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, 2009

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, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 79.67%
ASSET-BACKED SECURITIES — 19.84%**
Aames Mortgage Trust 2002-1 A3 (STEP)
6.90%	06/25/32		$	34,578	$	21,264
ABFS Mortgage Loan Trust 2002-2 A7 (STEP)
5.72%	07/15/33			5,309		5,241
ABFS Mortgage Loan Trust 2002-3 A (STEP)
4.76%	09/15/33			16,763		16,084
ABFS Mortgage Loan Trust 2002-4 A (STEP)
4.93%	12/15/33			15,051		14,505
Bayview Financial Acquisition Trust 2004-B A1
1.23%	05/28/39	2,3		881,754		566,337
Bayview Financial Acquisition Trust 2005-A A1
1.23%	02/28/40	2,3,†		3,476,342		2,171,111
Bayview Financial Revolving Mortgage Loan Trust 2005-E A1
1.23%	12/28/40	2,3,†		3,155,428		1,954,911
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 A3
0.41%	03/25/37	2		2,500,000		979,482
Citigroup Mortgage Loan Trust, Inc. 2007-WFH4 A2C
1.53%	07/25/37	2		1,765,000		630,836
Conseco Financial Corp. 1994-1 A5
7.65%	04/15/19			8,065		8,029
Conseco Financial Corp. 1996-8 A6
7.60%	10/15/27	2		19,888		20,218
Contimortgage Home Equity Trust 1999-3 A6 (STEP)
8.18%	12/25/29			160		159
Countrywide Asset-Backed Certificates 2003-BC1 M1
1.61%	12/25/32	2		351,357		117,769
Countrywide Asset-Backed Certificates 2007-10 2A2
0.35%	06/25/47	2		2,975,000		1,911,338
CS First Boston Mortgage Securities Corp. 2001-MH29 A (STEP)
5.60%	09/25/31			117,812		109,969
Deutsche Financial Capital Securitization LLC 1997-I A3
6.75%	09/15/27			185,673		176,479
First Alliance Mortgage Loan Trust 1994-3 A1
7.83%	10/25/25			5,391		4,481
First Franklin Mortgage Loan Asset Backed Certificates 2004-FFA M3A
2.56%	03/25/24	2		2,558,194		1,136,259
GE Capital Mortgage Services LLC 1998-HE1 A7
6.47%	06/25/28			840		817
Green Tree Home Improvement Loan Trust 1995-C B2
7.60%	07/15/20			99,961		78,142
Green Tree Home Improvement Loan Trust 1995-F B2
7.10%	01/15/21			37,257		28,580
GSAA Trust 2005-7 AF3
4.75%	05/25/35	2		1,100,000		849,834
HFC Home Equity Loan Asset Backed Certificates 2007-3 APT
1.43%	11/20/36	2		682,809		581,579
IndyMac Manufactured Housing Contract 1998-2 A4
6.64%	12/25/27	2		214,793		200,483
Irwin Home Equity Corp. 2003-A M2
2.88%	10/25/27	2		814,595		626,030
Keystone Owner Trust 1998-P1 M2
7.93%	05/25/25	3		9,406		9,179

Lehman XS Trust 2006-14N 3A2
0.35%	08/25/36	2	1,686,617	783,843
Mid-State Trust 6 A4
7.79%	07/01/35		47,764	44,553
Morgan Stanley ABS Capital I 2004-NC2 M2
2.03%	12/25/33	2	1,147,609	628,775
Morgan Stanley ABS Capital I 2007-HE5 A2A
0.34%	03/25/37	2	493,756	411,930
Morgan Stanley ABS Capital I 2007-NC2 A2A
0.34%	02/25/37	2	567,234	496,460
Morgan Stanley IXIS Real Estate Capital Trust 2006-2 A1
0.28%	11/25/36	2	165,419	162,379
Oakwood Mortgage Investors, Inc. 1998-A A4
6.20%	05/15/28		4,278	3,760
Oakwood Mortgage Investors, Inc. 1998-B A3
6.20%	01/15/15		7,060	6,494
Oakwood Mortgage Investors, Inc. 1998-B A4
6.35%	03/15/17		353,463	325,961
Oakwood Mortgage Investors, Inc. 2002-B AIO (IO)
6.00%	05/15/10	4,†	57,599	1,379
Residential Funding Mortgage Securities II, Inc. 1999-HI6 AI7 (STEP)
8.60%	09/25/29		154,612	108,848
Residential Funding Mortgage Securities II, Inc. 2000-HI1 AI7 (STEP)
8.79%	02/25/25		14,643	12,227
Saxon Asset Securities Trust 2002-1 M2
2.03%	11/25/31	2	206,009	33,594
Soundview Home Equity Loan Trust 2006-WF2 A2C
0.37%	12/25/36	2	1,055,000	784,045

N-Q Report December 2009 / 1

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Structured Asset Securities Corp. 2007-EQ1 A4
0.48%	03/25/37	2	$	3,000,000	$	1,023,670
Terwin Mortgage Trust 2004-13AL 2PX (IO)
0.34%	08/25/34	3,4		8,889,880		69,946
UCFC Home Equity Loan 1998-D BF1
8.97%	04/15/30	2		1,243		478
Vanderbilt Mortgage Finance 1997-B 1A6
7.60%	06/07/25			1,684,456		1,704,507
Wells Fargo Home Equity Trust 2007-1 A1
0.33%	03/25/37	2		85,004		84,223
Total Asset-Backed Securities (Cost $28,450,904)						18,906,188
CORPORATES — 11.65%*
Banking — 0.67%
Bank of America N.A.
0.55%	06/15/17	2		750,000		638,408
Communications — 0.86%
Qwest Corp.
7.88%	09/01/11			500,000		526,250
Sprint Nextel Corp.
0.65%	06/28/10	2		300,000		295,309
						821,559
Electric — 0.47%
KCP&L Greater Missouri Operations Co.
11.88%	07/01/12			385,000		446,058
Finance — 7.27%
Citigroup Funding, Inc. 2
0.61%	04/30/12	2		900,000		908,897
Citigroup, Inc.
5.30%	10/17/12			600,000		625,449
Discover Financial Services
0.78%	06/11/10	2		500,000		495,710
General Electric Capital Corp. (MTN)
0.39%	06/20/14	2		250,000		235,676
General Electric Capital Corp. A (MTN)
0.51%	09/15/14	2		300,000		283,002
Goldman Sachs Group, Inc. (The)
1.03%	12/05/11	2		690,000		701,620
4.50%	06/15/10			400,000		407,254
5.45%	11/01/12			500,000		535,609
Goldman Sachs Group, Inc. B (The) (MTN)
0.68%	07/22/15	2		200,000		177,858
Lehman Brothers Holdings, Inc. H (MTN)
0.00%	11/30/10	5,6		883,000		174,944
Morgan Stanley
0.53%	01/18/11	2		395,000		393,226
5.05%	01/21/11			395,000		409,793
6.75%	04/15/11			155,000		164,271
Morgan Stanley (FRN)
0.60%	06/20/12	2		620,000		624,779
Morgan Stanley (MTN)
0.73%	10/18/16	2		260,000		239,062

Morgan Stanley 1
1.11%	12/01/11	2	535,000	544,636
				6,921,786
Transportation — 2.38%
American Airlines Pass Through Trust 2003-1 (AMBAC)
3.86%	07/09/10		1,216,246	1,190,826
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11	7	600,000	606,870
JetBlue Airways 2004-2 G1 Pass Through Trust
0.65%	08/15/16	2,†	526,200	410,091
UAL Pass Through Trust 2000-2 A
7.03%	10/01/10	7	64,092	64,092
				2,271,879
Total Corporates (Cost $11,187,943)				11,099,690
BANK LOANS — 0.76%*
Health Care — 0.76%
HCA Term Loan A
1.75%	11/18/12	8	755,461	723,144
Total Bank Loans (Cost $679,726)
MORTGAGE-BACKED — 47.42%**
Commercial Mortgage-Backed — 4.96%
Bayview Commercial Asset Trust 2007-3 A1
0.47%	07/25/37	2,3	1,438,049	953,343
Credit Suisse Mortgage Capital Certificates 2007-C2 A2
5.45%	01/15/49	2	560,000	572,148
GE Capital Commercial Mortgage Corp. 2005-C4 A3A
5.33%	11/10/45	2	110,000	112,116
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD11 A2
5.80%	06/15/49	2	290,000	294,369
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 A2
5.83%	02/15/51		500,000	513,119
JPMorgan Mortgage Trust 2005-A2 9A1
5.15%	04/25/35	2	613,988	429,162

2 / N-Q Report December 2009

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Merrill Lynch Countrywide Commercial Mortgage Trust 2007-7 A4
5.75%	06/12/50	2	$	565,000	$	475,057
Structured Asset Mortgage Investments, Inc. 2007-AR3 2A1
0.42%	09/25/47	2		2,606,558		1,372,189
						4,721,503
Non-Agency Mortgage-Backed — 21.07%
Adjustable Rate Mortgage Trust 2005-1 1A1
4.44%	05/25/35	2,†		1,375,676		923,421
American Home Mortgage Investment Trust 2004-3 3A
2.75%	10/25/34	2		1,055,611		703,680
Banc of America Funding Corp. 2003-2 1A1
6.50%	06/25/32			28,108		28,435
Banc of America Funding Corp. 2007-8 2A1
7.00%	10/25/37			785,819		570,019
Banc of America Mortgage Securities, Inc. 2003-A 2A2
5.42%	02/25/33	2		5,988		5,020
Citigroup Mortgage Loan Trust, Inc. 2004-HYB1 A41
5.11%	02/25/34	2		361,050		333,127
Countrywide Alternative Loan Trust 2004-J6 2A1
6.50%	11/25/31			447,898		413,198
Countrywide Alternative Loan Trust 2005-16 A5
0.51%	06/25/35	2		841,235		252,317
Countrywide Alternative Loan Trust 2005-27 2A1
1.89%	08/25/35	2		1,717,672		881,104
Countrywide Alternative Loan Trust 2005-61 2A1
0.51%	12/25/35	2		1,323,926		800,593
CS First Boston Mortgage Securities Corp. 2002-AR31 4A2
3.51%	11/25/32	2		200,000		121,279
CS First Boston Mortgage Securities Corp. 2004-1 2A1
6.50%	02/25/34			886,051		817,985
Deutsche Bank Alternate Loan Trust 2006-AR6 A3
0.32%	02/25/37	2		467,517		451,468
Downey Savings & Loan Association Mortgage Loan Trust 2004-AR3 2A2A
0.60%	07/19/44	2		669,124		393,476
First Horizon Asset Securities, Inc. 2002-AR2 2A1
3.12%	12/27/32	2		28,250		25,224
First Horizon Asset Securities, Inc. 2003-AR2 1A1
3.50%	07/25/33	2		99,837		90,345
GMAC Mortgage Corp. Loan Trust 2003-GH1 A5 (STEP)
5.60%	07/25/34			68,688		66,678
Harborview Mortgage Loan Trust 2005-1 X (IO)
2.35%	03/19/35	4,9		3,307,543		110,596
IndyMac Index Mortgage Loan Trust 2004-AR12 A1
0.62%	12/25/34	2		1,070,194		664,182
IndyMac Index Mortgage Loan Trust 2006-AR2 1A1A
0.45%	04/25/46	2		1,648,990		768,697
MASTR Adjustable Rate Mortgages Trust 2004-1 2A1
5.18%	01/25/34	2		68,426		59,115
MASTR Adjustable Rate Mortgages Trust 2004-12 5A1
4.08%	10/25/34	2		1,108,778		869,016
MASTR Adjustable Rate Mortgages Trust 2004-5 3A1
3.84%	06/25/34	2		52,356		45,063

MASTR Seasoned Securities Trust 2004-1 4A1
3.72%	10/25/32	2	166,748	159,022
MASTR Seasoned Securities Trust 2004-2 A2
6.50%	08/25/32		694,144	703,159
Merrill Lynch Mortgage Investors, Inc. 2003-A1 2A
2.82%	12/25/32	2	477,182	428,491
Residential Asset Mortgage Products, Inc. 2003-SL1 A11
7.13%	03/25/16		229,381	227,564
Residential Asset Mortgage Products, Inc. 2004-SL1 A2
8.50%	11/25/31		161,287	155,094
Residential Asset Mortgage Products, Inc. 2004-SL1 A8
6.50%	11/25/31		313,869	301,847
Residential Asset Securitization Trust 2004-IP2 2A1
3.20%	12/25/34	2	595,820	472,503
Residential Asset Securitization Trust 2007-A7 A4
6.00%	07/25/37		2,430,637	1,753,378
Structured Asset Mortgage Investments, Inc. 2006-AR8 A1A
0.43%	10/25/36	2	2,058,482	1,071,497
Structured Asset Securities Corp. 2001-15A 4A1
6.00%	10/25/31	2	65,086	58,622

N-Q Report December 2009 / 3

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Washington Mutual Alternative Mortgage Pass-Through Certificates 2005-4 CB13
0.73%	06/25/35	2	$	789,926	$	485,108
Washington Mutual Alternative Mortgage
Pass-Through Certificates 2007-OA3 4A1
1.31%	04/25/47	2		3,126,531		1,586,116
Washington Mutual Mortgage Pass-Through Certificates 2002-AR6 A
1.94%	06/25/42	2		151,956		109,985
Washington Mutual Mortgage Pass-Through Certificates 2003-AR6 A1
3.05%	06/25/33	2		579,014		540,812
Washington Mutual Mortgage Pass-Through Certificates 2007-0A4 1A
1.31%	05/25/47	2		1,306,087		686,127
Washington Mutual Mortgage Pass-Through Certificates 2007-0A6 1A
1.35%	07/25/47	2		1,840,290		940,398
Washington Mutual Mortgage Pass-Through Certificates 2007-HY4 1A1
5.46%	04/25/37	2		1,286,763		901,256
Washington Mutual MSC Mortgage Pass-Through Certificates 2003-MS9 1A
7.00%	04/25/33			104,324		105,161
						20,080,178
U.S. Agency Mortgage-Backed — 21.39%
Fannie Mae 1988-12 A
6.05%	02/25/18	2		115,475		113,044
Fannie Mae 1993-80 S
10.57%	05/25/23	2		9,548		10,083
Fannie Mae 1997-23 PB
6.63%	01/25/22			19,689		21,234
Fannie Mae 2000-27 AN
6.00%	08/25/30			11,876		12,491
Fannie Mae 2001-42 SB
8.50%	09/25/31	2		6,364		6,506
Fannie Mae 2003-124 IO (IO)
5.25%	03/25/31			70,037		5,766
Fannie Mae 2003-124 TS
9.80%	01/25/34	2		123,523		129,509
Fannie Mae 2003-30 ET
3.50%	08/25/16			710,046		720,522
Fannie Mae 2003-37 IG (IO)
5.50%	05/25/32			174,621		18,540
Fannie Mae 2003-85 IE (IO)
5.50%	06/25/29			49,348		1,248
Fannie Mae 2004-96 MT
7.00%	12/25/34	2		156,146		151,855
Fannie Mae 2005-39 BN
4.55%	06/25/28			729,454		754,779
Fannie Mae 2005-47 SL
7.50%	06/25/35	2		272,521		268,737
Fannie Mae 2007-65 PA
6.00%	03/25/31			728,835		768,121
Fannie Mae 2008-35 CI (IO)
1.28%	02/25/11	2		24,759,857		283,171
Fannie Mae 2009-9 VM (IO)
3.18%	04/25/13	2,†		5,888,591		316,448
Fannie Mae Pool 111643
6.43%	09/01/20	2		27,515		28,424
Fannie Mae Pool 190656
6.50%	02/01/14			162,878		176,769
Fannie Mae Pool 523829
8.00%	11/01/19			235,349		270,489
Fannie Mae Pool 555098
3.23%	11/01/32	2		122,027		125,952
Fannie Mae Pool 555177
3.26%	01/01/33	2		148,288		153,369
Fannie Mae Pool 555207
7.00%	11/01/17			39,679		42,802
Fannie Mae Pool 567002
8.00%	05/01/23			134,253		152,888
Fannie Mae Pool 646884
2.17%	05/01/32	2		7,679		7,785
Fannie Mae Pool 647903
2.16%	04/01/27	2		62,196		63,294
Fannie Mae Pool 648860
6.50%	05/01/17			721,361		782,924
Fannie Mae Pool 655127
7.00%	07/01/32			38,198		41,980
Fannie Mae Pool 655133
7.00%	08/01/32			50,424		55,411
Fannie Mae Pool 655151
7.00%	08/01/32			64,590		70,931
Fannie Mae Pool 754001
4.38%	12/01/33	2		630,918		649,878
Fannie Mae Pool 762525
6.50%	11/01/33			186,097		199,589
Fannie Mae Pool 770900
3.58%	04/01/34	2		558,538		576,779
Fannie Mae Pool 805268
3.03%	01/01/35	2		667,116		669,814
Fannie Mae Pool 811267
3.54%	12/01/34	2		216,178		221,275
Fannie Mae Pool 893489
6.21%	09/01/36	2		746,917		794,299
Freddie Mac 1214 KA
1.08%	02/15/22	2		30,445		30,706

4 / N-Q Report December 2009

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac 1526 L
6.50%	06/15/23		$	30,093	$	32,297
Freddie Mac 2043 CJ
6.50%	04/15/28			63,642		67,456
Freddie Mac 2527 TI (IO)
6.00%	02/15/32			257,960		18,608
Freddie Mac 2561 BX (IO)
5.00%	05/15/17			304,095		15,723
Freddie Mac 2594 VK
5.00%	02/15/23			77,938		78,234
Freddie Mac 2642 BW (IO)
5.00%	06/15/23			55,214		7,854
Freddie Mac 2657 LX (IO)
6.00%	05/15/18			234,939		25,788
Freddie Mac 2856 ST
7.00%	09/15/23	2		711,322		714,244
Freddie Mac 2877 MV
4.75%	12/15/28			595,058		613,501
Freddie Mac 2905 JG
7.00%	09/15/34			183,865		184,389
Freddie Mac 2906 NX (IO)
5.27%	12/15/34	2		4,112,777		199,106
Freddie Mac 2971 AB
5.00%	05/15/20			21,211		22,077
Freddie Mac 3202 HS (IO)
6.42%	08/15/36	2		2,498,867		84,666
Freddie Mac 3330 PA
5.50%	02/15/26			762,438		780,343
Freddie Mac Gold C90237
6.50%	11/01/18			151,128		164,780
Freddie Mac Gold C90474
7.00%	08/01/21			209,269		232,668
Freddie Mac Gold D93410
6.50%	04/01/19			111,723		121,756
Freddie Mac Gold O30092
5.50%	10/01/15			140,596		147,719
Freddie Mac Gold P20295
7.00%	10/01/29			91,400		98,056
Freddie Mac Non Gold Pool 1G2627
6.01%	03/01/37	2		915,179		960,145
Freddie Mac Non Gold Pool 1J1393
6.37%	10/01/36	2		1,092,075		1,158,507
Freddie Mac Non Gold Pool 1J1509
6.31%	11/01/36	2		1,159,415		1,228,374
Freddie Mac Non Gold Pool 1J1534
5.72%	03/01/37	2		1,241,588		1,313,898
Freddie Mac Non Gold Pool 1N1446
5.23%	01/01/37	2		792,441		831,130
Freddie Mac Non Gold Pool 775554
4.52%	10/01/18	2		6,245		6,237
Freddie Mac Non Gold Pool 782824
2.72%	11/01/34	2		756,237		776,255

Freddie Mac Non Gold Pool 865369
4.86%	06/01/22	2	4,920	4,982
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32		186,476	9,913
Ginnie Mae 2004-2 FW
1.64%	01/16/34	2	332,998	329,742
Ginnie Mae 2004-41 IE (IO)
5.50%	05/20/30		1,374,145	53,730
Ginnie Mae II Pool 80546
4.00%	10/20/31	2	43,284	44,181
Ginnie Mae II Pool 80610
4.38%	06/20/32	2	524,912	539,601
Ginnie Mae II Pool 80614
3.63%	07/20/32	2	65,605	66,764
Ginnie Mae II Pool 80687
4.50%	04/20/33	2	313,740	322,699
Ginnie Mae II Pool 81018
3.63%	08/20/34	2	228,932	231,559
Ginnie Mae II Pool 8339
4.13%	12/20/23	2	80,451	82,083
Ginnie Mae II Pool 8684
3.63%	08/20/25	2	111,933	114,582
				20,381,059
Total Mortgage-Backed (Cost $51,424,418)				45,182,740
Total Bonds — 79.67% (Cost $91,742,991)				75,911,762
Issues	Maturity Date		Shares/ Principal Amount	Value
SHORT TERM INVESTMENTS — 30.87%
Commercial Paper — 2.00%
BNP Paribas Finance, Inc.
0.13%10	02/05/10		955,000	954,890
Rabobank USA Financial Corp.
0.13%10	02/04/10		950,000	949,871
				1,904,761
Money Market Fund — 16.10%
Dreyfus Cash Advantage Fund
1.51%			4,299,000	4,299,000

N-Q Report December 2009 / 5

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date	Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS (continued)
Money Market Fund (continued)
Goldman Sachs Group, Inc. (The)
0.05%11			11,044,000	$	11,044,000
					15,343,000
U.S. Agency Discount Notes — 12.77%
Fannie Mae
0.05%10	02/01/10	$	315,000		314,988
0.05%10	02/04/10		6,165,000		6,164,734
Federal Home Loan Bank
0.07%10	02/05/10		1,190,000		1,189,952
Freddie Mac
0.06%10	02/18/10		4,495,000		4,494,663
					12,164,337
Total Short Term Investments (Cost $29,412,094)					29,412,098
Total Investments – 110.54% (Cost $121,155,085)1					105,323,860
Liabilities in Excess of Other Assets — (10.54)%					(10,045,600	)
Net Assets — 100.00%				$	95,278,260
Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
Six month forward rate swap based upon the spread between the CMM30-FNMA rate and 10 year CMS rate plus 0.49%. The Fund receives an amount equal to the difference between the CMM30-FNMA rate minus the 10 year CMS rate plus 0.49% times the notional amount if positive. The Fund owes a comparable amount if negative. Counterparty: Goldman Sachs Group, Inc. (The)
	05/27/10	$	710	$	3,235
				$	3,235

Issues	Expiration Date	Credit Ratinga			Notional Amount (000’s)b		Appreciation			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - SINGLE ISSUES
The Fund receives 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 the General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston
	12/20/10		AAA		$	640	$	35,285		$	35,285
The Fund receives a fixed rate equal to 4.00% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the Berkshire Hathaway, Inc., 4.63%, due 10/15/13. Counterparty: Barclays Capital, Inc.
	03/20/11		AAA		$	500	$	19,963		$	19,963
							$	55,248		$	55,248
Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		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	$	(628,218	)	$	1,160	$	(129,268	)	$	(757,486	)
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. (The)
	08/25/37		(1,132,020	)		2,300		(369,893	)		(1,501,913	)
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		(959,756	)		1,950		(313,605	)		(1,273,361	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.
	01/25/38		(2,908,323	)		4,700		(15,089	)		(2,923,412	)
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: Bank of America Corp.
	05/25/46		(370,875	)		471		(49,155	)		(420,030	)
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		(741,749	)		942		(98,312	)		(840,061	)
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		(440,954	)		565		(63,082	)		(504,036	)
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: Royal Bank of Scotland Group Plc
	05/25/46		(370,875	)		471		(49,155	)		(420,030	)
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: Goldman Sachs Group, Inc. (The)
	05/25/46		(295,790	)		377		(40,234	)		(336,024	)
		$	(7,848,560	)			$	(1,127,793	)	$	(8,976,353	)

6 / N-Q Report December 2009

Ultra Short Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

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

^b The maximum potential payment 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 $121,179,825 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	5,994,678
Gross unrealized depreciation		(21,850,643	)
Net unrealized depreciation	$	(15,855,965	)

² Floating rate security. The rate disclosed is that in effect at December 31, 2009.

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, 2009 was $5,724,827 representing 6.01% of total net assets.

⁴ Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $181,921 which is 0.19% of total net assets.

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

⁶ Non-income producing security.

⁷ Expected maturity date.

⁸ 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 Total Net Assets
02/04/09	HCA Term Loan A, 1.75%, 11/18/12	$	679,726	$	723,144	0.76	%

⁹ Zero coupon bond. The rate shown is the effective yield as of December 31, 2009.

¹⁰ Represents annualized yield at date of purchase.

¹¹ Securities, or a portion there of, pledged as collateral for swaps.

^† Fair valued security. The aggregate value of fair valued securities is $5,777,361 which is 6.06% 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 Assurance Corp.

(IO): Interest only

(MTN): Medium term note

(STEP): Step coupon bond

N-Q Report December 2009 / 7

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 79.02%
ASSET-BACKED SECURITIES — 15.40%**
ABFS Mortgage Loan Trust 2002-2 A7 (STEP)
5.72%	07/15/33		$	107,794	$	106,417
Amresco Residential Securities Mortgage Loan Trust 1998-1 A5 (STEP)
7.57%	10/25/27			42,452		31,297
Bayview Financial Acquisition Trust 2005-A A1
1.23%	02/28/40	2,3,†		10,863,568		6,784,723
Bayview Financial Acquisition Trust 2006-B 2A2
0.43%	04/28/36	2		460,416		452,887
Bayview Financial Revolving Mortgage Loan Trust 2005-E A1
1.23%	12/28/40	2,3,†		11,327,177		7,017,628
Bear Stearns Asset Backed Securities Trust 2000-2 M2 (STEP)
8.28%	08/25/30			3,579,710		3,200,255
Bear Stearns Asset Backed Securities Trust 2007-2 A1
0.42%	01/25/47	2		1,484,803		1,309,788
Bear Stearns Asset Backed Securities Trust 2007-HE1 1A1
0.35%	02/25/37	2		1,452,096		1,290,268
Carrington Mortgage Loan Trust 2004-NC2 M1
0.92%	08/25/34	2		218,633		124,393
Carrington Mortgage Loan Trust 2007-FRE1 A3
0.49%	02/25/37	2		14,875,000		5,351,997
Castle Trust 2003-1AW A1
0.98%	05/15/27	2,3,†		3,169,351		2,408,561
Chase Funding Mortgage Loan Asset-Backed Certificates 2001-4 1A6
6.24%	01/25/13	2		4,322,136		3,924,161
Chase Funding Mortgage Loan Asset-Backed Certificates 2002-2 2M1
1.13%	02/25/32	2		762,559		192,598
Citigroup Mortgage Loan Trust, Inc. 2006-AMC1 A2B
0.16%	09/25/36	2,†		7,699,385		4,003,361
Citigroup Mortgage Loan Trust, Inc. 2007-WFH1 A2
0.33%	01/25/37	2		284,250		267,734
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 A3
0.41%	03/25/37	2		150,000		58,769
Citigroup Mortgage Loan Trust, Inc. 2007-WFH4 A2C
1.53%	07/25/37	2		90,000		32,167
Citigroup Mortgage Loan Trust, Inc. 2007-WFH4 M1
1.88%	07/25/37	2,†		8,520,000		390,443
Conseco Finance 2001-D A5
6.19%	11/15/32	2		470,500		442,570
Conseco Financial Corp. 1994-1 A5
7.65%	04/15/19			475,831		473,699
Conseco Financial Corp. 1998-2 A5
6.24%	12/01/28	2		37,761		34,638
Countrywide Asset-Backed Certificates 2007-11 2A1
0.29%	06/25/47	2		545,753		501,843
Countrywide Asset-Backed Certificates 2007-4 A1B
5.81%	09/25/37			3,545,642		3,499,515
Countrywide Asset-Backed Certificates 2007-7 2A1
0.31%	10/25/47	2		484,489		439,165
Credit-Based Asset Servicing and Securitization LLC 2006-CB1 AF2 (STEP)
5.24%	01/25/36			3,449,177		2,242,299
Credit-Based Asset Servicing and Securitization LLC 2006-CB9 A4
0.46%	11/25/36	2		6,000,000		2,084,437
Credit-Based Asset Servicing and Securitization LLC 2007-CB2 A2B (STEP)
5.51%	02/25/37			20,580,000		13,574,512
Credit-Based Asset Servicing and Securitization LLC 2007-CB5 A1
0.29%	04/25/37	2		3,647,025		2,666,696
First Alliance Mortgage Loan Trust 1994-3 A1
7.83%	10/25/25			1,617		1,344
First Franklin Mortgage Loan Asset Backed Certificates 2005-FFA M2 (STEP)
5.48%	03/25/25			6,888,952		5,840,023
First Union Home Equity Loan Trust 1997-3 B
7.39%	03/25/29			47,515		7,131
Genesis Funding Ltd. 2006-1A G1 (Bermuda)
0.47%	12/19/32	2,3,4,†		8,639,321		6,478,775
GMAC Mortgage Corp. Loan Trust 2000-HE2 A1
0.67%	06/25/30	2		3,043,619		1,246,201
Green Tree Home Improvement Loan Trust 1997-E HEB1
7.53%	01/15/29			3,484,579		3,203,780
Green Tree Recreational Equipment & Consumer Trust 1996-D Certificates
7.24%	12/15/22			141,086		86,533
GSAA Trust 2006-9 A4A
0.47%	06/25/36	2		13,500,000		5,372,036
HFC Home Equity Loan Asset Backed Certificates 2006-3 A4
0.47%	03/20/36	2		8,680,000		5,464,729
HFC Home Equity Loan Asset Backed Certificates 2007-1 AS
0.43%	03/20/36	2		11,867,980		8,717,848

8 / N-Q Report December 2009

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
HFC Home Equity Loan Asset Backed Certificates 2007-2 A4
0.53%	07/20/36	2	$	1,325,000	$	544,759
HFC Home Equity Loan Trust 2005-3 M1
0.65%	01/20/35	2		4,545,244		3,920,487
Home Equity Asset Trust 2007-3 2A2
0.41%	08/25/37	2		5,635,000		2,703,318
Home Equity Mortgage Trust 2006-1 A1B
0.36%	05/25/36	2		1,111,522		700,823
HSI Asset Securitization Corp. Trust 2006-OPT2 2A3
0.42%	01/25/36	2		2,755,030		2,469,687
JPMorgan Mortgage Acquisition Corp. 2007-CH1 AF2 (STEP)
5.45%	11/25/36			12,415,000		11,554,754
JPMorgan Mortgage Acquisition Corp. 2007-CH2 AF2 (STEP)
5.48%	01/25/37			15,300,000		11,458,770
JPMorgan Mortgage Acquisition Corp. 2007-CH5 A2
0.28%	05/25/37	2		3,463,305		3,170,056
JPMorgan Mortgage Acquisition Corp. 2007-HE1 AV1
0.29%	04/01/37	2		7,156,905		5,475,368
JPMorgan Mortgage Acquisition Corp. 2007-HE1 AV4
0.51%	03/25/47	2		50,000		17,558
Lehman ABS Manufactured Housing Contract 2001-B AIOC (IO)
0.55%	05/15/41	2,5,†		379,022,963		6,001,592
Lehman XS Trust 2006-GP1 A4A
0.56%	05/25/46	2		12,240,489		2,507,170
MASTR Asset Backed Securities Trust 2007-HE1 A2
0.38%	05/25/37	2		6,260,000		3,652,248
MASTR Asset Backed Securities Trust 2007-HE1 A3
0.44%	05/25/37	2		55,000		21,880
Merrill Lynch First Franklin Mortgage Loan Trust 2007-3 A2C
0.41%	06/25/37	2		19,057,200		7,234,235
Mid-State Trust 2004-1 B
8.90%	08/15/37			971,390		910,894
Mid-State Trust 2006-1 A
5.79%	10/15/40	3		9,651,450		9,649,451
Morgan Stanley ABS Capital I 2004-NC2 M2
2.03%	12/25/33	2		252,474		138,330
Morgan Stanley ABS Capital I 2007-HE7 M2
2.23%	07/25/37	2,†		3,525,000		340,254
Morgan Stanley Mortgage Loan Trust 2007-10XS A18
6.00%	07/25/47	2		16,453,006		11,564,107
Nationstar Home Equity Loan Trust 2007-A AV1
0.29%	03/25/37	2		4,569		4,341
Nationstar Home Equity Loan Trust 2007-A AV4
0.46%	03/25/37	2,†		5,928,000		2,815,555
Nationstar Home Equity Loan Trust 2007-B 2AV1
0.35%	04/25/37	2		488,819		453,778
Nationstar Home Equity Loan Trust 2007-C 2AV1
0.29%	06/25/37	2		52,975		51,406
Nationstar Home Equity Loan Trust 2007-C 2AV3
0.41%	06/25/37	2		7,807,200		3,227,339
Nomura Asset Acceptance Corp. 2006-S1 A1
0.37%	01/25/36	2,3		28,428		27,612
Oakwood Mortgage Investors, Inc. 2002-B AIO (IO)
6.00%	05/15/10	5,†		8,470,395		202,849
Pegasus Aviation Lease Securitization 2000-1 B1
8.08%	03/25/30	3,6		8,806,150		2,810
Popular ABS Mortgage Pass-Through Trust 2007-A A3
0.54%	06/25/47	2		70,000		25,841
Residential Funding Mortgage Securities II, Inc. 2000-HI1 AI7 (STEP)
8.79%	02/25/25			10,847		9,057
Resmae Mortgage Loan Trust 2006-1 A1B
0.50%	02/25/36	2,3		2,267,131		530,309
Securitized Asset Backed Receivables LLC Trust 2007-BR5 A2A
0.36%	05/25/37	2		10,365,967		7,257,747
SG Mortgage Securities Trust 2006-FRE1 A1B
0.50%	02/25/36	2		1,694,149		970,490
Soundview Home Equity Loan Trust 2006-OPT1 2A4
0.50%	03/25/36	2		7,300,000		3,763,814
Soundview Home Equity Loan Trust 2006-WF2 A2C
0.37%	12/25/36	2		12,000,000		8,918,047
Soundview Home Equity Loan Trust 2007-OPT5 M2
2.38%	10/25/37	2,3		90,000		6,551
Structured Asset Securities Corp. 2007-BC2 A3
0.36%	03/25/37	2,†		55,000		32,447
Terwin Mortgage Trust 2004-7HE A1
0.78%	07/25/34	2,3		142,962		115,476
Terwin Mortgage Trust 2005-9HGS A1
4.00%	08/25/35	2,3		480,078		445,360

N-Q Report December 2009 / 9

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Wells Fargo Home Equity Trust 2007-1 A1
0.33%	03/25/37	2	$	119,451	$	118,353
Wells Fargo Home Equity Trust 2007-2 A1
0.32%	04/25/37	2		866,499		833,699
Total Asset-Backed Securities (Cost $300,226,106)						213,173,843
CORPORATES — 28.88%*
Banking — 4.63%
Bank of America Corp.
5.65%	05/01/18			300,000		305,186
Bank of America N.A.
0.55%	06/15/17	2		2,500,000		2,128,025
BankAmerica Capital III
0.85%	01/15/27	2		2,881,000		2,009,497
BankAmerica Institutional A
8.07%	12/31/26	3		5,250,000		5,184,375
Chase Capital II B
0.78%	02/01/27	2		6,455,000		4,617,804
Credit Suisse/Guernsey 1 (Switzerland)
0.96%	05/29/49	2,4		8,065,000		5,373,306
Credit Suisse/New York (MTN) (Switzerland)
3.45%	07/02/12	4		1,825,000		1,878,317
5.00%	05/15/13	4		11,000,000		11,739,882
Deutsche Bank AG/London (Germany)
4.88%	05/20/13	4		7,640,000		8,122,886
JPMorgan Chase & Co.
4.75%	05/01/13			30,000		31,690
JPMorgan Chase & Co. C (MTN)
8.55%	07/23/13	2		1,500,000		1,401,450
JPMorgan Chase Capital XIII M
1.20%	09/30/34	2		1,576,000		1,116,839
JPMorgan Chase Capital XXI U
1.23%	02/02/37	2		3,250,000		2,244,928
National Australia Bank Ltd. A (Australia)
8.60%	05/19/10	4		9,250,000		9,534,956
Nationsbank Capital Trust III
0.83%	01/15/27	2		7,650,000		5,341,949
NB Capital Trust II
7.83%	12/15/26			3,200,000		3,000,000
						64,031,090
Communications — 1.21%
Cellco Partnership/Verizon Wireless Capital LLC
3.75%	05/20/11			5,440,000		5,611,425
Qwest Communications International, Inc.
7.25%	02/15/11			500,000		505,000
Qwest Corp.
7.88%	09/01/11			5,920,000		6,230,800
Sprint Nextel Corp.
0.65%	06/28/10	2		4,275,000		4,208,148
Visant Holding Corp.
8.75%	12/01/13			200,000		206,500
						16,761,873
Electric — 2.62%
Cedar Brakes I LLC
8.50%	02/15/14	3		2,137,002		2,171,234
Cedar Brakes II LLC
9.88%	09/01/13	3		6,765,900		6,893,844
FPL Energy National Wind Portfolio LLC
6.13%	03/25/19	3		117,679		111,794
KCP&L Greater Missouri Operations Co.
7.95%	02/01/11			2,500,000		2,613,742
11.88%	07/01/12			5,639,000		6,533,306
Mirant Mid Atlantic LLC A
8.63%	06/30/12			4,024,471		4,104,960
Nisource Finance Corp.
7.88%	11/15/10			2,050,000		2,149,589
Power Contract Financing LLC
6.26%	02/01/10	3		1,142,612		1,144,872
TECO Energy, Inc.
2.28%	05/01/10	2		5,665,000		5,680,194
W3A Funding Corp.
8.09%	01/02/17			4,816,848		4,838,288
						36,241,823
Energy — 1.05%
AES Corp. (The)
8.75%	05/15/13	3		219,000		225,570
Allis-Chalmers Energy, Inc.
9.00%	01/15/14			450,000		432,000
Aquila Canada Finance Corp. (Canada)
7.75%	06/15/11	4		1,835,000		1,928,504
Chesapeake Energy Corp.
7.00%	08/15/14			250,000		254,375
Comstock Resources, Inc.
6.88%	03/01/12			150,000		151,125
Corral Petroleum Holdings AB (PIK) (Sweden)
1.78%	04/15/10	3,4,†		273,198		225,387
Hilcorp Energy I LP/Hilcorp Finance Co.
7.75%	11/01/15	3		575,000		566,375
Massey Energy Co.
6.88%	12/15/13			375,000		376,406
OPTI Canada, Inc. (Canada)
7.88%	12/15/14	4		250,000		203,125

10 / N-Q Report December 2009

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Sempra Energy Employee Stock Ownership Plan & Trust
5.78%	11/01/14	3,†	$	5,000,000	$	4,926,953
Sonat, Inc.
7.63%	07/15/11			350,000		362,496
Williams Cos., Inc. (The)
7.13%	09/01/11			4,555,000		4,869,869
						14,522,185
Finance — 12.37%
Bear Stearns Cos., Inc. (The) (MTN)
6.95%	08/10/12			10,000,000		11,130,140
Capital One Financial Corp.
7.38%	05/23/14			5,000,000		5,666,525
Citigroup, Inc.
5.30%	10/17/12			1,399,000		1,458,339
5.50%	04/11/13			11,034,000		11,448,183
5.50%	10/15/14			3,510,000		3,557,683
6.01%	01/15/15			2,485,000		2,540,157
6.38%	08/12/14			8,000,000		8,334,036
Countrywide Financial Corp. (MTN)
5.80%	06/07/12			5,660,000		6,016,390
Discover Financial Services
0.78%	06/11/10	2		6,905,000		6,845,748
Ford Motor Credit Co. LLC
1.85%	01/15/10	2		4,070,000		4,075,088
General Electric Capital Corp. (MTN)
0.39%	06/20/14	2		3,500,000		3,299,464
0.66%	05/05/26	2		5,700,000		4,829,097
General Electric Capital Corp. A (MTN)
0.51%	09/15/14	2		10,144,000		9,569,241
General Electric Capital Corp. E (MTN)
0.40%	03/20/14	2,†		5,500,000		4,956,647
GMAC LLC
2.46%	12/01/14	2		1,424,000		1,123,180
Goldman Sachs Group, Inc. (The)
0.78%	01/12/15	2		2,500,000		2,389,018
1.03%	12/05/11	2		10,970,000		11,154,746
5.45%	11/01/12			8,000,000		8,569,739
6.15%	04/01/18			2,500,000		2,680,592
Goldman Sachs Group, Inc. B (The) (MTN)
0.68%	07/22/15	2		800,000		711,430
Lehman Brothers Holdings, Inc. (MTN)
0.00%	06/20/16	6,7		4,835,000		957,934
0.00%	11/07/16	6,7		6,776,000		1,342,495
0.00%	02/16/17	6,7		4,198,000		831,729
MBNA Capital A
8.28%	12/01/26			924,000		898,590
MBNA Capital B
1.08%	02/01/27	2		2,721,000		1,863,145
Merrill Lynch & Co., Inc. (MTN)
8.68%	05/02/17	2		30,000		30,770
8.95%	05/18/17	2		30,000		30,938
9.57%	06/06/17	2		5,184,000		5,404,579

Morgan Stanley
0.53%	01/18/11	2	4,405,000	4,385,213
0.56%	01/15/10	2	20,000	20,001
0.76%	10/15/15	2	2,830,000	2,657,647
4.20%	11/20/14		750,000	751,344
6.00%	05/13/14		1,325,000	1,424,733
Morgan Stanley (FRN)
0.60%	06/20/12	2	9,655,000	9,729,419
Morgan Stanley (MTN)
5.63%	01/09/12		5,000,000	5,319,196
Morgan Stanley 1
1.11%	12/01/11	2	4,115,000	4,189,119
Morgan Stanley G (MTN)
0.58%	01/09/14	2	1,405,000	1,342,750
Pemex Finance Ltd. (Cayman Islands)
8.88%	11/15/10	4,†	1,955,733	2,026,989
Power Receivable Finance LLC
6.29%	01/01/12	3	993,184	1,013,012
6.29%	01/01/12		1,042,491	1,063,304
Prudential Holdings LLC (FSA)
1.13%	12/18/17	2,3	10,665,000	8,781,316
Wachovia Corp. (MTN)
5.50%	05/01/13		5,655,000	6,012,057
Woodbourne Capital Trust I
2.64%	04/08/49	2,3,5	1,000,000	210,000
Woodbourne Capital Trust II
2.64%	04/08/49	2,3,5	1,000,000	210,000
Woodbourne Capital Trust III
2.74%	04/08/49	2,3,5	1,000,000	210,000
Woodbourne Capital Trust IV
2.74%	04/08/49	2,3,5	1,000,000	210,000
				171,271,723
Health Care — 0.57%
CHS/Community Health Systems, Inc.
8.88%	07/15/15		250,000	258,750
UnitedHealth Group, Inc.
4.88%	02/15/13		7,348,000	7,693,481
				7,952,231
Insurance — 1.29%
Farmers Insurance Exchange
6.00%	08/01/14	3	2,000,000	1,937,089

N-Q Report December 2009 / 11

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Insurance (continued)
Metropolitan Life Global Funding I
1.00%	06/25/10	2,3	$	50,000	$	50,070
2.16%	06/10/11	2,3		2,000,000		2,040,838
2.88%	09/17/12	3		2,810,000		2,821,102
5.13%	04/10/13	3		4,550,000		4,823,846
5.13%	06/10/14	3		3,230,000		3,421,684
Nationwide Mutual Insurance Co.
5.81%	12/15/24	2,3		3,550,000		2,807,340
						17,901,969
Real Estate Investment Trust (REIT) — 3.16%
Avalonbay Communities, Inc. (MTN)
6.13%	11/01/12			1,057,000		1,125,651
CPG Partners LP
8.25%	02/01/11			4,710,000		4,928,332
Duke Realty LP
5.63%	08/15/11			8,550,000		8,756,688
6.25%	05/15/13			9,000,000		9,058,302
HCP, Inc.
6.45%	06/25/12			4,000,000		4,120,524
Shurgard Storage Centers LLC
7.75%	02/22/11			1,500,000		1,578,857
UDR, Inc. E (MTN)
3.90%	03/15/10			25,000		25,016
WEA Finance LLC/WT Finance
7.50%	06/02/14	3		4,000,000		4,511,229
Weingarten Realty Investors A (MTN)
8.25%	01/22/10			3,800,000		3,802,314
Westfield Capital Corp. Ltd. (Multinational)
4.38%	11/15/10	3,4		5,690,000		5,847,715
						43,754,628
Services — 0.07%
Mobile Mini, Inc.
6.88%	05/01/15			375,000		356,250
United Rentals North America, Inc.
6.50%	02/15/12			425,000		426,063
7.00%	02/15/14			125,000		113,750
						896,063
Transportation — 1.91%
American Airlines Pass Through Trust 2001-02
6.98%	04/01/11	8		5,461		5,420
American Airlines Pass Through Trust 2003-1 (AMBAC)
3.86%	07/09/10			4,864,983		4,763,305
Continental Airlines, Inc. 1997-1 A
7.46%	04/01/15			1,616,126		1,535,320
Continental Airlines, Inc. 1997-4 A
6.90%	01/02/18			11,870		11,485
Delta Air Lines, Inc. 2000-1 A1
7.38%	05/18/10			746,020		750,682
Delta Air Lines, Inc. 2001-1 A1
6.62%	03/18/11			3,994,305		3,979,326
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11			8,751,000		8,851,199
Northwest Airlines, Inc. 2001 1A-2
6.84%	04/01/11			1,500,000		1,481,250
United Air Lines, Inc.
10.40%	11/01/16			4,767,000		5,023,226
						26,401,213
Total Corporates (Cost $400,537,828)						399,734,798
BANK LOANS — 0.92%*
Communications — 0.16%
Cebridge 2nd Lien (PIK)
6.26%	05/05/14	9		480,677		482,579
Charter Communications, Inc. Term Loan 3rd Lien
2.76%	02/27/14	6,9		500,000		457,875
Dex Media West LLC Term Loan B
6.90%	10/24/14	9		1,174,100		1,088,000
Univision Communications, Inc. 1st Lien Strip
2.50%	03/15/14	9		125,000		109,063
						2,137,517
Electric — 0.04%
TPF Generation Holdings LLC 2nd Lien
4.49%	12/15/14	9		250,000		214,688
TXU Energy Term Loan B3
3.73%	10/10/14			488,750		395,643
						610,331
Health Care — 0.53%
Carestream Health, Inc. Term Loan
5.49%	10/30/13	9		500,000		426,719
HCA Term Loan A
1.75%	11/18/12	9		7,171,333		6,864,557
						7,291,276
Insurance — 0.02%
Asurion Corp. Term Loan
3.24%	07/03/14	9		249,375		239,348
Materials — 0.01%
Lyondell Chemical Co. New Money (DIP)
13.00%	12/15/09			93,852		98,145

12 / N-Q Report December 2009

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BANK LOANS (continued)
Materials (continued)
Lyondell Chemical Co. Roll Up (DIP)
5.79%	12/15/09		$	93,713	$	97,579
						195,724
Services — 0.05%
Cengage Learning Term Loan B
2.75%	07/09/14	9		733,125		671,267
Transportation — 0.11%
Delta Air Lines, Inc. Term Loan 1st Lien
2.20%	05/01/12	9		1,470,000		1,306,463
United Air Lines, Inc.
2.31%	02/01/14	9		348,611		274,531
						1,580,994
Total Bank Loans (Cost $12,930,408)						12,726,457
MORTGAGE-BACKED — 32.30%**
Commercial Mortgage-Backed — 4.56%
Bayview Commercial Asset Trust 2006-3A A1
0.48%	10/25/36	2,3,†		5,208,243		3,592,090
Bayview Commercial Asset Trust 2007-1 A1
0.45%	03/25/37	2,3,†		149,778		105,649
Commercial Mortgage Loan Trust 2008-LS1 A4B
6.02%	12/10/49	2		10,025,000		8,782,597
Credit Suisse Mortgage Capital Certificates 2007-C2 A2
5.45%	01/15/49	2		8,000,000		8,173,547
CS First Boston Mortgage Securities Corp. 2004-C5 A2
4.18%	11/15/37			3,072,472		3,066,516
GE Capital Commercial Mortgage Corp. 2005-C4 A3A
5.33%	11/10/45	2		2,235,000		2,277,994
GMAC Commercial Mortgage Securities, Inc. 2004-C1 A4
4.91%	03/10/38			410,000		403,334
Greenwich Capital Commercial Funding Corp. 2006-GG7 A4
5.92%	07/10/38	2		5,955,000		5,443,055
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-CB19 A4
5.75%	02/12/49	2		1,918,000		1,682,883
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD11 A2
5.80%	06/15/49	2		4,179,000		4,241,959
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 A2
5.83%	02/15/51			7,450,000		7,645,466
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 A4
5.88%	02/15/51	2		3,030,000		2,631,348
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LDPX A3
5.42%	01/15/49			2,830,000		2,394,122
Merrill Lynch Countrywide Commercial Mortgage Trust 2006-4 A3
5.17%	12/12/49	2		4,840,000		4,288,639
Merrill Lynch Countrywide Commercial Mortgage Trust 2007-7 A4
5.75%	06/12/50	2		7,300,000		6,137,905
Morgan Stanley Capital I 2007-IQ16 A4
5.81%	12/12/49			2,570,000		2,196,267
						63,063,371
Non-Agency Mortgage-Backed — 15.77%
Adjustable Rate Mortgage Trust 2005-1 1A1
4.44%	05/25/35	2,†		11,676,047		7,837,536
American Home Mortgage Assets 2007-2 A1
0.36%	03/25/47	2		22,735,006		11,337,731
American Home Mortgage Assets 2007-4 A2
0.42%	08/25/37	2		22,500,000		11,568,227
American Home Mortgage Investment Trust 2004-2 2A
2.47%	02/25/44	2		15,437,581		13,164,451
Banc of America Funding Corp. 2007-5 3A1
6.00%	07/25/37			11,078,619		7,820,039
Banc of America Funding Corp. 2007-8 2A1
7.00%	10/25/37			9,429,829		6,840,226
Banco de Credito Y Securitizacion SA 2001-1 AF (Argentina)
8.00%	05/31/10	3,4,5		735,998		84,640
Bear Stearns Adjustable Rate Mortgage Trust 2005-4 2A3
4.45%	08/25/35	2		19,000,000		18,816,055
Bear Stearns Mortgage Funding Trust 2006-AR3 2A1
0.43%	11/25/36	2		14,137,883		7,121,760
Bear Stearns Mortgage Funding Trust 2007-AR4 2A1
0.44%	06/25/37	2		17,254,299		8,663,819
BHN I Mortgage Fund 2000-1 AF (Argentina)
8.00%	03/31/11	3,4,5		9,000		1,080
BlackRock Capital Finance LP 1997-R2 AP
0.00%	12/25/35	2,3,5		16,232		16,241
Chase Mortgage Finance Corp. 2007-A2 2A3
3.56%	07/25/37	2		12,656,913		11,334,927
Chase Mortgage Finance Corp. 2007-S2 1A7
6.00%	03/25/37			10,404,603		10,049,896

N-Q Report December 2009 / 13

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Chevy Chase Mortgage Funding Corp. 2005-2A A1
0.41%	05/25/36	2,3	$	2,972,772	$	1,631,430
Chevy Chase Mortgage Funding Corp. 2005-AA B2
0.85%	01/25/36	2,3,5		714,900		—
Citigroup Mortgage Loan Trust, Inc. 2004-HYB1 A41
5.11%	02/25/34	2		230,671		212,831
Countrywide Alternative Loan Trust 2005-27 2A1
1.89%	08/25/35	2		2,420,019		1,241,383
Countrywide Alternative Loan Trust 2005-51 2A2A
0.52%	11/20/35	2		36,844		34,831
Countrywide Alternative Loan Trust 2005-59 1A1
0.56%	11/20/35	2		10,270,683		5,406,889
Countrywide Alternative Loan Trust 2006-46 A4
6.00%	02/25/47			10,432,161		8,814,551
Countrywide Alternative Loan Trust 2006-OA12 A2
0.44%	09/20/46	2		5,048,028		2,155,781
Countrywide Home Loan Mortgage Pass-Through Trust 2004-14 4A1
5.08%	08/25/34	2		126,284		118,006
DLJ Mortgage Acceptance Corp. 1996-QA S (IO)
3.14%	01/25/26	2,3,5,†		99,508		62
Downey Savings & Loan Association Mortgage Loan Trust 2005-AR2 2A1A
0.44%	03/19/45	2		3,863,052		2,100,272
Downey Savings & Loan Association Mortgage Loan Trust 2006-AR1 2A1A
1.48%	04/19/47	2		95,333		51,030
First Horizon Alternative Mortgage Securities 2004-AA3 A1
3.08%	09/25/34	2		35,636		28,954
First Horizon Asset Securities, Inc. 2002-7 2A2
5.25%	12/25/17			29,674		28,848
Harborview Mortgage Loan Trust 2005-1 X (IO)
2.35%	03/19/35	5,10		9,686,374		323,888
Harborview Mortgage Loan Trust 2006-3 2A1A
6.32%	06/19/36	2		3,108,302		1,757,979
Harborview Mortgage Loan Trust 2007-2 2A1A
0.39%	05/25/38	2		17,439,096		7,988,588
Impac CMB Trust 2005-5 A1
0.55%	08/25/35	2		5,925,578		3,062,028
IndyMac Index Mortgage Loan Trust 2004-AR12 A1
0.62%	12/25/34	2		688,198		427,108
IndyMac Index Mortgage Loan Trust 2004-AR8 2A2A
0.63%	11/25/34	2		2,663,371		1,372,736
JPMorgan Mortgage Trust 2005-A3 5A3
3.67%	06/25/35	2		161,755		127,880
MASTR Adjustable Rate Mortgages Trust 2003-6 4A2
5.17%	01/25/34	2		145,931		140,891
MASTR Adjustable Rate Mortgages Trust 2004-1 2A1
5.18%	01/25/34	2		269,484		232,814
MASTR Adjustable Rate Mortgages Trust 2004-5 3A1
3.84%	06/25/34	2		276,741		238,189
MASTR Seasoned Securities Trust 2004-1 4A1
3.72%	10/25/32	2		666,990		636,090
Merrill Lynch Alternative Note Asset 2007-AF1 AV1
5.50%	06/25/37	2		7,987,922		3,953,635
Residential Asset Mortgage Products, Inc. 2004-SL4 A3
6.50%	07/25/32			2,821,377		2,772,155
Residential Asset Mortgage Products, Inc. 2005-SL1 A5
6.50%	05/25/32			5,477,087		5,047,764
Residential Asset Securitization Trust 2007-A7 A4
6.00%	07/25/37			13,368,502		9,643,580
Structured Asset Mortgage Investments, Inc. 2005-AR7 1A1
3.16%	12/27/35	2		18,389,815		8,920,366
Structured Asset Mortgage Investments, Inc. 2006-AR8 A1A
0.43%	10/25/36	2		16,210,547		8,438,040
Structured Asset Securities Corp. 2002-5A 6A
6.16%	04/25/32	2		1,528		1,340
Thornburg Mortgage Securities Trust 2007-1 A2B
0.33%	03/25/37	2		15,171,792		14,467,672
Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA3 4A1
1.31%	04/25/47	2		16,545,067		8,393,453
Washington Mutual Mortgage Pass-Through Certificates 2002-AR18 A
2.77%	01/25/33	2		385,164		353,291
Washington Mutual Mortgage Pass-Through Certificates 2005-AR2 2A21
0.56%	01/25/45	2		1,573,230		911,672

14 / N-Q Report December 2009

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Washington Mutual Mortgage Pass-Through Certificates 2006-AR7 3A1B
2.77%	07/25/46	2	$	11,202,353	$	2,580,902
						218,273,557
U.S. Agency Mortgage-Backed — 11.97%
Fannie Mae 1997-76 FS
0.70%	09/17/27	2		61,245		59,616
Fannie Mae 2006-B2 AB
5.50%	05/25/14			8,469,564		8,769,689
Fannie Mae 2007-64 FA
0.70%	07/25/37	2		10,684,397		10,090,152
Fannie Mae FNCL (TBA)
4.50%	01/01/40			854,000		852,532
Fannie Mae G92-10 Z
7.75%	01/25/22			18,612		20,678
Fannie Mae Pool 555177
3.26%	01/01/33	2		92,927		96,111
Fannie Mae Pool 555284
7.50%	10/01/17			5,259		5,663
Fannie Mae Pool 567002
8.00%	05/01/23			140,647		160,169
Fannie Mae Pool 735861
6.50%	09/01/33			61,347		66,380
Fannie Mae Pool 745383
3.70%	12/01/35	2		3,261,350		3,379,761
Fannie Mae Pool 770900
3.58%	04/01/34	2		832,597		859,790
Fannie Mae Pool 805256
5.11%	01/01/35	2		1,362,046		1,407,093
Fannie Mae Pool 942553
5.94%	08/01/37	2,11		24,010,562		25,364,542
Freddie Mac 2174 PN
6.00%	07/15/29			3,845,031		4,129,239
Freddie Mac 2454 FQ
1.23%	06/15/31	2		66,017		66,527
Freddie Mac 2561 BX (IO)
5.00%	05/15/17			632,053		32,680
Freddie Mac 2657 LX (IO)
6.00%	05/15/18			40,723		4,470
Freddie Mac 3437 BI (IO)
1.55%	05/15/12	†		101,835,411		2,333,463
Freddie Mac 3447 AI (IO)
1.24%	03/15/12			43,878,314		779,340
Freddie Mac Gold A45796
7.00%	01/01/33			42,563		47,477
Freddie Mac Gold C46104
6.50%	09/01/29			50,427		54,595
Freddie Mac Gold G13032
6.00%	09/01/22	11		14,206,047		15,242,644
Freddie Mac Gold G13475
6.00%	01/01/24			1,716,226		1,836,053
Freddie Mac Non Gold Pool 1B1928
3.46%	08/01/34	2		2,523,148		2,593,038

Freddie Mac Non Gold Pool 1G2627
6.01%	03/01/37	2	13,148,770	13,794,809
Freddie Mac Non Gold Pool 1J1393
6.37%	10/01/36	2	15,267,108	16,195,818
Freddie Mac Non Gold Pool 1J1509
6.31%	11/01/36	2	10,866,353	11,512,658
Freddie Mac Non Gold Pool 1L0113
3.82%	05/01/35	2	2,299,413	2,365,467
Freddie Mac Non Gold Pool 1N0371
6.22%	01/01/37	2	16,564,906	17,596,491
Freddie Mac Non Gold Pool 1N1446
5.23%	01/01/37	2	9,065,292	9,507,889
Freddie Mac Non Gold Pool 1Q0196
5.88%	02/01/37	2	12,946,034	13,708,189
Freddie Mac Non Gold Pool 786781
3.98%	08/01/29	2	179,339	184,444
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32		773,194	41,102
Ginnie Mae GNSF (TBA)
5.00%	01/01/40		1,020,000	1,049,245
Ginnie Mae I Pool 422972
6.50%	07/15/29		71,851	77,630
Ginnie Mae II Pool 1849
8.50%	08/20/24		1,916	2,202
Ginnie Mae II Pool 2020
8.50%	06/20/25		4,386	5,049
Ginnie Mae II Pool 2286
8.50%	09/20/26		4,417	5,091
Ginnie Mae II Pool 2487
8.50%	09/20/27		22,940	26,466
Ginnie Mae II Pool 80059
4.38%	04/20/27	2	60,494	62,218
Ginnie Mae II Pool 80589
4.50%	03/20/32	2	219,213	225,662
Ginnie Mae II Pool 80610
4.38%	06/20/32	2	44,184	45,421
Ginnie Mae II Pool 80968
3.63%	07/20/34	2	986,084	1,017,490
Ginnie Mae II Pool 81201
4.00%	01/20/35	2	29,530	30,448

N-Q Report December 2009 / 15

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool 8599
4.38%	02/20/25	2	$	52,223	$	54,352
						165,759,843
Total Mortgage-Backed (Cost $520,328,695)						447,096,771
MUNICIPAL BONDS — 0.45%*
California — 0.45%
State of California Water Utility Improvements G.O. Taxable Variable Purpose 3
5.45%	04/01/15			1,715,000		1,727,262
State of California, Refunding Bonds G.O. Taxable Variable Purpose
4.85%	10/01/14			4,500,000		4,447,260
						6,174,522
Total Municipal Bonds (Cost $6,227,367)						6,174,522
U.S. AGENCY SECURITIES — 1.07%
Federal Home Loan Bank
0.50%	03/30/11			8,190,000		8,195,127
Freddie Mac
2.00%	10/01/12			6,660,000		6,665,481
Total U.S. Agency Securities (Cost $14,872,147)						14,860,608
Total Bonds – 79.02% (Cost $1,255,122,551)						1,093,766,999
Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 26.06%
Commercial Paper — 3.36%
BNP Paribas Finance, Inc.
0.13%12	02/05/10			23,435,000		23,432,292
Rabobank USA Financial Corp.
0.13%12	02/04/10			23,060,000		23,056,870
						46,489,162
Money Market Fund — 10.80%
Dreyfus Cash Advantage Fund
1.51%				62,209,000		62,209,000
Goldman Sachs Group, Inc. (The)
0.05%11				87,254,100		87,254,100
						149,463,100
U.S. Agency Discount Notes — 11.82%
Fannie Mae
0.05%12	02/04/10			11,850,000		11,849,490
Federal Home Loan Bank
0.07%12	02/05/10			17,235,000		17,234,310
0.07%12	02/19/10			32,510,000		32,508,754
Freddie Mac
0.06%12	02/18/10			102,000,000		101,992,350
						163,584,904

U.S. Treasury Bills — 0.08%
U.S. Treasury Bills
0.05%12	02/18/10	13	1,120,000		1,119,983
Total Short Term Investments (Cost $360,655,814)					360,657,149
Total Investments – 105.08% (Cost $1,615,778,365)1					1,454,424,148
Liabilities in Excess of Other Assets — (5.08)%					(70,358,280	)
Net Assets — 100.00%				$	1,384,065,868

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: LONG POSITIONS
2,400	U.S. Treasury Two Year Note, Expiration March 2010	$	(623,018	)
372	U.S. Treasury Five Year Note, Expiration March 2010		(783,779	)
	Net unrealized depreciation	$	(1,406,797	)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
Six month forward rate swap based upon the spread between the CMM30-FNMA rate and 10 year CMS rate plus 0.49%. The Fund receives an amount equal to the difference between the CMM30-FNMA rate minus the 10 year CMS rate plus 0.49% times the notional amount if positive. The Fund owes a comparable amount if negative. Counterparty: Goldman Sachs Group, Inc. (The)
	05/27/10	$	10,060	$	45,842
				$	45,842

16 / N-Q Report December 2009

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED)—SINGLE ISSUES
The Fund pays a fixed rate equal to 0.53% 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: Morgan Stanley
	09/20/12	$	4,250	$	(19,783	)
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		(15,330	)
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		(13,468	)
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		(152,397	)
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		(223,260	)
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		(1,390	)
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		(6,322	)
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		2,550		1,414
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. (The)
	12/20/12		2,725		16,303
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		295		895
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		(43,047	)
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		(43,047	)
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. (The)
	06/20/13		1,600		(58,303	)
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		(36,688	)
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		(15,405	)
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		(10,167	)
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		(35,317	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Kohl’s Corp., 6.25%, due 12/15/17. Counterparty: Deutsch Bank AG
	12/20/14		2,935		(39,318	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Kohl’s Corp., 6.25%, due 12/15/17. Counterparty: Morgan Stanley
	12/20/14		2,930		(39,251	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Target Corp., 4.00%, due 06/15/13. Counterparty: CS First Boston
	12/20/14		2,930		(66,417	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Target Corp., 4.00%, due 06/15/13. Counterparty: Deutsch Bank AG
	12/20/14		2,935		(66,530	)
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		(126,476	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Citigroup, Inc.
	09/20/16		1,170		89,635
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Deutsche Bank AG
	09/20/16		895		68,567
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Goldman Sachs Group, Inc. (The)
	09/20/16		890		68,184
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers, Inc., 5.15%, due 05/15/15. Counterparty: CS First Boston
	09/20/16		9,950		338,156

N-Q Report December 2009 / 17

Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED)—SINGLE ISSUES (continued)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the KB Homes, Inc., 5.75%, due 02/01/14. Counterparty: Citigroup, Inc.
	09/20/16	$	1,170	$	141,206
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		4,200		224,795
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		3,600		192,682
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		1,900		101,693
The Fund pays a fixed rate equal to 1.00% 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: CS First Boston
	09/20/16		1,900		101,693
The Fund pays a fixed rate equal to 1.00% 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: Goldman Sachs Group, Inc. (The)
	09/20/16		2,275		121,764
				$	455,071

Issues	Expiration Date	Credit Ratinga			Notional Amount (000’s)b		Appreciation			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN)—SINGLE ISSUES
The Fund receives 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 the General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston
	12/20/10		AAA		$	3,250	$	179,181		$	179,181
The Fund receives a fixed rate equal to 4.00% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the Berkshire Hathaway, Inc., 4.63%, due 10/15/13. Counterparty: Barclays Capital, Inc.
	03/20/11		AAA			5,500		219,593			219,593
							$	398,774		$	398,774
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	$	(750,470	)	$	2,000	$	(555,541	)	$	(1,306,011	)
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		(2,003,798	)		3,700		(412,322	)		(2,416,120	)
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. (The)
	08/25/37		(3,248,405	)		6,600		(1,061,432	)		(4,309,837	)
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		(1,548,261	)		3,200		(541,357	)		(2,089,618	)
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		(2,756,223	)		5,600		(900,608	)		(3,656,831	)
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		(1,915,030	)		11,630		(5,679,425	)		(7,594,455	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.
	01/25/38		(13,520,611	)		21,850		(70,143	)		(13,590,754	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.
	01/25/38		(2,628,750	)		4,000		140,740			(2,488,010	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Citigroup, Inc.
	01/25/38		(4,124,657	)		6,000		392,642			(3,732,015	)
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: Bank of America Corp.
	05/25/46		(3,263,698	)		4,146		(432,568	)		(3,696,266	)
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		(4,450,497	)		5,653		(589,866	)		(5,040,363	)
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		(3,086,679	)		3,957		(441,575	)		(3,528,254	)
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: Royal Bank of Scotland Group Plc
	05/25/46		(2,596,123	)		3,298		(344,089	)		(2,940,212	)
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: Goldman Sachs Group, Inc. (The)
	05/25/46		(2,440,265	)		3,109		(331,935	)		(2,772,200	)

18 / N-Q Report December 2009

Low Duration Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (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 0.11% 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	$	(1,814,032	)	$	4,964	$	(892,839	)	$	(2,706,871	)
		$	(50,147,499	)			$	(11,720,318	)	$	(61,867,817	)

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

^b The maximum potential payment 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 $1,616,620,911 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	43,849,344
Gross unrealized depreciation		(206,046,107	)
Net unrealized depreciation	$	(162,196,763	)

² Floating rate security. The rate disclosed is that in effect at December 31, 2009.

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, 2009 was $99,244,093 representing 7.17% of total net assets.

⁴ U.S. dollar denominated security issued by foreign domiciled entity.

⁵ Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $7,470,352 which is 0.54% of total net assets.

⁶ Security is currently in default with regards to scheduled interest or principal payments.

⁷ Non-income producing security.

⁸ Expected maturity date.

⁹ 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 Total Net Assets
07/03/07	Asurion Corp. Term Loan, 3.24%, 07/03/14	$	247,768	$	239,348	0.02	%
06/01/07	Carestream Health, Inc. Term Loan, 5.49%, 10/30/13		504,113		426,719	0.03	%
02/01/08	Cebridge 2nd Lien (PIK), 6.26%, 05/05/14		480,677		482,579	0.03	%
06/27/07	Cengage Learning Term Loan B, 2.75%, 07/09/14		728,389		671,267	0.05	%
06/04/07	Charter Communications, Inc. Term Loan 3rd Lien, 2.76%, 02/27/14		502,018		457,875	0.03	%
04/25/07	Delta Air Lines, Inc. Term Loan 1st Lien, 2.20%, 05/01/12		1,470,000		1,306,463	0.09	%
12/30/08	Dex Media West LLC Term Loan B, 6.90%, 10/24/14		653,991		1,088,000	0.08	%
10/10/07	HCA Term Loan A, 1.75%, 11/18/12		6,962,755		6,864,557	0.50	%
11/06/07	TPF Generation Holdings LLC 2nd Lien, 4.49%, 12/15/14		242,580		214,688	0.02	%
02/01/07	United Air Lines, Inc., 2.31%, 02/01/14		348,611		274,531	0.02	%
11/30/07	Univision Communications, Inc. 1st Lien Strip, 2.50%, 03/15/14		118,474		109,063	0.01	%
		$	12,259,376	$	12,135,090	0.88	%

¹⁰ Zero coupon bond. The rate shown is the effective yield as of December 31, 2009.

¹¹ Securities, or a portion there of, pledged as collateral for swaps.

^† Fair valued security. The aggregate value of fair valued securities is $62,480,964 which is 4.51% 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.

¹² Represents annualized yield at date of purchase.

¹³ Securities, or a portion there of, pledged as collateral for futures.

* 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 Assurance Corp.

(DIP): Defaulted interest payment

(G.O.): General Obligation

(IO): Interest only

(MTN): Medium term note

(PIK): Payment in kind

(STEP): Step coupon bond

(TBA): To be announced

N-Q Report December 2009 / 19

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS – 94.55%
ASSET-BACKED SECURITIES — 11.20%**
ABFS Mortgage Loan Trust 2002-2 A7 (STEP)
5.72%	07/15/33		$	9,701	$	9,578
Ameriquest Mortgage Securities, Inc. 2005-R6 A2
0.43%	08/25/35	2,†		995,979		919,060
Bayview Financial Acquisition Trust 2005-A A1
1.23%	02/28/40	2,3,†		1,303,628		814,167
Bayview Financial Revolving Mortgage Loan Trust 2005-E A1
1.23%	12/28/40	2,3,†		1,213,626		751,889
Bear Stearns Asset Backed Securities Trust 2002-1 1A5 (STEP)
6.89%	12/25/34			15,547		13,925
Bear Stearns Asset Backed Securities Trust 2007-2 A1
0.42%	01/25/47	2		144,331		127,318
Birch Real Estate CDO Ltd. 1A A1 (Cayman Islands)
5.16%	02/10/38	3,4,†		650,000		552,002
Chase Funding Mortgage Loan Asset-Backed Certificates 2004-2 1A4
5.32%	02/25/35			18,530		16,963
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 A3
0.41%	03/25/37	2		1,376,500		539,303
Conseco Finance 2001-D A5
6.19%	11/15/32	2		172,517		162,276
Conseco Finance 2002-A A5 (STEP)
7.55%	04/15/32			297,965		302,870
Conseco Finance 2002-C BF2
8.00%	06/15/32	2,3,†		314,654		164,405
Conseco Finance 2002-C MF2
6.98%	06/15/32	2		27,478		27,244
Conseco Finance Home Loan Trust 2000-E M1
8.13%	08/15/31	2		129,898		120,288
Countrywide Asset-Backed Certificates 2004-AB1 2A3
0.75%	02/25/35	2		848,520		794,686
Credit-Based Asset Servicing and Securitization LLC 2007-CB5 A1
0.29%	04/25/37	2		584,667		427,507
First Franklin Mortgage Loan Asset Backed Certificates 2006-FF18 M1
0.46%	12/25/37	2		2,500,000		71,817
Green Tree Home Improvement Loan Trust 1995-C B2
7.60%	07/15/20			41		32
Green Tree Home Improvement Loan Trust 1997-E HEB1
7.53%	01/15/29			554,869		510,156
GSAMP Trust 2007-FM2 A2A
0.29%	01/25/37	2		478,172		437,169
GSAMP Trust 2007-HE2 A2A
0.36%	03/25/47	2		936,102		840,623
HFC Home Equity Loan Asset Backed Certificates 2006-4 A3V
0.38%	03/20/36	2		1,500,000		1,339,653
HFC Home Equity Loan Asset Backed Certificates 2007-2 A4
0.53%	07/20/36	2		150,000		61,671
HFC Home Equity Loan Asset Backed Certificates 2007-2 M1
0.54%	07/20/36	2,†		590,000		336,276
IndyMac Manufactured Housing Contract 1997-1 A3
6.61%	02/25/28			595,890		433,076
IndyMac Manufactured Housing Contract 1997-1 A4
6.75%	02/25/28			197,416		144,180
JPMorgan Mortgage Acquisition Corp. 2006-FRE1 A3
0.42%	05/25/35	2		1,160,025		1,014,556
JPMorgan Mortgage Acquisition Corp. 2007-CH4 A3
0.34%	05/25/37	2		1,195,000		511,164
Keystone Owner Trust 1998-P1 M2
7.93%	05/25/25	3		17,558		17,134
MASTR Asset Backed Securities Trust 2007-HE1 A1
0.31%	05/25/37	2		412,166		372,381
Merrill Lynch First Franklin Mortgage Loan Trust 2007-3 A2C
0.41%	06/25/37	2		43,900		16,665
Merrill Lynch First Franklin Mortgage Loan Trust 2007-3 A2D
0.48%	06/25/37	2		1,500,000		575,389
Mid-State Trust 11 A1
4.86%	07/15/38			1,393,902		1,248,662
Mid-State Trust 2004-1 A
6.01%	08/15/37			332,318		313,166
Mid-State Trust 2004-1 B
8.90%	08/15/37			242,848		227,723
Mid-State Trust 2005-1 M2
7.08%	01/15/40			1,094,104		925,065
Morgan Stanley ABS Capital I 2006-HE6 A2B
0.33%	09/25/36	2		270,000		225,478
Nationstar Home Equity Loan Trust 2006-B AV4
0.51%	09/25/36	2		2,450,000		1,028,157

20 / N-Q Report December 2009

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Nationstar Home Equity Loan Trust 2007-C 2AV2
0.36%	06/25/37	2	$	1,150,000	$	657,913
Oakwood Mortgage Investors, Inc. 1998-B A4
6.35%	03/15/17			42,844		39,510
Option One Mortgage Loan Trust 2007-6 2A4
0.48%	07/25/37	2		1,255,000		422,998
Residential Asset Mortgage Products, Inc. 2002-RS4 AI5 (STEP)
6.16%	08/25/32			2,220		814
Residential Asset Mortgage Products, Inc. 2003-RS1 AI5 (STEP)
5.69%	03/25/33			16,216		7,838
Residential Funding Mortgage Securities II, Inc. 2003-HS2 AI4 (STEP)
3.87%	07/25/33			28,127		23,779
Resmae Mortgage Loan Trust 2006-1 A1B
0.50%	02/25/36	2,3		128,471		30,051
Securitized Asset Backed Receivables LLC Trust 2006-HE2 A2C
0.38%	07/25/36	2		2,700,000		955,415
SG Mortgage Securities Trust 2006-FRE1 A1B
0.50%	02/25/36	2		96,808		55,457
Soundview Home Equity Loan Trust 2006-WF2 A2C
0.37%	12/25/36	2		1,680,000		1,248,527
Soundview Home Equity Loan Trust 2007-OPT1 2A2
0.38%	06/25/37	2		1,872,000		732,308
Soundview Home Equity Loan Trust 2007-OPT3 2A2
0.36%	08/25/37	2		1,170,000		583,516
Soundview Home Equity Loan Trust 2007-OPT4 2A1
1.13%	09/25/37	2		508,418		498,035
SVO VOI Mortgage Corp. 2003-AA A
3.95%	02/20/19	3		65,101		61,045
Terwin Mortgage Trust 2005-9HGS A1
4.00%	08/25/35	2,3		33,545		31,120
UCFC Home Equity Loan 1998-D BF1
8.97%	04/15/30	2		3,657		1,406
UCFC Home Equity Loan 1998-D MF1
6.91%	04/15/30			118,429		100,139
Total Asset-Backed Securities (Cost $25,007,404)						21,843,545
CORPORATES — 30.56%*
Banking — 5.58%
ANZ National International Ltd. (New Zealand)
6.20%	07/19/13	3,4		600,000		646,435
BAC Capital Trust XV
1.06%	06/01/56	2		1,432,000		924,104
Bank of America N.A.
0.55%	06/15/17	2		600,000		510,726
Barclays Bank Plc (United Kingdom)
5.20%	07/10/14	4		850,000		901,913
Credit Suisse/Guernsey 1 (Switzerland)
0.96%	05/29/49	2,4		770,000		513,013
Credit Suisse/New York (MTN) (Switzerland)
5.00%	05/15/13	4		700,000		747,083
Credit Suisse/New York (Switzerland)
5.50%	05/01/14	4		500,000		543,124
6.00%	02/15/18	4		575,000		602,610
Deutsche Bank AG/London (Germany)
4.88%	05/20/13	4		760,000		808,036
Deutsche Bank Capital Funding Trust VII
5.63%	01/19/49	2,3		120,000		88,200
HBOS Plc (United Kingdom)
6.75%	05/21/18	3,4		915,000		850,353
JPMorgan Chase & Co.
6.30%	04/23/19			670,000		738,364
JPMorgan Chase & Co. 1
7.90%	12/31/49	2		380,000		393,237
JPMorgan Chase Bank NA
0.58%	06/13/16	2		600,000		556,783
JPMorgan Chase Capital XIII M
1.20%	09/30/34	2		1,070,000		758,260
Nationsbank Capital Trust III
0.83%	01/15/27	2		616,000		430,149
Svenska Handelsbanken AB (Sweden)
4.88%	06/10/14	3,4		825,000		865,334
						10,877,724
Communications — 0.70%
Cellco Partnership/Verizon Wireless Capital LLC
5.55%	02/01/14			350,000		380,194
Qwest Corp.
7.88%	09/01/11			575,000		605,188
Sprint Nextel Corp.
0.65%	06/28/10	2		385,000		378,979
						1,364,361
Electric — 3.26%
Cedar Brakes II LLC
9.88%	09/01/13	3		364,107		370,992
CenterPoint Energy Houston Electric LLC U
7.00%	03/01/14			300,000		341,880

N-Q Report December 2009 / 21

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Electric (continued)
Entergy Louisiana LLC
5.83%	11/01/10		$	758,000	$	759,824
KCP&L Greater Missouri Operations Co.
11.88%	07/01/12			1,060,000		1,228,109
Nisource Finance Corp.
10.75%	03/15/16			450,000		555,135
PG&E Corp.
5.75%	04/01/14			910,000		981,799
Public Service Co. of New Mexico
7.95%	05/15/18			475,000		497,989
Southwestern Electric Power Co.
6.45%	01/15/19			534,000		572,920
Texas-New Mexico Power Co.
9.50%	04/01/19	3		800,000		985,430
Union Electric Co.
6.70%	02/01/19			54,000		59,721
						6,353,799
Energy — 2.33%
CenterPoint Energy Resources Corp. B
7.88%	04/01/13			450,000		507,235
Sabine Pass LNG LP
7.25%	11/30/13			935,000		853,187
Southern Union Co.
7.20%	11/01/66	2		910,000		782,600
Valero Energy Corp.
9.38%	03/15/19			1,071,000		1,275,888
Williams Cos., Inc. (The)
7.88%	09/01/21			150,000		172,392
8.75%	01/15/20			800,000		956,037
						4,547,339
Finance — 11.31%
Bear Stearns Cos. LLC (The)
7.25%	02/01/18			1,140,000		1,310,593
Capital One Financial Corp. (MTN)
5.70%	09/15/11			876,000		925,047
Citigroup Funding, Inc. 2
0.61%	04/30/12	2		655,000		661,475
Citigroup, Inc.
0.56%	11/05/14	2		625,000		564,520
0.81%	08/25/36	2		205,000		115,877
5.50%	04/11/13			451,000		467,929
5.50%	10/15/14			371,000		376,040
6.01%	01/15/15			250,000		255,549
6.38%	08/12/14			535,000		557,339
6.50%	08/19/13			408,000		434,949
8.50%	05/22/19			300,000		347,002
Countrywide Financial Corp. (MTN)
5.80%	06/07/12			625,000		664,354
Ford Motor Credit Co. LLC
8.63%	11/01/10			319,000		328,522
General Electric Capital Corp.
5.63%	05/01/18			730,000		749,164
General Electric Capital Corp. (MTN)
1.17%	05/22/13	2		340,000		332,350
6.88%	01/10/39			300,000		310,794
General Electric Capital Corp. A (MTN)
0.51%	09/15/14	2		1,394,000		1,315,016
General Electric Capital Corp. E (MTN)
0.40%	03/20/14	2,†		300,000		270,363
Goldman Sachs Group, Inc. (The)
0.46%	02/06/12	2		210,000		208,542
1.03%	12/05/11	2		785,000		798,220
5.13%	01/15/15			750,000		788,936
6.15%	04/01/18			600,000		643,342
7.50%	02/15/19			800,000		928,210
Goldman Sachs Group, Inc. (The) (MTN)
6.00%	05/01/14			250,000		273,704
Goldman Sachs Group, Inc. B (The) (MTN)
0.68%	07/22/15	2		100,000		88,929
LBG Capital No. 1 Plc (United Kingdom)
8.00%	12/15/49	4,†		775,000		596,746
Lehman Brothers Holdings, Inc. (MTN)
0.00%	06/20/16	5,6		452,000		89,553
0.00%	11/07/16	5,6		502,000		99,459
0.00%	02/16/17	5,6		260,000		51,513
Lehman Brothers Holdings, Inc. H (MTN)
0.00%	11/30/10	5,6		271,000		53,692
Merrill Lynch & Co., Inc. (MTN)
8.68%	05/02/17	2		510,000		523,082
8.95%	05/18/17	2		410,000		422,813
9.57%	06/06/17	2		319,000		332,573
Morgan Stanley
0.53%	01/18/11	2		345,000		343,450
0.76%	10/15/15	2		187,000		175,611
5.38%	10/15/15			800,000		827,626
6.75%	04/15/11			180,000		190,766
Morgan Stanley (FRN)
0.60%	06/20/12	2		1,150,000		1,158,864
Morgan Stanley (MTN)
0.73%	10/18/16	2		570,000		524,098
Morgan Stanley G (MTN)
0.58%	01/09/14	2		615,000		587,752
Pemex Finance Ltd. (Cayman Islands)
8.88%	11/15/10	4,†		100,000		103,643

22 / N-Q Report December 2009

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Power Receivable Finance LLC
6.29%	01/01/12		$	214,838	$	219,127
Prudential Holdings LLC (FSA)
1.13%	12/18/17	2,3		500,000		411,689
Wachovia Bank N.A.
6.00%	11/15/17			643,000		674,110
Wachovia Corp.
0.62%	10/28/15	2		250,000		219,422
Wachovia Corp. (MTN)
5.50%	05/01/13			239,000		254,090
ZFS Finance USA Trust I
6.15%	12/15/65	2,3		500,000		460,000
						22,036,445
Health Care — 1.09%
HCA, Inc.
8.50%	04/15/19	3		430,000		463,325
UnitedHealth Group, Inc.
4.88%	02/15/13			760,000		795,733
WellPoint, Inc.
6.00%	02/15/14			800,000		868,386
						2,127,444
Insurance — 1.57%
Allied World Assurance Co. Holdings Ltd. (Bermuda)
7.50%	08/01/16	4		244,000		260,892
Fairfax Financial Holdings Ltd. (Canada)
7.75%	04/26/12	4		375,000		389,063
Metlife, Inc.
7.72%	02/15/19			270,000		317,822
Metropolitan Life Global Funding I
5.13%	06/10/14	3		800,000		847,476
Nationwide Mutual Insurance Co.
6.60%	04/15/34	3		440,000		339,750
Pricoa Global Funding I
5.45%	06/11/14	3		850,000		902,773
						3,057,776
Materials — 0.19%
Barrick Gold Corp. (Canada)
6.95%	04/01/19	4		335,000		377,846
Real Estate Investment Trust (REIT) — 2.25%
CPG Partners LP
8.25%	02/01/11			670,000		701,058
Duke Realty LP
6.25%	05/15/13			790,000		795,118
HCP, Inc.
7.07%	06/08/15			200,000		205,437
HCP, Inc. (MTN)
5.95%	09/15/11			820,000		846,349
Prime Property Funding II, Inc.
5.60%	06/15/11	3		206,000		196,023
Shurgard Storage Centers LLC
5.88%	03/15/13			68,000		71,223
UDR, Inc. (MTN)
5.00%	01/15/12			80,000		80,468
WEA Finance LLC
7.13%	04/15/18	3		775,000		848,674
WEA Finance LLC/WT Finance
7.50%	06/02/14	3		570,000		642,850
						4,387,200
Transportation — 2.28%
American Airlines Pass Through Trust 2003-1 (AMBAC)
3.86%	07/09/10			17,514		17,148
American Airlines Pass Through Trust 2009-1A
10.38%	07/02/19			850,000		943,500
Continental Airlines, Inc. 1997-1 A
7.46%	04/01/15			295,520		280,744
Continental Airlines, Inc. 1997-4 A
6.90%	01/02/18			83,092		80,391
Continental Airlines, Inc. 1999-2 A-1
7.26%	03/15/20			395,203		389,275
Continental Airlines, Inc. 2007-1 A
5.98%	04/19/22			373,000		359,240
Delta Air Lines, Inc. 2000-1 A1
7.38%	05/18/10			23,906		24,056
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11			1,202,000		1,215,763
JetBlue Airways 2004-2 G1 Pass Through Trust
0.65%	08/15/16	2,†		21,048		16,404
Northwest Airlines, Inc. 2001 1A-2
6.84%	04/01/11			400,000		395,000
Northwest Airlines, Inc. 2001-1 A1
7.04%	04/01/22			214,284		195,534
UAL Pass Through Trust 2000-2 A
7.03%	10/01/10	7		108,957		108,957

N-Q Report December 2009 / 23

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Transportation (continued)
United Air Lines, Inc.
9.75%	01/15/17		$	400,000	$	411,000
						4,437,012
Total Corporates (Cost $56,117,241)						59,566,946
BANK LOANS — 0.26%*
Health Care — 0.26%
HCA Term Loan A
1.75%	11/18/12	8		536,705		513,746
Total Bank Loans (Cost $527,243)
MORTGAGE-BACKED — 37.73%**
Commercial Mortgage-Backed — 10.08%
Bear Stearns Commercial Mortgage Securities 2007-PW18 AM
6.08%	06/11/50	2		155,000		104,456
Bear Stearns Commercial Mortgage Securities, Inc. 2003-PWR2 A4
5.19%	05/11/39	2		40,000		40,843
Bear Stearns Commercial Mortgage Securities, Inc. 2005-T20 A4A
5.15%	10/12/42	2		950,000		933,044
Bear Stearns Commercial Mortgage Securities, Inc. 2006-PW13 A4
5.54%	09/11/41			470,000		458,592
Citigroup Commercial Mortgage Trust 2007-C6 A4
5.70%	12/10/49	2		40,000		35,777
Citigroup Deutsche Bank Commercial Mortgage Trust 2007-CD4 A4
5.32%	12/11/49			1,100,000		957,077
Commercial Mortgage Loan Trust 2008-LS1 A4B
6.02%	12/10/49	2		1,705,000		1,493,698
Commercial Mortgage Loan Trust 2008-LS1 AJ
6.02%	12/10/49	2		210,000		95,316
Credit Suisse Mortgage Capital Certificates 2006-C5 A3
5.31%	12/15/39			370,000		309,558
CW Capital Cobalt Ltd. 2006-C1 A4
5.22%	08/15/48			1,060,000		926,746
Greenwich Capital Commercial Funding Corp. 2006-GG7 A4
5.92%	07/10/38	2		1,605,000		1,467,020
Greenwich Capital Commercial Funding Corp. 2007-GG9 A4
5.44%	03/10/39			1,740,000		1,541,284
GS Mortgage Securities Corp. II 2006-GG8 A4
5.56%	11/10/39			935,000		820,823
JPMorgan Chase Commercial Mortgage Securities Corp. 2006-LDP7 A4
5.87%	04/15/45	2		1,330,000		1,284,293
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-CB19 A4
5.75%	02/12/49	2		955,000		837,932
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 A4
5.88%	02/15/51	2		1,685,000		1,463,308
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 AM
6.06%	02/15/51	2		170,000		114,512
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LDPX A3
5.42%	01/15/49			1,540,000		1,302,808
LB-UBS Commercial Mortgage Trust 2000-C4 A2
7.37%	08/15/26			639,127		648,786
LB-UBS Commercial Mortgage Trust 2007-C2 AM
5.49%	02/15/40	2		190,000		128,877
Merrill Lynch Countrywide Commercial Mortgage Trust 2006-4 A3
5.17%	12/12/49	2		760,000		673,423
Merrill Lynch Countrywide Commercial Mortgage Trust 2007-9 AM
5.86%	09/12/49	2		365,000		262,472
Morgan Stanley Capital I 2006-HQ10 AM
5.36%	11/12/41			365,000		301,396
Morgan Stanley Capital I 2007-IQ16 A4
5.81%	12/12/49			2,060,000		1,760,432
Structured Asset Mortgage Investments, Inc. 2005-AR3 1A1
0.50%	08/25/35	2		1,527,507		782,870
Structured Asset Mortgage Investments, Inc. 2005-AR8 A2
2.02%	02/25/36	2		1,672,954		897,495
						19,642,838
Non-Agency Mortgage-Backed — 3.96%
Banc of America Funding Corp. 2003-2 1A1
6.50%	06/25/32			12,973		13,124
Chevy Chase Mortgage Funding Corp. 2004-1A A1
0.51%	01/25/35	2,3		379,843		218,940
Chevy Chase Mortgage Funding Corp. 2005-2A A1
0.41%	05/25/36	2,3		386,725		212,231

24 / N-Q Report December 2009

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citigroup Mortgage Loan Trust, Inc. 2004-HYB1 A41
5.11%	02/25/34	2	$	60,175	$	55,521
Countrywide Alternative Loan Trust 2003-3T1 A2
4.50%	05/25/33			27,277		27,033
Countrywide Alternative Loan Trust 2005-27 2A1
1.89%	08/25/35	2		421,409		216,167
Countrywide Alternative Loan Trust 2005-27 3A2
1.64%	08/25/35	2		43,742		21,363
Countrywide Alternative Loan Trust 2005-72 A1
0.50%	01/25/36	2		905,086		480,007
Countrywide Alternative Loan Trust 2006-OA16 A2
0.42%	10/25/46	2		2,557,430		1,390,428
Countrywide Home Loan Mortgage Pass-Through Trust 2004-14 4A1
5.08%	08/25/34	2		581,308		543,202
Deutsche ALT-A Securities, Inc. 2007-OA2 A1
1.00%	04/25/47	2		1,249,467		677,939
First Horizon Asset Securities, Inc. 2002-7 2A2
5.25%	12/25/17			75,668		73,563
GSR Mortgage Loan Trust 2004-9 5A7
3.89%	08/25/34	2,†		1,469,000		1,194,721
Harborview Mortgage Loan Trust 2005-1 X (IO)
2.35%	03/19/35	9,10		787,510		26,332
IndyMac Index Mortgage Loan Trust 2004-AR6 6A1
5.52%	10/25/34	2		206,003		168,068
IndyMac Index Mortgage Loan Trust 2004-AR8 2A2A
0.63%	11/25/34	2		67,351		34,713
IndyMac Index Mortgage Loan Trust 2007-AR5 1A1
5.59%	05/25/37	2		24,689		13,447
Lehman XS Trust 2007-12N 1A3A
0.43%	07/25/47	2,†		4,500,000		967,314
Lehman XS Trust 2007-14H A12
0.73%	07/25/47	2,†		9,544,062		533,125
MASTR Adjustable Rate Mortgages Trust 2004-1 2A1
5.18%	01/25/34	2		3,421		2,956
MASTR Asset Securitization Trust 2002-8 1A1
5.50%	12/25/17			11,139		11,346
MASTR Seasoned Securities Trust 2004-1 4A1
3.72%	10/25/32	2		4,335		4,135
MASTR Seasoned Securities Trust 2004-2 A2
6.50%	08/25/32			157,485		159,530
MASTR Seasoned Securities Trust 2005-1 4A1
3.12%	10/25/32	2		9,733		8,774
Residential Accredit Loans, Inc. 2003-QS17 NB1
5.25%	09/25/33			14,519		13,462
Residential Asset Mortgage Products, Inc. 2003-SL1 A41
8.00%	04/25/31			80,548		74,947
Residential Asset Securitization Trust 2004-IP2 2A1
3.20%	12/25/34	2		127,289		100,944
Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA3 4A1
1.31%	04/25/47	2		892,136		452,588
Washington Mutual Mortgage Pass-Through Certificates 2002-AR18 A
2.77%	01/25/33	2		27,012		24,776
						7,720,696
U.S. Agency Mortgage-Backed — 23.69%
Fannie Mae 1989-25 G
6.00%	06/25/19			4,780		5,156
Fannie Mae 1992-116 B
6.50%	06/25/22			762		828
Fannie Mae 1993-225 SG
26.46%	12/25/13	2		124,776		153,715
Fannie Mae 1993-80 S
10.57%	05/25/23	2		29,838		31,511
Fannie Mae 2001-52 YZ
6.50%	10/25/31			713,654		775,976
Fannie Mae 2003-27 SG (IO)
7.42%	04/25/17	2		8,304,787		638,276
Fannie Mae 2003-53 IA (IO)
5.50%	10/25/28			29,015		177
Fannie Mae 2003-W6 5T (IO)
0.55%	09/25/42	2,†		42,967,999		644,460
Fannie Mae 2007-64 FA
0.70%	07/25/37	2		1,723,908		1,628,027
Fannie Mae 2008-50 SA (IO)
5.82%	11/25/36	2		11,070,970		1,155,527
Fannie Mae 2009-9 VM (IO)
3.18%	04/25/13	2,†		12,618,410		678,102
Fannie Mae FNCL (TBA)
4.50%	01/01/40			1,410,000		1,407,576

N-Q Report December 2009 / 25

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 253974
7.00%	08/01/31		$	35,055	$	38,481
Fannie Mae Pool 254232
6.50%	03/01/22			48,745		53,006
Fannie Mae Pool 527247
7.00%	09/01/26			179		199
Fannie Mae Pool 545191
7.00%	09/01/31			18,751		20,584
Fannie Mae Pool 545646
7.00%	09/01/26			109		121
Fannie Mae Pool 549740
6.50%	10/01/27			68,975		73,989
Fannie Mae Pool 555177
3.26%	01/01/33	2		49,429		51,123
Fannie Mae Pool 555207
7.00%	11/01/17			2,834		3,057
Fannie Mae Pool 555284
7.50%	10/01/17			2,498		2,690
Fannie Mae Pool 606108
7.00%	03/01/31			2,388		2,655
Fannie Mae Pool 630599
7.00%	05/01/32			22,867		25,243
Fannie Mae Pool 655928
7.00%	08/01/32			15,005		16,898
Fannie Mae Pool 725027
5.00%	11/01/33			1,597,684		1,645,676
Fannie Mae Pool 725425
5.50%	04/01/34			1,562,527		1,643,095
Fannie Mae Pool 735207
7.00%	04/01/34			14,024		15,412
Fannie Mae Pool 735224
5.50%	02/01/35			1,501,660		1,578,542
Fannie Mae Pool 735646
4.50%	07/01/20			33,868		35,227
Fannie Mae Pool 735686
6.50%	12/01/22			280,688		298,743
Fannie Mae Pool 735861
6.50%	09/01/33			355,636		384,809
Fannie Mae Pool 764388
4.94%	03/01/34	2		353,773		375,035
Fannie Mae Pool 765387
6.00%	08/01/34			24,391		26,391
Fannie Mae Pool 770869
3.49%	04/01/34	2		517,801		533,108
Fannie Mae Pool 776708
5.00%	05/01/34			1,044,226		1,075,118
Fannie Mae Pool 789606
6.00%	08/01/34			19,132		20,408
Fannie Mae Pool 817611
5.32%	11/01/35	2		245,283		258,462
Fannie Mae Pool 844773
5.09%	12/01/35	2		18,024		18,998
Fannie Mae Pool 888430
5.00%	11/01/33			1,326,593		1,366,443
Fannie Mae Pool 889125
5.00%	12/01/21			1,452,540		1,529,082
Fannie Mae Pool 889184
5.50%	09/01/36			1,485,754		1,562,363
Fannie Mae Pool 895606
5.78%	06/01/36	2		620,392		655,569
Fannie Mae Pool 918445
5.86%	05/01/37	2		75,987		80,276
Fannie Mae Pool 939419
5.63%	05/01/37	2		887,497		941,979
Freddie Mac 1602 SN
10.09%	10/15/23	2		14,590		15,501
Freddie Mac 1688 W
7.25%	03/15/14			4,314		4,505
Freddie Mac 2174 PN
6.00%	07/15/29			277,073		297,553
Freddie Mac 2561 BX (IO)
5.00%	05/15/17			136,843		7,075
Freddie Mac 2594 VK
5.00%	02/15/23			1,834		1,841
Freddie Mac 2929 PE
5.00%	05/15/33			55,000		56,484
Freddie Mac Gold A25162
5.50%	05/01/34			1,332,844		1,402,610
Freddie Mac Gold A33262
5.50%	02/01/35			191,524		203,771
Freddie Mac Gold A68781
5.50%	10/01/37			45,351		48,030
Freddie Mac Gold A72702
5.50%	02/01/38			1,529,525		1,620,101
Freddie Mac Gold A72860
6.00%	02/01/38			41,249		43,786
Freddie Mac Gold C90504
6.50%	12/01/21			6,230		6,780
Freddie Mac Gold E01279
5.50%	01/01/18			9,645		10,275
Freddie Mac Gold E90474
6.00%	07/01/17			20,451		21,911
Freddie Mac Gold G01548
7.50%	07/01/32			1,032,268		1,181,359
Freddie Mac Gold G01601
4.00%	09/01/33			26,750		25,880

26 / N-Q Report December 2009

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold G01611
4.00%	09/01/33		$	10,851	$	10,498
Freddie Mac Gold G01644
5.50%	02/01/34			1,310,531		1,379,266
Freddie Mac Gold G01673
5.50%	04/01/34			87,075		92,259
Freddie Mac Gold G02366
6.50%	10/01/36			943,640		1,015,203
Freddie Mac Gold G03243
5.50%	07/01/37			77,615		82,163
Freddie Mac Gold G03436
6.00%	11/01/37			1,832,166		1,963,638
Freddie Mac Gold G03601
6.00%	07/01/37			33,272		35,670
Freddie Mac Gold G03640
5.50%	12/01/37			1,296,578		1,359,921
Freddie Mac Gold G04079
5.50%	03/01/38			1,745,761		1,849,143
Freddie Mac Gold G05119
6.50%	09/01/38			36,090		38,671
Freddie Mac Gold G11707
6.00%	03/01/20			16,257		17,418
Freddie Mac Gold G12393
5.50%	10/01/21			1,476,129		1,572,077
Freddie Mac Gold G12909
6.00%	11/01/22			1,136,867		1,222,310
Freddie Mac Gold G13032
6.00%	09/01/22			1,137,233		1,220,215
Freddie Mac Gold J06246
5.50%	10/01/21			917,881		977,230
Freddie Mac Non Gold Pool 1B3413
5.90%	05/01/37	2		1,095,973		1,167,085
Freddie Mac Non Gold Pool 1J0045
5.10%	01/01/36	2		25,282		26,583
Freddie Mac R001 AE
4.38%	04/15/15			997,125		1,023,148
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32			87,325		4,642
Ginnie Mae 2004-8 SE
13.84%	11/26/23	2		182,572		203,601
Ginnie Mae GNSF (TBA)
4.50%	01/01/40			880,000		880,825
5.50%	01/01/40			615,000		644,453
Ginnie Mae I Pool 782810
4.50%	11/15/39			2,900,000		2,902,784
Ginnie Mae II Pool 80968
3.63%	07/20/34	2		89,319		92,164
						46,180,542
Total Mortgage-Backed (Cost $72,061,641)						73,544,076
MUNICIPAL BONDS — 0.55%*
California — 0.55%
State of California, Recreational Facility Improvements, G.O., Taxable
5.95%	04/01/16			225,000		228,247
State of California, Refunding Bonds, G.O., Taxable
6.20%	10/01/19			866,000		836,486
						1,064,733
Total Municipal Bonds (Cost $1,101,046)						1,064,733
U.S. TREASURY SECURITIES — 14.25%
U.S. Treasury Notes — 14.25%
2.00%	01/15/16	11		1,699,000		1,956,578
2.63%	06/30/14			18,260,000		18,395,524
3.75%	11/15/18			7,423,000		7,423,870
						27,775,972
Total U.S. Treasury Securities (Cost $28,324,654)						27,775,972
Total Bonds – 94.55% (Cost $183,139,229)						184,309,018
Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 9.28%
Commercial Paper — 3.42%
BNP Paribas Finance, Inc.
0.13%12	02/05/10			3,320,000		3,319,616
Rabobank USA Financial Corp.
0.13%12	02/04/10			3,355,000		3,354,545
						6,674,161
Money Market Fund — 5.74%
Dreyfus Cash Advantage Fund
1.51%				6,643,000		6,643,000
Goldman Sachs Group, Inc. (The)
0.05%13				4,537,000		4,537,000
						11,180,000

N-Q Report December 2009 / 27

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS (continued)
U.S. Treasury Bills — 0.12%
U.S. Treasury Bills
0.05%12	02/18/10	14	$	225,000	$	224,997
Total Short Term Investments (Cost $18,079,228)						18,079,158
Total Investments — 103.83% (Cost $201,218,457)1						202,388,176
Liabilities in Excess of Other Assets — (3.83)%						(7,461,966	)
Net Assets — 100.00%					$	194,926,210

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: LONG POSITIONS
83	U.S. Treasury Five Year Note, Expiration March 2010	$	(174,877	)
67	U.S. Treasury Ten Year Note, Expiration March 2010		(190,243	)
	Net unrealized depreciation	$	(365,120	)

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: SHORT POSITIONS
3	Euro Dollar Ninety Day, Expiration September 2010	$	(3,893	)
3	Euro Dollar Ninety Day, Expiration December 2010		(3,593	)
3	Euro Dollar Ninety Day, Expiration March 2011		(3,255	)
3	Euro Dollar Ninety Day, Expiration June 2011		(3,030	)
2	Euro Dollar Ninety Day, Expiration September 2011		(1,970	)
2	Euro Dollar Ninety Day, Expiration December 2011		(1,920	)
2	Euro Dollar Ninety Day, Expiration March 2012		(1,595	)
2	Euro Dollar Ninety Day, Expiration June 2012		(1,295	)
	Net unrealized depreciation	$	(20,551	)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
Six month forward rate swap based upon the spread between the CMM30-FNMA rate and 10 year CMS rate plus 0.49%. The Fund receives an amount equal to the difference between the CMM30-FNMA rate minus the 10 year CMS rate plus 0.49% times the notional amount if positive. The Fund owes a comparable amount if negative. Counterparty: Goldman Sachs Group, Inc. (The)
	05/27/10	$	1,460	$	6,653
The Fund pays a floating rate based on 3-month USD LIBOR quarterly and the Fund receives from the counterparty a fixed rate equal to 5.26% semi-annually. Counterparty: Barclays Capital, Inc.
	04/30/11		540		36,021
				$	42,674
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 the Home Depot, Inc., 3.75%, due 09/15/09. Counterparty: Morgan Stanley
	09/20/12	$	250	$	(1,164	)
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		(9,885	)
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		175		(13,954	)
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		(111	)
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		(402	)
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		190		105
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		(1,883	)
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		(1,779	)
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. (The)
	12/20/12		175		1,047

28 / N-Q Report December 2009

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (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	$	105	$	319
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		(3,587	)
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		(3,587	)
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. (The)
	06/20/13		80		(2,915	)
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		(26,682	)
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		(15,838	)
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		(11,203	)
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		(1,094	)
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		(11,993	)
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		(3,801	)
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		(15,809	)
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 Cos., Inc., 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.
	03/20/14		140		(4,060	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Kohl’s Corp., 6.25%, due 12/15/17. Counterparty: Deutsch Bank AG
	12/20/14		265		(3,550	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Kohl’s Corp., 6.25%, due 12/15/17. Counterparty: Morgan Stanley
	12/20/14		260		(3,483	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Target Corp., 4.00%, due 06/15/13. Counterparty: CS First Boston
	12/20/14		260		(5,894	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Target Corp., 4.00%, due 06/15/13. Counterparty: Deutsch Bank AG
	12/20/14		265		(6,007	)
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		(10,540	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Citigroup, Inc.
	09/20/16		175		13,407
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Deutsche Bank AG
	09/20/16		135		10,342
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Goldman Sachs Group, Inc. (The)
	09/20/16		135		10,342
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers, Inc., 5.15%, due 05/15/15. Counterparty: Citigroup, Inc.
	09/20/16		125		4,248
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers, Inc., 5.15%, due 05/15/15. Counterparty: CS First Boston
	09/20/16		625		21,241
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the KB Homes, Inc., 5.75%, due 02/01/14. Counterparty: Citigroup, Inc.
	09/20/16		175		21,121
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		175		9,366
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		135		7,226
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		225		12,043

N-Q Report December 2009 / 29

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (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 1.00% 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: CS First Boston
	09/20/16	$	225	$	12,043
The Fund pays a fixed rate equal to 1.00% 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: Goldman Sachs Group, Inc. (The)
	09/20/16		340		18,198
				$	(18,173	)

Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (PURCHASED) - TRADED INDICES
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: Bank of America Corp.
	10/12/52	$	1,866,969		$	3,160	$	(1,101,406	)	$	765,563
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		18,541			215		33,546			52,087
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		24,183			250		36,384			60,566
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		1,113,647			1,840		(667,877	)		445,771
		$	3,023,340				$	(1,699,353	)	$	1,323,987
Issues	Expiration Date	Credit Ratinga			Notional Amount (000’s)b		Appreciation			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - SINGLE ISSUES
The Fund receives 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 the General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston
	12/20/10		AAA		$	365	$	20,123		$	20,123
The Fund receives a fixed rate equal to 4.00% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the Berkshire Hathaway, Inc., 4.63%, due 10/15/13. Counterparty: Barclays Capital, Inc.
	03/20/11		AAA			800		31,941			31,941
							$	52,064		$	52,064
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	$	(124,321	)	$	755	$	(368,698	)	$	(493,019	)
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		(812,351	)		1,500		(167,158	)		(979,509	)
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. (The)
	08/25/37		(285,466	)		580		(93,277	)		(378,743	)
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		(87,090	)		180		(30,451	)		(117,541	)
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		(442,964	)		900		(144,741	)		(587,705	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.
	01/25/38		(1,423,222	)		2,300		(7,384	)		(1,430,606	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.
	01/25/38		(97,694	)		150		4,394			(93,300	)
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: Bank of America Corp.
	05/25/46		(222,525	)		283		(29,493	)		(252,018	)
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		(259,612	)		330		(34,409	)		(294,021	)
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		(257,223	)		330		(36,798	)		(294,021	)
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: Royal Bank of Scotland Group Plc
	05/25/46		(185,437	)		236		(24,578	)		(210,015	)
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: Goldman Sachs Group, Inc. (The)
	05/25/46		(147,895	)		188		(20,117	)		(168,012	)
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		(81,631	)		223		(40,178	)		(121,809	)
		$	(4,427,431	)			$	(992,888	)	$	(5,420,319	)

30 / N-Q Report December 2009

Intermediate Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

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

^b The maximum potential payment 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 $201,440,144 and net unrealized appreciation/ (depreciation) consists of:

Gross unrealized appreciation	$	11,653,582
Gross unrealized depreciation		(10,705,550	)
Net unrealized appreciation	$	948,032

² Floating rate security. The rate disclosed is that in effect at December 31, 2009.

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, 2009 was $11,772,288 representing 6.04% of total net assets.

⁴ U.S. dollar denominated security issued by foreign domiciled entity.

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

⁶ Non-income producing security.

⁷ Expected maturity date.

⁸ 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 Total Net Assets
10/22/07	HCA Term Loan A, 1.75%, 11/18/12	$	527,243	$	513,746	0.26	%

⁹ Zero coupon bond. The rate shown is the effective yield as of December 31, 2009.

¹⁰ Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $26,332 which is 0.01% of total net assets.

¹¹ Inflation protected security. Principal amount reflects original security face amount.

^† Fair valued security. The aggregate value of fair valued securities is $8,542,677 which is 4.38% 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.

¹² Represents annualized yield at date of purchase.

¹³ Securities, or a portion there of, pledged as collateral for swaps.

¹⁴ Securities, or a portion there of, pledged as collateral for futures.

* 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 Assurance Corp.

(G.O.): General Obligation

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium term note

(STEP): Step coupon bond

(TBA): To be announced

N-Q Report December 2009 / 31

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 97.73%
ASSET-BACKED SECURITIES — 8.52%**
Aames Mortgage Trust 2002-1 A3 (STEP)
6.90%	06/25/32		$	69,156	$	42,528
ABFS Mortgage Loan Trust 2002-2 A7 (STEP)
5.72%	07/15/33			9,162		9,045
Amresco Residential Securities Mortgage Loan Trust 1998-1 A5 (STEP)
7.57%	10/25/27			188,677		139,098
Asset Backed Funding Certificates 2007-WMC1 A2B
1.23%	06/25/37	2,†		41,977,000		18,699,921
Asset Backed Securities Corp. Home Equity 2003-HE4 M2
3.23%	08/15/33	2		3,140,375		1,227,246
Bayview Financial Acquisition Trust 2005-B 1A3 (STEP)
4.89%	04/28/39			4,191,743		3,867,238
Bayview Financial Acquisition Trust 2005-D AF3
5.50%	12/28/35	2		390,000		315,795
Bear Stearns Asset Backed Securities Trust 2002-1 1A5 (STEP)
6.89%	12/25/34			97,169		87,032
Bear Stearns Asset Backed Securities Trust 2006-HE10 1A2
0.43%	12/25/36	2		23,770,000		12,622,036
Bear Stearns Asset Backed Securities Trust 2007-2 A1
0.42%	01/25/47	2		1,623,722		1,432,332
Birch Real Estate CDO Ltd. 1A A1 (Cayman Islands)
5.16%	02/10/38	3,4,†		2,400,000		2,038,163
BNC Mortgage Loan Trust 2007-1 A3
0.33%	03/25/37	2		12,881,000		8,233,804
Carrington Mortgage Loan Trust 2007-FRE1 A1
0.35%	02/25/37	2		12,127,576		10,728,541
Centex Home Equity 2006-A AV3
0.39%	06/25/36	2		16,610,254		12,972,523
Centex Home Equity 2006-A AV4
0.48%	06/25/36	2		100,000		48,809
Citicorp Residential Mortgage Securities 2007-1 A5 (STEP)
6.05%	03/25/37			430,000		376,710
Citigroup Mortgage Loan Trust, Inc. 2007-AMC4 A2A
0.29%	05/25/37	2		16,616,251		14,662,249
Citigroup Mortgage Loan Trust, Inc. 2007-AMC4 A2B
0.37%	05/25/37	2		21,600,000		9,488,355
Citigroup Mortgage Loan Trust, Inc. 2007-WFH1 A4
0.43%	01/25/37	2		28,000		10,492
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 A3
0.41%	03/25/37	2		195,000		76,400
Citigroup Mortgage Loan Trust, Inc. 2007-WFH4 M3B
1.23%	07/25/37	2		3,090,000		239,720
Conseco Finance 2001-C A5 (STEP)
7.29%	08/15/33			4,840,881		4,604,015
Conseco Finance 2001-D A5
6.19%	11/15/32	2		181,237		170,478
Conseco Financial Corp. 1998-2 A5
6.24%	12/01/28	2		249,807		229,144
Conseco Financial Corp. 1998-6 A7
6.45%	06/01/30			150,487		150,270
Countrywide Asset-Backed Certificates 2005-12 2A5
5.25%	02/25/36	2,†		13,932,843		13,536,149
Countrywide Asset-Backed Certificates 2006-18 2A2
0.39%	03/25/37	2		18,183,322		11,608,186
Countrywide Asset-Backed Certificates 2007-10 2A2
0.35%	06/25/47	2		14,275,000		9,171,211
Countrywide Asset-Backed Certificates 2007-13 2A2
1.03%	10/25/47	2		17,400,801		11,159,454
Countrywide Asset-Backed Certificates 2007-5 2A2
0.40%	09/25/47	2		127,000		84,657
Countrywide Asset-Backed Certificates 2007-6 2A1
0.33%	09/25/37	2		8,210,540		7,658,296
Countrywide Asset-Backed Certificates 2007-7 2A2
0.39%	10/25/37	2		22,122,000		14,023,167
Credit-Based Asset Servicing and Securitization LLC 2006-CB6 A23
0.38%	07/25/36	2		24,475,000		12,995,163
Credit-Based Asset Servicing and Securitization LLC 2006-CB8 A2B
0.34%	10/25/36	2		11,240,000		6,758,055
CS First Boston Mortgage Securities Corp. 2001-MH29 A (STEP)
5.60%	09/25/31			132,538		123,715
Ellington Loan Acquisition Trust 2007-2 A2A
1.13%	05/25/37	2,4		18,782,092		15,517,614
Embarcadero Aircraft Securitization Trust 2000-A A1
0.71%	08/15/25	2,4		1,540,602		539,211

32 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
First Franklin Mortgage Loan Asset Backed Certificates 2005-FFH2 M1
0.71%	04/25/35	2,4,†	$	7,499,077	$	7,065,337
First Franklin Mortgage Loan Asset Backed Certificates 2007-FF1 A2C
0.37%	01/25/38	2		73,000,000		30,926,341
First Union Home Equity Loan Trust 1997-3 B
7.39%	03/25/29			109,285		16,401
Genesis Funding Ltd. 2006-1A G1 (Bermuda)
0.47%	12/19/32	2,3,4,†		12,584,444		9,437,291
GMAC Commercial Mortgage Securities, Inc. 1998-C2 X (IO)
0.92%	05/15/35	2,5		32,713,934		1,270,560
Green Tree Recreational Equipment & Consumer Trust 1996-D Certificates
7.24%	12/15/22			183,235		112,384
GSAA Trust 2005-7 AF3
4.75%	05/25/35	2		41,107,454		31,758,665
GSAMP Trust 2007-FM2 A2A
0.29%	01/25/37	2		2,655,945		2,428,203
HFC Home Equity Loan Asset Backed Certificates 2007-3 A4
1.73%	11/20/36	2,†		9,985,000		6,489,837
HFC Home Equity Loan Asset Backed Certificates 2007-3 APT
1.43%	11/20/36	2		36,509,797		31,097,015
Home Equity Asset Trust 2007-1 2A1
0.29%	05/25/37	2		79,683		74,966
HSI Asset Securitization Corp. Trust 2006-OPT2 2A3
0.42%	01/25/36	2		13,775,150		12,348,436
IndyMac Residential Asset Backed Trust 2007-A 2A4A
0.55%	04/25/47	2		6,256,000		2,673,366
JPMorgan Mortgage Acquisition Corp. 2007-CH1 AF6 (STEP)
5.50%	11/25/36			675,000		544,992
JPMorgan Mortgage Acquisition Corp. 2007-CH3 A3
0.38%	03/25/37	2		9,300,000		5,126,154
Keystone Owner Trust 1998-P2 A5 (STEP)
7.90%	01/25/29	4		381,327		380,741
Lehman XS Trust 2006-GP1 A4A
0.56%	05/25/46	2		33,816,605		6,926,520
MASTR Asset Backed Securities Trust 2005-AB1 A3B (STEP)
5.23%	11/25/35			179,525		146,809
MASTR Asset Backed Securities Trust 2007-HE1 A1
0.31%	05/25/37	2		8,793		7,944
MASTR Asset Backed Securities Trust 2007-HE1 A3
0.44%	05/25/37	2		203,000		80,756
Merrill Lynch First Franklin Mortgage Loan Trust 2007-1 A2C
0.48%	04/25/37	2		14,700,000		5,394,694
Merrill Lynch First Franklin Mortgage Loan Trust 2007-3 A2C
0.41%	06/25/37	2		273,800		103,936
Mid-State Trust 11 A1
4.86%	07/15/38			503,424		450,969
Mid-State Trust 2004-1 A
6.01%	08/15/37			63,907		60,224
Mid-State Trust 2005-1 A
5.75%	01/15/40			27,872,663		26,244,864
Mid-State Trust 2006-1 A
5.79%	10/15/40	4		22,473,592		22,468,938
Mid-State Trust 6 A1
7.34%	07/01/35			75,416		74,359
Morgan Stanley ABS Capital I 2005-HE3 M1
0.72%	07/25/35	2		5,100,505		4,957,117
Morgan Stanley ABS Capital, Inc. 2007-HE2 A2B
0.32%	01/25/37	2		110,000		43,839
Morgan Stanley Mortgage Loan Trust 2007-10XS A18
6.00%	07/25/47	2		27,873,215		19,590,879
Nomura Asset Acceptance Corp. 2006-S1 A1
0.37%	01/25/36	2,4		18,783		18,243
Novastar Home Equity Loan 2007-1 A2A1
0.33%	03/25/37	2		8,886,255		8,355,075
Oakwood Mortgage Investors, Inc. 1998-A A4
6.20%	05/15/28			16,807		14,773
Option One Mortgage Loan Trust 2006-3 2A2
0.33%	02/25/37	2		26,678,460		16,422,729
Option One Mortgage Loan Trust 2007-6 2A4
0.48%	07/25/37	2		100,000		33,705
PAMCO CLO 1998-1A B2 (Cayman Islands)
1.63%	05/01/10	2,3,4,5,†		1,737,903		260,398
Popular ABS Mortgage Pass-Through Trust 2005-3 AF6 (STEP)
4.76%	07/25/35			5,268,745		4,947,020
Popular ABS Mortgage Pass-Through Trust 2005-6 A5 (STEP)
6.09%	01/25/36			165,000		105,762
Popular ABS Mortgage Pass-Through Trust 2007-A A3
0.54%	06/25/47	2		21,668,500		7,999,172
Residential Asset Mortgage Products, Inc. 2003-RS10 AI6 (STEP)
5.86%	11/25/33			241,679		165,991
Residential Asset Mortgage Products, Inc. 2003-RS11 AI6A (STEP)
5.98%	12/25/33			221,152		183,484

N-Q Report December 2009 / 33

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Residential Asset Mortgage Products, Inc. 2004-RS12 MII2
1.03%	12/25/34	2,†	$	3,681,165	$	3,469,400
Residential Funding Mortgage Securities II, Inc. 1999-HI6 AI7 (STEP)
8.60%	09/25/29			488,848		344,151
Residential Funding Mortgage Securities II, Inc. 2000-HI1 AI7 (STEP)
8.79%	02/25/25			314,562		262,651
Resmae Mortgage Loan Trust 2006-1 A1B
0.50%	02/25/36	2,4		4,834,127		1,130,759
Saxon Asset Securities Trust 2005-2 M1
0.65%	10/25/35	2,†		32,400,000		24,703,641
Saxon Asset Securities Trust 2007-1 A2C
0.38%	01/25/47	2		8,135,000		3,112,885
Securitized Asset Backed Receivables LLC 2007-BR2 A2
0.46%	02/25/37	2		10,469,519		4,640,033
Securitized Asset Backed Receivables LLC Trust 2005-FR3 M1
0.70%	04/25/35	2,†		5,367,290		4,964,521
Securitized Asset Backed Receivables LLC Trust 2006-HE2 A2C
0.38%	07/25/36	2		15,053,000		5,326,617
Securitized Asset Backed Receivables LLC Trust 2007-BR5 A2A
0.36%	05/25/37	2		16,318,869		11,425,681
Securitized Asset Backed Receivables LLC Trust 2007-NC1 A2B
0.38%	12/25/36	2		19,025,000		7,349,108
Securitized Asset Backed Receivables LLC Trust 2007-NC2 A2B
0.37%	01/25/37	2		160,000		62,077
SG Mortgage Securities Trust 2006-FRE1 A1B
0.50%	02/25/36	2		3,367,581		1,929,113
SG Mortgage Securities Trust 2006-OPT2 A3C
0.38%	10/25/36	2		12,348,460		4,944,885
Signature 5 CBO
4.00%	10/15/09			2,000,000		200,000
Soundview Home Equity Loan Trust 2006-EG1 A2
0.34%	10/25/36	2		28,771,703		26,681,318
Soundview Home Equity Loan Trust 2006-EQ1 A3
0.39%	10/25/36	2		48,751,000		24,159,119
Soundview Home Equity Loan Trust 2006-WF2 A2C
0.37%	12/25/36	2		23,000,000		17,092,924
Soundview Home Equity Loan Trust 2007-NS1 A4
0.53%	01/25/37	2		12,355,000		4,302,694
Soundview Home Equity Loan Trust 2007-OPT1 2A2
0.38%	06/25/37	2		95,000		37,163
Soundview Home Equity Loan Trust 2007-OPT3 2A2
0.36%	08/25/37	2		100,000		49,873
Structured Asset Securities Corp. 2007-EQ1 A4
0.48%	03/25/37	2		26,325,800		8,982,974
Terwin Mortgage Trust 2005-7SL A1
0.50%	07/25/35	2,4		42,623		41,598
Vanderbilt Acquisition Loan Trust 2002-1 A4
6.57%	05/07/27	2		5,280,000		5,354,181
Wells Fargo Home Equity Trust 2007-2 A1
0.32%	04/25/37	2		13,046,632		12,552,764
Total Asset-Backed Securities (Cost $653,935,969)						645,575,841
CORPORATES — 28.83%*
Banking — 5.13%
BAC Capital Trust VI
5.63%	03/08/35			8,200,000		6,584,165
BAC Capital Trust XV
1.06%	06/01/56	2		14,455,000		9,328,158
Bank of America Corp.
5.75%	12/01/17			1,145,000		1,174,353
6.50%	08/01/16			4,780,000		5,146,932
7.63%	06/01/19			17,205,000		19,937,894
Bank of America N.A.
0.55%	06/15/17	2		11,140,000		9,482,479
Bank One Corp. (STEP)
8.53%	03/01/19	†		1,485,000		1,755,951
BankAmerica Capital II
8.00%	12/15/26			800,000		790,000
BankAmerica Capital III
0.85%	01/15/27	2		1,035,000		721,912
BankAmerica Institutional A
8.07%	12/31/26	4		350,000		345,625
BankBoston Capital Trust III
1.00%	06/15/27	2		10,755,000		7,353,118
Barclays Bank Plc (United Kingdom)
5.20%	07/10/14	3		11,954,000		12,684,079
Barrick International Bank Corp. (Bermuda)
6.35%	10/15/36	3,4		5,000,000		5,028,350
Chase Capital II B
0.78%	02/01/27	2		6,700,000		4,793,073
Chase Capital VI
0.91%	08/01/28	2		3,640,000		2,604,507
Credit Suisse USA, Inc.
5.13%	08/15/15			15,000		15,968

34 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Banking (continued)
Credit Suisse/Guernsey 1 (Switzerland)
0.96%	05/29/49	2,3	$	21,793,000	$	14,519,586
Credit Suisse/New York (MTN) (Switzerland)
5.00%	05/15/13	3		16,178,000		17,266,165
Credit Suisse/New York (Switzerland)
5.30%	08/13/19	3		3,495,000		3,596,009
5.50%	05/01/14	3		11,790,000		12,806,876
6.00%	02/15/18	3		36,000,000		37,728,612
Deutsche Bank AG/London (Germany)
4.88%	05/20/13	3		15,740,000		16,734,847
Discover Bank
8.70%	11/18/19			11,645,000		12,496,774
First Chicago NBD Institutional Capital I
0.83%	02/01/27	2		140,000		96,281
Fleet Capital Trust II
7.92%	12/11/26			770,000		731,500
HBOS Capital Funding LP (United Kingdom)
6.07%	06/24/49	2,3,4		5,823,000		3,843,180
HBOS Plc (United Kingdom)
5.38%	11/29/49	3		2,030,000		1,664,600
6.75%	05/21/18	3,4		29,123,000		27,065,373
JPMorgan Chase & Co.
6.30%	04/23/19			7,400,000		8,155,066
6.40%	05/15/38			22,212,000		24,534,353
JPMorgan Chase & Co. 1
7.90%	12/31/49	2		33,837,000		35,015,678
JPMorgan Chase & Co. C (MTN)
8.55%	07/23/13	2		2,500,000		2,335,750
JPMorgan Chase Capital XIII M
1.20%	09/30/34	2		3,549,000		2,515,013
National Australia Bank Ltd. (Australia)
5.35%	06/12/13	3,4		20,425,000		22,075,536
National Australia Bank Ltd. A (Australia)
8.60%	05/19/10	3		13,144,000		13,548,914
National Capital Trust II (Australia)
5.49%	12/29/49	2,3,4		2,717,000		2,172,032
Nationsbank Capital Trust III
0.83%	01/15/27	2		8,614,000		6,015,105
NB Capital Trust II
7.83%	12/15/26			5,625,000		5,273,438
Svenska Handelsbanken AB (Sweden)
4.88%	06/10/14	3,4		23,240,000		24,376,204
Wells Fargo & Co. K
7.98%	09/29/49	2		6,215,000		6,261,612
						388,575,068
Communications — 0.96%
Cablevision Systems Corp.
8.63%	09/15/17	4		700,000		732,375
Cellco Partnership/Verizon Wireless Capital LLC
8.50%	11/15/18			15,930,000		19,791,496
Cincinnati Bell, Inc.
8.25%	10/15/17			1,000,000		1,020,000
Comcast Cable Communications LLC
6.75%	01/30/11			75,000		79,173
CSC Holdings, Inc.
7.63%	07/15/18			850,000		879,750
Frontier Communications Corp.
7.13%	03/15/19			1,825,000		1,733,750
Intelsat Jackson Holdings Ltd. (Bermuda)
9.50%	06/15/16	3		500,000		537,500
Qwest Communications International, Inc.
7.25%	02/15/11			1,200,000		1,212,000
Qwest Communications International, Inc. B
7.50%	02/15/14			4,000,000		4,035,000
Qwest Corp.
7.88%	09/01/11			17,150,000		18,050,375
Sprint Nextel Corp.
0.65%	06/28/10	2		23,885,000		23,511,486
Visant Holding Corp.
8.75%	12/01/13			925,000		955,063
						72,537,968
Electric — 2.68%
Cedar Brakes I LLC
8.50%	02/15/14	4		5,944,624		6,039,850
Cedar Brakes II LLC
9.88%	09/01/13	4		7,262,630		7,399,967
CenterPoint Energy Houston Electric LLC U
7.00%	03/01/14			63,000		71,795
Cleco Power LLC
6.65%	06/15/18			20,000,000		20,805,720
Consolidated Edison Co. of New York, Inc.
7.13%	12/01/18			1,019,000		1,179,504
Consolidated Edison Co. of New York, Inc. 08-A
5.85%	04/01/18			834,000		894,804
Entergy Gulf States Louisiana LLC
6.00%	05/01/18			17,500,000		18,355,820
Entergy Gulf States, Inc.
5.25%	08/01/15			2,054,000		2,029,124
Entergy Louisiana LLC
5.83%	11/01/10			260,000		260,626
FPL Energy National Wind Portfolio LLC
6.13%	03/25/19	4		386,659		367,323
FPL Energy Wind Funding LLC
6.88%	06/27/17	4		1,825,050		1,779,424

N-Q Report December 2009 / 35

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Electric (continued)
FPL Group Capital, Inc.
1.13%	06/17/11	2	$	1,000,000	$	1,011,795
5.35%	06/15/13			955,000		1,032,928
GWF Energy LLC
6.13%	12/30/11	4		1,476,810		1,513,726
Kansas City Power & Light Co.
6.38%	03/01/18			7,102,000		7,592,777
KCP&L Greater Missouri Operations Co.
7.95%	02/01/11			7,375,000		7,710,540
11.88%	07/01/12			23,934,000		27,729,765
Midwest Generation LLC B
8.56%	01/02/16			11,299,021		11,412,012
Mirant Mid Atlantic LLC A
8.63%	06/30/12			12,163,174		12,406,437
Nisource Finance Corp.
10.75%	03/15/16			6,590,000		8,129,648
NRG Energy, Inc.
7.25%	02/01/14			1,845,000		1,872,675
7.38%	02/01/16			825,000		828,094
Power Contract Financing LLC
6.26%	02/01/10	4		1,506,041		1,509,019
Public Service Co. of New Hampshire
6.00%	05/01/18			5,000,000		5,365,330
Public Service Co. of New Mexico
7.95%	05/15/18			17,849,000		18,712,838
PVNGS II Funding Corp., Inc.
8.00%	12/30/15			126,000		136,010
Reliant Energy Mid-Atlantic Power Holdings LLC B
9.24%	07/02/17			14,188,012		14,791,002
Southwestern Electric Power Co.
6.45%	01/15/19			150,000		160,932
TECO Energy, Inc.
2.28%	05/01/10	2		11,825,000		11,856,715
Union Electric Co.
6.70%	02/01/19			431,000		476,665
Virginia Electric & Power Co.
5.10%	11/30/12			9,295,000		10,045,357
						203,478,222
Energy — 2.63%
AES Corp. (The)
8.75%	05/15/13	4		800,000		824,000
Allis-Chalmers Energy, Inc.
8.50%	03/01/17			1,000,000		870,000
Atlas Energy Operating Co. LLC/Atlas Energy Finance Corp.
10.75%	02/01/18			1,000,000		1,110,000
CenterPoint Energy Resources Corp. B
7.88%	04/01/13			170,000		191,622
Chesapeake Energy Corp.
7.00%	08/15/14			925,000		941,187
Comstock Resources, Inc.
6.88%	03/01/12			850,000		856,375
8.38%	10/15/17			900,000		924,750
Corral Petroleum Holdings AB (PIK) (Sweden)
1.78%	04/15/10	3,4,†		546,403		450,780
Dynegy Holdings, Inc.
6.88%	04/01/11			725,000		757,625
Dynegy Roseton/Danskammer Pass Through Trust A
7.27%	11/08/10			625,858		625,075
Dynegy Roseton/Danskammer Pass Through Trust B
7.67%	11/08/16			7,000,000		6,755,000
Hilcorp Energy I LP/Hilcorp Finance Co.
7.75%	11/01/15	4		2,175,000		2,142,375
Massey Energy Co.
6.88%	12/15/13			1,500,000		1,505,625
Newfield Exploration Co.
7.13%	05/15/18			500,000		507,500
OPTI Canada, Inc. (Canada)
7.88%	12/15/14	3		750,000		609,375
Sabine Pass LNG LP
7.25%	11/30/13			36,971,000		33,736,037
Sonat, Inc.
7.63%	07/15/11			1,600,000		1,657,122
Southern Union Co.
7.20%	11/01/66	2		50,608,000		43,522,880
Tesoro Corp.
6.50%	06/01/17			1,175,000		1,098,625
Valero Energy Corp.
7.50%	04/15/32			20,000,000		20,623,820
9.38%	03/15/19			17,258,000		20,559,542
10.50%	03/15/39			3,575,000		4,605,551
Williams Cos., Inc. (The)
7.88%	09/01/21			24,585,000		28,255,049
8.75%	01/15/20			19,725,000		23,572,302
Williams Cos., Inc. (The) A
7.50%	01/15/31			2,525,000		2,731,232
						199,433,449
Finance — 11.29%
Astoria Depositor Corp.
8.14%	05/01/21	4		14,575,000		12,980,859
Barnett Capital III
0.91%	02/01/27	2		3,100,000		2,107,647

36 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Bear Stearns Cos. LLC (The)
4.65%	07/02/18		$	4,330,000	$	4,250,110
5.70%	11/15/14			3,525,000		3,882,819
7.25%	02/01/18			20,455,000		23,515,948
Capital One Financial Corp.
7.38%	05/23/14			10,000,000		11,333,050
Capital One Financial Corp. (MTN)
5.70%	09/15/11			100,000		105,599
Citigroup Capital III
7.63%	12/01/36			7,438,000		6,005,687
Citigroup Capital XXI
8.30%	12/21/57	2		7,990,000		7,730,325
Citigroup Funding, Inc. 2
0.61%	04/30/12	2		30,870,000		31,175,181
Citigroup, Inc.
0.56%	11/05/14	2		13,940,000		12,591,054
0.81%	08/25/36	2		10,000,000		5,652,560
5.30%	10/17/12			50,000		52,121
5.50%	08/27/12			100,000		104,591
6.13%	11/21/17			55,000		55,524
6.13%	05/15/18			7,510,000		7,562,848
6.13%	08/25/36			5,998,000		5,159,342
6.38%	08/12/14			3,950,000		4,114,930
6.50%	08/19/13			7,644,000		8,148,901
6.88%	03/05/38			19,361,000		19,382,510
8.13%	07/15/39			26,821,000		30,362,794
City National Capital Trust I
9.63%	02/01/40			15,000,000		15,972,450
Countrywide Capital III B
8.05%	06/15/27			3,000,000		2,818,860
Countrywide Financial Corp. (MTN)
5.80%	06/07/12			16,530,000		17,570,836
Countrywide Home Loans, Inc. L (MTN)
4.00%	03/22/11			7,655,000		7,820,294
Discover Financial Services
0.78%	06/11/10	2		10,000,000		9,914,190
10.25%	07/15/19			3,885,000		4,550,178
General Electric Capital Corp.
5.63%	05/01/18			5,718,000		5,868,112
General Electric Capital Corp. (MTN)
0.39%	06/20/14	2		1,250,000		1,178,380
0.48%	01/08/16	2		6,000,000		5,438,469
0.66%	05/05/26	2		1,900,000		1,609,699
1.17%	05/22/13	2		4,650,000		4,545,375
6.88%	01/10/39			12,015,000		12,447,312
General Electric Capital Corp. A (MTN)
0.51%	09/15/14	2		34,577,000		32,617,867
General Electric Capital Corp. E (MTN)
0.40%	03/20/14	2,†		29,900,000		26,946,137
GMAC LLC
2.46%	12/01/14	2		9,009,000		7,105,849
Goldman Sachs Group, Inc. (The)
0.46%	02/06/12	2		1,190,000		1,181,735
0.70%	03/22/16	2		130,000		119,904
0.78%	01/12/15	2		3,800,000		3,631,307
1.03%	12/05/11	2		30,365,000		30,876,377
4.50%	06/15/10			1,425,000		1,450,842
4.75%	07/15/13			19,150,000		20,062,291
5.00%	10/01/14			22,000		22,851
5.95%	01/18/18			100,000		105,766
6.15%	04/01/18			26,290,000		28,189,111
7.50%	02/15/19			35,704,000		41,425,998
Goldman Sachs Group, Inc. (The) (MTN)
6.00%	05/01/14			6,000,000		6,568,884
Goldman Sachs Group, Inc. B (The) (MTN)
0.68%	07/22/15	2		8,690,000		7,727,913
LBG Capital No. 1 Plc (United Kingdom)
8.00%	12/15/49	3,†		39,467,000		30,389,374
Lehman Brothers Holdings, Inc. (MTN)
0.00%	06/20/16	6,7		12,736,000		2,523,320
0.00%	11/07/16	6,7		12,918,000		2,559,379
0.00%	02/16/17	6,7		7,103,000		1,407,282
Lehman Brothers Holdings, Inc. H (MTN)
0.00%	11/30/10	6,7		6,812,000		1,349,627
M&T Capital Trust III
9.25%	02/01/27			10,200,000		9,888,574
MBNA Capital A
8.28%	12/01/26			7,680,000		7,468,800
MBNA Capital B
1.08%	02/01/27	2		21,350,000		14,618,943
MBNA Corp.
6.13%	03/01/13			7,355,000		7,808,495
Merrill Lynch & Co, Inc. (MTN)
6.05%	08/15/12			125,000		133,985
Merrill Lynch & Co., Inc. (MTN)
8.68%	05/02/17	2		2,935,000		3,010,283
8.95%	05/18/17	2		4,970,000		5,125,312
9.57%	06/06/17	2		11,517,000		12,007,048
Morgan Stanley
0.53%	01/18/11	2		10,010,000		9,965,035
0.56%	01/15/10	2		2,740,000		2,740,203
0.76%	10/15/15	2		1,505,000		1,413,342
4.20%	11/20/14			18,535,000		18,568,215
5.38%	10/15/15			7,900,000		8,172,811
6.00%	05/13/14			24,825,000		26,693,580
6.60%	04/01/12			645,000		700,595
Morgan Stanley (FRN)
0.60%	06/20/12	2		47,575,000		47,941,699

N-Q Report December 2009 / 37

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Morgan Stanley (MTN)
0.73%	10/18/16	2	$	14,975,000	$	13,769,063
5.63%	01/09/12			125,000		132,980
5.95%	12/28/17			125,000		129,134
Morgan Stanley G (MTN)
0.58%	01/09/14	2		8,005,000		7,650,330
Pemex Finance Ltd. (Cayman Islands)
8.88%	11/15/10	3,†		100,000		103,643
Pipeline Funding Co. LLC
7.50%	01/15/30	4		31,500,000		29,860,394
Power Receivable Finance LLC
6.29%	01/01/12	4		102,136		104,175
6.29%	01/01/12			70,439		71,845
Prudential Holdings LLC
8.70%	12/18/23	4		14,390,000		15,436,038
Raymond James Financial, Inc.
8.60%	08/15/19			9,233,000		10,005,294
Wachovia Bank N.A.
6.00%	11/15/17			21,241,000		22,268,682
Wachovia Capital Trust III
5.80%	03/15/42	2		4,550,000		3,526,250
Wachovia Corp.
0.62%	10/28/15	2		20,000,000		17,553,792
Wachovia Corp. (MTN)
5.50%	05/01/13			35,000		37,210
Woodbourne Capital Trust I
2.64%	04/08/49	2,4,5		1,525,000		320,250
Woodbourne Capital Trust II
2.64%	04/08/49	2,4,5		1,525,000		320,250
Woodbourne Capital Trust III
2.74%	04/08/49	2,4,5		1,525,000		320,250
Woodbourne Capital Trust IV
2.74%	04/08/49	2,4,5		1,525,000		320,250
ZFS Finance USA Trust I
6.15%	12/15/65	2,4		7,656,000		7,043,520
ZFS Finance USA Trust IV
5.88%	05/09/32	2,4		21,972,000		17,844,977
						855,345,616
Food — 0.01%
JBS USA LLC/JBS USA Finance, Inc.
11.63%	05/01/14	4		500,000		568,750
Health Care — 0.24%
CHS/Community Health Systems, Inc.
8.88%	07/15/15			3,775,000		3,907,125
HCA, Inc.
8.50%	04/15/19	4		13,035,000		14,045,212
Wellpoint, Inc.
5.88%	06/15/17			125,000		128,975
						18,081,312
Industrials — 0.23%
General Electric Co.
5.25%	12/06/17			16,828,000		17,223,643
Insurance — 1.83%
Allied World Assurance Co. Holdings Ltd. (Bermuda)
7.50%	08/01/16	3		375,000		400,961
Fairfax Financial Holdings Ltd. (Canada)
7.75%	04/26/12	3		6,902,000		7,160,825
Farmers Exchange Capital
7.05%	07/15/28	4		15,176,000		13,252,897
7.20%	07/15/48	4		2,700,000		2,226,320
Farmers Insurance Exchange
8.63%	05/01/24	4		13,860,000		13,425,919
MetLife Capital Trust X
9.25%	04/08/38	2,4		11,500,000		13,110,000
Metlife, Inc.
7.72%	02/15/19			16,375,000		19,275,291
Metropolitan Life Global Funding I
2.16%	06/10/11	2,4		13,300,000		13,571,573
Nationwide Mutual Insurance Co.
5.81%	12/15/24	2,4		12,403,000		9,808,293
6.60%	04/15/34	4		19,518,000		15,071,019
Pricoa Global Funding I
0.38%	01/30/12	2,4		15,690,000		15,270,575
5.45%	06/11/14	4		15,130,000		16,069,361
Travelers Cos., Inc. (The)
6.25%	03/15/37	2		250,000		228,067
						138,871,101
Materials — 0.24%
Barrick Gold Corp. (Canada)
6.95%	04/01/19	3		4,780,000		5,391,353
Barrick Gold Finance Co. LLC (MTN) (Canada)
6.13%	09/15/13	3		11,750,000		12,926,539
						18,317,892
Real Estate Investment Trust (REIT) — 1.50%
BRE Properties, Inc.
5.50%	03/15/17			100,000		91,476
CPG Partners LP
8.25%	02/01/11			405,000		423,774
Duke Realty LP
6.25%	05/15/13			75,000		75,486

38 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
ERP Operating LP
5.75%	06/15/17		$	100,000	$	100,161
First Industrial LP (MTN)
7.50%	12/01/17			140,000		109,840
HCP, Inc.
5.65%	12/15/13			3,170,000		3,193,065
6.45%	06/25/12			11,800,000		12,155,546
7.07%	06/08/15			75,000		77,039
HCP, Inc. (MTN)
4.88%	09/15/10			8,055,000		8,220,530
5.95%	09/15/11			165,000		170,302
Highwoods Properties, Inc.
7.50%	04/15/18			6,795,000		6,624,323
Prime Property Funding II, Inc.
5.60%	06/15/11	4		125,000		118,946
Shurgard Storage Centers LLC
5.88%	03/15/13			624,000		653,576
7.75%	02/22/11			7,200,000		7,578,511
Simon Property Group LP
4.88%	08/15/10			24,080,000		24,570,510
5.30%	05/30/13			5,123,000		5,290,025
6.13%	05/30/18			1,290,000		1,312,762
UDR, Inc.
6.05%	06/01/13			3,360,000		3,413,629
UDR, Inc. (MTN)
5.00%	01/15/12			2,845,000		2,861,643
UDR, Inc. E (MTN)
3.90%	03/15/10			35,000		35,023
Washington Real Estate Investment Trust
5.95%	06/15/11			250,000		254,269
WEA Finance LLC
7.13%	04/15/18	4		33,350,000		36,520,384
						113,850,820
Services — 0.03%
Mobile Mini, Inc.
6.88%	05/01/15			750,000		712,500
United Rentals North America, Inc.
6.50%	02/15/12			1,000,000		1,002,500
7.00%	02/15/14			375,000		341,250
						2,056,250
Transportation — 2.06%
American Airlines Pass Through Trust 2001-02
6.98%	04/01/11			29,351		29,131
American Airlines Pass Through Trust 2003-1 (AMBAC)
3.86%	07/09/10			3,975,178		3,892,097
American Airlines Pass Through Trust 2009-1A
10.38%	07/02/19			17,322,000		19,227,420
Continental Airlines, Inc. 1997-1 A
7.46%	04/01/15			2,124,711		2,018,475
Continental Airlines, Inc. 1997-4 A
6.90%	01/02/18			4,314,844		4,174,612
Continental Airlines, Inc. 1999-2 A-1
7.26%	03/15/20			6,790,262		6,688,408
Continental Airlines, Inc. 2000-1 A2
7.92%	05/01/10			2,000,000		2,015,000
Continental Airlines, Inc. 2007-1 A
5.98%	04/19/22			4,760,000		4,584,404
Continental Airlines, Inc. 2007-1 B
6.90%	04/19/22			2,500,000		2,175,000
Continental Airlines, Inc. A
7.25%	11/10/19			22,005,000		22,555,125
Delta Air Lines, Inc.
9.50%	09/15/14	4		4,095,000		4,192,256
Delta Air Lines, Inc. 2000-1 A1
7.38%	05/18/10			896,486		902,089
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11			30,303,000		30,649,969
Delta Air Lines, Inc. 2007-1 A
6.82%	08/10/22			1,063,553		1,015,693
Delta Air Lines, Inc. A
7.75%	12/17/19			4,538,000		4,679,812
Northwest Airlines, Inc. 2001 1A-2
6.84%	04/01/11			23,530,000		23,235,875
Northwest Airlines, Inc. 2001-1 A1
7.04%	04/01/22			1,103,562		1,007,001
UAL Pass Through Trust 2000-2 A
7.03%	10/01/10			286,813		286,813
UAL Pass Through Trust 2000-2 A2
7.19%	04/01/11			809,418		807,394
United Air Lines, Inc.
9.75%	01/15/17			21,450,000		22,039,875
						156,176,449
Total Corporates (Cost $2,043,957,666)						2,184,516,540
BANK LOANS — 0.61%*
Communications — 0.09%
Cebridge 2nd Lien (PIK)
6.26%	05/05/14	8		2,623,340		2,633,723
Charter Communications, Inc. Term Loan 3rd Lien
2.76%	02/27/14	6,8		1,000,000		915,750

N-Q Report December 2009 / 39

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BANK LOANS (continued)
Communications (continued)
Dex Media West LLC Term Loan B
6.90%	10/24/14	8	$	2,817,841	$	2,611,200
Univision Communications, Inc. 1st Lien Strip
2.50%	03/15/14	8		375,000		327,188
						6,487,861
Consumer Discretionary — 0.01%
Tribune 1st Lien Term Loan B
0.00%	06/04/14	6,7,8		1,500,000		872,500
Electric — 0.05%
TPF Generation Holdings LLC 2nd Lien
4.49%	12/15/14	8		1,000,000		858,750
TXU Energy Term Loan B1
3.78%	10/10/14			992,386		808,795
TXU Energy Term Loan B3
3.73%	10/10/14			2,444,975		1,979,207
						3,646,752
Finance — 0.09%
Kelson 1st Lien
3.50%	03/16/13	8		6,862,989		6,734,308
Health Care — 0.32%
Carestream Health, Inc. Term Loan
5.49%	10/30/13	8		1,000,000		853,438
HCA Term Loan A
1.75%	11/18/12	8		24,705,613		23,648,756
						24,502,194
Insurance — 0.01%
Asurion Corp. Term Loan
3.24%	07/03/14	8		748,125		718,044
Materials — 0.01%
Lyondell Chemical Co. New Money (DIP)
13.00%	12/15/09			442,443		462,685
Lyondell Chemical Co. Roll Up (DIP)
5.79%	12/15/09			441,789		460,013
						922,698
Services — 0.02%
Cengage Learning Term Loan B
2.75%	07/09/14	8		1,955,000		1,790,047
Transportation — 0.01%
Delta Air Lines, Inc. Term Loan 1st Lien
2.20%	05/01/12	8		490,000		435,488
Total Bank Loans (Cost $44,655,546)						46,109,892
MORTGAGE-BACKED — 48.15%**
Commercial Mortgage-Backed — 10.35%
Banc of America Commercial Mortgage, Inc. 2005-3 A3A
4.62%	07/10/43			350,000		348,372
Bayview Commercial Asset Trust 2006-3A A1
0.48%	10/25/36	2,4,†		7,363,379		5,078,473
Bear Stearns Commercial Mortgage Securities 2007-PW18 AM
6.08%	06/11/50	2		5,860,000		3,949,117
Bear Stearns Commercial Mortgage Securities, Inc. 2001-TOP4 A3
5.61%	11/15/33			25,000,000		25,903,248
Bear Stearns Commercial Mortgage Securities, Inc. 2003-PWR2 A4
5.19%	05/11/39	2		38,651,000		39,465,581
Bear Stearns Commercial Mortgage Securities, Inc. 2005-T20 A4A
5.15%	10/12/42	2		23,070,000		22,658,244
Bear Stearns Commercial Mortgage Securities, Inc. 2006-PW13 A4
5.54%	09/11/41			3,165,000		3,088,175
Citigroup Commercial Mortgage Trust 2007-C6 A4
5.70%	12/10/49	2		14,440,000		12,915,454
Citigroup Deutsche Bank Commercial Mortgage Trust 2007-CD4 A4
5.32%	12/11/49			16,645,000		14,482,309
Citigroup/Deutsche Bank Commercial Mortgage Trust 2007-CD5 A4
5.89%	11/15/44	2		1,925,000		1,727,886
Commercial Mortgage Loan Trust 2008-LS1 A4B
6.02%	12/10/49	2		56,300,000		49,322,713
Commercial Mortgage Loan Trust 2008-LS1 AJ
6.02%	12/10/49	2		8,018,000		3,639,244
Credit Suisse Mortgage Capital Certificates 2006-C4 A3
5.47%	09/15/39			74,161,000		63,697,988
Credit Suisse Mortgage Capital Certificates 2006-C5 A3
5.31%	12/15/39			50,025,000		41,853,106
Credit Suisse Mortgage Capital Certificates 2007-C2 A2
5.45%	01/15/49	2		4,974,000		5,081,903
CW Capital Cobalt Ltd. 2006-C1 A4
5.22%	08/15/48			4,275,000		3,737,582
GMAC Commercial Mortgage Securities, Inc. 2002-C1 A2
6.28%	11/15/39			20,000,000		21,029,444
Greenwich Capital Commercial Funding Corp. 2002-C1 A4
4.95%	01/11/35			34,500,000		34,828,309

40 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Commercial Mortgage-Backed (continued)
Greenwich Capital Commercial Funding Corp. 2006-GG7 A4
5.92%	07/10/38	2	$	45,039,554	$	41,167,553
Greenwich Capital Commercial Funding Corp. 2007-GG9 A4
5.44%	03/10/39			26,465,000		23,442,583
GS Mortgage Securities Corp. II 2006-GG8 A4
5.56%	11/10/39			50,456,000		44,294,591
JP Morgan Chase Commercial Mortgage Securities Corp. 2007-CB18 A4
5.44%	06/12/47			365,000		318,819
JPMorgan Chase Commercial Mortgage Securities Corp. 2006-LDP7 A4
5.87%	04/15/45	2		32,965,000		31,832,125
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-CB19 A4
5.75%	02/12/49	2		17,773,000		15,594,302
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 A4
5.88%	02/15/51	2		48,970,000		42,527,105
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LD12 AM
6.06%	02/15/51	2		6,580,000		4,432,302
JPMorgan Chase Commercial Mortgage Securities Corp. 2007-LDPX A3
5.42%	01/15/49			54,471,006		46,081,349
LB-UBS Commercial Mortgage Trust 2000-C4 A2
7.37%	08/15/26			20,979,612		21,296,672
LB-UBS Commercial Mortgage Trust 2003-C8 A4
5.12%	11/15/32	2		320,000		315,507
LB-UBS Commercial Mortgage Trust 2007-C2 AM
5.49%	02/15/40	2		6,560,000		4,449,636
Merrill Lynch Countrywide Commercial Mortgage Trust 2006-4 A3
5.17%	12/12/49	2		32,725,000		28,997,050
Merrill Lynch Countrywide Commercial Mortgage Trust 2007-7 A4
5.75%	06/12/50	2		36,440,000		30,639,076
Merrill Lynch Countrywide Commercial Mortgage Trust 2007-9 AM
5.86%	09/12/49	2		14,103,000		10,141,507
Merrill Lynch/Countrywide Commercial Mortgage Trust 2006-4 ASB
5.13%	12/12/49	2		25,000,000		24,351,535
Morgan Stanley Capital I 2006-HQ10 AM
5.36%	11/12/41			14,105,000		11,647,102
Morgan Stanley Capital I 2006-T21 A4
5.16%	10/12/52	2		16,160,000		15,857,537
Morgan Stanley Capital I 2007-IQ16 A4
5.81%	12/12/49			29,772,500		25,442,944
Morgan Stanley Dean Witter Capital I 2000-LIFE A2
7.57%	11/15/36	2		259,886		259,668
Prudential Commercial Mortgage Trust 2003-PWR1 A1
3.67%	02/11/36			6,638,339		6,693,982
Salomon Brothers Mortgage Securities VII, Inc. 2002-KEY2 A3
4.87%	03/18/36			65,000		66,473
Wachovia Bank Commercial Mortgage Trust 2006-C28 A4
5.57%	10/15/48			1,980,000		1,836,864
						784,493,430
Non-Agency Mortgage-Backed — 7.87%
American Home Mortgage Assets 2007-4 A2
0.42%	08/25/37	2		36,102,000		18,561,605
American Home Mortgage Investment Trust 2006-1 2A3
5.10%	12/25/35	2		395,935		227,033
Banc of America Funding Corp. 2003-2 1A1
6.50%	06/25/32			117,836		119,207
Banc of America Funding Corp. 2007-8 2A1
7.00%	10/25/37			27,748,214		20,128,050
Banc of America Mortgage Securities, Inc. 2005-E 2A6
4.70%	06/25/35	2		100,000		78,129
Banc of America Mortgage Securities, Inc. 2006-B 4A1
6.18%	11/20/46	2		19,701,783		15,806,623
Banco de Credito Y Securitizacion SA 2001-1 AF (Argentina)
8.00%	05/31/10	3,4,5		841,140		96,731
Bear Stearns Adjustable Rate Mortgage Trust 2003-4 3A1
4.98%	07/25/33	2		181,363		171,192
Bear Stearns Adjustable Rate Mortgage Trust 2005-4 2A3
4.45%	08/25/35	2		23,003,000		22,780,301
Bear Stearns Alt-A Trust 2005-4 21A1
4.00%	05/25/35	2		31,569,776		19,830,403
BHN I Mortgage Fund 1997-2 A1 (Argentina)
1.68%	05/31/17	2,3,4,5		13,760		1,926
BHN I Mortgage Fund 1997-2 A2 (Argentina)
7.54%	05/31/17	3,4,5		2,500		349
BHN I Mortgage Fund 2000-1 AF (Argentina)
8.00%	03/31/11	3,4,5		6,000		720
BlackRock Capital Finance LP 1997-R2 AP
0.00%	12/25/35	2,4,5		4,058		4,060

N-Q Report December 2009 / 41

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Chase Mortgage Finance Corp. 2005-A1 2A3
5.23%	12/25/35	2	$	1,355,000	$	1,058,888
Chase Mortgage Finance Corp. 2007-A2 2A3
3.56%	07/25/37	2		19,220,762		17,213,195
Chevy Chase Mortgage Funding Corp. 2004-1A A1
0.51%	01/25/35	2,4		1,894,965		1,092,247
Citigroup Mortgage Loan Trust, Inc. 2004-RR2 A2
4.73%	05/25/34	2,4		19,094,440		15,887,296
Countrywide Alternative Loan Trust 2004-J6 2A1
6.50%	11/25/31			58,198		53,690
Countrywide Alternative Loan Trust 2005-27 2A1
1.89%	08/25/35	2		9,978,268		5,118,491
Countrywide Alternative Loan Trust 2005-36 2A1A
0.54%	08/25/35	2		334,477		148,331
Countrywide Alternative Loan Trust 2005-43 4A1
5.64%	10/25/35	2		409,652		303,444
Countrywide Alternative Loan Trust 2005-59 1A1
0.56%	11/20/35	2		246,758		129,903
Countrywide Alternative Loan Trust 2006-46 A4
6.00%	02/25/47			11,332,978		9,575,688
Countrywide Alternative Loan Trust 2006-OA10 1A1
2.50%	08/25/46	2		6,419,670		3,189,043
Countrywide Alternative Loan Trust 2006-OA14 3A1
1.39%	11/25/46	2		962,337		413,064
Countrywide Alternative Loan Trust 2006-OA17 1A1A
0.43%	12/20/46	2		43,125,124		21,136,818
Countrywide Alternative Loan Trust 2006-OA18 A1
0.35%	12/25/46	2		45,181,491		23,732,251
Countrywide Alternative Loan Trust 2006-OA8 1A1
0.42%	07/25/46	2		30,167,138		15,568,165
Countrywide Alternative Loan Trust 2007-22 2A16
6.50%	09/25/37			56,934,610		40,557,745
Countrywide Home Loan Mortgage Pass Through Trust 2007-HY3 2A1
5.51%	06/25/47	2		42,728,575		30,080,097
Countrywide Home Loan Mortgage Pass-Through Trust 2001-HYB1 1A1
2.93%	06/19/31	2		55,482		45,957
Countrywide Home Loan Mortgage Pass-Through Trust 2004-14 4A1
5.08%	08/25/34	2		9,619,239		8,988,677
Countrywide Home Loan Mortgage Pass-Through Trust 2005-HYB5 4A1
5.04%	09/20/35	2		11,516,237		7,292,906
Credit Suisse Mortgage Capital Certificates 2006-6 2A1
0.83%	07/25/36	2		249,022		124,779
CS First Boston Mortgage Securities Corp. 2003-AR20 2A4
3.69%	08/25/33	2		79,213		68,376
Deutsche Bank Alternate Loan Trust 2005-3 4A5
5.25%	06/25/35			95,109		79,716
DLJ Mortgage Acceptance Corp. 1996-QA S (IO)
3.14%	01/25/26	2,4,5,†		86,350		54
Equity One ABS, Inc. 1998-1 A2 (STEP)
7.48%	11/25/29			39,373		29,493
First Horizon Alternative Mortgage Securities 2004-AA3 A1
3.08%	09/25/34	2		118,788		96,513
First Horizon Asset Securities, Inc. 2004-AR5 2A1
3.01%	10/25/34	2		24,707		22,057
First Horizon Asset Securities, Inc. 2005-AR6 2A1B
5.53%	01/25/36	2		26,990,000		17,870,211
Harborview Mortgage Loan Trust 2005-1 X (IO)
2.35%	03/19/35	5,9		20,446,962		683,695
Harborview Mortgage Loan Trust 2007-7 2A1A
1.23%	11/25/47	2		2,444,917		1,275,426
IndyMac Index Mortgage Loan Trust 2004-AR5 2A1B
0.63%	08/25/34	2		30,069		17,727
IndyMac Index Mortgage Loan Trust 2004-AR6 6A1
5.52%	10/25/34	2		535,337		436,755
IndyMac Index Mortgage Loan Trust 2004-AR7 A2
0.66%	09/25/34	2		32,762		20,698
IndyMac Index Mortgage Loan Trust 2004-AR8 2A2A
0.63%	11/25/34	2		49,281		25,400
IndyMac Index Mortgage Loan Trust 2005-AR18 2A1A
0.54%	10/25/36	2		269,905		150,238
IndyMac Index Mortgage Loan Trust 2006-AR19 1A2
5.94%	08/25/36	2		38,084,851		20,699,821

42 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
JPMorgan Alternative Loan Trust 2007-A2 12A2
0.33%	06/25/37	2	$	9,031,134	$	7,282,489
JPMorgan Mortgage Trust 2003-A2 2A3
4.69%	11/25/33	2		705,000		614,852
JPMorgan Mortgage Trust 2004-A5 4A4
4.82%	12/25/34	2		1,231,600		1,054,458
JPMorgan Mortgage Trust 2005-A3 11A2
4.49%	06/25/35	2		390,000		305,523
JPMorgan Mortgage Trust 2005-A5 3A2
5.36%	08/25/35	2		300,000		274,089
JPMorgan Mortgage Trust 2005-A5 TA1
5.43%	08/25/35	2		2,721,573		2,453,816
JPMorgan Mortgage Trust 2006-A2 2A2
5.76%	04/25/36	2		1,125,000		819,328
JPMorgan Mortgage Trust 2006-A2 2A4
5.76%	04/25/36	2		17,325,000		12,957,853
JPMorgan Mortgage Trust 2006-A3 3A4
5.73%	05/25/36	2		23,500,000		16,938,603
Lehman XS Trust 2007-15N 2A1
0.48%	08/25/37	2		66,459,217		33,971,493
MASTR Adjustable Rate Mortgages Trust 2003-6 4A2
5.17%	01/25/34	2		351,642		339,496
MASTR Adjustable Rate Mortgages Trust 2004-13 3A7A
3.10%	11/21/34	2		440,000		382,989
MASTR Adjustable Rate Mortgages Trust 2004-5 3A1
3.84%	06/25/34	2		2,244		1,931
MASTR Asset Securitization Trust 2002-8 1A1
5.50%	12/25/17			89,971		91,640
MASTR Seasoned Securities Trust 2004-1 4A1
3.72%	10/25/32	2		75,303		71,815
MASTR Seasoned Securities Trust 2004-2 A2
6.50%	08/25/32			4,720,907		4,782,218
Merrill Lynch Alternative Note Asset 2007-AF1 AV1
5.50%	06/25/37	2		7,835,032		3,877,962
Morgan Stanley Mortgage Loan Trust 2006-7 5A2
5.96%	06/25/36	2		300,000		169,324
Ocwen Residential MBS Corp. 1998-R2 AP
9.66%	11/25/34	2,4		22,895		14,898
Residential Accredit Loans, Inc. 2003-QS3 A4
5.50%	02/25/18			69,894		61,609
Residential Accredit Loans, Inc. 2007-QO4 A1
0.43%	05/25/47	2		28,653,321		14,952,498
Residential Asset Mortgage Products, Inc. 2004-SL1 A8
6.50%	11/25/31			151,704		145,893
Residential Asset Mortgage Products, Inc. 2004-SL3 A2
6.50%	12/25/31			211,351		196,388
Residential Asset Securitization Trust 2007-A7 A4
6.00%	07/25/37			20,610,411		14,867,645
Ryland Mortgage Securities Corp. 1994-5 M3
3.39%	10/25/23	2		318,066		221,150
Structured Asset Mortgage Investments, Inc. 2005-AR7 1A1
3.16%	12/27/35	2		4,074,802		1,976,568
Structured Asset Mortgage Investments, Inc. 2007-AR1 1A1
0.39%	01/25/37	2		69,165,128		37,224,928
Structured Asset Mortgage Investments, Inc. 2007-AR6 A1
2.04%	08/25/47	2		218,397		119,083
Structured Asset Securities Corp. 1997-2 2A4
7.25%	03/28/30			6,122		6,131
Structured Asset Securities Corp. 2001-15A 4A1
6.00%	10/25/31	2		12,776		11,507
Thornburg Mortgage Securities Trust 2007-3 3A1
0.45%	06/25/47	2		11,798,640		9,352,198
Washington Mutual Alternative Mortgage Pass-Through Certificates 2005-3 2A3
0.78%	05/25/35	2		16,844,630		11,184,060
Washington Mutual Alternative Mortgage Pass-Through Certificates 2005-4 CB13
0.73%	06/25/35	2		25,286,833		15,529,097
Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA3 4A1
1.31%	04/25/47	2		27,980,628		14,194,810
Washington Mutual Mortgage Pass-Through Certificates 2002-AR18 A
2.77%	01/25/33	2		30,364		27,851
Washington Mutual Mortgage Pass-Through Certificates 2004-AR3 A2
3.14%	06/25/34	2		130,537		120,408
Washington Mutual Mortgage Pass-Through Certificates 2005-AR12 1A6
4.83%	10/25/35	2		310,000		236,485
Washington Mutual Mortgage Pass-Through Certificates 2005-AR16 1A4A
5.09%	12/25/35	2		320,000		245,746
Washington Mutual Mortgage Pass-Through Certificates 2006-AR7 3A1B
2.77%	07/25/46	2		3,768,934		868,322

N-Q Report December 2009 / 43

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Washington Mutual Mortgage Pass-Through Certificates 2007-0A4 1A
1.31%	05/25/47	2	$	383,400	$	201,411
Washington Mutual Mortgage Pass-Through Certificates 2007-0A6 1A
1.35%	07/25/47	2		243,945		124,657
Washington Mutual Mortgage Pass-Through Certificates 2007-OA1 A1A
1.33%	02/25/47	2		511,160		255,905
Washington Mutual Mortgage Pass-Through Certificates 2007-OA2 1A
1.33%	03/25/47	2		64,405,664		35,068,079
Washington Mutual Mortgage Pass-Through Certificates 2007-OA3 2A
1.31%	04/25/47	2		268,168		137,556
Wells Fargo Mortgage Backed Securities Trust 2004-G A3
4.74%	06/25/34	2		1,565,000		1,299,403
Wells Fargo Mortgage Backed Securities Trust 2004-L A8
4.76%	07/25/34	2		1,420,000		1,160,199
Wells Fargo Mortgage Backed Securities Trust 2005-12 1A1
5.50%	11/25/35			96,882		89,019
Wells Fargo Mortgage Backed Securities Trust 2006-2 3A1
5.75%	03/25/36			10,030,521		8,526,934
						595,803,501
U.S. Agency Mortgage-Backed — 29.93%
Collateralized Mortgage Obligation Trust 57 D
9.90%	02/01/19			5,623		6,060
Fannie Mae 1989-27 Y
6.90%	06/25/19			1,292		1,379
Fannie Mae 1991-65 Z
6.50%	06/25/21			34,291		37,021
Fannie Mae 1992-123 Z
7.50%	07/25/22			4,307		4,818
Fannie Mae 1992-83 Z
7.00%	06/25/22			9,632		9,791
Fannie Mae 1993-132 D (PO)
0.98%	10/25/22	9		259,451		224,306
Fannie Mae 1993-199 SD (IO)
0.88%	10/25/23	2		828,718		11,660
Fannie Mae 1993-29 PK
7.00%	03/25/23			146,856		158,300
Fannie Mae 1994-55 H
7.00%	03/25/24			123,651		135,215
Fannie Mae 1997-34 SA
6.98%	10/25/23	2		26,343		29,837
Fannie Mae 1999-11 Z
5.50%	03/25/29			618,856		649,888
Fannie Mae 2001-52 YZ
6.50%	10/25/31			309,164		336,163
Fannie Mae 2003-106 WG
4.50%	11/25/23			32,004,000		32,641,644
Fannie Mae 2003-52 SV
17.45%	05/25/31	2		1,866,208		2,028,855
Fannie Mae 2003-53 IA (IO)
5.50%	10/25/28			870,894		5,304
Fannie Mae 2003-85 IP (IO)
5.50%	12/25/28			154,892		2,627
Fannie Mae 2003-W2 2A9
5.90%	07/25/42			96,406		101,492
Fannie Mae 2005-92 US (IO)
5.87%	10/25/25	2		58,514,862		5,190,877
Fannie Mae 2006-80 PG
6.00%	06/25/35			23,300,000		24,581,076
Fannie Mae 2007-34 SB (IO)
5.88%	04/25/37	2		64,304,290		5,333,186
Fannie Mae 2008-22 CI (IO)
1.31%	10/25/11	2,†		211,988,610		3,266,148
Fannie Mae 2008-24 NA
6.75%	06/25/37			35,417,954		37,780,502
Fannie Mae FNCL (TBA)
4.50%	01/01/40			240,890,000		240,475,958
Fannie Mae G92-36 Z
7.00%	07/25/22			909		995
Fannie Mae G93-21 Z
7.20%	05/25/23			16,803		18,632
Fannie Mae Pool 190375
5.50%	11/01/36			22,707,619		23,816,982
Fannie Mae Pool 233672
3.50%	09/01/23	2		21,874		22,238
Fannie Mae Pool 254232
6.50%	03/01/22			137,591		149,620
Fannie Mae Pool 254868
5.00%	09/01/33			49,500,269		51,011,061
Fannie Mae Pool 308798
3.36%	04/01/25	2		6,882		6,977
Fannie Mae Pool 312155
4.30%	03/01/25	2		24,264		24,246
Fannie Mae Pool 313182
7.50%	10/01/26			13,477		15,194
Fannie Mae Pool 383124
6.48%	01/01/11			147,606		150,033
Fannie Mae Pool 384569
6.20%	01/01/12			100,000		106,671

44 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 384762
6.01%	02/01/12		$	158,335	$	168,779
Fannie Mae Pool 545191
7.00%	09/01/31			25,813		28,336
Fannie Mae Pool 545269
5.98%	11/01/11			180,914		190,565
Fannie Mae Pool 545322
5.94%	11/01/11			91,330		95,489
Fannie Mae Pool 545831
6.50%	08/01/17			91,104		98,917
Fannie Mae Pool 555207
7.00%	11/01/17			46,562		50,227
Fannie Mae Pool 555284
7.50%	10/01/17			11,175		12,033
Fannie Mae Pool 613142
7.00%	11/01/31			94,672		104,564
Fannie Mae Pool 625666
7.00%	01/01/32			53,367		59,466
Fannie Mae Pool 633698
7.50%	02/01/31			62,246		71,482
Fannie Mae Pool 637093
8.50%	03/01/32			24,041		27,654
Fannie Mae Pool 642322
3.67%	05/01/32	2		1,287		1,335
Fannie Mae Pool 646884
2.17%	05/01/32	2		9,215		9,342
Fannie Mae Pool 655928
7.00%	08/01/32			645,208		726,601
Fannie Mae Pool 725027
5.00%	11/01/33			57,877,220		59,615,800
Fannie Mae Pool 725232
5.00%	03/01/34			134,432		138,535
Fannie Mae Pool 725257
5.50%	02/01/34			11,525,148		12,115,212
Fannie Mae Pool 725372
7.07%	12/01/10			301,984		303,187
Fannie Mae Pool 725425
5.50%	04/01/34			43,186,068		45,412,849
Fannie Mae Pool 730957
5.00%	08/01/33			17,860,445		18,396,957
Fannie Mae Pool 734922
4.50%	09/01/33			16,993,013		17,100,989
Fannie Mae Pool 735207
7.00%	04/01/34			112,191		123,299
Fannie Mae Pool 735224
5.50%	02/01/35			59,234,759		62,267,458
Fannie Mae Pool 735646
4.50%	07/01/20			18,109,922		18,836,377
Fannie Mae Pool 735651
4.50%	06/01/35			63,319,660		63,524,130
Fannie Mae Pool 735686
6.50%	12/01/22			472,901		503,321
Fannie Mae Pool 735883
6.00%	03/01/33			11,387,921		12,347,572
Fannie Mae Pool 740297
5.50%	10/01/33			41,122		43,227
Fannie Mae Pool 741862
5.50%	09/01/33			40,204		42,262
Fannie Mae Pool 745592
5.00%	01/01/21			82,160		86,573
Fannie Mae Pool 765387
6.00%	08/01/34			409,226		442,777
Fannie Mae Pool 770284
5.00%	04/01/34			7,786,103		8,017,557
Fannie Mae Pool 770332
5.00%	04/01/34			29,586,368		30,465,870
Fannie Mae Pool 789606
6.00%	08/01/34			121,167		129,251
Fannie Mae Pool 817611
5.32%	11/01/35	2		6,861,225		7,229,856
Fannie Mae Pool 836952
5.50%	10/01/35	2		194,885		205,812
Fannie Mae Pool 841031
5.27%	11/01/35	2		465,694		490,428
Fannie Mae Pool 844773
5.09%	12/01/35	2		110,716		116,703
Fannie Mae Pool 888412
7.00%	04/01/37			16,615,088		18,156,310
Fannie Mae Pool 888430
5.00%	11/01/33			45,074,585		46,428,585
Fannie Mae Pool 888873
6.50%	08/01/37			10,573,038		11,356,929
Fannie Mae Pool 889125
5.00%	12/01/21			51,136,160		53,830,796
Fannie Mae Pool 889184
5.50%	09/01/36			52,682,369		55,398,804
Fannie Mae Pool 895606
5.78%	06/01/36	2		283,745		299,834
Fannie Mae Pool 908408
5.55%	04/01/37	2		28,570,291		30,164,028
Fannie Mae Pool 918445
5.86%	05/01/37	2		943,838		997,117
Fannie Mae Pool 928920
6.50%	12/01/37			32,282,070		34,612,432
Fannie Mae Pool 933033
6.50%	10/01/37			34,198,834		36,504,584

N-Q Report December 2009 / 45

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac 1004 H
7.95%	10/15/20		$	1,024	$	1,023
Freddie Mac 1073 G
7.00%	05/15/21			4,031		4,396
Freddie Mac 1107 ZC
6.50%	07/15/21			15,297		16,379
Freddie Mac 165 K
6.50%	09/15/21			664		664
Freddie Mac 1980 Z
7.00%	07/15/27			481,695		525,807
Freddie Mac 1983 Z
6.50%	12/15/23			268,981		289,563
Freddie Mac 2043 CJ
6.50%	04/15/28			75,991		80,545
Freddie Mac 2098 TZ
6.00%	01/15/28			870,730		906,353
Freddie Mac 2209 TC
8.00%	01/15/30			308,153		327,727
Freddie Mac 2389 CD
6.00%	03/15/16			7,079		7,077
Freddie Mac 2481 AW
6.50%	08/15/32			132,270		141,683
Freddie Mac 2624 QE
5.00%	09/15/28			160,000		165,764
Freddie Mac 2627 NI (IO)
5.00%	04/15/29			2,328,690		146,411
Freddie Mac 2642 BW (IO)
5.00%	06/15/23			108,588		15,447
Freddie Mac 2929 PE
5.00%	05/15/33			1,225,000		1,258,048
Freddie Mac 2971 AB
5.00%	05/15/20			3,688		3,839
Freddie Mac Gold A14189
4.00%	10/01/33			162,417		157,130
Freddie Mac Gold A24156
6.50%	10/01/31			2,087,135		2,257,693
Freddie Mac Gold A25162
5.50%	05/01/34			20,341,987		21,406,764
Freddie Mac Gold A39012
5.50%	06/01/35			20,547		21,770
Freddie Mac Gold A54856
5.00%	01/01/34			28,141,661		28,965,024
Freddie Mac Gold A61164
5.00%	04/01/36			150,002		154,463
Freddie Mac Gold A64183
6.00%	08/01/37			135,358		145,071
Freddie Mac Gold A65805
6.00%	09/01/37			2,985,641		3,199,884
Freddie Mac Gold A73260
6.00%	02/01/38			41,721		44,287
Freddie Mac Gold A83009
6.00%	11/01/38			31,077,709		33,050,416
Freddie Mac Gold C01492
5.00%	02/01/33			9,874,410		10,166,400
Freddie Mac Gold C03094
6.00%	11/01/37			257,273		275,734
Freddie Mac Gold C46104
6.50%	09/01/29			109,154		118,176
Freddie Mac Gold C55789
7.50%	10/01/27			41,772		47,044
Freddie Mac Gold C90573
6.50%	08/01/22			453,128		492,704
Freddie Mac Gold E02402
6.00%	10/01/22			171,704		183,424
Freddie Mac Gold G00992
7.00%	11/01/28			6,858		7,553
Freddie Mac Gold G01515
5.00%	02/01/33	10		10,391,411		10,698,688
Freddie Mac Gold G01601
4.00%	09/01/33			892,797		863,735
Freddie Mac Gold G01611
4.00%	09/01/33			296,776		287,116
Freddie Mac Gold G01644
5.50%	02/01/34	10		38,307,066		40,316,192
Freddie Mac Gold G01673
5.50%	04/01/34			2,859,307		3,029,526
Freddie Mac Gold G02366
6.50%	10/01/36			16,618,246		17,878,529
Freddie Mac Gold G02461
6.50%	11/01/36			17,037,067		18,329,178
Freddie Mac Gold G02579
5.00%	12/01/34			19,014,493		19,579,976
Freddie Mac Gold G02884
6.00%	04/01/37			40,043,575		42,577,582
Freddie Mac Gold G02955
5.50%	03/01/37			27,385,146		29,011,142
Freddie Mac Gold G03357
5.50%	08/01/37			12,503,675		13,242,174
Freddie Mac Gold G03436
6.00%	11/01/37			59,759,731		64,047,958
Freddie Mac Gold G03601
6.00%	07/01/37			42,860,384		45,949,345
Freddie Mac Gold G03676
5.50%	12/01/37			30,030,272		31,808,628
Freddie Mac Gold G03739
6.00%	11/01/37			34,518,448		36,995,415

46 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold G03783
5.50%	01/01/38		$	13,479,013	$	14,277,224
Freddie Mac Gold G03985
6.00%	03/01/38			183,329		195,510
Freddie Mac Gold G04053
5.50%	03/01/38			162,172		170,086
Freddie Mac Gold G04079
5.50%	03/01/38			58,104,393		61,545,265
Freddie Mac Gold G04438
5.50%	05/01/38			57,077,180		59,862,427
Freddie Mac Gold G04484
6.00%	08/01/38			205,309		219,978
Freddie Mac Gold G04516
6.00%	07/01/38			134,623		144,241
Freddie Mac Gold G04703
5.50%	08/01/38			81,416,540		85,525,535
Freddie Mac Gold G04706
5.50%	09/01/38			678,655		718,844
Freddie Mac Gold G04710
6.00%	09/01/38			11,327,699		12,024,424
Freddie Mac Gold G04711
6.00%	09/01/38			203,213		215,712
Freddie Mac Gold G11707
6.00%	03/01/20			5,480,240		5,871,434
Freddie Mac Gold G12393
5.50%	10/01/21			48,835,051		52,009,330
Freddie Mac Gold G12399
6.00%	09/01/21			26,569		28,424
Freddie Mac Gold G12824
6.00%	08/01/22			12,966,007		13,946,560
Freddie Mac Gold G12909
6.00%	11/01/22			34,540,678		37,136,624
Freddie Mac Gold G13032
6.00%	09/01/22			11,093,573		11,903,056
Freddie Mac Gold G13058
4.50%	10/01/20			31,419,348		32,728,785
Freddie Mac Gold H00790
5.50%	05/01/37			524,997		549,496
Freddie Mac Gold H05069
5.50%	05/01/37			38,920,031		40,641,028
Freddie Mac Gold H09082
6.50%	09/01/37			267,408		285,229
Freddie Mac Non Gold Pool 1J0045
5.10%	01/01/36	2		303,387		318,993
Freddie Mac Non Gold Pool 781415
3.23%	04/01/34	2		4,516,092		4,650,974
Freddie Mac Non Gold Pool 781469
2.74%	04/01/34	2		3,714,160		3,808,262
Freddie Mac Non Gold Pool 781817
2.74%	08/01/34	2		82,606		84,711

Freddie Mac Non Gold Pool 788498
3.63%	02/01/30	2	15,719	16,243
Freddie Mac Non Gold Pool 847288
3.05%	05/01/34	2	5,854,358	6,012,460
Ginnie Mae 2000-22 SG (IO)
10.57%	05/16/30	2	1,544,556	247,462
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32		2,131,452	113,304
Ginnie Mae 2003-86 ZK
5.00%	10/20/33		20,676,302	20,781,908
Ginnie Mae 2004-80 IP (IO)
5.50%	07/20/34		29,695	268
Ginnie Mae 2005-78 ZA
5.00%	10/16/35		19,205,015	18,678,414
Ginnie Mae 2009-61 SG (IO)
6.47%	08/20/39	2,†	63,044,338	6,147,316
Ginnie Mae GNSF (TBA)
5.00%	01/01/40		115,225,000	118,528,720
5.50%	01/01/40		22,745,000	23,834,272
Ginnie Mae I Pool 782817
4.50%	09/15/39		79,947,489	79,994,651
Ginnie Mae II Pool 2631
7.00%	08/20/28		9,074	9,892
Ginnie Mae II Pool 80968
3.63%	07/20/34	2	60,737	62,671
Ginnie Mae II Pool 81018
3.63%	08/20/34	2	49,057	49,620
				2,268,223,767
Total Mortgage-Backed (Cost $3,485,364,591)				3,648,520,698
MUNICIPAL BONDS — 0.56%*
California — 0.52%
State of California School Improvements G.O. Build America Bonds Variable Purpose
7.55%	04/01/39		21,264,000	20,627,568
State of California, Public Improvements G.O. Taxable Variable Purpose
7.30%	10/01/39		19,880,000	18,744,057
				39,371,625
Pennsylvania — 0.04%
Pennsylvania Economic Development Financing Authority, Electric Light & Power Improvements Revenue Bonds 06/01/2011 @ 103
6.75%	12/01/36		2,985,000	3,054,073

N-Q Report December 2009 / 47

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MUNICIPAL BONDS (continued)
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	$	7,934
Total Municipal Bonds (Cost $42,374,401)						42,433,632
U.S. AGENCY SECURITIES — 0.13%
Foreign Sovereign — 0.13%
Indonesia Government AID Bond (Indonesia)
9.30%	07/01/20	3		8,057,500		10,247,118
Total U.S. Agency Securities (Cost $10,108,752)						10,247,118
U.S. TREASURY SECURITIES — 10.93%
U.S. Treasury Bonds — 4.16%
8.00%	11/15/21			46,113,000		62,821,760
1.75%	01/15/28	11		131,379,000		130,342,854
2.38%	01/15/27	11		35,085,000		39,587,013
6.13%	11/15/27			51,905,000		21,862,127
8.00%	11/15/21			103,555,000		61,047,847
						315,661,601
U.S. Treasury Notes — 6.77%
2.00%	01/15/16	11		27,945,000		32,181,625
2.63%	06/30/14			338,685,000		341,198,686
3.75%	11/15/18			139,330,000		139,346,330
						512,726,641
Total U.S. Treasury Securities (Cost $831,446,371)						828,388,242
Total Bonds – 97.73% (Cost $7,111,843,296)						7,405,791,963
Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 10.77%
Commercial Paper — 3.35%
BNP Paribas Finance, Inc.
0.13%12	02/05/10			127,480,000		127,465,269
Rabobank USA Financial Corp.
0.13%12	02/04/10			126,090,000		126,072,887
						253,538,156
Money Market Fund — 7.26%
Dreyfus Cash Advantage Fund
1.51%				338,267,000		338,267,000
Goldman Sachs Group, Inc. (The)
0.05%10				211,832,000	$	211,832,000
						550,099,000
U.S. Treasury Bills — 0.16%
U.S. Treasury Bills
0.09%12	02/18/10	13	$	12,495,000		12,494,810
Total Short Term Investments (Cost $816,133,717)						816,131,966
Total Investments — 108.50% (Cost $7,927,977,013)1						8,221,923,929
Liabilities in Excess of Other
Assets — (8.50)%						(643,796,064	)
NET ASSETS — 100.00%					$	7,578,127,865

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: LONG POSITIONS
4,240	U.S. Treasury Five Year Note, Expiration March 2010	$	(9,082,207	)
3,044	U.S. Treasury Ten Year Note, Expiration March 2010		(9,754,911	)
	Net unrealized depreciation	$	(18,837,118	)

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: SHORT POSITIONS
13	Euro Dollar Ninety Day, Expiration September 2010	$	(22,067	)
13	Euro Dollar Ninety Day, Expiration December 2010		(21,092	)
13	Euro Dollar Ninety Day, Expiration March 2011		(20,118	)
13	Euro Dollar Ninety Day, Expiration June 2011		(19,630	)
13	Euro Dollar Ninety Day, Expiration September 2011		(19,305	)
13	Euro Dollar Ninety Day, Expiration December 2011		(19,142	)
13	Euro Dollar Ninety Day, Expiration March 2012		(17,843	)
13	Euro Dollar Ninety Day, Expiration June 2012		(15,893	)
	Net unrealized depreciation	$	(155,090	)

48 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
Six month forward rate swap based upon the spread between the CMM30-FNMA rate and 10 year CMS rate plus 0.49%. The Fund receives an amount equal to the difference between the CMM30-FNMA rate minus the 10 year CMS rate plus 0.49% times the notional amount if positive. The Fund owes a comparable amount if negative. Counterparty: Goldman Sachs Group, Inc. (The)
	05/27/10	$	54,680	$	249,167
The Fund pays a fixed rate equal to 4.42% semi-annually and the Fund receives from the counterparty a floating rate based on 3-month USD LIBOR quarterly. Counterparty: Barclays Capital, Inc.
	11/15/21		9,002		(263,740	)
The Fund pays a fixed rate equal to 4.52% semi-annually and the Fund receives from the counterparty a floating rate based on 3-month USD LIBOR quarterly. Counterparty: Barclays Capital, Inc.
	11/15/21		8,884		(394,282	)
The Fund pays a fixed rate equal to 4.54% semi-annually and the Fund receives from the counterparty a floating rate based on 3-month USD LIBOR quarterly. Counterparty: Barclays Capital, Inc.
	11/15/21		14,788		(687,397	)
The Fund pays a fixed rate equal to 4.70% semi-annually and the Fund receives from the counterparty a floating rate based on 3-month USD LIBOR quarterly. Counterparty: Barclays Capital, Inc.
	11/15/21		24,457		(1,694,499	)
The Fund pays a fixed rate equal to 4.10% semi-annually and the Fund receives from the counterparty a floating rate based on 3-month USD LIBOR quarterly. Counterparty: Citigroup, Inc.
	10/24/38		56,660		3,485,630
				$	694,879
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 the Home Depot, Inc., 3.75%, due 09/15/09. Counterparty: Morgan Stanley
	09/20/12	$	8,000	$	(37,238	)
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		3,010		(247,954	)
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		5,500		(438,546	)
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		(63,470	)
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		(60,985	)
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. (The)
	12/20/12		6,250		37,392
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		1,375		4,173
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		(3,559	)
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		(13,794	)
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 12/01/12. Counterparty: Citigroup, Inc.
	12/20/12		915		771
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		5,810		3,222
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: Deutsche Bank AG
	03/20/13		2,500		(119,575	)
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		(121,967	)
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. (The)
	06/20/13		5,220		(190,213	)
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		(1,050,619	)
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		(553,193	)
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		(285,687	)
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		(39,492	)

N-Q Report December 2009 / 49

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (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 2.67% 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	$	(487,726	)
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		(74,298	)
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		(137,191	)
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		(520,250	)
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 Cos., Inc., 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.
	03/20/14		4,865		(141,080	)
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 Cos., Inc., 8.25%, due 06/01/10. Counterparty: Citigroup, Inc.
	03/20/14		660		(25,891	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Kohl’s Corp., 6.25%, due 12/15/17. Counterparty: Deutsch Bank AG
	12/20/14		6,475		(86,740	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Kohl’s Corp., 6.25%, due 12/15/17. Counterparty: Morgan Stanley
	12/20/14		6,610		(88,548	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Kohl’s Corp., 6.25%, due 12/15/17. Counterparty: Deutsch Bank AG
	12/20/14		5,000		(66,981	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Target Corp., 4.00%, due 06/15/13. Counterparty: CS First Boston
	12/20/14		6,610		(149,834	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Target Corp., 4.00%, due 06/15/13. Counterparty: CS First Boston
	12/20/14		5,000		(113,339	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Target Corp., 4.00%, due 06/15/13. Counterparty: Deutsch Bank AG
	12/20/14		6,475		(146,774	)
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		(354,836	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Citigroup, Inc.
	09/20/16		4,410		337,855
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Deutsche Bank AG
	09/20/16		5,510		422,127
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Goldman Sachs Group, Inc. (The)
	09/20/16		5,750		440,514
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the KB Homes, Inc., 5.75%, due 02/01/14. Counterparty: Citigroup, Inc.
	09/20/16		4,410		532,237
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		4,690		251,021
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		2,515		134,609
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		7,945		425,237
The Fund pays a fixed rate equal to 1.00% 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: CS First Boston
	09/20/16		8,825		472,337
The Fund pays a fixed rate equal to 1.00% 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: Goldman Sachs Group, Inc. (The)
	09/20/16		6,925		370,644
The Fund pays a fixed rate equal to 1.00% 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: Goldman Sachs Group, Inc. (The)
	09/20/16		7,725		413,462
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers, Inc., 5.15%, due 05/15/15. Counterparty: Citigroup, Inc.
	09/20/16		7,605		258,460
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers, Inc., 5.15%, due 05/15/15. Counterparty: CS First Boston
	09/20/16		16,500		560,761
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers, Inc., 5.15%, due 05/15/15. Counterparty: CS First Boston
	09/20/16		6,465		219,716
				$	(735,242	)

50 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation/ (Depreciation)			Valuec
SWAPS: CREDIT DEFAULT (PURCHASED) - TRADED INDICES
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	$	128,834		$	1,075	$	256,658		$	385,492
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: Bank of America Corp.
	10/12/52		1,258,432			2,130		(742,404	)		516,028
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: Bank of America Corp.
	10/12/52		15,105,163			25,000		(9,048,496	)		6,056,667
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: Bank of America Corp.
	10/12/52		12,269,252			20,450		(7,314,899	)		4,954,353
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		1,330,669			15,430		2,407,506			3,738,175
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		2,072,485			21,425		3,118,078			5,190,563
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		4,905,421			8,525		(2,840,098	)		2,065,323
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		801,947			1,325		(480,944	)		321,003
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: Citigroup, Inc.
	10/12/52		2,812,134			4,720		(1,668,635	)		1,143,499
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: Citigroup, Inc.
	10/12/52		5,348,115			9,070		(3,150,756	)		2,197,359
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: Citigroup, Inc.
	10/12/52		14,894,776			25,000		(8,838,109	)		6,056,667
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: Citigroup, Inc.
	10/12/52		14,894,776			25,000		(8,838,110	)		6,056,667
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: CS First Boston
	10/12/52		483,815			805		(288,790	)		195,024
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: CS First Boston
	10/12/52		8,219,828			13,825		(4,870,491	)		3,349,337
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		98,547			1,310		218,822			317,369
		$	84,624,194				$	(42,080,668	)	$	42,543,526
Issues	Expiration Date	Credit Ratinga			Notional Amount (000’s)b		Appreciation			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - SINGLE ISSUES
The Fund receives 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 the General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston
	12/20/10		AAA		$	12,270	$	676,476		$	676,476
The Fund receives a fixed rate equal to 4.00% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the Berkshire Hathaway, Inc., 4.63%, due 10/15/13. Counterparty: Barclays Capital, Inc.
	03/20/11		AAA			12,800		511,053			511,053
The Fund receives a fixed rate equal to 4.00% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the Berkshire Hathaway, Inc., 4.63%, due 10/15/13. Counterparty: Morgan Stanley
	03/20/11		AAA			21,800		870,386			870,386
							$	2,057,915		$	2,057,915
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	$	(227,255	)	$	1,385	$	(677,158	)	$	(904,413	)
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		(4,193,966	)		25,470		(12,438,086	)		(16,632,052	)
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		(1,741,090	)		4,640		(1,288,856	)		(3,029,946	)
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		(14,622,311	)		27,000		(3,008,839	)		(17,631,150	)

N-Q Report December 2009 / 51

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (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. (The)
	08/25/37	$	(12,058,474	)	$	24,500	$	(3,940,162	)	$	(15,998,636	)
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		(3,038,461	)		6,280		(1,062,414	)		(4,100,875	)
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		(11,320,200	)		23,000		(3,698,928	)		(15,019,128	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.
	01/25/38		(14,384,689	)		22,200		576,234			(13,808,455	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.
	01/25/38		(12,928,191	)		19,850		581,442			(12,346,749	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Barclays Capital, Inc.
	01/25/38		(9,857,814	)		15,000		527,777			(9,330,037	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Citigroup, Inc.
	01/25/38		(7,286,894	)		10,600		693,668			(6,593,226	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Citigroup, Inc.
	01/25/38		(24,746,868	)		35,000		2,976,782			(21,770,086	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Goldman Sachs Group, Inc.
	01/25/38		(16,024,971	)		25,000		476,493			(15,548,478	)
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-PENAAA 07-2, due 01/25/38. Counterparty: Goldman Sachs Group, Inc.
	01/25/38		(15,993,794	)		25,000		445,316			(15,548,478	)
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: Bank of America Corp.
	05/25/46		(11,348,768	)		14,415		(1,504,158	)		(12,852,926	)
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		14,093,241			17,901		(30,054,391	)		(15,961,150	)
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		(10,288,931	)		13,190		(1,471,916	)		(11,760,847	)
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: Royal Bank of Scotland Group Plc
	05/25/46		(8,826,819	)		11,212		(1,169,901	)		(9,996,720	)
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: Goldman Sachs Group, Inc. (The)
	05/25/46		(8,134,216	)		10,364		(1,106,450	)		(9,240,666	)
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		(5,010,356	)		13,711		(2,466,022	)		(7,476,378	)
		$	(177,940,827	)			$	(57,609,569	)	$	(235,550,396	)

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

^b The maximum potential payment 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 $7,930,186,509 and net unrealized appreciation/(depreciation) consists of:

Gross unrealized appreciation	$	503,245,614
Gross unrealized depreciation		(211,508,194	)
Net unrealized appreciation	$	291,737,420

² Floating rate security. The rate disclosed is that in effect at December 31, 2009.

³ U.S. dollar denominated security issued by foreign domiciled entity.

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, 2009 was $440,542,654 representing 5.81% of total net assets.

⁵ Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $3,599,493 which is 0.05% of total net assets.

⁶ Security is currently in default with regards to scheduled interest or principal payments.

⁷ Non-income producing security.

⁸ 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 Total Net Assets
07/03/07	Asurion Corp. Term Loan, 3.24%, 07/03/14	$	743,305	$	718,044	0.01	%
06/01/07	Carestream Health, Inc. Term Loan, 5.49%, 10/30/13		1,008,225		853,438	0.01	%

52 / N-Q Report December 2009

Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Date of Purchase	Security	Amortized Cost		Value		% of Total Net Assets
02/06/08	Cebridge 2nd Lien (PIK), 6.26%, 05/05/14	$	2,422,629	$	2,633,723	0.04	%
06/27/07	Cengage Learning Term Loan B, 2.75%, 07/09/14		1,942,369		1,790,047	0.02	%
06/04/07	Charter Communications, Inc. Term Loan 3rd Lien, 2.76%, 02/27/14		1,004,036		915,750	0.01	%
09/11/07	Delta Air Lines, Inc. Term Loan 1st Lien, 2.20%, 05/01/12		478,850		435,488	0.01	%
12/30/08	Dex Media West LLC Term Loan B, 6.90%, 10/24/14		1,589,614		2,611,200	0.04	%
10/10/07	HCA Term Loan A, 1.75%, 11/18/12		23,609,966		23,648,756	0.31	%
03/07/07	Kelson 1st Lien, 3.50%, 03/16/13		6,017,073		6,734,308	0.09	%
11/06/07	TPF Generation Holdings LLC 2nd Lien, 4.49%, 12/15/14		970,319		858,750	0.01	%
11/25/08	Tribune 1st Lien Term Loan B, 0.00%, 06/04/14		450,000		872,500	0.01	%
11/30/07	Univision Communications, Inc. 1st Lien Strip, 2.50%, 03/15/14		355,424		327,188	0.00	%
		$	40,591,810	$	42,399,192	0.56	%

⁹ Zero coupon bond. The rate shown is the effective yield as of December 31, 2009.

¹⁰ Securities, or a portion there of, pledged as collateral for swaps.

¹¹ Inflation protected security. Principal amount reflects original security face amount.

^† Fair valued security. The aggregate value of fair valued securities is $163,046,583 which is 2.15% 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.

¹² Represents annualized yield at date of purchase.

¹³ Securities, or a portion there of, pledged as collateral for futures.

* 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 Assurance Corp.

(DIP): Defaulted interest payment

(G.O.): General Obligation

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium Term Note

(PIK): Paid in kind

(PO): Principal only

(STEP): Step coupon bond

(TBA): To be announced

N-Q Report December 2009 / 53

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 92.81%
ASSET-BACKED SECURITIES — 1.76%**
Bear Stearns Asset Backed Securities Trust 2006-SD4 3A1
1.52%	10/25/36	2	$	2,825,534	$	970,648
Citigroup Mortgage Loan Trust, Inc. 2007-AMC4 A2B
0.37%	05/25/37	2		4,900,000		2,152,451
Countrywide Asset-Backed Certificates 2007-13 2A1
1.13%	10/25/47	2		643,075		385,993
Credit-Based Asset Servicing and Securitization LLC 2006-CB6 A23
0.38%	07/25/36	2		4,000,000		2,123,826
Credit-Based Asset Servicing and Securitization LLC 2006-CB8 A2B
0.34%	10/25/36	2		3,800,000		2,284,752
HFC Home Equity Loan Asset Backed Certificates 2007-3 M1
2.48%	11/20/36	2		3,800,000		1,949,561
Home Equity Asset Trust 2007-1 2A1
0.29%	05/25/37	2		202,583		190,592
Securitized Asset Backed Receivables LLC 2007-BR2 A2
0.46%	02/25/37	2		438,842		194,492
Total Asset-Backed Securities (Cost $8,062,913)						10,252,315
CORPORATES — 75.93%*
Automotive — 0.68%
Navistar International Corp.
8.25%	11/01/21			2,485,000		2,559,550
Tenneco, Inc.
8.13%	11/15/15			875,000		888,125
Tenneco, Inc. B
10.25%	07/15/13			500,000		519,375
						3,967,050
Banking — 3.16%
Bank of America N.A.
0.55%	06/15/17	2		2,000,000		1,702,420
Chase Capital II B
0.78%	02/01/27	2		8,390,000		6,002,072
Chase Capital VI
0.91%	08/01/28	2		1,000,000		715,524
Discover Bank
8.70%	11/18/19			2,265,000		2,430,673
Fleet Capital Trust V
1.25%	12/18/28	2		1,750,000		1,203,402
HBOS Capital Funding LP (United Kingdom)
6.07%	06/24/49	2,3,4		300,000		198,000
JPMorgan Chase Capital XIII M
1.20%	09/30/34	2		1,100,000		779,519
JPMorgan Chase Capital XXI U
1.23%	02/02/37	2		4,750,000		3,281,048
Nationsbank Capital Trust III
0.83%	01/15/27	2		1,742,000		1,216,428
Nationsbank Capital Trust IV
8.25%	04/15/27			815,000		812,963
						18,342,049
Communications — 11.04%
Belo Corp.
8.00%	11/15/16			750,000		770,625
Cablevision Systems Corp.
8.63%	09/15/17	4		1,300,000		1,360,125
Charter Communications Operating LLC/Charter Communications Operating Capital
8.00%	04/30/12	4,5		500,000		516,250
8.38%	04/30/14	4		2,000,000		2,050,000
Cincinnati Bell, Inc.
8.25%	10/15/17			2,000,000		2,040,000
CSC Holdings, Inc.
7.63%	07/15/18			650,000		672,750
Frontier Communications Corp.
7.13%	03/15/19			3,000,000		2,850,000
GCI, Inc.
7.25%	02/15/14			500,000		498,125
8.63%	11/15/19	4		1,700,000		1,723,375
Global Crossing, Ltd. (Bermuda)
12.00%	09/15/15	3,4		2,000,000		2,205,000
Intelsat Bermuda Ltd. (PIK) (Bermuda)
11.50%	02/04/17	3,4		4,288,084		4,234,483
Intelsat Bermuda, Ltd. (STEP) (Bermuda)
11.25%	02/04/17	3,4		1,500,000		1,511,250
Intelsat Jackson Holdings Ltd. (Bermuda)
8.50%	11/01/19	3,4		1,000,000		1,021,250
9.50%	06/15/16	3		2,250,000		2,418,750
11.25%	06/15/16	3		1,500,000		1,618,125
Intelsat, Ltd. (Bermuda)
7.63%	04/15/12	3		1,000,000		985,000
Level 3 Financing, Inc.
4.60%	02/15/15	2		6,500,000		4,940,000
LIN Television Corp.
6.50%	05/15/13			2,695,000		2,614,150
Nextel Communications, Inc. E
6.88%	10/31/13			6,750,000		6,581,250
Qwest Communications International, Inc.
7.25%	02/15/11			3,735,000		3,772,350
Qwest Corp.
7.88%	09/01/11			3,000,000		3,157,500

54 / N-Q Report December 2009

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Communications (continued)
Sinclair Television Group, Inc.
9.25%	11/01/17	4	$	1,500,000	$	1,567,500
Sprint Nextel Corp.
0.65%	06/28/10	2		2,900,000		2,854,650
6.00%	12/01/16			1,750,000		1,605,625
Telesat Canada LLC (Canada)
12.50%	11/01/17	3		2,000,000		2,210,000
Umbrella Acquisitions, Inc. (PIK)
9.75%	03/15/15	4		2,000,000		1,762,500
UPC Holding BV (Netherlands)
9.88%	04/15/18	3,4		1,750,000		1,855,000
Visant Corp.
7.63%	10/01/12			325,000		328,250
Visant Holding Corp.
8.75%	12/01/13			875,000		903,437
Visant Holding Corp. (STEP)
10.25%	12/01/13			560,000		581,000
Windstream Corp.
7.88%	11/01/17	4		3,000,000		2,977,500
						64,185,820
Consumer Products — 0.12%
Steinway Musical Instruments
7.00%	03/01/14	4		785,000		716,312
Electric — 9.88%
Calpine Construction Finance Co., LP
8.00%	06/01/16	4		5,000,000		5,175,000
Edison Mission Energy
7.00%	05/15/17			5,685,000		4,519,575
7.75%	06/15/16			1,750,000		1,435,000
Energy Future Holdings Corp.
10.88%	11/01/17			7,500,000		6,168,750
Energy Future Holdings Corp. (PIK)
11.25%	11/01/17			1,812,600		1,291,478
FPL Energy National Wind Portfolio LLC
6.13%	03/25/19	4		5,302,268		5,037,118
Indiantown Cogeneration LP A-10
9.77%	12/15/20			1,665,000		1,640,025
Ipalco Enterprises, Inc.
7.25%	04/01/16	4		635,000		639,763
8.63%	11/14/11			420,000		441,000
KCP&L Greater Missouri Operations Co.
7.95%	02/01/11			400,000		418,199
11.88%	07/01/12			3,710,000		4,298,380
Midwest Generation LLC B
8.56%	01/02/16			1,460,900		1,475,509
Mirant Americas Generation LLC
8.30%	05/01/11			1,250,000		1,281,250
8.50%	10/01/21			3,750,000		3,581,250
9.13%	05/01/31			1,000,000		905,000
Nisource Finance Corp.
5.25%	09/15/17			2,700,000		2,659,805
NRG Energy, Inc.
7.25%	02/01/14			1,000,000		1,015,000
7.38%	02/01/16			3,000,000		3,011,250
PNM Resources, Inc.
9.25%	05/15/15			4,525,000		4,779,531
Reliant Energy Mid-Atlantic Power Holdings LLC B
9.24%	07/02/17			2,265,378		2,361,656
Texas Competitive Electric Holdings Co. LLC A
10.25%	11/01/15			6,500,000		5,297,500
						57,432,039
Energy — 19.88%
AES Corp. (The)
8.75%	05/15/13	4		4,500,000		4,635,000
Allis-Chalmers Energy, Inc.
8.50%	03/01/17			6,295,000		5,476,650
Antero Resources Finance Corp.
9.38%	12/01/17	4		3,350,000		3,433,750
Aquilex Holdings LLC/Aquilex Finance Corp.
11.13%	12/15/16	4		1,500,000		1,503,750
Arch Coal, Inc.
8.75%	08/01/16	4		2,500,000		2,637,500
Atlas Energy Operating Co. LLC/Atlas Energy Finance Corp.
10.75%	02/01/18			5,100,000		5,661,000
12.13%	08/01/17			2,198,000		2,505,720
Chaparral Energy, Inc.
8.50%	12/01/15			1,500,000		1,323,750
8.88%	02/01/17			4,310,000		3,841,288
Chesapeake Energy Corp.
2.25%	12/15/38			3,000,000		2,283,750
2.50%	05/15/37			2,750,000		2,475,000
6.88%	01/15/16			1,765,000		1,751,762
7.00%	08/15/14			1,205,000		1,226,088
Comstock Resources, Inc.
6.88%	03/01/12			3,075,000		3,098,063
8.38%	10/15/17			2,600,000		2,671,500
Continental Resources, Inc.
8.25%	10/01/19	4		500,000		523,750
Corral Petroleum Holdings AB (PIK) (Sweden)
1.78%	04/15/10	3,4,†		1,092,810		901,563
Delta Petroleum Corp.
7.00%	04/01/15			1,000,000		710,000

N-Q Report December 2009 / 55

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Dynegy Holdings, Inc.
6.88%	04/01/11		$	1,275,000	$	1,332,375
7.75%	06/01/19			2,000,000		1,745,000
Dynegy Roseton/Danskammer Pass Through Trust A
7.27%	11/08/10			340,140		339,715
Dynegy Roseton/Danskammer Pass Through Trust B
7.67%	11/08/16			1,431,000		1,380,915
Forest Oil Corp.
8.50%	02/15/14	4		1,000,000		1,050,000
Foundation PA Coal Co. LLC
7.25%	08/01/14			400,000		407,000
Hilcorp Energy I LP/Hilcorp Finance Co.
7.75%	11/01/15	4		1,875,000		1,846,875
James River Coal Co.
9.38%	06/01/12			3,750,000		3,862,500
Massey Energy Co.
3.25%	08/01/15			8,375,000		7,359,531
Newfield Exploration Co.
7.13%	05/15/18			500,000		507,500
OPTI Canada, Inc. (Canada)
7.88%	12/15/14	3		4,550,000		3,696,875
8.25%	12/15/14	3		2,100,000		1,740,375
Parker Drilling Co.
2.13%	07/15/12			1,000,000		897,500
9.63%	10/01/13			1,025,000		1,058,312
Penn Virginia Corp.
10.38%	06/15/16			750,000		821,250
Petrohawk Energy Corp.
10.50%	08/01/14			2,160,000		2,370,600
Quicksilver Resources, Inc.
7.13%	04/01/16			1,000,000		937,500
8.25%	08/01/15			3,925,000		4,042,750
9.13%	08/15/19			1,000,000		1,045,000
11.75%	01/01/16			500,000		570,000
Sabine Pass LNG LP
7.25%	11/30/13			9,200,000		8,395,000
SandRidge Energy, Inc.
8.75%	01/15/20	4		1,750,000		1,723,750
9.88%	05/15/16	4		2,500,000		2,643,750
Southern Union Co.
7.20%	11/01/66	2		8,992,000		7,733,120
Tesoro Corp.
6.50%	06/01/17			4,075,000		3,810,125
9.75%	06/01/19			1,000,000		1,040,000
Western Refining, Inc.
11.25%	06/15/17	4		5,000,000		4,550,000
Williams Cos., Inc. (The)
8.75%	01/15/20			1,000,000		1,195,047
Williams Cos., Inc. (The) A
7.50%	01/15/31			750,000		811,257
						115,573,506

Finance — 10.06%
Astoria Depositor Corp.
8.14%	05/01/21	4	5,000,000	4,453,125
Barnett Capital III
0.91%	02/01/27	2	800,000	543,909
Capital One Capital V
10.25%	08/15/39		1,875,000	2,185,341
CIT Group, Inc.
7.00%	05/01/13		5,456,884	5,129,471
City National Capital Trust I
9.63%	02/01/40		3,000,000	3,194,490
Ford Motor Credit Co. LLC
1.85%	01/15/10	2	1,534,000	1,535,918
3.03%	01/13/12	2	900,000	834,750
5.50%	06/15/11	2	2,500,000	2,478,125
7.25%	10/25/11		1,000,000	1,024,000
7.50%	08/01/12		2,000,000	2,005,000
9.88%	08/10/11		2,450,000	2,572,500
General Electric Capital Corp. (MTN)
0.47%	05/11/16	2	600,000	537,126
General Electric Capital Corp. E (MTN)
0.40%	03/20/14	2,†	800,000	720,967
GMAC LLC
7.75%	01/19/10	4	2,000,000	2,002,500
GMAC, Inc.
2.46%	12/01/14	2,4	6,053,000	4,880,231
7.25%	03/02/11	4	2,949,000	2,949,000
LBG Capital No. 1 Plc (United Kingdom)
8.00%	12/15/49	3,†	640,000	492,796
Lehman Brothers Holdings, Inc. (MTN)
0.00%	11/07/16	5,6	383,000	75,882
Lehman Brothers Holdings, Inc. H (MTN)
0.00%	11/30/10	5,6	294,000	58,249
MBNA Capital B
1.08%	02/01/27	2	4,000,000	2,738,912
National Money Mart Co. (Canada)
10.38%	12/15/16	3,4	750,000	770,625
Prudential Holdings LLC
8.70%	12/18/23	4	2,500,000	2,681,730
Raymond James Financial, Inc.
8.60%	08/15/19		2,300,000	2,492,383
UPC Germany GmbH (Germany)
8.13%	12/01/17	3,4	650,000	654,062

56 / N-Q Report December 2009

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Wind Acquisition Holdings Finance SpA (Italy)
12.25%	07/15/17	3,4	$	3,000,000	$	2,970,000
ZFS Finance USA Trust I
6.15%	12/15/65	2,4		7,495,000		6,895,400
ZFS Finance USA Trust IV
5.88%	05/09/32	2,4		2,000,000		1,624,338
						58,500,830
Food — 2.05%
Dole Food Co., Inc.
8.00%	10/01/16	4		1,000,000		1,020,000
13.88%	03/15/14	4		1,311,000		1,583,032
JBS USA LLC/JBS USA Finance, Inc.
11.63%	05/01/14	4		3,500,000		3,981,250
Smithfield Foods, Inc.
10.00%	07/15/14	4		3,000,000		3,270,000
Tyson Foods, Inc.
7.85%	04/01/16			2,000,000		2,060,000
						11,914,282
Gaming — 0.84%
Herbst Gaming, Inc.
8.13%	06/01/12	5		575,000		3,234
MGM Mirage, Inc.
10.38%	05/15/14	4		2,400,000		2,616,000
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
6.63%	12/01/14			2,350,000		2,282,438
						4,901,672
Health Care — 2.49%
CHS/Community Health Systems, Inc.
8.88%	07/15/15			1,725,000		1,785,375
HCA, Inc.
7.50%	12/15/23			2,905,000		2,668,951
8.50%	04/15/19	4		3,939,000		4,244,273
9.13%	11/15/14			1,500,000		1,586,250
Inverness Medical Innovations, Inc.
9.00%	05/15/16			1,500,000		1,541,250
Tenet Healthcare Corp.
6.88%	11/15/31			3,500,000		2,646,875
						14,472,974
Homebuilding — 0.63%
K. Hovnanian Enterprises, Inc.
10.63%	10/15/16	4		3,500,000		3,675,000
Industrials — 2.81%
Berry Plastics Corp.
5.03%	02/15/15	2		3,150,000		2,894,062
Berry Plastics Escrow LLC/Berry Plastics Escrow Corp.
8.25%	11/15/15	4		1,250,000		1,262,500
Casella Waste Systems, Inc.
11.00%	07/15/14	4		4,500,000		4,893,750
General Cable Corp.
0.88%	11/15/13			2,175,000		1,908,563

Graham Packaging Co. LP/GPC Capital Corp. I
8.25%	01/01/17	4	2,500,000	2,481,250
Sealy Mattress Co.
10.88%	04/15/16	4	1,100,000	1,229,250
Solo Cup Co.
10.50%	11/01/13	4	1,100,000	1,163,250
Spirit Aerosystems, Inc.
7.50%	10/01/17	4	500,000	495,000
				16,327,625
Insurance — 0.42%
Farmers Exchange Capital
7.05%	07/15/28	4	1,500,000	1,309,920
MetLife Capital Trust X
9.25%	04/08/38	2,4	1,000,000	1,140,000
				2,449,920
Materials — 2.05%
Boise Paper Holdings LLC/Boise Finance Co.
9.00%	11/01/17	4	125,000	130,156
Cellu Tissue Holdings, Inc.
11.50%	06/01/14		2,000,000	2,230,000
Georgia-Pacific LLC
9.50%	12/01/11		1,750,000	1,898,750
NewPage Corp.
11.38%	12/31/14	4	2,000,000	2,030,000
Noranda Aluminium Holding Corp. (PIK)
7.02%	11/15/14		733,614	496,107
Terra Capital, Inc.
7.75%	11/01/19	4	2,000,000	2,150,000
Verso Paper Holdings LLC/Verso Paper, Inc. B
4.03%	08/01/14	2	3,737,000	2,970,915
				11,905,928
Retail — 0.56%
Toys R Us Property Co. LLC
8.50%	12/01/17	4	3,150,000	3,220,875
Services — 2.67%
Cengage Learning Acquisitions, Inc.
10.50%	01/15/15	4	1,975,000	1,898,469

N-Q Report December 2009 / 57

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Services (continued)
Geo Group, Inc. (The)
7.75%	10/15/17	4	$	1,000,000	$	1,028,750
Mobile Mini, Inc.
6.88%	05/01/15			1,500,000		1,425,000
Service Corp. International
8.00%	11/15/21			1,650,000		1,625,250
Stonemor Operating LLC/Cornerstone Family Services/Osiris Holdings
10.25%	12/01/17	4		3,950,000		4,038,875
United Rentals North America, Inc.
1.88%	10/15/23			500,000		488,750
7.00%	02/15/14			3,450,000		3,139,500
9.25%	12/15/19			1,275,000		1,322,812
10.88%	06/15/16			500,000		546,250
						15,513,656
Transportation — 6.59%
American Airlines Pass Through Trust 2009-1A
10.38%	07/02/19			1,000,000		1,110,000
American Airlines, Inc. 2001-2 A2
7.86%	10/01/11			4,337,000		4,337,000
Commercial Barge Line Co.
12.50%	07/15/17	4		1,500,000		1,567,500
Continental Airlines, Inc.
9.00%	07/08/16			1,700,000		1,819,000
Continental Airlines, Inc. 1997-1 A
7.46%	04/01/15			395,786		375,997
Continental Airlines, Inc. 2007-1 A
5.98%	04/19/22			500,000		481,555
Continental Airlines, Inc. 2007-1 B
6.90%	04/19/22			6,842,000		5,952,540
Delta Air Lines, Inc.
9.50%	09/15/14	4		2,000,000		2,047,500
12.25%	03/15/15	4		2,000,000		1,935,000
Delta Air Lines, Inc. 2000-1 A2
7.57%	11/18/10	5		750,000		757,500
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11			2,500,000		2,528,625
Delta Air Lines, Inc. B
9.75%	12/17/16			2,500,000		2,543,750
JetBlue Airways 2004-2 G1 Pass Through Trust
0.65%	08/15/16	2,†		2,455,601		1,913,757
Navios Maritime Holdings, Inc./Navios Maritime Finance US, Inc. (Greece)
8.88%	11/01/17	3,4		625,000		652,344
Northwest Airlines, Inc. 2001 1A-2
6.84%	04/01/11			1,250,000		1,234,375
Northwest Airlines, Inc. 2001-1 A1
7.04%	04/01/22			803,565		733,253
RailAmerica, Inc.
9.25%	07/01/17			2,682,000		2,866,387
UAL Pass Through Trust 2000-2 A2
7.19%	04/01/11			137,429		137,086
UAL Pass Through Trust 2000-2 B
7.81%	04/01/11			1,067,300		1,430,182
United Air Lines, Inc.
9.75%	01/15/17			1,500,000		1,541,250
10.40%	11/01/16			2,250,000		2,370,938
						38,335,539
Total Corporates (Cost $393,059,510)						441,435,077
BANK LOANS — 13.72%*
Automotive — 0.40%
Ford Motor Co. Term Loan B 1st Lien
3.29%	12/16/13			2,471,504		2,296,440
Communications — 3.61%
Cebridge 2nd Lien (PIK)
6.26%	05/05/14	7		3,991,509		4,007,307
Charter Communications, Inc. Term Loan 3rd Lien
2.76%	02/27/14	5,7		5,000,000		4,578,750
Dex Media West LLC Term Loan B
6.90%	10/24/14	7		4,510,150		4,179,407
Dex Media West Term Loan A
6.66%	10/24/13	7		1,850,000		1,714,334
Idearc, Inc.
0.00%	11/17/14	5,6,7		6,700,845		3,508,174
Mediacom LLC Term Loan A
1.47%	09/30/12	7		1,733,333		1,716,000
Univision Communications, Inc. 1st Lien Strip
2.50%	03/15/14	7		1,500,000		1,308,750
						21,012,722
Consumer Discretionary — 1.35%
Harrah’s Entertainment, Inc. Term Loan B2
3.28%	01/28/15			7,500,000		6,095,310
Tribune 1st Lien Term Loan B
0.00%	06/04/14	5,6,7		2,979,962		1,733,346
						7,828,656
Electric — 1.39%
Boston Generating LLC 1st Lien
1.96%	12/19/13	7		6,959,591		5,412,328

58 / N-Q Report December 2009

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BANK LOANS (continued)
Electric (continued)
TPF Generation Holdings LLC 2nd Lien
4.49%	12/15/14	7	$	1,250,000	$	1,073,437
TXU Energy Term Loan B1
3.78%	10/10/14			1,967,754		1,603,720
						8,089,485
Energy — 1.37%
MACH Gen LLC Term Loan C
7.76%	02/20/15	7		11,702,881		7,963,810
Finance — 2.41%
First Data Corp. Term Loan B1
2.98%	09/27/14	7		2,969,620		2,642,962
Kelson 1st Lien
3.50%	03/16/13	7		5,662,844		5,556,666
Kelson 2nd Lien (PIK)
6.75%	03/01/14	7		6,439,295		5,827,562
						14,027,190
Health Care — 0.47%
Carestream Health, Inc. Term Loan
5.49%	10/30/13	7		1,500,000		1,280,157
HCA Term Loan A
1.75%	11/18/12	7		1,544,265		1,478,204
						2,758,361
Insurance — 0.33%
Asurion Corp. Term Loan
3.24%	07/03/14	7		1,995,000		1,914,785
Materials — 0.42%
Lyondell Chemical Co. New Money (DIP)
13.00%	12/15/09			1,671,042		1,747,493
Lyondell Chemical Co. Roll Up (DIP)
5.79%	12/15/09			670,051		697,690
						2,445,183
Services — 0.49%
Rental Services Term Loan 2nd Lien
3.79%	11/30/13	7		3,069,674		2,872,702
Transportation — 1.48%
Delta Air Lines, Inc. Term Loan 1st Lien
2.20%	05/01/12	7		1,232,424		1,095,317
8.75%	09/16/13	7		1,995,000		2,000,486
United Air Lines, Inc.
2.31%	02/01/14	7		6,964,399		5,484,464
						8,580,267
Total Bank Loans (Cost $73,737,712)						79,789,601
MORTGAGE-BACKED — 0.07%**
Non-Agency Mortgage-Backed — 0.06%
BHN I Mortgage Fund 2000-1 AF (Argentina)
8.00%	03/31/11	3,4,8		2,890		347
Harborview Mortgage Loan Trust 2005-1 X (IO)
2.35%	03/19/35	8,9		847,804		28,348
Washington Mutual Mortgage Pass-Through Certificates 2006-AR9 1XPP (IO)
0.85%	08/25/46	8,9,†		29,344,135		312,263
						340,958
U.S. Agency Mortgage-Backed — 0.01%
Fannie Mae 1993-225 SG
26.46%	12/25/13	2		55,313		68,142
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32			36,386		1,934
						70,076
Total Mortgage-Backed (Cost $66,209)						411,034
MUNICIPAL BONDS — 1.33%*
Pennsylvania — 1.33%
Pennsylvania Economic Development Financing Authority, Electric Light & Power Improvements Revenue Bonds 06/01/2011 @ 103
6.75%	12/01/36			7,535,000		7,709,360
Total Municipal Bonds (Cost $6,341,528)						7,709,360
Total Bonds – 92.81% (Cost $481,267,872)						539,597,387
			Shares
COMMON STOCK — 0.04%
Finance — 0.04%
CIT Group, Inc.
0.00%				9,200		254,021
Total Common Stock (Cost $219,465)						254,021

N-Q Report December 2009 / 59

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues			Shares		Value
PREFERRED STOCK — 0.00%
U.S. Agency Securities — 0.00%
Fannie Mae S
8.25%2				5,000	$	5,500
Total Preferred Stock (Cost $52,500)						5,500
Issues			Contracts		Value
CALL OPTIONS PURCHASED — 0.00%
Finance — 0.00%
Financial Select Sector SPDR Fund, Call Strike $20, expires 01/16/10
				65		650
Total Call Options Purchased (Cost $84,500)						650
Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 5.61%
Commercial Paper — 2.18%
BNP Paribas Finance, Inc.
0.13%10	02/05/10		$	9,685,000		9,683,881
Rabobank USA Financial Corp.
0.13%10	02/04/10			3,000,000		2,999,593
						12,683,474
Money Market Fund — 3.39%
Dreyfus Cash Advantage Fund
1.51%				18,994,000		18,994,000
Goldman Sachs Group, Inc. (The)
0.05%11				704,000		704,000
						19,698,000
U.S. Treasury Bills — 0.04%
U.S. Treasury Bills
0.05%10	02/18/10	12		215,000		214,997
Total Short Term Investments (Cost $32,596,533)						32,596,471
Total Investments — 98.46% (Cost $514,220,870)1						572,454,029
Cash and Other Assets, Less Liabilities — 1.54%						8,925,408
Net Assets — 100.00%					$	581,379,437

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: LONG POSITIONS
100	U.S. Treasury Ten Year Note, Expiration March 2010	$	(320,301	)
	Net unrealized depreciation	$	(320,301	)

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. (The)
	12/20/12	$	150	$	897
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		683
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		(83	)
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		(287	)
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		249
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		(4,783	)
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		(4,783	)
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		(90,352	)
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		(2,596	)
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		(747	)

60 / N-Q Report December 2009

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (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 1.00% 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
	06/20/14	$	1,000	$	31,845
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Limited Brands, Inc., 6.90%, due 07/15/17. Counterparty: Morgan Stanley
	09/20/14		1,000		47,436
The Fund pays a fixed rate equal to 1.00% 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
	09/20/14		1,000		(7,199	)
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		(14,053	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Citigroup, Inc.
	09/20/16		350		26,814
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Deutsche Bank AG
	09/20/16		300		22,983
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Goldman Sachs Group, Inc. (The)
	09/20/16		295		22,600
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the KB Homes, Inc., 5.75%, due 02/01/14. Counterparty: Citigroup, Inc.
	09/20/16		350		42,241
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		170		9,099
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		190		10,169
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		300		16,057
The Fund pays a fixed rate equal to 1.00% 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: CS First Boston
	09/20/16		300		16,057
The Fund pays a fixed rate equal to 1.00% 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: Goldman Sachs Group, Inc. (The)
	09/20/16		120		6,423
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers, Inc., 5.15%, due 05/15/15. Counterparty: CS First Boston
	09/20/16	$	1,000	$	33,985
				$	162,655

Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		Appreciation		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 12, due 06/20/14. Counterparty: Barclays Capital, Inc.
	06/20/14	$	(645,968	)	$	4,700	$	693,121	$	47,153
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 12, due 06/20/14. Counterparty: CS First Boston
	06/20/14		(1,581,684	)		7,520		1,657,129		75,445
		$	(2,227,652	)			$	2,350,250	$	122,598

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

^b The maximum potential payment 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 $514,781,882 and net unrealized appreciation/ (depreciation) consists of:

Gross unrealized appreciation	$	60,700,505
Gross unrealized depreciation		(3,028,358	)
Net unrealized appreciation	$	57,672,147

² Floating rate security. The rate disclosed is that in effect at December 31, 2009.

³ U.S. dollar denominated security issued by foreign domiciled entity.

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, 2009 was $144,945,416 representing 24.93% of total net assets.

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

⁶ Non-income producing security.

N-Q Report December 2009 / 61

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:

High Yield Bond Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Date of Purchase	Security	Amortized Cost		Value		% of Total Net Assets
07/03/07	Asurion Corp. Term Loan, 3.24%, 07/03/14	$	1,787,252	$	1,914,785	0.33	%
12/19/06	Boston Generating LLC 1st Lien, 1.96%, 12/19/13		5,431,099		5,412,328	0.93	%
04/12/07	Carestream Health, Inc. Term Loan, 5.49%, 10/30/13		1,504,099		1,280,157	0.22	%
02/06/08	Cebridge 2nd Lien (PIK), 6.26%, 05/05/14		3,942,460		4,007,307	0.69	%
01/05/09	Charter Communications, Inc. Term Loan 3rd Lien, 2.76%, 02/27/14		3,887,419		4,578,750	0.79	%
09/11/07	Delta Air Lines, Inc. Term Loan 1st Lien, 2.20%, 05/01/12		1,147,303		1,095,317	0.19	%
09/29/09	Delta Air Lines, Inc. Term Loan 1st Lien, 8.75%, 09/16/13		1,957,721		2,000,486	0.34	%
05/29/09	Dex Media West Term Loan A, 6.66%, 10/24/13		1,579,424		1,714,334	0.30	%
12/30/08	Dex Media West LLC Term Loan B, 6.90%, 10/24/14		2,555,226		4,179,407	0.72	%
01/28/09	First Data Corp. Term Loan B1, 2.98%, 09/27/14		2,110,268		2,642,962	0.45	%
06/22/09	HCA Term Loan A, 1.75%, 11/18/12		1,422,358		1,478,204	0.25	%
11/06/08	Idearc, Inc., 0.00%, 11/17/14		3,153,525		3,508,174	0.60	%
04/16/08	Kelson 1st Lien, 3.50%, 03/16/13		5,019,539		5,556,666	0.96	%
09/16/08	Kelson 2nd Lien (PIK), 6.75%, 03/01/14		5,235,492		5,827,562	1.00	%
01/08/09	MACH Gen LLC Term Loan C, 7.76%, 02/20/15		8,242,615		7,963,810	1.37	%
01/09/09	Mediacom LLC Term Loan A, 1.47%, 09/30/12		1,487,379		1,716,000	0.30	%
06/25/09	Rental Services Term Loan 2nd Lien, 3.79%, 11/30/13		2,688,564		2,872,702	0.49	%
12/21/06	TPF Generation Holdings LLC 2nd Lien, 4.49%, 12/15/14		1,227,739		1,073,437	0.18	%
05/17/07	Tribune 1st Lien Term Loan B, 0.00%, 06/04/14		2,142,194		1,733,346	0.30	%
02/03/09	United Air Lines, Inc., 2.31%, 02/01/14		4,430,880		5,484,464	0.94	%
11/30/07	Univision Communications, Inc. 1st Lien Strip, 2.50%, 03/15/14		1,074,963		1,308,750	0.23	%
		$	62,027,519	$	67,348,948	11.58	%

⁸ Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $340,958 which is 0.06% of total net assets.

⁹ Zero coupon bond. The rate shown is the effective yield as of December 31, 2009.

¹⁰ Represents annualized yield at date of purchase.

¹¹ Securities, or a portion there of, pledged as collateral for swaps.

^† Fair valued security. The aggregate value of fair valued securities is $4,341,346 which is 0.75% 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.

¹² Securities, or a portion there of, pledged as collateral for futures.

* 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

(MTN): Medium term note

(PIK): Paid in kind

(STEP): Step coupon bond

62 / N-Q Report December 2009

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 81.90%
ASSET-BACKED SECURITIES — 25.97%**
ABFS Mortgage Loan Trust 2002-2 A7 (STEP)
5.72%	07/15/33		$	4,985	$	4,922
Aerco Ltd. 2A A3 (United Kingdom)
0.69%	07/15/25	2,3,4		3,421,795		1,864,878
Asset Backed Funding Certificates 2007-WMC1 A2B
1.23%	06/25/37	3,†		5,000,000		2,227,401
Asset Backed Securities Corp. Home Equity 2007-HE1 A2
0.28%	12/25/36	3		55,472		52,403
Aviation Capital Group Trust 2003-2A B1
3.23%	09/20/33	3,4,†		2,452,858		858,399
Bayview Financial Acquisition Trust 2004-B A1
1.23%	05/28/39	3,4		1,803,589		1,158,417
Centex Home Equity 2006-A AV4
0.48%	06/25/36	3		4,300,000		2,098,797
Citicorp Residential Mortgage Securities 2007-1 A5 (STEP)
6.05%	03/25/37			1,750,000		1,533,122
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 A3
0.41%	03/25/37	3		5,000,000		1,958,965
Citigroup Mortgage Loan Trust, Inc. 2007-WFH2 M1
0.63%	03/25/37	3		6,500,000		359,437
Conseco Finance 2002-C BF1
8.00%	06/15/32	3		3,763,000		3,365,335
Conseco Finance 2002-C BF2
8.00%	06/15/32	3,4,†		1,112,378		581,212
Conseco Finance Securitizations Corp. 2002-1 A
6.68%	12/01/33	3		130,840		129,484
Conseco Finance Securitizations Corp. 2002-2 AIO (IO)
8.50%	03/01/33	3,5,†		158,666		8,720
Conseco Financial Corp. 1996-10 M1
7.24%	11/15/28	3		2,700,000		2,326,542
Conseco Financial Corp. 1996-8 A6
7.60%	10/15/27	3		44,038		44,769
Conseco Financial Corp. 1998-4 A7
6.87%	04/01/30	3		754,087		702,926
Conseco Financial Corp. 1999-1 A5
6.11%	09/01/23			1,611		1,610
Conseco Financial Corp. 1999-5 A5
7.86%	03/01/30	3		155,777		131,598
Countrywide Asset-Backed Certificates 2007-4 A2
5.53%	09/25/37			930,000		809,756
Credit-Based Asset Servicing and Securitization LLC 2006-CB4 AV3
0.38%	05/25/36	3,†		6,900,000		3,208,214
Crystal River 2005-1A A (Cayman Islands)
0.62%	03/02/46	2,3,4,†		661,026		66,075
Deutsche Financial Capital Securitization LLC 1997-I A3
6.75%	09/15/27			74,921		71,211
First Franklin Mortgage Loan Asset Backed Certificates 2007-FF1 A2D
0.45%	01/25/38	3		6,900,000		2,879,542
Green Tree 2008-MH1 A3
8.97%	04/25/38	3,4		2,853,798		2,912,613
Green Tree Home Improvement Loan Trust 1995-C B2
7.60%	07/15/20			48,761		38,118
Green Tree Home Improvement Loan Trust 1995-D B2
7.45%	09/15/25			115,914		84,452
Green Tree Home Improvement Loan Trust 1995-F B2
7.10%	01/15/21			19,703		15,114
Green Tree Recreational Equipment & Consumer Trust 1996-C Certificates
7.65%	10/15/17			11,226		8,510
HFC Home Equity Loan Asset Backed Certificates 2004-1 A
0.58%	09/20/33	3		959,557		856,243
HFC Home Equity Loan Asset Backed Certificates 2007-1 M1
0.61%	03/20/36	3		660,000		356,660
HFC Home Equity Loan Asset Backed Certificates 2007-2 M1
0.54%	07/20/36	3,†		650,000		370,473
HFC Home Equity Loan Asset Backed Certificates 2007-2 M2
0.60%	07/20/36	3,†		650,000		423,284
HSI Asset Securitization Corp. Trust 2006-HE2 2A1
0.28%	12/25/36	3		69,248		50,246
IndyMac Manufactured Housing Contract 1997-1 A3
6.61%	02/25/28			842,405		612,236
IndyMac Manufactured Housing Contract 1997-1 A4
6.75%	02/25/28			415,957		303,789
IndyMac Manufactured Housing Contract 1998-1 A4
6.49%	09/25/28			212,581		147,127
IndyMac Manufactured Housing Contract 1998-1 A5
6.96%	09/25/28	3		759,218		535,358

N-Q Report December 2009 / 63

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
IndyMac Manufactured Housing Contract 1998-2 A2
6.17%	12/25/11		$	162,005	$	147,199
IndyMac Manufactured Housing Contract 1998-2 A4
6.64%	12/25/27	3		344,863		321,886
JP Morgan Mortgage Acquisition Corp. 2007-CH5 A3
0.34%	05/25/37	3		1,575,000		809,437
Lehman ABS Mortgage Loan Trust 2007-1 2A1
0.32%	06/25/37	3,4		151,400		64,513
Merrill Lynch Mortgage Investors, Inc. 2004-HE2 A2C
0.81%	08/25/35	3		1,389,210		983,808
Mid-State Trust 11 B
8.22%	07/15/38			18,721		17,169
Mid-State Trust 2004-1 B
8.90%	08/15/37			1,425,387		1,336,616
Mid-State Trust 6 A4
7.79%	07/01/35			55,305		51,588
Nationstar Home Equity Loan Trust 2007-A AV4
0.46%	03/25/37	3,†		5,000,000		2,374,793
Oakwood Mortgage Investors, Inc. 1998-A A4
6.20%	05/15/28			3,056		2,686
Oakwood Mortgage Investors, Inc. 1998-B A4
6.35%	03/15/17			192,798		177,797
Oakwood Mortgage Investors, Inc. 1999-A A2
5.89%	04/15/29			209,630		174,995
Oakwood Mortgage Investors, Inc. 2002-A AIO (IO)
6.00%	02/15/10	5		176,245		714
Oakwood Mortgage Investors, Inc. 2002-B AIO (IO)
6.00%	05/15/10	5,†		1,807,582		43,288
Origen Manufactured Housing 2006-A A1
0.38%	11/15/18	3		2,903,606		2,672,371
PAMCO CLO 1998-1A B2 (Cayman Islands)
1.63%	05/01/10	2,3,4,5,†		827,573		123,999
Residential Asset Mortgage Products, Inc. 2007-RZ1 A1
0.30%	02/25/37	3		60,507		56,858
Residential Asset Securities Corp. 2007-KS2 AI1
0.30%	02/25/37	3		81,108		77,203
Specialty Underwriting & Residential Finance 2004-BC4 A2C
0.72%	10/25/35	3		2,272,064		1,649,077
Structured Asset Receivables Trust 2005-1A Certificates
0.78%	01/21/15	3,4,†		12,601,930		10,079,457
Structured Asset Securities Corp. 2007-BC3 2A2
0.37%	05/25/47	3		1,960,000		1,062,429
Terwin Mortgage Trust 2004-7HE A1
0.78%	07/25/34	3,4		122,539		98,979
UCFC Home Equity Loan 1998-D BF1
8.97%	04/15/30	3		585		225
Wells Fargo Home Equity Trust 2007-2 M1
0.60%	04/25/37	3		5,000,000		29,191
Total Asset-Backed Securities (Cost $88,429,297)						55,514,236
CORPORATES — 27.10%*
Banking — 5.45%
BAC Capital Trust XV
1.06%	06/01/56	3		2,000,000		1,290,648
Chase Capital II B
0.78%	02/01/27	3		3,144,000		2,249,168
Chase Capital VI
0.91%	08/01/28	3		1,000,000		715,524
Credit Suisse/Guernsey 1 (Switzerland)
0.96%	05/29/49	2,3		4,900,000		3,264,625
Deutsche Bank Capital Funding Trust VII
5.63%	01/19/49	3,4		1,000,000		735,000
Fleet Capital Trust V
1.25%	12/18/28	3		950,000		653,275
JPMorgan Chase & Co. 1
7.90%	12/31/49	3		1,000,000		1,034,834
Nationsbank Capital Trust III
0.83%	01/15/27	3		1,000,000		698,294
Nationsbank Capital Trust IV
8.25%	04/15/27			1,010,000		1,007,475
						11,648,843
Communications — 0.42%
Qwest Corp.
7.88%	09/01/11			850,000		894,625
Electric — 0.75%
KCP&L Greater Missouri Operations Co.
11.88%	07/01/12			876,000		1,014,927
Power Contract Financing LLC
6.26%	02/01/10	4		593,256		594,430
						1,609,357
Energy — 2.73%
Dynegy Roseton/Danskammer Pass Through Trust A
7.27%	11/08/10			107,711		107,576
Sabine Pass LNG LP
7.25%	11/30/13			3,930,000		3,586,125

64 / N-Q Report December 2009

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Energy (continued)
Southern Union Co.
7.20%	11/01/66	3	$	1,000,000	$	860,000
Valero Energy Corp.
10.50%	03/15/39			1,000,000		1,288,266
						5,841,967
Finance — 7.74%
Astoria Depositor Corp.
8.14%	05/01/21	4		1,200,000		1,068,750
Barnett Capital III
0.91%	02/01/27	3		1,000,000		679,886
Citigroup, Inc.
0.81%	08/25/36	3		2,350,000		1,328,352
General Electric Capital Corp. (MTN)
0.66%	05/05/26	3		2,319,000		1,964,680
GMAC, Inc.
2.46%	12/01/14	3,4		1,538,000		1,240,012
7.25%	03/02/11	4		1,266,000		1,266,000
Goldman Sachs Group, Inc. (The)
0.46%	02/06/12	3		750,000		744,791
0.78%	01/12/15	3		750,000		716,705
1.03%	12/05/11	3		1,775,000		1,804,893
Morgan Stanley (MTN)
0.73%	10/18/16	3		4,050,000		3,723,854
Prudential Holdings LLC
8.70%	12/18/23	4		1,000,000		1,072,692
Raymond James Financial, Inc.
8.60%	08/15/19			860,000		931,935
						16,542,550
Insurance — 0.41%
Farmers Exchange Capital
7.05%	07/15/28	4		1,000,000		873,280
Materials — 0.63%
Noranda Aluminium Holding Corp. (PIK)
7.02%	11/15/14			1,983,476		1,341,326
Real Estate Investment Trust (REIT) — 1.06%
HCP, Inc.
7.07%	06/08/15	6		500,000		513,592
HRPT Properties Trust
0.85%	03/16/11	3		750,000		696,752
Shurgard Storage Centers LLC
7.75%	02/22/11			1,000,000		1,052,571
						2,262,915
Transportation — 7.91%
American Airlines Pass Through Trust 2001-02
6.98%	04/01/11			28,668		28,453
American Airlines Pass Through Trust 2009-1A
10.38%	07/02/19			1,250,000		1,387,500
Continental Airlines, Inc. 1997-1 A
7.46%	04/01/15			3,686,747		3,502,409
Continental Airlines, Inc. 2007-1 A
5.98%	04/19/22			2,950,000		2,841,174
Continental Airlines, Inc. 2007-1 B
6.90%	04/19/22			2,650,000		2,305,500
Delta Air Lines, Inc.
9.50%	09/15/14	4		700,000		716,625
Delta Air Lines, Inc. 2001-1 A2
7.11%	09/18/11			3,070,000		3,105,152
JetBlue Airways 2004-2 G1 Pass Through Trust
0.65%	08/15/16	3,†		1,122,561		874,861
Northwest Airlines, Inc. 2001 1A-2
6.84%	04/01/11			1,200,000		1,185,000
United Air Lines, Inc.
10.40%	11/01/16			900,000		948,375
						16,895,049
Total Corporates (Cost $53,156,114)						57,909,912
BANK LOANS — 5.96%*
Consumer Discretionary — 1.08%
Tribune 1st Lien Term Loan B
0.00%	06/04/14	7,8,9		3,969,987		2,309,211
Electric — 1.47%
Boston Generating LLC 1st Lien
1.96%	12/19/13	7		2,929,862		2,278,492
TPF Generation Holdings LLC 2nd Lien
4.49%	12/15/14	7		1,000,000		858,750
						3,137,242
Finance — 1.62%
Kelson 1st Lien
3.50%	03/16/13	7		3,539,368		3,473,005
Health Care — 0.90%
Carestream Health, Inc. Term Loan
5.49%	10/30/13	7		2,250,000		1,920,235
Insurance — 0.45%
Asurion Corp. Term Loan
3.24%	07/03/14	7		997,500		957,392

N-Q Report December 2009 / 65

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BANK LOANS (continued)
Transportation — 0.44%
United Air Lines, Inc.
2.31%	02/01/14	7	$	1,193,271	$	939,701
Total Bank Loans (Cost $14,518,994)						12,736,786
MORTGAGE-BACKED — 22.87%**
Commercial Mortgage-Backed — 1.48%
Bayview Commercial Asset Trust 2007-1 A1
0.45%	03/25/37	3,4,†		4,493,337		3,169,457
Non-Agency Mortgage-Backed — 3.55%
Banco de Credito Y Securitizacion SA 2001-1 AF (Argentina)
8.00%	05/31/10	2,4,5		525,713		60,457
BHN I Mortgage Fund 2000-1 AF (Argentina)
8.00%	03/31/11	2,4,5		110		13
Harborview Mortgage Loan Trust 2005-1 X (IO)
2.35%	03/19/35	5,10		5,355,069		179,060
Lehman XS Trust 2007-12N 1A3A
0.43%	07/25/47	3,†		10,120,000		2,175,381
Morgan Stanley Mortgage Loan Trust 2006-7 5A2
5.96%	06/25/36	3		3,500,000		1,975,445
Opteum Mortgage Acceptance Corp. 2005-5 2A1B
5.64%	12/25/35	3		1,006,302		813,208
Washington Mutual Mortgage Pass-Through Certificates 2006-AR9 1XPP (IO)
0.85%	08/25/46	5,10,†		217,204,135		2,311,357
Washington Mutual MSC Mortgage Pass-Through Certificates 2003-MS9 1A
7.00%	04/25/33			61,367		61,859
						7,576,780
U.S. Agency Mortgage-Backed — 17.84%
Fannie Mae 1993-80 S
10.57%	05/25/23	3		17,306		18,276
Fannie Mae 2000-45 SA (IO)
7.72%	12/18/30	3		2,775,474		418,475
Fannie Mae 2001-42 SB
8.50%	09/25/31	3		2,345		2,397
Fannie Mae 2003-107 SQ (IO)
7.42%	05/25/33	3		249,271		10,440
Fannie Mae 2003-124 IO (IO)
5.25%	03/25/31			162,110		13,347
Fannie Mae 2003-124 TS
9.80%	01/25/34	3		42,282		44,331
Fannie Mae 2003-37 IG (IO)
5.50%	05/25/32			1,145,512		121,619
Fannie Mae 2003-85 IP (IO)
5.50%	12/25/28			36,366		617
Fannie Mae 2005-47 SL
7.50%	06/25/35	3		465,556		459,092
Fannie Mae 2005-92 US (IO)
5.87%	10/25/25	3		12,291,194		1,090,357
Fannie Mae 2008-50 SA (IO)
5.82%	11/25/36	3		11,387,283		1,188,542
Fannie Mae 2009-9 VM (IO)
3.18%	04/25/13	3,†		17,570,659		944,231

Freddie Mac 1602 SN
10.09%	10/15/23	3	14,590	15,501
Freddie Mac 2527 TI (IO)
6.00%	02/15/32		399,764	28,837
Freddie Mac 2561 BX (IO)
5.00%	05/15/17		950,298	49,134
Freddie Mac 2596 IJ (IO)
5.00%	01/15/17		237,938	4,124
Freddie Mac 2642 BW (IO)
5.00%	06/15/23		132,514	18,850
Freddie Mac 2657 LX (IO)
6.00%	05/15/18		684,977	75,186
Freddie Mac 2692 EI (IO)
5.50%	08/15/33		93,686	95
Freddie Mac 2764 CT
7.50%	03/15/34	3	288,614	271,488
Freddie Mac 2764 SH
7.50%	03/15/34	3	219,396	213,673
Freddie Mac 2827 JT
8.50%	12/15/32	3	77,227	76,624
Freddie Mac 2856 ST
7.00%	09/15/23	3	446,127	447,960
Freddie Mac 3242 SA (IO)
6.12%	11/15/36	3,†	44,552,206	4,506,094
Freddie Mac 3247 SI (IO)
0.15%	08/15/36	3	105,205,615	229,990
Freddie Mac 3260 AS (IO)
6.15%	01/15/37	3	50,726,810	4,365,762
Freddie Mac 3280 SI (IO)
6.21%	02/15/37	3	30,779,072	3,098,258
Freddie Mac 3289 SD (IO)
5.89%	03/15/37	3,†	17,991,833	1,528,561
Freddie Mac 3430 IA (IO)
0.82%	07/15/12	†	88,860,451	1,161,895
Ginnie Mae 2001-31 SJ
27.18%	02/20/31	3	85,934	133,257
Ginnie Mae 2003-28 LI (IO)
5.50%	02/20/32		100,970	5,367

66 / N-Q Report December 2009

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae 2004-8 SE
13.84%	11/26/23	3	$	385,430	$	429,825
Ginnie Mae 2009-61 SG (IO)
6.47%	08/20/39	3,†		11,462,607		1,117,694
Ginnie Mae GNSF (TBA)
5.00%	01/01/40			15,600,000		16,047,282
						38,137,181
Total Mortgage-Backed (Cost $39,183,387)						48,883,418
Total Bonds — 81.90% (Cost $195,287,792)						175,044,352
Issues	Maturity Date		Shares		Value
PREFERRED STOCK — 0.61%
Automotive — 0.09%
Corts Trust for Ford Motor Co.
8.00%	07/16/31			700		15,505
Preferred Plus Trust Ford Motor Co.
8.25%	07/16/31			8,100		179,415
						194,920
Communications — 0.52%
Corts Trust for US West Communications
7.50%	11/15/43			7,118		146,275
Preferred Plus Trust Citizens Communications Co.
8.38%	10/01/46			12,100		248,050
Preferred Plus Trust Qwest Capital Funding
7.75%	02/15/31			9,650		184,508
8.00%	02/15/31			19,500		380,250
Preferred Plus Trust Verizon Global Funding Corp.
7.63%	12/01/30			6,100		155,123
						1,114,206
Finance — 0.00%
Terwin Mortgage Trust 2005-P1 A
0.00%5,7				570		1
Total Preferred Stock (Cost $1,490,573)						1,309,127

	Contracts	Value
CALL OPTIONS PURCHASED — 0.00%
Finance — 0.00%
Financial Select Sector SPDR Fund, Call Strike $20, expires 01/16/10
	135	$	1,350
Total Call Options Purchased (Cost $175,500)			1,350

Issues	Maturity Date	Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 43.24%
Commercial Paper — 3.32%
BNP Paribas Finance, Inc.
0.13%11	02/05/10	$	3,630,000	3,629,580

Rabobank USA Financial Corp.
0.13%11	02/04/10		3,465,000		3,464,530
					7,094,110
Money Market Fund — 27.02%
Dreyfus Cash Advantage Fund
1.51%			9,624,500		9,624,500
Goldman Sachs Group, Inc. (The)
0.05%6			48,133,000		48,133,000
					57,757,500
U.S. Agency Discount Notes — 12.85%
Fannie Mae
0.05%11	02/01/10		635,000		634,975
0.05%11	02/04/10		350,000		349,985
Federal Home Loan Bank
0.07%11	02/05/10		1,850,000		1,849,926
0.07%11	02/12/10		1,220,000		1,219,947
0.07%11	02/19/10		11,930,000		11,929,543
Freddie Mac
0.06%11	02/18/10		11,485,000		11,484,138
					27,468,514
U.S. Treasury Bills — 0.05%
U.S. Treasury Bills
0.05%11	02/18/10	6	100,000		99,999
Total Short Term Investments (Cost $92,419,594)					92,420,123
Total Investments – 125.75% (Cost $289,373,459)1					268,774,952
Liabilities in Excess of Other Assets – (25.75)%					(55,029,676	)
NET ASSETS – 100.00%				$	213,745,276

N-Q Report December 2009 / 67

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Contracts		Unrealized Depreciation
FUTURES CONTRACTS: SHORT POSITIONS
12	Euro Dollar Ninety Day, Expiration September 2010	$	(14,020	)
12	Euro Dollar Ninety Day, Expiration December 2010		(13,395	)
12	Euro Dollar Ninety Day, Expiration March 2011		(12,595	)
12	Euro Dollar Ninety Day, Expiration June 2011		(11,995	)
12	Euro Dollar Ninety Day, Expiration September 2011		(11,507	)
7	Euro Dollar Ninety Day, Expiration December 2011		(8,257	)
7	Euro Dollar Ninety Day, Expiration March 2012		(7,308	)
7	Euro Dollar Ninety Day, Expiration June 2012		(6,258	)
	Net unrealized depreciation	$	(85,335	)

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: INTEREST RATE
Six month forward rate swap based upon the spread between the CMM30-FNMA rate and 10 year CMS rate plus 0.49%. The Fund receives an amount equal to the difference between the CMM30-FNMA rate minus the 10 year CMS rate plus 0.49% times the notional amount if positive. The Fund owes a comparable amount if negative. Counterparty: Goldman Sachs Group, Inc. (The)
	05/27/10	$	1,500	$	6,835
The Fund pays a fixed rate equal to 4.10% semi-annually and the Fund receives from the counterparty a floating rate based on 3-month USD LIBOR quarterly. Counterparty: Citigroup, Inc.
	10/24/38		2,025		124,575
				$	131,410
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 the Home Depot, Inc., 3.75%, due 09/15/09. Counterparty: Morgan Stanley
	09/20/12	$	2,500	$	(11,637	)
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. (The)
	12/20/12		700		4,188
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		(334	)
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		(1,724	)
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		555
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		(55,815	)
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		(39,129	)
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		(14,349	)
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		(14,349	)
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		(1,841	)
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		(6,396	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Target Corp., 4.00%, due 06/15/13. Counterparty: CS First Boston
	12/20/14		640		(14,507	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Target Corp., 4.00%, due 06/15/13. Counterparty: Deutsch Bank AG
	12/20/14		635		(14,394	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Kohl’s Corp., 6.25%, due 12/15/17. Counterparty: Deutsch Bank AG
	12/20/14		635		(8,507	)
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Kohl’s Corp., 6.25%, due 12/15/17. Counterparty: Morgan Stanley
	12/20/14		640		(8,574	)
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		(42,159	)

68 / N-Q Report December 2009

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2009 (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 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Citigroup, Inc.
	09/20/16	$	170	$	13,024
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Deutsche Bank AG
	09/20/16		130		9,959
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Goldman Sachs Group, Inc. (The)
	09/20/16		130		9,959
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the KB Homes, Inc., 5.75%, due 02/01/14. Counterparty: Citigroup, Inc.
	09/20/16		170		20,517
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		45		2,409
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		800		42,818
The Fund pays a fixed rate equal to 1.00% 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: Goldman Sachs Group, Inc. (The)
	09/20/16		2,100		112,398
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the Toll Brothers, Inc., 5.15%, due 05/15/15. Counterparty: CS First Boston
	09/20/16		2,500		84,964
The Fund pays a fixed rate equal to 3.90% 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, 3.37%, due 01/25/35. Counterparty: JPMorgan Chase & Co.
	01/25/35		69		66,152
				$	133,228

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 6.55% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston
	12/20/10		AAA		$	460	$	25,361		$	25,361
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, 1.04%, due 08/25/34. Counterparty: Deutsche Bank AG5
	07/25/34		AAA		$	676	$	(14,011	)	$	(14,011	)
							$	11,350		$	11,350
Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		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	$	(1,624,701	)	$	3,000	$	(334,316	)	$	(1,959,017	)
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. (The)
	08/25/37		(2,362,477	)		4,800		(771,950	)		(3,134,427	)
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		(561,244	)		1,160		(196,242	)		(757,486	)
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		(1,033,584	)		2,100		(337,728	)		(1,371,312	)
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		(969,865	)		5,890		(2,876,338	)		(3,846,203	)
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		(2,654,055	)		5,000		(620,457	)		(3,274,512	)
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		(2,787,953	)		5,300		(683,030	)		(3,470,983	)
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		(1,644,882	)		3,200		(450,806	)		(2,095,688	)
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. (The)
	01/25/38		(1,670,584	)		3,250		(457,849	)		(2,128,433	)
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: Morgan Stanley
	01/25/38		(1,043,034	)		2,400		(528,732	)		(1,571,766	)

N-Q Report December 2009 / 69

Strategic Income Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		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: Bank of America Corp.
	05/25/46	$	(2,966,998	)	$	3,769	$	(393,244	)	$	(3,360,242	)
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		(3,708,748	)		4,711		(491,554	)		(4,200,302	)
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		(2,866,202	)		3,674		(410,034	)		(3,276,236	)
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: Royal Bank of Scotland Group Plc
	05/25/46		(2,521,948	)		3,203		(334,258	)		(2,856,206	)
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: Goldman Sachs Group, Inc. (The)
	05/25/46		(2,070,528	)		2,638		(281,641	)		(2,352,169	)
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		(399,087	)		1,092		(196,425	)		(595,512	)
		$	(30,885,890	)			$	(9,364,604	)	$	(40,250,494	)

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

^b The maximum potential payment 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 $290,029,773 and net unrealized appreciation/ (depreciation) consists of:

Gross unrealized appreciation	$	28,350,481
Gross unrealized depreciation		(49,605,302	)
Net unrealized depreciation	$	(21,254,821	)

² U.S. dollar denominated security issued by foreign domiciled entity.

³ Floating rate security. The rate disclosed is that in effect at December 31, 2009.

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, 2009 was $28,605,258 representing 13.38% of total net assets.

⁵ Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $2,713,598 which is 1.27% of total net assets.

⁶ Securities, or a portion there of, pledged as collateral for swaps.

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 Total Net Assets
07/03/07	Asurion Corp. Term Loan, 3.24%, 07/03/14	$	991,073	$	957,392	0.45	%
12/19/06	Boston Generating LLC 1st Lien, 1.96%, 12/19/13		2,929,862		2,278,492	1.07	%
04/12/07	Carestream Health, Inc. Term Loan, 5.49%, 10/30/13		2,262,296		1,920,235	0.90	%
04/16/08	Kelson 1st Lien, 3.50%, 03/16/13		3,297,312		3,473,005	1.62	%
04/19/05	Terwin Mortgage Trust 2005-P1 A, 0.00%,		2,893		1	0.00	%
12/21/06	TPF Generation Holdings LLC 2nd Lien, 4.49%, 12/15/14		1,000,000		858,750	0.40	%
05/17/07	Tribune 1st Lien Term Loan B, 0.00%, 06/04/14		2,845,180		2,309,211	1.08	%
02/01/07	United Air Lines, Inc., 2.31%, 02/01/14		1,193,271		939,701	0.44	%
		$	14,521,887	$	12,736,787	5.96	%

⁸ Security is currently in default with regards to scheduled interest or principal payments.

⁹ Non-income producing security.

¹⁰ Zero coupon bond. The rate shown is the effective yield as of December 31, 2009.

¹¹ Represents annualized yield at date of purchase.

^† Fair valued security. The aggregate value of fair valued securities is $37,037,152 which is 17.33% 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

(PIK): Paid in kind

(STEP): Step coupon bond

(TBA): To be announced

70 / N-Q Report December 2009

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
BONDS — 97.38%
ASSET-BACKED SECURITIES — 30.43%**
ACE Securities Corp. 2004-FM1 B1A
5.48%	09/25/33	2	$	17,188	$	2,681
ACE Securities Corp. 2006-SL1 A
0.39%	09/25/35	2		371,003		68,257
Aerco Ltd. 2A A4 (United Kingdom)
0.75%	07/15/25	2,3,4,†		19,224		17,685
Asset Backed Securities Corp. Home Equity 2003-HE4 M2
3.23%	08/15/33	2		82,854		32,379
Asset Backed Securities Corp. Home Equity 2005-HE6 A2D
0.51%	07/25/35	2		37,138		36,707
Aviation Capital Group Trust 2003-2A B1
3.23%	09/20/33	2,4,†		75,126		26,291
Aviation Capital Group Trust 2003-2A G2
1.03%	09/20/33	2,4,†		62,839		42,099
Bayview Financial Acquisition Trust 2005-A A1
1.23%	02/28/40	2,4,†		143,399		89,558
Bayview Financial Acquisition Trust 2006-B 2A2
0.43%	04/28/36	2		14,354		14,119
Bayview Financial Revolving Mortgage Loan Trust 2005-E A1
1.23%	12/28/40	2,4,†		2,063,164		1,278,211
Carrington Mortgage Loan Trust 2007-FRE1 A1
0.35%	02/25/37	2		140,245		124,066
Castle Trust 2003-1AW A1
0.98%	05/15/27	2,4,†		101,419		77,074
Citigroup Mortgage Loan Trust, Inc. 2006-AMC1 A2B
0.16%	09/25/36	2,†		484,515		251,928
Citigroup Mortgage Loan Trust, Inc. 2007-WFH4 M2
2.38%	07/25/37	2		114,000		5,360
Conseco Finance 2002-C BF2
8.00%	06/15/32	2,4,†		539,407		281,838
Conseco Finance Home Loan Trust 2000-E M1
8.13%	08/15/31	2		37,114		34,368
Conseco Financial Corp. 1997-4 A5
6.88%	02/15/29			81,086		81,780
Contimortgage Home Equity Trust 1999-3 A6 (STEP)
8.18%	12/25/29			26,110		25,973
Countrywide Asset-Backed Certificates 2004-1 2A
0.47%	04/25/34	2		5,852		4,576
Countrywide Asset-Backed Certificates 2007-10 2A2
0.35%	06/25/47	2		110,000		70,671
Credit-Based Asset Servicing and Securitization LLC 2003-CB1 AF (STEP)
3.95%	01/25/33			97,704		85,112
First Franklin Mortgage Loan Asset Backed Certificates 2006-FF12 A2
0.27%	09/25/36	2		8,964		8,856
GE Capital Mortgage Services LLC 1998-HE1 A7
6.47%	06/25/28			2,520		2,450
GMAC Mortgage Corp. Loan Trust 2000-HE2 A1
0.67%	06/25/30	2		460,032		188,359
Green Tree Home Improvement Loan Trust 1995-C B2
7.60%	07/15/20			32,451		25,368
Green Tree Home Improvement Loan Trust 1995-F B2
7.10%	01/15/21			86,337		66,228
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			35,271		21,633
GSAMP Trust 2007-HE2 A2A
0.36%	03/25/47	2		174,159		156,395
HFC Home Equity Loan Asset Backed Certificates 2007-1 M1
0.61%	03/20/36	2		1,100,000		594,433
HFC Home Equity Loan Asset Backed Certificates 2007-2 A4
0.53%	07/20/36	2		125,000		51,392
HFC Home Equity Loan Asset Backed Certificates 2007-2 M1
0.54%	07/20/36	2,†		1,300,000		740,946
Home Equity Asset Trust 2007-3 2A2
0.41%	08/25/37	2		1,400,000		671,632
IndyMac Home Equity Loan Asset Backed Trust 2002-A M1
1.36%	05/25/33	2		470,335		269,637
IndyMac Manufactured Housing Contract 1997-1 A3
6.61%	02/25/28			611,916		444,723
IndyMac Manufactured Housing Contract 1997-1 A4
6.75%	02/25/28			218,541		159,609
Lehman XS Trust 2006-2N 1A1
0.49%	02/25/46	2		84,247		43,851
MASTR Asset Backed Securities Trust 2007-HE1 A2
0.38%	05/25/37	2		315,000		183,779
Merrill Lynch First Franklin Mortgage Loan Trust 2007-3 A2D
0.48%	06/25/37	2		100,000		38,359

N-Q Report December 2009 / 71

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
ASSET-BACKED SECURITIES (continued)
Merrill Lynch First Franklin Mortgage Loan Trust 2007-4 2A4
0.48%	07/25/37	2	$	30,000	$	10,760
Morgan Stanley ABS Capital I 2004-NC2 M2
2.03%	12/25/33	2		28,690		15,719
Nationstar Home Equity Loan Trust 2007-B 2AV4
0.55%	04/25/37	2		205,000		72,471
Option One Mortgage Loan Trust 2002-1 A
0.81%	02/25/32	2		157,548		100,348
Option One Mortgage Loan Trust 2003-2 A2
0.83%	04/25/33	2		111,269		87,905
Option One Mortgage Loan Trust 2003-5 A2
0.87%	08/25/33	2		73,514		54,647
Residential Asset Mortgage Products, Inc. 2003-RS1 AII
1.01%	02/25/33	2		55,998		28,012
Residential Asset Securities Corp. 2003-KS3 A2
0.83%	05/25/33	2		36,561		22,292
Residential Asset Securities Corp. 2007-KS4 A2
0.41%	05/25/37	2		100,000		64,272
Resmae Mortgage Loan Trust 2006-1 A1B
0.50%	02/25/36	2,4		272,056		63,637
SACO I, Inc. 2005-2 A
0.43%	04/25/35	2,4		3,541		1,434
Saxon Asset Securities Trust 2004-1 M1
1.03%	03/25/35	2		261,613		155,695
SG Mortgage Securities Trust 2006-FRE1 A1B
0.50%	02/25/36	2		193,617		110,913
Soundview Home Equity Loan Trust 2007-NS1 A4
0.53%	01/25/37	2		50,000		17,413
Soundview Home Equity Loan Trust 2007-OPT1 2A1
0.31%	06/25/37	2		135,758		112,741
Structured Asset Receivables Trust 2005-1A Certificates
0.78%	01/21/15	2,4,†		589,599		471,582
Structured Asset Securities Corp. 2007-BC2 A3
0.36%	03/25/37	2,†		945,000		557,506
Terwin Mortgage Trust 2004-13AL 2PX (IO)
0.34%	08/25/34	4,5		12,818,633		100,858
Terwin Mortgage Trust 2005-7SL A1
0.50%	07/25/35	2,4		19,016		18,559
UCFC Home Equity Loan 1998-D MF1
6.91%	04/15/30			260,545		220,307
Total Asset-Backed Securities (Cost $12,471,822)						8,609,123
CORPORATES — 19.23%*
Banking — 5.96%
Chase Capital II B
0.78%	02/01/27	2		850,000		608,076
Credit Suisse/Guernsey 1 (Switzerland)
0.96%	05/29/49	2,3		605,000		403,081
First Chicago NBD Institutional Capital I
0.83%	02/01/27	2		65,000		44,702
JPMorgan Chase Capital XIII M
1.20%	09/30/34	2		889,000		629,994
						1,685,853
Electric — 1.32%
Entergy Louisiana LLC
5.83%	11/01/10			8,000		8,019
KCP&L Greater Missouri Operations Co.
11.88%	07/01/12			155,000		179,582
Power Contract Financing LLC
6.26%	02/01/10	4		137,635		137,908
W3A Funding Corp.
8.09%	01/02/17			48,168		48,383
						373,892
Energy — 0.78%
Williams Cos., Inc. (The)
8.13%	03/15/12			200,000		219,693
Finance — 8.07%
Citigroup, Inc.
0.56%	11/05/14	2		369,000		333,293
1.97%	05/15/18	2		305,000		283,835
General Electric Capital Corp. (MTN)
0.66%	05/05/26	2		925,000		783,669
General Electric Capital Corp. A (MTN)
0.51%	09/15/14	2		25,000		23,583
Lehman Brothers Holdings, Inc. (MTN)
0.00%	11/16/09	6,7		870,000		172,369
MBNA Capital A
8.28%	12/01/26			250,000		243,125
MBNA Capital B
1.08%	02/01/27	2		345,000		236,231
Prudential Holdings LLC (FSA)
1.13%	12/18/17	2,4		100,000		82,338
Woodbourne Capital Trust I
2.64%	04/08/49	2,4,5		150,000		31,500
Woodbourne Capital Trust II
2.64%	04/08/49	2,4,5		150,000		31,500
Woodbourne Capital Trust III
2.74%	04/08/49	2,4,5		150,000		31,500

72 / N-Q Report December 2009

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
CORPORATES (continued)
Finance (continued)
Woodbourne Capital Trust IV
2.74%	04/08/49	2,4,5	$	150,000	$	31,500
						2,284,443
Real Estate Investment Trust (REIT) — 1.42%
CPG Partners LP
8.25%	02/01/11			35,000		36,623
HRPT Properties Trust
0.85%	03/16/11	2		392,000		364,169
						400,792
Transportation — 1.68%
American Airlines Pass Through Trust 2001-02
6.98%	04/01/11	8		9,556		9,484
American Airlines Pass Through Trust 2003-1 (AMBAC)
3.86%	07/09/10			36,487		35,725
Continental Airlines, Inc. 1997-4 A
6.90%	01/02/18			356,108		344,535
Continental Airlines, Inc. 2002-1 G1
0.72%	08/15/11	2,†		24,547		22,582
Delta Air Lines, Inc. 2001-1 A1
6.62%	03/18/11	8		64,056		63,816
						476,142
Total Corporates (Cost $6,499,343)						5,440,815
BANK LOANS — 2.69%*
Finance — 0.75%
Kelson 1st Lien
3.50%	03/16/13	9		215,747		211,702
Transportation — 1.94%
United Air Lines, Inc.
2.31%	02/01/14	9		697,222		549,063
Total Bank Loans (Cost $912,969)						760,765
MORTGAGE-BACKED — 45.03%**
Commercial Mortgage-Backed — 6.67%
Bayview Commercial Asset Trust 2004-3 A1
0.60%	01/25/35	2,4		67,240		46,352
Bayview Commercial Asset Trust 2005-1A A1
0.53%	04/25/35	2,4		1,241,057		861,504
Bayview Commercial Asset Trust 2005-2A A1
0.54%	08/25/35	2,4		630,167		404,084
Bayview Commercial Asset Trust 2007-2A A1
0.50%	07/25/37	2,4		168,886		99,118
Bayview Commercial Asset Trust 2007-3 A1
0.47%	07/25/37	2,4		719,025		476,671
						1,887,729
Non-Agency Mortgage-Backed — 29.88%
American Home Mortgage Investment Trust 2004-2 2A
2.47%	02/25/44	2		79,674		67,942
American Home Mortgage Investment Trust 2007-2 11A1
0.46%	03/25/47	2		113,254		50,768

Banc of America Mortgage Securities, Inc. 2003-A 2A2
5.42%	02/25/33	2	9,980	8,366
Bear Stearns Mortgage Funding Trust 2007-AR4 2A1
0.44%	06/25/37	2	1,521,861	764,165
Chevy Chase Mortgage Funding Corp. 2004-1A A1
0.51%	01/25/35	2,4	680,316	392,130
Chevy Chase Mortgage Funding Corp. 2005-2A A1
0.41%	05/25/36	2,4	666,027	365,510
Citigroup Mortgage Loan Trust, Inc. 2004-HYB1 A41
5.11%	02/25/34	2	538,566	496,915
Countrywide Alternative Loan Trust 2005-16 A5
0.51%	06/25/35	2	173,252	51,964
Countrywide Alternative Loan Trust 2005-27 2A1
1.89%	08/25/35	2	1,340,622	687,691
Countrywide Alternative Loan Trust 2005-27 3A2
1.64%	08/25/35	2	103,566	50,581
Countrywide Alternative Loan Trust 2005-51 2A2A
0.52%	11/20/35	2	45,318	42,842
Countrywide Alternative Loan Trust 2005-61 2A1
0.51%	12/25/35	2	636,320	384,790
Countrywide Alternative Loan Trust 2005-72 A1
0.50%	01/25/36	2	927,757	492,031
CS First Boston Mortgage Securities Corp. 1997-2 A
7.50%	06/25/20	4	12,317	11,133
Deutsche Bank Alternate Loan Trust 2006-AR6 A3
0.32%	02/25/37	2	18,181	17,557
Downey Savings & Loan Association Mortgage Loan Trust 2004-AR1 A2A
0.64%	09/19/44	2	65,848	38,345

N-Q Report December 2009 / 73

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Downey Savings & Loan Association Mortgage Loan Trust 2004-AR3 2A2A
0.60%	07/19/44	2	$	18,849	$	11,084
Downey Savings & Loan Association Mortgage Loan Trust 2005-AR2 2A1A
0.44%	03/19/45	2		149,537		81,300
First Horizon Asset Securities, Inc. 2003-AR1 2A1
3.67%	03/25/33	2		16,743		15,725
Harborview Mortgage Loan Trust 2004-8 2A4A
0.63%	11/19/34	2		91,492		58,896
Harborview Mortgage Loan Trust 2005-1 X (IO)
2.35%	03/19/35	5,10		2,065,984		69,081
Harborview Mortgage Loan Trust 2005-11 2A1A
0.54%	08/19/45	2		173,589		91,367
IndyMac Index Mortgage Loan Trust 2004-AR12 A1
0.62%	12/25/34	2		237,950		147,676
Indymac Index Mortgage Loan Trust 2004-AR5 2A1A
0.66%	08/25/34	2		32,382		19,085
IndyMac Index Mortgage Loan Trust 2004-AR5 2A1B
0.63%	08/25/34	2		38,935		22,955
IndyMac Index Mortgage Loan Trust 2004-AR7 A2
0.66%	09/25/34	2		178,145		112,544
IndyMac Index Mortgage Loan Trust 2004-AR8 2A2A
0.63%	11/25/34	2		72,827		37,536
IndyMac Index Mortgage Loan Trust 2005-AR18 2A1A
0.54%	10/25/36	2		179,294		99,801
IndyMac Index Mortgage Loan Trust 2005-AR18 2A1B
1.01%	10/25/36	2		125,313		65,338
IndyMac Index Mortgage Loan Trust 2005-AR2 2A2A
0.57%	02/25/35	2		102,057		61,645
IndyMac Index Mortgage Loan Trust 2006-AR2 1A1A
0.45%	04/25/46	2		133,333		62,155
Lehman XS Trust 2007-12N 1A3A
0.43%	07/25/47	2,†		4,000,000		859,834
MASTR Seasoned Securities Trust 2004-1 4A1
3.72%	10/25/32	2		191,760		182,876
Residential Asset Mortgage Products, Inc. 2003-SL1 A11
7.13%	03/25/16			168,482		167,147
Residential Asset Mortgage Products, Inc. 2003-SL1 A41
8.00%	04/25/31			44,805		41,689
Residential Asset Mortgage Products, Inc. 2004-SL1 A2
8.50%	11/25/31			19,115		18,382
Structured Asset Mortgage Investments, Inc. 2006-AR5 1A1
0.44%	05/25/46	2		142,725		67,532
Structured Asset Securities Corp. 2001-15A 4A1
6.00%	10/25/31	2		7,473		6,731
Structured Asset Securities Corp. 2002-5A 6A
6.16%	04/25/32	2		23,438		20,553
Structured Asset Securities Corp. 2003-15A 2A1
3.03%	04/25/33	2		81,642		60,836
Washington Mutual Alternative Mortgage Pass-Through Certificates 2007-OA3 4A1
1.31%	04/25/47	2		1,881,596		954,550

Washington Mutual Mortgage Pass-Through Certificates 2002-AR18 A
2.77%	01/25/33	2	104,794	96,122
Washington Mutual Mortgage Pass-Through Certificates 2002-AR6 A
1.94%	06/25/42	2	18,415	13,329
Washington Mutual Mortgage Pass-Through Certificates 2006-AR4 1A1A
1.48%	05/25/46	2	1,733,593	889,933
Washington Mutual MSC Mortgage Pass-Through Certificates 2003-MS9 1A
7.00%	04/25/33		192,307	193,848
				8,452,280
U.S. Agency Mortgage-Backed — 8.48%
Fannie Mae 1997-91 SL (IO)
7.50%	11/25/23	2	307,594	57,888
Fannie Mae 2003-37 IG (IO)
5.50%	05/25/32		279,393	29,663
Fannie Mae 2003-62 IG (IO)
5.00%	10/25/31		1,000,000	204,450
Fannie Mae G-36 ZB
7.00%	11/25/21		3,310	3,601
Fannie Mae Pool 646884
2.17%	05/01/32	2	84,470	85,632
Fannie Mae Pool 802665
3.74%	12/01/34	2	21,161	21,337
Freddie Mac 2 L
8.00%	11/25/22		25,887	28,541
Freddie Mac Gold G12393
5.50%	10/01/21	11	72,241	76,937

74 / N-Q Report December 2009

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

Issues	Maturity Date		Principal Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Non Gold Pool 1L0113
3.82%	05/01/35	2,11	$	424,494	$	436,689
Freddie Mac Non Gold Pool 781908
2.79%	09/01/34	2		75,908		77,299
Freddie Mac Non Gold Pool 788498
3.63%	02/01/30	2		358,037		369,976
Freddie Mac Non Gold Pool 847288
3.05%	05/01/34	2,11		712,267		731,503
Ginnie Mae II Pool 80968
3.63%	07/20/34	2		265,814		274,280
						2,397,796
Total Mortgage-Backed (Cost $17,943,769)						12,737,805
Total Bonds – 97.38% (Cost $37,827,903)						27,548,508
Issues	Maturity Date		Shares/ Principal Amount		Value
SHORT TERM INVESTMENTS — 15.01%
Commercial Paper — 1.75%
BNP Paribas Finance, Inc.
0.13%12	02/05/10			495,000		494,943
Money Market Fund — 8.10%
Dreyfus Cash Advantage Fund
1.51%				1,312,000		1,312,000
Goldman Sachs Group, Inc. (The)
0.05%11				978,000		978,000
						2,290,000
U.S. Treasury Bills — 5.16%
U.S. Treasury Bills
0.05%12	02/18/10			225,000		224,996
0.02%12	02/18/10	13		1,235,000		1,234,981
						1,459,977
Total Short Term Investments (Cost $4,244,899)						4,244,920
Total Investments – 112.39% (Cost $42,072,802)1						31,793,428
Liabilities in Excess of Other Assets – (12.39)%						(3,505,466	)
Net Assets – 100.00%					$	28,287,962

Contracts		Unrealized Appreciation
FUTURES CONTRACTS: LONG POSITIONS
1	S&P 500 E Mini Index Expiration March 2010	$	71
38	S&P 500 Index, Expiration March 2010		113,639
	Net unrealized appreciation	$	113,710

Issues	Expiration Date	Notional Amount (000’s)		Value
SWAPS: TOTAL RETURN
The Fund pays a floating rate based on 3-month USD LIBOR minus 1 basis points and the Fund receives from the counterparty the price return on the Standard & Poor’s 500 Total Return Index. Counterparty: CS First Boston		$	10	$	1,335,579
Issues	Expiration Date	Notional Amount (000’s)b		Value
SWAPS: CREDIT DEFAULT (PURCHASED) - SINGLE ISSUES
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		(3,587	)
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		(3,587	)
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. (The)
	06/20/13		100		(3,644	)
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		(1,400	)
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		(827	)
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		(2,874	)
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		(10,540	)

N-Q Report December 2009 / 75

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2009 (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 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Citigroup, Inc.
	09/20/16	$	45	$	3,447
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Deutsche Bank AG
	09/20/16		40		3,065
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the D.R. Horton, Inc., 5.38%, due 06/15/12. Counterparty: Goldman Sachs Group, Inc. (The)
	09/20/16		40		3,065
The Fund pays a fixed rate equal to 1.00% and the Fund will receive from the counterparty at par including interest accrued in the event of default of the KB Homes, Inc., 5.75%, due 02/01/14. Counterparty: Citigroup, Inc.
	09/20/16		45		5,431
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		100		5,352
The Fund pays a fixed rate equal to 1.00% 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
	09/20/16		80		4,282
The Fund pays a fixed rate equal to 1.00% 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: Goldman Sachs Group, Inc. (The)
	09/20/16		240		12,845
				$	11,028

Issues	Expiration Date	Credit Ratinga			Notional Amount (000’s)b		Appreciation			Valuec
SWAPS: CREDIT DEFAULT (WRITTEN) - SINGLE ISSUES
The Fund receives 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 the General Electric Capital Corp., 5.63%, due 09/15/17. Counterparty: CS First Boston
	12/20/10		AAA		$	510	$	28,118		$	28,118
The Fund receives a fixed rate equal to 4.00% and the Fund will pay to the counterparty at par including interest accrued in the event of default of the Berkshire Hathaway, Inc., 4.63%, due 10/15/13. Counterparty: Barclays Capital, Inc.
	03/20/11		AAA			400		15,970			15,970
							$	44,088		$	44,088
Issues	Expiration Date	Premiums Paid/ (Received)			Notional Amount (000’s)b		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	$	(122,674	)	$	745	$	(363,815	)	$	(486,489	)
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		(183,856	)		380		(64,286	)		(248,142	)
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: Barclays Capital, Inc.
	01/25/38		(286,638	)		540		(67,010	)		(353,648	)
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		(257,013	)		500		(70,438	)		(327,451	)
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: Bank of America Corp.
	05/25/46		(259,612	)		330		(34,409	)		(294,021	)
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: Royal Bank of Scotland Group Plc
	05/25/46		(222,525	)		283		(29,493	)		(252,018	)
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: Goldman Sachs Group, Inc. (The)
	05/25/46		(184,868	)		236		(25,147	)		(210,015	)
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		(108,842	)		298		(53,571	)		(162,413	)
		$	(1,626,028	)			$	(708,169	)	$	(2,334,197	)

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

^b The maximum potential payment 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 $42,135,418 and net unrealized appreciation/ (depreciation) consists of:

Gross unrealized appreciation	$	660,058
Gross unrealized depreciation		(11,002,048	)
Net unrealized depreciation	$	(10,341,990	)

² Floating rate security. The rate disclosed is that in effect at December 31, 2009.

76 / N-Q Report December 2009

AlphaTrak 500 Fund

Schedule of Portfolio Investments

December 31, 2009 (Unaudited)

³ U.S. dollar denominated security issued by foreign domiciled entity.

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, 2009 was $5,471,574 representing 19.34% of total net assets.

⁵ Illiquid security as determined under procedures approved by the Fund’s Board of Trustees. The aggregate value of illiquid securities is $295,939 which is 1.05% of total net assets.

⁶ Security is currently in default with regards to scheduled interest or principal payments.

⁷ Non-income producing security.

⁸ Expected maturity date.

⁹ 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 Total Net Assets
03/07/07	Kelson 1st Lien, 3.50%, 03/16/13	$	215,747	$	211,702	0.75	%
02/01/07	United Air Lines, Inc., 2.31%, 02/01/14		697,222		549,063	1.94	%
		$	912,969	$	760,765	2.69	%

¹⁰ Zero coupon bond. The rate shown is the effective yield as of December 31, 2009.

¹¹ Securities, or a portion there of, pledged as collateral for swaps.

^† Fair valued security. The aggregate value of fair valued securities is $4,717,134 which is 16.68% 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.

¹² Represents annualized yield at date of purchase.

¹³ Securities, or a portion there of, pledged as collateral for futures.

* 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 Assurance Corp.

(IO): Interest only

(LIBOR): London InterBank Offer Rate

(MTN): Medium term note

(STEP): Step coupon bond

N-Q Report December 2009 / 77

Notes to Schedules of Portfolio Investments

December 31, 2009 (Unaudited)

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, 2009 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, 2009.

Fair Value Measurements:

Various inputs are used in determining the value of the Series’ assets or liabilities carried at market value. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical assets and liabilities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of December 31, 2009, Level 3 securities consist of asset-backed securities, collateralized mortgage obligations, corporate bonds and interest only securities that trade in over the counter markets. These securities are valued using indicative bid and ask quotations from bond dealers and market makers. Indicative quotations and other information used by the Funds may not always be directly observable in the marketplace due to the nature of these markets and the manner of execution. These inputs, the methodology used

78 /

Notes to Schedules of Portfolio Investments (continued)

for valuing such securities, and the characterization of such securities as Level 3 securities are not necessarily an indication of liquidity, or the risk associated with investing in these securities.

The summary of inputs used to value each Fund’s net assets as of December 31, 2009 is as follows:

ULTRA SHORT BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Assets
Short Term Investments	$	15,343,000		$	14,069,098		$	—	$	29,412,098
Long Term Investments:
Asset-Backed Securities		—			18,906,188			—		18,906,188
Bank Loans		—			723,144			—		723,144
Corporates		—			11,099,690			—		11,099,690
Mortgage-Backed		—			45,072,144			110,596		45,182,740
Other Financial Instruments *
Assets		—			58,483			168,406		226,889
Liabilities		—			(8,976,353	)		—		(8,976,353	)
Total	$	15,343,000		$	80,952,394		$	279,002	$	96,574,396
LOW DURATION BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Assets
Short Term Investments	$	149,463,100		$	211,194,049		$	—	$	360,657,149
Long Term Investments:
Asset-Backed Securities		—			213,163,902			9,941		213,173,843
Bank Loans		—			12,726,457			—		12,726,457
Corporates		—			399,734,798			—		399,734,798
Mortgage-Backed		—			446,755,562			341,209		447,096,771
Municipal Bonds		—			6,174,522			—		6,174,522
U.S. Agency Securities		—			14,860,608			—		14,860,608
Other Financial Instruments *
Assets		—			1,911,603			297,188		2,208,791
Liabilities		(1,406,797	)		(62,879,733	)		—		(64,286,530	)
Total	$	148,056,303		$	1,243,641,768		$	648,338	$	1,392,346,409

/ 79

Notes to Schedules of Portfolio Investments (continued)

INTERMEDIATE BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Assets
Short Term Investments	$	11,180,000		$	6,899,158		$	—	$	18,079,158
Long Term Investments:
Asset-Backed Securities		—			21,843,545			—		21,843,545
Bank Loans		—			513,746			—		513,746
Corporates		—			59,566,946			—		59,566,946
Mortgage-Backed		—			73,517,744			26,332		73,544,076
Municipal Bonds		—			1,064,733			—		1,064,733
U.S. Treasury Securities		—			27,775,972			—		27,775,972
Other Financial Instruments *
Assets		—			1,559,773			—		1,559,773
Liabilities		(385,671	)		(5,579,540	)		—		(5,965,211	)
Total	$	10,794,329		$	187,162,077		$	26,332	$	197,982,738
TOTAL RETURN BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Assets
Short Term Investments	$	550,099,000		$	266,032,966		$	—	$	816,131,966
Long Term Investments:
Asset-Backed Securities		—			645,359,440			216,401		645,575,841
Bank Loans		—			46,109,892			—		46,109,892
Corporates		—			2,184,516,540			—		2,184,516,540
Mortgage-Backed		—			3,647,829,948			690,750		3,648,520,698
Municipal Bonds		—			42,433,632			—		42,433,632
U.S. Agency Securities		—			10,247,118			—		10,247,118
U.S. Treasury Securities		—			828,388,242			—		828,388,242
Other Financial Instruments *
Assets		—			53,220,776			1,310,597		54,531,373
Liabilities		(18,992,208	)		(244,210,094	)		—		(263,202,302	)
Total	$	531,106,792		$	7,479,928,460		$	2,217,748	$	8,013,253,000

80 /

Notes to Schedules of Portfolio Investments (continued)

HIGH YIELD BOND FUND	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Assets
Short Term Investments	$	19,698,000		$	12,898,471		$	—	$	32,596,471
Long Term Investments:
Asset-Backed Securities		—			10,252,315			—		10,252,315
Bank Loans		—			79,789,601			—		79,789,601
Common Stock		—			254,021			—		254,021
Corporates		—			441,435,077			—		441,435,077
Mortgage-Backed		—			382,339			28,695		411,034
Municipal Bonds		—			7,709,360			—		7,709,360
Preferred Stock		—			5,500			—		5,500
Other Financial Instruments *
Assets		650			410,136			—		410,786
Liabilities		(320,301	)		(124,883	)		—		(445,184	)
Total	$	19,378,349		$	553,011,937		$	28,695	$	572,418,981
STRATEGIC INCOME FUND	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Assets
Short Term Investments	$	57,757,500		$	34,662,623		$	—	$	92,420,123
Long Term Investments:
Asset-Backed Securities		—			55,514,236			—		55,514,236
Bank Loans		—			12,736,786			—		12,736,786
Corporates		—			57,909,912			—		57,909,912
Mortgage-Backed		—			48,704,345			179,073		48,883,418
Preferred Stock		—			1,309,126			1		1,309,127
Other Financial Instruments *
Assets		1,350			523,714			—		525,064
Liabilities		(85,335	)		(40,498,220	)		—		(40,583,555	)
Total	$	57,673,515		$	170,862,522		$	179,074	$	228,715,111
ALPHATRAK 500 FUND	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Assets
Short Term Investments	$	2,290,000		$	1,954,920		$	—	$	4,244,920
Long Term Investments:
Asset-Backed Securities		—			8,605,454			3,669		8,609,123
Bank Loans		—			760,765			—		760,765
Corporates		—			5,440,815			—		5,440,815
Mortgage-Backed		—			12,668,724			69,081		12,737,805
Other Financial Instruments *
Assets		1,449,289			81,575			—		1,530,864
Liabilities		—			(2,360,656	)		—		(2,360,656	)
Total	$	3,739,289		$	27,151,597		$	72,750	$	30,963,636

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

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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	ASSET-BACKED SECURITIES			MORTGAGE-BACKED SECURITIES			OTHER FINANCIAL INSTRUMENTS
Balance as of March 31, 2009	$	482,284		$	150,841		$	98,813
Accrued discounts/premiums		584			(100,146	)		—
Realized gain (loss)		(3,489,248	)		330,132			—
Change in unrealized appreciation (depreciation)**		3,178,657			172,364			69,593
Net purchases (sales)		(172,277	)		(442,595	)		—
Transfers in and/or out of Level 3		—			—			—
Balance as of December 31, 2009	$	—		$	110,596		$	168,406

** The change in unrealized appreciation/depreciation on securities still held at December 31, 2009 was $194,741.

LOW DURATION BOND FUND	ASSET-BACKED SECURITIES			MORTGAGE-BACKED SECURITIES			OTHER FINANCIAL INSTRUMENTS
Balance as of March 31, 2009	$	998,682		$	656,335		$	174,375
Accrued discounts/premiums		2,245			(280,859	)		—
Realized gain (loss)		(8,640,511	)		965,719			—
Change in unrealized appreciation (depreciation)**		7,879,381			759,264			122,813
Net purchases (sales)		(229,856	)		(1,610,279	)		—
Transfers in and/or out of Level 3		—			(148,971	)		—
Balance as of December 31, 2009	$	9,941		$	341,209		$	297,188

** The change in unrealized appreciation/depreciation on securities still held at December 31, 2009 was $742,842.

INTERMEDIATE BOND FUND	CORPORATES			MORTGAGE-BACKED SECURITIES
Balance as of March 31, 2009	$	27,000		$	38,747
Accrued discounts/premiums		—			(22,886	)
Realized gain (loss)		(168,750	)		88,438
Change in unrealized appreciation (depreciation)**		198,000			39,593
Net purchases (sales)		(56,250	)		(117,560	)
Transfers in and/or out of Level 3		—			—
Balance as of December 31, 2009	$	—		$	26,332

** The change in unrealized appreciation/depreciation on securities still held at December 31, 2009 was $28,215.

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Notes to Schedules of Portfolio Investments (continued)

TOTAL RETURN BOND FUND	ASSET-BACKED SECURITIES			CORPORATES			MORTGAGE-BACKED SECURITIES			OTHER FINANCIAL INSTRUMENTS
Balance as of March 31, 2009	$	731,041		$	6,000		$	1,061,289		$	768,994
Accrued discounts/premiums		3,757			749			(575,340	)		—
Realized gain (loss)		(2,933,323	)		5,520			1,751,529			—
Change in unrealized appreciation (depreciation)**		2,678,960			231			1,294,818			541,603
Net purchases (sales)		(264,034	)		(12,500	)		(2,671,294	)		—
Transfers in and/or out of Level 3		—			—			(170,252	)		—
Balance as of December 31, 2009	$	216,401		$	—		$	690,750		$	1,310,597

** The change in unrealized appreciation/depreciation on securities still held at December 31, 2009 was $1,508,251.

HIGH YIELD BOND FUND	MORTGAGE-BACKED SECURITIES
Balance as of March 31, 2009	$	26,657
Accrued discounts/premiums		—
Realized gain (loss)		(16,028	)
Change in unrealized appreciation (depreciation)***		112,636
Net purchases (sales)		(94,570	)
Transfers in and/or out of Level 3		—
Balance as of December 31, 2009	$	28,695

*** Represents the change in unrealized appreciation/depreciation on securities still held at December 31, 2009.

STRATEGIC INCOME FUND	ASSET-BACKED SECURITIES			MORTGAGE-BACKED SECURITIES			PREFERRED STOCK
Balance as of March 31, 2009	$	4,712,725		$	558,976		$	10,054
Accrued discounts/premiums		5,076			(253,007	)		—
Realized gain (loss)		(27,031,447	)		1,160,374			(3,418,095	)
Change in unrealized appreciation (depreciation)**		24,637,016			432,884			3,408,044
Net purchases (sales)		(1,928,309	)		(1,613,746	)		(2	)
Transfers in and/or out of Level 3		(395,061	)		(106,408	)		—
Balance as of December 31, 2009	$	—		$	179,073		$	1

** The change in unrealized appreciation/depreciation on securities still held at December 31, 2009 was $204,889.

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Notes to Schedules of Portfolio Investments (continued)

ALPHATRAK 500 FUND	ASSET- BACKED SECURITIES			MORTGAGE- BACKED SECURITIES
Balance as of March 31, 2009	$	322,120		$	86,736
Accrued discounts/premiums		168			(61,113	)
Realized gain (loss)		(1,972,454	)		175,927
Change in unrealized appreciation (depreciation)***		1,797,821			111,783
Net purchases (sales)		(143,986	)		(244,252	)
Transfers in and/or out of Level 3		—			—
Balance as of December 31, 2009	$	3,669		$	69,081

** The change in unrealized appreciation/depreciation on securities still held at December 31, 2009 was $77,400.

The following is a summary of the Funds’ derivative instruments categorized by primary risk exposure as of December 31, 2009:

FUND	TOTAL VALUE AT DECEMBER 31, 2009			ASSET DERIVATIVES VALUE
				EQUITY CONTRACTS		INTEREST RATE CONTRACTS			CREDIT CONTRACTS
Ultra Short Bond Fund	$	58,483		$	—	$	3,235		$	55,248
Low Duration Bond Fund		1,911,603			—		45,842			1,865,761
Intermediate Bond Fund		1,559,773			—		42,674			1,517,099
Total Return Bond Fund		53,220,776			—		3,734,797			49,485,979
High Yield Bond Fund		410,786			650		—			410,136
Strategic Income Fund		525,064			1,350		131,410			392,304
AlphaTrak 500 Fund		1,530,864			1,449,289		—			81,575
Total	$	59,217,349		$	1,451,289	$	3,957,958		$	53,808,102
FUND	TOTAL VALUE AT DECEMBER 31, 2009			LIABILITY DERIVATIVES VALUE
				EQUITY CONTRACTS		INTEREST RATE CONTRACTS			CREDIT CONTRACTS
Ultra Short Bond Fund	$	(8,976,353	)	$	—	$	—		$	(8,976,353	)
Low Duration Bond Fund		(64,286,530	)		—		(1,406,797	)		(62,879,733	)
Intermediate Bond Fund		(5,965,211	)		—		(385,671	)		(5,579,540	)
Total Return Bond Fund		(263,202,302	)		—		(22,032,126	)		(241,170,176	)
High Yield Bond Fund		(445,184	)		—		(320,301	)		(124,883	)
Strategic Income Fund		(40,583,555	)		—		(85,335	)		(40,498,220	)
AlphaTrak 500 Fund		(2,360,656	)		—		—			(2,360,656	)
Total	$	(385,819,791	)	$	—	$	(24,230,230	)	$	(361,589,561	)

Reverse Repurchase Agreements - The Funds may enter into reverse repurchase agreements, whereby a Fund sells securities concurrently with entering into an agreement to repurchase those securities at a later date at a fixed price. During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on those securities. Reverse repurchase agreements are speculative techniques involving leverage and are considered borrowings by the Fund for purposes of the percentage limitations applicable to borrowings.

Derivatives:

The Funds may engage in various portfolio investment strategies both to increase the return of the Fund and to economically hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract. The Funds are subject to credit risk, equity price risk and interest rate risk in the normal course of pursuing its investment objectives by investing in various derivative financial instruments, as described below. The derivatives listed on the Schedules of Portfolio Investments are indicative of the activity for the period ended December 31, 2009.

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Notes to Schedules of Portfolio Investments (continued)

Options - The Funds may purchase and write call and put options on securities, securities indices and on foreign currencies. A Fund may purchase put options on securities to seek to protect holdings in an underlying or related security against a substantial decline in market value. A Fund may purchase call options on securities to seek to protect against substantial increases in prices of securities the Fund intends to purchase pending its ability to invest in such securities in an orderly manner. A Fund may write a call or put option only if the option is covered by the Fund’s holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund’s obligation as writer of the option. The purchase and writing of options involves certain risks. During the option period, the covered call writer has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying securities above the sum of the premium and exercise price, but, as long as its obligation as a writer continues, has retained the risk of loss should the price of the underlying securities decline. The writer of an option has no control over the time when it maybe required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying securities at the exercise price. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment in the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options markets, a Fund may be unable to close out a position.

The Funds may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose the Funds to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, the Fund’s maximum amount of loss is the premium paid (as purchaser) or the unrealized loss of the contract (as writer).

Futures - The Funds may purchase or sell exchange-traded futures contracts, which are contracts that obligate the Fund to make or take delivery of a financial instrument or the cash value of a security index at a specified future date at a specified price. The Funds may use futures contracts to manage exposure to the stock and bond markets or changes in interest rates and currency values, or for gaining exposure to markets. Risks of entering into futures contracts include the possibility that there may be an illiquid market at the time the Adviser to the Fund may be attempting to sell some or all the Fund holdings or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin). Subsequent payments (variation margin) are made or received by the Fund, generally on a daily basis. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed or expires.

Futures transactions involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

Swaps - The Funds may invest in swap agreements. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns earned on specific assets, such as the return on, or increase in value of, a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a basket of securities representing a particular index. A swap contract may not be assigned without the consent of the counter-party (and in certain circumstances may not be assignable), and may result in losses in the event of a default or bankruptcy of the counterparty.

The Funds may enter into credit default swap agreements. The buyer in a credit default contract is obligated to pay the seller a periodic, stream of payments over the term of the contract provided no event of default has occurred. In the event of default, the seller must pay the buyer the par value (full notional value) of the reference obligation in exchange for the reference obligation. The Funds may be either the buyer or seller in such transactions. If the Fund is a buyer and no event of default occurs, the Fund loses its investment and recovers nothing. However, if an event of default occurs, the buyer receives full notional value for a reference obligation that may have little or no value. As a seller of a credit default swap, the Fund receives a fixed rate of income throughout the term of the contract, provided there is no default event. If an event of default occurs, the seller may pay the notional value of the reference obligation. The value of the reference obligation received by the seller, coupled with the periodic payments previously received may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. Credit default swaps involve greater risks than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk.

The Funds may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. The Funds’ maximum risk of loss due to counterparty default is the discounted net asset

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Notes to Schedules of Portfolio Investments (continued)

value of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life. The Funds enter into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk).

The Funds may enter into total return swap agreements. Total Return Swap is the generic name for any non-traditional swap where one party agrees to pay the other the “total return” of a defined underlying asset, usually in return for receiving a stream of LIBOR based cash flows. The Total Return Swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. The Total Return Swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap, usually LIBOR, is spread to reflect the non-balance sheet nature of the product. Total Return Swaps can be designed with any underlying asset agreed between two parties.

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. At December 31, 2009, the Funds did not hold swaptions.

In addition to the securities listed above, the AlphaTrak 500 Fund may invest in the following equity derivative instruments with a notional or contractual value up to its total assets: S&P 500 Index futures contracts, Mini S&P 500 Index futures contracts, options on the S&P 500 Index and S&P futures, and swap agreements involving the S&P 500 Index. When the above listed S&P Index derivatives appear to be overvalued relative to the S&P 500 Index, the Fund may invest up to 100% in the common stocks that comprise the S&P 500 Index. The Fund may also invest up to 25% of its total assets in these stocks indirectly by purchasing interests in one or more mutual funds, asset pools, or trusts that invest in such stocks.

Capital Loss Carryforwards:

At March 31, 2009, 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		EXPIRING IN 2017
Ultra Short Bond Fund	$	—	$	171,312	$	1,489,244	$	17,068,161
Low Duration Bond Fund		5,831,064		—		—		99,373,584
Intermediate Bond Fund		—		—		—		3,098,824
Total Return Bond Fund		—		—		—		162,902,742
High Yield Bond Fund		112,035		—		161,051		7,454,755
Strategic Income Fund		61,791		1,235,093		9,036,932		47,852,416
AlphaTrak 500 Fund		—		—		—		60,439,961

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.

86 /

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)).

(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.

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 3/1/10

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 3/1/10

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

Date 3/1/10

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