UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07989

Metropolitan West Funds

(Exact name of registrant as specified in charter)

11766 Wilshire Boulevard, Suite 1500

Los Angeles, CA 90025

(Address of principal executive offices) (Zip code)

Metropolitan West Funds

11766 Wilshire Boulevard, Suite 1500

Los Angeles, CA 90025

(Name and address of agent for service)

Registrant’s telephone number, including area code:(310) 966-8900

Date of fiscal year end: March 31

Date of reporting period: December 31, 2008

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2008

Issues	Maturity Date		Principal Amount		Value
BONDS — 92.07%
ASSET-BACKED SECURITIES — 28.00%**
Aames Mortgage Trust 2002-1 A3 (STEP)
6.90%	06/25/32		$	35,437	$	34,948
ABFS Mortgage Loan Trust 2002-2 A7 (STEP)
5.72%	07/15/33			5,309		5,268
ABFS Mortgage Loan Trust 2002-3 A (STEP)
4.26%	09/15/33			17,363		17,269
ABFS Mortgage Loan Trust 2002-4 A (STEP)
4.43%	12/15/33			15,051		14,411
Bayview Financial Acquisition Trust 2004-B A1
1.47%	05/28/39	2,3,†		3,014,707		2,110,377
Bayview Financial Acquisition Trust 2005-A A1
0.97%	02/28/40	2,3,†		4,000,000		2,961,093
Bayview Financial Revolving Mortgage Loan Trust 2005-E A1
0.97%	12/28/40	2,3,†		3,900,000		3,043,067
Citicorp Residential Mortgage Securities, Inc. 2006-1 A1 (STEP)
5.96%	07/25/36			313,105		308,359
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 A3
0.65%	03/25/37	2		2,500,000		1,247,680
Citigroup Mortgage Loan Trust, Inc. 2007-WFH4 A2C
1.77%	07/25/37	2		1,765,000		939,413
Conseco Financial Corp. 1994-1 A5
7.65%	04/15/19			10,252		8,958
Conseco Financial Corp. 1996-8 A6
7.60%	10/15/27	2		27,128		23,787
Contimortgage Home Equity Trust 1999-3 A6 (STEP)
8.18%	12/25/29			3,123		3,094
Countrywide Asset-Backed Certificates 2003-BC1 M1
1.39%	12/25/32	2		351,357		146,548
Countrywide Asset-Backed Certificates 2007-10 2A2
0.59%	06/25/47	2,†		2,975,000		1,874,269
CS First Boston Mortgage Securities Corp. 2001-MH29 A (STEP)
5.60%	09/25/31			147,119		128,287
Deutsche Financial Capital Securitization LLC 1997-I A3
6.75%	09/15/27			242,850		255,103
First Alliance Mortgage Loan Trust 1994-3 A1
7.83%	10/25/25			6,465		5,736
First Franklin Mortgage Loan Asset Backed Certificates 2004-FFA M3A
2.80%	03/25/24	2,†		3,061,446		2,242,898
First Franklin Mortgage Loan Asset Backed Certificates 2005-FF2 A2C
0.78%	03/25/35	2		703,580		660,043
GE Capital Mortgage Services, Inc. 1998-HE1 A7
6.47%	06/25/28			1,277		1,276
Green Tree Home Improvement Loan Trust 1995-C B2
7.60%	07/15/20			176,328		131,906
Green Tree Home Improvement Loan Trust 1995-F B2
7.10%	01/15/21			52,459		39,789
GSAMP Trust 2004-FM1 M2
2.57%	11/25/33	2		593,592		386,383
GSAMP Trust 2006-S6 A2 (STEP)
5.55%	10/25/36	4		2,300,000		551,462
IndyMac Manufactured Housing Contract 1998-2 A4
6.64%	12/25/27	2		264,912		218,112
Inman Square Funding Ltd. 2005-2A I
4.66%	10/06/40	2,3,4,†		1,926,369		606,814
Irwin Home Equity Corp. 2003-A M2
3.12%	10/25/27	2		1,239,849		991,292
Ivy Lane CDO Ltd. 2006-1A A1
3.19%	02/05/46	2,3,4,†		1,778,895		426,943
Keystone Owner Trust 1998-P1 M2
7.93%	05/25/25	3		20,158		17,646
MASTR Asset Backed Securities Trust 2006-HE4 A1
0.52%	11/25/36	2		800,460		738,167
Mid-State Trust 6 A4
7.79%	07/01/35			52,698		48,624
Morgan Stanley ABS Capital I 2004-NC2 M2
2.27%	12/25/33	2		1,959,590		1,485,128
Morgan Stanley ABS Capital I 2007-HE5 A2A
0.58%	03/25/37	2		861,731		778,560
Morgan Stanley ABS Capital I 2007-NC2 A2A
0.58%	02/25/37	2		910,833		821,755
Morgan Stanley IXIS Real Estate Capital Trust 2006-2 A1
0.52%	11/25/36	2		662,806		628,641
Oakwood Mortgage Investors, Inc. 1998-A A4
6.20%	05/15/28			5,918		5,016
Oakwood Mortgage Investors, Inc. 1998-B A3
6.20%	01/15/15			9,283		7,445
Oakwood Mortgage Investors, Inc. 1998-B A4
6.35%	03/15/17			464,722		373,887
Oakwood Mortgage Investors, Inc. 2002-B AIO (IO)
6.00%	05/15/10	4,†		66,546		4,442

/ 1

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2008

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Residential Funding Mortgage Securities II, Inc. 1999-HI6 AI7 (STEP)
8.60%	09/25/29		$	201,761	$	180,851
Residential Funding Mortgage Securities II, Inc. 2000-HI1 AI7 (STEP)
8.29%	02/25/25			20,548		18,800
Saxon Asset Securities Trust 2002-1 M2
2.27%	11/25/31	2		208,661		115,213
Structured Asset Securities Corp. 2007-EQ1 A4
0.72%	03/25/37	2,†		3,000,000		1,170,148
Terwin Mortgage Trust 2004-13AL 2PX (IO)
0.34%	08/25/34	3,4		9,662,236		84,545
UCFC Home Equity Loan 1998-D BF1
8.97%	04/15/30	2		1,243		883
Vanderbilt Mortgage Finance 1997-B 1A6
7.60%	06/07/25			2,032,601		2,028,597
Wells Fargo Home Equity Trust 2007-1 A1
0.57%	03/25/37	2		386,165		355,227
Total Asset-Backed Securities (Cost $41,999,552)						28,248,160
CORPORATES — 7.03%*
Banking — 0.55%
JPMorgan Chase Bank NA
8.75%	11/28/21	2		557,000		557,167
Finance — 4.75%
Countrywide Financial Corp. (MTN)
1.69%	03/24/09	2		1,370,000		1,358,928
Ford Motor Credit Co. LLC
7.57%	01/13/12	2		1,130,000		735,913
Goldman Sachs Group LP
4.50%	06/15/10			400,000		394,291
Goldman Sachs Group, Inc. (The)
5.45%	11/01/12			500,000		468,797
Goldman Sachs Group, Inc. B (The) (MTN)
4.46%	07/22/15	2		200,000		148,000
Lehman Brothers Holdings, Inc. H (MTN)
0.00%	11/30/10	5		883,000		83,885
Merrill Lynch & Co., Inc. (MTN)
4.02%	05/20/09	2		520,000		513,457
Morgan Stanley
5.05%	01/21/11			790,000		759,150
6.75%	04/15/11			155,000		152,587
Morgan Stanley (MTN)
4.95%	10/18/16	2		260,000		179,206
						4,794,214
Transportation — 1.73%
American Airlines, Inc., AMBAC Assurance Corp. 2003-1
3.86%	07/09/10			1,403,962		1,245,815
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11	6		600,000		492,000
						1,737,815
Total Corporates (Cost $7,955,257)						7,089,196
BANK LOANS — 1.50%*
Electric — 0.96%
Calpine CCFC I Term Loan
7.46%	08/26/09	7		994,764		969,895
Transportation — 0.54%
Northwest Air Dip
2.39%	05/21/12	7		735,814		543,715
Total Bank Loans (Cost $1,733,854)						1,513,610
MORTGAGE-BACKED — 55.54%**
Commercial Mortgage-Backed — 8.04%
Banc of America Mortgage Securities, Inc. 2003-E 2A1
4.71%	06/25/33	2		1,809,359		1,377,928
Bayview Commercial Asset Trust 2007-3 A1
0.71%	07/25/37	2,3,†		1,565,401		1,195,499
Deutsche Bank Alternate Loan Trust 2006-AR6 A3
0.56%	02/25/37	2		1,588,127		1,442,689
JPMorgan Alternative Loan Trust 2007-A2 12A2
0.57%	06/25/37	2		979,930		748,241
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 AM
6.06%	02/15/51	2		690,000		299,307
JPMorgan Mortgage Trust 2005-A2 9A1
5.79%	04/25/35	2		787,926		498,941
Structured Asset Mortgage Investments, Inc. 2005-AR2 2A1
0.70%	05/25/45	2		2,915,734		1,391,160
Structured Asset Mortgage Investments, Inc. 2007-AR3 2A1
0.66%	09/25/47	2		2,997,209		1,160,218
						8,113,983
Non-Agency Mortgage-Backed — 28.93%
Adjustable Rate Mortgage Trust 2005-1 1A1
5.67%	05/25/35	2,†		1,688,196		929,432
Alliance Bancorp Trust 2007-OA1 A1
0.71%	07/25/37	2		4,464,787		1,731,730

2 /

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2008

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
American Home Mortgage Investment Trust 2004-3 3A
4.78%	10/25/34	2	$	1,294,065	$	620,333
Banc of America Funding Corp. 2003-2 1A1
6.50%	06/25/32			63,500		60,913
Banc of America Mortgage Securities, Inc. 2003-A 2A2
6.80%	02/25/33	2		8,392		6,526
Citigroup Mortgage Loan Trust, Inc. 2003-1 WA2
6.50%	06/25/31			926,733		853,009
Citigroup Mortgage Loan Trust, Inc. 2004-HYB1 A41
5.15%	02/25/34	2		498,595		281,689
Countrywide Alternative Loan Trust 2004-J6 2A1
6.50%	11/25/31			650,849		559,806
Countrywide Alternative Loan Trust 2005-14 4X (IO)
3.88%	05/25/35	4,8,†		2,915,383		13,780
Countrywide Alternative Loan Trust 2005-16 A5
0.75%	06/25/35	2		896,918		243,038
Countrywide Alternative Loan Trust 2005-27 2A1
3.61%	08/25/35	2		1,831,314		791,657
Countrywide Alternative Loan Trust 2005-61 2A1
0.75%	12/25/35	2		1,494,873		677,650
Countrywide Alternative Loan Trust 2006-OA2 X1P (IO)
4.22%	05/20/46	4		10,697,106		195,556
CS First Boston Mortgage Securities Corp. 2002-AR31 4A2
5.31%	11/25/32	2		200,000		126,325
CS First Boston Mortgage Securities Corp. 2003-AR24 2A4
4.81%	10/25/33	2		1,552,018		1,145,154
CS First Boston Mortgage Securities Corp. 2004-1 2A1
6.50%	02/25/34			994,806		835,896
Downey Savings & Loan Association Mortgage Loan Trust 2004-AR1 A2A
0.99%	09/19/44	2		306,464		156,971
Downey Savings & Loan Association Mortgage Loan Trust 2004-AR3 2A2A
0.95%	07/19/44	2		759,500		476,992
Fifth Third Mortgage Loan Trust 2002-FTB1 5A1
5.17%	11/19/32	2		58,713		52,171
First Horizon Asset Securities, Inc. 2002-AR2 2A1
5.13%	12/27/32	2		41,324		32,980
First Horizon Asset Securities, Inc. 2003-AR2 1A1
5.50%	07/25/33	2		102,115		81,850
GMAC Mortgage Corp. Loan Trust 2003-GH1 A5 (STEP)
5.60%	07/25/34			87,340		86,952
Harborview Mortgage Loan Trust 2004-8 2A4A
0.98%	11/19/34	2		1,619,618		814,063
Harborview Mortgage Loan Trust 2005-1 X (IO)
3.52%	03/19/35	4,8		3,601,765		48,961
Harborview Mortgage Loan Trust 2005-12 X2A (IO)
0.55%	10/19/35	4		27,279,967		170,500
IndyMac Index Mortgage Loan Trust 2004-AR12 A1
0.86%	12/25/34	2		1,256,065		650,618
IndyMac Index Mortgage Loan Trust 2004-AR12 AX2 (IO)
3.80%	12/25/34	4,8		1,515,162		13,258
IndyMac Index Mortgage Loan Trust 2004-AR6 6A1
5.45%	10/25/34	2		902,012		639,498
IndyMac Index Mortgage Loan Trust 2005-AR18 2A1B
1.25%	10/25/36	2		1,611,790		732,137
MASTR Adjustable Rate Mortgages Trust 2004-1 2A1
6.21%	01/25/34	2		69,555		48,357
MASTR Adjustable Rate Mortgages Trust 2004-12 5A1
5.72%	10/25/34	2		1,224,358		705,253
MASTR Adjustable Rate Mortgages Trust 2004-5 3A1
5.30%	06/25/34	2		73,945		36,692
MASTR Adjustable Rate Mortgages Trust 2006-OA2 4A1A
3.33%	12/25/46	2		4,079,515		1,475,128
MASTR Seasoned Securities Trust 2004-1 4A1
5.20%	10/25/32	2		251,167		202,220
MASTR Seasoned Securities Trust 2004-2 A2
6.50%	08/25/32			983,835		924,218
Merrill Lynch Mortgage Investors, Inc. 2003-A1 2A
4.83%	12/25/32	2		745,521		523,827
Residential Accredit Loans, Inc. 2002-QS17 NB1
6.00%	11/25/32			30,386		30,400
Residential Accredit Loans, Inc. 2007-QS8 A10
6.00%	06/25/37			2,456,111		2,021,157

/ 3

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2008

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Asset Mortgage Products, Inc. 2003-SL1 A11
7.13%	03/25/16		$	381,044	$	380,759
Residential Asset Mortgage Products, Inc. 2004-SL1 A2
8.50%	11/25/31			206,573		210,369
Residential Asset Mortgage Products, Inc. 2004-SL1 A7
7.00%	11/25/31			68,814		71,158
Residential Asset Mortgage Products, Inc. 2004-SL1 A8
6.50%	11/25/31			463,354		478,869
Residential Asset Mortgage Products, Inc. 2005-SL1 A5
6.50%	05/25/32			2,495,254		1,723,010
Residential Asset Securitization Trust 2004-IP2 2A1
5.24%	12/25/34	2		707,256		406,985
Residential Asset Securitization Trust 2007-A7 A4
6.00%	07/25/37			2,886,747		2,270,199
Structured Asset Mortgage Investments, Inc. 2006-AR8 A1A
0.67%	10/25/36	2		2,302,698		910,551
Structured Asset Securities Corp. 2001-15A 4A1
6.00%	10/25/31	2		65,194		57,125
Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA3 4A1
3.03%	04/25/47	2		3,352,570		1,479,486
Washington Mutual Mortgage Pass-Through Certificates 2002-AR6 A
3.66%	06/25/42	2		175,183		128,299
Washington Mutual Mortgage Pass-Through Certificates 2003-AR6 A1
3.95%	06/25/33	2		670,191		511,984
Washington Mutual Mortgage Pass-Through Certificates 2007-OA1 XPPP (IO)
0.85%	02/25/47	4,8,†		67,564,009		1,138,633
Washington Mutual MSC Mortgage Pass-Through Certificates 2003-MS9 1A
7.00%	04/25/33			211,288		196,961
Washington Mutual MSC Mortgage Pass-Through Certificates 2004-RA1 2A
7.00%	03/25/34			250,643		224,563
						29,185,648
U.S. Agency Mortgage-Backed — 18.57%
Fannie Mae 1988-12 A
10.00%	02/25/18	2		133,267		139,094
Fannie Mae 1993-80 S
10.30%	05/25/23	2		11,375		10,687
Fannie Mae 1994-55 S
17.63%	12/25/23	2		1,984		2,039
Fannie Mae 1997-23 PB
6.63%	01/25/22			37,539		38,476
Fannie Mae 1998-58 PC
6.50%	10/25/28			1,105,495		1,152,573
Fannie Mae 2000-27 AN
6.00%	08/25/30			21,488		22,090
Fannie Mae 2001-42 SB
8.50%	09/25/31	2		7,066		5,253
Fannie Mae 2001-68 PV
6.00%	11/25/18			5,891		5,880
Fannie Mae 2003-124 (IO)
5.25%	03/25/31			98,916		9,302
Fannie Mae 2003-124 TS
9.80%	01/25/34	2		144,044		108,333
Fannie Mae 2003-37 IG (IO)
5.50%	05/25/32			333,189		29,066
Fannie Mae 2003-85 IE (IO)
5.50%	06/25/29			114,020		5,808
Fannie Mae 2004-96 MT
7.00%	12/25/34	2		325,254		328,827
Fannie Mae 2005-47 SL
7.50%	06/25/35	2		891,142		801,710
Fannie Mae Pool 111643
6.44%	09/01/20	2		30,112		30,815
Fannie Mae Pool 190656
6.50%	02/01/14			243,434		255,373
Fannie Mae Pool 254190
5.50%	02/01/09			141,304		141,088
Fannie Mae Pool 523829
8.00%	11/01/19			328,707		348,112
Fannie Mae Pool 555098
5.09%	11/01/32	2		195,945		196,484
Fannie Mae Pool 555177
4.85%	01/01/33	2		227,461		224,523
Fannie Mae Pool 555207
7.00%	11/01/17			47,187		49,110
Fannie Mae Pool 567002
8.00%	05/01/23			167,264		176,593
Fannie Mae Pool 646884
5.48%	05/01/32	2		18,924		18,986
Fannie Mae Pool 647903
4.45%	04/01/27	2		63,073		62,927
Fannie Mae Pool 648860
6.50%	05/01/17			994,485		1,040,861
Fannie Mae Pool 655127
7.00%	07/01/32			53,967		56,621

4 /

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2008

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 655133
7.00%	08/01/32		$	51,234	$	53,748
Fannie Mae Pool 655151
7.00%	08/01/32			84,065		88,024
Fannie Mae Pool 753630
4.80%	11/01/33	2		291,310		292,549
Fannie Mae Pool 754001
5.72%	12/01/33	2		752,613		755,990
Fannie Mae Pool 762525
6.50%	11/01/33			229,403		238,436
Fannie Mae Pool 770900
4.33%	04/01/34	2		571,549		573,018
Fannie Mae Pool 771153
5.67%	02/01/34	2		1,331,309		1,335,534
Fannie Mae Pool 805268
4.91%	01/01/35	2		680,930		677,075
Fannie Mae Pool 811267
5.18%	12/01/34	2		220,510		221,871
Freddie Mac 1214 KA
2.08%	02/15/22	2		8,630		8,612
Freddie Mac 1526 L
6.50%	06/15/23			36,595		38,293
Freddie Mac 1662 L
2.16%	01/15/09	2		126		126
Freddie Mac 1695 EA
7.00%	12/15/23			2,139		2,138
Freddie Mac 1702 TJ
7.00%	04/15/13			145,540		146,842
Freddie Mac 2043 CJ
6.50%	04/15/28			83,071		86,400
Freddie Mac 2451 SP
14.31%	05/15/09	2		4,586		4,677
Freddie Mac 2527 TI (IO)
6.00%	02/15/32			447,317		18,029
Freddie Mac 2561 BX (IO)
5.00%	05/15/17			476,321		22,253
Freddie Mac 2587 IH (IO)
5.00%	08/15/25			303,504		1,001
Freddie Mac 2594 VK
5.00%	02/15/23			366,777		370,217
Freddie Mac 2642 BW (IO)
5.00%	06/15/23			73,918		9,485
Freddie Mac 2657 LX (IO)
6.00%	05/15/18			311,762		30,254
Freddie Mac 2856 ST
7.00%	09/15/23	2		1,139,759		1,157,831
Freddie Mac 2905 JG
7.00%	09/15/34			573,788		580,970
Freddie Mac 2906 NX (IO)
4.31%	12/15/34			7,190,584		274,846
Freddie Mac 2971 AB
5.00%	05/15/20			21,211		21,197
Freddie Mac 3202 HS (IO)
5.46%	08/15/36			6,217,049		228,143
Freddie Mac Gold C90237
6.50%	11/01/18			193,153		202,554
Freddie Mac Gold C90474
7.00%	08/01/21			270,127		284,197
Freddie Mac Gold D93410
6.50%	04/01/19			182,833		191,657
Freddie Mac Gold O30092
5.50%	10/01/15			170,681		174,889
Freddie Mac Gold P20295
7.00%	10/01/29			93,844		96,905
Freddie Mac Gold P50214
6.50%	02/01/34	†		416,968		420,584
Freddie Mac Gold P50230
6.50%	04/01/34	†		1,046,752		1,055,829
Freddie Mac Gold P60084
6.00%	03/01/16	†		736,443		719,414
Freddie Mac Non Gold Pool 775554
5.52%	10/01/18	2		6,844		6,897
Freddie Mac Non Gold Pool 782824
4.71%	11/01/34	2		880,658		871,649
Freddie Mac Non Gold Pool 865369
4.86%	06/01/22	2		5,415		5,467
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32			306,999		24,684
Ginnie Mae 2003-58 IG (IO)
5.50%	05/17/29			35,451		302
Ginnie Mae 2003-95 SB
14.49%	09/17/31	2		61,123		62,062
Ginnie Mae 2004-2 FW
3.30%	01/16/34	2		333,098		283,944
Ginnie Mae 2004-41 IE (IO)
5.50%	05/20/30			2,358,429		127,905
Ginnie Mae II Pool 80546
5.00%	10/20/31	2		54,337		53,617
Ginnie Mae II Pool 80610
5.38%	06/20/32	2		695,748		692,384
Ginnie Mae II Pool 80614
4.63%	07/20/32	2		87,189		84,988
Ginnie Mae II Pool 80687
5.50%	04/20/33	2		386,585		384,091
Ginnie Mae II Pool 81018
4.63%	08/20/34	2		283,480		276,152

/ 5

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2008

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool 8339
5.13%	12/20/23	2	$	95,451	$	94,218
Ginnie Mae II Pool 8684
4.63%	08/20/25	2		125,268		123,021
						18,735,600
Total Mortgage-Backed (Cost $78,673,897)						56,035,231
Total Bonds — 92.07% (Cost $130,362,560)						92,886,197
Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 26.21%
Commercial Paper — 2.05%
BNP Paribas Finance, Inc.
0.34%9	01/20/09		$	1,055,000		1,054,821
National Rural Utilities Co.
0.25%9	01/29/09			1,010,000		1,009,810
						2,064,631
Money Market Fund — 13.24%
Goldman Sachs Group, Inc. (The), 1.40%				13,363,000		13,363,000
U.S. Agency Discount Notes — 10.92%
Fannie Mae
0.15%9	02/23/09	10		111,000		110,972
Federal Home Loan Bank
0.08%9	01/21/09			1,195,000		1,194,950
0.10%9	01/20/09			3,165,000		3,164,842
0.12%9	01/23/09			1,810,000		1,809,873
0.86%9	01/13/09			1,105,000		1,104,738
Freddie Mac
1.00%9	01/27/09			3,635,000		3,634,038
						11,019,413
Total Short Term Investments (Cost $26,445,457)						26,447,044
					Value
Total Investments — 118.28% (Cost $156,808,017)1						119,333,241
Liabilities in Excess of Other Assets — (18.28)%						(18,439,676	)
Net Assets — 100.00%					$	100,893,565

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: SHORT POSITIONS
7	Euro Dollar Ninety Day, March 2009	$	(9,214	)
10	Euro Dollar Ninety Day, June 2009		(24,089	)
10	Euro Dollar Ninety Day, September 2009		(26,100	)
10	Euro Dollar Ninety Day, December 2009		(28,225	)
31	U.S. Treasury Two Year Note, March 2009		(90,061	)
	Net unrealized depreciation	$	(177,689	)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 2.98 % semi-annually. Counterparty: Citigroup, Inc.	09/22/10	$	2,823		98,058
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 7.25% quarterly. Counterparty: Barclays Capital, Inc.	01/31/22		2,000		17,221
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 7.75% quarterly. Counterparty: JPMorgan Chase & Co.	03/26/22		1,790		(14,861	)
				$	100,418
Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES
The Fund pays a fixed rate equal to 0.74% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Goldman Sachs Group, Inc. 6.60%, due 01/15/12. Counterparty: JPMorgan Chase & Co.	12/20/12		450		34,792
The Fund pays a fixed rate equal to 0.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Morgan Stanley 6.60%, due 04/01/12. Counterparty: JPMorgan Chase & Co.	12/20/12		445		49,373
				$	84,165

6 /

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2008

Issues	Expiration Date	Credit Ratinga			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) — SINGLE ISSUES
The Fund receives a fixed rate equal to 1.60% and the Fund will pay to the counterparty at par including interest accrued in the event of default of Wachovia Corp. 3.63%, due 02/17/09. Counterparty: CS First Boston	03/20/09		AA		$	1,000	$	1,873		$	1,873
Receive a fixed rate equal to 6.55% and the Fund will pay to the counterparty at par including interest accrued in the event of default of General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston	12/20/10		AAA			640		26,082			26,082
							$	27,955		$	27,955
Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) — TRADED INDICES
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37	$	(651,056	)		1,160		(48,897	)		(699,953	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Goldman Sachs Group, Inc.	08/25/37		(1,173,174	)		2,300		(214,663	)		(1,387,837	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(1,708,754	)		3,350		(312,661	)		(2,021,415	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.	01/25/38		(2,088,315	)		4,550		(681,811	)		(2,770,126	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.	01/25/38		(549,820	)		1,000		(58,999	)		(608,819	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: CS First Boston	01/25/38		(381,407	)		700		(44,766	)		(426,173	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Royal Bank of Scotland Group Plc	01/25/38		(266,217	)		500		(38,193	)		(304,410	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Goldman Sachs Group, Inc.	01/25/38		(266,217	)		500		(38,192	)		(304,409	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Bank of America Corp.	05/25/46		(404,508	)		500		(33,455	)		(437,963	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(809,017	)		1,000		(66,908	)		(875,925	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(480,943	)		600		(44,612	)		(525,555	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Royal Bank of Scotland Group Plc	05/25/46		(404,508	)		500		(33,455	)		(437,963	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Goldman Sachs Group, Inc.	05/25/46		(322,614	)		400		(27,756	)		(350,370	)
		$	(9,506,550	)			$	(1,644,368	)	$	(11,150,918	)

^a Using Standard & Poor’s rating of the issuer.

^b The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

^c The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes:

¹ Cost for financial reporting purposes is $156,808,017 and net unrealized appreciation/ (depreciation) consists of:

Gross unrealized appreciation	$	2,760,100
Gross unrealized depreciation		(40,234,876	)
Net unrealized (depreciation)	$	(37,474,776	)

² Floating rate security. The rate disclosed is that in effect at December 31, 2008.

³ Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at December 31, 2008 was $10,445,984 representing 10.35% of total net assets.

⁴ Illiquid security.

⁵ Security is currently in default with regards to scheduled interest or principal payments.

⁶ Expected maturity date.

⁷ Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of TNA
05/09/08	Calpine CCFC I Term Loan, 7.46%, 08/26/09	$	998,040	$	969,895	0.96	%
08/21/06	Northwest Air Dip, 2.39%, 05/21/12		735,814		543,715	0.54	%
		$	1,733,854	$	1,513,610	1.50	%

⁸ Zero coupon bond. The rate shown is the effective yield as of December 31, 2008.

/ 7

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

⁹ Represents annualized yield at date of purchase.

¹⁰ Securities, or a portion there of, pledged as collateral for futures, written options and reverse repurchase agreements.

^† Fair valued security. The aggregate value of fair valued securities is $19,913,222 which is 19.74% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure does not necessarily indicate the treatment of those securities under FAS 157, as discussed in the Notes to Financial Statements.

^* Securities with a call or reset feature will have an effective maturity date less than the stated maturity.

^** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date less than the stated maturity date.

(AMBAC): American Municipal Bond Insurance

(IO): Interest only

(DIP): Defaulted interest payment

(LIBOR): London InterBank Offer Rate

(MTN): Medium term note

(STEP): Step coupon bond

8 /

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 104.32%
ASSET-BACKED SECURITIES — 22.22%**
ABFS Mortgage Loan Trust 2002-2 A7 (STEP)
5.72%	07/15/33		$	107,794	$	106,959
Amresco Residential Securities Mortgage Loan Trust 1998-1 A5 (STEP)
7.57%	10/25/27			46,923		46,775
Amresco Residential Securities Mortgage Loan Trust 1998-2 B1F
7.72%	06/25/28	2,3		4,698		969
Bayview Financial Acquisition Trust 2005-A A1
0.97%	02/28/40	3,4,†		12,500,000		9,253,415
Bayview Financial Acquisition Trust 2006-B 2A2
0.67%	04/28/36	3		4,538,264		4,263,049
Bayview Financial Revolving Mortgage Loan Trust 2005-E A1
0.97%	12/28/40	3,4,†		14,000,000		10,923,830
Bear Stearns Asset Backed Securities Trust 2000-2 M2 (STEP)
8.28%	08/25/30			4,928,137		4,226,725
Bear Stearns Asset Backed Securities Trust 2007-2 A1
0.66%	01/25/47	3		2,228,110		1,833,240
Bear Stearns Asset Backed Securities Trust 2007-HE1 1A1
0.59%	02/25/37	3		2,428,418		2,048,351
Bear Stearns Asset Backed Securities Trust 2007-HE5 1A2
0.65%	06/25/47	3		5,200,000		3,194,014
Carrington Mortgage Loan Trust 2004-NC2 M1
1.16%	08/25/34	3		218,633		114,594
Castle Trust 2003-1AW A1
1.95%	05/15/27	3,4,†		3,442,050		1,893,149
Chase Funding Mortgage Loan Asset-Backed Certificates 2001-4 1A6
6.24%	01/25/13	3		5,943,736		5,878,142
Chase Funding Mortgage Loan Asset-Backed Certificates 2002-2 2M1
1.37%	02/25/32	3		815,624		532,581
Citicorp Residential Mortgage Securities, Inc. 2006-1 A1 (STEP)
5.96%	07/25/36			2,252,993		2,218,847
Citigroup Mortgage Loan Trust, Inc. 2007-WFH1 A2
0.57%	01/25/37	3		125,000		100,924
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 A3
0.65%	03/25/37	3		150,000		74,861
Citigroup Mortgage Loan Trust, Inc. 2007-WFH4 A2C
1.77%	07/25/37	3		90,000		47,902
Citigroup Mortgage Loan Trust, Inc. 2007-WFH4 M1
2.12%	07/25/37	3,†		8,520,000		1,533,653
Conseco Finance 2001-D A5
6.19%	11/15/32	3		608,966		526,215
Conseco Financial Corp. 1994-1 A5
7.65%	04/15/19			604,851		528,506
Conseco Financial Corp. 1998-2 A5
6.24%	12/01/28	3		43,802		33,336
Credit-Based Asset Servicing and Securitization LLC 2006-CB1 AF2 (STEP)
5.24%	01/25/36			5,225,216		4,276,310
Credit-Based Asset Servicing and Securitization LLC 2006-CB9 A4
0.70%	11/25/36	3		6,000,000		2,305,000
Credit-Based Asset Servicing and Securitization LLC 2007-CB2 A2B (STEP)
5.51%	02/25/37			20,580,000		16,418,992
Credit-Based Asset Servicing and Securitization LLC 2007-CB5 A1
0.53%	04/25/37	3		5,605,399		4,470,065
First Alliance Mortgage Loan Trust 1994-3 A1
7.83%	10/25/25			1,940		1,721
First Franklin Mortgage Loan Asset Backed Certificates 2005-FFA M2 (STEP)
5.48%	03/25/25			9,365,000		4,431,524
First Union Home Equity Loan Trust 1997-3 B
7.39%	03/25/29			64,670		9,705
Genesis Funding Ltd. 2006-1A G1
0.82%	12/19/32	3,4,†		8,650,000		4,325,470
GMAC Mortgage Corp. Loan Trust 2000-HE2 A1
0.91%	06/25/30	3		3,686,155		2,155,774
Green Tree Home Improvement Loan Trust 1997-E HEB1
7.53%	01/15/29			4,731,514		4,653,540
Green Tree Recreational Equipment & Consumer Trust 1996-D Certificates
7.24%	12/15/22			223,202		157,575
GSAA Trust 2006-9 A4A
0.71%	06/25/36	3,†		13,500,000		4,455,373
GSAMP Trust 2006-S6 A2 (STEP)
5.55%	10/25/36	2		2,228,000		534,199
HFC Home Equity Loan Asset Backed Certificates 2007-1 AS
0.71%	03/20/36	3		13,855,206		9,168,253
HFC Home Equity Loan Asset Backed Certificates 2007-2 A4
0.81%	07/20/36	3		1,325,000		460,955
HFC Home Equity Loan Trust 2005-3 M1
0.93%	01/20/35	3		5,036,806		3,369,881

/ 9

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Home Equity Asset Trust 2007-3 2A2
0.65%	08/25/37	3,†	$	5,635,000	$	4,226,664
Home Equity Mortgage Trust 2006-1 A1B
0.60%	05/25/36	3		1,636,262		1,146,786
Ivy Lane CDO Ltd. 2006-1A A1
3.19%	02/05/46	2,3,4,†		8,968,595		2,152,502
JPMorgan Mortgage Acquisition Corp. 2006-WMC4 A4
0.62%	12/25/36	3		20,000,000		5,862,302
JPMorgan Mortgage Acquisition Corp. 2007-CH1 AF2 (STEP)
5.45%	11/25/36			12,415,000		10,188,397
JPMorgan Mortgage Acquisition Corp. 2007-CH2 AF2 (STEP)
5.48%	01/25/37			15,300,000		12,317,446
JPMorgan Mortgage Acquisition Corp. 2007-HE1 AV1
0.53%	04/01/37	3		10,772,924		8,483,290
JPMorgan Mortgage Acquisition Corp. 2007-HE1 AV4
0.75%	03/25/47	3		50,000		10,929
Lehman ABS Manufactured Housing Contract 2001-B AIOC (IO)
0.55%	05/15/41	2,†		426,140,063		7,503,934
Lehman XS Trust 2006-12N A1A1
0.55%	08/25/46	3		596,137		590,787
Lehman XS Trust 2006-GP1 A4A
0.80%	05/25/46	2,3		12,235,456		610,238
MASTR Asset Backed Securities Trust 2006-WMC3 A4
0.63%	08/25/36	3		80,000		23,139
MASTR Asset Backed Securities Trust 2007-HE1 A2
0.62%	05/25/37	3		6,260,000		3,845,427
MASTR Asset Backed Securities Trust 2007-HE1 A3
0.68%	05/25/37	3		55,000		19,769
Merrill Lynch First Franklin Mortgage Loan Trust 2007-3 A2C
0.65%	06/25/37	3		19,057,200		8,289,882
Merrill Lynch Mortgage Investors, Inc. 2007-HE1 A2D
0.80%	02/25/37	3		60,000		17,920
Mid-State Trust 2004-1 B
8.90%	08/15/37			1,034,967		765,707
Morgan Stanley ABS Capital I 2004-NC2 M2
2.27%	12/25/33	3		431,110		326,728
Morgan Stanley ABS Capital I 2007-HE7 M2
2.47%	07/25/37	3,†		3,525,000		793,222
Morgan Stanley Mortgage Loan Trust 2007-10XS A18
6.00%	07/25/47	3		20,365,839		17,721,457
Nationstar Home Equity Loan Trust 2007-A AV1
0.53%	03/25/37	3		12,412		11,054
Nationstar Home Equity Loan Trust 2007-A AV4
0.70%	03/25/37	3,†		5,811,000		2,673,096
Nationstar Home Equity Loan Trust 2007-B 2AV1
0.59%	04/25/37	3		88,165		79,490
Nationstar Home Equity Loan Trust 2007-C 2AV1
0.53%	06/25/37	3		96,676		89,281
Nationstar Home Equity Loan Trust 2007-C 2AV3
0.65%	06/25/37	3		7,057,200		3,942,930
Nomura Asset Acceptance Corp. 2006-S1 A1
0.61%	01/25/36	3,4		915,266		747,578
Oakwood Mortgage Investors, Inc. 2002-B A1
1.43%	05/15/13	3		396,095		192,539
Oakwood Mortgage Investors, Inc. 2002-B A2
5.19%	09/15/19	3		251,066		156,492
Oakwood Mortgage Investors, Inc. 2002-B AIO (IO)
6.00%	05/15/10	2,†		9,786,184		653,290
Option One Mortgage Loan Trust 2007-4 2A4
0.78%	04/25/37	3,†		13,734,000		4,944,614
Pegasus Aviation Lease Securitization 2000-1 B1
8.08%	03/25/30	2,4,5		8,806,150		2,810
Popular ABS Mortgage Pass-Through Trust 2007-A A3
0.78%	06/25/47	3		70,000		20,685
Residential Funding Mortgage Securities II, Inc. 2000-HI1 AI7 (STEP)
8.29%	02/25/25			15,605		14,278
Resmae Mortgage Loan Trust 2006-1 A1B
0.74%	02/25/36	3,4		2,744,072		2,092,701
Saxon Asset Securities Trust 2007-2 A2A
0.57%	05/25/47	3		11,946,254		10,536,600
Securitized Asset Backed Receivables LLC Trust 2007-BR5 A2A
0.60%	05/25/37	3		15,223,201		12,427,810
SG Mortgage Securities Trust 2006-FRE1 A1B
0.74%	02/25/36	3		2,097,701		1,553,698
Soundview Home Equity Loan Trust 2006-OPT1 2A4
0.74%	03/25/36	3		7,300,000		2,998,017
Soundview Home Equity Loan Trust 2006-WF2 M8
2.82%	12/25/36	3		1,500,000		21,529

10 /

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Soundview Home Equity Loan Trust 2007-OPT5 M2
2.62%	10/25/37	3,4	$	90,000	$	13,121
Structured Asset Receivables Trust 2003-1A CTFS
4.92%	01/21/10	3,4,†		2,146,193		1,524,032
Structured Asset Receivables Trust 2003-2A CTFS
4.82%	01/21/09	3,4,†		192,504		169,424
Structured Asset Securities Corp. 2007-BC2 A3
0.60%	03/25/37	3		55,000		35,643
Terwin Mortgage Trust 2004-7HE A1
1.02%	07/25/34	3,4		142,962		81,045
Terwin Mortgage Trust 2005-9HGS A1
4.00%	08/25/35	3,4		806,131		708,668
Terwin Mortgage Trust 2006-4SL A2
4.50%	05/25/37	2,3,4,†		12,725,000		3,054,095
Terwin Mortgage Trust 2006-6 1A2
4.75%	07/25/37	2,3		15,000,000		4,019,535
Terwin Mortgage Trust 2007-9SL A1
1.67%	06/25/38	3,4		12,712,054		3,538,044
Wells Fargo Home Equity Trust 2007-1 A1
0.57%	03/25/37	3		542,652		499,178
Wells Fargo Home Equity Trust 2007-2 A1
0.56%	04/25/37	3		1,326,370		1,166,525
Total Asset-Backed Securities (Cost $386,120,450)						253,438,702
CORPORATES — 31.96%*
Banking — 5.16%
Bank of America Corp.
5.65%	05/01/18			300,000		302,323
Bank of America Corp. (MTN)
4.90%	05/01/13			3,250,000		3,222,232
BankAmerica Institutional A
8.07%	12/31/26	4		5,250,000		4,314,944
Banponce Trust I A
8.33%	02/01/27			7,400,000		6,119,378
Chase Capital II B
3.69%	02/01/27	3,†		6,455,000		3,098,488
Credit Suisse/New York (MTN)
5.00%	05/15/13			11,000,000		10,596,927
Deutsche Bank AG/London
4.88%	05/20/13			7,640,000		7,508,164
JPMorgan Chase & Co.
4.75%	05/01/13			30,000		29,632
JPMorgan Chase & Co. C (MTN)
0.00%	07/23/13	3		1,500,000		1,382,250
JPMorgan Chase Bank NA
8.75%	11/28/21	3		2,084,000		2,084,625
JPMorgan Chase Capital XIII M
2.42%	09/30/34	3,†		1,576,000		882,566
National Australia Bank Ltd.
5.35%	06/12/13	4		3,500,000		3,286,730
National Australia Bank Ltd. A
8.60%	05/19/10			9,250,000		9,440,124
Nationsbank Capital Trust III
5.30%	01/15/27	3		7,650,000		3,789,848
NB Capital Trust II
7.83%	12/15/26			3,200,000		2,809,232
						58,867,463
Communications — 0.32%
Cincinnati Bell, Inc.
7.25%	07/15/13			225,000		199,125
CSC Holdings, Inc. B
7.63%	04/01/11			375,000		355,312
Dex Media West LLC/Dex Media Finance Co. B
8.50%	08/15/10			550,000		335,500
Frontier Communications Corp.
6.63%	03/15/15			125,000		90,000
Hawaiian Telcom Communications, Inc. B
9.75%	05/01/13	5		250,000		19,375
Level 3 Financing, Inc.
8.75%	02/15/17			275,000		140,250
Mediacom LLC/Mediacom Capital Corp.
9.50%	01/15/13			250,000		190,000
Qwest Communications International, Inc.
3.50%	11/15/25			2,250,000		1,879,560
Sprint Nextel Corp.
1.87%	06/28/10	3		400,000		336,000
Videotron Ltd.
9.13%	04/15/18	4		150,000		140,250
						3,685,372
Consumer Products — 0.01%
Visant Holding Corp.
8.75%	12/01/13			200,000		149,000
Electric — 3.23%
Appalachian Power Co.
6.60%	05/01/09			1,625,000		1,629,135
Aquila, Inc.
7.95%	02/01/11			2,500,000		2,449,825
Calpine Construction Finance Co., LP
11.60%	08/26/11	3,4		2,750,000		2,296,250
Cedar Brakes I LLC
8.50%	02/15/14	4		2,458,748		2,340,231

/ 11

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Cedar Brakes II LLC
9.88%	09/01/13	4	$	8,256,302	$	8,590,616
Entergy Gulf States, Inc.
5.12%	08/01/10			86,000		83,079
Ipalco Enterprises, Inc.
7.25%	04/01/16	4		145,000		119,625
Midwest Generation LLC
8.30%	07/02/09			1,563,634		1,555,816
Mirant Mid Atlantic LLC A
8.63%	06/30/12			4,881,671		4,472,831
Power Contract Financing LLC
6.26%	02/01/10	4		3,303,032		3,237,593
Power Receivables Finance LLC
6.29%	01/01/12	4		1,391,930		1,364,425
6.29%	01/01/12			1,461,032		1,432,163
TECO Energy, Inc.
5.19%	05/01/10	3		2,265,000		2,185,811
W3A Funding Corp.
8.09%	01/02/17			5,180,013		5,137,920
						36,895,320
Energy — 0.63%
AES Corp. (The)
8.75%	05/15/13	4		219,000		211,335
Allis-Chalmers Energy, Inc.
9.00%	01/15/14			450,000		240,750
Chesapeake Energy Corp.
7.00%	08/15/14			250,000		208,750
Comstock Resources, Inc.
6.88%	03/01/12			150,000		116,250
Corral Finans AB (PIK)
6.25%	04/15/10	4		263,717		143,726
Griffin Coal Mining Co. Ltd. (The)
9.50%	12/01/16	4		250,000		83,750
Hilcorp Energy I LP/Hilcorp Finance Co.
7.75%	11/01/15	4		575,000		408,250
Massey Energy Co.
6.88%	12/15/13			375,000		279,375
OPTI Canada, Inc.
7.88%	12/15/14			250,000		128,750
Sempra Energy Employee Stock Ownership Plan & Trust
5.78%	11/01/14	4,†		5,000,000		5,003,905
Sonat, Inc.
7.63%	07/15/11			350,000		320,858
						7,145,699
Finance — 13.13%
Bear Stearns Cos., Inc. (The) (MTN)
6.95%	08/10/12			10,000,000		10,373,559
Citigroup, Inc.
4.13%	02/22/10			9,430,000		9,267,801
5.30%	10/17/12			6,946,000		6,699,674
5.50%	04/11/13			11,034,000		10,753,670
Countrywide Financial Corp. (MTN)
5.80%	06/07/12			2,410,000		2,310,703
Countrywide Home Loans, Inc. (MTN)
4.13%	09/15/09			2,000,000		1,949,359
Countrywide Home Loans, Inc. L (MTN)
4.00%	03/22/11			2,470,000		2,352,645
Credit Suisse Guernsey Ltd. 1
2.84%	05/29/49	3		8,065,000		4,020,644
Ford Motor Credit Co. LLC
6.32%	01/15/10	3		4,070,000		3,261,088
7.38%	02/01/11			104,000		79,123
7.57%	01/13/12	3		20,160,000		13,129,200
9.20%	04/15/09	3		1,750,000		1,690,937
General Electric Capital Corp. A (MTN)
2.26%	09/15/14	3		10,144,000		7,819,634
GMAC LLC
4.40%	12/01/14	3		3,424,000		1,921,720
Goldman Sachs Group LP
4.50%	06/15/10			2,100,000		2,070,027
Goldman Sachs Group, Inc. (The)
5.32%	01/12/15	3		2,500,000		1,857,070
5.45%	11/01/12			8,000,000		7,500,746
6.15%	04/01/18			2,500,000		2,406,555
Goldman Sachs Group, Inc. B (The) (MTN)
4.46%	07/22/15	3		800,000		592,000
Lehman Brothers Holdings, Inc. (MTN)
0.00%	06/20/16	5		4,835,000		459,325
8.92%	02/16/17	5		4,198,000		398,810
11.00%	11/07/16	5		6,776,000		643,720
MBNA Capital A
8.28%	12/01/26			924,000		768,470
MBNA Capital B
3.99%	02/01/27	3		2,721,000		1,629,071
Merrill Lynch & Co., Inc. (MTN)
4.02%	05/20/09	3		9,397,000		9,278,758
8.68%	05/02/17	3		30,000		26,532
8.95%	05/18/17	3		30,000		26,682
9.57%	06/06/17	3		5,184,000		4,646,419
Morgan Stanley
5.03%	01/15/10	3		20,000		18,637
5.05%	01/21/11			5,810,000		5,583,120
5.23%	10/15/15	3		2,830,000		1,941,363
6.75%	04/15/11			750,000		738,326

12 /

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Morgan Stanley (MTN)
5.63%	01/09/12		$	5,000,000	$	4,668,413
Pemex Finance Ltd.
8.88%	11/15/10	†		3,911,467		4,081,186
9.69%	08/15/09	†		899,250		915,971
Toyota Motor Credit Corp. (MTN)
0.00%	10/24/13	3		11,671,000		11,290,525
Wachovia Corp. (MTN)
5.50%	05/01/13			5,655,000		5,597,200
Westfield Capital Corp. Ltd.
4.38%	11/15/10	4		5,690,000		4,651,171
Woodbourne Capital Trust I
1.54%	04/08/49	2,3,4		1,000,000		570,000
Woodbourne Capital Trust II
1.54%	04/08/49	2,3,4		1,000,000		570,000
Woodbourne Capital Trust III
1.54%	04/08/49	2,3,4		1,000,000		570,000
Woodbourne Capital Trust IV
1.54%	04/08/49	2,3,4		1,000,000		570,000
						149,699,854
Health Care — 0.79%
Cardinal Health, Inc.
1.71%	10/02/09	3		1,827,000		1,733,589
Community Health Systems, Inc.
8.88%	07/15/15			250,000		233,750
Tenet Healthcare Corp.
7.38%	02/01/13			200,000		143,500
UnitedHealth Group, Inc.
4.88%	02/15/13			7,348,000		6,866,508
						8,977,347
Insurance — 0.80%
Farmers Insurance Exchange
6.00%	08/01/14	4		2,000,000		1,559,099
Metropolitan Life Global Funding I
2.22%	06/25/10	3,4		50,000		44,934
5.13%	04/10/13	4		7,780,000		7,491,740
						9,095,773
Materials — 0.01%
Freeport-McMoRan Copper & Gold, Inc.
7.08%	04/01/15	3		150,000		99,187
Real Estate Investment Trust (REIT) — 4.53%
Camden Property Trust
4.38%	01/15/10			2,168,000		1,942,385
CPG Partners LP
3.50%	03/15/09			400,000		391,065
8.25%	02/01/11			4,710,000		4,129,907
Duke Realty LP
5.63%	08/15/11			8,550,000		6,617,170
6.25%	05/15/13			9,000,000		6,200,703
First Industrial LP
5.25%	06/15/09			4,105,000		3,848,069
HCP, Inc.
6.45%	06/25/12			4,000,000		2,864,694
Reckson Operating Partnership LP
7.75%	03/15/09			7,800,000		7,458,407
Rouse Co. LP (The)
3.63%	03/15/09			6,655,000		2,795,100
Shurgard Storage Centers LLC
7.75%	02/22/11			1,500,000		1,507,152
Simon Property Group LP
3.75%	01/30/09			2,360,000		2,341,193
5.75%	05/01/12			70,000		55,997
7.00%	07/15/09			3,658,000		3,565,551
7.13%	02/09/09			4,280,000		4,226,981
UDR, Inc. E (MTN)
3.90%	03/15/10			25,000		21,685
Weingarten Realty Investors A (MTN)
8.25%	01/22/10			3,800,000		3,752,728
						51,718,787
Secured Assets — 0.41%
Ingress I Ltd. B-A
7.38%	03/30/40	4,†		5,490,000		4,628,222
Services — 0.06%
Mobile Mini, Inc.
6.88%	05/01/15			375,000		256,875
United Rentals North America, Inc.
6.50%	02/15/12			425,000		337,875
7.00%	02/15/14			125,000		76,875
						671,625
Transportation — 2.88%
American Airlines, Inc. 1999-1 A2
7.02%	10/15/09			1,375,000		1,306,250
American Airlines, Inc. 2001-2 A1
6.98%	04/01/11	6		9,084		7,903
American Airlines, Inc., AMBAC Assurance Corp. 2003-1
3.86%	07/09/10			5,615,848		4,983,261
Continental Airlines, Inc. 1997-1 A
7.46%	04/01/15			1,719,198		1,186,246
Continental Airlines, Inc. 1997-4 A
6.90%	01/02/18			12,456		9,965

/ 13

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
Continental Airlines, Inc. 1999 A-2
7.06%	09/15/09		$	8,500,000	$	8,160,000
Delta Air Lines, Inc. 2000-1 A1
7.38%	05/18/10			2,577,968		2,371,731
Delta Air Lines, Inc. 2001-1 A1
6.62%	03/18/11			5,759,273		5,010,568
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11			8,751,000		7,175,820
Northwest Airlines, Inc. 2001 1A-2
6.84%	04/01/11			1,500,000		1,230,000
United Air Lines, Inc. 2001-1
6.20%	09/01/08	6		1,339,424		1,245,665
6.60%	09/01/13			161,847		152,136
						32,839,545
Total Corporates (Cost $418,877,969)						364,473,194
BANK LOANS — 1.88%*
Automotive — 0.01%
Metaldyne Corp.
7.38%	01/11/14			250,000		70,417
Communications — 0.15%
Cebridge 2nd Lien (PIK)
9.13%	05/05/14	7		2,596,951		1,207,582
Charter Communications, Inc. Term Loan 3rd Lien
3.96%	09/06/14	7		500,000		269,375
Dex Media West LLC Term Loan B
0.00%	10/24/14	7		500,000		215,000
Univision Communications, Inc. 1st Lien Strip
2.71%	03/15/14	7		125,000		51,389
						1,743,346
Electric — 0.50%
Calpine CCFC I Term Loan
7.46%	08/26/09	7		5,321,990		5,188,940
TPF Generation Holdings LLC 2nd Lien
5.71%	12/15/14	7		250,000		136,250
TXU Energy Term Loan B3
3.90%	10/10/14			493,750		344,596
						5,669,786
Health Care — 0.72%
Carestream Health, Inc. Term Loan
7.97%	10/30/13	7		500,000		134,375
HCA Term Loan A
3.46%	11/18/12	7		9,492,652		8,056,889
						8,191,264
Insurance — 0.01%
Asurion Corp. Term Loan
4.33%	07/13/14	7		250,000		170,781
Materials — 0.01%
Lyondell Chemical Co.
7.00%	12/20/14			348,243		160,192
Services — 0.04%
Cengage Learning Term Loan B
2.96%	07/09/14	7		740,625		486,755
Transportation — 0.44%
Delta Air Lines, Inc. Term Loan 1st Lien
2.43%	05/01/12	7		1,485,000		1,004,231
Northwest Air Dip
2.39%	05/21/12	7		5,158,130		3,811,492
United Air Lines, Inc.
2.65%	02/01/14	7		353,611		172,209
						4,987,932
Total Bank Loans (Cost $27,488,022)						21,480,473
MORTGAGE-BACKED — 48.26%**
Commercial Mortgage-Backed — 6.17%
Bayview Commercial Asset Trust 2006-3A A1
0.72%	10/25/36	3,4,†		5,692,255		4,553,959
Bayview Commercial Asset Trust 2007-1 A1
0.69%	03/25/37	3,4,†		161,232		127,375
Bear Stearns Adjustable Rate Mortgage Trust 2005-4 2A3
4.45%	08/25/35	3		19,000,000		17,182,587
CS First Boston Mortgage Securities Corp. 2004-C2 A1
3.82%	05/15/36			7,963,277		7,356,498
CS First Boston Mortgage Securities Corp. 2004-C5 A2
4.18%	11/15/37			5,681,216		5,523,061
CS First Boston Mortgage Securities Corp. 2005-C4 A2
5.02%	08/15/38			16,335,000		15,032,629
Harborview Mortgage Loan Trust 2007-2 2A1A
0.63%	05/25/38	3		20,087,973		7,419,234
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 AM
6.06%	02/15/51	3		3,260,000		1,414,118
LB-UBS Commercial Mortgage Trust 2000-C4 A2
7.37%	08/15/26			11,731,731		11,732,555
						70,342,016

14 /

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed — 19.43%
Adjustable Rate Mortgage Trust 2005-1 1A1
5.67%	05/25/35	3,†	$	14,328,566	$	7,888,552
American Home Mortgage Assets 2005-1 2A1
5.39%	11/25/35	3		11,928		11,728
American Home Mortgage Assets 2007-2 A1
0.60%	03/25/47	3		24,786,996		9,600,222
American Home Mortgage Assets 2007-4 A2
0.66%	08/25/37	3		22,500,000		12,697,691
American Home Mortgage Investment Trust 2004-2 2A
5.00%	02/25/44	3		18,037,049		11,116,406
Banc of America Funding Corp. 2007-5 3A1
6.00%	07/25/37			12,820,755		10,902,123
Banco de Credito Y Securitizacion SA 2001-1 AF
8.00%	05/31/10	2,4,†		1,098,618		220,325
Bear Stearns Mortgage Funding Trust 2006-AR3 2A1
0.67%	11/25/36	3		16,952,964		6,768,530
Bear Stearns Mortgage Funding Trust 2007-AR4 2A1
0.68%	06/25/37	3		19,626,422		7,419,810
BHN I Mortgage Fund 2000-1 AF
8.00%	03/31/11	2,4		445,868		89,174
BlackRock Capital Finance LP 1997-R2 AP
1.29%	12/25/35	3,4		16,333		16,342
Chase Mortgage Finance Corp. 2005-A1 1A1
5.41%	12/25/35	3		9,439,162		6,634,719
Chase Mortgage Finance Corp. 2007-A2 2A3
5.18%	07/25/37	3,†		17,008,744		13,668,116
Chase Mortgage Finance Corp. 2007-S2 1A7
6.00%	03/25/37			22,093,262		21,159,384
Chevy Chase Mortgage Funding Corp. 2005-2A A1
0.65%	05/25/36	3,4		3,558,745		2,838,853
Chevy Chase Mortgage Funding Corp. 2005-AA B2
1.09%	01/25/36	3,4,†		761,770		15,371
Citigroup Mortgage Loan Trust, Inc. 2003-1 WA2
6.50%	06/25/31			72,686		66,903
Citigroup Mortgage Loan Trust, Inc. 2004-HYB1 A41
5.15%	02/25/34	3		318,638		180,020
Countrywide Alternative Loan Trust 2005-14 4X (IO)
3.88%	05/25/35	2,8,†		8,415,982		39,780
Countrywide Alternative Loan Trust 2005-27 2A1
3.61%	08/25/35	3		2,580,130		1,115,362
Countrywide Alternative Loan Trust 2005-51 2A2A
0.80%	11/20/35	3		58,742		48,297
Countrywide Alternative Loan Trust 2005-59 1A1
0.80%	11/20/35	3		10,954,320		5,500,816
Countrywide Alternative Loan Trust 2006-46 A4
6.00%	02/25/47			15,811,406		12,126,401
Countrywide Alternative Loan Trust 2006-OA12 A2
0.72%	09/20/46	3		5,329,986		1,831,976
Countrywide Alternative Loan Trust 2006-OA2 X1P (IO)
4.22%	05/20/46	2		31,803,034		581,399
Countrywide Home Loan Mortgage Pass-Through Trust 2004-14 4A1
5.08%	08/25/34	3		156,626		101,346
DLJ Mortgage Acceptance Corp. 1996-QA S (IO)
0.00%	01/25/26	2,4,†		195,978		123
Downey Savings & Loan Association Mortgage Loan Trust 2005-AR2 2A1A
0.79%	03/19/45	3		4,488,112		2,154,761
Downey Savings & Loan Association Mortgage Loan Trust 2006-AR1 2A1A
3.20%	04/19/47	3		108,924		46,651
First Horizon Alternative Mortgage Securities 2004-AA3 A1
5.31%	09/25/34	3		43,607		26,155
First Horizon Asset Securities, Inc. 2002-7 2A2
5.25%	12/25/17			55,928		55,827
Harborview Mortgage Loan Trust 2005-1 X (IO)
3.52%	03/19/35	2,8		10,549,669		143,410
Harborview Mortgage Loan Trust 2005-10 X (IO)
3.05%	11/19/35	2		229,941		1,581
Harborview Mortgage Loan Trust 2006-1 X1 (IO)
3.41%	03/19/37	2,†		5,643,964		98,847
Harborview Mortgage Loan Trust 2006-4 X1 (IO)
3.69%	05/19/47	2,†		6,122,693		122,465
Harborview Mortgage Loan Trust 2007-3 2A1A
0.78%	05/19/47	3		125,094		49,104
Impac CMB Trust 2005-5 A1
0.79%	08/25/35	3		6,918,481		2,715,866
IndyMac Index Mortgage Loan Trust 2004-AR12 A1
0.86%	12/25/34	3		1,117,108		578,641

/ 15

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
IndyMac Index Mortgage Loan Trust 2004-AR12 AX2 (IO)
3.80%	12/25/34	2,8	$	4,320,049	$	37,800
IndyMac Index Mortgage Loan Trust 2004-AR8 2A2A
0.87%	11/25/34	3		3,176,155		1,620,526
IndyMac Index Mortgage Loan Trusts 2004-AR14 AX2 (IO)
0.00%	01/25/35	2,8		306,261		2,967
JPMorgan Mortgage Trust 2005-A3 5A3
5.26%	06/25/35	3		203,476		132,447
MASTR Adjustable Rate Mortgages Trust 2003-6 4A2
5.17%	01/25/34	3		171,515		137,004
MASTR Adjustable Rate Mortgages Trust 2004-1 2A1
6.21%	01/25/34	3		273,930		190,445
MASTR Adjustable Rate Mortgages Trust 2004-5 3A1
5.30%	06/25/34	3		390,851		193,944
MASTR Adjustable Rate Mortgages Trust 2006-OA2 4A1A
3.33%	12/25/46	3		21,937,013		7,932,292
MASTR Seasoned Securities Trust 2004-1 4A1
5.20%	10/25/32	3		1,004,670		808,879
Residential Asset Mortgage Products, Inc. 2004-SL1 A7
7.00%	11/25/31			1,590,904		1,645,088
Residential Asset Mortgage Products, Inc. 2004-SL4 A3
6.50%	07/25/32			3,787,505		3,371,483
Residential Asset Mortgage Products, Inc. 2005-SL1 A5
6.50%	05/25/32			7,587,582		5,239,339
Residential Asset Securitization Trust 2007-A7 A4
6.00%	07/25/37			15,877,108		12,486,093
Residential Funding Mortgage Securities I 2003-S6 A1
5.00%	04/25/18			116,168		110,502
Structured Asset Mortgage Investments, Inc. 2005-AR7 1A1
4.76%	12/27/35	3		19,329,689		11,877,694
Structured Asset Mortgage Investments, Inc. 2006-AR8 A1A
0.67%	10/25/36	3		18,133,751		7,170,587
Structured Asset Securities Corp. 2002-5A 6A
6.28%	04/25/32	3		2,591		2,315
Thornburg Mortgage Securities Trust 2007-1 A2B
1.50%	03/25/37	3		18,276,020		15,086,761
Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA3 4A1
3.03%	04/25/47	3		17,741,659		7,829,376
Washington Mutual Mortgage Pass-Through Certificates 2002-AR18 A
4.57%	01/25/33	3		430,060		340,904
Washington Mutual Mortgage Pass-Through Certificates 2005-AR2 2A21
0.80%	01/25/45	3		1,771,696		801,892
Washington Mutual Mortgage Pass-Through Certificates 2006-AR5 X (IO)
0.80%	06/25/46	2,8,†		169,668		367
Washington Mutual Mortgage Pass-Through Certificates 2006-AR7 3A1B
4.27%	07/25/46	3,†		11,784,023		5,897,992
Washington Mutual MSC Mortgage Pass-Through Certificates 2004-RA1 2A
7.00%	03/25/34			52,120		46,697
						221,596,471
U.S. Agency Mortgage-Backed — 22.66%
Fannie Mae (TBA)
5.50%	01/01/38			6,940,000		7,120,006
Fannie Mae 1997-76 FS
1.39%	09/17/27	3		70,308		67,498
Fannie Mae 2003-90 UD (IO)
5.50%	10/25/26			3,329,876		68,405
Fannie Mae 2006-77 PD
6.50%	10/25/30			18,914,706		19,496,868
Fannie Mae 2006-B2 AB
5.50%	05/25/14			10,973,478		11,239,645
Fannie Mae 2007-54 FA
0.87%	06/25/37	3		25,944,624		24,942,873
Fannie Mae 2007-64 FA
0.94%	07/25/37	3,†		26,146,165		24,759,601
Fannie Mae 2007-83 PA
6.00%	03/25/29			10,440,923		10,670,128
Fannie Mae FNCL (TBA)
4.50%	01/25/39			219,000		222,217
5.00%	01/25/39			1,020,000		1,042,312
Fannie Mae G92-10 Z
7.75%	01/25/22			22,993		24,838
Fannie Mae Pool 555177
4.85%	01/01/33	3		144,359		142,495
Fannie Mae Pool 555284
7.50%	10/01/17			6,585		6,791
Fannie Mae Pool 567002
8.00%	05/01/23			175,229		185,003
Fannie Mae Pool 691241
5.64%	04/01/37	3		9,291,633		9,451,740

16 /

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 735861
6.50%	09/01/33		$	84,017	$	87,942
Fannie Mae Pool 745383
5.26%	12/01/35	3		3,740,454		3,778,346
Fannie Mae Pool 770333
5.03%	04/01/34	3		2,413,097		2,394,450
Fannie Mae Pool 770900
4.33%	04/01/34	3		851,994		854,183
Fannie Mae Pool 805256
5.96%	01/01/35	3		1,865,815		1,877,877
Fannie Mae Pool 817611
5.32%	11/01/35	3		4,465,484		4,625,881
Fannie Mae Pool 839109
5.24%	11/01/35	3		78,435		79,754
Fannie Mae Pool 887714
6.03%	08/01/36	3		13,386,516		13,698,969
Fannie Mae Pool 888256
5.85%	02/01/37	3		11,799,423		12,084,743
Fannie Mae Pool 942553
5.94%	08/01/37	3,9		25,357,538		25,966,829
Fannie Mae Prepayment Link Note 2005-2 1
4.00%	02/25/10			3,672,830		3,694,235
Freddie Mac 2174 PN
6.00%	07/15/29			4,800,559		4,984,713
Freddie Mac 2454 FQ
2.20%	06/15/31	3		85,683		82,284
Freddie Mac 2561 BX (IO)
5.00%	05/15/17			991,442		46,320
Freddie Mac 2657 LX (IO)
6.00%	05/15/18			54,723		5,311
Freddie Mac 3205 PB
6.00%	08/15/29			16,145,000		16,675,949
Freddie Mac 3437 BI (IO)
1.55%	05/15/12	†		118,466,691		3,077,382
Freddie Mac 3447 AI (IO)
1.24%	03/15/12			53,296,047		705,187
Freddie Mac Gold A45796
7.00%	01/01/33			53,870		56,369
Freddie Mac Gold C46104
6.50%	09/01/29			58,494		61,263
Freddie Mac Gold G13032
6.00%	09/01/22	9		20,845,316		21,702,743
Freddie Mac Non Gold Pool 1B1928
5.14%	08/01/34	3		2,829,485		2,849,852
Freddie Mac Non Gold Pool 1L0113
5.73%	05/01/35	3		2,779,580		2,812,015
Freddie Mac Non Gold Pool 1Q0196
5.91%	02/01/37	3,9		18,041,342		18,485,122
Freddie Mac Non Gold Pool 781469
4.38%	04/01/34	3		2,336,973		2,302,019
Freddie Mac Non Gold Pool 786781
5.91%	08/01/29	3		220,438		226,086
Freddie Mac Non Gold Pool 847288
4.20%	05/01/34	3		3,806,804		3,828,199
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32			1,272,923		102,348
Ginnie Mae I Pool 422972
6.50%	07/15/29			73,639		77,412
Ginnie Mae II Pool 1849
8.50%	08/20/24			2,038		2,172
Ginnie Mae II Pool 2020
8.50%	06/20/25			5,225		5,594
Ginnie Mae II Pool 2286
8.50%	09/20/26			4,996		5,354
Ginnie Mae II Pool 2487
8.50%	09/20/27			23,589		25,260
Ginnie Mae II Pool 80059
5.38%	04/20/27	3		72,958		72,896
Ginnie Mae II Pool 80589
5.50%	03/20/32	3		225,149		223,380
Ginnie Mae II Pool 80610
5.38%	06/20/32	3		59,002		58,717
Ginnie Mae II Pool 80968
4.63%	07/20/34	3		1,298,046		1,264,578
Ginnie Mae II Pool 81201
5.00%	01/20/35	3		37,222		36,584
Ginnie Mae II Pool 8599
5.38%	02/20/25	3		62,912		63,558
						258,422,296
Total Mortgage-Backed (Cost $695,850,579)						550,360,783
Total Bonds — 104.32% (Cost $1,528,337,020)						1,189,753,152
Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 6.15%
Money Market Fund — 6.04%
Goldman Sachs Group, Inc. (The), 1.40%			$	68,862,100		68,862,100
U.S. Agency Discount Notes — 0.11%
Fannie Mae
0.02%10	01/02/09	9		705,000		705,000

/ 17

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Shares/ Principal Amount			Value
SHORT TERM INVESTMENTS (continued)
U.S. Agency Discount Notes (continued)
0.10%10	02/23/09	9	$	620,000			619,843
							1,324,843
Total Short Term Investments (Cost $70,187,010)							70,186,943
Total Investments — 110.47% (Cost $1,598,524,030)1						$	1,259,940,095
Liabilities in Excess of Other
Assets — (10.47)%							(119,459,765	)
Net Assets — 100.00%						$	1,140,480,330
Counterparty	Maturity Date		Principal Amount			Net Closing Amount
REVERSE REPURCHASE AGREEMENTS
Barclays Bank PLC, 3.00%	01/05/09		$	(17,119,000	)		(17,119,000	)
Goldman Sachs Group, Inc. (The), 1.80%	01/13/09			(26,000,000	)		(26,000,000	)
Total Reverse Repurchase Agreements			$	(43,119,000	)	$	(43,119,000	)

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: SHORT POSITIONS
660	U.S. Treasury Two Year Note, March 2009	$	(1,895,959	)
	Net unrealized depreciation	$	(1,895,959	)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 2.98 % semi-annually. Counterparty: Citigroup, Inc.	09/22/10	$	31,480		1,093,469
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.04 % semi-annually. Counterparty: Citigroup, Inc.	12/15/10		65,330		3,241,225
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.94% quarterly. Counterparty: CS First Boston	12/15/10		93,360		4,462,402
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.95% quarterly. Counterparty: Barclays Capital, Inc.	12/15/10		79,400		3,806,111
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.95% quarterly. Counterparty: Merrill Lynch & Co., Inc.	12/15/10		44,060		2,112,056
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.02% semi-annually. Counterparty: Merrill Lynch & Co., Inc	06/13/11		30,000		1,741,374
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.86% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/14		110,290		7,418,245
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.27% quarterly. Counterparty: CS First Boston	10/30/14		75,330		6,523,103
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.29% semi-annually. Counterparty: Citigroup, Inc.	10/30/14		26,910		2,352,226
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.34% semi-annually. Counterparty: Barclays Capital, Inc.	11/25/14		51,010		2,135,542
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 7.25% quarterly. Counterparty: Barclays Capital, Inc.	01/31/22		7,000		60,274
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 7.75% quarterly. Counterparty: JPMorgan Chase & Co.	03/26/22		3,320		(27,563	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.02% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/39		29,000		(6,874,166	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.31% semi-annually. Counterparty: Citigroup, Inc.	10/30/39		7,280		(2,158,431	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.32% quarterly. Counterparty: CS First Boston	10/30/39		20,380		(6,052,573	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.13% semi-annually. Counterparty: Barclays Capital, Inc.	11/25/39		12,250		(728,250	)
				$	19,105,044

18 /

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES
The Fund pays a fixed rate equal to 0.76% and the Fund will receive from the counterparty at par including interest accrued in the event of default of Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Citigroup, Inc.	09/20/12	$	4,500	$	808,370
The Fund pays a fixed rate equal to 0.53% and the Fund will receive from the counterparty at par including interest accrued in the event of default of Home Depot, Inc. 3.75%, due 09/15/09. Counterparty: Morgan Stanley	09/20/12		4,250		284,390
The Fund pays a fixed rate equal to 1.48% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Citigroup, Inc.	12/20/12		275		45,397
The Fund pays a fixed rate equal to 0.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Morgan Stanley 6.60%, due 04/01/12. Counterparty: JPMorgan Chase & Co.	12/20/12		4,995		554,192
The Fund pays a fixed rate equal to 3.78% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: CS First Boston	12/20/12		3,200		(52,257	)
The Fund pays a fixed rate equal to 3.88% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		1,000		(19,773	)
The Fund pays a fixed rate equal to 3.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		2,275		(47,333	)
The Fund pays a fixed rate equal to 3.87% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	12/20/12		3,600		(69,943	)
The Fund pays a fixed rate equal to 0.74% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Home Depot, Inc. 3.75%, due 09/15/09. Counterparty: Citigroup, Inc.	12/20/12		1,425		90,677
The Fund pays a fixed rate equal to 0.72% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Home Depot, Inc. 3.75%, due 09/15/09. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		1,325		85,261
The Fund pays a fixed rate equal to 2.83% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Citigroup, Inc.	12/20/12		2,050		(61,191	)
The Fund pays a fixed rate equal to 2.78% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		4,700		(131,815	)
The Fund pays a fixed rate equal to 2.83% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		3,200		(95,518	)
The Fund pays a fixed rate equal to 1.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Morgan Stanley	12/20/12		200		33,195
The Fund pays a fixed rate equal to 1.44% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Morgan Stanley	12/20/12		2,150		357,484
The Fund pays a fixed rate equal to 3.56% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		2,800		75,179
The Fund pays a fixed rate equal to 3.65% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		1,850		44,154
The Fund pays a fixed rate equal to 0.46% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Goldman Sachs Group, Inc.	12/20/12		2,725		440,008
The Fund pays a fixed rate equal to 0.56% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Morgan Stanley	12/20/12		4,150		656,891
The Fund pays a fixed rate equal to 0.58% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: UBS AG	12/20/12		2,725		429,597
The Fund pays a fixed rate equal to 0.41% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	12/20/12		1,250		36,544
The Fund pays a fixed rate equal to 0.39% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: CS First Boston	12/20/12		1,375		41,235
The Fund pays a fixed rate equal to 0.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Goldman Sachs Group, Inc.	12/20/12		4,250		117,838
The Fund pays a fixed rate equal to 0.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	12/20/12		2,750		76,248
The Fund pays a fixed rate equal to 1.68% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/01/12. Counterparty: UBS AG	12/20/12		4,250		542,310
The Fund pays a fixed rate equal to 1.75% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/01/12. Counterparty: UBS AG	12/20/12		850		106,600

/ 19

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES (continued)
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Deutsche Bank AG	03/20/13	$	900	$	14,667
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Morgan Stanley	03/20/13		900		14,667
The Fund pays a fixed rate equal to 4.62% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/13		1,900		(92,874	)
The Fund pays a fixed rate equal to 1.85% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Goldman Sachs Group, Inc.	06/20/13		1,600		53,324
The Fund pays a fixed rate equal to 4.40% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Deutsche Bank AG	12/20/13		275		(2,034	)
The Fund pays a fixed rate equal to 0.82% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Arrow Electronics, Inc. 6.88%, due 06/01/18. Counterparty: Citigroup, Inc.	03/20/14		1,905		107,371
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 6.00%, due 08/15/35. Counterparty: Deutsche Bank AG	03/20/14		275		4,898
The Fund pays a fixed rate equal to 0.72% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Hewlett Packard Co. 5.40%, due 03/01/17. Counterparty: Citigroup, Inc.	03/20/14		1,905		16,127
The Fund pays a fixed rate equal to 0.44% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Goldman Sachs Group, Inc. 6.60%, due 01/15/12. Counterparty: JPMorgan Chase & Co.	12/20/14		2,000		233,657
The Fund pays a fixed rate equal to 4.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/15		1,900		(94,969	)
The Fund pays a fixed rate equal to 2.40% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Citigroup, Inc.	03/20/15		1,800		(3,602	)
				$	4,598,972

Issues	Expiration Date	Credit Ratinga			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - SINGLE ISSUES
The Fund receives a fixed rate equal to 1.60% and the Fund will pay to the counterparty at par including interest accrued in the event of default of Wachovia Corp. 3.63%, due 02/17/09. Counterparty: CS First Boston	03/20/09		AA		$	6,750	$	12,645		$	12,645
Receive a fixed rate equal to 6.55% and the Fund will pay to the counterparty at par including interest accrued in the event of default of General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston	12/20/10		AAA			3,250		132,447			132,447
							$	145,092		$	145,092
Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - TRADED INDICES
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Barclays Capital, Inc.	08/25/37	$	(777,753	)		2,000		(429,062	)		(1,206,815	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37		(2,076,645	)		3,700		(155,963	)		(2,232,608	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Goldman Sachs Group, Inc.	08/25/37		(3,366,500	)		6,600		(615,990	)		(3,982,490	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(1,604,547	)		3,200		(326,357	)		(1,930,904	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(2,856,424	)		5,600		(522,658	)		(3,379,082	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37		(1,984,651	)		11,630		(5,032,978	)		(7,017,629	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.	01/25/38		(4,123,653	)		7,500		(442,489	)		(4,566,142	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: CS First Boston	01/25/38		(3,323,689	)		6,100		(390,106	)		(3,713,795	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Royal Bank of Scotland Group Plc	01/25/38		(2,129,736	)		4,000		(305,540	)		(2,435,276	)

20 /

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - TRADED INDICES (continued)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Goldman Sachs Group, Inc.	01/25/38	$	(2,262,844	)	$	4,250	$	(324,636	)	$	(2,587,480	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Morgan Stanley	01/25/38		(1,781,073	)		4,000		(654,202	)		(2,435,275	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Morgan Stanley	01/25/38		(2,700,968	)		6,000		(951,945	)		(3,652,913	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Bank of America Corp.	05/25/46		(3,559,675	)		4,400		(294,396	)		(3,854,071	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(4,854,102	)		6,000		(401,450	)		(5,255,552	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(3,366,602	)		4,200		(312,284	)		(3,678,886	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Royal Bank of Scotland Group Plc	05/25/46		(2,831,559	)		3,500		(234,179	)		(3,065,738	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Goldman Sachs Group, Inc.	05/25/46		(2,661,566	)		3,300		(228,987	)		(2,890,553	)
The Fund receives a fixed rate equal to 0.11% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 06-2, due 05/25/46. Counterparty: Citigroup, Inc.	05/25/46		(1,877,590	)		5,000		(650,845	)		(2,528,435	)
		$	(48,139,577	)			$	(12,274,067	)	$	(60,413,644	)

^a Using Standard & Poor’s rating of the issuer.

^b The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

^c The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes:

¹ Cost for financial reporting purposes is $1,598,524,030 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	10,618,378
Gross unrealized depreciation		(349,202,313	)
Net unrealized (depreciation)	$	(338,583,935	)

² Illiquid security.

³ Floating rate security. The rate disclosed is that in effect at December 31, 2008.

⁴ Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at December 31, 2008 was $100,538,202 representing 8.82% of total net assets.

⁵ Security is currently in default with regards to scheduled interest or principal payments.

⁶ Expected maturity date.

⁷ Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of TNA
07/03/07	Asurion Corp. Term Loan, 4.33%, 07/13/14	$	248,027	$	170,781	0.01	%
05/02/08	Calpine CCFC I Term Loan, 7.46%, 08/26/09		5,342,565		5,188,940	0.45	%
06/01/07	Carestream Health, Inc. Term Loan, 7.97%, 10/30/13		505,195		134,375	0.01	%
04/05/07	Cebridge 2nd Lien (PIK), 9.13%, 05/05/14		2,636,569		1,207,582	0.11	%
06/27/07	Cengage Learning Term Loan B, 2.96%, 07/09/14		734,766		486,755	0.04	%
06/04/07	Charter Communications, Inc. Term Loan 3rd Lien, 3.96%, 09/06/14		502,452		269,375	0.02	%
04/25/2007	Delta Air Lines, Inc. Term Loan 1st Lien, 2.43%, 05/01/12		1,485,000		1,004,231	0.09	%
12/30/2008	Dex Media West LLC Term Loan B, 0.00%, 10/24/14		215,000		215,000	0.02	%
10/10/2007	HCA Term Loan A, 3.46%, 11/18/12		9,160,640		8,056,889	0.71	%
08/21/2006	Northwest Air Dip, 2.39%, 05/21/12		4,972,268		3,811,492	0.33	%
11/06/2007	TPF Generation Holdings LLC 2nd Lien, 5.71%, 12/15/14		241,072		136,250	0.01	%
02/01/2007	United Air Lines, Inc., 2.65%, 02/01/14		353,611		172,209	0.02	%
11/30/2007	Univision Communications, Inc. 1st Lien Strip, 2.71%, 03/15/14		117,216		51,389	0.01	%
		$	26,514,381	$	20,905,268	1.83	%

⁸ Zero coupon bond. The rate shown is the effective yield as of December 31, 2008.

⁹ Securities, or a portion there of, pledged as collateral for futures, written options and reverse repurchase agreements.

¹⁰ Represents annualized yield at date of purchase.

^† Fair valued security. The aggregate value of fair valued securities is $139,160,356 which is 12.20% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure does not necessarily indicate the treatment of those securities under FAS 157, as discussed in the Notes to Financial Statements.

^* Securities with a call or reset feature will have an effective maturity date less than the stated maturity.

^** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date less than the stated maturity date.

(AMBAC): American Municipal Bond Insurance

(DIP): Defaulted interest payment

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium term note

(PIK): Payment in kind

(STEP): Step coupon bond

/ 21

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 101.90%
ASSET-BACKED SECURITIES — 9.72%**
ABFS Mortgage Loan Trust 2002-2 A7 (STEP)
5.72%	07/15/33		$	9,701	$	9,626
Bayview Financial Acquisition Trust 2005-A A1
0.97%	02/28/40	2,3,†		1,500,000		1,110,410
Bayview Financial Revolving Mortgage Loan Trust 2005-E A1
0.97%	12/28/40	2,3,†		1,500,000		1,170,410
Bear Stearns Asset Backed Securities Trust 2007-2 A1
0.66%	01/25/47	2		216,584		178,201
Birch Real Estate CDO Ltd. 1A A1
5.16%	02/10/38	3,†		650,000		502,521
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 A3
0.65%	03/25/37	2		1,376,500		686,973
Conseco Finance 2001-D A5
6.19%	11/15/32	2		223,677		193,282
Conseco Finance 2002-A A5 (STEP)
7.05%	04/15/32			358,067		358,295
Conseco Finance 2002-C BF2
8.00%	06/15/32	2,3,†		318,708		195,059
Conseco Finance 2002-C MF2
6.98%	06/15/32	2		45,980		45,530
Conseco Finance Home Loan Trust 2000-E M1
8.13%	08/15/31	2		173,705		167,666
Credit-Based Asset Servicing and Securitization LLC 2007-CB5 A1
0.53%	04/25/37	2		898,621		716,612
First Franklin Mortgage Loan Asset Backed Certificates 2006-FF18 M1
0.70%	12/25/37	2		2,500,000		141,612
GMAC Commercial Mortgage Securities, Inc. 2002-C2 A3
5.71%	10/15/38			50,000		46,987
Green Tree Home Improvement Loan Trust 1995-C B2
7.60%	07/15/20			72		54
Green Tree Home Improvement Loan Trust 1997-E HEB1
7.53%	01/15/29			753,426		741,010
GSAMP Trust 2007-FM2 A2A
0.53%	01/25/37	2		884,921		756,801
HFC Home Equity Loan Asset Backed Certificates 2007-2 A4
0.81%	07/20/36	2		150,000		52,184
HFC Home Equity Loan Asset Backed Certificates 2007-2 M1
0.82%	07/20/36	2,†		500,000		260,037
IndyMac Manufactured Housing Contract 1997-1 A3
6.61%	02/25/28			690,119		515,303
IndyMac Manufactured Housing Contract 1997-1 A4
6.75%	02/25/28			228,634		171,520
Keystone Owner Trust 1998-P1 M2
7.93%	05/25/25	3		37,628		32,939
MASTR Asset Backed Securities Trust 2006-WMC3 A4
0.63%	08/25/36	2		740,000		214,036
MASTR Asset Backed Securities Trust 2007-HE1 A1
0.55%	05/25/37	2		736,089		619,252
Merrill Lynch First Franklin Mortgage Loan Trust 2007-3 A2C
0.65%	06/25/37	2		24,600		10,701
Merrill Lynch First Franklin Mortgage Loan Trust 2007-3 A2D
0.72%	06/25/37	2		1,500,000		615,000
Mid-State Trust 11 A1
4.86%	07/15/38			1,430,277		1,250,511
Mid-State Trust 2004-1 A
6.01%	08/15/37			354,068		299,678
Mid-State Trust 2004-1 B
8.90%	08/15/37			258,742		191,427
Mid-State Trust 2005-1 M2
7.08%	01/15/40			323,949		219,239
Morgan Stanley ABS Capital I 2006-HE6 A2B
0.57%	09/25/36	2		270,000		214,134
Nationstar Home Equity Loan Trust 2007-C 2AV2
0.60%	06/25/37	2,†		1,150,000		810,849
Oakwood Mortgage Investors, Inc. 1998-B A4
6.35%	03/15/17			56,330		45,320
Oakwood Mortgage Investors, Inc. 2001-D A2
5.26%	01/15/19	2		198,112		93,151
Oakwood Mortgage Investors, Inc. 2001-D A3
5.90%	09/15/22	2		236,038		116,288
Oakwood Mortgage Investors, Inc. 2002-B A1
1.43%	05/15/13	2		42,580		20,698
Option One Mortgage Loan Trust 2007-6 2A4
0.72%	07/25/37	2,†		1,230,000		406,057
Residential Asset Mortgage Products, Inc. 2002-RS4 AI5 (STEP)
6.16%	08/25/32			2,565		1,565
Residential Asset Mortgage Products, Inc. 2003-RS1 AI5 (STEP)
5.69%	03/25/33			9,768		5,346
Residential Funding Mortgage Securities II, Inc. 2003-HS2 AI4 (STEP)
3.87%	07/25/33			39,736		40,053

22 /

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Resmae Mortgage Loan Trust 2006-1 A1B
0.74%	02/25/36	2,3	$	155,497	$	118,586
SG Mortgage Securities Trust 2006-FRE1 A1B
0.74%	02/25/36	2		119,869		88,783
Soundview Home Equity Loan Trust 2007-OPT1 2A2
0.62%	06/25/37	2		1,122,000		477,591
Soundview Home Equity Loan Trust 2007-OPT3 2A2
0.60%	08/25/37	2,†		1,045,000		606,151
Structured Asset Receivables Trust 2003-1A CTFS
4.92%	01/21/10	2,3,†		162,590		115,457
SVO VOI Mortgage Corp. 2003-AA A
3.95%	02/20/19	3		90,924		78,518
Terwin Mortgage Trust 2005-9HGS A1
4.00%	08/25/35	2,3		56,291		49,485
UCFC Home Equity Loan 1998-D BF1
8.97%	04/15/30	2		3,657		2,597
UCFC Home Equity Loan 1998-D MF1
6.91%	04/15/30			118,429		117,137
Total Asset-Backed Securities (Cost $18,785,346)						14,880,642
CORPORATES — 21.03%*
Banking — 4.90%
ANZ National International Ltd.
6.20%	07/19/13	3		600,000		581,099
Bank of America Corp.
8.00%	12/29/49	2		600,000		432,192
8.13%	12/29/49	2		517,000		387,362
Banponce Trust I A
8.33%	02/01/27			500,000		413,472
Credit Suisse/New York
6.00%	02/15/18			575,000		528,936
Credit Suisse/New York (MTN)
5.00%	05/15/13			700,000		674,350
Deutsche Bank AG/London
4.88%	05/20/13			750,000		737,058
Deutsche Bank Capital Funding Trust VII
5.63%	01/19/49	2,3		120,000		58,200
HBOS PLC
5.92%	09/29/49	2,3		775,000		293,735
6.75%	05/21/18	3		595,000		524,529
JPMorgan Chase & Co. 1
7.90%	12/31/49	2		380,000		316,930
JPMorgan Chase Bank NA
7.59%	03/28/22	2		460,000		456,872
8.75%	11/28/21	2		257,000		257,077
JPMorgan Chase Capital XIII M
2.42%	09/30/34	2,†		1,055,000		590,804
National Australia Bank Ltd.
5.35%	06/12/13	3		1,000,000		939,066
Nationsbank Capital Trust III
5.30%	01/15/27	2		616,000		305,169
						7,496,851
Communications — 0.11%
Qwest Corp.
7.88%	09/01/11			175,000		161,875
Electric — 1.57%
Cedar Brakes II LLC
9.88%	09/01/13	3		444,312		462,304
Entergy Louisiana LLC
5.83%	11/01/10			728,000		704,634
Power Receivables Finance LLC
6.29%	01/01/12			301,091		295,142
Public Service Co. of New Mexico
7.95%	05/15/18			475,000		387,127
Southwestern Electric Power Co.
6.45%	01/15/19			534,000		523,401
Union Electric Co.
6.70%	02/01/19			38,000		34,686
						2,407,294
Energy — 0.21%
Southern Union Co.
7.20%	11/01/66	2		910,000		318,500
Finance — 8.53%
American General Finance Corp. I (MTN)
4.88%	07/15/12			25,000		10,442
Bear Stearns Cos., Inc. (The)
7.25%	02/01/18			1,115,000		1,223,934
Capital One Financial Corp. (MTN)
5.70%	09/15/11			851,000		790,789
Citigroup Capital XXI
8.30%	12/21/57	2		205,000		158,460
Citigroup, Inc.
4.13%	02/22/10			470,000		461,916
5.30%	10/17/12			351,000		338,553
5.50%	04/11/13			437,000		425,898
6.50%	08/19/13			800,000		808,066
8.40%	04/30/49	2		476,000		314,893
Countrywide Financial Corp. (MTN)
1.69%	03/24/09	2		525,000		520,757

/ 23

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Finance (continued)
4.35%	01/05/09	2	$	200,000	$	199,960
5.80%	06/07/12			595,000		570,485
Countrywide Home Loans, Inc. L (MTN)
4.00%	03/22/11			425,000		404,807
Credit Suisse Guernsey Ltd. 1
2.84%	05/29/49	2		770,000		383,868
Ford Motor Credit Co. LLC
7.25%	10/25/11			474,000		346,461
7.38%	02/01/11			28,000		21,302
7.57%	01/13/12	2		300,000		195,375
8.63%	11/01/10			319,000		241,584
General Electric Capital Corp. A (MTN)
2.26%	09/15/14	2		794,000		612,065
Goldman Sachs Group, Inc. (The)
2.89%	02/06/12	2		200,000		169,465
5.13%	01/15/15			750,000		688,967
6.15%	04/01/18			600,000		577,573
Goldman Sachs Group, Inc. B (The) (MTN)
4.46%	07/22/15	2		100,000		74,000
Lehman Brothers Holdings, Inc. (MTN)
0.00%	06/20/16	4		452,000		42,940
8.92%	02/16/17	4		260,000		24,700
11.00%	11/07/16	4		502,000		47,690
Lehman Brothers Holdings, Inc. H (MTN)
0.00%	11/30/10	4		271,000		25,745
Merrill Lynch & Co., Inc. (MTN)
8.68%	05/02/17	2		510,000		451,044
8.95%	05/18/17	2		410,000		364,654
9.57%	06/06/17	2		319,000		285,920
Morgan Stanley
5.05%	01/21/11			675,000		648,641
6.75%	04/15/11			180,000		177,198
Morgan Stanley (MTN)
4.95%	10/18/16	2		570,000		392,875
Pemex Finance Ltd.
8.88%	11/15/10	†		200,000		208,678
Wachovia Bank NA
6.00%	11/15/17			643,000		617,394
Wachovia Corp. (MTN)
5.50%	05/01/13			239,000		236,557
						13,063,656
Health Care — 0.46%
UnitedHealth Group, Inc.
4.88%	02/15/13			760,000		710,199
Insurance — 1.03%
Allied World Assurance Co. Holdings Ltd.
7.50%	08/01/16			244,000		172,239
Fairfax Financial Holdings Ltd.
7.75%	04/26/12			375,000		335,625
Metropolitan Life Global Funding I
5.13%	04/10/13	3		550,000		529,622
Nationwide Mutual Insurance Co.
6.60%	04/15/34	3		440,000		238,330
Stingray Pass-Through Trust
5.90%	01/12/15	3,5		225,000		27,000
ZFS Finance USA Trust I
6.15%	12/15/65	2,3		500,000		280,245
						1,583,061
Materials — 0.25%
Barrick Gold Finance Co. LLC (MTN)
6.13%	09/15/13			410,000		389,156
Real Estate Investment Trust (REIT) — 2.34%
BRE Properties, Inc.
7.45%	01/15/11			15,000		12,914
CPG Partners LP
8.25%	02/01/11			670,000		587,481
8.63%	08/17/09			760,000		771,454
Developers Diversified Realty Corp.
5.25%	04/15/11			20,000		10,566
Duke Realty LP
6.25%	05/15/13			790,000		544,284
HCP, Inc.
7.07%	06/08/15			200,000		137,375
HCP, Inc. (MTN)
5.95%	09/15/11			800,000		663,398
Prime Property Fund, Inc.
5.60%	06/15/11	3		206,000		168,434
Shurgard Storage Centers LLC
5.88%	03/15/13			68,000		47,562
Simon Property Group LP
5.75%	05/01/12			60,000		47,998
UDR, Inc. (MTN)
5.00%	01/15/12			48,000		39,577
WEA Finance LLC
7.13%	04/15/18	3		775,000		550,612
						3,581,655
Transportation — 1.63%
Continental Airlines, Inc. 1997-1 A
7.46%	04/01/15			314,367		216,914
Continental Airlines, Inc. 1997-4 A
6.90%	01/02/18			43,596		34,876
Continental Airlines, Inc. 1999 A-2
7.06%	09/15/09			24,000		23,040
Continental Airlines, Inc. 1999-2 A-1

24 /

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
7.26%	03/15/20		$	398,966	$	307,204
Continental Airlines, Inc. 2007-1 A
5.98%	04/19/22			373,000		272,290
Delta Air Lines, Inc. 2000-1 A1
7.38%	05/18/10			82,611		76,002
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11			1,202,000		985,640
Northwest Airlines, Inc. 2001 1A-2
6.84%	04/01/11			400,000		328,000
Northwest Airlines, Inc. 2001-1 A1
7.04%	10/01/23			234,853		159,700
United Air Lines, Inc. 2001-1
6.20%	09/01/08	6		73,531		68,384
6.60%	09/01/13			7,996		7,517
United Air Lines, Inc. 2001-1 A1
6.07%	03/01/13			15,443		14,516
						2,494,083
Total Corporates (Cost $37,487,664)						32,206,330
BANK LOANS — 0.87%*
Electric — 0.48%
Calpine CCFC I Term Loan
7.46%	08/26/09	7		746,073		727,421
Health Care — 0.39%
HCA Term Loan A
3.46%	11/18/12	7		710,434		602,981
Total Bank Loans (Cost $1,441,942)						1,330,402
MORTGAGE-BACKED — 65.27%**
Commercial Mortgage-Backed — 6.68%
Bear Stearns Commercial Mortgage Securities, Inc. 2001-TOP2 A2
6.48%	02/15/35			1,305,000		1,275,659
Bear Stearns Commercial Mortgage Securities, Inc. 2006-PW13 A4
5.54%	09/11/41			470,000		370,120
Citigroup Commercial Mortgage Trust 2006-C4 A3
5.72%	03/15/49	2		690,000		543,232
Commercial Mortgage Pass-Through Certificates 2006-C7 AM
5.79%	06/10/46	2		460,000		239,077
Credit Suisse Mortgage Capital Certificates 2006-C1 A3
5.55%	02/15/39	2		50,000		37,304
Credit Suisse Mortgage Capital Certificates 2006-C5 A3
5.31%	12/15/39			370,000		288,201
GE Capital Commercial Mortgage Corp. 2005-C1 A5
4.77%	06/10/48	2		1,360,000		1,113,645
Greenwich Capital Commercial Funding Corp. 2006-GG7 A4
5.91%	07/10/38	2		440,000		344,818
Greenwich Capital Commercial Funding Corp. 2007-GG9 A4
5.44%	03/10/39			505,000		385,909
JPMorgan Chase Commercial Mortgage Securities Corp. 2006-LDP7 A4
5.88%	04/15/45	2		340,000		272,314
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-CB19 A4
5.75%	02/12/49	2		535,000		384,669
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 A4
5.88%	02/15/51	2		460,000		329,710
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LDPX A3
5.42%	01/15/49			290,000		205,920
LB-UBS Commercial Mortgage Trust 2000-C4 A2
7.37%	08/15/26			991,047		991,116
Morgan Stanley Capital I 2005-HQ6 A4A
4.99%	08/13/42			1,077,000		882,949
Morgan Stanley Capital I 2006-HQ8 A4
5.39%	03/12/44	2		1,655,000		1,343,052
Morgan Stanley Capital I 2007-IQ16 A4
5.81%	12/12/49			470,000		353,402
Structured Asset Mortgage Investments, Inc. 2005-AR3 1A1
0.74%	08/25/35	2		1,759,848		870,733
						10,231,830
Non-Agency Mortgage-Backed — 7.47%
Adjustable Rate Mortgage Trust 2005-8 4A11
5.44%	11/25/35	2		948,192		629,709
Banc of America Funding Corp. 2003-2 1A1
6.50%	06/25/32			29,308		28,114
Bear Stearns Commercial Mortgage Securities, Inc. 2005-T20 A4A
5.15%	10/12/42	2		950,000		822,207
Chevy Chase Mortgage Funding Corp. 2004-1A A1
0.75%	01/25/35	2,3		432,513		381,507
Chevy Chase Mortgage Funding Corp. 2005-2A A1
0.65%	05/25/36	2,3		462,933		369,287

/ 25

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citigroup Mortgage Loan Trust, Inc. 2004-HYB1 A41
5.15%	02/25/34	2	$	83,099	$	46,948
Countrywide Alternative Loan Trust 2003-3T1 A2
4.50%	05/25/33			926,926		904,578
Countrywide Alternative Loan Trust 2005-14 4X (IO)
3.88%	05/25/35	5,8,†		614,658		2,905
Countrywide Alternative Loan Trust 2005-17 1X3 (IO)
4.06%	06/25/35	5,8		106,017		1,623
Countrywide Alternative Loan Trust 2005-27 2A1
3.61%	08/25/35	2		420,511		181,782
Countrywide Alternative Loan Trust 2005-27 3A2
3.36%	08/25/35	2		43,667		17,655
Countrywide Alternative Loan Trust 2005-72 A1
0.74%	01/25/36	2		1,042,683		491,796
Countrywide Alternative Loan Trust 2006-OA2 X1P (IO)
4.22%	05/20/46	5		2,842,214		51,959
Countrywide Home Loan Mortgage Pass-Through Trust 2004-14 4A1
5.08%	08/25/34	2		720,536		466,229
First Horizon Asset Securities, Inc. 2002-7 2A2
5.25%	12/25/17			141,237		140,982
GS Mortgage Securities Corp. II 2006-GG8 A4
5.56%	11/10/39			935,000		709,638
GSR Mortgage Loan Trust 2004-9 5A7
3.91%	08/25/34	2,†		2,684,000		1,255,398
Harborview Mortgage Loan Trust 2005-1 X (IO)
3.52%	03/19/35	5,8		857,734		11,660
Harborview Mortgage Loan Trust 2005-10 X (IO)
3.05%	11/19/35	5		228,950		1,574
IndyMac Index Mortgage Loan Trust 2004-AR12 AX2 (IO)
3.80%	12/25/34	5,8		370,939		3,246
IndyMac Index Mortgage Loan Trust 2004-AR6 6A1
5.45%	10/25/34	2		243,297		172,490
IndyMac Index Mortgage Loan Trust 2004-AR8 2A2A
0.87%	11/25/34	2		80,318		40,980
IndyMac Index Mortgage Loan Trust 2007-AR5 1A1
6.20%	05/25/37	2		27,161		12,470
JPMorgan Mortgage Trust 2007-S3 1A35
6.00%	08/25/37	†		1,975,322		1,238,465
Lehman XS Trust 2007-12N 1A3A
0.67%	07/25/47	2		4,500,000		192,814
Lehman XS Trust 2007-14H A12
0.97%	07/25/47	2,†		9,636,000		495,351
MASTR Adjustable Rate Mortgages Trust 2004-1 2A1
6.21%	01/25/34	2		1,741		1,211
MASTR Seasoned Securities Trust 2002-8 1A1
5.50%	12/25/17			15,056		14,770
MASTR Seasoned Securities Trust 2004-2 A2
6.50%	08/25/32			223,209		209,683
Residential Asset Mortgage Products, Inc. 2003-SL1 A41
8.00%	04/25/31			94,533		92,980
Residential Asset Mortgage Products, Inc. 2004-SL1 A7
7.00%	11/25/31			161,126		166,614
Residential Asset Securitization Trust 2004-IP2 2A1
5.24%	12/25/34	2		139,308		80,164
Structured Asset Mortgage Investments, Inc. 2005-AR8 A2
3.74%	02/25/36	2		1,811,434		907,161
Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA3 4A1
3.03%	04/25/47	2		956,635		422,162
Washington Mutual Mortgage Pass-Through Certificates 2002-AR18 A
4.57%	01/25/33	2		27,081		21,467
Washington Mutual MSC Mortgage Pass-Through Certificates 2004-RA1 2A
7.00%	03/25/34			105,740		94,738
Wells Fargo Mortgage Backed Securities Trust 2006-4 2A2
5.50%	04/25/36			1,129,453		760,395
						11,442,712
U.S. Agency Mortgage-Backed — 51.12%
Fannie Mae (TBA)
5.50%	01/01/38			14,317,500		14,688,860
Fannie Mae 1993-225 SG
25.54%	12/25/13	2		183,666		234,203
Fannie Mae 1993-80 S
10.30%	05/25/23	2		35,545		33,397
Fannie Mae 1994-55 S
17.63%	12/25/23	2		7,937		8,154
Fannie Mae 2001-52 YZ
6.50%	10/25/31			859,988		895,730

26 /

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae 2003-53 IA (IO)
5.50%	10/25/28		$	130,188	$	4,694
Fannie Mae 2006-B2 AB
5.50%	05/25/14			852,171		872,840
Fannie Mae 2007-64 FA
0.94%	07/25/37	2,†		2,101,031		1,989,611
Fannie Mae FNCL (TBA)
4.50%	01/25/39			1,226,000		1,244,007
5.00%	01/25/39			3,960,000		4,046,625
Fannie Mae Pool 253974
7.00%	08/01/31			44,118		46,306
Fannie Mae Pool 254232
6.50%	03/01/22			46,665		48,774
Fannie Mae Pool 254868
5.00%	09/01/33			2,007,781		2,055,551
Fannie Mae Pool 527247
7.00%	09/01/26			200		212
Fannie Mae Pool 545191
7.00%	09/01/31			23,927		25,114
Fannie Mae Pool 545646
7.00%	09/01/26			125		132
Fannie Mae Pool 549740
6.50%	10/01/27			114,095		118,662
Fannie Mae Pool 555177
4.85%	01/01/33	2		60,656		59,873
Fannie Mae Pool 555284
7.50%	10/01/17			3,128		3,226
Fannie Mae Pool 725027
5.00%	11/01/33			1,890,656		1,936,667
Fannie Mae Pool 725425
5.50%	04/01/34			1,948,082		2,003,709
Fannie Mae Pool 735207
7.00%	04/01/34			16,082		16,856
Fannie Mae Pool 735224
5.50%	02/01/35			1,900,865		1,953,516
Fannie Mae Pool 735686
6.50%	12/01/22			358,564		370,705
Fannie Mae Pool 735861
6.50%	09/01/33			486,112		508,822
Fannie Mae Pool 764388
4.94%	03/01/34	2		437,677		446,617
Fannie Mae Pool 770284
5.00%	04/01/34			2,008,418		2,056,667
Fannie Mae Pool 770869
4.53%	04/01/34	2		621,999		623,558
Fannie Mae Pool 776708
5.00%	05/01/34			1,159,500		1,186,363
Fannie Mae Pool 789606
6.00%	08/01/34			20,982		21,655
Fannie Mae Pool 817611
5.32%	11/01/35	2		337,726		349,856
Fannie Mae Pool 839109
5.24%	11/01/35	2		47,923		48,729
Fannie Mae Pool 844773
5.16%	12/01/35	2		23,008		23,388
Fannie Mae Pool 888219
5.50%	03/01/37			2,386,653		2,451,074
Fannie Mae Pool 888430
5.00%	11/01/33			1,510,978		1,547,749
Fannie Mae Pool 889125
5.00%	12/01/21			1,841,534		1,899,081
Fannie Mae Pool 889184
5.50%	09/01/36			1,818,363		1,870,286
Fannie Mae Pool 889572
5.50%	06/01/38			6,172,891		6,339,511
Fannie Mae Pool 895606
5.74%	06/01/36	2		854,736		867,380
Fannie Mae Pool 918445
5.87%	05/01/37	2		83,289		84,986
Fannie Mae Pool 939419
5.63%	05/01/37	2		1,049,591		1,073,772
Fannie Mae Pool 974148
5.50%	02/01/38			87,302		89,659
Freddie Mac 1602 SN
10.09%	10/15/23	2		14,590		15,518
Freddie Mac 2174 PN
6.00%	07/15/29			345,902		359,171
Freddie Mac 2451 SP
14.31%	05/15/09	2		33,018		33,671
Freddie Mac 2561 BX (IO)
5.00%	05/15/17			214,345		10,014
Freddie Mac 2929 PE
5.00%	05/15/33			55,000		55,166
Freddie Mac Gold A25162
5.50%	05/01/34			1,684,842		1,729,135
Freddie Mac Gold A33262
5.50%	02/01/35			210,694		216,784
Freddie Mac Gold A72702
5.50%	02/01/38			1,761,920		1,807,689
Freddie Mac Gold A72860
6.00%	02/01/38			51,954		53,580
Freddie Mac Gold C90504
6.50%	12/01/21			8,323		8,712
Freddie Mac Gold E90474
6.00%	07/01/17			25,793		26,751
Freddie Mac Gold G01548
7.50%	07/01/32			1,136,728		1,214,220

/ 27

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold G01644
5.50%	02/01/34		$	1,685,213	$	1,729,522
Freddie Mac Gold G01673
5.50%	04/01/34			92,788		95,578
Freddie Mac Gold G01864
5.00%	01/01/34			44,862		45,965
Freddie Mac Gold G02366
6.50%	10/01/36			1,196,289		1,248,815
Freddie Mac Gold G03243
5.50%	07/01/37			46,078		47,222
Freddie Mac Gold G03436
6.00%	11/01/37			2,341,360		2,415,716
Freddie Mac Gold G03601
6.00%	07/01/37			40,841		42,125
Freddie Mac Gold G03640
5.50%	12/01/37			1,743,376		1,786,665
Freddie Mac Gold G03995
6.50%	02/01/38			1,328		1,381
Freddie Mac Gold G04079
5.50%	03/01/38			1,971,590		2,020,545
Freddie Mac Gold G11707
6.00%	03/01/20			21,132		21,917
Freddie Mac Gold G12393
5.50%	10/01/21			2,058,723		2,126,999
Freddie Mac Gold G12909
6.00%	11/01/22			1,400,320		1,458,356
Freddie Mac Gold G13032
6.00%	09/01/22			1,669,309		1,737,973
Freddie Mac Gold J06246
5.50%	10/01/21			1,409,652		1,455,233
Freddie Mac Non Gold Pool 1B3413
5.91%	05/01/37	2		1,331,296		1,366,415
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32			143,765		11,559
Ginnie Mae 2004-8 SE
13.36%	11/26/23	2		220,909		243,999
Ginnie Mae GNSF (TBA)
5.50%	01/15/39			615,000		633,738
Ginnie Mae II Pool 80968
4.63%	07/20/34	2		109,170		106,355
						78,273,066
Total Mortgage-Backed (Cost $104,380,851)						99,947,608
U.S. TREASURY SECURITIES — 5.01%
U.S. Treasury Notes — 5.01%
2.00%	01/15/16	9		1,619,000		1,692,352
2.75%	10/31/13			5,324,000		5,661,744
4.88%	08/15/16			269,000		321,518
						7,675,614
Total U.S. Treasury Securities (Cost $7,807,512)						7,675,614
Total Bonds - 101.90% (Cost $169,903,315)						156,040,596

Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 14.36%
Commercial Paper — 1.71%
BNP Paribas Finance, Inc.
0.34%10	01/20/09		$	2,625,000		2,624,554
Money Market Fund — 4.99%
Goldman Sachs Group, Inc. (The), 1.40%				7,633,000		7,633,000
U.S. Agency Discount Notes — 7.66%
Fannie Mae
0.50%10	02/02/09			3,430,000		3,428,302
Federal Home Loan Bank
0.08%10	01/21/09			3,220,000		3,219,864
0.08%10	01/22/09			3,515,000		3,514,844
0.08%10	01/28/09			1,295,000		1,294,925
0.86%10	01/13/09			165,000		164,961
Freddie Mac
0.12%10	02/23/09	11		102,000		101,974
						11,724,870
Total Short Term Investments (Cost $21,982,649)						21,982,424
Total Investments — 116.26% (Cost $191,885,964)1						178,023,020
Liabilities in Excess of Other Assets — (16.26)%						(24,898,349	)
Net Assets — 100.00%					$	153,124,671

28 /

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Contracts		Unrealized Appreciation
FUTURES CONTRACTS: LONG POSITIONS
99	U.S. Treasury Five Year Note, March 2009	$	236,171
31	U.S. Treasury Ten Year Note, March 2009		268,455
	Net unrealized appreciation	$	504,626
Contracts		Unrealized Depreciation
FUTURES CONTRACTS: SHORT POSITIONS
40	U.S. Treasury Long Bond, March 2009	$	(441,979	)
	Net unrealized depreciation	$	(441,979	)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 2.98 % semi-annually. Counterparty: Citigroup, Inc.	09/22/10	$	3,267	$	113,480
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.04 % semi-annually. Counterparty: Citigroup, Inc.	12/15/10		780		38,698
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.94% quarterly. Counterparty: CS First Boston	12/15/10		1,340		64,049
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.95% quarterly. Counterparty: Merrill Lynch & Co., Inc.	12/15/10		1,880		90,119
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 5.26% semi-annually. Counterparty: Barclays Capital, Inc.	04/30/11		540		46,482
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 5.37% semi-annually. Counterparty: Barclays Capital, Inc.	04/30/11		555		49,189
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.40% semi-annually. Counterparty: Merrill Lynch & Co., Inc.	02/26/13		767		50,112
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.70% semi-annually. Counterparty: Merrill Lynch & Co., Inc.	02/26/13		1,523		119,436
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.86% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/14		12,270		825,296
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.27% quarterly. Counterparty: CS First Boston	10/30/14		8,580		742,974
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.29% semi-annually. Counterparty: Citigroup, Inc.	10/30/14		3,070		268,351
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.34% semi-annually. Counterparty: Barclays Capital, Inc.	11/25/14		6,160		257,889
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 7.25% quarterly. Counterparty: Barclays Capital, Inc.	01/31/22		500		4,305
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.02% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/39		3,225		(764,455	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.31% semi-annually. Counterparty: Citigroup, Inc.	10/30/39		830		(246,085	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.32% quarterly. Counterparty: CS First Boston	10/30/39		2,320		(689,007	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.13% semi-annually. Counterparty: Barclays Capital, Inc.	11/25/39		1,480		(87,984	)
				$	882,849

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES
The Fund pays a fixed rate equal to 0.53% and the Fund will receive from the counterparty at par including interest accrued in the event of default of Home Depot, Inc. 3.75%, due 09/15/09. Counterparty: Morgan Stanley	09/20/12	$	250	16,729
The Fund pays a fixed rate equal to 0.76% and the Fund will receive from the counterparty at par including interest accrued in the event of default of Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Citigroup, Inc.	09/20/12		250	44,909
The Fund pays a fixed rate equal to 1.48% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Citigroup, Inc.	12/20/12		150	24,762
The Fund pays a fixed rate equal to 0.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Morgan Stanley 6.60%, due 04/01/12. Counterparty: JPMorgan Chase & Co.	12/20/12		440	48,818

/ 29

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES (continued)
The Fund pays a fixed rate equal to 3.78% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: CS First Boston	12/20/12	$	135	$	(2,205	)
The Fund pays a fixed rate equal to 3.88% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		40		(791	)
The Fund pays a fixed rate equal to 3.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		90		(1,873	)
The Fund pays a fixed rate equal to 3.87% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	12/20/12		135		(2,623	)
The Fund pays a fixed rate equal to 0.46% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Goldman Sachs Group, Inc.	12/20/12		175		28,257
The Fund pays a fixed rate equal to 0.56% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Morgan Stanley	12/20/12		275		43,529
The Fund pays a fixed rate equal to 0.58% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: UBS AG	12/20/12		175		27,589
The Fund pays a fixed rate equal to 0.41% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	12/20/12		100		2,924
The Fund pays a fixed rate equal to 0.39% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: CS First Boston	12/20/12		75		2,249
The Fund pays a fixed rate equal to 0.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Goldman Sachs Group, Inc.	12/20/12		275		7,625
The Fund pays a fixed rate equal to 0.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	12/20/12		175		4,852
The Fund pays a fixed rate equal to 1.68% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/01/12. Counterparty: UBS AG	12/20/12		325		41,471
The Fund pays a fixed rate equal to 1.75% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/01/12. Counterparty: UBS AG	12/20/12		50		6,271
The Fund pays a fixed rate equal to 0.74% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Goldman Sachs Group, Inc. 6.60%, due 01/15/12. Counterparty: JPMorgan Chase & Co.	12/20/12		325		25,128
The Fund pays a fixed rate equal to 0.74% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Home Depot, Inc. 3.75%, due 09/15/09. Counterparty: Citigroup, Inc.	12/20/12		175		11,136
The Fund pays a fixed rate equal to 0.72% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Home Depot, Inc. 3.75%, due 09/15/09. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		175		11,261
The Fund pays a fixed rate equal to 1.44% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Morgan Stanley	12/20/12		150		24,941
The Fund pays a fixed rate equal to 3.56% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		175		4,699
The Fund pays a fixed rate equal to 3.65% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		120		2,864
The Fund pays a fixed rate equal to 2.78% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		300		(8,414	)
The Fund pays a fixed rate equal to 2.83% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		190		(5,671	)
The Fund pays a fixed rate equal to 1.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Morgan Stanley	12/20/12		75		12,448
The Fund pays a fixed rate equal to 2.83% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Citigroup, Inc.	12/20/12		135		(4,030	)
The Fund pays a fixed rate equal to 1.24% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 7.88%, due 08/01/11. Counterparty: UBS AG	12/20/12		250		17,794
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Morgan Stanley	03/20/13		75		1,222
The Fund pays a fixed rate equal to 3.52% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Deutsche Bank AG	03/20/13		125		(7,431	)

30 /

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES (continued)
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Deutsche Bank AG	03/20/13	$	75	$	1,222
The Fund pays a fixed rate equal to 4.62% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/13		225		(10,998	)
The Fund pays a fixed rate equal to 1.85% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Goldman Sachs Group, Inc.	06/20/13		80		2,666
The Fund pays a fixed rate equal to 4.40% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Deutsche Bank AG	12/20/13		200		(1,479	)
The Fund pays a fixed rate equal to 0.82% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Arrow Electronics, Inc. 6.88%, due 06/01/18. Counterparty: Citigroup, Inc.	03/20/14		205		11,562
The Fund pays a fixed rate equal to 2.73% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 6.00%, due 08/15/35. Counterparty: Citigroup, Inc.	03/20/14		210		(738	)
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 6.00%, due 08/15/35. Counterparty: Deutsche Bank AG	03/20/14		200		3,562
The Fund pays a fixed rate equal to 2.67% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Home Depot, Inc. 5.88%, due 12/16/36. Counterparty: Citigroup, Inc.	03/20/14		135		(728	)
The Fund pays a fixed rate equal to 0.72% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Hewlett Packard Co. 5.40%, due 03/01/17. Counterparty: Citigroup, Inc.	03/20/14		205		1,743
The Fund pays a fixed rate equal to 3.15% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Citigroup, Inc.	03/20/14		165		15,008
The Fund pays a fixed rate equal to 1.20% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Companies, Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	03/20/14		140		601
The Fund pays a fixed rate equal to 2.40% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Citigroup, Inc.	03/20/15		150		(300	)
The Fund pays a fixed rate equal to 4.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/15		225		(11,246	)
				$	389,315
SWAPS: CREDIT DEFAULT (PURCHASED) - TRADED INDICES
The Fund pays a fixed rate equal to 0.35% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 4, due 02/17/51. Counterparty: Citigroup, Inc.	02/17/49		535		160,914
The Fund pays a fixed rate equal to 0.07% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 2, due 03/15/49. Counterparty: CS First Boston	03/15/49		820		165,486
The Fund pays a fixed rate equal to 0.08% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 3, due 12/13/49. Counterparty: Deutsche Bank AG	12/13/49		400		119,215
The Fund pays a fixed rate equal to 0.08% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 3, due 12/13/49. Counterparty: JPMorgan Chase & Co.	12/13/49		500		149,019
The Fund pays a fixed rate equal to 0.08% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 3, due 12/13/49. Counterparty: JPMorgan Chase & Co.	12/13/49		165		49,176
The Fund pays a fixed rate equal to 0.35% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 5, due 02/15/51. Counterparty: Citigroup, Inc.	02/15/51		415		131,124
The Fund pays a fixed rate equal to 0.35% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 4, due 02/17/51. Counterparty: CS First Boston	02/17/51		400		120,309
The Fund pays a fixed rate equal to 0.35% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 4, due 02/17/51. Counterparty: JPMorgan Chase & Co.	02/17/51		165		49,628
The Fund pays a fixed rate equal to 0.84% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AJ 1, due 10/12/52. Counterparty: Barclays Capital, Inc.	10/12/52		250		86,163
The Fund pays a fixed rate equal to 0.84% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AJ 1, due 10/12/52. Counterparty: Barclays Capital, Inc.	10/12/52		250		86,163
The Fund pays a fixed rate equal to 0.10% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 1, due 10/12/52. Counterparty: JPMorgan Chase & Co.	10/12/52		820		115,460
				$	1,232,657

/ 31

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Credit Ratinga	Notional Amount (000’s)b		Appreciation/ (Depreciation)		Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - SINGLE ISSUES
The Fund receives a fixed rate equal to 1.60% and the Fund will pay to the counterparty at par including interest accrued in the event of default of Wachovia Corp. 3.63%, due 02/17/09. Counterparty: CS First Boston	03/20/09	AA	$	500	$	937	$	937
Receive a fixed rate equal to 6.55% and the Fund will pay to the counterparty at par including interest accrued in the event of default of General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston	12/20/10	AAA		365		14,875		14,875
					$	15,812	$	15,812

		Premiums Paid/ (Received)
SWAPS: CREDIT DEFAULT (WRITTEN) - TRADED INDICES
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37	$	(841,883	)	1,500		(63,228	)		(905,111	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Goldman Sachs Group, Inc.	08/25/37		(295,844	)	580		(54,132	)		(349,976	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(90,256	)	180		(18,357	)		(108,613	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(459,068	)	900		(83,999	)		(543,067	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37		(128,840	)	755		(326,733	)		(455,573	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.	01/25/38		(458,970	)	1,000		(149,849	)		(608,819	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.	01/25/38		(137,455	)	250		(14,750	)		(152,205	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: CS First Boston	01/25/38		(190,703	)	350		(22,384	)		(213,087	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Royal Bank of Scotland Group Plc	01/25/38		(106,487	)	200		(15,277	)		(121,764	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Goldman Sachs Group, Inc.	01/25/38		(79,865	)	150		(11,458	)		(91,323	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Morgan Stanley	01/25/38		(222,634	)	500		(81,775	)		(304,409	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Bank of America Corp.	05/25/46		(242,705	)	300		(20,073	)		(262,778	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(283,156	)	350		(23,418	)		(306,574	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(280,550	)	350		(26,024	)		(306,574	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Royal Bank of Scotland Group Plc	05/25/46		(202,254	)	250		(16,727	)		(218,981	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Goldman Sachs Group, Inc.	05/25/46		(161,307	)	200		(13,878	)		(175,185	)
The Fund receives a fixed rate equal to 0.11% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 06-2, due 05/25/46. Counterparty: Citigroup, Inc.	05/25/46		(84,492	)	225		(29,287	)		(113,779	)
		$	(4,266,469	)		$	(971,349	)	$	(5,237,818	)

^a Using Standard & Poor’s rating of the issuer.

^b The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

^c The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes:

¹ Cost for financial reporting purposes is $191,885,964 and net unrealized appreciation/ (depreciation) consists of:

Gross unrealized appreciation	$	3,129,715
Gross unrealized depreciation		(16,992,659	)
Net unrealized (depreciation)	$	(13,862,944	)

² Floating rate security. The rate disclosed is that in effect at December 31, 2008.

32 /

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

³ Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at December 31, 2008 was $8,777,355 representing 5.73% of total net assets.

⁴ Security is currently in default with regards to scheduled interest or principal payments.

⁵ Illiquid security.

⁶ Expected maturity date.

⁷ Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of TNA
05/09/08	Calpine CCFC I Term
	Loan, 7.46%, 08/26/09	$	748,530	$	727,421	0.48	%
10/22/07	HCA Term Loan A, 3.46%, 11/18/12		693,412		602,981	0.39	%
		$	1,441,942	$	1,330,402	0.87	%

⁸ Zero coupon bond. The rate shown is the effective yield as of December 31, 2008.

⁹ Inflation protected security. Principal amount reflects original security face amount.

¹⁰ Represents annualized yield at date of purchase.

¹¹ Securities, or a portion there of, pledged as collateral for futures, written options and reverse repurchase agreements.

† Fair valued security. The aggregate value of fair valued securities is $10,958,163 which is 7.16% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure does not necessarily indicate the treatment of those securities under FAS 157, as discussed in the Notes to Financial Statements.

^* Securities with a call or reset feature will have an effective maturity date less than the stated maturity.

^** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date less than the stated maturity date.

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium term note

(STEP): Step coupon bond

(TBA): To be announced

/ 33

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 114.33%
ASSET-BACKED SECURITIES — 6.04%**
Aames Mortgage Trust 2002-1 A3 (STEP)
6.90%	06/25/32		$	71,796	$	70,806
ABFS Mortgage Loan Trust 2002-2 A7 (STEP)
5.72%	07/15/33			4,312		4,278
Amresco Residential Securities Mortgage Loan Trust 1998-2 B1F
7.72%	06/25/28	2,3		6,264		1,292
Asset Backed Funding Certificates 2006-HE1 A2D
0.69%	01/25/37	3		18,144,000		6,955,199
Asset Backed Funding Certificates 2006-OPT2 A3D
0.69%	10/25/36	3		8,375,000		3,217,396
Asset Backed Funding Certificates 2007-WMC1 A2B
1.47%	06/25/37	3,†		41,977,000		15,440,279
Asset Backed Securities Corp. Home Equity 2003-HE4 M2
3.20%	08/15/33	3		4,964,231		3,297,911
Bayview Financial Acquisition Trust 2005-B 1A3 (STEP)
4.89%	04/28/39			8,247,643		7,062,044
Bear Stearns Asset Backed Securities Trust 2002-1 1A5 (STEP)
6.89%	12/25/34			138,166		136,703
Bear Stearns Asset Backed Securities Trust 2007-2 A1
0.66%	01/25/47	3		2,436,572		2,004,758
Birch Real Estate CDO Ltd. 1A A1
5.16%	02/10/38	4,†		2,205,000		1,704,706
BNC Mortgage Loan Trust 2007-1 A3
0.57%	03/25/37	3		12,881,000		7,402,964
Carrington Mortgage Loan Trust 2007-FRE1 A1
0.59%	02/25/37	3		19,365,113		15,680,106
Centex Home Equity 2006-A AV4
0.72%	06/25/36	3,†		100,000		51,001
Citicorp Residential Mortgage Securities 2007-1 A5 (STEP)
6.05%	03/25/37			305,000		229,462
Citigroup Mortgage Loan Trust, Inc. 2007-AMC4 A2A
0.53%	05/25/37	3		26,408,135		21,043,401
Citigroup Mortgage Loan Trust, Inc. 2007-WFH1 A4
0.67%	01/25/37	3		28,000		12,963
Citigroup Mortgage Loan Trust, Inc. 2007-WFH4 M3B
1.47%	07/25/37	3,†		3,090,000		271,386
Conseco Finance 2001-C A5 (STEP)
7.29%	08/15/33			6,035,147		5,787,403
Conseco Financial Corp. 1998-2 A5
6.24%	12/01/28	3		20,216		15,386
Conseco Financial Corp. 1998-6 A7
6.45%	06/01/30			182,800		170,465
Countrywide Asset-Backed Certificates 2007-10 2A2
0.59%	06/25/47	3,†		12,650,000		7,969,579
Countrywide Asset-Backed Certificates 2007-6 2A1
0.57%	09/25/37	3		12,785,840		11,206,769
Countrywide Asset-Backed Certificates 2007-7 2A2
0.63%	10/25/37	3		18,109,000		11,733,593
CS First Boston Mortgage Securities Corp. 2001-MH29 A (STEP)
5.60%	09/25/31			65,577		57,182
Embarcadero Aircraft Securitization Trust 2000-A A1
1.68%	08/15/25	3,4,†		1,557,154		825,334
First Union Home Equity Loan Trust 1997-3 B
7.39%	03/25/29			148,740		22,321
Genesis Funding Ltd. 2006-1A G1
0.82%	12/19/32	3,4,†		12,600,000		6,300,685
GMAC Commercial Mortgage Securities, Inc. 1998-C2 X (IO)
0.75%	05/15/35	2		42,209,032		938,404
GMAC Commercial Mortgage Securities, Inc. 2002-C2 A3
5.71%	10/15/38			28,350,000		26,641,672
GMAC Commercial Mortgage Securities, Inc. 2004-C3 A4
4.55%	12/10/41			435,000		393,716
Green Tree Recreational Equipment & Consumer Trust 1996-D Certificates
7.24%	12/15/22			289,884		204,650
IndyMac Residential Asset Backed Trust 2007-A 2A4A
0.79%	04/25/47	3		6,256,000		1,414,898
Inman Square Funding Ltd. 2005-2A I
4.66%	10/06/40	2,3,4,†		3,424,655		1,078,780
JPMorgan Mortgage Acquisition Corp. 2007-CH1 AF6 (STEP)
5.50%	11/25/36			340,000		207,229
Keystone Owner Trust 1998-P2 A5 (STEP)
7.90%	01/25/29	4		707,454		706,183
Lehman XS Trust 2006-GP1 A4A
0.80%	05/25/46	2,3		33,802,699		1,685,896
Long Beach Mortgage Loan Trust 2006-11 2A4
0.70%	12/25/36	3		11,750,000		2,638,226
MASTR Asset Backed Securities Trust 2006-WMC3 A4
0.63%	08/25/36	3		160,000		46,278

34 /

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
MASTR Asset Backed Securities Trust 2007-HE1 A1
0.55%	05/25/37	3	$	15,703	$	13,211
MASTR Asset Backed Securities Trust 2007-HE1 A3
0.68%	05/25/37	3		34,000		12,221
Merrill Lynch First Franklin Mortgage Loan Trust 2007-1 A2C
0.72%	04/25/37	3		14,700,000		4,483,500
Merrill Lynch First Franklin Mortgage Loan Trust 2007-3 A2C
0.65%	06/25/37	3		93,300		40,585
Mid-State Trust 11 A1
4.86%	07/15/38			77,594		67,842
Mid-State Trust 2004-1 A
6.01%	08/15/37			68,381		57,877
Mid-State Trust 6 A1
7.34%	07/01/35			83,207		81,870
Morgan Stanley Mortgage Loan Trust 2007-10XS A18
6.00%	07/25/47	3		34,501,988		30,022,112
Nomura Asset Acceptance Corp. 2006-S1 A1
0.61%	01/25/36	3,4		604,729		493,935
Oakwood Mortgage Investors, Inc. 1998-A A4
6.20%	05/15/28			23,698		20,088
Oakwood Mortgage Investors, Inc. 2001-D A3
5.90%	09/15/22	3		342,255		168,617
Oakwood Mortgage Investors, Inc. 2001-D A4
6.93%	09/15/31	3		2,458,768		1,298,682
Oakwood Mortgage Investors, Inc. 2002-B A2
5.19%	09/15/19	3		1,220,808		760,944
Oakwood Mortgage Investors, Inc. 2002-B A3
6.06%	03/15/25	3		141,765		92,086
PAMCO CLO 1998-1A B2
4.54%	05/01/10	3,4,†		2,150,087		903,272
Popular ABS Mortgage Pass-Through Trust 2005-3 AF6 (STEP)
4.76%	07/25/35			5,810,000		4,642,949
Popular ABS Mortgage Pass-Through Trust 2007-A A3
0.78%	06/25/47	3		21,277,500		6,287,620
Residential Asset Mortgage Products, Inc. 2003-RS10 AI6 (STEP)
5.86%	11/25/33			293,089		180,209
Residential Asset Mortgage Products, Inc. 2003-RS11 AI6A (STEP)
5.98%	12/25/33			275,562		153,615
Residential Funding Mortgage Securities II, Inc. 1999-HI6 AI7 (STEP)
8.60%	09/25/29			637,921		571,808
Residential Funding Mortgage Securities II, Inc. 2000-HI1 AI7 (STEP)
8.29%	02/25/25			342,465		313,333
Resmae Mortgage Loan Trust 2006-1 A1B
0.74%	02/25/36	3,4		5,851,094		4,462,195
Saxon Asset Securities Trust 2007-1 A2C
0.62%	01/25/47	3		8,135,000		4,239,611
Securitized Asset Backed Receivables LLC 2007-BR2 A2
0.70%	02/25/37	3		112,690		52,408
Securitized Asset Backed Receivables LLC Trust 2007-BR5 A2A
0.60%	05/25/37	3		23,687,313		19,337,683
Securitized Asset Backed Receivables LLC Trust 2007-NC2 A2B
0.61%	01/25/37	3		160,000		76,132
SG Mortgage Securities Trust 2006-FRE1 A1B
0.74%	02/25/36	3		4,169,751		3,088,396
Signature 5 CBO
4.00%	10/15/09	2,†		2,000,000		200,055
Soundview Home Equity Loan Trust 2006-EG1 A2
0.58%	10/25/36	3		20,000,000		16,928,120
Soundview Home Equity Loan Trust 2006-EQ1 A3
0.63%	10/25/36	3		19,051,000		11,791,384
Soundview Home Equity Loan Trust 2006-EQ1 A4
0.72%	10/25/36	3		6,350,000		2,001,752
Soundview Home Equity Loan Trust 2006-EQ2 A4
0.71%	01/25/37	3		11,864,000		2,444,998
Soundview Home Equity Loan Trust 2007-NS1 A4
0.77%	01/25/37	3		12,355,000		3,684,312
Structured Asset Receivables Trust 2003-1A CTFS
4.92%	01/21/10	3,4,†		4,464,407		3,170,217
Structured Asset Receivables Trust 2003-2A CTFS
4.82%	01/21/09	3,4,†		514,139		452,498
Structured Asset Securities Corp. 2007-EQ1 A4
0.72%	03/25/37	3,†		26,325,800		10,268,358
Terwin Mortgage Trust 2005-7SL A1
0.74%	07/25/35	3,4		146,580		136,380
Terwin Mortgage Trust 2006-11 A2A
0.53%	10/25/37	3,†		6,542,989		4,978,999
Terwin Mortgage Trust 2006-4SL A2
4.50%	05/25/37	2,3,4,†		23,030,000		5,527,373
Terwin Mortgage Trust 2006-6 1A2
4.75%	07/25/37	2,3		42,500,000		11,388,682

/ 35

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Terwin Mortgage Trust 2007-9SL M1
2.97%	06/25/38	3,4,†	$	12,000,000	$	1,201,066
Vanderbilt Acquisition Loan Trust 2002-1 A4
6.57%	05/07/27	3		5,280,000		4,777,276
Total Asset-Backed Securities (Cost $476,580,479)						325,505,575
CORPORATES — 23.01%*
Automotive — 0.01%
General Motors Corp.
7.38%	05/23/48			5,200,000		767,000
Banking — 5.28%
Bank of America Corp.
5.75%	12/01/17			8,500,000		8,501,385
8.00%	12/29/49	3		36,000,000		25,931,520
8.13%	12/29/49	3		10,015,000		7,503,739
Bank One Corp. (STEP)
9.88%	03/01/19			1,345,000		1,470,786
BankAmerica Capital II
8.00%	12/15/26			800,000		655,260
BankAmerica Capital III *
5.32%	01/15/27	3		35,000		18,621
BankAmerica Institutional A
8.07%	12/31/26	4		350,000		287,663
Banponce Trust I A
8.33%	02/01/27			12,706,000		10,507,138
Credit Suisse/New York
6.00%	02/15/18			35,555,000		32,706,618
Credit Suisse/New York (MTN)
5.00%	05/15/13			16,178,000		15,585,189
Deutsche Bank AG/London
4.88%	05/20/13			15,680,000		15,409,426
First Chicago NBD Institutional Capital I
3.74%	02/01/27	3,†		90,000		45,450
HBOS Capital Funding LP
6.07%	06/24/49	3,4		7,853,000		2,907,047
HBOS PLC
5.92%	09/29/49	3,4		37,672,000		14,278,178
6.75%	05/21/18	4		12,570,000		11,081,222
JPMorgan Chase & Co.
6.40%	05/15/38			37,183,000		44,144,810
JPMorgan Chase & Co. 1
7.90%	12/31/49	3		44,027,000		36,719,663
JPMorgan Chase & Co. C (MTN)
0.00%	07/23/13	3		2,500,000		2,303,750
JPMorgan Chase Bank NA
7.59%	03/28/22	3		60,000		59,592
JPMorgan Chase Capital XIII M
2.42%	09/30/34	3,†		3,414,000		1,911,852
National Australia Bank Ltd.
5.35%	06/12/13	4		25,750,000		24,180,942
National Australia Bank Ltd. A
8.60%	05/19/10			13,144,000		13,414,162
National Capital Trust II
5.49%	12/29/49	3,4		2,532,000		1,339,560
Nationsbank Capital Trust III
5.30%	01/15/27	3		8,564,000		4,242,648
NB Capital Trust IV
8.25%	04/15/27			230,000		190,671
Sovereign Capital Trust VI
7.91%	06/13/36			13,490,000		8,954,689
						284,351,581
Communications — 0.86%
Cellco Partnership
8.50%	11/15/18	4		26,175,000		30,721,676
Cincinnati Bell, Inc.
7.25%	07/15/13			525,000		464,625
CSC Holdings, Inc. B
7.63%	04/01/11			1,575,000		1,492,313
Dex Media West LLC/Dex Media Finance Co. B
8.50%	08/15/10			2,100,000		1,281,000
Frontier Communications Corp.
6.63%	03/15/15			1,825,000		1,314,000
Hawaiian Telcom Communications, Inc. B
9.75%	05/01/13	5		775,000		60,062
Intelsat Corp.
9.25%	08/15/14	4		880,000		822,800
Level 3 Financing, Inc.
8.75%	02/15/17			575,000		293,250
9.25%	11/01/14			250,000		146,250
Mediacom LLC/Mediacom Capital Corp.
9.50%	01/15/13			750,000		570,000
Qwest Communications International, Inc.
3.50%	11/15/25			5,000,000		4,176,800
7.25%	02/15/11			200,000		175,000
Qwest Communications International, Inc. B
7.50%	02/15/14			4,000,000		2,880,000
Sprint Nextel Corp.
1.87%	06/28/10	3		1,350,000		1,134,000
Videotron Ltd.
9.13%	04/15/18	4		850,000		794,750
						46,326,526

36 /

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Consumer Products — 0.01%
Visant Holding Corp.
8.75%	12/01/13		$	925,000	$	689,125
Electric — 2.98%
Appalachian Power Co.
6.60%	05/01/09			9,671,000		9,695,607
Aquila, Inc.
7.95%	02/01/11			7,375,000		7,226,984
11.88%	07/01/12			1,000,000		1,010,706
Calpine Construction Finance Co., LP
11.60%	08/26/11	3,4		11,625,000		9,706,875
Cedar Brakes I LLC
8.50%	02/15/14	4		6,593,772		6,275,938
Cedar Brakes II LLC
9.88%	09/01/13	4		8,735,556		9,089,276
Cleco Power LLC
6.65%	06/15/18			20,000,000		19,595,200
Consolidated Edison Co. of New York, Inc.
7.13%	12/01/18			11,295,000		12,166,963
Consolidated Edison Co. of New York, Inc. 08-A
5.85%	04/01/18			15,004,000		15,135,555
Entergy Gulf States Louisianna LLC
6.00%	05/01/18	4		17,500,000		15,278,707
Entergy Gulf States, Inc.
5.25%	08/01/15			4,600,000		3,930,723
6.00%	12/01/12			325,000		309,258
Entergy Louisiana LLC
5.83%	11/01/10			260,000		251,655
FPL Group Capital, Inc.
2.75%	06/17/11	3		1,000,000		904,940
5.35%	06/15/13			3,355,000		3,360,167
GWF Energy LLC
6.13%	12/30/11	4		2,264,053		2,214,448
Ipalco Enterprises, Inc.
7.25%	04/01/16	4		300,000		247,500
Kansas City Power & Light Co.
6.38%	03/01/18			7,032,000		6,658,383
Mirant Mid Atlantic LLC A
8.63%	06/30/12			14,754,029		13,518,379
Power Contract Financing LLC
6.26%	02/01/10	4		4,353,623		4,267,369
Power Receivables Finance LLC
6.29%	01/01/12			98,718		96,768
Public Service Co. of New Hampshire
6.00%	05/01/18			5,000,000		4,784,700
Public Service Co. of New Mexico
7.95%	05/15/18			17,849,000		14,547,006
Union Electric Co.
6.70%	02/01/19			210,000		191,686
						160,464,793
Energy — 0.73%
AES Corp. (The)
8.75%	05/15/13	4		800,000		772,000
Allis-Chalmers Energy, Inc.
9.00%	01/15/14			1,000,000		535,000
Atlas Energy Resources, LLC
10.75%	02/01/18	4		1,000,000		615,000
Chesapeake Energy Corp.
7.00%	08/15/14			925,000		772,375
Comstock Resources, Inc.
6.88%	03/01/12			850,000		658,750
Corral Finans AB (PIK)
6.25%	04/15/10	4		527,438		287,454
Griffin Coal Mining Co. Ltd. (The)
9.50%	12/01/16	4		500,000		167,500
Hilcorp Energy I LP/Hilcorp Finance Co.
7.75%	11/01/15	4		2,175,000		1,544,250
Massey Energy Co.
6.88%	12/15/13			1,500,000		1,117,500
Newfield Exploration Co.
7.13%	05/15/18			500,000		397,500
OPTI Canada, Inc.
7.88%	12/15/14			750,000		386,250
Sabine Pass LNG LP
7.25%	11/30/13			17,775,000		13,064,625
Sonat, Inc.
7.63%	07/15/11			1,600,000		1,466,781
Southern Union Co.
7.20%	11/01/66	3		22,620,000		7,917,000
Tesoro Corp.
6.50%	06/01/17			1,175,000		650,656
Virginia Electric & Power Co.
5.10%	11/30/12			9,295,000		9,094,916
						39,447,557
Finance — 8.08%
ABX Financing Co.
6.35%	10/15/36	4		5,000,000		3,901,825
Bear Stearns Cos., Inc. (The)
5.70%	11/15/14			3,525,000		3,445,691
7.25%	02/01/18			14,230,000		15,620,257
Bear Stearns Cos., Inc. (The) (MTN)
2.24%	02/23/10	3		85,000		82,568
4.91%	07/16/09	3		8,910,000		8,806,246

/ 37

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Capital One Financial Corp. (MTN)
5.70%	09/15/11		$	100,000	$	92,925
Citigroup Capital XXI
8.30%	12/21/57	3		24,593,000		19,009,823
Citigroup, Inc.
5.50%	04/11/13			6,291,000		6,131,171
6.50%	08/19/13			30,110,000		30,413,569
6.88%	03/05/38			24,521,000		27,996,386
8.40%	04/30/49	3		17,276,000		11,428,765
Countrywide Financial Corp. (MTN)
1.69%	03/24/09	3		21,681,000		21,505,774
4.35%	01/05/09	3		8,592,000		8,590,282
5.80%	06/07/12			16,255,000		15,585,258
Countrywide Home Loans, Inc. K (MTN)
5.63%	07/15/09			7,350,000		7,267,071
Countrywide Home Loans, Inc. L (MTN)
4.00%	03/22/11			20,645,000		19,664,115
Credit Suisse FB USA, Inc.
5.13%	08/15/15			15,000		13,642
Credit Suisse Guernsey Ltd. 1
2.84%	05/29/49	3		15,933,000		7,943,079
Ford Motor Credit Co. LLC
5.80%	01/12/09			7,798,000		7,775,939
7.25%	10/25/11			2,000		1,462
7.57%	01/13/12	3		3,809,000		2,480,611
7.80%	06/01/12			7,750,000		5,440,872
8.00%	12/15/16			2,750,000		1,793,542
9.20%	04/15/09	3		2,925,000		2,826,281
General Electric Capital Corp. A (MTN)
2.26%	09/15/14	3		20,680,000		15,941,447
GMAC LLC
4.40%	12/01/14	3		27,009,000		15,158,801
6.63%	05/15/12			126,000		97,177
Goldman Sachs Group LP
4.50%	06/15/10			1,270,000		1,251,873
Goldman Sachs Group, Inc. (The)
1.98%	03/22/16	3		30,000		22,550
2.89%	02/06/12	3		1,190,000		1,008,314
4.75%	07/15/13			19,150,000		17,118,036
5.32%	01/12/15	3		3,800,000		2,822,746
6.15%	04/01/18			26,290,000		25,307,332
Goldman Sachs Group, Inc. B (The) (MTN)
4.46%	07/22/15	3		8,690,000		6,430,600
Lehman Brothers Holdings, Inc. (MTN)
0.00%	06/20/16	5		12,736,000		1,209,920
8.92%	02/16/17	5		7,103,000		674,785
11.00%	11/07/16	5		12,918,000		1,227,210
Lehman Brothers Holdings, Inc. H (MTN)
0.00%	11/30/10	5		6,812,000		647,140
Merrill Lynch & Co., Inc. (MTN)
4.02%	05/20/09	3		7,000,000		6,911,919
8.68%	05/02/17	3		2,770,000		2,449,788
8.95%	05/18/17	3		3,430,000		3,050,642
9.57%	06/06/17	3		11,337,000		10,161,353
Morgan Stanley
5.03%	01/15/10	3		2,625,000		2,446,161
5.05%	01/21/11			19,880,000		19,103,686
5.23%	10/15/15	3		1,505,000		1,032,421
6.75%	04/15/11			12,975,000		12,773,044
Morgan Stanley (MTN)
4.95%	10/18/16	3		14,975,000		10,321,594
Onbank Capital Trust I
9.25%	02/01/27			10,200,000		10,620,860
Pemex Finance Ltd.
8.88%	11/15/10	†		200,000		208,678
Toyota Motor Credit Corp. (MTN)
0.00%	10/24/13	3		7,992,000		7,731,461
Wachovia Bank NA
6.00%	11/15/17			21,041,000		20,203,097
Wachovia Capital Trust III
5.80%	03/15/42	3		4,550,000		2,685,683
Wachovia Corp.
7.98%	09/29/49	3		6,185,000		5,286,214
Woodbourne Capital Trust I
1.54%	04/08/49	2,3,4		1,350,000		769,500
Woodbourne Capital Trust II
1.54%	04/08/49	2,3,4		1,350,000		769,500
Woodbourne Capital Trust III
1.54%	04/08/49	2,3,4		1,350,000		769,500
Woodbourne Capital Trust IV
1.54%	04/08/49	2,3,4		1,350,000		769,500
						434,799,686
Health Care — 0.08%
Community Health Systems, Inc.
8.88%	07/15/15			3,775,000		3,529,625
Tenet Healthcare Corp.
7.38%	02/01/13			1,250,000		896,875
						4,426,500
Industrials — 0.31%
General Electric Co.
5.25%	12/06/17			16,828,000		16,806,208
Insurance — 0.69%
Allied World Assurance Co. Holdings Ltd.
7.50%	08/01/16			200,000		141,180
Fairfax Financial Holdings Ltd.
7.75%	04/26/12			6,676,000		5,975,020

38 /

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Insurance (continued)
Farmers Exchange Capital
7.05%	07/15/28	4	$	2,926,000	$	1,794,937
7.20%	07/15/48	4		1,542,000		856,339
Farmers Insurance Exchange
8.63%	05/01/24	4		11,127,000		7,448,748
MetLife Capital Trust X
9.25%	04/08/38	3,4		11,500,000		8,037,154
MetLife, Inc.
6.50%	12/15/32			115,000		103,101
Nationwide Mutual Insurance Co.
6.60%	04/15/34	4		15,939,000		8,633,519
Stingray Pass-Through Trust
5.90%	01/12/15	2,4		50,000		6,000
ZFS Finance USA Trust I
6.15%	12/15/65	3,4		7,549,000		4,231,131
						37,227,129
Materials — 0.27%
Barrick Gold Finance Co. LLC (MTN)
6.13%	09/15/13			14,810,000		14,057,060
Freeport-McMoRan Copper & Gold, Inc.
7.08%	04/01/15	3		350,000		231,437
						14,288,497
Real Estate Investment Trust (REIT) — 2.07%
BRE Properties, Inc.
7.45%	01/15/11			9,410,000		8,101,643
CPG Partners LP
8.25%	02/01/11			230,000		201,673
Developers Diversified Realty Corp.
4.63%	08/01/10			620,000		436,915
5.25%	04/15/11			3,555,000		1,878,149
5.38%	10/15/12			315,000		132,195
Equity One, Inc.
3.88%	04/15/09			270,000		263,352
First Industrial LP
5.25%	06/15/09			6,000,000		5,624,461
First Industrial LP (MTN)
7.50%	12/01/17			140,000		71,162
HCP, Inc.
6.45%	06/25/12			11,800,000		8,450,846
7.07%	06/08/15			75,000		51,516
HCP, Inc. (MTN)
5.95%	09/15/11			165,000		136,826
Highwoods Properties, Inc.
7.50%	04/15/18			6,795,000		4,415,710
Reckson Operating Partnership LP
6.00%	03/31/16			335,000		184,250
7.75%	03/15/09			9,985,000		9,547,717
Shurgard Storage Centers LLC
5.88%	03/15/13			354,000		247,601
7.75%	02/22/11			7,200,000		7,234,329
Simon Property Group LP
4.88%	08/15/10			24,080,000		21,311,643
5.30%	05/30/13			10,400,000		7,782,091
5.75%	05/01/12			2,025,000		1,619,919
6.13%	05/30/18			1,290,000		873,042
7.00%	07/15/09			1,750,000		1,705,772
7.13%	02/09/09			2,800,000		2,765,315
UDR, Inc.
6.05%	06/01/13			3,100,000		2,188,916
UDR, Inc. (MTN)
5.00%	01/15/12			2,600,000		2,143,752
Washington Real Estate Investment Trust
5.95%	06/15/11			250,000		180,222
WEA Finance LLC
7.13%	04/15/18	4		33,240,000		23,615,923
						111,164,940
Secured Assets — 0.15%
Ingress I Ltd. B-A
7.38%	03/30/40	4,†		9,745,000		8,215,306
Services — 0.03%
Mobile Mini, Inc.
6.88%	05/01/15			750,000		513,750
United Rentals North America, Inc.
6.50%	02/15/12			1,000,000		795,000
7.00%	02/15/14			375,000		230,625
						1,539,375
Transportation — 1.46%
American Airlines, Inc. 1999-1 A2
7.02%	10/15/09			10,000		9,500
American Airlines, Inc. 2001-2 A1
6.98%	04/01/11			48,826		42,479
American Airlines, Inc., AMBAC Assurance Corp. 2003-1
3.86%	07/09/10			4,588,709		4,071,823
Continental Airlines, Inc. 1997-1 A
7.46%	04/01/15			2,260,212		1,559,546
Continental Airlines, Inc. 1997-4 A
6.90%	01/02/18			62,279		49,823
Continental Airlines, Inc. 1999 A-2
7.06%	09/15/09			2,000,000		1,920,000
Continental Airlines, Inc. 1999-2 A-1
7.26%	03/15/20			6,821,196		5,252,321
Continental Airlines, Inc. 2000-1 A2
7.92%	05/01/10			2,000,000		1,800,000

/ 39

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
Continental Airlines, Inc. 2007-1 A
5.98%	04/19/22		$	4,673,000	$	3,411,290
Continental Airlines, Inc. 2007-1 B
6.90%	04/19/22			2,500,000		1,425,000
Delta Air Lines, Inc.
6.82%	08/10/22			3,898,683		2,475,663
Delta Air Lines, Inc. 2000-1 A1
7.38%	05/18/10			3,097,923		2,850,090
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11			29,818,000		24,450,760
Northwest Airlines, Inc. 2001 1A-2
6.84%	04/01/11			23,190,000		19,015,800
Northwest Airlines, Inc. 2001-1 A1
7.04%	10/01/23			35,228		23,955
United Air Lines, Inc. 2000-2
7.19%	04/01/11			6,090,235		5,603,017
United Air Lines, Inc. 2000-2 A1
7.03%	10/01/10			1,967,849		1,810,421
United Air Lines, Inc. 2001-1
6.60%	09/01/13			1,599		1,503
United Air Lines, Inc. 2001-1 A1
6.07%	03/01/13			2,719,652		2,556,473
						78,329,464
Total Corporates (Cost $1,412,374,771)						1,238,843,687
BANK LOANS — 1.04%*
Automotive —0.06%
General Motors Corp. Strip II
5.67%	07/20/11	6		7,350,000		3,064,950
Metaldyne Corp.
7.38%	01/11/14			250,000		70,417
						3,135,367
Communications — 0.09%
Cebridge 2nd Lien (PIK)
9.13%	05/05/14	6		8,301,167		3,860,042
Charter Communications, Inc. Term Loan 3rd Lien
3.96%	09/06/14	6		1,000,000		538,750
Dex Media West LLC Term Loan B
0.00%	10/24/14	6		500,000		215,000
Univision Communications, Inc. 1st Lien Strip
2.71%	03/15/14	6		375,000		154,167
						4,767,959
Consumer Discretionary — 0.01%
Tribune 1st Lien Term Loan B
6.50%	05/24/14	6		1,500,000		428,571
Electric — 0.29%
Calpine CCFC I Term Loan
7.46%	08/26/09	6		13,443,262		13,107,181
TPF Generation Holdings LLC 2nd Lien
5.71%	12/15/14	6		1,000,000		545,000
TXU Energy Term Loan B3
3.90%	10/10/14			2,469,987		1,723,846
						15,376,027
Energy — 0. 02%
NRG Energy, Inc. Term Loan
1.96%	02/01/13	6		997,038		869,666
Finance — 0.01%
Kelson 1st Lien
4.71%	03/16/13	6		862,989		649,708
Health Care — 0.40%
Carestream Health, Inc. Term Loan
7.97%	10/30/13	6		1,000,000		268,750
HCA Term Loan A
3.46%	11/18/12	6		25,402,199		21,560,116
						21,828,866
Insurance — 0.01%
Asurion Corp. Term Loan
4.33%	07/13/14	6		750,000		512,344
Materials — 0.01%
Lyondell Chemical Co.
7.00%	12/20/14			1,641,719		755,191
Services — 0.02%
Cengage Learning Term Loan B
2.96%	07/09/14	6		1,975,000		1,298,013
Transportation — 0.12%
Delta Air Lines, Inc. Term Loan 1st Lien
2.43%	05/01/12	6		495,000		334,744
Northwest Air Dip
2.39%	05/21/12	6		8,309,495		6,140,127
						6,474,871
Total Bank Loans (Cost $72,837,286)						56,096,583
MORTGAGE-BACKED — 78.66%**
Commercial Mortgage-Backed — 10.11%
Bank of America Commercial Mortgage, Inc. 2005-6 A4
5.18%	09/10/47	3		25,000,000		20,562,485
Bayview Commercial Asset Trust 2006-3A A1
0.72%	10/25/36	3,4,†		8,047,671		6,438,356

40 /

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Bear Stearns Adjustable Rate Mortgage Trust 2005-4 2A3
4.45%	08/25/35	3	$	23,003,000	$	20,802,687
Bear Stearns Commercial Mortgage Securities, Inc. 2001-TOP2 A2
6.48%	02/15/35			58,110,000		56,803,478
Bear Stearns Commercial Mortgage Securities, Inc. 2001-TOP4 A3
5.61%	11/15/33			25,000,000		23,778,340
Bear Stearns Commercial Mortgage Securities, Inc. 2003-PWR2 A4
5.19%	05/11/39	3		38,651,000		35,317,827
Bear Stearns Commercial Mortgage Securities, Inc. 2006-PW13 A4
5.54%	09/11/41			3,035,000		2,390,029
Citigroup Commercial Mortgage Trust 2006-C4 A3
5.72%	03/15/49	3		14,850,000		11,691,294
Citigroup Commercial Mortgage Trust 2007-C6 AM
5.70%	12/10/49	3		2,040,000		942,052
Commercial Mortgage Pass-Through Certificates 2006-C7 AM
5.79%	06/10/46	3		11,728,000		6,095,436
Credit Suisse Mortgage Capital Certificates 2006-C1 A3
5.55%	02/15/39	3		14,082,000		10,506,449
Credit Suisse Mortgage Capital Certificates 2006-C5 A3
5.31%	12/15/39			21,095,000		16,431,345
CS First Boston Mortgage Securities Corp. 2002-CKS4 A2
5.18%	11/15/36			20,760,000		19,017,335
First Union National Bank-Bank of America Commercial Mortgage Trust 2001-C1 A2
6.14%	03/15/33			11,038,009		10,808,357
GE Capital Commercial Mortgage Corp. 2005-C1 A5
4.77%	06/10/48	3		2,040,000		1,670,467
Greenwich Capital Commercial Funding Corp. 2002-C1 A4
4.95%	01/11/35			34,500,000		31,195,073
Greenwich Capital Commercial Funding Corp. 2006-GG7 A4
5.91%	07/10/38	3		12,685,000		9,940,936
Greenwich Capital Commercial Funding Corp. 2007-GG9 A4
5.44%	03/10/39			18,750,000		14,328,292
JPMorgan Alternative Loan Trust 2007-A2 12A2
0.57%	06/25/37	3		28,643,350		21,871,082
JPMorgan Chase Commercial Mortgage Securities Corp. 2006-CB16 AM
5.59%	05/12/45			3,455,000		1,720,829
JPMorgan Chase Commercial Mortgage Securities Corp. 2006-LDP7 A4
5.88%	04/15/45	3		31,250,000		25,028,847
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-CB19 A4
5.75%	02/12/49	3		17,918,000		12,883,178
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 A4
5.88%	02/15/51	3		47,230,000		33,852,613
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 AM
6.06%	02/15/51	3		5,593,000		2,426,123
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LDPX A3
5.42%	01/15/49			18,785,000		13,338,627
LB-UBS Commercial Mortgage Trust 2000-C4 A2
7.37%	08/15/26			32,531,537		32,533,824
LB-UBS Commercial Mortgage Trust 2003-C8 A4
5.12%	11/15/32	3		320,000		282,699
Merrill Lynch/Countrywide Commercial Mortgage Trust 2006-4 ASB
5.13%	12/12/49	3		25,000,000		18,565,853
Morgan Stanley Capital I 2005-HQ6 A4A
4.99%	08/13/42			19,726,000		16,171,830
Morgan Stanley Capital I 2006-HQ8 A4
5.39%	03/12/44	3		17,045,000		13,832,215
Morgan Stanley Capital I 2006-T21 A4
5.16%	10/12/52	3		16,160,000		11,506,990
Morgan Stanley Capital I 2007-IQ16 A4
5.81%	12/12/49			3,035,000		2,282,074
Morgan Stanley Dean Witter Capital I 2000-LIFE A2
7.57%	11/15/36	3		4,986,377		4,983,410
Prudential Commercial Mortgage Trust 2003-PWR1 A1
3.67%	02/11/36			8,217,410		7,831,221
Salomon Brothers Mortgage Securities VII, Inc. 2002-KEY2 A3
4.87%	03/18/36			65,000		59,078
Wachovia Bank Commercial Mortgage Trust 2003-C8 A4
4.96%	11/15/35	3		30,000,000		25,679,667
Wachovia Bank Commercial Mortgage Trust 2007-C31 AM
5.59%	04/15/47	3		2,220,000		1,017,842
						544,588,240

/ 41

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed — 5.84%
Adjustable Rate Mortgage Trust 2005-12 2A1
5.67%	03/25/36	3	$	222,307	$	121,269
Adjustable Rate Mortgage Trust 2005-8 4A11
5.44%	11/25/35	3		20,302,821		13,483,427
American Home Mortgage Assets 2007-4 A2
0.66%	08/25/37	3		36,102,000		20,373,868
Banc of America Funding Corp. 2003-2 1A1
6.50%	06/25/32			200,652		192,480
Banc of America Mortgage Securities, Inc. 2006-B 4A1
6.20%	11/20/46	3		27,454,025		18,667,732
Banco de Credito Y Securitizacion SA 2001-1 AF
8.00%	05/31/10	2,4,†		1,255,563		251,799
Bear Stearns Commercial Mortgage Securities, Inc. 2005-T20 A4A
5.15%	10/12/42	3		23,070,000		19,966,649
BHN I Mortgage Fund 1997-2 A1
1.92%	05/31/17	2,3,4,†		13,760		2,752
BHN I Mortgage Fund 1997-2 A2
7.54%	05/31/17	2,4,†		2,500		501
BHN I Mortgage Fund 2000-1 AF
8.00%	03/31/11	2,4		297,245		59,449
BlackRock Capital Finance LP 1997-R2 AP
1.29%	12/25/35	3,4		4,083		4,085
Chase Mortgage Finance Corp. 2005-A1 1A1
5.41%	12/25/35	3		14,409,427		10,128,282
Chase Mortgage Finance Corp. 2005-A1 2A3
5.24%	12/25/35	3		615,000		402,884
Chase Mortgage Finance Corp. 2007-A2 2A3
5.18%	07/25/37	3,†		25,829,442		20,756,371
Chevy Chase Mortgage Funding Corp. 2004-1A A1
0.75%	01/25/35	3,4		2,157,724		1,903,262
Citigroup Mortgage Loan Trust, Inc. 2003-UST1 A1
5.50%	12/25/18			413		401
Citigroup Mortgage Loan Trust, Inc. 2004-RR2 A2
4.75%	05/25/34	3,4		19,094,440		16,507,262
Countrywide Alternative Loan Trust 2004-J6 2A1
6.50%	11/25/31			84,739		72,886
Countrywide Alternative Loan Trust 2005-14 4X (IO)
3.88%	05/25/35	2,7,†		16,368,427		77,370
Countrywide Alternative Loan Trust 2005-27 2A1
3.61%	08/25/35	3		10,362,558		4,479,621
Countrywide Alternative Loan Trust 2005-36 2A1A
0.78%	08/25/35	3		349,236		155,529
Countrywide Alternative Loan Trust 2005-43 4A1
5.67%	10/25/35	3		197,910		107,847
Countrywide Alternative Loan Trust 2005-59 1A1
0.80%	11/20/35	3		263,183		132,160
Countrywide Alternative Loan Trust 2006-46 A4
6.00%	02/25/47			17,176,720		13,173,516
Countrywide Alternative Loan Trust 2006-OA2 X1P (IO)
4.22%	05/20/46	2		57,547,933		1,052,048
Countrywide Home Loan Mortgage Pass-Through Trust 2001-HYB1 1A1
4.93%	06/19/31	3		57,475		41,711
Countrywide Home Loan Mortgage Pass-Through Trust 2004-14 4A1
5.08%	08/25/34	3		11,550,442		7,473,806
Countrywide Home Loan Mortgage Pass-Through Trust 2005-HYB5 4A1
5.09%	09/20/35	3		12,918,852		6,527,910
Credit Suisse Mortgage Capital Certificates 2006-6 2A1
1.07%	07/25/36	3		148,324		58,005
DLJ Mortgage Acceptance Corp. 1996-QA S (IO)
0.00%	01/25/26	2,4,†		170,267		107
Equity One ABS, Inc. 1998-1 A2 (STEP)
7.48%	11/25/29			40,597		35,904
First Horizon Alternative Mortgage Securities 2004-AA3 A1
5.31%	09/25/34	3		145,357		87,184
First Horizon Asset Securities, Inc. 2004-AR5 2A1
5.10%	10/25/34	3		38,257		25,656
GS Mortgage Securities Corp. II 2006-GG8 A4
5.56%	11/10/39			15,390,000		11,680,565
Harborview Mortgage Loan Trust 2005-1 X (IO)
3.52%	03/19/35	2,7		21,704,386		295,044
IndyMac Index Mortgage Loan Trust 2004-AR12 AX2 (IO)
3.80%	12/25/34	2,7		8,604,159		75,286
IndyMac Index Mortgage Loan Trust 2004-AR5 2A1B
0.87%	08/25/34	3		34,791		17,195
IndyMac Index Mortgage Loan Trust 2004-AR6 6A1
5.45%	10/25/34	3		115,310		81,751

42 /

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
IndyMac Index Mortgage Loan Trust 2005-AR18 2A1A
0.78%	10/25/36	3	$	312,536	$	144,025
IndyMac Index Mortgage Loan Trusts 2004-AR14 AX2 (IO)
0.00%	01/25/35	2,7		38,283		371
JPMorgan Mortgage Trust 2003-A2 2A3
4.67%	11/25/33	3		705,000		459,428
JPMorgan Mortgage Trust 2004-A5 4A4
4.82%	12/25/34	3		740,000		506,324
JPMorgan Mortgage Trust 2005-A5 3A2
5.37%	08/25/35	3		300,000		211,779
JPMorgan Mortgage Trust 2005-A5 TA1
5.43%	08/25/35	3		3,548,586		2,845,474
JPMorgan Mortgage Trust 2006-A2 2A2
5.75%	04/25/36	3		380,000		229,508
JPMorgan Mortgage Trust 2006-A3 3A4
5.73%	05/25/36	3		23,500,000		11,380,329
JPMorgan Mortgage Trust 2007-S3 1A35
6.00%	08/25/37	†		45,751,521		28,684,774
MASTR Adjustable Rate Mortgages Trust 2004-13 3A7
3.79%	11/21/34	3		290,000		186,111
MASTR Adjustable Rate Mortgages Trust 2004-5 3A1
5.30%	06/25/34	3		3,174		1,575
MASTR Seasoned Securities Trust 2004-1 4A1
5.20%	10/25/32	3		64,198		51,687
MASTR Seasoned Securities Trust 2004-2 A2
6.50%	08/25/32			6,524,562		6,129,194
Ocwen Residential MBS Corp. 1998-R2 AP
8.11%	11/25/34	3,4,†		31,053		20,269
Residential Asset Mortgage Products, Inc. 2004-SL1 A7
7.00%	11/25/31			257,690		266,467
Residential Asset Mortgage Products, Inc. 2004-SL1 A8
6.50%	11/25/31			224,293		231,803
Residential Asset Mortgage Products, Inc. 2004-SL3 A2
6.50%	12/25/31			20,654		18,612
Residential Asset Securitization Trust 2007-A7 A4
6.00%	07/25/37			24,477,964		19,249,988
Ryland Mortgage Securities Corp. 1994-5 M3
4.64%	10/25/23	3,†		362,127		163,749
Structured Asset Mortgage Investments, Inc. 2005-AR7 1A1
4.76%	12/27/35	3		4,283,059		2,631,851
Structured Asset Mortgage Investments, Inc. 2007-AR6 A1
3.98%	08/25/47	3		240,248		101,363
Structured Asset Securities Corp. 1997-2 2A4
7.25%	03/28/30			5,759		6,085
Structured Asset Securities Corp. 2001-15A 4A1
6.00%	10/25/31	3		12,797		11,213
Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA3 4A1
3.03%	04/25/47	3		30,003,547		13,240,535
Washington Mutual Mortgage Pass-Through Certificates 2002-AR18 A
4.57%	01/25/33	3		17,190		13,627
Washington Mutual Mortgage Pass-Through Certificates 2003-AR6 A1
3.95%	06/25/33	3		131,223		100,246
Washington Mutual Mortgage Pass-Through Certificates 2004-AR3 A2
4.24%	06/25/34	3		170,164		120,609
Washington Mutual Mortgage Pass-Through Certificates 2005-AR16 1A4A
5.10%	12/25/35	3		320,000		181,363
Washington Mutual Mortgage Pass-Through Certificates 2006-AR7 3A1B
4.27%	07/25/46	3,†		3,964,632		1,984,328
Washington Mutual Mortgage Pass-Through Certificates 2007-0A4 1A
3.03%	05/25/47	3		191,764		84,545
Washington Mutual Mortgage Pass-Through Certificates 2007-0A6 1A
3.07%	07/25/47	3		258,763		105,715
Washington Mutual Mortgage Pass-Through Certificates 2007-OA1 XPPP (IO)
0.85%	02/25/47	2,7,†		169,663,749		2,859,284
Washington Mutual Mortgage Pass-Through Certificates 2007-OA2 1A
2.96%	03/25/47	3		68,906,275		25,706,258
Wells Fargo Mortgage Backed Securities Trust 2004-G A3
4.76%	06/25/34	3		445,000		257,413
Wells Fargo Mortgage Backed Securities Trust 2004-L A8
4.79%	07/25/34	3		410,000		287,488
Wells Fargo Mortgage Backed Securities Trust 2005-12 1A1
5.50%	11/25/35			571		430
Wells Fargo Mortgage Backed Securities Trust 2005-17 1A1
5.50%	01/25/36			24,139,489		18,752,726
Wells Fargo Mortgage Backed Securities Trust 2006-2 3A1
5.75%	03/25/36			12,600,160		8,503,140

/ 43

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Wells Fargo Mortgage Backed Securities Trust 2006-4 2A2
5.50%	04/25/36		$	304,587	$	205,061
						314,408,321
U.S. Agency Mortgage Backed — 62.71%
Collateralized Mortgage Obligation Trust 57 D
9.90%	02/01/19			6,413		6,768
Fannie Mae (TBA)
5.50%	01/01/38			503,415,000		516,472,327
Fannie Mae 1989-27 Y
6.90%	06/25/19			1,539		1,605
Fannie Mae 1992-123 Z
7.50%	07/25/22			5,483		5,952
Fannie Mae 1992-83 Z
7.00%	06/25/22			18,885		19,174
Fannie Mae 1993-132 D (PO)
0.00%	10/25/22	7		296,447		245,928
Fannie Mae 1993-199 SD (IO)
0.88%	10/25/23			1,117,018		26,006
Fannie Mae 1993-29 PK
7.00%	03/25/23			202,000		213,038
Fannie Mae 1994-55 H
7.00%	03/25/24			130,000		138,812
Fannie Mae 1997-34 SA
17.32%	10/25/23	3		32,154		35,762
Fannie Mae 2003-106 WG
4.50%	11/25/23			32,004,000		31,265,648
Fannie Mae 2003-52 SV
16.87%	05/25/31	3		3,977,107		4,243,561
Fannie Mae 2003-53 IA (IO)
5.50%	10/25/28			3,907,664		140,905
Fannie Mae 2003-91 IQ (IO)
5.50%	06/25/26			2,789,780		39,469
Fannie Mae 2006-18 PD
5.50%	08/25/34			310,000		319,168
Fannie Mae 2006-80 PG
6.00%	06/25/35			23,300,000		23,884,506
Fannie Mae 2006-B2 AB
5.50%	05/25/14			124,372		127,388
Fannie Mae 2007-34 SB (IO)
5.64%	04/25/37			37,462,214		2,478,534
Fannie Mae 2007-54 FA
0.87%	06/25/37	3		29,006,625		27,886,647
Fannie Mae 2007-64 FA
0.94%	07/25/37	3,†		224,110		212,225
Fannie Mae 2008-24 NA
6.75%	06/25/37			41,785,778		43,946,762
Fannie Mae FNCL (TBA)
4.50%	01/25/39			45,929,000		46,603,582
5.00%	01/25/39			252,070,000		257,584,031
Fannie Mae G92-36 Z
7.00%	07/25/22			1,100		1,172
Fannie Mae G93-21 Z
7.20%	05/25/23			20,115		21,666
Fannie Mae Pool 190375
5.50%	11/01/36			58,269,588		59,810,752
Fannie Mae Pool 233672
5.50%	09/01/23	3		23,483		23,321
Fannie Mae Pool 254232
6.50%	03/01/22			126,304		132,010
Fannie Mae Pool 254868
5.00%	09/01/33			58,986,226		60,389,663
Fannie Mae Pool 308798
5.35%	04/01/25	3		8,100		8,015
Fannie Mae Pool 312155
6.30%	03/01/25	3		28,352		28,344
Fannie Mae Pool 545191
7.00%	09/01/31			32,924		34,557
Fannie Mae Pool 555207
7.00%	11/01/17			16,557		17,232
Fannie Mae Pool 555284
7.50%	10/01/17			13,992		14,432
Fannie Mae Pool 613142
7.00%	11/01/31			106,185		112,392
Fannie Mae Pool 625666
7.00%	01/01/32			58,309		61,717
Fannie Mae Pool 633698
7.50%	02/01/31			66,037		70,571
Fannie Mae Pool 642322
4.93%	05/01/32	3		2,307		2,318
Fannie Mae Pool 646884
5.48%	05/01/32	3		27,953		28,045
Fannie Mae Pool 655928
7.00%	08/01/32			262,567		278,736
Fannie Mae Pool 725027
5.00%	11/01/33			68,210,488		69,870,452
Fannie Mae Pool 725232
5.00%	03/01/34			162,975		166,853
Fannie Mae Pool 725257
5.50%	02/01/34			13,736,986		14,117,485
Fannie Mae Pool 725425
5.50%	04/01/34			55,045,457		56,617,263
Fannie Mae Pool 730957
5.00%	08/01/33			22,104,662		22,642,599
Fannie Mae Pool 734922
4.50%	09/01/33			19,058,032		19,380,178

44 /

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 735224
5.50%	02/01/35		$	74,982,977	$	77,059,920
Fannie Mae Pool 735646
4.50%	07/01/20			22,638,780		23,236,080
Fannie Mae Pool 735651
4.50%	06/01/35			73,034,324		74,177,560
Fannie Mae Pool 735686
6.50%	12/01/22			150,041		155,121
Fannie Mae Pool 735883
6.00%	03/01/33			12,774,853		13,270,245
Fannie Mae Pool 740297
5.50%	10/01/33			47,225		48,533
Fannie Mae Pool 741862
5.50%	09/01/33			45,658		46,923
Fannie Mae Pool 765387
6.00%	08/01/34			244,162		253,284
Fannie Mae Pool 770284
5.00%	04/01/34			9,606,095		9,836,866
Fannie Mae Pool 770332
5.00%	04/01/34			37,494,987		38,395,744
Fannie Mae Pool 789606
6.00%	08/01/34			132,885		137,147
Fannie Mae Pool 817611
5.32%	11/01/35	3		9,447,077		9,786,407
Fannie Mae Pool 836952
5.49%	10/01/35	3		216,698		220,828
Fannie Mae Pool 841031
5.27%	11/01/35	3		32,497		33,016
Fannie Mae Pool 844773
5.16%	12/01/35	3		141,337		143,668
Fannie Mae Pool 888219
5.50%	03/01/37			78,665,638		80,788,997
Fannie Mae Pool 888412
7.00%	04/01/37			21,304,446		21,912,712
Fannie Mae Pool 888430
5.00%	11/01/33			52,814,848		54,100,145
Fannie Mae Pool 888873
6.50%	08/01/37			12,815,731		13,335,869
Fannie Mae Pool 889125
5.00%	12/01/21			64,812,119		66,837,491
Fannie Mae Pool 889184
5.50%	09/01/36			65,932,050		67,814,720
Fannie Mae Pool 889572
5.50%	06/01/38			19,254,380		19,774,098
Fannie Mae Pool 895606
5.74%	06/01/36	3		56,342		57,175
Fannie Mae Pool 896464
5.81%	07/01/36	3		16,357,645		16,731,526
Fannie Mae Pool 908408
5.59%	04/01/37	3		33,244,103		33,949,875
Fannie Mae Pool 928920
6.50%	12/01/37			40,546,131		42,165,696
Fannie Mae Pool 933033
6.50%	10/01/37			43,197,618		44,167,876
Fannie Mae Pool 955212
5.50%	12/01/37			124,245,915		127,599,586
Fannie Mae Pool 960427
5.50%	01/01/38			60,335,783		61,964,378
Fannie Mae Pool 974148
5.50%	02/01/38			89,334		91,745
Freddie Mac 1004 H
7.95%	10/15/20			1,255		1,253
Freddie Mac 1073 G
7.00%	05/15/21			4,545		4,853
Freddie Mac 165 K
6.50%	09/15/21			773		773
Freddie Mac 1980 Z
7.00%	07/15/27			562,875		597,828
Freddie Mac 2098 TZ
6.00%	01/15/28			820,145		819,485
Freddie Mac 2209 TC
8.00%	01/15/30			340,447		357,294
Freddie Mac 2389 CD
6.00%	03/15/16			131,942		133,762
Freddie Mac 2481 AW
6.50%	08/15/32			171,415		180,352
Freddie Mac 2627 NI (IO)
5.00%	04/15/29			5,573,655		190,495
Freddie Mac 2642 BW (IO)
5.00%	06/15/23			145,372		18,654
Freddie Mac 2929 PE
5.00%	05/15/33			475,000		476,432
Freddie Mac 2968 EA
6.00%	11/15/23			213		213
Freddie Mac FGLMC (TBA)
5.50%	01/15/39			42,340,000		43,362,113
Freddie Mac Gold A14189
4.00%	10/01/33			176,482		174,862
Freddie Mac Gold A24156
6.50%	10/01/31			2,814,000		2,940,191
Freddie Mac Gold A25162
5.50%	05/01/34			25,714,216		26,390,220
Freddie Mac Gold A39012
5.50%	06/01/35			23,785		24,381
Freddie Mac Gold A54856
5.00%	01/01/34			31,876,732		32,586,486

/ 45

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold A61164
5.00%	04/01/36		$	173,141	$	177,396
Freddie Mac Gold A64183
6.00%	08/01/37			171,789		177,182
Freddie Mac Gold A65805
6.00%	09/01/37			5,237,282		5,403,606
Freddie Mac Gold A73260
6.00%	02/01/38			51,465		53,076
Freddie Mac Gold A83009
6.00%	11/01/38			43,255,672		44,615,860
Freddie Mac Gold C01492
5.00%	02/01/33			13,162,313		13,455,380
Freddie Mac Gold C03094
6.00%	11/01/37			375,533		387,322
Freddie Mac Gold C46104
6.50%	09/01/29			126,615		132,609
Freddie Mac Gold C55789
7.50%	10/01/27			45,861		48,478
Freddie Mac Gold C90573
6.50%	08/01/22			577,979		604,081
Freddie Mac Gold E02402
6.00%	10/01/22			263,440		273,220
Freddie Mac Gold G01515
5.00%	02/01/33			12,256,111		12,529,001
Freddie Mac Gold G01601
4.00%	09/01/33			420,300		416,442
Freddie Mac Gold G01611
4.00%	09/01/33			87,070		86,271
Freddie Mac Gold G01644
5.50%	02/01/34			50,391,475		51,716,399
Freddie Mac Gold G01673
5.50%	04/01/34			3,241,313		3,338,789
Freddie Mac Gold G02366
6.50%	10/01/36			21,604,722		22,553,314
Freddie Mac Gold G02461
6.50%	11/01/36			20,893,867		21,869,797
Freddie Mac Gold G02579
5.00%	12/01/34			24,060,164		24,651,415
Freddie Mac Gold G02884
6.00%	04/01/37			48,227,349		49,744,044
Freddie Mac Gold G02955
5.50%	03/01/37			32,382,738		33,759,097
Freddie Mac Gold G03357
5.50%	08/01/37			13,654,044		13,995,929
Freddie Mac Gold G03436
6.00%	11/01/37			78,430,346		80,921,121
Freddie Mac Gold G03601
6.00%	07/01/37			52,259,306		53,902,615
Freddie Mac Gold G03676
5.50%	12/01/37			37,453,954		38,426,880
Freddie Mac Gold G03739
6.00%	11/01/37			43,171,679		44,542,716
Freddie Mac Gold G03783
5.50%	01/01/38			16,239,581		16,661,430
Freddie Mac Gold G03985
6.00%	03/01/38			215,136		221,868
Freddie Mac Gold G04053
5.50%	03/01/38			210,250		215,449
Freddie Mac Gold G04079
5.50%	03/01/38			67,182,175		68,850,315
Freddie Mac Gold G04222
5.50%	04/01/38			607,613		622,700
Freddie Mac Gold G04438
5.50%	05/01/38			64,175,419		65,762,484
Freddie Mac Gold G04484
6.00%	08/01/38			236,338		243,734
Freddie Mac Gold G04516
6.00%	07/01/38			162,627		167,716
Freddie Mac Gold G04703
5.50%	08/01/38			100,449,027		102,932,790
Freddie Mac Gold G04706
5.50%	09/01/38			430,809		441,463
Freddie Mac Gold G04710
6.00%	09/01/38			14,803,308		15,266,542
Freddie Mac Gold G04711
6.00%	09/01/38			272,825		281,362
Freddie Mac Gold G11707
6.00%	03/01/20			7,000,900		7,260,786
Freddie Mac Gold G12393
5.50%	10/01/21			68,084,447		70,342,406
Freddie Mac Gold G12399
6.00%	09/01/21			39,579		41,051
Freddie Mac Gold G12824
6.00%	08/01/22			16,449,070		17,130,806
Freddie Mac Gold G12909
6.00%	11/01/22			42,544,974		44,308,263
Freddie Mac Gold G13032
6.00%	09/01/22			16,281,835		16,951,553
Freddie Mac Gold G13058
4.50%	10/01/20			39,018,247		40,157,441
Freddie Mac Gold H00790
5.50%	05/01/37			622,374		624,793
Freddie Mac Gold H09082
6.50%	09/01/37			302,083		308,868
Freddie Mac Non Gold Pool 1J0045
5.11%	01/01/36	3		363,617		369,965

46 /

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Non Gold Pool 781415
5.22%	04/01/34	3	$	5,063,424	$	5,049,573
Freddie Mac Non Gold Pool 781469
4.38%	04/01/34	3		4,243,157		4,179,692
Freddie Mac Non Gold Pool 781817
4.51%	08/01/34	3		103,923		101,997
Freddie Mac Non Gold Pool 788498
5.78%	02/01/30	3		20,790		20,641
Freddie Mac Non Gold Pool 847288
4.20%	05/01/34	3		6,883,662		6,922,349
Freddie Mac Pool H05069
5.50%	05/01/37			45,585,273		45,572,810
Ginnie Mae 2000-22 SG (IO)
9.76%	05/16/30			2,196,617		264,625
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32			3,389,241		272,510
Ginnie Mae 2003-86 ZK
5.00%	10/20/33			19,669,950		19,570,703
Ginnie Mae 2004-80 IP (IO)
5.50%	07/20/34			100,880		3,377
Ginnie Mae 2005-78 ZA
5.00%	10/16/35			18,270,273		18,159,086
Ginnie Mae GNSF (TBA)
5.50%	01/15/39			22,745,000		23,438,013
Ginnie Mae II Pool 81018
4.63%	08/20/34	3		60,746		59,175
						3,376,640,825
Total Mortgage-Backed (Cost $4,321,645,000)						4,235,637,386
MUNICIPAL BONDS — 0.05%*
Financials — 0.05%
Pennsylvania Economic Development
Financing Authority, Electric Light & Power Improvements Revenue Bonds
6.75%	12/01/36			4,100,000		2,626,501
Texas — 0.00%
County of Harris, Flood Control District Contract G.O., Series B, Refunded 10/01/13 @ 100
5.25%	10/01/20			7,000		7,808
Total Municipal Bonds (Cost $2,387,659)						2,634,309
U.S. AGENCY SECURITIES — 0.23%
Foreign Sovereign — 0.23%
Indonesia Government AID Bond
9.30%	07/01/20			8,790,000		12,224,367
Total U.S. Agency Securities (Cost $11,178,058)						12,224,367
U.S. TREASURY SECURITIES — 5.30%
U.S. Treasury Bonds — 4.27%
6.13%	11/15/27			271,000		388,843
8.13%	08/15/21			132,000		200,805
1.75%	01/15/28			130,825,000		124,995,322
2.38%	01/15/27			34,653,000		37,319,161
0.00%	11/15/21			103,555,000		67,223,557
						230,127,688
U.S. Treasury Notes — 1.03%
2.00%	01/15/16	8		52,236,000		54,602,658
2.75%	10/31/13			324,000		344,554
4.88%	08/15/16			331,000		395,623
						55,342,835
Total U.S. Treasury Securities (Cost $282,855,905)						285,470,523
Total Bonds — 114.33% (Cost $6,579,859,158)						6,156,412,430

Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 5.70%
Commercial Paper — 0.23%
BNP Paribas Finance, Inc.
0.24%9	01/20/09		$	12,065,000	12,063,552
1.08%9	01/06/09			155,000	154,981
General Electric Capital Corp.
1.13%9	01/15/09			150,000	149,939
					12,368,472
Money Market Fund — 5.41%
Goldman Sachs Group, Inc. (The), 1.40%				291,243,750	291,243,750
U.S. Agency Discount Notes — 0.06%
Fannie Mae
0.00%9	01/30/09			45,000	45,001
0.70%9	02/02/09			45,000	44,997
Freddie Mac
0.12%9	02/23/09	10		3,052,000	3,051,228
					3,141,226
Total Short Term Investments
(Cost $306,753,691)					306,753,448

/ 47

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Total Investments — 120.03% (Cost $6,886,612,849)1	$	6,463,165,878
Liabilities in Excess of Other
Assets — (20.03)%		(1,078,499,446	)
NET ASSETS — 100.00%	$	5,384,666,432

Contracts		Unrealized Appreciation
FUTURES CONTRACTS: LONG POSITIONS
590	U.S. Treasury Five Year Note, March 2009	$	2,269,190
	Net unrealized appreciation	$	2,269,190

Contracts		Unrealized (Depreciation)
FUTURES CONTRACTS: SHORT POSITIONS
34	Euro Dollar Ninety Day, March 2009	$	(153,021	)
17	Euro Dollar Ninety Day, June 2009		(131,920	)
17	Euro Dollar Ninety Day, September 2009		(131,070	)
17	Euro Dollar Ninety Day, December 2009		(128,945	)
17	Euro Dollar Ninety Day, March 2010		(127,883	)
242	U.S. Treasury Long Bond, March 2009		(2,673,970	)
307	U.S. Treasury Two Year Note, March 2009		(880,941	)
912	U.S. Treasury Ten Year Note, March 2009		(7,700,450	)
	Net unrealized depreciation	$	(11,928,200	)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 2.98 % semi-annually. Counterparty: Citigroup, Inc.	09/22/10	$	116,997	4,063,931
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.04 % semi-annually. Counterparty: Citigroup, Inc.	12/15/10		64,660	3,207,985
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.94% quarterly. Counterparty: CS First Boston	12/15/10		87,450	4,179,917
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.95% quarterly. Counterparty: Merrill Lynch & Co., Inc.	12/15/10		120,020	5,753,268
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 5.26% semi-annually. Counterparty: Barclays Capital, Inc.	04/30/11		16,000	1,376,415
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 5.37% semi-annually. Counterparty: Barclays Capital, Inc.	04/30/11		16,145	1,430,918
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.86% semi-annually. Counterparty: Barclays Capital, Inc.	02/22/13		51,500	4,390,069
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.40% semi-annually. Counterparty: Merrill Lynch & Co., Inc.	02/26/13		28,555	1,865,637
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.70% semi-annually. Counterparty: Merrill Lynch & Co., Inc.	02/26/13		54,529	4,276,241
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.86% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/14		438,060	29,464,472
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.27% quarterly. Counterparty: CS First Boston	10/30/14		297,240	25,739,108
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.29% semi-annually. Counterparty: Citigroup, Inc.	10/30/14		105,590	9,229,710
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.34% semi-annually. Counterparty: Barclays Capital, Inc.	11/25/14		233,460	9,773,840
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.42 % semi-annually. Counterparty: Barclays Capital, Inc.	11/15/21		9,002	(2,022,320	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.52 % semi-annually. Counterparty: Barclays Capital, Inc.	11/15/21		8,884	(2,143,725	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.54 % semi-annually. Counterparty: Barclays Capital, Inc.	11/15/21		14,788	(3,617,169	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.70 % semi-annually. Counterparty: Barclays Capital, Inc.	11/15/21		24,457	(6,646,010	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 7.25% quarterly. Counterparty: Barclays Capital, Inc.	01/31/22		10,100	86,967
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 7.75% quarterly. Counterparty: JPMorgan Chase & Co.	03/26/22		4,960	(41,178	)

48 /

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE (continued)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.10% semi-annually. Counterparty: Citigroup, Inc.	10/24/38	$	56,660	$	(15,306,049	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.02% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/39		115,180		(27,302,290	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.31% semi-annually. Counterparty: Citigroup, Inc.	10/30/39		28,610		(8,482,514	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.32% quarterly. Counterparty: CS First Boston	10/30/39		80,390		(23,874,697	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 3.13% semi-annually. Counterparty: Barclays Capital, Inc.	11/25/39		56,000		(3,329,142	)
					12,073,384

		Notional Amount (000’s)b
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES
The Fund pays a fixed rate equal to 0.53% and the Fund will receive from the counterparty at par including interest accrued in the event of default of Home Depot, Inc. 3.75%, due 09/15/09. Counterparty: Morgan Stanley	09/20/12	$	8,000	535,323
The Fund pays a fixed rate equal to 0.76% and the Fund will receive from the counterparty at par including interest accrued in the event of default of Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Citigroup, Inc.	09/20/12		8,500	1,526,921
The Fund pays a fixed rate equal to 1.48% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Citigroup, Inc.	12/20/12		4,575	755,235
The Fund pays a fixed rate equal to 0.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Morgan Stanley 6.60%, due 04/01/12. Counterparty: JPMorgan Chase & Co.	12/20/12		14,735	1,634,837
The Fund pays a fixed rate equal to 3.78% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: CS First Boston	12/20/12		4,495	(73,404	)
The Fund pays a fixed rate equal to 3.88% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		2,415	(47,752	)
The Fund pays a fixed rate equal to 3.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		3,365	(70,011	)
The Fund pays a fixed rate equal to 3.87% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	12/20/12		4,550	(88,400)
The Fund pays a fixed rate equal to 0.46% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Goldman Sachs Group, Inc.	12/20/12		6,250	1,009,193
The Fund pays a fixed rate equal to 0.56% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Morgan Stanley	12/20/12		9,300	1,472,069
The Fund pays a fixed rate equal to 0.58% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: UBS AG	12/20/12		6,250	985,314
The Fund pays a fixed rate equal to 1.44% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Morgan Stanley	12/20/12		6,200	1,030,885
The Fund pays a fixed rate equal to 3.56% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		6,200	166,467
The Fund pays a fixed rate equal to 3.65% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		4,140	98,810
The Fund pays a fixed rate equal to 0.74% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Goldman Sachs Group, Inc. 6.60%, due 01/15/12. Counterparty: JPMorgan Chase & Co.	12/20/12		450	34,792
The Fund pays a fixed rate equal to 0.74% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Home Depot, Inc. 3.75%, due 09/15/09. Counterparty: Citigroup, Inc.	12/20/12		5,900	375,437
The Fund pays a fixed rate equal to 0.72% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Home Depot, Inc. 3.75%, due 09/15/09. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		6,000	386,088
The Fund pays a fixed rate equal to 0.41% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	12/20/12		3,200	93,553
The Fund pays a fixed rate equal to 0.39% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: CS First Boston	12/20/12		3,100	92,967
The Fund pays a fixed rate equal to 0.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Goldman Sachs Group, Inc.	12/20/12		9,250	256,471

/ 49

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES (continued)
The Fund pays a fixed rate equal to 0.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	12/20/12	$	6,000	$	166,359
The Fund pays a fixed rate equal to 1.67% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/20/12. Counterparty: Citigroup, Inc.	12/20/12		1,825		233,446
The Fund pays a fixed rate equal to 1.68% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/01/12. Counterparty: UBS AG	12/20/12		8,975		1,145,231
The Fund pays a fixed rate equal to 1.75% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/01/12. Counterparty: UBS AG	12/20/12		2,700		338,611
The Fund pays a fixed rate equal to 2.78% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		2,320		(65,066	)
The Fund pays a fixed rate equal to 2.83% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		1,425		(42,535	)
The Fund pays a fixed rate equal to 1.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Morgan Stanley	12/20/12		2,725		452,278
The Fund pays a fixed rate equal to 2.83% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Citigroup, Inc.	12/20/12		1,175		(35,073	)
The Fund pays a fixed rate equal to 1.24% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 7.88%, due 08/01/11. Counterparty: UBS AG	12/20/12		6,750		480,435
The Fund pays a fixed rate equal to 3.52% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Deutsche Bank AG	03/20/13		4,875		(289,799	)
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Deutsche Bank AG	03/20/13		2,500		40,742
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Morgan Stanley	03/20/13		2,550		41,557
The Fund pays a fixed rate equal to 2.55% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Goldman Sachs Group, Inc. 6.60%, due 01/15/12. Counterparty: CS First Boston	03/20/13		11,000		151,172
The Fund pays a fixed rate equal to 4.62% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/13		7,885		(385,439	)
The Fund pays a fixed rate equal to 1.85% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Goldman Sachs Group, Inc.	06/20/13		5,220		173,969
The Fund pays a fixed rate equal to 4.40% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Deutsche Bank AG	12/20/13		7,875		(58,254	)
The Fund pays a fixed rate equal to 2.55% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: JP Morgan Chase & Co.	12/20/13		2,475		63,786
The Fund pays a fixed rate equal to 2.10% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Deutsche Bank AG	03/20/14		150		19,735
The Fund pays a fixed rate equal to 1.20% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Companies, Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	03/20/14		4,865		20,884
The Fund pays a fixed rate equal to 1.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Companies, Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	03/20/14		660		(5,073	)
The Fund pays a fixed rate equal to 2.67% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Home Depot, Inc. 5.88%, due 12/16/36. Counterparty: Citigroup, Inc.	03/20/14		5,490		(29,586	)
The Fund pays a fixed rate equal to 3.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Home Depot, Inc. 5.88%, due 12/16/36. Counterparty: Citigroup, Inc.	03/20/14		660		(20,691	)
The Fund pays a fixed rate equal to 0.72% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Hewlett Packard Co. 5.40%, due 03/01/17. Counterparty: Citigroup, Inc.	03/20/14		7,400		62,644
The Fund pays a fixed rate equal to 3.15% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Citigroup, Inc.	03/20/14		5,430		493,911
The Fund pays a fixed rate equal to 0.82% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Arrow Electronics, Inc. 6.88%, due 06/01/18. Counterparty: Citigroup, Inc.	03/20/14		7,400		417,083
The Fund pays a fixed rate equal to 2.73% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 6.00%, due 08/15/35. Counterparty: Citigroup, Inc.	03/20/14		7,335		(25,791	)

50 /

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES (continued)
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 6.00%, due 08/15/35. Counterparty: Deutsche Bank AG	03/20/14	$	5,100	$	90,829
The Fund pays a fixed rate equal to 0.44% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Goldman Sachs Group, Inc. 6.60%, due 01/15/12. Counterparty: JPMorgan Chase & Co.	12/20/14		10,000		1,168,287
The Fund pays a fixed rate equal to 2.49% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: CS First Boston	12/20/14		10,000		(384,657	)
The Fund pays a fixed rate equal to 2.49% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: UBS AG	12/20/14		6,500		(250,027	)
The Fund pays a fixed rate equal to 4.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/15		7,885		(394,119	)
The Fund pays a fixed rate equal to 2.40% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Citigroup, Inc.	03/20/15		5,050		(10,107	)
				$	13,739,537
SWAPS: CREDIT DEFAULT (PURCHASED) - TRADED INDICES
The Fund pays a fixed rate equal to 0.35% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 4, due 02/17/51. Counterparty: Citigroup, Inc.	02/17/49		17,360		5,221,427
The Fund pays a fixed rate equal to 1.09% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AJ 2, due 03/15/49. Counterparty: JPMorgan Chase & Co.	03/15/49		1,075		462,245
The Fund pays a fixed rate equal to 0.07% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 2, due 03/15/49. Counterparty: CS First Boston	03/15/49		28,885		5,829,334
The Fund pays a fixed rate equal to 0.08% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 3, due 12/13/49. Counterparty: Deutsche Bank AG	12/13/49		11,000		3,278,417
The Fund pays a fixed rate equal to 0.08% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 3, due 12/13/49. Counterparty: JPMorgan Chase & Co.	12/13/49		42,200		12,577,202
The Fund pays a fixed rate equal to 0.08% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 3, due 12/13/49. Counterparty: JPMorgan Chase & Co.	12/13/49		21,565		6,427,189
The Fund pays a fixed rate equal to 0.08% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 3, due 12/13/49. Counterparty: JPMorgan Chase & Co.	12/13/49	$	10,710		3,191,987
The Fund pays a fixed rate equal to 0.35% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 5, due 02/15/51. Counterparty: Citigroup, Inc.	02/15/51		13,895		4,390,276
The Fund pays a fixed rate equal to 0.35% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 4, due 02/17/51. Counterparty: CS First Boston	02/17/51		22,260		6,695,217
The Fund pays a fixed rate equal to 0.35% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 4, due 02/17/51. Counterparty: JPMorgan Chase & Co.	02/17/51		32,950		9,910,485
The Fund pays a fixed rate equal to 0.35% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 4, due 02/17/51. Counterparty: JPMorgan Chase & Co.	02/17/51		20,985		6,311,730
The Fund pays a fixed rate equal to 0.84% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AJ 1, due 10/12/52. Counterparty: Barclays Capital, Inc.	10/12/52		23,150		7,978,741
The Fund pays a fixed rate equal to 0.84% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AJ 1, due 10/12/52. Counterparty: Barclays Capital, Inc.	10/12/52		21,425		7,384,212
The Fund pays a fixed rate equal to 0.84% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AJ 1, due 10/12/52. Counterparty: JPMorgan Chase & Co.	10/12/52		1,310		451,497
The Fund pays a fixed rate equal to 0.10% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 1, due 10/12/52. Counterparty: Barclays Capital, Inc.	10/12/52		22,000		3,097,713
The Fund pays a fixed rate equal to 0.10% and the Fund will receive from the counterparty at par including interest accrued in the event of default of any issue in the CMBX NA AAA 1, due 10/12/52. Counterparty: JPMorgan Chase & Co.	10/12/52		23,060		3,246,967
				$	86,454,639

/ 51

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Credit Ratinga			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - SINGLE ISSUES
Receive a fixed rate equal to 6.55% and the Fund will pay to the counterparty at par including interest accrued in the event of default of General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston	12/20/10		AAA		$	12,270	$	500,039		$	500,039
Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - TRADED INDICES
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Barclays Capital, Inc.	08/25/37	$	(235,517	)		1,385		(600,202	)		(835,719	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37		(4,346,436	)		25,470		(11,022,353	)		(15,368,789	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Barclays Capital, Inc.	08/25/37		(1,804,387	)		4,640		(995,424	)		(2,799,811	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37		(15,153,899	)		27,000		(1,138,104	)		(16,292,003	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Goldman Sachs Group, Inc.	08/25/37		(12,496,856	)		24,500		(2,286,628	)		(14,783,484	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(3,148,923	)		6,280		(640,476	)		(3,789,399	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(11,731,742	)		23,000		(2,146,631	)		(13,878,373	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.	01/25/38		(2,441,230	)		5,270		(767,245	)		(3,208,475	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.	01/25/38		(2,029,485	)		4,330		(606,701	)		(2,636,186	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.	01/25/38		(10,831,461	)		19,700		(1,162,271	)		(11,993,732	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: CS First Boston	01/25/38		(12,722,645	)		23,350		(1,493,276	)		(14,215,921	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Royal Bank of Scotland Group Plc	01/25/38		(6,682,046	)		12,550		(958,631	)		(7,640,677	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Goldman Sachs Group, Inc.	01/25/38		(6,389,208	)		12,000		(916,619	)		(7,305,827	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Morgan Stanley	01/25/38		(6,233,756	)		14,000		(2,289,709	)		(8,523,465	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Morgan Stanley	01/25/38		(5,154,347	)		11,450		(1,816,629	)		(6,970,976	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Bank of America Corp.	05/25/46		(12,377,959	)		15,300		(1,023,698	)		(13,401,657	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(15,371,322	)		19,000		(1,271,258	)		(16,642,580	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(11,222,008	)		14,000		(1,040,946	)		(12,262,954	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Royal Bank of Scotland Group Plc	05/25/46		(9,627,302	)		11,900		(796,209	)		(10,423,511	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Goldman Sachs Group, Inc.	05/25/46		(8,871,888	)		11,000		(763,290	)		(9,635,178	)
The Fund receives a fixed rate equal to 0.11% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 06-2, due 05/25/46. Counterparty: Citigroup, Inc.	05/25/46		(5,185,905	)		13,810		(1,797,632	)		(6,983,537	)
		$	(164,058,322	)			$	(35,533,932	)	$	(199,592,254	)

52 /

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

^a Using Standard & Poor’s rating of the issuer.

^b The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

^c The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes:

¹ Cost for financial reporting purposes is $6,886,612,849 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	159,181,203
Gross unrealized depreciation		(582,628,174	)
Net unrealized (depreciation)	$	(423,446,971	)

² Illiquid security.

³ Floating rate security. The rate disclosed is that in effect at December 31, 2008.

⁴ Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at December 31, 2008 was $ 258,849,503 representing 4.81% of total net assets.

⁵ Security is currently in default with regards to scheduled interest or principal payments.

⁶ Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of TNA
07/03/07	Asurion Corp. Term Loan, 4.33%, 07/13/14	$	744,081	$	512,344	0.01	%
03/02/04	Calpine CCFC I Term Loan, 7.46%, 08/26/09		13,542,986		13,107,181	0.24	%
06/01/2007	Carestream Health, Inc. Term Loan, 7.97%, 10/30/13		1,010,389		268,750	0.01	%
06/30/2006	Cebridge 2nd Lien (PIK), 9.13%, 05/05/14		7,600,324		3,860,042	0.07	%
06/27/2007	Cengage Learning Term Loan B, 2.96%, 07/09/14		1,959,377		1,298,013	0.02	%
06/04/2007	Charter Communications, Inc. Term Loan 3rd Lien, 3.96%, 09/06/14		1,004,904		538,750	0.01	%
09/11/07	Delta Air Lines, Inc. Term Loan 1st Lien, 2.43%, 05/01/12		478,853		334,744	0.01	%
12/30/08	Dex Media West LLC Term Loan B, 0.00%, 10/24/14		215,000		215,000	0.00	%
09/26/2007	General Motors Corp. Strip II, 5.67%, 07/20/11		6,856,750		3,064,950	0.06	%
10/09/2007	HCA Term Loan A, 3.46%, 11/18/12		24,408,062		21,560,116	0.40	%
03/07/2007	Kelson 1st Lien, 4.71%, 03/16/13		862,989		649,708	0.01	%
08/21/2006	Northwest Air Dip, 2.39%, 05/21/12		7,506,115		6,140,127	0.11	%
10/20/2008	NRG Energy, Inc. Term Loan, 1.96%, 02/01/13		872,276		869,666	0.02	%
11/06/2007	TPF Generation Holdings LLC 2nd Lien, 5.71%, 12/15/14		964,288		545,000	0.01	%
11/25/2008	Tribune 1st Lien Term Loan B, 6.50%, 05/24/14		450,000		428,571	0.01	%
11/30/2007	Univision Communications, Inc. 1st Lien Strip, 2.71%, 03/15/14		351,649		154,167	0.00	%
		$	68,828,043	$	53,547,129	0.99	%

⁷ Zero coupon bond. The rate shown is the effective yield as of December 31, 2008.

⁸ Inflation protected security. Principal amount reflects original security face amount.

⁹ Represents annualized yield at date of purchase.

¹⁰ Securities, or a portion there of, pledged as collateral for futures, written options and reverse repurchase agreements.

^† Fair valued security. The aggregate value of fair valued securities is $132,176,759 which is 2.45% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure does not necessarily indicate the treatment of those securities under FAS 157, as discussed in the Notes to Financial Statements.

^* Securities with a call or reset feature will have an effective maturity date less than the stated maturity.

^** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date less than the stated maturity date.

(AMBAC): American Municipal Bond Insurance

(DIP): Defaulted interest payment

(G.O.): General Obligation

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(PIK): Paid in kind

(PO): Principal only

(STEP): Step coupon bond

(TBA): To be announced

/ 53

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 89.04%
ASSET-BACKED SECURITIES — 1.50%**
Countrywide Asset-Backed Certificates 2007-13 2A1
1.37%	10/25/47	2,†	$	698,291	$	460,891
Home Equity Asset Trust 2007-1 2A1
0.53%	05/25/37	2		354,677		296,081
Morgan Stanley Home Equity Loans 2007-2 A1
0.57%	04/25/37	2		770,434		683,139
Securitized Asset Backed Receivables LLC 2007-BR2 A2
0.70%	02/25/37	2		525,888		244,573
Total Asset-Backed Securities (Cost $1,782,422)						1,684,684
CORPORATES — 71.30%*
Automotive — 1.86%
Ford Motor Co.
4.25%	12/15/36			4,500,000		1,181,250
RSC Equipment Rental, Inc.
9.50%	12/01/14			1,050,000		556,500
Tenneco, Inc.
8.13%	11/15/15			875,000		351,094
						2,088,844
Banking — 2.56%
Chase Capital II B
3.69%	02/01/27	2,†		1,000,000		480,014
HBOS Capital Funding LP
6.07%	06/24/49	2,3		300,000		111,055
HBOS PLC
5.92%	09/29/49	2,3		640,000		242,568
JPMorgan Chase & Co. 1
7.90%	12/31/49	2		1,500,000		1,251,039
JPMorgan Chase Bank NA
7.59%	03/28/22	2		175,000		173,810
JPMorgan Chase Capital XIII M
2.42%	09/30/34	2,†		1,100,000		616,004
						2,874,490
Basic Industry — 0.10%
Noranda Aluminium Holding Corp.
8.35%	11/15/14	2		675,000		111,375
Communications — 17.88%
CCH II Holdings LLC/CCH II Holdings Capital Corp.
10.25%	09/15/10			1,600,000		744,000
Centennial Cellular Operating Co./Centennial Communications Corp.
10.13%	06/15/13			250,000		253,750
Cincinnati Bell, Inc.
7.25%	07/15/13			1,100,000		973,500
CSC Holdings, Inc. B
7.63%	04/01/11			2,050,000		1,942,375
Dex Media West LLC/Dex Media Finance Co. B
8.50%	08/15/10			1,675,000		1,021,750
Frontier Communications Corp.
6.63%	03/15/15			2,050,000		1,476,000
GCI, Inc.
7.25%	02/15/14			500,000		392,500
Hawaiian Telcom Communications, Inc. B
8.49%	05/01/13	4		1,475,000		84,812
Intelsat Bermuda Ltd.
6.50%	11/01/13			650,000		367,250
Intelsat Corp.
9.25%	08/15/14	3		1,120,000		1,047,200
Level 3 Financing, Inc.
8.75%	02/15/17			1,900,000		969,000
9.25%	11/01/14			500,000		292,500
LIN Television Corp.
6.50%	05/15/13			1,000,000		482,500
Mediacom LLC/Mediacom Capital Corp.
9.50%	01/15/13			2,050,000		1,558,000
Nextel Communications, Inc.
6.88%	10/31/13			1,000,000		425,215
Qwest Communications International, Inc.
3.50%	11/15/25			4,500,000		3,759,120
5.65%	02/15/09	2		100,000		100,000
Sprint Nextel Corp.
1.87%	06/28/10	2		2,900,000		2,436,000
6.00%	12/01/16			750,000		529,508
Telesat Canada/Telsat LLC
12.50%	11/01/17	3		2,000,000		1,210,000
						20,064,980
Consumer Products — 1.68%
Steinway Musical Instruments
7.00%	03/01/14	3		785,000		549,500
Visant Corp.
7.63%	10/01/12			325,000		268,125
Visant Holding Corp.
8.75%	12/01/13			875,000		651,875
Visant Holding Corp. (STEP)
10.25%	12/01/13			560,000		417,200
						1,886,700

54 /

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Electric — 8.03%
Aquila, Inc.
7.95%	02/01/11		$	400,000	$	391,972
11.88%	07/01/12			1,700,000		1,718,200
Calpine Construction Finance Co., LP
11.60%	08/26/11	2,3		3,250,000		2,713,750
Edison Mission Energy
7.50%	06/15/13			500,000		418,125
Ipalco Enterprises, Inc.
7.25%	04/01/16	3		1,055,000		870,375
8.63%	11/14/11			420,000		394,800
PNM Resources, Inc.
9.25%	05/15/15			3,125,000		2,500,000
						9,007,222
Energy — 17.13%
AES Corp. (The)
8.75%	05/15/13	3		775,000		747,875
Allis-Chalmers Energy, Inc.
9.00%	01/15/14			2,000,000		1,070,000
Atlas Energy Resources, LLC
10.75%	02/01/18	3		1,500,000		922,500
Chaparral Energy, Inc.
8.88%	02/01/17			1,250,000		256,250
Chesapeake Energy Corp.
7.00%	08/15/14			1,705,000		1,423,675
7.50%	06/15/14			225,000		191,250
Comstock Resources, Inc.
6.88%	03/01/12			1,075,000		833,125
Corral Finans AB (PIK)
6.25%	04/15/10	3		1,054,877		574,908
Delta Petroleum Corp.
7.00%	04/01/15			1,000,000		200,000
Energy Future Holdings Corp.
10.88%	11/01/17	3		1,100,000		792,000
Energy Future Holdings Corp. (PIK)
11.25%	11/01/17	3		4,500,000		2,250,000
Griffin Coal Mining Co. Ltd. (The)
9.50%	12/01/16	3		925,000		309,875
Hilcorp Energy I LP/Hilcorp Finance Co.
7.75%	11/01/15	3		1,125,000		798,750
Massey Energy Co.
6.88%	12/15/13			1,750,000		1,303,750
Newfield Exploration Co.
7.13%	05/15/18			500,000		397,500
OPTI Canada, Inc.
7.88%	12/15/14			2,000,000		1,030,000
8.25%	12/15/14			550,000		299,750
Parker Drilling Co.
9.63%	10/01/13			25,000		19,500
Sabine Pass LNG LP
7.25%	11/30/13			3,425,000		2,517,375
Southern Union Co.
7.20%	11/01/66	2		4,500,000		1,575,000
Tesoro Corp.
6.50%	06/01/17			3,075,000		1,702,781
						19,215,864
Finance — 4.86%
Citigroup Capital XXI
8.30%	12/21/57	2		275,000		212,569
Ford Motor Credit Co. LLC
5.80%	01/12/09			1,550,000		1,545,615
7.57%	01/13/12	2		900,000		586,125
9.20%	04/15/09	2		550,000		531,438
GMAC LLC
4.40%	12/01/14	2		1,283,000		720,084
7.25%	03/02/11			949,000		806,872
Goldman Sachs Group, Inc. (The)
2.89%	02/06/12	2		350,000		296,563
5.32%	01/12/15	2		300,000		222,848
Lehman Brothers Holdings, Inc. (MTN)
11.00%	11/07/16	4		383,000		36,385
Lehman Brothers Holdings, Inc. H (MTN)
0.00%	11/30/10	4		294,000		27,930
Morgan Stanley (MTN)
4.95%	10/18/16	2		675,000		465,247
						5,451,676
Food — 0.47%
Dole Food Co., Inc.
7.25%	06/15/10			750,000		523,125
Gaming — 0.58%
Herbst Gaming, Inc.
8.13%	06/01/12	4		575,000		5,031
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
6.63%	12/01/14			850,000		646,000
						651,031
Health Care — 3.41%
Community Health Systems, Inc.
8.88%	07/15/15			1,725,000		1,612,875
HCA, Inc. (PIK)
9.63%	11/15/16			2,000,000		1,617,600
Tenet Healthcare Corp.
7.38%	02/01/13			825,000		591,938
						3,822,413

/ 55

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Homebuilding — 0.34%
K. Hovnanian Enterprises, Inc.
11.50%	05/01/13		$	500,000	$	382,500
Industrials — 0.78%
General Cable Corp.
0.88%	11/15/13			1,500,000		875,625
Information Technology — 1.12%
First Data Corp.
9.88%	09/24/15			2,050,000		1,250,500
Insurance — 0.62%
MetLife Capital Trust X
9.25%	04/08/38	2,3		1,000,000		698,883
Materials — 0.29%
Freeport-McMoRan Copper & Gold, Inc.
8.38%	04/01/17			400,000		328,454
Services — 2.88%
Cengage Learning Acquisitions, Inc.
10.50%	01/15/15	3		1,900,000		788,500
Mobile Mini, Inc.
6.88%	05/01/15			1,500,000		1,027,500
United Rentals North America, Inc.
7.00%	02/15/14			2,300,000		1,414,500
						3,230,500
Technology — 0.87%
Amkor Technology, Inc.
9.25%	06/01/16			1,100,000		643,500
NXP BV/NXP Funding, LLC
7.88%	10/15/14			875,000		335,781
						979,281
Telecommunications Services — 0.37%
Charter Communications Operating LLC/Charter Communications Operating Capital
8.00%	04/30/12	3		500,000		412,500
Transportation — 5.47%
Continental Airlines, Inc. 1997-1 A
7.46%	04/01/15			421,027		290,508
Continental Airlines, Inc. 2007-1 A
5.98%	04/19/22			500,000		365,000
Continental Airlines, Inc. 2007-1 B
6.90%	04/19/22			3,400,000		1,938,000
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11			2,500,000		2,050,000
Northwest Airlines, Inc. 2001 1A-2
6.84%	04/01/11			250,000		205,000
United Air Lines, Inc. 2000-2
7.19%	04/01/11			1,034,047		951,324
United Air Lines, Inc. 2001-1
6.20%	09/01/08	5		361,370		336,074
						6,135,906
Total Corporates (Cost $96,690,462)						79,991,869
BANK LOANS — 13.85%*
Automotive — 1.67%
General Motors Corp.
5.78%	11/29/13	6		3,000,000		1,378,929
General Motors Corp. Strip II
5.67%	07/20/11	6		500,000		208,500
Metaldyne Corp.
7.38%	01/11/14			1,000,000		281,667
						1,869,096
Communications — 2.36%
Cebridge 2nd Lien (PIK)
9.13%	05/05/14	6		1,759,218		818,037
Cequel Communications Holdings LLC 1st Lien
2.57%	11/05/13			750,000		479,297
Dex Media West LLC Term Loan B
0.00%	10/24/14	6		1,000,000		430,000
Idearc, Inc.
0.00%	11/17/14	6		2,250,000		710,356
Univision Communications, Inc. 1st Lien Strip
2.71%	03/15/14	6		500,000		205,556
						2,643,246
Consumer Discretionary — 0.76%
Tribune 1st Lien Term Loan B
6.50%	05/24/14	6		2,979,962		851,417
Electric — 1.67%
Boston Generating LLC 1st Lien
2.71%	12/19/13	6		1,989,204		1,193,522
TPF Generation Holdings LLC 2nd Lien
5.71%	12/15/14	6		1,250,000		681,250
						1,874,772
Energy — 0.77%
NRG Energy, Inc. Term Loan
1.96%	02/01/13	6		997,038		869,666
Finance — 1.14%
Kelson 1st Lien
4.71%	03/16/13	6		350,589		263,944

56 /

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BANK LOANS (continued)
Finance (continued)
Kelson 2nd Lien (PIK)
7.96%	03/01/14	6	$	2,101,324	$	1,015,639
						1,279,583
Health Care — 1.39%
Carestream Health, Inc. Term Loan
7.97%	10/30/13	6		1,500,000		403,125
HCA Term Loan A
3.46%	11/18/12	6		1,361,276		1,155,383
						1,558,508
Insurance — 1.22%
Asurion Corp. Term Loan
4.33%	07/13/14	6		2,000,000		1,366,250
Materials — 1.02%
Lyondell Chemical Co.
7.00%	12/20/14			2,489,953		1,145,378
Transportation — 1.85%
Delta Air Lines, Inc. Term Loan 1st Lien
2.43%	05/01/12	6		1,245,000		841,932
Northwest Air Dip
2.39%	05/21/12	6		1,668,588		1,232,968
						2,074,900
Total Bank Loans (Cost $23,919,066)						15,532,816
MORTGAGE-BACKED — 1.02%**
Non-Agency Mortgage-Backed — 0.92%
BHN I Mortgage Fund 2000-1 AF
8.00%	03/31/11	3,7		143,173		28,635
Countrywide Alternative Loan Trust 2005-14 4X (IO)
3.88%	05/25/35	7,8,†		678,603		3,207
Harborview Mortgage Loan Trust 2005-1 X (IO)
3.52%	03/19/35	7,8		923,220		12,550
Harborview Mortgage Loan Trust 2005-12 X2A (IO)
0.55%	10/19/35	7		7,039,642		43,998
Harborview Mortgage Loan Trust 2006-4 X1 (IO)
3.69%	05/19/47	7,†		4,756,366		95,136
IndyMac Index Mortgage Loan Trust 2004-AR12 AX2 (IO)
3.80%	12/25/34	7,8		367,559		3,216
Washington Mutual Mortgage Pass-Through Certificates 2006-AR5 X (IO)
0.80%	06/25/46	7,8,†		8,072		17
Washington Mutual Mortgage Pass-Through Certificates 2006-AR9 1XPP (IO)
0.79%	08/25/46	7,8,†		32,701,374		80,859
Washington Mutual Mortgage Pass-Through Certificates 2007-OA1 XPPP (IO)
0.85%	02/25/47	7,8,†		31,324,857		527,907
Washington Mutual Mortgage Pass-Through Certificates 2007-OA2 1XPP (IO)
0.41%	03/25/47	7,8,†		15,500,442		170,081
Washington Mutual Mortgage Pass-Through Certificates 2007-OA3 CXPP (IO)
1.27%	04/25/47	7,8,†		28,610,944		70,745
						1,036,351
U.S. Agency Mortgage-Backed — 0.10%
Fannie Mae 1993-225 SG
25.54%	12/25/13	2		81,419		103,822
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32			59,902		4,816
						108,638
Total Mortgage-Backed (Cost $976,074)						1,144,989
MUNICIPAL BONDS — 1.37%*
Financials — 1.37%
Pennsylvania Economic Development Financing Authority, Electric Light & Power Improvements Revenue Bonds
6.75%	12/01/36			2,400,000		1,537,464
Total Municipal Bonds (Cost $1,393,415)						1,537,464
Total Bonds — 89.04% (Cost $124,761,439)						99,891,822
Issues			Shares		Value
PREFERRED STOCK — 3.64%
Banking — 1.86%
Bank of America Corp.
7.25%				3,215		2,089,750
Finance — 1.77%
Citigroup, Inc.
6.50%				65,325		1,828,447

/ 57

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Shares	Value
PREFERRED STOCK (continued)
Finance (continued)
Preferred Blocker, Inc.
9.00%	521	$	156,300
			1,984,747
U.S. Agency Securities — 0.01%
Fannie Mae S
8.25%	5,000		4,150
Freddie Mac Z
0.00%	9,000		3,510
			7,660
Total Preferred Stock (Cost $5,355,176)			4,082,157

Issues	Contracts	Value
CALL OPTIONS PURCHASED — 0.04%
Finance — 0.04%
Financial Select Sector SPDR Fund, Call Strike $20, expires 01/16/10	65	40,950
Total Call Options Purchased (Cost $84,500)		40,950

Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 8.97%
Money Market Fund — 6.77%
Dreyfus Cash Advantage Fund, 1.51%			$	965,000		965,000
Goldman Sachs Group, Inc. (The), 1.40%				6,638,625		6,638,625
						7,603,625
U.S. Agency Discount Notes — 2.20%
Fannie Mae
0.15%9	02/23/09	10		221,000		220,944
Federal Home Loan Bank
0.10%9	01/20/09			2,245,000		2,244,888
						2,465,832
Total Short Term Investments (Cost $10,069,465)						10,069,457
Total Investments — 101.69% (Cost $140,270,580)1						114,084,386
Liabilities in Excess of Other Assets — (1.69%)						(1,892,009	)
Net Assets — 100.00%					$	112,192,377

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: SHORT POSITIONS
39	U.S. Treasury Long Bond, March 2009	$	(430,929	)
23	U.S. Treasury Two Year Note, March 2009		(67,039	)
	Net unrealized depreciation	$	(497,968	)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 2.98 % semi-annually. Counterparty: Citigroup, Inc.	09/22/10	$	2,330	$	80,933
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.54 % semi-annually. Counterparty: Citigroup, Inc.	09/22/10		3,500		159,218
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.86% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/14		7,340		493,698
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.27% quarterly. Counterparty: CS First Boston	10/30/14		6,140		531,685
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.29% semi-annually. Counterparty: Citigroup, Inc.	10/30/14		2,220		194,052
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.02% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/39		1,930		(457,488	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.31% semi-annually. Counterparty: Citigroup, Inc.	10/30/39		600		(177,893	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.32% quarterly. Counterparty: CS First Boston	10/30/39		1,660		(492,997	)
				$	331,208
Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) — SINGLE ISSUES
The Fund pays a fixed rate equal to 0.46% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Goldman Sachs Group, Inc.
	12/20/12	$	150		24,221

58 /

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) — SINGLE ISSUES (continued)
The Fund pays a fixed rate equal to 0.56% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Morgan Stanley	12/20/12	$	225	$	35,615
The Fund pays a fixed rate equal to 0.58% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: UBS AG	12/20/12		150		23,647
The Fund pays a fixed rate equal to 0.41% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	12/20/12		75		2,193
The Fund pays a fixed rate equal to 0.39% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: CS First Boston	12/20/12		75		2,249
The Fund pays a fixed rate equal to 0.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Goldman Sachs Group, Inc.	12/20/12		225		6,238
The Fund pays a fixed rate equal to 0.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	12/20/12		125		3,466
The Fund pays a fixed rate equal to 1.68% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/01/12. Counterparty: UBS AG	12/20/12		450		57,421
The Fund pays a fixed rate equal to 1.75% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/01/12. Counterparty: UBS AG	12/20/12		100		12,541
The Fund pays a fixed rate equal to 3.78% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: CS First Boston	12/20/12		120		(1,960	)
The Fund pays a fixed rate equal to 3.88% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		50		(989	)
The Fund pays a fixed rate equal to 3.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		120		(2,497	)
The Fund pays a fixed rate equal to 3.87% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	12/20/12		190		(3,691	)
The Fund pays a fixed rate equal to 4.62% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/13		300		(14,664	)
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Deutsche Bank AG	03/20/13		100		1,630
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Morgan Stanley	03/20/13		100		1,630
The Fund pays a fixed rate equal to 3.55% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: UBS AG	06/20/13		1,000		26,678
The Fund pays a fixed rate equal to 0.72% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Hewlett Packard Co. 5.40%, due 03/01/17. Counterparty: Citigroup, Inc.	03/20/14		140		1,185
The Fund pays a fixed rate equal to 0.82% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Arrow Electronics, Inc. 6.88%, due 06/01/18. Counterparty: Citigroup, Inc.	03/20/14		140		7,896
The Fund pays a fixed rate equal to 2.49% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: UBS AG	12/20/14		1,000		(38,466	)
The Fund pays a fixed rate equal to 4.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/15		300		(14,995	)
The Fund pays a fixed rate equal to 2.40% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Citigroup, Inc.	03/20/15		200		(400	)
				$	128,948

Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) — TRADED INDICES
The Fund receives a fixed rate equal to 5.00% and the Fund will pay to the counterparty at par including interest accrued in the event of default of any issue in the Dow Jones CDX Series NA HY 11, due 12/20/13. Counterparty: Barclays Capital, Inc.	12/20/13	$	(412,704	)	$	2,000	$	13,311		$	(399,393	)
The Fund receives a fixed rate equal to 5.00% and the Fund will pay to the counterparty at par including interest accrued in the event of default of any issue in the Dow Jones CDX Series NA HY 11, due 12/20/13. Counterparty: CS First Boston	12/20/13		(379,912	)		2,000		(19,481	)		(399,393	)
The Fund receives a fixed rate equal to 5.00% and the Fund will pay to the counterparty at par including interest accrued in the event of default of any issue in the Dow Jones CDX Series NA HY 11, due 12/20/13. Counterparty: Deutsche Bank AG	12/20/13		(183,750	)		1,000		(15,946	)		(199,696	)

/ 59

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) — TRADED INDICES (continued)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Goldman Sachs Group, Inc.	08/25/37	$	(102,015	)	$	200	$	(18,666	)	$	(120,681	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(280,542	)		550		(51,332	)		(331,874	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37		(104,949	)		615		(266,147	)		(371,096	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Bank of America Corp.	05/25/46		(121,353	)		150		(10,036	)		(131,389	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(161,803	)		200		(13,382	)		(175,185	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(120,236	)		150		(11,153	)		(131,389	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Royal Bank of Scotland Group Plc	05/25/46		(121,353	)		150		(10,036	)		(131,389	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Goldman Sachs Group, Inc.	05/25/46		(80,654	)		100		(6,938	)		(87,592	)
The Fund receives a fixed rate equal to 0.11% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 06-2, due 05/25/46. Counterparty: Citigroup, Inc.	05/25/46		(43,185	)		115		(14,969	)		(58,154	)
		$	(2,112,456	)			$	(424,775	)	$	(2,537,231	)

a Using Standard & Poor’s rating of the issuer.

b The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

c The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes:

¹ Cost for financial reporting purposes is $140,270,579 and net unrealized appreciation/ (depreciation) consists of:

Gross unrealized appreciation	$	1,452,227
Gross unrealized depreciation		(27,638,420	)
Net unrealized (depreciation)	$	(26,186,193	)

² Floating rate security. The rate disclosed is that in effect at December 31, 2008.

³ Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at December 31, 2008 was $15,068,874 representing 13.43% of total net assets.

⁴ Security is currently in default with regards to scheduled interest or principal payments.

⁵ Expected maturity date.

⁶ Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of TNA
07/03/07	Asurion Corp. Term Loan,
	4.33%, 07/13/14	$	1,745,713	$	1,366,250	1.22	%
12/19/06	Boston Generating LLC
	1st Lien, 2.71%, 12/19/13		1,772,126		1,193,522	1.06	%
04/12/07	Carestream Health, Inc.
	Term Loan, 7.97%,
	10/30/13		1,505,177		403,125	0.36	%
06/30/06	Cebridge 2nd Lien (PIK),
	9.13%, 05/05/14		1,667,256		818,037	0.73	%
09/11/07	Delta Air Lines, Inc. Term
	Loan 1st Lien, 2.43%,
	05/01/12		1,122,575		841,932	0.75	%
12/30/08	Dex Media West LLC
	Term Loan B, 0.00%,
	10/24/14		430,000		430,000	0.38	%
10/29/08	General Motors Corp.,
	5.78%, 11/29/13		1,445,474		1,378,929	1.23	%
09/26/07	General Motors Corp.
	Strip II, 5.67%, 07/20/11		461,250		208,500	0.19	%
10/18/07	HCA Term Loan A, 3.46%,
	11/18/12		1,328,097		1,155,383	1.03	%
11/06/08	Idearc, Inc., 0.00%,
	11/17/14		1,074,374		710,356	0.63	%
04/16/08	Kelson 1st Lien, 4.71%,
	03/16/13		341,495		263,944	0.24	%
09/16/08	Kelson 2nd Lien (PIK),
	7.96%, 03/01/14		1,825,254		1,015,639	0.90	%
09/20/07	Northwest Air Dip, 2.39%,
	05/21/12		1,420,840		1,232,968	1.10	%
10/20/2008	NRG Energy, Inc. Term
	Loan, 1.96%, 02/01/13		872,276		869,666	0.78	%
12/21/2006	TPF Generation Holdings
	LLC 2nd Lien, 5.71%,
	12/15/14		1,223,216		681,250	0.61	%

60 /

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Date of Purchase	Security	Amortized Cost		Value		% of TNA
05/17/2007	Tribune 1st Lien Term Loan B, 6.50%, 05/24/14		2,147,145		851,417	0.76	%
11/30/2007	Univision Communications, Inc. 1st Lien Strip, 2.71%, 03/15/14		468,865		205,556	0.18	%
		$	20,851,133	$	13,626,474	12.15	%

⁷ Illiquid security.

⁸ Zero coupon bond. The rate shown is the effective yield as of December 31, 2008.

⁹ Represents annualized yield at date of purchase.

¹⁰ Securities, or a portion there of, pledged as collateral for futures, written options and reverse repurchase agreements.

^† Fair valued security. The aggregate value of fair valued securities is $2,504,861 which is 2.23% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure does not necessarily indicate the treatment of those securities under FAS 157, as discussed in the Notes to Financial Statements.

^* Securities with a call or reset feature will have an effective maturity date less than the stated maturity.

^** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date less than the stated maturity date.

(DIP): Defaulted interest payment

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium term note

(PIK): Paid in kind

(STEP): Step coupon bond

/ 61

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 142.68%
ASSET-BACKED SECURITIES — 47.32%**
ABFS Mortgage Loan Trust 2002-2 A7 (STEP)
5.72%	07/15/33		$	4,985	$	4,947
Aerco Ltd. 2A A3
1.66%	07/15/25	2,3,†		3,900,681		1,716,451
Asset Backed Funding Certificates 2007-WMC1 A2B
1.47%	06/25/37	2,†		5,000,000		1,839,136
Asset Backed Securities Corp. Home Equity 2007-HE1 A2
0.52%	12/25/36	2		112,604		103,626
Aviation Capital Group Trust 2003-2A B1
3.51%	09/20/33	2,3,†		2,633,248		1,342,967
Bayview Financial Acquisition Trust 2004-B A1
1.47%	05/28/39	2,3,†		5,165,019		3,615,654
Centex Home Equity 2006-A AV4
0.72%	06/25/36	2,†		4,300,000		2,193,027
Citicorp Residential Mortgage Securities 2007-1 A5 (STEP)
6.05%	03/25/37			1,750,000		1,316,588
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 A3
0.65%	03/25/37	2		5,000,000		2,495,360
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 M1
0.87%	03/25/37	2,4		6,500,000		1,305,949
Conseco Finance 2002-C BF1
8.00%	06/15/32	2		3,763,000		3,383,951
Conseco Finance 2002-C BF2
8.00%	06/15/32	2,3,†		1,126,710		689,581
Conseco Finance Securitizations Corp. 2002-1 A
6.68%	12/01/33	2		167,204		135,066
Conseco Finance Securitizations Corp. 2002-2 AIO (IO)
8.50%	03/01/33	4,†		181,585		17,722
Conseco Financial Corp. 1996-10 M1
7.24%	11/15/28	2		2,700,000		1,515,775
Conseco Financial Corp. 1996-8 A6
7.60%	10/15/27	2		60,069		52,672
Conseco Financial Corp. 1998-4 A7
6.87%	04/01/30	2		854,990		565,916
Conseco Financial Corp. 1999-1 A5
6.11%	09/01/23			17,147		16,485
Conseco Financial Corp. 1999-5 A5
7.86%	03/01/30	2		169,584		129,669
Countrywide Asset-Backed NIM Certificates 2006-12N
7.25%	07/25/37	3,†		253,658		72
Credit-Based Asset Servicing and Securitization LLC 2006-CB4 AV3
0.62%	05/25/36	2	$	6,900,000	$	4,467,679
Crystal River 2005-1A A
2.58%	03/02/46	2,3,4,†		1,113,132		890,536
Deutsche Financial Capital Securitization LLC 1997-I A3
6.75%	09/15/27			97,992		102,936
First Franklin Mortgage Loan Asset Backed Certificates 2004-FFH3 2A4
1.01%	10/25/34	2		236,020		229,598
First Franklin Mortgage Loan Asset Backed Certificates 2007-FF1 A2D
0.69%	01/25/38	2,†		6,900,000		2,321,350
Fremont Home Loan Trust 2006-3 2A1
0.54%	02/25/37	2		32,644		31,767
Green Tree Home Improvement Loan Trust 1995-C B2
7.60%	07/15/20			86,014		64,345
Green Tree Home Improvement Loan Trust 1995-D B2
7.45%	09/15/25			180,604		132,695
Green Tree Home Improvement Loan Trust 1995-F B2
7.10%	01/15/21			27,743		21,042
Green Tree Recreational Equipment & Consumer Trust 1996-C Certificates
7.65%	10/15/17			18,176		15,742
HFC Home Equity Loan Asset Backed Certificates 2004-1 A
0.86%	09/20/33	2		853,135		639,076
HFC Home Equity Loan Asset Backed Certificates 2007-1 M1
0.89%	03/20/36	2,†		660,000		283,818
HFC Home Equity Loan Asset Backed Certificates 2007-2 M1
0.82%	07/20/36	2,†		650,000		338,048
HFC Home Equity Loan Asset Backed Certificates 2007-2 M2
0.88%	07/20/36	2		650,000		121,235
HSI Asset Securitization Corp. Trust 2006-HE2 2A1
0.52%	12/25/36	2		154,902		137,628
IndyMac Manufactured Housing Contract 1997-1 A3
6.61%	02/25/28			975,616		728,480
IndyMac Manufactured Housing Contract 1997-1 A4
6.75%	02/25/28			481,734		361,395
IndyMac Manufactured Housing Contract 1998-1 A4
6.49%	09/25/28			239,946		164,802

62 /

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
IndyMac Manufactured Housing Contract 1998-1 A5
6.96%	09/25/28	2	$	856,949	$	600,625
IndyMac Manufactured Housing Contract 1998-2 A2
6.17%	12/25/11			199,806		162,973
IndyMac Manufactured Housing Contract 1998-2 A4
6.64%	12/25/27	2		425,330		350,192
Inman Square Funding Ltd. 2004-1A I
5.10%	10/20/34	2,3,4,†		910,562		746,686
Inman Square Funding Ltd. 2005-2A I
4.66%	10/06/40	2,3,4,†		13,698,622		4,315,120
Ivy Lane CDO Ltd. 2006-1A A1
3.19%	02/05/46	2,3,4,†		14,824,124		3,557,854
Lehman ABS Mortgage Loan Trust 2007-1 2A1
0.56%	06/25/37	2,3		260,040		220,952
Long Beach Asset Holdings Corp. 2006-11 N1
6.75%	01/25/47	3,†		763,709		41
Merrill Lynch Mortgage Investors, Inc. 2004-HE2 A2C
1.05%	08/25/35	2		1,389,210		856,488
Mid-State Trust 11 B
8.22%	07/15/38			19,710		14,637
Mid-State Trust 2004-1 B
8.90%	08/15/37			1,518,678		1,123,575
Mid-State Trust 6 A4
7.79%	07/01/35			61,019		56,302
Morgan Stanley ABS Capital I 2007-HE1 A2D
0.70%	11/25/36	2,†		6,900,000		2,415,340
Nationstar Home Equity Loan Trust 2007-A AV4
0.70%	03/25/37	2,†		5,000,000		2,300,031
Oakwood Mortgage Investors, Inc. 1998-A A4
6.20%	05/15/28			4,227		3,583
Oakwood Mortgage Investors, Inc. 1998-B A4
6.35%	03/15/17			253,485		203,938
Oakwood Mortgage Investors, Inc. 1999-A A2
5.89%	04/15/29			245,901		170,234
Oakwood Mortgage Investors, Inc. 2001-D A2
5.26%	01/15/19	2		198,112		93,151
Oakwood Mortgage Investors, Inc. 2001-D A3
5.90%	09/15/22	2		11,802		5,814
Oakwood Mortgage Investors, Inc. 2001-D A4
6.93%	09/15/31	2		713,606		376,915
Oakwood Mortgage Investors, Inc. 2002-A AIO (IO)
6.00%	02/15/10	4,†		204,981		11,738
Oakwood Mortgage Investors, Inc. 2002-B A2
5.19%	09/15/19	2		235,374		146,711
Oakwood Mortgage Investors, Inc. 2002-B AIO (IO)
6.00%	05/15/10	4,†		2,088,372		139,412
PAMCO CLO 1998-1A B2
4.54%	05/01/10	2,3,†		1,023,851		430,129
RAAC 2007-RP1 M4
2.47%	05/25/46	2,3,†		16,619		333
Residential Asset Mortgage Products, Inc. 2007-RZ1 A1
0.54%	02/25/37	2		153,570		138,278
Residential Asset Securities Corp. 2007-KS2 AI1
0.54%	02/25/37	2		186,530		163,169
Specialty Underwriting & Residential Finance 2004-BC4 A2C
0.96%	10/25/35	2,†		2,360,738		1,428,511
Structured Asset Receivables Trust 2003-1A CTFS
4.92%	01/21/10	2,3,†		325,181		230,914
Structured Asset Receivables Trust 2003-2A CTFS
4.82%	01/21/09	2,3,†		148,228		130,457
Structured Asset Receivables Trust 2005-1A CTFS
4.92%	01/21/15	2,3,†		14,184,811		10,640,164
Terwin Mortgage Trust 2004-7HE A1
1.02%	07/25/34	2,3		122,539		69,467
Terwin Mortgage Trust 2007-9SL M1
2.97%	06/25/38	2,3,†		1,000,000		100,089
Terwin Mortgage Trust NIM 2007-4 N1
10.00%	05/25/38	3,†		1,157,719		23,361
UCFC Home Equity Loan 1998-D BF1
8.97%	04/15/30	2		585		415
Wells Fargo Home Equity Trust 2007-2 M1
0.84%	04/25/37	2		5,000,000		311,138
Total Asset-Backed Securities (Cost $128,537,387)						65,031,523
CORPORATES — 27.70%*
Automotive — 0.28%
General Motors Corp.
7.38%	05/23/48			2,600,000		383,500
Banking — 2.63%
Bank of America Corp.
8.00%	12/29/49	2		500,000		360,160
Chase Capital II B
3.69%	02/01/27	2,†		2,305,000		1,106,431
Deutsche Bank Capital Funding Trust VII
5.63%	01/19/49	2,3		1,000,000		485,000

/ 63

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Banking (continued)
JPMorgan Chase & Co. 1
7.90%	12/31/49	2	$	2,000,000	$	1,668,052
						3,619,643
Basic Industry — 0.22%
Noranda Aluminium Holding Corp.
8.35%	11/15/14	2		1,825,000		301,125
Communications — 0.39%
Level 3 Financing, Inc.
8.75%	02/15/17			750,000		382,500
9.25%	11/01/14			250,000		146,250
						528,750
Consumer Discretionary — 0.75%
Altria Group, Inc.
8.50%	11/10/13			1,000,000		1,036,765
Electric — 1.68%
Calpine Construction Finance Co., LP
11.60%	08/26/11	2,3		750,000		626,250
Power Contract Financing LLC
6.26%	02/01/10	3		1,714,970		1,680,993
						2,307,243
Energy — 1.47%
Sabine Pass LNG LP
7.25%	11/30/13			850,000		624,750
Southern Union Co.
7.20%	11/01/66	2		4,005,000		1,401,750
						2,026,500
Finance — 8.83%
Citigroup Capital XXI
8.30%	12/21/57	2		930,000		718,869
Citigroup, Inc.
8.40%	04/30/49	2		590,000		390,309
Credit Suisse Guernsey Ltd. 1
2.84%	05/29/49	2		3,000,000		1,495,590
Ford Motor Credit Co. LLC
5.80%	01/12/09			1,000,000		997,171
7.57%	01/13/12	2		4,000,000		2,605,000
GMAC LLC
4.40%	12/01/14	2		1,538,000		863,202
7.25%	03/02/11			1,266,000		1,076,396
Goldman Sachs Group, Inc. (The)
2.89%	02/06/12	2		750,000		635,492
5.32%	01/12/15	2		750,000		557,121
Morgan Stanley (MTN)
4.95%	10/18/16	2,5		4,050,000		2,791,483
						12,130,633
Insurance — 0.45%
Farmers Exchange Capital
7.05%	07/15/28	3		1,000,000		613,444
Real Estate Investment Trust (REIT) — 1.38%
HCP, Inc.
7.07%	06/08/15			500,000		343,438
HRPT Properties Trust
2.52%	03/16/11	2		750,000		551,051
Shurgard Storage Centers LLC
7.75%	02/22/11			1,000,000		1,004,768
						1,899,257
Secured Assets — 0.61%
Ingress I Ltd. B-A
7.38%	03/30/40	3,†		1,000,000		843,028
Transportation — 9.01%
American Airlines, Inc. 1999-1 A1
6.86%	10/15/10			8,301		8,135
American Airlines, Inc. 2001-2 A1
6.98%	04/01/11			47,691		41,491
Continental Airlines, Inc. 1997-1 A
7.46%	04/01/15			3,921,863		2,706,085
Continental Airlines, Inc. 2007-1 A
5.98%	04/19/22			2,950,000		2,153,500
Continental Airlines, Inc. 2007-1 B
6.90%	04/19/22			2,650,000		1,510,500
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11			6,070,000		4,977,400
Northwest Airlines, Inc. 2001 1A-2
6.84%	04/01/11			1,200,000		984,000
United Air Lines, Inc. 2001-1 A1
6.07%	03/01/13			1,404		1,320
						12,382,431
Total Corporates (Cost $50,465,535)						38,072,319
BANK LOANS — 9.10%*
Automotive — 0.47%
General Motors Corp. Strip II
5.67%	07/20/11	6		1,550,000		646,350
Basic Industry — 0.69%
Murray Bank Loan 3rd Lien
8.50%	07/28/11	4		1,097,529		943,875

64 /

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BANK LOANS (continued)
Communications — 1.43%
Cebridge 2nd Lien (PIK)
9.13%	05/05/14	6	$	2,507,328	$	1,165,907
Cequel Communications Holdings LLC 1st Lien
2.57%	11/05/13			1,250,000		798,829
						1,964,736
Consumer Discretionary — 0.82%
Tribune 1st Lien Term Loan B
6.50%	05/24/14	6		3,969,987		1,134,281
Electric — 2.04%
Boston Generating LLC 1st Lien
2.71%	12/19/13	6		2,953,241		1,771,945
Calpine CCFC I Term Loan
7.46%	08/26/09	6		497,382		484,947
TPF Generation Holdings LLC 2nd Lien
5.71%	12/15/14	6		1,000,000		545,000
						2,801,892
Finance — 0.30%
Kelson 1st Lien
4.71%	03/16/13	6		539,368		406,067
Health Care — 0.44%
Carestream Health, Inc. Term Loan
7.97%	10/30/13	6		2,250,000		604,688
Insurance — 0.50%
Asurion Corp. Term Loan
4.33%	07/13/14	6		1,000,000		683,125
Transportation — 2.41%
Northwest Air Dip
2.39%	05/21/12	6		3,686,502		2,724,063
United Air Lines, Inc.
2.65%	02/01/14	6		1,210,385		589,458
						3,313,521
Total Bank Loans (Cost $21,824,748)						12,498,535
MORTGAGE-BACKED — 58.56%**
Commercial Mortgage-Backed — 4.77%
Bayview Commercial Asset Trust 2007-1 A1
0.69%	03/25/37	2,3,†		4,836,961		3,821,260
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 AM
6.06%	02/15/51	2		1,100,000		477,156
Morgan Stanley Mortgage Loan Trust 2006-7 5A2
5.96%	06/25/36	2,†		3,500,000		1,381,268
Opteum Mortgage Acceptance Corp. 2005-5 2A1B
5.64%	12/25/35	2,†		1,350,000		681,275
Structured Asset Securities Corp. 1996-CFL H
7.75%	02/25/28	3		200,050		198,947
						6,559,906
Non-Agency Mortgage-Backed — 7.08%
Banco de Credito Y Securitizacion SA 2001-1 AF
8.00%	05/31/10	3,4,†		784,727		157,375
BHN I Mortgage Fund 2000-1 AF
8.00%	03/31/11	3,4		5,450		1,090
Countrywide Alternative Loan Trust 2005-14 4X (IO)
3.88%	05/25/35	4,7,†		2,484,731		11,745
Countrywide Alternative Loan Trust 2006-OA2 X1P (IO)
4.22%	05/20/46	4		38,915,669		711,427
Harborview Mortgage Loan Trust 2005-1 X (IO)
3.52%	03/19/35	4,7		5,831,429		79,271
Harborview Mortgage Loan Trust 2006-1 X1 (IO)
3.41%	03/19/37	4,†		24,710,517		432,774
Harborview Mortgage Loan Trust 2006-4 X1 (IO)
3.69%	05/19/47	4,†		51,469,293		1,029,477
IndyMac Index Mortgage Loan Trust 2004-AR12 AX2 (IO)
3.80%	12/25/34	4,7		1,416,612		12,395
IndyMac Index Mortgage Loan Trust 2004-AR5 2A1B
0.87%	08/25/34	2		356,826		176,358
Lehman XS Trust 2007-12N 1A3A
0.67%	07/25/47	2		10,120,000		433,618
Terwin Mortgage Trust NIM 2007-2 N1
7.50%	04/25/38	3		2,849,942		1,781
Washington Mutual Mortgage Pass-Through Certificates 2006-AR9 1XPP (IO)
0.79%	08/25/46	4,7,†		242,054,287		598,516
Washington Mutual Mortgage Pass-Through Certificates 2007-OA1 XPPP (IO)
0.85%	02/25/47	4,7,†		205,201,936		3,458,197
Washington Mutual Mortgage Pass-Through Certificates 2007-OA2 1XPP (IO)
0.41%	03/25/47	4,7,†		200,655,310		2,201,721
Washington Mutual Mortgage Pass-Through Certificates 2007-OA3 CXPP (IO)
1.27%	04/25/47	4,7,†		126,705,610		313,299

/ 65

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Washington Mutual MSC Mortgage Pass-Through Certificates 2003-MS9 1A
7.00%	04/25/33		$	124,287	$	115,859
						9,734,903
U.S. Agency Mortgage-Backed — 46.71%
Fannie Mae 1993-80 S
10.30%	05/25/23	2		20,616		19,370
Fannie Mae 2000-45 SA (IO)
7.07%	12/18/30			3,345,476		324,323
Fannie Mae 2001-42 SB
8.50%	09/25/31	2		2,603		1,935
Fannie Mae 2003-107 SQ (IO)
7.18%	05/25/33			482,951		21,771
Fannie Mae 2003-124 (IO)
5.25%	03/25/31			228,956		21,531
Fannie Mae 2003-124 TS
9.80%	01/25/34	2		49,306		37,082
Fannie Mae 2003-37 IG (IO)
5.50%	05/25/32			2,185,722		190,676
Fannie Mae 2003-67 IH (IO)
5.00%	01/25/25			198,299		1,058
Fannie Mae 2003-85 IP (IO)
5.50%	12/25/28			106,096		4,785
Fannie Mae 2005-47 SL
7.50%	06/25/35	2,5		1,522,367		1,369,588
Fannie Mae 2007-34 SB (IO)
5.64%	04/25/37	5		49,694,773		3,287,851
Fannie Mae FNCL (TBA)
5.00%	01/25/39			40,600,000		41,488,125
Freddie Mac 1602 SN
10.09%	10/15/23	2		14,590		15,518
Freddie Mac 2451 SP
14.31%	05/15/09	2		6,053		6,173
Freddie Mac 2527 TI (IO)
6.00%	02/15/32			693,213		27,940
Freddie Mac 2561 BX (IO)
5.00%	05/15/17			1,488,504		69,542
Freddie Mac 2587 IH (IO)
5.00%	08/15/25			312,325		1,030
Freddie Mac 2596 IJ (IO)
5.00%	01/15/17			508,365		10,873
Freddie Mac 2642 BW (IO)
5.00%	06/15/23			177,403		22,764
Freddie Mac 2657 LX (IO)
6.00%	05/15/18			908,960		88,208
Freddie Mac 2692 EI (IO)
5.50%	08/15/33			261,436		4,000
Freddie Mac 2764 CT
7.50%	03/15/34	2		484,265		479,229
Freddie Mac 2764 SH
7.50%	03/15/34	2		289,344		292,912
Freddie Mac 2827 JT
8.50%	12/15/32	2		166,194		156,597
Freddie Mac 2856 ST
7.00%	09/15/23	2		714,834		726,168
Freddie Mac 3242 SA (IO)
5.16%	11/15/36	5		55,366,945		4,042,280
Freddie Mac 3260 AS (IO)
5.19%	01/15/37	5		64,889,687		4,644,590
Freddie Mac 3280 SI (IO)
5.25%	02/15/37	5		41,147,931		3,328,004
Freddie Mac 3289 SD (IO)
4.93%	03/15/37	5		22,658,539		1,483,559
Freddie Mac 3430 IA (IO)
0.82%	07/15/12	5,†		104,745,981		1,361,007
Ginnie Mae 2001-31 SJ
26.22%	02/20/31	2		103,304		129,606
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32			166,229		13,366
Ginnie Mae 2003-58 IG (IO)
5.50%	05/17/29			70,901		604
Ginnie Mae 2004-8 SE
13.36%	11/26/23	2		466,363		515,110
						64,187,175
Total Mortgage-Backed (Cost $76,967,480)						80,481,984
Total Bonds — 142.68% (Cost $277,795,150)						196,084,361
Issues	Maturity Date		Shares		Value
PREFERRED STOCK — 3.69%
Automotive — 0.04%
Corts Trust for Ford Motor Co.
8.00%	07/16/31			700		3,710
Preferred Plus Trust Ford Motor Co.
8.25%	07/16/31			8,100		44,307
						48,017
Banking — 1.59%
Bank of America Corp.
7.25%				3,360		2,184,000

66 /

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date	Shares	Value
PREFERRED STOCK (continued)
Communications — 0.51%
Corts Trust for US West Communications
7.50%	11/15/43	7,118	$	81,145
Preferred Plus Trust Citizens Communications Co.
8.38%	10/01/46	12,100		132,495
Preferred Plus Trust Qwest Capital Funding
7.75%	02/15/31	9,650		102,869
8.00%	02/15/31	19,500		243,750
Preferred Plus Trust Verizon Global Funding Corp.
7.63%	12/01/30	6,100		144,509
				704,768
Finance — 1.55%
Citigroup, Inc.
6.50%		68,840		1,926,832
Preferred Blocker, Inc.
9.00%		652		195,600
Terwin Mortgage Trust 2005-13SL P
0.00%2,3,4		1,000		2,200
Terwin Mortgage Trust 2005-P1 A
0.00%6		570		114
Terwin Mortgage Trust 2006-1 2P
0.00%3,4		1,000		2,000
Terwin Mortgage Trust 2006-4SL P
0.00%2,4		410		5,740
				2,132,486
Total Preferred Stock (Cost $11,581,181)				5,069,271

	Contracts	Value
CALL OPTIONS PURCHASED — 0.06%
Finance — 0.06%
Financial Select Sector SPDR Fund, Call Strike $20, expires 01/16/10	135	85,050
Total Call Options Purchased (Cost $175,500)		85,050

Issues	Maturity Date		Shares/ Principal Amount			Value
SHORT TERM INVESTMENTS — 35.84%
Commercial Paper — 2.06%
BNP Paribas Finance, Inc.
0.34%8	01/20/09		$	510,000			509,913
National Rural Utilities Co.
0.25%8	01/29/09			2,315,000			2,314,566
							2,824,479
Money Market Fund — 33.44%
Dreyfus Cash Advantage Fund, 1.51%				705,000			705,000
Goldman Sachs Group, Inc. (The), 1.40%				45,247,500			45,247,500
							45,952,500
U.S. Agency Discount Notes — 0.34%
Fannie Mae
0.15%8	02/23/09	5		471,000			470,881
Total Short Term Investments (Cost $49,247,877)							49,247,860
Total Investments — 182.27% (Cost $338,799,708)1						$	250,486,542
Liabilities in Excess of Other Assets — (82.27)%							(113,058,691	)
NET ASSETS — 100.00%						$	137,427,851
Counterparty	Maturity Date		Principal Amount			Net Closing Amount
REVERSE REPURCHASE AGREEMENTS
Bank of America Corp., 4.00%	01/08/09		$	(2,187,000	)	$	(2,187,000	)
Barclays Bank PLC, 4.00%	01/05/09			(7,715,000	)		(7,715,000	)
Total Reverse Repurchase Agreements			$	(9,902,000	)	$	(9,902,000	)

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: SHORT POSITIONS
76	U.S. Treasury Thirty Year Note, March 2009	$	(904,104	)
	Net unrealized depreciation	$	(904,104	)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 2.98 % semi-annually. Counterparty: Citigroup, Inc.	09/22/10	$	5,685	197,470

/ 67

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE (continued)
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.54 % semi-annually. Counterparty: Citigroup, Inc.	09/22/10	$	8,500	$	386,671
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.86% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/14		15,330		1,031,115
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.27% quarterly. Counterparty: CS First Boston	10/30/14		10,350		896,245
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.29% semi-annually. Counterparty: Citigroup, Inc.	10/30/14		3,700		323,420
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 7.25% quarterly. Counterparty: Barclays Capital, Inc.	01/31/22		3,000		25,832
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 7.75% quarterly. Counterparty: JPMorgan Chase & Co.	03/26/22		5,930		(49,231	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.10% semi-annually. Counterparty: Citigroup, Inc.	10/24/38		2,025		(547,030	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.02% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/39		4,030		(955,272	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.31% semi-annually. Counterparty: Citigroup, Inc.	10/30/39		1,000		(296,488	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.32% quarterly. Counterparty: CS First Boston	10/30/39		2,800		(831,560	)
				$	181,172
Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) — SINGLE ISSUES
The Fund pays a fixed rate equal to 0.53% and the Fund will receive from the counterparty at par including interest accrued in the event of default of Home Depot, Inc. 3.75%, due 09/15/09. Counterparty: Morgan Stanley	09/20/12	$	2,500		167,288
The Fund pays a fixed rate equal to 0.76% and the Fund will receive from the counterparty at par including interest accrued in the event of default of Macy’s Retail Holdings, Inc. 6.63%, due 04/01/11. Counterparty: Citigroup, Inc.	09/20/12		1,775		318,857
The Fund pays a fixed rate equal to 3.56% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		700		18,795
The Fund pays a fixed rate equal to 3.65% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		475		11,337
The Fund pays a fixed rate equal to 0.46% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Goldman Sachs Group, Inc.	12/20/12		700		113,030
The Fund pays a fixed rate equal to 0.56% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Morgan Stanley	12/20/12		1,050		166,201
The Fund pays a fixed rate equal to 0.58% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: UBS AG	12/20/12		700		110,355
The Fund pays a fixed rate equal to 0.41% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	12/20/12		300		8,771
The Fund pays a fixed rate equal to 0.39% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: CS First Boston	12/20/12		375		11,246
The Fund pays a fixed rate equal to 0.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Goldman Sachs Group, Inc.	12/20/12		1,000		27,726
The Fund pays a fixed rate equal to 0.45% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Lowe’s Cos., Inc. 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.	12/20/12		750		20,795
The Fund pays a fixed rate equal to 1.68% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/01/12. Counterparty: UBS AG	12/20/12		1,000		127,602
The Fund pays a fixed rate equal to 1.75% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc. 6.13%, due 12/01/12. Counterparty: UBS AG	12/20/12		1,300		163,035
The Fund pays a fixed rate equal to 3.78% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: CS First Boston	12/20/12		400		(6,532	)
The Fund pays a fixed rate equal to 3.88% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		45		(890	)

68 /

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) — SINGLE ISSUES (continued)
The Fund pays a fixed rate equal to 3.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12	$	100	$	(2,081	)
The Fund pays a fixed rate equal to 3.87% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	12/20/12		155		(3,011	)
The Fund pays a fixed rate equal to 1.24% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 7.88%, due 08/01/11. Counterparty: UBS AG	12/20/12		2,000		142,351
The Fund pays a fixed rate equal to 4.62% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/13		800		(39,105	)
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Deutsche Bank AG	03/20/13		300		4,889
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Morgan Stanley	03/20/13		300		4,889
The Fund pays a fixed rate equal to 1.15% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Altria Group, Inc. 7.00%, due 11/04/13. Counterparty: CS First Boston	03/20/14		1,000		11,000
The Fund pays a fixed rate equal to 0.72% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Hewlett Packard Co. 5.40%, due 03/01/17. Counterparty: Citigroup, Inc.	03/20/14		345		2,921
The Fund pays a fixed rate equal to 0.82% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Arrow Electronics, Inc. 6.88%, due 06/01/18. Counterparty: Citigroup, Inc.	03/20/14		345		19,445
The Fund pays a fixed rate equal to 2.49% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: UBS AG	12/20/14		2,500		(96,164	)
The Fund pays a fixed rate equal to 4.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/15		800		(39,987	)
The Fund pays a fixed rate equal to 2.40% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Citigroup, Inc.	03/20/15		600		(1,201	)
The Fund pays a fixed rate equal to 2.95% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Securitized Asset Backed Receivables LLC Trust 2005-EC1 B3, 7.22%, due 01/25/35. Counterparty: Bear Stearns Cos., Inc.	01/25/35		223		193,344
				$	1,454,906

Issues	Expiration Date	Credit Ratinga	Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) — SINGLE ISSUES
The Fund receives a fixed rate equal to 1.60% and the Fund will pay to the counterparty at par including interest accrued in the event of default of Wachovia Corp. 3.63%, due 02/17/09. Counterparty: CS First Boston	03/20/09	AA	$	1,200	$	2,248		$	2,248
Receive a fixed rate equal to 6.55% and the Fund will pay to the counterparty at par including interest accrued in the event of default of General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston	12/20/10	AAA		460		18,746			18,746
The Fund receives a fixed rate equal to 0.50% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the Ameriquest Mortgage Securities, Inc. 2004-R7 A4, 5.84%, due 08/25/34. Counterparty: Deutsche Bank AG	07/25/34	AAA		1,327		(139,234	)		(139,234	)
					$	(118,240	)	$	(118,240	)

Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b	Appreciation/ (Depreciation)		Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) — TRADED INDICES
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37	$	(1,683,767	)	3,000	(126,456	)	(1,810,223	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Goldman Sachs Group, Inc.	08/25/37		(2,448,364	)	4,800	(447,992	)	(2,896,356	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(581,648	)	1,160	(118,305	)	(699,953	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(1,071,159	)	2,100	(195,997	)	(1,267,156	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37		(1,005,124	)	5,890	(2,548,946	)	(3,554,070	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.	01/25/38		(2,749,102	)	5,000	(294,992	)	(3,044,094	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: CS First Boston	01/25/38		(2,887,795	)	5,300	(338,945	)	(3,226,740	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Royal Bank of Scotland Group Plc	01/25/38		(1,703,789	)	3,200	(244,431	)	(1,948,220	)

/ 69

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) — TRADED INDICES (continued)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Goldman Sachs Group, Inc.	01/25/38	$	(1,730,410	)	$	3,250	$	(248,251	)	$	(1,978,661	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Morgan Stanley	01/25/38		(1,080,387	)		2,400		(380,778	)		(1,461,165	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Bank of America Corp.	05/25/46		(3,236,068	)		4,000		(267,633	)		(3,503,701	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(4,045,085	)		5,000		(334,541	)		(4,379,626	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(3,126,131	)		3,900		(289,978	)		(3,416,109	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Royal Bank of Scotland Group Plc	05/25/46		(2,750,658	)		3,400		(227,488	)		(2,978,146	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Goldman Sachs Group, Inc.	05/25/46		(2,258,299	)		2,800		(194,292	)		(2,452,591	)
The Fund receives a fixed rate equal to 0.11% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 06-2, due 05/25/46. Counterparty: Citigroup, Inc.	05/25/46		(413,070	)		1,100		(143,186	)		(556,256	)
		$	(32,770,856	)			$	(6,402,211	)	$	(39,173,067	)

^a Using Standard & Poor’s rating of the issuer.

^b The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

^c The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes:

¹ Cost for financial reporting purposes is $338,799,708 and net unrealized appreciation/ (depreciation) consists of:

Gross unrealized appreciation	$	24,359,225
Gross unrealized depreciation		(112,672,391	)
Net unrealized (depreciation)	$	(88,313,166	)

² Floating rate security. The rate disclosed is that in effect at December 31, 2008.

³ Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at December 31, 2008 was $37,154,196 representing 27.04% of total net assets.

⁴ Illiquid security.

⁵ Securities, or a portion there of, pledged as collateral for futures, written options and reverse repurchase agreements.

⁶ Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of TNA
07/03/07	Asurion Corp. Term Loan, 4.33%, 07/13/14	$	992,108	$	683,125	0.50	%
12/19/06	Boston Generating LLC 1st Lien, 2.71%, 12/19/13		2,953,241		1,771,945	1.29	%
05/09/08	Calpine CCFC I Term Loan, 7.46%, 08/26/09		499,020		484,947	0.35	%
04/12/07	Carestream Health, Inc. Term Loan, 7.97%, 10/30/13		2,265,531		604,688	0.44	%
05/24/07	Cebridge 2nd Lien (PIK), 9.13%, 05/05/14		2,573,465		1,165,907	0.85	%
09/26/07	General Motors Corp. Strip II, 5.67%, 07/20/11		1,429,875		646,350	0.47	%
04/16/08	Kelson 1st Lien, 4.71%, 03/16/13		525,376		406,067	0.29	%
08/09/06	Murray Bank Loan 3rd Lien, 8.50%, 07/28/11		1,097,529		943,875	0.69	%
08/21/06	Northwest Air Dip, 2.39%, 05/21/12		3,655,341		2,724,063	1.98	%
04/19/05	Terwin Mortgage Trust 2005-P1 A, 0.00%		2,893		114	0.00	%
12/21/06	TPF Generation Holdings LLC 2nd Lien, 5.71%, 12/15/14		1,000,000		545,000	0.40	%
05/17/07	Tribune 1st Lien Term Loan B, 6.50%, 05/24/14		2,847,876		1,134,281	0.82	%
02/01/07	United Air Lines, Inc., 2.65%, 02/01/14		1,210,385		589,458	0.43	%
		$	21,052,640	$	11,699,820	8.51	%

⁷ Zero coupon bond. The rate shown is the effective yield as of December 31, 2008.

⁸ Represents annualized yield at date of purchase.

^† Fair valued security. The aggregate value of fair valued securities is $59,115,915 which is 43.02% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure does not necessarily indicate the treatment of those securities under FAS 157, as discussed in the Notes to Financial Statements.

^* Securities with a call or reset feature will have an effective maturity date less than the stated maturity.

^** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date less than the stated maturity date.

(DIP): Defaulted interest payment

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium term note

(PIK): Paid in kind

(STEP): Step coupon bond

(TBA): To be announced

70 /

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 88.34%
ASSET-BACKED SECURITIES — 27.63%**
ACE Securities Corp. 2004-FM1 B1A
5.72%	09/25/33	2	$	17,188	$	1,715
ACE Securities Corp. 2006-SL1 A
0.63%	09/25/35	2		413,570		133,730
Asset Backed Funding Certificates 2003-WF1 A2
2.52%	12/25/32	2		93,221		67,921
Asset Backed Securities Corp. Home Equity 2003-HE4 M2
3.20%	08/15/33	2		96,202		63,910
Asset Backed Securities Corp. Home Equity 2005-HE6 A2D
0.75%	07/25/35	2		185,254		178,051
Bayview Financial Acquisition Trust 2005-A A1
0.97%	02/28/40	2,3,†		65,000		48,118
Bayview Financial Acquisition Trust 2006-B 2A2
0.67%	04/28/36	2		141,481		132,901
Bayview Financial Revolving Mortgage Loan Trust 2005-E A1
0.97%	12/28/40	2,3,†		2,400,000		1,872,656
Castle Trust 2003-1AW A1
1.95%	05/15/27	2,3,†		605,675		333,125
Citigroup Mortgage Loan Trust, Inc. 2006-WFH2 A2A
0.62%	08/25/36	2		2,131,804		1,620,171
Conseco Finance 2002-C BF2
8.00%	06/15/32	2,3,†		546,357		334,388
Contimortgage Home Equity Trust 1999-3 A6 (STEP)
8.18%	12/25/29			508,636		503,952
Countrywide Asset-Backed Certificates 2004-1 2A
0.71%	04/25/34	2		3,777		1,188
Countrywide Asset-Backed Certificates 2007-10 2A2
0.59%	06/25/47	2,†		110,000		69,301
Credit-Based Asset Servicing and Securitization LLC 2003-CB1 AF (STEP)
3.95%	01/25/33			109,774		101,967
Credit-Based Asset Servicing and Securitization LLC 2006-CB4 AV1
0.51%	05/25/36	2		1,431		1,421
Credit-Based Asset Servicing and Securitization LLC 2007-CB1 AF1A
0.54%	01/25/37	2		157,397		105,332
Embarcadero Aircraft Securitization Trust 2000-A A1
1.68%	08/15/25	2,3,†		764,837		405,384
First Franklin Mortgage Loan Asset Backed Certificates 2005-FF2 M1
0.87%	03/25/35	2		1,450,000		1,112,829
First Franklin Mortgage Loan Asset Backed Certificates 2006-FF12 A2
0.51%	09/25/36	2		51,211		47,575
GE Capital Mortgage Services, Inc. 1998-HE1 A7
6.47%	06/25/28			3,832		3,827
Genesis Funding Ltd. 2006-1A G1
0.82%	12/19/32	2,3,†		1,750,000		875,095
GMAC Mortgage Corp. Loan Trust 2000-HE2 A1
0.91%	06/25/30	2		557,149		325,838
GMAC Mortgage Corp. Loan Trust 2001-HLT2 AII (STEP)
6.05%	04/25/27			101,276		91,654
Green Tree Home Improvement Loan Trust 1995-C B2
7.60%	07/15/20			57,243		42,822
Green Tree Home Improvement Loan Trust 1995-F B2
7.10%	01/15/21			121,564		92,203
Green Tree Home Improvement Loan Trust 1996-B A
6.45%	10/15/15			3,671		3,669
Green Tree Recreational Equipment & Consumer Trust 1996-D Certificates
7.24%	12/15/22			55,801		39,394
GSAMP Trust 2004-FM1 M2
2.57%	11/25/33	2		422,485		275,006
GSAMP Trust 2006-S6 A2 (STEP)
5.55%	10/25/36	4		100,000		23,977
HFC Home Equity Loan Asset Backed Certificates 2007-1 M1
0.89%	03/20/36	2,†		1,100,000		473,030
HFC Home Equity Loan Asset Backed Certificates 2007-2 A4
0.81%	07/20/36	2		125,000		43,486
HFC Home Equity Loan Asset Backed Certificates 2007-2 M1
0.82%	07/20/36	2,†		1,300,000		676,095
Home Equity Asset Trust 2005-6 1A2
0.75%	12/25/35	2		1,476,074		1,118,754
Home Equity Asset Trust 2007-3 2A2
0.65%	08/25/37	2,†		2,650,000		1,987,695
IndyMac Home Equity Loan Asset-Backed Trust 2002-A M1
1.60%	05/25/33	2		626,562		493,777
IndyMac Index Mortgage Loan Trust 2006-AR2 1A1A
0.69%	04/25/46	2		67,225		27,250

/ 71

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
IndyMac Manufactured Housing Contract 1997-1 A3
6.61%	02/25/28		$	708,680	$	529,162
IndyMac Manufactured Housing Contract 1997-1 A4
6.75%	02/25/28			253,100		189,875
Inman Square Funding Ltd. 2005-2A I
4.66%	10/06/40	2,3,4,†		2,140,410		674,238
MASTR Asset Backed Securities Trust 2006-HE4 A1
0.52%	11/25/36	2		40,023		36,908
MASTR Asset Backed Securities Trust 2007-HE1 A2
0.62%	05/25/37	2		315,000		193,500
Mego Mortgage Home Loan Trust 1997-4 M1 (STEP)
8.00%	09/25/23			20,892		20,592
Merrill Lynch First Franklin Mortgage Loan Trust 2007-4 2A4
0.72%	07/25/37	2		30,000		11,400
Merrill Lynch Mortgage Investors, Inc. 2007-HE1 A2D
0.80%	02/25/37	2		90,000		26,880
Morgan Stanley ABS Capital I 2004-NC2 M2
2.27%	12/25/33	2		48,990		37,128
Nationstar Home Equity Loan Trust 2007-B 2AV4
0.79%	04/25/37	2		205,000		66,004
Oakwood Mortgage Investors, Inc. 2002-B A1
1.43%	05/15/13	2		140,514		68,303
Option One Mortgage Loan Trust 2002-1 A
1.05%	02/25/32	2		91,356		66,432
Option One Mortgage Loan Trust 2003-2 A2
1.07%	04/25/33	2		124,859		84,759
Option One Mortgage Loan Trust 2003-5 A2
0.79%	08/25/33	2		84,744		40,961
Residential Asset Mortgage Products, Inc. 2003-RS1 AII
1.25%	02/25/33	2		62,696		26,989
Residential Asset Securities Corp. 2003-KS3 A2
1.07%	05/25/33	2		44,328		33,218
Residential Asset Securities Corp. 2007-KS4 A2
0.65%	05/25/37	2		100,000		62,118
Residential Funding Mortgage Securities II, Inc. 2006-HSA2 AI1
0.58%	03/25/36	2		168,770		156,983
Resmae Mortgage Loan Trust 2006-1 A1B
0.74%	02/25/36	2,3		329,289		251,124
Saxon Asset Securities Trust 2004-1 M1
1.27%	03/25/35	2		270,000		157,189
Securitized Asset Backed Receivables LLC Trust 2007-BR5 A2A
0.60%	05/25/37	2		1,762,975		1,439,246
SG Mortgage Securities Trust 2006-FRE1 A1B
0.74%	02/25/36	2		239,737		177,565
Soundview Home Equity Loan Trust 2007-NS1 A4
0.77%	01/25/37	2		50,000		14,910
Structured Asset Receivables Trust 2003-1A CTFS
4.92%	01/21/10	2,3,†		427,613		303,652
Structured Asset Receivables Trust 2003-2A CTFS
4.82%	01/21/09	2,3,†		61,601		54,216
Structured Asset Receivables Trust 2005-1A CTFS
4.92%	01/21/15	2,3,†		2,325,220		1,744,170
Structured Asset Securities Corp. 2007-BC2 A3
0.60%	03/25/37	2		1,840,000		1,192,424
Terwin Mortgage Trust 2004-13AL 2PX (IO)
0.34%	08/25/34	3,4		13,932,321		121,908
Terwin Mortgage Trust 2005-7SL A1
0.74%	07/25/35	2,3		60,135		55,951
UCFC Home Equity Loan 1998-D MF1
6.91%	04/15/30			260,545		257,702
Total Asset-Backed Securities (Cost $30,399,722)						21,824,714
CORPORATES — 19.27%*
Banking — 2.23%
BAC Capital Trust XV
3.00%	06/01/56	2		300,000		130,606
Banponce Trust I A
8.33%	02/01/27			900,000		744,249
Chase Capital II B
3.69%	02/01/27	2,†		800,000		384,011
First Chicago NBD Institutional Capital I
3.74%	02/01/27	2,†		50,000		25,250
JPMorgan Chase Capital XIII M
2.42%	09/30/34	2,†		859,000		481,043
						1,765,159
Electric — 2.35%
Entergy Louisiana LLC
5.83%	11/01/10			8,000		7,743
Midwest Generation LLC
8.30%	07/02/09			715,622		712,044
Mirant Mid Atlantic LLC A
8.63%	06/30/12			823,766		754,775

72 /

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Power Contract Financing LLC
6.26%	02/01/10	3	$	363,574	$	356,371
W3A Funding Corp.
8.09%	01/02/17			25,900		25,690
						1,856,623
Finance — 8.15%
Bear Stearns Cos., Inc. (The) (MTN)
2.26%	08/21/09	2		45,000		44,402
Capital One Financial Corp. (MTN)
2.47%	09/10/09	2		575,000		547,798
Citigroup, Inc.
3.14%	11/05/14	2		1,569,000		1,175,644
3.85%	05/15/18	2		280,000		204,671
4.13%	02/22/10			65,000		63,882
Credit Suisse Guernsey Ltd. 1
2.84%	05/29/49	2		1,035,000		515,978
Credit Suisse USA, Inc.
2.35%	08/16/11	2		80,000		72,659
Ford Motor Credit Co. LLC
6.32%	01/15/10	2		1,072,000		858,940
7.57%	01/13/12	2		766,000		498,857
General Electric Capital Corp. A (MTN)
2.26%	09/15/14	2		25,000		19,272
Goldman Sachs Group, Inc. (The)
2.89%	02/06/12	2		15,000		12,710
Goldman Sachs Group, Inc. B (The) (MTN)
4.46%	07/22/15	2		400,000		296,000
Lehman Brothers Holdings, Inc. (MTN)
2.91%	11/16/09	5		1,200,000		114,000
3.00%	07/18/11	5		620,000		58,900
MBNA Capital A
8.28%	12/01/26			800,000		665,342
MBNA Capital B
3.99%	02/01/27	2		809,000		484,351
Morgan Stanley
5.03%	01/15/10	2		20,000		18,637
6.75%	04/15/11			105,000		103,366
Morgan Stanley (MTN)
4.95%	10/18/16	2		500,000		344,627
Woodbourne Capital Trust I
1.54%	04/08/49	2,3,4		150,000		85,500
Woodbourne Capital Trust II
1.54%	04/08/49	2,3,4		150,000		85,500
Woodbourne Capital Trust III
1.54%	04/08/49	2,3,4		150,000		85,500
Woodbourne Capital Trust IV
1.54%	04/08/49	2,3,4		150,000		85,500
						6,442,036
Health Care — 1.50%
Cardinal Health, Inc.
1.71%	10/02/09	2		1,245,000		1,181,346
Real Estate Investment Trust (REIT) — 2.87%
BRE Properties, Inc.
5.75%	09/01/09			365,000		347,657
CPG Partners LP
8.25%	02/01/11			35,000		30,689
First Industrial LP
5.25%	06/15/09			450,000		421,835
HRPT Properties Trust
2.52%	03/16/11	2		729,000		535,621
Reckson Operating Partnership LP
7.75%	03/15/09			30,000		28,686
Rouse Co. LP (The)
3.63%	03/15/09			40,000		16,800
Simon Property Group LP
4.88%	08/15/10			1,000,000		885,035
						2,266,323
Transportation — 2.17%
American Airlines, Inc. 1999-1 A1
6.86%	10/15/10			3,861		3,784
American Airlines, Inc. 2001-2 A1
6.98%	04/01/11	6		15,897		13,830
Delta Air Lines, Inc. 2001-1 A1
6.62%	03/18/11			1,477,779		1,285,667
United Air Lines, Inc. 2000-2 A1
7.03%	10/01/10			248,698		228,802
United Air Lines, Inc. 2001-1
6.20%	09/01/08	6		196,397		182,649
						1,714,732
Total Corporates (Cost $19,836,424)						15,226,219
BANK LOANS — 5.58%*
Communications — 0.60%
Cebridge 2nd Lien
7.69%	05/05/14			1,000,000		471,667
Consumer Discretionary — 0.36%
Tribune 1st Lien Term Loan B
6.50%	05/24/14	7		987,500		282,142

/ 73

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BANK LOANS (continued)
Electric — 0.98%
Calpine CCFC I Term Loan
7.46%	08/26/09	7	$	795,812	$	775,916
Finance — 0.21%
Kelson 1st Lien
4.71%	03/16/13	7		215,747		162,427
Health Care — 1.96%
Community Health Systems, Inc. 1st Lien
3.40%	07/25/14	7		953,428		747,011
HCA Term Loan A
3.46%	11/18/12	7		947,245		803,974
						1,550,985
Transportation — 1.47%
Northwest Air Dip
2.39%	05/21/12	7		1,107,437		818,318
United Air Lines, Inc.
2.65%	02/01/14	7		707,222		344,417
						1,162,735
Total Bank Loans (Cost $6,596,410)						4,405,872
MORTGAGE-BACKED — 35.86%**
Commercial Mortgage-Backed — 7.77%
Bayview Commercial Asset Trust 2004-2 A
0.90%	08/25/34	2,3		1,261,311		1,109,871
Bayview Commercial Asset Trust 2005-2A A1
0.78%	08/25/35	2,3		693,361		531,454
Bayview Commercial Asset Trust 2007-1 A1
0.69%	03/25/37	2,3,†		2,579,713		2,038,005
Bayview Commercial Asset Trust 2007-3 A1
0.71%	07/25/37	2,3,†		2,719,884		2,077,180
Deutsche Bank Alternate Loan Trust 2006-AR6 A3
0.56%	02/25/37	2		61,760		56,104
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 AM
6.06%	02/15/51	2		750,000		325,334
Morgan Stanley Mortgage Loan Trust 2004-2AR 1A
5.43%	02/25/34	2		3,959		2,189
						6,140,137
Non-Agency Mortgage-Backed — 21.31%
Alliance Bancorp Trust 2007-OA1 A1
0.71%	07/25/37	2		3,049,123		1,182,645
American Home Mortgage Assets 2006-2 2A1
0.66%	09/25/46	2		2,027,825		807,652
American Home Mortgage Assets 2007-4 A2
0.66%	08/25/37	2		1,980,000		1,117,397
American Home Mortgage Investment Trust 2007-2 11A1
0.70%	03/25/47	2		92,746		71,917
Banc of America Mortgage Securities, Inc. 2003-A 2A2
6.80%	02/25/33	2		13,986		10,877
Bear Stearns Mortgage Funding Trust 2006-AR3 2A1
0.67%	11/25/36	2		1,706,129		681,178
Bear Stearns Mortgage Funding Trust 2007-AR4 2A1
0.68%	06/25/37	2		1,731,087		654,441
Chevy Chase Mortgage Funding Corp. 2004-1A A1
0.75%	01/25/35	2,3		729,463		643,436
Chevy Chase Mortgage Funding Corp. 2005-2A A1
0.65%	05/25/36	2,3		797,274		635,995
Citigroup Mortgage Loan Trust, Inc. 2003-1 WA2
6.50%	06/25/31			69,723		64,176
Citigroup Mortgage Loan Trust, Inc. 2004-HYB1 A41
5.15%	02/25/34	2		688,337		388,888
Countrywide Alternative Loan Trust 2005-14 4X (IO)
3.88%	05/25/35	4,8,†		1,619,512		7,655
Countrywide Alternative Loan Trust 2005-16 A5
0.75%	06/25/35	2		80,632		21,849
Countrywide Alternative Loan Trust 2005-17 1X3 (IO)
4.06%	06/25/35	4,8		157,793		2,416
Countrywide Alternative Loan Trust 2005-27 2A1
3.61%	08/25/35	2		1,305,830		564,496
Countrywide Alternative Loan Trust 2005-27 3A2
3.36%	08/25/35	2		111,594		45,118
Countrywide Alternative Loan Trust 2005-51 2A2A
0.80%	11/20/35	2		72,253		59,406
Countrywide Alternative Loan Trust 2005-59 1A1
0.80%	11/20/35	2		1,385,739		695,862
Countrywide Alternative Loan Trust 2005-61 2A1
0.75%	12/25/35	2		718,483		325,700
Countrywide Alternative Loan Trust 2005-72 A1
0.74%	01/25/36	2		1,068,800		504,115

74 /

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Alternative Loan Trust 2006-OA12 A2
0.72%	09/20/46	2	$	2,394,552	$	823,034
Countrywide Alternative Loan Trust 2006-OA2 X1P (IO)
4.22%	05/20/46	4		5,903,194		107,918
CS First Boston Mortgage Securities Corp. 1997-2 A
7.50%	06/25/20	3		14,853		14,808
Downey Savings & Loan Association Mortgage Loan Trust 2004-AR1 A2A
0.99%	09/19/44	2		76,616		39,243
Downey Savings & Loan Association Mortgage Loan Trust 2004-AR3 2A2A
0.95%	07/19/44	2		21,394		13,436
Downey Savings & Loan Association Mortgage Loan Trust 2005-AR2 2A1A
0.79%	03/19/45	2		109,388		52,517
Fifth Third Mortgage Loan Trust 2002-FTB1 5A1
5.17%	11/19/32	2		28,704		25,506
First Horizon Asset Securities, Inc. 2003-AR1 2A1
5.77%	03/25/33	2		20,978		16,707
Harborview Mortgage Loan Trust 2004-8 2A4A
0.98%	11/19/34	2		99,598		50,061
Harborview Mortgage Loan Trust 2005-1 X (IO)
3.52%	03/19/35	4,8		2,249,763		30,583
Harborview Mortgage Loan Trust 2005-10 X (IO)
3.05%	11/19/35	4		216,462		1,488
Harborview Mortgage Loan Trust 2005-11 2A1A
0.89%	08/19/45	2		147,278		65,121
IndyMac Index Mortgage Loan Trust 2004-AR12 A1
0.86%	12/25/34	2		279,277		144,660
IndyMac Index Mortgage Loan Trust 2004-AR12 AX2 (IO)
3.80%	12/25/34	4,8		952,387		8,333
IndyMac Index Mortgage Loan Trust 2004-AR5 2A1B
0.87%	08/25/34	2		45,049		22,265
IndyMac Index Mortgage Loan Trust 2004-AR7 A2
0.90%	09/25/34	2		212,405		110,052
IndyMac Index Mortgage Loan Trust 2004-AR8 2A2A
0.87%	11/25/34	2		45,709		23,322
IndyMac Index Mortgage Loan Trust 2005-AR18 2A1A
0.78%	10/25/36	2		133,944		61,725
IndyMac Index Mortgage Loan Trust 2005-AR18 2A1B
1.25%	10/25/36	2		145,106		65,913
IndyMac Index Mortgage Loan Trust 2005-AR2 2A2A
0.81%	02/25/35	2		60,347		28,195
Lehman XS Trust 2007-12N 1A3A
0.67%	07/25/47	2		4,000,000		171,390
MASTR Seasoned Securities Trust 2004-1 4A1
5.20%	10/25/32	2		288,843		232,553
Residential Accredit Loans, Inc. 2002-QS17 NB1
6.00%	11/25/32			46,860		46,883
Residential Accredit Loans, Inc. 2005-QO3 A1
0.87%	10/25/45	2		2,336,701		1,079,491
Residential Asset Mortgage Products, Inc. 2003-SL1 A11
7.13%	03/25/16			261,096		260,900
Residential Asset Mortgage Products, Inc. 2003-SL1 A41
8.00%	04/25/31			52,584		51,720
Residential Asset Mortgage Products, Inc. 2004-SL1 A2
8.50%	11/25/31			24,483		24,933
Structured Asset Mortgage Investments, Inc. 2005-AR7 1A1
4.76%	12/27/35	2		2,086,968		1,282,399
Structured Asset Mortgage Investments, Inc. 2006-AR5 1A1
0.68%	05/25/46	2		76,881		32,662
Structured Asset Mortgage Investments, Inc. 2006-AR8 A1A
0.67%	10/25/36	2		2,149,185		849,847
Structured Asset Securities Corp. 2001-15A 4A1
6.00%	10/25/31	2		7,485		6,559
Structured Asset Securities Corp. 2002-5A 6A
6.28%	04/25/32	2		35,676		31,885
Summit Mortgage Trust 2000-1 B5
6.78%	12/28/12	2,3		22		22
Terwin Mortgage Trust NIM 2007-2 N1
7.50%	04/25/38	3		1,481,970		926
Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA3 4A1
3.03%	04/25/47	2		2,017,630		890,378
Washington Mutual Mortgage Pass-Through Certificates 2002-AR18 A
4.57%	01/25/33	2		111,393		88,300

/ 75

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Maturity Date		Principal Amount			Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Washington Mutual Mortgage Pass-Through Certificates 2002-AR6 A
3.66%	06/25/42	2	$	11,877		$	8,698
Washington Mutual Mortgage Pass-Through Certificates 2006-AR4 1A1A
3.20%	05/25/46	2,†		1,912,381			1,243,055
Washington Mutual MSC Mortgage Pass-Through Certificates 2003-MS9 1A
7.00%	04/25/33			364,622			339,897
							16,832,604
U.S. Agency Mortgage-Backed — 6.78%
Fannie Mae 1997-91 SL (IO)
7.50%	11/25/23			363,844			54,362
Fannie Mae 2002-94 BJ (IO)
5.50%	04/25/16			3,547			18
Fannie Mae 2003-37 IG (IO)
5.50%	05/25/32			533,103			46,506
Fannie Mae 2003-62 IG (IO)
5.00%	10/25/31			1,000,000			130,108
Fannie Mae 2003-91 IQ (IO)
5.50%	06/25/26			219,151			3,100
Fannie Mae G-36 ZB
7.00%	11/25/21			3,977			4,240
Fannie Mae Pool 646884
5.48%	05/01/32	2,9		208,165			208,851
Fannie Mae Pool 802665
5.74%	12/01/34	2		29,480			30,247
Fannie Mae Pool 887714
6.03%	08/01/36	2,9		1,771,977			1,813,336
Freddie Mac 2 L
8.00%	11/25/22			31,940			33,980
Freddie Mac 2080 PJ
6.50%	08/15/28	9		642,139			669,719
Freddie Mac Gold G12393
5.50%	10/01/21	9		100,717			104,057
Freddie Mac Non Gold Pool 1L0113
5.73%	05/01/35	2,9		513,138			519,126
Freddie Mac Non Gold Pool 781908
4.56%	09/01/34	2		85,843			84,804
Freddie Mac Non Gold Pool 788498
5.78%	02/01/30	2,9		472,369			468,993
Freddie Mac Non Gold Pool 847288
4.20%	05/01/34	2,9		837,497			842,204
Ginnie Mae 2003-82 IO (IO)
5.50%	03/20/29			23,765			371
Ginnie Mae II Pool 80968
4.63%	07/20/34	2,9	$	349,908		$	340,886
							5,354,908
Total Mortgage-Backed (Cost $47,033,123)							28,327,649
Total Bonds — 88.34% (Cost $103,865,679)							69,784,454
Issues	Maturity Date		Shares/ Principal Amount			Value
SHORT TERM INVESTMENTS — 27.22%
Commercial Paper — 1.73%
BNP Paribas Finance, Inc.
0.34%10	01/20/09		$	1,370,000			1,369,767
Money Market Fund — 10.94%
Goldman Sachs Group, Inc. (The),	1.40	%		8,642,000			8,642,000
U.S. Agency Discount Notes — 14.55%
Fannie Mae
0.10%10	02/23/09	9		6,252,000			6,250,419
0.50%10	01/30/09			2,455,000			2,454,379
Federal Home Loan Bank
0.08%10	01/21/09			490,000			489,979
0.08%10	01/28/09			2,300,000			2,299,867
							11,494,644
Total Short Term Investments (Cost $21,506,757)							21,506,411
Total Investments — 115.56% (Cost $125,372,436)1							91,290,865
Liabilities in Excess of Other
Assets — (15.56)%							(12,295,527	)
Net Assets — 100.00%						$	78,995,338
Counterparty	Maturity Date		Principal Amount			Net Closing Amount
REVERSE REPURCHASE AGREEMENTS
Barclays Bank PLC, 3.00%	01/05/09		$	(3,407,000	)	$	(3,407,000	)
Barclays Bank PLC, 3.15%	01/05/09			(601,000	)		(601,000	)
Barlcays Bank PLC, 2.90%	01/05/09			(97,000	)		(97,000	)
Total Reverse Repurchase Agreements			$	(4,105,000	)	$	(4,105,000	)

76 /

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Contracts		Unrealized Appreciation
FUTURES CONTRACTS: LONG POSITIONS
222	S&P 500 Index, March 2009	$	1,919,896
	Net unrealized appreciation	$	1,919,896
Contracts		Unrealized Depreciation
FUTURES CONTRACTS: SHORT POSITIONS
11	U.S. Treasury Two Year Note, March
	2009	$	(32,513	)
	Net unrealized depreciation	$	(32,513	)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: TOTAL RETURN
The Fund pays a floating rate based on 3-month USD LIBOR minus 5 basis points and the Fund receives from the counterparty the price return on the Standard & Poor’s 500 Total Return Index. Counterparty: Goldman Sachs Group, Inc.	02/04/09	$	10	$	(895,581	)
The Fund pays a floating rate based on 3-month USD LIBOR minus 10 basis points and the Fund receives from the counterparty the price return on the Standard & Poor’s 500 Total Return Index. Counterparty: Goldman Sachs Group, Inc.	03/04/09		10		189,206
				$	(706,375	)
SWAPS: INTEREST RATE
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 2.98 % semi-annually. Counterparty: Citigroup, Inc.	09/22/10		2,418		83,990
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 3.86% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/14		7,320		492,353
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.27% quarterly. Counterparty: CS First Boston	10/30/14		5,360		464,142
The Fund receives a rate based on 3-month USD LIBOR and the Fund pays the counterparty a fixed rate equal to 4.29% semi-annually. Counterparty: Citigroup, Inc.	10/30/14		1,920		167,829
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 7.25% quarterly. Counterparty: Barclays Capital, Inc.	01/31/22		900		7,749
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.02% semi-annually. Counterparty: Barclays Capital, Inc.	10/27/39		1,925		(456,302	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.31% semi-annually. Counterparty: Citigroup, Inc.	10/30/39		520		(154,174	)
The Fund pays a floating rate based on 3-month USD LIBOR and the Fund receives from the counterparty a fixed rate equal to 4.32% quarterly. Counterparty: CS First Boston	10/30/39		1,450		(430,630	)
				$	174,957
Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES
The Fund pays a fixed rate equal to 3.56% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Merrill Lynch & Co., Inc.	12/20/12	$	300		8,055
The Fund pays a fixed rate equal to 3.65% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Centex Corp. 5.25%, due 06/15/15. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		200		4,773
The Fund pays a fixed rate equal to 0.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Morgan Stanley 6.60%, due 04/01/12. Counterparty: JPMorgan Chase & Co.	12/20/12		295		32,730
The Fund pays a fixed rate equal to 3.78% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: CS First Boston	12/20/12		325		(5,307	)
The Fund pays a fixed rate equal to 3.88% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		100		(1,977	)
The Fund pays a fixed rate equal to 3.91% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Citigroup, Inc.	12/20/12		240		(4,993	)
The Fund pays a fixed rate equal to 3.87% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	12/20/12		390		(7,577	)
The Fund pays a fixed rate equal to 2.83% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Citigroup, Inc.	12/20/12		220		(6,567	)
The Fund pays a fixed rate equal to 2.78% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers Finance Corp. 6.88%, due 11/15/12. Counterparty: Merrill Lynch & Co., Inc.	12/20/12		500		(14,023	)

/ 77

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES (continued)
The Fund pays a fixed rate equal to 4.62% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/13	$	80	$	(3,910	)
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Deutsche Bank AG	03/20/13		75		1,222
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Morgan Stanley	03/20/13		75		1,222
The Fund pays a fixed rate equal to 1.85% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Goldman Sachs Group, Inc.	06/20/13		100		3,333
The Fund pays a fixed rate equal to 0.72% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Hewlett Packard Co. 5.40%, due 03/01/17. Counterparty: Citigroup, Inc.	03/20/14		155		1,312
The Fund pays a fixed rate equal to 2.10% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Nordstrom, Inc. 6.95%, due 03/15/28. Counterparty: Deutsche Bank AG	03/20/14		450		59,206
The Fund pays a fixed rate equal to 2.25% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 6.00%, due 08/15/35. Counterparty: Deutsche Bank AG	03/20/14		25		445
The Fund pays a fixed rate equal to 0.82% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Arrow Electronics, Inc. 6.88%, due 06/01/18. Counterparty: Citigroup, Inc.	03/20/14		155		8,736
The Fund pays a fixed rate equal to 4.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Pulte Homes, Inc. 5.25%, due 01/15/14. Counterparty: Deutsche Bank AG	03/20/15		80		(3,999	)
The Fund pays a fixed rate equal to 2.40% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Darden Restaurants, Inc. 7.13%, due 02/01/16. Counterparty: Citigroup, Inc.	03/20/15		150		(300	)
				$	72,381

Issues	Expiration Date	Credit Ratinga			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - SINGLE ISSUES
The Fund receives a fixed rate equal to 1.60% and the Fund will pay to the counterparty at par including interest accrued in the event of default of Wachovia Corp. 3.63%, due 02/17/09. Counterparty: CS First Boston	03/20/09		AA		$	550	$	1,030		$	1,030
Receive a fixed rate equal to 6.55% and the Fund will pay to the counterparty at par including interest accrued in the event of default of General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston	12/20/10		AAA		$	510	$	20,784		$	20,784
							$	21,814		$	21,814
Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - TRADED INDICES
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37	$	(639,831	)		1,140		(48,054	)		(687,885	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Goldman Sachs Group, Inc.	08/25/37		(153,023	)		300		(27,999	)		(181,022	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-1, due 08/25/37. Counterparty: Morgan Stanley	08/25/37		(190,540	)		380		(38,755	)		(229,295	)
The Fund receives a fixed rate equal to 0.09% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-1, due 08/25/37. Counterparty: CS First Boston	08/25/37		(212,458	)		1,245		(538,784	)		(751,242	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.	01/25/38		(412,365	)		750		(44,249	)		(456,614	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: CS First Boston	01/25/38		(299,677	)		550		(35,173	)		(334,850	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Royal Bank of Scotland Group Plc	01/25/38		(266,217	)		500		(38,192	)		(304,409	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Goldman Sachs Group, Inc.	01/25/38		(212,974	)		400		(30,554	)		(243,528	)
The Fund receives a fixed rate equal to 0.76% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AAA 07-2, due 01/25/38. Counterparty: Morgan Stanley	01/25/38		(222,634	)		500		(81,775	)		(304,409	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Bank of America Corp.	05/25/46		(283,156	)		350		(23,418	)		(306,574	)

78 /

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2008 (Unaudited)

Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - TRADED INDICES (continued)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46	$	(323,607	)	$	400	$	(26,763	)	$	(350,370	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: CS First Boston	05/25/46		(240,472	)		300		(22,306	)		(262,778	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Royal Bank of Scotland Group Plc	05/25/46		(242,705	)		300		(20,073	)		(262,778	)
The Fund receives a fixed rate equal to 0.17% and the Fund will pay to the counterparty at par including interest accrued in the event of default of ABX-HE-AA 06-2, due 05/25/46. Counterparty: Goldman Sachs Group, Inc.	05/25/46		(201,634	)		250		(17,347	)		(218,981	)
The Fund receives a fixed rate equal to 0.11% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the ABX-HE-AAA 06-2, due 05/25/46. Counterparty: Citigroup, Inc.	05/25/46		(112,655	)		300		(39,051	)		(151,706	)
		$	(4,013,948	)			$	(1,032,493	)	$	(5,046,441	)

^a Using Standard & Poor’s rating of the issuer.

^b The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

^c The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes:

¹ Cost for financial reporting purposes is $125,372,435 and net unrealized appreciation/ (depreciation) consists of:

Gross unrealized appreciation	$	156,940
Gross unrealized depreciation		(34,238,510	)
Net unrealized (depreciation)	$	(34,081,570	)

² Floating rate security. The rate disclosed is that in effect at December 31, 2008.

³ Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The market value of these securities at December 31, 2008 was $14,824,093 representing 18.77% of total net assets.

⁴ Illiquid security.

⁵ Security is currently in default with regards to scheduled interest or principal payments.

⁶ Expected maturity date.

⁷ Non-Rule 144A securities determined to be restricted private placements under procedures approved by the Fund’s Board of Trustees. Information related to these securities is as follows:

Date of Purchase	Security	Amortized Cost		Value		% of TNA
05/02/08	Calpine CCFC I Term Loan, 7.46%, 08/26/09	$	799,765	$	775,916	0.98	%
06/28/07	Community Health Systems, Inc. 1st Lien, 3.40%, 07/25/14		953,428		747,011	0.94	%
10/22/07	HCA Term Loan A, 3.46%, 11/18/12		924,103		803,974	1.02	%
03/07/07	Kelson 1st Lien, 4.71%, 03/16/13		215,747		162,427	0.21	%
08/21/06	Northwest Air Dip, 2.39%, 05/21/12		1,014,374		818,318	1.03	%
05/17/2007	Tribune 1st Lien Term Loan B, 6.50%, 05/24/14		981,771		282,142	0.36	%
02/01/2007	United Air Lines, Inc., 2.65%, 02/01/14		707,222		344,417	0.44	%
		$	5,596,410	$	3,934,205	4.98	%

⁸ Zero coupon bond. The rate shown is the effective yield as of December 31, 2008.

⁹ Securities, or a portion there of, pledged as collateral for futures, written options and reverse repurchase agreements.

¹⁰ Represents annualized yield at date of purchase.

^† Fair valued security. The aggregate value of fair valued securities is $16,107,362 which is 20.39% of total net assets, which have not been valued utilizing an independent quote and were valued pursuant to guidelines established by the Board of Trustees. This figure does not necessarily indicate the treatment of those securities under FAS 157, as discussed in the Notes to Financial Statements.

^* Securities with a call or reset feature will have an effective maturity date less than the stated maturity.

^** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date less than the stated maturity date.

(DIP): Defaulted interest payment

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium term note

(STEP): Step coupon bond

/ 79

Notes to Schedules of Portfolio Investments

December 31, 2008

Security Valuation:

The Funds value securities pursuant to policies and procedures approved by the Board of Trustees (the “Board’). Fixed-income securities for which market quotations are readily available are valued at prices as provided by independent pricing vendors. The Funds receive pricing information from independent pricing vendors (approved by the Board) which also use information provided by market makers or estimates of values obtained from yield data relating to investments of securities with similar characteristics. As appropriate, quotations for high yield bonds may also take additional factors into consideration such as the activity of the underlying equity or sector movements. However, securities with a demand feature exercisable within one to seven days are valued at par. The Funds also use a benchmark pricing system to the extent vendor’s prices for their securities are either inaccurate (such as when the reported prices are different from recent known market transactions) or are not available from another pricing source. For a security priced using this system, the Adviser initially selects a proxy comprised of a relevant security (i.e. U.S. Treasury Note) or benchmark (i.e. LIBOR) and a multiplier, divisor or margin that the Adviser believes would together best reflect changes in the market value of the security. The value of the security changes daily based on changes to the market price of the assigned benchmark. Once each month the Adviser obtains from one or more dealers an independent review of prices produced by the benchmark system as well as a review of the benchmark selected to adjust the price. The benchmark pricing system is continuously reviewed by the Adviser and implemented according to the pricing policy reviewed by the Board. Debt securities, which mature in less than 60 days, are valued at amortized cost if their original maturity was 60 days or less. If their original term to maturity exceeded 60 days, they are valued by amortizing the value as of the 61st day prior to maturity (unless the Board determines that this method does not represent fair value). S&P 500 futures contracts are valued at the first sale price after 4 p.m. ET on the Chicago Mercantile Exchange. All other futures contracts are valued at the official settlement price of the exchange where it is traded. Equity securities, including depository receipts, are valued at the last reported sale price or the market’s closing price on the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the average of the bid and asked prices. In cases where equity securities are traded on more than one exchange, the securities are valued on the exchange or market determined by the Adviser to be the broadest and most representative market, which may be either a securities exchange or the over-the-counter market. Securities and other assets that cannot be valued as described above will be valued at their fair value as determined by the Adviser under guidelines established by and under the general supervision and responsibility of the Board. The fair valued securities at December 31, 2008 are referenced on each Fund’s schedule of portfolio investments by a footnote.

Federal Income Taxation:

It is each Fund’s policy to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gain on investments, to its shareholders. Therefore, no federal income tax provision is required.

Distributions to shareholders are recorded on the ex-dividend date. Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have net been determined as of December 31, 2008.

Adoption of Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”):

In September 2006, the Financial Accounting Standards Board issued FAS 157 effective for fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. The Funds have adopted FAS 157 as of April 1, 2008. The three levels of the fair value hierarchy under FAS 157 are described below:

• Level 1 - quoted prices in active markets for identical securities

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs that are not corroborated by observable market data

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

80 /

Notes to Schedules of Portfolio Investments (continued)

The summary of inputs used to value the Fund’s net assets as of December 31, 2008 is as follows:

PORTFOLIO	FAIR VALUE MEASUREMENTS
				LEVEL 1			LEVEL 2			LEVEL 3
	TOTAL MARKET VALUE AT DECEMBER 31, 2008			QUOTED PRICE			SIGNIFICANT OBSERVABLE INPUTS			SIGNIFICANT UNOBSERVABLE INPUTS
Ultra Short Bond Fund
Investments in Securities	$	119,333,241		$	—		$	117,970,422		$	1,362,819
Other Financial Instruments*		(11,116,069	)		(177,689	)		(10,938,380	)		—
Total	$	108,217,172		$	(177,689	)	$	107,032,042		$	1,362,819
Low Duration Bond Fund
Investments in Securities	$	1,259,940,095		$	—		$	1,256,724,428		$	3,215,667
Other Financial Instruments*		(81,579,495	)		(1,895,959	)		(79,683,536	)		—
Total	$	1,178,360,600		$	(1,895,959	)	$	1,177,040,892		$	3,215,667
Intermediate Bond Fund
Investments in Securities	$	178,023,020		$	—		$	177,932,401		$	90,619
Other Financial Instruments*		(2,654,538	)		62,647			(2,717,185	)		—
Total	$	175,368,482		$	62,647		$	175,215,216		$	90,619
Total Return Bond Fund
Investments in Securities	$	6,463,165,878		$	—		$	6,460,193,044		$	2,972,834
Other Financial Instruments*		(96,483,665	)		(9,659,010	)		(86,824,655	)		—
Total	$	6,366,682,213		$	(9,659,010	)	$	6,373,368,389		$	2,972,834
High Yield Bond Fund
Investments in Securities	$	114,084,386		$	40,950		$	114,002,251		$	41,185
Other Financial Instruments*		(2,575,043	)		(497,968	)		(2,077,075	)		—
Total	$	111,509,343		$	(457,018	)	$	111,925,176		$	41,185
Strategic Income Fund
Investments in Securities	$	250,486,542		$	85,050		$	239,932,079		$	10,469,413
Other Financial Instruments*		(48,461,333	)		(904,104	)		(47,557,229	)		—
Total		202,025,209		$	(819,054	)	$	192,374,850		$	10,469,413
AlphaTrak 500 Fund
Investments in Securities	$	91,290,865		$	—		$	90,352,527		$	938,338
Other Financial Instruments*		(7,701,281	)		1,887,383			(9,588,664	)		—
Total	$	83,589,584		$	1,887,383		$	80,763,863		$	938,338

* Other financial instruments include (but may not be limited to) reverse repurchase agreements, swap contracts, futures, written options and short sales.

/ 81

Notes to Schedules of Portfolio Investments (continued)

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	ULTRA SHORT BOND FUND			LOW DURATION BOND FUND			INTERMEDIATE BOND FUND			TOTAL RETURN BOND FUND
Balance as of March 31, 2008	$	3,138,322		$	7,813,121		$	190,458		$	6,689,769
Accrued discounts/premiums		616			7,434			—			10,749
Realized gain (loss)		723			9,654			—			34,241
Change in unrealized appreciation (depreciation)		(1,547,247	)		(3,765,416	)		(111,771	)		(2,598,536	)
Net purchases (sales)		(229,595	)		(849,126	)		11,932			(1,163,389	)
Balance as of December 31, 2008	$	1,362,819		$	3,215,667		$	90,619		$	2,972,834
				HIGH YIELD BOND FUND			STRATEGIC INCOME FUND			ALPHATRAK 500 FUND
Balance as of March 31, 2008				$	103,611		$	24,311,269		$	1,996,997
Accrued discounts/premiums					—			99,723			(939	)
Realized gain (loss)					—			85,348			834
Change in unrealized appreciation (depreciation)					95,824			(10,388,620	)		(817,059	)
Net purchases (sales)					(158,250	)		(3,638,307	)		(241,495	)
Balance as of December 31, 2008				$	41,185		$	10,469,413		$	938,338

FASB Staff Position No. FAS 133-1 and FIN 45-4, “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45” (the “Position”):

The Position amends FASB Statement No. 133 (“FAS 133”, Accounting for Derivative Instruments and Hedging Activities, and also amends FASB Interpretation No. 45 (“FIN 45”), Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others. The amendments to FAS 133 include required disclosure for (i) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (iii) the fair value of the credit derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. The amendments to FIN 45 require additional disclosures about the current status of the payment/performance risk of a guarantee.

Credit Default Swaps:

A Fund may enter into credit default swaps for investment purposes or to manage its credit risk. A Fund enters into credit default agreements to provide a measure of protection against the default of an issuer (as buyer protection) and/or gain credit exposure to an issuer to which it is not otherwise exposed (as seller of protection). A Fund may either buy or sell (write) credit default swaps on single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a negative credit event take place (e.g. bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index. As a buyer, a Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising of an index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising of an index. As a seller (writer), a Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising of an index or pay a net settlement of cash equal to the notional amount of the sweep less the recovery value of the security or underlying securities comprising of an index. In the event of default by the counterparty to the transaction, a Fund may recover amounts paid under the agreement either partially or in total by offsetting any payables and/or receivables with collateral held or pledged.

82 /

Notes to Schedules of Portfolio Investments (continued)

Capital Loss Carryforwards:

At March 31, 2008, the following Funds had available for federal income tax purposes unused capital losses as follows:

FUND	EXPIRING IN 2014		EXPIRING IN 2015		EXPIRING IN 2016
Ultra Short Bond Fund		—	$	171,312	$	1,489,244
Low Duration Bond Fund	$	5,831,064		—		—
High Yield Bond Fund		112,035		—		161,051
Strategic Income Fund		61,791		1,235,093		9,036,932

For additional information regarding the accounting policies of the Metropolitan West Funds, refer to the most recent financial statements in the N-CSR filing at www-sec-gov.

/ 83

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

[Please verify, please provide further information if this statement is not correct.]

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

[Please verify, please provide further information if this statement is not correct.]

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Metropolitan West Funds

By (Signature and Title)*	/s/ David Lippman
	David Lippman, President and Principal Executive Officer (principal executive officer)

Date: February 27, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ David Lippman
	David Lippman, President and Principal Executive Officer (principal executive officer)

Date February 27, 2009

By (Signature and Title)*	/s/ Joseph D. Hattesohl
	Joseph D. Hattesohl, Treasurer (principal financial officer)

Date February 27, 2009

^* Print the name and title of each signing officer under his or her signature.