITIES
 PROGRAM
 (HOUSING REVENUE, GNMA INSURED)+/-ss 0.30 09/01/2029 8,658,000
 4,000,000 OHIO STATE HIGHER EDUCATION FACILITIES (EDUCATION
 REVENUE)+/-ss 0.30 01/15/2035 4,000,000
 4,900,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A
 (OTHER REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.26 11/01/2029 4,900,000
 46,562,000
 ------------------
OREGON: 0.07%
 3,000,000 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT
 SERIES E
 (HOUSING REVENUE, KBC BANK NV LOC)+/-ss 0.32 07/01/2038 3,000,000
 3,782,000 UMATILLA INDIAN RESERVATION OR CONFEDERATED
 TRIBES (OTHER REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 12/01/2028 3,782,000
 6,782,000
 ------------------
OTHER: 0.02%
 2,000,000 PUTTABLE FLOATING OPTION TAX- EXEMPT RECEIPTS 4202
 (PROPERTY TAX REVENUE, FGIC INSURED)+/-ss 0.55 01/01/2030 2,000,000
 ------------------
PENNSYLVANIA: 0.34%
 4,000,000 BEAVER COUNTY PA IDA FIRSTENERGY NUCLEAR SERIES B
 (IDR, CITIBANK NA LOC)+/-ss 0.28 12/01/2035 4,000,000
 13,000,000 DOYLESTOWN PA HOSPITAL AUTHORITY SERIES B (HFFA,
 PNC BANK NA LOC)+/-ss 0.26 07/01/2037 13,000,000
 15,000,000 PHILADELPHIA PA SCHOOL DISTRICT (GO - LOCAL, BANK
 OF AMERICA LOC)+/-ss 0.31 09/01/2030 15,000,000
 32,000,000
 ------------------
SOUTH DAKOTA: 0.02%
 2,000,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY (MFHR,
 FNMA INSURED)+/-ss 0.30 05/01/2037 2,000,000
 ------------------
TENNESSEE: 0.23%
 5,000,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY
 TENNESSEE MUNICIPAL BUILDING FUND
 (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.27 11/01/2035 5,000,000
 2,000,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON
 COUNTY TN WEATHERLY RIDGE
 APARTMENTS (HOUSING REVENUE, US BANK NA LOC)+/-ss 0.33 12/01/2041 2,000,000
 5,000,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY
 TENNESSEE COUNTY LOAN POOL
 SERIES 2008 (OTHER REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.25 07/01/2038 5,000,000
 10,000,000 MUNICIPAL ENERGY ACQUISITION CORPORATION (GAS
 REVENUE)+++/-ss 0.32 12/01/2016 10,000,000
 22,000,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
TEXAS: 0.68%
$ 10,255,000 BEXAR COUNTY TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION
 (HCFR, JPMORGAN CHASE BANK NA LOC)+/-ss 0.32% 12/01/2032 $ 10,255,000
 5,000,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION HERMAN HEALTH
 (RECREATIONAL REVENUE, JPMORGAN CHASE BANK NA
 LOC)+/-ss 0.26 06/01/2038 5,000,000
 5,300,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION YMCA GREATER
 HOUSTON SERIES B (RECREATIONAL REVENUE, ALLIED
 IRISH BANK LOC)+/-ss 1.00 06/01/2038 5,300,000
 1,000,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION (OTHER REVENUE)+/-ss 0.34 06/01/2027 1,000,000
 4,000,000 HARRIS COUNTY TX INDUSTRIAL DEVELOPMENT
 CORPORATION SOLID WASTE DISPOSAL
 RB DEER PARK REFINING PROJECT SERIES A (RESOURCE
 RECOVERY REVENUE)+/-ss 0.25 03/01/2023 4,000,000
 6,000,000 HOUSTON TX UTILITIES SYSTEM (WATER REVENUE, STATE
 STREET CORPORATION LOC)+/-ss 0.26 05/15/2034 6,000,000
 10,000,000 MIDLOTHIAN TX INDUSTRIAL DEVELOPMENT CORPORATION
 (IDR, UBS AG LOC)+/-ss 0.24 08/01/2034 10,000,000
 2,000,000 MISSION TX ECONOMIC DEVELOPMENT CORPORATION
 (OTHER REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.33 04/01/2022 2,000,000
 6,000,000 NORTH TEXAS HIGHER EDUCATION AUTHORITY (STUDENT
 LOAN REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.35 12/01/2035 6,000,000
 7,000,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FALICITIES MOTIVA ENTERPRISES A (IDR)+/-ss 0.25 04/01/2040 7,000,000
 4,480,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM
 SERIES A (OTHER REVENUE,
 NATIONAL AUSTRALIAN BANK NA LOC)+/-ss 0.29 06/01/2045 4,480,000
 3,500,000 TYLER TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION MOTHER FRANCES HOSPITAL
 SERIES B (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.31 07/01/2020 3,500,000
 64,535,000
 ------------------
VERMONT: 0.15%
 14,000,000 VERMONT STATE STUDENT ASSISTANCE CORPORATION
 (STUDENT LOAN REVENUE, LLOYDS TSB BANK PLC
 LOC)+/-ss 0.30 12/15/2040 14,000,000
 ------------------
VIRGINIA: 0.01%
 1,000,000 HARRISONBURG VA REDEVELOPMENT AND HOUSING
 AUTHORITY (HOUSING REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.32 05/01/2026 1,000,000
 ------------------
WASHINGTON: 0.14%
 2,924,000 KING COUNTY WA HOUSING AUTHORITY SERIES A
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.31 07/01/2035 2,924,000
 6,000,000 PORT TACOMA WA (OTHER REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.25 12/01/2044 6,000,000
 4,650,000 WASHINGTON STATE HOUSING FINANCE COMMISSION
 WHISPERWOOD APARTMENTS PROJECT
 SERIES A (MFHR, FNMA INSURED)+/-ss 0.34 05/15/2035 4,650,000
 13,574,000
 ------------------
WEST VIRGINIA: 0.02%
 2,000,000 WEST VIRGINIA STATE HOSPITAL FINANCE AUTHORITY
 UNITED HEALTH SYSTEMS
 SERIES A (HOSPITAL REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.25 06/01/2041 2,000,000
 ------------------
WISCONSIN: 0.02%
 2,000,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT (HOUSING
 REVENUE, FNMA LOC)+/-ss 0.35 09/01/2035 2,000,000
 ------------------
WYOMING: 0.12%
 11,000,000 SWEETWATER COUNTY WY PACIFIC CORPORATION PROJECT
 SERIES A
 (PCR, BARCLAYS BANK PLC LOC)+/-ss 0.27 07/01/2015 11,000,000
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $921,237,359) 921,237,359
 ------------------
REPURCHASE AGREEMENTS(z): 11.84%
 20,000,000 BANK OF AMERICA SECURITIES LLC, DATED 08/31/2010,
 MATURITY VALUE $20,000,178(1) 0.32 09/01/2010 20,000,000
 11,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $11,000,101(2) 0.33 09/01/2010 11,000,000
 168,618,403 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $168,619,527(3) 0.24 09/01/2010 168,618,403
 64,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $64,000,462(4) 0.26 09/01/2010 64,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
REPURCHASE AGREEMENTS(z) (continued)
$ 44,000,000 BNP PARIBAS SECURITIES CORPORATION, DATED
 08/31/2010,
 MATURITY VALUE $44,000,306(5) 0.25% 09/01/2010 $ 44,000,000
 147,000,000 BNP PARIBAS SECURITIES CORPORATION, DATED
 08/31/2010,
 MATURITY VALUE $147,000,980(6) 0.24 09/01/2010 147,000,000
 37,000,000 CITIGROUP GLOBAL MARKETS, DATED 08/31/2010,
 MATURITY VALUE $37,000,267(7) 0.26 09/01/2010 37,000,000
 73,000,000 CREDIT SUISSE SECURITIES USA, DATED 08/31/2010,
 MATURITY VALUE $73,000,487(8) 0.24 09/01/2010 73,000,000
 131,000,000 DEUTSCHE BANK SECURITIES DATED 08/31/2010,
 MATURITY VALUE $131,000,910(9) 0.25 09/01/2010 131,000,000
 29,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $29,000,193(10) 0.24 09/01/2010 29,000,000
 73,000,000 JPMORGAN SECURITIES DATED 08/31/2010, MATURITY
 VALUE $73,000,507(11) 0.25 09/01/2010 73,000,000
 110,000,000 RBS SECURITIES INCORPORATED DATED 08/31/2010,
 MATURITY VALUE $110,000,794(12) 0.26 09/01/2010 110,000,000
 94,000,000 RBS SECURITIES INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $94,000,627(13) 0.24 09/01/2010 94,000,000
 116,000,000 SOCIETE GENERALE (NEW YORK), DATED 08/31/2010,
 MATURITY VALUE $116,000,806(14) 0.25 09/01/2010 116,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,117,618,403) 1,117,618,403
 ------------------
SECURED MASTER NOTE AGREEMENT: 2.72%
 158,342,000 BANK OF AMERICA SECURITIES LLC+/-ss 0.38 09/09/2034 158,342,000
 98,000,000 BARCLAYS BANK PLC (NEW YORK)+/-ss 0.52 01/19/2011 98,000,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $256,342,000) 256,342,000
 ------------------
TIME DEPOSITS: 7.74%
 23,000,000 ALLIED IRISH BANKS PLC 0.65 09/03/2010 23,000,000
 51,000,000 BANK OF IRELAND 0.50 09/01/2010 51,000,000
 48,000,000 BANK OF IRELAND 0.65 09/02/2010 48,000,000
 102,000,000 CREDIT AGRICOLE 0.25 09/01/2010 102,000,000
 76,000,000 DANSKE BANK AS (COPENHAGEN) 0.26 09/02/2010 76,000,000
 32,000,000 DEXIA BANK (GRAND CAYMAN) 0.42 09/01/2010 32,000,000
 116,000,000 GROUPE BPCE 0.26 09/01/2010 116,000,000
 142,000,000 KBC BANK NV (BRUSSELS) 0.20 09/01/2010 142,000,000
 53,000,000 NATIXIS (CAYMAN ISLANDS) 0.26 09/01/2010 53,000,000
 88,000,000 SOCIETE GENERALE PARIS 0.23 09/01/2010 88,000,000
TOTAL TIME DEPOSITS (COST $731,000,000) 731,000,000
 ------------------
US TREASURY SECURITIES: 0.92%
US TREASURY BILLS: 0.92%
 87,000,000 US TREASURY BILL## 0.22 11/18/2010 86,958,301
TOTAL US TREASURY SECURITIES (COST $86,958,301) 86,958,301
 ------------------
YANKEE CORPORATE BONDS & NOTES: 0.53%
FINANCIALS: 0.53%
 50,000,000 SVENSKA HANDLESBANKEN AB++ 0.58 07/01/2011 49,995,898
TOTAL YANKEE CORPORATE BONDS & NOTES (COST $49,995,898) 49,995,898
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $9,522,732,226)* 100.87% 9,522,732,226
OTHER ASSETS AND LIABILITIES, NET (0.87) (82,542,128)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 9,440,190,098
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER: 3.25%
$ 10,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 0.30% 09/08/2010 $ 10,000,000
 10,000,000 ILLINOIS FINANCE AUTHORITY 0.24 10/13/2010 10,000,000
 10,000,000 ILLINOIS FINANCE AUTHORITY 0.29 11/04/2010 10,000,000
 20,000,000 ILLINOIS FINANCE AUTHORITY 0.34 01/06/2011 20,000,000
 30,000,000 MERCER COUNTY ND POLLUTION 0.30 09/15/2010 30,000,000
 13,400,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY 0.24 09/09/2010 13,400,000
 11,000,000 MONTGOMERY COUNTY MD 0.25 10/18/2010 11,000,000
 5,000,000 MONTGOMERY COUNTY MD 0.29 10/05/2010 5,000,000
 10,000,000 ROCHESTER MN HEALTH CARE 0.26 10/20/2010 10,000,000
 13,200,000 ROCHESTER MN HEALTH CARE 0.27 10/05/2010 13,200,000
 6,100,000 ROCHESTER MN HEALTH CARE 0.27 12/07/2010 6,100,000
 9,000,000 ROCHESTER MN HEALTH CARE 0.28 09/08/2010 9,000,000
 16,665,000 UNIVERSITY OF VIRGINIA 0.23 09/08/2010 16,665,000
TOTAL COMMERCIAL PAPER (COST $164,365,000) 164,365,000
 ------------------
MUNICIPAL BONDS & NOTES: 96.85%
ALABAMA: 0.76%
 12,000,000 MOBILE AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA
 POWER COMPANY PROJECT
 SERIES C (IDR)ss+/- 0.29 08/01/2017 12,000,000
 6,300,000 MOBILE AL INFIRMARY HEALTH SYSTEM SPECIAL CARE
 FACILITIES SERIES A (HFFA REVENUE,
 BANK OF NOVA SCOTIA LOC)ss+/- 0.28 02/01/2040 6,300,000
 20,000,000 MOBILE COUNTY AL IDA SERIES B (IDR, SVENSKA
 HANDELSBANKEN LOC)ss+/- 0.30 07/01/2040 20,000,000
 38,300,000
 ------------------
 ALASKA: 0.48%
 8,520,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-507
 (OTHER REVENUE, FGIC INSURED)ss+/-++ 0.30 12/01/2034 8,520,000
 15,775,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-532
 (OTHER REVENUE, NATL-RE INSURED)ss+/-++ 0.30 12/01/2041 15,775,000
 24,295,000
 ------------------
 ARIZONA: 0.79%
 30,000,000 CLIPPER TAX EXEMPT CERTIFICATE TRUST (TRANSIT
 REVENUE)ss+/-++ 0.30 07/01/2024 30,000,000
 9,945,000 MARICOPA COUNTY AZ IDA SERIES A (HOUSING REVENUE,
 FNMA INSURED)ss+/- 0.30 04/15/2030 9,945,000
 39,945,000
 ------------------
CALIFORNIA: 7.62%
 1,680,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA ST. ANTHONY
 FOUNDATION (OTHER REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.28 03/01/2037 1,680,000
 23,050,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER
 AUTHORITY REVENUE, FIRST SECURITY
 BANK LOC)ss+/- 0.36 09/01/2035 23,050,000
 20,000,000 CALIFORNIA HFFA EAGLE 20070147 CLASS A (OTHER
 REVENUE, MBIA INSURED)ss+/-++ 0.30 11/15/2042 20,000,000
 250,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK INDIA COMMUNITY CENTER
 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.25 12/01/2036 250,000
 18,700,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK RAND CORPORATION
 SERIES B (ECONOMIC DEVELOPMENT REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.25 04/01/2042 18,700,000
 3,145,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK ROCS RR II R-11527
 (TOLL ROAD REVENUE, AMBAC INSURED)ss+/-++ 0.28 07/01/2030 3,145,000
 2,375,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES
 B6 (WATER & WASTEWATER
 AUTHORITY REVENUE, STATE STREET BANK & TRUST
 COMPANY NA LOC)ss+/- 0.23 05/01/2022 2,375,000
 2,980,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES
 C13 (UTILITIES REVENUE,
 FIRST SECURITY BANK LOC)ss+/- 0.31 05/01/2022 2,980,000
 14,000,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11
 (POWER REVENUE, KBC BANK NV LOC)ss+/- 0.27 05/01/2022 14,000,000
 8,250,000 CALIFORNIA STATE SERIES A-2 ( GO, BANK OF MONTREAL
 LOC)ss+/- 0.22 05/01/2033 8,250,000
 3,100,000 CALIFORNIA STATE SERIES A-3 (GO, BANK OF MONTREAL
 LOC)ss+/- 0.25 05/01/2033 3,100,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 2,070,000 CALIFORNIA STATE SERIES B (GO, JPMORGAN CHASE
 BANK LOC)ss+/- 0.25% 05/01/2040 $ 2,070,000
 34,975,000 CALIFORNIA STATE SERIES DEXIA CREDIT LOCAL 048
 (GO, DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/-++ 0.45 08/01/2032 34,975,000
 3,900,000 CALIFORNIA STATEWIDE CDA JOHN MUIR HEALTH SERIES
 B (HOSPITAL REVENUE, UBS AG LOC)ss+/- 0.27 08/15/2036 3,900,000
 4,100,000 CALIFORNIA STATEWIDE CDA RADY CHILDREN'S HOSPITAL
 SERIES A (HOSPITAL REVENUE,
 US BANK NA LOC)ss+/- 0.23 08/15/2047 4,100,000
 16,840,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-362 (OTHER
 REVENUE, AMBAC INSURED)ss+/-++ 0.29 06/01/2022 16,840,000
 18,540,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-363 (OTHER
 REVENUE, FSA INSURED)ss+/-++ 0.29 09/01/2030 18,540,000
 4,435,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-621
 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2028 4,435,000
 6,650,000 EAST BAY CA MUD SUBSERIES A (UTILITIES REVENUE,
 AGM INSURED)ss+/- 0.34 06/01/2025 6,650,000
 15,000,000 EAST BAY CA MUD SUBSERIES A1 (OTHER REVENUE,
 DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/- 0.34 06/01/2038 15,000,000
 19,725,000 EAST BAY CA MUD SUBSERIES A3 (OTHER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.32 06/01/2038 19,725,000
 11,400,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO
 WATER AGENCY SERIES A (LEASE REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.29 03/01/2036 11,400,000
 9,105,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO SETTLEMENT
 ROCS-RR-II R 11442 (OTHER REVENUE, CITIBANK NA
 LOC)ss+/-++ 0.35 06/01/2035 9,105,000
 6,085,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY
 FUNDING PROGRAM (LEASE REVENUE,
 FIRST SECURITY BANK LOC)ss+/- 0.50 02/01/2038 6,085,000
 4,710,000 KINGS COUNTY CA HOUSING AUTHORITY EDGEWATER
 APARTMENTS SERIES A (MFHR,
 FNMA INSURED)ss+/- 0.26 02/15/2031 4,710,000
 3,055,000 LOS ANGELES CA USD COP ADMINISTRATION BUILDING
 PROJECT SERIES A (OTHER REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.30 10/01/2024 3,055,000
 11,375,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY
 DEVELOPMENT (TAX ALLOCATION REVENUE,
 AMBAC INSURED)ss+/- 0.24 01/01/2031 11,375,000
 3,765,000 MONTEREY PENINSULA CA WATER MANAGEMENT DISTRICT
 (LEASE REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.30 07/01/2022 3,765,000
 11,670,000 NORTHERN CALIFORNIA POWER AGENCY RB HYDROELECTRIC
 PROJECT SERIES A
 (ELECTRIC POWER & LIGHT REVENUES, DEXIA CREDIT SA
 LOC)ss+/- 0.29 07/01/2032 11,670,000
 8,100,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT VILLAS LA
 PAZ-F PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 08/15/2028 8,100,000
 18,100,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA
 NA LOC)ss+/- 0.30 03/01/2037 18,100,000
 24,815,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE, BANK
 OF NEW YORK LOC)ss+/- 0.27 02/01/2035 24,815,000
 3,953,000 ROSEVILLE CA ELECTRIC SYSTEM COP SERIES B (OTHER
 REVENUE, DEXIA CREDIT SA LOC)ss+/- 0.27 02/01/2035 3,953,000
 4,120,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION
 COMMUNITY LIMITED TAX SERIES C
 (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE
 LOC)ss+/- 0.28 04/01/2038 4,120,000
 7,325,000 SAN FRANCISCO CA CITY & COUNTY FINANCE
 CORPORATION MOSCONE CENTER
 (LEASE REVENUE, STATE STREET BANK & TRUST COMPANY
 NA LOC)ss+/- 0.26 04/01/2030 7,325,000
 1,880,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT
 ROCS-RR-II 11484 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.32 02/01/2013 1,880,000
 3,600,000 UNIVERSITY OF CALIFORNIA (COLLEGE & UNIVERSITY
 REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.30 05/15/2032 3,600,000
 12,300,000 WHITTIER CA HEALTH FACILITIES PRESBYTERIAN
 INTERCOMMUNITY PROJECT SERIES B
 (HCFR, US BANK NA LOC)ss+/- 0.23 06/01/2036 12,300,000
 16,200,000 WHITTIER CA HEALTH FACILITIES PRESBYTERIAN
 INTERCOMMUNITY PROJECT SERIES C
 (HOSPITAL REVENUE, US BANK NA LOC)ss+/- 0.26 06/01/2036 16,200,000
 385,323,000
 ------------------
COLORADO: 3.59%
 2,765,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER
 REVENUE, US BANK NA LOC)ss+/- 0.31 12/01/2017 2,765,000
 1,895,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER
 REVENUE, US BANK NA LOC)ss+/- 0.31 12/01/2028 1,895,000
 13,785,000 BROOMFIELD CO URBAN RENEWAL AUTHORITY EVENT
 CENTER PROJECT (TAX INCREMENTAL
 REVENUE, BANQUE NATIONALE PARIS LOC)ss+/- 0.30 12/01/2030 13,785,000
 5,900,000 COLORADO HEALTH FACILITIES AUTHORITY CROSSROADS
 MARANATHA PROJECTS (OTHER REVENUE,
 US BANK NA LOC)ss+/- 0.27 12/01/2043 5,900,000
 26,000,000 COLORADO SPRINGS UTILITY IMPROVEMENT BOND SERIES
 A (MULTI UTILITY REVENUE)ss+/- 0.30 11/01/2038 26,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------

COLORADO (continued)
$ 34,230,000 COLORADO SPRINGS UTILITY REVENUE IMPROVEMENT BOND
 SUBLIEN A
 (MULTI UTILITY REVENUE)Lss+/- 0.30% 11/01/2035 $ 34,230,000
 8,625,000 COMMERCE CITY CO NORTHERN INFRASTRUCTURE GENERAL
 IMPROVEMENT DISTRICT
 (OTHER REVENUE, US BANK NA LOC)ss+/- 0.31 12/01/2038 8,625,000
 5,000,000 COMMERCE CITY CO NORTHERN INFRASTRUCTURE GENERAL
 IMPROVEMENT DISTRICT
 (PROPERTY TAX REVENUE, US BANK NA LOC)ss+/- 0.31 12/01/2028 5,000,000
 7,560,000 CORNERSTONE CO METROPOLITAN DISTRICT #1 (OTHER
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.33 12/01/2036 7,560,000
 6,600,000 DENVER CO CITY & COUNTY COTTONWOOD CREEK SERIES A
 (MFHR, FHLMC INSURED)ss+/-++ 0.27 04/15/2014 6,600,000
 11,250,000 MOFFAT COUNTY CO TRI STATE GENERAL ASSOCIATION
 PROJECT
 (IDR, BANK OF AMERICA NA LOC)ss+/- 0.30 03/01/2036 11,250,000
 6,520,000 MOUNTAIN VILLAGE CO HOUSING AUTHORITY FACILITIES
 REMARKETING PROJECT (HOUSING
 REVENUE, US BANK NA LOC)ss+/- 1.00 11/01/2040 6,520,000
 6,520,000 MOUNTAIN VILLAGE CO HOUSING AUTHORITY VILLAGE
 COURT APARTMENTS PROJECT
 (MFHR, US BANK NA LOC)ss+/- 0.31 11/01/2033 6,520,000
 10,600,000 SOUTH GLENN CO METROPOLITAN DISTRICT (OTHER
 REVENUE, BANQUE NATIONALE PARIS LOC)ss+/- 0.31 12/01/2030 10,600,000
 4,180,000 SOUTHEAST CO PUBLIC IMPROVEMENT METROPOLITAN
 DISTRICT (PROPERTY TAX REVENUE,
 US BANK NA LOC)ss+/- 0.31 11/15/2034 4,180,000
 30,200,000 SOUTHERN UTE INDIAN TRIBE OF SOUTHERN UTE INDIAN
 RESERVATION
 (CASINO REVENUE)ss+/-++ 0.35 04/01/2040 30,200,000
 181,630,000
 ------------------
CONNECTICUT: 0.67%
 2,350,000 CONNECTICUT HFA SERIES A-2 (HOUSING REVENUE)ss+/- 0.28 05/15/2039 2,350,000
 3,890,000 CONNECTICUT REGIONAL SCHOOL DISTRICT # 4
 (PROPERTY TAX REVENUE, STATE AID WITHHOLDING) 1.25 12/01/2010 3,896,775
 27,400,000 CONNECTICUT STATE HEFA SERIES T-2 (COLLEGE &
 UNIVERSITY REVENUE)ss+/- 0.23 07/01/2029 27,400,000
 33,646,775
 ------------------
DELAWARE: 0.08%
 4,000,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY
 YMCA DELAWARE PROJECTS
 (RECREATIONAL REVENUE, PNC BANK NA INSURED)ss+/- 0.29 05/01/2036 4,000,000
 ------------------
 FLORIDA: 5.93%
 4,985,000 ALACHUA COUNTY FL OAK HAMMOCK UNIVERSITY OF
 FLORIDA PROJECT SERIES A
 (HCFR, BNP PARIBAS LOC)ss+/- 0.27 10/01/2032 4,985,000
 5,630,000 BREVARD COUNTY FL WUESTHOFF MEMORIAL HOSPITAL
 PROJECT (HFFA REVENUE,
 WELLS FARGO BANK LOC)ss+/-(q) 0.29 08/01/2031 5,630,000
 7,265,000 BROWARD COUNTY EDUCATIONAL FACILITIES AUTHORITY
 (COLLEGE & UNIVERSITY REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.29 04/01/2020 7,265,000
 11,055,000 CAPITAL TRANSFER AGENCY FLORIDA PORTOFINO VILLAS
 SERIES A (OTHER REVENUE,
 FNMA INSURED)ss+/- 0.30 04/15/2036 11,055,000
 6,340,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-547
 (OTHER REVENUE,
 NATL-RE INSURED)ss+/-++ 0.30 10/01/2026 6,340,000
 4,510,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-538
 (OTHER REVENUE,
 AMBAC INSURED)ss+/-++ 0.30 04/01/2027 4,510,000
 4,000,000 DUVAL COUNTY FL HFA SUNBEAM ROAD APARTMENTS
 PROJECT (HOUSING REVENUE,
 US BANK NA LOC)ss+/- 0.30 07/01/2025 4,000,000
 9,985,000 ECLIPSE FUNDING TRUST 2006-0002-SOLAR ECLIPSE
 (SALES TAX REVENUE,
 US BANK NA LOC)ss+/-++ 0.30 03/01/2014 9,985,000
 5,100,000 FLORIDA HFA (MFHR, FHLMC INSURED)ss+/- 0.29 12/01/2013 5,100,000
 11,300,000 FLORIDA USF FINANCING CORPORATION COP MASTER
 LEASE PROGRAM SERIES B1
 (LEASE REVENUE, AMBAC INSURED)ss+/- 0.29 07/01/2035 11,300,000
 250,000 FORT LAUDERDALE FL ANN STORCK CENTER INCORPORATED
 PROJECT
 (HCFR, WELLS FARGO BANK LOC)ss+/-++(q) 0.44 12/01/2014 250,000
 19,500,000 HALIFAX FL HOSPITAL MEDICAL CENTER (HCFR, WELLS
 FARGO BANK LOC)ss+/-(q) 0.29 06/01/2048 19,500,000
 5,565,000 HIGHLANDS COUNTY HEALTH FACILITIES AUTHORITY
 (HFFA, PNC BANK NA LOC)ss+/- 0.26 11/15/2012 5,565,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
FLORIDA (continued)
$ 10,120,000 MIAMI DADE COUNTY FL EXPRESSWAY AUTHORITY SERIES
 1339 (TOLL ROAD REVENUE,
 AGC-ICC FGIC INSURED)ss+/-++ 0.40% 07/01/2012 $ 10,120,000
 10,000,000 MIAMI DADE COUNTY FL SPECIAL OBLIGATION JUVENILE
 COURTHOUSE SERIES B
 (OTHER REVENUE, AMBAC INSURED)ss+/- 0.24 04/01/2043 10,000,000
 16,300,000 NORTH BROWARD FL HOSPITAL DISTRICT (HCFR, NATL-RE
 INSURED)ss+/- 0.26 01/15/2027 16,300,000
 13,800,000 NORTH BROWARD FL HOSPITAL DISTRICT SERIES A
 (HCFR, NATL-RE INSURED)ss+/- 0.26 01/15/2027 13,800,000
 1,365,000 ORANGE COUNTY FL CENTRAL FLORIDA YMCA PROJECT
 SERIES A (IDR, BANK OF AMERICA
 NA LOC)ss+/- 0.33 05/01/2027 1,365,000
 2,785,000 ORANGE COUNTY FL IDA JEWISH FEDERATION OF GREATER
 ORLANDO PROJECT
 (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.45 01/01/2028 2,785,000
 9,205,000 ORANGE COUNTY FL IDA LAKE HIGHLAND SCHOOL
 INCORPORATED (OTHER REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.31 08/01/2032 9,205,000
 2,000,000 ORANGE COUNTY FL SCHOOL BOARD COP SERIES E (LEASE
 REVENUE, WELLS FARAGO
 BANK LOC)ss+/-(q) 0.25 08/01/2022 2,000,000
 19,000,000 ORLANDO FL UTILITIES COMMISSION SERIES D
 (ELECTRIC POWER & LIGHT REVENUE) 2.50 05/01/2011 19,254,513
 4,045,000 PALM BEACH COUNTY FL CHILDRENS HOME PROJECT
 (OTHER REVENUE, BANK OF AMERICA
 NA LOC)ss+/- 0.31 05/01/2038 4,045,000
 6,465,000 PALM BEACH COUNTY FL JUPITER MEDICAL CENTER
 INCORPORATED SERIES B
 (HCFR, WELLS FARGO BANK NA LOC)ss+/-(q) 0.27 08/01/2020 6,465,000
 3,100,000 PALM BEACH COUNTY FL KINGS ACADEMY INCORPORATED
 PROJECT (PRIVATE SCHOOL REVENUE,
 WELLS FARGO BANK NA LOC)ss+/-(q) 0.29 08/01/2031 3,100,000
 300,000 PALM BEACH COUNTY FL NORTON GALLERY INCORPORATED
 (COLLEGE & UNIVERSITY REVENUE,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.30 05/01/2025 300,000
 7,520,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES 2089
 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.35 08/01/2026 7,520,000
 7,845,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES 2925Z
 (LEASE REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.35 08/01/2011 7,845,000
 2,500,000 PALM BEACH COUNTY FL ZOOLOGICAL SOCIETY
 INCORPORATED PROJECT
 (RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST
 CORPORATION LOC)ss+/- 0.30 05/01/2031 2,500,000
 31,150,000 PINELLAS COUNTY FL HEALTH FACILITIES AUTHORITY
 BAYCARE HEALTH SERIES A-1
 (HEALTH, HOSPITAL, NURSING HOME REVENUE, FNMA
 INSURED)ss+/- 0.23 11/01/2038 31,150,000
 31,755,000 SARASOTA COUNTY FL CONTINUING CARE RETIREMENT
 COMMUNITY GLENRIDGE PALMER PROJECT
 (HFFA REVENUE, ROYAL BANK OF SCOTLAND LOC)ss+/- 0.27 06/01/2036 31,755,000
 3,890,000 SARASOTA COUNTY FL PLANNED PARENTHOOD
 INCORPORATED PROJECT (OTHER REVENUE,
 WELLS FARGO BANK LOC)ss+/-(q) 0.33 10/01/2041 3,890,000
 1,255,000 SARASOTA COUNTY FL SARASOTA MILITARY ACADEMY
 (PRIVATE SCHOOL REVENUE,
 WELLS FARGO BANK LOC)ss+/-(q) 0.39 02/01/2034 1,255,000
 19,775,000 TAMPA BAY FL WATER UTILITY SYSTEM (WATER REVENUE,
 FGIC INSURED)ss+/-++ 0.55 10/01/2023 19,775,000
 299,914,513
 ------------------
GEORGIA: 2.68%
 12,650,000 ATLANTA GA AIRPORT PASSENGER FACILITY CHARGE
 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.32 01/01/2013 12,650,000
 5,790,000 ATLANTA GA WESTSIDE PROJECT SERIES B (TAX
 INCREMENTAL REVENUE,
 WELLS FARGO BANK NA LOC)ss+/-(q) 0.29 12/01/2023 5,790,000
 3,195,000 COBB COUNTY GA HOUSING AUTHORITY TAMARRON
 APARTMENTS PROJECT (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.31 03/01/2024 3,195,000
 13,870,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY CATHOLIC
 SCHOOL PROPERTIES INCORPORATED
 (PRIVATE SCHOOL REVENUE, WELLS FARGO BANK NA
 LOC)ss+/-++(q) 0.29 04/01/2024 13,870,000
 12,500,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY THE LOVETT
 SCHOOL PROJECT SERIES 2008
 (PRIVATE SCHOOLS REVENUE, FHLB LOC)ss+/- 0.30 04/01/2033 12,500,000
 7,400,000 FULTON COUNTY GA DEVELPMENT AUTHORITY (HEALTH,
 HOSPITAL, NURSING HOME REVENUE,
 FHLMC INSURED)ss+/- 0.30 09/01/2035 7,400,000
 11,260,000 FULTON COUNTY GA NORTHSIDE SERIES B (HOSPITAL
 REVENUE, WELLS FARGO BANK NA LOC)ss+/-(q) 0.25 10/01/2033 11,260,000
 12,185,000 FULTON COUNTY GA SERIES 1474 (WATER & SEWER
 REVENUE, AGC-ICC FGIC INSURED)ss+/-++ 0.35 07/01/2012 12,185,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
GEORGIA (continued)
$ 5,000,000 GWINNETT COUNTY GA DEVELOPMENT AUTHORITY GOODWILL
 NORTH GA INCORPORATED PROJECT
 (OTHER REVENUE, BRANCH BANKING & TRUST LOC)ss+/- 0.30% 10/01/2033 $ 5,000,000
 9,835,000 GWINNETT COUNTY HOSPITAL AUTHORITY SERIES A
 (HFFA, FHLB LOC)ss+/- 0.30 07/01/2036 9,835,000
 5,700,000 MACON-BIBB COUNTY GA HOSPITAL AUTHORITY ANTIC
 MEDICAL CENTER SERIES B
 (HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.30 07/01/2028 5,700,000
 15,000,000 MAIN STREET NATURAL GAS INCORPORATED GAS PROJECT
 SERIES A (NATURAL GAS REVENUE)ss+/- 0.33 08/01/2040 15,000,000
 6,400,000 PRIVATE COLLEGES AND UNIVERSITIES AUTHORITY OF
 GEORGIA MERCER UNIVERSITY PROJECT
 SERIES 2003 (COLLEGE & UNIVERSITY REVENUE, BRANCH
 BANKING & TRUST LOC)ss+/- 0.30 10/01/2032 6,400,000
 5,500,000 PRIVATE COLLEGES AND UNIVERSITIES AUTHORITY OF
 GEORGIA MERCER UNIVERSITY PROJECT
 SERIES 2006-A (OTHER REVENUE, BRANCH BANKING &
 TRUST LOC)ss+/- 0.30 10/01/2036 5,500,000
 9,285,000 ROSELL GA HOUSING AUTHORITY (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.31 01/01/2034 9,285,000
 135,570,000
 ------------------
HAWAII: 0.10%
 5,000,000 HAWAII HOUSING FINANCE & DEVELOPMENT CORPORATION
 LOKAHI KAU SERIES 2008
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.29 12/01/2041 5,000,000
 ------------------
IDAHO: 0.20%
 10,000,000 COEUR D' ALENE ID (OTHER REVENUE, BANK OF AMERICA
 NA LOC)ss+/- 0.31 08/15/2022 10,000,000
 ------------------
ILLINOIS: 8.23%
 4,125,000 AURORA IL ECONOMIC DEVELOPMENT (COLLEGE &
 UNIVERSITY REVENUE, HARRIS TRUST
 SAVINGS BANK LOC)ss+/- 0.31 03/01/2035 4,125,000
 10,000,000 AUSTIN TRUST SERIES 2008-1098 (HCFR, ASSURED
 GUARANTY)ss+/-++ 0.33 08/15/2047 10,000,000
 16,160,000 CHICAGO IL BOARD OF EDUCATION SERIES 3010
 (PROPERTY TAX REVENUE,
 AMBAC INSURED)ss+/-++ 0.55 12/01/2030 16,160,000
 8,000,000 CHICAGO IL NEIGHBORHOODS ALIVE (PROPERTY TAX
 REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.29 01/01/2037 8,000,000
 3,205,000 CHICAGO IL WATER REVENUE SUBSERIES 04-3 (WATER
 REVENUE, STATE STREET BANK & TRUST
 COMPANY NA LOC)ss+/- 0.32 11/01/2031 3,205,000
 18,580,000 COOK COUNTY IL (PROPERTY TAX REVENUE, FIRST
 SECURITY BANK LOC)ss+/-++ 0.31 11/15/2011 18,580,000
 3,135,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-502
 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 01/01/2033 3,135,000
 1,600,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-555
 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 12/01/2021 1,600,000
 4,535,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-534
 (OTHER REVENUE, AMBAC INSURED)ss+/-++ 0.30 01/01/2022 4,535,000
 29,900,000 ECLIPSE FUNDING TRUST (WATER REVENUE, US BANK
 LOC)ss+/-++ 0.30 05/01/2014 29,900,000
 2,585,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY (OTHER
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.31 01/01/2029 2,585,000
 4,370,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY AURORA
 CENTRAL CATHOLIC HIGH SCHOOL
 (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.33 04/01/2024 4,370,000
 5,480,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY CHICAGO
 ACADEMY OF SCIENCES
 (RECREATIONAL FACILITIES REVENUE, JPMORGAN CHASE
 BANK LOC)ss+/- 0.33 01/01/2033 5,480,000
 4,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY COOK
 COMMUNICATIONS PROJECT
 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.50 03/01/2017 4,500,000
 1,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LAKE
 FOREST ACADEMY (OTHER REVENUE,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 12/01/2024 1,000,000
 4,300,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LOYALA
 ACADEMY PROJECT (PRIVATE SCHOOL
 REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.33 10/01/2031 4,300,000
 22,435,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY MCCORMICK
 THEOLOGICAL PROJECT B
 (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST
 CORPORATION LOC)ss+/- 0.33 06/01/2035 22,435,000
 9,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY
 PRESBYTERIAN HOMES PROJECT
 (HCFR, NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 04/01/2035 9,000,000
 10,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ST.
 IGNATIUS COLLEGE (OTHER REVENUE,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 06/01/2024 10,000,000
 23,700,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY YMCA
 METROPOLITAN CHICAGO PROJECT
 (RECREATIONAL FACILITIES REVENUE, HARRIS TRUST
 SAVINGS BANK LOC)ss+/- 0.30 06/01/2029 23,700,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
ILLINOIS (continued)
$ 5,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY CHICAGO
 ZOOLOGICAL SOCIETY SERIES B
 (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.33% 12/15/2025 $ 5,000,000
 175,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY NEWBERRY
 LIBRARY PROJECT (OTHER REVENUE,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.30 03/01/2028 175,000
 23,385,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY
 SERIES A (OTHER REVENUE,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.26 04/01/2033 23,385,000
 5,040,000 ILLINOIS FINANCE AUTHORITY BRITISH HOME RETIRED
 MEN (HCFR,
 LASALLE NATIONAL BANK NA LOC)ss+/- 0.45 11/01/2027 5,040,000
 8,600,000 ILLINOIS FINANCE AUTHORITY ELMHURST MEMORIAL
 HEALTHCARE SERIES D (HCFR, NORTHERN
 TRUST CORPORATION LOC)ss+/- 0.25 01/01/2048 8,600,000
 12,750,000 ILLINOIS FINANCE AUTHORITY LAKE FOREST COUNTRY DAY
 SCHOOL PROJECT (PRIVATE SCHOOL
 REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 07/01/2035 12,750,000
 11,500,000 ILLINOIS FINANCE AUTHORITY LOYOLA ACADEMY (PRIVATE
 SCHOOL REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.33 10/01/2037 11,500,000
 8,305,000 ILLINOIS FINANCE AUTHORITY POLLUTION CONTROL (PCR,
 JPMORGAN CHASE BANK LOC)ss+/- 0.31 05/01/2021 8,305,000
 22,605,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES
 (HFFA REVENUE,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 09/01/2024 22,605,000
 19,900,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES
 PROJECT (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/- 0.38 09/01/2031 19,900,000
 10,100,000 ILLINOIS FINANCE AUTHORITY RICHARD H. DRIEHAUS
 MUSEUM (OTHER REVENUE,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 02/01/2035 10,100,000
 43,570,000 ILLINOIS FINANCE AUTHORITY SPERTUS INSTITUTE (GO -
 STATES,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 09/01/2035 43,570,000
 13,000,000 ILLINOIS FINANCE AUTHORITY ST. IGNATIUS COLLEGE
 (PRIVATE SCHOOL REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.33 12/01/2036 13,000,000
 5,820,000 ILLINOIS FINANCE AUTHORITY THE CATHERINE COOK
 SCHOOL PROJECT (PRIVATE SCHOOL REVENUE,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 01/01/2037 5,820,000
 6,600,000 ILLINOIS FINANCE AUTHORITY THRESHOLDS PROJECT
 (HCFR, NORTHERN TRUST CORPORATION
 LOC)ss+/-++ 0.33 11/01/2035 6,600,000
 3,455,000 ILLINOIS FINANCE AUTHORITY XAVIER UNIVERSITY
 (COLLEGE & UNIVERSITY REVENUE,
 LASALLE NATIONAL BANK NA LOC)ss+/- 0.31 10/01/2033 3,455,000
 7,000,000 ILLINOIS FINANCE AUTHORTIY POLLUTION CONTROL
 (RESOURCE RECOVERY REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.26 03/01/2017 7,000,000
 10,505,000 ILLINOIS STATE XAVIER UNIVERSITY PROJECT SERIES A
 (COLLEGE & UNIVERSITY REVENUE,
 LASALLE NATIONAL BANK NA LOC)ss+/- 0.31 10/01/2032 10,505,000
 2,530,000 LAKE VILLA IL ALLENDALE ASSOCIATION PROJECT (OTHER
 REVENUE, LASALLE NATIONAL BANK
 NA LOC)ss+/- 0.32 10/01/2026 2,530,000
 5,675,000 MONMOUTH IL INDUSTRIAL PROJECT MONMOUTH COLLEGE
 PROJECT (COLLEGE & UNIVERSITY
 REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 2.25 06/01/2035 5,675,000
 925,000 QUINCY IL BLESSING HOSPITAL (HEALTH, HOSPITAL,
 NURSING HOME REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.23 11/15/2029 925,000
 3,330,000 SAINT CLAIR COUNTY IL MCKENDREE COLLEGE PROJECT
 (COLLEGE & UNIVERSITY REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.50 06/01/2034 3,330,000
 416,380,000
 ------------------
INDIANA: 3.07%
 2,885,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-549
 (OTHER REVENUE, FGIC INSURED)ss+/-++ 0.30 07/10/2021 2,885,000
 9,000,000 INDIANA FINANCE AUTHORITY COMMUNITY HEALTH NETWORK
 PROJECT 8
 (HCFR, PNC BANK NA LOC)ss+/- 0.26 07/01/2039 9,000,000
 5,340,000 INDIANA FINANCE AUTHORITY NORTHSHORE HEALTH CENTER
 PROJECT (HCFR, HARRIS NA LOC)ss+/- 0.32 07/01/2038 5,340,000
 13,250,000 INDIANA FINANCE AUTHORITY PARKVIEW HEALTH SYSTEM B
 (HCFR, NATIONAL CITY BANK LOC)ss+/- 0.26 11/01/2039 13,250,000
 3,250,000 INDIANA FINANCE AUTHORITY PARKVIEW HEALTH SYSTEM B
 (HCFR, NATIONAL CITY BANK LOC)ss+/- 0.25 11/01/2039 3,250,000
 7,100,000 INDIANA FINANCE AUTHORITY SISTERS OF SAINT FRANCIS
 SERIES H (HCFR, JPMORGAN
 CHASE BANK LOC)ss+/- 0.28 09/01/2048 7,100,000
 24,000,000 INDIANA GO REVENUE ANTICIPATION FUNDING PROGRAM
 NOTES SERIES 2010-A
 (OTHER REVENUE, JPMORGAN CHASE BANK LOC) 2.00 01/06/2011 24,130,451

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
INDIANA (continued)
$ 8,880,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCE
 AUTHORITY CLARIAN HEALTH
 OBLIGATED GROUP SERIES 2005-D (HCFR, BRANCH
 BANKING & TRUST LOC)ss+/- 0.27% 02/15/2030 $ 8,880,000
 5,275,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCE
 AUTHORITY CLARIAN HEALTH SERIES C
 (OTHER REVENUE, BRANCH BANKING & TRUST LOC)ss+/- 0.30 02/15/2030 5,275,000
 4,495,000 INDIANA HFFA REVENUE FAYETTE MEMORIAL HOSPITAL
 ASSOCIATION SERIES A (HCFR,
 US BANK NA LOC)ss+/- 0.25 10/01/2032 4,495,000
 3,425,000 INDIANA STATE DEVELOPMENT FINANCE AUTHORITY
 SYCAMORE SCHOOL PROJECT
 (PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.31 08/01/2024 3,425,000
 21,060,000 INDIANA STATE FINANCE AUTHORITY TRINITY HEALTH
 SERIES D2 (HCFR, US BANK LOC)ss+/- 0.23 12/01/2034 21,060,000
 11,905,000 INDIANAPOLIS IN CANAL SQUARE APARTMENTS (MFHR,
 FHLMC INSURED)ss+/- 0.30 04/01/2033 11,905,000
 8,555,000 INDIANAPOLIS IN INDUSTRIAL MULTIFAMILY HOUSING
 WASHINGTON POINTE PROJECT A
 (OTHER REVENUE, FNMA INSURED)ss+/- 0.27 04/15/2039 8,555,000
 24,825,000 INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK
 ROC-RR-II R 1179
 (WATER REVENUE, ASSURED GUARANTY)ss+/-++ 0.32 01/01/2017 24,825,000
 1,900,000 MARION IN ECONOMIC DEVELOPMENT WESLEYAN
 UNIVERSITY PROJECT (COLLEGE & UNIVERSITY
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.31 06/01/2036 1,900,000
 155,275,451
 ------------------
IOWA: 1.29%
 2,920,000 AUSTIN TRUST CERTIFICATES BOA SERIES
 2007-1011(HOUSING REVENUE,
 GO OF AUTHORITY)ss+/-++ 0.30 07/01/2041 2,920,000
 13,900,000 IOWA FINANCE AUTHORITY CARE INITIATIVES PROJECT
 (OTHER REVENUE,
 KBC BANK NV LOC)ss+/- 0.26 11/01/2026 13,900,000
 2,960,000 IOWA FINANCE AUTHORITY CEDARWOOD HILLS PROJECT
 SERIES A (MFHR, FHLMC INSURED)ss+/- 0.30 05/01/2031 2,960,000
 15,715,000 IOWA FINANCE AUTHORITY STUDENT HOUSING DES MOINES
 LLC PROJECT A
 (HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.31 06/01/2039 15,715,000
 8,085,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE
 COLLEGE DUBUQUE PROJECT
 (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST
 CORPORATION LOC)ss+/- 0.26 05/01/2029 8,085,000
 1,965,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE
 COLLEGE PROJECT
 (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.27 10/01/2038 1,965,000
 11,495,000 IOWA HIGHER EDUCATION LOAN AUTHORITY PRIVATE
 COLLEGES AMBROSE
 (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST
 LOC)ss+/- 0.26 04/01/2033 11,495,000
 8,415,000 IOWA HIGHER EDUCATION LOAN AUTHORITY UNIVERSITY
 OF DUBUQUE
 (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST
 COMPANY LOC)ss+/- 0.26 04/01/2035 8,415,000
 65,455,000
 ------------------
KANSAS: 0.75%
 18,000,000 KANSAS STATE DEPARTMENT OF TRANPORTATION SERIES D
 (HIGHWAY REVENUE)ss+/- 0.36 03/01/2012 18,000,000
 20,000,000 KANSAS STATE DEPARTMENT OF TRANSPORTATION SERIES
 C-4 (HIGHWAY REVENUE)ss+/- 0.28 09/01/2024 20,000,000
 38,000,000
 ------------------
KENTUCKY: 2.40%
 7,940,000 FORT MITCHELL KY LEAGUE OF CITIES FUNDING TRUST
 PROGRAM SERIES A
 (LEASE REVENUE, US BANK NA LOC)ss+/- 0.29 10/01/2032 7,940,000
 5,000,000 KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY
 (HCFR, JPMORGAN CHASE
 BANK INSURED)ss+/- 0.28 05/01/2033 5,000,000
 9,425,000 LOUISVILLE & JEFFERSON COUNTY KY METROPOLITAN
 GOVERNMENT WATERFORD PLACE
 APARTMENTS PROJECT (HOUSING REVENUE, FHLMC
 INSURED)ss+/- 0.31 01/01/2034 9,425,000
 89,000,000 LOUISVILLE & JEFFERSON COUNTY KY METROPOLITAN
 SEWER DISTRICT SEWER & DRAIN SYSTEMS
 SERIES A (SEWER REVENUE) 1.25 05/26/2011 89,401,041
 4,830,000 WILLIAMSTOWN KY LEAGUE OF CITIES FUNDING TRUST
 LEASE SERIES 2008-A
 (LEASE REVENUE, US BANK NA LOC)ss+/- 0.29 07/01/2038 4,830,000
 4,695,000 WILLIAMSTOWN KY LEAGUE OF CITIES FUNDING TRUST
 SERIES B (LEASE REVENUE, US BANK
 NA LOC)ss+/- 0.29 12/01/2038 4,695,000
 121,291,041
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
LOUISIANA: 0.61%
$ 865,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-577
 (OTHER REVENUE,
 AMBAC INSURED)ss+/-++ 0.30% 12/01/2020 $ 865,000
 7,845,000 LOUISIANA HFA WOODWARD (HOUSING REVENUE, FHLB
 INSURED)ss+/- 0.30 09/01/2033 7,845,000
 22,165,000 LOUISIANA STATE SERIES A (PROPERTY TAX REVENUE,
 BANQUE NATIONALE PARIS LOC)ss+/- 0.28 07/15/2026 22,165,000
 30,875,000
 ------------------
MAINE: 0.24%
 12,000,000 MAINE FINANCE AUTHORITY FOXCROFT ACADEMY (PRIVATE
 SCHOOLS REVENUE,
 TD BANK NA LOC)ss+/- 0.28 06/01/2038 12,000,000
 ------------------
MARYLAND: 1.66%
 39,000,000 MARYLAND HEFAR ANNE ARUNDEL HEALTH SYSTEM B
 (HCFR, MANUFACTURE & TRADERS TRUST COMPANY LOC)ss+/- 0.30 07/01/2043 39,000,000
 23,400,000 MARYLAND HEFAR MERCEY RIDGE (HCFR, ALL FIRST BANK
 LOC)ss+/- 0.27 04/01/2031 23,400,000
 8,000,000 MARYLAND HEFAR UNIVERSITY OF MARYLAND
 MEDICINE SYSTEM SERIES D (HFFA, TD BANK NA LOC)ss+/- 0.21 07/01/2041 8,000,000
 7,500,000 MARYLAND STATE HEFA UNIVERSITY OF MARYLAND MEDICAL
 SYSTEM SERIES E (HCFR,
 SUNTRUST BANK LOC)ss+/- 0.27 07/01/2041 7,500,000
 2,565,000 MONTGOMERY COUNTY MD ECONOMIC DEVELOPMENT
 (HOSPITAL REVENUE,
 WELL FARGO BANK NA LOC)ss+/-(q) 0.39 03/01/2032 2,565,000
 3,450,000 WESTMINSTER MD (COLLEGE & UNIVERSITY REVENUE,
 WELLS FARGO BANK LOC)ss+/-(q) 0.29 04/01/2030 3,450,000
 83,915,000
 ------------------
MASSACHUSETTS: 3.43%
 4,070,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-528
 (OTHER REVENUE,
 XLCA COMPANY INSURED)ss+/-++ 0.30 05/01/2039 4,070,000
 29,845,000 MASSACHUSETTS DEPARTMENT OF TRANSPORTATION METRO
 HIGHWAY SYSTEMS CONTRACT
 ASSISTANCE SERIES A-4 (HIGHWAY REVENUE TOLLS)ss+/- 0.25 01/01/2039 29,845,000
 15,000,000 MASSACHUSETTS DEPARTMENT OF TRANSPORTATION METRO
 HIGHWAY SYSTEMS CONTRACT
 ASSISTANCE SERIES A-5 (HIGHWAY REVENUE TOLLS)ss+/- 0.25 01/01/2039 15,000,000
 11,500,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BOSTON
 UNIVERSITY SERIES U-6E
 (COLLEGE & UNIVERSITY REVENUE, BANK OF NOVA SCOTIA
 LOC)ss+/- 0.25 10/01/2042 11,500,000
 12,270,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY CUSHING
 ACADEMY ISSUE
 (PRIVATE SCHOOL REVENUE, TD BANK NA LOC)ss+/- 0.28 03/01/2034 12,270,000
 12,750,000 MASSACHUSETTS HEFA CHILDREN HOSPITAL SERIES N-2
 (HEALTH, HOSPITAL& NURSING HOME REVENUE, TD BANK
 NA LOC)ss+/- 0.27 10/01/2042 12,750,000
 4,965,000 MASSACHUSETTS HEFA CAPITAL ASSET PROGRAM SERIES M
 (HCFR, FLEET NATIONAL BANK LOC)ss+/- 0.31 07/01/2039 4,965,000
 8,200,000 MASSACHUSETTS STATE DEPARTMENT OF TRANSPORTATION
 METRO HIGHWAY SYSTEM CONTRACT
 ASSISTANCE SERIES A-1 (HIGHWAY REVENUE TOLLS)ss+/- 0.25 01/01/2029 8,200,000
 6,600,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY
 BUCKINGHAM BROWN & NICHOLS
 (ECONOMIC DEVELOPMENT REVENUE, JPMORGAN CHASE BANK
 LOC)ss+/- 0.29 06/01/2036 6,600,000
 10,550,000 MASSACHUSETTS STATE DEVELOPMENT FINANCE AGENCY
 SHADY HILL SCHOOL (OTHER REVENUE)ss+/- 0.28 06/01/2038 10,550,000
 7,600,000 MASSACHUSETTS STATE HEFA BAYSTATE MEDICAL CENTER
 SERIES J1 (HCFR, JPMORGAN
 CHASE BANK LOC)ss+/- 0.27 07/01/2044 7,600,000
 25,000,000 MASSACHUSETTS STATE HEFA SERIES N-1 (COLLEGE &
 UNIVERSITY REVENUE)ss+/- 0.23 08/15/2040 25,000,000
 9,760,000 MASSACHUSETTS STATE HEFA SOUTH SHORE PROPERTY
 SERIES A (HCFR, WACHOVIA
 BANK LOC)ss+/-(q) 0.27 07/01/2033 9,760,000
 15,600,000 MASSACHUSETTS WATER RESOURCES AUTHORITY SERIES
 DCL- 003 (WATER REVENUE,
 DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/-++ 0.45 08/01/2037 15,600,000
 173,710,000
 ------------------
MICHIGAN: 1.46%
 23,020,000 DETROIT MI (SEWER REVENUE, FIRST SECURITY BANK
 LOC)ss+/-++ 0.32 04/01/2011 23,020,000
 8,000,000 DEUTSCHE BANK SPEARS/LIFERS TRUST SERIES DBE-711
 (HEALTH, HOSPITAL & NURSING HOME REVENUE)ss+/-++ 0.30 10/14/2030 8,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MICHIGAN (continued)
$ 1,660,000 GREEN LAKE TOWNSHIP MI ECONOMIC DEVELOPMENT
 CORPORATION
 (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.25% 06/01/2034 $ 1,660,000
 7,000,000 MICHIGAN FINANCE AUTHORITY SHORT AID NOTES SERIES
 D-3
 (OTHER REVENUE, BANK OF NOVA SCOTIA LOC) 2.00 08/22/2011 7,108,609
 5,000,000 MICHIGAN FINANCE AUTHORITY SHORT AID NOTES SERIES
 D-1(OTHER REVENUE, JPMORGAN
 CHASE BANK LOC) 2.00 08/19/2011 5,057,393
 7,000,000 MICHIGAN FINANCE AUTHORITY SHORT AID NOTES SERIES
 D-2 (OTHER REVENUE,
 JPMORGAN CHASE BANK LOC) 2.00 08/22/2011 7,108,609
 4,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY ASCENSION
 HEALTH GROUP SUBSERIES F-6 (HCFR)ss+/- 0.39 11/15/2049 4,000,000
 4,200,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY ASCENSION
 HEALTH GROUP SUBSERIES F-7 (HCFR)ss+/- 0.39 11/15/2049 4,200,000
 5,500,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY HOLLAND
 COMMUNITY HOSPITAL SERIES B
 (HOSPITAL REVENUE, BANK ONE MICHIGAN LOC)ss+/- 0.29 01/01/2034 5,500,000
 8,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY MCLAREN
 HEALTH CARE SERIES B
 (OTHER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.28 10/15/2030 8,000,000
 73,654,611
 ------------------
MINNESOTA: 4.31%
 8,925,000 ANDOVER MN PRESBYTERIAN HOMES INCORPORATED
 PROJECT (HOUSING REVENUE,
 FNMA INSURED)ss+/- 0.30 11/15/2033 8,925,000
 1,650,000 BLOOMINGTON MN BRISTOL VILLAGE (HOUSING REVENUE,
 FNMA INSURED)ss+/- 0.36 11/15/2032 1,650,000
 2,225,000 BLOOMINGTON MN PRESBYTERIAN HOMES (OTHER REVENUE,
 FHLMC INSURED)ss+/- 0.30 07/01/2038 2,225,000
 500,000 BROOKLYN CENTER MN BROOKDALE CORPORATION II
 PROJECT (IDR, FIRSTAR BANK NA LOC)ss+/- 0.25 12/01/2014 500,000
 4,045,000 BURNSVILLE MN BERKSHIRE PROJECT SERIES A (MFHR,
 FNMA INSURED)ss+/- 0.30 07/15/2030 4,045,000
 8,350,000 BURNSVILLE MN SOUTHWIND APARTMENTS PROJECT (MFHR,
 FHLMC INSURED)ss+/- 0.30 01/01/2035 8,350,000
 6,900,000 CENTER CITY MN HEALTH CARE FACILITIES HAZELDEN
 FOUNDATION PROJECT
 (HCFR, ALLIED IRISH BANK PLC LOC)ss+/- 2.55 11/01/2020 6,900,000
 2,750,000 CENTER CITY MN HEALTH CARE FACILITIES HAZELDEN
 FOUNDATION PROJECT
 (HOSPITAL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 2.55 11/01/2027 2,750,000
 1,010,000 CENTER CITY MN HEALTH CARE FACILITIES HAZELDEN
 FOUNDATION PROJECT
 (HCFR, BANK OF NEW YORK LOC)ss+/- 0.26 11/01/2035 1,010,000
 3,250,000 CRYSTAL MN MFHR CRYSTAL APARTMENTS PROJECT (MFHR,
 FHLB INSURED)ss+/- 0.36 05/01/2027 3,250,000
 4,530,000 DAKOTA COUNTY MN CDA CATHOLIC FINANCE CORPORATION
 (ECONOMIC DEVELOPMENT
 REVENUE, US BANK NA LOC)ss+/- 0.39 01/01/2012 4,530,000
 3,685,000 DAKOTA COUNTY MN RDA (OTHER REVENUE, MERRILL
 LYNCH CAPITAL SERVICES LOC)ss+/-++ 0.33 06/01/2029 3,685,000
 5,955,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-489
 (OTHER REVENUE, AMBAC INSURED)ss+/-++ 0.30 01/01/2030 5,955,000
 990,000 EDEN PRAIRIE MN EDEN GLEN APARTMENTS PROJECT
 (MFHR, FNMA INSURED)ss+/- 0.30 02/15/2031 990,000
 2,680,000 EDINA MN EDINA PARK PLAZA (MFHR, FHLMC
 INSURED)ss+/- 0.36 12/01/2029 2,680,000
 10,585,000 INVER GROVE HEIGHTS MN INVER GROVE INCORPORATED
 PROJECT (HOUSING REVENUE,
 FNMA INSURED)ss+/- 0.30 05/15/2035 10,585,000
 1,620,000 MAPLE GROVE MN MFHR BASSWOOD TRAILS PROJECT
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.30 03/01/2029 1,620,000
 125,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK
 ACADEMY PROJECT
 (PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.29 10/01/2023 125,000
 2,705,000 MAPLEWOOD MN EDUCATIONAL FACILITIES MOUNDS PARK
 ACADEMY PROJECT
 (PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.29 10/01/2031 2,705,000
 35,125,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS
 HEALTH CARE SERIES B
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.25 08/15/2025 35,125,000
 12,565,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA CHILDRENS
 HOSPITALS CLINICS SERIES A
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.27 08/15/2037 12,565,000
 500,000 MINNEAPOLIS & ST. PAUL MN HOUSING & RDA HEALTH
 CARE FACILITIES SERIES A
 (HCFR, FIRST SECURITY BANK LOC)ss+/- 0.27 08/15/2034 500,000
 965,000 MINNEAPOLIS MN MACPHAIL CENTER FOR MUSIC PROJECT
 (STATE & LOCAL GOVERNMENTS, US BANK NA LOC)ss+/- 0.25 08/01/2036 965,000
 991,000 MINNEAPOLIS MN MINNEHAHA ACADEMY PROJECT (PRIVATE
 SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.25 05/01/2026 991,000
 955,000 MINNESOTA STATE CONCORDIA UNIVERSITY SERIES P1
 (COLLEGE & UNIVERSITY REVENUE, US BANK NA LOC)ss+/- 0.22 04/01/2027 955,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MINNESOTA (continued)
$ 2,000,000 MINNESOTA STATE TRUNK HIGHWAY SERIES B
 (ADVALOREM PROPERTY TAX REVENUE) 4.00% 08/01/2011 $ 2,067,878
 5,205,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES
 4O (COLLEGE & UNIVERSITY REVENUE,
 ALLIED IRISH BANK PLC LOC)ss+/- 2.00 10/01/2021 5,205,000
 2,950,000 MINNESOTA STATE UNIVERSITY OF ST. THOMAS SERIES 6H
 (OTHER REVENUE, BANK OF NEW YORK LOC)ss+/- 0.28 10/01/2032 2,950,000
 5,435,000 MINNETONKA MN (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 05/15/2034 5,435,000
 2,665,000 MINNETONKA MN MINNETONKA HILLS APARTMENTS (MFHR,
 FNMA INSURED)ss+/- 0.30 11/15/2031 2,665,000
 9,480,000 OAK PARK HEIGHTS MN BOUTWELLS LANDING PROJECT
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.30 11/01/2035 9,480,000
 5,150,000 PINE CITY MN STATE AGENCY (HOUSING REVENUE, FNMA
 INSURED)ss+/- 0.30 04/15/2036 5,150,000
 2,865,000 PLYMOUTH MN LANCASTER VILLAGE APARTMENTS PROJECT
 (HOUSING REVENUE,
 FNMA INSURED)ss+/- 0.30 09/15/2031 2,865,000
 300,000 ROSEVILLE MN PRESBYTERIAN HOMES CARE PROJECT
 (HCFR, US BANK NA LOC)ss+/- 0.25 10/01/2029 300,000
 1,145,000 SPRING LAKE PARK MN SENIOR HOUSING OAK CREST
 APARTMENTS PROJECT
 (HOUSING REVENUE, US BANK NA LOC)ss+/- 0.30 02/15/2033 1,145,000
 2,550,000 ST. ANTHONY MN AUTUMN WOODS HOUSING PROJECT
 (MFHR, FNMA INSURED)ss+/- 0.30 05/15/2032 2,550,000
 13,200,000 ST. CLOUD MN HEALTH CENTRAL CARE SERIES C (HCFR,
 ASSURED GUARANTY)ss+/- 0.27 05/01/2042 13,200,000
 7,710,000 ST. CLOUD MN CENRACARE HEALTH SERIES A (HOSPITAL
 REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.24 05/01/2042 7,710,000
 11,300,000 ST. LOUIS PARK MN KNOLLWOOD PLACE (MFHR, FNMA
 INSURED)ss+/- 0.30 10/01/2035 11,300,000
 1,045,000 ST. LOUIS PARK MN MFHR PARKSHORE PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 08/01/2034 1,045,000
 1,000,000 ST. PAUL MN HOUSING & RDA HIGHLAND RIDGE PROJECT
 (MFHR, FNMA INSURED)ss+/- 0.30 10/01/2033 1,000,000
 400,000 ST. PAUL MN HOUSING & RDA SCIENCE MUSEUM OF
 MINNESOTA SERIES A
 (RECREATIONAL FACILITIES REVENUE, US BANK NA
 LOC)ss+/- 0.32 05/01/2027 400,000
 625,000 ST. PAUL MN PORT AUTHORITY (OTHER REVENUE,
 DEUTSCHE BANK AG LOC)ss+/- 0.26 12/01/2028 625,000
 2,655,000 ST. PAUL MN PORT AUTHORITY DISTRICT COOLING
 SERIES 13-FF
 (IDR, DEUTSCHE BANK AG LOC)ss+/- 0.26 03/01/2029 2,655,000
 315,000 ST. PAUL MN PORT AUTHORITY DISTRICT HEATING
 SERIES 14-S (OTHER REVENUE,
 DEUTSCHE BANK AG LOC)ss+/- 0.26 12/01/2028 315,000
 1,000,000 ST. PAUL MN PORT AUTHORITY DISTRICT SERIES 11DD
 (OTHER REVENUE,
 DEUTSCHE BANK AG LOC)ss+/- 0.26 03/01/2029 1,000,000
 5,680,000 ST. PAUL MN PORT AUTHORITY MFHR (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.30 02/01/2034 5,680,000
 5,500,000 ST. PAUL MN PORT AUTHORITY TAX INCREMENT WESTGATE
 OFFICE & INDUSTRIAL CENTER PROJECT
 (IDR, US BANK NA LOC)ss+/- 0.27 02/01/2015 5,500,000
 4,195,000 UNIVERSITY OF MINNESOTA SERIES A (COLLEGE &
 UNIVERSITY REVENUE, GO OF UNIVERSITY)ss+/- 0.31 08/15/2031 4,195,000
 218,018,878
 ------------------
MISSISSIPPI: 0.72%
 1,450,000 JACKSON COUNTY MS PORT FACILITY REVENUE CHEVRON
 USA INCORPORATED PROJECT (LDR)ss+/- 0.21 06/01/2023 1,450,000
 1,500,000 MISSISSIPPI BUSINESS FINANCE CORPORATION CHEVRON
 USA (IDR)ss+/- 0.24 12/01/2030 1,500,000
 5,100,000 MISSISSIPPI BUSINESS FINANCE CORPORATION GULF
 OPPORTUNITY ZONE PROJECT LLC
 (IDR, FHLB INSURED)ss+/- 0.30 08/01/2035 5,100,000
 17,200,000 MISSISSIPPI BUSINESS FINANCE CORPORATION TINDALL
 CORPORATION PROJECT
 (IDR, WELLS FARGO BANK NA LOC)ss+/-(q) 0.29 04/01/2028 17,200,000
 11,325,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION
 HARRISON COUNTY UTILITY
 AUTHORITY WASTEWATER TREATMENT PROJECT SERIES
 2006-A
 (RESOURCE RECOVERY REVENUE, FSA INSURED)ss+/- 0.37 07/01/2033 11,325,000
 36,575,000
 ------------------
MISSOURI: 2.12%
 4,300,000 INDEPENDENCE MO IDA THE MANSIONS PROJECT (MFHR,
 FHLMC INSURED)ss+/- 0.30 08/01/2035 4,300,000
 6,000,000 JACKSON COUNTY MO IDA KANSAS CITY HOSPICE (OTHER
 REVENUE, FIFTH THIRD BANK LOC)ss+/- 0.27 01/01/2030 6,000,000
 17,700,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN
 FOUNDATION (OTHER REVENUE)ss+/- 0.26 04/01/2027 17,700,000
 1,905,000 KANSAS CITY MO IDA REVENUE EWING MARION KAUFFMAN
 FOUNDATION SERIES A
 (OTHER REVENUE)ss+/- 0.26 04/01/2027 1,905,000
 4,500,000 MISSOURI HEFA WASHINGTON UNIVERSITY PROJECT
 SERIES B (COLLEGE & UNIVERSITY REVENUE)ss+/- 0.21 02/15/2033 4,500,000
 7,720,000 MISSOURI STATE DEVELOPMENT FINANCE BOARD
 ASSOCIATION OF MUNICIPAL UTILITIES
 (LEASE REVENUE, US BANK NA LOC)ss+/- 0.25 06/01/2033 7,720,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------

MISSOURI (continued)
$ 13,000,000 MISSOURI STATE DEVELOPMENT FINANCE BOARD EWING
 MARION KAUFFMAN PROJECT
 SERIES A (OTHER REVENUE)ss+/- 0.26% 06/01/2037 $ 13,000,000
 5,300,000 MISSOURI STATE HEFA CHILDRENS MERCY HOSPITAL
 SERIES A (HCFR, UBS AG LOC)ss+/- 0.26 05/15/2032 5,300,000
 1,890,000 MISSOURI STATE HEFA CHILDRENS MERCY HOSPITAL
 SERIES B (HCFR, UBS AG LOC)ss+/- 0.26 05/15/2023 1,890,000
 5,575,000 MISSOURI STATE HEFA RANKEN TECHNICAL COLLEGE
 (COLLEGE & UNIVERSITY REVENUE,
 RADIAN INSURED)ss+/- 0.26 11/15/2031 5,575,000
 5,615,000 MISSOURI STATE HIGHWAY & TRANSPORTATION
 COMMISSION MULTI MODAL THIRD LIEN B2
 (TOLL ROAD REVENUE, STATE STREET BANK & TRUST
 COMPANY NA LOC)ss+/- 0.28 05/01/2015 5,615,000
 5,000,000 ST LOUIS IDA VARIOUS ST. LUKES PLAZA APARTMENTS
 (HOUSING REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.28 08/01/2017 5,000,000
 1,765,000 ST. LOUIS COUNTY MO IDA HEATHERBROOK GARDENS (HOUSING
 REVENUE, US BANK NA LOC)ss+/- 0.49 03/01/2022 1,765,000
 16,000,000 ST. LOUIS COUNTY MO IDA PELICAN COVE PROJECT
 (MFHR, FNMA INSURED)ss+/- 0.30 03/15/2034 16,000,000
 985,000 ST. LOUIS COUNTY MO IDA WHITFIELD SCHOOL
 INCORPORATED SERIES B (COLLEGE & UNIVERSITY
 REVENUE, US BANK NA LOC)ss+/- 0.30 06/15/2024 985,000
 10,000,000 ST. LOUIS COUNTY MO SPECIAL OBLIGATION TRAN
 (OTHER REVENUE) 0.45 08/01/2011 10,007,002
 107,262,002
 ------------------
NEBRASKA: 0.50%
 19,930,000 CENTRAL PLAINS NE NEBRASKA GAS PROJECT NO. 2
 SERIES 2009 (NATURAL GAS REVENUE)ss+/- 0.31 08/01/2039 19,930,000
 5,100,000 NUCKOLLS COUNTY NE AGREX INCORPORATED PROJECT
 (OTHER REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.30 02/01/2015 5,100,000
 25,030,000
 ------------------
NEVADA: 1.64%
 10,000,000 CLARK COUNTY NV AIRPORT SERIES E-1 (AIRPORT &
 MARINA REVENUE) 2.50 06/01/2011 10,138,787
 23,850,000 LAS VEGAS NV VARIOUS PURPOSE SERIES C (PROPERTY
 TAX REVENUE,
 LLOYDS TSB BANK PLC LOC)ss+/- 0.25 06/01/2036 23,850,000
 34,000,000 LAS VEGAS NV ECONOMIC DEVELOPMENT (OTHER REVENUE,
 BANK OF NEW YORK LOC)ss+/- 0.27 10/01/2035 34,000,000
 11,855,000 RENO NV CAPITAL IMPROVEMENT SERIES A (TAX
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.30 06/01/2032 11,855,000
 3,100,000 RENO NV SALES TAX REVENUE VARIOUS REFUNDING
 SENIOR LIEN-RENO TRANSPORTATION RAIL
 ACCESS CORRIDOR PROJECT (SALES TAX REVENUE, BANK
 OF NEW YORK LOC)ss+/- 0.25 06/01/2042 3,100,000
 82,943,787
 ------------------
NEW HAMPSHIRE: 1.84%
 8,000,000 MERRIMACK COUNTY NH GO TRAN (PROPERTY TAX REVENUE) 1.00 12/30/2010 8,010,507
 6,100,000 NEW HAMPSHIRE HEFA CROTCHED MOUNTAIN
 REHABILITATION (HFFA REVENUE, ALLIED IRISH
 BANK PLC LOC)ss+/- 2.50 01/01/2037 6,100,000
 19,585,000 NEW HAMPSHIRE HEFA DARTMOUTH HITCHCOCK OBLIGATION
 A (HCFR, AGM INSURED)ss+/- 0.36 08/01/2031 19,585,000
 12,840,000 NEW HAMPSHIRE HEFA FRISBIE MEMORIAL HOSPITAL
 (HFFA REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.30 10/01/2036 12,840,000
 3,995,000 NEW HAMPSHIRE HEFA PROCTER ACADEMY (OTHER
 REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 2.50 07/01/2038 3,995,000
 29,865,000 NEW HAMPSHIRE HEFA SAINT ANSELM COLLEGE (OTHER
 REVENUE, RBS CITIZENS NA LOC)ss+/- 0.27 06/01/2038 29,865,000
 8,200,000 NEW HAMPSHIRE HEFA TILTON SCHOOL (OTHER REVENUE,
 BANK OF NOVA SCOTIA LOC)ss+/- 0.43 02/01/2036 8,200,000
 4,255,000 NEW HAMPSHIRE STATE BUSINESS FINANCE AUTHORITY
 ALICE PECK DAY HEALTH SYSTEM
 (HOUSING REVENUE, TD BANK NA LOC)ss+/- 0.25 10/01/2043 4,255,000
 92,850,507
 ------------------
NEW JERSEY: 1.72%
 43,000,000 CLIPPER TAX EXEMPT CERTIFICATE TRUST 2009-70
 (TRANSIT REVENUE)ss+/-++ 0.30 12/15/2023 43,000,000
 3,505,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-511
 (OTHER REVENUE)ss+/-++ 0.30 01/01/2032 3,505,000
 2,550,000 NEW JERSEY STATE TRANSPORTATION SERIES 146 (SALES
 TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.31 06/15/2011 2,550,000
 10,500,000 NORTH BRUNSWICK NJ BOND ANTICIPATION NOTES
 (PROPERTY TAX) 1.25 08/11/2011 10,588,712
 6,795,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS
 MT-638 (STUDENT LOAN REVENUE)ss+/-++ 0.29 12/01/2024 6,795,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
NEW JERSEY (continued)
$ 18,200,000 SALEM COUNTY NJ POLLUTION CONTROL FINANCE
 AUTHORITY ATLANTIC CITY ELECTRIC (ELECTRIC,
 POWER & LIGHT REVENUE, JPMORGAN BANK LOC)ss+/- 0.32% 04/15/2014 $ 18,200,000
 2,500,000 SOUTH RIVER BOROUGH NJ (PROPERTY TAX REVENUE) 1.50 12/21/2010 2,506,038
 87,144,750
 ------------------
NEW MEXICO: 1.16%
 5,000,000 NEW MEXICO FINANCE AUTHORITY STATE SUBSERIES A1
 (OTHER REVENUE,
 STATE STREET BANK & TRUST NA LOC)ss+/- 0.26 06/15/2024 5,000,000
 40,000,000 NEW MEXICO MUNICIPAL ENERGY ACQUISITION AUTHORITY
 GAS SUPPLY SERIES 2009
 (NATURAL GAS REVENUE)ss+/- 0.31 11/01/2039 40,000,000
 5,000,000 NEW MEXICO STATE (TAX REVENUE) 2.50 06/30/2011 5,090,644
 8,580,000 ROSEWELL MN ROSWELL LLC PROJECT SERIES A (COLLEGE
 & UNIVERSITY REVENUE)ss+/- 0.40 07/01/2036 8,580,000
 58,670,644
 ------------------
NEW YORK: 7.03%
 7,970,000 BRANCH BANK & TRUST MUNICIPAL TRUST SERIES 1039
 (OTHER REVENUE,
 BRANCH BANKING & TRUST LOC)ss+/-++ 0.36 06/01/2025 7,970,000
 10,080,000 BUFFALO NY MUNICIPAL WATER FINANCE AUTHORITY
 (WATER REVENUE, JPMORGAN CHASE
 BANK LOC)ss+/- 0.25 07/01/2035 10,080,000
 29,170,000 CITY OF NEW YORK NY (PROPERTY TAX REVENUE,
 TORONTA DOMINION BANK LOC)ss+/- 0.25 09/01/2027 29,170,000
 525,000 LONG ISLAND NY POWER AUTHORITY ELECTRIC SUBSERIES
 1B (ELECTRIC, POWER & LIGHT REVENUE,
 STATE STREET BANK & TRUST COMPANY LOC)ss+/- 0.24 05/01/2033 525,000
 5,000,000 MARLBORO NY CENTRAL SCHOOL DISTRICT (PROPERTY TAX
 REVENUE, STATE AID
 WITHHOLDING) 1.50 10/21/2010 5,005,667
 11,180,000 METROPOLITAN NY TRANSITION AUTHORITY
 (TRANSPORTATION REVENUE,
 AMBAC INSURED)ss+/-++ 0.54 11/15/2023 11,180,000
 3,000,000 MIDDLETOWN NY BOND ANTICIPATION NOTES (PROPERTY
 TAX REVENUE) 1.50 04/08/2011 3,011,588
 20,185,000 NEW YORK CITY MUNICIPAL WATER FINANCE VARIOUS
 SUBORDINATED SERIES B3
 (WATER REVENUE)ss+/- 0.25 06/15/2025 20,185,000
 14,400,000 NEW YORK CITY MUNICIPAL WATER FINANCE VARIOUS
 SUBORDINATED
 SERIES 1B (WATER & SEWER REVENUE)ss+/- 0.25 06/15/2035 14,400,000
 14,800,000 NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY
 BUILDING AID CLASS A
 (TAX REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.31 01/15/2037 14,800,000
 18,335,000 NEW YORK CONVENTION CENTER DEVELOPMENT
 CORPORATION NEW YORK HOTEL UNIT FEE
 SECURED SERIES 3095 (TAX REVENUE, AMBAC
 INSURED)ss+/-++ 0.30 11/15/2044 18,335,000
 7,605,000 NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY
 (TRANSPORTATION REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.32 11/15/2025 7,605,000
 14,875,000 NEW YORK NY CITY HOUSING DEVELOPMENT CORPORATION
 MULITFAMILY RENT HOUSING
 BALTON SERIES A (HOUSING REVENUE, FGHLM
 INSURED)ss+/- 0.29 09/01/2049 14,875,000
 650,000 NEW YORK NY (PROPERTY TAX REVENUE, BANK OF NEW
 YORK LOC)ss+/- 0.24 03/01/2034 650,000
 4,170,000 NEW YORK NY CITY TRANSITIONAL FINANCE AUTHORITY
 NYC RECOVERY SERIES 1 SUB 1C
 (INCOME TAX REVENUE)ss+/- 0.23 11/01/2022 4,170,000
 20,460,000 NEW YORK NY CITY TRANSITIONAL FINANCE AUTHORITY
 NYC RECOVERY SERIES 3 (TAX REVENUE)ss+/- 0.38 11/01/2022 20,460,000
 24,900,000 NEW YORK NY CITY TRANSITIONAL FINANCE AUTHORITY
 SUBSERIES F-5 (TAX REVENUE,
 SUMITOMO MITSUI BANKING LOC)ss+/- 0.25 02/01/2035 24,900,000
 10,050,000 NEW YORK NY MUNICIPAL WATER & SEWER FINANCE
 AUTHORITY FISCAL YEAR 2009
 SERIES 3484 (WATER REVENUE)ss+/-++ 0.26 06/15/2033 10,050,000
 19,100,000 NEW YORK NY SERIES L5 (PROPERTY TAX REVENUE)ss+/- 0.27 04/01/2035 19,100,000
 16,900,000 NEW YORK NY SUBSERIES C-3 (PROPERTY TAX REVENUE,
 BNP PARIBAS LOC)ss+/- 0.26 08/01/2020 16,900,000
 9,405,000 NEW YORK NY SUBSERIES E4 (OTHER REVENUE, FORTIS
 BANQUE LOC)ss+/- 0.31 03/01/2034 9,405,000
 6,700,000 NEW YORK NY SUBSERIES F4 (PROPERTY TAX REVENUE,
 ROYAL BANK OF SCOTLAND LOC)ss+/- 0.30 09/01/2035 6,700,000
 6,100,000 NEW YORK NY TRANSITIONAL FINANCE AUTHORITY SERIES
 3F (TAX REVENUE)ss+/- 0.24 11/01/2022 6,100,000
 19,640,000 NEW YORK STATE DORMITORY AUTHORITY ST. JOHN
 UNIVERSITY SERIES B-1 (COLLEGE &
 UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.25 07/01/2034 19,640,000
 15,000,000 NEW YORK STATE HOUSING FINANCE AGENCY ECONOMIC
 DEVELOPMENT
 (INCOME TAX REVENUE)ss+/- 0.30 03/15/2033 15,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
NEW YORK (continued)
$ 5,000,000 NIAGARA COUNTY NY IDA NIAGARA UNIVERSITY PROJECT
 SERIES B (IDR, HOUSEHOLD
 SERVICES BANK CORPORATION LOC)ss+/- 0.27% 11/01/2031 $ 5,000,000
 18,000,000 OYSTER BAY NY BOND ANTICIPATION NOTES (PROPERTY
 TAX REVENUE) 1.25 08/12/2011 18,161,115
 6,500,000 TARRYTOWNS NY UNIFIED SCHOOL DISTRICT BOND
 ANTICIPATION NOTES (PROPERTY TAX REVENUE,
 STATE AID WITHOLDING) 1.50 08/12/2011 6,569,733
 8,460,000 TRIBOROUGH BRIDGE & TUNNEL AUTHORITY SERIES A
 (HIGHWAY REVENUE, GO OF AUTHORITY
 INSURED)ss+/- 0.32 11/01/2035 8,460,000
 7,000,000 WATERVLIET CITY NY SCHOOL DISTRICT (PROPERTY TAX
 REVENUE, STATE AID WITHHOLDING) 1.50 01/27/2011 7,019,980
 355,428,083
 ------------------
NORTH CAROLINA: 1.73%
 10,000,000 DURHAM COUNTY NC COP (OTHER REVENUE, SUNTRUST
 BANK LOC)ss+/- 0.30 06/01/2034 10,000,000
 5,610,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY
 (OTHER REVENUE,
 BRANCH BANKING & TRUST LOC)ss+/- 0.27 03/01/2031 5,610,000
 6,000,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY
 CAMPBELL UNIVERSITY (COLLEGE &
 UNIVERSITY REVENUE, BRANCH BANKING & TRUST
 LOC)ss+/- 0.30 10/01/2034 6,000,000
 6,515,000 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY
 O'NEAL SCHOOL PROJECT
 (OTHER REVENUE, WELLS FARGO BANK LOC)ss+/-(q) 0.29 09/01/2029 6,515,000
 4,800,000 NORTH CAROLINA EDUCATION CARE COMMUNITY HEALTH
 CARE FACILITIES UNIVERSITY HEALTH
 SYSTEMS OF EASTERN CAROLINA SERIES 2008-B-1
 (HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.26 12/01/2036 4,800,000
 15,300,000 NORTH CAROLINA EDUCATION CARE COMMUNITY HEALTH
 CARE FACILITIES UNIVERSITY HEALTH
 SYSTEMS OF EASTERN CAROLINA SERIES 2008-B-2
 (HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.28 12/01/2036 15,300,000
 980,000 NORTH CAROLINA EDUCATIONAL FACILITIES FINANCE
 AGENCY CHARLOTTE DAY SCHOOL
 (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.31 08/01/2020 980,000
 11,725,000 NORTH CAROLINA MEDICAL CARE COMMISSION CAROL
 WOODS PROJECT (HCFR,
 RADIAN INSURED)ss+/- 0.25 04/01/2031 11,725,000
 8,665,000 NORTH CAROLINA MEDICAL CARE COMMISSION POOLED
 EQUIPMENT FINANCING PROJECT
 (HCFR, KBC BANK NV LOC)ss+/- 0.25 12/01/2025 8,665,000
 7,550,000 NORTH CAROLINA MEDICAL CARE COMMISSION UNIVERSITY
 HEALTH SYSTEM SERIES A1
 (HCFR, BANK OF AMERICA NA LOC)ss+/- 0.29 12/01/2028 7,550,000
 4,680,000 NORTH CAROLINA MEDICAL CARE COMMISSION WAYNE
 MEMORIAL HOSPITAL (HCFR,
 BRANCH BANKING & TRUST LOC)ss+/- 0.29 10/01/2036 4,680,000
 2,065,000 NORTH CAROLINA MEDICAL CARE COMMUNITY
 PRESBYTERIAN HOME PROJECT (HCFR,
 WELLS FARGO BANK LOC)ss+/-(q) 0.29 08/01/2024 2,065,000
 3,500,000 PIEDMONT TRIAD NC AIRPORT AUTHORITY SERIES A
 (AIRPORT REVENUE,
 BRANCH BANKING & TRUST LOC)ss+/- 0.31 07/01/2032 3,500,000
 87,390,000
 ------------------
NORTH DAKOTA: 0.20%
 10,000,000 NORTH DAKOTA RURAL WATER FINANCE CORPORATION
 PUBLIC PROJECT CONSTRUCTION
 NOTES A-4 (WATER REVENUE) 1.50 09/01/2011 10,079,352
 ------------------
OHIO: 2.48%
 8,600,000 CLEVELAND OH AIRPORT SYSTEM SERIES D (AIRPORT
 REVENUE, KBC BANK NV LOC)ss+/- 0.37 01/01/2024 8,600,000
 5,400,000 CUYAHOGA COUNTY OH HOUSING CORPORATION SERIES A
 (COLLEGE & UNIVERSITY REVENUE,
 PNC BANK NA LOC)ss+/- 0.26 08/01/2042 5,400,000
 9,500,000 FRANKLIN COUNTY OH (HCFR, PNC BANK NA LOC)ss+/- 1.00 07/01/2036 9,500,000
 8,645,000 FRANKLIN COUNTY OH US HEALTH CORPORATION SERIES A
 (HCFR, US BANK NA LOC)ss+/- 0.28 12/01/2021 8,645,000
 12,390,000 HAMILTON COUNTY OH PARKING SYSTEM (OTHER REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.30 12/01/2026 12,390,000
 22,210,000 LANCASTER OH PORT AUTHORITY GAS SERIES 2008
 (NATURAL GAS REVENUE)ss+/- 0.31 05/01/2038 22,210,000
 13,805,000 OHIO STATE HEFAR OHIO DOMINICAN UNIVERSITY
 PROJECT (OTHER REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.30 12/01/2037 13,805,000
 6,510,000 OHIO STATE WATER DEVELOPMENT AUTHORITY FIRST
 ENERGY GENERAL CORPORATION SERIES A
 (IDR, BARCLAYS BANK PLC LOC)ss+/- 0.23 05/15/2019 6,510,000
 9,600,000 PORTAGE COUNTY OH ROBINSON MEMORIAL HOSPITAL
 (HCFR, JPMORGAN CHASE BANK LOC)ss+/- 0.32 09/01/2033 9,600,000
 2,810,000 WARREN COUNTY OH CINCINNATI ELECTRICITY
 CORPORATION PROJECT
 (IDR, BANK OF NOVA SCOTIA LOC)ss+/- 0.47 09/01/2015 2,810,308

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
OHIO (continued)
$ 15,530,000 WARREN COUNTY OH HEALTH CARE FACILITIES OTTERBEIN
 HOMES SERIES B (HCFR,
 US BANK NA LOC)ss+/- 0.27% 07/01/2023 $ 15,530,000
 10,535,000 WASHINGTON COUNTY OH MARIETTA AREA HEALTH PROJECT
 (OTHER REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.26 03/01/2033 10,535,000
 125,535,308
 ------------------
 OKLAHOMA: 0.46%
 4,695,000 OKLAHOMA STATE IDA TEAL RIDGE MANOR CORPORATION
 PROJECT (HCFR, BANK OF AMERICA
 NA LOC)ss+/- 0.50 11/01/2018 4,695,000
 10,090,000 OKLAHOMA STATE MUNICIPAL POWER AUTHORITY SERIES
 1880 (ELECTRIC REVENUE,
 FGIC INSURED)ss+/-++ 0.40 01/01/2015 10,090,000
 8,400,000 OKLAHOMA STATE TURNPILE AUTHORITY SERIES F
 (HIGHWAY REVENUE TOLLS)ss+/- 0.25 01/01/2028 8,400,000
 23,185,000
 ------------------
OREGON: 0.23%
 4,100,000 MEDFORD OR HOSPITAL FACILITIES AUTHORITY CASCADE
 MANOR PROJECT
 (HCFR, KBC BANK NV LOC)ss+/- 0.28 07/01/2036 4,100,000
 3,995,000 MULTNOMAH COUNTY OR HOSPITAL FACILITIES AUTHORITY
 OREGON BAPTIST RETIREMENT
 (HCFR, US BANK NA LOC)ss+/- 0.27 11/01/2034 3,995,000
 3,700,000 OREGON STATE FACILITIES AUTHORITY HAZELDEN
 SPRINGBROOK PROJECT A
 (OTHER REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 2.55 11/01/2025 3,700,000
 11,795,000
 ------------------
OTHER: 0.49%
 25,000,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS CLASS
 C 1001 (OTHER INCOME,
 FHLMC INSURED)+++/-ss 0.33 03/01/2040 25,000,000
 ------------------
PENNSYLVANIA: 3.06%
 4,500,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH
 EDUCATION CENTER SERIES C (HCFR, PNC BANK NA
 LOC)ss+/- 0.24 05/15/2038 4,500,000
 9,500,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH
 EDUCATION CENTER PROJECT SERIES 2007-B-2 (HCFR,
 ROYAL BANK OF CANADA LOC)ss+/-++ 0.29 04/15/2039 9,500,000
 13,275,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UPMC SENIOR LIVING
 CORPORATION (HCFR, FNMA INSURED)ss+/- 0.29 07/15/2028 13,275,000
 3,750,000 ALLEGHENY COUNTY PA INDUSTRIAL DEVELOPMEN
 AUTHORITY (PRIVATE SCHOOL REVENUE,
 PNC BANK NA LOC)ss+/- 0.29 08/01/2040 3,750,000
 10,000,000 BEAVER COUNTY PA IDA ELECTRIC COMPANY PROJECT
 SERIES A (ELECTRIC POWER & LIGHT
 REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.29 11/01/2020 10,000,000
 10,000,000 BEAVER COUNTY PA IDA MET EDISON COMPANY PROJECT
 SERIES A (OTHER REVENUE,
 ROYAL BANK OF SCOTLAND LOC)ss+/- 0.29 07/15/2021 10,000,000
 9,000,000 BERKS COUNTY PA MUNICIPAL AUTHORITY READING
 HOSPITAL & EDUCATION CENTER
 PROJECT SERIES 2008A-1 (HCFR, ROYAL BANK OF CANADA
 LOC)ss+/-++ 0.29 11/01/2011 9,000,000
 2,615,000 DELAWARE COUNTY PA AUTHORITY ELWYN PROJECT SERIES
 B (OTHER REVENUE,
 WELLS FARGO BANK LOC)ss+/-(q) 0.25 06/01/2020 2,615,000
 11,120,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-247 (OTHER
 REVENUE, AMBAC INSURED)ss+/-++ 0.30 10/01/2025 11,120,000
 2,945,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY HEALTH
 SYSTEM LANCASTER GENERAL HOSPITAL
 (HOSPITAL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.29 07/01/2041 2,945,000
 10,320,000 LANCASTER COUNTY PA CONVENTION CENTER HOTEL ROOM
 RENT TAX (OTHER REVENUE,
 WELLS FARGO BANK LOC)ss+/-(q) 0.29 03/01/2047 10,320,000
 3,430,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC
 HOMES PROJECT SERIES A (HCFR,
 WELLS FARGO BANK LOC)ss+/-(q) 0.25 09/01/2031 3,430,000
 2,160,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC
 HOMES PROJECT SERIES B (HCFR,
 WELLS FARGO BANK LOC)ss+/-(q) 0.25 05/01/2032 2,160,000
 15,095,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY MASONIC
 HOMES PROJECT SERIES C (HCFR,
 WELLS FARGO BANK LOC)ss+/-(q) 0.25 11/01/2019 15,095,000
 2,000,000 PENNSYLVANIA STATE ST. JOSEPHS UNIVERSITY SERIES A
 (COLLEGE & UNIVERSITY REVENUE,
 ALLIED IRISH BANK PLC LOC)ss+/- 1.35 07/15/2036 2,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
PENNSYLVANIA (continued)
$ 8,265,000 PHILADELPHIA PA AUTHORITY FOR INDUSTRIAL
 DEVELOPMENT CHESTNUT HILL COLLEGE SERIES B
 (EDUCATIONAL FACILITIES REVENUE, WELLS FARGO
 BANK NA LOC)ss+/-(q) 0.39% 10/01/2036 $ 8,265,000
 6,000,000 PITTSBURGH PA WATER & SEWER AUTHORITY FIRST LIEN
 SERIES D-2 (WATER REVENUE,
 AGM INSURED)ss+/- 0.24 09/01/2040 6,000,000
 10,470,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS
 4202 (PROPERTY TAX REVENUE,
 FGIC INSURED)ss+/-++ 0.55 06/01/2034 10,470,000
 2,360,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS
 SERIES P-FLOATS-MT-636
 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/-++ 0.30 02/01/2031 2,360,000
 17,910,000 SOUTHCENTRAL PA GENERAL AUTHORITY HOMEWOOD
 HANOVER PROJECT (OTHER REVENUE,
 MANUFACTURERS & TRADERS TRUST COMPANY LOC)ss+/- 0.35 12/01/2028 17,910,000
 154,715,000
 ------------------
PUERTO RICO: 0.66%
 7,395,000 PUERTO RICO COMMONWEALTH HIGHWAY &
 TRANSPORTATION AUTHORITY SERIES A
 (FUEL SALES TAX REVENUE, BANK OF NOVA SCOTIA
 LOC)ss+/- 0.30 07/01/2028 7,395,000
 26,100,000 PUERTO RICO SALES TAX FINANCING CORPORATION
 SERIES 3036 (SALES TAX REVENUE)ss+/-++ 0.35 08/01/2057 26,100,000
 33,495,000
 ------------------
SOUTH CAROLINA: 1.06%
 9,325,000 SOUTH CAROLINA EDUCATIONAL FACILITIES AUTHORITY
 FOR PRIVATE NONPROFIT INSTITUTIONS
 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.31 06/01/2025 9,325,000
 2,620,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT
 AUTHORITY COLUMBIA JEWISH COMMUNITY
 CENTER (ECONOMIC DEVELOPMENT REVENUE, WELLS
 FARGO BANK NA LOC)ss+/-(q) 0.39 12/01/2024 2,620,000
 8,300,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT
 AUTHORITY ECONOMIC DEVELOPMENT
 REVENUE HEARTLAND HALL EPISCOPAL (IDR, WELLS
 FARGO BANK NA LOC)ss+/-(q) 0.29 08/01/2029 8,300,000
 6,000,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT
 AUTHORITY GOODWILL INDUSTRIALS
 INCORPORATED PROJECT (HCFR, WELLS FARGO BANK NA
 LOC)ss+/-(q) 0.39 10/01/2032 6,000,000
 6,500,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT
 AUTHORITY GREENVILLE BAPTIST PROJECT
 (HCFR, WELLS FARGO BANK NA LOC)ss+/-++(q) 0.29 10/01/2019 6,500,000
 4,500,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT
 AUTHORITY INSTITUTIONAL BUSINESS &
 HOME PROJECT (IDR, BRANCH BANKING & TRUST
 LOC)ss+/- 0.30 11/01/2034 4,500,000
 4,540,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT
 AUTHORITY STATE UNIVERSITY HOUSING
 LLC SERIES A (COLLEGE & UNIVERSITY REVENUE, BANK
 OF AMERICA NA LOC)ss+/- 0.31 03/01/2027 4,540,000
 12,010,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT
 AUTHORITY WUREF DEVELOPMENT
 PROJECT SERIES A (COLLEGE & UNIVERSITY REVENUE,
 WELLS FARGO BANK NA LOC)ss+/-(q) 0.29 07/01/2033 12,010,000
 53,795,000
 ------------------
SOUTH DAKOTA: 0.53%
 7,500,000 SOUTH DAKOTA HEFA SIOUX VALLEY HOSPITAL & HEALTH
 SYSTEMS PROJECT SERIES 2001-C
 (HCFR, US BANK NA LOC)ss+/- 0.31 11/01/2019 7,500,000
 6,495,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY
 (MFHR, FNMA INSURED)ss+/- 0.31 02/15/2031 6,495,000
 8,000,000 SOUTH DAKOTA STATE HEFA REGIONAL HEALTH (OTHER
 REVENUE, US BANK NA LOC)ss+/- 0.25 09/01/2027 8,000,000
 4,800,000 SOUTH DAKOTA STATE HEFA SIOUX VALLEY SERIES B
 (HCFR, US BANK NA LOC)ss+/- 0.31 11/01/2034 4,800,000
 26,795,000
 ------------------
TENNESSEE: 1.49%
 6,450,000 BLOUNT COUNTY TN PUBLIC BUILDING AUTHORITY LOCAL
 GOVERNMENT PUBLIC IMPORT E1
 SERIES A (OTHER REVENUE, BRANCH BANKING & TRUST
 LOC)ss+/- 0.30 06/01/2037 6,450,000
 5,910,000 CHATTANOOGA INDUSTRIAL DEVELOPMENT BOARD
 TENNESSEE AQUARIUM PROJECT
 (RECREATIONAL REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.31 04/01/2024 5,910,000
 9,910,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY MET
 GOVERNMENT NASHVILLE & DAVIDSON
 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.27 07/01/2026 9,910,000
 5,580,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY
 TENNESSEE MUNICIPAL BUILDING FUND
 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.27 07/01/2034 5,580,000
 13,500,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON
 COUNTY HEFA LIPSCOMB UNVERSITY
 PROJECT (COLLEGE & UNIVERSITY REVENUE, FHLB
 INSURED)ss+/- 0.30 11/01/2028 13,500,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
TENNESSEE (continued)
$ 19,985,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON
 COUNTY TN STEWARTS FERRY
 APARTMENTS (IDR, FHLMC INSURED)ss+/- 0.31% 01/01/2034 $ 19,985,000
 3,015,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY
 POOLED FINANCING LOAN POOL
 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/-++ 0.33 11/01/2027 3,015,000
 4,250,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY LOCAL
 GOVERNMENT PUBLIC IMPROVEMENT
 SERIES A4 (OTHER REVENUE, KBC BANK NV LOC)ss+/- 0.30 06/01/2025 4,250,000
 6,690,000 SHELBY COUNTY TN INDUSTRIAL DEVELOPMENT BOARD
 YMCA PROJECTS (OTHER REVENUE,
 WELLS FARGO BANK LOC)ss+/-(q) 0.39 10/01/2022 6,690,000
 75,290,000
 ------------------
TEXAS: 7.92%
 12,165,000 AUSTIN TX SUBSERIES A (TAX REVENUE, DEXIA CREDIT
 LOCAL DE FRANCE LOC)ss+/- 0.32 11/15/2029 12,165,000
 6,350,000 BEXAR COUNTY TX HOUSING FINANCE CORPORATION
 VISTA MEADOWS/FREDRICKSBURG PLACE
 APARTMENTS PROJECT SERIES 2006 (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.30 09/01/2036 6,350,000
 15,000,000 CLIPPER TAX EXEMPT CERTIFICATE TRUST (TRANSIT
 REVENUE)ss+/-++ 0.35 10/01/2018 15,000,000
 5,000,000 DALLAM COUNTY TX INDUSTRIAL DEVELOPMENT
 CORPORATION (IDR, BANK OF THE WEST LOC)ss+/- 0.30 08/01/2035 5,000,000
 2,275,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-514
 (OTHER REVENUE, PERMANENT SCHOOL
 FUND GUARANTEED)ss+/-++ 0.30 02/15/2038 2,275,000
 9,360,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-526
 (OTHER REVENUE, FGIC INSURED)ss+/-++ 0.30 07/01/2026 9,360,000
 1,245,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-548
 (OTHER REVENUE, FGIC INSURED)ss+/-++ 0.30 11/15/2029 1,245,000
 1,800,000 FORT BEND TX INDEPENDENT SCHOOL DISTRICT SERIES
 2852 (PROPERTY TAX REVENUE,
 PERMANENT SCHOOL FUND GUARANTEED)ss+/-++ 0.30 02/15/2016 1,800,000
 5,090,000 GALVESTON COUNTY TX HOUSING FINANCE CORPORATION
 VILLAGE BY THE SEA APARTMENTS
 PROJECT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.31 02/15/2032 5,090,000
 14,700,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION HERMANN HEALTH
 SERIES D1 (HCFR, JPMORGAN CHASE BANK LOC)ss+/- 0.29 06/01/2029 14,700,000
 5,060,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION (OTHER REVENUE)ss+/-++ 0.31 05/15/2016 5,060,000
 6,570,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION BAYLOR SERIES A2
 (COLLEGE AND UNIVERSITY REVENUE, AMBAC
 INSURED)ss+/- 0.25 11/15/2047 6,570,000
 7,700,000 HARRIS COUNTY TX INDUSTRIAL DEVELOPMENT
 CORPORATION SOLID WASTE DISPOSAL
 DEER PARK REFINING PROJECT SERIES A (RESOURCE
 RECOVERY REVENUE)ss+/- 0.25 03/01/2023 7,700,000
 20,100,000 HOUSTON TX UTILITIES SYSTEMS AUTHORITY SERIES
 2010-B (WATER REVENUE,
 ROYAL BANK OF CANADA LOC)ss+/-++ 0.29 05/15/2034 20,100,000
 10,000,000 HOUSTON TX WATER & SEWER SYSTEM (WATER & SEWER
 REVENUE)ss+/-++ 0.33 12/01/2023 10,000,000
 4,060,000 JUDSON TX INDEPENDENT SCHOOL DISTRICT (PROPERTY
 TAX REVENUE)ss+/-++ 0.31 02/01/2031 4,060,000
 7,500,000 PANHANDLE TX REGIONAL HOUSING FINANCE
 CORPORATION JASON AVENUE RESIDENTIAL
 APARTMENTS (MFHR, FHLMC INSURED)ss+/- 0.30 08/01/2041 7,500,000
 600,000 PORT ARTHUR TX NAVAL DISTRICT SERIES C (IDR)ss+/- 0.29 04/01/2027 600,000
 6,500,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENAL
 FACILITIES MOTIVA ENTERPRISES B (IDR)ss+/- 0.25 04/01/2040 6,500,000
 30,700,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FACILITIES MOTIVA ENTERPRISES B
 (RESOURCE RECOVERY REVENUE)ss+/- 0.25 12/01/2039 30,700,000
 10,000,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FACILITIES MOTIVA ENTERPRISES C
 (RESOURCE RECOVERY REVENUE)ss+/- 0.25 12/01/2039 10,000,000
 31,100,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FALICITIES MOTIVA ENTERPRISES A (IDR)ss+/- 0.25 04/01/2040 31,100,000
 30,860,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS
 SERIES P-FLOATS-MT-636 (HFFA)ss+/-++ 0.35 01/01/2028 30,860,000
 16,000,000 ROCKWALL TX INDEPENDENT SCHOOL DISTRICT
 (PROPERTY TAX REVENUE, DEXIA INSURED)ss+/- 0.51 08/01/2037 16,000,000
 75,000,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY
 CORPORATION SERIES 2848
 (OTHER REVENUE)ss+/-++ 0.37 12/15/2026 75,000,000
 20,000,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY
 CORPORATION SERIES 2849 (OTHER REVENUE)ss+/-++ 0.37 12/15/2026 20,000,000
 13,900,000 TEXAS STATE DEPARTMENT OF HOUSING & COMMUNITY
 AFFAIRS COSTA IBIZA APARTMENTS
 (MFHR, FNMA INSURED)ss+/- 0.30 08/01/2041 13,900,000
 1,890,000 TEXAS STATE TRAN (OTHER REVENUE) 2.00 08/31/2011 1,920,986
 2,800,000 TYLER TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION MOTHER FRANCES HOSPITAL SERIES B
 (HCFR, BANK OF AMERICA NA LOC)ss+/- 0.31 07/01/2020 2,800,000
 27,385,000 UNIVERSITY OF TEXAS REFINANCING SERIES B
 (COLLEGE & UNIVERSITY REVENUE)ss+/- 0.25 08/01/2033 27,385,000
 400,740,986
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
UTAH: 1.34%
$ 37,010,000 PUTTABLE FLOATING OPTION TAX EXEMPTS RECEIPTS
 SERIES P-FLOATS-PPT-1008- CL-A
 (PROPERTY TAX REVENUE, FHLMC INSURED)ss+/-++ 0.33% 01/01/2032 $ 37,010,000
 5,000,000 UTAH TRANSPORTATION AUTHORITY SUBSERIES A (SALES
 TAX REVENUE, FORTIS BANK SA NV LOC)ss+/- 0.25 06/15/2036 5,000,000
 16,100,000 UTAH TRANSPORTATION SALES TAX SUBSERIES B (SALES
 TAX REVENUE, FORTIS BANK SA NV LOC)ss+/- 0.22 06/15/2036 16,100,000
 9,675,000 WEST JORDAN UT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.29 12/01/2034 9,675,000
 67,785,000
 ------------------
VERMONT: 0.91%
 2,135,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING
 AGENCY BRATTLEBORO MEMORIAL
 HOSPITAL PROJECT A (HCFR, TD BANK NA LOC)ss+/- 0.25 10/01/2028 2,135,000
 9,120,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING
 AGENCY FLETCHER ALLEN HOSPITAL
 SERIES A (HCFR, TD BANK NA LOC)ss+/- 0.24 12/01/2030 9,120,000
 3,140,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING
 AGENCY LANDMARK COLLEGE PROJECT
 SERIES A (COLLEGE & UNIVERSITY REVENUE, TD BANK NA
 LOC)ss+/- 0.25 07/01/2033 3,140,000
 2,065,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING
 AGENCY NORTHEASTERN VERMONT
 REGIONAL HOSPITAL SERIES A (HCFR, TD BANK NA
 LOC)ss+/- 0.25 10/01/2029 2,065,000
 19,255,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS FINANCING
 AGENCY VARIOUS NORWICH
 UNIVERSITY PROJECT (COLLEGE & UNIVERSITY REVENUE,
 TD BANK NA LOC)ss+/- 0.26 09/01/2038 19,255,000
 10,295,000 VERMONT EDUCATIONAL & HEALTH BUILDINGS NORTH
 COUNTY HOSPITAL PROJECT A (HCFR,
 TD BANK NA LOC)ss+/- 0.25 10/01/2034 10,295,000
 46,010,000
 ------------------
VIRGINIA: 1.26%
 7,295,000 CAPITAL REGION AIRPORT COMMISSION VA SERIES B
 (AIRPORT REVENUE,
 WACHOVIA BANK LOC)ss+/-(q) 0.29 06/01/2035 7,295,000
 5,000,000 FAIRFAX COUNTY VA IDA (OTHER REVENUE)ss+/- 0.42 05/15/2039 5,000,000
 14,725,000 HANOVER COUNTY VA IDA COVENENT WOODS (HCFR, BRANCH
 BANKING & TRUST LOC)ss+/-++ 0.30 07/01/2029 14,725,000
 12,650,000 JAMES CITY COUNTY VA IDA CHAMBREL PROJECT (OTHER
 REVENUE, FNMA INSURED)ss+/- 0.30 11/15/2032 12,650,000
 5,000,000 NORFOLK ECONOMIC DEVELOPMENT AUTHORITY (HCFR)ss+/- 0.42 11/01/2034 5,000,000
 110,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM
 AUTHORITY SERIES A (OTHER REVENUE,
 BRANCH BANKING & TRUST LOC)ss+/- 0.23 07/01/2037 110,000
 6,550,000 VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM
 AUTHORITY SERIES B (HCFR,
 BRANCH BANKING & TRUST LOC)ss+/- 0.27 07/01/2037 6,550,000
 12,200,000 VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
 FRIENDSHIP FOUNDATION (HCFR,
 WELLS FARGO BANK NA LOC)ss+/-(q) 0.29 07/01/2022 12,200,000
 63,530,000
 ------------------
WASHINGTON: 2.94%
 5,000,000 DISTRICT COLUMBIA INCOME TAX SERIES C (INCOME TAX
 REVENUE)ss+/- 0.32 12/01/2010 5,000,000
 28,225,000 DISTRICT COLUMBIA REVENUE KIPP DC (OTHER
 REVENUE)ss+/-++ 0.31 05/02/2039 28,225,000
 1,980,000 EVERETT WA (PROPERTY TAX REVENUE, BANK OF AMERICA
 NA LOC)ss+/- 0.36 12/01/2021 1,980,000
 6,930,000 KING CITY WA PUBLIC HOSPITAL DISTRICT #1 (PROPERTY
 TAX REVENUE)ss+/-++ 0.31 12/01/2015 6,930,000
 12,000,000 KING COUNTY SEWER SERIES 3090 (SEWER REVENUE, FSA
 INSURED)ss+/-++ 0.30 01/01/2039 12,000,000
 4,970,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING
 REVENUE, FHLMC INSURED)ss+/- 0.31 07/01/2035 4,970,000
 5,850,000 KING COUNTY WA SCHOOL DISTRICT #415 (PROPERTY TAX
 REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.55 12/01/2018 5,850,000
 7,920,000 SEATTLE WA (ELECTRIC REVENUE, FIRST SECURITY BANK
 LOC)ss+/-++ 0.30 03/02/2021 7,920,000
 9,710,000 SEATTLE WA WATER & SEWER SYSTEMS RB ECLIPSE
 FUNDING TRUST SERIES 2006-0002
 (WATER REVENUE, US BANK NA LOC)ss+/-++ 0.30 09/01/2029 9,710,000
 12,530,000 SEATTLE WA WATER SYSTEM (WATER REVENUE, FIRST
 SECURITY BANK LOC)ss+/-++ 0.30 09/01/2012 12,530,000
 18,000,000 WASHINGTON HEFAR SEATTLE PACIFIC UNIVERSITY
 (COLLEGE & UNIVERSITY REVENUE,
 US BANK NA LOC)ss+/- 0.26 10/01/2030 18,000,000
 7,650,000 WASHINGTON STATE SERIES R (COLLEGE & UNIVERSITY
 REVENUE, CITIBANK NA LOC)ss+/-++ 0.30 01/01/2016 7,650,000
 12,000,000 WASHINGTON STATE HEFAR UNIVERSITY OF PUGET SOUND
 SERIES B (COLLEGE & UNIVERSITY
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.32 10/01/2036 12,000,000
 6,675,000 WASHINGTON STATE HEFAR UNIVERSITY PUGET SOUND
 PROJECT A PUTTABLE (COLLEGE &
 UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.32 10/01/2030 6,675,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
WASHINGTON (continued)
$ 5,775,000 WASHINGTON STATE HOUSING FINANCE COMMISSION
 NONPROFIT TACOMA ART MUSEUM
 PROJECT (RECREATIONAL FACILITIES REVENUE, NORTHERN
 TRUST CORPORATION LOC)ss+/- 0.26% 06/01/2032 $ 5,775,000
 3,400,000 WASHINGTON STATE SUNNYSIDE COMMUNITY HOSPITAL
 (HCFR, US BANK NA LOC)ss+/-++ 0.27 10/01/2017 3,400,000
 148,615,000
 ------------------
WEST VIRGINIA: 0.62%
 15,580,000 MONONGALIA COUNTY WV BUILDING COMMISSION SERIES A
 (HCFR, JPMORGAN CHASE
 BANK LOC)ss+/- 0.31 07/01/2040 15,580,000
 6,000,000 WEIRTON WV MUNICIPAL HOSPITAL BUILDING COMMISSION
 WEIRTON MEDICAL CENTER
 INCORPORATED (HCFR, PNC BANK NA LOC)ss+/- 0.29 12/01/2031 6,000,000
 10,000,000 WEST VIRGINIA STATE HOSPITAL FINANCE AUTHORITY
 CABELL HOSPITAL SERIES A (HCFR,
 BRANCH BANKING & TRUST LOC)ss+/- 0.29 01/01/2034 10,000,000
 31,580,000
 ------------------
WISCONSIN: 2.39%
 26,755,000 CLIPPER TAX EXEMPT CERTIFCATE TRUST 2009-36 (
 TRANSIT REVENUE)ss+/-++ 0.35 05/01/2020 26,755,000
 7,725,000 MILWAUKEE WI RDA UNIVERSITY OF WISCONSIN
 KENILWORTH PROJECT (COLLEGE & UNIVERSITY
 REVENUE, US BANK NA LOC)ss+/- 0.30 09/01/2040 7,725,000
 6,000,000 WISCONSIN STATE HEFA (HOSPITAL REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.25 08/01/2030 6,000,000
 10,000,000 WISCONSIN STATE HEFA SAINT NORBERT COLLEGE
 INCORPORATED (COLLEGE & UNIVERSITY REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.33 02/01/2038 10,000,000
 30,720,000 WISCONSIN STATE HEFA GUNDERSEN LUTHERAN SERIES B
 (HCFR, FIRST SECURITY BANK LOC)ss+/- 0.56 12/01/2029 30,720,000
 6,030,000 WISCONSIN STATE HEFA BELOIT MEMORIAL HOSPITAL
 INCORPORATED (HCFR,
 JPMORGAN CHASE BANK LOC)ss+/- 0.27 04/01/2036 6,030,000
 6,575,000 WISCONSIN STATE HEFA FORT HEALTHCARE INCORPORATED
 SERIES A (OTHER REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.27 05/01/2037 6,575,000
 11,390,000 WISCONSIN STATE HEFA HESS MEMORIAL HOSPITAL
 INCORPORATED (HFFA REVENUE,
 US BANK NA LOC)ss+/- 0.30 05/01/2024 11,390,000
 4,045,000 WISCONSIN STATE HEFA LAWRENCE UNIVERSITY (COLLEGE
 & UNIVERSITY REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.30 02/01/2039 4,045,000
 1,100,000 WISCONSIN STATE HEFA LUTHERAN COLLEGE PROJECT
 (COLLEGE & UNIVERSITY REVENUE,
 US BANK NA LOC)ss+/- 0.25 06/01/2033 1,100,000
 6,375,000 WISCONSIN STATE HEFA MERITER RETIREMENT SERVICES
 SERIES B (OTHER REVENUE,
 US BANK NA LOC)ss+/- 0.29 03/01/2038 6,375,000
 3,940,000 WISCONSIN STATE HEFAR MERITER RETIREMENT SERVICES
 SERIES A (OTHER REVENUE,
 KBC BANK NV LOC)ss+/- 0.29 03/01/2038 3,940,000
 120,655,000
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $4,898,094,688) 4,898,094,688
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $5,062,459,688)* 100.10% 5,062,459,688
OTHER ASSETS AND LIABILITIES, NET (0.10) (5,165,519)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 5,057,294,169
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
US TREASURY SECURITIES: 0.28%
US TREASURY BILLS: 0.28%
$ 30,000,000 US TREASURY BILL## 0.19% 09/02/2010 $ 29,999,842
 ------------------
TOTAL US TREASURY SECURITIES (COST $29,999,842) 29,999,842
 ------------------
REPURCHASE AGREEMENTS (z): 99.74%
 125,000,000 BANK OF AMERICA SECURITIES LLC, DATED 08/31/2010,
 MATURITY VALUE $125,000,799(1) 0.23 09/01/2010 125,000,000
 500,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/27/2010,
 MATURITY VALUE $500,020,417(2) 0.22 09/03/2010 500,000,000
 1,114,500,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $1,114,507,430(3) 0.24 09/01/2010 1,114,500,000
 910,000,000 BNP PARIBUS SECURITIES CORPORATION, DATED
 08/31/2010, MATURITY VALUE $910,006,067(4) 0.24 09/01/2010 910,000,000
 500,000,000 CITIGROUP GLOBAL MARKETS, DATED 08/26/2010,
 MATURITY VALUE $500,021,389(5) 0.22 09/02/2010 500,000,000
 1,000,000,000 CREDIT SUISSE SECURITIES USA, DATED 08/31/2010,
 MATURITY VALUE $1,000,006,667(6) 0.24 09/01/2010 1,000,000,000
 1,150,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $1,150,007,667(7) 0.24 09/01/2010 1,150,000,000
 100,000,000 GOLDMAN SACHS & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $100,000,333(8) 0.12 09/01/2010 100,000,000
 1,000,000,000 HSBC SECURITIES, DATED 08/31/2010, MATURITY VALUE
 $1,000,006,667(9) 0.24 09/01/2010 1,000,000,000
 1,000,000,000 JPMORGAN SECURITIES, DATED 08/31/2010, MATURITY
 VALUE $1,000,006,667(10) 0.24 09/01/2010 1,000,000,000
 500,000,000 MORGAN STANLEY & COMPANY, DATED 08/25/2010,
 MATURITY VALUE $500,020,417(11) 0.21 09/01/2010 500,000,000
 150,000,000 MORGAN STANLEY & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $150,000,917(12) 0.22 09/01/2010 150,000,000
 700,000,000 RBC CAPITAL MARKETS, DATED 08/31/2010, MATURITY
 VALUE $700,004,667(13) 0.24 09/01/2010 700,000,000
 835,000,000 RBS SECURITIES INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $835,005,567(14) 0.24 09/01/2010 835,000,000
 1,000,000,000 SOCIETE GENERALE NY, DATED 08/31/2010, MATURITY
 VALUE $1,000,006,667(15) 0.24 09/01/2010 1,000,000,000
 200,000,000 UBS SECURITIES LLC, DATED 08/31/2010, MATURITY
 VALUE $200,001,333(16) 0.24 09/01/2010 200,000,000
TOTAL REPURCHASE AGREEMENTS (COST $10,784,500,000) 10,784,500,000
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $10,814,499,842)* 100.02% 10,814,499,842
OTHER ASSETS AND LIABILITIES, NET (0.02) (2,311,844)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 10,812,187,998
 ------ ------------------

 PRINCIPAL SECURITY NAME YIELD MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
US TREASURY SECURITIES: 105.96%
US TREASURY BILLS: 105.96%
$ 572,285,000 US TREASURY BILL## 0.08% 09/02/2010 $ 572,282,499
 607,475,000 US TREASURY BILL## 0.12 09/09/2010 607,456,957
 557,535,000 US TREASURY BILL## 0.15 09/16/2010 557,498,873
 567,248,000 US TREASURY BILL## 0.12 09/23/2010 567,203,984
 306,355,000 US TREASURY BILL## 0.14 09/30/2010 306,318,277
 567,245,000 US TREASURY BILL## 0.16 10/07/2010 567,151,807
 656,205,000 US TREASURY BILL## 0.15 10/14/2010 656,085,239
 707,505,000 US TREASURY BILL## 0.15 10/21/2010 707,354,096
 635,500,000 US TREASURY BILL## 0.17 10/28/2010 635,324,693
 687,525,000 US TREASURY BILL## 0.16 11/04/2010 687,327,501
 642,225,000 US TREASURY BILL## 0.16 11/12/2010 642,014,233
 686,910,000 US TREASURY BILL## 0.16 11/18/2010 686,671,932
 706,135,000 US TREASURY BILL## 0.15 11/26/2010 705,878,982
 580,000,000 US TREASURY BILL## 0.16 12/02/2010 579,765,439
 90,000,000 US TREASURY BILL## 0.21 12/09/2010 89,946,788
 90,000,000 US TREASURY BILL## 0.21 01/06/2011 89,933,325
 85,000,000 US TREASURY BILL## 0.20 01/13/2011 84,936,722
 60,000,000 US TREASURY BILL## 0.20 01/27/2011 59,950,667
 80,000,000 US TREASURY BILL## 0.20 02/03/2011 79,931,113
TOTAL US TREASURY SECURITIES (COST $8,883,033,127) 8,883,033,127
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $8,883,033,127)* 105.96% 8,883,033,127
OTHER ASSETS AND LIABILITIES, NET (5.96) (499,292,734)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 8,383,740,393
 ------ ------------------

 CALIFORNIA MUNICIPAL MONEY MARKET FUND
 -------------------------------------------------------------------------
 For the
 Six Months Ended For the
 August 31, 2010 Year Ended
 (Unaudited) February 28, 2010
 ----------------------------------- --------------------------------
OPERATIONS
 Net investment income ........................ $ 481,561 $ 1,446,118
 Net realized gains (losses) on investments ... 3 (4,878)
 --------------- ---------------
Net increase (decrease) in net assets resulting
 from operations .............................. 481,564 1,441,240
 --------------- ---------------
DISTRIBUTION TO SHAREHOLDERS FROM
 Net investment income
 Class A ................................... (89,877) (321,031)
 Administrator Class ....................... (11)(1) NA
 Institutional Class ....................... (357,965) (765,282)
 Service Class ............................. (23,978) (359,805)
 Sweep Class ............................... (9,730)(1) NA
 Net realized gains
 Class A ................................... 0 (123,014)
 Administrator Class ....................... 0(1) NA
 Institutional Class ....................... 0 (17,769)
 Service Class ............................. 0 (27,272)
 --------------- ---------------
Total distributions to shareholders ............. (481,561) (1,614,173)
 --------------- ---------------

 SHARES SHARES
 -------------- --------------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold
 Class A ................................... 948,992,126 948,992,126 2,402,281,400 2,402,281,400
 Administrator Class ....................... 100,000(1) 100,000(1) NA NA
 Institutional Class ....................... 1,044,261,501 1,044,261,501 1,790,297,628 1,790,297,628
 Service Class ............................. 397,436,545 397,436,545 742,085,161 742,085,161
 Sweep Class ............................... 243,230,250(1) 243,230,250(1) NA NA
 --------------- ---------------
 2,634,020,422 4,934,664,189
 --------------- ---------------
 Net asset value of shares issued in
 reinvestment of distributions
 Class A ................................... 82,349 82,349 417,490 417,490
 Administrator Class ....................... 11(1) 11(1) NA NA
 Institutional Class ....................... 246,426 246,426 464,816 464,816
 Service Class ............................. 4,805 4,805 108,140 108,140
 Sweep Class ............................... 9,730(1) 9,730(1) NA NA
 --------------- ---------------
 343,321 990,446
 --------------- ---------------
 Payment for shares redeemed
 Class A ................................... (1,238,572,586) (1,238,572,586) (3,746,180,886) (3,746,180,886)
 Administrator Class ....................... 0(1) 0(1) NA NA
 Institutional Class ....................... (641,713,611) (641,713,611) (1,924,963,024) (1,924,963,024)
 Service Class ............................. (492,157,535) (492,157,535) (1,053,686,469) (1,053,686,469)
 Sweep Class ............................... (255,131,976)(1) (255,131,976)(1) NA NA
 --------------- ---------------
 (2,627,575,708) (6,724,830,379)
 --------------- ---------------

 CALIFORNIA MUNICIPAL MONEY MARKET FUND
 ------------------------------------------------------
 For the
 Six Months Ended For the
 August 31, 2010 Year Ended
 (Unaudited) February 28, 2010
 ---------------------------- -----------------------
 SHARES SHARES
 ----------- ------
CAPITAL SHARES TRANSACTIONS (continued)
 Net asset value of shares issued in acquisition
 Class A ........................................... 8,219,387 8,208,874 0 0
 Institutional Class ............................... 0 0 0 0
 Service Class ..................................... 134,483 134,797 0 0
 Sweep Class ....................................... 437,965,978 437,916,409 NA NA
 -------------- --------------
 446,260,080 0
 -------------- --------------
 Net increase (decrease) in net assets resulting
 from capital share transactions ................... 453,048,115 (1,789,175,744)
 -------------- --------------
 Total increase (decrease) in net assets .............. 453,048,118 (1,789,348,677)
 -------------- --------------
NET ASSETS
BEGINNING OF PERIOD ..................................... 2,582,173,653 4,371,522,330
 -------------- --------------
ENDING OF PERIOD ........................................ $3,035,221,771 $2,582,173,653
 -------------- --------------
 UNDISTRIBUTED (OVERDISTRIBUTED) NET INVESTMENT INCOME .. $ (1,037) $ (1,037)
 -------------- --------------

 GOVERNMENT MONEY MARKET FUND MINNESOTA MONEY MARKET FUND
----------------------------------------------------------- ---------------------------------------------
 For the For the
 Six Months Ended For the Six Months Ended For the
 August 31, 2010 Year Ended August 31, 2010 Year Ended
 (Unaudited) February 28, 2010 (Unaudited) February 28, 2010
------------------------------- ------------------------- --------------------- ---------------------
 SHARES SHARES SHARES SHARES
------------- ------ ------ ------


 507,981,859 507,923,481 0 0 0 0 0 0
1,324,050,351 1,323,902,381 0 0 NA NA NA NA
 99,516,216 99,469,545 0 0 NA NA NA NA
 169,606,962 169,618,707 NA NA 0 0 NA NA
------------- --------------- ---------------- ------------ ------------
 2,100,914,114 0 0 0
 --------------- ---------------- ------------ ------------

 2,582,299,372 (24,796,187,722) (34,214,392) (44,111,344)
 --------------- ---------------- ------------ ------------
 2,582,113,952 (24,796,178,387) (34,219,136) (44,156,909)
 --------------- ---------------- ------------ ------------

 26,822,717,006 51,618,895,393 135,533,167 179,690,076
 --------------- ---------------- ------------ ------------
 $29,404,830,958 $ 26,822,717,006 $101,314,031 $135,533,167
 =============== ================ ============ ============
 $ 31,015 $ 31,023 0 0
 --------------- ---------------- ------------ ------------

 MONEY MARKET FUND
 -------------------------------------------------------------------------
 For the
 Six Months Ended For the
 August 31, 2010 Year Ended
 (Unaudited) February 28, 2010
 ----------------------------------- --------------------------------
OPERATIONS
 Net investment income ....................... $ 383,020 $ 4,175,816
 Net realized gains (losses) on investments .. (12,881,829) 207,089
 Net change in unrealized gains or losses on
 investments .............................. 15,379,410 19,484,069
 --------------- ---------------
 Net increase in net assets resulting from
 operations ............................... 2,880,601 23,866,974
 --------------- ---------------
DISTRIBUTION TO SHAREHOLDERS FROM
 Net investment income
 Class A .................................. (245,317) (3,393,805)
 Class B .................................. (27,393) (80,042)
 Class C .................................. (715)(1) NA
 Investor Class ........................... (34,587) (701,288)
 Administrator Class ...................... NA NA
 Institutional Class ...................... NA NA
 Service Class ............................ (14,857)(1) NA
 Sweep Class .............................. NA NA
 Daily Class .............................. (60,158)(1) NA
 Net realized gains
 Class A .................................. 0 0
 Administrator Class ...................... NA NA
 Institutional Class ...................... NA NA
 Service Class ............................ 0(1) NA
 --------------- ---------------
Total distributions to shareholders ............ (383,027) (4,175,135)
 --------------- ---------------
 SHARES SHARES
 -------------- --------------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold
 Class A .................................. 1,673,638,849 1,673,638,849 2,932,633,470 2,932,633,470
 Class B .................................. 449,771,686 449,771,686 928,457,413 928,457,413
 Class C .................................. 1,088,965(1) 1,088,965(1) NA NA
 Investor Class ........................... 160,118,627 160,118,627 380,245,373 380,245,373
 Administrator Class ...................... NA NA NA NA
 Daily Class .............................. 1,979,819,795(1) 1,979,819,795(1) NA NA
 Institutional Class ...................... NA NA NA NA
 Service Class ............................ 466,638,749(1) 466,638,749(1) NA NA
 Sweep Class .............................. NA NA NA NA
 --------------- ---------------
 4,731,076,671 4,241,336,256
 --------------- ---------------
Net asset value of shares issued in reinvestment
 of distributions
 Class A ..................................... 250,253 250,253 3,413,309 3,413,309
 Class B ..................................... 28,462 28,462 81,382 81,382
 Class C ..................................... 338(1) 338(1) NA NA
 Investor Class .............................. 28,682 28,682 684,872 684,872
 Administrator Class ......................... NA NA NA NA
 Daily Class ................................. 33,144(1) 33,144(1) NA NA
 Institutional Class ......................... NA NA NA NA
 Service Class ............................... 594(1) 594(1) NA NA
 Sweep Class ................................. NA NA NA NA
 --------------- ---------------
 341,473 4,179,563
 --------------- ---------------
Payment for shares redeemed
 Class A ..................................... (2,282,969,298) (2,282,969,298) (6,635,071,816) (6,635,071,816)
 Class B ..................................... (569,676,886) (569,676,886) (1,537,359,752) (1,537,359,752)
 Class C ..................................... (3,578,200)(1) (3,578,200)(1) NA NA
 Investor Class .............................. (191,597,373) (191,597,373) (568,956,833) (568,956,833)
 Administrator Class ......................... NA NA NA NA
 Daily Class ................................. (2,233,362,119)(1) (2,233,362,119)(1) NA NA
 Institutional Class ......................... NA NA NA NA
 Service Class ............................... (348,800,561)(1) (348,800,561)(1) NA NA
 Sweep Class ................................. NA NA NA NA
 --------------- ---------------
 (5,629,984,437) (8,741,388,401)
 --------------- ---------------

 MONEY MARKET FUND
 ---------------------------------------------------------
 For the
 Six Months Ended For the
 August 31, 2010 Year Ended
 (Unaudited) February 28, 2010
 ------------------------------ ------------------------
 SHARES SHARES
 ------------- ------
CAPITAL SHARES TRANSACTIONS (continued)
 Net asset value of shares issued in acquisition
 Class A .................................... 847,570,175 847,772,409 0 0
 Class B .................................... 41,175,793 41,185,720 0 0
 Class C .................................... 28,053,474 28,057,448 NA NA
 Institutional Class NA NA NA NA
 Service Class .............................. 550,070,447 550,243,310 NA NA
 Sweep Class ................................ NA NA NA NA
 Daily Class ................................ 2,290,148,014 2,290,021,985 NA NA
 -------------- ---------------
 3,757,280,872 0
 -------------- ---------------
 Net increase (decrease) in net assets resulting
 from capital share transactions ............ 2,858,714,579 (4,495,872,582)
 -------------- ---------------
Total increase (decrease) in net assets .......... 2,861,212,153 (4,476,180,743)
 -------------- ---------------
NET ASSETS
BEGINNING OF PERIOD .............................. 6,578,977,945 11,055,158,688
 -------------- ---------------
ENDING OF PERIOD ................................. $9,440,190,098 $ 6,578,977,945
 ============== ===============
UNDISTRIBUTED NET INVESTMENT INCOME .............. $ 673 $ 680
 -------------- ---------------

 NATIONAL TAX-FREE MONEY MARKET FUND TREASURY PLUS MONEY MARKET FUND
------------------------------------------------- ---------------------------------------------------------
 For the For the
 Six Months Ended For the Six Months Ended For the
 August 31, 2010 Year Ended August 31, 2010 Year Ended
 (Unaudited) February 28, 2010 (Unaudited) February 28, 2010
----------------------- ----------------------- ------------------------------- -----------------------
SHARES SHARES SHARES SHARES
------ ------ ------------- ------

 0 0 0 0 142,146,381 141,953,897 0 0
 NA NA NA NA NA NA NA NA
 NA NA NA NA NA NA NA NA
 0 0 0 0 3,285,966,431 3,284,567,300 0 0
 0 0 0 0 1,591,650,664 1,590,082,004 0 0
 0 0 NA NA 142,739,343 142,590,104 NA NA
 NA NA NA NA NA NA NA NA
 -------------- -------------- --------------- --------------
 0 0 5,159,193,305 0
 -------------- -------------- --------------- --------------

 514,617,009 (1,799,311,696) 4,237,695,237 (1,995,199,813)
 -------------- -------------- --------------- --------------
 514,677,379 (1,799,365,957) 4,237,695,237 (1,995,199,814)
 -------------- -------------- --------------- --------------

 4,542,616,790 6,341,982,747 6,574,492,761 8,569,692,575
 -------------- -------------- --------------- --------------
 $5,057,294,169 $4,542,616,790 $10,812,187,998 6,574,492,761
 ============== ============== =============== ==============
 15 15 $ 20,213 20,213
 -------------- -------------- --------------- --------------

 100% TREASURY MONEY MARKET FUND
 -----------------------------------------------------------------------
 For the
 Six Months Ended For the
 August 31, 2010 Year Ended
 (Unaudited) February 28, 2010
 ---------------------------------- ----------------------------------
OPERATIONS
 Net investment income ........................ $ 414,369 $ 683,644
 Net realized gains or losses on investments .. 184,593 360,468
 ---------------- ----------------
Net increase in net assets resulting from
 operations ................................... 598,962 1,044,112
 ---------------- ----------------
DISTRIBUTION TO SHAREHOLDERS FROM
 Net investment income
 Class A ................................... (13,306) (26,382)
 Administrator Class(1) .................... (8,398) NA
 Service Class ............................. (392,663) (657,259)
 Sweep Class(1) ............................ (2) NA
 Net realized gains
 Class A ................................... 0 (61,610)
 Service Class ............................. 0 (1,569,437)
 ---------------- ----------------
Total distributions to shareholders ............. (414,369) (2,314,688)
 ---------------- ----------------
 SHARES SHARES
 --------------- ---------------
CAPITAL SHARES TRANSACTIONS
 Proceeds from shares sold
 Class A ................................... 193,652,761 193,652,761 373,885,007 373,885,007
 Administrator Class(1) .................... 210,067,362 210,067,362 NA NA
 Service Class ............................. 20,776,963,717 20,776,963,717 18,506,252,685 18,506,252,685
 Sweep Class(1) ............................ 100,000 100,000 NA NA
 ---------------- ----------------
 21,180,783,840 18,880,137,692
 ---------------- ----------------
 Net asset value of shares issued in
 reinvestment of distributions
 Class A ................................... 12,780 12,780 85,089 85,089
 Administrator Class(1) .................... 4,479 4,479 NA NA
 Service Class ............................. 164,062 164,062 757,091 757,091
 Sweep Class(1) ............................ 2 2 NA NA
 ---------------- ----------------
 181,323 842,180
 ---------------- ----------------
Payment for shares redeemed
 Class A ................................... (215,654,457) (215,654,457) (407,974,452) (407,974,452)
 Administrator Class(1) .................... (271,648,894) (271,648,894) NA NA
 Service Class ............................. (21,342,646,296 (21,342,646,296) (17,985,525,624 (17,985,525,624)
 Sweep Class(1) ............................ 0 0 NA NA
 ---------------- ----------------
 (21,829,949,647) (18,393,500,076)
 ---------------- ----------------
 Net asset value of shares issued in
 acquisition
 Administrator Class ....................... 507,309,749 507,326,387 NA NA
 Service Class ............................. 91,148,028 91,202,803 NA NA
 ---------------- ----------------
 598,529,190 0
 ---------------- ----------------

 Beginning Distributions Distributions
 Net Asset Net from Net from Net
 Value Per Investment Investment Realized
 Share Income Income Gains
 --------- ---------- ------------- -------------
CALIFORNIA MUNICIPAL MONEY MARKET FUND
Class A
March 1, 2010 to August 31, 2010 (Unaudited) ..... $1.00 0.00(2) (0.00)(2) 0.00(2)
March 1, 2009 to February 28, 2010 ............... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2008 to February 28, 2009 ............... $1.00 0.01 (0.01) 0.00
March 1, 2007 to February 29, 2008 ............... $1.00 0.03 (0.03) 0.00
March 1, 2006 to February 28, 2007 ............... $1.00 0.03 (0.03) 0.00
April 1, 2005 to February 28, 2006(3) ............ $1.00 0.02 (0.02) 0.00
April 1, 2004 to March 31, 2005 .................. $1.00 0.01 (0.01) 0.00
Sweep Class
June 30, 2010(4) to August 31, 2010 (Unaudited) .. $1.00 0.00 (0.00)(2) 0.00
GOVERNMENT MONEY MARKET FUND
Class A
March 1, 2010 to August 31, 2010 (Unaudited) ..... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2009 to February 28, 2010 ............... $1.00 0.00(2) (0.00)(2) (0.00)(2)
March 1, 2008 to February 28, 2009 ............... $1.00 0.01 (0.01) 0.00
March 1, 2007 to February 29, 2008 ............... $1.00 0.04 (0.04) 0.00
March 1, 2006 to February 28, 2007 ............... $1.00 0.05 (0.05) 0.00
April 1, 2005 to February 28, 2006(3) ............ $1.00 0.03 (0.03) 0.00
April 1, 2004 to March 31, 2005 .................. $1.00 0.01 (0.01) 0.00
Sweep Class
June 30, 2010(4) to August 31, 2010 (Unaudited) .. $1.00 0.00(2) (0.00)(2) 0.00
MINNESOTA MONEY MARKET FUND
Class A
March 1, 2010 to August 31, 2010 (Unaudited) ..... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2009 to February 28, 2010 ............... $1.00 0.00(2) (0.00)(2) (0.00)(2)
March 1, 2008 to February 28, 2009 ............... $1.00 0.01 (0.01) 0.00
March 1, 2007 to February 29, 2008 ............... $1.00 0.03 (0.03) 0.00
March 1, 2006 to February 28, 2007 ............... $1.00 0.03 (0.03) 0.00
April 1, 2005 to February 28, 2006(3) ............ $1.00 0.02 (0.02) 0.00
April 1, 2004 to March 31, 2005 .................. $1.00 0.01 (0.01) 0.00
Sweep Class
June 30, 2010(4) to August 31, 2010 (Unaudited) .. $1.00 0.00(2) 0.00(2) 0.00
MONEY MARKET FUND
Class A
March 1, 2010 to August 31, 2010 (Unaudited) ..... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2009 to February 28, 2010 ............... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2008 to February 28, 2009 ............... $1.00 0.02 (0.02) (0.00)(2)
March 1, 2007 to February 29, 2008 ............... $1.00 0.04 (0.04) 0.00
March 1, 2006 to February 28, 2007 ............... $1.00 0.04 (0.04) 0.00
April 1, 2005 to February 28, 2006(3) ............ $1.00 0.03 (0.03) 0.00
April 1, 2004 to March 31, 2005 .................. $1.00 0.01 (0.01) 0.00
Class B
March 1, 2010 to August 31, 2010 (Unaudited) ..... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2009 to February 28, 2010 ............... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2008 to February 28, 2009 ............... $1.00 0.01 (0.01) (0.00)(2)
March 1, 2007 to February 29, 2008 ............... $1.00 0.04 (0.04) 0.00
March 1, 2006 to February 28, 2007 ............... $1.00 0.04 (0.04) 0.00
April 1, 2005 to February 28, 2006(3) ............ $1.00 0.02 (0.02) 0.00
April 1, 2004 to March 31, 2005 .................. $1.00 0.00 0.00 0.00
Class C
June 30, 2010(4) to August 31, 2010 (Unaudited) .. $1.00 0.00 (0.00)(2) 0.00

 Beginning Distributions Distributions
 Net Asset Net from Net from Net
 Value Per Investment Investment Realized
 Share Income Income Gains
 --------- ---------- ------------- -------------
MONEY MARKET FUND (continued)
Daily Class
June 30, 2010(4) to August 31, 2010 (Unaudited) .. $1.00 0.00(2) (0.00)(2) 0.00
Investor Class
March 1, 2010 to August 31, 2010 (Unaudited) ..... $1.00 0.00 (0.00)(2) 0.00
March 1, 2009 to February 28, 2010 ............... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2008 to February 28, 2009 ............... $1.00 0.02 (0.02) (0.00)(2)
March 1, 2007 to February 29, 2008 ............... $1.00 0.05 (0.05) 0.00
March 1, 2006 to February 28, 2007 ............... $1.00 0.05 (0.05) 0.00
April 11, 2005(4) to February 28, 2006(3) ........ $1.00 0.03 (0.03) 0.00

NATIONAL TAX-FREE MONEY MARKET FUND
Class A
March 1, 2010 to August 31, 2010 (Unaudited) ..... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2009 to February 28, 2010 ............... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2008 to February 28, 2009 ............... $1.00 0.01 (0.01) 0.00
March 1, 2007 to February 29, 2008 ............... $1.00 0.03 (0.03) 0.00
March 1, 2006 to February 28, 2007 ............... $1.00 0.03 (0.03) 0.00
April 1, 2005 to February 28, 2006(3) ............ $1.00 0.02 (0.02) 0.00
April 1, 2004 to March 31, 2005 .................. $1.00 0.01 (0.01) 0.00
Sweep Class
June 30, 2010(4) to August 31, 2010 (Unaudited) .. $1.00 0.00(2) (0.00)(2) 0.00

TREASURY PLUS MONEY MARKET FUND
Class A
March 1, 2010 to August 31, 2010 (Unaudited) ..... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2009 to February 28, 2010 ............... $1.00 0.00(2) (0.00)(2) (0.00)(2)
March 1, 2008 to February 28, 2009 ............... $1.00 0.01 (0.01) (0.00)(2)
March 1, 2007 to February 29, 2008 ............... $1.00 0.04 (0.04) 0.00
March 1, 2006 to February 28, 2007 ............... $1.00 0.04 (0.04) 0.00
April 1, 2005 to February 28, 2006(3) ............ $1.00 0.03 (0.03) 0.00
April 1, 2004 to March 31, 2005 .................. $1.00 0.01 (0.01) 0.00
Sweep Class
June 30, 2010(4) to August 31, 2010 (Unaudited) .. $1.00 0.00 (0.00) 0.00

100% TREASURY MONEY MARKET FUND
Class A
March 1, 2010 to August 31, 2010 (Unaudited) ..... $1.00 0.00(2) (0.00)(2) 0.00
March 1, 2009 to February 28, 2010 ............... $1.00 0.00(2) (0.00)(2) (0.00)(2)
March 1, 2008 to February 28, 2009 ............... $1.00 0.01 (0.01) (0.00)(2)
March 1, 2007 to February 29, 2008 ............... $1.00 0.04 (0.04) 0.00
March 1, 2006 to February 28, 2007 ............... $1.00 0.04 (0.04) 0.00
April 1, 2005 to February 28, 2006(3) ............ $1.00 0.02 (0.02) 0.00
April 1, 2004 to March 31, 2005 .................. $1.00 0.01 (0.01) 0.00
Sweep Class
June 30, 2010(4) to August 31, 2010 (Unaudited) .. $1.00 0.00(2) (0.00)(2) 0.00

 Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ -------------------- -------------------------------------------- ---------------------
Peter G. Gordon Trustee, since 1998; Co-Founder, Chairman, President and CEO of Crystal None
67 Chairman, since 2005 Geyser Water Company.
 (Lead Trustee since
 2001)

Isaiah Harris, Jr. Advisory Board Retired. Prior thereto, President and CEO of CIGNA Corporation;
57 Trustee, since 2008 BellSouth Advertising and Publishing Corp from Deluxe Corporation
 2005 to 2007, President and CEO of BellSouth
 Enterprises from 2004 to 2005 and President of
 BellSouth Consumer Services from 2000 to 2003.
 Currently a member of the Iowa State University
 Foundation Board of Governors and a member of the
 Advisory Board of Iowa State University School of
 Business.

Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer None
61 and Chief Investment Officer of Minneapolis
 Employees Retirement Fund from 1996 to 2008. Ms.
 Johnson is an attorney, certified public
 accountant and a certified managerial accountant.

 Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ -------------------- -------------------------------------------- -------------------
Leroy Keith, Jr. Trustee, since 2010 Chairman, Bloc Global Services (development and Trustee, Phoenix Fund
(3) 71 construction). Trustee of the Evergreen Funds from Complex (consisting
 1983 to 2010. ormer Managing Director, Almanac of 46 portfolios as
 Capital Management F (commodities firm), former of 12/31/09);
 Partner, Stonington Partners, Inc. (private equity Director, Diversapack
 fund), former Director, Obagi Medical Products Co. Co. (packaging
 and former Director, Lincoln Educational Services. company)


David F. Larcker Advisory Board James Irvin Miller Professor of Accounting at the None
59 Trustee, since 2008 Graduate School of Business, Stanford University,
 Director of Corporate Governance Research Program
 and Co-Director of The Rock Center for Corporate
 Governance since 2006. From 2005 to 2008,
 Professor of Accounting at the Graduate School of
 Business, Stanford University. Prior thereto,
 Ernst & Young Professor of Accounting at The
 Wharton School, University of Pennsylvania from
 1985 to 2005.

Olivla S. Trustee, since 2006 International Foundation of Employee Benefit Plans None
 Mitchell Professor and Chair of the Department of Insurance
57 and Risk Management, Wharton School of the
 University of Pennsylvania. Director of Wharton's
 Pension Research Council and Boettner Center on
 Pensions & Retirement Research, and Research
 Associate at the National Bureau of Economic
 Research. Previously, Cornell University Professor
 from 1978 to 1993.

Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
58 Foundation, a non-profit organization, since 2007
 and Senior Fellow at the Humphrey Institute Policy
 Forum at the University of Minnesota since 1995.
 Member of the Board of Trustees of NorthStar
 Education Finance, Inc., a non-profit
 organization, since 2007.

Michael S. Trustee, since 2010 Currently serves on the Investment Company None
Scofield(3) Institute's Board of Governors and Executive
67 Committee. Former Chairman of the Independent
 Directors Counsel. Trustee of the Evergreen Funds
 from 1984 to 2010. Retired Attorney, Law Offices
 of Michael S. Scofield and former Director and
 Chairman, Branded Media Corporation (multi-media
 branding company).

Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None
70 General Counsel of the Minneapolis Employees
 Retirement Fund from 1984 until its consolidation
 into the Minnesota Public Employers Retirement
 Association on June 30, 2010.

 Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ -------------------- -------------------------------------------- ---------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. None
51 and President of Wells Fargo Funds Management, LLC
 since 2003. Senior Vice President and Chief
 Administrative Officer of Wells Fargo Funds
 Management, LLC from 2001 to 2003.

C. David Messman Secretary, since Senior Vice President and Secretary of Wells Fargo None
49 2000; Chief Legal Funds Management, LLC since 2001. Vice President
 Counsel, since 2003 and Managing Counsel of Wells Fargo Bank, N.A.
 since 1996.

Kasey Phillips(4) Treasurer, since 2009 Senior Vice President of Evergreen Investment None
39 Management Company, LLC since 2006 and currently
 the Treasurer of the Evergreen Funds since 2005.
 Vice President and Assistant Vice President of
 Evergreen Investment Services, Inc. from 1999 to
 2006.

David Berardi(5) Assistant Treasurer, Vice President of Evergreen Investment Management None
34 since 2009 Company, LLC since 2008. Assistant Vice President
 of Evergreen Investment Services, Inc. from 2004
 to 2008. Manager of Fund Reporting and Control for
 Evergreen Investment Management Company, LLC since
 2004.

Jeremy DePalma(5) Assistant Treasurer, Senior Vice President of Evergreen Investment None
36 since 2009 Management Company, LLC since 2008. Vice
 President, Evergreen Investment Services, Inc.
 from 2004 to 2007. Assistant Vice President,
 Evergreen Investment Services, Inc. from 2000 to
 2004 and the head of the Fund Reporting and
 Control Team within Fund Administration since
 2005.

Debra Ann Early Chief Compliance Chief Compliance Officer of Wells Fargo Funds None
45 Officer, since 2007 Management, LLC since 2007. Chief Compliance
 Officer of Parnassus Investments from 2005 to
 2007. Chief Financial Officer of Parnassus
 Investments from 2004 to 2007 and Senior Audit
 Manager of PricewaterhouseCoopers LLP from 1998 to
 2004.

(C) 2010 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds 12578010-10
 SMMM/SAR12808-10

/s/ Karla M. Rabusch

Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS

 Beginning Ending
 Account Value Account Value Expenses Paid Net Annual
 03-01-2010 08-31-2010 During Period(1) Expense Ratio
 ------------- ------------- ---------------- -------------
WELLS FARGO ADVANTAGE CALIFORNIA MUNICIPAL MONEY MARKET FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,000.72 $1.61 0.32%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.59 $1.63 0.32%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,000.85 $1.01 0.20%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SERVICE CLASS
 Actual $1,000.00 $1,000.06 $1.76 0.35%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.44 $1.79 0.35%
WELLS FARGO ADVANTAGE CASH INVESTMENT MONEY MARKET FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,000.26 $1.61 0.32%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.59 $1.63 0.32%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,000.86 $1.01 0.20%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SELECT CLASS
 Actual $1,000.00 $1,001.21 $0.66 0.13%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.55 $0.66 0.13%
SERVICE CLASS
 Actual $1,000.00 $1,000.05 $1.81 0.36%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.39 $1.84 0.36%

 Beginning Ending
 Account Value Account Value Expenses Paid Net Annual
 03-01-2010 08-31-2010 During Period(1) Expense Ratio
 ------------- ------------- ---------------- -------------
WELLS FARGO ADVANTAGE GOVERNMENT MONEY MARKET FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,000.05 $1.11 0.22%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $1.12 0.22%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,000.19 $0.96 0.19%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.25 $0.97 0.19%
SERVICE CLASS
 Actual $1,000.00 $1,000.05 $1.11 0.22%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.10 $1.12 0.22%
WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,000.18 $1.56 0.31%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.64 $1.58 0.31%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,000.73 $1.01 0.20%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SELECT CLASS
 Actual $1,000.00 $1,001.08 $0.66 0.13%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.55 $0.66 0.13%
SERVICE CLASS
 Actual $1,000.00 $1,000.18 $1.92 0.38%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.29 $1.94 0.38%
WELLS FARGO ADVANTAGE MONEY MARKET FUND
SERVICE CLASS
 Actual $1,000.00 $1,000.06 $2.12 0.42%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.09 $2.14 0.42%
WELLS FARGO ADVANTAGE MUNICIPAL CASH MANAGEMENT MONEY MARKET FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,000.74 $1.82 0.36%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.39 $1.84 0.36%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,000.91 $1.06 0.21%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.15 $1.07 0.21%
SERVICE CLASS
 Actual $1,000.00 $1,000.05 $1.92 0.38%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.29 $1.94 0.38%
WELLS FARGO ADVANTAGE NATIONAL TAX-FREE MONEY MARKET FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,000.25 $1.46 0.29%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.74 $1.48 0.29%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,000.70 $1.01 0.20%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SERVICE CLASS
 Actual $1,000.00 $1,000.05 $1.66 0.33%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.54 $1.68 0.33%

 Beginning Ending
 Account Value Account Value Expenses Paid Net Annual
 03-01-2010 08-31-2010 During Period(1) Expense Ratio
 ------------- ------------- ---------------- -------------
WELLS FARGO ADVANTAGE PRIME INVESTMENT MONEY MARKET FUND
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,000.75 $1.01 0.20%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.20 $1.02 0.20%
SERVICE CLASS
 Actual $1,000.00 $1,000.05 $1.71 0.34%
 Hypothetical (5% return before expenses) $1,000.00 $1,023.49 $1.73 0.34%
WELLS FARGO ADVANTAGE TREASURY PLUS MONEY MARKET FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,000.05 $0.86 0.17%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.35 $0.87 0.17%
INSTITUTIONAL CLASS
 Actual $1,000.00 $1,000.06 $0.91 0.18%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.30 $0.92 0.18%
SERVICE CLASS
 Actual $1,000.00 $1,000.05 $0.91 0.18%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.30 $0.92 0.18%
WELLS FARGO ADVANTAGE 100% TREASURY MONEY MARKET FUND
ADMINISTRATOR CLASS
 Actual $1,000.00 $1,000.07 $0.71 0.14%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.50 $0.71 0.14%
SERVICE CLASS
 Actual $1,000.00 $1,000.05 $0.66 0.13%
 Hypothetical (5% return before expenses) $1,000.00 $1,024.55 $0.66 0.13%

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER: 2.83%
$ 24,000,000 GOLDEN GATE BRIDGE HIGHWAY & TRANSPORTATION DISTRICT 0.25% 09/08/2010 $ 24,000,000
 5,000,000 RIVERSIDE COUNTY TETER FINANCING 0.26 09/08/2010 5,000,000
 53,185,000 SAN JOAQUIN COUNTY TRANSPORTATION AUTHORITY 0.23 09/15/2010 53,185,000
 3,780,000 SAN JOAQUIN COUNTY TRANSPORTATION AUTHORITY 0.26 09/15/2010 3,780,000
TOTAL COMMERCIAL PAPER (COST $85,965,000) 85,965,000
 ------------------
MUNICIPAL BONDS & NOTES: 97.34%
CALIFORNIA: 94.51%
 18,775,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA MARIN COUNTRY DAY
 SCHOOL (PRIVATE SCHOOL REVENUE, US BANK NA LOC)ss+/- 0.28 07/01/2037 18,775,000
 11,200,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA MFHR FINE ARTS
 BUILDING PROJECTS SERIES A (HOUSING REVENUE, FNMA
 INSURED)ss+/- 0.34 07/15/2035 11,200,000
 6,965,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA MFHR GAIA BUILDING
 PROJECT SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.34 09/15/2032 6,965,000
 1,700,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA SHARP HEALTHCARE
 SERIES D (HOSPITAL REVENUE, CITIBANK NA LOC)ss+/- 0.25 08/01/2035 1,700,000
 1,485,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA ST. ANTHONY
 FOUNDATION (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.28 03/01/2037 1,485,000
 9,910,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA THE HEAD-ROYCE
 SCHOOL (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.37 09/01/2036 9,910,000
 3,735,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 SCHOOLS SACRED HEART SERIES FB
 (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 06/01/2030 3,735,000
 10,630,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA AIR FORCE VILLAGE
 WEST INCORPORATED (OTHER REVENUE, KBC BANK NV LOC)ss+/- 0.32 05/15/2035 10,630,000
 10,110,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA COLMA BART
 APARTMENTS SERIES A (HOUSING REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.30 11/15/2035 10,110,000
 5,315,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA FRANCIS PARKER
 SCHOOL PROJECT (PRIVATE SCHOOL REVENUE, BANK OF NEW
 YORK LOC)ss+/- 0.29 09/01/2036 5,315,000
 10,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA MENLO SCHOOL
 (PRIVATE SCHOOLS REVENUE, ALLIED IRISH BANK PLC
 LOC)ss+/- 0.25 09/01/2033 10,000,000
 2,420,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA SAN FRANCISCO
 UNIVERSITY SERIES A (PRIVATE SCHOOL REVENUE, ALLIED
 IRISH BANK PLC LOC)ss+/- 0.25 04/01/2035 2,420,000
 7,500,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA SCHOOLS SACRED
 HEART SERIES S-FA (PRIVATE SCHOOL REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.26 06/01/2030 7,500,000
 10,100,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 CALIFORNIA ZOOLOGICAL SOCIETY
 OF SAN DIEGO (OTHER REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.26 10/01/2034 10,100,000
 6,150,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 JEWISH COMMUNITY CENTER
 (MISCELLANEOUS REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 06/01/2029 6,150,000
 3,895,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 SAN FRANCISCO FRIENDS SCHOOL
 (PRIVATE SCHOOLS REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 02/01/2038 3,895,000
 7,005,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
 SAN FRANCISCO HIGH UNIVERSITY
 SERIES A (PRIVATE SCHOOLS REVENUE, NOTHERN TRUST
 COMPANY LOC)ss+/- 0.25 04/01/2036 7,005,000
 1,895,000 ANAHEIM CA HOUSING AUTHORITY MFHR MONTEREY
 APARTMENTS SERIES B
 (MFHR, FNMA INSURED)ss+/- 0.31 05/15/2027 1,895,000
 12,600,000 ANAHEIM CA HOUSING AUTHORITY PARK VISTA APARTMENTS
 (MFHR, FHLMC INSURED)ss+/- 0.28 07/01/2033 12,600,000
 6,000,000 ANAHEIM CA HOUSING AUTHORITY SEA WIND APARTMENTS
 PROJECT SERIES C
 (MFHR, FNMA INSURED)ss+/- 0.30 07/15/2033 6,000,000
 7,768,500 ARCADIA COUNTY CA USD SERIES 2679 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2013 7,768,500
 7,000,000 AUSTIN CTFS-BOA-SERIES 2008-3312 (PROPERTY TAX
 REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/-++ 0.32 08/01/2032 7,000,000
 5,900,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER
 AUTHORITY REVENUE,
 FIRST SECURITY BANK LOC)ss+/- 0.36 09/01/2035 5,900,000
 3,765,000 BAY AREA TOLL AUTHORITY VARIOUS SAN FRANCISCO BAY
 AREA SERIES B2
 (TOLL BRIDGE REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.24 04/01/2047 3,765,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 41,600,000 BAY AREA TOLL AUTHORITY VARIOUS SAN FRANCISCO BAY
 AREA SERIES D1 (HIGHWAY TOLLS
 REVENUE, SECURITIES PURCHASE AGREEMENT BY BNP
 PARIBAS)ss+/- 0.25% 04/01/2045 $ 41,600,000
 36,430,000 BIG BEAR LAKE CA SOUTHWEST GAS CORPORATION PROJECT
 SERIES A
 (IDR, KBC BANK NV LOC)ss+/- 0.30 12/01/2028 36,430,000
 8,100,000 BRANCH BANKING & TRUST MUNICIPAL TRUST (LEASE
 REVENUE, BRANCH
 BANKING & TRUST LOC)ss+/-++ 0.30 09/01/2022 8,100,000
 6,000,000 BRANCH BANKING &TRUST MUNICIPAL TRUST FLOATERS
 SERIES 2049 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.33 02/01/2027 6,000,000
 11,800,000 BURBANK CA RDA MFHR ISSUE A (HOUSING REVENUE, FHLB
 INSURED)ss+/- 0.20 11/01/2010 11,800,000
 25,040,000 CALIFORNIA ALTERNATIVE ENERGY SOURCE FINANCING
 AUTHORITY GE CAPITAL CORPORATION
 SERIES A (ELECTRIC REVENUE, BANK OF AMERICA NA
 LOC)ss+/-++ 0.30 10/01/2020 25,040,000
 2,300,000 CALIFORNIA ASSOCIATION OF BAY AREA GOVERNMENT
 FINANCE AUTHORITY FOR NONPROFIT
 CORPORATION SHARP HEALTHCARE SERIES 2009-C (HCFR,
 CITIBANK NA LOC)ss+/- 0.25 08/01/2035 2,300,000
 5,800,000 CALIFORNIA CDA MFHR GLEN HAVEN APARTMENTS SERIES
 2002
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 04/15/2035 5,800,000
 10,400,000 CALIFORNIA CDA REFUNDING MFHR SERIES 381 (OTHER
 REVENUE, FHLMC INSURED)ss+/-++ 0.39 02/01/2053 10,400,000
 12,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
 CHARLES R DREW UNIVERSITY
 (OTHER REVENUE, SOVEREIGN BANK FSB LOC)ss+/- 0.30 11/01/2042 12,500,000
 5,500,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
 UNIVERSITY OF LA VERNE
 (EDUCATIONAL FACILITIES REVENUE, ALLIED IRISH BANK
 PLC LOC)ss+/- 0.26 03/01/2038 5,500,000
 8,900,000 CALIFORNIA FINANCE AUTHORITY KEHILLAH JEWISH HIGH
 SCHOOL SERIES 2009
 (PRIVATE SCHOOLS REVENUE, CALIFORNIA BANK & TRUST
 LOC)ss+/- 0.28 08/01/2039 8,900,000
 4,675,000 CALIFORNIA GO SERIES B-1 (GENERAL FUND REVENUE,
 CITIBANK NA LOC)ss+/- 0.25 05/01/2034 4,675,000
 7,000,000 CALIFORNIA HFFA FLOATERS SERIES 3103 (HEALTH
 HOSPITAL NURSING HOME REVENUE,
 MORGAN STANLEY LOC)ss+/-++ 0.31 08/15/2038 7,000,000
 3,635,000 CALIFORNIA HFA HOME MORTGAGE RB ROC-RR-II-R-11640
 (HOUSING REVENUE,
 GNMA/FNMA/FHLMC INSURED)ss+/-++ 0.36 08/01/2018 3,635,000
 5,000,000 CALIFORNIA HFA HOME MORTGAGE SERIES H (HOUSING
 REVENUE, FNMA INSURED)ss+/- 0.28 02/01/2036 5,000,000
 4,900,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK CALIFORNIA ACADEMY
 SERIES A (OTHER REVENUE, US BANK NA LOC)ss+/- 0.24 09/01/2038 4,900,000
 14,200,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK CALIFORNIA ACADEMY
 SERIES C (OTHER REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.24 09/01/2038 14,200,000
 26,595,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK J PAUL GETTY
 PROJECT SERIES B (RECREATIONAL REVENUE)ss+/- 0.18 04/01/2033 26,595,000
 2,600,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK LYCEE FRANCIAS DE
 LOS ANGELES PROJECT (COLLEGE & UNIVERSITY REVENUE,
 MELLON BANK NA LOC)ss+/- 0.27 09/01/2036 2,600,000
 20,850,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK ORANGE COUNTY
 PERFORMING SERIES A (RECREATIONAL REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.25 07/01/2034 20,850,000
 39,910,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK RAND CORPORATION
 SERIES B (ECONOMIC DEVELOPMENT REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.25 04/01/2042 39,910,000
 520,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK ROCS RR II R-11527
 (TOLL ROAD REVENUE, AMBAC INSURED)ss+/-++ 0.28 07/01/2030 520,000
 6,500,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK THE BAY INSTITUTE
 AQUARIUM FOUNDATION (OTHER REVENUE, FHLMC
 INSURED)ss+/- 0.26 06/01/2025 6,500,000
 1,590,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK HOIG PRECISION
 CORPORATION PROJECT (IDR, BANK OF THE WEST LOC)ss+/- 0.47 07/01/2030 1,590,000
 300,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK LOS ANGELES COUNTY
 MUSEUM OF NATURAL HISTORY SERIES 2008-B
 (RECREATIONAL REVENUE,
 BANK OF NEW YORK LOC)ss+/- 0.24 09/01/2037 300,000
 2,215,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 BANK SOCIETY FOR THE BLIND PROJECT
 (MISCELLANEOUS REVENUE, US BANK NA LOC)ss+/-++ 0.30 01/01/2037 2,215,000
 6,935,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY (ECONOMIC
 DEVELOPMENT REVENUE,
 PACIFIC NATIONAL LOC)ss+/- 0.26 12/01/2042 6,935,000
 21,390,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY PACIFIC
 INSTITUTE SERIES A (HOUSING REVENUE,
 CALIFORNIA BANK & TRUST LOC)ss+/- 0.25 08/01/2037 21,390,000
 3,500,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY SERRA
 CATHOLIC SCHOOL
 (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
 LOC)ss+/- 3.40 05/01/2039 3,500,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 6,850,000 CALIFORNIA PCFA EXEMPT FACILITIES REVENUE EXXON
 MOBIL PROJECT
 (IDR, BANK OF AMERICA NA LOC)ss+/- 0.22% 12/01/2029 $ 6,850,000
 6,100,000 CALIFORNIA PCFA EXXON PROJECT (IDR)ss+/- 0.17 12/01/2012 6,100,000
 1,400,000 CALIFORNIA PCFA MILK TIME DAIRY FARMS PROJECT
 (RESOURCE RECOVERY REVENUE, BANK OF THE WEST LOC)ss+/- 0.36 11/01/2027 1,400,000
 3,200,000 CALIFORNIA PCFA MUSCO FAMILY OLIVE SERIES A (IDR,
 WELLS FARGO BANK NA LOC)ss+/-(q) 0.30 11/01/2019 3,200,000
 6,900,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES C
 (IDR, JPMORGAN CHASE LOC)ss+/- 0.25 11/01/2026 6,900,000
 2,500,000 CALIFORNIA PCFA SOLID WASTE GEORGE & JENIFER DEBOER
 TRUST (RESOURCE RECOVERY
 REVENUE, WELLS FARGO BANK NA LOC)ss+/-(q) 0.31 05/01/2029 2,500,000
 1,500,000 CALIFORNIA PCFA SOLID WASTE HERITAGE DAIRY PROJECT
 (RESOURCE RECOVERY
 REVENUE, WELLS FARGO BANK NA LOC)ss+/-(q) 0.31 10/01/2027 1,500,000
 3,400,000 CALIFORNIA PCFA SOLID WASTE JOHN & ANN M VERWEY
 PROJECT (RESOURCE RECOVERY
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.36 05/01/2028 3,400,000
 6,000,000 CALIFORNIA PCFA SOLID WASTE MILK TIME DAIRY FARMS
 PROJECT (RESOURCE RECOVERY
 REVENUE, BANK OF THE WEST LOC)ss+/- 0.36 11/01/2027 6,000,000
 3,000,000 CALIFORNIA PCFA SOLID WASTE P&D DAIRY & POSO CREEK
 (RESOURCE RECOVERY
 REVENUE, BANK OF THE WEST LOC)ss+/- 0.36 05/01/2028 3,000,000
 900,000 CALIFORNIA PCFA WADHAM ENERGY (PCR, BNP PARIBAS
 LOC)ss+/- 0.29 11/01/2017 900,000
 6,275,000 CALIFORNIA PCFA WADHAM ENERGY SERIES C (OTHER
 REVENUE, BANQUE
 NATIONALE PARIS LOC)ss+/- 0.29 11/01/2017 6,275,000
 15,695,000 CALIFORNIA REFUNDING GO BRANCH BANKING & TRUST
 COMPANY MUNICIPAL TRUST
 SERIES 2000 (GENERAL FUND REVENUE, FSA INSURED,
 BRANCH BANKING & TRUST LOC)ss+/-++ 0.32 07/10/2027 15,695,000
 6,125,000 CALIFORNIA STANFORD HOSPITAL SERIES B (RECREATIONAL
 REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/- 0.24 06/01/2034 6,125,000
 7,480,000 CALIFORNIA STATE DEPARTMENT OF VETERANS AFFAIRS
 ROCS RR II R-1131
 (OTHER REVENUE, CITIBANK NA LOC)ss+/-++ 0.35 12/01/2014 7,480,000
 3,090,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B6
 (WATER & WASTEWATER AUTHORITY REVENUE, STATE
 STREET BANK & TRUST COMPANY NA LOC)ss+/- 0.23 05/01/2022 3,090,000
 5,505,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C-7
 (ELECTRIC REVENUE, AGM INSURED)ss+/- 0.30 05/01/2022 5,505,000
 4,380,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1
 (POWER REVENUE, DEXIA CREDIT SA LOC)ss+/- 0.28 05/01/2022 4,380,000
 3,300,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SUBSERIES G1
 (WATER REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.23 05/01/2011 3,300,000
 11,450,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11
 (POWER REVENUE, KBC BANK NV LOC)ss+/- 0.27 05/01/2022 11,450,000
 3,995,000 CALIFORNIA STATE DWR SERIES 3019 (WATER REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/-++ 0.30 06/01/2016 3,995,000
 6,600,000 CALIFORNIA STATE ECONOMIC RECOVERY REVENUE SERIES C-2
 (RECOVERY REVENUE, JPMORGAN CHASE & COMPANY LOC)ss+/- 0.23 07/01/2023 6,600,000
 7,665,000 CALIFORNIA STATE ENTERPRISE DEVELOPMENT AUTHORITY POCINO
 FOODS COMPANY PROJECT SERIES A (IDR, CITY NATIONAL
 BANK LOC)ss+/- 0.30 11/01/2033 7,665,000
 4,000,000 CALIFORNIA STATE ENTERPRISE DEVELOPMENT AUTHORITY
 RAMAR INTERNATIONAL CORPORATION PROJECT SERIES A (IDR,
 BANK OF THE WEST LOC)ss+/- 0.30 11/01/2033 4,000,000
 35,000,000 CALIFORNIA STATE FLOATING SERIES C-2-RMKT-12-1-09
 (OTHER REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.25 05/01/2033 35,000,000
 1,800,000 CALIFORNIA STATE KINDERGARTEN-B2-RMKT (OTHER
 REVENUE, CITIBANK NA LOC)ss+/- 0.23 05/01/2034 1,800,000
 22,315,000 CALIFORNIA STATE SERIES 2758 (OTHER REVENUE, AMBAC
 INSURED)ss+/-++ 0.55 07/01/2017 22,315,000
 23,385,000 CALIFORNIA STATE SERIES A SUBSERIES A1 (OTHER
 REVENUE, FORTIS BANQUE LOC)ss+/- 0.30 05/01/2040 23,385,000
 8,560,000 CALIFORNIA STATE SERIES A SUBSERIES A2 (OTHER
 REVENUE, CALYON BANK LOC)ss+/- 0.27 05/01/2040 8,560,000
 33,300,000 CALIFORNIA STATE SERIES A2 ( GO, BANK OF MONTREAL
 LOC)ss+/- 0.22 05/01/2033 33,300,000
 12,700,000 CALIFORNIA STATE SERIES A3 (GO, BANK OF MONTREAL
 LOC)ss+/- 0.25 05/01/2033 12,700,000
 2,500,000 CALIFORNIA STATE SERIES B SUBSERIES B 3 (OTHER
 REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.27 05/01/2040 2,500,000
 5,100,000 CALIFORNIA STATE SERIES B SUBSERIES B-2 (OTHER
 REVENUE, SOCIETE GENERALE LOC)ss+/- 0.26 11/15/2030 5,100,000
 7,125,000 CALIFORNIA STATE SERIES B SUBSERIES B1 (OTHER
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.26 05/01/2040 7,125,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 10,000,000 CALIFORNIA STATE SERIES B-SUBSERIES B-2 (GENERAL
 FUND REVENUE,
 SOCIETE GENERALE LOC)ss+/- 0.26% 05/01/2040 $ 10,000,000
 19,550,000 CALIFORNIA STATE SERIES B5 (OTHER REVENUE,
 CITIBANK NA LOC)ss+/- 0.24 05/01/2034 19,550,000
 15,650,000 CALIFORNIA STATE SERIES C1 (OTHER REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.26 05/01/2033 15,650,000
 12,825,000 CALIFORNIA STATEWIDE CDA (HOSPITAL REVENUE,
 CITIBANK NA LOC)ss+/-++ 0.32 08/15/2032 12,825,000
 2,155,000 CALIFORNIA STATEWIDE CDA AEGIS MORAGA PROJECT C
 (MFHR, FNMA INSURED)ss+/- 0.35 07/01/2027 2,155,000
 6,270,000 CALIFORNIA STATEWIDE CDA AEGIS PLEASANT HILL
 SERIES H (MFHR)ss+/- 0.30 07/01/2027 6,270,000
 6,645,000 CALIFORNIA STATEWIDE CDA ARBOR RIDGE APARTMENTS
 SERIES B (MFHR, FHLMC INSURED)ss+/- 0.30 11/01/2036 6,645,000
 4,070,000 CALIFORNIA STATEWIDE CDA ARCHER SCHOOL FOR GIRLS
 INCORPORATED (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
 LOC)ss+/- 2.90 05/01/2035 4,070,000
 9,390,000 CALIFORNIA STATEWIDE CDA BELMONT PROJECT SERIES F
 (MFHR, FNMA LOC)ss+/- 0.28 06/15/2038 9,390,000
 4,000,000 CALIFORNIA STATEWIDE CDA CHARTER COURT APARTMENTS
 SERIES L (MFHR, FHLMC INSURED)ss+/- 0.30 09/01/2040 4,000,000
 39,654,000 CALIFORNIA STATEWIDE CDA FLOATERS SERIES 3102
 (HEALTH, HOSPITAL, & NURSING
 HOME REVENUE, MORGAN STANLEY BANK LOC)ss+/- 0.30 11/15/2048 39,654,000
 886,000 CALIFORNIA STATEWIDE CDA FLOATERS SERIES 3102
 (HEALTH, HOSPITAL, & NURSING
 HOME REVENUE, MORGAN STANLEY LOC)ss+/- 0.30 11/15/2030 886,000
 1,925,000 CALIFORNIA STATEWIDE CDA GRANDE APARTMENTS SERIES
 TT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 12/15/2034 1,925,000
 6,000,000 CALIFORNIA STATEWIDE CDA HERITAGE PARK APARTMENTS
 SERIES C (MFHR, FHLMC INSURED)ss+/-++ 0.28 01/01/2038 6,000,000
 3,210,000 CALIFORNIA STATEWIDE CDA HORIZONS INDIO SERIES F
 (HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.31 07/01/2038 3,210,000
 6,100,000 CALIFORNIA STATEWIDE CDA JOHN MUIR HEALTH SERIES B
 (HOSPITAL REVENUE, UBS AG LOC)ss+/- 0.27 08/15/2036 6,100,000
 6,775,000 CALIFORNIA STATEWIDE CDA LA PUENTE APARTMENTS
 SERIES JJ (MFHR, US BANK NA LOC)ss+/- 0.28 11/01/2031 6,775,000
 11,450,000 CALIFORNIA STATEWIDE CDA LIVERMORE VALLEY ARTS
 CENTER PROJECT (OTHER REVENUE, BANK OF NEW YORK LOC)ss+/- 0.24 12/01/2036 11,450,000
 6,135,000 CALIFORNIA STATEWIDE CDA MARIN HORIZON SCHOOL
 (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC LOC)ss+/- 3.45 07/01/2036 6,135,000
 6,500,000 CALIFORNIA STATEWIDE CDA MARINEARS POINTE SERIES A
 (MFHR, FNMA INSURED)ss+/- 0.26 02/15/2036 6,500,000
 10,500,000 CALIFORNIA STATEWIDE CDA MFHR CANYON COUNTRY
 APARTMENTS SERIES M (MFHR , FHLMC INSURED)ss+/- 0.29 12/01/2034 10,500,000
 3,985,000 CALIFORNIA STATEWIDE CDA MFHR GRANITE OAKS
 APARTMENTS SERIES R (MFHR, FNMA INSURED)ss+/- 0.32 10/15/2030 3,985,000
 11,500,000 CALIFORNIA STATEWIDE CDA MFHR IMPERIAL PARK
 APARTMENTS SERIES 00 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 11/01/2040 11,500,000
 7,000,000 CALIFORNIA STATEWIDE CDA MULTIFAMILY HOUSING
 DESERT PALMS SERIES A (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.28 08/01/2045 7,000,000
 17,500,000 CALIFORNIA STATEWIDE CDA MULTIFAMILY HOUSING
 PUTTERS SERIES 2680
 (HOUSING REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.40 05/15/2016 17,500,000
 2,100,000 CALIFORNIA STATEWIDE CDA MULTIFAMILY HOUSING
 PUTTERS SERIES 2680
 (HOUSING REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.40 05/15/2018 2,100,000
 1,300,000 CALIFORNIA STATEWIDE CDA MULTIFAMILY HOUSING
 PUTTERS SERIES 2681
 (HOUSING REVENUE, JPMORGAN CHASE BANK LOC)ss+/-++ 0.55 05/15/2018 1,300,000
 3,200,000 CALIFORNIA STATEWIDE CDA MULTIFAMILY HOUSING
 SEASONS AT LAKEWOOD SERIES A
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.32 05/15/2037 3,200,000
 7,840,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING
 SERIES Y (HOUSING REVENUE, FNMA INSURED)ss+/- 0.29 08/01/2031 7,840,000
 8,640,000 CALIFORNIA STATEWIDE CDA OLYMPUS PARK APARTMENTS
 SERIES Y (MFHR, FNMA INSURED)ss+/- 0.30 10/15/2030 8,640,000
 2,750,000 CALIFORNIA STATEWIDE CDA PCR CHEVRON USA
 INCORPORATED PROJECT
 (RESOURCE RECOVERY REVENUE)ss+/- 0.20 05/15/2024 2,750,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 48,845,000 CALIFORNIA STATEWIDE CDA RADY CHILDREN'S
 HOSPITAL SERIES A
 (HOSPITAL REVENUE, US BANK NA LOC)ss+/- 0.23% 08/15/2047 $ 48,845,000
 7,130,000 CALIFORNIA STATEWIDE CDA RIDGEWAY APARTMENTS
 SERIES K
 (MFHR, FHLMC INSURED)ss+/- 0.25 09/01/2039 7,130,000
 5,265,000 CALIFORNIA STATEWIDE CDA SEASONS SENIOR
 APARTMENTS SERIES B
 (MFHR, FNMA INSURED)ss+/- 0.30 05/15/2037 5,265,000
 4,000,000 CALIFORNIA STATEWIDE CDA SERIES 3108 (HCFR,
 AMBAC INSURED)ss+/-++ 0.30 08/15/2038 4,000,000
 5,665,000 CALIFORNIA STATEWIDE CDA SUNRISE OF DANVILLE
 PROJECT SERIES A
 (MFHR, FNMA INSURED)ss+/- 0.31 05/01/2027 5,665,000
 1,870,000 CALIFORNIA STATEWIDE CDA SWEEP LOAN PROGRAM
 SERIES A
 (HCFR, CITIBANK NA LOC)ss+/- 0.25 08/01/2035 1,870,000
 2,235,000 CALIFORNIA STATEWIDE CDA TYRELLA GARDENS
 APARTMENTS SERIES B
 (HOUSING REVENUE, CITIBANK NA LOC)ss+/- 0.37 06/01/2036 2,235,000
 10,000,000 CALIFORNIA STATEWIDE CDA UNIVERSITY OF SAN
 DIEGO (COLLEGE & UNIVERSITY REVENUE,
 BANQUE NATIONALE PARIS LOC)ss+/- 0.26 10/01/2045 10,000,000
 13,265,000 CALIFORNIA STATEWIDE CDA UNIVERSITY RETIREMENT
 (OTHER REVENUE, BANK OF AMERICA LOC)ss+/- 0.26 11/15/2030 13,265,000
 4,000,000 CALIFORNIA STATEWIDE CDA VILLA PASEO SENIOR
 PROJECT MM
 (MFHR, EAST WEST BANK LOC)ss+/- 0.30 11/01/2035 4,000,000
 2,360,000 CALIFORNIA STATEWIDE CDA VILLAGE AT HESPERIA
 SERIES CCC (MFHR, FNMA INSURED)ss+/- 0.31 11/15/2039 2,360,000
 4,375,000 CALIFORNIA STATEWIDE CDA VILLAGE AT NINTH
 APARTMENTS SERIES D
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.31 11/15/2035 4,375,000
 2,600,000 CALIFORNIA STATEWIDE CDA VILLAGE AT SHAW
 APARTMENTS SERIES E
 (MFHR, FNMA INSURED)ss+/- 0.32 11/15/2035 2,600,000
 1,850,000 CALIFORNIA STATEWIDE COMMUNITIES AUTHORITY
 CENTER FOR EARLY EDUCATION
 (PRIVATE SCHOOL REVENUE, ALLIED IRISH BANK PLC
 LOC)ss+/- 3.40 09/01/2031 1,850,000
 4,538,000 CALIFORNIA UNIVERSITY OF SAN FRANCISCO SERIES
 2005B (EDUCATIONAL FACILITIES REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.26 10/01/2035 4,538,000
 2,100,000 CONCORD CA MFHR (OTHER REVENUE, FHLMC INSURED)ss+/- 0.40 12/01/2016 2,100,000
 6,440,000 CONTRA COSTA COUNTY CA HOUSING AUTHORITY SERIES
 C (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.26 11/15/2017 6,440,000
 2,000,000 CONTRA COSTA COUNTY CA SERIES B (MFHR, FNMA
 INSURED)ss+/- 0.26 11/15/2022 2,000,000
 7,000,000 CORONA CA HOUSEHOLD BANK PROJECT B (MFHR, FNMA
 INSURED)ss+/- 0.31 02/01/2023 7,000,000
 2,815,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-384
 (PROPERTY TAX REVENUE, NATL-RE LOC)ss+/-++ 0.29 02/01/2027 2,815,000
 13,100,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-384
 (PROPERTY TAX REVENUE, NATL-RE LOC)ss+/-++ 0.29 06/01/2032 13,100,000
 6,300,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-445
 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2032 6,300,000
 8,870,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-448
 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 07/01/2032 8,870,000
 3,987,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-457
 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2032 3,987,000
 8,292,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-477
 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 12/01/2024 8,292,000
 15,562,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-490
 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2042 15,562,000
 10,495,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-490
 (TAX INCREMENTAL REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 02/01/2031 10,495,000
 4,085,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-561
 (OTHER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 07/01/2031 4,085,000
 5,850,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-600
 (WATER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 02/01/2038 5,850,000
 5,505,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-621
 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2028 5,505,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 4,065,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-628
 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30% 08/01/2031 $ 4,065,000
 6,360,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-629
 (PROPERTY TAX REVENUE,
 NATL-RE LOC)ss+/-++ 0.30 08/01/2031 6,360,000
 4,520,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-630
 (PROPERTY TAX REVENUE,
 NATL-RE LOC)ss+/-++ 0.30 02/01/2024 4,520,000
 12,545,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-631
 (PROPERTY TAX REVENUE,
 NATL-RE LOC)ss+/-++ 0.30 09/01/2027 12,545,000
 12,350,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-632
 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2033 12,350,000
 7,816,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-649
 (PROPERTY TAX REVENUE,
 NATL-RE LOC)ss+/-++ 0.30 06/01/2031 7,816,000
 8,683,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-670
 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 06/01/2028 8,683,000
 2,500,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-247
 (TAX REVENUE, FGIC INSURED)ss+/-++ 0.29 12/01/2030 2,500,000
 2,640,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-382
 (OTHER REVENUE, NATL-RE LOC)ss+/- 0.29 08/01/2030 2,640,000
 1,100,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-382
 (OTHER REVENUE, NATL-RE LOC)ss+/- 1.00 08/01/2030 1,100,000
 3,500,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-383
 (OTHER REVENUE, FGIC INSURED)ss+/- 0.29 08/01/2029 3,500,000
 2,325,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-383
 (OTHER REVENUE, FGIC INSURED)ss+/- 0.29 08/01/2035 2,325,000
 29,015,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-383
 (OTHER REVENUE, FGIC INSURED)ss+/- 0.29 09/01/2037 29,015,000
 5,750,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-383
 (OTHER REVENUE, FGIC INSURED)ss+/- 1.00 08/01/2035 5,750,000
 915,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-383
 (OTHER REVENUE, FGIC INSURED)ss+/- 1.00 09/01/2037 915,000
 2,990,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-444
 (OTHER REVENUE, FGIC INSURED)ss+/-++ 0.30 08/01/2032 2,990,000
 2,375,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-500
 (OTHER REVENUE, AMBAC INSURED)ss+/-++ 0.30 11/01/2038 2,375,000
 1,690,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-525
 (OTHER REVENUE, FGIC INSURED)ss+/-++ 0.30 06/01/2035 1,690,000
 1,025,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-575
 (OTHER REVENUE, AMBAC INSURED)ss+/-++ 0.30 09/01/2029 1,025,000
 6,460,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-625
 (OTHER REVENUE, AMBAC INSURED)ss+/-++ 0.30 06/01/2028 6,460,000
 8,800,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-637
 (OTHER REVENUE,
 DEUTSCHE BANK LOC)ss+/-++ 0.30 08/01/2047 8,800,000
 3,510,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-648
 (OTHER REVENUE, NATL-RE LOC)ss+/-++ 0.30 09/01/2029 3,510,000
 7,176,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-675
 (OTHER REVENUE,
 DEUTSCHE BANK LOC)ss+/- 0.30 08/01/2040 7,176,000
 211,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-675
 (OTHER REVENUE,
 DEUTSCHE BANK LOC)ss+/- 0.30 08/01/2048 211,000
 2,100,000 EAST BAY CA MUD SUBSERIES A2 (WATER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.32 06/01/2038 2,100,000
 470,000 EAST BAY CA MUD SUBSERIES A3 (OTHER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.32 06/01/2038 470,000
 6,780,000 EAST BAY CA MUD SUBSERIES B1 (OTHER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.34 06/01/2038 6,780,000
 6,540,000 EAST BAY CA MUD SUBSERIES C (OTHER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.34 06/01/2027 6,540,000
 9,755,000 EASTERN MUNICIPAL WATER DISTRICT CALIFORNIA
 WATER & SEWER COP SERIES D
 (WATER REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.23 07/01/2023 9,755,000
 25,865,000 ECLIPSE FUNDING TRUST 2006-0002-SOLAR
 ECLIPSE-LOS ANGELES (PROPERTY TAX REVENUE,
 US BANK NA LOC)ss+/-++ 0.29 07/01/2030 25,865,000
 10,230,000 ECLIPSE FUNDING TRUST 2007-0079 SOLAR ECLIPSE
 (OTHER REVENUE, US BANK NA LOC)ss+/-++ 0.29 08/01/2032 10,230,000
 2,185,000 ECLIPSE FUNDING TRUST CALIFORNIA EDUCATIONAL
 FACILITIES 2006-0065 SOLAR ECLIPSE
 PEPPERDINE (COLLEGE & UNIVERSITY REVENUE, US
 BANK LOC)ss+/-++ 0.29 12/01/2013 2,185,000
 2,000,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO
 WATER AGENCY SERIES A (LEASE REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.29 03/01/2036 2,000,000
 3,390,000 ELSINORE VALLEY CA MUNICIPAL WATER DISTRICT COP
 SERIES B (WATER & SEWER REVENUE,
 ALLIED IRISH BANK PLC LOC)ss+/- 2.90 07/01/2035 3,390,000
 10,000,000 FINANCING AUTHORITY MUNICIPAL TRUST RECEIPTS
 SGC-49 CLASS - A (SEWER REVENUE,
 SOCIETE GENERALE LOC)ss+/-++ 0.30 12/01/2035 10,000,000
 10,490,261 FHMLC MFHR SERIES MOOT, CLASS A (HOUSING
 REVENUE, FHLMC INSURED)ss+/- 0.34 11/15/2034 10,490,261
 2,854,169 FHMLC MFHR SERIES MOOT, CLASS A (HOUSING
 REVENUE, FHLMC INSURED)ss+/- 0.34 8/15/2045 2,854,169
 9,800,000 FREMONT CA TREETOPS APARTMENTS SERIES A (HOUSING
 REVENUE, FNMA INSURED)ss+/- 0.30 08/15/2026 9,800,000
 5,000,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO SETTLEMENT
 FLOATER SERIES 3123 (OTHER REVENUE, MORGAN
 STANLEY BANK LOC)ss+/- 0.37 12/29/2035 5,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 10,690,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO SETTLEMENT
 FLOATER SERIES 3123 (OTHER REVENUE, MORGAN STANLEY
 BANK LOC)ss+/- 0.37% 06/01/2045 $ 10,690,000
 4,030,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO SETTLEMENT
 ROCS RR II R-11432 (OTHER REVENUE, CITIBANK NA
 LOC)ss+/-++ 0.35 06/01/2035 4,030,000
 6,255,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO SETTLEMENT
 ROCS RR II R-11442 (OTHER REVENUE, CITIBANK NA
 LOC)ss+/-++ 0.35 06/01/2035 6,255,000
 5,000,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION
 CALIFORNIA TOBACCO SETTLEMENT
 ROCS RR II R-287X (OTHER REVENUE, CIFG INSURED)ss+/-++ 0.28 06/01/2011 5,000,000
 4,800,000 HARTNELL CA COMMUNITY COLLEGE DISTRICT SERIES 2966
 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 06/01/2014 4,800,000
 7,400,000 HAYWARD CA HOUSING AUTHORITY MFHR BARRINGTON HILLS
 SERIES A (HOUSING REVENUE,
 FNMA INSURED)ss+/- 0.26 06/15/2025 7,400,000
 4,000,000 HAYWARD CA MFHR SHOREWOOD SERIES A (MFHR, FGIC
 INSURED)ss+/- 0.27 07/15/2014 4,000,000
 1,000,000 HEMET CA MFHR SUNWEST RETIREMENT SERIES A (MFHR,
 FHLMC INSURED)ss+/- 0.25 01/01/2025 1,000,000
 3,970,000 HEMET CA USD FACILITIES PROJECT (OTHER REVENUE,
 STATE STREET BANK & TRUST LOC)ss+/- 0.27 10/01/2036 3,970,000
 5,190,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING
 PROGRAM (LEASE REVENUE,
 FIRST SECURITY BANK LOC)ss+/- 0.50 02/01/2028 5,190,000
 7,505,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING
 PROGRAM (LEASE REVENUE,
 FIRST SECURITY BANK LOC)ss+/- 0.50 02/01/2038 7,505,000
 4,955,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING
 PROGRAM (OTHER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.50 02/01/2018 4,955,000
 3,500,000 HIGHLAND CA RDA JEFFREY COURT SENIOR APARTMENTS
 (MFHR, FHLB INSURED)ss+/- 0.31 03/01/2028 3,500,000
 19,368,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT
 DISTRICT #04-21-B (OTHER
 REVENUE, KBC BANK NV LOC)ss+/- 0.23 09/02/2030 19,368,000
 7,737,000 IRVINE CA IMPROVEMENT BOARD ACT 1915 ASSESSMENT
 DISTRICT #85-7 SERIES A
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.22 09/02/2032 7,737,000
 2,301,000 IRVINE CA IMPROVEMENT BOARD ACT DISTRICT NO. #87-8
 (SPECIAL ASSESSMENT
 REVENUE, KBC BANK NV LOC)ss+/- 0.23 09/02/2024 2,301,000
 9,370,000 IRVINE CA IMPROVEMENT BOND ACT 1915 SERIES 07-22-A
 (OTHER REVENUE,
 KBC BANK NV LOC)ss+/- 0.23 09/02/2032 9,370,000
 4,000,000 IRVINE RANCH CA WATER DISTRICT (WATER REVENUE,
 STATE STREET BANK & TRUST LOC)ss+/- 0.23 01/01/2021 4,000,000
 15,450,000 IRVINE RANCH CA WATER DISTRICT SERIES B (WATER &
 SEWER REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.24 10/01/2041 15,450,000
 29,545,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES 3164
 (PROPERTY TAX REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/-++ 0.30 08/01/2015 29,545,000
 2,000,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES 3499Z
 (MISCELLANEOUS REVENUE,
 JPMORGAN CHASE BANK LOC)ss+/-++ 0.30 08/01/2030 2,000,000
 7,000,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES 3761Z
 (WATER REVENUE,
 AMBAC INSURED)ss+/-++ 0.30 12/01/2011 7,000,000
 10,585,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES 3761Z
 (WATER REVENUE,
 AMBAC INSURED)ss+/-++ 0.30 11/01/2015 10,585,000
 4,700,000 JPMORGAN CHASE PUTTERS DRIVERS TRUST SERIES 3763Z
 (MISCELLANEOUS REVENUE,
 AMBAC INSURED)ss+/-++ 0.30 11/15/2015 4,700,000
 6,700,000 KINGS COUNTY CA HOUSING AUTHORITY EDGEWATER LLSE
 APARTMENTS SERIES A
 (MFHR, FNMA INSURED)ss+/- 0.26 02/15/2031 6,700,000
 5,500,000 LANCASTER CA REDEVELOPMENT AGENCY MFHR 20TH STREET
 APARTMENTS PROJECT
 SERIES C (HOUSING REVENUE, FNMA INSURED)ss+/- 0.27 12/01/2026 5,500,000
 4,000,000 LOMA LINDA CA HOSPITAL LOMA LINDA UNIVERSITY
 MEDICAL CENTER B (HOSPITAL REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.28 12/01/2038 4,000,000
 5,355,000 LOS ANGELES CA (PRIVATE SCHOOL REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.45 08/01/2035 5,355,000
 4,780,000 LOS ANGELES CA COMMUNITY COLLEGE DISTRICT SERIES
 2864 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2014 4,780,000
 7,265,000 LOS ANGELES CA COMMUNITY RDA SECOND & CENTRAL
 APARTMENTS PROJECT
 (HOUSING REVENUE, HSBC USA NA LOC)ss+/- 0.27 12/01/2038 7,265,000
 6,290,000 LOS ANGELES CA COMMUNITY RDA SECURITY BUILDING
 PROJECT SERIES A
 (MFHR, FNMA INSURED)ss+/- 0.30 12/15/2034 6,290,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 4,170,000 LOS ANGELES CA COP LOYOLA HIGH SCHOOL SERIES A
 (LEASE REVENUE,
 ALLIED IRISH BANK PLC LOC)ss+/- 3.40% 12/01/2035 $ 4,170,000
 7,500,000 LOS ANGELES CA COP SAMUEL A FRYER YAVNEY
 SERIES A (COLLEGE & UNIVERSITY REVENUE,
 STATE STREET BANK & TRUST LOC)ss+/- 0.27 08/01/2038 7,500,000
 7,980,000 LOS ANGELES CA DW&P ROCS RR II R-11531 (WATER
 & SEWER REVENUE,
 NATL-RE LOC)ss+/-++ 0.31 01/01/2013 7,980,000
 11,600,000 LOS ANGELES CA DW&P SUBSERIES A4 (POWER
 REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.23 07/01/2035 11,600,000
 3,540,000 LOS ANGELES CA MISSION VILLAGE TERRACE
 APARTMENTS (MFHR, EAST WEST BANK LOC)ss+/- 0.30 07/01/2027 3,540,000
 18,900,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A3 (POWER
 REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.23 07/01/2035 18,900,000
 29,400,000 LOS ANGELES CA POWER SYSTEM SUBSERIES A5
 (ELECTRIC REVENUE, LLOYDS TSB BANK PLC LOC)ss+/- 0.25 07/01/2035 29,400,000
 5,000,000 LOS ANGELES CA POWER SYSTEM SUBSERIES-A6
 (UTILITIES REVENUE, LLOYD TSB BANK PLC LOC)ss+/- 0.25 07/01/2035 5,000,000
 4,595,000 LOS ANGELES CA ROCS RR II R11281 (OTHER
 REVENUE, AMBAC INSURED)ss+/-++ 0.31 07/01/2015 4,595,000
 2,800,000 LOS ANGELES CA WASTE WATER SYSTEM SERIES 2254
 (OTHER REVENUE, NATL-RE LOC)ss+/-++ 0.30 06/01/2013 2,800,000
 8,330,000 LOS ANGELES CA WASTE WATER SYSTEM SUBSERIES G
 (SEWER REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.28 06/01/2032 8,330,000
 7,340,000 LOS ANGELES CA WATER & POWER SERIES 2971
 (ELECTRIC REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 01/01/2014 7,340,000
 4,300,000 LOS ANGELES CA WATTS ATHENS APARTMENTS SERIES
 A (HOUSING REVENUE,
 FHLB INSURED)ss+/- 0.30 08/15/2030 4,300,000
 2,500,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR
 BONDS (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.30 09/01/2030 2,500,000
 11,400,000 LOS ANGELES COUNTY CA METROPOLITAN
 TRANSPORTATION AUTHORITY SERIES C3
 (SALES TAX REVENUE, SUMITOMO MITSUI BANK LOC)ss+/- 0.24 07/01/2025 11,400,000
 4,350,000 LOS ANGELES COUNTY CA METROPOLITAN
 TRANSPORTATION AUTHORITY SERIES C4
 (SALES TAX REVENUE, US BANK NA LOC)ss+/- 0.24 07/01/2025 4,350,000
 11,000,000 LOS ANGELES CA USD COP ADMINISTRATION BUILDING
 PROJECT SERIES A (OTHER REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.30 10/01/2024 11,000,000
 5,065,000 LOS RIOS CA COMMUNITY COLLEGE DISTRICT SERIES
 2972 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 02/01/2013 5,065,000
 9,255,000 MANTECA CA RDA AMENDED MERGER PROJECT (TAX
 ALLOCATION REVENUE,
 STATE STREET BANK & TRUST COMPANY LOC)ss+/- 0.24 10/01/2042 9,255,000
 19,420,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY
 DEVELOPMENT (TAX ALLOCATION REVENUE,
 AMBAC INSURED)ss+/- 0.24 01/01/2031 19,420,000
 6,420,000 MERRILL LYNCH PUTTABLE OPTION TAX-EXEMPT
 RECEIPTS CLASS A (OTHER REVENUE,
 FHLMC INSURED)ss+/- 0.39 05/01/2027 6,420,000
 10,515,000 METROPOLITAN WATER DISTRICT SOUTHERN
 CALIFORNIA WATERWORKS (WATER REVENUE,
 CITIBANK NA LOC)ss+/-++ 0.29 02/01/2015 10,515,000
 25,600,000 METROPOLITAN WATER DISTRICT SOUTHERN
 CALIFORNIA WATERWORKS CLASS A (WATER REVENUE,
 CITIBANK NA LOC)ss+/-++ 0.29 07/01/2037 25,600,000
 22,700,000 METROPOLITAN WATER DISTRICT SOUTHERN
 CALIFORNIA WATERWORKS REVENUE SERIES C2
 (WATER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.23 07/01/2036 22,700,000
 10,900,000 METROPOLITAN WATER DISTRICT SOUTHERN
 CALIFORNIA WATERWORKS SERIES B-3
 (WATER REVENUE, BNP PARIBAS LOC)ss+/- 0.23 07/01/2035 10,900,000
 11,775,000 METROPOLITAN WATER DISTRICT SOUTHERN
 CALIFORNIA WATERWORKS SERIES C
 (WATER REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.30 07/01/2027 11,775,000
 700,000 MODESTO COUNTY CA MULTIFAMILY HOUSING
 SHADOWBROOK APARTMENTS SERIES A
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.27 05/15/2031 700,000
 1,450,000 MONTEREY PENINSULA CA WATER MANAGEMENT
 DISTRICT (LEASE REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.30 07/01/2022 1,450,000
 63,895,000 MORGAN HILL CA RDA TAX ALLOCATION OJO DE AGUA
 REDEVELOPMENT PROJECT A
 (OTHER REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.25 09/01/2033 63,895,000
 3,680,000 NORTHERN CALIFORNIA POWER AGENCY HYDROELECTRIC
 PROJECT SERIES A (ELECTRIC POWER &
 LIGHT REVENUES, DEXIA CREDIT SA LOC)ss+/- 0.29 07/01/2032 3,680,000
 21,600,000 NORTHERN CALIFORNIA TRANSMISSION AGENCY OREGON
 TRANSMISSION PROJECT SERIES A
 (UTILITIES REVENUE, AGM INSURED)ss+/- 0.32 05/01/2024 21,600,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 100,000 OAKLAND CA REDEVELOPMENT AGENCY MULTIFAMILY
 HOUSING P-FLOATS - MT-176
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.39% 06/25/2011 $ 100,000
 6,100,000 OAKLAND CA REDEVELOPMENT AGENCY MULTIFAMILY
 HOUSING P-FLOATS - MT-176
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.39 10/01/2050 6,100,000
 6,500,000 ONTARIO COUNTY CA MFRB (HCFR, FHLMC INSURED)ss+/- 0.25 12/01/2035 6,500,000
 6,070,000 ORANGE COUNTY CA (HOUSING REVENUE, FNMA INSURED)ss+/- 0.31 12/15/2028 6,070,000
 4,000,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
 PARK RIDGE VILLAS PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 11/15/2028 4,000,000
 14,900,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
 PROJECT PARK PLACE APARTMENTS
 ISSUE A (HOUSING REVENUE, FHLB INSURED)ss+/- 0.28 04/01/2024 14,900,000
 8,619,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT REVENUE
 SERIES D HARBOR POINTE PROJECT
 (HOUSING REVENUE, FHLMC LOC)ss+/- 0.26 12/01/2022 8,619,000
 840,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT VILLAS
 ALIENTO-E PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 08/15/2028 840,000
 680,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT VILLAS LA
 PAZ-F PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 08/15/2028 680,000
 2,844,000 ORANGE COUNTY CA IMPROVEMENT BOARD ACT 1915
 ASSESSMENT DISTRICT 01-1 SERIES A
 (SPECIAL TAX REVENUE, KBC BANK NV LOC)ss+/- 0.23 09/02/2033 2,844,000
 1,075,000 ORANGE COUNTY CA SANITATION DISTRICTS COP SERIES
 25297 (SEWER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 02/01/2015 1,075,000
 500,000 PETALUMA CA COMMUNITY DEVELOPMENT MULTIFAMILY
 HOUSING OAKMONT AT PETALUMA
 SERIES A (HOUSING REVENUE, US BANK NA LOC)ss+/- 0.32 04/01/2026 500,000
 7,000,000 RANCHO CA WATER DISTRICT FINANCING AUTHORITY
 SERIES B (OTHER REVENUE,
 UBS AG LOC)ss+/- 0.26 08/15/2031 7,000,000
 160,000 RIVERSIDE COUNTY CA COP (LEASE REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.30 03/01/2037 160,000
 3,245,000 RIVERSIDE COUNTY CA ELECTRIC PUTTERS SERIES 3042Z
 (ELECTRIC REVENUE, FIRST SECURITY
 BANK LOC)ss+/-++ 0.28 04/01/2016 3,245,000
 8,500,000 RIVERSIDE COUNTY CA (LEASE ABATEMENT REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.30 11/01/2039 8,500,000
 1,500,000 RIVERSIDE COUNTY CA HOUSING AUTHORITY MOUNTAIN
 VIEW APARTMENTS SERIES A
 (MFHR, REDLANDS FEDERAL S&L LOC)ss+/- 0.27 08/01/2025 1,500,000
 1,900,000 RIVERSIDE COUNTY CA IDA CRYOGENIC PROJECT ISSUE B
 (IDR, BANK OF AMERICA NA LOC)ss+/- 0.29 07/05/2014 1,900,000
 22,450,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE, BANK
 OF NEW YORK LOC)ss+/- 0.27 02/01/2035 22,450,000
 33,874,000 ROSEVILLE CA ELECTRIC SYSTEM COP SERIES B (OTHER
 REVENUE, DEXIA CREDIT SA LOC)ss+/- 0.27 02/01/2035 33,874,000
 7,000,000 SACRAMENTO CA HOUSING AUTHORITY SHENANDOAH
 APARTMENTS SERIES F
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 09/15/2036 7,000,000
 5,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY (HOUSING
 REVENUE, FNMA INSURED)ss+/- 0.25 07/15/2029 5,000,000
 7,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY ARLINGTON
 CREEK APARTMENT SERIES I
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.29 05/15/2034 7,000,000
 9,140,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY LOGAN PARK
 APARTMENTS ISSUE E
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.30 05/01/2042 9,140,000
 6,535,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR
 CASCADES SERIES D
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 09/15/2035 6,535,000
 6,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY MFHR
 NORMANDY PARK APARTMENTS
 SERIES A (HOUSING REVENUE, FNMA INSURED)ss+/- 0.30 02/15/2033 6,000,000
 2,900,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SEASONS AT
 WINTER SERIES C2
 (MFHR, FHLMC INSURED)ss+/- 0.26 08/01/2034 2,900,000
 4,700,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SHADWOOD
 APARTMENTS PROJECT ISSUE A
 (MFHR, FHLMC INSURED)ss+/- 0.28 12/01/2022 4,700,000
 10,000,000 SACRAMENTO COUNTY CA RIVER POINTE APARTMENTS
 SERIES B (MFHR, FNMA INSURED)ss+/- 0.26 08/15/2027 10,000,000
 10,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT
 FINANCING AUTHORITY MUNICIPAL TRUST
 RECEIPTS SGC-48 CLASS-A (SEWER REVENUE, SOCIETE
 GENERALE LOC)ss+/-++ 0.30 12/01/2035 10,000,000
 5,000,000 SACRAMENTO COUNTY CA SANITATION DISTRICT
 FINANCING AUTHORITY SUBORDINATE LIEN
 SACRAMENTO DISTRICT E (SEWER REVENUE, US BANK NA
 LOC)ss+/- 0.25 12/01/2040 5,000,000
 16,420,000 SACRAMENTO COUNTY CA SANITATION DISTRICT
 FINANCING AUTHORITY SUBORDINATE LIEN
 SACRAMENTO REGULATION SERIES C (SEWER REVENUE,
 CREDIT AGRICOLE INDOSUEZ LOC)ss+/- 0.30 12/01/2030 16,420,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 7,000,000 SAN BERNARDINO COUNTY CA REDEVELOPMENT AGENCY SILVER
 WOODS APARTMENTS PROJECT
 (HOUSING REVENUE, FNMA INSURED)ss+/-++ 0.30% 05/01/2026 $ 7,000,000
 6,809,000 SAN BERNARDINO COUNTY CA COP SERIES A (LEASE
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.30 03/01/2024 6,809,000
 5,500,000 SAN BERNARDINO COUNTY CA FLOOD CONTROL DISTRICT
 (OTHER REVENUE, UBS AG LOC)ss+/- 0.26 08/01/2037 5,500,000
 6,115,000 SAN BERNARDINO COUNTY CA MFHR GREEN VALLEY
 APARTMENTS PROJECT SERIES A
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 05/15/2029 6,115,000
 5,600,000 SAN BERNARDINO COUNTY CA MFHR SYCAMORE TERRACE
 PROJECT SERIES A
 (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 05/15/2029 5,600,000
 4,865,000 SAN DIEGO COUNTY CA BURNHAM INSTITUTE RMKT-7-2-09
 (SEWER REVENUE,
 SOCIETE GENERALE LOC)ss+/- 0.31 11/01/2030 4,865,000
 4,695,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION
 COMMUNITY LIMITED TAX SERIES A
 (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.26 04/01/2038 4,695,000
 4,005,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION
 COMMUNITY LIMITED TAX SERIES B
 (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.27 04/01/2038 4,005,000
 28,925,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION
 COMMUNITY LIMITED TAX SERIES D
 (SALES TAX REVENUE)ss+/- 0.30 04/01/2038 28,925,000
 1,545,000 SAN DIEGO COUNTY CA WATER AUTHORITY COP SERIES 2873
 (WATER REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 05/01/2013 1,545,000
 14,450,000 SAN FRANCISCO CA CITY & COUNTY AIRPORT COMMISSION
 SERIES 37-C (AIRPORT &
 MARINA REVENUE, FSA INSURED)ss+/- 0.32 05/01/2029 14,450,000
 5,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION
 SECOND SERIES 37-D
 (OTHER REVENUE, AGM INSURED)ss+/- 0.32 05/01/2030 5,000,000
 4,655,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS COMMISSION
 SERIES B (AIRPORT REVENUE)ss+/- 0.75 05/01/2029 4,655,000
 5,295,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION
 MOSCONE CENTER
 (LEASE REVENUE, STATE STREET BANK & TRUST COMPANY
 LOC)ss+/- 0.26 04/01/2030 5,295,000
 2,645,000 SAN FRANCISCO CA CITY & COUNTY MFHR CARTER TERRACE
 APARTMENTS SERIES B
 (MFHR, CITIBANK NA LOC)ss+/- 0.31 03/01/2036 2,645,000
 40,000,000 SAN FRANCISCO CA CITY & COUNTY RDA FILLMORE CENTER
 SERIES B1 (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.30 12/01/2017 40,000,000
 6,305,000 SAN FRANCISCO CA CITY & COUNTY RDA NOTRE DAME
 APARTMENTS SERIES G (HOUSING
 REVENUE, CITIBANK NA LOC)ss+/- 0.29 12/01/2033 6,305,000
 8,725,000 SAN FRANCISCO CA CITY & COUNTY RDA ORLANDO CEPEDA
 PLACE SERIES D (MFHR,
 CITIBANK NA LOC)ss+/- 0.33 11/01/2033 8,725,000
 9,250,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY
 COMMUNITY FACILITIES
 DISTRICT HUNTERS POINT SERIES A (TAX REVENUE, KBC
 BANK NV LOC)ss+/- 0.31 08/01/2036 9,250,000
 2,860,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT AGENCY
 MFHR LELAND POLK SENIOR
 COMMUNITY SERIES A (MFHR, CITIBANK NA LOC)ss+/- 0.31 12/01/2019 2,860,000
 25,345,000 SAN FRANCISCO CITY & COUNTY INTERNATIONAL AIRPORT
 SERIES 36-C (LEASE REVENUE
 DEXIA CREDIT SA LOC)ss+/- 0.34 05/01/2026 25,345,000
 8,800,000 SAN JOSE CA CINNABAR COMMONS SERIES C (HOUSING
 REVENUE, BANK OF
 AMERICA NA LOC)ss+/- 0.28 02/01/2037 8,800,000
 9,360,000 SAN JOSE CA MFHR RAINTREE APARTMENTS SERIES A (MFHR,
 FNMA INSURED)ss+/- 0.31 02/01/2038 9,360,000
 5,510,000 SAN JOSE CA REDEVELOPMENT AGENCY MERGED AREA
 REDEVELOPMENT PROJECT SERIES A
 (PROPERTY TAX REVENUE, JPMORGAN CHASE LOC)ss+/- 0.24 07/01/2026 5,510,000
 4,230,000 SAN JOSE CA TURNLEAF APARTMENTS SERIES A (HOUSING
 REVENUE, FHLMC INSURED)ss+/- 0.32 06/01/2036 4,230,000
 1,120,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA
 INSURED)ss+/- 0.30 09/15/2032 1,120,000
 5,025,000 SAN LEANDRO CA PARKSIDE COMMONS APARTMENTS PROJECT
 (MFHR, FNMA INSURED)ss+/- 0.28 07/15/2018 5,025,000
 5,360,000 SAN MARCOS CA SCHOOLS FINANCING AUTHORITY SERIES
 3194 (OTHER REVENUE,
 AGM INSURED)ss+/-++ 0.31 08/15/2040 5,360,000
 5,460,000 SANTA ANA CA HEALTH FACILITY REVENUE MULTI-MODEL
 TOWN & COUNTRY PROJECT BNP
 PARIBAS (HCFR, DEXIA CREDIT SA LOC)ss+/- 0.26 10/01/2020 5,460,000
 37,370,000 SANTA CLARA COUNTY CA SUBSERIES B (ELECTRIC PLANT
 REVENUE, DEXIA CREDIT SA LOC)ss+/- 0.30 07/01/2027 37,370,000
 20,735,000 SANTA CLARA COUNTY CA FINANCING AUTHORITY MULTIPLE
 FACILITIES PROJECTS SERIES M
 (LEASE REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.30 05/15/2035 20,735,000
 5,900,000 SANTA CLARA COUNTY CA MFHR BENTON PARK CENTER
 APARTMENTS PROJECT SERIES A
 (MFHR, FNMA INSURED)ss+/- 0.25 12/15/2025 5,900,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
 $ 15,975,000 SANTA CLARA COUNTY CA TRANSPORTATION AUTHORITY
 MEASURE A PROJECT SERIES C
 (SALES TAX REVENUE, SUMITOMO MITSUI BANK LOC)ss+/- 0.26% 08/01/2036 $ 15,975,000
 3,120,000 SANTA ROSA CA ALDERBROOK HEIGHTS APARTMENTS (HOUSING
 REVENUE, FHLB INSURED)ss+/- 0.30 05/01/2040 3,120,000
 17,695,000 SIMI VALLEY CA SERIES A (MFHR, FHLMC INSURED)ss+/- 0.25 07/01/2023 17,695,000
 5,700,000 SIMI VALLEY CA SHADOWRIDGE APARTMENTS PROJECT
 (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.29 09/01/2019 5,700,000
 85,285,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
 TRANSMISSION PROJECT (UTILITIES REVENUE, LLOYDS
 TSB BANK PLC LOC)ss+/- 0.28 07/01/2019 85,285,000
 28,600,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY MAGNOLIA
 POWER PROJECT SERIES 2009-1-A
 (ELECTRIC POWER & LIGHT REVENUES, KBC BANK NV LOC)ss+/- 0.26 07/01/2036 28,600,000
 5,900,000 STOCKTON CA HCFR SERIES A (HCFR, CITIBANK NA LOC)ss+/- 0.24 12/01/2032 5,900,000
 8,220,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS RR II
 R-11484 (PROPERTY TAX REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.32 02/01/2013 8,220,000
 15,060,000 UNIVERSITY OF CALIFORNIA (COLLEGE & UNIVERSITY
 REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.30 05/15/2032 15,060,000
 12,000,000 UPLAND CA COMMUNITY RDA SUNSET RIDGE APARTMENTS
 (HOUSING REVENUE,
 EAST WEST BANK LOC)ss+/- 0.25 08/01/2037 12,000,000
 7,750,000 VACAVILLE CA MFHR SYCAMORE APARTMENTS SERIES A
 (HOUSING REVENUE,
 FNMA INSURED)ss+/- 0.27 05/15/2029 7,750,000
 7,400,000 VACAVILLE CA SERIES A (HOUSING REVENUE, FNMA
 INSURED)ss+/- 0.29 07/15/2018 7,400,000
 885,000 VALLEJO COUNTY CA HOUSING AUTHORITY MULTIFAMILY
 MORTGAGE REFUNDING
 (MFHR, FNMA INSURED)ss+/- 0.31 05/15/2022 885,000
 3,620,000 WALNUT CREEK CA CREEKSIDE DRIVE (HOUSING REVENUE,
 FHLMC INSURED)ss+/- 0.26 04/01/2027 3,620,000
 6,000,000 WHITTIER CA HEALTH FACILITIES PRESBYTERIAN
 INTERCOMMUNITY PROJECT SERIES C
 (HOSPITAL REVENUE, US BANK NA
 LOC)ss+/- 0.26 06/01/2036 6,000,000
 19,000,000 WHITTIER CA WHITTIER COLLEGE (COLLEGE & UNIVERSITY
 REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.28 12/01/2038 19,000,000
 2,868,429,930
 -------------
PUERTO RICO: 2.83%
 5,331,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-627A
 (OTHER REVENUE,
 AMBAC INSURED)ss+/- 0.30 08/01/2049 5,331,000
 2,002,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-627A
 (OTHER REVENUE,
 AMBAC INSURED)ss+/- 0.30 08/01/2050 2,002,000
 11,000,000 PUERTO RICO COMMONWEALTH (OTHER REVENUE, WACHOVIA
 BANK LOC)ss+/-(q) 0.24 07/01/2034 11,000,000
 11,600,000 PUERTO RICO COMMONWEALTH (PROPERTY TAX REVENUE,
 WACHOVIA BANK LOC)ss+/-(q) 0.24 07/01/2034 11,600,000
 28,350,000 PUERTO RICO COMMONWEALTH HIGHWAY & TRANSPORTATION
 AUTHORITY SERIES 2148
 (TOLL ROAD REVENUE, CIFG
 INSURED)ss+/-++ 0.35 07/01/2041 28,350,000
 10,780,000 PUERTO RICO ELECTRIC POWER AUTHORITY MUNICIPAL TRUST
 RECEIPTS-SGC-57 CLASS A
 (ELECTRIC POWER & LIGHTING REVENUE, FSA INSURED)ss+/-++ 0.30 07/01/2029 10,780,000
 2,295,000 PUERTO RICO ELECTRIC REVENUE PFOTER SERIES 4147
 (ELECTRIC REVENUE, FGIC INSURED)ss+/-++ 0.54 07/01/2033 2,295,000
 12,750,000 PUERTO RICO SALES TAX FINANCING CORPORATION ROCS RR
 II R11763 (SALES TAX REVENUE,
 CITIBANK NA LOC)ss+/-++ 0.31 12/01/2047 12,750,000
 1,900,000 PUERTO RICO SALES TAX FINANCING CORPORATION SERIES
 11829 (SALES TAX REVENUE,
 AGM INSURED)ss+/-++ 0.32 02/01/2034 1,900,000
 86,008,000
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $2,954,437,930) 2,954,437,930
 ==================
TOTAL INVESTMENTS IN SECURITIES
(COST $3,040,402,930)* 100.17% 3,040,402,930
OTHER ASSETS AND LIABILITIES, NET (0.17) (5,181,159)
 ------ -------------------
TOTAL NET ASSETS 100.00% $ 3,035,221,771
 ------ -------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
AGENCY SECURITIES: 0.32%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.32%
$ 4,000,000 FHLMC+/- 0.52% 09/03/2010 $ 4,000,005
 53,000,000 FHLMC+/-ss 0.23 02/02/2012 52,939,340
TOTAL AGENCY SECURITIES (COST $56,939,345) 56,939,345
 ------------------
BANKERS ACCEPTANCE NOTES: 0.22%
DOMESTIC BANKS: 0.22%
 12,600,000 BANK OF AMERICA NA## 0.49 09/07/2010 12,598,804
 10,800,000 BANK OF AMERICA NA## 0.55 09/16/2010 10,797,345
 5,400,000 BANK OF AMERICA NA## 0.58 09/20/2010 5,398,262
 11,200,000 BANK OF AMERICA NA## 0.53 09/30/2010 11,195,038
TOTAL BANKERS ACCEPTANCE NOTES (COST $39,989,449) 39,989,449
 ------------------
CERTIFICATES OF DEPOSIT: 8.65%
 48,000,000 ABBEY NATIONAL TREASURY SERVICES 0.33 12/10/2010 48,000,000
 91,000,000 ALLIED IRISH BANKS+/- 0.51 06/24/2011 91,000,000
 41,000,000 ALLIED IRISH BANKS+/- 0.53 07/12/2011 41,000,000
 65,000,000 ASB FINANCE LIMITED (LONDON)+/-##++ 0.00 09/02/2011 65,000,000
 49,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (LONDON)##++ 0.17 09/03/2010 48,999,292
 93,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK)+/- 0.38 06/16/2011 93,000,000
 38,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK)+/- 0.31 06/28/2011 38,000,000
 45,000,000 BARCLAYS BANK PLC+/- 0.80 04/29/2011 45,000,000
 95,000,000 BARCLAYS BANK PLC+/- 0.84 08/12/2011 95,000,000
 85,300,000 CREDIT AGRICOLE 0.65 09/09/2010 85,300,000
 156,000,000 DEXIA CREDIT LOCAL SA 0.42 09/07/2010 156,000,000
 34,810,000 DEXIA CREDIT LOCAL SA+/-ss 0.44 08/01/2027 34,810,000
 32,000,000 DG BANK (NEW YORK) 0.57 09/20/2010 32,000,000
 102,500,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.52 11/12/2010 102,500,000
 30,000,000 NATIXIS CORPORATION+/- 0.74 02/04/2011 30,000,000
 29,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.27 10/19/2010 29,000,000
 21,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/-ss 0.30 01/06/2011 21,000,000
 24,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.29 01/07/2011 24,000,000
 98,000,000 ROYAL BANK OF SCOTLAND PLC+/- 0.96 04/26/2011 98,000,000
 28,000,000 SKANDINAVISKA ENSKILDA BANKEN AB 0.33 09/01/2010 28,000,000
 47,000,000 SOCIETE GENERALE (NEW YORK)+/- 1.33 05/05/2011 47,000,000
 102,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.65 08/12/2011 102,000,000
 88,000,000 TD BANK FINANCIAL GROUP+/- 0.30 02/04/2011 88,001,194
 5,000,000 UNICREDIT SPA (NEW YORK) 0.48 09/10/2010 5,000,037
 110,000,000 UNICREDIT SPA (NEW YORK) 0.44 09/14/2010 110,000,000
TOTAL CERTIFICATES OF DEPOSIT (COST $1,557,610,523) 1,557,610,523
 ------------------
COMMERCIAL PAPER: 49.66%
 47,000,000 ABBEY NATIONAL NORTH AMERICA LLC## 0.17 09/02/2010 46,999,569
 43,000,000 ABBEY NATIONAL NORTH AMERICA LLC## 0.25 09/16/2010 42,995,163
 26,000,000 ABBEY NATIONAL NORTH AMERICA LLC## 0.55 11/08/2010 25,972,498
 100,000,000 ABBEY NATIONAL NORTH AMERICA LLC## 0.54 11/15/2010 99,885,402
 76,000,000 ABN AMRO FUNDING USA LLC##++ 0.27 09/10/2010 75,994,300
 12,000,000 ABN AMRO FUNDING USA LLC##++ 0.27 09/13/2010 11,998,840
 11,250,000 AMSTERDAM FUNDING CORPORATION## (p)++ 0.41 10/29/2010 11,242,388
 25,800,000 AMSTERDAM FUNDING CORPORATION## (p)++ 0.39 11/05/2010 25,781,367
 10,700,000 AMSTERDAM FUNDING CORPORATION## (p)++ 0.43 11/09/2010 10,690,976

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 12,800,000 AMSTERDAM FUNDING CORPORATION## (p)++ 0.39% 11/10/2010 $ 12,790,044
 7,000,000 ANGLO IRISH BANK CORPORATION LIMITED##++ 0.00 09/01/2010 7,000,000
 41,000,000 ANGLO IRISH BANK CORPORATION LIMITED##++ 0.32 09/02/2010 40,999,260
 44,000,000 ANGLO IRISH BANK CORPORATION LIMITED##++ 0.43 09/03/2010 43,998,411
 7,000,000 ANGLO IRISH BANK CORPORATION LIMITED##++ 0.56 09/07/2010 6,999,242
 47,370,000 ANTALIS US FUNDING CORPORATION## (p)++ 0.20 09/03/2010 47,369,210
 17,000,000 ANTALIS US FUNDING CORPORATION## (p)++ 0.41 09/08/2010 16,998,446
 18,200,000 ANTALIS US FUNDING CORPORATION## (p)++ 0.42 09/10/2010 18,197,892
 19,000,000 ANTALIS US FUNDING CORPORATION## (p)++ 0.31 09/15/2010 18,997,562
 11,000,000 ANTALIS US FUNDING CORPORATION## (p)++ 0.31 09/17/2010 10,998,387
 10,000,000 ANTALIS US FUNDING CORPORATION## (p)++ 0.31 09/20/2010 9,998,258
 5,200,000 ANTALIS US FUNDING CORPORATION## (p)++ 0.55 10/06/2010 5,197,118
 4,100,000 ANTALIS US FUNDING CORPORATION## (p)++ 0.54 10/12/2010 4,097,432
 15,000,000 ANTALIS US FUNDING CORPORATION## (p)++ 0.53 10/14/2010 14,990,325
 40,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED+/-++ 0.42 10/20/2010 40,000,000
 60,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED+/-++ 0.38 01/11/2011 60,000,000
 7,000,000 ARABELLA FINANCE LLC##(p)++ 0.49 09/10/2010 6,999,038
 18,000,000 ARABELLA FINANCE LLC##(p)++ 0.51 09/13/2010 17,996,700
 5,000,000 ARABELLA FINANCE LLC##(p)++ 0.51 09/14/2010 4,999,007
 4,000,000 ARABELLA FINANCE LLC##(p)++ 0.51 09/15/2010 3,999,144
 11,000,000 ARABELLA FINANCE LLC##(p)++ 0.54 09/27/2010 10,995,551
 41,000,000 ARGENTO FUNDING COMPANIES LIMITED##(p)++ 0.00 09/01/2010 41,000,000
 47,000,000 ARGENTO FUNDING COMPANIES LIMITED##(p)++ 0.36 09/23/2010 46,989,287
 20,000,000 ARGENTO FUNDING COMPANIES LIMITED##(p)++ 0.54 10/12/2010 19,987,472
 47,000,000 ARGENTO FUNDING COMPANIES LIMITED##(p)++ 0.54 10/13/2010 46,969,841
 11,000,000 ARGENTO FUNDING COMPANIES LIMITED##(p)++ 0.46 10/26/2010 10,992,101
 44,000,000 ARGENTO FUNDING COMPANIES LIMITED##(p)++ 0.46 10/27/2010 43,967,831
 22,000,000 ARGENTO FUNDING COMPANIES LIMITED##(p)++ 0.39 11/10/2010 21,982,889
 21,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.42 12/08/2010 21,000,586
 41,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.41 12/13/2010 41,001,175
 30,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.39 01/10/2011 30,000,000
 30,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.60 01/12/2011 29,999,452
 36,000,000 ASB FINANCE LIMITED (LONDON)++ 0.34 01/27/2011 35,975,368
 30,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.39 02/01/2011 29,978,400
 21,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.66 04/18/2011 21,001,308
 44,400,000 ASPEN FUNDING CORPORATION##(p)++ 0.29 09/15/2010 44,394,647
 48,200,000 ATLANTIC ASSET SECURITIZATION CORPORATION##(p)++ 0.49 10/04/2010 48,177,908
 21,700,000 ATLANTIC ASSET SECURITIZATION CORPORATION##(p)++ 0.44 10/18/2010 21,687,251
 5,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##(p)++ 0.43 10/26/2010 4,996,639
 13,600,000 ATLANTIC ASSET SECURITIZATION CORPORATION##(p)++ 0.39 11/01/2010 13,590,782
 30,200,000 ATLANTIS ONE FUNDING CORPORATION##(p)++ 0.23 09/08/2010 30,198,441
 75,100,000 ATLANTIS ONE FUNDING CORPORATION##(p)++ 0.23 09/10/2010 75,095,119
 57,000,000 ATLANTIS ONE FUNDING CORPORATION##(p)++ 0.24 09/14/2010 56,994,648
 3,000,000 ATLANTIS ONE FUNDING CORPORATION##(p)++ 0.28 11/03/2010 2,998,530
 30,000,000 ATLANTIS ONE FUNDING CORPORATION##(p)++ 0.28 11/10/2010 29,983,667
 15,000,000 ATLANTIS ONE FUNDING CORPORATION##(p)++ 0.28 11/29/2010 14,989,617
 18,000,000 AUTOBAHN FUNDING COMPANY LLC##(p)++ 0.28 09/13/2010 17,998,200
 5,800,000 AUTOBAHN FUNDING COMPANY LLC##(p)++ 0.40 09/14/2010 5,799,099
 9,000,000 AUTOBAHN FUNDING COMPANY LLC##(p)++ 0.40 09/15/2010 8,998,495
 4,000,000 AUTOBAHN FUNDING COMPANY LLC##(p)++ 0.29 09/20/2010 3,999,346
 11,800,000 AUTOBAHN FUNDING COMPANY LLC##(p)++ 0.49 10/18/2010 11,792,241
 12,000,000 AUTOBAHN FUNDING COMPANY LLC##(p)++ 0.33 10/26/2010 11,993,767
 19,000,000 BANQUE ET CAISSE D'EPARGNE DE E'TAT## 0.25 09/30/2010 18,996,021
 17,000,000 BARTON CAPITAL CORPORATION##(p)++ 0.27 10/06/2010 16,995,372
 36,000,000 BEETHOVEN FUNDING CORPORATION##(p)++ 0.21 09/02/2010 35,999,580
 42,000,000 BGL BNP PARIBAS SA## 0.30 09/08/2010 41,997,223

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 29,000,000 BGL BNP PARIBAS SA## 0.55% 09/29/2010 $ 28,987,143
 59,900,000 BGL BNP PARIBAS SA## 0.56 10/05/2010 59,867,188
 6,000,000 BGL BNP PARIBAS SA## 0.49 10/28/2010 5,995,250
 123,000,000 BGL BNP PARIBAS SA## 0.65 11/09/2010 122,844,405
 82,000,000 BGL BNP PARIBAS SA## 0.40 11/10/2010 81,934,628
 41,000,000 BNZ INTERNATIONAL FUNDING LIMITED##++ 0.31 12/07/2010 40,965,754
 94,400,000 BPCE SA##++ 0.42 09/13/2010 94,385,840
 18,000,000 BPCE SA##++ 0.45 11/08/2010 17,984,360
 95,000,000 BPCE SA##++ 0.45 12/01/2010 94,891,938
 51,700,000 CAFCO LLC##(p)++ 0.50 10/06/2010 51,674,365
 23,700,000 CAFCO LLC## (p)++ 0.35 11/04/2010 23,684,832
 16,000,000 CANCARA ASSET SECURITISATION LLC##(p)++ 0.53 10/07/2010 15,991,360
 12,200,000 CANCARA ASSET SECURITISATION LLC##(p)++ 0.52 10/08/2010 12,193,354
 28,000,000 CANCARA ASSET SECURITISATION LLC##(p)++ 0.49 10/18/2010 27,981,722
 108,000,000 CANCARA ASSET SECURITISATION LLC##(p)++ 0.47 10/20/2010 107,929,440
 17,950,000 CANCARA ASSET SECURITISATION LLC##(p)++ 0.46 10/22/2010 17,938,048
 99,350,000 CANCARA ASSET SECURITISATION LLC##(p)++ 0.28 10/27/2010 99,305,182
 8,700,000 CANCARA ASSET SECURITISATION LLC##(p)++ 0.45 10/28/2010 8,693,664
 6,300,000 CANCARA ASSET SECURITISATION LLC##(p)++ 0.37 11/03/2010 6,295,811
 21,000,000 CANCARA ASSET SECURITISATION LLC##(p)++ 0.37 11/10/2010 20,984,483
 28,144,000 CHARIOT FUNDING LLC##(p)++ 0.23 09/15/2010 28,141,264
 3,000,000 CHARIOT FUNDING LLC##(p)++ 0.27 12/03/2010 2,997,908
 19,600,000 CHARTA LLC##(p)++ 0.45 09/16/2010 19,596,080
 20,600,000 CHARTA LLC##(p)++ 0.49 10/04/2010 20,590,370
 27,000,000 CHARTA LLC##(p)++ 0.50 10/08/2010 26,985,848
 51,700,000 CHARTA LLC##(p)++ 0.39 11/02/2010 51,664,384
 11,800,000 CHARTA LLC##(p)++ 0.35 11/03/2010 11,792,566
 11,800,000 CHARTA LLC##(p)++ 0.35 11/05/2010 11,792,330
 10,200,000 CITIBANK CREDIT CARD ISSUANCE TRUST##(p)++ 0.34 09/15/2010 10,198,572
 36,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST##(p)++ 0.51 10/06/2010 35,981,800
 102,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST##(p)++ 0.51 10/07/2010 101,946,960
 16,700,000 CITIBANK CREDIT CARD ISSUANCE TRUST##(p)++ 0.51 10/08/2010 16,691,075
 47,000,000 COMMERZBANK US FINANCE## 0.00 09/01/2010 47,000,000
 47,000,000 COMMERZBANK US FINANCE## 0.24 09/09/2010 46,997,180
 25,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##(p)++ 0.30 09/02/2010 24,999,590
 12,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##(p)++ 0.52 09/08/2010 11,998,623
 34,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##(p)++ 0.55 09/15/2010 33,992,199
 50,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##(p)++ 0.56 09/21/2010 49,983,611
 17,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##(p)++ 0.56 09/22/2010 16,994,149
 4,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##(p)++ 0.55 09/23/2010 3,998,607
 20,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##(p)++ 0.55 09/24/2010 19,992,717
 38,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##(p)++ 0.55 09/29/2010 37,983,153
 41,200,000 CRC FUNDING LLC##(p)++ 0.50 10/04/2010 41,180,739
 27,000,000 CRC FUNDING LLC##(p)++ 0.50 10/08/2010 26,985,848
 23,700,000 CRC FUNDING LLC##(p)++ 0.35 11/04/2010 23,684,832
 50,000,000 CREDIT INDUSTRIAL ET COMMERCIAL - NEW YORK 0.70 10/01/2010 50,000,000
 11,000,000 CREDIT SUISSE (NEW YORK)## 0.26 09/16/2010 10,998,717
 18,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.39 09/03/2010 17,999,410
 37,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.51 09/07/2010 36,996,362
 13,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.52 09/08/2010 12,998,509
 47,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.52 09/09/2010 46,993,838
 49,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.53 09/10/2010 48,992,773
 38,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.55 09/15/2010 37,991,281
 13,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.38 09/16/2010 12,997,833
 28,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.56 09/17/2010 27,992,658

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 24,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.55% 09/23/2010 $ 23,991,640
 11,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.55 09/24/2010 10,995,994
 18,000,000 CROWN POINT CAPITAL COMPANY##(p)++ 0.55 09/29/2010 17,992,020
 34,000,000 DANSKE CORPORATION##++ 0.44 09/30/2010 33,987,675
 32,000,000 DANSKE CORPORATION##++ 0.39 10/25/2010 31,980,800
 31,600,000 DANSKE CORPORATION##++ 0.49 11/15/2010 31,567,083
 50,000,000 DANSKE CORPORATION##++ 0.42 12/10/2010 49,941,667
 39,000,000 DANSKE CORPORATION##++ 0.42 12/17/2010 38,951,315
 46,000,000 DEXIA DELAWARE## 0.32 09/03/2010 45,998,761
 39,000,000 DEXIA DELAWARE## 0.43 09/27/2010 38,987,325
 13,000,000 EBBETS FUNDING LLC##(p)++ 0.30 09/03/2010 12,999,675
 23,000,000 EBBETS FUNDING LLC##(p)++ 0.51 09/14/2010 22,995,432
 53,000,000 EBBETS FUNDING LLC##(p)++ 0.52 09/21/2010 52,983,806
 24,000,000 EBBETS FUNDING LLC##(p)++ 0.53 09/24/2010 23,991,567
 9,600,000 ENI COORDINATION CENTER SA##++ 0.27 09/21/2010 9,598,507
 17,700,000 ENI COORDINATION CENTER SA##++ 0.34 09/29/2010 17,695,182
 2,000,000 ENI COORDINATION CENTER SA##++ 0.33 11/05/2010 1,998,772
 2,000,000 FAIRWAY FINANCE CORPORATION##(p)++ 0.28 11/15/2010 1,998,833
 120,000,000 FORTIS FUNDING LLC##++ 0.59 10/04/2010 119,932,900
 15,100,000 GEMINI SECURITIZATION CORPORATION LLC##(p)++ 0.29 09/09/2010 15,098,893
 28,000,000 GEMINI SECURITIZATION CORPORATION LLC##(p)++ 0.24 09/15/2010 27,997,169
 3,000,000 GEMINI SECURITIZATION CORPORATION LLC##(p)++ 0.24 09/16/2010 2,999,675
 11,000,000 GEMINI SECURITIZATION CORPORATION LLC##(p)++ 0.26 09/24/2010 10,998,103
 10,400,000 GOVCO LLC##(p)++ 0.44 09/17/2010 10,397,828
 14,000,000 GOVCO LLC##(p)++ 0.28 11/30/2010 13,990,200
 19,000,000 GRAMPIAN FUNDING LLC##(p)++ 0.55 09/14/2010 18,995,952
 60,000,000 GRAMPIAN FUNDING LLC##(p)++ 0.53 09/09/2010 59,992,000
 15,000,000 GRAMPIAN FUNDING LLC##(p)++ 0.28 09/22/2010 14,997,463
 48,000,000 GRAMPIAN FUNDING LLC##(p)++ 0.54 10/08/2010 47,972,866
 30,700,000 GRAMPIAN FUNDING LLC##(p)++ 0.54 10/12/2010 30,680,770
 49,000,000 GRAMPIAN FUNDING LLC##(p)++ 0.54 10/13/2010 48,968,558
 7,000,000 GRAMPIAN FUNDING LLC##(p)++ 0.50 10/19/2010 6,995,240
 11,400,000 GRAMPIAN FUNDING LLC##(p)++ 0.46 10/22/2010 11,392,410
 100,000,000 GRAMPIAN FUNDING LLC##(p)++ 0.39 11/08/2010 99,924,444
 24,500,000 ICICI BANK LIMITED (BAHRAIN)## 0.43 09/29/2010 24,491,425
 19,000,000 ICICI BANK LIMITED (BAHRAIN)## 0.58 09/29/2010 18,991,133
 40,300,000 INTESA FUNDING LLC## 0.00 09/01/2010 40,300,000
 36,000,000 IRISH PERMANENT TREASURY##++ 0.28 09/02/2010 35,999,450
 27,000,000 IRISH PERMANENT TREASURY##++ 0.47 09/07/2010 26,997,525
 5,000,000 JUPITER SECURITIZATION COMPANIES LLC##(p)++ 0.27 12/03/2010 4,996,513
 79,000,000 LEGACY CAPITAL COMPANY##(p)++ 0.55 09/15/2010 78,981,874
 16,000,000 LEGACY CAPITAL COMPANY##(p)++ 0.56 09/17/2010 15,995,804
 7,000,000 LEGACY CAPITAL COMPANY##(p)++ 0.55 09/24/2010 6,997,451
 34,000,000 LEXINGTON PARKER CAPITAL##(p)++ 0.29 09/02/2010 33,999,443
 52,000,000 LEXINGTON PARKER CAPITAL##(p)++ 0.51 09/07/2010 51,994,887
 25,000,000 LEXINGTON PARKER CAPITAL##(p)++ 0.55 09/14/2010 24,994,674
 8,000,000 LEXINGTON PARKER CAPITAL##(p)++ 0.48 09/15/2010 7,998,386
 25,000,000 LEXINGTON PARKER CAPITAL##(p)++ 0.55 09/16/2010 24,993,854
 18,000,000 LEXINGTON PARKER CAPITAL##(p)++ 0.56 09/21/2010 17,994,100
 4,000,000 LEXINGTON PARKER CAPITAL##(p)++ 0.55 09/23/2010 3,998,607
 73,400,000 LIBERTY STREET FUNDING COMPANY##(p)++ 0.00 09/01/2010 73,400,000
 25,000,000 LMA AMERICAS LLC##(p)++ 0.17 09/03/2010 24,999,639
 13,100,000 LMA AMERICAS LLC##(p)++ 0.37 09/15/2010 13,097,962
 53,100,000 LMA AMERICAS LLC##(p)++ 0.28 09/16/2010 53,093,363
 28,900,000 LMA AMERICAS LLC##(p)++ 0.29 09/20/2010 28,895,424
 8,000,000 LMA AMERICAS LLC##(p)++ 0.38 09/21/2010 7,998,222

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 29,900,000 LMA AMERICAS LLC##(p)++ 0.27% 09/23/2010 $ 29,894,884
 43,000,000 LMA AMERICAS LLC##(p)++ 0.35 10/25/2010 42,976,705
 31,400,000 LOS ANGELES CA DEPARTMENT OF AIRPORTS## 0.31 10/14/2010 31,387,998
 28,000,000 LOUIS DREYFUS CORPORATION## 0.52 09/08/2010 27,996,788
 78,150,000 MATCHPOINT MASTER TRUST##(p)++ 0.25 09/27/2010 78,135,325
 8,000,000 MATCHPOINT MASTER TRUST##(p)++ 0.46 10/21/2010 7,994,833
 4,600,000 MATCHPOINT MASTER TRUST##(p)++ 0.44 10/22/2010 4,597,068
 51,700,000 MATCHPOINT MASTER TRUST##(p)++ 0.39 11/03/2010 51,663,810
 57,200,000 MONT BLANC CAPITAL CORPORATION##(p)++ 0.24 09/08/2010 57,196,886
 6,000,000 MONT BLANC CAPITAL CORPORATION##(p)++ 0.24 09/24/2010 5,999,042
 20,600,000 MONT BLANC CAPITAL CORPORATION##(p)++ 0.49 10/12/2010 20,588,269
 24,000,000 NATEXIS BANQUES POPULAIRES## 0.27 09/20/2010 23,996,453
 32,000,000 NATEXIS BANQUES POPULAIRES## 0.27 09/21/2010 31,995,022
 56,000,000 NATEXIS BANQUES POPULAIRES## 0.63 10/01/2010 55,969,667
 51,700,000 NATEXIS BANQUES POPULAIRES## 0.68 10/06/2010 51,664,815
 79,500,000 NATIONWIDE BUILDING SOCIETY##++ 0.52 09/20/2010 79,476,923
 59,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.52 10/07/2010 58,968,730
 20,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.52 10/08/2010 19,989,106
 17,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.42 12/15/2010 16,979,175
 50,000,000 NEWPORT FUNDING CORPORATION##(p)++ 0.26 09/22/2010 49,992,125
 17,950,000 NEWPORT FUNDING CORPORATION##(p)++ 0.43 10/21/2010 17,939,031
 28,900,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##(p)++ 0.51 10/12/2010 28,882,885
 20,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##(p)++ 0.51 10/13/2010 19,987,867
 4,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##(p)++ 0.28 10/19/2010 3,998,493
 10,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##(p)++ 0.28 10/25/2010 9,995,650
 5,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##(p)++ 0.27 10/29/2010 4,997,825
 11,000,000 OAKLAND-ALAMEDA COUNTY 0.30 09/07/2010 11,000,000
 12,870,000 PORT OF OAKLAND CALIFORNIA## 0.31 10/14/2010 12,865,081
 20,000,000 PRUDENTIAL PLC##++ 0.00 09/01/2010 20,000,000
 24,000,000 PRUDENTIAL PLC##++ 0.28 09/22/2010 23,995,940
 78,000,000 RANGER FUNDING COMPANY LLC##(p)++ 0.27 10/19/2010 77,970,880
 66,800,000 RBS HOLDINGS USA INCORPORATED##++ 0.61 10/08/2010 66,756,747
 28,000,000 REGENCY MARKETS #1 LLC##(p)++ 0.18 09/03/2010 27,999,580
 15,000,000 REGENCY MARKETS #1 LLC##(p)++ 0.26 09/20/2010 14,997,863
 30,500,000 RHEIN-MAIN SECURITY LIMITED##(p)++ 0.38 09/17/2010 30,494,578
 45,800,000 RHEIN-MAIN SECURITY LIMITED##(p)++ 0.61 10/12/2010 45,767,660
 79,100,000 RHEIN-MAIN SECURITY LIMITED##(p)++ 0.53 10/15/2010 79,047,512
 10,000,000 RHEIN-MAIN SECURITY LIMITED##(p)++ 0.55 11/15/2010 9,988,333
 26,400,000 RHEINGOLD SECURITIZATION##(p)++ 0.48 09/20/2010 26,392,923
 12,000,000 RHEINGOLD SECURITIZATION##(p)++ 0.61 10/12/2010 11,991,527
 60,594,000 RHEINGOLD SECURITIZATION##(p)++ 0.59 10/15/2010 60,549,565
 9,000,000 RHEINGOLD SECURITIZATION##(p)++ 0.59 10/26/2010 8,991,750
 23,000,000 ROMULUS FUNDING CORPORATION##(p)++ 0.42 09/14/2010 22,996,263
 18,500,000 ROMULUS FUNDING CORPORATION##(p)++ 0.42 09/16/2010 18,496,531
 4,000,000 ROMULUS FUNDING CORPORATION##(p)++ 0.43 09/22/2010 3,998,950
 14,000,000 ROMULUS FUNDING CORPORATION##(p)++ 0.43 09/24/2010 13,995,975
 5,000,000 ROMULUS FUNDING CORPORATION##(p)++ 0.44 10/18/2010 4,997,063
 3,500,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##(p)++ 0.26 09/08/2010 3,499,796
 21,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##(p)++ 0.26 09/21/2010 20,996,850
 7,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##(p)++ 0.26 09/22/2010 6,998,898
 12,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##(p)++ 0.27 09/24/2010 11,997,853
 11,600,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##(p)++ 0.49 10/04/2010 11,594,683
 23,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##(p)++ 0.52 10/05/2010 22,988,270
 18,500,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##(p)++ 0.52 10/12/2010 18,488,833
 16,500,000 SALISBURY RECEIVABLES COMPANY LLC##(p)++ 0.23 09/13/2010 16,498,625

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 23,800,000 SAN JOSE CITY CA INTERNATIONAL AIRPORT 0.35% 09/02/2010 $ 23,800,000
 32,000,000 SAN JOSE CITY CA INTERNATIONAL AIRPORT 0.40 09/02/2010 32,000,000
 41,800,000 SAN JOSE CITY CA INTERNATIONAL AIRPORT 0.31 09/08/2010 41,800,000
 65,000,000 SCALDIS CAPITAL LLC##(p)++ 0.40 09/03/2010 64,997,833
 33,000,000 SCALDIS CAPITAL LLC##(p)++ 0.53 09/09/2010 32,995,600
 46,000,000 SCALDIS CAPITAL LLC##(p)++ 0.54 09/10/2010 45,993,100
 21,000,000 SCALDIS CAPITAL LLC##(p)++ 0.57 09/20/2010 20,993,350
 20,000,000 SCALDIS CAPITAL LLC##(p)++ 0.55 09/28/2010 19,991,450
 38,000,000 SCALDIS CAPITAL LLC##(p)++ 0.53 10/15/2010 37,974,920
 43,600,000 SCALDIS CAPITAL LLC##(p)++ 0.50 10/19/2010 43,570,352
 15,400,000 SCALDIS CAPITAL LLC##(p)++ 0.44 10/27/2010 15,389,220
 33,000,000 SCALDIS CAPITAL LLC##(p)++ 0.31 11/02/2010 32,981,813
 47,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.29 09/07/2010 46,997,376
 33,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.28 09/10/2010 32,997,401
 47,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.30 09/17/2010 46,993,420
 17,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.30 09/23/2010 16,996,779
 49,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.29 09/28/2010 48,988,791
 34,500,000 SOLITAIRE FUNDING LLC##(p)++ 0.24 09/08/2010 34,498,122
 18,300,000 SOLITAIRE FUNDING LLC##(p)++ 0.52 09/10/2010 18,297,347
 8,500,000 SOLITAIRE FUNDING LLC##(p)++ 0.52 10/18/2010 8,494,118
 30,000,000 SOLITAIRE FUNDING LLC##(p)++ 0.47 10/21/2010 29,980,000
 4,000,000 SOLITAIRE FUNDING LLC##(p)++ 0.43 10/25/2010 3,997,360
 7,700,000 SOLITAIRE FUNDING LLC##(p)++ 0.42 11/01/2010 7,694,390
 14,000,000 STARBIRD FUNDING CORPORATION##(p)++ 0.46 10/21/2010 13,990,862
 5,000,000 STARBIRD FUNDING CORPORATION##(p)++ 0.28 11/30/2010 4,996,500
 2,000,000 STRAIGHT-A FUNDING LLC##(p)++ 0.22 09/08/2010 1,999,903
 4,000,000 STRAIGHT-A FUNDING LLC##(p)++ 0.22 09/09/2010 3,999,778
 4,300,000 STRAIGHT-A FUNDING LLC##(p)++ 0.33 10/13/2010 4,298,294
 13,000,000 STRAIGHT-A FUNDING LLC##(p)++ 0.33 10/14/2010 12,994,721
 20,700,000 STRAIGHT-A FUNDING LLC##(p)++ 0.33 10/18/2010 20,690,812
 40,300,000 STRAIGHT-A FUNDING LLC##(p)++ 0.30 10/25/2010 40,281,261
 30,000,000 STRAIGHT-A FUNDING LLC##(p)++ 0.30 11/01/2010 29,984,242
 29,500,000 STRAIGHT-A FUNDING LLC##(p)++ 0.31 11/01/2010 29,484,504
 36,000,000 STRAIGHT-A FUNDING LLC##(p)++ 0.29 11/02/2010 35,982,020
 15,000,000 STRAIGHT-A FUNDING LLC##(p)++ 0.23 11/16/2010 14,992,717
 8,000,000 SURREY FUNDING CORPORATION##(p)++ 0.26 09/27/2010 7,998,440
 9,800,000 SURREY FUNDING CORPORATION##(p)++ 0.29 11/17/2010 9,793,921
 12,900,000 TASMAN FUNDING INCORPORATED##(p)++ 0.40 09/10/2010 12,898,581
 40,925,000 TASMAN FUNDING INCORPORATED##(p)++ 0.41 09/13/2010 40,918,998
 24,012,000 TASMAN FUNDING INCORPORATED##(p)++ 0.56 09/17/2010 24,005,597
 9,000,000 TASMAN FUNDING INCORPORATED##(p)++ 0.54 10/07/2010 8,994,960
 9,200,000 TASMAN FUNDING INCORPORATED##(p)++ 0.51 10/20/2010 9,193,488
 4,600,000 TASMAN FUNDING INCORPORATED##(p)++ 0.51 10/22/2010 4,596,611
 2,100,000 TASMAN FUNDING INCORPORATED##(p)++ 0.49 10/27/2010 2,098,367
 5,100,000 TASMAN FUNDING INCORPORATED##(p)++ 0.43 11/02/2010 5,096,135
 25,300,000 THAMES ASSET GLOBAL SECURITIZATION##(p)++ 0.37 09/07/2010 25,298,187
 13,000,000 THAMES ASSET GLOBAL SECURITIZATION##(p)++ 0.54 09/13/2010 12,997,487
 45,100,000 THAMES ASSET GLOBAL SECURITIZATION##(p)++ 0.31 10/06/2010 45,085,969
 10,000,000 THAMES ASSET GLOBAL SECURITIZATION##(p)++ 0.63 10/07/2010 9,993,500
 38,000,000 THAMES ASSET GLOBAL SECURITIZATION##(p)++ 0.51 10/13/2010 37,976,947
 15,000,000 THAMES ASSET GLOBAL SECURITIZATION##(p)++ 0.31 11/18/2010 14,989,925
 19,000,000 THAMES ASSET GLOBAL SECURITIZATION##(p)++ 0.44 12/07/2010 18,977,474
 20,000,000 THAMES ASSET GLOBAL SECURITIZATION##(p)++ 0.74 01/07/2011 19,946,667
 5,000,000 THUNDER BAY FUNDING LLC##(p)++ 0.27 12/09/2010 4,996,288
 14,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.30 11/29/2010 13,989,617
 10,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.30 11/30/2010 9,992,500

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 11,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.30% 12/01/2010 $ 10,991,658
 103,000,000 UBS FINANCE DELAWARE LLC## 0.58 09/27/2010 102,955,367
 51,700,000 UBS FINANCE DELAWARE LLC## 0.66 11/08/2010 51,634,571
 10,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.24 09/02/2010 9,999,864
 69,600,000 UNICREDIT DELAWARE INCORPORATED##++ 0.40 09/03/2010 69,597,680
 9,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.38 09/08/2010 8,999,248
 72,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.68 10/01/2010 71,958,000
 11,000,000 VERSAILLES COMMERCIAL PAPER LLC##(p)++ 0.53 09/07/2010 10,998,863
 41,000,000 VERSAILLES COMMERCIAL PAPER LLC##(p)++ 0.55 09/09/2010 40,994,351
 1,000,000 VERSAILLES COMMERCIAL PAPER LLC##(p)++ 0.59 09/23/2010 999,621
 20,000,000 VERSAILLES COMMERCIAL PAPER LLC##(p)++ 0.61 10/12/2010 19,985,878
 74,900,000 VICTORY RECEIVABLES CORPORATION##(p)++ 0.19 09/03/2010 74,898,835
 53,900,000 VICTORY RECEIVABLES CORPORATION##(p)++ 0.24 09/13/2010 53,895,264
 1,000,000 VICTORY RECEIVABLES CORPORATION##(p)++ 0.24 09/14/2010 999,906
 12,000,000 VICTORY RECEIVABLES CORPORATION##(p)++ 0.24 09/15/2010 11,998,787
 7,000,000 VICTORY RECEIVABLES CORPORATION##(p)++ 0.24 09/17/2010 6,999,191
 30,500,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.41 11/05/2010 30,500,000
 29,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.31 12/03/2010 28,976,776
 60,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.39 02/03/2011 59,956,837
 53,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.38 08/19/2011 53,000,000
 14,000,000 WINDMILL FUNDING CORPORATION##(p)++ 0.00 09/01/2010 14,000,000
 8,000,000 WINDMILL FUNDING CORPORATION##(p)++ 0.35 09/07/2010 7,999,453
 5,700,000 WINDMILL FUNDING CORPORATION##(p)++ 0.43 09/23/2010 5,698,433
 32,000,000 WINDMILL FUNDING CORPORATION##(p)++ 0.39 11/04/2010 31,977,244
 44,000,000 WINDMILL FUNDING CORPORATION##(p)++ 0.35 11/09/2010 43,969,640
TOTAL COMMERCIAL PAPER (COST $8,939,132,033) 8,939,132,033
 ------------------
CORPORATE BONDS & NOTES: 4.88%
ENERGY: 0.02%
 4,000,000 SEARIVER MARITIME INCORPORATED(i)+/-ss 0.55 10/01/2011 4,000,000
 ------------------
FINANCIALS: 4.79%
 197,390,000 BANK OF AMERICA CORPORATION+/-ss 1.36 12/02/2011 199,562,777
 7,000,000 BANK OF SCOTLAND PLC+/-++ 0.60 12/08/2010 6,993,414
 5,175,000 BEAR STEARNS COMPANIES INCORPORATED 0.19 08/15/2011 5,184,429
 11,000,000 BEAR STEARNS COMPANIES INCORPORATED 0.59 08/15/2011 11,016,240
 63,500,000 BERKSHIRE HATHAWAY INCORPORATED+/- 0.39 02/10/2011 63,501,751
 71,000,000 CITIBANK NA+/- 0.58 09/30/2010 71,000,000
 24,800,000 CITIBANK NA+/- 0.53 07/12/2011 24,812,045
 147,100,000 CITIGROUP FUNDING INCORPORATED+/- 0.35 05/05/2011 147,070,987
 3,000,000 CITIGROUP FUNDING INCORPORATED+/-ss 0.35 11/15/2011 2,997,663
 21,000,000 CREDIT AGRICOLE SA (LONDON) 0.45 09/07/2010 20,998,145
 86,000,000 CREDIT AGRICOLE SA (LONDON) 0.44 11/04/2010 85,931,200
 11,800,000 G8G LLC++ss 0.28 09/01/2027 11,800,000
 51,773,000 GENERAL ELECTRIC CAPITAL CORPORATION+/-ss 1.47 12/09/2011 52,431,368
 3,400,000 JPMORGAN CHASE & COMPANY+/- 0.62 03/15/2011 3,402,603
 3,000,000 JPMORGAN CHASE & COMPANY+/- 0.49 05/16/2011 3,001,707
 13,635,000 LTF REAL ESTATE VRDN I LLC++ss 0.35 06/01/2033 13,635,000
 8,100,000 MORGAN STANLEY+/-ss 1.39 12/01/2011 8,192,059
 85,500,000 PNC FUNDING CORPORATION+/- 0.82 06/22/2011 85,728,790
 30,000,000 STATE STREET BANK & TRUST COMPANY SERIES FRN+/- 0.74 09/15/2011 30,079,774
 3,000,000 US CENTRAL FEDERAL CREDIT UNION+/-ss 0.52 10/19/2011 3,001,127
 12,000,000 WESTPAC BANKING CORPORATION+/-++ 0.66 04/19/2011 12,008,419
 862,349,498
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
HEALTH CARE: 0.07%
$ 1,000,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED## 0.30% 09/17/2010 $ 999,858
 11,210,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-ss 0.26 11/15/2029 11,210,000
 12,209,858
 ------------------
TOTAL CORPORATE BONDS & NOTES (COST $878,559,356) 878,559,356
 ------------------
MUNICIPAL BONDS & NOTES: 9.40%
ALABAMA: 0.52%
 35,066,000 LOWER ALABAMA GAS DISTRICT SUPPLY REVENUE SERIES A
 (UTILITIES REVENUE,
 SOCIETE GENERALE LOC)+/-ss 0.30 11/01/2027 35,066,000
 57,962,000 SOUTHEAST ALABAMA GAS DISTRICT ALABAMA SUPPLY
 PROJECT SERIES 2007-A
 (NATURAL GAS REVENUE)+/-ss 0.29 08/01/2027 57,962,000
 93,028,000
 ------------------
ARIZONA: 0.06%
 11,500,000 PHOENIX AZ IDA REFUNDING MFHR DEL MAR TERRACE
 APARTMENTS PROJECT SERIES 1999-A
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.30 10/01/2029 11,500,000
 ------------------
CALIFORNIA: 2.84%
 4,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA OSHMAN FAMILY JEWISH
 COMMUNITY (ECONOMIC DEVELOPMENT REVENUE, LASALLE
 NATIONAL BANK NA LOC)+/-ss 0.23 06/01/2037 4,000,000
 18,850,000 CALIFORNIA CDA AZUSA PACIFIC UNIVERSITY PROJECT
 SERIES 2007 (COLLEGE & UNIVERSITY
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 3.00 04/01/2039 18,850,000
 15,000,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
 (COLLEGE & UNIVERSITY REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.30 10/01/2043 15,000,000
 115,000,000 CALIFORNIA GO SERIES B (OTHER REVENUE, SOCIETE
 GENERALE LOC)+/-ss 0.26 05/01/2040 15,000,000
 15,000,000 CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY
 CATHOLIC HEALTHCARE SERIES C
 (HCFR, MBIA INSURED)+/-ss 0.29 07/01/2020 15,000,000
 13,000,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES B
 (IDR, JPMORGAN CHASE BANK LOC)+/-ss 0.28 11/01/2026 13,000,000
 5,000,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES C
 (IDR, JPMORGAN CHASE BANK LOC)+/-ss 0.25 11/01/2026 5,000,000
 22,000,000 CALIFORNIA SERIES I (HFA REVENUE, BANK OF AMERICA
 NA LOC)+/-ss 0.24 07/01/2035 22,000,000
 13,245,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES
 C-7 (ELECTRIC REVENUE,
 AGM INSURED)+/-ss 0.30 05/01/2022 13,245,000
 26,395,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C1
 (POWER REVENUE,
 DEXIA CREDIT SA LOC)+/-ss 0.28 05/01/2022 26,395,000
 20,775,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES
 C13 (UTILITIES REVENUE,
 FIRST SECURITY BANK LOC)+/-ss 0.31 05/01/2022 20,775,000
 18,320,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G 6
 (WATER REVENUE, AGM INSURED)+/-ss 0.27 05/01/2017 18,320,000
 4,000,000 CALIFORNIA STATE SERIES B SUBSERIES B6 (OTHER
 REVENUE, KBC BANK NV LOC)+/-ss 0.29 05/01/2040 4,000,000
 14,900,000 CALIFORNIA STATEWIDE CDA DUBLIN RANCH SENIOR
 APARTMENTS (MFHR,
 BANK OF AMERICA NA LOC)+/-ss 0.29 12/15/2037 14,900,000
 11,337,000 CALIFORNIA STATEWIDE CDA IVY HILL APARTMENTS
 PROJECT SERIES I (MFHR, FNMA INSURED)+/-ss 0.29 02/01/2033 11,337,000
 3,000,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING
 SERIES Y (HOUSING REVENUE,
 FNMA INSURED)+/-ss 0.29 08/01/2031 3,000,000
 5,200,000 CALIFORNIA STATEWIDE CDA PRAVILLIONS APARTMENTS
 SERIES M (MFHR, FNMA INSURED)+/-ss 0.29 08/15/2034 5,200,000
 11,000,000 CAMARILLO CA HACIENDA DE CAMARILLO PROJECT (MFHR,
 FNMA INSURED)+/-ss 0.28 10/15/2026 11,000,000
 9,500,000 CONTRA COSTA COUNTY CA CREEKVIEW APARTMENTS SERIES
 B (MFHR, FHLMC INSURED)+/-ss 0.28 07/01/2036 9,500,000
 6,000,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO WATER
 AGENCY SERIES A (LEASE REVENUE,
 DEXIA CREDIT SA LOC)+/-ss 0.29 03/01/2036 6,000,000
 12,000,000 LOS ANGELES CA BEVERLY PARK APARTMENTS SERIES A
 (MFHR, FHLMC INSURED)+/-ss 0.28 08/01/2018 12,000,000
 15,200,000 LOS ANGELES CA COMMUNITY RDA ACADEMY VILLAGE
 APARTMENTS (HOUSING REVENUE,
 FHLMC INSURED)+/-ss 0.27 10/01/2019 15,200,000
 17,900,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR BONDS
 (HOUSING REVENUE,
 FHLMC INSURED)+/-ss 0.30 09/01/2030 17,900,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
 $ 21,180,000 NEWPORT BEACH CA (HEALTH & HOSPITAL REVENUE, BANK
 OF AMERICA NA LOC)+/-ss 0.26% 12/01/2040 $ 21,180,000
 8,000,000 ORANGE COUNTY CA COP SANITATION DISTRICT SERIES A
 (LEASE REVENUE)+/-ss 0.25 08/01/2029 8,000,000
 6,000,000 ORANGE COUNTY CA COP SANITATION DISTRICTS SERIES
 B (LEASE REVENUE)+/-ss 0.25 08/01/2030 6,000,000
 48,460,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.30 02/01/2035 48,460,000
 53,500,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA
 NA LOC)+/-ss 0.30 03/01/2037 53,500,000
 9,800,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.30 10/01/2035 9,800,000
 13,550,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY NATOMAS
 PARK APARTMENTS ISSUE B
 (HOUSING REVENUE, FNMA INSURED)+/-ss 0.28 07/15/2035 13,550,000
 7,945,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY SHADWOOD
 APARTMENTS PROJECT ISSUE A
 (MFHR, FHLMC INSURED)+/-ss 0.28 12/01/2022 7,945,000
 10,325,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS PROJECT
 SERIES A (HOUSING REVENUE,
 FNMA INSURED)+/-ss 0.28 01/15/2033 10,325,000
 7,500,000 SAN DIEGO CA HOUSING AUTHORITY MFHR HILLSIDE
 GARDEN APARTMENTS SERIES B
 (HOUSING REVENUE, FNMA INSURED)+/-ss 0.28 01/15/2035 7,500,000
 7,700,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
 AGENCY (MFHR, FNMA INSURED)+/-ss 0.28 06/15/2034 7,700,000
 2,000,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
 AGENCY (OTHER REVENUE)+/-ss ++ 0.31 11/01/2041 2,000,000
 12,500,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
 AGENCY COMMUNITY FACILITIES
 DISTRICT # 4 (OTHER REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.26 08/01/2032 12,500,000
 5,800,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA
 INSURED)+/-ss 0.30 09/15/2032 5,800,000
 510,882,000
 ------------------
COLORADO: 1.05%
 16,775,000 AURORA CO HOSPITAL CHILDRENS HOSPITAL ASSOCIATION
 PROJECT-B (HFFA REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-ss 0.23 12/01/2036 16,775,000
 9,849,000 COLORADO HOUSING & FINANCE AUTHORITY CLASS I-B1
 (HOUSING REVENUE,
 GO OF AUTHORITY INSURED)+/-ss 0.40 10/01/2038 9,849,000
 53,285,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE
 MULTIFAMILY PROJECT B II
 (HOUSING REVENUE, FNMA INSURED)+/-ss 0.29 05/01/2049 53,285,000
 110,000,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT TAXABLE
 SERIES A (LEASE REVENUE,
 AGM INSURED)+/-ss 0.38 12/15/2037 110,000,000
 189,909,000
 ------------------
CONNECTICUT: 0.12%
 21,800,000 NEW BRITAIN CT TAXABLE PENSION SERIES C (PROPERTY
 TAX REVENUE, BANK OF AMERICA
 NA LOC)+/-ss 0.36 02/01/2026 21,800,000
 ------------------
DELAWARE: 0.15%
 7,000,000 DELAWARE ECONOMIC DEVELOPMENT AGENCY CLEAN POWER
 PROJECT SERIES 1997-D
 (RESOURCE RECOVERY REVENUE)+/-ss 0.31 08/01/2029 7,000,000
 19,700,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY
 (RESOURCE RECOVERY REVENUE)+/-ss 0.30 08/01/2029 19,700,000
 26,700,000
 ------------------
DISTRICT OF COLUMBIA: 0.12%
 4,000,000 DISTRICT OF COLUMBIA BALLPARK SERIES B2
 (RECREATIONAL FACILITIES REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 02/01/2036 4,000,000
 18,000,000 DISTRICT OF COLUMBIA THE AMERICAN UNIVERSITY
 (MISCELLANEOUS REVENUE,
 PNC BANK NA LOC)+/-ss 0.26 04/01/2038 18,000,000
 22,000,000
 ------------------
FLORIDA: 0.13%
 10,000,000 LEE MEMORIAL HEALTH SYSTEM SERIES B (HCFR, BANK
 OF AMERICA NA LOC)+/-ss 0.25 04/01/2033 10,000,000
 13,510,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY
 (PRIVATE SCHOOL REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.31 06/01/2032 13,510,000
 23,510,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
ILLINOIS: 0.35%
$ 17,000,000 COOK COUNTY IL GO (OTHER REVENUE, NORTHERN
 TRUST CORPORATION LOC)+/-ss 0.26% 11/01/2030 $ 17,000,000
 46,000,000 COOK COUNTY IL GO SERIES D-1(OTHER REVENUE,
 HARRIS TRUST SAVINGS BANK LOC)+/-ss 0.26 11/01/2030 46,000,000
 63,000,000
 ------------------
INDIANA: 0.09%
 11,000,000 INDIANAPOLIS IN LOCAL PUBLIC IMPROVEMENT
 INDIANAPOLIS AIRPORT AUTHORITY PROJECT
 SERIES 2008-C-1 (OTHER REVENUE, FSA INSURED)+/-ss 0.31 01/01/2037 11,000,000
 6,000,000 RICHMOND IN REID HOSPITAL & HEALTH CARE
 SERVICES INCORPORATED HOSPITAL AUTHORITY
 HOSPITAL SERIES A (HOSPITAL REVENUE, FIRST
 SECURITY BANK LOC)+/-ss 0.28 01/01/2040 6,000,000
 17,000,000
 ------------------
LOUISIANA: 0.02%
 3,000,000 LOUISIANA PUBLIC FACILITIES AUTHORITY (IDR,
 JPMORGAN CHASE BANK LOC)+/-ss 0.28 08/01/2023 3,000,000
 ------------------
MARYLAND: 0.03%
 6,000,000 MARYLAND CDA DEPARTMENT OF HOUSING &
 COMMUNITY DEVELOPMENT SERIES 2007-J
 (HOUSING REVENUE, KBC BANK NV LOC)+/-ss 0.32 09/01/2031 6,000,000
 ------------------
MASSACHUSETTS: 0.14%
 24,345,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
 BABSON COLLEGE B (OTHER REVENUE,
 CITIBANK NA LOC)+/-ss 0.27 10/01/2031 24,345,000
 ------------------
MICHIGAN: 0.03%
 2,125,000 WAYNE COUNTY MI AIRPORT AUTHORITY SERIES F
 (AIRPORT REVENUE, JPMORGAN
 CHASE BANK LOC)+/-ss 0.30 12/01/2016 2,125,000
 3,000,000 WAYNE COUNTY MI AIRPORT AUTHORITY SERIES F
 (AIRPORT REVENUE, JPMORGAN
 CHASE BANK LOC)+/-ss 0.35 05/01/2020 3,000,000
 5,125,000
 ------------------
MINNESOTA: 0.17%
 20,500,000 BLOOMINGTON ASSOCIATES MINNESOTA (HOUSING
 REVENUE, LASALLE NATIONAL
 BANK NA LOC)+/-ss 0.35 08/01/2037 20,500,000
 4,700,000 MINNESOTA STATE OFFICE OF HIGHER EDUCATION
 SERIES B (EDUCATIONAL FACILITIES REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.33 12/01/2043 4,700,000
 5,000,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR
 GATEWAY APARTMENTS LP
 SERIES A (HOUSING REVENUE, LASALLE NATIONAL
 BANK NA LOC)+/-ss 0.38 10/01/2038 5,000,000
 30,200,000
 ------------------
MISSISSIPPI: 0.12%
 20,925,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A
 (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 11/01/2028 20,924,125
 ------------------
NEBRASKA: 0.19%
 34,885,000 CENTRAL PLAINS NE NEBRASKA GAS PROJECT NO. 2
 SERIES 2009 (NATURAL GAS REVENUE)+/-ss 0.31 08/01/2039 34,885,000
 ------------------
NEW HAMPSHIRE: 0.03%
 6,000,000 NEW HAMPSHIRE HEFA DARTMOUTH HITCHCOCK
 OBLIGATION SERIES A
 (HCFR, AGM INSURED)+/-ss 0.36 08/01/2031 6,000,000
 ------------------
NEW JERSEY: 0.42%
 4,975,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY
 (OTHER REVENUE, AGC-ICC INSURED)+/-ss 0.47 09/01/2022 4,975,000
 8,900,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY RB
 NUI CORPORATION PROJECT
 SERIES A (NATURAL GAS REVENUE)+/-ss 0.23 06/01/2026 8,900,000
 16,000,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY
 SCHOOL FACILITIES SERIES R-1
 (OTHER REVENUE, BANK OF NOVA SCOTIA LOC)+/-ss 0.26 09/01/2031 16,000,000
 15,000,000 NEW JERSEY SPORT & EXPOSITION AUTHORITY
 (OTHER REVENUE)+/-ss++ 0.36 11/15/2010 15,000,000
 13,000,000 NEW JERSEY STATE TURNPIKE AUTHORITY SERIES C
 (TRANSIT REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.26 06/15/2032 13,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
NEW JERSEY (continued)
$ 18,000,000 NEW JERSEY STATE TURNPIKE AUTHORITY SERIES D (TOLLS
 ROAD REVENUE, NATL-RE INSURED,
 SOCIETE GENERALE LOC)+/-ss 0.32% 01/01/2018 $ 18,000,000
 75,875,000
 ------------------
NEW YORK: 0.85%
 8,000,000 NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY (TAX
 INCREMENTAL REVENUE,
 DEXIA CREDIT SA LOC)+/-ss 0.38 11/01/2022 8,000,000
 19,000,000 NEW YORK HOMEOWNER MORTGAGE AGENCY SERIES 142
 (HOUSING REVENUE,
 DEXIA CREDIT SA LOC)+/-ss 0.32 10/01/2037 19,000,000
 4,000,000 NEW YORK HOMEOWNER MORTGAGE AGENCY SERIES 147
 (HOUSING REVENUE,
 DEXIA CREDIT SA LOC)+/-ss 0.30 04/01/2037 4,000,000
 9,000,000 NEW YORK MORTGAGE AGENCY HOMEOWNER SERIES 135
 (HOUSING REVENUE)+/-ss 0.32 04/01/2037 9,000,000
 14,000,000 NEW YORK NY CITY TRANSITIONAL FINANCE AUTHORITY NYC
 RECOVERY SERIES 3
 (TAX REVENUE)+/-ss 0.38 11/01/2022 14,000,000
 27,500,000 NEW YORK NY CITY TRANSITIONAL FINANCING AUTHORITY
 CLASS A (OTHER REVENUE,
 FGIC INSURED)+/-ss 0.31 07/15/2036 27,500,000
 10,000,000 NEW YORK NY SERIES E-2 (PROPERTY TAX REVENUE, BANK
 OF AMERICA NA LOC)+/-ss 0.25 08/01/2034 10,000,000
 6,500,000 NEW YORK NY SUBSERIES C-4 (PROPERTY TAX REVENUE BNP
 PARIBAS LOC)+/-ss 0.27 08/01/2020 6,500,000
 17,500,000 NEW YORK STATE HOUSING FINANCE AGENCY TAXABLE 600
 WEST 42ND B (OTHER REVENUE,
 BANK OF NEW YORK LOC)+/-ss 0.39 11/01/2041 17,500,000
 3,000,000 NEW YORK STATE MORTGAGE AGENCY HOMEOWNER MORTGAGE
 SERIES 132 (HOUSING
 REVENUE, DEXIA CREDIT SA SPA)+/-ss 0.31 04/01/2037 3,000,000
 26,835,000 NEW YORK URBAN DEVELOPMENT CORPORATION RB (HOUSING
 REVENUE, DEXIA
 CREDIT SA LOC)+/-ss 0.44 03/15/2024 26,835,000
 7,000,000 ONONDAGA COUNTY NY CULTURE AND RECREATION SYRACUSE
 UNIVERSITY PROJECT SERIES A
 (OTHER REVENUE)+/-ss 0.27 12/01/2029 7,000,000
 152,335,000
 ------------------
NORTH CAROLINA: 0.04%
 7,000,000 NORTH CAROLINA MEDICAL CARE COMMISSION (HEALTH &
 HOSPITAL REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.25 10/01/2037 7,000,000
 ------------------
OHIO: 0.45%
 21,482,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES
 I (HOUSING REVENUE,
 GNMA INSURED)+/-ss 0.26 09/01/2039 21,482,000
 45,714,000 OHIO STATE HFA RESIDENTIAL MORTGAGE SECURITIES
 PROGRAM (HOUSING REVENUE,
 GNMA INSURED)+/-ss 0.30 09/01/2029 45,714,000
 13,500,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A (OTHER
 REVENUE, JPMORGAN
 CHASE BANK LOC)+/-ss 0.26 11/01/2029 13,500,000
 80,696,000
 ------------------
OREGON: 0.04%
 6,000,000 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT
 SERIES E (HOUSING
 REVENUE, KBC BANK NV LOC)+/-ss 0.32 07/01/2038 6,000,000
 1,888,000 UMATILLA INDIAN RESERVATION OR CONFEDERATED TRIBES
 (OTHER REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 12/01/2028 1,888,000
 7,888,000
 ------------------
OTHER: 0.02%
 4,000,000 PUTTABLE FLOATING OPTION TAX- EXEMPT RECEIPTS 4202
 (PROPERTY TAX REVENUE,
 FGIC INSURED)+/-ss 0.55 01/01/2030 4,000,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
PENNSYLVANIA: 0.12%
$ 13,500,000 DOYLESTOWN HOSPITAL AUTHORITY SERIES B (HFFA, PNC
 BANK NA LOC)+/-ss 0.26% 07/01/2037 $ 13,500,000
 9,000,000 PHILADELPHIA PA SCHOOL DISTRICT (GO - LOCAL, BANK
 OF AMERICA LOC)+/-ss 0.31 09/01/2030 9,000,000
 22,500,000
 ------------------
SOUTH DAKOTA: 0.02%
 4,000,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY (MFHR,
 FNMA INSURED)+/-ss 0.30 05/01/2037 4,000,000
 ------------------
TENNESSEE: 0.11%
 9,000,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY
 TENNESSEE MUNICIPAL BUILDING FUND
 (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.27 11/01/2035 9,000,000
 10,000,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY
 TENNESSEE COUNTY LOAN POOL
 SERIES 2008 (OTHER REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.25 07/01/2038 10,000,000
 19,000,000
 ------------------
TEXAS: 0.45%
 9,000,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION HERMAN HEALTH
 (RECREATIONAL REVENUE, JPMORGAN CHASE BANK NA
 LOC)+/-ss 0.26 06/01/2038 9,000,000
 9,800,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION YMCA GREATER
 HOUSTON SERIES B (RECREATIONAL REVENUE, ALLIED
 IRISH BANK LOC)+/-ss 2.40 06/01/2038 9,800,000
 2,000,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION (OTHER REVENUE)+/-ss 0.34 06/01/2027 2,000,000
 9,000,000 HARRIS COUNTY TX INDUSTRIAL DEVELOPMENT
 CORPORATION SOLID WASTE DISPOSAL DEER
 PARK REFINING PROJECT SERIES A (RESOURCE RECOVERY
 REVENUE)+/-ss 0.25 03/01/2023 9,000,000
 12,700,000 MIDLOTHIAN TX INDUSTRIAL DEVELOPMENT CORPORATION
 (IDR, UBS AG LOC)+/-ss 0.24 08/01/2034 12,700,000
 5,000,000 MISSION TX ECONOMIC DEVELOPMENT CORPORATION
 (OTHER REVENUE, BANK OF AMERICA
 NA LOC)+/-ss 0.33 04/01/2022 5,000,000
 14,000,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FALICITIES MOTIVA ENTERPRISES A (IDR)+/-ss 0.25 04/01/2040 14,000,000
 12,000,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM
 SERIES A (OTHER REVENUE,
 NATIONAL AUSTRALIAN BANK NA LOC)+/-ss 0.29 06/01/2045 12,000,000
 7,500,000 TYLER TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION MOTHER FRANCES HOSPITAL SERIES B
 (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.31 07/01/2020 7,500,000
 81,000,000
 ------------------
VERMONT: 0.18%
 32,000,000 VERMONT STATE STUDENT ASSISTANCE CORPORATION
 (STUDENT LOAN REVENUE, LLOYDS TSB
 BANK PLC LOC)+/-ss 0.30 12/15/2040 32,000,000
 ------------------
WASHINGTON: 0.29%
 29,544,000 KING COUNTY WA HOUSING AUTHORITY SERIES A
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.31 07/01/2035 29,544,000
 11,000,000 METROPOLITAN WASHINGTON DC AIRPORTS AUTHORITY
 SUBSERIES D-2 (AIRPORT REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.25 10/01/2039 11,000,000
 11,000,000 PORT TACOMA WA (OTHER REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.25 12/01/2044 11,000,000
 51,544,000
 ------------------
WEST VIRGINIA: 0.07%
 9,000,000 CABELL COUNTY WV UNIVERSITY FACILITIES (COLLEGE
 AND UNIVERSITY REVENUE)+/-ss 0.33 07/01/2039 9,000,000
 3,000,000 WEST VIRGINIA STATE HOSPITAL FINANCE AUTHORITY
 UNITED HEALTH SYSTEMS SERIES A
 (HOSPITAL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.25 06/01/2041 3,000,000
 12,000,000
 ------------------
WISCONSIN: 0.02%
 4,000,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT (HOUSING
 REVENUE, FNMA LOC)+/-ss 0.35 09/01/2035 4,000,000
 ------------------
WYOMING: 0.16%
 28,500,000 SWEETWATER COUNTY WY PACIFIC CORPORATION PROJECT
 SERIES A (PCR, BARCLAYS BANK PLC LOC)+/-ss 0.27 07/01/2015 28,500,000
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $1,692,146,125) 1,692,146,125
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
US TREASURY SECURITIES: 0.87%
US TREASURY BILLS: 0.87%
$ 157,000,000 US TREASURY BILL## 0.22% 11/18/2010 $ 156,924,746
 ------------------
TOTAL US TREASURY SECURITIES (COST $156,924,746) 156,924,746
 ------------------
REPURCHASE AGREEMENTS (z): 17.16%
 62,000,000 BANK OF AMERICA SECURITIES LLC, DATED 08/31/2010,
 MATURITY VALUE $62,000,551 (1) 0.32 09/01/2010 62,000,000
 485,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $485,003,233 (2) 0.24 09/01/2010 485,000,000
 20,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $20,000,183 (3) 0.33 09/01/2010 20,000,000
 169,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $169,001,221 (4) 0.26 09/01/2010 169,000,000
 116,000,000 BNP PARIBAS SECURITIES CORPORATION, DATED
 08/31/2010, MATURITY VALUE $116,000,806 (5) 0.25 09/01/2010 116,000,000
 388,000,000 BNP PARIBUS SECURITIES CORPORATION, DATED
 08/31/2010, MATURITY VALUE $388,002,587 (6) 0.24 09/01/2010 388,000,000
 97,000,000 CITIGROUP GLOBAL MARKETS, DATED 08/31/2010,
 MATURITY VALUE $97,000,674 (7) 0.26 09/01/2010 97,000,000
 194,000,000 CREDIT SUISSE SECURITIES USA, DATED 08/31/2010,
 MATURITY VALUE $194,001,293 (8) 0.24 09/01/2010 194,000,000
 408,100,000 DEUTSCHE BANK SECURITIES DATED 08/31/2010,
 MATURITY VALUE $408,102,834 (9) 0.25 09/01/2010 408,100,000
 76,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $76,000,507 (10) 0.24 09/01/2010 76,000,000
 34,000,000 HSBC SECURITIES, DATED 08/31/2010, MATURITY VALUE
 $34,000,227 (11) 0.24 09/01/2010 34,000,000
 194,000,000 JPMORGAN SECURITIES DATED 08/31/2010, MATURITY
 VALUE $194,001,347 (12) 0.25 09/01/2010 194,000,000
 291,000,000 RBS SECURITIES INCORPORATED DATED 08/31/2010,
 MATURITY VALUE $291,002,102 (13) 0.26 09/01/2010 291,000,000
 248,000,000 RBS SECURITIES INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $248,003,307 (14) 0.24 09/01/2010 248,000,000
 307,000,000 SOCIETE GENERALE (NEW YORK), DATED 08/31/2010,
 MATURITY VALUE $307,002,132 (15) 0.25 09/01/2010 307,000,000
TOTAL REPURCHASE AGREEMENTS (COST $3,089,100,000) 3,089,100,000
 ------------------
SECURED MASTER NOTE AGREEMENTS: 1.80%
 274,704,000 BANK OF AMERICA SECURITIES LLC+/-ss 0.38 09/09/2034 274,704,000
 49,500,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.52 01/19/2011 49,500,000
TOTAL SECURED MASTER NOTE AGREEMENTS (COST $324,204,000) 324,204,000
 ------------------
TIME DEPOSITS: 8.25%
 57,000,000 ALLIED IRISH BANKS PLC 0.65 09/03/2010 57,000,000
 97,000,000 BANK OF IRELAND 0.50 09/01/2010 97,000,000
 89,000,000 BANK OF IRELAND 0.65 09/02/2010 89,000,000
 79,000,000 CITIBANK NA (NASSAU) 0.22 09/01/2010 79,000,000
 144,000,000 CREDIT AGRICOLE 0.25 09/01/2010 144,000,000
 146,000,000 DANSKE BANK AS (COPENHAGEN) 0.26 09/02/2010 146,000,000
 85,000,000 DEXIA BANK (GRAND CAYMAN) 0.42 09/01/2010 85,000,000
 129,000,000 GROUPE BPCE 0.26 09/01/2010 129,000,000
 50,000,000 HSBC BANK PLC 0.23 09/01/2010 50,000,000
 268,000,000 KBC BANK NV (BRUSSELS) 0.20 09/01/2010 268,000,000
 99,000,000 NATIXIS (CAYMAN ISLANDS) 0.26 09/01/2010 99,000,000
 169,000,000 SOCIETE GENERALE PARIS 0.23 09/01/2010 169,000,000
 73,000,000 US BANK NA (CAYMAN ISLANDS) 0.20 09/01/2010 73,000,000
TOTAL TIME DEPOSITS (COST $1,485,000,000) 1,485,000,000
 ------------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $18,219,605,577)* 101.21% 18,219,605,577
OTHER ASSETS AND LIABILITIES, NET (1.21) (218,379,311)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 18,001,226,266
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
AGENCY NOTES - DISCOUNT: 21.30%
FEDERAL FARM CREDIT BANK: 0.61%
$ 50,000,000 FFCB## 0.20% 11/17/2010 $ 49,978,611
 40,000,000 FFCB## 0.20 11/22/2010 39,981,778
 25,000,000 FFCB## 0.28 11/23/2010 24,983,861
 49,000,000 FFCB## 0.29 11/30/2010 48,964,475
 15,000,000 FFCB## 0.27 12/15/2010 14,988,188
 178,896,913
 ------------------
FEDERAL HOME LOAN BANK: 2.60%
 175,000,000 FHLB## 0.00 09/01/2010 175,000,000
 225,000,000 FHLB## 0.20 10/25/2010 224,932,500
 264,730,000 FHLB## 0.20 11/19/2010 264,613,813
 100,000,000 FHLB## 0.25 01/19/2011 99,902,778
 764,449,091
 ------------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 9.61%
 27,732,000 FHLMC## 0.26 09/27/2010 27,726,592
 225,000,000 FHLMC## 0.30 10/04/2010 224,937,210
 250,000,000 FHLMC## 0.24 10/14/2010 249,925,347
 250,000,000 FHLMC## 0.24 10/15/2010 249,923,611
 100,000,000 FHLMC## 0.27 10/18/2010 99,963,445
 25,000,000 FHLMC## 0.28 10/26/2010 24,989,114
 200,000,000 FHLMC## 0.21 11/09/2010 199,919,500
 250,000,000 FHLMC## 0.20 11/15/2010 249,895,833
 175,000,000 FHLMC## 0.19 11/17/2010 174,928,882
 125,000,000 FHLMC## 0.20 11/23/2010 124,942,361
 200,000,000 FHLMC## 0.24 01/24/2011 199,806,667
 300,000,000 FHLMC## 0.24 01/31/2011 299,696,001
 250,000,000 FHLMC## 0.23 04/05/2011 249,655,000
 200,000,000 FHLMC## 0.25 05/24/2011 199,631,944
 250,000,000 FHLMC## 0.25 05/26/2011 249,536,458
 2,825,477,965
 ------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 8.48%
 49,710,000 FNMA## 0.24 09/08/2010 49,707,390
 260,000,000 FNMA## 0.24 09/20/2010 259,965,696
 150,000,000 FNMA## 0.24 09/21/2010 149,979,167
 140,000,000 FNMA## 0.25 09/22/2010 139,978,358
 105,000,000 FNMA## 0.24 09/23/2010 104,983,958
 22,596,000 FNMA## 0.28 10/06/2010 22,589,629
 300,000,000 FNMA## 0.27 10/13/2010 299,903,459
 100,000,000 FNMA## 0.30 10/25/2010 99,955,000
 198,537,000 FNMA## 0.20 11/17/2010 198,452,070
 175,000,000 FNMA## 0.25 12/20/2010 174,866,320
 125,000,000 FNMA## 0.25 12/21/2010 124,903,646
 198,142,000 FNMA## 0.27 01/12/2011 197,944,353
 200,000,000 FNMA## 0.27 01/18/2011 199,791,500
 172,614,000 FNMA## 0.24 01/19/2011 172,449,992
 100,000,000 FNMA## 0.22 01/20/2011 99,913,833
 200,000,000 FNMA## 0.27 02/01/2011 199,770,500
 2,495,154,871
 ------------------
TOTAL AGENCY NOTES - DISCOUNT (COST $6,263,978,840) 6,263,978,840
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
AGENCY SECURITIES: 24.30%
FEDERAL FARM CREDIT BANK: 4.62%
$ 2,000,000 FFCB 6.69% 09/08/2010 $ 2,002,448
 150,000,000 FFCB+/- 0.17 11/05/2010 150,000,000
 43,800,000 FFCB 3.75 12/06/2010 44,207,183
 75,000,000 FFCB+/- 0.32 12/17/2010 74,968,365
 13,500,000 FFCB 0.45 01/12/2011 13,508,947
 8,000,000 FFCB 0.35 02/01/2011 8,002,396
 16,030,000 FFCB 4.88 02/18/2011 16,369,035
 50,000,000 FFCB+/- 0.46 03/22/2011 50,000,000
 16,200,000 FFCB+/- 0.36 05/18/2011 16,217,549
 50,000,000 FFCB+/- 0.21 06/07/2011 49,991,265
 225,000,000 FFCB+/- 0.18 06/23/2011 224,975,731
 236,000,000 FFCB+/- 0.17 06/28/2011 235,969,814
 300,000,000 FFCB+/- 0.29 10/07/2011 300,068,987
 145,000,000 FFCB+/-ss 0.18 01/25/2012 144,838,669
 26,500,000 FFCB+/-ss 0.15 02/22/2012 26,456,999
 1,357,577,388
 ------------------
FEDERAL HOME LOAN BANK: 10.92%
 100,000,000 FHLB 4.50 09/10/2010 100,104,228
 13,000,000 FHLB 5.13 09/10/2010 13,015,427
 22,850,000 FHLB 4.38 09/17/2010 22,890,784
 5,000,000 FHLB 3.00 10/15/2010 5,016,329
 125,000,000 FHLB 0.50 10/18/2010 125,036,187
 17,165,000 FHLB 0.50 10/18/2010 17,169,735
 300,000,000 FHLB 0.27 10/29/2010 299,983,361
 250,000,000 FHLB 0.28 11/08/2010 249,977,945
 250,000,000 FHLB 0.28 11/10/2010 249,977,554
 250,000,000 FHLB 0.26 01/14/2011 249,975,893
 250,000,000 FHLB 0.26 01/14/2011 249,975,971
 50,000,000 FHLB 4.75 01/18/2011 50,842,642
 2,800,000 FHLB+/- 0.25 05/02/2011 2,800,000
 250,000,000 FHLB+/- 0.21 05/25/2011 249,963,462
 160,000,000 FHLB+/- 0.19 06/07/2011 159,950,206
 165,000,000 FHLB+/- 0.17 07/20/2011 164,955,239
 150,000,000 FHLB+/- 0.17 07/25/2011 149,952,145
 150,000,000 FHLB+/- 0.17 07/28/2011 149,951,706
 150,000,000 FHLB+/- 0.20 08/12/2011 149,942,838
 150,000,000 FHLB+/- 0.23 09/15/2011 149,936,833
 150,000,000 FHLB+/- 0.38 11/07/2011 149,928,000
 250,000,000 FHLB+/-ss 0.24 02/28/2012 249,870,550
 3,211,217,035
 ------------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 6.37%
 500,000,000 FHLMC+/- 0.52 09/03/2010 499,999,362
 600,000,000 FHLMC+/- 0.51 09/24/2010 600,002,888
 57,160,000 FHLMC 4.13 10/18/2010 57,449,986
 15,000,000 FHLMC 1.50 01/07/2011 15,063,191
 128,365,000 FHLMC+/- 0.53 01/28/2011 128,430,836
 250,000,000 FHLMC+/- 0.61 03/09/2011 250,097,852
 50,000,000 FHLMC+/- 0.23 09/26/2011 49,997,242
 23,007,000 FHLMC+/-ss 0.23 02/02/2012 22,980,634
 100,000,000 FHLMC+/-ss 0.25 02/10/2012 99,943,130
 150,000,000 FHLMC+/-ss 0.27 05/11/2012 149,873,063
 1,873,838,184
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 2.39%
$ 40,000,000 FNMA 1.50% 09/16/2010 $ 40,019,987
 359,887,000 FNMA 2.88 10/12/2010 360,940,901
 150,000,000 FNMA 1.75 03/23/2011 151,227,516
 150,000,000 FNMA+/- 0.20 08/11/2011 149,928,811
 702,117,215
 ------------------
TOTAL AGENCY SECURITIES (COST $7,144,749,822) 7,144,749,822
 ------------------
CORPORATE BONDS & NOTES: 3.78%
FINANCIALS: 3.78%
CONSUMER FINANCE: 0.80%
 235,000,000 AMERICAN EXPRESS BANK FSB+/- 1.14 12/10/2010 235,572,467
 ------------------
DIVERSIFIED FINANCIAL SERVICES: 2.98%
 375,000,000 BANK OF AMERICA NA 0.57 09/13/2010 375,000,891
 115,000,000 CITIBANK NA+/- 0.58 09/30/2010 115,000,000
 145,600,000 CITIGROUP INCORPORATED+/- 1.09 12/09/2010 145,877,789
 150,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 1.17 12/09/2010 150,323,216
 90,000,000 JPMORGAN CHASE & COMPANY+/- 1.04 12/02/2010 90,151,013
 876,352,909
 ------------------
TOTAL CORPORATE BONDS & NOTES (COST $1,111,925,376) 1,111,925,376
 ------------------
REPURCHASE AGREEMENTS (z): 47.64%
 1,000,000,000 BANK OF AMERICA NA, DATED 08/31/2010, MATURITY
 VALUE $1,000,006,944 (1) 0.25 09/01/2010 1,000,000,000
 66,800,000 BANK OF AMERICA SECURITIES LLC, DATED
 08/31/2010, MATURITY VALUE $66,800,464 (2) 0.25 09/01/2010 66,800,000
 1,130,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $1,130,008,161 (3) 0.26 09/01/2010 1,130,000,000
 1,260,500,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $1,260,508,403 (4) 0.24 09/01/2010 1,260,500,000
 900,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $900,004,000 (5) 0.16 09/01/2010 900,000,000
 905,000,000 BNP PARIBAS SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $905,006,285 (6) 0.25 09/01/2010 905,000,000
 1,000,000,000 CITIBANK NA, DATED 08/31/2010, MATURITY VALUE
 $1,000,007,222 (7) 0.26 09/01/2010 1,000,000,000
 250,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION, DATED
 08/31/2010, MATURITY
 VALUE $250,001,736 (8) 0.25 09/01/2010 250,000,000
 500,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION, DATED
 08/31/2010, MATURITY
 VALUE $500,002,500 (9) 0.18 09/01/2010 500,000,000
 1,000,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $1,000,006,667 (10) 0.24 09/01/2010 1,000,000,000
 295,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $295,001,967 (11) 0.24 09/01/2010 295,000,000
 1,150,000,000 GOLDMAN SACHS & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $1,150,007,986 (12) 0.25 09/01/2010 1,150,000,000
 250,000,000 GOLDMAN SACHS & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $250,003,333 (13) 0.24 09/02/2010 250,000,000
 1,000,000,000 HSBC SECURITIES, DATED 08/31/2010, MATURITY
 VALUE $1,000,006,667 (14) 0.24 09/01/2010 1,000,000,000
 1,000,000,000 JPMORGAN SECURITIES, DATED 08/31/2010, MATURITY
 VALUE $1,000,006,667 (15) 0.24 09/01/2010 1,000,000,000
 500,000,000 JPMORGAN SECURITIES, DATED 08/31/2010, MATURITY
 VALUE $500,003,472 (16) 0.25 09/01/2010 500,000,000
 100,000,000 MORGAN STANLEY & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $100,000,639 (17) 0.23 09/01/2010 100,000,000
 200,000,000 MORGAN STANLEY & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $200,001,111 (18) 0.20 09/01/2010 200,000,000
 250,000,000 MORGAN STANLEY & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $250,001,597 (19) 0.23 09/01/2010 250,000,000
 250,000,000 MORGAN STANLEY & COMPANY, DATED 08/31/2010,
 MATURITY VALUE $250,004,792 (20) 0.23 09/03/2010 250,000,000
 1,000,000,000 RBS SECURITIES INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $1,000,006,667 (21) 0.24 09/01/2010 1,000,000,000
TOTAL REPURCHASE AGREEMENTS (COST $14,007,300,000) 14,007,300,000
 ------------------
COMMERCIAL PAPER: 4.70%
 65,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.00 09/01/2010 65,000,000
 85,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.22 09/02/2010 84,998,985
 45,533,000 STRAIGHT-A FUNDING LLC##++(p) 0.35 09/07/2010 45,529,889
 155,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.36 09/08/2010 154,987,643

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 21,135,000 STRAIGHT-A FUNDING LLC##++(p) 0.37% 09/09/2010 $ 21,133,027
 22,926,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/10/2010 22,923,650
 60,865,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/14/2010 60,856,208
 40,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 09/15/2010 39,995,489
 60,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.37 09/15/2010 59,990,667
 50,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 09/16/2010 49,993,958
 15,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.38 09/16/2010 14,997,500
 75,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.38 09/17/2010 74,986,667
 25,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.34 09/22/2010 24,994,750
 100,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.35 09/23/2010 99,978,000
 25,089,000 STRAIGHT-A FUNDING LLC##++(p) 0.36 09/27/2010 25,082,296
 20,446,000 STRAIGHT-A FUNDING LLC##++(p) 0.35 10/05/2010 20,439,048
 25,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.34 10/14/2010 24,989,549
 30,030,000 STRAIGHT-A FUNDING LLC##++(p) 0.33 10/19/2010 30,016,386
 125,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.29 10/20/2010 124,948,958
 30,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.28 11/02/2010 29,985,533
 50,037,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/03/2010 50,013,358
 30,023,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/04/2010 30,008,589
 21,440,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/09/2010 21,428,905
 117,084,000 STRAIGHT-A FUNDING LLC##++(p) 0.26 11/10/2010 117,024,808
 38,104,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/15/2010 38,082,567
 50,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.27 11/16/2010 49,971,500
TOTAL COMMERCIAL PAPER (COST $1,382,357,930) 1,382,357,930
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $29,910,311,968)* 101.72% 29,910,311,968
OTHER ASSETS AND LIABILITIES, NET (1.72) (505,481,010)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 29,404,830,958
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
AGENCY SECURITIES: 0.30%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.30%
$ 115,000,000 FHLMC+/- 0.23% 02/02/2012 $ 114,868,380
 3,000,000 FHLMC+/- 0.51 09/10/2010 3,000,009
 7,000,000 FHLMC+/- 0.52 09/03/2010 7,000,009
TOTAL AGENCY SECURITIES (COST $124,868,398) 124,868,398
 ------------------
BANKERS ACCEPTANCE NOTES: 0.21%
DOMESTIC BANKS: 0.21%
 35,560,163 BANK OF AMERICA N/A## 0.49 09/07/2010 35,556,785
 17,695,829 BANK OF AMERICA N/A## 0.53 09/30/2010 17,687,989
 6,400,000 BANK OF AMERICA N/A## 0.55 09/16/2010 6,398,427
 26,000,000 BANK OF AMERICA N/A## 0.58 09/20/2010 25,991,630
TOTAL BANKERS ACCEPTANCE NOTES (COST $85,634,831) 85,634,831
 ------------------
CERTIFICATES OF DEPOSIT: 10.08%
 290,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.32 02/14/2011 290,000,000
 115,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.33 12/10/2010 115,000,000
 217,000,000 ALLIED IRISH BANKS+/- 0.51 06/24/2011 217,000,000
 102,000,000 ALLIED IRISH BANKS+/- 0.53 07/12/2011 102,000,000
 57,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.34 01/25/2011 57,000,000
 136,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.40 09/02/2011 136,000,000
 113,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (LONDON)++ 0.17 09/03/2010 112,998,368
 92,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK)+/- 0.31 06/28/2011 92,000,000
 228,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK)+/- 0.38 06/16/2011 228,000,000
 102,000,000 BARCLAYS BANK PLC+/- 0.51 01/21/2011 102,000,000
 136,500,000 BARCLAYS BANK PLC+/- 0.80 04/29/2011 136,500,000
 173,000,000 BARCLAYS BANK PLC+/- 0.84 08/12/2011 173,000,000
 115,900,000 CREDIT AGRICOLE 0.65 09/09/2010 115,900,000
 358,000,000 DEXIA CREDIT LOCAL SA 0.42 09/07/2010 358,000,000
 93,000,000 DG BANK (NEW YORK) 0.57 09/20/2010 93,000,000
 225,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.52 11/12/2010 225,000,000
 135,000,000 NATIXIS COMMERCIAL PAPER CORPORATION+/- 0.74 02/04/2011 135,000,000
 100,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.27 10/19/2010 100,000,000
 50,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/-ss 0.30 01/06/2011 50,000,000
 80,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.30 01/07/2011 80,000,000
 236,000,000 ROYAL BANK OF SCOTLAND PLC+/- 0.96 04/26/2011 236,000,000
 65,000,000 SKANDINAVISKA ENSKILDA BANKEN AB 0.33 09/01/2010 65,000,000
 36,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.36 02/22/2011 36,000,000
 245,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.65 08/12/2011 245,000,000
 75,000,000 SOCIETE GENERALE (NEW YORK)+/- 1.33 05/05/2011 75,000,000
 190,000,000 TD BANK FINANCIAL GROUP+/- 0.30 02/04/2011 190,002,577
 305,000,000 UNICREDIT SPA (NEW YORK) 0.44 09/14/2010 305,000,000
 11,000,000 UNICREDIT SPA (NEW YORK) 0.48 09/10/2010 11,000,082
 60,000,000 WESTPAC BANKING CORPORATION+/-++ 0.54 09/17/2010 60,000,096
TOTAL CERTIFICATES OF DEPOSIT (COST $4,141,401,123) 4,141,401,123
 ------------------
COMMERCIAL PAPER: 44.35%
 111,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.17 09/02/2010 110,998,983
 77,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.25 09/16/2010 76,991,338
 60,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.54 11/15/2010 59,931,250
 49,600,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.55 11/08/2010 49,547,534
 28,000,000 ABN AMRO FUNDING USA LLC##++ 0.27 09/13/2010 27,997,293
 141,000,000 ABN AMRO FUNDING USA LLC##++ 0.27 09/10/2010 140,989,425

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 50,700,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.35% 11/09/2010 $ 50,665,677
 7,500,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.39 11/05/2010 7,494,583
 36,400,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.40 11/10/2010 36,371,689
 6,900,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.41 10/29/2010 6,895,331
 16,000,000 ANGLO IRISH BANK CORPORATION LIMITED##++ 0.00 09/01/2010 16,000,000
 95,000,000 ANGLO IRISH BANK CORPORATION LIMITED##++ 0.33 09/02/2010 94,998,285
 98,000,000 ANGLO IRISH BANK CORPORATION LIMITED##++ 0.43 09/03/2010 97,996,461
 15,000,000 ANGLO IRISH BANK CORPORATION LIMITED##++ 0.56 09/07/2010 14,998,375
 112,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.20 09/03/2010 111,998,133
 44,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.31 09/15/2010 43,994,353
 17,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.31 09/17/2010 16,997,507
 23,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.31 09/20/2010 22,995,994
 11,300,000 ANTALIS US FUNDING CORPORATION##++(p) 0.41 09/08/2010 11,298,967
 24,300,000 ANTALIS US FUNDING CORPORATION##++(p) 0.42 09/10/2010 24,297,200
 15,000,000 ANTALIS US FUNDING CORPORATION##++(p) 0.53 10/14/2010 14,990,325
 9,600,000 ANTALIS US FUNDING CORPORATION##++(p) 0.54 10/12/2010 9,593,987
 12,200,000 ANTALIS US FUNDING CORPORATION##++(p) 0.56 10/06/2010 12,193,240
 280,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED+/-++ 0.38 01/11/2011 280,000,000
 110,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED+/-++ 0.42 10/20/2010 110,000,000
 19,000,000 ARABELLA FINANCE LLC##++(p) 0.50 09/10/2010 18,997,388
 41,000,000 ARABELLA FINANCE LLC##++(p) 0.51 09/13/2010 40,992,483
 11,000,000 ARABELLA FINANCE LLC##++(p) 0.51 09/14/2010 10,997,815
 9,000,000 ARABELLA FINANCE LLC##++(p) 0.51 09/15/2010 8,998,075
 23,000,000 ARABELLA FINANCE LLC##++(p) 0.54 09/27/2010 22,990,698
 82,500,000 ARGENTO FUNDING COMPANIES LIMITED##++(p) 0.00 09/01/2010 82,500,000
 117,000,000 ARGENTO FUNDING COMPANIES LIMITED##++(p) 0.37 09/23/2010 116,972,298
 44,000,000 ARGENTO FUNDING COMPANIES LIMITED##++(p) 0.40 11/10/2010 43,965,778
 160,000,000 ARGENTO FUNDING COMPANIES LIMITED##++(p) 0.46 10/26/2010 159,885,111
 104,000,000 ARGENTO FUNDING COMPANIES LIMITED##++(p) 0.46 10/27/2010 103,923,964
 28,000,000 ARGENTO FUNDING COMPANIES LIMITED##++(p) 0.54 10/12/2010 27,982,461
 58,200,000 ARGENTO FUNDING COMPANIES LIMITED##++(p) 0.54 10/13/2010 58,162,655
 51,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.34 01/27/2011 50,965,105
 42,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.39 02/01/2011 41,969,760
 118,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.39 01/10/2011 118,000,000
 88,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.41 12/13/2010 88,002,522
 44,500,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.42 12/08/2010 44,501,243
 105,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.60 01/12/2011 104,998,082
 44,500,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.66 04/18/2011 44,502,772
 59,030,000 ASPEN FUNDING CORPORATION##++(p) 0.25 09/17/2010 59,023,179
 27,361,000 ASPEN FUNDING CORPORATION##++(p) 0.29 09/15/2010 27,357,701
 23,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.33 10/21/2010 22,989,139
 38,900,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.39 11/01/2010 38,873,634
 97,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.43 10/26/2010 96,934,794
 101,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.44 10/18/2010 100,940,663
 76,900,000 ATLANTIC ASSET SECURITIZATION CORPORATION##++(p) 0.49 10/04/2010 76,864,754
 68,800,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.23 09/08/2010 68,796,428
 115,900,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.23 09/10/2010 115,892,467
 154,000,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.24 09/14/2010 153,985,541
 20,500,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.28 11/03/2010 20,489,955
 34,000,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.28 11/10/2010 33,981,489
 101,000,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.28 11/29/2010 100,930,086
 41,500,000 AUTOBAHN FUNDING COMPANY LLC##++(p) 0.27 09/07/2010 41,497,856
 45,000,000 AUTOBAHN FUNDING COMPANY LLC##++(p) 0.28 09/13/2010 44,995,500
 10,000,000 AUTOBAHN FUNDING COMPANY LLC##++(p) 0.29 09/20/2010 9,998,364

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 9,000,000 AUTOBAHN FUNDING COMPANY LLC##++(p) 0.40% 09/15/2010 $ 8,998,495
 24,581,000 AUTOBAHN FUNDING COMPANY LLC##++(p) 0.50 10/18/2010 24,564,693
 21,123,000 AUTOBAHN FUNDING COMPANY LLC##++(p) 0.53 09/14/2010 21,118,677
 3,000,000 AZALEA TRACE INCORPORATED## 0.30 09/17/2010 2,999,573
 35,000,000 BANQUE ET CAISSE## 0.25 09/30/2010 34,992,669
 31,050,000 BARTON CAPITAL CORPORATION##++(p) 0.27 10/06/2010 31,041,548
 83,000,000 BEETHOVEN FUNDING CORPORATION##++(p) 0.21 09/02/2010 82,999,032
 32,600,000 BG ENERGY FINANCE INCORPORATED##++ 0.55 09/27/2010 32,586,580
 200,000,000 BG ENERGY FINANCE INCORPORATED##++ 0.55 09/28/2010 199,914,500
 100,000,000 BGL BNP PARIBAS SA## 0.30 09/08/2010 99,993,389
 154,000,000 BGL BNP PARIBAS SA## 0.41 11/10/2010 153,877,228
 102,000,000 BGL BNP PARIBAS SA## 0.49 10/28/2010 101,919,250
 90,000,000 BGL BNP PARIBAS SA## 0.55 09/29/2010 89,960,100
 90,300,000 BGL BNP PARIBAS SA## 0.57 10/05/2010 90,250,536
 166,000,000 BNP PARIBAS SA## 0.65 11/09/2010 165,790,010
 53,000,000 BNZ INTERNATIONAL FUNDING LIMITED##++ 0.31 12/07/2010 52,955,730
 15,000,000 BNZ INTERNATIONAL FUNDING LIMITED##++ 0.34 09/15/2010 14,997,900
 131,700,000 BPCE SA##++ 0.42 09/13/2010 131,680,245
 22,500,000 BPCE SA##++ 0.45 12/01/2010 22,474,406
 48,100,000 BPCE SA##++ 0.45 11/08/2010 48,058,206
 36,600,000 CAFCO LLC##++(p) 0.36 11/04/2010 36,576,576
 118,600,000 CAFCO LLC##++(p) 0.50 10/06/2010 118,541,065
 16,400,000 CANCARA ASSET SECURITISATION LLC##++(p) 0.37 11/03/2010 16,389,094
 128,000,000 CANCARA ASSET SECURITISATION LLC##++(p) 0.38 11/10/2010 127,905,422
 57,000,000 CANCARA ASSET SECURITISATION LLC##++(p) 0.45 10/28/2010 56,958,485
 56,200,000 CANCARA ASSET SECURITISATION LLC##++(p) 0.46 10/22/2010 56,162,580
 165,000,000 CANCARA ASSET SECURITISATION LLC##++(p) 0.47 10/20/2010 164,892,200
 222,000,000 CANCARA ASSET SECURITISATION LLC##++(p) 0.49 10/18/2010 221,855,083
 34,400,000 CANCARA ASSET SECURITISATION LLC##++(p) 0.52 10/08/2010 34,381,262
 99,000,000 CANCARA ASSET SECURITISATION LLC##++(p) 0.53 10/07/2010 98,946,540
 71,400,000 CHARIOT FUNDING LLC##++(p) 0.23 09/15/2010 71,393,058
 17,000,000 CHARIOT FUNDING LLC##++(p) 0.27 12/03/2010 16,988,143
 18,300,000 CHARTA LLC##++(p) 0.36 11/03/2010 18,288,471
 18,400,000 CHARTA LLC##++(p) 0.36 11/05/2010 18,388,040
 15,000,000 CHARTA LLC##++(p) 0.39 11/02/2010 14,989,667
 41,100,000 CHARTA LLC##++(p) 0.45 09/16/2010 41,091,780
 47,300,000 CHARTA LLC##++(p) 0.50 10/04/2010 47,277,888
 44,000,000 CHARTA LLC##++(p) 0.50 10/08/2010 43,976,938
 38,850,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.34 09/15/2010 38,844,561
 82,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.51 10/06/2010 81,958,544
 163,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.51 10/07/2010 162,915,240
 18,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.51 10/08/2010 17,990,380
 111,000,000 COMMERZBANK US FINANCE## 0.00 09/01/2010 111,000,000
 114,000,000 COMMERZBANK US FINANCE## 0.24 09/09/2010 113,993,160
 45,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.30 09/02/2010 44,999,262
 20,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.52 09/08/2010 19,997,705
 47,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.54 09/20/2010 46,985,861
 50,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.55 09/23/2010 49,982,583
 50,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.55 09/24/2010 49,981,792
 22,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.55 09/29/2010 21,990,247
 23,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.55 09/15/2010 22,994,723
 75,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.56 09/22/2010 74,974,550
 116,000,000 CONCORD MINUTEMEN CAPITAL COMPANY##++(p) 0.56 09/21/2010 115,961,978
 36,600,000 CRC FUNDING LLC##++(p) 0.36 11/04/2010 36,576,576
 94,700,000 CRC FUNDING LLC##++(p) 0.50 10/04/2010 94,655,728
 43,000,000 CRC FUNDING LLC##++(p) 0.50 10/08/2010 42,977,462

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 93,000,000 CREDIT INDUSTIEL ET COMMERCIAL OF NEW YORK## 0.70% 10/01/2010 $ 93,000,000
 21,000,000 CREDIT SUISSE (NEW YORK)## 0.26 09/16/2010 20,997,550
 31,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.38 09/16/2010 30,994,833
 12,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.39 09/03/2010 11,999,607
 59,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.51 09/07/2010 58,994,199
 22,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.52 09/08/2010 21,997,475
 59,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.53 09/09/2010 58,992,264
 129,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.53 09/10/2010 128,980,973
 80,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.55 09/23/2010 79,972,133
 44,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.55 09/24/2010 43,983,977
 10,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.55 09/29/2010 9,995,567
 25,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.55 09/15/2010 24,994,264
 31,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.56 09/17/2010 30,991,871
 72,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.55 09/22/2010 71,976,061
 97,000,000 DANSKE CORPORATION##++ 0.39 10/25/2010 96,941,800
 64,000,000 DANSKE CORPORATION##++ 0.42 12/10/2010 63,925,333
 50,000,000 DANSKE CORPORATION##++ 0.42 12/17/2010 49,937,583
 79,000,000 DANSKE CORPORATION##++ 0.44 09/30/2010 78,971,364
 90,000,000 DANSKE CORPORATION##++ 0.49 11/15/2010 89,906,250
 113,000,000 DEXIA DELAWARE## 0.32 09/03/2010 112,996,955
 87,000,000 DEXIA DELAWARE## 0.43 09/27/2010 86,971,725
 29,000,000 EBBETS FUNDING LLC##++(p) 0.30 09/03/2010 28,999,275
 54,000,000 EBBETS FUNDING LLC##++(p) 0.51 09/14/2010 53,989,275
 54,000,000 EBBETS FUNDING LLC##++(p) 0.53 09/24/2010 53,981,025
 26,000,000 ENI COORDINATION CENTER SA##++ 0.27 09/21/2010 25,995,956
 9,000,000 ENI COORDINATION CENTER SA##++ 0.34 11/05/2010 8,994,475
 10,900,000 ENI COORDINATION CENTER SA##++ 0.34 09/29/2010 10,897,033
 13,000,000 FAIRWAY FINANCE CORPORATION##++(p) 0.28 11/15/2010 12,992,417
 249,200,000 FORTIS FUNDING LLC##++ 0.59 10/04/2010 249,060,656
 65,000,000 GEMINI SECURITIZATION CORPORATION LLC##++(p) 0.24 09/15/2010 64,993,427
 18,000,000 GEMINI SECURITIZATION CORPORATION LLC##++(p) 0.24 09/16/2010 17,998,050
 25,000,000 GEMINI SECURITIZATION CORPORATION LLC##++(p) 0.26 09/24/2010 24,995,688
 58,007,000 GEMINI SECURITIZATION CORPORATION LLC##++(p) 0.29 09/09/2010 58,002,746
 15,000,000 GOVCO LLC##++(p) 0.28 11/30/2010 14,989,500
 23,900,000 GOVCO LLC##++(p) 0.44 09/17/2010 23,895,007
 90,800,000 GRAMPIAN FUNDING LLC##++(p) 0.55 09/14/2010 90,780,655
 30,000,000 GRAMPIAN FUNDING LLC##++(p) 0.28 09/22/2010 29,994,925
 40,000,000 GRAMPIAN FUNDING LLC##++(p) 0.36 11/16/2010 39,969,600
 50,000,000 GRAMPIAN FUNDING LLC##++(p) 0.37 11/08/2010 49,965,056
 50,000,000 GRAMPIAN FUNDING LLC##++(p) 0.37 11/10/2010 49,964,028
 43,600,000 GRAMPIAN FUNDING LLC##++(p) 0.46 10/22/2010 43,570,970
 31,000,000 GRAMPIAN FUNDING LLC##++(p) 0.50 10/19/2010 30,978,920
 136,000,000 GRAMPIAN FUNDING LLC##++(p) 0.53 09/09/2010 135,981,867
 126,000,000 GRAMPIAN FUNDING LLC##++(p) 0.54 10/08/2010 125,928,775
 71,800,000 GRAMPIAN FUNDING LLC##++(p) 0.54 10/12/2010 71,755,026
 143,000,000 GRAMPIAN FUNDING LLC##++(p) 0.54 10/13/2010 142,908,242
 39,000,000 ICICI BANK LIMITED (BAHRAIN)## 0.67 09/27/2010 38,980,565
 37,900,000 ICICI BANK LIMITED (BAHRAIN)## 0.44 09/29/2010 37,886,735
 18,000,000 ICICI BANK LIMITED (BAHRAIN)## 0.58 09/29/2010 17,991,600
 75,450,000 INTESA FUNDING LLC## 0.00 09/01/2010 75,450,000
 47,000,000 INTESA FUNDING LLC## 0.28 09/16/2010 46,994,125
 83,000,000 IRISH PERMANENT TREASURY##++ 0.28 09/02/2010 82,998,732
 62,000,000 IRISH PERMANENT TREASURY##++ 0.47 09/07/2010 61,994,317
 34,250,000 JUPITER SECURITIZATION COMPANIES LLC##++(p) 0.27 12/03/2010 34,226,111
 43,000,000 LEGACY CAPITAL COMPANY##++(p) 0.55 09/24/2010 42,984,341
 53,000,000 LEGACY CAPITAL COMPANY##++(p) 0.55 09/15/2010 52,987,839

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 17,000,000 LEGACY CAPITAL COMPANY##++(p) 0.56% 09/17/2010 $ 16,995,542
 63,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.30 09/02/2010 62,998,968
 11,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.44 09/15/2010 10,997,993
 118,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.51 09/07/2010 117,988,396
 18,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.55 09/23/2010 17,993,730
 47,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.55 09/24/2010 46,982,884
 74,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.55 09/14/2010 73,984,234
 74,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.55 09/16/2010 73,981,808
 25,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.56 09/21/2010 24,991,806
 21,300,000 LIBERTY STREET FUNDING COMPANY##++(p) 0.00 09/01/2010 21,300,000
 57,500,000 LMA AMERICAS LLC##++(p) 0.17 09/03/2010 57,499,169
 24,500,000 LMA AMERICAS LLC##++(p) 0.37 09/15/2010 24,496,189
 30,950,000 LMA AMERICAS LLC##++(p) 0.38 09/21/2010 30,943,122
 83,800,000 LMA AMERICAS LLC##++(p) 0.40 10/25/2010 83,748,493
 29,000,000 LMA AMERICAS LLC##++(p) 0.33 10/18/2010 28,987,127
 9,100,000 LOS ANGELES CA DEPARTMENT OF AIRPORTS+/- 0.31 10/14/2010 9,096,522
 8,100,000 LOUIS DREYFUS CORPORATION## 0.52 09/08/2010 8,099,071
 98,189,000 MATCHPOINT MASTER TRUST##++(p) 0.25 09/13/2010 98,180,293
 30,456,000 MATCHPOINT MASTER TRUST##++(p) 0.34 11/10/2010 30,435,865
 25,650,000 MATCHPOINT MASTER TRUST##++(p) 0.37 11/05/2010 25,632,864
 15,000,000 MATCHPOINT MASTER TRUST##++(p) 0.39 11/03/2010 14,989,500
 17,800,000 MATCHPOINT MASTER TRUST##++(p) 0.44 10/22/2010 17,788,653
 34,065,000 MATCHPOINT MASTER TRUST##++(p) 0.46 10/21/2010 34,043,000
 14,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.24 09/24/2010 13,997,764
 16,806,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.25 09/08/2010 16,805,085
 27,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.33 11/12/2010 26,982,180
 21,500,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.49 10/12/2010 21,487,757
 58,000,000 NATEXIS BANQUES POPULAIRES## 0.27 09/20/2010 57,991,429
 74,000,000 NATEXIS BANQUES POPULAIRES## 0.27 09/21/2010 73,988,489
 38,000,000 NATEXIS BANQUES POPULAIRES## 0.63 10/01/2010 37,979,417
 118,600,000 NATEXIS BANQUES POPULAIRES## 0.68 10/06/2010 118,519,287
 20,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.42 12/15/2010 19,975,500
 99,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.52 10/07/2010 98,947,530
 54,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.52 10/08/2010 53,970,585
 46,700,000 NATIONWIDE BUILDING SOCIETY##++ 0.52 09/20/2010 46,686,444
 56,200,000 NEWPORT FUNDING CORPORATION##++(p) 0.43 10/21/2010 56,165,656
 24,500,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.25 09/08/2010 24,498,618
 33,719,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.27 10/29/2010 33,704,332
 23,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.28 10/19/2010 22,991,360
 22,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.29 10/25/2010 21,990,430
 37,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.37 11/03/2010 36,976,043
 33,100,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.37 11/05/2010 33,077,887
 32,700,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.37 11/09/2010 32,676,810
 69,900,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.51 10/12/2010 69,858,603
 48,600,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.51 10/13/2010 48,570,516
 25,000,000 OAKLAND-ALAMEDA COUNTY+/- 0.30 09/07/2010 25,000,000
 3,800,000 PORT OF OAKLAND CALIFORNIA+/- 0.31 10/14/2010 3,798,548
 47,000,000 PRUDENTIAL PLC##++ 0.00 09/01/2010 47,000,000
 57,000,000 PRUDENTIAL PLC##++ 0.28 09/22/2010 56,990,358
 99,041,000 RANGER FUNDING COMPANY LLC##++(p) 0.27 10/19/2010 99,004,024
 113,100,000 RBS HOLDINGS USA INCORPORATED##++ 0.62 10/08/2010 113,026,768
 61,288,000 REGENCY MARKETS #1 LLC##++(p) 0.18 09/03/2010 61,287,081
 50,000,000 REGENCY MARKETS #1 LLC##++(p) 0.26 09/20/2010 49,992,875
 25,000,000 RHEIN-MAIN SECURITY LIMITED##++(p) 0.55 11/15/2010 24,970,833
 48,000,000 RHEIN-MAIN SECURITY LIMITED##++(p) 0.59 10/15/2010 47,964,800
 84,900,000 RHEIN-MAIN SECURITY LIMITED##++(p) 0.61 10/12/2010 84,840,050

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 107,000,000 RHEINGOLD SECURITIZATION##++(p) 0.48% 09/20/2010 $ 106,971,532
 142,300,000 RHEINGOLD SECURITIZATION##++(p) 0.59 10/15/2010 142,195,646
 26,000,000 RHEINGOLD SECURITIZATION##++(p) 0.59 10/26/2010 25,976,167
 16,150,000 RHEINGOLD SECURITIZATION##++(p) 0.61 10/12/2010 16,138,596
 54,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.42 09/14/2010 53,991,225
 31,400,000 ROMULUS FUNDING CORPORATION##++(p) 0.42 09/16/2010 31,394,113
 10,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.43 09/22/2010 9,997,375
 33,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.43 09/24/2010 32,990,513
 12,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.44 10/18/2010 11,992,950
 46,500,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##++(p) 0.26 09/21/2010 46,493,025
 17,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##++(p) 0.26 09/22/2010 16,997,323
 9,900,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##++(p) 0.26 09/08/2010 9,899,423
 26,700,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##++(p) 0.27 09/24/2010 26,695,224
 12,800,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##++(p) 0.49 10/04/2010 12,794,133
 44,900,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##++(p) 0.52 10/12/2010 44,872,898
 53,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##++(p) 0.53 10/05/2010 52,972,970
 36,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##++(p) 0.56 09/28/2010 35,984,341
 101,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION##++(p) 0.56 10/01/2010 100,951,183
 30,500,000 SALISBURY RECEIVABLES COMPANY LLC##++(p) 0.23 09/13/2010 30,497,458
 77,731,000 SAN JOSE CITY CA INTERNATIONAL AIRPORT 0.31 09/08/2010 77,731,000
 7,200,000 SAN JOSE CITY CA INTERNATIONAL AIRPORT 0.35 09/02/2010 7,200,000
 9,491,000 SAN JOSE CITY CA INTERNATIONAL AIRPORT 0.40 09/02/2010 9,491,000
 11,000,000 SCALDIS CAPITAL LLC##++(p) 0.32 11/02/2010 10,993,938
 104,100,000 SCALDIS CAPITAL LLC##++(p) 0.40 09/03/2010 104,096,530
 33,300,000 SCALDIS CAPITAL LLC##++(p) 0.44 10/27/2010 33,276,690
 109,900,000 SCALDIS CAPITAL LLC##++(p) 0.50 10/19/2010 109,825,268
 25,000,000 SCALDIS CAPITAL LLC##++(p) 0.53 10/15/2010 24,983,500
 44,000,000 SCALDIS CAPITAL LLC##++(p) 0.53 09/09/2010 43,994,133
 152,000,000 SCALDIS CAPITAL LLC##++(p) 0.54 09/10/2010 151,977,200
 66,900,000 SCALDIS CAPITAL LLC##++(p) 0.55 09/28/2010 66,871,226
 15,000,000 SCALDIS CAPITAL LLC##++(p) 0.57 09/20/2010 14,995,250
 36,000,000 SHEFFIELD RECEIVABLE##++(p) 0.23 09/16/2010 35,996,250
 114,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.29 09/07/2010 113,993,635
 82,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.28 09/10/2010 81,993,543
 112,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.29 09/28/2010 111,974,380
 111,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.30 09/17/2010 110,984,460
 40,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.30 09/23/2010 39,992,422
 66,250,000 SOLITAIRE FUNDING LLC##++(p) 0.25 09/08/2010 66,246,393
 81,000,000 SOLITAIRE FUNDING LLC##++(p) 0.26 09/13/2010 80,992,440
 6,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 11/17/2010 5,995,765
 8,000,000 SOLITAIRE FUNDING LLC##++(p) 0.37 10/26/2010 7,995,356
 21,900,000 SOLITAIRE FUNDING LLC##++(p) 0.42 11/01/2010 21,884,043
 3,000,000 SOLITAIRE FUNDING LLC##++(p) 0.43 10/25/2010 2,998,020
 142,000,000 SOLITAIRE FUNDING LLC##++(p) 0.47 10/21/2010 141,905,333
 11,900,000 SOLITAIRE FUNDING LLC##++(p) 0.52 10/18/2010 11,891,766
 53,400,000 SOLITAIRE FUNDING LLC##++(p) 0.52 09/10/2010 53,392,258
 125,219,000 SOLITAIRE FUNDING LLC##++(p) 0.55 09/28/2010 125,165,470
 33,600,000 STARBIRD FUNDING CORPORATION##++(p) 0.28 11/30/2010 33,576,480
 68,000,000 STARBIRD FUNDING CORPORATION##++(p) 0.46 10/21/2010 67,955,612
 36,300,000 STARBIRD FUNDING CORPORATION##++(p) 0.55 09/16/2010 36,291,228
 5,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.22 09/08/2010 4,999,757
 12,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.22 09/09/2010 11,999,333
 103,735,000 STRAIGHT-A FUNDING LLC##++(p) 0.23 11/16/2010 103,684,631
 72,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.29 11/02/2010 71,964,040
 11,859,000 STRAIGHT-A FUNDING LLC##++(p) 0.30 10/25/2010 11,853,486

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 84,182,000 STRAIGHT-A FUNDING LLC##++(p) 0.31% 11/01/2010 $ 84,137,781
 85,000,000 STRAIGHT-A FUNDING LLC##++(p) 0.31 11/01/2010 84,955,351
 20,028,000 STRAIGHT-A FUNDING LLC##++(p) 0.33 10/13/2010 20,020,056
 60,483,000 STRAIGHT-A FUNDING LLC##++(p) 0.33 10/14/2010 60,458,437
 28,878,000 STRAIGHT-A FUNDING LLC##++(p) 0.33 10/18/2010 28,865,181
 14,000,000 SURREY FUNDING CORPORATION##++(p) 0.26 09/27/2010 13,997,270
 23,000,000 SURREY FUNDING CORPORATION##++(p) 0.29 11/17/2010 22,985,734
 14,454,000 TASMAN FUNDING INCORPORATED##++(p) 0.40 09/10/2010 14,452,410
 28,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.41 09/13/2010 27,995,893
 23,903,000 TASMAN FUNDING INCORPORATED##++(p) 0.41 11/05/2010 23,884,874
 14,638,000 TASMAN FUNDING INCORPORATED##++(p) 0.43 11/02/2010 14,626,908
 12,800,000 TASMAN FUNDING INCORPORATED##++(p) 0.51 10/20/2010 12,790,940
 17,902,000 TASMAN FUNDING INCORPORATED##++(p) 0.51 10/22/2010 17,888,812
 7,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.55 10/07/2010 6,996,080
 23,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.57 09/17/2010 22,993,867
 69,500,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.31 10/06/2010 69,478,378
 42,843,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.37 09/07/2010 42,839,930
 100,194,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.41 09/13/2010 100,179,086
 29,215,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.44 12/07/2010 29,180,364
 83,714,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.51 10/13/2010 83,663,214
 41,879,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.63 10/07/2010 41,851,779
 29,000,000 THAMES ASSET GLOBAL SECURITIZATION##++(p) 0.75 01/07/2011 28,922,667
 33,600,000 THUNDER BAY FUNDING LLC##++(p) 0.27 12/09/2010 33,575,052
 33,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.30 11/29/2010 32,975,525
 23,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.30 11/30/2010 22,982,750
 24,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.30 12/01/2010 23,981,800
 95,000,000 UBS FINANCE DELAWARE LLC## 0.58 09/27/2010 94,958,834
 118,600,000 UBS FINANCE DELAWARE LLC## 0.66 11/08/2010 118,449,905
 23,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.25 09/02/2010 22,999,687
 23,000,000 UNICREDIT DELAWARE INCORPORATED##++ 0.38 09/08/2010 22,998,077
 147,900,000 UNICREDIT DELAWARE INCORPORATED##++ 0.40 09/03/2010 147,895,069
 108,600,000 UNICREDIT DELAWARE INCORPORATED##++ 0.68 10/01/2010 108,536,650
 48,000,000 VERSAILLES CDS LLC##++(p) 0.54 09/08/2010 47,994,213
 25,000,000 VERSAILLES CDS LLC##++(p) 0.59 09/17/2010 24,993,111
 11,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.53 09/07/2010 10,998,863
 19,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.55 09/09/2010 18,997,382
 10,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.59 09/23/2010 9,996,211
 28,000,000 VERSAILLES COMMERCIAL PAPER LLC##++(p) 0.61 10/12/2010 27,980,229
 21,742,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.19 09/03/2010 21,741,662
 3,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.24 09/14/2010 2,999,718
 29,000,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.24 09/15/2010 28,997,068
 100,111,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.24 09/13/2010 100,102,203
 23,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.31 12/03/2010 22,981,581
 114,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.38 08/19/2011 114,000,000
 63,200,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.39 02/03/2011 63,154,535
 125,000,000 WESTPAC SECURITIES NZ LIMITED##++ 0.41 11/05/2010 125,000,000
 21,650,000 WINDMILL FUNDING CORPORATION##++(p) 0.00 09/01/2010 21,650,000
 12,550,000 WINDMILL FUNDING CORPORATION##++(p) 0.23 09/02/2010 12,549,837
 8,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.35 09/07/2010 7,999,453
 15,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.36 11/16/2010 14,988,600
 74,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.36 11/17/2010 73,943,020
 9,300,000 WINDMILL FUNDING CORPORATION##++(p) 0.39 11/04/2010 9,293,387
 12,400,000 WINDMILL FUNDING CORPORATION##++(p) 0.43 09/23/2010 12,396,590
TOTAL COMMERCIAL PAPER (COST $18,229,766,087) 18,229,766,087
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CORPORATE BONDS & NOTES: 2.71%
CONSUMER DISCRETIONARY: 0.03%
DIVERSIFIED CONSUMER SERVICES: 0.03%
$ 15,005,000 ACADEMY OF THE NEW CHURCH+/-ss 0.29% 02/01/2025 $ 15,005,000
 ------------------
ENERGY: 0.01%
OIL, GAS & CONSUMABLE FUELS: 0.01%
 2,650,000 SEARIVER MARITIME INCORPORATED+/-ss(i) 0.55 10/01/2011 2,650,000
 ------------------
FINANCIALS: 2.60%
CAPITAL MARKETS: 0.05%
 19,500,000 BEAR STEARNS COMPANIES INCORPORATED+/- 0.65 10/22/2010 19,501,552
 ------------------
COMMERCIAL BANKS: 0.08%
 31,800,000 WESTPAC BANKING CORPORATION+/-++ 0.66 04/19/2011 31,822,311
 ------------------
CONSUMER FINANCE: 0.27%
 50,000,000 AMERICAN EXPRESS BANK FSB+/- 1.14 12/10/2010 50,121,539
 60,000,000 AMERICAN EXPRESS BANK FSB+/-ss 1.27 12/09/2011 60,777,613
 110,899,152
 ------------------
DIVERSIFIED FINANCIAL SERVICES: 1.66%
 89,000,000 BANK OF AMERICA CORPORATION+/-ss 1.07 12/02/2011 89,888,315
 86,900,000 BANK OF AMERICA NA TEMPORARY LIQUIDITY GUARANTEE PROGRAM+/- 0.57 09/13/2010 86,903,893
 12,800,000 BANK OF SCOTLAND PLC+/-++ 0.60 12/08/2010 12,787,957
 28,085,000 BEAR STEARNS COMPANIES INCORPORATED+/- 0.59 08/15/2011 28,131,608
 42,000,000 CITIBANK NA+/- 0.58 09/30/2010 42,000,000
 15,000,000 CITIGROUP FUNDING INCORPORATED+/- 0.35 05/05/2011 14,996,936
 158,000,000 CREDIT AGRICOLE SA (LONDON) 0.44 11/04/2010 157,873,600
 32,400,000 CREDIT AGRICOLE SA (LONDON) 0.46 09/07/2010 32,397,138
 10,000,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.62 03/11/2011 10,007,533
 9,000,000 INDEPENDENCE PLACE FORT CAMPBELL PATRIOTS LLC+/-ss 0.35 01/01/2040 9,000,000
 16,507,000 JPMORGAN CHASE & COMPANY+/- 0.49 05/16/2011 16,516,394
 135,000,000 JPMORGAN CHASE & COMPANY+/-ss 1.07 12/02/2011 136,346,247
 30,210,000 PUTTABLE FLOATING OPTION TAXABLE RECEIPTS+/-ss++ 0.51 04/01/2026 30,210,000
 15,115,000 SF TARNS LLC+/-ss++ 0.35 12/01/2025 15,115,000
 682,174,621
 ------------------
INSURANCE: 0.54%
 223,300,000 BERKSHIRE HATHAWAY INCORPORATED+/- 0.39 02/10/2011 223,304,424
 ------------------
HEALTH CARE: 0.07%
HEALTH CARE PROVIDERS & SERVICES: 0.07%
 3,000,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED 0.30 09/17/2010 2,999,573
 10,000,000 AMERICAN ASSOCIATION OF RETIRED PERSONS+/-ss 0.35 05/01/2031 10,000,000
 16,000,000 BAPTIST HOSPITAL INCORPORATED+/-ss 0.34 02/01/2040 16,000,000
 28,999,573
 ------------------
TOTAL CORPORATE BONDS & NOTES (COST $1,114,356,633) 1,114,356,633
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
YANKEE CORPORATE BONDS & NOTES: 0.73%
FINANCIALS: 0.73%
COMMERCIAL BANKS: 0.73%
$ 90,000,000 EKSPORTFINANS ASA+/- 0.30% 12/15/2010 $ 90,000,000
 79,500,000 EKSPORTFINANS ASA+/- 0.35 09/22/2010 79,500,000
 132,000,000 SVENSKA HANDLESBANKEN AB+/-++ 0.58 07/01/2011 131,987,911
TOTAL YANKEE CORPORATE BONDS & NOTES (COST $301,487,911) 301,487,911
 ------------------
US TREASURY SECURITIES: 0.83%
US TREASURY BILLS: 0.83%
 342,000,000 US TREASURY BILLS## 0.22 11/18/2010 341,836,153
TOTAL US TREASURY SECURITIES (COST $341,836,153) 341,836,153
 ------------------
MUNICIPAL BONDS & NOTES: 8.68%
 11,050,000 ABAG FINANCE AUTHORITY FOR NONPROFIT
 CORPORATION CALIFORNIA OSHMAN FAMILY
 JEWISH COMMUNITY (ECONOMIC DEVELOPMENT
 REVENUE, LASALLE NATIONAL
 BANK NA LOC)+/-ss 0.23 06/01/2037 11,050,000
 69,300,000 ALASKA HOUSING FINANCE CORPORATION (HOUSING
 REVENUE)+/-ss 0.24 12/01/2040 69,300,000
 18,655,000 AUSTIN TX AIRPORT SYSTEM REVENUE (AIRPORT &
 MARINA REVENUE, FSA INSURED)+/-ss 0.36 11/15/2025 18,655,000
 17,590,000 BALTIMORE MD PACKAGE SYSTEMS FACILITIES
 (PARKING FACILITIES REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2032 17,590,000
 16,200,000 BEAVER COUNTY PA IDA FIRSTENERGY NUCLEAR
 SERIES B (IDR, CITIBANK NA LOC)+/-ss 0.28 12/01/2035 16,200,000
 4,170,000 BIG BEAR LAKE CA SOUTHWEST GAS CORPORATION
 PROJECT SERIES A (IDR, KBC
 BANK NV LOC)+/-ss 0.30 12/01/2028 4,170,000
 16,000,000 CABELL COUNTY WV UNIVERSITY FACILITIES
 (COLLEGE AND UNIVERSITY REVENUE)+/-ss 0.33 07/01/2039 16,000,000
 4,000,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
 (COLLEGE & UNIVERSITY REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.30 10/01/2043 4,000,000
 35,245,000 CALIFORNIA GO SERIES B (OTHER REVENUE, SOCIETE
 GENERALE LOC)+/-ss 0.26 05/01/2040 35,245,000
 10,500,000 CALIFORNIA HFA REVENUE HOUSING PROGRAM SERIES
 A (HOUSING REVENUE,
 FORTIS BANQUE LOC)+/-ss 0.28 08/01/2036 10,500,000
 9,000,000 CALIFORNIA HFFA CATHOLIC HEALTHCARE SERIES L
 (HCFR, CITIBANK NA LOC)+/-ss 0.25 07/01/2033 9,000,000
 40,700,000 CALIFORNIA HFFA CATHOLIC WEST SERIES H (HCFR,
 BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2035 40,700,000
 21,400,000 CALIFORNIA PCFA PG&E SERIES C (IDR, JPMORGAN
 CHASE LOC)+/-ss 0.25 11/01/2026 21,400,000
 30,000,000 CALIFORNIA PCFA PG&E SERIES B (IDR, JPMORGAN
 CHASE BANK LOC)+/-ss 0.28 11/01/2026 30,000,000
 8,015,000 CALIFORNIA STANFORD HOSPITAL SERIES B (HFA
 REVENUE, FNMA LOC)+/-ss 0.26 08/01/2036 8,015,000
 25,505,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SERIES C-7 (ELECTRIC REVENUE,
 AGM INSURED)+/-ss 0.30 05/01/2022 25,505,000
 66,100,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SERIES C1 (POWER REVENUE,
 DEXIA CREDIT SA LOC)+/-ss 0.28 05/01/2022 66,100,000
 13,540,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SERIES C13 (UTILITIES REVENUE,
 FIRST SECURITY BANK LOC)+/-ss 0.31 05/01/2022 13,540,000
 9,770,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SERIES C9 (ELECTRIC REVENUE,
 CITIBANK NA LOC)+/-ss 0.23 05/01/2022 9,770,000
 20,000,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11
 (POWER REVENUE, KBC BANK NV LOC)+/-ss 0.27 05/01/2022 20,000,000
 44,500,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G
 6 (WATER REVENUE, AGM INSURED)+/-ss 0.27 05/01/2017 44,500,000
 53,180,000 CALIFORNIA STATE SERIES B SUBSERIES B1 (OTHER
 REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 05/01/2040 53,180,000
 11,490,000 CALIFORNIA STATE SERIES B SUBSERIES B6 (OTHER
 REVENUE, KBC BANK NV LOC)+/-ss 0.29 05/01/2040 11,490,000
 16,000,000 CARROLL TX INDEPENDENT SCHOOL DISTRICT
 (PROPERTY TAX REVENUE, PERMANENT
 SCHOOL FUND GUARANTEED)+/-ss 0.28 08/15/2032 16,000,000
 5,500,000 CHICAGO IL MIDWAY AIRPORT REVENUE (AIRPORT
 REVENUE)+/-ss 0.29 01/01/2025 5,500,000
 35,000,000 CITY OF NEWPORT BEACH CA (HOSPITAL REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.24 12/01/2040 35,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES (continued)
$ 29,000,000 CLARK COUNTY NV IDR (OTHER REVENUE)+/-ss 0.35% 03/01/2038 $ 29,000,000
 23,390,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY
 TENNESSEE MUNICIPAL BUILDING FUND
 (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.27 11/01/2035 23,390,000
 12,500,000 CLEVELAND-CUYAHOGA COUNTY OH PORT AUTHORITY
 (HEALTH & HOSPITAL REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.27 01/01/2037 12,500,000
 27,145,000 COLORADO HOUSING & FINANCE AUTHORITY CLASS I
 SERIES B 1 (SFMR, FNMA LOC)+/-ss 0.26 05/01/2038 27,145,000
 9,741,000 COLORADO HOUSING & FINANCE AUTHORITY CLASS I-B1
 (HOUSING REVENUE,
 GO OF AUTHORITY INSURED)+/-ss 0.40 10/01/2038 9,741,000
 29,980,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE
 MULTIFAMILY PROJECT B II
 (HOUSING REVENUE, FNMA INSURED)+/-ss 0.29 05/01/2049 29,980,000
 18,900,000 CONNECTICUT STATE SERIES A1 (PROPERTY TAX
 REVENUE)+/-ss 0.28 03/01/2023 18,900,000
 19,000,000 COOK COUNTY IL (OTHER REVENUE, HARRIS TRUST
 SAVINGS BANK LOC)+/-ss 0.26 11/01/2030 19,000,000
 28,000,000 COOK COUNTY IL (OTHER REVENUE, NORTHERN TRUST
 CORPORATION LOC)+/-ss 0.26 11/01/2030 28,000,000
 16,700,000 DELAWARE EDA IDR DELAWARE CLEAN POWER PROJECT
 SERIES 1997-D
 (RESOURCE RECOVERY REVENUE)+/-ss 0.31 08/01/2029 16,700,000
 90,000,000 DELAWARE RIVER PORT AUTHORITY (HIGHWAY REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 01/01/2026 90,000,000
 17,600,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY
 (RESOURCE RECOVERY REVENUE)+/-ss 0.30 08/01/2029 17,600,000
 55,000,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT NO 1
 (LEASE REVENUE, AGM INSURED)+/-ss 0.45 12/15/2037 55,000,000
 84,000,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT TAXABLE
 SERIES A (LEASE REVENUE,
 AGM INSURED)+/-ss 0.38 12/15/2037 84,000,000
 81,200,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT TAXABLE
 SERIES B (LEASE REVENUE,
 AGM INSURED)+/-ss 0.45 12/15/2037 81,200,000
 32,570,000 DEXIA CREDIT LOCAL CERTIFICATES TRUST (PROPERTY
 TAX REVENUE, PSF-GTD INSURED)+/-ss 0.45 02/01/2033 32,570,000
 10,450,000 DISTRICT OF COLUMBIA BALLPARK SERIES B2
 (RECREATIONAL FACILITIES REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 02/01/2036 10,450,000
 9,645,000 DISTRICT OF COLUMBIA GEORGETOWN UNIVERSITY SERIES
 B2 (COLLEGE & UNIVERSITY REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.26 04/01/2041 9,645,000
 7,000,000 DISTRICT OF COLUMBIA THE AMERICAN UNIVERSITY
 (MISCELLANEOUS REVENUE,
 PNC BANK NA LOC)+/-ss 0.26 04/01/2038 7,000,000
 11,700,000 DOYLESTOWN PA HOSPITAL AUTHORITY SERIES B (HFFA,
 PNC BANK NA LOC)+/-ss 0.26 07/01/2037 11,700,000
 15,595,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO
 WATER AGENCY SERIES A (LEASE REVENUE,
 DEXIA CREDIT SA LOC)+/-ss 0.29 03/01/2036 15,595,000
 23,800,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION
 HERMAN HEALTH (RECREATIONAL REVENUE, JPMORGAN
 CHASE LOC)+/-ss 0.26 06/01/2038 23,800,000
 22,900,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION YMCA GREATER
 HOUSTON SERIES B (RECREATIONAL REVENUE, ALLIED
 IRISH BANK LOC)+/-ss 1.00 06/01/2038 22,900,000
 16,000,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION (OTHER REVENUE)+/-ss 0.34 06/01/2027 16,000,000
 17,100,000 HARRIS COUNTY TX INDUSTRIAL DEVELOPMENT
 CORPORATION SOLID WASTE DISPOSAL
 RB DEER PARK REFINING PROJECT SERIES A (RESOURCE
 RECOVERY REVENUE)+/-ss 0.25 03/01/2023 17,100,000
 6,000,000 HARRISONBURG VA REDEVELOPMENT AND HOUSING
 AUTHORITY (HOUSING REVENUE)+/-ss 0.32 05/01/2026 6,000,000
 20,100,000 HOUSTON TX UTILITIES SYSTEM (WATER REVENUE,
 STATE STREET
 BANK AND TRUST COMPANY LOC)+/-ss 0.26 05/15/2034 20,100,000
 8,910,000 HOWARD COUNTY MD MFHR (HOUSING REVENUE)+/-ss 0.29 07/15/2033 8,910,000
 47,577,000 ILLINOIS FINANCE AUTHORITY (COLLEGE & UNIVERSITY
 REVENUE)+/-ss 0.25 07/01/2038 47,577,000
 29,350,000 INDIANAPOLIS IN LOCAL PUBLIC IMPROVEMENT RB
 INDIANAPOLIS AIRPORT AUTHORITY
 PROJECT SERIES 2008-C-1 (OTHER REVENUE, FSA
 INSURED)+/-ss 0.31 01/01/2037 29,350,000
 8,000,000 JPMORGAN CHASE PUTTERS/DRIVERS TRUST (ELECTRIC,
 POWER & LIGHT REVENUE)+/-ss 0.32 02/01/2040 8,000,000
 20,000,000 KENTUCKY MUNICIPAL POWER AGENCY (POWER SYSTEMS
 REVENUE, ASSURED
 GUARANTY INSURED)+/-ss 0.31 09/01/2037 20,000,000
 975,000 KING COUNTY WA HOUSING AUTHORITY SERIES A
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.31 07/01/2035 975,000
 12,240,000 LANCASTER COUNTY PA HOSPITAL AUTHORITY HEALTH
 SYSTEM LANCASTER GENERAL HOSPITAL
 (HOSPITAL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.29 07/01/2041 12,240,000
 22,000,000 LEE MEMORIAL HEALTH SYSTEM FL SERIES B (HCFR,
 BANK OF AMERICA NA LOC)+/-ss 0.25 04/01/2033 22,000,000
 12,000,000 LOMA LINDA CA LOMA LINDA UNIVERSITY SERIES B
 (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.28 12/01/2037 12,000,000
 22,000,000 LOS ANGELES CA WASTE WATER SYSTEM REVENUE (SEWER
 REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.30 06/01/2028 22,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES (continued)
$ 32,615,000 LOS ANGELES CA MFHR (LOCAL OR GTD HOUSING REVENUE,
 FNMA INSURED)+/-ss 0.27% 03/15/2034 $ 32,615,000
 20,000,000 LOS ANGELES CA WASTEWATER SYSTEMS SUB SERIES F-2
 (SEWER REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.30 06/01/2032 20,000,000
 11,915,000 LOUISIANA PUBLIC FACILITIES AUTHORITY (IDR, JPMORGAN
 CHASE BANK LOC)+/-ss 0.28 08/01/2023 11,915,000
 81,300,000 LOWER ALABAMA GAS DISTRICT SUPPLY REVENUE SERIES A
 (UTILITIES REVENUE,
 SOCIETE GENERALE LOC)+/-ss 0.30 11/01/2027 81,300,000
 13,560,000 MARYLAND CDA DEPARTMENT OF HOUSING & COMMUNITY
 DEVELOPMENT RB
 SERIES 2007-J (LOCAL OR GTD HOUSING REVENUE)+/-ss 0.32 09/01/2031 13,560,000
 41,850,000 MASSACHUSETTS HEFA (COLLEGE & UNIVERSITY REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.27 10/01/2034 41,850,000
 15,000,000 MASSACHUSETTS STATE DEPARTMENT OF
 TRANSPORTATION(HIGHWAY REVENUE TOLLS,
 GO OF COMMONWEALTH INSURED)+/-ss 0.28 01/01/2029 15,000,000
 6,000,000 MASSACHUSETTS STATE DEPARTMENT OF
 TRANSPORTATION(HIGHWAY REVENUE TOLLS,
 GO OF COMMONWEALTH INSURED, BANK OF AMERICA NA LOC)+/-ss 0.31 01/01/2029 6,000,000
 27,500,000 MASSACHUSETTS STATE DEPARTMENT OF
 TRANSPORTATION(HIGHWAY REVENUE TOLLS,
 GO OF COMMONWEALTH INSURED, BANK OF AMERICA NA LOC)+/-ss 0.31 01/01/2039 27,500,000
 25,000,000 MASSACHUSETTS STATE HEFA (HEALTH & HOSPITAL REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.26 10/01/2038 25,000,000
 3,000,000 MASSACHUSETTS STATE HEFA (HEALTH & HOSPITAL REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.26 10/01/2048 3,000,000
 32,810,000 MASSACHUSETTS WATER RESOURCES AUTHORITY SERIES E
 (WATER REVENUE,
 GO OF AUTHORITY)+/-ss 0.27 08/01/2037 32,810,000
 27,700,000 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY SUBSERIES
 D-2 (AIRPORT REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.25 10/01/2039 27,700,000
 17,000,000 METROPOLITAN WASHINGTON DC AIRPORTS AUTHORITY
 SUBSERIES D-1 (AIRPORT REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.27 10/01/2039 17,000,000
 15,000,000 MICHIGAN HEFA (EDUCATION REVENUE)+/-ss 0.26 09/01/2037 15,000,000
 13,500,000 MICHIGAN STATE STRATEGIC FUND LIMITED TAXABLE
 WATERFRONT SERIES A (IDR,
 DEUTSCHE BANK AG LOC)+/-ss 0.33 03/01/2039 13,500,000
 4,750,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES E
 (HOUSING REVENUE,
 GO OF AUTHORITY)+/-ss 0.29 07/01/2038 4,750,000
 5,950,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES T
 (HOUSING REVENUE,
 GO OF AUTHORITY)+/-ss 0.29 07/01/2048 5,950,000
 9,000,000 MISSION TX ECONOMIC DEVELOPMENT CORPORATION (OTHER
 REVENUE)+/-ss 0.33 04/01/2022 9,000,000
 445,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (OTHER
 REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.26 11/01/2028 445,000
 37,995,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT B (PROPERTY
 TAX REVENUE, DEXIA CREDIT
 LOCAL DE FRANCE LOC)+/-ss 0.39 11/01/2028 37,995,000
 23,700,000 MOBILE AL INFIRMARY HEALTH SYSTEM SPECIAL CARE
 FACILITIES SERIES A (HFFA REVENUE,
 BANK OF NOVA SCOTIA LOC)+/-ss 0.28 02/01/2040 23,700,000
 23,000,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY
 TENNESSEE COUNTY LOAN
 POOL SERIES 2008 (OTHER REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.25 07/01/2038 23,000,000
 39,470,000 MUNICIPAL ENERGY ACQUISITION CORPORATION (GAS
 REVENUE)+/-ss 0.32 12/01/2016 39,470,000
 13,820,000 NEW HAMPSHIRE HEFAR DARTMOUTH HITCHCOCK OBLIGATION -A
 (HEALTH, HOSPITAL & NURSING HOME REVENUE, AGM
 INSURED)+/-ss 0.36 08/01/2031 13,820,000
 21,135,000 NEW JERSEY EDFA (OTHER REVENUE, AGC-ICC INSURED)+/-ss 0.47 09/01/2022 21,135,000
 40,295,000 NEW JERSEY EDFA SCHOOL FACILITIES SERIES R-1 (OTHER
 REVENUE,
 BANK OF NOVA SCOTIA LOC)+/-ss 0.26 09/01/2031 40,295,000
 26,500,000 NEW JERSEY HCFR (HEALTH CARE REVENUE)+/-ss 0.31 07/01/2041 26,500,000
 15,000,000 NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY (HOUSING
 REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.37 11/01/2046 15,000,000
 22,000,000 NEW JERSEY STATE TURNPIKE AUTHORITY SERIES D (TOLLS
 ROAD REVENUE, NATL-RE
 INSURED, SOCIETE GENERALE LOC)+/-ss 0.32 01/01/2018 22,000,000
 87,400,000 NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
 SUBSERIES B-1 (WATER & SEWER
 REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.27 06/15/2024 87,400,000
 21,105,000 NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY (TAX
 INCREMENTAL REVENUE,
 DEXIA CREDIT LOCAL DE FRANCE INSURED)+/-ss 0.38 11/01/2022 21,105,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES (continued)
$ 11,500,000 NEW YORK HOMEOWNER MORTGAGE AGENCY SERIES 142
 (HOUSING REVENUE)+/-ss 0.32% 10/01/2037 $ 11,500,000
 10,950,000 NEW YORK HOMEOWNER MORTGAGE AGENCY SERIES 147
 (HOUSING REVENUE)+/-ss 0.30 04/01/2037 10,950,000
 20,000,000 NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY
 (TRANSPORTATION REVENUE,
 FIRST SECURITY BANK LOC)+/-ss 0.32 11/15/2025 20,000,000
 9,000,000 NEW YORK MORTGAGE AGENCY HOMEOWNER RB SERIES
 135 (HOUSING REVENUE)+/-ss 0.32 04/01/2037 9,000,000
 7,000,000 NEW YORK NY CITY HOUSING DEVELOPMENT
 CORPORATION (HOUSING REVENUE)+/-ss 0.29 01/01/2016 7,000,000
 9,500,000 NEW YORK NY CITY HOUSING DEVELOPMENT
 CORPORATION (HOUSING
 REVENUE, CITIBANK NA LOC)+/-ss 0.31 01/01/2036 9,500,000
 31,730,000 NEW YORK NY CITY TRANSITIONAL FINANCE AUTHORITY
 NYC RECOVERY SERIES 3
 (TAX REVENUE)+/-ss 0.38 11/01/2022 31,730,000
 29,970,000 NEW YORK NY CITY TRANSITIONAL FINANCE AUTHORITY
 SERIES 3 SUBSERIES 3C
 (SALES TAX REVENUE LOC)+/-ss 0.38 11/01/2022 29,970,000
 26,525,000 NEW YORK NY SERIES E-2 (PROPERTY TAX REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.25 08/01/2034 26,525,000
 10,000,000 NEW YORK NY SUBSERIES C-3 (PROPERTY TAX
 REVENUE, BNP PARIBAS LOC)+/-ss 0.26 08/01/2020 10,000,000
 20,580,000 NEW YORK NY SUBSERIES C-4 (PROPERTY TAX
 REVENUE, BNP PARIBAS LOC)+/-ss 0.27 08/01/2020 20,580,000
 34,000,000 NEW YORK NY SUBSERIES J3 (PROPERTY TAX REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-ss 0.60 08/01/2023 34,000,000
 10,000,000 NEW YORK STATE HOUSING FINANCE AGENCY (HOUSING
 REVENUE)+/-ss 0.27 11/01/2037 10,000,000
 2,000,000 NEW YORK STATE HOUSING FINANCE AGENCY VICTORY
 HOUSING SERIES 2004-A
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.28 11/01/2033 2,000,000
 12,600,000 NEW YORK STATE MORTGAGE AGENCY HOMEOWNER
 MORTGAGE SERIES 132 (HOUSING
 REVENUE, DEXIA CREDIT SA SPA)+/-ss 0.31 04/01/2037 12,600,000
 13,000,000 NEWPORT BEACH CA HOAG MEMORIAL HOSPITAL SERIES
 D (HCFR,
 BANK OF AMERICA NA LOC)+/-ss 0.24 12/01/2040 13,000,000
 31,400,000 NEWPORT BEACH CA REVENUE (HEALTH & HOSPITAL
 REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.26 12/01/2040 31,400,000
 10,730,000 NORTH CAROLINA MEDICAL CARE COMMISSION (HEALTH
 & HOSPITAL REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.25 10/01/2037 10,730,000
 4,710,000 NORTH DAKOTA STATE HFA SERIES B (HOUSING
 REVENUE, GO OF AUTHORITY INSURED)+/-ss 0.29 07/01/2038 4,710,000
 10,000,000 NORTH TEXAS HIGHER EDUCATION AUTHORITY (STUDENT
 LOAN REVENUE,
 GUARANTEED STUDENT LOANS, BANK OF AMERICA NA
 LOC)+/-ss 0.35 12/01/2035 10,000,000
 21,000,000 NORTH TEXAS TOLLWAY AUTHORITY (OTHER REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.27 01/01/2049 21,000,000
 13,225,000 OHIO STATE HIGHER EDUCATION FACILITIES
 (EDUCATION REVENUE)+/-ss 0.30 01/15/2035 13,225,000
 20,175,000 ONONDAGA COUNTY NY CULTURE AND RECREATION
 SYRACUSE UNIVERSITY
 PROJECT SERIES A (OTHER REVENUE)+/-ss 0.27 12/01/2029 20,175,000
 18,900,000 ORANGE COUNTY CA COP SANITATION DISTRICT SERIES
 A (LEASE REVENUE)+/-ss 0.25 08/01/2029 18,900,000
 17,100,000 ORANGE COUNTY CA SANITATION DISTRICTS COP
 SERIES B (LEASE REVENUE)+/-ss 0.25 08/01/2030 17,100,000
 16,000,000 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT
 SERIES E (HOUSING REVENUE)+/-ss 0.32 07/01/2038 16,000,000
 10,000,000 PENNSYLVANIA HOUSING FINANCE AGENCY SERIES 85C
 (SFMR, FNMA INSURED)+/-ss 0.29 10/01/2035 10,000,000
 18,000,000 PHILADELPHIA PA SCHOOL DISTRICT (OTHER
 REVENUE)+/-ss 0.31 09/01/2030 18,000,000
 17,000,000 PHILADELPHIA PA SCHOOL DISTRICT SUBSERIES A2
 (PROPERTY TAX REVENUE,
 STATE AID WITHHOLDING)+/-ss 0.31 09/01/2030 17,000,000
 30,000,000 PORT ARTHUR TX NAVIGATION DISTRICT MOTIVA
 ENTERPRISES A (IDR)+/-ss 0.25 04/01/2040 30,000,000
 23,000,000 PORT TACOMA WA (OTHER REVENUE)+/-ss 0.25 12/01/2044 23,000,000
 10,305,000 PUTTABLE FLOATING OPTION TAX EXEMPT RECEIPTS
 4202 (PROPERTY TAX REVENUE,
 FGIC INSURED)+/-ss 0.55 01/01/2030 10,305,000
 12,000,000 PUTTABLE FLOATING OPTION TAX-EXEMPT RECEIPTS
 (MISCELLANEOUS REVENUE)+/-ss 0.31 05/01/2035 12,000,000
 17,140,000 RICHMOND IN REID HOSPITAL & HEALTH CARE
 SERVICES INCORPORATED HOSPITAL AUTHORITY
 HOSPITAL SERIES A (HOSPITAL REVENUE, FIRST
 SECURITY BANK LOC)+/-ss 0.28 01/01/2040 17,140,000
 17,000,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE,
 BANK OF NEW YORK LOC)+/-ss 0.27 02/01/2035 17,000,000
 65,000,000 SACRAMENTO COUNTY CA (MISCELLANEOUS REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.26 07/01/2020 65,000,000
 60,000,000 SACRAMENTO COUNTY CA (MISCELLANEOUS REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.26 07/01/2022 60,000,000
 45,625,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION
 COMMUNITY LIMITED TAX SERIES A
 (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.26 04/01/2038 45,625,000
 77,720,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION
 COMMUNITY LIMITED TAX SERIES B
 (SALES TAX REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.27 04/01/2038 77,720,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MUNICIPAL BONDS & NOTES (continued)
$ 58,839,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION
 COMMUNITY LIMITED TAX SERIES C
 (SALES TAX REVENUE, DEXIA CREDIT LOCAL DE FRANCE
 LOC)+/-ss 0.28% 04/01/2038 $ 58,839,000
 19,600,000 SAN FRANCISCO CA CITY & COUNTY AIRPORT COMMISSION
 SERIES 37-C
 (AIRPORT & MARINA REVENUE, FSA INSURED)+/-ss 0.32 05/01/2029 19,600,000
 18,290,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION
 CA MOSCONE CENTER
 (LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.30 04/01/2030 18,290,000
 4,000,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
 AGENCY (OTHER REVENUE)+/-ss 0.31 11/01/2041 4,000,000
 10,000,000 SAN JOSE CA FINANCING AUTHORITY TAXABLE LAND
 SERIES F (OTHER REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.26 06/01/2034 10,000,000
 10,800,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY (MFHR,
 FNMA INSURED)+/-ss 0.30 05/01/2037 10,800,000
 24,830,000 SOUTH DAKOTA STATE HEFA AVERA HEALTH SUBSERIES A1
 (OTHER REVENUE, US BANK NA LOC)+/-ss 0.30 07/01/2038 24,830,000
 161,736,000 SOUTHEAST ALABAMA GAS DISTRICT ALABAMA SUPPLY
 PROJECT SERIES 2007-A
 (NATURAL GAS REVENUE)+/-ss 0.29 08/01/2027 161,735,979
 50,500,000 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
 TRANSMISSION PROJECT REVENUE (UTILITIES
 REVENUE, LLOYDS TSB BANK PLC LOC)+/-ss 0.28 07/01/2019 50,500,000
 2,100,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM
 SERIES A (OTHER REVENUE)+/-ss 0.29 06/01/2045 2,100,000
 19,150,000 TEXAS STATE VETEPANS HOUSING ASSISTANCE
 (MISCELLANEOUS REVENUE)+/-ss 0.40 12/01/2038 19,150,000
 13,350,000 TRIBOROUGH NL BRIDGE & TUNNEL AUTHORITY SERIES A
 (HIGHWAY REVENUE,
 GO OF AUTHORITY)+/-ss 0.32 11/01/2035 13,350,000
 18,000,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION
 MOTHER FRANCES
 HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.31 07/01/2020 18,000,000
 490,000 WAYNE COUNTY MI AIRPORT AUTHORITY SERIES F
 (AIRPORT REVENUE, JPMORGAN
 CHASE BANK LOC)+/-ss 0.30 12/01/2016 490,000
 8,000,000 WAYNE COUNTY MI AIRPORT AUTHORITY SERIES F
 (AIRPORT REVENUE, JPMORGAN
 CHASE BANK LOC)+/-ss 0.35 05/01/2020 8,000,000
 9,000,000 WEST VIRGINIA STATE HOSPITAL FINANCE AUTHORITY
 UNITED HEALTH SYSTEMS SERIES A
 (HOSPITAL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.25 06/01/2041 9,000,000
 8,665,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT (HOUSING
 REVENUE)+/-ss 0.35 09/01/2035 8,665,000
TOTAL MUNICIPAL BONDS & NOTES (COST $3,567,527,979) 3,567,527,979
 ------------------
REPURCHASE AGREEMENTS (z): 22.34%
 127,000,000 BANK OF AMERICA SECURITIES LLC, DATED 8/31/2010,
 MATURITY VALUE $127,001,129 (1) 0.32 09/01/2010 127,000,000
 33,200,000 BANK OF AMERICA SECURITIES LLC, DATED 08/31/2010,
 MATURITY VALUE $33,200,231 (2) 0.25 09/01/2010 33,200,000
 1,475,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $1,475,009,833 (3) 0.24 09/01/2010 1,475,000,000
 46,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $46,000,422 (4) 0.33 09/01/2010 46,000,000
 514,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $514,003,712 (5) 0.26 09/01/2010 514,000,000
 350,000,000 BNP PARIBAS SECURITIES CORPORATION, DATED
 08/31/2010, MATURITY VALUE $350,002,431 (6) 0.25 09/01/2010 350,000,000
 1,181,000,000 BNP PARIBUS SECURITIES CORPORATION, DATED
 08/31/2010, MATURITY VALUE
 $1,181,008,201 (7) 0.24 09/01/2010 1,181,000,000
 295,000,000 CITIGROUP GLOBAL MARKETS, DATED 08/31/2010,
 MATURITY VALUE $295,002,131 (8) 0.26 09/01/2010 295,000,000
 590,000,000 CREDIT SUISSE SECURITIES USA, DATED 08/31/2010,
 MATURITY VALUE $590,003,933 (9) 0.24 09/01/2010 590,000,000
 1,122,150,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $1,122,157,793 (10) 0.25 09/01/2010 1,122,150,000
 230,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010,
 MATURITY VALUE $230,001,533 (11) 0.24 09/01/2010 230,000,000
 57,000,000 HSBC SECURITIES, DATED 08/31/2010, MATURITY VALUE
 $57,000,380 (12) 0.24 09/01/2010 57,000,000
 590,000,000 JPMORGAN SECURITIES, DATED 08/31/2010, MATURITY
 VALUE $590,008,194 (13) 0.25 09/01/2010 590,000,000
 756,000,000 RBS SECURITIES INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $756,005,040 (14) 0.24 09/01/2010 756,000,000
 885,000,000 RBS SECURITIES INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $885,006,392 (15) 0.26 09/01/2010 885,000,000
 932,000,000 SOCIETE GENERALE (NEW YORK), DATED 08/31/2010,
 MATURITY VALUE $932,006,472 (16) 0.25 09/01/2010 932,000,000
TOTAL REPURCHASE AGREEMENTS (COST $9,183,350,000) 9,183,350,000
 ------------------
SECURED MASTER NOTE AGREEMENT: 2.01%
 671,638,000 BANK OF AMERICA SECURITIES LLC+/-ss 0.38 09/09/2034 671,638,000
 155,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.52 01/19/2011 155,000,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $826,638,000) 826,638,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
TIME DEPOSITS: 9.02%
$ 113,000,000 ALLIED IRISH BANKS PLC 0.65% 09/03/2010 $ 113,000,000
 223,000,000 BANK OF IRELAND 0.50 09/01/2010 223,000,000
 206,000,000 BANK OF IRELAND 0.65 09/02/2010 206,000,000
 132,000,000 CITIBANK NA NASSAU 0.22 09/01/2010 132,000,000
 431,000,000 CREDIT AGRICOLE 0.25 09/01/2010 431,000,000
 333,000,000 DANSKE BANK A/S COPENHAGEN 0.26 09/02/2010 333,000,000
 102,000,000 DEXIA BANK GRAND CAYMAN 0.42 09/01/2010 102,000,000
 596,000,000 GROUPE BPCE 0.26 09/01/2010 596,000,000
 117,000,000 HSBC BANK PLC 0.23 09/01/2010 117,000,000
 611,000,000 KBC BANK NV BRUSSELS 0.20 09/01/2010 611,000,000
 333,000,000 NATIXIS CAYMAN ISLANDS 0.26 09/01/2010 333,000,000
 390,000,000 SOCIETE GENERALE PARIS 0.23 09/01/2010 390,000,000
 122,000,000 US BANK NA CAYMAN ISLANDS 0.20 09/01/2010 122,000,000
TOTAL TIME DEPOSITS (COST $3,709,000,000) 3,709,000,000
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $41,625,867,115)* 101.26% 41,625,867,115
OTHER ASSETS AND LIABILITIES, NET (1.26) (517,141,119)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 41,108,725,996
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
AGENCY SECURITIES: 0.33%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.33%
$ 1,000,000 FHLMCss+/- 0.52% 09/03/2010 $ 1,000,001
 1,000,000 FHLMCss+/- 0.51 09/10/2010 1,000,003
 29,000,000 FHLMCss+/- 0.23 02/02/2012 28,966,809
TOTAL AGENCY SECURITIES (COST $30,966,813) 30,966,813
 ------------------
BANKERS ACCEPTANCE NOTES: 0.60%
 7,300,000 BANK OF AMERICA NA## 0.49 09/07/2010 7,299,307
 1,400,000 BANK OF AMERICA NA## 0.55 09/16/2010 1,399,656
 5,062,370 BANK OF AMERICA NA## 0.58 09/20/2010 5,060,740
 43,105,307 BANK OF AMERICA NA## 0.36 09/30/2010 43,092,461
TOTAL BANKERS ACCEPTANCE NOTES (COST $56,852,164) 56,852,164
 ------------------
CERTIFICATES OF DEPOSIT: 9.36%
 25,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.33 12/10/2010 25,000,000
 68,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.32 02/14/2011 68,000,000
 55,000,000 ALLIED IRISH BANKS+/- 0.51 06/24/2011 55,000,000
 23,000,000 ALLIED IRISH BANKS+/- 0.53 07/12/2011 23,000,000
 32,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.34 01/25/2011 32,000,000
 26,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (LONDON)++ 0.17 09/03/2010 25,999,624
 53,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK)+/- 0.38 06/16/2011 53,000,000
 23,000,000 BANCO BILBAO VIZCAYA ARGENTARIA (NEW YORK)+/- 0.31 06/28/2011 23,000,000
 35,000,000 BARCLAYS BANK PLC+/- 0.51 01/21/2011 35,000,000
 9,000,000 BARCLAYS BANK PLC+/- 0.80 04/29/2011 9,000,000
 7,400,000 CREDIT AGRICOLE+/- 0.65 09/09/2010 7,400,000
 82,000,000 DEXIA CREDIT LOCAL SA+/- 0.42 09/07/2010 82,000,000
 10,000,000 DEXIA CREDIT LOCAL SA+/- 0.44 08/01/2027 10,000,000
 48,000,000 DG BANK (NEW YORK) 0.57 09/20/2010 48,000,000
 50,000,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.52 11/12/2010 50,000,000
 19,000,000 NATIXIS CORPORATION+/- 0.74 02/04/2011 19,000,000
 50,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.27 10/19/2010 50,000,000
 5,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.30 01/06/2011 5,000,000
 11,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.29 01/07/2011 11,000,000
 54,000,000 ROYAL BANK OF SCOTLAND PLC+/- 0.96 04/26/2011 54,000,000
 15,000,000 SKANDINAVISKA ENSKILDA BANKEN AB 0.33 09/01/2010 15,000,000
 10,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.36 02/22/2011 10,000,000
 5,000,000 SOCIETE GENERALE (NEW YORK)+/- 1.33 05/05/2011 5,000,000
 47,000,000 SOCIETE GENERALE (NEW YORK)+/- 0.65 08/12/2011 47,000,000
 25,000,000 TD BANK FINANCIAL GROUP+/- 0.30 02/04/2011 25,000,339
 3,000,000 UNICREDIT SPA (NEW YORK) 0.48 09/10/2010 3,000,022
 65,000,000 UNICREDIT SPA (NEW YORK) 0.44 09/14/2010 65,000,000
 28,000,000 WESTPAC BANKING CORPORATION+/-++ 0.54 09/17/2010 28,000,045
TOTAL CERTIFICATES OF DEPOSIT (COST $883,400,030) 883,400,030
 ------------------
COMMERCIAL PAPER: 52.61%
 26,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.16 09/02/2010 25,999,762
 17,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.25 09/16/2010 16,998,088
 11,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.55 11/08/2010 10,988,364
 10,000,000 ABBEY NATIONAL NORTH AMERICA LLC##(p) 0.54 11/15/2010 9,988,542

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 32,000,000 ABN AMRO FUNDING USA LLC++## 0.27% 09/10/2010 $ 31,997,589
 6,000,000 ABN AMRO FUNDING USA LLC++## 0.27 09/13/2010 5,999,420
 3,800,000 AMSTERDAM FUNDING CORPORATION++##(p) 0.41 10/29/2010 3,797,429
 5,700,000 AMSTERDAM FUNDING CORPORATION++##(p) 0.39 11/05/2010 5,695,883
 3,600,000 AMSTERDAM FUNDING CORPORATION++##(p) 0.43 11/09/2010 3,596,964
 13,900,000 AMSTERDAM FUNDING CORPORATION++##(p) 0.39 11/10/2010 13,889,189
 4,000,000 ANGLO IRISH BANK CORPORATION LIMITED++## 0.65 09/01/2010 4,000,000
 22,000,000 ANGLO IRISH BANK CORPORATION LIMITED++## 0.32 09/02/2010 21,999,603
 23,000,000 ANGLO IRISH BANK CORPORATION LIMITED++## 0.43 09/03/2010 22,999,169
 3,000,000 ANGLO IRISH BANK CORPORATION LIMITED++## 0.56 09/07/2010 2,999,675
 25,000,000 ANTALIS US FUNDING CORPORATION++##(p) 0.20 09/03/2010 24,999,583
 9,030,000 ANTALIS US FUNDING CORPORATION++##(p) 0.41 09/08/2010 9,029,175
 14,300,000 ANTALIS US FUNDING CORPORATION++##(p) 0.41 09/10/2010 14,298,356
 10,000,000 ANTALIS US FUNDING CORPORATION++##(p) 0.31 09/15/2010 9,998,717
 6,000,000 ANTALIS US FUNDING CORPORATION++##(p) 0.31 09/20/2010 5,998,955
 2,100,000 ANTALIS US FUNDING CORPORATION++##(p) 0.55 10/06/2010 2,098,836
 2,200,000 ANTALIS US FUNDING CORPORATION++##(p) 0.54 10/12/2010 2,198,621
 8,000,000 ANTALIS US FUNDING CORPORATION++##(p) 0.53 10/14/2010 7,994,840
 26,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED++ 0.42 10/20/2010 26,000,000
 50,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED++ 0.38 01/11/2011 50,000,000
 4,000,000 ARABELLA FINANCE LLC++##(p) 0.50 09/10/2010 3,999,450
 10,000,000 ARABELLA FINANCE LLC++##(p) 0.51 09/13/2010 9,998,167
 2,000,000 ARABELLA FINANCE LLC++##(p) 0.51 09/14/2010 1,999,603
 2,000,000 ARABELLA FINANCE LLC++##(p) 0.51 09/15/2010 1,999,572
 5,000,000 ARABELLA FINANCE LLC++##(p) 0.54 09/27/2010 4,997,978
 27,000,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.60 09/01/2010 27,000,000
 38,000,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.43 09/23/2010 37,989,599
 24,000,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.54 10/12/2010 23,984,967
 43,100,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.54 10/13/2010 43,072,344
 17,000,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.46 10/27/2010 16,987,571
 23,000,000 ARGENTO FUNDING COMPANIES LIMITED++##(p) 0.39 11/10/2010 22,982,111
 10,500,000 ASB FINANCE LIMITED (LONDON)++ 0.42 12/08/2010 10,500,293
 21,000,000 ASB FINANCE LIMITED (LONDON)++ 0.41 12/13/2010 21,000,602
 16,000,000 ASB FINANCE LIMITED (LONDON)++ 0.39 01/10/2011 16,000,000
 18,000,000 ASB FINANCE LIMITED (LONDON)++ 0.60 01/12/2011 17,999,672
 43,000,000 ASB FINANCE LIMITED (LONDON)++ 0.34 01/27/2011 42,970,578
 36,000,000 ASB FINANCE LIMITED (LONDON)++ 0.39 02/01/2011 35,974,080
 10,500,000 ASB FINANCE LIMITED (LONDON)++ 0.66 04/18/2011 10,500,654
 14,800,000 ASPEN FUNDING CORPORATION++##(p) 0.29 09/15/2010 14,798,216
 17,400,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.49 10/04/2010 17,392,025
 12,900,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.44 10/18/2010 12,892,421
 9,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.33 10/21/2010 8,995,750
 21,200,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.40 10/25/2010 21,186,962
 2,000,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.43 10/26/2010 1,998,656
 9,800,000 ATLANTIC ASSET SECURITIZATION CORPORATION++##(p) 0.39 11/01/2010 9,793,358
 24,500,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.23 09/08/2010 24,498,726
 33,500,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.23 09/10/2010 33,497,823
 49,000,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.24 09/14/2010 48,995,399
 2,500,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.28 11/03/2010 2,498,775
 1,869,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.28 11/10/2010 1,867,982
 11,000,000 ATLANTIS ONE FUNDING CORPORATION++##(p) 0.28 11/29/2010 10,992,386
 10,000,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.28 09/13/2010 9,999,000
 5,200,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.50 09/14/2010 5,198,990
 4,000,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.40 09/15/2010 3,999,331
 2,307,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.29 09/20/2010 2,306,623

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 5,000,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.49% 10/18/2010 $ 4,996,703
 4,000,000 AUTOBAHN FUNDING COMPANY LLC++##(p) 0.33 10/26/2010 3,997,922
 8,000,000 BANQUE ET CAISSE D'EPARGNE DE E'TAT## 0.25 09/30/2010 7,998,324
 7,000,000 BARTON CAPITAL CORPORATION++##(p) 0.27 10/06/2010 6,998,094
 19,000,000 BEETHOVEN FUNDING CORPORATION++##(p) 0.21 09/02/2010 18,999,778
 12,800,000 BG ENERGY FINANCE INCORPORATED++## 0.55 09/27/2010 12,794,731
 23,000,000 BGL BNP PARIBAS SA## 0.30 09/08/2010 22,998,479
 45,000,000 BGL BNP PARIBAS SA## 0.55 09/29/2010 44,980,049
 19,600,000 BGL BNP PARIBAS SA## 0.56 10/05/2010 19,589,264
 1,500,000 BGL BNP PARIBAS SA## 0.49 10/28/2010 1,498,813
 72,000,000 BGL BNP PARIBAS SA## 0.65 11/09/2010 71,908,920
 34,000,000 BGL BNP PARIBAS SA## 0.40 11/10/2010 33,972,895
 3,000,000 BNZ INTERNATIONAL FUNDING LIMITED++## 0.31 12/07/2010 2,997,494
 15,700,000 BPCE SA++## 0.42 09/13/2010 15,697,645
 15,300,000 BPCE SA++## 0.45 11/08/2010 15,286,706
 30,000,000 BPCE SA++## 0.45 12/01/2010 29,965,876
 21,400,000 CAFCO LLC++##(p) 0.50 10/06/2010 21,389,390
 10,600,000 CAFCO LLC++##(p) 0.35 11/04/2010 10,593,216
 8,000,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.53 10/07/2010 7,995,680
 7,000,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.52 10/08/2010 6,996,187
 42,000,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.49 10/18/2010 41,972,583
 64,000,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.47 10/20/2010 63,958,187
 13,700,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.46 10/22/2010 13,690,878
 16,600,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.41 10/28/2010 16,589,065
 5,200,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.37 11/03/2010 5,196,542
 20,000,000 CANCARA ASSET SECURITISATION LLC++##(p) 0.37 11/10/2010 19,985,222
 21,200,000 CHARIOT FUNDING LLC++##(p) 0.23 09/15/2010 21,197,939
 2,000,000 CHARIOT FUNDING LLC++##(p) 0.27 12/03/2010 1,998,605
 11,700,000 CHARTA LLC++##(p) 0.45 09/16/2010 11,697,660
 8,600,000 CHARTA LLC++##(p) 0.49 10/04/2010 8,595,980
 9,000,000 CHARTA LLC++##(p) 0.50 10/08/2010 8,995,283
 11,300,000 CHARTA LLC++##(p) 0.39 11/02/2010 11,292,216
 5,300,000 CHARTA LLC++##(p) 0.35 11/03/2010 5,296,661
 5,300,000 CHARTA LLC++##(p) 0.35 11/05/2010 5,296,555
 7,200,000 CITIBANK CREDIT CARD ISSUANCE TRUST++##(p) 0.34 09/15/2010 7,198,992
 14,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST++##(p) 0.51 10/06/2010 13,992,922
 39,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST++##(p) 0.51 10/07/2010 38,979,720
 10,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST++##(p) 0.51 10/08/2010 9,994,655
 26,000,000 COMMERZBANK US FINANCE## 0.30 09/01/2010 26,000,000
 25,000,000 COMMERZBANK US FINANCE## 0.24 09/09/2010 24,998,500
 15,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.30 09/02/2010 14,999,754
 4,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.52 09/08/2010 3,999,541
 28,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.55 09/15/2010 27,993,576
 6,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.54 09/20/2010 5,998,195
 27,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.56 09/21/2010 26,991,150
 27,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.56 09/22/2010 26,990,708
 17,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.55 09/24/2010 16,993,809
 13,000,000 CONCORD MINUTEMEN CAPITAL COMPANY++##(p) 0.55 09/29/2010 12,994,237
 17,100,000 CRC FUNDING LLC++##(p) 0.49 10/04/2010 17,092,006
 10,000,000 CRC FUNDING LLC++##(p) 0.50 10/08/2010 9,994,759
 10,600,000 CRC FUNDING LLC++##(p) 0.35 11/04/2010 10,593,216
 29,000,000 CREDIT INDUSTRIAL ET COMMERCIAL - NEW YORK 0.70 10/01/2010 29,000,000
 6,000,000 CREDIT SUISSE (NEW YORK)## 0.26 09/16/2010 5,999,300
 8,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.39 09/03/2010 7,999,737
 15,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.51 09/07/2010 14,998,525

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 5,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.52% 09/08/2010 $ 4,999,426
 35,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.52 09/09/2010 34,995,410
 27,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.53 09/10/2010 26,996,018
 31,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.55 09/15/2010 30,992,887
 6,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.38 09/16/2010 5,999,000
 14,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.56 09/17/2010 13,996,329
 7,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.54 09/22/2010 6,997,673
 21,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.55 09/23/2010 20,992,685
 4,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.55 09/24/2010 3,998,543
 6,000,000 CROWN POINT CAPITAL COMPANY++##(p) 0.55 09/29/2010 5,997,340
 14,200,000 DANSKE CORPORATION++## 0.43 09/30/2010 14,194,853
 37,000,000 DANSKE CORPORATION++## 0.39 10/25/2010 36,977,800
 34,500,000 DANSKE CORPORATION++## 0.49 11/15/2010 34,464,063
 4,000,000 DANSKE CORPORATION++## 0.42 12/10/2010 3,995,333
 3,150,000 DANSKE CORPORATION++## 0.42 12/17/2010 3,146,068
 26,000,000 DEXIA DELAWARE## 0.32 09/03/2010 25,999,299
 20,000,000 DEXIA DELAWARE## 0.43 09/27/2010 19,993,500
 14,400,000 DISTRICT OF COLUMBIA WATER AND SEWER AUTHORITY 0.28 10/14/2010 14,400,000
 7,000,000 EBBETS FUNDING LLC++##(p) 0.30 09/03/2010 6,999,825
 12,000,000 EBBETS FUNDING LLC++##(p) 0.51 09/14/2010 11,997,617
 13,000,000 EBBETS FUNDING LLC++##(p) 0.53 09/24/2010 12,995,432
 8,200,000 ENI COORDINATION CENTER SA++## 0.27 09/21/2010 8,198,724
 5,850,000 ENI COORDINATION CENTER SA++## 0.34 09/29/2010 5,848,408
 1,078,000 FAIRWAY FINANCE CORPORATION++##(p) 0.28 11/15/2010 1,077,371
 52,500,000 FORTIS FUNDING LLC++##(p) 0.59 10/04/2010 52,470,644
 10,700,000 GEMINI SECURITIZATION CORPORATION LLC++##(p) 0.29 09/09/2010 10,699,215
 15,000,000 GEMINI SECURITIZATION CORPORATION LLC++##(p) 0.24 09/15/2010 14,998,483
 5,000,000 GEMINI SECURITIZATION CORPORATION LLC++##(p) 0.26 09/24/2010 4,999,138
 4,300,000 GOVCO LLC++##(p) 0.44 09/17/2010 4,299,102
 1,000,000 GOVCO LLC++##(p) 0.28 11/30/2010 999,300
 10,000,000 GRAMPIAN FUNDING LLC++##(p) 0.55 09/14/2010 9,997,869
 13,000,000 GRAMPIAN FUNDING LLC++##(p) 0.53 09/09/2010 12,998,267
 6,000,000 GRAMPIAN FUNDING LLC++##(p) 0.28 09/22/2010 5,998,985
 37,000,000 GRAMPIAN FUNDING LLC++##(p) 0.54 10/08/2010 36,979,085
 14,100,000 GRAMPIAN FUNDING LLC++##(p) 0.54 10/12/2010 14,091,167
 44,000,000 GRAMPIAN FUNDING LLC++##(p) 0.54 10/13/2010 43,971,767
 4,000,000 GRAMPIAN FUNDING LLC++##(p) 0.50 10/19/2010 3,997,280
 8,100,000 GRAMPIAN FUNDING LLC++##(p) 0.46 10/22/2010 8,094,607
 10,000,000 GRAMPIAN FUNDING LLC++##(p) 0.39 11/08/2010 9,992,444
 10,000,000 GRAMPIAN FUNDING LLC++##(p) 0.36 11/10/2010 9,992,806
 30,000,000 GRAMPIAN FUNDING LLC++##(p) 0.36 11/16/2010 29,977,200
 56,600,000 ICICI BANK LIMITED (BAHRAIN)## 0.39 09/29/2010 56,582,102
 10,900,000 ICICI BANK LIMITED (BAHRAIN)## 0.43 09/29/2010 10,896,185
 2,000,000 INTESA FUNDING LLC## 0.30 09/01/2010 2,000,000
 48,000,000 INTESA FUNDING LLC## 0.28 09/16/2010 47,994,000
 19,000,000 IRISH PERMANENT TREASURY++## 0.27 09/02/2010 18,999,710
 14,000,000 IRISH PERMANENT TREASURY++## 0.47 09/07/2010 13,998,717
 4,000,000 JUPITER SECURITIZATION COMPANIES LLC++##(p) 0.27 12/03/2010 3,997,210
 66,000,000 LEGACY CAPITAL COMPANY++##(p) 0.55 09/15/2010 65,984,857
 8,000,000 LEGACY CAPITAL COMPANY++##(p) 0.56 09/17/2010 7,997,902
 7,000,000 LEGACY CAPITAL COMPANY++##(p) 0.55 09/24/2010 6,997,451
 19,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.29 09/02/2010 18,999,689
 22,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.51 09/07/2010 21,997,836
 38,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.55 09/14/2010 37,991,904
 6,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.52 09/15/2010 5,998,697
 38,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.55 09/16/2010 37,990,658

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 3,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.56% 09/21/2010 $ 2,999,017
 4,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.55 09/23/2010 3,998,607
 6,000,000 LEXINGTON PARKER CAPITAL++##(p) 0.55 09/24/2010 5,997,815
 16,000,000 LIBERTY STREET FUNDING COMPANY++##(p) 0.27 09/01/2010 16,000,000
 13,000,000 LMA AMERICAS LLC++##(p) 0.17 09/03/2010 12,999,812
 2,600,000 LMA AMERICAS LLC++##(p) 0.37 09/15/2010 2,599,596
 5,700,000 LMA AMERICAS LLC++##(p) 0.38 09/21/2010 5,698,733
 11,000,000 LMA AMERICAS LLC++##(p) 0.27 09/23/2010 10,998,118
 16,000,000 LMA AMERICAS LLC++##(p) 0.33 10/18/2010 15,992,898
 10,700,000 LMA AMERICAS LLC++##(p) 0.45 10/25/2010 10,692,715
 6,700,000 LOS ANGELES CA DEPARTMENT OF AIRPORTS## 0.31 10/14/2010 6,697,439
 10,400,000 LOUIS DREYFUS CORPORATION## 0.52 09/08/2010 10,398,807
 56,500,000 MATCHPOINT MASTER TRUST++##(p) 0.25 09/13/2010 56,494,993
 28,000,000 MATCHPOINT MASTER TRUST++##(p) 0.25 09/27/2010 27,994,742
 4,000,000 MATCHPOINT MASTER TRUST++##(p) 0.46 10/21/2010 3,997,416
 3,300,000 MATCHPOINT MASTER TRUST++##(p) 0.44 10/22/2010 3,297,896
 11,300,000 MATCHPOINT MASTER TRUST++##(p) 0.39 11/03/2010 11,292,090
 10,500,000 MATCHPOINT MASTER TRUST++##(p) 0.36 11/05/2010 10,492,985
 14,000,000 MATCHPOINT MASTER TRUST++##(p) 0.34 11/10/2010 13,990,744
 12,400,000 MONT BLANC CAPITAL CORPORATION++##(p) 0.24 09/08/2010 12,399,325
 1,000,000 MONT BLANC CAPITAL CORPORATION++##(p) 0.24 09/24/2010 999,840
 12,100,000 MONT BLANC CAPITAL CORPORATION++##(p) 0.49 10/12/2010 12,093,110
 17,000,000 MONT BLANC CAPITAL CORPORATION++##(p) 0.33 11/12/2010 16,988,780
 14,000,000 NATEXIS BANQUES POPULAIRES## 0.27 09/20/2010 13,997,931
 18,000,000 NATEXIS BANQUES POPULAIRES## 0.27 09/21/2010 17,997,200
 47,000,000 NATEXIS BANQUES POPULAIRES## 0.63 10/01/2010 46,974,542
 21,400,000 NATEXIS BANQUES POPULAIRES## 0.68 10/06/2010 21,385,436
 12,500,000 NATIONWIDE BUILDING SOCIETY++## 0.52 09/20/2010 12,496,371
 21,600,000 NATIONWIDE BUILDING SOCIETY++## 0.52 10/07/2010 21,588,552
 9,000,000 NATIONWIDE BUILDING SOCIETY++## 0.52 10/08/2010 8,995,098
 8,000,000 NATIONWIDE BUILDING SOCIETY++## 0.42 12/15/2010 7,990,200
 18,000,000 NEWPORT FUNDING CORPORATION++##(p) 0.26 09/22/2010 17,997,165
 13,700,000 NEWPORT FUNDING CORPORATION++##(p) 0.43 10/21/2010 13,691,628
 10,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.25 09/08/2010 9,999,436
 16,600,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.51 10/12/2010 16,590,169
 11,600,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.51 10/13/2010 11,592,963
 3,600,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.27 10/29/2010 3,598,434
 15,000,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.36 11/03/2010 14,990,288
 13,600,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.36 11/05/2010 13,590,914
 13,200,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION++##(p) 0.36 11/09/2010 13,190,639
 6,000,000 OAKLAND-ALAMEDA COUNTY+/- 0.30 09/07/2010 6,000,000
 2,800,000 PORT OF OAKLAND CALIFORNIA+/- 0.31 10/14/2010 2,798,930
 11,000,000 PRUDENTIAL PLC++## 0.47 09/01/2010 11,000,000
 13,000,000 PRUDENTIAL PLC++## 0.28 09/22/2010 12,997,801
 44,500,000 RANGER FUNDING COMPANY LLC++##(p) 0.25 09/13/2010 44,495,995
 6,000,000 RANGER FUNDING COMPANY LLC++##(p) 0.27 10/19/2010 5,997,760
 25,700,000 RBS HOLDINGS USA INCORPORATED++## 0.61 10/08/2010 25,683,360
 14,000,000 REGENCY MARKETS #1 LLC++##(p) 0.18 09/03/2010 13,999,790
 42,100,000 RHEIN-MAIN SECURITY LIMITED++##(p) 0.61 10/12/2010 42,070,273
 35,000,000 RHEIN-MAIN SECURITY LIMITED++##(p) 0.54 10/15/2010 34,976,350
 8,000,000 RHEIN-MAIN SECURITY LIMITED++##(p) 0.55 11/15/2010 7,990,667
 42,100,000 RHEINGOLD SECURITIZATION++##(p) 0.46 09/20/2010 42,089,343
 12,200,000 RHEINGOLD SECURITIZATION++##(p) 0.61 10/12/2010 12,191,385
 37,100,000 RHEINGOLD SECURITIZATION++##(p) 0.59 10/15/2010 37,072,793
 6,000,000 RHEINGOLD SECURITIZATION++##(p) 0.59 10/26/2010 5,994,500
 12,000,000 ROMULUS FUNDING CORPORATION++##(p) 0.42 09/14/2010 11,998,050

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 2,000,000 ROMULUS FUNDING CORPORATION++##(p) 0.43% 09/22/2010 $ 1,999,475
 8,000,000 ROMULUS FUNDING CORPORATION++##(p) 0.43 09/24/2010 7,997,700
 1,000,000 ROMULUS FUNDING CORPORATION++##(p) 0.44 10/18/2010 999,413
 2,500,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.26 09/08/2010 2,499,854
 11,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.26 09/21/2010 10,998,350
 2,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.26 09/22/2010 1,999,685
 2,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.26 09/22/2010 1,999,685
 36,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.26 09/24/2010 35,993,777
 14,100,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.56 09/28/2010 14,093,867
 5,800,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.49 10/04/2010 5,797,342
 9,000,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.52 10/05/2010 8,995,410
 10,700,000 ROYAL PARK INVESTMENT FUNDING CORPORATION++##(p) 0.52 10/12/2010 10,693,542
 7,000,000 SALISBURY RECEIVABLES COMPANY LLC++ 0.23 09/13/2010 6,999,417
 5,200,000 SAN JOSE CITY CA INTERNATIONAL AIRPORT 0.35 09/02/2010 5,200,000
 7,000,000 SAN JOSE CITY CA INTERNATIONAL AIRPORT 0.40 09/02/2010 7,000,000
 12,500,000 SCALDIS CAPITAL LLC++##(p) 0.40 09/03/2010 12,499,583
 3,000,000 SCALDIS CAPITAL LLC++##(p) 0.53 09/09/2010 2,999,600
 6,000,000 SCALDIS CAPITAL LLC++##(p) 0.54 09/10/2010 5,999,100
 9,000,000 SCALDIS CAPITAL LLC++##(p) 0.57 09/20/2010 8,997,150
 13,300,000 SCALDIS CAPITAL LLC++##(p) 0.55 09/28/2010 13,294,344
 31,000,000 SCALDIS CAPITAL LLC++(p)## 0.53 10/15/2010 30,979,540
 12,600,000 SCALDIS CAPITAL LLC++(p)## 0.50 10/19/2010 12,591,432
 7,300,000 SCALDIS CAPITAL LLC++(p)## 0.44 10/27/2010 7,294,890
 20,000,000 SHEFFIELD RECEIVABLES CORPORATION++##(p) 0.23 09/16/2010 19,997,917
 26,000,000 SKANDINAVISKA ENSKILDA BANKEN AB++## 0.29 09/07/2010 25,998,548
 18,000,000 SKANDINAVISKA ENSKILDA BANKEN AB++## 0.28 09/10/2010 17,998,583
 25,000,000 SKANDINAVISKA ENSKILDA BANKEN AB++## 0.30 09/17/2010 24,996,500
 9,000,000 SKANDINAVISKA ENSKILDA BANKEN AB++## 0.30 09/23/2010 8,998,295
 25,000,000 SKANDINAVISKA ENSKILDA BANKEN AB++## 0.29 09/28/2010 24,994,281
 20,600,000 SOLITAIRE FUNDING LLC++(p)## 0.24 09/08/2010 20,598,879
 10,000,000 SOLITAIRE FUNDING LLC++(p)## 0.52 09/10/2010 9,998,551
 44,500,000 SOLITAIRE FUNDING LLC++(p)## 0.26 09/13/2010 44,495,847
 8,100,000 SOLITAIRE FUNDING LLC++(p)## 0.55 09/28/2010 8,096,538
 1,400,000 SOLITAIRE FUNDING LLC++(p)## 0.52 10/18/2010 1,399,031
 18,000,000 SOLITAIRE FUNDING LLC++(p)## 0.47 10/21/2010 17,988,000
 1,000,000 SOLITAIRE FUNDING LLC++(p)## 0.43 10/25/2010 999,340
 3,600,000 SOLITAIRE FUNDING LLC++(p)## 0.37 10/26/2010 3,597,910
 8,400,000 SOLITAIRE FUNDING LLC++(p)## 0.42 11/01/2010 8,393,880
 28,200,000 SOLITAIRE FUNDING LLC++(p)## 0.34 11/15/2010 28,180,025
 7,400,000 STARBIRD FUNDING CORPORATION++(p)## 0.54 09/16/2010 7,398,211
 8,000,000 STARBIRD FUNDING CORPORATION++(p)## 0.46 10/21/2010 7,994,778
 3,600,000 STARBIRD FUNDING CORPORATION++(p)## 0.28 11/30/2010 3,597,480
 2,000,000 STRAIGHT-A FUNDING LLC++(p)## 0.22 09/08/2010 1,999,903
 5,000,000 STRAIGHT-A FUNDING LLC++(p)## 0.22 09/09/2010 4,999,722
 2,500,000 STRAIGHT-A FUNDING LLC++(p)## 0.33 10/13/2010 2,499,008
 7,600,000 STRAIGHT-A FUNDING LLC++(p)## 0.33 10/14/2010 7,596,914
 3,400,000 STRAIGHT-A FUNDING LLC++(p)## 0.33 10/18/2010 3,398,491
 8,800,000 STRAIGHT-A FUNDING LLC++(p)## 0.30 10/25/2010 8,795,908
 21,619,000 STRAIGHT-A FUNDING LLC++(p)## 0.31 11/01/2010 21,607,644
 32,200,000 STRAIGHT-A FUNDING LLC++(p)## 0.31 11/01/2010 32,183,086
 38,000,000 STRAIGHT-A FUNDING LLC++(p)## 0.29 11/02/2010 37,981,021
 11,000,000 STRAIGHT-A FUNDING LLC++(p)## 0.23 11/16/2010 10,994,659
 3,000,000 SURREY FUNDING CORPORATION++(p)## 0.26 09/27/2010 2,999,415
 2,000,000 SURREY FUNDING CORPORATION++(p)## 0.29 11/17/2010 1,998,759
 6,400,000 TASMAN FUNDING INCORPORATED++(p)## 0.40 09/10/2010 6,399,296

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER (continued)
$ 34,000,000 TASMAN FUNDING INCORPORATED++(p)## 0.41% 09/13/2010 $ 33,995,013
 6,000,000 TASMAN FUNDING INCORPORATED++(p)## 0.56 09/17/2010 5,998,400
 8,000,000 TASMAN FUNDING INCORPORATED++(p)## 0.54 10/07/2010 7,995,520
 1,500,000 TASMAN FUNDING INCORPORATED++(p)## 0.51 10/20/2010 1,498,938
 7,300,000 TASMAN FUNDING INCORPORATED++(p)## 0.50 10/22/2010 7,294,736
 5,600,000 TASMAN FUNDING INCORPORATED++(p)## 0.43 11/02/2010 5,595,756
 9,700,000 TASMAN FUNDING INCORPORATED++(p)## 0.41 11/05/2010 9,692,644
 10,200,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.37 09/07/2010 10,199,269
 38,500,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.34 09/13/2010 38,495,330
 20,100,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.31 10/06/2010 20,093,747
 9,000,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.63 10/07/2010 8,994,150
 28,000,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.51 10/13/2010 27,983,013
 5,947,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.31 11/18/2010 5,943,006
 8,500,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.44 12/07/2010 8,489,923
 17,000,000 THAMES ASSET GLOBAL SECURITIZATION++(p)## 0.74 01/07/2011 16,954,667
 3,600,000 THUNDER BAY FUNDING LLC++(p)## 0.27 12/09/2010 3,597,327
 3,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO
 INCORPORATED## 0.30 11/29/2010 2,997,775
 2,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO
 INCORPORATED## 0.30 11/30/2010 1,998,500
 2,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO
 INCORPORATED## 0.30 12/01/2010 1,998,483
 24,000,000 UBS FINANCE DELAWARE LLC## 0.58 09/27/2010 23,989,600
 21,400,000 UBS FINANCE DELAWARE LLC## 0.66 11/08/2010 21,372,917
 5,000,000 UNICREDIT DELAWARE INCORPORATED++## 0.24 09/02/2010 4,999,932
 32,900,000 UNICREDIT DELAWARE INCORPORATED++## 0.40 09/03/2010 32,898,904
 5,000,000 UNICREDIT DELAWARE INCORPORATED++## 0.38 09/08/2010 4,999,582
 23,600,000 UNICREDIT DELAWARE INCORPORATED++## 0.68 10/01/2010 23,586,234
 13,000,000 VERSAILLES COMMERCIAL PAPER LLC++(p)## 0.53 09/07/2010 12,998,657
 7,000,000 VERSAILLES COMMERCIAL PAPER LLC++(p)## 0.54 09/08/2010 6,999,156
 2,000,000 VERSAILLES COMMERCIAL PAPER LLC++(p)## 0.55 09/09/2010 1,999,724
 16,500,000 VERSAILLES COMMERCIAL PAPER LLC++(p)## 0.58 09/17/2010 16,495,454
 24,000,000 VERSAILLES COMMERCIAL PAPER LLC++(p)## 0.61 10/12/2010 23,983,053
 16,400,000 VICTORY RECEIVABLES CORPORATION++(p)## 0.19 09/03/2010 16,399,745
 23,200,000 VICTORY RECEIVABLES CORPORATION++(p)## 0.24 09/13/2010 23,197,962
 7,000,000 VICTORY RECEIVABLES CORPORATION++(p)## 0.24 09/15/2010 6,999,292
 28,000,000 WESTPAC SECURITIES NZ LIMITED++## 0.41 11/05/2010 28,000,000
 2,000,000 WESTPAC SECURITIES NZ LIMITED++## 0.31 12/03/2010 1,998,398
 35,600,000 WESTPAC SECURITIES NZ LIMITED++## 0.39 02/03/2011 35,574,390
 25,000,000 WESTPAC SECURITIES NZ LIMITED++## 0.38 08/19/2011 25,000,000
 5,200,000 WINDMILL FUNDING CORPORATION++(p)## 0.42 09/01/2010 5,200,000
 4,700,000 WINDMILL FUNDING CORPORATION++(p)## 0.24 09/02/2010 4,699,938
 6,000,000 WINDMILL FUNDING CORPORATION++(p)## 0.35 09/07/2010 5,999,590
 4,600,000 WINDMILL FUNDING CORPORATION++(p)## 0.43 09/23/2010 4,598,735
 7,000,000 WINDMILL FUNDING CORPORATION++(p)## 0.39 11/04/2010 6,995,022
 47,000,000 WINDMILL FUNDING CORPORATION++(p)## 0.36 11/16/2010 46,964,280
TOTAL COMMERCIAL PAPER (COST $4,966,902,928) 4,966,902,928
 ------------------
CORPORATE BONDS & NOTES: 4.46%
ENERGY: 0.02%
ENERGY EQUIPMENT & SERVICES: 0.02%
 1,900,000 SEARIVER MARITIME INCORPORATED(i)ss 0.55 10/01/2011 1,900,000
 ------------------
FINANCIALS: 4.36%
CAPITAL MARKETS: 0.10%
 7,000,000 BEAR STEARNS & COMPANY INCORPORATED+/- 0.59 08/15/2011 7,010,104
 2,000,000 MORGAN STANLEYss 1.39 12/01/2011 2,022,731
 9,032,835
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL BANKS: 0.55%
$ 34,000,000 PNC FUNDING CORPORATION 0.82% 06/22/2011 $ 34,090,989
 11,000,000 STATE STREET BANK & TRUST COMPANY SERIES FRN 0.74 09/15/2011 11,029,251
 7,000,000 WESTPAC BANKING CORPORATION++ 0.66 04/19/2011 7,004,911
 52,125,151
 ------------------
CONSUMER FINANCE: 0.32%
 30,000,000 AMERICAN EXPRESS BANK FSBss 1.27 12/09/2011 30,388,806
 ------------------
DIVERSIFIED FINANCIAL SERVICES: 2.76%
 45,000,000 BANK OF AMERICA CORPORATIONss 1.07 12/02/2011 45,449,158
 81,000,000 BANK OF AMERICA CORPORATIONss 1.36 12/02/2011 81,891,613
 3,000,000 BANK OF SCOTLAND PLC++ 0.60 12/08/2010 2,997,177
 37,000,000 CITIBANK NA 0.58 09/30/2010 37,000,000
 1,000,000 CITIGROUP FUNDING INCORPORATED 0.35 11/15/2011 999,221
 7,700,000 CREDIT AGRICOLE SA (LONDON) 0.45 09/07/2010 7,699,320
 10,509,000 GBG LLC++ss 0.28 09/01/2027 10,509,000
 18,000,000 GENERAL ELECTRIC CAPITAL CORPORATIONss 1.47 12/09/2011 18,228,929
 2,500,000 INDEPENDENCE PLACE FORT CAMPBELL PATRIOTS LLCss 0.35 01/01/2040 2,500,000
 3,000,000 JPMORGAN CHASE & COMPANYss 0.49 05/16/2011 3,001,707
 50,000,000 JPMORGAN CHASE & COMPANYss 1.07 12/02/2011 50,498,610
 260,774,735
 ------------------
INSURANCE: 0.45%
 42,375,000 BERKSHIRE HATHAWAY INCORPORATED 0.39 02/10/2011 42,376,052
 ------------------
REAL ESTATE MANAGEMENT & DEVELOPMENT: 0.16%
 15,430,000 LTF REAL ESTATE I LLC++ss+/- 0.35 06/01/2033 15,430,000
 ------------------
THRIFTS & MORTGAGE FINANCE: 0.02%
 2,000,000 US CENTRAL FEDERAL CREDIT UNION 0.52 10/19/2011 2,000,751
 ------------------
HEALTH CARE: 0.08%
HEALTH CARE PROVIDERS & SERVICES: 0.08%
 2,930,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-ss 0.26 11/15/2029 2,930,000
 4,500,000 BAPTIST HOSPITAL INCORPORATED+/-ss 0.34 02/01/2040 4,500,000
 7,430,000
 ------------------
TOTAL CORPORATE BONDS & NOTES (COST $421,458,330) 421,458,330
 ------------------
MUNICIPAL BONDS & NOTESss: 9.76%
ALABAMA: 0.65%
 21,100,000 LOWER ALABAMA GAS DISTRICT SUPPLY REVENUE SERIES A
 (UTILITIES REVENUE,
 SOCIETE GENERALE LOC)+/-ss 0.30 11/01/2027 21,100,000
 40,355,000 SOUTHEAST ALABAMA GAS DISTRICT ALABAMA SUPPLY
 PROJECT SERIES 2007-A
 (NATURAL GAS REVENUE)+/-ss 0.29 08/01/2027 40,355,000
 61,455,000
 ------------------
ALASKA: 0.10%
 9,000,000 ALASKA HOUSING FINANCE CORPORATION (HOUSING
 REVENUE)+/-ss 0.24 12/01/2040 9,000,000
 ------------------
ARIZONA: 0.15%
 14,465,000 ARIZONA SPORTS & TOURISM AUTHORITY MULTIPURPOSE
 STADIUM (OTHER REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-ss 2.00 07/01/2036 14,465,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA: 2.44%
$ 21,910,000 ABAG FINANCE AUTHORITY FOR NONPROFIT
 CORPORATION CALIFORNIA JEWISH HOME SAN
 FRANCISCO (OTHER REVENUE, ALLIED IRISH BANK
 PLC LOC)+/-ss 1.00% 11/15/2035 $ 21,910,000
 2,000,000 ABAG FINANCE AUTHORITY FOR NONPROFIT
 CORPORATION CALIFORNIA OSHMAN FAMILY
 JEWISH COMMUNITY (ECONOMIC DEVELOPMENT
 REVENUE, LASALLE NATIONAL
 BANK NA LOC)+/-ss 0.23 06/01/2037 2,000,000
 11,145,000 ABAG FINANCE AUTHORITY FOR NONPROFIT
 CORPORATIONS CALIFORNIA MFHR GENEVA POINTE
 APARTMENTS A (HOUSING REVENUE, FNMA INSURED)+/-ss 0.28 03/15/2037 11,145,000
 1,125,000 CALIFORNIA CDA AZUSA PACIFIC UNIVERSITY
 PROJECT SERIES 2007 (COLLEGE & UNIVERSITY
 REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 3.00 04/01/2039 1,125,000
 8,450,000 CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
 (COLLEGE & UNIVERSITY REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.30 10/01/2043 8,450,000
 6,500,000 CALIFORNIA GO SERIES B (OTHER REVENUE, SOCIETE
 GENERALE LOC)+/-ss 0.26 05/01/2040 6,500,000
 2,000,000 CALIFORNIA HEFA CATHOLIC HEALTHCARE SERIES C
 (HCFR, MBIA INSURED)+/-ss 0.29 07/01/2020 2,000,000
 2,000,000 CALIFORNIA HFA PROGRAM SERIES A (HOUSING
 REVENUE, FORTIS BANQUE LOC)+/-ss 0.28 08/01/2036 2,000,000
 200,000 CALIFORNIA HFFA CATHOLIC WEST SERIES H (HCFR,
 BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2035 200,000
 7,000,000 CALIFORNIA PCFA PACIFIC GAS & ELECTRIC SERIES
 B (IDR, JPMORGAN CHASE BANK LOC)+/-ss 0.28 11/01/2026 7,000,000
 8,700,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SERIES C-7 (ELECTRIC REVENUE,
 AGM INSURED)+/-ss 0.30 05/01/2022 8,700,000
 23,000,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SERIES C1 (POWER REVENUE, DEXIA
 CREDIT SA LOC)+/-ss 0.28 05/01/2022 23,000,000
 8,640,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE
 SERIES C13 (UTILITIES REVENUE,
 FIRST SECURITY BANK LOC)+/-ss 0.31 05/01/2022 8,640,000
 8,090,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G
 6 (WATER REVENUE, AGM INSURED)+/-ss 0.27 05/01/2017 8,090,000
 2,000,000 CALIFORNIA STATE SERIES B SUBSERIES B6 (OTHER
 REVENUE, KBC BANK NV LOC)+/-ss 0.29 05/01/2040 2,000,000
 3,500,000 CALIFORNIA STATEWIDE CDA OAKMONT SENIOR LIVING
 SERIES Y (HOUSING REVENUE,
 FNMA INSURED)+/-ss 0.29 08/01/2031 3,500,000
 3,500,000 CALIFORNIA STATEWIDE CDA PRAVILLIONS
 APARTMENTS SERIES M (MFHR, FNMA INSURED)+/-ss 0.29 08/15/2034 3,500,000
 5,065,000 CAMARILLO CA HACIENDA DE CAMARILLO PROJECT
 (MFHR, FNMA INSURED)+/-ss 0.28 10/15/2026 5,065,000
 4,000,000 CONTRA COSTA COUNTY CA CREEKVIEW APARTMENTS
 SERIES B (MFHR, FHLMC INSURED)+/-ss 0.28 07/01/2036 4,000,000
 3,000,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO
 WATER AGENCY SERIES A (LEASE REVENUE,
 DEXIA CREDIT SA LOC)+/-ss 0.29 03/01/2036 3,000,000
 6,500,000 LOS ANGELES CA BEVERLY PARK APARTMENTS SERIES
 A (MFHR, FHLMC INSURED)+/-ss 0.28 08/01/2018 6,500,000
 500,000 LOS ANGELES CA COMMUNITY RDA ACADEMY VILLAGE
 APARTMENTS (HOUSING REVENUE,
 FHLMC INSURED)+/-ss 0.27 10/01/2019 500,000
 8,500,000 LOS ANGELES COUNTY CA HOUSING AUTHORITY MFHR
 BONDS (HOUSING REVENUE,
 FHLMC INSURED)+/-ss 0.30 09/01/2030 8,500,000
 4,000,000 ORANGE COUNTY CA COP SANITATION DISTRICT
 SERIES A (LEASE REVENUE)+/-ss 0.25 08/01/2029 4,000,000
 4,000,000 ORANGE COUNTY CA COP SANITATION DISTRICTS
 SERIES B (LEASE REVENUE)+/-ss 0.25 08/01/2030 4,000,000
 21,000,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK
 OF AMERICA NA LOC)+/-ss 0.30 02/01/2035 21,000,000
 16,900,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.30 03/01/2037 16,900,000
 7,350,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK
 OF AMERICA NA LOC)+/-ss 0.30 10/01/2035 7,350,000
 4,000,000 SACRAMENTO COUNTY CA HOUSING AUTHORITY
 SHADWOOD APARTMENTS PROJECT ISSUE A
 (MFHR, FHLMC INSURED)+/-ss 0.28 12/01/2022 4,000,000
 3,500,000 SAN DIEGO CA HFA MFHR STRATTON APARTMENTS
 PROJECT SERIES A (HOUSING REVENUE,
 FNMA INSURED)+/-ss 0.28 01/15/2033 3,500,000
 3,500,000 SAN DIEGO CA HOUSING AUTHORITY MFHR HILLSIDE
 GARDEN APARTMENTS SERIES B
 (HOUSING REVENUE, FNMA INSURED)+/-ss 0.28 01/15/2035 3,500,000
 5,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORT
 COMMISSION SERIES 37-C (AIRPORT & MARINA
 REVENUE, FSA INSURED)+/-ss 0.32 05/01/2029 5,000,000
 2,000,000 SAN FRANCISCO CA CITY & COUNTY FINANCE
 CORPORATION CA MOSCONE CENTER (LEASE
 REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.30 04/01/2030 2,000,000
 5,000,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
 AGENCY (MFHR, FNMA INSURED)+/-ss 0.28 06/15/2034 5,000,000
 5,000,000 SAN FRANCISCO CA CITY & COUNTY REDEVELOPMENT
 AGENCY COMMUNITY FACILITIES
 DISTRICT # 4 (OTHER REVENUE, BANK OF AMERICA
 NA LOC)+/-ss 0.26 08/01/2032 5,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 1,800,000 SAN LEANDRO CA CARLTON PLAZA SERIES A (MFHR, FNMA
 INSURED)+/-ss 0.30% 09/15/2032 $ 1,800,000
 230,375,000
 ------------------
COLORADO: 1.46%
 2,000,000 AURORA CO CHILDRENS HOSPITAL ASSOCIATION PROJECT-B
 (HFFA REVENUE,
 ALLIED IRISH BANK PLC LOC)+/-ss 2.15 12/01/2036 2,000,000
 4,870,500 COLORADO HOUSING & FINANCE AUTHORITY CLASS I-B1
 (HOUSING REVENUE, GO OF
 AUTHORITY INSURED)+/-ss 0.40 10/01/2038 4,870,500
 47,980,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE
 MULTIFAMILY PROJECT B II (HOUSING
 REVENUE, FNMA INSURED)+/-ss 0.29 05/01/2049 47,980,000
 76,825,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT TAXABLE
 SERIES A (LEASE REVENUE,
 AGM INSURED)+/-ss 0.38 12/15/2037 76,825,000
 6,000,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT TAXABLE
 SERIES B (LEASE REVENUE,
 AGM INSURED)+/-ss 0.45 12/15/2037 6,000,000
 137,675,500
 ------------------
CONNECTICUT: 0.05%
 5,000,000 NEW BRITAIN CT TAXABLE PENSION SERIES C (PROPERTY
 TAX REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.36 02/01/2026 5,000,000
 ------------------
DELAWARE: 0.08%
 4,000,000 DELAWARE ECONOMIC DEVELOPMENT AGENCY CLEAN POWER
 PROJECT SERIES 1997-D
 (RESOURCE RECOVERY REVENUE)+/-ss 0.31 08/01/2029 4,000,000
 3,000,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY
 (RESOURCE RECOVERY REVENUE)+/-ss 0.30 08/01/2029 3,000,000
 7,000,000
 ------------------
DISTRICT OF COLUMBIA: 0.18%
 2,000,000 DISTRICT OF COLUMBIA BALLPARK SERIES B2
 (RECREATIONAL FACILITIES REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 02/01/2036 2,000,000
 9,000,000 DISTRICT OF COLUMBIA THE AMERICAN UNIVERSITY
 (MISCELLANEOUS REVENUE,
 PNC BANK NA LOC)+/-ss 0.26 04/01/2038 9,000,000
 5,000,000 METROPOLITAN WASHINGTON DC AIRPORTS AUTHORITY
 SUBSERIES D-2 (AIRPORT REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.25 10/01/2039 5,000,000
 16,000,000
 ------------------
FLORIDA: 0.12%
 5,000,000 LEE MEMORIAL FL HEALTH SYSTEM SERIES B (HCFR, BANK
 OF AMERICA NA LOC)+/-ss 0.25 04/01/2033 5,000,000
 6,115,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY (PRIVATE
 SCHOOL REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 06/01/2032 6,115,000
 11,115,000
 ------------------
ILLINOIS: 0.02%
 1,000,000 CHICAGO IL MIDWAY AIRPORT (AIRPORT REVENUE)+/-ss 0.29 01/01/2025 1,000,000
 1,000,000 COOK COUNTY IL GO (OTHER REVENUE, NORTHERN TRUST
 CORPORATION LOC)+/-ss 0.26 11/01/2030 1,000,000
 2,000,000
 ------------------
INDIANA: 0.05%
 5,000,000 INDIANAPOLIS IN LOCAL PUBLIC IMPROVEMENT
 INDIANAPOLIS AIRPORT AUTHORITY PROJECT
 SERIES 2008-C-1 (OTHER REVENUE, FSA INSURED)+/-ss 0.31 01/01/2037 5,000,000
 ------------------
KENTUCKY: 0.07%
 6,200,000 WARREN COUNTY KY IDA (OTHER REVENUE)+/-ss 0.45 12/01/2018 6,200,000
 ------------------
MARYLAND: 0.06%
 3,000,000 HOWARD COUNTY MD MULTIFAMILY HOUSING REFUNDING REVENUE
 BOND (HOUSING REVENUE)+/-ss 0.29 07/15/2033 3,000,000
 3,000,000 MARYLAND CDA DEPARTMENT OF HOUSING & COMMUNITY
 DEVELOPMENT SERIES 2007-J
 (HOUSING REVENUE, KBC BANK NV LOC)+/-ss 0.32 09/01/2031 3,000,000
 6,000,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MASSACHUSETTS: 0.14%
$ 2,450,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BABSON
 COLLEGE B (OTHER REVENUE,
 CITIBANK NA LOC)+/-ss 0.27% 10/01/2031 $ 2,450,000
 2,000,000 MASSACHUSETTS HEFA (COLLEGE & UNIVERSITY REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.27 10/01/2034 2,000,000
 2,000,000 MASSACHUSETTS STATE DEPARTMENT OF TRANSPORTATION
 SERIES A6 (TOLL REVENUE,
 BANK OF AMERICA LOC)+/-ss 0.28 01/01/2029 2,000,000
 2,500,000 MASSACHUSETTS STATE DEPARTMENT OF TRANSPORTATION
 SERIES A7 (TOLL REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.31 01/01/2029 2,500,000
 1,000,000 MASSACHUSETTS STATE HEFA SERIES N-3 (HCFR, JPMORGAN
 CHASE BANK LOC)+/-ss 0.26 10/01/2048 1,000,000
 2,810,000 MASSACHUSETTS WATER RESOURCES AUTHORITY SERIES E
 (WATER REVENUE, GO OF AUTHORITY)+/-ss 0.27 08/01/2037 2,810,000
 12,760,000
 ------------------
MICHIGAN: 0.10%
 7,000,000 MICHIGAN HIGHER EDUCATION FACILITIES (EDUCATION
 REVENUE)+/-ss 0.26 09/01/2037 7,000,000
 2,000,000 WAYNE COUNTY MI AIRPORT AUTHORITY SERIES F (AIRPORT
 REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.35 05/01/2020 2,000,000
 9,000,000
 ------------------
MINNESOTA: 0.04%
 4,100,000 RAMSEY COUNTY MN HOUSING & REDEVELOPMENT MFHR GATEWAY
 APARTMENTS LP
 SERIES A (HOUSING REVENUE, LASALLE NATIONAL BANK NA
 LOC)+/-ss 0.38 10/01/2038 4,100,000
 ------------------
MISSISSIPPI: 0.29%
 27,310,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (OTHER
 REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 11/01/2028 27,308,859
 ------------------
NEBRASKA: 0.05%
 4,980,000 CENTRAL PLAINS NE NEBRASKA GAS PROJECT NO. 2 SERIES
 2009 (NATURAL GAS REVENUE)+/-ss 0.31 08/01/2039 4,980,000
 ------------------
NEVADA: 0.06%
 6,000,000 CLARK COUNTY NV INDUSTRIAL DEVELOPMENT (OTHER
 REVENUE)+/-ss 0.35 03/01/2038 6,000,000
 ------------------
NEW HAMPSHIRE: 0.03%
 3,000,000 NEW HAMPSHIRE HEFA DARTMOUTH HITCHCOCK OBLIGATION SERIES
 A (HCFR, AGM INSURED)+/-ss 0.36 08/01/2031 3,000,000
 ------------------
NEW JERSEY: 0.60%
 4,000,000 NEW JERSEY EDA NUI CORPORATION PROJECT SERIES A
 (NATURAL GAS REVENUE)+/-ss 0.23 06/01/2026 4,000,000
 9,000,000 NEW JERSEY EDA SCHOOL FACILITIES SERIES R-1 (OTHER
 REVENUE, BANK OF NOVA SCOTIA LOC)+/-ss 0.26 09/01/2031 9,000,000
 1,000,000 NEW JERSEY HEALTH CARE FACILITIES (HCFR, BANK OF
 AMERICA NA LOC)+/-ss 0.31 07/01/2041 1,000,000
 10,000,000 NEW JERSEY SPORT & EXPOSITION AUTHORITY (OTHER
 REVENUE)+++/-ss 0.36 11/15/2010 10,000,000
 9,550,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE AGENCY
 TAXABLE SERIES 4 (HOUSING
 REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.50 11/01/2037 9,550,000
 13,000,000 NEW JERSEY STATE TURNPIKE AUTHORITY SERIES C (TRANSIT
 REVENUE, JPMORGAN
 CHASE BANK LOC)+/-ss 0.26 06/15/2032 13,000,000
 10,000,000 NEW JERSEY STATE TURNPIKE AUTHORITY SERIES D (TOLLS
 ROAD REVENUE, NATL-RE INSURED,
 SOCIETE GENERALE LOC)+/-ss 0.32 01/01/2018 10,000,000
 56,550,000
 ------------------
NEW YORK: 0.65%
 1,000,000 NEW YORK HOMEOWNER MORTGAGE AGENCY SERIES 147
 (HOUSING REVENUE,
 DEXIA CREDIT SA LOC)+/-ss 0.30 04/01/2037 1,000,000
 6,000,000 NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY
 (TRANSPORTATION REVENUE,
 FIRST SECURITY BANK LOC)+++/-ss 0.32 11/15/2025 6,000,000
 1,600,000 NEW YORK NY CITY HOUSING DEVELOPMENT CORPORATION
 (HOUSING REVENUE)+/-ss 0.29 01/01/2016 1,600,000
 13,300,000 NEW YORK NY CITY TRANSITIONAL FINANCING AUTHORITY
 CLASS A (OTHER REVENUE,
 FGIC INSURED)+/-ss 0.31 07/15/2036 13,300,000
 6,000,000 NEW YORK NY SERIES E-2 (PROPERTY TAX REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.25 08/01/2034 6,000,000
 5,000,000 NEW YORK NY SUBSERIES C-3 (PROPERTY TAX REVENUE, BNP
 PARIBAS LOC)+/-ss 0.26 08/01/2020 5,000,000
 1,000,000 NEW YORK NY SUBSERIES C-4 (PROPERTY TAX REVENUE BNP
 PARIBAS LOC)+/-ss 0.27 08/01/2020 1,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
NEW YORK (continued)
$ 3,000,000 NEW YORK STATE HOUSING FINANCE AGENCY (HOUSING
 REVENUE)+/-ss 0.27% 11/01/2037 $ 3,000,000
 10,600,000 NEW YORK STATE HOUSING FINANCE AGENCY TAXABLE
 600 WEST 42ND B (OTHER REVENUE,
 BANK OF NEW YORK LOC)+/-ss 0.39 11/01/2041 10,600,000
 10,400,000 NEW YORK STATE HOUSING FINANCE AGENCY VICTORY
 HOUSING SERIES 2004-A
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.28 11/01/2033 10,400,000
 3,000,000 ONONDAGA COUNTY NY CULTURE AND RECREATION
 SYRACUSE UNIVERSITY PROJECT SERIES A
 (OTHER REVENUE)+/-ss 0.27 12/01/2029 3,000,000
 60,900,000
 ------------------
NORTH CAROLINA: 0.04%
 4,000,000 NORTH CAROLINA MEDICAL CARE COMMISSION (HEALTH &
 HOSPITAL REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.25 10/01/2037 4,000,000
 ------------------
NORTH DAKOTA: 0.02%
 1,900,000 NORTH DAKOTA STATE HFA SERIES B (HOUSING
 REVENUE, GO OF AUTHORITY INSURED)+/-ss 0.29 07/01/2038 1,900,000
 ------------------
OHIO: 0.49%
 21,700,000 CLEVELAND-CUYAHOGA COUNTY OH PORT AUTHORITY 21,700,000
 (HCFR, JPMORGAN CHASE BANK LOC)+/-ss 0.27 01/01/2037
 7,304,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE
 SERIES I (HOUSING REVENUE,
 GNMA INSURED)+/-ss 0.26 09/01/2039 7,304,000
 8,658,000 OHIO STATE HFA RESIDENTIAL MORTGAGE SECURITIES
 PROGRAM (HOUSING REVENUE,
 GNMA INSURED)+/-ss 0.30 09/01/2029 8,658,000
 4,000,000 OHIO STATE HIGHER EDUCATION FACILITIES
 (EDUCATION REVENUE)+/-ss 0.30 01/15/2035 4,000,000
 4,900,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A
 (OTHER REVENUE,
 JPMORGAN CHASE BANK LOC)+/-ss 0.26 11/01/2029 4,900,000
 46,562,000
 ------------------
OREGON: 0.07%
 3,000,000 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT
 SERIES E (HOUSING REVENUE,
 KBC BANK NV LOC)+/-ss 0.32 07/01/2038 3,000,000
 3,782,000 UMATILLA INDIAN RESERVATION OR CONFEDERATED
 TRIBES (OTHER REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.31 12/01/2028 3,782,000
 6,782,000
 ------------------
OTHER: 0.02%
 2,000,000 PUTTABLE FLOATING OPTION TAX- EXEMPT RECEIPTS
 4202 (PROPERTY TAX REVENUE,
 FGIC INSURED)+/-ss 0.55 01/01/2030 2,000,000
 ------------------
PENNSYLVANIA: 0.34%
 4,000,000 BEAVER COUNTY PA IDA FIRSTENERGY NUCLEAR SERIES
 B (IDR, CITIBANK NA LOC)+/-ss 0.28 12/01/2035 4,000,000
 13,000,000 DOYLESTOWN PA HOSPITAL AUTHORITY SERIES B (HFFA,
 PNC BANK NA LOC)+/-ss 0.26 07/01/2037 13,000,000
 15,000,000 PHILADELPHIA PA SCHOOL DISTRICT (GO - LOCAL,
 BANK OF AMERICA LOC)+/-ss 0.31 09/01/2030 15,000,000
 32,000,000
 ------------------
SOUTH DAKOTA: 0.02%
 2,000,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY
 (MFHR, FNMA INSURED)+/-ss 0.30 05/01/2037 2,000,000
 ------------------
TENNESSEE: 0.23%
 5,000,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY
 TENNESSEE MUNICIPAL BUILDING FUND
 (OTHER REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.27 11/01/2035 5,000,000
 2,000,000 METROPOLITAN GOVERNMENT NASHVILLE & DAVIDSON
 COUNTY TN WEATHERLY RIDGE
 APARTMENTS (HOUSING REVENUE, US BANK NA LOC)+/-ss 0.33 12/01/2041 2,000,000
 5,000,000 MONTGOMERY COUNTY TN PUBLIC BUILDING AUTHORITY
 TENNESSEE COUNTY LOAN POOL
 SERIES 2008 (OTHER REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.25 07/01/2038 5,000,000
 10,000,000 MUNICIPAL ENERGY ACQUISITION CORPORATION (GAS
 REVENUE)+++/-ss 0.32 12/01/2016 10,000,000
 22,000,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
TEXAS: 0.68%
$ 10,255,000 BEXAR COUNTY TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION
 (HCFR, JPMORGAN CHASE BANK NA LOC)+/-ss 0.32% 12/01/2032 $ 10,255,000
 5,000,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION HERMAN HEALTH
 (RECREATIONAL REVENUE, JPMORGAN CHASE BANK NA LOC)+/-ss 0.26 06/01/2038 5,000,000
 5,300,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES
 FINANCE CORPORATION YMCA GREATER
 HOUSTON SERIES B (RECREATIONAL REVENUE, ALLIED IRISH
 BANK LOC)+/-ss 1.00 06/01/2038 5,300,000
 1,000,000 HARRIS COUNTY TX HEALTH FACILITIES DEVELOPMENT
 CORPORATION (OTHER REVENUE)+/-ss 0.34 06/01/2027 1,000,000
 4,000,000 HARRIS COUNTY TX INDUSTRIAL DEVELOPMENT CORPORATION
 SOLID WASTE DISPOSAL RB DEER
 PARK REFINING PROJECT SERIES A (RESOURCE RECOVERY
 REVENUE)+/-ss 0.25 03/01/2023 4,000,000
 6,000,000 HOUSTON TX UTILITIES SYSTEM (WATER REVENUE, STATE
 STREET CORPORATION LOC)+/-ss 0.26 05/15/2034 6,000,000
 10,000,000 MIDLOTHIAN TX INDUSTRIAL DEVELOPMENT CORPORATION
 (IDR, UBS AG LOC)+/-ss 0.24 08/01/2034 10,000,000
 2,000,000 MISSION TX ECONOMIC DEVELOPMENT CORPORATION (OTHER
 REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.33 04/01/2022 2,000,000
 6,000,000 NORTH TEXAS HIGHER EDUCATION AUTHORITY (STUDENT LOAN
 REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.35 12/01/2035 6,000,000
 7,000,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FALICITIES MOTIVA ENTERPRISES A (IDR)+/-ss 0.25 04/01/2040 7,000,000
 4,480,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM
 SERIES A (OTHER REVENUE,
 NATIONAL AUSTRALIAN BANK NA LOC)+/-ss 0.29 06/01/2045 4,480,000
 3,500,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION
 MOTHER FRANCES HOSPITAL SERIES B
 (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.31 07/01/2020 3,500,000
 64,535,000
 ------------------
VERMONT: 0.15%
 14,000,000 VERMONT STATE STUDENT ASSISTANCE CORPORATION (STUDENT
 LOAN REVENUE, LLOYDS
 TSB BANK PLC LOC)+/-ss 0.30 12/15/2040 14,000,000
 ------------------
VIRGINIA: 0.01%
 1,000,000 HARRISONBURG VA REDEVELOPMENT AND HOUSING AUTHORITY
 (HOUSING REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.32 05/01/2026 1,000,000
 ------------------
WASHINGTON: 0.14%
 2,924,000 KING COUNTY WA HOUSING AUTHORITY SERIES A (HOUSING
 REVENUE, FHLMC INSURED)+/-ss 0.31 07/01/2035 2,924,000
 6,000,000 PORT TACOMA WA (OTHER REVENUE, BANK OF AMERICA NA
 LOC)+/-ss 0.25 12/01/2044 6,000,000
 4,650,000 WASHINGTON STATE HOUSING FINANCE COMMISSION
 WHISPERWOOD APARTMENTS PROJECT
 SERIES A (MFHR, FNMA INSURED)+/-ss 0.34 05/15/2035 4,650,000
 13,574,000
 ------------------
WEST VIRGINIA: 0.02%
 2,000,000 WEST VIRGINIA STATE HOSPITAL FINANCE AUTHORITY UNITED
 HEALTH SYSTEMS SERIES A
 (HOSPITAL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.25 06/01/2041 2,000,000
 ------------------
WISCONSIN: 0.02%
 2,000,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT (HOUSING
 REVENUE, FNMA LOC)+/-ss 0.35 09/01/2035 2,000,000
 ------------------
WYOMING: 0.12%
 11,000,000 SWEETWATER COUNTY WY PACIFIC CORPORATION PROJECT
 SERIES A (PCR,
 BARCLAYS BANK PLC LOC)+/-ss 0.27 07/01/2015 11,000,000
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $921,237,359) 921,237,359
 ------------------
REPURCHASE AGREEMENTS(z): 11.84%
 20,000,000 BANK OF AMERICA SECURITIES LLC, DATED 08/31/2010,
 MATURITY VALUE $20,000,178 (1) 0.32 09/01/2010 20,000,000
 11,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $11,000,101 (2) 0.33 09/01/2010 11,000,000
 168,618,403 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $168,619,527 (3) 0.24 09/01/2010 168,618,403
 64,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010,
 MATURITY VALUE $64,000,462 (4) 0.26 09/01/2010 64,000,000
 44,000,000 BNP PARIBAS SECURITIES CORPORATION, DATED 08/31/2010,
 MATURITY VALUE $44,000,306 (5) 0.25 09/01/2010 44,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
REPURCHASE AGREEMENTS(z) (continued)
$ 147,000,000 BNP PARIBAS SECURITIES CORPORATION, DATED 08/31/2010,
 MATURITY VALUE $147,000,980 (6) 0.24% 09/01/2010 $ 147,000,000
 37,000,000 CITIGROUP GLOBAL MARKETS, DATED 08/31/2010, MATURITY
 VALUE $37,000,267 (7) 0.26 09/01/2010 37,000,000
 73,000,000 CREDIT SUISSE SECURITIES USA, DATED 08/31/2010, MATURITY
 VALUE $73,000,487 (8) 0.24 09/01/2010 73,000,000
 131,000,000 DEUTSCHE BANK SECURITIES DATED 08/31/2010, MATURITY
 VALUE $131,000,910 (9) 0.25 09/01/2010 131,000,000
 29,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010, MATURITY
 VALUE $29,000,193 (10) 0.24 09/01/2010 29,000,000
 73,000,000 JPMORGAN SECURITIES DATED 08/31/2010, MATURITY VALUE
 $73,000,507 (11) 0.25 09/01/2010 73,000,000
 110,000,000 RBS SECURITIES INCORPORATED DATED 08/31/2010, MATURITY
 VALUE $110,000,794 (12) 0.26 09/01/2010 110,000,000
 94,000,000 RBS SECURITIES INCORPORATED, DATED 08/31/2010, MATURITY
 VALUE $94,000,627 (13) 0.24 09/01/2010 94,000,000
 116,000,000 SOCIETE GENERALE (NEW YORK), DATED 08/31/2010, MATURITY
 VALUE $116,000,806 (14) 0.25 09/01/2010 116,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,117,618,403) 1,117,618,403
 ------------------
SECURED MASTER NOTE AGREEMENT: 2.72%
 158,342,000 BANK OF AMERICA SECURITIES LLC+/-ss 0.38 09/04/2034 158,342,000
 98,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.52 01/19/2011 98,000,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $256,342,000) 256,342,000
 ------------------
TIME DEPOSITS: 7.74%
 23,000,000 ALLIED IRISH BANKS PLC 0.65 09/03/2010 23,000,000
 51,000,000 BANK OF IRELAND 0.50 09/01/2010 51,000,000
 48,000,000 BANK OF IRELAND 0.65 09/02/2010 48,000,000
 102,000,000 CREDIT AGRICOLE 0.25 09/01/2010 102,000,000
 76,000,000 DANSKE BANK AS (COPENHAGEN) 0.26 09/02/2010 76,000,000
 32,000,000 DEXIA BANK (GRAND CAYMAN) 0.42 09/01/2010 32,000,000
 116,000,000 GROUPE BPCE 0.26 09/01/2010 116,000,000
 142,000,000 KBC BANK NV (BRUSSELS) 0.20 09/01/2010 142,000,000
 53,000,000 NATIXIS (CAYMAN ISLANDS) 0.26 09/01/2010 53,000,000
 88,000,000 SOCIETE GENERALE PARIS 0.23 09/01/2010 88,000,000
TOTAL TIME DEPOSITS (COST $731,000,000) 731,000,000
 ------------------
US TREASURY SECURITIES: 0.92%
US TREASURY BILLS: 0.92%
 87,000,000 US TREASURY BILL## 0.22 11/18/2010 86,958,301
TOTAL US TREASURY SECURITIES (COST $86,958,301) 86,958,301
 ------------------
YANKEE CORPORATE BONDS & NOTES: 0.53%
FINANCIALS: 0.53%
 50,000,000 SVENSKA HANDLESBANKEN AB++ 0.58 07/01/2011 49,995,898
 ------------------
TOTAL YANKEE CORPORATE BONDS & NOTES (COST $49,995,898) 49,995,898
 ------------------
TOTAL INVESTMENTS IN SECURITIES
 (COST $9,522,732,226)* 100.87% 9,522,732,226
OTHER ASSETS AND LIABILITIES, NET (0.87) (82,542,128)
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 9,440,190,098
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER: 2.48%
$ 10,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 0.30% 09/08/2010 $ 10,000,000
 10,000,000 ILLINOIS FINANCE AUTHORITY 0.28 11/04/2010 10,000,000
 35,000,000 MERCER COUNTY ND POLLUTION CONTROL REFUNDING
 REVENUE NOTES SERIES 2009-1 0.30 09/15/2010 35,000,000
 7,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY 0.24 09/07/2010 7,000,000
 20,000,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY 0.24 09/08/2010 20,000,000
 10,000,000 MONTGOMERY COUNTY MD 0.29 10/05/2010 10,000,000
 7,000,000 MONTGOMERY COUNTY MD 0.25 10/18/2010 7,000,000
 5,000,000 MONTGOMERY COUNTY MD 0.25 10/18/2010 5,000,000
 10,900,000 ROCHESTER MN HEALTH CARE FACILITIES, MAYON
 FOUNDATION SERIES 2010C 0.26 10/20/2010 10,900,000
TOTAL COMMERCIAL PAPER (COST $114,900,000) 114,900,000
 ------------------
MUNICIPAL BONDS & NOTES: 97.03%
ALABAMA: 1.26%
 30,000,000 MOBILE COUNTY AL INDUSTRIAL DEVELOPMENT AUTHORITY
 MOBILE DEVELOPMENT PROJECT (IDR)+/-ss 0.30 07/01/2040 30,000,000
 4,000,000 PELL CITY AL SPECIAL CARE FACILITIES AUTHORITY
 NOLAND HEALTH SERVICES, INCORPORATED
 PROJECT SERIES 2009A (HOSPITAL REVENUE, US BANK
 LOC)+/-ss 0.30 12/01/2039 4,000,000
 24,474,000 SOUTHEAST ALABAMA GAS DISTRICT ALABAMA SUPPLY
 PROJECT SERIES 2007-A
 (UTILITIES REVENUE, SECURITIES PURCHASE AGREEMENT
 BY SOCIETE GENERALE SA)+/-ss 0.29 08/01/2027 24,474,000
 58,474,000
 ------------------
ALASKA: 1.12%
 37,000,000 ALASKA HOUSING FINANCE CORPORATION SERIES 2002-A
 (HOUSING REVENUE, SECURITIES
 PURCHASE AGREEMENT BY DEXIA SA)+/-ss 0.40 12/01/2036 37,000,000
 14,825,000 ALASKA HOUSING FINANCE CORPORATION SERIES 2006-0022
 (HOUSING REVENUE,
 US BANK LOC)+/-ss 0.30 06/01/2013 14,854,814
 51,854,814
 ------------------
ARIZONA: 0.70%
 7,500,000 MARICOPA COUNTY AZ INDUSTRIAL DEVELOPMENT AUTHORITY
 VALLEY OF THE SUN YMCA
 PROJECT (IDR, US BANK LOC)+/-ss 0.31 12/01/2037 7,500,000
 9,505,000 MARICOPA COUNTY AZ MFHR DESERT EAGLES ESTATE
 PROJECT SERIES 2003A-1
 (HOUSING REVENUE, FHLMC INSURED)+++/-ss 0.40 07/01/2036 9,505,000
 15,600,000 MESA AZ UTILITY SYSTEMS ROC RR-II-R 11032
 (UTILITIES REVENUE, FSA
 INSURED & CITIBANK LOC)+++/-ss 0.31 07/01/2026 15,600,000
 32,605,000
 ------------------
ARKANSAS: 0.02%
 1,100,000 ARKANSAS DEVELOPMENT FINANCE AUTHORITY STRATTON
 SEED COMPANY PROJECT
 (IDR, BANK OF AMERICA NA LOC)+/-ss 0.50 03/01/2014 1,100,000
 ------------------
CALIFORNIA: 6.71%
 5,000,000 CALIFORNIA ABAG FINANCE AUTHORITY FOR NONPROFIT
 CORPORATION MENLO SCHOOL PROJECT
 (EDUCATION REVENUE, NORTHERN TRUST CORPORATION
 LOC)+/-ss 0.25 09/01/2033 5,000,000
 23,000,000 CALIFORNIA CDA MFHR PUTTER SERIES 2680 (HOUSING
 REVENUE, JPMORGAN CHASE &
 COMPANY LOC)+++/-ss 0.40 05/15/2018 23,000,000
 7,300,000 CALIFORNIA CDA MFHR PUTTER SERIES 2681 (HOUSING
 REVENUE, JPMORGAN CHASE &
 COMPANY LOC)+++/-ss 0.55 05/15/2016 7,300,000
 600,000 CALIFORNIA CDA PCR CHEVRON USA, INCORPORATED
 PROJECT SERIES 2002 (OFFICE ELECTRONICS
 REVENUE, GUARANTEE BY CHEVRON CORPORATION)+/-ss 0.20 05/15/2024 600,000
 2,400,000 CALIFORNIA DEPARTMENT OF WATER RESOURCES & POWER
 SUPPLY SERIES C-11
 (WATER & SEWER REVENUE, KBC BANK NV LOC)+/-ss 0.27 05/01/2022 2,400,000
 6,900,000 CALIFORNIA SERIES B-5 (GO - STATE, CITIBANK LOC)+/-ss 0.24 05/01/2034 6,900,000
 4,335,000 CALIFORNIA HEFA EAGLE 2007-147 CLASS A (HOSPITAL
 REVENUE, BY CITIBANK NA LOC)+++/-ss 0.30 11/15/2042 4,335,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 3,055,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT
 AUTHORITY ROCS RR-II-R 11527
 (TRANSPORTATION REVENUE, AMBAC INSURED & CITIBANK NA
 LOC)+++/-ss 0.28% 07/01/2030 $ 3,055,000
 150,000 CALIFORNIA PCR PACIFIC GAS & ELECTRIC PROJECT SERIES
 97-B (UTILITIES REVENUE, JPMORGAN
 CHASE & COMPANY LOC)+/-ss 0.28 11/01/2026 150,000
 4,205,000 CALIFORNIA SCHOOLS DEUTSCHE BANK SPEARS TRUST SERIES
 DBE-648 (GO - LOCAL,
 FSA INSURED & DEUTSCHE BANK AG LOC)+++/-ss 0.30 09/01/2029 4,205,000
 10,900,000 CALIFORNIA STATEWIDE COMMUNITY DEVELOPMENT AUTHORITY
 RADY CHILDRENS HOSPITAL
 SERIES A (HOSPTIAL REVENUE, US BANK LOC)+/-ss 0.23 08/15/2047 10,900,000
 30,444,467 FHLMC MFHR SERIES M001 CLASS A (HOUSING REVENUE,
 FHLMC INSURED)+/-ss 0.36 08/15/2045 30,444,467
 4,399,102 FHLMC MFHR SERIES M002, CLASS A (HOUSING REVENUE,
 FHLMC INSURED)+/-ss 0.36 01/15/2047 4,399,102
 20,322,881 FHLMC MFHR SERIES M008 CLASS A (HOUSING REVENUE,
 FHLMC INSURED)+/-ss 0.36 02/15/2035 20,322,881
 4,200,000 GROSSMONT CA HIGH SCHOOL DISTRICT CALIFORNIA SCHOOL
 DEUTSCHE BANK SPEARS TRUST
 SERIES DBE-637 (GO - LOCAL, DEUTSCHE BANK AG LOC)+++/-ss 0.30 08/01/2047 4,200,000
 16,300,000 LOS ANGELES CA COMMUNITY REDEVELOPMENT AGENCY MFHR SECOND &
 CENTRAL APARTMENTS
 PROJECT SERIES A (HOUSING REVENUE, HSBC BANK USA NA
 LOC)+/-ss 0.27 12/01/2038 16,300,000
 4,800,000 METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA
 SERIES C-2 (WATER & SEWER
 REVENUE, SECURITIES PURCHASE AGREEMENT BY LLOYDS TSB
 BANK PLC)+/-ss 0.23 07/01/2036 4,800,000
 6,755,000 MUNIMAE TRUST (HOUSING REVENUE, FHLMC INSURED
 MERRILL LYNCH & COMPANY
 INCORPORATED LOC)+/-ss 0.58 12/20/2010 6,755,000
 75,000,000 OAKLAND CA REDEVELOPMENT AGENCY MH (HOUSING REVENUE,
 LLOYDS TSB GROUP
 PLC LOC)+++/-ss 0.39 10/01/2050 75,000,000
 10,000,000 POWAY CA SCHOOL DISTRICT SERIES 3063 (GO - LOCAL,
 FSA INSURED MORGAN
 STANLEY LOC)+++/-ss 0.30 08/01/2030 10,000,000
 3,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORT COMMISSION
 SERIES 2009-A (AIRPORT
 REVENUE, BANK OF NEW YORK MELLON LOC)+/-ss 0.75 09/15/2010 3,000,000
 12,000,000 SAN FRANCISCO CA CITY & COUNTY AIRPORTS SERIES B
 (AIRPORT REVENUE,
 MORGAN STANLEY LOC)+/-ss 0.75 09/15/2010 12,000,000
 35,175,000 SAN JOSE CA AIRPORT DEUTSCHE BANK SPEARS/LIFERS
 TRUST SERIES DB-479 (AIRPORT
 REVENUE, FSA INSURED & SECURITIES PURCHASE AGREEMENT
 BY DEUTSCHE BANK AG)+++/-ss 0.30 03/01/2037 35,175,000
 20,795,000 UKIAH CA UNION SCHOOL DISTRICT DEUTSCHE BANK SPEARS
 TRUST SERIES DB-382
 (GO - LOCAL, MBIA INSURED & SECURITIES PURCHASE
 AGREEMENT BY
 DEUTSCHE BANK AG)+++/-ss 0.29 08/01/2025 20,795,000
 311,036,450
 ------------------
COLORADO: 0.82%
 2,000,000 ARAPAHOE COUNTY CO COTTRELL PRINTING PROJECT (IDR,
 US BANCORP LOC)+/-ss 0.55 10/01/2019 2,000,000
 3,120,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT SERIES
 1998-C
 (GO - LOCAL, US BANK LOC)+/-ss 0.31 12/01/2028 3,120,000
 950,000 COLORADO EDUCATIONAL & CULTURAL FACILITIES AUTHORITY
 NATIONAL JEWISH FEDERATION
 PROJECT (HOSPITAL REVENUE, US BANK LOC)+/-ss 0.26 02/01/2039 950,000
 175,000 COLORADO SUPER VACUUM MANUFACTURING COMPANY PROJECT
 CLASS A (IDR, WELLS FARGO &
 COMPANY LOC) (q)+/-ss 0.55 11/01/2022 175,000
 3,250,000 COLORADO PARKER AUTOMOTIVE PROJECT (GO - LOCAL, US
 BANK LOC)+/-ss 0.31 12/01/2034 3,250,000
 960,000 COLORADO HFA WORLDWEST LLP PROJECT SERIES 1999-A
 (COMMUNITY DEVELOPMENT
 DISTRICT REVENUE FIRSTAR BANK LOC)+++/-ss 0.65 09/01/2023 960,000
 7,465,000 COLORADO SPRINGS CO UTILITY SYSTEMS ROC RR-II-R 457
 (ELECTRIC REVENUE,
 CITIBANK LOC)+++/-ss 0.31 05/15/2011 7,465,000
 20,000,000 SOUTHERN UTE INDIAN TRIBE OF SOUTHERN UTE INDIAN
 RESERVATION CASINO (OFFICE
 ELECTRONICS REVENUE)+++/-ss 0.35 04/01/2040 20,000,000
 37,920,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CONNECTICUT: 0.16%
$ 7,300,000 CONNECTICUT HEFA SERIES 13TP (EDUCATION REVENUE,
 WELLS FARGO &
 COMPANY LOC) (q)+++/-ss 0.30% 07/01/2042 $ 7,300,000
 ------------------
DELAWARE: 6.19%
 15,468,065 BRANCH BANK & TRUST MUNICIPAL TRUST SERIES 5000
 (LEASE REVENUE, SECURITIES PURCHASE
 AGREEMENT BY RABOBANK INTERNATIONAL)+++/-ss 0.44 10/01/2028 15,468,065
 38,803,998 BRANCH BANK & TRUST MUNICIPAL TRUST SERIES 5003
 (LEASE REVENUE, SECURITIES PURCHASE
 AGREEMENT BY RABOBANK INTERNATIONAL)+++/-ss 0.61 05/01/2027 38,803,998
 4,816,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2004-10 (HOUSING REVENUE, FNMA
 & GNMA INSURED & STATE STREET BANK & TRUST COMPANY
 LOC)+++/-ss 0.45 12/01/2035 4,816,000
 17,775,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2005-30 (HOUSING REVENUE,
 STATE STREET BANK & TRUST COMPANY LOC)+++/-ss 0.45 06/01/2038 17,775,000
 17,000,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2005-31 (HOUSING REVENUE,
 SECURITIES PURCHASE AGREEMENT BY STATE STREET BANK
 & TRUST COMPANY)+++/-ss 0.45 01/01/2036 17,000,000
 19,380,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2006-02 (HOUSING REVENUE, SECURITIES
 PURCHASE AGREEMENT BY STATE STREET BANK & TRUST
 COMPANY)+++/-ss 0.45 10/01/2036 19,380,000
 14,502,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2006-06 (HOUSING REVENUE,
 STATE STREET BANK & TRUST COMPANY LOC)+++/-ss 0.45 07/01/2037 14,502,000
 1,525,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2006-10 (HOUSING REVENUE, GUARANTEE BY
 STATE STREET BANK & TRUST COMPANY)+/-ss 0.45 09/01/2013 1,525,000
 94,492,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2007-26 (GO - STATE,
 STATE STREET BANK & TRUST COMPANY)+/-ss 0.35 05/01/2017 94,492,000
 11,292,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2007-40 (HOUSING REVENUE,
 STATE STREET BANK & TRUST COMPANY & FNMA & GNMA
 INSURED)+/-ss 0.45 02/01/2013 11,292,000
 10,150,000 DELAWARE ECONOMIC DEVELOPMENT AUTHORITY DELAWARE
 CLEAN POWER PROJECT SERIES
 1997-B (MISCELLANEOUS REVENUE, GUARANTEE BY MOTIVA
 ENTERPRISES, LLC)+/-ss 0.30 08/01/2029 10,150,000
 1,940,000 DELAWARE EDUCATION DEVELOPMENT AUTHORITY
 WILMINGTON MONTESSORI SCHOOL PROJECT
 (EDUCATION REVENUE, PNC BANK NA LOC)+++/-ss 0.32 05/01/2020 1,940,000
 39,950,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY
 (RESOURCE RECOVERY REVENUE)+/-ss 0.31 08/01/2029 39,950,000
 287,094,063
 ------------------
DISTRICT OF COLUMBIA: 0.85%
 10,005,000 DISTRICT OF COLUMBIA ROC RR-II-R 11072 (GO -
 LOCAL, CITIBANK LOC)+++/-ss 0.31 06/01/2015 10,005,000
 7,210,000 DISTRICT OF COLUMBIA HFA PFOTER CARVER SR.
 APARTMENTS PROJECT SERIES 4566 (HOUSING
 REVENUE, FHLMC INSURED)+++/-ss 0.40 10/01/2049 7,210,000
 4,340,000 DISTRICT OF COLUMBIA HFA PFOTER GALEN TERRACE
 PROJECT SERIES 4568
 (HOUSING REVENUE, FHLMC INSURED)+++/-ss 0.40 02/01/2049 4,340,000
 7,650,000 DISTRICT OF COLUMBIA HFA PFOTER SERIES 4275
 (HOUSING REVENUE,
 MERRILL LYNCH & COMPANY INCORPORATED LOC)+/-ss 0.47 04/01/2021 7,650,000
 10,000,000 DISTRICT OF COLUMBIA INCOME TAX SERIES C (SPECIAL
 TAX REVENUE)+/-ss 0.32 12/01/2010 10,000,000
 39,205,000
 ------------------
FLORIDA: 6.15%
 16,825,000 ALACHUA COUNTY FL HEALTH FACILITIES AUTHORITY OAK
 HAMMOCK UNIVERSITY PROJECT
 SERIES A (CONTINUING CARE RETIREMENT COMMUNITY
 REVENUE, BANK OF SCOTLAND LOC)+/-ss 0.27 10/01/2032 16,825,000
 2,975,000 BAY COUNTY FL SALES TAX SOLAR ECLIPSE PROJECT
 SERIES 2006-0103 (SPECIAL TAX REVENUE,
 US BANCORP LOC)+++/-ss 0.30 03/01/2014 2,975,000
 800,000 BREVARD COUNTY FL HFA MFHR SHARE VIEW APARTMENTS
 PROJECT SERIES 1995 (HOUSING
 REVENUE, HARRIS TRUST & SAVINGS LOC)+/-ss 0.32 02/01/2015 800,000
 11,000,000 BROWARD COUNTY FL AIRPORT SYSTEMS EMBRAER AIRCRAFT
 HOLDING PROJECT SERIES 2007-A
 (AIRPORT REVENUE, CITIBANK NA LOC)+/-ss 0.34 04/01/2035 11,000,000
 3,700,000 CLAY COUNTY FL DRIVERS TRUST SERIES 3439 (WATER &
 SEWER REVENUE, FSA INSURED &
 JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.40 11/01/2015 3,700,000
 6,900,000 DUVAL COUNTY FL MFHR CAMRI GREEN APARTMENTS
 (HOUSING REVENUE, FNMA INSURED)+/-ss 0.33 11/15/2036 6,900,000
 8,000,000 FLORIDA GULF COAST UNIVERSITY FINANCE CORPORATION
 PARKING PROJECT SERIES A
 (MISCELLANEOUS REVENUE, HARRIS BANK NA LOC)+/-ss 0.27 02/01/2039 8,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
FLORIDA (continued)
$ 5,720,000 FLORIDA HFA VIZCAYA VILLAS PROJECT SERIES 1996-M
 (HOUSING REVENUE, FHA INSURED &
 SECURITIES PURCHASE AGREEMENT BY ROYAL BANK OF
 CANADA)+++/-ss 0.37% 07/25/2015 $ 5,720,000
 6,295,000 FLORIDA HOUSING FINANCE CORPORATION BROOK HAVEN
 APARTMENTS (MISCELLANEOUS
 RVENUE, FNMA LOC)+/-ss 0.34 04/15/2039 6,295,000
 20,035,000 FLORIDA LEE MEMORIAL HEALTH SERVICES PROJECT
 SERIES 3088 (HOSPITAL REVENUE,
 MORGAN STANLEY LOC)+++/-ss 0.30 04/01/2037 20,035,000
 11,595,000 HIGHLANDS COUNTY FL HEALTH FACILITIES AUTHORITY
 HOSPITAL ADVENTIST HEALTH SYSTEMS
 PROJECT SERIES 2003-C (HOSPITAL REVENUE, GUARANTEE
 BY ADVENTIST HEALTH SYSTEMS)+/-ss 0.26 11/15/2021 11,595,000
 3,049,000 MANATEE COUNTY FL AUSTIN TRUST CERTIFICATES SERIES
 2008-3021X (HOUSING REVENUE,
 GNMA INSURED & BANK OF AMERICA CORPORATION LOC)+++/-ss 0.40 09/01/2040 3,049,000
 4,240,000 MANATEE COUNTY FL COP DEUTSCHE BANK SPEARS LIFERS
 TRUST SERIES DB-43 (PUBLIC
 FACILITIES REVENUE, DEUTSCHE BANK AG LOC)+++/-ss 0.30 07/01/2027 4,240,000
 4,000,000 MARION COUNTY FL HFA PADDOCK APARTMENTS PROJECT
 (HOUSING REVENUE, FNMA INSURED)+/-ss 0.29 10/15/2032 4,000,000
 5,000,000 MIAMI-DADE COUNTY FL COP SERIES 2008-1119X (PUBLIC
 FACILITIES REVENUE, ASSURED
 GUARANTY & BANK OF AMERICA CORPORATION LOC)+/-ss 0.30 11/01/2015 5,000,000
 3,200,000 MIAMI-DADE COUNTY FL TARMAC AMERICA PROJECT
 (MANUFACTURING REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.35 04/01/2034 3,200,000
 7,500,000 MIAMI-DADE COUNTY FL INTERNATIONAL AIRPORT
 AVIATION SERIES 2008-1139X
 (AIRPORT REVENUE, ASSURED GUARANTY & BANK OF
 AMERICA NA LOC)+/-ss 0.40 04/01/2028 7,500,000
 11,870,000 MIAMI-DADE COUNTY FL INTERNATIONAL AIRPORT
 AVIATION SERIES 34 (AIRPORT REVENUE,
 SECURITIES PURCHASE AGREEMENT BY SOCIETE
 GENERALE)+++/-ss 0.30 10/01/2029 11,870,000
 2,215,000 MIAMI-DADE COUNTY FL SERIES DBE-538 (SPECIAL TAX
 REVENUE, SECURITIES PURCHASE
 AGREEMENT BY DEUTSCHE BANK AG)+++/-ss 0.30 04/01/2015 2,215,000
 101,000,000 ORANGE COUNTY FL HFFA ADVENTIST HEALTH SYSTEMS
 PROJECT
 SERIES 237 (HOSPITAL REVENUE, SECURITIES PURCHASE
 AGREEMENT BY
 BAY HYPO-UND VEREINSBANK AG)+/-ss 0.45 06/09/2011 101,000,000
 7,060,000 ORANGE COUNTY FL HFA MFHR LANDINGS ON MILLENIA
 BOULEVARD APARTMENTS PROJECT
 SERIES 2002-A (HOUSING REVENUE, FNMA INSURED)+/-ss 0.34 08/15/2035 7,060,000
 2,315,000 ORANGE COUNTY FL IDA CENTRAL FLORIDA YMCA PROJECT
 SERIES A (IDR, BANK OF AMERICA
 NA LOC)+/-ss 0.33 05/01/2027 2,315,000
 10,000,000 ORLANDO FL UTILITY SYSTEMS SERIES D (UTILITIES
 REVENUE) 2.50 05/01/2011 10,133,954
 2,275,000 PALM BEACH COUNTY FL FINANCE AUTHORITY DRIVERS
 TRUST SERIES 3419 (RESOURCE RECOVERY
 REVENUE, BHAC INSURED JPMORGAN CHASE & COMPANY
 LOC)+++/-ss 0.30 04/01/2017 2,275,000
 4,000,000 PALM BEACH COUNTY FL JEWISH COMMUNITY CAMPUS
 CORPORATION PROJECT
 (HOSPITAL REVENUE, NORTHERN TRUST CORPORATION
 LOC)+/-ss 0.30 03/01/2027 4,000,000
 5,000,000 PINELLAS COUNTY FL HOUSING DEVELOPMENT CORPORATION
 MFHR BOOKER CREEK APARTMENTS
 (HOUSING REVENUE, JPMORGAN CHASE & COMPANY LOC)+/-ss 0.28 01/01/2043 5,000,000
 13,185,000 SARASOTA COUNTY FL CONTINUING CARE RETIREMENT
 COMMUNITY GLENRIDGE PALMER PROJECT
 (CONTINUING CARE RETIREMENT COMMUNITY REVENUE,
 BANK OF SCOTLAND LOC)+/-ss 0.27 06/01/2036 13,185,000
 5,000,000 SOUTH BROWARD FL HOSPITAL DISTRICT SOLAR ECLIPSE
 PROJECT SERIES 2006-0043
 (HOSPITAL REVENUE, US BANK LOC)+++/-ss 0.30 11/01/2013 5,000,000
 284,887,954
 ------------------
GEORGIA: 1.90%
 3,425,000 ATLANTA GA HOUSING AUTHORITY MFHR VILLEGES AT
 CARVER PROJECT (HOUSING REVENUE,
 SUNTRUST BANKS INCORPORATED LOC)+/-ss 0.34 12/15/2039 3,425,000
 25,280,000 ATLANTA GA WATER & WASTEWATER SERIES 2008-05
 (WATER & SEWER REVENUE, FSA
 INSURED & SECURITIES PURCHASE AGREEMENT BY DEXIA
 SA)+/-ss 0.44 11/01/2022 25,280,000
 8,795,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2007-10 (PUBLIC FACILITIES REVENUE,
 SECURITIES PURCHASE AGREEMENT BY STATE STREET BANK
 & TRUST COMPANY)+/-ss 0.33 04/01/2014 8,795,000
 10,195,000 DEKALB COUNTY GA HOUSING AUTHORITY PFOTER ORCHARD
 WALK APARTMENTS PROJECT
 SERIES 4584 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.40 03/30/2019 10,195,000
 7,600,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY SHEPHERD
 CENTER PROJECT (HOSPITAL REVENUE,
 FHLMC INSURED & SUNTRUST BANKS INCORPORATED LOC)+/-ss 0.30 09/01/2035 7,600,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
GEORGIA (continued)
$ 5,850,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY ST.
 GEORGE VILLAGE PROJECT (HOSPITAL
 REVENUE, BANK OF AMERICA CORPORATION LOC)+/-ss 0.31% 04/01/2034 $ 5,850,000
 2,210,000 GWINNET COUNTY GA DEVELOPMENT AUTHORITY OLE
 MEXICAN FOODS, INCORPORATED
 PROJECT (IDR, BRANCH BANK & TRUST COMPANY
 LOC)+/-ss 0.41 05/01/2031 2,210,000
 4,885,000 LEE COUNTY GA DEVELOPMENT AUTHORITY WOODGRAIN
 MILLWORK, INCORPORATED PROJECT
 (MANUFACTURING REVENUE, WELLS FARGO & COMPANY
 LOC) (q)+/-ss 0.51 10/01/2010 4,885,000
 20,000,000 MAIN STREET NAUTRAL GAS INCORPORATED GEORGIA
 GAS DEVELOPMENT PROJECT, SERIES A
 (GAS UTILITIES REVENUE, SECURITIES PURCHASE
 AGREEMENT BY ROYAL BANK OF CANADA)+/-ss 0.33 08/01/2040 20,000,000
 88,240,000
 ------------------
HAWAII: 0.22%
 9,995,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2007-34 (GENERAL OBLIGATION - STATE,
 GUARANTEE BY STATE STREET BANK & TRUST COMPANY
 & AMBAC INSURED)+/-ss 0.35 05/01/2015 9,995,000
 ------------------
IDAHO: 0.08%
 3,630,000 GOODING COUNTY ID SOUTHFIELD DAIRY PROJECT
 (IDR, BANK OF AMERICA CORPORATION LOC)+/-ss 0.60 04/01/2022 3,630,000
 ------------------
ILLINOIS: 6.45%
 22,353,279 BRANCH BANK & TRUST MUNICIPAL TRUST SERIES
 5001 (LEASE REVENUE, SECURITIES PURCHASE
 AGREEMENT BY RABOBANK INTERNATIONAL)+++/-ss 0.44 06/01/2020 22,353,279
 2,530,000 CHANNAHON IL MORRIS HOSPITAL PROJECT SERIES A
 (HOSPITAL REVENUE, US BANK LOC)+/-ss 0.25 12/01/2023 2,530,000
 5,000,000 CHICAGO IL BOARD OF EDUCATION SERIES 2009-A1
 (GO - LOCAL, HARRIS
 TRUST & SAVINGS LOC)+/-ss 0.27 03/01/2026 5,000,000
 9,240,000 CHICAGO IL ECLIPSE FUNDING TRUST SOLAR ECLIPSE
 PROJECT SERIES 2006-0003
 (GO - LOCAL, FSA INSURED & US BANK LOC)+/-ss 0.30 07/01/2013 9,240,000
 1,025,000 CHICAGO IL DEUTSCHE BANK SPEARS-LIFERS TRUST
 SERIES DB-393 (WATER & SEWER REVENUE,
 MBIA INSURED & SECURITIES PURCHASE AGREEMENT
 BY DEUTSCHE BANK AG)+/-ss 0.30 01/01/2022 1,025,000
 4,685,000 CHICAGO IL DEUTSCHE BANK SPEARS-LIFERS TRUST
 SERIES DB-410
 (GO - LOCAL, FGIC INSURED & DEUTSCHE BANK AG
 LOC)+++/-ss 0.30 12/01/2026 4,685,000
 10,000,000 CHICAGO IL SERIES 3190 (GO - LOCAL, MORGAN
 STANLEY LOC)+++/-ss 0.30 01/01/2034 10,000,000
 64,503,000 CHICAGO IL SERIES ZC-1 (GO - LOCAL, FGIC
 INSURED & BANK OF AMERICA NA LOC)+++/-ss 0.33 01/01/2023 64,503,000
 3,146,000 CHICAGO IL ENTERPRISE CENTER PROJECT SERIES IX
 (IDR, LASALLE BANK NA LOC)+/-ss 0.50 06/01/2022 3,146,000
 4,300,000 CHICAGO IL ENTERPRISE CENTER PROJECT SERIES X
 (IDR, LASALLE BANK NA LOC)+/-ss 0.50 06/01/2022 4,300,000
 4,200,000 CHICAGO IL FEDUCATION MARINE PROJECT SERIES
 1984 (PORT AUTHORITY REVENUE,
 FHLMC INSURED)+/-ss 0.29 07/01/2023 4,200,000
 1,215,000 CHICAGO IL PS GREETINGS, INCORPORATED PROJECT
 (IDR, LASALLE BANK NA LOC)+/-ss 0.32 05/01/2024 1,215,000
 20,535,000 CHICAGO IL MIDWAY AIRPORT SERIES C (AIRPORT
 REVENUE, MORGAN STANLEY LOC)+/-ss 0.31 01/01/2035 20,535,000
 9,770,000 CHICAGO IL O'HARE INTERNATIONAL AIRPORT ROC
 RR-II-R-605PB (AIRPORT REVENUE,
 SECURITIES PURCHASE AGREEMENT BY DEUTSCHE BANK
 AG)+++/-ss 0.32 01/01/2014 9,770,000
 11,000,000 CHICAGO IL O'HARE INTERNATIONAL AIRPORT SERIES
 1990 (AIRPORT REVENUE, SECURITIES
 PURCHASE AGREEMENT BY SOCIETE GENERALE)+/-ss 0.32 05/01/2018 11,000,000
 4,045,000 CHICAGO IL WATER ECLIPSE FUNDING TRUST SERIES
 2006-0106 (WATER & SEWER REVENUE,
 MBIA INSURED & BANK OF AMERICA NA LOC)+++/-ss 0.30 05/01/2014 4,045,000
 14,175,000 CHICAGO IL DEUTSCHE BANK SPEARS TRUST SERIES
 DB-365 (GO - LOCAL,
 NATL-RE INSURED & SECURITIES PURCHASE
 AGREEMENT BY DEUTSCHE BANK AG)+/-ss 0.30 01/01/2027 14,175,000
 3,335,000 GREENVILLE IL GREENVILLE COLLEGE PROJECT
 (EDUCATION REVENUE, NATIONAL CITY BANK LOC)+/-ss
 (i) 1.30 11/01/2036 3,335,000
 2,220,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY
 NEWBERRY LIBRARY PROJECT (MISCELLANEOUS
 REVENUE, NORTHERN TRUST CORPORATION LOC)+/-ss 0.30 03/01/2028 2,220,000
 3,445,000 ILLINOIS FINANCE AUTHORITY AUSTIN TRUST SERIES
 2008-1098 (MISCELLANEOUS REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.33 08/15/2047 3,445,000
 3,200,000 ILLINOIS FINANCE AUTHORITY PC SERIES F
 (ELECTRIC REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+/-ss 0.26 03/01/2017 3,200,000
 1,250,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY
 PROJECT SERIES A (EDUCATION REVENUE,
 PNC BANK NA LOC)+/-ss 0.26 04/01/2033 1,250,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
ILLINOIS (continued)
$ 3,250,000 ILLINOIS FINANCE AUTHORITY CHILDREN'S HOSPITAL
 PROJECT SERIES 2008-1098 (HOSPITAL
 REVENUE, INSURED BY ASSURED GUARANTY.
 CORPORATION & BANK OF AMERICA NA LOC)+/-ss 0.33% 02/15/2028 $ 3,250,000
 6,200,000 ILLINOIS FINANCE AUTHORITY DRIVERS TRUST
 SERIES 3302 (EDUCATION REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.28 06/01/2014 6,200,000
 3,300,000 ILLINOIS FINANCE AUTHORITY DRIVERS TRUST
 SERIES 3420 (GO - LOCAL,
 JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.30 01/01/2016 3,300,000
 3,500,000 ILLINOIS FINANCE AUTHORITY RUSH UNIVERSITY
 MEDUCATION CENTER OBLIGATION GROUP
 SERIES 2008-A (HOSPITAL REVENUE, NORTHERN
 TRUST COMPANY LOC)+/-ss 0.24 11/01/2045 3,500,000
 5,390,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY FLORIDA
 HOUSE PROJECT SERIES C
 (HOUSING REVENUE, JPMORGAN CHASE & COMPANY
 LOC)+/-ss 0.40 01/01/2027 5,390,000
 13,810,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY LARKIN
 VILLEGE PROJECT SERIES A
 (HOUSING REVENUE, JPMORGAN CHASE & COMPANY
 LOC)+/-ss 0.40 01/01/2027 13,810,000
 11,555,000 ILLINOIS HEALTH FACILITIES AUTHORITY ROC
 RR-II-R 401 (HOSPITAL REVENUE, INSURED BY
 FHA & CITIBANK LOC)+++/-ss 0.32 08/15/2011 11,555,000
 7,900,000 ILLINOIS HEALTH FACILITIES AUTHORITY SERIES F
 (HOSPITAL REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+/-ss 0.30 08/01/2015 7,900,000
 3,080,000 SOUTHWESTERN ILLINOIS MATTINGLY LUMBER PROJECT
 SERIES 2005-A (IDR, US BANK LOC)+/-ss 0.45 12/01/2035 3,080,000
 15,210,000 VERNON HILLS IL MFHR HAWTHORN LAKES PROJECT
 (HOUSING REVENUE,
 FSA INSURED & SECURITIES PURCHASE AGREEMENT BY
 SOCIETE GENERALE)+/-ss 0.33 01/01/2016 15,210,000
 1,215,000 WILL COUNTY IL DEUTSCHE BANK SPEARS-LIFERS
 TRUST SERIES DB-365 (GO - LOCAL, FSA
 INSURED & SECURITIES PURCHASE AGREEMENT BY
 DEUTSCHE BANK AG)+/-ss 0.30 05/01/2020 1,215,000
 18,465,000 WILL COUNTY IL DEUTSCHE BANK SPEARS TRUST
 SERIES DB-365 (GO - LOCAL,
 FSA INSURED & SECURITIES PURCHASE AGREEMENT BY
 DEUTSCHE BANK AG)+/-ss 0.30 11/01/2023 18,465,000
 975,000 WILL COUNTY IL DEUTSCHE BANK SPEARS TRUST
 SERIES DB-365 (GO - LOCAL,
 FSA INSURED & SECURITIES PURCHASE AGREEMENT BY
 DEUTSCHE BANK AG)+/-ss 1.00 11/01/2023 975,000
 299,022,279
 ------------------
INDIANA: 2.13%
 26,140,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2007-02 (PUBLIC FACILITIES REVENUE,
 GUARANTEE BY STATE STREET BANK & TRUST
 COMPANY)+/-ss 0.33 01/01/2018 26,140,000
 2,600,000 ELKHART COUNTY IN ADVANCED TECHNOLOGY, INCORPORATED
 PROJECT
 (IDR, SECURITIES PURCHASE
 AGREEMENT BY SOCIETE GENERALE)+/-ss 0.42 04/01/2021 2,600,000
 5,555,000 GARY IN GRANT STREET PROJECT (IDR, JPMORGAN
 CHASE & COMPANY LOC)+/-ss 0.60 07/01/2034 5,555,000
 34,000,000 INDIANA REVENUE ANTICIPATION FUNDING PROGRAM
 NOTES SERIES 2010-A
 (GO - LOCAL, JPMORGAN CHASE & COMPANY LOC) 2.00 01/06/2011 34,184,805
 8,900,000 INDIANA HEFA CLARIAN HEALTH PROJECT SERIES C
 (HOSPITAL REVENUE, BRANCH BANK &
 TRUST COMPANY LOC)+/-ss 0.30 02/15/2030 8,900,000
 19,300,000 RICHMOND IN REID HOSPITAL & HEALTH CARE
 SERVICES INCORPORATED HOSPITAL AUTHORITY
 SERIES A (HOSPITAL REVENUE, FIRST SECURITY
 BANK LOC)+/-ss 0.28 01/01/2040 19,300,000
 1,250,000 ST. JOSEPH COUNTY IN GRACE CHRISTIAN SCHOOLS
 PROJECT (EDUCATION REVENUE,
 BANK ONE LOC)+/-ss 0.25 12/01/2016 1,250,000
 1,000,000 WINAMAC IN SUNNY RIDGE DAIRY PROJECT (IDR,
 NORTHERN TRUST CORPORATION LOC)+/-ss 0.60 09/01/2016 1,000,000
 98,929,805
 ------------------
IOWA: 0.26%
 2,230,000 ALTON IA NORTHWEST IOWA AGRONOMY PROJECT
 (MANUFACTURING REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.50 10/01/2024 2,230,000
 1,600,000 BOYDEN IA DETHMERS MANUFACTURING PROJECT (IDR,
 US BANCORP LOC)+/-ss 0.47 05/01/2016 1,600,000
 7,250,000 IOWA HFA SFHR SERIES N (HOUSING REVENUE, FHLMC
 & FNMA INSURED )+/-ss 0.31 01/01/2039 7,250,000
 800,000 SCOTT COUNTY IA NICHOLS ALUMINUM RECYCLING
 PROJECT (IDR, US BANCORP LOC)+++/-ss 0.50 06/01/2014 800,000
 11,880,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
KANSAS: 0.31%
$ 10,308,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2005-13 (HOUSING REVENUE, FNMA INSURED &
 GNMA & STATE STREET BANK & TRUST COMPANY LOC)+++/-ss 0.42% 12/01/2028 $ 10,308,000
 300,000 JOHNSON COUNTY KS PRIVATE ACTIVITY STOUSE SIGN &
 DECAL PROJECT SERIES A
 (IDR, US BANCORP LOC)+/-ss 0.62 07/01/2011 300,000
 1,000,000 LIBERAL KS FARMLAND NATIONAL BEEF PACKING PROJECT
 (IDR, US BANCORP LOC)+/-ss 0.55 02/01/2029 1,000,000
 2,625,000 NEMAHA COUNTY KS MIDWEST AG SERVICES, LLC PROJECT
 (IDR, SECURITIES PURCHASE
 AGREEMENT BY BNP PARIBAS SA)+/-ss 0.60 11/01/2020 2,625,000
 14,233,000
 ------------------
KENTUCKY: 2.85%
 10,565,000 BRECKINRIDGE COUNTY KY LEASE PROGRAM ASSOCIATION
 COUNTYS LEASING TRUST SERIES 1999
 (PUBLIC FACILITIES REVENUE, US BANK LOC)+/-ss 0.31 12/01/2029 10,565,000
 3,000,000 CARROLL COUNTY KY SOLID WASTE DISPOSAL CELOTEX
 CORPORATION PROJECT
 (IDR, BANK OF AMERICA NA LOC)+/-ss 0.33 05/01/2028 3,000,000
 3,740,000 CHRISTIAN COUNTY KY ASSOCIATION OF COUNTY LEASING
 SERIES B
 (PUBLIC FACILITIES REVENUE, US BANK LOC)+/-ss 0.25 08/01/2037 3,740,000
 2,625,000 JEFFERSON COUNTY KY INDUSTRIAL ZEOCHEM, LLC
 PROJECT (IDR, UBS AG LOC)+/-ss 0.32 08/01/2021 2,625,000
 7,400,000 KENTUCKY ECONOMIC DEVELOPMENT AUTHORITY HOSPITAL
 FACILITIES ST. ELIZABETH EDUCATION
 PROJECT SERIES B (HOSPITAL REVENUE, JPMORGAN CHASE
 & COMPANY LOC)+/-ss 0.28 05/01/2033 7,400,000
 23,435,000 KENTUCKY ECONOMIC DEVELOPMENT AUTHORITY PFOTER
 MADONNA MANOR, INCORPORATED
 PROJECT SERIES 2010 (HOSPITAL REVENUE, BANK OF
 AMERICA NA LOC)+++/-ss 0.30 12/01/2039 23,435,000
 4,650,000 KENTUCKY ECONOMIC DEVELOPMENT AUTHORITY REPUBLIC
 SERVICES, INCORPORATED PROJECT
 (SOLID WASTE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.40 06/01/2031 4,650,000
 7,100,000 KENTUCKY HOUSING CORPORATION SERIES L (HOUSING
 REVENUE, SECURITIES PURCHASE
 AGREEMENT BY BNP PARIBAS SA)+/-ss 0.36 07/01/2036 7,100,000
 6,035,000 KENTUCKY RURAL WATER FINANCE CORPORATION SERIES D
 (WATER & SEWER REVENUE) 1.25 02/01/2011 6,047,537
 63,340,000 LOUISVILLE & JEFFERSON COUNTY KY METROPOLITAN
 SEWER DISTRICT SEWER & DRAIN SYSTEMS
 SERIES A (WATER & SEWER REVENUE) 1.25 05/26/2011 63,625,415
 132,187,952
 ------------------
LOUISIANA: 1.54%
 2,300,000 ASCENSION PARISH LA BASF CORPORATION PROJECT (IDR,
 PREMIER BANK NA LOC )+/-ss 0.44 03/01/2025 2,300,000
 5,100,000 CALCASIEU PARISH LA HYDROSERVE WESTLAKE PROJECT
 (MISCELLANEOUS REVENUE,
 BANK ONE LOC)+/-ss 0.40 12/01/2024 5,100,000
 17,845,000 LOUISIANA GAS & FUELS ROC RR-II-R 661 (SPECIAL TAX
 REVENUE,
 CITIBANK NA LOC)+++/-ss 0.31 05/01/2014 17,845,000
 8,295,000 LOUISIANA HFA MFHR ARBOR PLACE APARTMENTS PROJECT
 SERIES 2008
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.37 03/01/2043 8,295,000
 7,400,000 LOUISIANA HFA MFHR PFOTER THE CROSSING APARTMENTS
 PROJECT SERIES 2006-4572
 (HOUSING REVENUE, FHLMC INSURED)+++/-ss 0.40 05/01/2048 7,400,000
 20,500,000 LOUISIANA PUBLIC FACILITIES AUTHORITY (IDR,
 JPMORGAN CHASE BANK LOC)+/-ss 0.25 10/01/2033 20,500,000
 6,815,000 LOUISIANA PUBLIC FACILITIES AUTHORITY PCR ALLIED
 SIGNAL, INCORPORATED PROJECT
 (IDR, GUARANTEE BY HONEYWELL INTERNATIONAL)+++/-ss 0.40 08/01/2017 6,815,000
 3,000,000 LOUISIANA PUBLIC FACILITIES AUTHORITY CHRISTUS
 HEALTH PROJECT SERIES B-3
 (HOSPITAL REVENUE, BANK OF NEW YORK MELLON LOC)+/-ss 0.25 07/01/2047 3,000,000
 71,255,000
 ------------------
MARYLAND: 0.76%
 10,000,000 BALTIMORE MD MSTR SERIES 152 (WATER & SEWER
 REVENUE, SECURITIES PURCHASE
 AGREEMENT BY SOCIETE GENERALE)+++/-ss 0.33 07/01/2020 10,000,000
 6,665,000 MARYLAND HEFA JOHNS HOPKINS UNIVERSITY PROJECT
 SERIES 1003 (EDUCATION REVENUE,
 BANK OF AMERICA NA LOC)+/-ss 0.30 01/01/2013 6,665,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MARYLAND (continued)
$ 1,985,000 MARYLAND HEFA MERCY RIDGE EDUCATION CENTER SERIES
 2008 (HOSPITAL REVENUE,
 SECURITIES PURCHASE AGREEMENT BY MANUFACTURERS &
 TRADERS TRUST COMPANY)+/-ss 0.30% 07/01/2022 $ 1,985,000
 9,000,000 MARYLAND INDUSTRIAL DEVELOPMENT FINANCE AUTHORITY
 FOODSWING PROJECT SERIES 2008
 (IDR, BANK OF AMERICA CORPORATION LOC)+/-ss 0.45 04/01/2023 9,000,000
 7,470,000 MONTGOMERY COUNTY MD ECONOMIC FINANCE AUTHORITY
 BROOKE GROVE FOUNDATION
 INCORPORATED (CONTINUING CARE RETIREMENT COMMUNITY
 REVENUE, MANUFACTURERS &
 TRADERS TRUST COMPANY LOC)+/-ss 0.35 01/01/2024 7,470,000
 35,120,000
 ------------------
MASSACHUSETTS: 0.30%
 2,170,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BOSTON
 UNIVERSITY PROJECT SERIES U-6E
 (EDUCATION REVENUE, BANK OF NOVA SCOTIA LOC)+/-ss 0.25 10/01/2042 2,170,000
 8,205,000 MASSACHUSETTS DRIVERS TRUST SERIES 3187-Z (WATER &
 SEWER REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.30 08/01/2014 8,205,000
 3,700,000 MASSACHUSETTS SERIES 2648 (GO - STATE, FSA INSURED
 JPMORGAN CHASE &
 COMPANY LOC)+++/-ss 0.35 08/01/2015 3,700,000
 14,075,000
 ------------------
MICHIGAN: 3.49%
 5,000,000 MICHIGAN FINANCE AUTHORITY SERIES D-1 (MISCELLANEOUS
 REVENUE) 2.00 08/19/2011 5,057,393
 7,000,000 MICHIGAN FINANCE AUTHORITY SERIES D-2 (MISCELLANEOUS
 REVENUE) 2.00 08/22/2011 7,108,609
 7,000,000 MICHIGAN FINANCE AUTHORITY SERIES D-3 (MISCELLANEOUS
 REVENUE) 2.00 08/22/2011 7,108,609
 9,500,000 MICHIGAN HOUSING DEVELOPMENT AUTHORITY LIMITED
 OBLIGATION HOUSING CANTERBURY
 PROJECT SERIES A (HOUSING REVENUE, LASALLE BANK NA
 LOC)+/-ss 0.45 06/01/2038 9,500,000
 52,715,000 MICHIGAN HOUSING DEVELOPMENT AUTHORITY RENTAL
 HOUSING PROJECT SERIES 2006-A
 (HOUSING REVENUE, FSA INSURED & SECURITIES PURCHASE
 AGREEMENT BY FORTIS BANK)+/-ss 0.32 10/01/2040 52,715,000
 32,875,000 MICHIGAN HOUSING DEVELOPMENT AUTHORITY RENTAL
 HOUSING PROJECT SERIES 2006-C
 (HOUSING REVENUE, FSA INSURED & SECURITIES PURCHASE
 AGREEMENT BY FORTIS BANK)+/-ss 0.32 04/01/2041 32,875,000
 6,500,000 MICHIGAN HOUSING DEVELOPMENT AUTHORITY RENTAL
 HOUSING PROJECT SERIES 2010-F
 (HOSPITAL REVENUE)+/-ss 0.39 11/15/2049 6,500,000
 6,000,000 MICHIGAN HOUSING DEVELOPMENT AUTHORITY RENTAL
 HOUSING PROJECT SERIES 2010-F
 (HOSPITAL REVENUE)+/-ss 0.39 11/15/2049 6,000,000
 19,215,000 MICHIGAN SOLID WASTE DISPOSAL L'ANSE WARDEN COMPANY
 PROJECT SERIES 2008
 (RESOURCE RECOVERY REVENUE, STANDARD CHARTERED PLC
 LOC)+/-ss 0.40 02/01/2028 19,215,000
 7,000,000 MICHIGAN STRATEGIC FUND CONSUMERS ENERGY COMPANY
 PROJECT
 (ELECTRIC REVENUE, WELLS FARGO & COMPANY LOC) (q)+/-ss 0.31 04/01/2035 7,000,000
 8,705,000 ROYAL OAK MICHIGAN DEUTSCHE BANK SPEARS LIFERS TRUST
 SERIES DB-446
 (PUBLIC FACILITIES REVENUE, DEUTSCHE BANK AG LOC)+++/-ss 0.30 10/14/2030 8,705,000
 161,784,611
 ------------------
MINNESOTA: 1.58%
 5,000,000 DAKOTA COUNTY MN CDA VIEW POINTE APARTMENTS PROJECT
 SERIES 2007-A
 (HOUSING REVENUE, FNMA INSURED)+/-ss 0.36 01/15/2038 5,000,000
 100,000 MAPLEWOOD MN EDUCATIONAL FACILITIES AUTHORITY MOUNDS
 PARK ACADEMY PROJECT
 (EDUCATION REVENUE, US BANK NA LOC )+/-ss 0.29 10/01/2023 100,000
 13,615,000 MINNEAPOLIS & ST. PAUL MN HOUSING & REDEVELOPEMENT
 AUTHORITY ALLINA HEALTH
 SYSTEMS PROJECT SERIES B2 (HOSPITAL REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+/-ss 0.25 11/15/2035 13,615,000
 1,200,000 MINNEAPOLIS & ST. PAUL MN HOUSING & REDEVELOPEMENT
 AUTHORITY ALLINA HEALTH
 SYSTEMS SERIES B-1 (HOSPITAL REVENUE, JPMORGAN CHASE
 & COMPANY LOC)+/-ss 0.26 11/15/2035 1,200,000
 4,535,000 MINNEAPOLIS & ST. PAUL MN HOUSING & REDEVELOPEMENT
 AUTHORITY CHILDREN'S
 HOSPITAL CLINICS PROJECT SERIES A-II (HOSPITAL
 REVENUE, US BANK LOC)+/-ss 0.27 08/15/2037 4,535,000
 1,735,000 MINNEAPOLIS MN MFHR DRIFTWOOD APARTMENTS PROJECT
 SERIES A
 (HOUSING REVENUE, US BANK NA LOC)+/-ss 0.40 10/01/2024 1,735,000
 1,000,000 MINNEAPOLIS MN MFHR GATEWAY REAL ESTATE PROJECT
 (HOUSING REVENUE, LASALLE BANK NA LOC)+/-ss 0.38 10/01/2032 1,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
MINNESOTA (continued)
$ 1,305,000 MINNEAPOLIS, MN PEOPLE SERVING PEOPLE PROJECT SERIES A
 (MISCELLANEOUS REVENUE, US BANK NA LOC)+++/-ss 0.25% 10/01/2021 $ 1,305,000
 3,060,000 MINNESOTA BOND SECURITIZATION TRUST SERIES S1
 (HOUSING REVENUE, LASALLE BANK NA LOC)+++/-ss 0.50 02/01/2027 3,060,000
 3,180,000 MINNESOTA BOND SECURITIZATION TRUST SERIES S2
 (HOUSING REVENUE, LASALLE BANK NA LOC)+++/-ss 0.50 11/01/2028 3,180,000
 8,000,000 MINNESOTA HFA RESIDENTIAL HOUSING FINANCE PROJECT
 SERIES C
 (HOUSING REVENUE, GUARANTEE BY MINNESOTA HFA)+/-ss 0.31 07/01/2036 8,000,000
 2,000,000 MINNESOTA HFA SERIES C (HOUSING REVENUE, FHLMC
 INSURED)+/-ss 0.31 07/01/2048 2,000,000
 350,000 MINNESOTA HIGHER EDUCATION FACILITIES ST. OLAF
 COLLEGE PROJECT SERIES 5-M1
 (EDUCATION REVENUE, HARRIS BANK NA LOC)+/-ss 0.26 10/01/2032 350,000
 7,545,000 MINNESOTA HIGHER EDUCATION FACILITIES UNIVERSITY OF
 ST. THOMAS PROJECT SERIES 5-C
 (EDUCATION REVENUE, ALLIED IRISH BANK PLC LOC)+/-ss 2.00 04/01/2025 7,545,000
 3,625,000 MINNESOTA TRUNK HIGHWAY PROJECT SERIES B (GENERAL
 OBLIGATION-STATE) 4.00 08/01/2011 3,748,029
 425,000 PLYMOUTH MN MFHR AT THE LAKE APARTMENTS PROJECT
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.36 08/01/2034 425,000
 13,400,000 ST. ANTHONY MN MFHR LANDINGS SILVER LAKE PROJECT
 SERIES 2004-A (HOUSING REVENUE,
 LASALLE BANK NA LOC)+/-ss 0.38 10/01/2037 13,400,000
 1,400,000 ST. ANTHONY MN MFHR LANDINGS SILVER LAKE PROJECT
 SERIES 2007
 (HOUSING REVENUE, LASALLE BANK NA LOC)+/-ss 0.42 10/01/2037 1,400,000
 1,460,000 ST. PAUL MN PORT AUTHORITY TAX INCREMENT WESTGATE
 OFFICE & INDUSTRIAL CENTER PROJECT
 (SPECIAL TAX REVENUE, US BANK NA LOC)+/-ss 0.27 02/01/2015 1,460,000
 73,058,029
 ------------------
MISSISSIPPI: 1.64%
 18,960,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES 2007-32
 (GO - STATE,
 STATE STREET BANK & TRUST COMPANY LOC)+/-ss 0.35 02/01/2016 18,960,000
 15,925,000 JACKSON COUNTY MS PORT FACILITY REVENUE CHEVRON USA
 INCORPORATED PROJECT (LDR)+/-ss 0.21 06/01/2023 15,925,000
 29,000,000 MISSISSIPPI BUSINESS FINANCE CORPORATION CHEVRON USA
 (IDR)+/-ss 0.24 12/01/2030 29,000,000
 4,765,000 MISSISSIPPI BUSINESS FINANCE CORPORATION JACKSON
 EDUCATION MALL FOUNDATION
 PROJECT SERIES 2008-A (MISCELLANEOUS REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+/-ss 0.30 11/01/2018 4,765,000
 7,455,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION SOLAR
 ECLIPSE PROJECT
 SERIES 2006-0153 (GO - LOCAL, US BANK LOC)+++/-ss 0.28 03/01/2014 7,455,000
 76,105,000
 ------------------
MISSOURI: 0.45%
 696,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES 1999-02
 (HOUSING REVENUE,
 STATE STREET BANK & TRUST COMPANY LOC)+/-ss 0.45 10/01/2012 696,000
 1,494,945 CLIPPER TAX-EXEMPT CERTIFICATE TRUST SERIES 2009-4
 (GO - STATE,STATE STREET BANK &
 TRUST COMPANY LOC)+/-ss 0.45 01/01/2049 1,494,945
 2,160,000 GREENE COUNTY MO STASBOURG ESTATES PROJECT (HOUSING
 REVENUE, US BANCORP LOC)+/-ss 0.39 08/01/2038 2,160,000
 2,400,000 KANSAS CITY MO H. ROE BARTLE CONVENTION CENTER
 PROJECT SERIES 2008 F
 (MISCELLANEOUS REVENUE, SECURITIES PURCHASE AGREEMENT
 BY DEXIA SA)+/-ss 0.31 04/15/2025 2,400,000
 4,125,000 ST. CHARLES COUNTY MO UNITED HANDICAP SERVICES
 (HOSPITAL REVENUE, US BANCORP LOC)+/-ss 0.42 07/01/2023 4,125,000
 10,000,000 ST. LOUIS COUNTY MO TRAN (SPECIAL TAX REVENUE) 0.45 08/01/2011 10,007,002
 20,882,947
 ------------------
NEBRASKA: 0.16%
 1,110,000 HALL COUNTY NE GLOBAL INDUSTRIES INCORPORATED PROJECT
 (IDR, WELLS FARGO & COMPANY LOC) (q)+/-ss 0.51 12/01/2020 1,110,000
 6,190,000 NEBRASKA INVESTMENT FINANCE AUTHORITY MH APPLE CREEK
 ASSOCIATES PROJECT
 SERIES 1985-A (HOUSING REVENUE, NORTHERN TRUST
 CORPORATION LOC)+/-ss 0.42 09/01/2031 6,190,000
 7,300,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
NEVADA: 0.56%
$ 15,000,000 CLARK COUNTY NV AIRPORT SERIES B-1 (AIRPORT
 REVENUE, SECURITIES PURCHASE AGREEMENT
 BY DEXIA SA)+/-ss 0.34% 07/01/2022 $ 15,000,000
 5,000,000 CLARK COUNTY NV AIRPORT SERIES E-1 (AIRPORT REVENUE) 2.50 06/01/2011 5,069,394
 6,100,000 RENO NV SALES TAX REVENUE REFUNDING SENIOR LIEN
 RENO TRANSPORTATION RAIL ACCESS
 CORRIDOR PROJECT (SALES TAX REVENUE, BANK OF NEW
 YORK LOC)+/-ss 0.25 06/01/2042 6,100,000
 26,169,394
 ------------------
NEW HAMPSHIRE: 1.09%
 39,380,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2005-03 (HOUSING REVENUE, FSA INSURED &
 SECURITIES PURCHASE AGREEMENT BY STATE STREET BANK
 & TRUST COMPANY)+/-ss 0.42 02/01/2013 39,380,000
 5,000,000 MERRIMACK COUNTY NH TRAN (GO - LOCAL) 1.00 12/30/2010 5,006,567
 6,330,000 NEW HAMPSHIRE HEALTH & EDUCATIONAL FACILITIES
 AUTHORITY DARTMOUTH COLLEGE PROJECT
 SERIES 3069 (EDUCATION REVENUE, MORGAN STANLEY
 LOC)+++/-ss 0.30 06/01/2039 6,330,000
 50,716,567
 ------------------
NEW JERSEY: 2.01%
 550,000 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY
 FACILITIES CONSTRUCTURE SERIES R1
 (OTHER REVENUE, BANK OF NOVA SCOTIA LOC)+/-ss 0.26 09/01/2031 550,000
 7,400,000 NEW JERSEY EDUCATIONAL DEVELOPMENT AUTHORITY
 LAWRENCEVILLE SCHOOL PROJECT
 (EDUCATION REVENUE, JPMORGAN CHASE & COMPANY LOC)+/-ss 0.18 07/01/2031 7,400,000
 8,800,000 NEW JERSEY EDUCATIONAL DEVELOPMENT AUTHORITY,
 LAWRENCEVILLE SCHOOL PROJECT
 SERIES B (EDUCATION REVENUE)+/-ss 0.20 07/01/2026 8,800,000
 2,000,000 NEW JERSEY EDUCATIONAL DEVELOPMENT AUTHORITY, SETON
 HALL UNIVERSITY SERIES D
 (EDUCATION REVENUE)+/-ss 1.30 07/01/2037 2,000,000
 5,000,000 NEW JERSEY HEALTH CARE FACILITIES AUTHORITY
 PRINCETON HEALTHCARE SERIES B
 (HOSPITAL REVENUE, TD BANK NA LOC)+/-ss 0.25 07/01/2041 5,000,000
 9,840,000 NEW JERSEY HFA MFHR SERIES 3 (HOUSING REVENUE,
 SECURITIES PURCHASE AGREEMENT
 BY DEXIA SA)+/-ss 0.37 11/01/2046 9,840,000
 2,425,000 NEW JERSEY TRANSPORTATION FINANCE AUTHORITY &
 CLIPPER TAX-EXEMPT CERTIFICATES TRUST
 SERIES A-2006 (TRANSPORTATION REVENUE, GUARANTEE BY
 STATE STREET BANK &
 TRUST COMPANY)+++/-ss 0.30 01/01/2020 2,425,000
 250,000 NEW JERSEY TRANSPORTATION FINANCE AUTHORITY &
 SERIES 038 (TRANSPORTATION REVENUE,
 AMBAC INSURED WELLS FARGO & COMPANY LOC) (q)+++/-ss 0.30 12/15/2026 250,000
 29,120,000 NEW JERSEY TURNPIKE AUTHORITY DEXIA CREDIT LOCAL
 TRUST SERIES 2008-057 (TRANSPORTATION
 REVENUE, FSA INSURED & SECURITIES PURCHASE
 AGREEMENT BY DEXIA SA)+/-ss 0.47 01/01/2022 29,120,000
 10,000,000 NEW JERSEY PFOTER SERIES 638 (STUDENT LOAN REVENUE,
 MERRILL LYNCH LOC)+++/-ss 0.29 12/01/2024 10,000,000
 15,000,000 NORTH BRUNSWICK TOWNSHIP NJ BOND ANITCIPATION NOTES
 (GO-LOCAL) 1.25 08/11/2011 15,126,732
 2,500,000 SOUTH RIVER NJ BOND ANTICIPATION NOTES SERIES 2009
 (GO - LOCAL) 1.50 12/21/2010 2,506,038
 93,017,770
 ------------------
NEW MEXICO: 1.36%
 18,500,000 FARMINGTON NM PCR ARIZONA PUBLIC SERVICE COMPANY
 SERIES C (ELECTRIC REVENUE,
 BARCLAYS BANK PLC LOC)+/-ss 0.27 09/01/2024 18,500,000
 3,445,000 NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION SERIES
 A (STUDENT LOAN REVENUE,
 ROYAL BANK OF CANADA LOC)+/-ss 0.33 11/01/2028 3,445,000
 7,500,000 NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION SERIES
 A-1 (STUDENT LOAN REVENUE,
 ROYAL BANK OF CANADA LOC)+/-ss 0.33 04/01/2034 7,500,000
 7,500,000 NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION SERIES
 A-2 (STUDENT LOAN REVENUE,
 ROYAL BANK OF CANADA LOC)+/-ss 0.33 04/01/2034 7,500,000
 21,110,000 NEW MEXICO EDUCATIONAL AUTHORITY PFOTER SERIES 637
 (STUDENT LOAN REVENUE,
 BANK OF AMERICA CORPORATION LOC)+/-ss 0.37 04/01/2037 21,110,000
 5,000,000 NEW MEXICO TRAN (MISCELLANEOUS REVENUE) 2.50 06/30/2011 5,090,644
 63,145,644
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
NEW YORK: 8.64%
$ 6,495,000 BRANCH BANK & TRUST MUNICIPAL TRUST SERIES 1036
 (LEASE REVENUE, BRANCH BANK & TRUST COMPANY LOC)+++/-ss 0.43% 02/01/2019 $ 6,495,000
 8,965,000 BRANCH BANK & TRUST MUNICIPAL TRUST SERIES 1039
 (LEASE REVENUE, BRANCH BANK & TRUST COMPANY LOC)+++/-ss 0.36 06/01/2025 8,965,000
 1,849,740 BRIARCLIFF MANOR NY BOND ANTICIPATION NOTES SERIES
 2009-E
 (GO - LOCAL, GUARANTEE BY BRIARCLIFF MANOR, NY) 1.50 09/24/2010 1,850,317
 4,430,000 BRONXVILLE NY BOND ANTICIPATION NOTES UNION FREE
 SCHOOL DISTRICT PROJECT SERIES 2009
 (GO - LOCAL, GUARANTEE BY BRONXVILLE UNION FREE
 SCHOOL DISTRICT) 1.50 09/24/2010 4,432,077
 5,060,000 BROOME COUNTY NY INDUSTRIAL DEVELOPMENT AGENCY GOOD
 SHEPHERD VILLAGE
 ENDWELL INCORPORATED PROJECT SERIES B (HOSPITAL
 REVENUE, MANUFACTURERS &
 TRADERS TRUST COMPANY LOC)+/-ss 0.35 07/01/2023 5,060,000
 7,100,000 BROOME COUNTY NY INDUSTRIAL DEVELOPMENT AGENCY GOOD
 SHEPHERD VILLAGE
 ENDWELL INCORPORATED PROJECT SERIES C (CONTINUING
 CARE RETIREMENT COMMUNITY
 REVENUE, MANUFACTURERS & TRADERS TRUST COMPANY LOC)+/-ss 0.35 07/01/2040 7,100,000
 2,865,000 BUFFALO, NY MUNICIPAL WATER FINANCE AUTHORITY (WATER
 & SEWER REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+/-ss 0.25 07/01/2035 2,865,000
 8,421,865 CAYUGA COUNTY NY BOND ANTICIPATION NOTES
 (GO - LOCAL, GUARANTEE BY CAYUGA COUNTY, NY) 1.50 10/08/2010 8,425,238
 24,055,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES 2009-85
 (HOUSING REVENUE, STATE STREET BANK & TRUST
 COMPANY)+++/-ss 0.45 09/01/2034 24,055,000
 8,610,000 DUTCHESS COUNTY NY IDA CIVIC FACILITIES BROOKVIEW
 INCORPORATED PROJECT (CONTINUING
 CARE RETIREMENT COMMUNITY REVENUE, MANUFACTURERS &
 TRADERS TRUST COMPANY LOC)+/-ss 0.35 09/01/2037 8,610,000
 7,140,000 ERIE COUNTY NY IDA SCHOOL FACILITIES SERIES 2946
 (EDUCATION REVENUE, FSA INSURED &
 JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.33 11/01/2012 7,140,000
 6,216,636 MARLBORO NY CENTRAL SCHOOL DISTRICT BOND
 ANTICIPATION NOTES (GO - LOCAL) 1.50 10/21/2010 6,223,682
 3,705,000 MIDDLETOWN NY BOND ANTICIPATION NOTES (GO - LOCAL) 1.50 04/08/2011 3,719,311
 7,505,000 MONROE COUNTY NY IDA CIVIC FACILITIES MONROE
 COMMUNITY COLLEGE PROJECT SERIES A
 (HOUSING REVENUE, JPMORGAN CHASE & COMPANY LOC)+/-ss 0.27 06/01/2036 7,505,000
 2,415,000 MONROE COUNTY NY IDA URBAN FOCUS, LP PROJECT SERIES
 2007 (HOUSING REVENUE,
 FHLMC INSURED)+++/-ss 0.39 02/01/2046 2,415,000
 13,000,000 NASSAU HEALTH CARE CORPORATION, SERIES B-2
 (MISCELLANEOUS REVENUE)+/-ss 0.25 08/01/2029 13,000,000
 3,270,000 NEW YORK ENVIRONMENTAL FACILITIES WASTE MANAGEMENT
 INCORPORATED PROJECT
 SERIES 2002-B (SOLID WASTE REVENUE, JPMORGAN CHASE &
 COMPANY LOC)+/-ss 0.25 05/01/2019 3,270,000
 2,700,000 NEW YORK HFA ARCHSTONE WESTBURY HOUSING PROJECT
 SERIES 2004-A
 (HOUSING REVENUE, BANK OF AMERICA CORPORATION LOC)+/-ss 0.30 11/01/2036 2,700,000
 6,810,000 NEW YORK HFA ROC RR-II-R 11700 SERIES B
 (HOUSING REVENUE, CITIBANK NA LOC)+++/-ss 0.36 05/01/2038 6,810,000
 14,500,000 NEW YORK HFA VICTORY HOUSING PROJECT SERIES 2000-A
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.28 11/01/2033 14,500,000
 10,960,000 NEW YORK MORTGAGE AGENCY HOMEOWNER ROC RR-II-R 11703
 (HOUSING REVENUE, CITIBANK, NA LOC)+++/-ss 0.36 10/01/2031 10,960,000
 3,000,000 NEW YORK PERSONAL INCOME TAX URBAN DEVELOPMENT
 CORPORATION PROJECT SERIES 3470
 (SPECIAL TAX REVENUE, JPMORGAN CHASE & COMPANY
 LOC)+++/-ss 0.30 03/15/2031 3,000,000
 18,090,000 NEW YORK STATE DORMATORY AUTHORITY SUPPORTED DEBT
 TERESIAN HOUSE PROJECT SERIES 2003
 (HOUSING REVENUE, MANUFACTURERS & TRADERS TRUST
 COMPANY LOC)+/-ss 0.35 07/01/2033 18,090,000
 10,000,000 NEW YORK STATE HFA SERIES C (INCOME TAX REVENUE,
 SECURITIES PURCHASE
 AGREEMENT BY DEXIA CREDIT LOCAL DE FRANCE)+/-ss 0.30 03/15/2033 10,000,000
 4,525,000 NEW YORK DORMATORY AUTHORITY PERSONAL INCOME TAX
 EDUCATION PROJECT SERIES 3471
 (SPECIAL TAX REVENUE, JPMORGAN CHASE & COMPANY
 LOC)+++/-ss 0.30 09/15/2029 4,525,000
 2,970,000 NEW YORK NY DRIVERS TRUST SERIES 3381 (HOUSING
 REVENUE, LIQUIDITY FACILITY BY
 JPMORGAN CHASE & COMPANY)+++/-ss 0.41 10/01/2023 2,970,000
 1,800,000 NEW YORK NY SERIES C-3 (GO - LOCAL)+/-ss 0.26 08/01/2020 1,800,000
 125,000 NEW YORK NY FISCAL YEAR 1994 SERIES A-10 (GO - LOCAL,
 JPMORGAN CHASE & COMPANY LOC)+/-ss 0.24 08/01/2017 125,000
 2,870,000 NEW YORK NY SERIES 3823 (GO - LOCAL, SECURITIES
 PURCHASE AGREEMENT BY DEXIA
 CREDIT LOCAL DE FRNCE)+++/-ss 0.54 02/01/2016 2,870,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
NEW YORK (continued)
$ 6,245,000 NEW YORK NY HOUSING DEVELOPMENT CORPORATION MFHR
 SERIES 143 ROC RR-II-R 11699
 (HOUSING REVENUE, LIQUIDITY FACILITY BY CITIBANK,
 NA)+++/-ss 0.36% 11/01/2040 $ 6,245,000
 15,300,000 NEW YORK NY HOUSING DEVELOPMENT CORPORATION MFHR
 SERIES 2008-H-2-A
 (HOUSING REVENUE, SECURITIES PURCHASE AGREEMENT
 BY DEXIA SA)+/-ss 0.31 05/01/2013 15,300,000
 12,720,000 NEW YORK NY HOUSING DEVELOPMENT CORPORATION MFHR
 SERIES 2008-I2
 (HOUSING REVENUE)+/-ss 0.53 01/10/2040 12,720,000
 29,820,000 NEW YORK NY MUNICIPAL WATER & SEWER FINANCE
 AUTHORITY FISCAL YEAR 2009 SERIES 3484
 (WATER & SEWER REVENUE, JPMORGAN CHASE & COMPANY
 LOC)+++/-ss 0.26 06/15/2033 29,820,000
 3,345,000 NEW YORK NY MUNICIPAL WATER & SEWER FINANCE
 AUTHORITY SERIES B-2 (WATER & SEWER
 REVENUE, SECURITIES PURCHASE AGREEMENT BY LLOYDS
 TSB BANK PLC)+/-ss 0.24 06/15/2024 3,345,000
 11,250,000 NEW YORK NY TRANSPORTATION FINANCE AUTHORITY NEW YORK CITY
 RECOVERY FISCAL YEAR 2003
 PROJECT SERIES 2-F (SPECIAL TAX REVENUE,
 SECURITIES PURCHASE AGREEMENT BY DEXIA SA)+/-ss 0.38 11/01/2022 11,250,000
 25,710,000 NEW YORK NY TRANSPORTATION FINANCE AUTHORITY NEW YORK CITY
 RECOVERY FISCAL YEAR 2003
 PROJECT SERIES 3-C (SPECIAL TAX REVENUE,
 SECURITIES PURCHASE AGREEMENT BY DEXIA SA)+/-ss 0.38 11/01/2022 25,710,000
 6,000,000 NEW YORK NY TRANSPORTATION FINANCE AUTHORITY
 SERIES 3F (SPECIAL TAX REVENUE,
 SECURITIES PURCHASE AGREEMENT BY ROYAL BANK OF
 CANADA)+/-ss 0.24 11/01/2022 6,000,000
 5,995,000 NEW YORK NY DRIVERS TRUST SERIES 3465 (WATER &
 SEWER REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.30 06/15/2013 5,995,000
 4,000,000 NEW YORK NY DRIVERS TRUST SERIES 3477 (WATER &
 SEWER REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.30 06/15/2017 4,000,000
 7,250,000 NEW YORK NY DRIVERS TRUST SERIES 3482 (WATER &
 SEWER REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.30 06/15/2033 7,250,000
 10,333,850 ONEIDA NY CITY SCHOOL DISTRICT BOND ANTICIPATION
 NOTES FISCAL YEAR 2009
 (GO - LOCAL) 1.50 10/29/2010 10,342,290
 4,690,000 ORANGETOWN NY BOND ANTICIPATION NOTES (GO - LOCAL,
 GUARANTEE BY ORANGETOWN, NY) 1.50 09/29/2010 4,692,139
 19,000,000 OYSTER BAY NY (GO - LOCAL) 1.25 08/12/2011 19,170,066
 24,411,000 ROCKLAND COUNTY NY BOND ANTICIPATION NOTES (GO -
 LOCAL,
 GUARANTEE BY ROCKLAND COUNTY, NY) 2.50 09/02/2010 24,411,959
 7,500,000 TARRYTOWN NY UNIFIED SCHOOL DISTRICT BOND
 ANTICIPATION NOTES (GO - LOCAL) 1.50 08/12/2011 7,580,461
 7,000,000 WATERVLIET NY CITY SCHOOL DISTRICT BOND
 ANTICIPATION NOTES (GO - LOCAL) 1.50 01/27/2011 7,019,980
 400,332,520
 ------------------
NORTH CAROLINA: 1.17%
 4,610,000 CHARLOTTE NC AIRPORT CHARLOTTE DOUGLAS AIRPORT
 SERIES D (AIRPORT REVENUE, BANK OF
 AMERICA CORPORATION LOC)+/-ss 0.31 07/01/2034 4,610,000
 13,000,000 DURHAM COUNTY NC COP (OFFICE ELECTRONICS REVENUE,
 FHLMC INSURED & SUNTRUST BANKS
 INCORPORATED LOC)+/-ss 0.30 06/01/2034 13,000,000
 5,000,000 NORTH CAROLINA CAPITAL FINANCE AGENCY WAKE FOREST
 UNIVERSITY PROJECT SERIES 3070
 (EDUCATION REVENUE, MORGAN STANLEY LOC)+++/-ss 0.31 01/01/2038 5,000,000
 4,900,000 NORTH CAROLINA EDUCATIONAL FACILITIES AUTHORITY
 HILL CENTER PROJECT (EDUCATION REVENUE,
 BRANCH BANK & TRUST COMPANY LOC)+/-ss 0.30 07/01/2028 4,900,000
 3,065,000 NORTH CAROLINA EDUCATIONAL FACILITIES FINANCE
 AGENCY CHARLOTTE DAY SCHOOL PROJECT
 (EDUCATION REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.31 08/01/2020 3,065,000
 5,000,000 NORTH CAROLINA HEALTHCARE FACILITIES AUTHORITY
 HOSPICE ALAMANCE PROJECT (HOSPITAL
 REVENUE, BRANCH BANK & TRUST COMPANY LOC)+/-ss 0.30 12/01/2033 5,000,000
 5,600,000 NORTH CAROLINA HEALTHCARE FACILITIES AUTHORITY
 WAKE FOREST UNIVERSITY PROJECT SERIES D
 (HOSPITAL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2034 5,600,000
 4,880,000 NORTH CAROLINA EDUCATION CARE COMMUNITY HEFA
 UNIVERSITY HEALTH SYSTEMS OF EASTERN
 CAROLINA SERIES 2008-B-1 (HOSPITAL REVENUE, BANK
 OF AMERICA NA LOC)+/-ss 0.26 12/01/2036 4,880,000
 3,455,000 PIEDMONT NC TRIAD AIRPORT AUTHORITY SERIES A
 (AIRPORT REVENUE,
 BRANCH BANK & TRUST COMPANY LOC)+/-ss 0.31 07/01/2032 3,455,000
 4,630,000 PIEDMONT NC TRIAD AIRPORT AUTHORITY SERIES B
 (AIRPORT REVENUE, BRANCH BANK & TRUST
 COMPANY LOC)+/-ss 0.35 07/01/2029 4,630,000
 54,140,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
NORTH DAKOTA: 0.57%
$ 1,025,000 FARGO ND CASS CLAY CREAMERY, INCORPORATED PROJECT
 (IDR)+/-ss 0.60% 12/01/2012 $ 1,025,000
 2,800,000 MANDAN ND CLOVERDALE FOODS COMPANY PROJECT (IDR,
 BANK OF NORTH DAKOTA LOC)+/-ss 0.51 12/01/2022 2,800,000
 12,500,000 NORTH DAKOTA RURAL WATER FINANCE CORPORATION PUBLIC
 PROJECT CONSTRUCTION NOTES
 SERIES A-3 (WATER & SEWER REVENUE, REGIONS BANK LOC) 1.50 10/01/2010 12,506,115
 10,000,000 NORTH DAKOTA RURAL WATER FINANCE CORPORATION PUBLIC
 PROJECT CONSTRUCTION NOTES
 SERIES A-4 (WATER & SEWER REVENUE, REGIONS BANK LOC) 1.50 09/01/2011 10,079,352
 26,410,467
 ------------------
OHIO: 3.43%
 3,000,000 CLEVELAND-CUYAHOGA COUNTY OH PORT AUTHORITY EUCLID
 AVENUE HOUSING CORPORATION
 PROJECT (HOUSING REVENUE, US BANK LOC)+/-ss 0.27 06/01/2039 3,000,000
 35,875,000 CUYAHOGA COUNTY OH HOSPITAL UNIVERSITY HOSPITAL
 HEALTH SYSTEMS, INCORPORATED
 PROJECT SERIES 263 (HOSPITAL REVENUE, MBIA
 INSURED)+++/-ss 0.40 01/15/2026 35,875,000
 8,500,000 FRANKLIN COUNTY OH HCFR, OHIO PRESBYTERIAN SERIES A
 (HOSPITAL REVENUE, HOSPITAL
 REVENUE, PNC BANK NA LOC)+/-ss 1.00 07/01/2036 8,500,000
 12,155,000 LANCASTER OH PORT AUTHORITY GAS SERIES 2008
 (UTILITY REVENUE, SECURITIES PURCHASE
 AGREEMENT BY ROYAL BANK OF CANADA)+/-ss 0.31 05/01/2038 12,155,000
 49,500,000 OHIO AIR QUALITY DEVELOPMENT AUTHORITY EXEMPT
 FACILITIES ANDERSONS MARATHON
 ETHANOL, LLC PROJECT SERIES 2007 (IDR, COBANK LOC)+/-ss 0.40 09/01/2037 49,500,000
 8,350,000 OHIO AIR QUALITY DEVELOPMENT AUTHORITY DAYTON POWER
 PROJECT SERIES B
 (ELECTRIC REVENUE, JPMORGAN CHASE & COMPANY LOC)+/-ss 0.28 11/01/2040 8,350,000
 3,570,000 OHIO AIR QUALITY DEVELOPMENT AUTHORITY OHIO
 ELECTRIC CORPORATION PROJECT SERIES D
 (ELECTRIC REVENUE, BANK OF TOKYO-MITSUBISHI UFJ
 LOC)+/-ss 0.27 02/01/2026 3,570,000
 2,500,000 OHIO AIR QUALITY DEVELOPMENT AUTHORITY OHIO VALLEY
 ELECTRIC CORPORATION
 PROJECT SERIES B (ELECTRIC REVENUE, BANK OF NOVA
 SCOTIA LOC)+/-ss 0.27 02/01/2026 2,500,000
 14,100,000 OHIO STATE WATER DEVELOPMENT AUTHORITY FIRST ENERGY
 GENERAL CORPORATION SERIES A
 (IDR, BARCLAYS BANK PLC LOC)+/-ss 0.23 05/15/2019 14,100,000
 11,700,000 PARMA OH HOSPITAL IMPROVEMENT PARMA COMMUNITY
 GENERAL HOSPITAL SERIES A
 (HOSPITAL REVENUE, LIQUIDITY FACILITY BY JPMORGAN
 CHASE & COMPANY)+/-ss 0.26 11/01/2029 11,700,000
 9,480,000 PRINCETON OH SCHOOL DISTRICT MSTR (EDUCATION
 REVENUE, SECURITIES PURCHASE
 AGREEMENT BY SOCIETE GENERALE)+++/-ss 0.27 12/01/2030 9,480,000
 158,730,000
 ------------------
OKLAHOMA: 0.28%
 2,500,000 OKLAHOMA DEVELOPMENT FINANCE AUTHORITY
 CONOCOPHILLIPS PROJECT SERIES B
 (IDR, GUARANTEE BY CONOCOPHILLIPS)+/-ss 0.35 08/01/2037 2,500,000
 10,500,000 OKLAHOMA TURNPIKE AUTHORITY (HIGHWAY TOLL REVENUE)+/-ss 0.25 01/01/2028 10,500,000
 13,000,000
 ------------------
OREGON: 0.40%
 925,000 OREGON BEEF NORTHWEST FEEDERS PROJECT (IDR, BANK OF
 AMERICA NA LOC)+/-ss 0.60 01/01/2016 925,000
 920,000 OREGON BEEF NORTHWEST FEEDERS PROJECT (IDR, BANK OF
 AMERICA NA LOC)+/-ss 0.60 01/01/2019 920,000
 5,500,000 OREGON BEHLEN MANUFACTURING COMPANY PROJECT
 (MANUFACTURING REVENUE,
 LASALLE BANK NA LOC)+/-ss 0.45 06/01/2017 5,500,000
 7,945,000 OREGON HEALTH & SCIENCE UNIVERSITY SERIES B-1
 (EDUCATION REVENUE, US BANK LOC)+/-ss 0.30 07/01/2027 7,945,000
 3,280,000 OREGON HEALTH & SCIENCE UNIVERSITY SERIES B-2
 (EDUCATION REVENUE, US BANK LOC)+/-ss 0.26 07/01/2027 3,280,000
 18,570,000
 ------------------
OTHER: 3.66%
 7,630,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST RB, SER.
 2009-12 (MISCELLANEOUS REVENUE)+/-ss 0.45 03/01/2038 7,630,000
 25,000,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2004-04 (GO - STATE,
 GUARANTEE BY STATE STREET BANK & TRUST COMPANY)+/-ss 0.35 07/01/2011 25,000,000
 14,500,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES
 2004-05 (GO - STATE,
 GUARANTEE BY STATE STREET BANK & TRUST COMPANY)+/-ss 0.35 10/01/2011 14,500,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
OTHER (continued)
$ 2,739,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES 2005-14
 (HOUSING REVENUE, GNMA
 INSURED & LIQUIDITY FACILITY BY STATE STREET BANK &
 TRUST COMPANY LOC)+/-ss 0.45% 09/01/2010 $ 2,739,000
 4,420,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES 2006-04
 (GO - LOCAL, SECURITIES PURCHASE
 AGREEMENT BY STATE STREET BANK & TRUST COMPANY)+/-ss 0.33 05/01/2013 4,420,000
 13,935,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES 2007-14
 (GO - STATE, GUARANTEE BY STATE
 STREET BANK & TRUST COMPANY)+/-ss 0.45 03/01/2012 13,935,000
 23,275,000 MERRILL LYNCH PUTTABLE OPTION TAX-EXEMPT RECEIPTS
 CLASS A
 (HOUSING REVENUE, FHLMC INSURED)+++/-ss 0.40 05/01/2032 23,275,000
 56,740,000 MERRILL LYNCH PUTTABLE OPTION TAX-EXEMPT RECEIPTS
 CLASS A (HOUSING REVENUE,
 LIQUIDITY FACILITY BY MERRILL LYNCH & COMPANY,
 INCORPORATED)+/-ss 0.40 05/15/2029 56,740,000
 21,530,000 MERRILL LYNCH PUTTABLE OPTION TAX-EXEMPT RECEIPTS
 CLASS C (HOUSING REVENUE,
 SECURITIES PURCHASE AGREEMENT BY LLOYDS TSB GROUP
 PLC)+++/-ss 0.33 11/30/2011 21,530,000
 169,769,000
 ------------------
PENNSYLVANIA: 2.80%
 2,790,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH
 EDUCATION CENTER PROJECT SERIES 2007-A (HOSPITAL
 REVENUE, MBIA INSURED)+++/-ss 0.30 02/01/2031 2,790,000
 4,500,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH
 EDUCATION CENTER PROJECT SERIES 2007-B-2 (HOSPITAL
 REVENUE, SECURITIES PURCHASE
 AGREEMENT BY ROYAL BANK OF CANADA)+++/-ss 0.29 04/15/2039 4,500,000
 4,000,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY
 UNIVERSITY OF PITTSBURGH
 EDUCATION CENTER PROJECT SERIES 2010 (HOSPITAL
 REVENUE, PNC BANK NA LOC)+/-ss 0.24 05/15/2038 4,000,000
 4,205,000 ALLEGHENY COUNTY PA HOSPITAL DEVELOPMENT AUTHORITY UPMC
 SENIOR LIVING CORPORATION
 PROJECT (HOSPITAL REVENUE, FNMA INSURED)+/-ss 0.29 07/15/2028 4,205,000
 3,422,000 ALLEGHENY COUNTY PA IDA UNITED JEWISH FEDERATION
 PROJECT SERIES A
 (IDR, PNC BANK NA LOC)+++/-ss 0.29 10/01/2026 3,422,000
 700,000 ALLEGHENY COUNTY PA IDA UNIVERSITY OF PITTSBURGH
 EDUCATION CENTER CHILDREN'S
 HOSPITAL SERIES 2004-A (HOSPITAL REVENUE, BANK OF
 AMERICA NA LOC)+/-ss 0.31 10/01/2032 700,000
 4,000,000 C MUNICIPAL PRODUCTS, INCORPORATED BETHLEHEM AREA
 SCHOOL DISTRICT SERIES E-12
 (GO - LOCAL, SECURITIES PURCHASE AGREEMENT BY ROYAL
 BANK OF CANADA)+++/-ss 0.29 01/05/2012 4,000,000
 15,640,000 MERRILL LYNCH PUTTABLE OPTION TAX-EXEMPT RECEIPTS
 SERIES 385 (HOSPITAL REVENUE,
 MERRILL LYNCH & COMPANY INCORPORATED LOC)+++/-ss 0.37 08/15/2042 15,640,000
 10,865,000 MONTGOMERY COUNTY PA IDA NORTHWESTERN HUMAN SERVICES
 PROJECT
 (HOSPITAL REVENUE, COMMERCE BANK NA LOC)+/-ss 0.26 06/01/2033 10,865,000
 8,040,000 MONTGOMERY COUNTY PA ROCS RR-II-R 11856 (HOSPITAL
 REVENUE, CITIBANK NA LOC)+++/-ss 0.31 02/01/2018 8,040,000
 100,000 PENNSYLVANIA HFA SFHR SERIES 93-B (HOUSING REVENUE,
 SECURITIES PURCHASE
 AGREEMENT BY DEXIA SA)+/-ss 0.39 04/01/2037 100,000
 6,810,000 PENNSYLVANIA HORIZON HOSPITAL SYSTEMS AUTHORITY SR.
 HEALTH & HOUSING FACILITIES
 ST. PAUL HOMES PROJECT SERIES 2002 (CONTINUING CARE
 RETIREMENT COMMUNITY
 REVENUE, MANUFACTURERS & TRADERS TRUST COMPANY LOC)+/-ss 0.35 01/01/2033 6,810,000
 34,955,000 PENNSYLVANIA HOUSING FINANCING AGENCY SERIES 98C
 (HOUSING REVENUE, SECURITIES
 PURCHASE AGREEMENT BY DEXIA CREDIT LOCAL DE
 FINANCE)+/-ss 0.39 10/01/2037 34,955,000
 12,150,000 PENNSYLVANIA TURNPIKE COMMISSION ROCS-RR II-R-12259
 (HIGHWAY REVENUE,
 SECURITIES PURCHASE AGREEMENT BY CITIBANK NA)+++/-ss 0.31 10/01/2013 12,150,000
 7,000,000 PITTSBURGH PA WATER & SEWER AUTHORITY SERIES D-2
 (WATER & SEWER REVENUE,
 SECURITIES PURCHASE AGREEMENT BY PNC BANK NA)+/-ss 0.24 09/01/2040 7,000,000
 5,300,000 SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY
 (SPECIAL TAX REVENUE,
 PNC BANK NA LOC)+/-ss 0.26 03/01/2022 5,300,000
 5,300,000 WESTMORELAND COUNTY PA EXCELLA HEALTH PROJECT SERIES
 B (HOSPITAL REVENUE)+/-ss 0.29 07/01/2030 5,300,000
 129,777,000
 ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
PUERTO RICO: 2.77%
$ 7,345,000 MERRILL LYNCH PUTTABLE OPTION TAX-EXEMPT RECEIPTS
 SERIES 4147 (ELECTRIC REVENUE,
 FGIC INSURED & SECURITIES PURCHASE AGREEMENT BY
 DEXIA SA)+++/-ss 0.54% 07/01/2033 $ 7,345,000
 5,000,000 PUERTO RICO AQUEDUCT & SEWER AUTHORITY SERIES
 2601 (WATER & SEWER REVENUE,
 MORGAN STANLEY LOC)+++/-ss 0.30 07/01/2047 5,000,000
 5,395,000 PUERTO RICO HIGHWAY & TRANSPORTATION AUTHORITY
 SERIES DCL-007 (TRANSPORTATION
 REVENUE, FSA INSURED & SECURITIES PURCHASE
 AGREEMENT BY DEXIA SA)+++/-ss 0.45 01/01/2028 5,395,000
 14,202,000 PUERTO RICO SALES TAX FINANCE CORPORATION PFOTER
 SERIES 267 (SPECIAL TAX REVENUE,
 SECURITIES PURCHASE AGREEMENT BY DEXIA SA)+/-ss 0.57 08/01/2039 14,202,000
 7,500,000 PUERTO RICO SALES TAX FINANCE CORPORATION ROC
 RR-II-R 11851 (SPECIAL TAX REVENUE,
 INSURED BY BHAC & CITIBANK, NA LOC)+++/-ss 0.31 02/01/2016 7,500,000
 23,330,000 PUERTO RICO SALES TAX FINANCE CORPORATION SERIES
 3033 (SPECIAL TAX REVENUE,
 MORGAN STANLEY LOC)+++/-ss 0.35 08/01/2050 23,330,000
 58,195,000 PUERTO RICO SALES TAX FINANCE CORPORATION SERIES
 3036 (SPECIAL TAX REVENUE)+/-ss 0.35 08/01/2050 58,195,000
 7,635,000 PUERTO RICO SALES TAX FINANCE CORPORATION SERIES
 3036 (SPECIAL TAX REVENUE,
 MORGAN STANLEY LOC)+/-ss 0.35 08/01/2047 7,635,000
 128,602,000
 ------------------
SOUTH CAROLINA: 0.61%
 5,000,000 SOUTH CAROLINA ECONOMIC DEVELOPMENT AUTHORITY
 ANMED HEALTH PROJECT SERIES C
 (HOSPITAL REVENUE, BRANCH BANK & TRUST COMPANY
 LOC)+/-ss 0.26 02/01/2033 5,000,000
 9,395,000 SOUTH CAROLINA HOUSING FINANCE & DEVELOPMENT
 AUTHORITY PFOTER WYNDHAM
 POINTE APARTMENTS PROJECT (HOUSING REVENUE, FHLMC
 INSURED)+/-ss 0.40 03/21/2019 9,395,000
 5,000,000 SOUTH CAROLINA JOBS ECONOMIC DEVELOPMENT
 AUTHORITY CHAMBERS RICHLAND COUNTY
 PROJECT SERIES 1997 (IDR, SUNTRUST BANKS
 INCORPORATED LOC)+/-ss 0.54 06/01/2015 5,000,000
 8,675,000 SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE
 SERIES 1283 (SPECIAL TAX REVENUE,
 AMBAC INSURED)+++/-ss 0.38 04/01/2012 8,675,000
 28,070,000
 ------------------
SOUTH DAKOTA: 0.11%
 4,900,000 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY
 HOMEOWNERSHIP MORTGAGE
 SERIES 2009-A (HOUSING REVENUE, FHLMC LOC)+/-ss 0.27 05/01/2039 4,900,000
 ------------------
TENNESSEE: 0.49%
 1,330,000 CLARKSVILLE TN PUBLIC BUILDING AUTHORITY
 TENNESSEE MUNICIPAL FUND PROJECT
 (MISCELLANEOUS REVENUE, BANK OF AMERICA NA
 LOC)+++/-ss 0.33 10/01/2025 1,330,000
 15,130,000 MUNICIPAL ENERGY ACQUISITION CORPORATION PFOTER
 TENNESSEE GAS PROJECT SERIES 1578
 (UTILITIES REVENUE, JPMORGAN CHASE & COMPANY
 LOC)+++/-ss 0.32 12/01/2016 15,130,000
 1,200,000 NASHVILLE & DAVIDSON COUNTYS TN HEFA LIPSCOMB
 UNIVERSITY PROJECT (EDUCATION
 REVENUE, FHLMC INSURED & SUNTRUST BANKS
 INCORPORATED LOC)+/-ss 0.30 11/01/2028 1,200,000
 4,870,000 SEVIER COUNTY TN PUBLIC BUILDING AUTHORITY PUBLIC
 IMPROVEMENT PROJECT SERIES B-1
 (WATER & SEWER REVENUE, BRANCH BANK & TRUST
 COMPANY LOC)+/-ss 0.30 06/01/2035 4,870,000
 22,530,000
 ------------------
TEXAS: 13.42%
 14,550,000 AUSTIN TX AIRPORT SYSTEMS SERIES 2005-3 (AIRPORT
 REVENUE, FSA INSURED &
 SECURITIES PURCHASE AGREEMENT BY DEXIA SA)+/-ss 0.36 11/15/2025 14,550,000
 24,200,000 AUSTIN TX AIRPORT SYSTEMS SERIES A (AIRPORT
 REVENUE, JPMORGAN
 CHASE & COMPANY LOC)+/-ss 0.30 11/15/2017 24,200,000
 4,000,000 BEXAR COUNTY TX HOUSING FINANCE CORPORATION MFHR PALISADES
 PARK APARTMENTS PROJECT (HOUSING REVENUE, FHLMC
 INSURED)+/-ss 0.30 09/01/2039 4,000,000
 3,525,000 BROWNSVILLE TX UTILITY SYSTEMS SERIES DBE-533
 (UTILITIES REVENUE, SECURITIES PURCHASE
 AGREEMENT BY DEUTSCHE BANK AG)+/-ss 0.30 09/01/2013 3,525,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
TEXAS (continued)
$ 1,460,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST COP SERIES
 2007-23 (WATER & SEWER REVENUE,
 AMBAC INSURED & MERRILL LYNCH & COMPANY INCORPORATED
 LOC)+++/-ss 0.35% 09/01/2015 $ 1,460,000
 28,780,000 CLIPPER TAX-EXEMPT CERTIFICATES TRUST SERIES 2007-44
 (GO - STATE,
 GUARANTEE BY STATE STREET BANK & TRUST COMPANY)+/-ss 0.35 09/01/2014 28,780,000
 10,000,000 DALLAM COUNTY TX INDUSTRIAL DEVELOPMENT CORPORATION
 HILMAR CHEESE COMPANY,
 INCORPORATED PROJECT (RESOURCE RECOVERY REVENUE)+/-ss 0.30 08/01/2035 10,000,000
 12,250,000 DALLAM COUNTY TX INDUSTRIAL DEVELOPMENT CORPORATION
 HILMAR CHEESE COMPANY,
 INCORPORATED PROJECT SERIES 2009 (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE,
 BANK OF THE WEST LOC)+/-ss 0.30 07/01/2032 12,250,000
 22,750,000 GULF COAST WASTE DISPOSAL AUTHORITY ENVIRONMENTAL
 FACILITIES REVENUE EXXON MOBIL
 PROJECT SERIES A (IDR)+/-ss 0.21 06/01/2030 22,750,000
 9,895,000 HARRIS COUNTY TX HOUSING FINANCE CORPORATION MFHR
 BAYPOINTE APARTMENTS PROJECT
 (HOUSING REVENUE, CITIBANK LOC)+/-ss 0.33 02/15/2038 9,895,000
 2,500,000 HARRIS COUNTY TX INDUSTRIAL DEVELOPMENT CORPORATION
 SOLID WASTE DISPOSAL DEER PARK
 REFINING PROJECT (OFFICE ELECTRONICS REVENUE,
 GUARANTEE BY DEER PARK REFINING)+/-ss 0.31 03/01/2023 2,500,000
 38,250,000 HARRIS COUNTY TX INDUSTRIAL DEVELOPMENT CORPORATION
 SOLID WASTE DISPOSAL DEER PARK
 REFINING PROJECT SERIES A (OFFICE ELECTRONICS
 REVENUE, GUARANTEE BY DEER PARK REFINING)+/-ss 0.25 03/01/2023 38,250,000
 12,115,000 HOUSTON TX HOUSING FINANCE CORPORATION PFOTER
 KENSINGTON PLACE APARTMENTS
 SERIES 2004 (HOUSING REVENUE, FHLMC INSURED)+++/-ss 0.40 02/01/2048 12,115,000
 4,520,000 HOUSTON TX HOUSING FINANCE CORPORATION PFOTER
 STERLINGSHIRE APARTMENTS PROJECT
 SERIES 2003 A-1 (HOUSING REVENUE, FHLMC INSURED)+++/-ss 0.40 04/01/2040 4,520,000
 14,700,000 LOWER NECHES VALLEY AUTHORITY TX INDUSTRIAL
 DEVELOPMENT CORPORATION EXXONMOBIL
 PROJECT SERIES A (IDR)+/-ss 0.19 11/01/2029 14,700,000
 12,000,000 MATAGORDA COUNTY TX NAVIGATION DISTRICT SERIES 2656
 (PCR, MORGAN STANLEY LOC)+/-ss 0.37 05/01/2030 12,000,000
 20,300,000 PORT ARTHUR TX ENVIRONMENTAL FACILITIES, MOTIVA
 ENTERPRISES PROJECT, SERIES A
 (RESOURCE RECOVERY REVENUE)+/-ss 0.25 12/01/2039 20,300,000
 12,900,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FACILITIES BASF CORPORATION PROJECT
 (IDR, GUARANTEE BY BASF CORPORATION)+/-ss 0.44 05/01/2033 12,900,000
 15,000,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FACILITIES BASF CORPORATION PROJECT,
 CLASS A (MISCELLANEOUS REVENUE, BASF CORPORATION
 LOC)+/-ss 0.44 04/01/2037 15,000,000
 8,700,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FACILITIES FINA OIL & CHEMICAL
 COMPANY PROJECT SERIES B (MISCELLANEOUS REVENUE,
 GUARANTEE BY FLINT RESOURCES)+/-ss 0.30 05/01/2035 8,700,000
 3,250,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FACILITIES MOTIVA ENTERPRISES PROJECT
 SERIES A (OFFICE ELECTRONICS REVENUE, GUARANTEE BY
 MOTIVA ENTERPRISES, LLC)+/-ss 0.25 06/01/2040 3,250,000
 1,600,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FACILITIES MOTIVA ENTERPRISES PROJECT
 SERIES B (OFFICE ELECTRONICS REVENUE, GUARANTEE BY
 MOTIVA ENTERPRISES, LLC)+/-ss 0.25 12/01/2039 1,600,000
 9,900,000 PORT ARTHUR TX NAVIGATION DISTRICT ENVIRONMENTAL
 FACILITIES MOTIVA ENTERPRISES PROJECT
 SERIES C (OFFICE ELECTRONICS REVENUE, GUARANTEE BY
 MOTIVA ENTERPRISES, LLC)+/-ss 0.25 04/01/2040 9,900,000
 11,000,000 PORT CORPUS CHRISTI TX SOLID WASTE DISPOSAL FLINT
 HILLS RESOURCES PROJECT
 (MISCELLANEOUS REVENUE, GUARANTEE BY FLINT HILLS
 RESOURCES)+/-ss 0.40 01/01/2030 11,000,000
 48,500,000 PORT CORPUS CHRISTI TX SOLID WASTE DISPOSAL FLINT
 HILLS RESOURCES PROJECT SERIES 2002-A
 (IDR, GUARANTEE BY FLINT HILLS RESOURCES)+/-ss 0.36 07/01/2029 48,500,000
 16,500,000 PORT CORPUS CHRISTI TX SOLID WASTE DISPOSAL FLINT
 HILLS RESOURCES PROJECT SERIES 2006
 (MISCELLANEOUS REVENUE, GUARANTEE BY FLINT HILLS
 RESOURCES)+/-ss 0.40 01/01/2030 16,500,000
 27,500,000 PORT CORPUS CHRISTI TX SOLID WASTE DISPOSAL FLINT
 HILLS RESOURCES PROJECT SERIES 2007
 (MISCELLANEOUS REVENUE, GUARANTEE BY FLINT HILLS
 RESOURCES)+/-ss 0.40 01/01/2032 27,500,000
 10,500,000 PORT CORPUS CHRISTI TX SOLID WASTE DISPOSAL FLINT
 HILLS RESOURCES PROJECT SERIES A
 (IDR, GUARANTEE BY FLINT HILLS RESOURCES)+/-ss 0.40 04/01/2028 10,500,000
 11,700,000 PORT CORPUS CHRISTI TX SOLID WASTE DISPOSAL FLINT
 HILLS RESOURCES PROJECT SERIES B
 (IDR, GUARANTEE BY FLINT HILLS RESOURCES)+/-ss 0.34 07/01/2029 11,700,000
 12,915,000 SAN ANTONIO TX HOUSING FINANCE CORPORATION PFOTER
 ROSEMONT AT PLEASANTON
 APARTMENTS PROJECT SERIES 2005 (HOUSING REVENUE,
 FHLMC INSURED)+/-ss 0.40 03/30/2019 12,915,000
 2,730,000 SAN ANTONIO TX DRIVERS TRUST SERIES 3247 (UTILITIES
 REVENUE, JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.30 02/01/2032 2,730,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
TEXAS (continued)
$ 6,845,000 TEXAS DEPARTMENT OF HOUSING & COMMUNITY AFFAIRS
 MFHR COSTA MARIPOSA APARTMENTS
 CORPORATION LOC)+/-ss 0.32% 05/01/2042 $ 6,845,000
 8,250,000 TEXAS DEPARTMENT OF HOUSING & COMMUNITY AFFAIRS
 SFHR SERIES A
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.30 09/01/2038 8,250,000
 8,650,000 TEXAS DEPARTMENT OF HOUSING PROVIDENCE AT RUSH
 CREEK II APARTMENTS SERIES 2004
 (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.40 03/21/2019 8,650,000
 20,685,000 TEXAS SERIES 2008-A (GO - STATE, SECURITIES
 PURCHASE AGREEMENT BY DEXIA SA)+/-ss 0.40 12/01/2038 20,685,000
 30,865,000 TEXAS VETERANS HOUSING ASSISTANCE PROJECT SERIES
 II-A (GO - STATE, SECURITIES PURCHASE AGREEMENT BY DEXIA
 SA)+/-ss 0.40 12/01/2036 30,865,000
 10,190,000 TEXAS VETERANS HOUSING ASSISTANCE PROJECT SERIES
 II-B (GO - STATE, SUMITOMO TRUST & BANKING COMPANY
 LOC)+/-ss 0.30 12/01/2034 10,190,000
 11,045,000 TEXAS VETERANS HOUSING ASSISTANCE PROJECT SERIES
 II-D
 (GO - STATE, SUMITOMO TRUST & BANKING COMPANY LOC)+/-ss 0.32 12/01/2034 11,045,000
 75,000,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY COPORATION
 SERIES 2848
 (GAS SUPPLY REVENUE, MORGAN STANLEY LOC)+++/-ss 0.37 12/15/2026 75,000,000
 20,000,000 TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY COPORATION
 SERIES 2849
 (GAS SUPPLY REVENUE, MORGAN STANLEY LOC)+++/-ss 0.37 12/15/2026 20,000,000
 1,690,000 TEXAS TRAN (MISCELLANEOUS REVENUE) 2.00 08/31/2011 1,717,707
 621,737,707
 ------------------
UTAH: 0.35%
 3,345,000 MERRILL LYNCH PUTTABLE OPTION TAX-EXEMPT RECEIPTS
 CLASS A (EDUCATION REVENUE,
 MERRILL LYNCH & COMPANY INCORPORATED LOC)+++/-ss 0.33 01/01/2027 3,345,000
 12,900,000 UTAH TRANSPORTATION AUTHORITY SALES TAX SERIES B
 (SPECIAL TAX REVENUE,
 FORTIS BANK LOC)+/-ss 0.22 06/15/2036 12,900,000
 16,245,000
 ------------------
VIRGINIA: 1.63%
 17,805,000 ALEXANDRIA VA REDEVELOPEMENT & HOUSING PFOTER
 SERIES C-2 (HOUSING REVENUE,
 SECURITIES PURCHASE AGREEMENT BY ROYAL BANK OF
 CANADA)+++/-ss 0.42 01/01/2014 17,805,000
 4,465,000 BRANCH BANK & TRUST MUNICIPAL TRUST SERIES 2041
 (CONTINUING CARE RETIREMENT
 COMMUNITY REVENUE, BRANCH BANK & TRUST COMPANY
 LOC)+++/-ss 0.30 10/01/2029 4,465,000
 7,000,000 FAIRFAX COUNTY VA INDUSTRIAL DEVELOPMENT AUTHORITY
 INOVA HEALTH PROJECT SERIES A-1
 (HOSPITAL REVENUE)+/-ss 0.42 05/15/2039 7,000,000
 27,193,000 FHLMC MHFR SERIES M020 CLASS A (HOUSING REVENUE,
 FHLMC INSURED)+/-ss 0.35 11/15/2036 27,193,000
 5,905,000 NORFOLK VA ECONOMIC DEVELOPMENT AUTHORITY SENTRA
 HEALTHCARE PROJECT
 (HOSPITAL REVENUE)+/-ss 0.42 11/01/2034 5,905,000
 1,665,000 STAFFORD COUNTY VA SERIES 2635 (PUBLIC FACILITIES
 REVENUE,
 JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.35 10/01/2015 1,665,000
 11,415,000 STAFFORD COUNTY VA ECLIPSE FUNDING TRUST PROJECT
 (IDR, US BANK LOC)+/-ss 0.30 08/01/2015 11,415,000
 75,448,000
 ------------------
WASHINGTON: 0.59%
 2,770,000 CHELAN COUNTY, WA PUBLIC UTILITY DISTRICT NO. 1
 CHELAN HYDRO CONSERVATION SYSTEMS
 SERIES 2001-A (ELECTRIC REVENUE, INSURED BY
 BHAC)+++/-ss 0.40 01/01/2030 2,770,000
 4,690,000 KING COUNTY, WA SEWER SERIES 3090 (WATER & SEWER
 REVENUE, FSA INSURED &
 MORGAN STANLEY LOC)+++/-ss 0.30 07/01/2037 4,690,000
 2,475,000 PIERCE COUNTY, WA TRUSS COMPANY PROJECT (IDR, US
 BANCORP LOC)+/-ss 0.42 01/01/2020 2,475,000
 9,900,000 PORT TACOMA, WA ROC-RR-II-R 12056 (PORT AUTHORITY
 REVENUE, FSA INSURED &
 CITIBANK NA LOC)+++/-ss 0.36 06/26/2014 9,900,000
 2,720,000 WASHINGTON EDFA ROYAL RIDGE FRUIT PROJECT (IDR,
 BANK OF AMERICA NA LOC)+/-ss 0.60 07/01/2016 2,720,000
 2,550,000 WASHINGTON DEUTSCHE BANK SPEARS/LIFERS TRUST SERIES
 DB-446 (GO - STATE,
 AMBAC INSURED & SECURITIES PURCHASE AGREEMENT BY
 DEUTSCHE BANK AG)+/-ss 0.30 12/01/2023 2,550,000
 1,000,000 WASHINGTON SERIES 2650-Z (GO - STATE, FSA INSURED &
 JPMORGAN CHASE & COMPANY LOC)+++/-ss 0.28 07/01/2013 1,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
WASHINGTON (continued)
$ 180,000 WASHINGTON STATE DEUTSCHE BANK SPEARS LIFERS
 TRUST SERIES DB-446
 (PUBLIC FACILITIES REVENUE, DEUTSCHE BANK AG
 LOC)+/-ss 0.30% 06/01/2028 $ 180,000
 620,000 YAKIMA COUNTY WA PUBLIC CORPORATION MACRO
 PLASTICS, INCORPORATED PROJECT
 SERIES 1996 (IDR, BANK OF THE WEST LOC)+/-ss 0.46 12/01/2026 620,000
 300,000 YAKIMA COUNTY WA PUBLIC CORPORATION MICHELSEN
 PACKAGING COMPANY PROJECT (IDR, BANK OF AMERICA NA
 LOC)+/-ss 0.50 12/01/2012 300,000
 27,205,000
 ------------------
WISCONSIN: 1.92%
 6,800,000 BRODHEAD WI STOUGHTON TRAILERS, INCORPORATED
 PROJECT (IDR, JPMORGAN CHASE & COMPANY
 LOC)+/-ss 0.40 08/01/2020 6,800,000
 1,545,000 MENOMONEE FALLS WI MERO STRUCTURES, INCORPORATED
 PROJECT (COMMUNITY
 DEVELOPMENT DISTRICT REVENUE, US BANCORP LOC)+/-ss 0.33 09/01/2021 1,545,000
 2,195,000 MILWAUKEE WI REDEVELOPEMENT AUTHORITY PALERMO
 VILLA, INCORPORATED PROJECT SERIES A
 (MANUFACTURING REVENUE, US BANCORP LOC)+/-ss 0.45 11/01/2020 2,195,000
 895,000 WEST BEND WI BESTECH TOOL CORPORATION PROJECT,
 SERIES A (IDR, US BANCORP LOC)+++/-ss 0.50 09/01/2019 895,000
 7,100,000 WISCONSIN ROC RR-II-R 11604 (GO - STATE, CITIBANK
 NA LOC)+++/-ss 0.30 05/01/2016 7,100,000
 3,750,000 WISCONSIN HEFA CAPITAL LAKES, INCORPORATED
 PROJECT SERIES A (EDUCATION REVENUE,
 KBC BANK NV LOC)+/-ss 0.29 03/01/2038 3,750,000
 16,075,000 WISCONSIN HEFA MINISTRY HEALTHCARE INCORPORATED
 PROJECT SERIES B (HOSPITAL REVENUE,
 US BANK LOC)+/-ss 0.31 08/01/2022 16,075,000
 2,555,000 WISCONSIN HEFA MINISTRY HEALTH CARE INCORPORATED,
 SERIES B (HOSPITAL REVENUE)+/-ss 1.00 08/01/2022 2,555,000
 4,700,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT
 AUTHORITY SERIES A
 (HOUSING REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.40 05/01/2035 4,700,000
 10,530,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT
 AUTHORITY SERIES C (HOUSING REVENUE,
 LLOYDS TSB GROUP PLC LOC)+/-ss 0.35 03/01/2028 10,530,000
 2,350,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT
 AUTHORITY SERIES C
 (HOUSING REVENUE, SECURITIES PURCHASE AGREEMENT
 BY FORTIS BANK SA)+/-ss 0.33 09/01/2035 2,350,000
 11,980,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT
 AUTHORITY SERIES E
 (HOUSING REVENUE, SECURITIES PURCHASE AGREEMENT
 BY FORTIS BANK SA)+/-ss 0.38 09/01/2038 11,980,000
 1,870,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT
 AUTHORITY SERIES A
 (HOUSING REVENUE, SECURITIES PURCHASE AGREEMENT
 BY DEPFA BANK PLC)+/-ss 0.50 09/01/2037 1,870,000
 9,010,000 WISCONSIN PUBLIC POWER PUTTER SERIES 1232
 (UTILITIES REVENUE, AMBAC INSURED &
 JPMORGAN CHASE & COMPANY
 LOC)+++/-ss 0.38 07/01/2013 9,010,000
 7,720,000 WISCONSIN STATE HEFA AURORA HEALTH CARE SERIES A
 (HOSPITAL REVENUE, MARSHALL & ISLEY BANK LOC)+/-ss 0.25 04/01/2028 7,720,000
 89,075,000
 ------------------
WYOMING: 1.07%
 9,535,000 WYOMING CDA SERIES 1424-R (HOUSING REVENUE,
 SECURITIES PURCHASE AGREEMENT BY
 MERRILL LYNCH & COMPANY, INCORPORATED)+/-ss 0.37 06/01/2014 9,535,000
 40,000,000 WYOMING STUDENT LOAN CORPORATION SERIES A-3
 (STUDENT LOAN REVENUE, SECURITIES
 PURCHASE AGREEMENT BY ROYAL BANK OF CANADA)+/-ss 0.33 12/01/2043 40,000,000
 49,535,000
 ------------------
TOTAL MUNICIPAL BONDS & NOTES (COST $4,496,301,973) 4,496,301,973
 ------------------
TOTAL INVESTMENTS IN SECURITIES
(COST $4,611,201,973)* 99.51% 4,611,201,973
OTHER ASSETS AND LIABILITIES, NET 0.49 22,903,929
 ------ ------------------
TOTAL NET ASSETS 100.00% $ 4,634,105,902
 ------ ------------------

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COMMERCIAL PAPER: 3.25%
$ 10,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY 0.30% 09/08/2010 $ 10,000,000
 10,000,000 ILLINOIS FINANCE AUTHORITY 0.24 10/13/2010 10,000,000
 10,000,000 ILLINOIS FINANCE AUTHORITY 0.29 11/04/2010 10,000,000
 20,000,000 ILLINOIS FINANCE AUTHORITY 0.34 01/06/2011 20,000,000
 30,000,000 MERCER COUNTY ND POLLUTION 0.30 09/15/2010 30,000,000
 13,400,000 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY 0.24 09/09/2010 13,400,000
 11,000,000 MONTGOMERY COUNTY MD 0.25 10/18/2010 11,000,000
 5,000,000 MONTGOMERY COUNTY MD 0.29 10/05/2010 5,000,000
 10,000,000 ROCHESTER MN HEALTH CARE 0.26 10/20/2010 10,000,000
 13,200,000 ROCHESTER MN HEALTH CARE 0.27 10/05/2010 13,200,000
 6,100,000 ROCHESTER MN HEALTH CARE 0.27 12/07/2010 6,100,000
 9,000,000 ROCHESTER MN HEALTH CARE 0.28 09/08/2010 9,000,000
 16,665,000 UNIVERSITY OF VIRGINIA 0.23 09/08/2010 16,665,000
TOTAL COMMERCIAL PAPER (COST $164,365,000) 164,365,000
 ------------------
MUNICIPAL BONDS & NOTES: 96.85%
ALABAMA: 0.76%
 12,000,000 MOBILE AL INDUSTRIAL DEVELOPMENT BOARD ALABAMA POWER
 COMPANY PROJECT SERIES C (IDR)ss+/- 0.29 08/01/2017 12,000,000
 6,300,000 MOBILE AL INFIRMARY HEALTH SYSTEM SPECIAL CARE FACILITIES
 SERIES A (HFFA REVENUE, BANK OF NOVA SCOTIA LOC)ss+/- 0.28 02/01/2040 6,300,000
 20,000,000 MOBILE COUNTY AL IDA SERIES B (IDR, SVENSKA
 HANDELSBANKEN LOC)ss+/- 0.30 07/01/2040 20,000,000
 38,300,000
 ------------------
ALASKA: 0.48%
 8,520,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-507
 (OTHER REVENUE, FGIC INSURED)ss+/-++ 0.30 12/01/2034 8,520,000
 15,775,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-532
 (OTHER REVENUE, NATL-RE INSURED)ss+/-++ 0.30 12/01/2041 15,775,000
 24,295,000
 ------------------
ARIZONA: 0.79%
 30,000,000 CLIPPER TAX EXEMPT CERTIFICATE TRUST
 (TRANSIT REVENUE)ss+/-++ 0.30 07/01/2024 30,000,000
 9,945,000 MARICOPA COUNTY AZ IDA SERIES A (HOUSING REVENUE, FNMA
 INSURED)ss+/- 0.30 04/15/2030 9,945,000
 39,945,000
 ------------------
CALIFORNIA: 7.62%
 1,680,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATION
 CALIFORNIA ST. ANTHONY FOUNDATION
 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.28 03/01/2037 1,680,000
 23,050,000 BAKERSFIELD CA SERIES B (WATER & WASTEWATER AUTHORITY
 REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.36 09/01/2035 23,050,000
 20,000,000 CALIFORNIA HFFA EAGLE 20070147 CLASS A (OTHER REVENUE, MBIA
 INSURED)ss+/-++ 0.30 11/15/2042 20,000,000
 250,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 INDIA COMMUNITY CENTER (OTHER REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.25 12/01/2036 250,000
 18,700,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 RAND CORPORATION SERIES B (ECONOMIC DEVELOPMENT REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.25 04/01/2042 18,700,000
 3,145,000 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
 ROCS RR II R-11527 (TOLL ROAD REVENUE, AMBAC
 INSURED)ss+/-++ 0.28 07/01/2030 3,145,000
 2,375,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES B6 (WATER &
 WASTEWATER AUTHORITY REVENUE, STATE STREET BANK & TRUST
 COMPANY NA LOC)ss+/- 0.23 05/01/2022 2,375,000
 2,980,000 CALIFORNIA STATE DWR POWER SUPPLY REVENUE SERIES C13
 (UTILITIES REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.31 05/01/2022 2,980,000
 14,000,000 CALIFORNIA STATE DWR POWER SUPPLY SERIES C11 (POWER REVENUE,
 KBC BANK NV LOC)ss+/- 0.27 05/01/2022 14,000,000
 8,250,000 CALIFORNIA STATE SERIES A-2 ( GO, BANK OF MONTREAL LOC)ss+/- 0.22 05/01/2033 8,250,000
 3,100,000 CALIFORNIA STATE SERIES A-3 (GO, BANK OF MONTREAL LOC)ss+/- 0.25 05/01/2033 3,100,000
 2,070,000 CALIFORNIA STATE SERIES B (GO, JPMORGAN CHASE BANK LOC)ss+/- 0.25 05/01/2040 2,070,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
CALIFORNIA (continued)
$ 34,975,000 CALIFORNIA STATE SERIES DEXIA CREDIT & LOCAL 048 (GO,
 DEXIA CREDIT LOCAL DE FRANCE LOC)ss+/-++ 0.45% 08/01/2032 $ 34,975,000
 3,900,000 CALIFORNIA STATEWIDE CDA JOHN MUIR HEALTH SERIES B
 (HOSPITAL REVENUE, UBS AG LOC)ss+/- 0.27 08/15/2036 3,900,000
 4,100,000 CALIFORNIA STATEWIDE CDA RADY CHILDREN'S HOSPITAL SERIES A
 (HOSPITAL REVENUE, US BANK NA LOC)ss+/- 0.23 08/15/2047 4,100,000
 16,840,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-362 (OTHER REVENUE,
 AMBAC INSURED)ss+/-++ 0.29 06/01/2022 16,840,000
 18,540,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-363 (OTHER REVENUE,
 FSA INSURED)ss+/-++ 0.29 09/01/2030 18,540,000
 4,435,000 DEUTSCHE BANK SPEARS LIFERS TRUST DB-621 (PROPERTY TAX
 REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.30 08/01/2028 4,435,000
 6,650,000 EAST BAY CA MUD SUBSERIES A (UTILITIES REVENUE, AGM
 INSURED)ss+/- 0.34 06/01/2025 6,650,000
 15,000,000 EAST BAY CA MUD SUBSERIES A1 (OTHER REVENUE, DEXIA CREDIT
 LOCAL DE FRANCE LOC)ss+/- 0.34 06/01/2038 15,000,000
 19,725,000 EAST BAY CA MUD SUBSERIES A3 (OTHER REVENUE, DEXIA CREDIT
 SA LOC)ss+/- 0.32 06/01/2038 19,725,000
 11,400,000 EL DORADO CA IRRIGATION DISTRICT & EL DORADO WATER AGENCY
 SERIES A (LEASE REVENUE, DEXIA CREDIT SA LOC)ss+/- 0.29 03/01/2036 11,400,000
 9,105,000 GOLDEN STATE TOBACCO SECURITIZATION CORPORATION CALIFORNIA
 TOBACCO SETTLEMENT ROCS-RR-II R 11442 (OTHER REVENUE,
 CITIBANK NA LOC)ss+/-++ 0.35 06/01/2035 9,105,000
 6,085,000 HESPERIA CA USD COP INTERIM SCHOOL FACILITY FUNDING PROGRAM
 (LEASE REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.50 02/01/2038 6,085,000
 4,710,000 KINGS COUNTY CA HOUSING AUTHORITY EDGEWATER APARTMENTS
 SERIES A (MFHR, FNMA INSURED)ss+/- 0.26 02/15/2031 4,710,000
 3,055,000 LOS ANGELES CA USD COP ADMINISTRATION BUILDING PROJECT
 SERIES A (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.30 10/01/2024 3,055,000
 11,375,000 MENLO PARK CA CDA LAS PULGAS COMMUNITY DEVELOPMENT (TAX
 ALLOCATION REVENUE, AMBAC INSURED)ss+/- 0.24 01/01/2031 11,375,000
 3,765,000 MONTEREY PENINSULA CA WATER MANAGEMENT DISTRICT (LEASE
 REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.30 07/01/2022 3,765,000
 11,670,000 NORTHERN CALIFORNIA POWER AGENCY RB HYDROELECTRIC PROJECT
 SERIES A (ELECTRIC POWER & LIGHT REVENUES, DEXIA CREDIT SA
 LOC)ss+/- 0.29 07/01/2032 11,670,000
 8,100,000 ORANGE COUNTY CA APARTMENT DEVELOPMENT VILLAS LA PAZ-F
 PROJECT (HOUSING REVENUE, FNMA INSURED)ss+/- 0.26 08/15/2028 8,100,000
 18,100,000 RIVERSIDE CA COP (LEASE REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.30 03/01/2037 18,100,000
 24,815,000 ROSEVILLE CA COP SERIES A (ELECTRIC REVENUE, BANK OF
 NEW YORK LOC)ss+/- 0.27 02/01/2035 24,815,000
 3,953,000 ROSEVILLE CA ELECTRIC SYSTEM COP SERIES B (OTHER REVENUE,
 DEXIA CREDIT SA LOC)ss+/- 0.27 02/01/2035 3,953,000
 4,120,000 SAN DIEGO COUNTY CA REGIONAL TRANSPORTATION COMMUNITY
 LIMITED TAX SERIES C (SALES TAX REVENUE, DEXIA CREDIT LOCAL
 DE FRANCE LOC)ss+/- 0.28 04/01/2038 4,120,000
 7,325,000 SAN FRANCISCO CA CITY & COUNTY FINANCE CORPORATION MOSCONE
 CENTER (LEASE REVENUE, STATE STREET BANK & TRUST COMPANY NA
 LOC)ss+/- 0.26 04/01/2030 7,325,000
 1,880,000 SWEETWATER CA UNION HIGH SCHOOL DISTRICT ROCS-RR-II 11484
 (PROPERTY TAX REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.32 02/01/2013 1,880,000
 3,600,000 UNIVERSITY OF CALIFORNIA (COLLEGE & UNIVERSITY REVENUE,
 FIRST SECURITY BANK LOC)ss+/-++ 0.30 05/15/2032 3,600,000
 12,300,000 WHITTIER CA HEALTH FACILITIES PRESBYTERIAN INTERCOMMUNITY
 PROJECT SERIES B (HCFR, US BANK NA LOC)ss+/- 0.23 06/01/2036 12,300,000
 16,200,000 WHITTIER CA HEALTH FACILITIES PRESBYTERIAN INTERCOMMUNITY
 PROJECT SERIES C (HOSPITAL REVENUE, US BANK NA LOC)ss+/- 0.26 06/01/2036 16,200,000
 385,323,000
 ------------------
COLORADO: 3.59%
 2,765,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE,
 US BANK NA LOC)ss+/- 0.31 12/01/2017 2,765,000
 1,895,000 AURORA CO CENTRETECH METROPOLITAN DISTRICT (OTHER REVENUE,
 US BANK NA LOC)ss+/- 0.31 12/01/2028 1,895,000
 13,785,000 BROOMFIELD CO URBAN RENEWAL AUTHORITY EVENT CENTER PROJECT
 (TAX INCREMENTAL REVENUE, BANQUE NATIONALE PARIS LOC)ss+/- 0.30 12/01/2030 13,785,000
 5,900,000 COLORADO HEALTH FACILITIES AUTHORITY CROSSROADS MARANATHA
 PROJECTS (OTHER REVENUE, US BANK NA LOC)ss+/- 0.27 12/01/2043 5,900,000
 26,000,000 COLORADO SPRINGS UTILITY IMPROVEMENT BOND SERIES A
 (MULTI UTILITY REVENUE)ss+/- 0.30 11/01/2038 26,000,000
 34,230,000 COLORADO SPRINGS UTILITY REVENUE IMPROVEMENT BOND SUBLIEN A
 (MULTI UTILITY REVENUE)Lss+/- 0.30 11/01/2035 34,230,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
COLORADO (continued)
$ 8,625,000 COMMERCE CITY CO NORTHERN INFRASTRUCTURE GENERAL IMPROVEMENT
 DISTRICT (OTHER REVENUE, US BANK NA LOC)ss+/- 0.31% 12/01/2038 $ 8,625,000
 5,000,000 COMMERCE CITY CO NORTHERN INFRASTRUCTURE GENERAL IMPROVEMENT
 DISTRICT (PROPERTY TAX REVENUE, US BANK NA LOC)ss+/- 0.31 12/01/2028 5,000,000
 7,560,000 CORNERSTONE CO METROPOLITAN DISTRICT #1 (OTHER REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.33 12/01/2036 7,560,000
 6,600,000 DENVER CO CITY & COUNTY COTTONWOOD CREEK SERIES A (MFHR,
 FHLMC INSURED)ss+/-++ 0.27 04/15/2014 6,600,000
 11,250,000 MOFFAT COUNTY CO TRI STATE GENERAL ASSOCIATION PROJECT
 (IDR, BANK OF AMERICA NA LOC)ss+/- 0.30 03/01/2036 11,250,000
 6,520,000 MOUNTAIN VILLAGE CO HOUSING AUTHORITY FACILITIES REMARKETING
 PROJECT (HOUSING REVENUE, US BANK NA LOC)ss+/- 1.00 11/01/2040 6,520,000
 6,520,000 MOUNTAIN VILLAGE CO HOUSING AUTHORITY VILLAGE COURT
 APARTMENTS PROJECT (MFHR, US BANK NA LOC)ss+/- 0.31 11/01/2033 6,520,000
 10,600,000 SOUTH GLENN CO METROPOLITAN DISTRICT (OTHER REVENUE,
 BANQUE NATIONALE PARIS LOC)ss+/- 0.31 12/01/2030 10,600,000
 4,180,000 SOUTHEAST CO PUBLIC IMPROVEMENT METROPOLITAN DISTRICT
 (PROPERTY TAX REVENUE, US BANK NA LOC)ss+/- 0.31 11/15/2034 4,180,000
 30,200,000 SOUTHERN UTE INDIAN TRIBE OF SOUTHERN UTE INDIAN RESERVATION
 (CASINO REVENUE)ss+/-++ 0.35 04/01/2040 30,200,000
 181,630,000
 ------------------
CONNECTICUT: 0.67%
 2,350,000 CONNECTICUT HFA SERIES A-2 (HOUSING REVENUE)ss+/- 0.28 05/15/2039 2,350,000
 3,890,000 CONNECTICUT REGIONAL SCHOOL DISTRICT # 4 (PROPERTY TAX
 REVENUE, STATE AID WITHHOLDING) 1.25 12/01/2010 3,896,775
 27,400,000 CONNECTICUT STATE HEFA SERIES T-2 (COLLEGE & UNIVERSITY
 REVENUE)ss+/- 0.23 07/01/2029 27,400,000
 33,646,775
 ------------------
DELAWARE: 0.08%
 4,000,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY YMCA DELAWARE
 PROJECTS (RECREATIONAL REVENUE, PNC BANK NA INSURED)ss+/- 0.29 05/01/2036 4,000,000
 ------------------
FLORIDA: 5.93%
 4,985,000 ALACHUA COUNTY FL OAK HAMMOCK UNIVERSITY OF FLORIDA PROJECT
 SERIES A (HCFR, BNP PARIBAS LOC)ss+/- 0.27 10/01/2032 4,985,000
 5,630,000 BREVARD COUNTY FL WUESTHOFF MEMORIAL HOSPITAL PROJECT
 (HFFA REVENUE, WELLS FARGO BANK LOC)ss+/-(q) 0.29 08/01/2031 5,630,000
 7,265,000 BROWARD COUNTY EDUCATIONAL FACILITIES AUTHORITY (COLLEGE &
 UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.29 04/01/2020 7,265,000
 11,055,000 CAPITAL TRANSFER AGENCY FLORIDA PORTOFINO VILLAS SERIES A
 (OTHER REVENUE, FNMA INSURED)ss+/- 0.30 04/15/2036 11,055,000
 6,340,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-547
 (OTHER REVENUE, NATL-RE INSURED)ss+/-++ 0.30 10/01/2026 6,340,000
 4,510,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-538
 (OTHER REVENUE, AMBAC INSURED)ss+/-++ 0.30 04/01/2027 4,510,000
 4,000,000 DUVAL COUNTY FL HFA SUNBEAM ROAD APARTMENTS PROJECT
 (HOUSING REVENUE, US BANK NA LOC)ss+/- 0.30 07/01/2025 4,000,000
 9,985,000 ECLIPSE FUNDING TRUST 2006-0002-SOLAR ECLIPSE
 (SALES TAX REVENUE, US BANK NA LOC)ss+/-++ 0.30 03/01/2014 9,985,000
 5,100,000 FLORIDA HFA (MFHR, FHLMC INSURED)ss+/- 0.29 12/01/2013 5,100,000
 11,300,000 FLORIDA USF FINANCING CORPORATION COP MASTER LEASE PROGRAM
 SERIES B1 (LEASE REVENUE, AMBAC INSURED)ss+/- 0.29 07/01/2035 11,300,000
 250,000 FORT LAUDERDALE FL ANN STORCK CENTER INCORPORATED PROJECT
 (HCFR, WELLS FARGO BANK LOC)ss+/-++(q) 0.44 12/01/2014 250,000
 19,500,000 HALIFAX FL HOSPITAL MEDICAL CENTER (HCFR, WELLS FARGO BANK
 LOC)ss+/-(q) 0.29 06/01/2048 19,500,000
 5,565,000 HIGHLANDS COUNTY HEALTH FACILITIES AUTHORITY
 (HFFA, PNC BANK NA LOC)ss+/- 0.26 11/15/2012 5,565,000
 10,120,000 MIAMI DADE COUNTY FL EXPRESSWAY AUTHORITY SERIES 1339
 (TOLL ROAD REVENUE, AGC-ICC FGIC INSURED)ss+/-++ 0.40 07/01/2012 10,120,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
FLORIDA (continued)
$ 10,000,000 MIAMI DADE COUNTY FL SPECIAL OBLIGATION JUVENILE COURTHOUSE
 SERIES B (OTHER REVENUE, AMBAC INSURED)ss+/- 0.24% 04/01/2043 $ 10,000,000
 16,300,000 NORTH BROWARD FL HOSPITAL DISTRICT
 (HCFR, NATL-RE INSURED)ss+/- 0.26 01/15/2027 16,300,000
 13,800,000 NORTH BROWARD FL HOSPITAL DISTRICT SERIES A
 (HCFR, NATL-RE INSURED)ss+/- 0.26 01/15/2027 13,800,000
 1,365,000 ORANGE COUNTY FL CENTRAL FLORIDA YMCA PROJECT SERIES A
 (IDR, BANK OF AMERICA NA LOC)ss+/- 0.33 05/01/2027 1,365,000
 2,785,000 ORANGE COUNTY FL IDA JEWISH FEDERATION OF GREATER ORLANDO
 PROJECT (PRIVATE SCHOOL REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.45 01/01/2028 2,785,000
 9,205,000 ORANGE COUNTY FL IDA LAKE HIGHLAND SCHOOL INCORPORATED
 (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.31 08/01/2032 9,205,000
 2,000,000 ORANGE COUNTY FL SCHOOL BOARD COP SERIES E (LEASE REVENUE,
 WELLS FARAGO BANK LOC)ss+/-(q) 0.25 08/01/2022 2,000,000
 19,000,000 ORLANDO FL UTILITIES COMMISSION SERIES D
 (ELECTRIC POWER & LIGHT REVENUE) 2.50 05/01/2011 19,254,513
 4,045,000 PALM BEACH COUNTY FL CHILDRENS HOME PROJECT (OTHER REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.31 05/01/2038 4,045,000
 6,465,000 PALM BEACH COUNTY FL JUPITER MEDICAL CENTER INCORPORATED
 SERIES B (HCFR, WELLS FARGO BANK NA LOC)ss+/-(q) 0.27 08/01/2020 6,465,000
 3,100,000 PALM BEACH COUNTY FL KINGS ACADEMY INCORPORATED PROJECT
 (PRIVATE SCHOOL REVENUE, WELLS FARGO BANK NA LOC)ss+/-(q) 0.29 08/01/2031 3,100,000
 300,000 PALM BEACH COUNTY FL NORTON GALLERY INCORPORATED
 (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST CORPORATION
 LOC)ss+/- 0.30 05/01/2025 300,000
 7,520,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES 2089
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.35 08/01/2026 7,520,000
 7,845,000 PALM BEACH COUNTY FL SCHOOL BOARD SERIES 2925Z
 (LEASE REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.35 08/01/2011 7,845,000
 2,500,000 PALM BEACH COUNTY FL ZOOLOGICAL SOCIETY INCORPORATED PROJECT
 (RECREATIONAL FACILITIES REVENUE, NORTHERN TRUST CORPORATION
 LOC)ss+/- 0.30 05/01/2031 2,500,000
 31,150,000 PINELLAS COUNTY FL HEALTH FACILITIES AUTHORITY BAYCARE
 HEALTH SERIES A-1 (HEALTH, HOSPITAL, NURSING HOME REVENUE,
 FNMA INSURED)ss+/- 0.23 11/01/2038 31,150,000
 31,755,000 SARASOTA COUNTY FL CONTINUING CARE RETIREMENT COMMUNITY
 GLENRIDGE PALMER PROJECT (HFFA REVENUE, ROYAL BANK OF
 SCOTLAND LOC)ss+/- 0.27 06/01/2036 31,755,000
 3,890,000 SARASOTA COUNTY FL PLANNED PARENTHOOD INCORPORATED PROJECT
 (OTHER REVENUE, WELLS FARGO BANK LOC)ss+/-(q) 0.33 10/01/2041 3,890,000
 1,255,000 SARASOTA COUNTY FL SARASOTA MILITARY ACADEMY
 (PRIVATE SCHOOL REVENUE, WELLS FARGO BANK LOC)ss+/-(q) 0.39 02/01/2034 1,255,000
 19,775,000 TAMPA BAY FL WATER UTILITY SYSTEM (WATER REVENUE, FGIC
 INSURED)ss+/-++ 0.55 10/01/2023 19,775,000
 299,914,513
 ------------------
GEORGIA: 2.68%
 12,650,000 ATLANTA GA AIRPORT PASSENGER FACILITY CHARGE
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.32 01/01/2013 12,650,000
 5,790,000 ATLANTA GA WESTSIDE PROJECT SERIES B (TAX INCREMENTAL
 REVENUE, WELLS FARGO BANK NA LOC)ss+/-(q) 0.29 12/01/2023 5,790,000
 3,195,000 COBB COUNTY GA HOUSING AUTHORITY TAMARRON APARTMENTS PROJECT
 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.31 03/01/2024 3,195,000
 13,870,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY CATHOLIC SCHOOL
 PROPERTIES INCORPORATED (PRIVATE SCHOOL REVENUE, WELLS
 FARGO BANK NA LOC)ss+/-++(q) 0.29 04/01/2024 13,870,000
 12,500,000 FULTON COUNTY GA DEVELOPMENT AUTHORITY THE LOVETT SCHOOL
 PROJECT SERIES 2008 (PRIVATE SCHOOLS REVENUE,
 FHLB LOC)ss+/- 0.30 04/01/2033 12,500,000
 7,400,000 FULTON COUNTY GA DEVELPMENT AUTHORITY (HEALTH, HOSPITAL,
 NURSING HOME REVENUE, FHLMC INSURED)ss+/- 0.30 09/01/2035 7,400,000
 11,260,000 FULTON COUNTY GA NORTHSIDE SERIES B (HOSPITAL REVENUE,
 WELLS FARGO BANK NA LOC)ss+/-(q) 0.25 10/01/2033 11,260,000
 12,185,000 FULTON COUNTY GA SERIES 1474 (WATER & SEWER REVENUE,
 AGC-ICC FGIC INSURED)ss+/-++ 0.35 07/01/2012 12,185,000
 5,000,000 GWINNETT COUNTY GA DEVELOPMENT AUTHORITY GOODWILL NORTH GA
 INCORPORATED PROJECT (OTHER REVENUE, BRANCH BANKING &
 TRUST LOC)ss+/- 0.30 10/01/2033 5,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
GEORGIA (continued)
$ 9,835,000 GWINNETT COUNTY HOSPITAL AUTHORITY SERIES A
 (HFFA, FHLB LOC)ss+/- 0.30% 07/01/2036 $ 9,835,000
 5,700,000 MACON-BIBB COUNTY GA HOSPITAL AUTHORITY ANTIC MEDICAL CENTER
 SERIES B (HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.30 07/01/2028 5,700,000
 15,000,000 MAIN STREET NATURAL GAS INCORPORATED GAS PROJECT SERIES A
 (NATURAL GAS REVENUE)ss+/- 0.33 08/01/2040 15,000,000
 6,400,000 PRIVATE COLLEGES AND UNIVERSITIES AUTHORITY OF GEORGIA
 MERCER UNIVERSITY PROJECT SERIES 2003 (COLLEGE & UNIVERSITY
 REVENUE, BRANCH BANKING & TRUST LOC)ss+/- 0.30 10/01/2032 6,400,000
 5,500,000 PRIVATE COLLEGES AND UNIVERSITIES AUTHORITY OF GEORGIA
 MERCER UNIVERSITY PROJECT SERIES 2006-A (OTHER REVENUE,
 BRANCH BANKING & TRUST LOC)ss+/- 0.30 10/01/2036 5,500,000
 9,285,000 ROSELL GA HOUSING AUTHORITY (HOUSING REVENUE, FHLMC
 INSURED)ss+/- 0.31 01/01/2034 9,285,000
 135,570,000
 ------------------
HAWAII: 0.10%
 5,000,000 HAWAII HOUSING FINANCE & DEVELOPMENT CORPORATION LOKAHI KAU
 SERIES 2008 (HOUSING REVENUE, FHLMC INSURED)ss+/- 0.29 12/01/2041 5,000,000
 ------------------
IDAHO: 0.20%
 10,000,000 COEUR D' ALENE ID (OTHER REVENUE, BANK OF AMERICA NA
 LOC)ss+/- 0.31 08/15/2022 10,000,000
 ------------------
ILLINOIS: 8.23%
 4,125,000 AURORA IL ECONOMIC DEVELOPMENT (COLLEGE & UNIVERSITY REVENUE,
 HARRIS TRUST SAVINGS BANK LOC)ss+/- 0.31 03/01/2035 4,125,000
 10,000,000 AUSTIN TRUST SERIES 2008-1098 (HCFR, ASSURED
 GUARANTY)ss+/-++ 0.33 08/15/2047 10,000,000
 16,160,000 CHICAGO IL BOARD OF EDUCATION SERIES 3010 (PROPERTY TAX
 REVENUE, AMBAC INSURED)ss+/-++ 0.55 12/01/2030 16,160,000
 8,000,000 CHICAGO IL NEIGHBORHOODS ALIVE (PROPERTY TAX REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.29 01/01/2037 8,000,000
 3,205,000 CHICAGO IL WATER REVENUE SUBSERIES 04-3 (WATER REVENUE,
 STATE STREET BANK & TRUST COMPANY NA LOC)ss+/- 0.32 11/01/2031 3,205,000
 18,580,000 COOK COUNTY IL (PROPERTY TAX REVENUE, FIRST SECURITY BANK
 LOC)ss+/-++ 0.31 11/15/2011 18,580,000
 3,135,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-502
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.30 01/01/2033 3,135,000
 1,600,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DB-555
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/-++ 0.30 12/01/2021 1,600,000
 4,535,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-534
 (OTHER REVENUE, AMBAC INSURED)ss+/-++ 0.30 01/01/2022 4,535,000
 29,900,000 ECLIPSE FUNDING TRUST (WATER REVENUE, US BANK LOC)ss+/-++ 0.30 05/01/2014 29,900,000
 2,585,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY (OTHER REVENUE,
 BANK OF AMERICA NA LOC)ss+/- 0.31 01/01/2029 2,585,000
 4,370,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY AURORA CENTRAL
 CATHOLIC HIGH SCHOOL (OTHER REVENUE, JPMORGAN CHASE BANK
 LOC)ss+/- 0.33 04/01/2024 4,370,000
 5,480,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY CHICAGO ACADEMY OF
 SCIENCES (RECREATIONAL FACILITIES REVENUE, JPMORGAN CHASE
 BANK LOC)ss+/- 0.33 01/01/2033 5,480,000
 4,500,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY COOK COMMUNICATIONS
 PROJECT (OTHER REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.50 03/01/2017 4,500,000
 1,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LAKE FOREST ACADEMY
 (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 12/01/2024 1,000,000
 4,300,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY LOYALA ACADEMY
 PROJECT (PRIVATE SCHOOL REVENUE, JPMORGAN CHASE BANK
 LOC)ss+/- 0.33 10/01/2031 4,300,000
 22,435,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY MCCORMICK THEOLOGICAL
 PROJECT B (COLLEGE & UNIVERSITY REVENUE, NORTHERN TRUST
 CORPORATION LOC)ss+/- 0.33 06/01/2035 22,435,000
 9,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY PRESBYTERIAN HOMES
 PROJECT (HCFR, NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 04/01/2035 9,000,000
 10,000,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY ST. IGNATIUS COLLEGE
 (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 06/01/2024 10,000,000
 23,700,000 ILLINOIS DEVELOPMENT FINANCE AUTHORITY YMCA METROPOLITAN
 CHICAGO PROJECT (RECREATIONAL FACILITIES REVENUE, HARRIS
 TRUST SAVINGS BANK LOC)ss+/- 0.30 06/01/2029 23,700,000
 5,000,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY CHICAGO ZOOLOGICAL
 SOCIETY SERIES B (OTHER REVENUE, NORTHERN TRUST CORPORATION
 LOC)ss+/- 0.33 12/15/2025 5,000,000

 PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
-------------- ------------------------------------------------------------ ------------- ------------- ------------------
ILLINOIS (continued)
$ 175,000 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY NEWBERRY LIBRARY
 PROJECT (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.30% 03/01/2028 $ 175,000
 23,385,000 ILLINOIS FINANCE AUTHORITY BRADLEY UNIVERSITY SERIES A
 (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.26 04/01/2033 23,385,000
 5,040,000 ILLINOIS FINANCE AUTHORITY BRITISH HOME RETIRED MEN
 (HCFR, LASALLE NATIONAL BANK NA LOC)ss+/- 0.45 11/01/2027 5,040,000
 8,600,000 ILLINOIS FINANCE AUTHORITY ELMHURST MEMORIAL HEALTHCARE
 SERIES D (HCFR, NORTHERN TRUST CORPORATION LOC)ss+/- 0.25 01/01/2048 8,600,000
 12,750,000 ILLINOIS FINANCE AUTHORITY LAKE FOREST COUNTRY DAY SCHOOL
 PROJECT (PRIVATE SCHOOL REVENUE, NORTHERN TRUST
 CORPORATION LOC)ss+/- 0.33 07/01/2035 12,750,000
 11,500,000 ILLINOIS FINANCE AUTHORITY LOYOLA ACADEMY (PRIVATE SCHOOL
 REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.33 10/01/2037 11,500,000
 8,305,000 ILLINOIS FINANCE AUTHORITY POLLUTION CONTROL (PCR, JPMORGAN
 CHASE BANK LOC)ss+/- 0.31 05/01/2021 8,305,000
 22,605,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES (HFFA REVENUE,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 09/01/2024 22,605,000
 19,900,000 ILLINOIS FINANCE AUTHORITY PRESBYTERIAN HOMES PROJECT
 (OTHER REVENUE, FIRST SECURITY BANK LOC)ss+/- 0.38 09/01/2031 19,900,000
 10,100,000 ILLINOIS FINANCE AUTHORITY RICHARD H. DRIEHAUS MUSEUM
 (OTHER REVENUE, NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 02/01/2035 10,100,000
 43,570,000 ILLINOIS FINANCE AUTHORITY SPERTUS INSTITUTE (GO - STATES,
 NORTHERN TRUST CORPORATION LOC)ss+/- 0.33 09/01/2035 43,570,000
 13,000,000 ILLINOIS FINANCE AUTHORITY ST. IGNATIUS COLLEGE
 (PCR, JPMORGAN CHASE BANK LOC)ss+/- 0.33 12/01/2036 13,000,000
 5,820,000 ILLINOIS FINANCE AUTHORITY THE CATHERINE COOK SCHOOL PROJECT
 (PRIVATE SCHOOL REVENUE, NORTHERN TRUST CORPORATION
 LOC)ss+/- 0.33 01/01/2037 5,820,000
 6,600,000 ILLINOIS FINANCE AUTHORITY THRESHOLDS PROJECT
 (HCFR, NORTHERN TRUST CORPORATION LOC)ss+/-++ 0.33 11/01/2035 6,600,000
 3,455,000 ILLINOIS FINANCE AUTHORITY XAVIER UNIVERSITY (COLLEGE &
 UNIVERSITY REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.31 10/01/2033 3,455,000
 7,000,000 ILLINOIS FINANCE AUTHORTIY POLLUTION CONTROL
 (RESOURCE RECOVERY REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.26 03/01/2017 7,000,000
 10,505,000 ILLINOIS STATE XAVIER UNIVERSITY PROJECT SERIES A (COLLEGE &
 UNIVERSITY REVENUE, LASALLE NATIONAL BANK NA LOC)ss+/- 0.31 10/01/2032 10,505,000
 2,530,000 LAKE VILLA IL ALLENDALE ASSOCIATION PROJECT (OTHER REVENUE,
 LASALLE NATIONAL BANK NA LOC)ss+/- 0.32 10/01/2026 2,530,000
 5,675,000 MONMOUTH IL INDUSTRIAL PROJECT MONMOUTH COLLEGE PROJECT
 (COLLEGE & UNIVERSITY REVENUE, ALLIED IRISH BANK PLC
 LOC)ss+/- 2.25 06/01/2035 5,675,000
 925,000 QUINCY IL BLESSING HOSPITAL (HEALTH, HOSPITAL, NURSING HOME
 REVENUE, JPMORGAN CHASE BANK LOC)ss+/- 0.23 11/15/2029 925,000
 3,330,000 SAINT CLAIR COUNTY IL MCKENDREE COLLEGE PROJECT (COLLEGE &
 UNIVERSITY REVENUE, BANK OF AMERICA NA LOC)ss+/- 0.50 06/01/2034 3,330,000
 416,380,000
 ------------------
INDIANA: 3.07%
 2,885,000 DEUTSCHE BANK SPEARS LIFERS TRUST SERIES DBE-549
 (OTHER REVENUE, FGIC INSURED)ss+/-++ 0.30 07/10/2021 2,885,000
 9,000,000 INDIANA FINANCE AUTHORITY COMMUNITY HEALTH NETWORK PROJECT 8
 (HCFR, PNC BANK NA LOC)ss+/- 0.26 07/01/2039 9,000,000
 5,340,000 INDIANA FINANCE AUTHORITY NORTHSHORE HEALTH CENTER PROJECT
 (HCFR, HARRIS NA LOC)ss+/- 0.32 07/01/2038 5,340,000
 13,250,000 INDIANA FINANCE AUTHORITY PARKVIEW HEALTH SYSTEM B
 (HCFR, NATIONAL CITY BANK LOC)ss+/- 0.26 11/01/2039 13,250,000
 3,250,000 INDIANA FINANCE AUTHORITY PARKVIEW HEALTH SYSTEM B
 (HCFR, NATIONAL CITY BANK LOC)ss+/- 0.25 11/01/2039 3,250,000
 7,100,000 INDIANA FINANCE AUTHORITY SISTERS OF SAINT FRANCIS SERIES H
 (HCFR, JPMORGAN CHASE BANK LOC)ss+/- 0.28 09/01/2048 7,100,000
 24,000,000 INDIANA GO REVENUE ANTICIPATION FUNDING PROGRAM NOTES SERIES
 2010-A (OTHER REVENUE, JPMORGAN CHASE BANK LOC) 2.00 01/06/2011 24,130,451
 8,880,000 INDIANA HEALTH & EDUCATIONAL FACILITIES FINANCE AUTHORITY
 CLARIAN HEALTH OBLIGATED GROUP SERIES 2005-D
 (HCFR, BRANCH BANKING & TRUST LOC)ss+/- 0.27 02/15/2030 8,880,000