SEI Institutional Managed Trust


Description	Shares	Market Value ($ Thousands)
COMMON STOCK — 97.8%

Consumer Discretionary — 9.8%
Abercrombie & Fitch, Cl A	16,200	$	564
Autoliv (A)	130,900		5,676
Autonation * (A)	4,900		94
Barnes & Noble (A)	61,600		1,175
Big Lots *	5,600		162
BorgWarner (A)	6,000		199
Brinker International	83,800		1,250
Cablevision Systems, Cl A	57,800		1,492
Carmax * (A)	39,600		960
Carnival *	24,000		761
CBS, Cl B	230,200		3,234
Central European Media Enterprises, Cl A * (A)	4,100		97
Coach (A)	87,400		3,193
Comcast, Cl A	1,227,800		20,701
DIRECTV, Cl A *	246,210		8,211
Discovery Communications, Cl C *	15,200		403
DISH Network, Cl A	69,100		1,435
DR Horton (A)	13,500		147
Expedia * (A)	3,500		90
Foot Locker	161,100		1,795
Ford Motor * (A)	404,100		4,041
Gannett (A)	151,600		2,251
Gap	315,400		6,608
Garmin (A)	47,600		1,461
Harley-Davidson (A)	78,400		1,976
Harman International Industries (A)	12,300		434
Hasbro	65,000		2,084
Home Depot (A)	411,000		11,890
International Game Technology	20,400		383
Interpublic Group *	61,900		457
J.C. Penney	83,400		2,219
Jarden	89,600		2,770
Johnson Controls	22,100		602
KB Home (A)	47,900		655
Kohl’s * (A)	16,600		895
Lamar Advertising, Cl A * (A)	13,200		410
Las Vegas Sands * (A)	8,400		126
Lennar, Cl A (A)	94,500		1,207
Liberty Global, Cl A * (A)	60,200		1,319
Liberty Media - Capital, Ser A *	12,700		303
Liberty Media - Interactive, Cl A *	55,100		597
Liberty Media - Starz *	15,700		725
Limited Brands (A)	48,800		939
Lowe’s	88,000		2,058
Macy’s	146,700		2,459
Magna International, Cl A	51,800		2,620
Marriott International, Cl A (A)	95,169		2,593
Mattel	6,300		126
MDC Holdings (A)	14,900		462
MGM Mirage * (A)	117,000		1,067
Mohawk Industries *	5,700		271
Newell Rubbermaid (A)	33,200		498
News, Cl A	406,500		5,565
NVR *	1,000		711
Office Depot *	65,500		422


Description	Shares	Market Value ($ Thousands)
Penn National Gaming * (A)	29,900	$	813
PetSmart (A)	116,100		3,099
Phillips-Van Heusen	4,000		163
Polo Ralph Lauren	1,700		138
Pulte Homes (A)	27,745		277
RadioShack (A)	122,800		2,395
Royal Caribbean Cruises *	25,700		650
Scripps Networks Interactive, Cl A	20,300		843
Sears Holdings * (A)	28,600		2,387
Service International	59,200		485
Stanley Works (A)	7,900		407
Starwood Hotels & Resorts Worldwide (A)	22,200		812
Tiffany	3,200		138
Time Warner	410,733		11,969
Time Warner Cable, Cl A (A)	164,124		6,793
Toll Brothers * (A)	4,400		83
VF (A)	5,700		417
Viacom, Cl B *	225,800		6,713
Virgin Media (A)	53,500		900
Walt Disney (A)	335,000		10,804
Wendy’s, Cl A	202,600		950
Whirlpool (A)	86,100		6,945
Williams-Sonoma	17,300		359
Wyndham Worldwide (A)	249,600		5,034
Wynn Resorts * (A)	7,100		413

			178,830

Consumer Staples — 5.5%
Archer-Daniels-Midland	176,000		5,511
BJ’s Wholesale Club * (A)	64,200		2,100
Bunge	12,300		785
Campbell Soup	122,100		4,127
Central European Distribution *	13,100		372
Coca-Cola	63,800		3,637
Coca-Cola Enterprises (A)	140,100		2,970
ConAgra Foods	388,900		8,964
Corn Products International	53,600		1,567
CVS Caremark	143,800		4,632
Del Monte Foods	320,800		3,638
Dr Pepper Snapple Group	15,400		436
Energizer Holdings *	2,400		147
General Mills	6,300		446
Herbalife (A)	132,600		5,380
Hershey (A)	23,000		823
HJ Heinz	1,500		64
Hormel Foods	17,700		681
JM Smucker	8,000		494
Kimberly-Clark	26,100		1,663
Kraft Foods, Cl A	192,359		5,228
Kroger	213,700		4,387
Lorillard	1,700		136
NBTY *	10,200		444
Pepsi Bottling Group	71,000		2,662
PepsiAmericas	10,900		319
Procter & Gamble	305,000		18,492
Reynolds American	46,600		2,469
Safeway	273,300		5,819
Sara Lee	338,600		4,124
Smithfield Foods * (A)	67,600		1,027
SUPERVALU (A)	251,137		3,192


Description	Shares	Market Value ($ Thousands)
SYSCO	117,800	$	3,291
Tyson Foods, Cl A	102,800		1,261
Whole Foods Market * (A)	1,600		44

			101,332

Energy — 17.9%
Anadarko Petroleum	46,300		2,890
Apache	71,000		7,325
Arch Coal	10,900		243
Atwood Oceanics *	4,000		143
Baker Hughes (A)	22,300		903
BJ Services	294,900		5,485
Cabot Oil & Gas	38,800		1,691
Cameron International *	6,700		280
Chesapeake Energy	44,500		1,152
Chevron	759,700		58,489
Cimarex Energy (A)	66,400		3,517
Concho Resources * (A)	14,700		660
ConocoPhillips	633,886		32,373
Denbury Resources * (A)	4,700		70
Devon Energy	91,900		6,755
Diamond Offshore Drilling (A)	25,400		2,500
El Paso	382,800		3,763
Encore Acquisition *	20,500		984
Ensco International ADR	18,600		743
EOG Resources	15,900		1,547
Exterran Holdings * (A)	6,700		144
Exxon Mobil	1,429,100		97,450
Forest Oil * (A)	25,000		556
Halliburton	82,000		2,467
Helix Energy Solutions Group *	159,500		1,874
Helmerich & Payne	3,700		148
Hess	34,600		2,093
Marathon Oil	456,900		14,264
Mariner Energy *	9,300		108
Massey Energy (A)	2,800		118
Murphy Oil	127,800		6,927
Nabors Industries * (A)	18,100		396
National Oilwell Varco	98,500		4,343
Newfield Exploration *	68,800		3,318
Noble	61,300		2,495
Noble Energy	31,400		2,236
Occidental Petroleum	192,400		15,652
Oil States International * (A)	66,100		2,597
Patterson-UTI Energy (A)	148,400		2,278
Pioneer Natural Resources (A)	12,300		593
Plains Exploration & Production * (A)	21,700		600
Pride International * (A)	6,200		198
Range Resources	34,200		1,705
Rowan	90,500		2,049
SandRidge Energy * (A)	63,000		594
Schlumberger	110,800		7,212
SEACOR Holdings * (A)	34,800		2,654
Smith International	9,600		261
Spectra Energy	14,900		306
St. Mary Land & Exploration	11,400		390
Sunoco (A)	104,700		2,733
Superior Energy Services *	2,400		58
Tesoro (A)	102,000		1,382
Tidewater (A)	58,300		2,795
Unit *	16,800		714


Description	Shares	Market Value ($ Thousands)
Valero Energy	166,400	$	2,787
Williams	230,400		4,857
XTO Energy	103,900		4,834

			327,699

Financials — 22.3%
Aflac	109,200		5,050
Allied World Assurance Holdings	33,100		1,525
Allstate	361,000		10,844
AMB Property †	26,900		687
American Express	71,500		2,897
American Financial Group	134,500		3,356
American International Group * (A)	48,800		1,463
AmeriCredit * (A)	46,700		889
Ameriprise Financial	250,200		9,713
Annaly Capital Management †	228,000		3,956
Apartment Investment & Management, Cl A †	8,700		138
Aspen Insurance Holdings	24,600		626
Associated Banc-Corp (A)	83,800		923
Assurant	77,500		2,285
AvalonBay Communities † (A)	688		56
Axis Capital Holdings	79,500		2,259
Bancorpsouth (A)	12,200		286
Bank of America (A)	2,073,469		31,226
Bank of New York Mellon	365,122		10,212
BB&T (A)	139,200		3,532
BlackRock (A)	4,900		1,138
Boston Properties † (A)	4,100		275
Brandywine Realty Trust †	27,300		311
Brookfield Asset Management, Cl A	197,700		4,385
Camden Property Trust †	10,200		432
Capital One Financial (A)	45,100		1,729
Chimera Investment †	97,200		377
Chubb (A)	204,300		10,047
Cincinnati Financial (A)	34,400		903
Citigroup	2,405,700		7,963
City National (A)	4,500		205
CME Group	13,200		4,435
Comerica (A)	175,200		5,181
Commerce Bancshares	222		9
Credicorp	48,500		3,735
Cullen/Frost Bankers (A)	13,800		690
Discover Financial Services	127,900		1,882
Duke Realty † (A)	19,000		231
Endurance Specialty Holdings (A)	174,800		6,508
Everest Re Group	35,400		3,033
Federal Realty Investment Trust † (A)	1,000		68
Federated Investors, Cl B (A)	83,200		2,288
Fidelity National Financial, Cl A	28,600		385
Fifth Third Bancorp	163,500		1,594
First American	28,200		934
First Horizon National * (A)	56,990		764
Forest City Enterprises, Cl A * (A)	248,400		2,926
Franklin Resources (A)	60,600		6,384
Genworth Financial, Cl A *	79,600		903


Description	Shares	Market Value ($ Thousands)
Goldman Sachs Group	149,600	$	25,259
Hartford Financial Services Group	123,700		2,877
HCC Insurance Holdings	35,700		999
HCP †	15,800		483
Hospitality Properties Trust †	146,800		3,481
Host Hotels & Resorts † (A)	114,646		1,338
HRPT Properties Trust †	465,400		3,011
Hudson City Bancorp	293,000		4,023
Huntington Bancshares (A)	725,500		2,648
Invesco	69,700		1,637
Investment Technology Group * (A)	11,100		219
Jefferies Group (A)	16,200		384
Jones Lang LaSalle	11,300		683
JPMorgan Chase	1,100,800		45,870
Keycorp (A)	473,100		2,626
Legg Mason (A)	20,400		615
Leucadia National * (A)	8,600		205
Liberty Property Trust † (A)	34,800		1,114
Lincoln National	162,367		4,040
Loews	95,200		3,461
M&T Bank (A)	15,000		1,003
Macerich † (A)	5,876		211
Mack-Cali Realty †	4,300		149
Marshall & Ilsley	318,600		1,736
Mercury General	66,000		2,591
MetLife	70,900		2,506
Moody’s (A)	80,800		2,165
Morgan Stanley (A)	320,400		9,484
NASDAQ OMX Group *	19,400		385
Nationwide Health Properties †	9,500		334
NYSE Euronext	242,900		6,145
Old Republic International (A)	62,800		630
PartnerRe (A)	13,600		1,015
People’s United Financial	9,800		163
PNC Financial Services Group	195,555		10,323
Principal Financial Group (A)	75,900		1,825
Progressive	256,100		4,607
Protective Life	70,400		1,165
Prudential Financial	121,600		6,051
Raymond James Financial (A)	41,000		975
Rayonier † (A)	10,700		451
Regency Centers † (A)	8,300		291
Regions Financial (A)	426,784		2,258
RenaissanceRe Holdings	2,500		133
Senior Housing Properties Trust †	129,700		2,837
Simon Property Group †	14,612		1,166
SL Green Realty † (A)	17,800		894
SLM * (A)	98,400		1,109
StanCorp Financial Group	3,000		120
State Street	76,400		3,326
Sunstone Hotel Investors † (A)	104,912		932
SunTrust Banks (A)	54,200		1,100
T. Rowe Price Group (A)	80,000		4,260
Taubman Centers † (A)	131,900		4,737
TCF Financial (A)	76,100		1,036
Torchmark (A)	9,500		418
Transatlantic Holdings	13,700		714
Travelers	337,800		16,843
UDR †	8,400		138


Description	Shares	Market Value ($ Thousands)
Unum Group	221,100	$	4,316
US Bancorp (A)	341,700		7,692
Validus Holdings	17,000		458
Ventas †	6,700		293
Vornado Realty Trust †	5		0
Wells Fargo (A)	1,134,095		30,609
WR Berkley (A)	8,500		209
XL Capital, Cl A (A)	74,800		1,371
Zions Bancorporation (A)	137,500		1,764

			409,549

Health Care — 10.2%
Abbott Laboratories	48,300		2,608
Aetna	176,100		5,582
AmerisourceBergen	231,700		6,040
Amgen *	83,300		4,712
Boston Scientific *	145,100		1,306
Bristol-Myers Squibb	151,300		3,820
Cardinal Health	4,300		139
Charles River Laboratories International * (A)	13,500		455
Cigna (A)	107,700		3,799
Community Health Systems *	11,400		406
Cooper (A)	8,100		309
Coventry Health Care *	144,500		3,510
Eli Lilly	274,500		9,802
Endo Pharmaceuticals Holdings *	82,500		1,692
Forest Laboratories *	218,300		7,010
Health Net *	61,100		1,423
Hill-Rom Holdings	9,100		218
Hologic * (A)	66,200		960
Humana *	78,900		3,463
IMS Health	17,200		362
Inverness Medical Innovations * (A)	6,800		282
Johnson & Johnson	323,800		20,856
Kinetic Concepts * (A)	73,900		2,782
King Pharmaceuticals * (A)	259,900		3,189
Life Technologies *	11,200		585
LifePoint Hospitals * (A)	1,200		39
McKesson	5,300		331
Mednax *	16,300		980
Medtronic	50,400		2,217
Merck	488,457		17,848
Mylan Laboratories * (A)	70,400		1,297
PerkinElmer	12,800		264
Pfizer	2,647,749		48,163
Tenet Healthcare *	26,900		145
Thermo Fisher Scientific *	5,400		257
UnitedHealth Group	362,300		11,043
Universal Health Services, Cl B	39,800		1,214
Watson Pharmaceuticals * (A)	15,800		626
WellPoint *	233,700		13,622
Zimmer Holdings *	63,500		3,754

			187,110

Industrials — 9.2%
AGCO * (A)	13,900		449
Alexander & Baldwin	4,100		140
BE Aerospace *	2,300		54
Boeing (A)	144,000		7,795
Bucyrus International, Cl A (A)	1,400		79


Description	Shares	Market Value ($ Thousands)
Burlington Northern Santa Fe	52,800	$	5,207
Carlisle	4,000		137
Caterpillar	3,100		177
Cintas	3,200		84
Con-way	18,700		653
Cooper Industries, Cl A	63,500		2,708
Corrections Corp of America *	17,800		437
Crane	12,300		377
CSX	9,400		456
Cummins	45,200		2,073
Deere	59,800		3,234
Dover	59,800		2,488
Eaton	10,800		687
EMCOR Group *	66,900		1,800
Equifax	10,300		318
FedEx (A)	37,900		3,163
Gardner Denver	70,600		3,004
General Cable * (A)	6,600		194
General Dynamics	129,900		8,855
General Electric	3,148,200		47,632
Harsco	76,100		2,453
Hertz Global Holdings * (A)	39,600		472
Honeywell International	66,800		2,619
Illinois Tool Works	108,700		5,216
ITT	1,300		65
Joy Global	1,600		82
Kansas City Southern *	6,900		230
KBR	216,500		4,113
Kirby * (A)	27,700		965
L-3 Communications Holdings	44,300		3,852
Lockheed Martin	20,100		1,514
Manitowoc (A)	40,200		401
Manpower	56,400		3,078
Masco	23,700		327
Monster Worldwide * (A)	40,800		710
Norfolk Southern (A)	84,900		4,450
Northrop Grumman	213,600		11,930
Oshkosh Truck	3,800		141
PACCAR	10,000		363
Parker Hannifin	21,700		1,169
Quanta Services *	19,600		408
Raytheon (A)	111,400		5,739
Rockwell Automation (A)	46,200		2,171
RR Donnelley & Sons	402,200		8,957
Shaw Group *	2,700		78
Spirit Aerosystems Holdings, Cl A * (A)	23,500		467
SPX	5,700		312
Terex * (A)	19,400		384
Textron (A)	42,600		802
Thomas & Betts *	20,600		737
Trinity Industries	7,900		138
Tyco International	132,600		4,731
Union Pacific	39,600		2,530
United Technologies	41,800		2,901
URS *	23,000		1,024
WESCO International *	5,200		141

			167,871

Information Technology — 5.8%
Activision Blizzard *	12,100		134
Advanced Micro Devices * (A)	28,800		279


Description	Shares	Market Value ($ Thousands)
Affiliated Computer Services, Cl A * (A)	16,600	$	991
Amdocs *	75,700		2,160
AOL *	21,393		498
Applied Materials	183,700		2,561
Arrow Electronics *	50,700		1,501
Autodesk *	4,000		102
Avnet *	62,100		1,873
Broadridge Financial Solutions	32,400		731
Brocade Communications Systems *	39,100		298
CA	14,900		335
CommScope *	13,000		345
Computer Sciences *	66,000		3,797
Compuware *	104,900		758
Corning	74,600		1,441
eBay *	275,000		6,473
EMC *	49,100		858
Fidelity National Information Services	49,800		1,167
Harris	120,700		5,739
Hewlett-Packard	236,100		12,161
IAC *	30,800		631
Ingram Micro, Cl A *	273,800		4,778
Intel	609,900		12,442
International Business Machines	10,000		1,309
Intersil, Cl A (A)	39,600		607
Jabil Circuit	5,400		94
JDS Uniphase *	32,200		266
Kla-Tencor (A)	60,300		2,180
LSI Logic *	49,400		297
Marvell Technology Group *	11,700		243
Maxim Integrated Products (A)	23,500		477
Microchip Technology (A)	12,100		352
Micron Technology * (A)	18,000		190
Molex (A)	36,000		776
Motorola	124,800		968
NCR *	119,700		1,332
NeuStar, Cl A *	80,500		1,855
Novell *	33,500		139
Novellus Systems * (A)	31,800		742
Nuance Communications *	8,500		132
PMC - Sierra * (A)	33,700		292
Rovi * (A)	17,900		571
SanDisk * (A)	4,300		125
Seagate Technology (A)	343,300		6,245
Sun Microsystems *	33,400		313
Symantec *	200,400		3,585
Synopsys * (A)	37,900		844
Tech Data * (A)	93,700		4,372
Tellabs *	100,300		570
Teradata *	24,900		783
Texas Instruments	106,600		2,778
Total System Services (A)	35,500		613
Vishay Intertechnology * (A)	316,200		2,640
Western Digital *	70,000		3,090
Xerox (A)	391,200		3,309
Yahoo! *	69,200		1,161
Zebra Technologies, Cl A *	4,400		125

			105,428


Description	Shares	Market Value ($ Thousands)
Materials — 3.8%
Air Products & Chemicals	39,400	$	3,194
Albemarle	53,200		1,935
Alcoa	204,700		3,300
Allegheny Technologies (A)	7,800		349
Aptargroup	4,500		161
Ashland	9,200		365
Ball	77,700		4,017
Bemis	17,200		510
Cliffs Natural Resources (A)	5,000		230
Commercial Metals (A)	6,100		96
Compass Minerals International	2,000		134
Cytec Industries	14,200		517
Dow Chemical	27,900		771
E.I. Du Pont de Nemours	163,500		5,505
Eastman Chemical	135,100		8,138
Freeport-McMoRan Copper & Gold, Cl B	6,455		518
Greif, Cl A	30,300		1,636
Huntsman	116,100		1,311
International Paper	140,600		3,765
Lubrizol	95,400		6,959
MeadWestvaco	77,600		2,222
Nucor	96,300		4,492
Owens-Illinois *	69,500		2,284
Packaging Corp of America	3,700		85
PPG Industries	27,400		1,604
Reliance Steel & Aluminum	3,600		156
Rock-Tenn, Cl A (A)	46,750		2,357
RPM International	51,800		1,053
Sealed Air	77,100		1,685
Sonoco Products	172,900		5,057
Southern Copper (A)	119,600		3,936
Steel Dynamics (A)	1,300		23
Temple-Inland (A)	28,700		606
United States Steel (A)	3,700		204
Valspar (A)	17,600		478
Vulcan Materials (A)	1,400		74
Weyerhaeuser	14,700		634

			70,361

Telecommunication Services — 6.3%
AT&T	2,384,095		66,826
CenturyTel (A)	131,587		4,765
Crown Castle International *	50,500		1,971
NII Holdings *	89,600		3,009
Qwest Communications International (A)	166,700		702
Sprint Nextel *	603,300		2,208
Telephone & Data Systems	94,600		3,209
Verizon Communications	1,000,300		33,140

			115,830

Utilities — 7.0%
AES *	117,900		1,569
AGL Resources	82,800		3,020
Allegheny Energy	7,500		176
Alliant Energy	163,200		4,938
Ameren	74,200		2,074
American Electric Power	166,100		5,779
American Water Works	14,700		329
Atmos Energy (A)	25,400		747


Description	Shares	Market Value ($ Thousands)
Calpine *	42,700	$	470
Centerpoint Energy	3,900		57
CMS Energy (A)	360,100		5,639
Consolidated Edison (A)	8,000		363
Constellation Energy Group	17,500		615
Dominion Resources (A)	54,500		2,121
DPL	52,800		1,457
DTE Energy (A)	193,500		8,435
Duke Energy	7,248		125
Edison International	170,900		5,944
Energen	156,800		7,338
Entergy	1,600		131
Exelon	137,900		6,739
FirstEnergy	73,300		3,405
FPL Group	142,200		7,511
MDU Resources Group	28,900		682
Mirant *	286,500		4,375
National Fuel Gas	22,700		1,135
NiSource (A)	24,100		371
Northeast Utilities	16,800		433
NRG Energy *	23,900		564
NSTAR (A)	6,600		243
NV Energy	317,300		3,928
OGE Energy	13,500		498
Oneok	39,700		1,769
Pepco Holdings (A)	144,600		2,437
PG&E (A)	149,700		6,684
Pinnacle West Capital	107,000		3,914
Progress Energy	3,400		139
Public Service Enterprise Group	199,300		6,627
Questar	41,800		1,738
SCANA	3,800		143
Sempra Energy (A)	247,900		13,877
Southern	6,500		217
Southern Union	353,200		8,018
TECO Energy (A)	18,000		292
UGI	8,700		210
Westar Energy	6,400		139
Wisconsin Energy	2,100		105
Xcel Energy	46,400		985

			128,505

Total Common Stock (Cost $1,631,745) ($ Thousands)			1,792,515


AFFILIATED PARTNERSHIP — 13.7%
SEI Liquidity Fund, L.P.,
0.300% **(B) (C)	255,800,165		249,957

Total Affiliated Partnership (Cost $255,800) ($ Thousands)			249,957


CASH EQUIVALENT — 2.3%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100% **(C)	42,551,495		42,551

Total Cash Equivalent (Cost $42,551) ($ Thousands)			42,551


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.075%, 01/07/10 (D) (E)	$	2,600	$	2,600
0.135%, 06/03/10 (D) (E)		3,045		3,043

Total U.S. Treasury Obligations (Cost $5,643) ($ Thousands)				5,643


Total Investments — 114.1% (Cost $1,935,739) ($ Thousands) @			$	2,090,666

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)

S&P Composite Index	142	Mar-2010	$	231

			$	231

For the period ended December 31, 2009, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on Net Assets of $1,832,403 ($Thousands).

†	Real Estate Investment Trust.

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

(A)	This Security or a partial position of this security is on loan at December 31, 2009. The total market value of securities on loan at December 31, 2009 was $249,957 ($ Thousands).

(B)	This security was purchased with cash collateral received from securities lending. The total value of such securities as of December 31, 2009 was $249,957 ($ Thousands).

(C)	Investment in Affiliated Security.

(D)	The rate reported is the effective yield at the time of purchase.

(E)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

Cl — Class

L.P. — Limited Partnership

@	At December 31, 2009, the tax basis cost of the Fund’s investments was $1,935,739($ Thousands), and the unrealized appreciation and depreciation were $313,489 ($ Thousands) and ($158,562) ($ Thousands) respectively.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi- annual and annual financial statements.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):


Description	Shares	Market Value ($ Thousands)
COMMON STOCK — 96.9% ‡

Consumer Discretionary — 11.3%
99 Cents Only Stores *	30,100	$	393
Abercrombie & Fitch, Cl A	5,900		206
Advance Auto Parts	23,700		959
Aeropostale *	17,800		606
Amazon.com *	162,835		21,905
American Eagle Outfitters	45,000		764
American Greetings, Cl A	41,800		911
Autozone *	15,069		2,382
Bed Bath & Beyond *	25,900		1,001
Best Buy (A)	180,410		7,119
Big Lots *	28,000		812
BorgWarner	14,400		478
Brinker International	7,100		106
Brink’s Home Security Holdings *	26,300		858
Career Education *	17,000		396
Carmax *	44,300		1,074
Chico’s FAS * (A)	237,000		3,330
Chipotle Mexican Grill, Cl A *	14,800		1,305
Coach (A)	112,141		4,096
Comcast, Cl A	30,414		513
Cooper Tire & Rubber	30,100		603
Core-Mark Holding *	7,700		254
Dana Holding *	8,800		95
Darden Restaurants	31,400		1,101
DeVry	9,600		545
Dick’s Sporting Goods *	22,300		555
DIRECTV, Cl A *	270,075		9,007
Discovery Communications, Cl C *	69,100		1,833
Dollar Tree *	27,100		1,309
Expedia *	43,200		1,111
Family Dollar Stores	4,000		111
Fossil *	8,300		279
Gap	42,900		899
Gentex	25,100		448
Goodyear Tire & Rubber *	20,400		288
Group 1 Automotive	5,700		162
Guess?	3,300		140
Hanesbrands *	13,100		316
Helen of Troy *	8,000		196
Home Depot	22,000		636
International Game Technology	78,100		1,466
ITT Educational Services *	100		10
Johnson Controls (A)	178,435		4,861
Kohl’s *	33,400		1,801
Las Vegas Sands *	7,200		108
Leggett & Platt	56,100		1,144
Limited Brands	5,000		96
LKQ *	18,000		352
Lowe’s	764,836		17,889
Maidenform Brands *	13,500		225
Marriott International, Cl A (A)	129,056		3,517
Marvel Entertainment *	4,900		265
Mattel	13,000		260
McDonald’s	234,730		14,656
McGraw-Hill	25,700		861
MGM Mirage *	2,700		25
Monro Muffler	2,100		70
NetFlix *	5,000		276


Description	Shares	Market Value ($ Thousands)
Newell Rubbermaid	46,300	$	695
Nike, Cl B (A)	288,330		19,050
Nordstrom	3,700		139
Nutri/System (A)	7,800		243
NVR *	200		142
Office Depot *	17,300		112
Omnicom Group	12,400		486
O’Reilly Automotive *	73,900		2,817
Overstock.com * (A)	6,500		88
Oxford Industries	11,000		227
Panera Bread, Cl A *	900		60
PetSmart	16,900		451
Phillips-Van Heusen	20,300		826
Polo Ralph Lauren	1,300		105
priceline.com *	39,800		8,696
Ross Stores	99,300		4,241
Sally Beauty Holdings * (A)	47,300		362
Scripps Networks Interactive, Cl A	10,700		444
Sherwin-Williams	2,300		142
Skechers U.S.A., Cl A *	24,300		715
Smith & Wesson Holding * (A)	103,800		424
Staples (A)	765,040		18,812
Starbucks *	79,200		1,826
Starwood Hotels & Resorts Worldwide (A)	66,950		2,448
Strayer Education (A)	8,500		1,806
Superior Industries International	4,100		63
Target	388,104		18,773
Tempur-Pedic International *	57,300		1,354
Texas Roadhouse, Cl A * (A)	41,600		467
Thor Industries	30,700		964
Tiffany	2,400		103
Time Warner	182,065		5,305
TJX	106,300		3,885
TRW Automotive Holdings * (A)	106,400		2,541
Universal Technical Institute *	3,900		79
Urban Outfitters *	9,800		343
Viacom, Cl B *	94,293		2,803
WABCO Holdings	3,600		93
Weight Watchers International (A)	48,000		1,400
Wendy’s, Cl A	41,600		195
Williams-Sonoma	9,200		191
WMS Industries *	18,300		732
Wyndham Worldwide	3,200		65
Wynn Resorts * (A)	56,430		3,286
Yum! Brands (A)	251,900		8,809

			233,792

Consumer Staples — 10.7%
Alberto-Culver	3,700		108
Altria Group	312,740		6,139
Archer-Daniels-Midland	76,600		2,398
Avon Products	220,972		6,961
Brown-Forman, Cl B	1,350		72
Clorox	18,600		1,135
Coca-Cola	325,066		18,529
Coca-Cola Enterprises (A)	264,900		5,616
Colgate-Palmolive	57,248		4,703
Costco Wholesale	222,690		13,177
CVS Caremark	42,331		1,363
Dean Foods *	46,700		843


Description	Shares	Market Value ($ Thousands)
Diageo ADR (A)	42,470	$	2,948
Energizer Holdings *	900		55
Estee Lauder, Cl A	3,700		179
Green Mountain Coffee Roasters *	17,600		1,434
Hansen Natural *	6,500		249
Herbalife	7,700		312
Hershey (A)	30,400		1,088
Hormel Foods	2,600		100
Kellogg	17,900		952
Kimberly-Clark	37,702		2,402
Kraft Foods, Cl A	98,580		2,680
Lorillard	17,200		1,380
Mead Johnson Nutrition, Cl A	52,300		2,286
Molson Coors Brewing, Cl B	2,500		113
NBTY *	18,600		810
Pepsi Bottling Group	45,300		1,699
PepsiCo	670,939		40,793
Philip Morris International	437,170		21,067
Procter & Gamble	699,680		42,421
Reynolds American	6,000		318
SYSCO	3,400		95
USANA Health Sciences *	2,300		73
Walgreen	296,485		10,887
Wal-Mart Stores	444,976		23,784
Whole Foods Market * (A)	59,300		1,628

			220,797

Energy — 5.4%
Cameron International *	7,152		299
Canadian Natural Resources	109,525		7,880
Chesapeake Energy	106,100		2,746
Consol Energy	200		10
Diamond Offshore Drilling	3,600		354
Dresser-Rand Group *	26,100		825
El Paso	39,800		391
Ensco International ADR	15,900		635
EOG Resources	131,560		12,801
Exxon Mobil	171,700		11,708
FMC Technologies * (A)	28,600		1,654
Frontier Oil	13,900		167
Halliburton	361,280		10,871
Helix Energy Solutions Group *	25,000		294
Massey Energy	2,100		88
National Oilwell Varco	204,390		9,012
Occidental Petroleum	154,425		12,563
Oceaneering International *	14,100		825
Peabody Energy	1,100		50
PetroHawk Energy *	15,200		365
Petroleo Brasileiro ADR (A)	92,620		4,416
Pride International *	3,000		96
Range Resources	102,070		5,088
Schlumberger	196,246		12,774
Southwestern Energy *	128,900		6,213
Suncor Energy	88,588		3,128
Tesoro	11,000		149
Transocean *	61,900		5,125
Williams	25,700		542

			111,069

Financials — 5.5%
Affiliated Managers Group *	1,100		74
Aflac	155,534		7,194


Description	Shares	Market Value ($ Thousands)
American Express	453,381	$	18,371
American International Group *	2,600		78
AmeriCredit *	10,800		206
Ameriprise Financial	4,000		155
Axis Capital Holdings	4,800		136
Bank of New York Mellon	280,701		7,851
BlackRock (A)	5,200		1,207
Capital One Financial (A)	53,600		2,055
CB Richard Ellis Group, Cl A *	29,100		395
Charles Schwab (A)	286,905		5,400
CME Group	46,565		15,644
Digital Realty Trust †	900		45
Eaton Vance	6,800		207
Endurance Specialty Holdings (A)	27,400		1,020
Federated Investors, Cl B	23,900		657
Fidelity National Financial, Cl A	6,700		90
Franklin Resources	1,800		190
Genworth Financial, Cl A *	29,900		339
Goldman Sachs Group	18,831		3,179
Greenhill	4,200		337
IntercontinentalExchange * (A)	89,300		10,028
Invesco	14,600		343
Jefferies Group	17,200		408
JPMorgan Chase	229,840		9,577
Lazard, Cl A	1,600		61
Lincoln National	27,200		677
Moody’s (A)	20,400		547
Morgan Stanley	133,860		3,962
MSCI, Cl A *	21,000		668
Nelnet, Cl A	18,600		320
Northern Trust	107,198		5,617
NYSE Euronext	11,400		288
People’s United Financial (A)	194,640		3,250
Principal Financial Group	21,900		527
Prudential Financial	10,700		532
Public Storage †	2,000		163
Rayonier †	1,900		80
Reinsurance Group of America, Cl A	1,500		72
Simon Property Group †	0		0
SLM *	27,300		308
St. Joe *	2,800		81
State Street	52,800		2,299
T. Rowe Price Group (A)	35,600		1,896
TD Ameritrade Holding *	12,100		235
Waddell & Reed Financial, Cl A	24,100		736
Wells Fargo	210,700		5,687
WP Carey	3,500		97

			113,289

Health Care — 14.6%
Abbott Laboratories	323,336		17,457
Allergan	471,225		29,692
Allscripts Healthcare Solutions *	28,600		579
American Medical Systems Holdings *	55,900		1,078
AmerisourceBergen	38,300		998
Amgen *	207,050		11,713
Amylin Pharmaceuticals *	800		11
Baxter International	330,986		19,422
Beckman Coulter	7,100		465
Becton Dickinson	52,780		4,162


Description	Shares	Market Value ($ Thousands)
Biogen Idec *	136,250	$	7,289
Boston Scientific *	54,300		489
Bristol-Myers Squibb	294,900		7,446
Bruker BioSciences *	38,600		465
C.R. Bard	40,370		3,145
CareFusion *	40,100		1,003
Celgene *	4,660		260
Cerner *	17,800		1,467
Charles River Laboratories International *	13,600		458
Cigna	2,700		95
Community Health Systems *	19,500		694
Covance *	4,400		240
Coventry Health Care *	16,200		393
Dendreon *	56,700		1,490
Dentsply International	700		25
Edwards Lifesciences *	23,800		2,067
Eli Lilly	68,458		2,445
Express Scripts * (A)	53,090		4,590
Genzyme *	88,900		4,357
Gilead Sciences * (A)	431,920		18,694
Health Management Associates, Cl A *	79,300		577
Henry Schein *	4,500		237
Hill-Rom Holdings	5,200		125
Hologic *	7,400		107
Hospira *	48,600		2,479
Humana *	1,200		53
Idexx Laboratories * (A)	8,900		476
Illumina *	4,600		141
Immunomedics * (A)	30,000		96
Intuitive Surgical * (A)	12,200		3,700
Invacare	18,200		454
Inverness Medical Innovations *	20,800		863
Johnson & Johnson	588,636		37,914
Kinetic Concepts *	18,900		711
Laboratory Corp of America Holdings * (A)	9,400		703
Life Technologies *	26,000		1,358
Lincare Holdings * (A)	17,500		650
McKesson	8,812		551
Medco Health Solutions *	264,282		16,890
Medidata Solutions *	5,800		91
Mednax *	8,300		499
Medtronic	261,800		11,514
Merck	233,380		8,528
Meridian Bioscience	29,800		642
Mettler Toledo International * (A)	13,300		1,396
Millipore *	15,600		1,129
Mylan Laboratories *	103,600		1,909
Novo Nordisk ADR (A)	115,100		7,349
Par Pharmaceutical *	35,300		955
Patterson *	10,200		285
PerkinElmer	4,900		101
Perrigo (A)	6,400		255
Pfizer	16,443		299
Quest Diagnostics	77,600		4,685
Quidel *	36,700		506
ResMed *	15,400		805
Sirona Dental Systems *	2,300		73
St. Jude Medical *	358,967		13,203
Stryker	117,000		5,893


Description	Shares	Market Value ($ Thousands)
Tenet Healthcare *	100,000	$	539
Teva Pharmaceutical Industries ADR (A)	159,854		8,981
Thermo Fisher Scientific *	125,259		5,974
UnitedHealth Group	326,300		9,946
Universal Health Services, Cl B	27,800		848
Valeant Pharmaceuticals International * (A)	28,200		896
VCA Antech *	6,900		172
Vertex Pharmaceuticals *	4,200		180
Waters *	15,800		979
WellPoint *	51,500		3,002

			302,408

Industrials — 8.7%
3M	157,041		12,982
ABB ADR	66,350		1,267
Aecom Technology *	22,800		627
Alliant Techsystems * (A)	22,800		2,013
American Science & Engineering	4,500		341
Apogee Enterprises (A)	6,400		90
AZZ *	6,300		206
BE Aerospace *	1,200		28
Boeing	19,819		1,073
Brink’s	5,900		144
Burlington Northern Santa Fe	29,102		2,870
C.H. Robinson Worldwide (A)	57,066		3,351
Carlisle	3,700		127
Caterpillar (A)	102,875		5,863
Cintas	1,700		44
Con-way	7,800		272
Copa Holdings, Cl A	13,900		757
Corrections Corp of America *	3,500		86
Crane	15,000		459
Cummins	116,210		5,329
Danaher	103,410		7,777
Deere	15,900		860
Dollar Thrifty Automotive Group * (A)	52,500		1,345
Dover	39,900		1,660
Dun & Bradstreet	7,600		641
DynCorp International, Cl A *	27,900		400
Emerson Electric	165,968		7,070
Expeditors International of Washington (A)	334,200		11,607
FedEx (A)	2,300		192
First Solar *	2,300		311
Flowserve	2,800		265
Fluor	12,800		577
General Dynamics	24,500		1,670
Goodrich	120,200		7,723
Harsco	11,600		374
Honeywell International	47,700		1,870
Hubbell, Cl B	18,600		880
IHS, Cl A *	4,700		258
ITT	17,900		890
Jacobs Engineering Group *	2,400		90
JB Hunt Transport Services	1,600		52
Joy Global (A)	92,490		4,772
Kirby *	2,500		87
L-3 Communications Holdings	4,000		348
Landstar System	1,200		46
Lennox International	4,200		164


Description	Shares	Market Value ($ Thousands)
Lockheed Martin	43,315	$	3,264
Masco	6,300		87
McDermott International *	69,800		1,676
Monster Worldwide *	1,400		24
Navistar International *	2,500		97
Northrop Grumman	35,548		1,985
Owens Corning * (A)	55,000		1,410
PACCAR	10,350		375
Parker Hannifin (A)	75,915		4,090
Powell Industries *	3,600		114
Precision Castparts	8,821		973
Quanta Services *	239,300		4,987
Raytheon	154,115		7,940
Robert Half International	9,700		259
Rockwell Automation	6,700		315
Rockwell Collins	15,000		830
Roper Industries	2,400		126
RR Donnelley & Sons	15,100		336
Ryder System	1,900		78
Shaw Group *	8,400		241
Spirit Aerosystems Holdings, Cl A *	10,700		213
Tennant (A)	3,900		102
Toro	17,800		744
TransDigm Group	10,800		513
Union Pacific	117,960		7,538
United Parcel Service, Cl B	354,995		20,366
United Technologies	363,100		25,203
URS *	1,800		80
Verisk Analytics, Cl A *	5,400		164
Waste Management	20,400		690
WESCO International *	3,300		89
WW Grainger	40,800		3,951

			178,718

Information Technology — 34.9%
Accenture, Cl A	115,810		4,806
Acme Packet *	14,800		163
Activision Blizzard *	15,500		172
Adobe Systems * (A)	505,620		18,597
Advanced Micro Devices *	17,500		169
Affiliated Computer Services, Cl A *	1,100		66
Agilent Technologies *	16,400		510
Akamai Technologies *	6,600		167
Altera	6,700		152
Amphenol, Cl A	7,500		346
Analog Devices	163,965		5,178
Apple *	385,327		81,250
Arris Group *	24,500		280
Arrow Electronics *	18,400		545
Autodesk *	212,800		5,407
Automatic Data Processing	47,800		2,047
Avnet *	50,900		1,535
BMC Software *	105,100		4,214
Brightpoint *	26,500		195
Broadcom, Cl A * (A)	439,725		13,829
Broadridge Financial Solutions	48,100		1,085
Brocade Communications Systems *	42,200		322
CA	25,400		570
Cadence Design Systems *	45,400		272
Cirrus Logic *	55,700		380


Description	Shares	Market Value ($ Thousands)
Cisco Systems *	2,050,086	$	49,079
Citrix Systems *	151,700		6,312
Cognizant Technology Solutions, Cl A *	43,700		1,980
Convergys *	11,900		128
Corning	419,860		8,107
Cree *	22,200		1,252
Cypress Semiconductor *	98,000		1,035
DealerTrack Holdings *	32,500		611
Dell *	146,046		2,097
Dolby Laboratories, Cl A *	12,900		616
DST Systems * (A)	22,100		962
eBay *	306,170		7,207
EchoStar, Cl A *	5,600		113
EMC * (A)	1,214,135		21,211
Equinix *	2,300		244
F5 Networks *	19,300		1,022
Factset Research Systems	11,200		738
Fidelity National Information Services	99,985		2,344
Fiserv *	19,900		965
Google, Cl A *	103,897		64,414
Hewitt Associates, Cl A *	700		30
Hewlett-Packard	522,600		26,919
IAC *	81,700		1,673
Intel	1,092,952		22,296
Interactive Intelligence *	3,400		63
International Business Machines	294,019		38,487
Intersil, Cl A	13,300		204
Intuit * (A)	416,700		12,797
Iron Mountain *	61,300		1,395
j2 Global Communications *	2,200		45
Jabil Circuit	58,100		1,009
JDS Uniphase *	13,000		107
Juniper Networks *	67,300		1,795
Lam Research *	2,900		114
Lender Processing Services	4,700		191
Linear Technology (A)	38,800		1,185
Marvell Technology Group * (A)	179,700		3,729
Mastercard, Cl A (A)	48,900		12,517
Maxim Integrated Products	14,000		284
McAfee *	45,600		1,850
Microchip Technology	15,000		436
Micron Technology *	16,300		172
Micros Systems *	35,400		1,098
Microsoft	2,490,834		75,946
Motorola	53,300		414
National Semiconductor	12,100		186
NetApp *	39,000		1,341
NeuStar, Cl A *	6,100		140
Nokia ADR (A)	490,900		6,308
Novellus Systems *	23,800		556
Nuance Communications *	16,800		261
Nvidia *	48,300		902
ON Semiconductor *	26,200		231
Oracle	1,199,825		29,444
Paychex (A)	236,100		7,234
Pegasystems	28,200		959
Qualcomm	796,433		36,843
Rackspace Hosting * (A)	309,400		6,451
Rambus *	3,600		88
Red Hat *	200,000		6,180


Description	Shares	Market Value ($ Thousands)
Riverbed Technology *	22,800	$	524
Rovi *	41,600		1,326
SAIC *	12,500		237
Salesforce.com *	5,800		428
SanDisk *	4,700		136
Seagate Technology	198,600		3,613
Silicon Laboratories * (A)	30,600		1,479
Sohu.com *	800		46
Sybase *	27,000		1,172
Symantec *	465,100		8,321
Synopsys *	51,000		1,136
Syntel	3,200		122
TeleTech Holdings *	10,200		204
Teradata *	325,900		10,243
Teradyne *	14,100		151
Texas Instruments	236,315		6,158
Total System Services	48,200		832
Varian Semiconductor Equipment Associates *	4,300		154
VeriSign * (A)	357,400		8,663
Visa, Cl A (A)	359,306		31,425
Vishay Intertechnology *	11,900		99
VMware, Cl A *	7,900		335
WebMD Health, Cl A *	12,621		486
Western Digital *	92,900		4,102
Western Union	422,890		7,971
Xilinx	30,800		772
Yahoo! * (A)	966,080		16,211
Zebra Technologies, Cl A *	14,700		417
Zoran *	18,200		201

			721,538

Materials — 3.8%
Air Products & Chemicals	12,300		997
Albemarle	4,000		145
Alcoa	62,000		999
Alpha Natural Resources *	3,861		167
Ashland	2,300		91
Ball	27,200		1,406
Celanese, Ser A	21,700		697
Compass Minerals International	400		27
Crown Holdings *	56,600		1,448
E.I. Du Pont de Nemours	7,900		266
Eagle Materials	13,200		344
Ecolab	50,300		2,242
FMC	1,700		95
Freeport-McMoRan Copper & Gold, Cl B (A)	167,165		13,422
International Flavors & Fragrances	2,000		82
Intrepid Potash *	1,700		50
Lubrizol	27,900		2,035
Monsanto	84,914		6,942
Mosaic	1,200		72
Nalco Holding (A)	213,700		5,452
NewMarket	8,500		976
Newmont Mining	38,200		1,807
Owens-Illinois *	14,000		460
Pactiv *	89,200		2,153
Potash Corp of Saskatchewan	51,965		5,638
Praxair	215,731		17,325
RPM International	24,000		488
Schnitzer Steel Industries, Cl A	2,100		100


Description	Shares		Market Value ($ Thousands)
Scotts Miracle-Gro, Cl A		33,000	$	1,297
Sigma-Aldrich		1,500		76
Southern Copper (A)		86,500		2,847
Syngenta ADR (A)		137,200		7,720
Terra Industries		5,000		161
Walter Energy (A)		11,800		889

				78,916

Telecommunication Services — 1.4%
American Tower, Cl A *		203,100		8,776
Crown Castle International *		483,897		18,891
SBA Communications, Cl A *		11,800		403
tw telecom , Cl A *		18,300		314

				28,384

Utilities — 0.6%
AES *		58,200		775
Allegheny Energy (A)		21,300		500
Calpine *		42,500		468
Constellation Energy Group		99,700		3,506
DPL		1,800		50
Equities		46,900		2,060
Exelon		5,900		288
FPL Group		46,100		2,435
ITC Holdings		5,500		286
Mirant *		77,500		1,183
NV Energy		50,700		628
PPL		23,200		750

				12,929

Total Common Stock (Cost $1,590,298) ($ Thousands)				2,001,840


AFFILIATED PARTNERSHIP — 11.6%
SEI Liquidity Fund, L.P.,
0.300% **(B) (C)		244,374,812		240,012

Total Affiliated Partnership (Cost $244,375) ($ Thousands)				240,012


CASH EQUIVALENT — 3.1%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100% **(C)		63,009,235		63,009

Total Cash Equivalent (Cost $63,009) ($ Thousands)				63,009


U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.135%, 06/03/10 (D) (E)	$	1,287		1,286
0.225%, 01/07/10 (D) (E)		5,000		5,000

Total U.S. Treasury Obligations (Cost $6,286) ($ Thousands)				6,286


Total Investments — 111.9% (Cost $1,903,968) ($ Thousands) @			$	2,311,147

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)
S&P Composite Index	81	Mar-2010	$	104

			$	104

Percentages are based on Net Assets of $2,064,807 ($Thousands).

†	Real Estate Investment Trust.

‡	Narrow Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

(A)	This Security or a partial position of this security is on loan at December 31, 2009. The total market value of securities on loan at December 31, 2009 was $236,705 ($ Thousands)

(B)	This security was purchased with cash collateral received from securities lending. The total value of such securities as of December 31, 2009 was $240,012 ($ Thousands).

(C)	Investment in Affiliated Security.

(D)	The rate reported is the effective yield at the time of purchase.

(E)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

ADR — American Depositary Receipt

Cl — Class

L.P. — Limited Partnership

@ At December 31, 2009, the tax basis cost of the Fund’s investments was $1,903,968($ Thousands), and the unrealized appreciation and depreciation were $425,751 ($ Thousands) and ($18,572) ($ Thousands) respectively.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	2,001,840	$	—	$	—	$	2,001,840
Affiliated Partnership		—		240,012		—		240,012
Cash Equivalent		63,009		—		—		63,009
U.S. Treasury Obligations		—		6,286		—		6,286

Total Investments in Securities	$	2,064,849	$	246,298	$	—	$	2,311,147


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures*	$	104	$	—	$	—	$	104

*	Futures contracts are valued at unrealized appreciation on the instrument.


Description	Shares	Market Value ($ Thousands)
COMMON STOCK — 98.4%

Consumer Discretionary — 10.9%
99 Cents Only Stores *	7,000	$	91
Abercrombie & Fitch, Cl A	1,426		50
Advance Auto Parts	1,200		49
Amazon.com *	76,365		10,273
American Eagle Outfitters	3,150		54
American Greetings, Cl A	16,700		364
Apollo Group, Cl A * (A)	19,725		1,195
Asbury Automotive Group *	13,200		152
Ascent Media, Cl A *	234		6
Autoliv (A)	22,650		982
Autonation * (A)	4,100		79
Autozone * (A)	919		145
Barnes & Noble (A)	21,250		405
Bed Bath & Beyond *	4,400		170
Best Buy (A)	69,310		2,735
Big Lots *	4,357		126
Black & Decker	2,000		130
Blyth	8,500		287
Bob Evans Farms	3,300		96
BorgWarner (A)	2,300		76
Brinker International	3,400		51
Brink’s Home Security Holdings *	650		21
Cablevision Systems, Cl A	6,700		173
Career Education *	1,800		42
Carmax * (A)	6,383		155
Carnival *	9,000		285
Carter’s *	5,300		139
Cavco Industries *	130		5
CBS, Cl B	101,300		1,423
Chico’s FAS * (A)	74,000		1,040
Chipotle Mexican Grill, Cl A *	800		71
Coach (A)	99,800		3,646
Comcast, Cl A	509,000		8,582
Cooper Tire & Rubber	8,300		167
Core-Mark Holding *	4,200		138
Darden Restaurants	3,127		110
DeVry	1,021		58
Dick’s Sporting Goods * (A)	3,700		92
DIRECTV, Cl A *	225,406		7,517
Discovery Communications, Cl C * (A)	5,040		134
DISH Network, Cl A (A)	18,049		375
Dollar Tree *	829		40
DR Horton	6,500		71
Eastman Kodak (A)	523,000		2,207
Education Management *	5,800		128
Family Dollar Stores (A)	1,500		42
Foot Locker	55,600		619
Ford Motor * (A)	352,600		3,526
Fossil *	2,500		84
GameStop, Cl A * (A)	3,622		79
Gannett (A)	81,200		1,206
Gap	185,100		3,878
Garmin (A)	30,900		949
Gentex	5,500		98
Genuine Parts	850		32
Goodyear Tire & Rubber *	6,550		92
H&R Block	5,900		133
Hanesbrands *	48,000		1,157


Description	Shares	Market Value ($ Thousands)
Harley-Davidson (A)	25,600	$	645
Harman International Industries (A)	4,200		148
Hasbro	29,995		962
Helen of Troy *	5,300		130
Hillenbrand	6,100		115
Home Depot (A)	113,900		3,295
International Game Technology	2,853		54
Interpublic Group *	13,000		96
ITT Educational Services *	600		58
J.C. Penney (A)	106,830		2,843
Jarden	37,800		1,168
Johnson Controls	80,694		2,198
Jones Apparel Group	31,600		508
JOS A Bank Clothiers *	800		34
KB Home (A)	4,700		64
Kenneth Cole Productions, Cl A	2,900		28
Kohl’s *	4,900		264
Lamar Advertising, Cl A * (A)	7,300		227
Las Vegas Sands * (A)	2,500		37
La-Z-Boy, Cl Z (A)	6,100		58
Leggett & Platt	39,000		795
Lennar, Cl A	5,100		65
Liberty Global, Cl A *	14,200		311
Liberty Media - Capital, Ser A *	10,500		251
Liberty Media - Interactive, Cl A *	6,450		70
Liberty Media - Starz *	906		42
Lithia Motors, Cl A	12,200		100
LKQ *	3,200		63
Lowe’s	469,585		10,984
Macy’s	77,900		1,306
Maidenform Brands *	4,500		75
Marriott International, Cl A (A)	64,337		1,753
Mattel	2,300		46
McDonald’s	89,506		5,589
McGraw-Hill	6,000		201
Mohawk Industries * (A)	2,829		135
New York Times, Cl A (A)	10,200		126
News, Cl A (A)	157,000		2,149
Nike, Cl B (A)	160,820		10,625
Nordstrom (A)	4,900		184
NVR *	100		71
Omnicom Group (A)	6,000		235
O’Reilly Automotive * (A)	1,800		69
Oxford Industries	4,900		101
Penn National Gaming *	2,300		62
PetSmart	49,508		1,321
Phillips-Van Heusen	14,700		598
Polo Ralph Lauren (A)	900		73
priceline.com *	23,600		5,156
Pulte Homes (A)	3,600		36
RadioShack	45,100		879
RC2 *	2,400		35
Regis (A)	3,400		53
Ross Stores	32,300		1,380
Sally Beauty Holdings * (A)	11,000		84
Scholastic	1,700		51
Scientific Games, Cl A * (A)	3,600		52
Sears Holdings * (A)	61,600		5,141
Service International	28,000		229
Sherwin-Williams	1,700		105
Skechers U.S.A., Cl A *	9,500		279


Description	Shares	Market Value ($ Thousands)
Snap-On	778	$	33
Sonic Automotive, Cl A	15,400		160
Stanley Works (A)	1,700		87
Staples (A)	429,787		10,568
Starbucks *	10,038		231
Starwood Hotels & Resorts Worldwide	33,890		1,239
Stein Mart *	7,800		83
Superior Industries International	5,100		78
Target	165,489		8,005
Tempur-Pedic International *	26,900		636
Thor Industries	3,800		119
Tiffany	1,800		77
Tim Hortons	1,500		46
Time Warner	368,237		10,730
Time Warner Cable, Cl A (A)	110,763		4,584
TJX	51,500		1,882
Toll Brothers * (A)	2,200		41
TRW Automotive Holdings *	43,500		1,039
Urban Outfitters *	2,500		88
VF	1,400		103
Viacom, Cl B *	147,352		4,381
Virgin Media (A)	12,500		210
Walt Disney (A)	167,257		5,394
Washington Post, Cl B	100		44
Weight Watchers International (A)	32,600		951
Whirlpool (A)	36,200		2,920
Wyndham Worldwide	107,700		2,172
Wynn Resorts * (A)	19,070		1,110
Yum! Brands (A)	99,300		3,473

			180,326

Consumer Staples — 7.8%
Alberto-Culver	1,700		50
Altria Group	94,110		1,847
Archer-Daniels-Midland	80,057		2,507
Avon Products	147,486		4,646
BJ’s Wholesale Club * (A)	31,357		1,026
Brown-Forman, Cl B	1,500		80
Bunge	2,500		160
Campbell Soup	66,600		2,251
Chiquita Brands International * (A)	46,000		830
Church & Dwight	800		48
Clorox	9,969		608
Coca-Cola (A)	133,349		7,601
Coca-Cola Enterprises (A)	114,400		2,425
Colgate-Palmolive	18,320		1,505
ConAgra Foods	173,450		3,998
Constellation Brands, Cl A *	3,000		48
Corn Products International	16,400		479
Costco Wholesale	96,030		5,682
CVS Caremark	77,070		2,482
Del Monte Foods	147,100		1,668
Diageo ADR	14,400		1,000
Dr Pepper Snapple Group	38,000		1,075
Energizer Holdings *	1,628		100
Estee Lauder, Cl A (A)	3,500		169
General Mills	31,884		2,258
Herbalife	52,200		2,118
Hershey (A)	3,000		107
HJ Heinz	3,797		162


Description	Shares	Market Value ($ Thousands)
Hormel Foods	2,000	$	77
Kellogg	11,858		631
Kimberly-Clark	44,317		2,823
Kraft Foods, Cl A	149,304		4,058
Kroger	63,252		1,298
Lorillard	6,250		502
McCormick	2,100		76
Mead Johnson Nutrition, Cl A	17,700		773
Molson Coors Brewing, Cl B	5,300		239
Pepsi Bottling Group	33,400		1,253
PepsiCo	258,985		15,746
Philip Morris International	112,849		5,438
Prestige Brands Holdings *	28,200		222
Procter & Gamble	437,963		26,554
Reynolds American (A)	55,400		2,935
Safeway	123,417		2,627
Sara Lee	145,500		1,772
SUPERVALU	90,298		1,148
SYSCO	52,750		1,474
Tyson Foods, Cl A	4,300		53
Walgreen	173,200		6,360
Wal-Mart Stores	118,183		6,317
Whole Foods Market *	3,700		102

			129,408

Energy — 10.6%
Anadarko Petroleum	23,700		1,479
Apache	32,435		3,346
Arch Coal	2,400		53
Baker Hughes (A)	3,341		135
BJ Services	76,900		1,430
Cabot Oil & Gas	1,500		65
Cal Dive International *	7,400		56
Cameron International *	3,800		159
Canadian Natural Resources	37,030		2,664
Chesapeake Energy	151,400		3,918
Chevron	332,509		25,600
Cimarex Energy (A)	15,843		839
CNX Gas *	1,500		44
ConocoPhillips	315,507		16,113
Consol Energy	2,800		140
Denbury Resources * (A)	4,000		59
Devon Energy	51,390		3,777
Diamond Offshore Drilling (A)	13,800		1,358
Dresser-Rand Group *	7,700		244
El Paso	130,356		1,281
Ensco International ADR	3,000		120
EOG Resources	91,180		8,872
Exterran Holdings * (A)	2,700		58
Exxon Mobil	576,176		39,290
FMC Technologies * (A)	8,500		492
Frontline (A)	2,300		63
Halliburton	175,885		5,292
Harvest Natural Resources *	8,800		47
Helix Energy Solutions Group *	59,900		704
Helmerich & Payne	3,395		135
Hess	1,750		106
Holly	30,600		784
Marathon Oil	197,800		6,175
Mariner Energy *	931		11
Murphy Oil	62,316		3,378
Nabors Industries * (A)	71,000		1,554
National Oilwell Varco	108,851		4,799


Description	Shares	Market Value ($ Thousands)
Newfield Exploration *	31,700	$	1,529
Noble	31,500		1,282
Noble Energy	2,600		185
Occidental Petroleum	138,865		11,297
Oceaneering International *	1,200		70
Oil States International * (A)	27,600		1,085
Overseas Shipholding Group (A)	15,900		699
Patriot Coal * (A)	880		14
Patterson-UTI Energy	49,700		763
Peabody Energy	8,100		366
PetroHawk Energy * (A)	4,000		96
Petroleo Brasileiro ADR (A)	31,340		1,494
Pioneer Natural Resources (A)	4,944		238
Plains Exploration & Production *	7,695		213
Pride International *	2,700		86
Range Resources	34,920		1,741
Rowan	2,522		57
SandRidge Energy * (A)	7,700		73
Schlumberger	106,136		6,908
SEACOR Holdings *	5,200		397
Seahawk Drilling *	180		4
Smith International	5,428		148
Southwestern Energy *	31,500		1,518
Spectra Energy	90,843		1,863
Stone Energy * (A)	34,700		626
Suncor Energy	47,718		1,685
Sunoco	36,400		950
Swift Energy * (A)	10,100		242
Teekay Shipping	3,100		72
Tidewater	13,450		645
Transocean *	21,000		1,739
Valero Energy	63,294		1,060
Venoco *	4,900		64
Weatherford International *	6,600		118
Williams	79,900		1,684
World Fuel Services	1,100		30
XTO Energy	24,428		1,137

			176,818

Financials — 15.3%
ACE	27,600		1,391
Affiliated Managers Group *	1,000		67
Aflac	181,960		8,416
Alexandria Real Estate Equities † (A)	1,000		64
Allied World Assurance Holdings	4,800		221
Allstate	204,050		6,130
American Equity Investment Life Holding	27,300		203
American Express	226,592		9,181
American Financial Group	61,800		1,542
American International Group * (A)	2,900		87
AmeriCredit * (A)	10,900		208
Ameriprise Financial	116,090		4,507
Annaly Capital Management †	153,913		2,670
AON	5,050		194
Apartment Investment & Management, Cl A † (A)	8,115		129
Argo Group International Holdings *	9,700		283
Arthur J. Gallagher	2,600		58
Associated Banc-Corp (A)	14,100		155


Description	Shares	Market Value ($ Thousands)
Assurant	18,800	$	554
AvalonBay Communities † (A)	1,900		156
Axis Capital Holdings	46,700		1,327
Bancorpsouth (A)	2,100		49
Bank of America (A)	1,332,924		20,074
Bank of Hawaii	50		2
Bank of New York Mellon	284,304		7,952
BB&T	68,900		1,748
BlackRock	5,900		1,370
Boston Properties † (A)	1,600		107
Brandywine Realty Trust †	66,300		756
BRE Properties, Cl A †	2,200		73
Brookfield Asset Management, Cl A	55,100		1,222
Brown & Brown	2,200		40
Camden Property Trust †	2,200		93
Capital One Financial (A)	151,800		5,820
CBL & Associates Properties † (A)	4,800		46
Charles Schwab (A)	167,388		3,150
Chimera Investment †	160,200		622
Chubb	97,600		4,800
Cincinnati Financial (A)	44,100		1,157
Citigroup	1,252,100		4,144
CME Group	37,425		12,573
Comerica	35,700		1,056
Commerce Bancshares	2,835		110
Credicorp	15,900		1,224
Cullen/Frost Bankers	1,900		95
Digital Realty Trust † (A)	1,300		65
Dime Community Bancshares (A)	9,200		108
Discover Financial Services	4,800		71
Duke Realty † (A)	34,000		414
Endurance Specialty Holdings (A)	53,800		2,003
Equity Residential †	4,687		158
Erie Indemnity, Cl A	1,400		55
Everest Re Group	16,200		1,388
Federal Realty Investment Trust † (A)	800		54
Federated Investors, Cl B (A)	42,800		1,177
Fidelity National Financial, Cl A	5,399		73
Fifth Third Bancorp	13,100		128
First American	2,100		69
First Citizens BancShares, Cl A	600		98
First Horizon National * (A)	15,008		201
FNB (Pennsylvania) (A)	—		—
Forest City Enterprises, Cl A * (A)	62,400		735
Franklin Resources	24,550		2,586
Goldman Sachs Group	85,700		14,470
Greenlight Capital Re *	2,600		61
Hanover Insurance Group	4,297		191
Hartford Financial Services Group	36,700		854
HCC Insurance Holdings	1,500		42
Health Care † (A)	1,371		61
Highwoods Properties †	750		25
Hospitality Properties Trust †	66,300		1,572
Host Hotels & Resorts †	5,310		62
HRPT Properties Trust †	145,600		942
Hudson City Bancorp	102,800		1,412
Huntington Bancshares (A)	119,900		438


Description	Shares	Market Value ($ Thousands)
IntercontinentalExchange * (A)	59,691	$	6,703
International Bancshares (A)	3,000		57
Invesco	12,600		296
Investment Technology Group *	2,400		47
Jefferies Group (A)	7,900		188
JPMorgan Chase (A)	677,076		28,214
Keycorp	55,800		310
Kimco Realty †	3,600		49
Legg Mason	2,100		63
Liberty Property Trust †	1,900		61
Lincoln National	72,800		1,811
Loews	3,100		113
M&T Bank (A)	2,500		167
Macerich † (A)	5,855		211
Mack-Cali Realty †	2,700		93
Maiden Holdings	5,700		42
Manulife Financial	1,565		29
Marsh & McLennan	5,906		130
Marshall & Ilsley	11,700		64
MBIA * (A)	7,600		30
Mercury General	34,500		1,354
MetLife	35,300		1,248
MF Global * (A)	9,400		65
MFA Financial †	67,200		494
Montpelier Re Holdings (A)	20,300		352
Moody’s (A)	41,438		1,110
Morgan Stanley	226,370		6,701
Nationwide Health Properties †	1,500		53
Nelnet, Cl A	3,200		55
New York Community Bancorp (A)	82,200		1,193
Northern Trust	57,260		3,000
NYSE Euronext	145,800		3,689
OceanFirst Financial	3,300		37
Old Republic International (A)	8,600		86
OneBeacon Insurance Group, Cl A	8,000		110
PartnerRe	4,200		314
People’s United Financial	110,385		1,843
Phoenix	29,800		83
Piper Jaffray *	366		19
Platinum Underwriters Holdings	35,800		1,371
Plum Creek Timber † (A)	2,090		79
PNC Financial Services Group	77,300		4,081
Principal Financial Group (A)	45,800		1,101
Progressive	75,782		1,363
Prologis † (A)	11,200		153
Protective Life	16,000		265
Provident Financial Services	7,500		80
Prudential Financial	107,500		5,349
Public Storage †	2,050		167
Ramco-Gershenson Properties †	16,500		157
Raymond James Financial (A)	2,025		48
Regency Centers †	850		30
Regions Financial	85,400		452
Reinsurance Group of America, Cl A	20,200		962
RenaissanceRe Holdings	800		42
Simon Property Group † (A)	8,049		642
SLM *	7,400		83
StanCorp Financial Group	20,300		812
State Street	80,000		3,483


Description	Shares	Market Value ($ Thousands)
Student Loan	1,300	$	61
Sunstone Hotel Investors † (A)	42,300		376
SunTrust Banks (A)	27,800		564
SVB Financial Group * (A)	1,550		64
T. Rowe Price Group (A)	45,900		2,444
Taubman Centers † (A)	49,400		1,774
TD Ameritrade Holding *	7,650		148
Torchmark	1,000		44
Transatlantic Holdings	2,400		125
Travelers	124,365		6,201
Trustco Bank NY (A)	24,100		152
Unitrin	4,900		108
Unum Group	90,550		1,768
US Bancorp	168,408		3,791
Validus Holdings (A)	22,761		613
Valley National Bancorp (A)	2,168		31
Ventas †	3,400		149
Vornado Realty Trust †	1,544		108
Waddell & Reed Financial, Cl A	2,800		86
Walter Investment Management †	876		13
Washington Federal	3,900		75
Weingarten Realty Investors † (A)	4,600		91
Wells Fargo	680,467		18,366
WesBanco	3,500		43
White Mountains Insurance Group	300		100
World Acceptance * (A)	5,300		190
XL Capital, Cl A (A)	12,400		227

			254,255

Health Care — 13.0%
Abbott Laboratories	109,738		5,925
Abraxis Bioscience * (A)	6,000		243
Aetna	186,300		5,906
Allergan	233,573		14,718
American Medical Systems Holdings *	20,600		397
AmerisourceBergen	132,276		3,448
Amgen *	153,048		8,658
Amylin Pharmaceuticals * (A)	3,700		52
Baxter International	131,270		7,703
Beckman Coulter	600		39
Becton Dickinson	23,420		1,847
Biogen Idec *	75,638		4,047
Boston Scientific *	20,417		184
Bristol-Myers Squibb	129,345		3,266
Bruker BioSciences *	22,500		271
C.R. Bard	20,930		1,630
Cantel Medical	4,300		87
Cardinal Health	22,100		712
CareFusion *	30,100		753
Celgene *	7,400		412
Cerner *	1,100		91
Charles River Laboratories International *	1,600		54
Cigna	3,540		125
Cooper (A)	2,100		80
Covance *	1,100		60
Coventry Health Care *	48,100		1,168
Covidien	3,750		180
DaVita *	1,425		84
Dendreon *	1,600		42


Description	Shares	Market Value ($ Thousands)
Dentsply International	2,300	$	81
Edwards Lifesciences *	700		61
Eli Lilly (A)	141,471		5,052
Endo Pharmaceuticals Holdings *	70,600		1,448
Enzon Pharmaceuticals * (A)	16,000		168
ev3 *	8,800		117
Express Scripts *	36,144		3,125
Forest Laboratories *	123,900		3,978
Genzyme *	49,150		2,409
Gilead Sciences * (A)	212,030		9,177
Health Management Associates, Cl A * (A)	9,200		67
Health Net *	2,900		68
Henry Schein *	1,000		53
Hologic *	7,600		110
Hospira *	17,800		908
Humana *	25,679		1,127
Idexx Laboratories * (A)	1,300		69
Illumina * (A)	1,600		49
IMS Health	3,300		69
Intuitive Surgical * (A)	6,350		1,926
Invacare (A)	9,500		237
Inverness Medical Innovations *	1,700		71
Johnson & Johnson	333,227		21,463
Kinetic Concepts *	34,900		1,314
King Pharmaceuticals * (A)	62,950		772
Laboratory Corp of America Holdings * (A)	3,150		236
Life Technologies *	4,591		240
Lincare Holdings * (A)	35,200		1,307
McKesson	2,326		145
Medco Health Solutions *	144,486		9,234
Medical Action Industries *	2,100		34
Medidata Solutions *	3,200		50
Mednax *	1,500		90
Medtronic	141,076		6,205
Merck	348,712		12,742
Mettler Toledo International * (A)	8,150		856
Millipore *	1,400		101
Mylan Laboratories * (A)	7,475		138
Novo Nordisk ADR (A)	80,600		5,146
Orthofix International *	4,400		136
OSI Pharmaceuticals *	1,100		34
Par Pharmaceutical *	18,700		506
Patterson *	2,100		59
PerkinElmer	5,950		122
Perrigo (A)	12,100		482
Pfizer	950,576		17,291
Pharmaceutical Product Development	5,200		122
Quest Diagnostics	28,004		1,691
ResMed *	900		47
Sirona Dental Systems *	4,200		133
St. Jude Medical *	162,640		5,982
STERIS	8,800		246
Stryker	45,100		2,272
Techne	800		55
Teva Pharmaceutical Industries ADR (A)	71,740		4,030
Thermo Fisher Scientific *	86,006		4,102
UnitedHealth Group	499,784		15,233


Description	Shares	Market Value ($ Thousands)
Universal Health Services, Cl B	10,800	$	329
Valeant Pharmaceuticals International * (A)	27,900		887
Varian Medical Systems *	2,900		136
VCA Antech * (A)	2,200		55
Vertex Pharmaceuticals * (A)	2,700		116
Waters *	1,600		99
Watson Pharmaceuticals * (A)	2,900		115
WellPoint *	119,544		6,968
Zimmer Holdings *	25,026		1,479

			215,352

Industrials — 8.8%
3M	67,100		5,547
ABB ADR	35,780		683
Aecom Technology *	1,500		41
AGCO * (A)	400		13
Alaska Air Group *	2,800		97
Alliant Techsystems * (A)	14,200		1,253
American Science & Engineering	2,500		190
AMR *	25,300		195
AO Smith	1,900		83
Avis Budget Group * (A)	8,900		117
AZZ *	2,200		72
Boeing (A)	79,381		4,297
Burlington Northern Santa Fe	42,180		4,160
C.H. Robinson Worldwide (A)	24,702		1,451
Caterpillar (A)	45,050		2,567
Cintas	1,700		44
Continental Airlines, Cl B * (A)	7,650		137
Con-way	3,100		108
Cooper Industries, Cl A	18,700		797
Copart *	1,600		59
Crane	2,750		84
CSX	44,462		2,156
Cummins	61,255		2,809
Danaher (A)	53,599		4,031
Deere	27,300		1,477
Delta Air Lines *	8,100		92
Donaldson	1,900		81
Dover	44,900		1,868
Dun & Bradstreet	800		67
Eaton	1,979		126
Emerson Electric	57,079		2,432
Equifax	2,500		77
Expeditors International of Washington	183,300		6,366
Fastenal (A)	2,800		116
FedEx (A)	25,233		2,106
First Solar * (A)	357		48
Flowserve	2,004		189
Fluor	3,800		171
Foster Wheeler *	2,100		62
FTI Consulting * (A)	900		42
Gardner Denver	28,300		1,204
GATX (A)	1,600		46
General Cable * (A)	3,000		88
General Dynamics	77,706		5,297
General Electric	1,388,155		21,003
Gibraltar Industries	6,400		101
Goodrich	30,350		1,950
Harsco	38,100		1,228
Honeywell International	40,763		1,598


Description	Shares	Market Value ($ Thousands)
Hubbell, Cl B	10,000	$	473
IHS, Cl A *	900		49
Illinois Tool Works	39,729		1,907
Ingersoll-Rand	3,300		118
Iron Mountain * (A)	3,625		83
ITT	18,600		925
Jacobs Engineering Group *	3,140		118
John Bean Technologies	216		4
Joy Global (A)	42,650		2,200
KBR	54,800		1,041
Kennametal	3,000		78
L-3 Communications Holdings	36,300		3,156
Lockheed Martin	19,370		1,460
Manpower	800		44
McDermott International *	34,300		823
Monster Worldwide * (A)	3,200		56
MSC Industrial Direct, Cl A (A)	2,000		94
Norfolk Southern	49,990		2,621
Northrop Grumman	97,734		5,459
Oshkosh Truck	29,200		1,081
Owens Corning *	20,800		533
PACCAR (A)	6,134		223
Pall	2,322		84
Parker Hannifin (A)	27,805		1,498
Pentair	2,400		78
Precision Castparts	1,500		166
Quanta Services *	85,000		1,771
Raytheon	110,350		5,685
Republic Services	7,345		208
Robert Half International	1,300		35
Rockwell Automation	3,000		141
Rockwell Collins	3,450		191
Roper Industries	1,900		100
RR Donnelley & Sons	133,700		2,978
Ryder System	9,700		399
Shaw Group *	1,550		45
Skywest	821		14
Southwest Airlines	20,700		237
SPX (A)	19,549		1,069
Stericycle *	1,600		88
Tennant (A)	1,900		50
Thomas & Betts *	1,900		68
Trinity Industries	5,700		99
Tyco International	80,100		2,858
Union Pacific	65,870		4,209
United Parcel Service, Cl B	162,710		9,334
United Technologies	161,856		11,234
URS *	1,700		76
Waste Management (A)	23,218		785
Watson Wyatt Worldwide, Cl A	9,600		456
WW Grainger (A)	5,709		553

			145,881

Information Technology — 21.3%
Accenture, Cl A	46,675		1,937
Activision Blizzard *	11,700		130
Adobe Systems * (A)	254,802		9,372
Advent Software * (A)	1,378		56
Affiliated Computer Services, Cl A *	1,100		66
Agilent Technologies *	4,050		126
Akamai Technologies * (A)	3,000		76
Altera	2,400		54


Description	Shares	Market Value ($ Thousands)
Amdocs *	33,600	$	959
Amphenol, Cl A	2,800		129
Analog Devices	51,585		1,629
AOL *	22,184		517
Apple *	165,123		34,818
Applied Materials	25,700		358
Arris Group *	10,800		123
Arrow Electronics *	5,000		148
Autodesk *	75,809		1,926
Automatic Data Processing	5,418		232
Avnet *	61,500		1,855
BMC Software *	15,948		639
Broadcom, Cl A * (A)	186,940		5,879
Broadridge Financial Solutions	3,000		68
CA	183,097		4,112
Cadence Design Systems * (A)	11,100		66
Ciena * (A)	6,400		69
Cisco Systems *	910,892		21,807
Citrix Systems *	49,125		2,044
Cognizant Technology Solutions, Cl A *	4,456		202
Computer Sciences *	24,400		1,404
Compuware *	40,600		294
Convergys *	31,100		334
Corning	141,110		2,725
Cree * (A)	13,600		767
Cypress Semiconductor *	6,250		66
DealerTrack Holdings *	12,900		242
Dell *	81,200		1,166
Diebold	1,700		48
Dolby Laboratories, Cl A * (A)	1,235		59
DST Systems * (A)	3,850		168
eBay *	320,634		7,548
Electronic Arts * (A)	90,200		1,601
EMC *	580,131		10,135
Equinix * (A)	800		85
F5 Networks *	1,800		95
Factset Research Systems	900		59
Fairchild Semiconductor International *	22,400		224
Fidelity National Information Services	6,909		162
Fiserv *	11,542		560
Global Payments	2,000		108
Google, Cl A *	47,743		29,600
Harris	52,800		2,511
Harris Stratex Networks, Cl A *	7,477		52
Hewitt Associates, Cl A *	1,500		63
Hewlett-Packard	318,613		16,412
IAC *	10,595		217
infoGROUP	9,200		74
Ingram Micro, Cl A *	104,800		1,829
Intel	665,596		13,578
Interactive Intelligence *	3,700		68
International Business Machines	120,263		15,742
International Rectifier *	3,500		77
Intersil, Cl A (A)	4,000		61
Intuit * (A)	248,531		7,632
Jabil Circuit	16,400		285
Juniper Networks * (A)	29,446		785
Lam Research * (A)	1,300		51
Lender Processing Services	1,632		66


Description	Shares	Market Value ($ Thousands)
Lexmark International, Cl A *	27,400	$	712
LSI Logic *	12,300		74
Marvell Technology Group *	72,800		1,511
Mastercard, Cl A (A)	32,800		8,396
McAfee *	2,900		118
Microchip Technology (A)	2,350		68
Micron Technology * (A)	71,300		753
Microsoft	867,285		26,444
Motorola	44,800		348
National Semiconductor (A)	9,100		140
NCR *	81,700		909
NetApp * (A)	7,296		251
NeuStar, Cl A *	28,600		659
Nokia ADR (A)	166,500		2,140
Novell *	13,200		55
Nvidia *	12,250		229
Oracle	409,557		10,051
Paychex (A)	82,200		2,519
Pegasystems	8,800		299
PMC - Sierra *	9,700		84
Polycom * (A)	1,164		29
QLogic *	4,200		79
Qualcomm	367,989		17,023
Rackspace Hosting * (A)	105,000		2,189
Rambus * (A)	5,000		122
Red Hat *	71,300		2,203
RightNow Technologies *	9,000		156
Rovi *	23		1
Salesforce.com *	1,500		111
SanDisk * (A)	8,400		244
Seagate Technology (A)	241,800		4,398
Semtech *	15,200		259
Silicon Laboratories * (A)	14,100		682
Sohu.com *	1,000		57
Sun Microsystems *	10,600		99
Symantec *	380,614		6,809
Syntel	1,800		68
Tech Data *	41,200		1,922
Tellabs *	11,600		66
Teradata *	192,000		6,035
Teradyne * (A)	9,800		105
Texas Instruments	288,700		7,524
TIBCO Software *	13,400		129
Total System Services (A)	3,100		53
Trimble Navigation * (A)	2,600		65
Tyco Electronics	12,900		317
Verigy *	863		11
VeriSign * (A)	251,254		6,090
Visa, Cl A (A)	188,747		16,508
Vishay Intertechnology * (A)	81,300		679
VMware, Cl A *	2,000		85
WebMD Health, Cl A * (A)	1,796		69
Western Digital *	78,950		3,486
Western Union	235,942		4,447
Xerox (A)	159,200		1,347
Xilinx (A)	4,600		115
Yahoo! * (A)	497,390		8,346
Zebra Technologies, Cl A *	2,400		68

			354,106

Materials — 3.4%
Air Products & Chemicals	3,550		288
AK Steel Holding (A)	6,500		139


Description	Shares	Market Value ($ Thousands)
Alcoa (A)	48,500	$	782
Allegheny Technologies	1,800		81
Alpha Natural Resources * (A)	2,600		113
AM Castle	2,700		37
Ashland	26,300		1,042
Ball	18,200		941
Bemis	2,400		71
Celanese, Ser A	12,800		411
CF Industries Holdings	900		82
Commercial Metals (A)	4,600		72
Crown Holdings *	2,200		56
Dow Chemical	9,975		276
E.I. Du Pont de Nemours	68,006		2,290
Eagle Materials (A)	753		20
Eastman Chemical	52,400		3,157
Ecolab	19,000		847
FMC	900		50
Freeport-McMoRan Copper & Gold, Cl B	71,340		5,728
Greif, Cl A	1,500		81
International Flavors & Fragrances	1,400		58
International Paper	42,900		1,149
Kaiser Aluminum	5,100		212
Koppers Holdings	5,000		152
Lubrizol	44,600		3,254
Martin Marietta Materials	550		49
MeadWestvaco	8,400		241
Monsanto	26,580		2,173
Mosaic	8,400		502
Nalco Holding (A)	90,300		2,303
NewMarket	5,700		654
Newmont Mining	12,900		610
Nucor	50,200		2,342
OM Group *	2,300		72
Omnova Solutions *	31,400		192
Owens-Illinois *	23,150		761
Pactiv *	23,832		575
Potash Corp of Saskatchewan	17,580		1,907
PPG Industries	3,000		176
Praxair	116,430		9,350
Reliance Steel & Aluminum	24,000		1,037
Rock-Tenn, Cl A	19,300		973
Royal Gold (A)	2,238		105
RPM International	1,500		30
Scotts Miracle-Gro, Cl A	4,100		161
Sealed Air	8,400		184
Sigma-Aldrich (A)	2,200		111
Sonoco Products	70,400		2,059
Southern Copper (A)	91,111		2,999
Spartech	14,100		145
Steel Dynamics	4,900		87
Syngenta ADR (A)	95,100		5,351
Terra Industries	1,900		61
United States Steel (A)	1,568		86
Vulcan Materials	1,237		65
Walter Energy	2,400		181
Weyerhaeuser (A)	2,300		99
WR Grace *	10,300		261

			57,291

Telecommunication Services — 3.7%
American Tower, Cl A *	115,084		4,973


Description	Shares	Market Value ($ Thousands)
AT&T	905,546	$	25,382
Atlantic Telegraph-Network	3,200		176
CenturyTel	43,317		1,569
Crown Castle International * (A)	303,962		11,867
MetroPCS Communications * (A)	53,500		408
NII Holdings *	50,400		1,692
Qwest Communications International (A)	19,518		82
SBA Communications, Cl A *	2,100		72
Sprint Nextel *	127,800		468
Telephone & Data Systems	1,900		64
Telephone & Data Systems, Cl L	1,300		39
US Cellular *	1,976		84
Verizon Communications	425,459		14,095
Windstream (A)	8,323		92

			61,063

Utilities — 3.6%
AES *	724,750		9,646
AGL Resources	27,200		992
Allegheny Energy	4,200		99
Alliant Energy	68,000		2,058
Ameren	77,700		2,172
American Electric Power	85,000		2,957
American Water Works	5,400		121
Aqua America (A)	2,033		36
Atmos Energy	4,300		126
Calpine * (A)	6,300		69
Centerpoint Energy	9,600		139
CMS Energy (A)	83,400		1,306
Consolidated Edison	1,200		54
Constellation Energy Group	34,110		1,200
Dominion Resources (A)	48,483		1,887
DPL	36,300		1,002
DTE Energy (A)	69,800		3,043
Duke Energy	25,144		433
Dynegy, Cl A *	6,800		12
Edison International	89,700		3,120
Energen	36,500		1,708
Entergy	3,348		274
Equities (A)	2,100		92
Exelon	54,876		2,682
FirstEnergy	39,000		1,811
FPL Group	18,438		974
Great Plains Energy	3,500		68
Hawaiian Electric Industries (A)	3,200		67
Mirant *	181,500		2,772
National Fuel Gas	1,300		65
NiSource	76,500		1,176
NRG Energy * (A)	4,600		109
NV Energy	36,000		446
OGE Energy	1,074		40
Pepco Holdings	55,000		927
PG&E (A)	36,050		1,610
Pinnacle West Capital	25,300		925
PPL	5,600		181
Progress Energy	2,400		98
Public Service Enterprise Group	97,200		3,232
Questar	3,500		145
Sempra Energy	98,647		5,522
Southern	8,564		285
Southern Union	112,500		2,554
Southwest Gas	2,300		66


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
UGI		11,600	$	281
Wisconsin Energy		1,000		50
Xcel Energy		27,453		582

				59,214


Total Common Stock (Cost $1,349,222) ($ Thousands)				1,633,714


PREFERRED STOCK — 0.0%

Financials — 0.0%
Bank of America 10.000%, 12/31/49 (B) (G)		16,400		245


Total Preferred Stock (Cost $246) ($ Thousands)				245


AFFILIATED PARTNERSHIP — 11.9%
SEI Liquidity Fund, L.P.,
0.300% **(C) (D)		201,646,588		197,005

Total Affiliated Partnership (Cost $201,647) ($ Thousands)				197,005


CASH EQUIVALENT — 1.9%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100%**(D)		30,899,105		30,899

Total Cash Equivalent (Cost $30,899) ($ Thousands)				30,899


U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills
0.134%, 06/03/10 (E) (F)	$	2,545		2,543
U.S. Cash Management Bills
0.000%, 06/17/10 (E) (F)		50		50

Total U.S. Treasury Obligations (Cost $2,593) ($ Thousands)				2,593


Total Investments — 112.3% (Cost $1,584,607) ($ Thousands) @			$	1,864,456

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)

S&P 500 Index E-MINI	3	Mar-2010		—

S&P Composite Index	53	Mar-2010		100
S&P Mid 400 Index E-MINI	27	Mar-2010		58


			$	158

Percentages are based on Net Assets of $1,660,951 ($Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

†	Real Estate Investment Trust.

(A)	This Security or a partial position of this security is on loan at December 31, 2009. The total market value of securities on loan at December 31, 2009 was $195,015 ($ Thousands).

(B)	Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of December 31, 2009.

(C)	This security was purchased with cash collateral received from securities lending. The total value of such securities as of December 31, 2009 was $197,005 ($ Thousands).

(D)	Investment in Affiliated Security.

(E)	The rate reported is the effective yield at the time of purchase.

(F)	Security, or portion thereof, has been purchased as collateral on open futures contracts.

(G)	Convertible security.

ADR — American Depositary Receipt

Cl — Class

L.P. — Limited Partnership

Amounts designated as “-” are $0 or have been rounded to $0.

@ At December 31, 2009, the tax basis cost of the Fund’s investments was $1,584,607($ Thousands), and the unrealized appreciation and depreciation were $364,979 ($ Thousands) and ($85,130) ($ Thousands) respectively.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,633,714	$	—	$	—	$	1,633,714
Preferred Stock		245		—		—		245
Affiliated Partnership		—		197,005		—		197,005
Cash Equivalent		30,899		—		—		30,899
U.S. Treasury Obligations		—		2,593		—		2,593

Total Investments in Securities	$	1,664,858	$	199,598	$	—	$	1,864,456


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures*	$	158	$	—	$	—	$	158

*	Futures contracts are valued at the unrealized appreciation on the investment.


Description	Shares	Market Value ($ Thousands)
COMMON STOCK — 96.2%

Consumer Discretionary — 10.4%
99 Cents Only Stores *	13,800	$	180
Abercrombie & Fitch, Cl A	2,200		77
Advance Auto Parts	10,800		437
Aeropostale *	22,031		750
Amazon.com *	65,475		8,808
American Axle & Manufacturing Holdings	17,500		140
American Eagle Outfitters	9,900		168
American Greetings, Cl A	13,800		301
Apollo Group, Cl A *	13,500		818
Asbury Automotive Group *	13,900		160
Autoliv	24,918		1,081
Autonation *	2,700		52
Autozone *	2,183		345
Bed Bath & Beyond *	4,600		178
Best Buy	74,600		2,944
Big Lots *	25,954		752
Black & Decker	807		52
Bob Evans Farms	3,800		110
BorgWarner	6,500		216
Brinker International	1,600		24
Brink’s Home Security Holdings *	5,100		166
Cablevision Systems, Cl A	9,210		238
Career Education *	7,200		168
Carmax *	14,600		354
Carmike Cinemas *	1,400		11
Carnival *	2,100		66
CBS, Cl B	5,000		70
Chico’s FAS *	61,300		861
Chipotle Mexican Grill, Cl A *	7,600		670
Coach	58,200		2,126
Comcast, Cl A	636,716		10,735
Cooper Tire & Rubber	6,500		130
Core-Mark Holding *	900		30
Darden Restaurants	22,800		800
Dick’s Sporting Goods *	5,900		147
DIRECTV, Cl A *	180,417		6,017
Discovery Communications, Cl C *	12,100		321
DISH Network, Cl A	54,874		1,140
Dollar Tree *	9,500		459
Eastman Kodak	350,400		1,479
Expedia *	11,400		293
Family Dollar Stores	3,800		106
Foot Locker	39,500		440
Ford Motor *	402,488		4,025
GameStop, Cl A *	18,234		400
Gannett	43,800		650
Gap	86,700		1,816
Garmin	28,000		859
Gentex	3,700		66
Goodyear Tire & Rubber *	8,800		124
Hanesbrands *	10,600		256
Harley-Davidson	2,000		51
Harman International Industries	1,100		39
Hasbro	5,100		163
Helen of Troy *	8,700		213


Description	Shares	Market Value ($ Thousands)
Home Depot	79,900	$	2,311
International Game Technology	17,100		321
Interpublic Group *	5,700		42
J.C. Penney	83,300		2,217
Jarden	2,100		65
Johnson Controls	63,974		1,743
Jones Apparel Group	13,900		223
KB Home	3,800		52
Kenneth Cole Productions, Cl A	4,900		47
Kohl’s *	28,084		1,514
Lamar Advertising, Cl A *	1,400		43
Las Vegas Sands *	24,024		359
Leggett & Platt	21,800		445
Lennar, Cl A	9,200		117
Liberty Global, Cl A *	21,100		462
Liberty Media - Capital, Ser A *	5,800		138
Liberty Media - Interactive, Cl A *	9,600		104
Liberty Media - Starz *	2,750		127
Limited Brands	7,300		140
Lithia Motors, Cl A	7,700		63
Lowe’s	175,235		4,099
Macy’s	72,600		1,217
Marriott International, Cl A	10,636		290
Marvel Entertainment *	2,155		117
McDonald’s	27,642		1,726
McGraw-Hill	17,600		590
MDC Holdings	300		9
MGM Mirage *	14,400		131
NetFlix *	500		27
Newell Rubbermaid	13,500		203
News, Cl A	28,900		396
Nike, Cl B	67,224		4,441
Nordstrom	1,300		49
NVR *	100		71
Office Depot *	17,800		115
Omnicom Group	16,400		642
O’Reilly Automotive *	10,900		416
Oxford Industries	5,600		116
Penn National Gaming *	4,700		128
PetSmart	24,700		659
Phillips-Van Heusen	14,300		582
Polo Ralph Lauren	9,400		761
priceline.com *	12,700		2,775
RadioShack	31,000		604
Rent-A-Center *	1,500		27
Ross Stores	27,200		1,162
Royal Caribbean Cruises *	2,600		66
Sally Beauty Holdings *	25,400		194
Scripps Networks Interactive, Cl A	4,000		166
Sears Holdings *	48,500		4,047
Service International	10,100		83
Signet Jewelers *	4,100		110
Smith & Wesson Holding *	37,800		155
Sonic Automotive, Cl A	30,500		317
Stanley Works	1,200		62
Staples	199,220		4,899
Starbucks *	20,400		470
Starwood Hotels & Resorts Worldwide	2,900		106
Steven Madden *	2,300		95


Description	Shares	Market Value ($ Thousands)
Strayer Education	2,500	$	531
Superior Industries International	3,100		47
Target	84,975		4,110
Tempur-Pedic International *	15,900		376
Thor Industries	7,300		229
Time Warner	261,721		7,627
Time Warner Cable, Cl A	61,905		2,562
TJX	43,700		1,597
TRW Automotive Holdings *	25,400		607
Universal Technical Institute *	4,500		91
Urban Outfitters *	4,300		150
VF	2,118		155
Viacom, Cl B *	50,000		1,486
Virgin Media	12,900		217
WABCO Holdings	2,900		75
Walt Disney	95,709		3,087
Weight Watchers International	16,500		481
Wendy’s, Cl A	25,800		121
Whirlpool	10,400		839
Williams-Sonoma	5,800		121
WMS Industries *	4,300		172
Wyndham Worldwide	36,000		726
Wynn Resorts *	20,960		1,220
Yum! Brands	78,600		2,749

			125,114

Consumer Staples — 7.2%
Altria Group	56,052		1,100
Andersons	800		21
Archer-Daniels-Midland	54,500		1,706
Avon Products	36,700		1,156
Brown-Forman, Cl B	275		15
Bunge	16,800		1,072
Casey’s General Stores	16,100		514
Central European Distribution *	1,600		45
Clorox	8,100		494
Coca-Cola	63,605		3,626
Coca-Cola Enterprises	88,200		1,870
Colgate-Palmolive	8,312		683
ConAgra Foods	89,800		2,070
Costco Wholesale	18,600		1,101
CVS Caremark	39,288		1,265
Dean Foods *	6,016		109
Del Monte Foods	65,300		741
Diageo ADR	11,500		798
Dr Pepper Snapple Group	17,100		484
Energizer Holdings *	400		24
Estee Lauder, Cl A	5,211		252
General Mills	19,700		1,395
Green Mountain Coffee Roasters *	2,600		212
Herbalife	35,000		1,420
Hershey	13,000		465
HJ Heinz	3,574		153
Hormel Foods	5,600		215
JM Smucker	2,500		154
Kellogg	9,975		531
Kimberly-Clark	27,993		1,783
Kraft Foods, Cl A	38,739		1,053
Kroger	39,021		801
Lorillard	2,750		221


Description	Shares	Market Value ($ Thousands)
Mead Johnson Nutrition, Cl A	18,100	$	791
NBTY *	5,300		231
Pepsi Bottling Group	11,288		423
PepsiAmericas	3,660		107
PepsiCo	134,667		8,188
Philip Morris International	209,679		10,105
Prestige Brands Holdings *	11,700		92
Procter & Gamble	238,754		14,476
Reynolds American	33,366		1,767
Safeway	71,900		1,531
Sanderson Farms	7,100		299
Sara Lee	213,142		2,596
Smithfield Foods *	8,400		128
SUPERVALU	31,000		394
SYSCO	188,301		5,261
Tyson Foods, Cl A	159,522		1,957
Walgreen	150,664		5,532
Wal-Mart Stores	99,320		5,309
Weis Markets	1,000		36
Whole Foods Market *	10,100		277

			87,049

Energy — 10.7%
Anadarko Petroleum	11,900		743
Apache	16,800		1,733
Arch Coal	1,100		25
Atwood Oceanics *	1,800		65
Baker Hughes	1,830		74
BJ Services	11,341		211
Cabot Oil & Gas	6,200		270
Cameron International *	2,776		116
Canadian Natural Resources	37,960		2,731
Chesapeake Energy	117,800		3,049
Chevron	294,477		22,672
Cimarex Energy	1,700		90
Concho Resources *	2,500		112
ConocoPhillips	185,204		9,458
Consol Energy	400		20
Devon Energy	42,400		3,116
Diamond Offshore Drilling	6,100		600
Dresser-Rand Group *	12,000		379
El Paso	75,500		742
Encore Acquisition *	2,148		103
Ensco International ADR	3,700		148
EOG Resources	39,600		3,853
Exxon Mobil	485,572		33,111
FMC Technologies *	6,800		393
Frontier Oil	3,500		42
Halliburton	81,900		2,464
Helix Energy Solutions Group *	62,100		730
Helmerich & Payne	16,600		662
Hess	59,807		3,618
Holly	18,300		469
Marathon Oil	123,610		3,859
Massey Energy	1,700		71
Murphy Oil	73,159		3,965
Nabors Industries *	1,800		39
National Oilwell Varco	115,594		5,097
Newfield Exploration *	2,000		97
Noble	16,100		655
Noble Energy	4,300		306
Occidental Petroleum	71,960		5,854


Description	Shares	Market Value ($ Thousands)
Oceaneering International *	3,400	$	199
Oil States International *	13,500		531
Patterson-UTI Energy	50,000		768
Peabody Energy	2,800		127
PetroHawk Energy *	4,300		103
Petroleo Brasileiro ADR	32,085		1,530
Pioneer Natural Resources	1,100		53
Plains Exploration & Production *	1,300		36
Pride International *	1,000		32
Quicksilver Resources *	4,700		71
Range Resources	36,730		1,831
Rowan	19,800		448
SandRidge Energy *	7,400		70
Schlumberger	39,700		2,584
SEACOR Holdings *	7,900		602
Southwestern Energy *	35,300		1,702
Spectra Energy	30,000		615
St. Mary Land & Exploration	1,200		41
Stone Energy *	18,000		325
Sunoco	16,700		436
Superior Energy Services *	200		5
Tesoro	1,300		18
Tidewater	4,000		192
Transocean *	24,500		2,029
Unit *	2,100		89
Valero Energy	1,600		27
Western Refining *	10,900		51
Whiting Petroleum *	200		14
Williams	78,300		1,651
XTO Energy	24,698		1,149

			129,071

Financials — 14.8%
Affiliated Managers Group *	1,200		81
Aflac	139,116		6,434
Allied World Assurance Holdings	9,600		442
Allstate	120,060		3,607
American Equity Investment Life Holding	8,700		65
American Express	298,275		12,086
American Financial Group	26,600		664
American International Group *	7,200		216
AmeriCredit *	9,000		171
Ameriprise Financial	38,900		1,510
Annaly Capital Management †	98,100		1,702
Anworth Mortgage Asset †	21,500		151
Argo Group International Holdings *	8,300		242
Aspen Insurance Holdings	2,000		51
Associated Banc-Corp	8,200		90
Assurant	19,874		586
AvalonBay Communities †	215		18
Axis Capital Holdings	35,600		1,011
Bancorpsouth	1,400		33
Bank of America	901,067		13,570
Bank of New York Mellon	127,732		3,573
BB&T	7,539		191
BlackRock	5,949		1,381
Boston Properties †	600		40
Brandywine Realty Trust †	39,300		448


Description	Shares	Market Value ($ Thousands)
Brookfield Asset Management, Cl A	25,100	$	557
Camden Property Trust †	500		21
Capital One Financial	100,300		3,846
CB Richard Ellis Group, Cl A *	14,000		190
CBL & Associates Properties †	10,800		104
Charles Schwab	7,400		139
Chimera Investment †	541,108		2,099
Chubb	53,718		2,642
Cincinnati Financial	3,200		84
Citigroup	826,848		2,737
City National	200		9
CME Group	14,875		4,997
CNA Financial *	21,200		509
Comerica	24,500		724
Compass Diversified Holdings	1,800		23
Credicorp	9,300		716
Cullen/Frost Bankers	1,700		85
Dime Community Bancshares	4,600		54
Discover Financial Services	230,864		3,396
Duke Realty †	800		10
Eaton Vance	7,900		240
Endurance Specialty Holdings	42,800		1,593
Equity Residential †	700		24
Erie Indemnity, Cl A	600		23
Everest Re Group	1,000		86
Federal Realty Investment Trust †	400		27
Federated Investors, Cl B	28,000		770
Fidelity National Financial, Cl A	1,700		23
Fifth Third Bancorp	99,300		968
First American	2,800		93
First Cash Financial Services *	1,800		40
First Commonwealth Financial	22,200		103
First Community Bancshares	1,700		21
First Horizon National *	8,543		115
Forest City Enterprises, Cl A *	54,300		640
Franklin Resources	11,681		1,231
Genworth Financial, Cl A *	12,500		142
Goldman Sachs Group	65,074		10,987
Greenhill	900		72
Hartford Financial Services Group	36,403		847
HCC Insurance Holdings	3,100		87
HCP †	4,700		144
Hospitality Properties Trust †	26,700		633
Host Hotels & Resorts †	14,066		164
HRPT Properties Trust †	210,900		1,365
Hudson City Bancorp	148,931		2,045
Huntington Bancshares	184,900		675
IntercontinentalExchange *	31,800		3,571
International Bancshares	1,200		23
Invesco	17,400		409
Invesco Mortgage Capital †	1,600		36
Jefferies Group	8,000		190
Jones Lang LaSalle	7,077		427
JPMorgan Chase	427,543		17,816
Keycorp	26,600		148
Lazard, Cl A	3,600		137
Legg Mason	900		27
Liberty Property Trust †	2,700		86
Lincoln National	7,200		179


Description	Shares	Market Value ($ Thousands)
Loews	13,357	$	485
M&T Bank	30,222		2,022
Macerich †	1,018		37
Mack-Cali Realty †	100		3
Marshall & Ilsley	34,600		189
Mercury General	16,800		660
MetLife	46,142		1,631
MFA Financial †	51,300		377
Moody’s	109,380		2,931
Morgan Stanley	76,262		2,257
MSCI, Cl A *	5,100		162
NASDAQ OMX Group *	1,200		24
Nationwide Health Properties †	1,000		35
New York Community Bancorp	104,256		1,513
Northern Trust	5,062		265
NYSE Euronext	114,100		2,887
OceanFirst Financial	2,500		28
Old Republic International	800		8
PartnerRe	4,100		306
People’s United Financial	1,100		18
Phoenix	20,300		56
PNC Financial Services Group	41,246		2,177
Principal Financial Group	10,400		250
Progressive	12,500		225
Protective Life	8,400		139
Provident Financial Services	5,500		59
Prudential Financial	50,000		2,488
Public Storage †	2,600		212
Ramco-Gershenson Properties †	5,600		53
Raymond James Financial	2,300		55
Rayonier †	1,600		67
Regions Financial	27,784		147
Reinsurance Group of America, Cl A	16,800		800
RenaissanceRe Holdings	4,500		239
Senior Housing Properties Trust †	34,500		755
Simon Property Group †	764		61
SL Green Realty †	2,100		106
SLM *	15,900		179
St. Joe *	2,600		75
State Street	71,400		3,109
SunTrust Banks	4,400		89
Susquehanna Bancshares	6,500		38
T. Rowe Price Group	118,734		6,322
Taubman Centers †	18,900		679
TCF Financial	8,600		117
TD Ameritrade Holding *	27,600		535
Torchmark	34,471		1,515
Transatlantic Holdings	1,600		83
Travelers	78,552		3,917
Trustco Bank NY	18,800		118
United America Indemnity, Cl A *	2,900		23
Unum Group	100,500		1,962
US Bancorp	182,958		4,118
Validus Holdings	700		19
Ventas †	1,400		61
Waddell & Reed Financial, Cl A	35,700		1,090
Webster Financial	6,900		82
Weingarten Realty Investors †	25,800		511


Description	Shares	Market Value ($ Thousands)
Wells Fargo	439,255	$	11,856
WesBanco	1,800		22
WR Berkley	1,600		39
XL Capital, Cl A	51,000		935
Zions Bancorporation	16,400		210

			178,943

Health Care — 12.0%
Abbott Laboratories	78,690		4,248
Aetna	157,600		4,996
Allergan	143,765		9,059
Allscripts Healthcare Solutions *	3,200		65
American Medical Systems Holdings *	9,500		183
AmerisourceBergen	181,360		4,728
Amgen *	178,325		10,088
Amylin Pharmaceuticals *	4,900		69
Baxter International	41,959		2,462
Beckman Coulter	1,900		124
Becton Dickinson	17,026		1,343
Biogen Idec *	72,083		3,856
Boston Scientific *	43,700		393
Bristol-Myers Squibb	200,367		5,059
Bruker BioSciences *	10,200		123
C.R. Bard	3,400		265
Cardinal Health	158,773		5,119
CareFusion *	17,300		433
Celgene *	1,106		62
Cerner *	2,700		222
Charles River Laboratories International *	4,700		158
Cigna	7,091		250
Community Health Systems *	1,500		53
Cooper	1,000		38
Covance *	1,500		82
Coventry Health Care *	10,600		258
Dendreon *	9,700		255
Edwards Lifesciences *	3,600		313
Eli Lilly	108,789		3,885
Endo Pharmaceuticals Holdings *	7,300		150
Enzon Pharmaceuticals *	7,700		81
Express Scripts *	1,500		130
Forest Laboratories *	76,600		2,460
Genzyme *	35,100		1,720
Gilead Sciences *	100,005		4,328
Health Management Associates, Cl A *	4,300		31
Health Net *	35,100		818
Henry Schein *	700		37
Hill-Rom Holdings	2,300		55
Hologic *	9,500		138
Hospira *	13,900		709
Humana *	12,700		557
Idexx Laboratories *	900		48
IMS Health	4,941		104
Intuitive Surgical *	3,800		1,153
Inverness Medical Innovations *	3,400		141
Johnson & Johnson	216,734		13,960
Kinetic Concepts *	2,700		102
King Pharmaceuticals *	53,100		651


Description	Shares	Market Value ($ Thousands)
Laboratory Corp of America Holdings *	5,145	$	385
Life Technologies *	5,200		272
LifePoint Hospitals *	900		29
Lincare Holdings *	13,300		494
McKesson	46,398		2,900
Medco Health Solutions *	80,428		5,140
Mednax *	3,800		228
Medtronic	98,292		4,323
Merck	97,104		3,548
Meridian Bioscience	5,500		118
Mettler Toledo International *	4,400		462
Millipore *	1,500		109
Mylan Laboratories *	60,200		1,109
Novo Nordisk ADR	40,400		2,580
Par Pharmaceutical *	10,500		284
Patterson *	2,400		67
PerkinElmer	1,700		35
Perrigo	1,600		64
Pfizer	733,058		13,334
Quest Diagnostics	18,900		1,141
Quidel *	11,700		161
ResMed *	1,200		63
St. Jude Medical *	60,525		2,226
Stryker	31,300		1,577
Tenet Healthcare *	25,000		135
Teva Pharmaceutical Industries ADR	26,770		1,504
Thermo Fisher Scientific *	22,300		1,063
United Therapeutics *	600		32
UnitedHealth Group	322,300		9,824
Universal Health Services, Cl B	8,200		250
Valeant Pharmaceuticals International *	17,200		547
Vertex Pharmaceuticals *	300		13
Waters *	500		31
Watson Pharmaceuticals *	3,400		135
WellPoint *	67,600		3,940
Zimmer Holdings *	24,700		1,460

			145,145

Industrials — 9.2%
3M	55,045		4,551
Aecom Technology *	7,500		206
AGCO *	17,857		578
Aircastle	6,500		64
Alliant Techsystems *	8,900		786
American Science & Engineering	1,400		106
AO Smith	1,400		61
AZZ *	800		26
BE Aerospace *	2,200		52
Boeing	28,209		1,527
Brink’s	3,100		76
Bucyrus International, Cl A	400		23
Burlington Northern Santa Fe	15,726		1,551
C.H. Robinson Worldwide	18,783		1,103
Carlisle	17,300		593
Caterpillar	36,360		2,072
Cintas	3,200		83
Con-way	3,800		133
Cooper Industries, Cl A	10,900		465


Description	Shares	Market Value ($ Thousands)
Copa Holdings, Cl A	2,400	$	131
Corrections Corp of America *	5,100		125
Crane	11,200		343
CSX	24,142		1,171
Cummins	53,715		2,463
Danaher	21,175		1,592
Deere	17,200		930
Dollar Thrifty Automotive Group *	5,600		143
Dover	25,300		1,053
Dun & Bradstreet	574		49
DynCorp International, Cl A *	8,500		122
Eaton	1,300		83
EMCOR Group *	23,800		640
Emerson Electric	38,630		1,646
Ennis	3,200		54
Expeditors International of Washington	107,200		3,723
Fastenal	300		12
FedEx	20,600		1,719
First Solar *	400		54
Flowserve	1,500		142
Fluor	67,282		3,030
Foster Wheeler *	14,200		418
Gardner Denver	22,500		957
General Cable *	1,100		32
General Dynamics	68,787		4,689
General Electric	830,044		12,559
Goodrich	42,500		2,731
Harsco	5,400		174
Hertz Global Holdings *	6,300		75
Honeywell International	30,121		1,181
Hubbell, Cl B	7,900		374
Illinois Tool Works	121,683		5,840
ITT	19,418		966
Jacobs Engineering Group *	1,100		41
JB Hunt Transport Services	1,700		55
Joy Global	31,305		1,615
KBR	124,318		2,362
Kirby *	2,600		91
L-3 Communications Holdings	18,200		1,582
Lennox International	600		23
Lincoln Electric Holdings	1,500		80
Lockheed Martin	32,445		2,445
Manpower	8,600		469
Masco	1,600		22
McDermott International *	21,800		523
Monster Worldwide *	7,700		134
Norfolk Southern	300		16
Northrop Grumman	70,306		3,927
Oshkosh Truck	11,300		418
Owens Corning *	13,800		354
PACCAR	1,100		40
Parker Hannifin	28,095		1,514
Pitney Bowes	700		16
Precision Castparts	1,980		218
Quanta Services *	71,300		1,486
Raytheon	86,450		4,454
Robert Half International	600		16
Rockwell Automation	6,100		286
Rockwell Collins	4,900		271
Roper Industries	300		16


Description	Shares	Market Value ($ Thousands)
RR Donnelley & Sons	54,600	$	1,216
Ryder System	1,700		70
Schawk, Cl A	2,800		38
Shaw Group *	200		6
Southwest Airlines	203,703		2,328
Spirit Aerosystems Holdings, Cl A *	6,500		129
SPX	10,900		596
Tennant	1,800		47
Terex *	2,500		50
Textron	2,300		43
Thomas & Betts *	17,000		608
Toro	5,500		230
TransDigm Group	700		33
Tyco International	36,300		1,295
Union Pacific	56,578		3,615
United Parcel Service, Cl B	102,584		5,885
United Technologies	101,630		7,054
URS *	6,300		281
UTI Worldwide	2,000		29
Verisk Analytics, Cl A *	1,400		42
Waste Management	8,300		281
Watson Wyatt Worldwide, Cl A	6,700		318
Werner Enterprises	9,100		180
WESCO International *	1,300		35
WW Grainger	9,600		930

			111,090

Information Technology — 21.4%
Accenture, Cl A	52,820		2,192
Acme Packet *	5,100		56
Activision Blizzard *	6,000		67
Adobe Systems *	171,520		6,308
Advanced Micro Devices *	9,700		94
Affiliated Computer Services, Cl A *	4,820		288
Agilent Technologies *	3,800		118
Akamai Technologies *	2,500		63
Alliance Data Systems *	1,100		71
Altera	5,900		134
Amdocs *	54,000		1,541
Amphenol, Cl A	2,200		101
Analog Devices	56,030		1,769
AOL *	12,503		291
Apple *	88,728		18,709
Applied Materials	5,500		77
Arris Group *	5,000		57
Arrow Electronics *	6,000		178
Autodesk *	57,700		1,466
Automatic Data Processing	6,901		296
Avnet *	32,600		983
BMC Software *	21,700		870
Brightpoint *	10,600		78
Broadcom, Cl A *	53,410		1,680
Broadridge Financial Solutions	14,600		329
Brocade Communications Systems *	9,000		69
CA	126,700		2,846
Cadence Design Systems *	18,400		110
Cirrus Logic *	8,400		57
Cisco Systems *	541,455		12,963
Citrix Systems *	47,565		1,979


Description	Shares	Market Value ($ Thousands)
Cognizant Technology Solutions, Cl A *	9,300	$	421
CommScope *	1,100		29
Computer Sciences *	39,136		2,252
Convergys *	4,600		50
Corning	365,800		7,064
Cree *	2,300		130
Cypress Semiconductor *	8,800		93
DealerTrack Holdings *	6,600		124
Dell *	49,689		714
Dolby Laboratories, Cl A *	1,800		86
DST Systems *	5,400		235
eBay *	262,805		6,186
Electronic Arts *	64,900		1,152
EMC *	440,650		7,698
Equinix *	800		85
F5 Networks *	3,800		201
Factset Research Systems	3,100		204
Fidelity National Information Services	23,331		547
Fiserv *	16,400		795
Flextronics International *	94,200		689
Google, Cl A *	30,701		19,034
Harris	28,100		1,336
Hewitt Associates, Cl A *	16,900		714
Hewlett-Packard	246,564		12,701
IAC *	17,961		368
infoGROUP	2,800		23
Ingram Micro, Cl A *	143,691		2,507
Intel	551,510		11,251
International Business Machines	150,031		19,639
Intersil, Cl A	7,000		107
Intuit *	129,700		3,983
Iron Mountain *	7,400		168
j2 Global Communications *	1,700		35
Jabil Circuit	1,600		28
JDS Uniphase *	4,400		36
Juniper Networks *	3,600		96
Kla-Tencor	8,000		289
Lam Research *	1,900		74
Lender Processing Services	1,800		73
Lexmark International, Cl A *	16,914		439
Linear Technology	6,900		211
Loral Space & Communications *	1,200		38
Marvell Technology Group *	56,300		1,168
Mastercard, Cl A	17,700		4,531
Maxim Integrated Products	4,200		85
McAfee *	9,500		385
Microchip Technology	7,900		230
Micron Technology *	3,400		36
Micros Systems *	8,000		248
Microsoft	812,109		24,761
Molex	3,900		84
Motorola	30,300		235
National Semiconductor	2,000		31
NetApp *	11,500		395
NeuStar, Cl A *	2,300		53
Nokia ADR	133,100		1,710
Novellus Systems *	9,900		231
Nuance Communications *	1,900		29


Description	Shares	Market Value ($ Thousands)
Nvidia *	35,200	$	658
ON Semiconductor *	4,600		41
Oplink Communications *	900		15
Oracle	171,698		4,213
Paychex	62,600		1,918
Pegasystems	2,800		95
PMC - Sierra *	34,800		301
Qualcomm	164,700		7,619
Quest Software *	25,100		462
Rackspace Hosting *	83,900		1,749
Rambus *	2,100		51
Red Hat *	49,700		1,536
Rovi *	6,200		198
SAIC *	36,400		689
Salesforce.com *	2,000		148
Seagate Technology	131,200		2,387
Semtech *	9,200		156
Silicon Laboratories *	5,500		266
Sun Microsystems *	18,549		174
Sybase *	5,800		252
Symantec *	231,556		4,143
Synopsys *	29,300		653
Syntel	500		19
Tech Data *	44,475		2,075
Technitrol	7,900		35
Tellabs *	21,900		125
Teradata *	110,100		3,460
Teradyne *	3,200		34
Texas Instruments	352,534		9,187
Total System Services	16,500		285
Trimble Navigation *	800		20
Tyco Electronics	20,400		501
Varian Semiconductor Equipment Associates *	900		32
VeriSign *	127,300		3,086
Visa, Cl A	96,975		8,481
Vishay Intertechnology *	7,100		59
VMware, Cl A *	2,100		89
WebMD Health, Cl A *	3,099		119
Western Digital *	45,500		2,009
Western Union	56,300		1,061
Xerox	83,000		702
Xilinx	9,200		231
Yahoo! *	421,920		7,080
Zebra Technologies, Cl A *	5,200		148

			258,519

Materials — 3.3%
Air Products & Chemicals	5,000		405
Albemarle	6,100		222
Alcoa	3,700		60
Allegheny Technologies	1,300		58
Alpha Natural Resources *	2,192		95
Ashland	13,700		543
Ball	18,600		962
Bemis	28,600		848
Celanese, Ser A	9,000		289
CF Industries Holdings	649		59
Cliffs Natural Resources	25,491		1,175
Commercial Metals	200		3
Compass Minerals International	400		27
Crown Holdings *	14,900		381


Description	Shares	Market Value ($ Thousands)
Cytec Industries	2,100	$	76
Dow Chemical	3,300		91
E.I. Du Pont de Nemours	62,600		2,108
Eagle Materials	3,500		91
Eastman Chemical	17,700		1,066
Ecolab	12,300		548
FMC	1,000		56
Freeport-McMoRan Copper & Gold, Cl B	55,610		4,465
Greif, Cl A	3,900		211
Huntsman	124,666		1,407
International Flavors & Fragrances	600		25
International Paper	28,400		761
Koppers Holdings	3,900		119
Lubrizol	23,700		1,729
MeadWestvaco	9,200		263
Monsanto	16,312		1,334
Nalco Holding	58,700		1,497
NewMarket	3,400		390
Newmont Mining	20,001		946
Nucor	47,300		2,207
Owens-Illinois *	7,400		243
Packaging Corp of America	1,300		30
Pactiv *	36,259		875
Potash Corp of Saskatchewan	18,000		1,953
PPG Industries	2,400		141
Praxair	50,630		4,066
Reliance Steel & Aluminum	12,500		540
Rock-Tenn, Cl A	12,600		635
RPM International	9,900		201
Scotts Miracle-Gro, Cl A	10,800		425
Sealed Air	32,049		701
Sigma-Aldrich	700		35
Solutia *	25,600		325
Sonoco Products	18,500		541
Southern Copper	49,900		1,642
Spartech	7,300		75
Syngenta ADR	48,300		2,718
Temple-Inland	7,300		154
Terra Industries	2,338		75
Valspar	3,900		106
Walter Energy	4,148		313
Weyerhaeuser	700		30

			40,341

Telecommunication Services — 3.2%
AT&T	763,753		21,408
CenturyTel	24,201		876
Crown Castle International *	110,400		4,310
MetroPCS Communications *	8,900		68
NII Holdings *	18,000		604
Qwest Communications International	21,100		89
SBA Communications, Cl A *	3,500		120
Sprint Nextel *	371,643		1,360
Telephone & Data Systems	15,100		512
tw telecom , Cl A *	2,700		46
Verizon Communications	276,645		9,165
Windstream	3,052		34

			38,592


Description	Shares	Market Value ($ Thousands)
Utilities — 4.0%
AES *	619,500	$	8,246
AGL Resources	3,900		142
Allegheny Energy	2,000		47
Alliant Energy	12,600		381
Ameren	42,300		1,182
American Electric Power	53,400		1,858
American Water Works	4,500		101
Aqua America	12,900		226
Atmos Energy	27,500		808
Calpine *	14,100		155
CMS Energy	22,100		346
Consolidated Edison	2,400		109
Constellation Energy Group	29,200		1,027
Dominion Resources	48,594		1,891
DPL	35,500		980
DTE Energy	52,468		2,287
Duke Energy	1,500		26
Edison International	70,300		2,445
Energen	24,700		1,156
Entergy	1,000		82
Equities	14,600		641
Exelon	51,774		2,530
FirstEnergy	72,568		3,371
FPL Group	55,700		2,942
ITC Holdings	300		16
Mirant *	74,900		1,144
National Fuel Gas	2,200		110
NiSource	47,100		724
Northeast Utilities	3,700		95
NRG Energy *	3,400		80
NV Energy	120,600		1,493
OGE Energy	16,700		616
Oneok	600		27
PG&E	24,436		1,091
Pinnacle West Capital	4,700		172
PPL	25,440		822
Progress Energy	1,500		61
Public Service Enterprise Group	94,102		3,129
Questar	3,600		150
SCANA	600		23
Sempra Energy	45,292		2,536
Southern	1,027		34
Southern Union	61,300		1,391
TECO Energy	2,600		42
UGI	17,800		431
Westar Energy	200		4
Wisconsin Energy	1,000		50
Xcel Energy	54,971		1,167

			48,387


Total Common Stock (Cost $1,091,028) ($ Thousands)			1,162,251


PREFERRED STOCK — 0.0%

Financials — 0.0%
Bank of America
10.000%, 12/31/49*(A)(B)	12,400		185


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)

Total Preferred Stock (Cost $186) ($ Thousands)			$	185


CASH EQUIVALENT — 4.0%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100%**(C)		48,519,466		48,519

Total Cash Equivalent (Cost $48,519) ($ Thousands)				48,519


U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.342%, 09/23/10 (D) (E)	$	400		399
0.135%, 06/03/10 (D) (E)		3,249		3,247

Total U.S. Treasury Obligations (Cost $3,647) ($ Thousands)				3,646


Total Investments — 100.5% (Cost $1,143,380) ($ Thousands)@			$	1,214,601

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)

S&P 500 Index E-MINI	50	Mar-2010	$	42

S&P Composite Index	131	Mar-2010		166
S&P Mid 400 Index E-MINI	66	Mar-2010		107


			$	315

Percentages are based on Net Assets of $1,208,359 ($Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

†	Real Estate Investment Trust.

(A)	Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of December 31, 2009.

(B)	Convertible.

(C)	Investment in Affiliated Security.

(D)	The rate reported is the effective yield at the time of purchase.

(E)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

Cl — Class

@ At December 31, 2009, the tax basis cost of the Fund’s investments was $1,143,380 ($ Thousands), and the unrealized appreciation and depreciation were $87,192 ($ Thousands) and ($15,971) ($ Thousands) respectively.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):


Description	Shares	Market Value ($ Thousands)
COMMON STOCK — 98.1%

Consumer Discretionary — 9.4%
Abercrombie & Fitch, Cl A	11,300	$	394
Amazon.com *	43,600		5,865
Apollo Group, Cl A * (A)	17,403		1,055
Autonation * (A)	13,326		255
Autozone * (A)	3,894		616
Bed Bath & Beyond * (A)	35,533		1,373
Best Buy (A)	44,641		1,762
Big Lots *	9,913		287
Black & Decker	7,809		506
Carnival *	57,284		1,815
CBS, Cl B	88,101		1,238
Coach	41,210		1,505
Comcast, Cl A	373,022		6,289
Darden Restaurants	18,813		660
DeVry	8,200		465
DIRECTV, Cl A *	126,000		4,202
DR Horton (A)	38,649		420
Eastman Kodak (A)	31,610		133
Expedia * (A)	26,700		687
Family Dollar Stores (A)	19,222		535
Ford Motor * (A)	432,380		4,324
Fortune Brands	19,219		830
GameStop, Cl A * (A)	22,600		496
Gannett	28,647		425
Gap	63,731		1,335
Genuine Parts (A)	21,936		833
Goodyear Tire & Rubber * (A)	30,693		433
H&R Block (A)	42,804		968
Harley-Davidson (A)	29,908		753
Harman International Industries	8,500		300
Hasbro	16,391		526
Home Depot (A)	222,196		6,428
International Game Technology	40,856		767
Interpublic Group *	63,501		469
J.C. Penney	30,680		816
Johnson Controls	89,657		2,442
Kohl's * (A)	40,047		2,160
Leggett & Platt	19,454		397
Lennar, Cl A (A)	23,407		299
Limited Brands (A)	33,827		651
Lowe's	192,836		4,510
Macy's	54,564		915
Marriott International, Cl A (A)	32,552		887
Mattel	49,518		989
McDonald's	141,170		8,815
McGraw-Hill	42,421		1,422
Meredith (A)	5,363		166
New York Times, Cl A (A)	14,392		178
Newell Rubbermaid (A)	36,747		551
News, Cl A	295,633		4,047
Nike, Cl B (A)	51,094		3,376
Nordstrom (A)	21,902		823
Office Depot *	38,120		246
Omnicom Group	40,304		1,578
O'Reilly Automotive * (A)	18,600		709
Polo Ralph Lauren	7,400		599
priceline.com *	5,580		1,219
Pulte Homes (A)	41,982		420


Description	Shares	Market Value ($ Thousands)
RadioShack	15,025	$	293
Ross Stores	15,834		676
Scripps Networks Interactive, Cl A	11,600		481
Sears Holdings * (A)	7,065		590
Sherwin-Williams (A)	13,516		833
Snap-On	6,953		294
Stanley Works (A)	9,979		514
Staples (A)	96,614		2,376
Starbucks *	96,458		2,224
Starwood Hotels & Resorts Worldwide (A)	24,035		879
Target	98,619		4,770
Tiffany (A)	15,773		678
Time Warner	152,312		4,438
Time Warner Cable, Cl A (A)	46,083		1,907
TJX	55,467		2,027
VF (A)	12,114		887
Viacom, Cl B *	79,501		2,364
Walt Disney (A)	248,127		8,002
Washington Post, Cl B	755		332
Whirlpool (A)	9,905		799
Wyndham Worldwide	22,902		462
Wynn Resorts * (A)	9,200		536
Yum! Brands (A)	61,070		2,135

			125,661

Consumer Staples — 11.2%
Altria Group	271,156		5,323
Archer-Daniels-Midland	84,266		2,638
Avon Products (A)	57,251		1,803
Brown-Forman, Cl B	15,195		814
Campbell Soup	25,775		871
Clorox	18,842		1,149
Coca-Cola	303,553		17,302
Coca-Cola Enterprises	43,817		929
Colgate-Palmolive	65,193		5,356
ConAgra Foods	57,552		1,327
Constellation Brands, Cl A *	25,800		411
Costco Wholesale	57,218		3,386
CVS Caremark	184,235		5,934
Dean Foods *	24,800		448
Dr Pepper Snapple Group	32,600		923
Estee Lauder, Cl A (A)	16,200		783
General Mills	42,691		3,023
Hershey (A)	22,712		813
HJ Heinz	40,949		1,751
Hormel Foods	8,500		327
JM Smucker	16,148		997
Kellogg	34,367		1,828
Kimberly-Clark	55,699		3,549
Kraft Foods, Cl A	193,298		5,254
Kroger	85,159		1,748
Lorillard	21,576		1,731
McCormick (A)	16,461		595
Mead Johnson Nutrition, Cl A	42,648		1,864
Molson Coors Brewing, Cl B	20,546		928
Pepsi Bottling Group	19,036		714
PepsiCo	204,296		12,421
Philip Morris International	249,365		12,017
Procter & Gamble	382,901		23,215
Reynolds American	23,040		1,220


Description	Shares	Market Value ($ Thousands)
Safeway	54,246	$	1,155
Sara Lee	96,987		1,181
SUPERVALU (A)	26,397		336
SYSCO (A)	79,020		2,208
Tyson Foods, Cl A	41,990		515
Walgreen	129,544		4,757
Wal-Mart Stores	279,444		14,936
Whole Foods Market * (A)	17,900		491

			148,971

Energy — 11.3%
Anadarko Petroleum	65,780		4,106
Apache	43,900		4,529
Baker Hughes (A)	40,234		1,629
BJ Services	37,256		693
Cabot Oil & Gas (A)	13,600		593
Cameron International *	31,500		1,317
Chesapeake Energy	84,000		2,174
Chevron	262,878		20,239
ConocoPhillips	194,143		9,915
Consol Energy	23,500		1,170
Denbury Resources * (A)	33,100		490
Devon Energy	58,013		4,264
Diamond Offshore Drilling (A)	8,900		876
El Paso	95,794		942
EOG Resources (A)	33,044		3,215
Exxon Mobil	625,044		42,622
FMC Technologies * (A)	16,800		972
Halliburton	118,579		3,568
Hess	38,075		2,303
Marathon Oil	92,956		2,902
Massey Energy (A)	10,400		437
Murphy Oil	24,963		1,353
Nabors Industries * (A)	37,978		831
National Oilwell Varco	54,868		2,419
Noble Energy	22,700		1,617
Occidental Petroleum	106,159		8,636
Peabody Energy (A)	34,700		1,569
Pioneer Natural Resources (A)	14,700		708
Range Resources	21,200		1,057
Rowan	14,597		330
Schlumberger	157,125		10,227
Smith International	34,800		946
Southwestern Energy *	45,100		2,174
Spectra Energy	83,961		1,722
Sunoco	16,457		429
Tesoro (A)	16,700		226
Valero Energy	78,308		1,312
Williams	75,565		1,593
XTO Energy	76,218		3,546

			149,651

Financials — 14.1%
Aflac	61,408		2,840
Allstate	70,159		2,107
American Express	156,015		6,322
American International Group * (A)	18,008		540
Ameriprise Financial	33,184		1,288
AON (A)	35,829		1,374
Apartment Investment & Management, Cl A † (A)	15,239		243
Assurant	14,800		436


Description	Shares	Market Value ($ Thousands)
AvalonBay Communities † (A)	10,208	$	838
Bank of America (A)	1,301,928		19,607
Bank of New York Mellon	157,386		4,402
BB&T (A)	89,297		2,265
Boston Properties † (A)	18,000		1,207
Capital One Financial	59,562		2,284
CB Richard Ellis Group, Cl A *	34,600		470
Charles Schwab (A)	124,627		2,346
Chubb	45,856		2,255
Cincinnati Financial	22,579		592
Citigroup (A)	2,550,285		8,441
CME Group	8,907		2,992
Comerica	19,983		591
Discover Financial Services	69,630		1,024
ETrade Financial (A)	206,639		362
Equity Residential †	38,140		1,288
Federated Investors, Cl B (A)	13,145		362
Fifth Third Bancorp	111,011		1,082
First Horizon National * (A)	32,105		430
Franklin Resources	19,615		2,066
Genworth Financial, Cl A *	65,900		748
Goldman Sachs Group	67,456		11,389
Hartford Financial Services Group	53,386		1,242
HCP † (A)	40,800		1,246
Health Care † (A)	15,400		682
Host Hotels & Resorts † (A)	83,448		974
Hudson City Bancorp	60,300		828
Huntington Bancshares	100,875		368
IntercontinentalExchange * (A)	10,000		1,123
Invesco	57,900		1,360
Janus Capital Group	22,177		298
JPMorgan Chase	516,357		21,517
Keycorp (A)	117,383		652
Kimco Realty †	52,100		705
Legg Mason (A)	20,800		627
Leucadia National *	24,000		571
Lincoln National	38,798		965
Loews	46,849		1,703
M&T Bank (A)	10,561		706
Marsh & McLennan	72,550		1,602
Marshall & Ilsley	71,170		388
MetLife	107,726		3,808
Moody's (A)	26,808		719
Morgan Stanley	177,861		5,265
NASDAQ OMX Group *	17,400		345
Northern Trust	32,405		1,698
NYSE Euronext	35,700		903
People's United Financial	47,600		795
Plum Creek Timber † (A)	22,535		851
PNC Financial Services Group	60,675		3,203
Principal Financial Group	41,548		999
Progressive (A)	87,368		1,572
Prologis † (A)	66,460		910
Prudential Financial	60,766		3,024
Public Storage †	17,528		1,428
Regions Financial (A)	160,263		848
Simon Property Group †	37,403		2,985
SLM * (A)	59,143		666
State Street	64,891		2,825
SunTrust Banks (A)	69,096		1,402
T. Rowe Price Group (A)	33,408		1,779


Description	Shares	Market Value ($ Thousands)
Torchmark (A)	10,405	$	457
Travelers	71,152		3,548
Unum Group	42,452		829
US Bancorp (A)	250,306		5,634
Ventas †	20,000		875
Vornado Realty Trust † (A)	21,373		1,495
Wells Fargo	669,563		18,072
XL Capital, Cl A (A)	43,605		799
Zions Bancorporation (A)	19,060		245

			187,727

Health Care — 12.3%
Abbott Laboratories	202,446		10,930
Aetna	58,602		1,858
Allergan	40,266		2,537
AmerisourceBergen	38,392		1,001
Amgen *	132,318		7,485
Baxter International	78,938		4,632
Becton Dickinson	31,362		2,473
Biogen Idec *	37,600		2,012
Boston Scientific *	196,012		1,764
Bristol-Myers Squibb (A)	199,901		5,047
C.R. Bard (A)	12,688		988
Cardinal Health	49,855		1,607
CareFusion *	22,677		567
Celgene *	60,300		3,357
Cephalon * (A)	9,500		593
Cigna (A)	37,971		1,339
Coventry Health Care *	18,513		450
DaVita *	14,300		840
Dentsply International (A)	20,600		725
Eli Lilly	132,230		4,722
Express Scripts *	36,052		3,117
Forest Laboratories *	40,863		1,312
Genzyme *	34,432		1,688
Gilead Sciences * (A)	117,472		5,084
Hospira * (A)	20,704		1,056
Humana *	23,297		1,022
IMS Health	22,595		476
Intuitive Surgical * (A)	5,220		1,583
Johnson & Johnson	361,582		23,289
King Pharmaceuticals * (A)	31,686		389
Laboratory Corp of America Holdings * (A)	14,763		1,105
Life Technologies *	23,843		1,245
McKesson	34,869		2,179
Medco Health Solutions *	63,616		4,066
Medtronic	145,217		6,387
Merck	400,044		14,618
Millipore *	7,893		571
Mylan Laboratories * (A)	42,111		776
Patterson * (A)	11,300		316
PerkinElmer	14,040		289
Pfizer	1,057,276		19,232
Quest Diagnostics	20,224		1,221
St. Jude Medical *	43,156		1,587
Stryker	36,842		1,856
Tenet Healthcare *	63,576		343
Thermo Fisher Scientific *	53,543		2,554
UnitedHealth Group	152,247		4,640
Varian Medical Systems * (A)	17,200		806
Waters *	12,197		756


Description	Shares	Market Value ($ Thousands)
Watson Pharmaceuticals * (A)	14,971	$	593
WellPoint *	59,698		3,480
Zimmer Holdings *	27,655		1,635

			164,198

Industrials — 10.0%
3M	93,282		7,712
Avery Dennison	15,715		573
Boeing (A)	95,032		5,144
Burlington Northern Santa Fe	34,424		3,395
C.H. Robinson Worldwide (A)	22,000		1,292
Caterpillar (A)	81,397		4,639
Cintas	18,307		477
CSX	51,350		2,490
Cummins	27,240		1,249
Danaher	33,948		2,553
Deere	55,502		3,002
Dover	25,537		1,063
Dun & Bradstreet	7,400		624
Eaton	21,369		1,359
Emerson Electric	98,306		4,188
Equifax	17,825		551
Expeditors International of Washington (A)	29,000		1,007
Fastenal (A)	17,800		741
FedEx (A)	41,105		3,430
First Solar * (A)	6,640		899
Flowserve	7,100		671
Fluor	23,444		1,056
General Dynamics	50,626		3,451
General Electric	1,395,274		21,110
Goodrich	17,020		1,094
Honeywell International	100,955		3,958
Illinois Tool Works	50,524		2,425
ITT (A)	25,400		1,263
Jacobs Engineering Group * (A)	16,900		635
L-3 Communications Holdings	15,023		1,306
Lockheed Martin	41,794		3,149
Masco	47,668		658
Monster Worldwide * (A)	15,034		261
Norfolk Southern	48,226		2,528
Northrop Grumman	41,719		2,330
PACCAR (A)	47,191		1,712
Pall	15,495		561
Parker Hannifin	22,371		1,205
Pitney Bowes	28,375		646
Precision Castparts	18,300		2,019
Quanta Services *	28,600		596
Raytheon	51,068		2,631
Republic Services	43,583		1,234
Robert Half International (A)	18,927		506
Rockwell Automation	18,126		852
Rockwell Collins	21,978		1,217
Roper Industries	12,000		628
RR Donnelley & Sons	27,111		604
Ryder System	7,254		299
Southwest Airlines	102,149		1,168
Stericycle * (A)	11,800		651
Textron (A)	34,598		651
Union Pacific	65,894		4,210
United Parcel Service, Cl B	129,811		7,448
United Technologies	122,632		8,512


Description	Shares	Market Value ($ Thousands)
Waste Management (A)	64,528	$	2,182
WW Grainger (A)	7,965		771

			132,586

Information Technology — 19.5%
Adobe Systems *	68,836		2,532
Advanced Micro Devices * (A)	79,463		769
Affiliated Computer Services, Cl A * (A)	13,449		803
Agilent Technologies * (A)	44,506		1,383
Akamai Technologies * (A)	21,600		547
Altera (A)	37,551		850
Amphenol, Cl A	23,500		1,085
Analog Devices	39,899		1,260
Apple *	118,031		24,888
Applied Materials	174,550		2,433
Autodesk * (A)	29,317		745
Automatic Data Processing	65,950		2,824
BMC Software *	25,249		1,012
Broadcom, Cl A * (A)	55,936		1,759
CA	53,827		1,209
Cisco Systems *	753,604		18,041
Citrix Systems *	25,042		1,042
Cognizant Technology Solutions, Cl A *	38,300		1,735
Computer Sciences *	20,733		1,193
Compuware *	30,175		218
Corning	203,278		3,925
Dell * (A)	226,174		3,248
eBay *	147,632		3,475
Electronic Arts * (A)	43,978		781
EMC *	271,140		4,737
Fidelity National Information Services	44,765		1,049
Fiserv *	19,980		969
Flir Systems * (A)	19,200		628
Google, Cl A *	31,591		19,586
Harris	16,700		794
Hewlett-Packard	310,565		15,997
Intel	723,115		14,752
International Business Machines	172,137		22,533
Intuit *	43,786		1,345
Iron Mountain * (A)	24,800		564
Jabil Circuit	25,979		451
JDS Uniphase *	29,456		243
Juniper Networks * (A)	68,200		1,819
Kla-Tencor (A)	21,771		787
Lexmark International, Cl A *	10,239		266
Linear Technology (A)	30,494		931
LSI Logic *	91,546		550
Mastercard, Cl A (A)	12,600		3,225
McAfee * (A)	21,200		860
MEMC Electronic Materials *	29,300		399
Microchip Technology (A)	23,100		671
Micron Technology * (A)	109,569		1,157
Microsoft (A)	1,016,893		31,005
Molex (A)	17,460		377
Motorola	300,906		2,335
National Semiconductor (A)	29,337		451
NetApp * (A)	45,476		1,564
Novell *	54,889		228


Description	Shares	Market Value ($ Thousands)
Novellus Systems * (A)	11,727	$	274
Nvidia * (A)	74,048		1,383
Oracle	511,888		12,562
Paychex (A)	44,656		1,368
QLogic * (A)	14,148		267
Qualcomm	219,032		10,133
Red Hat *	25,400		785
SAIC *	38,844		736
Salesforce.com *	15,000		1,106
SanDisk * (A)	30,200		875
Sun Microsystems *	102,002		956
Symantec *	106,447		1,904
Tellabs *	50,899		289
Teradata *	22,868		719
Teradyne * (A)	20,307		218
Texas Instruments	163,349		4,257
Total System Services (A)	24,380		421
VeriSign *	26,800		650
Visa, Cl A (A)	58,472		5,114
Western Digital *	30,400		1,342
Western Union	89,812		1,693
Xerox (A)	111,236		941
Xilinx (A)	37,609		943
Yahoo! * (A)	156,338		2,623

			259,589

Materials — 3.5%
Air Products & Chemicals	27,526		2,231
Airgas	11,500		548
AK Steel Holding (A)	14,800		316
Alcoa (A)	126,735		2,043
Allegheny Technologies (A)	13,659		612
Ball	11,891		615
Bemis	14,490		430
CF Industries Holdings (A)	6,690		607
Cliffs Natural Resources	16,611		766
Dow Chemical (A)	149,475		4,130
E.I. Du Pont de Nemours	118,035		3,974
Eastman Chemical	9,608		579
Ecolab	30,930		1,379
FMC	10,200		569
Freeport-McMoRan Copper & Gold, Cl B	55,168		4,429
International Flavors & Fragrances	9,794		403
International Paper	56,070		1,502
MeadWestvaco	21,515		616
Monsanto	71,448		5,841
Newmont Mining	65,808		3,113
Nucor	40,882		1,907
Owens-Illinois *	22,600		743
Pactiv *	18,487		446
PPG Industries	21,545		1,261
Praxair	41,199		3,309
Sealed Air	19,828		433
Sigma-Aldrich (A)	15,536		785
Titanium Metals (A)	12,100		151
United States Steel (A)	19,426		1,071
Vulcan Materials (A)	17,149		903
Weyerhaeuser	28,888		1,246

			46,958


Description	Shares	Market Value ($ Thousands)
Telecommunication Services — 3.1%
American Tower, Cl A *	51,600	$	2,230
AT&T	773,240		21,674
CenturyTel (A)	40,292		1,459
Frontier Communications (A)	38,531		301
MetroPCS Communications * (A)	33,700		257
Qwest Communications International (A)	201,626		849
Sprint Nextel *	398,722		1,459
Verizon Communications	371,898		12,321
Windstream (A)	61,246		673

			41,223

Utilities — 3.7%
AES *	85,990		1,145
Allegheny Energy (A)	23,968		563
Ameren	31,044		868
American Electric Power	63,815		2,220
Centerpoint Energy	48,868		709
CMS Energy (A)	32,692		512
Consolidated Edison (A)	38,133		1,732
Constellation Energy Group	25,599		900
Dominion Resources (A)	78,140		3,041
DTE Energy (A)	21,045		917
Duke Energy	170,222		2,930
Edison International	42,553		1,480
Entergy	25,564		2,092
Equities (A)	18,100		795
Exelon	86,154		4,210
FirstEnergy	39,587		1,839
FPL Group	54,020		2,853
Integrys Energy Group	11,134		468
Nicor	5,325		224
NiSource	38,979		600
Northeast Utilities	24,800		640
Pepco Holdings	31,600		533
PG&E (A)	49,629		2,216
Pinnacle West Capital	14,349		525
PPL	48,871		1,579
Progress Energy	36,483		1,496
Public Service Enterprise Group	66,230		2,202
Questar	23,800		989
SCANA	14,500		546
Sempra Energy	31,965		1,789
Southern	104,635		3,486
TECO Energy (A)	30,812		500
Wisconsin Energy	16,100		802
Xcel Energy	59,219		1,257

			48,658


Total Common Stock (Cost $757,367) ($ Thousands)			1,305,222


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 14.5%
SEI Liquidity Fund, L.P.,
0.300% ** (C) (D)		196,318,016	$	192,933

Total Affiliated Partnership (Cost $196,318) ($ Thousands)				192,933


CASH EQUIVALENT — 1.4%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100%** (D)		18,958,191		18,958


Total Cash Equivalent (Cost $18,958) ($ Thousands)				18,958


U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bills,
0.017%, 03/11/10 (B) (E)	$	2,895		2,895

Total U.S. Treasury Obligation (Cost $2,895) ($ Thousands)				2,895


Total Investments — 114.2% (Cost $975,538) ($ Thousands) @			$	1,520,008

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)

S&P 500 Index EMINI	477	Mar-2010	$	177


			$	177

For the period ended December 31, 2009, the total amount of all open futures contracts as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on Net Assets of $1,330,931 ($Thousands).

†	Real Estate Investment Trust.

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

(A)	This Security or a partial position of this security is on loan at December 31, 2009. The total market value of securities on loan at December 31, 2009 was $189,385 ($ Thousands).

(B)	The rate reported is the effective yield at the time of purchase.

(C)	This security was purchased with cash collateral received from securities lending. The total value of such securities as of December 31, 2009 was $192,933 ($ Thousands).

(D)	Investment in Affiliated Security.

(E)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

Cl — Class

L.P. — Limited Partnership

@	At December 31, 2009, the tax basis cost of the Fund's investments was $975,538 ($ Thousands), and the unrealized appreciation and depreciation were $608,910 ($ Thousands) and ($64,440) ($ Thousands) respectively.

For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):


Description	Shares	Market Value ($ Thousands)
COMMON STOCK — 95.7% ‡

Consumer Discretionary — 9.3%
Abercrombie & Fitch, Cl A (A)	27,672	$	964
Accor	5,592		307
American Greetings, Cl A (A)	44,900		978
America’s Car-Mart *	17,800		469
Arctic Cat	43,600		400
Asbury Automotive Group *	38,600		445
ATC Technology *	97,612		2,328
Bebe Stores (A)	46,165		289
Belo, Cl A	168,845		918
Big Lots *	24,200		701
Blyth	6,475		218
Bob Evans Farms (A)	24,000		695
Brown Shoe	34,100		337
Cabela’s * (A)	59,800		853
Callaway Golf (A)	144,729		1,091
Carmike Cinemas *	8,000		60
Carter’s *	5,500		145
Casual Male Retail Group *	209,424		488
Cato, Cl A	35,000		702
Coldwater Creek * (A)	118,211		527
Cooper Tire & Rubber (A)	61,093		1,225
Core-Mark Holding *	9,400		310
Cracker Barrel Old Country Store (A)	29,200		1,109
CSS Industries	35,100		682
Dillard’s, Cl A (A)	30,500		563
Ethan Allen Interiors (A)	68,745		923
Finish Line, Cl A	34,300		430
Foot Locker	70,800		789
Global Sources *	10,600		66
Group 1 Automotive (A)	11,600		329
Harte-Hanks	43,000		464
hhgregg * (A)	42,491		936
Hillenbrand	28,000		528
Iconix Brand Group *	61,500		778
Insight Enterprises * (A)	90,300		1,031
International Speedway, Cl A (A)	56,900		1,619
Jack in the Box *	95,370		1,876
Jakks Pacific * (A)	39,700		481
Jarden	22,186		686
Jo-Ann Stores * (A)	10,200		370
Jones Apparel Group	26,600		427
Journal Communications, Cl A	107,100		417
Lakeland Industries *	94,400		755
Landry’s Restaurants * (A)	19,700		419
Lifetime Brands	60,500		433
Lincoln Educational Services *	11,360		246
Lions Gate Entertainment *	122,000		709
Matthews International, Cl A	29,900		1,059
MDC Partners, Cl A *	375,900		3,135
Mediacom Communications, Cl A *	51,500		230
Men’s Wearhouse (A)	21,601		455
Meredith (A)	55,000		1,697
New Frontier Media *	206,600		390
O’Charleys *	50,700		332
Oxford Industries	15,200		314
Perry Ellis International *	27,900		420
PetSmart	61,626		1,645


Description	Shares	Market Value ($ Thousands)
Polaris Industries (A)	21,800	$	951
Princeton Review *	256,034		1,040
RadioShack	53,600		1,045
RC2 *	18,100		267
Red Robin Gourmet Burgers * (A)	36,600		655
Regis (A)	127,248		1,981
Rent-A-Center *	120,900		2,142
Ruby Tuesday * (A)	52,100		375
Scholastic (A)	21,100		629
Scientific Games, Cl A * (A)	61,473		895
Sinclair Broadcast Group, Cl A	68,900		278
Sonic Automotive, Cl A	28,100		292
Stage Stores	76,900		951
Standard Motor Products	28,200		240
Stein Mart *	8,200		87
Thomas Cook Group	46,696		174
Unifirst	800		39
World Wrestling Entertainment, Cl A	32,000		491

			53,725

Consumer Staples — 5.1%
Alliance One International *	304,100		1,484
American Oriental Bioengineering * (A)	104,000		484
Andersons (A)	3,600		93
BJ’s Wholesale Club *	31,087		1,017
Cal-Maine Foods (A)	19,000		647
Casey’s General Stores (A)	44,552		1,422
Central Garden and Pet * (A)	74,918		801
Central Garden and Pet, Cl A *	67,199		668
Chattem * (A)	16,600		1,549
Chiquita Brands International * (A)	113,600		2,049
Corn Products International	56,678		1,657
Dean Foods * (A)	107,248		1,935
Del Monte Foods	140,800		1,597
Dole Food *	83,599		1,037
Fresh Del Monte Produce *	87,900		1,943
Herbalife	12,700		515
Ingles Markets, Cl A	31,975		484
Nash Finch (A)	10,700		397
Pantry *	135,588		1,842
Prestige Brands Holdings *	60,700		477
Ruddick	51,100		1,315
Sanderson Farms (A)	56,900		2,399
Universal (A)	77,200		3,521
Village Super Market, Cl A	10,504		287

			29,620

Energy — 4.9%
Allis-Chalmers Energy * (A)	24,300		92
Alon USA Energy (A)	22,900		157
Approach Resources *	122,400		945
Berry Petroleum, Cl A (A)	86,593		2,524
Boots & Coots *	90,980		150
Cal Dive International *	259,487		1,962
Comstock Resources *	26,200		1,063
CVR Energy *	37,800		259
Forest Oil * (A)	77,700		1,729
GeoMet *	239,770		350
Goodrich Petroleum * (A)	59,553		1,450
Gulfport Energy *	16,400		188


Description	Shares	Market Value ($ Thousands)
Holly	97,300	$	2,494
Hornbeck Offshore Services *	17,300		403
Key Energy Services * (A)	161,658		1,421
Oil States International *	10,100		397
Overseas Shipholding Group (A)	24,500		1,077
Parker Drilling * (A)	199,700		988
Patterson-UTI Energy (A)	94,200		1,446
RPC (A)	85,000		884
SEACOR Holdings * (A)	13,100		999
Seahawk Drilling * (A)	43,400		978
StealthGas	105,700		658
Stone Energy *	29,500		532
Superior Energy Services *	41,000		996
Swift Energy * (A)	86,611		2,075
Tesoro (A)	37,300		505
USEC * (A)	168,500		649
Western Refining * (A)	46,700		220
World Fuel Services (A)	25,000		670

			28,261

Financials — 31.2%
1st Source	8,100		130
Abington Bancorp	7,500		52
Advance America Cash Advance Centers	141,300		786
Agree Realty †	37,300		869
Alexander’s * †	900		274
Alexandria Real Estate Equities † (A)	6,800		437
Alliance Financial (A)	5,000		136
Allied Capital	24,600		89
Allied World Assurance Holdings	44,500		2,050
AMB Property † (A)	129,900		3,319
American Campus Communities †	15,430		434
American Equity Investment Life Holding (A)	75,800		564
American Physicians Capital	15,600		473
American Safety Insurance Holdings *	7,900		114
Ameris Bancorp	5,258		38
Ames National	1,300		27
Annaly Capital Management †	87,700		1,522
Anthracite Capital †	63,800		6
Anworth Mortgage Asset †	68,800		482
Ares Capital	31,700		395
Argo Group International Holdings *	15,400		449
Arrow Financial	3,090		77
Artio Global Investors, Cl A *	10,400		265
Aspen Insurance Holdings	76,000		1,934
Assured Guaranty	49,000		1,066
Astoria Financial (A)	131,900		1,639
Auburn National Bancorporation	500		10
AvalonBay Communities † (A)	19,600		1,609
Bancfirst	4,300		159
Banco Latinoamericano de Exportaciones, Cl E	59,800		831
Bancorp *	10,800		74
Bancorp Rhode Island	13,100		336
Bancorpsouth (A)	47,364		1,111
Bank of Marin Bancorp	5,300		173
Bank of the Ozarks (A)	23,100		676


Description	Shares	Market Value ($ Thousands)
BankFinancial	8,700	$	86
Bar Harbor Bankshares (A)	800		22
Beneficial Mutual Bancorp *	14,000		138
Berkshire Hills Bancorp	35,800		740
BGC Partners, Cl A	157,700		728
BioMed Realty Trust †	57,200		903
Boston Private Financial Holdings (A)	80,491		464
Boston Properties † (A)	8,700		583
Brandywine Realty Trust †	92,800		1,058
Brookfield Asset Management, Cl A	52,900		1,173
Brookline Bancorp	25,800		256
Bryn Mawr Bank	1,900		29
Calamos Asset Management, Cl A	29,500		340
Camden National	7,200		235
Camden Property Trust †	30,371		1,287
Capital City Bank Group	4,600		64
Capstead Mortgage †	38,400		524
Cardinal Financial	106,207		928
Care Investment Trust †	11,600		90
Cash America International (A)	3,400		119
Cathay General Bancorp (A)	13,800		104
CBL & Associates Properties † (A)	114,039		1,103
Cedar Shopping Centers † (A)	92,300		628
Centerstate Banks	36,000		363
Central Pacific Financial (A)	30,300		40
Century Bancorp, Cl A	3,000		66
Chemical Financial	3,400		80
Chimera Investment †	180,400		700
Citizens & Northern	2,700		26
Citizens Republic Bancorp * (A)	61,236		42
City Holding	2,800		91
CNA Surety * (A)	37,100		552
CNB Financial	2,900		46
CoBiz Financial	18,700		89
Colonial Properties Trust † (A)	46,700		548
Columbia Banking System	10,600		172
Community Bank System	72,100		1,392
Community Trust Bancorp	8,000		196
Conseco * (A)	66,600		333
CreXus Investment * †	29,400		410
CVB Financial (A)	103,300		893
Danvers Bancorp	6,900		90
Delphi Financial Group, Cl A	60,300		1,349
Developers Diversified Realty †	12,200		113
Dexus Property Group †	301,497		230
Dime Community Bancshares	57,300		672
Doral Financial *	42,200		153
Douglas Emmett † (A)	143,600		2,046
Duke Realty † (A)	37,900		461
DuPont Fabros Technology †	14,900		268
East West Bancorp	52,100		823
Education Realty Trust †	160,698		778
Employers Holdings	172,679		2,649
Encore Bancshares *	61,600		490
Encore Capital Group *	45,200		786
Endurance Specialty Holdings (A)	55,851		2,079
Enterprise Bancorp	1,600		18
Enterprise Financial Services	3,000		23


Description	Shares	Market Value ($ Thousands)
Entertainment Properties Trust † (A)	5,600	$	197
Equity One † (A)	82,049		1,327
Equity Residential †	65,400		2,209
ESB Financial	1,200		16
ESSA Bancorp	30,800		360
Essex Property Trust † (A)	7,400		619
Extra Space Storage †	10,200		118
Farmers Capital Bank	2,200		23
FBL Financial Group, Cl A (A)	63,800		1,182
FBR Capital Markets *	221,600		1,369
Federated Investors, Cl B (A)	49,776		1,369
Financial Institutions	6,200		73
First Bancorp (A)	41,300		252
First Busey	2,400		9
First Commonwealth Financial	18,500		86
First Community Bancshares	11,900		143
First Defiance Financial	4,800		54
First Financial	2,600		79
First Financial Bancorp	175,429		2,554
First Financial Bankshares (A)	13,100		710
First Financial Holdings	25,556		332
First Financial Northwest	5,200		34
First Horizon National * (A)	104,792		1,404
First Industrial Realty Trust † (A)	72,300		378
First Merchants (A)	19,100		113
First Mercury Financial (A)	7,700		106
First Midwest Bancorp (A)	40,000		436
First of Long Island	2,700		68
First Potomac Realty Trust †	39,300		494
FirstMerit	80,244		1,616
Flagstar Bancorp * (A)	52,400		31
Flagstone Reinsurance Holdings	22,100		242
Flushing Financial	104,200		1,173
FNB (Pennsylvania) (A)	70,200		477
Forest City Enterprises, Cl A * (A)	141,279		1,664
Fpic Insurance Group * (A)	16,800		649
German American Bancorp	2,100		34
Getty Realty †	800		19
GFI Group	113,200		517
Glacier Bancorp	11,300		155
Gladstone Capital	22,500		173
Great American Group *	199,700		739
Great Southern Bancorp (A)	4,400		94
Green Bankshares	7,012		25
Hancock Holding (A)	33,345		1,460
Hatteras Financial †	22,300		623
Health Care † (A)	6,700		297
Heartland Financial USA	3,600		52
Hercules Technology Growth Capital	94,606		983
Heritage Financial Group	400		3
Hersha Hospitality Trust †	78,000		245
Highwoods Properties †	22,200		740
Home Bancshares	43,600		1,049
Home Federal Bancorp	33,200		442
Horace Mann Educators	64,897		811
Hospitality Properties Trust †	26,000		616
Host Hotels & Resorts † (A)	197,510		2,305
HRPT Properties Trust †	213,700		1,383
IBERIABANK (A)	18,280		984
Independent Bank	9,200		192


Description	Shares	Market Value ($ Thousands)
Infinity Property & Casualty (A)	49,259	$	2,002
International Bancshares (A)	61,500		1,164
Invesco Mortgage Capital †	10,900		248
Investors Bancorp *	30,300		332
KBW *	10,950		300
Kearny Financial	6,800		68
Kennedy-Wilson Holdings *	34,800		312
K-Fed Bancorp	500		4
Kimco Realty †	188,600		2,552
Lakeland Bancorp	8,800		56
Lakeland Financial	4,400		76
LaSalle Hotel Properties †	18,000		382
Legacy Bancorp	1,000		10
Liberty Property Trust † (A)	26,700		855
Macerich † (A)	24,995		899
MainSource Financial Group	56,400		270
Max Capital Group	76,800		1,713
MB Financial	82,460		1,626
Meadowbrook Insurance Group	268,600		1,988
Medical Properties Trust † (A)	90,200		902
Merchants Bancshares	3,000		68
Meridian Interstate Bancorp *	2,400		21
MFA Financial †	228,812		1,682
MGIC Investment *	65,700		380
Mid-America Apartment Communities † (A)	28,419		1,372
Montpelier Re Holdings	65,500		1,134
Nara Bancorp	20,100		228
NASB Financial	1,100		26
National Bankshares	2,400		68
National Financial Partners *	58,800		476
National Penn Bancshares (A)	148,209		858
NBT Bancorp	14,100		287
Nelnet, Cl A	120,511		2,076
NewAlliance Bancshares (A)	101,849		1,223
NGP Capital Resources	19,900		162
Northfield Bancorp	200		3
Northrim BanCorp	4,200		71
Northwest Bancshares	50,735		574
Norwood Financial	600		17
NYMAGIC	5,500		91
OceanFirst Financial	37,850		428
Ocwen Financial *	40,400		387
Old National Bancorp	65,100		809
Old Second Bancorp	8,700		60
Oppenheimer Holdings, Cl A	8,800		292
Oriental Financial Group	55,700		602
Pacific Capital Bancorp (A)	22,900		22
Pacific Continental	3,000		34
PacWest Bancorp (A)	101,126		2,038
Park National (A)	9,449		556
Parkway Properties †	19,500		406
Peapack Gladstone Financial	1,415		18
Pebblebrook Hotel Trust *	30,900		680
Pennsylvania Real Estate Investment Trust † (A)	42,200		357
Peoples Bancorp	4,200		41
Pico Holdings *	39,400		1,290
Pinnacle Financial Partners *	100		1
Platinum Underwriters Holdings	100,579		3,851
PMA Capital, Cl A *	57,500		362
Porter Bancorp	1,760		26


Description	Shares	Market Value ($ Thousands)
Presidential Life	13,900	$	127
PrivateBancorp, Cl A	4,700		42
ProAssurance * (A)	33,510		1,800
Prosperity Bancshares (A)	33,200		1,344
Provident Financial Services	40,300		429
Provident New York Bancorp	28,300		239
Public Storage †	22,100		1,800
Radian Group	1,600		12
RAIT Financial Trust † (A)	29,400		38
Raymond James Financial (A)	25,200		599
Regency Centers † (A)	92,800		3,254
Reinsurance Group of America, Cl A	41,732		1,989
Renasant	50,200		683
Republic Bancorp, Cl A	52,178		1,075
Rewards Network	2,800		35
Rockville Financial	800		8
S&T Bancorp (A)	32,700		556
Safeguard Scientifics *	22,100		228
Safety Insurance Group	18,200		659
Sandy Spring Bancorp (A)	8,250		73
Santander BanCorp *	25,200		309
Saul Centers †	19,200		629
SCBT Financial	24,340		674
SeaBright Insurance Holdings *	51,500		592
Selective Insurance Group	59,700		982
Shore Bancshares	2,200		32
Sierra Bancorp (A)	19,700		150
Signature Bank NY * (A)	67,669		2,159
Simmons First National, Cl A	5,800		161
Simon Property Group †	27,618		2,204
Smithtown Bancorp	7,000		42
South Financial Group (A)	21,700		14
Southside Bancshares	8,103		159
Southwest Bancorp	16,500		115
StanCorp Financial Group	15,000		600
Starwood Property Trust †	43,100		814
State Bancorp	8,000		57
Sterling Bancorp, Cl N	4,000		29
Sterling Bancshares	79,300		407
Stewart Information Services (A)	66,000		744
Student Loan	17,600		820
Suffolk Bancorp	3,400		101
Sun Bancorp *	6,825		26
Sun Communities †	25,700		508
Susquehanna Bancshares	59,900		353
SVB Financial Group * (A)	17,300		721
SY Bancorp	2,100		45
Synovus Financial (A)	441,639		905
TCF Financial (A)	33,800		460
Texas Capital Bancshares *	39,580		553
Thomas Weisel Partners Group *	78,200		296
TICC Capital	30,100		182
Tompkins Financial, Cl US	8,700		352
Trico Bancshares	8,400		140
Trustco Bank NY (A)	116,800		736
Trustmark (A)	38,900		877
UDR † (A)	97,100		1,596
UMB Financial	8,100		319
Umpqua Holdings	34,400		461
Unibail (France) †	3,600		794
Union Bankshares	25,300		313


Description	Shares	Market Value ($ Thousands)
United Bankshares (A)	39,600	$	791
United Community Banks *	32,397		110
United Financial Bancorp	35,900		471
Univest Corp of Pennsylvania	5,800		102
Validus Holdings (A)	58,700		1,581
Ventas † (A)	17,900		783
Verde Realty PIPE * (B) (C)	21,100		445
ViewPoint Financial Group	33,030		476
Vornado Realty Trust † (A)	41,597		2,909
Washington Banking	2,200		26
Washington Real Estate Investment Trust †	10,700		295
Washington Trust Bancorp	5,000		78
Webster Financial	14,500		172
WesBanco	33,500		413
Westamerica Bancorporation	9,200		509
Western Alliance Bancorp *	15,400		58
Westfield Group †	25,000		282
White Mountains Insurance Group	3,200		1,065
Whitney Holding (A)	19,200		175
Wilber	600		4
Willis Group Holdings (A)	22,351		590
Wilshire Bancorp	26,200		215
Wintrust Financial	3,200		99
World Acceptance * (A)	8,300		297
WSFS Financial	27,700		710
Zenith National Insurance	49,800		1,482
Zions Bancorporation (A)	78,862		1,012

			179,589

Health Care — 5.2%
Affymetrix *	7,400		43
American Dental Partners *	1,100		14
AMN Healthcare Services *	130,900		1,186
Amsurg * (A)	48,450		1,067
Assisted Living Concepts, Cl A *	24,600		649
Brookdale Senior Living *	27,800		506
Cambrex *	8,800		49
Cantel Medical	24,800		500
Conmed *	112,482		2,565
Cooper (A)	37,769		1,440
Cross Country Healthcare * (A)	126,100		1,250
Exactech *	41,860		725
Healthspring *	74,300		1,308
HealthTronics *	206,210		544
Healthways *	31,100		570
Hill-Rom Holdings	31,800		763
ICU Medical *	33,400		1,217
Invacare (A)	20,300		506
inVentiv Health *	27,300		442
Inverness Medical Innovations *	5,700		237
Kendle International *	34,796		637
Kensey Nash *	25,527		651
Kindred Healthcare *	55,800		1,030
Kinetic Concepts * (A)	32,400		1,220
Lincare Holdings * (A)	11,600		431
Magellan Health Services *	17,100		697
Martek Biosciences * (A)	5,300		100
Medical Action Industries *	11,100		178
Medical Staffing Network Holdings *	107,400		44


Description	Shares	Market Value ($ Thousands)
Molina Healthcare * (A)	27,300	$	624
National Dentex *	14,900		151
Nighthawk Radiology Holdings *	79,300		359
NovaMed *	82,700		321
Par Pharmaceutical *	71,300		1,929
Patterson * (A)	32,702		915
PDL BioPharma	64,700		444
Psychiatric Solutions *	39,800		841
Skilled Healthcare Group, Cl A *	28,900		215
Somanetics *	9,800		172
Symmetry Medical *	34,900		281
Universal American Financial * (A)	64,530		755
Universal Health Services, Cl B	38,000		1,159
Varian *	18,500		954
Young Innovations	3,400		84

			29,773

Industrials — 15.9%
AAR * (A)	27,900		641
Acuity Brands (A)	48,700		1,736
Aegean Marine Petroleum Network	10,000		275
Aircastle	52,100		513
Airtran Holdings *	289,200		1,509
Alamo Group	31,700		544
Alaska Air Group * (A)	13,900		480
Altra Holdings *	20,300		251
Ampco-Pittsburgh	40,100		1,264
AO Smith	27,500		1,193
Apogee Enterprises (A)	36,300		508
Applied Industrial Technologies	18,425		407
Arkansas Best (A)	47,600		1,401
Astec Industries * (A)	54,700		1,474
Avis Budget Group * (A)	17,900		235
BE Aerospace *	92,667		2,178
Beacon Roofing Supply *	38,400		614
Belden (A)	64,658		1,417
Brady, Cl A	50,674		1,521
CAI International *	60,991		551
Celadon Group *	54,700		593
Clean Harbors *	17,052		1,016
Columbus McKinnon *	27,300		373
Comfort Systems USA (A)	120,500		1,487
Consolidated Graphics *	11,500		403
Cornell *	51,900		1,178
Courier	32,250		459
CRA International *	14,000		373
Crane	37,200		1,139
Cubic	800		30
Deluxe	55,900		827
Diamond Management & Technology Consultants	61,900		456
Dycom Industries *	98,500		791
DynCorp International, Cl A *	48,000		689
EMCOR Group *	125,500		3,376
EnergySolutions	9,500		81
EnerSys *	24,500		536
EnPro Industries * (A)	27,900		737
Esterline Technologies *	24,038		980
Force Protection *	90,500		471
G&K Services	47,842		1,202


Description	Shares	Market Value ($ Thousands)
Gardner Denver	45,189	$	1,923
GATX (A)	7,000		201
Genco Shipping & Trading (A)	21,500		481
Geo Group *	31,000		678
Gibraltar Industries	25,300		398
GP Strategies *	1,500		11
GrafTech International *	10,400		162
Granite Construction (A)	70,300		2,366
GT Solar International * (A)	34,800		193
Healthcare Services Group	9,400		202
Hexcel *	35,900		466
Horizon Lines, Cl A (A)	61,100		340
Hudson Highland Group *	118,100		560
IDEX (A)	75,573		2,354
Integrated Electrical Services *	2,500		15
Interface, Cl A	100,233		833
International Shipholding	2,300		72
Kadant *	57,362		915
Kansas City Southern * (A)	35,051		1,167
Kaydon (A)	47,905		1,713
Kelly Services, Cl A (A)	19,700		235
Kforce *	12,900		161
Kirby * (A)	27,000		941
Knoll	48,200		498
Korn/Ferry International * (A)	32,200		531
LECG *	213,000		637
M&F Worldwide *	12,800		506
McDermott International *	25,300		607
Mcgrath Rentcorp	36,400		814
Mistras Group *	14,300		215
Monster Worldwide * (A)	92,200		1,604
Mueller Industries	57,900		1,438
NACCO Industries, Cl A	7,400		369
Pacer International (A)	42,000		133
Preformed Line Products	900		39
Quanex Building Products	75,875		1,288
Rand Logistics *	31,678		103
Republic Airways Holdings * (A)	21,500		159
Ryder System (A)	37,000		1,523
School Specialty * (A)	108,707		2,543
Seaboard	180		243
Skywest	67,000		1,134
Spherion *	74,400		418
Spirit Aerosystems Holdings, Cl A * (A)	73,800		1,466
Standex International	15,400		309
Steelcase, Cl A (A)	62,200		395
SYKES Enterprises *	20,800		530
Teledyne Technologies *	87,763		3,366
Teleflex	34,917		1,882
Terex *	70,517		1,397
Thomas & Betts * (A)	29,100		1,042
Titan Machinery *	16,460		190
Tredegar	9,200		146
Trimas *	7,000		47
Triumph Group (A)	33,372		1,610
TrueBlue *	80,800		1,197
Ultrapetrol Bahamas *	7,200		34
United Stationers * (A)	12,400		705
VSE	2,700		122
Watson Wyatt Worldwide, Cl A (A)	94,336		4,483


Description	Shares	Market Value ($ Thousands)
Watts Water Technologies, Cl A (A)	41,635	$	1,287
Werner Enterprises	30,000		594
WESCO International * (A)	67,971		1,836
Woodward Governor (A)	66,900		1,724
YRC Worldwide * (A)	24,900		21

			91,481

Information Technology — 13.4%
3Com *	73,700		553
Actel *	93,500		1,111
Actuate *	25,400		109
Acxiom * (A)	60,000		805
ADC Telecommunications * (A)	50,000		310
Agilysys	19,600		178
Anixter International * (A)	14,300		674
Arris Group *	65,700		751
Arrow Electronics *	54,300		1,608
ATMI *	32,700		609
Benchmark Electronics * (A)	148,200		2,802
Black Box	48,982		1,388
CACI International, Cl A *	51,941		2,537
CDC Software ADR *	146,400		1,414
Checkpoint Systems *	27,000		412
Ciber *	325,100		1,122
Coherent *	97,575		2,901
CPI International *	2,800		37
CSG Systems International *	66,300		1,266
CTS	54,900		528
Diebold	55,452		1,578
Digi International *	118,500		1,081
Digital River * (A)	77,734		2,098
Double-Take Software *	51,000		509
DSP Group *	18,300		103
Earthlink (A)	202,800		1,685
Emulex *	86,176		939
Epicor Software *	27,900		213
Fair Isaac (A)	65,700		1,400
Hackett Group *	28,670		80
Imation	93,800		818
Intermec *	109,500		1,408
Jack Henry & Associates	39,100		904
JDA Software Group *	16,300		415
Lawson Software *	487,059		3,239
LeCroy *	38,900		142
Lexmark International, Cl A *	53,600		1,393
Littelfuse *	58,219		1,872
LTX-Credence *	230,300		410
Manhattan Associates *	85,800		2,062
Mantech International, Cl A *	9,500		459
MAXIMUS	32,800		1,640
Methode Electronics (A)	88,700		770
MicroStrategy, Cl A *	14,400		1,354
ModusLink Global Solutions *	23,100		218
Multi-Fineline Electronix *	31,200		885
NCR *	41,100		457
Ness Technologies *	35,000		171
Omnivision Technologies *	31,500		458
Oplink Communications *	9,000		148
Orbotech *	131,600		1,233
OSI Systems *	4,300		117


Description	Shares	Market Value ($ Thousands)
Parametric Technology *	104,980	$	1,715
Photronics *	41,400		184
Plantronics	9,500		247
Plexus *	1,200		34
Progress Software *	52,400		1,531
QLogic *	7,500		141
Quantum *	178,500		523
Quest Software *	6,200		114
Radisys * (A)	81,000		774
RADWARE *	28,200		426
RF Micro Devices *	51,300		245
Richardson Electronics	54,504		320
Rudolph Technologies *	115,400		776
Scansource *	2,100		56
SRA International, Cl A *	73,800		1,410
Standard Microsystems *	31,300		650
Sybase *	34,630		1,503
SYNNEX * (A)	39,400		1,208
Synopsys *	44,433		990
Technitrol	117,300		514
Techwell *	40,700		537
TIBCO Software * (A)	137,800		1,327
TTM Technologies *	7,700		89
Ultra Clean Holdings *	83,000		580
Ultratech *	93,600		1,391
Unisys *	2,400		92
United Online	156,600		1,126
Varian Semiconductor Equipment Associates * (A)	14,500		520
Web.com Group *	85,500		558
Websense *	41,500		724
Xyratex *	97,733		1,301
Zebra Technologies, Cl A *	58,030		1,646
Zoran * (A)	210,808		2,329

			76,955

Materials — 4.3%
AEP Industries *	16,692		639
Allied Nevada Gold * (A)	18,000		271
Aptargroup	34,249		1,224
Buckeye Technologies *	82,800		808
Bway Holding *	22,300		429
Cabot	30,523		801
Carpenter Technology	26,900		725
Clearwater Paper *	5,600		308
Cytec Industries	25,752		938
Domtar *	100		5
Eagle Materials (A)	18,000		469
Glatfelter	8,200		100
Globe Specialty Metals *	14,400		135
H.B. Fuller	82,500		1,877
Innospec	10,900		110
Kaiser Aluminum	11,000		458
Landec *	8,500		53
Mercer International * (A)	1,891		6
Myers Industries	4,200		38
Neenah Paper	52,757		736
NewMarket	10,000		1,148
Olin (A)	122,662		2,149
OM Group * (A)	82,110		2,577
PolyOne *	179,000		1,337
Quaker Chemical	49,000		1,011


Description	Shares	Market Value ($ Thousands)
RTI International Metals *	63,475	$	1,598
Schulman A	14,100		284
Schweitzer-Mauduit International	4,700		331
Sensient Technologies	56,700		1,491
Silgan Holdings (A)	25,956		1,502
Solutia *	30,700		390
Spartech	4,300		44
Stepan	7,200		467

			24,459

Telecommunication Services — 0.3%
Atlantic Telegraph-Network	1,900		105
Cincinnati Bell * (A)	242,900		838
Premiere Global Services *	26,200		216
USA Mobility	68,400		753

			1,912

Utilities — 6.1%
AGL Resources	50,717		1,850
Allete (A)	45,800		1,497
Avista (A)	16,100		348
Black Hills	23,100		615
Cleco	72,900		1,993
El Paso Electric *	154,100		3,125
Empire District Electric (A)	48,700		912
Great Plains Energy (A)	188,761		3,660
Idacorp (A)	63,765		2,037
Laclede Group	9,600		324
MGE Energy	3,800		136
New Jersey Resources (A)	12,300		460
Nicor	13,000		548
Northwest Natural Gas (A)	15,100		680
NorthWestern (A)	95,100		2,474
NV Energy	59,600		738
Portland General Electric	292,464		5,969
South Jersey Industries	27,404		1,046
Southwest Gas (A)	42,900		1,224
UGI	36,100		873
UIL Holdings	20,900		587
Unisource Energy	17,400		560
Vectren	80,800		1,994
Westar Energy	58,106		1,262
WGL Holdings	13,000		436

			35,348


Total Common Stock (Cost $503,471) ($ Thousands)			551,123


EXCHANGE TRADED FUND — 0.1%
iShares Russell 2000 Index Fund (A)	7,209		449

Total Exchange Traded Fund (Cost $432) ($ Thousands)			449


	Number of Warrants
WARRANTS — 0.0%
Washington Mutual (D)	30,242		3

Total Warrants (Cost $—) ($Thousands)			3


Description	Shares/Face Amount ($Thousands)		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 21.6%
SEI Liquidity Fund, L.P.,
0.300% **(E)(F)		128,518,359	$	124,385

Total Affiliated Partnership (Cost $128,518) ($ Thousands)				124,385


CASH EQUIVALENT — 3.0%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100% **(F)		17,232,606		17,233

Total Cash Equivalent (Cost $17,233) ($ Thousands)				17,233


U.S. TREASURY OBLIGATIONS — 0.2%
United States Treasury Bill
0.135%, 06/03/10 (G) (H)	$	836		835
0.028%, 01/07/10 (G) (H)		600		600

Total U.S. Treasury Obligations (Cost $1,435) ($ Thousands)				1,435


Total Investments — 120.6% (Cost $651,089) ($ Thousands) @			$	694,628

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)
Russell 2000 Index E- MINI	219	Mar-2010	$	17

			$	17

Percentages are based on Net Assets of $576,142 ($Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

†	Real Estate Investment Trust.

‡	Narrow Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

(A)	This Security or a partial position of this security is on loan at December 31, 2009. The total market value of securities on loan at December 31, 2009 was $123,068 ($ Thousands).

(B)	Security considered illiquid and restricted. The total market value of such security as of December 31, 2009 was $445 ($Thousands) and represented 0.08% of Net Assets.

(C)	Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of December 31, 2009 was $445 ($ Thousands) and represented 0.08% of net Assets.

(D)	This warrant represents a potential distribution settlement in a legal claim and does not have a strike price or expiration date.

(E)	This security was purchased with cash collateral received from securities lending. The total value of such securities as of December 31, 2009 was $124,385 ($ Thousands).

(F)	Investment in Affiliated Security.

(G)	The rate reported is the effective yield at the time of purchase.

(H)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

ADR — American Depositary Receipt

Cl — Class

L.P. — Limited Partnership

PIPE — Private Investment in Public Entity

Amounts designated as “-” are $0 or have been rounded to $0.

A summary of restricted securities held by the Fund at December 31, 2009, is as follows:

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund's investments carried at value ($ Thousands):

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):


Description	Shares	Market Value ($ Thousands)
COMMON STOCK — 97.7% ‡

Consumer Discretionary — 17.2%
Aaron Rents	14,619	$	405
Aeropostale *	4,460		152
American Axle & Manufacturing Holdings	19,700		158
American Eagle Outfitters	40,515		688
American Greetings, Cl A	11,149		243
American Public Education *	45,733		1,571
Amerigon * (A)	67,759		538
Ameristar Casinos	1,600		24
ArvinMeritor	14,300		160
ATC Technology *	9,600		229
Bally Technologies * (A)	27,759		1,146
Barnes & Noble	2,900		55
Belo, Cl A	23,662		128
Big 5 Sporting Goods	13,400		230
Blue Nile *	3,654		231
Brinker International	22,937		342
Brink’s Home Security Holdings *	21,060		687
Brown Shoe	11,400		113
Buckle	9,238		270
Buffalo Wild Wings *	18,011		725
Build-A-Bear Workshop *	16,498		81
California Pizza Kitchen * (A)	34,925		470
Capella Education * (A)	27,256		2,052
Carter’s *	26,908		706
Cato, Cl A	34,788		698
Century Casinos *	116,528		314
Charming Shoppes *	19,500		126
Cheesecake Factory * (A)	27,646		597
Chico’s FAS *	37,636		529
Christopher & Banks	28,450		217
Citi Trends * (A)	14,700		406
CKE Restaurants	10,747		91
CKX *	5,749		30
Coldwater Creek *	22,031		98
Collective Brands *	7,746		176
Cooper Tire & Rubber	40,318		809
Core-Mark Holding *	2,800		92
Corinthian Colleges * (A)	42,790		589
Cracker Barrel Old Country Store	18,509		703
Dana Holding *	17,890		194
Deckers Outdoor *	4,792		487
Denny’s *	59,581		131
Dick’s Sporting Goods * (A)	46,106		1,147
Dillard’s, Cl A	3,900		72
DineEquity *	19,733		479
Domino’s Pizza *	21,649		181
Dress Barn * (A)	17,247		398
Eastman Kodak	84,700		357
EW Scripps, Cl A *	1,000		7
Federal Mogul, Cl A *	30,359		525
Finish Line, Cl A	98,564		1,237
Foot Locker	19,130		213
Fossil *	22,157		744
Fred’s, Cl A	28,250		288
Fuel Systems Solutions * (A)	12,736		525
Grand Canyon Education * (A)	61,269		1,165
Group 1 Automotive	1,000		28
Gymboree *	6,291		274
Hibbett Sports * (A)	43,633		960
HOT Topic *	82,490		525


Description	Shares	Market Value ($ Thousands)
HSN *	52,045	$	1,051
Iconix Brand Group *	67,778		857
Insight Enterprises *	29,276		334
Interactive Data	27,976		708
Isle of Capri Casinos * (A)	16,904		126
J Crew Group *	45,974		2,057
Jarden	61,445		1,899
Jo-Ann Stores * (A)	7,012		254
JOS A Bank Clothiers * (A)	15,100		637
K12 * (A)	23,607		479
Kirkland’s *	74,798		1,299
Knology *	20,164		221
Life Time Fitness * (A)	105,935		2,641
Live Nation *	22,701		193
Liz Claiborne *	16,971		96
Lululemon Athletica * (A)	61,206		1,842
Lumber Liquidators * (A)	4,315		116
Maidenform Brands *	18,812		314
Marcus	8,371		107
Marvel Entertainment *	3,363		182
Matthews International, Cl A	6,119		217
Mediacom Communications, Cl A *	26,232		117
Meritage Homes *	36,835		712
Morningstar * (A)	22,652		1,095
National CineMedia	43,920		728
Nordstrom	24,450		919
Nutri/System (A)	30,227		942
NVR *	1,060		753
Office Depot *	17,571		113
OfficeMax *	30,154		383
Orient-Express Hotels, Cl A	96,149		975
Overstock.com *	7,662		104
Oxford Industries	22,800		472
Papa John’s International *	3,287		77
Peet’s Coffee & Tea * (A)	16,801		560
Penske Auto Group	8,589		130
PetMed Express	6,566		116
PetSmart	28,960		773
PF Chang’s China Bistro * (A)	20,326		771
Pinnacle Entertainment *	105,367		946
Pre-Paid Legal Services *	4,200		173
RadioShack	6,103		119
Red Robin Gourmet Burgers *	44,642		799
Rue21 *	42,765		1,201
Saks *	173,855		1,140
Sally Beauty Holdings *	6,500		50
Signet Jewelers *	9,087		243
Sinclair Broadcast Group, Cl A	83,837		338
Smith & Wesson Holding *	29,290		120
Sonic Automotive, Cl A	18,744		195
Sotheby’s	24,485		550
Spartan Motors	13,717		77
Spectrum Group International *	22,436		42
Stage Stores	9,100		112
Stamps.com *	14,419		130
Standard-Pacific *	53,499		200
Steiner Leisure *	9,477		377
Steven Madden *	500		21
Sturm Ruger (A)	46,580		452
Superior Industries International	5,300		81
Tempur-Pedic International *	99,045		2,341
Tenneco *	25,900		459


Description	Shares	Market Value ($ Thousands)
Texas Roadhouse, Cl A *	43,943	$	494
Ticketmaster *	19,382		237
Titan International	65,492		531
Tractor Supply * (A)	20,459		1,084
True Religion Apparel * (A)	8,300		153
Tupperware Brands	26,286		1,224
Ulta Salon Cosmetics & Fragrance *	28,708		521
Under Armour, Cl A *	21,085		575
Universal Technical Institute *	17,873		361
Valassis Communications *	18,660		341
Volcom *	5,752		96
Warnaco Group *	13,698		578
Wendy’s, Cl A	36,650		172
Wet Seal, Cl A *	45,247		156
Williams-Sonoma	6,354		132
Wolverine World Wide	3,957		108

			69,115

Consumer Staples — 2.6%
Alliance One International *	28,299		138
American Italian Pasta, Cl A * (A)	12,401		431
American Oriental Bioengineering *	31,604		147
Andersons	1,000		26
Cal-Maine Foods	8,258		282
Casey’s General Stores	16,128		515
Chiquita Brands International *	40,641		733
Darling International *	84,009		704
Diamond Foods	10,730		381
Flowers Foods	12,792		304
Fresh Del Monte Produce *	6,506		144
Herbalife	4,415		179
J&J Snack Foods	8,700		348
Lancaster Colony (A)	12,703		631
Medifast *	22,167		678
Nash Finch	9,488		352
Nu Skin Enterprises, Cl A	23,900		642
Pantry *	15,832		215
Prestige Brands Holdings *	10,300		81
RITE AID CORP *	29,800		45
Ruddick	600		15
Sanderson Farms	10,998		464
Smart Balance *	176,377		1,058
Spartan Stores	10,546		151
United Natural Foods *	17,601		471
Universal	6,700		305
USANA Health Sciences *	6,735		215
Vector Group	41,900		587
Weis Markets	1,210		44
Winn-Dixie Stores *	8,316		83

			10,369

Energy — 5.4%
Arena Resources * (A)	47,730		2,058
Atlas Energy	20,144		608
BPZ Energy PIPE *	12,500		119
BPZ Resources *	26,693		254
CARBO Ceramics	9,000		614
CNX Gas *	2,397		71
Comstock Resources *	42,044		1,706
Contango Oil & Gas *	5,585		262
CVR Energy *	8,098		56
Delek US Holdings	8,165		56


Description	Shares	Market Value ($ Thousands)
Denbury Resources *	10,630	$	157
Dresser-Rand Group *	40,100		1,268
Dril-Quip *	300		17
Global Industries * (A)	71,283		508
GMX Resources *	55,178		758
Goodrich Petroleum * (A)	27,007		658
Gulf Island Fabrication	8,417		177
Infinity Bio-Energy *	741,494		0
Kinder Morgan Management *	21,093		1,152
Lufkin Industries	2,182		160
Matrix Service *	9,406		100
McMoRan Exploration *	11,146		89
Nordic American Tanker Shipping, Cl US	4,124		124
PetroHawk Energy *	78,358		1,880
Petroquest Energy *	92,665		568
Quicksilver Resources *	75,882		1,139
SandRidge Energy *	161,333		1,521
Ship Finance International	13,800		188
Stone Energy *	9,374		169
Superior Energy Services *	26,390		641
Tesoro	900		12
Tidewater	1,100		53
USEC *	41,800		161
Vaalco Energy (A)	88,960		405
Venoco *	9,593		125
Willbros Group * (A)	84,381		1,423
World Fuel Services (A)	94,067		2,520

			21,777

Financials — 4.5%
Affiliated Managers Group * (A)	23,958		1,613
Alexander’s * †	100		31
Amtrust Financial Services (A)	3,800		45
Apollo Investment * (B)	3,600		34
Axis Capital Holdings	2,300		65
Bank of the Ozarks (A)	8,616		252
Calamos Asset Management, Cl A	3,625		42
CapitalSource	209,985		834
Cardtronics *	96,109		1,064
Cohen & Steers	6,919		158
Dollar Financial *	3,869		91
DuPont Fabros Technology † (A)	8,227		148
EastGroup Properties †	3,378		129
eHealth *	4,300		71
Equity Lifestyle Properties †	3,438		174
Equity One †	12,457		202
First Cash Financial Services * (A)	1,028		23
Getty Realty †	13,698		322
GFI Group	44,700		204
Greenhill	10,489		842
Hercules Technology Growth Capital	10,189		106
Janus Capital Group	34,695		467
Jones Lang LaSalle	17,870		1,079
Knight Capital Group, Cl A * (A)	14,100		217
Life Partners Holdings (A)	12,150		258
LTC Properties †	14,955		400
MarketAxess Holdings	123,108		1,711
MGIC Investment *	244,775		1,415
Mid-America Apartment Communities †	1,649		80


Description	Shares	Market Value ($ Thousands)
MSCI, Cl A *	21,552	$	685
Nelnet, Cl A	24,900		429
NewAlliance Bancshares (A)	—		—
Omega Healthcare Investors †	1,700		33
optionsXpress Holdings	30,014		464
Penson Worldwide * (A)	9,100		82
PHH *	8,100		131
Phoenix	67,700		188
Potlatch † (A)	4,623		147
PS Business Parks †	300		15
Redwood Trust †	8,600		124
Riskmetrics Group * (A)	79,943		1,272
Stifel Financial *	2,033		120
SVB Financial Group *	19,035		793
SWS Group	5,857		71
Tanger Factory Outlet Centers †	3,600		140
Texas Capital Bancshares *	4,557		64
Titanium Asset Management * (C) (D)	140,900		420
Tower Group	15,006		351
TradeStation Group *	28,600		226
Trustco Bank NY	46,877		295
Value Creation * (C) (D)	145,600		15

			18,142

Health Care — 19.1%
Abaxis * (A)	53,697		1,372
Achillion Pharmaceuticals *	97,096		302
Acorda Therapeutics *	47,106		1,188
Affymetrix * (A)	85,838		501
Air Methods *	14,195		477
Albany Molecular Research *	17,215		156
Alexion Pharmaceuticals *	35,382		1,727
Align Technology * (A)	58,284		1,039
Alkermes * (A)	59,819		563
Allos Therapeutics * (A)	15,200		100
Allscripts Healthcare Solutions *	1,000		20
Alnylam Pharmaceuticals * (A)	21,357		376
AMAG Pharmaceuticals * (A)	56,057		2,132
Amedisys * (A)	29,276		1,422
American Medical Systems Holdings *	27,400		529
AMERIGROUP *	36,799		992
AMN Healthcare Services *	31,899		289
Analogic	2,156		83
Angiodynamics *	5,752		92
Arena Pharmaceuticals * (A)	64,000		227
ATHENAHEALTH INC * (A)	21,230		960
Auxilium Pharmaceuticals *	4,100		123
BioMarin Pharmaceuticals *	99,309		1,868
Bio-Reference Labs *	1,800		71
BioScrip *	13,117		110
Bruker BioSciences *	36,714		443
Cantel Medical	25,500		515
Cardiome Pharma *	190,411		847
Catalyst Health Solutions *	39,550		1,442
Centene *	11,384		241
Cepheid * (A)	33,981		424
Chemed (A)	23,633		1,134
Computer Programs & Systems	11,154		514
Conceptus * (A)	67,287		1,262
Conmed *	35,925		819
Corvel *	3,873		130


Description	Shares	Market Value ($ Thousands)
Covance *	2,984	$	163
Cubist Pharmaceuticals *	12,822		243
Cyberonics *	20,071		410
Cypress Bioscience * (A)	82,010		472
Dionex *	2,414		178
Durect *	241,869		597
Electro-Optical Sciences * (A)	15,255		158
Emergency Medical Services, Cl A *	12,800		693
Emergent Biosolutions *	11,715		159
Enzo Biochem *	17,908		96
Enzon Pharmaceuticals * (A)	4,134		44
eResearchTechnology *	37,846		228
Exelixis * (A)	32,400		239
Genoptix *	26,737		950
Gen-Probe *	13,103		562
Gentiva Health Services *	3,300		89
Geron * (A)	12,280		68
Haemonetics * (A)	7,500		414
Halozyme Therapeutics *	19,900		117
Healthsouth * (A)	26,731		502
Healthspring *	9,908		174
Healthways *	5,920		109
HMS Holdings * (A)	8,938		435
Human Genome Sciences * (A)	44,858		1,373
ICU Medical *	6,900		251
Idexx Laboratories *	9,607		513
Immucor *	33,866		685
Immunogen * (A)	32,100		252
Incyte *	55,455		505
Insmed *	75,614		58
Integra LifeSciences Holdings * (A)	9,695		357
InterMune * (A)	28,979		378
IPC The Hospitalist *	15,866		528
Isis Pharmaceuticals * (A)	78,548		872
Kendle International * (A)	12,727		233
Kensey Nash *	9,400		240
Kindred Healthcare *	6,553		121
Landauer	6,873		422
LCA-Vision *	18,200		93
LHC Group * (A)	57,537		1,934
Luminex * (A)	24,798		370
Magellan Health Services *	2,162		88
Martek Biosciences * (A)	43,806		830
Masimo *	39,322		1,196
MedAssets *	27,650		587
Medicis Pharmaceutical, Cl A	43,510		1,177
Medivation * (A)	25,930		976
Mednax *	15,424		927
Meridian Bioscience	36,001		776
Merit Medical Systems *	13,920		269
Mettler Toledo International *	1,000		105
Molina Healthcare *	6,422		147
MWI Veterinary Supply *	24,437		921
Myriad Genetics *	42,943		1,121
National Healthcare	3,706		134
Natus Medical *	16,330		242
Nektar Therapeutics *	8,691		81
Neogen * (A)	25,938		612
NPS Pharmaceuticals *	23,727		81
NuVasive * (A)	46,387		1,483
Obagi Medical Products *	11,133		134


Description	Shares	Market Value ($ Thousands)
Omnicell *	69,241	$	809
OncoGenex Pharmaceutical *	1,541		34
Onyx Pharmaceuticals *	34,497		1,012
Optimer Pharmaceuticals * (A)	18,697		211
Orthofix International *	9,409		291
Owens & Minor	16,714		717
Par Pharmaceutical *	22,699		614
Parexel International *	32,944		465
Parkvision *	2,325		4
PDL BioPharma (A)	381,019		2,614
Perrigo	5,311		212
Pharmaceutical Product Development	4,487		105
Pharmasset *	5,404		112
Phase Forward *	138,790		2,130
Pozen *	103,374		619
Providence Service *	10,668		169
PSS World Medical * (A)	38,852		877
Questcor Pharmaceuticals *	142,953		679
Quidel *	17,050		235
Regeneron Pharmaceuticals * (A)	63,057		1,525
RehabCare Group *	11,800		359
Savient Pharmaceuticals * (A)	27,229		371
Seattle Genetics * (A)	42,684		434
SIGA Technologies * (A)	34,807		202
Sirona Dental Systems *	15,984		507
Somanetics *	7,495		132
SonoSite *	7,602		180
Spectrum Pharmaceuticals * (A)	34,700		154
StemCells * (A)	104,300		131
STERIS	56,920		1,592
Sun Healthcare Group *	4,400		40
Techne	17,312		1,187
Theravance * (A)	33,700		440
Thoratec *	44,373		1,195
Triple-S Management, Cl B *	3,529		62
United Therapeutics *	24,761		1,304
Universal American Financial *	7,200		84
Valeant Pharmaceuticals International * (A)	4,543		145
Varian *	1,500		77
Viropharma *	53,274		447
Vivus * (A)	9,500		87
Volcano *	21,114		367
Waters *	3,654		227
WellCare Health Plans *	15,469		569
Wright Medical Group * (A)	18,440		349
Zoll Medical *	15,461		413

			77,151

Industrials — 16.9%
ACCO Brands *	19,276		140
Actuant, Cl A	8,053		149
Acuity Brands	11,317		403
Administaff (A)	32,487		766
Advisory Board * (A)	39,906		1,224
Aegean Marine Petroleum Network	91,300		2,509
AerCap Holdings *	138,896		1,259
Aerovironment *	21,694		631
Air Transport Services Group *	23,600		62
Aircastle	3,400		33
Airtran Holdings *	254,352		1,328


Description	Shares	Market Value ($ Thousands)
Alaska Air Group *	3,833	$	132
Alliant Techsystems *	8,490		749
American Ecology	3,300		56
American Science & Engineering	4,100		311
American Superconductor *	4,981		204
AO Smith	2,816		122
APAC Customer Services * (A)	114,671		683
Apogee Enterprises (A)	26,354		369
Arkansas Best	6,773		199
Armstrong World Industries *	14,165		551
Atlas Air Worldwide Holdings *	26,003		969
Avis Budget Group * (A)	107,322		1,408
Badger Meter (A)	5,335		212
Barnes Group	75,579		1,277
Brady, Cl A	4,124		124
Briggs & Stratton	10,076		189
Celadon Group *	44,756		486
Cenveo *	30,650		268
Chart Industries * (A)	45,913		760
Chicago Bridge & Iron	18,948		383
Clean Harbors *	4,754		283
Comfort Systems USA	18,100		223
Continental Airlines, Cl B *	44,200		792
Con-way	9,997		349
Copa Holdings, Cl A	8,608		469
Copart *	52,351		1,918
Corporate Executive Board	23,895		545
CoStar Group * (A)	72,498		3,028
CRA International *	5,600		149
Cubic	14,383		537
Curtiss-Wright	1,995		62
Deluxe	13,933		206
Diamond Management & Technology Consultants	1,900		14
Dycom Industries *	5,830		47
Dynamic Materials	7,783		156
DynCorp International, Cl A *	7,500		108
EMCOR Group *	24,000		646
EnerNOC * (A)	37,111		1,128
EnerSys *	34,984		765
Forward Air	31,793		796
FTI Consulting *	26,388		1,245
FuelCell Energy * (A)	11,962		45
Gardner Denver	29,505		1,255
General Cable * (A)	11,471		337
Genesee & Wyoming, Cl A *	18,433		602
Geo Group *	56,929		1,246
GeoEye * (A)	31,679		883
GrafTech International *	12,973		202
Graham	41,426		858
GT Solar International * (A)	10,900		61
Harsco	100		3
Hawaiian Holdings *	55,071		386
Healthcare Services Group	50,162		1,077
Heico, Cl A	11,176		402
Hill International *	1,270		8
HNI	244		7
Horizon Lines, Cl A	127,806		712
ICF International *	40,195		1,077
IHS, Cl A *	19,180		1,051
II-VI *	16,514		525
Innerworkings * (A)	260,552		1,537
Kaman	16,498		381


Description	Shares	Market Value ($ Thousands)
Kaydon (A)	29,253	$	1,046
KBR	9,600		182
Kelly Services, Cl A	9,300		111
Knight Transportation (A)	44,417		857
Landstar System	40,035		1,552
Lennox International	7,339		286
Lydall *	11,546		60
Marten Transport *	12,945		232
Michael Baker *	7,218		299
Middleby *	3,319		163
Mine Safety Appliances	11,400		302
Monster Worldwide *	29,804		519
MYR Group * (A)	46,132		834
Navistar International *	7,300		282
NCI Building Systems *	60,033		109
Nordson	5,010		306
Old Dominion Freight Line *	56,151		1,724
Orbital Sciences * (A)	11,957		182
Owens Corning *	3,300		85
Powell Industries *	8,493		268
Quanta Services *	19,910		415
Raven Industries (A)	8,872		282
Resources Connection *	51,264		1,088
Ritchie Bros. Auctioneers	32,310		725
Rollins	38,728		747
Rush Enterprises, Cl A *	69,684		829
Standard Parking *	53,710		853
Standard Register	19,382		99
Sun Hydraulics	2,651		70
SYKES Enterprises * (A)	9,100		232
Teledyne Technologies *	6,429		247
Tennant (A)	6,553		172
Terex *	24,837		492
Tetra Tech *	33,316		905
Titan Machinery * (A)	51,786		598
TransDigm Group	31,860		1,513
Tredegar	10,379		164
TrueBlue *	9,600		142
Tutor Perini *	11,114		201
UAL *	78,702		1,016
United Rentals *	22,263		218
US Airways Group *	15,912		77
Vitran *	39,250		427
Wabtec	33,375		1,363
Werner Enterprises	3,538		70
WESCO International * (A)	55,630		1,503
Woodward Governor	7,595		196

			68,120

Information Technology — 26.7%
3Com *	57,182		429
ACI Worldwide *	14,374		247
Acme Packet *	10,546		116
Actuate *	33,096		142
Adtran	12,541		283
Advanced Energy Industries * (A)	126,549		1,908
Advent Software * (A)	18,769		764
Amkor Technology * (A)	62,489		447
Ancestry.com *	62,128		870
Ansys *	11,987		521
AOL *	30,365		707
Applied Micro Circuits *	59,700		446
Archipelago Learning *	27,078		561


Description	Shares	Market Value ($ Thousands)
Ariba *	77,534	$	971
Arris Group * (A)	137,789		1,575
Art Technology Group * (A)	476,000		2,147
AsiaInfo Holdings * (A)	31,109		948
Atheros Communications * (A)	67,137		2,299
Atmel *	239,030		1,102
ATMI * (A)	40,907		762
Benchmark Electronics *	27,342		517
Blackboard *	40,970		1,860
Blue Coat Systems *	23,220		663
Brightpoint *	99,341		730
Cabot Microelectronics *	5,449		180
CACI International, Cl A *	3,470		169
Checkpoint Systems *	18,516		282
Cirrus Logic *	51,712		353
Cogent *	33,834		352
Cognex	15,509		275
CommScope *	32,535		863
CommVault Systems *	40,064		949
Comtech Telecommunications * (A)	27,378		960
Concur Technologies * (A)	3,533		151
CTS	23,404		225
Daktronics	16,330		150
DealerTrack Holdings * (A)	97,712		1,836
Digi International *	4,389		40
Digital River * (A)	36,417		983
Diodes *	8,987		184
Dolby Laboratories, Cl A *	4,627		221
Double-Take Software *	5,668		57
DragonWave *	59,482		682
DTS *	89,898		3,075
Earthlink	106,571		886
Emulex *	14,922		163
EPIQ Systems * (A)	35,720		500
Euronet Worldwide *	60,636		1,331
Flir Systems *	20,655		676
Formfactor *	49,914		1,086
Forrester Research * (A)	5,404		140
Gartner *	69,375		1,251
GSI Commerce * (A)	51,093		1,297
Hackett Group *	10,233		28
Harmonic *	12,457		79
Harris Stratex Networks, Cl A *	29,600		204
Heartland Payment Systems	54,808		720
Hittite Microwave *	16,916		689
Hypercom *	31,720		100
i2 Technologies * (A)	14,760		282
IAC *	23,300		477
Imation	38,331		334
Infinera *	9,490		84
infoGROUP	33,039		265
Informatica *	12,700		328
InterDigital *	27,217		722
Intermec *	63,386		815
Intersil, Cl A	21,300		327
Ipass	35,200		37
IXYS	25,166		187
j2 Global Communications * (A)	61,825		1,258
Jack Henry & Associates	14,600		338
Kenexa *	6,800		89
Knot *	47,971		483
L-1 Identity Solutions, Cl 1 *	27,396		205


Description	Shares	Market Value ($ Thousands)
Lawson Software *	8,800	$	59
Lionbridge Technologies *	18,100		42
Loral Space & Communications *	4,500		142
Manhattan Associates *	14,200		341
Marchex, Cl A	2,100		11
MAXIMUS (A)	13,781		689
MercadoLibre *	21,860		1,134
Methode Electronics	68,174		592
Micrel	26,574		218
Micros Systems *	5,114		159
Microsemi * (A)	69,272		1,230
MicroStrategy, Cl A *	15,695		1,476
MIPS Technologies *	55,229		241
MKS Instruments *	28,981		505
ModusLink Global Solutions *	17,260		162
MoneyGram International *	91,580		264
Monolithic Power Systems * (A)	5,900		141
Monotype Imaging Holdings *	119,034		1,075
Move *	42,204		70
Multi-Fineline Electronix *	10,455		297
Net 1 UEPS Technologies * (A)	91,025		1,768
Netezza * (A)	24,400		237
Netgear *	21,956		476
Netlogic Microsystems * (A)	28,428		1,315
Netscout Systems *	7,746		113
NetSuite *	48,835		780
Nuance Communications * (A)	39,598		615
ON Semiconductor *	21,125		186
Openwave Systems *	34,420		78
Palm * (A)	23,700		238
Parametric Technology *	23,700		387
Park Electrochemical	11,775		325
Plantronics	5,784		150
Plexus *	9,825		280
Power Integrations	24,112		877
Progress Software *	1,693		49
Quality Systems (A)	26,661		1,674
Quest Software *	62,462		1,149
Rackspace Hosting *	6,925		144
Radiant Systems *	6,087		63
Radisys *	9,501		91
RealNetworks *	29,600		110
RF Micro Devices *	179,167		855
RightNow Technologies *	29,164		507
Riverbed Technology *	40,303		926
Rofin-Sinar Technologies *	5,664		134
Rogers *	3,454		105
Rosetta Stone *	39,336		706
Rubicon Technology * (A)	33,778		686
Sapient *	188,996		1,563
SAVVIS *	45,474		639
Scansource *	19,390		518
Semtech * (A)	50,500		859
Sigma Designs * (A)	10,100		108
Skyworks Solutions * (A)	38,060		540
Smith Micro Software *	62,895		575
Solera Holdings	36,025		1,297
Sourcefire *	18,464		494
SRA International, Cl A *	7,411		142
Standard Microsystems *	9,406		195
STEC * (A)	74,265		1,213
SuccessFactors *	30,475		505
Sybase *	17,285		750


Description	Shares	Market Value ($ Thousands)
Synaptics * (A)	13,299	$	408
Synchronoss Technologies *	60,093		950
Syntel	15,729		598
Take-Two Interactive Software *	18,812		189
Taleo, Cl A *	88,726		2,087
Technitrol	10,600		46
Tekelec *	5,030		77
TeleCommunication Systems, Cl A *	11,536		112
TeleTech Holdings *	19,247		386
Teradyne *	173,343		1,860
Tessera Technologies * (A)	35,631		829
THQ *	22,772		115
TIBCO Software * (A)	144,100		1,388
Tivo * (A)	19,196		195
Trimble Navigation *	42,015		1,059
TriQuint Semiconductor *	81,047		486
TTM Technologies *	11,368		131
Tyler Technologies *	31,931		636
Ultimate Software Group *	1,343		39
Ultratech *	10,847		161
Unisys *	14,699		567
United Online	74,158		533
Valueclick *	115,949		1,173
VanceInfo Technologies ADR *	30,825		592
Vasco Data Security International *	34,349		215
Veeco Instruments * (A)	57,666		1,905
VeriFone Holdings *	33,486		548
Verigy *	81,969		1,055
Vishay Intertechnology *	27,200		227
VistaPrint *	47,019		2,664
Vocus *	74,675		1,344
Volterra Semiconductor *	67,061		1,282
Websense * (A)	35,710		624
Wright Express *	24,000		765
Zoran * (A)	68,868		761

			107,660

Materials — 2.7%
AK Steel Holding	3,600		77
AM Castle	7,411		101
Carpenter Technology	8,900		240
Commercial Metals	4,779		75
Crown Holdings *	30,955		792
Domtar *	3,600		200
Ferro	10,200		84
General Steel Holdings *	18,620		82
H.B. Fuller	9,657		220
Innophos Holdings	8,987		207
Innospec	11,536		116
Intrepid Potash *	17,183		501
Koppers Holdings	23,746		723
LSB Industries *	10,203		144
Myers Industries	8,324		76
Nalco Holding	39,735		1,014
Neenah Paper	6,327		88
NewMarket	13,928		1,598
Olin	6,500		114
Olympic Steel	2,968		97
Omnova Solutions *	25,518		156
PolyOne *	69,845		522
Rock-Tenn, Cl A	6,438		324


Description	Shares	Market Value ($ Thousands)
Rockwood Holdings *	4,200	$	99
Royal Gold	600		28
Schulman A	8,903		180
Silvercorp Metals PIPE *	34,000		226
Spartech	13,614		140
Stepan	423		27
Stillwater Mining *	12,457		118
Wausau Paper	33,301		386
Westlake Chemical	200		5
Worthington Industries (A)	40,870		534
WR Grace *	54,331		1,377
Zep	3,045		53

			10,724

Telecommunication Services — 2.0%
Atlantic Telegraph-Network	14,217		782
Cbeyond * (A)	42,045		662
Cincinnati Bell *	72,600		250
Cogent Communications Group * (A)	50,895		502
Global Crossing *	34,985		498
Neutral Tandem * (A)	42,826		974
NTELOS Holdings	10,703		191
SBA Communications, Cl A * (A)	79,112		2,703
Shenandoah Telecommunications	4,300		88
Syniverse Holdings * (A)	22,000		385
tw telecom , Cl A *	52,490		900
USA Mobility	23,200		255

			8,190

Utilities — 0.6%
California Water Service Group	8,630		318
ITC Holdings	16,915		881
Laclede Group	3,287		111
MGE Energy	5,706		204
NorthWestern	37,120		966
RRI Energy *	11,000		63

			2,543


Total Common Stock (Cost $325,525) ($ Thousands)			393,791


EXCHANGE TRADED FUND — 0.1%
Midcap SPDR Trust Series 1	2,910		383


Total Exchange Traded Fund (Cost $389) ($ Thousands)			383


	Number of Warrants
WARRANTS — 0.0%
Rentech
Expires 04/25/12 * (C) (D)	19,400		4
Titanium Asset Management
Expires 06/21/11 * (C) (D)	147,800		—

Total Warrants (Cost $—) ($Thousands)			4


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 13.9%
SEI Liquidity Fund, L.P.,
1.350% **(E) (F)		59,081,211	$	56,117

Total Affiliated Partnership (Cost $59,081) ($ Thousands)				56,117


CASH EQUIVALENT — 1.5%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,				6,170

0.100%**(F)		6,170,147
Total Cash Equivalent (Cost $6,170) ($ Thousands)				6,170


U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bills
0.022%, 01/07/10 (G) (H)	$	700		700

Total U.S. Treasury Obligation (Cost $700) ($ Thousands)				700


Total Investments — 113.4% (Cost $391,865) ($ Thousands) @			$	457,165

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)
Russell 2000 Index E-MINI	161	Mar-2010	$	101

			$	101

For the period ended December 31, 2009, the total amount of all open futures contracts as presented in the table above, are representative of the volume of activity for the derivative type during the period.

Percentages are based on Net Assets of $403,119 ($Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

†	Real Estate Investment Trust.

‡	Narrow Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

(A)	This Security or a partial position of this security is on loan at December 31, 2009. The total market value of securities on loan at December 31, 2009 was $56,843 ($ Thousands)

(B)	Business development company.

(C)	Securities considered illiquid and restricted. The total market value of such securities as of December 31, 2009 was $439 ($Thousands) and represented 0.11% of Net Assets.

(D)	Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of December 31, 2009 was $439 ($ Thousands) and represented 0.11% of net Assets.

(E)	This security was purchased with cash collateral received from securities lending. The total value of such securities as of December 31, 2009 was $56,117 ($ Thousands).

(F)	Investment in Affiliated Security.

(G)	The rate reported is the effective yield at the time of purchase.

(H)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

ADR — American Depositary Receipt

Cl — Class

L.P. — Limited Partnership

PIPE — Private Investment in Public Entity

SPDR — Spyder

Amounts designated as “-” are $0 or have been rounded to $0.

For information regarding the Fund’s policy regarding valuation of investments and other
significant accounting policies, please refer to the Fund’s most recent semi-annual and annual
financial statements.

A summary of restricted securities held by the Fund at December 31, 2009, is as follows:

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):


Description	Shares	Market Value ($ Thousands)
COMMON STOCK — 96.7%

Consumer Discretionary — 16.4%
Aaron Rents	9,618	$	267
Abercrombie & Fitch, Cl A	6,579		229
Advance Auto Parts	15,920		644
Aeropostale *	1,500		51
American Eagle Outfitters	61,275		1,040
American Greetings, Cl A	20,300		442
Amerigon *	3,300		26
Ameristar Casinos	1,300		20
AnnTaylor Stores *	15,700		214
Apollo Group, Cl A *	10,000		606
Arbitron	800		19
ArvinMeritor	15,000		168
ATC Technology *	10,113		241
Autoliv	14,200		616
Autonation *	1,400		27
Bally Technologies *	13,140		542
Barnes & Noble	7,316		140
Bebe Stores	8,806		55
Bed Bath & Beyond *	10,100		390
Belo, Cl A	32,600		177
Big Lots *	7,400		214
BJ’s Restaurants *	1,000		19
Black & Decker	4,400		285
Blyth	500		17
BorgWarner	15,878		528
Brinker International	1,700		25
Brink’s Home Security Holdings *	17,600		574
Brown Shoe	2,700		27
Buckle (A)	2,200		64
Build-A-Bear Workshop *	2,700		13
Cabela’s * (A)	17,200		245
Cablevision Systems, Cl A	4,800		124
Callaway Golf	51,408		388
Capella Education *	700		53
Career Education *	5,700		133
Carmax *	3,100		75
Carter’s *	27,300		717
Cato, Cl A	25,935		520
Central European Media Enterprises, Cl A *	700		17
Cheesecake Factory *	19,100		412
Chico’s FAS *	1,900		27
Chipotle Mexican Grill, Cl A *	1,100		97
Christopher & Banks	16,769		128
Citi Trends *	10,140		280
CKE Restaurants	1,400		12
CKX *	2,600		14
Coinstar *	1,200		33
Coldwater Creek *	22,551		101
Columbia Sportswear	500		20
Cooper Tire & Rubber	23,455		470
Corinthian Colleges *	5,500		76
Cracker Barrel Old Country Store	19,158		728
Dana Holding *	7,201		78
Darden Restaurants	10,838		380
Deckers Outdoor *	200		20
Dick’s Sporting Goods *	28,440		707
Dillard’s, Cl A	17,600		325
DineEquity *	8,353		203
Dollar Tree *	2,300		111


Description	Shares	Market Value ($ Thousands)
Domino’s Pizza *	9,625	$	81
DR Horton	9,500		103
DreamWorks Animation SKG, Cl A *	29,750		1,189
Eastman Kodak (A)	79,493		335
Ethan Allen Interiors	14,213		191
Family Dollar Stores	1,399		39
Focus Media Holding ADR *	37,960		602
Foot Locker	26,400		294
Fossil *	3,800		128
GameStop, Cl A *	35,496		779
Gannett	20,364		302
Genesco *	8,000		220
Gentex	2,600		46
Goodyear Tire & Rubber *	8,400		119
Group 1 Automotive	1,200		34
Guess?	800		34
H&R Block	18,820		426
Hanesbrands *	46,100		1,111
Harley-Davidson	12,546		316
Harte-Hanks	1,800		19
Hasbro	9,600		308
Helen of Troy *	1,000		25
hhgregg *	8,106		179
Hillenbrand	4,800		90
Hooker Furniture	6,100		76
HOT Topic *	6,900		44
Hyatt Hotels, Cl A *	6,600		197
Iconix Brand Group *	6,900		87
Insight Enterprises *	23,400		267
Interactive Data	900		23
International Speedway, Cl A	900		26
Interpublic Group *	68,410		505
Isle of Capri Casinos *	3,300		25
ITT Educational Services *	700		67
J Crew Group *	1,000		45
Jackson Hewitt Tax Service	1,700		7
Jakks Pacific *	12,500		151
Jarden	7,200		223
Jo-Ann Stores *	4,970		180
Jones Apparel Group	21,722		349
Journal Communications, Cl A	39,400		153
KB Home	1,800		25
Kenneth Cole Productions, Cl A	1,600		15
Lamar Advertising, Cl A *	1,300		40
Landry’s Restaurants *	3,700		79
Leggett & Platt	2,000		41
Lennar, Cl A	2,600		33
Liberty Media - Capital, Ser A *	2,300		55
Life Time Fitness *	16,450		410
Lin TV, Cl A *	2,000		9
Live Nation *	115,903		986
Liz Claiborne *	14,300		80
LKQ *	19,500		382
Lumber Liquidators *	6,810		182
Mattel	18,915		378
MDC Holdings	400		12
Men’s Wearhouse	4,900		103
Meredith	1,900		59
Meritage Homes *	900		17
Morningstar *	300		14
National CineMedia	52,268		866


Description	Shares	Market Value ($ Thousands)
Navitas	53,980	$	199
NetFlix *	6,400		353
New York Times, Cl A	4,800		59
Newell Rubbermaid	12,800		192
Nutri/System	29,200		910
NVR *	100		71
OfficeMax *	3,150		40
O’Reilly Automotive *	1,000		38
Orient-Express Hotels, Cl A	6,700		68
Panera Bread, Cl A *	700		47
Penn National Gaming *	12,100		329
Penske Auto Group	13,100		199
PEP Boys-Manny Moe & Jack	3,200		27
PetSmart	38,537		1,029
PF Chang’s China Bistro *	500		19
Phillips-Van Heusen	13,980		569
Pinnacle Entertainment *	4,900		44
Polaris Industries	21,135		922
Polo Ralph Lauren	900		73
Pool	6,100		116
Pre-Paid Legal Services *	7,000		288
priceline.com *	2,000		437
Pulte Homes (A)	48,797		488
RadioShack	32,100		626
RC2 *	32,380		478
RCN *	3,100		34
Red Robin Gourmet Burgers *	15,100		270
Regal Entertainment Group, Cl A	22,600		326
Regis	11,898		185
Rent-A-Center *	3,686		65
Ross Stores	1,400		60
Rossi Residencial	56,550		496
Ruby Tuesday *	37,800		272
Ryland Group	2,100		41
Saks *	2,600		17
Sauer-Danfoss	1,700		20
Scholastic	1,000		30
Scientific Games, Cl A *	90,690		1,319
Sealy *	5,500		17
Service International	6,700		55
Shutterfly *	1,700		31
Signet Jewelers *	4,800		128
Skechers U.S.A., Cl A *	2,512		74
Sonic *	1,800		18
Sonic Automotive, Cl A	9,375		97
Sotheby’s	1,400		31
Spartan Motors	7,796		44
Speedway Motorsports	800		14
Stage Stores	28,771		356
Stamps.com *	1,579		14
Standard-Pacific *	21,000		79
Stanley Works	500		26
Starwood Hotels & Resorts Worldwide	8,700		318
Steak N Shake *	90		29
Stewart Enterprises, Cl A	2,900		15
Strayer Education	3,100		659
Systemax	2,542		40
Tempur-Pedic International *	18,870		446
Tenneco *	13,100		232
Texas Roadhouse, Cl A *	3,400		38
Thor Industries	900		29


Description	Shares	Market Value ($ Thousands)
Tiffany	200	$	9
Timberland, Cl A *	900		16
Titan International	3,900		32
Town Sports International Holdings *	4,600		11
TRW Automotive Holdings *	662		16
Tupperware Brands	11,640		542
Ulta Salon Cosmetics & Fragrance *	1,800		33
Universal Electronics *	100		2
Valassis Communications *	2,492		45
WABCO Holdings	1,500		39
Warnaco Group *	19,290		814
Weight Watchers International	20,500		598
Whirlpool	7,300		589
Williams-Sonoma	7,700		160
WMS Industries *	29,676		1,187
Wolverine World Wide	600		16
World Wrestling Entertainment, Cl A	900		14
Wyndham Worldwide	26,380		532

			45,556

Consumer Staples — 4.0%
Alliance One International *	17,800		87
American Italian Pasta, Cl A *	1,500		52
Avon Products	6,952		219
Bare Escentuals *	2,300		28
BJ’s Wholesale Club *	15,139		495
Boston Beer, Cl A *	800		37
Brown-Forman, Cl B	7,225		387
Cal-Maine Foods	8,700		297
Casey’s General Stores	13,399		428
Central European Distribution *	11,920		339
Central Garden and Pet, Cl A *	19,700		196
Central Garden and Pet *	13,800		148
Chattem *	700		65
Chiquita Brands International *	23,014		415
Church & Dwight	1,600		97
Corn Products International	10,810		316
Dean Foods *	46,489		839
Del Monte Foods	1,600		18
Diamond Foods	1,500		53
Dole Food * (A)	15,948		198
Energizer Holdings *	300		18
Flowers Foods	4,750		113
Green Mountain Coffee Roasters *	9,220		751
Hansen Natural *	2,925		112
Herbalife	24,630		999
J&J Snack Foods	1,300		52
Lancaster Colony	1,000		50
Lance	1,400		37
McCormick	9,977		360
Mead Johnson Nutrition, Cl A	5,000		219
Medifast *	11,540		353
Molson Coors Brewing, Cl B	9,232		417
Nash Finch	2,960		110
Nu Skin Enterprises, Cl A	900		24
Pantry *	21,902		297
PepsiAmericas	2,900		85
Ralcorp Holdings *	1,000		60
Reddy Ice Holdings *	5,700		24
Rite Aid *	92,700		140


Description	Shares	Market Value ($ Thousands)
Sanderson Farms	11,622	$	490
Sara Lee	51,500		627
Schiff Nutrition International	2,200		17
Smithfield Foods *	4,300		65
SUPERVALU	18,000		229
Tootsie Roll Industries	1,030		28
TreeHouse Foods *	1,800		70
Tyson Foods, Cl A	27,830		342
Universal	5,700		260
USANA Health Sciences *	400		13
Village Super Market, Cl A	800		22
WD-40	900		29
Whole Foods Market *	2,000		55

			11,182

Energy — 4.8%
Atlas Energy	1,000		30
Atwood Oceanics *	1,200		43
Berry Petroleum, Cl A	12,148		354
Bill Barrett *	600		19
Cabot Oil & Gas	1,000		44
Cameron International *	3,550		149
Carrizo Oil & Gas *	1,100		29
Complete Production Services *	23,480		305
Concho Resources *	10,200		458
Continental Resources *	7,900		339
Denbury Resources *	8,900		132
Dresser-Rand Group *	10,640		336
Dril-Quip *	1,200		68
Encore Acquisition *	1,400		67
EXCO Resources	1,800		38
Exterran Holdings *	18,454		396
FMC Technologies *	1,800		104
General Maritime	4,300		30
Global Industries *	2,300		17
Goodrich Petroleum *	19,761		481
Helix Energy Solutions Group *	1,800		21
Helmerich & Payne	1,300		52
Hercules Offshore *	17,200		82
Hess	1,100		67
International Coal Group *	3,900		15
Karoon Gas Australia *	21,943		209
Key Energy Services *	33,939		298
Mariner Energy *	1,200		14
Massey Energy	12,040		506
McMoRan Exploration *	5,900		47
Mitcham Industries *	3,000		22
Murphy Oil	10,260		556
Nabors Industries *	17,850		391
National Oilwell Varco	1,800		79
Newfield Exploration *	8,238		397
Nordic American Tanker Shipping, Cl US	8,800		264
Oceaneering International *	3,750		220
Oil States International *	700		28
Overseas Shipholding Group	17,940		788
Patriot Coal *	1,980		31
Patterson-UTI Energy	1,500		23
Peabody Energy	1,500		68
PetroHawk Energy *	21,200		509
Pioneer Natural Resources	8,137		392
Quicksilver Resources *	1,500		22
Range Resources	7,194		359


Description	Shares	Market Value ($ Thousands)
Rowan	10,300	$	233
SEACOR Holdings *	4,800		366
Ship Finance International	2,300		31
Smith International	1,079		29
Southwestern Energy *	1,000		48
Spectra Energy	18,900		388
St. Mary Land & Exploration	13,630		467
Stone Energy *	8,400		152
Sunoco	6,400		167
Superior Energy Services *	700		17
Swift Energy *	16,523		396
Teekay Shipping	1,100		26
Tesoro	23,200		314
Tidewater	11,516		552
Ultra Petroleum *	900		45
USEC *	51,000		196
Western Refining *	16,400		77
Whiting Petroleum *	7,225		516
Willbros Group *	1,500		25
Williams	3,785		80
World Fuel Services	13,300		356

			13,380

Financials — 14.0%
1st Source	1,000		16
Acadia Realty Trust †	900		15
Advance America Cash Advance Centers	39,200		218
Affiliated Managers Group *	500		34
Alexander’s * †	200		61
Alexandria Real Estate Equities †	300		19
Allied Capital	36,400		131
Allied World Assurance Holdings	18,000		829
Altisource Portfolio Solutions *	1,400		30
AMB Property †	2,100		54
American Campus Communities †	600		17
American Capital *	26,800		65
American Capital Agency †	3,317		88
American Financial Group	19,300		482
American National Insurance	700		84
AmeriCredit *	2,000		38
Ameriprise Financial	18,476		717
Amerisafe *	3,200		58
Annaly Capital Management †	10,800		187
Anworth Mortgage Asset †	48,200		337
Apartment Investment & Management, Cl A †	1,800		29
Arch Capital Group *	300		22
Ares Capital	2,000		25
Argo Group International Holdings *	900		26
Arthur J. Gallagher	900		20
Aspen Insurance Holdings	12,800		326
Assured Guaranty	18,300		398
Axis Capital Holdings	2,600		74
Banco Latinoamericano de Exportaciones, Cl E	21,300		296
Bancorpsouth	11,900		279
Bank Mutual	4,600		32
Bank of Hawaii	400		19
BGC Partners, Cl A	40,700		188
BioMed Realty Trust †	17,200		271
BlackRock	356		83


Description	Shares	Market Value ($ Thousands)
BlackRock Kelso Capital	2,400	$	21
Boston Private Financial Holdings	6,000		35
Boston Properties †	6,118		410
BRE Properties, Cl A †	1,000		33
Brown & Brown	600		11
Calamos Asset Management, Cl A	1,800		21
Camden Property Trust †	600		25
Capstead Mortgage †	8,300		113
Cardinal Financial	18,593		163
CB Richard Ellis Group, Cl A *	29,500		400
CBL & Associates Properties †	19,223		186
Central Pacific Financial (A)	13,300		17
Century Bancorp, Cl A	2,700		59
Chemical Financial	3,800		90
Chimera Investment †	59,600		231
Chubb	500		25
Cincinnati Financial	2,100		55
Clifton Savings Bancorp	4,200		39
CNA Financial *	800		19
CNA Surety *	6,600		98
Colonial Properties Trust †	4,500		53
Comerica	29,214		864
Commerce Bancshares	1,455		56
Community Bank System	9,000		174
Cousins Properties †	5,564		42
Credit Acceptance *	1,400		59
Cullen/Frost Bankers	300		15
CVB Financial	9,600		83
DCT Industrial Trust †	3,100		16
Delphi Financial Group, Cl A	3,900		87
Developers Diversified Realty †	2,300		21
DiamondRock Hospitality †	18,510		157
Digital Realty Trust †	300		15
Dime Community Bancshares	1,700		20
Dollar Financial *	1,600		38
Doral Financial * (A)	23,400		85
Douglas Emmett †	1,400		20
Duke Realty †	1,700		21
ETrade Financial	44,100		77
EastGroup Properties †	400		15
Eaton Vance	7,579		231
Education Realty Trust †	28,058		136
EMC Insurance Group	2,620		56
Employers Holdings	32,939		505
Encore Capital Group *	23,500		409
Endurance Specialty Holdings	20,746		772
Enstar Group *	300		22
Entertainment Properties Trust †	1,000		35
Equity One †	21,647		350
Erie Indemnity, Cl A	1,000		39
Essex Property Trust †	1,200		100
Everest Re Group	4,400		377
FBL Financial Group, Cl A	2,500		46
Federal Agricultural Mortgage, Cl C (A)	16,100		113
Federal Realty Investment Trust †	500		34
Federated Investors, Cl B	17,811		490
FelCor Lodging Trust * †	6,100		22
Fifth Street Finance	1,600		17
Fifth Third Bancorp	39,971		390
Financial Federal	8,400		231


Description	Shares	Market Value ($ Thousands)
Financial Institutions	1,100	$	13
First American	3,700		123
First Bancorp	62,048		143
First Commonwealth Financial	2,800		13
First Financial Bancorp	23,701		345
First Financial Holdings	1,000		13
First Horizon National *	50,703		679
First Midwest Bancorp	11,200		122
First Niagara Financial Group	4,300		60
First Potomac Realty Trust †	7,800		98
FirstMerit	8,762		176
Flagstone Reinsurance Holdings	6,300		69
Flushing Financial	3,400		38
FNB (Pennsylvania)	11,200		76
Franklin Street Properties †	5,800		85
Fulton Financial	4,400		38
GAMCO Investors, Cl A	400		19
Genworth Financial, Cl A *	1,000		11
Getty Realty †	3,100		73
GFI Group	45,800		209
GLG Partners *	6,700		22
Greenhill	500		40
Greenlight Capital Re *	1,400		33
Hancock Holding	9,919		434
Hanover Insurance Group	12,000		533
Harleysville Group	1,200		38
Hatteras Financial †	6,900		193
HCC Insurance Holdings	1,000		28
Health Care †	3,000		133
Healthcare Realty Trust †	700		15
Hercules Technology Growth Capital	21,503		223
Hersha Hospitality Trust †	43,200		136
Highwoods Properties †	500		17
Hilltop Holdings *	5,000		58
Home Properties †	400		19
Horace Mann Educators	18,700		234
Hospitality Properties Trust †	11,300		268
HRPT Properties Trust †	85,100		551
Hudson City Bancorp	2,400		33
Huntington Bancshares	55,900		204
IBERIABANK	2,686		145
Independence Holding	2,800		16
Independent Bank	800		17
Infinity Property & Casualty	10,061		409
Inland Real Estate †	1,300		11
Interactive Brokers Group, Cl A *	800		14
International Assets Holding *	2,216		32
Investors Real Estate Trust †	3,100		28
Janus Capital Group	1,900		26
Jones Lang LaSalle	400		24
KBW *	700		19
Kilroy Realty †	3,175		97
Kite Realty Group Trust †	3,700		15
Knight Capital Group, Cl A *	2,300		35
LaSalle Hotel Properties †	1,400		30
Lazard, Cl A	8,400		319
Lexington Realty Trust †	17,367		106
Liberty Property Trust †	14,081		451
LTC Properties †	4,600		123
M&T Bank	1,258		84
Macerich †	2,073		74


Description	Shares	Market Value ($ Thousands)
MarketAxess Holdings	1,200	$	17
MBIA *	5,600		22
Meadowbrook Insurance Group	46,200		342
Medical Properties Trust †	34,000		340
Mercury General	1,100		43
MF Global *	5,200		36
MFA Financial †	85,990		632
Mid-America Apartment Communities †	5,721		276
Montpelier Re Holdings	15,200		263
MSCI, Cl A *	3,500		111
National Health Investors †	1,300		48
National Penn Bancshares	23,217		134
National Retail Properties †	1,200		25
National Western Life Insurance, Cl A	400		70
Nationwide Health Properties †	12,400		436
Navigators Group *	200		10
NBT Bancorp	1,200		24
NewAlliance Bancshares	25,600		307
Northfield Bancorp	800		11
NorthStar Realty Finance †	14,709		50
NYSE Euronext	1,675		42
Ocwen Financial *	4,200		40
Old National Bancorp	3,600		45
Omega Healthcare Investors †	5,100		99
One Liberty Properties †	138		1
OneBeacon Insurance Group, Cl A	2,700		37
optionsXpress Holdings	1,400		22
Oriental Financial Group	13,000		140
PacWest Bancorp	18,853		380
Park National	5,100		300
Parkway Properties †	20,600		429
PartnerRe	9,127		682
People’s United Financial	26,552		443
PHH *	20,742		334
Piper Jaffray *	300		15
Platinum Underwriters Holdings	9,116		349
Plum Creek Timber †	1,400		53
Popular	45,300		102
Portfolio Recovery Associates *	400		18
Post Properties †	800		16
Premierwest Bancorp	14,500		21
Presidential Life	1,400		13
Primus Guaranty *	5,700		18
ProAssurance *	15,251		819
Prospect Capital	2,812		33
Protective Life	9,256		153
Provident Financial Services	1,100		12
Provident New York Bancorp	1,200		10
Pzena Investment Management, Cl A *	5,400		44
RAIT Financial Trust †	42,000		55
Ramco-Gershenson Properties †	2,300		22
Raymond James Financial	14,400		342
Rayonier †	850		36
Redwood Trust †	16,368		237
Regency Centers †	500		18
Regions Financial	51,600		273
Reinsurance Group of America, Cl A	16,304		777


Description	Shares	Market Value ($ Thousands)
RenaissanceRe Holdings	800	$	43
Resource Capital †	2,600		13
RLI	400		21
Roma Financial	900		11
S&T Bancorp	9,200		157
SeaBright Insurance Holdings *	900		10
Selective Insurance Group	7,400		122
Senior Housing Properties Trust †	1,000		22
Signature Bank NY *	28,525		910
SL Green Realty † (A)	2,800		141
Sovran Self Storage †	3,900		139
StanCorp Financial Group	11,800		472
Stifel Financial *	6,515		386
Strategic Hotels & Resorts * † (A)	36,471		68
Stratus Properties *	1,900		21
Sun Communities †	1,400		28
SVB Financial Group *	600		25
SWS Group	7,400		90
Synovus Financial	218,115		447
Tanger Factory Outlet Centers †	800		31
Taubman Centers †	1,400		50
TCF Financial	2,200		30
TD Ameritrade Holding *	10,346		201
Tejon Ranch *	400		12
Teton Advisors, Cl A	6		0
Tower Group	6,832		160
TradeStation Group *	1,800		14
Transatlantic Holdings	600		31
Trustco Bank NY	26,900		170
Trustmark	1,100		25
UDR †	1,400		23
Umpqua Holdings	1,200		16
United America Indemnity, Cl A *	1,081		9
United Bankshares (A)	4,300		86
United Community Banks *	3,375		11
United Fire & Casualty	2,600		48
Unitrin	17,200		379
Universal Health Realty Income Trust †	300		10
Unum Group	41,668		813
Validus Holdings	9,000		243
Valley National Bancorp	2,100		30
W Holding	900		21
Waddell & Reed Financial, Cl A	700		21
Walter Investment Management †	657		9
Washington Federal	10,600		205
Washington Real Estate Investment Trust †	500		14
Webster Financial	7,700		91
Weingarten Realty Investors †	1,600		32
Westamerica Bancorporation	1,500		83
Westfield Financial	2,625		22
White Mountains Insurance Group	900		299
Whitney Holding	14,799		135
Willis Group Holdings	14,340		378
Wilmington Trust	1,100		14
Wintrust Financial	600		18
World Acceptance *	1,300		46
WR Berkley	5,400		133
WSFS Financial	400		10


Description	Shares	Market Value ($ Thousands)
Zions Bancorporation	42,297	$	543

			38,821

Health Care — 13.2%
Abaxis *	2,200		56
Accuray *	1,900		11
Acorda Therapeutics *	10,800		272
Affymax *	10,800		267
Affymetrix *	3,600		21
Air Methods *	600		20
Albany Molecular Research *	7,800		71
Alexion Pharmaceuticals *	4,800		234
Align Technology *	4,700		84
Alkermes *	30,200		284
Allergan	1,600		101
Allscripts Healthcare Solutions *	23,100		467
Almost Family *	9,700		383
AMAG Pharmaceuticals *	300		11
Amedisys * (A)	1,900		92
American Medical Systems Holdings *	7,000		135
AMERIGROUP *	11,520		311
AmerisourceBergen	28,826		752
AMN Healthcare Services *	17,300		157
Amsurg *	12,137		267
Amylin Pharmaceuticals *	21,600		307
Analogic	1,174		45
Angiodynamics *	2,514		40
Auxilium Pharmaceuticals *	13,200		396
Beckman Coulter	4,340		284
Biogen Idec *	3,400		182
Bio-Rad Laboratories, Cl A *	600		58
Bio-Reference Labs *	500		20
Boston Scientific *	55,200		497
Brookdale Senior Living *	1,700		31
Bruker BioSciences *	7,800		94
Capital Senior Living *	3,600		18
Catalyst Health Solutions *	600		22
Celgene *	622		35
Cephalon *	8,621		538
Cerner *	700		58
Charles River Laboratories International *	5,150		174
Chemed	4,664		224
Conmed *	10,087		230
Cooper	17,306		660
Corvel *	393		13
Covance *	6,175		337
Coventry Health Care *	33,600		816
Cubist Pharmaceuticals *	17,000		323
Cyberonics *	16,800		343
Dendreon *	14,400		378
Dentsply International	11,000		387
Dionex *	500		37
Eclipsys *	1,200		22
Edwards Lifesciences *	1,200		104
Emeritus *	1,400		26
Endo Pharmaceuticals Holdings *	15,900		326
Enzo Biochem *	1,249		7
Enzon Pharmaceuticals *	2,600		27
eResearchTechnology *	5,748		35
ev3 *	60,500		807
Exelixis *	2,200		16


Description	Shares	Market Value ($ Thousands)
Express Scripts *	700	$	61
Forest Laboratories *	30,475		979
Gen-Probe *	3,400		146
Gentiva Health Services *	700		19
Genzyme *	1,302		64
Geron *	8,900		49
Greatbatch *	17,138		330
Haemonetics *	700		39
Health Management Associates, Cl A *	15,400		112
Health Net *	53,075		1,236
Healthsouth *	29,400		552
Healthspring *	1,200		21
Healthways *	800		15
Henry Schein *	5,975		314
Hill-Rom Holdings	24,400		585
Hologic *	10,684		155
Humana *	8,300		364
ICON ADR *	29,500		641
Idexx Laboratories *	5,600		299
Illumina *	11,700		359
Immucor *	1,950		39
Incyte *	31,700		289
InterMune *	2,500		33
Intuitive Surgical *	750		228
Inverness Medical Innovations *	23,484		975
Isis Pharmaceuticals *	3,900		43
Kendle International *	2,700		49
Kensey Nash *	4,900		125
Kinetic Concepts *	14,800		557
King Pharmaceuticals *	20,000		245
KV Pharmaceutical, Cl A *	5,600		21
Laboratory Corp of America Holdings *	3,900		292
Landauer	600		37
LHC Group *	500		17
Life Technologies *	2,637		138
LifePoint Hospitals *	19,200		624
Lincare Holdings *	1,200		45
Magellan Health Services *	1,400		57
Martek Biosciences *	4,200		80
Masimo *	6,800		207
Mednax *	3,243		195
Meridian Bioscience	6,400		138
Merit Medical Systems *	2,500		48
Mettler Toledo International *	400		42
Millipore *	600		43
Molina Healthcare *	500		11
Mylan Laboratories *	50,435		930
Myriad Genetics *	3,900		102
Myriad Pharmaceuticals *	550		3
Nektar Therapeutics *	9,000		84
Neogen *	600		14
Nighthawk Radiology Holdings *	4,700		21
NuVasive *	25,729		823
Obagi Medical Products *	1,600		19
Odyssey HealthCare *	1,000		16
Omnicare	100		2
Omnicell *	1,300		15
Onyx Pharmaceuticals *	30,100		883
Orthofix International *	600		19
OSI Pharmaceuticals *	27,618		857


Description	Shares	Market Value ($ Thousands)
Owens & Minor	15,425	$	662
Par Pharmaceutical *	2,270		61
Parexel International *	41,800		589
Patterson *	19,500		546
PDL BioPharma	86,400		593
PerkinElmer	19,100		393
Perrigo	12,000		478
Pharmaceutical Product Development	6,300		148
Providence Service *	2,800		44
PSS World Medical *	1,400		32
Regeneron Pharmaceuticals *	18,400		445
RehabCare Group *	700		21
ResMed *	4,181		219
Rigel Pharmaceuticals *	20,800		198
Salix Pharmaceuticals *	9,230		234
Seattle Genetics *	26,970		274
Sirona Dental Systems *	11,519		366
STERIS	19,461		544
SXC Health Solutions *	15,940		860
Symmetry Medical *	1,500		12
Team Health Holdings *	23,255		326
Techne	4,100		281
Tenet Healthcare *	14,100		76
Theravance *	2,300		30
Thermo Fisher Scientific *	1,600		76
Thoratec *	1,500		40
TomoTherapy *	20,700		81
United Therapeutics *	8,000		421
Universal Health Services, Cl B	800		24
US Physical Therapy *	900		15
Valeant Pharmaceuticals International *	4,500		143
VCA Antech *	1,400		35
Vertex Pharmaceuticals *	8,200		351
Viropharma *	12,700		107
Volcano *	30,100		523
Waters *	1,525		94
Watson Pharmaceuticals *	9,800		388
WellCare Health Plans *	800		29
Zimmer Holdings *	4,677		276
Zoll Medical *	1,800		48

			36,702

Industrials — 14.6%
AAON	1,500		29
AAR *	7,700		177
Acuity Brands	10,534		375
Advisory Board *	2,800		86
Aecom Technology *	900		25
AGCO *	1,700		55
Aircastle	10,200		101
Airtran Holdings *	2,900		15
Alaska Air Group *	7,098		245
Albany International, Cl A	1,900		43
Alexander & Baldwin	2,539		87
Alliant Techsystems *	788		70
American Commercial Lines *	725		13
American Superconductor *	2,200		90
Ametek	750		29
Ampco-Pittsburgh	8,000		252
AMR *	4,000		31
AO Smith	8,100		352


Description	Shares	Market Value ($ Thousands)
Apogee Enterprises	16,300	$	228
Arkansas Best	2,200		65
Atlas Air Worldwide Holdings *	800		30
Avery Dennison	10,505		383
Avis Budget Group *	17,300		227
Baldor Electric	900		25
Barnes Group	1,100		19
BE Aerospace *	51,838		1,218
Beacon Roofing Supply *	35,180		563
Belden	13,334		292
Brady, Cl A	9,667		290
Briggs & Stratton	22,520		421
Brink’s	3,100		76
Bucyrus International, Cl A	9,000		507
C.H. Robinson Worldwide	1,344		79
Carlisle	600		21
Chart Industries *	11,600		192
Cintas	11,750		306
Clarcor	100		3
Clean Harbors *	3,253		194
CNH Global	3,060		76
Colfax *	7,500		90
Columbus McKinnon *	3,949		54
Continental Airlines, Cl B *	59,835		1,072
Con-way	600		21
Copa Holdings, Cl A	7,580		413
Copart *	600		22
Corporate Executive Board	14,700		336
Corrections Corp of America *	34,060		836
Courier	6,200		88
Crane	9,800		300
Cummins	2,200		101
Curtiss-Wright	900		28
Delta Air Lines *	13,625		155
Deluxe	18,000		266
Dollar Thrifty Automotive Group *	6,300		161
Donaldson	600		26
Dover	9,832		409
Dun & Bradstreet	500		42
Dycom Industries *	2,300		19
EMCOR Group *	20,814		560
EnergySolutions	1,900		16
EnerNOC *	1,300		40
Ennis	3,200		54
EnPro Industries *	11,900		314
Equifax	9,098		281
ESCO Technologies	1,300		47
Esterline Technologies *	11,610		473
Fastenal (A)	5,748		239
Flowserve	1,100		104
Forward Air	600		15
Foster Wheeler *	7,300		215
FTI Consulting *	18,833		888
G&K Services	9,726		244
Gardner Denver	28,020		1,192
GATX	4,700		135
GenCorp *	1,925		14
General Cable *	700		21
Geo Group *	5,088		111
GeoEye *	500		14
Goodrich	9,400		604
Gorman-Rupp	1,250		35


Description	Shares	Market Value ($ Thousands)
Graco	600	$	17
GrafTech International *	4,600		72
Granite Construction	1,500		50
Hansen Transmissions International *	171,576		302
Harsco	3,200		103
Heartland Express	2,700		41
Heidrick & Struggles International	700		22
Herman Miller	1,500		24
Hertz Global Holdings *	4,900		58
Hexcel *	1,400		18
HNI	1,400		39
Hubbell, Cl B	10,700		506
Huron Consulting Group *	400		9
ICF International *	5,739		154
ICT Group *	2,100		34
IDEX	6,500		202
IHS, Cl A *	14,600		800
Interface, Cl A	19,121		159
Interline Brands *	1,300		22
International Shipholding	5,600		174
ITT	12,400		617
Jacobs Engineering Group *	1,849		69
JB Hunt Transport Services	20,890		674
John Bean Technologies	777		13
Joy Global	1,800		93
Kadant *	10,943		175
Kaman	3,107		72
Kansas City Southern *	10,000		333
Kaydon	9,138		327
KBR	2,100		40
Kelly Services, Cl A	14,000		167
Kennametal	500		13
Kirby *	5,504		192
Knoll	30,690		317
Landstar System	600		23
Layne Christensen *	700		20
Lennox International	12,700		496
Lincoln Electric Holdings	2,905		155
Lindsay	2,000		80
Localiza Rent a Car	35,460		393
Lydall *	3,600		19
Manpower	6,800		371
MasTec *	100		1
Middleby *	400		20
Mine Safety Appliances	5,500		146
Monster Worldwide *	1,600		28
Moog, Cl A *	2,300		67
MPS Group *	1,600		22
MSC Industrial Direct, Cl A	100		5
Mueller Industries	11,400		283
NACCO Industries, Cl A	400		20
Navistar International *	6,500		251
NCI Building Systems *	26,300		48
Nordson	300		18
Old Dominion Freight Line *	1,350		42
Orbital Sciences *	4,400		67
Oshkosh Truck	1,200		44
Owens Corning *	100		3
PACCAR	10,561		383
Pacer International	5		—
Pall	3,500		127


Description	Shares	Market Value ($ Thousands)
Park-Ohio Holdings *	2,900	$	16
Pentair	800		26
Pitney Bowes	19,746		449
Quanex Building Products	1,200		20
Quanta Services *	3,656		76
RailAmerica *	17,500		214
Regal-Beloit	17,200		893
Resources Connection *	40,395		857
Robert Half International	1,400		38
Rockwell Collins	6,383		353
Rollins	1,100		21
Roper Industries	400		21
RR Donnelley & Sons	26,094		581
RSC Holdings *	1,700		12
Rush Enterprises, Cl A *	20,630		245
Ryder System	12,600		519
School Specialty *	9,300		218
Seaboard	89		120
Shaw Group *	1,100		32
Skywest	11,800		200
Spirit Aerosystems Holdings, Cl A *	20,491		407
SPX	700		38
Standard Register	5,164		26
Steelcase, Cl A	4,600		29
Stericycle *	1,000		55
SYKES Enterprises *	69,829		1,778
Tam ADR *	26,660		592
Teledyne Technologies *	9,448		362
Teleflex	9,225		497
Terex *	13,452		267
Tetra Tech *	1,300		35
Thomas & Betts *	12,100		433
Timken	11,100		263
Trex *	26,321		516
Triumph Group	12,427		600
Tutor Perini *	3,100		56
UAL *	47,900		619
United Stationers *	8,821		502
Universal Forest Products	2,200		81
URS *	8,900		396
US Airways Group *	33,463		162
USG *	1,100		15
UTI Worldwide	17,300		248
Valmont Industries	200		16
Vicor	2,300		21
Wabtec	1,800		74
Waste Connections *	1,579		53
Watsco	1,300		64
Watson Wyatt Worldwide, Cl A	11,131		529
Watts Water Technologies, Cl A	6,474		200
WESCO International *	9,994		270

			40,500

Information Technology — 17.6%
3Com *	40,300		302
Activision Blizzard *	1,500		17
Advanced Analogic Technologies *	3,400		13
Advanced Energy Industries *	1,400		21
Advanced Micro Devices *	7,300		71
Advent Software *	500		20
Agilysys	2,800		25


Description	Shares	Market Value ($ Thousands)
Akamai Technologies *	2,300	$	58
Alliance Data Systems * (A)	13,300		859
Amkor Technology *	13,600		97
Analog Devices	12,786		404
Anixter International *	500		24
Ansys *	9,900		430
Applied Micro Circuits *	3,400		25
Ariba *	2,700		34
Arris Group *	7,200		82
Arrow Electronics *	1,900		56
AsiaInfo Holdings *	8,000		244
Atheros Communications *	19,920		682
Atmel *	7,400		34
ATMI *	800		15
Autodesk *	1,000		25
Avnet *	10,000		302
Benchmark Electronics *	19,000		359
Black Box	12,970		368
Blackbaud	1,000		24
Blackboard *	1,400		64
Blue Coat Systems *	1,100		31
BMC Software *	1,700		68
Brightpoint *	39,483		290
Broadridge Financial Solutions	1,700		38
Brocade Communications Systems *	4,100		31
CACI International, Cl A *	5,120		250
Cadence Design Systems *	5,600		34
Cavium Networks *	7,170		171
Checkpoint Systems *	6,577		100
Ciber *	20,463		71
Ciena *	1,200		13
Cirrus Logic *	2,684		18
Citrix Systems *	900		37
Cognex	4,700		83
Cognizant Technology Solutions, Cl A *	1,800		82
Cogo Group *	7,800		58
Coherent *	14,055		418
CommScope *	900		24
Computer Sciences *	9,800		564
Compuware *	1,600		12
Comverge *	2,600		29
Concur Technologies *	6,800		291
Convergys *	27,500		296
Cree *	2,949		166
CSG Systems International *	18,734		358
CTS	32,188		310
Cybersource *	1,100		22
Cymer *	1,901		73
Cypress Semiconductor *	48,700		514
Daktronics	4,000		37
DealerTrack Holdings *	1,000		19
Deltek *	4,647		36
DG FastChannel *	800		22
Diebold	26,314		748
Digital River *	10,194		275
Diodes *	1,800		37
Dolby Laboratories, Cl A *	13,000		621
DST Systems *	3,200		139
Earthlink	4,900		41
Echelon *	900		10


Description	Shares	Market Value ($ Thousands)
EchoStar, Cl A *	2,900	$	58
Electronics for Imaging *	6,290		82
Emulex *	18,333		200
Equinix *	11,680		1,240
Euronet Worldwide *	1,400		31
F5 Networks *	2,000		106
Factset Research Systems	300		20
Fair Isaac	700		15
Fairchild Semiconductor International *	33,788		338
Fidelity National Information Services	1,480		35
Flir Systems *	9,160		300
Formfactor *	800		18
Forrester Research *	900		23
Gartner *	66,540		1,200
Genpact *	1,200		18
Global Payments	800		43
GSI Commerce *	61,467		1,561
Harmonic *	2,000		13
Harris	14,100		670
Harris Stratex Networks, Cl A *	198		1
Heartland Payment Systems	21,160		278
Hewitt Associates, Cl A *	3,334		141
Hughes Communications *	1,200		31
IAC *	9,650		198
Informatica *	14,000		362
Ingram Micro, Cl A *	6,642		116
Integral Systems *	1,072		9
InterDigital *	1,300		35
Intermec *	3,701		47
International Rectifier *	1,600		35
Iron Mountain *	2,500		57
Itron *	600		41
Jabil Circuit	70,397		1,223
Jack Henry & Associates	2,200		51
JDA Software Group *	10,100		257
JDS Uniphase *	2,700		22
Lam Research *	7,250		284
Lawson Software *	135,721		903
Lender Processing Services	150		6
Lexmark International, Cl A *	19,900		517
Limelight Networks *	3,000		12
Linear Technology	5,600		171
Littelfuse *	11,106		357
LoopNet *	1,700		17
Loral Space & Communications *	800		25
LSI Logic *	20,725		125
Mantech International, Cl A *	900		43
MAXIMUS	1,400		70
McAfee *	400		16
Measurement Specialties *	2,900		29
Mentor Graphics *	2,400		21
Methode Electronics	46,156		401
Micrel	10,900		89
Micros Systems *	800		25
Microsemi *	52,772		937
MicroStrategy, Cl A *	200		19
Microtune *	5,635		13
Molex	19,489		420
Monolithic Power Systems *	4,628		111
Move *	40,345		67


Description	Shares	Market Value ($ Thousands)
MTS Systems	1,819	$	52
National Semiconductor	2,800		43
NCR *	12,025		134
Netezza *	11,100		108
Netgear *	2,100		46
NetSuite *	1,400		22
NeuStar, Cl A *	21,900		505
NIC	3,700		34
Novell *	6,500		27
Novellus Systems *	1,600		37
Nuance Communications *	1,500		23
Omnivision Technologies *	1,400		20
ON Semiconductor *	75,780		668
Palm *	1,700		17
Parametric Technology *	21,426		350
Plantronics	1,100		29
Plexus *	17,440		497
PMC - Sierra *	96,900		839
Polycom *	4,000		100
Power Integrations	500		18
QLogic *	28,970		547
Quest Software *	1,400		26
Rackspace Hosting *	23,980		500
Radisys *	4,300		41
Rambus *	1,900		46
RealNetworks *	11,200		41
Red Hat *	18,200		562
RF Micro Devices *	123,230		588
Richardson Electronics	11,300		66
Riverbed Technology *	30,597		703
Rofin-Sinar Technologies *	700		17
Rovi *	524		17
S1 *	3,900		25
SAIC *	29,000		549
Salesforce.com *	800		59
Sanmina-SCI *	23,200		256
Sapient *	83,347		689
SAVVIS *	1,900		27
Scansource *	3,200		85
Seagate Technology	61,950		1,127
Semtech *	3,100		53
Sigma Designs *	900		10
Silicon Graphics International *	2,400		17
Silicon Laboratories *	3,550		172
SkillSoft ADR *	121,214		1,270
Skyworks Solutions *	56,540		802
Sohu.com *	200		11
Solera Holdings	15,248		549
SonicWALL *	2,600		20
Standard Microsystems *	1,200		25
Sun Microsystems *	15,100		141
Supertex *	900		27
Sybase *	18,142		787
Symyx Technologies *	7,803		43
Synaptics * (A)	4,450		136
SYNNEX *	1,918		59
Synopsys *	31,504		702
Syntel	1,400		53
Take-Two Interactive Software *	11,200		113
Taleo, Cl A *	3,892		91
Tech Data *	12,800		597
Technitrol	19,700		86


Description	Shares	Market Value ($ Thousands)
Tekelec *	3,400	$	52
TeleTech Holdings *	17,121		343
Tellabs *	7,100		40
Teradata *	4,200		132
Tessera Technologies *	900		21
TIBCO Software *	10,000		96
TiVo *	102,900		1,047
Total System Services	40,300		696
Trimble Navigation *	5,500		139
TriQuint Semiconductor *	88,420		531
Ultimate Software Group *	600		18
Unisys *	9,873		381
United Online	50,030		360
Utstarcom *	6,700		15
Valueclick *	16,500		167
Varian Semiconductor Equipment Associates *	6,475		232
Veeco Instruments *	5,671		187
VeriFone Holdings *	10,500		172
Viasat *	900		29
Virtusa *	1,600		15
Vishay Intertechnology *	68,300		570
VistaPrint *	21,909		1,241
Vocus *	20,500		369
WebMD Health, Cl A *	2,621		101
Western Digital *	16,300		720
Wright Express *	14,295		455
Xyratex *	18,645		248
Zebra Technologies, Cl A *	12,066		342
Zoran *	33,614		372

			49,040

Materials — 5.8%
Airgas	10,900		519
AK Steel Holding	11,300		241
Albemarle	4,800		175
Allegheny Technologies	19,233		861
Alpha Natural Resources *	3,020		131
AM Castle	8,068		111
Aptargroup	16,937		605
Ashland	2,600		103
Ball	5,000		258
Cabot	10,992		288
Celanese, Ser A	12,200		392
Century Aluminum *	24,400		395
China Green Agriculture *	7,900		116
Cliffs Natural Resources	7,104		327
Commercial Metals	11,469		180
Compass Minerals International	1,100		74
Crown Holdings *	4,800		123
Cytec Industries	10,764		392
Domtar *	10,172		564
Eagle Materials	9,070		236
Eastman Chemical	11,200		675
FMC	2,882		161
General Steel Holdings * (A)	16,428		72
Greif, Cl A	900		49
H.B. Fuller	10,600		241
Headwaters *	17,123		112
Huntsman	10,000		113
Innophos Holdings	2,400		55
Innospec	3,100		31
Intrepid Potash *	13,700		400


Description	Shares	Market Value ($ Thousands)
Kaiser Aluminum	3,000	$	125
Koppers Holdings	4,297		131
Lubrizol	10,200		744
Martin Marietta Materials	100		9
Mosaic	500		30
Nalco Holding	12,600		321
Neenah Paper	16,724		233
NewMarket	992		114
Nucor	7,646		357
Olin	7,700		135
OM Group *	6,925		217
Owens-Illinois *	22,042		725
Packaging Corp of America	17,227		396
PolyOne *	63,335		473
Reliance Steel & Aluminum	7,200		311
Rock-Tenn, Cl A	1,700		86
Rockwood Holdings *	15,500		365
Royal Gold	900		42
RPM International	1,600		32
RTI International Metals *	7,721		194
Schnitzer Steel Industries, Cl A	2,800		134
Schulman A	7,322		148
Schweitzer-Mauduit International	1,500		106
Scotts Miracle-Gro, Cl A	11,900		468
Sealed Air	700		15
Sensient Technologies	6,800		179
Sigma-Aldrich	500		25
Silgan Holdings	17,162		993
Sims Metal Management ADR	1,435		28
Solutia *	11,500		146
Spartech	8,227		84
Stillwater Mining *	9,300		88
Temple-Inland	2,300		49
Terra Industries	9,000		290
Texas Industries	500		17
Titanium Metals	6,000		75
Walter Energy	1,800		136
Westlake Chemical	2,015		50
Worthington Industries	8,000		105
WR Grace *	4,500		114

			16,290

Telecommunication Services — 1.8%
Alaska Communications Systems
Group	18,870		151
American Tower, Cl A *	1,015		44
CenturyTel	15,200		550
Cincinnati Bell *	59,535		205
Consolidated Communications Holdings	1,000		17
Frontier Communications	1,200		9
General Communication, Cl A *	5,600		36
Global Crossing *	1,400		20
Iowa Telecommunications Services	4,315		72
MetroPCS Communications *	41,725		318
Neutral Tandem *	2,763		63
NII Holdings *	38,600		1,296
PAETEC Holding *	6,400		27
Price Communication *	3,800		—
SBA Communications, Cl A *	49,090		1,677
Telephone & Data Systems	1,732		59
tw telecom , Cl A *	13,390		230


Description	Shares	Market Value ($ Thousands)
USA Mobility	16,700	$	184

			4,958

Utilities — 4.5%
AGL Resources	32,477		1,184
Alliant Energy	8,800		266
Ameren	13,600		380
American Water Works	7,900		177
Avista	16,100		348
Black Hills	3,085		82
California Water Service Group	900		33
Centerpoint Energy	800		12
CH Energy Group	1,800		77
Chesapeake Utilities	400		13
Cleco	1,200		33
CMS Energy (A)	47,700		747
Connecticut Water Service	500		13
Consolidated Edison	5,929		269
Consolidated Water	1,200		17
Edison International	9,690		337
El Paso Electric *	4,700		95
Empire District Electric	8,731		163
Energen	2,800		131
Equities	554		24
Great Plains Energy	55,369		1,073
Hawaiian Electric Industries	17,500		366
Idacorp	3,400		109
ITC Holdings	1,000		52
Laclede Group	2,575		87
MDU Resources Group	5,300		125
MGE Energy	700		25
Mirant *	19,400		296
National Fuel Gas	2,400		120
New Jersey Resources	750		28
NiSource	30,600		471
Northeast Utilities	4,000		103
Northwest Natural Gas	400		18
NorthWestern	32,525		846
NSTAR	300		11
NV Energy	2,100		26
Oneok	600		27
Ormat Technologies	300		12
Pepco Holdings	12,500		211
Piedmont Natural Gas	4,300		115
Pinnacle West Capital	18,372		672
PNM Resources	1,700		21
Portland General Electric	52,766		1,077
PPL	1,900		61
RRI Energy *	67,713		387
SCANA	13,806		520
Sempra Energy	1,600		90
South Jersey Industries	5,227		200
Southern Union	600		14
Southwest Water	2,600		15
TECO Energy	1,800		29
UGI	8,400		203
UIL Holdings	700		20
Westar Energy	5,800		126
WGL Holdings	600		20
Wisconsin Energy	1,900		95


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
Xcel Energy		18,194	$	386

				12,458


Total Common Stock (Cost $225,336) ($ Thousands)				268,887


CLOSED-END FUND — 0.0%
Kayne Anderson Energy Development		800		12


Total Closed-End Fund (Cost $9) ($ Thousands)				12


EXCHANGE TRADED FUND — 0.0%
iShares Russell 2000 Index Fund (A)		1,300		81


Total Exchange Traded Fund (Cost $65) ($ Thousands)				81


CASH EQUIVALENT — 3.3%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100% **(B)		9,174,459		9,174

Total Cash Equivalent (Cost $9,174) ($ Thousands)				9,174


AFFILIATED PARTNERSHIP — 1.3%
SEI Liquidity Fund, L.P.,
0.300% **(B) (C)		3,670,148		3,484

Total Affiliated Partnership (Cost $3,670) ($ Thousands)				3,484


U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bills
0.135%, 06/03/10 (D) (E)	$	605		605

Total U.S. Treasury Obligation (Cost $605) ($ Thousands)				605


Total Investments — 101.5% (Cost $238,859) ($ Thousands) @			$	282,243

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)
Russell 2000 Index E-MINI	67	Mar-2010	$	152
S&P Mid 400 Index E-MINI	44	Mar-2010		90

			$	242

Percentages are based on Net Assets of $278,077 ($Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

†	Real Estate Investment Trust.

(A)	This Security or a partial position of this security is on loan at December 31, 2009. The total market value of securities on loan at December 31, 2009 was $3,536 ($ Thousands).

(B)	Investment in Affiliated Security.

(C)	This security was purchased with cash collateral received from securities lending. The total value of such securities as of September 30, 2009 was $3,484 ($ Thousands).

(D)	The rate reported is the effective yield at the time of purchase.

(E)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

ADR — American Depositary Receipt

Cl — Class

L.P. — Limited Partnership

Amounts designated as “-” are $0 or have been rounded to $0.

@	At December 31, 2009, the tax basis cost of the Fund’s investments was $238,859 ($ Thousands), and the unrealized appreciation and depreciation were $55,420 ($ Thousands) and ($12,036) ($ Thousands) respectively.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):


Description	Shares	Market Value ($ Thousands)
COMMON STOCK — 96.7%

Consumer Discretionary — 14.7%
Aaron Rents	6,900	$	191
American Axle & Manufacturing Holdings	11,600		93
American Eagle Outfitters	22,400		380
American Greetings, Cl A	13,400		292
American Public Education *	16,125		554
America’s Car-Mart *	4,600		121
Ameristar Casinos	27,980		426
AnnTaylor Stores *	13,400		183
ArvinMeritor	10,000		112
ATC Technology *	10,100		241
Bally Technologies *	10,101		417
Barnes & Noble	31,900		608
Beazer Homes USA *	58,200		282
Big 5 Sporting Goods	9,200		158
Big Lots *	2,600		75
Bluegreen *	5,800		14
Blyth	1,200		40
Brinker International	15,763		235
Brown Shoe	51,000		503
Buckle	3,500		103
Buffalo Wild Wings *	4,553		183
California Pizza Kitchen *	23,300		313
Callaway Golf	35,400		267
Capella Education *	700		53
Carter’s *	34,792		913
Casual Male Retail Group *	55,000		128
Cato, Cl A	44,894		901
CEC Entertainment *	14,200		453
Cheesecake Factory *	17,216		372
Chico’s FAS *	25,864		363
Christopher & Banks	23,700		181
Cinemark Holdings	21,700		312
Citi Trends *	10,100		279
CKE Restaurants	7,353		62
CKX *	3,951		21
Cooper Tire & Rubber	42,642		855
Core-Mark Holding *	2,000		66
Corinthian Colleges *	26,200		361
Cracker Barrel Old Country Store	14,700		559
Dana Holding *	47,500		515
Deckers Outdoor *	2,300		234
Dillard’s, Cl A	10,300		190
DineEquity *	10,700		260
Domino’s Pizza *	11,500		96
Dress Barn *	15,853		366
DSW, Cl A *	16,400		425
Eastman Kodak	61,800		261
Entercom Communications *	35,300		250
Ethan Allen Interiors	14,700		197
Federal Mogul, Cl A *	10,714		185
Finish Line, Cl A	19,200		241
Foot Locker	62,700		699
Fossil *	7,046		236
Fred’s, Cl A	19,450		198
Furniture Brands International *	15,100		82
Genesco *	16,000		439
Gymboree *	855		37
Hillenbrand	11,500		217


Description	Shares	Market Value ($ Thousands)
HOT Topic *	131,610	$	837
HSN *	29,955		605
Iconix Brand Group *	61,750		781
Insight Enterprises *	26,700		305
Isle of Capri Casinos *	31,596		236
J Crew Group *	4,521		202
Jack in the Box *	5,600		110
Jackson Hewitt Tax Service	8,700		38
Jakks Pacific *	4,000		48
Jo-Ann Stores *	10,711		388
Jones Apparel Group	29,150		468
JOS A Bank Clothiers *	10,100		426
Kirkland’s *	51,402		893
Knology *	13,836		152
Lakeland Industries *	24,800		198
Life Time Fitness *	17,311		432
Lifetime Brands	15,900		114
Lincoln Educational Services *	20,900		453
Lions Gate Entertainment *	32,000		186
Live Nation *	22,000		187
Lodgenet Entertainment *	24,200		134
Lululemon Athletica *	18,621		561
Lumber Liquidators *	2,985		80
Marcus	5,829		75
Matthews International, Cl A	5,700		202
MDC Partners, Cl A *	98,700		823
Media General, Cl A	13,300		104
Men’s Wearhouse	3,900		82
Morningstar *	2,200		106
New Frontier Media *	53,800		102
Nutri/System	20,300		633
Office Depot *	27,700		179
OfficeMax *	41,865		531
Orient-Express Hotels, Cl A	33,900		344
Oxford Industries	17,700		366
Papa John’s International *	2,313		54
Penske Auto Group	7,800		118
PF Chang’s China Bistro *	5,100		193
Phillips-Van Heusen	9,505		387
Pinnacle Entertainment *	45,202		406
Pre-Paid Legal Services *	2,900		119
Princeton Review *	67,200		273
Pulte Homes	43,300		433
RadioShack	4,500		88
RC2 *	20,500		302
Red Robin Gourmet Burgers *	10,700		192
Regis	34,400		535
Retail Ventures *	38,200		340
Ryland Group	17,800		351
Sealy *	29,600		93
Shutterfly *	20,400		363
Signet Jewelers *	5,700		152
Smith & Wesson Holding *	13,900		57
Sonic Automotive, Cl A	17,500		182
Sotheby’s	10,400		234
Spartan Motors	14,000		79
Stage Stores	53,500		661
Stamps.com *	5,100		46
Standard-Pacific *	42,400		159
Steiner Leisure *	6,523		259
Steven Madden *	400		17
Stewart Enterprises, Cl A	27,700		143


Description	Shares	Market Value ($ Thousands)
Stoneridge *	8,000	$	72
Sturm Ruger	27,080		263
Systemax	5,000		79
Tempur-Pedic International *	48,970		1,157
Tenneco *	41,800		741
Texas Roadhouse, Cl A *	22,875		257
Ticketmaster *	3,800		46
Titan International	23,113		188
Tractor Supply *	5,621		298
True Religion Apparel *	5,700		105
Tupperware Brands	16,485		768
Ulta Salon Cosmetics & Fragrance *	10,125		184
Under Armour, Cl A *	7,425		203
Universal Electronics *	4,100		95
Universal Technical Institute *	5,700		115
Valassis Communications *	13,000		237
Volcom *	4,800		80
Wet Seal, Cl A *	31,053		107
Williams-Sonoma	8,500		177

			39,587

Consumer Staples — 4.2%
Alliance One International *	70,700		345
American Italian Pasta, Cl A *	16,699		581
Andersons	13,000		336
Cal-Maine Foods	8,400		286
Casey’s General Stores	10,900		348
Chiquita Brands International *	38,600		696
Cosan SA Industria e Comercio (Brazil) *	33,500		492
Darling International *	39,200		328
Del Monte Foods	37,000		420
Flowers Foods	24,100		573
Fresh Del Monte Produce *	6,600		146
Great Atlantic & Pacific Tea *	5,300		63
Herbalife	20,900		848
J&J Snack Foods	6,000		240
Kulim Malaysia	144,900		320
Lancaster Colony	8,797		437
Lance	27,500		723
Mead Johnson Nutrition, Cl A	2,100		92
Medifast *	15,233		466
Molson Coors Brewing, Cl B	3,300		149
NBTY *	9,400		409
Nu Skin Enterprises, Cl A	16,400		440
Pantry *	30,900		420
Pricesmart	2,700		55
Rite Aid *	33,300		50
Ruddick	20,500		527
Smart Balance *	62,169		373
TreeHouse Foods *	13,200		513
United Natural Foods *	6,354		170
Universal	2,300		105
USANA Health Sciences *	2,600		83
Viterra, Cl Common Subscription Recei *	39,400		371
Weis Markets	790		29

			11,434

Energy — 5.8%
Allis-Chalmers Energy *	26,700		101
Approach Resources *	32,000		247


Description	Shares	Market Value ($ Thousands)
Arena Resources *	6,600	$	285
Atlas Energy	17,886		540
Basic Energy Services *	7,800		69
Berry Petroleum, Cl A	10,800		315
Boots & Coots *	23,400		39
BPZ Resources *	44,200		420
Bristow Group *	3,000		115
Cal Dive International *	38,700		293
CARBO Ceramics	9,100		620
Carrizo Oil & Gas *	14,000		371
Clayton Williams Energy *	4,200		147
Comstock Resources *	14,425		585
Contango Oil & Gas *	3,815		179
Delek US Holdings	6,700		46
Denbury Resources *	5,900		87
Dril-Quip *	200		11
Encore Acquisition *	5,795		278
Exterran Holdings *	9,400		202
GeoMet *	62,705		92
Global Industries *	61,217		437
GMX Resources *	19,461		267
Gulfport Energy *	5,600		64
Helix Energy Solutions Group *	21,900		257
Hercules Offshore *	12,900		62
Holly	8,000		205
Hornbeck Offshore Services *	13,100		305
Key Energy Services *	72,400		636
McMoRan Exploration *	9,500		76
Northern Oil And Gas *	31,000		367
Oilsands Quest *	391,800		451
Oilsands Quest PIPE *	3,500		4
PetroHawk Energy *	27,625		663
Petroquest Energy *	32,663		200
Pioneer Drilling *	42,311		334
Quicksilver Resources *	26,759		402
Rentech *	112,600		138
Rosetta Resources *	20,500		409
SandRidge Energy *	56,879		536
Ship Finance International	3,800		52
StealthGas	27,700		173
Swift Energy *	17,200		412
T-3 Energy Services, Cl 3 *	12,900		329
Teekay Shipping	11,500		267
Tesoro	9,400		127
Tidewater	2,655		127
USEC *	41,500		160
Vaalco Energy	55,840		254
Venoco *	17,754		231
W&T Offshore	32,900		385
Whiting Petroleum *	4,109		294
Willbros Group *	55,717		940
World Fuel Services	44,200		1,184

			15,790

Financials — 15.5%
Allied Capital	21,300		77
Allied World Assurance Holdings	3,300		152
American Campus Communities †	4,000		112
Amerisafe *	700		13
Amtrust Financial Services	27,300		323
Annaly Capital Management †	34,800		604
Anworth Mortgage Asset †	99,300		695


Description	Shares	Market Value ($ Thousands)
Apollo Investment *,(A)	14,862	$	142
Ares Capital	8,300		103
Artio Global Investors, Cl A *	17,100		436
Aspen Insurance Holdings	8,600		219
Associated Banc-Corp	5,100		56
Associated Estates Realty †	22,840		257
Axis Capital Holdings	3,500		99
Bancorp Rhode Island	3,400		87
Bank of the Ozarks	5,984		175
Berkshire Hills Bancorp	7,700		159
Brasil Brokers Participacoes	82,000		305
Calamos Asset Management, Cl A	11,875		137
Capstead Mortgage †	28,400		388
Cardinal Financial	27,100		237
Centerstate Banks	9,500		96
Chemical Financial	6,000		142
Chimera Investment †	132,668		515
Cincinnati Financial	4,700		123
Cogdell Spencer †	106,600		603
Cohen & Steers	5,000		114
Colonial Properties Trust †	28,000		328
Community Bank System	13,200		255
Cowen Group, Cl A *	63,300		375
Crawford, Cl B *	5,600		22
CreXus Investment * †	14,900		208
Delphi Financial Group, Cl A	16,300		365
Developers Diversified Realty †	28,400		263
Dollar Financial *	20,431		483
Duff & Phelps	21,200		387
DuPont Fabros Technology †	5,573		100
ETrade Financial	161,800		283
EastGroup Properties †	2,322		89
Education Realty Trust †	66,700		323
eHealth *	2,900		48
EMC Insurance Group	1,600		34
Encore Bancshares *	16,200		129
Equity Lifestyle Properties †	2,362		119
Equity One †	13,700		222
ESSA Bancorp	7,500		88
Evercore Partners, Cl A	3,215		98
FBR Capital Markets *	58,200		360
Financial Federal	5,900		162
First Bancorp	54,800		126
First Busey	3,700		14
First Cash Financial Services *	672		15
First Commonwealth Financial	14,400		67
First Financial Bancorp	64,000		932
First Financial Holdings	22,500		292
First Industrial Realty Trust †	20,800		109
FirstMerit	28,900		582
Flushing Financial	37,800		426
FNB (Pennsylvania)	17,300		117
Fpic Insurance Group *	8,700		336
Fulton Financial	36,980		322
General Shopping Brasil (Brazil) *	81,500		400
Getty Realty †	2,100		49
GFI Group	30,700		140
Gladstone Capital	7,300		56
Gluskin Sheff + Associates	17,100		335
Great American Group *	48,300		179
Greenhill	3,691		296


Description	Shares	Market Value ($ Thousands)
Hancock Holding	19,320	$	846
Hanover Insurance Group	14,500		644
Harleysville Group	3,000		95
Hatteras Financial †	7,800		218
Hercules Technology Growth Capital	13,700		142
Highwoods Properties †	23,000		767
Home Bancshares	8,300		200
Home Federal Bancorp	7,700		103
Hudson Valley Holding	12,870		317
Infinity Property & Casualty	3,200		130
Inland Real Estate †	45,400		370
International Assets Holding *	2,191		32
Investment Technology Group *	14,400		284
Investors Real Estate Trust †	43,900		395
iStar Financial †	16,028		41
KBW *	13,700		375
Kennedy-Wilson Holdings *	9,100		81
Knight Capital Group, Cl A *	29,200		450
Life Partners Holdings	8,350		177
LTC Properties †	21,923		586
Max Capital Group	11,400		254
MB Financial	29,900		590
Meadowbrook Insurance Group	82,000		607
Medical Properties Trust †	11,500		115
MFA Financial †	92,100		677
MGIC Investment *	86,300		499
Mid-America Apartment Communities †	1,051		51
National Penn Bancshares	66,900		387
National Retail Properties †	26,250		557
Nationwide Health Properties †	2,800		99
Navigators Group *	5,900		278
Nelnet, Cl A	39,300		677
NewAlliance Bancshares	2,592		31
Northwest Bancshares	6,700		76
NYSE Euronext	4,800		122
Old National Bancorp	48,200		599
Omega Healthcare Investors †	1,200		23
optionsXpress Holdings	12,453		192
Pacific Capital Bancorp	43,800		42
Pacific Continental	16,850		193
PacWest Bancorp	12,300		248
Pennsylvania Real Estate Investment Trust †	11,000		93
Penson Worldwide *	6,300		57
PHH *	15,100		243
Phoenix	38,100		106
Platinum Underwriters Holdings	12,400		475
PMA Capital, Cl A *	28,100		177
Post Properties †	21,650		424
Potlatch †	3,177		101
Prospect Capital	37,500		443
Prosperity Bancshares	5,700		231
PS Business Parks †	200		10
Radian Group	38,668		283
RAIT Financial Trust †	64,200		84
Redwood Trust †	6,000		87
Renasant	9,700		132
Riskmetrics Group *	672		11
RLI	6,800		362
S&T Bancorp	6,400		109


Description	Shares	Market Value ($ Thousands)
Safeguard Scientifics *	5,800	$	60
Safety Insurance Group	6,509		236
SCBT Financial	6,400		177
SeaBright Insurance Holdings *	12,600		145
Seacoast Banking Corp of Florida	80,400		131
Selective Insurance Group	6,600		109
Signature Bank NY *	2,300		73
South Financial Group	134,660		87
Sovran Self Storage †	5,500		197
Starwood Property Trust †	11,300		214
Stewart Information Services	5,600		63
Strategic Hotels & Resorts * †	13,200		25
Sunstone Hotel Investors †	62,580		556
Susquehanna Bancshares	34,127		201
SWS Group	15,900		192
Synovus Financial	82,743		170
Tanger Factory Outlet Centers †	2,400		94
TD Ameritrade Holding *	14,800		287
Texas Capital Bancshares *	13,543		189
Thomas Weisel Partners Group *	20,600		78
Titanium Asset Management * (B) (C)	15,400		46
Tower Group	8,946		209
TradeStation Group *	19,700		155
Trustco Bank NY	60,200		379
Trustmark	21,671		488
Union Bankshares	6,600		82
United Community Banks *	17,319		59
United Financial Bancorp	6,200		81
Universal Health Realty Income Trust †	1,800		58
Uranium Participation *	66,100		416
U-Store-It Trust †	60,850		445
Validus Holdings	12,800		345
ViewPoint Financial Group	8,700		125
Washington Federal	24,100		466
Washington Real Estate Investment Trust †	21,100		581
Westamerica Bancorporation	5,600		310
Western Alliance Bancorp *	60,600		229
Whitney Holding	58,700		535
Wilshire Bancorp	5,400		44
World Acceptance *	33,200		1,190
WSFS Financial	6,300		161
Zions Bancorporation	20,050		257

			41,846

Health Care — 12.9%
Abaxis *	15,628		399
Acorda Therapeutics *	7,500		189
Affymetrix *	59,062		345
Air Methods *	9,705		326
Albany Molecular Research *	7,100		64
Alexion Pharmaceuticals *	8,000		391
Align Technology *	14,700		262
Alkermes *	10,500		99
Allos Therapeutics *	10,500		69
Alnylam Pharmaceuticals *	2,300		41
AMAG Pharmaceuticals *	13,482		513
Amedisys *	11,841		575
American Medical Systems Holdings *	18,900		365


Description	Shares	Market Value ($ Thousands)
AMERIGROUP *	20,432	$	551
AMN Healthcare Services *	22,001		199
Amsurg *	50,100		1,103
Analogic	2,800		108
Angiodynamics *	7,900		127
Arena Pharmaceuticals *	47,800		170
Assisted Living Concepts, Cl A *	6,500		171
ATHENAHEALTH INC *	3,300		149
Auxilium Pharmaceuticals *	2,800		84
BioMarin Pharmaceuticals *	35,011		659
Bio-Reference Labs *	1,300		51
Bruker BioSciences *	10,233		123
Cantel Medical	22,300		450
Cardiome Pharma *	67,125		299
Centene *	20,200		428
Cephalon *	1,400		87
Chemed	17,008		816
Computer Programs & Systems	5,200		240
Conmed *	4,900		112
Covance *	4,200		229
Cubist Pharmaceuticals *	4,882		93
Cyberonics *	7,500		153
Cypress Bioscience *	8,400		48
Durect *	85,275		211
Electro-Optical Sciences *	10,545		109
Emergency Medical Services, Cl A *	8,800		477
Emergent Biosolutions *	7,985		109
Enzo Biochem *	8,700		47
Enzon Pharmaceuticals *	2,866		30
eResearchTechnology *	27,100		163
Exactech *	11,000		190
Exelixis *	22,200		164
Genoptix *	3,300		117
Gen-Probe *	4,200		180
Gentiva Health Services *	2,300		62
Geron *	8,520		47
Haemonetics *	6,900		381
Halozyme Therapeutics *	13,600		80
Healthsouth *	18,369		345
HealthTronics *	54,200		143
HMS Holdings *	3,700		180
ICU Medical *	24,100		878
Idexx Laboratories *	4,200		224
Illumina *	4,200		129
Immucor *	10,200		206
Immunogen *	22,000		173
Incyte *	37,700		343
Inspire Pharmaceuticals *	44,800		247
InterMune *	3,000		39
Inverness Medical Innovations *	1,500		62
IPC The Hospitalist *	5,608		186
Isis Pharmaceuticals *	14,700		163
Kendle International *	9,700		178
Kensey Nash *	6,400		163
Kindred Healthcare *	13,947		257
King Pharmaceuticals *	67,600		829
LCA-Vision *	12,500		64
LHC Group *	26,520		891
LifePoint Hospitals *	17,600		572
Magellan Health Services *	11,773		480
Martek Biosciences *	17,214		326


Description	Shares	Market Value ($ Thousands)
Masimo *	13,850	$	421
Medicines *	61,900		516
Medicis Pharmaceutical, Cl A	30,310		820
Medivation *	9,626		362
Mednax *	9,600		577
Meridian Bioscience	17,500		377
Merit Medical Systems *	5,800		112
MWI Veterinary Supply *	1,100		41
Nektar Therapeutics *	6,009		56
Nighthawk Radiology Holdings *	20,100		91
NovaMed *	21,800		85
NPS Pharmaceuticals *	16,273		55
NuVasive *	11,085		355
Odyssey HealthCare *	20,300		316
Omnicare	4,200		102
Omnicell *	11,629		136
OncoGenex Pharmaceutical *	1,059		24
Optimer Pharmaceuticals *	12,903		146
Orthofix International *	6,491		201
OSI Pharmaceuticals *	4,100		127
Par Pharmaceutical *	19,150		518
Parexel International *	12,200		172
PDL BioPharma	174,411		1,196
PerkinElmer	1,059		22
Perrigo	3,100		124
Pharmaceutical Product Development	8,507		199
Pharmasset *	3,696		77
Phase Forward *	17,675		271
Pozen *	36,450		218
Providence Service *	4,700		74
PSS World Medical *	11,200		253
Psychiatric Solutions *	10,500		222
Questcor Pharmaceuticals *	77,425		368
Quidel *	41,829		576
Regeneron Pharmaceuticals *	10,300		249
RehabCare Group *	11,100		338
Res-Care *	32,900		369
Rigel Pharmaceuticals *	62,400		593
Savient Pharmaceuticals *	18,671		254
Seattle Genetics *	3,617		37
SIGA Technologies *	23,993		139
Sirona Dental Systems *	8,900		283
Somanetics *	7,000		123
SonoSite *	5,298		125
Spectrum Pharmaceuticals *	23,900		106
StemCells *	71,700		90
STERIS	28,348		793
Sun Healthcare Group *	34,800		319
Techne	4,900		336
Theravance *	7,100		93
Thoratec *	11,316		305
Triple-S Management, Cl B *	2,471		44
United Therapeutics *	4,100		216
Valeant Pharmaceuticals International *	16,900		537
Varian *	1,000		51
Vivus *	6,600		61
WellCare Health Plans *	10,631		391
Zoll Medical *	6,834		183

			34,778


Description	Shares	Market Value ($ Thousands)
Industrials — 12.8%
ACCO Brands *	17,900	$	130
Actuant, Cl A	21,700		402
Administaff	14,300		337
Aegean Marine Petroleum Network	20,475		563
AerCap Holdings *	48,950		443
Aerovironment *	7,625		222
Airtran Holdings *	156,825		819
Alaska Air Group *	8,600		297
American Ecology	5,900		101
American Science & Engineering	2,900		220
Ameron International	5,300		336
AO Smith	11,800		512
APAC Customer Services *	78,729		469
Apogee Enterprises	24,246		339
Applied Industrial Technologies	22,000		485
Arkansas Best	7,600		224
Armstrong World Industries *	9,735		379
Atlas Air Worldwide Holdings *	16,775		625
Avis Budget Group *	72,931		957
Badger Meter	1,500		60
Baldor Electric	11,800		332
BE Aerospace *	29,500		693
Beacon Roofing Supply *	10,100		162
Briggs & Stratton	17,700		331
Brink’s	4,200		102
Carlisle	9,400		322
Celadon Group *	30,200		328
Cenveo *	29,100		255
Chart Industries *	31,487		521
Columbus McKinnon *	17,500		239
Comfort Systems USA	12,600		155
Consolidated Graphics *	11,300		396
Continental Airlines, Cl B *	58,000		1,039
Copa Holdings, Cl A	3,025		165
Cornell *	13,600		309
Corporate Executive Board	8,426		192
CRA International *	26,400		704
Crane	11,600		355
Cubic	16,860		629
Cummins	1,100		51
Dycom Industries *	53,100		426
Dynamic Materials	5,417		109
DynCorp International, Cl A *	5,100		73
EMCOR Group *	41,500		1,116
EnerNOC *	6,300		191
EnerSys *	24,016		525
Ennis	10,400		175
Fastenal	5,600		233
Force Protection *	54,200		282
FTI Consulting *	9,275		437
FuelCell Energy *	27,238		102
General Cable *	6,900		203
Genesee & Wyoming, Cl A *	19,170		626
Geo Group *	8,300		182
GeoEye *	16,744		467
Gibraltar Industries	3,792		60
GrafTech International *	8,927		139
Granite Construction	14,800		498
Great Lakes Dredge & Dock	124,353		806


Description	Shares	Market Value ($ Thousands)
GT Solar International *	7,500	$	42
H&E Equipment Services *	34,000		357
Hawaiian Holdings *	27,800		194
Healthcare Services Group	2,500		54
Hexcel *	55,900		726
Hill International *	830		5
HNI	156		4
Horizon Lines, Cl A	9,600		54
ICT Group *	1,500		25
Innerworkings *	47,750		282
Kaman	5,100		118
KBR	7,300		139
Kelly Services, Cl A	6,400		76
Kirby *	10,800		376
Knight Transportation	4,800		93
Landstar System	7,155		277
LECG *	55,900		167
Lennox International	4,961		194
Lydall *	9,100		47
Manitowoc	23,900		238
Marten Transport *	8,955		161
Mcgrath Rentcorp	3,600		81
Michael Baker *	14,382		595
Mine Safety Appliances	7,200		191
Mistras Group *	3,500		53
Monster Worldwide *	10,500		183
Mueller Water Products, Cl A	77,442		403
Navistar International *	9,600		371
NCI Building Systems *	30,700		56
Old Dominion Freight Line *	16,101		494
Orbital Sciences *	8,143		124
Oshkosh Truck	3,059		113
Owens Corning *	4,800		123
Pacer International	19,700		62
Polypore International *	2,076		25
Powell Industries *	5,907		186
Quanta Services *	3,100		65
Rand Logistics *	5,200		17
Raven Industries	6,128		195
Resources Connection *	5,500		117
Robbins & Myers	11,400		268
RSC Holdings *	44,100		310
Skywest	5,300		90
Standard Register	12,000		61
Standex International	11,200		225
SYKES Enterprises *	6,300		160
TAL International Group	28,700		380
Teleflex	3,500		189
Tennant	4,447		117
Terex *	28,750		570
Textainer Group Holdings	22,800		385
Titan Machinery *	25,925		299
Tredegar	4,400		69
Triumph Group	7,110		343
TrueBlue *	13,200		195
Tutor Perini *	7,594		137
UAL *	74,709		964
US Airways Group *	35,700		173
Vitran *	13,850		150
Werner Enterprises	21,200		419
WESCO International *	8,900		240

			34,677


Description	Shares	Market Value ($ Thousands)
Information Technology — 20.7%
3Com *	39,380	$	295
ACI Worldwide *	1,581		27
Actel *	5,100		61
Actuate *	6,700		29
ADC Telecommunications *	50,200		312
Advanced Energy Industries *	58,593		884
Advent Software *	1,541		63
Akamai Technologies *	17,100		433
Amkor Technology *	41,367		296
Anixter International *	1,600		75
Ansys *	5,900		256
Applied Micro Circuits *	41,000		306
Archipelago Learning *	9,547		198
Ariba *	48,750		610
Arris Group *	86,920		993
Art Technology Group *	161,192		727
AsiaInfo Holdings *	20,671		630
Atheros Communications *	13,993		479
Atmel *	63,070		291
Benchmark Electronics *	49,258		932
Blackboard *	3,650		166
Blue Coat Systems *	4,200		120
Brightpoint *	59,500		437
Brocade Communications Systems *	32,100		245
CDC Software ADR *	38,400		371
Checkpoint Systems *	15,200		232
Ciber *	88,600		306
Cirrus Logic *	45,500		310
Cognex	14,400		255
Cogo Group *	16,900		124
CommScope *	13,780		366
CommVault Systems *	20,511		486
Comtech Telecommunications *	10,090		354
Comverse Technology *	47,700		451
CSG Systems International *	18,800		359
CTS	20,500		197
Cypress Semiconductor *	7,700		81
Daktronics	9,400		87
DealerTrack Holdings *	900		17
Digi International *	31,100		284
Digital River *	20,665		558
Diodes *	25,100		513
Dolby Laboratories, Cl A *	5,200		248
Double-Take Software *	13,400		134
DSP Group *	33,600		189
DTS *	7,579		259
Earthlink	13,700		114
EFJ *	21,100		23
Electro Rent	4,500		52
Electronic Arts *	7,400		131
Electronics for Imaging *	8,600		112
Emulex *	37,200		405
Entegris *	87,800		464
Euronet Worldwide *	7,386		162
Fairchild Semiconductor International *	82,600		825
Flir Systems *	13,400		439
Formfactor *	17,625		383
Forrester Research *	3,696		96


Description	Shares	Market Value ($ Thousands)
Gartner *	4,100	$	74
Hackett Group *	7,500		21
Harris Stratex Networks, Cl A *	48,200		333
Heartland Payment Systems	54,700		718
Hittite Microwave *	12,300		501
Hutchinson Technology *	5,800		60
i2 Technologies *	10,140		194
IAC *	11,300		231
Imation	89,298		779
Informatica *	8,700		225
Integral Systems *	38,978		338
Integrated Device Technology *	84,020		544
InterDigital *	3,900		103
Intermec *	17,810		229
IXYS	8,400		62
j2 Global Communications *	16,000		325
Jabil Circuit	25,060		435
Jack Henry & Associates	5,700		132
JDA Software Group *	33,111		843
Knot *	42,300		426
Lam Research *	8,100		318
Lawson Software *	6,100		41
Lexmark International, Cl A *	5,100		132
Linear Technology	8,800		269
LivePerson *	6,700		47
Loral Space & Communications *	3,100		98
Manhattan Associates *	9,700		233
Mantech International, Cl A *	18,900		912
Marvell Technology Group *	11,400		237
MAXIMUS	15,100		755
Mentor Graphics *	64,610		570
MercadoLibre *	10,875		564
Methode Electronics	42,600		370
Micrel	12,500		102
Microsemi *	5,600		99
MicroStrategy, Cl A *	4,594		432
MKS Instruments *	20,900		364
ModusLink Global Solutions *	9,100		86
MoneyGram International *	28,100		81
Monolithic Power Systems *	4,000		96
Move *	52,000		86
MTS Systems	6,500		187
NCR *	4,600		51
Ness Technologies *	9,200		45
Net 1 UEPS Technologies *	4,444		86
Netezza *	16,800		163
Netgear *	39,344		853
Netlogic Microsystems *	12,969		600
NetSuite *	17,233		275
Novatel Wireless *	52,200		416
Novell *	119,700		497
Omnivision Technologies *	18,300		266
Openwave Systems *	25,000		57
OSI Systems *	23,800		649
Palm *	16,300		164
Parametric Technology *	53,200		869
Park Electrochemical	22,325		617
Parkervision *	81,200		149
Photronics *	68,260		304
Plantronics	2,500		65
Plexus *	16,500		470
Progress Software *	15,417		450


Description	Shares	Market Value ($ Thousands)
QLogic *	2,000	$	38
Quality Systems	2,100		132
Quantum *	71,072		208
Quest Software *	48,238		888
Radware *	7,400		112
RealNetworks *	15,500		57
RF Micro Devices *	69,874		333
RightNow Technologies *	17,120		297
Riverbed Technology *	23,186		533
Rogers *	4,100		124
Rosetta Stone *	13,850		249
Sapient *	76,955		636
Scansource *	10,900		291
Seachange International *	52,800		347
Semtech *	34,700		590
Sigma Designs *	7,000		75
Skyworks Solutions *	17,019		241
SRA International, Cl A *	23,300		445
Standard Microsystems *	9,100		189
STEC *	51,035		834
SuccessFactors *	10,750		178
Sybase *	4,600		200
Synaptics *	8,855		271
Synchronoss Technologies *	6,300		100
SYNNEX *	3,200		98
Syntel	2,550		97
Take-Two Interactive Software *	12,000		121
Taleo, Cl A *	7,750		182
Tech Data *	2,800		131
Techwell *	10,700		141
Tekelec *	10,600		162
TeleTech Holdings *	13,253		265
Teradyne *	61,100		656
Tessera Technologies *	15,926		371
THQ *	19,100		96
TIBCO Software *	73,100		704
Tivo *	13,204		134
Trimble Navigation *	12,900		325
TriQuint Semiconductor *	63,002		378
TTM Technologies *	33,300		384
Tyler Technologies *	400		8
Ultimate Software Group *	857		25
Ultratech *	6,167		92
Unisys *	19,650		758
United Online	30,700		221
Valueclick *	63,022		638
VanceInfo Technologies ADR *	10,875		209
Vasco Data Security International *	9,903		62
Veeco Instruments *	30,477		1,007
VeriFone Holdings *	7,250		119
Verigy *	28,875		372
VistaPrint *	5,706		323
Vocus *	8,200		148
Volterra Semiconductor *	19,700		377
Websense *	24,490		428
Wright Express *	16,500		526
Zebra Technologies, Cl A *	10,500		298
Zoran *	55,300		611

			55,785


Description	Shares	Market Value ($ Thousands)

Materials — 6.2%
AK Steel Holding	25,300	$	540
Albemarle	13,100		476
Allied Nevada Gold *	30,900		466
AM Castle	11,300		155
AMCOL International	7,700		219
Aptargroup	9,000		322
Arch Chemicals	2,800		86
Carpenter Technology	19,800		533
Century Aluminum *	10,500		170
Commercial Metals	32,700		512
Cytec Industries	2,861		104
Domtar *	3,300		183
Ferro	9,800		81
Gammon Gold *	32,500		358
General Steel Holdings *	26,900		119
Glatfelter	2,200		27
Globe Specialty Metals *	3,800		36
H.B. Fuller	12,600		287
Headwaters *	29,100		190
Innophos Holdings	22,900		526
Intrepid Potash *	23,450		684
Jaguar Mining *	32,800		367
Koppers Holdings	18,652		568
Landec *	2,200		14
LSB Industries *	6,997		99
Myers Industries	43,200		393
New Gold *	109,800		400
NewMarket	14,372		1,649
Omnova Solutions *	45,400		278
PolyOne *	58,300		436
Quaker Chemical	16,300		336
Rockwood Holdings *	33,636		792
RTI International Metals *	9,700		244
Schnitzer Steel Industries, Cl A	4,700		224
Schulman A	8,200		166
Schweitzer-Mauduit International	1,200		84
Sensient Technologies	5,800		153
Silgan Holdings	5,100		295
Silvercorp Metals *	39,500		261
Solutia *	46,500		591
Spartech	34,700		356
Stepan	277		18
Temple-Inland	24,278		512
Universal Stainless & Alloy *	24,200		456
Wausau Paper	38,100		442
Worthington Industries	21,500		281
WR Grace *	42,828		1,086
Zep	2,155		37

			16,612

Telecommunication Services — 1.2%
Alaska Communications Systems Group	11,400		91
Cincinnati Bell *	126,000		435
Cogent Communications Group *	34,905		344
Consolidated Communications Holdings	9,300		163
Global Crossing *	10,500		150
Iowa Telecommunications Services	9,800		164
Leap Wireless International *	24,700		434


Description	Shares	Market Value ($ Thousands)
Neutral Tandem *	27,700	$	630
PAETEC Holding *	60,100		249
Shenandoah Telecommunications	3,000		61
Syniverse Holdings *	24,900		435
USA Mobility	9,900		109

			3,265

Utilities — 2.7%
Allete	6,200		203
Black Hills	2,600		69
California Water Service Group	5,970		220
Cia de Saneamento de Minas Gerais-COPASA (Brazil)	21,000		400
Cleco	18,900		516
El Paso Electric *	6,100		124
Empire District Electric	17,500		328
Great Plains Energy	5,700		110
Hawaiian Electric Industries	8,100		169
Idacorp	15,700		502
Laclede Group	2,313		78
MGE Energy	3,894		139
New Jersey Resources	10,000		374
NorthWestern	23,300		606
PNM Resources	42,100		533
Portland General Electric	36,300		741
RRI Energy *	18,800		108
UGI	9,500		230
UIL Holdings	3,499		98
Unisource Energy	24,600		792
Vectren	21,326		526
Westar Energy	21,400		465

			7,331

Total Common Stock (Cost $246,525) ($ Thousands)			261,105

PREFERRED STOCK — 0.3%
Grubb & Ellis Cumulative *	5,800		565
Callaway Golf
7.500%, 06/15/12 (D)(E)	1,500		185


Total Preferred Stock (Cost $764) ($ Thousands)			750


	Number of Warrants
WARRANTS — 0.0%
Oil Sands Quest
Expires 05/12/11 *	1,200		—


Total Warrants (Cost $—) ($Thousands)			—


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
CONVERTIBLE BOND — 0.1%

Energy — 0.1%
Rentech CV to 249.2522
4.000%, 04/15/13 (E)	$	204	$	143


Total Convertible Bond (Cost $162) ($ Thousands)				143


CORPORATE OBLIGATION — 0.0%
Scorpio Mining PIPE
7.000%, 05/05/11 (B) (C)		52		46


Total Corporate Obligation (Cost $45) ($ Thousands)				46


CASH EQUIVALENT — 3.0%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100%**(F)		8,172,725		8,173


Total Cash Equivalent (Cost $8,173) ($ Thousands)				8,173


U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bills
0.135%, 06/03/10 (G) (H)	$	942		941

Total U.S. Treasury Obligation (Cost $941) ($ Thousands)				941


Total Investments — 100.4% (Cost $256,610) ($ Thousands) @			$	271,158

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)
Russell 2000 Index E-MINI	78	Mar-2010	$	148


			$	148

Percentages are based on Net Assets of $270,038 ($Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

†	Real Estate Investment Trust.

(A)	Business development company.

(B)	Securities considered illiquid and restricted. The total market value of such securities as of December 31, 2009 was $92 ($Thousands) and represented 0.04% of Net Assets.

(C)	Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of December 31, 2009 was $92 ($ Thousands) and represented 0.04% of net Assets.

(D)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may not be sold to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(E)	Convertible security.

(F)	Investment in Affiliated Security.

(G)	The rate reported is the rate in effect at the time of purchase.

(H)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

ADR — American Depositary Receipt

Cl — Class

L.P. — Limited Partnership

Amounts designated as “-” are $0 or have been rounded to $0.

@	At December 31, 2009, the tax basis cost of the Fund’s investments was $256,610 ($ Thousands), and the unrealized appreciation and depreciation were $21,796 ($ Thousands) and ($7,248) ($ Thousands) respectively.

A summary of restricted securities held by the Fund as of December 31, 2009, is as follows:

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):


Description	Shares	Market Value ($ Thousands)
COMMON STOCK — 97.6%

Consumer Discretionary — 15.4%
99 Cents Only Stores *	2,500	$	33
Advance Auto Parts (A)	24,800		1,004
Aeropostale * (A)	4,500		153
Asbury Automotive Group *	3,300		38
Autonation *	6,400		123
Autozone *	700		111
Bed Bath & Beyond *	3,200		124
Big Lots *	2,700		78
Bob Evans Farms	2,100		61
Brinker International	20,900		312
Cablevision Systems, Cl A	1,500		39
Career Education *	7,300		170
Cheesecake Factory *	1,100		24
Chico’s FAS *	25,900		364
Coach	17,900		654
Core-Mark Holding *	1,800		59
Darden Restaurants	1,600		56
DeVry	5,800		329
Discovery Communications, Cl C *	4,400		117
DISH Network, Cl A	15,300		318
Dollar Tree *	20,500		990
Expedia * (A)	26,600		684
Family Dollar Stores (A)	17,700		493
Federal Mogul, Cl A *	1,100		19
Fortune Brands	9,200		398
Gannett	18,900		280
Gap	1,100		23
Garmin (A)	15,400		473
Gentex	2,900		52
Genuine Parts	6,700		255
H&R Block	34,700		785
Hanesbrands *	36,600		882
Harley-Davidson (A)	2,000		50
Hasbro	12,000		385
International Speedway, Cl A	1,800		51
ITT Educational Services *	3,000		288
J.C. Penney	5,800		154
Jarden	7,800		241
Jones Apparel Group	700		11
Leggett & Platt	12,700		259
Liberty Media - Interactive, Cl A *	17,600		191
Limited Brands (A)	7,200		138
Lithia Motors, Cl A	1,100		9
Macy’s	47,600		798
Maidenform Brands *	5,000		84
Mattel	13,000		260
McGraw-Hill	14,100		472
Mohawk Industries *	1,100		52
Newell Rubbermaid (A)	64,400		967
NVR *	200		142
Oxford Industries	1,500		31
PetMed Express (A)	800		14
PetSmart	14,600		390
Phillips-Van Heusen	4,500		183
priceline.com *	1,200		262
Regis	1,000		15
Ross Stores	24,100		1,029
Sally Beauty Holdings *	1,800		14
Sherwin-Williams	300		18
Signet Jewelers *	21,700		580


Description	Shares	Market Value ($ Thousands)
Smith & Wesson Holding *	2,600	$	10
Sonic Automotive, Cl A	7,700		80
Stanley Works (A)	5,400		278
Strayer Education (A)	1,300		276
Tempur-Pedic International *	4,600		109
Texas Roadhouse, Cl A *	10,300		115
Thor Industries	5,800		182
TJX	43,300		1,583
TRW Automotive Holdings *	15,200		363
Universal Technical Institute *	4,000		81
Urban Outfitters *	7,300		255
VF	2,400		176
Washington Post, Cl B	300		132
Weight Watchers International (A)	6,200		181
Whirlpool	2,100		169
Wyndham Worldwide	40,300		813

			21,392

Consumer Staples — 6.9%
Avon Products	10,300		324
Bunge (A)	8,700		555
Campbell Soup	9,000		304
Chiquita Brands International * (A)	2,800		51
Church & Dwight (A)	3,400		205
Clorox	4,700		287
Coca-Cola Enterprises (A)	61,100		1,295
ConAgra Foods	11,500		265
Constellation Brands, Cl A *	48,900		779
Dean Foods *	29,000		523
Del Monte Foods	82,200		932
Dr Pepper Snapple Group	21,400		606
Herbalife	11,700		475
HJ Heinz	2,400		103
Hormel Foods	4,300		165
Lorillard	3,000		241
Molson Coors Brewing, Cl B	7,500		339
NBTY *	200		9
Ralcorp Holdings *	3,600		215
Reynolds American	2,500		132
Sanderson Farms	2,300		97
Sara Lee	63,600		775
SUPERVALU	26,400		335
Tyson Foods, Cl A	35,300		433
Whole Foods Market * (A)	6,000		165

			9,610

Energy — 4.8%
Cal Dive International *	11,100		84
Cameron International *	400		17
Cimarex Energy (A)	6,800		360
Dresser-Rand Group *	10,500		332
El Paso	121,600		1,195
Ensco International ADR	7,700		308
FMC Technologies * (A)	8,900		515
Forest Oil * (A)	9,200		205
Harvest Natural Resources *	6,700		35
Helix Energy Solutions Group *	37,200		437
Massey Energy (A)	1,800		76
Murphy Oil	18,000		976
Newfield Exploration *	4,500		217
Noble Energy	300		21
Oceaneering International *	1,500		88


Description	Shares	Market Value ($ Thousands)
Oil States International *	13,700	$	538
Plains Exploration & Production *	2,100		58
Range Resources	1,300		65
Spectra Energy	25,100		515
Sunoco	3,000		78
Unit *	12,200		518
Vaalco Energy	2,200		10
Western Refining * (A)	2,800		13

			6,661

Financials — 15.4%
Affiliated Managers Group *	1,000		67
Allied World Assurance Holdings	15,700		723
American Equity Investment Life Holding	8,200		61
American Financial Group	31,700		791
AmeriCredit * (A)	26,800		510
Ameriprise Financial	10,800		419
Annaly Capital Management †	70,700		1,227
Anworth Mortgage Asset †	10,200		71
AON	500		19
Arch Capital Group *	1,700		122
Assurant	11,700		345
Axis Capital Holdings	18,600		528
Bank of Hawaii	1,600		75
BlackRock	300		70
Brandywine Realty Trust †	35,300		402
CapLease † (A)	3,700		16
CBL & Associates Properties † (A)	11,100		107
Chimera Investment †	83,500		324
Cincinnati Financial	4,600		121
CNA Financial * (A)	2,900		70
Colonial Properties Trust †	6,700		79
Comerica	3,700		109
Dime Community Bancshares	5,100		60
Discover Financial Services	13,700		202
Douglas Emmett †	2,200		31
Eaton Vance (A)	1,100		33
Endurance Specialty Holdings (A)	14,400		536
Equity Residential †	600		20
Everest Re Group	2,500		214
Federated Investors, Cl B (A)	1,900		52
Fifth Third Bancorp	3,200		31
First Defiance Financial	700		8
First Horizon National * (A)	46,617		625
Flagstone Reinsurance Holdings	5,100		56
FNB (Pennsylvania) (A)	11,800		80
Forest City Enterprises, Cl A * (A)	23,100		272
Fulton Financial	8,100		71
Hallmark Financial Services *	4,100		33
Hartford Financial Services Group	10,600		247
HCC Insurance Holdings	5,800		162
Hospitality Properties Trust †	36,800		873
Host Hotels & Resorts †	12,764		149
HRPT Properties Trust †	87,700		567
Hudson City Bancorp	600		8
Interactive Brokers Group, Cl A *	9,100		161
IntercontinentalExchange *	800		90
Invesco	17,500		411
Invesco Mortgage Capital †	3,000		68
Investment Technology Group * (A)	21,700		427


Description	Shares	Market Value ($ Thousands)
Kimco Realty †	5,000	$	68
Legg Mason	3,100		94
Leucadia National *	6,500		155
Lincoln National	15,200		378
M&T Bank (A)	7,600		508
Macerich † (A)	4,700		169
Mack-Cali Realty †	8,300		287
Marsh & McLennan	600		13
Marshall & Ilsley	8,400		46
MBIA * (A)	4,400		18
MFA Financial †	44,400		326
Moody’s (A)	17,900		480
NASDAQ OMX Group *	2,900		57
New York Community Bancorp (A)	7,500		109
NYSE Euronext	19,800		501
OceanFirst Financial	2,900		33
OneBeacon Insurance Group, Cl A	2,200		30
Oriental Financial Group	1,900		21
PartnerRe	5,200		388
Principal Financial Group	35,100		844
Prologis † (A)	11,100		152
Protective Life	7,600		126
Provident Financial Services	6,600		70
Public Storage †	1,900		155
Ramco-Gershenson Properties †	3,000		29
Regions Financial (A)	34,400		182
Reinsurance Group of America, Cl A	1,100		52
RenaissanceRe Holdings	7,600		404
SL Green Realty † (A)	14,200		713
SLM *	1,800		20
Southside Bancshares	1,300		26
SunTrust Banks	600		12
T. Rowe Price Group (A)	9,100		485
TFS Financial	12,700		154
Torchmark	500		22
Transatlantic Holdings	14,300		745
UDR †	6,300		104
Unum Group	25,400		496
Vornado Realty Trust † (A)	928		65
Waddell & Reed Financial, Cl A	18,300		559
Webster Financial (A)	7,600		90
White Mountains Insurance Group	400		133
WR Berkley (A)	1,200		30
XL Capital, Cl A	16,000		293

			21,385

Health Care — 9.0%
Abraxis Bioscience * (A)	2,400		97
American Dental Partners *	700		9
American Medical Systems Holdings *	5,600		108
AmerisourceBergen	10,200		266
Beckman Coulter	9,000		589
Biogen Idec *	1,600		86
Bruker BioSciences *	4,000		48
C.R. Bard	4,300		335
CareFusion *	6,900		173
Cigna	700		25
Community Health Systems *	22,100		787


Description	Shares	Market Value ($ Thousands)
Cooper (A)	4,200	$	160
Coventry Health Care *	18,800		456
Endo Pharmaceuticals Holdings *	27,400		562
Forest Laboratories *	7,900		254
Hill-Rom Holdings	23,800		571
Hologic *	9,900		143
Hospira * (A)	17,000		867
Humana *	4,200		184
Idexx Laboratories * (A)	1,800		96
Intuitive Surgical * (A)	2,200		667
Invacare	2,800		70
Kinetic Concepts * (A)	24,700		930
Laboratory Corp of America Holdings * (A)	3,900		292
Life Technologies *	4,100		214
Lincare Holdings * (A)	11,900		442
Medidata Solutions *	1,800		28
Meridian Bioscience	3,600		78
Mettler Toledo International * (A)	3,800		399
Millipore *	8,300		601
Par Pharmaceutical *	3,400		92
Perrigo (A)	3,500		139
Quest Diagnostics	7,500		453
Quidel *	3,200		44
Techne	2,300		158
Universal Health Services, Cl B	27,000		823
Valeant Pharmaceuticals International * (A)	12,600		401
Vertex Pharmaceuticals *	4,400		189
Waters *	5,300		328
Watson Pharmaceuticals * (A)	9,000		356

			12,520

Industrials — 11.5%
Alliant Techsystems * (A)	5,200		459
American Science & Engineering	300		23
Avery Dennison	20,400		744
Brink’s	11,700		285
C.H. Robinson Worldwide (A)	9,600		564
Carlisle	12,100		414
Cintas	1,000		26
Con-way	13,500		471
Crane	1,600		49
Dover	9,100		379
DynCorp International, Cl A *	2,200		31
Eaton	3,100		197
Equifax	11,800		364
Federal Signal	2,200		13
Flowserve	1,600		151
Fluor	7,300		329
Hertz Global Holdings * (A)	48,200		575
Hubbell, Cl B	16,700		790
ITT	15,900		791
Joy Global (A)	5,100		263
KBR	33,100		629
L-3 Communications Holdings	13,100		1,139
Masco	21,500		297
McDermott International *	19,900		478
Navistar International *	3,100		120
Northrop Grumman	4,400		246
Oshkosh Truck	29,200		1,081
Owens Corning * (A)	10,300		264
Pall	7,800		282


Description	Shares	Market Value ($ Thousands)
Raytheon	4,600	$	237
Robert Half International	2,200		59
RR Donnelley & Sons	11,100		247
Ryder System	14,500		597
Schawk, Cl A (A)	1,100		15
Shaw Group *	3,800		109
Southwest Airlines	49,400		565
SPX	9,800		536
Stericycle * (A)	3,600		199
Tennant (A)	2,000		53
Thomas & Betts *	4,700		168
Timken	21,800		517
Toro	5,300		222
URS *	12,600		561
WW Grainger	4,400		426

			15,965

Information Technology — 17.7%
Acme Packet *	4,100		45
Agilent Technologies *	3,000		93
Altera (A)	9,800		222
Amdocs *	27,200		776
Analog Devices	2,800		88
Arrow Electronics *	29,100		862
Avnet *	35,100		1,059
BMC Software *	7,600		305
Brightpoint *	2,000		15
Broadcom, Cl A *	1,600		50
Broadridge Financial Solutions	18,800		424
CA	41,200		925
Cirrus Logic *	2,200		15
CommScope *	4,000		106
Computer Sciences *	17,700		1,018
Compuware *	68,900		498
Convergys *	47,200		507
Cree *	800		45
DealerTrack Holdings *	1,700		32
DST Systems * (A)	18,300		797
EchoStar, Cl A *	4,900		99
F5 Networks *	3,400		180
Factset Research Systems	1,700		112
Fairchild Semiconductor International *	20,700		207
Fidelity National Information Services	43,220		1,013
Fiserv *	10,700		519
Harris	20,600		980
Hewitt Associates, Cl A *	9,500		402
IAC *	20,200		413
infoGROUP	2,800		23
Ingram Micro, Cl A *	8,400		146
Integrated Device Technology *	73,000		472
Interactive Intelligence *	2,200		40
Intuit *	16,400		504
Iron Mountain * (A)	2,700		61
j2 Global Communications *	2,800		57
Jabil Circuit	71,600		1,244
Keynote Systems	900		10
Lender Processing Services	16,500		671
Linear Technology (A)	12,200		373
LSI Logic *	24,900		150
Marvell Technology Group *	73,000		1,515
McAfee *	10,400		422


Description	Shares	Market Value ($ Thousands)
National Instruments	2,400	$	71
National Semiconductor (A)	19,800		304
Novatel Wireless * (A)	6,900		55
Novell *	34,900		145
Nvidia *	17,500		327
Pegasystems	2,800		95
PMC - Sierra * (A)	13,900		120
Red Hat *	6,700		207
Riverbed Technology *	2,800		64
Rovi * (A)	3,800		121
SAIC *	7,700		146
Seagate Technology	50,900		926
Silicon Laboratories * (A)	5,500		266
Symantec *	10,400		186
Synopsys *	6,900		154
Syntel	1,200		46
Tech Data *	15,400		718
Travelzoo *	1,300		16
Vishay Intertechnology *	70,800		591
Western Digital *	39,100		1,726
Western Union	4,100		77
Xerox (A)	73,600		623
Xilinx (A)	7,200		180
Zoran *	1,000		11

			24,670

Materials — 7.0%
Ashland	15,900		630
Ball	2,800		145
Celanese, Ser A	37,100		1,191
CF Industries Holdings (A)	1,200		109
Crown Holdings *	29,100		744
Eastman Chemical	2,000		120
Ecolab	10,400		464
International Paper	33,400		894
Lubrizol	14,100		1,029
Nalco Holding	11,400		291
NewMarket	1,000		115
Owens-Illinois *	23,900		786
Pactiv *	31,000		748
Reliance Steel & Aluminum	9,000		389
Scotts Miracle-Gro, Cl A	9,000		354
Solutia *	3,400		43
Sonoco Products	22,500		658
Spartech	5,300		54
Steel Dynamics	16,700		296
Valspar (A)	5,800		157
Walter Energy (A)	6,700		505

			9,722

Telecommunication Services — 1.6%
Atlantic Telegraph-Network	1,100		61
CenturyTel	14,700		532
Frontier Communications (A)	19,200		150
NII Holdings *	27,400		920
Qwest Communications International (A)	21,700		91
Telephone & Data Systems	2,100		71
Windstream (A)	31,400		345

			2,170

Utilities — 8.3%
AES *	78,100		1,039


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
AGL Resources		3,100	$	113
Allegheny Energy		8,800		207
Alliant Energy		400		12
Ameren		14,800		414
American Water Works		12,900		289
Aqua America (A)		11,200		196
Atmos Energy (A)		9,200		270
Centerpoint Energy		7,600		110
CMS Energy (A)		4,800		75
Consolidated Edison (A)		4,600		209
Constellation Energy Group		30,900		1,087
DPL		3,700		102
DTE Energy (A)		20,800		907
Edison International		14,600		508
Energen		8,900		417
Hawaiian Electric Industries (A)		14,500		303
Integrys Energy Group		800		34
MDU Resources Group		26,100		616
Mirant *		17,700		270
NRG Energy *		10,500		248
NSTAR (A)		16,300		600
NV Energy		14,400		178
Oneok		16,500		735
Pepco Holdings		3,900		66
Pinnacle West Capital		9,100		333
Progress Energy		2,500		102
RRI Energy *		7,800		45
Sempra Energy		8,500		476
Southern Union		34,300		779
UGI		31,200		755
Xcel Energy		5,300		112

				11,607


Total Common Stock (Cost $114,784) ($ Thousands)				135,702


AFFILIATED PARTNERSHIP — 14.5%
SEI Liquidity Fund, L.P.,
0.300% **†† (B)		20,493,385		20,108

Total Affiliated Partnership (Cost $20,493) ($ Thousands)				20,108


CASH EQUIVALENT — 2.3%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100%**††		3,163,600		3,164

Total Cash Equivalent (Cost $3,164) ($ Thousands)				3,164


U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.000%, 01/07/10 (C) (D)	$	100		100
0.134%, 06/03/10 (C) (D)		311		311

Total U.S. Treasury Obligations (Cost $411) ($ Thousands)				411


Description	Face Amount ($ Thousands)	Market Value ($ Thousands)

Total Investments — 114.7% (Cost $138,852) ($ Thousands) @		$	159,385

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)
S&P Mid 400 Index E-MINI	44	Mar-2010	$	64


			$	64

Percentages are based on Net Assets of $138,981 ($Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

†	Real Estate Investment Trust.

††	Investment in Affiliated Security.

(A)	This security or a partial position of this security is on loan at December 31, 2009. The total market value of securities on loan at December 31, 2009 was $19,702 ($ Thousands).

(B)	This security was purchased with cash collateral received from securities lending. The total value of such securities as of December 31, 2009 was $20,108 ($ Thousands).

(C)	The rate reported is the effective yield at the time of purchase.

(D)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

Cl — Class

L.P. — Limited Partnership

@	At December 31, 2009, the tax basis cost of the Fund’s investments was $138,852($ Thousands), and the unrealized appreciation and depreciation were $23,528 ($ Thousands) and ($2,995) ($ Thousands) respectively.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	135,702	$	—	$	—	$	135,702
Affiliated Partnership		—		20,108		—		20,108
Cash Equivalent		3,164		—		—		3,164
U.S. Treasury Obligations		—		411		—		411

Total Investments in Securities	$	138,866	$	20,519	$	—	$	159,385


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures*	$	64	$	—	$	—	$	64

*	Futures contracts are valued at the unrealized appreciation on the instrument.


Description	Shares	Market Value ($ Thousands)

COMMON STOCK — 97.8%

Consumer Discretionary — 7.0%
Aaron Rents	49,300	$	1,367
Amazon.com *	7,934		1,067
Buckle	27,000		791
Burger King Holdings	85,200		1,603
Career Education *	54,500		1,270
Carter’s *	54,300		1,426
Choice Hotels International	48,100		1,523
DIRECTV, Cl A *	51,900		1,731
Discovery Communications, Cl A *	52,700		1,616
DreamWorks Animation SKG, Cl A *	43,500		1,738
GameStop, Cl A *	21,400		469
Genuine Parts	14,900		566
Gildan Activewear *	28,600		697
ITT Educational Services *	13,800		1,324
Jarden	31,000		958
John Wiley & Sons, Cl A	13,300		557
priceline.com *	8,522		1,862
Shaw Communications, Cl B	96,300		1,981
Strayer Education	10,371		2,204
Tractor Supply *	30,600		1,621

			26,371

Consumer Staples — 13.3%
Brown-Forman, Cl B	66,913		3,584
Campbell Soup	73,907		2,498
Church & Dwight	27,100		1,638
Coca-Cola	13,490		769
Dean Foods *	44,800		808
Del Monte Foods	72,400		821
Flowers Foods	40,400		960
General Mills	27,400		1,940
Hansen Natural *	19,400		745
Hershey	40,100		1,435
Hormel Foods	161,537		6,211
Kellogg	32,800		1,745
Kimberly-Clark	28,100		1,791
Lorillard	58,004		4,654
McCormick	39,375		1,423
Molson Coors Brewing, Cl B	13,085		591
PepsiCo	5,642		343
Philip Morris International	92,190		4,442
Reynolds American	86,913		4,604
Ruddick	45,000		1,158
Safeway	8,383		178
Sara Lee	69,713		849
SUPERVALU	26,600		338
SYSCO	163,628		4,572
Tyson Foods, Cl A	178,879		2,195

			50,292

Energy — 4.3%
Chevron	26,900		2,071
CNX Gas *	46,500		1,373
Dresser-Rand Group *	45,300		1,432
Enbridge	43,000		1,987
Exxon Mobil	32,925		2,245
FMC Technologies *	16,400		949
Murphy Oil	20,776		1,126
PetroHawk Energy *	28,100		674
Range Resources	23,100		1,151


Description	Shares	Market Value ($ Thousands)
SEACOR Holdings *	17,300	$	1,319
Teekay Shipping	22,300		518
TransCanada	44,300		1,523

			16,368

Financials — 13.6%
Alexandria Real Estate Equities †	22,900		1,472
Arthur J. Gallagher	18,198		410
Associated Banc-Corp	100,500		1,106
Bancorpsouth	59,100		1,386
Bank of Hawaii	72,692		3,421
BOK Financial	25,729		1,223
Capitol Federal Financial	59,437		1,870
Commerce Bancshares	144,018		5,576
Corporate Office Properties Trust †	39,700		1,454
Cullen/Frost Bankers	66,031		3,302
Endurance Specialty Holdings	38,400		1,430
Erie Indemnity, Cl A	42,500		1,658
Essex Property Trust †	19,100		1,598
Federated Investors, Cl B	58,600		1,611
First Citizens BancShares, Cl A	2,420		397
First Niagara Financial Group	53,466		744
Health Care †	36,700		1,627
Hudson City Bancorp	114,000		1,565
MFA Financial †	113,400		834
National Retail Properties †	46,100		978
Nationwide Health Properties †	17,800		626
People’s United Financial	252,536		4,217
ProAssurance *	20,500		1,101
Prosperity Bancshares	35,600		1,441
Realty Income †	57,200		1,482
RenaissanceRe Holdings	30,400		1,616
TFS Financial	277,769		3,372
UMB Financial	31,300		1,232
Valley National Bancorp	84,800		1,198
Washington Real Estate Investment Trust †	51,700		1,424
Wesco Financial	630		216

			51,587

Health Care — 21.9%
Abbott Laboratories	107,003		5,777
Allscripts Healthcare Solutions *	8,178		165
AmerisourceBergen	255,852		6,670
Amgen *	75,283		4,259
Baxter International	55,195		3,239
Becton Dickinson	57,460		4,531
Biogen Idec *	88,383		4,729
C.R. Bard	43,014		3,351
Cardinal Health	72,332		2,332
CareFusion *	2,940		74
Celgene *	13,000		724
Edwards Lifesciences *	30,575		2,655
Eli Lilly	40,374		1,442
Endo Pharmaceuticals Holdings *	67,500		1,384
Forest Laboratories *	123,040		3,951
Genzyme *	95,329		4,672
Gilead Sciences *	94,370		4,084
Haemonetics *	23,600		1,302
Henry Schein *	23,226		1,222
Johnson & Johnson	69,099		4,451
Kinetic Concepts *	42,900		1,615


Description	Shares	Market Value ($ Thousands)
LifePoint Hospitals *	19,200	$	624
McKesson	102,219		6,389
Millipore *	15,052		1,089
Owens & Minor	29,500		1,266
Patterson *	57,200		1,600
Perrigo	43,000		1,713
STERIS	42,800		1,197
Techne	73,109		5,012
United Therapeutics *	30,200		1,590

			83,109

Industrials — 4.2%
Alliant Techsystems *	16,400		1,448
C.H. Robinson Worldwide	29,300		1,721
Copa Holdings, Cl A	26,830		1,461
FTI Consulting *	16,100		759
Gardner Denver	36,200		1,540
KBR	69,200		1,315
Landstar System	37,900		1,469
Lennox International	41,900		1,636
Nordson	9,600		588
Rollins	85,100		1,641
TransDigm Group	31,800		1,510
Valmont Industries	9,700		761

			15,849

Information Technology — 14.0%
Adtran	52,100		1,175
Analog Devices	138,940		4,388
AVX	47,700		604
Broadcom, Cl A *	12,665		398
Cree *	4,365		246
Diebold	23,500		669
eBay *	1,858		44
Flir Systems *	18,600		609
Global Payments	13,900		748
Google, Cl A *	7,796		4,833
Harris	33,700		1,602
Hewitt Associates, Cl A *	41,900		1,771
IAC *	150,967		3,092
Ingram Micro, Cl A *	94,404		1,647
Intel	223,543		4,560
International Business Machines	35,891		4,698
Mantech International, Cl A *	26,200		1,265
Microchip Technology	33,175		964
NeuStar, Cl A *	40,700		938
SAIC *	2,550		48
Silicon Laboratories *	6,529		316
Sybase *	36,800		1,597
Synopsys *	31,259		697
Tech Data *	94,708		4,419
Texas Instruments	169,858		4,427
Visa, Cl A	44,823		3,920
Xilinx	63,967		1,603
Zebra Technologies, Cl A *	64,954		1,842

			53,120

Materials — 3.7%
Aptargroup	47,400		1,694
Compass Minerals International	24,400		1,640
Greif, Cl A	22,600		1,220
Newmont Mining	86,268		4,081
Reliance Steel & Aluminum	15,500		670


Description	Shares	Market Value ($ Thousands)
Royal Gold	34,268	$	1,614
Sensient Technologies	53,000		1,394
Silgan Holdings	26,300		1,522

			13,835

Telecommunication Services — 2.7%
AT&T	79,900		2,239
BCE	54,000		1,491
MetroPCS Communications *	238,800		1,822
Rogers Communications, Cl B	59,300		1,839
SBA Communications, Cl A *	21,400		731
Verizon Communications	60,330		1,999

			10,121

Utilities — 13.1%
AGL Resources	82,355		3,004
Alliant Energy	62,413		1,889
Aqua America	67,920		1,189
Atmos Energy	125,435		3,688
Consolidated Edison	39,300		1,785
DPL	40,200		1,110
DTE Energy	42,200		1,840
Edison International	46,700		1,624
Energen	35,900		1,680
Hawaiian Electric Industries	29,031		607
Idacorp	42,700		1,364
Nicor	96,596		4,067
NSTAR	79,064		2,910
OGE Energy	45,900		1,693
Pepco Holdings	60,200		1,014
PG&E	15,500		692
Piedmont Natural Gas	65,800		1,760
PPL	49,011		1,584
SCANA	22,191		836
Sempra Energy	41,419		2,319
TECO Energy	105,800		1,716
UGI	86,870		2,101
Vectren	105,405		2,601
WGL Holdings	48,900		1,640
Wisconsin Energy	94,324		4,700
Xcel Energy	5,621		119

			49,532

Total Common Stock (Cost $321,093) ($ Thousands)			370,184


CASH EQUIVALENT — 1.9%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100%**(A)	7,030,710		7,031

Total Cash Equivalent (Cost $7,031) ($ Thousands)			7,031


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bills
0.131%, 06/03/10 (B) (C)	$	488	$	487

Total U.S. Treasury Obligation (Cost $488) ($ Thousands)				487


Total Investments — 99.8% (Cost $328,611) ($ Thousands) @			$	377,702

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)
S&P 500
Index E-MINI	24	Mar-2010	$	12

			$	12

Percentages are based on Net Assets of $378,630 ($Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

†	Real Estate Investment Trust.

(A)	Investment in Affiliated Security.

(B)	The rate reported is the effective yield at the time of purchase.

(C)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

Cl — Class

@ At December 31, 2009, the tax basis cost of the Fund’s investments was $328,611 ($ Thousands), and the unrealized appreciation and depreciation were $55,398 ($ Thousands) and ($6,307) ($ Thousands) respectively.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	370,184	$	—	$	—	$	370,184
Cash Equivalent		7,031		—		—		7,031
U.S. Treasury Obligation		—		487		—		487

Total Investments in Securities	$	377,215	$	487	$	—	$	377,702


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures*	$	12	$	—	$	—	$	12

*	Futures are valued at unrealized appreciation on investment.


Description	Shares	Market Value ($ Thousands)

COMMON STOCK — 91.9%

Australia — 2.9%
Amcor	75,878	$	423
Cape Lambert Resources *	206,463		98
Coal & Allied Industries	1,157		83
Decmil Group *	28,625		34
Forge Group	3,476		8
Foster’s Group	184,522		909
GrainCorp	3,220		18
Iluka Resources	215,362		689
McPherson’s	16,139		49
Origin Energy	86,754		1,307
RHG *	89,178		43
Santos	21,802		275
Silver Lake Resources *	34,271		33
Specialty Fashion Group	19,378		23
TABCORP Holdings	77,000		478
Tatts Group	565,765		1,236
Telstra	27,437		85
Wesfarmers	37,886		1,059

			6,850

Belgium — 1.8%
Cofinimmo †	2,408		341
Colruyt	9,518		2,298
Intervest Offices †	868		27
Mobistar	24,263		1,665

			4,331

Canada — 11.8%
Aastra Technologies	1,100		36
Alimentation Couche Tard, Cl B	156,800		3,114
Aurizon Mines *	46,400		209
Bank of Nova Scotia	14,300		671
BCE	45,300		1,251
Canadian Imperial Bank of Commerce (A)	3,500		228
Canadian National Railway	21,100		1,154
Canadian Utilities	8,900		371
CGI Group, Cl A *	101,500		1,379
Cott *	23,500		194
Empire, Cl A	33,000		1,501
Enbridge	50,300		2,333
Fairfax Financial Holdings	3,300		1,291
Fortis	61,100		1,671
Garda World Security, Cl A *	9,000		88
George Weston	20,900		1,334
Goldcorp	22,600		891
IAMGOLD	39,100		616
Jean Coutu Group PJC, Cl A	16,897		157
Laurentian Bank of Canada	29,500		1,203
Loblaw	3,100		100
MacDonald Dettwiler &
Associates *	2,800		114
Manitoba Telecom Services	20,400		652
Metro, Cl A	35,100		1,313
North West Fund	7,600		138
Open Text *	5,000		204
Provident Energy Trust	27,100		183
RONA *	14,400		212
Saputo	66,000		1,936
Shoppers Drug Mart	25,200		1,092


Description	Shares	Market Value ($ Thousands)
TELUS	54,600	$	1,776
TMX Group	12,000		379
Toronto-Dominion Bank	8,900		560

			28,351

Cayman Islands — 0.0%
Hutchison Telecommunications
International *	51,000		11
Pacific Textile Holdings	93,000		62

			73

Denmark — 1.9%
Coloplast, Cl B	14,450		1,308
Novo Nordisk, Cl B	51,407		3,285

			4,593

Finland — 0.7%
Componenta	2,696		16
Orion, Cl B	58,366		1,260
Tietoenator	18,853		392

			1,668

France — 1.9%
Boiron	4,469		192
France Telecom	63,582		1,590
PagesJaunes Groupe	856		10
Sanofi-Aventis	16,432		1,293
Societe BIC	20,973		1,450

			4,535

Germany — 2.3%
Balda *	18,146		90
Beiersdorf	29,765		1,963
Deutsche Telekom	85,763		1,259
Fresenius Medical Care	17,084		907
Hannover Rueckversicherung	3,910		183
Hornbach Holding	313		31
Software	10,606		1,157

			5,590

Greece — 0.1%
Public Power	12,644		235

			235

Hong Kong — 2.6%
Cheung Kong Infrastructure Holdings	71,000		270
CLP Holdings	441,000		2,984
HongKong Electric Holdings	383,500		2,089
Link †	257,500		657
NAM TAI Electronics	16,900		88
New World Development	102,000		208

			6,296

Ireland — 0.7%
Accenture, Cl A	28,005		1,162
Kerry Group, Cl A	2,259		67
Warner Chilcott, Cl A *	19,015		541

			1,770

Italy — 1.5%
Ansaldo STS	24,922		475
CSP International Fashion Group	9,261		10
DiaSorin	13,874		494
Snam Rete Gas	515,327		2,561

			3,540


Description	Shares	Market Value ($ Thousands)

Japan — 22.9%
77 Bank	30,000	$	160
ABC-Mart	23,000		638
Able	3,000		24
Adores	12,000		22
Ain Pharmaciez	1,200		29
Ajis	1,300		22
Amiyaki Tei	13		26
Asahi Breweries	90,300		1,664
Astellas Pharma	35,100		1,310
Bank of Kyoto	32,000		259
Benesse	43,000		1,799
BML	4,800		131
Canon Marketing Japan	56,600		834
Chubu Electric Power	90,900		2,170
Chugoku Bank	12,000		149
Combi	9,500		65
Dainippon Sumitomo Pharma	115,300		1,211
Daito Trust Construction	5,100		242
Ehime Bank	9,000		26
Faith	242		27
FamilyMart	41,300		1,220
Fast Retailing	1,600		301
Fuji	7,100		134
Fuji Oil	33,600		493
FUJI SOFT	8,400		134
Fukuyama Transporting	93,000		428
Hachijuni Bank	40,000		233
Haruyama Trading	2,000		8
Hazama	14,000		13
Hibiya Engineering	2,500		22
Hokkaido Electric Power	9,700		176
Hokuriku Electric Power	61,400		1,341
Ito En	37,300		562
Iyo Bank	55,000		448
Kagawa Bank	10,000		34
Kamigumi	105,000		766
Kansai Electric Power	100,500		2,269
Kansai Paint	29,000		243
KDDI	85		450
Keihin Electric Express Railway	159,000		1,171
Kintetsu	244,000		809
Kokuyo	25,000		200
Komatsu Seiren	5,000		20
Kyushu Electric Power	78,100		1,609
Lawson	51,500		2,275
Lion	211,000		1,030
Mabuchi Motor	3,500		174
Marudai Food	27,000		81
Maruzen Showa Unyu	7,000		23
McDonald’s Holdings Japan	7,300		140
Miraca Holdings	24,500		675
Mitsui Engineering & Shipbuilding	200,000		482
Miyazaki Bank	5,000		14
Morinaga Milk Industry	83,025		328
MOS Food Services	2,000		32
NEC Mobiling	1,700		42
NET One Systems	485		546
Nichirei	41,000		142
Nihon Shokuhin Kako	7,000		51


Description	Shares	Market Value ($ Thousands)
Nippon Meat Packers	12,000	$	139
Nippon Telegraph & Telephone	28,100		1,110
Nippon Television Network	2,520		328
Nishi-Nippon City Bank	46,000		113
Nisshin Seifun Group	28,000		379
Nitori	15,550		1,158
Noevir	4,800		50
NTT DoCoMo	1,511		2,110
Odakyu Electric Railway	2,000		15
Ohsho Food Service	3,400		90
Oita Bank	69,082		248
Okumura	67,000		226
Ono Pharmaceutical	5,400		232
Oracle Japan	5,200		217
Oriental Yeast	3,000		15
Osaka Gas	71,000		239
Pilot	38		43
Prima Meat Packers	145,000		148
QP	31,000		330
Rinnai	6,300		304
Ryoshoku	3,000		79
Sankyo	28,600		1,433
Santen Pharmaceutical	15,100		485
Seven Bank	175		349
Shikoku Electric Power	37,300		964
Shimachu	7,200		142
Shinkin Central Bank	18		32
Shizuoka Gas	38,500		248
Sogo Medical	7,400		167
Studio Alice	10,500		91
Sumitomo	162,100		1,651
Suruga Bank	14,000		122
Taisho Pharmaceutical	6,000		103
Takeda Pharmaceutical	47,000		1,937
Tobu Railway	220,000		1,149
Toho	6,800		110
Toho Gas	208,000		1,106
Tohoku Electric Power	15,500		307
Tokyo Electric Power	60,000		1,507
Tokyo Style	10,000		74
TonenGeneral Sekiyu	33,000		276
Toyo Suisan Kaisha	10,000		231
Trancom	1,300		20
Tsumura	2,800		91
Unicharm	15,400		1,444
Wacoal Holdings	51,000		555
Yahoo! Japan	918		276
Yakult Honsha	10,200		309
Yamaguchi Financial Group	3,000		28
Yamato Holdings	107,200		1,493
Yamazaki Baking	57,000		678

			54,878

Luxembourg — 0.2%
ArcelorMittal	9,662		446

			446

Netherlands — 0.9%
Royal Dutch Shell, Cl A	39,110		1,180
Royal KPN	62,555		1,064

			2,244


Description	Shares	Market Value ($ Thousands)

New Zealand — 0.1%
Auckland International Airport	13,965	$	21
Fisher & Paykel Healthcare	22,236		54
Restaurant Brands New Zealand	21,157		26

			101

Spain — 0.5%
Telefonica	43,681		1,224

			1,224

Sweden — 0.0%
Saab, Cl B	4,692		77

			77

Switzerland — 2.2%
Bell Holding	13		20
Berner Kantonalbank	181		40
Emmi	239		29
LifeWatch *	3,800		68
Luzerner Kantonalbank	44		12
Nestle	24,211		1,176
Novartis	24,938		1,363
Swisscom	3,175		1,213
Synthes	9,196		1,206

			5,127

United Kingdom — 4.8%
AstraZeneca	24,188		1,136
BAE Systems	228,575		1,323
BP	118,687		1,146
Fiberweb	4,598		5
GlaxoSmithKline	36,971		784
JD Sports Fashion	2,922		24
LSL Property Services	9,779		41
National Grid	113,561		1,239
Rank Group	56,915		76
Reckitt Benckiser Group	56,386		3,051
Reed Elsevier	71,591		588
Robert Wiseman Dairies	11,392		93
Smith & Nephew	74,286		764
TUI Travel	64,758		265
WM Morrison Supermarkets	187,424		836

			11,371

United States — 32.1%
Abbott Laboratories	46,900		2,532
Alaska Air Group *	14,300		494
Allied Healthcare International *	8,200		24
Amgen *	10,400		588
Annaly Capital Management †	209,300		3,631
Apollo Group, Cl A *	20,000		1,211
Archer-Daniels-Midland	38,100		1,193
AsiaInfo Holdings *	6,900		210
AT&T	42,000		1,177
Automatic Data Processing	29,200		1,250
Balchem	2,400		80
Bristol-Myers Squibb	45,100		1,139
C.R. Bard	28,100		2,189
Campbell Soup	73,500		2,484
Capella Education *	2,600		196
Capital One Financial	5,200		199
Career Education *	41,400		965
Chevron	15,200		1,170
Church & Dwight	4,600		278


Description	Shares	Market Value ($ Thousands)
Clorox	36,800	$	2,245
Coca-Cola	2,700		154
Colgate-Palmolive	13,700		1,125
Compass Minerals International	18,900		1,270
ConocoPhillips	22,900		1,169
Consolidated Edison	26,900		1,222
Corinthian Colleges *	24,700		340
Coventry Health Care *	24,000		583
DeVry	16,600		942
Dollar Tree *	24,000		1,159
Dun & Bradstreet	10,500		886
Dynamics Research *	6,300		67
ePlus *	1,500		25
Exxon Mobil	16,800		1,146
Family Dollar Stores	43,400		1,208
Forest Laboratories *	35,300		1,134
General Mills	43,600		3,088
Gilead Sciences *	24,900		1,078
Haverty Furniture	2,100		29
Hewitt Associates, Cl A *	27,800		1,175
Hormel Foods	47,600		1,830
HSN *	10,900		220
International Business Machines	9,500		1,244
International Shipholding	21,500		668
Invacare	5,600		140
ITT Educational Services *	4,600		441
John B. Sanfilippo & Son *	7,000		109
Johnson & Johnson	18,600		1,198
Kimberly-Clark	5,500		350
Kinder Morgan Management *	6,206		339
Kroger	7,400		152
Laboratory Corp of America Holdings *	3,100		232
Lincoln Educational Services *	17,200		373
Lorillard	9,300		746
Magellan Health Services *	34,700		1,413
Mantech International, Cl A *	12,200		589
MCG Capital *	6,600		29
McKesson	18,200		1,137
Medco Health Solutions *	20,500		1,310
Miller Industries *	4,100		47
NCI, Cl A *	7,400		205
Newmont Mining	1,000		47
NuStar Energy	5,900		331
Par Pharmaceutical *	21,300		576
Pfizer	63,500		1,155
PG&E	19,600		875
Plains All American Pipeline	500		26
Procter & Gamble	20,000		1,213
Providence Service *	8,800		139
Quest Diagnostics	14,800		894
Radio One, Cl D *	4,000		12
Raytheon	46,500		2,396
RehabCare Group *	1,800		55
Republic Airways Holdings *	46,595		345
Reynolds American	7,100		376
Ross Stores	21,600		923
Rural *	14,200		85
SAIC *	93,000		1,761
Seneca Foods, Cl A *	17,600		420
Silgan Holdings	11,000		637
Sunoco Logistics Partners	2,400		161


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
TFS Financial		18,200	$	221
TJX		58,400		2,134
TreeHouse Foods *		7,100		276
Wal-Mart Stores		67,400		3,602
Watson Pharmaceuticals *		30,300		1,200
West Marine *		8,700		70
Western Digital *		57,600		2,543
World Fuel Services		26,800		718

				77,018

Total Common Stock (Cost $203,110) ($ Thousands)				220,318


PREFERRED STOCK — 0.1%

Germany — 0.1%
Henkel & KGaA		5,261		277


Total Preferred Stock (Cost $279) ($ Thousands)				277


CASH EQUIVALENT — 6.3%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100%**(B)		15,124,071		15,124

Total Cash Equivalent (Cost $15,124) ($ Thousands)				15,124


U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.140%, 06/03/10 (C) (D)	$	678		677
U.S. Cash Management Bills

0.000%, 06/10/10 (C) (D)		55		55
Total U.S. Treasury Obligations (Cost $733) ($ Thousands)				732


Total Investments — 98.6% (Cost $219,246) ($ Thousands) @			$	236,451

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)
DJ Euro Stoxx 50 Index	36	Mar-2010	$	36
FTSE 100 Index	18	Mar-2010		19
Hang Seng Index	1	Jan-2010		5
S&P Composite Index	22	Mar-2010		1
SPI 200 Index	4	Mar-2010		14

			$	75

For the period ended December 31, 2009, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for the derivative type during the period.

A summary of the outstanding forward foreign currency contracts held by the Fund at December 31, 2009, is as follows:


Maturity Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)
1/28/10	AUD	15,185	USD	13,432	$	(188	)
1/28/10	CAD	32,684	USD	31,329		145
1/28/10	EUR	25,019	USD	36,005		114
1/28/10	GBP	9,853	USD	15,767		(139	)
1/28/10	JPY	5,266,407	USD	57,442		857
1/28/10	USD	152	AUD	169		—
1/28/10	USD	99	CAD	103		(1	)
1/28/10	USD	25	EUR	18		—
1/28/10	USD	88	GBP	54		—

					$	788

Percentages are based on Net Assets of $239,715 ($Thousands).

†	Real Estate Investment Trust.

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

(A)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may not be sold to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(B)	Investment in Affiliated Security.

(C)	The rate reported is the effective yield at the time of purchase.

(D)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

AUD — Australian Dollar

CAD — Canadian Dollar

Cl — Class

EUR — Euro

GBP — British Pound Sterling

JPY — Japanese Yen

USD — United States Dollar

Amounts designated as “-“ are $0 or have been rounded to $0.

@ At December 31, 2009, the tax basis cost of the Fund's investments was $219,246 ($ Thousands), and the unrealized appreciation and depreciation were $21,944 ($ Thousands) and ($4,739) ($ Thousands) respectively.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):


Description	Shares	Market Value ($ Thousands)

COMMON STOCK — 95.5%

Consumer Discretionary — 7.0%
Aaron Rents	17,300	$	480
Autoliv	8,000		347
Buckle	8,800		258
Burger King Holdings	33,100		623
Career Education *	26,000		606
Carter’s *	27,700		727
Choice Hotels International	18,600		589
DIRECTV, Cl A *	26,400		880
Discovery Communications, Cl A *	24,600		755
DreamWorks Animation SKG, Cl A *	18,400		735
GameStop, Cl A *	10,600		232
Genuine Parts	12,800		486
Gildan Activewear *	17,100		417
Hillenbrand	24,129		455
ITT Educational Services *	6,700		643
Jarden	10,900		337
John Wiley & Sons, Cl A	12,900		540
priceline.com *	10,422		2,277
Shaw Communications, Cl B	23,700		488
Strayer Education	1,600		340
Tractor Supply *	12,700		672

			12,887

Consumer Staples — 22.9%
Altria Group	113,009		2,218
Brown-Forman, Cl B	25,558		1,369
Campbell Soup	32,391		1,095
Church & Dwight	42,119		2,546
Clorox	15,349		936
Coca-Cola	33,702		1,921
Colgate-Palmolive	28,403		2,334
Dean Foods *	20,900		377
Del Monte Foods	22,700		257
Flowers Foods	28,100		668
General Mills	43,826		3,103
Hansen Natural *	7,400		284
Hershey	33,694		1,206
HJ Heinz	25,538		1,092
Hormel Foods	56,528		2,174
JM Smucker	27,275		1,684
Kellogg	53,143		2,827
Kimberly-Clark	44,202		2,816
Lorillard	31,111		2,496
McCormick	36,417		1,316
PepsiCo	17,439		1,061
Philip Morris International	43,512		2,097
Procter & Gamble	28,324		1,717
Reynolds American	45,068		2,387
Ruddick	21,900		563
Wal-Mart Stores	33,220		1,776

			42,320

Energy — 3.9%
Chevron	12,400		955
CNX Gas *	20,000		591
Dresser-Rand Group *	20,800		657
Enbridge	18,300		846
Exxon Mobil	13,300		907
FMC Technologies *	11,700		677
PetroHawk Energy *	18,300		439


Description	Shares	Market Value ($ Thousands)
Range Resources	13,200	$	658
SEACOR Holdings *	5,900		450
Teekay Shipping	10,400		241
TransCanada	22,500		773

			7,194

Financials — 12.0%
Alexandria Real Estate Equities †	6,300		405
Associated Banc-Corp	36,800		405
Bancorpsouth	27,200		638
Capitol Federal Financial	62,175		1,956
Commerce Bancshares	47,924		1,856
Corporate Office Properties Trust †	18,000		659
Endurance Specialty Holdings	21,000		782
Erie Indemnity, Cl A	16,600		648
Essex Property Trust †	9,500		795
Federated Investors, Cl B	28,300		778
Health Care †	19,100		847
Hudson City Bancorp	43,000		590
MFA Financial †	43,700		321
National Retail Properties †	24,800		526
Nationwide Health Properties †	8,000		281
PartnerRe	4,000		299
People’s United Financial	134,500		2,246
Platinum Underwriters Holdings	7,100		272
ProAssurance *	12,500		671
Prosperity Bancshares	17,500		708
Realty Income †	27,500		713
RenaissanceRe Holdings	13,100		696
TFS Financial	204,282		2,480
UMB Financial	13,500		531
Valley National Bancorp	23,600		334
Washington Real Estate Investment Trust †	24,100		664
Wesco Financial	3,169		1,087

			22,188

Health Care — 16.1%
Abbott Laboratories	35,264		1,904
Allscripts Healthcare Solutions *	125,429		2,537
AmerisourceBergen	92,948		2,423
Becton Dickinson	10,075		795
C.R. Bard	11,716		913
Celgene *	7,800		434
Dentsply International	44,942		1,581
Edwards Lifesciences *	18,044		1,567
Eli Lilly	23,462		838
Endo Pharmaceuticals Holdings *	33,600		689
Genzyme *	15,100		740
Haemonetics *	11,100		612
Henry Schein *	29,982		1,577
Idexx Laboratories *	34,700		1,854
Johnson & Johnson	31,109		2,004
Kinetic Concepts *	19,000		715
Laboratory Corp of America
Holdings *	11,085		830
LifePoint Hospitals *	11,200		364
McKesson	13,900		869
Owens & Minor	16,400		704
Patterson *	28,700		803
Perrigo	16,000		637
Pfizer	41,574		756


Description	Shares	Market Value ($ Thousands)

Quest Diagnostics	9,259	$	559
STERIS	19,800		554
Techne	28,280		1,939
United Therapeutics *	13,600		716

			29,914

Industrials — 5.8%
Alliant Techsystems *	8,600		759
C.H. Robinson Worldwide	13,100		769
Dun & Bradstreet	18,013		1,520
FTI Consulting *	12,000		566
Gardner Denver	19,400		825
KBR	31,300		595
Landstar System	16,500		640
Lennox International	18,600		726
Nordson	7,700		471
Rollins	29,800		575
Stericycle *	32,453		1,790
TransDigm Group	16,200		769
United Parcel Service, Cl B	9,255		531
Valmont Industries	3,400		267

			10,803

Information Technology — 10.0%
Adtran	24,500		552
Applied Materials	35,958		502
Automatic Data Processing	4,742		203
AVX	22,200		281
Cree *	20,029		1,129
Diebold	31,849		906
Flir Systems *	10,200		334
Global Payments	5,100		275
Google, Cl A *	4,572		2,835
Harris	14,000		666
Hewitt Associates, Cl A *	16,800		710
IAC *	102,041		2,090
Ingram Micro, Cl A *	41,500		724
Linear Technology	12,871		393
Mantech International, Cl A *	13,000		627
Microchip Technology	33,447		972
National Instruments	12,748		376
NeuStar, Cl A *	23,600		544
Sybase *	19,800		859
Tech Data *	34,512		1,610
WebMD Health, Cl A *	9,696		373
Xerox	33,200		281
Zebra Technologies, Cl A *	48,247		1,368

			18,610

Materials — 3.4%
Aptargroup	15,400		550
Compass Minerals International	9,800		659
Greif, Cl A	12,700		686
Newmont Mining	45,183		2,138
Reliance Steel & Aluminum	6,000		259
Royal Gold	16,142		760
Sensient Technologies	19,100		502
Silgan Holdings	12,400		718

			6,272

Telecommunication Services — 2.8%
AT&T	30,400		852
BCE	20,700		571
CenturyTel	19,103		692


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
MetroPCS Communications *		111,300	$	849
Rogers Communications, Cl B		25,200		781
SBA Communications, Cl A *		9,700		331
Telephone & Data Systems		4,700		160
Verizon Communications		30,300		1,004

				5,240

Utilities — 11.6%
AGL Resources		19,400		708
Alliant Energy		23,300		705
Atmos Energy		21,600		635
Consolidated Edison		24,656		1,120
DPL		13,900		384
DTE Energy		20,700		902
Edison International		23,600		821
Hawaiian Electric Industries		36,770		768
Idacorp		21,600		690
Integrys Energy Group		10,900		458
New Jersey Resources		8,700		325
Nicor		17,100		720
NSTAR		78,413		2,886
OGE Energy		48,498		1,789
Pepco Holdings		35,000		590
PG&E		12,300		549
Piedmont Natural Gas		24,800		663
SCANA		29,444		1,109
Sempra Energy		12,900		722
Southern		26,142		871
TECO Energy		42,300		686
Vectren		48,684		1,202
WGL Holdings		15,500		520
Wisconsin Energy		32,605		1,625

				21,448

Total Common Stock (Cost $150,000) ($ Thousands)				176,876


CASH EQUIVALENT — 4.2%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100%**(A)		7,680,224		7,680

Total Cash Equivalent (Cost $7,680) ($ Thousands)				7,680


U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bills
0.134%, 06/03/10 (B) (C)	$	327		327

Total U.S. Treasury Obligation (Cost $327) ($ Thousands)				327


Total Investments — 99.9% (Cost $158,007) ($ Thousands) @			$	184,883

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation ($ Thousands)
S&P 500 Index E-MINI	49	Mar-2010	$	18

			$	18

Percentages are based on Net Assets of $185,127 ($Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

†	Real Estate Investment Trust.

(A)	Investment in Affiliated Security.

(B)	The rate reported is the effective yield at the time of purchase.

(C)	Security, or portion thereof, has been pledged as collateral on open futures contracts.

Cl — Class

@	At December 31, 2009, the tax basis cost of the Fund’s investments was $158,007 ($ Thousands), and the unrealized appreciation and depreciation were $28,605 ($ Thousands) and ($1,729) ($ Thousands) respectively.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund's investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	176,876	$	—	$	—	$	176,876
Cash Equivalent		7,680		—		—		7,680
U.S. Treasury Obligation		—		327		—		327

Total Investments in Securities	$	184,556	$	327	$	—	$	184,883


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures*	$	18	$	—	$	—	$	18

*	Futures contracts are valued at unrealized appreciation on the instrument.


Description	Shares	Market Value ($ Thousands)

COMMON STOCK — 93.2% ‡

Consumer Discretionary — 0.2%
Thomas Cook Group	108,917	$	405

Financials — 92.5%
Accor	10,529		578
Alexandria Real Estate Equities † (A)	14,700		945
AMB Property † (A)	567,250		14,493
Annaly Capital Management †	205,894		3,572
Apartment Investment & Management, Cl A † (A)	336,434		5,356
AvalonBay Communities † (A)	103,698		8,515
Boston Properties † (A)	166,833		11,189
Brookfield Asset Management, Cl A	169,500		3,760
Camden Property Trust †	71,200		3,017
Corporate Office Properties Trust † (A)	70,750		2,592
CreXus Investment * †	55,700		777
Dexus Property Group †	707,534		541
Douglas Emmett † (A)	533,199		7,598
Duke Realty † (A)	89,000		1,083
Equity Residential † (A)	312,600		10,560
Essex Property Trust † (A)	92,700		7,754
Extra Space Storage † (A)	246,100		2,842
Federal Realty Investment Trust † (A)	62,350		4,222
Forest City Enterprises, Cl A * (A)	357,900		4,216
HCP † (A)	255,300		7,797
Health Care † (A)	15,000		665
Host Hotels & Resorts † (A)	877,436		10,240
Kimco Realty †	442,800		5,991
Liberty Property Trust † (A)	129,050		4,131
Macerich † (A)	190,215		6,838
Mack-Cali Realty †	61,200		2,116
MFA Financial †	120,900		889
Post Properties †	83,500		1,637
Public Storage † (A)	143,704		11,705
Regency Centers † (A)	217,700		7,632
Saul Centers †	89,800		2,942
Senior Housing Properties Trust †	235,050		5,140
Simon Property Group † (A)	173,413		13,838
Sunstone Hotel Investors †	91,800		815
Taubman Centers † (A)	72,150		2,591
UDR † (A)	245,900		4,043
Unibail (France) †	8,453		1,864
Ventas † (A)	101,950		4,459
Verde Realty PIPE * (B) (C)	21,400		451
Vornado Realty Trust † (A)	159,631		11,165
Westfield Group †	50,000		564

			201,123

Health Care — 0.5%
Brookdale Senior Living *	64,700		1,177


Total Common Stock (Cost $156,771) ($ Thousands)			202,705


Description	Shares	Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 40.0%
SEI Liquidity Fund, L.P.,
0.300%**(D) (E)	88,802,586	$	87,072

Total Affiliated Partnership (Cost $88,803) ($ Thousands)			87,072


CASH EQUIVALENT — 7.7%
SEI Daily Income Trust, Prime Obligation Fund, Cl A,
0.100%**(E)	16,664,064		16,664

Total Cash Equivalent (Cost $16,664) ($ Thousands)			16,664


Total Investments — 140.9% (Cost $262,238) ($ Thousands) @		$	306,441

Percentages are based on Net Assets of $217,485 ($Thousands).

*	Non-income producing security.

**	Rate shown is the 7-day effective yield as of December 31, 2009.

†	Real Estate Investment Trust.

‡	Narrow Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

(A)	This Security or a partial position of this security is on loan at December 31, 2009. The total market value of securities on loan at December 31, 2009 was $85,059 ($ Thousands).

(B)	Securities considered illiquid and restricted. The total market value of such securities as of December 31, 2009 was $451 ($Thousands) and represented 0.21% of Net Assets.

(C)	Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of December 31, 2009 was $451 ($ Thousands) and represented 0.21% of net Assets.

(D)	This security was purchased with cash collateral received from securities lending. The total value of such securities as of December 31, 2009 was $87,072 ($ Thousands).

(E)	Investment in Affiliated Security.

Cl — Class

PIPE — Private Investment in Public Entity

@ At December 31, 2009, the tax basis cost of the Fund’s investments was $262,238 ($ Thousands), and the unrealized appreciation and depreciation were $49,941 ($ Thousands) and ($5,738) ($ Thousands) respectively.

A summary of restricted securities held by the Fund at December 31, 2009, is as follows:

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):

The following is a reconciliation on the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

LOAN PARTICIPATIONS — 18.6%

Affinion, Term B Loan
2.734%, 10/17/12	$	16	$	15
Affinion, Term B Loan
2.734%, 10/17/12		544		510
Allison Transmission
3.040%, 08/07/14		232		213
3.030%, 08/07/14		166		152
2.990%, 08/07/14		498		457
Aramark
2.109%, 01/26/14		8		7
2.158%, 01/26/14		483		456
Aramark LOC
2.145%, 01/26/14		32		30
Asurion, 1st Lien Term Loan
3.273%, 07/03/14		96		92
3.235%, 07/03/14		268		255
3.234%, 07/03/14		310		295
BBN Acquisitions
7.250%, 09/14/15		537		541
Biomet
3.254%, 03/25/15		51		49
3.251%, 03/25/15		507		485
Booz Allen Hamilton, Tranche B
7.500%, 07/31/15		137		138
Burlington Coat Factory
2.510%, 05/28/13		794		735
Calpine Corporation
3.165%, 03/29/14		694		657
Cedar Fair
2.234%, 08/30/12		160		158
Cedar Fair, Term B Loan
4.234%, 08/30/14		642		633
Celanese Holdings
2.037%, 04/02/14		539		512
Cengage Learning Hollding
2.730%, 06/28/14		744		675
Cequel, 2nd Lien
6.257%, 05/05/14		283		282
Charter, Term B Loan
2.260%, 03/15/14		695		651
Cinemark
2.040%, 10/05/13		295		280
2.030%, 10/05/13		62		59
2.010%, 10/05/13		94		89
1.990%, 10/05/13		87		82
Clear Channel
3.884%, 01/29/16		466		381
Community Health Systems
2.506%, 07/25/14		675		638
2.484%, 07/25/14		1		1
Community Health Systems, Delayed Draw
2.506%, 07/25/14		23		22
Dana Corporation
7.250%, 01/31/15		442		420
Dana Corporation, Term B Loan (I)
0.000%, 01/31/15		46		44
Dealer Computer Services
2.234%, 10/26/12		820		759
DirecTV, Term C Loan
5.250%, 04/13/13		556		556


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Discovery Communications
5.250%, 05/14/14	$	670	$	675
Dynegy Holdings
3.990%, 04/02/13		815		781
Federal Mogul
2.167%, 12/29/14		593		495
Federal Mogul, Term C Loan
2.177%, 12/28/15		41		34
2.167%, 12/28/15		262		219
Flextronics International, Term Loan A-2
2.484%, 10/01/14		333		314
Flextronics International, Term Loan A-3
2.484%, 10/01/14		388		366
Fontainebleau Miami, Term B Loan
10.000%, 06/06/12 (A)		2,500		800
Graphic Packaging International, Incremental Term Loan
3.040%, 05/16/14		232		226
3.037%, 05/16/14		49		47
3.034%, 05/16/14		156		152
2.984%, 05/16/14		23		22
2.982%, 05/16/14		47		46
Green Valley Ranch Gaming, 1st Lien
0.000%, 02/16/14 (I)		549		380
Hanesbrands, Term B Loan
5.250%, 12/10/15		252		253
Harrah’s Operation, Tranche B-2
3.282%, 01/28/15		807		654
HCA, Tranche B
2.532%, 11/18/13		665		635
Hertz LOC
1.750%, 12/21/12		85		81
Hertz, Term B Loan
2.040%, 12/21/12		49		47
2.030%, 12/21/12		309		296
2.000%, 12/21/12		104		100
Hexion Specialty Chemical, Term Loan C-1
2.563%, 05/05/13		652		570
Hexion Specialty Chemical, Term Loan C-2
2.563%, 05/05/13		142		124
HMH Publishing, Term B Loan
2.246%, 06/12/14		752		660
Hub International Ltd., Delayed Draw
2.734%, 06/13/14		132		120
Hub International Ltd., Initial Term Loan
2.734%, 06/13/14		589		537
Iasis Healthcare LOC
2.246%, 03/15/14		35		33
Iasis Healthcare, Delayed Draw
2.231%, 03/15/14		130		121
Iasis Healthcare, Term B Loan
2.231%, 03/15/14		373		348
Infor Enterprise Solutions
3.990%, 07/28/12		497		452


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Infor Global Enterprise Solutions, Tranche 1
6.484%, 03/02/14	$	329	$	232
Infor Global Solutions, 2nd Lien
6.484%, 03/02/14		33		23
6.484%, 03/02/14		169		119
Infor Enterprise Solutions, 2nd Lien (I)
0.000%, 03/02/14		172		121
Integra Telecom
10.500%, 08/31/13		696		695
Intelsat Bermuda
3.242%, 02/01/14		900		812
Inverness Medical
4.484%, 06/26/15		560		541
JHT Holding, 2nd Lien
12.500%, 12/21/12		37		33
Lake at Las Vegas, DIP
7.743%, 07/16/10		2,353		824
Lake at Las Vegas
15.460%, 06/20/12 (A)		2,524		25
Lake at Las Vegas, Revolving Loan
16.100%, 06/20/12 (A)		241		3
Lamar Media
5.500%, 09/30/12		378		378
Life Tech, Term B Loan
5.250%, 11/21/15		435		437
MEG Energy, Delayed Draw
2.290%, 03/30/13		91		88
MEG Energy, Term C Loan
2.290%, 03/30/13		466		446
Monitor Oil, 2nd Lien
0.000%, 01/25/15 (B)		47		—
Mylan Laboratories, Term B Loan
3.562%, 10/02/14		322		315
3.500%, 10/02/14		73		71
Nalco, Term B Loan
6.500%, 05/06/16		557		561
Nielson Finance
2.235%, 12/31/17		783		736
NRG Holdings LOC
1.850%, 02/01/13		195		186
NRG Holdings, Term B Loan
2.032%, 02/01/13		261		248
1.984%, 02/01/13		102		97
Oshkosh, Term B Loan
6.330%, 12/06/13		605		603
Pilot Travel Centers, Term Loan B-1 (I)
0.000%, 11/12/15		250		251
Reable Therapeutics, Term B Loan
3.283%, 05/20/14		224		211
3.234%, 05/20/14		332		313
Regal Cinemas
4.001%, 10/27/13		413		411
Remax International, Term Loan B-1
5.770%, 12/17/12		3		3
5.740%, 12/17/12		55		54
3.790%, 12/17/12		75		73
Remax International, Term Loan B-2
10.500%, 12/17/12		119		118
9.770%, 12/17/12		94		93


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Sally Holdings, Term B Loan
2.480%, 11/16/13	$	297	$	283
Sally Holdings, Term B Loan
2.480%, 11/16/13		203		193
Sensata Technology
2.031%, 04/27/13		538		479
2.004%, 04/27/13		1		1
Sirva Worldwide
0.500%, 05/12/12 (B)		606		315
Sirva Revolving, Credit Loan Exit Finance
9.500%, 05/12/12		179		86
Sorenson Communications
15.000%, 06/30/14		593		555
Sorenson Communicatons, 2nd Lien
7.234%, 02/16/14		275		269
Sungard Data Systems
7.650%, 05/13/14		364		368
3.900%, 02/28/16		498		483
3.869%, 02/28/16		39		38
Texas Competitive Electric Holdings, Tranche B-2
3.751%, 10/10/14		8		6
3.735%, 10/10/14		1,322		1,070
Travelport LLC, LOC
2.783%, 08/23/13		57		55
Travelport LLC, Term B Loan
2.781%, 08/23/13		386		368
2.783%, 08/23/13		115		109
Travelport LLC, Term Loan C-1
10.500%, 08/23/13		209		209
Univision Communications
2.501%, 09/29/14		396		343
Verint Systems
3.490%, 05/25/14		664		610
VWR International, Term B Loan
2.734%, 06/30/14		622		555
Waiccs Las Vegas 3 LLC, 2nd Lien
13.250%, 07/30/10		2,000		180
Warner Chilcott, Term Loan A-1
5.750%, 10/30/14		136		136
Warner Chilcott, Term Loan B-2
5.750%, 04/30/15		149		149
Warner Chlcot, Term Loan B-1
5.750%, 04/30/15		68		68
WideOpenWest Finance, 1st Lien
4.750%, 06/30/14		0		—
2.784%, 06/30/14		91		84
2.784%, 06/30/14		54		49
2.778%, 06/30/14		148		136
2.755%, 06/30/14		148		136
WM. Bolthouse Farms, 1st Lien
5.500%, 12/16/12		614		594


Total Loan Participations (Cost $44,312) ($ Thousands)				37,965


CORPORATE OBLIGATIONS — 17.6%

Consumer Discretionary — 0.5%


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

President and Fellows of Harvard College
3.700%, 04/01/13	$	1,060	$	1,090


Financials — 13.3%
Bank of America
0.451%, 06/22/12 (C)		1,500		1,508
BTM Curacao Holdings MTN
4.760%, 07/21/15 (C) (D)		1,000		1,015
Citigroup
0.812%, 08/25/36 (C)		1,500		843
Citigroup Funding
0.611%, 04/30/12 (C)		375		379
0.205%, 06/03/11 (C)		375		375
Everest Reinsurance Holdings
8.750%, 03/15/10		1,050		1,063
General Electric Capital
0.253%, 12/21/12 (C)		5,150		5,152
GMAC
0.253%, 09/19/09 (C)		1,250		1,251
ILFC E-Capital Trust I
5.900%, 12/21/65 (C) (D)		1,000		520
JPMorgan Chase Capital XXI, Ser U
1.231%, 02/02/37 (C)		2,550		1,742
Liberty Property L.P.
7.250%, 03/15/11 ‡		1,000		1,030
MBIA Insurance
14.000%, 01/15/33 (C) (D)		1,000		430
Mellon Funding
0.422%, 05/15/14 (C)		2,100		2,051
Merrill Lynch
1.014%, 09/15/36 (C)		700		541
Monumental Global Funding III
0.484%, 01/15/14 (C) (D)		1,800		1,627
Morgan Stanley
0.554%, 02/10/12 (C)		1,150		1,158
Prudential Financial MTN
5.100%, 12/14/11		310		323
State Street
0.381%, 04/30/12 (C)		1,215		1,202
State Street Bank and Trust
0.454%, 09/15/11 (C)		960		964
State Street Capital Trust IV
1.254%, 06/15/37 (C)		850		573
Unitrin
6.000%, 05/15/17		1,270		1,125
4.875%, 11/01/10		1,000		996
Western Union
5.400%, 11/17/11		1,175		1,255

				27,123

Health Care — 0.5%
UnitedHealth Group
1.575%, 02/07/11 (C)		1,000		1,003


Industrials — 0.6%
Continental Airlines, Ser 061G
0.607%, 06/02/13 (C)		1,000		790
Seminole Indian Tribe of Florida
6.535%, 10/01/20 (D)		550		487

				1,277

Materials — 0.7%


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Berry Plastics
5.034%, 02/15/15 (C)	$	540	$	493
NewPage
11.375%, 12/31/14 (D)		480		485
Verso Paper Holdings
11.500%, 07/01/14 (D)		400		440

				1,418

Telecommunication Services — 1.6%
Corning
6.050%, 06/15/15		1,000		1,008
Telecom Italia Capital
0.894%, 07/18/11 (C)		1,000		996
Vodafone Group PLC
0.536%, 02/27/12 (C)		1,300		1,295

				3,299

Utilities — 0.4%
Southern, Ser A
5.300%, 01/15/12		665		713


Total Corporate Obligations (Cost $39,115) ($ Thousands)				35,923


ASSET-BACKED SECURITIES — 17.2%

Automotive — 4.3%
Americredit Prime Automobile Receivable, Ser 2007-1, Cl D
5.520%, 09/08/14		775		689
Capital Auto Receivables Asset Trust, Ser 2007-1, Cl B
5.150%, 09/17/12		955		976
Carmax Auto Owner Trust, Ser 2007-1, Cl C
5.530%, 07/15/13		190		188
Daimler Chrysler Auto Trust, Ser 2007-A, Cl A3A
5.000%, 02/08/12		800		813
Ford Credit Auto Owner Trust, Ser 2007-A, Cl C
5.800%, 02/15/13		515		544
Harley-Davidson Motorcycle Trust, Ser 2006-1, Cl B
5.240%, 11/15/13 (D)		1,550		1,579
Harley-Davidson Motorcycle Trust, Ser 2006-3, Cl B
5.430%, 11/15/14		890		924
Harley-Davidson Motorcycle Trust, Ser 2007-2, Cl B
5.230%, 03/15/14		1,225		1,253
Hyundai Auto Receivables Trust, Ser 2006-B, Cl D
5.410%, 05/15/13		221		220
Hyundai Auto Receivables Trust, Ser 2007-A, Cl A4
5.260%, 11/15/12		355		357
Hyundai Auto Receivables Trust, Ser 2007-A, Cl A3A
5.040%, 01/17/12		280		285
Merrill Auto Trust Securitization, Ser 2007-1, Cl C
5.960%, 12/15/13		861		875

				8,703


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Credit Cards — 4.6%
Citibank Credit Card Issuance Trust, Ser 2006-C4, Cl C4
0.462%, 01/09/12 (C)	$	1,800	$	1,800
Citibank Credit Card Issuance Trust, Ser 2007-B5, Cl B5
0.862%, 11/07/14 (C)		2,000		1,902
GE Capital Credit Card Master Note Trust, Ser 2007-4, Cl B
0.433%, 06/15/15 (C)		3,150		2,950
MBNA Master Credit Card Trust, Ser 1997-B, Cl B
0.583%, 08/15/14 (C)		2,100		1,967
Washington Mutual Master Note Trust, Ser 2006-C2A, Cl C2
0.733%, 08/15/15 (C) (D)		800		777

				9,396

Mortgage Related Securities — 1.5%
ACE Securities, Ser 2006-HE1, Cl M2
0.631%, 02/25/36 (C)		515		4
ACE Securities, Ser 2006-OP2, Cl A2B
0.341%, 08/25/36 (C)		1,000		783
Asset-Backed Funding Certificates, Ser 2006-OPT2, Cl A3B
0.341%, 10/25/36 (C)		853		775
New Century Home Equity Loan Trust, Ser 2005-1, Cl A1MZ
0.521%, 03/25/35 (C)		35		31
Option One Mortgage Loan Trust, Ser 2005-3, Cl M1
0.701%, 08/25/35 (C)		428		241
Option One Mortgage Loan Trust, Ser 2007-2, Cl M1
0.591%, 03/25/37 (C)		2,635		21
Option One Mortgage Loan Trust, Ser 2007-FXD1, Cl 3A3
5.611%, 01/25/37 (C)		285		110
Option One Mortgage Loan Trust, Ser 2007-FXD2, Cl 2A1
5.900%, 03/25/37		678		661
Option One Mortgage Loan Trust, Ser 2007-HL1, Cl 2A1
0.351%, 02/25/38 (C)		482		431

				3,057

Other Asset-Backed Securities — 6.8%
ACAS Business Loan Trust , Ser 2006-1A, Cl A
0.486%, 11/27/19 (C) (D)		1,398		1,125
ACAS Business Loan Trust , Ser 2007-1A, Cl C
1.123%, 08/16/19 (C) (D)		1,837		496
AIG Credit Premium Finance Master Trust, Ser 2007-AA, Cl C
0.633%, 12/15/11 (C) (D)		1,245		1,212
Babson CLO , Ser 2007-1A, Cl A1
0.509%, 01/18/21 (C) (D)		1,060		908
Capital Trust Re CDO Ltd., Ser 2006-4A, Cl A1
0.543%, 10/20/43 (C) (D)		981		491


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
CapitalSource Commercial Loan Trust, Ser 2006-2A, Cl A1A
0.443%, 09/20/22 (C) (D)	$	346	$	311
CapitalSource Commercial Loan Trust, Ser 2007-1, Cl C
0.883%, 03/20/17 (C) (D)		458		257
CIT Equipment Collateral, Ser 2006-VT2, Cl C
5.290%, 04/20/14		23		23
Citigroup Mortgage Loan Trust, Ser 2006-WFH3, Cl M1
0.521%, 12/25/36 (C)		805		85
Countrywide Asset-Backed Certificates, Ser 2005-13, Cl 3AV3
0.481%, 04/25/36 (C)		945		750
Countrywide Asset-Backed Certificates, Ser 2006-18, Cl M1
0.531%, 03/25/37 (C)		1,000		73
Countrywide Asset-Backed Certificates, Ser 2006-22, Cl M1
0.461%, 05/25/37 (C)		1,500		119
Countrywide Asset-Backed Certificates, Ser 2006-22, Cl M3
0.541%, 05/25/37 (C)		1,000		50
Credit-Based Asset Servicing and Securitization CDO, Ser 2006-16A, Cl A
0.572%, 09/06/41 (C) (D)		520		26
Dominos Pizza Master Issuer LLC, Ser 2007-1, Cl A2
5.261%, 04/25/37 (D)		2,200		1,885
First Franklin Mortgage Loan Asset Backed Certificates, Ser 2007-FF1, Cl M2
0.491%, 01/25/38 (C)		1,145		3
GE Business Loan Trust, Ser 2003-2A, Cl B
1.233%, 11/15/31 (C) (D)		87		59
GE Business Loan Trust, Ser 2004-2A, Cl B
0.713%, 12/15/32 (C) (D)		92		48
GE Business Loan Trust, Ser 2004-2A, Cl A
0.453%, 12/15/32 (C) (D)		122		103
GE Business Loan Trust, Ser 2006-2A, Cl D
0.983%, 11/15/34 (C) (D)		264		63
GE Commercial Loan Trust, Ser 2006-3, Cl C
0.834%, 01/19/17 (C) (D)		344		27
GE Dealer Floorplan Master Note Trust, Ser 2006-2, Cl C
0.663%, 04/20/13 (C)		460		433
GMAC Mortgage Loan Trust, Ser 2006-HE4, Cl A2
0.411%, 12/25/36 (C)		805		323
JPMorgan Mortgage Acquisition, Ser 2006-CH1, Cl M1
0.451%, 07/25/36 (C)		335		50


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

JPMorgan Mortgage Acquisition, Ser 2006-CH2, Cl MV1
0.441%, 10/25/36 (C)	$	1,125	$	16
JPMorgan Mortgage Acquisition, Ser 2006-WMC3, Cl A4
0.381%, 08/25/36 (C)		1,250		405
JPMorgan Mortgage Acquisition, Ser 2007-CH3, Cl M3
0.601%, 03/25/37 (C)		385		8
Katonah, Ser 2005-7A, Cl B
0.692%, 11/15/17 (C) (D)		700		528
Lambda Finance , Ser 2005-1A, Cl A3
0.502%, 11/15/29 (C) (D)		787		750
Marriott Vacation Club Owner Trust, Ser 2006-2A, Cl A
5.362%, 10/20/28 (D)		96		94
Marriott Vacation Club Owner Trust, Ser 2007-1A, Cl D
6.135%, 05/20/29 (D)		533		428
Prima, Ser 2006-1, Cl A1
5.417%, 12/28/48		1,848		1,515
Sierra Receivables Funding, Ser 2007-2A, Cl A2
1.233%, 09/20/19 (C) (D)		691		581
Superior Wholesale Inventory Financing Trust, Ser 2007-AE1, Cl B
0.533%, 01/15/12 (C)		115		115
Superior Wholesale Inventory Financing Trust, Ser 2007-AE1, Cl C
0.833%, 01/15/12 (C)		215		215
Triton Container Finance LLC, Ser 2006-1A, Cl N
0.401%, 11/26/21 (C) (D)		519		412

				13,987

Total Asset-Backed Securities (Cost $52,636) ($ Thousands)				35,143


MORTGAGE-BACKED SECURITIES — 17.2%

Agency Mortgage-Backed Obligations — 4.7%
FHLMC
6.000%, 09/01/26		661		709
FNMA
6.500%, 09/01/26		423		457
6.000%, 01/01/27		1,703		1,820
FNMA TBA
6.500%, 01/01/38		2,500		2,677
FNMA TBA
6.000%, 11/01/14 to 11/01/26		3,836		4,097

				9,760

Non-Agency Mortgage-Backed Obligations — 12.5%
American Tower Trust, Ser 2007-1A, Cl D
5.957%, 04/15/37 (D)		1,250		1,275
Banc of America Mortgage Securities, Ser 2004-J, Cl 2A1
4.755%, 11/25/34 (C)		246		236
Banc of America Mortgage Securities, Ser 2005-C, Cl 2A2
4.698%, 04/25/35 (C)		730		582


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Banc of America Mortgage Securities, Ser 2005-I, Cl 2A1
4.868%, 10/25/35 (C)	$	552	$	450
Bayview Commercial Asset Trust, Ser 2006-4A, Cl A2
0.501%, 12/25/36 (C) (D)		459		235
Citigroup Commercial Mortgage Trust, Ser 2006-FL2, Cl D
0.443%, 08/15/21 (C) (D)		400		274
Citigroup Commercial Mortgage Trust, Ser 2007-FL3A, Cl J
1.183%, 04/15/22 (C) (D)		775		94
Citigroup Mortgage Loan Trust, Ser 2004-HYB3, Cl 1A
3.483%, 09/25/34 (C)		162		139
Citigroup Mortgage Loan Trust, Ser 2006-AR1, Cl 1A1
4.900%, 10/25/35 (C)		605		509
Commercial Mortgage Pass - Through Certificates, Ser 2006-FL12, Cl A2
0.333%, 12/15/20 (C) (D)		948		838
Crown Castle Towers LLC, Ser 2006-1A, Cl E
6.065%, 11/15/36 (D)		1,775		1,826
Crusade Global Trust, Ser 2007-1, Cl A1
0.344%, 04/19/38 (C)		857		786
First Horizon Alternative Mortgage Securities, Ser 2005-AA3, Cl 3A1
5.365%, 05/25/35 (C)		1,111		904
First Horizon Asset Securities, Ser 2005-AR4, Cl 2A1
5.337%, 10/25/35 (C)		953		736
Greenwich Capital Commercial Funding, Ser 2006-FL4A, Cl C
0.472%, 11/15/21 (C) (D)		810		319
GS Mortgage Securities II, Ser 2007-EOP, Cl K
1.292%, 03/06/20 (C) (D)		380		309
Harborview Mortgage Loan Trust, Ser 2005-14, Cl 3A1A
5.317%, 12/19/35 (C)		1,037		781
Impac CMB Trust, Ser 2005-1, Cl 1A1
0.491%, 04/25/35 (C)		342		218
Impac CMB Trust, Ser 2005-4, Cl 1M1
0.876%, 05/25/35 (C)		516		132
Interstar Millennium Trust, Ser 2002-1G, Cl A2
0.824%, 07/07/34 (C)		42		41
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-FL2A, Cl J
0.883%, 11/15/18 (C) (D)		1,957		706
JPMorgan Mortgage Trust, Ser 2006-A6, Cl 4A1
5.251%, 10/25/36 (C)		928		716
JPMorgan Mortgage Trust, Ser 2007-A3, Cl 1A1
5.406%, 05/25/37 (C)		1,779		1,181
Leek Finance PLC, Ser 2006-18A, Cl A2B
0.383%, 09/21/38 (C) (D)		342		314


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Merrill Lynch Mortgage Investors, Ser 2005-A1, Cl 1A
2.571%, 12/25/34 (C)	$	343	$	268
Merrill Lynch Mortgage Investors, Ser 2005-A2, Cl A2
4.475%, 02/25/35 (C)		1,255		1,089
Merrill Lynch Mortgage Investors, Ser 2005-A9, Cl 2A1E
5.149%, 12/25/35 (C)		1,657		1,236
MLCC Mortgage Investors, Ser 2006-1, Cl 2A1
5.271%, 02/25/36 (C)		806		689
Morgan Stanley Capital I, Ser 2007- XLFA, Cl C
0.394%, 10/15/20 (C) (D)		1,025		358
MortgageIT Trust, Ser 2005-5, Cl A1
0.491%, 12/25/35 (C)		1,127		757
Prudential Commercial Mortgage Trust, Ser 2003-PWR1, Cl A1
3.669%, 02/11/36		567		571
Residential Funding Mortgage Securities I, Ser 2006-SA1, Cl 1A1
5.669%, 02/25/36 (C)		497		347
Residential Funding Mortgage Securities I, Ser 2007-SA2, Cl 2A2
5.653%, 04/25/37 (C)		794		542
Sequoia Mortgage Trust, Ser 2004-10, Cl A2
0.553%, 11/20/34 (C)		239		167
Sequoia Mortgage Trust, Ser 2004-11, Cl A1
0.533%, 12/20/34 (C)		195		157
Sequoia Mortgage Trust, Ser 2005-2, Cl A1
0.453%, 03/20/35 (C)		103		71
Sequoia Mortgage Trust, Ser 2007-1, Cl 2A1
5.754%, 02/20/47 (C)		1,515		1,130
Washington Mutual Mortgage Pass - Through Certificates, Ser 2005-AR3, Cl A2
4.633%, 03/25/35 (C)		960		818
Washington Mutual Mortgage Pass - Through Certificates, Ser 2006-AR2, Cl 1A1
5.282%, 03/25/37 (C)		569		447
Wells Fargo Mortgage-Backed Securities Trust, Ser 2004-BB, Cl A2
4.069%, 01/25/35 (C)		533		484
Wells Fargo Mortgage-Backed Securities Trust, Ser 2005-AR1, Cl 2A1
4.489%, 02/25/35 (C)		648		583
Wells Fargo Mortgage-Backed Securities Trust, Ser 2005-AR2, Cl 2A2
4.414%, 03/25/35 (C)		582		508
Wells Fargo Mortgage-Backed Securities Trust, Ser 2006-AR16, Cl A1
5.681%, 10/25/36 (C)		1,266		973


Description	SharesFace Amount ($ Thousands)		Market Value ($ Thousands)
Wells Fargo Mortgage-Backed Securities Trust, Ser 2006-AR8, Cl 2A1
5.241%, 07/25/36 (C)	$	916	$	741

				25,537


Total Mortgage-Backed Securities (Cost $43,757) ($ Thousands)				35,297


U.S. TREASURY OBLIGATIONS — 13.4%
U.S. Treasury Bonds TIPS
0.875%, 04/15/10		15,185		17,386
U.S. Treasury Notes
0.875%, 01/31/11		10,000		10,031


Total U.S. Treasury Obligations (Cost $27,379) ($ Thousands)				27,417


U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.2%
FHLB
1.375%, 05/16/11		7,000		7,049
FNMA
1.375%, 04/28/11		1,560		1,572

Total U.S. Government Agency Obligations (Cost $8,551) ($ Thousands)				8,621

COMMON STOCK — 0.0%
JHT Holding * (E) (F)		4,002		—

Total Common Stock (Cost $—) ($ Thousands)				—


CASH EQUIVALENT — 5.6%
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.100%**(H)		11,513,136		11,513

Total Cash Equivalent (Cost $11,513) ($ Thousands)				11,513


REPURCHASE AGREEMENT — 6.6%
Bank of America (G)
0.010%, dated 12/31/09, to be repurchased on 01/04/09, repurchase price $13,600,015 (collateralized by various FNMA Obligations, ranging in par value $6,403,950-$9,879,979, 5.004%- 5.478%, 03/01/38-10/01/38; total market value $13,872,000)		13,600		13,600


Total Repurchase Agreement (Cost $13,600) ($ Thousands)				13,600


Total Investments — 100.4% (Cost $240,863) ($ Thousands) @			$	205,479

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES — 49.1%

Agency Mortgage-Backed Obligations — 32.3%
FHLMC
7.500%, 11/01/29 to 09/01/32	$	1,781	$	1,999
7.000%, 10/01/10 to 01/01/32		330		364
6.500%, 12/01/13 to 09/01/38		16,213		17,399
6.000%, 10/01/19 to 09/01/38		42,472		45,202
5.500%, 12/01/13 to 03/01/38		26,408		27,842
5.000%, 10/01/18 to 02/01/39		71,567		73,850
4.500%, 11/01/33 to 11/01/35		3,614		3,622
4.000%, 04/01/19 to 10/01/33		1,788		1,732
FHLMC, Cl A2
4.186%, 08/25/19		1,537		1,497
FHLMC ARM (A)
6.429%, 11/01/37		6		7
6.149%, 06/01/37		212		227
6.131%, 04/01/37		459		491
5.997%, 01/01/37		1,476		1,574
5.979%, 05/01/37		2,061		2,200
5.965%, 01/01/37		1,059		1,126
5.954%, 03/01/38		1,673		1,782
5.911%, 03/01/37		173		184
5.860%, 09/01/38		1,102		1,173
5.723%, 02/01/37		479		509
5.709%, 03/01/36		362		384
5.682%, 03/01/36		275		292
5.653%, 10/01/38		333		353
5.610%, 07/01/38		1,604		1,701
5.126%, 01/01/36		4,804		5,049
FHLMC CMO, Cl MC
4.500%, 10/15/36		1,538		1,476
FHLMC CMO STRIPS, Ser 232, Cl IO, IO
5.000%, 08/01/35		7,778		1,722
FHLMC CMO STRIPS, Ser 233, Cl 6, IO
4.500%, 08/15/35		396		79
FHLMC CMO STRIPS, Ser 233, Cl 12, IO
5.000%, 09/15/35		2,642		471
FHLMC CMO STRIPS, Ser 245, Cl IO, IO
5.000%, 05/15/37		2,161		458
FHLMC CMO, Ser 1, Cl Z
9.300%, 04/15/19		115		127
FHLMC CMO, Ser 1611, Cl Z
6.500%, 11/15/23		15,005		16,041
FHLMC CMO, Ser 1983, Cl Z
6.500%, 12/15/23		2,022		2,165
FHLMC CMO, Ser 2043, Cl CJ
6.500%, 04/15/28		1,385		1,467
FHLMC CMO, Ser 2277, Cl B
7.500%, 01/15/31		390		413
FHLMC CMO, Ser 2389, Cl CD
6.000%, 03/15/16		102		102
FHLMC CMO, Ser 2399, Cl XG
6.500%, 01/15/32		3,559		3,850
FHLMC CMO, Ser 2558, Cl BD
5.000%, 01/15/18		612		647
FHLMC CMO, Ser 2590, Cl BY
5.000%, 03/15/18		251		265
FHLMC CMO, Ser 2676, Cl CY
4.000%, 09/15/18		716		735


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
FHLMC CMO, Ser 2690, Cl TV
4.500%, 11/15/25	$	520	$	523
FHLMC CMO, Ser 2727, Cl PW
3.570%, 06/15/29		189		193
FHLMC CMO, Ser 2733, Cl ME
5.000%, 01/15/34		4,915		4,976
FHLMC CMO, Ser 2765, Cl CT
4.000%, 03/15/19		414		418
FHLMC CMO, Ser 2790, Cl TN
4.000%, 05/15/24		1,090		1,082
FHLMC CMO, Ser 2843, Cl BC
5.000%, 08/15/19		921		972
FHLMC CMO, Ser 2875, Cl HB
4.000%, 10/15/19		163		162
FHLMC CMO, Ser 2945, Cl SA
11.874%, 03/15/20 (A)		3,317		3,528
FHLMC CMO, Ser 2985, Cl JR
4.500%, 06/15/25		1,354		1,366
FHLMC CMO, Ser 3028, Cl PG
5.500%, 09/15/35		595		631
FHLMC CMO, Ser 3035, Cl PA
5.500%, 09/15/35		289		307
FHLMC CMO, Ser 3289, Cl PC
5.000%, 12/15/32		1,107		1,158
FHLMC CMO, Ser 3372, Cl BD
4.500%, 10/15/22		926		940
FHLMC CMO, Ser 3465, Cl HA
4.000%, 07/15/17		888		920
FNMA TBA
6.500%, 01/01/38		9,000		9,638
5.000%, 01/01/38		17,800		17,682
4.500%, 02/01/34 to 01/01/38		42,700		42,536
FNMA
7.000%, 09/01/26 to 01/01/39		6,014		6,640
6.500%, 05/01/17 to 12/01/37		3,995		4,292
6.000%, 10/01/19 to 11/01/38		53,363		56,758
5.500%, 06/01/14 to 08/01/37		126,890		134,028
5.000%, 01/01/20 to 02/01/39		53,129		54,945
4.500%, 06/01/35 to 04/01/38		10,461		10,487
4.000%, 08/01/20		1,916		1,934
FNMA ARM (A)
6.284%, 09/01/37		147		155
6.272%, 10/01/36		333		354
6.124%, 12/01/36		425		454
6.123%, 09/01/37		856		914
6.106%, 11/01/37		631		674
6.028%, 01/01/37		500		533
6.023%, 10/01/37		1,124		1,200
5.977%, 04/01/37		521		555
5.957%, 01/01/37		634		675
5.925%, 03/01/37		314		334
5.878%, 02/01/37		457		487
5.745%, 05/01/37		1,385		1,473
5.668%, 05/01/37		278		295
5.635%, 02/01/36		545		570
5.604%, 02/01/38		247		261
5.588%, 05/01/37		583		618
2.782%, 11/01/35		1,777		1,787
2.767%, 11/01/35		1,599		1,608
2.763%, 11/01/35		1,652		1,661
2.753%, 11/01/35		1,774		1,785
2.749%, 11/01/35		1,703		1,713
2.655%, 10/01/35		11,162		11,227


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

2.633%, 10/01/35	$	928	$	933
2.620%, 10/01/35		7,747		7,791
2.615%, 11/01/35		5,595		5,627
FNMA CMO, Cl A2
4.287%, 07/25/19		2,167		2,158
FNMA CMO, Cl PE
5.000%, 03/25/34		683		709
FNMA CMO, Cl A3
4.001%, 01/25/19		1,437		1,391
FNMA CMO STRIPS, Ser 359, Cl 6, IO
5.000%, 11/01/35		1,163		208
FNMA CMO STRIPS, Ser 360, Cl 2, IO
5.000%, 08/01/35		17,750		3,944
FNMA CMO, Ser 1999-11, Cl Z
5.500%, 03/25/29		3,151		3,306
FNMA CMO, Ser 2001-81, Cl HE
6.500%, 01/25/32		5,795		6,206
FNMA CMO, Ser 2002-94, Cl HQ
4.500%, 01/25/18		775		810
FNMA CMO, Ser 2003-108, Cl BE
4.000%, 11/25/18		550		562
FNMA CMO, Ser 2003-125, Cl AY
4.000%, 12/25/18		176		179
FNMA CMO, Ser 2004-60, Cl PA
5.500%, 04/25/34		555		587
FNMA CMO, Ser 2004-80, Cl LE
4.000%, 11/25/19		3,301		3,323
FNMA CMO, Ser 2004-81, Cl KE
4.500%, 11/25/19		177		182
FNMA CMO, Ser 2005-57, Cl EG
0.531%, 03/25/35 (A)		2,567		2,541
FNMA CMO, Ser 2005-58, Cl MA
5.500%, 07/25/35		468		497
FNMA CMO, Ser 2006-10, Cl FD
0.581%, 03/25/36 (A)		1,827		1,815
FNMA CMO, Ser 2006-112, IO
6.469%, 11/25/36 (A)		15,965		1,777
FNMA CMO, Ser 2007-113, Cl DB
4.500%, 12/25/22		1,186		1,199
FNMA CMO, Ser 2007-77, Cl MH
6.000%, 12/25/36		2,183		2,335
FNMA CMO, Ser 2007-T2, Cl B
6.022%, 11/25/10		4,500		4,690
FNMA CMO, Ser 2008-22
6.199%, 03/25/37 (A)		15,000		1,984
FNMA CMO, Ser 2008-35, IO
1.282%, 02/25/11 (A)		93,017		1,075
FNMA CMO, Ser 2008-35, Cl B
5.000%, 08/25/23		178		184
FNMA CMO, Ser 365, IO
5.000%, 04/01/36		1,117		200
FNMA CMO, Ser 365, Cl 2, IO
5.000%, 02/01/36		1,096		199
FNMA, Ser K003, Cl AAB
4.768%, 05/25/18		857		874
GNMA TBA
6.000%, 01/01/38		100		106
4.500%, 01/15/40		8,060		8,065
4.500%, 01/15/39 to 02/15/40		58,755		58,759
GNMA
8.000%, 11/15/29 to 09/15/30		119		137
7.500%, 03/15/29 to 01/15/32		292		329
7.000%, 08/15/13		59		63


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
6.500%, 04/15/24 to 09/15/35	$	12,273	$	13,189
6.000%, 03/15/14 to 10/15/35		19,495		20,783
5.000%, 05/15/33 to 10/15/35		4,293		4,444
GNMA ARM (A)
6.000%, 06/20/35		390		400
5.500%, 01/10/36		266		269
4.625%, 08/20/34		527		533
4.000%, 03/20/36		731		744
3.750%, 12/20/33		8,501		8,737
3.500%, 05/20/36		3,543		3,592
3.000%, 02/20/36		850		864
GNMA CMO, Ser 2001-18, Cl WH
31.579%, 04/20/31 (A)		225		341
GNMA CMO, Ser 2002-51, Cl SG
31.490%, 04/20/31 (A)		209		317
GNMA CMO, Ser 2003-86, Cl ZK
5.000%, 10/20/33		5,373		5,391
GNMA CMO, Ser 2004-80, Cl IP, IO
5.500%, 07/20/34		1,071		10
GNMA CMO, Ser 2006-37, Cl JG
5.000%, 07/20/36		685		708

				791,093

Non-Agency Mortgage-Backed Obligations — 16.8%
American Home Mortgage Assets, Ser 2007-2, Cl A1
0.356%, 03/25/47 (A)		9,551		4,919
American Home Mortgage Investment Trust, Ser 2005-1, Cl 6A
5.294%, 06/25/45 (A)		4,707		3,207
American Home Mortgage Investment Trust, Ser 2005-4, Cl 5A
5.350%, 11/25/45 (A)		4,543		3,316
American Tower Trust, Ser 2007-1A, Cl AFX
5.420%, 04/15/37 (B)		1,363		1,400
Asset Securitization, Cl A2
7.556%, 10/13/26 (A)		745		787
Banc of America Commercial Mortgage, Cl E
7.634%, 09/15/32 (A)		263		262
Banc of America Commercial Mortgage Securities, Ser 2002-PB2, Cl B
6.309%, 06/11/35		514		524
Banc of America Commercial Mortgage Securities, Ser 2004-2, Cl A5
4.580%, 11/10/38		230		225
Banc of America Commercial Mortgage Securities, Ser 2005-3, Cl A4
4.668%, 07/10/43		5,000		4,656
Banc of America Commercial Mortgage Securities, Ser 2006-2, Cl A1
5.611%, 05/10/45		1,332		1,362
Banc of America Commercial Mortgage, Ser 2007-2, Cl A2
5.634%, 04/10/49 (A)		851		849
Banc of America Commercial Mortgage, Ser 2007-3, Cl A3
5.627%, 06/10/49 (A)		1,360		1,328


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Banc of America Funding, Ser 2003- 1, Cl A1
6.000%, 05/20/33	$	51	$	52
Banc of America Funding, Ser 2005- B, Cl 2A1
5.071%, 04/20/35 (A)		4,721		3,133
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-2, Cl 24A
5.269%, 05/25/34 (A)		3,817		3,626
Bear Stearns Commercial Mortgage Securities, Cl A3
5.468%, 06/11/41 (A)		1,324		1,338
Bear Stearns Commercial Mortgage Securities, Cl A6
4.750%, 02/13/46 (A)		597		579
Bear Stearns Commercial Mortgage Securities, Cl AAB
4.804%, 09/11/42		442		447
Bear Stearns Commercial Mortgage Securities, Cl A2
6.460%, 10/15/36		1,620		1,701
5.286%, 06/11/41 (A)		526		536
Bear Stearns Commercial Mortgage Securities
4.674%, 06/11/41		947		906
Bear Stearns Commercial Mortgage Securities, Cl AM
6.084%, 06/11/50 (A)		870		630
Bear Stearns Commercial Mortgage Securities, Ser 2001-TOP4, Cl A3
5.610%, 11/15/33		340		352
Bear Stearns Commercial Mortgage Securities, Ser 2002-PBW1, Cl A2
4.720%, 11/11/35 (A)		628		645
Bear Stearns Commercial Mortgage Securities, Ser 2002-TOP8, Cl A2
4.830%, 08/15/38		894		915
Bear Stearns Commercial Mortgage Securities, Ser 2003-T12, Cl A3
4.240%, 08/13/39 (A)		232		233
Bear Stearns Commercial Mortgage Securities, Ser 2004-PWR6, Cl A6
4.825%, 11/11/41		260		254
Bear Stearns Commercial Mortgage Securities, Ser 2005-PW10, Cl A4
5.405%, 12/11/40 (A)		3,375		3,307
Bear Stearns Commercial Mortgage Securities, Ser 2005-T20, Cl A4A
5.298%, 10/12/42 (A)		3,250		3,190
Chase Commercial Mortgage Securities, Ser 2000-3, Cl A2
7.319%, 10/15/32		2,193		2,246
Chase Mortgage Finance, Ser 2005- A1, Cl 2A3
5.227%, 12/25/35 (A)		12,400		9,208
Citigroup Mortgage Loan Trust, Ser 2005-11, Cl A3
4.900%, 12/25/35 (A)		7,833		5,907
Commercial Mortgage Asset Trust, Ser 1999-C1, Cl A4
6.975%, 01/17/32 (A)		2,440		2,632


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Commercial Mortgage Asset Trust, Ser 1999-C2, Cl A2
7.546%, 10/17/32 (A)	$	754	$	755
Commercial Mortgage Loan Trust, Cl AJ
6.019%, 12/10/49 (A)		1,190		536
Commercial Mortgage Loan Trust, Ser 2008-LS1, Cl A4B
6.220%, 12/10/49 (A)		13,025		11,378
Commercial Mortgage Pass Through Certificates, Cl A4
4.715%, 03/10/39		1,161		1,137
Commercial Mortgage Pass Through Certificates, Cl A5
5.314%, 07/10/37 (A)		647		640
Commercial Mortgage Pass-Through Certificates, Ser 2001-J2A, Cl A2
6.096%, 07/16/34 (B)		1,200		1,251
Countrywide Alternative Loan Trust, Ser 2003-20BC, Cl 1A1
5.500%, 10/25/33		1,372		1,327
Countrywide Alternative Loan Trust, Ser 2004-J1, Cl 1A1
6.000%, 02/25/34		484		474
Countrywide Alternative Loan Trust, Ser 2005-21, Cl 3A2
1.732%, 08/25/35 (A)		533		260
Countrywide Alternative Loan Trust, Ser 2005-56, Cl 4A1
0.541%, 11/25/35 (A)		7,622		3,942
Countrywide Alternative Loan Trust, Ser 2005-59, Cl 1A1
0.562%, 11/20/35 (A)		9,316		4,890
Countrywide Home Loan Mortgage Pass-Through Trust, Ser 2005-R3, Cl AF
0.631%, 09/25/35 (A) (B)		4,954		3,716
Credit Suisse Mortgage Capital Certificates, Cl A3
5.467%, 09/15/39		6,382		5,466
Credit Suisse Mortgage Capital Certificates, Ser 2006-C5, Cl A3
5.311%, 12/15/39		6,045		5,043
CS First Boston Mortgage Securities, Cl A3
4.813%, 02/15/38		129		129
CS First Boston Mortgage Securities, Cl A4
5.100%, 08/15/38 (A)		462		445
5.014%, 02/15/38 (A)		165		162
CS First Boston Mortgage Securities, Ser 2001-CK1, Cl A3
6.380%, 12/18/35		399		409
CS First Boston Mortgage Securities, Ser 2002-CKN2, Cl A3
6.133%, 04/15/37		201		212
CS First Boston Mortgage Securities, Ser 2002-CKS4, Cl A1
4.485%, 11/15/36		27		28
CS First Boston Mortgage Securities, Ser 2002-CKS4, Cl A2
5.183%, 11/15/36		1,892		1,955


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

CS First Boston Mortgage Securities, Ser 2002-CP5, Cl A2
4.940%, 12/15/35	$	343	$	352
CS First Boston Mortgage Securities, Ser 2003-AR24, Cl 2A4
3.533%, 10/25/33 (A)		3,468		2,888
CS First Boston Mortgage Securities, Ser 2003-CK2, Cl A4
4.801%, 03/15/36		419		427
CS First Boston Mortgage Securities, Ser C2, Cl A4
4.832%, 04/15/37		147		142
CS First Boston Mortgage Securities, Ser CPN1, Cl A2
4.597%, 03/15/35		282		283
CW Capital Cobalt, Ser 2006-C1, Cl A4
5.223%, 08/15/48		5,505		4,801
Deutsche Mortgage Securities, Ser 2004-4, Cl 7AR2
0.681%, 06/20/34 (A)		1,089		810
DLJ Commercial Mortgage, Ser 2000- CKP1, Cl A1B
7.180%, 11/10/33		646		658
Downey Savings & Loan Association Mortgage Loan Trust, Ser 2004- AR2, Cl A2B
0.633%, 11/19/44 (A)		2,407		886
FFCA Secured Lending, Ser 1999-1A, IO
1.256%, 09/18/25 (A) (B)		4,033		80
First Horizon Alternative Mortgage Securities, Ser 2006-FA6, Cl 2A10
6.000%, 11/25/36		341		273
First Union National Bank Commercial Mortgage, Cl A2
6.141%, 02/12/34		324		338
First Union National Bank Commercial Mortgage, Ser 2000-C2, Cl A2
7.202%, 10/15/32		465		475
First Union National Bank Commercial Mortgage, Ser 2001-C4, Cl B
6.417%, 12/12/33		631		643
Fund America Investors II, Ser 1993- A, Cl A2
5.998%, 06/25/23 (A)		216		205
GE Capital Assurance, Ser 2003-1, Cl A4
5.254%, 05/12/35 (A) (B)		5,975		6,099
GE Capital Commercial Mortgage, Ser 2001-2, Cl A3
6.030%, 08/11/33		135		137
GE Capital Commercial Mortgage, Ser 2002-1A, Cl A3
6.269%, 12/10/35		4,802		5,060
GE Capital Commercial Mortgage, Ser 2002-3A, Cl A2
4.996%, 12/10/37		10,500		10,723
GE Capital Commercial Mortgage, Ser 2005-C4, Cl A4
5.513%, 11/10/45 (A)		3,375		3,296
GE Capital Commercial Mortgage, Ser 2006-C1, Cl A3
5.336%, 03/10/44 (A)		2,845		2,817


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
GMAC Commercial Mortgage Securities, Ser 2000-C2, Cl A2
7.455%, 08/16/33 (A)	$	28	$	28
GMAC Commercial Mortgage Securities, Ser 2003-C2, Cl A2
5.670%, 05/10/40 (A)		417		431
GMAC Commercial Mortgage Securities, Ser 2003-C3, Cl A4
5.023%, 04/10/40		2,432		2,474
Greenwich Capital Commercial Funding
5.190%, 04/10/37 (A)		230		233
4.799%, 08/10/42 (A)		410		396
Greenwich Capital Commercial Funding, Cl A4
5.444%, 03/10/39		8,645		7,638
Greenwich Capital Commercial Funding, Cl A6
5.135%, 06/10/36 (A)		395		402
Greenwich Capital Commercial Funding, Ser 2005-GG3, Cl AAB
4.619%, 08/10/42		5,500		5,583
Greenwich Capital Commercial Funding, Ser 2005-GG5, Cl A5
5.224%, 04/10/37 (A)		2,213		2,096
Greenwich Capital Commercial Funding, Ser 2006-GG7, Cl A4
6.116%, 08/10/09 (A)		9,153		8,345
GS Mortgage Securities II, Ser 2001- GL3A, Cl A2
6.449%, 08/15/18 (A) (B)		1,780		1,867
GS Mortgage Securities II, Ser 2005- GG4, Cl AABA
4.680%, 07/10/39		363		365
GS Mortgage Securities II, Ser 2006- GG8, Cl A4
5.560%, 11/10/39		9,500		8,318
GSMPS Mortgage Loan Trust, Ser 1998-1, Cl A
8.000%, 09/19/27 (A) (B)		67		66
GSR Mortgage Loan Trust, Cl 3A5
4.695%, 07/25/35 (A)		7,000		4,297
GSR Mortgage Loan Trust, Ser 2003- 13, Cl 1A1
4.476%, 10/25/33 (A)		3,578		3,308
Harborview Mortgage Loan Trust, Ser 2005-1, Cl X, IO
2.692%, 03/19/35		11,752		393
Harborview Mortgage Loan Trust, Ser 2005-12, Cl X2B, IO
2.437%, 10/19/35 (A)		20,459		665
Heller Financial Commercial Mortgage Asset, Ser 1999-PH1, Cl C
7.183%, 05/15/31 (A)		99		101
Impac Secured Assets CMO Owner Trust, Ser 2006-2, Cl 2A1
0.581%, 08/25/36 (A)		829		659
Indymac INDA Mortgage Loan Trust, Ser 2007-AR7, Cl 1A1
6.158%, 11/01/37 (A)		1,563		1,084
Indymac Index Mortgage Loan Trust, Ser 2007-AR15, Cl 2A1
5.996%, 08/25/37 (A)		8,394		4,367


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

JP Morgan Alternative Loan Trust, Ser 2006-A7, Cl 2A6
5.750%, 12/25/36 (A)	$	12,253	$	4,506
JP Morgan Chase Commercial Mortgage Securities, Cl A1
5.017%, 02/12/51		43		44
JP Morgan Chase Commercial Mortgage Securities, Cl A2
5.633%, 12/05/27 (B)		1,211		1,195
JP Morgan Chase Commercial Mortgage Securities, Cl A2S
5.305%, 01/15/49		2,674		2,585
JP Morgan Chase Commercial Mortgage Securities, Cl A4
5.481%, 12/12/44 (A)		750		722
5.377%, 06/12/41 (A)		201		202
JP Morgan Chase Commercial Mortgage Securities, Ser 2001- CIB2, Cl A3
6.429%, 04/15/35		4,000		4,166
JP Morgan Chase Commercial Mortgage Securities, Ser 2002- CIB5, Cl A2
5.161%, 10/12/37		460		474
JP Morgan Chase Commercial Mortgage Securities, Ser 2003- PM1A, Cl A4
5.326%, 11/12/08 (A)		144		147
JP Morgan Chase Commercial Mortgage Securities, Ser 2005- LDP4, Cl A4
4.918%, 10/15/42 (A)		442		425
JP Morgan Chase Commercial Mortgage Securities, Ser 2006- LDP7
6.051%, 08/15/09 (A)		628		644
JP Morgan Chase Commercial Mortgage Securities, Ser 2007- CB19, Cl A2
5.746%, 02/12/49 (A)		231		237
JP Morgan Chase Commercial Mortgage Securities, Ser 2007- LD12, Cl A4
5.882%, 02/15/51 (A)		3,030		2,624
JP Morgan Chase Commercial Mortgage Securities, Ser 2007- LD12, Cl AM
6.062%, 02/15/51 (A)		1,855		1,244
JP Morgan Chase Commercial Mortgage Securities, Ser 2007- LDPX, Cl A3
5.420%, 01/15/49		10,000		8,436
JP Morgan Chase Commercial Mortgage Securities, Ser CIB4, Cl A3
6.162%, 05/12/34		1,851		1,949
JP Morgan Commercial Mortgage Finance, Ser 2000-C10, Cl A2
7.371%, 08/15/32 (A)		167		167
JP Morgan Mortgage Trust, Ser 2000- 1-CIBC, Cl A3
6.260%, 03/15/33		435		447


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
JP Morgan Mortgage Trust, Ser 2005- A3, Cl 11A2
4.495%, 11/25/08 (A)	$	10,900	$	7,814
JP Morgan Mortgage Trust, Ser 2006- A2, Cl 2A2
5.756%, 11/25/08 (A)		12,600		9,171
JP Morgan Mortgage Trust, Ser 2006- A3, Cl 3A4
5.731%, 05/25/36 (A)		13,560		10,666
LB-UBS Commercial Mortgage Trust, Cl A5
4.628%, 10/15/29		294		286
LB-UBS Commercial Mortgage Trust, Cl A4
4.563%, 09/15/26		342		351
4.166%, 05/15/32		197		195
LB-UBS Commercial Mortgage Trust, Cl AAB
5.403%, 02/15/40		144		138
LB-UBS Commercial Mortgage Trust, Ser 2002-C2, Cl A4
5.594%, 06/15/31		1,180		1,234
LB-UBS Commercial Mortgage Trust, Ser 2002-C4, Cl A5
4.853%, 09/15/31		631		650
LB-UBS Commercial Mortgage Trust, Ser 2003-C8, Cl A4
5.124%, 11/15/32 (A)		205		202
LB-UBS Commercial Mortgage Trust, Ser 2007-C1, Cl A3
5.398%, 02/15/40		554		547
LB-UBS Commercial Mortgage Trust, Ser 2007-C2, Cl AM
5.493%, 02/15/40 (A)		1,055		713
Master Reperforming Loan Trust, Ser 2005-1, Cl 1A1
6.000%, 08/25/34 (B)		3,625		3,296
Master Seasoned Securities Trust, Ser 2004-2, Cl A2
6.500%, 08/25/32		1,874		1,895
Merrill Lynch
5.439%, 02/12/39 (A)		829		841
7.430%, 09/01/22		3		3
Merrill Lynch, Cl AM
5.856%, 09/12/49 (A)		2,090		1,497
Merrill Lynch Mortgage Investors, Ser 2004-A1, Cl 4A
5.261%, 02/25/34 (A)		3,589		3,493
Merrill Lynch Mortgage Trust, Cl A3A
4.949%, 07/12/38 (A)		433		436
Merrill Lynch Mortgage Trust, Ser 2005-MCP1, Cl A4
4.747%, 06/12/43 (A)		2,480		2,346
Merrill Lynch Mortgage Trust, Ser KEY1, Cl A4
5.236%, 11/12/35 (A)		613		622
Merrill Lynch/Countrywide Commercial Mortgage, Ser 2006-4, Cl A3
5.172%, 12/12/49 (A)		7,000		6,187
MLCC Mortgage Investors, Ser 2004- B, Cl A3
2.537%, 05/25/29 (A)		838		748


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Morgan Stanley Capital I, Cl A31
5.439%, 02/12/44	$	410	$	406
Morgan Stanley Capital I, Cl A7
4.970%, 04/14/40		2,314		2,258
Morgan Stanley Capital I, Cl AM
5.360%, 11/12/41		2,090		1,721
Morgan Stanley Capital I
5.385%, 03/12/44 (A)		944		910
5.168%, 01/14/42		232		229
Morgan Stanley Capital I, Cl A2
5.374%, 03/12/44		1,945		1,977
4.070%, 05/15/40		154		150
Morgan Stanley Capital I, Cl A4
5.402%, 06/15/38 (A)		1,480		1,486
5.270%, 06/13/41 (A)		363		364
4.520%, 12/13/41		73		74
Morgan Stanley Capital I, Ser 2003- T11, Cl A4
5.150%, 06/13/41		768		788
Morgan Stanley Capital I, Ser 2005- HQ5, Cl AAB
5.037%, 01/14/42		1,542		1,569
Morgan Stanley Capital I, Ser 2005- HQ6, Cl A4A
4.989%, 08/13/42		4,408		4,267
Morgan Stanley Capital I, Ser 2005- HQ7, Cl AAB
5.355%, 11/14/42 (A)		802		819
Morgan Stanley Capital I, Ser 2005- T17, Cl A5
4.780%, 12/13/41		241		237
Morgan Stanley Capital I, Ser 2006- T21, Cl A4
5.162%, 10/12/52 (A)		2,500		2,449
Morgan Stanley Capital I, Ser 2007- IQ14, Cl A4
5.692%, 04/15/49 (A)		4,500		3,792
Morgan Stanley Dean Witter Capital I, Cl A2
4.740%, 11/13/36		460		468
Morgan Stanley Dean Witter Capital I
6.510%, 04/15/34		226		238
Morgan Stanley Dean Witter Capital I, Cl A4
5.740%, 12/15/35		189		198
Morgan Stanley Dean Witter Capital I, Ser 2000-LIFE, Cl A2
7.570%, 11/15/36 (A)		135		135
Morgan Stanley Dean Witter Capital I, Ser 2001-TOP5, Cl A4
6.390%, 10/15/35		1,865		1,952
Morgan Stanley Dean Witter Capital I, Ser 2003-HQ2, Cl A2
4.920%, 03/12/35		1,439		1,463
Morgan Stanley Mortgage Loan Trust, Ser 2007-6XS, Cl 2A1S
0.341%, 02/25/47 (A)		324		244
Nomura Asset Securities, Ser 1998- D6, Cl A1C
6.690%, 03/15/30		1,646		1,748


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
RBS Greenwhich Capital Mortgage Pass – Through Certificates, Ser 2007-B, Cl 1A4
0.681%, 01/25/37 (A)	$	4,514	$	2,220
Residential Asset Mortgage Products, Ser 2004-SL1, Cl A8
6.500%, 11/25/31		549		528
Residential Asset Securitization Trust, Cl A1
5.000%, 08/25/19		840		794
Residential Asset Securitization Trust, Ser 2004-IP2, Cl 2A1
3.362%, 12/25/34 (A)		1,078		854
Salomon Brothers Mortgage Securities VII, Ser 2000-C3, Cl A2
6.592%, 12/18/33		1,064		1,083
Salomon Brothers Mortgage Securities VII, Ser 2001-C2, Cl A3
6.499%, 10/13/11		5,184		5,434
Salomon Brothers Mortgage Securities VII, Ser 2002-KEY2, Cl A2
4.467%, 03/18/36		652		668
Structured Adjustable Rate Mortgage Loan Trust, Ser 2005-19, Cl 1A1
0.551%, 10/25/35 (A)		1,724		1,038
Structured Adjustable Rate Mortgage Loan Trust, Ser 2007-7, Cl 2AS2
5.627%, 08/25/15 (A)		10,298		5,264
Structured Asset Mortgage Investments, Ser 2006-AR8, Cl A1A
0.431%, 10/25/36 (A)		4,696		2,461
Structured Asset Securities, Cl A
0.581%, 03/25/35 to 04/25/35 (A) (B)		5,213		3,993
Structured Asset Securities, Cl 1A
0.581%, 06/25/35 (A) (B)		2,612		1,959
Structured Asset Securities, Ser 2005- 17, Cl 5A1
5.500%, 10/25/35		3,027		2,714
Thornburg Mortgage Securities Trust, Ser 2007-4, Cl 2A1
6.200%, 08/30/37 (A)		4,921		3,930
Thornburg Mortgage Securities Trust, Ser 2007-4, Cl 3A1
6.198%, 09/25/37 (A)		5,018		4,010
US Bank, Ser 2007-1, Cl A
5.920%, 05/25/12		2,521		2,654
Wachovia Bank Commercial Mortgage Trust, Ser 2002-C1A, Cl A4
6.287%, 04/15/34		1,202		1,266
Wachovia Bank Commercial Mortgage Trust, Ser 2003-C6, Cl A3
4.957%, 08/15/35 (A)		463		461
Wachovia Bank Commercial Mortgage Trust, Ser 2003-C7, Cl A1
4.241%, 10/15/35 (B)		168		169
Wachovia Bank Commercial Mortgage Trust, Ser 2003-C8, Cl A3
4.445%, 11/15/35		681		681
Wachovia Bank Commercial Mortgage Trust, Ser 2004-C11, Cl A4
5.030%, 01/15/41		467		447


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Washington Mutual Mortgage Pass- Through Certificates, Cl 1A
1.424%, 10/25/46 (A)	$	4,042	$	2,178
Washington Mutual Mortgage Pass- Through Certificates, Cl 1A1
5.673%, 02/25/37 (A)		3,479		2,214
Washington Mutual Mortgage Pass- Through Certificates, Ser 2003- MS1, Cl 1A
5.000%, 02/25/18		1,008		1,013
Washington Mutual Mortgage Pass- Through Certificates, Ser 2005- AR13, Cl A1A1
0.521%, 10/25/47 (A)		4,154		2,975
Washington Mutual Mortgage Pass- Through Certificates, Ser 2005- AR15, Cl A1A2
0.511%, 11/25/47 (A)		6,313		3,703
Washington Mutual Mortgage Pass- Through Certificates, Ser 2005- AR16, Cl 1A4A
5.090%, 12/25/35 (A)		12,955		10,222
Washington Mutual Mortgage Pass- Through Certificates, Ser 2005- AR19, Cl A1A2
0.521%, 12/25/45 (A)		5,943		3,777
Washington Mutual Mortgage Pass- Through Certificates, Ser 2005- AR5, Cl A6
4.670%, 05/25/35 (A)		9,220		6,552
Washington Mutual Mortgage Pass- Through Certificates, Ser 2007- OA6, Cl 1A
1.442%, 07/25/47 (A)		8,773		4,483
Wells Fargo Mortgage-Backed Securities Trust, Ser 2004-H, Cl 1A1
4.527%, 06/25/34 (A)		3,906		3,742

				400,310

Total Mortgage-Backed Securities (Cost $1,213,821) ($ Thousands)				1,191,403


CORPORATE OBLIGATIONS — 34.1%

Consumer Discretionary — 1.3%
American Achievement
8.250%, 04/01/12 (B)		900		898
Boyd Gaming
7.125%, 02/01/16 (C)		350		304
6.750%, 04/15/14 (C)		570		514
British Sky Broadcasting Group
9.500%, 11/15/18 (B)		892		1,144
Comcast
6.500%, 01/15/17 (C)		720		797
6.500%, 01/15/15		985		1,104
5.450%, 11/15/10		525		543
5.300%, 01/15/14		2,340		2,497
Comcast Cable Communications
6.750%, 01/30/11 (C)		2,310		2,438
Comcast Cable Communications
8.375%, 03/15/13		1,194		1,376
COX Communications
4.625%, 06/01/13		805		837


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Daimler Finance LLC
7.300%, 01/15/12	$	1,400	$	1,522
6.500%, 11/15/13		1,320		1,447
DISH DBS
7.875%, 09/01/19		690		724
Eastman Kodak
7.250%, 11/15/13		1,420		1,172
Echostar DBS
7.750%, 05/31/15		220		230
General Motors
8.250%, 07/15/23 (C) (D)		3,100		822
Grupo Televisa
6.625%, 01/15/40 (B)		1,005		994
Inn of the Mountain Gods Resort & Casino
12.000%, 11/15/10 (D)		1,010		418
Lamar Media, Ser B
6.625%, 08/15/15		150		144
MGM Mirage
8.500%, 09/15/10		10		10
7.625%, 01/15/17		440		342
News America
6.900%, 08/15/39 (B)		510		556
6.650%, 11/15/37		180		190
6.200%, 12/15/34		65		65
River Rock Entertainment Authority
9.750%, 11/01/11		930		877
Station Casinos
7.750%, 08/15/16 (C) (D)		1,495		234
Sun Media
7.625%, 02/15/13		470		428
Thomson Reuters
5.950%, 07/15/13		552		604
Time Warner
7.700%, 05/01/32		835		981
6.875%, 05/01/12		2,225		2,436
Time Warner Cable
8.750%, 02/14/19		210		256
8.250%, 04/01/19		4,895		5,830
7.300%, 07/01/38		480		532
6.750%, 06/15/39		920		963
Time Warner Entertainment
8.375%, 07/15/33		60		72

				34,301

Consumer Staples — 1.0%
Altria Group
9.700%, 11/10/18		1,670		2,068
Anheuser-Busch
5.050%, 10/15/16		940		960
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19 (B)		1,866		2,185
5.375%, 01/15/20 (B)		1,580		1,612
CVS Caremark
9.350%, 01/10/23 (B)		8,600		8,380
Diageo Capital
7.375%, 01/15/14		4,870		5,634
Dr Pepper Snapple Group
6.820%, 05/01/18		1,470		1,649
General Mills
6.000%, 02/15/12		750		810
HJ Heinz
5.350%, 07/15/13		510		548


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Reynolds American
6.750%, 06/15/17	$	1,260	$	1,305

				25,151

Energy — 4.5%
Anadarko Finance, Ser B
7.500%, 05/01/31		860		965
6.750%, 05/01/11		20		21
Anadarko Petroleum
8.700%, 03/15/19		1,317		1,638
6.450%, 09/15/36 (C)		3,570		3,728
Apache
6.000%, 09/15/13		2,570		2,844
Baker Hughes
7.500%, 11/15/18		3,110		3,713
Canadian Natural Resources
5.850%, 02/01/35		800		783
5.700%, 05/15/17		265		283
Cenovus Energy
5.700%, 10/15/19 (B)		915		955
Chesapeake Energy
7.250%, 12/15/18		660		665
Cie Generale de Geophysique-Veritas
7.750%, 05/15/17		110		109
7.500%, 05/15/15		1,205		1,196
Conoco Funding
7.250%, 10/15/31		50		58
6.350%, 10/15/11		920		1,001
ConocoPhillips
5.900%, 10/15/32		1,090		1,112
5.900%, 05/15/38		1,790		1,835
ConocoPhillips Holding
6.950%, 04/15/29		1,060		1,202
El Paso
6.950%, 06/01/28		6,750		5,789
El Paso Performance-Linked Trust
7.750%, 07/15/11 (B)		3,830		3,926
Energy Transfer Partners
9.000%, 04/15/19		1,095		1,305
8.500%, 04/15/14		744		859
6.700%, 07/01/18		2,220		2,377
Enterprise Products Operating
9.750%, 01/31/14		4,150		4,953
GAZ Capital
6.212%, 11/22/16 (B)		220		212
Hess
7.875%, 10/01/29		1,070		1,283
7.300%, 08/15/31		4,130		4,693
Husky Energy
7.250%, 12/15/19		991		1,145
5.900%, 06/15/14		577		629
Kerr-McGee
7.875%, 09/15/31		820		956
6.950%, 07/01/24		450		487
Kinder Morgan
6.500%, 09/01/12		2,540		2,642
Kinder Morgan Energy Partners
7.125%, 03/15/12		90		98
6.950%, 01/15/38		150		160
6.750%, 03/15/11		450		476
6.000%, 02/01/17		2,145		2,252
5.850%, 09/15/12		1,145		1,232
5.000%, 12/15/13 (C)		720		756


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Occidental Petroleum
7.000%, 11/01/13	$	4,000	$	4,596
OPTI Canada
8.250%, 12/15/14		700		577
7.875%, 12/15/14		880		722
Peabody Energy, Ser B
6.875%, 03/15/13		60		61
Pemex Project Funding Master Trust
6.625%, 06/15/35		1,667		1,587
Petrobras International Finance
7.875%, 03/15/19		1,209		1,394
6.875%, 01/20/40		810		832
6.125%, 10/06/16		725		777
5.750%, 01/20/20		504		513
Petro-Canada
6.800%, 05/15/38		365		402
Ras Laffan Liquefied Natural Gas III
5.500%, 09/30/14 (B) (C)		1,185		1,241
4.500%, 09/30/12 (B)		1,055		1,091
SandRidge Energy
9.875%, 05/15/16 (B)		870		916
SemGroup L.P.
8.750%, 11/15/15 (B) (D)		500		35
Shell International Finance BV
4.000%, 03/21/14		1,845		1,925
Southern Natural Gas
8.000%, 03/01/32		170		196
Southern Union
8.250%, 11/15/29		1,315		1,468
Suburban Propane Partners
6.875%, 12/15/13		735		735
Suncor Energy
6.500%, 06/15/38 (C)		1,125		1,182
Tennessee Gas Pipeline
7.625%, 04/01/37		830		932
Tosco
8.125%, 02/15/30		400		483
Total Capital
3.125%, 10/02/15		2,240		2,212
Transocean
6.000%, 03/15/18		350		374
Valero Energy
10.500%, 03/15/39		1,750		2,248
9.375%, 03/15/19		3,921		4,664
6.625%, 06/15/37		1,125		1,056
Williams
8.750%, 03/15/32		2,340		2,800
7.875%, 09/01/21		5,245		6,016
7.750%, 06/15/31		1,880		2,062
7.625%, 07/15/19		1,100		1,233
Williams, Ser A
7.500%, 01/15/31		1,090		1,176
XTO Energy
7.500%, 04/15/12		850		948
6.750%, 08/01/37		310		365
5.500%, 06/15/18		2,030		2,165

				107,322

Financials — 18.0%
Achmea Hypotheekbank
3.200%, 11/03/14 (B)		2,510		2,505
Aiful
5.000%, 08/10/10 (B)		1,140		981


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Allied World Assurance Holdings
7.500%, 08/01/16	$	2,500	$	2,669
Allstate Life Global Funding Trusts MTN
5.375%, 04/30/13		1,410		1,505
American Express
8.150%, 03/19/38		752		941
7.250%, 05/20/14 (C)		873		985
6.800%, 09/01/66 (A)		2,010		1,799
6.150%, 08/28/17		1,200		1,254
American Express Credit MTN
5.125%, 08/25/14		2,100		2,213
American General Finance MTN
6.900%, 12/15/17		2,820		1,958
American Honda Finance
5.100%, 03/27/12 (B)		1,685		1,751
American International Group
6.250%, 03/15/37		2,560		1,408
5.850%, 01/16/18		4,340		3,561
ASIF Global Financing XIX
4.900%, 01/17/13 (B)		390		359
BAC Capital Trust XIV
5.630%, 03/15/12 (A)		130		90
BAC Capital Trust XV
1.056%, 06/01/56 (A)		5,715		3,663
Bank of America MTN
7.375%, 05/15/14		2,470		2,803
6.500%, 08/01/16		2,250		2,419
6.000%, 09/01/17		750		778
5.750%, 12/01/17		3,640		3,727
5.420%, 03/15/17		4,300		4,245
Bank of New York Mellon MTN
5.125%, 08/27/13		900		972
Bank One
7.875%, 08/01/10		995		1,037
Barclays Bank
6.050%, 12/04/17 (B)		1,230		1,252
5.200%, 07/10/14		630		668
5.000%, 09/22/16		1,275		1,303
Barnett Capital III
0.906%, 02/01/27 (A)		425		288
Barrick International Bank
6.350%, 10/15/36 (B)		805		818
Bear Stearns
7.250%, 02/01/18		6,660		7,645
6.950%, 08/10/12		580		648
6.400%, 10/02/17		500		545
5.350%, 02/01/12		3,280		3,485
4.650%, 07/02/18		995		959
4.500%, 10/28/10		1,470		1,518
Berkshire Hathaway Finance
5.400%, 05/15/18		830		867
Boeing Capital
4.700%, 10/27/19		490		478
BP Capital Markets
5.250%, 11/07/13		680		741
3.875%, 03/10/15		3,545		3,642
3.875%, 03/10/15		210		216
Capital One Bank USA
8.800%, 07/15/19		855		1,010
Capital One Financial
7.375%, 05/23/14		1,470		1,664


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Caterpillar Financial Services MTN
6.200%, 09/30/13	$	3,650	$	4,067
Chase Capital VI
0.906%, 08/01/28 (A)		2,500		1,781
Citigroup
8.125%, 07/15/39 (C)		2,332		2,632
6.875%, 03/05/38 (C)		6,555		6,542
6.500%, 08/19/13		1,310		1,396
6.375%, 08/12/14 (C)		1,115		1,167
6.125%, 05/15/18 (C)		3,835		3,856
6.010%, 01/15/15		660		674
5.875%, 02/22/33		1,685		1,421
5.500%, 02/15/17		2,350		2,224
5.500%, 04/11/13		2,683		2,782
5.000%, 09/15/14		3,245		3,128
0.527%, 06/09/16 (A)		3,650		2,933
Citigroup Capital III
7.625%, 12/01/36		1,500		1,121
Citigroup Capital XXI
8.300%, 12/21/57 (A)		1,250		1,203
Citigroup Funding
1.875%, 10/22/12		2,165		2,157
Commonwealth Bank of Australia
5.000%, 10/15/19 (B) (C)		1,480		1,470
3.750%, 10/15/14 (B)		2,090		2,095
Countrywide Financial MTN
6.250%, 05/15/16		1,080		1,098
5.800%, 06/07/12		2,745		2,914
Countrywide Financial , Cl A
0.493%, 10/15/28 (A)		110		80
Countrywide Home Loans MTN
4.000%, 03/22/11		2,100		2,145
Credit Agricole
8.375%, 12/31/49 (A) (B) (C)		2,460		2,608
Credit Suisse New York
6.000%, 02/15/18		4,430		4,635
5.000%, 05/15/13		4,638		4,946
Credit Suisse NY
5.500%, 05/01/14		3,000		3,256
5.300%, 08/13/19		585		601
Credit Suisse USA
4.875%, 08/15/10		2,210		2,270
Depfa ACS Bank
5.125%, 03/16/37 (B)		3,000		2,205
Deutsche Bank
4.875%, 05/20/13		1,830		1,944
Deutsche Bank Capital Funding Trust VII
5.628%, 01/19/49 (A) (B)		2,760		2,001
East Lane Re
6.281%, 05/06/11 (A) (B)		650		634
Export-Import Bank of Korea
5.875%, 01/14/15		1,255		1,347
5.500%, 10/17/12		772		821
Farmer Mac Guaranteed Notes Trust 2007-1
5.125%, 04/19/17 (B)		3,540		3,689
Farmers Exchange Capital
7.050%, 07/15/28 (B)		1,434		1,249
Farmers Insurance Exchange
8.625%, 05/01/24 (B)		3,017		2,917
First Industrial L.P. MTN
7.500%, 12/01/17		970		760


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Fleet Capital Trust II
7.920%, 12/11/26	$	1,050	$	990
Ford Motor Credit LLC
8.000%, 12/15/16		2,680		2,684
5.700%, 01/15/10		220		220
5.504%, 06/15/11 (A)		3,863		3,824
Forest City Enterprises
6.500%, 02/01/17		270		205
General Electric Capital MTN
6.375%, 11/15/19 (A)		5,870		5,092
6.000%, 08/07/19		710		737
5.900%, 05/13/14		2,800		3,027
5.875%, 01/14/38		1,300		1,204
5.625%, 05/01/18 (C)		7,235		7,426
5.450%, 01/15/13		20		21
0.658%, 05/05/26 (A)		3,500		2,954
0.514%, 09/15/14 (A)		4,000		3,774
0.399%, 03/20/14 (A)		1,900		1,765
Glitnir Banki HF
7.451%, 09/14/16 (B) (D)		400		—
6.693%, 06/15/16 (B) (D)		3,960		—
6.375%, 09/25/12 (B) (D)		2,330		489
6.330%, 07/28/11 (B) (D)		1,980		416
GMAC
6.875%, 09/15/11 (B)		2,735		2,694
1.750%, 10/30/12		2,010		1,997
GMAC LLC
7.750%, 01/19/10 (B)		2,633		2,633
7.500%, 12/31/13 (B)		103		99
7.250%, 03/02/11 (B)		2,228		2,206
2.561%, 12/01/14 (A) (B)		2,234		1,798
Goldman Sachs Capital I
6.345%, 02/15/34		520		487
Goldman Sachs Capital II
5.793%, 12/29/49 (A)		2,447		1,896
Goldman Sachs Group
7.500%, 02/15/19		2,864		3,339
6.750%, 10/01/37		1,571		1,615
6.150%, 04/01/18		3,780		4,046
5.950%, 01/18/18		260		275
5.450%, 11/01/12		5,271		5,667
5.350%, 01/15/16		660		686
5.250%, 10/15/13		3,565		3,786
5.125%, 01/15/15		729		766
4.500%, 06/15/10		1,000		1,018
0.784%, 01/12/15 (A)		1,750		1,670
0.683%, 07/22/15 (A)		500		444
HBOS Capital Funding
6.071%, 06/30/49 (A) (B)		1,330		865
HBOS PLC
6.750%, 05/21/18 (B)		2,100		1,949
HCP
6.700%, 01/30/18 ‡		406		394
6.300%, 09/15/16 ‡		354		345
6.000%, 01/30/17 ‡		4,231		3,982
5.650%, 12/15/13 ‡		1,169		1,171
Highwoods Properties
7.500%, 04/15/18 ‡		1,142		1,112
HSBC Finance
8.000%, 07/15/10		3,475		3,601
4.625%, 09/15/10		650		666
HSBC Holdings PLC
6.800%, 06/01/38		600		651


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
ICICI Bank
6.375%, 04/30/22 (A) (B)	$	1,260	$	1,131
ILFC E-Capital Trust II
6.250%, 12/21/65 (A) (B)		900		468
Jackson National Life Global Funding MTN
5.375%, 05/08/13 (B)		700		711
JP Morgan Chase Capital XIII
1.201%, 09/30/34 (A)		1,000		705
JP Morgan Chase Capital XXV
6.800%, 10/01/37		1,109		1,105
JP Morgan Chase
7.900%, 10/30/08 (A)		1,900		1,960
6.400%, 05/15/38 (C)		2,250		2,477
6.300%, 04/23/19		2,694		2,964
6.000%, 01/15/18		225		242
5.750%, 01/02/13		3,785		4,037
5.375%, 10/01/12		676		731
4.750%, 05/01/13		510		539
JP Morgan Chase Bank
6.000%, 10/01/17		1,753		1,877
0.584%, 06/13/16 (A)		1,300		1,185
Kaupthing Bank MTN
7.625%, 02/28/15 (B) (D)		8,810		2,181
7.125%, 05/19/16 (B) (D)		1,350		—
5.750%, 10/04/11 (B) (D)		960		238
Landsbanki Islands
6.100%, 08/25/11 (B) (D)		5,570		251
Lazard Group
7.125%, 05/15/15		1,627		1,689
6.850%, 06/15/17		1,602		1,612
LBG Capital No 1 MTN
8.000%, 12/15/49 (A)		5,850		4,504
Lehman Brothers Holdings MTN
14.500%, 06/20/16 (A) (D) (E)		3,977		785
11.000%, 11/07/16 (A) (D) (E)		4,283		846
8.910%, 02/16/17 (D) (E)		2,370		468
6.750%, 12/28/17 (D)		4,320		1
6.200%, 09/26/14 (D)		1,160		226
5.250%, 02/06/12 (D)		1,220		238
Lehman Brothers Holdings Capital Trust V MTN
5.857%, 11/29/49 (D)		4,280		1
Liberty Mutual Group
7.500%, 08/15/36 (B)		719		658
Mack-Cali Realty
7.750%, 08/15/19 ‡		375		388
MBNA Capital A
8.278%, 12/01/26		1,450		1,399
Merna Reinsurance, Ser B
2.001%, 07/07/10 (A) (B)		3,750		3,694
Merrill Lynch
8.950%, 05/18/17 (A)		1,790		1,790
8.680%, 05/02/17 (A)		3,160		3,160
6.050%, 05/16/16		350		353
5.700%, 05/02/17		1,300		1,274
5.450%, 02/05/13		2,080		2,189
MetLife
7.717%, 02/15/19		2,850		3,349
6.400%, 12/15/36		570		499
MetLife Capital Trust IV
7.875%, 12/15/37 (B)		1,200		1,194


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

MetLife Capital Trust X
9.250%, 04/08/38 (A) (B)	$	1,800	$	2,034
Metropolitan Life Global Funding I
5.125%, 04/10/13 (B)		580		614
5.125%, 06/10/14 (B)		2,750		2,910
Morgan Stanley MTN
7.250%, 04/01/32		695		791
6.750%, 04/15/11		30		32
6.625%, 04/01/18		3,570		3,860
6.000%, 05/13/14		7,329		7,880
6.000%, 04/28/15		630		671
5.950%, 12/28/17		1,426		1,471
5.625%, 09/23/19		1,020		1,027
5.250%, 11/02/12		725		771
0.734%, 10/18/16 (A)		5,020		4,650
0.584%, 01/09/14 (A)		4,120		3,934
0.564%, 07/15/09 (A)		1,350		1,350
MUFG Capital Finance 1
6.346%, 07/25/49 (A)		1,670		1,520
National Australia Bank
5.350%, 06/12/13 (B)		2,500		2,691
National Capital Trust II
5.486%, 12/29/49 (A) (B)		2,231		1,782
National City Bank MTN
5.800%, 06/07/17		1,290		1,290
0.625%, 06/07/17 (A)		6,200		5,500
Nationwide Mutual Insurance
6.600%, 04/15/34 (B)		2,440		1,927
5.810%, 06/15/09 (A) (B)		1,975		1,560
NB Capital Trust IV
8.250%, 04/15/27		1,055		1,044
NIBC Bank MTN
2.800%, 12/02/14 (B)		1,725		1,679
Nordea Bank
3.700%, 11/13/14 (B) (C)		2,695		2,690
2.500%, 11/13/12 (B)		995		991
Pacific Life Global Funding
5.150%, 04/15/13 (B)		370		387
Power Receivables Financial
6.290%, 01/01/12		1,867		1,903
Pricoa Global Funding I
5.450%, 06/11/14 (B)		3,400		3,608
Prime Property Fund
5.600%, 06/15/11 (B)		1,384		1,317
5.500%, 01/15/14 ‡ (B)		1,850		1,515
Private Export Funding
3.050%, 10/15/14		425		422
Prudential Holdings
8.695%, 12/18/23 (B)		1,300		1,392
Rabobank Nederland
11.000%, 12/31/49 (A) (B)		1,810		2,207
Residential Capital
9.625%, 05/15/15		15		13
Resona Preferred Global Securities
7.191%, 07/30/49 (A) (B)		580		474
Royal Bank of Scotland Group MTN
7.640%, 09/29/17 (A)		1,000		540
6.400%, 10/21/19		1,830		1,824
5.050%, 01/08/15		660		572
5.000%, 11/12/13		520		467
5.000%, 10/01/14		360		318
Shinsei Finance Cayman
6.418%, 01/25/49 (A) (B)		3,690		2,149


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Simon Property Group L.P.
5.750%, 12/01/15 ‡	$	910	$	928
5.600%, 09/01/11 ‡		690		720
SLM MTN
5.625%, 08/01/33		695		524
5.375%, 05/15/14		2,655		2,449
5.050%, 11/14/14		690		622
5.000%, 04/15/15		120		105
5.000%, 10/01/13		2,500		2,300
SunTrust Preferred Capital I
5.853%, 12/15/11 (A)		259		174
Svensk Exportkredit
3.250%, 09/16/14		2,465		2,465
Teachers Insurance & Annuity Association of America
6.850%, 12/16/39 (B)		1,450		1,499
TNK-BP Finance
7.500%, 07/18/16 (B)		1,170		1,199
6.625%, 03/20/17 (B)		280		274
Travelers
6.250%, 03/15/37 (A)		1,470		1,339
5.375%, 06/15/12		370		392
UDR MTN
5.000%, 01/15/12 ‡		2,000		2,025
Ventas Realty L.P.
9.000%, 05/01/12 ‡		180		188
6.500%, 06/01/16 ‡		495		478
Wachovia
5.750%, 02/01/18		2,260		2,358
5.500%, 08/01/35		1,405		1,240
5.300%, 10/15/11		2,155		2,288
5.250%, 08/01/14		2,570		2,661
4.875%, 02/15/14		875		890
Wachovia Bank
6.000%, 11/15/17		4,700		4,920
Wachovia Capital Trust III
5.800%, 03/15/11 (A)		2,230		1,706
WEA Finance
7.500%, 06/02/14 (B)		1,068		1,202
7.125%, 04/15/18 (B)		4,289		4,689
6.750%, 09/02/19 (B)		1,885		2,024
Wells Fargo Capital X
5.950%, 12/15/36		760		661
Wells Fargo Capital XV
9.750%, 12/31/49 (A) (C)		3,790		4,055
Westfield Capital
4.375%, 11/15/10 (B)		2,103		2,161
Westfield Group
5.400%, 10/01/12 (B)		898		953
Westpac Banking
4.875%, 11/19/19		750		740
2.250%, 11/19/12		1,820		1,816
Woodbourne Capital Trust I
1.346%, 04/08/49 (A) (B)		625		131
Woodbourne Capital Trust II
1.346%, 04/08/49 (A) (B)		625		131
Woodbourne Capital Trust III
1.346%, 04/08/49 (A) (B)		625		131
Woodbourne Capital Trust IV
1.346%, 04/08/49 (A) (B)		625		131
ZFS Finance USA Trust I
6.150%, 12/15/65 (A) (B)		4,272		3,888

				426,178


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Government — 0.0%
Brazilian Government International Bond
5.875%, 01/15/19	$	505	$	538
Qatar Government International Bond
6.400%, 01/20/40 (B)		420		422
5.250%, 01/20/20 (B)		670		675
4.000%, 01/20/15 (B)		420		421

				2,056

Health Care — 1.2%
Amgen
6.400%, 02/01/39		1,049		1,151
CareFusion
6.375%, 08/01/19 (B)		805		862
5.125%, 08/01/14 (B)		1,245		1,308
4.125%, 08/01/12 (B)		640		660
Coventry Health Care
5.950%, 03/15/17		1,119		1,015
FMC Finance III
6.875%, 07/15/17		600		595
GlaxoSmithKline Capital
5.650%, 05/15/18		1,870		2,017
HCA
9.625%, 11/15/16		15		16
7.500%, 11/15/95		3,800		3,002
6.250%, 02/15/13		119		116
5.750%, 03/15/14		3,090		2,905
Humana
7.200%, 06/15/18		870		890
Pfizer
5.350%, 03/15/15		1,742		1,904
Roche Holdings
6.000%, 03/01/19 (B)		1,410		1,549
Tenet Healthcare
8.875%, 07/01/19 (B)		1,695		1,830
7.375%, 02/01/13		336		337
UnitedHealth Group
6.875%, 02/15/38		1,211		1,252
6.000%, 06/15/17		860		900
WellPoint
6.800%, 08/01/12		1,000		1,103
5.875%, 06/15/17		2,190		2,256
5.250%, 01/15/16		465		469
Wyeth
5.950%, 04/01/37		2,680		2,795

				28,932

Industrials — 1.8%
American Airlines Pass Through Trust 2009-1A
10.375%, 07/02/19		2,000		2,220
Boeing
4.875%, 02/15/20		1,380		1,384
Burlington Northern Santa Fe
6.750%, 07/15/11		1,610		1,734
Cedar Brakes I LLC
8.500%, 02/15/14 (B)		1,135		1,153
Cedar Brakes II LLC
9.875%, 09/01/13 (B)		1,807		1,840
Complete Production Services
8.000%, 12/15/16		1,005		991
Continental Airlines
9.000%, 07/08/16		3,000		3,180


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Continental Airlines, Ser 1997, Cl 4A
6.900%, 01/02/18	$	1,552	$	1,501
Continental Airlines, Ser 1999-2
7.256%, 03/15/20		2,822		2,766
Continental Airlines, Ser A
5.983%, 04/19/22 (C)		2,036		1,965
Delta Air Lines
6.821%, 08/10/22		1,663		1,588
6.619%, 03/18/11		256		256
Delta Air Lines, Ser 2001-1
7.111%, 09/18/11 (C)		6,850		6,910
General Electric
5.000%, 02/01/13		1,140		1,206
Hutchison Whampoa International 09
4.625%, 09/11/15 (B)		2,400		2,421
JetBlue Airways 2004-2 G-1 Pass Through Trust
0.647%, 08/15/16 (A)		3,508		2,701
Kansas City Southern de Mexico
12.500%, 04/01/16		800		920
L-3 Communications
5.875%, 01/15/15		300		300
L-3 Communications, Ser B
6.375%, 10/15/15		220		221
RailAmerica
9.250%, 07/01/17		1,134		1,206
Reynolds Group Issuer
7.750%, 10/15/16 (B)		1,010		1,033
Systems 2001 Asset Trust
6.664%, 09/15/13 (B)		1,026		1,049
Teekay
8.875%, 07/15/11		1,785		1,850
Tyco International
6.875%, 01/15/21		1,056		1,185
United Air Lines
9.750%, 01/15/17		640		653
United Parcel Service
4.500%, 01/15/13 (C)		2,190		2,328

				44,561

Information Technology — 0.2%
Cisco Systems
5.900%, 02/15/39		303		306
5.500%, 01/15/40		1,400		1,339
4.450%, 01/15/20		1,535		1,506
Dell
5.875%, 06/15/19		468		495
Freescale Semiconductor
10.125%, 12/15/16		60		48
Hewlett-Packard
4.750%, 06/02/14		1,562		1,668

				5,362

Materials — 1.1%
Alcoa
6.000%, 07/15/13 (C)		2,860		3,013
Barrick
6.950%, 04/01/19 (C)		2,750		3,096
CodelCo
4.750%, 10/15/14 (B)		470		503
Dow Chemical
8.550%, 05/15/19		1,832		2,186
4.850%, 08/15/12		1,200		1,261
Freeport-McMoRan Copper & Gold
8.375%, 04/01/17		4,790		5,245


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
PPG Industries
6.650%, 03/15/18	$	435	$	474
5.750%, 03/15/13		435		464
Rio Tinto Finance USA
6.500%, 07/15/18		3,480		3,823
5.875%, 07/15/13		968		1,044
Rio Tinto Finance USA Ltd.
9.000%, 05/01/19		853		1,079
Steel Dynamics
6.750%, 04/01/15		810		803
Teck Resources
10.750%, 05/15/19		180		215
10.250%, 05/15/16		90		105
9.750%, 05/15/14		105		121
Vale Overseas
6.875%, 11/21/36		1,520		1,519
6.875%, 11/10/39		1,025		1,032
Westlake Chemicals
6.625%, 01/15/16 (C)		391		374

				26,357

Sovereign — 0.5%
Brazilian Government International Bond
5.625%, 01/07/41		540		509
Province of Ontario Canada
4.100%, 06/16/14		3,391		3,539
4.000%, 10/07/19		750		718
Republic of Korea
7.125%, 04/16/19		2,498		2,859
RSHB Capital
6.299%, 05/15/17 (B)		700		705
Russian Foreign Bond - Eurobond
7.500%, 03/31/30		160		180
Societe Financement de l’Economie Francaise
2.875%, 09/22/14 (B)		2,290		2,272
United Mexican States MTN, Ser A
7.500%, 04/08/33		176		202
6.750%, 09/27/34		968		1,021

				12,005

Telecommunication Services — 2.1%
America Movil
5.625%, 11/15/17		440		456
5.000%, 10/16/19 (B)		1,599		1,563
AT&T
6.500%, 09/01/37 (C)		1,380		1,430
6.450%, 06/15/34		625		637
5.500%, 02/01/18		1,360		1,419
5.100%, 09/15/14 (C)		2,200		2,366
AT&T Mobility LLC
6.500%, 12/15/11		1,455		1,582
BellSouth
4.750%, 11/15/12 (C)		170		182
British Telecommunications
9.625%, 12/15/30		807		1,028
British Telecommunications PLC
9.125%, 12/15/10 (F)		1,250		1,339
Cellco Partnership
8.500%, 11/15/18		870		1,079
7.375%, 11/15/13		2,558		2,938
5.550%, 02/01/14		416		452
3.750%, 05/20/11 (C)		2,895		2,985


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Citizens Communications
7.125%, 03/15/19	$	170	$	161
Cricket Communications
7.750%, 05/15/16		840		838
Deutsche Telekom International Finance
5.750%, 03/23/16		1,920		2,039
France Telecom
7.750%, 03/01/11		674		722
Intelsat
9.250%, 08/15/14		280		288
Intelsat Jackson Holdings
9.500%, 06/15/16		180		193
8.500%, 11/01/19 (B)		250		257
Koninklijke
8.000%, 10/01/10		650		683
Level 3 Financing
9.250%, 11/01/14		395		373
New Cingular Wireless Services
8.125%, 05/01/12		1,595		1,802
Qwest
7.500%, 10/01/14		1,416		1,471
Rogers Communications
7.875%, 05/01/12		550		617
6.800%, 08/15/18		450		505
6.750%, 03/15/15		1,015		1,147
6.375%, 03/01/14		1,916		2,121
5.500%, 03/15/14		406		435
Sprint Capital
8.750%, 03/15/32		660		622
8.375%, 03/15/12		745		775
6.900%, 05/01/19		100		92
Telecom Italia Capital
6.999%, 06/04/18 (C)		2,080		2,289
6.200%, 07/18/11		1,730		1,831
5.250%, 10/01/15		90		94
5.250%, 11/15/13		790		831
4.950%, 09/30/14		1,250		1,295
Telefonica Emisiones
5.984%, 06/20/11		840		888
Telefonica Europe
7.750%, 09/15/10		1,925		2,014
Verizon Communications
6.100%, 04/15/18		2,095		2,277
5.500%, 02/15/18 (C)		1,920		2,004
Verizon New Jersey, Ser A
7.850%, 11/15/29		1,135		1,207
5.875%, 01/17/12		2,175		2,317
Verizon New York, Ser A
6.875%, 04/01/12		660		718
Virgin Media Finance PLC
9.125%, 08/15/16		70		74
Vodafone Group PLC
5.350%, 02/27/12 (C)		400		427

				52,863

Utilities — 2.4%
AES
8.000%, 10/15/17 (C)		835		861
Aquila
11.875%, 07/01/12		2,535		2,935
Baltimore Gas & Electric
6.125%, 07/01/13		360		389


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Calpine Construction Finance
8.000%, 06/01/16 (B)	$	975	$	1,004
Dominion Resources
8.875%, 01/15/19		2,275		2,835
4.750%, 12/15/10		935		963
DPL
6.875%, 09/01/11		1,243		1,328
Duke Energy
6.300%, 02/01/14		998		1,097
Duke Energy Carolinas
6.250%, 01/15/12		2,000		2,162
5.625%, 11/30/12		1,470		1,605
Edison Mission Energy
7.750%, 06/15/16		500		425
7.625%, 05/15/27		420		285
Enel Finance International
6.000%, 10/07/39 (B)		870		875
5.125%, 10/07/19 (B)		650		654
Energy Future Holdings
11.250%, 11/01/17		13,484		9,540
10.875%, 11/01/17		40		33
Exelon
5.625%, 06/15/35		2,720		2,460
Exelon Generation
6.250%, 10/01/39		615		627
5.200%, 10/01/19		305		305
FirstEnergy Solutions
6.800%, 08/15/39		465		470
6.050%, 08/15/21		1,125		1,135
4.800%, 02/15/15		365		373
FirstEnergy, Ser B
6.450%, 11/15/11		23		25
FirstEnergy, Ser C
7.375%, 11/15/31		2,995		3,246
Florida Power
6.400%, 06/15/38		240		262
KCP&L Greater Missouri Operations
8.270%, 11/15/21		2,700		2,736
Nevada Power, Ser A
8.250%, 06/01/11		2,185		2,362
Nisource Finance
6.800%, 01/15/19		2,261		2,418
NRG Energy
7.250%, 02/01/14		1,610		1,630
Oncor Electric Delivery
6.800%, 09/01/18		2,000		2,222
Pacific Gas & Electric
8.250%, 10/15/18		210		256
6.050%, 03/01/34		2,110		2,203
5.800%, 03/01/37		800		811
Pacificorp
5.650%, 07/15/18		605		650
Power Contract Financing
6.256%, 02/01/10 (B)		508		509
Progress Energy
6.850%, 04/15/12		511		555
Public Service of New Mexico
7.950%, 05/15/18		1,805		1,890
PVNGS II Funding
8.000%, 12/30/15		2,322		2,504
Sempra Energy
9.800%, 02/15/19		200		250


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
South Carolina Electric & Gas
6.500%, 11/01/18	$	215	$	243
Southern California Edison
6.000%, 01/15/34		1,505		1,586
Texas-New Mexico Power
9.500%, 04/01/19 (B)		2,880		3,542

				62,261

Total Corporate Obligations (Cost $838,574) ($ Thousands)				827,349


ASSET-BACKED SECURITIES — 6.4%

Automotive — 0.1%
Bank of America Auto Trust, Cl A4
3.030%, 10/15/16 (B)		572		580
2.670%, 12/15/16 (B)		894		887
Daimler Chrysler Auto Trust, Ser 2008-B
1.165%, 07/08/11 (A)		24		24
Harley-Davidson Motorcycle Trust, Cl A4
3.320%, 02/15/17		379		385
2.540%, 04/15/17		482		481
2.400%, 07/15/14		342		340
Harley-Davidson Motorcycle Trust, Ser 2008-1, Cl A3A
4.250%, 02/15/13		747		763
Harley-Davidson Motorcycle Trust, Ser 2009-1, Cl A4
4.550%, 01/15/17		951		992
Hertz Vehicle Financing, Cl A2
5.290%, 03/25/16 (B)		1,570		1,566
Hyundai Auto Receivables Trust, Cl A4
3.150%, 03/15/16		382		387
Nissan Auto Receivables Owner Trust, Ser 2009-A, Cl A4
4.740%, 08/17/15		515		547
Triad Auto Receivables Owner Trust, Ser 2006-B, Cl A3
5.410%, 08/12/11		133		133
World Omni Auto Receivables Trust, Ser 2009-A, Cl A4
5.120%, 05/15/14		530		564

				7,649

Credit Cards — 0.8%
BA Credit Card Trust, Cl A11
0.263%, 04/15/16 (A)		1,207		1,161
BA Credit Card Trust, Cl A4
0.273%, 11/15/19 (A)		4,409		4,021
Capital One Multi-Asset Execution
Trust, Ser 2008-A3, Cl A3
5.050%, 02/15/16		2,398		2,574
Citibank Credit Card Issuance Trust, Cl A5
4.850%, 04/22/15		670		718
2.250%, 12/23/14		4,124		4,075
Discover Card Master Trust, Cl A1
1.533%, 12/15/14 (A)		693		696
Discover Card Master Trust I, Ser 2006-3, Cl A1
0.263%, 03/15/14 (A)		722		713


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

MBNA Master Credit Card Trust, Ser 1997-B , Cl A
0.393%, 08/15/14 (A)	$	1,416	$	1,388
Nordstrom Private Label Credit Card Master Note Trust, Cl A
0.293%, 05/15/15 (A) (B)		804		757
Target Credit Card Master Trust, Cl A
0.291%, 10/27/14 (A)		2,177		2,149

				18,252

Mortgage Related Securities — 1.5%
ABS Home Equity Loan Trust, Ser 2007-HE3, Cl A1
0.773%, 11/25/31 (A)		395		305
AFC Home Equity Loan Trust, Ser 1998-1, Cl 1A2
0.501%, 04/25/28 (A)		89		57
AFC Home Equity Loan Trust, Ser 2000-1, Cl 2A
0.471%, 03/25/30 (A)		3,547		1,223
Asset-Backed Securities Home Equity, Ser 2003-HE4, Cl M2
3.233%, 08/15/33 (A)		161		54
Bear Stearns Asset-Backed Securities Trust, Ser 2000-2, Cl M2
8.280%, 08/25/30		4,777		4,263
Bear Stearns Asset-Backed Securities Trust, Ser 2007-HE2, Cl 1A1
0.331%, 03/25/37 (A)		3,550		3,154
BNC Mortgage Loan Trust, Ser 2007- 1, Cl M1
0.471%, 03/25/37 (A)		6,300		61
Centex Home Equity, Ser 2006-A, Cl AV4
0.481%, 06/25/36 (A)		4,917		2,386
Citigroup Mortgage Loan Trust, Ser 2007-AHL1, Cl A2A
0.271%, 12/25/36 (A)		305		257
Conseco Finance, Ser 2001-D, Cl A5
6.190%, 11/15/32 (A)		1,295		1,217
Contimortgage Home Equity Trust, Ser 1997-1, Cl A9
7.050%, 03/15/28		8		8
Contimortgage Home Equity Trust, Ser 1997-2, Cl A9
7.090%, 04/15/28		13		13
Countrywide Asset-Backed Certificates, Ser 2007-S2, Cl A2
5.649%, 05/25/37 (A)		2,051		930
EMC Mortgage Loan Trust, Ser 2002- AA, Cl A1
0.701%, 05/25/39 (A) (B)		1,564		1,179
LB-UBS Commercial Mortgage Trust, Ser 200-C4, Cl A2
7.370%, 08/15/26		192		195
Morgan Stanley Capital I, Ser 2007- HE2, Cl A2A
0.271%, 01/25/37 (A)		144		136
Morgan Stanley Dean Witter Capital I, Ser 2003-NC4, Cl M2
3.236%, 04/25/33 (A)		81		29
Morgan Stanley Home Equity Loans, Ser 2007-1, Cl A1
0.281%, 12/25/36 (A)		130		126


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Nationstar Home Equity Loan Trust, Ser 2007-C, Cl 2AV2
0.361%, 06/25/37 (A)	$	5,500	$	3,438
Option One Mortgage Loan Trust, Ser 2001-4, Cl A
0.831%, 01/25/32 (A)		357		282
Option One Mortgage Loan Trust, Ser 2007-14, Cl 2A3
0.371%, 01/25/37 (A)		9,500		3,424
Option One Mortgage Loan Trust, Ser 2007-6, Cl 2A4
0.481%, 07/25/37 (A)		4,574		1,535
Residential Funding Mortgage Securities II, Ser 2000-HI1, Cl AI7
8.790%, 02/25/25		1,414		1,177
Soundview Home Equity Loan Trust, Ser 2006-EQ2, Cl A3
0.391%, 01/25/37 (A)		6,450		2,253
Soundview Home Equity Loan Trust, Ser 2007-OPT1, Cl 2A1
0.311%, 06/25/37 (A)		2,300		1,869
Terwin Mortgage Trust, Ser 2005- 9HG3, Cl A1
4.000%, 08/25/35 (A) (B)		564		523
Terwin Mortgage Trust, Ser 2006- 2HGS, Cl A1
3.768%, 03/25/37 (A) (B)		3,850		551
Terwin Mortgage Trust, Ser 2006-4SL, Cl A1
4.500%, 05/25/37 (A) (B)		3,768		595
Terwin Mortgage Trust, Ser 2006-6, Cl 1A1
4.500%, 07/25/37 (A)		3,389		343
Truman Capital Mortgage Loan Trust, Ser 2006-1, Cl A
0.491%, 03/25/36 (A) (B)		449		287
Wells Fargo Home Equity Trust, Ser 2004-2, Cl M8B
5.000%, 05/25/34 (A) (B)		320		43

				31,913

Other Asset-Backed Securities — 4.0%
Bank America Manufactured Housing Contract Trust, Ser 1997-1, Cl M
6.800%, 01/10/28		3,310		3,622
Carrington Mortgage Loan Trust, Ser 2007-RFC1, Cl A1
0.281%, 07/27/09 (A)		2,702		2,319
Chase Funding Mortgage Loan Asset- Backed Certificates, Ser 2002-1, Cl 2A2
0.731%, 03/25/32 (A)		1,396		825
Citicorp Residential Mortgage Securities, Ser 2007-1, Cl A5
6.046%, 03/25/37		1,970		1,721
Conseco Finance Home Loan Trust, Ser 2000-E, Cl M1
8.130%, 08/15/31 (A)		1,039		960
Conseco Finance Securitizations, Ser 2000-4, Cl A6
8.310%, 05/01/32 (A)		1,226		955
Countrywide Asset-Backed Certificates, Cl 2A2
1.031%, 10/25/47 (A)		5,386		3,440


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Countrywide Asset-Backed Certificates, Ser 2003-BC2, Cl 2A1
0.831%, 06/25/33 (A)	$	38	$	29
Countrywide Asset-Backed Certificates, Ser 2005-17, Cl 1AF3
5.711%, 05/25/36 (A)		6,450		2,860
Countrywide Asset-Backed Certificates, Ser 2005-4, Cl MV1
0.691%, 10/25/35 (A)		5,150		4,537
Countrywide Asset-Backed Certificates, Ser 2006-10, Cl MV1
0.491%, 09/25/46 (A)		10,450		441
Countrywide Home Equity Loan Trust, Cl 2A1B
0.383%, 11/15/36 (A)		295		221
Countrywide Home Equity Loan Trust, Ser 2004-K, Cl A2
0.533%, 02/15/34 (A)		1,107		505
Countrywide Home Equity Loan Trust, Ser 2005-F, Cl 2A
0.473%, 12/15/35 (A)		1,966		679
Countrywide Home Equity Loan Trust, Ser 2007-GW, Cl A
0.983%, 11/15/28 (A)		11,022		7,791
Credit Suisse First Boston Mortgage Securities, Ser 2001-MH29, Cl A
5.600%, 09/25/31		692		645
Credit-Based Asset Servicing and Securitization, Ser 2007-CB4, Cl A1A
0.321%, 04/25/37 (A)		1,889		1,612
Dominos Pizza Master Issuer LLC, Ser 2007-1, Cl A2
5.261%, 04/25/37 (B)		1,358		1,164
Embarcadero Aircraft Securitization Trust, Ser 2000-A, Cl A1
0.713%, 08/15/25 (A) (B)		3,897		1,364
First Franklin Mortgage Loan Asset- Backed Certificates, Ser 2005- FF10, Cl A4
0.551%, 11/25/35 (A)		6,322		4,864
First Franklin Mortgage Loan Asset- Backed Certificates, Ser 2006-FFA, Cl A3
0.351%, 09/25/26 (A)		4,443		737
First Horizon ABS Trust, Ser 2004- HE2, Cl A
0.451%, 02/25/34 (A)		1,473		783
Green Tree Financial, Ser 1993-4, Cl A5
7.050%, 01/15/19		246		246
Green Tree Financial, Ser 1996-5, Cl A6
7.750%, 07/15/27		759		766
GSAMP Trust, Cl A
0.531%, 05/25/36 (A) (B)		663		457
GSAMP Trust, Ser 2003-SEA, Cl A1
0.631%, 02/25/33 (A)		2,978		1,668
HSI Asset Securitization Trust, Ser 2005-I1, Cl 2A3
0.521%, 11/25/35 (A)		5,280		4,045


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Lehman XS Trust, Ser 2005-5N, Cl 1A1
0.531%, 11/25/35 (A)	$	4,453	$	2,799
Lehman XS Trust, Ser 2006-GP1, Cl A4A
0.561%, 05/25/46 (A)		5,569		768
Lehman XS Trust, Ser 2007-1, Cl WF1
7.000%, 01/25/37		2,373		1,367
Lehman XS Trust, Ser 2007-9, Cl 1A1
0.351%, 05/25/37 (A)		7,936		4,558
Master Specialized Loan Trust, Ser 2007-2, Cl A
0.581%, 05/25/37 (A) (B)		8,174		3,515
Merrill Lynch Mortgage Investors, Ser 2005-SL3, Cl A1
0.461%, 07/25/36 (A)		277		201
Merrill Lynch Mortgage Investors, Ser 2006-WMC2, Cl A2D
5.895%, 03/25/37		5,005		1,970
Merrill Lynch Mortgage Investors, Ser 2007-MLN1, Cl M1
0.631%, 03/25/37 (A)		3,010		23
Merrill Lynch Mortgage Investors, Ser 2007-SL1, Cl A1
0.531%, 02/25/37 (A)		6,122		93
Mid-State Trust, Ser 11, Cl A1
4.864%, 07/15/38		3,415		3,053
Morgan Stanley Dean Witter Capital Heloc Trust, Ser 2005-1, Cl A
0.421%, 07/25/17 (A)		557		260
Nelnet Student Loan Trust, Ser 2008- 4, Cl A4
1.762%, 04/25/24 (A)		2,740		2,861
Oncor Electric Delivery Transition Bond, Ser 2003-1, Cl A2
4.030%, 02/15/12		534		536
Residential Asset Mortgage Products, Ser 2003-RS11, Cl MII1
1.326%, 12/25/33 (A)		188		109
Residential Asset Mortgage Products, Ser 2003-RS2, Cl AII
0.911%, 03/25/33 (A)		60		38
Saco I, Ser 2005-9, Cl A1
0.481%, 12/25/35 (A)		829		191
Saco I, Ser 2005-WM3, Cl A1
0.751%, 09/25/35 (A)		866		214
Saco I, Ser 2006-6, Cl A1
0.361%, 06/25/36 (A)		2,469		435
SLC Student Loan Trust, Cl A4A
1.854%, 12/15/32 (A)		3,197		3,349
SLC Student Loan Trust, Ser 2006-2, Cl B
0.484%, 12/15/39 (A)		5,250		3,847
SLM Student Loan Trust, Cl A4L
0.404%, 09/17/18 (A)		240		238
SLM Student Loan Trust
1.382%, 10/25/16 (A)		436		443
SLM Student Loan Trust, Cl A4
1.982%, 07/25/23 (A)		1,898		1,984
0.474%, 12/15/17 (A)		216		215
0.454%, 12/17/18 (A)		187		185


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

SLM Student Loan Trust, Ser 2006-9, Cl B
0.512%, 01/25/41 (A)	$	4,000	$	2,977
SLM Student Loan Trust, Ser 2006-C, Cl C
0.644%, 12/15/39 (A)		4,000		346
SLM Student Loan Trust, Ser 2008-6, Cl A4
1.382%, 10/25/14 (A)		1,285		1,295
SLM Student Loan Trust, Ser 2008-8, Cl A4
1.932%, 07/25/22 (A)		724		754
Small Business Administration, Ser 2003-P10A, Cl 1
4.524%, 02/10/13		1,259		1,304
Structured Asset Investment Loan Trust, Ser 2003-BC4, Cl M2
3.231%, 06/25/33 (A)		101		61
Structured Asset Securities, Ser 2007- BC2, Cl A2
0.321%, 03/25/37 (A)		3,871		3,628
Structured Asset Securities, Ser 2007- BC4, Cl A3
0.486%, 11/25/37 (A)		4,117		3,841
Structured Asset Securities, Ser 2007- TC1, Cl A
0.531%, 04/25/31 (A) (B)		422		285
Swift Master Auto Receivables Trust, Ser 2007-1, Cl A
0.333%, 06/15/12 (A)		733		726

				97,725

Total Asset-Backed Securities (Cost $241,781) ($ Thousands)				155,539


LOAN PARTICIPATIONS — 1.1%

Allison Transmission
3.040%, 08/07/14		227		209
3.030%, 08/07/14		159		146
2.990%, 08/07/14		559		512
Aramark
2.158%, 01/26/14		396		374
1.875%, 01/26/14		20		18
0.120%, 01/26/14		29		27
Charter, Term B Loan
2.260%, 03/15/14		1,474		1,380
Chrysler Financial, Term B Loan
4.240%, 08/03/12		978		952
CMP Susquehanna
2.250%, 05/05/13		933		687
DAE Aviation, Tranche B-1
4.040%, 07/31/14		287		261
DAE Aviation, Tranche B-2
4.030%, 09/27/14		280		254
4.000%, 09/27/14		1		1
Enterprise GP Holdings
2.534%, 11/10/14		588		565
2.485%, 11/10/14		402		386
First Data, Term Loan B-2
3.001%, 09/24/14		197		174
2.999%, 09/24/14		3,559		3,155
Harrah’s Operating, Term Loan B-2
3.282%, 01/28/15		605		490


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
HCR Healthcare, Initial Term Loan
2.731%, 12/22/14	$	972	$	905
IASIS, Delayed Draw
2.231%, 03/15/14		236		221
IASIS, Sythentic LOC
2.246%, 03/15/14		64		60
IASIS, Term B Loan
2.231%, 03/15/14		683		638
Iconix, Term B Loan
2.490%, 04/30/13		800		754
Idearc, Term B Loan
0.000%, 11/01/14		959		495
Insight Midwest
2.290%, 04/07/14		675		640
Las Vegas Sands, Delayed Draw
2.010%, 05/17/14		362		316
Las Vegas Sands, Term B Loan
2.010%, 05/17/14		1,600		1,397
Lodgenet Entertainment, Term B Loan
2.260%, 04/04/14		841		755
Petco, Term B Loan
2.531%, 10/26/13		188		178
2.501%, 10/26/13		432		410
2.481%, 10/26/13		360		341
Regal Cinemas
4.001%, 10/27/13		383		380
Sunguard
3.900%, 02/28/16		1,094		1,060
3.869%, 02/28/16		89		86
Sunguard, Term A Loan
1.985%, 02/28/14		42		39
Telesat Canada, U.S. Term I Loan
3.240%, 10/31/14		1,049		1,004
Telesat Canada, U.S. Term II Loan
3.240%, 10/31/14		90		86
Texas Competitive, Term Loan B-2
3.751%, 10/10/14		25		20
3.735%, 10/10/14		1,935		1,567
Tribune
0.000%, 06/04/10		366		205
United Air Lines, Tranche B
2.312%, 02/01/14		701		551
Univision Communications
2.501%, 09/29/14		2,500		2,162
UPC Financing Partnership
3.735%, 12/30/16		352		341
1.985%, 12/31/14		648		603
Visteon, Term B Loan
0.000%, 06/20/13		1,000		1,103

Total Loan Participations (Cost $28,548) ($ Thousands)				25,908


U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.8%
FHLB
1.500%, 01/16/13		1,050		1,035
0.510%, 10/28/10		6,960		6,956
FICO STRIPS, PO
0.000%, 02/08/18 to 09/26/19 (F)		11,780		7,983
FNMA
5.250%, 08/01/12		1,860		1,985
7.975%, 10/09/19 (F)		1,160		630


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)

0.098%, 01/25/10 (F)	$	2,035	$	2,035


Total U.S. Government Agency Obligations (Cost $20,456) ($ Thousands)				20,624


MUNICIPAL BONDS — 0.4%
North Texas Tollway Authority, RB
6.718%, 01/01/49		795		826
State of California, GO
7.550%, 04/01/39		1,605		1,555
7.300%, 10/01/39		6,435		6,061
Tennessee Valley Authority
5.250%, 09/15/39		880		872


Total Municipal Bonds (Cost $9,801) ($ Thousands)				9,314


PREFERRED STOCK — 0.0%
GMAC* (B)		2		1,119


Total Preferred Stock (Cost $—) ($ Thousands)				1,119


PURCHASED OPTION — 0.0%
March 2010 U.S. 30 Year Treasury Bond Call, Expires 02/22/10, Strike Price $117.50, Expires 02/20/10 Strike Price*		146		55


Total Purchased Option (Cost $103) ($ Thousands)				55


CASH EQUIVALENTS — 0.2%
Evergreen Institutional Money Market Fund, 0.010%**		5,279,106		5,279
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.100%**(G)		29,509,280		29,509


Total Cash Equivalents (Cost $34,788) ($ Thousands)				34,788


U.S. TREASURY OBLIGATIONS — 11.3%
U.S. Treasury Bills
0.046%, 02/18/10 (F)		1,180		1,180
U.S. Treasury Bonds
8.875%, 02/15/19		1,595		2,228
8.000%, 11/15/21		6,505		8,858
7.125%, 02/15/23 (C)		624		800
5.375%, 02/15/31 (C)		10,496		11,598
4.500%, 08/15/39 (C)		20,110		19,654
4.375%, 11/15/39 (C)		16,381		15,680
4.250%, 05/15/39 (C)		5,530		5,188
3.500%, 02/15/39 (C)		28,574		23,404
U.S. Treasury Bonds TIPS
3.875%, 04/15/29		6,980		11,811
3.625%, 04/15/28		5,570		9,202
2.375%, 01/15/25 to 01/15/27 (C)		15,863		18,533
2.000%, 01/15/16 to 01/15/26 (C)		5,341		6,119
1.750%, 01/15/28		12,937		12,801


Description	Shares/Face Amount ($ Thousands)			Market Value ($ Thousands)
U.S. Treasury Notes
3.750%, 11/15/18	$	7,645		$	7,647
3.625%, 08/15/19 (C)		9,227			9,071
3.375%, 11/15/19 (C)		33,120			31,857
3.250%, 12/31/16		1,410			1,398
2.750%, 11/30/16 to 02/15/19 (C)		16,577			15,283
2.625%, 06/30/14 to 12/31/14 (C)		47,961			48,194
2.375%, 09/30/14		2,650			2,628
2.125%, 11/30/14		539			526
1.000%, 07/31/11		1,153			1,155
0.875%, 05/31/11 (C)		7,445			7,454
U.S. Treasury STRIPS
3.890%, 11/15/27 (F)		5,155			2,167


Total U.S. Treasury Obligations (Cost $274,793) ($ Thousands)					274,436


AFFILIATED PARTNERSHIP — 8.9%
SEI Liquidity Fund, L.P.,
0.300%**(G) (H)		219,212,238			214,900


Total Affiliated Partnership (Cost $219,212) ($ Thousands)					214,900


Total Investments — 113.5% (Cost $2,881,877) ($ Thousands) @				$	2,755,435


WRITTEN OPTIONS* — 0.0%
June 2010 Euro$ Future Call, Expires 06/15/10, Strike Price 99.375 , Expires 06/19/10, Strike Price		(106	)		(44	)
June 2010 Euro$ Future Put, Expires 06/15/10, Stike Price 99.375, Expires 06/19/10, Strike Price		(105	)		(58	)
March 2010 90 Day Euro$ Future Call, Expires 03/13/10, Strike Price $99.00, Expires 03/20/10, Strike Price		(79	)		(35	)
March 2010 Euro$ Future Call, Expires 03/16/10, Strike Price $99.50, Expires 03/20/10, Strike Price		(84	)		(137	)
March 2010 Euro$ Future Put, Expires 03/16/10, Strike Price $99.13 , Expires 03/20/10, Strike Price		(127	)		(3	)
September 2010 Euro$ Future Call, Expires 09/14/10, Strike Price $99.25, Expires 09/19/09, Strike Price		(196	)		(72	)
September 2010 Euro$ Future Put, Expires 09/14/10, Strike Price 98.75, Expires 09/18/10, Strike Price		(157	)		(114	)


Total Written Options (Premiums Received $(417)) ($ Thousands)					(463	)


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

WRITTEN SWAPTIONS* — 0.0%
U.S. Swaption Call, Deutsche Bank	(12,300	)	$	(364	)
U.S. Swaption Put, Deutsche Bank	(12,300	)		(55	)
U.S. Swaption Call, Deutsche Bank	(14,010	)		(696	)
U.S. Swaption Call, Deutsche Bank	(4,260	)		(135	)
U.S. Swaption Put, Deutsche Bank	(14,010	)		(451	)
U.S. Swaption Put, Deutsche Bank	(4,260	)		(212	)


Total Written Swaptions (Premiums Received $(2,105)) ($ Thousands)				(1,913	)

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date	Unrealized Appreciation (Depreciation) ($ Thousands)
90-Day Euro$	117		Mar-2010	$	325
90-Day Euro$	(17	)	Sep-2010		(12	)
90-Day Euro$	(17	)	Dec-2010		(134	)
90-Day Euro$	(17	)	Mar-2011		(119	)
90-Day Euro$	(17	)	Jun-2011		(105	)
Euro-Bobl	(100	)	Mar-2010		244
U.S. 10-Year Treasury Note	279		Mar-2010		(436	)
U.S. 2-Year Treasury Note	101		Apr-2010		(100	)
U.S. 5-Year Treasury Note	1,105		Apr-2010		(2,155	)
U.S. Long Treasury Bond	115		Mar-2010		(567	)

				$	(3,059	)

A summary of outstanding swap agreements held by the Fund at December 31, 2009, is as follows:

Credit Default Swaps

For information regarding the Fund’s policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent semi-
annual and annual financial statements.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):

As of December 31, 2009, the Core Fixed Income Fund is the buyer (“receiving protection”) on a total notional amount of $64.0 million, and is the seller (“providing protection”) on a total notional amount of $47.8 million,. The notional amounts of the swaps are not recorded in the financial statements. The notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund were the seller of protection and a credit event was to occur. Those credit default swaps (“CDS”) for which the Fund is providing protection at the balance sheet date are summarized as follows:

The credit spread disclosed above for each reference obligation where the Fund is the seller of protection is a representation of the current payment/performance risk of the swap.


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES — 52.5%

Agency Mortgage-Backed Obligations — 39.3%
FHLB CMO, Cl 1
5.300%, 06/15/12	$	287	$	301
FHLMC
11.000%, 02/17/21		712		782
10.000%, 03/17/26 to 10/01/30		1,885		2,177
7.500%, 01/01/32 to 09/01/38		3,215		3,550
6.500%, 10/01/31 to 09/01/38		4,488		4,817
6.000%, 08/01/15 to 09/01/38		7,330		7,811
5.500%, 01/01/18 to 03/01/38		9,536		10,068
5.000%, 03/01/34 to 02/01/39		12,221		12,560
4.500%, 11/01/33 to 04/01/39		4,426		4,425
4.000%, 10/01/33		755		731
2.000%, 10/01/12		2,850		2,852
FHLMC ARM
6.480%, 02/01/37 (A)		1,113		1,181
6.378%, 10/01/37 (A)		890		948
6.370%, 10/01/36 (A)		3,117		3,306
6.357%, 12/01/36 (A)		1,265		1,346
6.303%, 10/01/36 (A)		1,357		1,440
6.173%, 12/01/36 (A)		1,516		1,612
6.149%, 06/01/37 (A)		103		111
6.131%, 04/01/37 (A)		552		590
6.054%, 10/01/37 (A)		310		328
6.044%, 11/01/36 (A)		361		383
6.024%, 04/01/37 (A)		295		314
5.997%, 01/01/37 (A)		427		456
5.992%, 04/01/37 (A)		927		984
5.979%, 05/01/37 (A)		31		33
5.978%, 03/01/37 (A)		1,473		1,562
5.973%, 05/01/37 (A)		1,200		1,279
5.965%, 01/01/37 (A)		1,138		1,209
5.954%, 03/01/38 (A)		1,386		1,477
5.950%, 11/01/36 (A)		2,153		2,279
5.945%, 06/01/37 (A)		20		22
5.911%, 03/01/37 (A)		48		51
5.860%, 09/01/38 (A)		654		695
5.847%, 05/01/37 (A)		1,510		1,603
5.824%, 04/01/37 (A)		634		675
5.812%, 06/01/37 (A)		842		897
5.806%, 05/01/37 (A)		907		958
5.753%, 03/01/36 (A)		1,469		1,527
5.723%, 02/01/37 (A)		191		203
5.709%, 03/01/36 (A)		179		190
5.682%, 03/01/36 (A)		173		183
5.653%, 10/01/38 (A)		158		168
5.610%, 07/01/38 (A)		762		808
5.416%, 05/01/38 (A)		741		782
FHLMC CMO, Cl HP
21.067%, 05/15/35 (A)		136		151
FHLMC CMO, Cl 1A
6.500%, 09/25/43 (A)		244		264
FHLMC CMO, Cl HC
6.500%, 02/15/28		313		331
FHLMC CMO, Cl MC
4.500%, 10/15/36		27		26
FHLMC CMO, PO
6.357%, 09/15/36 (A)		1,336		186
6.217%, 11/15/37 (A)		1,385		155
0.000%, 03/15/20 to 10/15/36		1,150		878


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
FHLMC CMO, Cl FC
1.244%, 12/15/34 (A)	$	150	$	146
FHLMC CMO, Cl A2
4.186%, 08/25/19		765		745
FHLMC CMO, Cl SJ
8.800%, 10/15/33 (A)		355		287
FHLMC CMO, Cl 3A
7.000%, 02/25/43		542		599
FHLMC CMO, Cl LK
0.603%, 10/15/34 (A)		551		544
FHLMC CMO, Cl PV
6.250%, 10/15/23		1,814		1,947
FHLMC CMO, Cl QS
19.521%, 07/15/35 (A)		399		447
FHLMC CMO, Cl ZA
6.500%, 04/15/32		704		764
FHLMC CMO, Cl CI
5.000%, 01/15/34		2,510		2,602
FHLMC CMO, Cl A5
7.500%, 02/25/42		996		1,117
FHLMC CMO, Cl SA
14.423%, 06/15/33 (A)		403		421
FHLMC CMO, Cl 4A
7.500%, 09/25/43		805		908
FHLMC CMO, Cl 1A2
7.000%, 07/25/43 to 03/25/44		860		951
FHLMC CMO, Cl SV
8.650%, 11/15/33 (A)		202		163
FHLMC CMO, Cl NB
5.500%, 07/15/33		1,007		1,054
FHLMC CMO, Cl QO
4.500%, 03/15/18		300		313
FHLMC CMO, Cl YT
0.000%, 09/15/34 (A)		71		68
FHLMC CMO, Cl ZM
6.500%, 06/15/32		546		594
FHLMC CMO, Cl D
6.500%, 08/15/28		648		694
FHLMC CMO, Cl GK
23.701%, 06/15/35 (A)		148		151
FHLMC CMO STRIPS, Ser 232, Cl IO, IO
5.000%, 08/01/35		1,373		304
FHLMC CMO, Ser 1611, Cl Z
6.500%, 11/15/23		1,305		1,395
FHLMC CMO, Ser 2043, Cl CJ
6.500%, 04/15/28		923		978
FHLMC CMO, Ser 2399, Cl XG
6.500%, 01/15/32		891		964
FHLMC CMO, Ser 2558, Cl BD
5.000%, 01/15/18		173		183
FHLMC CMO, Ser 2590, Cl BY
5.000%, 03/15/18		71		75
FHLMC CMO, Ser 2676, Cl CY
4.000%, 09/15/18		202		207
FHLMC CMO, Ser 2690, Cl TV
4.500%, 11/15/25		147		148
FHLMC CMO, Ser 2727, Cl PW
3.570%, 06/15/29		53		54
FHLMC CMO, Ser 2733, Cl ME
5.000%, 01/15/34		1,080		1,093


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

FHLMC CMO, Ser 2765, Cl CT
4.000%, 03/15/19	$	117	$	118
FHLMC CMO, Ser 2790, Cl TN
4.000%, 05/15/24		308		306
FHLMC CMO, Ser 2843, Cl BC
5.000%, 08/15/19		261		276
FHLMC CMO, Ser 2875, Cl HB
4.000%, 10/15/19		45		45
FHLMC CMO, Ser 2945, Cl SA
11.874%, 03/15/20 (A)		176		187
FHLMC CMO, Ser 2985, Cl JR
4.500%, 06/15/25		383		386
FHLMC CMO, Ser 3028, Cl PG
5.500%, 09/15/35		168		178
FHLMC CMO, Ser 3035, Cl PA
5.500%, 09/15/35		82		87
FHLMC CMO, Ser 3289, Cl PC
5.000%, 12/15/32		488		510
FHLMC CMO, Ser 3372, Cl BD
4.500%, 10/15/22		262		266
FHLMC CMO, Ser 3465, Cl HA
4.000%, 07/15/17		252		261
FHLMC, Ser K003, Cl AAB
4.768%, 05/25/18		342		349
FHLMC-GNMA CMO, Cl L
6.250%, 10/25/23		578		623
FNMA TBA
6.500%, 01/01/38		1,000		1,071
5.500%, 01/01/19 to 01/01/38		3,000		3,063
4.500%, 01/25/40 to 01/25/40		9,040		9,020
4.500%, 02/01/34 to 01/01/38		15,500		15,428
FNMA
7.500%, 10/01/37 to 11/01/38		2,351		2,597
7.000%, 04/01/32 to 01/01/39		2,009		2,211
6.500%, 05/01/27 to 12/01/37		3,079		3,324
6.000%, 03/01/19 to 05/01/38		16,603		17,707
5.500%, 11/01/17 to 08/01/37		47,386		50,108
5.000%, 01/01/20 to 02/01/39		8,465		8,725
4.500%, 06/01/35		1,193		1,196
FNMA ARM
6.593%, 09/01/36 (A)		830		874
6.343%, 09/01/36 (A)		1,355		1,442
6.286%, 09/01/37 (A)		311		330
6.272%, 10/01/36 (A)		126		134
6.245%, 07/01/37 (A)		1,228		1,314
6.228%, 02/01/37 (A)		1,785		1,899
6.206%, 06/01/36 (A)		1,287		1,365
6.204%, 09/01/37 (A)		41		44
6.203%, 11/01/37 (A)		903		956
6.192%, 08/01/36 (A)		341		363
6.121%, 09/01/37 (A)		723		769
6.118%, 11/01/37 (A)		178		191
6.110%, 12/01/36 (A)		120		128
6.037%, 05/01/36 (A)		1,291		1,363
6.023%, 10/01/37 (A)		319		340
6.019%, 04/01/36 (A)		960		1,015
6.017%, 01/01/37 to 07/01/37 (A)		685		727
5.981%, 04/01/37 (A)		147		157
5.963%, 01/01/37 (A)		1,394		1,485
5.939%, 01/01/37 (A)		179		191
5.925%, 03/01/37 (A)		88		94


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
5.900%, 11/01/36 to 12/01/36 (A)	$	1,307	$	1,385
5.884%, 02/01/37 (A)		129		137
5.879%, 04/01/37 (A)		484		514
5.745%, 05/01/37 (A)		393		418
5.733%, 09/01/36 (A)		445		470
5.686%, 01/01/23 (A)		293		312
5.668%, 05/01/37 (A)		105		111
5.665%, 03/01/36 (A)		541		567
5.663%, 11/01/36 (A)		589		622
5.606%, 11/01/37 (A)		1,051		1,108
5.604%, 02/01/38 (A)		200		211
5.588%, 05/01/37 (A)		219		232
5.587%, 12/01/36 (A)		1,081		1,140
5.495%, 07/01/37 (A)		1,240		1,313
FNMA CMO, Cl BP
5.900%, 02/25/15		914		924
FNMA CMO, Cl A3
4.001%, 01/25/19		680		658
FNMA CMO, Cl PE
5.000%, 03/25/34		3,000		3,112
FNMA CMO, Cl VD
6.500%, 05/25/17		753		806
FNMA CMO, Cl BA
7.000%, 03/25/45		307		338
5.250%, 11/25/33		331		334
FNMA CMO, Cl DP
5.000%, 06/25/19		1,000		1,051
FNMA CMO, Cl A2
4.287%, 07/25/19		1,030		1,026
0.291%, 12/25/36 (A)		572		548
FNMA CMO, Cl HI
6.521%, 01/25/38 (A)		1,356		86
FNMA CMO, Cl SB
16.297%, 08/25/35 (A)		420		482
FNMA CMO, Cl SK
15.738%, 01/25/34 (A)		358		386
FNMA CMO, Cl SM
17.239%, 09/25/24 (A)		568		697
FNMA CMO, Cl MA
5.500%, 11/25/29		152		159
FNMA CMO, Cl FA
0.631%, 06/25/37 (A)		719		712
FNMA CMO, Cl XT
4.500%, 12/25/17		985		1,007
FNMA CMO, Cl US
23.719%, 11/25/35 (A)		1,147		1,609
FNMA CMO
6.000%, 10/25/33		1,000		1,067
5.949%, 12/25/39 (A)		1,700		152
5.769%, 02/25/38 (A)		1,586		183
0.642%, 10/25/16 (A)		2,347		33
0.000%, 10/25/31 to 03/25/36		1,511		1,255
FNMA CMO, Cl ZH
6.500%, 07/25/36		499		537
FNMA CMO, Cl WA
6.286%, 12/25/39 (A)		500		545
FNMA CMO, Cl PD
6.000%, 10/25/36		1,000		1,058
FNMA CMO STRIPS, Ser 360, Cl 2, IO
5.000%, 08/01/35		1,972		438


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

FNMA CMO, Ser 1999-11, Cl Z
5.500%, 03/25/29	$	788	$	827
FNMA CMO, Ser 2001-81, Cl HE
6.500%, 01/25/32		3,629		3,887
FNMA CMO, Ser 2002-94, Cl HQ
4.500%, 01/25/18		219		229
FNMA CMO, Ser 2003-108, Cl BE
4.000%, 11/25/18		156		160
FNMA CMO, Ser 2003-125, Cl AY
4.000%, 12/25/18		49		50
FNMA CMO, Ser 2004-60, Cl PA
5.500%, 04/25/34		157		166
FNMA CMO, Ser 2004-80, Cl LE
4.000%, 11/25/19		936		942
FNMA CMO, Ser 2004-81, Cl KE
4.500%, 11/25/19		49		50
FNMA CMO, Ser 2005-58, Cl MA
5.500%, 07/25/35		132		140
FNMA CMO, Ser 2007-113, Cl DB
4.500%, 12/25/22		336		340
FNMA CMO, Ser 2007-77, Cl MH
6.000%, 12/25/36		619		662
FNMA CMO, Ser 2008-35, Cl B
5.000%, 08/25/23		50		52
FNMA CMO, Ser 30, Cl MA
4.250%, 02/25/37		1,695		1,744
FNMA Grantor Trust CMO, Cl A2
7.500%, 12/25/41		537		606
7.000%, 07/25/42		550		605
FNMA Grantor Trust CMO, Cl 1A3
7.000%, 02/25/44		517		574
FNMA Grantor Trust CMO, Cl A1
7.000%, 12/25/41		859		955
6.500%, 11/25/31		656		703
FNMA Whole Loan CMO, Cl 1A8
4.550%, 06/25/43		417		417
FNMA Whole Loan CMO, Cl 2AF
0.451%, 03/25/45 (A)		461		439
FNMA Whole Loan CMO, Cl 2A
7.500%, 12/25/42		335		378
7.000%, 10/25/42		448		493
FNMA Whole Loan CMO, Cl 1A3
7.500%, 12/25/45		479		538
FNMA Whole Loan CMO, IO
7.869%, 06/25/42 (A)		673		96
FNMA Whole Loan CMO, Cl 2A2
7.000%, 12/25/33 to 02/25/44		1,692		1,869
FNMA Whole Loan CMO, Cl 1AF1
0.491%, 11/25/46 (A)		536		537
0.451%, 02/25/36 (A)		553		534
GNMA TBA
4.500%, 01/15/40 to 01/15/40		10,860		10,867
4.500%, 01/15/40 to 02/15/40		6,000		5,987
GNMA
7.500%, 10/15/37		1,152		1,255
6.500%, 12/15/32 to 12/15/35		2,417		2,582
4.500%, 11/15/39		3,960		3,963
GNMA ARM
4.500%, 02/20/34 (A)		814		837
3.750%, 12/20/33 (A)		945		971
3.500%, 05/20/36 (A)		874		886


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
GNMA CMO, Cl SB
7.405%, 03/17/33 (A)	$	453	$	410
GNMA CMO, Cl Z
7.500%, 12/20/29		752		826
6.500%, 12/20/31		840		944
GNMA CMO, Cl ST
7.000%, 09/20/34 (A)		277		261
GNMA CMO
7.468%, 04/16/38 (A)		744		86
7.367%, 09/20/38 (A)		1,030		145
6.517%, 03/20/39 (A)		2,392		300
6.500%, 03/20/39		795		114
6.318%, 11/16/33 (A)		856		131
6.317%, 11/20/37 (A)		615		61
6.297%, 12/20/37 (A)		840		80
6.167%, 12/20/38 (A)		1,955		219
6.067%, 03/20/39 (A)		1,921		225
6.000%, 12/20/38		489		65
5.967%, 03/20/37 to 06/20/38 (A)		3,554		347
5.807%, 02/20/39 (A)		993		87
5.717%, 06/20/39 (A)		1,221		92
5.597%, 02/20/38 (A)		1,327		97
0.433%, 04/16/37 (A)		711		695
0.000%, 02/20/34 to 11/16/37		935		772
GNMA CMO, Cl SX
16.824%, 02/20/34 (A)		37		39
GNMA CMO, Cl PB
6.000%, 12/20/35		400		423
GNMA CMO, Cl SV
8.767%, 04/20/34 (A)		511		489
GNMA CMO, Cl MN
5.500%, 09/20/39		500		505
GNMA CMO, Cl MV
6.000%, 04/20/20		1,933		2,071
GNMA CMO, Ser 2003-86, Cl ZK
5.000%, 10/20/33		1,020		1,024
GNMA CMO, Ser 2006-37, Cl JG
5.000%, 07/20/36		194		200
Vendee Mortgage Trust CMO, Cl ZB
7.250%, 02/15/23		1,157		1,279

				319,875

Non-Agency Mortgage-Backed Obligations — 13.2%
American Home Mortgage Investment Trust, Ser 2004-4, Cl 4A
2.231%, 02/25/45 (A)		1,507		1,137
American Tower Trust, Ser 2007-1A, Cl AFX
5.420%, 04/15/37 (B)		386		397
ASG Resecuritization Trust
5.789%, 05/24/36 (A) (B)		425		424
5.574%, 03/26/37 (A) (B)		1,337		1,320
Asset Securitization, Cl A2
7.556%, 10/13/26 (A)		293		309
Banc of America Alternative Loan Trust, Cl 5A1
5.500%, 02/25/19		143		137
Banc of America Alternative Loan Trust, Cl 2A1
6.000%, 01/25/34		502		481


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Banc of America Alternative Loan Trust, Cl 1CB2
5.500%, 11/25/33	$	323	$	322
Banc of America Alternative Loan Trust, Cl 3A1
5.500%, 09/25/19		193		191
Banc of America Alternative Loan Trust, Cl 1A1
6.000%, 01/25/34		212		203
Banc of America Commercial Mortgage, Cl A4
6.186%, 06/11/35		1,130		1,184
Banc of America Commercial Mortgage, Cl AM
4.727%, 07/10/43		150		126
Banc of America Commercial Mortgage, Cl E
7.634%, 09/15/32 (A)		128		128
Banc of America Commercial Mortgage Securities, Ser 2002-PB2, Cl B
6.309%, 06/11/35		145		148
Banc of America Commercial Mortgage Securities, Ser 2004-2, Cl A5
4.580%, 11/10/38		64		63
Banc of America Commercial Mortgage, Ser 2007-2, Cl A2
5.634%, 04/10/49 (A)		430		429
Banc of America Funding, Cl 1A7
5.500%, 10/25/34		268		266
Banc of America Mortgage Securities, Cl 2A1
0.781%, 05/25/18 (A)		286		272
Banc of America Mortgage Securities, Cl 1A23
4.500%, 04/25/34		282		283
Banc of America Mortgage Securities, Cl 4A1
4.750%, 06/25/19		283		280
Banc of America Mortgage Securities, Cl 3A1
5.000%, 04/25/19		186		185
BCAP Trust
5.500%, 11/26/34 (B)		987		957
BCAP Trust, Cl 17A1
5.750%, 06/26/37 (B)		471		466
BCAP Trust, Cl 11A1
5.250%, 05/26/37 (A) (B)		300		300
Bear Stearns Commercial Mortgage Securities, Cl A3
5.468%, 06/11/41 (A)		124		125
Bear Stearns Commercial Mortgage Securities, Cl A6
4.750%, 02/13/46 (A)		295		286
Bear Stearns Commercial Mortgage Securities, Cl AAB
4.804%, 09/11/42		178		180
Bear Stearns Commercial Mortgage Securities
4.674%, 06/11/41		464		444


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Bear Stearns Commercial Mortgage Securities, Cl A2
6.460%, 10/15/36	$	796	$	836
5.286%, 06/11/41 (A)		221		225
Bear Stearns Commercial Mortgage Securities, Ser 2001-TOP4, Cl A3
5.610%, 11/15/33		96		99
Bear Stearns Commercial Mortgage Securities, Ser 2002-PBW1, Cl A2
4.720%, 11/11/35 (A)		178		183
Bear Stearns Commercial Mortgage Securities, Ser 2002-TOP8, Cl A2
4.830%, 08/15/38		253		259
Bear Stearns Commercial Mortgage Securities, Ser 2003-T12, Cl A3
4.240%, 08/13/39 (A)		65		65
Bear Stearns Commercial Mortgage Securities, Ser 2004-PWR6, Cl A6
4.825%, 11/11/41		373		364
Bear Stearns Commercial Mortgage Securities, Ser 2005-PW10, Cl A4
5.405%, 12/11/40 (A)		1,645		1,612
Bear Stearns Commercial Mortgage Securities, Ser 2005-T20, Cl A4A
5.298%, 10/12/42 (A)		450		442
Chase Mortgage Finance, Cl 1A1
4.053%, 07/25/37 (A)		241		218
Chase Mortgage Finance
0.681%, 01/25/34 (A)		523		518
0.000%, 10/25/18		189		146
Chase Mortgage Finance, Cl 2A1
4.128%, 02/25/37 (A)		208		195
Citicorp Mortgage Securities, Cl 1A2
4.500%, 05/25/33		121		122
Commercial Mortgage Asset Trust, Ser 1999-C1, Cl A4
6.975%, 01/17/32 (A)		691		745
Commercial Mortgage Loan Trust, Ser 2008-LS1, Cl A4B
6.220%, 12/10/49 (A)		2,630		2,297
Commercial Mortgage Pass Through Certificates, Cl A4
4.715%, 03/10/39		564		552
Commercial Mortgage Pass Through Certificates, Cl A5
5.314%, 07/10/37 (A)		249		246
Commercial Mortgage Pass Through Certificates, Ser 2001-J2A, Cl A2
6.096%, 07/16/34 (B)		589		614
Countrywide Home Loan Mortgage Pass Through Trust, Cl A6
5.250%, 09/25/33		350		352
Countrywide Home Loan Mortgage Pass Through Trust, Cl 2A1
4.500%, 06/25/19		331		324
Countrywide Home Loan Mortgage Pass Through Trust
9.474%, 08/25/18 (A)		122		104
Credit Suisse Mortgage Capital Certificates, Cl A3
5.467%, 09/15/39		3,480		2,981


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Credit Suisse Mortgage Capital Certificates, Cl 7A1
5.500%, 10/27/35 (B)	$	189	$	188
Credit Suisse Mortgage Capital Certificates, Ser 2006-C5, Cl A3
5.311%, 12/15/39		2,450		2,044
CS First Boston Mortgage Securities, Cl A4
5.100%, 08/15/38 (A)		220		212
5.014%, 02/15/38 (A)		80		79
CS First Boston Mortgage Securities, Cl 8A1
6.000%, 11/25/18		241		233
CS First Boston Mortgage Securities, Cl A3
4.813%, 02/15/38		1,069		1,067
CS First Boston Mortgage Securities, Ser 2001-CK1, Cl A3
6.380%, 12/18/35		113		116
CS First Boston Mortgage Securities, Ser 2002-CKN2, Cl A3
6.133%, 04/15/37		81		85
CS First Boston Mortgage Securities, Ser 2002-CKS4, Cl A2
5.183%, 11/15/36		536		554
CS First Boston Mortgage Securities, Ser 2002-CKS4, Cl A1
4.485%, 11/15/36		17		17
CS First Boston Mortgage Securities, Ser 2002-CP5, Cl A2
4.940%, 12/15/35		161		165
CS First Boston Mortgage Securities, Ser 2003-AR24, Cl 2A4
3.533%, 10/25/33 (A)		1,486		1,238
CS First Boston Mortgage Securities, Ser 2003-CK2, Cl A4
4.801%, 03/15/36		118		120
CS First Boston Mortgage Securities, Ser C2, Cl A4
4.832%, 04/15/37		74		71
CS First Boston Mortgage Securities, Ser CPN1, Cl A2
4.597%, 03/15/35		80		80
CW Capital Cobalt, Ser 2006-C1, Cl A4
5.223%, 08/15/48		1,300		1,134
DLJ Commercial Mortgage, Ser 2000- CKP1, Cl A1B
7.180%, 11/10/33		213		217
First Horizon Alternative Mortgage Securities, Ser 2006-FA6, Cl 2A10
6.000%, 11/25/36		97		77
First Horizon Asset Securities, Cl 2A1
4.500%, 09/25/18		337		333
First Union National Bank Commercial Mortgage, Cl A2
6.141%, 02/12/34		155		162
First Union National Bank Commercial Mortgage, Cl B
7.281%, 10/15/32 (A)		200		206


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
First Union National Bank Commercial Mortgage, Ser 2000-C2, Cl A2
7.202%, 10/15/32	$	132	$	135
First Union National Bank Commercial Mortgage, Ser 2001-C4, Cl B
6.417%, 12/12/33		178		181
GE Capital Assurance, Ser 2003-1, Cl A4
5.254%, 05/12/35 (A) (B)		1,224		1,249
GE Capital Commercial Mortgage, Cl A1
5.560%, 06/10/38		24		25
GE Capital Commercial Mortgage, Ser 2001-2, Cl A3
6.030%, 08/11/33		38		39
GE Capital Commercial Mortgage, Ser 2002-1A, Cl A3
6.269%, 12/10/35		1,516		1,597
GE Capital Commercial Mortgage, Ser 2002-3A, Cl A2
4.996%, 12/10/37		2,000		2,042
GE Capital Commercial Mortgage, Ser 2005-C4, Cl A4
5.513%, 11/10/45 (A)		2,141		2,091
GMAC Commercial Mortgage Securities, Ser 2000-C2, Cl A2
7.455%, 08/16/33 (A)		14		14
GMAC Commercial Mortgage Securities, Ser 2003-C2, Cl A2
5.670%, 05/10/40 (A)		118		122
GMAC Commercial Mortgage Securities, Ser 2003-C3, Cl A4
5.023%, 04/10/40		689		701
GMAC Mortgage Loan Trust, Cl A4
5.000%, 10/25/33		266		251
4.133%, 10/19/33 (A)		374		352
GMAC Mortgage Loan Trust, Cl 1A1
5.000%, 01/25/20		188		187
GMAC Mortgage Loan Trust, Cl A7
5.000%, 11/25/33		339		288
Greenwich Capital Commercial Funding, Cl A6
5.135%, 06/10/36 (A)		171		174
Greenwich Capital Commercial Funding
5.190%, 04/10/37 (A)		247		250
4.799%, 08/10/42 (A)		200		193
Greenwich Capital Commercial Funding, Cl A4
5.444%, 03/10/39		1,500		1,325
Greenwich Capital Commercial Funding, Ser 2005-GG3, Cl AAB
4.619%, 08/10/42		805		817
Greenwich Capital Commercial Funding, Ser 2005-GG5, Cl A5
5.224%, 04/10/37 (A)		1,108		1,050
Greenwich Capital Commercial Funding, Ser 2006-GG7, Cl A4
6.116%, 07/10/38 (A)		3,013		2,747
GS Mortgage Securities II, Ser 2001- GL3A, Cl A2
6.449%, 08/05/18 (A) (B)		833		874


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

GS Mortgage Securities II, Ser 2006- GG8, Cl A4
5.560%, 11/10/39	$	2,500	$	2,189
GSR Mortgage Loan Trust, Cl 2A4
5.500%, 01/25/37		50		38
GSR Mortgage Loan Trust, Ser 2003- 13, Cl 1A1
4.476%, 10/25/33 (A)		1,193		1,103
Homestar Mortgage Acceptance, Cl A1
0.681%, 10/25/34 (A)		2,204		1,794
Impac Secured Assets CMN Owner Trust, Cl A1
5.500%, 08/25/33		201		200
JP Morgan Chase Commercial Mortgage Securities, Cl A4
5.481%, 12/12/44 (A)		332		320
5.377%, 06/12/41 (A)		95		96
JP Morgan Chase Commercial Mortgage Securities, Cl A1
5.017%, 02/12/51		21		22
JP Morgan Chase Commercial Mortgage Securities, Cl A2
5.633%, 12/05/27 (B)		618		610
JP Morgan Mortgage Trust, Cl 4A1
4.279%, 07/25/34 (A)		128		125
JP Morgan Mortgage Trust, Cl 1A1
4.628%, 09/25/34 (A)		164		159
JPMorgan Chase Commercial Mortgage Securities, Cl A2S
5.305%, 01/15/49		1,272		1,230
JPMorgan Chase Commercial Mortgage Securities, Ser 2000-1-CIBC, Cl A3
6.260%, 03/15/33		181		186
JPMorgan Chase Commercial Mortgage Securities, Ser 2001-CIB2, Cl A3
6.429%, 04/15/35		1,170		1,219
JPMorgan Chase Commercial Mortgage Securities, Ser 2002-CIB5, Cl A2
5.161%, 10/12/37		130		134
JPMorgan Chase Commercial Mortgage Securities, Ser 2003-PM1A, Cl A4
5.326%, 08/12/40 (A)		40		41
JPMorgan Chase Commercial Mortgage Securities, Ser 2005-LDP4, Cl A4
4.918%, 10/15/42 (A)		177		170
JPMorgan Chase Commercial Mortgage Securities, Ser 2006-LDP7
6.051%, 04/15/45 (A)		228		234
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-CB19, Cl A2
5.746%, 02/12/49 (A)		93		95
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl AM
6.062%, 02/15/51 (A)		955		640
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LD12, Cl A4
5.882%, 02/15/51 (A)		2,350		2,035
JPMorgan Chase Commercial Mortgage Securities, Ser 2007-LDPX, Cl A3
5.420%, 01/15/49		2,435		2,054


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
JPMorgan Chase Commercial Mortgage Securities, Ser CIB4, Cl A3
6.162%, 05/12/34	$	918	$	967
JPMorgan Commercial Mortgage Finance, Ser 2000-C10, Cl A2
7.371%, 08/15/32 (A)		47		47
JPMorgan Mortgage Trust, Cl 6A1
4.002%, 08/25/34 (A)		477		408
JPMorgan Mortgage Trust, Cl 4A1
4.054%, 08/25/34 (A)		904		790
JPMorgan Mortgage Trust, Ser 2005- A3, Cl 11A2
4.495%, 06/25/35 (A)		1,485		1,065
LB-UBS Commercial Mortgage Trust, Cl A5
4.628%, 10/15/29		101		98
LB-UBS Commercial Mortgage Trust
5.156%, 02/15/31		200		194
LB-UBS Commercial Mortgage Trust, Cl AAB
5.403%, 02/15/40		68		65
LB-UBS Commercial Mortgage Trust, Cl A4
4.563%, 09/15/26		144		147
4.166%, 05/15/32		86		85
LB-UBS Commercial Mortgage Trust, Ser 2002-C2, Cl A4
5.594%, 06/15/31		334		349
LB-UBS Commercial Mortgage Trust, Ser 2002-C4, Cl A5
4.853%, 09/15/31		179		184
LB-UBS Commercial Mortgage Trust, Ser 2003-C8, Cl A4
5.124%, 11/15/32 (A)		101		99
LB-UBS Commercial Mortgage Trust, Ser 2007-C1, Cl A3
5.398%, 02/15/40		156		154
LB-UBS Commercial Mortgage Trust, Ser 200-C4, Cl A2
7.370%, 08/15/26		87		89
Master Adjustable Rate Mortgages Trust, Cl 3A6
3.096%, 11/21/34 (A)		600		587
Master Alternative Loans Trust, Cl 2A1
6.000%, 12/25/33		286		277
Master Asset Securitization Trust, Cl 1A1
5.000%, 03/25/18		120		122
Master Seasoned Securities Trust, Ser 2004-2, Cl A2
6.500%, 08/25/32		1,009		1,020
Merrill Lynch
5.439%, 02/12/39 (A)		388		394
Merrill Lynch, Cl A4
5.749%, 06/12/50 (A)		2,460		2,062
Merrill Lynch Mortgage Investors, Ser 2004-A1, Cl 4A
5.261%, 02/25/34 (A)		1,195		1,163
Merrill Lynch Mortgage Trust, Cl A3A
4.949%, 07/12/38 (A)		171		172


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Merrill Lynch Mortgage Trust, Ser KEY1, Cl A4
5.236%, 11/12/35 (A)	$	311	$	316
Merrill Lynch/Countrywide Commercial Mortgage, Ser 2006-4, Cl A3
5.172%, 12/12/49 (A)		1,400		1,238
MLCC Mortgage Investors, Cl A2
0.889%, 04/25/29 (A)		118		96
Morgan Stanley Capital I
5.385%, 03/12/44 (A)		467		450
5.168%, 01/14/42		81		80
Morgan Stanley Capital I, Cl A4
5.809%, 12/12/49		846		721
5.402%, 06/15/38 (A)		642		645
5.270%, 06/13/41 (A)		176		176
4.520%, 12/13/41		35		35
Morgan Stanley Capital I, Cl A31
5.439%, 02/12/44		329		326
Morgan Stanley Capital I, Cl A2
5.374%, 03/12/44		1,377		1,400
4.070%, 05/15/40		75		73
Morgan Stanley Capital I, Cl A7
4.970%, 04/14/40		1,089		1,063
Morgan Stanley Capital I, Ser 2003- IQ5, Cl A4
5.010%, 04/15/38		186		190
Morgan Stanley Capital I, Ser 2003- T11, Cl A4
5.150%, 06/13/41		361		370
Morgan Stanley Capital I, Ser 2005- HQ5, Cl AAB
5.037%, 01/14/42		526		535
Morgan Stanley Capital I, Ser 2005- HQ6, Cl A4A
4.989%, 08/13/42		1,190		1,152
Morgan Stanley Capital I, Ser 2005- HQ7, Cl AAB
5.355%, 11/14/42 (A)		227		232
Morgan Stanley Capital I, Ser 2005- T17, Cl A5
4.780%, 12/13/41		113		111
Morgan Stanley Capital I, Ser 2006- T21, Cl A4
5.162%, 10/12/52 (A)		300		294
Morgan Stanley Dean Witter Capital I, Cl A4
5.740%, 12/15/35		73		76
Morgan Stanley Dean Witter Capital I, Cl A2
4.740%, 11/13/36		795		808
Morgan Stanley Dean Witter Capital I
6.510%, 04/15/34		106		111
Morgan Stanley Dean Witter Capital I, Ser 2001-TOP5, Cl A4
6.390%, 10/15/35		816		855
Morgan Stanley Dean Witter Capital I, Ser 2003-HQ2, Cl A2
4.920%, 03/12/35		3,498		3,557
Nomura Asset Securities, Ser 1998-D6, Cl A1C
6.690%, 03/15/30		782		831


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Prime Mortgage Trust, PO
0.000%, 02/25/34	$	88	$	60
Residential Accredit Loans, Cl A4
5.500%, 05/25/34		270		183
Residential Accredit Loans, Cl A1
5.000%, 09/25/18		293		286
Residential Asset Mortgage Products, Ser 2004-SL1, Cl A8
6.500%, 11/25/31		1,020		980
Residential Asset Securitization Trust, Cl A4
5.250%, 12/25/17		305		299
Residential Asset Securitization Trust, Cl A1
5.500%, 06/25/33		181		170
Residential Asset Securitization Trust, Ser 2004-IP2, Cl 2A1
3.362%, 12/25/34 (A)		1,083		858
Salomon Brothers Mortgage Securities VII, Ser 2000-C3, Cl A2
6.592%, 12/18/33		442		450
Salomon Brothers Mortgage Securities VII, Ser 2002-KEY2, Cl A2
4.467%, 03/18/36		183		187
Station Place Securitization Trust
1.731%, 01/25/40 (A) (B)		250		250
Structured Asset Securities, Cl 1A1
5.500%, 10/25/33		329		316
Structured Asset Securities, Cl 3A2
3.597%, 07/25/33 (A)		386		371
Structured Asset Securities, Cl A3
0.731%, 06/25/33 (A)		280		255
Structured Asset Securities, Cl A4
5.540%, 12/25/33		400		372
TIAA Seasoned Commercial Mortgage Trust, Cl A3
6.072%, 08/15/39 (A)		1,000		1,037
US Bank, Ser 2007-1, Cl A
5.920%, 05/25/12		715		752
Wachovia Bank Commercial Mortgage Trust, Ser 2002-C1A, Cl A4
6.287%, 04/15/34		341		359
Wachovia Bank Commercial Mortgage Trust, Ser 2003-C6, Cl A3
4.957%, 08/15/35 (A)		193		192
Wachovia Bank Commercial Mortgage Trust, Ser 2003-C7, Cl A1
4.241%, 10/15/35 (B)		47		48
Wachovia Bank Commercial Mortgage Trust, Ser 2003-C8, Cl A3
4.445%, 11/15/35		192		192
Wachovia Bank Commercial Mortgage Trust, Ser 2004-C11, Cl A4
5.030%, 01/15/41		132		126
WaMu Mortgage Pass Through Certificates, Cl A2
4.243%, 06/25/34 (A)		224		206
WaMu Mortgage Pass Through Certificates, Cl A1
3.136%, 06/25/34 (A)		149		142
2.875%, 01/25/35 (A)		475		443


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

WaMu Mortgage Pass Through Certificates, Cl 21A1
4.500%, 12/25/18	$	231	$	230
WaMu Mortgage Pass Through Certificates, Cl 2A10
16.827%, 06/25/33 (A)		80		59
WaMu Mortgage Pass Through Certificates, Cl A7
2.850%, 08/25/33 (A)		215		201
2.825%, 10/25/33 (A)		370		329
WaMu Mortgage Pass Through Certificates, Cl 3A
7.500%, 07/25/34		755		715
WaMu Mortgage Pass Through Certificates, Cl A8
5.250%, 10/25/33		691		600
WaMu Mortgage Pass Through Certificates, Ser 2004-CB2, Cl 7A
5.500%, 08/25/19		317		313
Wells Fargo Mortgage Backed Securities Trust, Cl A2
4.500%, 05/25/34 (A)		141		136
Wells Fargo Mortgage Backed Securities Trust, Cl 3A1
3.959%, 12/25/34 (A)		197		192
Wells Fargo Mortgage Backed Securities Trust, Cl 2A2
3.108%, 12/25/34 (A)		384		367
Wells Fargo Mortgage Backed Securities Trust, Cl A8
4.854%, 05/25/34 (A)		250		247
Wells Fargo Mortgage Backed Securities Trust, Cl A6
4.836%, 02/25/33 (A)		224		221
Wells Fargo Mortgage Backed Securities Trust, Cl 1A1
4.750%, 12/25/18		598		601
4.471%, 11/25/33 (A)		364		358
3.466%, 07/25/34 (A)		316		300
3.257%, 10/25/34 (A)		195		189
Wells Fargo Mortgage Backed Securities Trust, Cl 2A5
4.435%, 10/25/33 (A)		248		242
Wells Fargo Mortgage Backed Securities Trust, Cl 2A1
3.530%, 06/25/35 (A)		325		294
3.108%, 12/25/34 (A)		384		350
3.066%, 09/25/34 (A)		183		166
Wells Fargo Mortgage Backed Securities Trust, Cl 1A2
3.257%, 10/25/34 (A)		391		385
Wells Fargo Mortgage-Backed Securities Trust, Ser 2004-H, Cl 1A1
4.527%, 06/25/34 (A)		858		822
Wells Fargo Mortgage-Backed Securities Trust, Ser 2006-2, Cl 3A1
5.750%, 03/25/36		1,453		1,234

				107,702

Total Mortgage-Backed Securities (Cost $423,244) ($ Thousands)				427,577


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

CORPORATE OBLIGATIONS — 21.2%

Consumer Discretionary — 0.6%
British Sky Broadcasting Group
9.500%, 11/15/18 (B)	$	438	$	562
Comcast
5.850%, 11/15/15		465		511
Comcast Cable Communications
8.375%, 03/15/13		592		682
COX Communications
5.450%, 12/15/14		70		75
Daimler Finance LLC
7.300%, 01/15/12		170		185
6.500%, 11/15/13		80		87
Grupo Televisa
6.625%, 01/15/40 (B)		495		489
Historic TW
9.150%, 02/01/23		200		241
News America
7.300%, 04/30/28		100		105
7.250%, 05/18/18		50		57
6.900%, 08/15/39 (B)		250		273
Staples
9.750%, 01/15/14		80		98
TCI Communications
8.750%, 08/01/15		210		249
7.125%, 02/15/28		200		208
Thomson Reuters
5.950%, 07/15/13		243		266
4.700%, 10/15/19		75		74
Time Warner Cable
8.250%, 04/01/19		200		238
7.300%, 07/01/38 (C)		110		122
6.750%, 07/01/18		400		439
Viacom
6.250%, 04/30/16 (C)		100		109

				5,070

Consumer Staples — 0.4%
Altria Group
9.700%, 11/10/18		820		1,015
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19 (B)		919		1,076
7.200%, 01/15/14 (B)		120		136
Bunge Finance
8.500%, 06/15/19		120		137
Cargill
7.350%, 03/06/19 (B)		250		288
Diageo Capital
7.375%, 01/15/14		90		104
Diageo Finance BV
5.500%, 04/01/13		90		97
General Mills
5.250%, 08/15/13		90		97
Kraft Foods
6.125%, 08/23/18		225		237
SABMiller
5.500%, 08/15/13 (B)		90		96

				3,283

Energy — 2.0%
Anadarko Petroleum
8.700%, 03/15/19		648		806


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Baker Hughes
7.500%, 11/15/18	$	205	$	245
Cenovus Energy
5.700%, 10/15/19 (B) (C)		505		527
ConocoPhillips
6.000%, 01/15/20		100		111
EnCana
6.500%, 05/15/19		150		168
Energy Transfer Partners
9.000%, 04/15/19		535		638
8.500%, 04/15/14		366		423
Halliburton
6.150%, 09/15/19		80		89
Husky Energy
7.250%, 12/15/19		484		559
5.900%, 06/15/14		283		309
Marathon Oil
7.500%, 02/15/19		100		115
Nabors Industries
6.150%, 02/15/18 (C)		795		826
Petrobras International Finance
7.875%, 03/15/19		596		687
6.875%, 01/20/40		395		406
Petro-Canada
6.050%, 05/15/18		115		124
Ras Laffan Liquefied Natural Gas III
5.500%, 09/30/14 (B)		500		524
4.500%, 09/30/12 (B)		270		279
Shell International Finance BV
4.300%, 09/22/19		300		296
4.000%, 03/21/14		905		944
Southern Union
8.250%, 11/15/29		1,200		1,340
Spectra Energy Capital
8.000%, 10/01/19		200		234
Suncor Energy
6.500%, 06/15/38 (C)		540		567
Talisman Energy
7.750%, 06/01/19		100		117
Total Capital
3.125%, 10/02/15		1,100		1,086
TransCanada Pipelines
6.500%, 08/15/18		175		195
Union Pacific Resources Group
7.150%, 05/15/28		52		52
Valero Energy
9.375%, 03/15/19		254		302
6.625%, 06/15/37		1,935		1,816
Weatherford International
6.350%, 06/15/17		360		377
Williams
7.875%, 09/01/21		1,380		1,583
7.750%, 06/15/31		250		274
7.625%, 07/15/19		200		224
XTO Energy
6.250%, 08/01/17		100		113
4.625%, 06/15/13		30		32

				16,388

Financials — 11.9%
Achmea Hypotheekbank
3.200%, 11/03/14 (B)		1,290		1,288


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Allstate
5.000%, 08/15/14	$	70	$	74
Allstate Life Global Funding Trusts MTN
5.375%, 04/30/13		610		651
American Express
8.150%, 03/19/38		368		460
7.250%, 05/20/14 (C)		432		488
7.000%, 03/19/18		170		187
American Express Credit MTN
7.300%, 08/20/13		680		764
ANZ National Int’l
2.375%, 12/21/12 (B)		100		99
Associates Corp of North America
6.950%, 11/01/18		200		202
AvalonBay Communities MTN
5.700%, 03/15/17 ‡		1,300		1,319
Bank of America
7.375%, 05/15/14		1,825		2,071
6.500%, 08/01/16		500		538
6.100%, 06/15/17		350		356
6.000%, 09/01/17		370		384
5.750%, 12/01/17		395		404
5.650%, 05/01/18		1,370		1,391
Bank of New York Mellon MTN
4.600%, 01/15/20		40		39
Barclays Bank
5.200%, 07/10/14		150		159
5.000%, 09/22/16		1,885		1,926
2.500%, 01/23/13		150		150
BB&T
4.900%, 06/30/17		200		195
3.850%, 07/27/12		150		155
3.375%, 09/25/13		195		197
Bear Stearns
7.250%, 02/01/18		1,500		1,722
6.950%, 08/10/12		300		335
Berkshire Hathaway Finance
5.400%, 05/15/18		110		115
BlackRock
6.250%, 09/15/17		75		81
BP Capital Markets
3.875%, 03/10/15		1,745		1,793
Capital One Bank USA
8.800%, 07/15/19		325		384
Capital One Financial
7.375%, 05/23/14		225		255
6.750%, 09/15/17		70		76
Caterpillar Financial Services MTN
7.150%, 02/15/19		110		127
5.850%, 09/01/17		140		149
Citigroup
8.500%, 05/22/19		364		420
8.125%, 07/15/39 (C)		2,861		3,229
6.500%, 08/19/13		250		267
6.375%, 08/12/14 (C)		550		576
6.125%, 08/25/36		1,200		1,029
5.500%, 10/15/14		325		329
1.031%, 12/09/11 (A)		885		899
Citigroup Funding
1.875%, 10/22/12		915		912


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

City National Capital Trust I
9.625%, 02/01/40	$	1,300	$	1,381
Commonwealth Bank of Australia
5.000%, 10/15/19 (B) (C)		510		506
3.750%, 10/15/14 (B)		510		511
Credit Suisse New York MTN
6.000%, 02/15/18		485		507
5.000%, 05/15/13		578		616
Credit Suisse NY
5.300%, 08/13/19		1,685		1,730
Credit Suisse USA
5.125%, 08/15/15		1,250		1,329
Deutsche Bank MTN
3.875%, 08/18/14		100		102
Discover Financial Services
6.450%, 06/12/17		250		234
ERP Operating
5.750%, 06/15/17 ‡		125		125
5.125%, 03/15/16 ‡		830		809
Export-Import Bank of Korea
5.875%, 01/14/15		600		644
5.500%, 10/17/12		333		354
Farmers Exchange Capital
7.200%, 07/15/48 (B)		1,721		1,415
General Electric Capital MTN
6.750%, 03/15/32		1,665		1,698
6.000%, 08/07/19		435		452
5.900%, 05/13/14		850		919
5.625%, 09/15/17		700		722
5.400%, 02/15/17		200		204
1.167%, 05/22/13 (A)		760		746
0.369%, 04/10/12 (A)		500		489
Goldman Sachs Capital II
5.793%, 12/29/49 (A)		1,094		848
Goldman Sachs Group
6.750%, 10/01/37		779		801
6.250%, 09/01/17		650		698
6.150%, 04/01/18		250		268
6.000%, 05/01/14 (C)		2,800		3,062
5.450%, 11/01/12		789		848
5.125%, 01/15/15 (C)		346		363
3.625%, 08/01/12		140		144
1.031%, 12/05/11 (A)		2,030		2,063
Guardian Life Insurance of America
7.375%, 09/30/39 (B)		1,250		1,278
HCP MTN
6.700%, 01/30/18 ‡		199		193
6.300%, 09/15/16 ‡		176		172
6.000%, 01/30/17 ‡		114		107
5.950%, 09/15/11 ‡		1,155		1,192
5.650%, 12/15/13 ‡		576		577
Healthcare Realty Trust
6.500%, 01/17/17 ‡		1,400		1,387
HRPT Properties Trust
6.250%, 08/15/16 ‡		100		95
HSBC Finance
5.500%, 01/19/16		140		147
4.750%, 07/15/13		160		167
HSBC Holdings PLC
6.800%, 06/01/38		340		369


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
International Lease Finance MTN
5.250%, 01/10/13	$	100	$	82
Jackson National Life Global Funding MTN
5.375%, 05/08/13 (B)		200		203
Jefferies Group
6.450%, 06/08/27		160		136
6.250%, 01/15/36		120		96
John Deere Capital MTN
5.750%, 09/10/18		100		108
JPMorgan Chase
5.375%, 10/01/12		324		351
JPMorgan Chase Bank
6.000%, 10/01/17		1,299		1,391
JPMorgan Chase Capital XV
5.875%, 03/15/35		1,645		1,464
JPMorgan Chase Capital XXV
6.800%, 10/01/37		551		549
KeyBank
5.800%, 07/01/14		250		243
Lazard Group
7.125%, 05/15/15		803		834
6.850%, 06/15/17		789		794
Liberty Mutual Group
7.500%, 08/15/36 (B)		354		324
M&T Bank
5.375%, 05/24/12		80		83
Mack-Cali Realty
7.750%, 08/15/19 ‡		185		191
Macquarie Group
7.300%, 08/01/14		1,475		1,594
Merrill Lynch
6.875%, 04/25/18 (C)		100		108
6.400%, 08/28/17		150		158
6.150%, 04/25/13		140		150
6.110%, 01/29/37		1,405		1,295
6.050%, 05/16/16		920		928
MetLife
6.400%, 12/15/36		695		608
Metropolitan Life Global Funding I
2.875%, 09/17/12 (B)		200		202
Monumental Global Funding
5.500%, 04/22/13 (B)		65		67
Morgan Stanley
7.250%, 04/01/32		330		375
6.625%, 04/01/18		1,120		1,211
6.250%, 08/28/17		200		209
6.000%, 05/13/14		772		830
5.950%, 12/28/17		664		685
5.750%, 08/31/12		180		193
5.625%, 09/23/19		630		635
5.550%, 04/27/17		100		100
5.450%, 01/09/17		470		475
5.250%, 11/02/12		340		362
4.750%, 04/01/14		620		624
4.200%, 11/20/14 (C)		156		156
0.603%, 06/20/12 (A)		2,385		2,409
0.534%, 01/18/11 (A)		325		323
National City
4.900%, 01/15/15		200		204


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

National City Bank
0.625%, 06/07/17 (A)	$	1,300	$	1,153
National Rural Utilities Cooperative Finance
2.625%, 09/16/12		25		25
New York Life Global Funding
4.650%, 05/09/13 (B)		150		158
NIBC Bank MTN
2.800%, 12/02/14 (B)		825		803
Nordea Bank
3.700%, 11/13/14 (B) (C)		540		539
2.500%, 11/13/12 (B)		465		463
Northern Trust
5.500%, 08/15/13		200		219
Pipeline Funding
7.500%, 01/15/30 (B)		1,500		1,418
Power Receivables Financial
6.290%, 01/01/12 (B)		153		156
Principal Life Income Funding Trusts MTN
5.300%, 12/14/12		250		265
Private Export Funding
3.050%, 10/15/14		185		184
Prudential Holdings
8.695%, 12/18/23 (B)		1,200		1,285
1.129%, 12/18/17 (A) (B)		750		616
Simon Property Group
10.350%, 04/01/19 ‡		130		163
6.750%, 05/15/14 ‡		50		53
Standard Chartered Bank
6.400%, 09/26/17 (B)		715		741
Svensk Exportkredit
3.250%, 09/16/14		1,210		1,210
Travelers Property Casualty
7.750%, 04/15/26		100		114
UBS
5.875%, 12/20/17 (C)		120		123
US Bancorp MTN
2.875%, 11/20/14		138		135
Wachovia
5.750%, 06/15/17		485		504
Wachovia Bank MTN
0.584%, 03/15/16 (A)		400		359
WEA Finance
7.500%, 06/02/14 (B)		1,667		1,876
7.125%, 04/15/18 (B)		696		761
6.750%, 09/02/19 (B)		360		387
Wells Fargo
5.625%, 12/11/17		180		188
5.375%, 02/07/35		2,085		1,929
3.750%, 10/01/14		390		389
Westfield Group
5.400%, 10/01/12 (B)		419		444
Westpac Banking
4.875%, 11/19/19		500		494
2.250%, 11/19/12		900		898
ZFS Finance USA Trust I
5.875%, 05/09/32 (A) (B)		1,750		1,416

				96,685

Government — 0.2%


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Brazilian Government International Bond
5.875%, 01/15/19	$	250	$	266
Mexico Government International Bond MTN
6.375%, 01/16/13		200		221
Qatar Government International Bond
6.400%, 01/20/40 (B)		195		196
5.250%, 01/20/20 (B)		325		327
4.000%, 01/20/15 (B)		195		196

				1,206

Health Care — 0.9%
Aetna
6.000%, 06/15/16		1,570		1,648
Amgen
6.400%, 02/01/39		511		561
Bristol-Myers Squibb
5.450%, 05/01/18		245		262
CareFusion
6.375%, 08/01/19 (B)		395		423
5.125%, 08/01/14 (B)		610		641
4.125%, 08/01/12 (B)		275		283
Coventry Health Care
5.950%, 03/15/17		551		500
Hospira
5.550%, 03/30/12		100		107
Pfizer
5.350%, 03/15/15		854		933
Teva Pharmaceutical Finance LLC
6.150%, 02/01/36		830		857
UnitedHealth Group
6.875%, 02/15/38		594		614

				6,829

Industrials — 0.9%
Burlington Northern Santa Fe
7.290%, 06/01/36		90		103
5.750%, 03/15/18		440		467
4.700%, 10/01/19		75		74
Continental Airlines
7.250%, 11/10/19		500		513
Continental Airlines, Ser 1997, Cl 1A
7.461%, 04/01/15 (C)		1,689		1,604
CSX
6.250%, 03/15/18 (C)		155		167
Delta Air Lines
7.750%, 12/17/19		1,400		1,428
FedEx, Ser A3
8.400%, 03/23/10		85		86
Hutchison Whampoa International 09
4.625%, 09/11/15 (B)		1,140		1,150
JetBlue Airways 2004-1 G-1 Pass Through Trust
0.629%, 12/15/13 (A)		726		606
Lockheed Martin
8.500%, 12/01/29		61		79
Northwest Airlines
1.019%, 05/20/14 (A)		859		722
Union Pacific
7.000%, 02/01/16		150		167
United Technologies
8.875%, 11/15/19		110		143


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)


				7,309

Information Technology — 0.4%
Arrow Electronics
6.875%, 06/01/18	$	95	$	100
Cisco Systems
5.900%, 02/15/39		302		305
5.500%, 01/15/40		800		765
4.450%, 01/15/20		755		741
Dell
5.875%, 06/15/19		227		240
5.650%, 04/15/18		90		94
Hewlett-Packard
4.750%, 06/02/14		766		818
Intuit
5.750%, 03/15/17		75		78
Oracle
5.000%, 07/08/19		200		206
Xerox
8.250%, 05/15/14		90		103

				3,450

Materials — 0.4%
Dow Chemical
8.550%, 05/15/19		963		1,149
4.850%, 08/15/12		755		794
Rio Tinto Finance USA
5.875%, 07/15/13		482		520
9.000%, 05/01/19		417		528
Vale Overseas
6.875%, 11/10/39		500		503

				3,494

Sovereign — 0.6%
Brazilian Government International Bond
5.625%, 01/07/41		265		250
Province of Ontario Canada
4.100%, 06/16/14		1,669		1,742
4.000%, 10/07/19		365		349
Republic of Korea
7.125%, 04/16/19		1,207		1,382
Societe Financement de l’Economie Francaise
2.875%, 09/22/14 (B)		1,095		1,086
Tennessee Valley Authority
5.250%, 09/15/39		40		40

				4,849

Telecommunication Services — 1.2%
America Movil
5.000%, 10/16/19 (B)		760		743
AT&T
8.000%, 11/15/31		370		452
BellSouth
6.000%, 11/15/34		850		829
BellSouth Telecommunications
6.300%, 12/15/15		175		186
British Telecommunications
9.625%, 12/15/30		228		290
5.950%, 01/15/18		200		203
Cellco Partnership
8.500%, 11/15/18		430		533
7.375%, 11/15/13		1,202		1,381
5.550%, 02/01/14		204		221


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
3.750%, 05/20/11 (C)	$	785	$	810
Deutsche Telekom International Finance BV
6.000%, 07/08/19		175		187
France Telecom
7.750%, 03/01/11 (C)		326		349
GTE
8.750%, 11/01/21		300		369
Qwest
7.875%, 09/01/11		640		670
7.500%, 10/01/14 (C)		669		695
Rogers Communications
6.375%, 03/01/14		949		1,051
5.500%, 03/15/14		199		213
Telecom Italia Capital
6.999%, 06/04/18 (C)		150		165
Telefonica Emisiones
5.984%, 06/20/11 (C)		345		365
Verizon Communications
8.950%, 03/01/39		50		68
8.750%, 11/01/18		50		63
5.850%, 09/15/35		40		39
Verizon Global Funding
7.750%, 12/01/30		100		118
Vodafone Group
5.450%, 06/10/19		75		78

				10,078

Utilities — 1.7%
Appalachian Power
5.950%, 05/15/33		100		97
Aquila
11.875%, 07/01/12		1,210		1,401
Carolina Power & Light
5.300%, 01/15/19		175		183
Cleveland Electric Illuminating
7.880%, 11/01/17		170		200
Consumers Energy
6.700%, 09/15/19		100		113
Dominion Resources
8.875%, 01/15/19		1,110		1,383
6.400%, 06/15/18		180		197
DPL
6.875%, 09/01/11		597		638
Duke Energy
6.300%, 02/01/14		492		541
Enel Finance International
6.000%, 10/07/39 (B)		355		357
5.125%, 10/07/19 (B)		380		382
Exelon Generation
6.250%, 10/01/39		300		306
5.200%, 10/01/19		150		150
FirstEnergy Solutions
6.800%, 08/15/39		225		227
6.050%, 08/15/21		555		560
4.800%, 02/15/15		180		184
FPL Group Capital
5.350%, 06/15/13		280		301
Georgia Power
6.000%, 11/01/13		205		228
Jersey Central Power & Light
7.350%, 02/01/19		100		114


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Massachusetts Electric
5.900%, 11/15/39 (B)	$	55	$	56
MidAmerican Energy
5.300%, 03/15/18		200		206
MidAmerican Energy Holdings
5.750%, 04/01/18		615		649
Nevada Power
7.125%, 03/15/19		110		123
Nevada Power, Ser A
8.250%, 06/01/11		1,040		1,124
Niagara Mohawk Power
4.881%, 08/15/19 (B)		80		79
Nisource Finance
10.750%, 03/15/16		100		123
6.125%, 03/01/22		1,400		1,429
Northern States Power
5.350%, 11/01/39		19		18
Oncor Electric Delivery
6.800%, 09/01/18		460		511
Pacific Gas & Electric
5.400%, 01/15/40		42		40
Pacificorp
6.250%, 10/15/37		90		97
5.650%, 07/15/18		175		188
Progress Energy
6.850%, 04/15/12		144		156
PSEG Power
5.500%, 12/01/15		100		106
5.320%, 09/15/16 (B)		40		41
Public Service Electric & Gas MTN
5.375%, 11/01/39		28		27
Public Service of Oklahoma
5.150%, 12/01/19		33		33
Sempra Energy
8.900%, 11/15/13		180		209
Southwestern Public Service
8.750%, 12/01/18		90		110
Virginia Electric and Power
5.400%, 04/30/18		545		571

				13,458

Total Corporate Obligations (Cost $165,876) ($ Thousands)				172,099


ASSET-BACKED SECURITIES — 4.6%

Automotive — 0.4%
Ally Auto Receivables Trust, Cl A3
2.330%, 06/17/13 (B)		100		101
Bank of America Auto Trust, Cl A3
2.130%, 09/15/13 (B)		100		101
1.670%, 12/15/13 (B)		105		105
Bank of America Auto Trust, Cl A4
3.030%, 10/15/16 (B)		412		418
CitiFinancial Auto Issuance Trust, Cl A3
2.590%, 10/15/13 (B)		235		236
Daimler Chrysler Auto Trust, Ser 2008-B
1.165%, 07/08/11 (A)		6		7
Harley-Davidson Motorcycle Trust, Cl A4
5.220%, 06/15/13		100		103


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
3.320%, 02/15/17	$	217	$	220
2.540%, 04/15/17		210		210
Harley-Davidson Motorcycle Trust,
Ser 2008-1, Cl A3A
4.250%, 02/15/13		211		215
Harley-Davidson Motorcycle Trust,
Ser 2009-1, Cl A4
4.550%, 01/15/17		621		648
Hyundai Auto Receivables Trust, Cl A4
3.150%, 03/15/16		179		181
Nissan Auto Receivables Owner Trust, Ser 2009-A, Cl A4
4.740%, 08/17/15		146		155
Triad Auto Receivables Owner Trust, Ser 2006-B, Cl A3
5.410%, 08/12/11		38		38
Triad Auto Receivables Owner Trust, Ser 2006-C, Cl A3
5.260%, 11/14/11		0		—
USAA Auto Owner Trust, Cl A4
2.530%, 07/15/15		145		144
USAA Auto Owner Trust, Cl A3
1.540%, 02/18/14		140		139
World Omni Auto Receivables Trust, Ser 2009-A, Cl A4
5.120%, 05/15/14		150		160

				3,181

Credit Cards — 1.1%
BA Credit Card Trust, Cl A11
0.263%, 04/15/16 (A)		599		576
BA Credit Card Trust, Cl A4
0.273%, 11/15/19 (A)		2,146		1,957
Capital One Multi-Asset Execution Trust, Ser 2008-A3, Cl A3
5.050%, 02/15/16		1,213		1,302
Citibank Credit Card Issuance Trust, Cl A5
4.850%, 04/22/15		329		352
2.250%, 12/23/14		2,039		2,015
Discover Card Master Trust, Cl A1
1.533%, 12/15/14 (A)		344		346
Discover Card Master Trust I, Ser 2006-3, Cl A1
0.263%, 03/15/14 (A)		357		353
MBNA Master Credit Card Trust, Ser 1997-B , Cl A
0.393%, 08/15/14 (A)		701		687
Nordstrom Private Label Credit Card Master Note Trust, Cl A
0.293%, 05/15/15 (A) (B)		399		376
Target Credit Card Master Trust, Cl A
0.291%, 10/27/14 (A)		1,022		1,008

				8,972

Mortgage Related Securities — 1.7%
Aegis Asset Backed Securities Trust, Cl M1
0.881%, 12/25/34 (A)		1,423		1,159
0.771%, 03/25/35 (A)		1,555		1,419
Aegis Asset-Backed Securities Trust, Ser 2003-3, Cl M1
1.281%, 01/25/34 (A)		105		74


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Argent Securities, Ser 2003-W5, Cl M1
0.931%, 10/25/33 (A)	$	555	$	419
Asset Backed Securities Home Equity, Cl M1
0.721%, 07/25/35 (A)		1,391		1,234
Bear Stearns Asset-Backed Securities Trust, Ser 2007-HE2, Cl 1A1
0.331%, 03/25/37 (A)		1,254		1,114
Citigroup Mortgage Loan Trust, Cl A
0.641%, 12/25/33 (A) (B)		1,374		1,164
Contimortgage Home Equity Trust, Ser 1997-1, Cl A9
7.050%, 03/15/28		2		2
Contimortgage Home Equity Trust, Ser 1997-2, Cl A9
7.090%, 04/15/28		4		4
HFC Home Equity Loan Asset Backed Certificates, Cl APT
1.433%, 11/20/36 (A)		341		290
HFC Home Equity Loan Asset Backed Certificates, Cl M2
0.723%, 01/20/35 (A)		144		119
0.713%, 03/20/36 (A)		2,000		883
HFC Home Equity Loan Asset Backed Certificates, Cl A2F
5.600%, 03/20/36		200		203
HFC Home Equity Loan Asset Backed Certificates
0.383%, 03/20/36 (A)		137		120
HFC Home Equity Loan Asset Backed Certificates, Cl A1
0.503%, 01/20/35 (A)		115		105
0.393%, 01/20/36 (A)		446		389
IXIS Real Estate Capital Trust, Cl M2
0.966%, 06/25/35 (A)		1,259		1,157
Morgan Stanley ABS Capital I, Cl M1
0.981%, 01/25/35 (A)		100		96
Morgan Stanley Capital I, Ser 2003- NC8, Cl M1
1.281%, 09/25/33 (A)		1,745		1,288
Morgan Stanley Capital I, Ser 2007- HE2, Cl A2A
0.271%, 01/25/37 (A)		41		38
Morgan Stanley Home Equity Loans, Ser 2007-1, Cl A1
0.281%, 12/25/36 (A)		37		35
Option One Mortgage Loan Trust, Ser 2003-5, Cl M1
1.206%, 08/25/33 (A)		287		122
Residential Asset Securities, Cl AI4
0.601%, 09/25/35 (A)		1,300		1,192
Salomon Brothers Mortgage Securities VII, Cl A
3.450%, 04/25/32 (B)		213		175
Soundview Home Equity Loan Trust, Ser 2007-OPT1, Cl 2A1
0.311%, 06/25/37 (A)		1,153		937

				13,738

Other Asset-Backed Securities — 1.4%
CNH Equipment Trust, Cl A3
1.850%, 12/16/13		40		40


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Countrywide Asset-Backed Certificates, Ser 2005-4, Cl MV1
0.691%, 10/25/35 (A)	$	1,100	$	969
Dominos Pizza Master Issuer LLC, Ser 2007-1, Cl A2
5.261%, 04/25/37 (B)		385		330
Indymac Residential Asset Backed Trust, Cl 2A1
0.311%, 07/25/37 (A)		1,307		1,265
Mid-State Trust, Ser 11, Cl A1
4.864%, 07/15/38		1,113		995
SLC Student Loan Trust, Cl A4A
1.854%, 12/15/32 (A)		1,521		1,593
SLM Student Loan Trust, Cl A4
1.982%, 07/25/23 (A)		1,009		1,055
0.474%, 12/15/17 (A)		123		123
0.454%, 12/17/18 (A)		93		92
SLM Student Loan Trust, Cl A4L
0.404%, 09/17/18 (A)		100		99
SLM Student Loan Trust
1.382%, 10/25/16 (A)		220		223
SLM Student Loan Trust, Ser 2008-6, Cl A4
1.382%, 07/25/23 (A)		616		621
SLM Student Loan Trust, Ser 2008-8, Cl A4
1.932%, 07/25/22 (A)		345		360
Soundview Home Equity Loan Trust, Cl A4
0.531%, 11/25/35 (A)		1,575		1,311
Structured Asset Securities, Ser 2006- GEL4, Cl A1
0.351%, 10/25/36 (A) (B)		1,371		1,223
Structured Asset Securities, Ser 2007- BC2, Cl A2
0.321%, 03/25/37 (A)		1,275		1,195
Swift Master Auto Receivables Trust, Ser 2007-1, Cl A
0.333%, 06/15/12 (A)		207		205

				11,699

Total Asset-Backed Securities (Cost $36,816) ($ Thousands)				37,590


U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.5%
FHLB
2.500%, 10/05/10		4,040		4,051
1.500%, 03/30/10 to 05/10/10		4,340		4,343
0.070%, 02/05/10 (D)		10,675		10,674
0.050%, 02/12/10 (D)		17,850		17,849

Total U.S. Government Agency Obligations (Cost $36,905) ($ Thousands)				36,917

MUNICIPAL BONDS — 0.5%
Bay Area Toll Authority, RB
6.263%, 04/01/49		1,330		1,270
North Texas Tollway Authority, RB
6.718%, 01/01/49		385		400


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)

State of California, GO
7.550%, 04/01/39	$	235	$	228
7.300%, 10/01/39		2,055		1,935
State of Illinois, GO
5.100%, 06/01/33		60		50

Total Municipal Bonds (Cost $4,092) ($ Thousands)				3,883


CASH EQUIVALENT — 3.0%
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.100% *(E)		24,200,505		24,201


Total Cash Equivalent (Cost $24,201) ($ Thousands)				24,201

COMMERCIAL PAPER — 1.2%
BNP Paribas Finance
0.130%, 02/05/10		4,970		4,969
Rabobank USA Financial
0.130%, 02/04/10		4,845		4,845

Total Commercial Paper (Cost $9,814) ($ Thousands)				9,814


U.S. TREASURY OBLIGATIONS — 17.0%
U.S. Treasury Bond
8.875%, 08/15/17 to 02/15/19 (C)		15,377		20,976
8.750%, 05/15/17 to 08/15/20 (C)		5,925		8,017
8.500%, 02/15/20		50		69
8.000%, 11/15/21		3,670		4,998
7.500%, 11/15/16 (C)		1,300		1,638
7.125%, 02/15/23		176		226
6.750%, 08/15/26		250		315
6.500%, 11/15/26		200		247
6.375%, 08/15/27		50		61
6.291%, 05/15/24 (D)		200		101
6.125%, 11/15/27		450		536
5.375%, 02/15/31 (C)		3,314		3,662
4.523%, 05/15/29 (D)		100		39
4.500%, 08/15/39		1,859		1,817
4.472%, 02/15/24 (D)		75		38
4.375%, 11/15/39		537		514
4.338%, 08/15/24 (D)		500		248
4.250%, 05/15/39		386		362
3.951%, 05/15/20 (D)		200		129
3.500%, 02/15/39 (C)		2,707		2,217
3.279%, 11/15/16 (D)		200		157
U.S. Treasury Bond TIPS
2.000%, 01/15/16 (C)		2,000		2,300
1.750%, 01/15/28		4,000		3,958
U.S. Treasury Note
4.750%, 08/15/17 (C)		1,000		1,085
4.625%, 02/15/17 (C)		3,750		4,049
4.500%, 05/15/17		900		962
3.750%, 11/15/18 (C)		10,023		10,025
3.625%, 08/15/19 (C)		6,625		6,513
3.375%, 11/15/19 (C)		5,973		5,745
3.125%, 10/31/16 to 05/15/19 (C)		3,439		3,277


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)
2.750%, 11/30/16 to 02/15/19 (C)	$	3,897	$	3,599
2.625%, 06/30/14 to 02/29/16 (C)		9,244		9,202
2.125%, 11/30/14		3,576		3,491
1.875%, 06/15/12 to 02/28/14 (C)		5,659		5,566
1.375%, 10/15/12		315		313
1.125%, 06/30/11		2,653		2,664
1.000%, 07/31/11 to 09/30/11 (C)		8,032		8,034
0.875%, 05/31/11 (C)		6,999		7,007
U.S. Treasury STRIPS
4.568%, 05/15/36 (D)		100		28
4.397%, 08/15/20 (D)		1,350		856
4.333%, 11/15/20 (D)		1,050		656
4.302%, 02/15/32 (D)		100		34
4.283%, 02/15/17 (D)		3,660		2,841
4.060%, 02/15/22 (D)		100		58
3.724%, 08/15/17 (D)		500		377
3.666%, 11/15/17 (D)		1,550		1,149
3.421%, 02/15/18 (D)		725		530
2.773%, 05/15/14 (D)		5,200		4,663
2.662%, 02/15/15 (D)		100		87
2.473%, 02/15/14 (C) (D)		2,900		2,627
0.714%, 11/15/27 (D)		280		118

Total U.S. Treasury Obligations (Cost $139,158) ($ Thousands)				138,181


AFFILIATED PARTNERSHIP — 10.7%

SEI Liquidity Fund, L.P., 0.300% *(E) (F)		86,872,474		86,872


Total Affiliated Partnership (Cost $86,872) ($ Thousands)				86,872


Total Investments — 115.2% (Cost $926,978) ($ Thousands)@
			$	937,134

A summary of the open futures contracts held by the Fund at December 31, 2009, is as follows:


Type of Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized (Depreciation) ($ Thousands)
U.S. 10-Year
Treasury Note	40	Mar-2010	$	(111	)
U.S. 5-Year Treasury
Note	70	Apr-2010		(145	)

			$	(256	)

A summary of outstanding swap agreements held by the Fund at December 31, 2009, is as follows:

For information regarding the Fund’s policy regarding valuation of investments and other
significant accounting policies, please refer to the Fund’s most recent semi-annual and
annual financial statements.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands).


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS — 81.7%

Consumer Discretionary — 20.0%
Adelphia Communications (Escrow Security)
10.250%, 06/15/11 (B)	$	150	$	5
0.000%, 01/15/09 (B)		225		8
Adelphia Communications (Escrow Security), Ser B
0.000%, 02/15/04		25		1
Affinion Group
11.500%, 10/15/15		550		576
10.125%, 10/15/13		1,750		1,798
10.125%, 10/15/13		2,100		2,158
American Axle & Manufacturing Holdings
9.250%, 01/15/17 (A)		380		386
Ameristar Casinos
9.250%, 06/01/14 (A)		1,600		1,660
Amscan Holdings
8.750%, 05/01/14		2,845		2,802
Applebee’s Enterprises
6.427%, 12/20/37 (A)		3,650		3,285
ArvinMeritor
8.125%, 09/15/15		1,380		1,318
Ashtead Capital
9.000%, 08/15/16 (A)		2,835		2,839
Avis Budget Car Rental
7.750%, 05/15/16		680		636
7.625%, 05/15/14		1,595		1,515
Beazer Homes USA
12.000%, 10/15/17 (A)		1,260		1,373
8.625%, 05/15/11		1,060		1,033
8.375%, 04/15/12		40		38
6.500%, 11/15/13		1,480		1,169
Belo
8.000%, 11/15/16		1,080		1,110
Blockbuster
11.750%, 10/01/14 (A)		3,710		3,525
9.000%, 09/01/12		2,485		1,416
Boyd Gaming
7.125%, 02/01/16		1,445		1,257
Broder Brothers PIK
15.000%, 10/15/13 (A)		602		439
Brunswick
11.750%, 08/15/13		1,500		1,714
11.250%, 11/01/16 (A)		3,443		3,873
Burlington Coat Factory Investment Holdings
14.500%, 10/15/14 (E)		3,920		3,920
Burlington Coat Factory Warehouse
11.125%, 04/15/14		3,425		3,536
Cablevision Systems
8.625%, 09/15/17 (A)		2,305		2,400
Caesars Entertainment
8.125%, 05/15/11		1,424		1,424
7.875%, 03/15/10		600		597
Carrols
9.000%, 01/15/13		295		299
CCH II
13.500%, 11/30/16		3,836		4,517


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
CCO Holdings LLC
0.000%, 11/15/13 (B)	$	2,895	$	2,971
Cequel Communications Holdings I
8.625%, 11/15/17 (A)		1,355		1,369
Charter Communications Operating
8.000%, 04/30/12 (A)		350		360
0.000%, 04/30/14 (A) (B)		450		462
0.000%, 09/15/14 (A) (B)		3,180		3,562
Choctaw Resort Development Enterprise
7.250%, 11/15/19 (A)		998		661
Clear Channel Communications
10.750%, 08/01/16		1,200		942
Clear Channel Worldwide Holdings
9.250%, 12/15/17 (A)		2,840		2,925
9.250%, 12/15/17 (A)		900		918
Cleveland Unlimited
12.500%, 12/15/10 (A) (D)		4,304		4,175
Columbus International
11.500%, 11/20/14 (A)		1,040		1,092
Community Health Systems
8.875%, 07/15/15		1,640		1,698
CSC Holdings
8.625%, 02/15/19 (A)		2,200		2,368
Dana (Escrow Security)
0.000%, 03/01/09 (B)		350		9
0.000%, 03/01/29 (B)		850		21
0.000%, 03/15/08 (B)		100		2
0.000%, 03/15/28 (B)		200		5
Dave & Buster’s
11.250%, 03/15/14		1,879		1,949
Dex Media
63.720%, 11/15/13 (B)		600		152
Dex Media West, Ser B
8.500%, 08/15/10 (B)		1,050		1,134
0.000%, 08/15/13 (B)		2,500		787
DirecTV Holdings
6.375%, 06/15/15		1,505		1,563
DISH DBS
7.875%, 09/01/19		1,080		1,133
Dominos Pizza Master Issuer LLC, Ser 2007-1, Cl A2
5.261%, 04/25/37 (A)		1,169		1,002
DR Horton
6.000%, 04/15/11		630		641
Eastman Kodak
7.250%, 11/15/13		285		235
Easton-Bell Sports
9.750%, 12/01/16 (A)		1,805		1,870
Echostar DBS
7.750%, 05/31/15		4,830		5,059
7.125%, 02/01/16		2,015		2,058
El Dorado Casino Shreveport PIK
10.000%, 08/01/12		1,191		983
El Pollo Loco
11.750%, 12/01/12 (A)		2,000		2,075
Eye Care Centers of America
10.750%, 02/15/15		700		731
Fontainebleau Las Vegas Holdings
11.000%, 06/15/15 (A) (B)		3,125		31
Ford Motor
7.450%, 07/16/31		1,495		1,321


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Gaylord Entertainment
6.750%, 11/15/14	$	355	$	330
General Motors
7.700%, 04/15/16 (B)		1,212		315
GMAC LLC
6.875%, 09/15/11 (A)		3,451		3,399
Goodyear Tire & Rubber
10.500%, 05/15/16		215		237
8.625%, 12/01/11		837		868
Group 1 Automotive
8.250%, 08/15/13		200		199
Hanesbrands
8.000%, 12/15/16		2,254		2,296
Hanesbrands, Ser B
4.592%, 12/15/14 (D)		1,510		1,429
Harrah’s Operating
11.250%, 06/01/17 (A)		600		628
10.000%, 12/15/18 (A)		6,136		4,924
Harrahs Operating Escrow
11.250%, 06/01/17 (A)		6,825		7,141
Hertz
10.500%, 01/01/16		625		667
8.875%, 01/01/14		1,350		1,380
HSN
11.250%, 08/01/16		1,475		1,656
Inergy
8.750%, 03/01/15		845		868
Interpublic Group
10.000%, 07/15/17		450		499
Interpublic Group
2.440%, 11/15/10 (D)		262		257
Isle of Capri Casinos
7.000%, 03/01/14		1,345		1,197
Jarden
8.000%, 05/01/16		970		1,002
7.500%, 05/01/17		1,195		1,192
JC Penney
7.950%, 04/01/17		410		448
7.400%, 04/01/37		1,550		1,538
K Hovnanian Enterprises
10.625%, 10/15/16 (A)		570		596
Lamar Media
7.250%, 01/01/13		1,525		1,521
6.625%, 08/15/15		450		437
Landry’s Restaurants
11.625%, 12/01/15 (A)		2,439		2,585
Laureate Education
11.750%, 08/15/17 (A)		1,600		1,618
10.000%, 08/15/15 (A)		525		530
Levi Strauss
9.750%, 01/15/15		640		672
Liberty Media LLC
8.250%, 02/01/30		1,970		1,805
Lions Gate Entertainment
10.250%, 11/01/16 (A)		3,690		3,658
M/I Homes
6.875%, 04/01/12		545		514
Macy’s Retail Holdings
8.875%, 07/15/15		1,720		1,896
7.875%, 08/15/36		375		332
6.700%, 07/15/34		140		122
6.375%, 03/15/37		840		710


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
5.900%, 12/01/16	$	615	$	600
MDC Partners
11.000%, 11/01/16 (A)		2,960		3,078
MGM Mirage
13.000%, 11/15/13		50		57
11.375%, 03/01/18 (A)		205		183
11.125%, 11/15/17 (A)		840		930
10.375%, 05/15/14 (A)		620		673
8.375%, 02/01/11		25		24
7.625%, 01/15/17		1,960		1,524
7.500%, 06/01/16		4,725		3,685
6.875%, 04/01/16		1,870		1,426
6.750%, 04/01/13		825		712
6.625%, 07/15/15		325		253
5.875%, 02/27/14		1,485		1,190
Mohegan Tribal Gaming Authority
7.125%, 08/15/14		765		521
6.875%, 02/15/15		265		172
MTR Gaming Group
12.625%, 07/15/14 (A)		1,025		987
NCL
11.750%, 11/15/16 (A)		555		548
Neiman-Marcus Group
10.375%, 10/15/15		1,250		1,225
Neiman-Marcus Group PIK
9.000%, 10/15/15		1,696		1,658
Newell Rubbermaid
10.600%, 04/15/19		800		1,006
Nielsen Finance
11.625%, 02/01/14		260		292
11.500%, 05/01/16		205		229
Norcraft
10.500%, 12/15/15 (A)		550		564
Norcraft Holdings
9.750%, 09/01/12 (E)		571		548
OSI Restaurant Partners
10.000%, 06/15/15		3,715		3,278
Peninsula Gaming
10.750%, 08/15/17 (A)		1,100		1,106
8.375%, 08/15/15 (A)		1,100		1,097
Penn National Gaming
6.750%, 03/01/15		2,985		2,884
Penske Auto Group
7.750%, 12/15/16		2,000		1,935
Pinnacle Entertainment
7.500%, 06/15/15		1,425		1,311
Quebecor Media
7.750%, 03/15/16		4,285		4,274
Quebecor Media (Escrow Security)
0.000%, 03/15/16 (B) (C) (H) (I)		1,915		67
0.000%, 11/15/13 (B)		1,725		—
Quiksilver
6.875%, 04/15/15		1,340		1,099
QVC
7.500%, 10/01/19 (A)		3,755		3,830
Rental Services
9.500%, 12/01/14		4,845		4,851
RH Donnelley
11.750%, 05/15/15 (A) (B)		1,126		929
River Rock Entertainment Authority
9.750%, 11/01/11		2,565		2,418


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

RJ Tower
12.000%, 06/01/13 (B)	$	172	$	1
Royal Caribbean Cruises
11.875%, 07/15/15		900		1,041
7.250%, 06/15/16		1,045		1,010
7.000%, 06/15/13		685		683
6.875%, 12/01/13		915		899
RSC Equipment Rental
10.000%, 07/15/17 (A)		1,750		1,903
Salem Communications
9.625%, 12/15/16 (A)		1,056		1,106
Sally Holdings LLC
10.500%, 11/15/16		3,074		3,305
9.250%, 11/15/14		1,360		1,411
San Pasqual Casino
8.000%, 09/15/13 (A)		1,670		1,561
Sbarro
10.375%, 02/01/15		674		529
Sealy Mattress
10.875%, 04/15/16 (A)		30		33
8.250%, 06/15/14		3,166		3,166
Seminole Indian Tribe of Florida
5.798%, 10/01/13 (A)		1,665		1,602
Service International
7.375%, 10/01/14		1,570		1,578
6.750%, 04/01/15		855		838
Shingle Springs Tribal Gaming Authority
9.375%, 06/15/15 (A)		1,160		882
Simmons
10.000%, 12/15/09 (B)		5,625		450
7.875%, 01/15/14 (B)		3,725		3,427
Sinclair Broadcast Group
8.000%, 03/15/12		1,650		1,613
Sinclair Television Group
9.250%, 11/01/17 (A)		375		390
Sirius XM Radio
9.750%, 09/01/15 (A)		2,105		2,216
Speedway Motorsports
8.750%, 06/01/16		1,470		1,551
Stanadyne Holdings
12.000%, 02/15/15 (E)		1,575		1,087
Stanadyne Holdings, Ser 1
10.000%, 08/15/14		450		409
Standard Pacific Escrow
10.750%, 09/15/16 (A)		1,955		1,994
Starwood Hotels & Resorts Worldwide
7.875%, 10/15/14		535		572
6.750%, 05/15/18		1,660		1,664
Station Casinos
6.875%, 03/01/16 (B)		225		1
6.625%, 03/15/18 (B)		1,900		10
Steinway Musical Instruments
7.000%, 03/01/14 (A)		4,595		4,170
Sun Media
7.625%, 02/15/13		660		601
Tenneco
8.625%, 11/15/14		525		530
TL Acquisitions
10.500%, 01/15/15 (A)		2,730		2,611
Toys R Us Property I
10.750%, 07/15/17 (A)		550		602


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Travelport LLC
11.875%, 09/01/16	$	5,805	$	6,153
4.986%, 09/01/14 (D)		2,171		1,967
TRW Automotive
7.250%, 03/15/17 (A)		1,905		1,848
7.000%, 03/15/14 (A)		170		167
Turning Stone Resort Casino Enterprise
9.125%, 09/15/14 (A)		2,035		1,989
United Components
9.375%, 06/15/13		1,290		1,245
United Rentals North America
10.875%, 06/15/16		2,600		2,828
9.250%, 12/15/19		900		929
Univision Communications
12.000%, 07/01/14 (A)		1,502		1,654
9.750%, 03/15/15 (A)		1,700		1,490
UPC Holding
9.875%, 04/15/18 (A)		3,635		3,835
Vail Resorts
6.750%, 02/15/14		2,275		2,258
Videotron
9.125%, 04/15/18		800		880
6.875%, 01/15/14		2,160		2,171
Visant Holding
10.250%, 12/01/13 (E)		4,120		4,254
WMG Acquisition
9.500%, 06/15/16 (A)		2,160		2,314
Wynn Las Vegas
6.625%, 12/01/14		445		430
XM Satellite Radio
11.250%, 06/15/13 (A)		1,220		1,312
XM Satellite Radio Holdings
13.000%, 08/01/13 (A)		3,080		3,346
10.000%, 06/01/11		1,550		1,550

				287,587

Consumer Staples — 3.1%
Alliance One International
10.000%, 07/15/16 (A)		185		194
10.000%, 07/15/16 (A)		955		1,003
Bumble Bee Foods
7.750%, 12/15/15 (A)		575		576
Central Garden and Pet
9.125%, 02/01/13		1,220		1,237
Chiquita Brands International
8.875%, 12/01/15		1,435		1,464
Constellation Brands
8.375%, 12/15/14		485		517
7.250%, 09/01/16		1,020		1,035
7.250%, 05/15/17		1,000		1,014
Cott Beverages
8.375%, 11/15/17 (A)		2,385		2,462
Del Monte
7.500%, 10/15/19 (A)		215		221
Dole Food
13.875%, 03/15/14 (A)		876		1,053
8.000%, 10/01/16 (A)		320		325
Duane Reade
11.750%, 08/01/15		1,900		2,061
9.750%, 08/01/11		250		255
Fleming
0.000%, 04/01/08 (B)		1,010		—


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Ingles Markets
8.875%, 05/15/17	$	565	$	588
JBS USA
11.625%, 05/01/14 (A)		850		963
JohnsonDiversey Holdings
10.500%, 05/15/20 (A)		2,325		2,337
JohnsonDiversey Holdings
8.250%, 11/15/19 (A)		925		937
M-Foods Holdings
9.750%, 10/01/13 (A)		350		364
Pantry
7.750%, 02/15/14		3,600		3,456
Rite Aid
10.375%, 07/15/16		2,640		2,798
10.250%, 10/15/19 (A)		210		221
9.750%, 06/12/16		3,180		3,450
9.500%, 06/15/17		2,770		2,410
9.375%, 12/15/15		1,405		1,236
8.625%, 03/01/15		2,175		1,892
7.700%, 02/15/27		150		91
7.500%, 03/01/17		695		653
6.875%, 12/15/28 (A)		375		214
Smithfield Foods
10.000%, 07/15/14 (A)		1,185		1,286
7.750%, 07/01/17		20		18
7.750%, 05/15/13		1,350		1,309
Southern States Cooperative
10.500%, 11/01/11 (A)		1,500		1,504
Spectrum Brands
12.000%, 08/28/19		1,171		1,147
SuperValu
8.000%, 05/01/16		3,110		3,157
Tops Markets
10.125%, 10/15/15 (A)		1,165		1,200

				44,648

Energy — 8.3%
Allis-Chalmers Energy
8.500%, 03/01/17		3,595		3,109
Anadarko Petroleum
6.450%, 09/15/36		1,540		1,608
Antero Resources Finance
9.375%, 12/01/17 (A)		885		903
Aquilex Holdings
11.125%, 12/15/16 (A)		3,390		3,382
Arch Coal
8.750%, 08/01/16 (A)		2,580		2,728
Arch Western Finance
6.750%, 07/01/13		2,745		2,724
Atlas Energy Operating
12.125%, 08/01/17		2,870		3,257
10.750%, 02/01/18		1,705		1,884
Aventine Renewable Energy Holdings
0.000%, 04/01/17 (B)		2,750		2,475
Basic Energy Services
11.625%, 08/01/14		1,100		1,177
Bill Barrett
9.875%, 07/15/16		1,000		1,065
Chesapeake Energy
9.500%, 02/15/15		750		823
7.500%, 06/15/14		306		312
7.250%, 12/15/18		461		465
6.500%, 08/15/17		1,290		1,264


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Cie Generale de Geophysique-Veritas
9.500%, 05/15/16 (A)	$	2,685	$	2,873
7.750%, 05/15/17		175		174
7.500%, 05/15/15		300		298
Cloud Peak Energy Resources
8.500%, 12/15/19 (A)		365		372
8.250%, 12/15/17 (A)		615		615
Compton Petroleum Finance
7.625%, 12/01/13		935		746
Copano Energy
7.750%, 06/01/18		2,600		2,607
Denbury Resources
9.750%, 03/01/16		735		785
7.500%, 12/15/15		1,225		1,222
7.500%, 04/01/13		1,200		1,206
Drummond
9.000%, 10/15/14 (A)		1,090		1,143
Dynegy Holdings
8.375%, 05/01/16		850		807
7.750%, 06/01/19		1,850		1,605
7.625%, 10/15/26		1,115		769
7.500%, 06/01/15		2,400		2,244
El Paso
8.250%, 02/15/16		485		518
8.050%, 10/15/30		375		354
7.800%, 08/01/31		150		141
7.420%, 02/15/37		1,345		1,206
7.250%, 06/01/18		2,415		2,386
7.000%, 06/15/17		520		516
El Paso Performance-Linked Trust
7.750%, 07/15/11 (A)		200		205
Enterprise Products Operating
8.375%, 08/01/66 (D)		245		239
Forbes Energy Services
11.000%, 02/15/15		1,882		1,750
Forest Oil
8.500%, 02/15/14 (A)		75		78
8.000%, 12/15/11		585		610
7.750%, 05/01/14		970		982
7.250%, 06/15/19		2,075		2,049
General Maritime
12.000%, 11/15/17 (A)		635		661
Helix Energy Solutions Group
9.500%, 01/15/16 (A)		1,820		1,865
Hercules Offshore
10.500%, 10/15/17 (A)		1,125		1,187
Hilcorp Energy I
9.000%, 06/01/16 (A)		200		203
7.750%, 11/01/15 (A)		3,130		3,067
Holly
9.875%, 06/15/17 (A)		2,995		3,152
International Coal Group
10.250%, 07/15/14		1,165		1,120
Key Energy Services
8.375%, 12/01/14		1,230		1,233
Linn Energy
11.750%, 05/15/17 (A)		230		258
Mariner Energy
8.000%, 05/15/17		1,450		1,392
MarkWest Energy Partners
8.750%, 04/15/18		2,055		2,117


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

MarkWest Energy Partners, Ser B
6.875%, 11/01/14	$	925	$	883
McMoRan Exploration
11.875%, 11/15/14		3,250		3,331
Murray Energy
10.250%, 10/15/15 (A)		2,065		2,055
Newfield Exploration
7.125%, 05/15/18		325		328
6.625%, 04/15/16		555		557
OPTI Canada
9.000%, 12/15/12 (A)		405		414
8.250%, 12/15/14		2,325		1,915
7.875%, 12/15/14		1,345		1,103
Penn Virginia
10.375%, 06/15/16		400		436
Petrohawk Energy
10.500%, 08/01/14		2,100		2,294
PetroHawk Energy
9.125%, 07/15/13		1,571		1,642
7.875%, 06/01/15		1,760		1,778
Petroleum Development
12.000%, 02/15/18		1,850		1,908
Plains Exploration & Production
10.000%, 03/01/16		225		246
7.750%, 06/15/15		75		76
7.625%, 06/01/18		550		562
7.000%, 03/15/17		625		614
Pride International
8.500%, 06/15/19		625		722
Quicksilver Resources
11.750%, 01/01/16		2,760		3,133
8.250%, 08/01/15		395		405
7.125%, 04/01/16		1,625		1,515
Range Resources
7.500%, 05/15/16		650		668
Sabine Pass LNG L.P.
7.500%, 11/30/16		850		708
SandRidge Energy
9.875%, 05/15/16 (A)		1,030		1,084
8.750%, 01/15/20 (A)		2,515		2,515
8.625%, 04/01/15		825		825
Southwestern Energy
7.500%, 02/01/18		900		954
Stone Energy
8.250%, 12/15/11		2,420		2,411
Swift Energy
7.125%, 06/01/17		630		595
Targa Resources Partners
11.250%, 07/15/17 (A)		3,815		4,201
Tesoro
9.750%, 06/01/19		3,050		3,157
6.625%, 11/01/15		750		713
Valero Energy
10.500%, 03/15/39		1,950		2,505
Williams
8.750%, 01/15/20		75		90
8.125%, 03/15/12		125		137
7.875%, 09/01/21		125		144
7.750%, 06/15/31		375		411

				118,966

Financials — 12.0%


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
ALH Finance LLC
8.500%, 01/15/13	$	2,090	$	2,090
Alliant Holdings I
11.000%, 05/01/15 (A)		2,100		2,105
Allied Capital
6.625%, 07/15/11		3,385		3,208
6.000%, 04/01/12		950		853
American Financial Group
9.875%, 06/15/19		500		561
American General Finance MTN
5.375%, 10/01/12		275		221
4.875%, 07/15/12		1,725		1,414
0.504%, 12/15/11 (D)		2,915		2,368
BAC Capital Trust XIV
5.630%, 03/15/12 (D)		1,815		1,252
Bank of America
8.125%, 05/15/18 (D)		140		135
8.000%, 12/29/49 (D)		1,130		1,088
Buffalo Thunder Development Authority
9.375%, 12/15/14 (A) (B)		2,175		381
C5 Capital SPV
6.196%, 12/31/11 (A) (D)		455		312
Calfrac Holdings
7.750%, 02/15/15 (A)		2,850		2,764
Capital One Capital V
10.250%, 08/15/39		1,105		1,285
Cardtronics
9.250%, 08/15/13		560		576
9.250%, 08/15/13		1,445		1,487
Cemex Finance
9.500%, 12/14/16 (A)		4,330		4,536
CEVA Group
11.625%, 10/01/16 (A)		2,075		2,129
Chukchansi Economic Development Authority
4.024%, 11/15/12 (A) (D)		1,795		1,257
CIT Group MTN
5.800%, 07/28/11 (B)		1,040		800
5.650%, 02/13/17 (B)		2,740		2,039
5.600%, 04/27/11 (B)		980		756
5.000%, 02/13/14 (B)		2,050		1,541
0.078%, 07/28/11 (B)		1,000		760
CIT Group Funding of Delaware
10.250%, 05/01/16		28		28
10.250%, 05/01/13		11		11
10.250%, 05/01/17		39		39
10.250%, 05/01/15		17		17
10.250%, 05/01/14		17		17
Citigroup Capital XXI
8.300%, 12/21/57 (D)		545		525
City National Bank
9.000%, 08/12/19		3,384		3,384
City National Capital Trust I
9.625%, 02/01/40		2,150		2,284
Comerica Bank
5.200%, 08/22/17		1,000		927
Corporate Office Properties
3.500%, 09/15/26 ‡ (A)		230		223
Developers Diversified Realty
9.625%, 03/15/16 ‡		280		293
DI Finance
9.500%, 02/15/13		915		926


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

DuPont Fabros Technology
8.500%, 12/15/17 ‡ (A)	$	4,100	$	4,167
E*Trade Financial PIK
12.500%, 11/30/17		993		1,128
Felcor Lodging
10.000%, 10/01/14 ‡ (A)		1,130		1,140
FireKeepers Development Authority
13.875%, 05/01/15 (A)		3,450		3,916
Ford Motor Credit LLC
12.000%, 05/15/15		1,555		1,803
9.875%, 08/10/11		1,950		2,042
8.700%, 10/01/14		360		376
8.000%, 06/01/14		2,700		2,772
8.000%, 12/15/16		1,800		1,802
7.800%, 06/01/12		2,095		2,118
7.500%, 08/01/12		1,110		1,119
7.000%, 10/01/13		4,368		4,361
5.504%, 06/15/11 (D)		900		891
Fresenius US Finance II
9.000%, 07/15/15 (A)		300		330
Galaxy Entertainment Finance
9.875%, 12/15/12 (A)		1,560		1,560
Genworth Financial
8.625%, 12/15/16		700		726
6.150%, 11/15/66 (D)		2,800		1,981
Genworth Global Funding Trusts
0.414%, 12/15/10 (D)		820		808
0.412%, 05/15/12 (D)		1,180		1,099
GMAC LLC
8.000%, 11/01/31 (A)		3,035		2,731
6.875%, 08/28/12 (A)		1,120		1,098
6.750%, 12/01/14		2,713		2,577
6.625%, 05/15/12 (A)		1,204		1,180
6.000%, 12/15/11 (A)		995		975
HBOS MTN
5.375%, 11/29/49 (A)		1,220		988
HBOS Capital Funding
6.071%, 06/30/49 (A) (D)		2,070		1,345
Hellas Telecommunications II
6.881%, 01/15/15 (A) (B) (D)		2,250		67
Hexion US Finance
9.750%, 11/15/14		3,534		3,463
4.940%, 11/15/14 (D)		750		637
Host Marriott LP, Ser O
6.375%, 03/15/15 ‡		315		309
Host Marriott LP, Ser Q
6.750%, 06/01/16 ‡		2,595		2,582
HUB International Holdings
10.250%, 06/15/15 (A)		360		331
9.000%, 12/15/14 (A)		2,440		2,330
Hughes Network Systems
9.500%, 04/15/14		1,225		1,265
Icahn Enterprises
7.125%, 02/15/13		2,550		2,601
Inergy L.P.
8.250%, 03/01/16		285		289
6.875%, 12/15/14		225		222
ING Capital Funding Trust III
8.439%, 12/29/49 (D)		2,090		1,797
International Lease Finance MTN
6.625%, 11/15/13		545		439
6.375%, 03/25/13		325		267


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
5.625%, 09/20/13	$	900	$	706
5.550%, 09/05/12		355		296
5.350%, 03/01/12		105		91
5.250%, 01/10/13		675		551
Jefferies Group
8.500%, 07/15/19		2,065		2,257
JP Morgan Chase Capital XXV
6.800%, 10/01/37		70		70
KAR Holdings
8.750%, 05/01/14		870		897
LaBranche
11.000%, 05/15/12		1,555		1,495
Lehman Brothers Holdings MTN
6.875%, 05/02/18 (B)		2,750		571
5.625%, 01/24/13 (B)		825		173
Lincoln National
8.750%, 07/01/19		1,000		1,143
7.000%, 05/17/66 (D)		630		523
6.050%, 04/20/67 (D)		410		318
Lloyds Banking Group
6.267%, 11/14/16 (A) (D)		335		201
5.920%, 09/29/49 (A) (D)		505		303
Marlin Water Trust II
6.310%, 07/15/03 (A) (B)		4,200		3
MetLife
10.750%, 08/01/39		1,725		2,124
MetLife Capital Trust X
9.250%, 04/08/38 (A) (D)		4,650		5,255
National Life Insurance
10.500%, 09/15/39 (A)		990		1,031
National Money Mart
10.375%, 12/15/16 (A)		1,090		1,115
NCO Group
11.875%, 11/15/14		800		613
Nielsen Finance
10.000%, 08/01/14		840		876
4.458%, 08/01/16 (E)		545		497
Novelis
7.250%, 02/15/15		1,805		1,719
Nuveen Investments
10.500%, 11/15/15		8,825		8,009
5.500%, 09/15/15		780		539
Ohio Casualty
7.300%, 06/15/14		905		928
PHH
7.125%, 03/01/13		1,175		1,087
Pinnacle Foods Finance
10.625%, 04/01/17		775		806
9.250%, 04/01/15 (A)		1,855		1,883
PNC Preferred Funding Trust II
6.113%, 03/29/49 (A) (D)		1,070		754
Popular Capital Trust I
6.564%, 09/15/34		520		304
Protective Life
8.450%, 10/15/39		2,800		2,701
Rabobank Nederland
11.000%, 12/31/49 (A) (D)		1,060		1,292
Radian Group
7.750%, 06/01/11		1,815		1,599
Realogy
12.375%, 04/15/15		1,300		1,011
10.500%, 04/15/14		1,820		1,574


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Regency Energy Partners
8.375%, 12/15/13	$	420	$	435
Royal Bank of Scotland Group
7.640%, 09/29/17 (D)		1,685		910
Senior Housing Properties Trust
7.875%, 04/15/15 ‡		671		659
Smurfit Kappa Funding
7.750%, 04/01/15		1,820		1,749
Snoqualmie Entertainment Authority
9.125%, 02/01/15 (A)		975		517
4.680%, 02/01/14 (A) (D)		300		147
Symetra Financial
6.125%, 04/01/16 (A)		635		569
Torchmark
9.250%, 06/15/19		2,000		2,256
Unitrin
6.000%, 05/15/17		1,025		908
Universal City Development Partners
8.875%, 11/15/15 (A)		1,455		1,424
USB Capital IX
6.189%, 04/15/49 (D)		820		659
USI Holdings
9.750%, 05/15/15 (A)		2,369		2,159
Ventas Realty L.P.
9.000%, 05/01/12 ‡		675		705
7.125%, 06/01/15 ‡		391		391
6.750%, 04/01/17 ‡		850		822
Wind Acquisition Holdings Finance
12.250%, 07/15/17 (A)		978		963
Yankee Acquisition, Ser B
9.750%, 02/15/17		1,620		1,596
8.500%, 02/15/15		2,505		2,486
Zions Bancorporation
7.750%, 09/23/14		495		437
6.000%, 09/15/15		1,095		774
5.650%, 05/15/14		200		146
5.500%, 11/16/15		415		293

				172,544

Health Care — 5.9%
Accellent
10.500%, 12/01/13		820		789
Apria Healthcare Group
12.375%, 11/01/14 (A)		5,680		6,248
Bausch & Lomb
9.875%, 11/01/15		2,275		2,400
Biomet
11.625%, 10/15/17		4,035		4,459
10.375%, 10/15/17		6,345		6,884
10.000%, 10/15/17		3,025		3,286
Bio-Rad Laboratories
8.000%, 09/15/16 (A)		740		781
Catalent Pharma Solutions
9.500%, 04/15/15		5,664		5,112
Cooper
7.125%, 02/15/15		1,290		1,261
DJO Finance
10.875%, 11/15/14		4,235		4,468
HCA
9.875%, 02/15/17 (A)		160		177
9.625%, 11/15/16		8,531		9,235
9.250%, 11/15/16		1,000		1,076
8.500%, 04/15/19 (A)		2,160		2,327


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
7.875%, 02/15/20 (A)	$	3,100	$	3,228
Health Management Associates
6.125%, 04/15/16		1,880		1,763
Inverness Medical Innovations
9.000%, 05/15/16		5,040		5,166
Novasep Holding SAS
9.750%, 12/15/16 (A)		780		761
Phibro Animal Health
10.000%, 08/01/13 (A)		100		104
Psychiatric Solutions
7.750%, 07/15/15 (A)		525		495
7.750%, 07/15/15		3,040		2,941
ReAble Therapeutics Finance
11.750%, 11/15/14		1,617		1,678
Select Medical
7.625%, 02/01/15		1,645		1,596
Spheris
11.000%, 12/15/12		750		401
Surgical Care Affiliates
8.875%, 07/15/15 (A)		1,483		1,350
Talecris Biotherapeutics Holdings
7.750%, 11/15/16 (A)		1,935		1,964
Tenet Healthcare
10.000%, 05/01/18 (A)		95		106
9.250%, 02/01/15		2,350		2,503
8.875%, 07/01/19 (A)		370		400
7.375%, 02/01/13		560		561
United Surgical Partners International
8.875%, 05/01/17		250		258
United Surgical Partners International PIK
9.250%, 05/01/17		2,230		2,275
Universal Hospital Services
8.500%, 06/01/15		640		630
US Oncology
9.125%, 08/15/17		805		845
US Oncology Holdings
6.904%, 03/15/12 (D)		1,207		1,129
Vanguard Health Holding I
11.250%, 10/01/15 (E)		600		631
Vanguard Health Holding II
9.000%, 10/01/14		785		813
VWR Funding PIK
10.250%, 07/15/15		5,259		5,469

				85,570

Industrials — 8.6%
ACCO Brands
10.625%, 03/15/15 (A)		3,375		3,713
7.625%, 08/15/15		1,225		1,139
Actuant
6.875%, 06/15/17		2,000		1,902
Aleris International
0.000%, 12/15/16 (B)		1,800		9
Aleris International PIK
4.414%, 12/15/14 (B)		725		4
Alliant Techsystems
6.750%, 04/01/16		165		163
Allison Transmission
11.000%, 11/01/15 (A)		1,393		1,463
America West Airlines
8.057%, 07/02/20		2,359		2,144


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

America West Airlines, Ser 1999-1
7.930%, 01/02/19	$	337	$	307
American Airlines
13.000%, 08/01/16		2,110		2,353
American Axle & Manufacturing
7.875%, 03/01/17		660		558
Ames True Temper
10.000%, 07/15/12		560		508
4.284%, 01/15/12 (D)		1,345		1,224
Anixter
10.000%, 03/15/14		765		845
Aramark Services
8.500%, 02/01/15		350		360
Associated Materials
11.250%, 03/01/14 (D)		650		627
9.875%, 11/15/16 (A)		540		570
Atrium PIK
15.000%, 12/15/12 (A)		1,512		23
Baker & Taylor
11.500%, 07/01/13 (A)		950		512
Baldor Electric
8.625%, 02/15/17		1,055		1,079
BE Aerospace
8.500%, 07/01/18		1,100		1,166
Belden
9.250%, 06/15/19 (A)		245		259
Bombardier
8.000%, 11/15/14 (A)		540		561
Building Materials Corp of America
7.750%, 08/01/14		950		940
Case New Holland
7.750%, 09/01/13 (A)		925		946
Casella Waste Systems
11.000%, 07/15/14 (A)		170		184
9.750%, 02/01/13		1,030		1,017
Chart Industries
9.125%, 10/15/15		1,600		1,600
Clean Harbors
7.625%, 08/15/16		2,210		2,240
Coleman Cable
9.875%, 10/01/12		2,452		2,458
Complete Production Services
8.000%, 12/15/16		650		641
Continental Airlines
9.000%, 07/08/16		780		827
7.339%, 04/19/14		1,192		1,097
7.250%, 11/10/19		1,550		1,589
Cornell
10.750%, 07/01/12		315		322
Corrections Corp of America
7.750%, 06/01/17		445		458
CPM Holdings
10.625%, 09/01/14 (A)		885		934
Delta Air Lines
12.250%, 03/15/15 (A)		3,250		3,250
9.500%, 09/15/14 (A)		530		550
7.920%, 11/18/10		495		497
7.711%, 09/18/11		1,700		1,674
Delta Air Lines, Ser 2002-1, Cl C
7.779%, 01/02/12		489		470
Douglas Dynamics
7.750%, 01/15/12 (A)		3,192		3,000


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Dycom Investments
8.125%, 10/15/15	$	2,180	$	2,006
Esco
8.625%, 12/15/13 (A)		95		95
4.129%, 12/15/13 (A) (D)		245		223
General Cable
7.125%, 04/01/17		955		938
Geo Group
7.750%, 10/15/17 (A)		450		461
GeoEye
9.625%, 10/01/15 (A)		750		772
Global Aviation Holdings
14.000%, 08/15/13 (A)		1,610		1,600
Goodman Global Group
12.166%, 12/15/14 (A)		4,400		2,497
Harland Clarke Holdings
9.500%, 05/15/15		715		664
6.000%, 05/15/15 (D)		865		707
Intcomex
13.250%, 12/15/14 (A)		3,250		3,069
Interface
11.375%, 11/01/13		400		447
9.500%, 02/01/14		160		157
Interline Brands
8.125%, 06/15/14		570		573
Iron Mountain
8.375%, 08/15/21		630		651
K Hovnanian Enterprises
7.500%, 05/15/16		580		415
6.250%, 01/15/15		325		232
Kansas City Southern de Mexico
12.500%, 04/01/16		220		253
9.375%, 05/01/12		900		934
Koppers
7.875%, 12/01/19 (A)		2,010		2,030
L-3 Communications
5.875%, 01/15/15		950		949
L-3 Communications, Ser B
6.375%, 10/15/15		240		241
McJunkin Red Man
9.500%, 12/15/16 (A)		1,085		1,061
Meritage Homes
7.000%, 05/01/14		850		812
6.250%, 03/15/15		170		156
Mobile Mini
9.750%, 08/01/14		335		349
6.875%, 05/01/15		1,105		1,044
Navistar International
8.250%, 11/01/21		2,890		2,962
Nebraska Book
10.000%, 12/01/11 (A)		1,730		1,752
Neenah Foundary
9.500%, 01/01/17		400		206
Novelis
11.500%, 02/15/15 (A)		580		621
Quality Distribution
11.750%, 11/01/13 (A)		825		660
RailAmerica
9.250%, 07/01/17		932		991
RBS Global and Rexnord
11.750%, 08/01/16		1,255		1,242
9.500%, 08/01/14		100		100


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

9.500%, 08/01/14 (A)	$	2,331	$	2,337
Reynolds Group Issuer
7.750%, 10/15/16 (A)		6,590		6,738
Sabine Pass LNG
7.500%, 11/30/16 (A)		680		566
Seminole Indian Tribe of Florida
6.535%, 10/01/20 (A)		850		753
Sequa
11.750%, 12/01/15 (A)		1,585		1,474
ServiceMaster
10.750%, 07/15/15 (A)		4,125		4,290
7.450%, 08/15/27		1,500		1,074
7.250%, 03/01/38		1,195		801
7.100%, 03/01/18		645		504
Spirit Aerosystems
7.500%, 10/01/17 (A)		605		596
SPX
7.625%, 12/15/14		1,190		1,226
Susser Holdings
10.625%, 12/15/13		655		683
Terex
10.875%, 06/01/16		950		1,059
8.000%, 11/15/17		6,105		5,876
Thermadyne Holdings
9.500%, 02/01/14		860		814
Titan International
8.000%, 01/15/12		1,660		1,627
Trico Shipping
11.875%, 11/01/14 (A)		1,535		1,598
Trimas
9.750%, 12/15/17 (A)		555		545
Triumph Group
8.000%, 11/15/17 (A)		120		121
UAL Pass Through Trust Series 2000-1
8.030%, 07/01/11 (B)		563		721
UAL Pass Through Trust Series 2000-2
7.032%, 10/01/10		12		12
UCI Holdings
9.250%, 12/15/13 (D)		1,124		955
United Air Lines
10.400%, 11/01/16		1,535		1,618
9.750%, 01/15/17		3,655		3,728
9.125%, 01/15/12 (B)		1,075		—
7.811%, 10/01/49 (B)		2,371		3,177
7.186%, 04/01/11		96		97
United Air Lines, Ser 95A1
9.560%, 10/19/18 (B)		578		144
9.020%, 04/19/12 (B)		368		92
United Air Lines, Ser A
0.000%, 05/01/04 (B)		525		—
USG
9.750%, 08/01/14 (A)		1,590		1,697
6.300%, 11/15/16		1,155		1,034

				124,010

Information Technology — 5.1%
Activant Solutions
9.500%, 05/01/16		1,500		1,416
Advanced Micro Devices
8.125%, 12/15/17 (A)		235		234
Aeroflex
11.750%, 02/15/15		1,170		1,182


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Amkor Technology
9.250%, 06/01/16	$	3,150	$	3,347
7.750%, 05/15/13		1,500		1,524
Avaya
10.125%, 11/01/15 (A)		530		501
9.750%, 11/01/15 (A)		430		417
CC Holdings GS V
7.750%, 05/01/17 (A)		930		991
Compucom Systems
12.500%, 10/01/15 (A)		2,085		2,119
First Data
9.875%, 09/24/15		8,570		7,992
9.875%, 09/24/15		1,900		1,753
Flextronics International
6.500%, 05/15/13		567		568
6.250%, 11/15/14		1,479		1,457
Freescale Semiconductor
10.125%, 12/15/16		1,275		1,026
8.875%, 12/15/14		1,330		1,220
Freescale Semiconductor PIK
9.125%, 12/15/14		1,955		1,727
GXS Worldwide
9.750%, 06/15/15 (A)		7,435		7,305
Iron Mountain
8.750%, 07/15/18		1,020		1,058
JDA Software Group
8.000%, 12/15/14 (A)		2,890		2,948
NXP Funding LLC
10.000%, 07/15/13 (A)		489		502
7.875%, 10/15/14		3,120		2,831
Open Solutions
9.750%, 02/01/15 (A)		2,515		1,933
Sanmina-SCI
8.125%, 03/01/16		1,290		1,287
3.004%, 06/15/14 (A) (D)		1,250		1,147
Sensata Technologies
8.000%, 05/01/14		900		882
Smart Modular Technologies
5.790%, 04/01/12 (D)		670		630
Spansion
–%, 06/01/13 (A) (B)		490		495
Stream Global Services
11.250%, 10/01/14 (A)		3,480		3,519
Sungard Data Systems
10.250%, 08/15/15		5,445		5,799
9.125%, 08/15/13		320		328
SunGard Data Systems
10.625%, 05/15/15		1,555		1,712
Terremark Worldwide
12.000%, 06/15/17 (A)		2,475		2,735
Travelport
9.875%, 09/01/14		1,115		1,151
Unisys
14.250%, 09/15/15 (A)		1,470		1,713
12.750%, 10/15/14 (A)		6,695		7,733
Viasat
8.875%, 09/15/16 (A)		565		582

				73,764

Materials — 7.8%
AK Steel
7.750%, 06/15/12		2,200		2,222


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Algoma Acquisition
9.875%, 06/15/15 (A)	$	1,255	$	1,068
Ashland
9.125%, 06/01/17 (A)		3,265		3,583
Boise Paper Holdings
9.000%, 11/01/17 (A)		2,715		2,813
BWAY
10.000%, 04/15/14 (A)		3,620		3,828
C8 Capital SPV
6.640%, 12/31/14 (A) (D)		1,100		763
California Steel Industries
6.125%, 03/15/14		185		173
Cascades
7.875%, 01/15/20 (A)		1,320		1,340
Century Aluminum
7.500%, 08/15/14		880		821
Clearwater Paper
10.625%, 06/15/16 (A)		660		737
Crown Americas
7.750%, 11/15/15		360		373
7.625%, 05/15/17 (A)		445		462
Domtar
10.750%, 06/01/17		3,980		4,676
9.500%, 08/01/16		275		295
Dow Chemical
8.550%, 05/15/19		2,225		2,655
Evraz Group
9.500%, 04/24/18 (A)		625		622
8.875%, 04/24/13 (A)		500		500
FMG Finance Property Ltd.
10.625%, 09/01/16 (A)		2,515		2,782
Freeport-McMoRan Copper & Gold
8.375%, 04/01/17		5,615		6,148
Georgia-Pacific LLC
8.250%, 05/01/16 (A)		3,090		3,275
7.125%, 01/15/17 (A)		5,620		5,690
7.000%, 01/15/15 (A)		1,980		2,005
Glatfelter
7.125%, 05/01/16		990		984
Graham Packaging
9.875%, 10/15/14		3,653		3,726
8.250%, 01/01/17 (A)		250		247
Graphic Packaging International
9.500%, 06/15/17		2,240		2,374
Greif
7.750%, 08/01/19		155		158
Headwaters
11.375%, 11/01/14 (A)		2,320		2,418
Huntsman International
7.875%, 11/15/14		2,175		2,126
7.375%, 01/01/15		415		398
5.500%, 06/30/16 (A)		350		311
Innophos Holdings
9.500%, 04/15/12 (A)		725		736
International Paper
7.950%, 06/15/18		1,777		2,050
Intertape Polymer
8.500%, 08/01/14		710		608
MacDermid
9.500%, 04/15/17 (A)		1,610		1,610
Millennium America
7.625%, 11/15/26 (B)		175		34


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Momentive Performance Materials
12.500%, 06/15/14 (A)	$	520	$	572
Nalco
8.250%, 05/15/17 (A)		930		988
NewPage
11.375%, 12/31/14 (A)		3,285		3,318
10.000%, 05/01/12		1,275		912
Noranda Aluminium Acquisition PIK
4.524%, 05/15/15 (D)		2,493		1,935
Packaging Dynamics Finance
10.000%, 05/01/16 (A)		1,020		766
PE Paper Escrow GmbH
12.000%, 08/01/14 (A)		175		193
Plastipak Holdings
10.625%, 08/15/19 (A)		590		651
8.500%, 12/15/15 (A)		565		580
PolyOne
8.875%, 05/01/12		2,060		2,122
Pregis
12.375%, 10/15/13		1,694		1,641
Reichhold Industries
9.000%, 08/15/14 (A)		1,969		1,654
Rio Tinto Finance USA Ltd.
9.000%, 05/01/19		330		418
8.950%, 05/01/14		660		791
Ryerson
12.000%, 11/01/15		1,035		1,087
Sappi Papier Holding
6.750%, 06/15/12 (A)		775		742
Sealed Air
7.875%, 06/15/17 (A)		1,120		1,193
Smurfit-Stone Container
8.375%, 07/01/12 (B)		1,420		1,257
Solo Cup
10.500%, 11/01/13 (A)		790		841
8.500%, 02/15/14		1,530		1,496
Solutia
8.750%, 11/01/17		2,350		2,447
Steel Capital
9.750%, 07/29/13 (A)		245		247
Steel Dynamics
7.750%, 04/15/16		1,590		1,655
7.375%, 11/01/12		1,325		1,365
6.750%, 04/01/15		475		471
Teck Resources
10.750%, 05/15/19		2,055		2,456
10.250%, 05/15/16		2,205		2,569
Terra Capital
7.750%, 11/01/19 (A)		2,810		3,007
US Steel
6.650%, 06/01/37		1,230		989
6.050%, 06/01/17		780		745
Vedanta Resources
9.500%, 07/18/18 (A)		1,550		1,573
Verso Paper Holdings
11.500%, 07/01/14 (A)		1,280		1,408
9.125%, 08/01/14		2,970		2,836
Verso Paper Holdings
11.375%, 08/01/16		176		142
Viskase
9.875%, 01/15/18 (A)		1,075		1,083


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Vitro
9.125%, 02/01/17 (B)	$	2,270	$	976

				111,737

Telecommunication Services — 7.7%
Citizens Communications
6.625%, 03/15/15		980		953
Clearwire Communications
12.000%, 12/01/15 (A)		5,930		6,019
12.000%, 12/01/15 (A)		2,080		2,111
Cricket Communications
10.000%, 07/15/15		575		583
9.375%, 11/01/14		4,796		4,820
Crown Castle International
9.000%, 01/15/15		3,010		3,205
Digicel
12.000%, 04/01/14 (A)		1,500		1,665
Digicel Group
9.125%, 01/15/15 (A)		900		887
8.875%, 01/15/15 (A)		2,375		2,304
8.250%, 09/01/17 (A)		2,350		2,291
Frontier Communications
8.125%, 10/01/18		2,000		2,025
GCI
8.625%, 11/15/19 (A)		2,280		2,300
Global Crossing
12.000%, 09/15/15 (A)		1,125		1,235
Inmarsat Finance
7.375%, 12/01/17 (A)		2,125		2,173
Intelsat
9.250%, 06/15/16		350		361
Intelsat Bermuda
11.500%, 02/04/17 (A)		2,830		2,780
11.250%, 02/04/17 (A) (E)		3,340		3,348
Intelsat Jackson Holding
11.250%, 06/15/16		3,475		3,762
9.500%, 06/15/16		1,370		1,466
8.500%, 11/01/19 (A)		1,770		1,823
Intelsat Subsidiary Holding
8.875%, 01/15/15		1,875		1,941
8.875%, 01/15/15 (A)		1,950		2,008
iPCS PIK
3.733%, 05/01/14 (D)		2,451		2,084
Level 3 Financing
12.250%, 03/15/13		570		604
9.250%, 11/01/14		580		548
8.750%, 02/15/17		1,200		1,095
4.601%, 02/15/15 (D)		125		94
Lucent Technologies
6.450%, 03/15/29		465		333
MetroPCS Wireless
9.250%, 11/01/14		3,625		3,670
9.250%, 11/01/14		1,290		1,306
Nextel Communications
6.875%, 10/31/13		1,750		1,698
NII Capital
10.000%, 08/15/16 (A)		2,665		2,792
Nordic Telephone Holdings
8.875%, 05/01/16 (A)		2,785		2,945
Orascom Telecom Finance
7.875%, 02/08/14 (A)		2,000		1,810
PAETEC Holding
9.500%, 07/15/15		1,370		1,319


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
8.875%, 06/30/17	$	1,740	$	1,762
Qwest
7.500%, 10/01/14		555		577
7.250%, 10/15/35		1,200		1,056
7.250%, 09/15/25		1,035		957
6.875%, 09/15/33		225		198
Qwest Capital Funding
7.750%, 02/15/31		635		540
Qwest Communications International
7.250%, 02/15/11		1,505		1,513
Qwest Communications International, Ser B
7.500%, 02/15/14		1,120		1,124
SBA Telecommunications
8.250%, 08/15/19 (A)		1,435		1,521
8.000%, 08/15/16 (A)		360		376
Sprint Capital
8.750%, 03/15/32		3,640		3,431
8.375%, 03/15/12		1,900		1,976
6.900%, 05/01/19		4,305		3,961
6.875%, 11/15/28		300		249
Telcordia Technologies
10.000%, 03/15/13 (A)		2,185		1,945
4.034%, 07/15/12 (A) (D)		2,690		2,465
Telesat Canada
12.500%, 11/01/17		635		699
11.000%, 11/01/15		765		830
VIP Finance Ireland for Vimpel Communications
9.125%, 04/30/18 (A)		585		624
Virgin Media Finance PLC
9.500%, 08/15/16		2,540		2,727
8.375%, 10/15/19		1,800		1,852
West
11.000%, 10/15/16		2,555		2,670
9.500%, 10/15/14		1,000		1,015
Wind Acquisition Finance
11.750%, 07/15/17 (A)		2,013		2,199
10.750%, 12/01/09 (A)		2,335		2,498
Windstream
8.625%, 08/01/16		200		203
8.625%, 08/01/16		1,625		1,662
8.125%, 08/01/13		40		41

				111,029

Utilities — 3.2%
AES
9.750%, 04/15/16 (A)		1,620		1,774
8.000%, 10/15/17		1,310		1,351
7.750%, 03/01/14		50		51
Calpine Construction Finance
8.000%, 06/01/16 (A)		735		757
Calpine Generating
14.320%, 04/01/11 (B) (D)		1,600		208
Edison Mission Energy
7.625%, 05/15/27		1,400		948
7.500%, 06/15/13		605		569
7.200%, 05/15/19		1,650		1,250
7.000%, 05/15/17		3,467		2,739
Elwood Energy
8.159%, 07/05/26		859		790
Energy Future Holdings
10.875%, 11/01/17		3,220		2,632


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

6.500%, 11/15/24	$	1,055	$	496
Ferrellgas Partners
9.125%, 10/01/17 (A)		2,100		2,221
6.750%, 05/01/14		1,250		1,231
Mirant (Escrow Security)
0.000%, 07/15/04		450		4
0.000%, 10/15/49 (B)		50		—
Mirant Americas Generation LLC
8.500%, 10/01/21		3,607		3,427
Mirant North America LLC
7.375%, 12/31/13		1,970		1,948
North American Energy Alliance
10.875%, 06/01/16 (A)		1,100		1,169
NRG Energy
8.500%, 06/15/19		1,480		1,517
7.375%, 02/01/16		2,445		2,448
7.375%, 01/15/17		3,120		3,128
7.250%, 02/01/14		1,320		1,336
Orion Power Holdings
12.000%, 05/01/10		900		922
Public Service of New Mexico
7.950%, 05/15/18		2,600		2,722
Puget Sound Energy
6.974%, 06/01/67 (D)		905		797
Texas Competitive Electric Holdings
10.250%, 11/01/15		506		410
10.250%, 11/01/15		6,425		5,204
TXU, Ser P
5.550%, 11/15/14		815		578
TXU, Ser R
6.550%, 11/15/34		1,510		700
United Maritime Group
11.750%, 06/15/15 (A)		3,500		3,509

				46,836

Total Corporate Obligations (Cost $1,111,184) ($ Thousands)				1,176,691


LOAN PARTICIPATIONS — 8.9%

Affinion Group
8.273%, 03/01/12		4,505		4,099
Alion Science and Technology
9.500%, 02/06/13		1,990		1,841
Alliant Insurance Services
3.283%, 08/21/14		1,225		1,139
Alliant Insurance Services, Tranche C
8.000%, 08/21/14		698		697
Allison Transmission
3.040%, 08/07/14		94		87
3.030%, 08/07/14		67		62
2.990%, 08/07/14		236		217
American General Finance
5.100%, 07/14/10		185		171
4.100%, 07/14/10		950		878
0.000%, 07/14/10 (F)		345		317


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
0.000%, 07/15/10 (F)	$	200	$	184
Aspect Software, Term Loan A-1
3.250%, 07/11/11		1,763		1,657
Asurion, 2nd Lien
6.734%, 07/03/15		3,075		2,957
ATP Oil and Gas
11.750%, 12/26/13		39		38
11.250%, 12/26/13		699		679
9.000%, 12/26/13		69		67
BOC Edwards
2.243%, 05/31/14		2		1
Boston Generating, 2nd Lien
4.501%, 06/20/14		700		144
Boston Generating, Mezzanine
7.251%, 12/20/16		201		3
CDW
4.234%, 10/12/14		1,000		859
Central Parking
0.163%, 05/22/14		608		462
Central Parking, 1st Lien
2.563%, 05/22/14		1,437		1,092
Chester Downs
12.375%, 12/31/49		590		592
CIT Group, Tranche A
0.000%, 01/20/12 (F)		2,353		2,409
Claire’s Stores
3.032%, 05/27/14		2,747		2,216
0.000%, 05/29/14 (F)		1,160		936
Clear Channel Communications Term B Loan
0.000%, 01/28/16 (F)		375		306
Clearwire
0.000%, 07/03/12 (F)		1,681		1,669
DAE Aviation Holdings, Tranche B-1
4.040%, 07/31/14		125		114
DAE Aviation Holdings, Tranche B-1
4.040%, 07/31/14		235		213
DAE Aviation Holdings, Tranche B-2
4.030%, 09/27/14		351		319
4.000%, 09/27/14		1		1
Dana, Term B Loan
0.000%, 01/31/15 (F)		655		623
Dealer Computer Services
7.734%, 04/26/14		3,450		2,726
2.234%, 10/26/12		988		914
Dex Media West
7.000%, 10/24/14		600		552
Dex Media West
7.000%, 10/24/14		1,189		1,094
Dex Media West, Term Loan D-2
6.750%, 06/30/11		1,285		1,175
Federal Mogul
2.167%, 12/29/14		2,042		1,707
Federal Mogul, Term C Loan
2.167%, 12/28/15		1,042		872
First Data, Initial Tranche B-1
3.032%, 09/24/14		118		105
2.999%, 09/24/14		63		56
2.982%, 09/24/14		2,079		1,844
First Data, Initial Tranche B-2
3.001%, 09/24/14		17		15
2.999%, 09/24/14		310		275


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Flextronics International, Delayed Draw
2.484%, 10/01/14	$	796	$	750
Flextronics, Term Loan B-12
2.540%, 10/01/12		992		935
Ford Motor
3.510%, 12/14/11 (F)		1,068		913
Ford Motor, Revolving Credit
0.000%, 12/14/11 (I)		102		15
Freescale Semiconductor
12.500%, 12/15/14		3,527		3,610
2.005%, 12/01/13 (D)		500		436
Gambro Aktiebolag, 2nd Lien
0.000%, 05/24/16 (F)		922		779
Gambro Aktiebolag, Mezzanine
0.000%, 11/24/16 (F)		965		695
Georgia Pacific
2.283%, 12/20/12		214		207
2.256%, 12/20/12		36		35
Greektown Casino
0.000%, 12/03/12 (B) (F)		614		628
Greektown Casino, Incremental Term Loan
0.000%, 12/03/12 (B) (F)		36		37
Green Valley Ranch Gaming
0.000%, 02/16/14 (F)		898		621
Green Valley Ranch Gaming, 2nd Lien
3.504%, 08/06/14		2,000		400
Guitar Center
3.740%, 10/09/13		1,892		1,597
Harrah’s Operating
9.500%, 01/28/15		3,000		2,993
3.283%, 01/28/15		21		17
3.282%, 01/28/15		1,240		1,003
Hexion Specialty Chemicals, Term Loan C-1
2.563%, 05/05/13		2,482		2,169
Hexion Specialty Chemicals, Term Loan C-2
2.563%, 05/05/13		465		406
Iasis Healthcare
5.531%, 06/13/14		4,054		3,714
Ineos Group, Term Loan B-2
9.501%, 12/16/13		1,732		1,561
Ineos Group, Term Loan C-2
10.001%, 12/16/14		1,732		1,569
Infor Enterprise Solutions, 2nd Lien
0.000%, 03/02/14 (F)		781		551
Infor Enterprise Solutions, 2nd Lien
0.000%, 03/02/14 (F)		286		202
Infor Global Enterprise Solutions, Tranche 1
6.484%, 03/02/14		1,583		1,116
Infor Global Solutions
8.240%, 08/29/14		1,410		658
0.000%, 07/28/12 (F)		573		521
Infor Global Solutions, 2nd Lien
6.484%, 03/02/14		917		647
Intelsat Jackson Holding
2.734%, 02/01/14		2,100		1,841
Jacuzzi
2.531%, 02/14/14		598		408
2.504%, 02/14/14		1		1


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
0.151%, 02/07/14	$	14	$	10
0.000%, 02/15/14 (D) (F)		485		331
Landry’s Restaurants
9.000%, 05/13/11		1,691		1,698
Las Vegas Sands, Delayed Draw
2.010%, 05/17/14		304		266
Las Vegas Sands, Tranche B
2.010%, 05/17/14		1,487		1,299
Las Vegas Sands, Term B Loan
0.262%, 05/23/14 (D)		1,300		1,135
Lyondell Chemical
1.500%, 12/15/09		119		-5
1.500%, 04/06/10		591		-24
Lyondell Chemical Dutch, Tranche A
5.750%, 12/20/13		2		1
3.731%, 12/20/13		167		123
Lyondell Chemical, Dutch Revolving Credit Loan
3.731%, 12/20/13		73		54
Lyondell Chemical, German Tranche B-1
3.981%, 12/22/14		211		155
Lyondell Chemical, German Tranche B-3
3.981%, 12/22/14		211		155
Lyondell Chemical, New DIP
13.000%, 12/15/09		1,420		1,477
Lyondell Chemical, Primary Revolving Credit
3.731%, 04/30/14		275		203
Lyondell Chemical, Roll-Up DIP
5.793%, 12/15/09		1,333		1,378
Lyondell Chemical, Tranche A
3.731%, 12/20/13		525		386
Lyondell Chemical, Tranche B-2
3.981%, 12/22/14		211		155
Lyondell Chemical, U.S. Tranche B-1
7.000%, 12/20/14		915		673
Lyondell Chemical, U.S. Tranche B-2
7.000%, 12/22/13		915		673
Lyondell Chemical, U.S. Tranche B-3
3.731%, 12/22/14		915		673
Marisco Capital Management
7.000%, 12/14/13		6		4
5.063%, 12/14/13		519		336
Metroflag, 2nd Lien
14.000%, 01/06/09 (B)		300		—
Nuveen Investments
3.282%, 11/09/14		1,177		1,029
Nuveen Investments
3.281%, 11/09/14		1,163		1,016
Nuveen Investments, 2nd Lien
12.500%, 07/31/15		595		612
12.500%, 11/09/14		520		535
Open Link Financial
10.250%, 11/06/15		2,250		2,351
OSI Restaurant Partners
4.500%, 06/14/14		165		134
2.563%, 06/14/14		3,162		2,567
2.563%, 06/14/13		54		44


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

2.504%, 06/14/14 (D)	$	340	$	276
0.074%, 06/14/13		180		146
0.000%, 06/14/14 (F)		70		57
Penhall Holdings
9.631%, 04/01/12		832		33
PQ
6.740%, 06/14/14		1,297		1,111
ProQuest, 2nd Lien
6.040%, 02/09/15		100		93
6.010%, 02/09/15		1,100		1,023
Realogy, Tranche 1
3.284%, 10/13/13		495		438
Realogy, Tranche 2
3.287%, 10/13/13		532		471
Rexnord, Term B Loan
7.361%, 03/01/13		2,181		1,253
Reynold, 1st Lien
6.250%, 10/24/12		1,500		1,505
Rite Aid
9.500%, 06/01/15		2,510		2,590
0.000%, 06/04/14 (F)		520		537
Sabre, Initial Term Loan
2.494%, 09/30/14		588		528
2.484%, 09/30/14		495		445
2.481%, 09/30/14		147		132
Sensata Technologies
2.031%, 04/27/13		1,288		1,147
2.004%, 04/27/13		3		3
Sernson Communications, 2nd Lien
7.234%, 02/16/14		3,900		3,809
Servicemaster
2.760%, 10/17/14		144		130
2.740%, 10/17/14		536		483
Servicemaster, Delayed Draw
2.740%, 10/17/14		68		61
Simmons
7.351%, 02/15/12		1,657		25
7.313%, 02/15/12		1,227		18
Simmons Bedding, Tranche D
10.500%, 12/19/11		945		933
Sorenson Communications
15.000%, 06/30/14		3,317		3,104
0.000%, 06/30/14 (F)		475		445
Stallion Oilfield Service
2.530%, 06/12/13		2,467		2,233
Targa Resources, Term B Loan
0.000%, 02/09/16 (F)		1,500		1,146
Texas Competitive Electric Holdings, Term Loan B-2
3.751%, 10/10/14		141		114
3.735%, 10/10/14		10,879		8,809
Texas Competitive Electric Holdings, Term Loan B-3
3.753%, 10/10/14		3		2
3.751%, 10/10/14		2		2
3.735%, 10/10/14		379		306
Tronox DIP
0.000%, 06/01/10 (F)		865		876
Verint Systems
3.490%, 05/25/14		2,212		2,030
Wide Open West Finance
7.256%, 06/27/15		1,935		1,593


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Zuffa
7.500%, 06/18/15	$	1,750	$	1,733

Total Loan Participations (Cost $125,905) ($ Thousands)				128,503


COLLATERALIZED DEBT OBLIGATION — 2.9%

Financials — 2.9%
ACAS Business Loan Trust , Ser 2007- 2A , Cl A
0.673%, 11/18/09 (A) (D)		1,264		1,037
ACAS CLO, Ser 2007-1A, Cl A1J
0.594%, 04/20/21 (A) (D)		3,150		2,300
ARES CLO, Ser 2006-1A, Cl SUB
0.000%, 02/24/18 (A)		7,000		700
ARES CLO, Ser 2007-11A, Cl SUB
0.000%, 10/11/21 (A)		2		624
ARES CLO, Ser 2007-1A, Cl SUB
0.000%, 04/16/21 (A)		3,800		950
Babson CLO, Ser 2004-II, Cl SUB
0.000%, 11/15/16 (A)		17		476
Babson CLO, Ser 2007-2A, Cl INC
0.000%, 04/15/21 (A) (D)		2,500		100
Babson CLO, Ser 2007-2A, Cl D
1.984%, 04/15/21 (A) (D)		900		405
Battalion CLO, Ser 2007-1A, Cl E
4.534%, 07/14/22 (A) (D)		2,300		1,081
Battalion CLO, Ser 2007-I, Cl SUB
0.000%, 07/14/22 (A)		18		490
Capitalsource Advisors, Ser 2006-1A, Cl SUB
0.000%, 08/27/20 (A)		3,200		576
CIFC Funding, Ser 2006-1BA
1.081%, 12/22/20 (A) (D)		3,150		1,912
CIFC Funding, Ser 2007-2A
0.000%, 04/15/21 (A)		2,700		594
CIFC Funding, Ser 2007-3A, Cl B
1.532%, 07/26/21 (A) (D)		2,500		1,375
CIFC Funding, Ser 2007-IV
0.000%, 09/20/19		1,000		250
CIT CLO, Ser 2007-1A, Cl E
5.253%, 06/20/21 (D)		1,900		665
CIT CLO, Ser 2007-1A, Cl D
2.253%, 06/20/21 (A) (D)		2,800		1,260
Connecticut Valley Structured Credit CDO, Ser 2006-3A, Cl NOTE
0.000%, 03/23/23 (A)		2,200		6
Copper River CLO, Ser 2006-1A, Cl INC
0.000%, 01/20/21 (A) (D)		3,000		1,140
De Meer Middle Market CLO, Ser 2006-1A, Cl INC
0.000%, 10/20/18 (A)		3,366		1,279
De Meer Middle Market CLO, Ser 2006-1A, Cl B
0.684%, 10/20/18 (A) (D)		1,029		761
Denali Capital CLO VII, Ser 2007-1A, Cl INC
0.000%, 01/22/22 (A)		2,200		770
Duane Street CLO, Ser 2007-5A, Cl SN
0.000%, 10/14/21 (A)		3,300		231


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

Emporia Preferred Funding, Cl C
1.183%, 04/23/21 (A) (D)	$	2,708	$	1,489
Gale Force CLO, Ser 2007-4A, Cl E
6.669%, 12/15/17 (B) (D)		1,100		528
Gale Force CLO, Ser 2008-4A, Cl INC
2.810%, 12/15/17 (D)		15		532
Gleneagles CLO, Ser AI
0.000%, 11/01/17 (D)		7		195
Greenbriar CLO, Ser 2007-1A , Cl D
3.031%, 11/01/21 (A) (B) (D)		4,019		1,286
Harch CLO, Ser 2007-1A, Cl C
1.031%, 04/17/20 (A) (D)		750		488
Hudson Straits CLO, Ser 2004-1A, Cl B
1.034%, 10/15/16 (A) (D)		2,100		1,611
ING Investment Management I CLO
0.000%, 12/01/17 (A) (D)		13		1,875
ING Investment Management II CLO
0.000%, 08/01/20 (A) (D)		6		840
Lightpoint CLO, Ser 2006-4A, Cl INC
0.000%, 04/15/18 (A)		2,500		175
Marathon CLO, Ser 2005-2A, Cl INC
0.000%, 12/20/19 (A)		3,000		210
Marlborough Street CLO, Ser 2007-1A, Cl INC
0.000%, 04/18/19 (A)		2,400		192
Peritus I CDO, Ser 2005-1A, Cl C
9.000%, 05/24/15 (A) (B)		12,701		4,699
Sands Point Funding, Ser 2006-1A, Cl C
1.084%, 07/18/20 (A) (D)		2,240		1,232
Stanfield Bristol CLO, Ser 2005-1A, Cl SUB
0.000%, 10/15/19 (A)		6,300		315
Stanfield Daytona CLO
0.000%, 04/27/21		32		1,024
Stanfield Veyron CLO, Ser 2006-1A, Cl SUB
0.000%, 07/15/18		2,300		230
Telos CLO, Ser 2006-1A, Cl A2
0.684%, 10/11/21 (A) (D)		2,125		1,466
Tralee CDO, Ser 2007-1A, Cl SUB
0.000%, 04/16/22 (A)		2,700		135
Venture CDO, Ser 2006-7A, Cl A1B
0.614%, 01/20/22 (A) (D)		2,054		1,682
Waterfront CLO, Ser 2007-1A, Cl A2
0.684%, 08/02/20 (A) (D)		2,362		1,795


Total Collateralized Debt Obligation (Cost $91,985) ($ Thousands)				40,981


CONVERTIBLE BONDS — 0.7%
ADC Telecommunications CV to
37.0336
3.500%, 07/15/15		750		572
Advanced Micro Devices CV to
35.6125
6.000%, 05/01/15		545		490
Beazer Homes CV to 19.4400
4.625%, 06/15/24		443		411


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Century Aluminum CV to 32.7430
1.750%, 08/01/24	$	165	$	158
Hologic CV to 25.9110
2.000%, 12/15/37 (E)		1,295		1,106
Horizon Lines CV to 26.9339
4.250%, 08/15/12		575		467
L-1 Identity Solutions CV to 31.25
3.750%, 05/15/27		640		577
Leap Wireless International CV to
10.729
4.500%, 07/15/14		720		596
Level 3 Communications CV to
251.0040
5.250%, 12/15/11		340		323
Liberty Media CV to 16.7764
3.750%, 02/15/30		540		270
Liberty Media CV to 22.94686
4.000%, 11/15/29		375		192
Lions Gate Entertainment CV to 86.9565
2.938%, 10/15/24		1,124		1,076
Mirant
0.000%, 07/15/49 (B)		1,150		—
Mirant CV to 14.7167
0.000%, 06/15/21 (B)		2,200		4
Morgans Hotel Group CV to 37.1903
2.375%, 10/15/14		1,275		834
NII Holdings CV to 8.4517
3.125%, 06/15/12		3,000		2,752
Omnicare CV to 12.5423
3.250%, 12/15/35		875		712


Total Convertible Bonds (Cost $9,641) ($ Thousands)				10,540


PREFERRED STOCK — 0.6%
Axis Capital Holdings		13		1,011
BlackRock Insured Municipal Income Trust *		14		1,169
BlackRock Municipal Income Trust *		13		1,126
BlackRock MuniVest Fund *		13		1,084
BlackRock MuniYield Insured Fund *		11		893
CIFC Funding, Ser 2006-II *
0.000%, 03/01/21 (A)		3,000		900
CIFC Funding, Ser 2006-I, Cl I
0.000%, 10/20/20 (A)		2,300		345
Dana, Ser B *		548		345
GMAC (A)		1		458
Peritus I CDO, Ser 2007-1A *		3,750		187
Rockwall Investors *
0.000%, 08/01/21 (A)		4,000		40
Whitehorse II
0.000%, 06/15/17 (A)		30		750


Total Preferred Stock (Cost $12,608) ($ Thousands)				8,308


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)

COMMON STOCK — 0.2%
Broder Bros. * (C) (H) (I)	$	56,668	$	35
Dana Holding *		64,570		700
Delta Air Lines *		264		3
Federal Mogul, Cl A *		31,827		551
Shreveport Gaming Holdings		13,948		244
Solutia *		186		2
Spectrum Brands *		28,614		644
VSS AHC, Cl A * (H) (I)		38,453		458
Winn-Dixie Stores *		8,445		85
World Color Press *		23,326		215


Total Common Stock (Cost $5,353) ($ Thousands)				2,937


	Number of Warrants
WARRANTS — 0.0%
Atrium, Expires *		706		—
Grande Communications, Expires 2011 *		850		—
World Color Press, Expires 2014 *		26,438		86


Total Warrants (Cost $459) ($ Thousands)				86


AFFILIATED PARTNERSHIP — 0.0%
SEI Liquidity Fund, L.P., 0.300%** †† (G)		6,053		6


Total Affiliated Partnership (Cost $6) ($ Thousands)				6


CASH EQUIVALENT — 4.6%
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.100%** ††		66,323,661		66,324


Total Cash Equivalent (Cost $66,324) ($ Thousands)				66,324


Total Investments — 99.6% (Cost $1,423,465) ($ Thousands) @			$	1,434,376

A summary of outstanding swap agreements held by the Fund at December 31, 2009, is as follows:

For information regarding the Fund’s policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent semi-
annual and annual financial statements.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):


Description	Shares/Face Amount ($ Thousands)		Market Value ($ Thousands)

U.S. TREASURY OBLIGATIONS — 97.9%
U.S. Treasury Bonds TIPS
3.500%, 01/15/11	$	2,950	$	3,801
3.375%, 01/15/12		4,665		6,074
3.000%, 07/15/12		10,945		14,148
2.375%, 04/15/11		8,675		9,727
2.000%, 04/15/12 to 07/15/14 (A)		33,880		40,427
1.875%, 07/15/13		12,145		15,055
1.250%, 04/15/14		8,600		9,079
0.625%, 04/15/13		8,125		8,450


Total U.S. Treasury Obligations (Cost $104,609) ($ Thousands)				106,761


CASH EQUIVALENT — 1.4%
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.100% *(C)		1,489,969		1,490

Total Cash Equivalent (Cost $1,490) ($ Thousands)				1,490


AFFILIATED PARTNERSHIP — 13.3%
SEI Liquidity Fund, L.P., 0.300%* (B) (C)		14,471,748		14,472

Total Affiliated Partnership (Cost $14,472) ($ Thousands)				14,472


Total Investments — 112.6% (Cost $120,571) ($ Thousands) @			$	122,723

Percentages are based on a Net Assets of $109,012 ($ Thousands).

*	Rate shown is the 7-day effective yield as of December 31, 2009.

(A)	This security or a partial position of this security is on loan at December 31, 2009. The total value of securities on loan at December 31, 2009 was $12,250 ($ Thousands).

(B)	This security was purchased with cash collateral held from securities on loan. The total market value of such securities as of December 31, 2009, was $14,472 ($ Thousands).

(C)	Investment in Affiliated Security.

Cl — Class

L.P. — Limited Partnership

TIPS — Treasury Inflation Protected Security

@	At December 31, 2009, the tax basis cost of the Fund’s investments was $120,571 ($ Thousands), and the unrealized appreciation and depreciation were $2,199 ($ Thousands) and $(47) ($ Thousands) respectively.

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s investments carried at value ($ Thousands):

(a) The certifying officers, whose certifications are included herewith, have evaluated the Registrant’s disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the Registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the Registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting.

(a) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

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.

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.


1		SEI Institutional Managed Trust / Quarterly Report / December 31, 2009


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock		1,792,515		—		—		1,792,515
Affiliated Partnership		—		249,957		—		249,957
Cash Equivalent		42,551		—		—		42,551
U.S. Treasury Obligations		—		5,643		—		5,643

Total Investments in Securities	$	1,835,066	$	255,600	$	—	$	2,090,666


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures*	$	231	$	—	$	—	$	231


	Number of Shares	Acquisition Date	Right to Acquire Date	Cost ($ Thousands)		Market Value ($ Thousands)		% of Net Assets
Verde Realty PIPE	21,100	02/16/07	02/16/07	$	696	$	445	0.08	%


	Investments in Common Stock
Beginning balance as of October 1, 2009	$	445
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		—
Net transfer in and/or out of Level 3		—

Ending balance as of December 31, 2009	$	445

Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	—


	Face Amount ($ Thousands)	Acquisition Date	Right to Acquire Date	Cost ($ Thousands)		Market Value ($ Thousands)		% of Net Assets
Rentech Warrant	19,400	04/20/07	04/20/07	$	—	$	4	0.00	%
Titanium Asset Management PIPE	140,900	06/14/07	06/14/07		845		420	0.10
Value Creation	145,600	08/10/06	08/10/06		1,491		15	0.01

				$	4,104	$	439	0.11	%


	Investments in Common Stock
Beginning balance as of October 1, 2009	$	571
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		(139	)
Net purchases/sales		—
Net transfer in and/or out of Level 3		(12	)

Ending balance as of December 31, 2009	$	420


	Number of Shares	Acquisition Date	Right to Acquire Date	Cost ($ Thousands)		Market Value ($ Thousands)		% of Net Assets

Scorpio Mining PIPE	52,300	10/05/09	10/05/09		45		46	0.02

Titanium Asset PIPE	15,400	10/05/09	10/05/09		61		46	0.02


				$	106	$	92	0.04	%


	Preferred Stock			Common Stock			Corporate Obligation
Beginning balance as of October 1, 2009	$	—		$	—		$	—
Accrued discounts/premiums		—			—			—
Realized gain/(loss)		—			—			—
Change in unrealized appreciation/(depreciation)		(14	)		(15	)		1
Net purchases/sales		580			61			45
Net transfer in and/or out of Level 3		—			—			—

Ending balance as of December 31, 2009	$	566		$	46		$	46

Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	—		$	—		$	—


	Asset-Backed Securities		Loan Participations
Beginning balance as of October 1, 2009	$	425	$	29
Accrued discounts/premiums		—		(3	)
Realized gain/(loss)		—		—
Change in unrealized appreciation/(depreciation) Net purchases/sales		129		6 1
Net transfer in and/or out of Level 3		—		—

Ending balance as of December 31, 2009	$	554	$	33

Changes in unrealized gains/(losses) included in earnings related to securities held at the reporting date	$	129	$	6


Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pays)/Receives Rate		Termination Date	Notional Amount (Thousands)			Net Unrealized Appreciation (Depreciation) ($Thousands)
Bank of America	CMBX-NA-AJ 1 Index	BUY	(0.84	)%	10/12/52	$	6,325		$	(2,210	)
Bank of America	CMBX-NA-AJ 1 Index	BUY	(0.84	)	10/12/52		2,750			(986	)
Bank of America	CMBX-NA-AJ 1 Index	BUY	(0.84	)	10/12/52		5,715			(1,996	)
Bank of America	CMBX-NA-AJ 1 Index	BUY	(0.84	)	10/12/52		2,900			(1,039	)
Barclays Bank PLC	ABX.HE.PENAAA 07-2 Index	SELL	0.76		01/25/38		(2,500	)		64
Barclays Bank PLC	ABX.HE.PENAAA 07-2 Index	SELL	0.76		01/25/38		(2,000	)		69
Barclays Bank PLC	CMBX-NA-AJ 1 Index	BUY	(0.84	)	10/12/52		2,590			(942	)
Citigroup	ABX.HE.AAA 06-2 Index	SELL	0.11		05/25/46		(1,340	)		(241	)
Citigroup	ABX.HE.AAA 07-1 Index	SELL	0.09		08/25/37		(5,795	)		(2,817	)
Citigroup	ABX.HE.PENAAA 07-2 Index	SELL	0.76		01/25/38		(2,900	)		189


20		SEI Institutional Managed Trust / Annual Report / December 31, 2009


Counterparty	Fund Pays		Fund Receives	Termination Date	Notional Amount (Thousands)		Net Unrealized Appreciation (Depreciation) ($Thousands)
Goldman Sachs	4.21	%	10-YR CMS	05/25/10	$	7,500,000	$	31
JPMorgan Chase Bank	2.91	%	3-Month LIBOR	02/28/14		44,100,000		(469	)

							$	(438	)


	Corporate Obligations			Mortgage- Backed Securities			Swaptions
Beginning balance as of October 1, 2009	$	3,150		$	4,779		$	(2,359	)
Accrued discounts/premiums		—			21			—
Realized gain/(loss)		—			56			296
Change in unrealized appreciation/(depreciation)		—			(146	)		80
Net purchases/sales		—			1,954			70
Net transfer in and/or out of Level 3		(3,150	)		—			—

Ending balance as of December 31, 2009	$	—		$	6,664		$	(1,913	)

Changes in unrealized gains/(losses) included in earnings related to securities held at reporting date	$	—		$	(219	)	$	103


WRITTEN CREDIT DERIVATIVE CONTRACTS	SINGLE NAME CDS				CDS ON AN INDEX
Reference Asset	Corporate Debt			Sovereign Debt	Asset Backed Securities			Corporate Debt			Total
Fair value of written credit derivatives	$	183,949		—	$	(27,997,976	)	$	482,296		$	(27,331,731	)
Maximum potential amount of future payments	$	(4,280,000	)	—	$	(40,225,229	)	$	(3,286,644	)	$	(47,791,873	)
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)(1)		—		—		—			—			—

Collateral held by the Partnership or other third parties which the Partnership can obtain upon occurrence of triggering event		—		—		—			—			—


	0-6 months	6-12 months			1-5 years			5-10 years	> 10 Years			Total
Current credit spread* on underlying (in basis points)
0 - 1000	—	$	(1,480,000	)	$	(6,086,644	)	—		—		$	(7,566,644	)
1001 - 2500	—		—			—		—		—			—
2501 - 4000	—		—			—		—	$	(14,635,319	)	$	(14,635,319	)
4001 - 5500	—		—			—		—	$	(15,650,000	)	$	(15,650,000	)
> than 5500	—		—			—		—	$	(9,939,910	)	$	(9,939,910	)

Total	—	$	(1,480,000	)	$	(6,086,644	)	—	$	(40,225,229	)	$	(47,791,873	)


	Mortgage-Backed Securities
Beginning balance as of October 1, 2009	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		250
Net transfer in and/or out of Level 3		—

Ending balance as of December 31, 2009	$	250

Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	—


	Corporate Obligations			Collateralized Debt Obligations			Convertible Bonds		Preferred Stock		Common Stock		Loan Participations
Beginning balance as of October 1, 2009	$	3,544		$	36,616		$	4	$	—	$	279	$	20,916
Accrued discounts/premiums		31			(358	)		—		—		—		—
Realized gain/(loss)		693			(2,537	)		—		—		—		3,725
Change in unrealized appreciation/(depreciation)		2,238			(976	)		—		1,016		—		(3,570	)
Net purchases/sales		(127	)		4,006			—		5,823		—		(6,408	)
Net transfer in and/or out of Level 3		—			4,230			—		—		458		(7,722	)

Ending balance as of December 31, 2009	$	6,379		$	40,981		$	4	$	6,839	$	737	$	6,941


(Registrant)		SEI Institutional Managed Trust

By (Signature and Title)		/S/ ROBERT NESHER
		Robert A. Nesher, President & CEO

Date: February 25, 2010