-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GqOTwXlF2odnktxGlLif/ADcTq3FRZRYGkDm9+CihsJSv6ELeEdwklrpRJGPfxfx eP0Tecy4aSWtYqFKXnT4dg== 0000009713-08-000026.txt : 20080401 0000009713-08-000026.hdr.sgml : 20080401 20080331183919 ACCESSION NUMBER: 0000009713-08-000026 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080131 FILED AS OF DATE: 20080401 DATE AS OF CHANGE: 20080331 EFFECTIVENESS DATE: 20080401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRINCIPAL INVESTORS FUND INC CENTRAL INDEX KEY: 0000898745 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07572 FILM NUMBER: 08726823 BUSINESS ADDRESS: STREET 1: PRINCIPAL FINANCIAL GROUP STREET 2: 711 HIGH STREET CITY: DES MOINES STATE: IA ZIP: 50392-2080 BUSINESS PHONE: 515-247-5476 MAIL ADDRESS: STREET 1: PRINCIPAL FINANCIAL GROUP STREET 2: 711 HIGH STREET CITY: DES MOINES STATE: IA ZIP: 50392-2080 FORMER COMPANY: FORMER CONFORMED NAME: PRINCIPAL SPECIAL MARKETS FUND INC DATE OF NAME CHANGE: 19930714 0000898745 S000006952 Bond & Mortgage Securities Fund C000018956 Advisors Signature Class PBOMX C000018957 Advisors Select Class PBMNX C000018958 Advisors Preferred Class PBMMX C000018959 Preferred Class PBMPX C000018960 Select Class PBMSX C000018961 Institutional Class PMSIX C000018962 J Class PBMJX C000018963 A Class PRBDX C000018964 B Class PROBX C000038772 Class C PBMCX 0000898745 S000006991 Disciplined LargeCap Blend Fund C000019044 Advisors Select Class PDCAX C000019045 Advisors Preferred Class PDAPX C000019046 Preferred Class PDPBX C000019047 Select Class PDCSX C000019048 Advisors Signature Class PDSLX C000019049 Institutional Class PILBX C000019050 Class A PRMGX C000019051 Cass B PBABX C000038773 Class C PDCCX 0000898745 S000006992 Diversified International Fund C000019052 Advisors Signature Class PDVIX C000019053 Advisors Select Class PINNX C000019054 Advisors Preferred Class PINRX C000019055 Preferred Class PINPX C000019056 Select Class PINLX C000019057 Institutional Class PIIIX C000019058 Class J PIIJX C000019059 Class A PRWLX C000019060 Class B PRBWX C000038774 Class C PDNCX 0000898745 S000006994 Government & High Quality Bond Fund C000019063 Advisors Signature Class PGSHX C000019064 Advisors Select Class PGSNX C000019065 Advisors Preferred Class PGSRX C000019066 Preferred Class PGSPX C000019067 Select Class PGSSX C000019068 Institutional Class PGVIX C000019069 Class J PGVJX C000019070 Class A PRGVX C000019071 Class B PGVBX C000038775 Class C PGQCX 0000898745 S000006995 High Quality Intermediate-Term Bond Fund C000019072 Advisors Signature Class PHSIX C000019073 Institutional Class HUIIX C000019074 Advisors Select Class PHINX C000019075 Advisors Preferred Class PHIRX C000019076 Preferred Class PHIPX C000019077 Select Class PHISX C000019078 Class J PHIJX 0000898745 S000006996 High Yield Fund C000019079 Institutional Class PYHIX 0000898745 S000006997 Inflation Protection Fund C000019080 Advisors Select Class PBSAX C000019081 Advisors Preferred Class PIFPX C000019082 Preferred Class PBPPX C000019083 Select Class PIFSX C000019084 Advisors Signature Class PISPX C000019085 Class J PIPJX C000019086 Institutional Class PIPIX C000019087 Class A PITAX C000038776 Class C PPOCX 0000898745 S000007013 International Emerging Markets Fund C000019139 Advisors Select Class PEASX C000019140 Advisors Preferred Class PEAPX C000019141 Select Class PESSX C000019142 Preferred Class PEPSX C000019143 Advisors Signature Class PIXEX C000019144 Institutional Class PIEIX C000019145 Class J PIEJX C000019146 Class A PRIAX C000019147 Class B PIEBX C000038777 Class C PMKCX 0000898745 S000007014 International Growth Fund C000019149 Advisors Signature Class PISGX C000019150 Advisors Select Class PITNX C000019151 Advisors Preferred Class PITMX C000019152 Preferred Class PITPX C000019153 Select Class PITSX C000019154 Institutional Class PITIX C000019155 Class J PITJX C000052890 Class A C000052891 Class C 0000898745 S000007015 LargeCap Growth Fund C000019157 Advisors Select Class PCPPX C000019158 Advisors Preferred Class PLGPX C000019159 Preferred Class PDPPX C000019160 Select Class PEPPX C000019161 Advisors Signature Class PLSGX C000019162 Class B PRGBX C000019163 Institutional Class PGLIX C000019164 Class J PGLJX C000019165 Class A PRGWX C000038778 Class C PLGCX 0000898745 S000007016 LargeCap S&P 500 Index Fund C000019167 Advisors Signature PLPIX C000019168 Advisors Select PLFNX C000019169 Advisors Preferred PLFMX C000019170 Preferred PLFPX C000019171 Select PLFSX C000019172 Institutional Class PLFIX C000019173 Class J PSPJX C000019174 Class A PLSAX C000038779 Class C PLICX 0000898745 S000007017 LargeCap Value Fund C000019176 Advisors Signature Class PLSVX C000019177 Class B PCCBX C000019178 Advisors Select Class PLVNX C000019179 Advisors Preferred Class PLVMX C000019180 Preferred Class PLVPX C000019181 Select Class PLVSX C000019182 Institutional Class PVLIX C000019183 Class J PVLJX C000019184 Class A PCACX C000038780 Class C PLUCX 0000898745 S000007075 MidCap Blend Fund C000019310 Advisors Signature Class PMSBX C000019311 Advisors Select Class PMBNX C000019312 Advisors Preferred Class PMBMX C000019313 Preferred Class PMBPX C000019314 Select Class PMBSX C000019315 Institutional Class PCBIX C000019316 Class J PMBJX C000019317 Class A PEMGX C000019318 Class B PRMBX C000038781 Class C PMBCX 0000898745 S000007077 Partners LargeCap Growth Fund I C000019326 Advisors Signature PCRSX C000019327 Advisors Select PPUNX C000019328 Advisors Preferred PPUMX C000019329 Preferred PPUPX C000019330 Select PPUSX C000019331 Institutional Class PLGIX C000019332 Class J PLGJX C000019333 Class A PGGAX C000019334 Class B PBAGX C000038782 Class C PLRCX 0000898745 S000007078 MidCap Growth Fund C000019335 Advisors Select Class PGPPX C000019336 Advisors Preferred Class PFPPX C000019337 Preferred Class PHPPX C000019338 Select Class PIPPX C000019339 Advisors Signature Class PMSGX C000019340 Institutional Class PGWIX C000019341 Class J PMGJX 0000898745 S000007079 MidCap S&P 400 Index Fund C000019342 Advisors Signature Class PMSSX C000019343 Institutional Class MPSIX C000019344 Advisors Select Class PMFNX C000019345 Advisors Preferred Class PMFMX C000019346 Preferred Class PMFPX C000019347 Select Class PMFSX C000019348 Class J PMFJX 0000898745 S000007080 MidCap Value Fund C000019349 Advisors Select Class PKPPX C000019350 Advisors Preferred Class PJPPX C000019351 Preferred Class PLPPX C000019352 Select Class PMPPX C000019353 Advisors Signature Class PMSVX C000019354 Institutional Class PVUIX C000019355 Class J PMCJX 0000898745 S000007081 Money Market Fund C000019356 Advisors Signature Class PASXX C000019357 Advisors Select Class PMVXX C000019358 Advisors Preferred Class PMRXX C000019359 Preferred Class PMPXX C000019360 Select Class PMSXX C000019361 Institutional Class PVMXX C000019362 Class J PMJXX C000019363 Class A PCSXX C000019364 Class B PMBXX C000038783 Class C PPCXX C000064733 Class S 0000898745 S000007082 Partners Global Equity Fund C000019365 Advisors Select Class POPPX C000019366 Advisors Preferred Class PNPPX C000019367 Preferred Class PPEPX C000019368 Select Class PQPPX C000019369 Advisors Signature Class PGSEX C000019370 Institutional Class PGEIX 0000898745 S000007083 Partners International Fund C000019371 Advisors Select Class PSPPX C000019372 Advisors Preferred Class PRPPX C000019373 Preferred Class PTPPX C000019374 Select Class PUPPX C000019375 Advisors Signature Class PPISX C000019376 Institutional Class PINIX 0000898745 S000007084 Partners LargeCap Blend Fund C000019377 Advisors Signature Class PLBSX C000019378 Advisors Select Class PPZNX C000019379 Advisors Preferred Class PPZMX C000019380 Preferred Class PPZPX C000019381 Select Class PPZSX C000019382 Institutional Class PLBIX C000019383 Class J PLBJX C000019384 Class A PLRAX C000019385 Class B PLDBX C000038784 Class C PLFCX 0000898745 S000007085 Partners LargeCap Blend Fund I C000019386 Advisors Select Class PWPPX C000019387 Advisors Preferred Class PVPPX C000019388 Preferred Class PXPPX C000019389 Select Class PYPPX C000019390 Advisors Signature Class PAASX C000019391 Institutional Class PLIIX C000019392 Class J PPXJX C000019393 Class A PBLCX C000019394 Class B PBLBX C000038785 Class C PPLGX 0000898745 S000007121 Partners LargeCap Growth Fund II C000019450 Advisors Signature PDASX C000019451 Advisors Select PPTNX C000019452 Advisors Preferred PPTMX C000019453 Preferred PPTPX C000019454 Select PPTSX C000019455 Institutional Class PPIIX C000019456 Class J PPLJX C000019457 Class A PLNAX C000038786 Class C PLGRX 0000898745 S000007122 Partners LargeCap Value Fund C000019458 Advisors Signature Class PESAX C000019459 Advisors Select Class PPSNX C000019460 Advisors Preferred Class PPSFX C000019461 Preferred Class PPSRX C000019462 Select Class PPSSX C000019463 Institutional Class PLVIX C000019464 Class J PLVJX C000019465 Class A PPVAX C000019466 Class B PLVBX C000038787 Class C PLLCX 0000898745 S000007123 Partners LargeCap Value Fund I C000019467 Advisors Select Class PABEX C000019468 Advisors Preferred Class PABDX C000019469 Preferred Class PAFBX C000019470 Select Class PAGBX C000019471 Advisors Signature Class PVUAX C000019472 Institutional Class PVPIX 0000898745 S000007124 Partners LargeCap Value Fund II C000019473 Advisors Select Class PABIX C000019474 Advisors Preferred Class PABHX C000019475 Preferred Class PABJX C000019476 Select Class PABKX C000019477 Advisors Signature Class PGASX C000019478 Institutional Class PVVTX 0000898745 S000007125 Partners MidCap Growth Fund C000019479 Advisors Signature Class PHASX C000019480 Advisors Select Class PPQNX C000019481 Advisors Preferred Class PPQMX C000019482 Preferred Class PPQPX C000019483 Select Class PPQSX C000019484 Institutional Class PPIMX C000019485 Class J PPQJX C000019486 Class A PPMGX C000019487 Class B PPGFX C000038788 Class C POWCX 0000898745 S000007167 Partners MidCap Growth Fund I C000019571 Advisors Select Class PAVSX C000019572 Advisors Preferred Class PABLX C000019573 Preferred Class PABNX C000019574 Select Class PABOX C000019575 Advisors Signature Class POASX C000019576 Institutional Class PMIIX C000019577 Class A PMOAX C000038789 Class C PMFCX 0000898745 S000007168 Partners SmallCap Value Fund I C000019578 Advisors Signature Class PSASX C000019579 Advisors Select Class PPKNX C000019580 Advisors Preferred Class PPKMX C000019581 Preferred Class PPKPX C000019582 Select Class PPKSX C000019583 Institutional Class PPKIX 0000898745 S000007169 Partners SmallCap Value Fund II C000019584 Advisors Select Class PKARX C000019585 Advisors Preferred Class PJARX C000019586 Preferred Class PLARX C000019587 Select Class PSTWX C000019588 Advisors Signature Class PCPTX C000019589 Institutional Class PPVIX 0000898745 S000007170 Preferred Securities Fund C000019590 Advisors Select Class PPRSX C000019591 Advisors Preferred Class PNARX C000019592 Preferred Class PPARX C000019593 Select Class PQARX C000019594 Advisors Signature Class PUSAX C000019595 Institutional Class PPSIX C000019596 Class J PPSJX C000019597 Class A PPSAX C000038790 Class C PRFCX 0000898745 S000007171 Partners MidCap Growth Fund II C000019598 Advisors Select Class PABQX C000019599 Advisors Preferred Class PABPX C000019600 Preferred Class PPRRX C000019601 Select Class PABSX C000019602 Advisors Signature Class PJASX C000019603 Institutional Class PIIMX 0000898745 S000007172 Partners MidCap Value Fund C000019604 Advisors Signature Class PKASX C000019605 Advisors Select Class PPPNX C000019606 Advisors Preferred Class PPPMX C000019607 Preferred Class PPPPX C000019608 Select Class PPPSX C000019609 Institutional Class PMVIX C000019610 Class J PMVJX C000019611 Class A PMEAX C000019612 Class B PUVBX C000038791 Class C PVUCX 0000898745 S000007173 Partners MidCap Value Fund I C000019613 Advisors Select Class PABUX C000019614 Advisors Preferred Class PMPRX C000019615 Preferred Class PABVX C000019616 Select Class PABWX C000019617 Advisors Signature Class PLASX C000019618 Institutional Class PVMIX 0000898745 S000007174 Partners SmallCap Blend Fund C000019619 Advisors Select Class PABZX C000019620 Advisors Preferred Class PLDFX C000019621 Preferred Class PBEPX C000019622 Select Class PYARX C000019623 Advisors Signature Class PMASX C000019624 Institutional Class PSCIX 0000898745 S000007175 Partners SmallCap Growth Fund I C000019625 Advisors Signature Class PNASX C000019626 Advisors Select Class PPNNX C000019627 Advisors Preferred Class PPNMX C000019628 Preferred Class PPNPX C000019629 Select Class PPNSX C000019630 Institutional Class PGRTX C000019631 Class J PSIJX 0000898745 S000007176 Partners SmallCap Growth Fund II C000019632 Advisors Signature Class PPASX C000019633 Advisors Select Class PPMNX C000019634 Advisors Preferred Class PPMMX C000019635 Preferred Class PPMPX C000019636 Select Class PPMSX C000019637 Institutional Class PSIIX C000019638 Class J PPMIX C000019639 Class A PPSMX C000019640 Class B PPSBX C000038792 Class C PTOCX 0000898745 S000007177 Partners SmallCap Growth Fund III C000019641 Advisors Select Class PSTSX C000019642 Advisors Preferred Class PSTPX C000019643 Preferred Class PDARX C000019644 Select Class PEARX C000019645 Advisors Signature Class PQASX C000019646 Institutional Class PIIGX 0000898745 S000007178 Partners SmallCap Value Fund C000019647 Advisors Select Class PSVLX C000019648 Advisors Preferred Class PVUPX C000019649 Preferred Class PHARX C000019650 Select Class PIARX C000019651 Advisors Signature Class PVUUX C000019652 Institutional Class PCVIX C000019653 Class J PCVJX 0000898745 S000007201 Principal LifeTime 2010 Fund C000019699 Advisors Signature Class PVASX C000019700 Advisors Select Class PTANX C000019701 Advisors Preferred Class PTAMX C000019702 Preferred Class PTAPX C000019703 Select Class PTASX C000019704 Institutional Class PTTIX C000019705 Class J PTAJX C000019706 Class A PENAX C000038793 Class C PPECX 0000898745 S000007202 SmallCap Growth Fund C000019707 Advisors Select Class PSARX C000019708 Advisors Preferred Class PSLPX C000019709 Preferred Class PTARX C000019710 Select Class PVARX C000019711 Advisors Signature Class PSAGX C000019712 Institutional Class SCPGX C000019713 Class J PSGJX C000038794 Class C PSOWX C000038875 Class A PMAAX C000038876 Class B PSCBX 0000898745 S000007203 SmallCap S&P 600 Index Fund C000019714 Advisors Signature Class PSAPX C000019715 Advisors Select Class PSSNX C000019716 Advisors Preferred Class PSSMX C000019717 Preferred Class PSSPX C000019718 Select Class PSSSX C000019719 Institutional Class PSSIX C000019720 Class J PSSJX 0000898745 S000007204 SmallCap Value Fund C000019721 Advisors Signature Class PSAVX C000019722 Advisors Select Class PSVNX C000019723 Advisors Preferred Class PSVMX C000019724 Preferred Class PSVPX C000019725 Select Class PSVSX C000019726 Institutional Class PVSIX C000019727 Class J PSVJX C000019728 Class A PSUAX C000019729 Class B PSVBX C000038795 Class C PSUCX 0000898745 S000007205 Tax-Exempt Bond Fund C000019730 Class A PTBDX C000019731 Class B PTPBX 0000898745 S000007206 Ultra Short Bond Fund C000019732 Advisors Signature Class PUABX C000019733 Institutional Class USBIX C000019734 Class A PULAX C000019735 Advisors Select Class PUASX C000019736 Advisors Preferred Class PUAPX C000019737 Preferred Class PUSPX C000019738 Select Class PUSSX C000019739 Class J PUSJX C000038796 Class C PUHCX 0000898745 S000007207 Principal LifeTime 2020 Fund C000019740 Advisors Signature Class PWASX C000019741 Advisors Select Class PTBNX C000019742 Advisors Preferred Class PTBMX C000019743 Preferred Class PTBPX C000019744 Select Class PTBSX C000019745 Institutional Class PLWIX C000019746 Class J PLFJX C000019747 Class A PTBAX C000019748 Class B PLIBX C000038797 Class C PPLFX 0000898745 S000007208 Principal LifeTime 2030 Fund C000019749 Advisors Signature Class PXASX C000019750 Advisors Select Class PTCNX C000019751 Advisors Preferred Class PTCMX C000019752 Preferred Class PTCPX C000019753 Select Class PTCSX C000019754 Institutional Class PMTIX C000019755 Class J PLTJX C000019756 Class A PTCAX C000019757 Class B PTCBX C000038798 Class C PPLTX 0000898745 S000007209 Principal LifeTime 2040 Fund C000019758 Advisors Signature Class PYASX C000019759 Advisors Select Class PTDNX C000019760 Advisors Preferred Class PTDMX C000019761 Preferred Class PTDPX C000019762 Select Class PTDSX C000019763 Institutional Class PTDIX C000019764 Class J PTDJX C000019765 Class A PTDAX C000019766 Class B PTDBX C000038799 Class C PPTFX 0000898745 S000007210 Principal LifeTime 2050 Fund C000019767 Advisors Signature Class PZASX C000019768 Class B PLTFX C000019769 Advisors Select Class PTENX C000019770 Advisors Preferred Class PTERX C000019771 Preferred Class PTEFX C000019772 Select Class PTESX C000019773 Institutional Class PPLIX C000019774 Class J PFLJX C000019775 Class A PPEAX C000038800 Class C PLTCX 0000898745 S000007211 Principal LifeTime Strategic Income Fund C000019776 Advisors Signature Class PLAIX C000019777 Class B PLTSX C000019778 Advisors Select Class PLSNX C000019779 Advisors Preferred Class PLSMX C000019780 Preferred Class PLSPX C000019781 Select Class PLSSX C000019782 Institutional Class PLSIX C000019783 Class J PLSJX C000019784 Class A PALTX C000038801 Class C PITCX 0000898745 S000007212 Real Estate Securities Fund C000019785 Advisors Signature Class PRAEX C000019786 Advisors Select Class PRENX C000019787 Advisors Preferred Class PRERX C000019788 Preferred Class PREPX C000019789 Select Class PRETX C000019790 Institutional Class PIREX C000019791 Class J PREJX C000019792 Class A PRRAX C000019793 Class B PRLEX C000038802 Class C PRCEX 0000898745 S000007213 Short-Term Bond Fund C000019794 Advisors Signature Class PSSTX C000019795 Institutional Class SMBFX C000019796 Advisors Select Class PHSNX C000019797 Advisors Preferred Class PHSMX C000019798 Preferred Class PHSPX C000019799 Select Class PHSSX C000019800 Class J PHSJX C000019801 Class A PLTBX C000038803 Class C PBOCX 0000898745 S000007214 SmallCap Blend Fund C000019802 Advisors Signature Class PSABX C000019803 Advisors Select Class PSBNX C000019804 Advisors Preferred Class PSBMX C000019805 Preferred Class PSBPX C000019806 Select Class PSBSX C000019807 Institutional Class PSLIX C000019808 Class J PSBJX C000019809 Class A PLLAX C000019810 Class B PLLBX C000038804 Class C PSMCX 0000898745 S000014232 California Municipal Fund C000038715 Class A SRCMX C000038716 Class B SQCMX C000038717 Class C SRCCX 0000898745 S000014233 Strategic Asset Management Conservative Balanced Portfolio C000038718 Class A SAIPX C000038719 Class B SBIPX C000038720 Class C SCIPX C000038721 Institutional Class PCCIX C000039336 Advisors Select Class PCNSX C000039337 Advisors Preferred Class PCBPX C000039338 Advisors Signature Class PCSSX C000039339 Select Class PCBLX C000039340 Preferred Class PCBFX C000039341 Class J PCBJX 0000898745 S000014234 Strategic Asset Management Conservative Growth Portfolio C000038722 Class A SAGPX C000038723 Class B SBGPX C000038724 Class C SCGPX C000038725 Institutional Class PCWIX C000039342 Select Class PCWSX C000039343 Preferred Class PCWPX C000039344 Class J PCGJX C000039345 Advisors Select Class PCGVX C000039346 Advisors Preferred Class PCGPX C000039347 Advisors Signature Class PCGGX 0000898745 S000014235 Strategic Asset Management Flexible Income Portfolio C000038726 Class A SAUPX C000038727 Class B SBUPX C000038728 Class C SCUPX C000038729 Institutional Class PIFIX C000039348 Advisors Select Class PFIVX C000039349 Advisors Preferred Class PFIPX C000039350 Advisors Signature Class PFIGX C000039351 Select Class PFILX C000039352 Preferred Class PFIFX C000039353 Class J PFIJX 0000898745 S000014236 Strategic Asset Management Strategic Growth Portfolio C000038730 Class A SACAX C000038731 Class B SBCAX C000038732 Class C SWHCX C000038733 Institutional Class PSWIX C000039354 Advisors Select Class PSGVX C000039355 Advisors Preferred Class PSGPX C000039356 Advisors Signature Class PSGGX C000039357 Select Class PSGLX C000039358 Preferred Class PSGFX C000039359 Class J PSWJX 0000898745 S000014237 Tax-Exempt Bond Fund I C000038734 Class A PTEAX C000038735 Class B PTBBX C000038736 Class C PTBCX 0000898745 S000014238 West Coast Equity Fund C000038737 Class A CMNWX C000038738 Class B CMNBX C000038739 Class C CMNCX C000038740 Institutional Class PWCIX 0000898745 S000014239 California Insured Intermediate Muncipal Fund C000038741 Class A SRIIX C000038742 Class B SQIIX C000038743 Class C SIICX 0000898745 S000014240 Equity Income Fund I C000038744 Class A PQIAX C000038745 Class B PQUBX C000038746 Class C PEUCX C000038747 Institutional Class PEIIX 0000898745 S000014241 High Yield Fund II C000038748 Class A CPHYX C000038749 Class B CBHYX C000038750 Class C CCHIX C000038751 Institutional Class PHYTX 0000898745 S000014242 Income Fund C000038752 Class A CMPIX C000038753 Class B CMIBX C000038754 Class C CNMCX C000038755 Institutional Class PIOIX 0000898745 S000014243 MidCap Stock Fund C000038756 Class A WMCAX C000038757 Class B WMCBX C000038758 Class C WMCCX C000038759 Institutional Class PMKIX 0000898745 S000014244 Mortgage Securities Fund C000038760 Class A CMPGX C000038761 Class B CBUGX C000038762 Class C CCUGX C000038763 Institutional Class PMRIX 0000898745 S000014245 Short-Term Income Fund C000038764 Class A SRHQX C000038766 Class C STCCX C000038767 Institutional Class PSHIX 0000898745 S000014246 Strategic Asset Management Balanced Portfolio C000038768 Class A SABPX C000038769 Class B SBBPX C000038770 Class C SCBPX C000038771 Institutional Class PSBIX C000039360 Advisors Select Class PSBVX C000039361 Advisors Preferred Class PBAPX C000039362 Advisors Signature Class PSBGX C000039363 Select Class PSBLX C000039364 Preferred Class PSBFX C000039365 Class J PSAJX 0000898745 S000019119 Global Real Estate Securities Fund C000052887 Class A C000052888 Class C C000052889 Institutional Class 0000898745 S000022103 Principal LifeTime 2015 Fund C000063422 Advisors Select Class C000063423 Institutional Class C000063424 Advisors Preferred Class C000063425 Advisors Signature Class C000063426 Preferred Class C000063427 Select Class 0000898745 S000022104 Principal LifeTime 2025 Fund C000063428 Select Class C000063429 Institutional Class C000063430 Advisors Select Class C000063431 Advisors Preferred Class C000063432 Advisors Signature Class C000063433 Preferred Class 0000898745 S000022105 Principal LifeTime 2035 Fund C000063434 Advisors Select Class C000063435 Advisors Preferred Class C000063436 Advisors Signature Class C000063437 Preferred Class C000063438 Select Class C000063439 Institutional Class 0000898745 S000022106 Principal LifeTime 2045 Fund C000063440 Advisors Select Class C000063441 Advisors Preferred Class C000063442 Advisors Signature Class C000063443 Preferred Class C000063444 Select Class C000063445 Institutional Class 0000898745 S000022107 Principal LifeTime 2055 Fund C000063446 Advisors Select Class C000063447 Advisors Preferred Class C000063448 Advisors Signature Class C000063449 Preferred Class C000063450 Select Class C000063451 Institutional Class N-Q 1 nq-all2.htm PIF N-Q FILING 1ST QUARTER ENDED 01/31/08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number

811-07572


Principal Investors Fund, Inc.


(Exact name of registrant as specified in charter)
 

711 High Street, Des Moines, IA 50392-2080


(Address of principal executive offices)                         
 

Principal Management Corporation, Des Moines, IA 50392-2080


(Name and address of agent for service)
                                        

Registrant’s telephone number, including area code:

515-247-6783


Date of fiscal year end:

October 31, 2008


Date of reporting period:

January 31, 2008


ITEM 1 – SCHEDULE OF INVESTMENTS
 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (0.00%)
                
Independent Power Producer (0.00%)
                
Dynegy Inc (a)
     99     $ —  
 
TOTAL COMMON STOCKS
           $ —  
 
PREFERRED STOCKS (2.30%)
                
Cable TV (0.07%)
                
Comcast Corp 6.63%
     39,900       923  
Comcast Corp 7.00%
     35,900       872  
 
              
 
             1,795  
 
              
 
                
Commercial Banks (0.17%)
                
ASBC Capital I
     11,600       286  
BancorpSouth Capital Trust I
     6,800       170  
Barclays Bank PLC 7.10%
     49,100       1,241  
Royal Bank of Scotland Group PLC — Series L
     31,097       690  
Royal Bank of Scotland Group PLC — Series P (b)
     3,000       72  
Royal Bank of Scotland Group PLC — Series Q
     4,164       103  
Royal Bank of Scotland Group PLC — Series R
     18,000       423  
Royal Bank of Scotland Group PLC — Series S
     26,900       663  
VNB Capital Trust I
     26,222       656  
Zions Capital Trust B
     15,600       396  
 
              
 
             4,700  
 
              
 
                
Diversified Financial Services (0.09%)
                
Citigroup Capital IX
     6,500       144  
Citigroup Capital X
     2,000       44  
Citigroup Capital XI
     13,200       291  
Citigroup Capital XIX
     12,600       314  
Citigroup Capital XVI
     9,900       229  
General Electric Capital Corp 6.00%
     50,600       1,270  
General Electric Capital Corp 6.10%
     1,900       48  
General Electric Capital Corp 6.45%
     1,200       32  
 
              
 
             2,372  
 
              
 
                
Electric — Integrated (0.21%)
                
Alabama Power Co — Series 2007B (b)
     59,400       1,476  
FPL Group Capital Inc 7.45%
     72,800       1,900  
Georgia Power Co 5.90% (b)
     6,400       158  
Georgia Power Co 6.375%
     7,700       203  
Gulf Power Co
     2,300       56  
PPL Capital Funding Inc
     20,400       505  
PPL Energy Supply LLC
     29,700       758  
Xcel Energy Inc
     24,200       613  
 
              
 
             5,669  
 
              
 
                
Fiduciary Banks (0.04%)
                
BNY Capital V
     45,300       1,054  
 
                
Finance — Consumer Loans (0.05%)
                
HSBC Finance Corp 6.88%
     52,700       1,286  
 
                
Finance — Credit Card (0.01%)
                
Capital One Capital II
     12,400       295  
 
                
Finance — Investment Banker & Broker (0.15%)
                
Bear Stearns Capital Trust III
     15,800       394  
Citigroup Inc (a)
     20,000       524  
JP Morgan Chase Capital XI
     16,700       383  
JP Morgan Chase Capital XII
     3,000       71  
JP Morgan Chase Capital XIV
     22,400       535  
Lehman Brothers Holdings Capital Trust 6.00% (b)
     12,000       275  
Lehman Brothers Holdings Capital Trust 6.24%
     3,200       74  
Morgan Stanley Capital Trust III
     13,400       304  
Morgan Stanley Capital Trust IV
     62,400       1,388  
Morgan Stanley Capital Trust V
     3,900       83  
Morgan Stanley Capital Trust VII
     2,000       48  
 
              
 
             4,079  
 
              
 
                
Finance — Other Services (0.05%)
                
ABN AMRO Capital Funding Trust VII
     50,500       1,150  
National Rural Utilities Cooperative Finance Corp 6.10%
     4,800       113  
National Rural Utilities Cooperative Finance Corp 6.75%
     3,900       97  
 
              
 
             1,360  
 
              
 
                
Financial Guarantee Insurance (0.00%)
                
Financial Security Assurance Holdings Ltd 6.875%
     1,200       29  
 
                
Investment Companies (0.02%)
                
Allied Capital Corp
     29,400       612  
 
                
Investment Management & Advisory Services (0.02%)
                
Deutsche Bank Contingent Capital Trust
     25,700       629  
 
                
Life & Health Insurance (0.10%)
                
Delphi Financial Group Inc 7.375%
     9,100       202  
Delphi Financial Group Inc 8.00%
     21,800       506  
Lincoln National Capital VI
     2,000       49  
Lincoln National Corp
     3,400       84  
PLC Capital Trust III
     30,900       762  
PLC Capital Trust IV
     7,400       179  
PLC Capital Trust V
     22,800       493  
Protective Life Corp
     16,300       407  
Torchmark Capital Trust III
     1,300       33  
 
              
 
             2,715  
 
              
 
                
Money Center Banks (0.11%)
                
JPMChase Capital XVI
     35,600       869  
Santander Finance Preferred SA Unipersonal 6.50%
     2,100       47  

1

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
PREFERRED STOCKS (continued)
                
Money Center Banks (continued)
                
Santander Finance Preferred SA Unipersonal 6.80% (a)
     79,100     $ 1,847  
UBS Preferred Funding Trust IV
     4,900       102  
 
              
 
             2,865  
 
              
 
                
Multi-Line Insurance (0.18%)
                
Aegon NV 6.375%
     22,900       546  
Aegon NV 6.50% (b)
     6,500       155  
Aegon NV 7.25%
     40,639       1,020  
American International Group Inc 6.45%
     67,600       1,609  
ING Groep NV 6.13%
     22,000       519  
ING Groep NV 6.375%
     12,600       298  
ING Groep NV 7.05%
     1,200       30  
ING Groep NV 7.20%
     2,300       57  
ING Groep NV 7.375% (b)
     27,200       697  
 
              
 
             4,931  
 
              
 
                
Multimedia (0.02%)
                
Viacom Inc
     25,400       615  
 
                
Property & Casualty Insurance (0.08%)
                
Berkley W R Capital Trust
     64,900       1,557  
Markel Corp
     20,000       503  
 
              
 
             2,060  
 
              
 
                
Regional Banks (0.32%)
                
BAC Capital Trust IV
     4,300       95  
BAC Capital Trust V
     18,800       428  
BAC Capital Trust VIII
     68,200       1,581  
Fifth Third Capital Trust V (b)
     39,500       995  
KeyCorp Capital IX
     41,600       940  
Keycorp Capital V
     17,300       377  
National City Capital Trust II
     24,900       514  
PNC Capital Trust D (b)
     36,500       839  
USB Capital VI
     9,600       211  
USB Capital VII
     10,500       234  
USB Capital XI
     5,600       138  
Wachovia Capital Trust IV
     1,000       24  
Wachovia Capital Trust IX
     6,000       142  
Wachovia Corp 7.25%
     9,600       243  
Wachovia Corp 8.00% (a)
     20,000       527  
Wells Fargo Capital IX
     3,000       66  
Wells Fargo Capital VII
     14,600       334  
Wells Fargo Capital VIII
     1,300       29  
Wells Fargo Capital XI
     45,600       1,096  
 
              
 
             8,813  
 
              
 
                
Reinsurance (0.04%)
                
Everest Re Capital Trust
     4,500       99  
PartnerRe Ltd 6.50%
     9,300       226  
PartnerRe Ltd 6.75% (b)
     6,900       169  
RenaissanceRe Holdings Ltd — Series C
     4,800       101  
RenaissanceRe Holdings Ltd — Series D
     24,200       547  
 
              
 
             1,142  
 
              
 
                
REITS — Apartments (0.03%)
                
BRE Properties Inc — Series C
     19,800       426  
BRE Properties Inc — Series D
     2,600       56  
Equity Residential
     3,000       67  
UDR Inc
     7,100       150  
 
              
 
             699  
 
              
 
                
REITS — Diversified (0.09%)
                
Duke Realty Corp 6.60%
     54,600       1,215  
Duke Realty Corp 6.95%
     6,000       142  
PS Business Parks Inc — Series H
     20,000       436  
PS Business Parks Inc — Series I
     1,400       30  
PS Business Parks Inc — Series M
     8,500       192  
PS Business Parks Inc — Series P 
     14,900       308  
Vornado Realty Trust — Series F
     4,000       90  
 
              
 
             2,413  
 
              
 
                
REITS — Office Property (0.02%)
                
HRPT Properties Trust — Series B
     24,200       603  
 
                
REITS — Shopping Centers (0.12%)
                
Kimco Realty Corp
     38,599       959  
Regency Centers Corp 7.45% (a)
     20,100       481  
Weingarten Realty Investors 6.50% (b)
     84,500       1,940  
 
              
 
             3,380  
 
              
 
                
REITS — Single Tenant (0.02%)
                
Realty Income Corp — Series D
     20,700       448  
 
                
REITS — Storage (0.05%)
                
Public Storage Inc 6.63% (b)
     8,800       200  
Public Storage Inc 6.95%
     3,000       71  
Public Storage Inc 7.25%
     38,500       944  
 
              
 
             1,215  
 
              
 
                
REITS — Warehouse & Industrial (0.07%)
                
AMB Property Corp — Series P 
     80,400       1,818  
First Industrial Realty Trust Inc — Series K
     1,400       31  
 
              
 
             1,849  
 
              
 
                
Sovereign Agency (0.03%)
                
Tennessee Valley Authority — Series A
     19,000       473  
Tennessee Valley Authority — Series D
     10,600       263  
 
              
 
             736  
 
              
 
                
Special Purpose Entity (0.10%)
                
Corporate-Backed Trust Certificates 6.00%
     9,900       219  
Corporate-Backed Trust Certificates 6.30%
     3,100       74  
CORTS Trust for AIG
     1,700       38  
CORTS Trust for Aon Capital (b)
     2,800       71  
CORTS Trust for First Union Institutional Capital I
     17,800       467  

2

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
PREFERRED STOCKS (continued)
                
Special Purpose Entity (continued)
                
CORTS Trust for General Electric Capital
     2,000     $ 49  
CORTS Trust for Goldman Sachs Capital I
     2,000       45  
CORTS Trust for SunAmerica
     6,900       166  
Merrill Lynch Capital Trust I (b)
     36,000       851  
PreferredPlus TR-CCR1 — Series GSC3
     22,700       505  
PreferredPlus TR-CCR1 — Series GSG1
     1,500       34  
SATURNS — Series AIG
     3,400       74  
SATURNS — Series CSFB
     1,900       45  
SATURNS — Series GS 5.63%
     2,500       54  
SATURNS — Series GS 6.00%
     2,400       54  
 
              
 
             2,746  
 
              
 
                
Telephone — Integrated (0.02%)
                
AT&T Inc
     25,300       631  
 
                
Television (0.02%)
                
CBS Corp 6.75%
     26,100       615  
 
TOTAL PREFERRED STOCKS
           $ 62,356  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (82.22%)
                
Advertising Agencies (0.04%)
                
Interpublic Group of Cos Inc
                
6.25%, 11/15/2014
   $ 1,300       1,073  
 
                
Advertising Services (0.05%)
                
RH Donnelley Corp
                
8.88%, 10/15/2017 (c)(d)
     1,590       1,348  
 
                
Aerospace & Defense Equipment (0.14%)
                
GenCorp Inc
                
9.50%, 8/15/2013
     1,410       1,417  
Goodrich Corp
                
6.80%, 7/1/2036
     2,270       2,473  
 
              
 
             3,890  
 
              
 
                
Agricultural Operations (0.54%)
                
Bunge Ltd Finance Corp
                
4.38%, 12/15/2008
     7,564       7,605  
Cargill Inc
                
5.20%, 1/22/2013 (d)
     6,900       6,957  
 
              
 
             14,562  
 
              
 
                
Airlines (0.32%)
                
American Airlines Inc
                
7.25%, 2/5/2009
     3,150       3,119  
Continental Airlines Inc
                
5.98%, 4/19/2022
     1,870       1,708  
Delta Air Lines Inc
                
7.11%, 9/18/2011
     1,000       995  
Northwest Airlines Inc
                
7.03%, 11/1/2019
     1,250       1,204  
Southwest Airlines Co
                
6.15%, 8/1/2022 (c)
     1,530       1,535  
 
              
 
             8,561  
 
              
 
                
Appliances (0.06%)
                
Whirlpool Corp
                
5.49%, 6/15/2009 (e)
     1,600       1,605  
 
                
Asset Backed Securities (5.52%)
                
Ameriquest Mortgage Securities Inc
                
3.68%, 3/25/2035 (e)
     255       244  
3.61%, 7/25/2035 (e)
     338       336  
Carrington Mortgage Loan Trust
                
3.66%, 12/25/2035 (e)
     6,172       5,997  
Chase Funding Mortgage Loan Asset-Backed Certificates
                
3.68%, 7/25/2033 (e)(f)
     4,526       4,394  
3.88%, 9/25/2033 (e)
     895       810  
3.61%, 12/25/2033 (e)
     69       67  
CNH Equipment Trust
                
4.74%, 6/15/2010 (e)(f)
     4,275       4,280  
5.09%, 9/15/2010 (e)(f)
     2,885       2,885  
CNH Wholesale Master Note Trust
                
4.64%, 6/15/2011 (e)
     650       610  
Countrywide Asset-Backed Certificates
                
4.45%, 1/25/2034 (e)
     50       45  
3.90%, 6/25/2035 (e)
     2,800       2,553  
4.04%, 12/25/2035 (e)
     2,600       1,573  
3.67%, 2/25/2036 (e)(f)
     9,516       9,345  
3.63%, 4/25/2036 (e)(f)
     11,150       10,805  
3.54%, 2/25/2037 (e)(f)
     7,775       6,969  
3.55%, 6/25/2037 (e)
     4,032       3,257  
3.51%, 11/25/2037 (e)
     5,320       4,640  
Countrywide Home Equity Loan Trust
                
4.47%, 12/15/2035 (e)
     1,347       1,148  
4.44%, 5/15/2036 (e)(f)
     5,256       4,501  
First Franklin Mortgage Loan Asset Backed Certificates
                
3.76%, 10/25/2034 (e)(f)
     68       65  
3.45%, 3/25/2036 (e)(f)
     2,140       2,123  
First-Citizens Home Equity Loan LLC
                
4.45%, 9/15/2022 (d)(e)
     1,287       1,202  
Ford Credit Floorplan Master Owner Trust
                
4.69%, 6/15/2011 (e)
     2,515       2,440  
GMAC Mortgage Corp Loan Trust
                
3.56%, 8/25/2035 (e)
     2,225       2,053  
3.59%, 11/25/2036 (e)(f)
     15,325       12,513  
Great America Leasing Receivables
                
5.39%, 9/15/2011 (d)
     1,295       1,332  
Indymac Residential Asset Backed Trust
                
3.57%, 4/25/2037 (e)(f)
     2,000       1,744  
JP Morgan Mortgage Acquisition Corp
                
3.55%, 4/25/2036 (e)(f)
     4,850       4,629  

3

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Asset Backed Securities (continued)
                
JP Morgan Mortgage Acquisition Corp (continued)
                
5.45%, 11/25/2036
   $ 6,230     $ 6,209  
3.46%, 12/25/2036 (e)
     3,070       3,000  
3.46%, 3/25/2037 (e)
     3,318       3,216  
3.53%, 3/25/2037 (e)
     3,820       3,374  
3.54%, 5/1/2037 (e)(f)
     7,850       6,409  
Long Beach Mortgage Loan Trust
                
3.91%, 6/25/2034 (e)
     450       408  
3.88%, 2/25/2035 (e)
     3,000       2,568  
3.53%, 7/25/2036 (e)
     6,660       4,988  
3.49%, 10/25/2036 (e)(f)
     2,625       2,450  
3.55%, 12/25/2036 (e)
     2,175       1,629  
Marriott Vacation Club Owner Trust
                
5.52%, 5/20/2029 (d)(e)
     2,003       1,999  
Merrill Lynch Mortgage Investors Inc
                
3.61%, 7/25/2036 (e)
     572       556  
Morgan Stanley ABS Capital I
                
3.56%, 2/25/2036 (e)
     1,675       1,587  
MSDWCC Heloc Trust
                
3.57%, 7/25/2017 (e)
     643       536  
Ownit Mortgage Loan Asset Backed Certificates
                
3.68%, 8/25/2036 (e)
     1,255       1,244  
Popular ABS Mortgage Pass-Through Trust
                
3.65%, 5/25/2035 (e)(f)
     1,503       1,390  
3.64%, 11/25/2035 (e)
     3,009       2,991  
Residential Asset Mortgage Products Inc
                
3.65%, 7/25/2035 (e)
     1,553       1,490  
SACO I Inc
                
3.52%, 9/25/2036 (e)
     1,414       967  
Saxon Asset Securities Trust
                
3.90%, 3/25/2035 (e)
     2,500       2,027  
Swift Master Auto Receivables Trust
                
4.34%, 6/15/2012 (e)
     3,300       3,246  
Volkswagen Credit Auto Master Trust
                
3.95%, 7/20/2010 (e)
     1,525       1,522  
Wells Fargo Home Equity Trust
                
3.48%, 3/25/2037 (e)
     3,545       3,464  
 
              
 
             149,830  
 
              
 
                
Auto — Car & Light Trucks (0.33%)
                
Daimler Finance North America LLC
                
5.44%, 10/31/2008 (e)(f)
     3,500       3,494  
5.54%, 3/13/2009 (e)(f)
     2,675       2,657  
5.75%, 9/8/2011
     2,000       2,080  
General Motors Corp
                
7.13%, 7/15/2013 (b)
     700       597  
 
              
 
             8,828  
 
              
 
                
Auto/Truck Parts & Equipment — Original (0.18%)
                
American Axle & Manufacturing Inc
                
7.88%, 3/1/2017
     1,000       897  
Stanadyne Corp
                
10.00%, 8/15/2014
     700       630  
Tenneco Inc
                
10.25%, 7/15/2013
     1,485       1,574  
8.13%, 11/15/2015 (d)
     500       498  
Titan International Inc
                
8.00%, 1/15/2012
     750       703  
United Components Inc
                
9.38%, 6/15/2013
     500       465  
 
              
 
             4,767  
 
              
 
                
Auto/Truck Parts & Equipment — Replacement (0.04%)
                
Allison Transmission
                
11.00%, 11/1/2015 (b)(d)
     1,250       1,050  
 
                
Automobile Sequential (1.47%)
                
AmeriCredit Automobile Receivables Trust
                
4.56%, 4/6/2012 (e)
     1,815       1,756  
Capital Auto Receivables Asset Trust
                
4.39%, 11/15/2008 (e)
     614       614  
3.92%, 11/16/2009
     2,000       2,005  
5.02%, 1/15/2010 (d)(e)(g)
     3,300       3,292  
4.47%, 3/15/2010 (e)
     5,390       5,371  
4.61%, 6/15/2010 (e)
     1,070       1,066  
5.52%, 3/15/2011 (e)
     3,445       3,521  
Capital One Auto Finance Trust
                
4.28%, 10/15/2012 (e)
     4,355       4,288  
Ford Credit Auto Owner Trust
                
5.30%, 6/15/2012
     3,095       3,079  
5.60%, 10/15/2012
     1,315       1,294  
5.69%, 11/15/2012 (e)
     905       892  
Honda Auto Receivables Owner Trust
                
4.42%, 2/15/2011 (e)
     2,975       2,951  
Hyundai Auto Receivables Trust
                
4.64%, 1/17/2012 (e)
     1,840       1,821  
WFS Financial Owner Trust
                
3.93%, 2/17/2012 (f)
     6,023       6,036  
4.50%, 5/17/2013
     1,960       1,986  
 
              
 
             39,972  
 
              
 
                
Beverages — Non-Alcoholic (0.24%)
                
Bottling Group LLC
                
4.63%, 11/15/2012
     110       113  
Coca-Cola HBC Finance BV
                
5.13%, 9/17/2013
     345       353  
Cott Beverages USA Inc
                
8.00%, 12/15/2011
     1,000       905  
Panamerican Beverages Inc
                
7.25%, 7/1/2009
     4,000       4,135  
PepsiAmericas Inc
                
5.75%, 7/31/2012
     1,070       1,124  
 
              
 
             6,630  
 
              
 
                
Beverages — Wine & Spirits (0.13%)
                
Constellation Brands Inc
                
7.25%, 5/15/2017
     850       807  

4

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Beverages — Wine & Spirits (continued)
                
Diageo Finance BV
                
4.95%, 3/30/2009 (e)(f)
   $ 2,600     $ 2,584  
 
              
 
             3,391  
 
              
 
                
Brewery (0.11%)
                
Cia Brasileira de Bebidas
                
10.50%, 12/15/2011 (b)
     610       715  
Coors Brewing Co
                
6.38%, 5/15/2012
     72       78  
SABMiller PLC
                
5.03%, 7/1/2009 (d)(e)
     2,165       2,177  
 
              
 
             2,970  
 
              
 
                
Broadcasting Services & Programming (0.08%)
                
Clear Channel Communications Inc
                
4.25%, 5/15/2009
     1,375       1,300  
Fisher Communications Inc
                
8.63%, 9/15/2014
     750       757  
 
              
 
             2,057  
 
              
 
                
Building & Construction — Miscellaneous (0.03%)
                
Dycom Industries Inc
                
8.13%, 10/15/2015
     830       817  
 
                
Building & Construction Products — Miscellaneous (0.12%)
                
CRH America Inc
                
6.00%, 9/30/2016
     1,750       1,694  
6.40%, 10/15/2033
     545       485  
Interline Brands Inc
                
8.13%, 6/15/2014
     1,150       1,121  
 
              
 
             3,300  
 
              
 
                
Building Products — Cement & Aggregate (0.32%)
                
C8 Capital SPV Ltd
                
6.64%, 12/29/2049 (b)(d)(e)
     4,295       3,884  
Martin Marietta Materials Inc
                
3.26%, 4/30/2010 (e)
     4,520       4,475  
US Concrete Inc
                
8.38%, 4/1/2014
     500       415  
 
              
 
             8,774  
 
              
 
                
Building Products — Wood (0.09%)
                
Masco Corp
                
5.43%, 3/12/2010 (e)
     1,335       1,279  
Norbord Inc
                
8.13%, 3/20/2008
     1,200       1,202  
 
              
 
             2,481  
 
              
 
                
Cable TV (1.01%)
                
Cablevision Systems Corp
                
9.64%, 4/1/2009 (e)
     320       320  
8.00%, 4/15/2012 (b)
     1,250       1,197  
CCH I Holdings LLC/CCH I Holdings Capital Corp
                
11.00%, 10/1/2015 (b)
     1,100       781  
Charter Communications Operating LLC/Charter Communications Operating Capital
                
8.38%, 4/30/2014 (d)
     650       616  
Comcast Corp
                
4.68%, 7/14/2009 (e)
     3,650       3,575  
COX Communications Inc
                
4.63%, 1/15/2010
     805       807  
6.75%, 3/15/2011
     305       323  
7.13%, 10/1/2012
     1,225       1,326  
4.63%, 6/1/2013
     1,000       972  
5.50%, 10/1/2015
     165       163  
6.45%, 12/1/2036 (d)
     235       228  
DIRECTV Holdings LLC/DIRECTV Financing Co
                
8.38%, 3/15/2013
     7,085       7,324  
Echostar DBS Corp
                
7.00%, 10/1/2013
     1,100       1,103  
6.63%, 10/1/2014
     1,375       1,342  
Kabel Deutschland GmbH
                
10.63%, 7/1/2014
     450       456  
Rogers Cable Inc
                
7.88%, 5/1/2012
     2,450       2,715  
6.75%, 3/15/2015
     3,000       3,149  
Unity Media GmbH
                
10.38%, 2/15/2015 (d)
     1,200       1,152  
 
              
 
             27,549  
 
              
 
                
Casino Hotels (0.29%)
                
Caesars Entertainment Inc
                
7.88%, 3/15/2010
     235       221  
Harrah’s Operating Co Inc
                
5.50%, 7/1/2010
     1,060       952  
MGM Mirage
                
8.38%, 2/1/2011
     400       409  
6.75%, 4/1/2013 (b)
     1,200       1,143  
6.63%, 7/15/2015
     1,265       1,167  
Turning Stone Resort Casino Enterprise
                
9.13%, 12/15/2010 (d)
     400       388  
Wynn Las Vegas Capital Corp
                
6.63%, 12/1/2014 (d)
     3,692       3,558  
 
              
 
             7,838  
 
              
 
                
Casino Services (0.03%)
                
Choctaw Resort Development Enterprise
                
7.25%, 11/15/2019 (d)
     896       847  
 
                
Cellular Telecommunications (0.83%)
                
America Movil SAB de CV
                
4.96%, 6/27/2008 (d)(e)(f)
     1,975       1,955  
New Cingular Wireless Services Inc
                
8.13%, 5/1/2012
     2,180       2,478  
Nextel Communications Inc
                
5.95%, 3/15/2014
     3,125       2,757  

5

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Cellular Telecommunications (continued)
                
Rogers Wireless Inc
                
7.25%, 12/15/2012
   $ 1,000     $ 1,098  
8.00%, 12/15/2012
     1,330       1,378  
6.38%, 3/1/2014
     3,185       3,321  
Rural Cellular Corp
                
8.25%, 3/15/2012
     1,000       1,030  
US Unwired Inc
                
10.00%, 6/15/2012
     1,000       1,051  
Vodafone Group PLC
                
5.33%, 6/15/2011 (e)
     1,930       1,893  
5.32%, 2/27/2012 (e)(f)
     4,000       3,851  
6.15%, 2/27/2037
     1,640       1,607  
 
              
 
             22,419  
 
              
 
                
Chemicals — Diversified (0.22%)
                
Huntsman LLC
                
11.50%, 7/15/2012
     1,515       1,606  
ICI Wilmington Inc
                
5.63%, 12/1/2013
     930       967  
Ineos Group Holdings Plc
                
8.50%, 2/15/2016 (b)(d)
     1,000       780  
Nova Chemicals Corp
                
7.86%, 11/15/2013 (e)
     1,250       1,062  
Phibro Animal Health Corp
                
10.00%, 8/1/2013 (d)
     500       465  
Reichhold Industries Inc
                
9.00%, 8/15/2014 (d)
     1,100       1,084  
 
              
 
             5,964  
 
              
 
                
Chemicals — Specialty (0.15%)
                
Ferro Corp
                
9.13%, 1/1/2009
     550       561  
Hercules Inc
                
6.75%, 10/15/2029
     1,200       1,152  
Nalco Co
                
7.75%, 11/15/2011
     1,500       1,500  
NewMarket Corp
                
7.13%, 12/15/2016
     750       739  
 
              
 
             3,952  
 
              
 
                
Coal (0.10%)
                
Alpha Natural Resources LLC/Alpha Natural Resources Capital Corp
                
10.00%, 6/1/2012
     595       611  
Arch Western Finance LLC
                
6.75%, 7/1/2013
     500       484  
Massey Energy Co
                
6.88%, 12/15/2013
     800       762  
Peabody Energy Corp
                
7.38%, 11/1/2016
     725       741  
 
              
 
             2,598  
 
              
 
                
Coatings & Paint (0.08%)
                
Valspar Corp
                
5.63%, 5/1/2012
     990       1,025  
6.05%, 5/1/2017
     1,045       1,035  
 
              
 
             2,060  
 
              
 
                
Commercial Banks (1.44%)
                
BanColombia SA
                
6.88%, 5/25/2017 (b)
     4,080       3,896  
Barclays Bank PLC
                
5.93%, 12/31/2049 (d)(e)
     3,575       3,328  
BBVA Bancomer SA/Grand Cayman
                
6.01%, 5/17/2022 (d)(e)
     3,575       3,388  
BOI Capital Funding No 2 LP
                
5.57%, 8/29/2049 (d)(e)
     1,595       1,383  
Commonwealth Bank of Australia
                
6.02%, 3/15/2036 (d)
     1,920       1,796  
Credit Agricole SA/London
                
6.64%, 5/31/2049 (d)(e)
     2,140       1,946  
Glitnir Banki HF
                
4.42%, 10/15/2008 (d)(e)
     1,500       1,501  
HSBC Holdings PLC
                
5.25%, 12/12/2012
     300       306  
6.50%, 9/15/2037
     3,500       3,428  
KeyBank NA
                
5.03%, 11/3/2009 (e)
     2,000       1,976  
4.95%, 9/15/2015
     190       187  
Lloyds TSB Group PLC
                
6.27%, 11/29/2049 (d)(e)
     2,800       2,476  
M&I Marshall & Ilsley Bank
                
5.40%, 12/4/2012 (e)(f)
     5,500       5,312  
Royal Bank of Scotland Group PLC
                
5.00%, 10/1/2014
     220       222  
7.64%, 3/31/2049 (c)(e)
     1,000       1,024  
6.99%, 10/29/2049 (c)(d)(e)
     1,000       1,000  
Societe Generale
                
5.92%, 4/29/2049 (d)(e)
     1,225       1,130  
United Overseas Bank Ltd
                
4.50%, 7/2/2013 (d)
     325       314  
US Bank NA/Cincinnati OH
                
6.38%, 8/1/2011
     275       295  
Wachovia Bank NA/Charlotte NC
                
7.80%, 8/18/2010
     385       423  
Woori Bank
                
6.13%, 5/3/2016 (d)(e)
     1,700       1,728  
6.21%, 5/2/2037 (e)
     2,265       1,952  
 
              
 
             39,011  
 
              
 
                
Commercial Services (0.10%)
                
Iron Mountain Inc
                
8.25%, 7/1/2011
     1,175       1,171  
8.63%, 4/1/2013
     1,000       1,010  
6.63%, 1/1/2016
     500       476  
 
              
 
             2,657  
 
              

6

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Computer Services (0.03%)
                
Sungard Data Systems Inc
                
9.13%, 8/15/2013
   $ 900     $ 914  
 
                
Computers — Integrated Systems (0.02%)
                
NCR Corp
                
7.13%, 6/15/2009
     600       626  
 
                
Computers — Memory Devices (0.14%)
                
Seagate Technology HDD Holdings
                
6.38%, 10/1/2011
     985       980  
6.80%, 10/ 1/2016
     2,965       2,891  
 
              
 
             3,871  
 
              
 
                
Consumer Products — Miscellaneous (0.14%)
                
American Achievement Corp
                
8.25%, 4/ 1/2012
     1,225       1,121  
Blyth Inc
                
7.90%, 10/ 1/2009
     1,300       1,334  
5.50%, 11/1/2013
     1,150       983  
Jarden Corp
                
7.50%, 5/1/2017
     500       428  
 
              
 
             3,866  
 
              
 
                
Containers — Metal & Glass (0.18%)
                
Impress Holdings BV
                
7.38%, 9/15/2013 (d)(e)
     750       690  
Owens-Illinois Inc
                
7.50%, 5/15/2010
     1,000       1,007  
Vitro SAB de CV
                
8.63%, 2/1/2012 (b)
     2,255       2,142  
9.13%, 2/1/2017
     1,085       947  
 
              
 
             4,786  
 
              
 
                
Containers — Paper & Plastic (0.18%)
                
Berry Plastics Holding Corp
                
8.88%, 9/15/2014
     800       710  
Intertape Polymer US Inc
                
8.50%, 8/1/2014
     350       320  
Pactiv Corp
                
5.88%, 7/15/2012
     2,075       2,132  
6.40%, 1/15/2018
     960       987  
Plastipak Holdings Inc
                
8.50%, 12/15/2015 (d)
     750       705  
 
              
 
             4,854  
 
              
 
                
Credit Card Asset Backed Securities (2.68%)
                
American Express Credit Account Master Trust
                
4.47%, 8/15/201l (d)(e)
     1,860       1,819  
4.49%, 9/15/201l (e)
     5,965       5,924  
BA Credit Card Trust
                
4.84%, 3/15/2012 (e)(f)
     6,000       5,868  
Bank One Issuance Trust
                
4.56%, 3/15/2012 (e)
     3,550       3,471  
4.43%, 6/15/2012 (e)
     4,575       4,552  
Cabela’s Master Credit Card Trust
                
4.31%, 12/16/2013 (d)(g)
     3,600       3,625  
Chase Credit Card Master Trust
                
4.59%, 10/15/2010 (e)
     1,550       1,547  
4.57%, 1/17/201l (e)
     3,100       3,084  
4.59%, 2/15/201l (e)(f)
     7,500       7,457  
Citibank Credit Card Issuance Trust
                
4.40%, 9/15/2010
     2,550       2,555  
4.15%, 5/20/2011 (e)
     2,300       2,252  
Citibank Credit Card Master Trust I
                
5.44%, 3/10/201l (e)
     1,875       1,849  
Discover Card Master Trust
                
5.65%, 3/16/2020
     2,525       2,562  
First USA Credit Card Master Trust
                
4.35%, 4/18/201l (e)
     3,650       3,639  
GE Capital Credit Card Master Note Trust
                
4.42%, 3/15/2015 (e)
     3,160       2,958  
MBNA Credit Card Master Note Trust
                
4.61%, 1/18/201l (e)(f)
     2,500       2,491  
MBNA Master Credit Card Trust
                
4.59%, 9/15/2010 (e)
     3,320       3,328  
Providian Gateway Master Trust
                
4.61%, 5/16/201l (d)(e)(g)
     6,165       6,165  
4.60%, 7/15/2011 (d)(e)(g)
     4,350       4,350  
Providian Master Note Trust
                
5.10%, 11/15/2012 (d)
     3,350       3,347  
 
              
 
             72,843  
 
              
 
                
Data Processing & Management (0.33%)
                
Dun & Bradstreet Corp
                
5.50%, 3/15/2011
     1,350       1,425  
Fidelity National Information Services
                
4.75%, 9/15/2008
     3,725       3,669  
Fiserv Inc
                
6.13%, 11/20/2012
     3,740       3,891  
 
              
 
             8,985  
 
              
 
                
Dialysis Centers (0.06%)
                
DaVita Inc
                
6.63%, 3/15/2013
     1,560       1,537  
 
                
Direct Marketing (0.05%)
                
Visant Corp
                
7.63%, 10/1/2012
     1,400       1,383  
 
                
Diversified Financial Services (0.31%)
                
Citigroup Capital XXI
                
8.30%, 12/21/2057
     3,100       3,342  
General Electric Capital Corp
                
4.63%, 9/15/2009
     285       291  
4.25%, 12/1/2010
     735       748  
5.65%, 6/9/2014
     240       252  
6.38%, 11/15/2067 (e)
     1,355       1,409  

7

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Diversified Financial Services (continued)
                
TNK-BP Finance SA
                
7.50%, 3/13/2013 (d)
   $ 1,070     $ 1,075  
6.63%, 3/20/2017 (d)
     1,540       1,405  
 
              
 
             8,522  
 
              
 
                
Diversified Manufacturing Operations (0.48%)
                
Bombardier Inc
                
8.00%, 11/15/2014 (d)
     1,035       1,082  
Carlisle Cos Inc
                
6.13%, 8/15/2016
     2,200       2,359  
Honeywell International Inc
                
5.63%, 8/ 1/2012
     500       529  
RBS Global Inc and Rexnord Corp
                
11.75%, 8/1/2016 (b)
     750       638  
SPX Corp
                
7.63%, 12/15/2014 (d)
     3,100       3,177  
Tyco Electronics Group SA
                
6.55%, 10/ 1/2017 (b)(d)
     4,925       5,181  
 
              
 
             12,966  
 
              
 
                
Diversified Operations (0.18%)
                
Capmark Financial Group Inc
                
5.53%, 5/10/2010 (d)(e)
     3,450       2,693  
Leucadia National Corp
                
7.13%, 3/15/2017
     1,500       1,413  
Susser Holdings LLC
                
10.63%, 12/15/2013 (d)
     700       718  
 
              
 
             4,824  
 
              
 
                
Drug Delivery Systems (0.07%)
                
Hospira Inc
                
5.31%, 3/30/2010 (e)(f)
     2,000       1,977  
 
                
E-Commerce — Products (0.02%)
                
FTD Inc
                
7.75%, 2/15/2014
     725       653  
 
                
Electric — Distribution (0.05%)
                
Detroit Edison Co/The
                
5.45%, 2/15/2035
     1,405       1,281  
 
                
Electric — Generation (0.40%)
                
CE Casecnan Water & Energy
                
11.95%, 11/15/2010
     942       989  
CE Generation LLC
                
7.42%, 12/15/2018
     1,019       1,069  
Edison Mission Energy
                
7.20%, 5/15/2019
     2,250       2,194  
Indiantown Cogeneration LP
                
9.26%, 12/15/2010
     2,448       2,579  
Korea East- West Power Co Ltd
                
4.88%, 4/21/201l (d)
     280       290  
System Energy Resources Inc
                
6.20%, 10/ 1/2012
     175       179  
Tenaska Gateway Partners Ltd
                
6.05%, 12/30/2023 (d)
     2,647       2,742  
Tenaska Oklahoma
                
6.53%, 12/30/2014 (d)
     392       415  
Tenaska Virginia Partners LP
                
6.12%, 3/30/2024 (d)
     479       493  
 
              
 
             10,950  
 
              
 
                
Electric — Integrated (2.18%)
                
Alabama Power Co
                
5.22%, 8/25/2009 (e)
     1,000       998  
Arizona Public Service Co
                
6.38%, 10/15/2011
     1,000       1,054  
6.50%, 3/1/2012
     2,830       3,005  
5.80%, 6/30/2014
     1,770       1,804  
6.25%, 8/1/2016
     2,100       2,186  
Baltimore Gas & Electric Co
                
5.90%, 10/ 1/2016
     1,230       1,252  
Carolina Power & Light Co
                
6.65%, 4/ 1/2008
     200       201  
Commonwealth Edison Co
                
6.15%, 3/15/2012
     1,400       1,461  
4.70%, 4/15/2015
     2,740       2,621  
5.95%, 8/15/2016
     1,380       1,418  
5.90%, 3/15/2036
     500       467  
Consumers Energy Co
                
4.25%, 4/15/2008
     140       140  
Dominion Resources Inc/VA
                
5.69%, 5/15/2008
     2,150       2,159  
Entergy Gulf States Inc
                
3.60%, 6/1/2008
     345       343  
5.90%, 12/8/2008 (d)(e)
     1,465       1,471  
Entergy Louisiana LLC
                
5.83%, 11/1/2010
     350       350  
Exelon Generation Co LLC
                
6.20%, 10/ 1/2017
     2,090       2,122  
Georgia Power Co
                
5.09%, 2/17/2009 (e)
     2,650       2,650  
Illinois Power Co
                
6.13%, 11/15/2017 (d)
     2,730       2,839  
Integrys Energy Group Inc
                
7.00%, 11/1/2009
     1,540       1,618  
Jersey Central Power & Light Co
                
6.15%, 6/1/2037
     1,775       1,693  
MidAmerican Energy Holdings Co
                
3.50%, 5/15/2008
     975       973  
Mirant Americas Generation LLC
                
8.30%, 5/1/2011
     850       859  
Northeast Utilities
                
3.30%, 6/1/2008
     460       457  
Ohio Power Co
                
4.83%, 4/ 5/2010 (e)(f)
     2,870       2,828  

8

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Electric — Integrated (continued)
                
Oncor Electric Delivery Co
                
6.38%, 5/1/2012
   $ 3,330     $ 3,482  
PPL Energy Supply LLC
                
6.40%, 11/1/2011
     50       53  
PSEG Energy Holdings LLC
                
8.63%, 2/15/2008
     500       500  
PSEG Power LLC
                
3.75%, 4/ 1/2009
     2,750       2,745  
Public Service Co of Oklahoma
                
6.63%, 11/15/2037
     1,845       1,899  
Puget Sound Energy Inc
                
3.36%, 6/1/2008
     350       349  
San Diego Gas & Electric Co
                
6.13%, 9/15/2037
     2,500       2,563  
Sierra Pacific Power Co
                
6.25%, 4/15/2012
     3,100       3,244  
6.00%, 5/15/2016
     500       508  
Southern California Edison Co
                
4.99%, 2/2/2009 (e)(f)
     1,325       1,314  
TECO Energy Inc
                
6.91%, 5/1/2010 (e)
     1,500       1,508  
Transelec SA
                
7.88%, 4/15/2011
     650       695  
Union Electric Co
                
4.65%, 10/ 1/2013
     2,300       2,288  
5.10%, 10/1/2019
     685       660  
Virginia Electric and Power Co
                
4.50%, 12/15/2010
     325       332  
 
              
 
             59,109  
 
              
 
                
Electric — Transmission (0.07%)
                
EEB International Ltd
                
8.75%, 10/31/2014 (d)
     1,800       1,849  
 
                
Electronic Components — Miscellaneous (0.19%)
                
Communications & Power Industries Inc
                
8.00%, 2/1/2012
     500       495  
Flextronics International Ltd
                
6.50%, 5/15/2013
     1,250       1,200  
Jabil Circuit Inc
                
5.88%, 7/15/2010
     2,570       2,611  
NXP BV/NXP Funding LLC
                
7.01%, 10/15/2013 (e)
     215       178  
9.50%, 10/15/2015 (b)
     800       699  
 
              
 
             5,183  
 
              
 
                
Electronic Components — Semiconductors (0.18%)
                
Amkor Technology Inc
                
7.75%, 5/15/2013
     1,250       1,119  
Chartered Semiconductor Manufacturing Ltd
                
6.25%, 4/4/2013
     1,520       1,615  
Freescale Semiconductor Inc
                
8.87%, 12/15/2014 (e)
     750       540  
National Semiconductor Corp
                
5.24%, 6/15/2010 (e)(f)
     1,725       1,676  
 
              
 
             4,950  
 
              
 
                
Electronic Connectors (0.05%)
                
Thomas & Betts Corp
                
6.63%, 5/7/2008
     1,330       1,339  
 
                
Electronic Measurement Instruments (0.16%)
                
Agilent Technologies Inc
                
6.50%, 11/1/2017
     4,285       4,396  
 
                
Electronics — Military (0.08%)
                
L-3 Communications Corp
                
7.63%, 6/15/2012
     2,000       2,050  
 
                
Energy — Alternate Sources (0.02%)
                
VeraSun Energy Corp
                
9.38%, 6/1/2017 (b)(d)
     750       596  
 
                
Export & Import Bank (0.03%)
                
Export-Import Bank Of Korea
                
4.50%, 8/12/2009
     740       738  
 
                
Fiduciary Banks (0.01%)
                
Bank of New York Mellon Corp/The
                
4.95%, 3/15/2015
     210       207  
 
                
Finance — Auto Loans (0.57%)
                
Ford Motor Credit Co LLC
                
5.80%, 1/12/2009
     5,000       4,863  
7.38%, 10/28/2009
     700       674  
9.75%, 9/15/2010 (e)
     1,250       1,208  
9.88%, 8/10/2011
     1,850       1,775  
7.13%, 1/13/2012 (e)
     950       800  
7.80%, 6/1/2012
     1,000       886  
GMAC LLC
                
7.75%, 1/19/2010
     500       478  
6.88%, 9/15/2011
     1,700       1,486  
6.00%, 12/15/2011
     1,815       1,531  
6.63%, 5/15/2012
     2,190       1,852  
 
              
 
             15,553  
 
              
 
                
Finance — Commercial (0.50%)
                
CIT Group Inc
                
3.47%, 4/27/2011 (e)(f)
     6,200       5,361  
5.13%, 2/13/2012 (e)
     1,850       1,480  
Textron Financial Corp
                
5.16%, 2/25/2011 (e)(f)
     5,325       5,234  
6.00%, 2/15/2067 (b)(d)(e)
     1,750       1,625  
 
              
 
             13,700  
 
              

9

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Finance — Consumer Loans (0.88%)
                
American General Finance Corp
                
5.19%, 8/17/2011 (e)(f)
   $ 3,135     $ 3,011  
6.90%, 12/15/2017
     3,500       3,583  
HSBC Finance Capital Trust IX
                
5.91%, 11/30/2035
     650       605  
HSBC Finance Corp
                
4.13%, 12/15/2008 (h)
     900       903  
4.13%, 11/16/2009 (h)
     1,750       1,751  
5.16%, 11/16/2009 (e)
     3,275       3,187  
6.38%, 10/15/2011
     110       115  
7.00%, 5/15/2012
     2,095       2,247  
4.75%, 7/15/2013
     205       203  
John Deere Capital Corp
                
4.95%, 12/17/2012
     5,000       5,152  
SLM Corp
                
3.49%, 7/26/2010 (e)(f)
     3,500       3,158  
 
              
 
             23,915  
 
              
 
                
Finance — Credit Card (0.22%)
                
Capital One Bank
                
5.00%, 6/15/2009
     2,165       2,151  
6.50%, 6/13/2013
     2,800       2,636  
5.13%, 2/15/2014
     425       388  
Capital One Capital III
                
7.69%, 8/15/2036
     895       678  
 
              
 
             5,853  
 
              
 
                
Finance — Investment Banker & Broker (3.98%)
                
Bear Stearns Cos Inc/The
                
4.33%, 7/16/2009 (e)(f)
     4,720       4,529  
5.30%, 10/30/2015
     790       717  
Citigroup Funding Inc
                
4.14%, 10/22/2009 (e)(f)
     1,500       1,486  
Citigroup Inc
                
5.30%, 10/17/2012
     1,000       1,034  
Credit Suisse USA Inc
                
4.50%, 1/15/2010 (e)
     1,500       1,493  
Goldman Sachs Group Inc/The
                
3.88%, 1/15/2009
     640       642  
6.65%, 5/15/2009
     75       78  
5.32%, 3/2/2010 (e)
     1,500       1,458  
5.10%, 8/5/2011 (e)
     3,500       3,411  
5.05%, 2/6/2012 (e)
     2,000       1,936  
5.45%, 11/1/2012 (b)
     1,500       1,570  
5.25%, 10/15/2013
     2,690       2,781  
5.95%, 1/18/2018
     5,090       5,253  
6.45%, 5/1/2036
     1,160       1,109  
6.75%, 10/1/2037
     2,310       2,266  
Jefferies Group Inc
                
6.45%, 6/8/2027
     4,520       4,060  
6.25%, 1/15/2036
     3,880       3,336  
JPMorgan Chase & Co
                
5.33%, 3/ 9/2009 (e)
     2,000       2,000  
6.75%, 2/1/2011
     2,675       2,861  
5.25%, 5/1/2015
     4,265       4,264  
6.00%, 1/15/2018
     4,450       4,618  
Lazard Group
                
7.13%, 5/15/2015
     2,040       2,066  
6.85%, 6/15/2017
     3,630       3,568  
Lehman Brothers Holdings Capital Trust
                
5.86%, 11/29/2049
     2,035       1,572  
Lehman Brothers Holdings Inc
                
5.13%, 11/10/2009 (e)
     3,000       2,907  
5.17%, 5/25/2010 (e)
     4,225       4,075  
5.63%, 1/24/2013
     4,500       4,558  
6.20%, 9/26/2014
     1,290       1,328  
6.50%, 7/19/2017
     2,500       2,555  
6.75%, 12/28/2017
     1,750       1,814  
Merrill Lynch & Co Inc
                
5.11%, 2/6/2009 (e)
     2,275       2,264  
5.10%, 2/5/2010 (e)
     1,500       1,452  
5.11%, 11/1/2011 (e)(f)
     4,650       4,368  
5.37%, 6/5/2012 (e)(f)
     2,300       2,103  
5.45%, 2/5/2013 (c)
     3,000       3,005  
6.22%, 9/15/2026
     250       229  
6.11%, 1/29/2037
     1,500       1,302  
Morgan Stanley
                
4.54%, 1/15/2010 (e)
     3,925       3,859  
4.20%, 1/18/2011 (e)
     5,675       5,489  
6.75%, 4/15/2011
     640       681  
5.30%, 3/ 1/2013
     455       462  
4.75%, 4/ 1/2014
     1,915       1,841  
5.38%, 10/15/2015
     1,660       1,636  
5.95%, 12/28/2017
     4,000       4,038  
 
              
 
             108,074  
 
              
 
                
Finance — Leasing Company (0.11%)
                
International Lease Finance Corp
                
4.66%, 1/15/2010 (e)
     2,000       2,002  
5.65%, 6/1/2014
     870       909  
 
              
 
             2,911  
 
              
 
                
Finance — Mortgage Loan/Banker (2.17%)
                
Countrywide Financial Corp
                
5.21%, 12/19/2008 (e)(f)
     6,665       5,886  
5.80%, 6/7/2012
     3,785       3,368  
6.25%, 5/15/2016 (b)
     2,095       1,746  
Fannie Mae
                
5.25%, 1/15/2009 (b)
     350       359  
7.25%, 1/15/2010
     250       271  
6.00%, 5/15/2011 (b)
     75       82  
3.68%, 2/25/2018 (e)
     897       899  
3.63%, 11/25/2022 (e)
     1,164       1,161  
3.58%, 1/25/2023 (e)
     1,474       1,470  
3.68%, 2/25/2032 (e)
     2,207       2,204  
3.63%, 3/25/2035 (e)
     992       987  

10

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Finance — Mortgage Loan/Banker (continued)
                
Fannie Mae (continued)
                
6.50%, 2/25/2047 (g)
   $ 1,910     $ 2,008  
Fannie Mae Whole Loan
                
3.58%, 5/25/2035 (e)
     2,029       2,008  
Freddie Mac
                
4.54%, 6/15/2018 (e)
     1,142       1,145  
4.69%, 6/15/2023 (e)
     1,487       1,492  
4.64%, 7/15/2023 (e)(f)
     11,009       10,936  
4.59%, 2/15/2030 (e)
     951       954  
4.59%, 5/15/2030 (e)
     803       798  
5.50%, 9/15/2031 (e)
     5,025       5,119  
Ginnie Mae
                
4.51%, 10/16/2028 (e)
     3,264       3,308  
3.96%, 6/16/2031
     3,855       3,867  
1.11%, 2/16/2047 (e)
     30,443       1,667  
0.85%, 3/16/2047 (e)
     26,944       1,542  
Residential Capital LLC
                
5.65%, 6/9/2008 (e)(f)
     1,500       1,283  
7.62%, 5/22/2009 (e)
     3,925       2,669  
7.50%, 2/22/2011 (e)
     2,835       1,772  
 
              
 
             59,001  
 
              
 
                
Finance — Other Services (0.26%)
                
American Real Estate Partners LP/American Real Estate Finance Corp
                
8.13%, 6/1/2012
     1,000       980  
7.13%, 2/15/2013
     835       774  
Lukoil International Finance BV
                
6.66%, 6/7/2022 (d)
     1,360       1,255  
Mizuho JGB Investment LLC
                
9.87%, 12/29/2049 (d)(e)
     1,000       1,012  
National Rural Utilities Cooperative Finance Corp
                
5.45%, 2/1/2018
     3,000       3,022  
 
              
 
             7,043  
 
              
 
                
Financial Guarantee Insurance (0.21%)
                
AMBAC Financial Group Inc
                
6.15%, 2/15/2037 (b)
     1,400       632  
MBIA Insurance Corp
                
14.00%, 1/15/2033 (b)(d)(e)
     4,350       4,067  
MGIC Investment Corp
                
5.63%, 9/15/2011
     980       872  
 
              
 
             5,571  
 
              
 
                
Food — Dairy Products (0.06%)
                
Land O’ Lakes Inc
                
9.00%, 12/15/2010
     1,500       1,562  
 
                
Food — Meat Products (0.14%)
                
Bertin Ltda
                
10.25%, 10/5/2016 (b)(d)
     3,810       3,853  
 
                
Food — Miscellaneous/Diversified (0.21%)
                
Corn Products International Inc
                
8.45%, 8/15/2009
     470       507  
General Mills Inc
                
4.02%, 1/22/2010 (e)(f)
     3,575       3,479  
Kraft Foods Inc
                
5.39%, 8/11/2010 (e)
     1,640       1,627  
6.00%, 2/11/2013
     75       78  
 
              
 
             5,691  
 
              
 
                
Food — Retail (0.51%)
                
Delhaize Group
                
6.50%, 6/15/2017
     2,120       2,167  
Ingles Markets Inc
                
8.88%, 12/1/2011
     875       886  
Kroger Co/The
                
6.15%, 1/15/2020
     2,680       2,762  
Safeway Inc
                
5.21%, 3/27/2009 (e)(f)
     4,450       4,425  
Tesco PLC
                
6.15%, 11/15/2037 (d)
     3,800       3,653  
 
              
 
             13,893  
 
              
 
                
Food — Wholesale & Distribution (0.00%)
                
Sysco International Co
                
6.10%, 6/1/2012
     100       109  
 
                
Funeral Services & Related Items (0.03%)
                
Service Corp International/US
                
6.75%, 4/1/2016
     950       929  
 
                
Gas — Distribution (0.07%)
                
Sempra Energy
                
4.75%, 5/15/2009
     675       684  
Southern Union Co
                
6.15%, 8/16/2008
     1,315       1,324  
 
              
 
             2,008  
 
              
 
                
Health Care Cost Containment (0.06%)
                
McKesson Corp
                
5.25%, 3/1/2013
     1,610       1,655  
 
                
Home Equity — Other (4.84%)
                
ACE Securities Corp
                
3.59%, 8/25/2035 (e)
     2,678       2,668  
3.59%, 9/25/2035 (e)(f)
     1,903       1,895  
3.58%, 10/25/2035 (e)
     1,545       1,542  
Asset Backed Funding Certificates
                
3.62%, 7/25/2035 (e)
     1,106       1,088  
Asset Backed Securities Corp Home Equity
                
3.48%, 7/25/2036 (e)(f)
     2,847       2,745  
Bear Stearns Asset Backed Securities Trust
                
3.98%, 3/25/2034 (e)(g)
     1,098       811  
3.65%, 9/25/2035 (e)
     6,257       6,206  
3.54%, 8/25/2036 (e)(f)
     7,145       6,580  
3.57%, 5/25/2037 (e)(f)
     3,200       2,933  
CDC Mortgage Capital Trust
                
4.23%, 6/25/2034 (e)
     637       592  
Citigroup Mortgage Loan Trust Inc
                
3.65%, 10/25/2035 (e)(f)
     13,000       12,913  

11

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Home Equity — Other (continued)
                
Countrywide Asset-Backed Certificates
                
6.09%, 6/25/2021 (e)
   $ 4,000     $ 3,213  
First NLC Trust
                
3.71%, 5/25/2035 (e)
     697       640  
3.68%, 9/25/2035 (e)(f)
     6,323       6,112  
3.61%, 12/25/2035 (e)(f)
     2,785       2,782  
GMAC Mortgage Corp Loan Trust
                
5.75%, 10/25/2036
     4,850       4,319  
5.81%, 10/25/2036
     1,825       1,311  
6.05%, 12/25/2037 (e)
     3,820       3,645  
GSAA Trust
                
3.52%, 4/25/2047 (e)
     9,760       9,035  
HSI Asset Securitization Corp Trust
                
3.52%, 1/25/2037 (e)(f)
     6,548       5,963  
Indymac Residential Asset Backed Trust
                
3.62%, 8/25/2035 (e)
     1,025       1,020  
IXIS Real Estate Capital Trust
                
3.64%, 9/25/2035 (e)(f)
     817       774  
3.62%, 12/25/2035 (e)
     16       16  
JP Morgan Mortgage Acquisition Corp
                
3.64%, 7/25/2035 (e)(f)
     4,966       4,830  
3.53%, 8/25/2036 (e)
     1,850       1,582  
Morgan Stanley ABS Capital I
                
4.25%, 12/25/2034 (e)
     1,500       1,066  
3.63%, 9/25/2035 (e)
     1,375       1,372  
Morgan Stanley Home Equity Loans
                
3.55%, 2/25/2036 (e)
     9,990       9,386  
New Century Home Equity Loan Trust
                
3.67%, 3/25/2035 (e)
     106       102  
Option One Mortgage Loan Trust
                
4.43%, 5/25/2034 (e)
     1,250       1,069  
4.38%, 2/25/2035 (e)
     600       481  
3.83%, 3/25/2037 (e)
     4,325       1,693  
Residential Asset Securities Corp
                
4.53%, 3/25/2035 (e)
     1,050       778  
3.58%, 5/25/2035 (e)
     205       204  
3.58%, 6/25/2035 (e)
     334       333  
3.65%, 7/25/2035 (e)(f)
     3,523       3,518  
3.53%, 9/25/2036 (e)
     7,900       7,465  
Saxon Asset Securities Trust
                
5.07%, 3/25/2035 (e)
     1,595       1,377  
Soundview Home Equity Loan Trust
                
3.47%, 7/25/2036 (e)(f)
     5,769       5,670  
Specialty Underwriting & Residential Finance
                
3.89%, 2/25/2035 (e)
     677       649  
3.61%, 3/25/2036 (e)
     802       795  
WAMU Asset-Backed Certificates
                
3.55%, 5/25/2037 (e)
     4,000       3,475  
3.55%, 7/25/2047 (e)
     6,850       5,666  
Wells Fargo Home Equity Trust
                
3.88%, 4/25/2034 (e)
     1,124       1,032  
 
              
 
             131,346  
 
              
 
                
Home Equity — Sequential (0.39%)
                
BNC Mortgage Loan Trust
                
3.55%, 7/25/2037 (e)
     4,405       3,398  
Countrywide Asset-Backed Certificates
                
5.39%, 4/25/2036
     3,850       3,632  
5.51%, 8/25/2036
     3,235       3,148  
Residential Asset Securities Corp
                
4.70%, 10/25/2031
     442       441  
 
              
 
             10,619  
 
              
 
                
Home Furnishings (0.03%)
                
Sealy Mattress Co
                
8.25%, 6/15/2014
     1,050       908  
 
                
Independent Power Producer (0.07%)
                
NRG Energy Inc
                
7.25%, 2/1/2014
     1,950       1,899  
 
                
Industrial Automation & Robots (0.16%)
                
Intermec Inc
                
7.00%, 3/15/2008
     2,500       2,494  
Rockwell Automation Inc/DE
                
5.65%, 12/1/2017
     1,740       1,798  
 
              
 
             4,292  
 
              
 
                
Industrial Gases (0.01%)
                
Praxair Inc
                
6.50%, 3/ 1/2008
     235       236  
 
                
Insurance Brokers (0.15%)
                
Willis North America Inc
                
6.20%, 3/28/2017
     3,950       4,021  
 
                
Investment Companies (0.26%)
                
Canadian Oil Sands Ltd
                
4.80%, 8/10/2009 (d)
     1,700       1,728  
Xstrata Finance Canada Ltd
                
6.90%, 11/15/2037 (d)
     3,300       3,237  
Xstrata Finance Dubai Ltd
                
5.23%, 11/13/2009 (d)(e)
     2,150       2,145  
 
              
 
             7,110  
 
              
 
                
Investment Management & Advisory Services (0.11%)
                
Ameriprise Financial Inc
                
5.35%, 11/15/2010
     55       56  
7.52%, 6/1/2066 (e)
     3,020       2,971  
 
              
 
             3,027  
 
              
 
                
Life & Health Insurance (1.07%)
                
Cigna Corp
                
7.00%, 1/15/2011
     175       187  
6.15%, 11/15/2036
     1,640       1,536  
Great West Life & Annuity Insurance Co
                
7.15%, 5/16/2046 (d)(e)
     2,855       2,852  
Hartford Life Global Funding Trusts
                
5.16%, 9/15/2009 (e)
     3,475       3,476  

12

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Life & Health Insurance (continued)
                
Lincoln National Corp
                
4.76%, 4/6/2009 (e)(f)
   $ 4,200     $ 4,155  
5.65%, 8/27/2012
     865       903  
6.05%, 4/20/2067 (b)(e)
     1,345       1,256  
Pacific Life Global Funding
                
5.11%, 6/22/2011 (d)(e)
     2,500       2,498  
Prudential Financial Inc
                
5.15%, 1/15/2013
     5,000       5,066  
StanCorp Financial Group Inc
                
6.88%, 10/1/2012
     1,065       1,189  
Stingray Pass-Through Trust
                
5.90%, 1/12/2015 (d)
     3,000       900  
Sun Life Financial Global Funding LP
                
5.08%, 7/6/2010 (d)(e)
     1,750       1,758  
Unum Group
                
6.00%, 5/15/2008
     2,200       2,212  
5.86%, 5/15/2009
     1,050       1,078  
 
              
 
             29,066  
 
              
 
                
Machinery — Construction & Mining (0.02%)
                
Terex Corp
                
8.00%, 11/15/2017
     650       639  
 
                
Machinery — Farm (0.04%)
                
Case New Holland Inc
                
7.13%, 3/1/2014
     1,000       998  
 
                
Machinery — General Industry (0.02%)
                
Stewart & Stevenson LLC
                
10.00%, 7/15/2014
     475       461  
 
                
Machinery — Material Handling (0.04%)
                
Columbus McKinnon Corp/NY
                
8.88%, 11/1/2013
     1,100       1,144  
 
                
Medical — Biomedical/Gene (0.11%)
                
Amgen Inc
                
5.85%, 6/1/2017 (d)
     3,000       3,078  
 
                
Medical — Drugs (0.23%)
                
Angiotech Pharmaceuticals Inc
                
8.87%, 12/1/2013 (e)
     1,800       1,620  
Elan Finance PLC/Elan Finance Corp
                
8.88%, 12/1/2013
     850       812  
9.25%, 12/1/2013 (e)
     2,570       2,338  
Valeant Pharmaceuticals International
                
7.00%, 12/15/2011
     1,600       1,540  
 
              
 
             6,310  
 
              
 
                
Medical — HMO (0.85%)
                
Centene Corp
                
7.25%, 4/1/2014
     750       735  
Coventry Health Care Inc
                
5.88%, 1/15/2012
     3,042       3,137  
6.30%, 8/15/2014
     2,500       2,599  
5.95%, 3/15/2017
     1,725       1,714  
Health Net Inc
                
6.38%, 6/1/2017
     3,690       3,765  
Humana Inc
                
6.45%, 6/1/2016
     325       334  
UnitedHealth Group Inc
                
5.09%, 6/21/2010 (d)(e)
     3,340       3,260  
5.50%, 11/15/2012 (d)
     3,300       3,421  
WellPoint Inc
                
5.85%, 1/15/2036
     2,605       2,357  
6.38%, 6/15/2037
     1,900       1,857  
 
              
 
             23,179  
 
              
 
                
Medical — Hospitals (0.06%)
                
Community Health Systems Inc
                
8.88%, 7/15/2015
     750       755  
HCA Inc/DE
                
9.25%, 11/15/2016
     950       996  
 
              
 
             1,751  
 
              
 
                
Medical — Wholesale Drug Distribution (0.32%)
                
AmerisourceBergen Corp
                
5.63%, 9/15/2012
     2,175       2,245  
Cardinal Health Inc
                
5.50%, 10/2/2009 (d)(e)
     3,800       3,815  
5.65%, 6/15/2012 (d)
     2,545       2,628  
 
              
 
             8,688  
 
              
 
                
Medical Instruments (0.13%)
                
Accellent Inc
                
10.50%, 12/1/2013
     530       419  
Boston Scientific Corp
                
6.00%, 6/15/2011
     1,515       1,477  
6.40%, 6/15/2016
     1,841       1,694  
 
              
 
             3,590  
 
              
 
                
Medical Laboratory & Testing Service (0.02%)
                
Quest Diagnostics Inc
                
6.40%, 7/1/2017
     595       618  
 
                
Medical Products (0.29%)
                
Baxter International Inc
                
6.25%, 12/1/2037
     2,045       2,107  
Covidien International Finance SA
                
6.00%, 10/15/2017 (d)
     2,910       3,021  
6.55%, 10/15/2037 (d)
     2,740       2,793  
 
              
 
             7,921  
 
              
 
                
Metal — Copper (0.04%)
                
Southern Copper Corp
                
7.50%, 7/27/2035
     1,040       1,055  
 
                
Metal — Diversified (0.17%)
                
Falconbridge Ltd
                
7.35%, 6/5/2012
     500       554  

13

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Metal — Diversified (continued)
                
Falconbridge Ltd (continued)
                
5.38%, 6/1/2015
   $ 640     $ 629  
Freeport-McMoRan Copper & Gold Inc
                
8.25%, 4/ 1/2015
     2,000       2,098  
8.38%, 4/ 1/2017
     500       531  
Xstrata Canada Corp
                
7.25%, 7/15/2012
     630       698  
 
              
 
             4,510  
 
              
 
                
Metal Processors & Fabrication (0.04%)
                
Commercial Metals Co
                
6.50%, 7/15/2017 (b)
     1,090       1,174  
 
                
Miscellaneous Manufacturers (0.02%)
                
Trimas Corp
                
9.88%, 6/15/2012 (b)
     700       637  
 
                
Money Center Banks (0.39%)
                
Comerica Capital Trust II
                
6.58%, 2/20/2037
     2,705       1,886  
Deutsche Bank AG/London
                
5.38%, 10/12/2012
     2,500       2,631  
Rabobank Capital Funding Trust
                
5.25%, 12/29/2049 (d)(e)
     2,580       2,366  
Unicredit Luxembourg Finance SA
                
6.00%, 10/31/2017 (d)
     3,600       3,643  
 
              
 
             10,526  
 
              
 
                
Mortgage Backed Securities (22.75%)
                
ACT Depositor Corp
                
4.54%, 9/22/2041 (d)(e)
     6,249       4,374  
Adjustable Rate Mortgage Trust
                
3.95%, 2/25/2035 (e)
     518       518  
3.66%, 6/25/2035 (e)(f)
     2,727       2,601  
5.10%, 11/25/2035 (e)
     1,600       1,504  
3.65%, 8/25/2036 (e)(f)
     6,851       5,065  
Banc of America Commercial Mortgage Inc
                
0.28%, 7/10/2042
     267,889       2,638  
0.10%, 7/10/2043 (d)(e)
     159,199       1,833  
4.86%, 7/10/2043
     3,000       2,926  
4.97%, 7/10/2043
     1,890       1,637  
5.33%, 9/10/2045
     4,775       4,789  
5.31%, 10/10/2045 (e)
     3,920       3,916  
5.68%, 7/10/2046 (e)
     3,750       3,587  
5.88%, 4/10/2049 (e)
     775       739  
5.84%, 6/10/2049 (e)
     800       759  
Banc of America Funding Corp
                
4.01%, 7/20/2036 (e)
     1,204       1,187  
4.21%, 7/20/2036 (e)(f)
     7,728       7,026  
3.56%, 4/25/2037 (e)(f)
     3,200       3,165  
Banc of America Mortgage Securities Inc
                
4.11%, 6/25/2034 (e)
     4,250       4,256  
Bear Stearns Adjustable Rate Mortgage Trust
                
3.54%, 6/25/2034 (e)
     855       855  
5.08%, 8/25/2035 (e)
     1,970       1,979  
Bear Stearns Alt-A Trust
                
3.66%, 7/25/2035 (e)
     505       499  
3.54%, 11/25/2036 (e)(f)
     1,305       1,286  
3.55%, 4/25/2037 (e)(f)
     1,007       941  
Bear Stearns Asset Backed Securities Trust
                
3.61%, 4/25/2036 (e)(f)
     3,592       3,303  
Bear Stearns Commercial Mortgage Securities Inc
                
0.63%, 5/11/2039 (d)(e)
     6,216       92  
3.24%, 2/11/2041
     681       675  
Bear Stearns Mortgage Funding Trust
                
3.59%, 7/25/2036 (e)(f)(g)
     9,393       8,653  
Bella Vista Mortgage Trust
                
4.23%, 1/22/2045 (e)(f)
     1,688       1,622  
4.18%, 5/20/2045 (e)
     1,002       936  
Chase Commercial Mortgage Securities Corp
                
7.32%, 10/15/2032
     4,000       4,193  
Chase Mortgage Finance Corp
                
5.43%, 3/25/2037 (e)
     11,034       11,266  
Citigroup Commercial Mortgage Trust
                
0.72%, 10/15/2049 (e)
     70,402       1,692  
Citigroup/Deutsche Bank Commercial Mortgage
                
0.04%, 12/11/2049 (d)(e)
     120,917       1,087  
Citigroup/Deutsche Bank Commercial Mortgage Trust
                
0.63%, 10/15/2048 (e)
     116,301       2,388  
0.53%, 12/11/2049 (e)
     98,813       1,593  
0.56%, 12/11/2049 (d)(e)
     227,894       5,558  
Commercial Mortgage Pass Through Certificates
                
5.22%, 5/10/2043 (e)
     2,000       1,764  
0.06%, 12/10/2046 (e)
     61,444       740  
5.25%, 12/10/2046
     3,500       3,484  
Countrywide Alternative Loan Trust
                
3.60%, 5/25/2035 (e)
     32       29  
6.10%, 7/20/2035 (e)(g)
     1,179       1,071  
3.80%, 12/25/2035 (e)(f)
     4,495       3,940  
3.55%, 6/25/2036 (e)(f)
     9,400       9,164  
3.66%, 6/25/2036 (e)(f)
     7,038       6,978  
Countrywide Asset-Backed Certificates
                
3.66%, 11/25/2035 (e)
     901       874  
3.65%, 1/25/2036 (e)
     6,000       5,883  
Countrywide Home Loan Mortgage Pass Through Certificates
                
4.50%, 1/25/2033
     7       7  
4.59%, 12/19/2033 (e)
     1,000       984  
3.58%, 4/25/2046 (e)(f)
     6,867       6,357  
3.68%, 4/25/2046 (e)(f)
     9,985       8,952  
Credit Suisse Mortgage Capital Certificates
                
6.02%, 6/15/2038 (e)
     2,990       3,055  

14

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
Credit Suisse Mortgage Capital Certificates (continued)
                
0.78%, 9/15/2039 (d)
   $ 75,485     $ 2,024  
5.81%, 9/15/2039
     4,380       4,180  
0.11%, 12/15/2039
     20,180       337  
0.87%, 12/15/2039 (e)
     90,799       2,822  
5.87%, 9/15/2040
     12,150       11,635  
CS First Boston Mortgage Securities Corp
                
1.30%, 3/15/2036 (d)(e)
     9,035       194  
0.58%, 5/15/2036 (d)(e)
     12,343       106  
0.77%, 7/15/2036 (d)(e)
     12,476       200  
5.11%, 7/15/2036 (e)
     2,450       2,435  
0.23%, 11/15/2037 (d)(e)
     22,543       440  
7.92%, 9/15/2041 (e)
     470       494  
CW Capital Cobalt Ltd
                
5.17%, 8/15/2048
     5,220       5,182  
Deutsche ALT-A Securities Inc Alternate
                
3.56%, 4/25/2036 (e)
     8,275       7,737  
First Union National Bank Commercial Mortgage Securities Inc
                
8.09%, 5/17/2032
     700       746  
6.14%, 2/12/2034
     150       156  
GE Capital Commercial Mortgage Corp
                
0.43%, 5/10/2014
     164,211       1,822  
5.61%, 4/10/2017 (e)
     7,360       6,950  
0.74%, 3/10/2040 (d)(e)
     19,672       291  
4.98%, 5/10/2043
     5,780       5,677  
GMAC Commercial Mortgage Securities Inc
                
0.97%, 3/10/2038 (d)(e)
     9,283       198  
Greenpoint Mortgage Funding Trust
                
3.65%, 6/25/2045 (e)
     813       779  
3.68%, 6/25/2045 (e)
     738       690  
Greenwich Capital Commercial Funding Corp
                
5.48%, 2/10/2017
     2,443       2,288  
0.44%, 6/10/2036 (d)(e)
     95,902       823  
5.22%, 4/10/2037
     8,000       8,060  
6.11%, 7/10/2038 (e)
     3,320       3,248  
0.51%, 3/10/2039 (d)(e)
     67,734       1,445  
5.51%, 3/10/2039
     3,775       3,368  
GS Mortgage Securities Corp II
                
0.86%, 11/10/2039
     37,943       1,457  
5.99%, 8/10/2045 (e)
     10,500       10,632  
5.99%, 8/10/2045 (e)
     3,765       3,620  
GSR Mortgage Loan Trust
                
3.56%, 12/25/2035 (e)(f)
     855       854  
3.64%, 8/25/2046 (e)(f)
     4,310       3,927  
Harborview Mortgage Loan Trust
                
4.17%, 5/19/2047 (e)(f)
     7,798       6,812  
Impac CMB Trust
                
5.87%, 10/25/2033 (e)
     345       345  
4.14%, 1/25/2035 (e)
     612       595  
3.69%, 4/25/2035 (e)
     598       589  
3.81%, 4/25/2035 (e)
     475       417  
3.68%, 8/25/2035 (e)
     769       707  
3.89%, 8/25/2035 (e)
     2,265       1,962  
3.63%, 4/25/2037 (e)(g)
     5,341       4,981  
Impac Secured Assets CMN Owner Trust
                
3.54%, 3/25/2037 (e)(f)
     4,000       3,563  
Indymac Index Mortgage Loan Trust
                
3.68%, 4/25/2034 (e)
     359       343  
3.61%, 4/25/2035 (e)
     897       843  
3.71%, 4/25/2035 (e)
     631       523  
3.64%, 6/25/2035 (e)(f)
     7,231       6,819  
5.45%, 7/25/2035 (e)
     5,993       6,123  
3.68%, 8/25/2035 (e)
     1,230       1,163  
3.56%, 1/25/2037 (e)(f)
     3,744       3,667  
3.62%, 6/25/2037 (e)(g)
     6,917       6,506  
JP Morgan Alternative Loan Trust
                
3.53%, 3/25/2037 (e)
     7,458       6,984  
JP Morgan Chase Commercial Mortgage Securities
                
0.71%, 10/12/2035 (d)(e)
     24,236       796  
5.02%, 1/12/2037
     755       707  
5.29%, 9/12/2037 (e)
     1,300       1,134  
0.77%, 10/12/2037 (d)(e)
     38,041       1,555  
1.28%, 1/12/2039 (d)(e)
     9,815       251  
5.63%, 6/12/2041 (e)
     4,005       3,905  
0.30%, 1/15/2042 (d)(e)
     25,192       409  
4.78%, 7/15/2042
     4,170       3,772  
5.59%, 5/12/2045 (e)
     2,765       2,620  
5.44%, 5/15/2045 (e)
     4,825       4,521  
5.62%, 5/15/2045 (e)
     1,350       1,060  
5.30%, 5/15/2047 (e)
     5,255       5,226  
6.01%, 6/15/2049 (e)
     3,530       3,389  
6.20%, 2/12/2051 (d)
     3,005       2,568  
6.30%, 2/12/2051 (e)
     4,000       3,720  
JP Morgan Mortgage Trust
                
5.30%, 7/25/2035
     2,436       2,464  
4.95%, 11/25/2035 (e)
     6,840       6,941  
5.31%, 4/25/2036 (e)
     2,137       2,153  
5.82%, 6/25/2036 (e)
     5,039       5,116  
5.82%, 6/25/2036 (e)
     1,825       1,879  
5.98%, 6/25/2036 (e)
     1,446       1,455  
5.95%, 8/25/2036 (e)
     8,600       8,726  
6.00%, 8/25/2036 (e)
     3,069       3,228  
5.56%, 10/25/2036 (e)
     9,732       9,710  
5.71%, 4/25/2037 (e)(g)
     2,900       2,964  
5.71%, 4/25/2037 (e)
     2,895       2,972  
LB-UBS Commercial Mortgage Trust
                
4.90%, 6/15/2026
     123       123  
6.37%, 12/15/2028
     400       417  

15

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
LB-UBS Commercial Mortgage Trust (continued)
                
5.74%, 6/15/2032
   $ 3,321     $ 3,368  
0.85%, 3/15/2034 (d)(e)
     60,838       390  
0.35%, 3/15/2036 (d)(e)
     7,113       187  
1.29%, 3/15/2036 (d)(e)
     5,962       128  
0.84%, 8/15/2036 (d)(e)
     9,637       148  
5.41%, 9/15/2039 (e)
     1,200       1,123  
0.68%, 2/15/2040 (e)
     14,884       463  
5.46%, 2/15/2040 (e)
     200       187  
5.48%, 2/15/2040 (e)
     3,400       3,035  
5.49%, 2/15/2040 (e)
     5,805       5,436  
0.32%, 7/15/2040 (d)
     72,282       1,473  
6.45%, 7/17/2040 (e)
     3,540       3,048  
Lehman XS Trust
                
3.60%, 6/25/2047 (e)(g)
     10,377       9,628  
Luminent Mortgage Trust
                
3.57%, 5/25/2046 (e)(f)
     3,013       2,824  
Merrill Lynch Alternative Note Asset Trust
                
3.59%, 4/25/2037 (e)(g)
     8,225       6,745  
Merrill Lynch Mortgage Investors Inc
                
3.50%, 8/25/2035 (e)
     4       4  
3.73%, 8/25/2036 (e)
     397       390  
Merrill Lynch Mortgage Trust
                
5.78%, 8/12/2016
     4,170       4,019  
5.80%, 5/12/2039 (e)
     4,065       4,114  
5.84%, 5/12/2039 (e)
     2,960       2,857  
0.68%, 2/12/2042 (e)
     24,659       245  
Merrill Lynch/Countrywide Commercial Mortgage Trust
                
5.46%, 7/12/2046 (e)
     2,570       2,409  
0.73%, 8/12/2048 (e)
     40,936       1,489  
6.16%, 8/12/2049 (e)
     10,500       10,746  
0.06%, 12/12/2049 (e)
     36,871       525  
0.88%, 12/12/2049 (e)
     131,803       3,947  
5.11%, 12/12/2049 (e)
     4,085       4,047  
5.39%, 12/12/2049 (e)
     2,400       1,873  
Morgan Stanley Capital I
                
7.11%, 4/15/2033
     90       92  
0.60%, 4/14/2040 (d)(e)
     16,510       234  
1.15%, 1/13/2041 (d)(e)
     5,942       175  
3.99%, 5/24/2043 (d)(e)(g)
     4,600       4,140  
0.04%, 12/15/2043 (d)(e)
     43,635       565  
5.36%, 3/15/2044 (e)
     9,300       9,099  
3.76%, 8/25/2046 (e)(f)(g)
     5,500       4,125  
5.81%, 4/12/2049 (e)
     4,365       4,361  
5.81%, 4/12/2049
     3,800       3,116  
Morgan Stanley Dean Witter Capital I
                
6.54%, 2/15/2031
     12       13  
0.91%, 4/15/2034 (d)(e)
     2,909       25  
Nationslink Funding Corp
                
7.23%, 6/20/2031
     71       71  
Nomura Asset Acceptance Corp
                
3.73%, 2/25/2035 (e)
     342       324  
Residential Accredit Loans Inc
                
3.53%, 2/25/2037 (e)(g)
     3,476       3,269  
3.57%, 7/25/2037 (e)(g)
     9,416       8,645  
Sequoia Mortgage Trust
                
4.11%, 2/20/2034 (e)(f)
     3,010       2,967  
4.16%, 2/20/2035 (e)
     747       728  
Structured Adjustable Rate Mortgage Loan Trust
                
4.67%, 7/25/2034 (e)
     2,300       2,302  
4.08%, 8/25/2034 (e)
     3,544       3,060  
3.63%, 3/25/2035 (e)
     343       336  
5.25%, 12/25/2035
     2,085       2,113  
5.25%, 2/25/2036 (e)
     2,888       2,908  
3.57%, 7/25/2037 (e)(f)
     8,003       7,721  
Structured Asset Mortgage Investments Inc
                
3.68%, 5/25/2045 (e)
     790       783  
3.69%, 9/25/2045 (e)
     1,048       1,040  
Structured Asset Securities Corp
                
5.66%, 11/25/2035 (e)(g)
     3,540       3,374  
5.50%, 6/25/2036 (e)
     5,000       4,220  
Thornburg Mortgage Securities Trust
                
3.64%, 10/25/2035 (e)
     3,601       3,595  
Wachovia Bank Commercial Mortgage Trust
                
0.25%, 11/15/2035 (d)
     65,218       630  
0.59%, 10/15/2041 (d)(e)
     53,079       710  
0.43%, 3/15/2042 (d)(e)
     93,407       870  
4.94%, 4/15/2042
     5,535       5,414  
5.25%, 12/15/2043
     3,550       3,518  
5.34%, 12/15/2043 (e)
     10,000       9,769  
5.48%, 12/15/2043
     1,115       906  
5.60%, 12/15/2043
     2,960       2,112  
4.52%, 5/15/2044
     3,665       3,616  
5.88%, 3/15/2045 (e)
     1,569       1,302  
5.80%, 7/15/2045
     5,000       4,805  
5.82%, 5/15/2046 (e)
     4,000       3,799  
WaMu Commercial Mortgage Securities Trust
                
3.83%, 1/25/2035 (d)
     1,602       1,577  
WaMu Mortgage Pass Through Certificates
                
4.02%, 12/25/2027 (e)(f)
     5,834       5,474  
3.80%, 6/25/2034 (e)
     1,345       1,350  
4.68%, 5/25/2035 (e)
     945       955  
5.70%, 6/25/2037 (e)
     2,388       2,406  
5.36%, 7/25/2044 (e)
     619       584  
3.69%, 1/25/2045 (e)
     545       515  
3.75%, 1/25/2045 (e)(f)
     1,029       940  
3.78%, 1/25/2045 (e)(f)
     8,857       8,252  
3.91%, 1/25/2045 (e)
     2,051       1,466  
3.61%, 4/25/2045 (e)
     422       397  

16

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
WaMu Mortgage Pass Through Certificates (continued)
                
3.65%, 4/25/2045 (e)
   $ 422     $ 383  
3.67%, 7/25/2045 (e)
     957       903  
3.63%, 11/25/2045 (e)
     1,323       1,300  
3.76%, 11/25/2045 (e)(f)
     5,928       5,751  
3.60%, 8/25/2046 (e)(f)
     2,500       2,413  
Washington Mutual Alternative Mortgage
                
3.56%, 1/25/2047 (e)
     5,466       5,025  
Wells Fargo Mortgage Backed Securities
                
3.68%, 1/25/2034 (e)
     1,416       1,411  
4.20%, 3/25/2035 (e)
     2,815       2,827  
4.99%, 10/25/2035 (e)
     1,865       1,902  
 
              
 
             617,491  
 
              
 
                
Multi-Line Insurance (0.78%)
                
Allstate Corp/The
                
6.13%, 5/15/2037 (b)(e)
     1,400       1,362  
American International Group Inc
                
5.85%, 1/16/2018
     2,250       2,256  
AXA SA
                
6.38%, 12/29/2049 (d)(e)
     910       767  
6.46%, 12/31/2049 (d)(e)
     910       793  
CNA Financial Corp
                
6.00%, 8/15/2011
     1,875       1,939  
Genworth Financial Inc
                
6.15%, 11/15/2066 (e)
     2,650       2,339  
ING Groep NV
                
5.78%, 12/8/2035
     3,125       2,914  
Metropolitan Life Global Funding I
                
5.14%, 3/17/2009 (d)(e)
     1,625       1,626  
5.56%, 5/17/2010 (d)
     5,750       5,711  
XL Capital Ltd
                
6.50%, 12/31/2049 (e)
     1,885       1,489  
 
              
 
             21,196  
 
              
 
                
Multimedia (0.60%)
                
CanWest MediaWorks Inc
                
8.00%, 9/15/2012
     500       474  
News America Inc
                
6.20%, 12/15/2034
     955       920  
6.65%, 11/15/2037 (d)
     2,310       2,345  
Quebecor Media Inc
                
7.75%, 3/15/2016 (d)
     750       696  
Time Warner Inc
                
5.11%, 11/13/2009 (e)(f)
     3,200       3,106  
Viacom Inc
                
5.34%, 6/16/2009 (e)(f)
     3,650       3,623  
5.75%, 4/30/2011
     1,140       1,168  
Walt Disney Co/The
                
5.25%, 9/10/2009 (e)(f)
     3,950       3,951  
 
              
 
             16,283  
 
              
 
                
Music (0.03%)
                
WMG Acquisition Corp
                
7.38%, 4/15/2014
     1,200       936  
 
                
Mutual Insurance (0.07%)
                
Liberty Mutual Group Inc
                
7.00%, 3/15/2037 (d)(e)
     2,000       1,768  
 
                
Non-Hazardous Waste Disposal (0.09%)
                
Oakmont Asset Trust
                
4.51%, 12/22/2008 (d)
     1,600       1,614  
Waste Management Inc
                
5.00%, 3/15/2014
     10       10  
WCA Waste Corp
                
9.25%, 6/15/2014
     825       835  
 
              
 
             2,459  
 
              
 
                
Office Automation & Equipment (0.17%)
                
Xerox Corp
                
5.50%, 5/15/2012
     1,895       1,934  
6.40%, 3/15/2016
     775       798  
6.75%, 2/1/2017
     1,720       1,798  
 
              
 
             4,530  
 
              
 
                
Office Furnishings — Original (0.05%)
                
Steelcase Inc
                
6.50%, 8/15/2011
     1,290       1,363  
 
                
Oil — Field Services (0.26%)
                
BJ Services Co
                
5.29%, 6/1/2008 (e)
     3,875       3,881  
Halliburton Co
                
5.50%, 10/15/2010
     1,655       1,736  
Helix Energy Solutions Group Inc
                
9.50%, 1/15/2016 (d)
     700       710  
Key Energy Services Inc
                
8.38%, 12/1/2014 (d)
     700       702  
 
              
 
             7,029  
 
              
 
                
Oil & Gas Drilling (0.13%)
                
Transocean Inc
                
5.34%, 9/5/2008 (e)(f)
     3,400       3,389  
 
                
Oil Company — Exploration & Production (1.42%)
                
Anadarko Petroleum Corp
                
5.39%, 9/15/2009 (e)
     4,075       3,982  
Canadian Natural Resources Ltd
                
5.15%, 2/1/2013
     3,500       3,570  
6.75%, 2/1/2039
     3,900       3,970  
Chesapeake Energy Corp
                
7.63%, 7/15/2013
     1,250       1,291  
7.50%, 9/15/2013
     1,760       1,800  
Citic Resources Finance Ltd
                
6.75%, 5/15/2014 (d)
     1,250       1,159  
Compton Petroleum Finance Corp
                
7.63%, 12/1/2013
     650       601  

17

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Oil Company — Exploration & Production (continued)
                
EnCana Corp
                
6.30%, 11/1/2011
   $ 175     $ 185  
Husky Oil Co
                
7.55%, 11/15/2016
     325       371  
KCS Energy Inc
                
7.13%, 4/1/2012
     600       570  
Marathon Oil Canada Corp
                
8.38%, 5/1/2012
     1,530       1,737  
Newfield Exploration Co
                
6.63%, 9/1/2014
     1,860       1,832  
Nexen Inc
                
5.05%, 11/20/2013
     5,070       4,942  
7.88%, 3/15/2032
     500       570  
6.40%, 5/15/2037
     1,825       1,766  
PetroHawk Energy Corp
                
9.13%, 7/15/2013
     650       671  
Pioneer Natural Resources Co
                
6.65%, 3/15/2017
     2,500       2,395  
Plains Exploration & Production Co
                
7.75%, 6/15/2015
     1,300       1,302  
Southwestern Energy Co
                
7.50%, 2/1/2018 (d)
     890       914  
Swift Energy Co
                
7.63%, 7/15/2011
     565       556  
7.13%, 6/1/2017
     2,005       1,875  
XTO Energy Inc
                
7.50%, 4/15/2012
     190       212  
5.90%, 8/ 1/2012
     2,000       2,121  
6.25%, 4/15/2013
     235       251  
 
              
 
             38,643  
 
              
 
                
Oil Company — Integrated (0.27%)
                
Conoco Inc
                
6.95%, 4/15/2029
     100       114  
Husky Energy Inc
                
6.25%, 6/15/2012
     2,275       2,416  
6.15%, 6/15/2019
     1,240       1,277  
6.80%, 9/15/2037
     1,600       1,673  
Petrobras International Finance Co
                
8.38%, 12/10/2018
     600       717  
Petronas Capital Ltd
                
7.88%, 5/22/2022 (d)
     545       686  
Suncor Energy Inc
                
6.50%, 6/15/2038
     445       454  
 
              
 
             7,337  
 
              
 
                
Oil Refining & Marketing (0.42%)
                
Premcor Refining Group Inc/The
                
6.75%, 2/1/2011
     1,675       1,814  
9.50%, 2/1/2013
     1,900       1,997  
Tesoro Corp
                
6.25%, 11/1/2012
     2,680       2,667  
6.63%, 11/1/2015
     1,115       1,084  
6.50%, 6/1/2017
     1,475       1,438  
Valero Energy Corp
                
4.75%, 6/15/2013
     957       950  
4.75%, 4/ 1/2014 (b)
     1,500       1,474  
 
              
 
             11,424  
 
              
 
                
Paper & Related Products (0.09%)
                
Alto Parana SA
                
6.38%, 6/9/2017 (d)
     2,290       2,256  
Celulosa Arauco y Constitucion SA
                
5.13%, 7/9/2013
     205       204  
 
              
 
             2,460  
 
              
 
                
Pharmacy Services (0.20%)
                
Medco Health Solutions Inc
                
7.25%, 8/15/2013
     3,285       3,626  
Omnicare Inc
                
6.75%, 12/15/2013
     250       229  
6.88%, 12/15/2015
     1,600       1,440  
 
              
 
             5,295  
 
              
 
                
Physician Practice Management (0.06%)
                
US Oncology Holdings Inc
                
10.76%, 3/15/2012 (e)
     300       226  
US Oncology Inc
                
9.00%, 8/15/2012
     1,300       1,274  
 
              
 
             1,500  
 
              
 
                
Pipelines (1.41%)
                
Boardwalk Pipelines LLC
                
5.50%, 2/1/2017
     540       540  
Consolidated Natural Gas Co
                
5.00%, 3/ 1/2014
     250       246  
Copano Energy LLC
                
8.13%, 3/1/2016
     760       770  
El Paso Natural Gas Co
                
5.95%, 4/15/2017
     1,115       1,120  
Enbridge Energy Partners LP
                
4.00%, 1/15/2009
     388       389  
Enbridge Inc
                
5.80%, 6/15/2014
     2,600       2,671  
Holly Energy Partners LP
                
6.25%, 3/ 1/2015
     1,000       905  
MarkWest Energy Partners LP/MarkWest Energy Finance Corp
                
8.50%, 7/15/2016
     1,000       1,005  
National Fuel Gas Co
                
5.25%, 3/ 1/2013
     350       357  
NGPL PipeCo LLC
                
6.51%, 12/15/2012 (d)
     3,500       3,611  
7.12%, 12/15/2017 (d)
     2,800       2,890  
Northwest Pipeline Corp
                
5.95%, 4/15/2017
     1,345       1,338  

18

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Pipelines (continued)
                
ONEOK Partners LP
                
5.90%, 4/ 1/2012
   $ 2,150     $ 2,242  
Pacific Energy Partners LP
                
6.25%, 9/15/2015
     4,500       4,595  
Sonat Inc
                
7.63%, 7/15/2011
     6,275       6,430  
Southern Natural Gas Co
                
5.90%, 4/ 1/2017 (d)
     1,805       1,807  
TEPPCO Partners LP
                
7.63%, 2/15/2012
     1,080       1,211  
Transcontinental Gas Pipe Line Corp
                
7.00%, 8/15/2011
     4,385       4,604  
Transportadora de Gas del Sur SA
                
7.88%, 5/14/2017 (b)(d)
     1,700       1,462  
 
              
 
             38,193  
 
              
 
                
Poultry (0.04%)
                
Pilgrim’s Pride Corp
                
7.63%, 5/ 1/2015
     1,075       1,019  
 
                
Printing — Commercial (0.07%)
                
Cadmus Communications Corp
                
8.38%, 6/15/2014
     750       652  
Sheridan Group Inc/The
                
10.25%, 8/15/2011
     650       631  
Valassis Communications Inc
                
8.25%, 3/ 1/2015
     750       623  
 
              
 
             1,906  
 
              
 
                
Private Corrections (0.07%)
                
Corrections Corp of America
                
7.50%, 5/1/2011
     1,750       1,763  
 
                
Property & Casualty Insurance (0.30%)
                
Chubb Corp
                
6.38%, 3/29/2037 (e)
     2,005       1,976  
Crum & Forster Holdings Corp
                
7.75%, 5/ 1/2017
     1,000       973  
Markel Corp
                
7.35%, 8/15/2034
     135       143  
Progressive Corp/The
                
6.70%, 6/15/2037
     1,700       1,616  
Travelers Cos Inc/The
                
6.25%, 3/15/2067 (e)
     1,730       1,645  
WR Berkley Corp
                
6.25%, 2/15/2037
     1,820       1,662  
 
              
 
             8,015  
 
              
 
                
Publishing — Newspapers (0.01%)
                
Block Communications Inc
                
8.25%, 12/15/2015 (d)
     350       339  
 
                
Publishing — Periodicals (0.06%)
                
Dex Media West LLC/Dex Media Finance Co
                
9.88%, 8/15/2013
     500       510  
Idearc Inc
                
8.00%, 11/15/2016
     1,200       1,074  
 
              
 
             1,584  
 
              
 
                
Quarrying (0.23%)
                
Compass Minerals International Inc
                
0.00%, 6/1/2013 (a)(e)
     1,000       1,032  
Vulcan Materials Co
                
6.39%, 12/15/2010 (e)
     4,325       4,290  
5.60%, 11/30/2012
     1,000       1,029  
 
              
 
             6,351  
 
              
 
                
Radio (0.03%)
                
Entercom Radio LLC/Entercom Capital Inc
                
7.63%, 3/ 1/2014
     1,000       908  
 
                
Real Estate Operator & Developer (0.12%)
                
Duke Realty LP
                
5.63%, 8/15/2011
     980       987  
Regency Centers LP
                
8.45%, 9/1/2010
     940       1,040  
5.88%, 6/15/2017
     1,235       1,190  
 
              
 
             3,217  
 
              
 
                
Regional Banks (1.67%)
                
BAC Capital Trust XIII
                
5.39%, 3/15/2043 (e)
     3,640       2,870  
BAC Capital Trust XIV
                
5.63%, 3/15/2043 (e)
     2,385       1,935  
Bank of America Corp
                
4.99%, 8/ 2/2010 (e)
     3,290       3,252  
8.00%, 12/29/2049 (e)
     5,775       5,999  
Capital One Financial Corp
                
5.43%, 9/10/2009 (e)(f)
     3,500       3,264  
5.70%, 9/15/2011
     1,570       1,447  
Fifth Third Bancorp
                
3.38%, 8/15/2008
     350       350  
First Union Institutional Capital I
                
8.04%, 12/ 1/2026
     1,000       1,038  
Keycorp
                
3.39%, 5/26/2009 (e)(f)
     3,000       2,971  
PNC Funding Corp
                
3.38%, 1/31/2012 (e)(f)
     4,625       4,491  
SunTrust Preferred Capital I
                
5.85%, 12/31/2049 (e)
     1,580       1,345  
Wachovia Corp
                
5.63%, 12/15/2008
     865       876  
6.38%, 2/1/2009
     365       371  
5.75%, 2/1/2018
     5,395       5,423  
Wells Fargo & Co
                
5.17%, 8/20/2010 (b)(e)
     1,865       1,867  
4.38%, 1/31/2013
     7,705       7,703  
 
              
 
             45,202  
 
              

19

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Reinsurance (0.29%)
                
Endurance Specialty Holdings Ltd
                
7.00%, 7/15/2034
   $ 3,350     $ 3,179  
PartnerRe Finance II
                
6.44%, 12/1/2066 (e)
     1,320       1,188  
Platinum Underwriters Finance Inc
                
7.50%, 6/1/2017
     3,170       3,391  
 
              
 
             7,758  
 
              
 
                
REITS — Apartments (0.13%)
                
AvalonBay Communities Inc
                
5.50%, 1/15/2012 (b)
     1,785       1,726  
BRE Properties Inc
                
5.50%, 3/15/2017
     1,740       1,515  
UDR Inc
                
6.50%, 6/15/2009
     395       406  
 
              
 
             3,647  
 
              
 
                
REITS — Diversified (0.30%)
                
iStar Financial Inc
                
5.33%, 9/15/2009 (e)
     2,425       2,248  
5.50%, 3/ 9/2010 (e)
     3,425       3,049  
5.85%, 3/15/2017
     3,500       2,902  
 
              
 
             8,199  
 
              
 
                
REITS — Healthcare (0.57%)
                
HCP Inc
                
5.44%, 9/15/2008 (e)(f)
     4,500       4,502  
5.65%, 12/15/2013
     2,900       2,716  
6.00%, 1/30/2017
     1,750       1,565  
Nationwide Health Properties Inc
                
6.50%, 7/15/2011
     585       621  
6.25%, 2/1/2013
     5,700       6,014  
 
              
 
             15,418  
 
              
 
                
REITS — Hotels (0.16%)
                
Hospitality Properties Trust
                
5.13%, 2/15/2015
     825       774  
6.30%, 6/15/2016
     1,800       1,759  
6.70%, 1/15/2018
     2,000       1,923  
 
              
 
             4,456  
 
              
 
                
REITS — Office Property (0.24%)
                
Brandywine Operating Partnership LP
                
5.63%, 12/15/2010
     2,325       2,335  
5.70%, 5/1/2017
     1,945       1,773  
Highwoods Properties Inc
                
5.85%, 3/15/2017
     1,245       1,114  
HRPT Properties Trust
                
5.59%, 3/16/2011 (e)
     1,408       1,362  
 
              
 
             6,584  
 
              
 
                
REITS — Regional Malls (0.01%)
                
Simon Property Group LP
                
4.60%, 6/15/2010
     375       375  
 
                
REITS — Shopping Centers (0.13%)
                
Developers Diversified Realty Corp
                
5.38%, 10/15/2012
     2,560       2,367  
Federal Realty Investment Trust
                
6.20%, 1/15/2017
     1,170       1,146  
 
              
 
             3,513  
 
              
 
                
REITS — Single Tenant (0.04%)
                
National Retail Properties Inc
                
6.88%, 10/15/2017
     935       951  
 
                
REITS — Warehouse & Industrial (0.17%)
                
Prologis
                
5.28%, 8/24/2009 (e)
     4,800       4,663  
 
                
Rental — Auto & Equipment (0.66%)
                
Erac USA Finance Co
                
3.50%, 4/30/2009 (d)(e)(f)
     6,350       6,322  
5.30%, 8/28/2009 (d)(e)
     1,900       1,910  
5.90%, 11/15/2015 (d)
     3,750       3,661  
6.38%, 10/15/2017 (d)
     2,600       2,558  
7.00%, 10/15/2037 (d)
     2,600       2,362  
United Rentals North America Inc
                
6.50%, 2/15/2012
     1,200       1,104  
 
              
 
             17,917  
 
              
 
                
Retail — Apparel & Shoe (0.07%)
                
Collective Brands Inc
                
8.25%, 8/ 1/2013
     850       782  
Phillips- Van Heusen Corp
                
8.13%, 5/1/2013
     750       765  
7.75%, 11/15/2023
     475       459  
 
              
 
             2,006  
 
              
 
                
Retail — Automobile (0.09%)
                
Asbury Automotive Group Inc
                
8.00%, 3/15/2014
     750       667  
AutoNation Inc
                
6.26%, 4/15/2013 (e)
     1,000       838  
Penske Auto Group Inc
                
7.75%, 12/15/2016
     1,150       1,029  
 
              
 
             2,534  
 
              
 
                
Retail — Discount (0.10%)
                
Target Corp
                
5.38%, 6/15/2009
     80       82  
5.88%, 3/ 1/2012 (b)
     280       295  
Wal-Mart Stores Inc
                
6.50%, 8/15/2037
     2,240       2,349  
 
              
 
             2,726  
 
              
 
                
Retail — Drug Store (0.22%)
                
CVS Caremark Corp
                
5.44%, 6/1/2010 (e)
     4,710       4,601  

20

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Retail — Drug Store (continued)
                
Rite Aid Corp
                
8.13%, 5/1/2010
   $ 1,450     $ 1,398  
 
              
 
             5,999  
 
              
Retail — Petroleum Products (0.18%)
                
Petro Stopping Centers LP/Petro Financial Corp
                
9.00%, 2/15/2012
     4,730       4,907  
 
                
Retail — Propane Distribution (0.09%)
                
Amerigas Partners LP
                
7.25%, 5/20/2015
     550       543  
AmeriGas Partners LP/AP Eagle Finance Corp
                
7.13%, 5/20/2016
     450       437  
Inergy LP/Inergy Finance Corp
                
6.88%, 12/15/2014
     500       484  
8.25%, 3/1/2016
     500       510  
Suburban Propane Partners LP/Suburban
                
Energy Finance Corp
                
6.88%, 12/15/2013
     400       388  
 
              
 
             2,362  
 
              
Retail — Restaurants (0.09%)
                
Darden Restaurants Inc
                
6.20%, 10/15/2017
     1,690       1,673  
Landry’s Restaurants Inc
                
9.50%, 12/15/2014
     700       676  
 
              
 
             2,349  
 
              
Rubber — Tires (0.08%)
                
Goodyear Tire & Rubber Co/The
                
11.25%, 3/1/2011
     1,000       1,055  
8.63%, 12/1/2011
     1,000       1,029  
 
              
 
             2,084  
 
              
Satellite Telecommunications (0.09%)
                
Intelsat Bermuda Ltd
                
9.25%, 6/15/2016
     1,000       997  
Intelsat Subsidiary Holding Co Ltd
                
8.25%, 1/15/2013 (e)
     1,515       1,500  
 
              
 
             2,497  
 
              
Savings & Loans — Thrifts (0.13%)
                
Washington Mutual Inc
                
4.56%, 1/15/2010 (e)
     3,750       3,432  
5.25%, 9/15/2017 (b)
     205       170  
 
              
 
             3,602  
 
              
Schools (0.03%)
                
Knowledge Learning Corp Inc
                
7.75%, 2/1/2015 (d)
     970       907  
 
                
Seismic Data Collection (0.06%)
                
Cie Generale de Geophysique-Veritas
                
7.50%, 5/15/2015
     1,210       1,192  
7.75%, 5/15/2017
     400       396  
 
              
 
             1,588  
 
              
Sovereign (0.04%)
                
Mexico Government International Bond
                
5.08%, 1/13/2009 (e)
     1,135       1,137  
 
Special Purpose Banks (0.11%)
                
Korea Development Bank
                
4.33%, 10/20/2009 (e)
     760       762  
4.84%, 4/3/2010 (e)(f)
     2,335       2,333  
 
              
 
             3,095  
 
              
Special Purpose Entity (1.14%)
                
AGFC Capital Trust I
                
6.00%, 1/15/2067 (d)(e)
     835       778  
BAE Systems Holdings Inc
                
6.40%, 12/15/2011 (d)
     3,305       3,524  
5.20%, 8/15/2015 (d)
     3,420       3,379  
Capital One Capital IV
                
6.75%, 2/17/2037
     1,640       1,119  
Hawker Beechcraft Acquisition Co LLC
                
9.75%, 4/1/2017 (b)(d)
     1,745       1,662  
Independencia International Ltd
                
9.88%, 1/31/2017 (d)
     500       465  
John Hancock Global Funding II
                
4.87%, 4/3/2009 (d)(e)
     2,550       2,563  
JP Morgan Chase Capital XXII
                
6.45%, 2/2/2037
     750       678  
Petroplus Finance Ltd
                
7.00%, 5/1/2017 (c)(d)
     700       635  
QBE Capital Funding II LP
                
6.80%, 6/29/2049 (c)(d)(e)
     1,865       1,756  
Regency Energy Partners LP/Regency Energy Finance Corp
                
8.38%, 12/15/2013
     1,465       1,487  
Rockies Express Pipeline LLC
                
5.78%, 8/20/2009 (d)(e)
     2,260       2,265  
Santander Perpetual SA Unipersonal
                
6.67%, 10/24/2017 (b)(d)(e)
     1,500       1,520  
SMFG Preferred Capital USD 1 Ltd
                
6.08%, 1/29/2049 (d)(e)
     2,740       2,534  
Swiss Re Capital I LP
                
6.85%, 5/29/2049 (d)(e)
     1,925       1,862  
TransCapitalInvest Ltd
                
5.67%, 3/5/2014 (d)
     1,840       1,815  
Universal City Development Partners
                
11.75%, 4/1/2010
     1,000       1,030  
USB Realty Corp
                
6.09%, 12/22/2049 (d)(e)
     985       790  
Williams Cos Inc Credit Linked Certificates
                
8.16%, 5/1/2009 (d)(e)
     1,200       1,212  
 
              
 
             31,074  
 
              
Specified Purpose Acquisition (0.06%)
                
ESI Tractebel Acquisition Corp
                
7.99%, 12/30/2011
     1,634       1,669  

21

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Steel — Producers (0.21%)
                
Ispat Inland ULC
                
9.75%, 4/1/2014
   $ 1,900     $ 2,061  
Steel Dynamics Inc
                
7.38%, 11/1/2012 (d)
     2,600       2,594  
6.75%, 4/1/2015
     1,000       967  
 
              
 
             5,622  
 
              
Steel Pipe & Tube (0.03%)
                
Mueller Water Products Inc
                
7.38%, 6/1/2017
     1,000       850  
 
Supranational Bank (0.01%)
                
Corp Andina de Fomento
                
6.88%, 3/15/2012
     210       225  
 
                
Telecommunication Equipment (0.09%)
                
Lucent Technologies Inc
                
5.50%, 11/15/2008
     1,789       1,776  
Nortel Networks Ltd
                
8.51%, 7/15/2011 (d)(e)
     800       744  
 
              
 
             2,520  
 
              
Telecommunication Services (0.21%)
                
Globo Comunicacoe e Participacoes SA
                
7.25%, 4/26/2022 (b)(d)
     1,155       1,120  
MasTec Inc
                
7.63%, 2/1/2017
     900       833  
Qwest Corp
                
7.88%, 9/1/2011
     1,000       1,031  
Telcordia Technologies Inc
                
8.01%, 7/15/2012 (d)(e)
     2,020       1,717  
West Corp
                
9.50%, 10/15/2014
     1,000       930  
 
              
 
             5,631  
 
              
Telephone — Integrated (1.68%)
                
AT&T Corp
                
7.30%, 11/15/2011 (e)
     2,070       2,276  
AT&T Inc
                
4.95%, 1/15/2013
     4,000       4,096  
6.30%, 1/15/2038
     4,025       3,997  
British Telecommunications PLC
                
5.15%, 1/15/2013
     1,500       1,540  
Deutsche Telekom International Finance
                
5.06%, 3/23/2009 (e)
     3,175       3,154  
France Telecom SA
                
7.75%, 3/1/2011 (e)
     3,390       3,692  
KT Corp
                
4.88%, 7/15/2015 (d)
     700       691  
Qwest Capital Funding Inc
                
7.00%, 8/3/2009
     10,245       10,207  
Qwest Communications International Inc
                
8.37%, 2/15/2009 (e)
     1,350       1,343  
Royal KPN NV
                
8.00%, 10/1/2010
     1,075       1,159  
Sprint Nextel Corp
                
5.24%, 6/28/2010 (e)
     2,500       2,409  
Telecom Italia Capital SA
                
5.39%, 2/1/2011 (e)
     845       820  
4.56%, 7/18/2011 (e)
     2,175       2,086  
Telefonica Emisiones SAU
                
5.23%, 6/19/2009 (e)
     2,200       2,180  
5.98%, 6/20/2011
     1,415       1,471  
5.21%, 2/4/2013 (a)(c)(e)
     2,075       1,945  
5.86%, 2/4/2013 (c)
     1,670       1,732  
Telefonica Europe BV
                
7.75%, 9/15/2010
     760       822  
 
              
 
             45,620  
 
              
Television (0.10%)
                
Allbritton Communications Co
                
7.75%, 12/15/2012
     750       748  
British Sky Broadcasting Group PLC
                
6.88%, 2/23/2009
     380       390  
Univision Communications Inc
                
7.85%, 7/15/2011
     1,020       973  
Videotron Ltee
                
6.88%, 1/15/2014
     725       701  
 
              
 
             2,812  
 
              
Theaters (0.08%)
                
AMC Entertainment Inc
                
8.63%, 8/15/2012
     900       900  
Cinemark Inc
                
0.00%, 3/15/2014 (a)(e)
     1,250       1,144  
 
              
 
             2,044  
 
              
Tobacco (0.19%)
                
Reynolds American Inc
                
7.25%, 6/1/2013
     3,950       4,223  
6.75%, 6/15/2017
     975       1,006  
 
              
 
             5,229  
 
              
 
                
Tools — Hand Held (0.12%)
                
Snap-On Inc
                
4.51%, 1/12/2010 (e)(f)
     3,200       3,170  
Transport — Rail (0.20%)
                
CSX Corp
                
6.25%, 3/15/2018
     3,000       3,047  
CSX Transportation Inc
                
6.25%, 1/15/2023
     2,000       2,079  
Union Pacific Corp
                
4.70%, 1/2/2024
     180       179  
6.63%, 2/1/2029
     45       46  
 
              
 
             5,351  
 
              
Transport — Services (0.29%)
                
FedEx Corp
                
3.50%, 4/1/2009
     260       260  

22

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Transport — Services (continued)
                
United Parcel Service Inc
                
4.50%, 1/15/2013
   $ 7,500     $ 7,690  
 
              
 
             7,950  
 
              
Travel Services (0.05%)
                
Travelport LLC
                
9.75%, 9/1/2014 (e)
     450       405  
9.88%, 9/1/2014
     500       480  
11.88%, 9/1/2016 (b)
     500       475  
 
              
 
             1,360  
 
              
Wire & Cable Products (0.07%)
                
Coleman Cable Inc
                
9.88%, 10/1/2012
     1,250       1,127  
Superior Essex Communications LLC/Essex Group
                
9.00%, 4/15/2012
     850       799  
 
              
 
             1,926  
   
TOTAL BONDS
           $ 2,232,107  
   
SENIOR FLOATING RATE INTERESTS (1.25%)
                
Aerospace & Defense (0.07%)
                
Hawker Beachcraft Inc, Term Loan B
                
0.00%, 3/27/2014 (e)(i)
     2,000       1,801  
 
                
Applications Software (0.13%)
                
Metavante Corp, Term Loan B
                
6.70%, 11/7/2014 (e)
     3,750       3,577  
 
                
Auto/Truck Parts & Equipment — Replacement (0.08%)
                
Allison Transmission Inc, Term Loan B
                
8.24%, 8/7/2014 (e)
     2,500       2,183  
 
                
Cellular Telecommunications (0.05%)
                
Alltel Holdings Corp, Term Loan B3
                
7.78%, 5/31/2015 (e)
     1,500       1,365  
 
                
Chemicals — Plastics (0.07%)
                
Lyondell Chemical Company, Term Loan C
                
6.32%, 8/16/2013 (e)
     1,995       1,978  
 
                
Data Processing & Management (0.09%)
                
First Data Corporation, Term Loan B1
                
7.96%, 12/24/2014 (e)
     1,000       905  
First Data Corporation, Term Loan B2
                
7.96%, 9/24/2014 (e)
     750       680  
First Data Corporation, Term Loan B3
                
7.96%, 9/24/2014 (e)
     1,000       909  
 
              
 
             2,494  
 
              
Electric — Integrated (0.11%)
                
Texas Competitive Electric Holdings Company, Term Loan B2
                
8.40%, 10/29/2014 (e)
     1,290       1,173  
Texas Competitive Electric Holdings Company, Term Loan B3
                
8.40%, 10/10/2014 (e)
     1,997       1,818  
 
              
 
             2,991  
 
              
Health Care Services (0.10%)
                
Community Health Systems Inc, Term Loan B
                
0.00%, 7/25/2014 (e)(i)
     3,000       2,773  
 
Medical — Hospitals (0.12%)
                
HCA Inc, Term Loan B1
                
7.08%, 11/18/2013 (e)
     3,491       3,201  
 
Racetracks (0.18%)
                
Penn National Gaming Inc, Term Loan B
                
6.58%, 10/3/2012 (e)
     4,954       4,822  
 
Retail — Building Products (0.19%)
                
HD Supply Inc, Term Loan B
                
6.00%, 8/30/2012 (e)
     5,200       5,148  
 
Satellite Telecommunications (0.06%)
                
Telesat Canada Inc, Term Loan B
                
8.09%, 9/1/2014 (e)
     1,853       1,747  
   
TOTAL SENIOR FLOATING RATE INTERESTS
           $ 34,080  
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (54.48%)
                
Federal Home Loan Mortgage Corporation (FHLMC) (18.64%)
                
5.00%, 2/1/2023 (j)
     5,050       5,113  
5.50%, 2/1/2023 (j)
     3,055       3,126  
4.50%, 3/1/2023 (c)(j)
     19,315       19,267  
5.00%, 2/1/2038 (j)
     60,275       59,992  
5.50%, 2/1/2038 (j)
     129,750       131,331  
6.00%, 2/1/2038 (j)
     121,625       124,666  
6.50%, 2/1/2038 (j)
     20,100       20,879  
5.50%, 4/1/2009
     22       23  
5.50%, 8/1/2009
     62       63  
4.50%, 12/1/2009
     648       652  
4.50%, 4/1/2011
     2,552       2,566  
7.00%, 8/1/2016
     11       12  

23

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Federal Home Loan Mortgage Corporation (FHLMC) (continued)
                
6.50%, 6/1/2017
   $ 548     $ 571  
6.00%, 7/1/2017
     202       209  
5.50%, 3/1/2018
     416       426  
5.00%, 5/1/2018
     3,318       3,370  
5.00%, 10/1/2018
     2,025       2,057  
5.50%, 12/1/2018
     9       9  
5.00%, 1/1/2019
     3,268       3,317  
6.00%, 3/1/2022
     556       572  
6.00%, 7/1/2023
     1,818       1,871  
5.50%, 6/1/2024
     857       872  
5.00%, 2/1/2026
     11,441       11,523  
6.00%, 6/1/2028
     36       37  
6.00%, 1/1/2029
     13       14  
6.50%, 3/1/2029
     59       62  
6.50%, 3/1/2029
     9       10  
6.50%, 5/1/2029
     87       91  
7.00%, 12/1/2029
     34       36  
7.00%, 6/1/2030
     29       31  
7.50%, 9/1/2030
     14       16  
7.50%, 9/1/2030
     10       11  
8.00%, 9/1/2030
     129       141  
7.00%, 12/1/2030
     41       44  
7.50%, 12/1/2030
     3       3  
7.50%, 1/1/2031
     56       61  
6.00%, 3/1/2031
     103       106  
7.50%, 3/1/2031
     21       23  
6.00%, 4/1/2031
     21       21  
6.50%, 4/1/2031
     47       50  
6.50%, 6/1/2031
     4       4  
7.00%, 6/1/2031
     2       2  
6.50%, 9/1/2031
     45       47  
7.00%, 9/1/2031
     12       13  
6.00%, 12/1/2031
     524       539  
6.00%, 2/1/2032
     10       11  
6.50%, 2/1/2032
     35       37  
6.50%, 2/1/2032
     30       31  
7.50%, 2/1/2032
     29       31  
6.50%, 5/1/2032
     113       118  
6.00%, 12/1/2032
     500       514  
6.00%, 2/1/2033
     369       380  
5.50%, 4/1/2033
     902       915  
5.50%, 5/1/2033
     1,040       1,054  
5.50%, 10/1/2033
     878       891  
5.50%, 12/1/2033
     3,878       3,933  
6.00%, 12/1/2033
     887       912  
5.50%, 9/1/2034
     3,039       3,080  
5.50%, 2/1/2035
     4,627       4,687  
5.00%, 7/1/2035
     1,720       1,713  
5.00%, 10/1/2035
     3,390       3,376  
6.50%, 10/1/2035
     447       465  
6.00%, 8/1/2036
     1,812       1,858  
6.50%, 11/ 1/2036
     4,250       4,417  
5.06%, 7/1/2034 (e)
     340       352  
6.04%, 6/1/2035 (e)
     3,777       3,866  
4.67%, 8/1/2035 (e)
     1,580       1,626  
4.99%, 9/1/2035 (e)
     4,634       4,723  
5.21%, 11/1/2035 (e)
     863       878  
5.44%, 12/1/2035 (e)
     253       257  
6.54%, 7/1/2036 (e)
     4,695       4,835  
6.49%, 8/1/2036 (e)
     9,157       9,525  
5.68%, 10/1/2036 (e)
     14,741       15,162  
6.51%, 10/1/2036 (e)
     2,215       2,298  
6.15%, 12/1/2036
     6,099       6,308  
6.50%, 1/1/2037 (e)
     3,442       3,559  
6.51%, 1/1/2037 (e)
     7,588       7,873  
5.56%, 2/1/2037 (e)
     3,832       3,874  
5.63%, 2/1/2037 (e)
     4,847       4,922  
5.95%, 2/1/2037 (e)
     8,885       9,136  
5.64%, 5/1/2037
     1,048       1,062  
5.56%, 8/1/2037 (e)
     3,432       3,515  
 
              
 
             506,043  
 
              
Federal National Mortgage Association (FNMA) (17.48%)
                
5.00%, 2/1/2023 (j)
     42,390       42,960  
5.50%, 2/1/2023 (j)
     17,725       18,151  
4.50%, 3/1/2023 (c)(j)
     35,375       35,397  
5.00%, 2/1/2038 (j)
     86,450       86,072  
5.50%, 2/1/2038 (j)
     109,250       110,684  
6.00%, 2/1/2038 (j)
     63,500       65,147  
6.50%, 2/1/2038 (j)
     18,190       18,878  
6.00%, 5/1/2009
     10       10  
6.00%, 5/1/2009
     13       13  
6.00%, 7/1/2009
     65       66  
6.00%, 7/1/2009
     32       33  
5.00%, 3/1/2010
     489       497  
6.50%, 4/1/2010
     15       16  
6.50%, 1/1/2011
     16       16  
6.50%, 2/1/2011
     70       73  
6.50%, 3/1/2011
     110       114  
6.50%, 7/1/2016
     15       16  
6.50%, 2/1/2017
     71       75  
6.50%, 3/1/2017
     26       27  
6.50%, 4/1/2017
     23       24  
6.50%, 8/1/2017
     511       535  
5.00%, 9/1/2017
     862       876  

24

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Federal National Mortgage Association (FNMA) (continued)
                
5.50%, 9/1/2017
   $ 179     $ 184  
5.50%, 10/1/2017
     357       367  
5.00%, 3/1/2018
     1,389       1,411  
4.50%, 1/1/2020
     2,343       2,349  
6.00%, 10/1/2021
     4,167       4,310  
6.50%, 5/1/2022
     37       39  
5.50%, 2/1/2023
     682       695  
6.00%, 2/1/2023
     207       214  
5.50%, 6/1/2023
     2,721       2,773  
5.50%, 7/1/2023
     43       44  
6.50%, 12/1/2031
     33       34  
6.50%, 2/1/2032
     24       25  
6.50%, 2/1/2032
     58       60  
7.00%, 2/1/2032
     67       72  
7.00%, 3/1/2032
     202       216  
6.50%, 4/1/2032
     31       33  
6.00%, 5/1/2032
     55       56  
6.50%, 6/1/2032
     13       13  
6.50%, 8/1/2032
     148       154  
7.50%, 8/1/2032
     93       100  
6.30%, 12/1/2032 (e)
     780       788  
5.50%, 7/1/2033
     1,528       1,551  
5.50%, 9/1/2033
     2,140       2,172  
4.24%, 6/1/2034 (e)
     878       885  
4.33%, 7/1/2034 (e)
     1,439       1,459  
4.28%, 12/1/2034 (e)
     1,273       1,292  
4.59%, 3/1/2035 (e)
     1,411       1,426  
5.00%, 7/1/2035
     1,694       1,688  
5.08%, 8/1/2035 (e)
     1,776       1,807  
5.73%, 2/1/2036 (e)
     1,119       1,146  
6.86%, 3/1/2036 (e)(f)
     6,580       6,707  
6.00%, 5/1/2036
     1,272       1,305  
5.79%, 6/1/2036 (e)(g)
     538       552  
6.00%, 7/1/2036
     3,039       3,119  
6.50%, 8/1/2036
     687       714  
6.50%, 8/1/2036
     3,632       3,771  
5.53%, 10/1/2036 (e)
     1,271       1,291  
6.50%, 10/1/2036
     7,852       8,152  
6.50%, 11/1/2036
     8,569       8,896  
6.50%, 12/1/2036
     11,916       12,372  
5.43%, 1/1/2037 (e)
     2,960       3,040  
5.50%, 1/1/2037 (e)
     8,984       9,275  
5.47%, 3/1/2037 (e)
     2,959       3,153  
5.73%, 5/1/2037 (e)
     4,935       5,094  
 
              
 
             474,484  
 
              
Government National Mortgage Association (GNMA) (2.81%)
                
5.00%, 2/1/2038 (j)
     18,000       18,039  
5.50%, 2/1/2038 (j)
     25,475       25,969  
7.00%, 4/15/2031
     2       2  
7.00%, 6/15/2031
     67       72  
7.00%, 7/15/2031
     13       14  
6.00%, 8/15/2031
     99       103  
6.00%, 1/15/2032
     27       28  
6.00%, 2/15/2032
     396       410  
7.00%, 6/15/2032
     381       408  
6.50%, 10/15/2032
     119       125  
6.50%, 12/15/2032
     886       926  
6.00%, 2/15/2033
     178       184  
5.00%, 11/15/2033
     14,432       14,485  
6.00%, 12/15/2033
     248       257  
5.00%, 6/15/2034
     348       350  
6.50%, 3/20/2028
     46       49  
6.00%, 7/20/2028
     248       257  
6.00%, 11/20/2028
     226       235  
6.00%, 1/20/2029
     240       248  
6.50%, 5/20/2029
     36       38  
6.00%, 7/20/2029
     61       63  
8.00%, 1/20/2031
     22       25  
6.50%, 2/20/2032
     21       21  
6.00%, 11/20/2033
     3,011       3,110  
5.50%, 5/20/2035
     884       901  
6.00%, 12/20/2036
     9,632       9,942  
 
              
 
             76,261  
 
              
U.S. Treasury (15.55%)
                
4.50%, 2/15/2009 (b)
     15,000       15,356  
4.88%, 8/15/2009 (b)
     60,000       62,466  
3.13%, 11/30/2009 (b)
     85,000       86,454  
3.50%, 2/15/2010 (b)
     22,500       23,094  
5.00%, 2/15/2011 (b)
     27,250       29,409  
4.50%, 4/30/2012 (b)
     20,000       21,452  
4.38%, 8/15/2012 (b)
     19,750       21,149  
4.25%, 8/15/2013 (b)
     11,100       11,848  
4.75%, 5/15/2014 (b)
     15,000       16,417  
4.25%, 11/15/2014 (b)
     18,675       19,844  
8.13%, 8/15/2019 (b)
     9,350       12,945  
6.25%, 8/15/2023 (b)
     15,000       18,428  
6.00%, 2/15/2026 (b)
     37,150       44,914  
6.75%, 8/15/2026
     3,000       3,921  
6.13%, 8/15/2029
     25       31  
6.25%, 5/15/2030 (b)
     27,055       34,351  
 
              
 
             422,079  
   
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 1,478,867  
   

25

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (2.28%)
                
Commercial Paper (2.28%)
                
Investment in Joint Trade Account; HSBC Funding
                
3.12%, 2/1/2008
   $ 53,787     $ 53,787  
Snap-On Inc
                
3.40%, 2/1/2008 (f)
     8,000       8,000  
 
              
 
             61,787  
   
TOTAL SHORT TERM INVESTMENTS
           $ 61,787  
   
REPURCHASE AGREEMENTS (2.54%)
                
Finance — Investment Banker & Broker (0.41%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $11,374,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (f)
                
 
   $ 11,289     $ 11,288  
 
                
Money Center Banks (2.13%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $58,205,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (f)
     57,753       57,748  
   
TOTAL REPURCHASE AGREEMENTS
           $ 69,036  
   
Total Investments
           $ 3,938,233  
Liabilities in Excess of Other Assets, Net — (45.07)%
               
TOTAL NET ASSETS — 100.00%
             (1,223,512 )
 
              
 
           $ 2,714,721  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security purchased on a when-issued basis.
 
(d)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $278,835 or 10.27% of net assets.
 
(e)   Variable Rate
 
(f)   Security was purchased with the cash proceeds from securities loans.
 
(g)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $84,903 or 3.13% of net assets.
 
(h)   Security or a portion of the security was pledged to cover margin requirements for swap agreements. At the end of the period, the value of these securities totaled $1,350 or 0.05% of net assets.
 
(i)   This Senior Floating Rate Note will settle after January 31, 2008, at which time the interest rate will be determined.
 
(j)   Security was purchased in a “to-be-announced” (“TBA”) transaction. See Notes to Financial Statements.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 48,859  
Unrealized Depreciation
     (109,667 )
 
      
Net Unrealized Appreciation (Depreciation)
     (60,808 )
Cost for federal income tax purposes
     3,999,041  
All dollar amounts are shown in thousands (000’s)
Credit Default Swap Agreements
                 
            Unrealized
    Notional   Appreciation/
Description   Amount   (Depreciation)
Sell protection for CDX NA HY 9 Index and receive quarterly 0.60% from UBS-AG. Expires December 2012.
   $ 50,000     $ (1,019 )
All dollar amounts are shown in thousands (000’s)
Total Return Swap Agreements
                 
            Unrealized
    Notional   Appreciation/
Description   Amount   (Depreciation)
Receive a monthly return equal to the Lehman ERISA Eligible CMBS Index and pay monthly a floating rate based on 1-month LIBOR less 5 basis points with Wachovia Bank. Expires January 2008.
   $ 35,000     $ (462 )
 
                
Receive a monthly return equal to the Lehman ERISA Eligible CMBS Index and pay monthly a floating rate based on 1-month LIBOR plus 10 basis points with Lehman Brothers. Expires May 2008.
     55,000       (733 )
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Mortgage Securities
     63.21 %
Financial
     23.90 %
Government
     15.68 %
Asset Backed Securities
     14.90 %
Consumer, Non-cyclical
     5.96 %
Communications
     5.21 %
Energy
     4.08 %
Industrial
     3.52 %
Utilities
     3.16 %
Consumer, Cyclical
     2.85 %
Basic Materials
     1.26 %
Technology
     1.10 %
Diversified
     0.24 %
Liabilities in Excess of Other Assets, Net
     (45.07 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

26

 

Schedule of Investments
Bond & Mortgage Securities Fund
January 31, 2008 (unaudited)
Other Assets Summary (unaudited)
         
Asset Type   Percent  
Total Return Swaps
     0.04 %
Credit Default Swaps
     0.04 %

27

 

Schedule of Investments
California Insured Intermediate Municipal Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (100.22%)
                
California (100.22%)
                
Anaheim Public Financing Authority/CA AMBAC
                
5.25%, 8/1/2013
   $ 2,000     $ 2,192  
Anaheim Public Financing Authority/CA FSA
                
5.00%, 10/1/2015
     2,000       2,158  
Baldwin Park Public Financing Authority
                
4.63%, 8/1/2016
     1,130       1,185  
California Educational Facilities Authority MBIA
                
5.10%, 3/1/2014
     1,000       1,021  
California Health Facilities Financing MBIA
                
2.60%, 9/1/2015
     200       200  
2.60%, 9/1/2028
     500       500  
California Housing Finance Agency AMBAC
                
5.10%, 2/1/2009
     1,000       1,021  
California Infrastructure & Economic Development Bank FGIC
                
5.00%, 8/15/2018
     1,155       1,264  
California Infrastructure & Economic Development Bank MBIA
                
2.60%, 6/1/2034
     600       600  
California State Department of Water Resources FGIC
                
5.25%, 12/1/2014
     3,000       3,330  
California State Department of Water Resources MBIA
                
5.25%, 5/1/2015
     1,675       1,825  
California State Public Works Board AMBAC
                
5.25%, 12/1/2014
     1,750       1,919  
5.25%, 3/1/2016
     1,000       1,084  
California State Public Works Board MBIA
                
5.00%, 12/1/2018
     3,000       3,195  
California Statewide Communities Development Authority
                
5.00%, 5/15/2020
     1,000       1,025  
California Statewide Communities Development Authority FNMA
                
4.20%, 10/15/2018
     1,490       1,531  
California Statewide Communities Development Authority FSA
                
5.25%, 10/1/2015
     1,845       2,050  
Chino Valley Unified School District Certificates of Participation FSA
                
5.25%, 9/1/2013
     1,240       1,345  
Chula Vista Public Financing Authority/CA FSA
                
4.50%, 9/2/2013
     145       155  
City of Hawthorne CA
                
4.60%, 9/1/2021 (a)
     1,000       903  
City of Oceanside CA AMBAC
                
5.25%, 4/1/2016
     1,575       1,719  
City of Riverside CA MBIA
                
5.50%, 9/1/2013
     1,100       1,198  
City of Sacramento CA
                
5.00%, 9/2/2020
     1,020       974  
Contra Costa County Public Financing Authority MBIA
                
5.00%, 6/1/2020
     2,000       2,128  
County of Alameda CA MBIA
                
5.38%, 6/1/2009
     370       378  
County of Riverside CA FGIC
                
5.00%, 11/1/2018
     1,015       1,090  
5.00%, 11/1/2019
     1,105       1,180  
County of San Diego CA
                
5.00%, 9/1/2016
     1,000       1,045  
5.00%, 9/1/2020
     1,000       1,019  
Emeryville Public Financing Authority/CA MBIA
                
5.25%, 9/1/2015
     1,265       1,393  
5.25%, 9/1/2017
     1,400       1,542  
Golden State Tobacco Securitization Corp/CA AMBAC
                
5.00%, 6/1/2013
     1,000       1,097  
Golden West Schools Financing Authority MBIA
                
5.65%, 2/1/2012
     685       761  
Gonzales Redevelopment Agency /CA
                
4.63%, 8/1/2011
     1,000       1,005  
Loma Linda CA
                
5.00%, 12/1/2017
     2,000       2,057  
Long Beach Bond Finance Authority AMBAC
                
5.25%, 11/1/2013
     1,080       1,189  
Long Beach Community College District/CA FGIC
                
5.00%, 5/1/2019
     1,435       1,558  
Los Angeles Department of Water & Power AMBAC
                
5.00%, 7/1/2022
     1,000       1,075  
Los Angeles Department of Water & Power MBIA
                
5.00%, 7/1/2017
     1,300       1,414  
Los Angeles Municipal Improvement Corp MBIA
                
5.50%, 6/1/2017
     1,045       1,144  
Los Angeles State Building Authority/CA MBIA
                
5.63%, 5/1/2011
     1,500       1,587  
Monterey Peninsula Community College District FGIC
                
5.00%, 8/1/2020
     3,000       3,238  
M-S-R Public Power Agency/CA MBIA
                
5.00%, 7/1/2015
     2,105       2,248  
2.75%, 7/1/2022
     200       200  
Ontario Redevelopment Financing Authority/CA AMBAC
                
5.50%, 8/1/2016
     1,055       1,157  
Ontario Redevelopment Financing Authority/CA MBIA
                
5.25%, 8/1/2016
     1,060       1,145  

28

 

Schedule of Investments
California Insured Intermediate Municipal Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (continued)
                
California (continued)
                
Orange County Public Financing Authority/CA AMBAC
                
5.38%, 6/1/2016
   $ 1,000     $ 1,102  
Palm Desert Financing Authority MBIA
                
5.00%, 8/1/2012
     795       854  
San Bernardino Redevelopment Agency RADIAN
                
5.00%, 9/1/2018
     1,565       1,645  
San Francisco Bay Area Transit Financing Authority MBIA
                
5.00%, 7/1/2018
     3,000       3,270  
San Jose Financing Authority MBIA
                
5.00%, 9/1/2016
     1,200       1,285  
Santa Maria Redevelopment Agency/CA AMBAC
                
5.00%, 6/1/2013
     165       179  
5.25%, 6/1/2015
     1,085       1,193  
Shasta Joint Powers Financing Authority MBIA
                
5.25%, 4/1/2017
     1,160       1,241  
South Gate Public Financing Authority XLCA
                
5.00%, 9/1/2016
     895       950  
Stanton CA AMBAC
                
5.63%, 8/1/2029
     870       885  
State of California MBIA
                
6.25%, 9/1/2012
     2,000       2,219  
Sunnyvale CA AMBAC
                
5.50%, 10/1/2014
     1,000       1,104  
5.50%, 10/1/2016
     1,000       1,086  
Sweetwater Union High School District MBIA
                
5.00%, 9/1/2020
     1,225       1,296  
Tracy Area Public Facilities Financing MBIA
                
5.88%, 10/1/2013
     985       1,068  
 
              
 
             82,421  
   
TOTAL TAX-EXEMPT BONDS
           $ 82,421  
   
Total Investments
             82,421  
LIABILITY FOR FLOATING RATE NOTES ISSUED IN CONJUNCTION WITH SECURITIES HELD (-0.91%)
                
Note with interest rate of 2.26% at January 31, 2008 and contractual maturity of collateral in 2036 (b)
     (750 )     (750 )
 
              
Total Net Investments
           $ 81,671  
Other Assets in Excess of Liabilities, Net — 0.69%
             565  
 
              
TOTAL NET ASSETS — 100.00%
           $ 82,236  
 
              
 
(a)   Security or portion of underlying security related to Inverse Floaters entered into by the Fund. See notes.
 
(b)   Floating rate securities. The interest rate(s) shown reflect the rates in effect at January 31, 2008.
         
Unrealized Appreciation (Depreciation)
        
 
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
 
Unrealized Appreciation
   $ 2,700  
Unrealized Depreciation
     (213 )
 
      
Net Unrealized Appreciation (Depreciation)
     2,487  
Cost for federal income tax purposes
     79,152  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Insured
     88.56 %
Revenue
     7.70 %
Revenue — Special Tax
     2.28 %
Tax Allocation
     1.22 %
Prerefunded
     0.46 %
Liability for Floating Rate Notes Issued
     (0.91 %)
Other Assets in Excess of Liabilities, Net
     0.69 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      

29

 

Schedule of Investments
California Municipal Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (108.33%)
                
California (108.03%)
                
Abag Finance Authority for Nonprofit Co
                
5.25%, 10/1/2026
   $ 1,240     $ 1,281  
Abag Finance Authority for Nonprofit Co ACA
                
5.70%, 11/1/2013
     2,280       2,338  
Amador Water Agency/CA MBIA
                
5.00%, 6/1/2032
     1,000       1,013  
Baldwin Park Financing Authority/CA AMBAC
                
5.00%, 8/1/2027
     2,635       2,674  
Barstow Redevelopment Agency/CA MBIA
                
7.00%, 9/1/2014
     1,010       1,165  
7.00%, 9/1/2014
     530       602  
Bay Area Governments Association XLCA
                
5.25%, 9/1/2029
     2,000       2,033  
Byron Bethany Joint Powers Authority CIFG
                
4.50%, 10/1/2027
     2,005       2,011  
California County TOB Securitization Agency
                
0.00%, 6/1/2028 (a)(b)
     2,000       1,528  
5.13%, 6/1/2038
     2,000       1,757  
5.25%, 6/1/2045
     2,000       1,769  
California Educational Facilities Authority
                
6.63%, 6/1/2020
     1,000       1,105  
California Educational Facilities Authority MBIA
                
5.10%, 3/1/2014
     1,000       1,021  
California Health Facilities Financing Authority/CA
                
5.00%, 4/1/2037
     1,000       983  
5.25%, 4/1/2039
     700       706  
California Housing Finance Agency
                
4.80%, 8/1/2023 (c)
     2,500       2,356  
5.05%, 8/1/2027
     2,500       2,473  
5.00%, 2/1/2028
     5,000       4,944  
4.70%, 8/1/2036 (c)
     3,150       2,918  
4.875%, 8/1/2041 (c)
     6,760       6,322  
4.75%, 8/1/2042 (c)
     8,400       7,672  
California Infrastructure & Economic Development Bank
                
5.50%, 10/1/2015
     1,000       1,066  
California Mobilehome Park Financing Authority/CA
                
4.50%, 12/15/2036
     1,000       806  
California Pollution Control Financing
                
5.13%, 11/1/2023
     2,500       2,448  
5.00%, 7/1/2027
     5,500       5,091  
California Pollution Control Financing AMBAC
                
5.85%, 6/1/2021
     2,500       2,503  
California Rural Home Mortgage Finance GNMA/FHLMC
                
7.95%, 12/1/2024
     15       16  
California Rural Home Mortgage Finance GNMA/FNMA/FHLMC
                
5.40%, 12/1/2036
     1,000       1,063  
California State Department of Veterans Affairs for Home Purchase Revenue Bonds
                
5.15%, 12/1/2027
     2,000       2,027  
California State Department of Water Resources
                
1.50%, 5/1/2020
     300       300  
California State Department of Water Resources FSA
                
5.00%, 12/1/2018
     1,670       1,779  
California State Enterprise Development
                
5.30%, 9/1/2047
     1,200       1,170  
California State Public Works Board
                
5.40%, 10/1/2022
     3,000       3,040  
5.00%, 4/1/2023
     4,200       4,325  
5.50%, 6/1/2023
     1,980       2,117  
5.00%, 6/1/2024
     3,000       3,027  
5.00%, 6/1/2025
     1,750       1,758  
California Statewide Communities Development Authority
                
5.20%, 12/1/2029
     1,000       1,028  
5.25%, 8/1/2031
     3,500       3,558  
5.25%, 7/1/2035
     2,750       2,623  
5.00%, 7/1/2039 (c)
     3,760       3,418  
5.00%, 3/1/2041
     2,800       2,742  
5.00%, 11/15/2043
     5,085       4,991  
5.25%, 3/1/2045
     4,200       4,216  
California Statewide Communities Development Authority MBIA
                
6.50%, 8/1/2012
     2,005       2,154  
California Statewide Communities Development Authority Revenue
                
5.13%, 4/1/2037 (d)
     1,500       1,398  
5.38%, 12/1/2037
     1,000       970  
Carson Redevelopment Agency MBIA
                
5.50%, 10/1/2016
     1,000       1,124  
Chula Vista Community Facilities District/CA
                
5.45%, 9/1/2036
     1,000       918  
City of Alhambra CA MBIA
                
6.13%, 9/2/2018
     5,045       5,375  
City of Azusa CA
                
6.00%, 9/1/2026
     2,210       2,252  
City of Burbank CA FSA
                
5.25%, 5/1/2024
     3,155       3,362  
City of Chula Vista CA MBIA
                
5.00%, 8/1/2027
     3,000       3,087  
City of Hawthorne CA
                
5.00%, 9/1/2030 (c)
     5,000       4,397  
City of Long Beach CA
                
6.88%, 10/1/2025
     2,000       2,016  
City of Los Angeles CA AMBAC
                
5.00%, 3/1/2022
     1,445       1,506  
City of Los Angeles CA GNMA
                
6.25%, 9/20/2039
     1,000       1,009  

30

 

Schedule of Investments
California Municipal Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (continued)
                
California (continued)
                
City of Modesto CA
                
5.15%, 9/1/2036
   $ 1,000     $ 871  
City of Oceanside CA AMBAC
                
5.25%, 4/1/2018
     1,500       1,593  
City of Pacifica CA AMBAC
                
5.00%, 10/1/2024
     1,090       1,137  
City of Redding CA MBIA
                
7.38%, 7/1/2022 (b)
     2,365       3,370  
City of San Jose CA AMBAC
                
5.00%, 3/1/2037
     5,000       4,880  
City of San Jose CA FNMA
                
5.88%, 3/1/2033
     1,000       1,019  
City of Santa Rosa CA FHA
                
6.70%, 12/1/2024
     4,115       4,121  
Coachella Redevelopment Agency
                
5.88%, 12/1/2028
     2,000       1,991  
Contra Costa Community College District MBIA
                
5.00%, 8/1/2029
     5,000       5,174  
Contra Costa Water District FSA
                
5.00%, 10/1/2018
     1,520       1,616  
County of Riverside CA FGIC
                
5.00%, 11/1/2025
     1,160       1,194  
Dinuba Financing Authority/CA
                
5.38%, 9/1/2038
     1,000       899  
Eastern Municipal Water District/CA
                
5.20%, 9/1/2037 (e)
     750       657  
Fairfield Housing Authority/CA
                
5.63%, 9/1/2023
     1,215       1,204  
Fontana Redevelopment Agency/CA MBIA
                
5.20%, 9/1/2030
     1,000       1,021  
Foothill Eastern Transportation Corridor Agency/CA
                
0.00%, 1/15/2026 (a)(b)
     9,000       8,502  
0.00%, 1/15/2030 (a)
     20,000       5,545  
0.00%, 1/15/2032 (a)
     10,000       2,449  
0.00%, 1/15/2033 (a)
     10,000       2,305  
0.00%, 1/15/2034 (a)
     10,000       2,165  
0.00%, 1/15/2036 (a)
     10,000       1,913  
0.00%, 1/15/2037 (a)
     10,000       1,800  
0.00%, 1/15/2038 (a)
     9,000       1,525  
Fresno Joint Powers Financing Authority FSA
                
5.75%, 6/1/2026
     2,000       2,133  
Hesperia Public Financing Authority/CA XLCA
                
5.00%, 9/1/2037
     4,000       3,939  
Hesperia Unified School District/CA
                
5.00%, 9/1/2030 (e)
     1,065       937  
Hi-Desert Memorial Health Care District
                
5.50%, 10/1/2015
     1,000       1,006  
Highland Redevelopment Agency/CA AMBAC
                
5.00%, 12/1/2028
     3,000       3,008  
Hollister Joint Powers Financing Authority FSA
                
4.50%, 6/1/2037 (c)
     5,000       4,849  
Huntington Beach Union High School
                
District/CA FSA
                
5.00%, 8/1/2029
     5,000       5,191  
Imperial CA FGIC
                
5.00%, 10/15/2020
     1,250       1,307  
Imperial Irrigation District/CA AMBAC
                
5.50%, 7/1/2029
     5,000       5,299  
Irvine CA
                
5.70%, 3/1/2018
     990       999  
5.00%, 9/2/2025
     1,125       1,080  
5.00%, 9/2/2026
     1,285       1,227  
5.00%, 9/2/2029
     1,500       1,404  
Irvine Public Facilities & Infrastructure Authority/CA AMBAC
                
5.00%, 9/2/2020
     1,455       1,501  
5.00%, 9/2/2021
     3,630       3,744  
5.00%, 9/2/2023
     2,000       2,061  
Irvine Ranch Water District/CA
                
1.60%, 10/1/2010
     600       600  
Irvine Unified School District/CA
                
5.00%, 9/1/2026
     2,600       2,467  
La Canada Unified School District MBIA
                
5.50%, 8/1/2028
     1,825       1,958  
La Quinta Financing Authority AMBAC
                
5.25%, 9/1/2024
     1,000       1,065  
5.00%, 9/1/2029
     2,000       2,006  
La Verne Public Financing Authority
                
7.25%, 9/1/2026
     1,500       1,515  
Lake Elsinore Public Financing Authority/CA
                
5.80%, 9/2/2015
     1,545       1,585  
Loma Linda CA
                
5.00%, 12/1/2022
     1,000       1,001  
Long Beach Bond Finance Authority AMBAC
                
5.00%, 8/1/2022
     410       436  
Los Angeles Community Redevelopment Agency/CA MBIA
                
5.40%, 7/1/2024
     2,500       2,629  
5.25%, 9/1/2026
     1,000       1,037  
Los Angeles Department of Water & Power
                
1.50%, 7/1/2034
     300       300  
Monrovia Financing Authority AMBAC
                
5.00%, 12/l/2037 (e)
     1,685       1,743  
Needles Public Utility Authority/CA
                
6.50%, 2/1/2022
     2,785       2,813  
Oceanside Community Facilities District
                
5.50%, 9/1/2029
     1,485       1,403  
Oxnard Harbor District/CA
                
5.75%, 8/1/2020
     1,200       1,268  
6.00%, 8/1/2024
     1,000       1,078  
Palm Desert Financing Authority MBIA
                
5.00%, 8/1/2022
     1,280       1,341  
Perris Public Financing Authority/CA
                
5.30%, 10/1/2026
     2,805       2,680  

31

 

Schedule of Investments
California Municipal Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (continued)
                
California (continued)
                
Pomona Public Financing Authority MBIA
                
5.00%, 2/1/2021
   $ 5,000     $ 5,229  
Pomona Unified School District/CA MBIA
                
6.15%, 8/1/2030
     1,000       1,193  
Port of Oakland FGIC
                
5.75%, 11/1/2029
     5,000       5,155  
Poway Redevelopment Agency/CA AMBAC
                
5.38%, 6/15/2019
     1,000       1,084  
Rancho Mirage Joint Powers Financing Authority/CA
                
5.00%, 7/1/2047 (e)
     1,500       1,451  
Redondo Beach Public Financing Authority/CA
                
7.13%, 7/1/2026
     1,000       1,006  
Riverside County Public Financing Authority
                
5.80%, 5/15/2029
     2,100       2,118  
Rocklin Unified School District/CA FGIC
                
0.00%, 8/1/2019 (a)
     1,360       744  
0.00%, 8/1/2020 (a)
     1,415       733  
0.00%, 8/1/2023 (a)
     1,225       539  
Saddleback Valley Unified School District/CA FSA
                
5.00%, 8/1/2027
     3,000       3,149  
5.00%, 8/1/2029
     4,000       4,150  
Salinas Valley Solid Waste Authority/CA AMBAC
                
5.25%, 8/1/2027
     1,975       2,011  
5.25%, 8/1/2031
     2,000       2,026  
San Diego Redevelopment Agency/CA
                
6.40%, 9/1/2019
     1,000       1,027  
6.50%, 10/1/2025
     1,000       1,104  
San Francisco City & County Airports Co MBIA
                
5.25%, 5/1/2026
     4,000       4,056  
San Juan Unified School District/CA MBIA
                
5.00%, 8/1/2027
     3,780       3,926  
Semitropic Improvement District/CA XLCA
                
5.13%, 12/1/2035
     2,000       2,023  
Sierra View Local Health Care District/CA
                
5.25%, 7/1/2032
     1,500       1,494  
South Gate Public Financing Authority AMBAC
                
5.25%, 9/1/2022
     2,090       2,171  
South Gate Public Financing Authority XLCA
                
5.00%, 9/1/2016
     1,400       1,487  
South Tahoe Redevelopment Agency/CA
                
5.00%, 10/1/2031
     1,000       874  
Southern California Logistics Airport Authority
                
6.15%, 12/1/2043
     1,900       1,906  
State of California
                
4.60%, 12/1/2032 (c)
     3,130       2,896  
4.60%, 12/1/2032
     7,520       6,959  
5.70%, 12/1/2032
     1,280       1,288  
5.00%, 6/1/2037
     2,500       2,504  
5.00%, 11/1/2037
     7,000       7,010  
State of California CIFG
                
5.00%, 10/1/2022
     2,000       2,103  
State of California FGIC
                
5.50%, 6/1/2025
     4,430       4,608  
Stockton-East Water District/CA FGIC
                
5.25%, 4/1/2022
     1,780       1,889  
Tejon Ranch Public Facilities Finance Authority
                
5.63%, 9/1/2037
     1,000       935  
Temecula Redevelopment Agency/CA MBIA
                
5.25%, 8/1/2036
     3,270       3,358  
Tobacco Securitization Authority of Northern California/CA
                
5.38%, 6/1/2038
     10,000       9,118  
5.50%, 6/1/2045
     9,080       8,330  
Tobacco Securitization Authority of Southern California/CA
                
5.00%, 6/1/2037
     3,000       2,581  
5.13%, 6/1/2046 (c)
     13,000       11,248  
Torrance CA
                
6.00%, 6/1/2022
     1,000       1,066  
Turlock CA
                
5.13%, 10/15/2031
     1,000       893  
5.38%, 10/15/2034
     1,900       1,738  
5.13%, 10/15/2037
     1,000       873  
Tustin Community Facilities District
                
5.38%, 9/1/2029
     1,000       929  
University of California Regents Medical Center Pooled Revenue Bonds
                
1.60%, 5/15/2032
     1,300       1,300  
Walnut Public Financing Authority/CA AMBAC
                
5.38%, 9/1/2022
     2,305       2,457  
 
              
 
             383,651  
 
              
Virgin Islands (0.30%)
                
Virgin Islands Public Finance Authority
                
6.38%, 10/1/2019
     1,000       1,074  
 
              
             
TOTAL TAX-EXEMPT BONDS
           $ 384,725  
             
 
              
Total Investments
             384,725  
 
                
LIABILITY FOR FLOATING RATE NOTES ISSUED IN CONJUNCTION WITH SECURITIES HELD (-9.77%)                
Notes with interest rates ranging from 2.16% to 2.35% at January 31, 2008 and contractual maturity of collateral from 2013 to 2046 (f)
     (34,690 )     (34,690 )
 
              
 
                
Total Net Investments
           $ 350,035  
Other Assets in Excess of Liabilities, Net - 1.44%
             5,100  
 
              
TOTAL NET ASSETS - 100.00%
           $ 355,135  
 
              

32

 

Schedule of Investments
California Municipal Fund
January 31, 2008 (unaudited)
 
(a)   Non-Income Producing Security
 
(b)   Variable Rate
 
(c)   Security or portion of underlying security related to Inverse Floaters entered into by the Fund. See notes.
 
(d)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $1,398 or 0.39% of net assets.
 
(e)   Security purchased on a when-issued basis.
 
(f)   Floating rate securities. The interest rate(s) shown reflect the rates in effect at January 31, 2008.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 9,938  
Unrealized Depreciation
     (9,271 )
 
      
Net Unrealized Appreciation (Depreciation)
     667  
Cost for federal income tax purposes
     349,369  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Revenue
     47.66 %
Insured
     41.20 %
Revenue — Special Tax
     8.33 %
General Obligation
     5.81 %
Prerefunded
     3.20 %
Tax Allocation
     2.13 %
Liability for Floating Rate Notes Issued
     (9.77 %)
Other Assets in Excess of Liabilities, Net
     1.44 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      

33

 

Schedule of Investments
Disciplined LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (99.67%)
                
Advertising Agencies (0.38%)
                
Omnicom Group Inc
     273,190     $ 12,395  
 
                
Aerospace & Defense (1.81%)
                
Boeing Co
     249,507       20,754  
General Dynamics Corp
     248,820       21,015  
Lockheed Martin Corp
     156,636       16,904  
 
              
 
             58,673  
 
              
Aerospace & Defense Equipment (0.90%)
                
United Technologies Corp
     398,518       29,255  
 
                
Agricultural Chemicals (0.51%)
                
Monsanto Co
     62,059       6,978  
Mosaic Co/The (a)
     105,951       9,643  
 
              
 
             16,621  
 
              
Agricultural Operations (0.35%)
                
Archer-Daniels-Midland Co
     256,138       11,283  
 
                
Applications Software (2.91%)
                
Citrix Systems Inc (a)
     279,580       9,679  
Compuware Corp (a)
     522,265       4,439  
Microsoft Corp
     2,460,745       80,221  
 
             94,339  
 
              
Athletic Footwear (0.56%)
                
Nike Inc
     296,490       18,311  
 
                
Beverages — Non-Alcoholic (2.25%)
                
Coca-Cola Co/The
     476,369       28,187  
Pepsi Bottling Group Inc
     264,956       9,234  
PepsiCo Inc
     522,389       35,621  
 
              
 
             73,042  
 
              
Brewery (0.59%)
                
Anheuser-Busch Cos Inc
     410,789       19,110  
 
                
Cable TV (0.14%)
                
Comcast Corp
     253,782       4,609  
 
                
Chemicals — Diversified (0.95%)
                
Celanese Corp
     221,418       8,232  
EI Du Pont de Nemours & Co
     497,778       22,490  
 
              
 
             30,722  
 
              
Chemicals — Specialty (0.42%)
                
Hercules Inc
     371,842       6,518  
Lubrizol Corp
     132,904       6,992  
 
              
 
             13,510  
 
              
Coatings & Paint (0.38%)
                
Sherwin-Williams Co/The
     217,817       12,461  
 
                
Commercial Banks (0.68%)
                
Bank of Hawaii Corp (b)
     151,185       7,615  
 
                
Commerce Bancshares Inc/Kansas City MO
     118,003       5,240  
Cullen/Frost Bankers Inc
     167,901       9,141  
 
              
 
             21,996  
 
              
Computer Aided Design (0.32%)
                
Autodesk Inc (a)
     256,047       10,536  
 
                
Computers (4.19%)
                
Apple Inc (a)
     326,124       44,144  
Dell Inc (a)
     259,193       5,194  
Hewlett-Packard Co
     884,959       38,717  
International Business Machines Corp
     444,744       47,739  
 
              
 
             135,794  
 
              
Computers — Integrated Systems (0.24%)
                
NCR Corp (a)(b)
     360,651       7,747  
 
                
Computers — Memory Devices (0.67%)
                
EMC Corp/Massachusetts (a)
     1,055,187       16,746  
Seagate Technology
     246,161       4,990  
 
              
 
             21,736  
 
              
Consumer Products — Miscellaneous (0.60%)
                
Kimberly-Clark Corp
     295,316       19,388  
 
                
Containers — Metal & Glass (0.58%)
                
Ball Corp
     175,208       8,041  
Owens-Illinois Inc (a)
     211,215       10,645  
 
              
 
             18,686  
 
              
Cosmetics & Toiletries (2.02%)
                
Colgate-Palmolive Co
     249,329       19,199  
Procter & Gamble Co
     700,839       46,220  
 
              
 
             65,419  
 
              
Diversified Manufacturing Operations (5.03%)
                
3M Co
     62,062       4,943  
Cooper Industries Ltd
     194,982       8,685  
Eaton Corp
     108,254       8,959  
General Electric Co
     2,460,671       87,132  
Honeywell International Inc
     355,751       21,014  
Ingersoll-Rand Co Ltd
     211,722       8,367  
ITT Corp
     233,710       13,890  
Parker Hannifin Corp
     148,206       10,020  
 
              
 
             163,010  
 
              
E-Commerce — Products (0.55%)
                
Amazon.com Inc (a)
     229,472       17,830  
 
                
E-Commerce — Services (0.40%)
                
eBay Inc (a)
     314,605       8,460  
Expedia Inc (a)(b)
     200,449       4,614  
 
              
 
             13,074  
 
              

34

 

Schedule of Investments
Disciplined LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Electric — Integrated (2.79%)
                
Alliant Energy Corp
     167,099     $ 6,166  
American Electric Power Co Inc
     291,327       12,478  
Constellation Energy Group Inc
     52,961       4,976  
Edison International
     315,788       16,471  
FPL Group Inc
     279,231       18,005  
Northeast Utilities
     222,594       6,170  
Public Service Enterprise Group Inc
     206,133       19,789  
Xcel Energy Inc
     310,580       6,457  
 
              
 
             90,512  
 
              
Electric Products - Miscellaneous (0.59%)
                
Emerson Electric Co
     379,355       19,286  
 
                
Electronic Components - Miscellaneous (0.19%)
                
Garmin Ltd (b)
     87,611       6,321  
 
                
Electronic Components - Semiconductors (1.94%)
                
Intel Corp
     1,173,082       24,869  
MEMC Electronic Materials Inc (a)
     250,293       17,886  
Nvidia Corp (a)
     670,101       16,478  
Texas Instruments Inc
     116,807       3,613  
 
              
 
             62,846  
 
              
Electronic Forms (0.40%)
                
Adobe Systems Inc (a)
     367,912       12,851  
 
                
Engineering — Research & Development Services (0.26%)
                
Jacobs Engineering Group Inc (a)
     109,435       8,365  
 
                
Enterprise Software & Services (1.20%)
                
BMC Software Inc (a)
     284,608       9,119  
Oracle Corp (a)
     1,454,031       29,880  
 
              
 
             38,999  
 
              
Fiduciary Banks (1.54%)
                
Bank of New York Mellon Corp/The
     572,146       26,679  
State Street Corp
     285,402       23,437  
 
              
 
             50,116  
 
              
Finance — Credit Card (0.17%)
                
American Express Co
     111,055       5,477  
 
                
Finance — Investment Banker & Broker (4.00%)
                
Citigroup Inc
     966,926       27,287  
Goldman Sachs Group Inc/The
     189,566       38,059  
JPMorgan Chase & Co
     1,186,004       56,394  
Lehman Brothers Holdings Inc
     29,728       1,908  
Merrill Lynch & Co Inc
     18,099       1,021  
Morgan Stanley
     99,926       4,939  
 
              
 
             129,608  
 
              
Finance — Other Services (0.28%)
                
Nasdaq Stock Market Inc/The (a)
     198,350       9,178  
 
Food — Miscellaneous/Diversified (0.79%)
                
HJ Heinz Co
     261,035       11,110  
Kellogg Co
     302,051       14,468  
 
              
 
             25,578  
 
              
Food — Retail (0.26%)
                
Kroger Co/The
     325,670       8,288  
 
                
Food — Wholesale & Distribution (0.36%)
                
Sysco Corp
    397,353       11,543  
 
                
Gas — Distribution (0.74%)
                
Energen Corp
     168,618       10,606  
Sempra Energy
     239,986       13,415  
 
              
 
             24,021  
 
              
Health Care Cost Containment (0.51%)
                
McKesson Corp
     265,611       16,678  
 
                
Human Resources (0.23%)
                
Manpower Inc
     131,899       7,421  
 
                
Independent Power Producer (0.19%)
                
NRG Energy Inc (a)
     163,091       6,294  
 
                
Industrial Audio & Video Products (0.20%)
                
Dolby Laboratories Inc (a)
     149,423       6,439  
 
                
Instruments — Scientific (0.51%)
                
Thermo Fisher Scientific Inc (a)
     324,471       16,707  
 
                
Insurance Brokers (0.24%)
                
Aon Corp
     182,751       7,953  
 
                
Internet Security (0.10%)
                
McAfee Inc (a)
     95,456       3,213  
 
                
Investment Companies (0.29%)
                
American Capital Strategies Ltd (b)
     263,337       9,262  
 
                
Investment Management & Advisory Services (0.71%)
                
Ameriprise Financial Inc
     220,964       12,222  
Franklin Resources Inc
     104,245       10,865  
 
              
 
             23,087  
 
              
Life & Health Insurance (1.19%)
                
Cigna Corp
     206,053       10,129  
Prudential Financial Inc (b)
     199,113       16,799  
Unum Group
     514,708       11,643  
 
              
 
             38,571  
 
              
Machinery — Construction & Mining (0.22%)
                
Terex Corp (a)
     119,900       7,045  

35

 

Schedule of Investments
Disciplined LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Machinery — Farm (0.73%)
                
Deere & Co
     269,276     $ 23,632  
 
                
Machinery — General Industry (0.30%)
                
Gardner Denver Inc (a)
     106,965       3,470  
Manitowoc Co Inc/The (b)
     163,524       6,233  
 
              
 
             9,703  
 
              
Medical — Biomedical/Gene (0.18%)
                
Invitrogen Corp (a)
     69,653       5,967  
 
                
Medical — Drugs (4.90%)
                
Abbott Laboratories
     679,462       38,254  
Bristol-Myers Squibb Co
     918,455       21,299  
Eli Lilly & Co
     444,863       22,919  
Merck & Co Inc
     784,272       36,296  
Pfizer Inc
     1,426,720       33,371  
Schering-Plough Corp
     124,522       2,437  
Wyeth
     107,711       4,287  
 
              
 
             158,863  
 
              
Medical — HMO (1.79%)
                
Aetna Inc
     319,478       17,015  
Humana Inc (a)
     203,528       16,343  
UnitedHealth Group Inc
     166,138       8,447  
WellPoint Inc (a)
     208,926       16,338  
 
              
 
             58,143  
 
              
Medical Instruments (0.08%)
                
Medtronic Inc
     58,379       2,719  
 
                
Medical Products (1.88%)
                
Baxter International Inc
     406,896       24,715  
Johnson & Johnson
     572,740       36,231  
 
              
 
             60,946  
 
              
Metal — Diversified (0.59%)
                
Freeport-McMoRan Copper & Gold Inc
     216,236       19,251  
 
                
Metal Processors & Fabrication (0.45%)
                
Precision Castparts Corp
     128,085       14,576  
 
                
Multi-Line Insurance (2.88%)
                
ACE Ltd
     283,038       16,513  
American International Group Inc
     498,672       27,507  
Hartford Financial Services Group Inc
     222,879       18,002  
MetLife Inc (b)
     399,864       23,580  
XL Capital Ltd
     174,542       7,854  
 
              
 
             93,456  
 
              
Multimedia (1.47%)
                
News Corp
     40,458       765  
Time Warner Inc
     254,353       4,003  
Viacom Inc (a)
     428,164       16,596  
Walt Disney Co/The
     876,981       26,248  
 
              
 
             47,612  
 
              
Networking Products (1.96%)
                
Cisco Systems Inc (a)
     2,019,188       49,470  
Juniper Networks Inc (a)
     518,794       14,085  
 
            
 
             63,555  
 
              
Oil — Field Services (1.31%)
                
Halliburton Co
     46,524       1,543  
Schlumberger Ltd
     222,178       16,765  
Transocean Inc
     198,130       24,291  
 
              
 
             42,599  
 
              
Oil & Gas Drilling (0.32%)
                
Noble Corp (b)
                
 
     240,176       10,513  
 
                
Oil Company — Exploration & Production (2.09%)
                
Apache Corp
     233,693       22,304  
Noble Energy Inc
     192,506       13,972  
Occidental Petroleum Corp
     462,554       31,393  
 
              
 
             67,669  
 
              
Oil Company — Integrated (7.34%)
                
Chevron Corp
     682,903       57,705  
ConocoPhillips
     304,087       24,424  
Exxon Mobil Corp
     1,608,714       138,993  
Marathon Oil Corp
     72,912       3,416  
Murphy Oil Corp
     182,478       13,420  
 
              
 
             237,958  
 
              
Oil Field Machinery & Equipment (1.05%)
                
Cameron International Corp (a)(b)
     222,324       8,951  
FMC Technologies Inc (a)
     112,478       5,417  
National Oilwell Varco Inc (a)
     328,639       19,794  
 
              
 
             34,162  
 
              
Pharmacy Services (1.06%)
                
Express Scripts Inc (a)
     236,797       15,982  
Medco Health Solutions Inc (a)
     370,550       18,557  
 
            
 
             34,539  
 
              
Photo Equipment & Supplies (0.27%)
                
Eastman Kodak Co (b)
     445,710       8,883  
 
                
Property & Casualty Insurance (1.20%)
                
Chubb Corp
     362,240       18,761  
Travelers Cos Inc/The
     419,109       20,159  
 
              
 
             38,920  
 
              
Publicly Traded Investment Fund (0.40%)
                
iShares S&P 500 Index Fund/US
     93,999       12,935  
 
                
Regional Banks (3.84%)
                
Bank of America Corp
     953,518       42,289  

36

 

Schedule of Investments
Disciplined LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Regional Banks (continued)
                
PNC Financial Services Group Inc
     313,815     $ 20,593  
US Bancorp
     953,517       32,372  
Wachovia Corp
     219,277       8,536  
Wells Fargo & Co
     607,127       20,648  
 
              
 
             124,438  
 
              
Reinsurance (0.07%)
                
Axis Capital Holdings Ltd
     56,687       2,270  
 
                
REITS — Hotels (0.21%)
                
Host Hotels & Resorts Inc
     413,669       6,925  
 
                
REITS — Office Property (0.29%)
                
Boston Properties Inc
     101,169       9,299  
 
                
REITS — Regional Malls (0.29%)
                
Simon Property Group Inc
     104,867       9,373  
 
                
REITS — Warehouse & Industrial (0.54%)
                
AMB Property Corp
     60,536       3,063  
ProLogis (b)
     242,058       14,366  
 
              
 
             17,429  
 
              
Retail — Apparel & Shoe (0.40%)
                
Coach Inc (a)
     261,574       8,383  
Guess ? Inc
     122,832       4,583  
 
              
 
             12,966  
 
              
Retail — Auto Parts (0.32%)
                
Autozone Inc (a)(b)
     84,966       10,271  
 
                
Retail — Computer Equipment (0.30%)
                
GameStop Corp (a)
     186,793       9,663  
 
                
Retail — Discount (1.20%)
                
Target Corp
     20,837       1,158  
TJX Cos Inc
     480,537       15,166  
Wal-Mart Stores Inc
     443,641       22,572  
 
              
 
             38,896  
 
              
Retail — Drug Store (0.15%)
                
CVS Caremark Corp
     98,247       3,838  
Walgreen Co
     30,673       1,077  
 
              
 
             4,915  
 
              
Retail — Jewelry (0.24%)
                
Tiffany & Co
     193,884       7,736  
 
                
Retail — Restaurants (1.36%)
                
McDonald’s Corp
     617,264       33,054  
Yum! Brands Inc
     322,241       11,008  
 
              
 
             44,062  
 
              
Schools (0.40%)
                
Apollo Group Inc (a)
     106,468       8,490  
ITT Educational Services Inc (a)
     48,977       4,474  
 
              
 
             12,964  
 
              
Steel — Producers (0.43%)
                
Nucor Corp
     240,156       13,881  
 
                
Telecommunication Equipment — Fiber Optics (0.57%)
                
Corning Inc
     769,322       18,518  
 
                
Telecommunication Services (0.26%)
               
Embarq Corp
     188,474       8,538  
 
                
Telephone — Integrated (3.38%)
                
AT&T Inc
     1,893,882       72,896  
Verizon Communications Inc
     947,309       36,793  
 
              
 
             109,689  
 
              
Television (0.27%)
                
CBS Corp
     345,834       8,712  
 
                
Therapeutics (0.78%)
                
Gilead Sciences Inc (a)
     551,708       25,208  
 
                
Tobacco (2.26%)
                
Altria Group Inc
     690,853       52,380  
Loews Corp — Carolina Group
     90,318       7,418  
Reynolds American Inc (b)
     211,463       13,392  
 
              
 
             73,190  
 
              
Tools — Hand Held (0.26%)
                
Snap-On Inc
     170,194       8,360  
 
                
Toys (0.37%)
                
Hasbro Inc
     461,380       11,982  
 
                
Transport — Services (0.90%)
                
United Parcel Service Inc (b)
     400,815       29,324  
 
                
Web Portals (0.89%)
                
Google Inc (a)
     51,115       28,844  
 
                
Wireless Equipment (0.11%)
                
Qualcomm Inc
     87,460       3,710  
 
              
 
                
             
TOTAL COMMON STOCKS
           $ 3,232,970  
 
              
 
                
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
                
SHORT TERM INVESTMENTS (0.49%)
                
Money Market Funds (0.49%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 15,989     $ 15,989  
 
              
             
TOTAL SHORT TERM INVESTMENTS
           $ 15,989  
 
              
 
                

37

 

Schedule of Investments
Disciplined LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)
REPURCHASE AGREEMENTS (1.95%)
                
Finance — Investment Banker & Broker (0.63%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $20,588,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 20,434     $ 20,433  
 
                
Money Center Banks (1.32%)
                
 
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $29,443,000; 0.00% - - 6.63%; dated 03/14/08 - 05/15/30) (c)
     29,214       29,212  
 
                
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $7,080,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     6,874       6,873  
 
                
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $7,080,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
     6,874       6,874  
 
              
 
             42,959  
 
              
             
TOTAL REPURCHASE AGREEMENTS
           $ 63,392  
             
 
              
Total Investments
           $ 3,312,351  
Liabilities in Excess of Other Assets, Net — (2.11)%
             (68,524 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 3,243,827  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 293,312  
Unrealized Depreciation
     (197,376 )
 
      
Net Unrealized Appreciation (Depreciation)
     95,936  
Cost for federal income tax purposes
     3,216,415  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Consumer, Non-cyclical
     21.28 %
Financial
     20.86 %
Industrial
     13.20 %
Energy
     12.11 %
Technology
     11.86 %
Communications
     10.49 %
Consumer, Cyclical
     4.90 %
Utilities
     3.73 %
Basic Materials
     3.28 %
Funds
     0.40 %
Liabilities in Excess of Other Assets, Net
     (2.11 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

38

 

Schedule of Investments
Diversified International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (98.08%)
                
Advertising Sales (0.04%)
                
Teleperformance
     29,983     $ 938  
 
                
Advertising Services (0.02%)
                
Taylor Nelson Sofres PLC
     135,783       480  
 
                
Agricultural Chemicals (2.19%)
                
Agruim Inc (a)
     237,700       15,327  
Incitec Pivot Ltd
     116,303       12,738  
Potash Corp of Saskatchewan (a)
     145,600       20,567  
 
              
 
             48,632  
 
              
Agricultural Operations (0.54%)
                
Golden Agri-Resources Ltd (b)
     4,060,000       5,594  
Saskatchewan Wheat Pool Inc (a)
     553,380       6,437  
 
              
 
             12,031  
 
              
Appliances (0.06%)
                
Indesit Co SpA
     90,452       1,280  
 
                
Applications Software (0.05%)
                
Infosys Technologies Ltd ADR
     13,705       568  
SimCorp A/S
     3,610       647  
 
              
 
             1,215  
 
              
Auto — Car & Light Trucks (3.02%)
                
Daimler AG
     270,964       21,238  
Fiat SpA
     360,618       8,469  
Hyundai Motor Co (b)
     17,258       1,359  
Peugeot SA
     94,651       7,007  
Toyota Motor Corp
     537,752       29,114  
 
              
 
             67,187  
 
              
Auto/Truck Parts & Equipment — Original (0.55%)
                
Denso Corp
     261,800       9,472  
Futaba Industrial Co Ltd
     44,670       1,008  
Nissin Kogyo Co Ltd
     32,736       544  
Tokai Rika Co Ltd
     42,600       1,297  
 
              
 
             12,321  
 
              
Auto/Truck Parts & Equipment — Replacement (0.04%)
                
Weichai Power Co Ltd
     178,000       898  
 
                
Batteries & Battery Systems (0.06%)
                
BYD Electronic International Co Ltd (a)
     979,000       1,293  
 
                
Beverages — Non-Alcoholic (0.25%)
                
Coca Cola Hellenic Bottling Co SA
     132,022       5,574  
 
                
Brewery (1.30%)
                
Heineken NV
     183,412       10,312  
InBev NV
     103,782       8,565  
SABMiller PLC
     407,435       8,815  
Tsingtao Brewery Co Ltd
     348,000       1,214  
 
              
 
             28,906  
 
              
Building — Heavy Construction (1.03%)
                
ACS Actividades de Construccion y Servicios SA (b)
     189,567       9,966  
Aecon Group Inc
     10,716       175  
Hanjin Heavy Industries & Construction Holdings Co Ltd (a)(b)
     22,517       652  
Vinci SA (b)
     176,031       12,035  
 
              
 
             22,828  
 
              
Building & Construction — Miscellaneous (1.24%)
                
Bouygues SA
     135,260       10,429  
Cosco International Holdings Ltd
     1,316,000       1,015  
GS Engineering & Construction Corp
     6,272       763  
Koninklijke Boskalis Westminster NV
     89,854       4,892  
Kumho Industrial Co Ltd — Rights (a)(c)
     1,713       —  
Kumho Industrial Co Ltd (b)
     15,914       580  
Leighton Holdings Ltd (b)
     165,168       7,433  
Murray & Roberts Holdings Ltd
     137,549       1,596  
Orascom Construction Industries
     6,920       724  
 
              
 
             27,432  
 
              
Building & Construction Products — Miscellaneous (0.04%)
                
Bauer AG
     12,056       728  
China National Building Material Co Ltd
     46,000       103  
 
              
 
             831  
 
              
Building Products — Cement & Aggregate (0.71%)
                
Adelaide Brighton Ltd
     267,988       857  
Cemex SAB de CV (a)
     587,721       1,605  
Lafarge SA
     84,138       13,297  
 
              
 
             15,759  
 
              
Capacitors (0.29%)
                
Mitsumi Electric Co Ltd
     225,466       6,336  
 
                
Casino Hotels (0.14%)
                
Genting Bhd
     482,200       1,098  
Resorts World Bhd
     1,649,500       2,008  
 
              
 
             3,106  
 
              
Cellular Telecommunications (3.23%)
                
America Movil SAB de CV ADR
     66,385       3,977  
China Mobile Ltd
     512,639       7,558  
Hutchison Telecommunications International Ltd
     1,249,000       1,775  
Mobile Telesystems OJSC ADR
     10,991       914  
MTN Group Ltd
     111,410       1,778  
NTT DoCoMo Inc
     7,280       11,509  
SK Telecom Co Ltd
     4,563       1,039  
SK Telecom Co Ltd ADR
     18,909       470  

39

 

Schedule of Investments
Diversified International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Cellular Telecommunications (continued)
                
Taiwan Mobile Co Ltd
     1,243,000     $ 1,797  
Turkcell Iletisim Hizmet AS
     112,832       1,027  
Vimpel-Communications ADR
     91,881       3,164  
Vodafone Group PLC
     10,479,160       36,680  
 
              
 
             71,688  
 
              
Chemicals — Diversified (1.37%)
                
Bayer AG
     249,263       20,571  
Denki Kagaku Kogyo K K
     235,000       959  
Mitsubishi Chemical Holdings Corp (a)
     857,500       6,242  
Nan Ya Plastics Corp
     1,051,000       2,109  
Nippon Synthetic Chemical Industry Co Ltd
     139,000       640  
 
              
 
             30,521  
 
              
Chemicals — Specialty (0.42%)
                
SGL Carbon AG (a)
     184,062       9,306  
 
                
Circuit Boards (0.25%)
                
Ibiden Co Ltd
     87,300       5,542  
 
                
Coal (0.24%)
                
Banpu Public Co Ltd (a)(c)
     83,800       1,140  
Bumi Resources Tbk PT
     4,531,000       3,219  
China Shenhua Energy Co Ltd
     197,000       1,026  
 
              
 
             5,385  
 
              
Coatings & Paint (0.04%)
                
Chugoku Marine Paints Ltd
     114,000       914  
 
                
Commercial Banks (13.36%)
                
Alpha Bank AE
     350,314       11,609  
Banco do Brasil SA
     134,200       2,232  
Banco Espirito Santo SA
     278,454       4,903  
Banco Santander SA (b)
     1,390,188       24,450  
Bank Leumi Le-Israel BM
     441,789       2,215  
Bank of Novia Scotia (a)(b)
     243,200       11,673  
BNP Paribas
     168,998       16,764  
BOC Hong Kong Holdings Ltd
     3,105,000       7,764  
Bumiputra-Commerce Holdings Bhd
     507,300       1,629  
Chang Hwa Commercial Bank (a)
     1,018,000       564  
Chiba Bank Ltd/The
     838,000       6,248  
China Construction Bank Corp
     3,394,000       2,378  
China Merchants Bank Co Ltd
     248,000       874  
Commonwealth Bank of Australia
     348,161       15,679  
DBS Group Holdings Ltd
     754,000       9,407  
DnB NOR ASA
     954,900       12,481  
FirstRand Ltd
     456,630       1,037  
Hang Seng Bank Ltd
     461,600       9,166  
HDFC Bank Ltd
     27,604       1,111  
HSBC Holdings PLC
     1,142,781       17,157  
ICICI Bank Ltd ADR
     57,623       3,501  
Industrial & Commercial Bank of China
     4,394,000       2,645  
Intesa Sanpaolo SpA
     1,897,907       13,507  
Julius Baer Holding AG
     147,424       10,356  
KBC Groep NV
     71,967       9,188  
Komercni Banka AS
     5,170       1,126  
Kookmin Bank
     31,012       2,040  
Korea Exchange Bank
     159,000       2,313  
Malayan Banking Bhd
     307,100       1,128  
National Bank of Greece SA
     253,951       15,521  
Oversea-Chinese Banking Corp
     1,752,000       9,331  
Powszechna Kasa Oszczednosci Bank Polaki SA
     147,195       2,762  
Pusan Bank
     40,772       560  
Raiffeisen International Bank Holding AS
     59,924       7,654  
Sberank RF GDR (a)(b)(c)
     2,165       1,022  
Siam Commercial Bank Public (a)(c)
     780,600       1,816  
Standard Chartered PLC
     374,926       12,572  
State Bank of India Ltd (b)(c)
     21,829       2,460  
Sumitomo Mitsui Financial Group Inc
     1,663       13,347  
Suruga Bank Ltd
     446,000       5,326  
Turkiye Garanti Bankasi AS
     358,141       2,324  
Turkiye Is Bankasi
     194,299       987  
Westpac Banking Corp
     681,617       15,896  
 
              
 
             296,723  
 
              
Commercial Services (0.20%)
                
Aggreko Plc
     413,464       4,433  
 
                
Computers (0.63%)
                
Acer Inc
     297,000       466  
Compal Electronics Inc
     951,000       819  
High Tech Computer Corp
     91,000       1,716  
Research in Motion Ltd (a)
     116,600       10,923  
 
              
 
             13,924  
 
              
Cosmetics & Toiletries (0.27%)
                
Beiersdorf AG
     76,901       5,941  
 
                
Diversified Financial Services (0.70%)
                
Challenger Financial Services Group Ltd (b)
     769,971       2,475  
First Financial Holding Co Ltd
     3,257,000       2,682  
Fubon Financial Holding Co Ltd
     1,950,000       1,980  
Sampo Oyj
     275,260       7,238  
SFCG Co Ltd (b)
     7,530       1,130  
 
              
 
             15,505  
 
              
Diversified Manufacturing Operations (0.69%)
                
Charter Plc (a)
     315,977       4,399  
Siemens AG (b)
     84,874       10,987  
 
              
 
             15,386  
 
              
Diversified Minerals (2.76%)
                
Anglo American PLC
     327,931       18,127  
Antofagasta PLC
     143,843       1,892  

40

 

Schedule of Investments
Diversified International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Diversified Minerals (continued)
                
BHP Billiton Ltd
     226,673     $ 7,600  
BHP Billiton PLC
     772,081       23,331  
Xstrata PLC
     134,003       10,315  
 
              
 
             61,265  
 
              
 
                
Diversified Operations (1.34%)
                
Beijing Enterprises Holdings Ltd
     268,000       1,133  
China Resources Enterprise
     408,000       1,375  
Citic Pacific Ltd
     1,419,000       7,040  
GEA Group AG
     225,578       6,974  
GS Holdings Corp
     20,191       868  
Haci Omer Sabanchi Holding (a)
     3       —  
Hunting Plc
     75,169       1,035  
KOC Holding AS (a)
     259,477       1,032  
Mitie Group
     150,511       729  
Wharf Holdings Ltd
     1,761,750       9,490  
 
              
 
             29,676  
 
              
 
                
E-Commerce — Services (0.07%)
                
Dena Co Ltd (b)
     253       1,547  
 
                
Electric — Generation (0.09%)
                
CEZ
     17,728       1,218  
Huaneng Power International Inc
     1,030,000       826  
 
              
 
             2,044  
 
              
 
                
Electric — Integrated (3.75%)
                
Atco Ltd
     9,700       494  
E.ON AG
     163,385       30,244  
Enel SpA
     1,290,704       14,336  
International Power PLC
     1,395,698       11,129  
Korea Electric Power Corp
     18,210       733  
RWE AG
     120,061       14,819  
Union Fenosa SA
     172,205       11,514  
 
              
 
             83,269  
 
              
 
                
Electric Products — Miscellaneous (0.18%)
                
Laird Group Plc
     98,581       966  
LG Electronics Inc
     32,019       3,108  
 
              
 
             4,074  
 
              
 
                
Electronic Components — Miscellaneous (0.27%)
                
Asustek Computer Inc
     968,000       2,524  
Chemring Group Plc
     18,633       803  
Hon Hai Precision Industry Co Ltd
     213,832       1,148  
LG.Philips LCD Co Ltd (b)
     34,952       1,508  
 
              
 
             5,983  
 
              
 
                
Electronic Components — Semiconductors (0.29%)
                
Samsung Electronics Co Ltd
     10,218       6,510  
 
                
Energy (0.01%)
                
Centennial Coal Company Ltd
     40,388       128  
 
                
Engineering — Research & Development Services (1.26%)
                
ABB Ltd
     830,847       20,781  
Keller Group PLC
     80,324       859  
WorleyParsons Ltd
     162,155       5,763  
WSP Group PLC
     67,035       616  
 
              
 
             28,019  
 
              
 
                
Enterprise Software & Services (0.43%)
                
Axon Group Plc
     50,209       479  
Nomura Research Institute Ltd
     243,700       6,482  
Software AG
     20,543       1,577  
Temenos Group AG (a)
     47,413       1,118  
 
              
 
             9,656  
 
              
 
                
Feminine Health Care Products (0.03%)
                
Hengan International Group Co Ltd (b)
     176,501       645  
 
                
Finance — Credit Card (0.03%)
                
Samsung Card Co
     12,756       630  
 
                
Finance — Investment Banker & Broker (1.22%)
                
Babcock & Brown Ltd (b)
     339,555       5,696  
Bolsas y Mercados Espanoles
     160,761       9,907  
GMP Capital Trust
     35,300       680  
Macquarie Group Ltd (b)
     171,774       10,006  
Tong Yang Investment Bank
     25,090       458  
Woori Investment & Securities Co Ltd (b)
     17,510       389  
 
              
 
             27,136  
 
              
 
                
Finance — Other Services (1.63%)
                
ASX Ltd
     168,657       7,313  
Deutsche Boerse AG
     125,824       22,148  
Grupo Financiero Banorte SAB de CV
     188,000       776  
Hellenic Exchanges Holding SA (a)
     42,403       1,432  
Hong Kong Exchanges and Clearing Ltd
     222,000       4,629  
 
              
 
             36,298  
 
              
 
                
Food — Dairy Products (0.05%)
                
Wimm-Bill-Dann Foods OJSC ADR
     9,160       1,063  
 
                
Food — Miscellaneous/Diversified (2.60%)
                
East Asiatic Co Ltd A/S
     7,225       523  
Nestle SA
     77,034       34,488  
Nutreco Holding NV
     27,192       1,753  
Unilever PLC
     638,236       21,051  
 
              
 
             57,815  
 
              
 
                
Food -Retail (1.08%)
                
Jeronimo Martins SGPS SA
     318,743       2,615  
WM Morrison Supermarkets PLC
     1,444,980       8,694  
Woolworths Ltd
     483,490       12,601  
 
              
 
             23,910  
 
              

41

 

Schedule of Investments
Diversified International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Footwear & Related Apparel (0.07%)
                
Geox SpA
     92,465     $ 1,581  
 
                
Forestry (0.01%)
                
Brookfield Infrastructure Partners LP (a)
     9,570       201  
 
                
Gambling (Non-Hotel) (0.05%)
                
Paddy Power PLC
     37,235       1,060  
 
                
Gas — Distribution (0.47%)
                
Centrica PLC
     1,586,810       10,534  
 
                
Gold Mining (0.68%)
                
Barrick Gold Corp. (a)
     226,800       11,703  
Gold Fields Ltd
     80,979       1,209  
Red Back Mining Inc (a)
     179,262       1,471  
Zhaojin Mining Industry Co Ltd
     169,500       681  
 
              
 
             15,064  
 
              
 
                
Hazardous Waste Disposal (0.04%)
                
Transpacific Industries Group Ltd (b)
     145,656       977  
 
                
Hotels & Motels (0.05%)
                
Millennium & Copthorne Hotels PLC
     168,099       1,204  
 
                
Import & Export (1.96%)
                
ITOCHU Corp
     1,030,000       9,521  
Mitsubishi Corp
     580,300       15,378  
Mitsui & Co Ltd
     575,000       11,714  
Sumitomo Corp
     501,500       7,008  
 
              
 
             43,621  
 
              
 
                
Industrial Audio & Video Products (0.04%)
                
EVS Broadcast Equipment SA
     9,142       949  
 
                
Industrial Gases (0.04%)
                
Air Water Inc
     101,000       994  
 
                
Internet Application Software (0.04%)
                
Tencent Holdings Ltd
     150,800       899  
 
Internet Content — Information & News (0.04%)
                
Seek Ltd (b)
     143,111       817  
 
                
Internet Security (0.07%)
                
Check Point Software Technologies (a)
     68,831       1,466  
 
                
Investment Companies (0.43%)
                
Arques Industries AG
     49,458       1,118  
Macquarie Infrastructure Group
     3,053,498       8,413  
 
              
 
             9,531  
 
              
 
                
Investment Management & Advisory Services (0.09%)
                
Azimut Holding SpA
     161,475       1,917  
 
                
Life & Health Insurance (1.23%)
                
Cathay Financial Holding Co Ltd
     725,000       1,734  
China Life Insurance Co Ltd
     487,000       1,754  
Old Mutual PLC (a)
     3,098,785       7,731  
Power Corp Of Canada (b)
     256,500       9,095  
Sanlam Ltd
     398,378       1,050  
T&D Holdings Inc
     112,300       6,021  
 
              
 
             27,385  
 
              
 
                
Lighting Products & Systems (0.04%)
                
Zumtobel AG
     31,861       951  
 
                
Machinery — Construction & Mining (0.55%)
                
Komatsu Ltd
     499,500       12,177  
 
                
Machinery — Electrical (0.05%)
                
Konecranes Oyj
     33,866       1,037  
 
                
Machinery — General Industry (1.18%)
                
Alstom
     46,883       9,467  
Bucher Industries AG
     5,591       1,257  
Haulotte Group
     27,839       601  
MAN AG
     107,375       13,320  
Shima Seiki Manufacturing Ltd (b)
     37,400       1,569  
 
              
 
             26,214  
 
              
 
                
Machinery — Material Handling (0.04%)
                
Tsubakimoto Chain Co
     157,000       894  
 
                
Machinery Tools & Related Products (0.02%)
                
Gildemeister AG
     25,842       542  
 
                
Medical — Drugs (3.99%)
                
Actelion Ltd (a)
     90,975       4,548  
GlaxoSmithKline PLC
     226,527       5,369  
Laboratories Almirall SA (a)
     49,796       971  
Mitsubishi Tanabe Pharma Corp
     343,000       4,164  
Novartis AG
     70,767       3,585  
Novo Nordisk A/S
     236,900       14,946  
Roche Holding AG
     146,871       26,668  
Sanofi-Aventis SA
     71,220       5,808  
Shire PLC
     461,803       8,275  
Takeda Pharmaceutical Co Ltd
     232,409       14,192  
 
              
 
             88,526  
 
              
 
                
Medical — Generic Drugs (0.22%)
                
Teva Pharmaceutical Industries Ltd ADR (b)
     107,404       4,945  
 
                
Medical — Nursing Homes (0.10%)
                
Southern Cross Healthcare Ltd
     304,483       2,147  
 
                
Medical — Wholesale Drug Distribution (0.04%)
                
Galenica AG
     2,706       923  

42

 

Schedule of Investments
Diversified International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Medical Products (0.51%)
                
Sonova Holding AG
     114,948     $ 10,276  
SSL International PLC
     99,638       1,040  
 
              
 
             11,316  
 
              
 
                
Metal — Copper (0.10%)
                
Quadra Mining Ltd (a)
     116,900       2,260  
 
                
Metal — Diversified (0.08%)
                
Anvil Mining Ltd (a)
     65,700       896  
MMC Norilsk Nickel ADR
     3,817       929  
 
              
 
             1,825  
 
              
 
                
Metal — Iron (0.12%)
                
Mount Gibson Iron Ltd (a)
     724,343       1,751  
Novolipetsk Steel OJSC
     21,874       816  
 
              
 
             2,567  
 
              
 
                
Multi-Line Insurance (1.36%)
                
Baloise Holding AG
     79,029       7,025  
Storebrand ASA
     852,400       6,959  
Zurich Financial Services AG
     56,418       16,154  
 
              
 
             30,138  
 
              
 
                
Multimedia (0.68%)
                
Vivendi
     375,273       15,122  
 
                
Non-Ferrous Metals (0.08%)
                
Grupo Mexico SAB de CV
     311,500       1,826  
 
                
Oil — Field Services (1.09%)
                
Eurasia Drilling Co Ltd (a)(c)
     56,230       1,294  
Fugro NV
     130,435       8,940  
John Wood Group PLC
     976,894       7,432  
Petrofac Ltd
     633,880       6,552  
 
              
 
             24,218  
 
              
 
                
Oil Company — Exploration & Production (2.51%)
                
Addax Petroleum Corp
     166,839       6,718  
Canadian Oil Sands Trust (b)
     209,400       7,925  
CNOOC Ltd
     3,389,000       4,790  
Crescent Point Energy Trust (a)
     71,594       1,747  
Dana Petroleum Plc (a)
     77,794       2,066  
EnCana Corp (a)
     310,398       20,463  
Gazprom OAO ADR
     20,250       985  
Oao Gazprom (a)(c)(d)
     7,168       875  
Oao Gazprom (a)
     186,889       9,120  
Oil & Natural Gas Corp Ltd
     40,750       1,038  
 
              
 
             55,727  
 
              
 
                
Oil Company — Integrated (7.22%)
                
BG Group PLC
     665,840       14,677  
BP PLC
     1,557,781       16,618  
ENI SpA
     595,479       19,253  
LUKOIL ADR
     62,965       4,386  
OMV AG
     133,459       9,626  
Petro Canada (a)
     251,000       11,407  
PetroChina Co Ltd
     1,857,587       2,566  
Petroleo Brasileiro SA ADR
     136,344       15,153  
Royal Dutch Shell PLC — A shares
     370,505       13,276  
Royal Dutch Shell PLC — B shares
     491,696       17,077  
Sasol Ltd
     91,581       4,403  
StatoilHydro ASA
     388,800       10,238  
Total SA
     299,448       21,793  
 
              
 
             160,473  
 
              
 
                
Oil Refining & Marketing (0.48%)
                
Reliance Industries Ltd (d)
     46,304       5,817  
Singapore Petroleum Co Ltd
     352,000       1,582  
Thai Oil Public (a)(c)
     553,019       1,289  
Tupras Turkiye Petrol Rafine
     79,752       2,054  
 
              
 
             10,742  
 
              
 
                
Paper & Related Products (0.09%)
                
DS Smith PLC
     38,255       121  
Lee & Man Paper Manufacturing Ltd
     166,800       372  
Votorantim Celulose e Papel SA ADR (a)(b)
     54,585       1,613  
 
              
 
             2,106  
 
              
 
                
Petrochemicals (0.07%)
                
LG Chem Ltd
     10,623       890  
PTT Chemical PLC (a)(c)
     241,300       720  
 
              
 
             1,610  
 
              
 
                
Photo Equipment & Supplies (0.71%)
                
Konica Minolta Holdings Inc
     393,500       6,341  
Olympus Corp
     282,000       9,513  
 
              
 
             15,854  
 
              
 
                
Platinum (0.13%)
                
Impala Platinum Holdings Ltd
     75,652       2,875  
 
                
Power Converter & Supply Equipment (0.10%)
                
Bharat Heavy Electricals Ltd
     42,093       2,229  
 
                
Property & Casualty Insurance (0.40%)
                
Beazley Group PLC
     432,176       1,459  
LIG Insurance Co Ltd
     41,720       886  
Sompo Japan Insurance Inc
     722,000       6,585  
 
              
 
             8,930  
 
              
 
                
Public Thoroughfares (0.07%)
                
Cia de Concessoes Rodoviarias
     57,509       927  
Zhejiang Expressway Co Ltd
     680,000       723  
 
              
 
             1,650  
 
              
 
                
Real Estate Management & Services (0.14%)
                
Ardepro Co Ltd (b)
     2,468       409  
Atrium Co Ltd
     41,151       798  

43

 

Schedule of Investments
Diversified International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Real Estate Management & Services (continued)
                
Deutsche Euroshop AG
     29,313     $ 1,041  
Midland Holdings Ltd
     528,000       795  
 
              
 
             3,043  
 
              
 
                
Real Estate Operator & Developer (2.16%)
                
Allgreen Properties Ltd
     719,000       574  
Brookfield Asset Management Inc (a)(b)
     239,238       7,713  
City Developments Ltd
     464,000       3,743  
DLF Ltd
     67,725       1,408  
Henderson Land Development Co Ltd
     1,123,000       9,699  
Hopewell Holdings
     1,237,000       5,407  
Joint Corp
     46,372       819  
Kerry Properties Ltd
     802,500       5,410  
Kowloon Development Co Ltd
     440,972       1,012  
Mitsui Fudosan Co Ltd
     462,000       10,717  
Quality Houses Public Company Ltd (a)(c)
     1,463,468       90  
Shenzhen Investment Ltd
     3,249,700       1,489  
 
              
 
             48,081  
 
              
 
                
REITS — Apartments (0.04%)
                
Boardwalk Real Estate Investment Trust (a)(b)
     24,800       982  
 
                
REITS — Diversified (0.11%)
                
Eurocommercial Properties NV
     25,773       1,370  
Suntec Real Estate Investment Trust
     998,258       1,059  
 
              
 
             2,429  
 
              
 
                
REITS — Office Property (0.14%)
                
ICADE
     24,011       3,094  
 
                
Retail — Automobile (0.09%)
                
PT Astra International Tbk
     662,000       1,995  
 
                
Retail — Computer Equipment (0.23%)
                
Game Group Plc
     1,265,133       5,048  
 
                
Retail — Consumer Electronics (0.26%)
                
GOME Electrical Appliances Holdings Ltd
     2,123,000       4,840  
JB Hi-Fi Ltd
     68,073       831  
 
              
 
             5,671  
 
              
 
                
Retail — Drug Store (0.39%)
                
Shoppers Drug Mart Corp
     151,100       7,389  
Sugi Pharmacy Co Ltd
     42,300       1,162  
 
              
 
             8,551  
 
              
 
                
Retail — Jewelry (0.61%)
                
Swatch Group AG
     50,004       13,500  
 
                
Retail — Major Department Store (0.11%)
                
David Jones Ltd
     226,482       936  
Hyundai Department Store Co Ltd
     14,809       1,426  
 
              
 
             2,362  
 
              
 
                
Rubber — Tires (0.42%)
                
Compagnie Generale des Etablissements Michelin
     96,830       9,345  
 
                
Rubber & Plastic Products (0.03%)
                
Tokai Rubber Industries Inc
     39,467       654  
 
                
Semiconductor Component — Integrated Circuits (0.14%)
                
Taiwan Semiconductor Manufacturing Co Ltd
     1,628,377       3,051  
 
                
Steel — Producers (2.45%)
                
ArcelorMittal South Africa Ltd
     18,519       365  
ArcelorMittal
     178,794       11,712  
China Steel Corp
     1,026,000       1,451  
Cia Siderurgica Nacional SA ADR (b)
     23,379       2,260  
Evraz Group SA (c)
     34,073       2,493  
Mechel ADR (b)
     25,942       2,416  
Nippon Steel Corp
     2,153,000       13,088  
POSCO ADR (b)
     26,391       3,578  
Salzgitter AG
     58,272       9,233  
Shougang Concord International Enterprises Company Ltd
     2,272,000       637  
Sidenor Steel Products Manufacturing Co
     48,105       670  
Tata Steel Ltd (a)
     58,960       1,138  
Voestalpine AG
     88,767       5,474  
 
              
 
             54,515  
 
              
 
                
Steel — Specialty (0.04%)
                
Mitsubishi Steel Manufacturing Co Ltd (b)
     224,610       799  
 
                
Telecommunication Equipment (0.04%)
                
VTech Holdings Ltd
     139,000       801  
 
                
Telecommunication Services (1.44%)
                
Chunghwa Telecom Co Ltd (a)
     349,000       743  
Reliance Communications Ltd
     100,499       1,549  
Singapore Telecommunications Ltd
     4,596,000       11,971  
Tele2 AB
     304,050       6,234  
Telekom Malaysia Bhd
     470,700       1,659  
Telenet Group Holding NV (a)
     19,276       539  
TeliaSonera AB
     1,038,500       9,229  
 
              
 
             31,924  
 
              
 
                
Telephone — Integrated (3.79%)
                
Brasil Telecom Participacoes SA
     101,769       1,425  
BT Group PLC
     1,876,233       9,758  
France Telecom SA
     457,375       16,131  
Golden Telecom Inc (a)
     12,789       1,314  
KDDI Corp
     1,660       11,343  
KT Corp
     39,540       2,120  
Tele Norte Leste Participacoes SA ADR
     56,825       1,477  
Telefonica SA
     1,013,528       29,629  
Telefonos de Mexico SAB de CV ADR (b)
     96,258       3,475  

44

 

Schedule of Investments
Diversified International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Telephone — Integrated (continued)
                
Telstra Corp Ltd
     1,920,883     $ 7,557  
 
              
 
             84,229  
 
              
 
                
Therapeutics (0.25%)
                
Grifols SA
     225,724       5,515  
 
                
Tobacco (2.10%)
                
British American Tobacco PLC
     356,316       12,764  
Imperial Tobacco Group PLC
     305,564       14,947  
ITC Ltd
     192,126       967  
Japan Tobacco Inc
     3,381       17,943  
 
              
 
             46,621  
 
              
 
                
Tools — Hand Held (0.40%)
                
Hitachi Koki Co Ltd
     89,724       1,289  
Makita Corp
     202,300       7,582  
 
              
 
             8,871  
 
              
 
                
Toys (1.00%)
                
Nintendo Co Ltd
     44,100       22,301  
 
                
Transport — Marine (0.98%)
                
China COSCO Holdings Co Ltd
     263,500       607  
China Shipping Development Co Ltd
     368,000       949  
D/S Norden A/S
     53,025       5,525  
Golden Ocean Group Ltd
     338,600       1,779  
Inui Steamship Co Ltd (b)
     46,800       727  
Jinhui Shipping & Transportation Ltd (a)(b)
     86,668       830  
Mitsui OSK Lines Ltd
     649,700       7,976  
Pacific Basin Shipping Ltd
     658,828       925  
Shinwa Kaiun Kaisha Ltd
     135,512       794  
Smit Internationale NV
     9,413       786  
STX Pan Ocean Co Ltd
     501,000       885  
Wan Hai Lines Ltd
     1       —  
 
              
 
             21,783  
 
              
 
                
Transport — Rail (0.54%)
                
Central Japan Railway Co
     1,299       12,033  
 
                
Transport — Services (0.71%)
                
Firstgroup Plc
     640,175       8,488  
Kintetsu World Express Inc
     29,200       845  
Stagecoach Group PLC
     1,347,414       6,498  
 
              
 
             15,831  
 
              
 
                
Water (0.07%)
                
Companhia de Saneamento Basico de Estado de Sao Paulo (a)
     74,780       1,580  
 
                
Web Portals (0.10%)
                
NHN Corp
     5,900       1,269  
So-net Entertainment Corp
     232       845  
 
              
 
             2,114  
 
              
 
                
Wire & Cable Products (0.35%)
                
Leoni AG
     28,935       1,211  
Nexans SA (b)
     58,748       6,492  
 
              
 
             7,703  
 
              
 
                
Wireless Equipment (1.55%)
                
Nokia OYJ
     937,462       34,520  
 
              
 
TOTAL COMMON STOCKS
           $ 2,178,953  
 
 
                
PREFERRED STOCKS (1.09%)
                
Auto — Car & Light Trucks (0.40%)
                
Porsche Automobil Holding SE (b)
     4,859       8,802  
 
                
Commercial Banks (0.06%)
                
Banco Bradesco SA
     48,000       1,275  
 
                
Diversified Minerals (0.28%)
                
Cia Vale do Rio Doce
     242,380       6,169  
 
                
Diversified Operations (0.08%)
                
Investimentos Itau SA
     326,831       1,882  
 
                
Electric — Integrated (0.05%)
                
Cia Energetica de Minas Gerais
     74,000       1,176  
 
                
Food — Meat Products (0.11%)
                
Sadia SA (a)
     474,000       2,471  
 
                
Investment Companies (0.00%)
                
Lereko Mobility Pty Ltd
     3,348       15  
 
                
Steel — Producers (0.11%)
                
Usinas Siderurgicas de Minas Gerais SA
     51,850       2,432  
 
TOTAL PREFERRED STOCKS
           $ 24,222  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
SHORT TERM INVESTMENTS (4.48%)
                
Commercial Paper (0.25%)
                
Investment in Joint Trade Account; HSBC Funding 3.12%, 2/1/2008
   $ 5,561     $ 5,561  
 
                
Money Market Funds (4.23%)
                
BNY Institutional Cash Reserve Fund (e)
     93,943       93,943  
 
TOTAL SHORT TERM INVESTMENTS
           $ 99,504  
 
 
                
REPURCHASE AGREEMENTS (2.41%)
                
Finance — Investment Banker & Broker (1.11%)
                
Merrill Lynch Repurchase Agreement;
2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $24,769,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (e)
   $ 24,584     $ 24,582  

45

 

Schedule of Investments
Diversified International Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (continued)
                
Money Center Banks (1.30%)
                
Deutsche Bank Repurchase Agreement;
2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $29,147,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (e)
   $ 28,920     $ 28,918  
 
TOTAL REPURCHASE AGREEMENTS
           $ 53,500  
 
 
                
Total Investments
           $ 2,356,179  
Liabilities in Excess of Other Assets, Net — (6.06)%
             (134,680 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 2,221,499  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $13,199 or 0.59% of net assets.
 
(d)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $6,692 or 0.30% of net assets.
 
(e)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 249,361  
Unrealized Depreciation
     (141,506 )
 
      
Net Unrealized Appreciation (Depreciation)
     107,855  
Cost for federal income tax purposes
     2,248,324  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Country   Percent
 
Japan
     14.67 %
United Kingdom
     14.27 %
Germany
     8.09 %
Switzerland
     7.55 %
United States
     6.89 %
Canada
     6.69 %
France
     6.68 %
Australia
     5.69 %
Spain
     4.14 %
Hong Kong
     3.99 %
Italy
     2.72 %
Netherlands
     2.63 %
Singapore
     1.95 %
Finland
     1.93 %
Brazil
     1.89 %
Korea, Republic Of
     1.58 %
Greece
     1.57 %
Norway
     1.34 %
Russian Federation
     1.27 %
Austria
     1.07 %
Taiwan, Province Of China
     1.02 %
India
     0.98 %
Denmark
     0.97 %
China
     0.87 %
Belgium
     0.87 %
Sweden
     0.70 %
South Africa
     0.64 %
Luxembourg
     0.64 %
Mexico
     0.52 %
Israel
     0.39 %
Malaysia
     0.34 %
Portugal
     0.34 %
Turkey
     0.33 %
Indonesia
     0.23 %
Thailand
     0.23 %
Poland
     0.12 %
Czech Republic
     0.10 %
Bermuda
     0.08 %
Ireland
     0.05 %
Egypt
     0.03 %
Liabilities in Excess of Other Assets, Net
     (6.06 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

46

 

Schedule of Investments
Equity Income Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (98.35%)
                
Aerospace & Defense (1.19%)
                
General Dynamics Corp
     543,200     $ 45,879  
 
                
Agricultural Operations (1.39%)
                
Archer-Daniels-Midland Co
     1,219,700       53,728  
 
                
Apparel Manufacturers (0.58%)
                
VF Corp
     288,900       22,352  
 
                
Audio & Video Products (0.61%)
                
Sony Corp ADR
     496,400       23,574  
 
                
Auto — Car & Light Trucks (0.35%)
                
Daimler AG
     173,100       13,542  
 
                
Auto/Truck Parts & Equipment — Original (0.36%)
                
Johnson Controls Inc
     392,100       13,869  
 
                
Brewery (0.49%)
                
Molson Coors Brewing Co
     423,000       18,895  
 
                
Cellular Telecommunications (0.88%)
                
Vodafone Group PLC ADR (a)
     972,862       33,856  
 
                
Chemicals — Diversified (1.85%)
                
Bayer AG ADR
     549,400       44,996  
EI Du Pont de Nemours & Co
     584,000       26,385  
 
              
 
             71,381  
 
              
 
                
Commercial Banks (0.64%)
                
Barclays PLC ADR (a)
     651,800       24,592  
 
                
Computers (1.24%)
                
Hewlett-Packard Co
     1,093,300       47,832  
 
                
Consumer Products — Miscellaneous (0.49%)
                
Kimberly-Clark Corp
     287,700       18,887  
 
                
Data Processing & Management (0.90%)
                
Automatic Data Processing Inc
     427,500       17,344  
Fidelity National Information Services
     411,357       17,462  
 
              
 
             34,806  
 
              
 
                
Diversified Manufacturing Operations (7.42%)
                
3M Co
     260,300       20,733  
Dover Corp
     621,600       25,088  
General Electric Co
     3,416,900       120,993  
Honeywell International Inc
     447,200       26,416  
ITT Corp
     815,500       48,465  
Siemens AG ADR (a)
     343,700       44,612  
 
              
 
             286,307  
 
              
 
                
Electric — Integrated (5.50%)
                
Duke Energy Corp
     2,576,600       48,079  
FPL Group Inc
     865,100       55,782  
PG&E Corp
     800,300       32,844  
Progress Energy Inc
     1,063,500       48,038  
Xcel Energy Inc
     1,308,700       27,208  
 
              
 
             211,951  
 
              
 
                
Electric Products — Miscellaneous (1.12%)
                
Emerson Electric Co
     849,000       43,163  
 
                
Electronic Components — Semiconductors (3.15%)
                
Intel Corp
     4,584,900       97,200  
Microchip Technology Inc (a)
     508,100       16,213  
STMicroelectronics NV (a)
     638,800       7,915  
 
              
 
             121,328  
 
              
 
                
Electronics — Military (0.96%)
                
L-3 Communications Holdings Inc
     332,300       36,829  
 
                
Fiduciary Banks (1.84%)
                
Bank of New York Mellon Corp/The
     1,518,380       70,802  
 
                
Finance — Investment Banker & Broker (5.15%)
                
Goldman Sachs Group Inc/The
     228,300       45,836  
JPMorgan Chase & Co
     1,819,800       86,531  
Merrill Lynch & Co Inc
     553,900       31,240  
Morgan Stanley
     707,400       34,967  
 
              
 
             198,574  
 
              
 
                
Food — Miscellaneous/Diversified (2.31%)
                
Cadbury Schweppes PLC ADR
     642,200       28,494  
Kraft Foods Inc
     2,070,523       60,584  
 
              
 
             89,078  
 
              
 
                
Food — Retail (0.97%)
                
Safeway Inc
     1,203,600       37,300  
 
                
Forestry (0.68%)
                
Plum Creek Timber Co Inc (a)
     164,000       6,847  
Weyerhaeuser Co
     285,600       19,341  
 
              
 
             26,188  
 
              
 
                
Gas — Distribution (1.10%)
                
Sempra Energy
     759,700       42,467  
 
                
Health Care Cost Containment (0.40%)
                
McKesson Corp
     243,900       15,314  
 
                
Investment Management & Advisory Services (4.37%)
                
AllianceBernstein Holding LP
     443,300       29,431  
Ameriprise Financial Inc
     421,500       23,313  
Franklin Resources Inc
     829,600       86,469  
Legg Mason Inc
     404,700       29,138  
 
              
 
             168,351  
 
              

47

 

Schedule of Investments
Equity Income Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Life & Health Insurance (1.78%)
                
Prudential Financial Inc
     655,400     $ 55,296  
Unum Group
     596,100       13,484  
 
              
 
             68,780  
 
              
 
                
Medical — Drugs (5.14%)
                
Bristol-Myers Squibb Co
     1,066,300       24,727  
Novartis AG ADR
     599,000       30,315  
Pfizer Inc
     883,100       20,656  
Sanofi-Aventis SA ADR
     1,299,600       53,141  
Schering-Plough Corp
     1,535,200       30,044  
Wyeth
     985,900       39,239  
 
              
 
             198,122  
 
              
 
                
Medical — Generic Drugs (1.11%)
                
Teva Pharmaceutical Industries Ltd ADR (a)
     933,200       42,964  
 
                
Medical — HMO (1.02%)
                
Aetna Inc
     737,100       39,258  
 
                
Medical Laboratory & Testing Service (0.64%)
                
Quest Diagnostics Inc
     501,000       24,709  
 
                
Metal — Aluminum (0.54%)
                
Alcoa Inc
     629,200       20,826  
 
                
Metal — Diversified (0.65%)
                
Freeport-McMoRan Copper & Gold Inc (a)
     281,400       25,053  
 
                
Multi-Line Insurance (5.79%)
                
ACE Ltd
     1,010,700       58,965  
American International Group Inc
     560,700       30,928  
Assurant Inc
     469,100       30,440  
Hartford Financial Services Group Inc
     355,600       28,722  
Loews Corp
     592,700       27,673  
MetLife Inc
     789,100       46,533  
 
              
 
             223,261  
 
              
 
                
Multimedia (1.67%)
                
News Corp
     1,458,600       28,355  
Time Warner Inc
     2,282,300       35,924  
 
              
 
             64,279  
 
              
 
                
Music (0.00%)
                
V2 Music Holdings PLC — Warrants (b)(c)(d)
     4,500       —  
 
                
Non-Hazardous Waste Disposal (0.64%)
                
Waste Management Inc
     757,400       24,570  
 
                
Oil Company — Exploration & Production (0.98%)
                
Devon Energy Corp
     446,700       37,961  
 
                
Oil Company — Integrated (3.10%)
                
Chevron Corp
     907,500       76,684  
Hess Corp
     289,500       26,295  
Marathon Oil Corp
     351,800       16,482  
 
              
 
             119,461  
 
              
 
                
Paper & Related Products (0.68%)
                
International Paper Co
     814,700       26,274  
 
                
Pipelines (1.59%)
                
El Paso Corp
     267,400       4,406  
Enterprise Products Partners LP
     318,000       9,925  
Kinder Morgan Energy Partners LP
     357,000       20,442  
Williams Cos Inc
     835,500       26,711  
 
              
 
             61,484  
 
              
 
                
Quarrying (0.46%)
                
Vulcan Materials Co (a)
     225,500       17,693  
 
                
Regional Banks (5.75%)
                
Bank of America Corp
     2,221,196       98,510  
PNC Financial Services Group Inc
     818,400       53,703  
Wells Fargo & Co
     2,047,300       69,629  
 
              
 
             221,842  
 
              
 
                
REITS — Diversified (0.25%)
                
Vornado Realty Trust
     105,200       9,510  
 
                
REITS — Hotels (0.29%)
                
Host Hotels & Resorts Inc
     678,400       11,356  
 
                
REITS — Shopping Centers (0.17%)
                
Kimco Realty Corp
     182,700       6,542  
 
                
REITS — Storage (0.30%)
                
Public Storage
     149,600       11,706  
 
                
REITS — Warehouse & Industrial (1.08%)
                
AMB Property Corp
     267,700       13,546  
ProLogis
     476,600       28,286  
 
              
 
             41,832  
 
              
 
                
Retail — Discount (2.05%)
                
Target Corp
     707,300       39,312  
Wal-Mart Stores Inc
     783,600       39,869  
 
              
 
             79,181  
 
              
 
                
Retail — Major Department Store (1.41%)
                
JC Penney Co Inc
     1,146,500       54,356  
 
                
Retail — Regional Department Store (1.34%)
                
Macy’s Inc (a)
     1,873,000       51,770  
 
                
Retail — Restaurants (1.32%)
                
McDonald’s Corp
     949,600       50,851  
 
                
Semiconductor Component — Integrated Circuits (1.10%)
                
Linear Technology Corp (a)
     409,100       11,320  

48

 

Schedule of Investments
Equity Income Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Semiconductor Component — Integrated Circuits (continued)
                
Taiwan Semiconductor Manufacturing Co Ltd ADR
     3,369,800     $ 31,272  
 
              
 
             42,592  
 
              
 
                
Semiconductor Equipment (0.50%)
                
Applied Materials Inc
     1,073,500       19,237  
 
                
Steel — Producers (0.50%)
                
United States Steel Corp
     188,700       19,268  
 
                
Telecommunication Services (0.38%)
                
Telus Corp
     349,050       14,667  
 
                
Telephone — Integrated (6.11%)
                
AT&T Inc
     3,042,300       117,098  
Deutsche Telekom AG ADR
     206,400       4,229  
France Telecom SA ADR
     161,400       5,707  
Nippon Telegraph & Telephone Corp ADR
     806,400       19,281  
Telstra Corp Ltd ADR
     440,500       8,634  
Verizon Communications Inc
     1,756,700       68,231  
Windstream Corp
     1,069,784       12,420  
 
              
 
             235,600  
 
              
 
                
Television (0.44%)
                
CBS Corp
     678,900       17,101  
 
                
Tobacco (0.88%)
                
Reynolds American Inc (a)
     537,100       34,015  
 
                
Transport — Rail (1.90%)
                
Norfolk Southern Corp
     484,500       26,352  
Union Pacific Corp
     373,900       46,749  
 
              
 
             73,101  
 
              
 
                
Transport — Services (0.29%)
                
FedEx Corp
     118,200       11,049  
 
                
Wireless Equipment (0.56%)
                
Telefonaktiebolaget LM Ericsson ADR (a)
     958,500       21,777  
 
TOTAL COMMON STOCKS
           $ 3,792,893  
 
 
                
CONVERTIBLE PREFERRED STOCKS (0.05%)
                
Savings & Loans — Thrifts (0.05%)
                
Washington Mutual Inc (b)
     1,740       2,008  
 
TOTAL CONVERTIBLE PREFERRED STOCKS
           $ 2,008  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (0.35%)
                
Electric — Integrated (0.05%)
                
Texas-New Mexico Power Co 6.25%, 1/15/2009
   $ 2,000     $ 2,040  
 
                
Finance — Investment Banker & Broker (0.01%)
                
Merrill Lynch & Co Inc 6.38%, 10/15/2008
     500     508  
 
                
Medical — Drugs (0.04%)
                
Wyeth 7.25%, 3/1/2023
     1,250       1,410  
 
                
Multimedia (0.03%)
                
CBS Corp 7.88%, 9/1/2023
     1,000       1,063  
 
                
Rental — Auto & Equipment (0.11%)
                
Erac USA Finance Co 7.35%, 6/15/2008 (e)
     4,000       4,056  
 
                
Telecommunication Services (0.11%)
                
Telus Corp 8.00%, 6/1/2011
     4,000       4,406  
 
TOTAL BONDS
           $ 13,483  
 
 
                
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (0.01%)
                
Federal Home Loan Mortgage Corporation (FHLMC) (0.01%)
                
6.50%, 9/1/2030
     203       213  
7.00%, 9/1/2030
     72       76  
 
              
 
             289  
 
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 289  
 
SHORT TERM INVESTMENTS (1.64%)
                
Money Market Funds (1.64%)
                
BNY Institutional Cash Reserve Fund (f)
   $ 63,432     $ 63,432  
 
TOTAL SHORT TERM INVESTMENTS
           $ 63,432  
 
REPURCHASE AGREEMENTS (3.13%)
                
Finance — Investment Banker & Broker (0.96%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $37,128,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (f)
   $ 36,850     $ 36,847  
 
                
Money Center Banks (2.17%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $24,865,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (f)
     24,672       24,670  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $30,466,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     29,581       29,579  

49

 

Schedule of Investments
Equity Income Fund I
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (continued)
                
Money Center Banks (continued)
                
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $30,466,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
   $ 29,581     $ 29,579  
 
              
 
             83,828  
 
 
TOTAL REPURCHASE AGREEMENTS
           $ 120,675  
 
Total Investments
           $ 3,992,780  
Liabilities in Excess of Other Assets, Net — (3.53)%
             (136,063 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 3,856,717  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security is Illiquid
 
(d)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $0 or 0.00% of net assets.
 
(e)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $4,056 or 0.11% of net assets.
 
(f)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 445,553  
Unrealized Depreciation
     (139,351 )
 
      
Net Unrealized Appreciation (Depreciation)
     306,202  
Cost for federal income tax purposes
     3,686,578  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
 
Financial
     32.25 %
Consumer, Non-cyclical
     14.98 %
Industrial
     13.51 %
Communications
     10.18 %
Consumer, Cyclical
     8.02 %
Technology
     6.89 %
Utilities
     6.65 %
Energy
     5.68 %
Basic Materials
     5.36 %
Mortgage Securities
     0.01 %
Liabilities in Excess of Other Assets, Net
     (3.53 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

50

 

Schedule of Investments
Global Real Estate Securities Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (94.20%)
                
Building — Residential & Commercial (0.67%)
                
Becton Property Group
     16,911     $ 45  
 
                
Consulting Services (0.13%)
                
KK DaVinci Advisors (a)
     11       9  
 
                
Diversified Operations (1.06%)
                
Capital Strategic Investment Ltd
     41,000       2  
Wharf Holdings Ltd
     12,995       70  
 
              
 
             72  
 
              
Forestry (0.01%)
                
Brookfield Infrastructure Partners LP (a)
     32       1  
 
                
Hotels & Motels (0.38%)
                
Starwood Hotels & Resorts Worldwide Inc
     570       26  
 
                
Publicly Traded Investment Fund (3.11%)
                
iShares Cohen & Steers Realty Majors Index Fund (b)
     2,690       211  
 
                
Real Estate Management & Services (8.11%)
                
Aeon Mall Co Ltd
     1,952       50  
CA Immobilien Anlagen AG (a)
     477       10  
Castellum AB
     2,407       27  
Citycon Oyj
     4,125       23  
Conwert Immobilien Invest SE (a)
     636       10  
Deutsche Euroshop AG
     578       21  
DIC Asset AG
     173       5  
IMMOFINANZ AG
     4,396       42  
IVG Immobilien AG
     437       15  
Kungsleden AB
     609       7  
Lend Lease Corp Ltd
     5,034       65  
Mitsubishi Estate Co Ltd
     5,515       149  
PSP Swiss Property AG (a)
     554       31  
Servcorp Ltd
     15,367       63  
Swiss Prime Site AG (a)
     229       13  
Wihlborgs Fastigheter AB
     940       17  
 
              
 
             548  
 
              
 
                
Real Estate Operator & Developer (21.37%)
                
APN Property Group Ltd
     18,776       25  
Brookfield Asset Management Inc (a)
     800       26  
CapitaLand Ltd
     22,410       95  
China Overseas Land & Investment Ltd
     8,000       14  
China Resources Land Ltd
     30,052       53  
City Developments Ltd
     4,004       32  
Cromwell Group
     61,349       53  
Globe Trade Centre SA (a)
     509       8  
Hang Lung Properties Ltd
     27,250       108  
Helical Bar PLC
     1,497       12  
Hysan Development Co Ltd
     17,900       53  
Joint Corp
     2,060       36  
Kerry Properties Ltd
     9,624       65  
Klovern AB
     1,927       7  
Mitsui Fudosan Co Ltd
     7,139       166  
New World Development Ltd
     23,926       73  
Norwegian Property ASA
     1,100       11  
NTT Urban Development Corp
     19       30  
Plaza Centers NV (a)
     1,299       5  
Shui On Land Ltd
     11,500       12  
Sino Land Co
     31,711       98  
Sumitomo Realty & Development Co Ltd
     3,854       96  
Sun Hung Kai Properties Ltd
     18,308       363  
Unite Group PLC
     757       5  
 
              
 
             1,446  
 
              
 
                
REITS — Apartments (4.73%)
                
American Campus Communities Inc
     1,110       32  
AvalonBay Communities Inc
     770       72  
Boardwalk Real Estate Investment Trust (a)
     1,480       59  
Equity Residential
     1,378       51  
Essex Property Trust Inc
     490       51  
Mid-America Apartment Communities Inc
     520       24  
Northern Property Real Estate Investment
     700       15  
Post Properties Inc
     380       16  
 
              
 
             320  
 
              
 
                
REITS—Diversified (21.16%)
                
Ascendas Real Estate Investment Trust
     20,591       32  
Babcock & Brown Japan Property Trust
     43,778       49  
Befimmo SCA
     158       17  
British Land Co PLC
     4,911       99  
Brixton PLC
     2,431       17  
Cominar Real Estate Investment Trust
     1,220       22  
Corio NV
     671       55  
Crombie Real Estate Investment Trust
     1,330       14  
Digital Realty Trust Inc
     1,200       43  
Entertainment Properties Trust
     1,230       61  
Eurocommercial Properties NV
     213       11  
Fonciere Des Regions
     219       29  
Goodman Group
     15,041       61  
GPT Group
     28,540       98  
Hammerson PLC
     2,828       64  
Investors Real Estate Trust
     180       2  
Klepierre
     600       32  
Land Securities Group PLC
     4,822       154  
Liberty International PLC
     3,365       72  
Mercialys SA (a)
     268       10  
Mirvac Group
     8,607       39  
Nieuwe Steen Investments Funds NV
     523       14  
PS Business Parks Inc
     240       12  
Segro PLC
     4,583       46  

51

 

Schedule of Investments
Global Real Estate Securities Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
REITS—Diversified (continued)
                
Shaftesbury PLC
     1,203     $ 13  
Unibail-Rodamco
     819       194  
Vastned Offices/Industrial
     217       7  
Vornado Realty Trust
     1,170       106  
Washington Real Estate Investment Trust
     1,050       33  
Wereldhave NV
    233       26  
 
              
 
             1,432  
 
              
 
                
REITS—Healthcare (3.37%)
                
Health Care REIT Inc
     1,540       66  
Nationwide Health Properties Inc
     1,610       51  
Omega Healthcare Investors Inc
     1,620       27  
Ventas Inc
     1,910       84  
 
              
 
             228  
 
              
 
                
REITS—Hotels (1.28%)
                
DiamondRock Hospitality Co
     1,610       21  
Host Hotels & Resorts Inc
     2,470       42  
LaSalle Hotel Properties
     393       11  
Sunstone Hotel Investors Inc
     800       13  
 
              
 
             87  
 
              
 
                
REITS — Manufactured Homes (0.40%)
                
Equity Lifestyle Properties Inc
     620       27  
 
                
REITS—Office Property (6.25%)
                
Alexandria Real Estate Equities Inc
     550       54  
Alstria Office REIT-AG
     379       6  
Boston Properties Inc
     1,490       137  
Cofinimmo
     167       33  
DA Office Investment Corp
     5       27  
Derwent London PLC
     1,212       33  
Douglas Emmett Inc
     1,680       38  
Great Portland Estates PLC
     727       7  
ICADE
     194       25  
Nippon Building Fund Inc
     4       47  
Nomura Real Estate Office Fund Inc
     2       16  
 
              
 
             423  
 
              
 
                
REITS—Regional Malls (4.73%)
                
General Growth Properties Inc
     1,200       44  
Simon Property Group Inc
     2,340       209  
Taubman Centers Inc
     1,340       67  
 
              
 
             320  
 
              
 
                
REITS—Shopping Centers (10.22%)
                
Acadia Realty Trust
     1,890       48  
Centro Properties Group
     43,842       27  
Centro Retail Group
     91,853       39  
Equity One Inc (b)
     560       13  
Federal Realty Investment Trust
     790       58  
Japan Retail Fund Investment Corp
     3       19  
Kimco Realty Corp
     3,210       115  
Macquarie CountryWide Trust
     15,736       21  
RioCan Real Estate Investment Trust
     3,180       68  
Saul Centers Inc
     680       35  
Tanger Factory Outlet Centers (b)
     1,440       54  
Vastned Retail NV
     135       13  
Westfield Group
    10,821       182  
 
              
 
             692  
 
              
 
                
REITS—Single Tenant (0.82%)
                
National Retail Properties Inc
     2,440       55  
 
                
REITS—Storage (2.15%)
                
Big Yellow Group PLC
     2,566       21  
Public Storage
     1,590       125  
 
              
 
             146  
 
              
 
                
REITS — Warehouse & Industrial (4.25%)
                
AMB Property Corp
     1,410       71  
Japan Logistics Fund Inc
     7       44  
ProLogis
     2,730       162  
Warehouses De Pauw SCA
     157       10  
 
              
 
             287  
 
                
 
TOTAL COMMON STOCKS
           $ 6,375  
   
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (7.78%)
                
Money Center Banks (7.78%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $241,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
   $ 239     $ 239  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $148,000; 4.40% - 5.38%; dated 04/29/08-04/01/56)
     144       143  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $148,000; 3.75% - 5.40%; dated 08/03/09-04/13/26)
     144       144  
 
              
 
             526  
 
                
 
TOTAL REPURCHASE AGREEMENTS
           $ 526  
   
Total Investments
           $ 6,901  
Liabilities in Excess of Other Assets, Net — (1.98)%
             (134 )
 
              
TOTAL NET ASSETS—100.00%
           $ 6,767  
 
              

52

 

Schedule of Investments
Global Real Estate Securities Fund
January 31, 2008 (unaudited)
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 114  
Unrealized Depreciation
     (954 )
 
      
Net Unrealized Appreciation (Depreciation)
     (840 )
Cost for federal income tax purposes
     7,741  
 
All dollar amounts are shown in thousands (000’s)
        
Portfolio Summary (unaudited)
         
Country   Percent
 
United States
     42.75 %
Hong Kong
     13.44 %
Australia
     11.33 %
Japan
     10.18 %
United Kingdom
     8.04 %
France
     4.29 %
Canada
     3.01 %
Singapore
     2.35 %
Netherlands
     1.95 %
Austria
     0.92 %
Belgium
     0.89 %
Sweden
     0.87 %
Germany
     0.69 %
Switzerland
     0.66 %
Finland
     0.34 %
Norway
     0.16 %
Poland
     0.11 %
Liabilities in Excess of Other Assets, Net
     (1.98 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        
Other Assets Summary (unaudited)
         
Asset Type   Percent
 
Currency Contracts
     41.23 %

53

 

Schedule of Investments
Global Real Estate Securities Fund
January 31, 2008 (unaudited)
Foreign Currency Contracts
                                         
                                    Net Unrealized
Foreign Currency   Delivery   Contracts to                   Appreciation
Purchase Contracts   Date   Accept   In Exchange For   Value   (Depreciation)
Australian Dollar
     2/11/2008       162,367     $ 141     $ 145     $ 4  
Australian Dollar
     2/21/2008       342,605       299       306       7  
Swiss Francs
     2/14/2008       12,617       11       12       1  
Swiss Francs
     2/21/2008       2,295       2       2       —  
Danish Kroner
     2/14/2008       16,867       3       3       —  
Danish Kroner
     2/21/2008       983       —       —       —  
Euro
     2/25/2008       38,946       57       58       1  
Euro
     4/15/2008       30,000       45       44       (1 )
British Pounds
     2/22/2008       7,019       14       14       —  
British Pounds
     2/21/2008       16,095       32       32       —  
British Pounds
     4/15/2008       26,047       51       52       1  
Hong Kong Dollars
     2/20/2008       375,303       48       48       —  
Hong Kong Dollars
     2/21/2008       469,262       60       60       —  
Japanese Yen
     2/21/2008       11,588,416       108       109       1  
Japanese Yen
     3/14/2008       18,143,914       169       171       2  
Norwegian Krone
     2/21/2008       2,547       —       —       —  
New Zealand Dollar
     2/20/2008       6,222       5       5       —  
New Zealand Dollar
     4/11/2008       1,771       1       1       —  
New Zealand Dollar
     2/21/2008       452       —       —       —  
Poland Zloty
     3/14/2008       17,531       7       7       —  
Poland Zloty
     2/21/2008       8,875       4       4       —  
Swedish Krona
     4/15/2008       91,154       14       14       —  
Singapore Dollar
     2/12/2008       80,722       56       57       1  
Singapore Dollar
     4/11/2008       84,025       59       59       —  
Singapore Dollar
     2/21/2008       66,118       46       47       1  
Euro
     2/21/2008       46,343       68       69       1  
Hong Kong Dollars
     4/11/2008       848,973       109       109       —  
Japanese Yen
     2/14/2008       8,375,670       75       79       4  
                                         
                                    Net Unrealized
Foreign Currency   Delivery   Contracts to                   Appreciation
Sale Contracts   Date   Deliver   In Exchange For   Value   (Depreciation)
Australian Dollar
     2/20/2008       2,575     $ 2     $ 2       —  
Australian Dollar
     4/11/2008       378,469       337       335       2  
Australian Dollar
     2/21/2008       173,931       153       156       (3 )
Swiss Francs
     2/29/2008       17,892       16       17       (1 )
Euro
     2/22/2008       12,549       19       19       —  
Euro
     4/15/2008       40,300       60       60       —  
Euro
     2/21/2008       35,507       52       53       (1 )
British Pounds
     2/22/2008       20,009       40       39       1  
British Pounds
     2/21/2008       23,199       46       46       —  
Hong Kong Dollars
     2/12/2008       451,592       58       58       —  
Hong Kong Dollars
     2/21/2008       1,314,763       168       169       (1 )
Japanese Yen
     3/14/2008       5,215,122       48       49       (1 )
Japanese Yen
     2/21/2008       11,252,577       104       106       (2 )
Norwegian Krone
     2/14/2008       27,500       5       5       —  
Norwegian Krone
     2/25/2008       17,391       3       3       —  
Poland Zloty
     2/13/2008       12,845       5       5       —  
Swedish Krona
     2/14/2008       30,115       5       5       —  
Swedish Krona
     2/25/2008       47,934       7       8       (1 )
Swedish Krona
     2/21/2008       38,108       6       6       —  
Singapore Dollar
     2/13/2008       163,073       114       115       (1 )
Singapore Dollar
     2/21/2008       39,447       27       28       (1 )

54

 

Schedule of Investments
Global Real Estate Securities Fund
January 31, 2008 (unaudited)
All dollar amounts are shown in thousands (000’s)

55

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (56.59%)
                
Asset Backed Securities (4.80%)
                
Chase Funding Mortgage Loan Asset-Backed Certificates
                
3.67%, 9/25/2033 (a)
   $ 234     $ 230  
3.61%, 12/25/2033 (a)
     431       418  
Countrywide Asset-Backed Certificates
                
3.55%, 6/25/2037 (a)(b)
     3,500       2,827  
Credit-Based Asset Servicing and Securitization
                
3.55%, 3/25/2036 (a)
     2,000       1,894  
GMAC Mortgage Corp Loan Trust
                
3.56%, 8/25/2035 (a)
     850       784  
Long Beach Mortgage Loan Trust
                
3.49%, 10/25/2036 (a)(b)
     2,000       1,867  
Popular ABS Mortgage Pass-Through Trust
                
3.64%, 9/25/2035 (a)
     47       47  
SACO I Inc
                
3.52%, 6/25/2036 (a)(b)
     1,523       1,356  
Saxon Asset Securities Trust
                
3.54%, 3/25/2036 (a)(b)
     5,000       4,409  
Structured Asset Investment Loan Trust
                
3.60%, 1/25/2036 (a)(b)
     2,275       2,239  
Swift Master Auto Receivables Trust
                
4.34%, 6/15/2012 (a)(b)
     2,750       2,705  
 
              
 
             18,776  
 
              
 
                
Automobile Sequential (1.14%)
                
Capital Auto Receivables Asset Trust
                
4.39%, 11/15/2008 (a)(b)
     290       290  
4.27%, 10/15/2009 (a)(b)
     2,709       2,703  
WFS Financial Owner Trust
                
3.93%, 2/17/2012 (b)
     1,476       1,479  
 
              
 
             4,472  
 
              
 
                
Credit Card Asset Backed Securities (1.08%)
                
Discover Card Master Trust
                
5.65%, 3/16/2020
     1,917       1,945  
Discover Card Master Trust I
                
4.26%, 5/15/2011 (a)
     1,000       997  
Washington Mutual Master Note Trust
                
4.99%, 10/15/2014 (a)(b)(c)(d)
     1,350       1,290  
 
              
 
             4,232  
 
              
 
                
Finance — Mortgage Loan/Banker (24.30%)
                
Fannie Mae
                
5.25%, 8/1/2012 (e)(f)
     11,800       12,577  
5.00%, 5/11/2017
     7,750       8,237  
3.68%, 10/25/2018 (a)
     605       604  
5.00%, 8/25/2026
     2,726       2,772  
6.63%, 11/15/2030 (f)
     1,300       1,622  
3.58%, 4/25/2034 (a)
     5,371       5,371  
0.34%, 3/25/2036
     29,942       338  
6.50%, 2/25/2047 (c)
     2,405       2,528  
Fannie Mae Grantor Trust
                
5.50%, 9/25/2011
     4,250       4,489  
5.34%, 4/25/2012
     5,000       5,314  
3.73%, 5/25/2035 (a)
     2,202       2,223  
3.53%, 9/25/2035 (a)
     1,733       1,722  
Fannie Mae Whole Loan
                
3.53%, 5/25/2035 (a)
     2,339       2,322  
Federal Home Loan Bank System
                
5.46%, 11/27/2015 (c)
     2,912       3,001  
Freddie Mac
                
5.75%, 6/27/2016
     2,400       2,645  
4.50%, 7/15/2017
     4,900       4,962  
4.54%, 6/15/2018 (a)
     3,634       3,644  
4.64%, 7/15/2023 (a)
     5,843       5,804  
4.44%, 4/15/2030 (a)
     5,248       5,251  
5.50%, 9/15/2031 (a)
     1,375       1,401  
4.64%, 9/15/2033 (a)
     342       341  
Ginnie Mae
                
1.69%, 10/16/2012 (a)
     77,805       2,594  
3.89%, 7/16/2026
     1,599       1,604  
5.08%, 1/16/2030 (a)
     1,566       1,605  
4.26%, 2/16/2032
     2,301       2,322  
0.96%, 6/17/2045 (a)
     37,587       1,708  
0.82%, 11/16/2045
     3,905       177  
1.13%, 5/16/2046 (a)
     10,719       560  
1.06%, 10/16/2046
     15,830       958  
0.85%, 3/16/2047 (a)
     16       1  
SLM Student Loan Trust
                
3.42%, 10/25/2016 (a)
     2,350       2,352  
5.18%, 9/17/2018 (a)
     4,035       4,038  
 
              
 
             95,087  
 
              
 
                
Home Equity—Other (4.55%)
                
ACE Securities Corp
                
3.59%, 9/25/2035 (a)(b)
     1,015       1,011  
American Home Mortgage Investment Trust
                
3.57%, 11/25/2030 (a)(b)
     2,291       2,133  
Asset Backed Securities Corp Home Equity
                
3.48%, 7/25/2036 (a)(b)
     3,600       3,471  
First NLC Trust
                
3.61%, 5/25/2035 (a)
     2,090       2,018  
JP Morgan Mortgage Acquisition Corp
                
3.64%, 7/25/2035 (a)(b)
     1,655       1,610  
Morgan Stanley Home Equity Loans
                
3.55%, 2/25/2036 (a)(b)
     5,250       4,932  
Soundview Home Equity Loan Trust
                
3.47%, 7/25/2036 (a)
     2,683       2,637  
 
              
 
             17,812  
 
              
 
                
Mortgage Backed Securities (20.72%)
                
Banc of America Commercial Mortgage Inc
                
1.19%, 11/10/2038 (a)
     2,510       53  
0.40%, 3/11/2041 (a)(d)
     20,654       168  
4.73%, 7/10/2043 (a)
     3,500       3,158  
Banc of America Funding Corp
                
4.01%, 7/20/2036 (a)(b)
     2,222       2,191  
4.21%, 7/20/2036 (a)(b)
     1,623       1,475  
Bear Stearns Alt-A Trust
                
3.55%, 4/25/2037 (a)(b)
     1,259       1,176  
Bear Stearns Commercial Mortgage Securities
                
1.16%, 2/11/2041 (a)(d)
     10,527       260  
Bear Stearns Mortgage Funding Trust
                
3.59%, 7/25/2036 (a)(b)(c)
     3,675       3,385  
Chase Mortgage Finance Corp
                
4.61%, 7/25/2037 (a)(b)(c)
     2,806       2,790  
Commercial Mortgage Pass Through Certificates
                
0.06%, 12/10/2046 (a)
     25,983       313  
Countrywide Alternative Loan Trust
                
3.68%, 5/25/2035 (a)
     370       331  

56

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
Credit Suisse Mortgage Capital Certificates
                
5.81%, 9/15/2039
   $ 1,000     $ 954  
0.11%, 12/15/2039
     16,838       281  
CS First Boston Mortgage Securities Corp
                
0.58%, 11/15/2036 (a)(d)
     11,597       458  
GE Capital Commercial Mortgage Corp
                
5.61%, 4/10/2017 (a)
     3,475       3,282  
5.51%, 11/10/2045 (a)
     5,000       5,114  
G-Force LLC
                
3.68%, 12/25/2039 (a)(d)
     2,800       1,820  
Greenpoint Mortgage Funding Trust
                
3.68%, 6/25/2045 (a)
     273       256  
Greenwich Capital Commercial Funding Corp
                
0.44%, 6/10/2036 (a)(d)
     16,943       145  
0.51%, 3/10/2039 (a)(d)
     54,802       1,169  
GS Mortgage Securities Corp II
                
0.86%, 11/10/2039
     30,442       1,169  
5.99%, 8/10/2045 (a)
     2,650       2,683  
Impac CMB Trust
                
3.69%, 4/25/2035 (a)(b)
     725       714  
Indymac Index Mortgage Loan Trust
                
3.71%, 4/25/2035 (a)
     421       349  
JP Morgan Chase Commercial Mortgage Securities
                
0.47%, 9/12/2037 (a)
     90,970       1,174  
6.01%, 6/15/2049 (a)
     3,475       3,336  
JP Morgan Mortgage Trust
                
4.95%, 11/25/2035 (a)
     3,000       3,044  
5.31%, 4/25/2036 (a)
     1,004       1,011  
5.82%, 6/25/2036 (a)
     1,600       1,648  
5.95%, 8/25/2036 (a)
     2,400       2,435  
6.00%, 8/25/2036 (a)
     2,762       2,906  
5.56%, 10/25/2036 (a)
     4,725       4,714  
5.83%, 1/25/2037 (a)
     4,303       4,368  
LB-UBS Commercial Mortgage Trust
                
0.10%, 11/15/2038 (a)(d)
     13,358       226  
0.91%, 11/15/2038 (a)(d)
     21,774       928  
0.07%, 2/15/2040 (a)(d)
     5,937       68  
0.68%, 2/15/2040 (a)
     7,443       231  
0.93%, 7/15/2040 (a)
     109,748       2,701  
Merrill Lynch Mortgage Trust
                
0.73%, 5/12/2043
     49,444       1,114  
Merrill Lynch/Countrywide Commercial Mortgage Trust
                
0.73%, 8/12/2048 (a)
     33,705       1,226  
0.06%, 12/12/2049 (a)
     49,543       705  
Morgan Stanley Capital I
                
0.53%, 8/13/2042
     171,544       2,792  
0.04%, 12/15/2043 (a)(d)
     27,152       352  
Residential Accredit Loans Inc
                
3.53%, 2/25/2037 (a)(b)(c)
     1,521       1,430  
3.57%, 7/25/2037 (a)(b)(c)
     2,465       2,263  
Wachovia Bank Commercial Mortgage Trust
                
0.43%, 3/15/2042 (a)(d)
     31,173       290  
0.80%, 5/15/2044 (a)(d)
     96,632       1,978  
5.82%, 5/15/2046 (a)
     2,600       2,470  
WaMu Mortgage Pass Through Certificates
                
5.36%, 7/25/2044 (a)(b)
     257       243  
3.61%, 4/25/2045 (a)
     553       521  
Washington Mutual Alternative Mortgage
                
3.66%, 6/25/2046 (a)(b)
     3,850       3,216  
 
              
 
             81,084  
 
              
 
                
 
TOTAL BONDS
           $ 221,463  
   
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (78.35%)
                
Federal Home Loan Mortgage Corporation (FHLMC) (17.54%)
                
5.00%, 2/1/2038 (g)
     7,330       7,296  
5.50%, 2/1/2038 (g)
     12,085       12,232  
6.00%, 2/1/2038 (g)
     9,910       10,158  
6.50%, 2/1/2038 (g)
     205       213  
6.50%, 6/1/2017
     273       284  
6.00%, 7/1/2017
     102       106  
5.50%, 4/1/2018
     776       797  
5.50%, 12/1/2018
     3       3  
5.00%, 1/1/2019
     1,687       1,712  
6.00%, 1/1/2021
     335       346  
6.50%, 8/1/2022
     399       417  
5.00%, 10/1/2025
     1,208       1,217  
6.00%, 6/1/2028
     95       98  
5.50%, 1/1/2029
     23       23  
5.50%, 3/1/2029
     18       18  
6.50%, 3/1/2029
     66       69  
8.00%, 8/1/2030
     4       4  
8.00%, 11/1/2030
     2       3  

57

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Federal Home Loan Mortgage Corporation (FHLMC) (continued)
                
7.50%, 12/1/2030
   $ 23     $ 25  
7.00%, 1/1/2031
     11       12  
7.50%, 2/1/2031
     14       15  
6.50%, 6/1/2031
     5       5  
6.00%, 10/1/2031
     45       46  
6.00%, 2/1/2032
     113       116  
6.50%, 2/1/2032
     46       48  
6.50%, 2/1/2032
     109       114  
6.50%, 4/1/2032
     90       94  
7.50%, 4/1/2032
     148       160  
6.50%, 8/1/2032
     278       291  
6.50%, 8/1/2032
     117       123  
5.00%, 12/1/2032
     996       994  
5.50%, 5/1/2033
     611       619  
5.50%, 10/1/2033
     224       227  
5.50%, 12/1/2033
     5,257       5,332  
5.00%, 7/1/2035
     72       72  
5.00%, 10/1/2035
     135       134  
6.00%, 8/1/2036
     3,843       3,941  
6.50%, 11/1/2036
     1,172       1,218  
6.50%, 2/1/2037
     444       461  
6.00%, 4/1/2037
     4,648       4,766  
7.10%, 10/1/2032 (a)
     11       11  
7.25%, 9/1/2033 (a)
     183       186  
4.67%, 8/1/2035 (a)
     1,859       1,913  
6.83%, 3/1/2036 (a)
     1,510       1,558  
6.54%, 7/1/2036 (a)
     2,477       2,550  
6.51%, 10/1/2036 (a)
     1,175       1,219  
6.50%, 1/1/2037 (a)
     1,801       1,862  
6.51%, 1/1/2037 (a)
     1,623       1,684  
5.69%, 6/1/2037 (a)
     2,367       2,427  
5.70%, 6/1/2037 (a)
     1,381       1,412  
 
              
 
             68,631  
 
              
Federal National Mortgage Association (FNMA) (30.00%)
                
5.00%, 2/1/2023 (g)
     2,000       2,027  
4.50%, 3/1/2023 (g)(h)
     4,195       4,198  
5.00%, 2/1/2038 (g)
     15,230       15,163  
5.50%, 2/1/2038 (g)
     23,190       23,494  
6.00%, 2/1/2038 (g)
     17,895       18,359  
6.50%, 2/1/2038 (g)
     4,810       4,992  
6.00%, 5/1/2009
     23       24  
4.50%, 3/1/2010
     123       124  
6.50%, 4/1/2010
     15       15  
6.50%, 6/1/2016
     35       36  
6.00%, 1/1/2017
     90       93  
6.00%, 4/1/2017
     149       154  
5.50%, 9/1/2017
     417       429  
5.50%, 9/1/2017
     90       93  
5.00%, 1/1/2018
     643       654  
5.50%, 3/1/2018
     414       425  
5.00%, 4/1/2019
     605       614  
5.50%, 6/1/2019
     112       115  
5.50%, 6/1/2019
     144       148  
5.50%, 7/1/2019
     267       274  
5.50%, 7/1/2019
     65       67  
5.50%, 7/1/2019
     123       126  
5.50%, 7/1/2019
     130       134  
5.50%, 7/1/2019
     271       278  
5.50%, 8/1/2019
     74       76  
5.50%, 8/1/2019
     609       625  
5.50%, 9/1/2019
     495       508  
4.50%, 12/1/2019
     731       733  
4.50%, 1/1/2020
     2,177       2,183  
7.00%, 5/1/2022
     103       110  
6.00%, 12/1/2022
     203       209  
5.00%, 1/1/2026
     1,713       1,722  
5.50%, 6/1/2026
     1,702       1,732  
7.50%, 1/1/2031
     10       11  
7.50%, 5/1/2031
     15       16  
6.50%, 9/1/2031
     110       115  
6.00%, 12/1/2031
     125       129  
6.00%, 12/1/2031
     41       42  
6.50%, 12/1/2031
     24       25  
6.50%, 4/1/2032
     92       96  
7.50%, 8/1/2032
     124       134  
6.00%, 11/1/2032
     151       155  
4.49%, 3/1/2033 (a)
     1,578       1,586  
5.50%, 9/1/2033
     2,696       2,737  
7.63%, 11/1/2033 (a)
     14       14  
5.14%, 12/1/2033 (a)
     810       814  
4.87%, 9/1/2034 (a)
     3,669       3,778  
4.72%, 2/1/2035 (a)
     4,547       4,542  
4.93%, 3/1/2035 (a)
     1,426       1,446  
4.61%, 5/1/2035 (a)(b)
     1,647       1,653  
5.00%, 7/1/2035
     520       518  
5.08%, 7/1/2035 (a)
     1,230       1,254  
5.08%, 8/1/2035 (a)
     4,726       4,808  
5.63%, 11/1/2035 (a)
     1,016       1,043  
5.73%, 2/1/2036 (a)
     640       655  
5.79%, 6/1/2036 (a)(c)
     341       350  
6.50%, 8/1/2036
     2,363       2,453  
6.50%, 8/1/2036
     1,015       1,053  
6.50%, 10/1/2036
     552       573  
6.50%, 11/1/2036
     583       605  
6.50%, 12/1/2036
     804       834  

58

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Federal National Mortgage Association (FNMA) (continued)
                
5.73%, 5/1/2037 (a)
   $ 3,948     $ 4,075  
6.19%, 5/1/2037 (a)
     1,918       1,968  
 
              
 
             117,416  
 
              
Government National Mortgage Association (GNMA) (3.53%)
                
5.50%, 2/1/2038 (g)
     1,555       1,585  
6.50%, 7/15/2008
     3       3  
6.50%, 7/15/2008
     2       2  
6.50%, 10/15/2008
     7       7  
6.50%, 3/15/2009
     8       8  
5.50%, 12/15/2013
     23       23  
5.50%, 1/15/2014
     134       137  
5.50%, 1/15/2014
     121       124  
5.50%, 2/15/2014
     133       137  
5.50%, 3/15/2014
     243       249  
8.00%, 8/15/2016
     79       85  
8.00%, 12/15/2016
     16       17  
7.50%, 4/15/2017
     8       9  
7.50%, 4/15/2017
     79       85  
7.50%, 4/15/2017
     65       69  
8.00%, 4/15/2017
     16       17  
8.00%, 4/15/2017
     12       13  
8.00%, 4/15/2017
     21       22  
7.50%, 5/15/2017
     16       17  
8.00%, 5/15/2017
     27       29  
8.00%, 5/15/2017
     13       15  
8.00%, 6/15/2017
     16       18  
8.00%, 6/15/2017
     23       25  
8.00%, 7/15/2017
     11       12  
7.50%, 7/15/2018
     39       42  
7.50%, 12/15/2021
     36       39  
7.50%, 12/15/2021
     41       44  
7.50%, 12/15/2021
     37       39  
7.50%, 2/15/2022
     56       60  
8.00%, 2/15/2022
     60       66  
7.50%, 3/15/2022
     7       8  
7.50%, 3/15/2022
     13       14  
7.50%, 3/15/2022
     35       37  
7.50%, 4/15/2022
     23       25  
7.50%, 4/15/2022
     20       22  
7.50%, 4/15/2022
     40       43  
7.50%, 4/15/2022
     23       25  
7.50%, 5/15/2022
     39       42  
7.50%, 7/15/2022
     66       71  
7.50%, 8/15/2022
     25       27  
7.50%, 8/15/2022
     32       34  
7.50%, 8/15/2022
     8       8  
7.50%, 8/15/2022
     2       3  
7.50%, 8/15/2022
     15       17  
7.50%, 8/15/2022
     23       25  
7.50%, 8/15/2022
     87       93  
7.50%, 8/15/2022
     71       77  
7.00%, 11/15/2022
     42       45  
7.00%, 11/15/2022
     22       23  
7.00%, 11/15/2022
     65       70  
7.00%, 11/15/2022
     57       61  
7.50%, 11/15/2022
     59       64  
7.00%, 12/15/2022
     50       53  
7.00%, 12/15/2022
     164       176  
7.00%, 1/15/2023
     67       72  
7.00%, 1/15/2023
     40       43  
7.00%, 1/15/2023
     23       25  
7.00%, 2/15/2023
     363       389  
7.50%, 2/15/2023
     14       15  
7.50%, 2/15/2023
     22       23  
7.00%, 3/15/2023
     30       33  
7.50%, 5/15/2023
     30       32  
7.50%, 5/15/2023
     9       9  
7.50%, 5/15/2023
     84       91  
7.50%, 6/15/2023
     24       26  
7.00%, 7/15/2023
     30       32  
7.00%, 7/15/2023
     12       13  
7.00%, 7/15/2023
     106       113  
7.00%, 7/15/2023
     30       33  
7.00%, 8/15/2023
     48       51  
6.50%, 9/15/2023
     40       42  
6.50%, 9/15/2023
     65       68  
6.50%, 9/15/2023
     58       61  
6.50%, 9/15/2023
     70       74  
6.00%, 10/15/2023
     327       340  
6.50%, 10/15/2023
     74       77  
6.50%, 10/15/2023
     35       37  
7.00%, 10/15/2023
     56       60  
7.50%, 10/15/2023
     16       17  
6.00%, 11/15/2023
     160       166  
6.00%, 11/15/2023
     135       140  
6.50%, 11/15/2023
     22       23  
7.50%, 11/15/2023
     105       113  
6.00%, 12/15/2023
     92       96  
6.00%, 12/15/2023
     90       93  
6.00%, 12/15/2023
     7       7  
6.50%, 12/15/2023
     151       158  
6.50%, 12/15/2023
     106       111  
6.50%, 12/15/2023
     102       106  
6.50%, 12/15/2023
     46       48  
7.00%, 12/15/2023
     47       51  

59

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Government National Mortgage Association (GNMA) (continued)
                
7.00%, 12/15/2023
   $ 71     $ 76  
6.00%, 1/15/2024
     82       86  
6.50%, 1/15/2024
     81       85  
6.50%, 1/15/2024
     29       31  
6.50%, 1/15/2024
     96       101  
6.50%, 1/15/2024
     50       52  
6.50%, 1/15/2024
     96       100  
6.50%, 1/15/2024
     84       88  
6.50%, 1/15/2024
     31       33  
6.50%, 1/15/2024
     49       51  
6.00%, 2/15/2024
     88       92  
6.00%, 2/15/2024
     146       151  
6.00%, 2/15/2024
     66       68  
6.00%, 3/15/2024
     38       40  
6.50%, 3/15/2024
     35       36  
6.50%, 4/15/2024
     75       78  
6.50%, 7/15/2024
     224       235  
7.50%, 8/15/2024
     8       9  
7.25%, 9/15/2025
     81       87  
6.50%, 10/15/2025
     44       46  
6.50%, 1/15/2026
     38       39  
7.00%, 1/15/2026
     60       65  
6.50%, 3/15/2026
     82       86  
7.00%, 5/15/2026
     9       10  
7.00%, 1/15/2027
     71       76  
7.00%, 3/15/2027
     41       44  
7.50%, 4/15/2027
     6       6  
7.50%, 5/15/2027
     67       73  
7.50%, 5/15/2027
     16       18  
7.50%, 6/15/2027
     40       43  
7.00%, 11/15/2027
     153       164  
7.00%, 12/15/2027
     83       90  
6.50%, 2/15/2028
     38       40  
7.00%, 4/15/2028
     3       4  
7.00%, 4/15/2028
     109       117  
8.00%, 12/15/2030
     22       24  
7.00%, 5/15/2031
     41       44  
6.50%, 7/15/2031
     11       11  
7.00%, 7/15/2031
     11       12  
7.00%, 7/15/2031
     1       1  
7.00%, 9/15/2031
     13       14  
6.50%, 10/15/2031
     78       81  
6.50%, 7/15/2032
     95       100  
6.00%, 8/15/2032
     445       461  
6.00%, 9/15/2032
     379       392  
6.00%, 2/15/2033
     101       104  
5.00%, 2/15/2034
     1,129       1,133  
6.00%, 1/20/2024
     52       54  
6.00%, 4/20/2024
     94       97  
6.50%, 4/20/2024
     51       54  
6.00%, 5/20/2024
     98       102  
6.00%, 5/20/2024
     35       36  
6.00%, 10/20/2024
     58       60  
6.00%, 9/20/2025
     34       35  
6.00%, 11/20/2025
     41       43  
6.50%, 7/20/2026
     25       26  
6.00%, 10/20/2028
     57       59  
6.50%, 10/20/2028
     46       48  
5.50%, 5/20/2035
     1,415       1,442  
 
              
 
             13,802  
 
              
 
                
U.S. Treasury (18.64%)
                
3.25%, 12/31/2009 (f)
     8,250       8,416  
4.13%, 8/15/2010 (f)
     15,000       15,706  
4.25%, 10/15/2010 (f)
     9,750       10,268  
4.63%, 7/31/2012 (f)
     11,550       12,460  
3.63%, 5/15/2013 (f)
     4,250       4,405  
4.25%, 8/15/2014 (f)
     3,000       3,192  
4.13%, 5/15/2015 (f)
     8,750       9,193  
4.25%, 8/15/2015
     1,700       1,798  
6.88%, 8/15/2025 (f)
     5,250       6,908  
6.13%, 8/15/2029
     500       623  
 
              
 
             72,969  
 
              
 
                
U.S. Treasury Inflation—Indexed Obligations (5.38%)
                
3.88%, 1/15/2009 (f)
     8,971       9,284  
3.00%, 7/15/2012 (f)
     10,637       11,780  
 
              
 
             21,064  
 
              
 
                
U.S. Treasury Strip (3.26%)
                
0.00%, 11/15/2015 (f)(i)
     4,000       3,013  
0.00%, 5/15/2020 (f)(i)
     13,800       8,161  
0.00%, 11/15/2021 (f)(i)
     2,900       1,581  
 
              
 
             12,755  
 
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 306,637  
   
SHORT TERM INVESTMENTS (3.58%)
                
Commercial Paper (0.26%)
                
CAFCO
                
3.12%, 2/1/2008 (b)
   $ 1,000     $ 1,000  
 
                
Money Market Funds (3.32%)
                
BNY Institutional Cash Reserve Fund (b)
     13,000       13,000  
     
TOTAL SHORT TERM INVESTMENTS
           $ 14,000  
   

60

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
REPURCHASE AGREEMENTS (13.01%)
                
Finance — Investment Banker & Broker (2.05%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $8,070,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (b)
   $ 8,010     $ 8,009  
 
Money Center Banks (10.96%)
                
 
Deutsche Bank Repurchase Agreement; 2.85% dated 01/ 31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $22,415,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (b)
     22,241       22,239  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $10,634,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     10,325       10,325  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $10,634,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
     10,325       10,324  
 
              
 
             42,888  
 
              
TOTAL REPURCHASE AGREEMENTS
           $ 50,897  
 
              
Total Investments
           $ 592,997  
Liabilities in Excess of Other Assets, Net — (51.53)%
             (201,645 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 391,352  
 
              
 
(a)   Variable Rate
 
(b)   Security was purchased with the cash proceeds from securities loans.
 
(c)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $17,037 or 4.35% of net assets.
 
(d)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $9,152 or 2.34% of net assets.
 
(e)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $640 or 0.16% of net assets.
 
(f)   Security or a portion of the security was on loan at the end of the period.
 
(g)   Security was purchased in a “to-be-announced” (“TBA”) transaction. See Notes to Financial Statements.
 
(h)   Security purchased on a when-issued basis.
 
(i)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 10,125  
Unrealized Depreciation
     (8,066 )
 
      
Net Unrealized Appreciation (Depreciation)
     2,059  
Cost for federal income tax purposes
All dollar amounts are shown in thousands (000’s)
     590,938  
Interest Rate Swap Agreements
                 
            Unrealized
    Notional   Appreciation/
Description   Amount   (Depreciation)
Receive semi-annually a fixed rate of 4.855% and pay quarterly a floating rate based on 3-month LIBOR to Lehman Brothers. Expires September 2009.
   $ 7,000     $ 214  
Receive semi-annually a fixed rate of 4.96750% and pay quarterly a floating rate based on 3-month LIBOR to Lehman Brothers. Expires September 2012.
   $ 5,000       312  
Receive semi-annually a fixed rate of 5.61% and pay quarterly a floating rate based on 3-month LIBOR to Deutsche Bank. Expires June 2037.
   $ 2,250       282  
 
All dollar amounts are shown in thousands (000’s)
                
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
Buy:
                                
 
US 2YR NOTE; March 2008
     135     $ 28,444     $ 28,785     $ 341  
 
US 5YR Note; March 2008
     54       5,987       6,102       115  
 
Sell:
                                
 
US 10YR Note; March 2008
     298       33,895       34,782       (887 )
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Mortgage Securities
     87.60 %
Government
     33.70 %
Financial
     16.33 %
Asset Backed Securities
     13.90 %
Liabilities in Excess of Other Assets, Net
     (51.53 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

61

 

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2008 (unaudited)
         
Other Assets Summary (unaudited)
Asset Type   Percent
Futures
     17.80 %
Interest Rate Swaps
     0.21 %

62

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
PREFERRED STOCKS (4.57%)
                
Cable TV (0.09%)
                
Comcast Corp 6.63%
     7,000     $ 162  
 
                
Commercial Banks (0.36%)
                
Barclays Bank PLC 7.10%
     9,000       228  
M&T Capital Trust IV (a)
     3,000       78  
Royal Bank of Scotland Group PLC — Series L
     8,000       178  
Royal Bank of Scotland Group PLC — Series S
     500       12  
VNB Capital Trust I
     5,600       140  
 
              
 
             636  
 
              
 
                
Diversified Financial Services (0.13%)
                
Citigroup Capital IX
     600       13  
Citigroup Capital X
     1,600       35  
Citigroup Capital XI
     4,900       108  
Citigroup Capital XIV
     100       3  
Citigroup Capital XV
     1,900       44  
General Electric Capital Corp 5.88%
     400       10  
General Electric Capital Corp 6.10%
     700       18  
 
              
 
             231  
 
              
 
                
Electric — Integrated (0.42%)
                
Alabama Power Co — Series 2007B
     10,200       254  
FPL Group Capital Inc 7.45%
     3,200       84  
Georgia Power Co 6.375%
     5,900       155  
PPL Capital Funding Inc
     6,800       168  
Xcel Energy Inc
     3,200       81  
 
              
 
             742  
 
              
 
Finance — Consumer Loans (0.13%)
                
HSBC Finance Corp 6.00%
     100       3  
HSBC Finance Corp 6.88%
     9,600       234  
 
              
 
             237  
 
              
 
                
Finance — Credit Card (0.01%)
                
Capital One Capital II
     400       9  
 
                
Finance — Investment Banker & Broker (0.22%)
                
Bear Stearns Capital Trust III
     200       5  
JP Morgan Chase Capital XI
     1,300       30  
JP Morgan Chase Capital XII
     400       10  
JP Morgan Chase Capital XIV
     3,500       84  
Lehman Brothers Holdings Capital Trust Series L
     900       21  
Merrill Lynch Preferred Capital Trust V
     2,700       67  
Morgan Stanley Capital Trust III
     4,200       95  
Morgan Stanley Capital Trust IV
     3,200       71  
 
              
 
             383  
 
              
 
                
Finance — Other Services (0.04%)
                
National Rural Utilities Cooperative Finance Corp 5.95%
     300       7  
National Rural Utilities Cooperative Finance Corp 6.10%
     1,000       24  
National Rural Utilities Cooperative Finance Corp 6.75%
     1,700       42  
 
              
 
             73  
 
              
 
                
Investment Companies (0.04%)
                
Allied Capital Corp
     3,700       77  
 
                
Investment Management & Advisory Services (0.14%)
                
Deutsche Bank Contingent Capital Trust
     10,300       252  
 
                
Life & Health Insurance (0.22%)
                
Delphi Financial Group Inc 7.375%
     4,000       89  
Delphi Financial Group Inc 8.00%
     6,000       139  
PLC Capital Trust V
     5,600       121  
Prudential PLC 6.50%
     1,800       44  
 
              
 
             393  
 
              
 
                
Money Center Banks (0.26%)
                
JPMChase Capital XVI
     2,400       59  
Santander Finance Preferred SA Unipersonal 6.50%
     8,400       187  
Santander Finance Preferred SA Unipersonal 6.80% (a)
     2,300       54  
UBS Preferred Funding Trust IV
     7,700       161  
 
              
 
             461  
 
              
 
                
Multi — Line Insurance (0.35%)
                
Aegon NV 6.375%
     4,900       117  
Aegon NV 7.25%
     3,519       88  
American International Group Inc 7.70% (a)
     5,100       133  
ING Groep NV 7.05%
     11,200       276  
 
              
 
             614  
 
              
 
                
Multimedia (0.08%)
                
Viacom Inc
     5,900       143  
 
                
Property & Casualty Insurance (0.18%)
                
Berkley W R Capital Trust
     10,700       257  
Markel Corp
     2,300       58  
 
              
 
             315  
 
              
 
                
Regional Banks (0.79%)
                
BAC Capital Trust IV
     200       4  
BAC Capital Trust V
     1,000       23  
BAC Capital Trust VIII
     1,300       30  
BAC Capital Trust XII
     2,000       50  
Fifth Third Capital Trust VI
     3,200       79  
Fleet Capital Trust VIII
     3,100       77  
KeyCorp Capital IX
     6,900       156  
Keycorp Capital V
     600       13  
National City Capital Trust II
     4,500       93  
PNC Capital Trust D
     10,900       251  
USB Capital VI
     500       11  

63

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
PREFERRED STOCKS (continued)
                
Regional Banks (continued)
                
USB Capital VII
     800     $ 18  
Wachovia Capital Trust IX
     3,500       83  
Wachovia Corp 7.25%
     7,900       200  
Wells Fargo Capital IX
     300       7  
Wells Fargo Capital VII
     1,400       32  
Wells Fargo Capital VIII
     2,500       56  
Wells Fargo Capital XI
     9,600       231  
 
              
 
             1,414  
 
              
 
                
Reinsurance (0.11%)
                
Everest Re Capital Trust
     1,300       29  
PartnerRe Ltd 6.50%
     4,400       106  
RenaissanceRe Holdings Ltd — Series C
     800       17  
RenaissanceRe Holdings Ltd — Series D
     2,300       52  
 
              
 
             204  
 
              
 
                
REITS — Apartments (0.09%)
                
AvalonBay Communities Inc
     3,000       79  
BRE Properties Inc — Series C
     3,500       75  
 
              
 
             154  
 
              
 
                
REITS — Diversified (0.11%)
                
PS Business Parks Inc — Series H
     3,400       74  
PS Business Parks Inc — Series I
     800       17  
PS Business Parks Inc — Series P
     1,200       25  
Vornado Realty Trust — Series I
     3,600       80  
 
              
 
             196  
 
              
 
                
REITS — Office Property (0.04%)
                
HRPT Properties Trust — Series B
     3,200       80  
 
                
REITS — Shopping Centers (0.11%)
                
Kimco Realty Corp
     5,100       127  
Regency Centers Corp 7.45% (a)
     2,600       62  
 
              
 
             189  
 
              
 
                
REITS — Single Tenant (0.08%)
                
Realty Income Corp — Series D
     6,900       149  
 
                
REITS — Storage (0.15%)
                
Public Storage Inc 6.45%
     900       20  
Public Storage Inc 6.63% (b)
     4,600       105  
Public Storage Inc 6.95%
     1,600       38  
Public Storage Inc 7.25%
     3,900       95  
 
              
 
             258  
 
              
 
                
REITS — Warehouse & Industrial (0.13%)
                
AMB Property Corp — Series M
     5,300       121  
AMB Property Corp — Series P
     5,100       115  
 
              
 
             236  
 
              
 
                
Sovereign Agency (0.01%)
                
Tennessee Valley Authority — Series D
     700       17  
 
                
Special Purpose Entity (0.09%)
                
Corporate-Backed Trust Certificates 6.00%
     700       16  
CORTS-IBM
     100       2  
Merrill Lynch Capital Trust I
     100       2  
Merrill Lynch Capital Trust II
     6,000       139  
PreferredPlus TR-CCR1 — Series GSG1
     100       2  
 
              
 
             161  
 
              
 
                
Telephone — Integrated (0.14%)
                
AT&T Inc
     10,000       249  
Television (0.05%)
                
CBS Corp 6.75%
     3,600       85  
 
              
TOTAL PREFERRED STOCKS
           $ 8,120  
 
              
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (82.23%)
                
Aerospace & Defense Equipment (0.11%)
                
Goodrich Corp
                
6.80%, 7/1/2036
   $ 160       175  
United Technologies Corp
               
6.10%, 5/15/2012
     15       16  
 
              
 
             191  
 
              
Agricultural Operations (0.16%)
                
Archer-Daniels-Midland Co
                
5.94%, 10/ 1/2032
     10       10  
Bunge Ltd Finance Corp
                
4.38%, 12/15/2008
     265       266  
 
              
 
             276  
 
              
Airlines (0.26%)
                
Continental Airlines Inc
                
5.98%, 4/19/2022 (b)
     115       105  
Northwest Airlines Inc
                
7.03%, 11/1/2019
     230       222  
Southwest Airlines Co
  
6.15%, 8/1/2022 (c)
     130       130  
 
              
 
             457  
 
              
Appliances (0.06%)
                
Whirlpool Corp
                
5.49%, 6/15/2009 (d)
     100       100  
Asset Backed Securities (9.13%)
                
Ameriquest Mortgage Securities Inc
                
3.68%, 3/25/2035 (d)
     24       23  
3.61%, 7/25/2035 (d)
     34       34  
Argent Securities Inc
                
3.53%, 7/25/2036 (d)(e)
     650       602  
Carrington Mortgage Loan Trust
                
3.66%, 12/25/2035 (d)(e)
     800       777  

64

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Asset Backed Securities (continued)
                
Chase Funding Mortgage Loan Asset-Backed Certificates
                
3.88%, 9/25/2033 (d)
   $ 88     $ 80  
3.61%, 12/25/2033 (d)
     12       12  
Citigroup Mortgage Loan Trust Inc
                
3.53%, 3/25/2037 (d)
     625       559  
CNH Equipment Trust
                
4.74%, 6/15/2010 (d)(e)
     425       425  
5.09%, 9/15/2010 (d)(e)
     275       275  
Countrywide Asset-Backed Certificates
                
4.45%, 1/25/2034 (d)
     325       290  
3.67%, 2/25/2036 (d)(e)
     555       545  
3.63%, 3/25/2036 (d)(e)
     640       614  
3.63%, 4/25/2036 (d)(e)
     1,550       1,502  
3.54%, 2/25/2037 (d)(e)
     650       583  
3.51%, 11/25/2037 (d)
     400       349  
Countrywide Home Equity Loan Trust
                
4.47%, 12/15/2035 (d)
     120       103  
First Franklin Mortgage Loan Asset Backed Certificates
                
3.65%, 9/25/2035 (d)(e)
     770       759  
3.62%, 11/25/2035 (d)(e)
     925       890  
3.45%, 3/25/2036 (d)(e)
     144       143  
First-Citizens Home Equity Loan LLC
                
4.45%, 9/15/2022 (d)(f)
     116       108  
Ford Credit Floorplan Master Owner Trust
                
4.69%, 6/15/2011 (d)
     410       398  
GMAC Mortgage Corp Loan Trust
                
3.56%, 8/25/2035 (d)
     300       277  
Great America Leasing Receivables
                
5.39%, 9/15/2011 (f)
     90       93  
Indymac Residential Asset Backed Trust
                
3.57%, 4/25/2037 (d)
     800       698  
JP Morgan Mortgage Acquisition Corp
                
3.55%, 4/25/2036 (d)(e)
     525       501  
5.45%, 11/25/2036
     455       453  
3.46%, 3/25/2037 (d)
     245       237  
3.53%, 3/25/2037 (d)
     290       256  
Lehman XS Trust
                
3.58%, 9/25/2035 (d)(e)
     354       353  
Long Beach Mortgage Loan Trust
                
3.91%, 6/25/2034 (d)
     40       36  
3.53%, 7/25/2036 (d)
     500       374  
3.49%, 10/25/2036 (d)(e)
     800       747  
3.49%, 11/25/2036 (d)
     675       634  
Marriott Vacation Club Owner Trust
                
5.52%, 5/20/2029 (d)(f)
     136       136  
Merrill Lynch Mortgage Investors Inc
                
3.61%, 2/25/2037 (d)
     775       649  
MSDWCC Heloc Trust
                
3.57%, 7/25/2017 (d)
     58       49  
Popular ABS Mortgage Pass-Through Trust
                
3.64%, 11/25/2035 (d)
     247       245  
Residential Asset Mortgage Products Inc
                
3.65%, 7/25/2035 (d)
     194       186  
SACO I Inc
                
3.52%, 6/25/2036 (d)(e)
     278       248  
3.52%, 9/25/2036 (d)
     360       246  
Saxon Asset Securities Trust
                
3.90%, 3/25/2035 (d)
     250       203  
Swift Master Auto Receivables Trust
                
4.34%, 6/15/2012 (d)
     250       246  
Wells Fargo Home Equity Trust
                
3.48%, 3/25/2037 (d)
     312       305  
 
              
 
             16,243  
 
              
 
                
Auto — Car & Light Trucks (0.29%)
                
Daimler Finance North America LLC
                
5.54%, 3/13/2009 (d)(e)
     325       323  
5.75%, 9/8/2011
     130       135  
7.30%, 1/15/2012
     45       49  
 
              
 
             507  
 
              
 
                
Automobile Sequential (1.74%)
                
AmeriCredit Automobile Receivables Trust
                
4.56%, 4/ 6/2012 (d)
     150       145  
Capital Auto Receivables Asset Trust
                
4.39%, 11/15/2008 (d)
     46       46  
4.27%, 10/15/2009 (d)
     320       319  
3.92%, 11/16/2009
     250       251  
4.47%, 3/15/2010 (d)
     405       403  
5.52%, 3/15/2011 (d)
     245       250  
Capital One Auto Finance Trust
                
4.25%, 7/15/201l (d)
     422       411  
4.28%, 10/15/2012 (d)
     330       325  
Ford Credit Auto Owner Trust
                
5.30%, 6/15/2012
     210       209  
5.60%, 10/15/2012
     90       89  
Hyundai Auto Receivables Trust
                
4.64%, 1/17/2012 (d)
     140       139  
WFS Financial Owner Trust
                
3.93%, 2/17/2012
     361       362  
4.50%, 5/17/2013
     150       152  
 
              
 
             3,101  
 
              
 
                
Beverages — Non-Alcoholic (0.49%)
                
Bottling Group LLC
                
4.63%, 11/15/2012
     15       15  
PepsiAmericas Inc
                
5.75%, 7/31/2012
     115       121  
PepsiCo Inc
                
4.65%, 2/15/2013
     700       727  
 
              
 
             863  
 
              

65

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Beverages — Wine & Spirits (0.07%)
                
Diageo Capital PLC
                
5.20%, 1/30/2013
   $ 125     $ 129  
 
Brewery (0.16%)
                
Anheuser-Busch Cos Inc
                
4.38%, 1/15/2013
     30       30  
Cia Brasileira de Bebidas
                
10.50%, 12/15/2011
     75       88  
Coors Brewing Co
                
6.38%, 5/15/2012
     4       4  
SABMiller PLC
                
5.03%, 7/ 1/2009 (d)(f)
     165       166  
 
              
 
             288  
 
              
 
                
Building — Residential & Commercial (0.01%)
                
Centex Corp
                
5.80%, 9/15/2009
     15       14  
Building & Construction Products — Miscellaneous (0.06%)
                
CRH America Inc
                
6.00%, 9/30/2016
     100       97  
6.40%, 10/15/2033
     15       13  
 
              
 
             110  
 
              
 
                
Building Products — Cement & Aggregate (0.35%)
                
C8 Capital SPV Ltd
                
6.64%, 12/29/2049 (b)(d)(f)
     305       276  
Martin Marietta Materials Inc
                
3.26%, 4/30/2010 (d)
     350       346  
 
              
 
             622  
 
              
 
                
Building Products — Wood (0.05%)
                
Masco Corp
                
5.43%, 3/12/2010 (d)
     100       96  
Cable TV (0.38%)
                
Comcast Cable Communications Holdings I
                
8.38%, 3/15/2013
     67       76  
Comcast Corp
                
4.68%, 7/14/2009 (d)
     125       123  
COX Communications Inc
                
4.63%, 1/15/2010
     40       40  
6.75%, 3/15/2011
     70       74  
7.13%, 10/1/2012
     65       70  
6.45%, 12/1/2036 (f)
     85       82  
Rogers Cable Inc
                
6.75%, 3/15/2015
     200       210  
 
              
 
             675  
 
              
 
                
Cellular Telecommunications (0.74%)
                
New Cingular Wireless Services Inc
                
8.13%, 5/1/2012
     250       284  
Nextel Communications Inc
                
5.95%, 3/15/2014
     175       154  
Rogers Wireless Inc
                
6.38%, 3/ 1/2014
     130       136  
US Unwired Inc
                
10.00%, 6/15/2012 (b)
     165       173  
Vodafone Group PLC
                
7.75%, 2/15/2010
     30       32  
5.33%, 6/15/201l (d)
     145       142  
5.32%, 2/27/2012 (d)
     300       289  
6.15%, 2/27/2037
     110       108  
 
              
 
             1,318  
 
              
 
                
Chemicals — Diversified (0.06%)
                
EI Du Pont de Nemours & Co
                
4.75%, 11/15/2012
     15       15  
ICI Wilmington Inc
                
5.63%, 12/ 1/2013
     95       99  
 
              
 
             114  
 
              
 
                
Coatings & Paint (0.09%)
                
Valspar Corp
                
5.63%, 5/ 1/2012
     75       78  
6.05%, 5/1/2017
     75       74  
 
              
 
             152  
 
              
Commercial Banks (1.78%)
                
Barclays Bank PLC
                
5.93%, 12/31/2049 (b)(d)(f)
     170       158  
BBVA Bancomer SA/Grand Cayman
                
6.01%, 5/17/2022 (d)(f)
     270       256  
BOI Capital Funding No 2 LP
                
5.57%, 8/29/2049 (d)(f)
     115       100  
Commonwealth Bank of Australia
                
6.02%, 3/15/2036 (f)
     120       112  
Credit Agricole SA/London
                
6.64%, 5/31/2049 (d)(f)
     150       137  
Glitnir Banki HF
                
4.42%, 10/15/2008 (d)(f)
     125       125  
KeyBank NA
                
5.03%, 11/ 3/2009 (d)
     300       297  
Lloyds TSB Group PLC
                
6.27%, 11/29/2049 (d)(f)
     200       177  
M&I Marshall & Ilsley Bank
                
5.40%, 12/4/2012 (d)(e)
     400       386  
Royal Bank of Scotland Group PLC
                
7.64%, 3/31/2049 (c)(d)
     200       205  
6.99%, 10/29/2049 (c)(d)(f)
     200       200  
United Overseas Bank Ltd
                
4.50%, 7/ 2/2013 (f)
     20       19  
US Bank NA/Cincinnati OH
                
6.38%, 8/ 1/2011
     40       43  
Wachovia Bank NA/Charlotte NC
                
7.80%, 8/18/2010
     500       549  
4.88%, 2/ 1/2015
     130       126  

66

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Commercial Banks (continued)
                
Woori Bank
                
6.13%, 5/3/2016 (d)(f)
   $ 125     $ 127  
6.21%, 5/2/2037 (d)
     180       155  
 
              
 
             3,172  
 
              
 
                
Computers (0.01%)
                
Hewlett-Packard Co
                
6.50%, 7/ 1/2012
     15       17  
Computers — Integrated Systems (0.00%)
                
NCR Corp
                
7.13%, 6/15/2009
     5       5  
Containers — Paper & Plastic (0.13%)
                
Pactiv Corp
                
5.88%, 7/15/2012
     150       154  
6.40%, 1/15/2018
     70       72  
 
              
 
             226  
 
              
 
                
Credit Card Asset Backed Securities (3.22%)
                
American Express Credit Account Master Trust
                
4.47%, 8/15/2011 (d)(f)
     130       127  
4.49%, 9/15/2011(d)
     475       472  
4.35%, 12/15/2011
     200       203  
4.52%, 3/15/2012 (d)
     505       498  
Arran
                
4.20%, 12/15/2010 (d)(e)(g)
     425       418  
Bank One Issuance Trust
                
4.56%, 3/15/2012 (d)
     300       293  
Cabela’s Master Credit Card Trust
                
4.31%, 12/16/2013 (f)(g)
     250       252  
Chase Credit Card Master Trust
                
4.57%, 1/17/2011 (d)
     325       323  
4.59%, 2/15/2011 (d)
     275       273  
Citibank Credit Card Master Trust I
                
5.44%, 3/10/2011 (d)
     150       148  
5.88%, 3/10/2011
     150       154  
Discover Card Master Trust
                
5.65%, 3/16/2020
     192       195  
Discover Card Master Trust I
                
4.48%, 5/15/2012 (d)(e)
     425       409  
First USA Credit Card Master Trust
                
4.35%, 4/18/2011 (d)
     300       299  
GE Capital Credit Card Master Note Trust
                
4.44%, 6/15/2011 (d)
     325       325  
MBNA Master Credit Card Trust
                
4.59%, 9/15/2010 (d)
     255       256  
Providian Gateway Master Trust
                
4.61%, 5/16/2011 (d)(f)(g)
     460       460  
4.60%, 7/15/2011 (d)(e)(f)(g)
     350       350  
Providian Master Note Trust
                
5.10%, 11/15/2012 (f)
     275       275  
 
              
 
             5,730  
 
              
 
                
Data Processing & Management (0.30%)
                
Dun & Bradstreet Corp
                
5.50%, 3/15/2011
     100       106  
Fiserv Inc
                
6.13%, 11/20/2012
     420       437  
 
              
 
             543  
 
              
 
                
Diversified Financial Services (0.47%)
                
General Electric Capital Corp
                
7.38%, 1/19/2010
     105       113  
4.25%, 12/ 1/2010
     275       280  
6.00%, 6/15/2012
     85       90  
6.38%, 11/15/2067 (d)
     335       348  
 
              
 
             831  
 
              
 
                
Diversified Manufacturing Operations (0.69%)
                
Carlisle Cos Inc
                
6.13%, 8/15/2016
     150       161  
General Electric Co
                
5.25%, 12/6/2017
     700       706  
Parker Hannifin Corp
                
4.88%, 2/15/2013
     10       11  
Tyco Electronics Group SA
                
6.55%, 10/ 1/2017 (f)
     330       347  
 
              
 
             1,225  
 
              
 
                
Diversified Minerals (0.01%)
                
BHP Billiton Finance USA Ltd
                
4.80%, 4/15/2013
     15       15  
 
Diversified Operations (0.11%)
                
Capmark Financial Group Inc
                
5.53%, 5/10/2010 (d)(f)
     250       195  
 
Drug Delivery Systems (0.30%)
                
Hospira Inc
                
5.31%, 3/30/2010 (d(e)
     250       247  
6.05%, 3/30/2017
     270       279  
 
              
 
             526  
 
              
 
                
Electric — Distribution (0.06%)
                
Detroit Edison Co/The
                
5.45%, 2/15/2035
     125       114  
 
        
Electric — Generation (0.40%)
                
Korea East- West Power Co Ltd
                
4.88%, 4/21/2011 (f)
     30       31  
 
System Energy Resources Inc
                
6.20%, 10/ 1/2012
     430       441  
Tenaska Gateway Partners Ltd
                
6.05%, 12/30/2023 (f)
     191       198  
Tenaska Virginia Partners LP
                
6.12%, 3/30/2024 (f)
     46       47  
 
              
 
             717  
 
              

67

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Electric — Integrated (2.84%)
                
Ameren Energy Generating Co
                
7.95%, 6/ 1/2032
   $ 10     $ 11  
Arizona Public Service Co
                
6.38%, 10/15/2011
     200       211  
6.50%, 3/ 1/2012
     25       27  
5.80%, 6/30/2014
     85       87  
6.25%, 8/ 1/2016
     165       172  
6.88%, 8/ 1/2036
     250       254  
Baltimore Gas & Electric Co
                
5.90%, 10/ 1/2016
     90       92  
Carolina Power & Light Co
                
8.63%, 9/15/2021
     75       98  
Commonwealth Edison Co
                
3.70%, 2/1/2008
     500       500  
6.15%, 3/15/2012
     110       115  
4.70%, 4/15/2015
     195       186  
5.95%, 8/15/2016
     95       98  
Consolidated Edison Co of New York Inc
                
4.88%, 2/1/2013
     15       15  
Consumers Energy Co
                
4.25%, 4/15/2008
     10       10  
DTE Energy Co
                
7.05%, 6/ 1/2011
     30       32  
Entergy Gulf States Inc
                
3.60%, 6/ 1/2008
     20       20  
5.90%, 12/8/2008 (d)(f)
     120       120  
Entergy Mississippi Inc
                
5.15%, 2/ 1/2013
     250       248  
Exelon Generation Co LLC
                
6.20%, 10/ 1/2017
     145       147  
Georgia Power Co
                
5.09%, 2/17/2009 (d)
     295       295  
Illinois Power Co
                
6.13%, 11/15/2017 (f)
     245       255  
Jersey Central Power & Light Co
                
6.15%, 6/ 1/2037
     200       191  
Midamerican Energy Co
                
6.75%, 12/30/2031
     35       38  
Northeast Utilities
                
3.30%, 6/ 1/2008
     15       15  
Ohio Power Co
                
4.83%, 4/ 5/2010 (d)(e)
     255       251  
Oncor Electric Delivery Co
                
6.38%, 5/ 1/2012
     175       183  
7.00%, 5/ 1/2032
     85       87  
PPL Electric Utilities Corp
                
4.30%, 6/ 1/2013
     15       14  
Public Service Co of Oklahoma
                
6.63%, 11/15/2037
     260       268  
Puget Sound Energy Inc
                
3.36%, 6/ 1/2008
     25       25  
San Diego Gas & Electric Co
                
6.13%, 9/15/2037
     340       349  
Southern California Edison Co
                
4.99%, 2/2/2009 (d)
     205       203  
5.00%, 1/15/2014
     25       25  
Transelec SA
                
7.88%, 4/15/2011
     50       53  
Union Electric Co
                
4.65%, 10/ 1/2013
     150       149  
Virginia Electric and Power Co
                
4.50%, 12/15/2010
     85       87  
5.40%, 1/15/2016
     115       117  
 
              
 
             5,048  
 
              
 
                
Electric Products — Miscellaneous (0.00%)
                
Emerson Electric Co
                
6.00%, 8/15/2032
     5       5  
 
        
Electronic Components — Semiconductors (0.21%)
                
Chartered Semiconductor Manufacturing Ltd
                
6.25%, 4/4/2013
     120       127  
National Semiconductor Corp
                
5.24%, 6/15/2010 (d)(e)
     250       243  
 
              
 
             370  
 
              
 
                
Export & Import Bank (0.03%)
                
Export-Import Bank Of Korea
                
4.50%, 8/12/2009
     60       60  
 
        
Finance — Auto Loans (0.22%)
                
American Honda Finance Corp
                
3.99%, 4/20/2010 (d)(e)(f)
     400       400  
 
        
Finance — Commercial (0.69%)
                
Caterpillar Financial Services Corp
                
4.85%, 12/7/2012
     480       491  
CIT Group Inc
                
3.47%, 4/27/2011 (b)(d)
     225       195  
5.00%, 2/13/2014
     15       12  
Textron Financial Corp
                
5.16%, 2/25/2011 (d)(e)
     425       418  
6.00%, 2/15/2067 (b)(d)(f)
     125       116  
 
              
 
             1,232  
 
              
 
                
Finance — Consumer Loans (1.16%)
                
American General Finance Corp
                
6.90%, 12/15/2017
     450       461  
HSBC Finance Corp
                
4.13%, 12/15/2008
     20       20  
4.13%, 11/16/2009 (h)
     355       355  
5.16%, 11/16/2009 (d)
     250       243  
7.00%, 5/15/2012
     180       193  
4.75%, 7/15/2013
     170       168  
John Deere Capital Corp
                
7.00%, 3/15/2012
     20       22  
4.95%, 12/17/2012
     450       464  

68

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Finance — Consumer Loans (continued)
                
SLM Corp
                
4.74%, 3/2/2009 (d)
   $ 50     $ 47  
3.49%, 7/26/2010 (d)
     100       90  
 
              
 
             2,063  
 
              
 
                
Finance — Credit Card (0.14%)
                
American Express Co
                
4.88%, 7/15/2013
     15       15  
Capital One Bank
                
5.00%, 6/15/2009
     110       109  
6.50%, 6/13/2013
     130       123  
 
              
 
             247  
 
              
 
                
Finance — Investment Banker & Broker (4.31%)
                
Banque Paribas/New York
                
6.88%, 3/1/2009
     25       26  
Bear Stearns Cos Inc/The
                
4.33%, 7/16/2009 (d)
     285       273  
5.24%, 11/28/2011 (d)
     450       403  
5.30%, 10/30/2015
     50       45  
Citigroup Funding Inc
                
4.14%, 10/22/2009 (d)(e)
     150       149  
Citigroup Inc
                
5.50%, 8/27/2012
     500       521  
Credit Suisse USA Inc
                
4.50%, 1/15/2010 (d)
     150       149  
6.50%, 1/15/2012
     50       54  
Goldman Sachs Group Inc/The
                
3.88%, 1/15/2009
     360       361  
5.32%, 3/2/2010 (d)
     200       194  
5.05%, 2/6/2012 (d)
     150       145  
5.95%, 1/18/2018
     385       397  
6.45%, 5/1/2036
     100       96  
Jefferies Group Inc
                
6.45%, 6/8/2027
     300       269  
6.25%, 1/15/2036
     200       172  
JPMorgan Chase & Co
                
6.75%, 2/1/2011
     510       546  
5.25%, 5/1/2015
     295       295  
6.00%, 1/15/2018
     335       348  
Lehman Brothers Holdings Capital Trust
                
5.86%, 11/29/2049
     145       112  
Lehman Brothers Holdings Inc
                
5.13%, 11/10/2009 (d)
     275       266  
5.63%, 1/24/2013
     300       304  
6.20%, 9/26/2014
     160       165  
6.50%, 7/19/2017
     200       204  
Merrill Lynch & Co Inc
                
5.11%, 2/6/2009 (d)
     380       378  
4.70%, 3/2/2009 (d)
     20       20  
5.10%, 2/5/2010 (d)
     175       169  
5.11%, 11/l/2011(d)
     200       188  
5.37%, 6/5/2012 (d)(e)
     150       137  
6.11%, 1/29/2037
     170       148  
Morgan Stanley
                
4.54%, 1/15/2010 (d)(e)
     525       516  
5.30%, 3/1/2013
     20       20  
4.75%, 4/1/2014
     190       183  
5.38%, 10/15/2015
     280       276  
6.25%, 8/28/2017
     135       140  
 
              
 
             7,669  
 
              
 
                
Finance — Leasing Company (0.34%)
                
International Lease Finance Corp
                
4.66%, 1/15/2010 (d)
     170       170  
5.25%, 5/24/2010 (d)(e)
     200       194  
5.65%, 6/1/2014
     200       209  
Pitney Bowes Credit Corp
                
5.75%, 8/15/2008
     30       30  
 
              
 
             603  
 
              
 
                
Finance — Mortgage Loan/Banker (2.81%)
                
Countrywide Financial Corp
                
5.21%, 12/19/2008 (d)
     345       305  
5.10%, 3/24/2009 (d)
     150       132  
5.80%, 6/7/2012 (b)
     260       231  
6.25%, 5/15/2016 (b)
     125       104  
Fannie Mae
                
6.13%, 3/15/2012
     475       527  
3.68%, 2/25/2018 (d)
     102       102  
3.63%, 11/25/2022 (d)
     121       121  
3.58%, 1/25/2023 (d)
     147       147  
3.68%, 2/25/2032 (d)
     153       153  
3.63%, 3/25/2035 (d)
     198       197  
6.50%, 2/25/2047 (g)
     125       131  
Fannie Mae Whole Loan
                
3.58%, 5/25/2035 (d)
     206       204  
Freddie Mac
                
4.54%, 5/15/2013 (d)
     9       9  
4.69%, 6/15/2023 (d)
     129       130  
4.64%, 7/15/2023 (d)(e)
     759       754  
4.59%, 2/15/2030 (d)
     119       119  
5.50%, 9/15/2031 (d)
     325       331  
Ginnie Mae
                
4.51%, 10/16/2028 (d)
     235       238  
3.96%, 6/16/2031
     276       277  
1.11%, 2/16/2047 (d)
     2,159       118  
0.85%, 3/16/2047 (d)
     1,973       113  
SLM Student Loan Trust
                
5.14%, 6/15/2016 (d)(e)
     551       552  
 
            
 
             4,995  
 
              
 
                
Finance — Other Services (0.21%)
                
Alamosa Delaware Inc
                
8.50%, 1/31/2012
     140       142  
Lukoil International Finance BV
                
6.66%, 6/7/2022 (f)
     100       93  
Mizuho JGB Investment LLC
                
9.87%, 12/29/2049 (d)(f)
     100       101  

69

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Finance — Other Services (continued)
                
National Rural Utilities Cooperative Finance Corp
                
5.75%, 8/28/2009
   $ 30     $ 31  
 
              
 
             367  
 
              
 
                
Financial Guarantee Insurance (0.05%)
                
AMBAC Financial Group Inc
                
6.15%, 2/15/2037 (b)
     85       38  
MGIC Investment Corp
                
5.63%, 9/15/2011 (b)
     65       58  
 
              
 
             96  
 
              
 
                
Food — Miscellaneous/Diversified (0.27%)
                
General Mills Inc
                
4.02%, 1/22/2010 (d)
     300       292  
HJ Heinz Finance Co
                
6.75%, 3/15/2032
     15       15  
Kraft Foods Inc
                
5.39%, 8/11/2010 (d)
     125       124  
6.00%, 2/11/2013
     45       47  
 
              
 
             478  
 
              
 
                
Food — Retail (0.23%)
                
Safeway Inc
                
5.21%, 3/27/2009 (d)
     125       124  
Tesco PLC
                
6.15%, 11/15/2037 (f)
     300       289  
 
              
 
             413  
 
              
 
                
Food — Wholesale & Distribution (0.01%)
                
Sysco International Co
                
6.10%, 6/ 1/2012
     15       16  
 
Gas — Distribution (0.09%)
                
KeySpan Corp
                
7.63%, 11/15/2010
     10       11  
Sempra Energy
                
4.75%, 5/15/2009
     60       61  
Southern Union Co
                
6.15%, 8/16/2008
     90       90  
 
              
 
             162  
 
              
 
                
Health Care Cost Containment (0.07%)
                
McKesson Corp
                
5.25%, 3/ 1/2013
     120       123  
 
        
Home Equity — Other (5.07%)
                
ACE Securities Corp
                
3.59%, 8/25/2035 (d)(e)
     243       243  
3.58%, 10/25/2035 (d)(e)
     121       121  
Bear Stearns Asset Backed Securities Trust
                
4.03%, 2/25/2034 (d)
     44       41  
3.98%, 3/25/2034 (d)(g)
     149       110  
3.54%, 8/25/2036 (d)(e)
     525       484  
3.57%, 5/25/2037 (d)(e)
     1,750       1,604  
CDC Mortgage Capital Trust
                
4.23%, 6/25/2034 (d)
     159       148  
Citigroup Mortgage Loan Trust Inc
                
3.53%, 12/25/2035 (d)(e)
     78       76  
Countrywide Asset-Backed Certificates
                
6.09%, 6/25/2021 (d)
     225       181  
First NLC Trust
                
3.68%, 9/25/2035 (d)(e)
     543       525  
GMAC Mortgage Corp Loan Trust
                
5.75%, 10/25/2036
     335       298  
5.81%, 10/25/2036
     115       83  
6.05%, 12/25/2037 (d)
     260       248  
GSAA Trust
                
3.52%, 4/25/2047 (d)
     741       686  
HSI Asset Securitization Corp Trust
                
3.52%, 1/25/2037 (d)
     775       706  
IXIS Real Estate Capital Trust
                
3.64%, 9/25/2035 (d)(e)
     56       53  
3.62%, 12/25/2035 (d)
     2       2  
Mastr Asset Backed Securities Trust
                
5.85%, 8/25/2033 (d)
     100       84  
Morgan Stanley ABS Capital I
                
4.25%, 12/25/2034 (d)
     50       35  
3.63%, 9/25/2035 (d)(e)
     125       125  
Morgan Stanley Home Equity Loans
                
3.55%, 2/25/2036 (d)
     760       714  
New Century Home Equity Loan Trust
                
3.67%, 3/25/2035 (d)
     11       10  
Option One Mortgage Loan Trust
                
4.43%, 5/25/2034 (d)
     125       107  
4.38%, 2/25/2035 (d)
     50       40  
3.63%, 8/25/2035 (d)
     40       40  
3.48%, 7/25/2036 (d)(e)
     260       253  
3.83%, 3/25/2037 (d)
     325       127  
Residential Asset Securities Corp
                
4.53%, 3/25/2035 (d)
     75       56  
3.58%, 5/25/2035 (d)(e)
     31       31  
3.65%, 7/25/2035 (d)
     80       80  
3.53%, 9/25/2036 (d)
     305       288  
Saxon Asset Securities Trust
                
5.07%, 3/25/2035 (d)
     199       172  
Soundview Home Equity Loan Trust
                
3.47%, 7/25/2036 (d)(e)
     402       396  
Specialty Underwriting & Residential Finance
                
3.89%, 2/25/2035 (d)
     89       86  
3.61%, 3/25/2036 (d)
     67       66  
WAMU Asset-Backed Certificates
                
3.55%, 5/25/2037 (d)
     340       295  
Wells Fargo Home Equity Trust
                
3.88%, 4/25/2034 (d)
     173       158  
3.67%, 10/25/2035 (d)(e)(f)
     272       252  
 
              
 
             9,024  
 
              

70

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Home Equity — Sequential (0.26%)
                
Countrywide Asset-Backed Certificates
                
5.39%, 4/25/2036
   $ 265     $ 250  
5.51%, 8/25/2036
     220       214  
 
              
 
             464  
 
              
Industrial Automation & Robots (0.12%)
                
Rockwell Automation Inc/DE
                
5.65%, 12/1/2017
     215       222  
 
                
Industrial Gases (0.02%)
                
Praxair Inc
                
6.38%, 4/1/2012
     25       27  
 
                
Insurance Brokers (0.22%)
                
AON Corp
                
8.21%, 1/1/2027
     190       195  
Marsh & McLennan Cos Inc
                
3.63%, 2/15/2008
     10       10  
Willis North America Inc
                
6.20%, 3/28/2017
     175       178  
 
              
 
             383  
 
              
Investment Companies (0.42%)
                
Canadian Oil Sands Ltd
                
4.80%, 8/10/2009 (f)
     150       153  
Xstrata Finance Canada Ltd
                
6.90%, 11/15/2037 (f)
     350       343  
Xstrata Finance Dubai Ltd
                
5.23%, 11/13/2009 (d)(f)
     250       249  
 
              
 
             745  
 
              
Investment Management & Advisory Services (0.11%)
                
Ameriprise Financial Inc
                
7.52%, 6/1/2066 (d)
     200       197  
 
                
Life & Health Insurance (0.71%)
                
Cigna Corp
                
7.00%, 1/15/2011
     105       112  
6.15%, 11/15/2036
     95       89  
Great West Life & Annuity Insurance Co
                
7.15%, 5/16/2046 (d)(f)
     130       130  
Hartford Life Global Funding Trusts
                
5.16%, 9/15/2009 (d)
     300       300  
Lincoln National Corp
                
5.65%, 8/27/2012
     145       151  
6.05%, 4/20/2067 (d)
     105       98  
Prudential Financial Inc
                
5.26%, 6/13/2008 (d)
     150       151  
4.75%, 4/1/2014
     150       147  
StanCorp Financial Group Inc
                
6.88%, 10/1/2012
     75       84  
 
              
 
             1,262  
 
              
Medical — Biomedical/Gene (0.12%)
                
Amgen Inc
                
5.85%, 6/1/2017 (f)
     200       205  
 
                
Medical — Drugs (0.45%)
                
Abbott Laboratories
                
5.60%, 11/30/2017
     600       626  
Allergan Inc/United States
                
5.75%, 4/1/2016
     160       166  
 
              
 
             792  
 
              
Medical — HMO (0.53%)
                
UnitedHealth Group Inc
                
5.09%, 6/21/2010 (d)(f)
     250       244  
5.50%, 11/15/2012 (f)
     350       363  
WellPoint Inc
                
6.80%, 8/ 1/2012
     15       17  
5.85%, 1/15/2036
     205       185  
6.38%, 6/15/2037
     130       127  
 
              
 
             936  
 
              
Medical — Wholesale Drug Distribution (0.12%)
                
Cardinal Health Inc
                
5.65%, 6/15/2012 (f)
     200       207  
 
                
Medical Laboratory & Testing Service (0.03%)
                
Quest Diagnostics Inc
                
6.40%, 7/1/2017
     50       52  
 
                
Medical Products (0.17%)
                
Baxter International Inc
                
6.25%, 12/ 1/2037
     290       299  
 
                
Metal — Diversified (0.04%)
                
Falconbridge Ltd
                
7.35%, 6/5/2012
     10       11  
5.38%, 6/1/2015
     15       15  
Xstrata Canada Corp
                
7.25%, 7/15/2012
     40       44  
 
              
 
             70  
 
              
Metal Processors & Fabrication (0.05%)
                
Commercial Metals Co
                
6.50%, 7/15/2017
     75       81  
 
                
Money Center Banks (0.23%)
                
Comerica Capital Trust II
                
6.58%, 2/20/2037
     165       115  
Rabobank Capital Funding Trust
                
5.25%, 12/29/2049 (d)(f)
     165       151  
Unicredit Luxembourg Finance SA
                
6.00%, 10/31/2017 (f)
     150       152  
 
              
 
             418  
 
              
Mortgage Backed Securities (24.15%)
                
Adjustable Rate Mortgage Trust
                
3.95%, 2/25/2035 (d)
     58       58  

71

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
Adjustable Rate Mortgage Trust (continued)
                
5.10%, 11/25/2035 (d)
   $ 140     $ 132  
Banc of America Commercial Mortgage Inc
                
7.33%, 11/15/2031
     150       155  
4.86%, 7/10/2043
     265       258  
4.97%, 7/10/2043
     130       113  
5.12%, 7/11/2043
     250       251  
5.33%, 9/10/2045
     325       326  
0.22%, 10/10/2045
     81,884       302  
5.31%, 10/10/2045 (d)
     365       365  
5.68%, 7/10/2046 (d)
     300       287  
Banc of America Funding Corp
                
4.01%, 7/20/2036 (d)(e)
     463       456  
4.21%, 7/20/2036 (d)(e)
     325       295  
3.56%, 4/25/2037 (d)(e)
     550       544  
Banc of America Mortgage Securities Inc
                
4.11%, 6/25/2034 (d)
     300       300  
Bear Stearns Adjustable Rate Mortgage Trust
                
3.54%, 6/25/2034 (d)
     75       75  
5.08%, 8/25/2035 (d)
     409       411  
Bear Stearns Alt-A Trust
                
3.54%, 11/25/2036 (d)(e)
     228       225  
3.55%, 4/25/2037 (d)
     525       490  
Bear Stearns Asset Backed Securities Trust
                
3.61%, 4/25/2036 (d)(e)
     449       413  
Bear Stearns Commercial Mortgage Securities Inc
                
7.00%, 5/20/2030
     156       163  
3.97%, 11/11/2035
     46       45  
0.63%, 5/11/2039 (d)(f)
     3,108       46  
3.24%, 2/11/2041
     51       50  
Bella Vista Mortgage Trust
                
4.23%, 1/22/2045 (d)(e)
     314       301  
4.18%, 5/20/2045 (d)
     401       374  
Chase Commercial Mortgage Securities Corp
                
7.32%, 10/15/2032
     300       314  
Chase Mortgage Finance Corp
                
5.43%, 3/25/2037 (d)
     521       532  
4.61%, 7/25/2037 (d)(g)
     220       219  
Citigroup Commercial Mortgage Trust
                
0.72%, 10/15/2049 (d)
     4,769       115  
Citigroup/Deutsche Bank Commercial Mortgage Trust
                
0.63%, 10/15/2048 (d)
     7,946       163  
0.53%, 12/11/2049 (d)
     7,074       114  
Commercial Mortgage Pass Through Certificates
                
5.22%, 5/10/2043 (d)
     100       88  
0.06%, 12/10/2046 (d)
     3,900       47  
5.25%, 12/10/2046
     235       234  
6.01%, 12/10/2049 (d)
     425       354  
Countrywide Alternative Loan Trust
                
3.60%, 5/25/2035 (d)
     95       88  
6.10%, 7/20/2035 (d)(g)
     91       83  
3.55%, 6/25/2036 (d)
     750       731  
Countrywide Asset-Backed Certificates
                
3.66%, 11/25/2035 (d)
     87       85  
3.65%, 1/25/2036 (d)(e)
     500       490  
3.78%, 4/25/2036 (d)
     325       203  
Countrywide Home Loan Mortgage Pass Through Certificates
                
4.59%, 12/19/2033 (d)
     50       49  
3.58%, 4/25/2046 (d)
     210       194  
Credit Suisse Mortgage Capital Certificates
                
6.02%, 6/15/2038 (d)
     170       174  
0.78%, 9/15/2039 (f)
     5,120       137  
5.81%, 9/15/2039
     325       310  
0.11%, 12/15/2039
     1,442       24  
0.87%, 12/15/2039 (d)
     6,097       189  
CS First Boston Mortgage Securities Corp
                
1.30%, 3/15/2036 (d)(f)
     925       20  
0.58%, 5/15/2036 (d)(f)
     1,029       9  
0.77%, 7/15/2036 (d)(f)
     1,121       18  
0.23%, 11/15/2037 (d)(f)
     1,968       38  
7.92%, 9/15/2041 (d)
     40       42  
CW Capital Cobalt Ltd
                
5.17%, 8/15/2048
     355       352  
First Union National Bank Commercial Mortgage Securities Inc
                
7.84%, 5/17/2032
     215       227  
8.09%, 5/17/2032
     65       69  
5.59%, 2/12/2034
     38       39  
6.14%, 2/12/2034
     150       156  
GE Capital Commercial Mortgage Corp
                
0.43%, 5/10/2014
     11,544       128  
5.61%, 4/10/2017 (d)
     525       496  
4.97%, 8/11/2036
     58       58  
0.74%, 3/10/2040 (d)(f)
     1,521       23  
4.98%, 5/10/2043
     465       457  
5.51%, 11/10/2045 (d)
     195       172  
5.51%, 11/10/2045 (d)
     850       869  
GMAC Commercial Mortgage Securities Inc
                
6.96%, 9/15/2035
     150       157  
0.97%, 3/10/2038 (d)(f)
     1,097       23  
Greenpoint Mortgage Funding Trust
                
3.65%, 6/25/2045 (d)(e)
     488       467  
3.68%, 6/25/2045 (d)
     82       77  
Greenwich Capital Commercial Funding Corp
                
0.44%, 6/10/2036 (d)(f)
     8,473       73  
5.22%, 4/10/2037
     500       504  
6.11%, 7/10/2038 (d)
     230       225  
0.51%, 3/10/2039 (d)(f)
     12,858       274  

72

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s     (000’s  
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
GS Mortgage Securities Corp II
                
0.86%, 11/10/2039
   $ 2,545     $ 98  
5.99%, 8/10/2045 (d)
     270       260  
GSR Mortgage Loan Trust
                
3.56%, 12/25/2035 (d)
     53       53  
3.64%, 8/25/2046 (d)(e)
     539       491  
Homebanc Mortgage Trust
                
3.72%, 1/25/2036 (d)(e)
     581       565  
Impac CMB Trust
                
5.87%, 10/25/2033 (d)
     37       37  
4.14%, 1/25/2035 (d)
     66       64  
3.69%, 4/25/2035 (d)
     54       54  
3.81%, 4/25/2035 (d)
     55       49  
3.68%, 8/25/2035 (d)
     81       74  
3.89%, 8/25/2035 (d)
     185       161  
Impac Secured Assets CMN Owner Trust
                
3.66%, 3/25/2036 (d)(e)
     925       901  
3.54%, 3/25/2037 (d)
     680       606  
Indymac Index Mortgage Loan Trust
                
3.68%, 4/25/2034 (d)
     33       31  
3.61%, 4/25/2035 (d)
     78       73  
3.71%, 4/25/2035 (d)
     74       61  
3.68%, 8/25/2035 (d)
     197       186  
3.56%, 1/25/2037 (d)(e)
     625       612  
3.62%, 6/25/2037 (d)(g)
     529       498  
JP Morgan Alternative Loan Trust
                
3.53%, 3/25/2037 (d)
     585       548  
JP Morgan Chase Commercial Mortgage Securities
                
0.71%, 10/12/2035 (d)(f)
     1,598       53  
5.02%, 1/12/2037
     55       52  
5.29%, 9/12/2037 (d)
     100       87  
1.28%, 1/12/2039 (d)(f)
     986       25  
5.63%, 6/12/2041 (d)
     285       278  
0.30%, 1/15/2042 (d)(f)
     1,938       31  
4.78%, 7/15/2042
     290       262  
5.59%, 5/12/2045 (d)
     190       180  
5.44%, 5/15/2045 (d)
     325       304  
5.30%, 5/15/2047 (d)
     355       353  
6.01%, 6/15/2049 (d)
     425       408  
6.20%, 2/12/2051 (f)
     230       197  
6.30%, 2/12/2051 (d)
     260       242  
JP Morgan Mortgage Trust
                
5.30%, 7/25/2035
     169       171  
4.95%, 11/25/2035 (d)
     400       406  
5.31%, 4/25/2036 (d)
     136       137  
5.82%, 6/25/2036 (d)
     254       258  
5.82%, 6/25/2036 (d)
     140       144  
5.98%, 6/25/2036 (d)
     88       88  
5.95%, 8/25/2036 (d)
     550       558  
6.00%, 8/25/2036 (d)
     230       242  
5.56%, 10/25/2036 (d)
     580       579  
5.71%, 4/25/2037 (d)(g)
     250       256  
5.71%, 4/25/2037 (d)
     220       226  
LB Commercial Conduit Mortgage Trust
                
7.33%, 10/15/2032
     146       150  
LB-UBS Commercial Mortgage Trust
                
6.06%, 6/15/2020
     19       19  
4.90%, 6/15/2026
     31       31  
5.59%, 6/15/2031
     110       113  
5.74%, 6/15/2032
     221       225  
0.35%, 3/15/2036 (d)(f)
     694       18  
1.29%, 3/15/2036 (d)(f)
     2,181       47  
0.84%, 8/15/2036 (d)(f)
     866       13  
5.41%, 9/15/2039 (d)
     80       75  
0.68%, 2/15/2040 (d)
     8,684       270  
5.46%, 2/15/2040 (d)
     940       877  
5.48%, 2/15/2040 (d)
     240       214  
5.49%, 2/15/2040 (d)
     435       407  
6.45%, 7/17/2040 (d)
     250       215  
Lehman XS Trust
                
3.60%, 6/25/2047 (d)(g)
     789       732  
Merrill Lynch Alternative Note Asset Trust
                
3.59%, 4/25/2037 (d)(g)
     650       533  
Merrill Lynch Mortgage Investors Inc
                
3.50%, 8/25/2035 (d)
     —       —  
Merrill Lynch Mortgage Trust
                
5.78%, 8/12/2016
     290       280  
5.80%, 5/12/2039 (d)
     705       713  
5.84%, 5/12/2039 (d)
     160       154  
0.68%, 2/12/2042 (d)
     2,242       22  
Merrill Lynch/Countrywide Commercial Mortgage Trust
                
5.46%, 7/12/2046 (d)
     170       159  
0.73%, 8/12/2048 (d)
     2,992       109  
0.06%, 12/12/2049 (d)
     2,448       35  
5.11%, 12/12/2049 (d)
     280       277  
5.94%, 6/12/2050 (d)
     425       353  
Morgan Stanley Capital I
                
7.11%, 4/15/2033
     175       180  
1.15%, 1/13/2041 (d)(f)
     665       20  
3.99%, 5/24/2043 (d)(e)(f)(g)
     425       383  
0.04%, 12/15/2043 (d)(f)
     2,770       36  
5.36%, 3/15/2044 (d)
     450       440  
5.55%, 12/20/2046 (d)(g)
     150       83  
5.81%, 4/12/2049 (d)
     300       300  
5.81%, 4/12/2049
     270       221  
Morgan Stanley Dean Witter Capital I
                
6.54%, 2/15/2031
     37       38  
Nomura Asset Acceptance Corp
                
3.73%, 2/25/2035 (d)
     43       40  

73

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
Residential Accredit Loans Inc
                
3.53%, 2/25/2037 (d)(g)
   $ 282     $ 266  
3.53%, 3/25/2047 (d)
     1,004       942  
Sequoia Mortgage Trust
                
4.16%, 2/20/2035 (d)
     96       94  
Structured Adjustable Rate Mortgage Loan Trust
                
4.67%, 7/25/2034 (d)
     400       400  
4.08%, 8/25/2034 (d)
     248       214  
3.63%, 3/25/2035 (d)
     31       30  
5.25%, 12/25/2035
     145       147  
5.25%, 2/25/2036 (d)
     201       203  
Structured Asset Mortgage Investments Inc
                
3.68%, 5/25/2045 (d)
     79       79  
3.69%, 9/25/2045 (d)
     112       111  
Structured Asset Securities Corp
                
5.50%, 6/25/2036 (d)
     325       274  
Thornburg Mortgage Securities Trust
                
3.64%, 10/25/2035 (d)
     322       321  
Wachovia Bank Commercial Mortgage Trust
                
0.25%, 11/15/2035 (f)
     5,201       50  
0.35%, 1/15/2041 (d)(f)
     825       5  
0.59%, 10/15/2041 (d)(f)
     4,777       64  
0.43%, 3/15/2042 (d)(f)
     7,881       73  
4.94%, 4/15/2042
     430       421  
5.25%, 12/15/2043
     255       253  
5.48%, 12/15/2043
     80       65  
5.60%, 12/15/2043
     220       157  
4.52%, 5/15/2044
     240       237  
5.80%, 7/15/2045
     345       332  
5.82%, 5/15/2046 (d)
     280       266  
WaMu Commercial Mortgage Securities Trust
                
3.83%, 1/25/2035 (f)
     128       126  
WaMu Mortgage Pass Through Certificates
                
4.02%, 12/25/2027 (d)
     187       176  
3.80%, 6/25/2034 (d)
     125       125  
4.68%, 5/25/2035 (d)
     75       76  
5.70%, 6/25/2037 (d)
     191       192  
5.36%, 7/25/2044 (d)
     50       47  
3.69%, 1/25/2045 (d)
     62       59  
3.91%, 1/25/2045 (d)
     180       129  
3.61%, 4/25/2045 (d)
     35       33  
3.65%, 4/25/2045 (d)
     62       57  
3.67%, 7/25/2045 (d)
     88       83  
3.76%, 11/25/2045 (d)(e)
     407       395  
Washington Mutual Alternative Mortgage
                
3.66%, 6/25/2046 (d)(e)
     455       380  
3.56%, 1/25/2047 (d)
     437       402  
Wells Fargo Mortgage Backed Securities
                
4.20%, 3/25/2035 (d)
     207       208  
4.99%, 10/25/2035 (d)
     386       393  
 
              
 
             42,971  
 
              
Multi-Line Insurance (1.02%)
                
 
                
Aegon NV
                
4.75%, 6/1/2013
     10       10  
Allstate Corp/The
                
6.13%, 5/15/2037 (d)
     185       180  
American International Group Inc
                
4.25%, 5/15/2013
     15       15  
5.85%, 1/16/2018
     350       351  
CNA Financial Corp
                
6.00%, 8/15/2011
     130       134  
Genworth Financial Inc
                
6.15%, 11/15/2066 (d)
     165       146  
ING Groep NV
                
5.78%, 12/8/2035
     410       382  
Metropolitan Life Global Funding I
                
5.14%, 3/17/2009 (d)(f)
     250       250  
5.56%, 5/17/2010 (f)
     250       248  
XL Capital Ltd
                
6.50%, 12/31/2049 (d)
     125       99  
 
              
 
             1,815  
 
              
Multimedia (0.80%)
                
News America Inc
                
6.20%, 12/15/2034
     55       53  
6.65%, 11/15/2037 (f)
     450       457  
Thomson Corp/The
                
5.75%, 2/1/2008
     15       15  
4.75%, 5/28/2010
     15       15  
Time Warner Inc
                
5.11%, 11/13/2009 (d)(e)
     200       194  
Viacom Inc
                
5.34%, 6/16/2009 (d)(e)
     275       273  
5.75%, 4/30/2011
     130       133  
Walt Disney Co/The
                
5.25%, 9/10/2009 (d)(e)
     275       275  
7.00%, 3/1/2032
     10       12  
 
              
 
             1,427  
 
              
Mutual Insurance (0.07%)
                
Liberty Mutual Group Inc
                
7.50%, 8/15/2036 (b)(f)
     130       128  
 
                
Non-Hazardous Waste Disposal (0.06%)
                
Oakmont Asset Trust
                
4.51%, 12/22/2008 (f)
     105       106  
 
                
Office Automation & Equipment (0.08%)
                
Xerox Corp
                
5.50%, 5/15/2012
     145       148  
 
                
Oil — Field Services (0.25%)
                
BJ Services Co
                
5.29%, 6/1/2008 (d)(e)
     425       425  

74

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Oil — Field Services (continued)
                
Halliburton Co
                
5.50%, 10/15/2010
   $ 15     $ 16  
 
              
 
             441  
 
              
Oil & Gas Drilling (0.21%)
                
Transocean Inc
                
5.34%, 9/5/2008 (d)(e)
     375       374  
 
                
Oil Company — Exploration & Production (0.86%)
                
Anadarko Petroleum Corp
                
5.39%, 9/15/2009 (d)
     365       357  
Husky Oil Co
                
7.55%, 11/15/2016
     115       131  
Nexen Inc
                
5.05%, 11/20/2013
     310       302  
6.40%, 5/15/2037
     125       121  
Talisman Energy Inc
                
6.25%, 2/1/2038
     215       207  
XTO Energy Inc
                
5.90%, 8/1/2012
     385       408  
 
              
 
             1,526  
 
              
Oil Company — Integrated (0.26%)
                
ConocoPhillips
                
8.75%, 5/25/2010
     25       28  
Husky Energy Inc
                
6.25%, 6/15/2012
     40       42  
6.15%, 6/15/2019
     55       57  
6.80%, 9/15/2037
     175       183  
Marathon Oil Corp
                
6.80%, 3/15/2032
     15       16  
Petro-Canada
                
4.00%, 7/15/2013
     15       14  
Petronas Capital Ltd
                
7.88%, 5/22/2022 (f)
     10       13  
Suncor Energy Inc
                
6.50%, 6/15/2038
     110       112  
 
              
 
             465  
 
              
Oil Refining & Marketing (0.02%)
                
Premcor Refining Group Inc/The
                
6.75%, 2/1/2011
     40       43  
 
                
Paper & Related Products (0.10%)
                
Alto Parana SA
                
6.38%, 6/9/2017 (f)
     165       163  
Celulosa Arauco y Constitucion SA
                
5.13%, 7/9/2013
     10       10  
 
              
 
             173  
 
              
Pharmacy Services (0.14%)
                
Medco Health Solutions Inc
                
7.25%, 8/15/2013
     225       248  
Pipelines (0.68%)
                
Boardwalk Pipelines LLC
                
5.50%, 2/ 1/2017
     45       45  
CenterPoint Energy Resources Corp
                
6.13%, 11/ 1/2017
     90       93  
6.63%, 11/ 1/2037
     90       90  
Consolidated Natural Gas Co
                
5.00%, 3/ 1/2014
     15       15  
Enbridge Energy Partners LP
                
4.00%, 1/15/2009
     35       35  
Enbridge Inc
                
5.80%, 6/15/2014
     200       205  
Kinder Morgan Energy Partners LP
                
6.50%, 2/ 1/2037
     185       180  
National Fuel Gas Co
                
5.25%, 3/ 1/2013
     40       41  
ONEOK Partners LP
                
5.90%, 4/ 1/2012
     130       135  
Pacific Energy Partners LP
                
6.25%, 9/15/2015
     130       133  
TEPPCO Partners LP
                
7.63%, 2/15/2012
     215       241  
 
              
 
             1,213  
 
              
Property & Casualty Insurance (0.26%)
                
Chubb Corp
                
6.38%, 3/29/2037 (d)
     125       123  
Progressive Corp/The
                
6.25%, 12/1/2032
     5       5  
6.70%, 6/15/2037
     130       124  
Safeco Corp
               
7.25%, 9/1/2012
     3       3  
Travelers Cos Inc/The
                
6.25%, 3/15/2067 (d)
     110       105  
WR Berkley Corp
                
6.25%, 2/15/2037
     115       105  
 
              
 
             465  
 
              
Quarrying (0.31%)
                
Vulcan Materials Co
                
6.39%, 12/15/2010 (d)(e)
     200       199  
5.60%, 11/30/2012
     350       360  
 
              
 
             559  
 
              
Real Estate Operator & Developer (0.21%)
                
Duke Realty LP
                
5.63%, 8/15/2011
     45       45  
4.63%, 5/15/2013 (b)
     10       9  
Regency Centers LP
                
8.45%, 9/1/2010
     70       78  
5.88%, 6/15/2017
     245       236  
 
              
 
             368  
 
              
Regional Authority (0.03%)
                
Province of Nova Scotia Canada
                
5.75%, 2/27/2012
     25       27  

75

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Regional Authority (continued)
                
Province of Ontario Canada
                
5.13%, 7/17/2012
   $ 25     $ 27  
 
              
 
             54  
 
              
Regional Banks (2.06%)
                
BAC Capital Trust XIII
                
5.39%, 3/15/2043 (d)
     285       225  
BAC Capital Trust XIV
                
5.63%, 3/15/2043 (d)
     175       142  
Bank of America Corp
                
4.99%, 8/2/2010 (b)(d)
     250       247  
8.00%, 12/29/2049 (d)
     325       338  
Bank One Corp
                
6.00%, 8/1/2008
     50       50  
Capital One Financial Corp
                
5.43%, 9/10/2009 (d)(e)
     250       233  
5.70%, 9/15/2011
     110       101  
Fifth Third Bancorp
                
3.38%, 8/15/2008
     10       10  
Fleet Capital Trust II
                
7.92%, 12/11/2026
     300       312  
PNC Funding Corp
                
3.38%, 1/31/2012 (d)
     450       437  
SunTrust Preferred Capital I
                
5.85%, 12/31/2049 (d)
     95       81  
Wachovia Corp
                
6.38%, 2/1/2009
     180       183  
5.75%, 2/1/2018
     405       407  
Wells Fargo & Co
                
3.50%, 4/ 4/2008 (b)
     10       10  
5.17%, 8/20/2010 (d)
     140       140  
4.38%, 1/31/2013
     435       435  
5.63%, 12/11/2017
     300       308  
 
              
 
             3,659  
 
              
Reinsurance (0.24%)
                
Endurance Specialty Holdings Ltd
                
7.00%, 7/15/2034
     165       157  
PartnerRe Finance II
                
6.44%, 12/1/2066 (d)
     90       81  
Platinum Underwriters Finance Inc
                
7.50%, 6/1/2017
     175       187  
 
              
 
             425  
 
              
REITS — Apartments (0.14%)
                
AvalonBay Communities Inc
                
5.50%, 1/15/2012
     120       116  
BRE Properties Inc
                
5.50%, 3/15/2017
     105       92  
UDR Inc
                
6.50%, 6/15/2009
     40       41  
 
              
 
             249  
 
              
REITS — Diversified (0.33%)
                
iStar Financial Inc
                
5.33%, 9/15/2009 (d)
     125       116  
5.50%, 3/ 9/2010 (d)
     300       267  
5.85%, 3/15/2017
     250       207  
 
              
 
             590  
 
              
REITS — Healthcare (0.37%)
                
HCP Inc
                
5.44%, 9/15/2008 (d)(e)
     325       325  
5.65%, 12/15/2013
     185       173  
6.00%, 1/30/2017
     125       112  
Nationwide Health Properties Inc
                
6.50%, 7/15/2011
     40       43  
 
              
 
             653  
 
              
REITS — Hotels (0.24%)
                
Hospitality Properties Trust
                
6.30%, 6/15/2016
     100       98  
6.70%, 1/15/2018
     350       336  
 
              
 
             434  
 
              
REITS — Office Property (0.19%)
                
Brandywine Operating Partnership LP
                
5.63%, 12/15/2010
     130       130  
5.70%, 5/1/2017
     125       114  
HRPT Properties Trust
                
5.59%, 3/16/2011 (d)
     100       97  
 
              
 
             341  
 
              
REITS — Regional Malls (0.01%)
                
Simon Property Group LP
                
5.38%, 8/28/2008
     10       10  
3.75%, 1/30/2009
     15       15  
 
              
 
             25  
 
              
REITS — Shopping Centers (0.14%)
                
 
                
Developers Diversified Realty Corp
                
5.38%, 10/15/2012
     200       185  
Federal Realty Investment Trust
                
6.20%, 1/15/2017
     65       64  
 
              
 
             249  
 
              
REITS — Single Tenant (0.30%)
                
National Retail Properties Inc
                
6.88%, 10/15/2017
     200       204  
Tanger Properties LP
                
9.13%, 2/15/2008
     335       335  
 
              
 
             539  
 
              
REITS — Warehouse & Industrial (0.30%)
                
Prologis
                
5.28%, 8/24/2009 (d)(e)
     250       243  
5.50%, 3/1/2013
     300       295  
 
              
 
             538  
 
              

76

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Rental — Auto & Equipment (0.35%)
                
Erac USA Finance Co
                
3.50%, 4/30/2009 (d)(e)(f)
   $ 260     $ 259  
5.30%, 8/28/2009 (d)(f)
     125       126  
5.90%, 11/15/2015 (f)
     250       244  
 
              
 
             629  
 
              
Retail — Regional Department Store (0.00%)
                
Kohl’s Corp
                
6.00%, 1/15/2033
     10       8  
 
                
Savings & Loans — Thrifts (0.39%)
                
Washington Mutual Bank/Henderson NV
                
6.88%, 6/15/2011
     75       72  
5.65%, 8/15/2014
     100       88  
Washington Mutual Inc
                
4.56%, 1/15/2010 (d)(e)
     575       526  
 
              
 
             686  
 
              
Sovereign (0.01%)
                
Poland Government International Bond
                
6.25%, 7/3/2012 (b)
     15       16  
 
                
Special Purpose Banks (0.31%)
                
Korea Development Bank
                
4.33%, 10/20/2009 (d)
     110       110  
4.84%, 4/3/2010 (d)(e)
     435       435  
 
              
 
             545  
 
              
Special Purpose Entity (0.98%)
                
BAE Systems Holdings Inc
                
6.40%, 12/15/2011 (f)
     285       304  
5.20%, 8/15/2015 (f)
     205       203  
Capital One Capital IV
                
6.75%, 2/17/2037 (b)
     95       65  
John Hancock Global Funding II
                
4.87%, 4/3/2009 (d)(e)(f)
     300       301  
JP Morgan Chase Capital XXII
                
6.45%, 2/2/2037
     70       63  
QBE Capital Funding II LP
                
6.80%, 6/29/2049 (c)(d)(f)
     125       118  
Rio Tinto Finance USA Ltd
                
2.63%, 9/30/2008
     15       15  
Rockies Express Pipeline LLC
                
5.78%, 8/20/2009 (d)(f)
     180       180  
SMFG Preferred Capital USD 1 Ltd
                
6.08%, 1/29/2049 (d)(f)
     185       171  
Swiss Re Capital I LP
                
6.85%, 5/29/2049 (d)(f)
     150       145  
TransCapitalInvest Ltd
                
5.67%, 3/5/2014 (f)
     150       148  
Unilever Capital Corp
                
7.13%, 11/1/2010
     30       33  
 
              
 
             1,746  
 
              
Steel — Producers (0.08%)
                
Ispat Inland ULC
                
9.75%, 4/1/2014
     130       141  
 
                
Telecommunication Services (0.01%)
                
Verizon Global Funding Corp
                
6.88%, 6/15/2012 (b)
     15       16  
 
                
Telephone — Integrated (1.68%)
                
AT&T Inc
                
5.08%, 11/14/2008 (d)(e)
     325       325  
4.95%, 1/15/2013
     200       205  
6.30%, 1/15/2038
     600       596  
British Telecommunications PLC
                
5.15%, 1/15/2013
     250       257  
Deutsche Telekom International Finance
                
5.06%, 3/23/2009 (d)
     250       248  
France Telecom SA
                
7.75%, 3/1/2011 (d)
     290       316  
Royal KPN NV
                
8.00%, 10/ 1/2010
     75       81  
Telecom Italia Capital SA
                
4.00%, 11/15/2008
     15       15  
5.39%, 2/1/2011 (d)
     70       68  
4.56%, 7/18/2011 (d)
     150       144  
Telefonica Emisiones SAU
                
5.23%, 6/19/2009 (d)
     150       148  
5.98%, 6/20/2011
     100       104  
5.21%, 2/4/2013 (a)(c)(d)
     155       145  
5.86%, 2/4/2013 (c)
     250       259  
Telefonica Europe BV
                
7.75%, 9/15/2010
     70       76  
 
              
 
             2,987  
 
              
Tools — Hand Held (0.13%)
                
Snap-On Inc
                
4.51%, 1/12/2010 (d)(e)
     225       223  
Stanley Works/The
                
4.90%, 11/1/2012
     15       15  
 
              
 
             238  
 
              
Transport — Rail (0.40%)
                
Burlington Northern Santa Fe Corp
                
7.95%, 8/15/2030
     30       35  
Canadian National Railway Co
                
4.40%, 3/15/2013
     15       15  
CSX Transportation Inc
                
6.25%, 1/15/2023
     350       364  
Union Pacific Corp
                
5.45%, 1/31/2013
     250       258  
4.70%, 1/2/2024
     9       9  
6.63%, 2/1/2029
     35       36  
 
              
 
             717  
 
              

77

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Transport — Services (0.02%)
                
FedEx Corp
                
3.50%, 4/1/2009
   $ 40     $ 40  
   
TOTAL BONDS
           $ 146,298  
   
SENIOR FLOATING RATE INTERESTS (0.31%)
                
Retail — Building Products (0.31%)
                
HD Supply Inc, Term Loan B
                
5.85%, 8/30/2012 (d)
     560       554  
   
TOTAL SENIOR FLOATING RATE INTERESTS
           $ 554  
   
   
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (58.84%)
                
Federal Home Loan Mortgage Corporation (FHLMC) (16.28%)
                
5.00%, 2/1/2023 (i)
     270       273  
4.50%, 3/1/2023 (c)(i)
     1,090       1,087  
5.00%, 2/1/2038 (i)
     4,735       4,713  
5.50%, 2/1/2038 (i)
     7,865       7,961  
6.00%, 2/1/2038 (i)
     6,520       6,683  
6.50%, 2/1/2038 (i)
     175       182  
5.50%, 3/1/2009
     5       5  
6.50%, 12/1/2015
     8       8  
7.50%, 12/1/2015
     12       13  
6.50%, 6/1/2017
     42       43  
6.00%, 7/1/2017
     76       79  
5.00%, 5/1/2018
     100       102  
5.00%, 1/1/2019
     116       118  
6.00%, 6/1/2028
     40       41  
6.50%, 3/1/2029
     57       59  
7.50%, 10/1/2030
     24       26  
8.00%, 11/1/2030
     1       1  
7.00%, 12/1/2030
     19       20  
7.50%, 12/1/2030
     3       3  
6.50%, 5/1/2031
     29       30  
6.50%, 10/1/2031
     7       7  
7.00%, 1/1/2032
     18       19  
6.50%, 2/1/2032
     9       10  
7.50%, 4/1/2032
     10       11  
6.50%, 5/1/2032
     70       74  
6.50%, 5/1/2032
     5       5  
5.50%, 5/1/2033
     118       120  
5.50%, 8/1/2033
     298       302  
5.50%, 10/1/2033
     99       100  
5.50%, 12/1/2033
     79       80  
5.50%, 9/1/2034
     171       173  
5.50%, 3/1/2035
     195       197  
5.00%, 7/1/2035
     145       144  
6.00%, 8/1/2036
     118       121  
6.50%, 11/1/2036
     287       298  
6.00%, 4/1/2037
     1,394       1,430  
6.04%, 6/1/2035 (d)
     283       289  
4.67%, 8/1/2035 (d)
     149       153  
4.99%, 9/1/2035 (d)
     313       319  
5.44%, 12/1/2035 (d)
     222       225  
6.54%, 7/1/2036 (d)
     334       344  
5.68%, 10/1/2036 (d)
     1,074       1,105  
6.51%, 10/1/2036 (d)
     158       164  
6.50%, 1/1/2037 (d)
     241       250  
6.51%, 1/1/2037 (d)
     448       465  
5.56%, 2/1/2037 (d)
     263       266  
5.63%, 2/1/2037 (d)
     358       364  
5.64%, 5/1/2037
     178       180  
5.69%, 6/1/2037 (d)
     299       307  
 
              
 
             28,969  
 
              
Federal National Mortgage Association (FNMA) (19.60%)
                
5.00%, 2/1/2023 (i)
     2,870       2,909  
5.50%, 2/1/2023 (i)
     1,490       1,526  
4.50%, 3/1/2023 (c)(i)
     3,110       3,112  
5.00%, 2/1/2038 (i)
     5,655       5,630  
5.50%, 2/1/2038 (i)
     8,220       8,328  
6.00%, 2/1/2038 (i)
     4,780       4,904  
6.50%, 2/1/2038 (i)
     1,975       2,050  
5.50%, 2/1/2009
     11       11  
5.50%, 6/1/2009
     19       19  
6.00%, 10/1/2016
     11       11  
5.00%, 9/1/2017
     323       329  
5.50%, 1/1/2018
     70       72  
4.50%, 1/1/2020
     176       176  
6.00%, 10/1/2021
     177       183  
5.50%, 7/1/2023
     56       57  
6.00%, 9/1/2031
     46       47  
6.50%, 12/1/2031
     27       28  
6.00%, 4/1/2033
     92       95  
5.50%, 9/1/2033
     178       180  
4.24%, 6/1/2034 (d)
     73       74  
5.50%, 6/1/2034
     31       32  
4.33%, 7/1/2034 (d)
     41       42  
4.28%, 12/1/2034 (d)
     106       108  
4.59%, 3/1/2035 (d)
     118       119  
5.00%, 7/1/2035
     120       119  

78

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Federal National Mortgage Association (FNMA) (continued)
                
5.08%, 8/1/2035 (d)
   $ 199     $ 202  
5.73%, 2/1/2036 (d)
     94       96  
6.86%, 3/1/2036 (d)
     206       210  
6.00%, 5/1/2036
     83       85  
5.65%, 6/1/2036 (d)
     175       184  
5.79%, 6/1/2036 (d)(g)
     51       52  
6.00%, 7/1/2036
     206       211  
6.50%, 8/1/2036
     30       31  
6.50%, 8/1/2036
     245       255  
6.50%, 12/1/2036
     1,645       1,708  
5.43%, 1/1/2037 (d)
     230       236  
5.50%, 1/1/2037 (d)
     697       720  
6.50%, 1/1/2037
     150       156  
5.47%, 3/1/2037 (d)
     208       222  
5.73%, 5/1/2037 (d)
     321       331  
 
              
 
             34,860  
 
              
Government National Mortgage Association (GNMA) (2.72%)
                
5.00%, 2/1/2038 (i)
     950       952  
5.50%, 2/1/2038 (i)
     3,230       3,293  
7.00%, 7/15/2031
     12       13  
6.00%, 7/15/2032
     19       20  
6.00%, 12/15/2032
     33       35  
6.00%, 12/15/2033
     478       494  
6.50%, 10/20/2028
     18       19  
8.00%, 8/20/2029
     2       2  
6.50%, 2/20/2032
     10       11  
6.50%, 5/20/2032
     3       3  
 
              
 
             4,842  
 
              
U.S. Treasury (19.75%)
                
4.50%, 2/15/2009 (b)
     2,500       2,559  
4.00%, 6/15/2009 (b)
     1,250       1,282  
3.63%, 7/15/2009 (b)
     2,775       2,834  
4.88%, 8/15/2009 (b)
     2,650       2,759  
3.13%, 11/30/2009 (b)
     2,500       2,543  
3.50%, 2/15/2010 (b)
     5,240       5,378  
5.00%, 2/15/2011 (b)
     1,750       1,888  
4.50%, 4/30/2012 (b)
     1,600       1,716  
4.38%, 8/15/2012 (b)
     1,675       1,794  
4.25%, 8/15/2013 (b)
     900       961  
4.75%, 5/15/2014 (b)
     750       821  
4.25%, 11/15/2014 (b)
     3,500       3,719  
8.13%, 8/15/2019 (b)
     825       1,142  
8.00%, 11/15/2021 (b)
     250       351  
6.25%, 8/15/2023 (b)
     1,250       1,536  
6.00%, 2/15/2026 (b)
     790       955  
6.25%, 5/15/2030 (b)
     2,275       2,888  
 
              
 
             35,126  
 
              
U.S. Treasury Inflation-Indexed Obligations (0.49%)
                
2.00%, 1/15/2014 (b)
     825       879  
   
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 104,676  
   
SHORT TERM INVESTMENTS (1.64%)
                
Commercial Paper (1.64%)
                
Investment in Joint Trade Account; HSBC Funding
                
3.12%, 2/1/2008
   $ 2,922     $ 2,922  
   
TOTAL SHORT TERM INVESTMENTS
           $ 2,922  
   
REPURCHASE AGREEMENTS (3.44%)
                
Finance — Investment Banker & Broker (0.02%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $36,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (e)
   $ 36     $ 36  
 
                
Money Center Banks (3.42%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $6,135,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (e)
     6,087       6,087  
   
TOTAL REPURCHASE AGREEMENTS
           $ 6,123  
   
Total Investments
           $ 268,693  
Liabilities in Excess of Other Assets, Net — (51.03)%
             (90,787 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 177,906  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security purchased on a when-issued basis.
 
(d)   Variable Rate
 
(e)   Security was purchased with the cash proceeds from securities loans.
 
(f)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $13,743 or 7.72% of net assets.
 
(g)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $4,825 or 2.71% of net assets.
 
(h)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $170 or 0.10% of net assets.
 
(i)   Security was purchased in a “to-be-announced” (“TBA”) transaction. See Notes to Financial Statements.

79

 

Schedule of Investments
High Quality Intermediate-Term Bond Fund
January 31, 2008 (unaudited)
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 3,872  
Unrealized Depreciation
     (6,385 )
 
      
Net Unrealized Appreciation (Depreciation)
     (2,513 )
Cost for federal income tax purposes
     271,206  
     
All dollar amounts are shown in thousands (000’s)
Credit Default Swap Agreements
                 
            Unrealized
    Notional   Appreciation/
Description   Amount   (Depreciation)
Sell protection for CDX NA HY 9 Index and receive quarterly 0.60% from UBS-AG. Expires December 2012.
   $ 3,500     $ (71 )
 
All dollar amounts are shown in thousands (000’s)
Total Return Swap Agreements
                 
            Unrealized
    Notional   Appreciation/
Description   Amount   (Depreciation)
Receive a monthly return equal to the Lehman ERISA Eligible CMBS Index and pay monthly a floating rate based on 1-month LIBOR less 5 basis points with Wachovia Bank. Expires January 2008.
   $ 3,000     $ (40 )
 
                
Receive a monthly return equal to the Lehman ERISA Eligible CMBS Index and pay monthly a floating rate based on 1-month LIBOR plus 10 basis points with Lehman Brothers. Expires May 2008.
     1,600       (21 )
 
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
Sell:
                                
 
                                
US 10YR Note; March 2008
     47     $ 5,340     $ 5,485     $ (145 )
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Mortgage Securities
     64.52 %
Financial
     27.92 %
Government
     20.62 %
Asset Backed Securities
     19.74 %
Communications
     3.97 %
Utilities
     3.81 %
Consumer, Non-cyclical
     3.64 %
Energy
     2.29 %
Industrial
     2.18 %
Consumer, Cyclical
     0.92 %
Basic Materials
     0.70 %
Technology
     0.61 %
Diversified
     0.11 %
 
      
Liabilities in Excess of Other Assets, Net
     (51.03 %)
 
      
 
        
 
      
TOTAL NET ASSETS
     100.00 %
 
      
Other Assets Summary (unaudited)
         
Asset Type   Percent  
Futures
     3.08 %
Credit Default Swaps
     0.04 %
Total Return Swaps
     0.03 %

80

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (94.26%)
                
Advertising Agencies (0.07%)
                
Interpublic Group of Cos Inc
                
6.25%, 11/15/2014
   $ 500     $ 412  
 
                
Advertising Sales (0.58%)
                
Lamar Media Corp
                
7.25%, 1/ 1/2013
     1,310       1,294  
6.63%, 8/15/2015
     1,750       1,658  
6.63%, 8/15/2015
     106       100  
6.63%, 8/15/2015
     644       610  
 
              
 
             3,662  
 
              
Advertising Services (0.57%)
                
RH Donnelley Corp
                
6.88%, 1/15/2013
     1,580       1,327  
6.88%, 1/15/2013
     500       420  
8.88%, 1/15/2016
     750       643  
8.88%, 10/15/2017 (a)(b)
     1,450       1,229  
 
              
 
             3,619  
 
              
Aerospace & Defense (0.16%)
                
Esterline Technologies Corp
                
6.63%, 3/ 1/2017
     1,000       995  
 
                
Aerospace & Defense Equipment (0.11%)
                
GenCorp Inc
                
9.50%, 8/15/2013
     700       703  
 
                
Agricultural Chemicals (0.63%)
                
Mosaic Co/The
                
7.38%, 12/ 1/2014 (b)
     1,000       1,080  
Terra Capital Inc
                
7.00%, 2/ 1/2017
     2,965       2,913  
 
              
 
             3,993  
 
              
Agricultural Operations (0.09%)
                
Eurofresh
                
11.50%, 1/15/2013 (b)
     1,100       550  
 
                
Airlines (1.39%)
                
American Airlines Inc
                
6.82%, 5/23/2011
     1,250       1,192  
7.38%, 5/23/2019
     275       249  
Continental Airlines Inc
                
7.49%, 10/ 2/2010
     500       500  
8.75%, 12/ 1/2011 (c)
     1,000       900  
9.80%, 4/ 1/2021 (d)
     3,726       3,764  
Delta Air Lines Inc
                
8.95%, 8/10/2014 (b)(d)
     250       239  
8.02%, 8/10/2022 (b)(d)
     850       814  
Northwest Airlines Inc
                
7.03%, 11/ 1/2019
     750       722  
United Air Lines Inc
                
7.34%, 7/ 2/2019 (b)(d)
     479       426  
 
              
 
             8,806  
 
              
Apparel Manufacturers (0.10%)
                
Levi Strauss & Co
                
9.75%, 1/15/2015
     620       603  
 
                
Auto — Car & Light Trucks (0.73%)
                
Ford Motor Co
                
9.22%, 9/15/2021
     500       390  
7.13%, 11/15/2025
     225       148  
7.45%, 7/16/2031 (c)
     1,025       756  
9.98%, 2/15/2047 (c)
     500       410  
General Motors Corp
                
7.40%, 9/ 1/2025
     700       514  
8.38%, 7/15/2033 (c)
     3,000       2,438  
 
              
 
             4,656  
 
              
Auto/Truck Parts & Equipment — Original (0.52%)
                
Lear Corp
                
8.75%, 12/ 1/2016
     2,000       1,780  
Tenneco Inc
                
10.25%, 7/15/2013
     373       395  
Titan International Inc
                
8.00%, 1/15/2012
     400       375  
TRW Automotive Inc
                
7.00%, 3/15/2014 (b)
     800       734  
 
              
 
             3,284  
 
              
Beverages — Wine & Spirits (0.91%)
                
Constellation Brands Inc
                
8.38%, 12/15/2014
     3,180       3,275  
7.25%, 9/ 1/2016
     1,035       988  
7.25%, 5/15/2017
     1,550       1,473  
 
              
 
             5,736  
 
              
Broadcasting Services & Programming (0.29%)
                
Barrington Broadcasting Group
                
LLC/Barrington Broadcasting Capital Corp
                
10.50%, 8/15/2014
     250       247  
Fisher Communications Inc
                
8.63%, 9/15/2014
     700       707  
Nexstar Broadcasting Inc
                
7.00%, 1/15/2014
     1,000       915  
 
              
 
             1,869  
 
              
Building — Residential & Commercial (0.06%)
                
KB Home
                
5.88%, 1/15/2015
     415       374  
 
                
Building & Construction — Miscellaneous (0.24%)
                
Dycom Industries Inc
                
8.13%, 10/15/2015
     1,520       1,495  
 
                
Building & Construction Products -
                
Miscellaneous (0.21%)
                
Associated Materials Inc
                
9.75%, 4/15/2012
     250       245  

81

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Building & Construction Products - Miscellaneous (continued)
                
Builders FirstSource Inc
                
9.12%, 2/15/2012 (e)
   $ 500     $ 407  
Gibraltar Industries Inc
                
8.00%, 12/1/2015 (e)(f)
     550       462  
Interline Brands Inc
                
8.13%, 6/15/2014
     250       244  
 
              
 
             1,358  
 
              
Building Products — Cement & Aggregate (0.07%)
                
US Concrete Inc
                
8.38%, 4/1/2014
     500       415  
 
Cable TV (3.85%)
                
CCH I Holdings LLC
                
11.13%, 1/15/2014 (c)
     550       278  
CCH I Holdings LLC/CCH I Holdings Capital Corp
                
11.00%, 10/1/2015 (c)
     2,100       1,491  
CCO Holdings LLC/CCO Holdings Capital Corp
                
8.75%, 11/15/2013
     500       465  
Charter Communications Operating
                
LLC/Charter Communications Operating Capital
                
8.38%, 4/30/2014 (b)
     3,465       3,283  
CSC Holdings Inc
                
8.13%, 8/15/2009
     1,100       1,119  
7.63%, 4/1/2011
     350       346  
DIRECTV Holdings LLC/DIRECTV Financing Co
                
8.38%, 3/15/2013
     7,560       7,815  
6.38%, 6/15/2015
     500       470  
Echostar DBS Corp
                
5.75%, 10/1/2008
     955       955  
6.38%, 10/1/2011
     3,545       3,492  
7.00%, 10/1/2013
     1,460       1,464  
6.63%, 10/1/2014
     1,450       1,416  
Kabel Deutschland GmbH
                
10.63%, 7/1/2014
     375       380  
Mediacom LLC/Mediacom Capital Corp
                
9.50%, 1/15/2013
     500       446  
Unity Media GmbH
                
10.38%, 2/15/2015 (b)
     1,000       960  
 
              
 
             24,380  
 
              
Casino Hotels (2.35%)
                
Majestic Star Casino LLC/Majestic Star Casino Capital Corp
                
9.75%, 1/15/2011 (c)
     790       474  
Mandalay Resort Group
                
9.38%, 2/15/2010
     500       516  
6.38%, 12/15/2011
     500       490  
MGM Mirage
                
6.00%, 10/1/2009
     5,310       5,283  
6.75%, 4/1/2013
     1,500       1,429  
6.63%, 7/15/2015
     531       490  
San Pasqual Casino
                
8.00%, 9/15/2013 (b)
     1,370       1,301  
Seminole Hard Rock Entertainment Inc
                
7.49%, 3/15/2014 (b)(e)
     2,450       2,205  
Station Casinos Inc
                
6.00%, 4/1/2012
     615       537  
Wynn Las Vegas Capital Corp
                
6.63%, 12/1/2014 (c)
     2,250       2,168  
 
              
 
             14,893  
 
              
Casino Services (0.32%)
                
Choctaw Resort Development Enterprise
                
7.25%, 11/15/2019 (b)
     669       632  
Fontainebleau Las Vegas Holdings LLC
                
10.25%, 6/15/2015 (b)
     1,885       1,414  
 
              
 
             2,046  
 
              
Cellular Telecommunications (0.84%)
                
Cricket Communications Inc
                
9.38%, 11/1/2014
     1,000       910  
iPCS Inc
                
7.04%, 5/1/2013 (e)
     750       667  
MetroPCS Wireless Inc
                
9.25%, 11/1/2014
     1,250       1,150  
Nextel Communications Inc
                
6.88%, 10/31/2013
     1,375       1,283  
Rural Cellular Corp
                
8.25%, 3/15/2012
     1,250       1,288  
 
              
 
             5,298  
 
              
Chemicals — Diversified (0.38%)
                
Nova Chemicals Corp
                
6.50%, 1/15/2012
     650       598  
Phibro Animal Health Corp
                
10.00%, 8/1/2013 (b)
     325       302  
Reichhold Industries Inc
                
9.00%, 8/15/2014 (b)
     860       847  
Westlake Chemical Corp
                
6.63%, 1/15/2016
     750       683  
 
              
 
             2,430  
 
              
Chemicals — Plastics (0.43%)
                
PolyOne Corp
                
8.88%, 5/1/2012 (c)
     2,750       2,750  
 
                
Chemicals — Specialty (0.61%)
                
Ferro Corp
                
9.13%, 1/1/2009
     850       867  
Hercules Inc
                
6.75%, 10/15/2029
     800       768  
MacDermid Inc
                
9.50%, 4/15/2017 (b)
     2,040       1,754  

82

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Chemicals — Specialty (continued)
                
NewMarket Corp
                
7.13%, 12/15/2016
   $ 500     $ 493  
 
              
 
             3,882  
 
              
Circuit Boards (0.04%)
                
Viasystems Inc
                
10.50%, 1/15/2011
     250       243  
 
                
Coal (1.57%)
                
Alpha Natural Resources LLC/Alpha Natural Resources Capital Corp
                
10.00%, 6/1/2012
     500       514  
Arch Western Finance LLC
                
6.75%, 7/1/2013
     4,525       4,378  
Massey Energy Co
                
6.63%, 11/15/2010
     750       739  
6.88%, 12/15/2013
     4,515       4,300  
 
              
 
             9,931  
 
              
Commercial Services (0.18%)
                
ARAMARK Corp
                
8.50%, 2/1/2015
     650       647  
Iron Mountain Inc
                
8.63%, 4/1/2013
     500       505  
 
              
 
             1,152  
 
              
Commercial Services — Finance (0.73%)
                
ACE Cash Express Inc
                
10.25%, 10/1/2014 (b)
     1,250       1,113  
Cardtronics Inc
                
9.25%, 8/15/2013
     2,590       2,435  
9.25%, 8/15/2013 (b)
     1,175       1,104  
 
              
 
             4,652  
 
              
Computer Services (0.40%)
                
Sungard Data Systems Inc
                
9.13%, 8/15/2013
     700       710  
Unisys Corp
                
8.00%, 10/15/2012
     1,000       863  
12.50%, 1/15/2016
     1,000       987  
 
              
 
             2,560  
 
              
Computers — Memory Devices (0.19%)
                
Seagate Technology HDD Holdings
                
6.80%, 10/1/2016
     1,250       1,219  
 
                
Consumer Products — Miscellaneous (0.89%)
                
American Achievement Corp
                
8.25%, 4/1/2012
     750       686  
Jarden Corp
                
7.50%, 5/1/2017
     2,350       2,009  
Prestige Brands Inc
                
9.25%, 4/15/2012
     500       496  
Spectrum Brands Inc
                
7.38%, 2/1/2015 (c)
     1,500       1,043  
Visant Holding Corp
                
0.00%, 12/1/2013 (e)(g)
     850       782  
Yankee Acquisition Corp/MA
                
8.50%, 2/15/2015 (c)
     700       599  
 
              
 
             5,615  
 
              
Containers — Metal & Glass (1.60%)
                
Ball Corp
                
6.88%, 12/15/2012
     7,560       7,617  
Crown Americas LLC/Crown Americas Capital Corp
                
7.75%, 11/15/2015
     1,200       1,221  
Impress Holdings BV
                
7.38%, 9/15/2013 (b)(e)
     600       552  
Owens Brockway Glass Container Inc
                
8.25%, 5/15/2013
     750       776  
 
              
 
             10,166  
 
              
Containers — Paper & Plastic (1.53%)
                
AEP Industries Inc
                
7.88%, 3/15/2013
     1,021       960  
Berry Plastics Holding Corp
                
8.88%, 9/15/2014
     2,000       1,775  
Constar International Inc
                
8.24%, 2/15/2012 (e)
     1,750       1,623  
Graham Packaging Co Inc
                
9.88%, 10/15/2014 (c)
     2,145       1,812  
Intertape Polymer US Inc
                
8.50%, 8/1/2014
     350       320  
Jefferson Smurfit Corp US
                
8.25%, 10/1/2012 (c)
     1,750       1,680  
Plastipak Holdings Inc
                
8.50%, 12/15/2015 (b)
     1,000       940  
Portola Packaging Inc
                
8.25%, 2/1/2012 (c)
     900       585  
 
              
 
             9,695  
 
              
Data Processing & Management (0.41%)
                
First Data Corp
                
9.88%, 9/24/2015 (b)(c)
     2,955       2,615  
 
                
Dialysis Centers (0.12%)
                
DaVita Inc
                
6.63%, 3/15/2013
     750       739  
 
                
Direct Marketing (0.03%)
                
Visant Corp
                
7.63%, 10/1/2012
     200       197  
 
                
Distribution & Wholesale (0.12%)
                
Intcomex Inc
                
11.75%, 1/15/2011
     750       746  

83

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Diversified Manufacturing Operations (0.85%)
                
Harland Clarke Holdings Corp
                
9.50%, 5/15/2015
   $ 600     $ 462  
9.62%, 5/15/2015 (c)(e)
     800       580  
JB Poindexter & Co Inc
                
8.75%, 3/15/2014 (c)
     1,500       1,095  
RBS Global Inc/Rexnord LLC
                
9.50%, 8/1/2014
     850       767  
8.88%, 9/1/2016 (c)
     1,750       1,531  
SPX Corp
                
7.63%, 12/15/2014 (b)
     900       923  
 
              
 
             5,358  
 
              
Diversified Operations (0.25%)
                
Leucadia National Corp
                
7.13%, 3/15/2017
     1,000       943  
Susser Holdings LLC
                
10.63%, 12/15/2013 (b)
     650       666  
 
              
 
             1,609  
 
              
E-Commerce — Products (0.11%)
                
FTD Inc
                
7.75%, 2/15/2014
     750       675  
 
                
Electric — Generation (3.10%)
                
AES Corp/The
                
8.75%, 5/15/2013 (b)
     6,681       6,982  
7.75%, 10/15/2015
     1,605       1,641  
8.00%, 10/15/2017
     1,420       1,448  
Edison Mission Energy
                
7.50%, 6/15/2013
     1,260       1,288  
7.75%, 6/15/2016
     1,500       1,530  
7.00%, 5/15/2017
     1,200       1,167  
7.20%, 5/15/2019
     500       488  
7.63%, 5/15/2027
     4,150       3,891  
Midwest Generation LLC
                
8.56%, 1/2/2016
     1,127       1,213  
 
              
 
             19,648  
 
              
Electric — Integrated (4.00%)
                
CMS Energy Corp
                
7.75%, 8/1/2010 (c)
     2,280       2,397  
8.50%, 4/15/2011
     1,500       1,614  
6.30%, 2/1/2012
     275       280  
6.88%, 12/15/2015
     1,870       1,885  
Energy Future Holdings Corp
                
10.88%, 11/1/2017 (b)
     2,210       2,188  
Mirant Americas Generation LLC
                
8.30%, 5/1/2011
     4,550       4,596  
8.50%, 10/1/2021
     1,500       1,324  
Mirant Mid Atlantic LLC
                
8.63%, 6/30/2012
     2,613       2,755  
Texas Competitive Electric Holdings Co
                
10.25%, 11/1/2015 (b)
     450       442  
10.50%, 11/1/2016 (b)
     8,090       7,847  
 
              
 
             25,328  
 
              
Electronic Components — Miscellaneous (1.20%)
                
Communications & Power Industries Inc
                
8.00%, 2/1/2012
     500       495  
Flextronics International Ltd
                
6.50%, 5/15/2013
     700       672  
6.25%, 11/15/2014 (c)
     2,300       2,162  
NXP BV/NXP Funding LLC
                
7.01%, 10/15/2013 (e)
     1,850       1,536  
7.88%, 10/15/2014
     1,180       1,081  
Sanmina-SCI Corp
                
7.74%, 6/15/2010 (b)(e)
     622       619  
7.74%, 6/15/2014 (b)(e)
     1,100       1,056  
 
              
 
             7,621  
 
              
Electronic Components — Semiconductors (0.92%)
                
Amkor Technology Inc
                
7.75%, 5/15/2013
     1,000       895  
Conexant Systems Inc
                
8.62%, 11/15/2010 (e)
     600       578  
Freescale Semiconductor Inc
                
8.87%, 12/15/2014 (e)
     1,750       1,260  
8.88%, 12/15/2014
     500       406  
9.13%, 12/15/2014
     1,880       1,424  
Spansion Inc
                
8.25%, 6/1/2013 (b)(e)
     1,750       1,295  
 
              
 
             5,858  
 
              
Electronics — Military (1.73%)
                
L-3 Communications Corp
                
7.63%, 6/15/2012
     6,180       6,335  
6.13%, 7/15/2013
     1,010       997  
6.38%, 10/15/2015
     3,630       3,603  
 
              
 
             10,935  
 
              
Filtration & Separation Products (0.22%)
                
Polypore Inc
                
8.75%, 5/15/2012 (c)
     1,500       1,410  
 
                
Finance — Auto Loans (4.37%)
                
Ford Motor Credit Co LLC
                
5.80%, 1/12/2009
     200       194  
7.38%, 10/28/2009
     250       241  
9.75%, 9/15/2010 (e)
     5,460       5,274  
7.38%, 2/1/2011
     5,240       4,786  
9.88%, 8/10/2011
     250       240  
7.13%, 1/13/2012 (e)
     750       632  
8.71%, 4/15/2012 (e)
     500       489  
7.80%, 6/1/2012
     1,215       1,076  
8.00%, 12/15/2016
     2,000       1,679  

84

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Finance — Auto Loans (continued)
                
GMAC LLC
                
5.13%, 5/ 9/2008 (c)
   $ 350     $ 349  
6.88%, 9/15/2011
     4,600       4,022  
7.00%, 2/1/2012
     8,380       7,269  
8.00%, 11/1/2031
     1,750       1,450  
 
              
 
             27,701  
 
              
Finance — Other Services (0.75%)
                
American Real Estate Partners LP/American
                
Real Estate Finance Corp
                
8.13%, 6/1/2012
     2,740       2,685  
7.13%, 2/15/2013 (b)
     955       886  
7.13%, 2/15/2013
     1,285       1,192  
 
              
 
             4,763  
 
              
Food — Dairy Products (0.42%)
                
Dean Foods Co
                
7.00%, 6/1/2016
     1,750       1,593  
Land O’ Lakes Inc
                
9.00%, 12/15/2010
     1,000       1,041  
 
              
 
             2,634  
 
              
Food — Meat Products (0.41%)
                
National Beef Packing Co LLC/NB Finance Corp
                
10.50%, 8/1/2011 (e)
     1,250       1,150  
Smithfield Foods Inc
                
7.75%, 5/15/2013
     750       735  
7.75%, 7/1/2017
     750       709  
 
              
 
             2,594  
 
              
Food — Miscellaneous/Diversified (0.28%)
                
Chiquita Brands International Inc
                
7.50%, 11/1/2014
     500       420  
8.88%, 12/1/2015 (c)
     1,500       1,327  
 
              
 
             1,747  
 
              
Food — Retail (0.11%)
                
Ingles Markets Inc
                
8.88%, 12/1/2011
     700       709  
 
                
Funeral Services & Related Items (1.49%)
                
Service Corp International/US
                
7.38%, 10/1/2014
     1,330       1,357  
6.75%, 4/1/2015
     1,060       1,049  
6.75%, 4/1/2016
     750       733  
7.00%, 6/15/2017
     2,250       2,205  
7.50%, 4/1/2027
     1,500       1,343  
Stewart Enterprises Inc
                
6.25%, 2/15/2013 (e)
     2,950       2,758  
 
              
 
             9,445  
 
              
Gambling (Non-Hotel) (1.09%)
                
Mashantucket Western Pequot Tribe
                
8.50%, 11/15/2015 (b)
     2,520       2,394  
Pokagon Gaming Authority
                
10.38%, 6/15/2014 (b)
     1,900       1,964  
Shingle Springs Tribal Gaming Authority
                
9.38%, 6/15/2015 (b)
     2,800       2,520  
 
              
 
             6,878  
 
              
Home Furnishings (0.08%)
                
Sealy Mattress Co
                
8.25%, 6/15/2014
     600       519  
 
                
Human Resources (0.29%)
                
TeamHealth Inc
                
11.25%, 12/1/2013
     1,750       1,838  
 
                
Independent Power Producer (1.66%)
                
Calpine Corp
                
8.75%, 7/15/2013 (b)
     1,500       1,590  
NRG Energy Inc
                
7.25%, 2/1/2014
     1,310       1,276  
7.38%, 2/1/2016
     5,920       5,720  
Reliant Energy Inc
                
6.75%, 12/15/2014
     500       504  
7.88%, 6/15/2017 (c)
     1,500       1,463  
 
              
 
             10,553  
 
              
Industrial Automation & Robots (0.09%)
                
Intermec Inc
                
7.00%, 3/15/2008
     600       599  
 
                
Investment Management & Advisory Services (0.89%)
                
LVB Acquisition Merger Sub Inc
                
10.00%, 10/15/2017 (b)
     1,400       1,442  
10.38%, 10/15/2017 (b)
     1,740       1,749  
11.63%, 10/15/2017 (b)
     2,530       2,470  
 
              
 
             5,661  
 
              
Machinery — Construction & Mining (0.09%)
                
Terex Corp
                
8.00%, 11/15/2017
     600       590  
 
                
Machinery — General Industry (0.18%)
                
Stewart & Stevenson LLC
                
10.00%, 7/15/2014
     400       388  
Wabtec Corp
                
6.88%, 7/31/2013
     800       784  
 
              
 
             1,172  
 
              
Machinery — Material Handling (0.09%)
                
Columbus McKinnon Corp/NY
                
8.88%, 11/1/2013
     525       546  
 
                
Medical — Biomedical/Gene (0.39%)
                
FMC Finance III SA
                
6.88%, 7/15/2017 (b)
     2,500       2,500  

85

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Medical — Drugs (0.49%)
                
Elan Finance PLC/Elan Finance Corp
                
7.75%, 11/15/2011
   $ 1,500     $ 1,410  
8.88%, 12/1/2013
     860       821  
9.25%, 12/1/2013 (e)
     250       227  
Valeant Pharmaceuticals International
                
7.00%, 12/15/2011
     650       626  
 
              
 
             3,084  
 
              
Medical — HMO (0.15%)
                
Multiplan Inc
                
10.38%, 4/15/2016 (b)
     1,000       930  
 
                
Medical — Hospitals (2.53%)
                
Community Health Systems Inc
                
8.88%, 7/15/2015
     2,620       2,637  
HCA Inc/DE
                
9.25%, 11/15/2016
     7,515       7,881  
9.63%, 11/15/2016
     3,795       3,994  
IASIS Healthcare LLC/IASIS Capital Corp
                
8.75%, 6/15/2014
     250       250  
Tenet Healthcare Corp
                
6.38%, 12/1/2011
     250       230  
9.88%, 7/1/2014
     600       573  
United Surgical Partners International
                
8.88%, 5/1/2017
     500       486  
 
              
 
             16,051  
 
              
Medical — Outpatient & Home Medical Care (0.34%)
                
NMH Holdings Inc
                
12.12%, 6/15/2014 (b)(e)
     2,254       2,152  
 
                
Medical Instruments (0.11%)
                
Boston Scientific Corp
                
6.40%, 6/15/2016
     750       690  
 
                
Medical Products (0.14%)
                
Medical Services Co
                
11.76%, 10/15/2011 (e)
     1,000       905  
 
                
Metal — Aluminum (0.02%)
                
CII Carbon LLC
                
11.13%, 11/15/2015 (b)
     100       95  
 
                
Metal — Diversified (0.63%)
                
Freeport-McMoRan Copper & Gold Inc
                
8.25%, 4/1/2015
     1,340       1,405  
8.38%, 4/1/2017
     2,450       2,603  
 
              
 
             4,008  
 
              
Metal Processors & Fabrication (0.15%)
                
Wolverine Tube Inc
                
10.50%, 4/1/2009 (c)
     1,000       920  
 
Mining Services (0.06%)
                
Noranda Aluminium Acquisition Corp
                
8.74%, 5/15/2015 (b)(e)
     500       380  
 
                
Miscellaneous Manufacturers (0.15%)
                
Trimas Corp
                
9.88%, 6/15/2012
     1,048       954  
 
                
Multimedia (0.86%)
                
CanWest MediaWorks Inc
                
8.00%, 9/15/2012
     350       332  
CanWest MediaWorks LP
                
9.25%, 8/1/2015 (b)(c)
     1,500       1,417  
LBI Media Inc
                
8.50%, 8/1/2017 (b)
     1,000       888  
Quebecor Media Inc
                
7.75%, 3/15/2016 (b)
     3,005       2,787  
 
              
 
             5,424  
 
              
Music (0.52%)
                
WMG Acquisition Corp
                
7.38%, 4/15/2014
     2,920       2,278  
WMG Holdings Corp
                
9.50%, 12/15/2014 (g)
     1,795       996  
 
              
 
             3,274  
 
              
Non-Ferrous Metals (0.05%)
                
PNA Group Inc
                
10.75%, 9/1/2016
     350       315  
 
                
Non-Hazardous Waste Disposal (1.06%)
                
Allied Waste North America Inc
                
5.75%, 2/15/2011
     3,645       3,517  
6.13%, 2/15/2014 (c)
     500       478  
7.38%, 4/15/2014 (c)
     500       484  
7.25%, 3/15/2015
     750       744  
7.13%, 5/15/2016
     1,000       988  
WCA Waste Corp
                
9.25%, 6/15/2014
     500       506  
 
              
 
             6,717  
 
              
Office Automation & Equipment (0.16%)
                
Xerox Corp
                
7.63%, 6/15/2013
     1,000       1,038  
 
                
Oil — Field Services (0.69%)
                
Calfrac Holdings LP
                
7.75%, 2/15/2015 (b)
     875       816  
Helix Energy Solutions Group Inc
                
9.50%, 1/15/2016 (b)
     2,250       2,284  
Key Energy Services Inc
                
8.38%, 12/1/2014 (b)
     1,250       1,253  
 
              
 
             4,353  
 
              

86

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Oil & Gas Drilling (0.08%)
                
Pride International Inc
                
7.38%, 7/15/2014
   $ 500     $ 515  
 
                
Oil Company — Exploration & Production (5.87%)
                
Berry Petroleum Co
                
8.25%, 11/1/2016
     1,000       1,015  
Chesapeake Energy Corp
                
7.50%, 9/15/2013
     7,790       7,965  
6.88%, 1/15/2016
     690       683  
6.50%, 8/15/2017
     750       726  
Cimarex Energy Co
                
7.13%, 5/1/2017
     3,815       3,729  
Encore Acquisition Co
                
7.25%, 12/1/2017 (c)
     1,500       1,444  
Forest Oil Corp
                
7.75%, 5/1/2014
     1,280       1,299  
7.25%, 6/15/2019 (b)
     2,000       2,000  
Newfield Exploration Co
                
6.63%, 9/1/2014
     2,065       2,034  
PetroHawk Energy Corp
                
9.13%, 7/15/2013
     400       413  
Petroquest Energy Inc
                
10.38%, 5/15/2012
     700       711  
Pioneer Natural Resources Co
                
6.65%, 3/15/2017
     1,575       1,509  
Range Resources Corp
                
7.50%, 5/15/2016
     2,000       2,035  
Sabine Pass LNG LP
                
7.25%, 11/30/2013
     940       888  
7.50%, 11/30/2016
     4,200       3,937  
Southwestern Energy Co
                
7.50%, 2/1/2018 (b)
     2,005       2,060  
Swift Energy Co
                
7.63%, 7/15/2011
     1,000       985  
7.13%, 6/1/2017
     1,500       1,403  
W&T Offshore Inc
                
8.25%, 6/15/2014 (b)
     2,500       2,350  
 
              
 
             37,186  
 
              
Oil Field Machinery & Equipment (0.08%)
                
Complete Production Services Inc
                
8.00%, 12/15/2016
     500       485  
 
                
Optical Supplies (0.12%)
                
Bausch & Lomb Inc
                
9.88%, 11/1/2015 (b)
     750       761  
 
                
Paper & Related Products (1.10%)
                
AbitibiBowater Inc
                
9.00%, 8/1/2009
     920       872  
Abitibi-Consolidated Co of Canada
                
5.25%, 6/20/2008 (c)
     1,150       1,110  
8.38%, 4/1/2015 (c)
     500       354  
Bowater Canada Finance Corp
                
7.95%, 11/15/2011
     700       544  
Cascades Inc
                
7.25%, 2/15/2013
     500       459  
Georgia-Pacific Corp
                
7.13%, 1/15/2017 (b)(c)
     1,500       1,429  
NewPage Corp
                
10.00%, 5/1/2012
     750       746  
12.00%, 5/1/2013 (c)
     500       495  
Verso Paper Holdings LLC/Verson Paper Inc
                
9.13%, 8/1/2014
     500       485  
11.38%, 8/1/2016 (c)
     500       477  
 
              
 
             6,971  
 
              
Petrochemicals (0.15%)
                
Sterling Chemicals Inc
                
10.25%, 4/1/2015 (b)(d)
     1,000       970  
 
                
Pharmacy Services (0.34%)
                
Omnicare Inc
                
6.75%, 12/15/2013
     197       180  
6.88%, 12/15/2015 (c)
     2,200       1,980  
 
              
 
             2,160  
 
              
Physical Therapy & Rehabilitation Centers (0.16%)
                
Psychiatric Solutions Inc
                
7.75%, 7/15/2015
     1,000       985  
 
                
Physician Practice Management (0.35%)
                
US Oncology Inc
                
9.00%, 8/15/2012
     2,275       2,229  
 
                
Pipelines (4.97%)
                
Dynegy Holdings Inc
                
7.13%, 5/15/2018
     2,250       1,991  
El Paso Corp
                
6.75%, 5/15/2009
     3,730       3,776  
7.88%, 6/15/2012 (c)
     500       520  
6.88%, 6/15/2014
     1,250       1,246  
El Paso Natural Gas Co
                
5.95%, 4/15/2017
     1,500       1,507  
8.38%, 6/15/2032
     1,060       1,236  
Holly Energy Partners LP
                
6.25%, 3/1/2015
     2,250       2,036  
Kinder Morgan Finance Co ULC
                
5.70%, 1/5/2016
     1,340       1,188  
Knight Inc
                
6.50%, 9/1/2012
     7,810       7,717  
Roseton/Danskammer
                
7.67%, 11/8/2016
     6,395       6,387  
Transcontinental Gas Pipe Line Corp
                
6.40%, 4/15/2016
     915       924  
7.25%, 12/1/2026
     250       262  

87

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Pipelines (continued)
                
Williams Partners LP/Williams Partners
                
Finance Corp
                
7.25%, 2/1/2017
   $ 2,606     $ 2,697  
 
              
 
             31,487  
 
              
Poultry (0.36%)
                
Pilgrim’s Pride Corp
                
7.63%, 5/1/2015
     1,250       1,184  
8.38%, 5/1/2017 (c)
     1,250       1,091  
 
              
 
             2,275  
 
              
Printing — Commercial (0.46%)
                
Cadmus Communications Corp
                
8.38%, 6/15/2014
     600       522  
Quebecor World Capital Corp
                
6.13%, 11/15/2013 (c)
     350       151  
8.75%, 3/15/2016 (b)(c)
     500       235  
Quebecor World Inc
                
9.75%, 1/15/2015 (b)(c)
     350       166  
Sheridan Group Inc/The
                
10.25%, 8/15/2011
     500       485  
Valassis Communications Inc
                
6.63%, 1/15/2009
     750       743  
8.25%, 3/1/2015
     750       623  
 
              
 
             2,925  
 
              
Private Corrections (0.40%)
                
Corrections Corp of America
                
7.50%, 5/1/2011
     1,013       1,021  
6.75%, 1/31/2014
     1,500       1,515  
 
              
 
             2,536  
 
              
Property & Casualty Insurance (0.12%)
                
Crum & Forster Holdings Corp
                
7.75%, 5/1/2017
     750       729  
 
                
Publishing — Newspapers (0.27%)
                
Block Communications Inc
                
8.25%, 12/15/2015 (b)
     1,785       1,731  
 
                
Publishing — Periodicals (1.63%)
                
Dex Media Inc
                
0.00%, 11/15/2013 (c)(e)(g)
     1,615       1,433  
Dex Media West LLC/Dex Media Finance Co
                
8.50%, 8/15/2010
     620       627  
9.88%, 8/15/2013
     2,580       2,632  
Idearc Inc
                
8.00%, 11/15/2016
     3,405       3,048  
Reader’s Digest Association Inc/The
                
9.00%, 2/15/2017 (b)
     3,370       2,603  
 
              
 
             10,343  
 
              
Radio (0.79%)
                
CMP Susquehanna Corp
                
9.88%, 5/15/2014 (c)
     4,825       3,329  
Entercom Radio LLC/Entercom Capital Inc
                
7.63%, 3/1/2014
     1,870       1,697  
 
              
 
             5,026  
 
              
Recycling (0.53%)
                
Aleris International Inc
                
9.00%, 12/15/2014
     2,530       1,973  
10.00%, 12/15/2016 (c)
     1,995       1,402  
 
              
 
             3,375  
 
              
REITS — Healthcare (1.18%)
                
Ventas Realty LP/Ventas Capital Corp
                
6.75%, 6/1/2010
     835       850  
6.63%, 10/15/2014 (c)
     870       876  
7.13%, 6/1/2015
     4,205       4,352  
6.50%, 6/1/2016
     640       637  
6.75%, 4/1/2017
     740       744  
 
              
 
             7,459  
 
              
REITS — Hotels (0.49%)
                
Host Hotels & Resorts LP
                
7.13%, 11/1/2013
     3,155       3,123  
 
                
Rental — Auto & Equipment (0.20%)
                
United Rentals North America Inc
                
6.50%, 2/15/2012
     1,400       1,288  
 
                
Resorts & Theme Parks (0.05%)
                
Six Flags Inc
                
9.63%, 6/1/2014 (c)
     500       334  
 
                
Retail — Apparel & Shoe (0.67%)
                
Collective Brands Inc
                
8.25%, 8/1/2013
     2,100       1,932  
Hanesbrands Inc
                
8.20%, 12/15/2014 (e)
     1,500       1,357  
Phillips-Van Heusen Corp
                
8.13%, 5/1/2013
     585       597  
7.75%, 11/15/2023
     350       339  
 
              
 
             4,225  
 
              
Retail — Auto Parts (0.07%)
                
PEP Boys-Manny Moe & Jack
                
7.50%, 12/15/2014
     500       450  
 
                
Retail — Automobile (0.20%)
                
AutoNation Inc
                
6.26%, 4/15/2013 (e)
     750       628  
Penske Auto Group Inc
                
7.75%, 12/15/2016
     750       671  
 
              
 
             1,299  
 
              
Retail — Computer Equipment (0.26%)
                
GSC Holdings Corp
                
8.00%, 10/1/2012
     1,560       1,618  

88

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Retail — Drug Store (0.69%)
                
Rite Aid Corp
                
8.13%, 5/1/2010
   $ 700     $ 675  
8.63%, 3/1/2015
     1,375       1,031  
7.50%, 3/1/2017
     1,500       1,286  
9.50%, 6/15/2017
     1,870       1,393  
 
              
 
             4,385  
 
              
Retail — Propane Distribution (1.50%)
                
Amerigas Partners LP
                
7.25%, 5/20/2015
     1,625       1,605  
AmeriGas Partners LP/AP Eagle Finance Corp
                
7.13%, 5/20/2016
     3,185       3,097  
Ferrellgas Partners LP
                
8.75%, 6/15/2012
     2,075       2,117  
Inergy LP/Inergy Finance Corp
                
6.88%, 12/15/2014
     525       508  
8.25%, 3/1/2016
     250       255  
Suburban Propane Partners LP/Suburban Energy Finance Corp
                
6.88%, 12/15/2013
     2,000       1,940  
 
              
 
             9,522  
 
              
Retail — Restaurants (0.53%)
                
Landry’s Restaurants Inc
                
9.50%, 12/15/2014
     600       580  
NPC International Inc
                
9.50%, 5/1/2014 (c)
     1,480       1,273  
O’Charleys Inc
                
9.00%, 11/1/2013
     1,629       1,531  
 
              
 
             3,384  
 
              
Retail — Video Rental (0.40%)
                
Blockbuster Inc
                
9.00%, 9/1/2012 (c)(e)
     3,180       2,512  
 
                
Retail — Vitamins & Nutritional Suppliments (0.19%)
                
General Nutrition Centers Inc
                
10.01%, 3/15/2014 (e)
     1,500       1,230  
 
                
Rubber — Tires (0.97%)
                
American Tire Distributors Inc
                
11.08%, 4/1/2012 (e)
     500       478  
10.75%, 4/1/2013
     500       475  
Goodyear Tire & Rubber Co/The
                
11.25%, 3/1/2011
     1,000       1,055  
13.71%, 3/1/2011 (e)
     1,000       1,045  
8.63%, 12/1/2011
     1,190       1,224  
9.00%, 7/1/2015 (c)
     1,805       1,886  
 
              
 
             6,163  
 
              
Satellite Telecommunications (0.88%)
                
Intelsat Bermuda Ltd
                
9.25%, 6/15/2016
     3,100       3,092  
Intelsat Corp
                
9.00%, 8/15/2014
     1,000       992  
Intelsat Subsidiary Holding Co Ltd
                
8.25%, 1/15/2013 (e)
     1,100       1,089  
8.63%, 1/15/2015
     395       394  
 
              
 
             5,567  
 
              
Schools (0.51%)
                
Knowledge Learning Corp Inc
                
7.75%, 2/1/2015 (b)
     3,485       3,258  
 
                
Seismic Data Collection (0.21%)
                
Cie Generale de Geophysique-Veritas
                
7.75%, 5/15/2017
     600       594  
Seitel Inc
                
9.75%, 2/15/2014
     900       747  
 
              
 
             1,341  
 
              
Semiconductor Equipment (0.24%)
                
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co
                
6.88%, 12/15/2011
     1,000       760  
8.24%, 12/15/2011 (e)
     1,000       770  
 
              
 
             1,530  
 
              
Special Purpose Entity (1.38%)
                
Altra Industrial Motion Inc
                
9.00%, 12/1/2011
     350       341  
9.00%, 12/1/2011
     300       293  
Chukchansi Economic Development Authority
                
8.00%, 11/15/2013 (b)
     1,750       1,645  
El Paso Performance-Linked Trust
                
7.75%, 7/15/2011 (b)
     750       771  
Hexion US Finance Corp/Hexion Nova Scotia
                
9.75%, 11/15/2014
     1,980       2,133  
KAR Holdings Inc
                
8.91%, 5/1/2014 (b)(e)
     425       353  
Milacron Escrow Corp
                
11.50%, 5/15/2011 (c)
     230       177  
Regency Energy Partners LP/Regency Energy Finance Corp
                
8.38%, 12/15/2013
     1,510       1,533  
Universal City Development Partners
                
11.75%, 4/1/2010
     1,000       1,030  
Vanguard Health Holding Co II LLC
                
9.00%, 10/1/2014
     500       474  
 
              
 
             8,750  
 
              
Steel — Producers (0.69%)
                
AK Steel Corp
                
7.75%, 6/15/2012
     500       497  
Claymont Steel Holdings Inc
                
8.88%, 2/15/2015
     500       516  
Metals USA Holdings Corp
                
10.73%, 7/1/2012 (b)(e)
     1,705       1,253  
Steel Dynamics Inc
                
7.38%, 11/1/2012 (b)
     1,590       1,586  

89

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Steel — Producers (continued)
                
Steel Dynamics Inc (continued)
                
6.75%, 4/1/2015
   $ 550     $ 532  
 
              
 
             4,384  
 
              
Steel — Specialty (0.33%)
                
California Steel Industries Inc
                
6.13%, 3/15/2014
     400       340  
Tube City IMS Corp
                
9.75%, 2/1/2015
     1,950       1,755  
 
              
 
             2,095  
 
              
Telecommunication Equipment (0.07%)
                
Nortel Networks Ltd
                
8.51%, 7/15/2011 (b)(e)
     500       465  
 
                
Telecommunication Services (2.30%)
                
MasTec Inc
                
7.63%, 2/1/2017
     700       647  
Nordic Telephone Co Holdings ApS
                
8.88%, 5/1/2016 (b)
     1,850       1,878  
PAETEC Holding Corp
                
9.50%, 7/15/2015 (b)
     750       699  
Qwest Corp
                
7.88%, 9/1/2011
     1,380       1,423  
8.88%, 3/15/2012 (e)
     1,475       1,558  
7.50%, 10/1/2014
     2,920       2,935  
7.63%, 6/15/2015
     2,000       2,015  
Telcordia Technologies Inc
                
8.01%, 7/15/2012 (b)(e)
     1,000       850  
Time Warner Telecom Holdings Inc
                
9.25%, 2/15/2014
     1,915       1,915  
West Corp
                
9.50%, 10/15/2014
     700       651  
 
              
 
             14,571  
 
              
Telephone — Integrated (1.88%)
                
Cincinnati Bell Inc
                
7.25%, 7/15/2013
     1,250       1,250  
Citizens Communications Co
                
6.25%, 1/15/2013
     1,000       950  
6.63%, 3/15/2015
     1,500       1,410  
Level 3 Financing Inc
                
9.25%, 11/1/2014
     1,210       1,041  
Qwest Capital Funding Inc
                
7.00%, 8/ 3/2009
     250       249  
Qwest Communications International Inc
                
8.37%, 2/15/2009 (e)
     500       497  
Virgin Media Finance PLC
                
8.75%, 4/15/2014
     1,750       1,601  
Windstream Corp
                
8.13%, 8/1/2013
     1,000       1,025  
8.63%, 8/1/2016
     3,735       3,866  
 
              
 
             11,889  
 
              
Television (1.42%)
                
Allbritton Communications Co
                
7.75%, 12/15/2012
     500       499  
LIN Television Corp
                
6.50%, 5/15/2013 (c)
     2,060       1,942  
6.50%, 5/15/2013
     1,700       1,602  
Univision Communications Inc
                
9.75%, 3/15/2015 (b)(c)
     2,060       1,540  
Videotron Ltee
                
6.88%, 1/15/2014
     3,525       3,410  
 
              
 
             8,993  
 
              
Theaters (0.31%)
                
AMC Entertainment Inc
                
8.63%, 8/15/2012
     1,180       1,180  
11.00%, 2/1/2016
     300       297  
Cinemark Inc
                
0.00%, 3/15/2014 (e)(g)
     500       457  
 
              
 
             1,934  
 
              
Tobacco (0.20%)
                
Alliance One International Inc
                
11.00%, 5/15/2012
     1,250       1,275  
 
                
Transport — Marine (0.34%)
                
Navios Maritime Holdings Inc
                
9.50%, 12/15/2014
     1,000       960  
Ultrapetrol Bahamas Ltd
                
9.00%, 11/24/2014
     1,250       1,166  
 
              
 
             2,126  
 
              
Transport — Rail (0.38%)
                
Kansas City Southern de Mexico SA de CV
                
9.38%, 5/1/2012
     2,365       2,436  
Transport — Services (0.28%)
                
Bristow Group Inc
                
7.50%, 9/15/2017 (b)
     800       808  
PHI Inc
                
7.13%, 4/15/2013
     1,000       951  
 
              
 
             1,759  
 
              
Transport — Truck (0.14%)
                
Quality Distribution LLC/QD Capital Corp
                
8.76%, 1/15/2012 (e)(f)
     1,000       870  
 
                
Travel Services (0.08%)
                
Travelport LLC
                
9.88%, 9/1/2014
     550       528  
 
                
Vitamins & Nutrition Products (0.07%)
                
NBTY Inc
                
7.13%, 10/1/2015
     500       465  
 
                
Wire & Cable Products (0.33%)
                
Coleman Cable Inc
                
9.88%, 10/1/2012
     550       496  

90

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Wire & Cable Products (continued)
                
General Cable Corp
                
7.10%, 4/1/2015 (e)
   $ 750     $ 667  
7.13%, 4/1/2017 (c)
     250       238  
Superior Essex Communications LLC/Essex Group
                
9.00%, 4/15/2012
     735       691  
 
              
 
             2,092  
 
                
 
              
Wireless Equipment (0.55%)
                
American Tower Corp
                
7.13%, 10/15/2012
     3,385       3,478  
 
TOTAL BONDS
           $ 597,407  
 
 
                
SENIOR FLOATING RATE INTERESTS (2.41%)
                
Airlines (0.14%)
                
Delta Airlines Inc Term Loan B
                
0.00%, 4/30/2012 (e)(h)
     1,000       920  
 
                
Building & Construction Products — Miscellaneous (0.14%)
                
Associated Materials, Term Loan B
                
7.39%, 8/29/2010 (e)
     1,000       910  
 
                
Cellular Telecommunications (0.29%)
                
Alltel Holdings Corp, Term Loan B3
                
7.78%, 5/31/2015 (e)
     998       907  
MetroPCS Wireless Inc, Term Loan B
                
7.13%, 11/3/2013 (e)
     367       343  
7.19%, 11/3/2013 (e)
     633       591  
 
              
 
             1,841  
 
              
 
                
Consumer Products — Miscellaneous (0.15%)
                
Spectrum Brands Inc; Term Loan B
               
4.45%, 3/30/2013 (e)
     48       44  
8.44%, 3/30/2013 (e)
     265       246  
8.51%, 3/30/2013 (e)
     129       120  
8.88%, 3/30/2013 (e)
     77       71  
8.90%, 3/30/2013 (e)
     68       62  
8.90%, 3/30/2013 (e)
     193       179  
8.62%, 4/30/2013 (e)
     217       201  
 
              
 
             923  
 
              
 
                
Data Processing & Management (0.25%)
                
First Data Corporation, Term Loan B3
                
7.58%, 9/24/2014 (e)
     52       47  
7.63%, 9/24/2014 (e)
     1,698       1,544  
 
              
 
             1,591  
 
              
 
                
Diversified Manufacturing Operations (0.04%)
                
Jacuzzi Brands Inc; Term Loan B
                
4.73%, 2/ 7/2014 (e)
     24       19  
5.51%, 2/7/2014 (e)
     49       38  
5.49%, 8/ 7/2014 (e)
     226       176  
 
              
 
             233  
 
              
 
                
Electric — Integrated (0.32%)
                
Texas Competitive Electric Holdings Company, Term Loan B2
                
8.40%, 10/29/2014 (e)
     1,000       909  
Texas Competitive Electric Holdings Company, Term Loan B3
                
8.40%, 10/10/2014 (e)
     1,247       1,136  
 
              
 
             2,045  
 
              
 
                
Independent Power Producer (0.62%)
                
Calpine Corp; Term Loan B
                
7.08%, 3/29/2009 (e)
     2,959       2,629  
NRG OPCO, Term Loan B
                
6.48%, 2/ 1/2013 (e)
     441       405  
6.58%, 6/ 8/2014 (e)
     266       244  
6.95%, 6/ 8/2014 (e)
     688       632  
 
              
 
             3,910  
 
              
 
                
Miscellaneous Manufacturers (0.22%)
                
Polymer Group Inc; Term Loan B
                
7.09%, 11/22/2012 (e)
     911       856  
7.09%, 11/22/2012 (e)
     570       536  
 
              
 
             1,392  
 
              
Paper & Related Products (0.11%)
                
New Page; Term Loan B
                
8.69%, 11/1/2014 (e)
     750       724  
 
                
Retail — Restaurants (0.13%)
                
Osi Restaurant; Term Loan B
                
7.13%, 5/9/2014 (e)
     896       741  
4.88%, 6/14/2014 (e)
     71       59  
 
              
 
             800  
 
TOTAL SENIOR FLOATING RATE INTERESTS
           $ 15,289  
 
 
                
REPURCHASE AGREEMENTS (6.51%)
                
Finance — Investment Banker & Broker (2.16%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $13,798,000; 0.00% — 6.38%; dated 05/16/08 — 01/11/27) (i)
   $ 13,695       13,694  
 
                
Money Center Banks (4.35%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $27,793,000; 0.00% — 6.63%; dated 03/14/08 — 05/15/30) (i)
     27,577       27,575  
 
TOTAL REPURCHASE AGREEMENTS
           $ 41,269  
 
Total Investments
           $ 653,965  
Liabilities in Excess of Other Assets, Net — (3.18)%
           $ (20,142 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 633,823  
 
              

91

 

Schedule of Investments
High Yield Fund
January 31, 2008 (unaudited)
 
     
(a)   Security purchased on a when-issued basis.
 
(b)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $106,040 or 16.73% of net assets.
 
(c)   Security or a portion of the security was on loan at the end of the period.
 
(d)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $6,213 or 0.98% of net assets.
 
(e)   Variable Rate
 
(f)   Security is Illiquid
 
(g)   Non-Income Producing Security
 
(h)   This Senior Floating Rate Note will settle after January 31, 2008, at which time the interest rate will be determined.
 
(i)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 2,475  
Unrealized Depreciation
     (27,279 )
 
      
Net Unrealized Appreciation (Depreciation)
     (24,804 )
Cost for federal income tax purposes
     678,769  
 
All dollar amounts are shown in thousands (000’s)
        
Portfolio Summary (unaudited)
Sector   Percent
Communications   17.27%
Financial   15.69%
Consumer, Cyclical   13.47%
Energy   13.46%
Consumer, Non-cyclical   13.38%
Industrial   12.16%
Utilities   9.70%
Basic Materials   5.21%
Technology   2.59%
Diversified   0.25%
Liabilities in Excess of Other Assets, Net   (3.18%)
     
TOTAL NET ASSETS   100.00%
     

92

 

Schedule of Investments
High Yield Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (5.75%)
                
Applications Software (0.16%)
                
Jingwei International Ltd (a)
     400,000     $ 2,400  
 
                
Auto — Medium & Heavy Duty Trucks (1.52%)
                
New Flyer Industries Inc (b)(c)
     2,003,300       23,344  
 
                
Building — Residential & Commercial (0.20%)
                
Desarrolladora Homex SAB de CV ADR (a)(d)
     56,100       3,081  
 
                
Cable TV (0.35%)
                
Frontiervision Operating PRT (a)(e)
     7,250,000       —  
Time Warner Cable Inc (a)(d)
     214,470       5,396  
 
                
Casino Hotels (0.00%)
                
Aladdin Gaming Holdings LLC — Warrants (a)(e)(f)
     78,250       —  
 
                
Food — Dairy Products (0.11%)
                
American Dairy Inc (a)(d)
     161,200       1,730  
 
                
Food — Miscellaneous/Diversified (1.12%)
                
B&G Foods Inc (d)
     445,800       7,811  
China Foods Ltd
     4,800,000       3,088  
FU JI Food and Catering Services
     962,000       1,648  
Zhongpin Inc (a)(d)
     346,500       4,643  
 
              
 
             17,190  
 
              
 
                
Medical — Biomedical/Gene (0.32%)
                
American Oriental Bioengineering Inc (a)(d)
     422,600       4,129  
Neuro-Hitech Inc — Warrants (a)(e)(f)
     125,000       —  
Neuro-Hitech Inc (a)
     250,000       725  
 
              
 
             4,854  
 
              
 
                
REITS — Healthcare (0.90%)
                
Omega Healthcare Investors Inc (d)
     835,900       13,792  
 
                
Satellite Telecommunications (0.03%)
                
ICO Global Communications Holdings Ltd (a)(d)
     189,757       524  
 
                
Special Purpose Entity (0.06%)
                
Adelphia Recovery Trust (a)(e)
     2,437,336       427  
Adelphia Recovery Trust (a)
     5,641,292       479  
Neoview Holdings Inc — Warrants (a)(e)(f)
     120,000       —  
 
              
 
             906  
 
              
 
                
Therapeutics (0.00%)
                
Vion Pharmaceuticals Inc — Warrants (a)(e)
     130,000       8  
Vion Pharmaceuticals Inc (a)(d)
     105,800       57  
 
              
 
             65  
 
              
 
                
Transport — Marine (0.37%)
                
Teekay LNG Partners LP (d)
     197,000       5,689  
 
                
Transport — Services (0.61%)
                
Student Transportation of America Inc (a)(b)(c)
     968,000       9,381  
 
TOTAL COMMON STOCKS
           $ 88,352  
 
 
                
CONVERTIBLE PREFERRED STOCKS (1.84%)
                
Airlines (0.60%)
                
Continental Airlines Finance Trust II
     280,000       9,170  
 
                
Finance — Commercial (0.63%)
                
CIT Group Inc
     461,000       9,663  
 
                
Reinsurance (0.61%)
                
Aspen Insurance Holdings Ltd
     177,000       9,381  
 
TOTAL CONVERTIBLE PREFERRED STOCKS
           $ 28,214  
 
 
                
PREFERRED STOCKS (3.21%)
                
Sovereign Agency (3.21%)
                
Fannie Mae — Series S
     950,000       25,099  
Freddie Mac 8.38%
     900,000       24,165  
 
              
 
             49,264  
 
TOTAL PREFERRED STOCKS
           $ 49,264  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (79.33%)
                
Agricultural Operations (1.11%)
                
Southern States Cooperative Inc
                
10.50%, 11/ 1/2010 (f)(g)
   $ 16,500       17,036  
 
                
Applications Software (1.10%)
                
SS&C Technologies Inc
                
11.75%, 12/ 1/2013
     16,000       16,920  
 
                
Auto — Medium & Heavy Duty Trucks (0.76%)
                
New Flyer Industries Ltd
                
14.00%, 8/19/2020 (e)(f)(g)
     10,000       11,653  
 
                
Auto/Truck Parts & Equipment — Original (1.34%)
                
Accuride Corp
                
8.50%, 2/ 1/2015 (d)
     26,000       20,540  
 
                
Beverages — Wine & Spirits (1.02%)
                
Beverages & More Inc
                
9.25%, 3/1/2012 (g)
     16,500       15,675  
 
                
Cable TV (0.04%)
                
Adelphia Communications Corp
                
0.00%, 6/15/2011 (a)
     5,650       381  
Frontiervision
                
0.00%, 9/15/2008 (a)(e)
     9,250       278  
 
              
 
             659  
 
              

93

 

Schedule of Investments
High Yield Fund II
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Casino Hotels (0.81%)
                
MGM Mirage
                
6.00%, 10/ 1/2009
   $ 12,500     $ 12,438  
 
                
Casino Services (1.26%)
                
OED Corp/Diamond Jo LLC
                
8.75%, 4/15/2012
     19,250       19,274  
 
                
Commercial Services (2.07%)
                
ARAMARK Corp
                
8.50%, 2/ 1/2015 (d)
     32,000       31,840  
 
                
Computer Services (1.38%)
                
Ceridian Corp
                
11.25%, 11/15/2015 (g)
     25,000       21,187  
 
                
Containers — Metal & Glass (1.58%)
                
Crown Americas LLC/Crown Americas Capital Corp
                
7.75%, 11/15/2015
     9,500       9,666  
Crown Cork & Seal Co Inc
                
8.00%, 4/15/2023 (d)
     5,500       5,156  
7.38%, 12/15/2026 (d)
     10,500       9,398  
 
              
 
             24,220  
 
              
 
                
Containers — Paper & Plastic (1.36%)
                
Graphic Packaging International Inc
                
8.50%, 8/15/2011
     21,500       20,855  
 
                
Cruise Lines (1.64%)
                
Royal Caribbean Cruises Ltd
                
8.75%, 2/ 2/2011
     14,000       14,830  
7.25%, 3/15/2018
     11,000       10,300  
 
              
 
             25,130  
 
              
 
                
Dialysis Centers (2.12%)
                
DaVita Inc
                
6.63%, 3/15/2013
     33,000       32,505  
 
                
Electric — Generation (0.00%)
                
AES Corp/The
                
8.75%, 5/15/2013 (g)
     3       3  
 
                
Electric — Integrated (4.95%)
                
CILCORP Inc
                
9.38%, 10/15/2029
     3,000       3,455  
Commonwealth Edison Co
                
6.95%, 7/15/2018
     10,000       10,288  
Duquesne Light Holdings Inc
                
5.50%, 8/15/2015
     20,000       19,654  
Energy Future Holdings Corp
                
5.55%, 11/15/2014
     3       2  
Mirant Americas Generation LLC
                
8.50%, 10/ 1/2021
     30,500       26,916  
Sierra Pacific Resources
                
6.75%, 8/15/2017
     15,500       15,677  
TECO Energy Inc
                
7.50%, 6/15/2010
     2       3  
 
              
 
             75,995  
 
              
 
                
Electronics — Military (2.08%)
                
L-3 Communications Corp
                
5.88%, 1/15/2015
     19,000       18,477  
6.38%, 10/15/2015
     13,500       13,399  
 
              
 
             31,876  
 
              
 
                
Finance — Commercial (0.53%)
                
CIT Group Inc
                
3.52%, 7/28/2011 (h)
     10,000       8,201  
 
                
Finance — Leasing Company (0.12%)
                
DVI Inc
                
0.00%, 2/ 1/2004 (a)(e)(f)
     8,575       1,029  
0.00%, 2/ 1/2004 (a)(e)(f)
     6,850       822  
 
              
 
             1,851  
 
              
Finance — Mortgage Loan/Banker (3.09%)
                
Freddie Mac
                
4.63%, 10/25/2012 (j)
     45,000       47,454  
Food — Miscellaneous/Diversified (0.57%)
                
B&G Foods Inc
                
8.00%, 10/ 1/2011
     9,000       8,730  
 
                
Independent Power Producer (0.71%)
                
NRG Energy Inc
                
7.38%, 2/ 1/2016
     614       593  
Reliant Energy Inc
                
6.75%, 12/15/2014 (d)
     10,250       10,340  
 
              
 
             10,933  
 
              
Medical — Drugs (1.60%)
                
Elan Finance PLC/Elan Finance Corp
                
7.75%, 11/15/2011
     16,000       15,040  
8.88%, 12/ 1/2013
     10,000       9,550  
 
              
 
             24,590  
 
              
 
                
Medical — HMO (0.48%)
                
Multiplan Inc
                
10.38%, 4/15/2016 (g)
     8,000       7,440  
 
                
Medical — Hospitals (5.95%)
                
HCA Inc/DE
                
6.50%, 2/15/2016 (d)
     10,000       8,487  
9.25%, 11/15/2016
     8,000       8,390  
7.50%, 11/ 6/2033 (d)
     16,000       12,440  
IASIS Healthcare LLC/IASIS Capital Corp
                
8.75%, 6/15/2014
     29,750       29,750  
Tenet Healthcare Corp
                
9.25%, 2/ 1/2015 (d)(h)
     35,000       32,200  
 
              
 
             91,267  
 
              
 
                
MRI — Medical Diagnostic Imaging (1.95%)
                
Alliance Imaging Inc
                
7.25%, 12/15/2012 (d)
     31,500       30,004  

94

 

Schedule of Investments
High Yield Fund II
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Non-Hazardous Waste Disposal (2.09%)
                
Allied Waste North America Inc
                
7.88%, 4/15/2013
   $ 14,000     $ 14,175  
6.88%, 6/1/2017
     18,500       17,945  
 
              
 
             32,120  
 
              
 
                
Oil Company -Exploration & Production (2.13%)
                
Chesapeake Energy Corp
                
6.88%, 1/15/2016
     14,000       13,860  
6.50%, 8/15/2017 (d)
     19,500       18,866  
 
              
 
             32,726  
 
              
 
                
Oil Refining & Marketing (2.09%)
                
Tesoro Corp
                
6.63%, 11/1/2015
     33,000       32,093  
 
                
Pharmacy Services (1.49%)
                
Omnicare Inc
                
6.13%, 6/1/2013
     12,350       11,115  
6.88%, 12/15/2015
     13,000       11,700  
 
              
 
             22,815  
 
              
 
                
Physical Therapy & Rehabilitation Centers (2.21%)
                
Healthsouth Corp
                
10.75%, 6/15/2016 (d)
     32,500       33,881  
 
                
Pipelines (4.18%)
                
Dynegy Holdings Inc
                
8.38%, 5/1/2016
     32,000       31,120  
El Paso Natural Gas Co
                
8.38%, 6/15/2032
     12,500       14,573  
Energy Maintenance Services Group LLC
                
11.50%, 3/1/2014 (e)(f)
     9,704       10,092  
Energy Maintenance Services Group LLC - Rights
                
0.00%, 3/1/2014 (a)(e)(f)
     2       —  
Southern Natural Gas Co
                
8.00%, 3/1/2032
     7,500       8,412  
 
              
 
             64,197  
 
              
 
                
Publishing — Periodicals (2.20%)
                
Nielsen Finance LLC/Nielsen Finance Co
                
10.00%, 8/1/2014
     33,500       33,835  
 
                
Radio (1.45%)
                
Sirius Satellite Radio Inc
                
9.63%, 8/1/2013
     26,000       22,230  
 
                
Regional Banks (1.02%)
                
Bank of America Corp
                
8.00%, 12/29/2049 (h)
     15,000       15,581  
 
                
REITS — Healthcare (0.65%)
                
Omega Healthcare Investors Inc
                
7.00%, 4/1/2014
     10,000       9,900  
 
                
Rental — Auto quipment (0.04%)
                
United Rentals North America Inc
                
6.50%, 2/15/2012
     615       566  
 
                
Retail — Automobile (0.39%)
                
Asbury Automotive Group Inc
                
8.00%, 3/15/2014
     6,750       6,007  
 
                
Retail — Regional Department Store (1.88%)
                
Neiman-Marcus Group Inc
                
10.38%, 10/15/2015 (d)
     29,000       28,855  
 
                
Retail — Sporting Goods (1.17%)
                
Remington Arms Co Inc
                
10.50 %, 2/1/2011 (d)
     18,500       17,945  
 
                
Savings & Loans — Thrifts (1.02%)
                
Washington Mutual Preferred Funding
                
9.75%, 10/29/2049 (g)
     17,000       15,640  
 
                
Sovereign (3.33%)
                
Brazilian Government International Bond
                
12.50%, 1/ 5/2016
     28,900       17,721  
Federative Republic of Brazil
                
12.50%, 1/ 5/2022
     10,000       6,225  
Mexican Bonos
                
8.00%, 12/19/2013
     288,474       27,165  
 
              
 
             51,111  
 
              
 
                
Special Purpose Entity (8.45%)
                
CCM Merger Inc
                
8.00%, 8/1/2013 (g)
     24,000       21,480  
CDX North America High Yield
                
7.63%, 6/29/2012 (d)(g)
     47,000       45,708  
ISA Capital do Brasil SA
                
8.80%, 1/30/2017 (g)
     14,500       14,935  
TRAINS
                
7.14%, 5/1/2016 (a)(d)(g)
     45,510       43,540  
UCI Holdco Inc
                
12.49%, 12/15/2013 (h)
     4,514       4,130  
 
              
 
             129,793  
 
              
 
                
Telecommunication Services (1.20%)
                
Qwest Corp
                
8.88%, 3/15/2012 (h)
     17,500       18,484  
 
                
Transactional Software (0.84%)
                
Open Solutions Inc
                
9.75%, 2/1/2015 (g)
     15,000       12,825  
 
                
Transport — Marine (1.30%)
                
Britannia Bulk PLC
                
11.00%, 12/1/2011
     20,000       19,950  

95

 

Schedule of Investments
High Yield Fund II
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Transport — Services (0.58%)
                
Trailer Bridge Inc
                
9.25%, 11/15/2011
   $ 9,000     $ 8,966  
 
TOTAL BONDS
           $ 1,217,796  
 
 
                
SENIOR FLOATING RATE INTERESTS (2.34%)
                
Commercial Services (1.79%)
                
Quintiles International; Term Loan B
                
6.83%, 3/31/2013 (h)
     26,916       25,615  
Quintiles Transnational, Term Loan
                
0.00%, 3/31/2014 (h)(i)
     1,995       1,910  
 
              
 
             27,525  
 
              
 
                
Medical — HMO (0.55%)
                
Multiplan Inc; Term Loan B
                
5.77%, 4/12/2013 (h)
     5,791       5,545  
Multiplan Inc; Term Loan C
                
0.00%, 4/12/2013 (h)(i)
     3,090       2,946  
 
              
 
             8,491  
 
TOTAL SENIOR FLOATING RATE INTERESTS
           $ 36,016  
 
 
                
CONVERTIBLE BONDS (5.40%)
                
Agricultural Chemicals (0.33%)
                
Sinofert Holdings Ltd
                
0.00%, 8/ 7/2011 (a)
     24,000       5,005  
 
                
Food — Miscellaneous/Diversified (0.59%)
                
FU JI Food and Catering Services
                
0.00%, 11/ 9/2009 (a)
     46,500       6,693  
0.00%, 10/18/2010 (a)(e)
     20,000       2,423  
 
              
 
             9,116  
 
              
 
                
Oil — Field Services (0.51%)
                
Hanover Compressor Co
                
4.75%, 3/15/2008
     7,950       7,851  
 
                
Pharmacy Services (0.32%)
                
Omnicare Inc
                
3.25%, 12/15/2035
     7,000       4,891  
 
                
Retail — Regional Department Store (0.53%)
                
Golden Eagle Retail Group Ltd
                
0.00%, 10/23/2011 (a)
     48,000       8,061  
 
                
Semiconductor Component — Integrated Circuits (0. 40%)
                
Jazz Technologies Inc
                
8.00%, 12/31/2011 (g)
     8,000       6,200  
 
                
Therapeutics (2.72%)
                
Cell Therapeutics Inc
                
4.00%, 7/ 1/2010
     5,000       2,550  
CV Therapeutics Inc
                
3.25%, 8/16/2013 (d)
     24,250       19,188  
2.00%, 5/16/2023 (d)
     19,500       17,087  
Vion Pharmaceuticals Inc
                
7.75%, 2/15/2012 (g)
     4,500       2,902  
 
              
 
             41,727  
 
TOTAL CONVERTIBLE BONDS
           $ 82,851  
 
                
SHORT TERM INVESTMENTS (11.18%)
                
Money Market Funds (11.18%)
                
BNY Institutional Cash Reserve Fund (k)
   $ 171,575     $ 171,575  
 
TOTAL SHORT TERM INVESTMENTS
           $ 171,575  
 
 
                
REPURCHASE AGREEMENTS (2.02%)
                
Finance — Investment Banker & Broker (2.02%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $31,207,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (k)
   $ 30,974     $ 30,971  
 
TOTAL REPURCHASE AGREEMENTS
           $ 30,971  
 
 
                
Total Investments
           $ 1,705,039  
Liabilities in Excess of Other Assets, Net — (11.07)%
             (169,900 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 1,535,139  
 
              
 
     
(a)   Non-Income Producing Security
 
(b)   Affiliated Security
 
(c)   Affiliated Security as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security).
 
(d)   Security or a portion of the security was on loan at the end of the period.
 
(e)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $26,732 or 1.74% of net assets.
 
(f)   Security is Illiquid
 
(g)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $236,224 or 15.39% of net assets.
 
(h)   Variable Rate
 
(i)   This Senior Floating Rate Note will settle after January 31, 2008, at which time the interest rate will be determined.
 
(j)   Security or a portion of the security was pledged to cover margin requirements for swap agreements. At the end of the period, the value of these securities totaled $2,650 or 0.17% of net assets.
 
(k)   Security was purchased with the cash proceeds from securities loans.

96

 

Schedule of Investments
High Yield Fund II
January 31, 2008 (unaudited)
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 48,879  
Unrealized Depreciation
     (80,242 )
 
      
Net Unrealized Appreciation (Depreciation)
     (31,363 )
Cost for federal income tax purposes
     1,736,402  
All dollar amounts are shown in thousands (000’s)
Credit Default Swap Agreements
                 
            Unrealized
    Notional   Appreciation/
Description   Amount   (Depreciation)
 
Sell protection for CDX NA HY 9 Index and receive quarterly 3.75% from UBS-AG. Expires December 2012.
   $ 45,000     $ (3,814 )
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
 
Consumer, Non-cyclical
     28.14 %
Financial
     27.18 %
Consumer, Cyclical
     12.08 %
Industrial
     9.97 %
Government
     9.63 %
Energy
     8.92 %
Utilities
     5.66 %
Communications
     5.28 %
Technology
     3.88 %
Basic Materials
     0.33 %
Liabilities in Excess of Other Assets, Net
     (11.07 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        
Other Assets Summary (unaudited)
         
Asset Type   Percent
 
Credit Default Swaps
     0.25 %

97

 

Schedule of Investments
High Yield Fund II
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
New Flyer Industries Inc
     2,003,300     $ 15,739       —     $ —       —     $ —       2,003,300     $ 15,739  
Student Transportation of America Inc
     968,000       7,810       —       —       —       —       968,000       7,810  
 
                                                        
 
           $ 23,549             $ —             $ —             $ 23,549  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
New Flyer Industries Inc
   $ 556     $ —     $ —  
Student Transportation of America Inc
     —       —       —  
 
                  
 
   $ 556     $ —     $ —  
 
                  

98

 

Schedule of Investments
Income Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (0.18%)
                
Cable TV (0.17%)
                
Frontiervision Operating PRT (a)(b)
     2,000,000     $ —  
Time Warner Cable Inc (b)
     80,164       2,017  
 
                
Special Purpose Entity (0.01%)
                
Adelphia Recovery Trust (a)(b)
     658,740       115  
 
TOTAL COMMON STOCKS
           $ 2,132  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (63.04%)
                
Aerospace & Defense (0.30%)
                
Lockheed Martin Corp
                
7.75%, 5/1/2026
   $ 3,000     $ 3,597  
 
                
Cable TV (2.65%)
                
Comcast Cable Communications LLC
                
6.20%, 11/15/2008
     550       557  
7.13%, 6/15/2013
     7,000       7,576  
Comcast Cable Holdings LLC
                
7.88%, 8/1/2013
     2,000       2,212  
Comcast Corp
                
6.95%, 8/15/2037
     3,000       3,083  
COX Communications Inc
                
6.75%, 3/15/2011
     8,000       8,484  
6.45%, 12/1/2036 (c)
     4,000       3,873  
Frontiervision
                
0.00%, 9/15/2008 (a)(b)
     2,500       75  
Time Warner Cable Inc
                
6.55%, 5/1/2037
     6,000       5,944  
 
              
 
             31,804  
 
              
 
                
Casino Hotels (0.74%)
                
Harrah’s Operating Co Inc
                
6.50%, 6/1/2016
     6,000       3,840  
Mandalay Resort Group
                
7.00%, 11/15/2036
     5,000       5,012  
 
              
 
             8,852  
 
              
 
                
Casino Services (1.00%)
                
OED Corp/Diamond Jo LLC
                
8.75%, 4/15/2012
     12,000       12,015  
 
                
Cellular Telecommunications (0.71%)
                
Vodafone Group PLC
                
7.75%, 2/15/2010
     8,000       8,536  
 
                
Commercial Banks (0.95%)
                
US Bank NA/Cincinnati OH
                
6.38%, 8/1/2011
     5,000       5,361  
4.95%, 10/30/2014
     6,000       6,008  
 
              
 
             11,369  
 
              
 
                
Containers — Paper & Plastic (0.34%)
                
Sealed Air Corp
                
5.63%, 7/15/2013 (c)
     4,000       4,111  
 
                
Cruise Lines (0.99%)
                
Royal Caribbean Cruises Ltd
                
8.75%, 2/2/2011
     4,000       4,237  
6.88%, 12/1/2013 (d)
     6,000       5,836  
7.25%, 3/15/2018
     2,000       1,873  
 
              
 
             11,946  
 
              
 
                
Electric — Integrated (11.87%)
                
Arizona Public Service Co
                
6.50%, 3/1/2012
     5,000       5,310  
Dominion Resources Inc/VA
                
5.00%, 3/15/2013
     10,000       10,154  
Exelon Generation Co LLC
                
6.20%, 10/1/2017
     9,000       9,139  
Florida Power Corp
                
5.90%, 3/1/2033
     8,000       7,915  
6.35%, 9/15/2037
     2,000       2,110  
Illinois Power Co
                
7.50%, 6/15/2009
     9,000       9,350  
Metropolitan Edison Co
                
4.95%, 3/15/2013
     7,000       7,060  
Mirant Americas Generation LLC
                
8.50%, 10/1/2021
     15,000       13,238  
Nisource Finance Corp
                
6.15%, 3/1/2013
     5,000       5,186  
5.40%, 7/15/2014
     5,000       4,910  
5.25%, 9/15/2017
     2,000       1,882  
Ohio Edison Co
                
5.45%, 5/1/2015
     5,000       4,974  
Ohio Power Co
                
5.50%, 2/15/2013
     5,000       5,176  
Oncor Electric Delivery Co
                
7.00%, 9/1/2022
     11,000       11,301  
Pacific Gas & Electric Co
                
4.20%, 3/1/2011
     10,250       10,277  
6.05%, 3/1/2034
     2,000       1,986  
Pacificorp
                
4.95%, 8/15/2014
     7,500       7,485  
5.25%, 6/15/2035
     5,000       4,528  
PPL Energy Supply LLC
                
6.40%, 11/1/2011
     5,000       5,252  
Public Service Co of New Mexico
                
4.40%, 9/15/2008
     2,000       2,008  
Southwestern Electric Power Co
                
5.38%, 4/15/2015
     6,500       6,419  
Texas-New Mexico Power Co
                
6.25%, 1/15/2009
     6,845       6,983  
 
              
 
             142,643  
 
              

99

 

Schedule of Investments
Income Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Electronics — Military (0.10%)
                
Lockheed Martin Tactical Systems Inc
                
7.63%, 6/15/2025
   $ 1,000     $ 1,177  
 
                
Finance — Commercial (0.61%)
                
CIT Group Holdings Inc
                
5.40%, 1/30/2016
     7,000       5,690  
CIT Group Inc
                
5.00%, 2/1/2015
     2,000       1,636  
 
              
 
             7,326  
 
              
 
                
Finance — Consumer Loans (0.55%)
                
American General Finance Corp
                
4.63%, 5/15/2009
     6,500       6,556  
 
Finance — Credit Card (0.65%)
                
FIA Card Services NA
                
7.13%, 11/15/2012
     5,000       5,543  
MBNA Corp
                
7.50%, 3/15/2012
     2,000       2,226  
 
              
 
             7,769  
 
              
Finance — Investment Banker & Broker (6.11%)
                
Citigroup Inc
                
5.85%, 8/2/2016 (d)
     12,000       12,384  
Goldman Sachs Group Inc/The
                
6.60%, 1/15/2012
     10,000       10,812  
5.35%, 1/15/2016
     2,000       2,021  
Jefferies Group Inc
                
7.75%, 3/15/2012
     7,500       8,216  
6.25%, 1/15/2036
     5,000       4,299  
JPMorgan Chase & Co
                
5.13%, 9/15/2014
     12,000       12,075  
Merrill Lynch & Co Inc
                
6.00%, 2/17/2009
     5,000       5,111  
5.00%, 1/15/2015
     3,000       2,886  
6.50%, 7/15/2018
     2,000       2,036  
6.75%, 6/1/2028
     2,000       1,873  
Morgan Stanley
                
4.75%, 4/1/2014
     5,000       4,808  
6.25%, 8/9/2026
     7,000       6,915  
 
              
 
             73,436  
 
              
 
                
Finance — Leasing Company (0.08%)
                
DVI Inc
                
0.00%, 2/1/2004 (a)(b)(e)
     8,125       975  
0.00%, 2/1/2004 (a)(b)(e)
     400       48  
 
              
 
             1,023  
 
              
 
                
Finance — Other Services (0.85%)
                
SB Treasury Co LLC
                
9.40%, 12/29/2049 (c)(f)
     10,000       10,196  
 
                
Food — Miscellaneous/Diversified (0.91%)
                
Corn Products International Inc
                
8.45%, 8/15/2009
     10,200       10,993  
 
                
Food — Retail (0.86%)
                
Fred Meyer Inc
                
7.45%, 3/1/2008
     5,000       5,012  
Safeway Inc
                
7.50%, 9/15/2009
     5,000       5,287  
 
              
 
             10,299  
 
              
 
                
Forestry (0.12%)
                
Weyerhaeuser Co
                
7.38%, 3/15/2032
     1,500       1,489  
 
                
Gas — Distribution (0.80%)
                
Sempra Energy
                
6.00%, 2/1/2013
     9,000       9,574  
 
                
Investment Management & Advisory Services (0.25%)
                
Legg Mason Inc
                
6.75%, 7/2/2008
     3,000       3,037  
 
                
Medical — Drugs (0.49%)
                
Elan Finance PLC/Elan Finance Corp
                
7.75%, 11/15/2011
     6,250       5,875  
 
                
Medical — Hospitals (1.55%)
                
HCA Inc/DE
                
9.25%, 11/15/2016
     6,000       6,292  
7.50%, 11/6/2033
     1,700       1,322  
Tenet Healthcare Corp
                
6.38%, 12/1/2011 (d)
     12,000       11,010  
 
              
 
             18,624  
 
              
 
                
Medical — Wholesale Drug Distribution (0.89%)
                
Cardinal Health Inc
                
6.75%, 2/15/2011
     10,000       10,686  
 
                
Metal—Diversified (1.01%)
                
Xstrata Canada Corp
                
6.00%, 10/15/2015
     12,000       12,134  
 
                
MRI — Medical Diagnostic Imaging (0.95%)
                
Alliance Imaging Inc
                
7.25%, 12/15/2012 (c)
     12,000       11,430  
 
                
Multi-Line Insurance (0.52%)
                
Farmers Insurance Exchange
                
6.00%, 8/1/2014 (c)
     6,000       6,260  
 
                
Multimedia (1.18%)
                
Historic TW Inc
                
9.15%, 2/1/2023
     5,260       6,282  

100

 

Schedule of Investments
Income Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Multimedia (continued)
                
News America Inc
                
6.40%, 12/15/2035
   $ 8,000     $ 7,895  
 
              
 
             14,177  
 
              
 
                
Non-Hazardous Waste Disposal (1.44%)
                
Allied Waste North America Inc
                
7.88%, 4/15/2013
     1,000       1,012  
7.25%, 3/15/2015 (d)
     9,000       8,933  
Waste Management Inc
                
6.88%, 5/15/2009
     3,450       3,577  
7.38%, 8/1/2010
     3,500       3,734  
 
              
 
             17,256  
 
              
 
                
Oil Company — Exploration & Production (0.93%)
                
OPTI Canada Inc
                
7.88%, 12/15/2014 (c)
     6,000       5,820  
XTO Energy Inc
                
6.75%, 8/1/2037
     5,000       5,335  
 
              
 
             11,155  
 
              
 
                
Oil Company — Integrated (1.12%)
                
Petro-Canada
                
4.00%, 7/15/2013
     3,000       2,830  
9.25%, 10/15/2021
     8,500       10,685  
 
              
 
             13,515  
 
              
 
                
Oil Refining & Marketing (1.52%)
                
Enterprise Products Operating LP
                
6.38%, 2/1/2013
     6,000       6,363  
Tesoro Corp
                
6.25%, 11/1/2012
     12,000       11,940  
 
              
 
             18,303  
 
              
 
                
Pharmacy Services (0.26%)
                
Omnicare Inc
                
6.13%, 6/1/2013
     3,500       3,150  
 
                
Physical Therapy & Rehabilitation Centers (0.74%)
                
Healthsouth Corp
                
10.75%, 6/15/2016 (d)
     8,500       8,861  
 
                
Pipelines (2.72%)
                
El Paso Natural Gas Co
                
7.50%, 11/15/2026
     10,000       10,514  
Energy Maintenance Services Group LLC
                
11.50%, 3/1/2014 (a)(e)
     9,705       10,093  
Energy Maintenance Services Group LLC - Rights
                
0.00%, 3/1/2014 (a)(b)(e)
     48       1  
Express Pipeline LP
                
7.39%, 12/31/2017 (c)
     4,624       5,292  
Southern Natural Gas Co
                
8.00%, 3/1/2032
     4,000       4,486  
Tennessee Gas Pipeline Co
                
8.38%, 6/15/2032
     2,000       2,332  
 
              
 
             32,718  
 
              
 
                
Publishing — Books (0.90%)
                
Reed Elsevier Capital Inc
                
6.75%, 8/1/2011
     10,000       10,860  
 
                
Regional Banks (1.84%)
                
Bank of America Corp
                
5.42%, 3/15/2017
     5,000       4,930  
6.80%, 3/15/2028
     670       699  
8.00%, 12/29/2049 (f)
     4,000       4,155  
Bank One Corp
                
10.00%, 8/15/2010
     400       460  
FleetBoston Financial Corp
                
6.88%, 1/15/2028
     995       1,042  
Wells Fargo & Co
                
4.63%, 4/15/2014
     11,000       10,882  
 
              
 
             22,168  
 
              
 
                
Reinsurance (0.21%)
                
Aspen Insurance Holdings Ltd
                
6.00%, 8/15/2014
     2,500       2,573  
 
                
REITS — Healthcare (3.19%)
                
HCP Inc
                
6.45%, 6/25/2012
     3,000       2,957  
6.00%, 3/1/2015
     1,750       1,614  
7.07%, 6/8/2015
     2,250       2,261  
Health Care REIT Inc
                
6.00%, 11/15/2013
     8,000       7,941  
6.20%, 6/1/2016
     3,000       2,850  
Healthcare Realty Trust Inc
                
8.13%, 5/1/2011
     7,500       7,874  
5.13%, 4/1/2014
     1,000       905  
Nationwide Health Properties Inc
                
6.00%, 5/20/2015
     12,000       11,879  
 
              
 
             38,281  
 
              
 
                
REITS — Office Property (0.85%)
                
Arden Realty LP
                
5.20%, 9/1/2011
     3,000       3,116  
5.25%, 3/1/2015
     7,000       7,065  
 
              
 
             10,181  
 
              
 
                
REITS — Shopping Centers (0.80%)
                
Developers Diversified Realty Corp
                
4.63%, 8/1/2010
     10,000       9,662  
REITS — Storage (0.79%)
                
Shurgard Storage Centers LLC
                
5.88%, 3/15/2013
     9,000       9,449  

101

 

Schedule of Investments
Income Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Retail — Regional Department Store (0.66%)
                
Neiman-Marcus Group Inc
                
10.38%, 10/15/2015 (d)
   $ 8,000     $ 7,960  
 
                
Savings & Loans — Thrifts (0.31%)
                
Washington Mutual Preferred Funding
                
9.75%, 10/29/2049 (c)
     4,000       3,680  
 
                
Special Purpose Entity (1.79%)
                
CCM Merger Inc
                
8.00%, 8/1/2013 (c)
     11,000       9,845  
CDX North America High Yield
                
7.63%, 6/29/2012 (c)(d)
     12,000       11,670  
 
              
 
             21,515  
 
              
 
                
Telecommunication Equipment — Fiber Optics (1.03%)
                
Corning Inc
                
5.90%, 3/15/2014
     12,000       12,429  
 
                
Telecommunication Services (1.53%)
                
Qwest Corp
                
8.88%, 3/15/2012 (f)
     8,000       8,450  
Telus Corp
                
8.00%, 6/1/2011
     9,000       9,912  
 
              
 
             18,362  
 
              
 
                
Telephone — Integrated (0.45%)
                
Deutsche Telekom International Finance
                
8.00%, 6/15/2010 (f)
     5,000       5,391  
 
                
Toys (0.09%)
                
Mattel Inc
                
7.30%, 6/13/2011
     1,000       1,116  
 
                
Transport — Rail (0.85%)
                
Norfolk Southern Corp
                
6.20%, 4/15/2009
     5,000       5,158  
Union Pacific Corp
                
3.88%, 2/15/2009
     5,000       5,015  
 
              
 
             10,173  
 
              
 
                
Transport — Services (0.99%)
                
Trailer Bridge Inc
                
9.25%, 11/15/2011
     12,000       11,955  
 
TOTAL BONDS
           $ 757,647  
 
CONVERTIBLE BONDS (1.21%)
                
Containers — Paper & Plastic (0.60%)
                
Sealed Air Corp
                
3.00%, 6/30/2033 (c)(f)
     7,250       7,250  
 
                
Oil — Field Services (0.12%)
                
Hanover Compressor Co
                
4.75%, 3/15/2008
     1,500       1,481  
 
                
Pharmacy Services (0.29%)
                
Omnicare Inc
                
3.25%, 12/15/2035
     5,000       3,494  
 
                
Therapeutics (0.20%)
                
CV Therapeutics Inc
                
3.25%, 8/16/2013
     3,000       2,374  
 
TOTAL CONVERTIBLE BONDS
           $ 14,599  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (33.86%)
                
Federal Home Loan Mortgage Corporation (FHLMC) (14.64%)
                
5.50%, 11/1/2017
     4,188       4,298  
5.50%, 1/1/2018
     1,507       1,547  
5.00%, 4/1/2018
     7,992       8,117  
5.00%, 9/1/2019
     11,067       11,228  
6.50%, 1/1/2029
     416       435  
6.50%, 5/1/2029
     480       503  
6.50%, 6/1/2029
     374       392  
6.50%, 6/1/2029
     1,156       1,211  
6.50%, 8/1/2029
     465       487  
6.00%, 3/1/2031
     374       386  
5.50%, 5/1/2031
     1,856       1,884  
7.00%, 1/1/2032
     649       691  
6.00%, 5/1/2032
     2,085       2,144  
5.00%, 5/1/2033
     14,476       14,436  
4.50%, 8/1/2033
     10,810       10,469  
4.50%, 8/1/2033
     9,562       9,261  
4.50%, 8/1/2033
     15,196       14,718  
5.50%, 6/1/2035
     18,557       18,798  
5.00%, 11/1/2035
     16,831       16,764  
5.50%, 1/1/2036
     20,977       21,250  
5.00%, 2/1/2036
     19,251       19,175  
5.50%, 4/1/2036
     17,560       17,784  
 
              
 
             175,978  
 
              
Federal National Mortgage Association (FNMA) (6.77%)
                
7.45%, 6/1/2016
     143       147  
5.00%, 1/1/2018
     4,195       4,261  
4.00%, 9/1/2018
     13,394       13,238  
4.00%, 9/1/2018
     6,126       6,055  
4.00%, 10/1/2018
     9,584       9,472  
6.50%, 9/1/2028
     96       100  
6.50%, 11/1/2028
     109       114  
7.00%, 1/1/2030
     33       35  
6.50%, 5/1/2031
     462       482  
6.00%, 4/1/2032
     1,224       1,260  
6.50%, 4/1/2032
     1,480       1,545  
6.50%, 5/1/2032
     1,374       1,434  
5.00%, 10/1/2032
     3,873       3,865  
5.50%, 3/1/2033
     5,342       5,423  
5.50%, 6/1/2033
     16,270       16,533  

102

 

Schedule of Investments
Income Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Federal National Mortgage Association (FNMA) (continued)
                
5.50%, 2/1/2035
   $ 17,152     $ 17,389  
 
              
 
             81,353  
 
              
 
                
Government National Mortgage Association (GNMA) (0.26%)
                
7.00%, 6/20/2031
     312       334  
6.00%, 5/20/2032 (f)
     2,714       2,804  
 
              
 
             3,138  
 
              
 
                
U.S. Treasury (12.19%)
                
4.25%, 8/15/2014 (d)
     22,000       23,408  
5.13%, 5/15/2016 (d)
     18,000       20,063  
4.50%, 5/15/2017 (d)
     30,000       32,065  
5.38%, 2/15/2031 (d)
     14,000       16,044  
4.50%, 2/15/2036 (d)
     32,000       32,712  
5.00%, 5/15/2037 (d)
     20,000       22,152  
 
              
 
             146,444  
 
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 406,913  
 
SHORT TERM INVESTMENTS (11.64%)
                
Money Market Funds (11.64%)
                
BNY Institutional Cash Reserve Fund (g)
   $ 139,916     $ 139,916  
 
TOTAL SHORT TERM INVESTMENTS
           $ 139,916  
 
REPURCHASE AGREEMENTS (4.76%)
                
Finance — Investment Banker & Broker (1.62%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $19,581,000; 0.00% - - 6.38%; dated 05/16/08 - 01/11/27) (g)
   $ 19,435     $ 19,433  
 
                
Money Center Banks (3.14%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $30,103,000; 0.00% - - 6.63%; dated 03/14/08 - 05/15/30) (g)
     29,869       29,867  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $4,079,000; 4.40% - - 5.38%; dated 04/29/08 - 04/01/56)
     3,961       3,961  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $4,079,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
     3,961       3,960  
 
              
 
             37,788  
 
TOTAL REPURCHASE AGREEMENTS
           $ 57,221  
 
Total Investments
           $ 1,378,428  
Liabilities in Excess of Other Assets, Net — (14.69)%
             (176,575 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 1,201,853  
 
              
 
(a)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $11,307 or 0.94% of net assets.
 
(b)   Non-Income Producing Security
 
(c)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $79,427 or 6.61% of net assets.
 
(d)   Security or a portion of the security was on loan at the end of the period.
 
(e)   Security is Illiquid
 
(f)   Variable Rate
 
(g)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 30,655  
Unrealized Depreciation
     (28,694 )
 
      
Net Unrealized Appreciation (Depreciation)
     1,961  
Cost for federal income tax purposes
     1,376,467  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
Financial
     36.75 %
Mortgage Securities
     21.67 %
Utilities
     12.67 %
Government
     12.18 %
Communications
     8.62 %
Consumer, Non-cyclical
     7.14 %
Energy
     6.42 %
Industrial
     4.62 %
Consumer, Cyclical
     3.49 %
Basic Materials
     1.13 %
Liabilities in Excess of Other Assets, Net
     (14.69 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

103

 

Schedule of Investments
Inflation Protection Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (64.47%)
               
Appliances (0.09%)
                
Whirlpool Corp
                
5.49%, 6/15/2009 (a)
   $ 500     $ 501  
 
                
Asset Backed Securities (9.46%)
                
Ameriquest Mortgage Securities Inc
                
3.69%, 4/25/2034 (a)(b)
     380       351  
Argent Securities Inc
                
3.50%, 4/25/2036 (a)(b)
     1,000       979  
3.53%, 7/25/2036 (a)(b)
     3,000       2,778  
Carrington Mortgage Loan Trust
                
3.61%, 12/25/2035 (a)(b)
     309       306  
3.66%, 12/25/2035 (a)
     250       243  
Citigroup Mortgage Loan Trust Inc
                
3.53%, 3/25/2037 (a)(b)
     2,000       1,788  
4.28%, 7/25/2037 (a)(c)
     557       557  
Countrywide Asset-Backed Certificates
                
4.50%, 12/25/2032 (a)
     99       86  
3.58%, 7/25/2035 (a)
     31       30  
3.75%, 2/25/2036 (a)
     403       399  
3.63%, 3/25/2036 (a)(b)
     1,895       1,819  
3.63%, 4/25/2036 (a)(b)
     6,300       6,105  
3.65%, 5/25/2036 (a)(b)
     45       46  
3.54%, 2/25/2037 (a)
     4,000       3,585  
3.88%, 2/25/2037 (a)
     3,000       726  
3.55%, 6/25/2037 (a)
     2,000       1,615  
3.51%, 11/25/2037 (a)(b)
     2,670       2,329  
Countrywide Home Equity Loan Trust
                
4.48%, 2/15/2036 (a)
     500       470  
First Franklin Mortgage Loan Asset Backed Certificates
                
3.62%, 11/25/2035 (a)(b)
     1,500       1,444  
First Horizon Asset Backed Trust
                
3.51%, 10/25/2026 (a)(b)
     767       644  
First-Citizens Home Equity Loan LLC
                
4.45%, 9/15/2022 (a)(d)
     927       866  
Ford Credit Floorplan Master Owner Trust
                
4.69%, 6/15/2011 (a)
     500       485  
GMAC Mortgage Corp Loan Trust
                
3.59%, 11/25/2036 (a)(b)
     1,423       1,162  
Indymac Residential Asset Backed Trust
                
3.57%, 4/25/2037 (a)(b)
     4,300       3,750  
JP Morgan Mortgage Acquisition Corp
                
3.51%, 11/25/2036 (a)(b)
     3,000       2,426  
3.53%, 3/25/2037 (a)(b)
     2,135       1,886  
3.54%, 5/ 1/2037 (a)
     3,000       2,449  
Long Beach Mortgage Loan Trust
                
3.91%, 6/25/2034 (a)
     225       204  
3.53%, 7/25/2036 (a)
     3,000       2,247  
3.55%, 12/25/2036 (a)
     2,200       1,648  
Merrill Lynch Mortgage Investors Inc
                
3.61%, 2/25/2037 (a)
     2,000       1,674  
Morgan Stanley ABS Capital I
                
3.56%, 2/25/2036 (a)
     1,700       1,611  
SACO I Inc
                
3.52%, 9/25/2036 (a)(b)
     959       655  
Swift Master Auto Receivables Trust
                
4.34%, 6/15/2012 (a)
     1,400       1,377  
Volkswagen Credit Auto Master Trust
                
3.95%, 7/20/2010 (a)(b)
     1,800       1,796  
Wells Fargo Home Equity Trust
                
3.48%, 3/25/2037 (a)
     898       877  
 
              
 
             51,413  
 
              
 
                
Auto — Car & Light Trucks (0.73%)
                
Daimler Finance North America LLC
                
5.46%, 3/13/2009 (a)
     2,500       2,488  
5.54%, 3/13/2009 (a)(b)
     1,500       1,490  
 
              
 
             3,978  
 
              
 
                
Automobile Sequential (2.90%)
                
AmeriCredit Automobile Receivables Trust
                
4.56%, 4/ 6/2012 (a)
     900       871  
AmeriCredit Prime Automobile Receivable Trust
                
4.89%, 2/ 8/2009 (a)
     900       894  
Capital Auto Receivables Asset Trust
                
4.39%, 11/15/2008 (a)
     122       122  
4.27%, 10/15/2009 (a)
     1,970       1,966  
4.47%, 3/15/2010 (a)
     3,000       2,989  
Capital One Auto Finance Trust
                
4.25%, 7/15/2011 (a)
     1,234       1,200  
4.28%, 10/15/2012 (a)
     4,700       4,628  
Ford Credit Auto Owner Trust
                
5.30%, 6/15/2012
     300       299  
Hyundai Auto Receivables Trust
                
4.64%, 1/17/2012 (a)
     1,800       1,781  
WFS Financial Owner Trust
                
3.93%, 2/17/2012
     994       996  
 
              
 
             15,746  
 
              
 
                
Beverages — Wine & Spirits (0.29%)
                
Diageo Finance BV
                
4.95%, 3/30/2009 (a)
     1,585       1,575  
 
                
Brewery (0.23%)
                
SABMiller PLC
                
5.03%, 7/ 1/2009 (a)(b)(d)
     1,250       1,257  
 
                
Building Products — Cement & Aggregate (0.52%)
                
Martin Marietta Materials Inc
                
3.26%, 4/30/2010 (a)
     2,850       2,822  
 
                
Building Products — Wood (0.52%)
                
Masco Corp
                
5.43%, 3/12/2010 (a)
     2,665       2,553  

104

 

Schedule of Investments
Inflation Protection Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
               
Building Products — Wood (continued)
                
Norbord Inc
                
8.13%, 3/20/2008
   $ 250     $ 251  
 
              
 
             2,804  
 
              
 
                
Cable TV (0.35%)
                
Comcast Corp
                
4.68%, 7/14/2009 (a)(b)
     1,000       980  
DIRECTV Holdings LLC/DIRECTV Financing Co
                
8.38%, 3/15/2013
     900       930  
 
              
 
             1,910  
 
              
 
                
Cellular Telecommunications (0.59%)
                
America Movil SAB de CV
                
4.96%, 6/27/2008 (a)(b)(d)
     750       743  
US Unwired Inc
                
10.00%, 6/15/2012
     500       525  
Vodafone Group PLC
                
5.32%, 2/27/2012 (a)(b)
     2,000       1,925  
 
              
 
             3,193  
 
              
 
                
Commercial Banks (0.99%)
                
American Express Centurion Bank
                
4.24%, 11/16/2009 (a)
     2,000       1,939  
Colonial Bank NA/Montgomery AL
                
8.00%, 3/15/2009
     400       413  
HSBC America Capital Trust I
                
7.81%, 12/15/2026 (d)
     100       104  
ICICI Bank Ltd
                
4.92%, 1/12/2010 (a)(d)
     500       494  
M&I Marshall & Ilsley Bank
                
5.40%, 12/ 4/2012 (a)
     2,000       1,931  
VTB Capital SA
                
5.49%, 8/1/2008 (a)(d)
     500       497  
 
              
 
             5,378  
 
              
 
                
Computers — Memory Devices (0.36%)
                
Seagate Technology HDD Holdings
                
5.57%, 10/1/2009 (a)
     2,000       1,935  
 
                
Credit Card Asset Backed Securities (1.06%)
                
American Express Credit Account Master Trust
                
4.47%, 8/15/2011 (a)(d)
     1,950       1,906  
4.49%, 9/15/2011 (a)
     1,500       1,490  
4.52%, 3/15/2012 (a)
     500       493  
4.35%, 9/15/2014 (a)(b)
     1,000       925  
GE Capital Credit Card Master Note Trust
                
4.42%, 3/15/2015 (a)
     1,000       936  
 
              
 
             5,750  
 
              
 
                
Diversified Financial Services (0.54%)
                
General Electric Capital Corp
               
4.62%, 4/10/2012 (a)(b)
     3,000       2,928  
 
                
Diversified Operations (0.29%)
                
Capmark Financial Group Inc
                
5.53%, 5/10/2010 (a)(d)
     2,000       1,561  
 
                
Drug Delivery Systems (0.73%)
                
Hospira Inc
                
5.31%, 3/30/2010 (a)
     4,000       3,954  
 
                
Electric — Integrated (1.06%)
                
Commonwealth Edison Co
                
3.70%, 2/1/2008
     1,000       1,000  
Entergy Gulf States Inc
                
5.52%, 12/1/2009 (a)
     200       196  
Ipalco Enterprises Inc
                
8.38%, 11/14/2008 (a)
     175       178  
Ohio Power Co
                
4.83%, 4/5/2010 (a)
     1,535       1,512  
Pepco Holdings Inc
                
5.75%, 6/1/2010 (a)
     1,150       1,148  
PSEG Energy Holdings LLC
                
8.63%, 2/15/2008
     850       851  
TECO Energy Inc
                
6.91%, 5/1/2010 (a)
     850       854  
 
              
 
             5,739  
 
              
 
                
Electronic Components — Miscellaneous (0.15%)
                
Jabil Circuit Inc
                
5.88%, 7/15/2010
     500       508  
Sanmina-SCI Corp
                
7.74%, 6/15/2010 (a)(d)
     291       290  
 
              
 
             798  
 
              
 
                
Electronic Components — Semiconductors (0.15%)
                
National Semiconductor Corp
                
5.24%, 6/15/2010 (a)
     850       826  
 
                
Finance — Auto Loans (0.41%)
                
American Honda Finance Corp
                
3.99%, 4/20/2010 (a)(d)
     850       849  
Ford Motor Credit Co LLC
                
7.13%, 1/13/2012 (a)
     500       421  
GMAC LLC
                
6.12%, 5/15/2009 (a)
     1,000       934  
 
              
 
             2,204  
 
              
 
                
Finance — Commercial (1.38%)
                
CIT Group Inc
                
3.47%, 4/27/2011 (a)
     1,000       865  
5.13%, 2/13/2012 (a)
     1,500       1,200  
Textron Financial Corp
                
5.16%, 2/25/2011 (a)(b)
     4,000       3,931  
Textron Financial Floorplan Master Note
                
4.64%, 5/13/2010 (a)(d)
     1,500       1,501  
 
              
 
             7,497  
 
              

105

 

Schedule of Investments
Inflation Protection Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
               
Finance — Consumer Loans (1.41%)
                
American General Finance Corp
                
5.19%, 8/17/2011 (a)
   $ 600     $ 576  
HSBC Finance Corp
                
3.99%, 4/24/2012 (a)
     4,000       3,835  
John Deere Capital Corp
                
4.34%, 10/16/2009 (a)
     2,350       2,347  
SLM Corp
                
5.19%, 3/15/2011 (a)(b)
     1,000       895  
 
              
 
             7,653  
 
              
 
                
Finance — Investment Banker & Broker (3.54%)
                
Bear Stearns Cos Inc/The
                
4.33%, 7/16/2009 (a)
     1,500       1,439  
5.24%, 11/28/2011 (a)
     1,500       1,343  
Citigroup Funding Inc
                
4.14%, 10/22/2009 (a)
     2,800       2,774  
Citigroup Inc
                
5.06%, 5/18/2010 (a)
     1,400       1,376  
Goldman Sachs Group Inc/The
                
5.32%, 3/2/2010 (a)(b)
     1,000       972  
5.10%, 8/5/2011 (a)(b)
     1,000       975  
5.05%, 2/6/2012 (a)
     1,000       968  
Lehman Brothers Holdings Inc
                
5.17%, 5/25/2010 (a)(b)
     2,000       1,929  
4.61%, 1/12/2012 (a)
     1,000       932  
Merrill Lynch & Co Inc
                
5.11%, 11/1/2011 (a)
     2,950       2,771  
5.37%, 6/5/2012 (a)(b)
     1,000       914  
Morgan Stanley
                
4.20%, 1/18/2011 (a)
     1,000       967  
4.79%, 1/9/2012 (a)
     1,000       962  
4.84%, 1/9/2014 (a)
     1,000       936  
 
              
 
             19,258  
 
              
 
                
Finance — Leasing Company (0.14%)
                
International Lease Finance Corp
                
5.25%, 5/24/2010 (a)(b)
     800       775  
 
                
Finance — Mortgage Loan/Banker (4.22%)
                
Countrywide Financial Corp
                
5.10%, 3/24/2009 (a)
     2,000       1,757  
5.32%, 5/7/2012 (a)
     1,000       785  
Fannie Mae
                
4.68%, 2/17/2009 (a)
     200       200  
3.68%, 2/25/2018 (a)
     92       92  
3.68%, 3/25/2018 (a)(b)
     502       503  
3.68%, 10/25/2018 (a)(b)
     673       673  
3.63%, 11/25/2022 (a)
     121       121  
3.58%, 1/25/2023 (a)
     118       118  
3.78%, 6/25/2023 (a)(b)
     770       769  
3.78%, 2/25/2028 (a)
     254       253  
3.78%, 5/25/2030 (a)(b)
     570       568  
3.78%, 5/25/2031 (a)(b)
     782       780  
3.68%, 2/25/2032 (a)
     123       122  
3.58%, 4/25/2034 (a)(b)
     716       716  
3.63%, 3/25/2035 (a)(b)
     265       263  
3.60%, 4/25/2035 (a)(b)
     758       754  
Fannie Mae Grantor Trust
                
3.52%, 4/25/2035 (a)(b)
     174       174  
3.73%, 5/25/2035 (a)(b)
     102       103  
3.44%, 6/25/2035 (a)(b)
     34       33  
3.53%, 9/25/2035 (a)(b)
     226       225  
Fannie Mae Whole Loan
                
3.53%, 11/25/2033 (a)(b)
     11       11  
3.53%, 5/25/2035 (a)(b)
     117       116  
3.58%, 5/25/2035 (a)(b)
     118       116  
3.63%, 6/25/2044 (a)
     41       41  
3.83%, 2/25/2047 (a)(b)
     92       93  
Freddie Mac
                
4.54%, 5/15/2013 (a)(b)
     47       47  
4.54%, 5/15/2017 (a)(b)
     507       507  
4.54%, 2/15/2018 (a)(b)
     482       482  
4.54%, 6/15/2018 (a)(b)
     519       521  
4.49%, 3/15/2023 (a)(b)
     293       292  
4.69%, 6/15/2023 (a)
     119       119  
4.64%, 7/15/2023 (a)(b)
     4,223       4,195  
4.59%, 7/15/2028 (a)(b)
     638       638  
4.64%, 1/15/2030 (a)(b)
     714       712  
4.59%, 2/15/2030 (a)
     48       48  
4.44%, 4/15/2030 (a)
     150       150  
4.59%, 5/15/2030 (a)
     116       116  
4.64%, 9/15/2033 (a)(b)
     410       409  
4.54%, 10/15/2034 (a)
     201       200  
Ginnie Mae
                
1.69%, 10/16/2012 (a)
     4,472       149  
4.51%, 10/16/2028 (a)
     784       795  
4.31%, 10/20/2031 (a)
     226       225  
0.85%, 3/16/2047 (a)
     5,952       341  
Residential Capital LLC
                
5.65%, 6/9/2008 (a)
     500       427  
7.62%, 5/22/2009 (a)
     2,000       1,360  
SLM Student Loan Trust
                
5.14%, 6/15/2016 (a)
     124       124  
5.05%, 3/15/2017 (a)
     1,716       1,710  
 
              
 
             22,953  
 
              
 
                
Finance — Other Services (0.14%)
                
Alamosa Delaware Inc
                
8.50%, 1/31/2012
     275       280  
Mizuho JGB Investment LLC
                
9.87%, 12/29/2049 (a)(d)
     500       506  
 
              
 
             786  
 
              
 
                
Food — Miscellaneous/Diversified (0.26%)
                
General Mills Inc
                
4.02%, 1/22/2010 (a)(b)
     1,000       973  
Kraft Foods Inc
                
5.39%, 8/11/2010 (a)
     450       447  
 
              
 
             1,420  
 
              

106

 

Schedule of Investments
Inflation Protection Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
               
Home Equity — Other (5.95%)
                
ACE Securities Corp
                
3.59%, 9/25/2035 (a)(b)
   $ 410     $ 408  
Asset Backed Securities Corp Home Equity
                
3.48%, 7/25/2036 (a)(b)
     2,000       1,928  
Bear Stearns Asset Backed Securities Trust
                
3.54%, 8/25/2036 (a)(b)
     400       368  
3.57%, 5/25/2037 (a)(b)
     4,000       3,666  
3.56%, 6/25/2047 (a)
     2,400       2,034  
Citigroup Mortgage Loan Trust Inc
                
3.65%, 10/25/2035 (a)
     1,000       993  
First NLC Trust
                
3.68%, 9/25/2035 (a)
     1,895       1,832  
3.61%, 12/25/2035 (a)
     54       54  
GMAC Mortgage Corp Loan Trust
                
5.75%, 10/25/2036
     500       445  
6.05%, 12/25/2037 (a)
     1,580       1,507  
GSAA Trust
                
3.52%, 4/25/2047 (a)
     3,368       3,118  
HSI Asset Securitization Corp Trust
                
3.52%, 1/25/2037 (a)(b)
     2,000       1,821  
Morgan Stanley Home Equity Loans
                
3.55%, 2/25/2036 (a)
     5,000       4,698  
New Century Home Equity Loan Trust
                
3.67%, 3/25/2035 (a)(b)
     68       66  
Option One Mortgage Loan Trust
                
4.38%, 2/25/2035 (a)
     100       80  
3.83%, 3/25/2037 (a)
     2,000       783  
Residential Asset Securities Corp
                
3.58%, 5/25/2035 (a)
     17       17  
3.53%, 9/25/2036 (a)(b)
     3,300       3,118  
Soundview Home Equity Loan Trust
                
3.56%, 3/25/2036 (a)(b)
     1,000       978  
WAMU Asset-Backed Certificates
                
3.55%, 5/25/2037 (a)
     2,000       1,737  
3.55%, 7/25/2047 (a)
     3,000       2,482  
Wells Fargo Home Equity Trust
                
3.67%, 10/25/2035 (a)(d)
     247       230  
 
              
 
             32,363  
 
              
 
                
Home Equity — Sequential (0.43%)
                
BNC Mortgage Loan Trust
                
3.55%, 7/25/2037 (a)
     2,271       1,752  
Countrywide Asset-Backed Certificates
                
5.51%, 8/25/2036
     615       598  
 
              
 
             2,350  
 
              
 
                
Industrial Automation & Robots (0.09%)
                
Intermec Inc
                
7.00%, 3/15/2008
     500       499  
 
                
Investment Companies (0.18%)
                
Xstrata Finance Dubai Ltd
                
5.23%, 11/13/2009 (a)(d)
     1,000       997  
 
                
Life & Health Insurance (0.37%)
                
Lincoln National Corp
                
4.76%, 4/6/2009 (a)
     1,500       1,484  
Unum Group
                
6.00%, 5/15/2008
     500       503  
 
              
 
             1,987  
 
              
 
                
Machinery — Farm (0.17%)
                
Case New Holland Inc
                
6.00%, 6/1/2009
     900       898  
 
                
Medical — Drugs (0.11%)
                
Angiotech Pharmaceuticals Inc
                
8.87%, 12/1/2013 (a)
     400       360  
Elan Finance PLC/Elan Finance Corp
                
9.25%, 12/1/2013 (a)
     250       228  
 
              
 
             588  
 
              
 
                
Medical — HMO (0.18%)
                
UnitedHealth Group Inc
                
5.09%, 6/21/2010 (a)(d)
     1,000       976  
 
                
Medical — Wholesale Drug Distribution (0.18%)
                
Cardinal Health Inc
                
5.50%, 10/2/2009 (a)(b)(d)
     1,000       1,004  
 
                
Mortgage Backed Securities (15.48%)
                
Adjustable Rate Mortgage Trust
                
3.65%, 8/25/2036 (a)(b)
     1,082       800  
Banc of America Alternative Loan Trust
                
3.78%, 6/25/2036 (a)(b)
     492       487  
Banc of America Commercial Mortgage Inc
                
6.85%, 4/15/2036
     300       316  
5.31%, 10/10/2045 (a)
     1,000       999  
Banc of America Funding Corp
                
4.21%, 7/20/2036 (a)(b)
     2,028       1,844  
3.56%, 4/25/2037 (a)(b)
     4,000       3,956  
Bear Stearns Alt-A Trust
                
3.54%, 11/25/2036 (a)(b)
     652       643  
3.55%, 4/25/2037 (a)
     1,679       1,568  
Bear Stearns Asset Backed Securities Trust
                
3.61%, 4/25/2036 (a)
     180       165  
Bear Stearns Commercial Mortgage Securities Inc
                
7.00%, 5/20/2030
     608       637  
Bella Vista Mortgage Trust
                
4.23%, 1/22/2045 (a)
     1,449       1,391  
4.18%, 5/20/2045 (a)
     1,203       1,123  
Chase Mortgage Finance Corp
                
4.61%, 7/25/2037 (a)(c)
     762       757  
Citigroup/Deutsche Bank Commercial Mortgage
                
0.04%, 12/11/2049 (a)(d)
     12,769       115  
Citigroup/Deutsche Bank Commercial Mortgage Trust
                
0.63%, 10/15/2048 (a)
     38,765       796  
0.56%, 12/11/2049 (a)(d)
     8,160       199  

107

 

Schedule of Investments
Inflation Protection Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
               
Mortgage Backed Securities (continued)
                
Countrywide Alternative Loan Trust
                
3.80%, 12/25/2035 (a)(b)
   $ 499     $ 438  
3.55%, 6/25/2036 (a)(b)
     3,000       2,925  
3.66%, 6/25/2036 (a)(b)
     1,173       1,163  
3.44%, 11/25/2036 (a)
     613       606  
3.64%, 7/25/2046 (a)(b)
     2,100       1,934  
3.59%, 5/25/2047 (a)
     4,290       3,843  
Countrywide Asset-Backed Certificates
                
3.65%, 1/25/2036 (a)(b)
     250       245  
Countrywide Home Loan Mortgage Pass
                
Through Certificates
                
3.58%, 4/25/2046 (a)(b)
     1,145       1,059  
Credit Suisse Mortgage Capital Certificates
                
6.00%, 9/15/2039 (a)
     1,000       912  
CS First Boston Mortgage Securities Corp
                
7.92%, 9/15/2041 (a)
     1,025       1,077  
G-Force LLC
                
3.68%, 12/25/2039 (a)(b)(d)
     1,000       650  
Greenpoint Mortgage Funding Trust
                
3.69%, 10/25/2045 (a)
     1,143       1,087  
Greenwich Capital Commercial Funding Corp
                
0.51%, 3/10/2039 (a)(d)
     54,802       1,169  
5.44%, 3/10/2039 (a)
     2,000       1,972  
GSC Capital Corp Mortgage Trust
                
3.64%, 2/25/2036 (a)
     708       632  
GSR Mortgage Loan Trust
                
3.64%, 8/25/2046 (a)
     215       196  
Homebanc Mortgage Trust
                
3.72%, 1/25/2036 (a)(b)
     1,163       1,130  
Impac CMB Trust
                
4.36%, 10/25/2034 (a)
     58       53  
4.93%, 10/25/2034 (a)(b)
     126       95  
3.69%, 4/25/2035 (a)
     327       284  
3.89%, 8/25/2035 (a)
     74       64  
4.03%, 8/25/2035 (a)
     65       47  
3.63%, 4/25/2037 (a)(c)
     1,874       1,748  
Impac Secured Assets CMN Owner Trust
                
3.55%, 9/25/2036 (a)
     1,500       1,354  
3.54%, 3/25/2037 (a)(b)
     1,600       1,425  
Indymac Index Mortgage Loan Trust
                
3.61%, 4/25/2035 (a)
     177       167  
3.68%, 8/25/2035 (a)
     367       346  
3.56%, 1/25/2037 (a)
     1,460       1,430  
3.62%, 6/25/2037 (a)(c)
     3,886       3,655  
JP Morgan Alternative Loan Trust
                
3.53%, 3/25/2037 (a)(b)
     1,460       1,367  
JP Morgan Chase Commercial Mortgage Securities
                
5.63%, 6/12/2041 (a)
     1,000       975  
5.30%, 5/15/2047 (a)
     1,000       995  
JP Morgan Mortgage Trust
                
5.30%, 7/25/2035
     843       853  
5.82%, 6/25/2036 (a)
     300       309  
5.83%, 1/25/2037 (a)
     1,094       1,110  
LB-UBS Commercial Mortgage Trust
                
5.59%, 6/15/2031
     390       400  
Lehman XS Trust
                
3.60%, 6/25/2047 (a)(c)
     3,898       3,616  
Merrill Lynch Alternative Note Asset Trust
                
3.59%, 4/25/2037 (a)(c)
     5,000       4,100  
Merrill Lynch Mortgage Trust
                
5.84%, 5/12/2039 (a)
     620       598  
Merrill Lynch/Countrywide Commercial Mortgage Trust
                
0.09%, 7/12/2046 (a)
     17,240       271  
Morgan Stanley Capital I
                
5.55%, 12/20/2046 (a)(c)
     200       110  
Residential Accredit Loans Inc
                
3.53%, 2/25/2037 (a)(b)(c)
     3,476       3,269  
3.57%, 7/25/2037 (a)(c)
     986       905  
3.53%, 3/25/2047 (a)(b)
     2,803       2,628  
Structured Adjustable Rate Mortgage Loan Trust
                
4.08%, 8/25/2034 (a)
     1,525       1,317  
Structured Asset Mortgage Investments I
                
3.61%, 5/25/2045 (a)
     892       873  
Wachovia Bank Commercial Mortgage Trust
                
0.67%, 12/15/2043 (a)(d)
     27,507       906  
4.52%, 5/15/2044
     2,680       2,644  
WaMu Mortgage Pass Through Certificates
                
4.02%, 12/25/2027 (a)(b)
     1,030       967  
5.94%, 9/25/2036 (a)
     219       221  
6.07%, 9/25/2036 (a)
     260       262  
5.70%, 6/25/2037 (a)
     1,910       1,924  
5.36%, 7/25/2044 (a)
     99       93  
3.75%, 1/25/2045 (a)(b)
     211       193  
3.76%, 11/25/2045 (a)(b)
     1,018       987  
3.60%, 8/25/2046 (a)
     1,000       965  
Washington Mutual Alternative Mortgage
                
3.66%, 6/25/2046 (a)(b)
     735       614  
3.56%, 1/25/2047 (a)
     3,498       3,216  
 
              
 
             84,190  
 
              
 
                
Multi-Line Insurance (0.26%)
                
Metropolitan Life Global Funding I
                
5.56%, 5/17/2010 (d)
     1,400       1,390  
 
                
Multimedia (0.64%)
                
Time Warner Inc
                
5.11%, 11/13/2009 (a)
     2,050       1,990  
Viacom Inc
                
5.34%, 6/16/2009 (a)
     1,525       1,513  
 
              
 
             3,503  
 
              

108

 

Schedule of Investments
Inflation Protection Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Office Automation & Equipment (0.07%)
                
Xerox Corp
                
5.72%, 12/18/2009 (a)
   $ 400     $ 391  
 
                
Oil — Field Services (0.55%)
                
BJ Services Co
                
5.29%, 6/1/2008 (a)(b)
     3,000       3,005  
 
                
Oil & Gas Drilling (0.14%)
                
Transocean Inc
                
5.34%, 9/5/2008 (a)(b)
     750       747  
 
                
Oil Company — Exploration & Production (0.41%)
                
Anadarko Petroleum Corp
                
5.39%, 9/15/2009 (a)
     1,250       1,221  
Forest Oil Corp
                
8.00%, 6/15/2008
     1,000       1,004  
 
              
 
             2,225  
 
              
 
                
Oil Refining & Marketing (0.14%)
                
Premcor Refining Group Inc/The
                
9.50%, 2/1/2013
     750       788  
 
                
Pipelines (0.09%)
                
Williams Cos Inc
                
6.73%, 10/1/2010 (a)(d)
     500       511  
 
                
Regional Banks (1.35%)
                
BAC Capital Trust XIII
                
5.39%, 3/15/2043 (a)
     4,000       3,154  
Capital One Financial Corp
                
5.43%, 9/10/2009 (a)
     1,900       1,772  
Fleet Capital Trust II
                
7.92%, 12/11/2026
     500       519  
PNC Funding Corp
                
3.38%, 1/31/2012 (a)(b)
     500       486  
Wells Fargo & Co
                
5.17%, 8/20/2010 (a)
     1,400       1,401  
 
              
 
             7,332  
 
              
 
                
REITS — Diversified (0.37%)
                
iStar Financial Inc
                
5.54%, 3/16/2009 (a)(b)
     725       675  
5.33%, 9/15/2009 (a)
     500       464  
5.50%, 3/9/2010 (a)
     1,000       890  
 
              
 
             2,029  
 
              
 
                
REITS — Healthcare (0.41%)
                
HCP Inc
                
5.44%, 9/15/2008 (a)
     2,250       2,251  
 
                
REITS — Office Property (0.13%)
                
HRPT Properties Trust
                
5.59%, 3/16/2011 (a)(b)
     720       696  
 
                
REITS — Warehouse & Industrial (0.09%)
                
Prologis
                
5.28%, 8/24/2009 (a)(b)
     500       486  
 
                
Rental — Auto & Equipment (0.53%)
                
Erac USA Finance Co
                
3.50%, 4/30/2009 (a)(b)(d)
     2,250       2,240  
5.30%, 8/28/2009 (a)(d)
     660       664  
 
              
 
             2,904  
 
              
 
                
Retail — Drug Store (0.27%)
                
CVS Caremark Corp
                
5.44%, 6/1/2010 (a)
     1,500       1,465  
 
                
Retail — Petroleum Products (0.10%)
                
Petro Stopping Centers LP/Petro Financial Corp
                
9.00%, 2/15/2012
     500       519  
 
                
Rubber — Tires (0.05%)
                
Goodyear Tire & Rubber Co/The
                
8.66%, 12/1/2009 (a)
     250       249  
 
                
Savings & Loans — Thrifts (0.41%)
                
Washington Mutual Bank/Henderson NV
                
5.08%, 2/4/2011 (a)
     1,000       910  
Washington Mutual Inc
                
4.56%, 1/15/2010 (a)(b)
     500       458  
5.18%, 3/22/2012 (a)
     1,000       884  
 
              
 
             2,252  
 
              
 
                
Special Purpose Banks (0.19%)
                
Korea Development Bank
                
4.33%, 10/20/2009 (a)(b)
     380       381  
4.84%, 4/3/2010 (a)
     665       664  
 
              
 
             1,045  
 
              
 
                
Special Purpose Entity (1.17%)
                
Genworth Global Funding Trusts
                
5.15%, 12/15/2010 (a)
     935       930  
ING USA Global Funding Trust
                
4.84%, 10/9/2009 (a)
     2,300       2,303  
Rockies Express Pipeline LLC
                
5.78%, 8/20/2009 (a)(d)
     720       722  
Sirens BV
                
6.33%, 4/13/2012 (a)(d)(e)
     2,000       1,912  
Williams Cos Inc Credit Linked Certificates
                
8.16%, 5/1/2009 (a)(d)
     500       505  
 
              
 
             6,372  
 
              
 
                
Telecommunication Services (0.07%)
                
Telcordia Technologies Inc
                
8.01%, 7/15/2012 (a)(d)
     440       374  
 
                
Telephone — Integrated (0.58%)
                
Deutsche Telekom International Finance
                
5.06%, 3/23/2009 (a)
     375       373  

109

 

Schedule of Investments
Inflation Protection Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
               
Telephone — Integrated (continued)
                
Sprint Nextel Corp
               
5.24%, 6/28/2010 (a)
   $ 400     $ 385  
Telecom Italia Capital SA
               
4.56%, 7/18/2011 (a)(b)
     800       767  
Telefonica Emisiones SAU
               
5.23%, 6/19/2009 (a)
     700       694  
5.21%, 2/4/2013 (a)(f)(g)
     1,000       937  
 
              
 
             3,156  
 
              
Tobacco (0.55%)
                
Reynolds American Inc
               
5.69%, 6/15/2011 (a)
     3,200       2,976  
 
                
Tools — Hand Held (0.25%)
                
Snap-On Inc
               
4.51%, 1/12/2010 (a)
     1,400       1,387  
 
                
   
TOTAL BONDS
           $ 350,519  
   
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (51.45%)
                
Federal National Mortgage Association (FNMA) (1.42%)
                
7.24%, 7/1/2026 (a)
     529       533  
5.02%, 3/1/2033 (a)(b)
     980       989  
4.33%, 4/1/2033 (a)
     493       506  
3.89%, 5/1/2033 (a)
     890       901  
4.36%, 7/1/2033 (a)
     499       507  
6.92%, 7/1/2033 (a)
     233       237  
7.63%, 3/1/2034 (a)
     499       510  
7.43%, 4/1/2034 (a)
     909       921  
6.85%, 9/1/2034 (a)
     314       320  
4.49%, 5/1/2035 (a)(b)
     1,014       1,019  
4.61%, 5/1/2035 (a)
     461       462  
5.31%, 11/1/2035 (a)
     807       811  
 
              
 
             7,716  
 
              
U.S. Treasury Inflation-Indexed Obligations (50.03%)
                
4.25%, 1/15/2010 (h)
     2,217       2,392  
0.88%, 4/15/2010 (h)
     6,856       6,937  
3.50%, 1/15/2011 (h)
     14,793       16,161  
2.38%, 4/15/2011
     212       225  
3.38%, 1/15/2012 (h)
     8,339       9,277  
2.00%, 4/15/2012 (h)
     17,116       18,134  
3.00%, 7/15/2012 (h)
     7,809       8,647  
1.88%, 7/15/2013 (h)
     9,469       10,035  
2.00%, 1/15/2014 (h)
     10,061       10,729  
2.00%, 7/15/2014 (h)
     24,910       26,560  
1.63%, 1/15/2015 (h)
     16,335       16,985  
1.88%, 7/15/2015 (h)
     20,298       21,461  
2.00%, 1/15/2016 (h)
     20,962       22,328  
2.50%, 7/15/2016
     11,817       13,078  
2.38%, 1/15/2017 (h)
     3,684       4,044  
2.63%, 7/15/2017 (h)
     14,704       16,493  
1.63%, 1/15/2018 (h)
     9,481       9,770  
2.38%, 1/15/2025 (h)
     2,447       2,699  
2.00%, 1/15/2026 (h)
     21,253       22,284  
2.38%, 1/15/2027 (h)
     7,822       8,705  
1.75%, 1/15/2028
     9,431       9,510  
3.63%, 4/15/2028
     910       1,210  
3.88%, 4/15/2029 (h)
     9,685       13,454  
3.38%, 4/15/2032 (h)
     693       938  
 
              
 
             272,056  
 
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 279,772  
 
SHORT TERM INVESTMENTS (0.37%)
                
Commercial Paper (0.37%)
                
Snap-On Inc
               
3.40%, 2/1/2008 (b)
   $ 2,000     $ 2,000  
 
TOTAL SHORT TERM INVESTMENTS
           $ 2,000  
 
REPURCHASE AGREEMENTS (7.83%)
                
Finance — Investment Banker & Broker (1.10%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $6,030,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (b)
   $ 5,985     $ 5,984  
 
                
Money Center Banks (6.73%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $22,279,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (b)
     22,106       22,104  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $7,466,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     7,249       7,248  

110

 

Schedule of Investments
Inflation Protection Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (continued)
               
Money Center Banks (continued)
                
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $7,466,000; 3.75% – 5.40%; dated 08/03/09 – 04/13/26)
   $ 7,249     $ 7,249  
 
              
 
             36,601  
 
TOTAL REPURCHASE AGREEMENTS
           $ 42,585  
 
Total Investments
           $ 674,876  
Liabilities in Excess of Other Assets, Net — (24.12)%
             (131,162 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 543,714  
 
              
 
(a)   Variable Rate
 
(b)   Security was purchased with the cash proceeds from securities loans.
 
(c)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $18,717 or 3.44% of net assets.
 
(d)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $25,138 or 4.62% of net assets.
 
(e)   Security is Illiquid
 
(f)   Non-Income Producing Security
 
(g)   Security purchased on a when-issued basis.
 
(h)   Security or a portion of the security was on loan at the end of the period.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 17,294  
Unrealized Depreciation
     (26,311 )
 
      
Net Unrealized Appreciation (Depreciation)
     (9,017 )
Cost for federal income tax purposes
     683,893  
All dollar amounts are shown in thousands (000’s)
Total Return Swap Agreements
                 
            Unrealized  
    Notional     Appreciation/  
Description   Amount     (Depreciation)  
Receive a return equal to a 1.78% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 45 basis points with Barclays Bank. Expires February 2008.
   $ 15,000     $ 476  
 
                
Receive a return equal to a 4.25% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 23 basis points with Morgan Stanley. Expires May 2008.
     10,000       127  
 
                
Receive a semi-annual return equal to a 0.88% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 40 basis points with Barclays Bank. Expires March 2008.
     22,000       620  
 
                
Receive a semi-annual return equal to a 1.63% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 41 basis points with Barclays Bank. Expires March 2008.
     7,000       359  
 
                
Receive a semi-annual return equal to a 2.00% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 28 basis points with Morgan Stanley. Expires February 2008.
     15,000       447  
 
                
Receive a semi-annual return equal to a 2.38% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 14 basis points with Barclays Bank. Expires February 2008.
     27,100       2,094  
 
                
Receive a semi-annual return equal to a 2.38% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 25 basis points with Morgan Stanley. Expires April 2008.
     9,000       208  
 
                
Receive a semi-annual return equal to a 2.38% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 40 basis points with Morgan Stanley. Expires March 2008.
     14,000       749  
 
                
Receive a semi-annual return equal to a 2.38% U.S. Treasury Inflation Index Obligation and pay semi-annually a floating rate based on 3-month LIBOR less 6 basis points with Merrill Lynch. Expires February 2008.
     16,000       1,150  

111

 

Schedule of Investments
Inflation Protection Fund
January 31, 2008 (unaudited)
                 
        Unrealized
    Notional   Appreciation/
Description   Amount   (Depreciation)
Receive a semi-annual return equal to a 2.50% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 57 basis points with Morgan Stanley. Expires March 2008.
  $ 8,000     $ 385  
 
                
Receive a semi-annual return equal to a 3.00% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 12 basis points with Morgan Stanley. Expires April 2008.
    14,000       113  
 
                
Receive a semi-annual return equal to a 3.38% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 14 basis points with Barclays Bank. Expires February 2008.
    5,000       677  
 
                
Receive a semi-annual return equal to a 3.63% U.S. Treasury Inflation Index Obligation and pay semi-annually a floating rate based on 3-month LIBOR less 6 basis points with Merrill Lynch. Expires February 2008.
    16,000       3,028  
 
                
Receive a semi-annual return equal to a 3.88% U.S. Treasury Inflation Index Obligation and pay monthly a floating rate based on 1-month LIBOR less 47 basis points with Barclays Bank. Expires March 2008.
    12,000       1,355  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
Government
     50.07 %
Financial
     21.84 %
Asset Backed Securities
     20.49 %
Mortgage Securities
     19.87 %
Consumer, Non-cyclical
     3.06 %
Communications
     2.23 %
Industrial
     2.06 %
Energy
     1.34 %
Consumer, Cyclical
     1.23 %
Utilities
     1.06 %
Technology
     0.58 %
Diversified
     0.29 %
Liabilities in Excess of Other Assets, Net
     (24.12 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        
Other Assets Summary (unaudited)
         
Asset Type   Percent  
Total Return Swaps
     2.17 %

112

 

Schedule of Investments
International Emerging Markets Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (91.90%)
                
Agricultural Operations (0.72%)
                
Golden Agri-Resources Ltd
     6,685,740     $ 9,211  
 
                
Apparel Manufacturers (0.30%)
                
Youngone Corp
     349,710       3,899  
 
                
Applications Software (0.21%)
                
Infosys Technologies Ltd ADR (a)
     65,470       2,710  
 
                
Auto — Car & Light Trucks (0.51%)
                
Hyundai Motor Co (a)
     82,775       6,520  
 
                
Auto — Medium & Heavy Duty Trucks (0.29%)
                
Mahindra & Mahindra Ltd (a)(b)
     211,337       3,698  
 
                
Auto/Truck Parts & Equipment — Replacement (0.31%)
                
Weichai Power Co Ltd
     800,000       4,035  
 
                
Batteries & Battery Systems (0.55%)
                
BYD Electronic International Co Ltd (c)
     5,336,500       7,049  
 
                
Beverages — Non-Alcoholic (0.67%)
                
Coca-Cola Femsa SAB de CV
     1,829,400       8,636  
 
                
Brewery (1.10%)
                
Anadolu Efes Biracilik Ve Malt Sanayii
     504,695       5,069  
Cia Cervecerias Unidas SA
     483,172       3,317  
Tsingtao Brewery Co Ltd (a)
     1,652,000       5,765  
 
              
 
             14,151  
 
              
 
                
Building — Heavy Construction (0.23%)
                
Hanjin Heavy Industries & Construction Holdings Co Ltd (a)(c)
     103,780       3,003  
 
                
Building & Construction — Miscellaneous (1.33%)
                
GS Engineering & Construction Corp
     29,904       3,638  
Kumho Industrial Co Ltd — Rights (b)(c)
     7,548       —  
Kumho Industrial Co Ltd (a)
     60,396       2,201  
Murray & Roberts Holdings Ltd
     654,075       7,590  
Orascom Construction Industries
     35,139       3,676  
 
              
 
             17,105  
 
              
 
                
Building & Construction Products — Miscellaneous (0.04%)
                
China National Building Material Co Ltd
     216,000       485  
 
                
Building Products — Cement & Aggregate (0.79%)
                
Cemex SAB de CV (c)
     1,696,975       4,636  
Grasim Industries Ltd (c)
     71,242       5,535  
 
              
 
             10,171  
 
              
Casino Hotels (0.91%)
                
Genting Bhd
     1,134,600       2,584  
Resorts World Bhd
     7,456,700       9,075  
 
              
 
             11,659  
 
              
 
                
Cellular Telecommunications (7.57%)
                
America Movil SAB de CV ADR
     236,398       14,163  
Cellcom Israel Ltd
     195,823       6,037  
China Mobile Ltd
     2,406,962       35,486  
Mobile Telesystems OJSC ADR
     51,523       4,285  
MTN Group Ltd
     528,429       8,433  
SK Telecom Co Ltd
     12,515       2,851  
SK Telecom Co Ltd ADR
     104,628       2,598  
Taiwan Mobile Co Ltd
     5,960,000       8,616  
Turkcell Iletisim Hizmet AS
     523,036       4,759  
Vimpel-Communications ADR
     287,133       9,889  
 
              
 
             97,117  
 
              
 
                
Chemicals — Diversified (0.79%)
                
Nan Ya Plastics Corp
     5,039,000       10,111  
 
                
Chemicals — Other (0.24%)
                
Kingboard Chemical Holdings Ltd
     721,500       3,010  
 
                
Coal (1.66%)
                
Banpu Public Co Ltd (b)(c)
     386,600       5,258  
Bumi Resources Tbk PT
     15,666,000       11,128  
China Shenhua Energy Co Ltd
     938,000       4,887  
 
              
 
             21,273  
 
              
 
                
Commercial Banks (12.00%)
                
Banco do Brasil SA
     637,500       10,601  
BanColombia SA ADR (a)
     156,469       5,228  
Bank Leumi Le-Israel BM
     1,994,739       10,000  
Bank Millennium SA
     326,919       1,071  
Bank of India
     771,132       7,018  
Bumiputra-Commerce Holdings Bhd
     1,392,600       4,472  
Chang Hwa Commercial Bank (c)
     4,870,000       2,700  
China Construction Bank Corp
     16,188,000       11,340  
China Merchants Bank Co Ltd
     1,104,000       3,892  
Credicorp Ltd
     39,000       2,793  
FirstRand Ltd
     2,104,269       4,777  
HDFC Bank Ltd
     129,457       5,213  
ICICI Bank Ltd ADR
     126,756       7,702  
Industrial & Commercial Bank of China (a)
     22,511,000       13,551  
Komercni Banka AS
     23,736       5,169  
Kookmin Bank
     37,310       2,454  
Korea Exchange Bank
     542,710       7,896  
Malayan Banking Bhd
     1,467,000       5,389  
Powszechna Kasa Oszczednosci Bank Polaki SA
     503,487       9,447  
Pusan Bank
     223,145       3,066  
Sberank RF GDR (a)(b)(c)
     5,006       2,362  
Siam Commercial Bank Public (b)(c)
     3,114,300       7,245  
State Bank of India Ltd (a)(b)
     47,779       5,385  
Turkiye Garanti Bankasi AS
     1,618,860       10,505  

113

 

Schedule of Investments
International Emerging Markets Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Commercial Banks (continued)
                
Turkiye Is Bankasi
     902,172     $ 4,582  
 
              
 
             153,858  
 
              
Computers (1.22%)
                
Acer Inc
     2,306,130       3,618  
Compal Electronics Inc
     4,545,000       3,913  
High Tech Computer Corp
     430,000       8,107  
 
              
 
             15,638  
 
              
 
                
Diversified Financial Services (1.83%)
                
First Financial Holding Co Ltd
     15,458,000       12,728  
Fubon Financial Holding Co Ltd
     7,983,000       8,106  
Intergroup Financial Services Corp (b)(c)
     162,220       2,677  
 
              
 
             23,511  
 
              
 
                
Diversified Minerals (0.66%)
                
Antofagasta PLC
     638,691       8,402  
 
                
Diversified Operations (2.65%)
                
Alfa SAB de CV
     643,400       3,961  
Beijing Enterprises Holdings Ltd
     1,218,000       5,149  
China Resources Enterprise
     1,950,000       6,573  
Citic Pacific Ltd
     1,431,000       7,099  
GS Holdings Corp
     150,280       6,462  
KOC Holding AS (c)
     1,180,576       4,695  
 
              
 
             33,939  
 
              
 
                
Electric — Generation (0.75%)
                
CEZ
     82,834       5,691  
Huaneng Power International Inc (a)
     4,884,000       3,918  
 
              
 
             9,609  
 
              
 
                
Electric — Integrated (0.26%)
                
Cia Paranaense de Energia
     1       —  
Korea Electric Power Corp
     83,930       3,378  
 
              
 
             3,378  
 
              
 
                
Electric — Transmission (0.49%)
                
Cia de Transmissao de Energia Eletrica
     259,300       6,333  
 
                
Electric Products — Miscellaneous (0.91%)
                
LG Electronics Inc (a)
     120,339       11,680  
 
                
Electronic Components — Miscellaneous (1.57%)
                
Asustek Computer Inc
     3,172,000       8,272  
Hon Hai Precision Industry Co Ltd
     986,900       5,298  
LG.Philips LCD Co Ltd (a)
     152,693       6,587  
 
              
 
             20,157  
 
              
 
                
Electronic Components — Semiconductors (2.43%)
                
Samsung Electronics Co Ltd
     49,011       31,225  
 
                
Electronic Measurement Instruments (0.24%)
                
Chroma ATE Inc
     1,839,000       3,117  
 
                
Engineering — Research & Development Services (0.61%)
                
Larsen & Toubro Ltd (a)(b)
     51,476       4,858  
Voltas Ltd
     592,609       2,945  
 
              
 
             7,803  
 
              
 
                
Feminine Health Care Products (0.24%)
                
Hengan International Group Co Ltd (a)
     838,826       3,067  
 
                
Finance — Credit Card (0.26%)
                
Samsung Card Co
     66,832       3,303  
 
                
Finance — Investment Banker & Broker (0.31%)
                
Tong Yang Investment Bank
     119,160       2,173  
Woori Investment & Securities Co Ltd (a)
     81,191       1,804  
 
              
 
             3,977  
 
              
 
                
Finance — Other Services (0.29%)
                
Grupo Financiero Banorte SAB de CV
     903,800       3,728  
 
                
Food — Confectionery (0.70%)
                
Lotte Confectionery Co Ltd (a)
     5,600       8,936  
 
                
Food — Dairy Products (0.40%)
                
Wimm-Bill-Dann Foods OJSC ADR
     44,085       5,114  
 
                
Food — Retail (0.55%)
                
Migros Turk TAS
     151,539       2,453  
Shoprite Holdings Ltd
     968,024       4,601  
 
              
 
             7,054  
 
              
 
                
Gold Mining (0.67%)
                
Gold Fields Ltd
     359,561       5,370  
Zhaojin Mining Industry Co Ltd (a)
     811,500       3,259  
 
              
 
             8,629  
 
              
 
                
Internet Application Software (0.33%)
                
Tencent Holdings Ltd
     719,400       4,288  
 
                
Internet Security (0.35%)
                
Check Point Software Technologies (c)
     213,398       4,545  
 
                
Life & Health Insurance (1.26%)
                
Cathay Financial Holding Co Ltd
     2,534,000       6,063  
China Life Insurance Co Ltd
     1,432,000       5,156  
Sanlam Ltd
     1,894,371       4,993  
 
              
 
             16,212  
 
              
 
                
Medical — Generic Drugs (1.61%)
                
Teva Pharmaceutical Industries Ltd ADR (a)
     449,494       20,695  
 
                
Metal — Diversified (0.35%)
                
MMC Norilsk Nickel ADR
     18,369       4,473  
 
                
Metal — Iron (0.32%)
                
Novolipetsk Steel OJSC
     110,358       4,119  

114

 

Schedule of Investments
International Emerging Markets Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Metal Processors & Fabrication (0.41%)
                
Sung Kwang Bend Co Ltd
     146,678     $ 2,739  
TK Corp (a)(c)
     110,374       2,472  
 
              
 
             5,211  
 
              
Miscellaneous Manufacturers (0.21%)
                
Peace Mark Holdings Ltd (a)
     2,270,000       2,647  
 
                
Non-Ferrous Metals (0.97%)
                
Grupo Mexico SAB de CV
     1,348,300       7,905  
International Nickel Indonesia Tbk PT
     5,215,000       4,590  
 
              
 
             12,495  
 
              
 
                
Oil — Field Services (0.54%)
                
Eurasia Drilling Co Ltd (b)(c)
     300,135       6,903  
 
                
Oil Company — Exploration & Production (5.54%)
                
CNOOC Ltd
     13,081,000       18,489  
Oao Gazprom (b)(c)(d)
     23,609       2,880  
Oao Gazprom (c)
     921,166       44,953  
Oil & Natural Gas Corp Ltd
     184,155       4,691  
 
              
 
             71,013  
 
              
 
                
Oil Company — Integrated (8.38%)
                
LUKOIL ADR
     258,826       18,027  
PetroChina Co Ltd
     8,720,807       12,048  
Petroleo Brasileiro SA ADR
     527,975       58,679  
Sasol Ltd
     389,305       18,715  
 
              
 
             107,469  
 
              
 
                
Oil Refining & Marketing (2.57%)
                
Reliance Industries Ltd
     358,830       22,762  
Thai Oil Public (b)(c)
     936,900       2,184  
Tupras Turkiye Petrol Rafine
     309,746       7,976  
 
              
 
             32,922  
 
              
 
                
Paper & Related Products (0.73%)
                
Lee & Man Paper Manufacturing Ltd
     791,300       1,767  
Votorantim Celulose e Papel SA ADR (a)(c)
     258,900       7,651  
 
              
 
             9,418  
 
              
 
                
Petrochemicals (0.71%)
                
LG Chem Ltd
     57,437       4,811  
PTT Chemical PLC (b)(c)
     1,450,900       4,329  
 
              
 
             9,140  
 
              
 
                
Platinum (1.07%)
                
Impala Platinum Holdings Ltd
     359,741       13,670  
 
                
Power Converter & Supply Equipment (0.48%)
                
Bharat Heavy Electricals Ltd
     116,196       6,153  
 
                
Property & Casualty Insurance (0.27%)
                
LIG Insurance Co Ltd
     163,630       3,478  
 
                
Public Thoroughfares (0.65%)
                
Cia de Concessoes Rodoviarias
     273,741       4,412  
Zhejiang Expressway Co Ltd
     3,746,000       3,983  
 
              
 
             8,395  
 
              
 
                
Real Estate Operator & Developer (1.39%)
                
DLF Ltd
     324,836       6,756  
Hopewell Holdings
     1,172,000       5,123  
Quality Houses Public Company Ltd (b)(c)
     6,730,028       416  
Shenzhen Investment Ltd
     11,974,000       5,485  
 
              
 
             17,780  
 
              
 
                
Retail — Automobile (0.58%)
                
PT Astra International Tbk
     2,479,000       7,472  
 
                
Retail — Major Department Store (0.41%)
                
Hyundai Department Store Co Ltd
     55,104       5,305  
 
                
Semiconductor Component — Integrated Circuits (1.42%)
                
Elan Microelectronics Corp
     2,745,000       3,559  
Taiwan Semiconductor Manufacturing Co Ltd
     7,808,327       14,631  
 
              
 
             18,190  
 
              
 
                
Semiconductor Equipment (0.34%)
                
ASM Pacific Technology (a)
     744,500       4,321  
 
                
Steel — Producers (4.90%)
                
ArcelorMittal South Africa Ltd
     102,377       2,016  
China Steel Corp
     3,846,000       5,441  
Cia Siderurgica Nacional SA ADR (a)
     110,886       10,722  
Evraz Group SA (b)
     152,352       11,147  
Mechel ADR (a)
     116,177       10,818  
POSCO ADR (a)
     107,364       14,554  
Shougang Concord International Enterprises Company Ltd
     10,104,000       2,832  
Tata Steel Ltd (c)
     275,944       5,326  
 
              
 
             62,856  
 
              
 
                
Steel Pipe & Tube (0.15%)
                
TMK OAO
     53,891       1,954  
 
                
Telecommunication Services (1.77%)
                
Chunghwa Telecom Co Ltd (c)
     1,664,000       3,542  
Digi.Com BHD
     46       —  
Maxcom Telecomunicaciones SAB de CV ADR (c)
     393,598       4,916  
Reliance Communications Ltd
     440,426       6,791  
Telekom Malaysia Bhd
     2,096,600       7,387  
 
              
 
             22,636  
 
              
 
                
Telephone — Integrated (3.65%)
                
Brasil Telecom Participacoes SA
     388,802       5,444  
Golden Telecom Inc (c)
     80,410       8,259  
KT Corp
     180,880       9,698  
Tele Norte Leste Participacoes SA ADR (a)
     270,487       7,033  

115

 

Schedule of Investments
International Emerging Markets Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Telephone — Integrated (continued)
                
Telecom Argentina SA ADR (c)
     247,412     $ 5,032  
Telefonos de Mexico SAB de CV ADR (a)
     313,071       11,302  
 
              
 
             46,768  
 
              
Television (0.30%)
                
Central European Media Enterprises Ltd (c)
     41,021       3,794  
 
Tobacco (0.69%)
                
ITC Ltd
     854,178       4,300  
Souza Cruz SA
     162,900       4,491  
 
              
 
             8,791  
 
              
Transport — Marine (1.27%)
                
China COSCO Holdings Co Ltd
     1,228,500       2,829  
China Shipping Development Co Ltd
     1,670,000       4,308  
Pacific Basin Shipping Ltd (a)
     3,544,000       4,978  
STX Pan Ocean Co Ltd (a)
     2,380,000       4,202  
Wan Hai Lines Ltd
     1       —  
 
              
 
             16,317  
 
              
Water (0.58%)
                
Companhia de Saneamento Basico de Estado de Sao Paulo (c)
     354,980       7,499  
 
                
Web Portals (0.44%)
                
NHN Corp
     26,060       5,605  
 
              
 
TOTAL COMMON STOCKS
           $ 1,178,835  
 
PREFERRED STOCKS (5.51%)
                
Commercial Banks (0.29%)
                
Banco Bradesco SA
     140,400       3,730  
 
                
Diversified Minerals (2.30%)
                
Cia Vale do Rio Doce
     1,159,620       29,515  
 
                
Diversified Operations (0.70%)
                
Investimentos Itau SA
     1,552,259       8,939  
 
                
Electric — Integrated (0.43%)
                
Cia Energetica de Minas Gerais
     347,400       5,522  
 
                
Food — Meat Products (0.89%)
                
Sadia SA (c)
     2,183,200       11,381  
 
                
Investment Companies (0.00%)
                
Lereko Mobility Pty Ltd
     4,384       19  
 
                
Steel — Producers (0.90%)
                
Usinas Siderurgicas de Minas Gerais SA
     246,050       11,540  
 
TOTAL PREFERRED STOCKS
           $ 70,646  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
SHORT TERM INVESTMENTS (6.90%)
                
Commercial Paper (0.67%)
                
Investment in Joint Trade Account; HSBC Funding
                
3.12%, 2/1/2008
   $ 8,549     $ 8,549  
 
                
Money Market Funds (6.23%)
                
BNY Institutional Cash Reserve Fund (e)
     79,952       79,952  
 
TOTAL SHORT TERM INVESTMENTS
           $ 88,501  
 
REPURCHASE AGREEMENTS (3.91%)
                
Finance — Investment Banker & Broker (0.90%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $11,651,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (e)
   $ 11,564     $ 11,563  
 
                
Money Center Banks (3.01%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $38,915,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (e)
     38,613       38,610  
 
TOTAL REPURCHASE AGREEMENTS
           $ 50,173  
 
Total Investments
           $ 1,388,155  
Liabilities in Excess of Other Assets, Net — (8.22)%
             (105,440 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 1,282,715  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $59,342 or 4.63% of net assets.
 
(c)   Non-Income Producing Security
 
(d)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $2,880 or 0.22% of net assets.
 
(e)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 144,723  
Unrealized Depreciation
     (113,478 )
 
      
Net Unrealized Appreciation (Depreciation)
     31,245  
Cost for federal income tax purposes
     1,356,649  
All dollar amounts are shown in thousands (000’s)

116

 

Schedule of Investments
International Emerging Markets Fund
January 31, 2008 (unaudited)
Portfolio Summary (unaudited)
         
Country   Percent  
Brazil
     15.08 %
Korea, Republic Of
     12.98 %
United States
     10.81 %
Russian Federation
     9.67 %
Taiwan, Province Of China
     8.41 %
Hong Kong
     8.27 %
India
     7.94 %
China
     7.08 %
South Africa
     5.47 %
Mexico
     4.62 %
Israel
     3.22 %
Turkey
     3.12 %
Malaysia
     2.25 %
Indonesia
     1.81 %
Thailand
     1.51 %
Luxembourg
     0.87 %
Czech Republic
     0.85 %
Poland
     0.82 %
Singapore
     0.72 %
United Kingdom
     0.65 %
Bermuda
     0.51 %
Colombia
     0.41 %
Argentina
     0.39 %
Egypt
     0.29 %
Chile
     0.26 %
Peru
     0.21 %
Liabilities in Excess of Other Assets, Net
     (8.22 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

117

 

Schedule of Investments
International Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (98.83%)
                
Agricultural Chemicals (2.08%)
                
Agruim Inc (a)
     203,900     $ 13,147  
Incitec Pivot Ltd
     81,847       8,964  
Potash Corp of Saskatchewan (a)
     168,000       23,732  
 
              
 
             45,843  
 
              
 
                
Agricultural Operations (0.28%)
                
Golden Agri-Resources Ltd
     4,521,000       6,229  
 
                
Athletic Footwear (0.35%)
                
Adidas AG
     119,510       7,630  
 
                
Audio & Video Products (1.70%)
                
Matsushita Electric Industrial Co Ltd
     840,000       17,913  
Sony Corp
     414,100       19,563  
 
              
 
             37,476  
 
              
Auto — Car & Light Trucks (0.93%)
                
Daimler AG
     83,713       6,561  
Fiat SpA
     589,342       13,840  
 
              
 
             20,401  
 
              
Auto/Truck Parts & Equipment — Original (0.69%)
                
Aisin Seiki Co Ltd
     207,600       8,316  
Tokai Rika Co Ltd
     228,100       6,947  
 
              
 
             15,263  
 
              
Beverages — Non-Alcoholic (0.60%)
                
Coca Cola Hellenic Bottling Co SA
     314,926       13,296  
 
                
Brewery (0.60%)
                
InBev NV
     160,255       13,225  
 
                
Building — Heavy Construction (0.73%)
                
Vinci SA (b)
     236,645       16,179  
 
                
Building & Construction — Miscellaneous (1.36%)
                
Bouygues SA
     168,516       12,992  
Koninklijke Boskalis Westminster NV
     95,341       5,191  
Leighton Holdings Ltd (b)
     261,158       11,753  
 
              
 
             29,936  
 
              
Building Products — Air & Heating (0.61%)
                
Daikin Industries Ltd
     297,800       13,483  
 
                
Building Products — Doors & Windows (0.90%)
                
Asahi Glass Co Ltd (b)
     931,000       11,712  
Nippon Sheet Glass Co Ltd
     1,738,369       8,026  
 
              
 
             19,738  
 
              
Chemicals — Diversified (2.82%)
                
Arkema (a)
     104,905       5,956  
BASF SE
     197,443       25,815  
Bayer AG
     299,597       24,725  
Koninklijke DSM NV
     130,995       5,530  
 
              
 
             62,026  
 
              
Chemicals — Specialty (0.40%)
                
SGL Carbon AG (a)
     175,931       8,894  
 
                
Circuit Boards (0.45%)
                
Ibiden Co Ltd
     157,100       9,974  
 
                
Commercial Banks (4.28%)
                
Alpha Bank AE
     341,781       11,326  
BOC Hong Kong Holdings Ltd
     2,265,000       5,663  
Chiba Bank Ltd/The
     705,000       5,256  
DBS Group Holdings Ltd
     514,000       6,413  
DnB NOR ASA
     572,300       7,480  
Julius Baer Holding AG
     202,506       14,225  
KBC Groep NV
     79,537       10,154  
National Bank of Greece SA
     237,231       14,500  
Standard Chartered PLC
     569,989       19,114  
 
              
 
             94,131  
 
              
Commercial Services (0.28%)
                
Aggreko Plc
     584,736       6,269  
 
                
Computer Services (0.41%)
                
CGI Group Inc (a)
     901,216       9,021  
 
                
Computers (1.00%)
                
Research in Motion Ltd (a)
     235,100       22,024  
 
                
Cosmetics & Toiletries (0.48%)
                
Oriflame Cosmetics SA
     192,700       10,578  
 
                
Dialysis Centers (0.39%)
                
Fresenius Medical Care AG & Co KGaA
     166,300       8,571  
 
                
Distribution & Wholesale (0.21%)
                
Matsuda Sangyo Co Ltd (b)
     177,222       4,625  
 
                
Diversified Manufacturing Operations (1.65%)
                
Bombardier Inc (a)
     1,155,300       5,696  
Charter Plc (a)
     556,820       7,752  
Siemens AG (b)
     176,993       22,912  
 
              
 
             36,360  
 
              
Diversified Minerals (5.07%)
                
Anglo American PLC
     490,081       27,090  
BHP Billiton Ltd
     1,040,100       34,874  
BHP Billiton PLC
     816,938       24,687  
Xstrata PLC
     325,525       25,057  
 
              
 
             111,708  
 
              

118

 

Schedule of Investments
International Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Diversified Operations (0.40%)
                
GEA Group AG
     284,210     $ 8,787  
 
                
Electric — Integrated (3.72%)
                
E.ON AG
     217,302       40,225  
Enel SpA
     802,591       8,914  
International Power PLC
     1,562,060       12,456  
RWE AG
     68,310       8,431  
Union Fenosa SA
     179,146       11,978  
 
              
 
             82,004  
 
              
Electric Products — Miscellaneous (0.78%)
                
Hitachi Ltd
     2,291,000       17,165  
 
                
Electronic Components — Miscellaneous (0.91%)
                
Chemring Group Plc
     262,551       11,319  
Nippon Electric Glass Co Ltd
     584,000       8,725  
 
              
 
             20,044  
 
              
Energy — Alternate Sources (0.92%)
                
Q-Cells AG (a)
     67,484       6,409  
Vestas Wind Systems A/S (a)
     143,200       13,909  
 
              
 
             20,318  
 
              
Engineering — Research & Development Services (1.70%)
                
ABB Ltd
     992,182       24,816  
WorleyParsons Ltd
     357,120       12,691  
 
              
 
             37,507  
 
              
Enterprise Software & Services (0.85%)
                
Autonomy Corp PLC (a)
     569,995       10,423  
Nomura Research Institute Ltd
     310,600       8,261  
 
              
 
             18,684  
 
              
Entertainment Software (0.52%)
                
UBISOFT Entertainment (a)
     126,543       11,501  
 
                
Filtration & Separation Products (0.44%)
                
Alfa Laval AB
     179,675       9,698  
 
                
Finance — Investment Banker & Broker (1.13%)
                
Babcock & Brown Ltd (b)
     387,499       6,500  
Bolsas y Mercados Espanoles
     165,803       10,218  
Macquarie Group Ltd (b)
     138,239       8,053  
 
              
 
             24,771  
 
              
Finance — Other Services (1.65%)
                
Deutsche Boerse AG
     131,321       23,116  
Hong Kong Exchanges and Clearing Ltd (b)
     628,500       13,106  
 
              
 
             36,222  
 
              
Food — Miscellaneous/Diversified (3.63%)
                
Nestle SA
     129,425       57,943  
Unilever NV
     362,504       11,821  
Unilever PLC
     309,002       10,192  
 
              
 
             79,956  
 
              
Food — Retail (2.61%)
                
Tesco PLC
     3,102,054       25,932  
WM Morrison Supermarkets PLC
     2,515,643       15,136  
Woolworths Ltd
     626,820       16,336  
 
              
 
             57,404  
 
              
Gas — Distribution (0.68%)
                
Centrica PLC
     2,253,830       14,962  
 
                
Gold Mining (1.12%)
                
Barrick Gold Corp. (a)
     476,500       24,588  
 
                
Import & Export (1.32%)
                
ITOCHU Corp
     933,000       8,625  
Marubeni Corp
     1,609,000       11,223  
Mitsubishi Corp
     344,200       9,121  
 
              
 
             28,969  
 
              
International Equity (3.11%)
                
iShares MSCI EAFE Index Fund (b)
     947,015       68,460  
 
                
Internet Content — Information & News (0.34%)
                
Seek Ltd (b)
     1,308,917       7,473  
 
                
Internet Security (0.38%)
                
Trend Micro Inc
     234,500       8,470  
 
                
Life & Health Insurance (0.35%)
                
Power Corp Of Canada (b)
     216,000       7,659  
 
                
Machinery — Construction & Mining (0.60%)
                
Komatsu Ltd
     541,800       13,209  
 
                
Machinery — Electrical (0.25%)
                
Konecranes Oyj
     180,268       5,520  
 
                
Machinery — General Industry (1.15%)
                
Alstom
     66,134       13,355  
MAN AG
     96,008       11,910  
 
              
 
             25,265  
 
              
Medical — Biomedical/Gene (0.65%)
                
CSL Ltd/Australia
     459,586       14,387  
 
                
Medical — Drugs (6.06%)
                
Actelion Ltd (a)
     173,068       8,652  
AstraZeneca PLC
     232,423       9,756  
GlaxoSmithKline PLC
     1,244,206       29,488  
Novartis AG
     481,778       24,409  
Novo Nordisk A/S
     302,850       19,107  
Roche Holding AG
     145,415       26,403  

119

 

Schedule of Investments
International Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Medical — Drugs (continued)
                
Shire PLC
     648,934     $ 11,629  
Taisho Pharmaceutical Co
     187,283       3,903  
 
              
 
             133,347  
 
              
Medical — Wholesale Drug Distribution (0.21%)
                
Galenica AG
     13,727       4,684  
 
                
Medical Products (0.82%)
                
Cochlear Ltd
     154,457       9,740  
Sonova Holding AG
     92,883       8,303  
 
              
 
             18,043  
 
              
Metal — Copper (0.38%)
                
First Quantum Minerals Ltd
     112,600       8,432  
Metal — Diversified (1.62%)
                
Rio Tinto Ltd (b)
     185,470       20,923  
Rio Tinto PLC
     147,660       14,784  
 
              
 
             35,707  
 
              
Multi-Line Insurance (0.59%)
                
Zurich Financial Services AG
     45,159       12,930  
 
                
Multimedia (0.48%)
                
Vivendi (b)
     259,593       10,460  
 
                
Non-Ferrous Metals (0.52%)
                
Mitsubishi Materials Corp
     2,789,000       11,546  
Office Automation & Equipment (0.27%)
                
Canon Inc
     139,230       5,902  
 
                
Oil — Field Services (1.24%)
                
Fugro NV
     169,024       11,585  
John Wood Group PLC
     690,253       5,251  
Petrofac Ltd
     1,019,809       10,541  
 
              
 
             27,377  
 
              
Oil Company — Exploration & Production (1.74%)
                
Addax Petroleum Corp
     187,100       7,534  
EnCana Corp (a)
     388,700       25,624  
Petrobank Energy & Resources Ltd (a)
     100,400       5,043  
 
              
 
             38,201  
 
              
Oil Company — Integrated (2.22%)
                
BG Group PLC
     1,313,423       28,950  
Imperial Oil Ltd (a)(b)
     252,800       12,428  
Petro Canada (a)
     162,500       7,385  
 
              
 
             48,763  
 
              
Photo Equipment & Supplies (1.56%)
                
Konica Minolta Holdings Inc
     726,000       11,700  
Nikon Corp
     391,000       10,872  
Olympus Corp
     351,000       11,840  
 
              
 
             34,412  
 
              
Publishing — Books (0.39%)
                
Yell Group PLC
     1,302,994       8,689  
 
                
Publishing — Periodicals (0.29%)
                
United Business Media PLC
     573,080       6,311  
 
                
Real Estate Management & Services (0.80%)
                
Mitsubishi Estate Co Ltd
     652,000       17,551  
 
                
Real Estate Operator & Developer (1.69%)
                
CapitaLand Ltd
     2,184,000       9,249  
City Developments Ltd
     667,000       5,380  
Henderson Land Development Co Ltd
     727,000       6,279  
Keppel Land Ltd (b)
     1,365,000       6,049  
Kerry Properties Ltd
     624,500       4,210  
Urban Corp (b)
     637,600       5,939  
 
              
 
             37,106  
 
              
REITS — Diversified (0.45%)
                
Unibail-Rodamco
     42,000       9,967  
 
                
Retail — Apparel & Shoe (1.14%)
                
Hennes & Mauritz AB
     263,550       14,286  
Inditex SA
    214,396       10,771  
 
              
 
             25,057  
 
              
Retail — Computer Equipment (0.36%)
                
Game Group Plc
     2,004,913       7,999  
 
                
Retail — Consumer Electronics (0.25%)
                
GOME Electrical Appliances Holdings Ltd (b)
     2,369,000       5,401  
 
                
Retail — Discount (0.29%)
                
Harvey Norman Holdings Ltd
     1,264,536       6,410  
 
                
Retail — Drug Store (0.46%)
                
Shoppers Drug Mart Corp
     205,700       10,059  
 
                
Retail — Jewelry (0.52%)
                
Swatch Group AG
     42,443       11,459  
 
                
Retail — Video Rental (0.20%)
                
Geo Corp (b)
     2,814       4,370  
 
                
Rubber — Tires (0.32%)
                
Compagnie Generale des Etablissements Michelin (b)
     73,135       7,058  
 
                
Security Services (0.10%)
                
G4S PLC
     522,795       2,296  

120

 

Schedule of Investments
International Growth Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (continued)
                
Semiconductor Equipment (0.30%)
                
ASML Holding NV (a)
     253,140     $ 6,680  
 
                
Soap & Cleaning Products (0.71%)
                
Reckitt Benckiser Group PLC
     298,315       15,620  
 
                
Steel — Producers (2.62%)
                
ArcelorMittal
     372,503       24,400  
OneSteel Ltd
     658,307       3,976  
Salzgitter AG
     65,784       10,424  
Ssab Svenskt Stal AB
     323,100       8,564  
Voestalpine AG
     166,667       10,278  
 
              
 
             57,642  
 
              
Telecommunication Equipment (0.67%)
                
Tandberg ASA
     362,200       6,313  
VTech Holdings Ltd (b)
     1,463,000       8,436  
 
              
 
             14,749  
 
              
Telephone — Integrated (2.63%)
                
KDDI Corp
     1,936       13,229  
Telefonica SA
     1,524,904       44,579  
 
              
 
             57,808  
 
              
Textile — Products (0.10%)
                
Nisshinbo Industries Inc
     201,416       2,169  
 
                
Therapeutics (0.45%)
                
Grifols SA(b)
     401,826       9,817  
 
                
Tobacco (2.45%)
                
British American Tobacco PLC
     603,552       21,621  
Imperial Tobacco Group PLC
     376,376       18,410  
Japan Tobacco Inc
     2,636       13,989  
 
              
 
             54,020  
 
              
Tools — Hand Held (0.49%)
                
Makita Corp
     286,300       10,730  
 
                
Toys (1.03%)
                
Nintendo Co Ltd
     44,700       22,604  
 
                
Transport — Marine (0.54%)
                
Mitsui OSK Lines Ltd
     977,000       11,994  
 
                
Transport — Rail (0.60%)
                
Central Japan Railway Co
     1,434       13,284  
 
                
Transport — Services (0.61%)
                
National Express Group PLC
     264,053       6,228  
Stagecoach Group PLC
     1,486,458       7,169  
 
              
 
             13,397  
 
              
Travel Services (0.26%)
                
Thomas Cook Group PLC (a)
     1,078,028       5,743  
 
Wire & Cable Products (0.70%)
                
Nexans SA
     72,337       7,994  
Prysmian SpA(a)
     364,331       7,318  
 
              
 
             15,312  
 
              
Wireless Equipment (2.22%)
                
Nokia OYJ
     1,326,008       48,827  
 
TOTAL COMMON STOCKS
           $ 2,175,836  
 
PREFERRED STOCKS (0.52%)
                
Auto — Car & Light Trucks (0.52%)
                
Porsche Automobil Holding SE
     6,375       11,547  
 
TOTAL PREFERRED STOCKS
           $ 11,547  
 
                 
    Principal    
    Amount   Value
    (000’s)   (000’s)
 
SHORT TERM INVESTMENTS (4.66%)
                
Commercial Paper (0.76%)
                
Investment in Joint Trade Account; HSBC Funding
               
3.12%, 2/1/2008
   $ 16,679     $ 16,679  
 
                
Money Market Funds (3.90%)
                
BNY Institutional Cash Reserve Fund (c)
     85,948       85,948  
 
TOTAL SHORT TERM INVESTMENTS
           $ 102,627  
 
REPURCHASE AGREEMENTS (1.40%)
                
Finance — Investment Banker & Broker (0.90%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $19,909,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 19,760     $ 19,759  
 
                
Money Center Banks (0.50%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $11,034,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
     10,948       10,947  
 
TOTAL REPURCHASE AGREEMENTS
           $ 30,706  
 
Total Investments
           $ 2,320,716  
Liabilities in Excess of Other Assets, Net — (5.41)%
             (119,102 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 2,201,614  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.

121

 

Schedule of Investments
International Growth Fund
January 31, 2008 (unaudited)
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 229,351  
Unrealized Depreciation
     (153,988 )
 
      
Net Unrealized Appreciation (Depreciation)
     75,363  
Cost for federal income tax purposes
     2,245,353  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Country   Percent
 
United Kingdom
     17.98 %
Japan
     16.45 %
Switzerland
     10.28 %
Germany
     10.26 %
United States
     9.16 %
Canada
     7.94 %
Australia
     7.36 %
France
     4.34 %
Spain
     3.97 %
Finland
     2.47 %
Hong Kong
     1.96 %
Netherlands
     1.85 %
Greece
     1.78 %
Luxembourg
     1.59 %
Singapore
     1.51 %
Denmark
     1.50 %
Sweden
     1.48 %
Italy
     1.37 %
Belgium
     1.06 %
Norway
     0.63 %
Austria
     0.47 %
Liabilities in Excess of Other Assets, Net
     (5.41 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

122

 

Schedule of Investments
LargeCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (94.35%)
                
Aerospace & Defense Equipment (1.97%)
                
United Technologies Corp
     859,200     $ 63,074  
 
                
Agricultural Chemicals (4.43%)
                
Monsanto Co
     652,797       73,400  
Potash Corp of Saskatchewan
     485,100       68,341  
 
              
 
             141,741  
 
              
Agricultural Operations (1.76%)
                
Archer-Daniels-Midland Co
     1,276,000       56,208  
 
                
Airlines (1.97%)
                
UAL Corp (a)
     1,659,938       62,995  
 
                
Applications Software (4.89%)
                
Microsoft Corp
     4,794,500       156,301  
 
                
Auto — Car & Light Trucks (1.58%)
                
General Motors Corp (a)
     1,780,473       50,405  
 
                
Beverages — Non-Alcoholic (4.39%)
                
Coca-Cola Co/The
     2,371,703       140,334  
 
                
Commercial Services — Finance (1.08%)
                
Western Union Co/The
     1,537,900       34,449  
 
                
Computers (6.22%)
                
Apple Inc(b)
     492,207       66,625  
Hewlett-Packard Co
     2,127,100       93,061  
Research In Motion Ltd (b)
     417,591       39,203  
 
              
 
             198,889  
 
              
Cosmetics & Toiletries (1.75%)
                
Avon Products Inc
     1,596,161       55,898  
 
                
Data Processing & Management (2.08%)
                
Mastercard Inc
     321,981       66,650  
 
                
E-Commerce — Products (0.93%)
                
Amazon.com Inc (a)(b)
     382,400       29,713  
 
                
E-Commerce — Services (1.19%)
                
eBay Inc (b)
     1,410,700       37,934  
 
                
Electric Products — Miscellaneous (1.62%)
                
Emerson Electric Co
     1,017,400       51,725  
 
                
Electronic Components — Miscellaneous (0.98%)
                
Garmin Ltd(a)
     436,000       31,457  
 
                
Electronic Components — Semiconductors (3.04%)
                
MEMC Electronic Materials Inc (b)
     875,500       62,563  
Nvidia Corp (b)
     1,408,300       34,630  
 
              
 
             97,193  
 
              
Energy — Alternate Sources (0.93%)
                
First Solar Inc (a)(b)
     164,500       29,901  
 
                
Fiduciary Banks (1.02%)
                
State Street Corp
     398,000       32,684  
 
                
Finance — Investment Banker & Broker (4.65%)
                
Goldman Sachs Group Inc/The
     466,500       93,659  
JPMorgan Chase & Co
     1,159,000       55,111  
 
              
 
             148,770  
 
              
Food — Confectionery (1.97%)
                
WM Wrigley Jr Co
     1,096,551       62,975  
 
                
Instruments — Scientific (1.47%)
                
Thermo Fisher Scientific Inc (a)(b)
     912,200       46,969  
 
                
Machinery — Farm (2.24%)
                
Deere & Co
     815,600       71,577  
 
                
Medical — Biomedical/Gene (2.32%)
                
Genzyme Corp (b)
     495,000       38,675  
Millennium Pharmaceuticals Inc (a)(b)
     2,336,200       35,440  
 
              
 
             74,115  
 
              
Medical — Drugs (1.98%)
                
Merck & Co Inc
     1,366,085       63,222  
 
                
Medical — Generic Drugs (1.68%)
                
Teva Pharmaceutical Industries Ltd ADR (a)
     1,170,400       53,885  
 
                
Medical Instruments (2.03%)
                
Intuitive Surgical Inc (b)
     255,771       64,966  
 
                
Medical Products (1.25%)
                
Baxter International Inc
     660,000       40,088  
 
                
Networking Products (2.56%)
                
Cisco Systems Inc (b)
     3,347,600       82,016  
 
                
Oil Company — Exploration & Production (5.63%)
                
Devon Energy Corp
     1,047,300       89,000  
Occidental Petroleum Corp
     866,900       58,836  
XTO Energy Inc
     619,000       32,151  
 
              
 
             179,987  
 
              
Oil Company — Integrated (0.84%)
                
Hess Corp
     297,000       26,977  
 
                
Oil Field Machinery & Equipment (1.67%)
                
National Oilwell Varco Inc (b)
     887,000       53,424  
 
                
Optical Supplies (1.55%)
                
Alcon Inc(a)
     349,800       49,672  

123

 

Schedule of Investments
LargeCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (continued)
                
Pharmacy Services (4.12%)
                
Express Scripts Inc (b)
     921,400     $ 62,185  
Medco Health Solutions Inc (b)
     1,387,800       69,501  
 
              
 
             131,686  
 
              
Retail — Apparel & Shoe (1.00%)
                
Guess ? Inc
     861,322       32,136  
 
                
Retail — Discount (1.72%)
                
Wal-Mart Stores Inc
     1,082,000       55,052  
 
                
Retail — Major Department Store (1.27%)
                
Saks Inc (a)(b)
     2,243,900       40,502  
 
                
Retail — Restaurants (2.14%)
                
McDonald’s Corp
     1,279,000       68,490  
 
                
Schools (1.13%)
                
Apollo Group Inc (b)
     453,000       36,122  
 
                
Therapeutics (3.42%)
                
Gilead Sciences Inc (b)
     2,397,400       109,537  
 
                
Web Portals (3.20%)
                
Google Inc (b)
     181,490       102,415  
 
                
Wireless Equipment (2.68%)
                
Nokia OYJ ADR
     2,324,000       85,872  
 
TOTAL COMMON STOCKS
           $ 3,018,006  
 
                 
    Principal    
    Amount   Value
    (000’s)   (000’s)
 
SHORT TERM INVESTMENTS (3.44%)
                
Money Market Funds (3.44%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 109,934     $ 109,934  
 
TOTAL SHORT TERM INVESTMENTS
           $ 109,934  
 
REPURCHASE AGREEMENTS (6.96%)
                
Money Center Banks (6.96%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $22,653,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
   $ 22,477     $ 22,475  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $103,100,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     100,104       100,096  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $103,100,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
   $ 100,105     $ 100,097  
 
              
 
             222,668  
 
TOTAL REPURCHASE AGREEMENTS
           $ 222,668  
 
Total Investments
           $ 3,350,608  
Liabilities in Excess of Other Assets, Net — (4.75)%
             (151,885 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 3,198,723  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 390,762  
Unrealized Depreciation
     (93,382 )
 
      
Net Unrealized Appreciation (Depreciation)
     297,380  
Cost for federal income tax purposes
     3,053,228  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
 
Consumer, Non-cyclical
     30.42 %
Technology
     16.23 %
Financial
     16.07 %
Communications
     10.56 %
Consumer, Cyclical
     9.68 %
Energy
     9.08 %
Industrial
     8.28 %
Basic Materials
     4.43 %
Liabilities in Excess of Other Assets, Net
     (4.75 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

124

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (98.20%)
                
Advertising Agencies (0.15%)
                
Interpublic Group of Cos Inc (a)(b)
     40,676     $ 363  
Omnicom Group Inc
     28,208       1,280  
 
              
 
             1,643  
 
              
Aerospace & Defense (1.63%)
                
Boeing Co
     66,881       5,563  
General Dynamics Corp
     34,721       2,933  
Lockheed Martin Corp
     29,947       3,232  
Northrop Grumman Corp
     29,198       2,317  
Raytheon Co
     37,045       2,413  
Rockwell Collins Inc
     14,058       888  
 
              
 
             17,346  
 
              
Aerospace & Defense Equipment (0.65%)
                
Goodrich Corp
     10,779       674  
United Technologies Corp
     85,299       6,262  
 
              
 
             6,936  
 
              
Agricultural Chemicals (0.50%)
                
Monsanto Co
     47,185       5,305  
 
                
Agricultural Operations (0.23%)
                
Archer-Daniels-Midland Co
     55,476       2,444  
 
                
Airlines (0.07%)
                
Southwest Airlines Co
     63,341       743  
 
                
Apparel Manufacturers (0.06%)
                
VF Corp
     7,597       588  
 
                
Appliances (0.05%)
                
Whirlpool Corp (a)
     6,670       568  
 
                
Applications Software (2.28%)
                
Citrix Systems Inc (b)
     16,370       567  
Compuware Corp (b)
     24,697       210  
Intuit Inc (a)(b)
     28,710       881  
Microsoft Corp
     694,269       22,633  
 
              
 
             24,291  
 
              
Athletic Footwear (0.19%)
                
Nike Inc
     33,138       2,047  
 
                
Audio & Video Products (0.02%)
                
Harman International Industries Inc
     5,218       243  
 
                
Auto — Car & Light Trucks (0.24%)
                
Ford Motor Co (a)(b)
     182,092       1,209  
General Motors Corp (a)
     48,840       1,383  
 
              
 
             2,592  
 
              
Auto — Medium & Heavy Duty Trucks (0.14%)
                
Paccar Inc
     31,783       1,491  
Auto/Truck Parts & Equipment — Original (0.17%)
                
Johnson Controls Inc
     51,241       1,812  
 
                
Beverages — Non-Alcoholic (1.94%)
                
Coca-Cola Co/The
     171,498       10,147  
Coca-Cola Enterprises Inc
     24,695       570  
Pepsi Bottling Group Inc
     11,967       417  
PepsiCo Inc
     138,903       9,472  
 
              
 
             20,606  
 
              
Beverages — Wine & Spirits (0.08%)
                
Brown-Forman Corp(a)
     7,455       469  
Constellation Brands Inc (a)(b)
     16,730       350  
 
              
 
             819  
 
              
Brewery (0.33%)
                
Anheuser-Busch Cos Inc
     63,323       2,946  
Molson Coors Brewing Co
     11,793       527  
 
              
 
             3,473  
 
              
Broadcasting Services & Programming (0.12%)
                
Clear Channel Communications Inc
     42,966       1,320  
 
                
Building — Residential & Commercial (0.13%)
                
Centex Corp (a)
     10,490       291  
DR Horton Inc
     23,919       412  
KB Home
     6,647       183  
Lennar Corp (a)
     12,027       248  
Pulte Homes Inc
     18,337       300  
 
              
 
             1,434  
 
              
Building Products — Air & Heating (0.06%)
                
Trane Inc
     14,791       662  
 
                
Building Products — Wood (0.07%)
                
Masco Corp
     31,824       730  
 
                
Cable TV (0.58%)
                
Comcast Corp
     265,187       4,816  
DIRECTV Group Inc/The (b)
     61,949       1,399  
 
              
 
             6,215  
 
              
Casino Services (0.11%)
                
International Game Technology
     27,216       1,161  
 
                
Chemicals — Diversified (0.77%)
                
Dow Chemical Co/The
     81,493       3,150  
EI Du Pont de Nemours & Co
     77,580       3,505  
PPG Industries Inc
     14,130       934  
Rohm & Haas Co
     10,813       577  
 
              
 
             8,166  
 
              
Chemicals — Specialty (0.23%)
                
Ashland Inc
     4,834       220  
Eastman Chemical Co
     6,992       462  

125

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Chemicals — Specialty (continued)
                
Ecolab Inc
     15,073     $ 727  
Hercules Inc
     9,978       175  
International Flavors & Fragrances Inc
     7,018       299  
Sigma-Aldrich Corp
     11,220       557  
 
              
 
             2,440  
 
              
Coal (0.22%)
                
Consol Energy Inc
     15,657       1,143  
Peabody Energy Corp
     22,850       1,234  
 
              
 
             2,377  
 
              
Coatings & Paint (0.05%)
                
Sherwin-Williams Co/The
     8,997       515  
 
                
Commercial Banks (0.55%)
                
BB&T Corp
     47,413       1,720  
Commerce Bancorp Inc/NJ
     16,812       641  
First Horizon National Corp (a)
     10,906       236  
M&T Bank Corp (a)
     6,448       592  
Marshall & Ilsley Corp
     22,204       620  
Regions Financial Corp
     59,980       1,514  
Zions Bancorporation
     9,322       510  
 
              
 
             5,833  
 
              
Commercial Services (0.02%)
                
Convergys Corp (b)
     11,238       174  
 
                
Commercial Services — Finance (0.29%)
                
Equifax Inc
     11,377       422  
H&R Block Inc
     28,047       540  
Moody’s Corp
     18,507       648  
Western Union Co/The
     64,797       1,451  
 
              
 
             3,061  
 
              
Computer Aided Design (0.08%)
                
Autodesk Inc (b)
     19,925       820  
 
                
Computer Services (0.26%)
                
Affiliated Computer Services Inc (b)
     8,671       423  
Cognizant Technology Solutions Corp (b)
     25,056       699  
Computer Sciences Corp (b)
     14,102       597  
Electronic Data Systems Corp
     44,189       888  
Unisys Corp (b)
     30,008       125  
 
              
 
             2,732  
 
              
Computers (3.56%)
                
Apple Inc (b)
     75,551       10,227  
Dell Inc (b)
     193,377       3,875  
Hewlett-Packard Co
     222,463       9,733  
International Business Machines Corp
     118,905       12,763  
Sun Microsystems Inc (b)
     71,499       1,251  
 
              
 
             37,849  
 
              
Computers — Integrated Systems (0.03%)
                
Teradata Corp (b)
     15,619       372  
 
                
Computers — Memory Devices (0.38%)
                
EMC Corp/Massachusetts (b)
     181,058       2,873  
Network Appliance Inc (b)
     29,701       690  
SanDisk Corp (a)(b)
     19,693       501  
 
              
 
             4,064  
 
              
Computers — Peripheral Equipment (0.03%)
                
Lexmark International Inc (b)
     8,174       296  
 
                
Consumer Products — Miscellaneous (0.38%)
                
Clorox Co
     11,952       733  
Fortune Brands Inc
     13,182       922  
Kimberly-Clark Corp
     36,511       2,397  
 
              
 
             4,052  
 
              
Containers — Metal & Glass (0.04%)
                
Ball Corp
     8,672       398  
 
                
Containers — Paper & Plastic (0.09%)
                
Bemis Co Inc (a)
     8,674       236  
Pactiv Corp (b)
     11,259       322  
Sealed Air Corp
     13,938       364  
 
              
 
             922  
 
              
Cosmetics & Toiletries (2.14%)
                
Avon Products Inc
     37,024       1,296  
Colgate-Palmolive Co
     43,988       3,387  
Estee Lauder Cos Inc/The
     9,826       415  
Procter & Gamble Co
     267,988       17,674  
 
              
 
             22,772  
 
              
Cruise Lines (0.16%)
                
Carnival Corp
     37,692       1,677  
 
                
Data Processing & Management (0.43%)
                
Automatic Data Processing Inc
     45,405       1,842  
Fidelity National Information Services
     14,729       625  
Fiserv Inc (b)
     14,207       730  
Paychex Inc
     28,778       942  
Total System Services Inc
     17,054       394  
 
              
 
             4,533  
 
              
Dental Supplies & Equipment (0.04%)
                
Patterson Cos Inc (a)(b)
     12,065       387  
 
                
Disposable Medical Products (0.08%)
               
CR Bard Inc
     8,793       849  
 
                
Distribution & Wholesale (0.10%)
                
Genuine Parts Co
     14,488       636  
WW Grainger Inc
     5,812       463  
 
              
 
             1,099  
 
              

126

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Diversified Manufacturing Operations (4.83%)
                
3M Co
     61,545     $ 4,902  
Cooper Industries Ltd
     15,538       692  
Danaher Corp
     21,846       1,627  
Dover Corp
     17,147       692  
Eaton Corp
     12,642       1,046  
General Electric Co (c)
     872,074       30,880  
Honeywell International Inc
     64,439       3,806  
Illinois Tool Works Inc
     35,673       1,798  
Ingersoll-Rand Co Ltd
     23,508       929  
ITT Corp
     15,645       930  
Leggett & Piatt Inc
     14,679       279  
Parker Hannifin Corp
     14,516       981  
Textron Inc
     21,508       1,206  
Tyco International Ltd
     42,698       1,681  
 
              
 
             51,449  
 
              
Diversified Operations (0.06%)
                
Leucadia National Corp
     14,591       645  
 
                
Drug Delivery Systems (0.05%)
                
Hospira Inc (b)
     13,596       559  
 
                
E-Commerce — Products (0.19%)
                
Amazon.com Inc (b)
     26,511       2,060  
 
                
E-Commerce — Services (0.33%)
                
eBay Inc (b)
     98,110       2,638  
Expedia Inc (a)(b)
     17,921       412  
IAC/InterActiveCorp (a)(b)
     15,909       413  
 
              
 
             3,463  
 
              
Electric — Generation (0.10%)
                
AES Corp/The (b)
     57,751       1,102  
 
                
Electric — Integrated (3.13%)
                
Allegheny Energy Inc
     14,345       786  
Ameren Corp
     17,949       804  
American Electric Power Co Inc
     34,517       1,478  
Centerpoint Energy Inc
     27,721       444  
CMS Energy Corp
     19,423       304  
Consolidated Edison Inc
     23,429       1,021  
Constellation Energy Group Inc
     15,589       1,465  
Dominion Resources Inc/VA
     50,466       2,170  
DTE Energy Co
     14,127       603  
Duke Energy Corp
     108,815       2,031  
Edison International
     28,115       1,466  
Entergy Corp
     16,773       1,815  
Exelon Corp
     56,949       4,339  
FirstEnergy Corp
     26,304       1,873  
FPL Group Inc
     35,127       2,265  
Integrys Energy Group Inc
     6,581       320  
Pepco Holdings Inc
     17,281       440  
PG&E Corp
     30,551       1,254  
Pinnacle West Capital Corp
     8,662       333  
PPL Corp
     32,117       1,571  
Progress Energy Inc
     22,367       1,010  
Public Service Enterprise Group Inc
     21,945       2,107  
Southern Co
     65,536       2,382  
TECO Energy Inc
     18,180       303  
Xcel Energy Inc
     36,236       753  
 
              
 
             33,337  
 
              
Electric Products — Miscellaneous (0.35%)
                
Emerson Electric Co
     67,931       3,453  
Molex Inc
     12,216       294  
 
              
 
             3,747  
 
              
Electronic Components — Miscellaneous (0.16%)
                
Jabil Circuit Inc
     17,955       238  
Tyco Electronics Ltd
     42,903       1,450  
 
              
 
             1,688  
 
              
Electronic Components — Semiconductors (2.00%)
                
Advanced Micro Devices Inc (a)(b)
     52,089       398  
Altera Corp
     28,982       489  
Broadcom Corp (b)
     40,600       896  
Intel Corp
     504,543       10,696  
LSI Corp (a)(b)
     60,915       318  
MEMC Electronic Materials Inc (b)
     19,770       1,413  
Microchip Technology Inc
     18,487       590  
Micron Technology Inc (a)(b)
     65,617       461  
National Semiconductor Corp
     20,275       374  
Nvidia Corp (b)
     47,941       1,179  
QLogic Corp (b)
     11,812       169  
Texas Instruments Inc
     120,653       3,732  
Xilinx Inc
     25,369       555  
 
              
 
             21,270  
 
              
Electronic Forms (0.16%)
                
Adobe Systems Inc (b)
     49,513       1,730  
 
                
Electronic Measurement Instruments (0.11%)
                
Agilent Technologies Inc (b)
     33,356       1,131  
 
                
Electronics — Military (0.11%)
                
L-3 Communications Holdings Inc
     10,853       1,203  
 
                
Engineering — Research & Development Services (0.16%)
                
Fluor Corp
     7,630       928  
Jacobs Engineering Group Inc (b)
     10,426       797  
 
              
 
             1,725  
 
              

127

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Engines — Internal Combustion (0.08%)
                
Cummins Inc
     17,626     $ 851  
 
                
Enterprise Software & Services (0.80%)
                
BMC Software Inc (b)
     16,897       541  
CA Inc
     33,814       745  
Novell Inc (b)
     30,189       192  
Oracle Corp (b)
     340,280       6,993  
 
              
 
             8,471  
 
              
Entertainment Software (0.12%)
                
Electronic Arts Inc (b)
     27,179       1,287  
 
                
Fiduciary Banks (0.80%)
                
Bank of New York Mellon Corp/The
     98,258       4,582  
Northern Trust Corp
     16,512       1,211  
State Street Corp
     33,326       2,737  
 
              
 
             8,530  
 
              
Filtration & Separation Products (0.04%)
                
Pall Corp
     10,579       390  
 
                
Finance — Commercial (0.04%)
                
CIT Group Inc
     16,363       458  
 
                
Finance — Consumer Loans (0.09%)
                
SLM Corp
     44,444       967  
 
                
Finance — Credit Card (0.54%)
                
American Express Co
     100,911       4,977  
Discover Financial Services
     41,209       721  
 
              
 
             5,698  
 
              
Finance — Investment Banker & Broker (4.45%)
                
Bear Stearns Cos Inc/The (a)
     9,963       900  
Charles Schwab Corp/The
     80,830       1,802  
Citigroup Inc
     430,790       12,157  
E*Trade Financial Corp (a)(b)
     39,790       198  
Goldman Sachs Group Inc/The
     34,316       6,890  
JPMorgan Chase & Co
     289,855       13,783  
Lehman Brothers Holdings Inc
     45,738       2,935  
Merrill Lynch & Co Inc
     73,868       4,166  
Morgan Stanley
     91,574       4,526  
 
              
 
             47,357  
 
              
Finance — Mortgage Loan/Banker (0.46%)
                
Countrywide Financial Corp
     49,937       347  
Fannie Mae
     84,407       2,858  
Freddie Mac
     57,086       1,735  
 
              
 
             4,940  
 
              
Finance — Other Services (0.52%)
                
CME Group Inc
     4,726       2,925  
IntercontinentalExchange Inc (b)
     6,003       840  
NYSE Euronext
     22,867       1,799  
 
              
 
             5,564  
 
              
Financial Guarantee Insurance (0.04%)
                
AMBAC Financial Group Inc (a)
     8,763       103  
MBIA Inc (a)
     10,837       168  
MGIC Investment Corp (a)
     7,058       130  
 
              
 
             401  
 
              
Food — Confectionery (0.15%)
                
Hershey Co/The (a)
     14,498       525  
WM Wrigley Jr Co
     18,797       1,079  
 
              
 
             1,604  
 
              
Food — Dairy Products (0.03%)
                
Dean Foods Co
     11,356       318  
 
                
Food — Meat Products (0.03%)
                
Tyson Foods Inc
     23,629       337  
 
                
Food — Miscellaneous/Diversified (0.99%)
                
Campbell Soup Co
     19,199       607  
ConAgra Foods Inc
     42,046       905  
General Mills Inc
     29,136       1,591  
HJ Heinz Co
     27,347       1,164  
Kellogg Co
     22,774       1,091  
Kraft Foods Inc
     133,509       3,906  
McCormick & Co Inc/MD
     11,023       372  
Sara Lee Corp
     62,491       879  
 
              
 
             10,515  
 
              
Food — Retail (0.30%)
                
Kroger Co/The
     58,779       1,496  
Safeway Inc
     38,175       1,183  
Whole Foods Market Inc (a)
     12,025       474  
 
              
 
             3,153  
 
              
Food — Wholesale & Distribution (0.19%)
                
SUPERVALU Inc
     18,242       548  
Sysco Corp
     52,479       1,525  
 
              
 
             2,073  
 
              
Forestry (0.17%)
                
Plum Creek Timber Co Inc (a)
     14,866       621  
Weyerhaeuser Co
     18,081       1,224  
 
              
 
             1,845  
 
              
Gas — Distribution (0.18%)
                
Nicor Inc
     3,894       160  
NiSource Inc
     23,659       449  
Sempra Energy
     22,557       1,261  
 
              
 
             1,870  
 
              

128

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Gold Mining (0.20%)
                
Newmont Mining Corp
     38,990     $ 2,119  
 
                
Health Care Cost Containment (0.15%)
                
McKesson Corp
     24,971       1,568  
 
                
Home Decoration Products (0.05%)
                
Newell Rubbermaid Inc
     24,101       581  
 
                
Hotels & Motels (0.20%)
                
Marriott International Inc/DE
     26,974       970  
Starwood Hotels & Resorts Worldwide Inc
     17,184       777  
Wyndham Worldwide Corp (a)
     15,353       362  
 
              
 
             2,109  
 
              
Human Resources (0.07%)
                
Monster Worldwide Inc (a)(b)
     11,039       308  
Robert Half International Inc
     13,898       386  
 
              
 
             694  
 
              
Independent Power Producer (0.03%)
                
Dynegy Inc (b)
     42,780       300  
 
                
Industrial Automation & Robots (0.07%)
                
Rockwell Automation Inc/DE
     12,877       734  
 
                
Industrial Gases (0.36%)
                
Air Products & Chemicals Inc
     18,586       1,673  
Praxair Inc
     27,260       2,206  
 
              
 
             3,879  
 
              
Instruments — Scientific (0.29%)
                
Applera Corp — Applied Biosystems Group
     14,513       457  
PerkinElmer Inc
     10,229       255  
Thermo Fisher Scientific Inc (b)
     36,409       1,875  
Waters Corp (b)
     8,666       498  
 
              
 
             3,085  
 
              
Insurance Brokers (0.22%)
                
Aon Corp
     25,336       1,102  
Marsh & McLennan Cos Inc
     44,884       1,239  
 
              
 
             2,341  
 
              
Internet Infrastructure Software (0.04%)
                
Akamai Technologies Inc (a)(b)
     14,339       433  
 
                
Internet Security (0.19%)
                
Symantec Corp (a)(b)
     74,838       1,342  
VeriSign Inc (a)(b)
     19,066       647  
 
              
 
             1,989  
 
              
Investment Companies (0.05%)
                
American Capital Strategies Ltd (a)
     16,544       582  
 
                
Investment Management & Advisory Services (0.49%)
                
Ameriprise Financial Inc
     20,011       1,107  
Federated Investors Inc
     7,462       318  
Franklin Resources Inc
     13,954       1,454  
Janus Capital Group Inc (a)
     13,239       357  
Legg Mason Inc
     11,587       834  
T Rowe Price Group Inc
     22,785       1,153  
 
              
 
             5,223  
 
              
Leisure & Recreation Products (0.01%)
                
Brunswick Corp/DE (a)
     7,588       144  
 
                
Life & Health Insurance (0.89%)
                
Aflac Inc
     42,094       2,582  
Cigna Corp
     24,089       1,184  
Lincoln National Corp
     23,232       1,263  
Prudential Financial Inc
     39,176       3,305  
Torchmark Corp
     7,954       486  
Unum Group
     31,136       704  
 
              
 
             9,524  
 
              
Linen Supply & Related Items (0.04%)
                
Cintas Corp
     11,652       382  
 
                
Machinery — Construction & Mining (0.42%)
                
Caterpillar Inc
     54,878       3,904  
Terex Corp (b)
     8,853       520  
 
              
 
             4,424  
 
              
Machinery — Farm (0.32%)
                
Deere & Co
     38,292       3,361  
 
                
Machinery — General Industry (0.04%)
                
Manitowoc Co Inc/The
     11,203       427  
 
                
Medical — Biomedical/Gene (0.93%)
                
Amgen Inc (b)
     93,854       4,373  
Biogen Idec Inc (b)
     25,315       1,543  
Celgene Corp (b)
     33,296       1,868  
Genzyme Corp (b)
     22,951       1,793  
Millipore Corp (a)(b)
     4,709       330  
 
              
 
             9,907  
 
              
Medical — Drugs (4.58%)
                
Abbott Laboratories
     133,343       7,507  
Allergan Inc/United States
     26,489       1,780  
Bristol-Myers Squibb Co
     170,727       3,959  
Eli Lilly & Co
     85,156       4,387  
Forest Laboratories Inc (b)
     26,910       1,070  
King Pharmaceuticals Inc (b)
     21,093       222  
Merck & Co Inc
     187,818       8,692  
Pfizer Inc
     589,350       13,785  
Schering-Plough Corp
     139,767       2,735  

129

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Medical — Drugs (continued)
                
Wyeth
     115,556     $ 4,599  
 
              
 
             48,736  
 
              
Medical — Generic Drugs (0.10%)
                
Barr Pharmaceuticals Inc (b)
     9,298       485  
Mylan Inc (a)
     26,094       389  
Watson Pharmaceuticals Inc (b)
     8,942       234  
 
              
 
             1,108  
 
              
Medical — HMO (1.29%)
                
Aetna Inc
     43,180       2,300  
Coventry Health Care Inc (b)
     13,365       756  
Humana Inc (b)
     14,620       1,174  
UnitedHealth Group Inc
     111,502       5,669  
WellPoint Inc (b)
     49,300       3,855  
 
              
 
             13,754  
 
              
Medical — Hospitals (0.02%)
                
Tenet Healthcare Corp (a)(b)
     40,910       181  
 
                
Medical — Wholesale Drug Distribution (0.23%)
                
AmerisourceBergen Corp
     14,494       676  
Cardinal Health Inc
     31,200       1,809  
 
              
 
             2,485  
 
              
Medical Information Systems (0.04%)
                
IMS Health Inc
     16,740       400  
 
                
Medical Instruments (0.67%)
                
Boston Scientific Corp (b)
     115,777       1,404  
Medtronic Inc
     97,566       4,544  
St Jude Medical Inc (b)
     29,542       1,197  
 
              
 
             7,145  
 
              
Medical Laboratory & Testing Service (0.13%)
                
Laboratory Corp of America Holdings (b)
     9,941       735  
Quest Diagnostics Inc
     13,532       667  
 
              
 
             1,402  
 
              
Medical Products (2.46%)
                
Baxter International Inc
     54,715       3,323  
Becton Dickinson & Co
     21,046       1,821  
Covidien Ltd
     42,963       1,918  
Johnson & Johnson
    246,943       15,622  
Stryker Corp
     20,544       1,376  
Varian Medical Systems Inc (b)
     10,797       561  
Zimmer Holdings Inc (b)
     20,255       1,585  
 
              
 
             26,206  
 
              
Metal — Aluminum (0.23%)
                
Alcoa Inc
     73,187       2,423  
 
                
Metal — Diversified (0.28%)
                
Freeport — McMoRan Copper & Gold Inc
     32,956       2,934  
 
Metal Processors & Fabrication (0.13%)
                
Precision Castparts Corp
    11,919       1,356  
 
                
Motorcycle/Motor Scooter (0.08%)
                
Harley - Davidson Inc
     20,836       846  
 
                
Multi — Line Insurance (2.50%)
                
ACE Ltd
    28,440       1,659  
Allstate Corp/The
    49,248       2,427  
American International Group Inc
    218,854       12,072  
Assurant Inc
     8,241       535  
Cincinnati Financial Corp
    14,324       552  
Genworth Financial Inc
    37,851       921  
Hartford Financial Services Group Inc
    27,082       2,187  
Loews Corp
    37,931       1,771  
MetLife Inc
     63,907       3,769  
XL Capital Ltd
    15,382       692  
 
              
 
             26,585  
 
              
Multimedia (1.64%)
                
EW Scripps Co (a)
     7,731       315  
McGraw-Hill Cos Inc/The
    28,390       1,214  
Meredith Corp
     3,275       154  
News Corp
    199,612       3,773  
Time Warner Inc
    311,907       4,909  
Viacom Inc (b) 
     56,628       2,195  
Walt Disney Co/The
    164,253       4,916  
 
              
 
             17,476  
 
              
Networking Products (1.32%)
                
Cisco Systems Inc (b) 
     523,524       12,826  
Juniper Networks Inc (b) 
     45,009       1,222  
 
              
 
             14,048  
 
              
Non — Ferrous Metals (0.02%)
                
Titanium Metals Corp (a)
     7,558       164  
 
                
Non — Hazardous Waste Disposal (0.16%)
                
Allied Waste Industries Inc (a)(b)
    24,984       246  
Waste Management Inc
    43,866       1,423  
 
              
 
             1,669  
 
              
Office Automation & Equipment (0.18%)
                
Pitney Bowes Inc
    18,715       687  
Xerox Corp
    79,770       1,228  
 
              
 
             1,915  
 
              
Office Supplies & Forms (0.04%)
                
Avery Dennison Corp
     9,188       476  
 
                
Oil — Field Services (1.76%)
                
Baker Hughes Inc
    27,457       1,783  
BJ Services Co
    25,268       549  
Halliburton Co
    76,035       2,522  

130

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Oil — Field Services (continued)
                
Schlumberger Ltd
     103,192     $ 7,787  
Smith International Inc
     17,285       937  
Transocean Inc
     27,439       3,364  
Weatherford International Ltd (a)(b)
     29,104       1,799  
 
              
 
             18,741  
 
              
 
                
Oil & Gas Drilling (0.25%)
                
ENSCO International Inc
     12,501       639  
Nabors Industries Ltd (a)(b)
     24,439       665  
Noble Corp
     23,130       1,013  
Rowan Cos Inc
     9,603       327  
 
              
 
             2,644  
 
              
 
                
Oil Company — Exploration & Production (1.92%)
                
Anadarko Petroleum Corp
     40,242       2,358  
Apache Corp
     28,576       2,727  
Chesapeake Energy Corp
     39,195       1,459  
Devon Energy Corp
     38,396       3,263  
EOG Resources Inc
     21,227       1,858  
Noble Energy Inc
     14,813       1,075  
Occidental Petroleum Corp
     71,500       4,853  
Range Resources Corp
     12,874       672  
XTO Energy Inc
     41,726       2,167  
 
              
 
             20,432  
 
              
 
                
Oil Company — Integrated (6.90%)
                
Chevron Corp
     182,198       15,396  
ConocoPhillips
     138,027       11,086  
Exxon Mobil Corp
     471,461       40,734  
Hess Corp
     23,982       2,178  
Marathon Oil Corp
     61,291       2,872  
Murphy Oil Corp
     16,234       1,194  
 
              
 
             73,460  
 
              
 
                
Oil Field Machinery & Equipment (0.25%)
                
Cameron International Corp (b)
     18,850       759  
National Oilwell Varco Inc (b)
     30,777       1,854  
 
              
 
             2,613  
 
              
 
                
Oil Refining & Marketing (0.37%)
                
Sunoco Inc
     10,146       631  
Tesoro Corp
     11,820       462  
Valero Energy Corp
     47,498       2,811  
 
              
 
             3,904  
 
              
 
                
Paper & Related Products (0.15%)
                
International Paper Co
     36,944       1,192  
MeadWestvaco Corp
     15,942       446  
 
              
 
             1,638  
 
              
 
                
Pharmacy Services (0.36%)
                
Express Scripts Inc (b)
     21,749       1,468  
Medco Health Solutions Inc (b)
     46,160       2,312  
 
              
 
             3,780  
 
              
 
                
Photo Equipment & Supplies (0.05%)
                
Eastman Kodak Co (a)
     24,850       495  
 
                
Pipelines (0.44%)
                
El Paso Corp
     60,446       996  
Questar Corp
     14,906       759  
Spectra Energy Corp
     54,562       1,246  
Williams Cos Inc
     51,216       1,638  
 
              
 
             4,639  
 
              
 
                
Printing — Commercial (0.06%)
                
RR Donnelley & Sons Co
     18,518       646  
 
                
Property & Casualty Insurance (0.56%)
                
Chubb Corp
     33,117       1,715  
Progressive Corp/The
     60,240       1,118  
Safeco Corp
     8,159       436  
Travelers Cos Inc/The
     55,653       2,677  
 
              
 
             5,946  
 
              
 
                
Publicly Traded Investment Fund (0.44%)
                
iShares S&P 500 Index Fund/US
     34,081       4,690  
 
                
Publishing — Newspapers (0.12%)
                
Gannett Co Inc
     20,032       741  
New York Times Co/The (a)
     12,413       208  
Washington Post Co/The
     500       372  
 
              
 
             1,321  
 
              
 
                
Quarrying (0.07%)
                
Vulcan Materials Co (a)
     9,336       733  
 
                
Real Estate Management & Services (0.03%)
                
CB Richard Ellis Group Inc (a)(b)
     17,078       332  
 
                
Regional Banks (4.57%)
                
Bank of America Corp
     382,986       16,986  
Capital One Financial Corp
     33,722       1,848  
Comerica Inc
     13,031       568  
Fifth Third Bancorp
     45,963       1,246  
Huntington Bancshares Inc/OH
     31,574       425  
Keycorp
     33,547       877  
National City Corp
     54,674       973  
PNC Financial Services Group Inc
     30,164       1,979  
SunTrust Banks Inc
     30,137       2,078  
US Bancorp
     148,995       5,058  
Wachovia Corp
     170,462       6,636  
Wells Fargo & Co
     291,178       9,903  
 
              
 
             48,577  
 
              

131

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
REITS — Apartments (0.17%)
                
Apartment Investment & Management Co
     8,248     $ 327  
AvalonBay Communities Inc
     6,796       638  
Equity Residential
     23,390       875  
 
              
 
             1,840  
 
              
 
                
REITS — Diversified (0.10%)
                
Vornado Realty Trust
     11,562       1,045  
 
                
REITS — Hotels (0.07%)
                
Host Hotels & Resorts Inc
     45,078       755  
 
                
REITS — Office Property (0.09%)
                
Boston Properties Inc
     10,291       946  
 
                
REITS — Regional Malls (0.23%)
                
General Growth Properties Inc
     21,039       768  
Simon Property Group Inc (a)
     19,243       1,720  
 
              
 
             2,488  
 
              
 
                
REITS — Shopping Centers (0.11%)
                
Developers Diversified Realty Corp
     10,602       436  
Kimco Realty Corp
     21,806       781  
 
              
 
             1,217  
 
              
 
                
REITS — Storage (0.08%)
                
Public Storage
     10,744       841  
 
                
REITS — Warehouse & Industrial (0.12%)
                
ProLogis
     22,222       1,319  
 
                
Retail — Apparel & Shoe (0.39%)
                
Abercrombie & Fitch Co
     7,434       592  
Coach Inc (b)
     31,767       1,018  
Gap Inc/The
     40,190       768  
Jones Apparel Group Inc (a)
     7,357       124  
Liz Claiborne Inc (a)
     8,584       188  
Ltd Brands Inc
     26,816       512  
Nordstrom Inc
     16,222       631  
Polo Ralph Lauren Corp
     5,081       308  
 
              
 
             4,141  
 
              
 
                
Retail — Auto Parts (0.04%)
                
Autozone Inc (a)(b)
     3,809       460  
 
                
Retail — Automobile (0.02%)
                
AutoNation Inc (a)(b)
     11,906       194  
 
                
Retail — Bedding (0.07%)
                
Bed Bath & Beyond Inc (b)
     22,852       737  
 
                
Retail — Building Products (0.73%)
                
Home Depot Inc
     145,626       4,466  
Lowe’s Cos Inc
     126,209       3,337  
 
              
 
             7,803  
 
              
 
                
Retail — Computer Equipment (0.07%)
                
GameStop Corp (b)
     13,724       710  
 
                
Retail — Consumer Electronics (0.16%)
                
Best Buy Co Inc
     30,282       1,478  
Circuit City Stores Inc
     14,545       79  
RadioShack Corp (a)
     11,312       196  
 
              
 
             1,753  
 
              
 
                
Retail — Discount (1.74%)
                
Big Lots Inc (a)(b)
     7,801       135  
Costco Wholesale Corp
     37,457       2,545  
Family Dollar Stores Inc
     12,122       255  
Target Corp
     71,694       3,985  
TJX Cos Inc
     37,711       1,190  
Wal-Mart Stores Inc
     203,891       10,374  
 
              
 
             18,484  
 
              
 
                
Retail — Drug Store (0.75%)
                
CVS Caremark Corp
     127,442       4,979  
Walgreen Co
     85,567       3,004  
 
              
 
             7,983  
 
              
 
                
Retail — Jewelry (0.04%)
                
Tiffany & Co
     11,705       467  
 
                
Retail — Major Department Store (0.15%)
                
JC Penney Co Inc
     19,132       907  
Sears Holdings Corp (a)(b)
     6,295       696  
 
              
 
             1,603  
 
              
 
                
Retail — Office Supplies (0.19%)
                
Office Depot Inc (b)
     23,551       349  
OfficeMax Inc
     6,506       161  
Staples Inc
     61,017       1,461  
 
              
 
             1,971  
 
              
 
                
Retail — Regional Department Store (0.22%)
                
Dillard’s Inc (a)
     4,929       98  
Kohl’s Corp (b)
     27,067       1,235  
Macy’s Inc
     37,363       1,033  
 
              
 
             2,366  
 
              
 
                
Retail — Restaurants (0.82%)
                
Darden Restaurants Inc
     12,244       347  
McDonald’s Corp
     102,061       5,465  
Starbucks Corp (b)
     63,027       1,192  
Wendy’s International Inc
     7,541       184  
Yum! Brands Inc
     43,888       1,499  
 
              
 
             8,687  
 
              

132

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Rubber — Tires (0.05%)
                
Goodyear Tire & Rubber Co/The (a)(b)
     20,696     $ 521  
 
                
Savings & Loans — Thrifts (0.25%)
                
Hudson City Bancorp Inc
     44,908       736  
Sovereign Bancorp Inc (a)
     31,101       388  
Washington Mutual Inc
     74,963       1,493  
 
              
 
             2,617  
 
              
 
                
Schools (0.09%)
                
Apollo Group Inc (b)
     11,802       941  
 
                
Semiconductor Component — Integrated Circuits (0.12%)
                
Analog Devices Inc
     26,177       742  
Linear Technology Corp (a)
     19,284       534  
 
              
 
             1,276  
 
              
 
                
Semiconductor Equipment (0.30%)
                
Applied Materials Inc
     118,918       2,131  
Kla-Tencor Corp
     15,718       657  
Novellus Systems Inc (b)
     10,022       238  
Teradyne Inc (a)(b)
     14,984       164  
 
              
 
             3,190  
 
              
 
                
Steel — Producers (0.23%)
                
Nucor Corp
     24,845       1,436  
United States Steel Corp
     10,193       1,041  
 
              
 
             2,477  
 
              
 
                
Steel — Specialty (0.06%)
                
Allegheny Technologies Inc
     8,824       621  
 
                
Telecommunication Equipment (0.02%)
                
Tellabs Inc (b)
     37,896       258  
 
                
Telecommunication Equipment — Fiber Optics (0.35%)
                
Ciena Corp (a)(b)
     7,418       201  
Corning Inc
     135,980       3,273  
JDS Uniphase Corp (a)(b)
     18,938       197  
 
              
 
             3,671  
 
              
 
                
Telecommunication Services (0.06%)
                
Embarq Corp
     13,186       597  
 
                
Telephone — Integrated (3.23%)
                
AT&T Inc
     523,333       20,143  
Century Tel Inc
     9,525       352  
Citizens Communications Co
     28,284       324  
Qwest Communications International Inc
     135,496       797  
Sprint Nextel Corp
     245,420       2,584  
Verizon Communications Inc
     249,409       9,687  
Windstream Corp
     41,170       478  
 
              
 
             34,365  
 
              
 
                
Television (0.14%)
                
CBS Corp
     59,113       1,489  
 
                
Therapeutics (0.34%)
                
Gilead Sciences Inc (b)
     80,317       3,670  
 
                
Tobacco (1.45%)
                
Altria Group Inc
     181,756       13,781  
Reynolds American Inc (a)
     14,764       935  
UST Inc
     13,517       702  
 
              
 
             15,418  
 
              
 
                
Tools — Hand Held (0.09%)
                
Black & Decker Corp
     5,396       392  
Snap-On Inc
     4,971       244  
Stanley Works/The
     7,091       364  
 
              
 
             1,000  
 
              
 
                
Toys (0.09%)
                
Hasbro Inc
     12,691       330  
Mattel Inc
     31,655       665  
 
              
 
             995  
 
              
 
                
Transport — Rail (0.81%)
                
Burlington Northern Santa Fe Corp
     25,718       2,225  
CSX Corp
     36,279       1,759  
Norfolk Southern Corp
     33,415       1,818  
Union Pacific Corp
     22,662       2,833  
 
              
 
             8,635  
 
              
 
                
Transport — Services (1.04%)
                
CH Robinson Worldwide Inc
     14,648       813  
Expeditors International Washington Inc
     18,389       870  
FedEx Corp
     26,687       2,495  
Ryder System Inc
     5,007       261  
United Parcel Service Inc (a)
     90,678       6,634  
 
              
 
             11,073  
 
              
 
                
Web Portals (1.27%)
                
Google Inc (b)
     19,976       11,272  
Yahoo! Inc (b)
     115,323       2,212  
 
              
 
             13,484  
 
              
 
                
Wireless Equipment (0.90%)
                
American Tower Corp (b)
     34,925       1,311  
Motorola Inc
     197,116       2,273  
Qualcomm Inc
     141,214       5,990  
 
              
 
             9,574  
 
TOTAL COMMON STOCKS
           $ 1,044,983  
 

133

 

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
SHORT TERM INVESTMENTS (1.22%)
                
Money Market Funds (1.22%)
                
BNY Institutional Cash Reserve Fund (d)
   $ 12,991     $ 12,991  
 
TOTAL SHORT TERM INVESTMENTS
           $ 12,991  
 
REPURCHASE AGREEMENTS (2.95%)
                
Finance — Investment Banker & Broker (1.07%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $11,469,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (d)
   $ 11,383     $ 11,382  
 
                
Money Center Banks (1.88%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $576,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (d)
     571       571  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $10,020,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     9,729       9,728  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $10,020,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
     9,729       9,728  
 
              
 
             20,027  
 
TOTAL REPURCHASE AGREEMENTS
           $ 31,409  
 
Total Investments
           $ 1,089,383  
Liabilities in Excess of Other Assets, Net — (2.37)%
             (25,267 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 1,064,116  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $5,312 or 0.50% of net assets.
 
(d)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 227,444  
Unrealized Depreciation
     (88,187 )
 
      
Net Unrealized Appreciation (Depreciation)
     139,257  
Cost for federal income tax purposes
     950,126  
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
Buy:
                                
S & P 500; March 2008
     55     $ 19,537     $ 18,970     $ (567 )
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
Financial
     22.21 %
Consumer, Non-cyclical
     20.23 %
Energy
     12.10 %
Industrial
     11.79 %
Technology
     10.76 %
Communications
     10.66 %
Consumer, Cyclical
     7.37 %
Utilities
     3.44 %
Basic Materials
     3.31 %
Funds
     0.44 %
Diversified
     0.06 %
Liabilities in Excess of Other Assets, Net
     (2.37 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        
Other Assets Summary (unaudited)
         
Asset Type   Percent
Futures
     1.78 %

134

 

Schedule of Investments
LargeCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (96.45%)
                
Advertising Agencies (0.29%)
                
Omnicom Group Inc
     52,357     $ 2,375  
 
                
Aerospace & Defense (1.48%)
                
General Dynamics Corp
     76,163       6,433  
Northrop Grumman Corp
     69,634       5,526  
 
              
 
             11,959  
 
              
 
                
Aerospace & Defense Equipment (0.29%)
                
United Technologies Corp
     31,846       2,338  
 
                
Agricultural Chemicals (0.55%)
                
Mosaic Co/The (a)
     48,623       4,425  
 
                
Auto/Truck Parts & Equipment — Original (0.49%)
                
BorgWarner Inc
     78,102       3,953  
 
                
Beverages — Non-Alcoholic (0.92%)
                
Coca-Cola Co/The
     124,827       7,386  
 
                
Brewery (0.54%)
                
Anheuser-Busch Cos Inc
     94,279       4,386  
 
                
Chemicals — Diversified (1.80%)
                
Celanese Corp
     92,413       3,436  
EI Du Pont de Nemours & Co
     152,697       6,899  
PPG Industries Inc
     63,227       4,178  
 
              
 
             14,513  
 
              
 
                
Chemicals — Specialty (0.31%)
                
Lubrizol Corp
     47,767       2,513  
 
                
Commercial Banks (1.94%)
                
Bank of Hawaii Corp
     60,085       3,026  
BB&T Corp
     145,137       5,266  
Commerce Bancshares Inc/Kansas City MO
     69,500       3,087  
Cullen/Frost Bankers Inc
     78,112       4,252  
 
              
 
             15,631  
 
              
 
                
Computers (1.67%)
                
Hewlett-Packard Co
     58,360       2,553  
International Business Machines Corp
     68,509       7,354  
Sun Microsystems Inc (a)
     201,617       3,528  
 
              
 
             13,435  
 
              
 
                
Containers — Metal & Glass (0.54%)
                
Owens-Illinois Inc (a)
     86,127       4,341  
 
                
Cosmetics & Toiletries (1.41%)
                
Procter & Gamble Co
     171,635       11,319  
 
                
Diversified Manufacturing Operations (7.26%)
                
Cooper Industries Ltd
     76,256       3,397  
Eaton Corp
     52,759       4,366  
General Electric Co
     967,659       34,265  
Honeywell International Inc
     75,270       4,446  
Ingersoll-Rand Co Ltd
     101,083       3,995  
ITT Corp
     62,486       3,714  
Parker Hannifin Corp
     63,103       4,266  
 
              
 
             58,449  
 
              
 
                
E-Commerce — Services (0.36%)
                
Expedia Inc (a)(b)
     125,529       2,890  
 
                
Electric — Integrated (4.99%)
                
American Electric Power Co Inc
     123,121       5,273  
Constellation Energy Group Inc
     38,247       3,594  
DPL Inc
     135,297       3,756  
Edison International
     107,001       5,581  
FPL Group Inc
     112,996       7,286  
Northeast Utilities
     162,599       4,507  
Public Service Enterprise Group Inc
     76,372       7,332  
Sierra Pacific Resources
     190,095       2,846  
 
              
 
             40,175  
 
              
 
                
Electronic Components — Semiconductors (0.26%)
                
Nvidia Corp (a)
     83,857       2,062  
 
                
Electronic Parts Distribution (0.44%)
                
Avnet Inc (a)
     100,454       3,577  
 
                
Fiduciary Banks (1.39%)
                
Bank of New York Mellon Corp/The
     155,424       7,247  
State Street Corp
     48,368       3,972  
 
              
 
             11,219  
 
              
 
                
Finance — Investment Banker & Broker (6.15%)
                
Citigroup Inc
     482,860       13,626  
Goldman Sachs Group Inc/The
     47,867       9,610  
JPMorgan Chase & Co
     477,070       22,685  
Morgan Stanley
     73,254       3,621  
 
              
 
             49,542  
 
              
 
                
Food — Meat Products (0.16%)
                
Hormel Foods Corp
     33,884       1,313  
 
                
Food — Miscellaneous/Diversified (1.55%)
                
General Mills Inc
     89,056       4,863  
HJ Heinz Co
     66,051       2,811  
Kellogg Co
     61,320       2,937  
Kraft Foods Inc
     62,939       1,842  
 
              
 
             12,453  
 
              
 
                
Gas — Distribution (1.54%)
                
Energen Corp
     70,550       4,438  
Sempra Energy
     86,148       4,816  

135

 

Schedule of Investments
LargeCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Gas — Distribution (continued)
                
Southern Union Co
     116,792     $ 3,174  
 
              
 
             12,428  
 
              
 
                
Health Care Cost Containment (0.29%)
                
McKesson Corp
     36,927       2,319  
 
                
Instruments — Scientific (0.39%)
                
Thermo Fisher Scientific Inc (a)
     60,546       3,117  
 
                
Insurance Brokers (0.32%)
                
Aon Corp
     59,886       2,606  
 
                
Internet Security (0.35%)
                
McAfee Inc (a)
     82,589       2,780  
 
                
Investment Companies (0.41%)
                
American Capital Strategies Ltd (b)
     94,832       3,335  
 
                
Investment Management & Advisory Services (0.56%)
                
Ameriprise Financial Inc
     81,331       4,498  
 
                
Life & Health Insurance (1.29%)
                
Cigna Corp
     32,697       1,608  
Prudential Financial Inc
     13,243       1,117  
Reinsurance Group of America Inc
     48,540       2,814  
Unum Group
     213,096       4,820  
 
              
 
             10,359  
 
              
 
                
Machinery — Farm (0.88%)
                
Deere & Co
     81,117       7,119  
 
                
Machinery — General Industry (0.45%)
                
Gardner Denver Inc (a)
     111,583       3,620  
 
                
Medical — Biomedical/Gene (0.36%)
                
Invitrogen Corp (a)(b)
     33,735       2,890  
 
                
Medical — Drugs (4.01%)
                
Eli Lilly & Co
     106,456       5,485  
Merck & Co Inc
     95,255       4,408  
Pfizer Inc (c)
     956,711       22,377  
 
              
 
             32,270  
 
              
 
                
Medical — Generic Drugs (0.28%)
                
Watson Pharmaceuticals Inc (a)
     86,847       2,268  
 
                
Medical — HMO (0.57%)
                
Aetna Inc
     71,800       3,824  
WellPoint Inc (a)
     10,110       791  
 
              
 
             4,615  
 
              
Medical Products (1.28%)
                
Johnson & Johnson
     162,424       10,275  
 
                
Multi-Line Insurance (4.19%)
                
ACE Ltd
     79,082       4,614  
American Financial Group Inc/OH
     92,838       2,574  
American International Group Inc
     205,419       11,331  
Hartford Financial Services Group Inc
     77,050       6,223  
MetLife Inc
     102,971       6,072  
XL Capital Ltd
     64,925       2,922  
 
              
 
             33,736  
 
              
 
                
Multimedia (1.35%)
                
Time Warner Inc
     202,442       3,187  
Walt Disney Co/The
     256,143       7,666  
 
              
 
             10,853  
 
              
 
                
Networking Products (0.38%)
                
Juniper Networks Inc (a)
     113,368       3,078  
 
                
Oil Company — Exploration & Production (3.02%)
                
Apache Corp
     77,569       7,403  
Forest Oil Corp (a)
     67,023       3,031  
Noble Energy Inc
     53,161       3,859  
Occidental Petroleum Corp
     147,728       10,026  
 
              
 
             24,319  
 
              
 
                
Oil Company — Integrated (11.51%)
                
Chevron Corp
     289,079       24,427  
ConocoPhillips
     163,640       13,143  
Exxon Mobil Corp
     563,152       48,656  
Marathon Oil Corp
     33,504       1,570  
Murphy Oil Corp
     66,776       4,911  
 
              
 
             92,707  
 
              
 
                
Oil Field Machinery & Equipment (0.26%)
                
National Oilwell Varco Inc (a)
     34,245       2,063  
 
Photo Equipment & Supplies (0.38%)
                
Eastman Kodak Co (b)
     154,695       3,083  
 
Property & Casualty Insurance (1.87%)
                
Arch Capital Group Ltd (a)
     31,325       2,207  
Chubb Corp
     107,997       5,593  
Travelers Cos Inc/The
     150,222       7,226  
 
            
 
             15,026  
 
              
 
                
Publishing — Periodicals (0.38%)
                
Idearc Inc
     188,290       3,062  
 
                
Radio (0.00%)
                
Citadel Broadcasting Corp (b)
     2       —  
 
                
Regional Banks (7.11%)
                
Bank of America Corp
     444,481       19,712  
PNC Financial Services Group Inc
     93,491       6,135  
US Bancorp
     309,222       10,498  
Wachovia Corp
     138,064       5,375  

136

 

Schedule of Investments
LargeCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Regional Banks (continued)
                
Wells Fargo & Co
     457,247     $ 15,551  
 
              
 
             57,271  
 
              
 
                
Reinsurance (0.51%)
                
Axis Capital Holdings Ltd
     102,290       4,096  
 
                
REITS — Hotels (0.60%)
                
Hospitality Properties Trust
     50,139       1,702  
Host Hotels & Resorts Inc
     189,059       3,165  
 
              
 
             4,867  
 
              
 
                
REITS — Mortgage (0.48%)
                
Annaly Capital Management Inc
     196,452       3,874  
 
                
REITS — Office Property (0.47%)
                
Boston Properties Inc
     41,348       3,801  
 
                
REITS — Regional Malls (0.45%)
                
Simon Property Group Inc
     40,369       3,608  
 
                
REITS — Warehouse & Industrial (0.78%)
                
AMB Property Corp
     55,469       2,807  
ProLogis
     58,257       3,457  
 
              
 
             6,264  
 
              
 
                
Retail — Discount (1.09%)
                
BJ’s Wholesale Club Inc (a)
     128,571       4,171  
Dollar Tree Stores Inc (a)
     64,827       1,816  
TJX Cos Inc
     87,299       2,755  
 
              
 
             8,742  
 
              
 
                
Retail — Restaurants (1.18%)
                
McDonald’s Corp
     176,734       9,464  
 
                
Soap & Cleaning Products (0.29%)
                
Church & Dwight Co Inc
     44,571       2,372  
 
                
Steel — Producers (0.91%)
                
Nucor Corp
     85,518       4,943  
Reliance Steel & Aluminum Co
     48,581       2,391  
 
              
 
             7,334  
 
              
 
                
Telecommunication Services (0.42%)
                
Embarq Corp
     75,482       3,419  
 
                
Telephone — Integrated (6.69%)
                
AT&T Inc
     839,517       32,313  
CenturyTel Inc
     85,517       3,156  
Sprint Nextel Corp
     168,031       1,769  
Verizon Communications Inc
     427,512       16,605  
 
              
 
             53,843  
 
              
 
                
Television (0.72%)
                
CBS Corp
     230,994       5,819  
 
                
Theaters (0.35%)
                
Regal Entertainment Group (b)
     150,989       2,799  
 
                
Tobacco (2.43%)
                
Altria Group Inc
     159,870       12,121  
Loews Corp — Carolina Group
     41,651       3,421  
Reynolds American Inc (b)
     63,765       4,038  
 
              
 
             19,580  
 
              
 
                
Tools — Hand Held (0.41%)
                
Snap-On Inc
     67,426       3,312  
 
                
Toys (0.33%)
                
Hasbro Inc
     102,300       2,657  
 
                
Wireless Equipment (0.12%)
                
Motorola Inc
     80,577       929  
 
TOTAL COMMON STOCKS
           $ 776,731  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
SHORT TERM INVESTMENTS (3.56%)
                
Commercial Paper (3.56%)
                
Investment in Joint Trade Account; HSBC Funding
               
3.12%, 2/1/2008
   $ 28,672     $ 28,672  
 
TOTAL SHORT TERM INVESTMENTS
           $ 28,672  
 
REPURCHASE AGREEMENTS (1.83%)
                
Finance — Investment Banker & Broker (0.65%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $5,298,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (d)
   $ 5,259     $ 5,258  
 
                
Money Center Banks (1.18%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $9,539,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (d)
     9,465       9,464  
 
TOTAL REPURCHASE AGREEMENTS
           $ 14,722  
 
Total Investments
           $ 820,125  
Liabilities in Excess of Other Assets, Net — (1.84)%
             (14,850 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 805,275  
 
              

137

 

Schedule of Investments
LargeCap Value Fund
January 31, 2008 (unaudited)
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $2,252 or 0.28% of net assets.
 
(d)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 71,119  
Unrealized Depreciation
     (49,850 )
 
      
Net Unrealized Appreciation (Depreciation)
     21,269  
Cost for federal income tax purposes
     798,856  
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
Buy:
                                
RUSSELL 1000 Mini; March 2008
     21     $ 1,569     $ 1579     $ 10  
RUSSELL 1000; March 2008
     62       23,981       23,303       (678 )
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
Financial
     33.92 %
Energy
     14.79 %
Consumer, Non-cyclical
     14.09 %
Industrial
     12.53 %
Communications
     11.06 %
Utilities
     6.53 %
Basic Materials
     3.57 %
Consumer, Cyclical
     3.43 %
Technology
     1.92 %
Liabilities in Excess of Other Assets, Net
     (1.84 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        
Other Assets Summary (unaudited)
         
Asset Type   Percent
Futures
     3.09 %

138

 

Schedule of Investments
MidCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (97.78%)
                
Advertising Sales (0.98%)
                
Lamar Advertising Co (a)
     188,897     $ 8,145  
 
                
Aerospace & Defense Equipment (1.26%)
                
Alliant Techsystems Inc (a)(b)
     99,277       10,509  
 
                
Applications Software (1.30%)
                
Intuit Inc (a)(b)
     352,084       10,805  
 
                
Broadcasting Services & Programming (6.02%)
                
Discovery Holding Co (b)
     750,792       17,433  
Liberty Global Inc — A Shares (a)(b)
     151,620       6,127  
Liberty Global Inc — B Shares (a)(b)
     304,536       11,329  
Liberty Media Corp — Capital Series A (a)(b)
     141,648       15,244  
 
              
 
             50,133  
 
              
 
                
Building & Construction Products — Miscellaneous (0.20%)
                
USG Corp (a)(b)
     44,372       1,624  
 
                
Building Products — Cement & Aggregate (1.19%)
                
Cemex SAB de CV ADR (b)
     364,646       9,886  
 
                
Cable TV (1.35%)
                
Comcast Corp (a)
     622,415       11,197  
 
                
Casino Services (0.39%)
                
International Game Technology
     76,572       3,267  
 
                
Commercial Services (2.30%)
                
ChoicePoint Inc (a)(b)
     151,167       5,033  
Iron Mountain Inc (a)(b)
     411,378       14,147  
 
            
 
             19,180  
 
              
 
                
Commercial Services — Finance (1.45%)
                
Western Union Co/The
     540,435       12,106  
 
                
Consulting Services (0.99%)
                
SAIC Inc (a)(b)
     434,517       8,212  
 
                
Data Processing & Management (2.65%)
                
Automatic Data Processing Inc
     169,050       6,858  
Broadridge Financial Solutions Inc
     85,090       1,843  
Fidelity National Information Services
     194,971       8,277  
Paychex Inc
     123,089       4,028  
SEI Investments Co
     36,296       1,005  
 
            
 
             22,011  
 
              
 
                
Dental Supplies & Equipment (1.63%)
                
DENTSPLY International Inc
     329,265       13,602  
 
                
Distribution & Wholesale (0.23%)
                
Fastenal Co (a)
     47,091       1,903  
 
                
Diversified Manufacturing Operations (1.04%)
                
Dover Corp
     125,081       5,048  
Tyco International Ltd
     91,052       3,584  
 
            
 
             8,632  
 
              
 
                
Diversified Operations (1.41%)
                
Onex Corp (b)
     390,820       11,725  
 
                
E-Commerce — Services (0.62%)
                
Liberty Media Corp — Interactive (b)
     324,780       5,167  
 
                
Electric — Generation (1.33%)
                
AES Corp/The (b)
     579,344       11,054  
 
                
Electric — Integrated (1.01%)
                
Ameren Corp
     116,489       5,220  
SCANA Corp
     85,635       3,193  
 
            
 
             8,413  
 
              
 
                
Electronic Components — Miscellaneous (1.14%)
                
Gentex Corp
     600,058       9,517  
 
                
Electronic Components — Semiconductors (0.24%)
                
Microchip Technology Inc
     61,310       1,956  
 
                
Energy — Alternate Sources (2.33%)
                
Covanta Holding Corp (a)(b)
     764,950       19,422  
 
                
Finance — Credit Card (0.64%)
                
American Express Co
     108,492       5,351  
 
                
Food — Wholesale & Distribution (1.61%)
                
Sysco Corp
     461,407       13,404  
 
                
Forestry (1.32%)
                
Brookfield Infrastructure Partners LP (b)
     22,465       472  
Weyerhaeuser Co
     154,821       10,484  
 
            
 
             10,956  
 
              
 
                
Gold Mining (2.19%)
                
Newmont Mining Corp
     335,206       18,215  
 
                
Insurance Brokers (2.39%)
                
Aon Corp
     179,646       7,818  
Brown & Brown Inc
     274,970       6,190  
Marsh & McLennan Cos Inc
     213,337       5,888  
 
            
 
             19,896  
 
              
 
                
Investment Companies (0.29%)
                
RHJ International (b)
     200,630       2,452  
 
                
Investment Management & Advisory Services (1.28%)
                
Legg Mason Inc
     148,092       10,663  

139

 

Schedule of Investments
MidCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Life & Health Insurance (2.11%)
                
Aflac Inc
     286,572     $ 17,575  
 
                
Linen Supply & Related Items (2.78%)
                
Cintas Corp
     706,114       23,175  
 
                
Machinery — Print Trade (0.75%)
                
Zebra Technologies Corp (a)(b)
     202,726       6,226  
 
                
Medical — Drugs (1.01%)
                
Valeant Pharmaceuticals International (a)(b)
     744,391       8,427  
 
                
Medical — HMO (2.27%)
                
Coventry Health Care Inc (b)
     334,087       18,903  
 
                
Medical — Outpatient & Home Medical Care (1.40%)
                
Lincare Holdings Inc (a)(b)
     348,815       11,654  
 
                
Medical Instruments (1.89%)
                
St Jude Medical Inc (b)
     388,485       15,738  
 
                
Medical Laboratory & Testing Service (2.33%)
                
Laboratory Corp of America Holdings (a)(b)
     262,018       19,358  
 
                
Medical Products (1.18%)
                
Covidien Ltd
     220,534       9,842  
 
                
Multi-Line Insurance (2.54%)
                
Loews Corp
     452,768       21,140  
 
                
Office Automation & Equipment (0.59%)
                
Pitney Bowes Inc
     133,703       4,907  
 
                
Oil — Field Services (1.69%)
                
Weatherford International Ltd (b)
     226,831       14,020  
 
                
Oil & Gas Drilling (1.24%)
                
Nabors Industries Ltd (a)(b)
     377,979       10,289  
 
                
Oil Company — Exploration & Production (5.93%)
                
Cimarex Energy Co
     325,964       13,303  
Encore Acquisition Co (a)(b)
     408,618       13,321  
EOG Resources Inc
     75,447       6,602  
Rosetta Resources Inc (a)(b)
     282,232       4,947  
XTO Energy Inc
     215,208       11,178  
 
            
 
             49,351  
 
              
 
                
Pipelines (7.17%)
                
Equitable Resources Inc
     315,804       17,606  
National Fuel Gas Co
     90,660       3,908  
Questar Corp
     283,864       14,452  
Spectra Energy Corp
     485,880       11,097  
Williams Cos Inc
     395,523       12,645  
 
            
 
             59,708  
 
              
                 
Precious Metals (0.81%)
                
Franco-Nevada Corp (b)
     357,328       6,762  
 
                
Property & Casualty Insurance (4.72%)
                
Fidelity National Financial Inc
     343,827       6,770  
Markel Corp (a)(b)
     32,238       14,926  
Mercury General Corp
     219,736       10,567  
White Mountains Insurance Group Ltd (a)
     14,435       7,001  
 
            
 
             39,264  
 
              
 
                
Publishing — Newspapers (1.71%)
                
Washington Post Co/The
     19,074       14,191  
 
                
Real Estate Operator & Developer (3.53%)
                
Brookfield Asset Management Inc
     561,623       18,124  
Forest City Enterprises Inc
     281,745       11,227  
 
            
 
             29,351  
 
              
 
                
Reinsurance (1.71%)
                
Everest Re Group Ltd (a)
     139,878       14,224  
 
                
Retail — Auto Parts (1.89%)
                
O’Reilly Automotive Inc (a)(b)
     534,716       15,737  
 
                
Retail — Automobile (0.43%)
                
Carmax Inc (a)(b)
     161,418       3,600  
 
                
Retail — Discount (1.40%)
                
TJX Cos Inc
     368,121       11,618  
 
                
Retail — Restaurants (0.64%)
                
Yum! Brands Inc
     154,956       5,293  
 
                
Satellite Telecommunications (0.25%)
                
EchoStar Holding Corp (b)
     72,280       2,112  
 
                
Telephone — Integrated (1.26%)
                
Telephone & Data Systems Inc
     216,841       10,495  
 
                
Television (1.26%)
                
DISH Network Corp (b)
     371,330       10,486  
 
                
Textile — Home Furnishings (0.93%)
                
Mohawk Industries Inc (a)(b)
     97,288       7,775  
 
                
Transport — Truck (0.35%)
                
Heartland Express Inc (a)
     180,508       2,933  
 
                
Wireless Equipment (1.23%)
                
American Tower Corp (b)
     272,023       10,209  
 
TOTAL COMMON STOCKS
           $ 813,766  
 

140

 

Schedule of Investments
MidCap Blend Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
SHORT TERM INVESTMENTS (2.80%)
                
Commercial Paper (2.80%)
                
Investment in Joint Trade Account; HSBC Funding
               
3.12%, 2/1/2008
   $ 23,253     $ 23,253  
 
TOTAL SHORT TERM INVESTMENTS
           $ 23,253  
 
REPURCHASE AGREEMENTS (10.89%)
                
Finance — Investment Banker & Broker (5.50%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $46,097,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 45,753     $ 45,749  
 
                
Money Center Banks (5.39%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $45,237,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
     44,886       44,882  
 
TOTAL REPURCHASE AGREEMENTS
           $ 90,631  
 
Total Investments
           $ 927,650  
Liabilities in Excess of Other Assets, Net — (11.47)%
             (95,420 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 832,230  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 151,034  
Unrealized Depreciation
     (54,848 )
 
      
Net Unrealized Appreciation (Depreciation)
     96,186  
Cost for federal income tax purposes
     831,464  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
 
Financial
     32.90 %
Energy
     18.36 %
Consumer, Non-cyclical
     18.07 %
Communications
     14.68 %
Consumer, Cyclical
     8.69 %
Industrial
     5.93 %
Technology
     4.77 %
Basic Materials
     4.32 %
Utilities
     2.34 %
Diversified
     1.41 %
Liabilities in Excess of Other Assets, Net
     (11.47 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

141

 

Schedule of Investments
MidCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000's)
 
COMMON STOCKS (96.16%)
                
Aerospace & Defense Equipment (1.06%)
                
BE Aerospace Inc (a)
     12,526     $ 484  
 
                
Agricultural Chemicals (1.64%)
                
Mosaic Co/The (a)
     8,245       750  
 
                
Applications Software (1.91%)
                
Salesforce.com Inc (a)(b)
     16,762       876  
 
                
Auto/Truck Parts & Equipment — Original (1.77%)
                
BorgWarner Inc
     16,006       810  
 
                
Brewery (2.25%)
                
Molson Coors Brewing Co
     23,038       1,029  
 
                
Building — Heavy Construction (2.08%)
                
Chicago Bridge & Iron Co NV
     21,455       955  
 
                
Commercial Services (0.95%)
                
Quanta Services Inc (a)(b)
     19,880       436  
 
                
Computer Services (1.51%)
                
DST Systems Inc (a)(b)
     9,707       694  
 
                
Consulting Services (2.10%)
                
FTI Consulting Inc (a)
     17,435       964  
 
                
Consumer Products — Miscellaneous (2.32%)
                
Fossil Inc (a)(b)
     31,260       1,062  
 
                
Containers — Metal & Glass (3.13%)
                
Owens-Illinois Inc (a)
     28,484       1,436  
 
                
Diagnostic Kits (1.04%)
                
Idexx Laboratories Inc (a)
     8,475       478  
 
                
Diversified Manufacturing Operations (5.58%)
                
SPX Corp
     12,775       1,285  
Textron Inc
     22,710       1,273  
 
              
 
             2,558  
 
              
E-Commerce — Services (1.67%)
                
Expedia Inc (a)(b)
     33,341       767  
 
                
Electronic Components — Miscellaneous (1.23%)
                
Gentex Corp
     35,589       564  
 
                
Electronic Components — Semiconductors (1.23%)
                
Nvidia Corp (a)
     22,836       562  
 
                
Energy — Alternate Sources (0.84%)
                
First Solar Inc (a)
     2,121       386  
 
                
Engineering — Research & Development Services (1.62%)
                
McDermott International Inc (a)
     15,715       741  
 
                
Entertainment Software (2.62%)
                
Activision Inc (a)
     46,426       1,201  
 
                
Food — Confectionery (1.53%)
                
WM Wrigley Jr Co
     12,190       700  
 
                
Footwear & Related Apparel (1.15%)
                
CROCS Inc (a)(b)
     15,100       525  
 
                
Hazardous Waste Disposal (2.15%)
                
Stericycle Inc (a)
     16,652       987  
 
                
Industrial Audio & Video Products (2.03%)
                
Dolby Laboratories Inc (a)
     21,581       930  
 
                
Instruments — Controls (1.98%)
                
Mettler Toledo International Inc (a)
     9,114       905  
 
                
Instruments — Scientific (2.01%)
                
Thermo Fisher Scientific Inc (a)
     17,914       922  
 
                
Investment Management & Advisory Services (2.05%)
                
BlackRock Inc/New York
     4,240       937  
 
                
Machinery — Construction & Mining (2.15%)
                
Joy Global Inc
     15,616       985  
 
                
Medical — Biomedical/Gene (3.13%)
                
Invitrogen Corp (a)(b)
     9,732       834  
Millennium Pharmaceuticals Inc (a)
     39,500       599  
 
              
 
             1,433  
 
              
Medical — Drugs (1.93%)
                
Allergan Inc/United States
     13,188       886  
 
                
Medical Instruments (1.86%)
                
Intuitive Surgical Inc (a)
     3,349       851  
 
                
Medical Products (2.13%)
                
Varian Medical Systems Inc (a)
     18,763       975  
 
                
Multi-Line Insurance (1.74%)
                
Assurant Inc
     12,322       800  
 
                
Networking Products (1.01%)
                
Juniper Networks Inc (a)
     17,100       464  
 
                
Oil & Gas Drilling (2.87%)
                
Diamond Offshore Drilling Inc
     3,955       446  
Noble Corp
     19,800       867  
 
              
 
             1,313  
 
              

142

 

Schedule of Investments
MidCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (continued)
                
Oil Company — Exploration & Production (8.49%)
                
Quicksilver Resources Inc (a)(b)
     21,478     $ 1,221  
Range Resources Corp
     21,852       1,141  
SandRidge Energy Inc (a)(b)
     16,535       503  
Southwestern Energy Co (a)
     18,393       1,028  
 
              
 
             3,893  
 
              
Oil Field Machinery & Equipment (2.50%)
                
Cameron International Corp (a)
     28,463       1,146  
 
                
Pharmacy Services (1.57%)
                
Express Scripts Inc (a)
     10,685       721  
 
                
Research & Development (1.15%)
                
Pharmaceutical Product Development Inc
     12,200       529  
 
                
Retail — Apparel & Shoe (2.76%)
                
Gap Inc/The
     26,909       515  
Urban Outfitters Inc (a)
     25,830       749  
 
              
 
             1,264  
 
              
Retail — Restaurants (1.06%)
                
Chipotle Mexican Grill Inc (a)(b)
     4,008       488  
 
Schools (4.04%)
                
Apollo Group Inc (a)
     14,210       1,133  
ITT Educational Services Inc (a)
     7,858       718  
 
              
 
             1,851  
 
              
Soap & Cleaning Products (1.28%)
                
Church & Dwight Co Inc
     11,005       586  
 
                
Therapeutics (1.21%)
                
BioMarin Pharmaceutical Inc (a)
     14,900       552  
 
                
Veterinary Diagnostics (1.95%)
                
VCA Antech Inc (a)
     23,148       895  
 
                
Wireless Equipment (1.93%)
                
American Tower Corp (a)
     23,610       886  
 
                
X-Ray Equipment (1.95%)
                
Hologic Inc (a)(b)
     13,900       895  
 
TOTAL COMMON STOCKS
           $ 44,072  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (15.80%)
                
Finance — Investment Banker & Broker (6.64%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $3,063,000; 0.00% -6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 3,040     $ 3,040  
Money Center Banks (9.16%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $1,899,000; 0.00% - 6.63%; dated 03/14/08- 05/15/30) (c)
     1,884       1,884  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $1,193,000; 4.40% -5.38%; dated 04/29/08 - 04/01/56)
     1,158       1,158  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $1,193,000; 3.75% - 5.40%; dated 08/03/09 - - 04/13/26)
     1,158       1,158  
 
              
 
             4,200  
 
TOTAL REPURCHASE AGREEMENTS
           $ 7,240  
 
Total Investments
           $ 51,312  
Liabilities in Excess of Other Assets, Net — (11.96)%
             (5,480 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 45,832  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 4,978  
Unrealized Depreciation
     (2,150 )
 
      
Net Unrealized Appreciation (Depreciation)
     2,828  
Cost for federal income tax purposes
     48,484  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
                 
Sector   Percent        
 
Consumer, Non-cyclical
     32.39 %        
Industrial
     25.02 %        
Financial
     19.59 %        
Energy
     14.70 %        
Technology
     7.27 %        
Consumer, Cyclical
     6.73 %        
Communications
     4.62 %        
Basic Materials
     1.64 %        
Liabilities in Excess of Other Assets, Net
     (11.96 %)        
 
                
TOTAL NET ASSETS
     100.00 %        
 
                

143

 

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (98.02%)
                
Advertising Sales (0.32%)
                
Lamar Advertising Co (a)
     15,613     $ 673  
 
                
Advertising Services (0.11%)
                
Getty Images Inc (a)(b)
     9,372       234  
 
                
Aerospace & Defense Equipment (0.85%)
                
Alliant Techsystems Inc (a)(b)
     6,433       681  
BE Aerospace Inc (b)
     18,212       703  
DRS Technologies Inc
     8,106       435  
 
              
 
             1,819  
 
              
Agricultural Chemicals (0.47%)
                
CF Industries Holdings Inc
     9,452       1,011  
 
                
Airlines (0.28%)
                
Airtran Holdings Inc (a)(b)
     18,040       156  
Alaska Air Group Inc (a)(b)
     7,930       201  
JetBlue Airways Corp (a)(b)
     35,510       245  
 
              
 
             602  
 
              
Auction House & Art Dealer (0.19%)
                
Sotheby’s
     13,091       407  
 
                
Auto — Medium & Heavy Duty Trucks (0.31%)
                
Oshkosh Truck Corp
     14,599       668  
 
                
Auto/Truck Parts & Equipment — Original (0.89%)
                
ArvinMeritor Inc (a)
     14,277       194  
BorgWarner Inc
     22,813       1,155  
Lear Corp (a)(b)
     15,166       445  
Modine Manufacturing Co
     6,377       98  
 
              
 
             1,892  
 
              
Batteries & Battery Systems (0.50%)
                
Energizer Holdings Inc (b)
     11,288       1,057  
 
                
Beverages — Non- Alcoholic (0.35%)
                
Hansen Natural Corp (b)
     11,798       455  
PepsiAmericas Inc
     11,780       290  
 
              
 
             745  
 
              
Building — Heavy Construction (0.12%)
                
Granite Construction Inc
     6,926       264  
 
                
Building — Maintenance & Service (0.07%)
                
Rollins Inc
     8,361       149  
 
                
Building — Mobile Home & Manufactured Housing (0.11%)
                
Thor Industries Inc (a)
     6,814       241  
 
                
Building — Residential & Commercial (0.88%)
                
Hovnanian Enterprises Inc (a)(b)
     7,220       71  
MDC Holdings Inc
     6,853       317  
NVR Inc (a)(b)
     1,010       638  
Ryland Group Inc
     8,279       279  
Toll Brothers Inc (a)(b)
     24,976       582  
 
              
 
             1,887  
 
              
Building & Construction — Miscellaneous (0.09%)
                
Dycom Industries Inc (b)
     8,060       190  
 
                
Building Products — Cement & Aggregate (0.47%)
                
Martin Marietta Materials Inc (a)
     8,235       1,011  
 
                
Capacitors (0.04%)
                
Kemet Corp (a)(b)
     16,519       86  
 
                
Casino Hotels (0.14%)
                
Boyd Gaming Corp
     11,047       295  
 
                
Casino Services (0.14%)
                
Scientific Games Corp (a)(b)
     12,787       304  
 
                
Chemicals — Diversified (0.51%)
                
FMC Corp
     14,874       791  
Olin Corp
     14,595       299  
 
              
 
             1,090  
 
              
Chemicals — Specialty (1.82%)
                
Albemarle Corp
     15,647       567  
Cabot Corp
     12,845       382  
Chemtura Corp
     47,453       318  
Cytec Industries Inc
     8,275       469  
Ferro Corp
     8,560       151  
Lubrizol Corp
     13,492       710  
Minerals Technologies Inc
     3,788       206  
Sensient Technologies Corp
     9,247       246  
Terra Industries Inc (b)
     18,265       823  
 
              
 
             3,872  
 
              
Coal (0.58%)
                
Arch Coal Inc
     28,148       1,239  
 
                
Coatings & Paint (0.43%)
                
RPM International Inc
     23,881       517  
Valspar Corp
     19,782       396  
 
              
 
             913  
 
              
Commercial Banks (2.72%)
                
Associated Banc-Corp (a)
     24,997       704  
Bank of Hawaii Corp
     9,639       486  
Cathay General Bancorp
     9,800       254  
City National Corp/CA
     7,951       452  
Colonial BancGroup Inc/The
     30,959       486  
Cullen/Frost Bankers Inc
     11,504       626  
First Community Bancorp Inc/CA (a)
     4,951       176  

144

 

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (continued)
                
Commercial Banks (continued)
                
FirstMerit Corp (a)
     15,831     $ 354  
SVB Financial Group (a)(b)
     6,529       316  
Synovus Financial Corp
     64,614       854  
TCF Financial Corp
     21,432       456  
Webster Financial Corp
     10,522       356  
Westamerica Bancorporation (a)
     5,773       286  
 
              
 
             5,806  
 
              
Commercial Services (0.93%)
                
Alliance Data Systems Corp (a)(b)
     15,490       783  
ChoicePoint Inc (a)(b)
     14,072       469  
Quanta Services Inc (a)(b)
     33,624       737  
 
              
 
             1,989  
 
              
Commercial Services — Finance (0.12%)
                
Deluxe Corp
     10,255       249  
 
                
Computer Aided Design (0.18%)
                
Parametric Technology Corp (b)
     22,805       375  
 
                
Computer Services (0.45%)
                
DST Systems Inc (a)(b)
     10,155       726  
SRA International Inc (a)(b)
     8,380       230  
 
              
 
             956  
 
              
Computer Software (0.18%)
                
Metavante Technologies Inc (b)
     16,861       373  
 
                
Computers (0.05%)
                
Palm Inc (a)
     20,625       112  
 
                
Computers — Integrated Systems (0.69%)
                
Diebold Inc
     12,943       335  
Jack Henry & Associates Inc
     15,496       381  
NCR Corp (b)
     35,606       765  
 
              
 
             1,481  
 
              
Computers — Memory Devices (0.62%)
                
Imation Corp
     6,417       166  
Western Digital Corp (b)
     43,297       1,145  
 
              
 
             1,311  
 
              
Consulting Services (0.33%)
                
Corporate Executive Board Co
     6,975       401  
Gartner Inc (a)(b)
     13,548       201  
Navigant Consulting Inc (a)(b)
     8,990       107  
 
              
 
             709  
 
              
Consumer Products — Miscellaneous (0.52%)
                
American Greetings Corp
     10,266       211  
Blyth Inc (a)
     4,748       104  
Scotts Miracle-Gro Co/The
     8,719       340  
Tupperware Brands Corp
     12,118       448  
 
              
 
             1,103  
 
              
Containers — Paper & Plastic (0.49%)
                
Packaging Corp of America
     18,282       443  
Sonoco Products Co
     19,559       604  
 
              
 
             1,047  
 
              
Cosmetics & Toiletries (0.21%)
                
Alberto-Culver Co
     16,480       441  
 
                
Data Processing & Management (1.64%)
                
Acxiom Corp
     14,010       149  
Broadridge Financial Solutions Inc
     27,426       594  
CSG Systems International Inc (b)
     6,986       89  
Dun & Bradstreet Corp
     11,403       1,049  
Fair Isaac Corp
     9,895       252  
Global Payments Inc
     15,523       581  
MoneyGram International Inc (a)
     16,258       87  
SEI Investments Co
     24,850       688  
 
              
 
             3,489  
 
              
Decision Support Software (0.06%)
                
Wind River Systems Inc (a)(b)
     15,111       127  
 
                
Dental Supplies & Equipment (0.58%)
                
DENTSPLY International Inc
     29,793       1,231  
 
                
Diagnostic Equipment (0.28%)
                
Gen-Probe Inc (b)
     10,583       605  
 
                
Direct Marketing (0.07%)
                
Harte-Hanks Inc
     9,430       151  
 
                
Distribution & Wholesale (0.89%)
                
Fastenal Co (a)
     24,790       1,002  
Ingram Micro Inc (b)
     28,850       513  
Tech Data Corp (a)(b)
     10,910       375  
 
              
 
             1,890  
 
              
Diversified Manufacturing Operations (3.02%)
                
Brink’s Co/The
     9,539       578  
Carlisle Cos Inc
     12,199       406  
Crane Co
     10,052       411  
Federal Signal Corp
     9,426       109  
Harsco Corp
     16,566       943  
Lancaster Colony Corp
     4,234       148  
Matthews International Corp
     6,101       298  
Pentair Inc
     19,568       622  
Roper Industries Inc
     17,366       971  
SPX Corp
     10,307       1,037  
Teleflex Inc
     7,770       459  
Trinity Industries Inc
     16,031       454  
 
              
 
             6,436  
 
              
Electric — Integrated (5.09%)
                
Alliant Energy Corp
     21,701       801  

145

 

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (continued)
                
Electric — Integrated (continued)
                
Aquila Inc (b)
     73,949     $ 260  
Black Hills Corp (a)
     7,428       288  
DPL Inc (a)(c)
     22,338       620  
Energy East Corp
     31,136       786  
Great Plains Energy Inc
     16,951       473  
Hawaiian Electric Industries Inc (a)
     16,336       367  
Idacorp Inc
     8,851       289  
MDU Resources Group Inc
     35,879       930  
Northeast Utilities
     30,492       845  
NSTAR
     21,011       681  
OGE Energy Corp
     18,057       591  
PNM Resources Inc
     15,103       292  
Puget Energy Inc
     23,051       603  
SCANA Corp
     22,950       856  
Sierra Pacific Resources
     45,974       688  
Westar Energy Inc
     18,166       442  
Wisconsin Energy Corp
     23,005       1,047  
 
              
 
             10,859  
 
              
Electric Products — Miscellaneous (0.43%)
                
Ametek Inc
     20,996       925  
 
                
Electronic Components — Miscellaneous (0.39%)
                
Gentex Corp
     28,427       451  
Vishay Intertechnology Inc (b)
     36,372       381  
 
              
 
             832  
 
              
Electronic Components — Semiconductors (1.07%)
                
Cree Inc (a)(b)
     16,776       496  
Fairchild Semiconductor International I (b)
     24,476       300  
International Rectifier Corp (b)
     14,265       397  
Intersil Corp
     25,754       593  
Semtech Corp (b)
     12,634       161  
Silicon Laboratories Inc (b)
     10,844       339  
 
              
 
             2,286  
 
              
Electronic Connectors (0.87%)
                
Amphenol Corp
     35,069       1,401  
Thomas & Betts Corp (b)
     10,031       454  
 
              
 
             1,855  
 
              
Electronic Design Automation (0.61%)
                
Cadence Design Systems Inc (a)(b)
     52,880       537  
Mentor Graphics Corp (a)(b)
     17,653       145  
Synopsys Inc (b)
     28,509       628  
 
              
 
             1,310  
 
              
Electronic Measurement Instruments (0.14%)
                
National Instruments Corp
     11,275       303  
 
                
Electronic Parts Distribution (0.88%)
                
Arrow Electronics Inc (b)
     24,145       826  
Avnet Inc (b)
     29,516       1,051  
 
              
 
             1,877  
 
              
E-Marketing & Information (0.34%)
                
Digital River Inc (a)(b)
     7,950       298  
Valueclick Inc (a)(b)
     19,311       422  
 
              
 
             720  
 
              
Engineering — Research & Development Services (0.82%)
                
KBR Inc
     33,328       1,053  
URS Corp (b)
     15,710       689  
 
              
 
             1,742  
 
              
Enterprise Software & Services (0.31%)
                
Advent Software Inc (a)(b)
     3,519       159  
Sybase Inc (a)(b)
     17,640       498  
 
              
 
             657  
 
              
Entertainment Software (0.70%)
                
Activision Inc (b)
     57,306       1,483  
 
                
Environmental Monitoring & Detection (0.12%)
                
Mine Safety Appliances Co (a)
     5,750       257  
 
                
Fiduciary Banks (0.22%)
                
Wilmington Trust Corp
     13,519       471  
 
                
Filtration & Separation Products (0.28%)
                
Donaldson Co Inc
     14,022       588  
 
                
Finance — Auto Loans (0.14%)
                
AmeriCredit Corp (a)(b)
     22,458       299  
 
                
Finance — Investment Banker & Broker (0.45%)
                
Jefferies Group Inc
     21,985       445  
Raymond James Financial Inc
     18,657       524  
 
              
 
             969  
 
              
Finance — Mortgage Loan/Banker (0.06%)
                
IndyMac Bancorp Inc (a)
     15,834       129  
 
                
Financial Guarantee Insurance (0.14%)
                
PMI Group Inc/The
     15,958       152  
Radian Group Inc (a)
     15,815       144  
 
              
 
             296  
 
              
Food — Confectionery (0.31%)
                
JM Smucker Co/The
     11,318       529  
Tootsie Roll Industries Inc (a)
     5,296       132  
 
              
 
             661  
 
              
Food — Meat Products (0.56%)
                
Hormel Foods Corp
     14,234       552  
Smithfield Foods Inc (a)(b)
     22,984       640  
 
              
 
             1,192  
 
              

146

 

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (continued)
                
Food — Miscellaneous/Diversified (0.23%)
                
Corn Products International Inc
     14,722     $ 498  
 
                
Food — Retail (0.12%)
                
Ruddick Corp
     7,323       250  
 
                
Footwear & Related Apparel (0.08%)
                
Timberland Co (a)(b)
     9,759       160  
 
                
Funeral Services & Related Items (0.32%)
                
Service Corp International/US
     56,675       682  
 
                
Gas — Distribution (1.02%)
                
AGL Resources Inc
     15,064       570  
Energen Corp
     14,122       888  
Vectren Corp (a)
     15,052       413  
WGL Holdings Inc
     9,727       314  
 
              
 
             2,185  
 
              
Golf (0.11%)
                
Callaway Golf Co
     13,040       234  
 
                
Hazardous Waste Disposal (0.48%)
                
Stericycle Inc (b)
     17,096       1,013  
 
                
Home Furnishings (0.04%)
                
Furniture Brands International Inc (a)
     9,541       91  
 
                
Hospital Beds & Equipment (0.54%)
                
Hillenbrand Industries Inc
     12,195       631  
Kinetic Concepts Inc (a)(b)
     10,630       529  
 
              
 
             1,160  
 
              
Human Resources (0.62%)
                
Kelly Services Inc
     4,543       78  
Korn/Ferry International (a)(b)
     9,176       148  
Manpower Inc
     15,938       897  
MPS Group Inc (a)(b)
     19,802       199  
 
              
 
             1,322  
 
              
Industrial Automation & Robots (0.16%)
                
Nordson Corp
     6,641       331  
 
                
Industrial Gases (0.35%)
                
Airgas Inc
     16,181       751  
 
                
Instruments — Scientific (0.15%)
                
Varian Inc (b)
     5,988       325  
 
                
Insurance Brokers (0.46%)
                
Arthur J Gallagher & Co
     18,472       469  
Brown & Brown Inc
     22,421       505  
 
              
 
             974  
 
              
Internet Content — Entertainment (0.11%)
                
NetFlix Inc (a)(b)
     9,446       238  
 
                
Internet Infrastructure Equipment (0.08%)
                
Avocent Corp (a)(b)
     9,832       163  
 
                
Internet Infrastructure Software (0.18%)
                
F5 Networks Inc (a)(b)
     16,701       393  
 
                
Internet Security (0.49%)
                
McAfee Inc (b)
     31,328       1,054  
 
                
Intimate Apparel (0.15%)
                
Warnaco Group Inc/The (a)(b)
     8,964       322  
 
                
Investment Management & Advisory Services (0.68%)
                
Eaton Vance Corp
     24,313       906  
Waddell & Reed Financial Inc
     16,415       545  
 
              
 
             1,451  
 
              
Life & Health Insurance (0.48%)
                
Protective Life Corp
     13,799       549  
StanCorp Financial Group Inc
     9,741       479  
 
              
 
             1,028  
 
              
Machinery — Construction & Mining (0.63%)
                
Joy Global Inc
     21,255       1,340  
 
                
Machinery — Farm (0.51%)
                
AGCO Corp (b)
     18,016       1,085  
 
                
Machinery — General Industry (0.39%)
                
IDEX Corp
     16,031       501  
Wabtec Corp
     9,592       330  
 
              
 
             831  
 
              
Machinery — Print Trade (0.19%)
                
Zebra Technologies Corp (a)(b)
     13,380       411  
 
                
Machinery — Pumps (0.63%)
                
Flowserve Corp
     11,240       923  
Graco Inc
     12,372       423  
 
              
 
             1,346  
 
              
Machinery Tools & Related Products (0.47%)
                
Kennametal Inc
     15,338       470  
Lincoln Electric Holdings Inc
     8,482       523  
 
              
 
             993  
 
              
Medical — Biomedical/Gene (1.75%)
                
Affymetrix Inc (a)(b)
     13,580       272  
Charles River Laboratories International (b)
     13,361       830  
Invitrogen Corp (a)(b)
     9,160       785  
Millennium Pharmaceuticals Inc (b)
     63,514       963  
PDL BioPharma Inc (b)
     23,037       344  

147

 

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (continued)
                
Medical — Biomedical/Gene (continued)
                
Vertex Pharmaceuticals Inc (b)
     26,025     $ 530  
 
              
 
             3,724  
 
              
Medical — Drugs (1.22%)
                
Cephalon Inc (a)(b)
     13,190       866  
Endo Pharmaceuticals Holdings Inc (b)
     26,382       690  
Medicis Pharmaceutical Corp
     11,068       225  
Sepracor Inc (a)(b)
     21,974       620  
Valeant Pharmaceuticals International (a)(b)
     17,899       202  
 
              
 
             2,603  
 
              
Medical — Generic Drugs (0.28%)
                
Par Pharmaceutical Cos Inc (b)
     6,654       127  
Perrigo Co (a)
     15,262       471  
 
              
 
             598  
 
              
Medical — HMO (0.65%)
                
Health Net Inc (b)
     21,680       1,008  
WellCare Health Plans Inc (a)(b)
     8,204       385  
 
              
 
             1,393  
 
              
Medical — Hospitals (0.78%)
                
Community Health Systems Inc (b)
     18,805       604  
Health Management Associates Inc
     47,737       257  
LifePoint Hospitals Inc (b)
     11,430       309  
Universal Health Services Inc (a)
     10,594       499  
 
              
 
             1,669  
 
              
Medical — Nursing Homes (0.08%)
                
Kindred Healthcare Inc (b)
     5,876       162  
 
                
Medical — Outpatient & Home Medical Care (0.33%)
                
Apria Healthcare Group Inc (a)(b)
     8,601       182  
Lincare Holdings Inc (a)(b)
     15,771       527  
 
              
 
             709  
 
              
Medical Information Systems (0.32%)
                
Cerner Corp (a)(b)
     13,055       684  
 
                
Medical Instruments (2.00%)
                
Beckman Coulter Inc
     12,340       821  
Edwards Lifesciences Corp (b)
     11,155       516  
Intuitive Surgical Inc (b)
     7,516       1,909  
Techne Corp (b)
     7,773       505  
Ventana Medical Systems Inc (a)(b)
     5,864       522  
 
              
 
             4,273  
 
              
Medical Laboratory & Testing Service (0.49%)
                
Covance Inc (a)(b)
     12,559       1,044  
 
                
Medical Products (0.48%)
                
Henry Schein Inc (b)
     17,614       1,024  
 
                
Medical Sterilization Products (0.15%)
                
STERIS Corp
     12,475       309  
 
                
Metal — Iron (0.39%)
                
Cleveland-Cliffs Inc (a)
     8,229       838  
 
                
Metal Processors & Fabrication (0.68%)
                
Commercial Metals Co
     23,333       661  
Timken Co
     18,843       570  
Worthington Industries Inc (a)
     12,938       212  
 
              
 
             1,443  
 
              
Motion Pictures & Services (0.08%)
                
Macrovision Corp (a)(b)
     10,433       175  
 
                
Multi-Line Insurance (1.29%)
                
American Financial Group Inc/OH
     14,304       397  
Hanover Insurance Group Inc/The
     10,214       465  
HCC Insurance Holdings Inc
     22,603       630  
Horace Mann Educators Corp
     8,526       156  
Old Republic International Corp
     45,324       677  
Unitrin Inc
     10,192       419  
 
              
 
             2,744  
 
              
Multimedia (0.17%)
                
Belo Corp
     17,296       287  
Media General Inc
     4,448       85  
 
              
 
             372  
 
              
Networking Products (0.55%)
                
3Com Corp (b)
     78,018       322  
Foundry Networks Inc (b)
     29,569       408  
Polycom Inc (a)(b)
     17,856       451  
 
              
 
             1,181  
 
              
Non-Hazardous Waste Disposal (0.44%)
                
Republic Services Inc
     31,614       948  
 
                
Office Furnishings — Original (0.31%)
                
Herman Miller Inc
     11,136       354  
HNI Corp (a)
     9,050       305  
 
              
 
             659  
 
              
Oil — Field Services (0.69%)
                
Exterran Holdings Inc (a)(b)
     12,929       843  
Superior Energy Services (b)
     15,835       635  
 
              
 
             1,478  
 
              
Oil & Gas Drilling (1.14%)
                
Helmerich & Payne Inc
     20,361       799  
Patterson-UTI Energy Inc
     30,480       597  
Pride International Inc (a)(b)
     32,834       1,041  
 
              
 
             2,437  
 
              
Oil Company — Exploration & Production (4.26%)
                
Bill Barrett Corp (a)(b)
     6,631       277  

148

 

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (continued)
                
Oil Company — Exploration & Production (continued)
                
Cimarex Energy Co
     16,227     $ 662  
Denbury Resources Inc (b)
     48,052       1,216  
Encore Acquisition Co (b)
     10,670       348  
Forest Oil Corp (a)(b)
     17,125       774  
Newfield Exploration Co (b)
     25,751       1,285  
Pioneer Natural Resources Co
     23,505       985  
Plains Exploration & Production Co (a)(b)
     22,190       1,079  
Quicksilver Resources Inc (a)(b)
     10,108       574  
Southwestern Energy Co (b)
     33,528       1,875  
 
              
 
             9,075  
 
              
Oil Field Machinery & Equipment (1.16%)
                
FMC Technologies Inc (b)
     25,591       1,232  
Grant Prideco Inc (b)
     24,987       1,244  
 
              
 
             2,476  
 
              
Oil Refining & Marketing (0.34%)
                
Frontier Oil Corp
     20,740       731  
 
                
Optical Supplies (0.12%)
                
Advanced Medical Optics Inc (a)(b)
     11,905       250  
 
                
Paper & Related Products (0.79%)
                
Louisiana-Pacific Corp (a)
     20,353       311  
Potlatch Corp
     7,709       331  
Rayonier Inc
     15,353       650  
Temple-Inland Inc
     20,866       391  
 
              
 
             1,683  
 
              
Pharmacy Services (0.25%)
                
Omnicare Inc
     23,908       529  
 
                
Physical Therapy & Rehabilitation Centers (0.15%)
                
Psychiatric Solutions Inc (a)(b)
     10,811       326  
 
                
Pipelines (1.41%)
                
Equitable Resources Inc
     23,933       1,334  
National Fuel Gas Co
     16,421       708  
Oneok Inc
     20,407       959  
 
              
 
             3,001  
 
              
Power Converter & Supply Equipment (0.26%)
                
Hubbell Inc
     11,402       544  
 
                
Printing — Commercial (0.04%)
                
Valassis Communications Inc (a)(b)
     9,429       90  
 
                
Private Corrections (0.30%)
                
Corrections Corp of America (b)
     24,422       648  
 
                
Property & Casualty Insurance (1.51%)
                
Commerce Group Inc
     8,516       308  
Fidelity National Financial Inc
     42,430       835  
First American Corp
     18,032       785  
Mercury General Corp
     6,997       337  
WR Berkley Corp
     31,697       959  
 
              
 
             3,224  
 
              
Publicly Traded Investment Fund (0.66%)
                
iShares S&P MidCap 400 Index Fund
     17,650       1,412  
 
                
Publishing — Books (0.25%)
                
John Wiley & Sons Inc
     8,851       349  
Scholastic Corp (b)
     5,141       176  
 
              
 
             525  
 
              
Publishing — Newspapers (0.04%)
                
Lee Enterprises Inc (a)
     7,814       93  
 
                
Racetracks (0.12%)
                
International Speedway Corp
     6,085       249  
 
                
Radio (0.03%)
                
Entercom Communications Corp (a)
     5,182       64  
 
                
Real Estate Management & Services (0.27%)
                
Jones Lang LaSalle Inc (a)
     7,285       567  
 
                
Recreational Centers (0.14%)
                
Life Time Fitness Inc (a)(b)
     6,615       293  
 
                
Reinsurance (0.59%)
                
Everest Re Group Ltd
     12,428       1,264  
 
                
REITS — Apartments (0.74%)
                
BRE Properties Inc
     9,990       435  
Camden Property Trust
     10,927       539  
UDR Inc
     26,394       603  
 
              
 
             1,577  
 
              
REITS — Diversified (0.68%)
                
Cousins Properties Inc (a)
     7,345       196  
Duke Realty Corp
     28,642       677  
Liberty Property Trust
     18,006       578  
 
              
 
             1,451  
 
              
REITS — Healthcare (0.61%)
                
Health Care REIT Inc
     16,698       716  
Nationwide Health Properties Inc (a)
     18,282       577  
 
              
 
             1,293  
 
              
REITS — Hotels (0.29%)
                
Hospitality Properties Trust
     18,470       627  
 
                
REITS — Office Property (0.67%)
                
Alexandria Real Estate Equities Inc
     6,271       616  
Highwoods Properties Inc
     11,244       337  

149

 

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (continued)
                
REITS — Office Property (continued)
                
Mack-Cali Realty Corp
     13,359     $ 474  
 
              
 
             1,427  
 
              
REITS — Regional Malls (0.46%)
                
Macerich Co/The
     14,266       975  
 
                
REITS — Shopping Centers (1.10%)
                
Equity One Inc (a)
     7,268       172  
Federal Realty Investment Trust
     11,140       822  
Regency Centers Corp
     13,694       841  
Weingarten Realty Investors (a)
     14,897       501  
 
              
 
             2,336  
 
              
REITS — Single Tenant (0.23%)
                
Realty Income Corp
     19,883       485  
 
                
REITS — Warehouse & Industrial (0.46%)
                
AMB Property Corp
     19,482       986  
 
                
Rental — Auto & Equipment (0.36%)
                
Avis Budget Group Inc (b)
     20,425       273  
Rent-A-Center Inc/TX (b)
     13,157       225  
United Rentals Inc (b)
     14,851       271  
 
              
 
             769  
 
              
Research & Development (0.42%)
                
Pharmaceutical Product Development Inc
     20,583       892  
 
                
Respiratory Products (0.33%)
                
Resmed Inc (a)(b)
     15,207       708  
 
                
Retail — Apparel & Shoe (2.69%)
                
Aeropostale Inc (b)
     13,167       371  
American Eagle Outfitters Inc
     42,090       969  
AnnTaylor Stores Corp (a)(b)
     12,070       303  
Charming Shoppes Inc (a)(b)
     22,956       148  
Chico’s FAS Inc (b)
     34,652       374  
Collective Brands Inc (a)(b)
     12,886       227  
Foot Locker Inc
     30,388       416  
Guess ? Inc
     10,756       401  
Hanesbrands Inc (b)
     18,729       480  
Pacific Sunwear Of California (a)(b)
     13,913       155  
Phillips-Van Heusen Corp
     11,108       468  
Ross Stores Inc
     26,650       777  
Urban Outfitters Inc (a)(b)
     22,208       644  
 
              
 
             5,733  
 
              
Retail — Auto Parts (0.64%)
                
Advance Auto Parts Inc
     19,701       703  
O’Reilly Automotive Inc (b)
     22,636       666  
 
              
 
             1,369  
 
              
Retail — Automobile (0.71%)
                
Carmax Inc (a)(b)
     42,873       956  
Copart Inc (b)
     13,840       566  
 
              
 
             1,522  
 
              
Retail — Bookstore (0.21%)
                
Barnes & Noble Inc
     9,464       321  
Borders Group Inc
     11,558       130  
 
              
 
             451  
 
              
Retail — Catalog Shopping (0.22%)
                
Coldwater Creek Inc (a)(b)
     11,778       76  
MSC Industrial Direct Co
     9,355       384  
 
              
 
             460  
 
              
Retail — Discount (0.47%)
                
99 Cents Only Stores (a)(b)
     9,234       77  
BJ’s Wholesale Club Inc (b)
     12,607       409  
Dollar Tree Stores Inc (b)
     18,088       506  
 
              
 
             992  
 
              
Retail — Hair Salons (0.10%)
                
Regis Corp
     8,671       220  
 
                
Retail — Mail Order (0.22%)
                
Williams-Sonoma Inc (a)
     17,320       466  
 
                
Retail — Major Department Store (0.24%)
                
Saks Inc (a)(b)
     27,883       503  
 
                
Retail — Pet Food & Supplies (0.27%)
                
PetSmart Inc
     25,309       579  
 
                
Retail — Restaurants (0.89%)
                
Bob Evans Farms Inc
     6,511       194  
Brinker International Inc
     20,708       385  
CBRL Group Inc
     4,673       146  
Cheesecake Factory/The (a)(b)
     14,027       307  
Chipotle Mexican Grill Inc (a)(b)
     6,473       788  
Ruby Tuesday Inc (a)
     10,170       78  
 
              
 
             1,898  
 
              
Retail — Sporting Goods (0.25%)
                
Dick’s Sporting Goods Inc (a)(b)
     16,378       533  
 
                
Savings & Loans — Thrifts (1.08%)
                
Astoria Financial Corp
     16,058       436  
First Niagara Financial Group Inc
     20,747       264  
New York Community Bancorp Inc (a)
     63,659       1,181  
Washington Federal Inc
     17,200       420  
 
              
 
             2,301  
 
              
Schools (1.03%)
                
Career Education Corp (a)(b)
     17,916       390  
Corinthian Colleges Inc (a)(b)
     16,685       141  
DeVry Inc
     11,784       650  

150

 

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Schools (continued)
               
ITT Educational Services Inc (b)
     5,787     $ 529  
Strayer Education Inc
     2,852       492  
 
              
 
             2,202  
 
              
Semiconductor Component — Integrated Circuits (0.64%)
                
Atmel Corp (b)
     88,347       279  
Cypress Semiconductor Corp (b)
     31,316       665  
Integrated Device Technology Inc (b)
     37,402       279  
TriQuint Semiconductor Inc (b)
     27,818       132  
 
              
 
             1,355  
 
              
Semiconductor Equipment (0.48%)
                
Lam Research Corp (b)
     26,571       1,020  
Soap & Cleaning Products (0. 32%)
               
Church & Dwight Co Inc (a)
     12,978       691  
Steel — Producers (1.04%)
               
Carpenter Technology Corp
     9,668       596  
Reliance Steel & Aluminum Co
     12,807       630  
Steel Dynamics Inc
     18,991       991  
 
              
 
             2,217  
 
              
Telecommunication Equipment (1.32%)
                
ADC Telecommunications Inc (b)
     23,115       342  
Adtran Inc
     11,486       239  
CommScope Inc (a)(b)
     13,106       581  
Harris Corp
     26,961       1,474  
Plantronics Inc
     9,559       183  
 
              
 
             2,819  
 
              
Telecommunication Services (0.21%)
                
NeuStar Inc (a)(b)
     15,129       449  
Telephone — Integrated (0.61%)
                
Cincinnati Bell Inc (b)(c)
     48,809       189  
Telephone & Data Systems Inc
     20,905       1,103  
 
              
 
             1,292  
 
              
Textile — Home Furnishings (0.41%)
                
Mohawk Industries Inc (a)(b)
     10,889       870  
Tobacco (0.13%)
                
Universal Corp/Richmond VA
     5,381       268  
Transactional Software (0.05%)
                
ACI Worldwide Inc (a)(b)
     7,035       105  
Transport — Equipment & Leasing (0.17%)
               
GATX Corp
     9,426       354  
Transport — Marine (0.62%)
                
Alexander & Baldwin Inc
     8,418       384  
Overseas Shipholding Group Inc (a)
     5,686       371  
Tidewater Inc
     10,793       572  
 
              
 
             1,327  
 
              
Transport — Rail (0.25%)
               
Kansas City Southern (a)(b)
     15,124       543  
Transport — Truck (0. 63%)
               
Con-way Inc
     8,882       432  
JB Hunt Transport Services Inc (a)
     17,222       536  
Werner Enterprises Inc (a)
     8,874       181  
YRC Worldwide Inc (a)(b)
     11,140       204  
 
              
 
             1,353  
 
              
Veterinary Diagnostics (0.30%)
               
VCA Antech Inc (b)
     16,574       641  
 
                
Vitamins & Nutrition Products (0.13%)
                
NBTY Inc (b)
     11,042       267  
Water (0.25%)
               
Aqua America Inc (a)
     26,212       522  
 
                
Wireless Equipment (0.09%)
                
RF Micro Devices Inc (a)(b)
     57,028       184  
X-Ray Equipment (0.74%)
               
Hologic Inc (a)(b)
     24,657       1,587  
 
TOTAL COMMON STOCKS
           $ 209,002  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
REPURCHASE AGREEMENTS (20.07%)
                
Finance — Investment Banker & Broker (6.67%)
               
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $14,341,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (d)
   $ 14,234     $ 14,233  
 
Money Center Banks (13.40%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $24,561,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (d)
     24,370       24,368  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U. S. Government Agency Issues; $2,162,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     2,100       2,100  

151

 

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
REPURCHASE AGREEMENT (continued)
                
Money Center Banks (continued)
                
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $2,162,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
  $ 2,100     $ 2,099  
 
              
 
             28,567  
 
TOTAL REPURCHASE AGREEMENTS
           $ 42,800  
 
Total Investments
           $ 251,802  
Liabilities in Excess of Other Assets, Net — (18.09)%
             (38,582 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 213,220  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $679 or 0.32% of net assets.
 
(d)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 31,016  
Unrealized Depreciation
     (27,972 )
 
      
Net Unrealized Appreciation (Depreciation)
     3,044  
Cost for federal income tax purposes
     248,758  
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
 
Buy:
                                
MIDCAP 400; March 2008
     10     $  3,931     $  4,032     $  101  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
 
Financial
     35.40 %
Consumer, Non-cyclical
     19.12 %
Industrial
     16.17 %
Consumer, Cyclical
     11.99 %
Energy
     9.59 %
Technology
     8.03 %
Utilities
     6.36 %
Basic Materials
     5.80 %
Communications
     4.97 %
Exchange Traded Funds
     0.66 %
Liabilities in Excess of Other Assets, Net
     (18.09 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        
Other Assets Summary (unaudited)
         
Asset Type   Percent
 
Futures
     1.89 %

152

 

Schedule of Investments
MidCap Stock Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (96.34%)
                
Airlines (3.48%)
                
AMR Corp (a)(b)
     685,100     $ 9,550  
Continental Airlines Inc (a)(b)
     489,500       13,320  
 
              
 
             22,870  
 
              
Auto/Truck Parts & Equipment — Original (2.43%)
                
Magna International Inc
     202,600       15,951  
 
                
Chemicals — Specialty (5.63%)
                
Cabot Corp
     574,300       17,074  
Lubrizol Corp
     293,200       15,425  
OM Group Inc (a)(b)
     77,600       4,453  
 
              
 
             36,952  
 
              
Coatings & Paint (1.55%)
                
Valspar Corp
     507,700       10,169  
 
                
Commercial Banks (2.26%)
                
Cullen/Frost Bankers Inc
     109,300       5,950  
TCF Financial Corp
     418,900       8,902  
 
              
 
             14,852  
 
              
Commercial Services (2.27%)
                
Weight Watchers International Inc
     349,400       14,884  
 
                
Computers — Integrated Systems (1.10%)
                
Diebold Inc
     278,400       7,205  
 
                
Computers — Memory Devices (1.98%)
                
Network Appliance Inc (b)
     561,100       13,029  
 
                
Computers — Peripheral Equipment (0.75%)
                
Electronics for Imaging (a)(b)
     335,700       4,955  
 
                
Cosmetics & Toiletries (1.59%)
                
Estee Lauder Cos Inc/The
     247,600       10,449  
 
                
Data Processing & Management (2.61%)
                
Fidelity National Information Services
     403,323       17,121  
 
                
Diversified Manufacturing Operations (2.34%)
                
Teleflex Inc
     259,500       15,342  
 
Electric — Integrated (6.54%)
                
DTE Energy Co
     313,900       13,388  
Pinnacle West Capital Corp (a)
     389,200       14,953  
Wisconsin Energy Corp
     320,500       14,592  
 
              
 
             42,933  
 
              
Electronic Components — Semiconductors (2.87%)
                
Microchip Technology Inc (a)
     590,300       18,836  
 
                
Electronic Parts Distribution (2.32%)
                
Arrow Electronics Inc (b)
     445,000       15,228  
 
                
Enterprise Software & Services (2.18%)
                
BMC Software Inc (a)(b)
     447, 600       14,341  
 
                
Food — Dairy Products (0.97%)
                
Dean Foods Co (a)
     227,450       6,369  
 
Machinery Tools & Related Products (2.72%)
                
Lincoln Electric Holdings Inc
     289,700       17,860  
 
Medical — Generic Drugs (2.34%)
               
Mylan Inc (a)
     1,031,625       15,381  
               
Medical — Hospitals (2.15%)
                
Universal Health Services Inc
     299,100       14,097  
 
                
Medical — Wholesale Drug Distribution (0.64%)
                
AmerisourceBergen Corp
     89,700       4,184  
 
                
Medical Information Systems (2.38%)
                
IMS Health Inc
     654,782       15,643  
 
                
Medical Instruments (1.17%)
                
Edwards Lifesciences Corp (a)(b)
     166,700       7,713  
 
                
Medical Laboratory & Testing Service (2.52%)
                
Covance Inc (b)
     198,800       16,532  
 
                
Medical Products (0.06%)
                
PSS World Medical Inc (a)(b)
     24,200       418  
 
                
Multi-Line Insurance (2.37%)
                
HCC Insurance Holdings Inc
     559,700       15,593  
 
                
Non-Hazardous Waste Disposal (3.70%)
                
Allied Waste Industries Inc (a)(b)
     593,600       5,847  
Republic Services Inc
     615,550       18,466  
 
              
 
             24,313  
 
              
Office Furnishings — Original (2.21%)
                
HNI Corp (a)
     430,600       14,494  
 
Oil & Gas Drilling (2.24%)
               
Nabors Industries Ltd (a)(b)
     540,000       14,699  
 
                
Oil Company — Exploration & Production (4.40%)
                
Cimarex Energy Co
     358,800       14,642  
Noble Energy Inc
     196,800       14,284  
 
              
 
             28,926  
 
              
Property & Casualty Insurance (2.88%)
                
Fidelity National Financial Inc
     961,838       18,939  
 
                
Reinsurance (2.10%)
                
Max Capital Group Ltd (a)
     486,600       13,815  

153

 

Schedule of Investments
MidCap Stock Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
REITS — Office Property (2.35%)
                
Alexandria Real Estate Equities Inc
     157,200     $ 15,442  
 
                
REITS — Regional Malls (1.09%)
                
General Growth Properties Inc
     197,000       7,194  
 
                
Rental — Auto & Equipment (2.20%)
                
Aaron Rents Inc (a)
     754,400       14,424  
 
                
Retail — Apparel & Shoe (2.35%)
                
Nordstrom Inc
     397,600       15,467  
 
Retail — Jewelry (2.43%)
                
Tiffany & Co
     400,300       15,972  
 
                
Retail — Restaurants (1.07%)
                
Papa John’s International Inc (a)(b)
     277,900       7,028  
 
                
Savings & Loans — Thrifts (3.29%)
                
Washington Federal Inc
     884,150       21,591  
 
                
Toys (2.74%)
                
Mattel Inc
     856,900       18,003  
 
                
Transport — Marine (2.07%)
                
Tidewater Inc (a)
     257,300       13,627  
 
TOTAL COMMON STOCKS
           $  632,841  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
SHORT TERM INVESTMENTS (12.62%)
                
Money Market Funds (12.62%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 82,906     $ 82,906  
 
TOTAL SHORT TERM INVESTMENTS
           $ 82,906  
 
REPURCHASE AGREEMENTS (6.13%)
                
Finance — Investment Banker & Broker (3.05%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $20,159,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 20,008     $ 20,006  
 
                
Money Center Banks (3.08%)
                
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $10,415,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     10,113       10,112  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $10,415,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
     10,113     $ 10,112  
 
             20,224  
 
TOTAL REPURCHASE AGREEMENTS
           $ 40,230  
 
Total Investments
           $ 755,977  
Liabilities in Excess of Other Assets, Net — (15.09)%
             (99,109 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 656,868  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 143,115  
Unrealized Depreciation
     (28,925 )
 
      
Net Unrealized Appreciation (Depreciation)
     114,190  
Cost for federal income tax purposes
     641,787  
 
All dollar amounts are shown in thousands (000’s)
        
         
Portfolio Summary (unaudited)
Sector   Percent
 
Financial
     35.10 %
Consumer, Cyclical
     16.71 %
Consumer, Non-cyclical
     15.90 %
Technology
     13.87 %
Industrial
     13.15 %
Basic Materials
     7.18 %
Energy
     6.64 %
Utilities
     6.54 %
Liabilities in Excess of Other Assets, Net
     (15.09 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

154

 

Schedule of Investments
MidCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (99.96%)
                
Aerospace & Defense Equipment (1.61%)
                
Alliant Techsystems Inc (a)(b)
     2,600     $ 275  
Goodrich Corp
     28,600       1,789  
 
              
 
             2,064  
 
              
Agricultural Chemicals (0.45%)
                
Mosaic Co/The (b)
     6,400       582  
 
                
Apparel Manufacturers (0.57%)
                
VF Corp
     9,500       735  
 
                
Applications Software (0.16%)
                
Compuware Corp (b)
     24,600       209  
 
                
Auto — Car & Light Trucks (0.10%)
                
Ford Motor Co (a)(b)
     18,400       122  
 
                
Auto/Truck Parts & Equipment — Original (0.49%)
                
BorgWarner Inc
     12,400       628  
 
                
Beverages — Non-Alcoholic (0.16%)
                
PepsiAmericas Inc
     8,401       207  
 
Brewery (0.11%)
                
Anheuser-Busch Cos Inc
     2,900       135  
 
                
Broadcasting Services & Programming (1.37%)
                
Discovery Holding Co (b)
     11,600       269  
Liberty Global Inc — A Shares (b)
     11,500       465  
Liberty Media Corp — Capital Series A (b)
     9,500       1,022  
 
              
 
             1,756  
 
              
Building — Mobile Home & Manufactured Housing (0.11%)
                
Thor Industries Inc (a)
     4,100       145  
 
                
Building — Residential & Commercial (0.12%)
                
NVR Inc (b)
     250       158  
 
                
Chemicals — Diversified (0.82%)
                
Celanese Corp
     16,400       610  
FMC Corp
     8,400       446  
 
              
 
             1,056  
 
              
Chemicals — Specialty (0.78%)
                
Cytec Industries Inc
     4,600       260  
Hercules Inc
     11,900       209  
Lubrizol Corp
     10,100       531  
 
              
 
             1,000  
 
              
Coatings & Paint (0.88%)
                
Sherwin-Williams Co/The
     19,800       1,133  
 
                
Commercial Banks (3.69%)
                
Bancorpsouth Inc
     9,800       240  
Bank of Hawaii Corp
     7,900       398  
BOK Financial Corp
     1,400       76  
City National Corp/CA
     6,800       387  
Commerce Bancshares Inc/Kansas City MO (a)
     10,090       448  
Cullen/Frost Bankers Inc
     9,100       495  
M&T Bank Corp (a)
     8,400       771  
Marshall & Ilsley Corp
     22,400       625  
South Financial Group Inc/The
     59,300       1,025  
UnionBanCal Corp
     5,300       260  
 
              
 
             4,725  
 
              
Computer Services (1.45%)
                
Computer Sciences Corp (b)
     44,000       1,862  
 
                
Computers — Integrated Systems (0.21%)
                
NCR Corp (b)
     12,474       268  
 
                
Computers — Memory Devices (0.59%)
                
Seagate Technology
     21,600       438  
Western Digital Corp (a)(b)
     12,100       320  
 
              
 
             758  
 
              
Consumer Products — Miscellaneous (0.17%)
                
Jarden Corp (b)
     8,600       215  
 
                
Containers — Metal & Glass (0.44%)
                
Owens-Illinois Inc (b)
     11,150       562  
 
Cruise Lines (1.52%)
               
Royal Caribbean Cruises Ltd (a)
     48,400       1,950  
 
                
Distribution & Wholesale (0.50%)
                
Genuine Parts Co
     14,700       646  
 
                
Diversified Manufacturing Operations (4.10%)
                
Cooper Industries Ltd
     8,600       383  
Crane Co
     9,200       376  
Eaton Corp
     11,650       964  
Ingersoll-Rand Co Ltd
     10,300       407  
ITT Corp
     32,996       1,961  
Parker Hannifin Corp
     13,750       930  
Textron Inc
     4,200       235  
 
              
 
             5,256  
 
              
E-Commerce — Services (0.28%)
                
Expedia Inc (b)
     15,800       364  
 
Electric — Integrated (9.51%)
               
Alliant Energy Corp
     13,600       502  
American Electric Power Co Inc
     17,200       737  
Centerpoint Energy Inc
     80,300       1,286  
Consolidated Edison Inc
     18,800       819  
Constellation Energy Group Inc
     7,300       686  

155

 

Schedule of Investments
MidCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Electric — Integrated (continued)
                
DPL Inc (a)
     19,300     $ 536  
Edison International
     19,200       1,001  
MDU Resources Group Inc
     55,900       1,449  
Northeast Utilities
     19,400       538  
Pinnacle West Capital Corp
     33,400       1,283  
PPL Corp
     16,180       791  
Xcel Energy Inc
     123,300       2,563  
 
              
 
             12,191  
 
              
Electric Products — Miscellaneous (0.12%)
                
Ametek Inc
     3,538       156  
 
                
Electronic Components — Miscellaneous (0.11%)
                
Garmin Ltd (a)
     2,000       144  
 
                
Electronic Components — Semiconductors (0.17%)
                
QLogic Corp (b)
     15,000       214  
 
                
Electronic Design Automation (0.13%)
                
Cadence Design Systems Inc (b)
     15,800       160  
 
Electronic Parts Distribution (0.63%)
               
Arrow Electronics Inc (b)
     9,600       329  
Avnet Inc (b)
     13,400       477  
 
              
 
             806  
 
              
Electronics — Military (2.33%)
                
L-3 Communications Holdings Inc
     26,900       2,981  
 
                
Engines — Internal Combustion (0.56%)
                
Briggs & Stratton Corp (a)
     34,300       715  
 
                
Enterprise Software & Services (0.52%)
                
CA Inc
     18,800       414  
Novell Inc (b)
     39,800       253  
 
              
 
             667  
 
              
Fiduciary Banks (0.39%)
                
Bank of New York Mellon Corp/The
     4,200       196  
Northern Trust Corp
     4,090       300  
 
              
 
             496  
 
              
Finance — Commercial (0.67%)
                
CIT Group Inc
     30,600       856  
 
                
Finance — Consumer Loans (1.10%)
                
SLM Corp
     65,000       1,414  
 
Financial Guarantee Insurance (0.05%)
                
MBIA Inc (a)
     4,500       70  
 
                
Food — Meat Products (0.09%)
                
Hormel Foods Corp
     2,818       109  
 
                
Food — Miscellaneous/Diversified (1.42%)
                
ConAgra Foods Inc
     24,600       529  
Corn Products International Inc
     14,200       480  
HJ Heinz Co
     19,100       813  
 
              
 
             1,822  
 
              
Food — Retail (0.38%)
                
Safeway Inc
     15,900       493  
 
Funeral Services & Related Items (0.50%)
               
Service Corp International/US
     53,000       638  
 
                
Gas — Distribution (1.59%)
                
Energen Corp
     12,600       793  
Sempra Energy
     17,200       961  
Vectren Corp
     10,400       285  
 
              
 
             2,039  
 
              
Home Decoration Products (0.28%)
                
Newell Rubbermaid Inc
     14,700       355  
 
                
Hospital Beds & Equipment (1.39%)
                
Hillenbrand Industries Inc
     29,600       1,531  
Kinetic Concepts Inc (a)(b)
     5,000       249  
 
              
 
             1,780  
 
              
Human Resources (0.18%)
                
Hewitt Associates Inc (b)
     6,300       234  
 
                
Independent Power Producer (0.44%)
                
NRG Energy Inc (a)(b)
     14,600       563  
 
                
Insurance Brokers (1.88%)
                
Aon Corp
     24,300       1,057  
Willis Group Holdings Ltd
     38,300       1,350  
 
              
 
             2,407  
 
              
Internet Security (0.13%)
                
McAfee Inc (b)
     4,850       163  
 
                
Investment Companies (0.31%)
                
American Capital Strategies Ltd (a)
     11,200       394  
 
                
Investment Management & Advisory Services (0.90%)
                
Ameriprise Financial Inc
     12,800       708  
BlackRock Inc/New York
     2,000       442  
 
              
 
             1,150  
 
              
Life & Health Insurance (1.42%)
                
Cigna Corp
     3,430       169  
Protective Life Corp
     6,300       250  
Reinsurance Group of America Inc
     8,500       493  
Unum Group
     40,000       905  
 
              
 
             1,817  
 
              

156

 

Schedule of Investments
MidCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Machinery — General Industry (0.34%)
                
Gardner Denver Inc (a)(b)
     13,600     $ 441  
 
                
Medical — Biomedical/Gene (0.19%)
                
Invitrogen Corp (a)(b)
     2,800       240  
 
                
Medical — Generic Drugs (0.17%)
                
Watson Pharmaceuticals Inc (b)
     8,500       222  
 
                
Medical — HMO (1.93%)
                
Coventry Health Care Inc (b)
     43,800       2,478  
 
                
Medical — Wholesale Drug Distribution (0.52%)
                
AmerisourceBergen Corp
     14,200       662  
 
                
Medical Laboratory & Testing Service (0.98%)
                
Quest Diagnostics Inc
     25,500       1,258  
 
                
Motion Pictures & Services (0.35%)
                
DreamWorks Animation SKG Inc (b)
     18,200       445  
 
                
Multi-Line Insurance (1.93%)
                
American Financial Group Inc/OH
     16,500       458  
Genworth Financial Inc
     22,900       557  
HCC Insurance Holdings Inc
     21,500       599  
XL Capital Ltd
     19,200       864  
 
              
 
             2,478  
 
              
Networking Products (0.23%)
                
Juniper Networks Inc (b)
     10,800       293  
 
                
Office Automation & Equipment (0.87%)
                
Pitney Bowes Inc
     23,100       848  
Xerox Corp
     17,500       269  
 
              
 
             1,117  
 
              
Office Supplies & Forms (1.48%)
                
Avery Dennison Corp
     36,600       1,897  
 
                
Oil Company — Exploration & Production (1.28%)
                
Forest Oil Corp (b)
     14,100       637  
Noble Energy Inc
     13,800       1,002  
 
              
 
             1,639  
 
              
Oil Company — Integrated (3.54%)
                
Hess Corp
     7,500       681  
Marathon Oil Corp
     12,400       581  
Murphy Oil Corp
     44,500       3,273  
 
              
 
             4,535  
 
              
Oil Field Machinery & Equipment (0.44%)
                
Cameron International Corp (a)(b)
     6,100       246  
National Oilwell Varco Inc (b)
     5,254       316  
 
              
 
             562  
 
              
Pharmacy Services (1.23%)
                
Express Scripts Inc (b)
     2,500       169  
Omnicare Inc
     63,500       1,406  
 
              
 
             1,575  
 
              
Photo Equipment & Supplies (0.29%)
                
Eastman Kodak Co (a)
     18,900       377  
 
                
Pipelines (3.83%)
                
El Paso Corp
     175,800       2,897  
Oneok Inc
     10,400       489  
Questar Corp
     11,400       580  
Spectra Energy Corp
     41,000       937  
 
              
 
             4,903  
 
              
Printing — Commercial (0.57%)
                
RR Donnelley & Sons Co
     21,100       736  
 
                
Property & Casualty Insurance (0.71%)
                
Arch Capital Group Ltd (b)
     7,900       556  
Philadelphia Consolidated Holding Co (b)
     10,020       359  
 
              
 
             915  
 
              
Publishing — Periodicals (0.67%)
                
Idearc Inc
     52,500       854  
 
                
Regional Banks (1.07%)
                
Comerica Inc
     12,198       532  
Keycorp
     31,900       834  
 
              
 
             1,366  
 
              
Reinsurance (2.20%)
                
Axis Capital Holdings Ltd
     49,900       1,998  
Endurance Specialty Holdings Ltd
     5,800       235  
Everest Re Group Ltd
     3,600       366  
PartnerRe Ltd (a)
     2,800       222  
 
              
 
             2,821  
 
              
REITS — Apartments (0.72%)
                
AvalonBay Communities Inc
     6,700       630  
Essex Property Trust Inc
     2,800       290  
 
              
 
             920  
 
              
REITS — Hotels (0.79%)
                
Hospitality Properties Trust
     9,600       326  
Host Hotels & Resorts Inc
     40,600       680  
 
              
 
             1,006  
 
              
REITS — Mortgage (2.26%)
                
Annaly Capital Management Inc
     147,000       2,899  
 
                
REITS — Office Property (1.23%)
                
Boston Properties Inc
     10,700       984  
SL Green Realty Corp
     6,400       594  
 
              
 
             1,578  
 
              

157

 

Schedule of Investments
MidCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
REITS — Regional Malls (0.33%)
                
Taubman Centers Inc
     8,400     $ 421  
 
                
REITS — Warehouse & Industrial (2.38%)
                
AMB Property Corp
     13,700       693  
First Industrial Realty Trust Inc (a)
     47,800       1,665  
ProLogis
     11,600       689  
 
              
 
             3,047  
 
              
Retail — Apparel & Shoe (1.40%)
                
Gap Inc/The
     32,300       618  
Hanesbrands Inc (b)
     45,900       1,175  
 
              
 
             1,793  
 
              
Retail — Auto Parts (0.89%)
                
Advance Auto Parts Inc
     31,900       1,138  
 
                
Retail — Computer Equipment (0.16%)
                
GameStop Corp (b)
     4,000       207  
 
                
Retail — Consumer Electronics (0.17%)
                
RadioShack Corp (a)
     12,900       224  
 
                
Retail — Discount (1.68%)
                
BJ’s Wholesale Club Inc (b)
     15,200       493  
Family Dollar Stores Inc
     79,000       1,661  
 
              
 
             2,154  
 
              
Retail — Office Supplies (0.47%)
                
Office Depot Inc (b)
     40,400       599  
 
                
Savings & Loans — Thrifts (2.14%)
                
New York Community Bancorp Inc
     45,400       842  
People’s United Financial Inc
     112,236       1,896  
 
              
 
             2,738  
 
              
Soap & Cleaning Products (0.19%)
                
Church & Dwight Co Inc (a)
     4,600       245  
 
Steel — Producers (1.28%)
               
Reliance Steel & Aluminum Co
     12,100       595  
Steel Dynamics Inc
     7,000       365  
United States Steel Corp
     6,600       674  
 
              
 
             1,634  
 
              
Telecommunication Equipment (0.33%)
                
ADC Telecommunications Inc (b)
     11,600       171  
CommScope Inc (b)
     2,500       111  
Harris Corp
     2,609       143  
 
              
 
             425  
 
              
Telecommunication Services (0.39%)
                
Embarq Corp
     11,100       503  
 
                
Telephone — Integrated (0.59%)
                
CenturyTel Inc
     13,200       487  
Qwest Communications International Inc
     44,780       264  
 
              
 
             751  
 
              
Theaters (0.22%)
                
Regal Entertainment Group (a)
     15,400       286  
 
                
Tobacco (5.03%)
                
Loews Corp — Carolina Group
     36,579       3,004  
Reynolds American Inc (a)
     31,000       1,963  
UST Inc
     28,400       1,476  
 
              
 
             6,443  
 
              
Tools — Hand Held (2.07%)
                
Snap-On Inc
     13,000       639  
Stanley Works/The
     39,200       2,013  
 
              
 
             2,652  
 
              
Toys (0.55%)
                
Hasbro Inc
     27,100       704  
 
                
Transport — Marine (0.28%)
                
Tidewater Inc
     6,700       355  
 
                
Transport — Rail (0.29%)
                
CSX Corp
     7,700       373  
 
Transport — Services (1.21%)
                
Ryder System Inc
     29,700       1,546  
 
Transport — Truck (0.21%)
                
Con-way Inc
     5,500       268  
 
TOTAL COMMON STOCKS
           $ 128,093  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
SHORT TERM INVESTMENTS (0.38%)
               
Commercial Paper (0.38%)
                
Investment in Joint Trade Account; HSBC Funding
               
3.12%, 2/1/2008
  $ 486     $ 486  
 
TOTAL SHORT TERM INVESTMENTS
           $ 486  
 
REPURCHASE AGREEMENTS (7.07%)
                
Finance — Investment Banker & Broker (4.79%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $6,182,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 6,136     $ 6,135  

158

 

Schedule of Investments
MidCap Value Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (continued)
                
Money Center Banks (2.28%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $2,946,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
   $ 2,923     $ 2,923  
 
TOTAL REPURCHASE AGREEMENTS
           $ 9,058  
 
Total Investments
           $ 137,637  
Liabilities in Excess of Other Assets, Net — (7.41)%
             (9,490 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 128,147  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 11,740  
Unrealized Depreciation
     (13,192 )
 
      
Net Unrealized Appreciation (Depreciation)
     (1,452 )
Cost for federal income tax purposes
     139,089  
 
All dollar amounts are shown in thousands (000’s)
        
         
Portfolio Summary (unaudited)
Sector   Percent
 
Financial
     33.60 %
Consumer, Non-cyclical
     16.69 %
Industrial
     14.59 %
Utilities
     11.55 %
Consumer, Cyclical
     9.59 %
Energy
     9.08 %
Basic Materials
     4.22 %
Technology
     4.10 %
Communications
     3.99 %
Liabilities in Excess of Other Assets, Net
     (7.41 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

159

 

Schedule of Investments
Money Market Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
COMMERCIAL PAPER (81.65%)
                
Agricultural Operations (1.50%)
                
Cargill Inc
                
4.60%, 2/19/2008
   $ 6,500     $ 6,485  
5.00%, 2/28/2008
     10,900       10,859  
4.85%, 3/19/2008
     6,000       5,962  
4.72%, 3/20/2008
     10,000       9,937  
4.64%, 3/25/2008
     10,000       9,932  
 
              
 
             43,175  
 
              
Asset Backed Securities (3.06%)
                
CAFCO
                
4.77%, 2/11/2008
     14,000       13,981  
4.95%, 3/14/2008
     9,000       8,948  
5.00%, 3/14/2008
     10,000       9,942  
3.90%, 3/18/2008
     3,215       3,199  
3.80%, 4/15/2008
     11,000       10,914  
FCAR Owner Trust I
                
5.35%, 3/6/2008
     10,000       9,949  
5.65%, 3/17/2008
     11,800       11,717  
4.00%, 3/26/2008
     7,730       7,684  
4.31%, 4/23/2008
     11,900       11,783  
 
              
 
             88,117  
 
              
Beverages — Non-Alcoholic (1.07%)
                
Coca-Cola Co
                
4.20%, 2/19/2008
     9,140       9,121  
4.39%, 2/26/2008
     11,800       11,764  
4.46%, 2/29/2008
     10,000       9,965  
 
              
 
             30,850  
 
              
Chemicals — Diversified (1.26%)
                
BASF AG
                
4.63%, 2/1/2008
     12,000       12,000  
4.25%, 3/27/2008
     2,825       2,807  
3.00%, 4/15/2008
     10,600       10,535  
3.95%, 4/21/2008
     11,000       10,903  
 
              
 
             36,245  
 
              
Commercial Banks (13.13%)
                
Calyon North America
                
4.51%, 2/29/2008
     5,000       4,982  
4.73%, 3/19/2008
     13,800       13,715  
4.77%, 3/27/2008
     11,050       10,969  
4.72%, 4/14/2008
     12,800       12,678  
4.63%, 4/21/2008
     11,000       10,887  
Nordea North America
                
4.68%, 2/7/2008
     11,000       10,991  
4.97%, 2/19/2008
     10,000       9,975  
4.89%, 3/7/2008
     10,000       9,952  
3.02%, 3/31/2008
     9,900       9,851  
4.40%, 4/2/2008
     14,000       13,896  
4.14%, 4/9/2008
     10,000       9,922  
Skandinaviska Enskilda Banken
                
4.72%, 2/1/2008
     11,575       11,575  
5.10%, 2/6/2008
     9,000       8,994  
4.89%, 2/21/2008
     9,000       8,976  
3.09%, 4/17/2008
     11,000       10,928  
Societe Generale North America Inc
                
5.10%, 2/1/2008
     9,700       9,700  
4.85%, 2/4/2008
     7,300       7,297  
4.88%, 2/25/2008
     10,000       9,967  
4.69%, 2/27/2008
     12,000       11,959  
5.03%, 3/13/2008
     9,000       8,948  
4.05%, 4/15/2008
     10,000       9,917  
3.29%, 4/24/2008
     10,900       10,817  
State Street Corp
                
4.29%, 3/28/2008
     14,000       13,907  
Svenska Handelsbanken
                
4.54%, 4/2/2008
     9,900       9,824  
3.76%, 4/16/2008
     13,000       12,898  
Toronto — Dominion Holdings
                
4.69%, 2/11/2008
     11,000       10,986  
5.02%, 2/28/2008
     11,000       10,959  
4.05%, 4/11/2008
     11,900       11,806  
3.09%, 4/28/2008
     6,440       6,392  
3.07%, 4/29/2008
     10,900       10,818  
Westpac Banking Corp
                
4.63%, 2/5/2008
     15,000       14,992  
4.65%, 2/5/2008
     15,000       14,992  
4.91%, 2/26/2008
     10,000       9,966  
4.87%, 3/18/2008
     11,800       11,727  
3.08%, 4/25/2008
     11,900       11,815  
 
              
 
             377,978  
 
              
Cosmetics & Toiletries (0.39%)
                
Procter & Gamble
                
4.46%, 2/7/2008
     11,100       11,092  
Diversified Financial Services (1.73%)
                
General Electric Capital
                
4.80%, 2/8/2008
     10,000       9,991  
4.47%, 3/26/2008
     7,440       7,390  
4.56%, 4/1/2008
     10,600       10,518  
4.37%, 4/4/2008
     11,000       10,916  
Pfizer Investment Capital
                
4.33%, 5/5/2008
     11,000       10,876  
 
              
 
             49,691  
 
              
Diversified Manufacturing Operations (1.40%)
                
Danaher Corp
                
3.30%, 2/5/2008
     9,440       9,437  
Dover Corp
                
4.25%, 2/4/2008
     11,800       11,796  
4.40%, 2/15/2008
     19,000       18,967  
 
              
 
             40,200  
 
              

160

 

Schedule of Investments
Money Market Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
COMMERCIAL PAPER (continued)
                
Finance — Auto Loans (2.63%)
                
Paccar Financial
                
4.48%, 3/3/2008
   $ 9,900     $ 9,862  
4.12%, 4/9/2008
     12,100       12,006  
Toyota Motor Credit
                
4.65%, 2/25/2008
     6,220       6,201  
4.51%, 2/27/2008
     12,340       12,300  
4.70%, 3/3/2008
     10,900       10,856  
4.69%, 3/7/2008
     8,640       8,600  
4.38%, 3/31/2008
     5,130       5,093  
3.70%, 5/9/2008
     11,000       10,889  
 
              
 
             75,807  
 
              
 
                
Finance — Consumer Loans (3.52%)
                
American General Finance
                
3.04%, 3/17/2008
     13,000       12,951  
HSBC Finance
                
4.70%, 2/29/2008
     10,000       9,964  
4.75%, 2/29/2008
     9,900       9,863  
4.70%, 3/4/2008
     7,320       7,289  
4.60%, 3/11/2008
     10,000       9,950  
4.60%, 3/12/2008
     6,410       6,377  
3.40%, 4/11/2008
     10,000       9,934  
3.10%, 5/2/2008
     11,000       10,914  
John Deere Bank S.A.
                
4.30%, 2/14/2008
     12,000       11,981  
John Deere Capital Corp
                
4.72%, 2/1/2008
     12,000       12,000  
 
              
 
             101,223  
 
              
 
                
Finance — Credit Card (1.77%)
                
American Express Credit
                
4.70%, 2/7/2008
     10,000       9,992  
4.50%, 2/21/2008
     12,800       12,768  
4.65%, 2/27/2008
     7,300       7,275  
4.08%, 4/8/2008
     7,930       7,870  
3.05%, 4/24/2008
     13,000       12,909  
 
              
 
             50,814  
 
              
 
                
Finance — Investment Banker & Broker (7.97%)
                
Citigroup Funding
                
4.88%, 3/18/2008
     10,800       10,733  
3.05%, 4/1/2008
     10,900       10,845  
4.85%, 4/2/2008
     6,800       6,744  
3.05%, 5/8/2008
     10,900       10,810  
Goldman Sachs Group
                
4.81%, 2/12/2008
     8,640       8,627  
4.22%, 5/15/2008
     7,000       6,915  
ING U.S. Funding
                
4.81%, 3/28/2008
     4,580       4,546  
4.28%, 4/10/2008
     10,000       9,918  
3.71%, 4/22/2008
     11,000       10,908  
3.75%, 5/16/2008
     10,390       10,276  
JP Morgan Chase
                
3.10%, 3/24/2008
     9,490       9,448  
3.12%, 3/25/2008
     10,900       10,850  
4.29%, 4/1/2008
     2,520       2,502  
4.19%, 4/3/2008
     14,000       13,899  
3.70%, 4/17/2008
     11,000       10,914  
4.60%, 4/17/2008
     11,000       10,893  
2.98%, 5/1/2008
     7,635       7,578  
Merrill Lynch & Co Inc
                
4.62%, 4/18/2008
     11,000       10,891  
4.51%, 4/29/2008
     10,900       10,780  
4.46%, 5/2/2008
     7,450       7,366  
Morgan Stanley
                
4.96%, 5/19/2008
     12,800       12,610  
4.97%, 5/21/2008
     10,000       9,848  
4.70%, 6/16/2008
     12,000       11,787  
4.45%, 6/18/2008
     10,000       9,829  
 
              
 
             229,517  
 
              
 
                
Finance — Leasing Company (1.20%)
                
International Lease Finance
                
4.61%, 3/10/2008
     10,900       10,847  
4.02%, 4/22/2008
     9,900       9,811  
River Fuel Funding
                
3.08%, 4/30/2008
     14,000       13,893  
 
              
 
             34,551  
 
              
 
                
Finance — Other Services (6.15%)
                
ABN-AMRO North America Finance Inc
                
4.85%, 3/10/2008
     8,800       8,755  
5.00%, 3/10/2008
     10,800       10,743  
4.50%, 4/4/2008
     14,100       13,989  
Commoloco
                
3.43%, 5/22/2008
     6,900       6,827  
CRC Funding
                
4.77%, 2/8/2008
     15,000       14,986  
5.15%, 2/20/2008
     2,000       1,995  
4.38%, 3/5/2008
     10,000       9,960  
3.50%, 4/16/2008
     10,900       10,821  
Park Avenue Receivables Company
                
4.37%, 2/19/2008
     10,000       9,978  
3.25%, 4/22/2008
     10,900       10,820  
Private Export Funding
                
4.50%, 2/20/2008
     11,000       10,974  
4.52%, 2/28/2008
     10,900       10,863  
4.30%, 3/5/2008
     10,900       10,857  
4.50%, 3/11/2008
     12,000       11,941  
4.22%, 3/13/2008
     3,025       3,010  
4.32%, 3/14/2008
     10,800       10,746  
4.20%, 3/24/2008
     10,000       9,939  

161

 

Schedule of Investments
Money Market Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
COMMERCIAL PAPER (continued)
                
Finance — Other Services (continued)
                
Private Export Funding (continued)
                
2.92%, 5/23/2008
   $ 9,900     $ 9,810  
 
              
 
             177,014  
 
              
 
                
Life & Health Insurance (2.49%)
                
Prudential PLC
                
4.82%, 2/4/2008
     10,040       10,036  
4.75%, 2/8/2008
     10,850       10,840  
5.00%, 3/5/2008
     10,000       9,954  
4.80%, 3/10/2008
     12,800       12,735  
3.83%, 4/7/2008
     7,890       7,835  
3.33%, 4/28/2008
     10,000       9,919  
3.15%, 5/9/2008
     7,100       7,039  
3.70%, 7/14/2008
     3,460       3,402  
 
              
 
             71,760  
 
              
 
                
Medical — Drugs (1.70%)
                
Astrazeneca PLC
                
4.20%, 4/7/2008
     7,160       7,105  
3.62%, 6/9/2008
     11,000       10,857  
3.00%, 7/8/2008
     7,400       7,303  
3.57%, 7/25/2008
     11,000       10,809  
5.22%, 7/25/2008
     13,000       12,965  
 
              
 
             49,039  
 
              
 
                
Medical — Hospitals (0.42%)
                
Catholic Healthcare Initiatives
                
4.90%, 3/6/2008
     12,000       12,000  
 
                
Money Center Banks (8.52%)
                
Bank of America
                
4.76%, 3/4/2008
     10,200       10,157  
4.84%, 4/3/2008
     12,000       11,900  
3.02%, 4/28/2008
     6,000       5,956  
3.02%, 4/30/2008
     13,000       12,903  
4.42%, 5/1/2008
     9,900       9,791  
4.36%, 5/7/2008
     12,000       11,861  
3.00%, 5/29/2008
     9,900       9,803  
Bank of Scotland PLC
                
4.79%, 2/7/2008
     11,270       11,261  
5.03%, 2/12/2008
     8,900       8,886  
4.70%, 2/26/2008
     5,940       5,921  
5.15%, 3/4/2008
     10,000       9,954  
4.90%, 3/17/2008
     11,800       11,728  
4.85%, 3/25/2008
     6,300       6,255  
3.00%, 5/19/2008
     10,900       10,802  
BNP Paribas Finance
                
4.85%, 2/5/2008
     7,000       6,996  
4.88%, 3/14/2008
     12,900       12,826  
4.78%, 3/20/2008
     9,540       9,479  
4.63%, 4/25/2008
     10,000       9,892  
UBS Finance Delaware LLC
                
4.82%, 2/22/2008
     11,000       10,969  
4.93%, 2/25/2008
     10,800       10,764  
5.02%, 3/6/2008
     11,800       11,744  
3.05%, 5/12/2008
     12,900       12,790  
3.72%, 5/16/2008
     11,000       10,881  
4.53%, 5/28/2008
     12,000       11,823  
 
              
 
             245,342  
 
              
 
                
Multi-line Insurance (1.58%)
                
Genworth Financial
                
4.25%, 2/6/2008
     10,000       9,994  
4.20%, 2/20/2008
     9,900       9,878  
3.15%, 3/7/2008
     13,000       12,960  
3.15%, 3/11/2008
     12,700       12,657  
 
              
 
             45,489  
 
              
 
                
Multimedia (0.54%)
                
Walt Disney Co
                
4.50%, 2/12/2008
     15,450       15,429  
 
                
Oil Company — Integrated (2.03%)
                
BP Capital Markets PLC
                
4.76%, 2/4/2008
     13,000       12,995  
4.46%, 3/3/2008
     10,900       10,858  
4.44%, 3/6/2008
     6,800       6,772  
4.44%, 3/13/2008
     11,800       11,740  
4.74%, 3/27/2008
     10,000       9,928  
Total Capital
                
4.10%, 3/31/2008
     6,210       6,168  
 
              
 
             58,461  
 
              
 
                
Regional Banks (0.72%)
                
Wells Fargo & Co
                
3.04%, 3/13/2008
     10,900       10,863  
3.12%, 3/18/2008
     10,000       9,960  
 
              
 
             20,823  
 
              
 
                
Sovereign Agency (1.52%)
                
Fannie Mae Discount Notes
                
4.28%, 2/22/2008
     11,900       11,870  
4.18%, 4/11/2008
     9,420       9,344  
Federal Home Loan Bank Discount Notes
                
4.25%, 3/19/2008
     11,900       11,834  
Freddie Mac
                
4.25%, 3/24/2008
     10,900       10,833  
 
              
 
             43,881  
 
              
 
                
Special Purpose Entity (10.15%)
                
American Honda Finance Corp
                
4.38%, 2/11/2008
     9,300       9,289  
4.20%, 3/12/2008
     14,000       13,935  
Barclays U.S. Funding
                
5.13%, 2/20/2008
     10,900       10,870  
4.91%, 2/26/2008
     10,000       9,966  
4.70%, 3/5/2008
     9,900       9,857  

162

 

Schedule of Investments
Money Market Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
COMMERCIAL PAPER (continued)
                
Special Purpose Entity (continued)
                
Barclays U.S. Funding (continued)
                
4.33%, 4/8/2008
   $ 10,000     $ 9,919  
4.34%, 5/5/2008
     7,660       7,573  
Charta LLC
                
4.78%, 2/6/2008
     12,675       12,667  
4.18%, 3/7/2008
     13,050       12,997  
4.38%, 3/26/2008
     11,000       10,928  
4.45%, 3/26/2008
     11,000       10,927  
4.50%, 3/27/2008
     13,000       12,911  
DWS Scudder Money Market Series
                
4.23%, 12/31/2008
     22,690       22,690  
Lehman Brothers Holdings Inc
                
4.80%, 2/12/2008
     11,000       10,984  
Prudential Funding Corp
                
4.20%, 3/4/2008
     10,800       10,760  
Ranger Funding
                
4.82%, 2/6/2008
     12,000       11,992  
4.82%, 2/13/2008
     8,900       8,886  
4.85%, 2/13/2008
     10,000       9,984  
3.77%, 4/24/2008
     11,000       10,904  
3.15%, 5/1/2008
     8,900       8,830  
3.20%, 5/6/2008
     11,900       11,799  
Sheffield Receivables
                
4.12%, 2/22/2008
     10,000       9,976  
Yorktown Capital
                
4.90%, 2/13/2008
     10,000       9,984  
5.10%, 2/19/2008
     10,000       9,974  
5.25%, 3/11/2008
     11,900       11,832  
3.26%, 4/14/2008
     11,900       11,821  
 
              
 
             292,255  
 
              
 
                
Supranational Bank (2.44%)
                
Corp Andina de Fomento
                
5.04%, 2/14/2008
     7,960       7,946  
5.05%, 2/15/2008
     12,000       11,976  
5.02%, 2/25/2008
     9,000       8,970  
5.02%, 3/12/2008
     11,800       11,734  
4.20%, 4/10/2008
     11,000       10,911  
4.40%, 5/6/2008
     12,000       11,861  
3.94%, 5/14/2008
     6,900       6,822  
 
              
 
             70,220  
 
              
 
                
Telephone — Integrated (2.04%)
                
Telstra Corp
                
4.65%, 2/14/2008
     10,900       10,882  
4.70%, 2/14/2008
     10,000       9,983  
3.15%, 4/16/2008
     6,110       6,070  
3.80%, 4/16/2008
     11,000       10,913  
3.20%, 4/23/2008
     20,900       20,747  
 
              
 
             58,595  
 
              
 
                
Tools — Hand held (0.72%)
                
Stanley Works
                
4.10%, 4/3/2008
     10,000       9,929  
3.10%, 4/11/2008
     10,992       10,926  
 
              
 
             20,855  
 
              
TOTAL COMMERCIAL PAPER
           $ 2,350,423  
 
              
CERTIFICATE OF DEPOSIT (0.80%)
                
Commercial Banks (0.80%)
                
Citibank NA
                
3.17%, 4/29/2008
     13,000       13,000  
Wachovia Bank
                
4.90%, 4/28/2008
     10,000       10,000  
 
              
 
             23,000  
 
              
TOTAL CERTIFICATE OF DEPOSIT
           $ 23,000  
 
              
FUNDING AGREEMENTS (2.12%)
                
Financial Guarantee Insurance (2.12%)
                
ING USA Funding Agreement
               
5.27%, 3/3/2008 (a)
     25,000       25,000  
New York Life Funding Agreement
               
4.93%, 2/1/2008 (a)(b)
     36,000       36,000  
 
              
 
             61,000  
 
              
TOTAL FUNDING AGREEMENTS
           $ 61,000  
 
              
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (0.85%)
                
Publicly Traded Investment Fund (0.85%)
                
BlackRock Liquidity Funds TempFund Portfolio
               
4.26, 12/31/2008
     24,520,000       24,520  
 
            
TOTAL COMMON STOCKS
           $ 24,520  
 
            
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (8.64%)
                
Aerospace & Defense (0.17%)
                
General Dynamics Corp
               
3.00%, 5/15/2008
     4,840       4,807  
 
                
Asset Backed Securities (0.15%)
                
Caterpillar Financial Asset Trust
                
5.67%, 4/25/2008
     2,348       2,348  
CNH Equipment Trust
                
5.82%, 4/15/2008
     1,936       1,936  
 
              
 
             4,284  
 
              
 
                
Auto — Car & Light Trucks (0.11%)
                
BMW US Capital LLC
                
4.54%, 2/5/2008 (b)(c)
     3,300       3,300  

163

 

Schedule of Investments
Money Market Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Automobile Sequential (1.69%)
                
Americredit Prime Automobile Receivable Trust
                
5.27%, 4/8/2008
   $ 7,258     $ 7,258  
BMW Vehicle Lease Trust
                
5.06%, 7/15/2008
     4,396       4,396  
Capital Auto Receivables Asset Trust
                
3.39%, 8/15/2008 (c)
     9,500       9,500  
Carmax Auto Owner Trust
                
5.84%, 3/17/2008
     1,967       1,967  
Daimler Chrysler Auto Trust
                
4.94%, 5/8/2008 (b)(c)
     6,378       6,378  
Ford Credit Auto Owner Trust
                
4.02%, 8/15/2008 (c)
     10,000       10,000  
Harley-Davidson Motorcycle Trust
                
5.59%, 3/17/2008
     2,504       2,504  
Honda Auto Receivables Owner Trust
                
5.56%, 4/15/2008 (b)
     939       939  
Hyundai Auto Receivables Trust
                
5.29%, 4/15/2008
     1,172       1,172  
Merrill Auto Trust Securitization
                
5.35%, 2/15/2008
     1,381       1,381  
World Omni Auto Receivables Trust
                
5.68%, 4/15/2008
     3,293       3,293  
 
              
 
             48,788  
 
              
 
                
Chemicals — Diversified (0.21%)
                
BASF Finance Europe NV
                
3.88%, 4/21/2008 (b)(c)
     6,100       6,100  
 
                
Commercial Banks (1.25%)
                
Allied Irish Banks PLC
                
3.91%, 2/19/2008 (b)(c)
     9,000       9,000  
BES Finance Ltd
                
4.68%, 2/4/2008 (b)(c)
     9,000       9,000  
Skandinaviska Enskilda Banken AB
                
4.85%, 3/25/2008 (c)
     8,000       8,000  
Svenska Handelsbanken AB
                
4.47%, 4/7/2008 (b)(c)
     10,000       10,000  
 
              
 
             36,000  
 
              
 
                
Diversified Manufacturing Operations (0.21%)
                
Danaher Corp
                
6.00%, 10/15/2008
     5,830       5,898  
 
                
Finance — Consumer Loans (0.47%)
                
HSBC Finance Corp
                
6.40%, 6/17/2008
     5,100       5,118  
John Deere Capital Corp
                
5.04%, 3/25/2008 (b)
     8,335       8,335  
 
              
 
             13,453  
 
              
 
                
Finance — Investment Banker & Broker (0.78%)
                
Goldman Sachs Group LP
                
3.33%, 4/25/2008 (c)
     13,000       13,000  
JPMorgan Chase & Co
                
4.62%, 2/4/2008
     2,500       2,500  
Lehman Brothers Holdings Inc
                
5.02%, 3/27/2008
     6,860       6,860  
 
              
 
             22,360  
 
              
 
                
Medical — Hospitals (0.43%)
                
Portland Clinic LLP/The
                
3.65%, 11/20/2027
     12,390       12,390  
 
                
Medical — Outpatient & Home Medical Care (0.22%)
                
Everett Clinic PS
                
3.65%, 5/1/2022
     6,300       6,300  
 
                
Special Purpose Entity (2.95%)
                
Advance Packaging Corp
                
3.38%, 10/1/2036
     10,825       10,825  
Allstate Life Global Funding Trusts
                
4.57%, 2/4/2008
     3,200       3,200  
Chatham Capital Corp
                
3.38%, 11/1/2028
     10,170       10,170  
Corporate Finance Managers Inc
                
3.32%, 2/2/2043
     15,170       15,170  
Forward Corp
                
3.38%, 12/1/2030
     3,725       3,725  
Foster/Schweihofer Real Estate Co LLC
                
3.45%, 9/20/2033
     6,475       6,475  
National Coney Island Financial LLC
                
3.38%, 10/1/2030
     6,400       6,400  
NGSP Inc
                
3.35%, 6/1/2046
     20,000       20,000  
Pineview Estates LC
                
3.38%, 1/1/2023
     5,000       5,000  
Rockwood Quarry LLC
                
3.38%, 12/1/2022
     4,000       4,000  
 
              
 
             84,965  
   
TOTAL BONDS
           $ 248,645  
   
TAX-EXEMPT BONDS (6.12%)
                
Alaska (0.13%)
                
Four Dam Pool Power Agency
                
3.28%, 7/1/2026
     3,730       3,730  
 
                
Arizona (0.39%)
                
Glendale Industrial Development Authority Bank of New York
                
3.35%, 7/1/2035
     7,495       7,495  
Tucson Airport Authority Inc/AZ
                
3.35%, 12/1/2018
    3,635       3,635  
 
              
 
             11,130  
 
              
 
                
California (2.31%)
                
Abag Finance Authority for Nonprofit Co
                
3.28%, 11/1/2031
     2,000       2,000  

164

 

Schedule of Investments
Money Market Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
TAX-EXEMPT BONDS (continued)
                
California (continued)
                
Alameda County Industrial Development Authority
                
3.26%, 4/1/2034
   $ 545     $ 545  
California Statewide Communities Development FNMA
                
3.18%, 8/15/2034
     800       800  
City of Fairfield CA
                
3.28%, 6/1/2034
     2,000       2,000  
3.28%, 6/1/2034
     2,700       2,700  
City of Long Beach CA
                
3.26%, 11/1/2030
     2,900       2,900  
City of Richmond CA FNMA
                
3.17%, 8/15/2037
     3,200       3,200  
City of Santa Rosa CA
                
3.28%, 9/1/2024
     4,740       4,740  
Kern Water Bank Authority
                
3.32%, 7/1/2028
     2,700       2,700  
Los Angeles Department of Water & Power
                
3.27%, 7/1/2025
     12,000       12,000  
San Jose Redevelopment Agency/CA JPM
                
3.27%, 8/1/2028
     32,950       32,950  
 
              
 
             66,535  
 
              
Colorado (0.29%)
                
Colorado Housing & Finance Authority/CO
                
3.32%, 4/1/2029
     885       885  
County of Kit Carson CO
                
4.00%, 6/1/2027
     2,100       2,100  
County of Montrose CO
                
3.32%, 6/1/2010
     400       400  
Sheridan Redevelopment Agency Citibank
                
3.30%, 12/1/2029
     5,000       5,000  
 
              
 
             8,385  
 
              
Georgia (0.38%)
                
Savannah College of Art & Design Inc
                
3.35%, 4/1/2024
     2,300       2,300  
South Fulton Municipal Regional Jail Authority MBIA
                
4.15%, 11/1/2017
     8,500       8,500  
 
              
 
             10,800  
 
              
Illinois (0.65%)
                
Memorial Health System/IL
                
4.00%, 10/1/2024
     18,635       18,635  
 
Kentucky (0.08%)
                
Florence KY
                
3.40%, 4/15/2035
     2,400       2,400  
 
Michigan (0.28%)
                
Michigan State Housing Development Authority MBIA
                
3.30%, 6/1/2030
     8,070       8,070  
 
Minnesota (0.08%)
                
City of Plymouth MN FSA
                
4.00%, 6/1/2024
     2,165       2,165  
 
New Mexico (0.17%)
                
County of Bernalillo NM
                
3.35%, 9/1/2030
     4,775       4,775  
 
New York (0.19%)
                
New York City Housing Development Corp
                
3.35%, 6/1/2039
     5,500       5,500  
 
North Carolina (0.31%)
                
North Carolina Capital Facilities Finance
                
3.35%, 9/1/2018
     9,005       9,005  
 
Oklahoma (0.22%)
                
University Hospital
                
3.35%, 8/15/2021
     6,260       6,260  
 
Oregon (0.04%)
                
Lake Oswego Redevelopment Agency
                
3.32%, 6/1/2020
     1,285       1,285  
 
Utah (0.23%)
                
Utah Telecommunication Open Infrastructure
                
3.35%, 7/15/2026
     6,700       6,700  
 
Washington (0.37%)
                
Washington State Housing Finance Commission
                
4.05%, 12/1/2028
     640       640  
3.48%, 12/1/2040
     2,020       2,020  
Washington State Housing Finance Commission FNMA
                
3.18%, 9/1/2028
     1,405       1,405  
3.17%, 9/15/2037
     2,730       2,730  
3.17%, 12/15/2037
     3,855       3,855  
 
              
 
             10,650  
 
TOTAL TAX-EXEMPT BONDS
           $ 176,025  
 
Total Investments
           $ 2,883,613  
Liabilities in Excess of Other Assets, Net — (0.18)%
             (5,057 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 2,878,556  
 
              
 
(a)   Security is Illiquid
 
(b)   Variable Rate
 
(c)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $84,278 or 2.93% of net assets.

165

 

Schedule of Investments
Money Market Fund
January 31, 2008 (unaudited)
Portfolio Summary (unaudited)
         
Sector   Percent
Financial
     72.37 %
Consumer, Non-cyclical
     5.73 %
Asset Backed Securities
     4.91 %
Revenue
     4.83 %
Communications
     2.57 %
Industrial
     2.49 %
Energy
     2.03 %
Government
     1.52 %
Basic Materials
     1.47 %
Insured
     1.07 %
Exchange Traded Funds
     0.85 %
Tax Allocation
     0.22 %
Consumer, Cyclical
     0.12 %
Liabilities in Excess of Other Assets, Net
     (0.18 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

166

 

Schedule of Investments
Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (24.87%)
                
Finance — Mortgage Loan/Banker (10.06%)
                
Fannie Mae
                
6.00%, 2/3/2020
   $ 20,000     $ 20,005  
5.00%, 2/25/2027
     4,174       230  
5.50%, 2/25/2032
     21,000       21,373  
7.00%, 4/25/2032
     7,591       8,117  
6.21%, 8/6/2038
     1,250       1,524  
Fannie Mae Grantor Trust
                
7.30%, 5/25/2010
     7,000       7,644  
Fannie Mae Interest Strip
                
7.00%, 4/1/2024
     354       75  
Fannie Mae REMICS
                
9.00%, 5/25/2020
     78       85  
3.98%, 4/25/2027 (a)
     69       69  
5.50%, 12/25/2035 (a)
     21,990       22,048  
Freddie Mac
                
6.50%, 5/15/2030
     5,383       5,419  
5.50%, 10/15/2031
     25,000       25,602  
4.50%, 5/15/2032
     4,120       4,117  
5.50%, 1/15/2033
     9,000       9,199  
5.50%, 4/15/2033 (a)
     15,000       15,271  
Freddie Mac REMICS
                
6.00%, 6/15/2017
     12,122       12,373  
5.15%, 2/15/2021 (a)
     104       104  
6.50%, 8/15/2027
     476       491  
5.00%, 9/15/2027
     16,669       1,049  
6.00%, 6/15/2030
     1,061       1,069  
6.50%, 6/15/2031
     3,729       3,788  
LF Rothschild Mortgage Trust
                
9.95%, 9/1/2017
     42       44  
 
              
 
             159,696  
 
              
 
                
Mortgage Backed Securities (14.81%)
                
Banc of America Mortgage Securities Inc
                
4.75%, 8/25/2033
     21,500       21,485  
5.50%, 5/25/2034
     11,584       11,505  
Chase Mortgage Finance Corp
                
6.00%, 5/25/2035
     21,000       20,766  
Countrywide Alternative Loan Trust
                
4.00%, 8/25/2033
     2,599       2,588  
Countrywide Home Loan Mortgage Pass Through Certificates
                
5.00%, 11/25/2018
     14,328       14,444  
5.25%, 5/25/2034
     21,500       21,021  
5.75%, 12/25/2035
     21,790       21,702  
CS First Boston Mortgage Securities Corp
                
5.75%, 4/25/2033
     9,444       9,587  
4.50%, 6/25/2033
     6,379       6,347  
6.00%, 12/25/2033
     5,550       5,550  
GSR Mortgage Loan Trust
                
5.00%, 5/25/2033
     4,981       5,000  
6.00%, 2/25/2035
     11,259       11,434  
MASTR Alternative Loans Trust
                
5.39%, 1/25/2020 (a)
     18,550       18,611  
Prime Mortgage Trust
                
4.75%, 11/25/2019
     17,098       17,172  
4.75%, 10/25/2020 (a)
     16,020       15,954  
Residential Funding Mortgage Securities
                
5.50%, 12/25/2033
     17,000       16,911  
Structured Asset Securities Corp
                
5.00%, 5/25/2035
     15,472       15,158  
 
              
 
             235,235  
 
TOTAL BONDS
           $ 394,931  
 
 
              
 
                
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (72.98%)
                
Federal Home Loan Mortgage Corporation (FHLMC) (37.36%)
                
9.00%, 12/1/2008
     3       3  
6.50%, 2/1/2011
     20       21  
6.50%, 3/1/2011
     96       100  
6.50%, 3/1/2011
     18       19  
6.50%, 3/1/2011
     73       76  
6.50%, 3/1/2011
     166       172  
6.50%, 4/1/2011
     4       4  
6.50%, 4/1/2011
     41       43  
7.50%, 3/1/2013
     1,378       1,422  
9.00%, 9/1/2016
     6       6  
6.50%, 11/1/2016
     735       766  
9.00%, 1/1/2017
     2       2  
6.00%, 4/1/2017
     1,364       1,411  
6.00%, 4/1/2017
     1,633       1,689  
6.00%, 5/1/2017
     1,785       1,846  
9.00%, 5/1/2017
     2       2  
4.50%, 4/1/2018
     6,993       6,997  
5.00%, 4/1/2018
     6,793       6,899  
4.00%, 8/1/2018
     12,087       11,916  
5.50%, 11/1/2018
     6,346       6,510  
4.50%, 1/1/2019
     12,646       12,652  
8.50%, 4/1/2019
     23       25  
9.00%, 6/1/2019
     —       1  
4.50%, 7/1/2019
     15,088       15,082  
5.50%, 7/1/2019
     7,542       7,729  
9.00%, 5/1/2021
     5       6  
9.00%, 9/1/2021
     4       4  
6.50%, 12/1/2021
     2,588       2,704  
9.00%, 1/1/2022
     8       8  
6.50%, 4/1/2022
     2,397       2,505  
6.50%, 5/1/2022
     1,558       1,628  
9.00%, 8/1/2022
     3       3  
6.50%, 5/1/2023
     214       223  

167

 

Schedule of Investments
Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Federal Home Loan Mortgage Corporation (FHLMC) (continued)
                
6.50%, 7/1/2023
   $ 14     $ 14  
6.50%, 1/1/2024
     32       34  
5.50%, 6/1/2024
     15,425       15,699  
7.00%, 7/1/2024
     18       19  
6.50%, 7/1/2025
     4       4  
6.50%, 7/1/2025
     3       3  
6.50%, 9/1/2025
     8       8  
6.50%, 9/1/2025
     3       3  
6.50%, 9/1/2025
     2       2  
6.50%, 10/1/2025
     25       26  
6.50%, 10/1/2025
     14       15  
6.50%, 4/1/2027
     5       6  
7.00%, 1/1/2028
     1,959       2,094  
6.50%, 2/1/2028
     2       2  
6.50%, 3/1/2029
     417       437  
6.50%, 4/1/2029
     4,307       4,559  
7.00%, 6/1/2029
     898       958  
8.50%, 7/1/2029
     219       243  
8.00%, 12/1/2030
     113       123  
7.50%, 2/1/2031
     248       269  
7.00%, 3/1/2031
     195       207  
6.50%, 4/1/2031
     1,350       1,418  
7.00%, 4/1/2031
     656       700  
6.00%, 5/1/2031
     1,034       1,065  
7.00%, 6/1/2031
     158       168  
6.50%, 10/1/2031
     673       703  
7.00%, 10/1/2031
     394       419  
6.50%, 1/1/2032
     3,406       3,560  
7.00%, 4/1/2032
     1,327       1,410  
6.00%, 9/1/2032
     2,039       2,096  
5.50%, 11/1/2032
     6,213       6,305  
5.00%, 2/1/2033
     8,065       8,045  
5.50%, 4/1/2033
     11,841       12,017  
5.00%, 6/1/2033
     8,666       8,646  
4.50%, 8/1/2033
     4,461       4,321  
4.50%, 8/1/2033
     4,194       4,062  
5.00%, 8/1/2033
     13,238       13,202  
5.00%, 8/1/2033
     13,740       13,706  
5.50%, 8/1/2033
     9,574       9,729  
6.00%, 11/1/2033
     5,126       5,277  
6.00%, 11/1/2033
     4,674       4,813  
5.50%, 12/1/2033
     13,162       13,350  
6.00%, 12/1/2033
     5,461       5,620  
5.50%, 1/1/2034
     14,314       14,509  
5.50%, 1/1/2034
     13,424       13,607  
5.00%, 5/1/2034
     15,224       15,172  
6.00%, 5/1/2034
     9,849       10,116  
6.00%, 5/1/2034
     8,932       9,159  
5.50%, 11/1/2034
     16,467       16,691  
6.00%, 1/1/2035
     11,698       11,972  
6.00%, 2/1/2035
     8,419       8,647  
5.00%, 5/1/2035
     18,864       18,789  
4.50%, 6/1/2035
     24,294       23,504  
5.00%, 7/1/2035
     19,807       19,728  
5.00%, 7/1/2035
     41,691       41,525  
5.50%, 9/1/2035
     23,034       23,334  
5.00%, 10/1/2035
     21,954       21,866  
5.50%, 10/1/2035
     20,705       20,974  
5.00%, 6/1/2036
     22,087       21,999  
7.00%, 7/1/2036
     15,641       16,469  
9.50%, 6/1/2016
     12       13  
9.50%, 4/1/2017
     17       18  
5.77%, 1/1/2037 (a)
     15,330       15,390  
5.87%, 1/1/2037 (a)
     22,230       22,885  
6.04%, 3/1/2037 (a)
     18,470       19,022  
 
              
 
             593,220  
 
              
 
                
Federal National Mortgage Association (FNMA) (29.37%)
                
5.50%, 2/1/2009
     1       1  
7.00%, 6/1/2010
     13       13  
7.00%, 9/1/2010
     7       7  
7.00%, 9/1/2010
     8       8  
7.00%, 9/1/2010
     4       5  
7.00%, 9/1/2010
     2       2  
7.00%, 9/1/2010
     14       15  
7.00%, 9/1/2010
     3       3  
7.00%, 10/1/2010
     2       2  
7.00%, 10/1/2010
     4       4  
7.00%, 11/1/2010
     4       4  
7.00%, 11/1/2010
     2       2  
7.00%, 1/1/2011
     3       3  
7.00%, 5/1/2011
     12       12  
7.00%, 3/1/2012
     6       7  
6.00%, 12/1/2016
     1,835       1,901  
5.50%, 1/1/2017
     3,562       3,673  
9.00%, 3/1/2017
     3       3  
6.00%, 8/1/2017
     3,341       3,460  
5.50%, 12/1/2017
     3,971       4,079  
5.00%, 4/1/2018
     5,659       5,749  
5.50%, 5/1/2018
     7,456       7,654  
5.00%, 6/1/2018
     13,489       13,714  
6.00%, 8/1/2018
     1,572       1,627  
5.00%, 10/1/2018
     9,485       9,640  
4.50%, 12/1/2018
     10,378       10,420  
9.00%, 1/1/2019
     1       1  
5.00%, 2/1/2019
     3,014       3,063  

168

 

Schedule of Investments
Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Federal National Mortgage Association (FNMA) (continued)
                
5.00%, 2/1/2019
   $ 3,196     $ 3,247  
5.00%, 12/1/2019
     13,620       13,830  
9.00%, 6/1/2021
     2       2  
8.00%, 5/1/2022
     53       55  
6.00%, 10/1/2022
     3,293       3,395  
8.50%, 2/1/2023
     11       11  
6.50%, 9/1/2024
     1,848       1,929  
8.00%, 9/1/2024
     —       1  
7.50%, 12/1/2024
     385       416  
8.00%, 12/1/2024
     3       4  
8.00%, 1/1/2025
     1       1  
8.00%, 1/1/2025
     2       2  
8.50%, 9/1/2025
     5       6  
7.00%, 3/1/2027
     30       32  
7.35%, 3/1/2028 (a)
     21       22  
6.50%, 8/1/2028
     220       230  
7.00%, 8/1/2028
     317       340  
6.50%, 9/1/2028
     141       148  
6.50%, 11/1/2028
     110       115  
6.50%, 11/1/2028
     199       209  
6.50%, 12/1/2028
     169       177  
7.00%, 12/1/2028
     271       290  
6.50%, 1/1/2029
     82       86  
6.50%, 2/1/2029
     122       128  
6.00%, 3/1/2029
     495       512  
6.50%, 3/1/2029
     341       356  
6.50%, 4/1/2029
     677       709  
7.00%, 4/1/2029
     106       114  
7.00%, 7/1/2029
     294       314  
7.50%, 7/1/2029
     274       298  
7.50%, 2/1/2030
     174       189  
9.00%, 9/1/2030
     108       120  
6.50%, 6/1/2031
     1,655       1,716  
6.50%, 6/1/2031
     616       643  
6.50%, 6/1/2031
     170       178  
6.00%, 8/1/2031
     2,256       2,324  
7.00%, 11/1/2031
     1,679       1,795  
6.00%, 1/1/2032
     1,662       1,718  
6.50%, 1/1/2032
     580       605  
6.50%, 3/1/2032
     1,702       1,777  
6.50%, 3/1/2032
     867       906  
6.50%, 4/1/2032
     2,500       2,609  
7.00%, 7/1/2032
     471       503  
6.50%, 8/1/2032
     1,287       1,343  
6.50%, 11/1/2032
     944       987  
6.50%, 11/1/2032
     1,585       1,659  
6.50%, 11/1/2032
     472       494  
6.50%, 12/1/2032
     2,734       2,854  
5.50%, 2/1/2033
     9,614       9,787  
6.50%, 2/1/2033
     939       979  
6.00%, 4/1/2033
     1,202       1,242  
5.50%, 5/1/2033
     716       729  
5.50%, 5/1/2033
     5,594       5,684  
5.50%, 5/1/2033
     7,336       7,455  
5.50%, 6/1/2033
     13,558       13,777  
6.00%, 1/1/2034
     6,249       6,427  
5.50%, 2/1/2034
     6,039       6,137  
5.50%, 2/1/2034
     22,335       22,639  
6.00%, 2/1/2034
     1,223       1,258  
5.00%, 3/1/2034
     7,642       7,619  
5.50%, 3/1/2034
     5,860       5,949  
6.00%, 3/1/2034
     2,880       2,961  
5.50%, 4/1/2034
     4,517       4,583  
5.00%, 6/1/2034
     13,056       13,017  
5.50%, 7/1/2034
     5,685       5,741  
6.50%, 7/1/2034
     2,338       2,436  
6.50%, 7/1/2034
     4,505       4,703  
5.50%, 9/1/2034
     17,567       17,804  
6.00%, 9/1/2034
     12,885       13,244  
6.00%, 9/1/2034
     9,222       9,444  
5.50%, 1/1/2035
     11,968       12,142  
5.50%, 2/1/2035
     13,721       13,911  
5.50%, 3/1/2035
     15,606       15,832  
5.00%, 6/1/2035
     18,510       18,443  
5.50%, 8/1/2035
     20,304       20,585  
5.50%, 10/1/2035
     17,339       17,579  
6.00%, 10/1/2035
     17,796       18,280  
6.50%, 2/1/2036
     12,970       13,473  
6.50%, 5/1/2036
     17,322       17,984  
5.99%, 10/1/2036 (a)
     17,874       18,384  
6.00%, 4/1/2037
     21,167       21,723  
 
              
 
             466,422  
 
              
Government National Mortgage Association (GNMA)(4.17%)
                
7.00%, 7/15/2008
     4       4  
13.50%, 9/15/2014
     1       2  
13.50%, 12/15/2014
     5       6  
9.50%, 4/15/2016
     7       8  
9.50%, 9/15/2016
     7       8  
9.50%, 11/15/2016
     30       33  
9.50%, 7/15/2017
     66       73  
9.50%, 7/15/2017
     24       26  
9.50%, 10/15/2017
     16       18  
9.50%, 11/15/2017
     26       29  
9.50%, 9/15/2020
     22       25  
9.50%, 8/15/2021
     259       289  

169

 

Schedule of Investments
Mortgage Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Government National Mortgage Association (GNMA) (continued)
                
9.00%, 11/15/2021
   $ 310     $ 340  
8.00%, 4/15/2022
     119       130  
6.50%, 3/15/2024
     354       371  
7.50%, 3/15/2024
     82       89  
7.00%, 10/15/2027
     18       19  
7.00%, 10/15/2027
     62       66  
7.00%, 10/15/2027
     5       5  
7.00%, 10/15/2027
     4       4  
7.00%, 11/15/2027
     14       15  
7.00%, 12/15/2027
     4       4  
7.00%, 12/15/2027
     4       5  
7.00%, 2/15/2028
     3       3  
7.00%, 2/15/2028
     1       1  
7.00%, 5/15/2028
     1       1  
7.00%, 5/15/2028
     1       1  
7.00%, 6/15/2028
     194       207  
7.00%, 12/15/2028
     240       258  
7.00%, 1/15/2029
     136       146  
7.00%, 3/15/2029
     137       147  
7.00%, 4/15/2029
     118       126  
7.00%, 4/15/2029
     245       262  
7.50%, 8/15/2029
     304       328  
7.50%, 9/15/2029
     131       141  
7.50%, 9/15/2029
     275       297  
7.50%, 10/15/2029
     212       229  
7.50%, 11/15/2029
     164       177  
7.50%, 11/15/2029
     189       204  
7.75%, 12/15/2029
     55       60  
6.50%, 7/15/2032
     1,048       1,095  
6.00%, 8/15/2034
     13,297       13,749  
9.50%, 9/20/2018
     112       124  
9.50%, 12/20/2020
     29       32  
9.50%, 1/20/2021
     5       6  
9.50%, 2/20/2021
     4       5  
9.50%, 3/20/2021
     8       9  
6.80%, 4/20/2025
     99       105  
6.00%, 4/20/2026
     365       378  
6.00%, 2/20/2029
     516       534  
6.50%, 3/20/2031
     458       479  
6.50%, 4/20/2031
     341       356  
7.00%, 6/20/2031
     233       249  
6.00%, 5/20/2032 (a)
     2,036       2,103  
5.50%, 7/20/2033
     9,830       10,023  
6.00%, 7/20/2033
     6,577       6,811  
5.50%, 2/20/2034
     10,492       10,695  
5.50%, 3/20/2034
     9,984       10,177  
6.50%, 4/20/2034
     2,754       2,872  
6.50%, 5/20/2034
     2,224       2,319  
 
              
 
             66,278  
 
              
 
                
U.S. Treasury (2.08%)
                
4.88%, 8/15/2016 (b)
     3,000       3,291  
4.63%, 2/15/2017 (b)
     20,000       21,559  
4.50%, 2/15/2036 (b)
     8,000       8,178  
 
              
 
             33,028  
   
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 1,158,948  
   
SHORT TERM INVESTMENTS (1.07%)
                
Money Market Funds (1.07%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 16,989     $ 16,989  
   
TOTAL SHORT TERM INVESTMENTS
           $ 16,989  
   
REPURCHASE AGREEMENTS (2.71%)
                
Finance — Investment Banker & Broker (0.32%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $5,221,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 5,182     $ 5,182  
 
                
Money Center Banks (2.39%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $11,227,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
     11,140       11,139  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $13,807,000; 4.40%- 5.38%; dated 04/29/08 — 04/01/56)
     13,406       13,405  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $13,807,000; - 3.75% - 5.40%; dated 08/03/09-04/13/26)
     13,406       13,405  
 
              
 
             37,949  
   
TOTAL REPURCHASE AGREEMENTS
           $ 43,131  
   
Total Investments
           $ 1,613,999  
Liabilities in Excess of Other Assets, Net — (1.63)%
             (25,910 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 1,588,089  
 
              

170

 

Schedule of Investments
Mortgage Securities Fund
January 31, 2008 (unaudited)
 
(a)   Variable Rate
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 18,840  
Unrealized Depreciation
     (7,088 )
 
      
Net Unrealized Appreciation (Depreciation)
     11,752  
Cost for federal income tax purposes
     1,602,247  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
Mortgage Securities
     94.41 %
Financial
     3.79 %
Government
     3.43 %
Liabilities in Excess of Other Assets, Net
     (1.63 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

171

 

Schedule of Investments
Partners Global Equity Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (99.45%)
                
Aerospace & Defense (1.01%)
                
Boeing Co
     3,300     $ 274  
 
                
Aerospace & Defense Equipment (1.76%)
                
BE Aerospace Inc (a)
     4,050       156  
United Technologies Corp
     4,400       323  
 
              
 
             479  
 
              
 
Agricultural Chemicals (0.57%)
                
Mosaic Co/The (a)
     1,700       155  
 
                
Apparel Manufacturers (0.48%)
                
Esprit Holdings Ltd
     10,100       132  
 
                
Applications Software (1.59%)
                
Microsoft Corp
     13,300       434  
 
                
Auto — Car & Light Trucks (1.01%)
                
Honda Motor Co Ltd
     4,600       142  
Nissan Motor Co Ltd
     14,200       133  
 
              
 
             275  
 
              
 
Beverages — Non-Alcoholic (0.98%)
                
Hansen Natural Corp (a)(b)
     6,900       266  
 
                
Beverages — Wine & Spirits (1.50%)
                
Pernod-Ricard SA
     3,852       410  
 
                
Brewery (1.27%)
                
Fomento Economico Mexicano SAB de CV ADR
     9,550       345  
 
                
Building & Construction — Miscellaneous (0.96%)
                
Bouygues SA
     3,400       262  
 
                
Building Products — Cement & Aggregate (1.91%)
                
Holcim Ltd
     2,455       240  
Lafarge SA
     1,775       280  
 
              
 
             520  
 
              
 
Cable TV (1.10%)
                
Comcast Corp
     16,550       301  
 
                
Cellular Telecommunications (1.81%)
                
Vodafone Group PLC
     140,900       493  
 
                
Chemicals — Diversified (0.74%)
                
Symrise AG
     8,054       201  
 
                
Chemicals — Specialty (0.73%)
                
Rhodia SA (a)
     7,091       198  
 
                
Commercial Banks (9.45%)
                
Barclays PLC
     31,950       302  
Fukuoka Financial Group Inc
     38,000       233  
HSBC Holdings PLC
     31,200     $ 463  
Intesa Sanpaolo SpA
     52,750       375  
Piraeus Bank SA
     7,600       244  
Standard Chartered PLC
     7,800       262  
Sumitomo Mitsui Financial Group Inc
     51       409  
UniCredito Italiano SpA
     38,750       287  
 
              
 
             2,575  
 
              
 
Computer Aided Design (0.91%)
                
Autodesk Inc (a)
     6,050       249  
 
                
Computers (1.73%)
                
International Business Machines Corp
     4,400       472  
 
                
Cosmetics & Toiletries (1.74%)
                
Procter & Gamble Co
     7,200       475  
 
                
Disposable Medical Products (0.64%)
                
CR Bard Inc
     1,800       174  
 
                
Distribution & Wholesale (0.64%)
                
Wolseley PLC
     12,627       175  
 
                
Diversified Manufacturing Operations (3.71%)
                
Danaher Corp
     1,900       141  
General Electric Co
     13,550       480  
Siemens AG
     3,020       391  
 
              
 
             1,012  
 
              
 
Diversified Minerals (2.14%)
                
BHP Billiton PLC
     11,050       334  
Cia Vale do Rio Doce ADR (b)
     8,280       248  
 
              
 
             582  
 
              
 
Electric — Integrated (0.68%)
                
E.ON AG
     1,000       185  
 
                
Electronic Components — Miscellaneous (1.45%)
                
Murata Manufacturing Co Ltd
     2,800       139  
Nidec Corp
     3,900       257  
 
              
 
             396  
 
              
 
Electronics — Military (0.89%)
                
L-3 Communications Holdings Inc
     2,200       244  
 
                
Energy — Alternate Sources (0.28%)
                
Suntech Power Holdings Co Ltd ADR (a)
     1,400       77  
 
                
Fiduciary Banks (0.63%)
                
State Street Corp
     2,100       172  
 
                
Finance — Investment Banker & Broker (2.46%)
                
Merrill Lynch & Co Inc
     6,000       339  

172

 

Schedule of Investments
Partners Global Equity Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Finance — Investment Banker & Broker
                
(continued)
                
UBS AG
     8,000     $ 332  
 
              
 
             671  
 
              
 
Finance — Other Services (2.73%)
                
ICAP PLC
     34,150       463  
Man Group PLC
     25,506       281  
 
              
 
             744  
 
              
 
Food — Dairy Products (0.87%)
                
Parmalat SpA
     65,900       238  
 
                
Food — Miscellaneous/Diversified (1.26%)
                
Kraft Foods Inc
     11,700       342  
 
                
Food — Retail (2.02%)
                
Safeway Inc
     4,500       139  
Tesco PLC
     49,150       411  
 
              
 
             550  
 
              
 
Food — Wholesale & Distribution (0.56%)
                
Premier Foods PLC
     57,200       153  
 
                
Gold Mining (1.01%)
                
Yamana Gold Inc (a)
     16,700       277  
 
                
Hazardous Waste Disposal (0.38%)
                
EnergySolutions Inc (a)
     4,600       103  
 
                
Hotels & Motels (0.96%)
                
Accor SA
     3,400       261  
 
                
Import & Export (1.51%)
                
Mitsubishi Corp
     15,500       411  
 
                
Life & Health Insurance (1.10%)
                
Prudential Financial Inc
     3,550       300  
 
                
Machinery — Construction & Mining (0.69%)
                
Komatsu Ltd
     7,700       188  
 
                
Machinery — Electrical (0.58%)
                
SMC Corp/Japan
     1,400       157  
 
                
Medical — Biomedical/Gene (0.78%)
                
Amgen Inc (a)
     4,550       212  
 
                
Medical — Drugs (5.63%)
                
GlaxoSmithKline PLC
     11,850       281  
Merck & Co Inc
     9,850       456  
Roche Holding AG
     2,225       404  
Schering-Plough Corp
     13,450       263  
Sepracor Inc (a)(b)
     4,600       130  
 
              
 
             1,534  
 
              
 
Metal — Diversified (1.15%)
                
Vedanta Resources PLC
     8,650     $ 314  
 
                
Multi-Line Insurance (3.77%)
                
AXA SA
     8,550       294  
ING Groep NV
     7,300       238  
MetLife Inc
     2,300       135  
Zurich Financial Services AG
     1,255       359  
 
              
 
             1,026  
 
              
 
Multimedia (1.43%)
                
News Corp (b)
     20,100       391  
 
                
Networking Products (1.56%)
                
Cisco Systems Inc (a)
     17,350       425  
 
                
Oil — Field Services (0.52%)
                
Weatherford International Ltd (a)
     2,300       142  
 
                
Oil Company — Exploration & Production (3.49%)
                
Apache Corp
     3,250       310  
Occidental Petroleum Corp
     4,550       309  
Talisman Energy (a)
     21,000       332  
 
              
 
             951  
 
              
 
Oil Company — Integrated (4.02%)
                
Petroleo Brasileiro SA ADR
     4,120       458  
Total SA
     8,750       637  
 
              
 
             1,095  
 
              
 
Pipelines (1.32%)
                
El Paso Corp
     21,900       361  
 
                
Real Estate Management & Services (0.71%)
                
Jones Lang LaSalle Inc (b)
     2,500       194  
 
                
Real Estate Operator & Developer (3.28%)
                
CapitaLand Ltd
     41,000       174  
Hang Lung Properties Ltd
     94,000       372  
Mitsui Fudosan Co Ltd
     15,000       348  
 
              
 
             894  
 
              
 
Retail — Consumer Electronics (0.65%)
                
Yamada Denki Co Ltd
     1,650       177  
 
                
Retail — Office Supplies (0.48%)
                
Office Depot Inc (a)
     8,800       131  
 
                
Semiconductor Component — Integrated Circuits (1.03%)
                
Taiwan Semiconductor Manufacturing Co Ltd ADR
     30,284       281  
 
                
Steel — Specialty (0.74%)
                
Allegheny Technologies Inc
     2,850       201  

173

 

Schedule of Investments
Partners Global Equity Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Telecommunication Equipment — Fiber Optics (1.31%)
                
Corning Inc
     14,850     $ 357  
 
                
Telephone — Integrated (0.92%)
                
AT&T Inc
     6,500       250  
 
                
Tobacco (3.20%)
                
Altria Group Inc
     6,800       516  
Japan Tobacco Inc
     67       355  
 
              
 
             871  
 
              
 
Transport — Rail (1.04%)
                
East Japan Railway Co
     34       283  
 
                
Transport — Services (1.26%)
                
Deutsche Post AG
     10,662       344  
 
                
Web Portals (0.84%)
                
Yahoo! Inc (a)
     11,900       228  
 
                
Wireless Equipment (1.88%)
                
Nokia OYJ
     6,700       247  
Qualcomm Inc
     6,250       265  
 
              
 
             512  
 
TOTAL COMMON STOCKS
           $ 27,102  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (2.46%)
                
Finance — Investment Banker & Broker (0.40%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $109,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 108     $ 108  
 
                
Money Center Banks (2.06%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $565,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
     561       561  
 
TOTAL REPURCHASE AGREEMENTS
           $ 669  
 
Total Investments
           $ 27,771  
Liabilities in Excess of Other Assets, Net — (1.91)%
             (521 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 27,250  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 2,385  
Unrealized Depreciation
     (2,808 )
 
      
Net Unrealized Appreciation (Depreciation)
     (423 )
Cost for federal income tax purposes
     28,194  
All dollar amounts are shown in thousands (000’s)
        
Portfolio Summary (unaudited)
         
Country   Percent  
 
United States
     42.15 %
United Kingdom
     14.42 %
Japan
     11.86 %
France
     8.59 %
Switzerland
     4.90 %
Germany
     4.12 %
Italy
     3.30 %
Brazil
     2.59 %
Canada
     2.23 %
Hong Kong
     1.85 %
Mexico
     1.27 %
Taiwan, Province Of China
     1.03 %
Finland
     0.91 %
Greece
     0.90 %
Netherlands
     0.87 %
Singapore
     0.64 %
China
     0.28 %
Liabilities in Excess of Other Assets, Net
     (1.91 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

174

 

Schedule of Investments
Partners International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (97.22%)
                
Advertising Services (0.12%)
                
Aegis Group Plc
     960,200     $ 2,155  
 
                
Aerospace & Defense (1.54%)
                
BAE Systems PLC
     1,098,600       10,239  
Finmeccanica SpA
     101,300       3,028  
Meggitt PLC
     913,100       5,229  
Rolls-Royce Group PLC (a)
     999,555       9,442  
 
              
 
             27,938  
 
              
 
Agricultural Chemicals (0.32%)
                
Syngenta AG (a)
     21,970       5,794  
 
                
Airlines (0.17%)
                
easy Jet plc (a)
     325,100       3,044  
 
                
Airport Development & Maintenance (0.22%)
                
Macquarie Airports
     1,122,624       3,957  
 
                
 
Apparel Manufacturers (0.38%)
                
Escada AG (a)(b)
     55,600       1,027  
Esprit Holdings Ltd
     455,500       5,932  
 
              
 
             6,959  
 
              
 
Audio & Video Products (0.38%)
                
Sony Corp
     147,300       6,959  
 
                
Auto — Car & Light Trucks (3.18%)
                
Daimler AG
     139,950       10,969  
Honda Motor Co Ltd
     361,000       11,164  
Renault SA
     59,500       6,791  
Toyota Motor Corp
     534,700       28,949  
 
              
 
             57,873  
 
              
 
Auto — Medium & Heavy Duty Trucks (0.52%)
                
Scania AB
     452,200       9,382  
 
                
Auto/Truck Parts & Equipment — Original (0.20%)
                
Denso Corp
     100,500       3,636  
 
                
Beverages — Non-Alcoholic (0.34%)
                
Coca Cola Hellenic Bottling Co SA
     145,160       6,128  
 
                
Brewery (0.38%)
                
Heineken NV
     92,900       5,223  
Kirin Holdings Co Ltd
     100,000       1,603  
 
              
 
             6,826  
 
              
 
Building — Heavy Construction (0.30%)
                
Acciona SA
     14,400       3,670  
Strabag SE (a)
     31,450       1,838  
 
              
 
             5,508  
 
              
 
Building — Residential & Commercial (0.29%)
                
Daiwa House Industry Co Ltd
     161,000       2,261  
Sekisui Chemical Co Ltd
     446,000     $ 2,931  
 
              
 
             5,192  
 
              
 
Building & Construction — Miscellaneous (0.89%)
                
Bouygues SA
     124,400       9,591  
Hochtief AG
     65,400       6,580  
 
              
 
             16,171  
 
              
 
Building Products — Air & Heating (0.13%)
                
Rinnai Corp (b)
     74,900       2,422  
 
                
Building Products — Cement & Aggregate (0.15%)
                
CRH PLC
     73,500       2,808  
 
                
Building Products — Doors & Windows (0.31%)
                
Asahi Glass Co Ltd
     451,000       5,674  
 
                
Cellular Telecommunications (2.29%)
                
China Unicom Ltd
     804,000       1,845  
NTT DoCoMo Inc
     2,697       4,264  
Vodafone Group PLC
     10,156,575       35,550  
 
              
 
             41,659  
 
              
 
Chemicals — Diversified (2.21%)
                
ADEKA Corp
     295,900       2,797  
Bayer AG
     331,300       27,342  
Hitachi Chemical Co Ltd
     2,900       50  
K+S AG
     39,540       10,045  
 
              
 
             40,234  
 
              
 
Chemicals — Other (0.07%)
                
Tokai Carbon Co Ltd
     170,000       1,346  
 
                
Chemicals — Plastics (0.16%)
                
Sumitomo Bakelite Co Ltd
     541,000       2,874  
 
                
Chemicals — Specialty (0.07%)
                
Tokyo Ohka Kogyo Co Ltd
     63,100       1,268  
 
                
Circuit Boards (0.25%)
                
Ibiden Co Ltd
     73,100       4,641  
 
                
Commercial Banks (12.77%)
                
Banco Popolare Scarl (a)
     323,846       6,527  
Banco Santander SA (b)
     984,600       17,317  
Bank of East Asia Ltd
     746,000       4,296  
BNP Paribas
     113,800       11,288  
Chiba Bank Ltd/The
     320,000       2,386  
Commonwealth Bank of Australia
     343,700       15,478  
DBS Group Holdings Ltd
     74,000       923  
DnB NOR ASA
     664,900       8,691  
EFG International
     139,975       4,191  
Fortis
     552,600       12,360  

175

 

Schedule of Investments
Partners International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Commercial Banks (continued)
                
Hang Seng Bank Ltd
     217,000     $ 4,309  
HSBC Holdings PLC
     1,341,282       20,137  
Intesa Sanpaolo SpA
     1,421,800       10,119  
Julius Baer Holding AG
     138,970       9,762  
Lloyds TSB Group PLC
     1,654,900       14,453  
Mitsubishi UFJ Financial Group Inc
     1,205,000       11,943  
Mizuho Financial Group Inc
     256       1,202  
National Bank of Greece SA
     171,570       10,486  
Nordea Bank AB
     367,200       5,012  
Standard Chartered PLC
     296,200       9,933  
Sumitomo Mitsui Financial Group Inc
     2,193       17,600  
Sumitomo Trust & Banking Co Ltd/The
     536,000       3,451  
Tokyo Tomin Bank Ltd/The
     80,600       2,261  
UniCredito Italiano SpA
     3,178,500       23,556  
Wing Hang Bank Ltd
     269,000       3,495  
Yamaguchi Financial Group Inc
     88,000       1,188  
 
              
 
             232,364  
 
              
 
Commercial Services (0.25%)
                
SGS SA
     3,525       4,598  
 
                
Computer Services (0.61%)
                
Cap Gemini SA (b)
     164,600       8,968  
Computershare Ltd
     297,375       2,166  
 
              
 
             11,134  
 
              
 
Computers (0.31%)
                
Wincor Nixdorf AG
     72,800       5,693  
 
                
Computers — Integrated Systems (0.11%)
                
Fujitsu Ltd
     302,000       1,973  
 
                
Cosmetics & Toiletries (0.21%)
                
Beiersdorf AG
     49,400       3,817  
 
                
Distribution & Wholesale (0.28%)
                
Li & Fung Ltd
     1,364,000       5,136  
 
                
Diversified Financial Services (0.09%)
                
Investec PLC
     201,900       1,720  
 
                
Diversified Manufacturing Operations (0.73%)
                
Siemens AG (b)
     103,100       13,347  
 
                
Diversified Minerals (1.31%)
                
Anglo American PLC
     235,445       13,015  
BHP Billiton PLC
     284,400       8,594  
Xstrata PLC
     30,000       2,309  
 
              
 
             23,918  
 
              
 
Diversified Operations (0.56%)
                
Keppel Corp Ltd
     904,000       7,356  
Swire Pacific Ltd
     206,000     $ 2,798  
 
              
 
             10,154  
 
              
 
Electric — Integrated (4.27%)
                
A2A SpA (b)
     1,509,760       6,070  
CLP Holdings Ltd (b)
     660,000       5,250  
E.ON AG
     175,420       32,472  
Edison SpA
     333,800       870  
Electricite de France
     47,130       4,915  
Energias de Portugal SA
     412,800       2,634  
Fortum Oyj
     64,000       2,595  
HongKong Electric Holdings
     256,500       1,464  
International Power PLC
     992,200       7,912  
Public Power Corp SA
     100,320       4,704  
Suez SA
     75,825       4,645  
Union Fenosa SA
     63,300       4,232  
 
              
 
             77,763  
 
              
Electric — Transmission (0.14%)
                
National Grid PLC
     169,400       2,620  
 
                
Electric Products — Miscellaneous (0.59%)
                
Brother Industries Ltd
     256,000       3,170  
Hitachi Ltd
     333,000       2,495  
Mitsubishi Electric Corp
     336,000       3,091  
Stanley Electric Co Ltd
     97,800       1,974  
 
              
 
             10,730  
 
              
 
Electronic Components — Miscellaneous (1.29%)
                
Koninklijke Philips Electronics NV
     307,000       12,008  
NGK Insulators Ltd
     167,000       4,338  
Nidec Corp
     56,200       3,700  
Nippon Electric Glass Co Ltd
     235,500       3,518  
 
              
 
             23,564  
 
              
 
Energy — Alternate Sources (1.08%)
                
Q-Cells AG (a)
     87,120       8,275  
Vestas Wind Systems A/S (a)
     117,725       11,434  
 
              
 
             19,709  
 
              
 
Entertainment Software (0.33%)
                
UBISOFT Entertainment (a)
     66,000       5,999  
 
                
Filtration & Separation Products (0.32%)
                
Alfa Laval AB
     106,800       5,765  
 
                
Finance — Investment Banker & Broker (0.98%)
                
Babcock & Brown Ltd (b)
     314,400       5,273  
Daiwa Securities Group Inc
     320,000       2,868  
Macquarie Group Ltd (b)
     52,300       3,047  
Nomura Holdings Inc
     456,000       6,665  
 
              
 
             17,853  
 
              

176

 

Schedule of Investments
Partners International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Finance — Leasing Company (0.34%)
                
ORIX Corp
     36,000     $ 6,217  
 
                
Finance — Other Services (2.33%)
                
ASX Ltd
     91,300       3,959  
Deutsche Boerse AG
     110,950       19,530  
Hong Kong Exchanges and Clearing Ltd (b)
     298,000       6,214  
Man Group PLC
     815,112       8,983  
Singapore Exchange Ltd
     533,000       3,703  
 
              
 
             42,389  
 
              
 
Food — Catering (0.22%)
                
Sodexho Alliance SA (b)
     73,500       3,999  
 
                
Food — Miscellaneous/Diversified (3.75%)
                
Associated British Foods PLC
     393,300       6,825  
Groupe Danone (b)
     160,400       12,964  
Nestle SA
     76,121       34,079  
Nissin Food Products Co Ltd
     78,900       2,624  
Nutreco Holding NV
     89,380       5,763  
Orkla ASA
     446,200       5,907  
 
              
 
             68,162  
 
              
 
Food — Retail (1.42%)
                
Tesco PLC
     1,894,100       15,834  
Woolworths Ltd
     385,093       10,036  
 
              
 
             25,870  
 
              
 
Forestry (0.15%)
                
Gunns Ltd
     927,912       2,701  
 
                
Gambling (Non-Hotel) (0.09%)
                
William Hill PLC
     200,800       1,637  
 
                
Gas — Distribution (1.51%)
                
Centrica PLC
     1,228,800       8,157  
Gaz de France SA
     79,700       4,322  
Osaka Gas Co Ltd
     3,443,000       13,199  
Tokyo Gas Co Ltd
     386,000       1,813  
 
              
 
             27,491  
 
              
 
Gold Mining (0.15%)
                
Lihir Gold Ltd (a)
     811,700       2,642  
 
                
Hotels & Motels (0.26%)
                
Intercontinental Hotels Group PLC
     302,519       4,686  
 
                
Import & Export (1.27%)
                
Mitsubishi Corp
     265,000       7,022  
Mitsui & Co Ltd
     655,000       13,344  
Sumitomo Corp
     195,000       2,725  
 
              
 
             23,091  
 
              
 
Industrial Gases (0.34%)
                
Linde AG
    47,171     $ 6,172  
 
                
Internet Brokers (0.18%)
                
Matsui Securities Co Ltd (b) 
     466,000       3,263  
 
                
Life & Health Insurance (2.08%)
                
AMP Ltd
    614,400       4,707  
Legal & General Group PLC
    3,675,200       9,737  
Prudential PLC
    421,000       5,401  
Sony Financial Holdings Inc
    1,198       4,585  
Swiss Life Holding (a) 
     55,035       13,365  
 
              
 
             37,795  
 
              
 
Machinery — Electrical (0.41%)
                
Fuji Electric Holdings Co Ltd
    482,000       1,636  
Konecranes Oyj
    187,600       5,745  
 
              
 
             7,381  
 
              
 
Machinery — Farm (0.37%)
                
Kubota Corp
    941,000       6,789  
 
                
Machinery — General Industry (0.74%)
                
Alstom
    34,600       6,987  
Hexagon AB
    255,460       4,516  
MAN AG
    15,400       1,910  
 
              
 
             13,413  
 
              
 
Medical — Biomedical/Gene (0.70%)
                
CSL Ltd/ Australia
    406,891       12,738  
 
                
Medical — Drugs (4.96%)
                
Actelion Ltd (a) 
     235,735       11,785  
Astellas Pharma Inc
    160,000       6,940  
AstraZeneca PLC
    175,700       7,375  
Daiichi Sankyo Co Ltd
    185,000       5,553  
Kobayashi Pharmaceutical Co Ltd
    30,700       1,209  
Miraca Holdings Inc
    125,000       3,141  
Mitsubishi Tanabe Pharma Corp
    240,000       2,914  
Novartis AG
    101,540       5,144  
Novo Nordisk A/S
    29,225       1,844  
Roche Holding AG
    160,900       29,215  
Shire PLC
    562,600       10,082  
Takeda Pharmaceutical Co Ltd
    81,600       4,983  
 
              
 
             90,185  
 
              
 
Medical Products (1.02%)
                
Nobel Biocare Holding AG
    14,325       3,557  
Smith & Nephew PLC
    540,500       7,354  
SSL International PLC
    546,100       5,701  
William Demant Holding (a)(b)
    29,500       2,006  
 
              
 
             18,618  
 
              

177

 

Schedule of Investments
Partners International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Metal — Diversified (2.16%)
                
Rio Tinto Ltd (b)
     184,600     $ 20,825  
Rio Tinto PLC
     183,900       18,412  
 
              
 
             39,237  
 
              
 
Metal Processors & Fabrication (0.17%)
                
NSK Ltd
     355,000       3,132  
 
                
Money Center Banks (0.17%)
                
SNS Reaal
     160,200       3,035  
 
                
Multi-Line Insurance (2.41%)
                
Allianz SE
     85,370       15,310  
AXA SA
     523,600       17,984  
Fondiaria-Sai SpA
     3,800       107  
Zurich Financial Services AG
     36,600       10,480  
 
              
 
             43,881  
 
              
 
Multimedia (0.68%)
                
Vivendi
     308,960       12,450  
 
                
Office Automation & Equipment (0.64%)
                
Canon Inc
     224,900       9,534  
Ricoh Co Ltd
     133,000       2,094  
 
              
 
             11,628  
 
              
 
Oil — Field Services (0.31%)
                
Fugro NV
     52,000       3,564  
John Wood Group PLC
     273,000       2,077  
 
              
 
             5,641  
 
              
 
Oil Company — Exploration & Production (0.51%)
                
Oil Search Ltd
     1,190,100       4,630  
Woodside Petroleum Ltd
     110,400       4,665  
 
              
 
             9,295  
 
              
 
Oil Company — Integrated (7.15%)
                
BG Group PLC
     2,141,800       47,210  
ENI SpA
     464,000       15,002  
Galp Energia SGPS SA
     292,800       6,663  
Royal Dutch Shell PLC — A shares (b)
     585,600       20,953  
Royal Dutch Shell PLC — B shares
     378,500       13,146  
StatoilHydro ASA
     524,785       13,818  
Total SA
     183,150       13,329  
 
              
 
             130,121  
 
              
 
Oil Refining & Marketing (0.10%)
                
Nippon Mining Holdings Inc
     300,000       1,778  
 
                
Paper & Related Products (0.90%)
                
Mondi Ltd
     320       3  
Mondi PLC
     431,005       3,325  
Svenska Cellulosa AB
     812,900       13,064  
 
              
 
             16,392  
 
              
 
Petrochemicals (0.09%)
                
Mitsui Chemicals Inc
    235,000     $ 1,573  
 
                
Photo Equipment & Supplies (0.72%)
                
FUJIFILM Holdings Corp
    27,700       1,076  
Konica Minolta Holdings Inc
    471,000       7,590  
Nikon Corp
    134,000       3,726  
Tamron Co Ltd
    33,000       652  
 
              
 
             13,044  
 
              
 
Property & Casualty Insurance (0.32%)
                
QBE Insurance Group Ltd
    226,418       5,746  
 
                
 
Publishing — Books (0.51%)
                
Reed Elsevier PLC
    768,110       9,285  
 
                
Real Estate Management & Services (0.36%)
                
Mitsubishi Estate Co Ltd
    241,000       6,487  
 
                
Real Estate Operator & Developer (0.66%)
                
Leopalace21 Corp
    80,000       1,957  
Mitsui Fudosan Co Ltd
    107,000       2,482  
Sino Land Co
    1,018,000       3,128  
Sun Hung Kai Properties Ltd
    227,000       4,505  
 
              
 
             12,072  
 
              
Reinsurance (0.51%)
                
Muenchener Rueckversicherungs AG
    51,100       9,229  
 
                
REITS — Diversified (1.17%)
                
Hammerson PLC
    132,000       3,002  
Kenedix Realty Investment Corp
    253       1,651  
Segro PLC
    265,100       2,677  
Unibail-Rodamco (b) 
     59,000       14,001  
 
              
 
             21,331  
 
              
 
REITS — Office Property (0.11%)
                
ORIX JREIT Inc
    331       1,974  
 
                
REITS — Shopping Centers (0.52%)
                
Westfield Group
    557,573       9,373  
 
                
Retail — Apparel & Shoe (0.22%)
                
Inditex SA
    80,900       4,064  
 
                
Retail — Drug Store (0.09%)
                
Matsumotokiyoshi Holdings Co Ltd (b) 
     69,000       1,664  
 
                
Retail — Jewelry (0.40%)
                
Compagnie Financiere Richemont SA
    56,423       3,228  
Swatch Group AG
    15,165       4,094  
 
              
 
             7,322  
 
              
 
Retail — Major Department Store (0.32%)
                
PPR
    31,200       4,391  

178

 

Schedule of Investments
Partners International Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Retail — Major Department Store (continued)
                
Takashimaya Co Ltd (a)
     140,000     $ 1,494  
 
              
 
             5,885  
 
              
Retail — Pubs (0.14%)
                
Punch Taverns PLC
     180,100       2,524  
 
                
Rubber — Tires (0.10%)
                
Bridgestone Corp
     111,000       1,885  
 
                
Satellite Telecommunications (0.47%)
                
SES
     350,000       8,530  
 
                
Security Services (0.06%)
                
Sohgo Security Services Co Ltd
     65,000       1,044  
 
                
Soap & Cleaning Products (0.47%)
                
Reckitt Benckiser Group PLC
     162,100       8,488  
 
                
Steel — Producers (1.35%)
                
ArcelorMittal
     92,000       6,105  
JFE Holdings Inc
     82,600       3,853  
Nippon Steel Corp
     823,000       5,003  
Salzgitter AG
     20,900       3,312  
Sumitomo Metal Industries Ltd
     1,327,000       6,346  
 
              
 
             24,619  
 
              
Steel — Specialty (0.20%)
                
Hitachi Metals Ltd
     275,000       3,653  
 
                
Telephone — Integrated (3.23%)
                
Nippon Telegraph & Telephone Corp
     1,102       5,245  
Swisscom AG
     19,815       7,910  
Telefonica SA
     1,018,700       29,780  
Telekom Austria AG
     408,790       11,517  
Telstra Corp Ltd
     1,101,000       4,332  
 
              
 
             58,784  
 
              
Television (0.19%)
                
Modern Times Group AB
     58,200       3,530  
 
                
Therapeutics (0.29%)
                
Grifols SA
     214,100       5,231  
 
                
Tobacco (1.12%)
                
Imperial Tobacco Group PLC
     251,200       12,288  
Japan Tobacco Inc
     1,522       8,077  
 
              
 
             20,365  
 
              
Toys (0.73%)
                
Nintendo Co Ltd
     26,100       13,198  
 
                
Transport — Marine (0.85%)
                
lino Kaiun Kaisha Ltd (b)
     275,400       2,427  
Kawasaki Kisen Kaisha Ltd
     719,000       7,018  
Mitsui OSK Lines Ltd
     215,000     $ 2,639  
Orient Overseas International Ltd
     567,500       3,458  
 
              
 
             15,542  
 
              
Transport — Rail (0.43%)
                
East Japan Railway Co
     946       7,872  
 
                
Venture Capital (0.45%)
                
3i Group PLC
     439,055       8,228  
 
                
Water (0.23%)
                
Veolia Environnement
     49,937       4,108  
 
                
Web Portals (0.33%)
                
United Internet AG (b)
     317,130       6,037  
 
                
Wire & Cable Products (0.33%)
                
Sumitomo Electric Industries Ltd
     406,000       5,997  
 
                
Wireless Equipment (1.66%)
                
Nokia OYJ
     821,750       30,259  
 
TOTAL COMMON STOCKS
           $ 1,769,077  
 
PREFERRED STOCKS (0.47%)
                
Medical Products (0.47%)
                
Fresenius SE
     108,565       8,548  
 
TOTAL PREFERRED STOCKS
           $ 8,548  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY
                
OBLIGATIONS (0.14%)
                
U.S. Treasury Bill (0.14%)
                
3.02%, 3/ 6/2008 (a)(c)
   $ 2,250       2,246  
3.17%, 4/10/2008 (a)(c)
     100       100  
3.08%, 4/17/2008 (a)(c)
     160       159  
 
              
 
             2,505  
 
TOTAL U.S. GOVERNMENT & GOVERNMENT
                
AGENCY OBLIGATIONS
           $ 2,505  
 
SHORT TERM INVESTMENTS (2.74%)
                
Money Market Funds (2.74%)
                
BNY Institutional Cash Reserve Fund (d)
   $ 49,969     $ 49,969  
 
TOTAL SHORT TERM INVESTMENTS
           $ 49,969  
 
REPURCHASE AGREEMENTS (2.46%)
                
Finance — Investment Banker & Broker (0.59%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $10,843,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (d)
   $ 10,762     $ 10,762  

179

 

Schedule of Investments
Partners International Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (continued)
                
Money Center Banks (1.87%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $34,207,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (d)
   $ 33,942     $ 33,939  
 
TOTAL REPURCHASE AGREEMENTS
           $ 44,701  
 
Total Investments
           $ 1,874,800  
Liabilities in Excess of Other Assets, Net — (3.03)%
             (55,078 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 1,819,722  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value
of these securities totaled $2,505 or 0.14% of net assets.
 
(d)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 172,317  
Unrealized Depreciation
     (131,183 )
 
      
Net Unrealized Appreciation (Depreciation)
     41,134  
Cost for federal income tax purposes
     1,833,666  
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current     Unrealized  
    Number of     Original     Market     Appreciation/  
Type   Contracts     Value     Value     (Depreciation)  
 
Buy:
                                
 
                                
DJ EURO STOXX 50; March 2008
     258     $ 15,774     $ 14,652     $ (1,122 )
 
                                
FTSE 100 IDX; March 2008
     144       17,454       16,820       (634 )
 
                                
TOPIX INDEX; March 2008
     52       7,464       6,582       (882 )
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Country   Percent  
 
Japan
     20.21 %
United Kingdom
     19.42 %
Germany
     10.42 %
Switzerland
     8.22 %
France
     8.06 %
Australia
     5.99 %
United States
     5.34 %
Italy
     3.59 %
Spain
     3.53 %
Netherlands
     3.50 %
Hong Kong
     2.85 %
Sweden
     2.27 %
Finland
     2.12 %
Norway
     1.56 %
Greece
     1.17 %
Denmark
     0.84 %
Luxembourg
     0.80 %
Austria
     0.73 %
Belgium
     0.68 %
Singapore
     0.66 %
Portugal
     0.51 %
Papua New Guinea
     0.40 %
Ireland
     0.16 %
South Africa
     0.00 %
Liabilities in Excess of Other Assets, Net
     (3.03 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      
Other Assets Summary (unaudited)
         
Asset Type   Percent
 
Currency Contracts
     2.29 %
Futures
     2.09 %

180

 

Schedule of Investments
Partners International Fund
January 31, 2008 (unaudited)
Foreign Currency Contracts
                                         
                                    Net Unrealized
Foreign Currency   Delivery   Contracts to                   Appreciation
Purchase Contracts   Date   Accept   In Exchange For   Value   (Depreciation)
Euro
     2/15/2008       13,064,256     $ 19,000     $ 19,414     $ 414  
British Pounds
     2/15/2008       5,838,905       12,000       11,600       (400 )
Japanese Yen
     2/15/2008       1,137,018,750       10,500       10,704       204  
All dollar amounts are shown in thousands (000’s)

181

 

Schedule of Investments
Partners LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (99.27%)
                
Advertising Agencies (0.22%)
                
Omnicom Group Inc
     47,300     $ 2,146  
 
                
Advertising Sales (0.15%)
                
Lamar Advertising Co (a)
     34,200       1,475  
 
                
Aerospace & Defense (1.88%)
                
Boeing Co
     51,900       4,317  
General Dynamics Corp
     50,140       4,235  
Lockheed Martin Corp
     34,900       3,766  
Northrop Grumman Corp
     36,200       2,873  
Raytheon Co
     15,300       997  
Rockwell Collins Inc
     32,200       2,035  
 
              
 
             18,223  
 
              
Aerospace & Defense Equipment (0.83%)
                
United Technologies Corp
     109,700       8,053  
 
                
Agricultural Chemicals (0.50%)
                
Monsanto Co
     43,100       4,846  
 
                
Agricultural Operations (0.14%)
                
Archer-Daniels-Midland Co
     29,800       1,313  
 
                
Airlines (0.23%)
                
Southwest Airlines Co
     187,400       2,198  
 
                
Applications Software (2.81%)
                
Microsoft Corp
     714,200       23,283  
Red Hat Inc (a)(b)
     213,400       3,986  
 
              
 
             27,269  
 
              
Athletic Footwear (0.11%)
                
Nike Inc
     17,100       1,056  
 
                
Audio & Video Products (0.06%)
                
Harman International Industries Inc
     12,000       559  
 
                
Auto — Car & Light Trucks (0.17%)
                
Ford Motor Co (a)(b)
     256,000       1,700  
 
                
Auto — Medium & Heavy Duty Trucks (0.33%)
                
Paccar Inc
     69,400       3,256  
 
                
Beverages — Non-Alcoholic (1.63%)
                
Coca-Cola Co/The
     135,800       8,035  
PepsiCo Inc
     114,600       7,815  
 
              
 
             15,850  
 
              
Brewery (0.46%)
                
Anheuser-Busch Cos Inc
     95,200       4,429  
 
                
Building — Residential & Commercial (0.31%)
                
Lennar Corp (a)
     147,800       3,045  
Building Products — Wood (0.12%)
                
Masco Corp
     51,700     $ 1,185  
 
                
Cable TV (0.72%)
                
Cablevision Systems Corp (b)
     32,100       754  
Rogers Communications Inc
     62,400       2,391  
Shaw Communications Inc
     71,100       1,401  
Time Warner Cable Inc (b)
     96,000       2,415  
 
              
 
             6,961  
 
              
Casino Hotels (0.33%)
                
Melco PBL Entertainment Macau Ltd ADR
     167,900       2,031  
(a)(b)
               
MGM Mirage (b)
     16,700       1,223  
 
              
 
             3,254  
 
              
Casino Services (0.45%)
                
International Game Technology
     102,800       4,386  
 
                
Cellular Telecommunications (0.26%)
                
Metropcs Communications Inc (a)(b)
     118,500       2,141  
NII Holdings Inc (b)
     9,700       414  
 
              
 
             2,555  
 
              
Chemicals — Diversified (0.52%)
                
Dow Chemical Co/The
     94,200       3,642  
EI Du Pont de Nemours & Co
     31,700       1,432  
 
              
 
             5,074  
 
              
Chemicals — Specialty (0.06%)
                
Sigma-Aldrich Corp
     10,800       536  
 
                
Coal (0.53%)
                
Arch Coal Inc (a)
     28,900       1,271  
Consol Energy Inc
     30,300       2,212  
Peabody Energy Corp
     30,800       1,664  
 
              
 
             5,147  
 
              
Coatings & Paint (0.05%)
                
Sherwin-Williams Co/The
     8,700       498  
 
                
Commercial Banks (0.54%)
                
First Horizon National Corp (a)
     82,100       1,779  
Marshall & Ilsley Corp
     75,998       2,120  
Synovus Financial Corp
     104,800       1,385  
 
              
 
             5,284  
 
              
Commercial Services (0.04%)
                
Quanta Services Inc (a)(b)
     17,100       375  
 
                
Commercial Services — Finance (0.60%)
                
H&R Block Inc
     185,500       3,575  
Moody’s Corp
     25,100       878  
Western Union Co/The
     63,100       1,413  
 
              
 
             5,866  
 
              

182

 

Schedule of Investments
Partners LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares   Value
    Held   (000’s)
 
COMMON STOCKS (continued)
                
Computer Aided Design (0.16%)
                
Autodesk Inc (b)
     38,000     $ 1,564  
 
                
Computer Services (0.14%)
                
Electronic Data Systems Corp
     69,600       1,399  
 
                
Computer Software (0.00%)
                
Metavante Technologies Inc (b)
     1       —  
 
                
Computers (3.41%)
                
Apple Inc (b)
     38,600       5,225  
Dell Inc (b)
     347,200       6,958  
Hewlett-Packard Co
     242,600       10,614  
International Business Machines Corp
     70,800       7,599  
Sun Microsystems Inc (b)
     159,125       2,785  
 
                
 
             33,181  
 
                
 
                
Computers — Memory Devices (0.42%)
                
EMC Corp/Massachusetts (b)
     139,600       2,216  
Network Appliance Inc (b)
     26,500       615  
Seagate Technology
     59,500       1,206  
 
                
 
             4,037  
 
                
 
                
Consulting Services (0.25%)
                
Accenture Ltd
     71,500       2,475  
 
                
Consumer Products — Miscellaneous (0.55%)
                
Clorox Co
     35,000       2,146  
Fortune Brands Inc
     19,000       1,329  
Kimberly-Clark Corp
     28,000       1,838  
 
                
 
             5,313  
 
                
 
                
Cosmetics & Toiletries (2.38%)
                
Avon Products Inc
     86,300       3,022  
Colgate-Palmolive Co
     25,900       1,995  
Estee Lauder Cos Inc/The
     21,400       903  
Procter & Gamble Co
     260,257       17,164  
 
                
 
             23,084  
 
                
 
                
Cruise Lines (0.18%)
                
Carnival Corp
     39,200       1,744  
 
                
Data Processing & Management (0.47%)
                
Automatic Data Processing Inc
     63,700       2,584  
Mastercard Inc
     6,000       1,242  
Total System Services Inc
     33,632       777  
 
                
 
             4,603  
 
                
 
                
Disposable Medical Products (0.13%)
                
CR Bard Inc
     13,000       1,255  
 
                
Distribution & Wholesale (0.07%)
                
Fastenal Co (a)
     15,700       634  
 
                
Diversified Manufacturing Operations (5.36%)
                
3M Co
     52,000       4,142  
Cooper Industries Ltd
     9,600       428  
Danaher Corp
     66,400       4,944  
General Electric Co
     763,600       27,039  
Honeywell International Inc
     42,200       2,493  
Illinois Tool Works Inc
     61,100       3,079  
Ingersoll-Rand Co Ltd
     61,600       2,434  
ITT Corp
     40,300       2,395  
Tyco International Ltd
     131,325       5,169  
 
                
 
             52,123  
 
                
 
                
E-Commerce — Products (0.61%)
                
Amazon.com Inc (b)
     76,300       5,929  
 
                
E-Commerce — Services (0.12%)
                
Expedia Inc (a)(b)
     50,200       1,156  
 
                
Electric — Generation (0.37%)
                
AES Corp/The (b)
     189,900       3,623  
 
                
Electric — Integrated (2.25%)
                
Centerpoint Energy Inc
     63,600       1,018  
Constellation Energy Group Inc
     24,600       2,311  
Edison International
     39,000       2,034  
Entergy Corp
     16,500       1,785  
Exelon Corp
     64,300       4,899  
FirstEnergy Corp
     27,600       1,966  
FPL Group Inc
     10,600       684  
PPL Corp
     52,900       2,588  
Public Service Enterprise Group Inc
     30,800       2,957  
TECO Energy Inc
     95,700       1,595  
 
                
 
             21,837  
 
                
 
                
Electronic Components — Miscellaneous (0.51%)
                
Flextronics International Ltd (b)
     79,100       925  
Tyco Electronics Ltd
     119,725       4,048  
 
                
 
             4,973  
 
                
 
                
Electronic Components — Semiconductors (1.44%)
                
Advanced Micro Devices Inc (a)(b)
     566,900       4,331  
Broadcom Corp (b)
     85,600       1,890  
Intel Corp
     141,400       2,998  
National Semiconductor Corp
     51,100       942  
Xilinx Inc
     174,400       3,814  
 
                
 
             13,975  
 
                
 
                
Electronic Measurement Instruments (0.12%)
                
Agilent Technologies Inc (b)
     35,200       1,194  
 
                
Engineering — Research & Development Services (0.22%)
                
Fluor Corp
     7,400       900  
Foster Wheeler Ltd (b)
     12,000       822  

183

 

Schedule of Investments
Partners LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Engineering — Research & Development Services (continued)
                
McDermott International Inc (b)
     9,200     $ 434  
 
              
 
             2,156  
 
              
 
                
Enterprise Software & Services (0.49%)
                
Oracle Corp (b)
     231,800       4,763  
 
                
Entertainment Software (0.14%)
                
Electronic Arts Inc (b)
     28,600       1,355  
 
                
Fiduciary Banks (1.03%)
                
Bank of New York Mellon Corp/The
     102,900       4,798  
Northern Trust Corp
     13,100       961  
State Street Corp
     51,300       4,213  
 
              
 
             9,972  
 
              
 
                
Finance — Commercial (0.21%)
                
CIT Group Inc
     71,700       2,005  
 
                
Finance — Consumer Loans (0.21%)
                
SLM Corp
     93,400       2,031  
 
                
Finance — Credit Card (0.28%)
                
American Express Co
     54,700       2,698  
 
                
Finance — Investment Banker & Broker (4.92%)
                
Citigroup Inc
     429,900       12,132  
Goldman Sachs Group Inc/The
     28,200       5,661  
Interactive Brokers Group Inc (a)(b)
     31,400       1,093  
JPMorgan Chase & Co
     310,028       14,742  
Lehman Brothers Holdings Inc
     53,500       3,433  
Merrill Lynch & Co Inc
     95,900       5,409  
Morgan Stanley
     108,400       5,358  
 
              
 
             47,828  
 
              
 
                
Finance — Mortgage Loan/Banker (0.26%)
                
Freddie Mac
     83,300       2,531  
 
                
Finance — Other Services (0.44%)
                
CME Group Inc
     5,370       3,323  
IntercontinentalExchange Inc (b)
     6,500       910  
 
              
 
             4,233  
 
              
 
                
Food — Miscellaneous/Diversified (1.10%)
                
Campbell Soup Co
     15,700       497  
ConAgra Foods Inc
     80,300       1,729  
General Mills Inc
     57,100       3,118  
Kraft Foods Inc
     181,142       5,300  
 
              
 
             10,644  
 
              
 
                
Food — Retail (0.15%)
                
Kroger Co/The
     34,400       876  
Whole Foods Market Inc (a)
     15,500       611  
 
              
 
             1,487  
 
              
 
                
Food — Wholesale & Distribution (0.28%)
                
SUPERVALU Inc
     26,300       791  
Sysco Corp
     66,400       1,929  
 
              
 
             2,720  
 
              
 
                
Forestry (0.10%)
                
Weyerhaeuser Co
     14,400       975  
 
                
Gas — Distribution (0.29%)
                
NiSource Inc
     21,800       414  
Sempra Energy
     42,200       2,359  
 
              
 
             2,773  
 
              
 
                
Gold Mining (0.18%)
                
Barrick Gold Corp
     34,900       1,797  
 
                
Health Care Cost Containment (0.12%)
                
McKesson Corp
     18,300       1,149  
 
                
Home Decoration Products (0.02%)
                
Newell Rubbermaid Inc
     7,400       178  
 
                
Hotels & Motels (0.38%)
                
Marriott International Inc/DE
     86,600       3,114  
Wyndham Worldwide Corp
     24,500       577  
 
              
 
             3,691  
 
              
 
                
Human Resources (0.17%)
                
Monster Worldwide Inc (a)(b)
     40,000       1,114  
Robert Half International Inc
     19,100       531  
 
              
 
             1,645  
 
              
 
                
Independent Power Producer (0.64%)
                
Dynegy Inc (b)
     298,400       2,095  
NRG Energy Inc (a)(b)
     81,300       3,137  
Reliant Energy Inc (b)
     45,000       957  
 
              
 
             6,189  
 
              
 
                
Industrial Gases (0.43%)
                
Praxair Inc
     52,200       4,224  
 
                
Instruments — Scientific (0.22%)
                
Applera Corp — Applied Biosystems Group
     12,900       407  
Thermo Fisher Scientific Inc (b)
     24,100       1,241  
Waters Corp (b)
     9,300       534  
 
              
 
             2,182  
 
              
 
                
Insurance Brokers (0.30%)
                
Aon Corp
     53,200       2,315  
Marsh & McLennan Cos Inc
     22,800       630  
 
              
 
             2,945  
 
              
 
                
Internet Security (0.27%)
                
VeriSign Inc (a)(b)
     77,700       2,636  

184

 

Schedule of Investments
Partners LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Investment Management & Advisory Services (0.32%)
                
Ameriprise Financial Inc
     14,900     $ 824  
Federated Investors Inc
     11,900       507  
Franklin Resources Inc
     17,500       1,824  
 
              
 
             3,155  
 
              
 
                
Life & Health Insurance (0.85%)
                
Cigna Corp
     43,600       2,143  
Lincoln National Corp
     58,800       3,196  
Prudential Financial Inc
     34,700       2,928  
 
              
 
             8,267  
 
              
 
                
Machinery — Construction & Mining (0.46%)
                
Joy Global Inc
     27,900       1,759  
Terex Corp (b)
     46,900       2,756  
 
              
 
             4,515  
 
              
 
                
Medical — Biomedical/Gene (1.01%)
                
Amgen Inc (b)
     90,700       4,225  
Celgene Corp (b)
     56,800       3,187  
Genentech Inc (b)
     9,200       646  
Genzyme Corp (b)
     10,700       836  
Millipore Corp (b)
     12,600       884  
 
              
 
             9,778  
 
              
 
                
Medical — Drugs (4.23%)
                
Abbott Laboratories
     92,900       5,230  
Allergan Inc/United States
     38,900       2,614  
Bristol-Myers Squibb Co
     175,200       4,063  
Cephalon Inc (a)(b)
     8,800       578  
Eli Lilly & Co
     89,100       4,590  
Merck & Co Inc
     200,300       9,270  
Pfizer Inc
     295,400       6,909  
Schering-Plough Corp
     163,300       3,196  
Wyeth
     116,100       4,621  
 
              
 
             41,071  
 
              
 
                
Medical — HMO (1.28%)
                
Aetna Inc
     50,200       2,674  
Humana Inc (b)
     20,400       1,638  
UnitedHealth Group Inc
     64,300       3,269  
WellPoint Inc (b)
     61,600       4,817  
 
              
 
             12,398  
 
              
 
                
Medical — Wholesale Drug Distribution (0.24%)
                
Cardinal Health Inc
     40,900       2,371  
 
                
Medical Instruments (0.85%)
                
Medtronic Inc
     120,500       5,612  
St Jude Medical Inc (b)
     65,500       2,653  
 
              
 
             8,265  
 
              
 
                
Medical Laboratory & Testing Service (0.18%)
                
Laboratory Corp of America Holdings (b)
     24,100       1,781  
 
                
Medical Products (2.78%)
                
Baxter International Inc
     48,800       2,964  
Becton Dickinson & Co
     22,900       1,982  
Covidien Ltd
     99,425       4,437  
Johnson & Johnson
     230,200       14,562  
Stryker Corp
     24,600       1,648  
Zimmer Holdings Inc (b)
     18,100       1,417  
 
              
 
             27,010  
 
              
 
                
Metal — Diversified (0.70%)
                
Freeport-McMoRan Copper & Gold Inc
     54,910       4,889  
Rio Tinto PLC ADR (a)
     4,600       1,872  
 
              
 
             6,761  
 
              
 
                
Metal Processors & Fabrication (0.12%)
                
Precision Castparts Corp
     10,200       1,161  
 
                
Motorcycle/Motor Scooter (0.10%)
                
Harley-Davidson Inc
     23,300       946  
 
                
Multi-Line Insurance (2.96%)
                
ACE Ltd
     48,100       2,806  
American International Group Inc
     244,900       13,509  
Assurant Inc
     24,900       1,616  
Genworth Financial Inc
     80,100       1,949  
Hartford Financial Services Group Inc
     28,900       2,334  
Loews Corp
     35,400       1,653  
MetLife Inc
     83,400       4,918  
 
              
 
             28,785  
 
              
 
                
Multimedia (1.38%)
                
EW Scripps Co (a)
     18,000       733  
McGraw-Hill Cos Inc/The
     35,100       1,501  
Meredith Corp
     12,300       578  
News Corp
     197,900       3,740  
Time Warner Inc
     177,300       2,791  
Walt Disney Co/The
     137,500       4,115  
 
              
 
             13,458  
 
              
 
                
Networking Products (0.91%)
                
Cisco Systems Inc (b)
     206,800       5,067  
Juniper Networks Inc (b)
     139,200       3,779  
 
              
 
             8,846  
 
              
 
                
Non-Hazardous Waste Disposal (0.35%)
                
Allied Waste Industries Inc (a)(b)
     232,000       2,285  
Republic Services Inc
     36,900       1,107  
 
              
 
             3,392  
 
              
 
                
Office Supplies & Forms (0.17%)
                
Avery Dennison Corp
     32,200       1,669  
 
                
Oil — Field Services (2.38%)
                
Baker Hughes Inc
     58,000       3,766  
BJ Services Co
     68,000       1,479  

185

 

Schedule of Investments
Partners LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Oil — Field Services (continued)
                
Schlumberger Ltd
     167,200     $ 12,617  
Smith International Inc
     17,000       921  
Transocean Inc
     35,750       4,383  
 
              
 
             23,166  
 
              
 
                
Oil & Gas Drilling (0.06%)
                
Nabors Industries Ltd (a)(b)
     22,000       599  
 
                
Oil Company — Exploration & Production (1.08%)
                
Devon Energy Corp
     26,400       2,243  
EOG Resources Inc
     32,600       2,853  
Occidental Petroleum Corp
     47,100       3,197  
XTO Energy Inc
     42,457       2,205  
 
              
 
             10,498  
 
              
 
                
Oil Company — Integrated (6.96%)
                
Chevron Corp
     188,300       15,911  
ConocoPhillips
     43,600       3,502  
Exxon Mobil Corp
     471,800       40,764  
Murphy Oil Corp
     53,600       3,942  
Total SA ADR
     49,000       3,566  
 
              
 
             67,685  
 
              
 
                
Oil Field Machinery & Equipment (0.54%)
                
FMC Technologies Inc (b)
     56,400       2,716  
Grant Prideco Inc (b)
     50,200       2,499  
 
              
 
             5,215  
 
              
 
                
Oil Refining & Marketing (0.58%)
                
Sunoco Inc
     54,500       3,390  
Valero Energy Corp
     37,600       2,225  
 
              
 
             5,615  
 
              
 
                
Optical Supplies (0.09%)
                
Alcon Inc
     6,000       852  
 
                
Paper & Related Products (0.34%)
                
AbitibiBowater Inc (a)
     33,308       825  
International Paper Co
     64,600       2,083  
Temple-Inland Inc
     19,600       368  
 
              
 
             3,276  
 
              
 
                
Pharmacy Services (0.16%)
                
Medco Health Solutions Inc (b)
     31,400       1,573  
 
                
Pipelines (0.51%)
                
Spectra Energy Corp
     144,100       3,291  
Williams Cos Inc
     53,000       1,695  
 
              
 
             4,986  
 
              
 
                
Property & Casualty Insurance (0.35%)
                
Progressive Corp/The
     56,900       1,056  
Travelers Cos Inc/The
     48,571       2,336  
 
              
 
             3,392  
 
              
 
                
Regional Banks (4.31%)
                
Bank of America Corp
     410,570       18,209  
Capital One Financial Corp
     8,300       455  
PNC Financial Services Group Inc
     28,600       1,877  
SunTrust Banks Inc
     50,300       3,468  
US Bancorp
     180,800       6,138  
Wachovia Corp
     53,800       2,094  
Wells Fargo & Co
     283,100       9,628  
 
              
 
             41,869  
 
              
 
                
REITS — Apartments (0.22%)
                
Equity Residential
     57,200       2,140  
 
                
REITS — Office Property (0.21%)
                
Boston Properties Inc
     22,400       2,059  
 
                
REITS — Regional Malls (0.36%)
                
Simon Property Group Inc (a)
     39,500       3,531  
 
                
REITS — Warehouse & Industrial (0.17%)
                
ProLogis
     27,700       1,644  
 
                
Retail — Apparel & Shoe (0.35%)
                
Coach Inc (b)
     57,900       1,856  
Ross Stores Inc
     53,400       1,556  
 
              
 
             3,412  
 
              
 
                
Retail — Bedding (0.48%)
                
Bed Bath & Beyond Inc (b)
     144,300       4,652  
 
                
Retail — Building Products (0.92%)
                
Home Depot Inc
     179,200       5,496  
Lowe’s Cos Inc
     132,000       3,490  
 
              
 
             8,986  
 
              
 
                
Retail — Consumer Electronics (0.05%)
                
Best Buy Co Inc
     9,800       478  
 
                
Retail — Discount (1.75%)
                
Costco Wholesale Corp
     38,500       2,615  
Target Corp
     34,000       1,890  
TJX Cos Inc
     34,500       1,089  
Wal-Mart Stores Inc
     224,900       11,443  
 
              
 
             17,037  
 
              
 
                
Retail — Drug Store (0.91%)
                
CVS Caremark Corp
     172,494       6,739  
Walgreen Co
     59,300       2,082  
 
              
 
             8,821  
 
              
 
                
Retail — Regional Department Store (0.52%)
                
Kohl’s Corp (b)
     111,600       5,093  
 
                
Retail — Restaurants (0.83%)
                
McDonald’s Corp
     104,700       5,607  

186

 

Schedule of Investments
Partners LargeCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Retail — Restaurants (continued)
                
Yum! Brands Inc
     71,200     $ 2,432  
 
              
 
             8,039  
 
              
 
                
Schools (0.11%)
                
Apollo Group Inc (b)
     13,900       1,108  
 
                
Semiconductor Component — Integrated Circuits (0.59%)
                
Marvell Technology Group Ltd (b)
     348,900       4,142  
Maxim Integrated Products Inc
     81,900       1,610  
 
              
 
             5,752  
 
              
 
                
Semiconductor Equipment (0.45%)
                
Applied Materials Inc
     242,100       4,338  
 
                
Steel — Producers (0.27%)
                
Nucor Corp
     45,800       2,647  
 
                
Telecommunication Equipment (0.17%)
                
Alcatel-Lucent ADR (a)
     260,512       1,649  
 
                
Telecommunication Equipment — Fiber Optics (0.58%)
                
Corning Inc
     201,600       4,853  
JDS Uniphase Corp (a)(b)
     71,900       748  
 
              
 
             5,601  
 
              
 
                
Telephone — Integrated (2.28%)
                
AT&T Inc
     576,110       22,174  
 
                
Television (0.10%)
                
DISH Network Corp (b)
     34,100       963  
 
                
Therapeutics (0.57%)
                
Gilead Sciences Inc (b)
     109,600       5,008  
Warner Chilcott Ltd (a)(b)
     30,500       517  
 
              
 
             5,525  
 
              
 
                
Tobacco (0.98%)
                
Altria Group Inc
     125,000       9,478  
 
                
Toys (0.16%)
                
Hasbro Inc
     58,600       1,522  
 
                
Transport — Rail (0.53%)
                
Canadian National Railway Co
     31,100       1,568  
Norfolk Southern Corp
     27,300       1,485  
Union Pacific Corp
     17,000       2,125  
 
              
 
             5,178  
 
              
 
                
Transport — Services (0.30%)
                
Expeditors International Washington Inc
     60,900       2,880  
 
                
Web Portals (1.54%)
                
Google Inc (b)
     22,700       12,810  
Yahoo! Inc (b)
     110,700       2,123  
 
              
 
             14,933  
 
              
 
                
Wireless Equipment (1.78%)
                
American Tower Corp (b)
     118,892       4,462  
Crown Castle International Corp (a)(b)
     90,900       3,290  
Motorola Inc
     253,300       2,920  
Qualcomm Inc
     155,800       6,609  
 
              
 
             17,281  
 
TOTAL COMMON STOCKS
           $ 964,721  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (0.05%)
                
U.S. Treasury Bill (0.05%)
                
2.40%, 7/24/2008 (b)(c)
   $ 500       495  
 
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 495  
 
SHORT TERM INVESTMENTS (2.03%)
                
Money Market Funds (2.03%)
                
BNY Institutional Cash Reserve Fund (d)
   $ 19,759     $ 19,759  
 
TOTAL SHORT TERM INVESTMENTS
           $ 19,759  
 
REPURCHASE AGREEMENTS (0.91%)
                
Finance — Investment Banker & Broker (0.91%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $8,878,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (d)
   $ 8,812     $ 8,811  
 
TOTAL REPURCHASE AGREEMENTS
           $ 8,811  
 
Total Investments
           $ 993,786  
Liabilities in Excess of Other Assets, Net — (2.26)%
             (21,935 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 971,851  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value
of these securities totaled $495 or 0.05% of net assets.
 
(d)   Security was purchased with the cash proceeds from securities loans.

187

 

Schedule of Investments
Partners LargeCap Blend Fund
January 31, 2008 (unaudited)
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 112,249  
Unrealized Depreciation
     (84,523 )
 
      
Net Unrealized Appreciation (Depreciation)
     27,726  
Cost for federal income tax purposes
     966,060  
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
 
Buy:
                                
S&P 500 eMini; March 2008
     89     $ 6,021     $ 6,139     $ 118  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
 
Financial
     20.88 %
Consumer, Non-cyclical
     20.63 %
Energy
     12.65 %
Communications
     11.09 %
Industrial
     11.03 %
Technology
     10.52 %
Consumer, Cyclical
     8.72 %
Utilities
     3.54 %
Basic Materials
     3.15 %
Government
     0.05 %
Liabilities in Excess of Other Assets, Net
     (2.26 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        
Other Assets Summary (unaudited)
         
Asset Type   Percent
 
Futures
     0.63 %

188

 

Schedule of Investments
Partners LargeCap Blend Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (97.97%)
                
Aerospace & Defense (2.36%)
                
Boeing Co
     59,700     $ 4,966  
Lockheed Martin Corp
     47,500       5,126  
Northrop Grumman Corp
     127,800       10,142  
 
              
 
             20,234  
 
              
 
                
Agricultural Chemicals (1.12%)
                
CF Industries Holdings Inc
     72,000       7,699  
Monsanto Co
     16,900       1,900  
 
              
 
             9,599  
 
              
 
                
Applications Software (3.11%)
                
Microsoft Corp
     819,000       26,699  
 
                
Athletic Footwear (0.07%)
                
Nike Inc
     9,600       593  
 
                
Auto — Car & Light Trucks (0.28%)
                
Ford Motor Co (a)
     362,800       2,409  
 
                
Batteries & Battery Systems (0.64%)
                
Energizer Holdings Inc (a)(b)
     58,400       5,467  
 
                
Beverages — Non- Alcoholic (1.98%)
                
Coca-Cola Co/The
     82,300       4,870  
Coca-Cola Enterprises Inc
     77,400       1,786  
Pepsi Bottling Group Inc
     2,600       90  
PepsiAmericas Inc
     9,900       244  
PepsiCo Inc
     146,900       10,017  
 
              
 
             17,007  
 
              
 
                
Cable TV (0.34%)
                
DIRECTV Group Inc/The (a)
     128,100       2,892  
 
                
Chemicals — Specialty (0.18%)
                
Lubrizol Corp
     10,900       573  
Terra Industries Inc (a)(b)
     21,200       956  
 
              
 
             1,529  
 
              
 
                
Commercial Banks (1.21%)
                
BB&T Corp
     138,900       5,040  
East West Bancorp Inc (b)
     9,600       231  
Regions Financial Corp
     192,000       4,846  
SVB Financial Group (a)
     6,100       295  
 
              
 
             10,412  
 
              
 
                
Computer Aided Design (0.04%)
                
Autodesk Inc (a)
     8,200       337  
 
                
Computers (2.75%)
                
Apple Inc (a)
     88,200       11,939  
Dell Inc (a)
     242,600       4,862  
Hewlett-Packard Co
     116,700       5,105  
International Business Machines Corp
     15,400       1,653  
 
              
 
             23,559  
 
              
 
                
Computers — Memory Devices (0.78%)
                
EMC Corp/Massachusetts (a)
     424,200       6,732  
 
                
Consulting Services (0.60%)
                
Accenture Ltd
     147,800       5,117  
 
                
Consumer Products — Miscellaneous (0.10%)
                
American Greetings Corp
     40,100       823  
 
                
Cosmetics & Toiletries (1.17%)
                
Colgate-Palmolive Co
     30,700       2,364  
Procter & Gamble Co
     116,250       7,667  
 
              
 
             10,031  
 
              
 
                
Cruise Lines (0.05%)
                
Carnival Corp
     9,300       414  
 
                
Data Processing & Management (0.89%)
                
Fair Isaac Corp
     14,000       357  
Mastercard Inc
     28,200       5,837  
SEI Investments Co
     51,100       1,416  
 
              
 
             7,610  
 
              
 
                
Diversified Manufacturing Operations (4.20%)
                
3M Co
     105,100       8,371  
General Electric Co
     464,500       16,448  
Honeywell International Inc
     89,000       5,257  
Ingersoll-Rand Co Ltd
     86,900       3,434  
SPX Corp
     24,600       2,475  
 
              
 
             35,985  
 
              
 
                
E-Commerce — Products (1.11%)
                
Amazon.com Inc (a)
     122,800       9,542  
 
                
E-Commerce — Services (0.60%)
                
eBay Inc (a)
     114,200       3,071  
Expedia Inc (a)(b)
     89,000       2,049  
 
              
 
             5,120  
 
              
 
                
Electric — Integrated (1.71%)
                
Dominion Resources Inc/VA
     7,600       327  
Duke Energy Corp
     324,500       6,055  
Edison International
     1,900       99  
Entergy Corp
     10,300       1,114  
Exelon Corp
     1,600       122  
FirstEnergy Corp
     70,400       5,014  
Pepco Holdings Inc
     4,700       120  
PG&E Corp
     43,500       1,785  
 
              
 
             14,636  
 
              

189

 

Schedule of Investments
Partners LargeCap Blend Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Electric Products — Miscellaneous (0.36%)
                
Emerson Electric Co
     61,300     $ 3,116  
 
                
Electronic Components — Miscellaneous (0.84%)
                
Garmin Ltd (b)
     4,600       332  
Tyco Electronics Ltd
     204,425       6,911  
 
              
 
             7,243  
 
              
 
                
Electronic Components — Semiconductors (2.70%)
                
Intel Corp
     475,300       10,077  
MEMC Electronic Materials Inc (a)
     15,700       1,122  
National Semiconductor Corp
     9,600       177  
Nvidia Corp (a)
     65,400       1,608  
Texas Instruments Inc
     328,300       10,154  
 
              
 
             23,138  
 
              
 
                
Electronic Measurement Instruments (0.04%)
                
Agilent Technologies Inc (a)
     9,600       326  
 
                
Electronics — Military (0.25%)
                
L-3 Communications Holdings Inc
     19,400       2,150  
 
                
Engineering — Research & Development Services (0.42%)
                
Foster Wheeler Ltd (a)
     34,600       2,369  
KBR Inc
     37,900       1,197  
 
              
 
             3,566  
 
              
 
                
Enterprise Software & Services (0.57%)
                
Advent Software Inc (a)
     1,900       86  
CA Inc
     216,200       4,763  
 
              
 
             4,849  
 
              
 
                
Fiduciary Banks (1.43%)
                
Bank of New York Mellon Corp/The
     262,869       12,258  
Northern Trust Corp
     300       22  
 
              
 
             12,280  
 
              
 
                
Finance — Credit Card (0.68%)
                
American Express Co
     118,300       5,835  
 
                
Finance — Investment Banker & Broker (2.82%)
                
Citigroup Inc
     157,200       4,436  
JPMorgan Chase & Co
     415,980       19,780  
 
              
 
             24,216  
 
              
 
                
Finance — Other Services (0.78%)
                
CME Group Inc
     10,800       6,684  
 
                
Food — Meat Products (0.59%)
                
Tyson Foods Inc
     355,300       5,063  
 
                
Food — Miscellaneous/Diversified (0.14%)
                
Kellogg Co
     25,800       1,236  
 
                
Food — Retail (0.80%)
                
Kroger Co/The
     269,100       6,849  
 
                
Gold Mining (0.10%)
                
Newmont Mining Corp
     16,400       891  
 
                
Health Care Cost Containment (0.16%)
                
McKesson Corp
     21,700       1,363  
 
                
Hospital Beds & Equipment (0.46%)
                
Kinetic Concepts Inc (a)(b)
     79,200       3,943  
 
                
Human Resources (0.18%)
                
Manpower Inc
     28,200       1,587  
 
                
Independent Power Producer (0.97%)
                
NRG Energy Inc (a)(b)
     35,500       1,370  
Reliant Energy Inc (a)
     328,400       6,985  
 
              
 
             8,355  
 
              
 
                
Industrial Automation & Robots (0.49%)
                
Rockwell Automation Inc/DE
     73,700       4,202  
 
                
Instruments — Scientific (0.01%)
                
PerkinElmer Inc
     300       8  
Waters Corp (a)
     1,900       109  
 
              
 
             117  
 
              
 
                
Internet Security (1.24%)
                
Symantec Corp (a)(b)
     574,900       10,308  
VeriSign Inc (a)(b)
     8,800       298  
 
              
 
             10,606  
 
              
 
                
Investment Management & Advisory Services (0.94%)
                
Ameriprise Financial Inc
     56,000       3,097  
Eaton Vance Corp
     133,200       4,965  
T Rowe Price Group Inc
     100       5  
 
              
 
             8,067  
 
              
 
                
Life & Health Insurance (0.67%)
                
Cigna Corp
     35,400       1,740  
Nationwide Financial Services
     19,900       879  
Prudential Financial Inc
     37,400       3,156  
 
              
 
             5,775  
 
              
 
                
Machinery — Construction & Mining (0.56%)
                
Caterpillar Inc
     67,800       4,823  
 
                
Machinery — Farm (0.73%)
                
AGCO Corp (a)(b)(c)
     98,400       5,926  
Deere & Co
     4,200       368  
 
              
 
             6,294  
 
              
 
                
Medical — Biomedical/Gene (2.29%)
                
Amgen Inc (a)
     251,500       11,717  
Biogen Idee Inc (a)
     123,600       7,534  

190

 

Schedule of Investments
Partners LargeCap Blend Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Medical — Biomedical/Gene (continued)
                
Invitrogen Corp (a)(b)
     4,400     $ 377  
 
              
 
             19,628  
 
              
 
                
Medical — Drugs (5.41%)
                
Bristol-Myers Squibb Co
     15,700       364  
Eli Lilly & Co
     111,900       5,765  
Merck & Co Inc
     292,700       13,546  
Pfizer Inc
     843,820       19,737  
Schering-Plough Corp
     177,200       3,468  
Wyeth
     87,600       3,487  
 
              
 
             46,367  
 
              
 
                
Medical — Nursing Homes (0.02%)
                
Kindred Healthcare Inc (a)
     7,500       207  
 
                
Medical — Wholesale Drug Distribution (0.72%)
                
AmerisourceBergen Corp
     132,400       6,176  
 
                
Medical Instruments (0.97%)
                
Medtronic Inc
     178,000       8,289  
 
                
Medical Products (0.78%)
                
Covidien Ltd
     35,100       1,567  
Johnson & Johnson
     80,500       5,092  
 
              
 
             6,659  
 
              
 
                
Metal — Copper (0.40%)
                
Southern Copper Corp (b)
     36,600       3,435  
 
                
Metal — Diversified (0.97%)
                
Freeport-McMoRan Copper & Gold Inc
     93,400       8,315  
 
                
Metal Processors & Fabrication (0.02%)
                
Worthington Industries Inc (b)
     8,400       138  
 
                
Multi-Line Insurance (1.32%)
                
American International Group Inc
     38,100       2,101  
MetLife Inc
     155,700       9,182  
 
              
 
             11,283  
 
              
 
                
Multimedia (2.49%)
                
Time Warner Inc
     784,700       12,351  
Walt Disney Co/The
     299,500       8,964  
 
              
 
             21,315  
 
              
 
                
Networking Products (2.66%)
                
Cisco Systems Inc (a)
     562,400       13,779  
Juniper Networks Inc (a)
     333,300       9,049  
 
              
 
             22,828  
 
              
 
                
Office Furnishings — Original (0.04%)
                
Herman Miller Inc
     4,400       140  
HNI Corp (b)
     6,200       209  
 
              
 
             349  
 
              
 
                
Oil — Field Services (1.33%)
                
Global Industries Ltd (a)(b)
     153,400       2,709  
Halliburton Co
     261,000       8,657  
 
              
 
             11,366  
 
              
 
                
Oil & Gas Drilling (0.02%)
                
Patterson-UTI Energy Inc
     10,400       204  
 
                
Oil Company — Exploration & Production (2.73%)
                
Anadarko Petroleum Corp
     180,100       10,552  
Apache Corp
     6,000       573  
Cimarex Energy Co
     2,500       102  
Devon Energy Corp
     95,900       8,150  
Noble Energy Inc
     27,100       1,967  
Pioneer Natural Resources Co
     49,700       2,082  
 
              
 
             23,426  
 
              
 
                
Oil Company — Integrated (7.16%)
                
Chevron Corp
     192,500       16,266  
ConocoPhillips
     53,868       4,327  
Exxon Mobil Corp
     471,900       40,772  
 
              
 
             61,365  
 
              
 
                
Oil Field Machinery & Equipment (0.30%)
                
National Oilwell Varco Inc (a)
     42,100       2,536  
 
                
Oil Refining & Marketing (0.47%)
                
Valero Energy Corp
     67,700       4,007  
 
                
Pharmacy Services (1.94%)
                
Express Scripts Inc (a)
     103,000       6,951  
Medco Health Solutions Inc (a)
     194,000       9,716  
 
              
 
             16,667  
 
              
 
                
Property & Casualty Insurance (0.74%)
                
Arch Capital Group Ltd (a)
     2,900       204  
Chubb Corp
     63,100       3,268  
Travelers Cos Inc/The
     58,900       2,833  
 
              
 
             6,305  
 
              
 
                
Regional Banks (4.54%)
                
Bank of America Corp
     506,958       22,484  
SunTrust Banks Inc
     42,800       2,951  
US Bancorp
     104,400       3,544  
Wells Fargo & Co
     293,700       9,989  
 
              
 
             38,968  
 
              
 
                
Reinsurance (0.14%)
                
Endurance Specialty Holdings Ltd
     29,300       1,187  
 
                
REITS — Apartments (0.45%)
                
AvalonBay Communities Inc
     23,700       2,227  
Equity Residential
     44,400       1,661  
 
              
 
             3,888  
 
              

191

 

Schedule of Investments
Partners LargeCap Blend Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
REITS — Healthcare (0.19%)
                
Ventas Inc (b)
     37,800     $ 1,671  
 
                
REITS — Office Property (0.09%)
                
Douglas Emmett Inc
     34,400       786  
 
                
REITS — Regional Malls (0.32%)
                
General Growth Properties Inc
     25,800       942  
Macerich Co/The
     26,900       1,839  
 
              
 
             2,781  
 
              
 
                
REITS — Shopping Centers (0.10%)
                
Regency Centers Corp
     13,900       854  
 
                
REITS — Warehouse & Industrial (1.21%)
                
AMB Property Corp
     700       35  
ProLogis
     174,000       10,327  
 
              
 
             10,362  
 
              
 
                
Retail — Automobile (0.19%)
                
AutoNation Inc (a)(b)
     100,200       1,631  
 
                
Retail — Computer Equipment (0.29%)
                
GameStop Corp (a)(b)
     47,300       2,447  
 
                
Retail — Consumer Electronics (0.43%)
                
Best Buy Co Inc
     40,300       1,967  
RadioShack Corp (b)
     101,000       1,752  
 
              
 
             3,719  
 
              
 
                
Retail — Discount (0.47%)
                
Wal-Mart Stores Inc
     79,600       4,050  
 
                
Retail — Drug Store (0.49%)
                
CVS Caremark Corp
     107,800       4,212  
 
                
Retail — Restaurants (0.75%)
                
Chipotle Mexican Grill Inc (a)(b)
     400       48  
McDonald’s Corp
     94,600       5,066  
Yum! Brands Inc
     38,700       1,322  
 
              
 
             6,436  
 
              
 
                
Savings & Loans — Thrifts (0.10%)
                
Hudson City Bancorp Inc
     50,600       829  
 
                
Schools (1.97%)
                
Apollo Group Inc (a)
     115,200       9,186  
ITT Educational Services Inc (a)(b)
     84,100       7,683  
 
              
 
             16,869  
 
              
 
                
Semiconductor Component — Integrated Circuits (0.11%)
                
Analog Devices Inc
     34,100       967  
 
                
Telecommunication Services (0.16%)
                
Embarq Corp
     31,200       1,413  
 
                
Telephone — Integrated (3.62%)
                
AT&T Inc (c)
     206,727       7,957  
CenturyTel Inc
     24,300       897  
Sprint Nextel Corp
     916,500       9,650  
Telephone & Data Systems Inc — Special Shares
     3,100       150  
Verizon Communications Inc
     318,300       12,363  
 
              
 
             31,017  
 
              
 
                
Television (1.18%)
                
CBS Corp
     402,507       10,139  
 
                
Therapeutics (0.09%)
                
Gilead Sciences Inc (a)
     16,200       740  
 
                
Tobacco (2.95%)
                
Altria Group Inc
     256,000       19,410  
Universal Corp/Richmond VA
     7,400       369  
UST Inc
     106,300       5,523  
 
              
 
             25,302  
 
              
 
                
Tools — Hand Held (0.05%)
                
Black & Decker Corp
     5,600       406  
 
                
Transport — Services (0.76%)
                
United Parcel Service Inc
     88,900       6,504  
 
                
Transport — Truck (0.11%)
                
JB Hunt Transport Services Inc (b)
     30,000       933  
 
                
Web Portals (0.21%)
                
Google Inc (a)
     3,160       1,783  
 
TOTAL COMMON STOCKS
           $ 840,080  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (2.46%)
                
Finance — Investment Banker & Broker (1.44%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $12,457,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (d)
   $ 12,364     $ 12,363  
 
                
Money Center Banks (1.02%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $8,767,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (d)
     8,699       8,698  
 
TOTAL REPURCHASE AGREEMENTS
           $ 21,061  
 
Total Investments
           $ 861,141  
Liabilities in Excess of Other Assets, Net — (0.43)%
             (3,682 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 857,459  
 
              

192

 

Schedule of Investments
Partners LargeCap Blend Fund I
January 31, 2008 (unaudited)
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $3,298 or 0.38% of net assets.
 
(d)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 37,792  
Unrealized Depreciation
     (71,444 )
 
      
Net Unrealized Appreciation (Depreciation)
     (33,652 )
Cost for federal income tax purposes
     894,793  
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
 
Buy:
                                
S&P 500 eMini; March 2008
     201     $ 14,621     $ 13,865     $ (756 )
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
 
Consumer, Non-cyclical
     23.32 %
Financial
     20.20 %
Communications
     13.61 %
Energy
     12.00 %
Industrial
     11.84 %
Technology
     10.95 %
Consumer, Cyclical
     3.06 %
Basic Materials
     2.77 %
Utilities
     2.68 %
Liabilities in Excess of Other Assets, Net
     (0.43 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        
Other Assets Summary (unaudited)
         
Asset Type   Percent
 
Futures
     1.62 %

193

 

Schedule of Investments
Partners LargeCap Growth Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (99.23%)
                
Advertising Sales (0.78%)
                
Lamar Advertising Co (a)
     302,700     $ 13,052  
 
                
Aerospace & Defense (2.35%)
                
General Dynamics Corp
     311,900       26,343  
Lockheed Martin Corp
     118,600       12,799  
 
              
 
             39,142  
 
              
 
Airlines (0.81%)
                
Southwest Airlines Co
     1,152,600       13,520  
 
Applications Software (5.05%)
                
Microsoft Corp
     2,582,100       84,176  
 
                
Casino Hotels (1.80%)
                
Las Vegas Sands Corp (a)(b)
     150,000       13,151  
MGM Mirage (b)
     230,800       16,899  
 
              
 
             30,050  
 
              
 
Casino Services (1.83%)
                
International Game Technology
     715,500       30,530  
 
                
Cellular Telecommunications (1.04%)
                
Metropcs Communications Inc (a)(b)
     960,270       17,352  
 
                
Computers (3.12%)
                
Apple Inc (b)
     241,800       32,730  
Dell Inc (b)
     962,700       19,293  
 
              
 
             52,023  
 
              
 
Consulting Services (1.86%)
                
Accenture Ltd (a)
     894,300       30,961  
 
                
Data Processing & Management (0.86%)
                
Automatic Data Processing Inc
     354,200       14,370  
 
                
Diversified Manufacturing Operations (5.99%)
                
Danaher Corp
     701,700       52,242  
General Electric Co
     1,343,800       47,584  
 
              
 
             99,826  
 
              
 
E-Commerce — Products (2.77%)
                
Amazon.com Inc (b)
     595,400       46,263  
 
                
Electronic Components — Semiconductors (4.65%)
                
Broadcom Corp (b)
     1,044,400       23,060  
Intel Corp
     1,314,100       27,859  
Xilinx Inc
     1,214,200       26,555  
 
              
 
             77,474  
 
              
 
Engineering — Research & Development Services (2.42%)
                
Foster Wheeler Ltd (b)
     355,700       24,355  
McDermott International Inc (b)
     339,400       16,013  
 
              
 
             40,368  
 
              
 
Entertainment Software (1.47%)
                
Electronic Arts Inc (b)
     517,000       24,490  
 
                
Fiduciary Banks (3.73%)
                
State Street Corp
     756,500       62,124  
 
                
Finance — Investment Banker & Broker (1.76%)
                
Morgan Stanley
     592,300       29,277  
 
                
Hotels & Motels (1.73%)
                
Marriott International Inc/DE
     800,000       28,768  
 
                
Human Resources (0.56%)
                
Monster Worldwide Inc (a)(b)
     334,300       9,310  
 
                
Industrial Gases (1.43%)
                
Praxair Inc
     295,400       23,901  
 
                
Investment Management & Advisory Services (1.94%)
                
Franklin Resources Inc
     309,800       32,290  
 
                
Medical — Biomedical/Gene (2.84%)
                
Celgene Corp (a)(b)
     350,700       19,678  
Genentech lnc (b)
     393,300       27,605  
 
              
 
             47,283  
 
              
 
Medical — Drugs (2.77%)
                
Allergan Inc/United States
     409,800       27,534  
Schering-Plough Corp
     951,600       18,623  
 
              
 
             46,157  
 
              
 
Medical — HMO (1.28%)
                
WellPoint Inc (b)
     272,800       21,333  
 
                
Medical — Wholesale Drug Distribution (0.75%)
                
Cardinal Health Inc
     215,731       12,506  
 
                
Medical Instruments (3.30%)
                
Medtronic Inc
     711,400       33,130  
St Jude Medical Inc (b)
     542,000       21,956  
 
              
 
             55,086  
 
              
 
Medical Products (0.75%)
                
Stryker Corp
     186,400       12,483  
 
                
Metal — Diversified (0.97%)
                
Freeport-McMoRan Copper & Gold Inc
     180,800       16,097  
 
                
Multimedia (0.97%)
                
McGraw-Hill Cos Inc/The
     378,400       16,180  
 
                
Networking Products (4.46%)
                
Cisco Systems Inc (b)
     945,300       23,160  
Juniper Networks Inc (a)(b)
     1,884,320       51,159  
 
              
 
             74,319  
 
              

194

 

Schedule of Investments
Partners LargeCap Growth Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Oil — Field Services (2.30%)
                
Schlumberger Ltd
     508,600     $ 38,379  
 
                
Oil Company — Integrated (0.97%)
                
Suncor Energy Inc
     173,000       16,259  
 
                
Retail — Bedding (0.97%)
                
Bed Bath & Beyond Inc (b)
     500,800       16,146  
 
                
Retail — Discount (1.88%)
                
Costco Wholesale Corp
     157,300       10,687  
Target Corp
     371,200       20,631  
 
              
 
             31,318  
 
              
 
Retail—Drug Store (3.05%)
                
CVS Caremark Corp
     1,301,372       50,845  
 
                
Retail — Regional Department Store (1.87%)
                
Kohl’s Corp (b)
     684,000       31,218  
 
                
Retail — Restaurants (0.91%)
                
Yum! Brands Inc
     445,100       15,205  
 
                
Semiconductor Component — Integrated Circuits (1.65%)
                
Marvell Technology Group Ltd (b)
     2,320,100       27,540  
 
                
Semiconductor Equipment (1.17%)
                
Applied Materials Inc
     1,085,400       19,450  
 
                
Telecommunication Equipment — Fiber Optics (2.57%)
                
Corning Inc
     1,778,500       42,808  
 
                
Therapeutics (3.14%)
                
Gilead Sciences Inc (b)
     1,147,100       52,411  
 
                
Toys (0.93%)
                
Nintendo Co Ltd ADR
     251,500       15,530  
 
                
Transport — Services (1.78%)
                
Expeditors International Washington Inc
     628,200       29,708  
 
                
Web Portals (3.65%)
                
Google Inc (b)
     107,900       60,888  
 
                
Wireless Equipment (6.35%)
                
American Tower Corp (b)
     1,483,600       55,679  
Crown Castle International Corp (a)(b)
     520,600       18,841  
Qualcomm Inc
     739,000       31,348  
 
              
 
             105,868  
               
TOTAL COMMON STOCKS
           $ 1,654,284  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (2.58%)
                
Money Market Funds (2.58%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 42,974     $ 42,974  
   
TOTAL SHORT TERM INVESTMENTS
           $ 42,974  
   
REPURCHASE AGREEMENTS (1.26%)
                
Finance — Investment Banker & Broker (1.20%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $20,098,000; 0.00%-6.38%; dated 05/16/08-01/11/27) (c)
   $ 19,947     $ 19,946  
 
                
Money Center Banks (0.06%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $966,000; 0.00% - 6.63%; dated 03/14/08-05/15/37) (c)
     958       958  
   
TOTAL REPURCHASE AGREEMENTS
           $ 20,904  
   
Total Investments
           $ 1,718,162  
Liabilities in Excess of Other Assets, Net - - (3.07)%
             (51,096 )
 
              
TOTAL NET ASSETS-100.00%
           $ 1,667,066  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 163,881  
Unrealized Depreciation
     (144,038 )
 
      
Net Unrealized Appreciation (Depreciation)
     19,843  
Cost for federal income tax purposes
     1,698,319  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Communications
     22.60 %
Technology
     17.97 %
Consumer, Non-cyclical
     17.25 %
Consumer, Cyclical
     15.78 %
Industrial
     12.54 %
Financial
     11.25 %
Energy
     3.28 %
Basic Materials
     2.40 %
Liabilities in Excess of Other Assets, Net
     (3.07 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

195

 

Schedule of Investments
Partners LargeCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (99.81%)
                
Aerospace & Defense (2.87%)
                
Raytheon Co
     688,000     $ 44,816  
 
                
Aerospace & Defense Equipment (2.05%)
                
United Technologies Corp
     436,200       32,021  
 
                
Agricultural Chemicals (1.92%)
                
Monsanto Co
     266,252       29,937  
 
                
Airlines (0.63%)
                
Continental Airlines Inc (a)(b)
     361,200       9,828  
 
                
Applications Software (4.43%)
                
Microsoft Corp
     2,123,722       69,233  
 
                
Auto/Truck Parts & Equipment — Original (2.25%)
                
BorgWarner Inc
     694,000       35,123  
 
                
Beverages — Non-Alcoholic (4.85%)
                
Coca-Cola Co/The
     634,200       37,526  
PepsiCo Inc
     560,800       38,241  
 
              
 
             75,767  
 
              
 
Building — Residential & Commercial (0.26%)
                
KB Home
     147,500       4,056  
 
                
Building Products — Wood (0.26%)
                
Masco Corp
     176,000       4,036  
 
                
Computer Services (0.95%)
                
DST Systems Inc (a)(b)
     207,700       14,851  
 
                
Computers (4.78%)
                
Apple Inc (b)
     361,600       48,946  
Dell Inc (b)
     1,018,400       20,409  
Research In Motion Ltd (b)
     57,000       5,351  
 
              
 
             74,706  
 
              
 
    
Cosmetics & Toiletries (2.98%)
                
Procter & Gamble Co
     707,500       46,660  
 
                
Dental Supplies & Equipment (0.98%)
                
DENTSPLY International Inc
     370,700       15,314  
 
                
Diagnostic Equipment (0.20%)
                
Gen-Probe Inc (b)
     54,200       3,098  
 
                
Diagnostic Kits (0.27%)
                
Idexx Laboratories Inc (a)(b)
     73,784       4,159  
 
                
Disposable Medical Products (1.21%)
                
CR Bard Inc
     195,500       18,879  
 
                
Diversified Manufacturing Operations (5.73%)
                
Cooper Industries Ltd
     471,700       21,009  
Eaton Corp
     389,300       32,218  
General Electric Co
     254,100       8,998  
Honeywell International Inc
     461,600       27,267  
 
              
 
             89,492  
 
              
 
E-Commerce — Products (1.24%)
                
Amazon.com Inc (a)(b)
     248,800       19,332  
 
                
E-Commerce — Services (0.47%)
                
Priceline.com Inc (a)(b)
     67,400       7,314  
 
                
Electric — Integrated (0.48%)
                
FPL Group Inc
     116,100       7,486  
 
                
Electric Products — Miscellaneous (2.49%)
                
Emerson Electric Co
     765,900       38,938  
 
                
Electronic Components — Miscellaneous (0.22%)
                
Flextronics International Ltd (b)
     294,300       3,443  
 
                
Electronic Components — Semiconductors (4.42%)
                
Intel Corp
     1,668,000       35,361  
Intersil Corp
     585,200       13,477  
MEMC Electronic Materials Inc (b)
     284,000       20,295  
 
              
 
             69,133  
 
              
 
Enterprise Software & Services (1.72%)
                
Oracle Corp (b)
     1,312,000       26,962  
 
                
Entertainment Software (0.92%)
                
Electronic Arts Inc (b)
     304,100       14,405  
 
                
Fiduciary Banks (1.22%)
                
Northern Trust Corp
     259,544       19,040  
 
                
Finance — Investment Banker & Broker (0.67%)
                
Charles Schwab Corp/The
     468,200       10,441  
 
                
Finance — Other Services (1.48%)
                
CME Group Inc
     20,400       12,626  
IntercontinentalExchange Inc (b)
     75,600       10,581  
 
              
 
             23,207  
 
              
 
Food — Confectionery (0.58%)
                
WM Wrigley Jr Co
     156,789       9,004  
 
                
Food — Miscellaneous/Diversified (0.51%)
                
Nestle SA ADR
     71,100       7,935  
 
                
Instruments — Scientific (2.03%)
                
Thermo Fisher Scientific Inc (b)
     616,600       31,749  

196

 

Schedule of Investments
Partners LargeCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Investment Management & Advisory Services (3.32%)
                
Invesco Ltd (a)
     1,312,800     $ 35,735  
Waddell & Reed Financial Inc
     489,100       16,228  
 
              
 
             51,963  
 
              
 
Machinery — Construction & Mining (0.25%)
                
Caterpillar Inc
     56,000       3,984  
 
                
Medical — Biomedical/Gene (0.29%)
                
Illumina Inc (a)(b)
     72,300       4,606  
 
                
Medical — Drugs (3.38%)
                
Allergan Inc/United States
     484,300       32,540  
Novo Nordisk A/S ADR
     324,100       20,337  
 
              
 
             52,877  
 
              
 
Medical — Generic Drugs (0.49%)
                
Barr Pharmaceuticals Inc (b)
     146,000       7,620  
 
                
Medical Instruments (0.53%)
                
Intuitive Surgical Inc (b)
     32,500       8,255  
 
                
Medical Products (5.44%)
                
Baxter International Inc
     690,077       41,915  
Becton Dickinson & Co
     438,106       37,909  
Johnson & Johnson
     81,200       5,137  
 
              
 
             84,961  
 
              
 
Metal — Diversified (0.94%)
                
Freeport-McMoRan Copper & Gold Inc
     164,700       14,663  
 
                
Multimedia (2.28%)
                
Viacom Inc (b)
     919,700       35,648  
 
                
Networking Products (1.54%)
                
Cisco Systems Inc (b)
     982,500       24,071  
 
                
Oil — Field Services (1.03%)
                
Schlumberger Ltd
     213,300       16,096  
 
                
Oil Company — Exploration & Production (5.88%)
                
Apache Corp
     354,400       33,824  
Devon Energy Corp
     359,400       30,542  
XTO Energy Inc
     529,225       27,488  
 
              
 
             91,854  
 
              
 
Oil Field Machinery & Equipment (1.10%)
                
Cameron International Corp (b)
     428,900       17,268  
 
                
Optical Supplies (0.33%)
                
Alcon Inc
     36,461       5,177  
 
                
Property & Casualty Insurance (1.45%)
                
Chubb Corp
     437,400       22,653  
 
                
Publicly Traded Investment Fund (0.07%)
                
iShares Russell 1000 Growth Index Fund
     19,500       1,092  
 
                
REITS — Shopping Centers (0.08%)
                
Weingarten Realty Investors
     38,300       1,288  
 
                
Retail — Apparel & Shoe (1.31%)
                
Urban Outfitters Inc (b)
     706,900       20,500  
 
                
Retail — Building Products (0.95%)
                
Lowe’s Cos Inc
     563,200       14,891  
 
                
Retail — Discount (5.53%)
                
Costco Wholesale Corp (a)
     463,500       31,490  
Family Dollar Stores Inc
     133,200       2,801  
TJX Cos Inc
     791,500       24,980  
Wal-Mart Stores Inc
     534,200       27,180  
 
              
 
             86,451  
 
              
 
Semiconductor Component — Integrated Circuits (0.49%)
                
Linear Technology Corp
     275,700       7,629  
 
                
Steel Pipe & Tube (0.91%)
                
Valmont Industries Inc
     169,415       14,180  
 
                
Telecommunication Equipment (0.52%)
                
ADC Telecommunications Inc (a)(b)
     548,100       8,106  
 
                
Textile — Home Furnishings (0.26%)
                
Mohawk Industries Inc (b)
     50,600       4,044  
 
                
Therapeutics (1.15%)
                
Gilead Sciences Inc (b)
     392,800       17,947  
 
                
Transport — Rail (0.25%)
                
Union Pacific Corp
     31,800       3,976  
 
                
Veterinary Diagnostics (0.41%)
                
VCA Antech Inc (b)
     164,300       6,352  
 
                
Web Portals (2.44%)
                
Google Inc (b)
     67,700       38,203  
 
Wireless Equipment (2.12%)
                
Qualcomm Inc
     782,600       33,198  
 
              
TOTAL COMMON STOCKS
           $ 1,559,918  
 
              
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (1.22%)
                
Money Market Funds (1.22%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 18,988     $ 18,988  
   
TOTAL SHORT TERM INVESTMENTS
           $ 18,988  
   

197

 

Schedule of Investments
Partners LargeCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
REPURCHASE AGREEMENTS (0.68%)
                
Finance — Investment Banker & Broker (0.39%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $6,123,000; 0.00%-6.38%; dated 05/16/08-01/11/27) (c)
   $ 6,077     $ 6,077  
 
                
Money Center Banks (0.29%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $4,652,000; 0.00%-6.63%; dated 03/14/08-05/15/30) (c)
     4,615       4,615  
   
TOTAL REPURCHASE AGREEMENTS
           $ 10,692  
   
Total Investments
           $ 1,589,598  
Liabilities in Excess of Other Assets, Net - - (1.71)%
             (26,661 )
 
              
TOTAL NET ASSETS-100.00%
           $ 1,562,937  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 54,418  
Unrealized Depreciation
     (119,292 )
 
      
Net Unrealized Appreciation (Depreciation)
     (64,874 )
Cost for federal income tax purposes
     1,654,472  
     
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Consumer, Non-cyclical
     23.59 %
Technology
     17.72 %
Industrial
     17.06 %
Consumer, Cyclical
     11.19 %
Communications
     10.61 %
Financial
     10.13 %
Energy
     8.01 %
Basic Materials
     2.85 %
Utilities
     0.48 %
Funds
     0.07 %
Liabilities in Excess of Other Assets, Net
     (1.71 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      
Other Assets Summary (unaudited)
         
Asset Type   Percent
Currency Contracts
     1.53 %

198

 

Schedule of Investments
Partners LargeCap Growth Fund II
January 31, 2008 (unaudited)
Foreign Currency Contracts
                                         
                                    Net Unrealized
Foreign Currency   Delivery   Contracts to                   Appreciation
Sale Contracts   Date   Deliver   In Exchange For   Value   (Depreciation)
Swiss Francs
     2/29/2008       11,471,443     $ 10,492     $ 10,624     $ (132 )
Danish Kroner
     2/29/2008       66,440,418       13,152       13,245       (93 )
 
All dollar amounts are shown in thousands (000’s)

199

 

Schedule of Investments
Partners LargeCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (98.51%)
                
Advertising Agencies (0.30%)
                
Interpublic Group of Cos Inc (a)(b)
     812,200     $ 7,253  
 
                
Aerospace & Defense (1.55%)
                
Boeing Co
     160,200       13,325  
Lockheed Martin Corp
     40,000       4,317  
Northrop Grumman Corp
     256,100       20,324  
 
              
 
             37,966  
 
              
 
Apparel Manufacturers (0.33%)
                
VF Corp
     104,700       8,101  
 
                
Auto — Car & Light Trucks (0.81%)
                
General Motors Corp (a)
     703,900       19,927  
 
                
Auto/Truck Parts & Equipment — Original (1.63%)
                
Autoliv Inc
     227,200       11,349  
BorgWarner Inc
     292,200       14,788  
Lear Corp (a)(b)
     62,200       1,826  
Magna International Inc (a)
     153,500       12,085  
 
              
 
             40,048  
 
              
 
Beverages — Non-Alcoholic (0.34%)
                
Coca-Cola Enterprises Inc (a)
     361,200       8,333  
 
                
Brewery (0.67%)
                
Molson Coors Brewing Co (a)
     369,400       16,501  
 
                
Building — Residential & Commercial (0.99%)
                
Centex Corp (a)
     249,100       6,920  
KB Home
     253,400       6,968  
Pulte Homes Inc (a)
     639,400       10,448  
 
              
 
             24,336  
 
              
 
Cellular Telecommunications (0.68%)
                
Vodafone Group PLC ADR
     480,200       16,711  
 
                
Chemicals — Diversified (2.06%)
                
Dow Chemical Co/The
     665,700       25,736  
EI Du Pont de Nemours & Co
     552,600       24,966  
 
              
 
             50,702  
 
              
 
Chemicals — Specialty (0.67%)
                
Ashland Inc
     181,000       8,241  
Lubrizol Corp
     157,000       8,260  
 
              
 
             16,501  
 
              
 
Commercial Banks (0.45%)
                
Deutsche Bank AG (a)
     97,600       10,994  
 
                
Computer Services (0.14%)
                
Electronic Data Systems Corp
     166,600       3,349  
 
                
Computers (0.35%)
                
Dell Inc (b)
     101,600       2,036  
International Business Machines Corp
     62,100       6,666  
 
              
 
             8,702  
 
              
 
Computers - Peripheral Equipment (0.33%)
                
Lexmark International Inc (b)
     223,200       8,082  
 
                
Containers — Metal & Glass (0.78%)
                
Owens-Illinois Inc (b)
     381,300       19,217  
 
                
Containers — Paper & Plastic (0.33%)
                
Sonoco Products Co
     261,400       8,067  
 
                
Cosmetics & Toiletries (2.02%)
                
Procter & Gamble Co
     752,700       49,641  
 
                
Distribution & Wholesale (0.48%)
                
Ingram Micro Inc (b)
     403,400       7,172  
Tech Data Corp (b)
     136,700       4,700  
 
              
 
             11,872  
 
              
 
Diversified Manufacturing Operations (6.45%)
                
3M Co
     71,400       5,687  
Eaton Corp
     187,000       15,476  
General Electric Co
     2,936,000       103,964  
Ingersoll-Rand Co Ltd
     262,600       10,378  
SPX Corp
     142,700       14,355  
Tyco International Ltd
     220,850       8,693  
 
              
 
             158,553  
 
              
 
Electric — Integrated (1.58%)
                
Constellation Energy Group Inc
     192,800       18,116  
Entergy Corp
     187,800       20,316  
Wisconsin Energy Corp
     6,400       291  
 
              
 
             38,723  
 
              
 
Electronic Components — Miscellaneous (0.94%)
                
Flextronics International Ltd (a)(b)
     1,514,569       17,721  
Sanmina-SCI Corp (b)
     1,195,500       1,877  
Tyco Electronics Ltd
     106,250       3,592  
 
              
 
             23,190  
 
              
 
Electronic Parts Distribution (1.02%)
                
Arrow Electronics Inc (a)(b)
     341,800       11,696  
Avnet Inc (b)
     374,100       13,322  
 
              
 
             25,018  
 
              
 
Finance — Commercial (0.52%)
                
CIT Group Inc
     455,100       12,725  
 
                
Finance — Credit Card (0.72%)
                
Discover Financial Services
     1,009,300       17,663  
 
                
Finance - Investment Banker & Broker (7.76%)
                
Citigroup Inc
     2,090,800       59,002  

200

 

Schedule of Investments
Partners LargeCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Finance — Investment Banker & Broker (continued)
                
Goldman Sachs Group Inc/The
     32,200     $ 6,465  
JPMorgan Chase & Co
     1,556,300       74,002  
Merrill Lynch & Co Inc
     401,100       22,622  
Morgan Stanley
     576,500       28,497  
 
              
 
             190,588  
 
              
 
Finance — Mortgage Loan/Banker (1.28%)
                
Fannie Mae
     562,350       19,041  
Freddie Mac
     409,200       12,436  
 
              
 
             31,477  
 
              
 
Financial Guarantee Insurance (0.25%)
                
AMBAC Financial Group Inc (a)
     254,500       2,983  
MBIA Inc (a)
     211,900       3,284  
 
              
 
             6,267  
 
              
 
Food — Meat Products (0.35%)
                
Tyson Foods Inc
     607,000       8,650  
 
                
Food — Miscellaneous/Diversified (1.72%)
                
ConAgra Foods Inc
     545,100       11,736  
Kellogg Co
     261,700       12,535  
Kraft Foods Inc
     173,000       5,062  
Sara Lee Corp
     917,600       12,902  
 
              
 
             42,235  
 
              
 
Food — Retail (1.15%)
                
Kroger Co/The
     582,100       14,814  
Safeway Inc
     434,000       13,450  
 
              
 
             28,264  
 
              
 
Food — Wholesale & Distribution (0.58%)
                
SUPERVALU Inc
     470,225       14,135  
 
                
Health Care Cost Containment (0.67%)
                
McKesson Corp
     261,800       16,438  
 
                
Insurance Brokers (0.18%)
                
Aon Corp
     103,500       4,504  
 
                
Leisure & Recreation Products (0.30%)
                
Brunswick Corp/DE (a)
     393,300       7,469  
 
                
Life & Health Insurance (0.62%)
                
Torchmark Corp
     3,200       195  
Unum Group
     660,100       14,932  
 
              
 
             15,127  
 
              
 
Machinery - Construction & Mining (0.66%)
                
Caterpillar Inc
     177,500       12,627  
Terex Corp (b)
     61,700       3,626  
 
              
 
             16,253  
 
              
 
                
Medical — Drugs (4.42%)
                
Eli Lilly & Co
     137,600       7,089  
Merck & Co Inc
     501,700       23,219  
Pfizer Inc
     3,245,000       75,901  
Sanofi-Aventis SA ADR
     56,400       2,306  
 
              
 
             108,515  
 
              
 
Medical — Wholesale Drug Distribution (0.37%)
                
AmerisourceBergen Corp
     192,900       8,999  
 
                
Medical Products (1.30%)
                
Covidien Ltd
     106,250       4,742  
Johnson & Johnson
     430,000       27,202  
 
              
 
             31,944  
 
              
 
Metal — Aluminum (0.94%)
                
Alcoa Inc
     696,800       23,064  
Multi-Line Insurance (6.78%)
                
 
                
ACE Ltd
     333,500       19,456  
Allstate Corp/The
     464,700       22,896  
American International Group Inc
     1,005,000       55,436  
Genworth Financial Inc
     632,900       15,405  
Hartford Financial Services Group Inc
     194,100       15,677  
MetLife Inc
     374,550       22,087  
Old Republic International Corp
     636,100       9,497  
XL Capital Ltd (a)
     136,800       6,156  
 
              
 
             166,610  
 
              
 
Multimedia (1.07%)
                
Time Warner Inc
     830,000       13,064  
Viacom Inc (b)
     338,700       13,128  
 
              
 
             26,192  
 
              
 
Non-Hazardous Waste Disposal (0.27%)
                
Allied Waste Industries Inc (b)
     664,400       6,544  
 
                
Office Automation & Equipment (0.50%)
                
Pitney Bowes Inc (a)
     332,700       12,210  
 
                
Oil Company — Exploration & Production (0.25%)
                
Occidental Petroleum Corp
     89,800       6,095  
 
                
Oil Company — Integrated (14.72%)
                
BP PLC ADR
     207,300       13,215  
Chevron Corp
     982,900       83,055  
ConocoPhillips
     783,300       62,915  
Exxon Mobil Corp
     1,797,200       155,278  
Marathon Oil Corp
     491,600       23,031  
Royal Dutch Shell PLC — A shares ADR
     156,400       11,169  
Total SA ADR
     178,900       13,020  
 
              
 
             361,683  
 
              

201

 

Schedule of Investments
Partners LargeCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Paper & Related Products (0.19%)
                
Smurfit-Stone Container Corp (a)(b)
     480,200     $ 4,557  
 
                
Property & Casualty Insurance (2.28%)
                
Chubb Corp
     260,300       13,481  
Fidelity National Financial Inc
     548,000       10,790  
Safeco Corp
     151,100       8,064  
Travelers Cos Inc/The
     491,191       23,626  
 
              
 
             55,961  
 
              
 
Publishing — Newspapers (0.64%)
                
Gannett Co Inc
     423,000       15,651  
 
                
Publishing — Periodicals (0.27%)
                
Idearc Inc (a)
     415,300       6,753  
 
                
Regional Banks (7.09%)
                
Bank of America Corp
     1,963,600       87,086  
Comerica Inc
     283,000       12,344  
Fifth Third Bancorp
     208,800       5,659  
Keycorp
     257,400       6,731  
SunTrust Banks Inc
     86,100       5,937  
US Bancorp
     514,500       17,467  
Wachovia Corp
     404,500       15,747  
Wells Fargo & Co
     685,600       23,317  
 
              
 
             174,288  
 
              
 
Reinsurance (0.47%)
                
PartnerRe Ltd (a)
     29,200       2,315  
RenaissanceRe Holdings Ltd
     161,900       9,227  
 
              
 
             11,542  
 
              
 
Rental — Auto & Equipment (0.18%)
                
Avis Budget Group Inc (b)
     335,200       4,475  
 
                
Retail — Apparel & Shoe (1.01%)
                
Gap Inc/The
     742,600       14,199  
Jones Apparel Group Inc (a)
     630,800       10,597  
Ltd Brands Inc
     7,400       141  
 
              
 
             24,937  
 
              
 
Retail — Building Products (0.68%)
                
Home Depot Inc (a)
     541,600       16,611  
 
                
Retail — Discount (0.53%)
                
Family Dollar Stores Inc
     340,000       7,150  
Wal-Mart Stores Inc
     115,000       5,851  
 
              
 
             13,001  
 
              
 
Retail-Office Supplies (0.16%)
                
Office Depot Inc (b)
     268,500       3,982  
 
                
Retail — Regional Department Store (0.66%)
                
Macy’s Inc
     589,100       16,283  
 
                
Retail — Restaurants (0.25%)
                
McDonald’s Corp
     116,800       6,255  
 
                
Savings & Loans — Thrifts (0.39%)
                
Washington Mutual Inc
     482,700       9,615  
 
                
Steel — Producers (0.72%)
                
ArcelorMittal (a)
     267,700       17,773  
 
                
Telephone — Integrated (7.11%)
                
AT&T Inc
     2,553,700       98,292  
Sprint Nextel Corp
     1,956,300       20,600  
Verizon Communications Inc
     1,438,700       55,879  
 
              
 
             174,771  
 
              
 
Television (0.64%)
                
CBS Corp
     626,800       15,789  
 
                
Tobacco (1.94%)
                
Altria Group Inc
     627,300       47,562  
 
                
Tools — Hand Held (0.47%)
                
Black & Decker Corp
     157,700       11,439  
 
                
Toys (0.23%)
                
Mattel Inc
     264,400       5,555  
 
                
Wireless Equipment (0.32%)
                
Nokia OYJ ADR (a)
     215,000       7,944  
 
              
TOTAL COMMON STOCKS
           $ 2,420,182  
 
              
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (2.40%)
                
Money Market Funds (2.40%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 58,964     $ 58,964  
   
TOTAL SHORT TERM INVESTMENTS
           $ 58,964  
   
REPURCHASE AGREEMENTS (0.94%)
                
Finance — Investment Banker & Broker (0.85%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $20,958,000; 0.00%-6.38%; dated 05/16/08-01/11/27) (c)
   $ 20,801     $ 20,799  

202

 

Schedule of Investments
Partners LargeCap Value Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
REPURCHASE AGREEMENTS (continued)
                
Money Center Banks (0.09%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; 2,303,000; 0.00% - 6.63%; dated 03/14/08-05/15/30) (c)
   $ 2,285     $ 2,285  
   
TOTAL REPURCHASE AGREEMENTS
           $ 23,084  
   
Total Investments
           $ 2,502,230  
Liabilities in Excess of Other Assets, Net — (1.85)%
             (45,426 )
 
TOTAL NET ASSETS-100.00%
           $ 2,456,804  
 
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 409,550  
Unrealized Depreciation
     (277,916 )
 
      
Net Unrealized Appreciation (Depreciation)
     131,634  
Cost for federal income tax purposes
     2,370,596  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Financial
     32.13 %
Consumer, Non-cyclical
     15.70 %
Energy
     14.97 %
Industrial
     12.47 %
Communications
     11.03 %
Consumer, Cyclical
     8.07 %
Basic Materials
     4.58 %
Utilities
     1.58 %
Technology
     1.32 %
Liabilities in Excess of Other Assets, Net
     (1.85 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

203

 

Schedule of Investments
Partners LargeCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (97.17%)
                
Advertising Agencies (2.08%)
                
Interpublic Group of Cos Inc (a)(b)
     1,106,800     $ 9,884  
Omnicom Group Inc
     238,600       10,825  
 
              
 
             20,709  
 
              
 
Advertising Services (0.57%)
                
RH Donnelley Corp (a)(b)
     190,300       5,722  
 
                
Airlines (0.80%)
                
Southwest Airlines Co
     682,900       8,011  
 
                
Auto — Medium & Heavy Duty Trucks (1.56%)
                
Paccar Inc
     330,550       15,509  
 
                
Auto/Truck Parts & Equipment — Original (3.87%)
                
BorgWarner Inc
     375,900       19,024  
Johnson Controls Inc
     554,000       19,595  
 
              
 
             38,619  
 
              
 
Beverages — Wine & Spirits (0.69%)
                
Constellation Brands Inc (a)(b)
     326,700       6,828  
 
                
Brewery (0.33%)
                
Anheuser-Busch Cos Inc
     70,200       3,266  
 
                
Building Products — Wood (1.49%)
                
Masco Corp
     648,100       14,861  
 
                
Cable TV (1.90%)
                
Comcast Corp
     1,040,800       18,901  
 
                
Coal (1.75%)
                
Patriot Coal Corp (b)
     1,920       76  
Peabody Energy Corp
     322,000       17,395  
 
              
 
             17,471  
 
              
 
Commercial Banks (0.47%)
                
City National Corp/CA
     83,000       4,721  
 
                
Consumer Products — Miscellaneous (1.22%)
                
Fortune Brands Inc
     174,000       12,166  
 
                
Cruise Lines (1.81%)
                
Carnival Corp
     405,800       18,054  
 
                
Diversified Manufacturing Operations (7.26%)
                
General Electric Co
     1,442,900       51,093  
Illinois Tool Works Inc
     423,200       21,329  
 
              
 
             72,422  
 
              
 
Electric — Integrated (6.40%)
                
American Electric Power Co Inc
     442,600       18,957  
Exelon Corp
     306,700       23,367  
Northeast Utilities
     452,000       12,529  
Pepco Holdings Inc
     352,300       8,970  
 
              
 
             63,823  
 
              
 
Fiduciary Banks (3.52%)
                
Bank of New York Mellon Corp/The
     417,574       19,471  
Northern Trust Corp
     212,700       15,604  
 
              
 
             35,075  
 
              
 
Finance — Credit Card (0.95%)
                
Discover Financial Services
     543,250       9,507  
 
                
Finance — Investment Banker & Broker (9.93%)
                
Citigroup Inc
     1,444,100       40,753  
JPMorgan Chase & Co
     559,500       26,604  
Morgan Stanley
     641,400       31,704  
 
              
 
             99,061  
 
              
 
Finance — Mortgage Loan/Banker (0.90%)
                
Freddie Mac
     296,200       9,002  
 
                
Gas — Distribution (1.70%)
                
NiSource Inc
     336,700       6,394  
Sempra Energy
     189,700       10,604  
 
              
 
             16,998  
 
              
 
Internet Security (1.85%)
                
Symantec Corp (a)(b)
     1,026,500       18,405  
 
                
Life & Health Insurance (2.30%)
                
Aflac Inc
     374,700       22,980  
 
                
Medical — Drugs (5.44%)
                
Cephalon Inc (a)(b)
     76,800       5,040  
Merck & Co Inc
     475,700       22,015  
Wyeth
     682,300       27,156  
 
              
 
             54,211  
 
              
 
Medical — HMO (0.44%)
                
UnitedHealth Group Inc
     85,700       4,357  
 
                
Medical Products (2.10%)
                
Johnson & Johnson
     331,600       20,977  
 
                
Motorcycle/Motor Scooter (0.54%)
                
Harley-Davidson Inc
     132,900       5,393  
 
                
Multi-Line Insurance (1.49%)
                
Hartford Financial Services Group Inc
     184,100       14,870  
 
                
Multimedia (1.01%)
                
News Corp
     533,700       10,087  
 
                
Oil — Field Services (2.00%)
                
Halliburton Co (a)
     600,300       19,912  

204

 

Schedule of Investments
Partners LargeCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Oil & Gas Drilling (0.88%)
                
ENSCO International Inc
     171,600     $ 8,772  
 
                
Oil Company — Integrated (7.64%)
                
Chevron Corp
     434,600       36,724  
Exxon Mobil Corp
     456,700       39,459  
 
              
 
             76,183  
 
              
Pharmacy Services (1.98%)
                
Medco Health Solutions Inc (b)
     394,800       19,772  
 
                
Publicly Traded Investment Fund (1.46%)
                
SPDR Trust Series 1(a)
     106,400       14,588  
 
                
Regional Banks (9.46%)
                
Bank of America Corp
     327,100       14,507  
Fifth Third Bancorp
     698,800       18,937  
SunTrust Banks Inc
     244,600       16,865  
Wells Fargo & Co
     1,293,200       43,982  
 
              
 
             94,291  
 
              
Retail — Discount (0.81%)
                
Costco Wholesale Corp
     119,100       8,092  
 
                
Telephone — Integrated (4.79%)
                
AT&T Inc
     646,600       24,888  
Sprint Nextel Corp
     2,169,284       22,842  
 
              
 
             47,730  
 
              
Transport — Rail (2.22%)
                
Burlington Northern Santa Fe Corp
     256,000       22,149  
 
                
Transport — Services (1.56%)
                
FedEx Corp
     166,100       15,527  
 
TOTAL COMMON STOCKS
           $ 969,022  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (1.89%)
                
Finance — Investment Banker & Broker (1.09%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $10,952,000; 0.00%-6.38%; dated 05/16/08-01/11/27) (c)
   $ 10,871     $ 10,870  
 
                
Money Center Banks (0.80%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $8,074,000; 0.00%-6.63%; dated 03/14/08-05/15/30) (c)
     8,012       8,011  
 
TOTAL REPURCHASE AGREEMENTS
           $ 18,881  
 
Total Investments
           $ 987,903  
Other Assets in Excess of Liabilities, Net — 0.94%
             9,362  
 
              
TOTAL NET ASSETS — 100.00%
           $ 997,265  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 81,666  
Unrealized Depreciation
     (93,801 )
 
      
Net Unrealized Appreciation (Depreciation)
     (12,135 )
Cost for federal income tax purposes
     1,000,038  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Financial
     30.92 %
Industrial
     12.53 %
Energy
     12.27 %
Consumer, Non-cyclical
     12.19 %
Communications
     12.19 %
Consumer, Cyclical
     9.39 %
Utilities
     8.11 %
Funds
     1.46 %
Other Assets in Excess of Liabilities, Net
     0.94 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      

205

 

Schedule of Investments
Partners LargeCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (99.04%)
                
Aerospace & Defense (1.19%)
                
Northrop Grumman Corp
     30,300     $ 2,405  
 
                
Apparel Manufacturers (0.65%)
                
VF Corp
     16,900       1,308  
 
                
Applications Software (1.09%)
                
Microsoft Corp
     67,900       2,214  
 
                
Beverages — Non-Alcoholic (1.90%)
                
Coca-Cola Co/The
     44,100       2,609  
Pepsi Bottling Group Inc
     35,600       1,241  
 
              
 
             3,850  
 
              
Chemicals — Diversified (2.24%)
                
EI Du Pont de Nemours & Co
     56,800       2,566  
PPG Industries Inc
     29,700       1,963  
 
              
 
             4,529  
 
              
 
                
Commercial Services — Finance (0.59%)
                
H&R Block Inc
     62,200       1,199  
 
                
Computers (2.46%)
                
Hewlett-Packard Co
     52,400       2,292  
International Business Machines Corp
     25,000       2,684  
 
              
 
             4,976  
 
              
Data Processing & Management (0.50%)
                
Fiserv Inc(a)
     19,600       1,007  
 
                
Diversified Manufacturing Operations (7.15%)
                
Dover Corp
     34,600       1,397  
General Electric Co (b)
     251,500       8,906  
Ingersoll-Rand Co Ltd
     41,200       1,628  
Parker Hannifin Corp
     20,800       1,406  
Tyco International Ltd
     29,000       1,141  
 
              
 
             14,478  
 
              
Electric — Integrated (2.53%)
                
Exelon Corp
     36,400       2,773  
PPL Corp
     48,000       2,348  
 
              
 
             5,121  
 
              
Electronic Components — Semiconductors (0.47%)
                
Intel Corp
     44,600       945  
 
                
Enterprise Software & Services (0.61%)
                
Oracle Corp (a)
     60,500       1,243  
 
                
Fiduciary Banks (0.53%)
                
Bank of New York Mellon Corp/The
     22,800       1,063  
 
                
Finance — Credit Card (0.27%)
                
Discover Financial Services
     30,800       539  
 
                
Finance — Investment Banker & Broker (8.88%)
                
Bear Stearns Cos Inc/The (c)
     5,100       461  
Citigroup Inc
     237,000       6,688  
JPMorgan Chase & Co
     121,600       5,782  
Merrill Lynch & Co Inc
     46,700       2,634  
Morgan Stanley
     48,700       2,407  
 
              
 
             17,972  
 
              
Finance — Mortgage Loan/Banker (1.30%)
                
Countrywide Financial Corp
     22,000       153  
Freddie Mac
     81,400       2,474  
 
              
 
             2,627  
 
              
Financial Guarantee Insurance (0.30%)
                
MGIC Investment Corp (c)
     32,900       609  
 
                
Food — Miscellaneous/Diversified (0.95%)
                
Unilever NV
     59,200       1,925  
 
                
Food — Retail (0.70%)
                
Kroger Co/The
     55,300       1,407  
 
                
Forestry (1.21%)
                
Weyerhaeuser Co
     36,200       2,451  
 
                
Home Decoration Products (0.73%)
                
Newell Rubbermaid Inc
     61,400       1,481  
 
                
Independent Power Producer (0.60%)
                
NRG Energy Inc (a)(c)
     31,400       1,212  
 
                
Insurance Brokers (0.22%)
                
Marsh & McLennan Cos Inc
     16,400       453  
 
                
Life & Health Insurance (0.72%)
                
Torchmark Corp
     23,700       1,447  
 
                
Machinery — Construction & Mining (0.81%)
                
Caterpillar Inc
     22,900       1,629  
 
                
Machinery — Farm (0.33%)
                
Deere & Co
     7,600       667  
 
                
Medical — Biomedical/Gene (0.60%)
                
Amgen Inc (a)
     26,100       1,216  
 
                
Medical — Drugs (6.17%)
                
Abbott Laboratories
     31,100       1,751  
Eli Lilly & Co
     29,800       1,535  
Merck & Co Inc
     34,000       1,573  
Pfizer Inc
     221,200       5,174  
Wyeth
     61,700       2,456  
 
              
 
             12,489  
 
              

206

 

Schedule of Investments
Partners LargeCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Medical Instruments (0.63%)
                
Medtronic Inc
     27,500     $ 1,281  
 
                
Medical Laboratory & Testing Service (0.31%)
                
Quest Diagnostics Inc
     12,600       621  
 
                
Medical Products (2.40%)
                
Johnson & Johnson
     76,900       4,865  
 
                
Multi-Line Insurance (5.64%)
                
Allstate Corp/The
     49,200       2,424  
American International Group Inc
     87,200       4,810  
Hartford Financial Services Group Inc
     30,500       2,463  
Loews Corp
     37,000       1,728  
 
              
 
             11,425  
 
              
Multimedia (2.23%)
                
Time Warner Inc
     162,300       2,555  
Viacom Inc (a)
     50,700       1,965  
 
              
 
             4,520  
 
              
Non-Hazardous Waste Disposal (0.63%)
                
Waste Management Inc
     39,200       1,272  
 
                
Office Automation & Equipment (0.63%)
                
Xerox Corp
     82,400       1,269  
 
                
Office Supplies & Forms (0.38%)
                
Avery Dennison Corp
     15,000       777  
 
                
Oil Company — Exploration & Production (0.26%)
                
Devon Energy Corp
     6,200       527  
 
                
Oil Company — Integrated (13.55%)
                
Chevron Corp
     85,500       7,225  
ConocoPhillips
     62,700       5,036  
Exxon Mobil Corp
     116,700       10,083  
Royal Dutch Shell PLC — A shares ADR
     71,200       5,084  
 
              
 
             27,428  
 
              
Oil Field Machinery & Equipment (0.45%)
                
National Oilwell Varco Inc (a)(c)
     15,100       909  
 
                
Printing — Commercial (0.66%)
                
RR Donnelley & Sons Co
     38,500       1,343  
 
                
Publishing — Newspapers (1.01%)
                
Gannett Co Inc
     55,500       2,053  
 
                
Regional Banks (10.01%)
                
Bank of America Corp
     157,900       7,003  
National City Corp
     41,500       738  
PNC Financial Services Group Inc
     22,900       1,503  
US Bancorp
     89,500       3,039  
Wachovia Corp
     74,700       2,908  
Wells Fargo & Co
     149,000       5,067  
 
              
 
             20,258  
 
              
Retail — Apparel & Shoe (0.43%)
                
Gap Inc/The
     45,900       878  
 
                
Retail — Building Products (0.66%)
                
Home Depot Inc
     43,700       1,340  
 
                
Retail — Consumer Electronics (0.79%)
                
Best Buy Co Inc
     32,900       1,606  
 
                
Retail — Discount (1.48%)
                
Wal-Mart Stores Inc
     58,700       2,987  
 
                
Retail — Drug Store (0.60%)
                
Walgreen Co
     34,400       1,208  
 
                
Retail — Office Supplies (0.74%)
                
Staples Inc
     62,900       1,506  
 
                
Retail — Regional Department Store (0.62%)
                
Kohl’s Corp (a)
     27,700       1,264  
 
                
Retail — Restaurants (0.40%)
                
McDonald’s Corp
     15,200       814  
 
                
Savings & Loans — Thrifts (0.69%)
                
Washington Mutual Inc
     70,400       1,402  
 
                
Semiconductor Equipment (0.41%)
                
Applied Materials Inc
     45,700       819  
 
                
Steel — Producers (0.69%)
                
Nucor Corp
     24,300       1,405  
 
                
Telephone — Integrated (5.89%)
                
AT&T Inc
     188,700       7,263  
Sprint Nextel Corp
     116,300       1,224  
Verizon Communications Inc
     88,200       3,426  
 
              
 
             11,913  
 
              
Tobacco (0.95%)
                
Altria Group Inc
     25,400       1,926  
 
                
Wireless Equipment (0.20%)
                
Motorola Inc
     35,200       406  
 
TOTAL COMMON STOCKS
           $ 200,484  
 

207

 

Schedule of Investments
Partners LargeCap Value Fund II
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (1.13%)
                
Money Center Banks (1.13%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $2,309,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (d)
   $ 2,291     $ 2,291  
 
TOTAL REPURCHASE AGREEMENTS
           $ 2,291  
 
Total Investments
           $ 202,775  
Liabilities in Excess of Other Assets, Net — (0.17)%
             (345 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 202,430  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $1,771 or 0.87% of net assets.
 
(c)   Security or a portion of the security was on loan at the end of the period.
 
(d)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 28,319  
Unrealized Depreciation
     (19,848 )
 
      
Net Unrealized Appreciation (Depreciation)
     8,471  
Cost for federal income tax purposes
     194,304  
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
Buy:
                                
S&P 500 eMini; March 2008
     11     $ 761     $ 759     $ (2 )
 
                                
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
 
Sector   Percent  
Financial
     29.68 %
Consumer, Non-cyclical
     16.25 %
Energy
     14.26 %
Industrial
     10.10 %
Communications
     9.34 %
Consumer, Cyclical
     7.11 %
Technology
     6.16 %
Basic Materials
     4.14 %
Utilities
     3.13 %
Liabilities in Excess of Other Assets, Net
     (0.17 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      
Other Assets Summary (unaudited)
         
 
Asset Type   Percent  
Futures
     0.37 %

208

 

Schedule of Investments
Partners MidCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (98.40%)
                
Advertising Sales (0.92%)
                
Focus Media Holding Ltd ADR (a)(b)
     127,570     $ 6,130  
 
                
Aerospace & Defense Equipment (0.50%)
                
BE Aerospace Inc (b)
     86,050       3,322  
 
                
Agricultural Chemicals (1.77%)
                
CF Industries Holdings Inc
     30,840       3,298  
Mosaic Co/The (b)
     92,980       8,462  
 
              
 
             11,760  
 
              
Agricultural Operations (1.01%)
                
Bunge Ltd (a)
     56,880       6,739  
 
                
Applications Software (3.28%)
                
Citrix Systems Inc (b)
     197,390       6,834  
Intuit Inc (b)
     212,590       6,524  
Salesforce.com Inc (a)(b)
     161,320       8,434  
 
              
 
             21,792  
 
              
Auto/Truck Parts & Equipment — Original (0.59%)
                
BorgWarner Inc
     77,800       3,937  
 
                
Brewery (0.66%)
                
Molson Coors Brewing Co
     97,750       4,366  
 
                
Building — Residential & Commercial (0.96%)
                
DR Horton Inc
     176,120       3,038  
Pulte Homes Inc
     202,910       3,316  
 
              
 
             6,354  
 
              
Casino Hotels (1.48%)
                
Wynn Resorts Ltd (a)
     85,900       9,877  
 
                
Cellular Telecommunications (0.39%)
                
Millicom International Cellular SA (b)
     24,390       2,584  
 
                
Coal (1.16%)
                
Consol Energy Inc
     106,050       7,742  
 
                
Computer Software (0.46%)
                
Omniture Inc (a)(b)
     122,685       3,033  
 
                
Consulting Services (0.74%)
                
FTI Consulting Inc (a)(b)
     89,200       4,934  
 
                
Containers — Metal & Glass (1.56%)
                
Owens-Illinois Inc (b)
     206,480       10,407  
 
                
Cosmetics & Toiletries (0.65%)
                
Alberto-Culver Co
     161,710       4,332  
 
                
Data Processing & Management (1.13%)
                
Mastercard Inc
     36,420       7,539  
 
                
Dental Supplies & Equipment (0.75%)
                
DENTSPLY International Inc
     121,440       5,017  
 
                
Diagnostic Kits (0.28%)
                
Inverness Medical Innovations Inc (b)
     41,000       1,847  
 
                
Diversified Manufacturing Operations (2.70%)
                
Harsco Corp
     113,800       6,478  
Roper Industries Inc
     71,940       4,023  
SPX Corp
     74,060       7,450  
 
              
 
             17,951  
 
              
E - Commerce — Services (1.11%)
                
Priceline.com Inc (a)(b)
     68,090       7,389  
 
                
Electric — Integrated (1.89%)
                
Allegheny Energy Inc
     125,760       6,890  
Constellation Energy Group Inc
     60,330       5,669  
 
              
 
             12,559  
 
              
Electric Products — Miscellaneous (1.32%)
                
Ametek Inc
     198,860       8,758  
 
                
Electronic Components — Semiconductors (4.02%)
                
Cavium Networks Inc (a)(b)
     224,078       4,282  
MEMC Electronic Materials Inc (b)
     119,860       8,565  
Microchip Technology Inc
     229,210       7,314  
Nvidia Corp (b)
     266,245       6,547  
 
              
 
             26,708  
 
              
Energy — Alternate Sources (1.74%)
                
Covanta Holding Corp (a)(b)
     148,420       3,768  
First Solar Inc (a)(b)
     43,090       7,833  
 
              
 
             11,601  
 
              
Engineering — Research & Development Services (1.92%)
                
McDermott International Inc (b)
     128,810       6,077  
Shaw Group Inc/The (b)
     118,150       6,676  
 
              
 
             12,753  
 
              
Enterprise Software & Services (0.81%)
                
Informatica Corp (b)
     279,240       5,392  
 
                
Entertainment Software (0.99%)
                
Activision Inc (b)
     255,880       6,620  
 
                
Fiduciary Banks (1.61%)
                
Northern Trust Corp
     145,910       10,704  
 
                
Finance — Investment Banker & Broker (0.47%)
                
Interactive Brokers Group Inc (a)(b)
     89,530       3,116  
 
                
Finance — Other Services (2.70%)
                
Intercontinental Exchange Inc (b)
     65,450       9,160  

209

 

Schedule of Investments
Partners MidCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Finance — Other Services (continued)
                
Nymex Holdings Inc (a)
     76,470     $ 8,794  
 
              
 
             17,954  
 
              
Gold Mining (1.04%)
                
Agnico-Eagle Mines Ltd
     109,330       6,896  
 
                
Hazardous Waste Disposal (0.77%)
                
Stericycle Inc (b)
     86,347       5,117  
 
                
Independent Power Producer (1.03%)
                
NRG Energy Inc (a)(b)
     178,200       6,877  
 
                
Industrial Audio & Video Products (0.99%)
                
Dolby Laboratories Inc (b)
     152,820       6,585  
 
                
Industrial Gases (1.25%)
                
Air Products & Chemicals Inc
     92,600       8,336  
 
                
Insurance Brokers (1.04%)
                
Aon Corp
     158,310       6,890  
 
                
Internet Security (2.51%)
                
McAfee Inc (b)
     248,760       8,373  
VeriSign Inc (a)(b)
     244,450       8,292  
 
              
 
             16,665  
 
              
Investment Management & Advisory Services (3.55%)
                
BlackRock Inc/New York
     53,890       11,915  
T Rowe Price Group Inc
     231,080       11,690  
 
              
 
             23,605  
 
              
Leisure & Recreation Products (1.18%)
                
WMS Industries Inc (a)(b)
     210,710       7,880  
 
                
Machinery — Construction & Mining (0.89%)
                
Joy Global Inc
     93,750       5,911  
 
                
Machinery — Farm (1.45%)
                
AGCO Corp (a)(b)
     160,030       9,637  
 
                
Machinery — Pumps (0.98%)
                
Flowserve Corp
     79,140       6,499  
 
                
Medical — Biomedical/Gene (1.74%)
                
Alexion Pharmaceuticals Inc (a)(b)
     78,840       5,150  
Charles River Laboratories International (b)
     103,190       6,408  
 
              
 
             11,558  
 
              
Medical — Drugs (2.62%)
                
Allergan Inc/United States
     171,750       11,540  
Shire PLC ADR (a)
     109,459       5,894  
 
              
 
             17,434  
 
              
Medical — HMO (0.85%)
                
Humana Inc (b)
     70,540       5,664  
 
                
Medical Instruments (1.14%)
                
Intuitive Surgical Inc (b)
     29,840       7,579  
 
                
Medical Products (0.80%)
                
Henry Schein Inc (b)
     91,140       5,298  
 
                
Metal Processors & Fabrication (0.67%)
                
Precision Castparts Corp
     39,090       4,448  
 
                
Multi-Line Insurance (0.64%)
                
Assurant Inc
     65,530       4,252  
 
                
Networking Products (1.09%)
                
Atheros Communications Inc (a)(b)
     170,652       4,660  
Foundry Networks Inc (b)
     188,610       2,603  
 
              
 
             7,263  
 
              
Non-Hazardous Waste Disposal (0.09%)
                
Waste Connections Inc (b)
     21,076       615  
 
                
Oil — Field Services (1.42%)
                
Weatherford International Ltd (b)
     152,480       9,425  
 
                
Oil & Gas Drilling (1.18%)
                
Diamond Offshore Drilling Inc
     69,240       7,819  
 
                
Oil Company — Exploration & Production (4.04%)
                
Quicksilver Resources Inc (a)(b)
     128,260       7,289  
Range Resources Corp
     237,435       12,399  
Southwestern Energy Co (b)
     128,100       7,162  
 
              
 
             26,850  
 
              
Oil Field Machinery & Equipment (1.13%)
                
National Oilwell Varco Inc (b)
     124,460       7,496  
 
                
Pharmacy Services (1.49%)
                
Express Scripts Inc (b)
     146,980       9,920  
 
                
Pipelines (2.32%)
                
Questar Corp
     113,010       5,753  
Williams Cos Inc
     303,390       9,700  
 
              
 
             15,453  
 
              
Printing — Commercial (1.13%)
                
VistaPrint Ltd (a)(b)
     201,635       7,503  
 
                
Retail — Apparel & Shoe (3.07%)
                
Guess ? Inc
     262,850       9,807  
Nordstrom Inc
     136,970       5,328  
Urban Outfitters Inc (b)
     182,750       5,300  
 
              
 
             20,435  
 
              

210

 

Schedule of Investments
Partners MidCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Retail — Computer Equipment (1.72%)
                
GameStop Corp (b)
     221,750     $ 11,471  
 
                
Retail — Discount (1.24%)
                
TJX Cos Inc
     261,400       8,250  
 
                
Retail — Restaurants (1.46%)
                
Yum! Brands Inc
     285,110       9,739  
 
                
Savings & Loans — Thrifts (0.81%)
                
Hudson City Bancorp Inc
     328,250       5,377  
 
                
Schools (1.86%)
                
Apollo Group Inc (b)
     155,504       12,400  
 
                
Semiconductor Equipment (1.30%)
                
Varian Semiconductor Equipment Associates Inc (b)
     269,416       8,678  
 
                
Steel — Producers (0.80%)
                
Steel Dynamics Inc
     102,370       5,339  
 
                
Television (0.48%)
                
Central European Media Enterprises Ltd (b)
     33,780       3,202  
 
                
Therapeutics (1.58%)
                
BioMarin Pharmaceutical Inc (a)(b)
     165,847       6,146  
United Therapeutics Corp (a)(b)
     52,070       4,373  
 
              
 
             10,519  
 
              
Transport — Marine (0.81%)
                
Tidewater Inc (a)
     101,140       5,356  
 
                
Transport — Services (1.23%)
                
Expeditors International Washington Inc
     172,630       8,164  
 
                
Web Hosting & Design (0.69%)
                
Equinix Inc (a)(b)
     60,490       4,569  
 
                
Web Portals (0.74%)
                
Sina Corp/China (a)(b)
     123,910       4,919  
 
                
Wireless Equipment (1.27%)
                
Crown Castle International Corp (a)(b)
     233,500       8,450  
 
                
X-Ray Equipment (0.74%)
                
Hologic Inc (a)(b)
     76,180       4,903  
 
TOTAL COMMON STOCKS
           $ 654,463  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
SHORT TERM INVESTMENTS (12.32%)
                
Money Market Funds (12.32%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 81,950     $ 81,950  
 
TOTAL SHORT TERM INVESTMENTS
           $ 81,950  
 
REPURCHASE AGREEMENTS (3.34%)
                
Finance — Investment Banker & Broker (2.77%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $18,603,000; 0.00%-6.38%; dated 05/16/08-01/11/27) (c)
   $ 18,464     $ 18,462  
 
Money Center Banks (0.57%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $3,799,000; 0.00%-6.63%; dated 03/14/08-05/15/30) (c)
     3,769       3,769  
 
TOTAL REPURCHASE AGREEMENTS
           $ 22,231  
 
Total Investments
           $ 758,644  
Liabilities in Excess of Other Assets, Net — (14.06)%
             (93,539 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 665,105  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 85,131  
Unrealized Depreciation
     (26,711 )
 
      
Net Unrealized Appreciation (Depreciation)
     58,420  
Cost for federal income tax purposes
     700,224  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
 
Financial
     26.47 %
Consumer, Non-cyclical
     18.04 %
Industrial
     15.87 %
Energy
     12.99 %
Technology
     11.99 %
Consumer, Cyclical
     11.72 %
Communications
     9.20 %
Basic Materials
     4.86 %
Utilities
     2.92 %
Liabilities in Excess of Other Assets, Net
     (14.06 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

211

 

Schedule of Investments
Partners MidCap Growth Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (99.27%)
                
Aerospace & Defense (1.02%)
                
Rockwell Collins Inc
     46,600     $ 2,945  
 
                
Aerospace & Defense Equipment (0.74%)
                
Goodrich Corp
     34,550       2,161  
 
                
Agricultural Chemicals (0.86%)
                
Mosaic Co/The (a)
     27,500       2,503  
 
                
Airlines (0.53%)
                
Continental Airlines Inc (a)(b)
     56,150       1,528  
 
                
Applications Software (0.94%)
                
Citrix Systems Inc (a)
     57,350       1,986  
Quest Software Inc (a)(b)
     49,050       733  
 
              
 
             2,719  
 
              
Auction House & Art Dealer (0.35%)
                
Sotheby’s
     32,400       1,007  
 
                
Batteries & Battery Systems (0.46%)
                
Energizer Holdings Inc (a)
     14,400       1,348  
 
                
Beverages — Non-Alcoholic (0.27%)
                
Hansen Natural Corp (a)(b)
     20,000       771  
 
                
Beverages — Wine & Spirits (0.48%)
                
Brown-Forman Corp
     22,250       1,401  
 
                
Broadcasting Services & Programming (0.56%)
                
Discovery Holding Co (a)
     69,550       1,615  
 
                
Building — Residential & Commercial (0.78%)
                
NVR Inc (a)(b)
     3,600       2,273  
 
                
Casino Hotels (0.80%)
                
Wynn Resorts Ltd
     20,300       2,334  
 
                
Casino Services (1.24%)
                
International Game Technology
     84,650       3,612  
 
                
Cellular Telecommunications (0.56%)
                
Millicom International Cellular SA (a)(b)
     15,300       1,621  
 
                
Chemicals — Specialty (1.24%)
                
Lubrizol Corp
     30,900       1,626  
Terra Industries Inc (a)(b)
     43,650       1,967  
 
              
 
             3,593  
 
              
Commercial Services — Finance (0.44%)
                
Wright Express Corp (a)(b)
     42,650       1,277  
 
                
Computer Services (1.41%)
                
Cognizant Technology Solutions Corp (a)
     78,700       2,196  
DST Systems Inc (a)(b)
     26,400       1,887  
 
              
 
             4,083  
 
              
Computers — Integrated Systems (0.64%)
                
NCR Corp (a)
     86,650       1,861  
 
                
Computers — Memory Devices (0.78%)
                
Western Digital Corp (a)(b)
     85,350       2,258  
 
                
Consulting Services (1.57%)
                
Huron Consulting Group Inc (a)(b)
     16,400       1,178  
SAIC Inc (a)(b)
     95,350       1,802  
Watson Wyatt Worldwide Inc
     32,200       1,583  
 
              
 
             4,563  
 
              
Containers — Metal & Glass (0.99%)
                
Owens-Illinois Inc (a)
     56,750       2,860  
 
                
Cosmetics & Toiletries (1.18%)
                
Avon Products Inc
     97,500       3,414  
 
                
Data Processing & Management (1.94%)
                
Mastercard Inc
     22,250       4,606  
Total System Services Inc
     44,500       1,028  
 
              
 
             5,634  
 
              
Disposable Medical Products (1.12%)
                
CR Bard Inc
     33,550       3,240  
 
                
Distribution & Wholesale (0.50%)
                
Fastenal Co
     36,100       1,459  
 
                
Diversified Manufacturing Operations (2.21%)
                
Cooper Industries Ltd
     17,100       762  
Eaton Corp
     21,200       1,754  
Harsco Corp
     33,550       1,910  
Parker Hannifin Corp
     29,500       1,994  
 
              
 
             6,420  
 
              
E-Commerce — Services (0.64%)
                
Priceline.com Inc (a)(b)
     17,050       1,850  
 
                
Electric — Integrated (1.96%)
                
Constellation Energy Group Inc
     40,100       3,768  
Edison International
     36,950       1,927  
 
              
 
             5,695  
 
              
Electronic Components — Miscellaneous (0.54%)
                
Gentex Corp
     98,200       1,557  
 
                
Electronic Components — Semiconductors (3.18%)
                
Intersil Corp
     49,750       1,146  
MEMC Electronic Materials Inc (a)
     52,400       3,744  
Microchip Technology Inc
     60,500       1,931  

212

 

Schedule of Investments
Partners MidCap Growth Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Electronic Components — Semiconductors (continued)
                
Nvidia Corp (a)
     97,675     $ 2,402  
 
              
 
             9,223  
 
              
Electronic Connectors (0.34%)
                
Thomas & Betts Corp (a)
     21,900       991  
 
                
Electronic Design Automation (0.55%)
                
Synopsys Inc (a)
     72,000       1,585  
 
                
Electronic Measurement Instruments (0.77%)
                
Agilent Technologies Inc (a)
     65,650       2,226  
 
                
Energy — Alternate Sources (0.47%)
                
First Solar Inc (a)
     7,500       1,363  
 
                
Engineering — Research & Development Services (2.89%)
                
EMCOR Group Inc (a)
     27,350       600  
Jacobs Engineering Group Inc (a)
     37,500       2,867  
KBR Inc
     57,900       1,829  
McDermott International Inc (a)
     65,800       3,104  
 
              
 
             8,400  
 
              
Engines — Internal Combustion (0.77%)
                
Cummins Inc
     46,300       2,235  
 
                
Enterprise Software & Services (1.85%)
                
BMC Software Inc (a)
     68,350       2,190  
CA Inc
     80,100       1,764  
Sybase Inc (a)(b)
     49,600       1,400  
 
              
 
             5,354  
 
              
Fiduciary Banks (0.97%)
                
Northern Trust Corp
     38,200       2,802  
 
                
Finance — Investment Banker & Broker (0.71%)
                
TD Ameritrade Holding Corp (a)(b)
     109,400       2,052  
 
                
Finance — Other Services (2.54%)
                
IntercontinentalExchange Inc (a)
     20,500       2,869  
MF Global Ltd (a)
     56,000       1,683  
Nasdaq Stock Market Inc/The (a)
     60,850       2,816  
 
              
 
             7,368  
 
              
Food — Meat Products (0.53%)
                
Hormel Foods Corp
     39,650       1,536  
 
                
Food — Miscellaneous/Diversified (1.34%)
                
ConAgra Foods Inc
     51,350       1,106  
HJ Heinz Co
     41,350       1,760  
McCormick & Co Inc/MD
     30,200       1,018  
 
              
 
             3,884  
 
              
Gas — Distribution (0.43%)
                
Sempra Energy
     22,500       1,258  
 
                
Hazardous Waste Disposal (0.48%)
                
Stericycle Inc(a)
     23,500       1,393  
 
                
Hotels & Motels (1.11%)
                
Choice Hotels International Inc
     42,000       1,403  
Starwood Hotels & Resorts Worldwide Inc
     40,150       1,817  
 
              
 
             3,220  
 
              
Independent Power Producer (0.93%)
                
Mirant Corp (a)(b)
     73,600       2,711  
 
                
Industrial Audio & Video Products (0.73%)
                
Dolby Laboratories Inc (a)
     48,950       2,109  
 
                
Industrial Automation & Robots (0.58%)
                
Rockwell Automation Inc/DE
     29,500       1,682  
 
                
Industrial Gases (0.73%)
                
Airgas Inc
     45,600       2,116  
 
                
Instruments — Controls (0.79%)
                
Mettler Toledo International Inc (a)
     23,000       2,284  
 
                
Internet Infrastructure Software (0.49%)
                
Akamai Technologies Inc (a)(b)
     46,850       1,415  
 
                
Internet Security (0.90%)
                
McAfee Inc (a)
     77,650       2,614  
 
                
Investment Management & Advisory Services (0.97%)
                
Eaton Vance Corp
     32,850       1,224  
Federated Investors Inc
     37,600       1,601  
 
              
 
             2,825  
 
              
Life & Health Insurance (0.82%)
                
Cigna Corp
     48,150       2,367  
 
                
Machinery — Farm (0.92%)
                
AGCO Corp (a)(b)
     44,150       2,659  
 
                
Medical — Biomedical/Gene (1.02%)
                
Genzyme Corp (a)
     18,250       1,426  
Invitrogen Corp (a)
     18,000       1,542  
 
              
 
             2,968  
 
              
Medical — Drugs (2.48%)
                
Endo Pharmaceuticals Holdings Inc (a)
     63,000       1,647  
Forest Laboratories Inc (a)
     67,700       2,693  
King Pharmaceuticals Inc (a)
     113,000       1,185  
OSI Pharmaceuticals Inc (a)(b)
     41,900       1,671  
 
              
 
             7,196  
 
              

213

 

Schedule of Investments
Partners MidCap Growth Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Medical — HMO (1.91%)
                
Coventry Health Care Inc (a)
     43,800     $ 2,478  
Humana Inc (a)
     38,050       3,056  
 
              
 
             5,534  
 
              
Medical — Wholesale Drug Distribution (0.76%)
                
AmerisourceBergen Corp
     47,250       2,204  
 
                
Medical Information Systems (0.32%)
                
Allscripts Healthcare Solutions Inc (a)(b)
     62,100       921  
 
                
Medical Instruments (1.75%)
                
Edwards Lifesciences Corp (a)
     33,200       1,536  
St Jude Medical Inc (a)
     87,750       3,555  
 
              
 
             5,091  
 
              
Medical Laboratory & Testing Service (0.94%)
                
Laboratory Corp of America Holdings (a)
     37,050       2,737  
 
                
Medical Products (1.55%)
                
Henry Schein Inc (a)(b)
     44,750       2,602  
Zimmer Holdings Inc (a)
     24,100       1,886  
 
              
 
             4,488  
 
              
Metal Processors & Fabrication (1.18%)
                
Precision Castparts Corp
     30,200       3,437  
 
                
Multi — Line Insurance (0.55%)
                
HCC Insurance Holdings Inc
     57,750       1,609  
 
                
Office Automation & Equipment (0.44%)
                
Xerox Corp
     82,900       1,277  
 
                
Oil — Field Services (0.51%)
                
Global Industries Ltd (a)(b)
     84,250       1,488  
 
                
Oil & Gas Drilling (2.08%)
                
ENSCO International Inc
     50,850       2,599  
Noble Corp (b)
     78,400       3,432  
 
              
 
             6,031  
 
              
Oil Company — Exploration & Production (3.42%)
                
Chesapeake Energy Corp
     56,550       2,106  
Cimarex Energy Co
     42,350       1,728  
Denbury Resources Inc (a)
     75,450       1,909  
Noble Energy Inc
     31,650       2,297  
Unit Corp (a)
     37,850       1,897  
 
              
 
             9,937  
 
              
Oil Field Machinery & Equipment (1.81%)
                
FMC Technologies Inc (a)
     20,250       975  
National Oilwell Varco Inc (a)
     70,900       4,271  
 
              
 
             5,246  
 
              
Oil Refining & Marketing (1.14%)
                
Frontier Oil Corp
     22,900       808  
Holly Corp
     23,400       1,133  
Tesoro Corp
     35,250       1,376  
 
              
 
             3,317  
 
              
Printing — Commercial (0.46%)
                
RR Donnelley & Sons Co
     38,600       1,347  
 
                
Reinsurance (0.36%)
                
Endurance Specialty Holdings Ltd
     25,500       1,033  
 
                
REITS — Hotels (0.28%)
                
Hospitality Properties Trust
     23,950       813  
 
                
REITS — Warehouse & Industrial (1.15%)
                
ProLogis
     56,150       3,332  
 
                
Research & Development (0.68%)
                
Pharmaceutical Product Development Inc
     45,500       1,973  
 
                
Retail — Apparel & Shoe (1.92%)
                
American Eagle Outfitters Inc
     63,925       1,472  
Coach Inc (a)
     85,350       2,736  
Guess ? Inc
     36,750       1,371  
 
              
 
             5,579  
 
              
Retail — Auto Parts (0.81%)
                
Autozone Inc (a)
     19,500       2,357  
 
                
Retail — Automobile (0.81%)
                
Copart Inc (a)
     57,800       2,363  
 
                
Retail — Computer Equipment (0.91%)
                
GameStop Corp (a)
     51,200       2,649  
 
                
Retail — Discount (1.70%)
                
Dollar Tree Stores Inc (a)
     54,600       1,529  
TJX Cos Inc
     107,600       3,396  
 
              
 
             4,925  
 
              
Retail — Major Department Store (0.69%)
                
Saks Inc (a)(b)
     110,650       1,997  
 
                
Retail — Restaurants (1.60%)
                
Tim Hortons Inc
     35,000       1,199  
Yum! Brands Inc
     100,850       3,445  
 
              
 
             4,644  
 
              
Schools (1.59%)
                
Apollo Group Inc (a)
     32,250       2,572  
ITT Educational Services Inc (a)
     22,250       2,032  
 
              
 
             4,604  
 
              
Semiconductor Component — Integrated Circuits (1.85%)
                
Analog Devices Inc
     46,900       1,330  
Emulex Corp (a)
     44,850       700  

214

 

Schedule of Investments
Partners MidCap Growth Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Semiconductor Component — Integrated Circuits (continued)
                
Integrated Device Technology Inc (a)
     117,750     $ 877  
Linear Technology Corp (b)
     88,850       2,458  
 
              
 
             5,365  
 
              
Semiconductor Equipment (0.77%)
                
Lam Research Corp (a)(b)
     58,500       2,246  
 
                
Steel-Producers (2.04%)
                
Carpenter Technology Corp
     33,500       2,065  
Steel Dynamics Inc
     40,150       2,094  
United States Steel Corp
     17,350       1,771  
 
              
 
             5,930  
 
              
Telecommunication Equipment (0.83%)
                
Adtran Inc
     64,850       1,350  
Tellabs Inc (a)(b)
     156,900       1,070  
 
              
 
             2,420  
 
              
Telecommunication Services (0.45%)
                
NeuStar Inc (a)(b)
     43,700       1,298  
 
                
Telephone — Integrated (0.64%)
                
Windstream Corp
     160,600       1,865  
 
                
Television (0.68%)
                
DISH Network Corp (a)
     69,900       1,974  
 
                
Tobacco (0.38%)
                
Reynolds American Inc (b)
     17,450       1,105  
 
                
Toys (0.67%)
                
Marvel Entertainment Inc (a)(b)
     68,800       1,940  
 
                
Transport — Marine (1.34%)
                
Kirby Corp (a)
     47,500       2,184  
Tidewater Inc
     32,300       1,711  
 
              
 
             3,895  
 
              
Wireless Equipment (1.26%)
                
American Tower Corp (a)
     50,600       1,899  
SBA Communications Corp (a)(b)
     59,550       1,763  
 
              
 
             3,662  
 
TOTAL COMMON STOCKS
           $ 288,071  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (7.23%)
                
Money Market Funds (7.23%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 20,987     $ 20,987  
 
TOTAL SHORT TERM INVESTMENTS
           $ 20,987  
 
REPURCHASE AGREEMENTS (3.69%)
                
Finance — Investment Banker & Broker (3.13%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $9,146,000; 0.00% -6.38%; dated 05/16/08-01/11/27) (c)
   $ 9,078     $ 9,077  
 
                
Money Center Banks (0.56%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $1,647,000; 0.00%-6.63%; dated 03/14/08-05/15/30) (c)
     1,634       1,634  
 
TOTAL REPURCHASE AGREEMENTS
           $ 10,711  
 
Total Investments
          $ 319,769  
Liabilities in Excess of Other Assets, Net — (10.19)%
             (29,565 )
 
              
TOTAL NET ASSETS -100.00%
           $ 290,204  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 22,946  
Unrealized Depreciation
     (22,737 )
 
      
Net Unrealized Appreciation (Depreciation)
     209  
Cost for federal income tax purposes
     319,560  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Consumer, Non-cyclical
     20.79 %
Financial
     19.26 %
Industrial
     16.75 %
Technology
     14.65 %
Consumer, Cyclical
     14.09 %
Energy
     9.44 %
Communications
     7.01 %
Basic Materials
     4.87 %
Utilities
     3.33 %
Liabilities in Excess of Other Assets, Net
     (10.19 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

215

 

Schedule of Investments
Partners MidCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (97.06%)
                
Aerospace & Defense (0.53%)
                
Rockwell Collins Inc
     37,900     $ 2,395  
 
                
Aerospace & Defense Equipment (1.10%)
                
Alliant Techsystems Inc (a)
     46,500       4,922  
 
                
Agricultural Chemicals (0.93%)
                
Mosaic Co/The (a)
     45,900       4,177  
 
                
Airlines (0.52%)
                
Northwest Airlines Corp (a)
     125,600       2,350  
 
                
Applications Software (0.53%)
                
Progress Software Corp (a)
     80,100       2,365  
 
                
Auto — Medium & Heavy Duty Trucks (0.74%)
                
Oshkosh Truck Corp
     72,200       3,304  
 
                
Auto/Truck Parts & Equipment — Original (0.06%)
                
Autoliv Inc
     5,400       270  
 
                
Beverages — Non-Alcoholic (0.61%)
                
Hansen Natural Corp (a)
     30,000       1,157  
Pepsi Bottling Group Inc
     45,600       1,589  
 
              
 
             2,746  
 
              
 
                
Building — Heavy Construction (0.10%)
                
Granite Construction Inc
     5,800       221  
Perini Corp (a)
     6,500       227  
 
              
 
             448  
 
              
 
                
Building Products — Air & Heating (0.67%)
                
Lennox International Inc
     81,300       3,021  
 
                
Cable TV (0.17%)
                
Cablevision Systems Corp (a)
     31,700       744  
 
                
Casino Services (1.29%)
                
International Game Technology
     90,600       3,866  
Scientific Games Corp (a)
     80,100       1,906  
 
              
 
             5,772  
 
              
 
                
Cellular Telecommunications (0.11%)
                
US Cellular Corp (a)
     7,000       498  
 
                
Chemicals — Specialty (0.51%)
                
Ecolab Inc
     47,300       2,282  
 
                
Coal (0.92%)
                
Massey Energy Co
     31,500       1,171  
Peabody Energy Corp
     54,200       2,928  
 
              
 
             4,099  
 
              
 
                
Commercial Services (0.56%)
                
Quanta Services Inc (a)
     115,400       2,530  
 
                
Computer Aided Design (0.78%)
                
Autodesk Inc (a)
     84,900       3,494  
 
                
Computer Services (1.56%)
                
Cognizant Technology Solutions Corp (a)
     60,900       1,699  
Electronic Data Systems Corp
     105,000       2,111  
Factset Research Systems Inc
     47,200       2,640  
IHS Inc (a)
     9,000       557  
 
              
 
             7,007  
 
              
 
                
Computers — Integrated Systems (0.98%)
                
Brocade Communications Systems Inc (a)
     145,100       1,000  
Micros Systems Inc (a)
     37,600       2,315  
NCR Corp (a)
     49,200       1,057  
 
              
 
             4,372  
 
              
 
                
Computers — Memory Devices (0.41%)
                
Seagate Technology
     91,400       1,853  
 
                
Containers — Metal & Glass (1.47%)
                
Ball Corp
     43,400       1,992  
Crown Holdings Inc (a)
     188,100       4,612  
 
              
 
             6,604  
 
              
 
                
Cosmetics & Toiletries (2.61%)
                
Alberto-Culver Co
     42,600       1,141  
Avon Products Inc
     144,000       5,043  
Chattem Inc (a)
     46,000       3,529  
Estee Lauder Cos Inc/The
     47,100       1,988  
 
              
 
             11,701  
 
              
 
                
Data Processing & Management (0.87%)
                
Broadridge Financial Solutions Inc
     59,100       1,280  
SEI Investments Co
     67,100       1,859  
Total System Services Inc
     33,600       776  
 
              
 
             3,915  
 
              
 
                
Diagnostic Equipment (0.54%)
                
Gen-Probe Inc (a)
     42,000       2,400  
 
                
Diagnostic Kits (0.82%)
                
Idexx Laboratories Inc (a)
     26,800       1,511  
Inverness Medical Innovations Inc (a)
     48,000       2,162  
 
              
 
             3,673  
 
              
 
                
Disposable Medical Products (0.80%)
                
CR Bard Inc
     37,100       3,583  
 
                
Distribution & Wholesale (0.64%)
                
LKQ Corp (a)
     159,000       2,844  
 
                
Diversified Manufacturing Operations (2.22%)
                
Actuant Corp
     77,000       2,104  
Harsco Corp
     35,800       2,038  
ITT Corp
     26,800       1,593  

216

 

Schedule of Investments
Partners MidCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Diversified Manufacturing Operations (continued)
                
Roper Industries Inc
     70,200     $ 3,925  
Textron Inc
     4,900       275  
 
              
 
             9,935  
 
              
 
                
Drug Delivery Systems (0.56%)
                
Hospira Inc (a)
     61,500       2,528  
 
                
Educational Software (0.18%)
                
Blackboard Inc (a)
     22,900       801  
 
                
Electric — Generation (0.58%)
                
AES Corp/The (a)
     135,800       2,591  
 
                
Electric -Integrated (0.77%)
                
Allegheny Energy Inc
     40,500       2,219  
DPL Inc
     43,700       1,213  
 
              
 
             3,432  
 
              
 
                
Electric Products — Miscellaneous (0.31%)
                
Molex Inc
     58,100       1,397  
 
                
Electronic Components — Miscellaneous (0.60%)
                
Garmin Ltd
     26,800       1,934  
Plexus Corp (a)
     6,200       140  
Sanmina-SCI Corp (a)
     387,300       608  
 
              
 
             2,682  
 
              
 
                
Electronic Components — Semiconductors (3.55%)
                
Broadcom Corp (a)
     104,800       2,314  
MEMC Electronic Materials Inc (a)
     97,600       6,975  
Nvidia Corp (a)
     167,200       4,111  
Skyworks Solutions Inc (a)
     308,000       2,479  
 
              
 
             15,879  
 
              
 
                
Electronic Connectors (1.01%)
                
Amphenol Corp
     113,000       4,513  
 
                
Electronic Measurement Instruments (0.61%)
                
Agilent Technologies Inc (a)
     80,100       2,716  
 
                
Electronic Parts Distribution (1.17%)
                
Avnet Inc (a)
     146,900       5,231  
 
                
Electronics — Military (1.12%)
                
L-3 Communications Holdings Inc
     45,100       4,998  
 
                
Engineering — Research & Development Services (3.60%)
                
Fluor Corp
     61,600       7,495  
Foster Wheeler Ltd (a)
     33,600       2,301  
Jacobs Engineering Group Inc (a)
     28,800       2,201  
McDermott International Inc (a)
     51,200       2,416  
Shaw Group Inc/The (a)
     24,200       1,367  
URS Corp (a)
     7,900       347  
 
              
 
             16,127  
 
              
 
                
Engines — Internal Combustion (0.48%)
                
Cummins Inc
     44,200       2,134  
 
                
Enterprise Software & Services (0.47%)
                
CA Inc
     87,800       1,934  
Novell Inc (a)
     26,100       166  
 
              
 
             2,100  
 
              
 
                
Entertainment Software (0.03%)
                
Activision Inc (a)
     5,200       134  
 
                
Fiduciary Banks (0.63%)
                
Northern Trust Corp
     38,200       2,802  
 
                
Filtration & Separation Products (0.21%)
                
Donaldson Co Inc
     22,400       939  
 
                
Finance — Investment Banker & Broker (0.61%)
                
Investment Technology Group Inc (a)
     24,500       1,151  
TD Ameritrade Holding Corp (a)
     84,400       1,583  
 
              
 
             2,734  
 
              
 
                
Finance — Other Services (1.73%)
                
IntercontinentalExchange Inc (a)
     37,500       5,248  
Nymex Holdings Inc
     21,850       2,513  
 
              
 
             7,761  
 
              
 
                
Footwear & Related Apparel (0.14%)
                
CROCS Inc (a)(b)
     17,600       612  
 
                
Human Resources (1.34%)
                
Hewitt Associates Inc (a)
     42,900       1,595  
Manpower Inc
     31,700       1,783  
Monster Worldwide Inc (a)
     42,700       1,189  
Robert Half International Inc
     51,500       1,431  
 
              
 
             5,998  
 
              
 
                
Independent Power Producer (0.53%)
                
NRG Energy Inc (a)
     61,700       2,381  
 
                
Industrial Audio & Video Products (0.16%)
                
Dolby Laboratories Inc (a)
     17,000       733  
 
                
Industrial Automation & Robots (0.47%)
                
Rockwell Automation Inc/DE
     36,900       2,104  
 
                
Instruments — Controls (0.16%)
                
Mettler Toledo International Inc (a)
     7,300       725  
 
                
Instruments — Scientific (1.48%)
                
Thermo Fisher Scientific Inc (a)
     103,000       5,303  

217

 

Schedule of Investments
Partners MidCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Instruments — Scientific (continued)
                
Waters Corp (a)
     22,900     $ 1,316  
 
              
 
             6,619  
 
              
 
                
Insurance Brokers (0.24%)
                
Brown & Brown Inc
     47,600       1,071  
 
                
Internet Infrastructure Software (0.43%)
                
Akamai Technologies Inc (a)
     64,100       1,936  
 
                
Internet Security (0.48%)
                
VeriSign Inc (a)
     63,200       2,144  
 
                
Internet Telephony (0.05%)
                
j2 Global Communications Inc (a)
     10,400       228  
 
                
Investment Management & Advisory Services (3.10%)
                
Affiliated Managers Group Inc (a)(b)
     42,700       4,198  
Ameriprise Financial Inc
     48,700       2,694  
BlackRock Inc/New York
     10,700       2,366  
Federated Investors Inc
     47,700       2,030  
T Rowe Price Group Inc
     51,200       2,590  
 
              
 
             13,878  
 
              
 
                
Life & Health Insurance (0.61%)
                
Cigna Corp
     55,900       2,748  
 
                
Machinery — Construction & Mining (2.19%)
                
Joy Global Inc
     63,700       4,016  
Terex Corp (a)
     98,700       5,800  
 
              
 
             9,816  
 
              
 
                
Machinery — General Industry (0.38%)
                
Manitowoc Co Inc/The
     44,700       1,704  
 
                
Machinery — Pumps (0.39%)
                
Flowserve Corp
     21,400       1,757  
 
                
Machinery Tools & Related Products (0.15%)
                
Kennametal Inc
     22,100       677  
 
                
Medical — Biomedical/Gene (0.73%)
                
Millipore Corp (a)
     46,800       3,283  
 
                
Medical — Drugs (0.99%)
                
Cephalon Inc (a)
     49,700       3,262  
Endo Pharmaceuticals Holdings Inc (a)
     44,800       1,171  
 
              
 
             4,433  
 
              
 
                
Medical — HMO (2.89%)
                
Centene Corp (a)
     16,800       402  
Coventry Health Care Inc (a)
     62,600       3,542  
Health Net Inc (a)
     43,800       2,036  
Humana Inc (a)
     71,700       5,758  
WellCare Health Plans Inc (a)
     25,800       1,212  
 
              
 
             12,950  
 
              
 
                
Medical Instruments (1.41%)
                
Arthrocare Corp (a)(b)
     41,200       1,649  
Beckman Coulter Inc
     27,200       1,809  
St Jude Medical Inc (a)
     70,400       2,852  
 
              
 
             6,310  
 
              
 
                
Medical Laboratory & Testing Service (0.59%)
                
Icon Plc ADR (a)
     41,800       2,620  
 
                
Medical Products (2.41%)
                
Becton Dickinson & Co
     47,100       4,076  
Henry Schein Inc (a)
     77,300       4,493  
Varian Medical Systems Inc (a)
     42,500       2,210  
 
              
 
             10,779  
 
              
 
                
Metal — Aluminum (0.05%)
                
Kaiser Aluminum Corp
     3,200       205  
 
                
Metal Processors & Fabrication (1.10%)
                
Precision Castparts Corp
     43,300       4,928  
 
                
Motion Pictures & Services (0.21%)
                
DreamWorks Animation SKG Inc (a)
     38,300       936  
 
                
Multi-Line Insurance (0.37%)
                
CNA Financial Corp
     49,400       1,679  
 
                
Networking Products (0.67%)
                
Anixter International Inc (a)
     42,800       2,999  
 
                
Office Furnishings — Original (0.20%)
                
Steelcase Inc
     59,400       911  
 
                
Oil — Field Services (1.82%)
                
BJ Services Co
     94,600       2,058  
Global Industries Ltd (a)
     55,800       985  
Key Energy Services Inc (a)
     10,800       127  
Superior Energy Services (a)
     36,300       1,455  
Weatherford International Ltd (a)
     56,800       3,511  
 
              
 
             8,136  
 
              
 
                
Oil & Gas Drilling (1.10%)
                
Atwood Oceanics Inc (a)
     59,200       4,919  
 
                
Oil Company — Exploration & Production (1.19%)
                
Continental Resources Inc/OK (a)
     12,900       321  
Denbury Resources Inc (a)
     50,200       1,270  
Newfield Exploration Co (a)
     75,200       3,751  
 
              
 
             5,342  
 
              
 
                
Oil Field Machinery & Equipment (3.98%)
                
Cameron International Corp (a)
     107,200       4,316  

218

 

Schedule of Investments
Partners MidCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Oil Field Machinery & Equipment (continued)
                
Dresser-Rand Group Inc (a)
     36,300     $ 1,151  
FMC Technologies Inc (a)
     84,900       4,089  
National Oilwell Varco Inc (a)
     137,500       8,281  
 
              
 
             17,837  
 
              
 
                
Oil Refining & Marketing (2.56%)
                
Frontier Oil Corp
     26,900       949  
Holly Corp
     69,300       3,355  
Sunoco Inc
     33,800       2,102  
Tesoro Corp
     129,900       5,073  
 
              
 
             11,479  
 
              
 
                
Pharmacy Services (1.44%)
                
Express Scripts Inc (a)
     42,300       2,855  
HealthExtras Inc (a)
     4,900       135  
Medco Health Solutions Inc (a)
     68,800       3,446  
 
              
 
             6,436  
 
              
 
                
Reinsurance (0.08%)
                
Transatlantic Holdings Inc
     5,000       341  
 
                
REITS — Diversified (0.36%)
                
Duke Realty Corp
     68,900       1,629  
 
                
REITS — Storage (0.10%)
                
Public Storage
     6,000       469  
 
                
Research & Development (0.95%)
                
Pharmaceutical Product Development Inc
     98,500       4,271  
 
                
Retail — Apparel & Shoe (2.50%)
                
American Eagle Outfitters Inc
     129,600       2,985  
Coach Inc (a)
     145,800       4,673  
Guess ? Inc
     94,600       3,529  
 
              
 
             11,187  
 
              
 
                
Retail — Computer Equipment (1.02%)
                
GameStop Corp (a)
     88,100       4,557  
 
                
Retail — Discount (0.93%)
                
Family Dollar Stores Inc
     60,400       1,270  
TJX Cos Inc
     91,400       2,885  
 
              
 
             4,155  
 
              
 
                
Retail — Office Supplies (0.39%)
                
Office Depot Inc (a)
     119,200       1,768  
 
                
Retail — Restaurants (0.68%)
                
Yum! Brands Inc
     89,700       3,064  
 
                
Retail — Sporting Goods (0.70%)
                
Dick’s Sporting Goods Inc (a)
     96,300       3,135  
 
                
Schools (0.99%)
                
Apollo Group Inc (a)
     36,400       2,903  
DeVry Inc
     4,900       270  
ITT Educational Services Inc (a)
     14,000       1,279  
 
              
 
             4,452  
 
              
 
                
Semiconductor Component — Integrated Circuits (0.52%)
                
Analog Devices Inc
     81,400       2,308  
 
                
Semiconductor Equipment (0.52%)
                
Varian Semiconductor Equipment Associates Inc (a)
     72,200       2,326  
 
                
Steel — Producers (1.55%)
                
AK Steel Holding Corp (a)
     25,000       1,194  
Carpenter Technology Corp
     51,100       3,150  
Reliance Steel & Aluminum Co
     6,400       315  
Steel Dynamics Inc
     44,000       2,295  
 
              
 
             6,954  
 
              
 
                
Steel — Specialty (1.04%)
                
Allegheny Technologies Inc
     65,900       4,639  
 
                
Telecommunication Equipment (0.78%)
                
Harris Corp
     63,800       3,489  
 
                
Telecommunication Equipment — Fiber Optics (0.04%)
                
Sycamore Networks Inc (a)
     50,700       171  
 
                
Telecommunication Services (1.04%)
                
NeuStar Inc (a)
     93,500       2,778  
NTELOS Holdings Corp
     88,900       1,892  
 
              
 
             4,670  
 
              
 
                
Telephone — Integrated (0.29%)
                
Telephone & Data Systems Inc
     24,900       1,313  
 
                
Television (0.40%)
                
DISH Network Corp (a)
     63,200       1,785  
 
                
Theaters (0.08%)
                
National CineMedia Inc
     16,000       365  
 
                
Therapeutics (0.15%)
                
United Therapeutics Corp (a)
     8,100       680  
 
                
Transport — Services (0.57%)
                
CH Robinson Worldwide Inc
     45,600       2,533  
 
                
Transport — Truck (0.29%)
                
Landstar System Inc
     26,400       1,321  
 
                
Web Hosting & Design (0.62%)
                
Equinix Inc (a)(b)
     36,600       2,764  

219

 

Schedule of Investments
Partners MidCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Wire & Cable Products (0.69%)
                
General Cable Corp (a)
     53,500     $ 3,104  
 
                
Wireless Equipment (1.26%)
                
American Tower Corp (a)
     62,800       2,357  
SBA Communications Corp (a)
     111,100       3,290  
 
              
 
             5,647  
 
              
 
                
X-Ray Equipment (1.24%)
                
Hologic Inc (a)
     86,100       5,541  
 
TOTAL COMMON STOCKS
           $ 434,754  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (2.06%)
                
Money Center Banks (2.06%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $9,329,000; 0.00% - -6.63%; dated 03/14/08 - 05/15/30) (c)
   $ 9,257     $ 9,256  
 
TOTAL REPURCHASE AGREEMENTS
           $ 9,256  
 
Total Investments
           $ 444,010  
Other Assets in Excess of Liabilities, Net - 0.88%
             3,922  
 
              
TOTAL NET ASSETS - 100.00%
           $ 447,932  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 13,829  
Unrealized Depreciation
     (49,656 )
 
      
Net Unrealized Appreciation (Depreciation)
     (35,827 )
Cost for federal income tax purposes
     479,837  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
 
Industrial
     23.23 %
Consumer, Non-cyclical
     21.63 %
Energy
     11.57 %
Technology
     10.39 %
Consumer, Cyclical
     10.10 %
Financial
     9.90 %
Communications
     6.34 %
Basic Materials
     4.08 %
Utilities
     1.88 %
Other Assets in Excess of Liabilities, Net
     0.88 %
 
        
TOTAL NET ASSETS
     100.00 %
 
        

220

 

Schedule of Investments
Partners MidCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (99.37%)
                
Aerospace & Defense (0.16%)
                
Empresa Brasileira de Aeronautica SA ADR
     5,978     $ 259  
Spirit Aerosystems Holdings Inc (a)
     25,600       707  
 
              
 
             966  
 
              
 
                
Agricultural Chemicals (0.79%)
                
Mosaic Co/The (a)
     51,200       4,660  
 
                
Airlines (1.69%)
                
Northwest Airlines Corp (a)
     278,700       5,214  
Southwest Airlines Co
     405,700       4,759  
 
              
 
             9,973  
 
              
 
                
Appliances (0.49%)
                
Whirlpool Corp (b)
     33,705       2,869  
 
                
Auto — Car & Light Trucks (1.16%)
                
Ford Motor Co (a)(b)
     1,027,504       6,823  
 
                
Auto/Truck Parts & Equipment — Original (0.61%)
                
Autoliv Inc
     12,678       633  
TRW Automotive Holdings Corp (a)(b)
     41,000       940  
WABCO Holdings Inc
     50,300       2,027  
 
              
 
             3,600  
 
              
 
                
Beverages — Non-Alcoholic (0.73%)
                
Pepsi Bottling Group Inc
     122,900       4,283  
 
                
Beverages — Wine & Spirits (0.53%)
                
Constellation Brands Inc (a)(b)
     150,931       3,154  
 
                
Broadcasting Services & Programming (1.18%)
                
Liberty Media Corp — Capital Series A (a)
     64,700       6,963  
 
                
Building — Heavy Construction (1.23%)
                
Chicago Bridge & Iron Co NV
     68,596       3,052  
Granite Construction Inc
     40,400       1,538  
Perini Corp (a)
     76,200       2,663  
 
              
 
             7,253  
 
              
 
                
Building — Residential & Commercial (0.83%)
                
NVR Inc (a)(b)
     7,751       4,895  
 
                
Building & Construction Products — Miscellaneous (0.49%)
                
Owens Corning Inc (a)(b)
     131,700       2,863  
 
                
Chemicals — Diversified (0.79%)
                
PPG Industries Inc
     70,200       4,640  
 
                
Chemicals — Specialty (1.65%)
                
Ashland Inc
     79,200       3,606  
Eastman Chemical Co
     66,800       4,414  
Lubrizol Corp
     32,600       1,715  
 
              
 
             9,735  
 
              
 
                
Commercial Banks (1.20%)
                
City National Corp/CA
     18,700       1,064  
Colonial BancGroup Inc/The
     35,100       551  
M&T Bank Corp (b)
     10,700       982  
Marshall & Ilsley Corp
     21,900       611  
UnionBanCal Corp
     59,200       2,904  
Zions Bancorporation
     17,900       980  
 
              
 
             7,092  
 
              
 
                
Commercial Services (0.49%)
                
Convergys Corp (a)
     186,400       2,891  
 
                
Computer Services (1.49%)
                
Affiliated Computer Services Inc (a)
     65,600       3,198  
Electronic Data Systems Corp
     207,000       4,161  
Unisys Corp (a)
     342,556       1,425  
 
              
 
             8,784  
 
              
 
                
Computers — Integrated Systems (0.37%)
                
Teradata Corp (a)
     91,700       2,184  
 
                
Computers — Memory Devices (0.82%)
                
Western Digital Corp (a)(b)
     183,800       4,861  
 
                
Containers — Paper & Plastic (0.36%)
                
Sonoco Products Co
     68,800       2,123  
 
                
Cosmetics & Toiletries (0.05%)
                
Avon Products Inc
     7,900       277  
 
                
Diversified Manufacturing Operations (4.08%)
                
Acuity Brands Inc
     36,965       1,682  
Cooper Industries Ltd
     100,800       4,490  
Eaton Corp
     112,545       9,314  
Parker Hannifin Corp
     94,200       6,369  
Teleflex Inc
     37,500       2,217  
 
              
 
             24,072  
 
              
 
                
Diversified Minerals (0.29%)
                
Teck Cominco Ltd
     52,900       1,727  
 
                
Electric — Integrated (10.16%)
                
Alliant Energy Corp
     42,100       1,554  
American Electric Power Co Inc
     175,200       7,504  
Consolidated Edison Inc
     142,100       6,193  
Constellation Energy Group Inc
     31,600       2,969  
DPL Inc (b)
     82,796       2,298  
Edison International
     170,312       8,883  
Entergy Corp
     18,300       1,980  
FirstEnergy Corp
     50,800       3,618  
MDU Resources Group Inc
     162,000       4,199  
Northeast Utilities
     144,100       3,994  
PG&E Corp
     168,600       6,919  

221

 

Schedule of Investments
Partners MidCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Electric — Integrated (continued)
                
Pinnacle West Capital Corp
     17,400     $ 669  
Portland General Electric Co
     45,100       1,111  
PPL Corp
     65,000       3,180  
Wisconsin Energy Corp
     9,800       446  
Xcel Energy Inc
     211,100       4,389  
 
              
 
             59,906  
 
              
 
                
Electric Products — Miscellaneous (0.29%)
                
Molex Inc
     71,700       1,724  
 
                
Electronic Components — Miscellaneous (0.19%)
                
Sanmina-SCI Corp (a)
     713,253       1,120  
 
                
Electronic Components — Semiconductors (0.40%)
                
International Rectifier Corp (a)(b)
     85,059       2,367  
 
                
Electronic Parts Distribution (0.42%)
                
Avnet Inc (a)
     69,600       2,478  
 
                
Electronics — Military (0.12%)
                
L-3 Communications Holdings Inc
     6,400       709  
 
                
Engineering — Research & Development Services (2.08%)
                
EMCOR Group Inc (a)
     114,000       2,500  
KBR Inc
     135,900       4,293  
McDermott International Inc (a)
     38,600       1,821  
Shaw Group Inc/The (a)
     26,800       1,515  
URS Corp (a)
     48,500       2,129  
 
              
 
             12,258  
 
              
 
                
Entertainment Software (0.60%)
                
Take-Two Interactive Software Inc (a)(b)
     214,800       3,531  
 
                
Fiduciary Banks (0.85%)
                
Northern Trust Corp
     68,600       5,032  
 
                
Finance — Investment Banker & Broker (2.17%)
                
Bear Stearns Cos Inc/The (b)
     40,744       3,679  
Jefferies Group Inc
     140,100       2,833  
Morgan Stanley
     52,600       2,600  
Raymond James Financial Inc
     130,600       3,669  
 
              
 
             12,781  
 
              
 
                
Finance — Other Services (0.45%)
                
Nasdaq Stock Market Inc/The (a)(b)
     57,100       2,642  
 
                
Food — Meat Products (0.83%)
                
Hormel Foods Corp
     55,800       2,162  
Smithfield Foods Inc (a)(b)
     98,800       2,751  
 
              
 
             4,913  
 
              
 
                
Food — Miscellaneous/Diversified (2.49%)
                
Campbell Soup Co
     121,700       3,847  
ConAgra Foods Inc
     299,800       6,455  
Sara Lee Corp
     313,600       4,409  
 
              
 
             14,711  
 
              
 
                
Food — Retail (1.20%)
                
Safeway Inc
     227,900       7,063  
 
                
Food — Wholesale & Distribution (0.77%)
                
SUPERVALU Inc
     150,400       4,521  
 
                
Gas — Distribution (2.34%)
                
Atmos Energy Corp
     98,701       2,835  
Energen Corp
     46,802       2,944  
NiSource Inc
     34,200       649  
Sempra Energy
     132,200       7,390  
 
              
 
             13,818  
 
              
 
                
Human Resources (0.44%)
                
Hewitt Associates Inc (a)
     69,705       2,591  
 
                
Independent Power Producer (1.56%)
                
Mirant Corp (a)(b)
     46,512       1,714  
NRG Energy Inc (a)(b)
     70,686       2,728  
Reliant Energy Inc (a)
     224,700       4,779  
 
              
 
             9,221  
 
              
 
                
Insurance Brokers (1.25%)
                
Aon Corp
     169,600       7,381  
 
                
Internet Security (0.07%)
                
Check Point Software Technologies (a)
     18,318       390  
 
                
Investment Management & Advisory Services (3.12%)
                
Ameriprise Financial Inc
     119,400       6,604  
BlackRock Inc/New York
     25,200       5,572  
Janus Capital Group Inc (b)
     85,700       2,315  
Legg Mason Inc
     39,826       2,867  
Waddell & Reed Financial Inc
     30,900       1,025  
 
              
 
             18,383  
 
              
 
                
Life & Health Insurance (1.72%)
                
Cigna Corp
     50,500       2,482  
Phoenix Cos Inc/The
     30,400       329  
Protective Life Corp
     53,600       2,130  
Reinsurance Group of America Inc
     12,500       725  
StanCorp Financial Group Inc
     63,200       3,110  
Unum Group
     59,800       1,353  
 
              
 
             10,129  
 
              
 
                
Machinery — Construction & Mining (0.72%)
                
Joy Global Inc
     338       21  
Terex Corp (a)
     72,006       4,231  
 
              
 
             4,252  
 
              

222

 

Schedule of Investments
Partners MidCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Machinery — General Industry (0.49%)
                
Gardner Denver Inc (a)
     88,300     $ 2,864  
 
                
Machinery — Pumps (0.33%)
                
Flowserve Corp
     23,800       1,954  
 
                
Medical — Drugs (0.48%)
                
Endo Pharmaceuticals Holdings Inc (a)
     44,100       1,153  
King Pharmaceuticals Inc (a)(b)
     98,900       1,037  
Shire PLC ADR
     11,820       637  
 
              
 
             2,827  
 
              
 
                
Medical — HMO (1.11%)
                
Aetna Inc
     40,805       2,173  
AMERIGROUP Corp (a)(b)
     52,400       1,966  
Coventry Health Care Inc (a)
     23,481       1,329  
Molina Healthcare Inc (a)(b)
     31,700       1,081  
 
              
 
             6,549  
 
              
 
                
Medical — Wholesale Drug Distribution (0.61%)
                
AmerisourceBergen Corp
     76,900       3,587  
 
                
Medical Instruments (0.37%)
                
Beckman Coulter Inc (b)
     32,500       2,161  
 
                
Medical Products (0.10%)
                
Covidien Ltd
     12,900       576  
 
                
Metal — Diversified (0.66%)
                
Freeport-McMoRan Copper & Gold Inc
     43,800       3,899  
 
                
Metal — Iron (0.54%)
                
Cleveland-Cliffs Inc (b)
     31,400       3,198  
 
                
Metal Processors & Fabrication (1.27%)
                
Commercial Metals Co
     126,700       3,592  
Timken Co
     128,600       3,888  
 
              
 
             7,480  
 
              
 
                
Motion Pictures & Services (0.13%)
                
DreamWorks Animation SKG Inc (a)
     30,300       741  
 
                
Motorcycle/Motor Scooter (0.38%)
                
Harley-Davidson Inc
     55,764       2,263  
 
                
Multi-Line Insurance (4.13%)
                
American Financial Group Inc/OH
     132,100       3,663  
Assurant Inc
     60,300       3,913  
Cincinnati Financial Corp
     132,600       5,111  
CNA Financial Corp (b)
     109,600       3,725  
Hanover Insurance Group Inc/The
     71,000       3,234  
HCC Insurance Holdings Inc
     27,400       763  
XL Capital Ltd
     87,500       3,938  
 
              
 
             24,347  
 
              
 
                
Multimedia (0.37%)
                
McGraw-Hill Cos Inc/The
     51,400       2,198  
 
                
Non-Ferrous Metals (0.19%)
                
USEC Inc (a)(b)
     140,100       1,131  
 
                
Office Furnishings — Original (0.46%)
                
Steelcase Inc
     177,700       2,724  
 
                
Oil — Field Services (0.30%)
                
Oceaneering International Inc (a)
     31,100       1,791  
 
                
Oil & Gas Drilling (1.28%)
                
Nabors Industries Ltd (a)(b)
     26,400       719  
Noble Corp (b)
     56,700       2,482  
Patterson-UTI Energy Inc
     220,900       4,325  
 
              
 
             7,526  
 
              
 
                
Oil Company — Exploration & Production (1.11%)
                
Canadian Natural Resources Ltd
     26,717       1,702  
Continental Resources Inc/OK (a)
     19,298       481  
Denbury Resources Inc (a)
     61,214       1,549  
Southwestern Energy Co (a)
     22,687       1,268  
Talisman Energy Inc
     49,880       791  
XTO Energy Inc
     14,273       741  
 
              
 
             6,532  
 
              
 
                
Oil Company — Integrated (1.14%)
                
Murphy Oil Corp (b)
     91,100       6,699  
 
                
Oil Field Machinery & Equipment (0.57%)
                
National Oilwell Varco Inc (a)
     55,600       3,349  
 
                
Oil Refining & Marketing (0.38%)
                
Sunoco Inc
     36,326       2,259  
 
                
Paper & Related Products (0.28%)
                
Domtar Corp (a)
     205,800       1,661  
 
                
Pipelines (1.93%)
                
Oneok Inc
     95,200       4,474  
Spectra Energy Corp
     301,700       6,891  
 
              
 
             11,365  
 
              
 
                
Printing — Commercial (0.56%)
                
RR Donnelley & Sons Co
     94,200       3,287  
 
                
Property & Casualty Insurance (2.40%)
                
Arch Capital Group Ltd (a)
     60,824       4,286  
Markel Corp (a)
     3,200       1,482  
OneBeacon Insurance Group Ltd
     36,775       778  
WR Berkley Corp
     223,300       6,757  
Zenith National Insurance Corp
     20,865       831  
 
              
 
             14,134  
 
              

223

 

Schedule of Investments
Partners MidCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Racetracks (0.06%)
                
International Speedway Corp
     8,250     $ 338  
 
                
Regional Banks (1.45%)
                
Huntington Bancshares Inc/OH
     198,802       2,674  
Keycorp
     225,700       5,902  
 
              
 
             8,576  
 
              
 
                
Reinsurance (2.29%)
                
Axis Capital Holdings Ltd
     138,200       5,534  
Endurance Specialty Holdings Ltd
     5,502       223  
Everest Re Group Ltd
     43,800       4,454  
Odyssey Re Holdings Corp (b)
     57,700       2,191  
Transatlantic Holdings Inc
     16,000       1,091  
 
              
 
             13,493  
 
              
 
                
REITS — Apartments (0.19%)
                
Apartment Investment & Management Co
     28,800       1,142  
 
                
REITS — Diversified (1.65%)
                
Duke Realty Corp (b)
     95,300       2,253  
iStar Financial Inc
     25,385       677  
Vornado Realty Trust
     75,500       6,825  
 
              
 
             9,755  
 
              
 
                
REITS — Healthcare (0.23%)
                
Ventas Inc
     30,100       1,330  
 
                
REITS — Hotels (0.68%)
                
Hospitality Properties Trust
     117,300       3,982  
 
                
REITS — Mortgage (0.43%)
                
Annaly Capital Management Inc
     128,800       2,540  
 
                
REITS — Office Property (1.70%)
                
Boston Properties Inc
     61,000       5,607  
Mack-Cali Realty Corp
     124,800       4,433  
 
              
 
             10,040  
 
              
 
                
REITS — Shopping Centers (0.31%)
                
Developers Diversified Realty Corp
     43,975       1,810  
 
                
REITS — Warehouse & Industrial (1.62%)
                
AMB Property Corp
     72,800       3,684  
First Industrial Realty Trust Inc
     35,541       1,238  
ProLogis
     78,300       4,647  
 
              
 
             9,569  
 
              
 
                
Rental — Auto & Equipment (0.02%)
                
Rent-A-Center Inc/TX (a)
     6,400       109  
 
                
Retail — Apparel & Shoe (1.89%)
                
Abercrombie & Fitch Co
     13,700       1,092  
Foot Locker Inc
     171,800       2,352  
Gap Inc/The
     360,800       6,898  
Liz Claiborne Inc (b)
     35,300       773  
 
              
 
             11,115  
 
              
 
                
Retail — Automobile (0.14%)
                
Copart Inc (a)
     19,500       797  
 
                
Retail — Bookstore (0.60%)
                
Barnes & Noble Inc
     104,100       3,534  
 
                
Retail — Discount (1.00%)
                
BJ’s Wholesale Club Inc (a)(b)
     119,300       3,870  
TJX Cos Inc
     63,982       2,019  
 
              
 
             5,889  
 
              
 
                
Retail — Major Department Store (0.60%)
                
JC Penney Co Inc
     56,400       2,674  
Saks Inc (a)(b)
     48,400       874  
 
              
 
             3,548  
 
              
 
                
Retail — Regional Department Store (0.55%)
                
Macy’s Inc
     116,700       3,226  
 
                
Savings & Loans — Thrifts (0.78%)
                
Sovereign Bancorp Inc
     371,200       4,629  
 
                
Steel — Producers (1.21%)
                
Carpenter Technology Corp
     51,100       3,150  
United States Steel Corp
     38,900       3,972  
 
              
 
             7,122  
 
              
 
                
Telecommunication Equipment (0.26%)
                
Arris Group Inc (a)(b)
     177,818       1,563  
 
                
Telecommunication Equipment — Fiber Optics (0.26%)
                
Sycamore Networks Inc (a)
     449,000       1,518  
 
                
Telecommunication Services (0.78%)
                
Embarq Corp
     75,100       3,402  
Virgin Media Inc
     71,900       1,202  
 
              
 
             4,604  
 
              
 
                
Telephone — Integrated (0.41%)
                
Telephone & Data Systems Inc
     46,301       2,442  
 
                
Toys (0.78%)
                
Hasbro Inc
     31,200       810  
Mattel Inc
     179,100       3,763  
 
              
 
             4,573  
 
              
 
                
Transport — Marine (0.37%)
                
Ship Finance International Ltd (b)
     84,503       2,207  
 
                
Transport — Rail (1.39%)
                
CSX Corp
     168,800       8,183  

224

 

Schedule of Investments
Partners MidCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Vitamins & Nutrition Products (0.43%)
                
NBTY Inc (a)
     103,600     $ 2,509  
 
TOTAL COMMON STOCKS
           $ 585,854  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
SHORT TERM INVESTMENTS (3.22%)
                
Money Market Funds (3.22%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 18,988     $ 18,988  
 
TOTAL SHORT TERM INVESTMENTS
           $ 18,988  
 
REPURCHASE AGREEMENTS (4.77%)
                
Finance — Investment Banker & Broker (2.84%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $16,872,000; 0.00%-6.38%; dated 05/16/08-01/11/27) (c)
   $ 16,746     $ 16,745  
 
                
Money Center Banks (1.93%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $11,506,000; 0.00%-6.63%; dated 03/14/08-05/15/30) (c)
     11,417       11,416  
 
TOTAL REPURCHASE AGREEMENTS
           $ 28,161  
 
Total Investments
           $ 633,003  
Liabilities in Excess of Other Assets, Net — (7.36)%
             (43,413 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 589,590  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 33,111  
Unrealized Depreciation
     (58,587 )
 
      
Net Unrealized Appreciation (Depreciation)
     (25,476 )
Cost for federal income tax purposes
     658,479  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
 
Financial
     36.62 %
Utilities
     14.07 %
Industrial
     13.99 %
Consumer, Cyclical
     11.35 %
Consumer, Non-cyclical
     11.20 %
Energy
     6.70 %
Basic Materials
     6.41 %
Technology
     3.68 %
Communications
     3.34 %
Liabilities in Excess of Other Assets, Net
     (7.36 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

225

 

Schedule of Investments
Partners MidCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (97.11%)
                
Advertising Services (0.04%)
                
Getty Images Inc (a)(b)
     14,150     $ 354  
 
                
Aerospace & Defense (1.18%)
                
Lockheed Martin Corp
     2,500       270  
Northrop Grumman Corp
     57,100       4,531  
Raytheon Co
     8,011       522  
Rockwell Collins Inc
     68,610       4,336  
Spirit Aerosystems Holdings Inc (b)
     20,673       571  
 
              
 
             10,230  
 
              
Aerospace & Defense Equipment (0.77%)
                
Alliant Techsystems Inc (a)(b)
     55,610       5,886  
DRS Technologies Inc
     4,877       262  
Goodrich Corp
     8,423       527  
 
              
 
             6,675  
 
              
Agricultural Chemicals (0.32%)
                
CF Industries Holdings Inc
     12,360       1,322  
Mosaic Co/The (b)
     15,574       1,417  
 
              
 
             2,739  
 
              
Agricultural Operations (0.08%)
                
Bunge Ltd (a)
     6,078       720  
 
                
Airlines (0.01%)
                
Northwest Airlines Corp (b)
     4,400       82  
 
                
Apparel Manufacturers (0.09%)
                
VF Corp
     9,800       758  
 
                
Appliances (0.27%)
                
Whirlpool Corp (a)
     27,800       2,366  
 
                
Applications Software (0.15%)
                
Citrix Systems Inc (b)
     4,842       167  
Intuit Inc (b)
     38,180       1,172  
 
              
 
             1,339  
 
              
Audio & Video Products (0.03%)
                
Harman International Industries Inc
     5,900       275  
 
                
Auto—Car & Light Trucks (0.15%)
                
Ford Motor Co (a)(b)
     192,435       1,278  
 
                
Auto/Truck Parts & Equipment — Original (1.75%)
                
Autoliv Inc
     12,438       621  
BorgWarner Inc
     73,160       3,702  
Johnson Controls Inc
     257,190       9,097  
Tenneco Inc (a)(b)
     66,030       1,748  
WABCO Holdings Inc
     1,633       66  
 
              
 
             15,234  
 
              
Beverages — Non-Alcoholic (0.28%)
                
Coca-Cola Enterprises Inc
     101,460       2,341  
Hansen Natural Corp (b)
     700       27  
PepsiAmericas Inc
     3,900       96  
 
              
 
             2,464  
 
              
Brewery (0.22%)
                
Molson Coors Brewing Co
     42,236       1,887  
 
                
Broadcasting Services & Programming (0.23%)
                
Liberty Media Corp — Capital Series A (b)
     18,676       2,010  
 
                
Building — Heavy Construction (0.17%)
                
Chicago Bridge & Iron Co NV
     33,920       1,509  
 
                
Building — Mobile Home & Manufactured Housing (0.04%)
                
Thor Industries Inc (a)
     9,600       339  
 
                
Building — Residential & Commercial (0.23%)
                
DR Horton Inc
     100       2  
KB Home
     46,400       1,276  
NVR Inc (a)(b)
     1,100       694  
 
              
 
             1,972  
 
              
Building & Construction Products — Miscellaneous (0.08%)
                
USG Corp (a)(b)
     17,889       655  
 
                
Building Products — Air & Heating (0.39%)
                
Lennox International Inc
     91,880       3,414  
 
                
Cable TV (0.20%)
                
Cablevision Systems Corp (a)(b)
     426       10  
Charter Communications Inc (a)(b)
     1,445,840       1,692  
 
              
 
             1,702  
 
              
Casino Services (0.04%)
                
Scientific Games Corp (a)(b)
     14,400       343  
 
                
Cellular Telecommunications (0.08%)
                
Leap Wireless International Inc (b)
     7,029       291  
US Cellular Corp (b)
     5,600       398  
 
              
 
             689  
 
              
Chemicals—Diversified (1.95%)
                
Celanese Corp
     150,769       5,606  
Dow Chemical Co/The
     56,294       2,176  
EI Du Pont de Nemours & Co
     3,166       143  
FMC Corp
     56,734       3,016  
PPG Industries Inc
     7,100       469  
Rockwood Holdings Inc (a)(b)
     84,670       2,486  
Rohm & Haas Co
     55,220       2,946  
Westlake Chemical Corp
     2,900       58  
 
              
 
             16,900  
 
              

226

 

Schedule of Investments
Partners MidCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Chemicals — Specialty (1.61%)
                
Albemarle Corp
     147,400     $ 5,345  
Ashland Inc
     74,274       3,381  
Cytec Industries Inc
     76,947       4,356  
International Flavors & Fragrances Inc
     20,300       865  
 
              
 
             13,947  
 
              
Coal (0.09%)
                
Foundation Coal Holdings Inc
     13,900       727  
Walter Industries Inc
     1,800       75  
 
              
 
             802  
 
              
Coatings & Paint (0.18%)
                
RPM International Inc
     30,079       651  
Valspar Corp
     43,500       871  
 
              
 
             1,522  
 
              
Commercial Banks (3.24%)
                
BOK Financial Corp
     2,964       162  
Commerce Bancorp Inc/NJ
     7,200       274  
Commerce Bancshares Inc/Kansas City MO
     107,388       4,769  
Cullen/Frost Bankers Inc
     5,100       278  
First Horizon National Corp (a)
     2,129       46  
M&T Bank Corp (a)
     83,614       7,673  
Popular Inc (a)
     13,300       180  
Regions Financial Corp
     8,954       226  
Synovus Financial Corp
     307,990       4,069  
UnionBanCal Corp
     88,999       4,366  
Webster Financial Corp
     168,060       5,692  
Zions Bancorporation
     7,545       413  
 
              
 
             28,148  
 
              
Commercial Services (0.02%)
                
ChoicePoint Inc (b)
     6,400       213  
 
                
Commercial Services — Finance (0.71%)
                
H&R Block Inc
     317,850       6,125  
 
                
Computer Services (0.21%)
                
Computer Sciences Corp (b)
     43,660       1,848  
 
                
Computers — Integrated Systems (0.22%)
                
Diebold Inc
     14,383       372  
NCR Corp (b)
     33,934       729  
Riverbed Technology Inc (a)(b)
     741       17  
Teradata Corp (b)
     34,634       825  
 
              
 
             1,943  
 
              
Computers — Memory Devices (1.08%)
                
SanDisk Corp (b)
     19,700       502  
Seagate Technology
     409,667       8,304  
Western Digital Corp (b)
     20,200       534  
 
              
 
             9,340  
 
              
Computers — Peripheral Equipment (0.42%)
                
Lexmark International Inc (b)
     100,911       3,654  
 
                
Consumer Products — Miscellaneous (2.06%)
                
Clorox Co
     172,951       10,606  
Fortune Brands Inc
     92,560       6,472  
Jarden Corp (b)
     24,971       625  
Scotts Miracle-Gro Co/The
     3,800       148  
 
              
 
             17,851  
 
              
Containers — Metal & Glass (0.05%)
                
Owens-Illinois Inc (b)
     8,463       427  
 
                
Containers—Paper & Plastic (0.12%)
                
Bemis Co Inc(a)
     27,400       745  
Pactiv Corp (b)
     6       —  
Sonoco Products Co
     10,200       315  
 
              
 
             1,060  
 
              
Cosmetics & Toiletries (0.15%)
                
Avon Products Inc
     30,896       1,082  
Bare Escentuals Inc (a)(b)
     8,800       210  
 
              
 
             1,292  
 
              
Data Processing & Management (0.08%)
                
Dun & Bradstreet Corp
     7,216       664  
Fair Isaac Corp
     20       —  
Total System Services Inc
     2,129       49  
 
              
 
             713  
 
              
Distribution & Wholesale (0.03%)
                
Genuine Parts Co
     6,300       277  
 
                
Diversified Manufacturing Operations (2.36%)
                
3M Co
     7,016       559  
Brink’s Co/The
     6,239       378  
Carlisle Cos Inc
     4,350       145  
Cooper Industries Ltd
     67,526       3,008  
Danaher Corp
     716       53  
Eaton Corp
     62,780       5,196  
Honeywell International Inc
     7,400       437  
Ingersoll-Rand Co Ltd
     4,100       162  
ITT Corp
     4,000       238  
Leggett & Platt Inc
     41,283       785  
Parker Hannifin Corp
     100,260       6,778  
Pentair Inc
     580       18  
SPX Corp
     19,392       1,951  
Teleflex Inc
     11,500       680  
Textron Inc
     2,600       146  
 
              
 
             20,534  
 
              
Diversified Operations (0.22%)
                
Leucadia National Corp
     43,411       1,917  

227

 

Schedule of Investments
Partners MidCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
E-Commerce — Products (0.10%)
                
Amazon.com Inc (b)
     10,610     $ 824  
 
                
E-Commerce — Services (0.98%)
                
eBay Inc (b)
     12,998       350  
Expedia Inc (b)
     45,024       1,036  
HLTH Corp (a)(b)
     1,640       18  
IAC/InterActiveCorp (a)(b)
     273,555       7,096  
 
              
 
             8,500  
 
              
Electric-Integrated (13.59%)
                
Alliant Energy Corp
     12,900       476  
American Electric Power Co Inc
     250,098       10,712  
CMS Energy Corp
     188,391       2,952  
Consolidated Edison Inc
     67,050       2,922  
Constellation Energy Group Inc
     50,544       4,749  
DPL Inc (a)
     415,158       11,525  
Edison International
     201,301       10,500  
Entergy Corp
     149,323       16,154  
Exelon Corp
     13,700       1,044  
FirstEnergy Corp
     120,449       8,578  
FPL Group Inc
     85,957       5,543  
Great Plains Energy Inc (a)
     73,821       2,058  
Hawaiian Electric Industries Inc (a)
     15,800       355  
Integrys Energy Group Inc
     70,585       3,432  
NSTAR
     698       23  
OGE Energy Corp
     35,984       1,178  
PG&E Corp
     203,684       8,359  
PPL Corp
     331,645       16,224  
Progress Energy Inc
     45,496       2,055  
Public Service Enterprise Group Inc
     11,494       1,103  
SCANA Corp
     36,580       1,364  
Wisconsin Energy Corp
     115,868       5,275  
Xcel Energy Inc
     67,900       1,412  
 
              
 
             117,993  
 
              
Electronic Components — Miscellaneous (0.00%)
                
Garmin Ltd (a)
     500       36  
Jabil Circuit Inc
     70       1  
 
              
 
             37  
 
              
Electronic Components — Semiconductors (0.33%)
                
Advanced Micro Devices Inc (a)(b)
     12,497       95  
Broadcom Corp (b)
     6,600       146  
Cree Inc (a)(b)
     800       24  
International Rectifier Corp (b)
     49,200       1,369  
Intersil Corp
     1,900       44  
LSI Corp (b)
     71,738       374  
MEMC Electronic Materials Inc (b)
     1,800       129  
Micron Technology Inc (a)(b)
     48,095       338  
QLogic Corp (b)
     11,300       161  
Rambus Inc (a)(b)
     100       2  
Silicon Laboratories Inc (b)
     6,300       197  
 
              
 
             2,879  
 
              
Electronic Connectors (1.37%)
                
Amphenol Corp
     298,922       11,939  
 
                
Electronic Design Automation (0.09%)
                
Synopsys Inc (b)
     36,808       811  
 
                
Electronic Parts Distribution (0.03%)
                
Avnet Inc (b)
     6,800       242  
 
                
Energy — Alternate Sources (0.01%)
                
Sunpower Corp (a)(b)
     1,400       97  
 
                
Engineering — Research & Development Services (0.56%)
                
Fluor Corp
     8,529       1,038  
KBR Inc
     76,720       2,423  
Shaw Group Inc/The (b)
     12,052       681  
URS Corp (b)
     15,800       694  
 
              
 
             4,836  
 
              
Engines — Internal Combustion (0.08%)
                
Briggs & Stratton Corp (a)
     26       —  
Cummins Inc
     14,432       697  
 
              
 
             697  
 
              
Entertainment Software (0.99%)
                
Activision Inc (b)
     272,242       7,043  
Electronic Arts Inc (b)
     32,091       1,520  
 
              
 
             8,563  
 
              
Fiduciary Banks (1.43%)
                
Bank of New York Mellon Corp/The
     55,700       2,597  
Northern Trust Corp
     122,512       8,987  
State Street Corp
     9,200       756  
Wilmington Trust Corp
     2,500       87  
 
              
 
             12,427  
 
              
Finance — Commercial (0.50%)
                
CIT Group Inc
     156,646       4,380  
 
                
Finance — Consumer Loans (0.43%)
                
First Marblehead Corp/The (a)
     8,700       143  
SLM Corp
     167,020       3,633  
 
              
 
             3,776  
 
              
Finance — Credit Card (0.03%)
                
Discover Financial Services
     16,445       288  
 
                
Finance — Investment Banker & Broker (0.35%)
                
E*Trade Financial Corp (a)(b)
     99,700       495  
Lazard Ltd
     56,080       2,216  
Raymond James Financial Inc
     10,000       281  

228

 

Schedule of Investments
Partners MidCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Finance — Investment Banker & Broker (continued)
                
TD Ameritrade Holding Corp (b)
     3,921     $ 74  
 
              
 
             3,066  
 
              
Finance — Mortgage Loan/Banker (0.01%)
                
Countrywide Financial Corp
     6,560       46  
 
                
Finance — Other Services (0.10%)
                
NYSE Euronext (a)
     11,325       891  
 
                
Financial Guarantee Insurance (0.26%)
                
MGIC Investment Corp (a)
     64,095       1,186  
PMI Group Inc/The
     81,660       776  
Radian Group Inc (a)
     31,732       290  
 
              
 
             2,252  
 
              
Food — Canned (0.01%)
                
Del Monte Foods Co
     13,913       125  
 
                
Food — Meat Products (0.39%)
                
Hormel Foods Corp
     22,806       884  
Smithfield Foods Inc (a)(b)
     90,784       2,528  
 
              
 
             3,412  
 
              
Food — Miscellaneous/Diversified (1.63%)
                
Campbell Soup Co
     83,990       2,655  
ConAgra Foods Inc
     250,540       5,394  
Corn Products International Inc
     20,488       693  
General Mills Inc
     53,770       2,937  
Kellogg Co
     30,300       1,451  
Kraft Foods Inc
     6,500       190  
McCormick & Co Inc/MD
     12,100       408  
Sara Lee Corp
     31,747       446  
 
              
 
             14,174  
 
              
Food-Retail (0.57%)
                
Safeway Inc
     160,707       4,980  
 
                
Food — Wholesale & Distribution (1.12%)
                
SUPERVALU Inc
     304,363       9,149  
Sysco Corp
     20,824       605  
 
              
 
             9,754  
 
              
Footwear & Related Apparel (0.01%)
                
CROCS Inc (a)(b)
     1,400       49  
 
                
Forestry (0.32%)
                
Plum Creek Timber Co Inc (a)
     46,605       1,946  
Weyerhaeuser Co
     12,201       826  
 
              
 
             2,772  
 
              
Gas — Distribution (0.32%)
                
Energen Corp
     34,564       2,174  
Sempra Energy
     8,600       481  
Vectren Corp (a)
     5,866       161  
 
              
 
             2,816  
 
              
Home Decoration Products (1.00%)
                
Newell Rubbermaid Inc
     359,021       8,660  
 
                
Hospital Beds & Equipment (0.01%)
                
Hillenbrand Industries Inc
     2,035       105  
 
                
Hotels & Motels (0.06%)
                
Choice Hotels International Inc
     300       10  
Starwood Hotels & Resorts Worldwide Inc
     11,148       504  
 
              
 
             514  
 
              
Human Resources (0.34%)
                
Hewitt Associates Inc (b)
     29,105       1,082  
Monster Worldwide Inc (a)(b)
     66,780       1,860  
 
              
 
             2,942  
 
              
Independent Power Producer (0.08%)
                
Reliant Energy Inc (b)
     31,137       662  
 
                
Industrial Automation & Robots (0.05%)
                
Rockwell Automation Inc/DE
     8,226       469  
 
                
Instruments — Scientific (0.75%)
                
Applera Corp — Applied Biosystems Group
     16,701       527  
PerkinElmer Inc
     240,214       5,979  
Thermo Fisher Scientific Inc (b)
     180       9  
 
              
 
             6,515  
 
              
Insurance Brokers (1.18%)
                
Aon Corp
     97,847       4,258  
Marsh & McLennan Cos Inc
     114,299       3,155  
Willis Group Holdings Ltd
     80,070       2,822  
 
              
 
             10,235  
 
              
Internet Infrastructure Software (0.03%)
                
Akamai Technologies Inc (a)(b)
     10,000       302  
 
                
Internet Security (0.02%)
                
McAfee Inc (b)
     3,800       128  
VeriSign Inc (b)
     800       27  
 
              
 
             155  
 
              
Investment Companies (0.19%)
                
Allied Capital Corp (a)
     5,598       124  
American Capital Strategies Ltd (a)
     42,700       1,502  
 
              
 
             1,626  
 
              
Investment Management & Advisory Services (0.62%)
                
Ameriprise Financial Inc
     18,404       1,018  
Franklin Resources Inc
     3,300       344  
Invesco Ltd
     13,900       378  

229

 

Schedule of Investments
Partners MidCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Investment Management & Advisory Services (continued)
                
Legg Mason Inc
     50,330     $ 3,624  
 
              
 
             5,364  
 
              
Life & Health Insurance (1.04%)
                
StanCorp Financial Group Inc
     7,966       392  
Torchmark Corp
     58,860       3,594  
Unum Group
     223,340       5,052  
 
              
 
             9,038  
 
              
Machinery — Construction & Mining (0.05%)
                
Joy Global Inc
     6,800       429  
 
                
Machinery — Farm (0.30%)
                
AGCO Corp (a)(b)
     43,463       2,617  
 
                
Machinery — Print Trade (0.02%)
                
Zebra Technologies Corp (b)
     4,900       150  
 
                
Machinery — Pumps (0.07%)
                
Flowserve Corp
     7,400       608  
 
                
Medical — Biomedical/Gene (0.41%)
                
Charles River Laboratories International (a)(b)
     15,300       950  
Genzyme Corp (b)
     24,378       1,905  
Invitrogen Corp (b)
     5,568       477  
Millipore Corp (b)
     700       49  
Vertex Pharmaceuticals Inc (b)
     8,300       169  
 
              
 
             3,550  
 
              
Medical-Drugs (0.25%)
                
Endo Pharmaceuticals Holdings Inc (b)
     18,900       494  
Forest Laboratories Inc (b)
     27,900       1,110  
King Pharmaceuticals Inc (b)
     31,463       330  
Sepracor Inc (a)(b)
     8,900       251  
 
              
 
             2,185  
 
              
Medical-HMO (0.66%)
                
Coventry Health Care Inc (b)
     28,460       1,610  
Health Net Inc (b)
     60,847       2,829  
WellPoint Inc (b)
     17,048       1,333  
 
              
 
             5,772  
 
              
Medical Information Systems (0.64%)
                
IMS Health Inc
     233,271       5,573  
 
                
Medical Instruments (0.58%)
                
Edwards Lifesciences Corp (a)(b)
     109,060       5,046  
 
                
Medical Laboratory & Testing Service (0.71%)
                
Covance Inc (a)(b)
     5,802       483  
Laboratory Corp of America Holdings (b)
     77,280       5,709  
 
              
 
             6,192  
 
              
Medical Products (0.04%)
                
Cooper Cos Inc/The
     8,693       342  
 
                
Metal — Aluminum (0.00%)
                
Alcoa Inc
     68       2  
 
                
Metal Processors & Fabrication (0.68%)
                
Commercial Metals Co
     110,690       3,138  
Timken Co
     92,386       2,793  
 
              
 
             5,931  
 
              
Miscellaneous Manufacturers (0.01%)
                
Aptargroup Inc
     2,100       79  
 
                
Motion Pictures & Services (0.13%)
                
DreamWorks Animation SKG Inc (b)
     46,610       1,140  
 
                
Multi-Line Insurance (2.74%)
                
Assurant Inc
     105,106       6,820  
Cincinnati Financial Corp
     103,106       3,974  
Genworth Financial Inc
     86,280       2,100  
Hartford Financial Services Group Inc
     7,100       573  
Loews Corp
     75,148       3,509  
MetLife Inc
     67,333       3,971  
Old Republic International Corp
     27,162       405  
XL Capital Ltd
     54,020       2,431  
 
              
 
             23,783  
 
              
Multimedia (0.00%)
                
Viacom Inc (b)
     400       15  
 
                
Networking Products (0.17%)
                
Juniper Networks Inc (b)
     54,442       1,478  
 
                
Non-Hazardous Waste Disposal (0.59%)
                
Allied Waste Industries Inc (a)(b)
     518,930       5,111  
 
                
Office Automation & Equipment (0.17%)
                
Pitney Bowes Inc
     8,500       312  
Xerox Corp
     74,346       1,145  
 
              
 
             1,457  
 
              
Oil-Field Services (1.42%)
                
Halliburton Co
     18,000       597  
Helix Energy Solutions Group Inc (a)(b)
     8,071       298  
Oceaneering International Inc (b)
     600       35  
Oil States International Inc (a)(b)
     93,460       3,277  
SEACOR Holdings Inc (a)(b)
     3,530       311  
Smith International Inc
     58,210       3,156  
Superior Energy Services (b)
     5,600       224  
Tetra Technologies Inc (b)
     16,500       258  
Transocean Inc
     769       94  
W-H Energy Services Inc (b)
     83,423       4,059  
 
              
 
             12,309  
 
              

230

 

Schedule of Investments
Partners MidCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Oil & Gas Drilling (0.35%)
                
Diamond Offshore Drilling Inc
     4,700     $ 531  
ENSCO International Inc
     3,100       158  
Helmerich & Payne Inc
     17,475       685  
Nabors Industries Ltd (a)(b)
     6,337       173  
Patterson-UTI Energy Inc
     45,700       895  
Pride International Inc (b)
     9,400       298  
Rowan Cos Inc
     7,650       260  
 
              
 
             3,000  
 
              
Oil Company — Exploration & Production (3.97%)
                
Chesapeake Energy Corp
     2,080       77  
Cimarex Energy Co
     11,000       449  
Forest Oil Corp (b)
     6,300       285  
Newfield Exploration Co (a)(b)
     30,191       1,506  
Noble Energy Inc
     9,295       675  
Pioneer Natural Resources Co (a)
     19,030       797  
Plains Exploration & Production Co (a)(b)
     32,874       1,599  
Quicksilver Resources Inc (b)
     42,960       2,441  
Range Resources Corp
     418,816       21,871  
St Mary Land & Exploration Co (a)
     26,367       929  
Unit Corp (b)
     53,140       2,663  
W&T Offshore Inc
     41,143       1,164  
 
              
 
             34,456  
 
              
Oil Company — Integrated (3.11%)
                
Hess Corp
     284,095       25,805  
Murphy Oil Corp
     16,200       1,191  
 
              
 
             26,996  
 
              
Oil Field Machinery & Equipment (0.06%)
                
Cameron International Corp (a)(b)
     5,800       233  
Dresser-Rand Group Inc (b)
     1,565       50  
National Oilwell Varco Inc (b)
     3,608       217  
 
              
 
             500  
 
              
Oil Refining & Marketing (0.02%)
                
Frontier Oil Corp
     100       4  
Valero Energy Corp
     2,523       149  
 
              
 
             153  
 
              
Paper & Related Products (0.99%)
                
Domtar Corp (b)
     22,991       185  
International Paper Co
     186,070       6,001  
MeadWestvaco Corp
     23,139       648  
Rayonier Inc (a)
     40,711       1,723  
 
              
 
             8,557  
 
              
Photo Equipment & Supplies (0.16%)
                
Eastman Kodak Co (a)
     69,894       1,393  
 
                
Physician Practice Management (0.03%)
                
Pediatrix Medical Group Inc (b)
     3,600       245  
 
        
Pipelines (4.11%)
                
El Paso Corp
     7,799       129  
Equitable Resources Inc
     149,331       8,325  
National Fuel Gas Co
     38,664       1,667  
Oneok Inc
     14,407       677  
Questar Corp
     33,260       1,693  
Spectra Energy Corp
     19,100       436  
Williams Cos Inc
     711,828       22,757  
 
              
 
             35,684  
 
              
Printing — Commercial (0.00%)
                
RR Donnelley & Sons Co
     478       17  
 
                
Private Corrections (0.17%)
                
Corrections Corp of America (b)
     53,988       1,433  
 
                
Property & Casualty Insurance (0.85%)
                
Arch Capital Group Ltd (b)
     21,384       1,507  
Fidelity National Financial Inc
     2,997       59  
Philadelphia Consolidated Holding Co (b)
     73,820       2,643  
Safeco Corp
     2,900       155  
WR Berkley Corp
     99,720       3,017  
 
              
 
             7,381  
 
              
Publishing — Newspapers (0.07%)
                
McClatchy Co (a)
     13,755       148  
New York Times Co/The (a)
     28,714       481  
 
              
 
             629  
 
              
Publishing — Periodicals (0.08%)
                
Idearc Inc
     45,000       732  
 
                
Racetracks (0.01%)
                
International Speedway Corp
     1,776       73  
 
                
Real Estate Management & Services (0.00%)
                
CB Richard Ellis Group Inc (a)(b)
     55       1  
 
                
Real Estate Operator & Developer (0.22%)
                
St Joe Co/The (a)
     48,858       1,897  
 
                
Regional Banks (1.52%)
                
Comerica Inc
     144,280       6,293  
Keycorp
     245,088       6,409  
PNC Financial Services Group Inc
     8,102       532  
 
              
 
             13,234  
 
              
Reinsurance (2.12%)
                
Endurance Specialty Holdings Ltd
     14,400       583  
Everest Re Group Ltd
     75,722       7,700  
PartnerRe Ltd (a)
     90,496       7,175  
RenaissanceRe Holdings Ltd
     52,429       2,988  
 
              
 
             18,446  
 
              

231

 

Schedule of Investments
Partners MidCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
REITS — Apartments (1.36%)
                
Apartment Investment & Management Co
     215,463     $ 8,541  
AvalonBay Communities Inc
     7,800       733  
Camden Property Trust
     36,060       1,780  
Equity Residential
     5,541       207  
UDR Inc
     22,600       516  
 
              
 
             11,777  
 
              
REITS-Diversified (1.51%)
                
CapitalSource Inc (a)
     67,705       1,111  
Colonial Properties Trust (a)
     556       14  
Duke Realty Corp (a)
     1,100       26  
iStar Financial Inc
     471       13  
Liberty Property Trust
     43,630       1,401  
Vornado Realty Trust
     116,320       10,515  
 
              
 
             13,080  
 
              
REITS-Healthcare (0.03%)
                
HCP Inc
     7,200       219  
 
                
REITS — Hotels (0.21%)
                
Host Hotels & Resorts Inc
     109,681       1,836  
 
                
REITS — Mortgage (0.63%)
                
Annaly Capital Management Inc
     277,704       5,476  
 
                
REITS — Office Property (1.14%)
                
Boston Properties Inc
     9,986       918  
Douglas Emmett Inc
     65,481       1,496  
Highwoods Properties Inc (a)
     179,600       5,376  
Mack-Cali Realty Corp
     58,760       2,087  
 
              
 
             9,877  
 
              
REITS — Regional Malls (0.52%)
                
CBL & Associates Properties Inc
     9,275       247  
Pennsylvania Real Estate Investment Trust (a)
     161,060       4,292  
 
              
 
             4,539  
 
              
REITS — Shopping Centers (0.01%)
                
Kimco Realty Corp
     1,724       62  
 
                
REITS — Storage (0.61%)
                
Public Storage
     68,072       5,327  
 
                
REITS — Warehouse & Industrial (0.36%)
                
DCT Industrial Trust Inc (a)
     332,460       3,148  
 
                
Rental — Auto & Equipment (0.01%)
                
Rent-A-Center Inc/TX (a)(b)
     4,762       81  
 
                
Research & Development (0.05%)
                
Pharmaceutical Product Development Inc
     9,900       429  
 
                
Respiratory Products (0.01%)
                
Resmed Inc (b)
     200       9  
Respironics Inc (b)
     800       53  
 
              
 
             62  
 
              
Retail — Apparel & Shoe (0.49%)
                
Coach Inc (b)
     6,300       202  
Jones Apparel Group Inc (a)
     37,770       635  
Liz Claiborne Inc (a)
     30,940       677  
Phillips-Van Heusen Corp
     4,700       198  
Ross Stores Inc
     86,139       2,511  
 
              
 
             4,223  
 
              
Retail — Automobile (0.06%)
                
Copart Inc (b)
     13,700       560  
 
                
Retail — Major Department Store (0.68%)
                
JC Penney Co Inc
     124,424       5,899  
Sears Holdings Corp (a)(b)
     327       36  
 
              
 
             5,935  
 
              
Retail — Office Supplies (0.05%)
                
OfficeMax Inc
     17,979       445  
 
                
Retail — Perfume & Cosmetics (0.01%)
                
Sally Beauty Holdings Inc (b)
     11,958       98  
 
                
Retail — Restaurants (0.06%)
                
Panera Bread Co (a)(b)
     13,200       499  
 
                
Savings & Loans — Thrifts (1.33%)
                
Astoria Financial Corp
     128,780       3,500  
Hudson City Bancorp Inc
     313,770       5,139  
New York Community Bancorp Inc (a)
     73,246       1,359  
People’s United Financial Inc
     93,665       1,582  
 
              
 
             11,580  
 
              
Schools (0.01%)
                
ITT Educational Services Inc (b)
     1,100       100  
 
                
Semiconductor Component — Integrated Circuits (0.09%)
                
Integrated Device Technology Inc (b)
     102,031       760  
 
                
Semiconductor Equipment (0.69%)
                
Teradyne Inc (b)
     13,500       148  
Tessera Technologies Inc (a)(b)
     150,221       5,884  
 
              
 
             6,032  
 
              
Steel — Producers (0.70%)
                
Steel Dynamics Inc
     48,230       2,515  
United States Steel Corp
     34,553       3,528  
 
              
 
             6,043  
 
              
Steel — Specialty (0.44%)
                
Allegheny Technologies Inc
     54,770       3,856  

232

 

Schedule of Investments
Partners MidCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Telecommunication Equipment — Fiber Optics (0.02%)
                
Ciena Corp (a)(b)
     4,900     $ 133  
 
                
Telecommunication Services (1.09%)
                
Clearwire Corp (a)(b)
     10,100       139  
Embarq Corp
     171,880       7,786  
Virgin Media Inc (a)
     90,900       1,520  
 
              
 
             9,445  
 
              
Telephone — Integrated (0.78%)
                
Cincinnati Bell Inc (a)(b)
     579,080       2,247  
Qwest Communications International Inc
     704,850       4,145  
Telephone & Data Systems Inc
     6,700       353  
 
              
 
             6,745  
 
              
Television (0.06%)
                
Central European Media Enterprises Ltd (b)
     5,152       488  
 
                
Textile — Home Furnishings (0.00%)
                
Mohawk Industries Inc (a)(b)
     500       40  
 
                
Theaters (0.18%)
                
Regal Entertainment Group (a)
     84,942       1,575  
 
                
Tobacco (0.90%)
                
Loews Corp-Carolina Group
     49,890       4,097  
Reynolds American Inc (a)
     47,838       3,030  
UST Inc
     12,400       644  
 
              
 
             7,771  
 
              
Tools — Hand Held (0.09%)
                
Snap-On Inc
     15,600       766  
 
                
Toys (0.58%)
                
Hasbro Inc
     7,754       201  
Mattel Inc
     228,970       4,811  
 
              
 
             5,012  
 
              
Transactional Software (0.00%)
                
VeriFone Holdings Inc (a)(b)
     700       14  
 
                
Transport — Equipment & Leasing (0.02%)
                
GATX Corp
     5,281       199  
 
                
Transport — Marine (0.10%)
                
Alexander & Baldwin Inc
     18,500       844  
 
                
Transport — Rail (0.24%)
                
CSX Corp
     43,300       2,099  
 
                
Transport — Services (0.73%)
                
Ryder System Inc
     122,210       6,362  
 
                
Transport — Truck (1.17%)
                
JB Hunt Transport Services Inc (a)
     83,450       2,595  
Landstar System Inc
     150,610       7,535  
 
              
 
             10,130  
 
              
Water (0.01%)
                
Aqua America Inc (a)
     6,441       128  
 
                
X-Ray Equipment (0.02%)
                
Hologic Inc (a)(b)
     2,184       141  
 
TOTAL COMMON STOCKS
           $ 843,292  
 
SHORT TERM INVESTMENTS (7.83%)
                
Money Market Funds (7.83%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 67,958     $ 67,958  
 
TOTAL SHORT TERM INVESTMENTS
           $ 67,958  
 
REPURCHASE AGREEMENTS (2.73%)
                
Finance — Investment Banker & Broker (2.10%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $18,384,000; 0.00%-6.38%; dated 05/16/08-01/11/27) (c)
   $ 18,247     $ 18,245  
 
                
Money Center Banks (0.63%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $5,531,000; 0.00%-6.63%; dated 03/14/08 — 05/15/30) (c)
     5,488       5,488  
 
TOTAL REPURCHASE AGREEMENTS
           $ 23,733  
 
Total Investments
           $ 934,983  
Liabilities in Excess of Other Assets, Net — (7.67)%
             (66,580 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 868,403  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 88,574  
Unrealized Depreciation
     (88,173 )
 
      
Net Unrealized Appreciation (Depreciation)
     401  
Cost for federal income tax purposes
     934,582  
 
        
All dollar amounts are shown in thousands (000’s)
        

233

 

Schedule of Investments
Partners MidCap Value Fund I
January 31, 2008 (unaudited)
Portfolio Summary (unaudited)
         
Sector Percent  
Financial
     35.11 %
Utilities
     14.00 %
Energy
     13.13 %
Industrial
     12.20 %
Consumer, Non-cyclical
     11.45 %
Basic Materials
     6.49 %
Consumer, Cyclical
     5.96 %
Technology
     5.17 %
Communications
     3.94 %
Diversified
     0.22 %
Liabilities in Excess of Other Assets, Net
     (7.67 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

234

 

Schedule of Investments
Partners SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (100.71%)
                
Aerospace & Defense (0.42%)
                
Teledyne Technologies Inc (a)
     11,300     $ 583  
 
                
Aerospace & Defense Equipment (1.97%)
                
Curtiss — Wright Corp
     13,700       571  
Heico Corp (b)
     12,500       557  
Moog Inc (a)
     17,600       810  
Triumph Group Inc (b)
     14,700       794  
 
              
 
             2,732  
 
              
Agricultural Chemicals (0.19%)
                
CF Industries Holdings Inc
     2,500       267  
 
                
Agricultural Operations (0.37%)
                
Andersons Inc/The
     11,400       519  
 
                
Airlines (0.37%)
                
Skywest Inc (b)
     19,800       515  
 
                
Applications Software (1.00%)
                
American Reprographics Co (a)(b)
     52,300       822  
Progress Software Corp (a)
     19,300       570  
 
              
 
             1,392  
 
              
Auction House & Art Dealer (0.76%)
                
Premier Exhibitions Inc (a)(b)
     43,000       261  
Sotheby’s
     25,700       799  
 
              
 
             1,060  
 
              
Audio & Video Products (0.23%)
                
Universal Electronics Inc (a)
     13,200       314  
 
                
Batteries & Battery Systems (0.66%)
                
Greatbatch Inc (a)(b)
     40,300       910  
 
                
Building — Heavy Construction (0.18%)
                
Perini Corp (a)
     7,300       255  
 
                
Building & Construction — Miscellaneous (0.24%)
                
Dycom Industries Inc (a)
     13,900       328  
 
                
Building Products — Air & Heating (0.65%)
                
Lennox International Inc
     24,400       907  
 
                
Building Products — Doors & Windows (0.22%)
                
Apogee Enterprises Inc (b)
     17,500       305  
 
                
Chemicals — Specialty (1.76%)
                
HB Fuller Co (b)
     71,000       1,474  
OM Group Inc (a)
     16,900       970  
 
              
 
             2,444  
 
              
Circuit Boards (0.59%)
                
Park Electrochemical Corp
     17,000       403  
TTM Technologies Inc (a)
     41,100       418  
 
              
 
             821  
 
              
Coal (0.72%)
                
Massey Energy Co
     26,800       996  
 
                
Commercial Banks (3.42%)
                
Cascade Bancorp (b)
     36,600       472  
East West Bancorp Inc (b)
     17,900       431  
Frontier Financial Corp (b)
     26,900       548  
Green Bankshares Inc (b)
     18,300       383  
Hanmi Financial Corp (b)
     16,000       137  
Preferred Bank/Los Angeles CA (b)
     24,500       540  
Sterling Bancshares Inc/TX (b)
     89,100       894  
SVB Financial Group (a)(b)
     23,500       1,137  
Wilshire Bancorp Inc (b)
     25,900       204  
 
              
 
             4,746  
 
              
Computer Aided Design (1.25%)
                
Ansys Inc (a)
     49,700       1,735  
 
                
Computer Services (0.81%)
                
Factset Research Systems Inc
     20,050       1,121  
 
                
Computers — Integrated Systems (1.33%)
                
Micros Systems Inc (a)
     16,800       1,035  
MTS Systems Corp
     24,200       813  
 
              
 
             1,848  
 
              
Computers — Memory Devices (1.03%)
                
Western Digital Corp (a)
     54,000       1,428  
 
                
Computers — Peripheral Equipment (0.28%)
                
Synaptics Inc (a)
     14,600       387  
 
                
Consulting Services (2.29%)
                
Forrester Research Inc (a)(b)
     12,400       298  
Huron Consulting Group Inc (a)(b)
     5,700       409  
Watson Wyatt Worldwide Inc
     50,300       2,472  
 
              
 
             3,179  
 
              
Containers — Metal & Glass (1.61%)
                
Greif Inc
     26,900       1,770  
Silgan Holdings Inc
     9,800       464  
 
              
 
             2,234  
 
              
Containers — Paper & Plastic (0.37%)
                
Pactiv Corp (a)
     18,000       515  
 
                
Cosmetics & Toiletries (0.31%)
                
Chattem Inc (a)(b)
     5,600       430  

235

 

Schedule of Investments
Partners SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Decision Support Software (0.25%)
                
SPSS Inc (a)(b)
     10,500     $ 347  
 
                
Diagnostic Equipment (0.47%)
                
Immucor Inc (a)
     22,400       646  
 
                
Diagnostic Kits (0.75%)
                
Idexx Laboratories Inc (a)
     18,500       1,043  
 
                
Disposable Medical Products (0.43%)
                
ICU Medical Inc (a)(b)
     21,000       596  
 
                
Distribution & Wholesale (0.21%)
                
Brightpoint Inc (a)
     23,400       298  
 
                
Diversified Manufacturing Operations (1.78%)
                
Acuity Brands Inc
     19,500       887  
EnPro Industries Inc (a)(b)
     8,000       240  
Harsco Corp
     19,000       1,082  
Koppers Holdings Inc
     7,900       264  
 
              
 
             2,473  
 
              
Diversified Operations & Commercial Services (1.52%)
                
Chemed Corp (b)
     32,500       1,665  
Volt Information Sciences Inc (a)(b)
     24,000       448  
 
              
 
             2,113  
 
              
Drug Delivery Systems (0.21%)
                
Noven Pharmaceuticals Inc (a)(b)
     21,300       286  
 
                
E-Commerce — Products (0.22%)
                
FTD Group Inc
     24,400       311  
 
                
E-Commerce — Services (0.81%)
                
Priceline.com Inc (a)(b)
     10,300       1,118  
 
                
Electric — Integrated (1.44%)
                
Avista Corp (b)
     13,700       276  
Centerpoint Energy Inc
     25,800       413  
CH Energy Group Inc (b)
     7,300       282  
Cleco Corp
     20,300       525  
El Paso Electric Co (a)
     21,600       506  
 
              
 
             2,002  
 
              
Electric Products — Miscellaneous (0.27%)
                
Littelfuse Inc (a)
     12,300       374  
 
                
Electronic Components — Miscellaneous (0.87%)
                
Methode Electronics Inc
     27,000       327  
Technitrol Inc
     39,100       886  
 
              
 
             1,213  
 
              
Electronic Components — Semiconductors (1.39%)
                
Microsemi Corp (a)(b)
     29,900       679  
Skyworks Solutions Inc (a)(b)
     123,700       996  
Zoran Corp (a)
     22,000       260  
 
              
 
             1,935  
 
              
Electronic Connectors (0.48%)
                
Thomas & Betts Corp (a)
     14,800       670  
 
                
Electronic Measurement Instruments (0.99%)
                
Trimble Navigation Ltd (a)
     52,100       1,378  
 
                
Electronic Security Devices (0.34%)
                
LoJack Corp (a)
     38,400       474  
 
                
Engineering — Research & Development Services (2.00%)
                
EMCOR Group Inc (a)
     58,700       1,287  
Shaw Group Inc/The (a)
     26,400       1,492  
 
              
 
             2,779  
 
              
Enterprise Software & Services (1.42%)
                
Informatica Corp (a)
     38,100       736  
Mantech International Corp (a)
     9,900       405  
MicroStrategy Inc (a)
     4,500       328  
Sybase Inc (a)(b)
     18,000       508  
 
              
 
             1,977  
 
              
E-Services — Consulting (0.98%)
                
Perficient Inc (a)
     47,800       664  
Websense Inc (a)
     34,300       703  
 
              
 
             1,367  
 
              
Fiduciary Banks (0.23%)
                
Boston Private Financial Holdings Inc (b)
     14,000       320  
 
                
Finance — Consumer Loans (0.44%)
                
Asta Funding Inc (b)
     17,388       363  
Portfolio Recovery Associates Inc (b)
     6,900       251  
 
              
 
             614  
 
              
Finance — Investment Banker & Broker (2.80%)
                
Greenhill & Co Inc (b)
     6,100       412  
Investment Technology Group Inc (a)
     52,400       2,461  
optionsXpress Holdings Inc (b)
     37,400       1,014  
 
              
 
             3,887  
 
              
Firearms & Ammunition (0.15%)
                
Sturm Ruger & Co Inc (a)(b)
     23,700       213  
 
                
Food — Baking (0.71%)
                
Flowers Foods Inc (b)
     41,100       986  
 
                
Food — Canned (0.25%)
                
TreeHouse Foods Inc (a)
     16,600       346  
 
                
Food — Miscellaneous/Diversified (0.94%)
                
Corn Products International Inc
     26,900       909  

236

 

Schedule of Investments
Partners SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Food — Miscellaneous/Diversified (continued)
                
Hain Celestial Group Inc (a)
     14,400     $ 389  
 
              
 
             1,298  
 
              
Food — Wholesale & Distribution (0.30%)
                
Spartan Stores Inc (b)
     23,700       417  
 
                
Footwear & Related Apparel (2.28%)
                
CROCS Inc (a)(b)
     11,100       386  
Deckers Outdoor Corp (a)(b)
     5,900       715  
Iconix Brand Group Inc (a)(b)
     44,400       923  
Steven Madden Ltd (a)(b)
     39,300       671  
Wolverine World Wide Inc
     18,400       466  
 
              
 
             3,161  
 
              
Gambling (Non-Hotel) (0.29%)
                
Dover Downs Gaming & Entertainment Inc (b)
     43,000       408  
 
                
Garden Products (0.35%)
                
Toro Co
     9,700       479  
 
                
Gas — Distribution (2.94%)
                
Atmos Energy Corp
     28,400       816  
New Jersey Resources Corp
     10,600       497  
Southern Union Co
     44,800       1,218  
Southwest Gas Corp (b)
     14,300       408  
UGI Corp
     31,900       849  
WGL Holdings Inc
     9,200       296  
 
              
 
             4,084  
 
              
Home Furnishings (0.47%)
                
Tempur-Pedic International Inc (b)
     32,800       650  
 
                
Hotels & Motels (0.26%)
                
Choice Hotels International Inc (b)
     11,000       367  
 
                
Human Resources (1.29%)
                
CDI Corp (b)
     16,900       329  
Heidrick & Struggles International Inc (b)
     7,400       203  
Korn/Ferry International (a)(b)
     44,000       708  
Spherion Corp (a)
     82,400       550  
 
              
 
             1,790  
 
              
Instruments — Controls (0.89%)
                
Woodward Governor Co (b)
     19,700       1,237  
 
                
Insurance Brokers (0.27%)
                
Hilb Rogal & Hobbs Co (b)
     10,500       380  
 
                
Internet Security (0.35%)
                
Blue Coat Systems Inc (a)(b)
     17,900       481  
 
Internet Telephony (0.29%)
                
j2 Global Communications Inc (a)(b)
     18,400       403  
 
                
Investment Management & Advisory Services (0.25%)
                
Waddell & Reed Financial Inc
     10,600       352  
 
                
Lasers — Systems & Components (0.18%)
                
Cymer Inc (a)
     9,400       254  
 
                
Life & Health Insurance (0.31%)
                
Delphi Financial Group Inc
     13,600       427  
 
                
Machinery — Electrical (0.36%)
                
Regal-Beloit Corp (b)
     13,100       497  
 
                
Machinery — General Industry (2.87%)
                
Applied Industrial Technologies Inc
     20,950       633  
Gardner Denver Inc (a)
     17,900       581  
Kadant Inc (a)
     13,100       346  
Manitowoc Co Inc/The
     16,900       644  
Robbins & Myers Inc
     15,200       1,007  
Wabtec Corp (b)
     22,500       774  
 
              
 
             3,985  
 
              
Medical — Biomedical/Gene (0.67%)
                
Cambrex Corp (b)
     49,400       469  
Lifecell Corp (a)(b)
     11,500       455  
 
              
 
             924  
 
              
Medical — Drugs (2.49%)
                
Cubist Pharmaceuticals Inc (a)
     18,100       307  
OSI Pharmaceuticals Inc (a)
     12,000       479  
Sciele Pharma Inc (a)(b)
     46,900       1,122  
Viropharma Inc (a)(b)
     175,600       1,556  
 
              
 
             3,464  
 
              
Medical — Generic Drugs (0.17%)
                
Alpharma Inc (a)(b)
     11,500       236  
 
                
Medical — HMO (0.44%)
                
AMERIGROUP Corp (a)
     16,400       615  
 
                
Medical — Hospitals (0.37%)
                
Medcath Corp (a)
     20,500       510  
 
                
Medical — Outpatient & Home Medical Care (0.87%)
                
Gentiva Health Services Inc (a)(b)
     47,600       880  
Res-Care Inc (a)
     14,800       331  
 
              
 
             1,211  
 
              
Medical Instruments (2.29%)
                
Arthrocare Corp (a)(b)
     40,700       1,629  
Conmed Corp (a)
     16,800       408  
Datascope Corp (b)
     12,500       405  
Natus Medical Inc (a)
     18,100       312  

237

 

Schedule of Investments
Partners SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Medical Instruments (continued)
                
SurModics Inc (a)(b)
     9,700     $ 424  
 
              
 
             3,178  
 
              
Medical Products (1.25%)
                
Haemonetics Corp (a)
     8,800       527  
Mentor Corp (b)
     9,300       322  
Vital Signs Inc
     6,900       335  
West Pharmaceutical Services Inc (b)
     14,000       547  
 
              
 
             1,731  
 
              
Multilevel Direct Selling (0.34%)
                
Nu Skin Enterprises Inc (b)
     28,600       470  
 
                
Networking Products (1.18%)
                
Anixter International Inc (a)(b)
     15,700       1,100  
Netgear Inc (a)
     20,300       541  
 
              
 
             1,641  
 
              
Office Furnishings — Original (1.17%)
                
Herman Miller Inc (b)
     28,000       890  
Knoll Inc (b)
     55,300       739  
 
              
 
             1,629  
 
              
Oil — Field Services (2.71%)
                
Helix Energy Solutions Group Inc (a)
     29,000       1,072  
Hornbeck Offshore Services Inc (a)(b)
     23,600       913  
Oceaneering International Inc (a)
     30,900       1,779  
 
              
 
             3,764  
 
              
Oil Company — Exploration & Production (3.30%)
                
Cabot Oil & Gas Corp
     20,200       781  
Penn Virginia Corp (b)
     14,500       618  
Stone Energy Corp (a)
     24,900       1,021  
Swift Energy Co (a)
     21,900       945  
Unit Corp (a)
     24,400       1,223  
 
              
 
             4,588  
 
              
Oil Field Machinery & Equipment (0.31%)
                
Lufkin Industries Inc (b)
     8,000       423  
 
                
Oil Refining & Marketing (0.70%)
                
Frontier Oil Corp
     14,500       511  
Holly Corp
     9,600       465  
 
              
 
             976  
 
              
Physician Practice Management (0.78%)
                
Pediatrix Medical Group Inc (a)
     15,900       1,083  
 
                
Pipelines (0.31%)
                
Oneok Inc
     9,200       432  
 
                
Power Converter & Supply Equipment (0.61%)
                
Advanced Energy Industries Inc (a)
     78,600       850  
Property & Casualty Insurance (2.97%)
                
Navigators Group Inc (a)
     11,900       687  
Philadelphia Consolidated Holding Co (a)
     45,100       1,615  
ProAssurance Corp (a)
     10,700       617  
RLI Corp
     5,100       288  
SeaBright Insurance Holdings Inc (a)
     31,600       464  
Zenith National Insurance Corp
     11,300       450  
 
              
 
             4,121  
 
              
REITS — Apartments (0.17%)
                
GMH Communities Trust (b)
     44,800       237  
 
                
REITS — Diversified (0.24%)
                
Lexington Realty Trust (b)
     21,900       327  
 
                
REITS — Healthcare (0.61%)
                
Medical Properties Trust Inc (b)
     66,700       843  
 
                
REITS — Hotels (0.62%)
                
Ashford Hospitality Trust Inc
     91,400       571  
FelCor Lodging Trust Inc
     21,300       288  
 
              
 
             859  
 
              
REITS — Office Property (0.33%)
                
BioMed Realty Trust Inc
     20,000       462  
 
                
REITS — Regional Malls (0.23%)
                
CBL & Associates Properties Inc
     11,800       314  
 
                
REITS — Shopping Centers (0.28%)
                
Cedar Shopping Centers Inc (b)
     34,500       384  
 
                
REITS — Warehouse & Industrial (0.26%)
                
First Industrial Realty Trust Inc (b)
     10,200       355  
 
                
Research & Development (0.59%)
                
Parexel International Corp (a)
     8,400       457  
PharmaNet Development Group Inc (a)
     8,900       363  
 
              
 
             820  
 
              
Retail — Apparel & Shoe (1.48%)
                
Gymboree Corp (a)(b)
     28,200       1,078  
JOS A Bank Clothiers Inc (a)(b)
     12,800       348  
Men’s Wearhouse Inc
     24,400       622  
 
              
 
             2,048  
 
              
Retail — Convenience Store (0.18%)
                
Pantry Inc/The (a)
     8,800       256  
 
                
Retail — Drug Store (0.71%)
                
Longs Drug Stores Corp
     21,400       985  
 
                
Retail — Jewelry (0.67%)
                
Movado Group Inc
     38,600       935  

238

 

Schedule of Investments
Partners SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Retail — Pawn Shops (0.21%)
                
Cash America International Inc
     9,000     $ 293  
 
                
Retail — Restaurants (2.13%)
                
AFC Enterprises (a)
     17,060       158  
Ihop Corp (b)
     6,800       362  
Jack in the Box Inc (a)
     47,300       1,383  
O’Charleys Inc
     27,000       375  
Papa John’s International Inc (a)
     27,100       685  
 
              
 
             2,963  
 
              
Retirement & Aged Care (0.26%)
                
Five Star Quality Care Inc (a)(b)
     47,500       362  
 
                
Savings & Loans — Thrifts (0.19%)
                
FirstFed Financial Corp (a)(b)
     6,400       268  
 
                
Semiconductor Component — Integrated Circuits (0.43%)
                
Emulex Corp (a)
     17,200       268  
Standard Microsystems Corp (a)
     11,200       335   
 
              
 
             603  
 
              
Semiconductor Equipment (2.04%)
                
Cabot Microelectronics Corp (a)(b)
     10,000       346  
Formfactor Inc (a)(b)
     17,400       421  
MKS Instruments Inc (a)
     47,000       874  
Rudolph Technologies Inc (a)
     30,800       316  
Varian Semiconductor Equipment Associates Inc (a)
     27,100       873  
 
              
 
             2,830  
 
              
Steel — Producers (1.17%)
                
Carpenter Technology Corp
     26,300       1,621  
 
                
Telecommunication Equipment (1.22%)
                
Comtech Telecommunications Corp (a)(b)
     37,800       1,693  
 
                
Telephone — Integrated (0.16%)
                
Cincinnati Bell Inc (a)
     58,900       229  
 
                
Tools — Hand Held (0.51%)
                
Snap-On Inc
     14,300       702  
 
                
Toys (0.29%)
                
Marvel Entertainment Inc (a)
     14,400       406  
 
                
Transport — Marine (1.69%)
                
Gulfmark Offshore Inc (a)
     9,300       389  
Kirby Corp (a)
     42,500       1,954  
 
              
 
             2,343  
 
              
Wire & Cable Products (1.47%)
                
Belden Inc (b)
     29,900       1,265  
General Cable Corp (a)(b)
     13,300       771  
 
              
 
             2,036  
 
              
Wireless Equipment (0.31%)
                
InterDigital Inc (a)(b)
     21,500       435  
 
              
TOTAL COMMON STOCKS
           $ 139,862  
 
              
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (10.79%)
                
Money Market Funds (10.79%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 14,990     $ 14,990  
 
            
TOTAL SHORT TERM INVESTMENTS
           $ 14,990  
 
              
REPURCHASE AGREEMENTS (14.00%)
                
Finance — Investment Banker & Broker (10.85%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $15,176,000; 0.00% — 6.38%; dated 05/16/08 — 01/11/27) (c)
   $ 15,062     $ 15,061  
 
                
Money Center Banks (3.15%)
                
 
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $4,409,000; 0.00% — 6.63%; dated 03/14/08 — 05/15/30) (c)
     4,374       4,374  
 
            
TOTAL REPURCHASE AGREEMENTS
           $ 19,435  
 
              
Total Investments
           $ 174,287  
Liabilities in Excess of Other Assets, Net — (25.50)%
             (35,414 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 138,873  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 9,809  
Unrealized Depreciation
     (21,752 )
 
        
Net Unrealized Appreciation (Depreciation)
     (11,943 )
Cost for federal income tax purposes
     186,230  
     
All dollar amounts are shown in thousands (000’s)

239

 

Schedule of Investments
Partners SmallCap Blend Fund
January 31, 2008 (unaudited)
Portfolio summary (unaudited)
         
Sector   Percent  
Financial
     38.39 %
Industrial
     22.37 %
Consumer, Non-cyclical
     20.77 %
Consumer, Cyclical
     11.65 %
Technology
     11.24 %
Energy
     8.05 %
Communications
     5.53 %
Utilities
     4.38 %
Basic Materials
     3.12 %
Liabilities in Excess of Other Assets, Net
     (25.50 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

240

 

Schedule of Investments
Partners SmallCap Growth Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (98.98%)
                
Advanced Materials & Products (1.53%)
                
Hexcel Corp (a)(b)
     120,700     $ 2,635  
 
                
Applications Software (0.40%)
                
Quest Software Inc (a)(b)
     46,430       694  
 
                
Batteries & Battery Systems (0.61%)
                
EnerSys (b)
     45,600       1,051  
 
                
Building — Heavy Construction (0.88%)
                
Granite Construction Inc
     39,800       1,515  
 
                
Building & Construction — Miscellaneous (1.24%)
                
Dycom Industries Inc (b)
     90,000       2,126  
 
                
Commercial Banks (0.45%)
                
Community Bancorp/NV (a)(b)
     46,700       780  
 
                
Commercial Services — Finance (1.39%)
                
Morningstar Inc (b)
     36,300       2,398  
 
                
Computer Services (0.42%)
                
3PAR Inc (a)(b)
     89,900       713  
 
                
Computer Software (2.11%)
                
Blackbaud Inc (a)
     77,010       2,131  
Omniture Inc (a)(b)
     60,400       1,493  
 
              
 
             3,624  
 
              
Computers — Integrated Systems (1.23%)
                
Micros Systems Inc (b)
     34,300       2,112  
 
                
Consulting Services (0.86%)
                
CRA International Inc (b)
     12,900       538  
FTI Consulting Inc (b)
     16,900       935  
 
              
 
             1,473  
 
              
Data Processing & Management (1.34%)
                
Commvault Systems Inc (a)(b)
     123,600       2,301  
 
                
Diagnostic Equipment (0.89%)
                
Hansen Medical Inc (a)(b)
     85,905       1,536  
 
                
Diagnostic Kits (1.36%)
                
Meridian Bioscience Inc
     74,200       2,331  
 
                
Distribution & Wholesale (1.65%)
                
LKQ Corp (b)
     158,200       2,830  
 
                
Electronic Components — Semiconductors (2.33%)
                
Advanced Analogic Technologies Inc (b)
     140,200       945  
Monolithic Power Systems Inc (b)
     108,500       1,697  
ON Semiconductor Corp (a)(b)
     211,100       1,368  
 
              
 
             4,010  
 
              
E-Marketing & Information (1.81%)
                
comScore Inc (a)(b)
     67,500       1,807  
Constant Contact Inc (a)(b)
     61,300       1,307  
 
              
 
             3,114  
 
              
Enterprise Software & Services (3.51%)
                
Informatica Corp (b)
     124,320       2,401  
MedAssets Inc (b)
     36,500       736  
Taleo Corp (b)
     71,200       1,504  
Ultimate Software Group Inc (a)(b)
     51,800       1,401  
 
              
 
             6,042  
 
              
Entertainment Software (0.90%)
                
THQ Inc (b)
     85,500       1,540  
 
                
E-Services — Consulting (0.33%)
                
Websense Inc (b)
     27,300       560  
 
                
Fiduciary Banks (0.47%)
                
Boston Private Financial Holdings Inc
     35,600       813  
 
                
Finance — Investment Banker & Broker (2.78%)
                
Duff & Phelps Corp (b)
     25,400       470  
Greenhill & Co Inc (a)
     39,100       2,640  
optionsXpress Holdings Inc
     61,650       1,672  
 
              
 
             4,782  
 
              
Hazardous Waste Disposal (1.42%)
                
Stericycle Inc (b)
     41,340       2,450  
 
                
Hotels & Motels (2.10%)
                
Home Inns & Hotels Management Inc ADR (a)(b)
     59,900       1,677  
Orient-Express Hotels Ltd (a)
     37,550       1,943  
 
              
 
             3,620  
 
              
Internet Application Software (1.41%)
                
DealerTrack Holdings Inc (a)(b)
     89,700       2,418  
 
                
Internet Content — Entertainment (1.16%)
                
NetFlix Inc (a)(b)
     79,600       2,002  
 
                
Internet Content — Information & News (0.20%)
                
LoopNet Inc (a)(b)
     24,900       351  
 
                
Investment Management & Advisory Services (1.06%)
                
Affiliated Managers Group Inc (a)(b)
     18,600       1,828  
 
                
Machinery — Construction & Mining (2.25%)
                
Astec Industries Inc (b)
     60,400       1,864  
Bucyrus International Inc
     21,700       2,012  
 
              
 
             3,876  
 
              
Machinery — Electrical (1.42%)
                
Baldor Electric Co
     80,700       2,444  

241

 

Schedule of Investments
Partners SmallCap Growth Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Machinery — General Industry (2.22%)
                
Chart Industries Inc (b)
     52,100     $ 1,319  
IDEX Corp
     79,875       2,494  
 
              
 
             3,813  
 
              
Medical — Biomedical/Gene (3.67%)
                
Alexion Pharmaceuticals Inc (a)(b)
     30,400       1,986  
AMAG Pharmaceuticals Inc (a)(b)
     37,700       1,944  
Cougar Biotechnology Inc (b)
     15,300       457  
Genomic Health Inc (b)
     23,900       502  
Savient Pharmaceuticals Inc (a)(b)
     22,300       431  
WuXi PharmaTech Cayman Inc ADR (a)(b)
     39,130       986  
 
              
 
             6,306  
 
              
Medical — Drugs (1.54%)
                
Auxilium Pharmaceuticals Inc (b)
     14,000       479  
Jazz Pharmaceuticals Inc (a)(b)
     39,000       511  
OSI Pharmaceuticals Inc (a)(b)
     24,400       973  
XenoPort Inc (b)
     11,300       693  
 
              
 
             2,656  
 
              
Medical — Outpatient & Home Medical Care (1.30%)
                
LHC Group Inc (a)(b)
     97,000       2,237  
 
                
Medical Instruments (3.11%)
                
Abaxis Inc (a)(b)
     48,200       1,569  
Arthrocare Corp (a)(b)
     43,500       1,741  
NuVasive Inc (a)(b)
     51,900       2,046  
 
              
 
             5,356  
 
              
Medical Laboratory & Testing Service (1.40%)
                
Icon Plc ADR (b)
     38,400       2,407  
 
                
Medical Products (1.05%)
                
TomoTherapy Inc (a)(b)
     122,300       1,811  
 
                
Metal Processors & Fabrication (2.17%)
                
Kaydon Corp
     36,000       1,573  
RBC Bearings Inc (b)
     72,200       2,161  
 
              
 
             3,734  
 
              
Networking Products (3.14%)
                
Foundry Networks Inc (b)
     114,200       1,576  
Infinera Corp (b)
     163,100       1,662  
Netgear Inc (b)
     81,420       2,171  
 
              
 
             5,409  
 
              
Office Furnishings — Original (0.65%)
                
Knoll Inc
     83,700       1,118  
 
                
Oil — Field Services (2.95%)
                
Core Laboratories NV (b)
     16,120       1,817  
Tesco Corp (b)
     62,300       1,416  
W-H Energy Services Inc (b)
     37,900       1,844  
 
              
 
             5,077  
 
              
Oil Company — Exploration & Production (3.76%)
                
Bill Barrett Corp (a)(b)
     52,500       2,193  
BPZ Resources Inc (a)(b)
     34,400       441  
Carrizo Oil & Gas Inc (a)(b)
     29,400       1,431  
EXCO Resources Inc (a)(b)
     71,700       1,075  
Penn Virginia Corp (a)
     31,300       1,334  
 
              
 
             6,474  
 
              
Oil Field Machinery & Equipment (2.91%)
                
Complete Production Services Inc (b)
     111,700       1,776  
Dril-Quip Inc (b)
     41,500       2,015  
T-3 Energy Services Inc (b)
     27,100       1,219  
 
              
 
             5,010  
 
              
Patient Monitoring Equipment (0.79%)
                
Insulet Corp (a)(b)
     41,500       822  
Masimo Corp (a)(b)
     14,800       528  
 
              
 
             1,350  
 
              
Pharmacy Services (1.13%)
                
HealthExtras Inc (b)
     70,200       1,941  
 
                
Physical Therapy & Rehabilitation Centers (0.45%)
                
Psychiatric Solutions Inc (a)(b)
     25,900       781  
 
                
Printing — Commercial (1.95%)
                
VistaPrint Ltd (a)(b)
     89,900       3,345  
 
                
Recreational Centers (1.51%)
                
Life Time Fitness Inc (a)(b)
     58,500       2,594  
 
                
Resorts & Theme Parks (0.78%)
                
Great Wolf Resorts Inc (a)(b)
     161,200       1,333  
 
                
Retail — Apparel & Shoe (1.49%)
                
J Crew Group Inc (b)
     19,700       901  
Lululemon Athletica Inc (a)(b)
     49,200       1,667  
 
              
 
             2,568  
 
              
Retail — Catalog Shopping (1.40%)
                
MSC Industrial Direct Co
     58,800       2,415  
 
                
Retail — Discount (0.42%)
                
Citi Trends Inc (a)(b)
     52,600       719  
 
                
Retail — Restaurants (3.81%)
                
Red Robin Gourmet Burgers Inc (a)(b)
     58,190       2,030  
Sonic Corp (b)
     99,100       2,198  
Texas Roadhouse Inc (a)(b)
     192,300       2,321  
 
              
 
             6,549  
 
              
Schools (3.16%)
                
American Public Education Inc (b)
     38,700       1,525  
K12 Inc (b)
     42,800       984  

242

 

Schedule of Investments
Partners SmallCap Growth Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Schools (continued)
                
Strayer Education Inc
     17,000     $ 2,934  
 
              
 
             5,443  
 
              
Schools — Day Care (1.41%)
                
Bright Horizons Family Solutions Inc (b)
     56,900       2,422  
 
                
Semiconductor Component — Integrated Circuits (2.45%)
                
Hittite Microwave Corp (a)(b)
     62,000       2,469  
Integrated Device Technology Inc (b)
     125,660       936  
Intellon Corp (b)
     148,000       811  
 
              
 
             4,216  
 
              
Semiconductor Equipment (1.17%)
                
Verigy Ltd (b)
     96,600       2,017  
 
                
Telecommunication Services (1.89%)
                
Cbeyond Inc (b)
     56,700       1,913  
NTELOS Holdings Corp
     63,000       1,341  
 
              
 
             3,254  
 
              
Theaters (0.90%)
                
National CineMedia Inc
     67,600       1,541  
 
                
Therapeutics (0.61%)
                
Alexza Pharmaceuticals Inc (a)(b)
     73,000       460  
Allos Therapeutics Inc (a)(b)
     82,200       592  
 
              
 
             1,052  
 
              
Transactional Software (0.95%)
                
Synchronoss Technologies Inc (a)(b)
     76,970       1,639  
 
                
Transport — Marine (1.95%)
                
Kirby Corp (b)
     72,800       3,347  
 
                
Web Portals (1.38%)
                
Trizetto Group (a)(b)
     121,400       2,370  
   
TOTAL COMMON STOCKS
           $ 170,273  
   
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (16.27%)
                
Money Market Funds (16.27%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 27,983     $ 27,983  
   
TOTAL SHORT TERM INVESTMENTS
           $ 27,983  
   
REPURCHASE AGREEMENTS (4.05%)
                
Finance — Investment Banker & Broker (3.44%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $5,968,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 5,924     $ 5,923  
Money Center Banks (0.61%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $1,062,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
   $ 1,054     $ 1,054  
   
TOTAL REPURCHASE AGREEMENTS
           $ 6,977  
   
Total Investments
           $ 205,233  
Liabilities in Excess of Other Assets, Net — (19.30)%
             (33,207 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 172,026  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 15,957  
Unrealized Depreciation
     (21,269 )
 
      
Net Unrealized Appreciation (Depreciation)
     (5,312 )
Cost for federal income tax purposes
     210,545  
 
All dollar amounts are shown in thousands (000’s)
        
         
Portfolio Summary (unaudited)
 
Sector   Percent
Consumer, Non-cyclical
     26.07 %
Financial
     25.09 %
Technology
     16.80 %
Industrial
     15.69 %
Consumer, Cyclical
     14.70 %
Communications
     11.32 %
Energy
     9.63 %
Liabilities in Excess of Other Assets, Net
     (19.30 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

243

 

Schedule of Investments
Partners SmallCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (97.12%)
                
Advanced Materials & Products (0.18%)
                
Ceradyne Inc (a)
     21,100     $ 1,016  
 
                
Aerospace & Defense Equipment (2.72%)
                
AAR Corp (a)
     228,128       6,720  
BE Aerospace Inc (a)
     125,179       4,833  
DRS Technologies Inc
     26,157       1,404  
Triumph Group Inc
     50,050       2,703  
 
              
 
             15,660  
 
              
Alternative Waste Tech (0.78%)
                
Darling International Inc (a)
     388,210       4,503  
 
                
Applications Software (2.48%)
                
Callidus Software Inc (a)
     123,415       608  
EPIQ Systems Inc (a)
     54,842       809  
Moldflow Corp (a)
     79,220       1,035  
Nuance Communications Inc (a)(b)
     439,224       6,979  
Progress Software Corp (a)
     108,823       3,213  
Verint Systems Inc (a)
     85,633       1,584  
 
              
 
             14,228  
 
              
Auto/Truck Parts & Equipment — Original (0.18%)
                
Wonder Auto Technology Inc (a)
     103,679       1,036  
 
                
Batteries & Battery Systems (0.15%)
                
Energy Conversion Devices Inc (a)(b)
     37,590       868  
 
                
Building — Maintenance & Service (0.52%)
                
Healthcare Services Group
     123,450       2,995  
 
                
Building & Construction — Miscellaneous (0.18%)
                
Layne Christensen Co (a)(b)
     27,513       1,015  
 
                
Cellular Telecommunications (0.10%)
                
Centennial Communications Corp (a)
     96,158       550  
 
                
Chemicals — Plastics (0.14%)
                
Landec Corp (a)(b)
     87,817       818  
 
                
Chemicals — Specialty (0.15%)
                
Terra Industries Inc (a)
     18,950       854  
 
                
Commercial Banks (2.25%)
                
Prosperity Bancshares Inc
     88,400       2,541  
SVB Financial Group (a)(b)
     77,785       3,765  
Texas Capital Bancshares Inc (a)
     128,974       2,248  
UCBH Holdings Inc (b)
     210,181       2,968  
Virginia Commerce Bancorp (a)(b)
     69,625       836  
Wilshire Bancorp Inc
     70,770       558  
 
              
 
             12,916  
 
              
Commercial Services (1.17%)
                
HMS Holdings Corp (a)
     65,663       2,075  
Team Inc (a)
     33,497       1,006  
TeleTech Holdings Inc (a)(b)
     185,800       3,666  
 
              
 
             6,747  
 
              
Communications Software (0.16%)
                
Smith Micro Software Inc (a)(b)
     118,804       895  
 
                
Computer Aided Design (1.19%)
                
Ansys Inc (a)
     195,680       6,831  
 
                
Computer Services (0.92%)
                
BluePhoenix Solutions Ltd (a)(b)
     62,824       937  
Factset Research Systems Inc
     59,429       3,324  
iGate Corp (a)(b)
     95,707       792  
Starlims Technologies Ltd (a)
     33,642       249  
 
              
 
             5,302  
 
              
Computer Software (0.15%)
                
Omniture Inc (a)(b)
     35,588       880  
 
                
Computers — Integrated Systems (1.59%)
                
Brocade Communications Systems Inc (a)
     282,600       1,947  
Micros Systems Inc (a)
     73,056       4,499  
Stratasys Inc (a)(b)
     121,900       2,694  
 
              
 
             9,140  
 
              
Computers — Memory Devices (0.21%)
                
Data Domain Inc (a)
     53,049       1,196  
 
                
Computers — Peripheral Equipment (0.36%)
                
Compellent Technologies Inc (a)(b)
     77,200       699  
Icad Inc (a)
     201,783       468  
Rimage Corp (a)
     38,857       907  
 
              
 
             2,074  
 
              
Consulting Services (1.11%)
                
CRA International Inc (a)(b)
     70,286       2,934  
FTI Consulting Inc (a)
     33,986       1,880  
Huron Consulting Group Inc (a)
     22,100       1,587  
 
              
 
             6,401  
 
              
Containers — Metal & Glass (0.18%)
                
Greif Inc
     15,470       1,018  
 
                
Cosmetics & Toiletries (1.43%)
                
Bare Escentuals Inc (a)(b)
     139,605       3,328  
Chattem Inc (a)(b)
     63,750       4,891  
 
              
 
             8,219  
 
              
Data Processing & Management (0.49%)
                
FalconStor Software Inc (a)(b)
     319,625       2,819  
 
                
Decision Support Software (0.76%)
                
DemandTec Inc (a)(b)
     134,681       1,728  

244

 

Schedule of Investments
Partners SmallCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Decision Support Software (continued)
                
Interactive Intelligence Inc (a)
     129,577     $ 2,123  
SPSS Inc (a)(b)
     15,648       517  
 
              
 
             4,368  
 
              
Diagnostic Equipment (1.31%)
                
Gen-Probe Inc (a)
     85,887       4,908  
Hansen Medical Inc (a)(b)
     81,700       1,461  
Immucor Inc (a)
     40,500       1,168  
 
              
 
             7,537  
 
              
Diagnostic Kits (0.34%)
                
Medtox Scientific Inc (a)
     36,602       647  
Meridian Bioscience Inc
     40,926       1,285  
 
              
 
             1,932  
 
              
Disposable Medical Products (0.12%)
                
Volcano Corp (a)
     62,378       683  
 
                
Distribution & Wholesale (1.01%)
                
Beacon Roofing Supply Inc (a)(b)
     67,445       626  
Chindex International Inc (a)
     27,093       858  
LKQ Corp (a)
     241,846       4,327  
 
              
 
             5,811  
 
              
Diversified Manufacturing Operations (0.97%)
                
Ameron International Corp
     9,776       878  
Barnes Group Inc
     32,493       866  
ESCO Technologies Inc (a)(b)
     88,099       3,303  
Lydall Inc (a)
     59,822       543  
 
              
 
             5,590  
 
              
E-Commerce — Products (0.39%)
                
1-800-FLOWERS.COM Inc (a)(b)
     110,268       861  
NutriSystem Inc (a)(b)
     48,439       1,387  
 
              
 
             2,248  
 
              
Educational Software (1.09%)
                
Blackboard Inc (a)
     138,566       4,847  
SkillSoft PLC ADR (a)
     153,664       1,400  
 
              
 
             6,247  
 
              
Electronic Components — Miscellaneous (1.05%)
                
Daktronics Inc (b)
     92,423       1,894  
Technitrol Inc
     182,890       4,144  
 
              
 
             6,038  
 
              
Electronic Components — Semiconductors (3.58%)
                
Advanced Analogic Technologies Inc (a)
     463,770       3,126  
AXT Inc (a)
     170,786       960  
Diodes Inc (a)(b)
     134,495       3,113  
Microsemi Corp (a)(b)
     389,776       8,856  
ON Semiconductor Corp (a)(b)
     113,780       737  
Rubicon Technology Inc (a)(b)
     5,120       121  
SiRF Technology Holdings Inc (a)(b)
     27,100       415  
Skyworks Solutions Inc (a)(b)
     246,850       1,987  
Volterra Semiconductor Corp (a)(b)
     69,950       642  
Zoran Corp (a)
     49,985       590  
 
              
 
             20,547  
 
              
Electronic Design Automation (0.47%)
                
Ansoft Corp (a)
     95,202       2,022  
Magma Design Automation Inc (a)(b)
     59,730       681  
 
              
 
             2,703  
 
              
Electronic Measurement Instruments (0.95%)
                
Analogic Corp
     30,278       1,788  
Flir Systems Inc (a)(b)
     51,980       1,574  
Itron Inc (a)(b)
     15,300       1,261  
LeCroy Corp (a)
     94,826       862  
 
              
 
             5,485  
 
              
Electronic Security Devices (1.01%)
                
Taser International Inc (a)(b)
     503,511       5,785  
 
                
E-Marketing & Information (0.12%)
                
Constant Contact Inc (a)(b)
     31,373       669  
 
                
Energy — Alternate Sources (0.46%)
                
Evergreen Solar Inc (a)(b)
     84,200       1,026  
FuelCell Energy Inc (a)(b)
     117,184       986  
Headwaters Inc (a)(b)
     55,139       621  
 
              
 
             2,633  
 
              
Engineering — Research & Development Services (0.52%)
                
EMCOR Group Inc (a)
     135,922       2,981  
 
                
Enterprise Software & Services (2.51%)
                
Concur Technologies Inc (a)(b)
     33,497       1,175  
Lawson Software Inc (a)
     68,500       595  
Omnicell Inc (a)(b)
     213,690       5,359  
Taleo Corp (a)
     39,082       826  
Ultimate Software Group Inc (a)(b)
     239,678       6,483  
 
              
 
             14,438  
 
              
E-Services — Consulting (0.16%)
                
Access Integrated Technologies Inc (a)(b)
     75,623       246  
Perficient Inc (a)(b)
     49,300       685  
 
              
 
             931  
 
              
Finance — Consumer Loans (0.13%)
                
Portfolio Recovery Associates Inc (b)
     20,996       763  
 
                
Firearms & Ammunition (0.19%)
                
Smith & Wesson Holding Corp (a)(b)
     234,388       1,113  
 
                
Food — Miscellaneous/Diversified (0.95%)
                
Chiquita Brands International Inc (a)(b)
     223,921       4,183  
Diamond Foods Inc
     25,450       483  

245

 

Schedule of Investments
Partners SmallCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Food — Miscellaneous/Diversified (continued)
                
Hain Celestial Group Inc (a)(b)
     29,901     $ 807  
 
              
 
             5,473  
 
              
Food — Wholesale & Distribution (0.21%)
                
United Natural Foods Inc (a)
     49,601       1,189  
 
                
Footwear & Related Apparel (1.30%)
                
CROCS Inc (a)(b)
     83,150       2,893  
Iconix Brand Group Inc (a)(b)
     219,056       4,554  
 
              
 
             7,447  
 
              
Health Care Cost Containment (0.11%)
                
Transcend Services Inc (a)
     67,466       655  
 
                
Home Furnishings (0.06%)
                
Tempur-Pedic International Inc (b)
     16,650       330  
 
                
Hotels & Motels (0.20%)
                
Orient-Express Hotels Ltd (b)
     22,680       1,174  
 
                
Housewares (0.07%)
                
Lifetime Brands Inc
     33,303       396  
 
                
Human Resources (0.86%)
                
Emergency Medical Services Corp (a)(b)
     47,280       1,455  
Kenexa Corp (a)(b)
     34,840       619  
SuccessFactors Inc (a)(b)
     112,100       1,010  
TrueBlue Inc (a)(b)
     130,421       1,861  
 
              
 
             4,945  
 
              
Identification Systems — Development (0.11%)
                
L-1 Identity Solutions Inc (a)(b)
     46,183       629  
 
                
Industrial Automation & Robots (0.12%)
                
Hurco Cos Inc (a)
     19,613       717  
 
Industrial Gases (0.72%)
                
Airgas Inc
     88,863       4,124  
 
                
Instruments — Scientific (0.30%)
                
FEI Co (a)(b)
     75,220       1,704  
 
                
Internet Application Software (0.16%)
                
Cybersource Corp (a)
     55,682       933  
 
                
Internet Content — Entertainment (0.14%)
                
Shanda Interactive Entertainment Ltd ADR (a)
     29,788       819  
 
                
Internet Content — Information & News (0.92%)
                
LoopNet Inc (a)(b)
     200,314       2,827  
TheStreet.com Inc
     223,630       2,482  
 
              
 
             5,309  
 
              
 
                
Internet Incubators (0.31%)
                
Internet Capital Group Inc (a)(b)
     186,390       1,765  
 
                
Internet Infrastructure Software (0.16%)
                
AsiaInfo Holdings Inc (a)(b)
     104,714       917  
 
                
Internet Security (0.51%)
                
Blue Coat Systems Inc (a)
     108,800       2,923  
 
                
Internet Telephony (0.13%)
                
j2 Global Communications Inc (a)(b)
     35,200       771  
 
                
Lasers — Systems & Components (0.84%)
                
II-VI Inc (a)
     148,149       4,803  
 
                
Machinery — Construction & Mining (0.58%)
                
Bucyrus International Inc
     35,794       3,318  
 
                
Machinery — General Industry (1.53%)
                
DXP Enterprises Inc (a)
     23,158       845  
Middleby Corp (a)(b)
     66,642       3,973  
Wabtec Corp
     116,400       4,003  
 
              
 
             8,821  
 
              
Machinery — Print Trade (0.12%)
                
Presstek Inc (a)(b)
     133,416       662  
 
                
Machinery Tools & Related Products (0.38%)
                
Kennametal Inc
     71,750       2,198  
 
                
Medical — Biomedical/Gene (5.67%)
                
AMAG Pharmaceuticals Inc (a)(b)
     28,600       1,475  
BioMimetic Therapeutics Inc (a)(b)
     39,500       587  
Genomic Health Inc (a)(b)
     65,800       1,381  
Illumina Inc (a)(b)
     37,075       2,362  
Integra LifeSciences Holdings Corp (a)(b)
     111,750       4,649  
Lifecell Corp (a)(b)
     245,395       9,696  
Myriad Genetics Inc (a)(b)
     110,866       4,768  
Regeneron Pharmaceuticals Inc (a)
     65,900       1,336  
Sangamo Biosciences Inc (a)(b)
     218,116       2,497  
Seattle Genetics Inc/WA (a)(b)
     111,700       1,023  
Sequenom Inc (a)
     195,157       1,618  
Third Wave Technologies Inc (a)
     147,302       1,199  
 
              
 
             32,591  
 
              
Medical — Drugs (0.58%)
                
Array Biopharma Inc (a)(b)
     138,900       904  
Auxilium Pharmaceuticals Inc (a)(b)
     54,000       1,847  
Sirtris Pharmaceuticals Inc (a)(b)
     49,207       593  
 
              
 
             3,344  
 
              
Medical — Generic Drugs (0.27%)
                
Perrigo Co
     50,050       1,544  

246

 

Schedule of Investments
Partners SmallCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Medical — Outpatient & Home Medical Care (0.34%)
                
Res-Care Inc (a)
     87,000     $ 1,946  
 
                
Medical Imaging Systems (0.23%)
                
IRIS International Inc (a)
     75,111       1,347  
 
                
Medical Information Systems (1.20%)
                
Allscripts Healthcare Solutions Inc (a)
     22,650       336  
AMICAS Inc (a)
     279,066       782  
Phase Forward Inc (a)
     334,339       5,767  
 
              
 
             6,885  
 
              
Medical Instruments (3.55%)
                
Abaxis Inc (a)
     94,100       3,063  
Angiodynamics Inc (a)
     68,300       1,384  
Arthrocare Corp (a)(b)
     40,278       1,612  
Bruker BioSciences Corp (a)(b)
     114,899       1,178  
Cepheid Inc (a)(b)
     176,825       5,400  
Micrus Endovascular Corp (a)(b)
     92,059       1,769  
NuVasive Inc (a)
     42,602       1,679  
Spectranetics Corp (a)(b)
     126,910       1,584  
Symmetry Medical Inc (a)
     55,764       1,015  
Thoratec Corp (a)(b)
     86,240       1,380  
Transl Inc (a)(b)
     22,839       333  
 
              
 
             20,397  
 
              
Medical Laboratory & Testing Service (0.44%)
                
Bio-Reference Labs Inc (a)(b)
     91,477       2,506  
 
                
Medical Laser Systems (0.08%)
                
Biolase Technology Inc (a)(b)
     139,820       473  
 
                
Medical Products (1.16%)
                
Accuray Inc (a)(b)
     110,843       1,055  
American Medical Systems Holdings Inc (a)(b)
     25,420       363  
Cantel Medical Corp (a)
     59,730       692  
Luminex Corp (a)(b)
     70,386       1,054  
Sonic Innovations Inc (a)(b)
     137,258       862  
TomoTherapy Inc (a)(b)
     47,500       703  
Tutogen Medical Inc (a)
     58,593       564  
Wright Medical Group Inc (a)
     50,753       1,386  
 
              
 
             6,679  
 
              
Metal Processors & Fabrication (0.62%)
                
Kaydon Corp
     18,024       788  
Ladish Co Inc (a)
     77,970       2,767  
 
              
 
             3,555  
 
              
Miscellaneous Manufacturers (0.13%)
                
American Railcar Industries Inc (b)
     21,693       371  
China Fire & Security Group Inc (a)(b)
     35,198       371  
 
              
 
             742  
 
              
Networking Products (1.32%)
                
Atheros Communications Inc (a)(b)
     42,550       1,162  
Foundry Networks Inc (a)
     88,450       1,221  
Ixia (a)
     282,790       2,093  
Netgear Inc (a)
     31,786       847  
Polycom Inc (a)
     90,507       2,285  
 
              
 
             7,608  
 
              
Oil — Field Services (1.82%)
                
Cal Dive International Inc (a)(b)
     49,170       466  
Core Laboratories NV (a)
     31,622       3,564  
Hornbeck Offshore Services Inc (a)(b)
     47,253       1,828  
Tetra Technologies Inc (a)
     199,167       3,117  
Willbros Group Inc (a)(b)
     44,900       1,496  
 
              
 
             10,471  
 
              
Oil Company — Exploration & Production (2.13%)
                
Carrizo Oil & Gas Inc (a)(b)
     40,421       1,968  
Penn Virginia Corp
     30,073       1,281  
PetroHawk Energy Corp (a)
     311,872       4,912  
Quicksilver Resources Inc (a)(b)
     53,477       3,039  
Whiting Petroleum Corp (a)
     19,596       1,053  
 
              
 
             12,253  
 
              
Oil Field Machinery & Equipment (1.32%)
                
Complete Production Services Inc (a)(b)
     180,170       2,865  
Mitcham Industries Inc (a)
     115,025       1,933  
T-3 Energy Services Inc (a)
     62,000       2,789  
 
              
 
             7,587  
 
              
Pharmacy Services (0.20%)
                
BioScrip Inc (a)
     147,966       1,148  
 
                
Physical Therapy & Rehabilitation Centers (0.71%)
                
Psychiatric Solutions Inc (a)(b)
     134,775       4,066  
 
                
Physician Practice Management (1.49%)
                
Pediatrix Medical Group Inc (a)
     125,401       8,539  
 
                
Private Corrections (0.33%)
                
Geo Group Inc/The (a)(b)
     79,200       1,894  
 
                
Property & Casualty Insurance (0.17%)
                
United America Indemnity Ltd (a)
     47,381       972  
 
                
Reinsurance (0.14%)
                
Argo Group International Holdings Ltd (a)(b)
     19,684       804  
 
                
REITS — Healthcare (0.72%)
                
Ventas Inc (b)
     94,012       4,155  
 
                
REITS — Office Property (0.28%)
                
BioMed Realty Trust Inc
     70,394       1,625  

247

 

Schedule of Investments
Partners SmallCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Research & Development (2.11%)
                
Albany Molecular Research Inc (a)(b)
     81,863     $ 881  
Kendle International Inc (a)(b)
     103,148       4,372  
Parexel International Corp (a)
     126,364       6,876  
 
              
 
             12,129  
 
              
Respiratory Products (0.35%)
                
Resmed Inc (a)(b)
     43,488       2,026  
 
                
Retail — Apparel & Shoe (2.75%)
                
Aeropostale Inc (a)
     76,700       2,161  
Charlotte Russe Holding Inc (a)
     28,800       519  
Childrens Place Retail Stores Inc/The (a)
     84,269       1,562  
Gymboree Corp (a)
     76,100       2,909  
Phillips-Van Heusen Corp
     123,202       5,192  
Tween Brands Inc (a)(b)
     49,500       1,585  
Wet Seal Inc/The (a)
     621,445       1,895  
 
              
 
             15,823  
 
              
Retail — Discount (0.11%)
                
99 Cents Only Stores (a)(b)
     75,602       629  
 
                
Retail — Jewelry (0.04%)
                
Fuqi International Inc (a)
     28,815       246  
 
                
Retail — Perfume & Cosmetics (0.23%)
                
Ulta Salon Cosmetics & Fragrance Inc (a)(b)
     84,922       1,294  
 
                
Retail — Petroleum Products (0.17%)
                
World Fuel Services Corp
     37,310       987  
 
                
Retail — Restaurants (2.37%)
                
California Pizza Kitchen Inc (a)(b)
     269,133       3,614  
CKE Restaurants Inc
     251,932       3,305  
Red Robin Gourmet Burgers Inc (a)(b)
     90,200       3,146  
Texas Roadhouse Inc (a)(b)
     295,400       3,566  
 
              
 
             13,631  
 
              
Satellite Telecommunications (0.08%)
                
GeoEye Inc (a)
     12,550       439  
 
                
Schools (0.41%)
                
Capella Education Co (a)
     18,803       1,186  
Corinthian Colleges Inc (a)
     73,676       622  
Strayer Education Inc
     3,174       548  
 
              
 
             2,356  
 
              
Seismic Data Collection (0.55%)
                
ION Geophysical Corp (a)(b)
     257,100       3,188  
 
                
Semiconductor Component — Integrated Circuits (1.95%)
                
Anadigics Inc (a)(b)
     369,797       3,694  
Hittite Microwave Corp (a)
     68,700       2,736  
Power Integrations Inc (a)
     85,994       2,191  
Standard Microsystems Corp (a)
     87,117       2,607  
 
              
 
             11,228  
 
              
Semiconductor Equipment (0.44%)
                
Amtech Systems Inc (a)
     64,331       657  
BTU International Inc (a)
     50,968       596  
LTX Corp (a)
     111,733       302  
Varian Semiconductor Equipment Associates Inc (a)
     30,827       993  
 
              
 
             2,548  
 
              
Steel — Producers (1.19%)
                
Steel Dynamics Inc
     130,806       6,822  
 
                
Superconductor Production & Systems (0.15%)
                
American Superconductor Corp (a)(b)
     42,873       868  
 
                
Telecommunication Equipment (1.50%)
                
Comtech Telecommunications Corp (a)
     75,300       3,373  
Nice Systems Ltd ADR (a)
     170,917       5,232  
 
              
 
             8,605  
 
              
Telecommunication Equipment — Fiber Optics (0.35%)
                
Harmonic Inc (a)
     182,950       1,998  
 
                
Telecommunication Services (1.98%)
                
Cbeyond Inc (a)
     107,500       3,627  
Knology Inc (a)(b)
     70,663       802  
NeuStar Inc (a)(b)
     59,218       1,760  
Neutral Tandem Inc (a)
     78,109       1,562  
PAETEC Holding Corp (a)(b)
     77,734       739  
SAVVIS Inc (a)(b)
     50,480       1,020  
Time Warner Telecom Inc (a)(b)
     106,250       1,857  
 
              
 
             11,367  
 
              
Theaters (0.14%)
                
National CineMedia Inc
     34,200       779  
 
                
Therapeutics (1.21%)
                
Alnylam Pharmaceuticals Inc (a)(b)
     11,350       341  
BioMarin Pharmaceutical Inc (a)(b)
     137,460       5,094  
Isis Pharmaceuticals Inc (a)(b)
     96,386       1,504  
 
              
 
             6,939  
 
              
Toys (0.80%)
                
Marvel Entertainment Inc (a)(b)
     162,960       4,595  
 
                
Transactional Software (0.70%)
                
Bottomline Technologies Inc (a)
     68,716       891  
Innerworkings Inc (a)(b)
     226,800       3,141  
 
              
 
             4,032  
 
              

248

 

Schedule of Investments
Partners SmallCap Growth Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Transport — Equipment & Leasing (0.07%)
                
Aircastle Ltd
     16,235     $ 399  
 
                
Transport — Services (0.81%)
                
HUB Group Inc (a)
     159,200       4,637  
 
                
Transport — Truck (1.12%)
                
Landstar System Inc
     116,290       5,818  
Old Dominion Freight Line Inc (a)
     20,450       596  
 
              
 
             6,414  
 
              
Veterinary Diagnostics (0.96%)
                
Animal Health International Inc (a)
     78,369       941  
Neogen Corp (a)
     35,782       858  
VCA Antech Inc (a)
     96,277       3,722  
 
              
 
             5,521  
 
              
Web Hosting & Design (0.27%)
                
NaviSite Inc (a)
     124,405       560  
NIC Inc
     138,765       992  
 
              
 
             1,552  
 
              
Web Portals (0.33%)
                
Trizetto Group (a)
     19,900       388  
United Online Inc (b)
     132,460       1,480  
 
              
 
             1,868  
 
              
Wireless Equipment (2.14%)
                
Ceragon Networks Ltd (a)
     170,100       1,546  
Globecomm Systems Inc (a)
     102,705       962  
Novatel Wireless Inc (a)(b)
     189,376       3,030  
SBA Communications Corp (a)
     132,300       3,918  
Sierra Wireless Inc (a)(b)
     49,308       730  
Viasat Inc (a)
     102,000       2,119  
 
              
 
             12,305  
 
              
X-Ray Equipment (0.22%)
                
Hologic Inc (a)(b)
     19,806       1,275  
   
TOTAL COMMON STOCKS
           $ 558,136  
   
SHORT TERM INVESTMENTS (13.74%)
                
Money Market Funds (13.74%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 78,951     $ 78,951  
   
TOTAL SHORT TERM INVESTMENTS
           $ 78,951  
   
REPURCHASE AGREEMENTS (11.37%)
                
Finance — Investment Banker & Broker (6.86%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $39,748,000; 0.00% — 6.38%; dated 05/16/08 — 01/11/27) (c)
   $ 39,451     $ 39,448  
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
REPURCHASE AGREEMENTS (continued)
                
Money Center Banks (4.51%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $26,111,000; 0.00% — 6.63%; dated 03/14/08 — 05/15/30) (c)
   $ 25,908     $ 25,906  
   
TOTAL REPURCHASE AGREEMENTS
           $ 65,354  
   
Total Investments
           $ 702,441  
Liabilities in Excess of Other Assets, Net — (22.23)%
             (127,735 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 574,706  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 87,396  
Unrealized Depreciation
     (67,288 )
 
      
Net Unrealized Appreciation (Depreciation)
     20,108  
Cost for federal income tax purposes
     682,333  
 
All dollar amounts are shown in thousands (000’s)
        
         
Portfolio Summary (unaudited)
 
Sector   Percent
Financial
     28.80 %
Consumer, Non-cyclical
     28.45 %
Technology
     20.25 %
Industrial
     15.75 %
Communications
     11.06 %
Consumer, Cyclical
     9.43 %
Energy
     6.29 %
Basic Materials
     2.20 %
Liabilities in Excess of Other Assets, Net
     (22.23 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

249

 

Schedule of Investments
Partners SmallCap Growth Fund III
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (98.26%)
                
Advanced Materials & Products (0.40%)
                
Hexcel Corp (a)
     57,900     $ 1,264  
 
                
Aerospace & Defense (0.48%)
                
TransDigm Group Inc (a)
     36,100       1,494  
 
                
Aerospace & Defense Equipment (1.85%)
                
BE Aerospace Inc (a)
     48,000       1,853  
Heico Corp (b)
     27,700       1,233  
Orbital Sciences Corp (a)
     87,300       2,034  
Triumph Group Inc
     12,400       670  
 
              
 
             5,790  
 
              
Airlines (0.20%)
                
JetBlue Airways Corp (a)
     88,900       614  
 
                
Alternative Waste Tech (0.45%)
                
Calgon Carbon Corp (a)(b)
     92,300       1,420  
 
                
Applications Software (3.58%)
                
Nuance Communications Inc (a)(b)
     103,000       1,637  
Red Hat Inc (a)
     510,100       9,528  
 
              
 
             11,165  
 
              
Auction House & Art Dealer (0.43%)
                
Ritchie Bros Auctioneers Inc (a)
     16,400       1,349  
 
                
Auto — Medium & Heavy Duty Trucks (0.29%)
                
Oshkosh Truck Corp
     20,100       920  
 
                
Broadcasting Services & Programming (0.20%)
                
DG FastChannel Inc (a)
     29,000       614  
 
                
Chemicals — Plastics (0.67%)
                
Metabolix Inc (a)(b)
     115,200       2,100  
 
                
Coal (0.33%)
                
Alpha Natural Resources Inc (a)
     31,200       1,044  
 
                
Commercial Banks (0.65%)
                
East West Bancorp Inc (b)
     62,100       1,494  
Frontier Financial Corp (b)
     26,200       534  
 
              
 
             2,028  
 
              
Commercial Services (0.56%)
                
Alliance Data Systems Corp (a)
     9,800       495  
HMS Holdings Corp (a)
     39,200       1,239  
 
              
 
             1,734  
 
              
Commercial Services — Finance (0.77%)
                
Bankrate Inc (a)
     26,600       1,443  
Morningstar Inc (a)
     14,400       951  
 
              
 
             2,394  
 
              
Computer Services (1.98%)
                
BluePhoenix Solutions Ltd (a)(b)
     90,600       1,351  
Factset Research Systems Inc
     26,600       1,488  
IHS Inc (a)
     53,900       3,338  
 
              
 
             6,177  
 
              
Computer Software (0.44%)
                
Omniture Inc (a)(b)
     55,700       1,377  
 
                
Computers — Integrated Systems (0.77%)
                
Riverbed Technology Inc (a)(b)
     108,200       2,418  
 
                
Computers — Peripheral Equipment (0.15%)
                
Immersion Corp (a)(b)
     48,700       477  
 
                
Consulting Services (0.51%)
                
Watson Wyatt Worldwide Inc
     32,100       1,578  
 
                
Cosmetics & Toiletries (1.24%)
                
Alberto-Culver Co (a)
     20,500       549  
Bare Escentuals Inc (a)(b)
     41,800       996  
Chattem Inc (a)(b)
     30,300       2,325  
 
              
 
             3,870  
 
              
Data Processing & Management (0.78%)
                
Commvault Systems Inc (a)
     79,700       1,484  
Dun & Bradstreet Corp
     4,700       432  
Global Payments Inc
     14,000       524  
 
              
 
             2,440  
Decision Support Software (1.47%)
                
 
              
Wind River Systems Inc (a)(b)
     546,300       4,583  
 
                
Distribution & Wholesale (0.92%)
                
Brightpoint Inc (a)
     62,000       789  
LKQ Corp (a)
     116,500       2,084  
 
              
 
             2,873  
 
              
Drug Delivery Systems (0.73%)
                
Alkermes Inc (a)(b)
     171,400       2,283  
 
                
E-Commerce — Products (1.46%)
                
Blue Nile Inc (a)(b)
     24,400       1,348  
NutriSystem Inc (a)(b)
     80,800       2,313  
Shutterfly Inc (a)(b)
     45,910       893  
 
              
 
             4,554  
 
              
E-Commerce — Services (0.51%)
                
Priceline.com Inc (a)(b)
     14,700       1,595  
 
                
Electric — Transmission (0.52%)
                
ITC Holdings Corp
     30,800       1,627  
 
                
Electronic Components — Miscellaneous (2.47%)
                
China Digital TV Holding Co Ltd ADR (a)(b)
     89,500       2,021  

250

 

Schedule of Investments
Partners SmallCap Growth Fund III
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Electronic Components — Miscellaneous (continued)
                
Flextronics International Ltd (a)
     485,900     $ 5,685  
 
              
 
             7,706  
 
              
Electronic Components — Semiconductors (2.30%)
                
Aixtron AG ADR (a)(b)
     103,100       1,276  
Emcore Corp (a)(b)
     85,000       1,162  
Intersil Corp
     67,000       1,543  
Skyworks Solutions Inc (a)(b)
     397,600       3,201  
 
              
 
             7,182  
 
              
Electronic Design Automation (0.13%)
                
Synopsys Inc (a)
     18,500       407  
 
                
Electronic Measurement Instruments (0.89%)
                
Axsys Technologies Inc (a)
     53,704       2,033  
Itron Inc (a)(b)
     8,900       734  
 
              
 
             2,767  
 
              
Energy — Alternate Sources (0.87%)
                
First Solar Inc (a)
     3,400       618  
Sunpower Corp (a)(b)
     15,900       1,099  
US BioEnergy Corp (a)(b)
     121,000       1,004  
 
              
 
             2,721  
 
              
Engineering — Research & Development Services (0.75%)
                
EMCOR Group Inc (a)
     66,700       1,463  
Jacobs Engineering Group Inc (a)
     11,600       886  
 
              
 
             2,349  
 
              
Enterprise Software & Services (1.39%)
                
Advent Software Inc (a)(b)
     31,400       1,418  
Concur Technologies Inc (a)
     52,800       1,851  
MedAssets Inc (a)
     52,600       1,060  
 
              
 
             4,329  
 
              
Entertainment Software (1.01%)
                
Activision Inc (a)
     91,000       2,354  
THQ Inc (a)(b)
     44,150       795  
 
              
 
             3,149  
 
              
Finance — Investment Banker & Broker (1.98%)
                
Greenhill & Co Inc (b)
     37,400       2,526  
Jefferies Group Inc
     156,400       3,162  
Thomas Weisel Partners Group Inc (a)(b)
     37,500       480  
 
              
 
             6,168  
 
              
Finance — Other Services (1.47%)
                
GFI Group Inc (a)
     29,200       2,576  
Nasdaq Stock Market Inc/The (a)
     43,300       2,003  
 
              
 
             4,579  
 
              
Food — Miscellaneous/Diversified (0.12%)
                
McCormick & Co Inc/MD
     10,700       361  
 
                
Food — Retail (0.51%)
                
Whole Foods Market Inc (b)
     40,500       1,597  
 
                
Footwear & Related Apparel (3.25%)
                
CROCS Inc (a)
     236,700       8,235  
Deckers Outdoor Corp (a)(b)
     15,700       1,903  
 
              
 
             10,138  
 
              
Hazardous Waste Disposal (0.66%)
                
EnergySolutions Inc (a)
     91,500       2,059  
 
                
Home Furnishings (0.40%)
                
Tempur-Pedic International Inc (b)
     62,500       1,239  
 
                
Identification Systems — Development (0.12%)
                
L-1 Identity Solutions Inc (a)(b)
     26,720       364  
 
                
Independent Power Producer (0.34%)
                
Ormat Technologies Inc (b)
     24,100       1,048  
 
                
Internet Application Software (1.18%)
                
DealerTrack Holdings Inc (a)
     36,700       989  
eResearchTechnology Inc (a)(b)
     64,900       631  
Vocus Inc (a)
     70,210       2,066  
 
              
 
             3,686  
 
              
Internet Connectivity Services (0.39%)
                
Cogent Communications Group Inc (a)(b)
     59,400       1,216  
 
                
Internet Content — Entertainment (0.11%)
                
Giant Interactive Group Inc ADR (a)(b)
     35,400       351  
 
                
Internet Infrastructure Equipment (0.74%)
                
Avocent Corp (a)
     139,000       2,307  
 
                
Internet Security (0.62%)
                
Blue Coat Systems Inc (a)
     53,600       1,440  
SonicWALL Inc (a)(b)
     57,100       502  
 
              
 
             1,942  
 
              
Investment Management & Advisory Services (4.11%)
                
Affiliated Managers Group Inc (a)(b)
     25,900       2,546  
Blackstone Group LP/The (b)
     214,400       3,935  
Federated Investors Inc
     22,600       962  
Fortress Investment Group LLC (b)
     146,400       2,168  
Och-Ziff Capital Management Group LLC (b)
     114,400       2,524  
Waddell & Reed Financial Inc
     20,800       690  
 
              
 
             12,825  
 
              
Lasers — Systems & Components (0.46%)
                
Cymer Inc (a)(b)
     44,900       1,213  
Rofin-Sinar Technologies Inc (a)
     5,500       234  
 
              
 
             1,447  
 
              

251

 

Schedule of Investments
Partners SmallCap Growth Fund III
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Leisure & Recreation Products (0.65%)
                
WMS Industries Inc (a)(b)
     53,900     $ 2,016  
 
Lighting Products & Systems (0.57%)
                
Universal Display Corp (a)(b)
     110,300       1,784  
 
Machinery — Construction & Mining (0.70%)
                
Bucyrus International Inc
     23,500       2,179  
 
Machinery — General Industry (0.52%)
                
Chart Industries Inc (a)
     64,500       1,633  
 
Marine Services (0.22%)
                
Aegean Marine Petroleum Network Inc
     20,700       677  
 
Medical — Biomedical/Gene (4.12%)
                
Affymetrix Inc (a)(b)
     184,800       3,707  
Alexion Pharmaceuticals Inc (a)(b)
     8,400       549  
AMAG Pharmaceuticals Inc (a)
     4,600       237  
American Oriental Bioengineering Inc (a)(b)
     87,200       852  
Cell Genesys Inc (a)(b)
     321,600       582  
Geron Corp (a)(b)
     88,200       438  
Illumina Inc (a)(b)
     77,900       4,962  
Millipore Corp (a)
     6,200       435  
Vertex Pharmaceuticals Inc (a)
     54,000       1,100  
 
              
 
             12,862  
 
              
Medical — Drugs (4.33%)
                
Cephalon Inc (a)(b)
     110,400       7,246  
Cubist Pharmaceuticals Inc (a)(b)
     267,700       4,548  
Medicis Pharmaceutical Corp
     84,100       1,708  
 
              
 
             13,502  
 
              
Medical — Generic Drugs (0.79%)
                
Perrigo Co (b)
     79,800       2,461  
 
Medical — Outpatient & Home Medical Care (0.40%)
                
Air Methods Corp (a)(b)
     16,500       757  
Lincare Holdings Inc (a)
     14,500       484  
 
              
 
             1,241  
 
              
Medical Instruments (2.09%)
                
Abaxis Inc (a)
     29,300       954  
Arthrocare Corp (a)(b)
     13,400       536  
Cepheid Inc (a)(b)
     66,162       2,021  
Conceptus Inc (a)
     32,800       534  
NuVasive Inc (a)
     62,600       2,467  
 
              
 
             6,512  
 
              
Medical Laboratory & Testing Service (0.17%)
                
Icon Plc ADR (a)
     8,300       520  
 
Medical Products (0.52%)
                
PSS World Medical Inc (a)(b)
     93,100       1,610  
 
Metal — Iron (0.07%)
                
Cleveland-Cliffs Inc
     2,000       204  
 
Metal Processors & Fabrication (1.07%)
                
Dynamic Materials Corp (b)
     32,261       1,728  
Kaydon Corp
     36,800       1,608  
 
              
 
             3,336  
 
              
Multimedia (0.40%)
                
Martha Stewart Living Omnimedia (a)(b)
     183,600       1,256  
 
Networking Products (3.20%)
                
Polycom Inc (a)
     395,900       9,996  
 
Office Furnishings — Original (0.40%)
                
Herman Miller Inc
     13,600       432  
Knoll Inc
     61,900       827  
 
              
 
             1,259  
 
              
Oil — Field Services (1.10%)
                
Helix Energy Solutions Group Inc (a)
     25,800       954  
Hercules Offshore Inc (a)
     16,400       378  
Matrix Service Co (a)
     58,813       1,060  
Superior Energy Services (a)
     25,900       1,038  
 
              
 
             3,430  
 
              
Oil & Gas Drilling (0.30%)
                
Atwood Oceanics Inc (a)
     11,300       939  
 
Oil Company — Exploration & Production (2.37%)
                
Brigham Exploration Co (a)
     137,888       957  
Carrizo Oil & Gas Inc (a)(b)
     50,200       2,443  
Continental Resources Inc/OK (a)
     74,300       1,851  
Whiting Petroleum Corp (a)
     39,800       2,139  
 
              
 
             7,390  
 
              
Oil Field Machinery & Equipment (1.98%)
                
FMC Technologies Inc (a)
     46,900       2,259  
Grant Prideco Inc (a)
     78,700       3,917  
 
              
 
             6,176  
 
              
Patient Monitoring Equipment (0.67%)
                
Masimo Corp (a)(b)
     58,700       2,095  
 
Physician Practice Management (0.61%)
                
Pediatrix Medical Group Inc (a)
     27,800       1,893  
 
Printing — Commercial (0.43%)
                
VistaPrint Ltd (a)(b)
     36,300       1,351  
 
Property & Casualty Insurance (0.23%)
                
Amtrust Financial Services Inc
     46,300       727  
 
Real Estate Management & Services (0.23%)
                
Jones Lang LaSalle Inc
     9,400       731  

252

 

Schedule of Investments
Partners SmallCap Growth Fund III
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Real Estate Operator & Developer (0.60%)
                
Meruelo Maddux Properties Inc (a)
     357,300     $ 1,876  
 
                
REITS — Diversified (0.13%)
                
Digital Realty Trust Inc
     11,700       418  
 
                
REITS — Regional Malls (0.12%)
                
Macerich Co/The
     5,700       390  
 
                
Retail — Apparel & Shoe (5.14%)
                
Chico’s FAS Inc (a)
     21,100       228  
Columbia Sportswear Co (b)
     7,400       323  
Guess ? Inc
     30,600       1,142  
J Crew Group Inc (a)(b)
     28,800       1,317  
Lululemon Athletica Inc (a)(b)
     42,100       1,427  
Phillips-Van Heusen Corp
     52,500       2,212  
Quiksilver Inc (a)(b)
     744,800       7,098  
Urban Outfitters Inc (a)(b)
     79,500       2,305  
 
              
 
             16,052  
 
              
Retail — Automobile (0.69%)
                
Copart Inc (a)
     52,700       2,154  
 
                
Retail — Mail Order (0.61%)
                
Williams-Sonoma Inc (b)
     70,500       1,895  
 
                
Retail — Restaurants (0.50%)
                
California Pizza Kitchen Inc (a)(b)
     15,600       210  
Cheesecake Factory/The (a)(b)
     19,500       426  
Chipotle Mexican Grill Inc (a)(b)
     7,500       913  
 
              
 
             1,549  
 
              
Retail — Sporting Goods (0.29%)
                
Zumiez Inc (a)(b)
     47,800       919  
 
                
Savings & Loans — Thrifts (0.47%)
                
New York Community Bancorp Inc
     22,800       423  
People’s United Financial Inc
     62,300       1,052  
 
              
 
             1,475  
 
              
Schools (1.93%)
                
American Public Education Inc (a)
     13,400       528  
Capella Education Co (a)
     30,065       1,897  
DeVry Inc
     25,500       1,407  
Strayer Education Inc
     12,700       2,192  
 
              
 
             6,024  
 
              
Semiconductor Component — Integrated Circuits (0.76%)
                
TriQuint Semiconductor Inc (a)
     502,600       2,382  
 
                
Semiconductor Equipment (0.86%)
                
ATMI Inc (a)
     46,900       1,233  
Novellus Systems Inc (a)
     8,800       209  
Teradyne Inc (a)
     76,500       839  
Varian Semiconductor Equipment Associates Inc (a)
     12,900       416  
 
              
 
             2,697  
 
              
Telecommunication Equipment (0.38%)
                
Nice Systems Ltd ADR (a)
     38,900       1,191  
 
                
Telecommunication Equipment — Fiber Optics (0.26%)        
Harmonic Inc (a)
     75,200       821  
 
                
Telecommunication Services (1.39%)
                
Cbeyond Inc (a)(b)
     39,100       1,319  
Clearwire Corp (a)(b)
     220,100       3,024  
 
              
 
             4,343  
 
              
Therapeutics (3.81%)
                
BioMarin Pharmaceutical Inc (a)(b)
     81,500       3,020  
CV Therapeutics Inc (a)(b)
     277,100       2,322  
Medarex Inc (a)(b)
     552,800       5,523  
United Therapeutics Corp (a)(b)
     12,400       1,041  
 
              
 
             11,906  
 
              
Transactional Software (1.09%)
                
Longtop Financial Technologies Ltd ADR (a)
     48,800       891  
Solera Holdings Inc (a) 
     110,100       2,509  
 
              
 
             3,400  
 
              
Transport — Services (0.47%)
                
Expeditors International Washington Inc
     31,200       1,475  
 
                
Transport — Truck (0.51%)
                
JB Hunt Transport Services Inc
     23,400       728  
Landstar System Inc
     17,500       875  
 
              
 
             1,603  
 
              
Wireless Equipment (1.50%)
                
Aruba Networks Inc (a)(b)
     30,800       291  
RF Micro Devices Inc (a)(b)
     889,200       2,872  
SBA Communications Corp (a)
     51,400       1,522  
 
              
 
             4,685  
 
TOTAL COMMON STOCKS
           $ 306,754  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (22.93%)
                
Finance — Investment Banker & Broker (5.41%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $17,029,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 16,902     $ 16,900  

253

 

Schedule of Investments
Partners SmallCap Growth Fund III
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
REPURCHASE AGREEMENTS (continued)
                
Money Center Banks (17.52%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $49,895,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
   $ 49,507     $ 49,503  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $2,666,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     2,589       2,589  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $2,666,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
     2,588       2,588  
 
              
 
             54,680  
 
TOTAL REPURCHASE AGREEMENTS
           $ 71,580  
 
Total Investments
           $ 378,334  
Liabilities in Excess of Other Assets, Net — (21.19)%
             (66,145 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 312,189  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 22,808  
Unrealized Depreciation
     (53,979 )
 
      
Net Unrealized Appreciation (Depreciation)
     (31,171 )
Cost for federal income tax purposes
     409,505  
 
All dollar amounts are shown in thousands (000’s)
        
Portfolio Summary (unaudited)
         
Sector   Percent
 
Financial
     32.93 %
Consumer, Non-cyclical
     24.93 %
Technology
     16.71 %
Consumer, Cyclical
     13.33 %
Industrial
     12.39 %
Communications
     12.35 %
Energy
     6.95 %
Utilities
     0.86 %
Basic Materials
     0.74 %
Liabilities in Excess of Other Assets, Net
     (21.19 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

254

 

Schedule of Investments
Partners SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (98.94%)
                
Advanced Materials & Products (0.03%)
                
Ceradyne Inc (a)
     1,000     $ 48  
 
                
Aerospace & Defense Equipment (1.34%)
                
Curtiss-Wright Corp
     1,800       75  
DRS Technologies Inc
     31,432       1,687  
Kaman Corp
     3,853       114  
Moog Inc (a)
     2,719       125  
Triumph Group Inc
     1,693       91  
 
              
 
             2,092  
 
              
Agricultural Chemicals (0.42%)
                
CF Industries Holdings Inc
     3,600       385  
UAP Holding Corp
     6,934       266  
 
              
 
             651  
 
              
Agricultural Operations (0.03%)
                
Andersons Inc/The
     1,200       55  
 
                
Airlines (0.09%)
                
Alaska Air Group Inc (a)(b)
     5,655       143  
 
                
Apparel Manufacturers (0.04%)
                
Kellwood Co
     3,054       61  
 
                
Applications Software (0.01%)
                
PDF Solutions Inc (a)(b)
     2,500       22  
 
                
Auto — Medium & Heavy Duty Trucks (0.00%)
                
ASV Inc (a)
     100       2  
Force Protection Inc (a)
     800       3  
 
              
 
             5  
 
              
Auto/Truck Parts & Equipment — Original (0.21%)
                
ArvinMeritor Inc (b)
     3,363       45  
Lear Corp (a)
     2,149       63  
Tenneco Inc (a)
     4,033       107  
Titan International Inc
     4,176       119  
 
              
 
             334  
 
              
B2B — E-Commerce (0.03%)
                
i2 Technologies Inc (a)(b)
     3,200       45  
 
                
Batteries & Battery Systems (1.54%)
                
EnerSys (a)
     300       7  
Greatbatch Inc (a)
     106,202       2,398  
Medis Technologies Ltd (a)(b)
     400       4  
 
              
 
             2,409  
 
              
Broadcasting Services & Programming (0.01%)
                
DG FastChannel Inc (a)
     800       17  
 
                
Building — Maintenance & Service (0.00%)
                
Home Solutions of America Inc (a)(b)
     10,500       6  
 
                
Building — Residential & Commercial (0.55%)
                
Amrep Corp (b)
     900       41  
Ryland Group Inc
     24,277       818  
 
              
 
             859  
 
              
Building & Construction — Miscellaneous (1.81%)
                
Dycom Industries Inc (a)
     119,686       2,827  
 
                
Building & Construction Products — Miscellaneous (0.00%)
                
Drew Industries Inc
     100       3  
 
                
Building Products — Cement & Aggregate (0.07%)
                
Texas Industries Inc (b)
     1,921       109  
 
                
Cable TV (0.02%)
                
Charter Communications Inc (a)(b)
     27,900       33  
 
                
Cellular Telecommunications (0.04%)
                
Centennial Communications Corp (a)(b)
     10,811       62  
 
                
Chemicals — Diversified (0.19%)
                
FMC Corp
     5,100       271  
Rockwood Holdings Inc (a)
     1,061       31  
 
              
 
             302  
 
              
Chemicals — Specialty (3.30%)
                
Arch Chemicals Inc
     3,420       115  
Cytec Industries Inc
     42,196       2,389  
HB Fuller Co
     81,644       1,695  
Minerals Technologies Inc
     2,397       130  
NewMarket Corp
     9,932       535  
OM Group Inc (a)
     1,800       103  
Symyx Technologies (a)(b)
     15,000       99  
WR Grace & Co (a)(b)
     4,200       95  
 
              
 
             5,161  
 
              
Coal (0.06%)
                
Alpha Natural Resources Inc (a)(b)
     1,400       47  
International Coal Group Inc (a)(b)
     7,300       45  
 
              
 
             92  
 
              
Coffee (0.02%)
                
Peet’s Coffee & Tea Inc (a)(b)
     1,800       39  
 
                
Collectibles (0.73%)
                
RC2 Corp (a)
     60,518       1,137  
 
                
Commercial Banks (4.52%)
                
Alabama National Bancorporation (b)
     2,600       203  
Bancfirst Corp
     1,900       86  
Bancorpsouth Inc
     336       8  
Capitol Bancorp Ltd (b)
     400       8  
Cathay General Bancorp
     1,200       31  
Central Pacific Financial Corp
     1,500       28  

255

 

Schedule of Investments
Partners SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Commercial Banks (continued)
                
Citizens Republic Bancorp Inc
     5,872     $ 83  
Community Bank System Inc
     900       20  
Corus Bankshares Inc (b)
     2,500       32  
East West Bancorp Inc
     1,300       31  
First Bancorp/Puerto Rico (b)
     12,200       117  
First Midwest Bancorp Inc/IL
     5,300       165  
FNB Corp/PA
     2,668       42  
Fremont General Corp (b)
     23,568       78  
Hancock Holding Co
     3,100       129  
Independent Bank Corp/MI
     1,700       24  
MB Financial Inc (b)
     2,500       78  
Old Second Bancorp Inc
     1,583       44  
Pacific Capital Bancorp NA
     1,300       28  
Prosperity Bancshares Inc
     7,900       227  
S&T Bancorp Inc
     2,700       84  
Sterling Bancshares Inc/TX
     154,930       1,554  
Sterling Financial Corp/WA
     1,350       24  
Susquehanna Bancshares Inc
     53       1  
SVB Financial Group (a)(b)
     6,829       330  
Texas Capital Bancshares Inc (a)(b)
     14,500       253  
Trustmark Corp
     4,080       94  
UCBH Holdings Inc
     204,372       2,886  
Umpqua Holdings Corp (b)
     2,100       34  
W Holding Co Inc (b)
     28,972       42  
Westamerica Bancorporation
     800       40  
Wilshire Bancorp Inc
     3,600       28  
Wintrust Financial Corp
     6,035       230  
 
              
 
             7,062  
 
              
Commercial Services (1.09%)
                
ICT Group Inc (a)(b)
     2,500       22  
Live Nation Inc (a)(b)
     2,700       30  
PeopleSupport Inc (a)(b)
     3,466       43  
Quanta Services Inc (a)(b)
     71,570       1,569  
TeleTech Holdings Inc (a)
     1,928       38  
 
              
 
             1,702  
 
              
Commercial Services — Finance (0.02%)
                
Heartland Payment Systems Inc (b)
     1,595       39  
 
                
Computer Aided Design (0.05%)
                
Ansys Inc (a)
     2,200       77  
 
                
Computer Services (1.87%)
                
Ciber Inc (a)
     11,198       54  
Perot Systems Corp (a)
     6,500       79  
SYKES Enterprises Inc (a)(b)
     176,330       2,784  
 
              
 
             2,917  
 
              
Computer Software (0.11%)
                
Avid Technology Inc (a)(b)
     4,700       122  
Omniture Inc (a)
     2,107       52  
 
              
 
             174  
 
              
Computers (0.01%)
                
Rackable Systems Inc (a)
     2,100       18  
 
                
Computers — Integrated Systems (0.04%)
                
Agilysys Inc
     4,123       63  
 
                
Computers — Peripheral Equipment (2.00%)
                
Electronics for Imaging (a)
     211,895       3,128  
 
                
Consulting Services (1.57%)
                
FTI Consulting Inc (a)(b)
     1,200       66  
Navigant Consulting Inc (a)(b)
     200,097       2,369  
Watson Wyatt Worldwide Inc
     300       15  
 
              
 
             2,450  
 
              
Consumer Products — Miscellaneous (0.02%)
                
Blyth Inc
     1,431       31  
 
                
Containers — Metal & Glass (0.03%)
                
Silgan Holdings Inc
     862       41  
 
                
Cosmetics & Toiletries (0.01%)
                
Elizabeth Arden Inc (a)
     604       12  
 
                
Diagnostic Equipment (0.00%)
                
Hansen Medical Inc (a)
     300       5  
 
                
Diagnostic Kits (0.19%)
                
Inverness Medical Innovations Inc (a)
     6,711       302  
 
                
Disposable Medical Products (0.01%)
                
Merit Medical Systems Inc (a)
     1,200       19  
 
                
Distribution & Wholesale (2.15%)
                
Bell Microproducts Inc (a)
     5,398       29  
Owens & Minor Inc
     25,824       1,067  
Scansource Inc (a)(b)
     62,171       1,968  
United Stationers Inc (a)
     5,300       293  
 
              
 
             3,357  
 
              
Diversified Manufacturing Operations (0.77%)
                
Actuant Corp (b)
     29,704       812  
AO Smith Corp
     3,473       122  
Blount International Inc (a)
     3,100       36  
EnPro Industries Inc (a)
     3,395       102  
Koppers Holdings Inc
     343       11  
Matthews International Corp
     2,400       117  
Tredegar Corp
     575       8  
 
              
 
             1,208  
 
              

256

 

Schedule of Investments
Partners SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Diversified Operations (0.01%)
                
Resource America Inc (b)
     700     $ 9  
 
                
E-Commerce — Products (0.06%)
                
Overstock.com Inc (a)(b)
     699       7  
Stamps.com Inc (a)
     7,650       81  
 
              
 
             88  
 
              
E-Commerce — Services (0.11%)
                
Move Inc (a)
     37,200       89  
Priceline.com Inc (a)(b)
     700       76  
 
              
 
             165  
 
              
Electric — Integrated (2.59%)
                
Allete Inc
     35,025       1,348  
Black Hills Corp (b)
     4,802       186  
Cleco Corp
     1,200       31  
CMS Energy Corp
     12,564       197  
El Paso Electric Co (a)
     12,223       286  
Idacorp Inc
     9,978       326  
Integrys Energy Group Inc
     3,515       171  
NorthWestern Corp
     5,060       146  
PNM Resources Inc
     53,574       1,035  
Portland General Electric Co
     4,400       108  
UIL Holdings Corp
     5,178       177  
Unisource Energy Corp
     1,040       31  
 
              
 
             4,042  
 
              
Electric Products — Miscellaneous (0.02%)
                
GrafTech International Ltd (a)
     1,700       26  
Littelfuse Inc (a)
     300       9  
 
              
 
             35  
 
              
Electronic Components — Miscellaneous (1.69%)
                
Benchmark Electronics Inc (a)
     142,980       2,538  
OSI Systems Inc (a)(b)
     1,587       37  
Rogers Corp (a)
     2,200       69  
 
              
 
             2,644  
 
              
Electronic Components — Semiconductors (0.29%)
                
Actel Corp (a)
     4,700       56  
Conexant Systems Inc (a)(b)
     3,000       2  
IPG Photonics Corp (a)
     1,100       20  
Kopin Corp (a)
     4,702       16  
Lattice Semiconductor Corp (a)
     3,400       9  
Microsemi Corp (a)(b)
     2,976       68  
Monolithic Power Systems Inc (a)
     2,812       44  
Omnivision Technologies Inc (a)(b)
     1,932       27  
PLX Technology Inc (a)
     3,100       22  
Silicon Image Inc (a)
     2,500       11  
SiRF Technology Holdings Inc (a)(b)
     160       2  
Skyworks Solutions Inc (a)
     276       2  
Syntax-Brillian Corp (a)(b)
     7,000       16  
Volterra Semiconductor Corp (a)(b)
     9,400       86  
Zoran Corp (a)
     5,477       65  
 
              
 
             446  
 
              
Electronic Measurement Instruments (0.11%)
                
Analogic Corp
     1,200       71  
Itron Inc (a)(b)
     1,200       99  
 
              
 
             170  
 
              
Energy — Alternate Sources (0.06%)
                
Evergreen Energy Inc (a)(b)
     10,576       24  
FuelCell Energy Inc (a)(b)
     2,000       17  
Headwaters Inc (a)
     800       9  
Nova Biosource Fuels Inc (a)(b)
     11,800       26  
Sunpower Corp (a)(b)
     300       21  
 
              
 
             97  
 
              
Engineering — Research & Development Services (0.15%)
                
EMCOR Group Inc (a)
     848       18  
URS Corp (a)
     5,100       224  
 
              
 
             242  
 
              
Engines — Internal Combustion (0.15%)
                
Briggs & Stratton Corp (b)
     11,200       234  
 
                
Enterprise Software & Services (0.10%)
                
Mantech International Corp (a)
     2,200       90  
MicroStrategy Inc (a)
     100       7  
Packeteer Inc (a)(b)
     2,000       10  
SYNNEX Corp (a)
     2,300       49  
 
              
 
             156  
 
              
Environmental Consulting & Engineering (1.62%)
                
Tetra Tech Inc (a)(b)
     128,284       2,526  
 
                
Finance — Consumer Loans (0.01%)
                
Ocwen Financial Corp (a)(b)
     1,922       12  
 
                
Finance — Credit Card (0.02%)
                
CompuCredit Corp (a)(b)
     1,636       24  
 
                
Finance — Investment Banker & Broker (0.27%)
                
Friedman Billings Ramsey Group Inc
     13,799       45  
Investment Technology Group Inc (a)
     3,720       175  
Knight Capital Group Inc (a)
     3,000       50  
Piper Jaffray Cos (a)
     1,549       73  
Stifel Financial Corp (a)
     1,700       74  
 
              
 
             417  
 
              
Finance — Leasing Company (1.01%)
                
Financial Federal Corp
     65,901       1,584  
 
                
Finance — Mortgage Loan/Banker (1.30%)
                
Centerline Holding Co (b)
     3,544       20  

257

 

Schedule of Investments
Partners SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Finance — Mortgage Loan/Banker (continued)
                
IndyMac Bancorp Inc (b)
     245,899     $ 2,009  
 
              
 
             2,029  
 
              
Finance — Other Services (0.12%)
                
Asset Acceptance Capital Corp
     5,300       51  
GFI Group Inc (a)
     100       9  
Nasdaq Stock Market Inc/The (a)
     2,890       134  
 
              
 
             194  
 
              
Financial Guarantee Insurance (0.02%)
                
Triad Guaranty Inc (a)(b)
     3,560       25  
 
                
Firearms & Ammunition (0.00%)
                
Smith & Wesson Holding Corp (a)(b)
     700       3  
 
                
Food — Miscellaneous/Diversified (1.79%)
                
Corn Products International Inc
     5,974       202  
Ralcorp Holdings Inc (a)
     47,596       2,590  
 
              
 
             2,792  
 
              
Food — Retail (0.05%)
                
Ruddick Corp
     2,100       72  
Winn-Dixie Stores Inc (a)(b)
     130       2  
 
              
 
             74  
 
              
Food — Wholesale & Distribution (0.06%)
                
Nash Finch Co (b)
     940       33  
Spartan Stores Inc
     2,550       45  
United Natural Foods Inc (a)(b)
     900       22  
 
              
 
             100  
 
              
Footwear & Related Apparel (2.26%)
                
Heelys Inc (a)(b)
     3,600       22  
Wolverine World Wide Inc
     139,049       3,519  
 
              
 
             3,541  
 
              
Funeral Services & Related Items (0.02%)
                
Stewart Enterprises Inc
     5,300       38  
 
                
Gas — Distribution (1.34%)
                
New Jersey Resources Corp
     12,409       582  
Northwest Natural Gas Co
     1,655       78  
WGL Holdings Inc
     44,424       1,432  
 
              
 
             2,092  
 
              
Golf (0.76%)
                
Callaway Golf Co
     66,628       1,194  
 
                
Hazardous Waste Disposal (0.05%)
                
Clean Harbors Inc (a)(b)
     1,554       86  
 
                
Health Care Cost Containment (0.00%)
                
Healthspring Inc (a)
     400       8  
 
Home Furnishings (0.05%)
                
Furniture Brands International Inc (b)
     5,126       49  
Sealy Corp (b)
     2,400       22  
 
              
 
             71  
 
              
Human Resources (0.08%)
                
Kelly Services Inc
     5,230       90  
Kforce Inc (a)
     3,283       29  
 
              
 
             119  
 
              
Identification Systems — Development (0.03%)
                
Checkpoint Systems Inc (a)(b)
     1,331       31  
Cogent Inc (a)(b)
     1,500       15  
 
              
 
             46  
 
              
Industrial Automation & Robots (0.05%)
                
Gerber Scientific Inc (a)
     6,800       60  
Intermec Inc (a)(b)
     300       6  
iRobot Corp (a)(b)
     600       12  
 
              
 
             78  
 
              
Instruments — Controls (0.04%)
                
Photon Dynamics Inc (a)
     6,500       58  
 
                
Instruments — Scientific (0.17%)
                
Varian Inc (a)
     4,825       262  
 
                
Insurance Brokers (1.24%)
                
Hilb Rogal & Hobbs Co
     53,557       1,938  
 
                
Internet Application Software (0.08%)
                
Art Technology Group Inc (a)
     19,700       79  
Lionbridge Technologies (a)
     1,003       3  
RealNetworks Inc (a)(b)
     8,765       51  
 
              
 
             133  
 
              
Internet Content — Entertainment (0.03%)
                
NetFlix Inc (a)(b)
     1,722       43  
 
                
Internet Content — Information & News (0.01%)
                
CNET Networks Inc (a)
     2,500       20  
 
                
Internet Incubators (0.05%)
                
Internet Capital Group Inc (a)(b)
     9,078       86  
 
                
Internet Infrastructure Equipment (1.53%)
                
Avocent Corp (a)
     144,514       2,399  
 
                
Internet Infrastructure Software (0.02%)
                
Openwave Systems Inc (b)
     13,100       27  
 
                
Internet Security (0.01%)
                
Vasco Data Security International Inc (a)(b)
     447       8  

258

 

Schedule of Investments
Partners SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Intimate Apparel (0.09%)
                
Warnaco Group Inc/The (a)
     3,852     $ 138  
 
                
Investment Companies (0.00%)
                
Apollo Investment Corp
     100       1  
MCG Capital Corp
     500       7  
 
              
 
             8  
 
              
Investment Management & Advisory Services (0.38%)
                
Affiliated Managers Group Inc (a)(b)
     1,500       147  
GAMCO Investors Inc
     2,268       135  
National Financial Partners Corp
     6,078       219  
Waddell & Reed Financial Inc
     2,800       93  
 
              
 
             594  
 
              
Lasers — Systems & Components (1.19%)
                
Cymer Inc (a)(b)
     68,700       1,856  
Ionatron Inc (a)
     2,932       8  
 
              
 
             1,864  
 
              
Life & Health Insurance (1.34%)
                
American Equity Investment Life Holding
     69       —  
Delphi Financial Group Inc
     9,850       309  
Phoenix Cos Inc/The
     17,757       192  
StanCorp Financial Group Inc
     29,623       1,458  
Universal American Corp (a)
     6,200       130  
 
              
 
             2,089  
 
              
Lighting Products & Systems (0.07%)
                
Universal Display Corp (a)(b)
     6,400       103  
 
                
Machinery — Electrical (1.15%)
                
Regal-Beloit Corp
     47,438       1,799  
 
                
Machinery — Farm (0.18%)
                
AGCO Corp (a)
     4,335       261  
Lindsay Corp (b)
     300       18  
 
              
 
             279  
 
              
Machinery — General Industry (0.22%)
                
Albany International Corp
     2,000       70  
Gardner Denver Inc (a)
     5,240       170  
Robbins & Myers Inc
     300       20  
Wabtec Corp
     2,500       86  
 
              
 
             346  
 
              
Machinery — Material Handling (0.01%)
                
Cascade Corp
     322       17  
 
                
Medical — Biomedical/Gene (0.09%)
                
Arena Pharmaceuticals Inc (a)(b)
     6,600       48  
Immunomedics Inc (a)
     1,800       4  
Martek Biosciences Corp (a)(b)
     1,700       49  
Momenta Pharmaceuticals Inc (a)(b)
     2,600       19  
Omrix Biopharmaceuticals Inc (a)
     100       2  
Telik Inc (a)(b)
     5,300       13  
 
              
 
             135  
 
              
Medical — Drugs (2.16%)
                
Array Biopharma Inc (a)
     100       1  
Bradley Pharmaceuticals Inc (a)
     700       14  
Idenix Pharmaceuticals Inc (a)(b)
     6,600       34  
Indevus Pharmaceuticals Inc (a)
     2,500       16  
Javelin Pharmaceuticals Inc (a)
     1,500       5  
Rigel Pharmaceuticals Inc (a)(b)
     800       22  
Sciele Pharma Inc (a)
     137,375       3,286  
 
              
 
             3,378  
 
              
Medical — HMO (0.47%)
                
AMERIGROUP Corp (a)
     1,074       40  
Magellan Health Services Inc (a)
     200       9  
Molina Healthcare Inc (a)
     20,080       685  
 
              
 
             734  
 
              
Medical — Hospitals (1.89%)
                
LifePoint Hospitals Inc (a)
     109,243       2,950  
 
                
Medical — Outpatient & Home Medical Care (1.81%)
                
Amsurg Corp (a)
     106,479       2,743  
Hythiam Inc (a)
     3,100       8  
Res-Care Inc (a)
     3,714       83  
 
              
 
             2,834  
 
              
Medical Instruments (0.02%)
                
Symmetry Medical Inc (a)
     1,600       29  
 
                
Medical Products (0.03%)
                
Cyberonics Inc (a)
     500       6  
Mentor Corp (b)
     600       21  
Orthofix International NV (a)
     300       16  
 
              
 
             43  
 
              
Metal — Iron (0.03%)
                
Cleveland-Cliffs Inc
     459       47  
 
                
Metal Products — Distribution (0.00%)
                
AM Castle & Co (b)
     156       3  
 
                
Motion Pictures & Services (2.06%)
                
Macrovision Corp (a)(b)
     192,277       3,228  
 
                
Multi-Line Insurance (2.09%)
                
HCC Insurance Holdings Inc
     113,538       3,163  
Horace Mann Educators Corp
     3,700       68  
United Fire & Casualty Co
     1,046       35  
 
              
 
             3,266  
 
              
Multimedia (0.00%)
                
Gemstar-TV Guide International Inc (a)
     1,300       6  

259

 

Schedule of Investments
Partners SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Networking Products (2.00%)
                
Anixter International Inc (a)
     42,978     $ 3,011  
Black Box Corp
     3,094       103  
Foundry Networks Inc (a)
     700       10  
 
              
 
             3,124  
 
              
Non-Hazardous Waste Disposal (0.04%)
                
Waste Connections Inc (a)
     2,050       60  
 
                
Office Automation & Equipment (0.02%)
                
IKON Office Solutions Inc
     4,710       39  
 
                
Office Furnishings — Original (0.04%)
                
Herman Miller Inc
     1,900       60  
 
                
Office Supplies & Forms (0.02%)
                
ACCO Brands Corp (a)(b)
     2,100       28  
 
                
Oil — Field Services (3.30%)
                
Basic Energy Services Inc (a)(b)
     919       16  
Exterran Holdings Inc (a)
     6,323       413  
Hercules Offshore Inc (a)
     600       14  
Oil States International Inc (a)
     93,781       3,288  
SEACOR Holdings Inc (a)(b)
     16,206       1,429  
Superior Well Services Inc (a)
     300       6  
 
              
 
             5,166  
 
              
Oil & Gas Drilling (2.76%)
                
Bronco Drilling Co Inc (a)(b)
     1,400       22  
Helmerich & Payne Inc
     66,274       2,599  
Parker Drilling Co (a)(b)
     1,400       10  
Pioneer Drilling Co (a)(b)
     161,911       1,685  
 
              
 
             4,316  
 
              
Oil Company — Exploration & Production (0.65%)
                
ATP Oil & Gas Corp (a)
     1,800       68  
Edge Petroleum Corp (a)(b)
     4,400       29  
Encore Acquisition Co (a)
     1,957       64  
Energy Partners Ltd (a)
     2,500       30  
GeoGlobal Resources Inc (a)(b)
     8,100       30  
GeoMet Inc (a)(b)
     7,300       38  
GMX Resources Inc (a)(b)
     1,200       32  
Harvest Natural Resources Inc (a)(b)
     12,800       155  
McMoRan Exploration Co (a)(b)
     5,800       91  
Penn Virginia Corp
     1,700       73  
Petroleum Development Corp (a)(b)
     3,100       178  
Swift Energy Co (a)
     2,900       125  
Toreador Resources Corp (a)
     700       7  
Vaalco Energy Inc (a)
     23,200       104  
 
              
 
             1,024  
 
              
Oil Field Machinery & Equipment (0.02%)
                
CARBO Ceramics Inc
     800       28  
Complete Production Services Inc (a)
     400       6  
 
              
 
             34  
 
              
Oil Refining & Marketing (0.03%)
                
Alon USA Energy Inc (b)
     400       7  
Crosstex Energy Inc
     800       26  
Western Refining Inc
     400       9  
 
              
 
             42  
 
              
Paper & Related Products (0.00%)
                
Glatfelter
     122       2  
 
                
Physical Therapy & Rehabilitation Centers (0.00%)
                
RehabCare Group Inc (a)
     100       2  
 
                
Printing — Commercial (1.10%)
                
Bowne & Co Inc
     4,318       53  
Valassis Communications Inc (a)(b)
     173,940       1,663  
 
              
 
             1,716  
 
              
Private Corrections (0.15%)
                
Corrections Corp of America (a)
     8,594       228  
 
                
Property & Casualty Insurance (2.79%)
                
Fpic Insurance Group Inc (a)
     600       25  
Harleysville Group Inc
     1,200       43  
Philadelphia Consolidated Holding Co (a)
     3,300       118  
PMA Capital Corp (a)
     8,729       70  
RLI Corp
     23,081       1,302  
Safety Insurance Group Inc
     3,089       121  
Selective Insurance Group (b)
     95,192       2,276  
Stewart Information Services Corp
     1,000       34  
Tower Group Inc
     3,696       108  
Zenith National Insurance Corp
     6,572       262  
 
              
 
             4,359  
 
              
Publishing — Books (0.14%)
                
Scholastic Corp (a)
     6,420       220  
 
                
Publishing — Newspapers (0.01%)
                
Sun-Times Media Group Inc (a)
     12,775       19  
 
                
Radio (0.04%)
                
Cox Radio Inc (a)
     5,550       66  
 
                
Real Estate Management & Services (0.19%)
                
Jones Lang LaSalle Inc
     3,880       302  
 
                
Real Estate Operator & Developer (0.01%)
                
Meruelo Maddux Properties Inc (a)
     2,500       13  
 
                
Recycling (0.06%)
                
Metal Management Inc
     1,867       93  

260

 

Schedule of Investments
Partners SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Reinsurance (0.01%)
                
Montpelier Re Holdings Ltd ADR
     600     $ 10  
 
                
REITS — Apartments (0.03%)
                
American Campus Communities Inc
     1,000       29  
Home Properties Inc (b)
     500       24  
 
              
 
             53  
 
              
REITS — Diversified (0.09%)
                
Entertainment Properties Trust
     2,100       104  
PS Business Parks Inc
     800       40  
 
              
 
             144  
 
              
REITS — Healthcare (0.37%)
                
Nationwide Health Properties Inc (b)
     1,900       60  
Omega Healthcare Investors Inc
     6,400       106  
Senior Housing Properties Trust
     14,537       325  
Universal Health Realty Income Trust
     2,282       82  
 
              
 
             573  
 
              
REITS — Hotels (0.20%)
                
Ashford Hospitality Trust Inc
     10,500       66  
LaSalle Hotel Properties
     9,190       252  
 
              
 
             318  
 
              
REITS — Manufactured Homes (0.08%)
                
Equity Lifestyle Properties Inc
     2,714       118  
Sun Communities Inc
     448       9  
 
              
 
             127  
 
              
REITS — Mortgage (0.13%)
                
Alesco Financial Inc (b)
     20,600       74  
Anthracite Capital Inc (b)
     1,590       12  
Novastar Financial Inc (b)
     14,500       18  
RAIT Financial Trust (b)
     2,500       23  
Redwood Trust Inc (b)
     1,800       75  
 
              
 
             202  
 
              
REITS — Office Property (0.13%)
                
Alexandria Real Estate Equities Inc
     1,511       148  
Brandywine Realty Trust
     135       3  
Highwoods Properties Inc
     1,200       36  
Maguire Properties Inc (b)
     500       14  
 
              
 
             201  
 
              
REITS — Regional Malls (0.09%)
                
Pennsylvania Real Estate Investment Trust
     5,100       136  
 
                
REITS — Shopping Centers (0.00%)
                
Equity One Inc (b)
     200       5  
 
                
REITS — Single Tenant (0.06%)
                
Realty Income Corp (b)
     3,577       87  
 
REITS — Storage (0.04%)
                
Sovran Self Storage Inc
     1,440       57  
 
                
REITS — Warehouse & Industrial (0.09%)
                
EastGroup Properties Inc
     1,290       53  
First Industrial Realty Trust Inc
     2,324       81  
 
              
 
             134  
 
              
Rental — Auto & Equipment (0.04%)
                
H&E Equipment Services Inc (a)
     1,500       25  
Rent-A-Center Inc/TX (a)
     2,265       39  
 
              
 
             64  
 
              
Research & Development (0.01%)
                
Parexel International Corp (a)
     200       11  
PharmaNet Development Group Inc (a)
     200       8  
 
              
 
             19  
 
              
Resorts & Theme Parks (0.08%)
                
Bluegreen Corp (a)(b)
     14,022       119  
 
                
Retail — Apparel & Shoe (1.90%)
                
Brown Shoe Co Inc
     81,370       1,400  
New York & Co Inc (a)(b)
     1,878       10  
Pacific Sunwear Of California (a)(b)
     137,404       1,528  
Stage Stores Inc
     1,231       15  
Talbots Inc (b)
     600       6  
Under Armour Inc (a)(b)
     400       16  
 
              
 
             2,975  
 
              
Retail — Auto Parts (0.02%)
                
CSK Auto Corp (a)(b)
     5,354       32  
 
                
Retail — Automobile (1.55%)
                
Group 1 Automotive Inc (b)
     91,900       2,430  
 
                
Retail — Drug Store (0.00%)
                
Longs Drug Stores Corp
     108       5  
 
                
Retail — Hair Salons (0.14%)
                
Regis Corp
     8,352       212  
 
                
Retail — Home Furnishings (0.37%)
                
Pier 1 Imports Inc (a)(b)
     85,375       585  
 
                
Retail — Jewelry (0.72%)
                
Zale Corp (a)(b)
     68,381       1,121  
 
                
Retail — Miscellaneous/Diversified (0.05%)
                
NexCen Brands Inc (a)(b)
     19,000       81  
 
                
Retail — Perfume & Cosmetics (0.09%)
                
Sally Beauty Holdings Inc (a)(b)
     17,028       139  

261

 

Schedule of Investments
Partners SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Retail — Restaurants (1.49%)
                
AFC Enterprises (a)
     1,000     $ 9  
CEC Entertainment Inc (a)
     67,422       1,573  
O’Charleys Inc
     53,336       740  
Red Robin Gourmet Burgers Inc (a)(b)
     400       14  
 
              
 
             2,336  
 
              
Retail — Sporting Goods (1.04%)
                
Cabela’s Inc (a)(b)
     109,270       1,612  
Zumiez Inc (a)
     400       7  
 
              
 
             1,619  
 
              
Rubber & Plastic Products (0.01%)
                
Myers Industries Inc
     1,360       16  
 
                
Savings & Loans — Thrifts (5.51%)
                
Astoria Financial Corp
     68,291       1,856  
BankUnited Financial Corp (b)
     166,713       989  
First Niagara Financial Group Inc
     166,174       2,114  
FirstFed Financial Corp (a)(b)
     300       13  
Flagstar Bancorp Inc (b)
     177,884       1,467  
NewAlliance Bancshares Inc
     8,300       102  
PFF Bancorp Inc (b)
     5,400       67  
Provident New York Bancorp (b)
     3,390       47  
Washington Federal Inc
     80,081       1,956  
Washington Mutual Inc — Warrants (a)
     3,800       —  
 
              
 
             8,611  
 
              
Schools (0.00%)
                
Universal Technical Institute Inc (a)(b)
     49       1  
 
                
Semiconductor Component — Integrated Circuits (0.02%)
                
Emulex Corp (a)
     200       3  
Standard Microsystems Corp (a)
     800       24  
Techwell Inc (a)(b)
     400       4  
 
              
 
             31  
 
              
Semiconductor Equipment (2.62%)
                
Brooks Automation Inc (a)
     3,800       46  
Entegris Inc (a)
     13,486       104  
Mattson Technology Inc (a)
     2,500       14  
MKS Instruments Inc (a)(b)
     102,149       1,900  
Photronics Inc (a)
     161,507       1,969  
Semitool Inc (a)
     800       7  
Tessera Technologies Inc (a)
     1,400       55  
 
              
 
             4,095  
 
              
Silver Mining (0.01%)
                
Apex Silver Mines Ltd (a)(b)
     900       13  
 
                
Steel — Producers (0.05%)
                
AK Steel Holding Corp (a)
     1,503       72  
 
Sugar (0.03%)
                
Imperial Sugar Co (b)
     2,030       45  
 
                
Telecommunication Equipment (2.56%)
                
Adtran Inc
     104,494       2,175  
Plantronics Inc
     92,830       1,773  
Tekelec (a)
     700       8  
Utstarcom Inc (a)(b)
     18,535       51  
 
              
 
             4,007  
 
              
Telecommunication Services (0.21%)
                
Consolidated Communications Holdings Inc
     975       15  
FiberTower Corp (a)(b)
     18,743       33  
Global Crossing Ltd (a)(b)
     1,900       41  
Harris Stratex Networks Inc (a)
     200       2  
Iowa Telecommunications Services Inc
     1,798       28  
MasTec Inc (a)(b)
     3,400       28  
RCN Corp (b)
     1,700       20  
SAVVIS Inc (a)(b)
     972       20  
Time Warner Telecom Inc (a)
     3,700       65  
USA Mobility Inc (a)
     2,500       30  
Vonage Holdings Corp (a)(b)
     25,309       50  
 
              
 
             332  
 
              
Telephone — Integrated (0.27%)
                
Alaska Communications Systems Group Inc
     19,766       278  
Cincinnati Bell Inc (a)
     37,190       144  
General Communication Inc (a)
     100       1  
 
              
 
             423  
 
              
Therapeutics (0.05%)
                
CV Therapeutics Inc (a)(b)
     100       1  
Isis Pharmaceuticals Inc (a)(b)
     1,100       17  
MannKind Corp (a)(b)
     6,300       50  
Neurocrine Biosciences Inc (a)
     1,300       7  
 
              
 
             75  
 
              
Tobacco (0.14%)
                
Universal Corp/Richmond VA
     4,277       213  
 
                
Toys (0.01%)
                
Jakks Pacific Inc (a)
     700       16  
 
                
Transport — Air Freight (0.03%)
                
ABX Holdings Inc (a)
     12,122       43  
 
                
Transport — Equipment & Leasing (1.48%)
                
GATX Corp
     61,703       2,320  
 
                
Transport — Marine (0.79%)
                
Gulfmark Offshore Inc (a)
     29,360       1,228  
 
                
Transport — Truck (1.20%)
                
Heartland Express Inc (b)
     114,360       1,858  

262

 

Schedule of Investments
Partners SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Transport — Truck (continued)
                
Saia Inc (a)
     1,706     $ 24  
 
              
 
             1,882  
 
              
Water (0.06%)
                
California Water Service Group
     1,338       47  
Pico Holdings Inc (a)
     1,300       43  
 
              
 
             90  
 
              
Web Hosting & Design (0.05%)
                
Equinix Inc (a)(b)
     1,000       76  
 
                
Wire & Cable Products (1.86%)
                
Belden Inc
     67,600       2,859  
General Cable Corp (a)
     758       44  
 
              
 
             2,903  
 
              
Wireless Equipment (0.08%)
                
Powerwave Technologies Inc (a)(b)
     29,400       111  
RF Micro Devices Inc (a)(b)
     2,700       9  
 
              
 
             120  
   
TOTAL COMMON STOCKS
          $ 154,671  
   
                 
    Principal          
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (0.64%)
                
Money Market Funds (0.64%)
                
BNY Institutional Cash Reserve Fund (c)
   $ 998     $ 998  
   
TOTAL SHORT TERM INVESTMENTS
           $ 998  
   
REPURCHASE AGREEMENTS (20.10%)
                
Finance — Investment Banker & Broker (4.74%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $7,474,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 7,418     $ 7,417  
 
                
Money Center Banks (15.36%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $24,204,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
     24,016       24,014  
   
TOTAL REPURCHASE AGREEMENTS
           $ 31,431  
   
Total Investments
           $ 187,100  
Liabilities in Excess of Other Assets, Net - (19.68)%
             (30,771 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 156,329  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
         
Unrealized Appreciation (Depreciation)
        
 
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
 
Unrealized Appreciation
   $ 18,819  
Unrealized Depreciation
     (29,175 )
 
      
Net Unrealized Appreciation (Depreciation)
     (10,356 )
Cost for federal income tax purposes
     197,456  
 
All dollar amounts are shown in thousands (000’s)
        
Portfolio Summary (unaudited)
         
Sector   Percent
Financial
     42.86 %
Industrial
     17.96 %
Consumer, Cyclical
     16.50 %
Consumer, Non-cyclical
     12.98 %
Communications
     7.37 %
Technology
     7.14 %
Energy
     6.89 %
Basic Materials
     4.00 %
Utilities
     3.98 %
Diversified
     0.00 %
Liabilities in Excess of Other Assets, Net
     (19.68 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

263

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (96.92%)
                
Advanced Materials & Products (0.42%)
                
Ceradyne Inc (a)
     34,900     $ 1,680  
 
                
Aerospace & Defense (0.21%)
                
Esterline Technologies Corp (a)(b)
     17,800       829  
 
                
Aerospace & Defense Equipment (0.96%)
                
Curtiss-Wright Corp
     31,300       1,305  
Ducommun Inc (a)
     11,981       379  
Kaman Corp
     13,400       396  
Moog Inc (a)
     17,350       799  
Triumph Group Inc
     18,100       977  
 
              
 
             3,856  
 
              
Agricultural Chemicals (1.51%)
                
CF Industries Holdings Inc
     48,800       5,218  
UAP Holding Corp
     21,900       840  
 
              
 
             6,058  
 
              
Airlines (0.93%)
                
Republic Airways Holdings Inc (a)(b)
     78,300       1,563  
Skywest Inc
     84,300       2,193  
 
              
 
             3,756  
 
              
Apparel Manufacturers (0.33%)
                
G-III Apparel Group Ltd (a)(b)
     21,700       290  
Kellwood Co (b)
     28,700       574  
Maidenform Brands Inc (a)(b)
     31,700       393  
Oxford Industries Inc (b)
     2,500       57  
 
              
 
             1,314  
 
              
Applications Software (0.22%)
                
American Reprographics Co (a)(b)
     15,350       241  
Progress Software Corp (a)
     14,200       419  
Quest Software Inc (a)(b)
     15,300       229  
 
              
 
             889  
 
              
Auction House & Art Dealer (0.11%)
                
Sotheby’s
     14,500       450  
 
                
Auto/Truck Parts & Equipment — Original (0.62%)
                
American Axle & Manufacturing Holdings (b)
     12,700       276  
Lear Corp (a)
     59,000       1,732  
Tenneco Inc (a)
     17,900       474  
 
              
 
             2,482  
 
              
Auto/Truck Parts & Equipment — Replacement (0.58%)
                
Aftermarket Technology Corp (a)
     87,450       2,222  
Standard Motor Products Inc (b)
     12,200       101  
 
              
 
             2,323  
 
              
B2B — E-Commerce (0.05%)
                
Ariba Inc (a)(b)
     20,200       201  
 
                
Batteries & Battery Systems (0.45%)
                
EnerSys (a)
     22,300       514  
Greatbatch Inc (a)
     57,500       1,298  
 
              
 
             1,812  
 
              
Broadcasting Services & Programming (0.27%)
                
DG FastChannel Inc (a)(b)
     51,600       1,092  
 
                
Building — Heavy Construction (0.09%)
                
Perini Corp (a)
     10,200       356  
 
                
Building — Maintenance & Service (0.15%)
                
ABM Industries Inc
     29,100       603  
 
                
Building & Construction — Miscellaneous (0.26%)
                
Dycom Industries Inc (a)
     32,700       772  
Layne Christensen Co (a)
     7,400       273  
 
              
 
             1,045  
 
              
Building & Construction Products — Miscellaneous (0.09%)
                
NCI Building Systems Inc (a)(b)
     12,300       354  
 
                
Building Products — Air & Heating (0.38%)
                
Comfort Systems USA Inc
     82,850       1,017  
Goodman Global Inc (a)(b)
     20,800       522  
 
              
 
             1,539  
 
              
Building Products — Doors & Windows (0.17%)
                
Apogee Enterprises Inc
     40,100       700  
 
                
Building Products — Wood (0.12%)
                
Universal Forest Products Inc
     13,200       478  
 
                
Casino Hotels (0.10%)
                
Monarch Casino & Resort Inc (a)(b)
     18,700       400  
 
                
Cellular Telecommunications (0.44%)
                
Centennial Communications Corp (a)(b)
     162,700       931  
Syniverse Holdings Inc (a)(b)
     53,600       846  
 
              
 
             1,777  
 
              
Chemicals — Diversified (0.37%)
                
Innospec Inc (b)
     19,200       303  
Olin Corp
     25,600       525  
Rockwood Holdings Inc (a)
     22,900       672  
 
              
 
             1,500  
 
              
Chemicals — Plastics (0.29%)
                
PolyOne Corp (a)
     68,500       422  
Schulman A Inc
     19,450       396  
Spartech Corp
     24,300       358  
 
              
 
             1,176  
 
              
Chemicals — Specialty (2.76%)
                
Arch Chemicals Inc (b)
     38,800       1,306  
HB Fuller Co
     97,150       2,017  

264

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Chemicals — Specialty (continued)
                
Hercules Inc
     70,300     $ 1,232  
Minerals Technologies Inc
     6,600       359  
NewMarket Corp (b)
     6,200       334  
OM Group Inc (a)
     33,400       1,917  
Sensient Technologies Corp
     42,100       1,118  
Terra Industries Inc (a)(b)
     43,100       1,943  
WR Grace & Co (a)(b)
     29,300       663  
Zep Inc
     12,950       214  
 
              
 
             11,103  
 
              
Circuit Boards (0.26%)
                
Park Electrochemical Corp
     36,200       857  
TTM Technologies Inc (a)(b)
     20,200       206  
 
              
 
             1,063  
 
              
Collectibles (0.08%)
                
RC2 Corp (a)(b)
     17,100       321  
 
                
Commercial Banks (10.03%)
                
1st Source Corp
     12,790       249  
Amcore Financial Inc (b)
     11,800       262  
AmericanWest Bancorp
     4,200       51  
Ameris Bancorp
     14,660       231  
Bancfirst Corp
     9,000       405  
Banco Latinoamericano de Exportaciones
     15,800       244  
Banner Corp
     5,100       132  
Capital Corp of the West (b)
     1,440       29  
Capitol Bancorp Ltd (b)
     11,000       229  
Cascade Bancorp (b)
     36,350       469  
Cathay General Bancorp (b)
     11,100       288  
Central Pacific Financial Corp (b)
     33,700       640  
Chemical Financial Corp (b)
     15,256       422  
Citizens Republic Bancorp Inc
     44,374       627  
City Bank/Lynnwood WA (b)
     17,650       387  
City Holding Co
     30,000       1,153  
Colonial BancGroup Inc/The (b)
     43,000       675  
Columbia Banking System Inc
     12,435       320  
Community Bancorp/NV (a)(b)
     7,300       122  
Community Bank System Inc (b)
     16,100       351  
Community Trust Bancorp Inc
     29,387       850  
Corus Bankshares Inc (b)
     107,200       1,364  
Cullen/Frost Bankers Inc
     14,200       773  
CVB Financial Corp
     30,010       335  
East West Bancorp Inc (b)
     52,850       1,272  
First Bancorp/Puerto Rico (b)
     50,300       481  
First Commonwealth Financial Corp (b)
     32,700       379  
First Community Bancorp Inc/CA (b)
     14,300       508  
First Community Bancshares Inc/VA
     10,500       363  
First Merchants Corp
     11,900       321  
First Regional Bancorp/Los Angeles CA (a)(b)
     6,400       130  
First State Bancorporation/NM
     17,400       219  
FNB Corp/PA (b)
     31,700       494  
FNB Corp/VA
     1,300       33  
Frontier Financial Corp (b)
     27,050       551  
Great Southern Bancorp Inc (b)
     11,400       229  
Green Bankshares Inc
     10,100       212  
Hanmi Financial Corp
     138,850       1,194  
Heartland Financial USA Inc (b)
     5,600       108  
Heritage Commerce Corp (b)
     3,000       57  
Horizon Financial Corp
     12,175       192  
IBERIABANK Corp
     27,475       1,412  
Imperial Capital Bancorp Inc
     3,900       79  
Independent Bank Corp/MI
     34,406       479  
Independent Bank Corp/Rockland MA
     30,400       883  
Integra Bank Corp (b)
     17,000       252  
Irwin Financial Corp
     27,500       316  
Lakeland Financial Corp
     6,400       142  
MainSource Financial Group Inc
     20,852       323  
Nara Bancorp Inc
     24,200       294  
National Penn Bancshares Inc (b)
     116,885       2,023  
NBT Bancorp Inc (b)
     24,200       546  
Old Second Bancorp Inc
     3,000       84  
Oriental Financial Group
     19,900       318  
Pacific Capital Bancorp NA
     52,700       1,133  
Peoples Bancorp Inc/OH
     11,530       272  
Prosperity Bancshares Inc
     13,500       388  
Provident Bankshares Corp
     26,000       539  
Renasant Corp
     14,650       307  
Republic Bancorp Inc/KY
     3,058       56  
Royal Bancshares of Pennsylvania
     781       11  
SCBT Financial Corp
     987       29  
Security Bank Corp/GA (b)
     10,700       80  
Sierra Bancorp
     900       21  
Simmons First National Corp
     9,400       266  
Southwest Bancorp Inc/Stillwater OK
     32,800       577  
Sterling Bancshares Inc/TX
     179,450       1,800  
Sterling Financial Corp/PA (b)
     17,487       270  
Sterling Financial Corp/WA
     82,393       1,466  
Suffolk Bancorp (b)
     5,100       156  
Susquehanna Bancshares Inc
     41,900       889  
SVB Financial Group (a)(b)
     24,500       1,186  
Taylor Capital Group Inc
     17,500       343  
TCF Financial Corp
     128,500       2,731  
Trico Bancshares
     11,700       209  
UCBH Holdings Inc
     30,900       436  
UMB Financial Corp (b)
     16,200       682  
Umpqua Holdings Corp (b)
     47,681       782  
Union Bankshares Corp/VA (b)
     5,600       108  
United Bankshares Inc (b)
     9,000       289  

265

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Commercial Banks (continued)
                
Washington Trust Bancorp Inc
     11,800     $ 294  
West Coast Bancorp/OR
     35,800       544  
 
              
 
             40,366  
 
              
Commercial Services (0.24%)
                
First Advantage Corp (a)(b)
     14,350       233  
Live Nation Inc (a)(b)
     21,500       234  
TeleTech Holdings Inc (a)(b)
     24,200       478  
 
              
 
             945  
 
              
Commercial Services — Finance (1.43%)
                
Advance America Cash Advance Centers Inc (b)
     9,200       82  
CBIZ Inc (a)(b)
     72,550       683  
Deluxe Corp
     128,550       3,126  
Dollar Financial Corp (a)(b)
     48,284       1,216  
Euronet Worldwide Inc (a)(b)
     24,500       648  
 
              
 
             5,755  
 
              
Communications Software (0.05%)
                
Digi International Inc (a)
     17,900       210  
 
                
Computer Aided Design (0.22%)
                
Aspen Technology Inc (a)
     37,600       528  
Parametric Technology Corp (a)
     22,840       376  
 
              
 
             904  
 
              
Computer Services (0.55%)
                
Ciber Inc (a)(b)
     40,600       196  
COMSYS IT Partners Inc (a)(b)
     14,700       158  
Perot Systems Corp (a)(b)
     116,500       1,414  
SI International Inc (a)
     6,200       170  
SYKES Enterprises Inc (a)
     17,800       281  
 
              
 
             2,219  
 
              
Computer Software (0.09%)
                
Avid Technology Inc (a)(b)
     13,300       345  
 
                
Computers (0.07%)
                
Palm Inc (b)
     48,200       261  
 
                
Computers — Integrated Systems (0.23%)
                
Agilysys Inc
     32,100       488  
MTS Systems Corp
     13,500       454  
 
              
 
             942  
 
              
Computers — Memory Devices (0.46%)
                
Hutchinson Technology Inc (a)(b)
     11,900       188  
Imation Corp (b)
     54,000       1,399  
Quantum Corp (a)
     88,400       203  
Silicon Storage Technology Inc (a)
     18,100       52  
 
              
 
             1,842  
 
              
Computers — Peripheral Equipment (0.13%)
                
Electronics for Imaging (a)
     34,400       508  
 
                
Consulting Services (0.84%)
                
CRA International Inc (a)
     2,950       123  
Forrester Research Inc (a)(b)
     16,700       401  
Gartner Inc (a)(b)
     32,300       480  
SAIC Inc (a)
     57,800       1,092  
Watson Wyatt Worldwide Inc
     26,500       1,302  
 
              
 
             3,398  
 
              
Consumer Products — Miscellaneous (1.06%)
                
Helen of Troy Ltd (a)(b)
     6,000       102  
Jarden Corp (a)(b)
     4,978       125  
Prestige Brands Holdings Inc (a)
     55,700       416  
Tupperware Brands Corp
     98,400       3,641  
 
              
 
             4,284  
 
              
Containers — Metal & Glass (1.06%)
                
Greif Inc
     36,350       2,392  
Silgan Holdings Inc
     39,800       1,885  
 
              
 
             4,277  
 
              
Containers — Paper & Plastic (0.19%)
                
Pactiv Corp (a)
     27,300       781  
 
                
Cosmetics & Toiletries (0.25%)
                
Elizabeth Arden Inc (a)
     49,900       1,000  
 
                
Data Processing & Management (0.07%)
                
CSG Systems International Inc (a)(b)
     18,700       239  
infoUSA Inc
     5,800       51  
 
              
 
             290  
 
              
Decision Support Software (0.04%)
                
QAD Inc
     7,400       65  
SPSS Inc (a)(b)
     3,200       106  
 
              
 
             171  
 
              
Disposable Medical Products (0.15%)
                
ICU Medical Inc (a)(b)
     20,750       589  
 
                
Distribution & Wholesale (0.54%)
                
Core-Mark Holding Co Inc (a)(b)
     17,500       452  
United Stationers Inc (a)
     26,500       1,464  
Watsco Inc
     7,400       273  
 
              
 
             2,189  
 
              
Diversified Manufacturing Operations (1.92%)
                
Actuant Corp (b)
     19,600       535  
Acuity Brands Inc
     38,600       1,757  
Ameron International Corp
     7,300       656  
AO Smith Corp
     12,000       420  
Barnes Group Inc
     63,800       1,700  
EnPro Industries Inc (a)
     76,000       2,280  

266

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Diversified Manufacturing Operations (continued)
                
Koppers Holdings Inc
     11,200     $ 375  
 
              
 
             7,723  
 
              
Diversified Operations (0.01%)
                
Compass Diversified Holdings
     3,600       52  
 
                
Diversified Operations & Commercial Services (0.23%)
                
Chemed Corp (b)
     7,700       394  
Viad Corp (b)
     19,100       511  
 
              
 
             905  
 
              
Drug Delivery Systems (0.06%)
                
Noven Pharmaceuticals Inc (a)(b)
     18,400       247  
 
                
E-Commerce — Products (0.42%)
                
FTD Group Inc
     132,900       1,692  
 
                
Electric — Integrated (3.76%)
                
Black Hills Corp (b)
     5,400       209  
CH Energy Group Inc
     10,000       386  
Cleco Corp
     56,800       1,468  
El Paso Electric Co (a)
     68,800       1,612  
Empire District Electric Co/The (b)
     20,800       461  
Great Plains Energy Inc
     22,500       627  
Idacorp Inc
     10,200       333  
PNM Resources Inc
     87,800       1,696  
Portland General Electric Co
     121,700       2,999  
UIL Holdings Corp
     15,366       525  
Unisource Energy Corp
     67,000       1,969  
Westar Energy Inc
     117,150       2,854  
 
              
 
             15,139  
 
              
Electric Products — Miscellaneous (0.64%)
                
GrafTech International Ltd (a)
     171,100       2,575  
 
                
Electronic Components — Miscellaneous (0.89%)
                
Bel Fuse Inc
     10,200       276  
Benchmark Electronics Inc (a)(b)
     38,325       680  
CTS Corp
     64,600       685  
Methode Electronics Inc
     34,300       416  
OSI Systems Inc (a)
     21,000       490  
Plexus Corp (a)
     7,600       171  
Technitrol Inc
     37,500       850  
 
              
 
             3,568  
 
              
Electronic Components — Semiconductors (0.79%)
                
Actel Corp (a)
     12,500       149  
AMIS Holdings Inc (a)(b)
     25,900       189  
Amkor Technology Inc (a)(b)
     45,100       345  
Applied Micro Circuits Corp (a)
     10,925       88  
DSP Group Inc (a)
     46,200       529  
Lattice Semiconductor Corp (a)
     28,700       76  
ON Semiconductor Corp (a)(b)
     37,100       240  
QLogic Corp (a)
     35,900       513  
Semtech Corp (a)(b)
     1,800       23  
Skyworks Solutions Inc (a)(b)
     30,500       246  
Zoran Corp (a)
     67,700       799  
 
              
 
             3,197  
 
              
Electronic Design Automation (0.14%)
                
Magma Design Automation Inc (a)(b)
     20,900       238  
Mentor Graphics Corp (a)
     37,700       311  
 
              
 
             549  
 
              
Electronic Measurement Instruments (0.17%)
                
Analogic Corp
     5,400       319  
Eagle Test Systems Inc (a)(b)
     31,900       379  
 
              
 
             698  
 
              
Engineering — Research & Development Services (0.32%)
                
EMCOR Group Inc (a)
     58,300       1,279  
 
                
Engines — Internal Combustion (0.09%)
                
Briggs & Stratton Corp (b)
     16,400       342  
 
                
Enterprise Software & Services (1.04%)
                
Lawson Software Inc (a)(b)
     40,700       354  
Mantech International Corp (a)
     23,700       969  
MedAssets Inc (a)
     10,100       203  
MicroStrategy Inc (a)
     9,200       671  
Sybase Inc (a)(b)
     69,100       1,950  
SYNNEX Corp (a)(b)
     1,400       30  
 
              
 
             4,177  
 
              
E-Services — Consulting (0.16%)
                
Websense Inc (a)(b)
     32,200       660  
 
                
Fiduciary Banks (0.35%)
                
Boston Private Financial Holdings Inc (b)
     29,000       662  
Wilmington Trust Corp
     21,500       750  
 
              
 
             1,412  
 
              
Finance — Consumer Loans (0.47%)
                
Asta Funding Inc (b)
     23,900       499  
Encore Capital Group Inc (a)(b)
     14,200       111  
Ocwen Financial Corp (a)(b)
     29,400       183  
World Acceptance Corp (a)(b)
     36,400       1,090  
 
              
 
             1,883  
 
              
Finance — Credit Card (0.17%)
                
Advanta Corp (b)
     32,850       328  
CompuCredit Corp (a)(b)
     25,500       375  
 
              
 
             703  
 
              
Finance — Investment Banker & Broker (1.25%)
                
Cowen Group Inc (a)(b)
     2,600       26  

267

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Finance — Investment Banker & Broker (continued)
                
Greenhill & Co Inc (b)
     9,200     $ 621  
Investment Technology Group Inc (a)
     28,600       1,343  
Knight Capital Group Inc (a)(b)
     114,600       1,920  
optionsXpress Holdings Inc
     15,300       415  
Penson Worldwide Inc (a)
     11,000       107  
Piper Jaffray Cos (a)(b)
     5,200       246  
SWS Group Inc
     19,600       301  
Thomas Weisel Partners Group Inc (a)
     3,900       50  
 
              
 
             5,029  
 
              
Finance — Leasing Company (0.11%)
                
Financial Federal Corp
     18,700       450  
 
                
Finance — Mortgage Loan/Banker (0.16%)
                
Centerline Holding Co (b)
     21,200       121  
Federal Agricultural Mortgage Corp
     18,400       506  
 
              
 
             627  
 
              
Finance — Other Services (0.02%)
                
eSpeed Inc (a)
     5,500       64  
 
                
Food — Baking (0.12%)
                
Flowers Foods Inc
     19,900       478  
 
                
Food — Canned (0.16%)
                
TreeHouse Foods Inc (a)(b)
     30,700       641  
 
                
Food — Miscellaneous/Diversified (0.31%)
                
Corn Products International Inc
     7,200       243  
Ralcorp Holdings Inc (a)
     18,800       1,023  
 
              
 
             1,266  
 
              
Food — Retail (0.05%)
                
Ruddick Corp
     6,200       211  
 
                
Food — Wholesale & Distribution (0.79%)
                
Nash Finch Co (b)
     41,800       1,491  
Performance Food Group Co (a)
     8,400       266  
Spartan Stores Inc
     81,200       1,428  
 
              
 
             3,185  
 
              
Footwear & Related Apparel (0.49%)
                
Deckers Outdoor Corp (a)(b)
     4,600       558  
Iconix Brand Group Inc (a)(b)
     12,300       256  
Skechers U.S.A. Inc (a)
     14,300       286  
Steven Madden Ltd (a)(b)
     23,500       401  
Wolverine World Wide Inc
     18,700       473  
 
              
 
             1,974  
 
              
Funeral Services & Related Items (0.17%)
                
Stewart Enterprises Inc
     96,400       686  
 
Gas — Distribution (1.97%)
                
Atmos Energy Corp
     20,450       587  
New Jersey Resources Corp
     49,000       2,298  
Nicor Inc
     25,300       1,037  
Northwest Natural Gas Co
     12,400       587  
South Jersey Industries Inc
     19,200       673  
Southwest Gas Corp
     75,700       2,161  
WGL Holdings Inc
     17,700       571  
 
              
 
             7,914  
 
              
Health Care Cost Containment (0.27%)
                
Healthspring Inc (a)
     51,600       1,068  
 
                
Home Furnishings (0.15%)
                
Ethan Allen Interiors Inc (b)
     19,200       594  
 
                
Human Resources (0.55%)
                
AMN Healthcare Services Inc (a)
     16,300       255  
Heidrick & Struggles International Inc
     14,500       398  
Kelly Services Inc
     8,050       139  
Kforce Inc (a)
     23,200       206  
MPS Group Inc (a)(b)
     44,000       442  
Spherion Corp (a)
     117,900       788  
 
              
 
             2,228  
 
              
Identification Systems — Development (0.23%)
                
Checkpoint Systems Inc (a)(b)
     38,700       919  
 
                
Insurance Brokers (0.09%)
                
Hilb Rogal & Hobbs Co
     9,700       351  
 
                
Internet Application Software (0.37%)
                
Cybersource Corp (a)
     17,300       290  
Interwoven Inc (a)(b)
     60,000       760  
Vignette Corp (a)
     30,100       423  
 
              
 
             1,473  
 
              
Internet Content — Information & News (0.09%)
                
Travelzoo Inc (a)(b)
     21,700       344  
 
                
Internet Infrastructure Equipment (0.23%)
                
Avocent Corp (a)
     54,950       912  
 
                
Internet Infrastructure Software (0.25%)
                
TIBCO Software Inc (a)(b)
     134,000       997  
 
                
Internet Security (0.20%)
                
Ipass Inc (a)(b)
     3,800       12  
SonicWALL Inc (a)(b)
     88,900       780  
 
              
 
             792  
 
              
Intimate Apparel (0.13%)
                
Warnaco Group Inc/The (a)
     14,400       517  

268

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Investment Companies (0.42%)
                
MCG Capital Corp (b)
     34,700       458  
Patriot Capital Funding Inc (b)
     55,708       636  
TICC Capital Corp (b)
     59,449       579  
 
              
 
             1,673  
 
              
Investment Management & Advisory Services (0.35%)
                
Calamos Asset Management Inc
     19,400       423  
National Financial Partners Corp
     8,200       296  
Waddell & Reed Financial Inc
     20,400       677  
 
              
 
             1,396  
 
              
Lasers — Systems & Components (0.44%)
                
Coherent Inc (a)
     8,400       218  
Cymer Inc (a)(b)
     20,600       557  
Electro Scientific Industries Inc (a)(b)
     3,300       54  
Newport Corp (a)(b)
     29,300       308  
Rofin-Sinar Technologies Inc (a)
     14,800       629  
 
              
 
             1,766  
 
              
Life & Health Insurance (1.14%)
                
American Equity Investment Life Holding (b)
     42,900       355  
Delphi Financial Group Inc
     90,625       2,844  
Phoenix Cos Inc/The (b)
     48,150       521  
Universal American Corp (a)
     41,900       877  
 
              
 
             4,597  
 
              
Machinery — Construction & Mining (0.05%)
                
Astec Industries Inc (a)(b)
     6,400       198  
 
                
Machinery — Electrical (0.41%)
                
Regal-Beloit Corp
     43,900       1,665  
 
                
Machinery — General Industry (1.45%)
                
Applied Industrial Technologies Inc
     114,875       3,468  
Kadant Inc (a)
     400       10  
Robbins & Myers Inc
     9,200       610  
Tennant Co (b)
     11,700       386  
Wabtec Corp
     39,200       1,348  
 
              
 
             5,822  
 
              
Machinery — Material Handling (0.26%)
                
Cascade Corp
     11,300       583  
Columbus McKinnon Corp/NY (a)(b)
     18,600       476  
 
              
 
             1,059  
 
              
Medical — Biomedical/Gene (0.67%)
                
Applera Corp — Celera Group (a)(b)
     11,800       181  
Arena Pharmaceuticals Inc (a)(b)
     5,100       37  
Barrier Therapeutics Inc (a)
     10,900       34  
Bio-Rad Laboratories Inc (a)
     12,300       1,171  
Exelixis Inc (a)(b)
     19,100       140  
Illumina Inc (a)
     5,300       337  
InterMune Inc (a)(b)
     8,700       146  
Lifecell Corp (a)(b)
     7,900       312  
Martek Biosciences Corp (a)(b)
     900       26  
Medivation Inc (a)(b)
     4,800       77  
Nektar Therapeutics (a)(b)
     6,300       45  
Protalix BioTherapeutics Inc (a)(b)
     20,900       68  
Seattle Genetics Inc/WA (a)
     12,200       112  
 
              
 
             2,686  
 
              
Medical — Drugs (0.66%)
                
Acadia Pharmaceuticals Inc (a)(b)
     11,200       133  
Auxilium Pharmaceuticals Inc (a)(b)
     6,600       226  
Bionovo Inc (a)(b)
     35,500       58  
Bradley Pharmaceuticals Inc (a)(b)
     8,400       167  
Sciele Pharma Inc (a)(b)
     48,500       1,160  
Sucampo Pharmaceuticals Inc (a)(b)
     5,000       66  
ULURU Inc (a)
     14,600       34  
Valeant Pharmaceuticals International (a)
     9,100       103  
Viropharma Inc (a)(b)
     80,800       716  
 
              
 
             2,663  
 
              
Medical — Generic Drugs (0.41%)
                
Alpharma Inc (a)(b)
     42,700       876  
Par Pharmaceutical Cos Inc (a)(b)
     6,300       121  
Perrigo Co (b)
     20,800       641  
 
              
 
             1,638  
 
              
Medical — HMO (0.86%)
                
AMERIGROUP Corp (a)
     67,000       2,514  
Magellan Health Services Inc (a)
     16,900       739  
Molina Healthcare Inc (a)(b)
     5,600       191  
 
              
 
             3,444  
 
              
Medical — Hospitals (0.15%)
                
Medcath Corp (a)
     23,500       585  
 
                
Medical — Outpatient & Home Medical Care (0.58%)
                
Apria Healthcare Group Inc (a)(b)
     8,500       180  
Gentiva Health Services Inc (a)(b)
     106,850       1,975  
Res-Care Inc (a)
     7,500       168  
 
              
 
             2,323  
 
              
Medical Instruments (0.23%)
                
Conmed Corp (a)(b)
     38,400       933  
SurModics Inc (a)(b)
     200       9  
 
              
 
             942  
 
              
Medical Products (0.37%)
                
Haemonetics Corp (a)
     11,850       709  
Invacare Corp
     21,400       521  
PSS World Medical Inc (a)(b)
     15,100       261  
 
              
 
             1,491  
 
              
Medical Sterilization Products (0.30%)
                
STERIS Corp
     48,300       1,197  

269

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Metal — Aluminum (0.27%)
                
Century Aluminum Co (a)(b)
     20,800     $ 1,081  
 
                
Metal Processors & Fabrication (0.84%)
                
CIRCOR International Inc
     12,200       518  
Mueller Industries Inc
     39,200       1,097  
Quanex Corp
     33,925       1,778  
 
              
 
             3,393  
 
              
Miscellaneous Manufacturers (0.18%)
                
FreightCar America Inc (b)
     10,600       400  
Reddy Ice Holdings Inc
     14,000       314  
 
              
 
             714  
 
              
Motion Pictures & Services (0.04%)
                
Macrovision Corp (a)
     10,400       175  
 
                
MRI — Medical Diagnostic Imaging (0.15%)
                
Alliance Imaging Inc (a)
     57,600       612  
 
                
Multilevel Direct Selling (0.13%)
                
Nu Skin Enterprises Inc (b)
     31,200       513  
 
                
Multi-Line Insurance (0.14%)
                
Horace Mann Educators Corp
     29,600       544  
 
                
Multimedia (0.01%)
                
Media General Inc
     2,900       55  
 
                
Music (0.08%)
                
Steinway Musical Instruments (b)
     13,400       339  
 
                
Networking Products (0.66%)
                
Adaptec Inc (a)
     24,800       77  
Anixter International Inc (a)(b)
     17,100       1,198  
Black Box Corp
     12,700       423  
Foundry Networks Inc (a)
     20,800       287  
Ixia (a)
     53,150       393  
Polycom Inc (a)
     11,000       278  
 
              
 
             2,656  
 
              
Non-Ferrous Metals (0.06%)
                
USEC Inc (a)(b)
     29,000       234  
 
                
Office Automation & Equipment (0.10%)
                
IKON Office Solutions Inc (b)
     49,900       408  
 
                
Office Supplies & Forms (0.25%)
                
Ennis Inc
     64,600       1,023  
 
                
Oil — Field Services (1.28%)
                
Exterran Holdings Inc (a)(b)
     12,570       820  
Global Industries Ltd (a)
     19,200       339  
Oil States International Inc (a)(b)
     62,150       2,179  
RPC Inc
     15,800       170  
Trico Marine Services Inc (a)(b)
     43,300     $ 1,390  
Union Drilling Inc (a)(b)
     17,400       268  
 
              
 
             5,166  
 
              
Oil & Gas Drilling (0.11%)
                
Parker Drilling Co (a)(b)
     66,400       461  
 
                
Oil Company — Exploration & Production (2.11%)
                
Bois d’Arc Energy Inc (a)(b)
     14,800       283  
Callon Petroleum Co (a)
     54,850       845  
Cimarex Energy Co
     23,500       959  
Comstock Resources Inc (a)(b)
     17,400       552  
Energy Partners Ltd (a)
     14,796       179  
Harvest Natural Resources Inc (a)(b)
     29,500       358  
Mariner Energy Inc (a)(b)
     25,400       637  
PetroHawk Energy Corp (a)(b)
     23,000       362  
Rosetta Resources Inc (a)
     9,300       163  
Stone Energy Corp (a)
     44,600       1,829  
Swift Energy Co (a)
     52,950       2,285  
Vaalco Energy Inc (a)
     5,600       25  
 
              
 
             8,477  
 
              
Oil Refining & Marketing (0.32%)
                
Alon USA Energy Inc (b)
     37,500       682  
Holly Corp
     12,300       596  
 
              
 
             1,278  
 
              
Paper & Related Products (0.83%)
                
Buckeye Technologies Inc (a)
     113,936       1,498  
Rock-Tenn Co
     39,800       1,138  
Schweitzer-Mauduit International Inc
     28,700       684  
 
              
 
             3,320  
 
              
Physical Therapy & Rehabilitation Centers (0.14%)
                
Psychiatric Solutions Inc (a)(b)
     19,200       579  
 
                
Poultry (0.19%)
                
Pilgrim’s Pride Corp
     30,500       745  
 
Power Converter & Supply Equipment (0.12%)
                
Advanced Energy Industries Inc (a)
     45,200       489  
 
                
Printing — Commercial (0.24%)
                
Consolidated Graphics Inc (a)(b)
     17,500       881  
Valassis Communications Inc (a)(b)
     10,500       100  
 
              
 
             981  
 
              
 
                
Private Corrections (0.18%)
                
Geo Group Inc/The (a)(b)
     31,000       742  
 
                
Property & Casualty Insurance (4.11%)
                
American Physicians Capital Inc
     17,800       735  
Amerisafe Inc (a)
     53,500       736  
Amtrust Financial Services Inc
     11,100       174  

270

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Property & Casualty Insurance (continued)
                
Fpic Insurance Group Inc (a)
     9,000     $ 379  
Harleysville Group Inc
     11,600       413  
Infinity Property & Casualty Corp (b)
     14,000       558  
Meadowbrook Insurance Group Inc
     22,700       209  
Navigators Group Inc (a)
     31,300       1,807  
Philadelphia Consolidated Holding Co (a)
     18,100       648  
PMA Capital Corp (a)(b)
     94,100       757  
ProAssurance Corp (a)
     26,150       1,509  
RLI Corp
     3,600       203  
Safety Insurance Group Inc
     56,400       2,201  
SeaBright Insurance Holdings Inc (a)
     58,600       861  
Selective Insurance Group (b)
     95,300       2,279  
Zenith National Insurance Corp
     77,100       3,070  
 
              
 
             16,539  
 
              
Publicly Traded Investment Fund (0.41%)
                
iShares Russell 2000 Value Index Fund (b)
     24,375       1,651  
 
                
Publishing — Books (0.30%)
                
Scholastic Corp (a)
     35,300       1,210  
 
                
Publishing — Newspapers (0.18%)
                
Lee Enterprises Inc (b)
     60,100       718  
 
                
Quarrying (0.16%)
                
Compass Minerals International Inc (b)
     14,900       632  
 
                
Racetracks (0.09%)
                
Speedway Motorsports Inc
     11,400       346  
 
                
Radio (0.41%)
                
Cox Radio Inc (a)
     85,800       1,024  
Entercom Communications Corp (b)
     31,200       384  
Radio One Inc (a)
     107,200       172  
Westwood One Inc
     39,800       63  
 
              
 
             1,643  
 
              
Real Estate Management & Services (0.04%)
                
HFF Inc (a)
     22,600       155  
 
                
Reinsurance (2.03%)
                
Argo Group International Holdings Ltd (a)(b)
     37,277       1,523  
Aspen Insurance Holdings Ltd
     87,850       2,479  
Max Capital Group Ltd (b)
     49,600       1,408  
Odyssey Re Holdings Corp
     25,100       953  
Platinum Underwriters Holdings Ltd
     52,900       1,785  
 
              
 
             8,148  
 
              
REITS — Apartments (0.07%)
                
Home Properties Inc (b)
     5,800       278  
 
                
REITS — Diversified (0.71%)
                
Entertainment Properties Trust
     22,500       1,114  
Lexington Realty Trust (b)
     117,800       1,761  
 
              
 
             2,875  
 
              
REITS — Healthcare (0.82%)
                
LTC Properties Inc
     23,600       615  
Medical Properties Trust Inc (b)
     56,200       710  
Omega Healthcare Investors Inc
     41,300       681  
Senior Housing Properties Trust
     57,100       1,279  
 
              
 
             3,285  
 
              
REITS — Hotels (1.62%)
                
Ashford Hospitality Trust Inc
     130,900       818  
DiamondRock Hospitality Co
     71,400       939  
FelCor Lodging Trust Inc
     162,500       2,195  
Sunstone Hotel Investors Inc
     154,500       2,571  
 
              
 
             6,523  
 
              
REITS — Manufactured Homes (0.18%)
                
Equity Lifestyle Properties Inc
     16,500       721  
 
                
REITS — Mortgage (0.91%)
                
Anthracite Capital Inc (b)
     113,500       853  
Arbor Realty Trust Inc (b)
     24,700       439  
Capital Trust Inc/NY (b)
     10,200       293  
Gramercy Capital Corp/New York (b)
     11,200       259  
MFA Mortgage Investments Inc
     95,526       974  
NorthStar Realty Finance Corp (b)
     86,200       837  
 
              
 
             3,655  
 
              
REITS — Office Property (0.80%)
                
BioMed Realty Trust Inc
     78,100       1,803  
Maguire Properties Inc (b)
     12,600       347  
Parkway Properties Inc/Md (b)
     29,900       1,074  
 
              
 
             3,224  
 
              
REITS — Regional Malls (0.63%)
                
Pennsylvania Real Estate Investment Trust
     95,200       2,537  
 
                
REITS — Shopping Centers (0.59%)
                
Cedar Shopping Centers Inc
     58,700       653  
Inland Real Estate Corp
     37,500       502  
Saul Centers Inc
     23,800       1,219  
 
              
 
             2,374  
 
              
REITS — Single Tenant (0.36%)
                
National Retail Properties Inc
     37,800       859  
Realty Income Corp (b)
     24,500       597  
 
              
 
             1,456  
 
              
REITS — Storage (0.04%)
                
Extra Space Storage Inc
     10,000       151  
 
                
REITS — Warehouse & Industrial (0.32%)
                
First Industrial Realty Trust Inc
     20,800       724  

271

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
REITS — Warehouse & Industrial (continued)
                
First Potomac Realty Trust
     31,600     $ 550  
 
              
 
             1,274  
 
              
Rental — Auto & Equipment (0.51%)
                
Aaron Rents Inc
     5,800       111  
Dollar Thrifty Automotive Group (a)(b)
     21,500       525  
Electro Rent Corp
     4,900       69  
Rent-A-Center Inc/TX (a)(b)
     78,300       1,339  
 
              
 
             2,044  
 
              
Retail — Apparel & Shoe (0.89%)
                
Brown Shoe Co Inc
     50,375       866  
Cato Corp/The
     45,300       741  
Charlotte Russe Holding Inc (a)(b)
     15,300       276  
Charming Shoppes Inc (a)(b)
     400       3  
Collective Brands Inc (a)(b)
     31,200       550  
Dress Barn Inc (a)(b)
     14,100       172  
New York & Co Inc (a)
     47,000       261  
Shoe Carnival Inc (a)(b)
     6,400       95  
Stage Stores Inc
     45,075       539  
Tween Brands Inc (a)(b)
     2,900       93  
 
              
 
             3,596  
 
              
Retail — Auto Parts (0.06%)
                
CSK Auto Corp (a)(b)
     37,900       226  
 
                
Retail — Automobile (0.25%)
                
Asbury Automotive Group Inc (b)
     47,400       672  
Sonic Automotive Inc
     17,400       349  
 
              
 
             1,021  
 
              
Retail — Bookstore (0.15%)
                
Barnes & Noble Inc
     17,400       591  
 
                
Retail — Computer Equipment (0.19%)
                
Insight Enterprises Inc (a)(b)
     12,800       221  
PC Connection Inc (a)(b)
     17,100       215  
Systemax Inc (b)
     23,200       321  
 
              
 
             757  
 
              
Retail — Convenience Store (0.32%)
                
Casey’s General Stores Inc
     2,800       73  
Pantry Inc/The (a)(b)
     42,200       1,226  
 
              
 
             1,299  
 
              
Retail — Drug Store (0.10%)
                
Longs Drug Stores Corp
     8,300       382  
 
                
Retail — Fabric Store (0.03%)
                
Jo-Ann Stores Inc (a)(b)
     8,200       104  
 
Retail — Hair Salons (0.08%)
                
Regis Corp
     12,600       319  
 
                
Retail — Jewelry (0.19%)
                
Movado Group Inc
     31,500       763  
 
                
Retail — Office Supplies (0.01%)
                
School Specialty Inc (a)
     1,500       49  
 
                
Retail — Pawn Shops (0.40%)
                
Cash America International Inc
     50,100       1,629  
 
                
Retail — Restaurants (1.16%)
                
AFC Enterprises (a)(b)
     20,350       188  
Domino’s Pizza Inc (b)
     45,900       625  
Ihop Corp
     6,300       335  
Jack in the Box Inc (a)
     88,400       2,584  
O’Charleys Inc
     28,600       397  
Papa John’s International Inc (a)
     21,750       550  
 
              
 
             4,679  
 
              
Retirement & Aged Care (0.06%)
                
Sunrise Senior Living Inc (a)(b)
     8,400       241  
 
                
Rubber — Tires (0.10%)
                
Cooper Tire & Rubber Co
     23,500       401  
 
                
Rubber & Plastic Products (0.12%)
                
Myers Industries Inc
     42,500       499  
 
                
Savings & Loans — Thrifts (1.47%)
                
Anchor Bancorp Wisconsin Inc
     5,900       148  
BankUnited Financial Corp (b)
     19,200       114  
Berkshire Hills Bancorp Inc
     800       19  
Dime Community Bancshares
     21,550       324  
Downey Financial Corp (b)
     12,700       438  
First Financial Holdings Inc
     11,300       275  
First Niagara Financial Group Inc
     147,330       1,874  
First Place Financial Corp/OH
     10,400       163  
FirstFed Financial Corp (a)(b)
     29,800       1,250  
Flagstar Bancorp Inc (b)
     18,900       156  
TierOne Corp (b)
     22,200       447  
United Community Financial Corp/OH
     29,400       183  
WSFS Financial Corp
     9,700       517  
 
              
 
             5,908  
 
              
Seismic Data Collection (0.06%)
                
Dawson Geophysical Co (a)(b)
     4,100       235  
 
                
Semiconductor Component — Integrated Circuits (0.75%)
                
Cirrus Logic Inc (a)
     30,800       131  
Emulex Corp (a)
     122,100       1,905  
Exar Corp (a)(b)
     29,900       245  
Micrel Inc
     40,300       246  
Pericom Semiconductor Corp (a)
     7,100       96  

272

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Semiconductor Component — Integrated
                
Circuits (continued)
                
Standard Microsystems Corp (a)
     13,500     $ 404  
 
              
 
             3,027  
 
              
Semiconductor Equipment (1.29%)
                
Asyst Technologies Inc (a)
     50,600       149  
Axcelis Technologies Inc (a)
     45,400       181  
Brooks Automation Inc (a)(b)
     42,900       527  
Cabot Microelectronics Corp (a)(b)
     18,700       647  
Cohu Inc
     43,700       653  
Credence Systems Corp (a)
     27,100       36  
Entegris Inc (a)
     137,537       1,059  
Kulicke & Soffa Industries Inc (a)(b)
     22,400       121  
Mattson Technology Inc (a)(b)
     11,300       64  
MKS Instruments Inc (a)(b)
     61,500       1,144  
Photronics Inc (a)(b)
     17,800       217  
Rudolph Technologies Inc (a)
     39,000       400  
 
              
 
             5,198  
 
              
Steel — Producers (0.48%)
                
Carpenter Technology Corp
     12,300       758  
Olympic Steel Inc
     9,200       311  
Schnitzer Steel Industries Inc
     15,000       850  
 
              
 
             1,919  
 
              
Steel — Specialty (0.06%)
               
Universal Stainless & Alloy (a)
     9,200       228  
 
                
Steel Pipe & Tube (0.35%)
               
Valmont Industries Inc
     16,900       1,415  
 
                
Telecommunication Equipment (0.24%)
                
Arris Group Inc (a)(b)
     68,542       602  
Plantronics Inc
     17,100       327  
Utstarcom Inc (a)(b)
     20,200       56  
 
              
 
             985  
 
              
Telecommunication Equipment — Fiber Optics (0.14%)
                
Finisar Corp (a)(b)
     30,700       49  
MRV Communications Inc (a)
     17,600       31  
Oplink Communications Inc (a)
     29,900       382  
Sycamore Networks Inc (a)
     31,800       108  
 
              
 
             570  
 
              
Telecommunication Services (0.75%)
                
Consolidated Communications Holdings Inc (b)
     25,574       400  
Iowa Telecommunications Services Inc
     23,500       362  
MasTec Inc (a)(b)
     25,900       216  
Premiere Global Services Inc (a)(b)
     144,100       1,757  
RCN Corp
     19,400       226  
USA Mobility Inc (a)(b)
     5,900       71  
 
              
 
             3,032  
 
              
Telephone — Integrated (0.57%)
                
Atlantic Tele-Network Inc
     6,100       192  
Cincinnati Bell Inc (a)
     540,250       2,096  
 
              
 
             2,288  
 
              
 
                
Television (0.27%)
                
Lin TV Corp (a)(b)
     16,200       211  
Sinclair Broadcast Group Inc
     95,200       857  
 
              
 
             1,068  
 
              
Textile — Apparel (0.13%)
                
Perry Ellis International Inc (a)(b)
     29,600       519  
 
                
Therapeutics (0.24%)
                
Cypress Bioscience Inc (a)(b)
     25,900       217  
Onyx Pharmaceuticals Inc (a)(b)
     7,400       352  
United Therapeutics Corp (a)(b)
     4,800       403  
 
              
 
             972  
 
              
Tobacco (0.47%)
                
Alliance One International Inc (a)
     289,700       1,092  
Universal Corp/Richmond VA
     16,200       807  
 
              
 
             1,899  
 
              
Toys (0.75%)
                
Jakks Pacific Inc (a)(b)
     102,600       2,417  
Marvel Entertainment Inc (a)(b)
     21,300       601  
 
              
 
             3,018  
 
              
Transport — Air Freight (0.22%)
                
Atlas Air Worldwide Holdings Inc (a)(b)
     17,900       894  
Transport — Marine (1.33%)
                
Eagle Bulk Shipping Inc (b)
     20,600       509  
Genco Shipping & Trading Ltd (b)
     23,800       1,174  
Gulfmark Offshore Inc (a)(b)
     62,800       2,626  
Knightsbridge Tankers Ltd (b)
     17,000       446  
TBS International Ltd (a)(b)
     18,100       603  
 
              
 
             5,358  
 
              
Transport — Services (0.30%)
                
Bristow Group Inc (a)(b)
     14,600       735  
Pacer International Inc
     28,600       490  
 
              
 
             1,225  
 
              
Transport — Truck (0.09%)
                
Saia Inc (a)(b)
     26,600       375  
 
                
Water (0.06%)
                
American States Water Co (b)
     7,400       255  
 
                
Web Portals (0.11%)
                
United Online Inc (b)
     41,000       458  
 
                
Wire & Cable Products (0.32%)
                
Belden Inc
     16,800       710  

273

 

Schedule of Investments
Partners SmallCap Value Fund I
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Wire & Cable Products (continued)
                
Encore Wire Corp
     33,800     $ 564  
 
              
 
             1,274  
 
              
Wireless Equipment (0.18%)
                
EMS Technologies Inc (a)
     19,400       533  
Powerwave Technologies Inc (a)(b)
     31,500       120  
RF Micro Devices Inc (a)(b)
     26,200       84  
 
              
 
             737  
 
                
 
TOTAL COMMON STOCKS
           $ 389,936  
 
                 
    Principle        
    Amount     Value  
    (000’s)     (000’s)  
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (0.16%)
                
U.S. Treasury (0.16%)
                
4.63%, 11/30/2008 (c)
   $ 650       663  
 
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 663  
 
SHORT TERM INVESTMENTS (14.36%)
                
Money Market Funds (14.36%)
                
BNY Institutional Cash Reserve Fund (d)
   $ 57,772     $ 57,772  
 
TOTAL SHORT TERM INVESTMENTS
           $ 57,772  
 
REPURCHASE AGREEMENTS (7.05%)
                
 
                
Finance — Investment Banker & Broker (6.39%)
                
 
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $25,922,000; 0.00% -6.38%; dated 05/16/08 - 01/11/27) (d)
   $ 25,728       25,726  
 
                
Money Center Banks (0.66%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $2,660,000; 0.00% -6.63%; dated 03/14/08 - 05/15/30) (d)
     2,639       2,639  
 
TOTAL REPURCHASE AGREEMENTS
           $ 28,365  
 
Total Investments
           $ 476,736  
Liabilities in Excess of Other Assets, Net - (18.49)%
             (74,402 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 402,334  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $663 or 0.16% of net assets.
 
(d)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 37,295  
Unrealized Depreciation
     (71,957 )
 
      
Net Unrealized Appreciation (Depreciation)
     (34,662 )
Cost for federal income tax purposes
     511,398  
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
 
Buy:
                                
RUSSELL 2000; March 2008
    29     $ 10,987     $ 10,368     $ (619 )
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Financial
     50.79 %
Industrial
     15.42 %
Consumer, Non-cyclical
     13.61 %
Consumer, Cyclical
     9.10 %
Basic Materials
     6.77 %
Communications
     6.30 %
Technology
     6.25 %
Utilities
     5.79 %
Energy
     3.88 %
Exchange Traded Funds
     0.41 %
Government
     0.16 %
Diversified
     0.01 %
Liabilities in Excess of Other Assets, Net
     (18.49 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      
Other Assets Summary (unaudited)
         
Asset Type   Percent  
 
Futures
     2.58 %

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (99.58%)
                
Advanced Materials & Products (0.00%)
                
Core Molding Technologies Inc (a)
     948     $ 7  
 
                
Advertising Services (0.14%)
                
inVentiv Health Inc (a)
     12,075       397  
 
                
Aerospace & Defense (0.64%)
                
Esterline Technologies Corp (a)
     31,600       1,472  
Herley Industries Inc (a)
     17,454       216  
Kratos Defense & Security Solutions Inc (a)
     35,400       79  
MTC Technologies Inc (a)
     3,500       82  
 
              
 
             1,849  
 
              
Aerospace & Defense Equipment (1.21%)
                
Alliant Techsystems Inc (a)(b)
     8,825       934  
Allied Defense Group Inc/The (a)(b)
     3,900       27  
Argon ST Inc (a)
     2,900       51  
CPI Aerostructures Inc (a)
     3,900       34  
DRS Technologies Inc
     11,725       629  
Ducommun Inc (a)
     12,904       408  
Kaman Corp
     5,401       159  
Moog Inc (a)
     16,000       737  
SIFCO Industries Inc (a)
     1,709       26  
Triumph Group Inc
     9,698       524  
 
              
 
             3,529  
 
              
Agricultural Operations (0.02%)
                
Griffin Land & Nurseries Inc
     1,602       53  
 
                
Airlines (1.76%)
                
Alaska Air Group Inc (a)(b)
     49,400       1,250  
ExpressJet Holdings Inc (a)(b)
     67,762       186  
Frontier Airlines Holdings Inc (a)(b)
     51,574       155  
JetBlue Airways Corp (a)(b)
     31,600       218  
MAIR Holdings Inc (a)
     16,800       79  
Mesa Air Group Inc (a)(b)
     42,610       150  
Midwest Air Group Inc (a)
     255       4  
Republic Airways Holdings Inc (a)(b)
     36,800       734  
Skywest Inc
     90,238       2,348  
 
              
 
             5,124  
 
              
Apparel Manufacturers (0.39%)
                
Ashworth Inc (a)
     9,600       35  
Delta Apparel Inc
     5,800       52  
Hartmarx Corp (a)
     26,800       72  
Kellwood Co (b)
     32,391       647  
Lakeland Industries Inc (a)(b)
     5,060       50  
Oxford Industries Inc (b)
     9,300       212  
Superior Uniform Group Inc
     3,700       34  
Tandy Brands Accessories Inc
     6,000       48  
 
              
 
             1,150  
 
              
Applications Software (0.12%)
                
Authentidate Holding Corp (a)
     8,200       4  
EPIQ Systems Inc (a)(b)
     20,504       303  
Moldflow Corp (a)
     3,083       40  
 
              
 
             347  
 
              
Athletic Equipment (0.04%)
                
Nautilus Inc (b)
     25,500       119  
 
                
Auction House & Art Dealer (0.01%)
                
Escala Group Inc (a)
     8,050       19  
 
                
Audio & Video Products (0.06%)
                
Audiovox Corp (a)
     10,715       110  
Cobra Electronics Corp
     8,300       41  
Emerson Radio Corp (a)
     21,000       26  
 
              
 
             177  
 
              
Auto — Truck Trailers (0.05%)
                
Wabash National Corp
     16,300       150  
 
                
Auto Repair Centers (0.09%)
                
Monro Muffler Inc
     13,725       254  
 
                
Auto/Truck Parts & Equipment — Original (1.32%)
                
Accuride Corp (a)(b)
     13,900       87  
American Axle & Manufacturing Holdings (b)
     51,300       1,116  
ArvinMeritor Inc (b)
     80,000       1,087  
Hayes Lemmerz International Inc (a)
     71,055       250  
Modine Manufacturing Co (b)
     36,900       570  
Noble International Ltd/United States
     7,812       99  
Superior Industries International Inc (b)
     33,263       606  
Supreme Industries Inc
     4,800       27  
 
              
 
             3,842  
 
              
Auto/Truck Parts & Equipment — Replacement (0.16%)
                
Commercial Vehicle Group Inc (a)
     17,800       178  
Dorman Products Inc (a)
     11,900       132  
Proliance International Inc (a)
     15,060       30  
Standard Motor Products Inc (b)
     16,200       134  
 
              
 
             474  
 
              
B2B — E-Commerce (0.06%)
                
Arbinet-thexchange Inc (a)
     4,200       23  
ePlus Inc (a)
     16,300       160  
 
              
 
             183  
 
              
Batteries & Battery Systems (0.67%)
                
EnerSys (a)
     72,100       1,661  
Greatbatch Inc (a)
     13,100       296  
 
              
 
             1,957  
 
              
Brewery (0.02%)
                
Pyramid Breweries Inc (a)
     5,050       12  

275

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Brewery (continued)
                
Redhook ALE Brewery Inc (a)
     8,700     $ 49  
 
              
 
             61  
 
              
Broadcasting Services & Programming (0.17%)
                
Gray Television Inc
     61,100       463  
Medialink Worldwide Inc (a)(b)
     10,500       34  
 
              
 
             497  
 
              
Building — Heavy Construction (0.21%)
                
Granite Construction Inc
     16,100       613  
 
                
Building — Maintenance & Service (0.23%)
                
Healthcare Services Group
     28,133       683  
Sunair Services Corp (a) 
     200       —  
 
              
 
             683  
 
              
Building — Mobile Home & Manufactured Housing (0.33%)
                
Cavalier Homes Inc (a)
     12,065       20  
Cavco Industries Inc (a)(b)
     4,400       145  
Coachmen Industries Inc
     12,800       66  
Modtech Holdings Inc (a)
     2,500       2  
Monaco Coach Corp (b)
     44,049       448  
Palm Harbor Homes Inc (a)(b)
     18,976       142  
Skyline Corp (b) 
     5,000       146  
 
              
 
             969  
 
              
Building — Residential & Commercial (0.33%)
                
Beazer Homes USA Inc (b)
     1,000       9  
Comstock Homebuilding Cos Inc (a)
     2,300       3  
Dominion Homes Inc (a)(b)
     6,400       4  
M/I Homes Inc (b)
     13,751       205  
MDC Holdings Inc
     10,500       486  
Orleans Homebuilders Inc (b)
     7,900       39  
Standard-Pacific Corp (b)
     15,600       59  
WCI Communities Inc (a)(b)
    23,600       143  
 
              
 
             948  
 
              
Building & Construction — Miscellaneous (0.00%)
                
Devcon International Corp (a)
     400       1  
 
                
Building & Construction Products — Miscellaneous (0.20%)
                
Gibraltar Industries Inc
     26,109       345  
NCI Building Systems Inc (a)(b)
     7,200       207  
Patrick Industries Inc (a) 
     2,100       18  
 
              
 
             570  
 
              
Building Products — Air & Heating (0.28%)
                
Lennox International Inc
     22,040       819  
 
Building Products — Cement & Aggregate (0.05%)
                
US Concrete Inc (a)(b)
     35,200       132  
 
                
Building Products — Doors & Windows (0.01%)
                
PGT Inc (a)
     7,900     $ 37  
 
Building Products — Wood (0.10%)
                
Universal Forest Products Inc (b)
     7,800       282  
 
Capacitors (0.26%)
                
Kemet Corp (a)(b)
     144,800       754  
 
Casino Hotels (0.04%)
                
Trump Entertainment Resorts Inc (a)(b)
     24,100       107  
 
Cellular Telecommunications (0.01%)
                
SunCom Wireless Holdings Inc (a)
     1,210       32  
 
Chemicals — Diversified (0.49%)
                
Aceto Corp
     50,940       344  
FMC Corp
     9,150       486  
Georgia Gulf Corp (b)
     12,400       97  
Westlake Chemical Corp (b)
     25,500       513  
 
              
 
             1,440  
 
              
Chemicals — Fibers (0.00%)
                
Wellman Inc
     13,300       5  
 
Chemicals — Plastics (0.66%)
                
PolyOne Corp (a)(b)
     73,800       455  
Schulman A Inc
     45,384       925  
Spartech Corp
     36,900       544  
 
              
 
             1,924  
 
              
Chemicals — Specialty (1.84%)
                
American Pacific Corp (a)
     4,900       73  
Chemtura Corp
     28,600       192  
Ferro Corp
     33,300       589  
Minerals Technologies Inc
     15,600       849  
NL Industries Inc (b)
     32,000       360  
OM Group Inc (a)
     4,500       258  
Penford Corp (b)
     5,687       127  
Quaker Chemical Corp
     6,080       121  
Sensient Technologies Corp
     75,900       2,016  
Stepan Co
     11,300       338  
Tronox Inc
     44,600       325  
Tronox Inc
     16,900       124  
 
              
 
             5,372  
 
              
Circuit Boards (0.02%)
                
Merix Corp (a)(b)
     17,400       47  
 
                
Coatings & Paint (0.19%)
                
Valspar Corp
     28,125       563  
 
                
Coffee (0.13%)
                
Diedrich Coffee Inc (a)
     2,200       7  

276

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Coffee (continued)
                
Farmer Bros Co
     15,900     $ 374  
 
              
 
             381  
 
              
Collectibles (0.03%)
                
RC2 Corp (a)
     4,887       92  
 
                
Commercial Banks (8.32%)
                
1st Source Corp
     28,137       549  
Alabama National Bancorporation (b)
     12,600       986  
Amcore Financial Inc
     5,480       121  
AmericanWest Bancorp
     10,100       123  
Ameris Bancorp
     3,900       62  
AmeriServ Financial Inc (a)
     24,600       78  
Bank of Florida Corp (a)
     7,000       70  
Bank of Granite Corp
     1,600       19  
Banner Corp
     7,347       190  
Beverly Hills Bancorp Inc
     23,030       118  
BNCCORP Inc (a)
     2,300       30  
Cadence Financial Corp
     3,756       57  
Capital Corp of the West
     2,200       44  
Capitol Bancorp Ltd (b)
     4,482       93  
Cardinal Financial Corp
     13,000       108  
Cascade Financial Corp
     100       1  
Cathay General Bancorp (b)
     13,000       337  
Centennial Bank Holdings Inc (a)(b)
     46,396       302  
Center Financial Corp
     2,100       24  
Central Bancorp Inc/MA
     600       11  
Central Pacific Financial Corp (b)
     25,280       480  
Chemical Financial Corp (b)
     21,779       603  
Citizens Republic Bancorp Inc
     29,118       412  
City National Corp/CA
     900       51  
Community Bancorp/NV (a)(b)
     7,300       122  
Community Bank System Inc
     30,600       668  
Community Trust Bancorp Inc
     3,800       110  
Corus Bankshares Inc (b)
     13,600       173  
Crescent Financial Corp (a)
     2,356       21  
Cullen/Frost Bankers Inc
     15,275       832  
Dearborn Bancorp Inc (a)
     4,410       33  
Farmers Capital Bank Corp
     700       19  
Fidelity Southern Corp
     600       6  
Financial Institutions Inc
     2,600       50  
First Bancorp/Troy NC
     1,207       22  
First Bank of Delaware (a)
     1,240       3  
First Busey Corp (b)
     6,535       142  
First Commonwealth Financial Corp (b)
     32,700       379  
First Community Bancorp Inc/CA (b)
     23,600       838  
First Financial Corp/IN (b)
     10,800       322  
First Mariner Bancorp Inc (a)
     2,400       17  
First Merchants Corp
     19,700       532  
First Regional Bancorp/Los Angeles CA (a)
     3,004       61  
First Security Group Inc/TN
     300       3  
First State Bancorporation/NM
     7,500       94  
FNB United Corp
     4,100       47  
Gateway Financial Holdings Inc
     9,027       98  
GB&T Bancshares Inc (b)
     11,600       122  
German American Bancorp Inc
     7,728       100  
Green Bankshares Inc
     4,700       98  
Hanmi Financial Corp (b)
     6,100       52  
Harleysville National Corp
     4,100       62  
Heritage Commerce Corp
     2,300       44  
Home Bancshares Inc/Conway AR (b)
     3,600       78  
IBERIABANK Corp
     4,656       239  
Imperial Capital Bancorp Inc
     6,870       139  
Integra Bank Corp
     6,700       99  
Intervest Bancshares Corp
     1,900       28  
Irwin Financial Corp
     36,925       424  
Lakeland Bancorp Inc
     16,858       213  
LNB Bancorp Inc
     2,200       31  
MainSource Financial Group Inc
     15,379       238  
MB Financial Inc (b)
     30,091       936  
MBT Financial Corp
     5,600       52  
Midwest Banc Holdings Inc (b)
     8,370       96  
Nara Bancorp Inc
     600       7  
National Penn Bancshares Inc (b)
     12,751       221  
NewBridge Bancorp
     1,605       17  
Northeast Bancorp
     900       14  
Omega Financial Corp (b)
     10,400       317  
Pacific Capital Bancorp NA
     5,600       120  
Pacific Mercantile Bancorp (a)
     2,064       21  
Peoples Bancorp Inc/OH
     8,300       196  
Pinnacle Bancshares Inc
     200       2  
Pinnacle Financial Partners Inc (a)(b)
     1,300       29  
Premier Financial Bancorp
     700       9  
Prosperity Bancshares Inc
     42,247       1,215  
Provident Bankshares Corp
     38,625       801  
Renasant Corp
     8,079       169  
Republic First Bancorp Inc (a)
     247       2  
Sandy Spring Bancorp Inc (b)
     5,200       156  
Security Bank Corp/GA (b)
     3,800       28  
Simmons First National Corp
     23,793       675  
South Financial Group Inc/The
     27,078       468  
Southern Community Financial Corp/NC
     14,600       103  
Southern Connecticut Bancorp Inc (a)
     1,000       7  
Southwest Bancorp Inc/Stillwater OK
     4,766       84  
Sterling Financial Corp/WA
     15,900       283  
Sun American Bancorp (a)
     200       1  
Sun Bancorp Inc/NJ (a)(b)
     30,900       447  
Superior Bancorp (a)(b)
     19,100       111  
Susquehanna Bancshares Inc
     42,862       910  

277

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Commercial Banks (continued)
                
Taylor Capital Group Inc
     8,978     $ 176  
UMB Financial Corp (b)
     19,632       827  
Umpqua Holdings Corp (b)
     30,274       496  
Union Bankshares Corp/VA (b)
     3,500       68  
United Bankshares Inc (b)
     16,125       519  
Univest Corp of Pennsylvania
     3,000       78  
Vineyard National Bancorp
     4,200       33  
Webster Financial Corp
     26,600       901  
WesBanco Inc (b)
     22,152       608  
Whitney Holding Corp
     40,800       1,095  
Wintrust Financial Corp
     12,900       491  
Yadkin Valley Financial Corp
     1,000       15  
 
              
 
             24,232  
 
              
Commercial Services (0.52%)
                
Collectors Universe
     5,900       70  
Intersections Inc (a)(b)
     13,724       111  
Mac-Gray Corp (a)
     15,100       166  
PeopleSupport Inc (a)(b)
     8,500       106  
Perceptron Inc (a)
     6,013       53  
PHH Corp (a)
     30,800       579  
Source Interlink Cos Inc (a)(b)
     65,230       141  
Startek Inc (a)(b)
     12,200       106  
Team Inc (a)(b)
     5,730       172  
 
              
 
             1,504  
 
              
Commercial Services — Finance (0.04%)
                
Newtek Business Services Inc (a)
     22,400       30  
Rewards Network Inc (a)
     15,100       74  
Track Data Corp (a)(b)
     5,000       8  
 
            
 
             112  
 
              
Communications Software (0.18%)
                
CallWave Inc (a)
     17,500       50  
Captaris Inc (a)
     9,600       32  
Digi International Inc (a)
     18,297       214  
Seachange International Inc (a)(b)
     30,700       216  
 
              
 
             512  
 
              
Computer Data Security (0.01%)
                
SCM Microsystems Inc (a)
     11,000       36  
 
Computer Services (0.49%)
                
Analysts International Corp (a)
     38,200       52  
Ciber Inc (a)
     57,000       275  
Computer Task Group Inc (a)
     17,663       74  
Dynamics Research Corp (a)
     4,676       44  
Furmanite Corp (a)
     2,468       25  
iGate Corp (a)(b)
     24       —  
Perot Systems Corp (a)
     53,900       654  
Pomeroy IT Solutions Inc (a)
     10,500       70  
SI International Inc (a)(b)
     4,600       126  
Technology Solutions Co (a)
     1,480       4  
TechTeam Global Inc (a)
     4,100       38  
Tier Technologies Inc (a)
     7,000       55  
Tripos Inc (c)(d)
     100       —  
 
              
 
             1,417  
 
              
Computer Software (0.09%)
                
Accelrys Inc (a)
     86       —  
Avid Technology Inc (a)(b)
     9,900       257  
 
              
 
             257  
 
              
Computers (0.14%)
                
Palm Inc (b)
     53,800       291  
PAR Technology Corp (a)(b)
     7,100       56  
Rackable Systems Inc (a)(b)
     7,910       66  
 
              
 
             413  
 
              
Computers — Integrated Systems (0.34%)
                
Agilysys Inc
     21,665       330  
Catapult Communications Corp (a)
     11,500       74  
Delphax Technologies Inc (a)
     5,800       3  
Integral Systems Inc/MD (a)
     193       5  
Mercury Computer Systems Inc (a)
     9,773       81  
Micros Systems Inc (a)
     7,000       431  
Radisys Corp (a)
     5,800       79  
 
              
 
             1,003  
 
              
Computers — Memory Devices (0.88%)
                
Ciprico Inc (a)
     6,599       18  
Dataram Corp
     3,500       12  
Dot Hill Systems Corp (a)
     56,800       222  
Hutchinson Technology Inc (a)(b)
     21,300       336  
Imation Corp
     43,982       1,140  
Iomega Corp (a)
     35,600       97  
Overland Storage Inc (a)
     12,600       16  
Quantum Corp (a)
     204,004       469  
Silicon Storage Technology Inc (a)
     90,400       257  
 
              
 
             2,567  
 
              
Computers — Peripheral Equipment (0.07%)
                
Astro-Med Inc
     11,200       108  
Franklin Electronic Publishers Inc (a)
     6,000       17  
InFocus Corp (a)
     34,185       53  
KEY Tronic Corp (a)
     7,695       26  
Qualstar Corp (a)
     800       2  
Wells-Gardner Electronics Corp (a)
     3,255       5  
 
              
 
             211  
 
              
Computers — Voice Recognition (0.00%)
                
ThinkEngine Networks Inc (a)
     1,100       1  
 
                
Consulting Services (0.57%)
                
BearingPoint Inc (a)(b)
     133,200       261  

278

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Consulting Services (continued)
                
Franklin Covey Co (a)
     14,774     $ 111  
Hackett Group Inc/The (a)
     9,500       37  
LECG Corp (a)
     2,900       25  
Management Network Group Inc (a)
     28,120       65  
MAXIMUS Inc
     7,700       272  
PDI Inc (a)
     22,664       184  
Watson Wyatt Worldwide Inc
     14,200       698  
 
              
 
             1,653  
 
              
Consumer Products — Miscellaneous (1.18%)
                
American Greetings Corp
     63,811       1,309  
Central Garden and Pet Co — A Shares (a)(b)
     34,000       169  
Central Garden and Pet Co (a)(b)
     17,000       93  
CSS Industries Inc
     13,424       392  
Jarden Corp (a)(b)
     2,789       70  
Prestige Brands Holdings Inc (a)
     26,000       194  
Russ Berrie & Co Inc (a)(b)
     28,700       414  
Scotts Miracle-Gro Co/The
     17,900       699  
Spectrum Brands Inc (a)(b)
     20,600       97  
 
              
 
             3,437  
 
              
Containers — Metal & Glass (0.20%)
                
Silgan Holdings Inc
     12,075       572  
 
Containers — Paper & Plastic (0.30%)
                
Chesapeake Corp
     24,901       111  
Graphic Packaging Corp (a)(b)
     251,161       748  
Mod-Pac Corp (a)
     1,395       10  
 
              
 
             869  
 
              
Cosmetics & Toiletries (0.02%)
                
Parlux Fragrances Inc (a)
     13,600       53  
 
Data Processing & Management (0.09%)
                
Pegasystems Inc
     21,604       212  
Schawk Inc
     3,900       56  
 
              
 
             268  
 
              
Direct Marketing (0.02%)
                
Traffix Inc
     10,700       58  
 
Disposable Medical Products (0.14%)
                
Medical Action Industries Inc (a)(b)
     24,048       402  
 
Distribution & Wholesale (0.60%)
                
Bell Microproducts Inc (a)(b)
     47,972       252  
Core-Mark Holding Co Inc (a)(b)
     2,930       76  
Directed Electronics Inc (a)
     9,700       25  
Handleman Co (b)
     31,700       44  
Huttig Building Products Inc (a)
     17,000       68  
Industrial Distribution Group Inc (a)
     10,000       99  
Jaco Electronics Inc (a)
     1,000       1  
Navarre Corp (a)
     18,400       31  
Owens & Minor Inc
     12,575       520  
WESCO International Inc (a)(b)
     14,710       621  
 
              
 
             1,737  
 
              
Diversified Manufacturing Operations (1.09%)
                
Actuant Corp (b)
     17,175       469  
American Biltrite Inc (a)
     1,000       6  
AO Smith Corp
     5,700       199  
Bell Industries Inc (a)
     2,900       2  
EnPro Industries Inc (a)
     8,023       241  
Federal Signal Corp
     13,200       153  
GP Strategies Corp (a)
     16,100       171  
Griffon Corp (a)(b)
     23,100       252  
Lydall Inc (a)
     5,600       51  
Park-Ohio Holdings Corp (a)(b)
     9,439       211  
Standex International Corp
     10,100       184  
Teleflex Inc
     9,400       556  
Tredegar Corp (b)
     49,365       684  
 
              
 
             3,179  
 
              
Diversified Operations (0.05%)
                
Compass Diversified Holdings
     7,900       114  
Resource America Inc (b)
     2,223       28  
 
              
 
             142  
 
              
Diversified Operations & Commercial Services (0.06%)
                
Avalon Holdings Corp (a)
     4,373       26  
Viad Corp
     5,300       142  
 
              
 
             168  
 
              
E-Commerce — Products (0.10%)
                
FTD Group Inc
     22,100       281  
 
                
E-Commerce — Services (0.00%)
                
Napster Inc (a)
     1,000       2  
 
                
Educational Software (0.04%)
                
PLATO Learning Inc (a)
     39,960       125  
 
                
Electric — Integrated (0.29%)
                
Maine & Maritimes Corp (a)
     2,096       66  
Unitil Corp
     2,100       59  
Westar Energy Inc
     29,300       714  
 
              
 
             839  
 
              
Electronic Components — Miscellaneous (0.91%)
                
Benchmark Electronics Inc (a)
     47,566       844  
Blonder Tongue Laboratories (a)
     1,700       2  
CTS Corp
     44,855       475  
IntriCon Corp (a)
     500       6  
Methode Electronics Inc
     17,269       209  
OSI Systems Inc (a)(b)
     18,925       442  
Planar Systems Inc (a)
     21,819       124  

279

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Electronic Components — Miscellaneous (continued)
                
RF Monolithics Inc (a)
     4,982     $ 27  
Sanmina-SCI Corp (a)
     133,158       209  
Sparton Corp (a)
     3,836       19  
Stoneridge Inc (a)(b)
     9,400       84  
Sypris Solutions Inc
     41,921       220  
 
              
 
             2,661  
 
              
Electronic Components — Semiconductors (2.21%)
                
Actel Corp (a)
     38,310       456  
Applied Micro Circuits Corp (a)
     195,618       1,571  
AXT Inc (a)
     19,600       110  
Bookham Inc (a)
     73,000       132  
California Micro Devices Corp (a)
     11,500       41  
Ceva Inc (a)(b)
     16,000       135  
DSP Group Inc (a)
     14,000       160  
ESS Technology (a)
     44,414       55  
Ibis Technology Corp (a)(b)
     6,900       3  
Ikanos Communications Inc (a)
     7,450       39  
Integrated Silicon Solution Inc (a)
     41,282       241  
IXYS Corp (a)(b)
     20,200       152  
Kopin Corp (a)
     61,100       206  
Lattice Semiconductor Corp (a)(b)
     226,260       600  
Leadis Technology Inc (a)
     5,942       15  
Microsemi Corp (a)(b)
     30,725       698  
Richardson Electronics Ltd/United State
     23,735       118  
Skyworks Solutions Inc (a)(b)
     150,440       1,211  
Staktek Holdings Inc (a)
     1,800       3  
Virage Logic Corp (a)
     10,000       72  
White Electronic Designs Corp (a)
     36,721       166  
Zilog Inc (a)
     9,057       33  
Zoran Corp (a)
     19,292       228  
 
              
 
             6,445  
 
              
Electronic Connectors (0.00%)
                
Innovex Inc/MN (a)
     30,198       9  
 
Electronic Measurement Instruments (0.11%)
                
Aehr Test Systems (a)
     82       —  
Axsys Technologies Inc (a)
     794       30  
Cyberoptics Corp (a)
     7,100       73  
Keithley Instruments Inc
     3,700       39  
LeCroy Corp (a)(b)
     10,857       99  
Zygo Corp (a)(b)
     7,200       84  
 
              
 
             325  
 
              
Electronic Parts Distribution (0.03%)
                
NU Horizons Electronics Corp (a)
     15,500       88  
 
Electronic Security Devices (0.01%)
                
Vicon Industries Inc (a)
     2,200       18  
 
Electronics — Military (0.01%)
                
Arotech Corp (a)(b)
     10,093       19  
Merrimac Industries Inc (a)
     800       6  
 
              
 
             25  
 
              
Energy — Alternate Sources (0.09%)
                
Headwaters Inc (a)(b)
     16,500       186  
Plug Power Inc (a)(b)
     22,290       61  
Quantum Fuel Systems Technologies World (a)(b)
     36,055       20  
 
              
            267  
 
              
Engineering — Research & Development Services (0.23%)
                
National Technical SYS Inc (a)
     5,700       35  
Servidyne Inc
     500       3  
SYS Technologies (a)
     2,600       4  
URS Corp (a)
     14,175       622  
 
              
 
             664  
 
              
Engines — Internal Combustion (0.30%)
                
Briggs & Stratton Corp (b)
     41,500       865  
 
Enterprise Software & Services (0.86%)
                
JDA Software Group Inc (a)
     9,930       177  
Packeteer Inc (a)
     800       4  
Pervasive Software Inc (a)
     39,500       148  
Sybase Inc (a)(b)
     37,650       1,062  
SYNNEX Corp (a)
     28,200       601  
Tyler Technologies Inc (a)(b)
     38,250       512  
 
              
 
             2,504  
 
              
Environmental Consulting & Engineering (0.04%)
                
TRC Cos Inc (a)(b)
     16,000       109  
E-Services — Consulting (0.02%)
                
Keynote Systems Inc (a)(b)
     6,850       67  
 
Fiduciary Banks (0.27%)
                
Boston Private Financial Holdings Inc (b)
     33,800       772  
 
Filtration & Separation Products (0.01%)
                
Flanders Corp (a)
     4,333       24  
 
Finance — Auto Loans (0.03%)
                
Consumer Portfolio Services (a)
     17,265       58  
United PanAm Financial Corp (a)
     7,800       44  
 
              
 
             102  
 
              
Finance — Consumer Loans (0.09%)
                
Encore Capital Group Inc (a)(b)
     11,900       93  
Firstcity Financial Corp (a)
     8,834       74  
Ocwen Financial Corp (a)(b)
     13,800       86  
 
              
 
             253  
 
              
Finance — Credit Card (0.14%)
                
Advanta Corp
     8,132       81  

280

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Finance — Credit Card (continued)
                
Advanta Corp
     3,495     $ 31  
CompuCredit Corp (a)(b)
     20,100       296  
 
              
 
             408  
 
              
Finance — Investment Banker & Broker (1.89%)
                
Cowen Group Inc (a)(b)
     13,141       131  
KBW Inc (a)(b)
     18,550       551  
Knight Capital Group Inc (a)(b)
     127,423       2,134  
LaBranche & Co Inc (a)(b)
     28,800       165  
Piper Jaffray Cos (a)(b)
     25,625       1,214  
Raymond James Financial Inc
     38,638       1,086  
Sanders Morris Harris Group Inc
     12,886       123  
Thomas Weisel Partners Group Inc (a)
     7,333       94  
 
              
 
             5,498  
 
              
Finance — Leasing Company (0.10%)
                
California First National Bancorp
     1,100       11  
Financial Federal Corp
     7,491       180  
Marlin Business Services Corp (a)
     6,400       69  
MicroFinancial Inc
     5,975       34  
 
              
 
             294  
 
              
Finance — Mortgage Loan/Banker (0.07%)
                
Delta Financial Corp (b)
     18,200       1  
Federal Agricultural Mortgage Corp
     7,600       209  
Franklin Credit Management Corp (a)
     5,800       4  
 
              
 
             214  
 
              
Finance — Other Services (0.04%)
                
Asset Acceptance Capital Corp (b)
     13,100       126  
 
                
Financial Guarantee Insurance (0.03%)
                
Triad Guaranty Inc (a)(b)
     13,536       95  
 
                
Fisheries (0.05%)
                
Zapata Corp (a)
     22,800       158  
 
Food — Baking (0.01%)
                
Tasty Baking Co
     2,300       17  
 
                
Food — Canned (0.31%)
                
Del Monte Foods Co
     55,931       502  
TreeHouse Foods Inc (a)
     18,900       394  
 
              
 
             896  
 
              
Food — Miscellaneous/Diversified (1.62%)
                
Chiquita Brands International Inc (a)(b)
     59,634       1,114  
Corn Products International Inc
     16,150       546  
Golden Enterprises Inc
     700       2  
Hain Celestial Group Inc (a)(b)
     52,768       1,424  
John B. Sanfilippo & SON (a)(b)
     19,776       138  
M&F Worldwide Corp (a)(b)
     15,500       606  
Monterey Gourmet Foods Inc (a)
     13,100       37  
Ralcorp Holdings Inc (a)
     15,600       849  
 
              
 
             4,716  
 
              
Food — Retail (0.24%)
                
Weis Markets Inc
     12,353       462  
Winn-Dixie Stores Inc (a)(b)
     13,500       239  
 
              
 
             701  
 
              
Food — Wholesale & Distribution (0.54%)
                
Nash Finch Co (b)
     10,400       371  
Performance Food Group Co (a)
     38,000       1,202  
 
              
 
             1,573  
 
              
Footwear & Related Apparel (0.03%)
                
Lacrosse Footwear Inc
     1,200       18  
Phoenix Footwear Group Inc (a)(b)
     19,740       30  
Rocky Brands Inc (a)
     4,100       28  
 
              
 
             76  
 
              
Funeral Services & Related Items (0.37%)
                
Carriage Services Inc (a)(b)
     24,435       197  
Stewart Enterprises Inc
     124,432       886  
 
              
 
             1,083  
 
              
Gambling (Non-Hotel) (0.24%)
                
Lakes Entertainment Inc (a)(b)
     15,800       104  
Pinnacle Entertainment Inc (a)
     33,100       604  
 
              
 
             708  
 
              
Gas — Distribution (1.17%)
                
Atmos Energy Corp
     21,925       629  
New Jersey Resources Corp
     20,900       980  
South Jersey Industries Inc
     25,200       883  
Vectren Corp
     32,850       902  
 
              
 
             3,394  
 
              
Gold Mining (0.03%)
                
US Gold Corp (a)(b)
     25,600       97  
 
Golf (0.00%)
                
Aldila Inc
     200       3  
 
Health Care Cost Containment (0.26%)
                
Healthspring Inc (a)
     33,575       695  
Hooper Holmes Inc (a)
     48,100       69  
Prospect Medical Holdings Inc (a)(c)(d)
     1,200       5  
 
              
 
             769  
 
              
Healthcare Safety Device (0.07%)
                
Cardiac Science Corp (a)
     23,000       191  
 
Home Furnishings (0.80%)
                
Bassett Furniture Industries Inc
     6,700       87  
Chromcraft Revington Inc (a)
     2,500       14  
Flexsteel Industries
     2,364       30  

281

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Home Furnishings (continued)
                
Furniture Brands International Inc (b)
     67,202     $ 642  
Kimball International Inc
     33,945       420  
La-Z-Boy Inc (b)
     67,600       515  
Tempur-Pedic International Inc (b)
     31,225       619  
 
              
 
             2,327  
 
              
Hotels & Motels (0.25%)
                
Interstate Hotels & Resorts Inc (a)
     24,700       101  
Lodgian Inc (a)(b)
     21,900       191  
Marcus Corp
     8,579       152  
Red Lion Hotels Corp (a)
     35,400       280  
 
              
 
             724  
 
              
Housewares (0.24%)
                
Lenox Group Inc (a)(b)
     18,800       37  
Libbey Inc
     4,350       67  
Lifetime Brands Inc
     10,000       119  
National Presto Industries Inc (b)
     8,652       485  
 
              
 
             708  
 
              
Human Resources (1.08%)
                
Cross Country Healthcare Inc (a)
     29,356       371  
Edgewater Technology Inc (a)
     11,900       79  
Kelly Services Inc
     21,416       369  
Medical Staffing Network Holdings Inc (a)
     47,500       278  
MPS Group Inc (a)
     128,164       1,288  
RCM Technologies Inc (a)
     9,300       51  
Spherion Corp (a)
     100,500       671  
Westaff Inc (a)
     12,980       50  
 
              
 
             3,157  
 
              
Identification Systems — Development (0.28%)
                
Checkpoint Systems Inc (a)(b)
     900       21  
L-1 Identity Solutions Inc (a)(b)
     59,200       806  
 
              
 
             827  
 
              
Industrial Audio & Video Products (0.02%)
                
Ballantyne of Omaha Inc (a)
     10,600       50  
Rockford Corp/Arizona (a)(b)
     3,600       5  
 
              
 
             55  
 
              
Industrial Automation & Robots (0.25%)
                
Gerber Scientific Inc (a)
     20,300       179  
Nordson Corp
     10,750       536  
 
              
 
             715  
 
              
Industrial Gases (0.25%)
                
Airgas Inc
     15,825       734  
 
Instruments — Controls (0.26%)
                
Frequency Electronics Inc
     13,200       119  
Photon Dynamics Inc (a)
     13,400       120  
Spectrum Control Inc (a)
     15,900       146  
Technology Research Corp
     4,647       15  
Watts Water Technologies Inc (b)
     12,200       362  
 
              
 
             762  
 
              
Instruments — Scientific (0.03%)
                
Meade Instruments Corp (a)
     34,417       52  
OI Corp
     1,700       19  
Winland Electronics Inc (a)
     1,800       4  
 
              
 
             75  
 
              
Insurance Brokers (0.22%)
                
Hilb Rogal & Hobbs Co
     17,975       650  
 
Internet Application Software (0.49%)
                
Interwoven Inc (a)
     29,244       371  
RealNetworks Inc (a)(b)
     49,119       286  
S1 Corp (a)
     46,510       263  
Vignette Corp (a)(b)
     35,200       495  
 
              
 
             1,415  
 
              
Internet Connectivity Services (0.03%)
                
PC-Tel Inc (a)
     14,252       89  
 
Internet Content — Entertainment (0.04%)
                
Alloy Inc (a)
     11,650       91  
PlanetOut Inc (a)
     3,700       16  
 
              
 
             107  
 
              
Internet Content — Information & News (0.36%)
                
Autobytel Inc (a)
     95,971       231  
Harris Interactive Inc (a)
     147,160       466  
Infospace Inc
     27,300       260  
Jupitermedia Corp (a)
     10,800       35  
Looksmart (a)
     16,720       57  
 
              
 
             1,049  
 
              
Internet Financial Services (0.00%)
                
Insweb Corp (a)
     800       8  
 
                
Internet Incubators (0.17%)
                
CMGI Inc (a)
     4,400       56  
Internet Capital Group Inc (a)(b)
     30,600       290  
Safeguard Scientifics Inc (a)
     70,800       136  
 
              
 
             482  
 
              
Internet Infrastructure Equipment (0.13%)
                
Avocent Corp (a)
     23,400       388  
 
                
Internet Infrastructure Software (0.09%)
                
Openwave Systems Inc (b)
     53,300       110  
SupportSoft Inc (a)
     32,400       118  
TeleCommunication Systems Inc (a)
     8,300       30  
 
              
 
             258  
 
              
Internet Security (0.41%)
                
Activldentity Corp (a)
     37,414       125  

282

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Internet Security (continued)
                
Ipass Inc (a)
     33,400     $ 104  
Secure Computing Corp (a)(b)
     55,600       498  
SonicWALL Inc (a)(b)
     51,994       456  
 
              
 
             1,183  
 
              
Intimate Apparel (0.20%)
                
Warnaco Group Inc/The (a)
     16,594       596  
 
                
Investment Companies (0.55%)
                
Hercules Technology Growth Capital Inc (b)
     19,262       224  
MCG Capital Corp
     78,105       1,029  
Medallion Financial Corp
     23,244       232  
Patriot Capital Funding Inc (b)
     9,620       110  
 
              
 
             1,595  
 
              
Investment Management & Advisory Services (0.50%)
                
Affiliated Managers Group Inc (a)(b)
     8,700       855  
Waddell & Reed Financial Inc
     18,525       615  
 
              
 
             1,470  
 
              
Lasers — Systems & Components (0.59%)
                
Coherent Inc (a)
     27,500       715  
Electro Scientific Industries Inc (a)
     26,216       431  
Newport Corp (a)(b)
     36,235       381  
Rofin-Sinar Technologies Inc (a)
     4,500       191  
 
              
 
             1,718  
 
              
Leisure & Recreation Products (0.20%)
                
Brunswick Corp/DE
     20,625       392  
Johnson Outdoors Inc
     6,500       118  
Multimedia Games Inc (a)(b)
     9,159       71  
 
              
 
             581  
 
              
Life & Health Insurance (1.61%)
                
American Equity Investment Life Holding
     73,700       610  
Delphi Financial Group Inc
     12,600       395  
Eastern Insurance Holdings Inc
     2,802       46  
FBL Financial Group Inc
     35,896       1,183  
Independence Holding Co
     9,300       113  
Penn Treaty American Corp (a)
     20,525       123  
Phoenix Cos Inc/The (b)
     142,625       1,545  
Presidential Life Corp
     36,884       676  
 
              
 
             4,691  
 
              
Linen Supply & Related Items (0.45%)
                
Angelica Corp
     6,950       120  
G&K Services Inc
     17,900       716  
Unifirst Corp/MA
     11,589       473  
 
              
 
             1,309  
 
              
Machinery — Electrical (0.44%)
                
Baldor Electric Co (b)
     10,900       330  
Regal-Beloit Corp
     25,250       958  
 
              
 
             1,288  
 
              
Machinery — Farm (0.12%)
                
Alamo Group Inc
     9,800       186  
Gehl Co (a)(b)
     9,500       168  
 
              
 
             354  
 
              
Machinery — General Industry (0.68%)
                
Applied Industrial Technologies Inc
     50,175       1,515  
Kadant Inc (a)
     17,419       460  
 
              
 
             1,975  
 
              
Machinery — Material Handling (0.13%)
                
Key Technology Inc (a)
     2,700       99  
NACCO Industries Inc
     2,678       268  
Paragon Technologies Inc (a)
     500       3  
 
              
 
             370  
 
              
Machinery — Print Trade (0.00%)
                
Baldwin Technology Co (a)
     2,700       9  
 
Machinery — Pumps (0.13%)
                
Tecumseh Products Co (a)
     16,752       391  
 
Machinery Tools & Related Products (0.32%)
                
Hardinge Inc
     6,700       114  
Lincoln Electric Holdings Inc
     13,300       820  
LS Starrett Co
     200       3  
 
              
 
             937  
 
              
Medical — Biomedical/Gene (0.38%)
                
Applera Corp — Celera Group (a)
     10,000       153  
CuraGen Corp (a)
     10,200       8  
Enzon Pharmaceuticals Inc (a)(b)
     108       1  
Genitope Corp (a)(b)
     28,300       22  
Harvard Bioscience Inc (a)
     29,282       129  
Immunogen Inc (a)
     1,000       3  
Martek Biosciences Corp (a)(b)
     24,200       690  
Maxygen Inc (a)
     2,768       21  
Nanogen Inc (a)(b)
     34,100       14  
Neose Technologies Inc (a)
     47,700       38  
Orchid Cellmark Inc (a)
     5,600       28  
 
              
 
             1,107  
 
              
Medical — Drugs (0.22%)
                
Acusphere Inc (a)
     900       —  
Adolor Corp (a)
     10,100       41  
APP Pharmaceuticals Inc (a)(b)
     13,847       146  
Hi-Tech Pharmacal Co Inc (a)
     10,200       110  
Infinity Pharmaceuticals Inc (a)
     13,900       108  
Lannett Co Inc (a)
     4,700       14  
Ore Pharmaceuticals Inc (a)
     44,653       37  
PharMerica Corp (a)(b)
     12,115       180  
 
              
 
             636  
 
              

283

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Medical — Generic Drugs (0.35%)
                
Alpharma Inc (a)(b)
     50,100     $ 1,028  
 
                
Medical — Hospitals (0.09%)
                
Medcath Corp (a)
     10,365       258  
 
                
Medical — Nursing Homes (0.31%)
                
Kindred Healthcare Inc (a)
     33,100       912  
 
                
Medical — Outpatient & Home Medical Care (0.42%)
                
Allied Healthcare International Inc (a)
     68,110       153  
American Shared Hospital Services
     1,200       2  
Gentiva Health Services Inc (a)
     19,000       351  
LHC Group Inc (a)(b)
     28,875       666  
NovaMed Inc (a)(b)
     5,400       21  
Res-Care Inc (a)
     1,200       27  
 
              
 
             1,220  
 
              
Medical Imaging Systems (0.04%)
                
Digirad Corp (a)
     4,796       13  
E-Z-Em-Inc (a)
     4,600       95  
Merge Technologies Inc (a)
     16,698       15  
 
              
 
             123  
 
              
Medical Information Systems (0.04%)
                
AMICAS Inc (a)
     43,300       121  
 
Medical Instruments (0.28%)
                
Angiodynamics Inc (a)
     8,878       180  
Conmed Corp (a)
     21,900       532  
Datascope Corp
     1,828       60  
OccuLogix Inc (a)
     3,300       —  
Orthologic Corp (a)
     22,475       24  
Urologix Inc (a)
     10,700       10  
 
              
 
             806  
 
              
Medical Products (0.65%)
                
ATS Medical Inc (a)
     25,000       43  
Caliper Life Sciences Inc (a)(b)
     32,640       145  
Cantel Medical Corp (a)
     12,100       140  
Cooper Cos Inc/The
     17,200       677  
Hanger Orthopedic Group Inc (a)
     8,100       75  
HealthTronics Inc (a)
     36,200       147  
Invacare Corp
     10,800       263  
Kewaunee Scientific Corp
     700       12  
Langer Inc (a)
     4,300       11  
Misonix Inc (a)
     12,780       56  
North American Scientific Inc (a)
     1,075       —  
Osteotech Inc (a)
     27,133       160  
Sonic Innovations Inc (a)
     10,000       63  
SRI/Surgical Express Inc (a)
     4,400       19  
Synovis Life Technologies Inc (a)
     4,485       70  
 
              
 
             1,881  
 
              
Metal — Aluminum (0.07%)
                
Century Aluminum Co (a)
     4,125       214  
 
                
Metal — Iron (0.17%)
                
Cleveland-Cliffs Inc (b)
     4,750       484  
 
                
Metal Processors & Fabrication (0.66%)
                
CIRCOR International Inc
     17,342       736  
Intermet Corp (a)(c)(d)
     100       —  
Mueller Industries Inc
     6,800       190  
NN Inc
     15,000       127  
Wolverine Tube Inc (a)(b)
     600       —  
Worthington Industries Inc (b)
     53,800       882  
 
              
 
             1,935  
 
              
Metal Products — Distribution (0.02%)
                
AM Castle & Co
     3,100       66  
 
Metal Products — Fasteners (0.01%)
                
Chicago Rivet & Machine Co
     300       7  
Eastern Co/The
     600       10  
 
              
 
             17  
 
              
Miscellaneous Manufacturers (0.00%)
                
Portec Rail Products Inc
     1,345       13  
 
                
Motion Pictures & Services (0.01%)
                
Image Entertainment Inc (a)
     14,200       16  
 
                
MRI — Medical Diagnostic Imaging (0.01%)
                
RadNet Inc (a)(b)
     1,700       15  
 
                
Multi-Line Insurance (1.62%)
                
Alfa Corp
     45,642       999  
Atlantic American Corp (a)
     7,500       12  
Citizens Inc/TX (a)(b)
     1,585       10  
HCC Insurance Holdings Inc
     39,490       1,100  
Horace Mann Educators Corp
     57,703       1,060  
National Security Group Inc
     300       5  
United Fire & Casualty Co
     45,934       1,533  
 
              
 
             4,719  
 
              
Multimedia (0.70%)
                
4Kids Entertainment Inc (a)(b)
     11,300       150  
Belo Corp
     50,900       845  
Entravision Communications Corp (a)
     77,154       543  
Journal Communications Inc (b)
     12,261       101  
Media General Inc
     19,300       367  
Triple Crown Media Inc (a)
     7,695       38  
 
              
 
             2,044  
 
              
Music (0.04%)
                
Entertainment Distribution Co Inc (a)
     31,300       18  

284

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Music (continued)
                
Steinway Musical Instruments (b)
     3,500     $ 89  
 
              
 
             107  
 
              
Networking Products (1.40%)
                
3Com Corp (a)
     626,700       2,588  
Adaptec Inc (a)
     104,900       327  
Avici Systems Inc (b)
     3,200       22  
Black Box Corp
     22,677       754  
Hypercom Corp (a)
     57,700       203  
Performance Technologies Inc (a)
     16,050       85  
Zhone Technologies Inc (a)
     90,700       95  
 
              
 
             4,074  
 
              
Non-Ferrous Metals (0.21%)
                
USEC Inc (a)(b)
     75,800       612  
 
                
Non-Hazardous Waste Disposal (0.19%)
                
Waste Connections Inc (a)
     17,637       515  
WCA Waste Corp (a)
     4,300       32  
 
              
 
             547  
 
              
Office Automation & Equipment (0.29%)
                
IKON Office Solutions Inc (b)
     102,140       836  
TRM Corp (a)
     13,400       5  
 
              
 
             841  
 
              
Office Supplies & Forms (0.07%)
                
Ennis Inc
     9,682       153  
Nashua Corp (a)
     4,100       42  
 
              
 
             195  
 
              
Oil — Field Services (1.93%)
                
Allis-Chalmers Energy Inc (a)(b)
     8,800       97  
Basic Energy Services Inc (a)(b)
     14,700       263  
Exterran Holdings Inc (a)(b)
     53,252       3,474  
Infinity Energy Resources Inc (a)
     8,795       6  
Newpark Resources (a)
     48,900       238  
Oil States International Inc (a)(b)
     13,575       476  
Superior Energy Services (a)
     12,925       518  
Trico Marine Services Inc (a)(b)
     12,200       392  
Union Drilling Inc (a)
     9,300       143  
 
              
 
             5,607  
 
              
Oil & Gas Drilling (0.31%)
                
Bronco Drilling Co Inc (a)(b)
     13,800       216  
Grey Wolf Inc (a)(b)
     48,300       288  
Pioneer Drilling Co (a)
     37,200       387  
 
              
 
             891  
 
              
Oil Company — Exploration & Production (4.89%)
                
Arena Resources Inc (a)(b)
     13,685       487  
Bois d’Arc Energy Inc (a)
     25,100       481  
Brigham Exploration Co (a)(b)
     43,100       299  
Callon Petroleum Co (a)
     24,300       374  
Comstock Resources Inc (a)
     36,000       1,141  
Concho Resources Inc (a)(b)
     31,725       644  
Continental Resources Inc/OK (a)
     27,675       689  
Edge Petroleum Corp (a)(b)
     14,800       98  
Encore Acquisition Co (a)
     36,600       1,193  
EXCO Resources Inc (a)
     61,700       925  
Gulfport Energy Corp (a)(b)
     34,920       529  
Harvest Natural Resources Inc (a)(b)
     31,200       378  
HKN Inc (a)
     2,998       25  
Mariner Energy Inc (a)
     48,400       1,213  
Meridian Resource Corp (a)
     76,400       128  
PetroHawk Energy Corp (a)
     34,243       539  
Petroleum Development Corp (a)(b)
     12,000       690  
Petroquest Energy Inc (a)(b)
     42,325       547  
Quest Resource Corp (a)(b)
     3,200       24  
Rosetta Resources Inc (a)
     15,628       274  
Royale Energy Inc
     4,000       11  
Stone Energy Corp (a)(b)
     21,800       894  
Swift Energy Co (a)
     24,300       1,048  
Whiting Petroleum Corp (a) 
     29,900       1,607  
 
              
 
             14,238  
 
              
Oil Field Machinery & Equipment (0.25%)
                
Complete Production Services Inc (a)(b)
     34,775       553  
Natural Gas Services Group Inc (a) 
     9,900       171  
 
              
 
             724  
 
              
Optical Recognition Equipment (0.05%)
                
Digimarc Corp (a)
     18,100       150  
 
Paper & Related Products (1.08%)
                
Buckeye Technologies Inc (a)
     30,100       396  
Caraustar Industries Inc (a)
     36,383       108  
Glatfelter
     63,300       915  
Louisiana-Pacific Corp (b)
     40,400       617  
Neenah Paper Inc
     1,800       49  
Rock-Tenn Co
     14,052       402  
Schweitzer-Mauduit International Inc
     19,633       468  
Wausau Paper Corp
     19,100       171  
Xerium Technologies Inc
     4,700       22  
 
              
 
             3,148  
 
              
Pharmacy Services (0.12%)
                
BioScrip Inc (a)
     44,600       346  
Curative Health Services Inc (a)(c)(d)
     4,500       —  
 
              
 
             346  
 
              
Photo Equipment & Supplies (0.00%)
                
Concord Camera Corp (a)
     1,442       5  

285

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
  Held   (000’s)  
COMMON STOCKS (continued)
                
Physical Therapy & Rehabilitation Centers (0.10%)
                
RehabCare Group Inc (a)
     14,100     $ 296  
 
                
Physician Practice Management (0.39%)
                
American Dental Partners Inc (a)
     1,900       17  
I-Trax Inc (a)
     16,550       53  
Matria Healthcare Inc (a)
     6,243       180  
OCA Inc (a)(c)(d)
     1,600       —  
Pediatrix Medical Group Inc (a)
     12,975       883  
 
              
 
             1,133  
 
              
 
                
Pollution Control (0.00%)
                
Renegy Holdings Inc (a)
     472       2  
 
                
Poultry (0.01%)
                
Pilgrim’s Pride Corp
     1,200       29  
 
                
Power Converter & Supply Equipment (0.13%)
                
C&D Technologies Inc (a)(b)
     47,100       279  
Espey Manufacturing & Electronics Corp
     1,400       27  
Magnetek Inc (a)
     18,950       72  
 
              
 
             378  
 
              
 
                
Printing — Commercial (0.07%)
                
Bowne & Co Inc
     1,200       15  
Champion Industries Inc/WV
     18,958       107  
Consolidated Graphics Inc (a)
     1,700       86  
Tufco Technologies Inc (a)
     1,300       8  
 
              
 
             216  
 
              
 
                
Private Corrections (0.05%)
                
Cornell Cos Inc (a)(b)
     7,600       152  
 
                
Property & Casualty Insurance (5.82%)
                
21st Century Holding Co
     2,000       25  
Affirmative Insurance Holdings Inc
     7,700       70  
AmCOMP Inc (a)
     28,900       348  
American Physicians Capital Inc
     14,006       579  
Baldwin & Lyons Inc
     28,571       762  
CNA Surety Corp (a)
     38,100       679  
Commerce Group Inc
     15,800       571  
Donegal Group Inc
     24,663       427  
EMC Insurance Group Inc (b)
     11,939       282  
Fpic Insurance Group Inc (a)
     12,346       520  
Hallmark Financial Services (a)(b)
     2,200       29  
Harleysville Group Inc
     39,917       1,423  
Infinity Property & Casualty Corp
     32,104       1,280  
Investors Title Co
     700       27  
LandAmerica Financial Group Inc (b)
     23,735       1,238  
Meadowbrook Insurance Group Inc
     58,800       541  
Mercer Insurance Group Inc
     5,400       94  
Midland Co/The
     19,900       1,274  
Navigators Group Inc (a)
     15,600       901  
NYMAGIC Inc
     8,700       204  
PMA Capital Corp (a)
     44,038       354  
ProAssurance Corp (a)
     17,300       998  
Procentury Corp
     11,000       161  
RLI Corp
     1,900       107  
Safety Insurance Group Inc
     5,800       226  
SCPIE Holdings Inc (a)
     9,300       244  
SeaBright Insurance Holdings Inc (a)
     10,800       159  
Selective Insurance Group
     47,600       1,138  
State Auto Financial Corp
     33,286       930  
Stewart Information Services Corp
     21,511       736  
Unico American Corp (a)
     13,834       128  
United America Indemnity Ltd (a)
     2,404       49  
Zenith National Insurance Corp
     11,200       446  
 
              
 
             16,950  
 
              
 
                
Protection — Safety (0.03%)
                
Henry Bros Electronics Inc (a)
     800       3  
Mace Security International Inc (a)
     11,900       21  
Protection One Inc (a)(b)
     5,510       60  
 
              
 
             84  
 
              
 
                
Publicly Traded Investment Fund (0.60%)
                
iShares Russell 2000 Value Index Fund (b)
     26,000       1,761  
 
                
Publishing — Books (0.61%)
                
Scholastic Corp (a)
     51,508       1,765  
 
                
Publishing — Newspapers (0.17%)
                
Journal Register Co (b)
     76,700       115  
Lee Enterprises Inc (b)
     32,500       388  
 
              
 
             503  
 
              
 
                
Racetracks (0.21%)
                
Churchill Downs Inc
     3,500       178  
Dover Motorsports Inc
     6,111       43  
Speedway Motorsports Inc
     13,200       401  
 
              
 
             622  
 
              
 
                
Radio (0.67%)
                
Beasley Broadcasting Group Inc
     6,250       36  
Citadel Broadcasting Corp (b)
     140,166       205  
Cox Radio Inc (a)(b)
     28,900       345  
Cumulus Media Inc (a)
     82,210       527  
Emmis Communications Corp (a)
     27,200       76  
Entercom Communications Corp (b)
     32,800       404  
Radio One Inc (a)
     91,880       147  
Regent Communications Inc (a)
     8,500       11  
Saga Communications Inc (a)
     15,300       89  
Salem Communications Corp
     11,200       42  
Spanish Broadcasting System Inc (a)
     31,048       56  
 
              
 
             1,938  
 
              

286

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
  Held   (000’s)  
COMMON STOCKS (continued)
                
Real Estate Management & Services (0.03%)
                
Housevalues Inc (a)
     2,800     $ 8  
Tarragon Corp (a)(b)
     21,400       32  
United Capital Corp (a)
     1,900       44  
ZipRealty Inc (a)(b)
     1,200       6  
 
              
 
             90  
 
              
 
                
Real Estate Operator & Developer (0.13%)
                
Avatar Holdings Inc (a)(b)
     6,700       287  
California Coastal Communities Inc (a)(b)
     10,800       79  
Stratus Properties Inc (a)(b)
     600       20  
 
              
 
             386  
 
              
 
                
Recreational Vehicles (0.02%)
                
Arctic Cat Inc
     5,899       55  
 
                
Recycling (0.00%)
                
Metal Management Inc
     200       10  
 
                
Reinsurance (0.62%)
                
Argo Group International Holdings Ltd (a)
     27,267       1,114  
IPC Holdings Ltd (b)
     27,400       705  
 
              
 
             1,819  
 
              
 
                
REITS — Mortgage (0.14%)
                
Chimera Investment Corp
     20,725       397  
 
                
Rental — Auto & Equipment (0.74%)
                
Aaron Rents Inc
     36,150       691  
Dollar Thrifty Automotive Group (a)(b)
     29,626       723  
Electro Rent Corp
     19,800       279  
Mcgrath Rentcorp
     20,175       470  
 
              
 
             2,163  
 
              
 
                
Research & Development (0.24%)
                
Albany Molecular Research Inc (a)(b)
     49,011       527  
PharmaNet Development Group Inc (a)(b)
     4,100       167  
 
              
 
             694  
 
              
 
                
Resorts & Theme Parks (0.25%)
                
Bluegreen Corp (a)(b)
     33,200       283  
Great Wolf Resorts Inc (a)(b)
     16,000       132  
ILX Resorts Inc
     5,800       21  
Silverleaf Resorts Inc (a)
     19,929       77  
Six Flags Inc (a)(b)
     113,800       222  
 
              
 
             735  
 
              
 
                
Respiratory Products (0.02%)
                
Allied Healthcare Products (a)
     6,400       46  
Rotech Healthcare Inc (a)(b)
     5,900       2  
 
              
 
             48  
 
              
 
                
Retail — Apparel & Shoe (0.78%)
                
Brown Shoe Co Inc
     8,300       143  
Cache Inc (a)
     2,600       29  
Charming Shoppes Inc (a)(b)
     92,482       596  
Finish Line
     25,400       57  
Kenneth Cole Productions Inc
     4,305       75  
Phillips- Van Heusen Corp
     14,825       625  
Quiksilver Inc (a)
     21,900       209  
Stage Stores Inc
     36,050       431  
Syms Corp (b)
     6,300       74  
Wilsons The Leather Experts (a)
     28,200       20  
 
              
 
             2,259  
 
              
 
                
Retail — Arts & Crafts (0.03%)
                
AC Moore Arts & Crafts Inc (a)(b)
     6,248       75  
 
Retail — Auto Parts (0.33%)
                
Coast Distribution System/CA
     2,900       16  
PEP Boys-Manny Moe & Jack (b)
     86,700       947  
 
              
 
             963  
 
              
 
                
Retail — Automobile (1.10%)
                
America’s Car-Mart Inc (a)
     5,800       66  
Asbury Automotive Group Inc
     29,900       424  
Group 1 Automotive Inc (b)
     18,400       486  
Lithia Motors Inc
     18,052       276  
Penske Auto Group Inc (b)
     28,335       515  
Rush Enterprises Inc (a)
     13,350       210  
Rush Enterprises Inc (a)(b)
     27,300       458  
Sonic Automotive Inc
     38,776       777  
 
              
 
             3,212  
 
              
 
                
Retail — Bookstore (0.03%)
                
Books-A-Million Inc
     895       10  
Borders Group Inc
     7,400       83  
 
              
 
             93  
 
              
 
                
Retail — Computer Equipment (0.50%)
                
GTSI Corp (a)
     7,478       67  
Insight Enterprises Inc (a)
     55,159       952  
PC Connection Inc (a)(b)
     33,502       422  
 
              
 
             1,441  
 
              
 
                
Retail — Consumer Electronics (0.00%)
                
Rex Stores Corp (a)(b)
     400       7  
 
Retail — Discount (0.31%)
                
99 Cents Only Stores (a)(b)
     26,700       222  
Big Lots Inc (a)(b)
     16,271       282  
Duckwall-ALCO Stores Inc (a)
     6,600       150  
Fred’s Inc
     25,500       241  
 
              
 
             895  
 
              
 
                
Retail — Drug Store (0.01%)
                
Allion Healthcare Inc (a)
     5,800       35  

287

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
  Held   (000’s)  
COMMON STOCKS (continued)
                
Retail — Fabric Store (0.13%)
                
Jo-Ann Stores Inc (a)(b)
     30,697     $ 389  
 
                
Retail — Hair Salons (0.11%)
                
Regis Corp
     13,214       335  
 
                
Retail — Home Furnishings (0.22%)
                
Cost Plus Inc (a)(b)
     9,400       38  
Haverty Furniture Cos Inc (b)
     13,000       133  
Kirkland’s Inc (a)
     22,498       21  
Pier 1 Imports Inc (a)(b)
     67,200       460  
 
              
 
             652  
 
              
 
                
Retail — Jewelry (0.28%)
                
Finlay Enterprises Inc (a)(b)
     13,610       26  
Lazare Kaplan International Inc (a)(b)
     12,200       119  
Zale Corp (a)(b)
     40,600       666  
 
              
 
             811  
 
              
 
                
Retail — Leisure Products (0.21%)
                
MarineMax Inc (a)(b)
     21,700       336  
West Marine Inc (a)(b)
     30,940       264  
 
              
 
             600  
 
              
 
                
Retail — Mail Order (0.02%)
                
Sharper Image Corp (a)(b)
     15,696       35  
Sport Supply Group Inc (b)
     3,200       34  
 
              
 
             69  
 
              
 
                
Retail — Miscellaneous/Diversified (0.01%)
                
Hastings Entertainment Inc/United State (a)
     1,300       12  
Pricesmart Inc
     251       7  
 
              
 
             19  
 
              
 
                
Retail — Music Store (0.00%)
                
Trans World Entertainment (a)
     1,700       7  
 
                
Retail — Office Supplies (0.21%)
                
School Specialty Inc (a)(b)
     18,515       601  
 
                
Retail — Pawn Shops (0.17%)
                
First Cash Financial Services Inc (a)(b)
     48,350       484  
 
                
Retail — Regional Department Store (0.02%)
                
Gottschalks Inc (a)
     17,026       44  
 
                
Retail — Restaurants (1.09%)
                
AFC Enterprises (a)(b)
     40,100       372  
Bob Evans Farms Inc
     44,729       1,330  
Buca Inc (a)
     15,756       13  
Frisch’s Restaurants Inc
     800       16  
J Alexander’s Corp
     5,300       47  
Landry’s Restaurants Inc (b)
     4,900       101  
Luby’s Inc (a)
     21,400       203  
Morton’s Restaurant Group Inc (a)(b)
     4,000       29  
O’Charleys Inc
     19,900       276  
Steak N Shake Co/The (a)(b)
     19,600       171  
Triarc Cos Inc
     67,400       627  
 
              
 
             3,185  
 
              
 
                
Retail — Sporting Goods (0.04%)
                
Gander Mountain Co (a)(b)
     13,600       66  
Golfsmith International Holdings Inc (a)
     534       2  
Sport Chalet Inc (a)
     5,700       30  
Sport Chalet Inc (a)
     800       4  
 
              
 
             102  
 
              
 
                
Retail — Video Rental (0.13%)
                
Blockbuster Inc (a)(b)
     92,725       289  
Blockbuster Inc (a)
     34,700       96  
 
              
 
             385  
 
              
 
                
Retirement & Aged Care (0.01%)
                
Capital Senior Living Corp (a)(b)
     2,949       23  
 
                
Rubber — Tires (0.44%)
                
Cooper Tire & Rubber Co
     75,398       1,287  
 
                
Satellite Telecommunications (0.09%)
                
Loral Space & Communications Inc (a)(b)
     10,400       276  
 
                
Savings & Loans — Thrifts (3.46%)
                
Abington Bancorp Inc
     6,810       64  
Ameriana Bancorp
     3,000       26  
American Bancorp of New Jersey
     10,792       111  
Anchor Bancorp Wisconsin Inc
     3,800       95  
BankAtlantic Bancorp Inc
     28,700       162  
BankFinancial Corp
     8,577       138  
BankUnited Financial Corp (b)
     29,948       178  
Benjamin Franklin Bancorp Inc
     1,800       24  
Berkshire Hills Bancorp Inc
     6,800       162  
BofI Holding Inc (a)
     1,600       11  
Brookline Bancorp Inc
     62,200       650  
Camco Financial Corp
     9,800       100  
CFS Bancorp Inc
     14,117       202  
Citizens Community Bancorp Inc/WI
     2,400       21  
Citizens First Bancorp Inc
     6,200       70  
Citizens South Banking Corp
     12,700       135  
Cooperative Bankshares Inc
     250       3  
Dime Community Bancshares
     18,700       281  
First Defiance Financial Corp
     7,600       160  
First Federal Bancshares of Arkansas In
     500       7  
First Keystone Financial Inc (a)
     100       1  
First Niagara Financial Group Inc
     91,800       1,168  
First Pactrust Bancorp Inc
     200       3  
First Place Financial Corp/OH
     21,794       342  
FirstFed Financial Corp (a)(b)
     3,900       164  

288

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
  Held   (000’s)  
COMMON STOCKS (continued)
                
Savings & Loans — Thrifts (continued)
                
Flagstar Bancorp Inc (b)
     47,100     $ 389  
Flushing Financial Corp
     17,736       284  
Franklin Bank Corp/Houston TX (a)(b)
     15,677       92  
Great Lakes Bancorp Inc (a)(b)
     11,580       154  
HF Financial Corp
     7,260       115  
HMN Financial Inc
     200       5  
KNBT Bancorp Inc
     28,600       523  
Legacy Bancorp Inc/MA
     7,400       101  
LSB Corp
     5,300       86  
MASSBANK Corp
     1,367       50  
Meta Financial Group Inc
     3,600       112  
MFB Corp
     600       21  
New Hampshire Thrift Bancshares Inc
     1,000       12  
NewAlliance Bancshares Inc (b)
     65,200       802  
Northeast Community Bancorp Inc
     2,900       34  
Pacific Premier Bancorp Inc (a)
     10,200       70  
Parkvale Financial Corp
     3,700       99  
Provident Financial Holdings Inc
     5,800       93  
Provident Financial Services Inc (b)
     79,900       1,099  
Provident New York Bancorp (b)
     34,990       483  
Rainier Pacific Financial Group Inc
     4,800       67  
Riverview Bancorp Inc
     15,000       179  
Rome Bancorp Inc
     6,900       80  
TF Financial Corp
     1,300       30  
TierOne Corp
     1,791       36  
Timberland Bancorp Inc/WA
     17,220       222  
United Community Financial Corp/OH
     25,960       162  
United Financial Bancorp Inc (a)
     2,289       25  
United Western Bancorp Inc
     2,500       48  
Washington Federal Inc
     8,600       210  
Willow Financial Bancorp Inc
     12,530       109  
 
              
 
             10,070  
 
              
 
                
Semiconductor Component — Integrated Circuits (0.48%)
                
Catalyst Semiconductor Inc (a)
     14,400       61  
Exar Corp (a)(b)
     32,246       265  
Hifn Inc (a)(b)
     15,900       90  
Pericom Semiconductor Corp (a)
     26,920       365  
Sigmatel Inc (a)
     12,900       22  
TriQuint Semiconductor Inc (a)
     127,470       604  
 
              
 
             1,407  
 
              
 
                
Semiconductor Equipment (2.37%)
                
Aetrium Inc (a)
     1,400       7  
ATMI Inc (a)(b)
     16,575       436  
Aviza Technology Inc (a)
     4,400       6  
Axcelis Technologies Inc (a)(b)
     84,476       337  
Brooks Automation Inc (a)
     105,736       1,300  
Cascade Microtech Inc (a)
     289       2  
Cohu Inc
     18,600       278  
Credence Systems Corp (a)
     157,109       206  
Electroglas Inc (a)
     33,359       61  
Entegris Inc (a)
     168,951       1,301  
FSI International Inc (a)
     25,214       45  
inTEST Corp (a)
     7,190       15  
MKS Instruments Inc (a)
     71,616       1,332  
Nanometrics Inc (a)
     22,700       137  
Photronics Inc (a)(b)
     29,900       364  
Rudolph Technologies Inc (a)(b)
     24,185       248  
Ultra Clean Holdings (a)(b)
     34,025       333  
Varian Semiconductor Equipment Associates Inc (a)
     15,250       491  
 
              
 
             6,899  
 
              
 
                
Shipbuilding (0.04%)
                
Todd Shipyards Corp
     6,200       110  
 
                
Software Tools (0.07%)
                
Borland Software Corp (a)(b)
     84,326       211  
 
                
Steel — Producers (0.37%)
                
Friedman Industries
     3,100       18  
Olympic Steel Inc (b)
     4,200       142  
Schnitzer Steel Industries Inc (b)
     13,600       771  
Shiloh Industries Inc (a)
     20,153       160  
 
              
 
             1,091  
 
              
 
                
Steel — Specialty (0.02%)
                
Material Sciences Corp (a)
     11,100       72  
 
                
Steel Pipe & Tube (0.15%)
                
Mueller Water Products Inc
     30,900       265  
Northwest Pipe Co (a) 
     3,797       157  
 
              
 
             422  
 
              
Storage & Warehousing (0.07%)
              
Mobile Mini Inc (a)(b)
     12,700       193  
 
                
Sugar (0.08%)
                
Imperial Sugar Co (b)
     10,663       234  
 
                
Telecommunication Equipment (0.54%)
                
Anaren Inc (a)(b)
     6,180       84  
Applied Signal Technology Inc
     4,400       59  
Channell Commercial Corp (a)
     1,300       2  
CommScope Inc (a)(b)
     14,425       640  
Communications Systems Inc
     7,600       81  
Ditech Networks Inc (a)(b)
     28,500       89  
Preformed Line Products Co (b)
     1,750       91  
Symmetricom Inc (a)(b)
     36,500       159  
Tollgrade Communications Inc (a)
     21,400       130  
Utstarcom Inc (a)(b)
     34,100       94  
Westell Technologies Inc (a)
     42,000       76  

289

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
  Held   (000’s)  
COMMON STOCKS (continued)
                
Telecommunication Equipment (continued)
                
Wireless Telecom Group Inc (a)
     20,000     $ 35  
XETA Technologies Inc (a)
     8,425       36  
 
              
 
             1,576  
 
              
 
                
Telecommunication Equipment — Fiber Optics (0.56%)
                
Clearfield Inc (a)
     2,500       3  
MRV Communications Inc (a)
     13,600       24  
Oplink Communications Inc (a)
     7,466       95  
Optical Cable Corp (a)
     6,217       25  
Sycamore Networks Inc (a)
     442,237       1,495  
 
              
 
             1,642  
 
              
 
                
Telecommunication Services (0.09%)
                
Harris Stratex Networks Inc (a)
     9,614       105  
LCC International Inc (a)
     34,649       68  
RCN Corp (b)
     8,843       103  
 
              
 
             276  
 
              
 
                
Telephone — Integrated (0.50%)
                
D&E Communications Inc
     12,107       135  
IDT Corp
     3,300       21  
IDT Corp (b)
     140,500       975  
Level 3 Communications Inc (a)(b)
     157       1  
SureWest Communications (b)
     21,136       327  
 
              
 
             1,459  
 
              
 
                
Television (0.18%)
                
Acme Communications Inc
     13,378       40  
Lin TV Corp (a)
     36,318       474  
 
              
 
             514  
 
              
 
                
Textile — Apparel (0.16%)
                
Perry Ellis International Inc (a)(b)
     20,499       360  
Talon International Inc (a)
     1,800       1  
Unifi Inc (a)
     49,000       115  
 
              
 
             476  
 
              
 
                
Textile — Home Furnishings (0.00%)
                
Decorator Industries Inc
     1,300       5  
Quaker Fabric Corp (a)(b)
     11,600       —  
 
              
 
             5  
 
              
 
                
Textile — Products (0.05%)
                
Culp Inc (a)
     9,174       63  
Dixie Group Inc (a)(b)
     9,400       78  
 
              
 
             141  
 
              
 
                
Theaters (0.02%)
                
Carmike Cinemas Inc (b)
     10,500       63  
 
                
Therapeutics (0.14%)
                
Neurocrine Biosciences Inc (a)(b)
     31,500       170  
Pharmacyclics Inc (a)(b)
     3,500       3  
Renovis Inc (a)
     15,370       40  
Theragenics Corp (a)
     46,600       181  
Threshold Pharmaceuticals Inc (a)
     484       —  
 
              
 
             394  
 
              
 
                
Tobacco (0.58%)
                
Universal Corp/Richmond VA
     33,784       1,683  
 
                
Tools — Hand Held (0.00%)
                
QEP Co Inc (a)(b)
     400       4  
 
                
Toys (0.31%)
                
Jakks Pacific Inc (a)(b)
     38,204       900  
 
                
Transport — Air Freight (0.00%)
                
AirNet Systems Inc (a)
     1,300       2  
 
                
Transport — Equipment & Leasing (0.42%)
                
Amerco Inc (a)(b)
     7,200       500  
GATX Corp
     12,500       470  
Greenbrier Cos Inc
     8,800       171  
Willis Lease Finance Corp (a)
     5,400       74  
 
              
 
             1,215  
 
              
 
                
Transport — Marine (0.06%)
                
International Shipholding Corp (a)
     7,649       162  
 
                
Transport — Rail (0.02%)
                
Providence and Worcester Railroad Co
     3,600       67  
 
                
Transport — Services (0.61%)
                
Bristow Group Inc (a)(b)
     29,481       1,484  
PHI Inc (a)(b)
     9,400       292  
 
              
 
             1,776  
 
              
 
                
Transport — Truck (1.14%)
                
Arkansas Best Corp (b)
     17,600       542  
Covenant Transportation Group Inc (a)
     600       5  
Forward Air Corp
     18,100       561  
Frozen Food Express Industries
     26,000       148  
Marten Transport Ltd (a)
     17,850       304  
PAM Transportation Services (a)(b)
     24,385       378  
Saia Inc (a)(b)
     6,489       91  
USA Truck Inc (a)
     2,693       34  
Werner Enterprises Inc
     61,000       1,243  
 
              
 
             3,306  
 
              
 
                
Vitamins & Nutrition Products (0.04%)
                
Natural Alternatives International Inc (a)
     3,300       28  
Natural Health Trends Corp (a)(b)
     4,700       3  
Nutraceutical International Corp (a)
     2,100       26  
Omega Protein Corp (a)
     6,000       51  
 
              
 
             108  
 
              
 
                
Water (0.31%)
                
Connecticut Water Service Inc
     6,472       155  

290

 

Schedule of Investments
Partners SmallCap Value Fund II
January 31, 2008 (unaudited)
                 
    Shares     Value  
  Held   (000’s)  
 
COMMON STOCKS (continued)
                
Water (continued)
                
Middlesex Water Co
     2,141     $ 40  
Pico Holdings Inc (a)(b)
     21,700       718  
 
              
 
             913  
 
              
 
                
Web Hosting & Design (0.02%)
                
Website Pros Inc (a)
     6,353       62  
 
                
Wire & Cable Products (0.28%)
                
Encore Wire Corp
     5,300       88  
General Cable Corp (a)(b)
     11,675       677  
Superior Essex Inc (a)
     1,900       46  
 
              
 
             811  
 
              
 
                
Wireless Equipment (0.32%)
                
CalAmp Corp (a)
     31,303       91  
Carrier Access Corp (a)
     13,800       35  
EFJ Inc (a)
     13,300       22  
EMS Technologies Inc (a)
     9,000       247  
EndWave Corp (a)(b)
     9,500       68  
Powerwave Technologies Inc (a)(b)
     67,785       258  
Relm Wireless Corp
     900       2  
RF Micro Devices Inc (a)(b)
     49,700       161  
Telular Corp (a)
     8,541       35  
WPCS International Inc (a)(b)
     1,685       14  
 
              
 
             933  
 
                
 
TOTAL COMMON STOCKS
           $ 289,994  
   
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
   
SHORT TERM INVESTMENTS (10.89%)
                
Money Market Funds (10.89%)
                
BNY Institutional Cash Reserve Fund (e)
   $ 31,703     $ 31,703  
   
TOTAL SHORT TERM INVESTMENTS
           $ 31,703  
   
REPURCHASE AGREEMENTS (11.29%)
                
Finance — Investment Banker & Broker (6.61%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $19,411,000; 0.00% -6.38%; dated 05/16/08 - 01/11/27) (e)
   $ 19,266     $ 19,264  
 
                
Money Center Banks (4.68%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $13,734,000; 0.00% -6.63%; dated 03/14/08 - 05/15/30) (e)
     13,627       13,626  
   
TOTAL REPURCHASE AGREEMENTS
           $ 32,890  
   
Total Investments
           $ 354,587  
Liabilities in Excess of Other Assets, Net - - (21.76)%
             (63,363 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 291,224  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the
value of these securities totaled $5 or 0.00% of net assets.
 
(d)   Security is Illiquid
 
(e)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 26,647  
 
Unrealized Depreciation
     (66,699 )
 
      
Net Unrealized Appreciation (Depreciation)
     (40,052 )
Cost for federal income tax purposes
     394,639  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
Financial
     47.87 %
Consumer, Cyclical
     14.83 %
Industrial
     13.85 %
Consumer, Non-cyclical
     12.99 %
Technology
     8.84 %
Communications
     8.09 %
Energy
     7.46 %
Basic Materials
     5.41 %
Utilities
     1.77 %
Exchange Traded Funds
     0.60 %
Diversified
     0.05 %
Liabilities in Excess of Other Assets, Net
     (21.76 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

291

 

Schedule of Investments
Preferred Securities Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
  Held   (000’s)  
COMMON STOCKS (0.93%)
                
Publicly Traded Investment Fund (0.93%)
                
BlackRock Preferred and Corporate Income Strategies (a)
     37,200     $ 641  
BlackRock Preferred Income Strategies Fund (a)
     243,000       4,236  
Blackrock Preferred Opportunity Trust (a)
     121,600       2,383  
Flaherty & Crumrine/Claymore Preferred (a)
     150,900       2,692  
Flaherty & Crumrine/Claymore Total Return (a)
     122,000       2,192  
 
              
 
             12,144  
 
                
   
TOTAL COMMON STOCKS
           $ 12,144  
   
 
                
PREFERRED STOCKS (69.48%)
                
Cable TV (1.13%)
                
Comcast Corp 6.63%
     121,340       2,808  
Comcast Corp 7.00%
     211,300       5,130  
Comcast Corp 7.00%
     280,945       6,799  
 
              
 
             14,737  
 
              
 
                
Cellular Telecommunications (0.06%)
                
US Cellular Corp
     31,900       798  
 
                
Commercial Banks (6.07%)
                
ASBC Capital I
     97,301       2,399  
BancorpSouth Capital Trust I
     51,900       1,300  
Banesto Holdings (b)
     11,700       370  
Barclays Bank PLC 6.63% (a)(c)
     74,500       1,846  
Barclays Bank PLC 7.10%
     920,800       23,269  
Barclays Bank PLC 7.75% (a)
     74,300       1,956  
Citizens Funding Trust I
     137,200       2,839  
HSBC Holdings PLC
     299,600       7,160  
M&T Capital Trust IV (a)
     279,000       7,282  
Provident Financial Group Inc
     48,300       1,245  
Royal Bank of Scotland Group PLC 6.35%; Series N (c)
     224,932       5,398  
Royal Bank of Scotland Group PLC 6.40%; Series M
     47,800       1,153  
Royal Bank of Scotland Group PLC 7.25%; Series T
     341,000       8,696  
Royal Bank of Scotland Group PLC — Series L
     182,673       4,055  
Royal Bank of Scotland Group PLC — Series P (c)
     26,500       632  
Royal Bank of Scotland Group PLC — Series Q (c)
     186,539       4,626  
Royal Bank of Scotland Group PLC — Series R
     71,100       1,672  
Royal Bank of Scotland Group PLC — Series S
     134,000       3,304  
VNB Capital Trust I
     4,900       123  
Zions Capital Trust B
     3,300       84  
 
              
 
             79,409  
 
              
 
                
Diversified Financial Services (2.58%)
                
Citigroup Capital IX
     74,300       1,642  
Citigroup Capital VII
     60,100       1,494  
Citigroup Capital VIII
     209,130       5,046  
Citigroup Capital X
     109,600       2,430  
Citigroup Capital XI
     111,600       2,456  
Citigroup Capital XIV
     2,000       50  
Citigroup Capital XVI
     84,300       1,952  
Citigroup Capital XX (a)
     236,400       6,274  
General Electric Capital Corp 5.88%
     52,798       1,299  
General Electric Capital Corp 6.00%
     311,200       7,811  
General Electric Capital Corp 6.05%
     100,000       2,572  
General Electric Capital Corp 6.10%
     9,600       241  
General Electric Capital Corp 6.63%
     4,000       101  
Harris Preferred Capital Corp
     17,700       442  
 
              
 
             33,810  
 
              
 
                
Electric — Integrated (4.58%)
                
Alabama Power Co — Series 2007B
     217,222       5,398  
Alabama Power Co — Series II (c)
     369,600       9,247  
Alabama Power Co — Series JJ
     12,000       314  
Dte Energy Trust I
     18,800       472  
Entergy Louisiana LLC
     57,400       1,445  
Entergy Mississippi Inc 6.00%
     5,800       145  
Entergy Mississippi Inc 7.25%
     63,500       1,603  
FPL Group Capital Inc 6.60% (c)
     83,500       2,110  
FPL Group Capital Inc 7.45%
     5,000       131  
FPL Group Capital Trust
     2,100       50  
Georgia Power Capital Trust VII
     107,700       2,567  
Georgia Power Co 5.70%
     10,900       272  
Georgia Power Co 5.75%
     12,900       316  
Georgia Power Co 5.90% (c)
     63,000       1,556  
Georgia Power Co 6.00%
     6,100       153  
Gulf Power Co
     8,000       194  
Mississippi Power Co
     22,100       548  
PPL Capital Funding Inc
     291,400       7,212  
PPL Energy Supply LLC
     165,100       4,215  
Virginia Power Capital Trust II
     16,800       424  
Xcel Energy Inc
     852,789       21,618  
 
              
 
             59,990  
 
              
Fiduciary Banks (0.18%)
                
BNY Capital V
     100,300       2,334  
 
                
Finance — Consumer Loans (0.27%)
                
HSBC Finance Corp 6.88%
     145,669       3,554  
 
                
Finance — Credit Card (0.20%)
                
Capital One Capital II
     111,700       2,658  
 
                
Finance — Investment Banker & Broker (4.16%)
                
Bear Stearns Capital Trust III
     3,000       75  
Citigroup Inc (a)
     800,000       20,976  
JP Morgan Chase Capital XI
     44,300       1,015  
JP Morgan Chase Capital XII
     24,100       574  

292

 

Schedule of Investments
Preferred Securities Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
PREFERRED STOCKS (continued)
                
Finance — Investment Banker & Broker (continued)
                
JP Morgan Chase Capital XIV
     22,700     $ 542  
Lehman Brothers Holdings Capital Trust 6.00%
     2,400       55  
Lehman Brothers Holdings Capital Trust 6.24%
     47,657       1,107  
Lehman Brothers Holdings Capital Trust III
     133,228       3,091  
Lehman Brothers Holdings Capital Trust Series L
     124,900       2,963  
Lehman Brothers Holdings Inc
     58,500       1,390  
Merrill Lynch Capital Trust III 7.00%
     81,100       1,988  
Merrill Lynch Capital Trust III 7.375% (c)
     13,700       351  
Merrill Lynch Preferred Capital Trust I
     83,200       2,059  
Merrill Lynch Preferred Capital Trust V
     134,294       3,336  
Morgan Stanley Capital Trust III
     44,800       1,017  
Morgan Stanley Capital Trust IV
     46,700       1,039  
Morgan Stanley Capital Trust V
     162,950       3,443  
Morgan Stanley Capital Trust VI
     283,630       6,736  
Morgan Stanley Capital Trust VII
     115,500       2,740  
 
              
 
             54,497  
 
              
 
                
Finance —Mortgage Loan/Banker (0.75%)
                
Countrywide Capital V (c)
     392,717       6,708  
 
                
Countrywide Financial Corp
     181,918       3,092  
 
              
 
             9,800  
 
              
 
                
Finance — Other Services (0.75%)
                
ABN AMRO Capital Funding Trust V
     151,900       3,362  
ABN AMRO Capital Funding Trust VII
     244,600       5,569  
National Rural Utilities Cooperative Finance Corp 5.95%
     10,600       249  
National Rural Utilities Cooperative Finance Corp 6.10%
     15,000       352  
National Rural Utilities Cooperative Finance Corp 6.75%
     12,500       312  
 
              
 
             9,844  
 
              
 
                
Financial Guarantee Insurance (0.68%)
                
AMBAC Financial Group Inc 5.88% (c)
     55,500       776  
AMBAC Financial Group Inc 5.95%
     63,100       890  
Financial Security Assurance Holdings Ltd 5.60%
     66,900       1,329  
Financial Security Assurance Holdings Ltd 6.25%
     249,825       5,541  
Financial Security Assurance Holdings Ltd 6.875%
     16,400       393  
 
              
 
             8,929  
 
              
Investment Companies (0.33%)
                
Allied Capital Corp
     209,308       4,354  
 
                
Investment Management & Advisory Services (1.98%)
                
Deutsche Bank Contingent Capital Trust
     1,061,400       25,962  
 
                
Life & Health Insurance (3.15%)
                
Delphi Financial Group Inc 7.375%
     473,900       10,525  
Delphi Financial Group Inc 8.00%
     52,900       1,228  
Lincoln National Capital VI
     123,637       3,032  
Lincoln National Corp
     1,500       37  
PLC Capital Trust III
     11,000       271  
PLC Capital Trust IV
     41,400       1,002  
PLC Capital Trust V
     107,100       2,315  
Protective Life Corp
     560,300       14,002  
Prudential PLC 6.50%
     183,917       4,497  
Prudential PLC 6.75%
     158,492       3,908  
Torchmark Capital Trust III
     18,000       450  
 
              
 
             41,267  
 
              
 
                
Money Center Banks (2.97%)
                
Fleet Capital Trust IX (c)
     27,400       621  
JPMChase Capital XVI
     188,100       4,592  
Santander Finance Preferred SA Unipersonal 6.41% (c)
     57,018       1,347  
Santander Finance Preferred SA Unipersonal 6.50%
     930,290       20,746  
Santander Finance Preferred SA Unipersonal 6.80% (a)
     493,704       11,528  
 
              
 
             38,834  
 
              
 
                
Multi—Line Insurance (6.16%)
                
ACE Ltd (c)
     316,650       7,923  
Aegon NV 6.375%
     458,565       10,928  
Aegon NV 6.50%
     37,500       894  
Aegon NV 6.875% (c)
     36,800       907  
Aegon NV 7.25%
     100,800       2,530  
Aegon NV — Series 1
     67,500       1,351  
American International Group Inc 6.45% (c)
     103,300       2,459  
American International Group Inc 7.70% (a)
     793,300       20,586  
ING Groep NV 6.13%
     57,800       1,363  
ING Groep NV 6.20% (c)
     20,400       486  
ING Groep NV 6.375%
     406,900       9,635  
ING Groep NV 7.05%
     210,038       5,182  
ING Groep NV 7.20%
     57,600       1,431  
ING Groep NV 7.375%
     574,600       14,733  
MetLife Inc 6.50%
     10,000       245  
 
              
 
             80,653  
 
              
 
                
Multimedia (0.50%)
                
Viacom Inc
     270,000       6,534  
 
                
Oil Company — Exploration & Production (0.35%)
                
Nexen Inc
     184,060       4,629  
 
                
Property & Casualty Insurance (2.00%)
                
Arch Capital Group Ltd 7.88%
     48,300       1,208  
Arch Capital Group Ltd 8.00%
     215,000       5,493  
Berkley W R Capital Trust
     638,925       15,334  

293

 

Schedule of Investments
Preferred Securities Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
   
PREFERRED STOCKS (continued)
                
Property & Casualty Insurance (continued)
                
Markel Corp
     164,400     $ 4,133  
 
              
 
             26,168  
 
              
 
                
Regional Banks (8.46%)
                
BAC Capital Trust I (c)
     51,000       1,270  
BAC Capital Trust II
     100,000       2,472  
BAC Capital Trust III
     10,200       258  
BAC Capital Trust IV
     10,400       230  
BAC Capital Trust V
     46,600       1,060  
BAC Capital Trust VIII
     57,400       1,330  
BAC Capital Trust X (c)
     281,000       6,941  
BAC Capital Trust XII
     210,500       5,307  
Bank One Capital VI
     47,500       1,192  
Fifth Third Capital Trust V (c)
     11,800       297  
Fifth Third Capital Trust VI
     317,100       7,877  
Fleet Capital Trust VIII
     16,600       415  
KeyCorp Capital IX
     71,000       1,605  
Keycorp Capital V
     18,500       403  
Keycorp Capital VI
     3,600       79  
KeyCorp Capital VIII
     281,200       6,721  
National City Capital Trust II
     456,600       9,429  
PNC Capital Trust D
     130,800       3,007  
Union Planter Preferred Funding Corp (b)
     10       1,151  
USB Capital IV (a)
     2,000       48  
USB Capital VI
     105,600       2,317  
USB Capital VII
     82,500       1,840  
USB Capital X
     4,400       108  
USB Capital XI
     141,692       3,495  
Wachovia Capital Trust IV
     33,900       797  
Wachovia Capital Trust IX (c)
     513,900       12,174  
Wachovia Capital Trust X (a)(c)
     90,600       2,379  
Wachovia Corp 7.25%
     366,200       9,276  
Wachovia Corp 8.00% (a)
     623,300       16,436  
Wells Fargo Capital IV
     97,600       2,446  
Wells Fargo Capital IX
     134,100       2,927  
Wells Fargo Capital VII
     155,600       3,563  
Wells Fargo Capital VIII
     28,400       634  
Wells Fargo Capital XI
     55,800       1,341  
 
              
 
             110,825  
 
              
 
                
Reinsurance (1.86%)
                
Everest Re Capital Trust
     190,219       4,206  
PartnerRe Ltd 6.50%
     168,366       4,083  
PartnerRe Ltd 6.75% (c)
     128,300       3,137  
RenaissanceRe Holdings Ltd — Series B
     42,800       1,027  
RenaissanceRe Holdings Ltd — Series C
     155,535       3,282  
RenaissanceRe Holdings Ltd — Series D
     379,600       8,586  
 
              
 
             24,321  
 
              
 
                
REITS — Apartments (0.40%)
                
AvalonBay Communities Inc
     17,200       453  
BRE Properties Inc — Series C
     201,177       4,325  
BRE Properties Inc — Series D
     12,876       277  
UDR Inc
     11,100       234  
 
              
 
             5,289  
 
              
 
                
REITS — Diversified (3.09%)
                
Duke Realty Corp 6.50%
     257,200       5,633  
Duke Realty Corp 6.60%
     47,600       1,059  
Duke Realty Corp 6.95%
     369,911       8,767  
Duke Realty Corp 7.25%
     139,132       3,381  
PS Business Parks Inc — Series H
     119,200       2,598  
PS Business Parks Inc — Series I
     159,400       3,384  
PS Business Parks Inc — Series K
     118,600       2,876  
PS Business Parks Inc — Series L
     2,400       55  
PS Business Parks Inc — Series M
     15,700       355  
PS Business Parks Inc — Series O
     13,900       315  
PS Business Parks Inc — Series P
     485,600       10,028  
Vornado Realty Trust — Series F (c)
     25,448       574  
Vornado Realty Trust — Series H
     21,300       480  
Vornado Realty Trust — Series I (c)
     41,600       930  
 
              
 
             40,435  
 
              
 
                
REITS — Office Property (1.31%)
                
HRPT Properties Trust — Series B
     52,051       1,297  
HRPT Properties Trust — Series C
     703,100       15,820  
 
              
 
             17,117  
 
              
 
                
REITS — Shopping Centers (3.97%)
                
Developers Diversified Realty Corp 7.38%
     21,100       489  
Developers Diversified Realty Corp 7.50%
     22,500       531  
Developers Diversified Realty Corp 8.00%
     134,100       3,299  
Kimco Realty Corp
     782,900       19,455  
Regency Centers Corp 6.70%
     274,600       6,137  
Regency Centers Corp 7.25% (a)
     238,800       5,600  
Regency Centers Corp 7.45% (a)
     223,000       5,330  
Weingarten Realty Investors 6.50% (c)
     271,800       6,240  
Weingarten Realty Investors 6.95%
     200,800       4,829  
 
              
 
             51,910  
 
              
 
                
REITS — Single Tenant (0.84%)
                
Realty Income Corp — Series D
     495,093       10,719  
Realty Income Corp — Series E (c)
     13,300       318  
 
              
 
             11,037  
 
              
 
                
REITS — Storage (3.00%)
                
Public Storage Inc 6.18%; Series D
     22,200       484  
Public Storage Inc 6.25%; Series Z
     14,700       318  
Public Storage Inc 6.45%; Series X
     77,600       1,757  
Public Storage Inc 6.45%
     382,000       8,484  
Public Storage Inc 6.50%; Series W
     21,800       497  
Public Storage Inc 6.60%; Series C
     90,100       2,053  
Public Storage Inc 6.63% (c)
     290,200       6,602  

294

 

Schedule of Investments
Preferred Securities Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
   
PREFERRED STOCKS (continued)
                
REITS — Storage (continued)
                
Public Storage Inc 6.75%; Series E
     22,028     $ 508  
Public Storage Inc 6.75%; Series L
     89,100       2,066  
Public Storage Inc 6.85%; Series Y
     98,900       2,176  
Public Storage Inc 6.95%
     21,500       509  
Public Storage Inc 7.00%; Series G
     6,000       145  
Public Storage Inc 7.00%
     53,700       1,278  
Public Storage Inc 7.13%; Series B
     3,200       80  
Public Storage Inc 7.25%; Series K
     355,933       8,745  
Public Storage Inc 7.25%
     106,100       2,600  
Public Storage Inc 7.63%; Series T (c)
     38,100       954  
 
              
 
             39,256  
 
              
 
                
REITS — Warehouse & Industrial (1.19%)
                
AMB Property Corp — Series L
     142,200       3,140  
AMB Property Corp — Series M
     52,800       1,204  
AMB Property Corp — Series O
     19,100       443  
AMB Property Corp — Series P
   196,400       4,441  
First Industrial Realty Trust Inc — Series J
     171,100       3,840  
First Industrial Realty Trust Inc — Series K
     12,100       272  
Prologis — Series F
     1,300       31  
Prologis — Series G (c)
     93,600       2,232  
 
              
 
             15,603  
 
              
 
                
Sovereign Agency (3.07%)
                
Fannie Mae — Series O
     109,000       5,402  
Fannie Mae — Series Q
     150,600       3,727  
Fannie Mae — Series S
     161,500       4,267  
Freddie Mac 5.57%
     527,200       11,098  
Freddie Mac 5.66%
     214,600       4,655  
Freddie Mac 5.79%; Series K
     100,000       4,352  
Freddie Mac 5.81%; Series O
     5,000       210  
Freddie Mac 6.55%; Series Y
     97,100       2,373  
Freddie Mac 8.38%
     127,000       3,410  
Tennessee Valley Authority — Series D
     30,500       757  
 
              
 
             40,251  
 
              
 
                
Special Purpose Entity (2.02%)
                
Citigroup Capital XVII
     108,000       2,474  
Corporate-Backed Trust Certificates 6.00%; Series GS
     55,300       1,247  
Corporate-Backed Trust Certificates 6.00%
     5,900       131  
Corporate-Backed Trust Certificates 6.30%
     3,200       76  
Corporate-Backed Trust Certificates — Series BMY
     14,100       318  
Corporate-Backed Trust Certificates — Series VZ
     22,800       579  
CORTS Trust for AIG
     4,400       97  
CORTS Trust for Aon Capital
     1,000       25  
CORTS Trust for Bellsouth Telecommunication
     29,600       651  
CORTS Trust for Bristol Meyers Squibb
     14,500       357  
CORTS Trust for First Union Institutional Capital I
     41,000       1,075  
CORTS Trust for General Electric Capital
     12,200       302  
CORTS Trust for Goldman Sachs Capital I
     28,100       632  
CORTS Trust for IBM — Series IV
     700       18  
CORTS Trust for SunAmerica
     11,900       286  
CORTS Trust II for Goldman Sachs Capital I
     12,700       286  
CORTS Trust III for Verizon Global Fund
     1,300       33  
CORTS Trust VI for IBM Debentures
     3,100       78  
CORTS-IBM
     2,000       46  
Deutsche Bank Capital Funding Trust IX
     41,200       1,021  
Deutsche Bank Capital Funding Trust VII (c)
     19,200       460  
Merrill Lynch Capital Trust I (c)
     271,900       6,428  
Merrill Lynch Capital Trust II
     37,100       856  
National City Capital Trust IV (c)
     153,000       3,823  
PreferredPlus TR-CCR1 5.75%
     10,200       224  
PreferredPlus TR-CCR1 6.00%
     26,200       583  
PreferredPlus TR-CCR1 — Series GSC3
     34,100       759  
PreferredPlus TR-CCR1 — Series GSG1
     9,900       226  
SATURNS 5.75%
     24,600       546  
SATURNS 6.00%; Series GS (a)
     3,300       75  
SATURNS 6.00%
     28,600       646  
SATURNS — Series AIG
     10,200       222  
SATURNS — Series CSFB
     11,300       270  
SATURNS — Series GS 5.63%
     12,400       267  
SATURNS — Series GS 6.00%
     33,000       744  
Structured Repackaged Asset-Backed Trust
     6,000       90  
Trust Certificates Series 2001-2
     19,410       485  
 
              
 
             26,436  
 
              
 
                
Telecommunication Services (0.42%)
                
Centaur Funding Corp (b)
     5,000       5,508  
 
                
Telephone — Integrated (0.01%)
                
AT&T Inc
     6,500       162  
 
                
Television (0.99%)
                
CBS Corp 6.75%
     410,000       9,663  
CBS Corp 7.25%
     137,200       3,341  
 
              
 
             13,004  
 
              
   
TOTAL PREFERRED STOCKS
           $ 909,915  
   
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
   
BOND (24.65%)
                
 
Commercial Banks (7.00%)
                
 
Banponce Trust I
8.33%, 2/1/2027
   $ 1,000       1,012  
Barclays, Bank PLC
8.55%, 9/29/2049 (b)
   3,900       4,223  

295

 

Schedule of Investments
Preferred Securities Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
   
BONDS (continued)
                
Commercial Banks (continued)
                
BNP Paribas
                
5.19%, 6/29/2049 (b)(d)
   $ 3,000     $ 2,724  
7.20%, 6/29/2049 (b)
     2,000       1,927  
BOI Capital Funding No. 3
                
6.11%, 2/4/2016 (b)(d)
     5,000       4,306  
Caisse Nationale des Caisses
                
6.75%, 1/27/2049
     1,500       1,414  
CBA Capital Trust I
                
5.81%, 12/31/2049 (b)
     7,000       6,705  
CBG Florida REIT Corp
                
7.11%, 5/29/2049 (b)(d)
     4,000       3,804  
Centura Capital Trust I
                
8.85%, 6/1/2027 (b)
     3,000       3,133  
Credit Agricole SA/London
                
6.64%, 5/31/2049 (b)(d)
     11,500       10,459  
First Empire Capital Trust I
                
8.23%, 2/1/2027
     2,000       2,082  
First Empire Capital Trust II
                
8.28%, 6/1/2027
     2,000       2,088  
First Hawaiian Capital I
                
8.34%, 7/1/2027
     5,000       5,209  
First Midwest Capital Trust I
                
6.95%, 12/1/2033
     1,000       921  
HBOS PLC
                
6.41%, 10/1/2035 (b)(d)
     4,700       3,764  
North Fork Capital Trust II
                
8.00%, 12/15/2027
     3,450       2,992  
Northgroup Preferred Capital Corp
                
6.38%, 12/29/2049 (b)(d)
     10,000       9,334  
Popular North America Capital Trust I
                
6.56%, 9/15/2034
     1,000       852  
Royal Bank of Scotland Group PLC
                
7.64%, 3/31/2049 (d)(e)
     6,000       6,145  
7.65%, 8/29/2049 (d)
     1,200       1,246  
Shinsei Finance II
                
7.16%, 7/29/2049 (b)(d)
     6,200       4,974  
Standard Chartered PLC
                
7.01%, 12/29/2049 (b)
     9,500       9,005  
Swedbank AB
                
9.00%, 12/29/2049 (b)(d)
     2,000       2,147  
Westpac Capital Trust III
                
5.82%, 9/30/2013 (b)
     1,300       1,246  
 
              
 
             91,712  
 
              
 
                
Finance — Consumer Loans (0.52%)
                
HSBC Finance Capital Trust IX
                
5.91%, 11/30/2035
     7,300       6,791  
 
                
Finance — Credit Card (0.17%)
                
Capital One Capital III
                
7.69%, 8/15/2036
     3,000       2,271  
 
                
Finance — Investment Banker & Broker (0.62%)
                
Goldman Sachs Group Inc/The
                
6.35%, 2/15/2034
     500       452  
JP Morgan Chase Capital XVIII
                
6.95%, 8/17/2036
     6,900       6,650  
Schwab Capital Trust I
                
7.50%, 11/15/2037 (d)
     1,000       1,027  
 
              
 
             8,129  
 
              
 
                
Financial Guarantee Insurance (0.07%)
                
AMBAC Financial Group Inc
                
6.15%, 2/15/2037 (c)
     2,000       903  
 
                
Investment Management & Advisory Services (0.06%)
                
Dresdner Bank
                
5.31%, 6/29/2049 (d)
     1,000       852  
 
                
Life & Health Insurance (0.43%)
                
Great West Life & Annuity Insurance Co
                
7.15%, 5/16/2046 (b)(d)
     4,750       4,744  
Nationwide Financial Services
                
6.75%, 5/15/2037
     1,000       845  
 
              
 
             5,589  
 
              
 
                
Money Center Banks (4.51%)
                
ABN Amro North American Holding Capital
                
6.52%, 12/29/2049 (b)(d)
     9,600       9,983  
BankAmerica Institutional
                
8.07%, 12/31/2026 (b)
     500       513  
BBVA International Preferred SA Unipers
                
5.92%, 12/29/2049 (b)(d)
     7,600       6,545  
BCI US Funding Trust
                
8.01%, 12/31/2049 (b)
     2,830       2,889  
BNP Paribas Capital Trust
                
9.00%, 12/29/2049 (b)
     3,000       3,251  
DBS Capital Funding Corp
                
7.66%, 3/15/2049 (b)
     1,500       1,627  
Dresdner Funding Trust I
                
8.15%, 6/30/2031 (b)
     4,200       4,199  
HBOS Capital Funding
                
6.85%, 3/23/2009
     800       814  
HBOS Capital Funding LP
                
6.07%, 6/29/2049 (b)(d)
     10,000       9,484  
HSBC Capital Funding LP/Jersey Channel
                
10.18%, 12/29/2049 (b)(d)
     1,000       1,288  
KBC Bank Funding Trust III
                
9.86%, 11/29/2049 (b)(d)
     2,700       2,926  
Lloyds TSB Bank
                
6.90%, 11/29/2049 (c)
     3,790       3,733  
Mizuho Finance Group
                
8.38%, 1/29/2049
     9,000       9,570  
UBS Preferred Funding Trust I
                
8.62%, 10/29/2049
     2,000       2,186  
 
              
 
             59,008  
 
              

296

 

Schedule of Investments
Preferred Securities Fund
January 31, 2008 (unaudited)
                 
    Principal    
    Amount   Value
    (000’s)   (000’s)
BONDS (continued)
                
Mortgage Banks (0.26%)
                
Abbey National Capital Trust I
                
8.96%, 12/29/2049
  $ 2,900     $ 3,427  
 
                
Multi-Line Insurance (3.02%)
                
Allstate Corp/The
                
6.50%, 5/15/2057
    2,000       1,823  
American International Group Inc
                
6.25%, 3/15/2037
    500       437  
AXA SA
                
6.46%, 12/31/2049 (b)(d)
    12,300       10,713  
Metlife Capital Trust IV
                
7.88%, 12/15/2037 (b)
    10,000       9,866  
USF&G Capital III
                
8.31%, 7/1/2046 (b)
    3,000       3,244  
XL Capital Ltd
                
6.50%, 12/31/2049 (d)
    17,000       13,427  
 
               
 
            39,510  
 
               
 
                
Mutual Insurance (0.37%)
                
Liberty Mutual Group Inc
                
7.80%, 3/15/2037 (b)
    2,000       1,753  
Oil Insurance Ltd
                
7.56%, 12/29/2049 (b)(d)
    3,000       3,030  
 
               
 
            4,783  
 
               
 
                
Property & Casualty Insurance (0.92%)
                
Everest Reinsurance Holdings Inc
                
6.60%, 5/15/2037 (d)
    2,270       2,005  
Progressive Corp/The
                
6.70%, 6/15/2037
    10,550       10,032  
 
               
 
            12,037  
 
               
 
                
Regional Banks (1.10%)
                
Bank of America Corp
                
8.00%, 12/29/2049 (d)
    3,100       3,220  
KeyCorp Capital II
                
6.88%, 3/17/2029
    5,000       5,012  
PNC Preferred Funding Trust I
                
6.52%, 12/31/2049 (b)(d)
    6,700       6,165  
 
               
 
            14,397  
 
               
 
                
Savings & Loans — Thrifts (0.83%)
                
Washington Mutual Preferred Funding Cayman
                
7.25%, 3/29/2049 (b)
    9,900       7,335  
Washington Mutual Preferred Funding II
                
6.67%, 12/29/2049 (b)(d)
    5,100       3,544  
 
               
 
            10,879  
 
               
 
                
Special Purpose Banks (0.14%)
                
Agfirst Farm Credit Bank
                
7.30%, 12/15/2008 (b)
    2,000       1,827  
 
                
Special Purpose Entity (3.98%)
                
BankBoston Capital Trust IV
                
5.75%, 6/8/2028 (d)
    5,000       4,545  
BayernLB Capital Trust I
                
6.20%, 12/31/2049
    8,230       7,061  
CA Preferred Trust
                
7.00%, 1/29/2049 (c)
    6,500       6,510  
Capital One Capital IV
                
6.75%, 2/17/2037
    2,000       1,365  
ILFC E-Capital Trust II
                
6.25%, 12/21/2065 (b)(d)
    2,000       1,923  
JP Morgan Chase Capital XX
                
6.55%, 9/29/2036
    850       778  
JP Morgan Chase Capital XXI
                
6.31%, 2/ 2/2037
    2,000       1,487  
Mangrove Bay Pass- Through Trust
                
6.10%, 7/15/2033 (b)
    5,000       4,325  
Old Mutual Capital Funding
                
8.00%, 5/29/2049 (c)
    4,000       4,005  
QBE Capital Funding II LP
                
6.80%, 6/29/2049 (b)(d)(e)
    21,200       19,962  
Twin Reefs Pass- Through Trust
                
5.41%, 12/31/2049 (b)(d)
    500       100  
 
               
 
            52,061  
 
               
 
                
Tools — Hand Held (0.46%)
                
Stanley Works Capital Trust I
                
5.90%, 12/1/2045 (d)
    7,000       6,071  
 
                
Transport — Rail (0.19%)
                
BNSF Funding Trust I
                
6.61%, 12/15/2055 (d)
    2,750       2,513  
   
TOTAL BONDS
          $ 322,760  
   
 
                
SHORT TERM INVESTMENTS (0.84%)
                
Money Market Funds (0.84%)
                
BNY Institutional Cash Reserve Fund (f)
  $ 10,992     $ 10,992  
   
TOTAL SHORT TERM INVESTMENTS
          $ 10,992  
   
 
                
REPURCHASE AGREEMENTS (1.35%)
                
Finance — Investment Banker & Broker (0.56%)
                
               
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $7,388,000; 0.00% -6.38%; dated 05/16/08 - 01/11/27) (f)
  $ 7,333     $ 7,332  
 
                
Money Center Banks (0.79%)
                
 
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $10,403,000; 0.00% -6.63%; dated 03/14/08 - 05/15/30) (f)
    10,322       10,321  
   
TOTAL REPURCHASE AGREEMENTS
          $ 17,653  
   
Total Investments
          $ 1,273,464  
Other Assets in Excess of Liabilities, Net — 2.75%
            36,010  
 
             
TOTAL NET ASSETS — 100.00%
          $ 1,309,474  
 
             

297

 

Schedule of Investments
Preferred Securities Fund
January 31, 2008 (unaudited)
 
(a)   Non-Income Producing Security
 
(b)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $196,016 or
 
    14.97% of net assets.
 
(c)   Security or a portion of the security was on loan at the end of the period.
 
(d)   Variable Rate
 
(e)   Security purchased on a when-issued basis.
 
(f)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 41,864  
Unrealized Depreciation
     (53,540 )
 
      
Net Unrealized Appreciation (Depreciation)
     (11,676 )
Cost for federal income tax purposes
     1,283,053  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
   
Financial
     84.55 %
Utilities
     4.58 %
Communications
     3.11 %
Government
     3.07 %
Exchange Traded Funds
    0.93 %
Industrial
     0.66 %
Energy
     0.35 %
Other Assets in Excess of Liabilities, Net
     2.75 %
 
        
TOTAL NET ASSETS
     100.00 %
 
        

298

 

Schedule of Investments
Principal LifeTime 2010 Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
   
INVESTMENT COMPANIES (99.77%)
                
Principal Investors Fund, Inc. Institutional Class (99.77%)
                
Bond & Mortgage Securities Fund (a)
     47,889,020     $ 500,440  
Disciplined LargeCap Blend Fund (a)
     11,641,425       162,282  
High Yield Fund (a)
     3,905,247       38,896  
High Yield Fund II (a)
     1,398,886       11,429  
Inflation Protection Fund (a)
     7,215,270       69,194  
International Emerging Markets Fund (a)
     1,698,353       45,346  
International Growth Fund (a)
     12,522,205       147,637  
LargeCap Growth Fund (a)
     8,413,860       71,939  
LargeCap Value Fund (a)
     4,043,157       44,636  
Partners International Fund (a)
     5,958,214       86,692  
Partners LargeCap Blend Fund I (a)
     9,458,681       85,034  
Partners LargeCap Growth Fund I (a)
     9,048,584       70,760  
Partners LargeCap Value Fund (a)
     3,304,888       43,129  
Partners LargeCap Value Fund I (a)
     3,467,843       44,839  
Partners SmallCap Growth Fund III (a)(b)
     2,428,295       24,647  
Preferred Securities Fund (a)
     12,253,574       123,271  
Real Estate Securities Fund (a)
     6,290,694       100,337  
SmallCap S&P 600 Index Fund (a)
     2,627,257       40,407  
SmallCap Value Fund (a)
     1,583,612       23,960  
Ultra Short Bond Fund (a)
     6,776,227       62,951  
 
              
 
             1,797,826  
   
TOTAL INVESTMENT COMPANIES
           $ 1,797,826  
   
Total Investments
           $ 1,797,826  
Other Assets in Excess of Liabilities, Net - 0.23%
             4,148  
 
              
TOTAL NET ASSETS - 100.00%
           $ 1,801,974  
 
              
 
(a)   Affiliated Security
 
(b)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 39,582  
Unrealized Depreciation
     (121,001 )
 
      
Net Unrealized Appreciation (Depreciation)
     (81,419 )
Cost for federal income tax purposes
     1,879,245  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent
   
Fixed Income Funds
     44.74 %
Domestic Equity Funds
     39.51 %
International Equity Funds
     15.52 %
Other Assets in Excess of Liabilities, Net
     0.23 %
 
        
TOTAL NET ASSETS
     100.00 %
 
        

299

 

Schedule of Investments
Principal LifeTime 2010 Fund
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)   Shares       Cost (000)   Shares     Proceeds (000)     Shares     Cost (000)  
Bond & Mortgage Securities Fund
     44,003,740     $ 469,385       4,483,148     $ 46,885       597,868     $ 6,260       47,889,020     $ 510,010  
Disciplined LargeCap Blend Fund
     9,501,410       139,735       2,289,159       35,568       149,144       2,174       11,641,425       173,128  
High Yield Fund
     3,418,884       35,680       552,288       5,649       65,925       662       3,905,247       40,664  
High Yield Fund II
     1,331,393       11,784       67,493       567       —       —       1,398,886       12,351  
Inflation Protection Fund
     6,478,059       61,593       824,450       7,785       87,239       827       7,215,270       68,551  
International Emerging Markets Fund
     1,332,522       34,876       383,635       11,835       17,804       520       1,698,353       46,191  
International Growth Fund
     10,596,718       126,100       2,082,739       27,796       157,252       1,937       12,522,205       151,957  
LargeCap Growth Fund
     7,703,817       54,901       807,975       7,610       97,932       874       8,413,860       61,637  
LargeCap Value Fund
     3,375,854       38,815       722,115       8,630       54,812       615       4,043,157       46,830  
Partners International Fund
     4,976,091       78,524       1,055,172       17,322       73,049       1,111       5,958,214       94,709  
Partners LargeCap Blend Fund I
     8,399,650       82,576       1,188,290       11,497       129,259       1,182       9,458,681       92,865  
Partners LargeCap Growth Fund I
     8,011,988       67,632       1,155,983       9,964       119,387       969       9,048,584       76,609  
Partners LargeCap Value Fund
     2,797,387       35,298       554,460       7,773       46,959       615       3,304,888       42,455  
Partners LargeCap Value Fund I
     3,088,338       43,156       427,000       5,844       47,495       613       3,467,843       48,375  
Partners SmallCap Growth Fund III
     2,065,493       25,192       396,258       4,544       33,456       354       2,428,295       29,375  
Preferred Securities Fund
     11,121,143       118,480       1,296,640       12,483       164,209       1,582       12,253,574       129,378  
Real Estate Securities Fund
     4,202,589       79,973       2,184,885       38,570       96,780       1,583       6,290,694       116,960  
SmallCap S&P 600 Index Fund
     2,201,971       32,996       461,844       7,695       36,558       567       2,627,257       40,124  
SmallCap Value Fund
     1,333,242       25,266       273,316       4,518       22,946       355       1,583,612       29,425  
Ultra Short Bond Fund
     6,177,431       61,836       687,236       6,463       88,440       827       6,776,227       67,471  
 
                                                        
 
           $ 1,623,798             $ 278,998             $ 23,627             $ 1,879,065  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Bond & Mortgage Securities Fund
   $ 6,708     $ —     $ —  
Disciplined LargeCap Blend Fund
     1,996       -1       18,822  
High Yield Fund
     1,159       -3       1  
High Yield Fund II
     289       —       281  
Inflation Protection Fund
     2,385       —       —  
International Emerging Markets Fund
     6,360       —       1,947  
International Growth Fund
     6,129       -2       8,520  
LargeCap Growth Fund
     336       —       1,342  
LargeCap Value Fund
     1,384       —       3,078  
Partners International Fund
     3,853       -26       5,934  
Partners LargeCap Blend Fund I
     1,225       -26       2,256  
Partners LargeCap Growth Fund I
     788       -18       2,603  
Partners LargeCap Value Fund
     1,313       -1       2,291  
Partners LargeCap Value Fund I
     957       -12       719  
Partners SmallCap Growth Fund III
     1,015       -7       1,125  
Preferred Securities Fund
     1,660       -3       —  
Real Estate Securities Fund
     2,012       —       23,732  
SmallCap S&P 600 Index Fund
     866       —       2,982  
SmallCap Value Fund
     860       -4       1,253  
Ultra Short Bond Fund
     854       -1       —  
 
                  
 
   $ 42,149     $ -104     $ 76,886  
 
                  

300

 

Schedule of Investments
Principal LifeTime 2020 Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
INVESTMENT COMPANIES (99.72%)
                
Principal Investors Fund, Inc. Institutional Class (99.72%)
                
Bond & Mortgage Securities Fund (a)
     72,616,855     $ 758,846  
Disciplined LargeCap Blend Fund (a)
     29,187,749       406,877  
High Yield Fund (a)
     11,451,719       114,059  
High Yield Fund II (a)
     3,625,842       29,623  
International Emerging Markets Fund (a)
     4,571,222       122,052  
International Growth Fund (a)
     32,503,679       383,218  
LargeCap Growth Fund (a)
     20,766,729       177,556  
LargeCap Value Fund (a)
     10,136,262       111,904  
Partners International Fund (a)
     14,773,315       214,952  
Partners LargeCap Blend Fund I (a)
     22,776,536       204,761  
Partners LargeCap Growth Fund I (a)
     24,654,407       192,797  
Partners LargeCap Value Fund (a)
     8,706,890       113,625  
Partners LargeCap Value Fund I (a)
     9,004,968       116,434  
Partners MidCap Growth Fund (a)(b)
     4,974,572       49,398  
Partners MidCap Value Fund I (a)
     3,407,661       40,858  
Partners SmallCap Growth Fund III (a)(b)
     6,212,217       63,054  
Preferred Securities Fund (a)
     21,204,727       213,320  
Real Estate Securities Fund (a)
     10,783,418       171,996  
SmallCap S&P 600 Index Fund (a)
     4,832,385       74,322  
SmallCap Value Fund (a)
     4,049,205       61,264  
 
              
 
             3,620,916  
 
              
TOTAL INVESTMENT COMPANIES
           $ 3,620,916  
 
              
Total Investments
           $ 3,620,916  
Other Assets in Excess of Liabilities, Net — 0.28%
             10,344  
 
              
TOTAL NET ASSETS—100.00%
           $ 3,631,260  
 
              
 
     
(a)   Affiliated Security
 
(b)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 80,463  
Unrealized Depreciation
     (266,714 )
 
      
Net Unrealized Appreciation (Depreciation)
     (186,251 )
Cost for federal income tax purposes
     3,807,167  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent  
Domestic Equity Funds
     49.15 %
Fixed Income Funds
     30.73 %
International Equity Funds
     19.84 %
Other Assets in Excess of Liabilities, Net
     0.28 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      

301

 

Schedule of Investments
Principal LifeTime 2020 Fund
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
Bond & Mortgage Securities Fund
     65,301,064     $ 696,153       7,687,297     $ 80,398       371,506     $ 3,884       72,616,855     $ 772,667  
Disciplined LargeCap Blend Fund
     23,245,105       341,412       6,096,806       94,708       154,162       2,205       29,187,749       433,914  
High Yield Fund
     9,842,633       102,673       1,685,036       17,233       75,950       760       11,451,719       119,143  
High Yield Fund II
     3,450,904       30,526       174,938       1,469       —       —       3,625,842       31,995  
International Emerging Markets Fund
     3,628,689       94,821       962,584       29,632       20,051       566       4,571,222       123,887  
International Growth Fund
     27,235,907       325,073       5,442,331       72,603       174,559       2,109       32,503,679       395,566  
LargeCap Growth Fund
     18,732,649       134,913       2,132,446       20,105       98,366       877       20,766,729       154,141  
LargeCap Value Fund
     8,314,797       96,740       1,878,034       22,435       56,569       625       10,136,262       118,550  
Partners International Fund
     12,149,528       191,778       2,698,535       44,284       74,748       1,113       14,773,315       234,926  
Partners LargeCap Blend Fund I
     19,912,447       194,821       2,988,690       28,927       124,601       1,132       22,776,536       222,592  
Partners LargeCap Growth Fund I
     21,496,413       182,719       3,288,680       28,352       130,686       1,054       24,654,407       210,001  
Partners LargeCap Value Fund
     7,225,587       94,336       1,532,685       21,466       51,382       663       8,706,890       115,139  
Partners LargeCap Value Fund I
     7,882,867       110,118       1,172,343       16,038       50,242       644       9,004,968       125,500  
Partners MidCap Growth Fund
     4,277,576       42,599       721,626       8,060       24,630       254       4,974,572       50,405  
Partners MidCap Value Fund I
     2,724,443       39,133       702,716       9,111       19,498       234       3,407,661       48,006  
Partners SmallCap Growth Fund III
     5,185,924       60,684       1,061,526       12,159       35,233       371       6,212,217       72,472  
Preferred Securities Fund
     18,907,441       200,860       2,413,738       23,235       116,452       1,113       21,204,727       222,981  
Real Estate Securities Fund
     7,039,662       136,687       3,814,740       67,281       70,984       1,113       10,783,418       202,854  
SmallCap S&P 600 Index Fund
     3,970,482       66,719       889,939       14,807       28,036       429       4,832,385       81,097  
SmallCap Value Fund
     3,341,152       59,376       732,341       12,089       24,288       371       4,049,205       71,093  
 
                                                      
 
           $ 3,202,141             $ 624,392             $ 19,517             $ 3,806,929  
 
                                                      
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Bond & Mortgage Securities Fund
   $ 10,045     $ —     $ —  
Disciplined LargeCap Blend Fund
     4,945       -1       46,415  
High Yield Fund
     3,365       -3       3  
High Yield Fund II
     750       —       729  
International Emerging Markets Fund
     17,224       —       5,275  
International Growth Fund
     15,803       -1       21,960  
LargeCap Growth Fund
     823       —       3,285  
LargeCap Value Fund
     3,434       —       7,625  
Partners International Fund
     9,461       -23       14,559  
Partners LargeCap Blend Fund I
     2,924       -24       5,383  
Partners LargeCap Growth Fund I
     2,127       -16       7,028  
Partners LargeCap Value Fund
     3,423       —       5,956  
Partners LargeCap Value Fund I
     2,459       -12       1,847  
Partners MidCap Growth Fund
     86       —       3,352  
Partners MidCap Value Fund I
     1,589       - 4       3,256  
Partners SmallCap Growth Fund III
     2,563       —       2,841  
Preferred Securities Fund
     2,848       -1       —  
Real Estate Securities Fund
     3,400       -1       40,062  
SmallCap S&P 600 Index Fund
     1,573       —       5,412  
SmallCap Value Fund
     2,173       -1       3,161  
 
                  
 
   $ 91,015     $ -87     $ 178,149  
 
                  

302

 

Schedule of Investments
Principal LifeTime 2030 Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
INVESTMENT COMPANIES (99.72%)
                
Principal Investors Fund, Inc. Institutional Class (99.72%)
                
Bond & Mortgage Securities Fund (a)
     34,756,028     $ 363,200  
Disciplined LargeCap Blend Fund (a)
     27,726,450       386,507  
High Yield Fund (a)
     11,464,926       114,191  
High Yield Fund II (a)
     3,429,674       28,020  
International Emerging Markets Fund (a)
     4,553,158       121,569  
International Growth Fund (a)
     32,598,940       384,342  
LargeCap Growth Fund (a)
     21,841,652       186,746  
LargeCap Value Fund (a)
     10,839,264       119,665  
Partners International Fund (a)
     14,692,970       213,783  
Partners LargeCap Blend Fund I (a)
     21,437,287       192,721  
Partners LargeCap Growth Fund I (a)
     24,711,409       193,243  
Partners LargeCap Value Fund (a)
     8,609,137       112,349  
Partners LargeCap Value Fund I (a)
     9,265,318       119,801  
Partners MidCap Growth Fund (a)(b)
     5,320,448       52,832  
Partners MidCap Value Fund I (a)
     4,008,574       48,063  
Partners SmallCap Growth Fund I (a)(b)
     3,703,213       32,996  
Partners SmallCap Growth Fund III (a)(b)
     4,571,041       46,396  
Partners SmallCap Value Fund I (a)
     2,030,542       29,666  
Preferred Securities Fund (a)
     15,011,960       151,020  
Real Estate Securities Fund (a)
     7,769,451       123,923  
SmallCap S&P 600 Index Fund (a)
     2,639,247       40,592  
SmallCap Value Fund (a)
     2,989,093       45,225  
 
              
 
             3,106,850  
 
              
TOTAL INVESTMENT COMPANIES
           $ 3,106,850  
 
              
Total Investments
           $ 3,106,850  
Other Assets in Excess of Liabilities, Net — 0.28%
             8,732  
 
              
TOTAL NET ASSETS—100.00%
           $ 3,115,582  
 
              
 
(a)   Affiliated Security
 
(b)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 82,772  
Unrealized Depreciation
     (239,196 )
 
      
Net Unrealized Appreciation (Depreciation)
     (156,424 )
Cost for federal income tax purposes
     3,263,274  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent  
Domestic Equity Funds
     55.55 %
International Equity Funds
     23.10 %
Fixed Income Funds
     21.07 %
Other Assets in Excess of Liabilities, Net
     0.28 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      

303

 

Schedule of Investments
Principal LifeTime 2030 Fund
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
Bond & Mortgage Securities Fund
     30,675,038     $ 327,373       4,249,454     $ 44,436       168,464     $ 1,763       34,756,028     $ 370,046  
Disciplined LargeCap Blend Fund
     21,631,814       317,065       6,234,169       96,332       139,533       2,001       27,726,450       411,398  
High Yield Fund
     9,661,618       100,779       1,873,127       19,133       69,819       699       11,464,926       119,210  
High Yield Fund II
     3,264,200       28,867       165,474       1,390       —       —       3,429,674       30,257  
International Emerging Markets Fund
     3,559,209       93,737       1,013,017       31,165       19,068       540       4,553,158       124,362  
International Growth Fund
     26,708,452       316,010       6,054,248       80,249       163,760       1,986       32,598,940       394,272  
LargeCap Growth Fund
     19,342,718       139,604       2,598,738       24,384       99,804       890       21,841,652       163,098  
LargeCap Value Fund
     8,710,901       101,262       2,185,818       25,979       57,455       635       10,839,264       126,606  
Partners International Fund
     11,972,365       188,733       2,790,802       45,541       70,197       1,048       14,692,970       233,203  
Partners LargeCap Blend Fund I
     18,398,551       179,585       3,149,032       30,343       110,296       1,001       21,437,287       208,909  
Partners LargeCap Growth Fund I
     21,142,593       179,444       3,692,826       31,674       124,010       1,000       24,711,409       210,104  
Partners LargeCap Value Fund
     6,997,746       90,150       1,659,299       23,114       47,908       619       8,609,137       112,644  
Partners LargeCap Value Fund I
     7,963,665       111,412       1,349,984       18,373       48,331       620       9,265,318       129,156  
Partners MidCap Growth Fund
     4,501,613       44,790       843,508       9,377       24,673       254       5,320,448       53,913  
Partners MidCap Value Fund I
     3,150,266       45,202       879,389       11,350       21,081       254       4,008,574       56,294  
Partners SmallCap Growth Fund I
     3,063,792       30,139       657,923       6,701       18,502       175       3,703,213       36,663  
Partners SmallCap Growth Fund III
     3,747,500       42,910       847,624       9,654       24,083       254       4,571,041       52,310  
Partners SmallCap Value Fund I
     1,627,751       30,344       414,848       6,493       12,057       175       2,030,542       36,661  
Preferred Securities Fund
     13,121,802       139,113       1,968,282       18,961       78,124       747       15,011,960       157,326  
Real Estate Securities Fund
     4,914,626       94,007       2,901,863       50,889       47,038       746       7,769,451       144,150  
SmallCap S&P 600 Index Fund
     2,123,658       33,229       530,063       8,771       14,474       222       2,639,247       41,778  
SmallCap Value Fund
     2,419,998       41,331       585,700       9,614       16,605       254       2,989,093       50,691  
 
                                                        
 
           $ 2,675,086             $ 603,923             $ 15,883             $ 3,263,051  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Bond & Mortgage Securities Fund
   $ 4,750     $ —     $ —  
Disciplined LargeCap Blend Fund
     4,627       2       43,213  
High Yield Fund
     3,317       -3       3  
High Yield Fund II
     709       —       690  
International Emerging Markets Fund
     16,962       —       5,194  
International Growth Fund
     15,545       -1       21,577  
LargeCap Growth Fund
     854       —       3,404  
LargeCap Value Fund
     3,610       —       7,993  
Partners International Fund
     9,308       -23       14,311  
Partners LargeCap Blend Fund I
     2,714       -18       4,988  
Partners LargeCap Growth Fund I
     2,099       -14       6,934  
Partners LargeCap Value Fund
     3,328       -1       5,770  
Partners LargeCap Value Fund I
     2,492       -9       1,865  
Partners MidCap Growth Fund
     91       —       3,536  
Partners MidCap Value Fund I
     1,838       -4       3,762  
Partners SmallCap Growth Fund I
     844       -2       1,904  
Partners SmallCap Growth Fund III
     1,852       —       2,052  
Partners SmallCap Value Fund I
     1,133       -1       1,406  
Preferred Securities Fund
     1,995       -1       —  
Real Estate Securities Fund
     2,383       —       28,021  
SmallCap S&P 600 Index Fund
     844       —       2,896  
SmallCap Value Fund
     1,576       —       2,288  
 
                  
 
   $ 82,871     $ -75     $ 161,807  
 
                  

304

 

Schedule of Investments
Principal LifeTime 2040 Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
              
INVESTMENT COMPANIES (99.69%)
                
Principal Investors Fund, Inc. Institutional Class (99.69%)
                
Bond & Mortgage Securities Fund (a)
     7,895,779     $ 82,511  
Disciplined LargeCap Blend Fund (a)
     14,146,811       197,206  
High Yield Fund (a)
     6,256,145       62,311  
High Yield Fund II (a)
     1,768,052       14,445  
International Emerging Markets Fund (a)
     2,568,564       68,581  
International Growth Fund (a)
     17,722,608       208,950  
LargeCap Growth Fund (a)
     11,934,283       102,038  
LargeCap Value Fund (a)
     6,119,174       67,556  
Partners International Fund (a)
     8,151,531       118,605  
Partners LargeCap Blend Fund I (a)
     11,433,854       102,790  
Partners LargeCap Growth Fund I (a)
     14,682,827       114,820  
Partners LargeCap Value Fund (a)
     5,111,761       66,708  
Partners LargeCap Value Fund I (a)
     5,200,034       67,236  
Partners MidCap Growth Fund (a)(b)
     2,808,621       27,890  
Partners MidCap Value Fund I (a)
     2,123,952       25,466  
Partners SmallCap Growth Fund I (a)(b)
     2,412,648       21,497  
Partners SmallCap Growth Fund III (a)(b)
     2,412,311       24,485  
Partners SmallCap Value Fund I (a)
     1,385,181       20,237  
Preferred Securities Fund (a)
     5,788,277       58,230  
Real Estate Securities Fund (a)
     3,396,117       54,168  
SmallCap S&P 600 Index Fund (a)
     1,307,716       20,113  
SmallCap Value Fund (a)
     1,581,152       23,923  
 
              
 
             1,549,766  
 
              
TOTAL INVESTMENT COMPANIES
           $ 1,549,766  
 
              
Total Investments
           $ 1,549,766  
Other Assets in Excess of Liabilities, Net — 0.31%
             4,870  
 
              
TOTAL NET ASSETS—100.00%
           $ 1,554,636  
 
              
 
(a)   Affiliated Security
 
(b)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 36,618  
Unrealized Depreciation
     (133,315 )
 
      
Net Unrealized Appreciation (Depreciation)
     (96,697 )
Cost for federal income tax purposes
     1,646,463  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent  
Domestic Equity Funds
     60.22 %
International Equity Funds
     25.48 %
Fixed Income Funds
     13.99 %
Other Assets in Excess of Liabilities, Net
     0.31 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      

305

 

Schedule of Investments
Principal LifeTime 2040 Fund
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
Bond & Mortgage Securities Fund
     6,881,693     $ 73,507       1,046,985     $ 10,947       32,899     $ 344       7,895,779     $ 84,110  
Disciplined LargeCap Blend Fund
     10,956,904       161,920       3,250,804       50,087       60,897       864       14,146,811       211,143  
High Yield Fund
     5,214,371       54,392       1,073,560       10,957       31,786       318       6,256,145       65,030  
High Yield Fund II
     1,682,748       14,880       85,304       716       —       —       1,768,052       15,596  
International Emerging Markets Fund
     1,991,821       52,686       585,924       17,980       9,181       257       2,568,564       70,409  
International Growth Fund
     14,356,690       173,583       3,442,092       45,325       76,174       913       17,722,608       217,995  
LargeCap Growth Fund
     10,458,590       76,524       1,522,427       14,189       46,734       412       11,934,283       90,301  
LargeCap Value Fund
     4,859,107       57,442       1,287,798       15,261       27,731       305       6,119,174       72,398  
Partners International Fund
     6,501,116       103,256       1,684,299       27,323       33,884       500       8,151,531       130,067  
Partners LargeCap Blend Fund I
     9,699,711       94,998       1,784,472       17,129       50,329       452       11,433,854       111,670  
Partners LargeCap Growth Fund I
     12,409,583       105,624       2,336,673       19,933       63,429       506       14,682,827       125,046  
Partners LargeCap Value Fund
     4,104,731       54,841       1,031,277       14,316       24,247       311       5,111,761       68,846  
Partners LargeCap Value Fund I
     4,412,985       61,888       810,426       10,993       23,377       298       5,200,034       72,581  
Partners MidCap Growth Fund
     2,348,024       23,468       471,891       5,212       11,294       115       2,808,621       28,564  
Partners MidCap Value Fund I
     1,647,866       23,674       485,702       6,250       9,616       114       2,123,952       29,809  
Partners SmallCap Growth Fund I
     1,959,889       19,265       463,624       4,687       10,865       101       2,412,648       23,850  
Partners SmallCap Growth Fund III
     1,950,444       22,485       472,884       5,348       11,017       114       2,412,311       27,719  
Partners SmallCap Value Fund I
     1,094,727       20,414       297,517       4,635       7,063       101       1,385,181       24,948  
Preferred Securities Fund
     4,987,053       52,914       827,277       7,992       26,053       251       5,788,277       60,655  
Real Estate Securities Fund
     2,107,526       45,248       1,305,739       22,846       17,148       270       3,396,117       67,824  
SmallCap S&P 600 Index Fund
     1,037,150       16,321       276,779       4,560       6,213       94       1,307,716       20,787  
SmallCap Value Fund
     1,262,514       21,759       326,207       5,334       7,569       114       1,581,152       26,979  
 
                                                        
 
           $ 1,331,089             $ 322,020             $ 6,754             $ 1,646,327  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Bond & Mortgage Securities Fund
   $ 1,070     $ —     $ —  
Disciplined LargeCap Blend Fund
     2,360       —       21,933  
High Yield Fund
     1,808       -1       2  
High Yield Fund II
     366       —       356  
International Emerging Markets Fund
     9,522       —       2,915  
International Growth Fund
     8,390       —       11,632  
LargeCap Growth Fund
     465       —       1,850  
LargeCap Value Fund
     2,028       —       4,474  
Partners International Fund
     5,100       -12       7,820  
Partners LargeCap Blend Fund I
     1,443       -5       2,646  
Partners LargeCap Growth Fund I
     1,240       -5       4,096  
Partners LargeCap Value Fund
     1,967       —       3,396  
Partners LargeCap Value Fund I
     1,391       -2       1,037  
Partners MidCap Growth Fund
     48       -1       1,856  
Partners MidCap Value Fund I
     966       -1       1,975  
Partners SmallCap Growth Fund I
     543       -1       1,224  
Partners SmallCap Growth Fund III
     967       —       1,072  
Partners SmallCap Value Fund I
     766       —       949  
Preferred Securities Fund
     765       —       —  
Real Estate Securities Fund
     1,030       —       12,084  
SmallCap S&P 600 Index Fund
     415       —       1,420  
SmallCap Value Fund
     827       —       1,199  
 
                  
 
   $ 43,477     $ -28     $ 83,936  
 
                  

306

 

Schedule of Investments
Principal LifeTime 2050 Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
INVESTMENT COMPANIES (99.81%)
                
Principal Investors Fund, Inc. Institutional
Class (99.81%)
                
Bond & Mortgage Securities Fund (a)
     1,336,475     $ 13,966  
Disciplined LargeCap Blend Fund (a)
     5,794,398       80,774  
High Yield Fund (a)
     2,648,043       26,375  
High Yield Fund II (a)
     781,377       6,384  
International Emerging Markets Fund (a)
     1,076,360       28,739  
International Growth Fund (a)
     7,727,555       91,108  
LargeCap Growth Fund (a)
     5,324,701       45,526  
LargeCap Value Fund (a)
     2,659,622       29,362  
Partners International Fund (a)
     3,385,878       49,265  
Partners LargeCap Blend Fund I (a)
     4,653,918       41,839  
Partners LargeCap Growth Fund I (a)
     6,308,629       49,334  
Partners LargeCap Value Fund (a)
     2,204,058       28,763  
Partners LargeCap Value Fund I (a)
     2,338,318       30,234  
Partners MidCap Growth Fund (a)(b)
     1,232,990       12,244  
Partners MidCap Value Fund I (a)
     927,778       11,124  
Partners SmallCap Growth Fund I (a)(b)
     1,248,161       11,121  
Partners SmallCap Growth Fund III (a)(b)
     1,038,506       10,541  
Partners SmallCap Value Fund I (a)
     715,489       10,453  
Preferred Securities Fund (a)
     1,971,777       19,836  
Real Estate Securities Fund (a)
     1,373,437       21,906  
SmallCap S&P 600 Index Fund (a)
     454,901       6,996  
SmallCap Value Fund (a)
     678,810       10,270  
 
              
 
             636,160  
 
              
TOTAL INVESTMENT COMPANIES
           $ 636,160  
 
              
Total Investments
           $ 636,160  
Other Assets in Excess of Liabilities, Net — 0.19%
             1,188  
 
              
TOTAL NET ASSETS—100.00%
           $ 637,348  
 
              
 
(a)   Affiliated Security
 
(b)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 17,717  
Unrealized Depreciation
     (57,376 )
 
      
Net Unrealized Appreciation (Depreciation)
     (39,659 )
Cost for federal income tax purposes
     675,819  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent  
Domestic Equity Funds
     62.84 %
International Equity Funds
     26.53 %
Fixed Income Funds
     10.44 %
Other Assets in Excess of Liabilities, Net
     0.19 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      

307

 

Schedule of Investments
Principal LifeTime 2050 Fund
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
Bond & Mortgage Securities Fund
     1,181,248     $ 12,707       165,995     $ 1,736       10,768     $ 112       1,336,475     $ 14,331  
Disciplined LargeCap Blend Fund
     4,550,391       66,174       1,292,265       20,087       48,258       681       5,794,398       85,580  
High Yield Fund
     2,242,527       23,401       431,850       4,425       26,334       263       2,648,043       27,562  
High Yield Fund II
     743,677       6,576       37,700       317       —       1       781,377       6,892  
International Emerging Markets Fund
     838,611       22,337       245,503       7,599       7,754       214       1,076,360       29,722  
International Growth Fund
     6,338,695       74,926       1,453,496       19,359       64,636       768       7,727,555       93,517  
LargeCap Growth Fund
     4,729,498       34,334       635,436       5,958       40,233       354       5,324,701       39,938  
LargeCap Value Fund
     2,142,878       25,081       540,348       6,461       23,604       258       2,659,622       31,284  
Partners International Fund
     2,738,525       43,473       674,843       11,060       27,490       401       3,385,878       54,120  
Partners LargeCap Blend Fund I
     4,003,696       39,012       690,301       6,679       40,079       359       4,653,918       45,324  
Partners LargeCap Growth Fund I
     5,416,242       46,072       945,015       8,141       52,628       418       6,308,629       53,788  
Partners LargeCap Value Fund
     1,800,675       23,616       423,574       5,939       20,191       258       2,204,058       29,297  
Partners LargeCap Value Fund I
     2,016,280       28,220       342,358       4,685       20,320       258       2,338,318       32,642  
Partners MidCap Growth Fund
     1,045,781       10,352       196,756       2,191       9,547       97       1,232,990       12,446  
Partners MidCap Value Fund I
     731,525       10,451       204,390       2,655       8,137       96       927,778       13,008  
Partners SmallCap Growth Fund I
     1,035,972       10,152       222,610       2,278       10,421       97       1,248,161       12,331  
Partners SmallCap Growth Fund III
     852,347       9,677       195,480       2,238       9,321       98       1,038,506       11,817  
Partners SmallCap Value Fund I
     579,475       10,744       142,784       2,252       6,770       97       715,489       12,898  
Preferred Securities Fund
     1,729,719       18,382       258,822       2,504       16,764       161       1,971,777       20,725  
Real Estate Securities Fund
     886,867       21,328       500,361       8,895       13,791       215       1,373,437       30,008  
SmallCap S&P 600 Index Fund
     366,327       5,479       92,830       1,547       4,256       65       454,901       6,961  
SmallCap Value Fund
     550,271       9,377       134,937       2,230       6,398       97       678,810       11,510  
 
                                                        
 
           $ 551,871             $ 129,236             $ 5,368             $ 675,701  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Bond & Mortgage Securities Fund
   $ 184     $ —     $ —  
Disciplined LargeCap Blend Fund
     986       —       9,198  
High Yield Fund
     783       -1       1  
High Yield Fund II
     162       —       157  
International Emerging Markets Fund
     4,042       —       1,238  
International Growth Fund
     3,736       —       5,184  
LargeCap Growth Fund
     212       —       843  
LargeCap Value Fund
     902       —       1,993  
Partners International Fund
     2,164       -12       3,323  
Partners LargeCap Blend Fund I
     599       -8       1,102  
Partners LargeCap Growth Fund I
     545       -7       1,801  
Partners LargeCap Value Fund
     869       —       1,504  
Partners LargeCap Value Fund I
     640       -5       478  
Partners MidCap Growth Fund
     21       —       832  
Partners MidCap Value Fund I
     433       -2       885  
Partners SmallCap Growth Fund I
     289       -2       652  
Partners SmallCap Growth Fund III
     427       —       473  
Partners SmallCap Value Fund I
     408       -1       507  
Preferred Securities Fund
     265       —       —  
Real Estate Securities Fund
     435       —       5,116  
SmallCap S&P 600 Index Fund
     148       —       507  
SmallCap Value Fund
     364       —       528  
 
                  
 
   $ 18,614     $ -38     $ 36,322  
 
                  

308

 

Schedule of Investments
Principal LifeTime Strategic Income Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000's)  
INVESTMENT COMPANIES (98.85%)
                
Principal Investors Fund, Inc. Institutional Class (98.85%)
                
Bond & Mortgage Securities Fund (a)
     25,038,167     $ 261,649  
Disciplined LargeCap Blend Fund (a)
     1,454,427       20,275  
Inflation Protection Fund (a)
     8,527,152       81,775  
International Growth Fund (a)
     1,729,349       20,389  
LargeCap Growth Fund (a)
     1,235,776       10,566  
LargeCap Value Fund (a)
     770,148       8,502  
Partners International Fund (a)
     890,554       12,958  
Partners LargeCap Blend Fund I (a)
     1,325,217       11,914  
Partners LargeCap Growth Fund I (a)
     1,084,013       8,477  
Partners LargeCap Value Fund (a)
     694,558       9,064  
Preferred Securities Fund (a)
     4,058,699       40,830  
Real Estate Securities Fund (a)
     1,524,705       24,319  
SmallCap S&P 600 Index Fund (a)
     572,357       8,803  
Ultra Short Bond Fund (a)
     7,705,441       71,583  
 
              
 
             591,104  
 
              
TOTAL INVESTMENT COMPANIES
           $ 591,104  
 
              
Total Investments
           $ 591,104  
Other Assets in Excess of Liabilities, Net —1.15%
             6,867  
 
              
TOTAL NET ASSETS—100.00%
           $ 597,971  
 
              
 
(a) Affiliated Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 10,574  
Unrealized Depreciation
     (23,855 )
 
      
Net Unrealized Appreciation (Depreciation)
     (13,281 )
Cost for federal income tax purposes
     604,385  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent  
Fixed Income Funds
     76.23 %
Domestic Equity Funds
     17.04 %
International Equity Funds
     5.58 %
Other Assets in Excess of Liabilities, Net
     1.15 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      

309

 

Schedule of Investments
Principal LifeTime Strategic Income Fund
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
Bond & Mortgage Securities Fund
     22,944,458     $ 245,548       4,281,552     $ 44,763       2,187,843     $ 22,882       25,038,167     $ 267,417  
Disciplined LargeCap Blend Fund
     1,191,068       16,326       393,395       6,078       130,036       1,916       1,454,427       20,481  
Inflation Protection Fund
     7,733,409       73,809       1,497,507       14,129       703,764       6,652       8,527,152       81,283  
International Growth Fund
     1,499,535       15,584       388,545       5,145       158,731       1,969       1,729,349       18,770  
LargeCap Growth Fund
     1,135,574       7,353       199,143       1,882       98,941       905       1,235,776       8,334  
LargeCap Value Fund
     643,546       7,163       201,627       2,392       75,025       852       770,148       8,703  
Partners International Fund
     744,410       11,663       226,052       3,681       79,908       1,224       890,554       14,110  
Partners LargeCap Blend Fund I
     1,233,522       11,960       210,840       2,037       119,145       1,117       1,325,217       12,864  
Partners LargeCap Growth Fund I
     960,708       8,103       226,010       1,944       102,705       851       1,084,013       9,184  
Partners LargeCap Value Fund
     590,376       7,168       172,393       2,396       68,211       905       694,558       8,659  
Preferred Securities Fund
     3,679,648       39,593       764,887       7,308       385,836       3,725       4,058,699       43,154  
Real Estate Securities Fund
     982,146       15,999       709,623       12,343       167,064       2,661       1,524,705       25,681  
SmallCap S&P 600 Index Fund
     480,182       7,061       150,130       2,478       57,955       905       572,357       8,633  
Ultra Short Bond Fund
     7,030,429       70,536       1,386,114       12,998       711,102       6,651       7,705,441       76,875  
 
                                                    
 
           $ 537,866             $ 119,574             $ 53,215             $ 604,148  
 
                                                    
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Bond & Mortgage Securities Fund
   $ 3,511     $ -12     $ —  
Disciplined LargeCap Blend Fund
     248       -7       2,365  
Inflation Protection Fund
     2,834       -3       —  
International Growth Fund
     863       10       1,203  
LargeCap Growth Fund
     49       4       197  
LargeCap Value Fund
     263       —       589  
Partners International Fund
     576       -10       891  
Partners LargeCap Blend Fund I
     175       -16       323  
Partners LargeCap Growth Fund I
     94       -12       310  
Partners LargeCap Value Fund
     276       —       484  
Preferred Securities Fund
     544       -22       —  
Real Estate Securities Fund
     475       —       5,612  
SmallCap S&P 600 Index Fund
     189       -1       653  
Ultra Short Bond Fund
     973       -8       —  
 
                  
 
   $ 11,070     $ -77     $ 12,627  
 
                  

310

 

Schedule of Investments
Real Estate Securities Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
              
COMMON STOCKS (95.91%)
                
Hotels & Motels (1.44%)
                
Starwood Hotels & Resorts Worldwide Inc
     452,768     $ 20,488  
                 
Real Estate Operator & Developer (0.47%)
                
Brookfield Properties Corp (a)
     331,580       6,734  
                 
REITS—Apartments (11.51%)
                
American Campus Communities Inc
     201,565       5,815  
AvalonBay Communities Inc
     592,363       55,653  
Equity Residential
     934,140       34,946  
Essex Property Trust Inc
     393,689       40,790  
Home Properties Inc
     73,020       3,504  
Mid-America Apartment Communities Inc
     290,210       13,295  
Post Properties Inc
     217,360       9,188  
 
              
 
             163,191  
 
              
REITS—Diversified(9.41%)
                
Digital Realty Trust Inc
     683,530       24,422  
Entertainment Properties Trust
     587,862       29,099  
Vornado Realty Trust
     884,455       79,955  
 
              
 
             133,476  
 
              
REITS—Healthcare (11.65%)
                
HCPInc(a)
     647,310       19,685  
Health Care REIT Inc (a)
     758,129       32,516  
Nationwide Health Properties Inc (a)
     1,123,750       35,465  
Omega Healthcare Investors Inc
     1,033,313       17,050  
Ventas Inc
     1,368,594       60,492  
 
              
 
             165,208  
 
              
REITS—Hotels (3.77%)
                
DiamondRock Hospitality Co
     1,031,057       13,558  
Host Hotels & Resorts Inc
     1,314,532       22,005  
LaSalle Hotel Properties
     372,450       10,209  
Sunstone Hotel Investors Inc (a)
     459,550       7,647  
 
              
 
             53,419  
 
              
REITS—Manufactured Homes (0.87%)
                
Equity Lifestyle Properties Inc
     284,170       12,410  
REITS—Office Property (10.02%)
                
Alexandria Real Estate Equities Inc
     353,779       34,752  
Boston Properties Inc
     956,591       87,930  
Douglas Emmett Inc
     847,798       19,372  
 
              
 
             142,054  
 
              
REITS—Regional Malls (14.05%)
                
General Growth Properties Inc
     544,749       19,894  
Simon Property Group Inc (a)
     1,567,858       140,135  
Taubman Centers Inc
     781,035       39,169  
 
              
 
             199,198  
 
              
REITS—Shopping Centers (13.59%)
                
Acadia Realty Trust
     1,041,286       26,084  
Equity One Inc (a)
     541,721       12,790  
Federal Realty Investment Trust
     659,988       48,707  
Kimco Realty Corp
     1,851,140       66,289  
Saul Centers Inc
     192,780       9,876  
Tanger Factory Outlet Centers (a)
     772,067       29,007  
 
              
 
             192,753  
 
              
REITS—Single Tenant (2.13%)
                
National Retail Properties Inc
     1,326,890       30,147  
                 
REITS—Storage (5.36%)
                
Public Storage
     970,830       75,968  
                 
REITS — Warehouse & Industrial (11.64%)
                
AMB Property Corp
     1,017,851       51,503  
ProLogis
     1,914,915       113,651  
 
              
 
             165,154  
 
              
TOTAL COMMON STOCKS
           $ 1,360,200  
 
              
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
              
SHORT TERM INVESTMENTS (5.53%)
                
Commercial Paper (4.04%)
                
Investment in Joint Trade Account; HSBC Funding 3.12%, 2/1/2008
   $ 57,281     $ 57,281  
                 
Money Market Funds (1.49%)
                
BNY Institutional Cash Reserve Fund (b)
     21,135       21,135  
 
              
TOTAL SHORT TERM INVESTMENTS
           $ 78,416  
 
              
REPURCHASE AGREEMENTS (1.47%)
                
Finance — Investment Banker & Broker (1.47%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $21,056,000; 0.00%- 6.38%; dated 05/16/08-01/11/27) (b)
   $ 20,899     $ 20,897  
 
              
TOTAL REPURCHASE AGREEMENTS
           $ 20,897  
 
Total Investments
           $ 1,459,513  
Liabilities in Excess of Other Assets, Net - - (2.91)%
             (41,300 )
 
              
TOTAL NET ASSETS-100.00%
           $ 1,418,213  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Security was purchased with the cash proceeds from securities loans.

311

 

Schedule of Investments
Real Estate Securities Fund
January 31, 2008 (unaudited)
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 77,152  
Unrealized Depreciation
     (164,230 )
 
      
Net Unrealized Appreciation (Depreciation)
     (87,078 )
Cost for federal income tax purposes
     1,546,591  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
REIT   Percent  
REITS-Regional Malls
     14.05 %
REITS-Shopping Centers
     13.59 %
REITS-Healthcare
     11.65 %
REITS-Warehouses Industrial
     11.64 %
REITS-Apartments
     11.51 %
REITS-Office Property
     10.02 %
REITS-Diversified
     9.41 %
REITS-Storage
     5.36 %
Finance-Other Services
     4.04 %
REITS-Hotels
     3.77 %
REITS-Single Tenant
     2.13 %
Money Center Banks
     1.49 %
Finance — Investment Banker & Broker
     1.47 %
Hotels & Motels
     1.44 %
REITS-Manufactured Homes
     0.87 %
Real Estate Operator & Developer
     0.47 %
Liabilities in Excess of Other Assets, Net
     (2.91 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

312

 

Schedule of Investments
SAM Balanced Portfolio
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
              
INVESTMENT COMPANIES (99.92%)
                
Principal Investors Fund, Inc. Institutional Class (99.92%)
                
Disciplined LargeCap Blend Fund (a)
     25,089,499     $ 349,748  
Diversified International Fund (a)
     23,653,793       294,490  
Equity Income Fund I (a)
     29,506,628       573,609  
High Yield Fund II (a)
     22,501,801       183,840  
Income Fund (a)
     53,278,183       487,495  
International Emerging Markets Fund (a)
     3,069,953       81,968  
LargeCap Growth Fund (a)
     63,128,157       539,746  
MidCap Stock Fund (a)
     8,372,867       132,124  
Money Market Fund (a)
     48,738,581       48,739  
Mortgage Securities Fund (a)
     70,434,244       759,985  
Partners LargeCap Growth Fund II (a)(b)
     31,411,490       256,632  
Preferred Securities Fund (a)
     14,635,732       147,235  
Real Estate Securities Fund (a)
     5,492,808       87,610  
Short Term Income Fund (a)
     19,593,791       230,423  
SmallCap Growth Fund (a)(b)
     7,726,603       62,972  
SmallCap Value Fund (a)
     2,872,266       43,457  
West Coast Equity Fund (a)
     4,856,311       199,060  
 
              
 
             4,479,133  
 
              
TOTAL INVESTMENT COMPANIES
           $ 4,479,133  
 
              
Total Investments
           $ 4,479,133  
Other Assets in Excess of Liabilities, Net - 0.08%
             3,586  
 
              
TOTAL NET ASSETS-100.00%
           $ 4,482,719  
 
              
 
(a)   Affiliated Security
 
(b)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 391,462  
Unrealized Depreciation
     (74,897 )
 
      
Net Unrealized Appreciation (Depreciation)
     316,565  
Cost for federal income tax purposes
     4,162,568  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent  
 
              
Domestic Equity Funds
     50.08 %
Fixed Income Funds
     41.44 %
International Equity Funds
     8.40 %
Other Assets in Excess of Liabilities, Net
     0.08 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      

313

 

Schedule of Investments
SAM Balanced Portfolio
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
Disciplined LargeCap Blend Fund
     30,213,300     $ 411,746       3,645,140     $ 56,664       8,768,941     $ 140,863       25,089,499     $ 334,152  
Diversified International Fund
     22,541,978       244,408       3,322,278       46,009       2,210,463       35,131       23,653,793       260,784  
Equity Income Fund I
     28,989,689       496,473       2,877,638       61,186       2,360,699       51,649       29,506,628       505,018  
High Yield Fund II
     24,894,467       196,251       1,224,495       10,291       3,617,161       30,479       22,501,801       175,239  
Income Fund
     53,730,288       489,287       1,843,347       16,728       2,295,452       20,924       53,278,183       484,330  
International Emerging Markets Fund
     2,736,657       70,791       528,233       16,027       194,937       7,097       3,069,953       81,534  
LargeCap Growth Fund
     92,645,724       604,721       1,451,556       13,884       30,969,123       300,235       63,128,157       387,856  
MidCap Stock Fund
     8,367,725       101,772       1,323,689       22,718       1,318,547       25,235       8,372,867       103,637  
Money Market Fund
     24,764,421       24,765       46,326,343       46,326       22,352,183       22,352       48,738,581       48,739  
Mortgage Securities Fund
     76,279,192       816,724       1,047,411       11,127       6,892,359       73,333       70,434,244       752,386  
Partners LargeCap Growth Fund II
     —       —       31,759,445       291,348       347,955       2,944       31,411,490       287,983  
Preferred Securities Fund
     —       —       14,935,109       141,925       299,377       2,940       14,635,732       139,033  
Real Estate Securities Fund
     4,578,577       75,651       1,410,916       24,775       496,685       10,957       5,492,808       90,098  
Short Term Income Fund
     3,567,322       41,401       16,304,922       189,115       278,453       3,271       19,593,791       227,189  
SmallCap Growth Fund
     9,331,987       49,383       487,803       4,510       2,093,187       20,224       7,726,603       39,673  
SmallCap Value Fund
     4,294,667       74,526       317,907       5,311       1,740,308       29,701       2,872,266       49,422  
West Coast Equity Fund
     5,013,322       158,104       383,783       17,318       540,794       25,053       4,856,311       154,363  
 
                                                        
 
           $ 3,856,003             $ 975,262             $ 802,388             $ 4,121,436  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Disciplined LargeCap Blend Fund
   $ 4,476     $ 6,605     $ 50,795  
Diversified International Fund
     13,835       5,498       30,510  
Equity Income Fund I
     21,253       -992       37,477  
High Yield Fund II
     4,882       -824       4,622  
Income Fund
     6,856       -761       —  
International Emerging Markets Fund
     11,789       1,813       3,611  
LargeCap Growth Fund
     2,617       69,486       10,523  
MidCap Stock Fund
     3,312       4,382       18,374  
Money Market Fund
     547       —       —  
Mortgage Securities Fund
     10,174       -2,132       —  
Partners LargeCap Growth Fund II
     3,879       -421       3,678  
Preferred Securities Fund
     1,463       48       —  
Real Estate Securities Fund
     1,869       629       22,186  
Short Term Income Fund
     1,647       -56       —  
SmallCap Growth Fund
     —       6,004       4,201  
SmallCap Value Fund
     1,989       -714       3,148  
West Coast Equity Fund
     1,871       3,994       14,583  
 
                  
 
   $ 92,459     $ 92,559     $ 203,708  
 
                  

314

 

Schedule of Investments
SAM Conservative Balanced Portfolio
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000's)  
INVESTMENT COMPANIES (99.80%)
                
Principal Investors Fund, Inc. Institutional Class (99.80%)
                
Disciplined LargeCap Blend Fund (a)
     2,237,503     $ 31,191  
Diversified International Fund (a)
     2,307,010       28,722  
Equity Income Fund I (a)
     2,738,973       53,246  
High Yield Fund II (a)
     4,546,779       37,147  
Income Fund (a)
     12,315,415       112,686  
International Emerging Markets Fund (a)
     301,698       8,055  
LargeCap Growth Fund (a)
     5,724,780       48,947  
MidCap Stock Fund (a)
     910,767       14,372  
Money Market Fund (a)
     6,476,716       6,477  
Mortgage Securities Fund (a)
     15,602,126       168,347  
Partners LargeCap Growth Fund II (a)(b)
     2,984,711       24,385  
Preferred Securities Fund (a)
     2,407,136       24,216  
Real Estate Securities Fund (a)
     546,819       8,722  
Short Term Income Fund (a)
     4,057,405       47,715  
SmallCap Growth Fund (a)(b)
     713,097       5,812  
SmallCap Value Fund (a)
     194,650       2,945  
West Coast Equity Fund (a)
     485,375       19,895  
 
              
 
             642,880  
 
              
TOTAL INVESTMENT COMPANIES
           $ 642,880  
 
              
Total Investments
           $ 642,880  
Other Assets in Excess of Liabilities, Net — 0.20%
             1,308  
 
              
TOTAL NET ASSETS—100.00%
           $ 644,188  
 
              
 
(a)   Affiliated Security
 
(b)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 38,901  
Unrealized Depreciation
     (7,631 )
 
      
Net Unrealized Appreciation (Depreciation)
     31,270  
Cost for federal income tax purposes
     611,610  
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent  
Fixed Income Funds
     61.57 %
Domestic Equity Funds
     32.52 %
International Equity Funds
     5.71 %
Other Assets in Excess of Liabilities, Net
     0.20 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      

315

 

Schedule of Investments
SAM Conservative Balanced Portfolio
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
Disciplined LargeCap Blend Fund
     2,764,103     $ 36,651       427,459     $ 6,530       954,059     $ 14,969       2,237,503     $ 28,757  
Diversified International Fund
     2,044,558       21,303       401,899       5,440       139,447       2,220       2,307,010       25,000  
Equity Income Fund I
     2,660,908       44,711       359,982       7,439       281,917       6,260       2,738,973       46,258  
High Yield Fund II
     4,288,079       33,018       341,834       2,851       83,134       701       4,546,779       35,153  
Income Fund
     12,522,870       115,003       509,168       4,631       716,623       6,521       12,315,415       112,879  
International Emerging Markets Fund
     244,691       6,248       65,223       1,965       8,216       297       301,698       7,957  
LargeCap Growth Fund
     8,296,270       53,715       325,497       2,904       2,896,987       28,303       5,724,780       35,036  
MidCap Stock Fund
     808,101       11,338       179,711       3,002       77,045       1,468       910,767       12,986  
Money Market Fund
     26,690       27       8,526,115       8,526       2,076,089       2,076       6,476,716       6,477  
Mortgage Securities Fund
     15,861,519       170,632       576,643       6,163       836,036       8,879       15,602,126       167,620  
Partners LargeCap Growth Fund II
     —       —       3,007,264       27,498       22,553       200       2,984,711       27,281  
Preferred Securities Fund
     —       —       2,416,872       22,746       9,736       91       2,407,136       22,653  
Real Estate Securities Fund
     446,133       7,724       161,828       2,784       61,142       1,335       546,819       9,157  
Short Term Income Fund
     3,003,445       35,288       1,113,839       12,931       59,879       697       4,057,405       47,501  
SmallCap Growth Fund
     800,508       3,925       64,230       570       151,641       1,444       713,097       3,438  
SmallCap Value Fund
     397,669       6,941       39,811       658       242,830       3,914       194,650       3,312  
West Coast Equity Fund
     462,514       13,768       52,060       2,281       29,199       1,353       485,375       14,835  
 
                                                        
 
           $ 560,292             $ 118,919             $ 80,728             $ 606,300  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Disciplined LargeCap Blend Fund
   $ 384     $ 545     $ 4,946  
Diversified International Fund
     1,297       477       2,858  
Equity Income Fund I
     1,889       368       3,330  
High Yield Fund II
     929       -15       902  
Income Fund
     1,557       -234       —  
International Emerging Markets Fund
     1,123       41       344  
LargeCap Growth Fund
     228       6,720       914  
MidCap Stock Fund
     344       114       1,908  
Money Market Fund
     58       —       —  
Mortgage Securities Fund
     2,153       -296       —  
Partners LargeCap Growth Fund II
     296       -17       281  
Preferred Securities Fund
     229       -2       —  
Real Estate Securities Fund
     178       -16       2,112  
Short Term Income Fund
     446       -21       —  
SmallCap Growth Fund
     —       387       376  
SmallCap Value Fund
     202       -373       358  
West Coast Equity Fund
     180       139       1,404  
 
                  
 
   $ 11,493     $ 7,817     $ 19,733  
 
                  

316

 

Schedule of Investments
SAM Conservative Growth Portfolio
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
INVESTMENT COMPANIES (100.05%)
                
Principal Investors Fund, Inc. Institutional Class (100.05%)
                
Disciplined LargeCap Blend Fund (a)
     27,044,016     $ 376,993  
Diversified International Fund (a)
     27,605,681       343,691  
Equity Income Fund I (a)
     31,456,585       611,516  
High Yield Fund II (a)
     11,448,070       93,531  
Income Fund (a)
     18,593,305       170,129  
International Emerging Markets Fund (a)
     3,534,358       94,367  
LargeCap Growth Fund (a)
     71,378,054       610,282  
MidCap Stock Fund (a)
     11,297,957       178,282  
Money Market Fund (a)
     31,849,968       31,850  
Mortgage Securities Fund (a)
     25,032,457       270,100  
Partners LargeCap Growth Fund II (a)(b)
     25,532,640       208,602  
Preferred Securities Fund (a)
     6,014,279       60,504  
Real Estate Securities Fund (a)
     6,796,732       108,408  
Short Term Income Fund (a)
     5,989,440       70,436  
SmallCap Growth Fund (a)(b)
     8,537,925       69,584  
SmallCap Value Fund (a)
     3,574,788       54,086  
West Coast Equity Fund (a)
     5,661,611       232,069  
 
              
 
             3,584,430  
 
              
TOTAL INVESTMENT COMPANIES
           $ 3,584,430  
 
              
Total Investments
           $ 3,584,430  
Liabilities in Excess of Other Assets, Net — (0.05)%
             (1,657 )
 
              
TOTAL NET ASSETS—100.00%
           $ 3,582,773  
 
              
 
(a)   Affiliated Security
 
(b)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 389,668  
Unrealized Depreciation
     (79,731 )
 
      
Net Unrealized Appreciation (Depreciation)
     309,937  
Cost for federal income tax purposes
     3,274,493  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent  
Domestic Equity Funds
     68.38 %
Fixed Income Funds
     19.44 %
International Equity Funds
     12.23 %
Liabilities in Excess of Other Assets, Net
     (0.05 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

317

 

Schedule of Investments
SAM Conservative Growth Portfolio
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds     Shares     Cost (000)  
Disciplined LargeCap Blend Fund
     31,893,539     $ 436,915       4,155,470     $ 64,657       9,004,993     $ 139,570       27,044,016     $ 364,184  
Diversified International Fund
     23,782,759       265,178       4,365,278       61,404       542,356       8,090       27,605,681       318,298  
Equity Income Fund I
     30,622,780       536,948       3,088,693       65,702       2,254,888       48,556       31,456,585       552,460  
High Yield Fund II
     11,502,756       87,214       624,199       5,243       678,885       5,655       11,448,070       86,603  
Income Fund
     18,330,402       164,451       1,220,587       11,079       957,684       8,748       18,593,305       166,674  
International Emerging Markets Fund
     2,912,083       75,188       690,908       21,339       68,633       2,392       3,534,358       94,367  
LargeCap Growth Fund
     95,620,382       641,172       1,631,567       15,689       25,873,895       249,978       71,378,054       454,643  
MidCap Stock Fund
     9,576,542       118,439       1,873,459       32,160       152,044       2,629       11,297,957       147,603  
Money Market Fund
     148,284       148       31,712,783       31,713       11,099       11       31,849,968       31,850  
Mortgage Securities Fund
     26,040,632       278,573       429,705       4,567       1,437,880       15,434       25,032,457       267,416  
Partners LargeCap Growth Fund II
     —       —       26,051,618       239,098       518,978       4,303       25,532,640       234,090  
Preferred Securities Fund
     —       —       6,224,431       58,466       210,152       2,067       6,014,279       56,436  
Real Estate Securities Fund
     4,853,568       80,880       1,972,206       35,744       29,042       458       6,796,732       115,910  
Short Term Income Fund
     —       —       5,999,470       69,570       10,030       118       5,989,440       69,453  
SmallCap Growth Fund
     10,417,503       58,117       540,480       5,001       2,420,058       23,274       8,537,925       46,035  
SmallCap Value Fund
     4,610,932       79,930       373,124       6,250       1,409,268       24,080       3,574,788       61,562  
West Coast Equity Fund
     5,315,965       169,655       530,666       24,068       185,020       7,943       5,661,611       185,374  
 
                                                        
 
           $ 2,992,808             $ 751,750             $ 543,306             $ 3,252,958  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Disciplined LargeCap Blend Fund
   $ 4,899     $ 2,182     $ 58,989  
Diversified International Fund
     16,245       -194       35,820  
Equity Income Fund I
     22,791       -1,634       40,195  
High Yield Fund II
     2,440       -199       2,371  
Income Fund
     2,398       -108       —  
International Emerging Markets Fund
     13,663       232       4,185  
LargeCap Growth Fund
     2,985       47,760       12,009  
MidCap Stock Fund
     4,453       -367       24,643  
Money Market Fund
     207       —       —  
Mortgage Securities Fund
     3,557       -290       —  
Partners LargeCap Growth Fund II
     3,209       -705       3,044  
Preferred Securities Fund
     548       37       —  
Real Estate Securities Fund
     2,319       -256       27,521  
Short Term Income Fund
     389       1       —  
SmallCap Growth Fund
     —       6,191       4,746  
SmallCap Value Fund
     2,313       -538       3,551  
West Coast Equity Fund
     2,199       -406       17,202  
 
                  
 
   $ 84,615     $ 51,706     $ 234,276  
 
                  

318

 

Schedule of Investments
SAM Flexible Income Portfolio
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
INVESTMENT COMPANIES (99.75%)
                
Principal Investors Fund, Inc. Institutional Class (99.75%)
                
Disciplined LargeCap Blend Fund (a)
     2,776,425     $ 38,703  
Diversified International Fund (a)
     1,837,946       22,882  
Equity Income Fund I (a)
     2,027,553       39,416  
High Yield Fund II (a)
     5,944,648       48,568  
Income Fund (a)
     19,842,730       181,561  
International Emerging Markets Fund (a)
     225,154       6,012  
LargeCap Growth Fund (a)
     4,488,646       38,378  
MidCap Stock Fund (a)
     1,001,653       15,806  
Money Market Fund (a)
     8,183,076       8,183  
Mortgage Securities Fund (a)
     21,506,527       232,055  
Partners LargeCap Growth Fund II (a)(b)
     2,789,890       22,793  
Preferred Securities Fund (a)
     3,345,611       33,657  
Real Estate Securities Fund (a)
     382,615       6,103  
Short Term Income Fund (a)
     8,403,618       98,827  
SmallCap Growth Fund (a)(b)
     625,763       5,100  
SmallCap Value Fund (a)
     251,614       3,807  
West Coast Equity Fund (a)
     225,238       9,232  
 
              
 
             811,083  
 
              
TOTAL INVESTMENT COMPANIES
           $ 811,083  
 
              
Total Investments
           $ 811,083  
Other Assets in Excess of Liabilities, Net — 0.25%
             2,034  
 
              
TOTAL NET ASSETS — 100.00%
           $ 813,117  
 
              
 
(a)   Affiliated Security
 
(b)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 40,504  
Unrealized Depreciation
     (12,205 )
 
      
Net Unrealized Appreciation (Depreciation)
     28,299  
Cost for federal income tax purposes
     782,784  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent  
Fixed Income Funds
     74.14 %
Domestic Equity Funds
     22.06 %
International Equity Funds
     3.55 %
Other Assets in Excess of Liabilities, Net
     0.25 %
 
      
TOTAL NET ASSETS
     100.00 %
 
      
 
319

 

Schedule of Investments
SAM Flexible Income Portfolio
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
Disciplined LargeCap Blend Fund
     2,601,096     $ 29,929       522,780     $ 7,890       347,451     $ 5,724       2,776,425     $ 32,922  
Diversified International Fund
     —       —       1,853,630       28,489       15,684       216       1,837,946       28,240  
Equity Income Fund I
     1,821,286       26,481       318,412       6,554       112,145       2,472       2,027,553       30,549  
High Yield Fund II
     6,036,864       44,440       615,397       5,120       707,613       5,991       5,944,648       43,761  
Income Fund
     21,581,549       196,131       1,364,280       12,420       3,103,099       28,180       19,842,730       180,002  
International Emerging Markets Fund
     —       —       227,699       7,736       2,545       77       225,154       7,646  
LargeCap Growth Fund
     6,710,263       38,774       323,717       2,875       2,545,334       24,800       4,488,646       24,789  
MidCap Stock Fund
     863,755       9,670       224,680       3,747       86,782       1,649       1,001,653       12,069  
Money Market Fund
     —       —       8,258,889       8,259       75,813       76       8,183,076       8,183  
Mortgage Securities Fund
     23,247,856       249,005       1,377,459       14,741       3,118,788       33,092       21,506,527       229,644  
Partners LargeCap Growth Fund II
     —       —       2,815,940       25,670       26,050       229       2,789,890       25,419  
Preferred Securities Fund
     —       —       3,381,804       32,599       36,193       345       3,345,611       32,248  
Real Estate Securities Fund
     380,504       6,868       119,708       2,065       117,597       2,593       382,615       5,952  
Short Term Income Fund
     7,913,033       92,420       692,525       8,078       201,940       2,350       8,403,618       98,094  
SmallCap Growth Fund
     832,642       3,446       82,028       722       288,907       2,768       625,763       2,823  
SmallCap Value Fund
     416,710       7,224       51,294       829       216,390       3,658       251,614       4,276  
West Coast Equity Fund
     220,588       5,299       26,855       1,178       22,205       1,030       225,238       5,787  
 
                                                        
 
           $ 709,687             $ 168,972             $ 115,250             $ 772,404  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Disciplined LargeCap Blend Fund
   $ 466     $ 827     $ 4,527  
Diversified International Fund
     1,017       -33       2,239  
Equity Income Fund I
     1,371       -14       2,415  
High Yield Fund II
     1,224       192       1,159  
Income Fund
     2,533       -369       —  
International Emerging Markets Fund
     833       -13       255  
LargeCap Growth Fund
     177       7,940       711  
MidCap Stock Fund
     372       301       2,054  
Money Market Fund
     54       —       —  
Mortgage Securities Fund
     3,030       -1,010       —  
Partners LargeCap Growth Fund II
     296       -22       281  
Preferred Securities Fund
     291       -6       —  
Real Estate Securities Fund
     124       -388       1,466  
Short Term Income Fund
     1,006       -54       —  
SmallCap Growth Fund
     —       1,423       323  
SmallCap Value Fund
     176       -119       284  
West Coast Equity Fund
     84       340       648  
 
                  
 
   $ 13,054     $ 8,995     $ 16,362  
 
                  

320

 

Schedule of Investments
SAM Strategic Growth Portfolio
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
INVESTMENT COMPANIES (100.06%)
                
Principal Investors Fund, Inc. Institutional Class (100.06%)
                
Disciplined LargeCap Blend Fund (a)
     22,413,618     $ 312,446  
Diversified International Fund (a)
     19,297,757       240,257  
Equity Income Fund I (a)
     21,900,696       425,750  
High Yield Fund II (a)
     10,391,022       84,895  
International Emerging Markets Fund (a)
     2,423,640       64,711  
LargeCap Growth Fund (a)
     46,529,772       397,830  
MidCap Stock Fund (a)
     8,602,230       135,743  
Money Market Fund (a)
     23,456,595       23,457  
Partners LargeCap Growth Fund II (a)(b)
     21,407,200       174,897  
Real Estate Securities Fund (a)
     4,229,814       67,465  
Short Term Income Fund (a)
     2,093,619       24,621  
SmallCap Growth Fund (a)(b)
     5,846,681       47,650  
SmallCap Value Fund (a)
     2,983,232       45,136  
West Coast Equity Fund (a)
     4,363,825       178,873  
 
              
 
             2,223,731  
 
              
TOTAL INVESTMENT COMPANIES
           $ 2,223,731  
 
              
Total Investments
           $ 2,223,731  
Liabilities in Excess of Other Assets, Net — (0.06)%
             (1,248 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 2,222,483  
 
              
 
(a)   Affiliated Security
 
(b)   Non-Income Producing Security
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 219,553  
Unrealized Depreciation
     (76,545 )
 
      
Net Unrealized Appreciation (Depreciation)
     143,008  
Cost for federal income tax purposes
     2,080,723  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Fund Type   Percent  
Domestic Equity Funds
     80.35 %
International Equity Funds
     13.72 %
Fixed Income Funds
     5.99 %
Liabilities in Excess of Other Assets, Net
     (0.06 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

321

 

Schedule of Investments
SAM Strategic Growth Portfolio
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
Disciplined LargeCap Blend Fund
     22,526,739     $ 319,852       3,010,049     $ 46,760       3,123,170     $ 48,290       22,413,618     $ 318,032  
Diversified International Fund
     16,790,793       191,590       2,921,925       40,939       414,961       6,250       19,297,757       226,277  
Equity Income Fund I
     20,567,049       370,438       2,098,120       44,585       764,473       16,013       21,900,696       397,914  
High Yield Fund II
     11,050,648       87,136       543,893       4,568       1,203,519       10,140       10,391,022       81,507  
International Emerging Markets Fund
     2,018,243       52,006       478,553       14,797       73,156       2,436       2,423,640       64,485  
LargeCap Growth Fund
     66,302,014       457,866       1,029,513       9,907       20,801,755       201,614       46,529,772       304,916  
MidCap Stock Fund
     7,252,888       89,542       1,435,511       24,825       86,169       1,472       8,602,230       112,611  
Money Market Fund
     12,173       12       23,576,364       23,577       131,942       132       23,456,595       23,457  
Partners LargeCap Growth Fund II
     —       —       21,710,062       198,633       302,862       2,519       21,407,200       195,710  
Real Estate Securities Fund
     3,409,529       62,805       1,067,109       18,695       246,824       5,473       4,229,814       74,966  
Short Term Income Fund
     —       —       2,121,648       24,597       28,029       329       2,093,619       24,270  
SmallCap Growth Fund
     7,047,025       42,024       395,640       3,662       1,595,984       15,030       5,846,681       33,643  
SmallCap Value Fund
     3,204,107       55,629       273,448       4,567       494,323       8,395       2,983,232       51,495  
West Coast Equity Fund
     3,957,965       128,229       526,460       24,193       120,600       5,228       4,363,825       146,890  
 
                                                        
 
           $ 1,857,129             $ 484,305             $ 323,321             $ 2,056,173  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
Disciplined LargeCap Blend Fund
   $ 4,021     $ -290     $ 42,219  
Diversified International Fund
     11,365       -2       25,062  
Equity Income Fund I
     15,841       -1,096       27,942  
High Yield Fund II
     2,236       -57       2,136  
International Emerging Markets Fund
     9,429       118       2,888  
LargeCap Growth Fund
     1,940       38,757       7,806  
MidCap Stock Fund
     4,831       -284       17,457  
Money Market Fund
     123       —       —  
Partners LargeCap Growth Fund II
     2,222       -404       2,107  
Real Estate Securities Fund
     1,439       -1,061       17,078  
Short Term Income Fund
     145       2       —  
SmallCap Growth Fund
     —       2,987       3,586  
SmallCap Value Fund
     1,800       -306       2,691  
West Coast Equity Fund
     1,686       -304       13,206  
 
                  
 
   $ 57,078     $ 38,060     $ 164,178  
 
                  

322

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (85.97%)
                
Agricultural Operations (0.45%)
                
Bunge Ltd Finance Corp
                
4.38%, 12/15/2008
   $ 700     $ 704  
Cargill Inc
                
5.20%, 1/22/2013 (a)
     650       655  
 
              
 
             1,359  
 
              
 
Airlines (0.15%)
                
American Airlines Inc
                
7.69%, 5/23/2008
     176       176  
7.25%, 2/5/2009
     275       272  
 
              
 
             448  
 
              
 
Appliances (0.07%)
                
Whirlpool Corp
                
5.49%, 6/15/2009 (b)
     200       201  
 
                
Asset Backed Securities (3.30%)
                
Carrington Mortgage Loan Trust
                
3.66%, 12/25/2035 (b)(c)
     475       461  
Chase Funding Mortgage Loan Asset-Backed Certificates
                
3.61%, 12/25/2033 (b)
     108       105  
Citigroup Mortgage Loan Trust Inc
                
3.53%, 3/25/2037 (b)(c)
     400       358  
4.28%, 7/25/2037 (b)(d)
     358       358  
CNH Equipment Trust
                
5.09%, 9/15/2010 (b)
     325       325  
Countrywide Asset-Backed Certificates
                
3.63%, 4/25/2036 (b)(c)
     500       485  
3.88%, 2/25/2037 (b)
     575       139  
6.02%, 9/25/2046 (b)
     1,900       1,878  
Countrywide Home Equity Loan Trust
                
4.47%, 12/15/2035 (b)
     120       103  
4.48%, 2/15/2036 (b)(c)
     475       446  
First Horizon Asset Backed Trust
                
3.51%, 10/25/2026 (b)
     537       451  
First-Citizens Home Equity Loan LLC
                
4.45%, 9/15/2022 (a)(b)
     209       195  
Ford Credit Floorplan Master Owner Trust
                
4.69%, 6/15/2011 (b)
     625       606  
GMAC Mortgage Corp Loan Trust
                
3.56%, 8/25/2035 (b)
     200       185  
Great America Leasing Receivables
                
5.39%, 9/15/2011 (a)(c)
     925       952  
JP Morgan Mortgage Acquisition Corp
                
3.46%, 3/25/2037 (b)
     463       449  
Marriott Vacation Club Owner Trust
                
5.81%, 10/20/2029 (a)(d)
     296       300  
Nomura Asset Acceptance Corp
                
3.60%, 1/25/2036 (a)(b)(c)
     298       221  
Popular ABS Mortgage Pass-Through Trust
                
3.64%, 11/25/2035 (b)(c)
     426       423  
Residential Asset Securities Corp
                
4.59%, 8/25/2031
     541       539  
Swift Master Auto Receivables Trust
                
4.34%, 6/15/2012 (b)
     425       418  
Volkswagen Credit Auto Master Trust
                
3.95%, 7/20/2010 (b)
     200       200  
Wells Fargo Home Equity Trust
                
3.48%, 3/25/2037 (b)
     312       305  
 
              
 
             9,902  
 
              
 
Auto-Car & Light Trucks (0.39%)
                
Daimler Finance North America LLC
                
4.05%, 6/4/2008
     250       250  
5.54%, 3/13/2009 (b)
     375       373  
5.88%, 3/15/2011
     525       545  
 
              
 
             1,168  
 
              
 
Auto/Truck Parts & Equipment — Original (0.07%)
                
Tenneco Inc
                
10.25%, 7/15/2013
     206       218  
 
                
Automobile Sequential (2.37%)
                
Capital Auto Receivables Asset Trust
                
4.27%, 10/15/2009 (b)
     640       639  
5.02%, 1/15/2010 (a)(b)(d)
     375       374  
4.47%, 3/15/2010 (b)
     600       598  
4.61%, 6/15/2010 (b)
     185       184  
5.52%, 3/15/2011 (b)
     500       511  
CPS Auto Trust
                
5.53%, 11/15/2010 (a)(d)
     900       905  
Ford Credit Auto Owner Trust
                
5.47%, 9/15/2012 (b)
     350       329  
5.60%, 10/15/2012
     435       428  
5.69%, 11/15/2012 (b)
     430       424  
Honda Auto Receivables Owner Trust
                
4.42%, 2/15/2011 (b)
     375       372  
Hyundai Auto Receivables Trust
                
4.64%, 1/17/2012 (b)
     500       495  
Morgan Stanley Auto Loan Trust
                
3.33%, 10/15/2011
     653       653  
Nissan Auto Receivables Owner Trust
                
4.28%, 7/15/2013
     280       280  
WFS Financial Owner Trust
                
3.93%, 2/17/2012
     482       483  
4.50%, 5/17/2013
     425       431  
 
              
 
             7,106  
 
              
 
Beverages - Non-Alcoholic (0.23%)
                
Panamerican Beverages Inc
                
7.25%, 7/1/2009
     350       362  
PepsiAmericas Inc
                
5.75%, 7/31/2012
     305       320  
 
              
 
             682  
 
              

323

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Beverages — Wine & Spirits (0.11%)
                
Diageo Capital PLC
                
5.20%, 1/30/2013
   $ 310     $ 319  
 
                
Brewery (0.25%)
                
Coors Brewing Co
                
6.38%, 5/15/2012
     49       53  
SABMiller PLC
                
5.03%, 7/1/2009 (a)(b)
     280       282  
6.20%, 7/1/2011 (a)
     400       426  
 
              
 
             761  
 
              
 
Building & Construction Products - -Miscellaneous (0.14%)
                
CRH America Inc
                
6.95%, 3/15/2012
     400       422  
 
                
Building Products - Cement & Aggregate (0.18%)
                
Martin Marietta Materials Inc
                
3.26%, 4/30/2010 (b)
     530       525  
 
                
Building Products-Wood (0.21%)
                
Masco Corp
                
5.43%, 3/12/2010 (b)
     335       321  
Norbord Inc
                
8.13%, 3/20/2008
     300       300  
 
              
 
             621  
 
              
 
Cable TV (1.00%)
                
Comcast Corp
                
4.68%, 7/14/2009 (b)
     650       637  
5.45%, 11/15/2010
     300       310  
COX Communications Inc
                
3.88%, 10/1/2008
     100       100  
4.63%, 1/15/2010
     475       476  
7.13%, 10/1/2012
     300       325  
DIRECTV Holdings LLC/DIRECTV Financing Co
                
8.38%, 3/15/2013
     300       310  
Echostar DBS Corp
                
5.75%, 10/1/2008
     300       300  
Rogers Cable Inc
                
7.88%, 5/1/2012
     500       554  
 
              
 
             3,012  
 
              
 
Casino Hotels (0.08%)
                
Mandalay Resort Group
                
9.50%, 8/1/2008
     250       253  
 
                
Cellular Telecommunications (0.43%)
                
America Movil SAB de CV
                
4.96%, 6/27/2008 (a)(b)(c)
     350       346  
Rogers Wireless Inc
                
7.25%, 12/15/2012
     425       467  
Vodafone Group PLC
                
5.33%, 6/15/2011 (b)(c)
     475       466  
 
              
 
             1,279  
 
              
 
Chemicals-Diversified (0.07%)
                
Huntsman LLC
                
11.50%, 7/15/2012
     200       212  
 
                
Coatings & Paint (0.15%)
                
Valspar Corp
                
5.63%, 5/1/2012
     430       445  
 
                
Commercial Banks (0.85%)
                
BBVA Bancomer SA/Grand Cayman
                
6.01%, 5/17/2022 (a)(b)
     305       289  
Colonial Bank NA/Montgomery AL
                
8.00%, 3/15/2009
     350       361  
9.38%, 6/1/2011 (a)
     575       635  
Glitnir Banki HF
                
4.42%, 10/15/2008 (a)(b)
     200       200  
HSBC America Capital Trust I
                
7.81%, 12/15/2026 (a)
     375       390  
VTB Capital SA
                
6.61%, 10/31/2012 (a)
     400       396  
Wachovia Bank NA/Charlotte NC
                
7.80%, 8/18/2010
     250       275  
 
              
 
             2,546  
 
              
 
Computer Services (0.05%)
                
Sungard Data Systems Inc
                
3.75%, 1/15/2009
     150       145  
 
                
Computers — Integrated Systems (0.23%)
                
NCR Corp
                
7.13%, 6/15/2009
     650       678  
 
                
Computers — Memory Devices (0.11%)
                
Seagate Technology HDD Holdings
                
5.57%, 10/1/2009 (b)
     150       145  
6.38%, 10/1/2011
     200       199  
 
              
 
             344  
 
              
Containers — Metal & Glass (0.08%)
                
Vitro SAB de CV
                
8.63%, 2/1/2012
     255       242  
 
                
Containers — Paper & Plastic (0.06%)
                
Pactiv Corp
                
5.88%, 7/15/2012
     175       180  
 
                
Credit Card Asset Backed Securities (2.71%)
                
American Express Credit Account Master Trust
                
4.64%, 9/15/2010 (b)(c)
     250       250  
4.52%, 3/15/2012 (b)
     1,150       1,133  

324

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Credit Card Asset Backed Securities (continued)
                
Bank One Issuance Trust
                
4.61%, 12/15/2010 (b)(c)
   $ 750     $ 751  
Cabela’s Master Credit Card Trust
                
4.31%, 12/16/2013 (a)(d)
     1,170       1,178  
Chase Credit Card Master Trust
                
4.57%, 1/17/2011 (b)
     750       746  
Chase Issuance Trust
                
3.74%, 1/15/2012 (b)
     500       500  
Citibank Credit Card Master Trust I
                
5.88%, 3/10/2011
     700       720  
GE Capital Credit Card Master Note Trust
                
4.41%, 3/15/2013 (b)
     175       166  
MBNA Master Credit Card Trust
                
4.59%, 9/15/2010 (b)
     800       802  
Providian Gateway Master Trust
                
4.61%, 5/16/2011 (a)(b)(d)
     780       780  
4.60%, 7/15/2011 (a)(b)(d)
     500       500  
Providian Master Note Trust
                
5.10%, 11/15/2012 (a)
     600       599  
 
              
 
             8,125  
 
              
 
Cruise Lines (0.03%)
                
Royal Caribbean Cruises Ltd
                
6.75%, 3/15/2008
     100       100  
 
                
Data Processing & Management (0.14%)
                
Fidelity National Information Services
                
4.75%, 9/15/2008
     415       409  
 
                
Diversified Financial Services (0.73%)
                
General Electric Capital Corp
                
5.25%, 10/19/2012
     1,250       1,297  
IBM International Group Capital LLC
                
5.05%, 10/22/2012
     325       338  
TNK-BP Finance SA
                
6.13%, 3/20/2012 (a)
     575       556  
 
              
 
             2,191  
 
              
 
Diversified Manufacturing Operations (0.19%)
                
Tyco Electronics Group SA
                
6.00%, 10/1/2012 (a)
     540       567  
 
                
Diversified Operations (0.16%)
                
Capmark Financial Group Inc
                
5.53%, 5/10/2010 (a)(b)
     600       468  
 
                
Electric — Generation (0.12%)
                
CE Casecnan Water & Energy
                
11.95%, 11/15/2010
     96       101  
Indiantown Cogeneration LP
                
9.26%, 12/15/2010
     235       248  
 
              
 
             349  
 
              
 
Electric — Integrated (2.64%)
                
Arizona Public Service Co
                
6.38%, 10/15/2011
     1,100       1,160  
Commonwealth Edison Co
                
3.70%, 2/1/2008
     250       250  
6.15%, 3/15/2012
     480       501  
Dominion Resources Inc/VA
                
5.69%, 5/15/2008
     225       226  
5.05%, 11/14/2008 (b)
     250       248  
DTE Energy Co
                
6.65%, 4/15/2009
     375       386  
Entergy Gulf States Inc
                
3.60%, 6/1/2008
     75       75  
5.90%, 12/ 8/2008 (a)(b)
     200       201  
Entergy Louisiana LLC
                
5.83%, 11/1/2010
     400       400  
Entergy Mississippi Inc
                
5.15%, 2/1/2013
     375       373  
Integrys Energy Group Inc
                
7.00%, 11/1/2009
     700       735  
Ipalco Enterprises Inc
                
8.38%, 11/14/2008 (b)
     150       152  
Northeast Utilities
                
3.30%, 6/1/2008
     250       249  
Ohio Power Co
                
4.83%, 4/ 5/2010 (b)
     390       384  
Pepco Holdings Inc
                
5.75%, 6/1/2010 (b)
     350       349  
PSEG Energy Holdings LLC
                
8.63%, 2/15/2008
     400       400  
Public Service Co of Colorado
                
4.38%, 10/1/2008
     190       190  
Scottish Power PLC
                
4.91%, 3/15/2010
     450       456  
TECO Energy Inc
                
6.91%, 5/1/2010 (b)
     475       477  
Texas-New Mexico Power Co
                
6.13%, 6/1/2008
     100       100  
Transelec SA
                
7.88%, 4/15/2011
     575       615  
 
              
 
             7,927  
 
              
 
Electronic Components — Miscellaneous (0.13%)
                
Jabil Circuit Inc
                
5.88%, 7/15/2010
     375       381  
 
                
Electronic Components — Semiconductors (0.28%)
                
Chartered Semiconductor Manufacturing Ltd
                
6.25%, 4/4/2013
     280       298  
National Semiconductor Corp
                
5.24%, 6/15/2010 (b)
     550       534  
 
              
 
             832  
 
              

325

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Electronic Connectors (0.21%)
                
Thomas & Betts Corp
                
6.63%, 5/7/2008
   $ 275     $ 277  
7.25%, 6/1/2013
     325       339  
 
              
 
             616  
 
              
 
Finance — Auto Loans (0.36%)
                
Ford Motor Credit Co LLC
                
9.88%, 8/10/2011
     175       168  
7.13%, 1/13/2012 (b)
     300       252  
GMAC LLC
                
6.12%, 5/15/2009 (b)
     275       257  
6.00%, 12/15/2011
     135       114  
Nissan Motor Acceptance Corp
                
4.63%, 3/8/2010 (a)
     270       277  
 
              
 
             1,068  
 
              
 
Finance-Commercial (0.32%)
                
CIT Group Inc
                
3.47%, 4/27/2011(b)
     350       303  
Textron Financial Corp
                
5.13%, 11/1/2010
     650       668  
 
              
 
             971  
 
              
Finance — Consumer Loans (0.53%)
                
American General Finance Corp
                
4.88%, 5/15/2010
     375       383  
HSBC Finance Corp
                
5.16%, 11/16/2009 (b)(c)
     475       462  
5.34%, 9/14/2012 (b)
     325       308  
SLM Corp
                
4.74%, 3/2/2009 (b)(c)
     475       444  
 
              
 
             1,597  
 
              
 
Finance — Credit Card (0.08%)
                
Capital One Bank
                
5.75%, 9/15/2010
     250       247  
 
                
Finance — Investment Banker & Broker (3.09%)
                
Bear Stearns Cos Inc/The
                
4.33%, 7/16/2009 (b)
     470       451  
Citigroup Inc
                
5.50%, 8/27/2012
     550       573  
Goldman Sachs Group Inc/The
                
5.32%, 3/2/2010 (b)
     300       292  
6.88%, 1/15/2011
     1,050       1,138  
5.05%, 2/6/2012 (b)
     175       169  
Jefferies Group Inc
                
5.88%, 6/8/2014
     575       585  
JPMorgan Chase & Co
                
5.60%, 6/1/2011
     1,200       1,253  
Lehman Brothers Holdings Capital Trust
                
5.86%, 11/29/2049
     335       259  
Lehman Brothers Holdings Inc
                
5.13%, 11/10/2009 (b)(c)
     350       339  
6.00%, 7/19/2012
     450       461  
5.63%, 1/24/2013
     630       638  
Merrill Lynch & Co Inc
                
5.11%, 2/6/2009 (b)(c)
     150       149  
4.70%, 3/2/2009 (b)
     195       190  
5.10%, 2/5/2010 (b)
     200       194  
5.11%, 11/1/2011 (b)
     300       282  
5.37%, 6/5/2012 (b)(c)
     250       229  
6.05%, 8/15/2012
     400       416  
5.45%, 2/5/2013 (e)
     550       551  
Morgan Stanley
                
4.54%, 1/15/2010 (b)
     705       693  
5.63%, 1/9/2012
     375       386  
 
              
 
             9,248  
 
              
 
Finance — Leasing Company (0.17%)
                
International Lease Finance Corp
                
4.66%, 1/15/2010 (b)
     100       100  
5.30%, 5/1/2012
     400       410  
 
              
 
             510  
 
              
 
Finance — Mortgage Loan/Banker (2.91%)
                
Countrywide Financial Corp
                
5.13%, 5/5/2008 (b)
     380       364  
5.21%, 12/19/2008 (b)
     230       203  
5.80%, 6/7/2012
     375       334  
Fannie Mae
                
3.68%, 2/25/2032 (b)(c)
     337       337  
3.63%, 3/25/2035 (b)
     132       132  
Fannie Mae Grantor Trust
                
5.41%, 9/26/2033 (b)
     90       92  
Fannie Mae Whole Loan
                
3.58%, 5/25/2035 (b)(c)
     382       378  
Freddie Mac
                
5.13%, 12/15/2013
     462       464  
5.50%, 1/15/2017
     36       36  
4.00%, 1/15/2022
     133       133  
4.69%, 6/15/2023 (b)
     291       292  
4.64%, 7/15/2023 (b)
     1,148       1,140  
4.44%, 4/15/2030 (b)(c)
     150       150  
4.54%, 10/15/2034 (b)
     191       190  
Ginnie Mae
                
1.69%, 10/16/2012 (b)
     7,423       248  
4.51%, 10/16/2028 (b)
     588       596  
3.96%, 6/16/2031
     1,840       1,846  
1.11%, 2/16/2047 (b)
     15,086       826  
0.85%, 3/16/2047 (b)
     4,468       256  
Residential Capital LLC
                
5.65%, 6/9/2008 (b)(c)
     225       192  
7.62%, 5/22/2009 (b)
     750       510  
 
              
 
             8,719  
 
              
 
Finance — Other Services (0.21%)
                
Alamosa Delaware Inc
                
8.50%, 1/31/2012
     200       203  
Mizuho JGB Investment LLC
                
9.87%, 12/29/2049 (a)(b)
     425       430  
 
              
 
             633  
 
              

326

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Financial Guarantee Insurance (0.19%)
                
MBIA Insurance Corp
                
14.00%, 1/15/2033 (a)(b)
   $ 285     $ 267  
MGIC Investment Corp
                
5.63%, 9/15/2011
     350       311  
 
              
 
             578  
 
              
 
Food — Miscellaneous/Diversified (0.25%)
                
General Mills Inc
                
4.02%, 1/22/2010 (b)(c)
     350       340  
Kraft Foods Inc
                
5.39%, 8/11/2010 (b)
     275       273  
6.00%, 2/11/2013
     125       131  
 
              
 
             744  
 
              
 
Food — Retail (0.28%)
                
Kroger Co/The
                
6.38%, 3/1/2008
     485       486  
Safeway Inc
                
6.50%, 11/15/2008
     175       178  
5.21%, 3/27/2009 (b)
     175       174  
 
              
 
             838  
 
              
 
Gas — Distribution (0.40%)
                
Sempra Energy
                
4.75%, 5/15/2009
     150       152  
7.95%, 3/1/2010
     600       649  
Southern California Gas Co
                
5.29%, 12/1/2009 (b)
     100       99  
Southern Union Co
                
6.15%, 8/16/2008
     300       302  
 
              
 
             1,202  
 
              
 
Health Care Cost Containment (0.26%)
                
McKesson Corp
                
5.25%, 3/1/2013
     750       771  
 
                
Home Equity — Other (3.56%)
                
ACE Securities Corp
                
3.59%, 8/25/2035 (b)(c)
     332       331  
3.58%, 10/25/2035 (b)
     121       121  
Bear Stearns Asset Backed Securities Trust
                
3.98%, 3/25/2034 (b)(c)(d)
     409       302  
3.56%, 6/25/2047 (b)(c)
     950       805  
Countrywide Asset-Backed Certificates
                
6.09%, 6/25/2021 (b)
     1,825       1,466  
First NLC Trust
                
3.71%, 5/25/2035 (b)
     261       240  
GMAC Mortgage Corp Loan Trust
                
4.62%, 6/25/2035 (b)
     351       340  
5.75%, 10/25/2036
     950       846  
6.05%, 12/25/2037 (b)
     635       606  
GSAA Trust
                
6.04%, 7/25/2036
     900       882  
Indymac Seconds Asset Backed Trust
                
5.77%, 5/25/2036 (b)
     1,400       1,228  
IXIS Real Estate Capital Trust
                
3.62%, 12/25/2035 (b)(c)
     3       3  
Mastr Asset Backed Securities Trust
                
3.88%, 3/25/2035 (b)(c)
     575       457  
Morgan Stanley ABS Capital I
                
3.63%, 9/25/2035 (b)(c)
     200       200  
New Century Home Equity Loan Trust
                
3.67%, 3/25/2035 (b)
     6       6  
Option One Mortgage Loan Trust
                
3.83%, 3/25/2037 (b)
     500       196  
Renaissance Home Equity Loan Trust
                
5.76%, 8/25/2036 (b)
     1,375       1,368  
Residential Asset Securities Corp
                
4.47%, 3/25/2032
     810       792  
4.53%, 3/25/2035 (b)
     50       37  
3.58%, 5/25/2035 (b)(c)
     48       47  
Specialty Underwriting & Residential Finance
                
3.89%, 2/25/2035 (b)
     51       49  
3.61%, 3/25/2036 (b)(c)
     137       135  
WAMU Asset-Backed Certificates
                
3.55%, 5/25/2037 (b)(c)
     250       217  
 
              
 
             10,674  
 
              
 
Home Equity — Sequential (2.25%)
                
BNC Mortgage Loan Trust
                
3.55%, 7/25/2037 (b)
     726       560  
Countrywide Asset-Backed Certificates
                
5.68%, 6/25/2035
     2,000       1,785  
5.71%, 11/25/2035 (b)
     1,450       1,145  
5.56%, 4/25/2036
     1,000       886  
5.51%, 8/25/2036
     570       555  
5.81%, 11/25/2036
     1,250       1,116  
New Century Home Equity Loan Trust
                
4.76%, 11/25/2033
     696       696  
 
              
 
             6,743  
 
              
 
Industrial Automation & Robots (0.21%)
                
Intermec Inc
                
7.00%, 3/15/2008
     625       623  
 
                
Insurance Brokers (0.07%)
                
Marsh & McLennan Cos Inc
                
3.63%, 2/15/2008
     220       220  
 
                
Life & Health Insurance (1.32%)
                
Cigna Corp
                
7.00%, 1/15/2011
     375       401  
Lincoln National Corp
                
5.65%, 8/27/2012
     215       224  
6.05%, 4/20/2067 (b)
     210       196  
Pacific Life Global Funding
                
5.11%, 6/22/2011 (a)(b)
     175       175  
Phoenix Cos Inc/The
                
6.68%, 2/16/2008
     550       550  

327

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Life & Health Insurance (continued)
                
Prudential Financial Inc
                
5.26%, 6/13/2008 (b)
   $ 250     $ 251  
5.15%, 1/15/2013
     950       963  
StanCorp Financial Group Inc
                
6.88%, 10/1/2012
     510       570  
Sun Life Financial Global Funding LP
                
5.08%, 7/6/2010 (a)(b)
     175       176  
Unum Group
                
6.00%, 5/15/2008
     175       176  
5.86%, 5/15/2009
     275       282  
 
              
 
             3,964  
 
              
 
Machinery — Farm (0.16%)
                
Case New Holland Inc
                
6.00%, 6/1/2009
     475       474  
 
                
Medical — Drugs (0.61%)
                
Abbott Laboratories
                
5.15%, 11/30/2012
     950       1,001  
Angiotech Pharmaceuticals Inc
                
8.87%, 12/1/2013 (b)
     225       202  
AstraZeneca PLC
                
5.40%, 9/15/2012
     390       412  
Elan Finance PLC/Elan Finance Corp
                
9.25%, 12/1/2013 (b)
     250       228  
 
              
 
             1,843  
 
              
 
Medical — HMO (0.43%)
                
Coventry Health Care Inc
                
6.30%, 8/15/2014
     400       416  
5.95%, 3/15/2017
     210       209  
UnitedHealth Group Inc
                
5.09%, 6/21/2010 (a)(b)
     375       366  
5.50%, 11/15/2012 (a)
     300       311  
 
              
 
             1,302  
 
              
 
Medical — Wholesale Drug Distribution (0.31%)
                
Cardinal Health Inc
                
5.50%, 10/ 2/2009 (a)(b)
     300       301  
5.65%, 6/15/2012 (a)
     600       620  
 
              
 
             921  
 
              
 
Medical Products (0.16%)
                
Covidien International Finance SA
                
5.45%, 10/15/2012 (a)
     465       482  
 
                
Metal — Diversified (0.02%)
                
Xstrata Canada Corp
                
7.25%, 7/15/2012
     55       61  
 
                
Metal Processors & Fabrication (0.10%)
                
Timken Co
                
5.75%, 2/15/2010
     300       308  
 
                
Money Center Banks (0.22%)
                
Deutsche Bank AG/London
                
5.38%, 10/12/2012
     630       663  
 
                
Mortgage Backed Securities (32.99%)
                
ACT Depositor Corp
                
4.54%, 9/22/2041 (a)(b)(c)
     775       542  
Banc of America Alternative Loan Trust
                
3.78%, 6/25/2036 (b)(c)
     685       678  
Banc of America Commercial Mortgage Inc
                
7.11%, 11/15/2031
     35       36  
6.85%, 4/15/2036
     200       211  
1.19%, 11/10/2038 (b)
     18,394       391  
0.85%, 7/10/2042 (b)
     32,309       566  
1.78%, 7/11/2043 (a)(f)
     16,947       546  
0.33%, 9/10/2045
     83,231       688  
0.22%, 10/10/2045
     81,632       301  
5.31%, 10/10/2045 (b)
     1,325       1,324  
0.60%, 7/10/2046 (b)
     53,713       996  
Banc of America Mortgage Securities Inc
                
4.78%, 5/25/2035 (b)
     950       961  
Bear Stearns Adjustable Rate Mortgage Trust
                
5.07%, 9/25/2034 (b)
     426       408  
Bear Stearns Alt-A Trust
                
3.66%, 7/25/2035 (b)
     46       46  
6.22%, 8/25/2036 (b)
     1,596       1,578  
Bear Stearns Commercial Mortgage Securities Inc
                
7.00%, 5/20/2030
     680       712  
7.64%, 2/15/2032
     143       144  
3.97%, 11/11/2035
     196       193  
0.63%, 5/11/2039 (a)(b)
     2,997       44  
0.39%, 2/11/2041 (b)
     22,511       211  
4.13%, 11/11/2041
     2,100       2,084  
4.57%, 7/11/2042
     500       493  
Bella Vista Mortgage Trust
                
4.18%, 5/20/2045 (b)
     184       172  
Chase Commercial Mortgage Securities Corp
                
7.32%, 10/15/2032
     1,000       1,048  
7.56%, 10/15/2032
     500       532  
Chase Mortgage Finance Corp
                
5.80%, 3/25/2037 (b)
     752       747  
4.61%, 7/25/2037 (b)(d)
     501       498  
Citigroup Commercial Mortgage Trust
                
0.72%, 10/15/2049 (b)
     39,950       960  
Citigroup/Deutsche Bank Commercial Mortgage
                
0.41%, 11/15/2044 (a)
     49,925       645  
Citigroup/Deutsche Bank Commercial Mortgage Trust
                
0.63%, 10/15/2048 (b)
     38,765       796  
0.53%, 12/11/2049 (b)
     62,091       1,001  
0.56%, 12/11/2049 (a)(b)
     21,276       519  

328

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
Commercial Mortgage Pass Through Certificates
                
1.62%, 6/10/2010 (a)(b)
   $ 3,795     $ 120  
3.25%, 6/10/2038
     178       171  
0.06%, 12/10/2046 (b)
     12,890       155  
Countrywide Alternative Loan Trust
                
6.10%, 7/20/2035 (b)(d)
     384       349  
5.66%, 2/25/2036 (b)(d)
     497       468  
6.00%, 5/25/2036
     895       897  
6.00%, 5/25/2036
     316       319  
3.55%, 6/25/2036 (b)(c)
     800       780  
3.66%, 6/25/2036 (b)(c)
     1,564       1,551  
4.20%, 5/20/2046 (b)(c)
     1,337       1,183  
Countrywide Asset-Backed Certificates
                
3.66%, 11/25/2035 (b)
     165       160  
3.65%, 1/25/2036 (b)(c)
     800       784  
Countrywide Home Loan Mortgage Pass Through Certificates
                
4.50%, 1/25/2033
     11       10  
4.49%, 12/25/2033
     1,500       1,518  
4.41%, 6/20/2035 (b)(c)
     484       483  
Countrywide Home Loans
                
5.50%, 7/25/2033
     1,217       1,229  
Credit Suisse Mortgage Capital Certificates
                
0.78%, 9/15/2039 (a)
     68,025       1,824  
0.11%, 12/15/2039
     7,622       127  
5.87%, 9/15/2040
     725       694  
CS First Boston Mortgage Securities Corp
                
6.38%, 12/16/2035
     595       614  
0.58%, 11/15/2036 (a)(b)
     17,422       688  
0.43%, 8/15/2038 (a)
     46,577       473  
CW Capital Cobalt Ltd
                
5.17%, 8/15/2048
     950       943  
First Union National Bank Commercial Mortgage Securities Inc
                
7.84%, 5/17/2032
     150       158  
5.59%, 2/12/2034
     19       19  
GE Capital Commercial Mortgage Corp
                
0.43%, 5/10/2014
     64,065       711  
5.99%, 12/10/2035
     208       212  
0.74%, 3/10/2040 (a)(b)
     2,701       40  
GMAC Commercial Mortgage Securities Inc
                
0.97%, 3/10/2038 (a)(b)
     2,342       50  
0.58%, 8/10/2038 (a)(b)
     63,426       740  
GMAC Mortgage Corp Loan Trust
                
5.25%, 7/25/2034
     750       763  
Greenpoint Mortgage Funding Trust
                
3.65%, 6/25/2045 (b)(c)
     179       171  
3.68%, 6/25/2045 (b)
     178       166  
3.69%, 10/25/2045 (b)(c)
     276       263  
Greenwich Capital Commercial Funding Corp
                
0.44%, 6/10/2036 (a)(b)
     18,581       160  
0.26%, 4/10/2037 (a)
     153,365       676  
0.51%, 3/10/2039 (a)(b)
     20,877       445  
0.96%, 8/10/2042 (a)(b)
     7,370       149  
0.48%, 12/10/2049 (b)
     51,115       839  
GS Mortgage Securities Corp II
                
0.86%, 11/10/2039
     6,109       235  
GSR Mortgage Loan Trust
                
4.76%, 7/25/2035 (b)
     622       629  
Heller Financial Commercial Mortgage Asset Corp
                
8.08%, 1/17/2034 (b)
     1,000       1,055  
8.19%, 1/17/2034 (b)
     1,175       1,243  
Impac CMB Trust
                
5.87%, 10/25/2033 (b)
     80       80  
3.69%, 4/25/2035 (b)(c)
     139       137  
3.81%, 4/25/2035 (b)
     119       104  
3.68%, 8/25/2035 (b)
     97       89  
3.89%, 8/25/2035 (b)
     83       72  
3.92%, 8/25/2035 (b)
     130       108  
3.63%, 4/25/2037 (b)(d)
     852       794  
Indymac Index Mortgage Loan Trust
                
3.68%, 4/25/2034 (b)(c)
     70       67  
3.61%, 4/25/2035 (b)
     177       167  
3.71%, 4/25/2035 (b)
     147       122  
5.45%, 7/25/2035 (b)
     967       988  
3.68%, 8/25/2035 (b)(c)
     241       228  
3.56%, 1/25/2037 (b)(c)
     930       911  
3.62%, 6/25/2037 (b)(d)
     806       758  
JP Morgan Chase Commercial Mortgage Securities
                
0.71%, 10/12/2035 (a)(b)
     11,144       366  
6.04%, 11/15/2035
     1,181       1,205  
7.20%, 11/15/2035 (a)(b)
     350       374  
0.77%, 10/12/2037 (a)(b)
     3,875       158  
3.48%, 6/12/2041
     337       334  
5.30%, 5/15/2047 (b)
     1,400       1,392  
5.31%, 1/15/2049
     625       621  
0.50%, 2/12/2051 (b)
     58,210       891  
JP Morgan Mortgage Trust
                
3.81%, 5/25/2034
     583       590  
5.11%, 6/25/2035 (b)
     457       458  
5.30%, 7/25/2035
     1,096       1,109  
5.82%, 6/25/2036 (b)
     890       904  
5.82%, 6/25/2036 (b)
     400       412  
5.83%, 1/25/2037 (b)
     346       352  
5.71%, 4/25/2037 (b)(d)
     555       567  
LB-UBS Commercial Mortgage Trust
                
6.06%, 6/15/2020
     221       225  
5.97%, 3/15/2026
     77       77  
4.90%, 6/15/2026
     424       424  

329

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
LB-UBS Commercial Mortgage Trust (continued)
                
3.09%, 5/15/2027
   $ 300     $ 299  
4.19%, 8/15/2029
     220       218  
3.63%, 10/15/2029
     575       570  
4.44%, 12/15/2029 (b)
     1,000       986  
0.61%, 7/15/2035 (a)(b)
     4,328       141  
0.65%, 10/15/2035 (a)(b)
     9,647       388  
1.29%, 3/15/2036 (a)(b)
     2,036       44  
0.84%, 8/15/2036 (a)(b)
     2,146       33  
0.68%, 2/15/2040 (b)
     6,115       190  
MASTR Asset Securitization Trust
                
5.25%, 9/25/2033 (b)
     417       419  
Merrill Lynch Mortgage Trust
                
0.34%, 11/12/2035 (a)(b)
     33,622       182  
 
0.29%, 7/12/2038
     132,228       934  
5.80%, 5/12/2039 (b)
     1,100       1,113  
3.59%, 9/12/2041
     151       149  
0.42%, 9/12/2042 (b)
     63,996       581  
Merrill Lynch/Countrywide Commercial Mortgage Trust
                
0.09%, 7/12/2046 (b)
     32,395       509  
0.87%, 7/12/2046
     50,867       1,620  
0.73%, 8/12/2048 (b)
     11,373       414  
0.70%, 9/12/2049 (b)
     23,450       652  
0.06%, 12/12/2049 (b)
     16,701       238  
0.88%, 12/12/2049 (b)
     27,843       834  
5.11%, 12/12/2049 (b)
     885       877  
Morgan Stanley Capital I
                
1.15%, 1/13/2041 (a)(b)
     28,934       853  
3.99%, 5/24/2043 (a)(b)(d)
     750       675  
0.04%, 12/15/2043 (a)(b)
     12,670       164  
3.76%, 8/25/2046 (b)(c)(d)
     725       544  
5.55%, 12/20/2046 (b)(d)
     225       124  
Morgan Stanley Dean Witter Capital I
                
6.54%, 2/15/2031
     69       71  
Nationslink Funding Corp
                
7.23%, 6/20/2031
     460       464  
7.34%, 6/20/2031 (b)
     675       686  
New Century Alternative Mortgage Loan Trust
                
5.91%, 7/25/2036 (b)
     1,275       1,269  
Prudential Securities Secured Financing
                
6.48%, 11/1/2031
     240       242  
Residential Accredit Loans Inc
                
6.00%, 11/25/2032
     864       870  
5.74%, 12/25/2035 (b)(d)
     148       150  
3.53%, 3/25/2047 (b)(c)
     1,518       1,423  
Residential Funding Mortgage Securities
                
5.19%, 11/25/2035 (b)
     635       643  
5.68%, 2/25/2036 (b)
     313       319  
Sequoia Mortgage Trust
                
4.16%, 2/20/2035 (b)
     53       52  
Structured Adjustable Rate Mortgage Loan Trust
                
4.67%, 7/25/2034 (b)
     1,000       1,001  
4.08%, 8/25/2034 (b)(c)
     362       313  
3.63%, 3/25/2035 (b)
     58       57  
5.25%, 12/25/2035
     99       101  
3.57%, 7/25/2037 (b)(c)
     686       662  
Structured Asset Mortgage Investments Inc
                
3.68%, 5/25/2045 (b)
     175       173  
3.69%, 9/25/2045 (b)
     165       163  
Structured Asset Securities Corp
                
5.50%, 6/25/2036 (b)
     1,450       1,224  
Thornburg Mortgage Securities Trust
                
3.73%, 12/25/2033 (b)
     696       690  
3.64%, 10/25/2035 (b)(c)
     483       482  
Wachovia Bank Commercial Mortgage Trust
                
0.35%, 1/15/2041 (a)(b)
     19,254       108  
0.50%, 4/15/2042 (a)(b)
     79,908       969  
5.25%, 12/15/2043
     1,175       1,164  
4.52%, 5/15/2044
     755       745  
6.06%, 2/15/2051 (b)
     1,100       1,117  
WaMu Commercial Mortgage Securities Trust
                
3.83%, 1/25/2035 (a)
     504       496  
WaMu Mortgage Pass Through Certificates
                
4.69%, 3/25/2033 (b)
     247       243  
4.06%, 10/25/2033 (b)
     1,250       1,253  
4.84%, 9/25/2035 (b)
     779       784  
5.70%, 6/25/2037 (b)
     1,051       1,058  
5.36%, 7/25/2044 (b)(c)
     109       103  
3.78%, 1/25/2045 (b)(c)
     1,857       1,730  
3.61%, 4/25/2045 (b)
     21       19  
3.65%, 4/25/2045 (b)
     93       84  
3.67%, 7/25/2045 (b)
     177       167  
3.63%, 11/25/2045 (b)(c)
     128       125  
Washington Mutual Alternative Mortgage
                
3.66%, 6/25/2046 (b)
     683       570  
3.56%, 1/25/2047 (b)
     634       583  
Wells Fargo Mortgage Backed Securities
                
4.20%, 3/25/2035 (b)
     1,467       1,474  
4.11%, 6/25/2035 (b)
     775       781  
5.24%, 4/25/2036 (b)
     1,084       1,101  
 
              
 
             98,899  
 
              
 
Multi-Line Insurance (0.29%)
                
CNA Financial Corp
                
6.60%, 12/15/2008
     549       559  
6.00%, 8/15/2011
     150       155  
Genworth Financial Inc
                
6.15%, 11/15/2066 (b)
     185       163  
 
              
 
             877  
 
              

330

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Multimedia (0.35%)
                
Thomson Corp/The
                
5.75%, 2/1/2008
   $ 185     $ 185  
Time Warner Entertainment Co LP
                
7.25%, 9/1/2008
     350       356  
Viacom Inc
                
5.34%, 6/16/2009 (b)
     520       516  
 
              
 
             1,057  
 
              
 
                
Mutual Insurance (0.15%)
                
Health Care Service Corp
                
7.75%, 6/15/2011 (a)
     400       457  
 
                
Non-Hazardous Waste Disposal (0.19%)
                
Oakmont Asset Trust
                
4.51%, 12/22/2008 (a)
     550       555  
 
                
Office Automation & Equipment (0.21%)
                
Xerox Corp
                
5.72%, 12/18/2009 (b)
     350       343  
5.50%, 5/15/2012
     295       301  
 
              
 
             644  
 
              
 
                
Office Furnishings — Original (0.07%)
                
Steelcase Inc
                
6.50%, 8/15/2011
     195       206  
 
                
Oil — Field Services (0.27%)
                
BJ Services Co
                
5.29%, 6/1/2008 (b)
     150       150  
Weatherford International Inc
                
6.63%, 11/15/2011
     250       270  
5.95%, 6/15/2012
     375       394  
 
              
 
             814  
 
              
 
                
Oil & Gas Drilling (0.22%)
                
Transocean Inc
                
5.25%, 3/15/2013
     625       644  
 
                
Oil Company — Exploration & Production (1.23%)
                
Anadarko Finance Co
                
6.75%, 5/1/2011
     325       348  
Anadarko Petroleum Corp
                
5.39%, 9/15/2009 (b)(c)
     300       293  
Canadian Natural Resources Ltd
                
5.15%, 2/1/2013
     650       663  
Devon OEI Operating Inc
                
7.25%, 10/1/2011
     475       524  
Marathon Oil Canada Corp
                
8.38%, 5/1/2012
     425       483  
Nexen Inc
                
5.05%, 11/20/2013
     292       285  
Pemex Project Funding Master Trust
                
6.13%, 8/15/2008
     13       13  
Swift Energy Co
                
7.63%, 7/15/2011
     200       197  
XTO Energy Inc
                
7.50%, 4/15/2012
     400       446  
5.90%, 8/1/2012
     400       424  
 
              
 
             3,676  
 
              
 
                
Oil Company — Integrated (0.14%)
                
Husky Energy Inc
                
6.25%, 6/15/2012
     400       425  
 
                
Oil Refining & Marketing (0.48%)
                
Premcor Refining Group Inc/The
                
9.50%, 2/1/2013
     700       736  
Tesoro Corp
                
6.25%, 11/1/2012
     400       398  
Valero Energy Corp
                
6.88%, 4/15/2012
     275       296  
 
              
 
             1,430  
 
              
 
                
Pharmacy Services (0.24%)
                
Medco Health Solutions Inc
                
7.25%, 8/15/2013
     650       717  
 
                
Pipelines (0.86%)
                
Enbridge Energy Partners LP
                
4.00%, 1/15/2009
     200       201  
Enbridge Inc
                
5.80%, 6/15/2014
     600       616  
Kinder Morgan Energy Partners LP
                
5.85%, 9/15/2012
     385       402  
NGPL PipeCo LLC
                
6.51%, 12/15/2012 (a)
     650       671  
ONEOK Partners LP
                
5.90%, 4/1/2012
     255       266  
TEPPCO Partners LP
                
7.63%, 2/15/2012
     375       420  
 
              
 
             2,576  
 
              
 
                
Private Corrections (0.11%)
                
Corrections Corp of America
                
7.50%, 5/1/2011
     325       327  
 
                
Property & Casualty Insurance (0.36%)
                
Markel Corp
                
7.00%, 5/15/2008
     450       454  
WR Berkley Corp
                
9.88%, 5/15/2008
     625       635  
 
              
 
             1,089  
 
              
 
                
Quarrying (0.38%)
                
Vulcan Materials Co
                
6.39%, 12/15/2010 (b)
     500       496  
5.60%, 11/30/2012
     625       643  
 
              
 
             1,139  
 
              

331

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Real Estate Operator & Developer (0.46%)
                
Duke Realty LP
                
5.63%, 8/15/2011
   $ 180     $ 181  
ERP Operating LP
                
5.50%, 10/1/2012
     575       571  
Regency Centers LP
                
8.45%, 9/1/2010
     575       636  
 
              
 
             1,388  
 
              
 
                
Regional Banks (1.68%)
                
BAC Capital Trust XIII
                
5.39%, 3/15/2043 (b)(c)
     435       343  
BAC Capital Trust XIV
                
5.63%, 3/15/2043 (b)
     550       446  
Capital One Financial Corp
                
5.70%, 9/15/2011
     300       276  
First Union Institutional Capital I
                
8.04%, 12/1/2026
     550       571  
Fleet Capital Trust II
                
7.92%, 12/11/2026
     525       546  
NB Capital Trust
                
7.83%, 12/15/2026
     375       382  
SunTrust Preferred Capital I
                
5.85%, 12/31/2049 (b)
     365       311  
Wachovia Corp
                
5.35%, 3/15/2011
     600       618  
5.27%, 3/1/2012 (b)
     275       267  
Wells Fargo & Co
                
4.38%, 1/31/2013
     1,270       1,270  
 
              
 
             5,030  
 
              
 
                
REITS — Apartments (0.23%)
                
Camden Property Trust
                
4.38%, 1/15/2010
     200       197  
UDR Inc
                
4.50%, 3/3/2008
     310       310  
5.50%, 4/1/2014
     200       194  
 
              
 
             701  
 
              
 
                
REITS — Diversified (0.68%)
                
Duke Realty LP
                
6.80%, 2/12/2009
     450       457  
iStar Financial Inc
                
5.33%, 9/15/2009 (b)
     275       255  
5.50%, 3/9/2010 (b)
     350       312  
6.00%, 12/15/2010
     500       445  
5.65%, 9/15/2011
     200       178  
Liberty Property LP
                
7.75%, 4/15/2009
     385       397  
 
              
 
             2,044  
 
              
 
                
REITS — Healthcare (0.50%)
                
HCP Inc
                
5.44%, 9/15/2008 (b)
     600       600  
5.65%, 12/15/2013
     125       117  
Nationwide Health Properties Inc
                
6.50%, 7/15/2011
     400       425  
6.25%, 2/1/2013
     325       343  
 
              
 
             1,485  
 
              
 
                
REITS — Office Property (0.39%)
                
Brandywine Operating Partnership LP
                
5.63%, 12/15/2010
     605       608  
HRPT Properties Trust
                
5.59%, 3/16/2011 (b)
     188       182  
6.95%, 4/1/2012
     350       368  
 
              
 
             1,158  
 
              
 
                
REITS — Regional Malls (0.16%)
                
Simon Property Group LP
                
3.75%, 1/30/2009
     225       224  
4.60%, 6/15/2010
     65       65  
5.60%, 9/1/2011
     200       201  
 
              
 
             490  
 
              
 
                
REITS — Shopping Centers (0.50%)
                
Developers Diversified Realty Corp
                
3.88%, 1/30/2009
     510       499  
5.38%, 10/15/2012
     150       139  
Federal Realty Invs Trust
                
6.00%, 7/15/2012
     350       359  
Westfield Group
                
5.40%, 10/1/2012 (a)(g)
     500       505  
 
              
 
             1,502  
 
              
 
                
REITS — Warehouse & Industrial (0.29%)
                
Prologis
                
5.28%, 8/24/2009 (b)
     250       243  
5.50%, 3/1/2013
     625       615  
 
              
 
             858  
 
              
 
                
Rental — Auto & Equipment (0.31%)
                
Erac USA Finance Co
                
3.50%, 4/30/2009 (a)(b)
     400       398  
5.80%, 10/15/2012 (a)
     515       521  
 
              
 
             919  
 
              
 
                
Retail — Drug Store (0.15%)
                
CVS Caremark Corp
                
5.44%, 6/1/2010 (b)
     450       440  
 
                
Retail — Petroleum Products (0.10%)
                
Petro Stopping Centers LP/Petro Financial Corp
                
9.00%, 2/15/2012
     300       311  
 
                
Retail — Regional Department Store (0.10%)
                
Macys Retail Holdings Inc
                
4.80%, 7/15/2009
     300       301  

332

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Retail — Restaurants (0.27%)
                
Darden Restaurants Inc
                
5.63%, 10/15/2012
   $ 625     $ 632  
Yum! Brands Inc
                
7.65%, 5/15/2008
     175       177  
 
              
 
             809  
 
              
 
                
Rubber — Tires (0.23%)
                
Goodyear Tire & Rubber Co/The
                
6.38%, 3/15/2008
     500       499  
8.66%, 12/1/2009 (b)
     200       199  
 
              
 
             698  
 
              
 
                
Savings & Loans — Thrifts (0.26%)
                
Washington Mutual Inc
                
5.08%, 3/20/2008 (b)
     225       224  
4.56%, 1/15/2010 (b)
     275       252  
5.18%, 3/22/2012 (b)
     350       309  
 
              
 
             785  
 
              
 
                
Sovereign (0.09%)
                
Mexico Government International Bond
                
8.38%, 1/14/2011
     250       280  
 
                
Special Purpose Banks (0.12%)
                
Korea Development Bank
                
4.84%, 4/3/2010 (b)(c)
     365       365  
 
                
Special Purpose Entity (0.76%)
                
BAE Systems Holdings Inc
                
4.75%, 8/15/2010 (a)
     500       513  
Genworth Global Funding Trusts
                
5.20%, 10/8/2010
     375       387  
Rio Tinto Finance USA Ltd
                
2.63%, 9/30/2008
     185       184  
Rockies Express Pipeline LLC
                
5.78%, 8/20/2009 (a)(b)
     280       280  
USB Realty Corp
                
6.09%, 12/22/2049 (a)(b)
     330       265  
Williams Cos Inc Credit Linked Certificates
                
8.16%, 5/1/2009 (a)(b)
     200       202  
Xlliac Global Funding
                
5.32%, 6/2/2008 (a)(b)(c)
     450       450  
 
              
 
             2,281  
 
              
 
                
Steel — Producers (0.30%)
                
Ispat Inland ULC
                
9.75%, 4/1/2014
     300       325  
Nucor Corp
                
5.00%, 12/1/2012
     175       180  
United States Steel Corp
                
5.65%, 6/1/2013
     400       388  
 
              
 
             893  
 
              
 
                
Supranational Bank (0.08%)
                
Corp Andina de Fomento
                
5.09%, 6/13/2008 (b)(d)
     225       225  
 
                
Telecommunication Services (0.13%)
                
Qwest Corp
                
7.88%, 9/1/2011
     150       154  
Telcordia Technologies Inc
                
8.01%, 7/15/2012 (a)(b)
     275       234  
 
              
 
             388  
 
              
 
                
Telephone — Integrated (1.98%)
                
AT&T Inc
                
4.95%, 1/15/2013
     1,100       1,126  
British Telecommunications PLC
                
5.15%, 1/15/2013
     625       642  
Deutsche Telekom International Finance
                
5.06%, 3/23/2009 (b)
     375       373  
Royal KPN NV
                
8.00%, 10/1/2010
     475       512  
Sprint Capital Corp
                
7.63%, 1/30/2011
     250       254  
8.38%, 3/15/2012
     250       260  
Sprint Nextel Corp
                
5.24%, 6/28/2010 (b)
     275       265  
Telecom Italia Capital SA
                
4.00%, 11/15/2008
     320       318  
4.56%, 7/18/2011 (b)
     240       230  
Telefonica Emisiones SAU
                
5.23%, 6/19/2009 (b)
     400       396  
5.86%, 2/4/2013 (e)
     575       596  
Telefonos de Mexico SAB de CV
                
4.50%, 11/19/2008
     325       325  
Verizon California Inc
                
6.70%, 9/1/2009
     615       637  
 
              
 
             5,934  
 
              
 
                
Television (0.24%)
                
British Sky Broadcasting Group PLC
                
6.88%, 2/23/2009
     400       410  
Univision Communications Inc
                
7.85%, 7/15/2011
     325       310  
 
              
 
             720  
 
              
 
                
Tobacco (0.25%)
                
Reynolds American Inc
                
6.50%, 7/15/2010
     400       415  
5.69%, 6/15/2011 (b)
     350       325  
 
              
 
             740  
 
              
 
                
Tools — Hand Held (0.19%)
                
Snap-On Inc
                
4.51%, 1/12/2010 (b)(c)
     575       570  

333

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Transport — Rail (0.14%)
                
Union Pacific Corp
                
5.45%, 1/31/2013
   $ 400     $ 413  
 
TOTAL BONDS
           $ 257,697  
 
 
                
SENIOR FLOATING RATE INTERESTS (1.00%)
                
Aerospace & Defense Equipment (0.07%)
                
Sequa Corp, Term Loan B
                
8.08%, 12/7/2014 (b)
     225       214  
 
                
Applications Software (0.18%)
                
Metavante Corp, Term Loan B
                
6.70%, 11/ 7/2014 (b)
     550       525  
 
                
Auto/Truck Parts & Equipment — Replacement (0.10%)
                
Allison Transmission Inc, Term Loan B
                
8.24%, 8/7/2014 (b)
     348       304  
 
                
Cellular Telecommunications (0.09%)
                
Alltel Holdings Corp, Term Loan B3
                
7.78%, 5/31/2015 (b)
     299       272  
 
                
Electric — Integrated (0.11%)
                
Texas Competitive Electric Holdings Company, Term Loan B2
                
6.58%, 10/29/2014 (b)
     111       101  
Texas Competitive Electric Holdings Company, Term Loan B3
                
8.40%, 10/10/2014 (b)
     249       227  
 
              
 
             328  
 
              
 
                
Publishing — Periodicals (0.13%)
                
Dex Media East LLC, Term Loan B
                
7.02%, 10/17/2014 (b)
     415       403  
 
                
Racetracks (0.10%)
                
Penn National Gaming Inc, Term Loan B
                
6.58%, 10/3/2012 (b)
     297       289  
 
                
Retail — Building Products (0.16%)
                
HD Supply Inc, Term Loan B
                
6.01%, 8/30/2012 (b)
     480       475  
 
                
Satellite Telecommunications (0.06%)
                
Telesat Canada Inc, Term Loan B
                
8.09%, 9/1/2014 (b)
     185       175  
 
TOTAL SENIOR FLOATING RATE INTERESTS
           $ 2,985  
 
 
                
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (20.52%)
                
Federal Home Loan Mortgage Corporation (FHLMC) (1.98%)
                
5.50%, 12/1/2008
     17       18  
5.50%, 2/1/2009
     40       41  
5.50%, 3/1/2009
     20       21  
5.50%, 4/1/2009
     45       46  
6.50%, 4/1/2009
     9       9  
5.00%, 9/1/2009
     59       60  
9.00%, 9/1/2009
     3       3  
4.50%, 11/1/2009
     102       102  
4.50%, 12/1/2009
     249       251  
4.50%, 4/1/2010
     156       156  
4.50%, 9/1/2010
     263       266  
4.50%, 2/1/2011
     106       107  
4.50%, 4/1/2011
     128       128  
4.50%, 7/1/2011
     145       146  
4.50%, 11/1/2011
     622       626  
6.50%, 4/1/2015
     8       8  
6.50%, 12/1/2015
     28       29  
7.00%, 12/1/2022
     161       172  
7.50%, 12/1/2029
     4       4  
8.00%, 12/1/2011
     1       1  
5.99%, 12/1/2034 (b)
     288       294  
4.55%, 1/1/2035 (b)
     348       353  
6.04%, 6/1/2035 (b)
     1,387       1,420  
4.98%, 9/1/2035 (b)
     498       498  
4.99%, 9/1/2035 (b)
     437       445  
6.51%, 1/1/2037 (b)
     698       724  
 
              
 
             5,928  
 
              
 
                
Federal National Mortgage Association (FNMA) (2.83%)
                
5.50%, 2/1/2009
     119       121  
5.50%, 5/1/2009
     6       6  
5.50%, 10/1/2009
     70       72  
4.50%, 12/1/2009
     21       21  
4.50%, 3/1/2010
     185       187  
4.00%, 5/1/2010
     445       445  
4.50%, 5/1/2010
     71       72  
4.00%, 6/1/2010
     221       221  
4.00%, 7/1/2010
     314       314  
4.00%, 8/1/2010
     164       164  
4.50%, 8/1/2011
     347       348  
8.50%, 5/1/2022
     39       42  
8.00%, 5/1/2027
     7       8  
6.00%, 7/1/2028
     80       82  

334

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (continued)
                
Federal National Mortgage Association (FNMA) (continued)
                
7.50%, 10/1/2029
   $ 20     $ 21  
6.30%, 12/1/2032 (b)
     370       375  
4.33%, 7/1/2034 (b)
     659       668  
5.98%, 7/1/2034 (b)
     247       249  
4.30%, 8/1/2034 (b)
     368       374  
4.40%, 9/1/2034 (b)
     547       562  
4.50%, 1/1/2035 (b)
     542       552  
6.34%, 1/1/2035 (b)
     85       88  
6.86%, 2/1/2035 (b)
     102       105  
4.55%, 4/1/2035 (b)
     762       769  
7.12%, 6/1/2035 (b)
     125       128  
4.98%, 10/1/2035 (b)
     1,663       1,668  
5.24%, 2/1/2037 (b)
     790       813  
 
              
 
             8,475  
 
              
 
                
U.S. Treasury (15.71%)
                
4.13%, 8/15/2008 (h)
     5,000       5,052  
4.88%, 8/31/2008 (h)
     3,000       3,045  
4.88%, 1/31/2009 (h)
     5,000       5,134  
3.00%, 2/15/2009 (h)
     13,000       13,112  
4.88%, 8/15/2009 (h)
     6,500       6,767  
4.75%, 2/15/2010 (h)
     5,000       5,257  
3.88%, 5/15/2010 (h)
     1,150       1,194  
4.50%, 11/15/2010
     500       530  
4.50%, 4/30/2012 (h)
     3,700       3,968  
4.38%, 8/15/2012 (h)
     1,350       1,446  
4.25%, 8/15/2013 (h)
     1,500       1,601  
 
              
 
             47,106  
 
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 61,509  
 
 
                
SHORT TERM INVESTMENTS (0.61%)
                
Commercial Paper (0.61%)
                
Investment in Joint Trade Account; HSBC Funding
                
3.12%, 2/1/2008
   $ 1,832     $ 1,832  
 
TOTAL SHORT TERM INVESTMENTS
           $ 1,832  
 
 
                
REPURCHASE AGREEMENTS (4.96%)
                
Finance — Investment Banker & Broker (1.04%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $3,138,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 3,114     $ 3,114  
 
                
Money Center Banks (3.92%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $11,860,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
   $ 11,768     $ 11,767  
 
TOTAL REPURCHASE AGREEMENTS
           $ 14,881  
 
Total Investments
           $ 338,904  
Liabilities in Excess of Other Assets, Net — (13.06)%
             (39,153 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 299,751  
 
              
 
(a)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $32,483 or
10.84% of net assets.
 
(b)   Variable Rate
 
(c)   Security was purchased with the cash proceeds from securities loans.
 
(d)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $9,849 or 3.29% of net assets.
 
(e)   Security purchased on a when-issued basis.
 
(f)   Non-Income Producing Security
 
(g)   Security or a portion of the security was pledged to cover margin
requirements for futures contracts. At the end of the period, the value of these securities totaled $202 or 0.07% of net assets.
 
(h)   Security or a portion of the security was on loan at the end of the period.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 4,087  
Unrealized Depreciation
     (8,982 )
 
      
Net Unrealized Appreciation (Depreciation)
     (4,895 )
Cost for federal income tax purposes
     343,799  
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
 
Buy:
                                
US 2YR NOTE; March 2008
     51     $ 10,749     $ 10,874     $ 125  
 
                                
US 5YR Note; March 2008
     27       3,013       3,051       38  
All dollar amounts are shown in thousands (000’s)

335

 

Schedule of Investments
Short-Term Bond Fund
January 31, 2008 (unaudited)
Portfolio Summary (unaudited)
         
Sector   Percent
 
Mortgage Securities
     40.14 %
Financial
     21.10 %
Government
     15.88 %
Asset Backed Securities
     14.23 %
Communications
     4.42 %
Consumer, Non-cyclical
     4.24 %
Utilities
     3.27 %
Energy
     3.19 %
Industrial
     2.24 %
Consumer, Cyclical
     2.08 %
Technology
     1.19 %
Basic Materials
     0.92 %
Diversified
     0.16 %
Liabilities in Excess of Other Assets, Net
    (13.06 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        
Other Assets Summary (unaudited)
         
Asset Type   Percent
 
Futures
     4.65 %

336

 

Schedule of Investments
Short-Term Income Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (73.89%)
                
Aerospace & Defense Equipment (0.39%)
                
United Technologies Corp
                
4.38%, 5/1/2010
   $ 2,000     $ 2,042  
 
                
Agricultural Operations (1.59%)
                
Cargill Inc
                
5.20%, 1/22/2013 (a)
     8,250       8,318  
 
                
Asset Backed Securities (0.22%)
                
Atlantic City Electric Transition Funding LLC
                
2.89%, 7/20/2011
     1,133       1,131  
 
                
Automobile Sequential (0.55%)
                
WFS Financial Owner Trust
                
3.93%, 2/17/2012
     2,861       2,868  
 
                
Casino Hotels (0.86%)
                
Harrah’s Operating Co Inc
                
5.50%, 7/1/2010
     5,000       4,487  
 
                
Commercial Services (0.67%)
                
PHH Corp
                
6.00%, 3/1/2008
     3,500       3,506  
 
                
Commercial Services — Finance (0.99%)
                
Western Union Co/The
                
5.40%, 11/17/2011
     5,000       5,164  
 
                
Diversified Financial Services (0.97%)
                
General Electric Capital Corp
                
5.72%, 8/22/2011
     5,000       5,085  
 
                
Electric — Integrated (2.48%)
                
Alabama Power Co
                
4.85%, 12/15/2012
     2,500       2,559  
Pacific Gas & Electric Co
                
3.60%, 3/1/2009
     1,650       1,649  
Texas-New Mexico Power Co
                
6.25%, 1/15/2009
     2,750       2,805  
Virginia Electric and Power Co
                
5.10%, 11/30/2012
     5,750       5,934  
 
              
 
             12,947  
 
              
 
                
Federal & Federally Sponsored Credit (4.73%)
                
Federal Farm Credit Bank
                
3.45%, 1/11/2010
     12,000       12,167  
2.88%, 8/4/2010 (b)
     12,500       12,507  
 
              
 
             24,674  
 
              
 
                
Fiduciary Banks (0.84%)
                
Bank of New York Mellon Corp/The
                
4.95%, 11/1/2012
     4,250       4,357  
 
                
Finance (0.02%)
                
Green Tree Financial Corp
                
7.70%, 9/15/2026
     120       109  
 
                
Finance — Commercial (0.49%)
                
Caterpillar Financial Services Corp
                
4.85%, 12/7/2012
     2,500       2,557  
 
                
Finance — Consumer Loans (2.37%)
                
John Deere Capital Corp
                
4.95%, 12/17/2012
     8,250       8,500  
SLM Corp
                
4.00%, 1/15/2009
     4,000       3,864  
 
              
 
             12,364  
 
              
 
                
Finance — Investment Banker & Broker (0.50%)
                
Citigroup Inc
                
5.50%, 8/27/2012 (c)
     2,500       2,604  
 
                
Finance — Mortgage Loan/Banker (20.63%)
                
Countrywide Financial Corp
                
5.80%, 6/7/2012
     5,000       4,449  
Fannie Mae
                
4.00%, 9/2/2008
     5,000       5,035  
4.25%, 5/15/2009
     8,250       8,417  
4.75%, 11/19/2012 (c)
     8,000       8,478  
5.00%, 11/25/2035
     3,218       3,292  
Federal Home Loan Bank System
                
5.25%, 8/5/2009
     16,500       17,131  
4.63%, 10/10/2012
     8,000       8,432  
Freddie Mac
                
5.00%, 1/16/2009
     5,000       5,114  
4.75%, 11/3/2009
     12,000       12,422  
4.13%, 7/12/2010
     1,000       1,030  
5.25%, 7/18/2011
     5,000       5,359  
5.50%, 4/15/2027
     9,946       10,229  
4.25%, 6/15/2027
     666       667  
5.50%, 10/15/2027
     8,605       8,848  
4.50%, 5/15/2030
     5,000       4,962  
4.50%, 5/15/2032
     1,212       1,211  
Freddie Mac REMICS
                
6.00%, 6/15/2030
     965       972  
Ginnie Mae
                
4.50%, 8/20/2032
     1,545       1,529  
 
              
 
             107,577  
 
              
 
                
Finance — Other Services (0.98%)
                
SB Treasury Co LLC
                
9.40%, 12/29/2049 (a)(d)
     5,000       5,098  
 
                
Food — Miscellaneous/Diversified (1.39%)
                
Kellogg Co
                
5.13%, 12/3/2012
     7,000       7,230  
 
                
Gas — Distribution (0.32%)
                
Sempra Energy
                
4.75%, 5/15/2009
     1,650       1,671  
 
                
Investment Management & Advisory Services (0.34%)
                
Nuveen Investments Inc
                
5.00%, 9/15/2010
     2,000       1,800  

337

 

Schedule of Investments
Short-Term Income Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Medical — Biomedical/Gene (1.06%)
                
Amgen Inc
                
4.00%, 11/18/2009
   $ 5,500     $ 5,540  
 
                
Medical — Wholesale Drug Distribution (0.78%)
                
Cardinal Health Inc
                
6.25%, 7/15/2008
     4,000       4,047  
 
                
Mortgage Backed Securities (10.46%)
                
Banc of America Funding Corp
                
5.00%, 6/25/2035 (d)
     5,000       4,966  
5.75%, 3/25/2036
     4,795       4,799  
Banc of America Mortgage Securities Inc
                
4.75%, 8/25/2033
     4,000       3,997  
Chase Mortgage Finance Corp
                
5.50%, 5/25/2035
     3,381       3,417  
Countrywide Home Loan Mortgage Pass Through Certificates
                
5.50%, 10/25/2035
     9,761       9,869  
CS First Boston Mortgage Securities Corp
                
6.00%, 12/25/2033
     1,640       1,640  
GMAC Commercial Mortgage Securities Inc
                
7.15%, 12/15/2016 (a)(d)
     3       3  
GSR Mortgage Loan Trust
                
6.00%, 2/25/2035
     2,559       2,599  
6.00%, 6/25/2036
     4,186       4,249  
Lehman Mortgage Trust
                
5.75%, 4/25/2036
     9,221       9,300  
Residential Asset Securitization Trust
                
6.00%, 5/25/2036
     4,631       4,668  
Residential Funding Mortgage Securities
                
5.50%, 9/25/2036
     5,000       5,010  
 
              
 
             54,517  
 
              
 
                
Multimedia (1.60%)
                
COX Enterprises Inc
                
4.38%, 5/1/2008 (a)
     4,000       4,005  
Walt Disney Co/The
                
4.70%, 12/1/2012
     4,250       4,345  
 
              
 
             8,350  
 
              
 
                
Networking Products (0.85%)
                
Cisco Systems Inc
                
5.25%, 2/22/2011
     4,250       4,422  
 
                
Oil Company — Exploration & Production (1.81%)
                
Apache Corp
                
6.25%, 4/15/2012
     8,750       9,419  
 
                
Property & Casualty Insurance (0.87%)
                
Fidelity National Financial Inc
                
7.30%, 8/15/2011
     4,250       4,529  
 
                
Quarrying (0.84%)
                
Vulcan Materials Co
                
5.60%, 11/30/2012
     4,250       4,375  
 
                
Real Estate Operator & Developer (0.76%)
                
ERP Operating LP
                
5.50%, 10/1/2012
     4,000       3,974  
 
                
Regional Banks (1.58%)
                
Wells Fargo & Co
                
4.38%, 1/31/2013
     8,250       8,248  
 
                
Reinsurance (1.15%)
                
Berkshire Hathaway Finance Corp
                
3.38%, 10/15/2008
     6,000       6,011  
 
                
REITS — Healthcare (1.02%)
                
Nationwide Health Properties Inc
                
6.50%, 7/15/2011
     5,000       5,306  
 
                
REITS — Single Tenant (0.76%)
                
CPG Partners LP
                
3.50%, 3/15/2009
     4,000       3,947  
 
                
Retail — Discount (0.10%)
                
Target Corp
                
5.13%, 1/15/2013
     500       516  
 
                
Retail — Drug Store (0.29%)
                
CVS Caremark Corp
                
4.00%, 9/15/2009
     1,500       1,497  
 
                
Savings & Loans — Thrifts (0.21%)
                
Washington Mutual Bank/Henderson NV
                
5.50%, 1/15/2013
     1,200       1,113  
 
                
Steel — Producers (1.64%)
                
Nucor Corp
                
5.00%, 12/1/2012
     8,300       8,528  
 
                
Telephone — Integrated (2.80%)
                
AT&T Inc
                
4.95%, 1/15/2013
     4,250       4,352  
Royal KPN NV
                
8.00%, 10/1/2010
     9,500       10,244  
 
              
 
             14,596  
 
              
 
                
Television (0.55%)
                
Univision Communications Inc
                
7.85%, 7/15/2011
     3,000       2,861  
 
                
Textile — Home Furnishings (1.00%)
                
Mohawk Industries Inc
                
7.20%, 4/15/2012
     4,750       5,214  

338

 

Schedule of Investments
Short-Term Income Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
 
BONDS (continued)
                
Transport — Rail (1.59%)
                
Canadian National Railway Co
                
4.25%, 8/1/2009
   $ 8,250     $ 8,313  
 
                
Transport — Services (0.84%)
                
United Parcel Service Inc
                
4.50%, 1/15/2013
     4,250       4,358  
 
TOTAL BONDS
           $ 385,270  
 
 
                
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (18.78%)
                
Federal Home Loan Mortgage Corporation (FHLMC) (0.17%)
                
9.50%, 8/1/2016
     12       13  
6.00%, 4/1/2017
     273       282  
6.00%, 5/1/2017
     510       528  
6.91%, ll/1/2021 (d)
     34       35  
 
              
 
             858  
 
              
 
                
Federal National Mortgage Association (FNMA) (0.14%)
                
6.50%, 1/1/2012
     147       153  
6.50%, 1/1/2014
     137       144  
8.50%, 11/1/2017
     23       24  
6.74%, 1/1/2019 (d)
     17       18  
5.63%, 4/1/2019 (d)
     9       9  
10.00%, 5/1/2022
     15       17  
7.05%, 11/1/2022 (d)
     4       4  
6.39%, 11/1/2032 (d)
     336       344  
5.73%, 11/1/2035 (d)
     35       35  
 
              
 
             748  
 
              
 
                
Government National Mortgage Association (GNMA) (0.04%)
                
11.00%, 2/15/2010
     3       3  
8.00%, 3/15/2012
     4       4  
11.00%, 10/15/2015
     23       27  
11.00%, 11/15/2015
     7       8  
11.00%, 11/15/2015
     45       52  
10.00%, 1/15/2019
     84       100  
10.00%, 2/15/2019
     1       1  
11.00%, 8/15/2020
     10       12  
9.00%, 4/20/2025
     4       5  
 
              
 
             212  
 
              
 
                
U.S. Treasury (18.43%)
                
3.25%, 8/15/2008 (c)(e)
     5,000       5,029  
2.63%, 3/15/2009
     6,000       6,031  
4.88%, 5/15/2009 (c)
     5,000       5,172  
3.63%, 10/31/2009 (c)
     35,000       35,889  
3.13%, 11/30/2009 (c)
     35,000       35,599  
4.75%, 2/15/2010 (c)
     3,000       3,154  
3.88%, 10/31/2012 (c)
     5,000       5,238  
 
              
 
             96,112  
 
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 97,930  
 
 
                
SHORT TERM INVESTMENTS (6.71%)
                
Money Market Funds (6.71%)
                
BNY Institutional Cash Reserve Fund (f)
   $ 34,978     $ 34,978  
 
TOTAL SHORT TERM INVESTMENTS
           $ 34,978  
 
 
                
REPURCHASE AGREEMENTS (21.28%)
                
Finance — Investment Banker & Broker (4.08%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $21,426,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (f)
   $ 21,266     $ 21,264  
 
                
Money Center Banks (17.20%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $43,252,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (f)
     42,916       42,913  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $24,089,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     23,390       23,387  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $24,089,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
     23,390       23,388  
 
              
 
             89,688  
 
TOTAL REPURCHASE AGREEMENTS
           $ 110,952  
 
Total Investments
           $ 629,130  
Liabilities in Excess of Other Assets, Net — (20.66)%
             (107,727 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 521,403  
 
              

339

 

Schedule of Investments
Short-Term Income Fund
January 31, 2008 (unaudited)
 
(a)   Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $17,424 or 3.34% of net assets.
 
(b)   Security purchased on a when-issued basis.
 
(c)   Security or a portion of the security was on loan at the end of the period.
 
(d)   Variable Rate
 
(e)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $196 or 0.04% of net assets.
 
(f)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 7,910  
Unrealized Depreciation
     (2,519 )
 
      
Net Unrealized Appreciation (Depreciation)
     5,391  
Cost for federal income tax purposes
     623,739  
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
 
Sell:
                                
US 5YR Note; March 2008
     200     $ 22,263     $ 22,600     $ (337 )
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
Financial
     41.69 %
Government
     36.86 %
Mortgage Securities
     16.89 %
Consumer, Non-cyclical
     6.48 %
Communications
     5.80 %
Industrial
     2.82 %
Utilities
     2.80 %
Basic Materials
     2.47 %
Consumer, Cyclical
     2.25 %
Energy
     1.81 %
Asset Backed Securities
     0.79 %
Liabilities in Excess of Other Assets, Net
     (20.66 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        
Other Assets Summary (unaudited)
         
Asset Type   Percent
 
Futures
     4.33 %

340

 

Schedule of Investments
SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (98.79%)
                
Advertising Services (0.36%)
                
inVentiv Health Inc (a)
     31,926     $ 1,050  
 
                
Aerospace & Defense (1.56%)
                
Esterline Technologies Corp (a)
     38,269       1,783  
Teledyne Technologies Inc (a)
     35,497       1,833  
TransDigm Group Inc (a)
     23,010       952  
 
              
 
             4,568  
 
              
 
                
Aerospace & Defense Equipment (1.59%)
                
BE Aerospace Inc (a)
     56,965       2,200  
Moog Inc (a)
     23,830       1,097  
Triumph Group Inc
     25,430       1,373  
 
              
 
             4,670  
 
              
 
                
Airlines (0.42%)
                
Allegiant Travel Co (a)(b)
     22,342       699  
Republic Airways Holdings Inc (a)
     25,950       518  
 
              
 
             1,217  
 
              
 
                
Alternative Waste Tech (0.21%)
                
Calgon Carbon Corp (a)(b)
     39,490       607  
 
                
Apparel Manufacturers (0.12%)
                
G-III Apparel Group Ltd (a)
     26,906       360  
 
                
Applications Software (0.64%)
                
Progress Software Corp (a)
     39,000       1,151  
Verint Systems Inc (a)
     38,828       719  
 
              
 
             1,870  
 
              
 
                
Auto/Truck Parts & Equipment — Original (0.30%)
                
American Axle & Manufacturing Holdings
     40,640       884  
 
                
Auto/Truck Parts & Equipment — Replacement (0.27%)
                
Aftermarket Technology Corp (a)
     31,305       795  
 
                
Beverages — Wine & Spirits (0.72%)
                
Central European Distribution Corp (a)(b)
     39,900       2,098  
 
                
Building — Heavy Construction (0.22%)
                
Granite Construction Inc
     16,730       637  
 
                
Building & Construction — Miscellaneous (0.32%)
                
Dycom Industries Inc (a)
     39,084       923  
 
                
Building & Construction Products — Miscellaneous (0.45%)
                
Interline Brands Inc (a)(b)
     65,920       1,309  
 
                
Building Products — Cement & Aggregate (0.45%)
                
Texas Industries Inc (b)
     23,316       1,321  
 
                
Building Products — Doors & Windows (0.13%)
                
Apogee Enterprises Inc
     21,775       380  
 
                
Chemicals — Diversified (1.04%)
                
FMC Corp
     39,174       2,083  
Rockwood Holdings Inc (a)
     32,950       967  
 
              
 
             3,050  
 
              
 
                
Chemicals — Specialty (1.35%)
                
Arch Chemicals Inc (b)
     52,211       1,758  
OM Group Inc (a)(b)
     38,266       2,196  
 
              
 
             3,954  
 
              
 
                
Collectibles (0.22%)
                
RC2 Corp (a)(b)
     34,510       648  
 
                
Commercial Banks (6.30%)
                
Alabama National Bancorporation (b)
     9,670       757  
Bancfirst Corp
     8,892       400  
Bank of Hawaii Corp
     35,482       1,787  
Central Pacific Financial Corp (b)
     49,658       943  
City Bank/Lynnwood WA (b)
     18,906       414  
City Holding Co
     19,714       757  
Columbia Banking System Inc
     17,280       444  
Community Bancorp/NV (a)(b)
     17,969       300  
Cullen/Frost Bankers Inc
     35,742       1,946  
East West Bancorp Inc (b)
     57,362       1,380  
First Community Bancorp Inc/CA (b)
     6,625       235  
First State Bancorporation/NM
     15,621       196  
Green Bankshares Inc
     16,116       338  
IBERIABANK Corp
     9,418       484  
Integra Bank Corp
     32,370       481  
Pacific Capital Bancorp NA
     15,007       323  
Pinnacle Financial Partners Inc (a)(b)
     15,541       347  
Preferred Bank/Los Angeles CA
     30,982       683  
Prosperity Bancshares Inc
     36,197       1,041  
S&T Bancorp Inc
     17,920       557  
Southwest Bancorp Inc/Stillwater OK
     11,830       208  
Sterling Bancshares Inc/TX (b)
     56,510       567  
Sterling Financial Corp/WA
     54,758       974  
SVB Financial Group (a)(b)
     34,107       1,651  
Texas Capital Bancshares Inc (a)
     25,110       438  
Trustmark Corp (b)
     21,800       502  
Vineyard National Bancorp — Warrants (a)(c) (d)(e)
     2,369       —  
West Coast Bancorp/OR
     18,815       286  
 
              
 
             18,439  
 
              
 
                
Commercial Services (0.31%)
                
Steiner Leisure Ltd (a)
     24,500       911  
 
                
Commercial Services — Finance (0.74%)
                
Morningstar Inc (a)(b)
     17,471       1,154  
Wright Express Corp (a)
     33,985       1,017  
 
              
 
             2,171  
 
              

341

 

Schedule of Investments
SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
 
COMMON STOCKS (continued)
                
Computer Aided Design (1.08%)
                
Ansys Inc (a)
     51,760     $ 1,807  
Aspen Technology Inc (a)
     96,216       1,352  
 
              
 
             3,159  
 
              
 
                
Computer Services (1.56%)
                
Ciber Inc (a)
     143,320       691  
Manhattan Associates Inc (a)(b)
     59,430       1,473  
Ness Technologies Inc (a)
     73,830       679  
SI International Inc (a)
     17,610       481  
SYKES Enterprises Inc (a)
     78,742       1,243  
 
              
 
             4,567  
 
              
 
                
Computer Software (0.19%)
                
Double-Take Software Inc (a)
     36,350       563  
 
                
Consulting Services (1.20%)
                
FTI Consulting Inc (a)(b)
     23,410       1,295  
Huron Consulting Group Inc (a)
     30,922       2,221  
 
              
 
             3,516  
 
              
 
                
Consumer Products — Miscellaneous (0.99%)
                
CSS Industries Inc
     17,240       503  
Prestige Brands Holdings Inc (a)
     59,220       443  
Tupperware Brands Corp
     52,570       1,945  
 
              
 
             2,891  
 
              
 
                
Cosmetics & Toiletries (0.53%)
                
Chattem Inc (a)(b)
     20,310       1,558  
 
                
Data Processing & Management (0.23%)
                
Commvault Systems Inc (a)
     36,923       688  
 
                
Diagnostic Equipment (0.58%)
                
Immucor Inc (a)
     59,103       1,705  
 
                
Diagnostic Kits (0.52%)
                
Meridian Bioscience Inc
     48,551       1,525  
 
                
Distribution & Wholesale (1.41%)
                
Tech Data Corp (a)
     22,200       763  
United Stationers Inc (a)
     35,785       1,978  
WESCO International Inc (a)
     32,596       1,377  
 
              
 
             4,118  
 
              
 
                
Diversified Manufacturing Operations (0.61%)
                
Barnes Group Inc
     29,800       794  
Koppers Holdings Inc
     29,873       1,000  
 
              
 
             1,794  
 
              
 
                
Diversified Operations & Commercial Services (0.25%)
                
Chemed Corp
     14,330       734  
 
                
Electric — Integrated (2.01%)
                
Allete Inc
     62,190       2,394  
Empire District Electric Co/The (b)
     45,360       1,006  
PNM Resources Inc
     43,469       840  
Portland General Electric Co
     66,898       1,648  
 
              
 
             5,888  
 
              
 
                
Electric Products — Miscellaneous (0.65%)
                
GrafTech International Ltd (a)
     126,804       1,908  
 
                
Electronic Components — Semiconductors (1.17%)
                
Mellanox Technologies Ltd (a)
     20,110       318  
ON Semiconductor Corp (a)(b)
     289,014       1,873  
Zoran Corp (a)
     104,740       1,236  
 
              
 
             3,427  
 
              
 
                
Electronic Design Automation (0.51%)
                
Ansoft Corp (a)(b)
     34,452       732  
Magma Design Automation Inc (a)(b)
     66,247       755  
 
              
 
             1,487  
 
              
 
                
Electronic Measurement Instruments (0.56%)
                
Analogic Corp
     27,760       1,640  
 
                
Electronic Security Devices (0.14%)
                
LoJack Corp (a)
     32,655       403  
 
                
E-Marketing & Information (0.31%)
                
Digital River Inc (a)
     23,850       894  
 
                
Engineering — Research & Development Services (0.65%)
                
EMCOR Group Inc (a)
     86,643       1,900  
 
                
Enterprise Software & Services (1.95%)
                
Informatica Corp (a)(b)
     113,130       2,185  
JDA Software Group Inc (a)
     68,040       1,210  
Omnicell Inc (a)
     44,160       1,108  
SYNNEX Corp (a)(b)
     56,200       1,197  
 
              
 
             5,700  
 
              
 
                
Fiduciary Banks (0.23%)
                
Boston Private Financial Holdings Inc
     30,150       688  
 
                
Finance — Investment Banker & Broker (0.61%)
                
Investment Technology Group Inc (a)
     28,589       1,343  
Stifel Financial Corp (a)(b)
     10,270       445  
 
              
 
             1,788  
 
              
 
                
Finance — Leasing Company (0.44%)
                
Financial Federal Corp
     46,292       1,113  
Marlin Business Services Corp (a)
     15,284       163  
 
              
 
             1,276  
 
              
 
                
Food — Miscellaneous/Diversified (0.78%)
                
Ralcorp Holdings Inc (a)
     41,890       2,279  

342

 

Schedule of Investments
SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Food — Wholesale & Distribution (0.50%)
                
Spartan Stores Inc
     82,830     $ 1,456  
 
                
Footwear & Related Apparel (0.84%)
                
Steven Madden Ltd (a)(b)
     37,240       636  
Wolverine World Wide Inc
     71,540       1,810  
 
              
 
             2,446  
 
              
 
                
Gas — Distribution (1.02%)
                
Northwest Natural Gas Co
     42,080       1,992  
South Jersey Industries Inc
     28,138       986  
 
              
 
             2,978  
 
              
 
                
Home Furnishings (0.43%)
                
Tempur-Pedic International Inc (b)
     64,060       1,270  
 
                
Hotels & Motels (0.17%)
                
Gaylord Entertainment Co (a)
     16,959       495  
 
                
Independent Power Producer (0.17%)
                
Ormat Technologies Inc (b)
     11,180       486  
 
                
Instruments — Controls (0.65%)
                
Mettler Toledo International Inc (a)
     19,028       1,889  
 
                
Instruments — Scientific (0.64%)
                
Dionex Corp (a)(b)
     9,060       635  
Varian Inc (a)
     22,711       1,232  
 
              
 
             1,867  
 
              
 
                
Insurance Brokers (0.14%)
                
Hilb Rogal & Hobbs Co
     11,450       414  
 
                
Internet Application Software (1.16%)
                
DealerTrack Holdings Inc (a)(b)
     21,130       570  
RealNetworks Inc (a)(b)
     190,130       1,108  
S1 Corp (a)
     119,380       676  
Vocus Inc (a)(b)
     35,830       1,054  
 
              
 
             3,408  
 
              
 
                
Internet Infrastructure Software (0.56%)
                
TIBCO Software Inc (a)
     221,840       1,650  
 
                
Internet Telephony (0.19%)
                
j2 Global Communications Inc (a)(b)
     24,890       545  
 
                
Intimate Apparel (0.66%)
                
Warnaco Group Inc/The (a)
     53,620       1,924  
 
                
Investment Companies (0.72%)
                
Ares Capital Corp (b)
     103,751       1,450  
Hercules Technology Growth Capital Inc (b)
     31,340       365  
TICC Capital Corp (b)
     31,507       307  
 
              
 
             2,122  
 
              
 
                
Investment Management & Advisory Services (0.21%)
                
National Financial Partners Corp
     17,290       624  
 
                
Lasers — Systems & Components (0.17%)
                
Excel Technology Inc (a)
     19,320       494  
 
                
Leisure & Recreation Products (0.71%)
                
WMS Industries Inc (a)(b)
     55,645       2,081  
 
                
Life & Health Insurance (0.61%)
                
Delphi Financial Group Inc
     56,484       1,772  
 
                
Linen Supply & Related Items (0.30%)
                
Unifirst Corp/MA
     21,195       866  
 
                
Machinery — Construction & Mining (0.88%)
                
Astec Industries Inc (a)
     33,550       1,036  
Bucyrus International Inc (b)
     16,710       1,549  
 
              
 
             2,585  
 
              
 
                
Machinery — General Industry (1.24%)
                
Gardner Denver Inc (a)
     20,774       674  
Middleby Corp (a)(b)
     22,980       1,370  
Wabtec Corp
     46,292       1,592  
 
              
 
             3,636  
 
              
 
                
Machinery Tools & Related Products (0.91%)
                
Hardinge Inc
     51,885       884  
Kennametal Inc
     58,140       1,781  
 
              
 
             2,665  
 
              
 
                
Medical — Biomedical/Gene (1.35%)
                
Applera Corp — Celera Group (a)(b)
     109,510       1,678  
Exelixis Inc (a)(b)
     66,460       486  
Incyte Corp (a)(b)
     106,390       1,275  
Integra LifeSciences Holdings Corp (a)(b)
     12,110       504  
 
              
 
             3,943  
 
              
 
                
Medical — Drugs (1.49%)
                
Cubist Pharmaceuticals Inc (a)(b)
     41,536       706  
Indevus Pharmaceuticals Inc (a)
     61,670       393  
Sciele Pharma Inc (a)(b)
     28,510       682  
Viropharma Inc (a)(b)
     127,280       1,128  
XenoPort Inc (a)(b)
     17,720       1,087  
Zymogenetics Inc (a)(b)
     37,800       381  
 
              
 
             4,377  
 
              
 
                
Medical — Generic Drugs (0.31%)
                
Par Pharmaceutical Cos Inc (a)(b)
     47,760       916  
 
                
Medical — HMO (0.77%)
                
Magellan Health Services Inc (a)
     16,070       703  
Sierra Health Services Inc (a)
     35,963       1,546  
 
              
 
             2,249  
 
              

343

 

Schedule of Investments
SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Medical — Nursing Homes (0.10%)
                
Ensign Group Inc/The
     29,106     $ 286  
 
                
Medical — Outpatient & Home Medical Care (1.23%)
                
Air Methods Corp (a)(b)
     9,700       445  
Amedisys Inc (a)(b)
     45,237       1,929  
LHC Group Inc (a)(b)
     19,260       444  
Res-Care Inc (a)
     34,650       775  
 
              
 
             3,593  
 
              
 
                
Medical Imaging Systems (0.34%)
                
IRIS International Inc (a)(b)
     56,200       1,008  
 
                
Medical Laboratory & Testing Service (0.87%)
                
Icon Plc ADR (a)
     40,768       2,555  
 
                
Medical Products (0.73%)
                
Accuray Inc (a)(b)
     25,886       247  
Zoll Medical Corp (a)
     70,565       1,881  
 
              
 
             2,128  
 
              
 
                
Metal — Aluminum (0.21%)
                
Kaiser Aluminum Corp
     9,800       627  
 
                
Metal Processors & Fabrication (0.67%)
                
Dynamic Materials Corp (b)
     12,164       652  
Ladish Co Inc (a)(b)
     24,820       881  
RBC Bearings Inc (a)
     14,420       431  
 
              
 
             1,964  
 
              
 
                
Miscellaneous Manufacturers (0.45%)
                
Aptargroup Inc
     35,217       1,328  
 
                
Multimedia (0.34%)
                
Belo Corp
     59,320       985  
 
                
Networking Products (1.32%)
                
Anixter International Inc (a)(b)
     26,342       1,846  
Polycom Inc (a)(b)
     80,440       2,031  
 
              
 
             3,877  
 
              
 
                
Non-Ferrous Metals (0.58%)
                
RTI International Metals Inc (a)
     30,610       1,691  
 
                
Non-Hazardous Waste Disposal (0.48%)
                
Waste Connections Inc (a)
     48,684       1,420  
 
                
Oil — Field Services (1.15%)
                
Matrix Service Co (a)(b)
     84,852       1,529  
Superior Energy Services (a)
     45,854       1,838  
 
              
 
             3,367  
 
              
 
                
Oil Company — Exploration & Production (3.57%)
                
Berry Petroleum Co
     31,000       1,162  
Mariner Energy Inc (a)
     46,790       1,173  
Penn Virginia Corp (b)
     57,930       2,468  
Petroquest Energy Inc (a)(b)
     91,414       1,181  
Rosetta Resources Inc (a)
     43,414       761  
St Mary Land & Exploration Co
     65,830       2,319  
Whiting Petroleum Corp (a)(b)
     25,770       1,385  
 
              
 
             10,449  
 
              
 
                
Oil Field Machinery & Equipment (0.57%)
                
Dril-Quip Inc (a)
     34,523       1,676  
 
                
Oil Refining & Marketing (0.49%)
                
Alon USA Energy Inc (b)
     20,020       364  
Holly Corp
     22,008       1,066  
 
              
 
             1,430  
 
              
 
                
Paper & Related Products (0.94%)
                
Buckeye Technologies Inc (a)
     39,790       523  
Rock-Tenn Co
     77,990       2,230  
 
              
 
             2,753  
 
              
 
                
Pharmacy Services (0.39%)
                
HealthExtras Inc (a)(b)
     41,760       1,155  
 
                
Physician Practice Management (0.33%)
                
Pediatrix Medical Group Inc (a)
     14,330       976  
 
                
Power Converter & Supply Equipment (0.36%)
                
Advanced Energy Industries Inc (a)(b)
     96,244       1,040  
 
                
Printing — Commercial (0.53%)
                
Consolidated Graphics Inc (a)
     30,731       1,546  
 
                
Private Corrections (0.80%)
                
Cornell Cos Inc (a)(b)
     40,884       818  
Geo Group Inc/The (a)(b)
     63,476       1,518  
 
              
 
             2,336  
 
              
 
                
Property & Casualty Insurance (2.37%)
                
American Physicians Capital Inc
     23,936       989  
Amtrust Financial Services Inc
     32,468       510  
CNA Surety Corp (a)
     23,670       422  
National Interstate Corp (b)
     11,498       327  
Navigators Group Inc (a)
     16,480       951  
Selective Insurance Group (b)
     29,417       703  
Tower Group Inc
     41,920       1,225  
United America Indemnity Ltd (a)
     32,090       658  
Zenith National Insurance Corp
     29,065       1,157  
 
              
 
             6,942  
 
              
 
                
Recreational Centers (0.70%)
                
Life Time Fitness Inc (a)(b)
     46,410       2,058  
 
                
Reinsurance (1.11%)
                
Argo Group International Holdings Ltd (a)(b)
     20,148       823  

344

 

Schedule of Investments
SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Reinsurance (continued)
                
Aspen Insurance Holdings Ltd
     41,780     $ 1,179  
Max Capital Group Ltd
     43,910       1,246  
 
              
 
             3,248  
 
              
 
                
REITS — Diversified (1.18%)
                
Entertainment Properties Trust
     44,780       2,217  
Investors Real Estate Trust (b)
     37,090       364  
Washington Real Estate Investment Trust (b)
     28,240       888  
 
              
 
             3,469  
 
              
 
                
REITS — Healthcare (0.94%)
                
Senior Housing Properties Trust
     123,010       2,754  
 
                
REITS — Hotels (0.99%)
                
Ashford Hospitality Trust Inc
     97,960       612  
DiamondRock Hospitality Co
     98,660       1,297  
FelCor Lodging Trust Inc
     72,380       978  
 
              
 
             2,887  
 
              
 
                
REITS — Mortgage (1.36%)
                
Anthracite Capital Inc (b)
     57,090       429  
Arbor Realty Trust Inc (b)
     24,611       437  
Deerfield Capital Corp (b)
     138,939       1,110  
Gramercy Capital Corp/New York (b)
     59,203       1,371  
MFA Mortgage Investments Inc
     63,750       650  
 
              
 
             3,997  
 
              
 
                
REITS — Office Property (0.62%)
                
BioMed Realty Trust Inc
     78,182       1,804  
 
                
REITS — Shopping Centers (0.61%)
                
Inland Real Estate Corp
     46,230       618  
Kite Realty Group Trust
     22,840       301  
Saul Centers Inc
     8,440       432  
Urstadt Biddle Properties Inc
     28,609       442  
 
              
 
             1,793  
 
              
 
                
Research & Development (1.08%)
                
Parexel International Corp (a)
     35,800       1,948  
PharmaNet Development Group Inc (a)(b)
     30,070       1,226  
 
              
 
             3,174  
 
              
 
                
Resorts & Theme Parks (0.76%)
                
Vail Resorts Inc (a)(b)
     46,935       2,222  
 
                
Retail — Apparel & Shoe (2.20%)
                
Aeropostale Inc (a)
     28,320       798  
AnnTaylor Stores Corp (a)(b)
     13,390       337  
Brown Shoe Co Inc
     50,000       860  
Gymboree Corp (a)(b)
     27,760       1,061  
Men’s Wearhouse Inc
     36,400       928  
Phillips-Van Heusen Corp
     37,070       1,562  
Wet Seal Inc/The (a)(b)
     294,141       897  
 
              
 
             6,443  
 
              
 
                
Retail — Appliances (0.12%)
                
Conn’s Inc (a)(b)
     18,612       359  
 
                
Retail — Automobile (0.10%)
                
Asbury Automotive Group Inc
     21,480       305  
 
                
Retail — Restaurants (0.56%)
                
AFC Enterprises (a)(b)
     13,892       129  
Jack in the Box Inc (a)
     28,540       834  
Sonic Corp (a)(b)
     31,050       689  
 
              
 
             1,652  
 
              
 
                
Retail — Sporting Goods (0.42%)
                
Hibbett Sports Inc (a)(b)
     66,236       1,231  
 
                
Rubber — Tires (0.55%)
                
Cooper Tire & Rubber Co
     94,090       1,606  
 
                
Rubber & Plastic Products (0.11%)
                
Myers Industries Inc
     27,832       327  
 
                
Savings & Loans — Thrifts (0.60%)
                
FirstFed Financial Corp (a)(b)
     30,020       1,259  
WSFS Financial Corp
     9,276       495  
 
              
 
             1,754  
 
              
 
                
Schools (0.53%)
                
DeVry Inc
     20,460       1,129  
INVESTools Inc (a)
     31,370       429  
 
              
 
             1,558  
 
              
 
                
Seismic Data Collection (0.69%)
                
Dawson Geophysical Co (a)(b)
     10,099       578  
ION Geophysical Corp (a)
     115,147       1,428  
 
              
 
             2,006  
 
              
 
                
Semiconductor Component — Integrated Circuits (1.34%)
                
Emulex Corp (a)
     114,126       1,780  
Power Integrations Inc (a)
     41,550       1,059  
Standard Microsystems Corp (a)
     36,191       1,083  
 
              
 
             3,922  
 
              
 
                
Steel — Producers (0.43%)
                
Reliance Steel & Aluminum Co
     25,342       1,247  
 
                
Telecommunication Equipment (1.79%)
                
ADC Telecommunications Inc (a)
     107,550       1,591  
Arris Group Inc (a)(b)
     161,274       1,418  
Comtech Telecommunications Corp (a)(b)
     46,747       2,094  
CPI International Inc (a)
     10,215       132  
 
              
 
             5,235  
 
              
 
                
Telecommunication Equipment — Fiber Optics (0.13%)
                
Oplink Communications Inc (a)(b)
     30,780       393  

345

 

Schedule of Investments
SmallCap Blend Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Telecommunication Services (1.29%)
                
Consolidated Communications Holdings Inc
     60,500     $ 946  
NeuStar Inc (a)(b)
     40,837       1,213  
Premiere Global Services Inc (a)(b)
     132,470       1,615  
 
              
 
             3,774  
 
              
 
                
Telephone — Integrated (0.41%)
                
Alaska Communications Systems Group Inc
     86,089       1,209  
 
                
Television (0.41%)
                
Lin TV Corp (a)
     34,610       452  
Sinclair Broadcast Group Inc
     82,099       739  
 
              
 
             1,191  
 
              
 
                
Textile — Apparel (0.35%)
                
Perry Ellis International Inc (a)
     57,980       1,018  
 
                
Therapeutics (1.69%)
                
BioMarin Pharmaceutical Inc (a)(b)
     43,410       1,609  
Isis Pharmaceuticals Inc (a)(b)
     105,768       1,650  
Medarex Inc (a)(b)
     107,674       1,075  
Progenies Pharmaceuticals Inc (a)(b)
     37,630       615  
 
              
 
             4,949  
 
              
 
                
Tobacco (0.11%)
                
Alliance One International Inc (a)
     88,780       335  
 
                
Toys (0.77%)
                
Jakks Pacific Inc (a)(b)
     67,862       1,599  
Marvel Entertainment Inc (a)(b)
     22,760       642  
 
              
 
             2,241  
 
              
 
                
Transactional Software (0.19%)
                
VeriFone Holdings Inc (a)(b)
     27,820       544  
 
                
Transport — Services (0.42%)
                
HUB Group Inc (a)
     42,470       1,237  
 
                
Transport — Truck (0.03%)
                
Old Dominion Freight Line Inc (a)(b)
     3,389       99  
 
                
Vitamins & Nutrition Products (0.12%)
                
USANA Health Sciences Inc (a)
     8,090       351  
 
                
Wire & Cable Products (0.25%)
                
Belden Inc
     17,500       740  
 
                
Wireless Equipment (0.63%)
                
EMS Technologies Inc (a)
     30,530       839  
RF Micro Devices Inc (a)(b)
     121,486       393  
Viasat Inc (a)
     30,207       627  
 
              
 
             1,859  
 
              
 
                
X-Ray Equipment (0.70%)
                
Hologic Inc (a)
     32,010       2,060  
   
TOTAL COMMON STOCKS.
           $ 289,299  
   
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
   
SHORT TERM INVESTMENTS (15.01%)
                
Commercial Paper (2.15%)
                
Investment in Joint Trade Account; HSBC Funding 3.12%, 2/ 1/2008
   $ 6,299     $ 6,299  
 
              
Money Market Funds (12.86%)
                
BNY Institutional Cash Reserve Fund (f)
     37,657       37,657  
   
TOTAL SHORT TERM INVESTMENTS
           $ 43,956  
   
REPURCHASE AGREEMENTS (8.26%)
                
Finance — Investment Banker & Broker (8.26%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/3 1/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $24,363,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (f)
   $ 24,181     $ 24,179  
   
TOTAL REPURCHASE AGREEMENTS
           $ 24,179  
   
Total Investments
           $ 357,434  
Liabilities in Excess of Other Assets, Net — (22.06)%
             (64,593 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 292,841  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $0 or 0.00% of net assets.
 
(d)   Security is Illiquid
 
(e)   Security exempt from registration under Rule I44A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $0 or 0.00% of net assets.
 
(f)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
                 
Unrealized Appreciation
           $ 33,656  
Unrealized Depreciation
             (36,911 )
 
              
Net Unrealized Appreciation (Depreciation)
             (3,255 )
Cost for federal income tax purposes
             360,689  
All dollar amounts are shown in thousands (000’s)

346

 

Schedule of Investments
SmallCap Blend Fund
January 31, 2008 (unaudited)
 
Portfolio Summary (unaudited)
         
Sector   Percent
   
Financial
     42.31 %
Consumer, Non-cyclical
     20.60 %
Industrial
     14.81 %
Consumer, Cyclical
     12.38 %
Communications
     8.90 %
Technology
     8.85 %
Energy
     6.47 %
Basic Materials
     4.55 %
Utilities
     3.19 %
Liabilities in Excess of Other Assets, Net
     (22.06 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

347

 

Schedule of Investments
SmallCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (97.98%)
                
Advertising Services (0.82%)
                
inVentiv Health Inc (a)
     87,303     $ 2,871  
 
                
Aerospace & Defense (1.97%)
                
Esterline Technologies Corp (a)
     55,266       2,575  
Teledyne Technologies Inc (a)
     34,605       1,787  
TransDigm Group Inc (a)
     62,453       2,584  
 
              
 
             6,946  
 
              
 
                
Aerospace & Defense Equipment (2.06%)
                
AAR Corp (a)
     76,258       2,247  
BE Aerospace Inc (a)
     62,540       2,415  
Triumph Group Inc
     48,043       2,594  
 
              
 
             7,256  
 
              
 
                
Airlines (0.64%)
                
Allegiant Travel Co (a)(b)
     71,587       2,239  
 
                
Alternative Waste Tech (0.73%)
                
Darling International Inc (a)(b)
     220,000       2,552  
 
                
Apparel Manufacturers (0.62%)
                
G-III Apparel Group Ltd (a)(b)
     164,431       2,198  
 
                
Beverages — Wine & Spirits (0.77%)
                
Central European Distribution Corp (a)(b)
     51,311       2,697  
 
                
Broadcasting Services & Programming (0.32%)
                
World Wrestling Entertainment Inc
     76,039       1,139  
 
                
Building & Construction — Miscellaneous (0.58%)
                
Dycom Industries Inc (a)
     85,742       2,025  
 
                
Building Products — Cement & Aggregate (0.45%)
                
Texas Industries Inc
     27,807       1,576  
 
                
Building Products — Doors & Windows (0.61%)
                
Apogee Enterprises Inc
     122,883       2,144  
 
                
Cellular Telecommunications (0.00%)
                
Syniverse Holdings Inc (a)
     1       —  
 
                
Chemicals — Plastics (0.09%)
                
Landec Corp (a)(b)
     32,936       307  
 
                
Chemicals — Specialty (0.31%)
                
Terra Industries Inc (a)
     24,000       1,082  
 
                
Collectibles (0.35%)
                
RC2 Corp (a)(b)
     65,045       1,222  
 
                
Commercial Banks (0.78%)
                
City Bank/Lynnwood WA (b)
     47,404       1,038  
Preferred Bank/Los Angeles CA
     35,175       775  
United Community Banks Inc/GA (b)
     47,725       922  
 
              
 
             2,735  
 
              
 
                
Commercial Services (0.73%)
                
Steiner Leisure Ltd (a)
     68,791       2,558  
 
                
Commercial Services — Finance (1.46%)
                
Morningstar Inc (a)
     37,902       2,503  
Wright Express Corp (a)
     88,108       2,638  
 
              
 
             5,141  
 
              
 
                
Computer Aided Design (1.65%)
                
Ansys Inc (a)
     81,157       2,833  
Aspen Technology Inc (a)
     210,360       2,956  
 
              
 
             5,789  
 
              
 
                
Computer Graphics (0.25%)
                
Trident Microsystems Inc (a)(b)
     173,839       874  
 
                
Computer Services (1.24%)
                
SI International Inc (a)
     82,064       2,243  
Syntel Inc
     71,091       2,106  
 
              
 
             4,349  
 
              
 
                
Computer Software (0.29%)
                
Omniture Inc (a)(b)
     41,000       1,014  
 
                
Computers — Integrated Systems (0.84%)
                
Micros Systems Inc (a)
     48,065       2,960  
 
                
Consulting Services (2.38%)
                
FTI Consulting Inc (a)(b)
     47,206       2,611  
Gartner Inc (a)(b)
     132,883       1,973  
Huron Consulting Group Inc (a)
     52,735       3,788  
 
              
 
             8,372  
 
              
 
                
Consumer Products — Miscellaneous (0.99%)
                
Fossil Inc (a)(b)
     27,000       917  
Tupperware Brands Corp
     69,000       2,553  
 
              
 
             3,470  
 
              
 
                
Cosmetics & Toiletries (0.65%)
                
Chattem Inc (a)(b)
     29,817       2,288  
 
                
Data Processing & Management (0.81%)
                
Commvault Systems Inc (a)
     152,213       2,834  
 
                
Decision Support Software (0.51%)
                
Interactive Intelligence Inc (a)(b)
     108,545       1,778  
 
                
Diagnostic Equipment (0.81%)
                
Immucor Inc (a)
     99,064       2,857  

348

 

Schedule of Investments
SmallCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Diagnostic Kits (0.87%)
                
Meridian Bioscience Inc
     97,143     $ 3,051  
 
                
Distribution & Wholesale (0.43%)
                
LKQ Corp (a)(b)
     84,792       1,517  
 
                
Diversified Manufacturing Operations (0.55%)
                
AZZ Inc (a)(b)
     57,300       1,935  
 
                
Diversified Operations & Commercial Services (0.77%)
                
Chemed Corp
     52,579       2,694  
 
                
Electronic Components — Semiconductors (1.36%)
                
Mellanox Technologies Ltd (a)
     82,432       1,305  
ON Semiconductor Corp (a)(b)
     283,666       1,838  
Zoran Corp (a)
     140,378       1,657  
 
              
 
             4,800  
 
              
 
                
Electronic Design Automation (1.36%)
                
Ansoft Corp (a)(b)
     100,253       2,130  
Magma Design Automation Inc (a)(b)
     232,641       2,652  
 
              
 
             4,782  
 
              
 
                
Electronic Measurement Instruments (0.25%)
                
Itron Inc (a)(b)
     10,631       876  
 
                
E-Marketing & Information (0.60%)
                
Digital River Inc (a)
     55,925       2,097  
 
                
Engineering — Research & Development Services (0.60%)
                
EMCOR Group Inc (a)
     96,000       2,105  
 
                
Enterprise Software & Services (1.94%)
                
Informatica Corp (a)(b)
     190,669       3,682  
Omnicell Inc (a)
     124,748       3,129  
 
              
 
             6,811  
 
              
 
                
Finance — Investment Banker & Broker (0.71%)
                
Investment Technology Group Inc (a)(b)
     53,500       2,513  
 
                
Finance — Other Services (0.54%)
                
GFI Group Inc (a)
     21,640       1,909  
 
                
Food — Retail (0.26%)
                
Ruddick Corp
     27,000       920  
 
                
Footwear & Related Apparel (1.18%)
                
CROCS Inc (a)(b)
     24,855       865  
Steven Madden Ltd (a)(b)
     67,478       1,152  
Wolverine World Wide Inc
     84,600       2,141  
 
              
 
             4,158  
 
              
 
                
Home Furnishings (0.49%)
                
Tempur-Pedic International Inc (b)
     87,300       1,730  
 
                
Hotels & Motels (0.41%)
                
Gaylord Entertainment Co (a)
     49,717       1,451  
 
                
Instruments — Scientific (0.82%)
                
Dionex Corp (a)(b)
     17,000       1,191  
Varian Inc (a)
     31,000       1,682  
 
              
 
             2,873  
 
              
 
                
Insurance Brokers (0.21%)
                
Hilb Rogal & Hobbs Co
     20,075       726  
 
                
Internet Application Software (1.40%)
                
DealerTrack Holdings Inc (a)(b)
     70,954       1,913  
Vocus Inc (a)(b)
     102,015       3,001  
 
              
 
             4,914  
 
              
 
                
Internet Telephony (0.66%)
                
j2 Global Communications Inc (a)(b)
     106,136       2,325  
 
                
Intimate Apparel (0.74%)
                
Warnaco Group Inc/The (a)(b)
     72,345       2,597  
 
                
Investment Companies (0.38%)
                
Ares Capital Corp (b)
     94,643       1,323  
 
                
Lasers — Systems & Components (1.45%)
                
Cymer Inc (a)(b)
     67,892       1,834  
Rofin-Sinar Technologies Inc (a)(b)
     77,088       3,277  
 
              
 
             5,111  
 
              
 
                
Leisure & Recreation Products (0.64%)
                
WMS Industries Inc (a)(b)
     60,416       2,260  
 
                
Life & Health Insurance (0.33%)
                
Delphi Financial Group Inc
     37,046       1,163  
 
                
Machinery — Construction & Mining (1.59%)
                
Astec Industries Inc (a)(b)
     87,331       2,696  
Bucyrus International Inc (b)
     31,206       2,893  
 
              
 
             5,589  
 
              
 
                
Machinery — General Industry (1.66%)
                
Gardner Denver Inc (a)(b)
     10,492       340  
Middleby Corp (a)(b)
     41,547       2,477  
Wabtec Corp
     88,030       3,027  
 
              
 
             5,844  
 
              
 
                
Medical — Biomedical/Gene (3.72%)
                
Applera Corp — Celera Group (a)(b)
     151,813       2,326  
Exelixis Inc (a)(b)
     202,151       1,480  
Genomic Health Inc (a)(b)
     94,643       1,986  
Incyte Corp (a)(b)
     230,171       2,757  
Integra LifeSciences Holdings Corp (a)(b)
     59,927       2,493  
Lifecell Corp (a)(b)
     52,162       2,061  
 
              
 
             13,103  
 
              

349

 

Schedule of Investments
SmallCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Medical — Drugs (2.61%)
                
Array Biopharma Inc (a)
     89,000     $ 580  
Cubist Pharmaceuticals Inc (a)(b)
     98,071       1,666  
Indevus Pharmaceuticals Inc (a)(b)
     280,710       1,788  
Sciele Pharma Inc (a)(b)
     107,071       2,561  
Viropharma Inc (a)(b)
     228,184       2,022  
XenoPort Inc (a)
     9,000       552  
 
              
 
             9,169  
 
              
 
                
Medical — Outpatient & Home Medical Care (1.39%)
                
Amedisys Inc (a)(b)
     68,766       2,931  
LHC Group Inc (a)(b)
     85,339       1,968  
 
              
 
             4,899  
 
              
 
                
Medical Imaging Systems (0.44%)
                
IRIS International Inc (a)(b)
     86,039       1,544  
 
                
Medical Information Systems (0.74%)
                
Phase Forward Inc (a)
     150,392       2,594  
 
                
Medical Laboratory & Testing Service (0.97%)
                
Icon Plc ADR (a)
     54,638       3,425  
 
                
Medical Products (1.24%)
                
Accuray Inc (a)(b)
     167,299       1,593  
Zoll Medical Corp (a)
     104,140       2,776  
 
              
 
             4,369  
 
              
 
                
Metal — Aluminum (0.66%)
                
Kaiser Aluminum Corp
     36,041       2,305  
 
                
Metal Processors & Fabrication (2.35%)
                
Dynamic Materials Corp (b)
     50,550       2,708  
Haynes International Inc (a)(b)
     29,827       1,318  
Ladish Co Inc (a)(b)
     62,624       2,223  
RBC Bearings Inc (a)(b)
     67,572       2,023  
 
              
 
             8,272  
 
              
 
                
Miscellaneous Manufacturers (0.38%)
                
Reddy Ice Holdings Inc (b)
     59,760       1,340  
 
                
Networking Products (1.85%)
                
Anixter International Inc (a)(b)
     40,026       2,804  
Foundry Networks Inc (a)
     74,610       1,030  
Polycom Inc (a)(b)
     106,115       2,679  
 
              
 
             6,513  
 
              
 
                
Non-Ferrous Metals (0.54%)
                
Brush Engineered Materials Inc (a)(b)
     7,500       215  
RTI International Metals Inc (a)(b)
     30,284       1,673  
 
              
 
             1,888  
 
              
 
                
Office Furnishings — Original (0.27%)
                
Knoll Inc
     71,816       959  
 
                
Oil — Field Services (1.18%)
                
Matrix Service Co (a)(b)
     115,102       2,074  
W-H Energy Services Inc (a)
     42,828       2,084  
 
              
 
             4,158  
 
              
 
                
Oil Company — Exploration & Production (3.04%)
                
Arena Resources Inc (a)(b)
     68,400       2,433  
Petroquest Energy Inc (a)(b)
     226,937       2,932  
Rosetta Resources Inc (a)
     145,311       2,547  
St Mary Land & Exploration Co
     78,797       2,776  
 
              
 
             10,688  
 
              
 
                
Oil Field Machinery & Equipment (0.75%)
                
Dril-Quip Inc (a)(b)
     54,175       2,630  
 
                
Oil Refining & Marketing (0.37%)
                
Alon USA Energy Inc (b)
     72,273       1,315  
 
                
Pharmacy Services (0.57%)
                
HealthExtras Inc (a)
     72,127       1,994  
 
                
Physician Practice Management (0.67%)
                
Pediatrix Medical Group Inc (a)
     34,880       2,375  
 
                
Power Converter & Supply Equipment (0.47%)
                
Advanced Energy Industries Inc (a)(b)
     153,992       1,665  
 
                
Precious Metals (0.47%)
                
Coeur d’Alene Mines Corp (a)(b)
     365,480       1,670  
 
                
Private Corrections (1.24%)
                
Cornell Cos Inc (a)
     72,182       1,444  
Geo Group Inc/The (a)(b)
     121,510       2,906  
 
              
 
             4,350  
 
              
 
                
Property & Casualty Insurance (0.75%)
                
Amtrust Financial Services Inc
     87,435       1,373  
Zenith National Insurance Corp
     31,978       1,273  
 
              
 
             2,646  
 
              
 
                
Recreational Centers (0.86%)
                
Life Time Fitness Inc (a)(b)
     67,919       3,012  
 
                
REITS — Apartments (0.55%)
                
Essex Property Trust Inc
     18,641       1,931  
 
                
REITS — Diversified (2.44%)
                
Digital Realty Trust Inc
     94,716       3,384  
DuPont Fabros Technology Inc
     71,277       1,228  
Entertainment Properties Trust
     60,674       3,004  
Washington Real Estate Investment Trust
     31,000       975  
 
              
 
             8,591  
 
              
 
                
REITS — Hotels (0.52%)
                
Sunstone Hotel Investors Inc
     108,983       1,814  

350

 

Schedule of Investments
SmallCap Growth Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
REITS — Mortgage (0.22%)
                
Deerfield Capital Corp (b)
     97,565     $ 780  
 
                
REITS — Office Property (0.43%)
                
Kilroy Realty Corp
     31,034       1,522  
 
                
Research & Development (1.35%)
                
Parexel International Corp (a)(b)
     62,664       3,410  
PharmaNet Development Group Inc (a)(b)
     33,300       1,357  
 
              
 
             4,767  
 
              
 
                
Respiratory Products (0.80%)
                
Respironics Inc (a)
     43,234       2,832  
 
                
Retail — Apparel & Shoe (2.36%)
                
Aeropostale Inc (a)
     64,920       1,829  
Gymboree Corp (a)(b)
     62,699       2,397  
Men’s Wearhouse Inc
     55,986       1,427  
Phillips-Van Heusen Corp
     34,957       1,473  
Stage Stores Inc
     97,511       1,167  
 
              
 
             8,293  
 
              
 
                
Retail — Restaurants (0.39%)
                
Red Robin Gourmet Burgers Inc (a)(b)
     39,000       1,360  
 
                
Retail — Sporting Goods (0.48%)
                
Hibbett Sports Inc (a)(b)
     91,434       1,700  
 
                
Retail — Sunglasses (0.45%)
                
FGX International Holdings Ltd (a)(b)
     158,527       1,601  
 
                
Schools (1.97%)
                
DeVry Inc
     84,127       4,643  
INVESTools Inc (a)(b)
     167,350       2,286  
 
              
 
             6,929  
 
              
 
                
Seismic Data Collection (1.08%)
                
Dawson Geophysical Co (a)(b)
     24,507       1,404  
ION Geophysical Corp (a)(b)
     194,275       2,409  
 
              
 
             3,813  
 
              
 
                
Semiconductor Component — Integrated Circuits (1.24%)
                
Emulex Corp (a)
     135,945       2,121  
Micrel Inc
     9,840       60  
Power Integrations Inc (a)
     86,039       2,192  
 
              
 
             4,373  
 
              
 
                
Semiconductor Equipment (0.56%)
                
ATMI Inc (a)
     75,129       1,976  
 
                
Telecommunication Equipment (0.78%)
                
CommScope Inc (a)(b)
     62,077       2,753  
 
                
Telecommunication Services (1.65%)
                
Cbeyond Inc (a)(b)
     73,243       2,471  
NeuStar Inc (a)(b)
     78,543       2,334  
NTELOS Holdings Corp
     47,000       1,000  
 
              
 
             5,805  
 
              
 
                
Theaters (0.37%)
                
National CineMedia Inc
     57,490       1,310  
 
                
Therapeutics (2.17%)
                
BioMarin Pharmaceutical Inc (a)(b)
     74,060       2,745  
Isis Pharmaceuticals Inc (a)(b)
     156,272       2,438  
Medarex Inc (a)(b)
     135,983       1,358  
Progenies Pharmaceuticals Inc (a)(b)
     67,741       1,107  
 
              
 
             7,648  
 
              
 
                
Toys (0.49%)
                
Marvel Entertainment Inc (a)(b)
     60,831       1,715  
 
                
Transactional Software (0.24%)
                
VeriFone Holdings Inc (a)(b)
     44,006       861  
 
                
Transport — Marine (0.40%)
                
Horizon Lines Inc (b)
     74,950       1,408  
 
                
Wire & Cable Products (1.20%)
                
Belden Inc
     49,465       2,093  
General Cable Corp (a)(b)
     36,755       2,132  
 
              
 
             4,225  
 
              
 
                
Wireless Equipment (1.61%)
                
EMS Technologies Inc (a)
     59,271       1,629  
RF Micro Devices Inc (a)(b)
     587,035       1,896  
Viasat Inc (a)
     102,370       2,126  
 
              
 
             5,651  
 
              
 
                
X-Ray Equipment (0.79%)
                
Hologic Inc (a)(b)
     43,000       2,768  
 
TOTAL COMMON STOCKS
           $ 344,656  
 
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (13.59%)
                
Commercial Paper (2.23%)
                
Investment in Joint Trade Account; HSBC Funding
               
3.12%, 2/ 1/2008
   $ 7,832     $ 7,832  
 
                
Money Market Funds (11.36%)
                
BNY Institutional Cash Reserve Fund (c)
     39,975       39,975  
 
TOTAL SHORT TERM INVESTMENTS
           $ 47,807  
 

351

 

Schedule of Investments
SmallCap Growth Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
REPURCHASE AGREEMENTS (12.08%)
                
Finance — Investment Banker & Broker (12.07%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $42,783,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (c)
   $ 42,464     $ 42,460  
 
                
Money Center Banks (0.01%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $48,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
     48       48  
   
TOTAL REPURCHASE AGREEMENTS
           $ 42,508  
   
Total Investments
           $ 434,971  
Liabilities in Excess of Other Assets, Net — (23.65)%
             (83,203 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 351,768  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 37,172  
Unrealized Depreciation
     (50,907 )
 
      
Net Unrealized Appreciation (Depreciation)
     (13,735 )
Cost for federal income tax purposes
     448,706  
All dollar amounts are shown in thousands (000’s)
         
Portfolio Summary (unaudited)
Sector   Percent
Financial
     33.53 %
Consumer, Non-cyclical
     29.63 %
Industrial
     18.12 %
Technology
     13.02 %
Consumer, Cyclical
     11.18 %
Communications
     9.68 %
Energy
     6.43 %
Basic Materials
     2.06 %
Liabilities in Excess of Other Assets, Net
     (23.65 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

352

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (99.01%)
                
Advanced Materials & Products (0.25%)
                
Ceradyne Inc (a)
     24,345     $ 1,172  
 
                
Advertising Services (0.21%)
                
inVentiv Health Inc (a)
     28,790       947  
 
                
Aerospace & Defense (0.61%)
                
Esterline Technologies Corp (a)
     26,066       1,214  
Teledyne Technologies Inc (a)
     31,281       1,615  
 
              
 
             2,829  
 
              
 
                
Aerospace & Defense Equipment (1.40%)
                
AAR Corp (a)
     33,809       996  
Curtiss-Wright Corp
     39,636       1,653  
GenCorp Inc (a)(b)
     50,355       591  
Kaman Corp
     21,946       648  
Moog Inc (a)
     37,831       1,742  
Triumph Group Inc
     14,891       804  
 
              
 
             6,434  
 
              
 
                
Agricultural Operations (0.16%)
                
Andersons Inc/The
     15,953       727  
 
                
Airlines (0.35%)
                
Frontier Airlines Holdings Inc (a)(b)
     32,657       98  
Mesa Air Group Inc (a)
     25,605       90  
Skywest Inc
     54,265       1,412  
 
              
 
             1,600  
 
              
 
                
Apparel Manufacturers (0.26%)
                
Kellwood Co (b)
     23,017       460  
Maidenform Brands Inc (a)(b)
     16,787       208  
Oxford Industries Inc (b)
     12,449       283  
Volcom Inc (a)(b)
     13,021       263  
 
              
 
             1,214  
 
              
 
                
Applications Software (0.32%)
                
EPIQ Systems Inc (a)(b)
     23,702       350  
Progress Software Corp (a)
     37,500       1,107  
 
              
 
             1,457  
 
              
 
                
Athletic Equipment (0.03%)
                
Nautilus Inc (b)
     28,125       131  
 
                
Athletic Footwear (0.09%)
                
K-Swiss Inc
     23,850       433  
 
                
Audio & Video Products (0.10%)
                
Audiovox Corp (a)
     16,293       167  
Universal Electronics Inc (a)
     12,984       309  
 
              
 
             476  
 
              
 
                
Auto — Medium & Heavy Duty Trucks (0.07%)
                
ASV Inc (a)(b)
     18,097       324  
 
                
Auto — Truck Trailers (0.05%)
                
Wabash National Corp (b)
     26,999       248  
 
                
Auto Repair Centers (0.05%)
                
Midas Inc (a)
     12,751       224  
 
                
Auto/Truck Parts & Equipment — Original (0.14%)
                
Spartan Motors Inc (b)
     29,072       261  
Superior Industries International Inc (b)
     20,633       376  
 
              
 
             637  
 
              
 
                
Auto/Truck Parts & Equipment — Replacement (0.02%)
                
Standard Motor Products Inc (b)
     10,673       88  
 
                
Batteries & Battery Systems (0.10%)
                
Greatbatch Inc (a)
     20,032       452  
 
                
Brewery (0.07%)
                
Boston Beer Co Inc (a)(b)
     9,098       323  
 
                
Building — Maintenance & Service (0.38%)
                
ABM Industries Inc
     39,157       811  
Healthcare Services Group
     37,927       920  
 
              
 
             1,731  
 
              
 
                
Building — Mobile Home & Manufactured Housing (0.44%)
                
Champion Enterprises Inc (a)(b)
     68,759       672  
Coachmen Industries Inc
     14,054       73  
Fleetwood Enterprises Inc (a)(b)
     57,265       268  
Monaco Coach Corp (b)
     26,720       272  
Skyline Corp (b)
     6,057       176  
Winnebago Industries (b)
     26,340       555  
 
              
 
             2,016  
 
              
 
                
Building — Residential & Commercial (0.17%)
                
M/I Homes Inc (b)
     11,029       165  
Meritage Homes Corp (a)(b)
     23,394       375  
Standard-Pacific Corp (b)
     57,875       221  
 
              
 
             761  
 
              
 
                
Building & Construction — Miscellaneous (0.07%)
                
Insituform Technologies Inc (a)(b)
     24,481       311  
 
                
Building & Construction Products - Miscellaneous (0.48%)
                
Drew Industries Inc (b)
     16,217       439  
Gibraltar Industries Inc
     26,635       352  
NCI Building Systems Inc (a)(b)
     17,892       515  
Simpson Manufacturing Co Inc (b)
     33,221       915  
 
              
 
             2,221  
 
              
 
                
Building Products — Air & Heating (0.46%)
                
Lennox International Inc
     57,006       2,118  

353

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Building Products — Cement & Aggregate (0.30%)
                
Texas Industries Inc (b)
     24,375     $ 1,381  
 
                
Building Products — Doors & Windows (0.10%)
                
Apogee Enterprises Inc
     25,943       453  
 
                
Building Products — Wood (0.13%)
                
Universal Forest Products Inc
     16,941       613  
 
                
Casino Hotels (0.06%)
                
Monarch Casino & Resort Inc (a)
     12,590       269  
 
                
Casino Services (0.07%)
                
Shuffle Master Inc (a)(b)
     31,404       300  
 
                
Chemicals — Diversified (0.05%)
                
Georgia Gulf Corp (b)
     30,651       239  
 
                
Chemicals — Plastics (0.22%)
                
PolyOne Corp (a)
     82,958       511  
Schulman A Inc
     24,902       508  
 
              
 
             1,019  
 
              
 
                
Chemicals — Specialty (0.99%)
                
Arch Chemicals Inc
     22,076       743  
HB Fuller Co
     53,509       1,111  
OM Group Inc (a)
     27,110       1,556  
Omnova Solutions Inc (a)
     37,858       173  
Penford Corp (b)
     9,909       222  
Quaker Chemical Corp
     9,026       181  
Tronox Inc
     36,930       270  
Zep Inc
     19,062       315  
 
              
 
             4,571  
 
              
 
                
Circuit Boards (0.18%)
                
Park Electrochemical Corp
     18,124       429  
TTM Technologies Inc (a)(b)
     37,777       384  
 
              
 
             813  
 
              
 
                
Coal (0.78%)
                
Massey Energy Co
     70,965       2,639  
Patriot Coal Corp (a)
     23,600       938  
 
              
 
             3,577  
 
              
 
                
Coffee (0.05%)
                
Peet’s Coffee & Tea Inc (a)(b)
     11,135       244  
 
                
Collectibles (0.07%)
                
RC2 Corp (a)
     16,893       317  
 
                
Commercial Banks (6.13%)
                
Alabama National Bancorporation (b)
     15,095       1,181  
Bank Mutual Corp (b)
     46,875       576  
Cascade Bancorp (b)
     25,383       327  
Central Pacific Financial Corp (b)
     26,631       506  
Columbia Banking System Inc
     15,948       410  
Community Bank System Inc
     26,447       577  
Corus Bankshares Inc (b)
     29,038       369  
East West Bancorp Inc (b)
     56,175       1,352  
First Bancorp/Puerto Rico (b)
     67,604       646  
First Commonwealth Financial Corp (b)
     56,674       657  
First Financial Bancorp (b)
     27,312       318  
First Midwest Bancorp Inc/IL (b)
     43,302       1,351  
Fremont General Corp (b)
     61,743       204  
Frontier Financial Corp (b)
     37,065       755  
Glacier Bancorp Inc
     47,792       889  
Hancock Holding Co (b)
     22,025       914  
Hanmi Financial Corp
     35,174       303  
Independent Bank Corp/MI
     17,725       247  
Irwin Financial Corp
     16,740       192  
Nara Bancorp Inc
     19,413       236  
PrivateBancorp Inc (b)
     20,868       768  
Prosperity Bancshares Inc
     34,214       984  
Provident Bankshares Corp
     28,409       589  
Signature Bank/New York NY (a)(b)
     26,461       887  
South Financial Group Inc/The
     64,554       1,116  
Sterling Bancorp/NY
     15,868       227  
Sterling Bancshares Inc/TX (b)
     65,066       653  
Sterling Financial Corp/WA
     45,838       815  
Susquehanna Bancshares Inc
     76,003       1,613  
Trustco Bank Corp NY (b)
     67,133       691  
UCBH Holdings Inc (b)
     93,011       1,313  
UMB Financial Corp (b)
     32,337       1,362  
Umpqua Holdings Corp (b)
     53,422       876  
United Bankshares Inc (b)
     34,370       1,105  
United Community Banks Inc/GA (b)
     35,592       687  
Whitney Holding Corp
     60,339       1,620  
Wilshire Bancorp Inc
     15,685       124  
Wintrust Financial Corp
     20,871       794  
 
              
 
             28,234  
 
              
 
                
Commercial Services (0.64%)
                
Arbitron Inc
     25,162       1,006  
CPI Corp
     4,724       96  
HMS Holdings Corp (a)
     19,304       610  
Live Nation Inc (a)(b)
     65,369       712  
Pre-Paid Legal Services Inc (a)(b)
     7,807       434  
Startek Inc (a)(b)
     10,113       87  
 
              
 
             2,945  
 
              
 
                
Commercial Services — Finance (0.56%)
                
Bankrate Inc (a)(b)
     11,509       624  
Coinstar Inc (a)(b)
     24,920       766  
Rewards Network Inc (a)
     23,931       118  

354

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Commercial Services — Finance (continued)
                
Wright Express Corp (a)
     35,436     $ 1,061  
 
              
 
             2,569  
 
              
 
                
Communications Software (0.12%)
                
Captaris Inc (a)
     23,748       80  
Digi International Inc (a)
     22,863       268  
Smith Micro Software Inc (a)(b)
     26,933       203  
 
              
 
             551  
 
              
 
                
Computer Aided Design (0.53%)
                
Ansys Inc (a)
     69,768       2,436  
 
                
Computer Services (1.06%)
                
CACI International Inc (a)
     26,754       1,166  
Ciber Inc (a)
     48,389       233  
Factset Research Systems Inc
     38,141       2,133  
Manhattan Associates Inc (a)
     22,776       565  
SI International Inc (a)
     11,745       321  
SYKES Enterprises Inc (a)
     29,117       460  
 
              
 
             4,878  
 
              
 
                
Computer Software (0.49%)
                
Avid Technology Inc (a)(b)
     31,108       806  
Blackbaud Inc
     39,439       1,091  
Phoenix Technologies Ltd (a)
     24,169       368  
 
              
 
             2,265  
 
              
 
                
Computers — Integrated Systems (0.94%)
                
Agilysys Inc
     23,521       358  
Catapult Communications Corp (a)
     8,215       53  
Mercury Computer Systems Inc (a)(b)
     20,204       167  
Micros Systems Inc (a)
     36,535       2,250  
MTS Systems Corp
     15,761       530  
Radiant Systems Inc (a)(b)
     23,824       290  
Radisys Corp (a)(b)
     19,779       269  
Stratasys Inc (a)(b)
     18,711       413  
 
              
 
             4,330  
 
              
 
                
Computers — Memory Devices (0.08%)
                
Hutchinson Technology Inc (a)(b)
     23,490       370  
 
                
Computers — Peripheral Equipment (0.13%)
                
Synaptics Inc (a)(b)
     22,868       606  
 
                
Consulting Services (0.53%)
                
MAXIMUS Inc
     16,466       581  
Watson Wyatt Worldwide Inc
     37,870       1,861  
 
              
 
             2,442  
 
              
 
                
Consumer Products — Miscellaneous (0.57%)
                
Central Garden and Pet Co — A Shares (a)(b)
     64,016       318  
Fossil Inc (a)
     41,439       1,408  
Russ Berrie & Co Inc (a)
     14,899       215  
Spectrum Brands Inc (a)(b)
     36,380       171  
WD-40 Co
     15,021       507  
 
              
 
             2,619  
 
              
 
                
Containers — Paper & Plastic (0.02%)
                
Chesapeake Corp (b)
     17,700       79  
 
                
Cosmetics & Toiletries (0.28%)
                
Chattem Inc (a)(b)
     16,920       1,298  
 
                
Decision Support Software (0.12%)
                
SPSS Inc (a)
     17,031       563  
 
                
Diagnostic Equipment (0.39%)
                
Immucor Inc (a)
     62,337       1,798  
 
                
Diagnostic Kits (0.91%)
                
Idexx Laboratories Inc (a)
     54,569       3,076  
Meridian Bioscience Inc
     35,541       1,116  
 
              
 
             4,192  
 
              
 
                
Disposable Medical Products (0.15%)
                
ICU Medical Inc (a)(b)
     11,012       313  
Merit Medical Systems Inc (a)(b)
     24,336       391  
 
              
 
             704  
 
              
 
                
Distribution & Wholesale (1.74%)
                
Bell Microproducts Inc (a)(b)
     27,100       142  
Brightpoint Inc (a)
     45,666       581  
Building Materials Holding Corp (b)
     26,182       178  
LKQ Corp (a)
     100,872       1,805  
Owens & Minor Inc
     36,394       1,504  
Pool Corp (b)
     42,338       1,043  
Scansource Inc (a)(b)
     23,055       730  
United Stationers Inc (a)
     22,291       1,232  
Watsco Inc
     21,933       809  
 
              
 
             8,024  
 
              
 
                
Diversified Manufacturing Operations (1.07%)
                
Acuity Brands Inc
     37,651       1,713  
AO Smith Corp
     19,764       692  
Barnes Group Inc
     40,259       1,073  
EnPro Industries Inc (a)(b)
     19,263       578  
Griffon Corp (a)(b)
     23,449       256  
Lydall Inc (a)
     14,696       133  
Standex International Corp
     11,138       203  
Tredegar Corp
     20,724       287  
 
              
 
             4,935  
 
              
 
                
Diversified Minerals (0.11%)
                
AMCOL International Corp (b)
     19,832       486  
 
                
Diversified Operations & Commercial Services (0.39%)
                
Chemed Corp
     21,325       1,092  
Viad Corp
     18,324       490  

355

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Diversified Operations & Commercial Services (continued)
                
Volt Information Sciences Inc (a)
     12,195     $ 228  
 
              
 
             1,810  
 
              
 
                
Drug Delivery Systems (0.06%)
                
Noven Pharmaceuticals Inc (a)(b)
     21,882       294  
 
                
E-Commerce — Products (0.20%)
                
Blue Nile Inc (a)(b)
     14,305       790  
Stamps.com Inc (a)
     14,491       153  
 
              
 
             943  
 
              
 
                
E-Commerce — Services (0.02%)
                
Napster Inc (a)
     41,175       75  
 
                
Electric — Integrated (1.43%)
                
Allete Inc
     23,074       888  
Avista Corp
     47,114       949  
Central Vermont Public Service Corp
     9,096       265  
CH Energy Group Inc
     12,081       466  
Cleco Corp
     53,480       1,383  
El Paso Electric Co (a)
     40,228       943  
UIL Holdings Corp
     22,423       766  
Unisource Energy Corp
     31,494       925  
 
              
 
             6,585  
 
              
 
                
Electric Products — Miscellaneous (0.13%)
                
Littelfuse Inc (a)
     19,931       606  
 
                
Electronic Components — Miscellaneous (1.19%)
                
Bel Fuse Inc
     10,571       286  
Benchmark Electronics Inc (a)
     63,735       1,131  
CTS Corp
     31,373       333  
Cubic Corp (b)
     13,812       371  
Daktronics Inc (b)
     29,825       611  
Methode Electronics Inc
     33,838       410  
Planar Systems Inc (a)(b)
     15,738       89  
Plexus Corp (a)
     41,408       936  
Rogers Corp (a)(b)
     15,932       497  
Technitrol Inc
     36,436       826  
 
              
 
             5,490  
 
              
 
                
Electronic Components — Semiconductors (1.05%)
                
Actel Corp (a)
     23,216       276  
AMIS Holdings Inc (a)
     58,139       425  
Diodes Inc (a)(b)
     27,854       645  
DSP Group Inc (a)
     28,899       331  
Kopin Corp (a)
     60,495       204  
Microsemi Corp (a)(b)
     68,900       1,565  
Skyworks Solutions Inc (a)(b)
     144,091       1,160  
Supertax Inc (a)(b)
     12,165       240  
 
              
 
             4,846  
 
              
 
                
Electronic Design Automation (0.07%)
                
Ansoft Corp (a)(b)
     14,193       301  
 
                
Electronic Measurement Instruments (2.16%)
                
Analogic Corp
     11,904       703  
FARO Technologies Inc (a)(b)
     14,778       353  
Flir Systems Inc (a)(b)
     121,010       3,664  
Itron Inc (a)(b)
     27,277       2,248  
Keithley Instruments Inc
     12,598       132  
Trimble Navigation Ltd (a)
     108,100       2,859  
 
              
 
             9,959  
 
              
 
                
Electronic Security Devices (0.04%)
                
LoJack Corp (a)(b)
     16,516       204  
 
                
Energy — Alternate Sources (0.09%)
                
Headwaters Inc (a)(b)
     37,757       426  
 
                
Engineering — Research & Development Services (1.16%)
                
EMCOR Group Inc (a)
     57,821       1,268  
Shaw Group Inc/The (a)
     72,297       4,085  
 
              
 
             5,353  
 
              
 
                
Engines — Internal Combustion (0.20%)
                
Briggs & Stratton Corp (b)
     44,161       921  
 
                
Enterprise Software & Services (1.32%)
                
Concur Technologies Inc (a)
     38,156       1,338  
Epicor Software Corp (a)(b)
     52,077       575  
Informatica Corp (a)
     78,147       1,509  
JDA Software Group Inc (a)
     23,656       421  
Mantech International Corp (a)
     17,443       713  
Omnicell Inc (a)
     30,734       771  
SYNNEX Corp (a)
     14,873       317  
Tyler Technologies Inc (a)(b)
     31,178       417  
 
              
 
             6,061  
 
              
 
                
Entertainment Software (0.47%)
                
Take-Two Interactive Software Inc (a)(b)
     65,987       1,085  
THQ Inc (a)
     58,876       1,060  
 
              
 
             2,145  
 
              
 
                
Environmental Consulting & Engineering (0.22%)
                
Tetra Tech Inc (a)(b)
     52,099       1,026  
 
                
E-Services — Consulting (0.26%)
                
Perficient Inc (a)(b)
     27,358       380  
Websense Inc (a)(b)
     40,442       829  
 
              
 
             1,209  
 
              
 
                
Fiduciary Banks (0.17%)
                
Boston Private Financial Holdings Inc
     33,356       762  

356

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Filtration & Separation Products (0.36%)
                
Clarcor Inc
     44,461     $ 1,668  
 
                
Finance — Consumer Loans (0.20%)
                
Portfolio Recovery Associates Inc (b)
     13,465       489  
World Acceptance Corp (a)(b)
     15,024       450  
 
              
 
             939  
 
              
 
                
Finance — Investment Banker & Broker (0.98%)
                
Investment Technology Group Inc (a)
     39,087       1,836  
LaBranche & Co Inc (a)(b)
     48,227       275  
optionsXpress Holdings Inc
     39,292       1,066  
Piper Jaffray Cos (a)
     15,593       739  
SWS Group Inc
     20,024       307  
TradeStation Group Inc (a)(b)
     25,579       279  
 
              
 
             4,502  
 
              
 
                
Finance — Leasing Company (0.12%)
                
Financial Federal Corp
     22,869       550  
 
                
Financial Guarantee Insurance (0.02%)
                
Triad Guaranty Inc (a)(b)
     11,037       77  
 
                
Firearms & Ammunition (0.04%)
                
Sturm Ruger & Co Inc (a)(b)
     20,319       182  
 
                
Food — Baking (0.36%)
                
Flowers Foods Inc
     69,740       1,674  
 
                
Food — Canned (0.13%)
                
TreeHouse Foods Inc (a)(b)
     27,810       580  
 
                
Food — Miscellaneous/Diversified (0.66%)
                
Hain Celestial Group Inc (a)(b)
     35,367       955  
J&J Snack Foods Corp
     12,506       313  
Lance Inc
     27,810       509  
Ralcorp Holdings Inc (a)
     22,882       1,245  
 
              
 
             3,022  
 
              
 
                
Food — Retail (0.13%)
                
Great Atlantic & Pacific Tea Co (a)(b)
     20,431       610  
 
                
Food — Wholesale & Distribution (0.58%)
                
Nash Finch Co (b)
     12,056       430  
Performance Food Group Co (a)
     31,622       1,000  
Spartan Stores Inc
     19,498       343  
United Natural Foods Inc (a)(b)
     38,181       916  
 
              
 
             2,689  
 
              
 
                
Footwear & Related Apparel (1.47%)
                
CROCS Inc (a)(b)
     73,490       2,557  
Deckers Outdoor Corp (a)(b)
     11,571       1,403  
Iconix Brand Group Inc (a)(b)
     50,725       1,054  
Skechers U.S.A. Inc (a)
     28,939       579  
Wolverine World Wide Inc
     46,573       1,179  
 
              
 
             6,772  
 
              
 
                
Forestry (0.11%)
                
Deltic Timber Corp
     9,462       505  
 
                
Gambling (Non-Hotel) (0.21%)
                
Pinnacle Entertainment Inc (a)(b)
     53,322       973  
 
                
Garden Products (0.38%)
                
Toro Co
     35,386       1,746  
 
                
Gas — Distribution (3.11%)
                
Atmos Energy Corp
     79,988       2,297  
Laclede Group Inc/The (b)
     19,309       648  
New Jersey Resources Corp
     24,734       1,160  
Northwest Natural Gas Co
     23,575       1,116  
Piedmont Natural Gas Co (b)
     66,012       1,655  
South Jersey Industries Inc
     26,356       923  
Southern Union Co
     106,978       2,908  
Southwest Gas Corp
     37,997       1,085  
UGI Corp
     95,081       2,531  
 
              
 
             14,323  
 
              
 
                
Health Care Cost Containment (0.02%)
                
Hooper Holmes Inc (a)
     61,170       88  
 
                
Home Furnishings (0.28%)
                
Bassett Furniture Industries Inc (b)
     10,522       137  
Ethan Allen Interiors Inc (b)
     26,529       821  
La-Z-Boy Inc (b)
     45,824       349  
 
              
 
             1,307  
 
              
 
                
Hotels & Motels (0.07%)
                
Marcus Corp
     19,221       340  
 
                
Housewares (0.09%)
                
Libbey Inc (b)
     12,965       201  
National Presto Industries Inc (b)
     4,204       235  
 
              
 
             436  
 
              
 
                
Human Resources (0.71%)
                
Administaff Inc
     20,975       630  
AMN Healthcare Services Inc (a)
     26,832       419  
CDI Corp
     12,140       236  
Cross Country Healthcare Inc (a)
     28,442       359  
Gevity HR Inc
     20,760       146  
Heidrick & Struggles International Inc
     15,721       432  
On Assignment Inc (a)(b)
     31,573       176  
Spherion Corp (a)
     49,900       333  
TrueBlue Inc (a)(b)
     39,172       559  
 
              
 
             3,290  
 
              

357

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Identification Systems — Development (0.50%)
                
Brady Corp
     48,489     $ 1,473  
Checkpoint Systems Inc (a)(b)
     35,420       841  
 
              
 
             2,314  
 
              
 
                
Industrial Audio & Video Products (0.05%)
                
Sonic Solutions Inc (a)(b)
     23,179       208  
 
                
Industrial Automation & Robots (0.17%)
                
Cognex Corp
     38,610       591  
Gerber Scientific Inc (a)
     20,898       184  
 
              
 
             775  
 
              
 
                
Instruments — Controls (0.62%)
                
Photon Dynamics Inc (a)
     15,811       141  
Watts Water Technologies Inc (b)
     27,981       830  
Woodward Governor Co
     26,263       1,649  
X-Rite Inc (a)(b)
     26,080       255  
 
              
 
             2,875  
 
              
 
                
Instruments — Scientific (0.41%)
                
Dionex Corp (a)
     16,625       1,165  
FEI Co (a)(b)
     32,341       733  
 
              
 
             1,898  
 
              
 
                
Insurance Brokers (0.26%)
                
Hilb Rogal & Hobbs Co
     33,004       1,194  
 
                
Internet Application Software (0.38%)
                
Cybersource Corp (a)
     61,160       1,024  
DealerTrack Holdings Inc (a)
     26,512       715  
 
              
 
             1,739  
 
              
 
                
Internet Connectivity Services (0.03%)
                
PC-Tel Inc (a)
     19,563       123  
 
                
Internet Content — Information & News (0.14%)
                
Infospace Inc
     29,646       282  
Knot Inc/The (a)(b)
     24,747       362  
 
              
 
             644  
 
              
 
                
Internet Security (0.30%)
                
Blue Coat Systems Inc (a)
     33,876       910  
Secure Computing Corp (a)(b)
     50,649       454  
 
              
 
             1,364  
 
              
 
                
Internet Telephony (0.21%)
                
j2 Global Communications Inc (a)(b)
     43,997       964  
 
                
Lasers — Systems & Components (0.32%)
                
Cymer Inc (a)(b)
     27,241       736  
Electro Scientific Industries Inc (a)
     24,788       407  
Newport Corp (a)(b)
     33,053       347  
 
              
 
             1,490  
 
              
 
                
Leisure & Recreation Products (0.33%)
                
Multimedia Games Inc (a)(b)
     20,571       159  
WMS Industries Inc (a)(b)
     36,968       1,383  
 
              
 
             1,542  
 
              
 
                
Life & Health Insurance (0.34%)
                
Delphi Financial Group Inc
     39,222       1,231  
Presidential Life Corp
     19,217       352  
 
              
 
             1,583  
 
              
 
                
Linen Supply & Related Items (0.31%)
                
Angelica Corp
     8,707       151  
G&K Services Inc
     18,888       755  
Unifirst Corp/MA
     12,722       519  
 
              
 
             1,425  
 
              
 
                
Machinery — Construction & Mining (0.11%)
                
Astec Industries Inc (a)
     17,091       528  
 
                
Machinery — Electrical (0.50%)
                
Baldor Electric Co
     40,901       1,238  
Regal-Beloit Corp
     28,608       1,085  
 
              
 
             2,323  
 
              
 
                
Machinery — Farm (0.14%)
                
Lindsay Corp (b)
     10,477       639  
 
                
Machinery — General Industry (0.99%)
                
Albany International Corp
     23,419       820  
Applied Industrial Technologies Inc
     32,788       990  
Gardner Denver Inc (a)
     47,687       1,547  
Intevac Inc (a)(b)
     19,228       209  
Robbins & Myers Inc
     15,261       1,012  
 
              
 
             4,578  
 
              
 
                
Machinery — Material Handling (0.09%)
                
Cascade Corp
     8,117       419  
 
                
Medical — Biomedical/Gene (1.16%)
                
Arqule Inc (a)(b)
     30,775       149  
Cambrex Corp
     25,837       245  
CryoLife Inc (a)(b)
     22,090       154  
Enzo Biochem Inc (a)(b)
     27,816       260  
Integra LifeSciences Holdings Corp (a)(b)
     16,447       684  
Lifecell Corp (a)(b)
     27,234       1,076  
Martek Biosciences Corp (a)(b)
     28,778       820  
Regeneron Pharmaceuticals Inc (a)(b)
     58,955       1,196  
Savient Pharmaceuticals Inc (a)(b)
     39,144       757  
 
              
 
             5,341  
 
              
 
                
Medical — Drugs (0.49%)
                
Bradley Pharmaceuticals Inc (a)
     12,087       240  
PharMerica Corp (a)
     27,061       402  
Salix Pharmaceuticals Ltd (a)(b)
     42,414       295  
Sciele Pharma Inc (a)(b)
     31,772       760  

358

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Medical — Drugs (continued)
                
Viropharma Inc (a)(b)
     62,285     $ 552  
 
              
 
             2,249  
 
              
 
                
Medical — Generic Drugs (0.17%)
                
Alpharma Inc (a)(b)
     38,901       798  
 
                
Medical — HMO (1.15%)
                
AMERIGROUP Corp (a)
     47,411       1,779  
Centene Corp (a)
     38,792       929  
Molina Healthcare Inc (a)(b)
     12,638       431  
Sierra Health Services Inc (a)
     50,081       2,152  
 
              
 
             5,291  
 
              
 
                
Medical — Hospitals (0.07%)
                
Medcath Corp (a)
     12,132       302  
 
                
Medical — Outpatient & Home Medical Care (0.70%)
                
Amedisys Inc (a)
     23,374       996  
Amsurg Corp (a)
     27,699       714  
Gentiva Health Services Inc (a)(b)
     24,932       461  
LHC Group Inc (a)(b)
     12,841       296  
Odyssey Healthcare Inc (a)
     29,151       257  
Res-Care Inc (a)
     22,614       506  
 
              
 
             3,230  
 
              
 
                
Medical Information Systems (0.41%)
                
Allscripts Healthcare Solutions Inc (a)(b)
     50,608       751  
Phase Forward Inc (a)
     37,693       650  
Quality Systems Inc
     15,604       474  
 
              
 
             1,875  
 
              
 
                
Medical Instruments (0.79%)
                
Arthrocare Corp (a)(b)
     24,881       996  
Conmed Corp (a)
     25,499       620  
Datascope Corp
     11,542       374  
Kensey Nash Corp (a)
     10,922       296  
Possis Medical Inc (a)
     15,139       212  
SurModics Inc (a)(b)
     13,434       586  
Symmetry Medical Inc (a)(b)
     31,581       575  
 
              
 
             3,659  
 
              
 
                
Medical Laser Systems (0.13%)
                
Biolase Technology Inc (a)(b)
     21,290       72  
LCA- Vision Inc (b)
     16,989       281  
Palomar Medical Technologies Inc (a)(b)
     16,306       235  
 
              
 
             588  
 
              
 
                
Medical Products (1.58%)
                
American Medical Systems Holdings Inc (a)(b)
     64,380       920  
Cooper Cos Inc/The
     39,928       1,572  
Cyberonics Inc (a)(b)
     19,975       240  
Haemonetics Corp (a)
     22,648       1,355  
Invacare Corp
     28,499       694  
Mentor Corp (b)
     30,252       1,047  
Osteotech Inc (a)
     15,736       93  
PSS World Medical Inc (a)(b)
     57,661       997  
Vital Signs Inc
     7,098       344  
 
              
 
             7,262  
 
              
 
                
Metal — Aluminum (0.29%)
                
Century Aluminum Co (a)(b)
     25,927       1,348  
 
                
Metal Processors & Fabrication (0.82%)
                
Kaydon Corp
     25,209       1,102  
Mueller Industries Inc
     33,005       924  
Quanex Corp
     33,142       1,737  
 
              
 
             3,763  
 
              
 
                
Metal Products — Distribution (0.09%)
                
AM Castle & Co
     14,574       309  
Lawson Products
     3,721       118  
 
              
 
             427  
 
              
 
                
Miscellaneous Manufacturers (0.50%)
                
Aptargroup Inc
     60,902       2,297  
 
                
Multi-Line Insurance (0.14%)
                
United Fire & Casualty Co
     19,716       658  
 
                
Multimedia (0.03%)
                
4Kids Entertainment Inc (a)(b)
     11,775       156  
 
                
Networking Products (0.80%)
                
Adaptec Inc (a)(c)
     107,904       336  
Anixter International Inc (a)(b)
     28,403       1,990  
Black Box Corp
     15,760       524  
Netgear Inc (a)
     31,347       836  
 
              
 
             3,686  
 
              
 
                
Non-Ferrous Metals (0.36%)
                
Brush Engineered Materials Inc (a)(b)
     18,178       520  
RTI International Metals Inc (a)
     20,572       1,137  
 
              
 
             1,657  
 
              
 
                
Non-Hazardous Waste Disposal (0.38%)
                
Waste Connections Inc (a)
     60,575       1,766  
 
                
Office Furnishings — Original (0.17%)
                
Interface Inc
     48,600       776  
 
                
Office Supplies & Forms (0.02%)
                
Standard Register Co/The
     11,249       109  
 
                
Oil — Field Services (2.58%)
                
Basic Energy Services Inc (a)(b)
     20,046       359  
Helix Energy Solutions Group Inc (a)
     81,398       3,009  
Hornbeck Offshore Services Inc (a)(b)
     20,545       795  

359

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Oil — Field Services (continued)
                
Matrix Service Co (a)
     23,708     $ 427  
Oceaneering International Inc (a)
     49,083       2,826  
SEACOR Holdings Inc (a)
     20,629       1,819  
Superior Well Services Inc (a)(b)
     14,020       273  
Tetra Technologies Inc (a)
     66,229       1,037  
W-H Energy Services Inc (a)
     27,350       1,331  
 
              
 
             11,876  
 
              
 
                
Oil & Gas Drilling (0.54%)
                
Atwood Oceanics Inc (a)
     24,561       2,041  
Pioneer Drilling Co (a)(b)
     44,251       460  
 
              
 
             2,501  
 
              
 
                
Oil Company — Exploration & Production (2.58%)
                
Cabot Oil & Gas Corp
     86,537       3,348  
Penn Virginia Corp (b)
     36,832       1,569  
Petroleum Development Corp (a)
     13,282       764  
St Mary Land & Exploration Co
     56,035       1,974  
Stone Energy Corp (a)(b)
     24,980       1,024  
Swift Energy Co (a)
     26,831       1,158  
Unit Corp (a)
     41,337       2,072  
 
              
 
             11,909  
 
              
 
                
Oil Field Machinery & Equipment (0.76%)
                
CARBO Ceramics Inc
     18,115       622  
Dril-Quip Inc (a)
     24,154       1,172  
Gulf Island Fabrication Inc (b)
     9,730       244  
Lufkin Industries Inc
     13,107       693  
NATCO Group Inc (a)
     16,432       752  
 
              
 
             3,483  
 
              
 
                
Paper & Related Products (0.54%)
                
Buckeye Technologies Inc (a)
     34,833       458  
Caraustar Industries Inc (a)
     26,259       78  
Neenah Paper Inc
     13,318       361  
Rock-Tenn Co
     29,794       852  
Schweitzer-Mauduit International Inc
     13,872       331  
Wausau Paper Corp
     45,227       405  
 
              
 
             2,485  
 
              
 
                
Pharmacy Services (0.20%)
                
HealthExtras Inc (a)
     32,973       912  
 
                
Physical Therapy & Rehabilitation Centers (0.07%)
                
RehabCare Group Inc (a)
     15,407       323  
 
                
Physician Practice Management (1.14%)
                
Healthways Inc (a)(b)
     31,757       1,788  
Matria Healthcare Inc (a)(b)
     19,087       551  
Pediatrix Medical Group Inc (a)
     43,136       2,937  
 
              
 
             5,276  
 
              
 
                
Poultry (0.10%)
                
Sanderson Farms Inc (b)
     13,642       459  
 
                
Power Converter & Supply Equipment (0.17%)
                
Advanced Energy Industries Inc (a)
     31,876       345  
C&D Technologies Inc (a)(b)
     22,874       135  
Magnetek Inc (a)
     26,958       102  
Vicor Corp (b)
     17,041       210  
 
              
 
             792  
 
              
 
                
Printing — Commercial (0.18%)
                
Bowne & Co Inc
     23,789       293  
Consolidated Graphics Inc (a)
     10,774       542  
 
              
 
             835  
 
              
 
                
Property & Casualty Insurance (2.34%)
                
Infinity Property & Casualty Corp (b)
     14,579       581  
LandAmerica Financial Group Inc (b)
     13,874       724  
Navigators Group Inc (a)
     11,869       685  
Philadelphia Consolidated Holding Co (a)
     51,943       1,860  
ProAssurance Corp (a)
     29,119       1,680  
RLI Corp
     17,229       972  
Safety Insurance Group Inc
     14,425       563  
SCPIE Holdings Inc (a)
     7,367       193  
Selective Insurance Group
     47,306       1,131  
Stewart Information Services Corp
     16,068       550  
Tower Group Inc
     17,982       525  
Zenith National Insurance Corp
     33,040       1,316  
 
              
 
             10,780  
 
              
 
                
Publicly Traded Investment Fund (2.94%)
                
iShares S&P SmallCap 600 Index Fund (b)
     219,200       13,540  
 
                
Radio (0.03%)
                
Radio One Inc (a)
     72,309       116  
 
                
Real Estate Operator & Developer (0.16%)
                
Forestar Real Estate Group Inc (a)
     31,511       720  
 
                
Recreational Vehicles (0.32%)
                
Arctic Cat Inc
     10,717       99  
Polaris Industries Inc (b)
     31,192       1,355  
 
              
 
             1,454  
 
              
 
                
REITS — Apartments (0.73%)
                
Essex Property Trust Inc
     22,444       2,326  
Mid-America Apartment Communities Inc
     22,796       1,044  
 
              
 
             3,370  
 
              
 
                
REITS — Diversified (0.83%)
                
Colonial Properties Trust (b)
     41,921       1,033  
Entertainment Properties Trust
     25,029       1,239  
Lexington Realty Trust (b)
     56,747       848  

360

 

Schedule of Investments SmallCap
S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
REITS — Diversified (continued)
                
PS Business Parks Inc
     14,270     $ 717  
 
              
 
             3,837  
 
              
 
                
REITS — Healthcare (0.61%)
                
LTC Properties Inc
     17,985       468  
Medical Properties Trust Inc (b)
     44,837       567  
Senior Housing Properties Trust
     79,043       1,770  
 
              
 
             2,805  
 
              
 
                
REITS — Hotels (0.24%)
                
DiamondRock Hospitality Co
     84,428       1,110  
 
                
REITS — Office Property (0.71%)
                
BioMed Realty Trust Inc
     58,346       1,346  
Kilroy Realty Corp
     29,202       1,432  
Parkway Properties Inc/MD
     13,774       495  
 
              
 
             3,273  
 
              
 
                
REITS — Shopping Centers (0.61%)
                
Acadia Realty Trust
     28,675       718  
Inland Real Estate Corp
     51,988       695  
Kite Realty Group Trust
     25,826       340  
Tanger Factory Outlet Centers
     27,911       1,049  
 
              
 
             2,802  
 
              
 
                
REITS — Single Tenant (0.32%)
                
National Retail Properties Inc
     64,072       1,456  
 
                
REITS — Storage (0.36%)
                
Extra Space Storage Inc
     58,197       881  
Sovran Self Storage Inc
     19,301       765  
 
              
 
             1,646  
 
              
 
                
REITS — Warehouse & Industrial (0.19%)
                
EastGroup Properties Inc
     21,222       878  
 
                
Rental — Auto & Equipment (0.20%)
                
Aaron Rents Inc (b)
     48,348       924  
 
                
Research & Development (0.55%)
                
Kendle International Inc (a)(b)
     11,458       486  
Parexel International Corp (a)
     24,768       1,347  
PharmaNet Development Group Inc (a)(b)
     16,848       687  
 
              
 
             2,520  
 
              
 
                
Respiratory Products (0.94%)
                
Respironics Inc (a)
     66,000       4,324  
 
                
Retail — Apparel & Shoe (1.90%)
                
Brown Shoe Co Inc
     39,432       678  
Cato Corp/The
     27,823       456  
Charlotte Russe Holding Inc (a)
     22,253       401  
Childrens Place Retail Stores Inc/The (a)(b)
     20,996       389  
Christopher & Banks Corp
     31,567       403  
Dress Barn Inc (a)
     40,212       490  
Finish Line
     37,872       85  
Genesco Inc (a)(b)
     20,317       678  
Gymboree Corp (a)
     25,545       976  
HOT Topic Inc (a)(b)
     38,846       216  
JOS A Bank Clothiers Inc (a)(b)
     16,202       441  
Men’s Wearhouse Inc
     46,656       1,189  
Quiksilver Inc (a)
     109,605       1,045  
Stage Stores Inc
     36,903       442  
Stein Mart Inc
     23,018       147  
Tween Brands Inc (a)(b)
     21,974       704  
 
              
 
             8,740  
 
              
 
                
Retail — Auto Parts (0.09%)
                
PEP Boys-Manny Moe & Jack (b)
     36,936       404  
 
                
Retail — Automobile (0.28%)
                
Group 1 Automotive Inc (b)
     20,301       537  
Lithia Motors Inc (b)
     14,240       218  
Sonic Automotive Inc
     27,736       556  
 
              
 
             1,311  
 
              
 
                
Retail — Bedding (0.07%)
                
Select Comfort Corp (a)(b)
     41,732       328  
 
                
Retail — Computer Equipment (0.16%)
                
Insight Enterprises Inc (a)
     43,167       746  
 
                
Retail — Convenience Store (0.25%)
                
Casey’s General Stores Inc
     45,169       1,174  
 
                
Retail — Discount (0.11%)
                
Fred’s Inc (b)
     35,914       339  
Tuesday Morning Corp (b)
     26,592       160  
 
              
 
             499  
 
              
 
                
Retail — Drug Store (0.28%)
                
Longs Drug Stores Corp
     28,241       1,299  
 
                
Retail — Fabric Store (0.06%)
                
Jo-Ann Stores Inc (a)(b)
     22,269       282  
 
                
Retail — Gardening Products (0.25%)
                
Tractor Supply Co (a)(b)
     29,876       1,151  
 
                
Retail — Home Furnishings (0.04%)
                
Haverty Furniture Cos Inc (b)
     19,459       199  
 
                
Retail — Jewelry (0.23%)
                
Movado Group Inc
     17,205       417  
Zale Corp (a)(b)
     39,754       652  
 
              
 
             1,069  
 
              

361

 

Schedule of Investments SmallCap
S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Retail — Leisure Products (0.06%)
                
MarineMax Inc (a)(b)
     16,499     $ 255  
 
                
Retail — Office Supplies (0.11%)
                
School Specialty Inc (a)(b)
     15,690       509  
 
                
Retail — Pawn Shops (0.24%)
               
Cash America International Inc
     26,027       846  
First Cash Financial Services Inc (a)
     25,719       258  
 
              
 
             1,104  
 
              
 
                
Retail — Petroleum Products (0.15%)
                
World Fuel Services Corp
     25,478       674  
 
Retail — Restaurants (2.19%)
                
Buffalo Wild Wings Inc (a)(b)
     13,644       343  
California Pizza Kitchen Inc (a)
     26,013       349  
CEC Entertainment Inc (a)
     26,217       612  
CKE Restaurants Inc
     48,735       639  
Ihop Corp (b)
     13,329       710  
Jack in the Box Inc (a)
     53,373       1,560  
Landry’s Restaurants Inc (b)
     11,081       227  
O’Charleys Inc (b)
     19,783       274  
Panera Bread Co (a)(b)
     28,761       1,087  
Papa John’s International Inc (a)
     18,413       466  
PF Chang’s China Bistro Inc (a)(b)
     23,172       659  
Red Robin Gourmet Burgers Inc (a)
     14,960       522  
Ruth’s Chris Steak House (a)(b)
     16,964       141  
Sonic Corp (a)
     54,169       1,202  
Steak N Shake Co/The (a)(b)
     25,300       221  
Texas Roadhouse Inc (a)(b)
     47,997       579  
Triarc Cos Inc
     56,221       523  
 
              
 
             10,114  
 
              
 
                
Retail — Sporting Goods (0.34%)
                
Big 5 Sporting Goods Corp
     19,709       235  
Cabela’s Inc (a)(b)
     35,213       520  
Hibbett Sports Inc (a)(b)
     27,724       515  
Zumiez Inc (a)(b)
     16,026       308  
 
              
 
             1,578  
 
              
 
                
Retirement & Aged Care (0.25%)
                
Sunrise Senior Living Inc (a)(b)
     39,923       1,146  
 
                
Rubber & Plastic Products (0.06%)
                
Myers Industries Inc
     25,081       295  
 
                
Savings & Loans — Thrifts (0.78%)
                
Anchor Bancorp Wisconsin Inc
     15,749       394  
BankAtlantic Bancorp Inc
     37,065       209  
BankUnited Financial Corp (b)
     27,939       166  
Brookline Bancorp Inc
     52,568       549  
Dime Community Bancshares
     22,493       338  
Downey Financial Corp (b)
     17,377       600  
FirstFed Financial Corp (a)(b)
     12,154       510  
Flagstar Bancorp Inc (b)
     32,767       270  
Franklin Bank Corp/Houston TX (a)(b)
     22,612       133  
Guaranty Financial Group Inc (a)
     31,511       438  
 
              
 
             3,607  
 
              
 
                
Schools (0.07%)
                
Universal Technical Institute Inc (a)(b)
     20,910       311  
 
                
Schools — Day Care (0.22%)
                
Bright Horizons Family Solutions Inc (a)(b)
     23,415       997  
 
                
Seismic Data Collection (0.20%)
                
ION Geophysical Corp (a)(b)
     73,389       910  
 
                
Semiconductor Component — Integrated Circuits (0.34%)
                
Exar Corp (a)(b)
     43,248       355  
Micrel Inc (b)
     48,690       297  
Pericom Semiconductor Corp (a)
     23,102       313  
Standard Microsystems Corp (a)
     20,811       623  
 
              
 
             1,588  
 
              
 
                
Semiconductor Equipment (1.64%)
                
ATMI Inc (a)
     30,045       790  
Axcelis Technologies Inc (a)(b)
     91,129       364  
Brooks Automation Inc (a)(b)
     63,152       776  
Cabot Microelectronics Corp (a)(b)
     21,399       740  
Cohu Inc
     20,496       306  
Kulicke & Soffa Industries Inc (a)(b)
     47,476       256  
MKS Instruments Inc (a)
     44,457       827  
Photronics Inc (a)(b)
     37,293       454  
Rudolph Technologies Inc (a)(b)
     25,992       266  
Ultratech Inc (a)
     20,705       197  
Varian Semiconductor Equipment Associates Inc (a)
     67,639       2,179  
Veeco Instruments Inc (a)(b)
     28,312       401  
 
              
 
             7,556  
 
              
 
                
Steel — Specialty (0.02%)
                
Material Sciences Corp (a)
     11,142       72  
 
                
Steel Pipe & Tube (0.28%)
                
Valmont Industries Inc
     15,366       1,286  
 
                
Storage & Warehousing (0.10%)
                
Mobile Mini Inc (a)(b)
     30,716       467  
 
                
Telecommunication Equipment (0.58%)
                
Applied Signal Technology Inc
     11,018       147  
Arris Group Inc (a)
     122,076       1,073  
Comtech Telecommunications Corp (a)(b)
     21,418       960  
Ditech Networks Inc (a)(b)
     23,143       72  

362

 

Schedule of Investments
SmallCap
S&P 600 Index Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Telecommunication Equipment (continued)
                
Network Equipment Technologies Inc (a)(b)
     24,397     $ 182  
Symmetricom Inc (a)(b)
     40,594       177  
Tollgrade Communications Inc (a)
     11,817       72  
 
              
 
             2,683  
 
              
 
                
Telecommunication Equipment — Fiber Optics (0.20%)
                
Harmonic Inc (a)
     83,150       908  
 
                
Telephone — Integrated (0.06%)
                
General Communication Inc (a)
     40,312       291  
 
                
Therapeutics (0.02%)
                
Theragenics Corp (a)
     29,652       115  
 
                
Tobacco (0.06%)
                
Alliance One International Inc (a)
     79,315       299  
 
                
Toys (0.13%)
                
Jakks Pacific Inc (a)(b)
     25,163       593  
 
                
Transport — Marine (0.48%)
                
Kirby Corp (a)
     47,661       2,191  
 
                
Transport — Services (0.45%)
                
Bristow Group Inc (a)
     21,174       1,066  
HUB Group Inc (a)
     34,566       1,007  
 
              
 
             2,073  
 
              
 
                
Transport — Truck (1.38%)
                
Arkansas Best Corp (b)
     22,435       691  
Forward Air Corp (b)
     26,886       833  
Heartland Express Inc (b)
     50,983       829  
Knight Transportation Inc (b)
     51,700       887  
Landstar System Inc
     47,911       2,397  
Old Dominion Freight Line Inc (a)(b)
     25,255       736  
 
              
 
             6,373  
 
              
 
                
Veterinary Products (0.06%)
                
PetMed Express Inc (a)(b)
     21,816       269  
 
                
Vitamins & Nutrition Products (0.09%)
                
Mannatech Inc (b)
     13,914       85  
USANA Health Sciences Inc (a)(b)
     7,476       324  
 
              
 
             409  
 
              
 
                
Water (0.11%)
                
American States Water Co
     15,327       528  
 
                
Web Portals (0.15%)
                
United Online Inc
     60,313       674  
 
                
Wire & Cable Products (0.37%)
                
Belden Inc
     40,319       1,706  
Wireless Equipment (0.20%)
                
Novatel Wireless Inc (a)(b)
     28,520       456  
Viasat Inc (a)
     23,512       489  
 
              
 
             945  
 
                
   
TOTAL COMMON STOCKS
           $ 456,280  
   
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (13.44%)
                
Money Market Funds (13.44%)
                
BNY Institutional Cash Reserve Fund (d)
   $ 61,962     $ 61,962  
   
TOTAL SHORT TERM INVESTMENTS
           $ 61,962  
   
REPURCHASE AGREEMENTS (8.96%)
                
Finance — Investment Banker & Broker (5.99%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $27,796,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (d)
   $ 27,589     $ 27,587  
 
                
Money Center Banks (2.97%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $9,574,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (d)
     9,500       9,499  
 
                
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $2,163,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     2,100       2,099  
 
                
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $2,163,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
     2,100       2,100  
 
              
 
             13,698  
 
                
 
              
   
TOTAL REPURCHASE AGREEMENTS
           $ 41,285  
   
Total Investments
           $ 559,527  
Liabilities in Excess of Other Assets, Net -(21.41)%
             (98,661 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 460,866  
 
              
 
(a)   Non-Income Producing Security
 
(b)   Security or a portion of the security was on loan at the end of the period.
 
(c)   Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $94 or 0.02% of net assets.
 
(d)   Security was purchased with the cash proceeds from securities loans.

363

 

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2008 (unaudited)
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 61,400  
Unrealized Depreciation
     (81,383 )
 
      
Net Unrealized Appreciation (Depreciation)
     (19,983 )
Cost for federal income tax purposes
     579,510  
 
All dollar amounts are shown in thousands (000’s)
Futures Contracts
                                 
                    Current   Unrealized
    Number of   Original   Market   Appreciation/
Type   Contracts   Value   Value   (Depreciation)
Buy:
                                
S&P SMCAP600 eMini;
                                
March 2008
     93     $ 3,660     $ 3,502     $ (158 )
 
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent  
Financial
     38.63 %
Industrial
     19.58 %
Consumer, Non-cyclical
     18.19 %
Consumer, Cyclical
     14.34 %
Technology
     9.08 %
Energy
     7.52 %
Utilities
     4.65 %
Communications
     3.79 %
Funds
     2.94 %
Basic Materials
     2.69 %
Liabilities in Excess of Other Assets, Net
     (21.41 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      
Other Assets Summary (unaudited)
         
Asset Type   Percent  
Futures
     0.76 %

364

 

Schedule of Investments
SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (93.44%)
                
Advertising Services (0.58%)
                
inVentiv Health Inc (a)(b)
     84,630     $ 2,784  
 
                
Aerospace & Defense (0.57%)
                
Esterline Technologies Corp (b)
     58,760       2,738  
 
                
Aerospace & Defense Equipment (1.72%)
                
BE Aerospace Inc (b)
     67,570       2,609  
Moog Inc (b)
     64,530       2,971  
Triumph Group Inc (a)
     50,750       2,740  
 
              
 
             8,320  
 
              
 
                
Agricultural Chemicals (0.32%)
                
CF Industries Holdings Inc
     14,330       1,532  
 
                
Airlines (0.52%)
                
Republic Airways Holdings Inc (b)
     126,820       2,531  
 
                
Applications Software (1.05%)
                
Progress Software Corp (b)
     93,070       2,747  
Quest Software Inc (b)
     157,030       2,348  
 
              
 
             5,095  
 
              
 
                
Auto/Truck Parts & Equipment — Original (0.55%)
                
American Axle & Manufacturing Holdings (a)
     123,280       2,681  
 
                
Auto/Truck Parts & Equipment — Replacement (0.59%)
                
Aftermarket Technology Corp (b)
     113,147       2,875  
 
                
Beverages — Wine & Spirits (0.49%)
                
Central European Distribution Corp (a)(b)
     45,160       2,374  
 
                
Broadcasting Services & Programming (0.60%)
                
World Wrestling Entertainment Inc
     193,780       2,903  
 
                
Building — Heavy Construction (0.65%)
                
Granite Construction Inc
     82,750       3,150  
 
                
Building — Mobile Home & Manufactured Housing (0.44%)
                
Champion Enterprises Inc (b)
     219,170       2,141  
 
                
Chemicals — Diversified (1.21%)
                
FMC Corp
     51,030       2,713  
Rockwood Holdings Inc (a)(b)
     107,090       3,144  
 
              
 
             5,857  
 
              
 
                
Chemicals — Specialty (1.78%)
                
Arch Chemicals Inc (a)
     71,930       2,422  
HB Fuller Co
     128,490       2,667  
OM Group Inc (b)
     61,710       3,541  
 
              
 
             8,630  
 
              
 
                
Coal (0.72%)
                
Massey Energy Co
     93,320       3,470  
 
Commercial Banks (8.28%)
                
AmericanWest Bancorp
     64,730       789  
Bancfirst Corp (a)
     144,010       6,485  
City Holding Co
     166,864       6,411  
Community Trust Bancorp Inc
     129,101       3,732  
FirstMerit Corp
     108,440       2,426  
Green Bankshares Inc (a)
     93,001       1,948  
Integra Bank Corp
     215,030       3,193  
Southwest Bancorp Inc/Stillwater OK
     154,000       2,709  
Sterling Bancshares Inc/TX
     539,000       5,406  
Sterling Financial Corp/WA
     141,775       2,522  
SVB Financial Group (b)
     51,620       2,499  
Trico Bancshares (a)
     108,863       1,943  
 
              
 
             40,063  
 
              
 
                
Commercial Services (0.59%)
                
Steiner Leisure Ltd (a)(b)
     76,800       2,856  
 
                
Computer Services (0.64%)
                
Ness Technologies Inc (a)(b)
     335,870       3,087  
 
                
Distribution & Wholesale (0.43%)
                
LKQ Corp (a)(b)
     116,020       2,076  
 
                
Diversified Manufacturing Operations (1.87%)
                
AZZ Inc (a)(b)
     95,220       3,216  
Barnes Group Inc
     117,840       3,140  
Koppers Holdings Inc (a)
     80,100       2,680  
 
              
 
             9,036  
 
              
 
                
Diversified Operations & Commercial Services (0.54%)
                
Chemed Corp
     50,880       2,607  
 
                
Electric — Integrated (2.70%)
                
Empire District Electric Co/The (a)
     131,200       2,909  
Portland General Electric Co
     156,392       3,853  
UIL Holdings Corp
     99,840       3,410  
Westar Energy Inc
     119,380       2,908  
 
              
 
             13,080  
 
              
 
                
Electric Products — Miscellaneous (0.56%)
                
GrafTech International Ltd (b)
     179,180       2,697  
 
                
Electronic Components — Miscellaneous (1.46%)
                
Daktronics Inc
     123,290       2,526  
Methode Electronics Inc
     163,890       1,986  
Plexus Corp (b)
     113,710       2,569  
 
              
 
             7,081  
 
              
 
                
Electronic Design Automation (0.59%)
                
Magma Design Automation Inc (a)(b)
     249,200       2,841  

365

 

Schedule of Investments
SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Electronic Measurement Instruments (0.61%)
                
Analogic Corp
     50,320     $ 2,972  
 
                
Electronic Security Devices (0.57%)
                
LoJack Corp (b)
     225,150       2,778  
 
                
Engineering — Research & Development Services (0.58%)
                
EMCOR Group Inc (b)
     127,460       2,795  
 
                
Enterprise Software & Services (2.31%)
                
JDA Software Group Inc (b)
     145,480       2,588  
Lawson Software Inc (a)(b)
     268,570       2,334  
Mantech International Corp (a)(b)
     76,967       3,148  
SYNNEX Corp (a)(b)
     146,900       3,129  
 
              
 
             11,199  
 
              
 
                
Fiduciary Banks (0.69%)
                
Boston Private Financial Holdings Inc
     146,580       3,346  
 
                
Finance — Investment Banker & Broker (1.05%)
                
Investment Technology Group Inc (b)
     48,300       2,269  
Stifel Financial Corp (a)(b)
     65,310       2,831  
 
              
 
             5,100  
 
              
 
                
Food — Miscellaneous/Diversified (0.63%)
                
Ralcorp Holdings Inc (a)(b)
     55,570       3,024  
 
                
Food — Wholesale & Distribution (0.49%)
                
Spartan Stores Inc
     133,560       2,348  
 
                
Gas — Distribution (2.71%)
                
Nicor Inc
     82,640       3,388  
Northwest Natural Gas Co
     78,200       3,702  
South Jersey Industries Inc
     102,310       3,584  
Southwest Gas Corp
     85,050       2,428  
 
              
 
             13,102  
 
              
 
                
Human Resources (0.52%)
                
Cross Country Healthcare Inc (a)(b)
     197,750       2,498  
 
                
Instruments — Scientific (0.60%)
                
Varian Inc (b)
     53,830       2,920  
 
                
Internet Application Software (0.66%)
                
RealNetworks Inc (a)(b)
     548,030       3,195  
 
                
Internet Infrastructure Software (0.54%)
                
TIBCO Software Inc (a)(b)
     354,110       2,635  
 
                
Intimate Apparel (0.67%)
                
Warnaco Group Inc/The (b)
     89,980       3,229  
 
                
Lasers — Systems & Components (0.45%)
                
Cymer Inc (a)(b)
     81,200       2,193  
 
                
Leisure & Recreation Products (0.63%)
                
WMS Industries Inc (a)(b)
     81,995       3,067  
 
                
Life & Health Insurance (1.23%)
                
FBL Financial Group Inc
     67,380       2,220  
Protective Life Corp
     94,490       3,755  
 
              
 
             5,975  
 
              
 
                
Linen Supply & Related Items (0.53%)
                
Unifirst Corp/MA
     63,280       2,584  
 
                
Machinery — Electrical (0.42%)
                
Regal-Beloit Corp
     53,070       2,012  
 
                
Machinery Tools & Related Products (0.45%)
                
Hardinge Inc (a)
     128,750       2,195  
 
                
Medical — Biomedical/Gene (1.62%)
                
Applera Corp — Celera Group (a)(b)
     177,840       2,724  
Incyte Corp (a)(b)
     289,502       3,468  
Lifecell Corp (a)(b)
     42,210       1,668  
 
              
 
             7,860  
 
              
 
                
Medical — Drugs (1.05%)
                
Sciele Pharma Inc (a)(b)
     103,230       2,469  
Viropharma Inc (a)(b)
     293,080       2,597  
 
              
 
             5,066  
 
              
 
                
Medical — HMO (0.48%)
                
Magellan Health Services Inc (b)
     53,510       2,341  
 
                
Medical — Outpatient & Home Medical Care (0.58%)
                
LHC Group Inc (a)(b)
     121,140       2,794  
 
                
Medical Products (0.74%)
                
Zoll Medical Corp (a)(b)
     134,770       3,593  
 
                
Miscellaneous Manufacturers (0.53%)
                
Aptargroup Inc
     68,300       2,576  
 
                
Multi-Line Insurance (0.82%)
                
United Fire & Casualty Co
     118,660       3,961  
 
                
Multimedia (0.68%)
                
Belo Corp
     197,570       3,282  
 
                
Non-Hazardous Waste Disposal (0.48%)
                
Waste Connections Inc (b)
     80,020       2,333  
 
                
Oil — Field Services (1.55%)
                
Hornbeck Offshore Services Inc (a)(b)
     70,030       2,709  
Newpark Resources (a)(b)
     518,900       2,527  
Oil States International Inc (b)
     63,900       2,240  
 
              
 
             7,476  
 
              

366

 

Schedule of Investments
SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Oil & Gas Drilling (0.42%)
                
Atwood Oceanics Inc (a)(b)
     24,610     $ 2,045  
 
                
Oil Company — Exploration & Production (3.67%)
                
Berry Petroleum Co
     79,460       2,977  
Mariner Energy Inc (a)(b)
     136,480       3,420  
Penn Virginia Corp (a)
     86,460       3,684  
Petroquest Energy Inc (a)(b)
     191,770       2,478  
St Mary Land & Exploration Co
     80,040       2,820  
Whiting Petroleum Corp (b)
     44,740       2,404  
 
              
 
             17,783  
 
              
 
                
Oil Refining & Marketing (0.48%)
                
Holly Corp
     48,060       2,327  
 
Paper & Related Products (1.35%)
                
Rock-Tenn Co
     135,070       3,861  
Schweitzer-Mauduit International Inc (a)
     111,653       2,662  
 
              
 
             6,523  
 
              
 
                
Poultry (0.47%)
                
Pilgrim’s Pride Corp (a)
     92,110       2,250  
 
                
Printing — Commercial (0.59%)
                
Consolidated Graphics Inc (a)(b)
     45,149       2,271  
Valassis Communications Inc (a)(b)
     59,098       565  
 
              
 
             2,836  
 
              
 
                
Private Corrections (0.58%)
                
Cornell Cos Inc (a)(b)
     141,070       2,821  
 
                
Property & Casualty Insurance (6.17%)
                
American Physicians Capital Inc
     115,925       4,790  
Darwin Professional Underwriters Inc (a)(b)
     154,935       3,437  
First Mercury Financial Corp (a)(b)
     122,734       2,345  
Harleysville Group Inc (a)
     118,130       4,211  
Navigators Group Inc (b)
     91,780       5,299  
United America Indemnity Ltd (b)
     257,930       5,290  
Zenith National Insurance Corp
     113,190       4,507  
 
              
 
             29,879  
 
              
 
                
Publicly Traded Investment Fund (0.81%)
                
iShares Russell 2000 Value Index Fund (a)
     57,980       3,926  
 
                
Reinsurance (1.55%)
                
Argo Group International Holdings Ltd (a)(b)
     117,826       4,812  
IPC Holdings Ltd
     103,950       2,675  
 
              
 
             7,487  
 
              
 
                
REITS — Diversified (1.19%)
                
Entertainment Properties Trust
     116,233       5,754  
 
                
REITS — Healthcare (1.67%)
                
Nationwide Health Properties Inc (a)
     150,250       4,742  
Senior Housing Properties Trust
     149,750       3,353  
 
              
 
             8,095  
 
              
 
                
REITS — Hotels (0.49%)
                
LaSalle Hotel Properties
     87,140       2,389  
 
                
REITS — Mortgage (1.00%)
                
Deerfield Capital Corp (a)
     292,322       2,336  
Gramercy Capital Corp/New York (a)
     107,320       2,484  
 
              
 
             4,820  
 
              
 
                
REITS — Office Property (0.75%)
                
Highwoods Properties Inc (a)
     121,480       3,636  
 
                
REITS — Regional Malls (0.64%)
                
Taubman Centers Inc
     62,060       3,112  
 
                
REITS — Shopping Centers (2.08%)
                
Inland Real Estate Corp
     413,070       5,527  
Urstadt Biddle Properties Inc
     294,759       4,551  
 
              
 
             10,078  
 
              
 
                
REITS — Single Tenant (0.92%)
                
Agree Realty Corp
     113,060       3,338  
Realty Income Corp
     44,830       1,093  
 
              
 
             4,431  
 
              
 
                
Retail — Apparel & Shoe (0.50%)
                
Dress Barn Inc (a)(b)
     200,330       2,442  
 
                
Retail — Automobile (0.52%)
                
Sonic Automotive Inc
     125,540       2,517  
 
                
Retail — Gardening Products (0.51%)
                
Tractor Supply Co (a)(b)
     64,420       2,483  
 
                
Retail — Restaurants (1.92%)
                
California Pizza Kitchen Inc (a)(b)
     158,550       2,130  
Landry’s Restaurants Inc (a)
     121,850       2,499  
Red Robin Gourmet Burgers Inc (b)
     60,470       2,109  
Texas Roadhouse Inc (a)(b)
     212,920       2,570  
 
              
 
             9,308  
 
              
 
                
Retail — Sporting Goods (0.32%)
                
Hibbett Sports Inc (b)
     82,585       1,535  
 
                
Rubber — Tires (0.60%)
                
Cooper Tire & Rubber Co
     169,700       2,897  
 
                
Savings & Loans — Thrifts (0.53%)
                
WSFS Financial Corp
     48,262       2,572  
 
                
Semiconductor Component — Integrated Circuits (1.58%)
                
Emulex Corp (b)
     193,350       3,016  
Pericom Semiconductor Corp (b)
     149,136       2,022  

367

 

Schedule of Investments
SmallCap Value Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Semiconductor Component — Integrated
                
Circuits (continued)
                
Standard Microsystems Corp (b)
     87,330     $ 2,613  
 
              
 
             7,651  
 
              
 
                
Semiconductor Equipment (0.55%)
                
Brooks Automation Inc (a)(b)
     215,380       2,647  
 
                
Steel — Producers (0.53%)
                
Schnitzer Steel Industries Inc (a)
     45,430       2,574  
 
                
Telecommunication Equipment (0.87%)
                
ADC Telecommunications Inc (b)
     141,410       2,091  
Comtech Telecommunications Corp (a)(b)
     46,955       2,104  
 
              
 
             4,195  
 
              
 
                
Telecommunication Equipment — Fiber Optics (0.42%)
                
Oplink Communications Inc (a)(b)
     159,840       2,041  
 
                
Telecommunication Services (0.32%)
                
Harris Stratex Networks Inc (a)(b)
     140,410       1,529  
 
                
Telephone — Integrated (0.74%)
                
Alaska Communications Systems Group Inc
     255,970       3,594  
 
                
Television (0.60%)
                
Lin TV Corp (a)(b)
     220,880       2,883  
 
                
Textile — Apparel (0.50%)
                
Perry Ellis International Inc (a)(b)
     136,660       2,398  
 
                
Therapeutics (0.30%)
                
Isis Pharmaceuticals Inc (a)(b)
     93,010       1,451  
 
                
Transport — Marine (0.66%)
                
Eagle Bulk Shipping Inc (a)
     129,190       3,194  
 
                
Transport — Services (0.49%)
                
HUB Group Inc (b)
     81,810       2,383  
 
                
Transport — Truck (0.72%)
                
Old Dominion Freight Line Inc (a)(b)
     118,870       3,465  
 
                
Wire & Cable Products (0.59%)
                
Superior Essex Inc (b)
     118,990       2,862  
 
                
Wireless Equipment (0.52%)
                
EMS Technologies Inc (a)(b)
     90,740       2,494  
   
TOTAL COMMON STOCKS
           $ 452,261  
   
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (4.40%)
                
Commercial Paper (4.40%)
                
Investment in Joint Trade Account; HSBC
Funding
                
3.12%, 2/ 1/2008
   $ 21,296     $ 21,296  
   
TOTAL SHORT TERM INVESTMENTS
           $ 21,296  
   
REPURCHASE AGREEMENTS (19.03%)
                
Finance — Investment Banker & Broker (12.70%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $61,971,000; 0.00% - 6.38%; dated 05/16/08 - 01/1 1/27) (c)
   $ 61,508     $ 61,503  
 
                
Money Center Banks (6.33%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $20,894,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (c)
     20,732       20,730  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $10,202,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
     9,906       9,905  
 
              
 
             30,635  
   
TOTAL REPURCHASE AGREEMENTS
           $ 92,138  
   
Total Investments
           $ 565,695  
Liabilities in Excess of Other Assets, Net -(16.87)%
             (81,664 )
 
              
TOTAL NET ASSETS - 100.00%
           $ 484,031  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 18,644  
Unrealized Depreciation
     (65,996 )
 
      
Net Unrealized Appreciation (Depreciation)
     (47,352 )
Cost for federal income tax purposes
     613,047  
All dollar amounts are shown in thousands (000’s)
        

368

 

Schedule of Investments
SmallCap Value Fund
January 31, 2008 (unaudited)
Portfolio Summary (unaudited)
         
Sector   Percent  
Financial
     52.50 %
Industrial
     13.99 %
Consumer, Non-cyclical
     9.65 %
Consumer, Cyclical
     9.25 %
Energy
     6.84 %
Technology
     6.72 %
Communications
     6.51 %
Utilities
     5.41 %
Basic Materials
     5.19 %
Exchange Traded Funds
     0.81 %
Liabilities in Excess of Other Assets, Net
     (16.87 %)
 
      
TOTAL NET ASSETS
     100.00 %
 
      

369

 

Schedule of Investments
Tax-Exempt Bond Fund I
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (105.50%)
                
Alabama (1.58%)
                
Birmingham Baptist Medical Centers Special Care Facilities Financing Authority
                
5.00%, 11/15/2030
   $ 1,000     $ 909  
Montgomery County Public Facilities Authority/AL MBIA
                
5.00%, 3/1/2031
     2,000       2,061  
University of Alabama/ AL AMBAC
                
5.00%, 9/1/2036 (a)
     1,760       1,770  
 
              
 
             4,740  
 
              
 
                
Alaska (3.48%)
                
City of Anchorage AK
                
6.38%, 1/1/2020
     2,000       2,181  
City of Anchorage AK MBIA
                
6.50%, 12/1/2013
     1,235       1,464  
Northern TOB Securitization Corp/AK
                
4.63%, 6/1/2023
     980       929  
5.00%, 611/2046
     1,000       840  
State of Alaska AMBAC
                
5.25%, 10/1/2027
     4,500       4,999  
 
              
 
             10,413  
 
              
 
                
Arizona (1.94%)
                
Arizona State University/AZ AMBAC
                
5.25%, 9/1/2024
     1,500       1,581  
Goodyear McDowell Road Commercial Corridor Agency AMBAC
                
5.25%, 1/1/2032
     750       764  
Maricopa County AZ
                
5.00%, 41/1/2035
     1,000       930  
Pima County Industrial Development Authority Education Revenue
                
5.75%, 7/1/2036
     100       93  
6.55%, 12/1/2037
     300       292  
Pima County Industrial Development Authority Education Revenue Choice Education and Development Corp
                
6.25%, 61/1/2026
     160       161  
Pima County Industrial Development Authority Education Revenue Paragon Management Inc
                
6.00%, 6/1/2036
     160       149  
Salt Verde Financial Corp
                
5.25%, 12/1/2020
     400       416  
University Medical Center Corp/AZ
                
5.00%, 7/1/2035
     1,500       1,431  
 
              
 
             5,817  
 
              
 
                
California (11.80%)
                
California Health Facilities Financing Authority/CA
                
5.00%, 41/1/2037
     1,000       983  
California State Department of Water Resources MBIA
                
5.25%, 5/1/2020
     6,000       6,701  
California State Public Works Board
                
5.00%, 4/1/2030
     1,175       1,152  
California Statewide Communities Development Authority
                
5.00%, 3/1/2035
     1,000       970  
Clovis Public Financing Authority MBIA
                
5.25%, 8/1/2030
     2,000       2,056  
East Side Union High School District — Santa Clara County/CA MBIA
                
5.10%, 2/1/2019
     1,000       1,092  
Foothill Eastern Transportation Corridor Agency/CA MBIA
                
0.00%, 1/15/2018 (b)
     2,000       1,217  
Fremont Unified School District/Alameda County CA FGIC
                
5.00%, 8/1/2025
     1,000       1,042  
Golden State Tobacco Securitization Corp/CA
                
5.00%, 6/1/2033
     2,000       1,755  
5.00%, 61/1/2045
     1,000       961  
5.13%, 6/1/2047
     1,000       864  
Hesperia Public Financing Authority/CA XLCA
                
5.00%, 9/1/2031
     1,000       993  
Independent Cities Lease Finance Authority Mobile Home Park Revenue Millenium Housing Corp
                
5.85%, 5/15/2041
     100       91  
Jurupa Unified School District FGIC
                
5.13%, 8/1/2022
     2,700       2,849  
Los Angeles Regional Airports Improvement Corporation Lease Revenue
                
7.50%, 12/1/2024
     100       105  
Placentia-Yorba Linda Unified School District/CA FGIC
                
5.00%, 10/1/2030
     2,000       2,028  
Quechan Indian Tribe
                
7.00%, 12/1/2027
     300       299  
Rancho Mirage Joint Powers Financing Authority/CA
                
5.00%, 7/1/2047 (c)
     1,000       968  
San Diego Redevelopment Agency/CA XLCA
                
5.00%, 9/1/2023
     1,775       1,811  
San Joaquin Hills Transportation Corridor Agency/CA MBIA
                
0.00%, 1/15/2034 (b)
     7,000       1,607  
State of California
                
5.25%, 11/1/2025
     2,000       2,088  
5.50%, 41/1/2028
     1,670       1,917  
Tobacco Securitization Authority of Northern California/CA
                
5.38%, 6/1/2038
     1,000       912  
Tobacco Securitization Authority of Southern California/CA
                
5.00%, 61/1/2037
     1,000       860  
 
              
 
             35,321  
 
              

370

 

Schedule of Investments
Tax-Exempt Bond Fund I
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (continued)
                
Colorado (1.34%)
                
Colorado Health Facilities Authority
                
5.00%, 12/1/2035
   $ 1,250     $ 1,103  
Fort Collins CO AMBAC
                
5.38%, 6/1/2023
     2,275       2,421  
Park Creek Metropolitan District/CO
                
5.50%, 12/1/2030
     500       490  
 
              
 
             4,014  
 
              
 
                
Connecticut (0.83%)
                
Connecticut State Health & Educational RADIAN
                
5.25%, 7/1/2032
     1,000       1,006  
State of Connecticut ACA
                
6.60%, 7/1/2024
     1,500       1,475  
 
              
 
             2,481  
 
              
 
                
District of Columbia (0.19%)
                
District of Columbia Water & Sewer Authority FSA
                
5.50%, 10/1/2017
     500       583  
 
Florida (5.70%)
                
Amelia Walk Community Development District
                
5.50%, 5/1/2037
     100       83  
Bay Laurel Center Community Development
                
5.45%, 5/1/2037
     495       405  
County of Alachua FL
                
5.88%, 11/15/2042
     150       140  
County of Orange FL AMBAC
                
5.50%, 10/1/2032
     3,000       3,334  
Escambia County Health Facilities Authority AMBAC
                
5.95%, 7/1/2020
     110       116  
Florida Housing Finance Agency AMBAC
                
6.50%, 7/1/2036
     900       904  
Florida State Board of Education FGIC
                
5.25%, 7/1/2017
     800       852  
Highlands County Health Facilities Authority
                
5.00%, 11/15/2031
     1,180       1,170  
Hillsborough County Port District MBIA
                
5.38%, 6/1/2027
     1,000       1,021  
Orange County Housing Finance Authority
                
7.00%, 10/1/2025 (d)
     500       527  
Orlando Utilities Commission
                
6.00%, 10/1/2010
     5,000       5,461  
Osceola County School Board AMBAC
                
5.13%, 6/1/2022
     1,300       1,442  
Port St Lucie FL MBIA
                
5.00%, 7/1/2033
     500       498  
Seminole Indian Tribe of Florida
                
5.75%, 10/l/2022 (e)
     250       254  
Tolomato Community Development District
                
6.55%, 5/1/2027
     300       296  
6.65%, 5/1/2040
     300       295  
Wentworth Estates Community Development District
                
5.63%, 5/1/2037
     160       113  
West Villages Improvement District
                
5.50%, 5/1/2037
     160       132  
 
              
 
             17,043  
 
              
 
                
Georgia (2.10%)
                
Monroe County Development Authority/GA MBIA
                
6.70%, 1/1/2009
     2,500       2,600  
6.75%, 1/1/2010
     3,410       3,677  
 
              
 
             6,277  
 
              
 
                
Hawaii (0.75%)
                
City & County of Honolulu HI
                
6.00%, 1/1/2012
     1,270       1,423  
6.00%, 1/1/2012
     730       822  
 
              
 
             2,245  
 
              
 
                
Idaho (2.83%)
                
Idaho Health Facilities Authority/ID
                
6.65%, 2/15/2021 (d)
     2,000       2,577  
Idaho Health Facilities Authority/ID RADIAN
                
5.25%, 9/1/2025
     2,000       2,059  
Idaho Housing & Finance Association/ID
                
5.90%, 1/1/2015
     250       256  
4.90%, 7/1/2038
     3,750       3,575  
 
              
 
             8,467  
 
              
 
                
Illinois (9.91%)
                
Chicago O’Hare International Airport/IL AMBAC
                
5.50%, 1/1/2017
     965       1,042  
Chicago O’Hare International Airport/IL FGIC
                
5.25%, 1/1/2023 (a)
     2,000       2,085  
Chicago O’Hare International Airport/IL FSA
                
5.75%, 1/1/2020 (a)
     10,000       10,821  
Chicago O’Hare International Airport/IL MBIA
                
5.25%, 1/1/2025 (a)
     2,250       2,322  
City of Chicago IL
                
7.46%, 2/15/2026
     250       258  
City of Chicago IL GNMA/FNMA/FHLMC
                
6.30%, 9/1/2029
     510       541  
City of Yorkville IL
                
5.75%, 3/1/2028
     500       459  
6.00%, 3/1/2036
     660       626  
Gilberts Special Service Area No 19
                
5.38%, 3/1/2016
     500       435  
Huntley Special Service Area No 10/IL ASSURED
                
5.10%, 3/1/2029
     1,000       1,032  
Illinois Finance Authority
                
6.00%, 5/15/2025
     500       493  
5.00%, 8/15/2026
     160       140  
5.10%, 8/15/2031
     505       431  

371

 

Schedule of Investments
Tax-Exempt Bond Fund I
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (continued)
                
Illinois (continued)
                
Illinois Finance Authority (continued)
                
5.50%, 8/1/2037
   $ 500     $ 491  
5.75%, 11/15/2037
     1,000       1,015  
Illinois Health Facilities Authority South Surburban Hospital
                
7.00%, 2/15/2009
     100       102  
7.00%, 2/15/2018
     720       869  
Metropolitan Pier & Exposition Authority/IL FGIC
                
0.00%, 6/15/2009 (b)
     5,055       4,902  
Pingree Grove Special Service Area No 7 Cambridge Lakes Project
                
6.00%, 3/1/2036
     153       145  
Village of Bartlett IL
                
5.60%, 1/1/2023
     300       298  
Village of Bolingbrook IL
                
6.25%, 1/1/2024 (b)(f)
     500       514  
Village of Pingree Grove IL
                
5.25%, 3/1/2015
     400       397  
Volo Village Special Service Area No 3
                
6.00%, 3/1/2036
                
 
     250       237  
 
              
 
 
             29,655  
 
              
Indiana (3.34%)
                
County of St Joseph IN
                
6.00%, 5/15/2038
     100       94  
County of St Joseph IN Holy Cross Village
                
6.00%, 5/15/2026
     230       226  
Delaware County Hospital Authority/IN Cardinal Health System
                
5.25%, 8/1/2036
     160       141  
Hendricks County Building Facilities Corp
                
5.50%, 7/15/2020
     2,500       2,752  
Indiana Housing Finance Authority GNMA/FNMA
                
3.60%, 1/1/2032
     485       487  
Indiana Municipal Power Agency/IN MBIA
                
6.13%, 1/1/2013
     5,145       5,622  
Noblesville Redevelopment Authority
                
5.00%, 8/1/2021
     655       684  
 
              
 
             10,006  
 
              
 
                
Iowa (0.63%)
                
City of Sibley lA
                
6.00%, 12/1/2037
     125       121  
Iowa Finance Authority
                
5.75%, 11/15/2024
     400       381  
5.50%, 7/1/2025
     100       98  
Pottawattamie County IA
                
5.75%, 5/15/2026
     385       359  
Tobacco Settlement Authority of lowa/IA
                
5.50%, 6/1/2042
     1,000       919  
 
              
 
             1,878  
 
              
 
Kansas (3.39%)
                
City of Lawrence KS
                
5.13%, 7/1/2026
     1,000       1,018  
City of Topeka KS XLCA
                
5.25%, 8/1/2035
     5,490       5,599  
Lenexa KS
                
5.50%, 5/15/2039
     1,000       906  
Manhattan KS
                
5.00%, 5/15/2024
     500       453  
5.00%, 5/15/2036
     300       257  
Sedgwick & Shawnee Counties KS GNMA/FNMA
                
5.65%, 6/1/2037
     1,800       1,903  
 
              
 
             10,136  
 
              
 
                
Kentucky (0.68%)
                
City of Murray KY
                
5.13%, 8/1/2037
     1,000       970  
Louisville & Jefferson County Metropolitan Government
                
5.25%, 10/1/2036 (a)
     1,075       1,068  
 
              
 
             2,038  
 
              
 
                
Louisiana (1.94%)
                
Lafayette LA MBIA
                
5.25%, 11/1/2023
     2,680       2,836  
Louisiana Public Facilities Authority
                
0.00%, 12/1/2019(b)
     1,500       931  
Louisiana State Citizens Property Insurance Corp AMBAC
                
5.00%, 61/1/2022
     2,000       2,024  
 
              
 
             5,791  
 
              
 
                
Maryland (2.81%)
                
City of Baltimore MD
                
6.50%, 10/1/2011
     2,000       2,047  
County of Howard MD
                
5.25%, 4/1/2037
     500       436  
County of Prince Georges MD
                
5.20%, 7/1/2034
     500       437  
Maryland Community Development Administration
                
5.05%, 9/1/2032 (c)
     1,000       985  
Maryland Health & Higher Educational Facilities Authority
                
5.25%, 1/1/2027
     250       228  
Maryland Health & Higher Educational Facilities Authority MedStar Health Inc
                
5.50%, 8/15/2033
     1,500       1,508  
Maryland Health & Higher Educational Facilities Authority MBIA
                
4.75%, 7/1/2036
     1,500       1,443  
Maryland State Economic Development Corp
                
5.63%, 6/1/2035
     1,150       1,315  
 
              
 
             8,399  
 
              

372

 

Schedule of Investments
Tax-Exempt Bond Fund I
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (continued)
                
Massachusetts (1.91%)
                
Massachusetts Bay Transportation Authority
                
5.25%, 7/1/2028
   $ 2,000     $ 2,295  
Massachusetts Development Finance Agency
                
6.38%, 7/1/2029
     900       897  
5.75%, 11/15/2042
     500       452  
Massachusetts Health & Educational Facilities Authority
                
5.00%, 7/1/2033
     1,100       1,003  
Massachusetts State Health & Educational Facilities Authority Revenue
                
6.00%, 7/1/2031
     200       226  
6.00%, 7/1/2031
     800       835  
 
              
 
             5,708  
 
              
 
                
Michigan (3.12%)
                
Chippewa County Hospital Finance Authority
                
5.63%, 11/1/2014
     130       129  
Kent Hospital Finance Authority/Ml
                
5.25%, 7/1/2030
     1,000       966  
Michigan Strategic Fund Detroit Edison Co
                
5.45%, 9/1/2029
     2,000       2,044  
Michigan Strategic Fund XLCA
                
5.45%, 12/15/2032
     1,000       1,014  
Michigan Tobacco Settlement Finance Authority
                
6.00%, 6/1/2048
     4,000       3,928  
State of Michigan FSA
                
5.25%, 10/1/2021
     1,000       1,086  
Summit Academy North Michigan Public School Academy Revenue
                
5.00%, 11/1/2015
     160       157  
 
              
 
             9,324  
 
              
 
                
Minnesota (0.91%)
                
Aitkin MN Aitkin Community Hospital
                
5.60%, 2/1/2032
     160       149  
City of North Oaks MN
                
6.00%, 10/1/2027
     100       100  
6.00%, 10/1/2033
     200       196  
6.13%, 10/1/2039
     100       99  
City of Pine City MN Lakes International Language Academy
                
6.25%, 5/1/2035
     100       96  
Dakota County Community Development Agency Multifamily Housing
                
5.00%, 5/1/2042
     750       618  
Inver Grove Heights MN
                
5.50%, 10/1/2033
     500       461  
St Paul Housing & Redevelopment Authority/MN
                
6.00%, 11/15/2030
     1,000       1,006  
 
              
 
             2,725  
 
              
 
                
Mississippi (0.40%)
                
Biloxi Housing Authority/MS Beauvoir Apartments LP
                
6.25%, 9/1/2031
     150       154  
State of Mississippi FSA
                
5.75%, 12/1/2013
     170       181  
5.75%, 12/1/2013
     115       122  
5.75%, 12/1/2013
     195       208  
5.75%, 12/1/2014
     180       191  
5.75%, 12/1/2014
     120       127  
5.75%, 12/1/2014
     205       217  
 
              
 
             1,200  
 
              
 
                
Missouri (3.19%)
                
Cape Girardeau County Building Corp/MO MBIA
                
5.25%, 3/1/2026
     1,000       1,067  
Cape Girardeau County Industrial Development
                
5.63%, 6/1/2027
     840       939  
5.63%, 6/1/2027
     160       161  
Carthage MO
                
6.00%, 4/1/2038
     750       708  
Carthage MO Mccune-Brooks Hospital
                
5.88%, 4/1/2030
     160       152  
City of Fenton MO
                
7.00%, 10/1/2021
     575       667  
City of Kansas City MO
                
5.25%, 3/1/2018 (b)
     200       197  
5.40%, 6/1/2024
     120       112  
City of Maryland Heights MO
                
5.50%, 9/1/2018
     250       250  
Missouri Housing Development Commission GNMA/FNMA
                
5.05%, 9/1/2024
     545       548  
Missouri Joint Municipal Electric Utility Commission MBIA
                
5.00%, 1/1/2024
     1,500       1,532  
Missouri State Health & Educational Facilities Authority/MO
                
5.00%, ll/1/2018
     1,000       1,062  
1.90%, 3/1/2040
     400       400  
Missouri State Health & Educational Facilities Authority/MO BJC Health
                
5.00%, 5/15/2020
     1,200       1,249  
St Louis Industrial Development Authority/MO
                
6.38%, 12/1/2030
     500       500  
 
              
 
             9,544  
 
              
 
                
Nebraska (0.72%)
                
Omaha Public Power District
                
6.15%, 2/1/2012
     2,000       2,165  
 
                
Nevada (1.33%)
                
County of Clark NV FGIC
                
5.00%, 7/1/2036
     1,000       997  
County of Clark NV Nevada Power Co
                
5.90%, 11/1/2032
     160       154  
Reno NV AMBAC
                
5.13%, 6/1/2037
     1,000       1,100  

373

 

Schedule of Investments
Tax-Exempt Bond Fund I
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (continued)
                
Nevada (continued)
                
Reno NV Hospital Revenue
                
5.25%, 6/1/2037 (a)
   $ 1,760     $ 1,719  
 
              
 
             3,970  
 
              
New Hampshire (0.71%)
                
New Hampshire Health & Education Facilities Authority FSA
                
5.50%, 8/1/2027
     2,000       2,138  
 
                
New Jersey (3.05%)
                
Bergen County Improvement Authority
                
5.00%, 4/1/2032
     2,000       2,086  
New Jersey Economic Development Authority
                
5.63%, 6/15/2019
     500       502  
5.13%, 7/1/2025
     160       140  
5.75%, 4/1/2031
     1,000       990  
5.50%, 6/15/2031
     1,000       969  
New Jersey Economic Development Authority United Methodist Homes NJ
                
6.25%, 9/15/2029
     100       94  
New Jersey Health Care Facilities Financing Authority Revenue
                
5.75%, 7/1/2037
     1,750       1,762  
Tobacco Settlement Financing Authority Corp/NJ
                
5.00%, 6/1/2041
     2,045       1,739  
Tobacco Settlement Financing Corp/NJ
                
4.75%, 6/1/2034
     1,000       843  
 
              
 
             9,125  
 
              
New York (5.76%)
                
East Rochester Housing Authority/NY
                
5.50%, 8/1/2033
     160       147  
Metropolitan Transportation Authority/NY
                
4.75%, 7/1/2019
     1,265       1,399  
Metropolitan Transportation Authority/NY FGIC
                
5.25%, 11/15/2031
     1,500       1,552  
New York City Industrial Development Agency
                
6.25%, 3/1/2015
     1,000       1,028  
7.63%, 8/1/2025
     800       855  
6.50%, 3/1/2035
     160       165  
New York City Industrial Development Agency FGIC
                
4.08%, 3/ l/2016 (f)
     1,000       949  
New York City Municipal Water Finance Authority MBIA
                
5.00%, 6/15/2027 (a)
     5,000       5,222  
New York Mortgage Agency /NY
                
5.65%, 4/1/2030
     490       518  
New York State Dormitory Authority
                
5.50%, 7/1/2026
     1,000       1,002  
New York State Dormitory Authority Lenox Hill Hospital
                
5.50%, 7/1/2030
     160       158  
New York State Dormitory Authority MBIA
                
5.25%, 10/1/2023
     1,500       1,595  
New York State Housing Finance Agency
                
6.63%, 8/15/2012
     310       311  
Tobacco Settlement Financing Authority/NY AMBAC
                
5.25%, 6/1/2021
     2,200       2,348  
 
              
 
             17,249  
 
              
North Carolina (0.36%)
                
City of Charlotte NC
                
5.50%, 8/1/2019
     1,000       1,092  
Ohio (2.87%)
                
Adams County Hospital
                
6.25%, 9/1/2020
     1,000       910  
Buckeye Tobacco Settlement Financing Authority Ohio
                
5.75%, 6/1/2034
     500       481  
5.88%, 6/1/2047
     4,500       4,336  
County of Cuyahoga OH
                
7.50%, 1/1/2030
     1,000       1,081  
County of Franklin OH
                
5.13%, 7/1/2035
     800       746  
Ohio State University
                
5.13%, 12/1/2031
     1,000       1,049  
 
              
 
             8,603  
 
              
 
                
Oklahoma (0.11%)
                
Oklahoma Housing Finance Agency GNMA
                
8.00%, 8/1/2018
     150       163  
Weatherford Hospital Authority
                
6.00%, 5/1/2025
     160       157  
 
              
 
             320  
 
              
Oregon (1.64%)
                
City of Portland OR AMBAC
                
5.75%, 6/15/2016
     1,000       1,075  
City of Portland OR FSA
                
5.25%, 6/1/2020
     2,000       2,185  
Oregon Health & Science University MBIA
                
5.25%, 7/1/2022
     1,000       1,057  
Oregon State Housing & Community Services Department/OR
                
5.65%, 7/1/2028
     575       581  
 
              
 
             4,898  
 
              
Pennsylvania (3.28%)
                
Allegheny County Hospital Development Authority
                
5.00%, 11/15/2028
     500       433  
Allegheny County Sanitation Authority FGIC
                
5.00%, 12/1/2037
     2,000       2,054  
City of Philadelphia PA FSA
                
5.25%, 7/1/2029
     2,500       2,634  

374

 

Schedule of Investments
Tax-Exempt Bond Fund I
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (continued)
                
Pennsylvania (continued)
                
Fulton County Industrial Development Authority Hospital Revenue
                
5.90%, 7/1/2040
   $ 160     $ 153  
Pennsylvania Higher Educational Facilties Authority UPMC Health System
                
6.25%, 1/15/2018
     3,000       3,291  
Philadelphia Authority for Industrial Development Richard Allen Development & Improvement
                
6.25%, 5/1/2033
     160       157  
Philadelphia Redevelopment Authority FGIC
                
5.50%, 4/15/2017
     1,000       1,092  
 
              
 
             9,814  
 
              
Puerto Rico (0.45%)
                
Commonwealth of Puerto Rico
                
5.25%, 7/1/2030
     320       320  
Puerto Rico Sales Tax Financing Corp
                
5.25%, 8/1/2057
     1,000       1,020  
 
              
 
             1,340  
 
              
South Carolina (1.43%)
                
Lexington One School Facilities Corp Lexington County, South Carolina
                
5.25%, 12/1/2029
     1,000       1,020  
South Carolina Jobs-Economic Development Authority AMBAC
                
5.20%, 11/1/2027
     1,000       1,044  
South Carolina Jobs-Economic Development Authority CIFG
                
5.00%, 11/1/2030
     2,200       2,203  
 
              
 
             4,267  
 
              
South Dakota (0.42%)
                
South Dakota Health & Educational Facilities Authority/SD
                
5.25%, 11/1/2034
     1,250       1,263  
 
                
Tennessee (3.66%)
                
Chattanooga Health Educational & Housing Facility Board/TN
                
5.50%, 10/1/2020
     540       528  
Johnson City Health & Educational Facilities Board
                
7.50%, 7/1/2033
     1,000       1,219  
5.50%, 7/1/2036
     500       488  
Shelby County Health Educational & Housing Facilities Board
                
5.63%, 9/1/2026
     500       480  
Tennessee Energy Acquisition Corp/TN Goldman Sacs Group
                
5.25%, 9/1/2018
     3,000       3,171  
Tennessee Housing Development Agency/TN
                
5.70%, 7/1/2031
     355       363  
4.85%, 1/1/2032
     4,940       4,700  
 
              
 
             10,949  
 
              
Texas (5.45%)
                
Austin TX Convention Enterprises Inc/TX
                
5.75%, 1/1/2034
     500       466  
City of Houston TX AMBAC
                
5.75%, 9/1/2015
     1,000       1,098  
City of Houston TX FSA
                
5.75%, 3/1/2015
     85       92  
Dallas County Flood Control District
                
6.75%, 4/1/2016
     250       260  
Dallas-Fort Worth International Airport Facilities Improvement Corp FGIC
                
5.50%, 11/1/2031
     1,500       1,523  
Harris County-Houston Sports Authority MBIA
                
5.25%, 11/15/2040
     1,500       1,531  
Lower Colorado River Authority FGIC
                
5.00%, 5/15/2033
     1,000       1,008  
Lufkin Health Facilities Development Co
                
5.50%, 2/15/2032
     500       483  
Metro Health Facilities Development Corp/TX
                
7.20%, 1/1/2021
     1,100       1,116  
North Central Texas Health Facility Development Corp
                
5.13%, 5/15/2029
     1,000       1,004  
North Central Texas Health Facility Development Corp AMBAC
                
5.25%, 8/15/2032
     1,000       1,014  
North Texas Health Facilities Development FSA
                
5.00%, 9/1/2024
     1,000       1,047  
5.00%, 9/1/2032
     2,000       2,037  
Sea Breeze Public Facility Corp Sea Breeze Seniors LP
                
6.50%, 1/1/2046
     100       93  
Texas State Department Of Housing & Community Affairs GNMA/FNMA
                
5.70%, 1/1/2033
     1,415       1,483  
Texas Tech University MBIA
                
5.00%, 8/15/2025
     1,000       1,090  
Tyler Health Facilities Development Corp
                
5.38%, 11/1/2037
     1,000       949  
 
              
 
             16,294  
 
              
Utah (1.33%)
                
Utah Housing Corp
                
5.25%, 1/1/2039 (a)
     4,000       3,969  
 
                
Vermont (0.27%)
                
Vermont Educational & Health Buildings Financing Agency
                
1.88%, 10/1/2029
     805       805  
 
                
Virginia (1.27%)
                
Henrico County Economic Development Authority/VA
                
5.00%, 10/1/2027
     1,000       968  
Lexington Industrial Development Authority
                
5.38%, 1/1/2028
     750       686  

375

 

Schedule of Investments
Tax-Exempt Bond Fund I
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
TAX-EXEMPT BONDS (continued)
                
Virginia (continued)
                
Tobacco Settlement Financing Authority Corp/VA
                
5.63%, 6/1/2037
   $ 1,000     $ 1,166  
Virginia Beach Development Authority
                
5.38%, 11/1/2032
     500       474  
White Oak Village Shops Community Development
                
5.30%, 3/1/2017
     500       492  
 
              
 
             3,786  
 
              
 
                
Washington (3.80%)
                
Franklin County School District No 1 Pasco/WA FSA
                
5.25%, 12/1/2019
     5,000       5,458  
King County School District No 415 Kent/WA
                
6.30%, 12/1/2008
     1,065       1,096  
Skagit County Public Hospital District
                
5.75%, 12/1/2032
     300       301  
State of Washington
                
6.40%, 6/1/2017
     3,000       3,594  
Washington State Housing Finance Commission GNMA/FNMA/FHLMC
                
4.70%, 12/1/2038
     1,000       924  
 
              
 
             11,373  
 
              
 
                
West Virginia (0.92%)
                
Harrison County County Commission MBIA
                
6.88%, 4/15/2022
     2,500       2,506  
Ohio County Commission Sewage System
                
5.85%, 6/1/2034
     250       241  
 
              
 
             2,747  
 
              
 
                
Wisconsin (1.90%)
                
County of Milwaukee WI FSA
                
5.25%, 12/1/2025
     4,000       4,152  
Wisconsin Health & Educational Facilities Authority
                
6.00%, 8/15/2019
     600       602  
Wisconsin Housing & Economic Development
                
4.75%, 9/1/2033
     1,000       935  
 
              
 
             5,689  
 
TOTAL TAX-EXEMPT BONDS
           $ 315,661  
 
Total Investments
             315,661  
 
                
LIABILITY FOR FLOATING RATE NOTES ISSUED IN CONJUNCTION WITH SECURITIES HELD (-7.53%)
                
Notes with interest rates ranging from 2.26% to 4.78% at January 31, 2008 and contractual maturity of collateral from 2011 to 2039 (g)
     (22,535 )     (22,535 )
 
              
 
                
Total Net Investments
           $ 293,126  
Other Assets in Excess of Liabilities, Net - 2.03%
             6,076  
 
              
TOTAL NET ASSETS - 100.00%
           $ 299,202  
 
              
 
(a)   Security or portion of underlying security related to Inverse Floaters entered into by the Fund. See notes.
 
(b)   Non-Income Producing Security
 
(c)   Security purchased on a when-issued basis.
 
(d)   Security is Illiquid
 
(e)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $254 or 0.08% of net assets.
 
(f)   Variable Rate
 
(g)   Floating rate securities. The interest rate(s) shown reflect the rates in effect at January 31, 2008.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 12,347  
Unrealized Depreciation
     (4,690 )
 
      
Net Unrealized Appreciation (Depreciation)
     7,657  
Cost for federal income tax purposes
     285,470  
All dollar amounts are shown in thousands (000’s)
         
Portfolio Summary (unaudited)
 
Sector Percent
Insured
     47.12 %
Revenue
     37.28 %
Prerefunded
     14.57 %
General Obligation
     4.00 %
Revenue — Special Tax
     2.16 %
Tax Allocation
     0.37 %
Liability for Floating Rate Notes Issued
     (7.53 %)
Other Assets in Excess of Liabilities, Net
     2.03 %
 
        
TOTAL NET ASSETS
     100.00 %
 
        

376

 

Schedule of Investments
Ultra Short Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (83.88%)
                
Agricultural Operations (0.25%)
                
Cargill Inc
                
5.14%, 1/21/201l (a)(b)
   $ 500     $ 499  
 
                
Airlines (0.18%)
                
American Airlines Inc
                
7.69%, 5/23/2008
     125       125  
7.25%, 2/ 5/2009
     250       247  
 
              
 
             372  
 
              
Appliances (0.12%)
                
Whirlpool Corp
                
5.49%, 6/15/2009 (a)
     250       251  
 
                
Asset Backed Securities (4.76%)
                
Ameriquest Mortgage Securities Inc
                
4.08%, 7/25/2035 (a)
     1,000       670  
 
                
Chase Funding Mortgage Loan Asset-Backed Certificates
                
3.34%, 5/25/2026
     360       358  
 
                
CNH Equipment Trust
                
5.09%, 9/15/2010 (a)
     230       230  
CNH Wholesale Master Note Trust
                
4.64%, 6/15/2011 (a)
     336       315  
Countrywide Asset-Backed Certificates
                
4.50%, 12/25/2032 (a)
     296       259  
4.76%, 12/25/2032 (a)
     696       647  
4.83%, 5/25/2033 (a)
     479       334  
4.38%, 6/25/2035 (a)
     1,000       770  
4.03%, 11/25/2035 (a)
     1,000       736  
4.04%, 12/25/2035 (a)
     875       529  
6.00%, 11/ 8/2036 (c)(d)
     491       25  
3.88%, 2/25/2037 (a)
     500       121  
4.28%, 11/25/2037 (a)
     1,000       195  
 
                
First Franklin Mortgage Loan Asset Backed Trust
                
6.50%, 3/25/2034 (a)(c)(d)
     134       1  
First Horizon Asset Backed Trust
                
3.51%, 10/25/2026 (a)
     402       338  
Ford Credit Floorplan Master Owner Trust
                
4.69%, 6/15/2011 (a)
     450       436  
JP Morgan Mortgage Acquisition Corp
                
3.46%, 3/25/2037 (a)
     222       216  
Lehman XS Trust
                
4.28%, 6/25/2046 (a)(c)
     2,003       1,323  
Long Beach Asset Holdings Corp
                
5.93%, 10/25/2046 (b)(c)(d)
     599       6  
Long Beach Mortgage Loan Trust
                
3.88%, 2/25/2035 (a)
     1,000       856  
Nomura Asset Acceptance Corp
                
3.60%, 1/25/2036 (a)(b)
     701       520  
Sail Net Interest Margin Notes
                
5.50%, 6/27/2035 (c)(d)
     136       7  
Structured Asset Investment Loan Trust
                
3.44%, 4/25/2036 (a)
     51       50  
Swift Master Auto Receivables Trust
                
4.34%, 6/15/2012 (a)
     310       305  
Volkswagen Credit Auto Master Trust
                
3.95%, 7/20/2010 (a)
     150       150  
Wells Fargo Home Equity Trust
                
3.48%, 3/25/2037 (a)
     195       191  
 
              
 
             9,588  
 
              
 
                
Auto — Car & Light Trucks (0.49%)
                
Daimler Finance North America LLC
                
5.54%, 3/13/2009 (a)
     1,000       993  
 
                
Auto/Truck Parts & Equipment — Original (0.08%)
                
Tenneco Inc
                
10.25%, 7/15/2013
     155       164  
 
                
Automobile Sequential (2.32%)
                
Capital Auto Receivables Asset Trust
                
4.39%, 11/15/2008 (a)
     153       153  
4.27%, 10/15/2009 (a)
     739       737  
5.02%, 1/15/2010 (a)(b)(c)
     250       249  
Capital One Auto Finance Trust
                
4.25%, 7/15/2011 (a)
     570       554  
CPS Auto Trust
                
5.53%, 11/15/2010 (b)(c)
     675       678  
Ford Credit Auto Owner Trust
                
4.38%, 1/15/2010 (a)
     427       429  
Honda Auto Receivables Owner Trust
                
4.42%, 2/15/2011 (a)
     250       248  
Hyundai Auto Receivables Trust
                
4.64%, 1/17/2012 (a)
     500       495  
Morgan Stanley Auto Loan Trust
                
3.33%, 10/15/2011
     519       519  
Nissan Auto Receivables Owner Trust
                
4.52%, 6/15/2009 (a)
     160       160  
WFS Financial Owner Trust
                
3.93%, 2/17/2012
     452       453  
 
              
 
             4,675  
 
              
 
                
Brewery (0.22%)
                
SABMiller PLC
                
5.03%, 7/ 1/2009 (a)(b)
     450       452  
 
                
Building Products — Cement & Aggregate (0.21%)
                
Martin Marietta Materials Inc
                
3.26%, 4/30/2010 (a)
     435       431  
 
                
Building Products — Wood (0.43%)
                
Masco Corp
                
5.43%, 3/12/2010 (a)
     585       560  

377

 

Schedule of Investments
Ultra Short Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Building Products — Wood (continued)
                
Norbord Inc
                
8.13%, 3/20/2008
   $ 300     $ 301  
 
              
 
             861  
 
              
Cable TV (0.97%)
                
Comcast Corp
                
4.68%, 7/14/2009 (a) 
     700       686  
COX Communications Inc
                
3.88%, 10/ 1/2008
     500       499  
DIRECTV Holdings LLC/DIRECTV Financing Co
                
8.38%, 3/15/2013
     500       517  
EchoStar DBS Corp
                
5.75%, 10/ 1/2008
     250       250  
 
              
 
             1,952  
 
              
 
                
Casino Hotels (0.13%)
                
Mandalay Resort Group
                
9.50%, 8/ 1/2008
     250       253  
 
                
Cellular Telecommunications (0.59%)
                
US Unwired Inc
                
10.00%, 6/15/2012(e)
     250       263  
Vodafone Americas Asia Inc
                
6.65%, 5/ 1/2008
     50       50  
Vodafone Group PLC
                
5.33%, 6/15/2011 (a)
     500       491  
5.32%, 2/27/2012 (a)(f)
     400       385  
 
              
 
             1,189  
 
              
 
                
Chemicals — Diversified (0.16%)
                
Huntsman LLC
                
11.50%, 7/15/2012
     300       318  
 
                
Commercial Banks (1.35%)
                
Colonial Bank NA/Montgomery AL
                
8.00%, 3/15/2009
     500       517  
Glitnir Banki HF
                
4.42%, 10/15/2008 (a)(b)
     250       250  
HSBC America Capital Trust I
                
7.81%, 12/15/2026 (b)
     750       779  
M&I Marshall & Ilsley Bank
                
5.40%, 12/4/2012 (a)
     500       483  
VTB Capital SA
                
5.49%, 8/ 1/2008 (a)(b)
     400       398  
6.61%, 10/31/2012 (b)
     300       297  
 
              
 
             2,724  
 
              
Computer Services (0.05%)
                
Sungard Data Systems Inc
                
3.75%, 1/15/2009
     100       97  
 
                
Computers — Memory Devices (0.24%)
                
Seagate Technology HDD Holdings
                
5.57%, 10/1/2009 (a)
     500       484  
 
                
Credit Card Asset Backed Securities (1.34%)
                
American Express Credit Account Master Trust
                
4.52%, 3/15/2012 (a)
     850       837  
Bank One Issuance Trust
                
4.43%, 6/15/2012 (a)
     375       373  
Cabela’s Master Credit Card Trust
                
4.82%, 12/16/2013 (a)(b)(c)
     500       499  
Chase Issuance Trust
                
3.74%, 1/15/2012 (a)
     500       500  
Discover Card Master Trust I
                
4.48%, 5/15/2012 (a)
     500       482  
 
              
 
             2,691  
 
              
Cruise Lines (0.17%)
                
Royal Caribbean Cruises Ltd
                
6.75%, 3/15/2008
     350       351  
 
                
Data Processing & Management (0.24%)
                
Fidelity National Information Services
                
4.75%, 9/15/2008
     500       493  
 
                
Diversified Operations (0.18%)
                
Capmark Financial Group Inc
                
5.53%, 5/10/2010 (a)(b)
     475       371  
 
                
Drug Delivery Systems (0.25%)
                
Hospira Inc
                
5.31%, 3/30/2010 (a)
     500       494  
 
                
Electric — Generation (0.02%)
                
CE Casecnan Water & Energy
                
11.95%, 11/15/2010
     40       42  
 
                
Electric — Integrated (1.42%)
                
Commonwealth Edison Co
                
3.70%, 2/1/2008
     600       600  
Entergy Gulf States Inc
                
5.90%, 12/8/2008 (a)(b)
     200       201  
5.52%, 12/1/2009 (a)
     405       396  
Ipalco Enterprises Inc
                
8.38%, 11/14/2008 (a)
     200       203  
Pepco Holdings Inc
                
5.75%, 6/1/2010 (a)
     225       225  
PSEG Energy Holdings LLC
                
8.63%, 2/15/2008
     500       500  
TECO Energy Inc
                
6.91%, 5/1/2010 (a)
     325       326  
Texas-New Mexico Power Co
                
6.13%, 6/1/2008
     150       150  
Wisconsin Power & Light
                
5.70%, 10/15/2008
     250       253  
 
              
 
             2,854  
 
              

378

 

Schedule of Investments
Ultra Short Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Electronic Components — Miscellaneous (0.07%)
                
Sanmina-SCI Corp
                
7.74%, 6/15/2010 (a)(b)
   $ 147     $ 146  
 
                
Electronic Components — Semiconductors (0.14%)
                
National Semiconductor Corp
                
5.24%, 6/15/2010 (a)
     300       291  
 
                
Fiduciary Banks (0.25%)
                
Bank of New York Mellon Corp/The
                
3.50%, 2/ 5/2010 (a)(g)(h)
     500       498  
 
                
Finance — Auto Loans (0.35%)
                
Ford Motor Credit Co LLC
                
7.13%, 1/13/2012 (a)
     500       421  
GMAC LLC
                
6.12%, 5/15/2009 (a)(e)
     300       280  
 
              
 
             701  
 
              
Finance — Commercial (0.26%)
                
CIT Group Inc
                
3.88%, 11/3/2008 (e)
     325       320  
5.13%, 2/13/2012 (a)
     250       200  
 
              
 
             520  
 
              
Finance — Consumer Loans (0.25%)
                
John Deere Capital Corp
                
4.70%, 1/18/2011 (a)
     500       498  
 
                
Finance — Investment Banker & Broker (1.30%)
                
Bear Stearns Cos Inc/The
                
4.33%, 7/16/2009 (a)
     360       345  
5.24%, 11/28/2011 (a)
     500       448  
Lehman Brothers Holdings Inc
                
3.34%, 11/24/2008 (a)
     500       493  
4.17%, 7/18/2011 (a)
     250       237  
Merrill Lynch & Co Inc
                
5.09%, 6/16/2008 (a)
     250       249  
5.37%, 6/5/2012 (a)
     600       549  
Morgan Stanley
                
4.54%, 1/15/2010 (a)
     300       295  
 
              
 
             2,616  
 
              
Finance — Leasing Company (0.37%)
                
International Lease Finance Corp
                
4.23%, 4/20/2009 (a)
     750       750  
 
                
Finance — Mortgage Loan/Banker (7.75%)
                
Countrywide Financial Corp
                
5.20%, 2/27/2008 (a)
     100       99  
5.10%, 3/24/2009 (a)
     725       637  
Fannie Mae
                
3.38%, 12/15/2008
     2,000       2,013  
Fannie Mae Grantor Trust
                
5.41%, 9/26/2033 (a)
     896       921  
Federal Home Loan Bank System
                
2.63%, 7/15/2008 (e)
     2,665       2,663  
Freddie Mac
                
5.75%, 4/15/2008
     2,750       2,767  
3.88%, 6/15/2008
     1,000       1,004  
4.64%, 7/15/2023 (a)
     902       896  
Freddie Mac REMICS
                
6.00%, 3/15/2026
     585       602  
6.00%, 6/15/2031
     704       711  
Ginnie Mae
                
1.69%, 10/16/2012 (a)
     9,010       300  
4.51%, 10/16/2028 (a)
     466       472  
3.96%, 6/16/2031
     1,138       1,142  
1.11%, 2/16/2047 (a)
     9,522       521  
0.85%, 3/16/2047 (a)
     3,646       209  
Residential Capital LLC
                
5.65%, 6/ 9/2008 (a)
     250       214  
7.62%, 5/22/2009 (a)
     650       442  
 
              
 
             15,613  
 
              
Finance — Other Services (0.40%)
                
Edison Mission Energy Funding
                
7.33%, 9/15/2008 (b)
     47       47  
Mizuho JGB Investment LLC
                
9.87%, 12/29/2049 (a)(b)
     750       759  
 
              
 
             806  
 
              
Food — Miscellaneous/Diversified (0.18%)
                
Kraft Foods Inc
                
5.39%, 8/11/2010 (a)
     375       372  
 
                
Food -Retail (0.31%)
                
Safeway Inc
                
5.21%, 3/27/2009 (a)
     625       621  
 
                
Home Equity — Other (2.75%)
                
Asset Backed Funding Corp NIM Trust
                
5.90%, 7/26/2035 (b)(d)
     56       —  
Countrywide Asset-Backed Certificates
                
4.93%, 5/25/2032 (a)
     288       272  
First NLC Trust
                
4.13%, 9/25/2035 (a)
     1,000       696  
GSAA Trust
                
5.69%, 4/25/2034
     977       983  
JP Morgan Mortgage Acquisition Corp NIM
                
5.80%, 4/25/2036 (b)(c)(d)
     158       —  
Mastr Asset Backed NIM Securities Trust
                
4.75%, 5/26/2035 (c)(d)
     40       —  
Mastr Asset Backed Securities Trust
                
4.03%, 10/25/2035 (a)
     475       358  
New Century Home Equity Loan Trust
                
4.08%, 7/25/2035 (a)
     1,000       675  
Option One Mortgage Loan Trust
                
4.05%, 8/25/2035 (a)
     1,000       732  
4.18%, 6/25/2037 (a)
     1,000       198  
Residential Asset Securities Corp
                
4.03%, 4/25/2030
     50       50  
4.06%, 4/25/2035 (a)
     1,000       816  
4.13%, 7/25/2035 (a)
     1,000       769  
 
              
 
             5,549  
 
              
Home Equity — Sequential (0.34%)
                
Argent Securities Inc
                
4.60%, 1/25/2034 (a)
     342       336  

379

 

Schedule of Investments
Ultra Short Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000's)     (000's)  
BONDS (continued)
                
Home Equity — Sequential (continued)
                
BNC Mortgage Loan Trust
                
3.55%, 7/25/2037 (a)
   $ 455     $ 351  
Merrill Lynch Mortgage Investors NIM Trust
                
4.50%, 1/25/2035 (b)(c)(d)(g)
     1,313       —  
 
              
 
             687  
 
              
Industrial Automation & Robots (0.27%)
                
Intermec Inc
                
7.00%, 3/15/2008
     550       549  
 
                
Investment Companies (0.50%)
                
Xstrata Finance Dubai Ltd
                
5.23%, 11/13/2009 (a)(b)
     1,000       997  
 
                
Life & Health Insurance (0.31%)
                
Phoenix Cos Inc/The
                
6.68%, 2/16/2008
     385       386  
Unum Group
                
5.86%, 5/15/2009
     230       236  
 
              
 
             622  
 
              
Machinery — Farm (0.16%)
                
Case New Holland Inc
                
6.00%, 6/1/2009
     325       324  
 
                
Medical — Drugs (0.25%)
                
Angiotech Pharmaceuticals Inc
                
8.87%, 12/ 1/2013 (a)
     225       202  
Elan Finance PLC/Elan Finance Corp
                
9.25%, 12/ 1/2013 (a)
     325       296  
 
              
 
             498  
 
              
Medical — HMO (0.15%)
                
UnitedHealth Group Inc
                
5.09%, 6/21/2010 (a)(b)
     315       307  
 
                
Medical — Wholesale Drug Distribution (0.12%)
                
Cardinal Health Inc
                
5.50%, 10/ 2/2009 (a)(b)
     250       251  
 
                
Metal Processors & Fabrication (0.13%)
                
Timken Co
                
5.75%, 2/15/2010
     250       257  
 
                
Mortgage Backed Securities (40.53%)
                
ACT Depositor Corp
                
4.54%, 9/22/2041 (a)(b)
     375       262  
American Home Mortgage Assets
                
7.29%, 11/25/2035 (a)(c)
     316       296  
American Home Mortgage Investment Trust
                
4.95%, 9/25/2045 (a)
     496       467  
Banc of America Alternative Loan Trust
                
3.78%, 6/25/2036 (a)
     1,757       1,738  
Banc of America Commercial Mortgage Inc
                
7.11%, 11/15/2031
     5       5  
7.33%, 11/15/2031
     400       413  
1.19%, 11/10/2038 (a)
     13,323       283  
0.28%, 7/10/2042
     65,658       647  
0.85%, 7/10/2042 (a)
     23,570       413  
0.10%, 7/10/2043 (a)(b)
     6,200       71  
1.78%, 7/11/2043 (b)(g)
     11,244       362  
0.33%, 9/10/2045
     124,860       1,032  
5.31%, 10/10/2045 (a)
     250       250  
0.60%, 7/10/2046 (a)
     7,756       144  
Banc of America Mortgage Securities Inc
                
6.08%, 8/25/2034 (a)
     441       443  
Bank of America-First Union NB Commercial Mortgage
                
2.01%, 4/11/2037 (a)(b)
     9,400       131  
Bear Stearns Adjustable Rate Mortgage Trust
                
6.20%, 4/25/2034 (a)
     165       170  
Bear Stearns Alt-A Trust
                
5.44%, 5/25/2035 (a)(c)
     326       324  
4.03%, 7/25/2035 (a)
     1,000       980  
4.03%, 8/25/2035 (a)
     1,002       866  
Bear Stearns Mortgage Funding Trust
                
3.59%, 7/25/2036 (a)(c)
     1,102       1,016  
Chase Mortgage Finance Corp
                
5.80%, 3/25/2037 (a)
     623       618  
4.61%, 7/25/2037 (a)(c)
     381       379  
Citicorp Mortgage Securities Inc
                
5.50%, 12/25/2033
     1,227       1,225  
Citigroup Commercial Mortgage Trust
                
0.62%, 5/15/2043 (b)
     34,737       559  
0.72%, 10/15/2049 (a)
     25,262       607  
Citigroup/Deutsche Bank Commercial Mortgage Trust
                
0.63%, 10/15/2048 (a)
     11,630       239  
0.56%, 12/11/2049 (a)(b)
     15,480       378  
Countrywide Alternative Loan Trust
                
5.96%, 10/25/2034 (a)
     625       567  
4.43%, 2/25/2035 (a)
     1,000       913  
4.23%, 7/25/2035 (a)
     984       773  
6.01%, 8/25/2035 (a)(c)
     2,293       2,190  
3.80%, 12/25/2035 (a)
     1,498       1,313  
3.73%, 5/25/2036 (a)
     1,200       1,151  
3.78%, 5/25/2036 (a)
     1,831       1,816  
6.00%, 5/25/2036
     515       519  
4.24%, 3/20/2046 (a)
     1,236       1,130  
Countrywide Alternative Loan Trust NIM
                
6.50%, 1/25/2036 (b)
     209       193  
Countrywide Home Loans
                
5.50%, 7/25/2033
     1,331       1,344  
4.97%, 7/25/2034 (a)
     834       836  
3.68%, 3/25/2035 (a)
     288       270  

380

 

Schedule of Investments
Ultra Short Bond Fund
January 31, 2008 (unaudited)
                 
    Principal    
    Amount   Value
    (000’s)   (000’s)
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
Countrywide Home Loans (continued)
                
5.54%, 3/20/2036 (a)
   $ 569     $ 561  
CS First Boston Mortgage Securities Corp
                
0.77%, 7/15/2036 (a)(b)
     5,771       92  
0.58%, 11/15/2036 (a)(b)
     10,671       421  
0.83%, 7/15/2037 (b)
     25,095       531  
Deutsche ALT-A Securities NIM Trust
                
6.50%, 2/25/2047 (a)(b)(c)
     358       352  
Downey Savings & Loan Association Mortgage Loan Trust
                
4.19%, 4/19/2047 (a)
     1,544       1,397  
DSLA NIM Corp
                
6.41%, 3/19/2037 (a)(b)(c)
     263       261  
First Republic Mortgage Loan Trust
                
4.54%, 8/15/2032 (a)
     279       276  
First Union National Bank Commercial Mortgage Securities Inc
                
7.84%, 5/17/2032
     250       263  
1.18%, 1/12/2043 (a)(b)
     26,746       647  
G-Force LLC
                
3.68%, 12/25/2039 (a)(b)
     1,000       650  
GMAC Commercial Mortgage Securities Inc
                
0.92%, 5/10/2043 (a)
     15,107       287  
Greenwich Capital Commercial Funding Corp
                
0.26%, 4/10/2037 (b)
     26,955       119  
0.96%, 8/10/2042 (a)(b)
     56,440       1,144  
0.48%, 12/10/2049 (a)
     17,525       288  
GS Mortgage Securities Corp II
                
0.87%, 7/10/2039 (a)(b)
     7,066       169  
GSC Capital Corp Mortgage Trust
                
3.64%, 2/25/2036 (a)
     254       227  
GSR Mortgage Loan Trust
                
4.70%, 9/25/2035 (a)
     746       717  
Harborview NIM Corp
                
6.41%, 3/19/2038 (b)(c)
     250       249  
Heller Financial Commercial Mortgage Asset Corp
                
8.19%, 1/17/2034 (a)
     600       635  
Homebanc Mortgage Trust
                
4.05%, 7/25/2035 (a)
     1,000       728  
3.71%, 10/25/2035 (a)
     2,136       1,900  
3.72%, 1/25/2036 (a)
     1,938       1,883  
Impac CMB Trust
                
6.99%, 9/25/2034 (a)
     137       106  
4.36%, 10/25/2034 (a)
     730       663  
4.93%, 10/25/2034 (a)
     333       252  
3.75%, 11/25/2034 (a)
     93       88  
4.14%, 1/25/2035 (a)
     36       35  
3.69%, 4/25/2035 (a)
     883       767  
3.89%, 8/25/2035 (a)
     167       145  
3.92%, 8/25/2035 (a)
     185       155  
Impac Secured Assets CMN Owner Trust
                
3.78%, 11/25/2034 (a)
     93       93  
Indymac Index Mortgage Loan Trust
                
6.68%, 3/25/2035 (a)(c)
     614       594  
5.46%, 5/25/2035 (a)
     707       724  
5.42%, 6/25/2035 (a)
     1,349       1,348  
0.80%, 7/25/2035 (a)(c)
     24,721       139  
JP Morgan Alternative Loan Trust
                
5.50%, 5/25/2036
     245       247  
5.40%, 12/25/2036
     362       360  
JP Morgan Chase Commercial Mortgage Securities
                
0.71%, 10/12/2035 (a)(b)
     30,705       1,009  
6.04%, 11/15/2035
     592       604  
0.39%, 7/12/2037 (b)
     75,541       473  
0.77%, 10/12/2037 (a)(b)
     6,340       259  
0.70%, 7/15/2042 (a)
     22,635       396  
5.30%, 5/15/2047 (a)
     300       298  
0.50%, 2/12/2051 (a)
     42,195       646  
JP Morgan Mortgage Trust
                
4.90%, 4/25/2035 (a)
     397       397  
6.05%, 10/25/2036 (a)
     343       346  
LB-UBS Commercial Mortgage Trust
                
0.77%, 2/15/2037 (b)
     16,091       374  
0.93%, 7/15/2040 (a)
     22,229       547  
Lehman XS Trust
                
3.75%, 5/25/2046 (a)
     1,500       1,205  
5.39%, 5/25/2046 (a)(c)
     1,415       1,015  
Mastr Seasoned Securities Trust
                
7.12%, 10/25/2032 (a)
     165       167  
Merrill Lynch Mortgage Investors Inc
                
3.73%, 8/25/2036 (a)
     1,117       1,096  
Merrill Lynch Mortgage Trust
                
5.80%, 5/12/2039 (a)
     275       278  
0.73%, 5/12/2043
     10,366       234  
Merrill Lynch/Countrywide Commercial Mortgage Trust
                
0.09%, 7/12/2046 (a)
     13,190       207  
0.06%, 12/12/2049 (a)
     38,793       552  
0.88%, 12/12/2049 (a)
     24,912       746  
MLCC Mortgage Investors Inc
                
3.87%, 7/25/2029 (a)
     954       954  
Morgan Stanley Capital I
                
1.15%, 1/13/2041 (a)(b)
     20,955       618  
3.76%, 8/25/2046 (a)(c)
     1,000       750  
5.55%, 12/20/2046 (a)(c)
     200       110  
Residential Funding Mortgage Securities
                
3.98%, 7/25/2036 (a)
     1,991       1,986  
Structured Adjustable Rate Mortgage Loan Trust
                
4.08%, 8/25/2034 (a)
     763       659  
Structured Asset Mortgage Investments I
                
3.96%, 8/25/2035 (a)
     885       814  
7.51%, 8/25/2035 (a)(c)
     249       249  
3.69%, 2/25/2036 (a)
     891       805  

381

 

Schedule of Investments
Ultra Short Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
Mortgage Backed Securities (continued)
                
Structured Asset Mortgage Investments I (continued)
                
3.60%, 5/25/2036 (a)
   $ 722     $ 657  
6.43%, 5/25/2036 (a)(c)
     294       291  
6.75%, 5/25/2036 (a)(c)
     660       654  
4.06%, 5/25/2045 (a)
     796       778  
Structured Asset Securities Corp
                
5.66%, 11/25/2035 (a)(c)
     557       531  
Wachovia Bank Commercial Mortgage Trust
                
0.34%, 6/15/2035 (b)
     9,263       278  
0.59%, 10/15/2041 (a)(b)
     2,123       28  
0.43%, 3/15/2042 (a)(b)
     3,134       29  
0.80%, 5/15/2044 (a)(b)
     19,711       403  
6.06%, 2/15/2051 (a)
     300       305  
WaMu Commercial Mortgage Securities Trust
                
3.83%, 1/25/2035 (b)
     426       419  
WaMu Mortgage Pass Through Certificates
                
4.02%, 12/25/2027 (a)
     1,231       1,155  
3.07%, 8/25/2033
     179       179  
4.92%, 8/25/2035 (a)
     533       534  
4.84%, 9/25/2035 (a)
     636       640  
5.94%, 9/25/2036 (a)
     1,443       1,457  
6.06%, 4/25/2044 (a)
     553       549  
4.05%, 7/25/2045 (a)
     838       744  
3.63%, 11/25/2045 (a)
     101       99  
3.93%, 1/25/2046 (a)
     998       933  
5.50%, 11/25/2046 (a)(c)
     1,544       1,214  
5.43%, 5/25/2047 (a)
     1,924       1,758  
Washington Mutual Alternative Mortgage
                
5.65%, 7/25/2046 (a)
     1,712       1,682  
Wells Fargo Mortgage Backed Securities
                
5.24%, 4/25/2036 (a)
     1,668       1,694  
 
              
 
             81,651  
 
              
Mortgage Securities (0.33%)
                
Residential Accredit Loans Inc
                
3.88%, 2/25/2036 (a)
     706       673  
 
                
Multimedia (0.54%)
                
Time Warner Inc
                
5.11%, 11/13/2009 (a)
     500       485  
Viacom Inc
                
5.34%, 6/16/2009 (a)
     600       596  
 
              
 
             1,081  
 
              
Office Automation & Equipment (0.32%)
                
Xerox Corp
                
5.72%, 12/18/2009 (a)
     650       636  
 
                
Oil — Field Services (0.29%)
                
BJ Services Co
                
5.29%, 6/1/2008 (a)
     580       581  
 
                
Oil Company — Exploration & Production (0.62%)
                
Anadarko Petroleum Corp
                
5.39%, 9/15/2009 (a)
     400       391  
Pemex Project Funding Master Trust
                
6.06%, 10/15/2009 (a)(b)
     500       506  
6.29%, 6/15/2010 (a)(b)
     350       351  
 
              
 
             1,248  
 
              
Oil Refining & Marketing (0.26%)
                
Premcor Refining Group Inc/The
                
9.50%, 2/1/2013
     500       525  
 
                
Pipelines (0.13%)
                
Williams Cos Inc
                
6.73%, 10/1/2010 (a)(b)
     250       256  
 
                
Property & Casualty Insurance (0.13%)
                
WR Berkley Corp
                
9.88%, 5/15/2008
     267       271  
 
                
Quarrying (0.15%)
                
Vulcan Materials Co
                
6.39%, 12/15/2010 (a)
     300       298  
 
                
Regional Banks (1.99%)
                
BAC Capital Trust XIII
                
5.39%, 3/15/2043 (a)
     250       197  
Capital One Financial Corp
                
5.43%, 9/10/2009 (a)
     250       233  
First Union Institutional Capital I
                
8.04%, 12/1/2026
     1,200       1,245  
Fleet Capital Trust II
                
7.92%, 12/11/2026
     577       600  
NB Capital Trust
                
7.83%, 12/15/2026
     750       764  
US Bancorp
                
3.51%, 2/4/2010 (a)(g)(h)
     270       270  
Wells Fargo & Co
                
3.50%, 4/4/2008
     200       200  
3.67%, 1/29/2010 (a)
     500       499  
 
              
 
             4,008  
 
              
Reinsurance (0.25%)
                
Berkshire Hathaway Finance Corp
                
4.74%, 1/11/2011 (a)(b)
     500       500  
 
                
REITS — Apartments (0.15%)
                
UDR Inc
                
4.50%, 3/ 3/2008
     300       300  
 
                
REITS — Diversified (0.49%)
                
iStar Financial Inc
                
5.54%, 3/16/2009 (a)
     375       349  
5.33%, 9/15/2009 (a)
     400       371  

382

 

Schedule of Investments
Ultra Short Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
BONDS (continued)
                
REITS — Diversified (continued)
                
iStar Financial Inc (continued)
                
5.50%, 3/9/2010 (a)
   $ 300     $ 267  
 
              
 
             987  
 
              
REITS — Healthcare (0.41%)
                
HCP Inc
                
5.44%, 9/15/2008 (a)
     825       825  
 
                
REITS — Office Property (0.24%)
                
HRPT Properties Trust
                
5.59%, 3/16/2011 (a)
     500       484  
 
                
REITS — Single Tenant (0.16%)
                
Tanger Properties LP
                
9.13%, 2/15/2008
     330       330  
 
                
REITS — Warehouse & Industrial (0.24%)
                
Prologis
                
5.28%, 8/24/2009 (a)
     500       486  
 
                
Rental — Auto & Equipment (0.50%)
                
Erac USA Finance Co
                
3.50%, 4/30/2009 (a)(b)
     500       498  
5.30%, 8/28/2009 (a)(b)(f)
     500       502  
 
              
 
             1,000  
 
              
Retail — Drug Store (0.22%)
                
CVS Caremark Corp
                
5.44%, 6/1/2010 (a)
     450       440  
 
                
Retail — Petroleum Products (0.13%)
                
Petro Stopping Centers LP/Petro Financial Corp
                
9.00%, 2/15/2012
     250       259  
 
                
Retail — Regional Department Store (0.24%)
                
JC Penney Corp Inc
                
7.38%, 8/15/2008
     220       222  
Macys Retail Holdings Inc
                
4.80%, 7/15/2009
     250       251  
 
              
 
             473  
 
              
Rubber — Tires (0.25%)
                
Goodyear Tire & Rubber Co/The
                
6.38%, 3/15/2008
     250       250  
8.66%, 12/1/2009 (a)
     250       249  
 
              
 
             499  
 
              
Savings & Loans — Thrifts (0.27%)
                
Washington Mutual Inc
                
5.08%, 3/20/2008 (a)
     100       100  
5.18%, 3/22/2012 (a)
     500       442  
 
              
 
             542  
 
              
Special Purpose Entity (0.30%)
                
Rockies Express Pipeline LLC
                
5.78%, 8/20/2009 (a)(b)
     200       200  
Williams Cos Inc Credit Linked Certificates
                
8.16%, 5/1/2009 (a)(b)
     400       404  
 
              
 
             604  
 
              
 
                
Steel — Producers (0.13%)
                
Ispat Inland ULC
                
9.75%, 4/1/2014
     250       271  
 
                
Supranational Bank (0.25%)
                
Corp Andina de Fomento
                
5.09%, 6/13/2008 (a)(c)
     500       500  
 
                
Telecommunication Services (0.22%)
                
Qwest Corp
                
5.63%, 11/15/2008
     170       169  
 
                
Telcordia Technologies Inc
                
8.01%, 7/15/2012 (a)(b)
     325       276  
 
              
 
             445  
 
              
Telephone — Integrated (1.08%)
                
Sprint Nextel Corp
                
5.24%, 6/28/2010 (a)
     275       265  
Telecom Italia Capital SA
                
5.39%, 2/1/2011 (a)
     160       155  
4.56%, 7/18/2011 (a)
     600       576  
Telefonica Emisiones SAU
                
5.23%, 6/19/2009 (a)
     1,000       991  
5.21%, 2/4/2013 (a)(g)(h)
     200       187  
 
              
 
             2,174  
 
              
Tobacco (0.28%)
                
Altria Group Inc
                
7.65%, 7/1/2008 (e)
     240       244  
Reynolds American Inc
                
5.69%, 6/15/2011 (a)
     350       325  
 
              
 
             569  
   
TOTAL BONDS
           $ 168,988  
   
SENIOR FLOATING RATE INTERESTS (1.06%)
                
Applications Software (0.19%)
                
Metavante Corp, Term Loan B
                
6.70%, 11/7/2014 (a)
     400       382  
 
                
Auto/Truck Parts & Equipment — Replacement (0.11%)
                
Allison Transmission Inc, Term Loan B
                
8.24%, 8/ 7/2014 (a)
     250       218  
 
                
Cellular Telecommunications (0.13%)
                
Alltel Holdings Corp, Term Loan B3
                
7.78%, 5/31/2015 (a)
     299       272  
 
                
Electric — Integrated (0.12%)
                
Texas Competitive Electric Holdings Company, Term Loan B2
                
6.58%, 10/29/2014 (a)
     74       67  

383

 

Schedule of Investments
Ultra Short Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
                 
SENIOR FLOATING RATE INTERESTS (continued)
                
Electric — Integrated (continued)
                
Texas Competitive Electric Holdings Company, Term Loan B3
                
8.40%, 10/10/2014 (a)
   $ 200     $ 182  
 
              
 
             249  
 
              
Publishing — Periodicals (0.12%)
                
Dex Media East LLC, Term Loan B
                
7.02%, 10/17/2014 (a)
     245       238  
 
                
Racetracks (0.14%)
                
Penn National Gaming Inc, Term Loan B
                
6.58%, 10/3/2012 (a)
     297       289  
 
                
Retail — Building Products (0.16%)
                
HD Supply Inc, Term Loan B
                
6.00%, 8/30/2012 (a)
     320       317  
 
                
Satellite Telecommunications (0.09%)
                
Telesat Canada Inc, Term Loan B
                
8.09%, 9/1/2014 (a)
     185       175  
 
              
   
TOTAL SENIOR FLOATING RATE INTERESTS
           $ 2,140  
 
              
   
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS (12.07%)
                
Federal Home Loan Mortgage Corporation (FHLMC) (0.44%)
                
7.18%, 7/1/2033 (a)
     187       189  
7.06%, 10/1/2033 (a)
     178       182  
5.99%, 12/1/2034 (a)
     512       523  
 
              
 
             894  
 
              
Federal National Mortgage Association (FNMA) (8.61%)
                
6.67%, 2/1/2021 (a)
     557       564  
6.47%, 6/1/2032 (a)
     506       512  
6.77%, 6/1/2032 (a)
     290       296  
7.40%, 8/1/2032 (a)
     431       445  
7.11%, 9/1/2032 (a)
     664       681  
4.01%, 5/1/2033 (a)
     1,295       1,284  
4.25%, 6/1/2033 (a)
     814       833  
6.90%, 10/1/2033 (a)
     244       248  
7.71%, 10/1/2033 (a)
     145       148  
7.40%, 1/1/2034 (a)
     281       284  
6.78%, 2/1/2034 (a)
     217       219  
5.61%, 3/1/2034 (a)
     674       680  
6.52%, 3/1/2034 (a)
     710       711  
6.84%, 3/1/2034 (a)
     440       447  
6.94%, 3/1/2034 (a)
     277       281  
5.30%, 4/1/2034 (a)
     484       491  
6.53%, 7/1/2034 (a)
     1,005       1,023  
5.70%, 12/1/2034 (a)
     477       488  
6.10%, 12/1/2034 (a)
     642       657  
6.34%, 1/1/2035 (a)
     65       66  
4.89%, 2/1/2035 (a)
     522       532  
5.39%, 2/1/2035 (a)
     921       948  
6.86%, 2/1/2035 (a)
     92       94  
4.26%, 5/1/2035 (a)
     758       766  
4.88%, 6/1/2035 (a)
     521       525  
4.75%, 7/1/2035 (a)
     1,930       1,938  
5.08%, 7/1/2035 (a)
     1,175       1,198  
4.51%, 9/1/2035 (a)
     809       808  
6.65%, 1/1/2036 (a)
     182       184  
 
              
 
             17,351  
 
              
U.S. Treasury (3.02%)
                
4.13%, 8/15/2008 (e)
     2,000       2,021  
4.75%, ll/15/2008 (e)
     2,000       2,039  
3.00%, 2/15/2009 (e)
     2,000       2,017  
 
              
 
             6,077  
   
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS
           $ 24,322  
   
SHORT TERM INVESTMENTS (2.82%)
                
Commercial Paper (2.82%)
                
Investment in Joint Trade Account; HSBC Funding
                
3.12%, 2/1/2008
   $ 5,673     $ 5,673  
   
TOTAL SHORT TERM INVESTMENTS
           $ 5,673  
   
REPURCHASE AGREEMENTS (4.96%)
                
Finance — Investment Banker & Broker (0.33%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $667,000; 0.00% - 6.38%; dated 05/16/08 -01/11/27) (f)
   $ 662     $ 662  

384

 

Schedule of Investments
Ultra Short Bond Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
REPURCHASE AGREEMENTS (continued)
                
Money Center Banks (4.63%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $9,405,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (f)
   $ 9,332     $ 9,331  
   
TOTAL REPURCHASE AGREEMENTS
           $ 9,993  
   
Total Investments
           $ 211,116  
Liabilities in Excess of Other Assets, Net — (4.79)%
             (9,652 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 201,464  
 
              
 
(a)   Variable Rate
 
(b)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Unless otherwise indicated, these securities are not considered illiquid. At the end of the period, the value of these securities totaled $21,680 or 10.76% of net assets.
 
(c)   Market value is determined in accordance with procedures established in good faith by the Board of Directors. At the end of the period, the value of these securities totaled $13,902 or 6.90% of net assets.
 
(d)   Security is Illiquid
 
(e)   Security or a portion of the security was on loan at the end of the period.
 
(f)   Security was purchased with the cash proceeds from securities loans.
 
(g)   Non-Income Producing Security
 
(h)   Security purchased on a when-issued basis.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 858  
Unrealized Depreciation
     (16,107 )
 
      
Net Unrealized Appreciation (Depreciation)
     (15,249 )
Cost for federal income tax purposes
     226,365  
 
All dollar amounts are shown in thousands (000’s)
        
Portfolio Summary (unaudited)
         
Sector   Percent
Mortgage Securities
     52.33 %
Financial
     18.43 %
Asset Backed Securities
     11.97 %
Government
     7.46 %
Communications
     3.74 %
Consumer, Non-cyclical
     2.51 %
Consumer, Cyclical
     2.42 %
Utilities
     1.56 %
Energy
     1.30 %
Industrial
     1.27 %
Technology
     1.18 %
Basic Materials
     0.44 %
Diversified
     0.18 %
Liabilities in Excess of Other Assets, Net
     (4.79 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

385

 

Schedule of Investments
West Coast Equity Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (98.55%)
                
Advanced Materials & Products (0.08%)
                
Ceradyne Inc (a)(b)
     27,200     $ 1,310  
 
                
Advertising Services (0.27%)
                
Getty Images Inc (a)(b)
     173,500       4,337  
 
                
Aerospace & Defense (3.12%)
                
Boeing Co
     377,483       31,399  
Northrop Grumman Corp
     178,000       14,126  
Teledyne Technologies Inc (a)(b)
     100,000       5,163  
 
              
 
             50,688  
 
              
Agricultural Chemicals (0.20%)
                
Potash Corp of Saskatchewan
     22,700       3,198  
 
                
Agricultural Operations (0.41%)
                
Archer-Daniels-Midland Co
     150,100       6,612  
 
                
Airlines (0.87%)
                
Alaska Air Group Inc (a)(b)
     256,210       6,482  
Cathay Pacific Airways Ltd ADR (b)
     700,900       7,710  
 
              
 
             14,192  
 
              
Applications Software (4.46%)
                
Actuate Corp (a)(b)
     794,100       4,526  
Microsoft Corp
     1,900,078       61,943  
Quest Software Inc (a)(b)
     403,100       6,026  
 
              
 
             72,495  
 
              
Athletic Footwear (1.36%)
                
Nike Inc
     358,472       22,139  
 
                
Auto — Car & Light Trucks (0.85%)
                
Toyota Motor Corp ADR (a)
     127,000       13,786  
 
                
Auto — Medium & Heavy Duty Trucks (1.44%)
                
Paccar Inc
     500,245       23,471  
 
                
Beverages — Non- Alcoholic (0.76%)
                
PepsiCo Inc
     180,300       12,295  
 
                
Building — Mobile Home & Manufactured Housing (0.50%)
                
Monaco Coach Corp (a)
     806,534       8,202  
 
                
Building — Residential & Commercial (0.08%)
                
KB Home
     49,000       1,347  
 
                
Building & Construction Products — Miscellaneous (0.61%)
                
Simpson Manufacturing Co Inc (a)
     361,830       9,968  
 
                
Building Products — Cement & Aggregate (0.00%)
                
Cemex SAB de CV ADR (b)
     9       —  
 
                
Cellular Telecommunications (0.22%)
                
China Mobile Ltd ADR
     25,600       1,935  
NII Holdings Inc (b)
     37,800       1,613  
 
              
 
             3,548  
 
              
Chemicals — Specialty (0.05%)
                
Symyx Technologies (a)(b)
     120,366       790  
 
                
Commercial Banks (2.30%)
                
Banner Corp
     93,697       2,420  
Cascade Bancorp (a)
     21,100       272  
City National Corp/CA
     221,700       12,610  
East West Bancorp Inc (a)
     484,400       11,655  
Pacific Capital Bancorp NA
     86,933       1,869  
UCBH Holdings Inc (a)
     157,400       2,223  
UnionBanCal Corp
     122,900       6,030  
Zions Bancorporation
     6,000       328  
 
              
 
             37,407  
 
              
Computer Aided Design (0.22%)
                
Autodesk Inc (b)
     86,700       3,568  
 
                
Computers (1.99%)
                
Apple Inc (b)
     68,150       9,225  
Hewlett-Packard Co
     527,900       23,095  
 
              
 
             32,320  
 
              
Computers — Integrated Systems (0.10%)
                
Echelon Corp (a)(b)
     122,300       1,607  
 
                
Computers — Memory Devices (0.10%)
                
Network Appliance Inc (b)
     67,100       1,558  
 
                
Consumer Products — Miscellaneous (1.18%)
                
Clorox Co
     313,330       19,213  
 
                
Cosmetics & Toiletries (2.10%)
                
Bare Escentuals Inc (a)(b)
     57,372       1,368  
Colgate-Palmolive Co
     107,710       8,293  
Estee Lauder Cos Inc/The
     133,100       5,617  
Procter & Gamble Co
     286,500       18,895  
 
              
 
             34,173  
 
              
Diagnostic Kits (0.32%)
                
OraSure Technologies Inc (a)(b)
     654,237       5,175  
 
                
Dialysis Centers (0.62%)
                
DaVita Inc (a)(b)
     189,200       10,094  
 
                
Disposable Medical Products (0.30%)
                
CR Bard Inc
     51,300       4,954  
 
                
Distribution & Wholesale (0.06%)
                
Building Materials Holding Corp (a)
     137,550       937  

386

 

Schedule of Investments
West Coast Equity Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Diversified Manufacturing Operations (0.86%)
                
General Electric Co
     397,100     $ 14,061  
 
                
E-Commerce — Products (0.39%)
                
Amazon.com Inc (b)
     37,300       2,898  
Blue Nile Inc (a)(b)
     61,950       3,423  
 
              
 
             6,321  
 
              
E-Commerce — Services (0.15%)
                
eBay Inc (b)
     90,500       2,434  
 
                
Electric — Integrated (0.84%)
                
Edison International
     143,400       7,480  
PG&E Corp
     152,100       6,242  
 
              
 
             13,722  
 
              
Electronic Components — Semiconductors (1.85%)
                
Intel Corp
     885,200       18,766  
Lattice Semiconductor Corp (a)(b)
     194,898       517  
LSI Corp (a)(b)
     326,200       1,703  
Nvidia Corp (b)
     137,600       3,384  
Pixelworks Inc (b)
     221,459       190  
QLogic Corp (a)(b)
     291,600       4,170  
SiRF Technology Holdings Inc (a)(b)
     63,828       977  
Supertex Inc (a)(b)
     20,500       404  
 
              
 
             30,111  
 
              
Electronic Design Automation (0.04%)
                
Mentor Graphics Corp (a)(b)
     71,100       587  
 
                
Electronic Forms (1.47%)
                
Adobe Systems Inc (b)
     683,400       23,871  
 
                
Electronic Measurement Instruments (0.77%)
                
Itron Inc (a)(b)
     92,450       7,618  
Trimble Navigation Ltd (a)(b)
     186,268       4,927  
 
              
 
             12,545  
 
              
Engineering — Research & Development Services (1.86%)
                
Jacobs Engineering Group Inc (a)(b)
     395,122       30,203  
 
Enterprise Software & Services (1.29%)
                
Informatica Corp (a)(b)
     226,500       4,374  
Oracle Corp (b)
     596,000       12,248  
Sybase Inc (a)(b)
     153,800       4,340  
 
              
 
             20,962  
 
              
Entertainment Software (0.49%)
                
Electronic Arts Inc (a)(b)
     168,000       7,958  
 
                
Fiduciary Banks (0.85%)
                
Northern Trust Corp (a)
     187,713       13,771  
 
                
Finance — Auto Loans (0.00%)
                
United PanAm Financial Corp (a)(b)
     12,867       72  
 
                
Finance — Investment Banker & Broker (2.84%)
                
Charles Schwab Corp/The
     1,552,400       34,618  
Goldman Sachs Group Inc/The
     55,400       11,123  
Piper Jaffray Cos (a)(b)
     8,332       395  
 
              
 
             46,136  
 
              
Finance — Mortgage Loan/Banker (0.04%)
                
Federal National Mortgage Association
     20,100       681  
 
                
Food — Retail (1.20%)
                
Dairy Farm International Holdings Ltd ADR (a)
     226,303       4,854  
Kroger Co/The
     254,800       6,485  
Safeway Inc
     262,500       8,135  
 
              
 
             19,474  
 
              
Forestry (2.04%)
                
Plum Creek Timber Co Inc (a)
     207,700       8,671  
Weyerhaeuser Co
     361,000       24,447  
 
              
 
             33,118  
 
              
Gas — Distribution (0.95%)
                
Sempra Energy
     275,100       15,378  
 
                
Health Care Cost Containment (1.23%)
                
McKesson Corp
     317,717       19,949  
 
                
Hotels & Motels (0.59%)
                
Red Lion Hotels Corp (b)(c)(d)
     1,205,285       9,522  
 
                
Human Resources (0.58%)
                
AMN Healthcare Services Inc (a)(b)
     249,200       3,892  
Resources Connection Inc
     75,769       1,586  
Robert Half International Inc
     144,200       4,006  
 
              
 
             9,484  
 
              
Industrial Automation & Robots (0.08%)
                
Intermec Inc (a)(b)
     64,600       1,287  
 
                
Instruments — Scientific (2.03%)
                
Applera Corp — Applied Biosystems Group
     212,300       6,694  
Dionex Corp (a)(b)
     261,719       18,346  
FEI Co (a)(b)
     355,125       8,047  
 
              
 
             33,087  
 
              
Internet Application Software (0.53%)
                
Art Technology Group Inc (a)(b)
     2,142,933       8,593  
 
                
Internet Security (0.16%)
                
VeriSign Inc (a)(b)
     76,000       2,578  

387

 

Schedule of Investments
West Coast Equity Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Investment Management & Advisory Services (1.94%)
                
Franklin Resources Inc
     302,300     $ 31,509  
 
                
Lasers — Systems & Components (0.18%)
                
Electro Scientific Industries Inc (a)(b)
     178,919       2,941  
 
                
Life & Health Insurance (1.56%)
                
StanCorp Financial Group Inc
     516,500       25,417  
 
                
Machinery — Material Handling (0.28%)
                
Cascade Corp
     87,900       4,537  
 
                
Medical — Biomedical/Gene (1.78%)
                
Affymetrix Inc (a)(b)
     9,100       183  
Amgen Inc (b)
     242,739       11,309  
Genentech Inc (b)
     182,600       12,817  
Martek Biosciences Corp (a)(b)
     163,631       4,663  
 
              
 
             28,972  
 
              
Medical — Drugs (3.06%)
                
Abbott Laboratories
     225,150       12,676  
Allergan Inc/United States
     550,850       37,012  
 
              
 
             49,688  
 
              
Medical — Generic Drugs (0.30%)
                
Watson Pharmaceuticals Inc (b)
     184,500       4,817  
 
                
Medical — HMO (0.28%)
                
Health Net Inc (b)
     96,860       4,503  
 
                
Medical — Nursing Homes (0.04%)
                
Sun Healthcare Group Inc (a)(b)
     37,200       641  
 
                
Medical Instruments (0.32%)
                
Beckman Coulter Inc
     6,000       399  
Techne Corp (a)(b)
     75,000       4,875  
 
              
 
             5,274  
 
              
Medical Products (2.25%)
                
Johnson & Johnson
     120,300       7,610  
Mentor Corp (a)
     221,900       7,682  
Stryker Corp
     40,100       2,686  
Varian Medical Systems Inc (b)
     342,400       17,801  
Zimmer Holdings Inc (b)
     9,700       759  
 
              
 
             36,538  
 
              
Metal Processors & Fabrication (0.88%)
                
Precision Castparts Corp
     125,496       14,281  
 
                
Multimedia (1.13%)
                
Walt Disney Co/The
     611,410       18,300  
 
                
Networking Products (2.17%)
                
Cisco Systems Inc (b)
     1,305,900       31,995  
Polycom Inc (a)(b)
     130,700       3,300  
 
              
 
             35,295  
 
              
Non-Hazardous Waste Disposal (0.38%)
                
Waste Connections Inc (a)(b)
     211,750       6,175  
 
                
Office Supplies & Forms (0.07%)
                
Avery Dennison Corp (a)
     21,000       1,088  
 
                
Oil — Field Services (0.15%)
                
Schlumberger Ltd
     32,650       2,464  
 
                
Oil & Gas Drilling (0.76%)
                
Nabors Industries Ltd (a)(b)
     453,900       12,355  
 
                
Oil Company — Exploration & Production (4.78%)
                
Apache Corp
     162,600       15,519  
Berry Petroleum Co
     517,300       19,383  
Occidental Petroleum Corp
     630,900       42,819  
 
              
 
             77,721  
 
              
Oil Company — Integrated (3.50%)
                
Chevron Corp
     513,726       43,410  
Exxon Mobil Corp
     156,400       13,513  
 
              
 
             56,923  
 
              
Property & Casualty Insurance (0.20%)
                
Mercury General Corp
     69,200       3,328  
 
                
Publishing — Newspapers (0.03%)
                
McClatchy Co (a)
     40,573       437  
 
                
Real Estate Management & Services (0.01%)
                
CB Richard Ellis Group Inc (b)
     7,000       136  
 
                
Regional Banks (4.99%)
                
Bank of America Corp
     122,400       5,428  
US Bancorp
     576,600       19,576  
Wells Fargo & Co
     1,651,122       56,155  
 
              
 
             81,159  
 
              
REITS — Apartments (0.46%)
                
Essex Property Trust Inc
     72,700       7,532  
 
                
REITS — Healthcare (0.83%)
                
HCP Inc (a)
     405,585       12,334  
Nationwide Health Properties Inc (a)
     37,200       1,174  
 
              
 
             13,508  
 
              
REITS — Warehouse & Industrial (0.65%)
                
AMB Property Corp
     208,815       10,566  
 
                
Respiratory Products (0.48%)
                
Resmed Inc (a)(b)
     168,200       7,835  

388

 

Schedule of Investments
West Coast Equity Fund
January 31, 2008 (unaudited)
                 
    Shares     Value  
    Held     (000’s)  
COMMON STOCKS (continued)
                
Retail — Apparel & Shoe (1.21%)
                
Columbia Sportswear Co (a)
     93,050     $ 4,062  
Nordstrom Inc (a)
     402,600       15,661  
 
              
 
             19,723  
 
              
Retail — Automobile (0.66%)
                
Copart Inc (b)
     262,000       10,711  
 
                
Retail — Discount (2.34%)
                
Costco Wholesale Corp (a)
     559,840       38,036  
 
                
Retail — Drug Store (0.38%)
                
CVS Caremark Corp
     157,665       6,160  
 
                
Retail — Restaurants (1.03%)
                
Jack in the Box Inc (a)(b)
     25,000       731  
Jamba Inc (a)(b)
     6,000       18  
McCormick & Schmick’s Seafood Restaurant (a)(b)
    29,200       383  
Starbucks Corp (b)
     828,000       15,658  
 
              
 
             16,790  
 
              
Savings & Loans — Thrifts (1.50%)
                
Washington Federal Inc
     979,855       23,928  
Washington Mutual Inc
     24,100       480  
 
              
 
             24,408  
 
              
Semiconductor Component — Integrated Circuits (0.36%)
                
Cypress Semiconductor Corp (b)
     107,600       2,287  
Exar Corp (a)(b)
     60,700       498  
Linear Technology Corp (a)
     114,000       3,154  
 
              
 
             5,939  
 
              
Semiconductor Equipment (0.76%)
                
Applied Materials Inc
     249,500       4,471  
Kla-Tencor Corp
     111,100       4,642  
Novellus Systems Inc (a)(b)
     133,400       3,169  
 
              
 
             12,282  
 
              
Steel — Producers (1.64%)
                
Reliance Steel & Aluminum Co
     107,900       5,310  
Schnitzer Steel Industries Inc (a)
     377,033       21,362  
 
              
 
             26,672  
 
              
Steel Pipe & Tube (0.05%)
                
Northwest Pipe Co (b)
     18,441       764  
 
                
Telecommunication Services (0.01%)
                
Clearwire Corp (a)(b)
     13,000       179  
 
                
Telephone — Integrated (0.11%)
                
Sprint Nextel Corp
     169,600       1,786  
 
                
Therapeutics (0.99%)
                
Amylin Pharmaceuticals Inc (a)(b)
     78,100       2,316  
CV Therapeutics Inc (a)(b)
     268,898       2,253  
Dendreon Corp (a)(b)
     225,341       1,395  
Gilead Sciences Inc (b)
     221,800       10,134  
 
              
 
             16,098  
 
              
Toys (0.19%)
                
Mattel Inc
     148,000       3,109  
 
                
Transactional Software (0.05%)
                
VeriFone Holdings Inc (a)(b)
     44,800       877  
 
                
Transport — Equipment & Leasing (0.32%)
                
Greenbrier Cos Inc (a)
     270,900       5,266  
 
                
Transport — Services (1.60%)
                
Expediters International Washington Inc
     549,040       25,964  
 
                
Travel Services (0.28%)
                
Ambassadors Group Inc (a)
     249,209       4,608  
 
                
Ultra Sound Imaging Systems (0.95%)
                
SonoSite Inc (a)(b)
     442,423       15,410  
 
                
Veterinary Diagnostics (0.78%)
                
VCA Antech Inc (b)
     327,100       12,646  
 
                
Water (0.25%)
                
California Water Service Group (a)
     115,000       4,005  
 
                
Web Portals (1.69%)
                
Google Inc (b)
     38,575       21,768  
Yahoo! Inc (a)(b)
     294,000       5,639  
 
              
 
             27,407  
 
              
Wireless Equipment (0.24%)
                
Qualcomm Inc
     91,100       3,864  
   
TOTAL COMMON STOCKS
           $ 1,601,933  
   
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
SHORT TERM INVESTMENTS (9.77%)
                
Money Market Funds (9.77%)
                
BNY Institutional Cash Reserve Fund (e)
   $ 158,836     $ 158,836  
   
TOTAL SHORT TERM INVESTMENTS
           $ 158,836  
   
REPURCHASE AGREEMENTS (4.57%)
                
Finance — Investment Banker & Broker (2.92%)
                
Merrill Lynch Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $47,770,000; 0.00% - 6.38%; dated 05/16/08 - 01/11/27) (e)
   $ 47,414     $ 47,410  

389

 

Schedule of Investments
West Coast Equity Fund
January 31, 2008 (unaudited)
                 
    Principal        
    Amount     Value  
    (000’s)     (000’s)  
REPURCHASE AGREEMENTS (continued)
                
Money Center Banks (1.65%)
                
Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/08 maturing 02/01/08 (collateralized by U.S. Government Agency Issues; $4,382,000; 0.00% - 6.63%; dated 03/14/08 - 05/15/30) (e)
   $ 4,348     $ 4,348  
Investment in Joint Trading Account; Bank of America Repurchase Agreement; 2.80% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $11,545,000; 4.40% - 5.38%; dated 04/29/08 - 04/01/56)
     11,210       11,209  
Investment in Joint Trading Account; Deutsche Bank Repurchase Agreement; 2.85% dated 01/31/2008 maturing 02/01/2008 (collateralized by U.S. Government Agency Issues; $11,545,000; 3.75% - 5.40%; dated 08/03/09 - 04/13/26)
     11,210       11,209  
 
              
 
             26,766  
   
TOTAL REPURCHASE AGREEMENTS
           $ 74,176  
   
Total Investments
           $ 1,834,945  
Liabilities in Excess of Other Assets, Net — (12.89)%
             (209,447 )
 
              
TOTAL NET ASSETS — 100.00%
           $ 1,625,498  
 
              
 
(a)   Security or a portion of the security was on loan at the end of the period.
 
(b)   Non-Income Producing Security
 
(c)   Affiliated Security as defined by the Investment Company Act of 1940 (the Fund controls 5.0% or more of the outstanding voting shares of the security).
 
(d)   Affiliated Security
 
(e)   Security was purchased with the cash proceeds from securities loans.
Unrealized Appreciation (Depreciation)
The net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the fund as of the period end were as follows:
         
Unrealized Appreciation
   $ 584,404  
Unrealized Depreciation
     (58,102 )
 
      
Net Unrealized Appreciation (Depreciation)
     526,302  
Cost for federal income tax purposes
     1,308,643  
All dollar amounts are shown in thousands (000’s)
Portfolio Summary (unaudited)
         
Sector   Percent
Financial
     32.52 %
Consumer, Non-cyclical
     19.99 %
Technology
     13.17 %
Industrial
     13.11 %
Consumer, Cyclical
     11.86 %
Energy
     9.20 %
Communications
     7.08 %
Basic Materials
     3.92 %
Utilities
     2.04 %
Liabilities in Excess of Other Assets, Net
     (12.89 %)
 
        
TOTAL NET ASSETS
     100.00 %
 
        

390

 

Schedule of Investments
West Coast Equity Fund
January 31, 2008 (unaudited)
Affiliated Securities
                                                                 
    October 31, 2007     Purchases     Sales     January 31, 2008  
    Shares     Cost (000)     Shares     Cost (000)     Shares     Proceeds (000)     Shares     Cost (000)  
Red Lion Hotels Corp
     1,206,085     $ 9,864       —     $ —       800     $ 8       1,205,285     $ 9,852  
 
                                                        
 
           $ 9,864             $ —             $ 8             $ 9,852  
 
                                                        
                         
    Income Distribution from     Realized Gain/Loss     Realized Gain/Loss from  
    Other Investment Companies     on Investments     Other Investment Companies  
    (000’s)     (000’s)     (000’s)  
                         
Red Lion Hotels Corp
   $ —     $ -4     $ —  
 
                  
 
   $ —     $ -4     $ —  
 
                  

391

 

The Fund’s schedules of investments as of January 31, 2008, have not been audited. This report is provided for the general information of the Fund’s shareholders. For more information regarding the Fund and its holdings, please see the Fund’s prospectus and annual report.

 

 

ITEM 2 – CONTROLS AND PROCEDURES
 
a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).
 

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

ITEM 3 – EXHIBITS
 
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.CERT.

SIGNATURES

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

(Registrant)

Principal Investors Fund, Inc.


By

/s/ Ralph C. Eucher


     Ralph C. Eucher, Vice Chairman and CEO
 

Date

03/26/2008


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

By

/s/ Ralph C. Eucher


     Ralph C. Eucher, Vice Chairman and CEO
 

Date

03/26/2008


By

/s/ Layne A. Rasmussen


     Layne A. Rasmussen, Vice President, Controller and Chief Financial Officer
 

Date

03/26/2008


EX-99.CERT 2 certs.htm N-Q CERTIFICATIONS FOR 1ST QUARTER ENDED 01/31/08 - PIF

Exhibit 99.CERT

 

CERTIFICATIONS

 

I, Ralph C. Eucher, certify that:

 

1. I have reviewed this report on Form N-Q of

Principal Investors Fund, Inc.

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3-(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant�s internal control over financial reporting that occurred during the registrant�s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant�s internal control over financial reporting; and

 

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date:

03/26/2008

 

 

/s/ Ralph C. Eucher

 

Ralph C. Eucher, Vice Chairman and CEO

 

 

 

 

 

 

Exhibit 99.CERT

 

CERTIFICATIONS

 

I, Layne A. Rasmussen, certify that:

 

1. I have reviewed this report on Form N-Q of

Principal Investors Fund, Inc.

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3-(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant�s internal control over financial reporting that occurred during the registrant�s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant�s internal control over financial reporting; and

 

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date:

03/26/2008

 

 

/s/ Layne A. Rasmussen

 

 

Layne A. Rasmussen, Vice President, Controller and Chief Financial Officer

 

 

 

 

 

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