n-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number		811-07822



AMERICAN CENTURY INVESTMENT TRUST
(Exact name of registrant as specified in charter)


4500 MAIN STREET, KANSAS CITY, MISSOURI				64111
(Address of principal executive offices)				(Zip Code)


CHARLES A. ETHERINGTON, 4500 MAIN STREET KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)


Registrant’s telephone number, including area code:			816-531-5575


Date of fiscal year end:	03-31


Date of reporting period:	12-31-2009

ITEM 1. SCHEDULE OF INVESTMENTS.

American Century Investments®

Quarterly Portfolio Holdings

Prime Money Market Fund

December 31, 2009

Prime Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

COMMERCIAL PAPER(1) ― 37.6%
	American Honda Finance Corp., 0.15%, 1/20/10	$ 15,000,000	$ 14,998,813
	Austin Texas, 0.34%, 1/14/10	21,959,000	21,956,285
	Austin Texas, 0.30%, 2/5/10	1,740,000	1,739,492
	BNP Paribas Finance, Inc., 0.01%, 1/4/10	18,500,000	18,499,985
	Board of Trustees of The Leland Stanford Junior University (The), 0.25%, 4/1/10	7,000,000	6,995,625
	Catholic Health Initiatives, 0.95%, 2/4/10	55,663,000	55,663,000
	Catholic Health Initiatives, 0.35%, 3/10/10	30,000,000	30,000,000
	Chariot Funding LLC, 0.16%, 1/26/10(2)	34,000,000	33,996,222
	Chariot Funding LLC, 0.17%, 2/12/10(2)	15,000,000	14,997,025
	Charta LLC, 0.20%, 2/5/10(2)	3,200,000	3,199,378
	Chicago Illinois, 0.35%, 1/14/10	14,706,000	14,704,142
	Chicago Illinois, 0.35%, 2/16/10	35,000,000	34,984,359
	Chicago Midway Airport, 0.25%, 1/6/10	4,275,000	4,275,000
	Chicago Midway Airport, 0.45%, 1/6/10	4,275,000	4,275,000
	Citibank Credit Card Issuance Trust, 0.23%, 1/5/10(2)	17,000,000	16,999,566
	Citibank Credit Card Issuance Trust, 0.23%, 1/15/10(2)	13,000,000	12,998,837
	Citibank Credit Card Issuance Trust, 0.22%, 2/2/10(2)	45,000,000	44,991,200
	Crown Point Capital Co. LLC, 0.45%, 1/19/10(2)	60,000,000	59,986,500
	Crown Point Capital Co. LLC, 0.40%, 2/9/10(2)	33,000,000	32,985,700
	Govco LLC, 0.21%, 3/5/10(2)	5,500,000	5,497,979
	Govco LLC, 0.34%, 4/26/10(2)	9,200,000	9,190,008
	Govco LLC, 0.32%, 5/17/10(2)	40,000,000	39,951,644
	Legacy Capital LLC, 0.45%, 1/5/10(2)	27,600,000	27,598,620
	Legacy Capital LLC, 0.40%, 2/5/10(2)	46,000,000	45,982,111
	Legacy Capital LLC, 0.40%, 2/8/10(2)	14,000,000	13,994,089
	Lexington Parker Capital, 0.45%, 1/15/10(2)	6,000,000	5,998,950
	Lexington Parker Capital, 0.40%, 2/5/10(2)	42,500,000	42,483,472
	Lexington Parker Capital, 0.40%, 2/8/10(2)	39,000,000	38,983,533
	Oakland-Alameda County, 0.38%, 1/8/10	14,200,000	14,200,000
	Oakland-Alameda County, 0.31%, 2/19/10	37,855,000	37,856,020
	Pfizer, Inc., 0.46%, 2/26/10(2)	62,000,000	61,955,636
	Providence Health & Services, 0.35%, 4/8/10	30,000,000	30,000,000
	Providence Health & Services, 0.45%, 6/8/10	7,000,000	7,000,000
	Regents of University of California, 0.28%, 1/8/10	5,000,000	4,999,728
	Regents of University of California, 0.30%, 2/9/10	4,350,000	4,350,000
	Regents of University of California, 0.25%, 2/23/10	28,500,000	28,489,510
	Salvation Army (The), 0.30%, 1/5/10	17,000,000	17,000,000
	Salvation Army (The), 0.25%, 2/2/10	25,900,000	25,900,000
	Salvation Army (The), 0.30%, 2/3/10	28,000,000	28,000,000
	St. Joseph County, 0.28%, 1/6/10	4,010,000	4,009,861
	Toyota Credit Canada, Inc., 0.21%, 2/9/10	30,000,000	29,993,175
	Toyota Financial Services de Puerto Rico, Inc., 0.19%, 1/6/10	23,000,000	22,999,393
	Westpac Securities NZ Ltd., 0.23%, 1/25/10(2)	30,000,000	29,995,400
TOTAL COMMERCIAL PAPER			1,004,675,258
U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS ― 28.2%
FIXED-RATE U.S. GOVERNMENT AGENCY SECURITIES ― 16.0%
	FFCB, 0.95%, 3/2/10	5,000,000	4,999,664
	FHLB, 1.12%, 1/15/10	50,000,000	50,002,039

Prime Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	FHLB, 3.10%, 2/4/10	$ 64,210,000	$ 64,345,755
	FHLB, 1.10%, 3/30/10	20,000,000	19,996,034
	FHLB, 3.00%, 6/11/10	4,695,000	4,748,881
	FHLB, 5.25%, 6/11/10	8,290,000	8,467,442
	FHLB, 2.75%, 6/18/10	4,235,000	4,280,851
	FHLB, 0.60%, 6/22/10	85,000,000	84,940,719
	FHLB, 0.60%, 6/25/10	10,000,000	10,009,646
	FHLB, 0.55%, 7/28/10	40,000,000	39,996,524
	FHLB, 3.375%, 8/13/10	5,200,000	5,287,667
	FHLB, 0.56%, 8/20/10	30,000,000	29,991,076
	FHLB, 0.60%, 9/17/10	22,865,000	22,883,389
	FHLB, 0.50%, 10/28/10	10,000,000	10,000,000
	FHLB, 0.40%, 12/28/10	28,750,000	28,742,891
	FHLB, 0.45%, 12/30/10	25,000,000	24,997,514
	FHLB, 0.42%, 1/3/11	15,000,000	14,995,677
			428,685,769
ADJUSTABLE-RATE U.S. GOVERNMENT AGENCY SECURITIES ― 7.0%
	FHLB, VRN, 0.76%, 1/4/10	40,000,000	40,000,000
	FHLB, VRN, 0.77%, 1/4/10	23,000,000	23,000,000
	FHLB, VRN, 0.77%, 1/4/10	25,000,000	25,001,644
	FHLB, VRN, 0.13%, 1/26/10	50,000,000	50,000,000
	FHLB, VRN, 0.20%, 2/10/10	40,000,000	40,009,987
	FHLB, VRN, 0.24%, 2/19/10	7,500,000	7,501,753
			185,513,384
GOVERNMENT-BACKED CORPORATE BONDS(3)― 3.1%
	Bank of America N.A., VRN, 0.28%, 3/15/10, resets quarterly off the 3-month LIBOR plus 0.03% with no caps	40,000,000	40,000,000
	Citigroup Funding, Inc., VRN, 0.38%, 1/29/10	35,000,000	35,047,789
	General Electric Capital Corp., VRN, 0.33%, 1/8/10	7,800,000	7,807,025
			82,854,814
U.S. GOVERNMENT AGENCY DISCOUNT NOTES(1) ― 2.1%
	FHLB Discount Notes, 0.70%, 1/13/10	55,000,000	54,987,167
TOTAL U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS			752,041,134
	MUNICIPAL SECURITIES — 28.0%
	ABAG Finance Auth. for Nonprofit Corps. Rev., (899 Charleston LLC), VRDN, 0.26%, 1/4/10 (LOC: LaSalle Bank N.A.)	5,650,000	5,650,000
	ABAG Finance Auth. for Nonprofit Corps. Rev., (Urban School of San Francisco), VRDN, 0.37%, 1/7/10 (LOC: Allied Irish Bank plc)	4,670,000	4,670,000
	Alameda County Industrial Development Auth. Rev., (Segale Bros. Wood Products), VRDN, 0.30%, 1/7/10 (LOC: Bank of the West)	2,030,000	2,030,000
	California State Department of Water Resources Power Supply Rev., Series 2005 G3, VRDN, 0.21%, 1/7/10 (AGM) (SBBPA: JPMorgan Chase Bank N.A.)	3,000,000	3,000,000
	Camden County Public Service Auth. Rev., (St. Marys), VRDN, 0.25%, 1/7/10 (AGC) (SBBPA: Bank of America N.A.)	23,395,000	23,395,000
	Charleston County School District GO, 1.50%, 3/1/10 (SCSDE)	40,000,000	40,078,454
	Chula Vista Industrial Development Rev., Series 2006 A, (San Diego Gas), VRDN, 0.25%, 1/6/10	15,900,000	15,900,000
	Connecticut Housing Finance Auth. Rev., Series 2008 A5, (Housing Mortgage Finance), VRDN, 0.25%, 1/7/10 (SBBPA: JPMorgan Chase Bank N.A.)	48,285,000	48,285,000

Prime Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

El Monte COP, Series 2003 B, (Community Improvement), VRDN, 0.70%, 1/7/10 (LOC: Union Bank of CA N.A. and California State Teacher's Retirement System)	$ 2,150,000	$ 2,150,000
Fairfield Pension Obligation Rev., Series 2005 A, VRDN, 0.95%, 1/7/10 (LOC: Landesbank Hessen-Thuringen Girozentrale)	5,420,000	5,420,000
Harris County Health Facilities Development Corp. Rev., Series 2008 A2, (Methodist Hospital System), VRDN, 0.20%, 1/4/10	7,000,000	7,000,000
Highlands County Health Facilities Auth. Rev., Series 2005 I, (Adventist Health System), VRDN, 0.21%, 1/7/10	7,500,000	7,500,000
Idaho Health Facilities Auth. Rev., (St. Lukes Regional Medical Center), VRDN, 0.30%, 1/4/10 (AGM) (SBBPA: Bayerische Landesbank)	44,865,000	44,865,000
Illinois GO, 2.00%, 4/13/10	60,000,000	60,240,776
Illinois GO, 4.00%, 5/20/10	25,500,000	25,769,260
Illinois GO, 2.00%, 6/10/10	50,000,000	50,248,011
Indiana Finance Auth. Rev., Series 2008 E5, (Ascension Health), VRDN, 0.33%, 6/15/10	8,085,000	8,085,000
Indiana Finance Auth. Rev., Series 2008 E8, (Ascension Health), VRDN, 0.33%, 6/15/10	6,725,000	6,725,000
Indiana Finance Auth. Rev., Series 2009 E4, (Ascension Health), VRDN, 0.39%, 5/17/10	2,000,000	2,000,000
Iowa Finance Auth. Rev., (Central College), VRDN, 0.25%, 1/4/10 (LOC: Wells Fargo Bank N.A.)	2,600,000	2,600,000
JJB Properties LLC Rev., (Rental Property), VRDN, 1.50%, 1/7/10 (LOC: Arvest Bank and FHLB)	5,750,000	5,750,000
Kansas City Financing Commission Tax Increment Rev., Series 2006 B, (Briarcliff West), VRDN, 0.35%, 1/4/10 (LOC: M&I Marshall & Ilsley Bank and FHLB)	10,000,000	10,000,000
Kentucky Housing Corp. Rev., Series 2006 O, VRDN, 0.36%, 1/4/10 (SBBPA: BNP Paribas)	14,085,000	14,085,000
Kentucky Housing Corp. Rev., Series 2007 O, VRDN, 0.58%, 1/7/10 (SBBPA: Lloyds TSB Bank plc)	5,405,000	5,405,000
Kentucky Housing Corp. Rev., Series 2008 B, VRDN, 0.60%, 1/4/10 (SBBPA: Lloyds TSB Bank plc)	6,825,000	6,825,000
Long Beach Rev., Series 2004 A, (Towne Center Site), VRDN, 1.25%, 1/7/10 (LOC: Allied Irish Bank plc)	5,580,000	5,580,000
Michigan GO, Series 2009 A, 2.00%, 9/30/10	10,000,000	10,109,077
Midwestern University Foundation Rev., Series 2009 A, VRDN, 0.30%, 1/7/10 (LOC: Royal Bank of Canada)	5,000,000	5,000,000
Minnesota State Office of Higher Education Rev., Series 2008 A, (Suppl Student-A), VRDN, 0.30%, 1/7/10 (LOC: U.S. Bank N.A.)	6,000,000	6,000,000
Mississippi Business Finance Corp. Rev., (Medical Development Properties LLC), VRDN, 1.00%, 1/4/10 (LOC: BancorpSouth Bank and FHLB)	5,395,000	5,395,000
Mississippi Business Finance Corp. Rev., Series 2006 R1, (Brown Bottling Group, Inc.), VRDN, 1.02%, 1/4/10 (LOC: Trustmark National Bank and FHLB)	4,330,000	4,330,000
Missouri State Health & Educational Facilities Auth. Rev., Series 2009 C5, (Ascension Health), VRDN, 0.39%, 5/17/10	2,000,000	2,000,000
New Mexico Educational Assistance Foundation Rev., Series 2003 A2, VRDN, 0.28%, 1/6/10 (LOC: Royal Bank of Canada)	7,000,000	7,000,000
New York City Housing Development Corp. Multifamily Rev., Series 2005 A, (270 East Burnside), VRDN, 0.20%, 1/6/10 (LIQ FAC: FNMA)	6,400,000	6,400,000
New York GO, Series 2008 J13, VRDN, 0.30%, 1/4/10 (SBBPA: Lloyds TSB Bank plc)	72,900,000	72,900,000
Pasadena COP, (Los Robles Avenue Parking Facilities), VRDN, 1.23%, 1/5/10 (LOC: Bank of New York and California State Teacher's Retirement System)	6,000,000	6,000,000
Plymouth Rev., (Carlson Center), VRDN, 0.35%, 1/7/10 (LOC: U.S. Bank N.A.)	565,000	565,000

Prime Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Portland GO, (Taxable Pension), VRDN, 0.47%, 1/6/10 (SBBPA: Landesbank Hessen-Thuringen Girozentrale)	$ 75,755,000	$ 75,754,682
	Putnam County Industrial Development Agency Rev., (Sincerity Facility LLC), VRDN, 1.23%, 1/7/10 (LOC: Bank of New York)	9,990,000	9,990,000
	Roanoke Industrial Development Auth. Rev., Series 2005 C1, (Carilion Health System), VRDN, 0.20%, 1/4/10 (AGM) (SBBPA: Wachovia Bank N.A.)	20,000,000	20,000,000
	Santa Ana Multifamily Housing Auth. Rev., Series 1996 A, (Vintage Apartments), VRDN, 0.28%, 1/7/10 (LOC: FNMA) (LIQ FAC: FNMA)	5,235,000	5,235,000
	Santa Rosa Pension Obligation Rev., Series 2003 A, VRDN, 0.95%, 1/7/10 (LOC: Landesbank Hessen-Thuringen Girozentrale)	13,270,000	13,270,000
	South Carolina Association of Governmental Organizations COP, Series 2009 B, 1.50%, 3/1/10 (SCSDE)	25,000,000	25,037,723
	Southern California Public Power Auth. Rev., (Tieton Hydropower), 2.00%, 8/16/10	4,000,000	4,032,243
	Texas GO, Series 2002 IB, (Veterans Housing), VRDN, 0.40%, 1/6/10 (SBBPA: Landesbank Hessen-Thuringen Girozentrale)	13,345,000	13,345,000
	University Hospitals Trust Rev., Series 2005 B, VRDN, 0.28%, 1/6/10 (LOC: Bank of America N.A.)	5,200,000	5,200,000
	University of Kansas Hospital Auth. Rev., (Health System), VRDN, 0.25%, 1/4/10 (LOC: U.S. Bank N.A.)	6,210,000	6,210,000
	Wisconsin Health & Educational Facilities Auth. Rev., Series 2006 C, (Aurora Health Care), VRDN, 0.25%, 1/4/10 (LOC: U.S. Bank N.A.)	15,000,000	15,000,000
	Wisconsin Health & Educational Facilities Auth. Rev., Series 2008 B, (ProHealth Care, Inc.), VRDN, 0.26%, 1/4/10 (LOC: Chase Manhattan Bank)	14,000,000	14,000,000
	TOTAL MUNICIPAL SECURITIES		746,030,226
CORPORATE BONDS ― 4.7%
	Blodgett Capital LLC, VRDN, 0.36%, 1/7/10	6,255,000	6,255,000
	Brosis Finance LLC, VRDN, 0.45%, 1/6/10 (LOC: Branch Banking & Trust)	9,195,000	9,195,000
	Colorado Natural Gas, Inc., VRDN, 0.63%, 1/7/10	3,225,000	3,225,000
	Cypress Bend Real Estate Development Co. LLC, VRDN, 0.38%, 1/7/10	21,901,000	21,901,000
	DCC Development Corp., VRDN, 0.36%, 1/7/10	1,875,000	1,875,000
	Herman & Kittle Capital LLC, VRDN, 0.30%, 1/7/10	1,405,000	1,405,000
	High Track LLC, VRDN, 0.36%, 1/7/10	2,530,000	2,530,000
	Jaxon Arbor LLC, VRDN, 0.36%, 1/7/10	1,080,000	1,080,000
	Lammert Building LP, VRDN, 0.30%, 1/7/10(2)	3,160,000	3,160,000
	Procter & Gamble International Funding SCA, VRN, 0.29%, 2/7/10, resets quarterly off the 3-month LIBOR plus 0.01% with no caps	15,000,000	15,000,000
	Procter & Gamble International Funding SCA, VRN, 0.53%, 2/8/10, resets quarterly off the 3-month LIBOR plus 0.25% with no caps	5,000,000	5,000,000
	RMD Note Issue, LLC, VRDN, 0.36%, 1/6/10	10,105,000	10,105,000
	Roman Catholic Bishop of San Jose, VRDN, 1.80%, 1/7/10 (LOC: Allied Irish Bank plc)	9,575,000	9,575,000
	Saddleback Valley Community Church, VRDN, 0.25%, 1/7/10	9,700,000	9,700,000
	Salvation Army (The), VRN, 1.23%, 1/7/10 (LOC: Bank of New York)	7,500,000	7,500,000
	Salvation Army (The), VRN, 1.23%, 1/7/10 (LOC: Bank of New York)	8,000,000	8,000,000
	Unilever Capital Corp., 7.12%, 11/1/10	10,000,000	10,539,681
TOTAL CORPORATE BONDS			126,045,681
CERTIFICATES OF DEPOSIT ― 1.3%

BNP Paribas, 0.23%, 1/7/10

35,000,000

Prime Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Value

TEMPORARY CASH INVESTMENTS(4)
	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	347,310	$ 347,310
TOTAL INVESTMENT SECURITIES — 99.8%			2,664,139,609
OTHER ASSETS AND LIABILITIES — 0.2%			4,041,822
TOTAL NET ASSETS — 100.0%			$2,668,181,431

Notes to Schedule of Investments
	ABAG	-	Association of Bay Area Governments
	AGC	-	Assured Guaranty Corporation
	AGM	-	Assured Guaranty Municipal Corporation
	COP	-	Certificates of Participation
	Equivalent	-	Security whose principal payments are backed by the full faith and credit of the United States
	FFCB	-	Federal Farm Credit Bank
	FHLB	-	Federal Home Loan Bank
	FNMA	-	Federal National Mortgage Association
	GO	-	General Obligation
	LIBOR	-	London Interbank Offered Rate
	LIQ FAC	-	Liquidity Facilities
	LOC	-	Letter of Credit
	resets	-	The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
	SBBPA	-	Standby Bond Purchase Agreement
	SCSDE	-	South Carolina School District Enhancement
	VRDN	-	Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
	VRN	-	Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

(1)	The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon is shown.
(2)	Security was purchased under Rule 144A or Section 4(2) of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $544,945,870, which represented 20.0% of total net assets. None of the restricted securities are considered to be illiquid.
(3)	The debt is guaranteed under the Federal Deposit Insurance Corporation's (FDIC) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC's guarantee is the earlier of the maturity date of the debt or December 31, 2012.
(4)	Category is less than 0.05% of total net assets.

Prime Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Security Valuations

Securities are generally valued at amortized cost, which approximates current market value. Investments in open-end management investment companies are valued at the reported net asset value. When such valuations do not reflect market value, securities may be valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees.

2. Fair Value Measurements

The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar

securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of December 31, 2009:

	Level 1	Level 2	Level 3
Investment Securities
Commercial Paper	–	$1,004,675,258	–
U.S. Government Agency Securities and Equivalents	–	752,041,134	–
Municipal Securities	–	746,030,226	–
Corporate Bonds	–	126,045,681	–
Certificates of Deposit	–	35,000,000	–
Temporary Cash Investments	$347,310	–	–
Total Value of Investment Securities	$347,310	$2,663,792,299	–

3. Federal Tax Information

As of December 31, 2009, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

Federal tax cost of investments	$2,664,139,609

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Diversified Bond Fund

December 31, 2009

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

CORPORATE BONDS ― 28.0%
AEROSPACE & DEFENSE ― 0.9%
	BAE Systems Holdings, Inc., 6.375%, 6/1/19(1)(2)	$ 2,700,000	$ 2,909,480
	Boeing Co. (The), 1.875%, 11/20/12(2)	1,500,000	1,484,320
	Boeing Co. (The), 5.875%, 2/15/40(2)	1,000,000	1,027,154
	Goodrich Corp., 4.875%, 3/1/20(2)	1,750,000	1,734,416
	Honeywell International, Inc., 5.30%, 3/15/17(2)	675,000	712,809
	Honeywell International, Inc., 5.30%, 3/1/18(2)	610,000	644,452
	L-3 Communications Corp., 5.875%, 1/15/15(2)	4,500,000	4,516,875
	L-3 Communications Corp., 5.20%, 10/15/19(1)(2)	3,870,000	3,835,213
	Lockheed Martin Corp., 7.65%, 5/1/16(2)	1,700,000	2,024,018
	Lockheed Martin Corp., 6.15%, 9/1/36(2)	663,000	704,050
	Lockheed Martin Corp., 5.50%, 11/15/39(2)	1,260,000	1,239,047
	Northrop Grumman Corp., 3.70%, 8/1/14(2)	1,300,000	1,306,360
	United Technologies Corp., 6.125%, 2/1/19(2)	2,660,000	2,944,607
	United Technologies Corp., 6.05%, 6/1/36(2)	1,027,000	1,095,427
	United Technologies Corp., 6.125%, 7/15/38(2)	650,000	706,651
			26,884,879
AUTOMOBILES ― 0.1%
	American Honda Finance Corp., 7.625%, 10/1/18(1)(2)	800,000	916,127
	Daimler Finance N.A. LLC, 5.875%, 3/15/11(2)	710,000	742,574
			1,658,701
BEVERAGES ― 0.7%
	Anheuser-Busch InBev Worldwide, Inc., 3.00%, 10/15/12(1)(2)	5,080,000	5,107,178
	Anheuser-Busch InBev Worldwide, Inc., 6.875%, 11/15/19(1)	6,780,000	7,582,881
	Diageo Capital plc, 5.20%, 1/30/13(2)	1,160,000	1,242,727
	Dr Pepper Snapple Group, Inc., 6.82%, 5/1/18(2)	4,457,000	5,008,005
	PepsiAmericas, Inc., 4.375%, 2/15/14(2)	800,000	833,116
	SABMiller plc, 6.20%, 7/1/11(1)(2)	2,060,000	2,180,881
			21,954,788
BIOTECHNOLOGY ― 0.1%
	Amgen, Inc., 5.85%, 6/1/17(2)	2,560,000	2,801,677
CAPITAL MARKETS ― 1.9%
	Bank of New York Mellon Corp. (The), 4.30%, 5/15/14	2,830,000	2,981,430
	Bear Stearns Cos., Inc. (The), 6.40%, 10/2/17(2)	3,617,000	3,948,889
	Credit Suisse (New York), 5.00%, 5/15/13(2)	4,330,000	4,621,244
	Credit Suisse (New York), 5.50%, 5/1/14(2)	2,320,000	2,520,098
	Credit Suisse (New York), 5.30%, 8/13/19(2)	3,300,000	3,395,373
	Deutsche Bank AG (London), 4.875%, 5/20/13(2)	810,000	861,196
	Goldman Sachs Group, Inc. (The), 6.00%, 5/1/14(2)	3,600,000	3,941,330
	Goldman Sachs Group, Inc. (The), 5.125%, 1/15/15(2)	3,520,000	3,702,741
	Goldman Sachs Group, Inc. (The), 6.15%, 4/1/18(2)	1,600,000	1,715,579
	Goldman Sachs Group, Inc. (The), 7.50%, 2/15/19(2)	6,070,000	7,088,431
	Jefferies Group, Inc., 8.50%, 7/15/19(2)	2,000,000	2,189,878
	Merrill Lynch & Co., Inc., 6.15%, 4/25/13(2)	1,965,000	2,104,432
	Morgan Stanley, 4.20%, 11/20/14(2)	3,400,000	3,406,093
	Morgan Stanley, 6.00%, 4/28/15(2)	3,310,000	3,529,897
	Morgan Stanley, 6.625%, 4/1/18(2)	3,480,000	3,768,478
	Morgan Stanley, 7.30%, 5/13/19(2)	2,430,000	2,733,432
	Morgan Stanley, 5.625%, 9/23/19(2)	4,000,000	4,036,724

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	UBS AG (Stamford Branch), 5.75%, 4/25/18(2)	$ 2,000,000	$ 2,039,360
			58,584,605
CHEMICALS ― 0.3%
	Dow Chemical Co. (The), 4.85%, 8/15/12(2)	1,690,000	1,777,214
	Dow Chemical Co. (The), 8.55%, 5/15/19(2)	4,050,000	4,840,329
	E.I. du Pont de Nemours & Co., 5.00%, 1/15/13(2)	700,000	750,182
	Mosaic Co. (The), 7.625%, 12/1/16(1)(2)	2,100,000	2,296,396
	Rohm & Haas Co., 5.60%, 3/15/13(2)	550,000	580,910
			10,245,031
COMMERCIAL BANKS ― 1.7%
	Barclays Bank plc, 5.00%, 9/22/16(2)	2,790,000	2,854,898
	BB&T Corp., 5.70%, 4/30/14(2)	1,680,000	1,820,260
	National Australia Bank Ltd., 2.55%, 1/13/12(1)(2)	13,720,000	13,930,808
	PNC Bank N.A., 4.875%, 9/21/17(2)	882,000	835,870
	PNC Bank N.A., 6.00%, 12/7/17(2)	730,000	742,205
	SunTrust Bank, 7.25%, 3/15/18(2)	320,000	334,643
	Wachovia Bank N.A., 4.80%, 11/1/14(2)	1,500,000	1,535,055
	Wachovia Bank N.A., 4.875%, 2/1/15(2)	3,320,000	3,394,448
	Wells Fargo & Co., 4.375%, 1/31/13(2)	2,310,000	2,401,069
	Wells Fargo & Co., 5.625%, 12/11/17(2)	2,000,000	2,083,634
	Wells Fargo Bank N.A., 6.45%, 2/1/11(2)	900,000	950,691
	Westpac Banking Corp., 1.90%, 12/14/12(1)(2)	19,000,000	18,859,951
	Westpac Banking Corp., 4.875%, 11/19/19(2)	1,710,000	1,691,050
			51,434,582
COMMERCIAL SERVICES & SUPPLIES ― 0.6%
	Allied Waste North America, Inc., 6.375%, 4/15/11(2)	2,500,000	2,610,658
	Corrections Corp. of America, 6.25%, 3/15/13(2)	3,870,000	3,908,700
	Corrections Corp. of America, 7.75%, 6/1/17(2)	1,800,000	1,863,000
	Republic Services, Inc., 5.50%, 9/15/19(1)(2)	2,000,000	2,034,698
	Waste Management, Inc., 7.375%, 3/11/19(2)	4,500,000	5,201,509
	Waste Management, Inc., 6.125%, 11/30/39(2)	2,070,000	2,064,103
			17,682,668
COMMUNICATIONS EQUIPMENT ― 0.1%
	Cisco Systems, Inc., 5.90%, 2/15/39(2)	4,000,000	4,058,448
CONSUMER FINANCE ― 1.2%
	American Express Centurion Bank, 5.55%, 10/17/12(2)	1,700,000	1,819,204
	American Express Centurion Bank, 6.00%, 9/13/17(2)	4,340,000	4,504,256
	American Express Co., 7.25%, 5/20/14(2)	3,500,000	3,953,040
	Capital One Bank USA N.A., 8.80%, 7/15/19(2)	3,000,000	3,550,935
	Capital One Capital V, 10.25%, 8/15/39(2)	1,800,000	2,097,927
	General Electric Capital Corp., 3.75%, 11/14/14(2)	6,460,000	6,455,820
	General Electric Capital Corp., 4.375%, 9/21/15(2)	4,220,000	4,277,839
	General Electric Capital Corp., 5.625%, 9/15/17(2)	3,080,000	3,178,043
	General Electric Capital Corp., 6.00%, 8/7/19(2)	3,000,000	3,119,733
	John Deere Capital Corp., 4.90%, 9/9/13(2)	1,200,000	1,291,045
	SLM Corp., 5.375%, 1/15/13(2)	1,900,000	1,793,543
			36,041,385
CONTAINERS & PACKAGING ― 0.2%
	Ball Corp., 6.875%, 12/15/12(2)	3,351,000	3,409,642
	Ball Corp., 7.125%, 9/1/16(2)	2,950,000	3,038,500
			6,448,142

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

DIVERSIFIED CONSUMER SERVICES ― 0.1%
	Board of Trustees of The Leland Stanford Junior University (The), 3.625%, 5/1/14(2)	$ 2,120,000	$ 2,183,231
DIVERSIFIED FINANCIAL SERVICES ― 2.0%
	Bank of America Corp., 4.90%, 5/1/13(2)	3,050,000	3,164,384
	Bank of America Corp., 6.50%, 8/1/16(2)	10,520,000	11,327,557
	Bank of America Corp., 5.65%, 5/1/18(2)	1,300,000	1,322,473
	Bank of America Corp., 7.625%, 6/1/19(2)	1,790,000	2,074,329
	Bank of America N.A., 5.30%, 3/15/17(2)	4,939,000	4,847,801
	BP Capital Markets plc, 5.25%, 11/7/13(2)	1,950,000	2,125,853
	Citigroup, Inc., 5.50%, 4/11/13(2)	6,065,000	6,292,662
	Citigroup, Inc., 5.50%, 10/15/14(2)	1,360,000	1,378,476
	Citigroup, Inc., 6.01%, 1/15/15(2)	2,260,000	2,310,163
	Citigroup, Inc., 6.125%, 5/15/18(2)	2,940,000	2,960,689
	Citigroup, Inc., 8.50%, 5/22/19(2)	1,200,000	1,388,010
	Citigroup, Inc., 8.125%, 7/15/39(2)	2,600,000	2,943,338
	JPMorgan Chase & Co., 4.65%, 6/1/14(2)	5,360,000	5,652,050
	JPMorgan Chase & Co., 6.00%, 1/15/18(2)	11,250,000	12,113,044
	JPMorgan Chase Bank National Association, 5.875%, 6/13/16(1)(2)	1,250,000	1,313,391
			61,214,220
DIVERSIFIED TELECOMMUNICATION SERVICES ― 1.9%
	Alltel Corp., 7.875%, 7/1/32(2)	1,190,000	1,419,240
	AT&T, Inc., 6.25%, 3/15/11(2)	1,580,000	1,673,664
	AT&T, Inc., 6.70%, 11/15/13(2)	2,170,000	2,450,401
	AT&T, Inc., 5.10%, 9/15/14(2)	1,000,000	1,076,786
	AT&T, Inc., 6.80%, 5/15/36(2)	1,000,000	1,068,356
	AT&T, Inc., 6.55%, 2/15/39(2)	4,440,000	4,693,870
	Cellco Partnership/Verizon Wireless Capital LLC, 3.75%, 5/20/11(2)	300,000	309,454
	Cellco Partnership/Verizon Wireless Capital LLC, 5.55%, 2/1/14(2)	1,580,000	1,716,307
	Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, 11/15/18(2)	6,350,000	7,889,265
	CenturyTel, Inc., 7.60%, 9/15/39(2)	2,420,000	2,487,508
	Deutsche Telekom International Finance BV, 6.75%, 8/20/18(2)	2,210,000	2,478,378
	Deutsche Telekom International Finance BV, 8.75%, 6/15/30(2)	800,000	1,031,649
	Embarq Corp., 7.08%, 6/1/16(2)	944,000	1,044,075
	France Telecom SA, 4.375%, 7/8/14(2)	3,140,000	3,284,528
	Koninklijke KPN NV, 8.375%, 10/1/30(2)	2,170,000	2,726,392
	Qwest Corp., 7.875%, 9/1/11(2)	1,950,000	2,052,375
	Qwest Corp., 7.50%, 10/1/14(2)	800,000	835,000
	Sprint Capital Corp., 7.625%, 1/30/11(2)	2,870,000	2,952,513
	Telecom Italia Capital SA, 4.00%, 1/15/10(2)	1,263,000	1,263,980
	Telecom Italia Capital SA, 6.18%, 6/18/14(2)	4,410,000	4,784,634
	Telefonica Emisiones SAU, 5.98%, 6/20/11(2)	750,000	793,514
	Telefonica Emisiones SAU, 5.88%, 7/15/19(2)	2,800,000	3,006,629
	Telefonica Emisiones SAU, 7.05%, 6/20/36(2)	1,600,000	1,832,901
	Verizon Communications, Inc., 8.75%, 11/1/18(2)	2,670,000	3,340,264
	Verizon Communications, Inc., 6.40%, 2/15/38(2)	870,000	912,533
			57,124,216
ELECTRIC UTILITIES ― 0.9%
	Carolina Power & Light Co., 5.15%, 4/1/15(2)	1,123,000	1,209,886
	Carolina Power & Light Co., 5.25%, 12/15/15(2)	545,000	596,732
	Carolina Power & Light Co., 5.30%, 1/15/19(2)	770,000	805,498
	Cleveland Electric Illuminating Co. (The), 5.70%, 4/1/17(2)	908,000	925,795

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Duke Energy Carolinas LLC, 7.00%, 11/15/18(2)	$ 1,670,000	$ 1,949,785
	Duke Energy Corp., 6.30%, 2/1/14(2)	1,570,000	1,727,961
	Duke Energy Corp., 3.95%, 9/15/14(2)	4,010,000	4,066,810
	Exelon Generation Co. LLC, 5.20%, 10/1/19(2)	2,420,000	2,425,668
	FirstEnergy Corp., 6.45%, 11/15/11(2)	96,000	102,982
	FirstEnergy Solutions Corp., 6.05%, 8/15/21(2)	4,870,000	4,923,063
	Florida Power Corp., 5.65%, 6/15/18(2)	790,000	849,294
	Florida Power Corp., 6.35%, 9/15/37(2)	540,000	587,260
	Niagara Mohawk Power Corp., 4.88%, 8/15/19(1)	1,600,000	1,589,386
	Pacificorp, 6.00%, 1/15/39(2)	2,340,000	2,467,895
	Progress Energy, Inc., 6.05%, 3/15/14(2)	950,000	1,040,989
	Southern California Edison Co., 5.625%, 2/1/36(2)	780,000	786,256
	Toledo Edison Co. (The), 6.15%, 5/15/37(2)	425,000	421,292
			26,476,552
ELECTRICAL EQUIPMENT(3)
	Roper Industries, Inc., 6.25%, 9/1/19(2)	1,340,000	1,397,553
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 0.5%
	Amphenol Corp., 4.75%, 11/15/14(2)	2,000,000	2,002,852
	Corning, Inc., 6.625%, 5/15/19(2)	5,705,000	6,227,983
	Jabil Circuit, Inc., 7.75%, 7/15/16(2)	5,950,000	6,277,250
			14,508,085
ENERGY EQUIPMENT & SERVICES ― 0.3%
	Pride International, Inc., 8.50%, 6/15/19(2)	3,600,000	4,176,000
	Weatherford International Ltd., 9.625%, 3/1/19(2)	3,000,000	3,746,118
			7,922,118
FOOD & STAPLES RETAILING ― 0.6%
	CVS Caremark Corp., 6.60%, 3/15/19(2)	5,000,000	5,480,980
	Delhaize Group SA, 5.875%, 2/1/14(2)	2,560,000	2,751,967
	Kroger Co. (The), 6.80%, 4/1/11(2)	3,170,000	3,367,196
	Kroger Co. (The), 5.00%, 4/15/13(2)	1,580,000	1,672,136
	Safeway, Inc., 5.80%, 8/15/12(2)	1,670,000	1,804,772
	SYSCO Corp., 4.20%, 2/12/13(2)	1,170,000	1,224,888
	Wal-Mart Stores, Inc., 5.875%, 4/5/27(2)	1,060,000	1,114,112
	Wal-Mart Stores, Inc., 6.50%, 8/15/37(2)	850,000	970,591
	Wal-Mart Stores, Inc., 6.20%, 4/15/38(2)	640,000	708,257
			19,094,899
FOOD PRODUCTS ― 0.4%
	General Mills, Inc., 5.65%, 9/10/12(2)	1,460,000	1,589,296
	General Mills, Inc., 5.25%, 8/15/13(2)	1,410,000	1,522,419
	General Mills, Inc., 5.65%, 2/15/19(2)	1,660,000	1,763,659
	Kellogg Co., 4.45%, 5/30/16(2)	2,400,000	2,474,878
	Kraft Foods, Inc., 6.00%, 2/11/13(2)	830,000	890,729
	Kraft Foods, Inc., 6.75%, 2/19/14(2)	1,190,000	1,317,134
	Ralcorp Holdings, Inc., 6.625%, 8/15/39(1)(2)	2,500,000	2,445,877
			12,003,992
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.3%
	Baxter International, Inc., 4.00%, 3/1/14(2)	1,620,000	1,672,200
	Baxter International, Inc., 5.90%, 9/1/16(2)	1,130,000	1,246,664
	Baxter International, Inc., 5.375%, 6/1/18(2)	650,000	691,036
	Baxter International, Inc., 6.25%, 12/1/37(2)	590,000	646,883
	Boston Scientific Corp., 6.00%, 1/15/20(2)	2,320,000	2,374,968

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	St. Jude Medical, Inc., 4.875%, 7/15/19(2)	$ 2,400,000	$ 2,423,659
			9,055,410
HEALTH CARE PROVIDERS & SERVICES ― 0.5%
	Express Scripts, Inc., 5.25%, 6/15/12(2)	5,700,000	6,060,303
	Express Scripts, Inc., 7.25%, 6/15/19(2)	1,700,000	1,934,887
	HCA, Inc., 7.875%, 2/15/20(1)(2)	1,630,000	1,701,313
	Medco Health Solutions, Inc., 7.25%, 8/15/13(2)	4,166,000	4,631,946
	Quest Diagnostics, Inc., 4.75%, 1/30/20(2)	2,060,000	2,016,802
			16,345,251
HOTELS, RESTAURANTS & LEISURE ― 0.3%
	McDonald's Corp., 5.35%, 3/1/18(2)	1,550,000	1,664,697
	McDonald's Corp., 6.30%, 10/15/37(2)	560,000	609,408
	Yum! Brands, Inc., 8.875%, 4/15/11(2)	600,000	649,442
	Yum! Brands, Inc., 6.25%, 3/15/18(2)	2,550,000	2,786,056
	Yum! Brands, Inc., 5.30%, 9/15/19(2)	3,545,000	3,567,309
	Yum! Brands, Inc., 6.875%, 11/15/37(2)	560,000	607,030
			9,883,942
HOUSEHOLD DURABLES ― 0.1%
	Toll Brothers Finance Corp., 6.75%, 11/1/19(2)	2,500,000	2,452,815
	Whirlpool Corp., 8.60%, 5/1/14(2)	1,800,000	2,039,929
			4,492,744
HOUSEHOLD PRODUCTS ― 0.1%
	Kimberly-Clark Corp., 6.125%, 8/1/17(2)	560,000	621,749
	Kimberly-Clark Corp., 7.50%, 11/1/18(2)	820,000	993,715
			1,615,464
INDUSTRIAL CONGLOMERATES ― 0.4%
	General Electric Co., 5.00%, 2/1/13(2)	2,734,000	2,894,524
	General Electric Co., 5.25%, 12/6/17(2)	4,251,000	4,350,945
	Hutchison Whampoa International 09/16 Ltd., 4.625%, 9/11/15(1)(2)	3,600,000	3,641,379
			10,886,848
INSURANCE ― 1.0%
	Allstate Corp. (The), 7.45%, 5/16/19	3,300,000	3,840,659
	Berkshire Hathaway Finance Corp., 5.00%, 8/15/13(2)	790,000	850,194
	International Lease Finance Corp., 5.30%, 5/1/12(2)	950,000	807,364
	Lincoln National Corp., 6.25%, 2/15/20(2)	2,000,000	1,974,606
	MetLife Global Funding I, 2.875%, 9/17/12(1)(2)	600,000	605,099
	MetLife Global Funding I, 5.125%, 4/10/13(1)(2)	2,170,000	2,300,604
	MetLife, Inc., 6.75%, 6/1/16(2)	3,680,000	4,126,432
	New York Life Global Funding, 4.65%, 5/9/13(1)(2)	1,630,000	1,713,427
	Prudential Financial, Inc., 3.625%, 9/17/12(2)	1,700,000	1,726,251
	Prudential Financial, Inc., 7.375%, 6/15/19(2)	5,190,000	5,828,936
	Prudential Financial, Inc., 5.40%, 6/13/35(2)	600,000	525,443
	Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39(1)(2)	2,500,000	2,592,707
	Travelers Cos., Inc. (The), 5.90%, 6/2/19(2)	3,120,000	3,338,353
			30,230,075
INTERNET & CATALOG RETAIL ― 0.1%
	Expedia, Inc., 7.46%, 8/15/18(2)	2,200,000	2,411,750
IT SERVICES ― 0.3%
	International Business Machines Corp., 5.70%, 9/14/17(2)	8,100,000	8,869,694
LEISURE EQUIPMENT & PRODUCTS ― 0.1%
	Hasbro, Inc., 6.125%, 5/15/14(2)	1,500,000	1,634,692

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

LIFE SCIENCES TOOLS & SERVICES(3)
	Thermo Fisher Scientific, Inc., 2.15%, 12/28/12(1)(2)	$ 500,000	$ 493,450
MACHINERY ― 0.2%
	Caterpillar Financial Services Corp., 4.85%, 12/7/12(2)	560,000	602,591
	Caterpillar Financial Services Corp., 5.45%, 4/15/18(2)	1,620,000	1,690,162
	Deere & Co., 5.375%, 10/16/29(2)	3,450,000	3,453,871
			5,746,624
MEDIA ― 2.0%
	British Sky Broadcasting Group plc, 9.50%, 11/15/18(1)(2)	2,950,000	3,788,015
	CBS Corp., 5.50%, 5/15/33(2)	3,780,000	3,175,691
	Comcast Corp., 5.90%, 3/15/16(2)	4,404,000	4,748,921
	Comcast Corp., 6.40%, 5/15/38(2)	650,000	671,084
	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 4.75%, 10/1/14(1)(2)	4,030,000	4,117,999
	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 6.375%, 6/15/15(2)	3,320,000	3,465,250
	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 5.875%, 10/1/19(1)(2)	2,000,000	2,037,942
	Interpublic Group of Cos., Inc. (The), 10.00%, 7/15/17(2)	1,000,000	1,115,000
	News America, Inc., 6.90%, 8/15/39(1)(2)	4,000,000	4,377,936
	Omnicom Group, Inc., 6.25%, 7/15/19(2)	4,000,000	4,323,204
	Time Warner Cable, Inc., 5.40%, 7/2/12(2)	4,410,000	4,714,528
	Time Warner Cable, Inc., 6.75%, 7/1/18(2)	4,400,000	4,841,571
	Time Warner, Inc., 5.50%, 11/15/11(2)	2,105,000	2,235,824
	Time Warner, Inc., 6.875%, 5/1/12(2)	2,380,000	2,606,900
	Time Warner, Inc., 7.625%, 4/15/31(2)	1,006,000	1,171,885
	Time Warner, Inc., 7.70%, 5/1/32(2)	2,390,000	2,814,727
	Viacom, Inc., 6.25%, 4/30/16(2)	6,080,000	6,635,183
	Viacom, Inc., 5.625%, 9/15/19(2)	1,400,000	1,464,478
	Viacom, Inc., 6.875%, 4/30/36(2)	2,800,000	3,037,225
			61,343,363
METALS & MINING ― 1.1%
	Anglo American Capital plc, 9.375%, 4/8/19(1)(2)	2,250,000	2,862,666
	ArcelorMittal, 6.125%, 6/1/18(2)	2,030,000	2,098,056
	Barrick Gold Corp., 6.95%, 4/1/19	5,390,000	6,079,370
	Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/17(2)	3,285,000	3,602,006
	Newmont Mining Corp., 6.25%, 10/1/39(2)	4,130,000	4,148,874
	Rio Tinto Finance USA Ltd., 5.875%, 7/15/13(2)	5,350,000	5,777,460
	Rio Tinto Finance USA Ltd., 9.00%, 5/1/19(2)	1,250,000	1,584,625
	Teck Resources Ltd., 10.75%, 5/15/19(2)	4,980,000	5,976,000
	Vale Overseas Ltd., 5.625%, 9/15/19(2)	1,450,000	1,471,355
	Xstrata Finance Canada Ltd., 5.80%, 11/15/16(1)(2)	447,000	458,800
			34,059,212
MULTILINE RETAIL(3)
	Macy's Retail Holdings, Inc., 5.35%, 3/15/12(2)	396,000	406,395
MULTI-UTILITIES ― 1.0%
	CenterPoint Energy Resources Corp., 6.125%, 11/1/17(2)	560,000	579,504
	CenterPoint Energy Resources Corp., 6.25%, 2/1/37(2)	950,000	923,876
	Dominion Resources, Inc., 4.75%, 12/15/10(2)	584,000	601,275
	Dominion Resources, Inc., 6.40%, 6/15/18(2)	6,000,000	6,564,702
	Georgia Power Co., 6.00%, 11/1/13(2)	1,670,000	1,857,866
	NSTAR Electric Co., 5.625%, 11/15/17(2)	1,910,000	2,048,439
	Pacific Gas & Electric Co., 4.20%, 3/1/11(2)	2,247,000	2,319,396
	Pacific Gas & Electric Co., 5.80%, 3/1/37(2)	367,000	373,232
	Pacific Gas & Electric Co., 6.35%, 2/15/38(2)	610,000	663,734

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	PG&E Corp., 5.75%, 4/1/14(2)	$ 3,870,000	$ 4,175,343
	Public Service Co. of Colorado, 5.80%, 8/1/18(2)	790,000	858,351
	Sempra Energy, 8.90%, 11/15/13(2)	3,740,000	4,349,945
	Sempra Energy, 6.50%, 6/1/16(2)	1,190,000	1,292,264
	Sempra Energy, 9.80%, 2/15/19(2)	1,840,000	2,300,199
	Sempra Energy, 6.00%, 10/15/39(2)	1,350,000	1,337,641
			30,245,767
OFFICE ELECTRONICS ― 0.2%
	Xerox Corp., 5.65%, 5/15/13(2)	1,370,000	1,428,574
	Xerox Corp., 4.25%, 2/15/15(2)	1,260,000	1,252,639
	Xerox Corp., 5.625%, 12/15/19(2)	2,170,000	2,171,059
			4,852,272
OIL, GAS & CONSUMABLE FUELS ― 2.6%
	Anadarko Petroleum Corp., 5.95%, 9/15/16(2)	2,800,000	3,032,952
	Anadarko Petroleum Corp., 6.95%, 6/15/19(2)	1,000,000	1,136,020
	Anadarko Petroleum Corp., 6.45%, 9/15/36(2)	3,750,000	3,929,093
	Cenovus Energy, Inc., 4.50%, 9/15/14(1)(2)	2,260,000	2,335,337
	ConocoPhillips, 6.50%, 2/1/39(2)	2,270,000	2,528,026
	El Paso Corp., 7.875%, 6/15/12(2)	2,630,000	2,737,972
	Enbridge Energy Partners LP, 6.50%, 4/15/18(2)	1,240,000	1,328,393
	EnCana Corp., 6.50%, 5/15/19	1,000,000	1,120,631
	Enterprise Products Operating LLC, 6.30%, 9/15/17(2)	5,500,000	5,929,946
	Enterprise Products Operating LLC, 6.125%, 10/15/39(2)	1,000,000	969,308
	EOG Resources, Inc., 5.625%, 6/1/19(2)	1,800,000	1,915,709
	Hess Corp., 6.00%, 1/15/40(2)	2,100,000	2,086,697
	Kerr-McGee Corp., 6.95%, 7/1/24(2)	3,175,000	3,446,485
	Kinder Morgan Energy Partners LP, 6.75%, 3/15/11(2)	450,000	476,029
	Kinder Morgan Energy Partners LP, 6.85%, 2/15/20(2)	3,630,000	4,034,139
	Kinder Morgan Energy Partners LP, 6.50%, 9/1/39(2)	2,020,000	2,042,483
	Magellan Midstream Partners LP, 6.55%, 7/15/19(2)	2,350,000	2,555,519
	Marathon Oil Corp., 7.50%, 2/15/19(2)	1,600,000	1,849,714
	Nexen, Inc., 5.65%, 5/15/17(2)	1,770,000	1,843,521
	Nexen, Inc., 6.20%, 7/30/19(2)	2,610,000	2,766,694
	Nexen, Inc., 6.40%, 5/15/37(2)	1,990,000	2,011,436
	Petrobras International Finance Co., 5.75%, 1/20/20(2)	2,200,000	2,249,031
	Plains All American Pipeline LP/PAA Finance Corp., 4.25%, 9/1/12(2)	1,500,000	1,548,945
	Plains All American Pipeline LP/PAA Finance Corp., 8.75%, 5/1/19(2)	5,060,000	5,976,067
	Shell International Finance BV, 4.30%, 9/22/19(2)	220,000	217,784
	Shell International Finance BV, 6.375%, 12/15/38(2)	860,000	972,949
	Talisman Energy, Inc., 7.75%, 6/1/19(2)	5,100,000	5,999,798
	Williams Cos., Inc. (The), 8.125%, 3/15/12(2)	750,000	823,848
	Williams Cos., Inc. (The), 8.75%, 1/15/20(2)	1,630,000	1,947,927
	XTO Energy, Inc., 5.90%, 8/1/12(2)	2,700,000	2,960,099
	XTO Energy, Inc., 5.30%, 6/30/15(2)	773,000	847,589
	XTO Energy, Inc., 6.50%, 12/15/18(2)	3,350,000	3,834,668
	XTO Energy, Inc., 6.10%, 4/1/36(2)	615,000	666,317
			78,121,126
PAPER & FOREST PRODUCTS ― 0.2%
	International Paper Co., 9.375%, 5/15/19(2)	3,000,000	3,693,552
	International Paper Co., 7.30%, 11/15/39(2)	3,000,000	3,192,585
			6,886,137

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

PERSONAL PRODUCTS ― 0.1%
	Mead Johnson Nutrition Co., 3.50%, 11/1/14(1)(2)	$ 1,900,000	$ 1,880,411
	Mead Johnson Nutrition Co., 5.90%, 11/1/39(1)(2)	2,600,000	2,569,208
			4,449,619
PHARMACEUTICALS ― 1.2%
	Abbott Laboratories, 5.875%, 5/15/16(2)	1,021,000	1,127,658
	Abbott Laboratories, 5.60%, 11/30/17(2)	630,000	685,283
	Abbott Laboratories, 6.00%, 4/1/39(2)	810,000	856,867
	AstraZeneca plc, 5.40%, 9/15/12(2)	2,420,000	2,645,164
	AstraZeneca plc, 5.90%, 9/15/17(2)	830,000	923,714
	GlaxoSmithKline Capital, Inc., 4.85%, 5/15/13(2)	1,630,000	1,751,083
	Pfizer, Inc., 6.20%, 3/15/19(2)	5,090,000	5,668,209
	Pfizer, Inc., 7.20%, 3/15/39(2)	3,460,000	4,242,320
	Roche Holdings, Inc., 5.00%, 3/1/14(1)(2)	2,750,000	2,944,818
	Roche Holdings, Inc., 6.00%, 3/1/19(1)(2)	3,970,000	4,370,208
	Watson Pharmaceuticals, Inc., 5.00%, 8/15/14(2)	7,600,000	7,767,367
	Watson Pharmaceuticals, Inc., 6.125%, 8/15/19(2)	1,740,000	1,798,573
	Wyeth, 5.95%, 4/1/37(2)	780,000	816,158
			35,597,422
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.3%
	ProLogis, 7.625%, 8/15/14(2)	1,940,000	2,030,656
	ProLogis, 5.75%, 4/1/16(2)	750,000	705,331
	ProLogis, 5.625%, 11/15/16(2)	1,080,000	996,646
	ProLogis, 7.375%, 10/30/19(2)	2,040,000	2,015,728
	Simon Property Group LP, 5.75%, 12/1/15(2)	2,250,000	2,297,293
			8,045,654
REAL ESTATE MANAGEMENT & DEVELOPMENT(3)
	AMB Property LP, 6.625%, 12/1/19(2)	1,380,000	1,355,965
ROAD & RAIL ― 0.4%
	CSX Corp., 5.75%, 3/15/13(2)	1,680,000	1,818,765
	CSX Corp., 7.375%, 2/1/19(2)	4,500,000	5,149,571
	Norfolk Southern Corp., 5.75%, 1/15/16(2)	750,000	798,917
	Norfolk Southern Corp., 5.75%, 4/1/18(2)	2,400,000	2,542,939
	Union Pacific Corp., 5.75%, 11/15/17(2)	2,780,000	2,937,809
			13,248,001
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 0.1%
	Analog Devices, Inc., 5.00%, 7/1/14(2)	1,550,000	1,618,569
SOFTWARE ― 0.1%
	Intuit, Inc., 5.75%, 3/15/17(2)	1,833,000	1,901,323
SPECIALTY RETAIL ― 0.2%
	GSC Holdings Corp., 8.00%, 10/1/12(2)	1,300,000	1,353,625
	Home Depot, Inc. (The), 5.875%, 12/16/36(2)	800,000	774,763
	Staples, Inc., 9.75%, 1/15/14(2)	2,800,000	3,414,583
			5,542,971
TOBACCO ― 0.2%
	Altria Group, Inc., 9.25%, 8/6/19(2)	6,180,000	7,543,679
WIRELESS TELECOMMUNICATION SERVICES ― 0.4%
	America Movil SAB de CV, 5.00%, 10/16/19(1)(2)	3,570,000	3,497,329
	American Tower Corp., 7.25%, 5/15/19(1)(2)	3,700,000	4,144,000
	Rogers Cable, Inc., 6.25%, 6/15/13(2)	1,600,000	1,754,083
	Rogers Communications, Inc., 6.80%, 8/15/18(2)	1,370,000	1,536,833

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Vodafone Group plc, 5.00%, 12/16/13(2)	$ 2,070,000	$ 2,193,766
			13,126,011
TOTAL CORPORATE BONDS
	(Cost $801,267,939)		849,729,202
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES(4) ― 27.7%
ADJUSTABLE-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES ― 0.2%
	FNMA, VRN, 5.62%, 3/1/12(2)	4,940,548	5,233,721
FIXED-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES ― 27.5%
	FHLMC, 5.00%, 10/1/10(2)	804,922	824,785
	FHLMC, 6.50%, 12/1/12(2)	3,566	3,824
	FHLMC, 6.00%, 1/1/13(2)	45,145	48,255
	FHLMC, 7.00%, 11/1/13(2)	14,469	15,440
	FHLMC, 7.00%, 6/1/14(2)	32,316	34,723
	FHLMC, 6.50%, 6/1/16(2)	56,347	60,653
	FHLMC, 6.50%, 6/1/16(2)	111,951	120,958
	FHLMC, 5.00%, 11/1/17(2)	1,390,032	1,465,569
	FHLMC, 4.50%, 1/1/19(2)	159,644	166,298
	FHLMC, 5.00%, 1/1/21(2)	7,000,770	7,361,515
	FHLMC, 5.00%, 4/1/21(2)	2,493,036	2,621,500
	FHLMC, 7.00%, 9/1/27(2)	13,082	14,478
	FHLMC, 6.50%, 1/1/28(2)	22,413	24,262
	FHLMC, 7.00%, 2/1/28(2)	3,321	3,676
	FHLMC, 6.50%, 3/1/29(2)	125,918	136,326
	FHLMC, 6.50%, 6/1/29(2)	83,432	90,328
	FHLMC, 7.00%, 8/1/29(2)	14,281	15,783
	FHLMC, 7.50%, 8/1/29(2)	25,930	29,173
	FHLMC, 6.50%, 5/1/31(2)	2,727	2,949
	FHLMC, 6.50%, 5/1/31(2)	59,573	64,441
	FHLMC, 6.50%, 6/1/31(2)	800	865
	FHLMC, 6.50%, 6/1/31(2)	946	1,024
	FHLMC, 6.50%, 6/1/31(2)	3,273	3,540
	FHLMC, 6.50%, 6/1/31(2)	5,567	6,022
	FHLMC, 6.50%, 6/1/31(2)	8,665	9,373
	FHLMC, 6.50%, 6/1/31(2)	46,182	49,956
	FHLMC, 5.50%, 12/1/33(2)	1,743,303	1,834,736
	FHLMC, 6.00%, 9/1/35	42,488,001	45,362,580
	FHLMC, 5.50%, 12/1/37	9,071,817	9,515,013
	FHLMC, 5.50%, 1/1/38(2)	11,487,281	12,057,457
	FHLMC, 5.50%, 4/1/38(2)	14,678,844	15,395,967
	FHLMC, 6.00%, 8/1/38	2,225,147	2,362,007
	FHLMC, 6.50%, 7/1/47(2)	381,838	407,135
	FNMA, 6.00%, settlement date 1/15/10(5)	6,454,681	6,836,921
	FNMA, 6.50%, settlement date 1/15/10(5)	13,694,000	14,667,561
	FNMA, 6.00%, 5/1/13(2)	5,256	5,627
	FNMA, 6.00%, 5/1/13(2)	11,456	12,294
	FNMA, 6.00%, 7/1/13(2)	32,549	34,928
	FNMA, 6.00%, 12/1/13(2)	45,946	49,304
	FNMA, 6.00%, 1/1/14(2)	37,949	40,723
	FNMA, 6.00%, 2/1/14(2)	56,435	60,561
	FNMA, 6.00%, 4/1/14(2)	70,520	75,675

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

FNMA, 5.50%, 12/1/16(2)	$ 285,667	$ 303,779
FNMA, 5.50%, 12/1/16(2)	572,308	608,595
FNMA, 5.00%, 6/1/18	8,866,505	9,342,786
FNMA, 4.50%, 5/1/19(2)	2,736,381	2,846,147
FNMA, 6.50%, 1/1/26(2)	77,507	83,817
FNMA, 7.00%, 12/1/27(2)	8,869	9,840
FNMA, 6.50%, 1/1/28(2)	5,938	6,422
FNMA, 7.00%, 1/1/28(2)	4,089	4,536
FNMA, 7.50%, 4/1/28(2)	25,623	28,899
FNMA, 7.00%, 5/1/28(2)	78,084	86,604
FNMA, 7.00%, 6/1/28(2)	4,058	4,501
FNMA, 6.50%, 1/1/29(2)	16,603	17,996
FNMA, 6.50%, 4/1/29(2)	53,585	58,030
FNMA, 7.00%, 7/1/29(2)	32,528	36,077
FNMA, 7.00%, 7/1/29(2)	37,887	41,980
FNMA, 7.50%, 7/1/29(2)	90,268	101,871
FNMA, 7.50%, 8/1/30(2)	56,675	63,970
FNMA, 7.50%, 9/1/30(2)	34,179	38,569
FNMA, 7.00%, 9/1/31(2)	215,119	239,706
FNMA, 6.50%, 1/1/32(2)	102,017	110,322
FNMA, 7.00%, 6/1/32(2)	1,032,820	1,140,162
FNMA, 6.50%, 8/1/32(2)	380,145	411,091
FNMA, 5.50%, 2/1/33	34,500,021	36,266,352
FNMA, 5.00%, 6/1/33	28,561,557	29,479,156
FNMA, 5.50%, 6/1/33(2)	2,285,904	2,402,938
FNMA, 5.50%, 7/1/33(2)	10,866,297	11,422,629
FNMA, 5.00%, 8/1/33	7,238,523	7,459,449
FNMA, 5.50%, 8/1/33(2)	2,047,889	2,152,737
FNMA, 5.50%, 9/1/33(2)	2,671,044	2,807,796
FNMA, 5.00%, 11/1/33(2)	17,593,196	18,130,155
FNMA, 5.50%, 1/1/34(2)	5,753,014	6,062,472
FNMA, 5.50%, 2/1/34	10,286,990	10,813,663
FNMA, 5.00%, 3/1/34	10,201,795	10,513,163
FNMA, 4.50%, 1/1/35	33,072,684	33,220,823
FNMA, 5.00%, 6/1/35	19,954,836	20,545,167
FNMA, 5.00%, 7/1/35	36,627,419	37,710,982
FNMA, 5.00%, 8/1/35(2)	1,967,385	2,023,128
FNMA, 4.50%, 9/1/35(2)	6,606,642	6,627,976
FNMA, 5.00%, 10/1/35	10,773,903	11,079,164
FNMA, 5.50%, 12/1/35	53,578,901	56,322,032
FNMA, 5.00%, 2/1/36(2)	7,912,897	8,137,097
FNMA, 5.50%, 4/1/36(2)	9,587,605	10,072,479
FNMA, 5.50%, 5/1/36(2)	19,814,442	20,816,517
FNMA, 5.50%, 7/1/36(2)	7,367,820	7,727,769
FNMA, 5.50%, 2/1/37(2)	3,631,360	3,808,767
FNMA, 5.50%, 5/1/37	13,383,329	14,026,706
FNMA, 6.50%, 8/1/37(2)	6,591,179	7,034,024
FNMA, 6.00%, 11/1/37	39,655,866	42,072,395
FNMA, 5.50%, 12/1/37	34,324,821	35,974,917
FNMA, 5.50%, 2/1/38(2)	6,504,937	6,817,649
FNMA, 5.50%, 6/1/38	9,434,436	9,887,977
FNMA, 6.00%, 9/1/38	3,668,883	3,879,843

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	FNMA, 6.00%, 11/1/38	$ 5,251,840	$ 5,553,821
	FNMA, 5.50%, 12/1/38	27,243,197	28,552,858
	FNMA, 5.00%, 1/1/39	11,095,500	11,400,580
	FNMA, 4.50%, 2/1/39	19,207,452	19,199,369
	FNMA, 6.50%, 6/1/47(2)	283,358	302,131
	FNMA, 6.50%, 8/1/47(2)	666,757	710,930
	FNMA, 6.50%, 8/1/47(2)	898,851	958,400
	FNMA, 6.50%, 9/1/47(2)	111,878	119,290
	FNMA, 6.50%, 9/1/47(2)	778,170	829,724
	FNMA, 6.50%, 9/1/47(2)	789,657	841,971
	FNMA, 6.50%, 9/1/47(2)	959,992	1,023,591
	FNMA, 6.50%, 9/1/47(2)	1,470,701	1,568,135
	GNMA, 7.50%, 8/20/17(2)	35,721	39,064
	GNMA, 7.00%, 11/15/22(2)	46,229	51,221
	GNMA, 8.75%, 3/15/25(2)	44,716	51,203
	GNMA, 7.00%, 4/20/26(2)	9,330	10,333
	GNMA, 7.50%, 8/15/26(2)	17,892	20,127
	GNMA, 8.00%, 8/15/26(2)	9,419	10,809
	GNMA, 7.50%, 4/15/27(2)	1,275	1,435
	GNMA, 7.50%, 5/15/27(2)	20,652	23,241
	GNMA, 8.00%, 6/15/27(2)	18,148	20,841
	GNMA, 7.50%, 11/15/27(2)	2,201	2,476
	GNMA, 7.00%, 2/15/28(2)	9,864	10,978
	GNMA, 7.50%, 2/15/28(2)	15,096	16,998
	GNMA, 6.50%, 3/15/28(2)	15,128	16,345
	GNMA, 7.00%, 4/15/28(2)	2,688	2,992
	GNMA, 6.50%, 5/15/28(2)	2,089	2,257
	GNMA, 6.50%, 5/15/28(2)	5,822	6,291
	GNMA, 6.50%, 5/15/28(2)	40,230	43,466
	GNMA, 7.00%, 12/15/28(2)	16,210	18,041
	GNMA, 7.00%, 5/15/31(2)	91,152	101,523
	GNMA, 4.50%, 8/15/33	8,217,378	8,283,647
	GNMA, 6.00%, 9/20/38(2)	13,028,738	13,816,029
	GNMA, 5.50%, 11/15/38	22,356,603	23,454,488
	GNMA, 6.00%, 1/20/39	3,154,888	3,345,644
	GNMA, 5.00%, 3/20/39	18,811,258	19,375,025
	GNMA, 4.50%, 4/15/39	29,346,113	29,426,874
	GNMA, 4.50%, 11/15/39	54,921,328	55,072,473
			837,060,448
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
	(Cost $828,308,565)		842,294,169
U.S. TREASURY SECURITIES ― 19.4%
	U.S. Treasury Bonds, 10.625%, 8/15/15(2)	1,500,000	2,107,032
	U.S. Treasury Bonds, 6.125%, 11/15/27(2)	19,206,000	22,885,159
	U.S. Treasury Bonds, 5.25%, 2/15/29(2)	12,000,000	13,005,012
	U.S. Treasury Bonds, 5.375%, 2/15/31(2)	9,500,000	10,500,474
	U.S. Treasury Bonds, 4.75%, 2/15/37(2)	5,160,000	5,274,490
	U.S. Treasury Bonds, 4.25%, 5/15/39(2)	6,300,000	5,912,159
	U.S. Treasury Bonds, 4.50%, 8/15/39(2)	5,000,000	4,888,285
	U.S. Treasury Bonds, 4.375%, 11/15/39(2)	20,850,000	19,963,896

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	U.S. Treasury Inflation Indexed Notes, 1.625%, 1/15/15(2)	$ 56,607,000	$ 58,942,039
	U.S. Treasury Notes, 0.875%, 4/30/11(2)	60,000,000	60,098,460
	U.S. Treasury Notes, 1.00%, 10/31/11(2)	100,000,000	99,941,300
	U.S. Treasury Notes, 1.875%, 6/15/12(2)	85,000,000	85,956,335
	U.S. Treasury Notes, 4.25%, 9/30/12(2)	6,480,000	6,955,878
	U.S. Treasury Notes, 1.375%, 11/15/12(2)	50,000,000	49,656,300
	U.S. Treasury Notes, 2.375%, 8/31/14(2)	133,900,000	132,958,549
	U.S. Treasury Notes, 3.00%, 8/31/16(2)	10,000,000	9,838,290
TOTAL U.S. TREASURY SECURITIES
	(Cost $589,490,100)		588,883,658
U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS ― 12.7%
FIXED-RATE U.S. GOVERNMENT AGENCY SECURITIES ― 5.7%
	FHLB, 1.625%, 11/21/12(2)	30,000,000	29,803,950
	FHLB, 4.81%, 8/20/15(2)	4,561,115	4,768,709
	FHLMC, 2.125%, 3/23/12(2)	10,000,000	10,158,750
	FHLMC, 1.75%, 6/15/12	15,000,000	15,075,435
	FHLMC, 2.125%, 9/21/12(2)	15,000,000	15,169,515
	FHLMC, 5.00%, 1/30/14(2)	17,800,000	19,426,938
	FHLMC, 4.875%, 6/13/18(2)	5,395,000	5,780,818
	FNMA, 0.875%, 1/12/12(2)	10,000,000	9,927,920
	FNMA, 1.875%, 4/20/12(2)	15,000,000	15,164,700
	FNMA, 1.75%, 8/10/12(2)	10,000,000	10,004,320
	FNMA, 4.375%, 7/17/13(2)	5,461,000	5,859,265
	FNMA, 2.75%, 3/13/14(2)	30,000,000	30,284,610
			171,424,930
GOVERNMENT-BACKED CORPORATE BONDS(6) ― 7.0%
	Bank of America Corp., 3.125%, 6/15/12(2)	9,000,000	9,331,263
	Citigroup Funding, Inc., 1.875%, 10/22/12	12,000,000	11,962,764
	Citigroup Funding, Inc., 1.875%, 11/15/12(2)	21,700,000	21,659,052
	General Electric Capital Corp., 1.80%, 3/11/11(2)	10,000,000	10,115,750
	General Electric Capital Corp., 2.20%, 6/8/12(2)	9,220,000	9,354,815
	General Electric Capital Corp., 2.625%, 12/28/12(2)	20,000,000	20,382,820
	GMAC, Inc., 1.75%, 10/30/12(2)	29,500,000	29,328,015
	Goldman Sachs Group, Inc. (The), 1.625%, 7/15/11(2)	7,100,000	7,166,201
	HSBC USA, Inc., 3.125%, 12/16/11(2)	20,000,000	20,706,820
	Morgan Stanley, 2.00%, 9/22/11(2)	6,700,000	6,805,967
	PNC Funding Corp., 2.30%, 6/22/12(2)	20,000,000	20,350,080
	State Street Bank and Trust Co., 1.85%, 3/15/11(2)	10,000,000	10,134,010
	State Street Corp., 2.15%, 4/30/12(2)	12,000,000	12,164,052
	US Bancorp, 1.80%, 5/15/12	18,000,000	18,104,562
	Wells Fargo & Co., 2.125%, 6/15/12(2)	5,000,000	5,061,145
			212,627,316
TOTAL U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS
	(Cost $380,029,619)		384,052,246
COMMERCIAL MORTGAGE-BACKED SECURITIES(4) ― 3.1%
	Banc of America Commercial Mortgage, Inc., Series 2004-1, Class A3 SEQ, 4.43%, 11/10/39(2)	8,305,000	8,291,492
	Chase Manhattan Bank-First Union National Bank, Series 1999-1, Class C, VRN, 7.63%, 1/4/10(2)	1,200,000	1,205,938

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Commercial Mortgage Pass-Through Certificates, Series 2005 F10A, Class A1, VRN, 0.33%, 1/15/10, resets monthly off the 1-month LIBOR plus 0.10% with no caps(1)(2)	$ 116,608	$ 115,804
	Credit Suisse Mortgage Capital Certificates, Series 2007 TF2A, Class A1, VRN, 0.41%, 1/15/10, resets monthly off the 1-month LIBOR plus 0.18% with no caps(1)(2)	3,726,764	3,200,131
	First Union National Bank Commercial Mortgage, Series 2000 C1, Class C, VRN, 8.09%, 1/4/10(2)	8,200,000	8,257,529
	GMAC Commercial Mortgage Securities, Inc., Series 2000 C3, Class B, 7.06%, 9/15/35	9,414,000	9,791,559
	GMAC Commercial Mortgage Securities, Inc., Series 2005 C1, Class A2 SEQ, 4.47%, 5/10/43(2)	3,381,854	3,385,262
	Greenwich Capital Commercial Funding Corp., Series 2006 FL4A, Class A1, VRN, 0.32%, 1/5/10, resets monthly off the 1-month LIBOR plus 0.09% with no caps (1)(2)	386,025	331,841
	GS Mortgage Securities Corp. II, Series 2004 GG2, Class A4 SEQ, 4.96%, 8/10/38(2)	21,850,000	22,114,986
	Heller Financial Commercial Mortgage Asset, Series 2000 PH1, Class D, VRN, 8.08%, 1/4/10	5,000,000	4,994,152
	LB-UBS Commercial Mortgage Trust, Series 2003 C3, Class A3 SEQ, 3.85%, 5/15/27(2)	9,358,286	9,347,561
	LB-UBS Commercial Mortgage Trust, Series 2005 C2, Class A2 SEQ, 4.82%, 4/15/30(2)	5,940,034	5,949,286
	LB-UBS Commercial Mortgage Trust, Series 2005 C3, Class A3 SEQ, 4.65%, 7/15/30(2)	6,984,000	7,019,731
	Merrill Lynch Floating Trust, Series 2006-1, Class A1, VRN, 0.30%, 1/15/10, resets monthly off the 1-month LIBOR plus 0.07% with no caps(1)(2)	1,694,759	1,532,148
	Morgan Stanley Capital I, Series 2003 T11, Class A3 SEQ, 4.85%, 6/13/41(2)	9,537,675	9,705,042
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $94,317,157)		95,242,462
COLLATERALIZED MORTGAGE OBLIGATIONS(4) ― 2.4%
PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATIONS ― 1.7%
	Banc of America Alternative Loan Trust, Series 2007-2, Class 2A4, 5.75%, 6/25/37(2)	3,078,535	1,877,548
	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 3.29%, 1/4/10(2)	11,352,336	9,157,555
	Chase Mortgage Finance Corp., Series 2005 A1, Class 2A2 SEQ, VRN, 5.23%, 1/4/10(2)	4,142,889	3,815,738
	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-37, Class 2A2, VRN, 3.67%, 1/4/10(2)	500,681	241,368
	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35(2)	8,195,826	7,562,870
	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-16, Class A1, 6.50%, 10/25/37(2)	5,008,308	4,067,732
	Credit Suisse First Boston Mortgage Securities Corp., Series 2003 AR28, Class 2A1, VRN, 3.16%, 1/4/10(2)	2,672,381	2,445,977
	J.P. Morgan Mortgage Trust, Series 2005 A4, Class 2A1, VRN, 5.04%, 1/4/10(2)	5,244,419	4,352,257
	J.P. Morgan Mortgage Trust, Series 2005 A6, Class 7A1, VRN, 4.96%, 1/4/10(2)	11,285,282	9,169,547
	J.P. Morgan Mortgage Trust, Series 2005 A8, Class 6A2, VRN, 5.11%, 1/4/10(2)	485,728	440,818
	J.P. Morgan Mortgage Trust, Series 2006 A3, Class 2A1 SEQ, VRN, 5.57%, 1/4/10	2,791,367	2,352,848

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	MASTR Alternative Loans Trust, Series 2003-8, Class 4A1, 7.00%, 12/25/33(2)		$ 88,656	$ 84,002
	Wells Fargo Mortgage Backed Securities Trust, Series 2006 AR15, Class A1, VRN, 5.65%, 1/4/10		3,858,823	3,090,518
	Wells Fargo Mortgage Backed Securities Trust, Series 2006 AR19, Class A1, VRN, 5.62%, 1/4/10(2)		1,941,423	1,563,702
	Wells Fargo Mortgage Backed Securities Trust, Series 2007-15, Class A1, 6.00%, 11/25/37(2)		2,868,590	2,468,093
				52,690,573
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS ― 0.7%
	FHLMC, Series 2840, Class VK, 5.50%, 7/15/15		2,338,817	2,496,534
	FHLMC, Series 2926, Class EW SEQ, 5.00%, 1/15/25(2)		3,054,000	3,176,229
	FHLMC, Series 3203, Class VN SEQ, 5.00%, 6/15/22(2)		10,000,000	10,394,158
	FNMA, Series 1989-35, Class G SEQ, 9.50%, 7/25/19(2)		21,890	24,156
	FNMA, Series 2003-10, Class HW SEQ, 5.00%, 11/25/16(2)		3,234,943	3,301,697
				19,392,774
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $71,208,262)			72,083,347
MUNICIPAL SECURITIES ― 2.1%
	California GO, 5.00%, 2/1/27 (Ambac)(2)		15,000,000	14,728,950
	California GO, (Building Bonds), 7.55%, 4/1/39(2)		5,000,000	4,929,550
	California GO, (Building Bonds), 7.30%, 10/1/39(2)		6,800,000	6,456,396
	Illinois GO, (Taxable Pension), 5.10%, 6/1/33(2)		6,762,000	5,673,521
	Los Angeles Unified School District GO, (Building Bonds), 5.76%, 7/1/29(2)		3,400,000	3,197,258
	Metropolitan Water Reclamation District of Greater Chicago GO, (Building Bonds), 5.72%, 12/1/38(2)		2,200,000	2,215,422
	Missouri Highways & Transportation Commission Rev., (Building Bonds), 5.45%, 5/1/33(2)		2,050,000	1,970,050
	New Jersey State Turnpike Auth. Rev., Series 2009 F, (Building Bonds), 7.41%, 1/1/40(2)		5,385,000	6,093,504
	New York State Dormitory Auth. Rev., (Building Bonds), 5.63%, 3/15/39(2)		2,650,000	2,543,179
	San Antonio Electric & Gas Rev., (Building Bonds), 5.99%, 2/1/39(2)		1,700,000	1,740,222
	Texas GO, (Building Bonds), 5.52%, 4/1/39(2)		5,000,000	4,897,900
	University of California Rev., (Building Bonds), 5.77%, 5/15/43(2)		3,320,000	3,257,086
	Utah GO, Series 2009 D, (Building Bonds), 4.55%, 7/1/24(2)		6,050,000	5,939,769
TOTAL MUNICIPAL SECURITIES
	(Cost $64,350,770)			63,642,807
SOVEREIGN GOVERNMENTS & AGENCIES ― 1.6%
	BRAZIL — 0.2%
	Brazilian Government International Bond, 5.875%, 1/15/19(2)		4,930,000	5,275,100
	CANADA — 0.1%
	Hydro Quebec, Series HY, 8.40%, 1/15/22(2)		246,000	315,261
	Province of Ontario Canada, 5.45%, 4/27/16(2)		3,630,000	3,955,727
				4,270,988
	GERMANY — 0.8%
	German Federal Republic, 3.50%, 7/4/19	EUR	17,200,000	25,028,297
	MEXICO — 0.2%
	United Mexican States, 5.95%, 3/19/19(2)		$ 6,130,000	6,513,125
	NORWAY — 0.2%
	Government of Norway, 6.00%, 5/16/11	NOK	31,900,000	5,773,047

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	POLAND — 0.1%
	Poland Government International Bond, 6.375%, 7/15/19(2)		$ 2,600,000	$ 2,840,976
TOTAL SOVEREIGN GOVERNMENTS & AGENCIES
	(Cost $49,572,919)			49,701,533
ASSET-BACKED SECURITIES(4) ― 0.5%
	CenterPoint Energy Transition Bond Co. LLC, Series 2009-1, Class A1 SEQ, 1.83%, 2/15/16		11,700,000	11,543,056
	CNH Equipment Trust, Series 2007 C, Class A3A SEQ, 5.21%, 12/15/11(2)		790,539	796,429
	Detroit Edison Securitization Funding LLC, Series 2001-1, Class A4 SEQ, 6.19%, 3/1/13(2)		617,282	640,378
	SLM Student Loan Trust, Series 2006-5, Class A2, VRN, 0.27%, 1/25/10, resets quarterly off the 3-month LIBOR minus 0.01% with no caps(2)		177,597	177,543
	SLM Student Loan Trust, Series 2007-8, Class A1, VRN, 0.51%, 1/25/10, resets quarterly off the 3-month LIBOR plus 0.23% with no caps(2)		1,431,627	1,431,716
TOTAL ASSET-BACKED SECURITIES
	(Cost $14,716,703)			14,589,122
SHORT-TERM INVESTMENTS(7) ― 0.3%
	Government of Canada Treasury Bill, 0.28%, 4/1/10
	(Cost $8,495,474)	CAD	9,010,000	8,610,953
TEMPORARY CASH INVESTMENTS ― 2.2%
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 4.50%, 5/15/10, valued at $69,372,239), in a joint trading account at 0.001%, dated 12/31/09, due 1/4/10 (Delivery value $68,012,007)(2) (Cost $68,012,000)				68,012,000
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $2,969,769,508)				3,036,841,499
OTHER ASSETS AND LIABILITIES(3)				10,331
TOTAL NET ASSETS — 100.0%				$3,036,851,830

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
7,994,771	EUR for USD	1/29/10	$11,460,904	$338,637

(Value on Settlement Date $11,799,541)

FUTURES CONTRACTS

Contracts Purchased		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
422	U.S. Long Bond	March 2010	$48,688,250	$(2,045,994)


Contracts Sold		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
1,628	U.S. Treasury 2-Year Notes	March 2010	$352,080,437	$1,748,145

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

SWAP AGREEMENTS
Notional Amount	Description of Agreement	Premiums Paid (Received)	Value
CREDIT DEFAULT - BUY PROTECTION
$7,600,000	Pay quarterly a fixed rate equal to 0.12% multiplied by the notional amount and receive from Barclays Bank plc upon each default event of Pfizer, Inc., par value of the proportional notional amount of Pfizer, Inc., 4.65%, 3/1/18. Expires March 2017.	–	$157,314

Notes to Schedule of Investments
	Ambac	-	Ambac Assurance Corporation
	CAD	-	Canadian Dollar
	Equivalent	-	Security whose principal payments are backed by the full faith and credit of the United States
	EUR	-	Euro
	FHLB	-	Federal Home Loan Bank
	FHLMC	-	Federal Home Loan Mortgage Corporation
	FNMA	-	Federal National Mortgage Association
	GMAC	-	General Motors Acceptance Corporation
	GNMA	-	Government National Mortgage Association
	GO	-	General Obligation
	LB-UBS	-	Lehman Brothers, Inc. — UBS AG
	LIBOR	-	London Interbank Offered Rate
	MASTR	-	Mortgage Asset Securitization Transactions, Inc.
	resets	-	The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
	SEQ	-	Sequential Payer
	USD	-	United States Dollar
	VRN	-	Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

(1)	Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $122,614,839, which represented 4.0% of total net assets.
(2)	Security, or a portion thereof, has been segregated for forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $422,431,000.
(3)	Category is less than 0.05% of total net assets.
(4)	Final maturity indicated, unless otherwise noted.
(5)	Forward commitment.
(6)	The debt is guaranteed under the Federal Deposit Insurance Corporation's (FDIC) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC's guarantee is the earlier of the maturity date of the debt or December 31, 2012.
(7)	The rate indicated is the yield to maturity at purchase.

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Security Valuations

Debt securities maturing in greater than 60 days at the time of purchase are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Investments in open-end management investment companies are valued at the reported net asset value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.

2. Fair Value Measurements

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar

securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of December 31, 2009:

	Level 1	Level 2	Level 3
Investment Securities
Corporate Bonds	–	$ 849,729,202	–
U.S. Government Agency Mortgage-Backed Securities	–	842,294,169	–
U.S. Treasury Securities	–	588,883,658	–
U.S. Government Agency Securities and Equivalents	–	384,052,246	–
Commercial Mortgage-Backed Securities	–	95,242,462	–
Collateralized Mortgage Obligations	–	72,083,347	–
Municipal Securities	–	63,642,807	–
Sovereign Governments & Agencies	–	49,701,533	–
Asset-Backed Securities	–	14,589,122	–
Short-Term Investments	–	8,610,953	–
Temporary Cash Investments	–	68,012,000	–
Total Value of Investment Securities	–	$3,036,841,499	–
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	–	$338,637	–
Futures Contracts	$(297,849)	–	–
Swap Agreements	–	157,314	–
Total Unrealized Gain (Loss) on Other Financial Instruments	$(297,849)	$495,951	–

Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

3. Federal Tax Information

As of December 31, 2009, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$2,969,792,238
Gross tax appreciation of investments	$ 80,425,052
Gross tax depreciation of investments	(13,375,791)
Net tax appreciation (depreciation) of investments	$ 67,049,261

The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

American Century Investments®

Quarterly Portfolio Holdings

High-Yield Fund

December 31, 2009

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

CORPORATE BONDS ― 93.0%
AEROSPACE & DEFENSE ― 1.5%
	Bombardier, Inc., 8.00%, 11/15/14(1)(2)	$ 750,000	$ 782,813
	Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co. PIK, 8.875%, 4/1/15(2)	1,048,125	644,597
	L-3 Communications Corp., 6.125%, 7/15/13(2)	675,000	685,125
	L-3 Communications Corp., 6.375%, 10/15/15(2)	250,000	252,187
	Triumph Group, Inc., 8.00%, 11/15/17(1)(2)	1,200,000	1,216,500
			3,581,222
AUTO COMPONENTS ― 1.6%
	American Axle & Manufacturing Holdings, Inc., 9.25%, 1/15/17(1)(2)	500,000	510,000
	American Axle & Manufacturing, Inc., 7.875%, 3/1/17(2)	700,000	595,000
	Goodyear Tire & Rubber Co. (The), 9.00%, 7/1/15(2)	1,000,000	1,045,000
	Goodyear Tire & Rubber Co. (The), 10.50%, 5/15/16(2)	500,000	555,000
	Tenneco, Inc., 8.125%, 11/15/15(2)	500,000	508,125
	TRW Automotive, Inc., 8.875%, 12/1/17(1)(2)	500,000	522,500
			3,735,625
AUTOMOBILES ― 0.2%
	Ford Motor Co., 7.45%, 7/16/31(2)	650,000	577,688
BUILDING PRODUCTS ― 0.7%
	Masco Corp., 6.125%, 10/3/16	1,000,000	954,230
	Nortek, Inc., 11.00%, 12/1/13	652,889	685,533
			1,639,763
CHEMICALS ― 1.1%
	Ashland, Inc., 9.125%, 6/1/17(1)(2)	500,000	550,000
	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.75%, 11/15/14(2)	1,200,000	1,182,000
	Huntsman International LLC, 7.875%, 11/15/14	650,000	638,625
	Nalco Co., 8.25%, 5/15/17(1)(2)	250,000	266,875
			2,637,500
COMMERCIAL BANKS ― 0.5%
	Lloyds Banking Group plc, VRN, 6.66%, 5/21/37(1)(3)(4)	1,000,000	601,336
	Royal Bank of Scotland Group plc, VRN, 7.64%, 9/29/17(3)(4)	1,000,000	540,644
			1,141,980
COMMERCIAL SERVICES & SUPPLIES ― 3.0%
	ACCO Brands Corp., 10.625%, 3/15/15(1)(2)	500,000	552,500
	ARAMARK Corp., 8.50%, 2/1/15(2)	1,350,000	1,397,250
	Cenveo Corp., 7.875%, 12/1/13(2)	1,250,000	1,162,500
	Cenveo Corp., 8.375%, 6/15/14(2)	350,000	292,250
	Corrections Corp. of America, 6.25%, 3/15/13(2)	700,000	707,000
	Corrections Corp. of America, 7.75%, 6/1/17(2)	1,300,000	1,345,500
	Iron Mountain, Inc., 8.375%, 8/15/21(2)	500,000	518,750
	KAR Auction Services, Inc., 8.75%, 5/1/14(2)	1,000,000	1,036,250
			7,012,000
COMMUNICATIONS EQUIPMENT ― 0.2%
	Viasat, Inc., 8.875%, 9/15/16(1)(2)	450,000	465,750
COMPUTERS & PERIPHERALS ― 0.3%
	Seagate Technology HDD Holdings, 6.80%, 10/1/16(2)	650,000	632,125
CONSUMER FINANCE ― 5.7%
	American General Finance Corp., 4.875%, 7/15/12(2)	2,000,000	1,640,266

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Capital One Capital V, 10.25%, 8/15/39(2)	$ 1,000,000	$ 1,165,515
	Ford Motor Credit Co. LLC, 7.875%, 6/15/10(2)	1,000,000	1,015,217
	Ford Motor Credit Co. LLC, 7.25%, 10/25/11(2)	2,100,000	2,121,659
	Ford Motor Credit Co. LLC, 7.50%, 8/1/12	1,100,000	1,109,943
	Ford Motor Credit Co. LLC, 8.70%, 10/1/14	1,000,000	1,046,501
	GMAC, Inc., 6.875%, 9/15/11	2,825,000	2,810,875
	GMAC, Inc., 8.00%, 11/1/31	1,000,000	910,000
	National Money Mart Co., 10.375%, 12/15/16(1)	500,000	513,750
	SLM Corp., 5.375%, 1/15/13(2)	1,000,000	943,970
			13,277,696
CONTAINERS & PACKAGING ― 1.6%
	Ball Corp., 6.875%, 12/15/12(2)	1,000,000	1,017,500
	Ball Corp., 6.625%, 3/15/18(2)	250,000	248,125
	Graham Packaging Co. LP/GPC Capital Corp I, 9.875%, 10/15/14	1,000,000	1,025,000
	Graham Packaging Co. LP/GPC Capital Corp I, 8.25%, 1/1/17(1)	500,000	496,250
	Rock-Tenn Co., 9.25%, 3/15/16(2)	750,000	818,437
			3,605,312
DIVERSIFIED ― 0.9%
	iShares iBoxx $ High Yield Corporate Bond Fund ETF	24,000	2,108,160
DIVERSIFIED FINANCIAL SERVICES ― 2.0%
	BankAmerica Capital II, 8.00%, 12/15/26(2)	900,000	888,750
	CIT Group, Inc., 7.00%, 5/1/13	105,850	99,499
	CIT Group, Inc., 7.00%, 5/1/14	158,775	147,859
	CIT Group, Inc., 7.00%, 5/1/15	158,775	142,898
	CIT Group, Inc., 7.00%, 5/1/16	2,264,626	2,004,194
	CIT Group, Inc., 7.00%, 5/1/17	370,476	323,240
	Citigroup Capital XXI, VRN, 8.30%, 12/21/37(2)	1,000,000	967,500
			4,573,940
DIVERSIFIED TELECOMMUNICATION SERVICES ― 7.5%
	Cincinnati Bell, Inc., 8.375%, 1/15/14(2)	950,000	971,375
	Frontier Communications Corp., 6.25%, 1/15/13(2)	461,000	464,458
	Frontier Communications Corp., 7.125%, 3/15/19(2)	600,000	570,000
	Global Crossing Ltd., 12.00%, 9/15/15(1)(2)	1,250,000	1,378,125
	Intelsat Bermuda Ltd., 11.25%, 2/4/17(1)(6)	1,500,000	1,511,250
	Intelsat Jackson Holdings Ltd., 11.25%, 6/15/16(2)	750,000	815,625
	Intelsat Subsidiary Holding Co. Ltd., 8.875%, 1/15/15(2)	1,725,000	1,794,000
	Level 3 Financing, Inc., 9.25%, 11/1/14	1,025,000	973,750
	MetroPCS Wireless, Inc., 9.25%, 11/1/14(2)	750,000	763,125
	Nordic Telephone Co. Holdings ApS, 8.875%, 5/1/16(1)(2)	675,000	717,187
	Qwest Capital Funding, Inc., 7.25%, 2/15/11(2)	750,000	765,000
	Qwest Corp., 8.375%, 5/1/16(2)	2,000,000	2,155,000
	Sprint Capital Corp., 6.90%, 5/1/19(2)	1,650,000	1,526,250
	Sprint Capital Corp., 8.75%, 3/15/32(2)	1,000,000	947,500
	Wind Acquisition Finance SA, 11.75%, 7/15/17(1)	1,000,000	1,097,500
	Windstream Corp., 8.625%, 8/1/16(2)	875,000	894,687
			17,344,832
ELECTRIC UTILITIES ― 1.5%
	Edison Mission Energy, 7.00%, 5/15/17(2)	1,300,000	1,033,500
	Energy Future Holdings Corp., 10.875%, 11/1/17(2)	1,850,000	1,521,625
	Texas Competitive Electric Holdings Co. LLC, 10.25%, 11/1/15(2)(6)	1,000,000	815,000
			3,370,125

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

ELECTRICAL EQUIPMENT ― 0.8%
	Baldor Electric Co., 8.625%, 2/15/17(2)	$ 750,000	$ 770,625
	Belden, Inc., 9.25%, 6/15/19(1)(2)	1,000,000	1,061,250
			1,831,875
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 1.7%
	Celestica, Inc., 7.625%, 7/1/13(2)	500,000	520,625
	Flextronics International Ltd., 6.50%, 5/15/13(2)	500,000	503,750
	Jabil Circuit, Inc., 7.75%, 7/15/16, JBL 7 3/4 07/15/16(2)	600,000	633,000
	Sanmina-SCI Corp., 6.75%, 3/1/13(2)	250,000	247,812
	Sanmina-SCI Corp., 8.125%, 3/1/16(2)	2,000,000	2,005,000
			3,910,187
ENERGY EQUIPMENT & SERVICES ― 0.2%
	Basic Energy Services, Inc., 11.625%, 8/1/14(2)	500,000	537,500
FOOD & STAPLES RETAILING ― 1.5%
	Ingles Markets, Inc., 8.875%, 5/15/17(2)	1,000,000	1,045,000
	Rite Aid Corp., 8.625%, 3/1/15(2)	1,000,000	875,000
	Rite Aid Corp., 7.50%, 3/1/17(2)	750,000	708,750
	SUPERVALU, INC., 7.50%, 11/15/14(2)	550,000	559,625
	Susser Holdings LLC/Susser Finance Corp., 10.625%, 12/15/13(2)	250,000	261,875
			3,450,250
FOOD PRODUCTS ― 1.1%
	Smithfield Foods, Inc., 7.75%, 5/15/13(2)	750,000	731,250
	Smithfield Foods, Inc., 10.00%, 7/15/14(1)(2)	750,000	817,500
	Smithfield Foods, Inc., 7.75%, 7/1/17(2)	1,100,000	1,020,250
			2,569,000
GAS UTILITIES ― 0.4%
	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 8.75%, 4/15/18(2)	1,000,000	1,035,000
HEALTH CARE EQUIPMENT & SUPPLIES ― 1.7%
	Biomet, Inc, 10.00%, 10/15/17(2)	600,000	654,750
	Biomet, Inc, 11.625%, 10/15/17(2)	1,500,000	1,665,000
	Inverness Medical Innovations, Inc., 9.00%, 5/15/16(2)	1,500,000	1,541,250
			3,861,000
HEALTH CARE PROVIDERS & SERVICES ― 6.4%
	Community Health Systems, Inc., 8.875%, 7/15/15(2)	1,400,000	1,452,500
	DaVita, Inc., 7.25%, 3/15/15(2)	1,800,000	1,813,500
	HCA, Inc., 6.50%, 2/15/16(2)	1,350,000	1,289,250
	HCA, Inc., 9.25%, 11/15/16(2)	1,500,000	1,614,375
	HCA, Inc., 8.50%, 4/15/19(1)(2)	1,000,000	1,082,500
	HCA, Inc., 7.69%, 6/15/25(2)	2,000,000	1,841,404
	HealthSouth Corp., 10.75%, 6/15/16	1,250,000	1,365,625
	HealthSouth Corp., 8.125%, 2/15/20	500,000	495,000
	Omnicare, Inc., 6.875%, 12/15/15(2)	1,000,000	977,500
	Sun Healthcare Group, Inc., 9.125%, 4/15/15	750,000	774,375
	Tenet Healthcare Corp., 8.875%, 7/1/19(1)	2,000,000	2,170,000
			14,876,029
HOTELS, RESTAURANTS & LEISURE ― 4.1%
	Ameristar Casinos, Inc., 9.25%, 6/1/14(1)(2)	1,000,000	1,042,500
	Harrah's Operating Co., Inc., 10.00%, 12/15/18(1)(2)	1,000,000	807,500
	Harrah's Operating Escrow LLC/Harrah's Escrow Corp., 11.25%, 6/1/17(1)(2)	1,500,000	1,576,875
	MGM Mirage, 8.50%, 9/15/10(2)	500,000	500,000
	MGM Mirage, 6.75%, 9/1/12(2)	300,000	269,250

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	MGM Mirage, 10.375%, 5/15/14(1)(2)	$ 250,000	$ 272,500
	MGM Mirage, 7.625%, 1/15/17(2)	750,000	586,875
	Penn National Gaming, Inc., 8.75%, 8/15/19(1)(2)	250,000	256,875
	Pinnacle Entertainment, Inc., 8.25%, 3/15/12(2)	323,000	324,615
	Pinnacle Entertainment, Inc., 7.50%, 6/15/15(2)	750,000	693,750
	Pinnacle Entertainment, Inc., 8.625%, 8/1/17(1)(2)	1,000,000	1,025,000
	Starwood Hotels & Resorts Worldwide, Inc., 6.75%, 5/15/18(2)	600,000	604,500
	Universal City Development Partners Ltd., 8.875%, 11/15/15(1)	500,000	491,875
	Universal City Development Partners Ltd., 10.875%, 11/15/16(1)	500,000	503,750
	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625%, 12/1/14(2)	500,000	485,625
			9,441,490
HOUSEHOLD DURABLES ― 2.6%
	D.R. Horton, Inc., 6.875%, 5/1/13(2)	1,000,000	1,027,500
	Jarden Corp., 8.00%, 5/1/16	250,000	259,375
	K Hovnanian Enterprises, Inc., 10.625%, 10/15/16(1)	1,250,000	1,312,500
	KB Home, 6.375%, 8/15/11(2)	209,000	210,045
	Meritage Homes Corp., 7.00%, 5/1/14(2)	1,250,000	1,200,000
	Sealy Mattress Co., 10.875%, 4/15/16(1)(2)	1,100,000	1,229,250
	Yankee Acquisition Corp., 8.50%, 2/15/15(2)	700,000	698,250
			5,936,920
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS ― 2.2%
	AES Corp. (The), 8.75%, 5/15/13(1)(2)	818,000	842,540
	AES Corp. (The), 9.75%, 4/15/16(1)(2)	500,000	550,000
	AES Corp. (The), 8.00%, 10/15/17(2)	750,000	773,438
	Dynegy Holdings, Inc., 7.75%, 6/1/19(2)	1,000,000	872,500
	NRG Energy, Inc., 7.375%, 2/1/16(2)	1,250,000	1,254,687
	RRI Energy, Inc., 7.625%, 6/15/14(2)	750,000	746,250
			5,039,415
INSURANCE ― 1.8%
	Fairfax Financial Holdings Ltd., 7.75%, 6/15/17(2)	675,000	687,656
	International Lease Finance Corp., 5.30%, 5/1/12(2)	1,250,000	1,062,321
	Liberty Mutual Group, Inc., VRN, 10.75%, 6/15/38(1)(2)	2,250,000	2,407,500
			4,157,477
IT SERVICES ― 1.9%
	First Data Corp., 9.875%, 9/24/15(2)	1,250,000	1,171,875
	First Data Corp., 11.25%, 3/31/16	500,000	430,000
	SunGard Data Systems, Inc., 9.125%, 8/15/13(2)	1,000,000	1,030,000
	SunGard Data Systems, Inc., 10.25%, 8/15/15(2)	600,000	642,000
	Unisys Corp., 14.25%, 9/15/15(1)(2)	1,000,000	1,170,000
			4,443,875
MACHINERY ― 0.9%
	Navistar International Corp., 8.25%, 11/1/21(2)	450,000	463,500
	RBS Global, Inc./Rexnord LLC, 9.50%, 8/1/14(2)	850,000	856,375
	SPX Corp., 7.625%, 12/15/14(2)	650,000	672,750
			1,992,625
MARINE ― 0.2%
	Navios Maritime Holdings, Inc./Navios Maritime Finance US, Inc., 8.875%, 11/1/17(1)(2)	500,000	521,875
MEDIA ― 12.7%
	AMC Entertainment, Inc., 8.00%, 3/1/14	1,700,000	1,632,000
	Cablevision Systems Corp., 8.00%, 4/15/12(2)	700,000	743,750
	Cengage Learning Acquisitions, Inc., 10.50%, 1/15/15(1)	600,000	576,750

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Cinemark USA, Inc., 8.625%, 6/15/19(1)(2)	$ 700,000	$ 731,500
	Clear Channel Communications, Inc., 10.75%, 8/1/16(2)	1,000,000	790,000
	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17(1)(2)	1,400,000	1,449,000
	Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17(1)(2)	100,000	102,500
	CSC Holdings, Inc., 8.50%, 4/15/14(1)(2)	1,000,000	1,070,000
	DISH DBS Corp., 7.00%, 10/1/13(2)	1,000,000	1,033,750
	Gannett Co., Inc., 9.375%, 11/15/17(1)(2)	1,000,000	1,037,500
	Harland Clarke Holdings Corp., VRN, 6.00%, 2/15/10, resets quarterly off the 3-month LIBOR plus 4.75% with no caps(2)	250,000	205,625
	Harland Clarke Holdings Corp., 9.50%, 5/15/15(2)	2,500,000	2,334,375
	Interpublic Group of Cos., Inc. (The), 6.25%, 11/15/14(2)	1,000,000	965,000
	Interpublic Group of Cos., Inc. (The), 10.00%, 7/15/17(2)	1,250,000	1,393,750
	Mediacom LLC/Mediacom Capital Corp., 9.125%, 8/15/19(1)(2)	500,000	512,500
	Nielsen Finance LLC/Nielsen Finance Co., 11.50%, 5/1/16(2)	750,000	841,875
	Salem Communications Corp., 9.625%, 12/15/16(1)(2)	925,000	973,562
	Sinclair Television Group, Inc., 9.25%, 11/1/17(1)(2)	950,000	992,750
	Sirius XM Radio, Inc., 9.625%, 8/1/13(2)	1,750,000	1,750,000
	Sirius XM Radio, Inc., 9.75%, 9/1/15(1)(2)	500,000	528,750
	tw telecom holdings inc, 9.25%, 2/15/14	1,000,000	1,036,250
	Valassis Communications, Inc., 8.25%, 3/1/15(2)	3,500,000	3,508,750
	Videotron Ltee, 9.125%, 4/15/18(1)(2)	250,000	276,250
	Videotron Ltee, 9.125%, 4/15/18(2)	750,000	828,750
	Virgin Media Finance plc, 9.50%, 8/15/16(2)	2,700,000	2,912,625
	Virgin Media Finance plc, 8.375%, 10/15/19(2)	250,000	258,438
	WMG Acquisition Corp., 9.50%, 6/15/16(1)	750,000	807,188
			29,293,188
METALS & MINING ― 2.6%
	AK Steel Corp., 7.75%, 6/15/12(2)	650,000	659,750
	Freeport-McMoRan Copper & Gold, Inc., 8.25%, 4/1/15(2)	300,000	327,350
	Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/17(2)	1,000,000	1,096,501
	Novelis, Inc., 7.25%, 2/15/15(2)	1,500,000	1,436,250
	Teck Resources Ltd., 10.25%, 5/15/16(2)	500,000	585,000
	Teck Resources Ltd., 10.75%, 5/15/19(2)	1,500,000	1,800,000
			5,904,851
MULTILINE RETAIL ― 0.5%
	Macy's Retail Holdings, Inc., 5.90%, 12/1/16(2)	1,250,000	1,225,000
OIL, GAS & CONSUMABLE FUELS ― 9.4%
	Arch Coal, Inc., 8.75%, 8/1/16(1)(2)	500,000	531,250
	Bill Barrett Corp., 9.875%, 7/15/16(2)	1,250,000	1,337,500
	Chesapeake Energy Corp., 7.625%, 7/15/13(2)	250,000	263,125
	Chesapeake Energy Corp., 7.50%, 6/15/14(2)	600,000	615,000
	Chesapeake Energy Corp., 9.50%, 2/15/15(2)	1,000,000	1,102,500
	Cimarex Energy Co., 7.125%, 5/1/17(2)	750,000	761,250
	Denbury Resources, Inc., 9.75%, 3/1/16(2)	1,000,000	1,072,500
	El Paso Corp., 7.75%, 6/15/10(2)	800,000	810,390
	El Paso Corp., 7.875%, 6/15/12(2)	1,000,000	1,041,054
	El Paso Corp., 6.875%, 6/15/14(2)	1,000,000	1,004,261
	Encore Acquisition Co., 9.50%, 5/1/16(2)	750,000	795,000
	Forest Oil Corp., 8.00%, 12/15/11(2)	500,000	523,750
	Forest Oil Corp., 8.50%, 2/15/14(1)(2)	900,000	945,000
	Forest Oil Corp., 7.75%, 5/1/14(2)	650,000	661,375
	Inergy LP/Inergy Finance Corp., 8.25%, 3/1/16(2)	1,000,000	1,020,000

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Massey Energy Co., 6.875%, 12/15/13(2)	$ 1,500,000	$ 1,505,625
	OPTI Canada, Inc., 7.875%, 12/15/14(2)	1,600,000	1,320,000
	Peabody Energy Corp., 7.375%, 11/1/16(2)	500,000	518,125
	Petrohawk Energy Corp., 7.875%, 6/1/15(2)	1,800,000	1,827,000
	Range Resources Corp., 7.375%, 7/15/13(2)	500,000	511,250
	Sabine Pass LNG LP, 7.25%, 11/30/13(2)	1,550,000	1,414,375
	Sabine Pass LNG LP, 7.50%, 11/30/16(2)	750,000	628,125
	SandRidge Energy, Inc., 8.75%, 1/15/20(1)(2)	750,000	753,750
	Southwestern Energy Co., 7.50%, 2/1/18(2)	700,000	745,500
			21,707,705
PAPER & FOREST PRODUCTS ― 2.1%
	Boise Cascade LLC, 7.125%, 10/15/14(2)	149,000	135,031
	Domtar Corp., 9.50%, 8/1/16(2)	1,000,000	1,076,250
	Georgia-Pacific LLC, 7.70%, 6/15/15(2)	1,100,000	1,160,500
	Georgia-Pacific LLC, 8.25%, 5/1/16(1)(2)	500,000	532,500
	Georgia-Pacific LLC, 7.125%, 1/15/17(1)(2)	150,000	152,625
	NewPage Corp., 11.375%, 12/31/14(1)	500,000	507,500
	Verso Paper Holdings LLC/Verso Paper, Inc., 9.125%, 8/1/14(2)	1,250,000	1,200,000
			4,764,406
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.9%
	Host Hotels & Resorts LP, 7.00%, 8/15/12(2)	400,000	408,500
	Host Hotels & Resorts LP, 6.75%, 6/1/16(2)	1,000,000	1,000,000
	ProLogis, 7.625%, 8/15/14(2)	750,000	785,047
			2,193,547
REAL ESTATE MANAGEMENT & DEVELOPMENT ― 0.4%
	CB Richard Ellis Services, Inc., 11.625%, 6/15/17(2)	800,000	892,000
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 0.7%
	Advanced Micro Devices, Inc., 8.125%, 12/15/17(1)(2)	450,000	450,563
	Amkor Technology, Inc., 9.25%, 6/1/16(2)	250,000	266,875
	Freescale Semiconductor, Inc., 8.875%, 12/15/14(2)	1,000,000	922,500
			1,639,938
SPECIALTY RETAIL ― 3.7%
	Asbury Automotive Group, Inc., 8.00%, 3/15/14(2)	750,000	740,625
	Asbury Automotive Group, Inc., 7.625%, 3/15/17(2)	250,000	236,875
	Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/14(2)	1,000,000	1,037,500
	Couche-Tard US LP/Couche-Tard Finance Corp., 7.50%, 12/15/13(2)	1,000,000	1,022,500
	GSC Holdings Corp., 8.00%, 10/1/12(2)	540,000	562,275
	Michaels Stores, Inc., 10.00%, 11/1/14(2)	425,000	442,000
	Michaels Stores, Inc., 11.375%, 11/1/16(2)	1,500,000	1,586,250
	Toys "R" Us Property Co. I LLC, 10.75%, 7/15/17(1)	1,000,000	1,100,000
	Toys "R" Us Property Co. II LLC, 8.50%, 12/1/17(1)(2)	900,000	920,250
	Toys "R" Us, Inc., 7.375%, 10/15/18(2)	1,000,000	920,000
			8,568,275
TEXTILES, APPAREL & LUXURY GOODS ― 1.2%
	Hanesbrands, Inc., VRN, 3.83%, 6/15/10, resets semiannually off the 6-month LIBOR plus 3.375% with no caps(2)	850,000	808,563
	Hanesbrands, Inc., 8.00%, 12/15/16(2)	500,000	511,875
	Perry Ellis International, Inc., 8.875%, 9/15/13(2)	1,575,000	1,575,000
			2,895,438
TRADING COMPANIES & DISTRIBUTORS ― 1.4%
	Ashtead Capital, Inc., 9.00%, 8/15/16(1)(2)	1,150,000	1,157,188

RSC Equipment Rental, Inc., 9.50%, 12/1/14(2)

1,750,000

1,760,937

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount/Shares

Value

	RSC Equipment Rental, Inc., 10.00%, 7/15/17(1)(2)	$ 250,000	$ 273,125
			3,191,250
TRANSPORTATION INFRASTRUCTURE ― 0.1%
	Trico Shipping AS, 11.875%, 11/1/14(1)	250,000	261,563
WIRELESS TELECOMMUNICATION SERVICES ― 1.5%
	CC Holdings GS V LLC/Crown Castle GS III Corp., 7.75%, 5/1/17(1)(2)	500,000	535,000
	Cricket Communications, Inc., 9.375%, 11/1/14(2)	525,000	530,250
	Crown Castle International Corp., 9.00%, 1/15/15(2)	500,000	535,000
	Nextel Communications, Inc., 6.875%, 10/31/13(2)	1,000,000	975,000
	Syniverse Technologies, Inc., 7.75%, 8/15/13(2)	870,000	868,913
			3,444,163
TOTAL CORPORATE BONDS
	(Cost $195,203,513)		215,289,560
COMMON STOCKS ― 0.2%
BUILDING PRODUCTS(7)
	Nortek, Inc.(5)	650	23,075
DIVERSIFIED FINANCIAL SERVICES ― 0.1%
	CIT Group, Inc.(5)	9,111	251,555
MEDIA ― 0.1%
	Charter Communications, Inc., Class A(5)	6,913	245,411
TOTAL COMMON STOCKS
	(Cost $1,483,313)		520,041
PREFERRED STOCKS(7)
CONSUMER FINANCE(7)
	GMAC, Inc., 7.00%, 12/31/11(1)(4)
	(Cost $164,281)	175	115,358
TEMPORARY CASH INVESTMENTS ― 6.0%
	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares(2)	965	965

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 4.50%, 5/15/10, valued at $11,763,660), in a joint trading account at 0.001%, dated 12/31/09, due 1/4/10 (Delivery value $11,533,001)			11,533,000
Repurchase Agreement, Goldman Sachs Group, Inc., (collateralized by various U.S. Treasury obligations, 4.50%-6.125%, 11/15/27-2/15/36, valued at $2,325,296), in a joint trading account at 0.001%, dated 12/31/09, due 1/4/10 (Delivery value $2,276,000)			2,276,000
TOTAL TEMPORARY CASH INVESTMENTS
	(Cost $13,809,965)		13,809,965
TOTAL INVESTMENT SECURITIES — 99.2%
(Cost $210,661,072)			229,734,924
OTHER ASSETS AND LIABILITIES — 0.8%			1,751,047

TOTAL NET ASSETS — 100.0%		$231,485,971

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

FUTURES CONTRACTS

Contracts Purchased		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
31	U.S. Long Bond	March 2010	$3,576,625	$(150,298)


Contracts Sold		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
118	U.S. Treasury 2-Year Notes	March 2010	$25,519,344	$126,708

SWAP AGREEMENTS
Notional Amount		Description of Agreement	Premiums Paid (Received)	Value
CREDIT DEFAULT - SELL PROTECTION
$1,740,000		Receive quarterly a fixed rate equal to 5.00% multiplied by the notional amount and pay Barclays Bank plc upon each default event of one of the issues of CDX North America High Yield 11 Index, par value of the proportional notional amount. Expires December 2013.*	$(296,021)	$24,190

*	The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the referenced obligations and upfront payments received upon entering into the agreement.
	The quoted market prices and resulting market value for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing market values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
	Credit default swaps enable the fund to buy/sell protection against a credit event of a specific issuer or index. As a seller of credit protection against a security or basket of securities, the fund receives an up-front and/or periodic payment to compensate against potential default events. The fund may attempt to enhance returns by selling protection.

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Notes to Schedule of Investments
	CDX	-	Credit Derivative Indexes
	ETF	-	Exchange Traded Fund
	GMAC	-	General Motors Acceptance Corporation
	LIBOR	-	London Interbank Offered Rate
	PIK	-	Payment in Kind
	resets	-	The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
	VRN	-	Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

(1)	Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $47,618,048, which represented 20.6% of total net assets. None of the restricted securities are considered to be illiquid.
(2)	Security, or a portion thereof, has been segregated for futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $30,836,000.
(3)	Security is in default.
(4)	Perpetual security. These securities do not have a predetermined maturity date. The coupon rates are fixed for a period of time and may be structured to adjust thereafter. Interest reset or next call date is indicated, as applicable.
(5)	Non-income producing.
(6)	Step-coupon security. These securities are issued with a zero-coupon and become interest bearing at a predetermined rate and date and are issued at a substantial discount from their value at maturity. Interest reset or final maturity date is indicated, as applicable. Rate shown is effective at the period end.
(7)	Category is less than 0.05% of total net assets.

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Security Valuations

Debt securities maturing in greater than 60 days at the time of purchase are valued at current market value as provided by a commercial pricing service or at the mean of the most recent bid and asked prices. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Investments in open-end management investment companies are valued at the reported net asset value. Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.

2. Fair Value Measurements

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar

securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of December 31, 2009:

	Level 1	Level 2	Level 3
Investment Securities
Corporate Bonds	$2,108,160	$213,181,400	–
Common Stocks	520,041	–	–
Preferred Stocks	–	115,358	–
Temporary Cash Investments	965	13,809,000	–
Total Value of Investment Securities	$2,629,166	$227,105,758	–
Other Financial Instruments
Futures Contracts	$(23,590)	–	–
Swap Agreements	–	$320,211	–
Total Unrealized Gain (Loss) on Other Financial Instruments	$(23,590)	$320,211	–

High-Yield – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

3. Federal Tax Information

As of December 31, 2009, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$ 210,661,072
Gross tax appreciation of investments	$ 21,017,547
Gross tax depreciation of investments	(1,943,695)
Net tax appreciation (depreciation) of investments	$ 19,073,852

The cost of investment for federal income tax purposes was the same as the cost for financial reporting purposes.

American Century Investments®

Quarterly Portfolio Holdings

Premium Money Market Fund

December 31, 2009

Premium Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

COMMERCIAL PAPER(1) ― 35.9%
	Austin Texas, 0.30%, 2/5/10	$ 1,114,000	$ 1,113,675
	BNP Paribas Finance, Inc., 0.01%, 1/4/10	1,500,000	1,499,999
	BNP Paribas Finance, Inc., 0.23%, 1/25/10	15,000,000	14,997,700
	BNP Paribas Finance, Inc., 0.23%, 2/1/10	8,100,000	8,098,396
	California Educational Facilities Auth., 0.30%, 3/11/10	3,321,000	3,321,000
	Catholic Health Initiatives, 0.95%, 2/4/10	14,000,000	14,000,000
	Catholic Health Initiatives, 0.35%, 3/10/10	17,000,000	17,000,000
	Chicago Illinois, 0.35%, 2/16/10	19,541,000	19,532,267
	Chicago Midway Airport, 0.27%, 1/6/10	8,808,000	8,808,000
	Crown Point Capital Co. LLC, 0.35%, 1/25/10(2)	32,000,000	31,992,534
	Govco LLC, 0.25%, 1/25/10(2)	5,800,000	5,799,033
	Govco LLC, 0.32%, 5/18/10(2)	23,000,000	22,971,991
	Legacy Capital LLC, 0.45%, 1/8/10(2)	14,000,000	13,998,775
	Legacy Capital LLC, 0.45%, 1/19/10(2)	15,200,000	15,196,580
	Legacy Capital LLC, 0.40%, 2/5/10(2)	8,200,000	8,196,811
	Lexington Parker Capital, 0.45%, 1/4/10(2)	22,000,000	21,999,175
	Lexington Parker Capital, 0.35%, 1/22/10(2)	10,000,000	9,997,958
	Lexington Parker Capital, 0.40%, 2/5/10(2)	5,500,000	5,497,861
	Lower Colorado River Auth., 0.30%, 2/3/10	13,200,000	13,200,000
	Lower Colorado River Auth., 0.30%, 4/8/10	22,500,000	22,500,000
	Pfizer, Inc., 0.46%, 2/26/10(2)	38,000,000	37,972,809
	Providence Health & Services, 0.45%, 6/8/10	7,000,000	7,000,000
	Regents of University of California, 0.23%, 2/11/10	32,558,000	32,549,386
	Salvation Army (The), 0.30%, 1/5/10	8,000,000	8,000,000
	Salvation Army (The), 0.30%, 1/5/10	10,100,000	10,100,000
	Salvation Army (The), 0.25%, 2/2/10	11,000,000	11,000,000
TOTAL COMMERCIAL PAPER			366,343,950
	MUNICIPAL SECURITIES — 31.2%
	Alabama Industrial Development Auth. Rev., (Simcala, Inc.), VRDN, 1.00%, 1/4/10 (LOC: Bank One)	4,225,000	4,225,000
	Arden Hills Housing & Health Care Facilities Rev., Series 1999 A, (Presbyterian Homes), VRDN, 0.25%, 1/4/10 (LOC: U.S. Bank N.A.)	1,424,000	1,424,000
	Bermudian Springs School District GO, VRDN, 0.25%, 1/7/10 (AGM) (SBBPA: Royal Bank of Canada)	2,325,000	2,325,000
	Brevard County Industrial Development Rev., (Pivotal Utility Holdings, Inc.), VRDN, 0.38%, 1/6/10 (LOC: Wells Fargo Bank N.A.)	1,750,000	1,750,000
	California Enterprise Development Auth. Rev., Series 2008 B, (Pocino Foods), VRDN, 0.63%, 1/7/10 (LOC: City National Bank and FHLB)	1,245,000	1,245,000
	California Enterprise Development Auth. Rev., Series 2008 B, (Ramar International Corp.), VRDN, 0.70%, 1/7/10 (LOC: Bank of the West)	1,515,000	1,515,000
	California Enterprise Development Auth. Rev., Series 2008 B, (Sconza Candy), VRDN, 0.45%, 1/7/10 (LOC: Wells Fargo Bank N.A.)	3,300,000	3,300,000
	California Infrastructure & Economic Development Bank Rev., Series 2000 B, (Adams Rite Manufacturing Co.), VRDN, 0.50%, 1/6/10 (LOC: U.S. Bank N.A. and Mellon Bank N.A.)	1,870,000	1,870,000
	California Infrastructure & Economic Development Bank Rev., Series 2008 B, (iWorks, Inc.), VRDN, 0.35%, 1/4/10 (LOC: City National Bank and FHLB)	1,865,000	1,865,000
	California Statewide Communities Development Auth. Multifamily Rev., Series 2001 S, (Birchcrest Apartments), VRDN, 0.27%, 1/4/10 (LOC: U.S. Bank N.A.)	955,000	955,000
	Charleston County School District GO, 1.50%, 3/1/10 (SCSDE)	14,880,000	14,909,185

Premium Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

Chicago Illinois Industrial Development Rev., (Enterprise Center VII), VRDN, 0.40%, 1/6/10 (LOC: LaSalle Bank N.A.)	$ 5,000,000	$ 5,000,000
Chula Vista Industrial Development Rev., Series 2006 A, (San Diego Gas), VRDN, 0.25%, 1/6/10	10,000,000	10,000,000
Colorado Housing & Finance Auth. Economic Development Rev., Series 2004 B, (Corey Building), VRDN, 0.73%, 1/7/10 (LOC: Wells Fargo Bank N.A.)	225,000	225,000
Colorado Housing & Finance Auth. Economic Development Rev., Series 2005 B, (Closet Factory), VRDN, 0.83%, 1/7/10 (LOC: Colorado Business Bank and Bank of New York)	875,000	875,000
Colorado Housing & Finance Auth. Economic Development Rev., Series 2007 B, (Monaco LLC), VRDN, 0.73%, 1/7/10 (LOC: JPMorgan Chase Bank N.A.)	690,000	690,000
Columbus Indiana Economic Development Rev., (Arbors At Waters Edge Apartments), VRDN, 0.35%, 1/7/10 (LOC: FHLB)	3,955,000	3,955,000
Connecticut Housing Finance Auth. Rev., Series 2008 A5, (Housing Mortgage Finance), VRDN, 0.25%, 1/7/10 (SBBPA: JPMorgan Chase Bank N.A.)	19,530,000	19,530,000
Fairfield Rev., Series 2005 A2, VRDN, 0.95%, 1/7/10 (LOC: Landesbank Hessen-Thuringen Girozentrale)	2,800,000	2,800,000
Gary Industrial Empowerment Zone Rev., (Chemcoaters LLC), VRDN, 0.90%, 1/7/10 (LOC: American Bank & Trust and FHLB)	6,500,000	6,500,000
Hart Family Holdings LLC Rev., VRDN, 1.50%, 1/7/10 (LOC: Community Bank & Trust and FHLB)	10,650,000	10,650,000
Houston Higher Education Finance Corp. Housing Rev., Series 2003 C, (Tierwester Oaks & Richfield Manor), VRDN, 1.35%, 1/4/10 (LOC: Bank of New York)	1,505,000	1,505,000
Idaho Health Facilities Auth. Rev., (St. Lukes Regional Medical Center), VRDN, 0.30%, 1/4/10 (AGM) (SBBPA: Bayerische Landesbank)	1,200,000	1,200,000
Illinois Development Finance Auth. Rev., (Elite Manufacturing Technologies, Inc.), VRDN, 0.35%, 1/7/10 (LOC: LaSalle Bank N.A.)	2,730,000	2,730,000
Illinois GO, 2.00%, 4/13/10	20,815,000	20,899,697
Illinois GO, 4.00%, 5/20/10	10,000,000	10,105,223
Illinois GO, 2.00%, 6/10/10	13,650,000	13,722,027
Indiana Finance Auth. Rev., Series 2008 E7, (Ascension Health), VRDN, 0.33%, 6/15/10	6,490,000	6,490,000
Indiana Finance Auth. Rev., Series 2009 E4, (Ascension Health), VRDN, 0.39%, 5/17/10	1,000,000	1,000,000
Iowa Finance Auth. Private College Rev., (Morningside College), VRDN, 0.25%, 1/4/10 (LOC: U.S. Bank N.A.)	1,000,000	1,000,000
Kansas City Financing Commission Tax Increment Rev., Series 2006 B, (Briarcliff West), VRDN, 0.35%, 1/4/10 (LOC: M&I Marshall & Ilsley Bank and FHLB)	9,510,000	9,510,000
Kentucky Housing Corp. Rev., Series 2007 O, VRDN, 0.58%, 1/7/10 (SBBPA: Lloyds TSB Bank plc)	2,330,000	2,330,000
Kentucky Housing Corp. Rev., Series 2008 B, VRDN, 0.60%, 1/4/10 (SBBPA: Lloyds TSB Bank plc)	2,930,000	2,930,000
King County Housing Auth. Rev., (Auburn Court Apartments), VRDN, 0.31%, 1/7/10 (FNMA) (LIQ FAC: FNMA)	11,445,000	11,445,000
Los Angeles Multifamily Rev., Series 2001 F, (Housing-San Regis), VRDN, 0.25%, 1/7/10 (FNMA) (LIQ FAC: FNMA)	1,175,000	1,175,000
Michigan GO, Series 2009 A, 2.00%, 9/30/10	7,000,000	7,076,354
Midwestern University Foundation Rev., Series 2009 A, VRDN, 0.30%, 1/7/10 (LOC: Royal Bank of Canada)	3,000,000	3,000,000
Mississippi Business Finance Corp. Rev., (Aurora Flight Sciences Corp.), VRDN, 1.00%, 1/4/10 (LOC: Branch Banking & Trust)	12,500,000	12,500,000
Mississippi Business Finance Corp. Rev., Series 2006 R1, (Brown Bottling Group, Inc.), VRDN, 1.00%, 1/4/10 (LOC: Trustmark National Bank and FHLB)	8,670,000	8,670,000
Missouri State Health & Educational Facilities Auth. Rev., Series 2009 C5, (Ascension Health), VRDN, 0.39%, 5/17/10	1,000,000	1,000,000

Premium Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

Montebello COP, VRDN, 0.85%, 1/6/10 (LOC: Union Bank of California N.A. and California State Teacher's Retirement System)	$ 6,775,000	$ 6,775,000
Morgan Hill Redevelopment Agency Tax Allocation Rev., Series 2008 B, (Ojo de Agua Redevelopment Area), VRDN, 0.70%, 1/7/10 (LOC: Scotiabank)	13,300,000	13,300,000
Nevada Multi Unit Housing Division Rev., Series 2002 B, VRDN, 0.53%, 1/7/10 (FNMA) (LIQ FAC: FNMA)	990,000	990,000
New Jersey Economic Development Auth. Rev., Series 2006 B, (Accurate Box Co., Inc.), VRDN, 0.29%, 1/7/10 (LOC: Sun Bank N.A. and Wells Fargo Bank N.A.)	845,000	845,000
New Mexico Educational Assistance Foundation Rev., Series 2003 A2, VRDN, 0.28%, 1/6/10 (LOC: Royal Bank of Canada)	3,000,000	3,000,000
New Mexico Educational Assistance Foundation Rev., Series 2009 A, VRDN, 0.28%, 1/6/10 (LOC: Royal Bank of Canada)	3,000,000	3,000,000
New York GO, Series 2008 J13, VRDN, 0.30%, 1/4/10 (SBBPA: Lloyds TSB Bank plc)	10,000,000	10,000,000
North Carolina Medical Care Commission Rev., (Cornelia Nixon Davis, Inc), VRDN, 0.30%, 1/7/10 (LOC: Wachovia Bank N.A.)	5,705,000	5,705,000
Orange County Housing Finance Auth. Multifamily Rev., Series 2002 B, (Millenia), VRDN, 0.28%, 1/6/10 (LOC: FNMA)	1,175,000	1,175,000
Oregon Facilities Auth. Rev., Series 2002-1, (Hazelden Springbrook), VRDN, 1.25%, 1/7/10 (LOC: Allied Irish Bank plc)	900,000	900,000
Pasadena COP, (Los Robles Avenue Parking Facilities), VRDN, 1.23%, 1/5/10 (LOC: Bank of New York and California State Teacher's Retirement System)	300,000	300,000
Putnam Hospital Center Rev., VRDN, 1.23%, 1/6/10 (LOC: JPMorgan Chase Bank N.A.)(2)	3,140,000	3,140,000
Salinas COP, (Fairways Golf), VRDN, 0.70%, 1/7/10 (LOC: Rabobank N.A. and Cooperative Centrale)	4,660,000	4,660,000
Salinas Economic Development Rev., Series 2007 B, (Monterey County Public Building), VRDN, 1.25%, 1/11/10 (LOC: Bank of New York)	1,070,000	1,070,000
South Carolina Association of Governmental Organizations COP, Series 2009 B, 1.50%, 3/1/10 (SCSDE)	5,500,000	5,508,299
Southeast Industrial Development Agency Rev., (Powers Fasteners, Inc.), VRDN, 1.23%, 1/7/10 (LOC: Bank of New York)	2,500,000	2,500,000
Southeast Industrial Development Agency Rev., (Powers Fasteners, Inc.), VRDN, 1.23%, 1/7/10 (LOC: JPMorgan Chase Bank N.A.)(2)	2,185,000	2,185,000
Southern California Public Power Auth. Rev., (Tieton Hydropower), 2.00%, 8/16/10	1,145,000	1,154,229
St. Paul Sales Tax Rev., Series 2009 A, (Rivercentre Arena), VRDN, 0.24%, 1/7/10 (LOC: U.S. Bank N.A.)	5,900,000	5,900,000
Tahoe Forest Hospital District Health Facilities Rev., VRDN, 0.25%, 1/4/10 (LOC: U.S. Bank N.A.)	1,400,000	1,400,000
Texas GO, Series 2002 IB, (Veterans Housing), VRDN, 0.40%, 1/6/10 (SBBPA: Landesbank Hessen-Thuringen Girozentrale)	5,000,000	5,000,000
University of Kansas Hospital Auth. Rev., (Health System), VRDN, 0.25%, 1/4/10 (LOC: U.S. Bank N.A.)	14,000,000	14,000,000
Washington Economic Development Finance Auth. Rev., Series 2006 G, (Wesmar Co., Inc.), VRDN, 0.70%, 1/7/10 (LOC: U.S. Bank N.A.)	1,665,000	1,665,000
Washington Economic Development Finance Auth. Rev., Series 2007 K, (Ocean Gold Seafoods, Inc.), VRDN, 0.73%, 1/7/10 (LOC: Wells Fargo Bank N.A.)	1,825,000	1,825,000
Washington Industrial Development Auth. Rev., (Pauwels), VRDN, 0.60%, 1/4/10 (LOC: Bank of America N.A.)	1,775,000	1,775,000
Wisconsin Health & Educational Facilities Auth. Rev., Series 2008 A, (ProHealth Care, Inc.), VRDN, 0.25%, 1/4/10 (LOC: U.S. Bank N.A.)	6,000,000	6,000,000
Wisconsin Health & Educational Facilities Auth. Rev., Series 2008 C, VRDN, 0.25%, 1/4/10 (LOC: U.S. Bank N.A.)	1,200,000	1,200,000
TOTAL MUNICIPAL SECURITIES		318,869,014

Premium Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS ― 21.1%
FIXED-RATE U.S. GOVERNMENT AGENCY SECURITIES ― 13.8%
	FFCB, 0.80%, 2/2/10	$ 6,140,000	$ 6,139,374
	FHLB, 3.50%, 1/6/10	20,000,000	20,006,962
	FHLB, 0.87%, 1/26/10	10,000,000	9,999,141
	FHLB, 1.05%, 3/9/10	10,000,000	9,999,292
	FHLB, 4.875%, 3/12/10	6,000,000	6,043,493
	FHLB, 5.00%, 3/12/10	2,000,000	2,018,338
	FHLB, 4.375%, 3/17/10	3,000,000	3,020,143
	FHLB, 0.60%, 6/22/10	15,000,000	14,989,539
	FHLB, 0.55%, 7/28/10	15,000,000	14,998,696
	FHLB, 0.55%, 7/29/10	7,000,000	6,998,974
	FHLB, 0.56%, 8/20/10	10,000,000	9,997,025
	FHLB, 5.125%, 9/10/10	6,550,000	6,748,699
	FHLB, 0.77%, 9/29/10	10,000,000	10,024,800
	FHLB, 0.50%, 10/19/10	10,000,000	9,998,411
	FHLB, 0.50%, 1/5/11	10,000,000	10,000,000
			140,982,887
U.S. GOVERNMENT AGENCY DISCOUNT NOTES(1) ― 4.8%
	FHLB Discount Notes, 0.76%, 1/12/10	15,000,000	14,996,563
	FHLB Discount Notes, 0.86%, 1/21/10	10,000,000	9,995,278
	FHLB Discount Notes, 0.96%, 2/1/10	25,000,000	24,979,592
			49,971,433
ADJUSTABLE-RATE U.S. GOVERNMENT AGENCY SECURITIES ― 1.5%
	FHLB, VRN, 0.76%, 1/4/10	15,000,000	15,000,000
GOVERNMENT-BACKED CORPORATE BONDS(3) ― 1.0%
	Bank of America N.A., VRN, 0.28%, 3/15/10, resets quarterly off the 3-month LIBOR plus 0.03% with no caps	10,000,000	10,000,000
TOTAL U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS			215,954,320
CORPORATE BONDS ― 10.4%
	Astin Redevelopment LP, VRDN, 1.00%, 1/7/10	3,500,000	3,500,000
	Castleton United Methodist Church, Inc., VRDN, 0.63%, 1/6/10 (LOC: U.S. Bank N.A.)	3,000,000	3,000,000
	Cypress Bend Real Estate Development Co. LLC, VRDN, 0.38%, 1/7/10	8,959,000	8,959,000
	D & I Properties LLC, VRDN, 0.50%, 1/6/10	1,400,000	1,400,000
	DCC Development Corp., VRDN, 0.36%, 1/7/10	3,765,000	3,765,000
	First Baptist Church of Opelika, VRDN, 1.00%, 1/8/10 (LOC: FHLB)	6,420,000	6,420,000
	Flatley Hospitality LLC, VRDN, 0.36%, 1/7/10	600,000	600,000
	Grace Community Church of Amarillo, VRDN, 1.00%, 1/4/10 (LOC: Wells Fargo Bank N.A.)	1,670,000	1,670,000
	High Track LLC, VRDN, 0.36%, 1/6/10	8,625,000	8,625,000
	Jaxon Arbor LLC, VRDN, 0.36%, 1/7/10	1,505,000	1,505,000
	JBR, Inc., VRDN, 0.70%, 1/7/10	5,790,000	5,790,000
	Manse on Marsh LP, VRDN, 0.63%, 1/7/10	11,355,000	11,355,000
	Ness Family Partners LP, VRDN, 0.48%, 1/6/10	1,580,000	1,580,000
	Procter & Gamble International Funding SCA, VRN, 0.29%, 2/7/10, resets quarterly off the 3-month LIBOR plus 0.01% with no caps	5,000,000	5,000,000
	Relay Relay LLC, VRDN, 1.48%, 1/7/10	7,670,000	7,670,000

Roman Catholic Bishop of San Jose, VRDN, 1.80%, 1/7/10 (LOC: Allied Irish Bank plc)

4,720,000

Premium Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount/Shares

Value

	Rupert E. Phillips, VRDN, 1.00%, 1/8/10 (LOC: FHLB)	$ 5,940,000	$ 5,940,000
	Salvation Army (The), VRN, 1.23%, 1/7/10 (LOC: Bank of New York)	2,000,000	2,000,000
	Salvation Army (The), VRN, 1.23%, 1/7/10 (LOC: Bank of New York)	7,500,000	7,500,000
	Summit Utilities, Inc., VRDN, 0.63%, 1/6/10	7,615,000	7,615,000
	Wal-Mart Stores, Inc., 4.00%, 1/15/10	5,000,000	5,007,250
	Zehnder's of Frankenmuth, VRDN, 0.36%, 1/7/10	2,780,000	2,780,000
TOTAL CORPORATE BONDS			106,401,250
CERTIFICATES OF DEPOSIT ― 1.0%
	BNP Paribas, 0.23%, 1/7/10	10,000,000	10,000,000
TEMPORARY CASH INVESTMENTS ― 0.1%
	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	613,409	613,409
TOTAL INVESTMENT SECURITIES — 99.7%			1,018,181,943
OTHER ASSETS AND LIABILITIES — 0.3%			3,134,378
TOTAL NET ASSETS — 100.0%			$1,021,316,321

Notes to Schedule of Investments
	AGM	-	Assured Guaranty Municipal Corporation
	COP	-	Certificates of Participation
	Equivalent	-	Security whose principal payments are backed by the full faith and credit of the United States
	FFCB	-	Federal Farm Credit Bank
	FHLB	-	Federal Home Loan Bank
	FNMA	-	Federal National Mortgage Association
	GO	-	General Obligation
	LIBOR	-	London Interbank Offered Rate
	LIQ FAC	-	Liquidity Facilities
	LOC	-	Letter of Credit
	resets	-	The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
	SBBPA	-	Standby Bond Purchase Agreement
	SCSDE	-	South Carolina School District Enhancement
	VRDN	-	Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
	VRN	-	Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

(1)	The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon is shown.
(2)	Security was purchased under Rule 144A or Section 4(2) of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $178,948,527, which represented 17.5% of total net assets. None of the restricted securities are considered to be illiquid.
(3)	The debt is guaranteed under the Federal Deposit Insurance Corporation's (FDIC) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC's guarantee is the earlier of the maturity date of the debt or December 31, 2012.

Premium Money Market – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Security Valuations

Securities are generally valued at amortized cost, which approximates current market value. Investments in open-end management investment companies are valued at the reported net asset value. When such valuations do not reflect the market value, securities may be valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees.

2. Fair Value Measurements

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar

securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of December 31, 2009:

	Level 1	Level 2	Level 3
Investment Securities
Commercial Paper	–	$ 366,343,950	–
Municipal Securities	–	318,869,014	–
U.S. Government Agency Securities and Equivalents	–	215,954,320	–
Corporate Bonds	–	106,401,250	–
Certificates of Deposit	–	10,000,000	–
Temporary Cash Investments	$613,409	–	–
Total Value of Investment Securities	$613,409	$1,017,568,534	–

3. Federal Tax Information

As of December 31, 2009, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

Federal tax cost of investments	$1,018,181,943

American Century Investments®

Quarterly Portfolio Holdings

Inflation Protection Bond Fund

December 31, 2009

Inflation Protection Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

U.S. TREASURY SECURITIES ― 85.8%
	U.S. Treasury Inflation Indexed Bonds, 2.375%, 1/15/25(1)	$ 28,314,580	$ 29,947,085
	U.S. Treasury Inflation Indexed Bonds, 2.00%, 1/15/26(1)	17,426,880	17,545,331
	U.S. Treasury Inflation Indexed Bonds, 2.375%, 1/15/27(1)	12,075,629	12,737,905
	U.S. Treasury Inflation Indexed Bonds, 1.75%, 1/15/28(1)	9,415,996	9,052,595
	U.S. Treasury Inflation Indexed Bonds, 3.625%, 4/15/28(1)	9,962,793	12,339,078
	U.S. Treasury Inflation Indexed Bonds, 2.50%, 1/15/29(1)	14,371,198	15,450,159
	U.S. Treasury Inflation Indexed Bonds, 3.875%, 4/15/29(1)	11,650,900	15,028,752
	U.S. Treasury Inflation Indexed Bonds, 3.375%, 4/15/32(1)	4,768,079	5,909,437
	U.S. Treasury Inflation Indexed Notes, 4.25%, 1/15/10(1)	1,696,055	1,700,163
	U.S. Treasury Inflation Indexed Notes, 0.875%, 4/15/10(1)	15,091,180	15,160,735
	U.S. Treasury Inflation Indexed Notes, 3.50%, 1/15/11(1)	2,359,933	2,450,828
	U.S. Treasury Inflation Indexed Notes, 2.375%, 4/15/11(1)	7,052,117	7,269,188
	U.S. Treasury Inflation Indexed Notes, 3.375%, 1/15/12(1)	2,069,682	2,216,176
	U.S. Treasury Inflation Indexed Notes, 2.00%, 4/15/12(1)	9,374,816	9,808,401
	U.S. Treasury Inflation Indexed Notes, 3.00%, 7/15/12(1)	15,642,183	16,837,340
	U.S. Treasury Inflation Indexed Notes, 0.625%, 4/15/13(1)	5,829,732	5,935,396
	U.S. Treasury Inflation Indexed Notes, 1.875%, 7/15/13(1)	16,095,749	16,972,210
	U.S. Treasury Inflation Indexed Notes, 2.00%, 1/15/14(1)	11,582,505	12,262,977
	U.S. Treasury Inflation Indexed Notes, 2.00%, 7/15/14(1)	14,106,255	14,961,447
	U.S. Treasury Inflation Indexed Notes, 1.625%, 1/15/15(1)	21,397,446	22,280,091
	U.S. Treasury Inflation Indexed Notes, 1.875%, 7/15/15(1)	14,059,084	14,831,237
	U.S. Treasury Inflation Indexed Notes, 2.00%, 1/15/16(1)	17,971,470	19,000,624
	U.S. Treasury Inflation Indexed Notes, 2.50%, 7/15/16(1)	11,743,797	12,803,487
	U.S. Treasury Inflation Indexed Notes, 2.375%, 1/15/17(1)	14,230,269	15,387,588
	U.S. Treasury Inflation Indexed Notes, 2.625%, 7/15/17(1)	6,075,708	6,689,452
	U.S. Treasury Inflation Indexed Notes, 1.625%, 1/15/18(1)	2,553,928	2,618,374
	U.S. Treasury Inflation Indexed Notes, 1.375%, 7/15/18(1)	17,042,330	17,103,580
	U.S. Treasury Inflation Indexed Notes, 2.125%, 1/15/19(1)	11,277,056	11,976,583
	U.S. Treasury Inflation Indexed Notes, 1.875%, 7/15/19(1)	9,922,010	10,314,237
TOTAL U.S. TREASURY SECURITIES
	(Cost $346,347,821)		356,590,456
CORPORATE BONDS ― 8.6%
AEROSPACE & DEFENSE ― 0.1%
	L-3 Communications Corp., 5.875%, 1/15/15(1)	375,000	376,406
	L-3 Communications Corp., 5.20%, 10/15/19(1)(2)	200,000	198,202
			574,608
BEVERAGES ― 0.4%
	Anheuser-Busch InBev Worldwide, Inc., 6.875%, 11/15/19(2)	530,000	592,762
	Coca-Cola Co. (The), 3.625%, 3/15/14(1)	240,000	247,629
	Coca-Cola Enterprises, Inc., 4.25%, 3/1/15(1)	260,000	273,424
	Dr Pepper Snapple Group, Inc., 6.82%, 5/1/18(1)	450,000	505,632
			1,619,447
BIOTECHNOLOGY ― 0.1%
	Amgen, Inc., 5.85%, 6/1/17(1)	300,000	328,321
CAPITAL MARKETS ― 0.5%
	Credit Suisse (New York), 5.50%, 5/1/14(1)	390,000	423,637
	Credit Suisse (New York), 5.30%, 8/13/19(1)	360,000	370,404
	Goldman Sachs Group, Inc. (The), 7.50%, 2/15/19(1)	280,000	326,979
	Jefferies Group, Inc., 8.50%, 7/15/19(1)	80,000	87,595

Inflation Protection Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Morgan Stanley, 4.20%, 11/20/14(1)	$ 400,000	$ 400,717
	Morgan Stanley, 7.30%, 5/13/19(1)	330,000	371,207
			1,980,539
CHEMICALS ― 0.1%
	Dow Chemical Co. (The), 4.85%, 8/15/12(1)	160,000	168,257
	Dow Chemical Co. (The), 8.55%, 5/15/19(1)	360,000	430,251
			598,508
COMMERCIAL BANKS ― 0.1%
	Westpac Banking Corp., 4.875%, 11/19/19(1)	200,000	197,784
COMMERCIAL SERVICES & SUPPLIES ― 0.2%
	Corrections Corp. of America, 7.75%, 6/1/17(1)	400,000	414,000
	Waste Management, Inc., 7.375%, 3/11/19(1)	500,000	577,945
			991,945
COMMUNICATIONS EQUIPMENT ― 0.2%
	Cisco Systems, Inc., 2.90%, 11/17/14(1)	400,000	399,722
	Cisco Systems, Inc., 5.90%, 2/15/39(1)	360,000	365,260
			764,982
CONSUMER FINANCE ― 0.6%
	Capital One Bank USA N.A., 8.80%, 7/15/19(1)	330,000	390,603
	Ford Motor Credit Co. LLC, 7.50%, 8/1/12	330,000	332,983
	General Electric Capital Corp., 3.75%, 11/14/14(1)	1,030,000	1,029,334
	General Electric Capital Corp., 6.00%, 8/7/19(1)	300,000	311,973
	SLM Corp., 5.375%, 1/15/13(1)	250,000	235,992
			2,300,885
CONTAINERS & PACKAGING ― 0.2%
	Ball Corp., 6.875%, 12/15/12(1)	750,000	763,125
DIVERSIFIED FINANCIAL SERVICES ― 0.2%
	Bank of America Corp., 6.50%, 8/1/16(1)	500,000	538,382
	BP Capital Markets plc, 3.125%, 3/10/12(1)	170,000	175,200
			713,582
DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.4%
	AT&T, Inc., 6.70%, 11/15/13(1)	180,000	203,259
	AT&T, Inc., 6.55%, 2/15/39(1)	420,000	444,015
	Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, 11/15/18(1)	160,000	198,785
	Telecom Italia Capital SA, 6.18%, 6/18/14(1)	550,000	596,723
	Telefonica Emisiones SAU, 5.88%, 7/15/19(1)	340,000	365,090
			1,807,872
ELECTRIC UTILITIES ― 0.1%
	FirstEnergy Solutions Corp., 6.05%, 8/15/21(1)	320,000	323,487
	Niagara Mohawk Power Corp., 4.88%, 8/15/19(2)	160,000	158,938
			482,425
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 0.3%
	Corning, Inc., 6.625%, 5/15/19(1)	600,000	655,003
	Jabil Circuit, Inc., 7.75%, 7/15/16(1)	470,000	495,850
			1,150,853
ENERGY EQUIPMENT & SERVICES ― 0.1%
	Pride International, Inc., 8.50%, 6/15/19(1)	400,000	464,000
FOOD & STAPLES RETAILING ― 0.1%
	CVS Caremark Corp., 6.60%, 3/15/19(1)	250,000	274,049
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.1%
	Boston Scientific Corp., 6.00%, 1/15/20(1)	300,000	307,108

Inflation Protection Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	St. Jude Medical, Inc., 4.875%, 7/15/19(1)	$ 230,000	$ 232,267
			539,375
HEALTH CARE PROVIDERS & SERVICES ― 0.3%
	HCA, Inc., 7.875%, 2/15/20(1)(2)	300,000	313,125
	HCA, Inc., 7.69%, 6/15/25(1)	100,000	92,070
	Medco Health Solutions, Inc., 6.125%, 3/15/13(1)	712,000	762,277
			1,167,472
INDUSTRIAL CONGLOMERATES ― 0.1%
	General Electric Co., 5.25%, 12/6/17(1)	200,000	204,702
INSURANCE ― 0.4%
	Allstate Corp. (The), 7.45%, 5/16/19	300,000	349,151
	Lincoln National Corp., 6.25%, 2/15/20(1)	120,000	118,476
	MetLife, Inc., 6.75%, 6/1/16(1)	500,000	560,656
	Prudential Financial, Inc., 7.375%, 6/15/19(1)	400,000	449,244
	Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39(1)(2)	300,000	311,125
			1,788,652
INTERNET & CATALOG RETAIL ― 0.1%
	Expedia, Inc., 7.46%, 8/15/18(1)	400,000	438,500
MACHINERY ― 0.1%
	Deere & Co., 5.375%, 10/16/29(1)	250,000	250,280
MEDIA ― 1.1%
	Comcast Corp., 5.90%, 3/15/16(1)	250,000	269,580
	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 5.875%, 10/1/19(1)(2)	500,000	509,486
	Interpublic Group of Cos., Inc. (The), 10.00%, 7/15/17(1)	600,000	669,000
	News America, Inc., 6.90%, 8/15/39(1)(2)	210,000	229,842
	Omnicom Group, Inc., 6.25%, 7/15/19(1)	280,000	302,624
	Time Warner Cable, Inc., 5.40%, 7/2/12(1)	500,000	534,527
	Time Warner Cable, Inc., 8.25%, 2/14/14(1)	120,000	140,374
	Time Warner Cable, Inc., 6.75%, 7/1/18(1)	600,000	660,214
	Time Warner, Inc., 6.875%, 5/1/12(1)	400,000	438,134
	Viacom, Inc., 6.25%, 4/30/16(1)	600,000	654,788
	Virgin Media Finance plc, 9.50%, 8/15/16(1)	200,000	215,750
			4,624,319
METALS & MINING ― 0.5%
	Anglo American Capital plc, 9.375%, 4/8/19(1)(2)	300,000	381,689
	ArcelorMittal, 6.125%, 6/1/18(1)	200,000	206,705
	Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/17(1)	350,000	383,775
	Rio Tinto Finance USA Ltd., 5.875%, 7/15/13(1)	450,000	485,955
	Teck Resources Ltd., 10.75%, 5/15/19(1)	500,000	600,000
			2,058,124
MULTI-UTILITIES ― 0.2%
	Dominion Resources, Inc., 6.40%, 6/15/18(1)	420,000	459,529
	Pacific Gas & Electric Co., 6.25%, 12/1/13(1)	180,000	200,559
	PG&E Corp., 5.75%, 4/1/14(1)	120,000	129,468
	Sempra Energy, 6.50%, 6/1/16(1)	130,000	141,172
			930,728
OFFICE ELECTRONICS ― 0.1%
	Xerox Corp., 5.625%, 12/15/19(1)	500,000	500,244
OIL, GAS & CONSUMABLE FUELS ― 0.8%
	Anadarko Petroleum Corp., 6.95%, 6/15/19(1)	300,000	340,806
	Enterprise Products Operating LLC, 4.60%, 8/1/12(1)	530,000	560,064
	Enterprise Products Operating LLC, 6.30%, 9/15/17(1)	250,000	269,543

Inflation Protection Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Kerr-McGee Corp., 6.95%, 7/1/24(1)	$ 320,000	$ 347,362
	Kinder Morgan Energy Partners LP, 6.75%, 3/15/11(1)	450,000	476,029
	Magellan Midstream Partners LP, 6.55%, 7/15/19(1)	270,000	293,613
	SandRidge Energy, Inc., 8.75%, 1/15/20(1)(2)	250,000	251,250
	Shell International Finance BV, 4.30%, 9/22/19(1)	390,000	386,072
	Talisman Energy, Inc., 7.75%, 6/1/19(1)	200,000	235,286
	XTO Energy, Inc., 6.50%, 12/15/18(1)	200,000	228,935
			3,388,960
PAPER & FOREST PRODUCTS ― 0.2%
	International Paper Co., 9.375%, 5/15/19(1)	250,000	307,796
	International Paper Co., 7.30%, 11/15/39(1)	300,000	319,259
			627,055
PERSONAL PRODUCTS(3)
	Mead Johnson Nutrition Co., 5.90%, 11/1/39(1)(2)	170,000	167,987
PHARMACEUTICALS ― 0.3%
	Pfizer, Inc., 6.20%, 3/15/19(1)	420,000	467,711
	Roche Holdings, Inc., 6.00%, 3/1/19(1)(2)	370,000	407,299
	Watson Pharmaceuticals, Inc., 5.00%, 8/15/14(1)	500,000	511,011
			1,386,021
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.2%
	ProLogis, 5.50%, 4/1/12(1)	400,000	405,157
	ProLogis, 7.375%, 10/30/19(1)	160,000	158,096
	Simon Property Group LP, 5.75%, 12/1/15(1)	400,000	408,408
			971,661
ROAD & RAIL ― 0.1%
	CSX Corp., 7.375%, 2/1/19(1)	340,000	389,079
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT(3)
	Analog Devices, Inc., 5.00%, 7/1/14(1)	180,000	187,963
TOBACCO ― 0.1%
	Altria Group, Inc., 9.25%, 8/6/19(1)	380,000	463,851
WIRELESS TELECOMMUNICATION SERVICES ― 0.2%
	American Tower Corp., 7.25%, 5/15/19(1)(2)	600,000	672,000
TOTAL CORPORATE BONDS
	(Cost $33,866,022)		35,769,898
ASSET-BACKED SECURITIES(4) ― 0.9%
	CenterPoint Energy Transition Bond Co. LLC, Series 2009-1, Class A1 SEQ, 1.83%, 2/15/16	1,500,000	1,479,879
	Entergy Texas Restoration Funding LLC, Series 2009-A, Class A1 SEQ, 2.12%, 2/1/16(1)	2,000,000	1,989,871
	Public Service New Hampshire Funding LLC, Series 2001-1, Class A3 SEQ, 6.48%, 5/1/15(1)	280,003	303,921
TOTAL ASSET-BACKED SECURITIES
	(Cost $3,788,888)		3,773,671
U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS ― 0.8%
FIXED-RATE U.S. GOVERNMENT AGENCY SECURITIES ― 0.5%

	FNMA, 5.625%, 7/15/37(1)		2,100,000	2,218,453

Inflation Protection Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

GOVERNMENT-BACKED CORPORATE BONDS(5) ― 0.3%
	GMAC, Inc., 1.75%, 10/30/12(1)			$ 1,000,000	$ 994,170
TOTAL U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS
	(Cost $3,206,600)				3,212,623
COMMERCIAL MORTGAGE-BACKED SECURITIES(4) ― 0.7%
	Credit Suisse Mortgage Capital Certificates, Series 2007 TF2A, Class A1, VRN, 0.41%, 1/15/10, resets monthly off the 1-month LIBOR plus 0.18% with no caps(1)(2)			496,902	426,684
	GS Mortgage Securities Corp. II, Series 2004 GG2, Class A4 SEQ, 4.96%, 8/10/38(1)			1,400,000	1,416,978
	LB-UBS Commercial Mortgage Trust, Series 2005 C2, Class A2 SEQ, 4.82%, 4/15/30(1)			953,952	955,438
	Lehman Brothers Floating Rate Commercial Mortgage Trust, Series 2007 LLFA, Class A1, VRN, 0.53%, 1/15/10, resets monthly off the 1-month LIBOR plus 0.30% with no caps(1)(2)			371,972	323,070
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $3,227,154)				3,122,170
SHORT-TERM INVESTMENTS ― 0.7%
	Dutch Treasury Certificates, 0.49%, 3/31/10(6)	EUR		1,200,000	1,718,712
	Government of Canada Treasury Bill, 0.28%, 4/1/10(6)	CAD		1,340,000	1,280,652
TOTAL SHORT-TERM INVESTMENTS
	(Cost $3,022,491)				2,999,364
COMMERCIAL PAPER(6) ― 0.6%
	BNP Paribas Finance, Inc., 0.01%, 1/4/10(1)
	(Cost $2,499,998)			$ 2,500,000	2,499,975
COLLATERALIZED MORTGAGE OBLIGATIONS(4) ― 0.6%
	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 3.29%, 1/4/10(1)			1,064,282	858,521
	Chase Mortgage Finance Corp., Series 2005 A1, Class 2A2 SEQ, VRN, 5.23%, 1/4/10(1)			798,629	735,564
	J.P. Morgan Mortgage Trust, Series 2005 A6, Class 7A1, VRN, 4.96%, 1/4/10(1)			876,269	711,988
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $2,248,224)				2,306,073
SOVEREIGN GOVERNMENTS & AGENCIES ― 0.2%
	NORWAY — 0.2%
	Government of Norway, 6.00%, 5/16/11
	(Cost $771,296)		NOK	4,170,000	754,658
MUNICIPAL SECURITIES(3)
	California GO, (Building Bonds), 7.55%, 4/1/39(1)

	(Cost $183,079)		$ 200,000	197,182

Inflation Protection Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

TEMPORARY CASH INVESTMENTS(3)
	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares(1)
	(Cost $26,760)	26,760	$ 26,760
TOTAL INVESTMENT SECURITIES — 98.9%
(Cost $399,188,333)			411,252,830
OTHER ASSETS AND LIABILITIES — 1.1%			4,396,447

TOTAL NET ASSETS — 100.0%		$415,649,277

FUTURES CONTRACTS

Contracts Purchased		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
55	U.S. Long Bond	March 2010	$6,345,625	$(266,658)


Contracts Sold		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
213	U.S. Treasury 2-Year Notes	March 2010	$46,064,578	$228,719

SWAP AGREEMENTS
Notional Amount		Description of Agreement	Premiums Paid (Received)	Value
CREDIT DEFAULT - SELL PROTECTION
$870,000		Receive quarterly a fixed rate equal to 5.00% multiplied by the notional amount and pay Barclays Bank plc upon each default event of one of the issues of CDX North America High Yield 11 Index, par value of the proportional notional amount. Expires December 2013.*	$(148,011)	$12,095
TOTAL RETURN
800,000		Pay a fixed rate equal to 1.13% and receive the return of the U.S. CPI Urban Consumers NSA Index upon the termination date with Barclays Bank plc. Expires January 2012.	–	(19,952)
6,800,000		Pay a fixed rate equal to 0.08% and receive the return of the U.S. CPI Urban Consumers NSA Index upon the termination date with UBS AG. Expires November 2013.	–	(65,533)
1,000,000		Pay a fixed rate equal to 1.31% and receive the return of the U.S. CPI Urban Consumers NSA Index upon the termination date with Barclays Bank plc. Expires April 2017.	–	(22,401)
5,000,000		Pay a fixed rate equal to 1.31% and receive the return of the U.S. CPI Urban Consumers NSA Index upon the termination date with Barclays Bank plc. Expires April 2018.	–	(147,890)
18,000,000		Pay a fixed rate equal to 0.30% and receive the return of the U.S. CPI Urban Consumers NSA Index upon the termination date with Bank of America N.A. Expires December 2019.	–	234,315
1,900,000		Pay a fixed rate equal to 1.77% and receive the return of the U.S. CPI Urban Consumers NSA Index upon the termination date with Barclays Bank plc. Expires December 2027.	–	(11,237)
			–	(32,698)
			$(148,011)	$(20,603)
*	The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the referenced obligations and upfront payments received upon entering into the agreement.

Inflation Protection Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

	The quoted market prices and resulting market value for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing market values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

	Credit default swaps enable the fund to buy/sell protection against a credit event of a specific issuer or index. As a seller of credit protection against a security or basket of securities, the fund receives an up-front and/or periodic payment to compensate against potential default events. The fund may attempt to enhance returns by selling protection.

Notes to Schedule of Investments
	CAD	-	Canadian Dollar
	CDX	-	Credit Derivative Indexes
	CPI	-	Consumer Price Index
	Equivalent	-	Security whose principal payments are backed by the full faith and credit of the United States
	EUR	-	Euro
	FNMA	-	Federal National Mortgage Association
	GMAC	-	General Motors Acceptance Corporation
	GO	-	General Obligation
	LB-UBS	-	Lehman Brothers, Inc. — UBS AG
	LIBOR	-	London Interbank Offered Rate
	NSA	-	Not Seasonally Adjusted
	resets	-	The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
	SEQ	-	Sequential Payer
	VRN	-	Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

(1)	Security, or a portion thereof, has been segregated for futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $53,782,000.
(2)	Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $4,943,459, which represented 1.2% of total net assets.
(3)	Category is less than 0.05% of total net assets.
(4)	Final maturity indicated, unless otherwise noted.
(5)	The debt is guaranteed under the Federal Deposit Insurance Corporation's (FDIC) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC's guarantee is the earlier of the maturity date of the debt or December 31, 2012.
(6)	The rate indicated is the yield to maturity at purchase.

Inflation Protection Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Security Valuations

2. Fair Value Measurements

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar

securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of December 31, 2009:

	Level 1	Level 2	Level 3
Investment Securities
U.S. Treasury Securities	–	$356,590,456	–
Corporate Bonds	–	35,769,898	–
Asset-Backed Securities	–	3,773,671	–
U.S. Government Agency Securities and Equivalents	–	3,212,623	–
Commercial Mortgage-Backed Securities	–	3,122,170	–
Short-Term Investments	–	2,999,364	–
Commercial Paper	–	2,499,975	–
Collateralized Mortgage Obligations	–	2,306,073	–
Sovereign Governments & Agencies	–	754,658	–
Municipal Securities	–	197,182	–
Temporary Cash Investments	$26,760	–	–
Total Value of Investment Securities	$26,760	$411,226,070	–
Other Financial Instruments
Futures Contracts	$(37,939)	–	–
Swap Agreements	–	$127,408	–
Total Unrealized Gain (Loss) on Other Financial Instruments	$(37,939)	$127,408	–

Inflation Protection Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

3. Federal Tax Information

As of December 31, 2009, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$399,188,333
Gross tax appreciation of investments	$ 12,372,561
Gross tax depreciation of investments	(308,064)
Net tax appreciation (depreciation) of investments	$ 12,064,497

The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

American Century Investments®

Quarterly Portfolio Holdings

NT Diversified Bond Fund

December 31, 2009

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

U.S. TREASURY SECURITIES ― 30.5%
	U.S. Treasury Bonds, 10.625%, 8/15/15(1)	$ 2,200,000	$ 3,090,314
	U.S. Treasury Bonds, 5.25%, 2/15/29(1)	5,000,000	5,418,755
	U.S. Treasury Bonds, 5.375%, 2/15/31(1)	2,000,000	2,210,626
	U.S. Treasury Bonds, 4.75%, 2/15/37(1)	800,000	817,750
	U.S. Treasury Bonds, 4.25%, 5/15/39(1)	500,000	469,219
	U.S. Treasury Bonds, 4.375%, 11/15/39(1)	3,000,000	2,872,503
	U.S. Treasury Inflation Indexed Notes, 1.625%, 1/15/15(1)	7,924,980	8,251,885
	U.S. Treasury Notes, 0.875%, 12/31/10(1)	17,000,000	17,067,745
	U.S. Treasury Notes, 1.00%, 9/30/11(1)	15,000,000	15,000,600
	U.S. Treasury Notes, 1.00%, 10/31/11(1)	7,900,000	7,895,363
	U.S. Treasury Notes, 1.875%, 6/15/12(1)	15,500,000	15,674,390
	U.S. Treasury Notes, 4.25%, 9/30/12(1)	1,390,000	1,492,079
	U.S. Treasury Notes, 1.375%, 10/15/12(1)	15,000,000	14,920,320
	U.S. Treasury Notes, 1.875%, 4/30/14(1)	5,000,000	4,898,830
	U.S. Treasury Notes, 2.375%, 8/31/14(1)	6,200,000	6,156,408
	U.S. Treasury Notes, 2.125%, 11/30/14(1)	20,000,000	19,532,860
	U.S. Treasury Notes, 3.00%, 8/31/16(1)	10,400,000	10,231,822
	U.S. Treasury Notes, 4.75%, 8/15/17(1)	1,092,000	1,185,247
TOTAL U.S. TREASURY SECURITIES
	(Cost $137,573,880)		137,186,716
CORPORATE BONDS ― 25.7%
AEROSPACE & DEFENSE ― 0.9%
	BAE Systems Holdings, Inc., 6.375%, 6/1/19(1)(2)	350,000	377,155
	Goodrich Corp., 4.875%, 3/1/20(1)	250,000	247,774
	Honeywell International, Inc., 5.30%, 3/15/17(1)	160,000	168,962
	Honeywell International, Inc., 5.30%, 3/1/18(1)	130,000	137,342
	L-3 Communications Corp., 5.875%, 1/15/15(1)	600,000	602,250
	L-3 Communications Corp., 5.20%, 10/15/19(1)(2)	570,000	564,876
	Lockheed Martin Corp., 7.65%, 5/1/16(1)	220,000	261,932
	Lockheed Martin Corp., 6.15%, 9/1/36(1)	169,000	179,464
	Lockheed Martin Corp., 5.50%, 11/15/39(1)	300,000	295,011
	Northrop Grumman Corp., 3.70%, 8/1/14(1)	170,000	170,832
	United Technologies Corp., 6.125%, 2/1/19(1)	410,000	453,868
	United Technologies Corp., 6.05%, 6/1/36(1)	230,000	245,324
	United Technologies Corp., 6.125%, 7/15/38(1)	220,000	239,174
			3,943,964
AUTOMOBILES ― 0.1%
	American Honda Finance Corp., 7.625%, 10/1/18(1)(2)	170,000	194,677
	Daimler Finance N.A. LLC, 5.875%, 3/15/11(1)	150,000	156,882
			351,559
BEVERAGES ― 0.8%
	Anheuser-Busch InBev Worldwide, Inc., 3.00%, 10/15/12(1)(2)	750,000	754,013
	Anheuser-Busch InBev Worldwide, Inc., 6.875%, 11/15/19(2)	1,060,000	1,185,524
	Diageo Capital plc, 5.20%, 1/30/13(1)	280,000	299,968
	Dr Pepper Snapple Group, Inc., 6.82%, 5/1/18(1)	540,000	606,759
	PepsiAmericas, Inc., 4.375%, 2/15/14(1)	170,000	177,037
	SABMiller plc, 6.20%, 7/1/11(1)(2)	360,000	381,125
			3,404,426

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

BIOTECHNOLOGY ― 0.1%
	Amgen, Inc., 5.85%, 6/1/17(1)	$ 400,000	$ 437,762
CAPITAL MARKETS ― 2.0%
	Bank of New York Mellon Corp. (The), 4.30%, 5/15/14	400,000	421,404
	Bear Stearns Cos., Inc. (The), 6.40%, 10/2/17(1)	630,000	687,808
	Credit Suisse (New York), 5.00%, 5/15/13(1)	610,000	651,030
	Credit Suisse (New York), 5.50%, 5/1/14(1)	340,000	369,325
	Credit Suisse (New York), 5.30%, 8/13/19(1)	420,000	432,138
	Deutsche Bank AG (London), 4.875%, 5/20/13(1)	270,000	287,065
	Goldman Sachs Group, Inc. (The), 6.00%, 5/1/14(1)	230,000	251,807
	Goldman Sachs Group, Inc. (The), 5.125%, 1/15/15(1)	840,000	883,609
	Goldman Sachs Group, Inc. (The), 6.15%, 4/1/18(1)	340,000	364,561
	Goldman Sachs Group, Inc. (The), 7.50%, 2/15/19(1)	1,030,000	1,202,814
	Jefferies Group, Inc., 8.50%, 7/15/19(1)	260,000	284,684
	Merrill Lynch & Co., Inc., 6.15%, 4/25/13(1)	475,000	508,705
	Morgan Stanley, 4.20%, 11/20/14(1)	450,000	450,806
	Morgan Stanley, 6.00%, 4/28/15(1)	200,000	213,287
	Morgan Stanley, 6.625%, 4/1/18(1)	210,000	227,408
	Morgan Stanley, 7.30%, 5/13/19(1)	660,000	742,413
	Morgan Stanley, 5.625%, 9/23/19(1)	550,000	555,050
	UBS AG (Stamford Branch), 5.75%, 4/25/18(1)	260,000	265,117
			8,799,031
CHEMICALS ― 0.3%
	Dow Chemical Co. (The), 4.85%, 8/15/12(1)	210,000	220,837
	Dow Chemical Co. (The), 8.55%, 5/15/19(1)	360,000	430,252
	E.I. du Pont de Nemours & Co., 5.00%, 1/15/13(1)	150,000	160,753
	Mosaic Co. (The), 7.625%, 12/1/16(1)(2)	315,000	344,459
	Rohm & Haas Co., 5.60%, 3/15/13(1)	130,000	137,306
			1,293,607
COMMERCIAL BANKS ― 1.3%
	Barclays Bank plc, 5.00%, 9/22/16(1)	360,000	368,374
	BB&T Corp., 5.70%, 4/30/14(1)	250,000	270,872
	National Australia Bank Ltd., 2.55%, 1/13/12(1)(2)	1,000,000	1,015,365
	PNC Bank N.A., 4.875%, 9/21/17(1)	128,000	121,305
	PNC Bank N.A., 6.00%, 12/7/17(1)	160,000	162,675
	SunTrust Bank, 7.25%, 3/15/18(1)	100,000	104,576
	Wachovia Bank N.A., 4.80%, 11/1/14(1)	339,000	346,923
	Wachovia Bank N.A., 4.875%, 2/1/15(1)	198,000	202,440
	Wells Fargo & Co., 4.375%, 1/31/13(1)	410,000	426,164
	Wells Fargo Bank N.A., 6.45%, 2/1/11(1)	190,000	200,701
	Westpac Banking Corp., 1.90%, 12/14/12(1)(2)	2,500,000	2,481,573
	Westpac Banking Corp., 4.875%, 11/19/19(1)	230,000	227,451
			5,928,419
COMMERCIAL SERVICES & SUPPLIES ― 0.4%
	Allied Waste North America, Inc., 6.375%, 4/15/11(1)	260,000	271,508
	Corrections Corp. of America, 6.25%, 3/15/13(1)	550,000	555,500
	Republic Services, Inc., 5.50%, 9/15/19(1)(2)	260,000	264,511
	Waste Management, Inc., 7.375%, 3/11/19(1)	280,000	323,650
	Waste Management, Inc., 6.125%, 11/30/39(1)	280,000	279,202
			1,694,371
COMMUNICATIONS EQUIPMENT ― 0.1%
	Cisco Systems, Inc., 5.90%, 2/15/39(1)	500,000	507,306

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

CONSUMER FINANCE ― 1.1%
	American Express Centurion Bank, 5.55%, 10/17/12(1)	$ 250,000	$ 267,530
	American Express Centurion Bank, 6.00%, 9/13/17(1)	700,000	726,493
	American Express Co., 7.25%, 5/20/14(1)	380,000	429,187
	Capital One Bank USA N.A., 8.80%, 7/15/19(1)	400,000	473,458
	Capital One Capital V, 10.25%, 8/15/39(1)	200,000	233,103
	General Electric Capital Corp., 3.75%, 11/14/14(1)	900,000	899,417
	General Electric Capital Corp., 4.375%, 9/21/15(1)	670,000	679,183
	General Electric Capital Corp., 5.625%, 9/15/17(1)	250,000	257,958
	General Electric Capital Corp., 6.00%, 8/7/19(1)	450,000	467,960
	John Deere Capital Corp., 4.90%, 9/9/13(1)	250,000	268,968
	SLM Corp., 5.375%, 1/15/13(1)	240,000	226,553
			4,929,810
CONTAINERS & PACKAGING ― 0.2%
	Ball Corp., 6.875%, 12/15/12(1)	376,000	382,580
	Ball Corp., 7.125%, 9/1/16(1)	330,000	339,900
			722,480
DIVERSIFIED CONSUMER SERVICES ― 0.1%
	Board of Trustees of The Leland Stanford Junior University (The), 3.625%, 5/1/14(1)	310,000	319,246
DIVERSIFIED FINANCIAL SERVICES ― 2.0%
	Bank of America Corp., 4.90%, 5/1/13(1)	600,000	622,502
	Bank of America Corp., 6.50%, 8/1/16(1)	1,420,000	1,529,005
	Bank of America Corp., 5.65%, 5/1/18(1)	150,000	152,593
	Bank of America Corp., 7.625%, 6/1/19(1)	270,000	312,888
	Bank of America N.A., 5.30%, 3/15/17(1)	720,000	706,705
	BP Capital Markets plc, 5.25%, 11/7/13(1)	480,000	523,287
	Citigroup, Inc., 5.50%, 4/11/13(1)	820,000	850,780
	Citigroup, Inc., 5.50%, 10/15/14(1)	180,000	182,445
	Citigroup, Inc., 6.01%, 1/15/15(1)	300,000	306,659
	Citigroup, Inc., 6.125%, 5/15/18(1)	490,000	493,448
	Citigroup, Inc., 8.50%, 5/22/19(1)	160,000	185,068
	Citigroup, Inc., 8.125%, 7/15/39(1)	350,000	396,218
	JPMorgan Chase & Co., 4.65%, 6/1/14(1)	650,000	685,417
	JPMorgan Chase & Co., 6.00%, 1/15/18(1)	1,590,000	1,711,977
	JPMorgan Chase Bank National Association, 5.875%, 6/13/16(1)(2)	250,000	262,678
			8,921,670
DIVERSIFIED TELECOMMUNICATION SERVICES ― 2.0%
	Alltel Corp., 7.875%, 7/1/32(1)	180,000	214,675
	AT&T, Inc., 6.25%, 3/15/11(1)	360,000	381,341
	AT&T, Inc., 6.70%, 11/15/13(1)	770,000	869,497
	AT&T, Inc., 5.10%, 9/15/14(1)	100,000	107,679
	AT&T, Inc., 6.80%, 5/15/36(1)	195,000	208,329
	AT&T, Inc., 6.55%, 2/15/39(1)	680,000	718,881
	Cellco Partnership/Verizon Wireless Capital LLC, 5.55%, 2/1/14(1)	340,000	369,332
	Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, 11/15/18(1)	760,000	944,227
	CenturyTel, Inc., 7.60%, 9/15/39(1)	370,000	380,321
	Deutsche Telekom International Finance BV, 6.75%, 8/20/18(1)	190,000	213,073
	Deutsche Telekom International Finance BV, 8.75%, 6/15/30(1)	160,000	206,330
	Embarq Corp., 7.08%, 6/1/16(1)	82,000	90,693
	France Telecom SA, 4.375%, 7/8/14(1)	420,000	439,332
	Koninklijke KPN NV, 8.375%, 10/1/30(1)	320,000	402,049

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Qwest Corp., 7.875%, 9/1/11(1)	$ 60,000	$ 63,150
	Qwest Corp., 7.50%, 10/1/14(1)	120,000	125,250
	Sprint Capital Corp., 7.625%, 1/30/11(1)	400,000	411,500
	Telecom Italia Capital SA, 4.00%, 1/15/10(1)	227,000	227,176
	Telecom Italia Capital SA, 6.18%, 6/18/14(1)	600,000	650,971
	Telefonica Emisiones SAU, 5.98%, 6/20/11(1)	150,000	158,703
	Telefonica Emisiones SAU, 5.88%, 7/15/19(1)	400,000	429,518
	Telefonica Emisiones SAU, 7.05%, 6/20/36(1)	220,000	252,024
	Verizon Communications, Inc., 8.75%, 11/1/18(1)	670,000	838,193
	Verizon Communications, Inc., 6.40%, 2/15/38(1)	190,000	199,289
			8,901,533
ELECTRIC UTILITIES ― 1.0%
	Carolina Power & Light Co., 5.15%, 4/1/15(1)	160,000	172,379
	Carolina Power & Light Co., 5.25%, 12/15/15(1)	90,000	98,543
	Carolina Power & Light Co., 5.30%, 1/15/19(1)	180,000	188,298
	Cleveland Electric Illuminating Co. (The), 5.70%, 4/1/17(1)	260,000	265,096
	Duke Energy Carolinas LLC, 7.00%, 11/15/18(1)	420,000	490,365
	Duke Energy Corp., 6.30%, 2/1/14(1)	360,000	396,220
	Duke Energy Corp., 3.95%, 9/15/14(1)	260,000	263,683
	Exelon Generation Co. LLC, 5.20%, 10/1/19(1)	330,000	330,773
	FirstEnergy Corp., 6.45%, 11/15/11(1)	22,000	23,600
	FirstEnergy Solutions Corp., 6.05%, 8/15/21(1)	670,000	677,300
	Florida Power Corp., 5.65%, 6/15/18(1)	180,000	193,510
	Florida Power Corp., 6.35%, 9/15/37(1)	130,000	141,378
	Niagara Mohawk Power Corp., 4.88%, 8/15/19(2)	200,000	198,673
	Pacificorp, 6.00%, 1/15/39(1)	570,000	601,154
	Southern California Edison Co., 5.625%, 2/1/36(1)	179,000	180,436
	Toledo Edison Co. (The), 6.15%, 5/15/37(1)	80,000	79,302
			4,300,710
ELECTRICAL EQUIPMENT(3)
	Roper Industries, Inc., 6.25%, 9/1/19(1)	170,000	177,301
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 0.4%
	Amphenol Corp., 4.75%, 11/15/14(1)	280,000	280,399
	Corning, Inc., 6.625%, 5/15/19(1)	630,000	687,753
	Jabil Circuit, Inc., 7.75%, 7/15/16(1)	680,000	717,400
			1,685,552
ENERGY EQUIPMENT & SERVICES ― 0.2%
	Pride International, Inc., 8.50%, 6/15/19(1)	390,000	452,400
	Weatherford International Ltd., 9.625%, 3/1/19(1)	440,000	549,431
			1,001,831
FOOD & STAPLES RETAILING ― 0.6%
	CVS Caremark Corp., 6.60%, 3/15/19(1)	640,000	701,565
	Delhaize Group SA, 5.875%, 2/1/14(1)	360,000	386,995
	Kroger Co. (The), 6.80%, 4/1/11(1)	280,000	297,418
	Kroger Co. (The), 5.00%, 4/15/13(1)	350,000	370,410
	SYSCO Corp., 4.20%, 2/12/13(1)	160,000	167,506
	Wal-Mart Stores, Inc., 5.875%, 4/5/27(1)	235,000	246,997
	Wal-Mart Stores, Inc., 6.50%, 8/15/37(1)	200,000	228,374
	Wal-Mart Stores, Inc., 6.20%, 4/15/38(1)	140,000	154,931
			2,554,196
FOOD PRODUCTS ― 0.5%
	General Mills, Inc., 5.65%, 9/10/12(1)	330,000	359,224

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	General Mills, Inc., 5.25%, 8/15/13(1)	$ 430,000	$ 464,284
	General Mills, Inc., 5.65%, 2/15/19(1)	270,000	286,860
	Kellogg Co., 4.45%, 5/30/16(1)	320,000	329,984
	Kraft Foods, Inc., 6.00%, 2/11/13(1)	200,000	214,634
	Kraft Foods, Inc., 6.75%, 2/19/14(1)	300,000	332,050
	Ralcorp Holdings, Inc., 6.625%, 8/15/39(1)(2)	310,000	303,289
			2,290,325
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.3%
	Baxter International, Inc., 4.00%, 3/1/14(1)	330,000	340,633
	Baxter International, Inc., 5.90%, 9/1/16(1)	130,000	143,421
	Baxter International, Inc., 5.375%, 6/1/18(1)	200,000	212,627
	Baxter International, Inc., 6.25%, 12/1/37(1)	130,000	142,533
	Boston Scientific Corp., 6.00%, 1/15/20(1)	330,000	337,819
	St. Jude Medical, Inc., 4.875%, 7/15/19(1)	310,000	313,056
			1,490,089
HEALTH CARE PROVIDERS & SERVICES ― 0.5%
	Express Scripts, Inc., 5.25%, 6/15/12(1)	870,000	924,994
	Express Scripts, Inc., 7.25%, 6/15/19(1)	250,000	284,542
	Medco Health Solutions, Inc., 7.25%, 8/15/13(1)	550,000	611,515
	Quest Diagnostics, Inc., 4.75%, 1/30/20(1)	280,000	274,128
			2,095,179
HOTELS, RESTAURANTS & LEISURE ― 0.3%
	McDonald's Corp., 5.35%, 3/1/18(1)	270,000	289,979
	McDonald's Corp., 6.30%, 10/15/37(1)	130,000	141,470
	Yum! Brands, Inc., 8.875%, 4/15/11(1)	150,000	162,361
	Yum! Brands, Inc., 6.25%, 3/15/18(1)	280,000	305,920
	Yum! Brands, Inc., 5.30%, 9/15/19(1)	530,000	533,335
	Yum! Brands, Inc., 6.875%, 11/15/37(1)	125,000	135,498
			1,568,563
HOUSEHOLD DURABLES ― 0.1%
	Toll Brothers Finance Corp., 6.75%, 11/1/19(1)	310,000	304,149
	Whirlpool Corp., 8.60%, 5/1/14(1)	250,000	283,323
			587,472
HOUSEHOLD PRODUCTS ― 0.1%
	Kimberly-Clark Corp., 6.125%, 8/1/17(1)	120,000	133,232
	Kimberly-Clark Corp., 7.50%, 11/1/18(1)	140,000	169,659
			302,891
INDUSTRIAL CONGLOMERATES ― 0.3%
	General Electric Co., 5.00%, 2/1/13(1)	652,000	690,282
	General Electric Co., 5.25%, 12/6/17(1)	350,000	358,229
	Hutchison Whampoa International 09/16 Ltd., 4.625%, 9/11/15(1)(2)	460,000	465,287
			1,513,798
INSURANCE ― 0.8%
	Allstate Corp. (The), 7.45%, 5/16/19	410,000	477,173
	Berkshire Hathaway Finance Corp., 5.00%, 8/15/13(1)	180,000	193,715
	Lincoln National Corp., 6.25%, 2/15/20(1)	300,000	296,191
	MetLife Global Funding I, 5.125%, 4/10/13(1)(2)	340,000	360,463
	MetLife, Inc., 6.75%, 6/1/16(1)	520,000	583,083
	New York Life Global Funding, 4.65%, 5/9/13(1)(2)	250,000	262,796
	Prudential Financial, Inc., 7.375%, 6/15/19(1)	680,000	763,714
	Prudential Financial, Inc., 5.40%, 6/13/35(1)	100,000	87,574
	Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39(1)(2)	350,000	362,979

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Travelers Cos., Inc. (The), 5.90%, 6/2/19(1)	$ 180,000	$ 192,597
			3,580,285
INTERNET & CATALOG RETAIL ― 0.1%
	Expedia, Inc., 7.46%, 8/15/18(1)	340,000	372,725
IT SERVICES ― 0.1%
	International Business Machines Corp., 5.70%, 9/14/17(1)	400,000	438,010
LEISURE EQUIPMENT & PRODUCTS(3)
	Hasbro, Inc., 6.125%, 5/15/14(1)	200,000	217,959
MACHINERY ― 0.2%
	Caterpillar Financial Services Corp., 4.85%, 12/7/12(1)	130,000	139,887
	Caterpillar Financial Services Corp., 5.45%, 4/15/18(1)	340,000	354,725
	Deere & Co., 5.375%, 10/16/29(1)	480,000	480,539
			975,151
MEDIA ― 1.7%
	British Sky Broadcasting Group plc, 9.50%, 11/15/18(1)(2)	420,000	539,311
	CBS Corp., 5.50%, 5/15/33(1)	520,000	436,868
	Comcast Corp., 5.90%, 3/15/16(1)	330,000	355,846
	Comcast Corp., 6.40%, 5/15/38(1)	140,000	144,541
	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 4.75%, 10/1/14(1)(2)	550,000	562,010
	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 6.375%, 6/15/15(1)	460,000	480,125
	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 5.875%, 10/1/19(1)(2)	350,000	356,640
	News America, Inc., 6.90%, 8/15/39(1)(2)	500,000	547,242
	Omnicom Group, Inc., 6.25%, 7/15/19(1)	520,000	562,016
	Time Warner Cable, Inc., 5.40%, 7/2/12(1)	290,000	310,026
	Time Warner Cable, Inc., 6.75%, 7/1/18(1)	560,000	616,200
	Time Warner, Inc., 5.50%, 11/15/11(1)	250,000	265,537
	Time Warner, Inc., 6.875%, 5/1/12(1)	330,000	361,461
	Time Warner, Inc., 7.625%, 4/15/31(1)	149,000	173,569
	Time Warner, Inc., 7.70%, 5/1/32(1)	250,000	294,427
	Viacom, Inc., 6.25%, 4/30/16(1)	680,000	742,093
	Viacom, Inc., 5.625%, 9/15/19(1)	310,000	324,277
	Viacom, Inc., 6.875%, 4/30/36(1)	370,000	401,347
			7,473,536
METALS & MINING ― 1.0%
	Anglo American Capital plc, 9.375%, 4/8/19(1)(2)	250,000	318,074
	ArcelorMittal, 6.125%, 6/1/18(1)	250,000	258,381
	Barrick Gold Corp., 6.95%, 4/1/19	790,000	891,039
	Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/17(1)	450,000	493,425
	Newmont Mining Corp., 6.25%, 10/1/39(1)	550,000	552,514
	Rio Tinto Finance USA Ltd., 5.875%, 7/15/13(1)	460,000	496,754
	Rio Tinto Finance USA Ltd., 9.00%, 5/1/19(1)	200,000	253,540
	Teck Resources Ltd., 10.75%, 5/15/19(1)	670,000	804,000
	Vale Overseas Ltd., 5.625%, 9/15/19(1)	185,000	187,725
	Xstrata Finance Canada Ltd., 5.80%, 11/15/16(1)(2)	80,000	82,112
			4,337,564
MULTILINE RETAIL(3)
	Macy's Retail Holdings, Inc., 5.35%, 3/15/12(1)	100,000	102,625
MULTI-UTILITIES ― 0.9%
	CenterPoint Energy Resources Corp., 6.125%, 11/1/17(1)	130,000	134,528
	CenterPoint Energy Resources Corp., 6.25%, 2/1/37(1)	140,000	136,150
	Dominion Resources, Inc., 4.75%, 12/15/10(1)	96,000	98,840
	Dominion Resources, Inc., 6.40%, 6/15/18(1)	740,000	809,646

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Georgia Power Co., 6.00%, 11/1/13(1)	$ 270,000	$ 300,374
	NSTAR Electric Co., 5.625%, 11/15/17(1)	280,000	300,295
	Pacific Gas & Electric Co., 4.20%, 3/1/11(1)	310,000	319,988
	Pacific Gas & Electric Co., 5.80%, 3/1/37(1)	100,000	101,698
	Pacific Gas & Electric Co., 6.35%, 2/15/38(1)	130,000	141,451
	PG&E Corp., 5.75%, 4/1/14(1)	350,000	377,615
	Public Service Co. of Colorado, 5.80%, 8/1/18(1)	180,000	195,574
	Sempra Energy, 8.90%, 11/15/13(1)	500,000	581,543
	Sempra Energy, 6.50%, 6/1/16(1)	160,000	173,750
	Sempra Energy, 9.80%, 2/15/19(1)	130,000	162,514
	Sempra Energy, 6.00%, 10/15/39(1)	200,000	198,169
			4,032,135
OFFICE ELECTRONICS ― 0.1%
	Xerox Corp., 5.65%, 5/15/13(1)	190,000	198,124
	Xerox Corp., 4.25%, 2/15/15(1)	180,000	178,948
	Xerox Corp., 5.625%, 12/15/19(1)	300,000	300,146
			677,218
OIL, GAS & CONSUMABLE FUELS ― 2.4%
	Anadarko Petroleum Corp., 5.95%, 9/15/16(1)	560,000	606,590
	Anadarko Petroleum Corp., 6.95%, 6/15/19(1)	200,000	227,204
	Anadarko Petroleum Corp., 6.45%, 9/15/36(1)	480,000	502,924
	Cenovus Energy, Inc., 4.50%, 9/15/14(1)(2)	310,000	320,334
	ConocoPhillips, 6.50%, 2/1/39(1)	510,000	567,971
	El Paso Corp., 7.875%, 6/15/12(1)	300,000	312,316
	Enbridge Energy Partners LP, 6.50%, 4/15/18(1)	180,000	192,831
	Enterprise Products Operating LLC, 6.30%, 9/15/17(1)	760,000	819,411
	EOG Resources, Inc., 5.625%, 6/1/19(1)	240,000	255,428
	Hess Corp., 6.00%, 1/15/40(1)	320,000	317,973
	Kerr-McGee Corp., 6.95%, 7/1/24(1)	430,000	466,768
	Kinder Morgan Energy Partners LP, 6.85%, 2/15/20(1)	510,000	566,780
	Kinder Morgan Energy Partners LP, 6.50%, 9/1/39(1)	270,000	273,005
	Magellan Midstream Partners LP, 6.55%, 7/15/19(1)	310,000	337,111
	Marathon Oil Corp., 7.50%, 2/15/19(1)	350,000	404,625
	Nexen, Inc., 5.65%, 5/15/17(1)	250,000	260,384
	Nexen, Inc., 6.20%, 7/30/19(1)	330,000	349,812
	Nexen, Inc., 6.40%, 5/15/37(1)	350,000	353,770
	Petrobras International Finance Co., 5.75%, 1/20/20(1)	300,000	306,686
	Plains All American Pipeline LP/PAA Finance Corp., 8.75%, 5/1/19(1)	580,000	685,004
	Shell International Finance BV, 4.30%, 9/22/19(1)	400,000	395,971
	Shell International Finance BV, 6.375%, 12/15/38(1)	220,000	248,894
	Talisman Energy, Inc., 7.75%, 6/1/19(1)	750,000	882,323
	Williams Cos., Inc. (The), 8.75%, 1/15/20(1)	310,000	370,465
	XTO Energy, Inc., 5.30%, 6/30/15(1)	138,000	151,316
	XTO Energy, Inc., 6.50%, 12/15/18(1)	550,000	629,572
	XTO Energy, Inc., 6.10%, 4/1/36(1)	102,000	110,511
			10,915,979
PAPER & FOREST PRODUCTS ― 0.2%
	International Paper Co., 9.375%, 5/15/19(1)	415,000	510,941
	International Paper Co., 7.30%, 11/15/39(1)	440,000	468,246
			979,187
PERSONAL PRODUCTS ― 0.1%
	Mead Johnson Nutrition Co., 3.50%, 11/1/14(1)(2)	250,000	247,423

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Mead Johnson Nutrition Co., 5.90%, 11/1/39(1)(2)	$ 390,000	$ 385,381
			632,804
PHARMACEUTICALS ― 1.1%
	Abbott Laboratories, 5.875%, 5/15/16(1)	179,000	197,699
	Abbott Laboratories, 5.60%, 11/30/17(1)	140,000	152,285
	Abbott Laboratories, 6.00%, 4/1/39(1)	150,000	158,679
	AstraZeneca plc, 5.40%, 9/15/12(1)	550,000	601,174
	AstraZeneca plc, 5.90%, 9/15/17(1)	190,000	211,453
	GlaxoSmithKline Capital, Inc., 4.85%, 5/15/13(1)	290,000	311,542
	Pfizer, Inc., 6.20%, 3/15/19(1)	720,000	801,790
	Pfizer, Inc., 7.20%, 3/15/39(1)	470,000	576,269
	Roche Holdings, Inc., 6.00%, 3/1/19(1)(2)	250,000	275,202
	Watson Pharmaceuticals, Inc., 5.00%, 8/15/14(1)	1,280,000	1,308,188
	Watson Pharmaceuticals, Inc., 6.125%, 8/15/19(1)	220,000	227,406
	Wyeth, 5.95%, 4/1/37(1)	170,000	177,880
			4,999,567
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.2%
	ProLogis, 7.625%, 8/15/14(1)	250,000	261,682
	ProLogis, 5.625%, 11/15/16(1)	250,000	230,705
	ProLogis, 7.375%, 10/30/19(1)	280,000	276,669
	Simon Property Group LP, 5.75%, 12/1/15(1)	300,000	306,306
			1,075,362
REAL ESTATE MANAGEMENT & DEVELOPMENT(3)
	AMB Property LP, 6.625%, 12/1/19(1)	190,000	186,691
ROAD & RAIL ― 0.3%
	CSX Corp., 7.375%, 2/1/19(1)	450,000	514,957
	Norfolk Southern Corp., 5.75%, 1/15/16(1)	250,000	266,306
	Norfolk Southern Corp., 5.75%, 4/1/18(1)	500,000	529,779
	Union Pacific Corp., 5.75%, 11/15/17(1)	180,000	190,218
			1,501,260
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 0.1%
	Analog Devices, Inc., 5.00%, 7/1/14(1)	220,000	229,732
SOFTWARE ― 0.1%
	Intuit, Inc., 5.75%, 3/15/17(1)	400,000	414,910
SPECIALTY RETAIL ― 0.2%
	GSC Holdings Corp., 8.00%, 10/1/12(1)	200,000	208,250
	Home Depot, Inc. (The), 5.875%, 12/16/36(1)	90,000	87,161
	Staples, Inc., 9.75%, 1/15/14(1)	440,000	536,577
			831,988
WIRELESS TELECOMMUNICATION SERVICES ― 0.4%
	America Movil SAB de CV, 5.00%, 10/16/19(1)(2)	500,000	489,822
	American Tower Corp., 7.25%, 5/15/19(1)(2)	400,000	448,000
	Rogers Cable, Inc., 6.25%, 6/15/13(1)	340,000	372,743
	Rogers Communications, Inc., 6.80%, 8/15/18(1)	200,000	224,355
	Vodafone Group plc, 5.00%, 12/16/13(1)	270,000	286,143
			1,821,063
TOTAL CORPORATE BONDS
	(Cost $108,945,681)		115,518,842
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES(4) ― 25.1%
	FHLMC, 6.50%, 12/1/12(1)	417	447
	FHLMC, 6.00%, 1/1/13(1)	5,287	5,651

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

FHLMC, 7.00%, 11/1/13(1)	$ 1,682	$ 1,795
FHLMC, 7.00%, 6/1/14(1)	3,791	4,073
FHLMC, 6.50%, 6/1/16(1)	6,611	7,117
FHLMC, 6.50%, 6/1/16(1)	13,132	14,189
FHLMC, 5.00%, 4/1/19	4,752,785	5,008,689
FHLMC, 7.00%, 9/1/27(1)	1,526	1,688
FHLMC, 6.50%, 1/1/28(1)	2,626	2,843
FHLMC, 7.00%, 2/1/28(1)	395	438
FHLMC, 6.50%, 3/1/29(1)	14,733	15,951
FHLMC, 6.50%, 6/1/29(1)	9,758	10,564
FHLMC, 7.00%, 8/1/29(1)	1,675	1,852
FHLMC, 7.50%, 8/1/29(1)	3,033	3,412
FHLMC, 6.50%, 5/1/31(1)	311	337
FHLMC, 6.50%, 5/1/31(1)	6,968	7,538
FHLMC, 6.50%, 6/1/31(1)	98	106
FHLMC, 6.50%, 6/1/31(1)	381	412
FHLMC, 6.50%, 6/1/31(1)	1,064	1,151
FHLMC, 6.50%, 6/1/31(1)	5,417	5,860
FHLMC, 5.50%, 12/1/33(1)	203,977	214,675
FHLMC, 5.50%, 1/1/38(1)	3,350,457	3,516,758
FHLMC, 5.50%, 4/1/38(1)	2,935,769	3,079,194
FHLMC, 6.00%, 5/1/38	3,854,052	4,094,328
FHLMC, 6.00%, 8/1/38	511,784	543,262
FHLMC, 5.50%, 9/1/38	13,590,552	14,253,743
FHLMC, 6.50%, 7/1/47(1)	88,936	94,828
FNMA, 6.00%, settlement date 1/15/10(5)	4,399,672	4,660,216
FNMA, 6.50%, settlement date 1/15/10(5)	1,304,000	1,396,707
FNMA, 6.00%, 5/1/13(1)	609	652
FNMA, 6.00%, 5/1/13(1)	1,308	1,403
FNMA, 6.00%, 7/1/13(1)	3,821	4,100
FNMA, 6.00%, 12/1/13(1)	5,390	5,784
FNMA, 6.00%, 1/1/14(1)	4,434	4,758
FNMA, 6.00%, 2/1/14(1)	6,594	7,076
FNMA, 6.00%, 4/1/14(1)	8,257	8,860
FNMA, 5.50%, 12/1/16(1)	33,423	35,542
FNMA, 5.50%, 12/1/16(1)	66,933	71,177
FNMA, 6.50%, 1/1/26(1)	9,074	9,812
FNMA, 7.00%, 12/1/27(1)	1,041	1,155
FNMA, 6.50%, 1/1/28(1)	695	752
FNMA, 7.00%, 1/1/28(1)	472	524
FNMA, 7.50%, 4/1/28(1)	3,001	3,385
FNMA, 7.00%, 5/1/28(1)	9,156	10,155
FNMA, 7.00%, 6/1/28(1)	478	531
FNMA, 6.50%, 1/1/29(1)	1,940	2,103
FNMA, 6.50%, 4/1/29(1)	6,290	6,811
FNMA, 7.00%, 7/1/29(1)	3,808	4,224
FNMA, 7.00%, 7/1/29(1)	4,443	4,924
FNMA, 7.50%, 7/1/29(1)	10,580	11,940
FNMA, 7.50%, 8/1/30(1)	6,633	7,487
FNMA, 7.50%, 9/1/30(1)	3,998	4,512
FNMA, 7.00%, 9/1/31(1)	25,170	28,047
FNMA, 6.50%, 1/1/32(1)	11,943	12,915

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

FNMA, 7.00%, 6/1/32(1)	$ 120,847	$ 133,406
FNMA, 6.50%, 8/1/32(1)	44,503	48,126
FNMA, 5.50%, 6/1/33(1)	267,364	281,052
FNMA, 5.50%, 7/1/33(1)	1,271,944	1,337,065
FNMA, 5.50%, 8/1/33(1)	239,545	251,809
FNMA, 5.50%, 9/1/33(1)	312,788	328,802
FNMA, 5.00%, 11/1/33(1)	2,306,829	2,377,235
FNMA, 5.50%, 1/1/34(1)	673,140	709,348
FNMA, 5.50%, 12/1/34(1)	1,665,640	1,750,917
FNMA, 4.50%, 1/1/35	918,686	922,801
FNMA, 5.00%, 8/1/35(1)	1,695,022	1,743,048
FNMA, 4.50%, 9/1/35(1)	1,638,559	1,643,850
FNMA, 5.00%, 2/1/36(1)	9,247,485	9,509,497
FNMA, 5.50%, 7/1/36(1)	986,932	1,035,148
FNMA, 5.50%, 2/1/37(1)	393,397	412,616
FNMA, 6.50%, 8/1/37(1)	1,535,181	1,638,326
FNMA, 6.00%, 11/1/37	1,705,319	1,809,237
FNMA, 5.50%, 2/1/38(1)	15,529,199	16,275,734
FNMA, 5.50%, 6/1/38	4,093,833	4,290,636
FNMA, 5.00%, 1/1/39	2,342,324	2,406,729
FNMA, 4.50%, 2/1/39	6,678,204	6,675,393
FNMA, 4.50%, 6/1/39	3,177,090	3,175,436
FNMA, 4.50%, 9/1/39	4,979,614	4,977,021
FNMA, 6.50%, 6/1/47(1)	65,998	70,371
FNMA, 6.50%, 8/1/47(1)	155,298	165,586
FNMA, 6.50%, 8/1/47(1)	209,355	223,225
FNMA, 6.50%, 9/1/47(1)	26,058	27,784
FNMA, 6.50%, 9/1/47(1)	181,248	193,255
FNMA, 6.50%, 9/1/47(1)	183,923	196,108
FNMA, 6.50%, 9/1/47(1)	223,596	238,409
FNMA, 6.50%, 9/1/47(1)	342,548	365,242
GNMA, 7.50%, 8/20/17(1)	4,179	4,570
GNMA, 7.00%, 11/15/22(1)	5,398	5,981
GNMA, 8.75%, 3/15/25(1)	5,222	5,979
GNMA, 7.00%, 4/20/26(1)	1,083	1,199
GNMA, 7.50%, 8/15/26(1)	2,087	2,347
GNMA, 8.00%, 8/15/26(1)	1,099	1,261
GNMA, 7.50%, 4/15/27(1)	147	165
GNMA, 7.50%, 5/15/27(1)	2,428	2,732
GNMA, 8.00%, 6/15/27(1)	2,130	2,446
GNMA, 7.50%, 11/15/27(1)	256	288
GNMA, 7.00%, 2/15/28(1)	1,157	1,288
GNMA, 7.50%, 2/15/28(1)	1,774	1,998
GNMA, 6.50%, 3/15/28(1)	1,766	1,908
GNMA, 7.00%, 4/15/28(1)	314	350
GNMA, 6.50%, 5/15/28(1)	683	738
GNMA, 6.50%, 5/15/28(1)	4,717	5,097
GNMA, 7.00%, 12/15/28(1)	1,891	2,104
GNMA, 7.00%, 5/15/31(1)	10,673	11,888
GNMA, 4.50%, 8/15/33	4,890,017	4,929,453
GNMA, 5.00%, 4/20/36	2,083,321	2,146,779
GNMA, 5.00%, 5/20/36(1)	2,906,771	2,995,312

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	GNMA, 6.00%, 1/20/39	$ 498,140	$ 528,260
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
	(Cost $111,234,941)		113,061,808
U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS ― 9.3%
FIXED-RATE U.S. GOVERNMENT AGENCY SECURITIES ― 3.9%
	FHLB, 1.625%, 11/21/12(1)	3,000,000	2,980,395
	FHLMC, 5.50%, 8/23/17(1)	3,000,000	3,353,589
	FHLMC, 4.875%, 6/13/18(1)	1,530,000	1,639,416
	FNMA, 0.875%, 1/12/12(1)	7,000,000	6,949,544
	FNMA, 4.375%, 7/17/13(1)	639,000	685,602
	FNMA, 5.00%, 2/13/17(1)	1,650,000	1,793,764
			17,402,310
GOVERNMENT-BACKED CORPORATE BONDS(6) ― 5.4%
	Bank of America Corp., 2.10%, 4/30/12(1)	4,000,000	4,039,200
	Bank of America Corp., 3.125%, 6/15/12(1)	1,500,000	1,555,211
	Citigroup Funding, Inc., 1.875%, 10/22/12	5,000,000	4,984,485
	General Electric Capital Corp., 2.25%, 3/12/12(1)	2,000,000	2,030,060
	General Electric Capital Corp., 2.20%, 6/8/12(1)	2,500,000	2,536,555
	GMAC, Inc., 1.75%, 10/30/12(1)	4,000,000	3,976,680
	Goldman Sachs Group, Inc. (The), 1.625%, 7/15/11(1)	2,500,000	2,523,310
	Morgan Stanley, 2.00%, 9/22/11(1)	900,000	914,234
	US Bancorp, 1.80%, 5/15/12	2,000,000	2,011,618
			24,571,353
TOTAL U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS
	(Cost $41,747,499)		41,973,663
COMMERCIAL MORTGAGE-BACKED SECURITIES(4) ― 2.9%
	Banc of America Commercial Mortgage, Inc., Series 2004-1, Class A3 SEQ, 4.43%, 11/10/39(1)	1,860,000	1,856,975
	Commercial Mortgage Pass-Through Certificates, Series 2005 F10A, Class A1, VRN, 0.33%, 1/15/10, resets monthly off the 1-month LIBOR plus 0.10% with no caps(1)(2)	13,650	13,556
	Credit Suisse Mortgage Capital Certificates, Series 2007 TF2A, Class A1, VRN, 0.41%, 1/15/10, resets monthly off the 1-month LIBOR plus 0.18% with no caps(1)(2)	1,590,086	1,365,389
	GMAC Commercial Mortgage Securities, Inc., Series 2000 C3, Class B, 7.06%, 9/15/35	1,300,000	1,352,138
	GMAC Commercial Mortgage Securities, Inc., Series 2005 C1, Class A2 SEQ, 4.47%, 5/10/43(1)	244,634	244,881
	Greenwich Capital Commercial Funding Corp., Series 2006 FL4A, Class A1, VRN, 0.32%, 1/5/10, resets monthly off the 1-month LIBOR plus 0.09% with no caps(1)(2)	183,240	157,519
	GS Mortgage Securities Corp. II, Series 2004 GG2, Class A4 SEQ, 4.96%, 8/10/38(1)	3,000,000	3,036,382
	Heller Financial Commercial Mortgage Asset, Series 2000 PH1, Class D, VRN, 8.08%, 1/4/10	550,000	549,357
	LB-UBS Commercial Mortgage Trust, Series 2005 C2, Class A2 SEQ, 4.82%, 4/15/30(1)	691,526	692,603
	LB-UBS Commercial Mortgage Trust, Series 2005 C3, Class A3 SEQ, 4.65%, 7/15/30(1)	671,000	674,433

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Merrill Lynch Floating Trust, Series 2006-1, Class A1, VRN, 0.30%, 1/15/10, resets monthly off the 1-month LIBOR plus 0.07% with no caps(1)(2)		$ 221,537	$ 200,281
	Morgan Stanley Capital I, Series 2003 T11, Class A3 SEQ, 4.85%, 6/13/41(1)		1,335,274	1,358,706
	Prudential Securities Secured Financing Corp., Series 2000 C1, Class A2 SEQ, VRN, 7.73%, 1/4/10(1)		1,323,812	1,323,022
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $12,841,418)			12,825,242
COLLATERALIZED MORTGAGE OBLIGATIONS(4) ― 2.6%
PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATIONS ― 1.5%
	Banc of America Alternative Loan Trust, Series 2007-2, Class 2A4, 5.75%, 6/25/37(1)		654,189	398,979
	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-12, Class 2A1, VRN, 3.29%, 1/4/10(1)		1,773,803	1,430,868
	Chase Mortgage Finance Corp., Series 2005 A1, Class 2A2 SEQ, VRN, 5.23%, 1/4/10(1)		1,014,925	934,779
	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35(1)		1,101,248	1,016,200
	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-16, Class A1, 6.50%, 10/25/37(1)		670,126	544,274
	Credit Suisse First Boston Mortgage Securities Corp., Series 2003 AR28, Class 2A1, VRN, 3.16%, 1/4/10(1)		467,667	428,046
	J.P. Morgan Mortgage Trust, Series 2004 A2, Class 1A1, VRN, 4.09%, 1/4/10(1)		291,789	271,712
	J.P. Morgan Mortgage Trust, Series 2005 A6, Class 7A1, VRN, 4.96%, 1/4/10(1)		1,646,324	1,337,675
	MASTR Alternative Loans Trust, Series 2003-8, Class 4A1, 7.00%, 12/25/33(1)		10,367	9,822
	Wells Fargo Mortgage Backed Securities Trust, Series 2004 EE, Class 3A1, VRN, 3.95%, 1/4/10(1)		188,735	184,137
				6,556,492
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS ― 1.1%
	FHLMC, Series 2926, Class EW SEQ, 5.00%, 1/15/25(1)		700,000	728,016
	FHLMC, Series 3203, Class VN SEQ, 5.00%, 6/15/22(1)		3,000,000	3,118,247
	FNMA, Series 1989-35, Class G SEQ, 9.50%, 7/25/19(1)		2,559	2,824
	FNMA, Series 2003-10, Class HW SEQ, 5.00%, 11/25/16(1)		1,194,309	1,218,954
				5,068,041
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $11,581,570)			11,624,533
SOVEREIGN GOVERNMENTS & AGENCIES ― 1.4%
	BRAZIL — 0.1%
	Brazilian Government International Bond, 5.875%, 1/15/19(1)		$ 540,000	577,800
	CANADA(3)
	Hydro Quebec, Series HY, 8.40%, 1/15/22(1)		29,000	37,165
	Province of Ontario Canada, 5.45%, 4/27/16(1)		300,000	326,920
				364,085
	GERMANY — 0.8%
	German Federal Republic, 3.50%, 7/4/19	EUR	2,400,000	3,492,320
	MEXICO — 0.2%
	United Mexican States, 5.95%, 3/19/19(1)		$ 750,000	796,875
	NORWAY — 0.2%

Government of Norway, 6.00%, 5/16/11

NOK

4,400,000

796,282

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount/Shares

Value

	POLAND — 0.1%
	Poland Government International Bond, 6.375%, 7/15/19(1)		$ 350,000	$ 382,439
TOTAL SOVEREIGN GOVERNMENTS & AGENCIES
	(Cost $6,410,706)			6,409,801
MUNICIPAL SECURITIES ― 1.3%
	California GO, (Building Bonds), 7.55%, 4/1/39(1)		400,000	394,364
	California GO, (Building Bonds), 7.30%, 10/1/39(1)		960,000	911,491
	Illinois GO, (Taxable Pension), 5.10%, 6/1/33(1)		673,000	564,667
	Los Angeles Unified School District GO, (Building Bonds), 5.76%, 7/1/29(1)		470,000	441,974
	Metropolitan Water Reclamation District of Greater Chicago GO, (Building Bonds), 5.72%, 12/1/38(1)		250,000	251,753
	Missouri Highways & Transportation Commission Rev., (Building Bonds), 5.45%, 5/1/33(1)		280,000	269,080
	New Jersey State Turnpike Auth. Rev., Series 2009 F, (Building Bonds), 7.41%, 1/1/40(1)		560,000	633,679
	New York State Dormitory Auth. Rev., (Building Bonds), 5.63%, 3/15/39(1)		340,000	326,295
	San Antonio Electric & Gas Rev., (Building Bonds), 5.99%, 2/1/39(1)		250,000	255,915
	Texas GO, (Building Bonds), 5.52%, 4/1/39(1)		630,000	617,135
	University of California Rev., (Building Bonds), 5.77%, 5/15/43(1)		420,000	412,041
	Utah GO, Series 2009 D, (Building Bonds), 4.55%, 7/1/24(1)		830,000	814,877
TOTAL MUNICIPAL SECURITIES
	(Cost $6,008,996)			5,893,271
ASSET-BACKED SECURITIES(4) ― 0.6%
	CenterPoint Energy Transition Bond Co. LLC, Series 2009-1, Class A1 SEQ, 1.83%, 2/15/16		1,600,000	1,578,538
	CNH Equipment Trust, Series 2007 C, Class A3A SEQ, 5.21%, 12/15/11(1)		127,424	128,373
	Detroit Edison Securitization Funding LLC, Series 2001-1, Class A4 SEQ, 6.19%, 3/1/13(1)		72,122	74,821
	SLM Student Loan Trust, Series 2006-5, Class A2, VRN, 0.27%, 1/25/10, resets quarterly off the 3-month LIBOR minus 0.01% with no caps(1)		19,880	19,874
	SLM Student Loan Trust, Series 2007-8, Class A1, VRN, 0.51%, 1/25/10, resets quarterly off the 3-month LIBOR plus 0.23% with no caps(1)		704,801	704,845
TOTAL ASSET-BACKED SECURITIES
	(Cost $2,524,185)			2,506,451
SHORT-TERM INVESTMENTS(7) ― 0.3%
	Government of Canada Treasury Bill, 0.26%, 4/1/10
	(Cost $1,206,814)	CAD	1,280,000	1,223,310
TEMPORARY CASH INVESTMENTS ― 1.2%
	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares(1)		653	653

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 4.50%, 5/15/10, valued at $5,542,680), in a joint trading account at 0.001%, dated 12/31/09, due 1/4/10 (Delivery value $5,434,001)(1)				5,434,000
TOTAL TEMPORARY CASH INVESTMENTS
	(Cost $5,434,653)			5,434,653
TOTAL INVESTMENT SECURITIES — 100.9%
(Cost $445,510,343)				453,658,290
OTHER ASSETS AND LIABILITIES — (0.9)%				(3,876,179)

TOTAL NET ASSETS — 100.0%		$449,782,111

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
1,069,038	EUR for USD	1/29/10	$1,532,520	$44,419

(Value on Settlement Date $1,576,939)

FUTURES CONTRACTS

Contracts Purchased		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
58	U.S. Long Bond	March 2010	$6,691,750	$(281,203)


Contracts Sold		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
223	U.S. Treasury 2-Year Notes	March 2010	$48,227,234	$239,457

SWAP AGREEMENTS
Notional Amount	Description of Agreement	Premiums Paid (Received)	Value
CREDIT DEFAULT - BUY PROTECTION
$1,100,000	Pay quarterly a fixed rate equal to 0.12% multiplied by the notional amount and receive from Barclays Bank plc upon each default event of Pfizer, Inc., par value of the proportional notional amount of Pfizer, Inc., 4.65%, 3/1/18. Expires March 2017.	–	$22,769

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Notes to Schedule of Investments
	CAD	-	Canadian Dollar
	Equivalent	-	Security whose principal payments are backed by the full faith and credit of the United States
	EUR	-	Euro
	FHLB	-	Federal Home Loan Bank
	FHLMC	-	Federal Home Loan Mortgage Corporation
	FNMA	-	Federal National Mortgage Association
	GMAC	-	General Motors Acceptance Corporation
	GNMA	-	Government National Mortgage Association
	GO	-	General Obligation
	LB-UBS	-	Lehman Brothers, Inc. — UBS AG
	LIBOR	-	London Interbank Offered Rate
	MASTR	-	Mortgage Asset Securitization Transactions, Inc.
	NOK	-	Norwegian Krone
	resets	-	The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
	SEQ	-	Sequential Payer
	USD	-	United States Dollar
	VRN	-	Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

(1)	Security, or a portion thereof, has been segregated for forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $60,999,000.
(2)	Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $16,087,739, which represented 3.6% of total net assets.
(3)	Category is less than 0.05% of total net assets.
(4)	Final maturity indicated, unless otherwise noted.
(5)	Forward commitment.
(6)	The debt is guaranteed under the Federal Deposit Insurance Corporation's (FDIC) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC's guarantee is the earlier of the maturity date of the debt or December 31, 2012.
(7)	The rate indicated is the yield to maturity at purchase.

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Security Valuations

2. Fair Value Measurements

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar

securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of December 31, 2009:

	Level 1	Level 2	Level 3
Investment Securities
U.S. Treasury Securities	–	$137,186,716	–
Corporate Bonds	–	115,518,842	–
U.S. Government Agency Mortgage-Backed Securities	–	113,061,808	–
U.S. Government Agency Securities and Equivalents	–	41,973,663	–
Commercial Mortgage-Backed Securities	–	12,825,242	–
Collateralized Mortgage Obligations	–	11,624,533	–
Sovereign Governments & Agencies	–	6,409,801	–
Municipal Securities	–	5,893,271	–
Asset-Backed Securities	–	2,506,451	–
Short-Term Investments	–	1,223,310	–
Temporary Cash Investments	$653	5,434,000	–
Total Value of Investment Securities	$653	$453,657,637	–
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	–	$44,419	–
Futures Contracts	$(41,746)	–	–
Swap Agreements	–	22,769	–
Total Unrealized Gain (Loss) on Other Financial Instruments	$(41,746)	$67,188	–

NT Diversified Bond – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

3. Federal Tax Information

As of December 31, 2009, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$445,510,343
Gross tax appreciation of investments	$ 10,858,464
Gross tax depreciation of investments	(2,710,517)
Net tax appreciation (depreciation) of investments	$ 8,147,947

The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

American Century Investments®

Quarterly Portfolio Holdings

Short Duration Fund

December 31, 2009

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

CORPORATE BONDS ― 34.7%
AEROSPACE & DEFENSE ― 1.1%
	BAE Systems Holdings, Inc., 6.40%, 12/15/11(1)(2)	$ 500,000	$ 531,267
	Boeing Co. (The), 1.875%, 11/20/12(2)	500,000	494,773
	L-3 Communications Corp., 6.125%, 7/15/13(2)	400,000	406,000
	Northrop Grumman Corp., 3.70%, 8/1/14(2)	500,000	502,446
			1,934,486
AUTOMOBILES ― 0.3%
	Daimler Finance N.A. LLC, 5.875%, 3/15/11(2)	100,000	104,588
	Daimler Finance N.A. LLC, 5.75%, 9/8/11(2)	400,000	420,333
			524,921
BEVERAGES ― 1.7%
	Anheuser-Busch Cos., Inc., 6.00%, 4/15/11(2)	480,000	506,310
	Anheuser-Busch InBev Worldwide, Inc., 3.00%, 10/15/12(1)(2)	500,000	502,675
	Coca-Cola Enterprises, Inc., 3.75%, 3/1/12(2)	300,000	311,963
	Dr Pepper Snapple Group, Inc., 2.35%, 12/21/12(2)	1,000,000	1,001,776
	SABMiller plc, 6.20%, 7/1/11(1)(2)	540,000	571,687
			2,894,411
CAPITAL MARKETS ― 1.3%
	Bank of New York Mellon Corp. (The), 4.30%, 5/15/14	200,000	210,702
	Credit Suisse (New York), 5.00%, 5/15/13(2)	200,000	213,452
	Credit Suisse (New York), 5.50%, 5/1/14(2)	100,000	108,625
	Credit Suisse USA, Inc., 6.125%, 11/15/11(2)	250,000	269,715
	Goldman Sachs Group, Inc. (The), 5.70%, 9/1/12(2)	300,000	322,898
	Goldman Sachs Group, Inc. (The), 5.45%, 11/1/12(2)	300,000	322,766
	Goldman Sachs Group, Inc. (The), 6.00%, 5/1/14(2)	200,000	218,963
	Morgan Stanley, 5.05%, 1/21/11(2)	300,000	311,235
	Morgan Stanley, 5.625%, 1/9/12(2)	200,000	211,165
			2,189,521
CHEMICALS ― 1.0%
	Dow Chemical Co. (The), 4.85%, 8/15/12(2)	900,000	946,445
	E.I. du Pont de Nemours & Co., 5.00%, 1/15/13(2)	100,000	107,169
	Mosaic Co. (The), 7.625%, 12/1/16(1)(2)	500,000	546,761
			1,600,375
COMMERCIAL BANKS ― 3.5%
	Barclays Bank plc, 2.50%, 1/23/13(2)	320,000	319,865
	BB&T Corp., 5.70%, 4/30/14(2)	100,000	108,349
	National Australia Bank Ltd., 2.55%, 1/13/12(1)(2)	1,700,000	1,726,121
	PNC Funding Corp., 4.50%, 3/10/10(2)	150,000	150,991
	US Bank N.A., 6.375%, 8/1/11(2)	260,000	279,601
	Wells Fargo & Co., 4.375%, 1/31/13(2)	300,000	311,827
	Wells Fargo Bank N.A., 6.45%, 2/1/11(2)	400,000	422,529
	Westpac Banking Corp., 3.25%, 12/16/11(1)(2)	1,500,000	1,549,375
	Westpac Banking Corp., 1.90%, 12/14/12(1)(2)	1,000,000	992,629
			5,861,287
COMMERCIAL SERVICES & SUPPLIES ― 0.4%
	Allied Waste North America, Inc., 6.375%, 4/15/11(2)	200,000	208,853
	Corrections Corp. of America, 6.25%, 3/15/13(2)	400,000	404,000
			612,853

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

COMMUNICATIONS EQUIPMENT ― 0.2%
	Cisco Systems, Inc., 2.90%, 11/17/14(2)	$ 300,000	$ 299,791
CONSUMER FINANCE ― 0.4%
	General Electric Capital Corp., 5.50%, 4/28/11(2)	500,000	527,293
	SLM Corp., 5.375%, 1/15/13(2)	150,000	141,595
			668,888
CONTAINERS & PACKAGING ― 0.4%
	Ball Corp., 6.875%, 12/15/12(2)	600,000	610,500
DIVERSIFIED ― 0.9%
	iShares iBoxx $ High Yield Corporate Bond Fund ETF	16,500	1,449,360
DIVERSIFIED FINANCIAL SERVICES ― 1.4%
	Bank of America Corp., 4.25%, 10/1/10(2)	100,000	102,575
	Bank of America Corp., 5.375%, 9/11/12(2)	400,000	424,629
	Bank of America Corp., 4.90%, 5/1/13(2)	200,000	207,501
	BP Capital Markets plc, 3.125%, 3/10/12(2)	200,000	206,118
	Citigroup, Inc., 4.125%, 2/22/10(2)	150,000	150,550
	Citigroup, Inc., 5.50%, 4/11/13(2)	450,000	466,892
	JPMorgan Chase & Co., 5.60%, 6/1/11(2)	200,000	211,777
	JPMorgan Chase & Co., 5.375%, 10/1/12(2)	500,000	541,411
			2,311,453
DIVERSIFIED TELECOMMUNICATION SERVICES ― 3.0%
	AT&T, Inc., 6.25%, 3/15/11(2)	613,000	649,339
	British Telecommunications plc, 5.15%, 1/15/13(2)	500,000	521,758
	Cellco Partnership/Verizon Wireless Capital LLC, 3.75%, 5/20/11(2)	700,000	722,058
	Deutsche Telekom International Finance BV, 5.375%, 3/23/11(2)	453,000	472,503
	Koninklijke KPN NV, 8.00%, 10/1/10(2)	300,000	315,063
	Qwest Corp., 7.875%, 9/1/11(2)	300,000	315,750
	Sprint Capital Corp., 7.625%, 1/30/11(2)	400,000	411,500
	Telecom Italia Capital SA, 6.20%, 7/18/11(2)	300,000	317,656
	Telefonica Emisiones SAU, 5.98%, 6/20/11(2)	1,000,000	1,058,019
	Verizon Communications, Inc., 5.35%, 2/15/11(2)	200,000	208,605
			4,992,251
ELECTRIC UTILITIES ― 1.3%
	Carolina Power & Light Co., 6.50%, 7/15/12(2)	500,000	548,512
	Duke Energy Carolinas LLC, 5.625%, 11/30/12(2)	250,000	273,111
	Duke Energy Ohio, Inc., 2.10%, 6/15/13(2)	250,000	247,046
	FirstEnergy Corp., 6.45%, 11/15/11(2)	7,000	7,509
	Midamerican Energy Holdings Co., 5.875%, 10/1/12(2)	500,000	544,892
	Progress Energy, Inc., 6.85%, 4/15/12(2)	500,000	543,033
	Virginia Electric and Power Co., 4.50%, 12/15/10(2)	85,000	87,438
			2,251,541
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 0.3%
	Amphenol Corp., 4.75%, 11/15/14(2)	200,000	200,285
	Jabil Circuit, Inc., 7.75%, 7/15/16(2)	300,000	316,500
			516,785
ENERGY EQUIPMENT & SERVICES ― 0.3%
	Weatherford International, Inc., 6.625%, 11/15/11(2)	400,000	428,206
FOOD & STAPLES RETAILING ― 1.1%
	CVS Caremark Corp., 5.75%, 8/15/11(2)	300,000	319,586
	Kroger Co. (The), 6.80%, 4/1/11(2)	700,000	743,545
	Safeway, Inc., 5.80%, 8/15/12(2)	800,000	864,562
			1,927,693

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

FOOD PRODUCTS ― 0.9%
	General Mills, Inc., 5.65%, 9/10/12(2)	$ 590,000	$ 642,250
	General Mills, Inc., 5.25%, 8/15/13(2)	100,000	107,973
	Kellogg Co., 6.60%, 4/1/11(2)	150,000	160,020
	Kraft Foods, Inc., 5.625%, 11/1/11(2)	500,000	531,263
	Smithfield Foods, Inc., 10.00%, 7/15/14(1)(2)	100,000	109,000
			1,550,506
GAS UTILITIES ― 0.1%
	Southern California Gas Co., 4.375%, 1/15/11(2)	150,000	154,413
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.3%
	CareFusion Corp., 4.125%, 8/1/12(1)(2)	500,000	515,773
HEALTH CARE PROVIDERS & SERVICES ― 1.0%
	Express Scripts, Inc., 5.25%, 6/15/12(2)	1,100,000	1,169,532
	Medco Health Solutions, Inc., 6.125%, 3/15/13(2)	500,000	535,307
			1,704,839
HOTELS, RESTAURANTS & LEISURE ― 0.4%
	Yum! Brands, Inc., 8.875%, 4/15/11(2)	600,000	649,442
HOUSEHOLD DURABLES ― 0.2%
	Whirlpool Corp., 8.60%, 5/1/14(2)	300,000	339,988
INSURANCE ― 0.6%
	MetLife Global Funding I, 4.625%, 8/19/10(1)(2)	165,000	168,066
	MetLife Global Funding I, 2.875%, 9/17/12(1)(2)	400,000	403,399
	Prudential Financial, Inc., 3.625%, 9/17/12(2)	300,000	304,633
	Travelers Cos., Inc. (The), 5.375%, 6/15/12(2)	200,000	211,863
			1,087,961
LEISURE EQUIPMENT & PRODUCTS ― 0.1%
	Hasbro, Inc., 6.125%, 5/15/14(2)	200,000	217,959
LIFE SCIENCES TOOLS & SERVICES ― 0.3%
	Thermo Fisher Scientific, Inc., 2.15%, 12/28/12(1)(2)	500,000	493,450
MACHINERY ― 0.1%
	Caterpillar Financial Services Corp., 5.05%, 12/1/10(2)	150,000	156,090
MEDIA ― 2.2%
	Comcast Cable Communications LLC, 6.75%, 1/30/11(2)	540,000	570,047
	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 6.375%, 6/15/15(2)	300,000	313,125
	Gannett Co., Inc., 8.75%, 11/15/14(1)(2)	300,000	312,000
	Time Warner Cable, Inc., 5.40%, 7/2/12(2)	1,460,000	1,560,819
	Time Warner, Inc., 5.50%, 11/15/11(2)	900,000	955,934
			3,711,925
MULTI-UTILITIES ― 0.7%
	Dominion Resources, Inc., 6.25%, 6/30/12(2)	404,000	436,604
	Pacific Gas & Electric Co., 4.20%, 3/1/11(2)	527,000	543,979
	Sempra Energy, 8.90%, 11/15/13(2)	100,000	116,309
			1,096,892
OFFICE ELECTRONICS ― 0.4%
	Xerox Corp., 5.50%, 5/15/12(2)	400,000	422,964
	Xerox Corp., 4.25%, 2/15/15(2)	200,000	198,832
			621,796
OIL, GAS & CONSUMABLE FUELS ― 4.2%
	Burlington Resources Finance Co., 6.68%, 2/15/11(2)	150,000	159,439
	Cenovus Energy, Inc., 4.50%, 9/15/14(1)(2)	200,000	206,667
	Devon Financing Corp. ULC, 6.875%, 9/30/11(2)	200,000	217,353

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	El Paso Corp., 7.75%, 6/15/10(2)	$ 150,000	$ 151,948
	El Paso Corp., 7.875%, 6/15/12(2)	250,000	260,263
	EnCana Corp., 6.30%, 11/1/11(2)	325,000	349,703
	Enterprise Products Operating LLC, 4.60%, 8/1/12(2)	600,000	634,034
	Forest Oil Corp., 8.50%, 2/15/14(1)(2)	50,000	52,500
	Kerr-McGee Corp., 6.875%, 9/15/11(2)	1,000,000	1,075,566
	Kinder Morgan Energy Partners LP, 6.75%, 3/15/11(2)	350,000	370,245
	Kinder Morgan Finance Co. ULC, 5.35%, 1/5/11(2)	350,000	355,250
	Massey Energy Co., 6.875%, 12/15/13(2)	230,000	230,863
	Plains All American Pipeline LP/PAA Finance Corp., 4.25%, 9/1/12(2)	500,000	516,315
	Sabine Pass LNG LP, 7.25%, 11/30/13(2)	100,000	91,250
	Shell International Finance BV, 1.30%, 9/22/11(2)	1,000,000	1,003,004
	Williams Cos., Inc. (The), 8.125%, 3/15/12(2)	500,000	549,232
	XTO Energy, Inc., 5.90%, 8/1/12(2)	790,000	866,103
			7,089,735
PERSONAL PRODUCTS ― 0.1%
	Mead Johnson Nutrition Co., 3.50%, 11/1/14(1)(2)	200,000	197,938
PHARMACEUTICALS ― 1.8%
	AstraZeneca plc, 5.40%, 9/15/12(2)	500,000	546,522
	Merck & Co., Inc., 1.875%, 6/30/11(2)	500,000	504,895
	Pfizer, Inc., 4.45%, 3/15/12(2)	1,000,000	1,058,204
	Roche Holdings, Inc., 5.00%, 3/1/14(1)(2)	200,000	214,169
	Watson Pharmaceuticals, Inc., 5.00%, 8/15/14(2)	400,000	408,809
	Wyeth, 6.95%, 3/15/11(2)	200,000	213,714
			2,946,313
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.4%
	ProLogis, 5.50%, 4/1/12(2)	250,000	253,223
	Simon Property Group LP, 5.60%, 9/1/11(2)	350,000	365,425
			618,648
ROAD & RAIL ― 0.4%
	CSX Corp., 5.75%, 3/15/13(2)	400,000	433,039
	Norfolk Southern Corp., 6.75%, 2/15/11(2)	100,000	105,684
	Union Pacific Corp., 3.625%, 6/1/10(2)	200,000	202,450
			741,173
SOFTWARE ― 0.1%
	Intuit, Inc., 5.75%, 3/15/17(2)	200,000	207,455
SPECIALTY RETAIL ― 0.8%
	GSC Holdings Corp., 8.00%, 10/1/12(2)	325,000	338,406
	Home Depot, Inc. (The), 4.625%, 8/15/10(2)	150,000	153,579
	Home Depot, Inc. (The), 5.20%, 3/1/11(2)	500,000	518,989
	Staples, Inc., 9.75%, 1/15/14(2)	300,000	365,848
			1,376,822
THRIFTS & MORTGAGE FINANCE ― 0.2%
	HSBC Finance Corp., 6.375%, 10/15/11(2)	300,000	319,192
TOBACCO ― 0.3%
	UST, Inc., 6.625%, 7/15/12(2)	400,000	433,012
WIRELESS TELECOMMUNICATION SERVICES ― 0.5%
	American Tower Corp., 7.25%, 5/15/19(1)(2)	100,000	112,000
	Vodafone Group plc, 5.50%, 6/15/11(2)	341,000	359,765

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Vodafone Group plc, 5.00%, 12/16/13(2)	$ 300,000	$ 317,937
			789,702
TOTAL CORPORATE BONDS
	(Cost $56,591,453)		58,095,346
U.S. TREASURY SECURITIES ― 28.6%
	U.S. Treasury Inflation Indexed Notes, 1.625%, 1/15/15(2)	2,943,564	3,064,986
	U.S. Treasury Notes, 0.875%, 4/30/11(2)	9,900,000	9,916,246
	U.S. Treasury Notes, 1.125%, 6/30/11(2)	500,000	502,188
	U.S. Treasury Notes, 1.00%, 9/30/11(2)	2,000,000	2,000,080
	U.S. Treasury Notes, 1.00%, 10/31/11(2)	5,500,000	5,496,771
	U.S. Treasury Notes, 1.75%, 11/15/11(2)	1,000,000	1,012,930
	U.S. Treasury Notes, 0.75%, 11/30/11(2)	6,000,000	5,962,740
	U.S. Treasury Notes, 1.125%, 1/15/12(2)	10,000,000	9,993,760
	U.S. Treasury Notes, 1.375%, 11/15/12(2)	3,700,000	3,674,566
	U.S. Treasury Notes, 1.125%, 12/15/12(2)	6,500,000	6,397,905
TOTAL U.S. TREASURY SECURITIES
	(Cost $48,034,945)		48,022,172
U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS ― 21.0%
FIXED-RATE U.S. GOVERNMENT AGENCY SECURITIES ― 10.1%
	FHLMC, 1.125%, 12/15/11(2)	2,000,000	1,994,742
	FHLMC, 2.125%, 3/23/12(2)	4,750,000	4,825,406
	FHLMC, 1.75%, 6/15/12	3,000,000	3,015,087
	FHLMC, 2.125%, 9/21/12(2)	3,000,000	3,033,903
	FNMA, 0.875%, 1/12/12(2)	2,000,000	1,985,584
	FNMA, 1.875%, 4/20/12(2)	1,500,000	1,516,470
	FNMA, 1.75%, 12/28/12(2)	500,000	496,195
			16,867,387
GOVERNMENT-BACKED CORPORATE BONDS(3) ― 10.9%
	Bank of America Corp., 3.125%, 6/15/12(2)	1,100,000	1,140,488
	Citigroup Funding, Inc., 1.375%, 5/5/11(2)	500,000	503,363
	Citigroup Funding, Inc., 1.25%, 6/3/11	1,000,000	1,003,555
	Citigroup Funding, Inc., 1.875%, 10/22/12	1,200,000	1,196,276
	General Electric Capital Corp., 1.80%, 3/11/11(2)	500,000	505,788
	General Electric Capital Corp., 2.25%, 3/12/12(2)	1,300,000	1,319,539
	General Electric Capital Corp., 2.625%, 12/28/12(2)	500,000	509,570
	GMAC, Inc., 1.75%, 10/30/12(2)	1,500,000	1,491,255
	GMAC, Inc., 2.20%, 12/19/12(2)	1,500,000	1,509,948
	Goldman Sachs Group, Inc. (The), VRN, 0.53%, 2/9/10(2)	500,000	503,137
	Goldman Sachs Group, Inc. (The), 1.625%, 7/15/11(2)	1,300,000	1,312,121
	Goldman Sachs Group, Inc. (The), 3.25%, 6/15/12(2)	1,900,000	1,975,134
	HSBC USA, Inc., 3.125%, 12/16/11(2)	1,000,000	1,035,341
	JPMorgan Chase & Co., 1.65%, 2/23/11(2)	700,000	708,037
	Morgan Stanley, 2.00%, 9/22/11(2)	1,000,000	1,015,816
	Morgan Stanley, 3.25%, 12/1/11(2)	500,000	518,903
	State Street Corp., 2.15%, 4/30/12(2)	500,000	506,835
	US Bancorp, 1.80%, 5/15/12	1,000,000	1,005,809

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Wells Fargo & Co., 3.00%, 12/9/11(2)	$ 500,000	$ 516,426
			18,277,341
TOTAL U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS
	(Cost $34,924,528)		35,144,728
COMMERCIAL MORTGAGE-BACKED SECURITIES(4) ― 6.9%
	Banc of America Commercial Mortgage, Inc., Series 2002 PB2, Class A3 SEQ, 6.09%, 6/11/35(2)	23,610	23,873
	Banc of America Commercial Mortgage, Inc., Series 2004-1, Class A3 SEQ, 4.43%, 11/10/39(2)	720,000	718,829
	Chase Commercial Mortgage Securities Corp., Series 2000-2, Class C, VRN, 7.93%, 1/4/10(2)	900,000	913,118
	Chase Manhattan Bank-First Union National Bank, Series 1999-1, Class C, VRN, 7.63%, 1/4/10(2)	600,000	602,969
	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-C3, Class A3, 3.38%, 5/15/38(2)	344,329	344,745
	First Union National Bank Commercial Mortgage, Series 2000 C1, Class C, VRN, 8.09%, 1/4/10(2)	1,500,000	1,510,524
	GMAC Commercial Mortgage Securities, Inc., Series 2000 C3, Class B, 7.06%, 9/15/35	500,000	520,053
	GMAC Commercial Mortgage Securities, Inc., Series 2005 C1, Class A2 SEQ, 4.47%, 5/10/43(2)	480,971	481,455
	GS Mortgage Securities Corp. II, Series 2004 GG2, Class A4 SEQ, 4.96%, 8/10/38(2)	1,000,000	1,012,127
	Heller Financial Commercial Mortgage Asset, Series 2000 PH1, Class D, VRN, 8.08%, 1/4/10	250,000	249,708
	LB-UBS Commercial Mortgage Trust, Series 2003 C3, Class A3 SEQ, 3.85%, 5/15/27(2)	170,151	169,956
	LB-UBS Commercial Mortgage Trust, Series 2005 C2, Class A2 SEQ, 4.82%, 4/15/30(2)	567,406	568,290
	LB-UBS Commercial Mortgage Trust, Series 2005 C3, Class A3 SEQ, 4.65%, 7/15/30(2)	750,000	753,837
	Lehman Brothers Commercial Conduit Mortgage Trust, Series 1999 C1, Class B, 6.93%, 6/15/31(2)	100,618	100,515
	Morgan Stanley Capital I, Series 2003 T11, Class A3 SEQ, 4.85%, 6/13/41(2)	1,430,651	1,455,756
	Morgan Stanley Capital I, Series 2004 HQ3, Class A2 SEQ, 4.05%, 1/13/41(2)	546,164	549,504
	Prudential Securities Secured Financing Corp., Series 2000 C1, Class C, VRN, 7.93%, 1/4/10(2)	1,600,000	1,621,053
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $11,388,033)		11,596,312
COLLATERALIZED MORTGAGE OBLIGATIONS(4) ― 2.6%
PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATIONS ― 0.9%
	Chase Mortgage Finance Corp., Series 2005 A1, Class 2A2 SEQ, VRN, 5.23%, 1/4/10(2)	562,368	517,960
	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-37, Class 2A2, VRN, 3.67%, 1/4/10(2)	180,193	86,867
	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35(2)	402,379	371,304
	Credit Suisse First Boston Mortgage Securities Corp., Series 2003 AR28, Class 2A1, VRN, 3.16%, 1/4/10(2)	93,533	85,609
	J.P. Morgan Mortgage Trust, Series 2004 A2, Class 1A1, VRN, 4.09%, 1/4/10(2)	51,932	48,359

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	J.P. Morgan Mortgage Trust, Series 2005 A8, Class 6A2, VRN, 5.11%, 1/4/10(2)		$ 323,818	$ 293,879
	J.P. Morgan Mortgage Trust, Series 2006 A3, Class 2A1 SEQ, VRN, 5.57%, 1/4/10		127,849	107,764
	Wells Fargo Mortgage Backed Securities Trust, Series 2004 EE, Class 3A1, VRN, 3.95%, 1/4/10(2)		114,028	111,249
				1,622,991
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS ― 1.7%
	FHLMC, Series 2430, Class QC, 5.50%, 2/15/17(2)		557,440	589,789
	FHLMC, Series 2522, Class XA SEQ, 5.00%, 8/15/16(2)		34,615	34,942
	FHLMC, Series 2958, Class QC, 4.50%, 9/15/18		900,000	935,334
	FHLMC, Series 3101, Class PA, 5.50%, 10/15/25(2)		209,736	214,532
	FHLMC, Series 3370, Class FB SEQ, VRN, 0.48%, 1/15/10, resets monthly off the 1-month LIBOR plus 0.25% with a cap of 7.00%		220,404	220,074
	FNMA, Series 2003-54, Class TC, 4.50%, 5/25/15(2)		52,693	53,127
	FNMA, Series 2005-47, Class AN SEQ, 5.00%, 12/25/16(2)		76,563	78,319
	FNMA, Series 2006-4, Class A SEQ, 6.00%, 11/25/22(2)		116,586	120,020
	FNMA, Series 2006-77, Class PD, 6.50%, 10/25/30(2)		305,936	317,724
	GNMA, Series 2003-51, Class KA, 3.50%, 10/20/28(2)		26,211	26,233
	GNMA, Series 2009-61, Class PA, 5.00%, 2/16/32		207,991	220,336
				2,810,430
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $4,387,981)			4,433,421
ASSET-BACKED SECURITIES(4) ― 1.1%
	CenterPoint Energy Transition Bond Co. LLC, Series 2009-1, Class A1 SEQ, 1.83%, 2/15/16		600,000	591,952
	CNH Equipment Trust, Series 2007 C, Class A3A SEQ, 5.21%, 12/15/11(2)		101,939	102,699
	Detroit Edison Securitization Funding LLC, Series 2001-1, Class A4 SEQ, 6.19%, 3/1/13(2)		90,153	93,526
	Entergy Texas Restoration Funding LLC, Series 2009-A, Class A1 SEQ, 2.12%, 2/1/16(2)		1,000,000	994,935
TOTAL ASSET-BACKED SECURITIES
	(Cost $1,792,007)			1,783,112
MUNICIPAL SECURITIES ― 0.8%
	California GO, 5.25%, 4/1/14(2)		1,000,000	1,014,010
	California Statewide Communities Development Auth. Rev., (Proposition 1A Receivables), 5.00%, 6/15/13(2)		300,000	319,491
TOTAL MUNICIPAL SECURITIES
	(Cost $1,314,218)			1,333,501
SHORT-TERM INVESTMENTS(5) ― 0.7%
	Dutch Treasury Certificates, 0.49%, 3/31/10	EUR	500,000	716,130
	Government of Canada Treasury Bill, 0.28%, 4/1/10	CAD	460,000	439,627
TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,168,447)			1,155,757
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES(4) ― 0.4%
ADJUSTABLE-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES(6)
	FNMA, VRN, 5.62%, 3/1/12(2)		$ 74,360	78,773
FIXED-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES ― 0.4%
	FHLMC, 5.00%, 10/1/10(2)		183,982	188,522

FHLMC, 5.50%, 12/1/36(2)

123,965

130,118

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount/Shares

Value

	FNMA, 5.00%, 7/1/20(2)		$ 240,807	$ 253,140
	FNMA, 5.50%, 7/1/36(2)		75,918	79,627
				651,407
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
	(Cost $699,257)			730,180
SOVEREIGN GOVERNMENTS & AGENCIES ― 0.2%
	NORWAY — 0.2%
	Government of Norway, 6.00%, 5/16/11
	(Cost $314,437)	NOK	1,700,000	307,654
TEMPORARY CASH INVESTMENTS ― 0.8%
	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares(2)		363	363

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 4.50%, 5/15/10, valued at $1,339,260), in a joint trading account at 0.001%, dated 12/31/09, due 1/4/10 (Delivery value $1,313,000)(2)				1,313,000
TOTAL TEMPORARY CASH INVESTMENTS
	(Cost $1,313,363)			1,313,363
TOTAL INVESTMENT SECURITIES — 97.8%
(Cost $161,928,669)				163,915,546
OTHER ASSETS AND LIABILITIES — 2.2%				3,698,157
TOTAL NET ASSETS — 100.0%				$167,613,703

FUTURES CONTRACTS

Contracts Sold		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
68	U.S. Treasury 2-Year Notes	March 2010	$14,706,063	$73,018
10	U.S. Treasury 10-Year Notes	March 2010	1,154,531	28,728
			$15,860,594	$101,746

SWAP AGREEMENTS
Notional Amount		Description of Agreement	Premiums Paid (Received)	Value
CREDIT DEFAULT - SELL PROTECTION
$261,000		Receive quarterly a fixed rate equal to 5.00% multiplied by the notional amount and pay Barclays Bank plc upon each default event of one of the issues of CDX North America High Yield 11 Index, par value of the proportional notional amount. Expires December 2013.*	$(44,403)	$3,629

*	The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the referenced obligations and upfront payments received upon entering into the agreement.

The quoted market prices and resulting market value for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing market values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

	Credit default swaps enable the fund to buy/sell protection against a credit event of a specific issuer or index. As a seller of credit protection against a security or basket of securities, the fund receives an up-front and/or periodic payment to compensate against potential default events. The fund may attempt to enhance returns by selling protection.

Notes to Schedule of Investments
	CAD	-	Canadian Dollar
	CDX	-	Credit Derivative Indexes
	Equivalent	-	Security whose principal payments are backed by the full faith and credit of the United States
	ETF	-	Exchange Traded Fund
	EUR	-	Euro
	FHLMC	-	Federal Home Loan Mortgage Corporation
	FNMA	-	Federal National Mortgage Association
	GMAC	-	General Motors Acceptance Corporation
	GNMA	-	Government National Mortgage Association
	GO	-	General Obligation
	LB-UBS	-	Lehman Brothers, Inc. — UBS AG
	LIBOR	-	London Interbank Offered Rate
	NOK	-	Norwegian Krone
	resets	-	The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
	SEQ	-	Sequential Payer
	VRN	-	Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

(1)	Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $9,205,477, which represented 5.5% of total net assets.
(2)	Security, or a portion thereof, has been segregated for futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $16,122,000.
(3)	The debt is guaranteed under the Federal Deposit Insurance Corporation's (FDIC) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC's guarantee is the earlier of the maturity date of the debt or December 31, 2012.
(4)	Final maturity indicated, unless otherwise noted.
(5)	The rate indicated is the yield to maturity at purchase.
(6)	Category is less than 0.05% of total net assets.

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Security Valuations

2. Fair Value Measurements

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar

securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of December 31, 2009:

	Level 1	Level 2	Level 3
Investment Securities
Corporate Bonds	$1,449,360	$56,645,986	–
U.S. Treasury Securities	–	48,022,172	–
U.S. Government Agency Securities and Equivalents	–	35,144,728	–
Commercial Mortgage-Backed Securities	–	11,596,312	–
Collateralized Mortgage Obligations	–	4,433,421	–
Asset-Backed Securities	–	1,783,112	–
Municipal Securities	–	1,333,501	–
Short-Term Investments	–	1,155,757	–
U.S. Government Agency Mortgage-Backed Securities	–	730,180	–
Sovereign Governments & Agencies	–	307,654	–
Temporary Cash Investments	363	1,313,000	–
Total Value of Investment Securities	$1,449,723	$162,465,823	–
Other Financial Instruments
Futures Contracts	$101,746	–	–
Swap Agreements	–	$48,032	–
Total Unrealized Gain (Loss) on Other Financial Instruments	$101,746	$48,032	–

Short Duration – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

3. Federal Tax Information

As of December 31, 2009, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$161,933,328
Gross tax appreciation of investments	$ 2,301,359
Gross tax depreciation of investments	(319,141)
Net tax appreciation (depreciation) of investments	$ 1,982,218

The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

American Century Investments®

Quarterly Portfolio Holdings

Core Plus Fund

December 31, 2009

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

CORPORATE BONDS ― 40.9%
AEROSPACE & DEFENSE ― 1.3%
	BAE Systems Holdings, Inc., 6.375%, 6/1/19(1)(2)	$ 80,000	$ 86,207
	Honeywell International, Inc., 5.30%, 3/15/17(2)	30,000	31,680
	Honeywell International, Inc., 5.30%, 3/1/18(2)	30,000	31,694
	L-3 Communications Corp., 6.125%, 7/15/13(2)	105,000	106,575
	L-3 Communications Corp., 5.875%, 1/15/15(2)	100,000	100,375
	L-3 Communications Corp., 5.20%, 10/15/19(1)(2)	50,000	49,550
	Lockheed Martin Corp., 7.65%, 5/1/16(2)	50,000	59,530
	Lockheed Martin Corp., 6.15%, 9/1/36(2)	10,000	10,619
	Lockheed Martin Corp., 5.50%, 11/15/39(2)	50,000	49,169
	Northrop Grumman Corp., 3.70%, 8/1/14(2)	30,000	30,147
	Triumph Group, Inc., 8.00%, 11/15/17(1)(2)	50,000	50,687
	United Technologies Corp., 6.125%, 2/1/19(2)	80,000	88,560
	United Technologies Corp., 6.05%, 6/1/36(2)	95,000	101,330
	United Technologies Corp., 6.125%, 7/15/38(2)	30,000	32,615
			828,738
AUTO COMPONENTS ― 0.2%
	Goodyear Tire & Rubber Co. (The), 9.00%, 7/1/15(2)	50,000	52,250
	TRW Automotive, Inc., 8.875%, 12/1/17(1)(2)	50,000	52,250
			104,500
AUTOMOBILES(3)
	American Honda Finance Corp., 7.625%, 10/1/18(1)(2)	30,000	34,355
BEVERAGES ― 0.8%
	Anheuser-Busch InBev Worldwide, Inc., 3.00%, 10/15/12(1)(2)	120,000	120,642
	Anheuser-Busch InBev Worldwide, Inc., 6.875%, 11/15/19(1)	110,000	123,026
	Diageo Capital plc, 5.20%, 1/30/13(2)	40,000	42,853
	Dr Pepper Snapple Group, Inc., 6.82%, 5/1/18(2)	135,000	151,690
	PepsiAmericas, Inc., 4.375%, 2/15/14(2)	30,000	31,242
	SABMiller plc, 6.20%, 7/1/11(1)(2)	30,000	31,760
			501,213
BIOTECHNOLOGY ― 0.1%
	Amgen, Inc., 5.85%, 6/1/17(2)	40,000	43,776
CAPITAL MARKETS ― 2.6%
	Bank of New York Mellon Corp. (The), 4.30%, 5/15/14	80,000	84,281
	Bear Stearns Cos., Inc. (The), 6.40%, 10/2/17(2)	110,000	120,093
	Credit Suisse (New York), 5.00%, 5/15/13(2)	70,000	74,708
	Credit Suisse (New York), 5.50%, 5/1/14(2)	100,000	108,625
	Credit Suisse (New York), 5.30%, 8/13/19(2)	100,000	102,890
	Deutsche Bank AG (London), 4.875%, 5/20/13(2)	40,000	42,528
	Goldman Sachs Group, Inc. (The), 6.00%, 5/1/14(2)	50,000	54,741
	Goldman Sachs Group, Inc. (The), 5.125%, 1/15/15(2)	120,000	126,230
	Goldman Sachs Group, Inc. (The), 6.15%, 4/1/18(2)	60,000	64,334
	Goldman Sachs Group, Inc. (The), 7.50%, 2/15/19(2)	190,000	221,878
	Jefferies Group, Inc., 8.50%, 7/15/19(2)	80,000	87,595
	Merrill Lynch & Co., Inc., 6.15%, 4/25/13(2)	60,000	64,258
	Morgan Stanley, 4.20%, 11/20/14(2)	100,000	100,179
	Morgan Stanley, 6.00%, 4/28/15(2)	200,000	213,287
	Morgan Stanley, 5.625%, 9/23/19(2)	100,000	100,918
	UBS AG (Stamford Branch), 5.75%, 4/25/18(2)	60,000	61,181
			1,627,726

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

CHEMICALS ― 0.5%
	Dow Chemical Co. (The), 4.85%, 8/15/12(2)	$ 40,000	$ 42,064
	Dow Chemical Co. (The), 8.55%, 5/15/19(2)	80,000	95,612
	E.I. du Pont de Nemours & Co., 5.00%, 1/15/13(2)	50,000	53,584
	Mosaic Co. (The), 7.625%, 12/1/16(1)(2)	100,000	109,352
	Rohm & Haas Co., 5.60%, 3/15/13(2)	20,000	21,124
			321,736
COMMERCIAL BANKS ― 1.0%
	BB&T Corp., 5.70%, 4/30/14(2)	50,000	54,174
	National Australia Bank Ltd., 2.55%, 1/13/12(1)(2)	200,000	203,073
	PNC Bank N.A., 4.875%, 9/21/17(2)	60,000	56,862
	PNC Bank N.A., 6.00%, 12/7/17(2)	30,000	30,502
	Wachovia Bank N.A., 4.80%, 11/1/14(2)	50,000	51,168
	Wells Fargo & Co., 4.375%, 1/31/13(2)	80,000	83,154
	Wells Fargo Bank N.A., 6.45%, 2/1/11(2)	80,000	84,506
	Westpac Banking Corp., 4.875%, 11/19/19(2)	40,000	39,557
			602,996
COMMERCIAL SERVICES & SUPPLIES ― 0.8%
	Allied Waste North America, Inc., 6.375%, 4/15/11(2)	60,000	62,656
	Corrections Corp. of America, 7.75%, 6/1/17(2)	200,000	207,000
	Republic Services, Inc., 5.50%, 9/15/19(1)(2)	50,000	50,867
	Waste Management, Inc., 7.375%, 3/11/19(2)	100,000	115,589
	Waste Management, Inc., 6.125%, 11/30/39(2)	40,000	39,886
			475,998
COMMUNICATIONS EQUIPMENT ― 0.2%
	Cisco Systems, Inc., 5.90%, 2/15/39(2)	80,000	81,169
	Viasat, Inc., 8.875%, 9/15/16(1)(2)	50,000	51,750
			132,919
CONSUMER FINANCE ― 1.5%
	American Express Co., 7.25%, 5/20/14(2)	70,000	79,061
	Capital One Bank USA N.A., 8.80%, 7/15/19(2)	250,000	295,911
	Ford Motor Credit Co. LLC, 7.50%, 8/1/12	70,000	70,633
	General Electric Capital Corp., 3.75%, 11/14/14(2)	170,000	169,890
	General Electric Capital Corp., 4.375%, 9/21/15(2)	80,000	81,096
	General Electric Capital Corp., 5.625%, 9/15/17(2)	50,000	51,592
	General Electric Capital Corp., 6.00%, 8/7/19(2)	100,000	103,991
	John Deere Capital Corp., 4.90%, 9/9/13(2)	50,000	53,793
	SLM Corp., 5.375%, 1/15/13(2)	40,000	37,759
			943,726
CONTAINERS & PACKAGING ― 0.5%
	Ball Corp., 6.875%, 12/15/12(2)	200,000	203,500
	Ball Corp., 7.125%, 9/1/16(2)	50,000	51,500
	Graham Packaging Co. LP/GPC Capital Corp I, 8.25%, 1/1/17(1)	50,000	49,625
			304,625
DIVERSIFIED ― 1.1%
	iShares iBoxx $ High Yield Corporate Bond Fund ETF	7,700	676,368
DIVERSIFIED CONSUMER SERVICES ― 0.1%
	Board of Trustees of The Leland Stanford Junior University (The), 3.625%, 5/1/14(2)	70,000	72,088
DIVERSIFIED FINANCIAL SERVICES ― 2.2%
	Bank of America Corp., 4.90%, 5/1/13(2)	120,000	124,500
	Bank of America Corp., 6.50%, 8/1/16(2)	150,000	161,515

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Bank of America Corp., 5.65%, 5/1/18(2)	$ 50,000	$ 50,864
	Bank of America Corp., 7.625%, 6/1/19(2)	50,000	57,942
	Bank of America N.A., 5.30%, 3/15/17(2)	100,000	98,153
	BP Capital Markets plc, 5.25%, 11/7/13(2)	70,000	76,313
	Citigroup, Inc., 5.50%, 4/11/13(2)	170,000	176,381
	Citigroup, Inc., 5.50%, 10/15/14(2)	30,000	30,407
	Citigroup, Inc., 6.125%, 5/15/18(2)	70,000	70,493
	Citigroup, Inc., 8.50%, 5/22/19(2)	40,000	46,267
	Citigroup, Inc., 8.125%, 7/15/39(2)	50,000	56,603
	JPMorgan Chase & Co., 4.65%, 6/1/14(2)	110,000	115,994
	JPMorgan Chase & Co., 6.00%, 1/15/18(2)	260,000	279,946
			1,345,378
DIVERSIFIED TELECOMMUNICATION SERVICES ― 3.2%
	Alltel Corp., 7.875%, 7/1/32(2)	30,000	35,779
	AT&T, Inc., 6.25%, 3/15/11(2)	60,000	63,557
	AT&T, Inc., 6.70%, 11/15/13(2)	60,000	67,753
	AT&T, Inc., 5.10%, 9/15/14(2)	30,000	32,304
	AT&T, Inc., 6.80%, 5/15/36(2)	70,000	74,785
	AT&T, Inc., 6.55%, 2/15/39(2)	110,000	116,290
	Cellco Partnership/Verizon Wireless Capital LLC, 5.55%, 2/1/14(2)	70,000	76,039
	Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, 11/15/18(2)	140,000	173,936
	CenturyTel, Inc., 7.60%, 9/15/39(2)	60,000	61,674
	Deutsche Telekom International Finance BV, 6.75%, 8/20/18(2)	100,000	112,144
	Deutsche Telekom International Finance BV, 8.75%, 6/15/30(2)	40,000	51,582
	Embarq Corp., 7.08%, 6/1/16(2)	50,000	55,301
	France Telecom SA, 4.375%, 7/8/14(2)	80,000	83,682
	Koninklijke KPN NV, 8.375%, 10/1/30(2)	60,000	75,384
	Qwest Corp., 7.875%, 9/1/11(2)	50,000	52,625
	Qwest Corp., 7.50%, 10/1/14(2)	80,000	83,500
	Sprint Capital Corp., 7.625%, 1/30/11(2)	100,000	102,875
	Sprint Capital Corp., 6.90%, 5/1/19(2)	100,000	92,500
	Telecom Italia Capital SA, 6.18%, 6/18/14(2)	120,000	130,194
	Telefonica Emisiones SAU, 5.98%, 6/20/11(2)	100,000	105,802
	Telefonica Emisiones SAU, 5.88%, 7/15/19(2)	80,000	85,904
	Telefonica Emisiones SAU, 7.05%, 6/20/36(2)	40,000	45,822
	Verizon Communications, Inc., 8.75%, 11/1/18(2)	110,000	137,614
	Verizon Communications, Inc., 6.40%, 2/15/38(2)	40,000	41,955
			1,959,001
ELECTRIC UTILITIES ― 1.2%
	Carolina Power & Light Co., 5.30%, 1/15/19(2)	30,000	31,383
	Cleveland Electric Illuminating Co. (The), 5.70%, 4/1/17(2)	60,000	61,176
	Duke Energy Carolinas LLC, 7.00%, 11/15/18(2)	60,000	70,052
	Duke Energy Corp., 6.30%, 2/1/14(2)	60,000	66,037
	Duke Energy Corp., 3.95%, 9/15/14(2)	50,000	50,708
	Exelon Generation Co. LLC, 5.20%, 10/1/19(2)	60,000	60,140
	FirstEnergy Corp., 6.45%, 11/15/11(2)	5,000	5,364
	FirstEnergy Solutions Corp., 6.05%, 8/15/21(2)	100,000	101,090
	Florida Power Corp., 5.65%, 6/15/18(2)	30,000	32,252
	Florida Power Corp., 6.35%, 9/15/37(2)	20,000	21,750
	Niagara Mohawk Power Corp., 4.88%, 8/15/19(1)	40,000	39,735
	Pacificorp, 6.00%, 1/15/39(2)	90,000	94,919
	Progress Energy, Inc., 6.05%, 3/15/14(2)	50,000	54,789

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Southern California Edison Co., 5.625%, 2/1/36(2)	$ 70,000	$ 70,561
			759,956
ELECTRICAL EQUIPMENT ― 0.1%
	Roper Industries, Inc., 6.25%, 9/1/19(2)	50,000	52,147
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 0.6%
	Amphenol Corp., 4.75%, 11/15/14(2)	50,000	50,071
	Corning, Inc., 6.625%, 5/15/19(2)	130,000	141,917
	Jabil Circuit, Inc., 7.75%, 7/15/16(2)	150,000	158,250
			350,238
ENERGY EQUIPMENT & SERVICES ― 0.5%
	Pride International, Inc., 8.50%, 6/15/19(2)	120,000	139,200
	Weatherford International Ltd., 9.625%, 3/1/19(2)	120,000	149,845
			289,045
FOOD & STAPLES RETAILING ― 1.1%
	CVS Caremark Corp., 6.60%, 3/15/19(2)	130,000	142,505
	Delhaize Group SA, 5.875%, 2/1/14(2)	80,000	85,999
	Kroger Co. (The), 6.80%, 4/1/11(2)	57,000	60,546
	Kroger Co. (The), 5.00%, 4/15/13(2)	70,000	74,082
	Safeway, Inc., 5.80%, 8/15/12(2)	100,000	108,070
	SYSCO Corp., 4.20%, 2/12/13(2)	50,000	52,346
	Wal-Mart Stores, Inc., 5.875%, 4/5/27(2)	95,000	99,850
	Wal-Mart Stores, Inc., 6.50%, 8/15/37(2)	30,000	34,256
	Wal-Mart Stores, Inc., 6.20%, 4/15/38(2)	30,000	33,199
			690,853
FOOD PRODUCTS ― 0.9%
	General Mills, Inc., 5.65%, 9/10/12(2)	60,000	65,314
	General Mills, Inc., 5.25%, 8/15/13(2)	60,000	64,784
	General Mills, Inc., 5.65%, 2/15/19(2)	50,000	53,122
	Kellogg Co., 4.45%, 5/30/16(2)	70,000	72,184
	Kraft Foods, Inc., 6.00%, 2/11/13(2)	40,000	42,927
	Kraft Foods, Inc., 6.75%, 2/19/14(2)	10,000	11,068
	Ralcorp Holdings, Inc., 6.625%, 8/15/39(1)(2)	60,000	58,701
	Smithfield Foods, Inc., 10.00%, 7/15/14(1)(2)	150,000	163,500
			531,600
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.4%
	Baxter International, Inc., 4.00%, 3/1/14(2)	50,000	51,611
	Baxter International, Inc., 5.90%, 9/1/16(2)	50,000	55,162
	Baxter International, Inc., 5.375%, 6/1/18(2)	30,000	31,894
	Baxter International, Inc., 6.25%, 12/1/37(2)	20,000	21,928
	Boston Scientific Corp., 6.00%, 1/15/20(2)	50,000	51,185
	St. Jude Medical, Inc., 4.875%, 7/15/19(2)	60,000	60,592
			272,372
HEALTH CARE PROVIDERS & SERVICES ― 0.9%
	Express Scripts, Inc., 5.25%, 6/15/12(2)	100,000	106,321
	Express Scripts, Inc., 7.25%, 6/15/19(2)	50,000	56,908
	HCA, Inc., 7.875%, 2/15/20(1)(2)	70,000	73,063
	HCA, Inc., 7.69%, 6/15/25(2)	50,000	46,035
	Medco Health Solutions, Inc., 6.125%, 3/15/13(2)	150,000	160,592
	Medco Health Solutions, Inc., 7.25%, 8/15/13(2)	50,000	55,592
	Quest Diagnostics, Inc., 4.75%, 1/30/20(2)	50,000	48,952
			547,463

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

HOTELS, RESTAURANTS & LEISURE ― 0.6%
	McDonald's Corp., 5.35%, 3/1/18(2)	$ 60,000	$ 64,440
	McDonald's Corp., 6.30%, 10/15/37(2)	20,000	21,765
	Universal City Development Partners Ltd., 8.875%, 11/15/15(1)	60,000	59,025
	Yum! Brands, Inc., 8.875%, 4/15/11(2)	50,000	54,120
	Yum! Brands, Inc., 6.25%, 3/15/18(2)	70,000	76,480
	Yum! Brands, Inc., 5.30%, 9/15/19(2)	50,000	50,315
	Yum! Brands, Inc., 6.875%, 11/15/37(2)	25,000	27,099
			353,244
HOUSEHOLD DURABLES ― 0.1%
	Toll Brothers Finance Corp., 6.75%, 11/1/19(2)	60,000	58,868
HOUSEHOLD PRODUCTS ― 0.1%
	Kimberly-Clark Corp., 6.125%, 8/1/17(2)	20,000	22,205
	Kimberly-Clark Corp., 7.50%, 11/1/18(2)	40,000	48,474
			70,679
INDUSTRIAL CONGLOMERATES ― 0.7%
	General Electric Co., 5.00%, 2/1/13(2)	250,000	264,679
	General Electric Co., 5.25%, 12/6/17(2)	70,000	71,646
	Hutchison Whampoa International 09/16 Ltd., 4.625%, 9/11/15(1)(2)	100,000	101,149
			437,474
INSURANCE ― 1.1%
	Allstate Corp. (The), 7.45%, 5/16/19	70,000	81,469
	Berkshire Hathaway Finance Corp., 5.00%, 8/15/13(2)	30,000	32,286
	International Lease Finance Corp., 5.30%, 5/1/12(2)	50,000	42,493
	MetLife Global Funding I, 5.125%, 4/10/13(1)(2)	70,000	74,213
	MetLife, Inc., 6.75%, 6/1/16(2)	100,000	112,131
	New York Life Global Funding, 4.65%, 5/9/13(1)(2)	50,000	52,559
	Prudential Financial, Inc., 7.375%, 6/15/19(2)	110,000	123,542
	Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39(1)(2)	50,000	51,854
	Travelers Cos., Inc. (The), 5.90%, 6/2/19(2)	80,000	85,599
			656,146
INTERNET & CATALOG RETAIL ― 0.1%
	Expedia, Inc., 7.46%, 8/15/18(2)	60,000	65,775
IT SERVICES ― 0.2%
	International Business Machines Corp., 5.70%, 9/14/17(2)	100,000	109,502
LEISURE EQUIPMENT & PRODUCTS ― 0.2%
	Hasbro, Inc., 6.125%, 5/15/14(2)	100,000	108,979
MACHINERY ― 0.4%
	Caterpillar Financial Services Corp., 4.85%, 12/7/12(2)	20,000	21,521
	Caterpillar Financial Services Corp., 5.45%, 4/15/18(2)	70,000	73,032
	Deere & Co., 5.375%, 10/16/29(2)	80,000	80,090
	Navistar International Corp., 8.25%, 11/1/21(2)	50,000	51,500
	SPX Corp., 7.625%, 12/15/14(2)	50,000	51,750
			277,893
MEDIA ― 3.5%
	AMC Entertainment, Inc., 8.00%, 3/1/14	50,000	48,000
	British Sky Broadcasting Group plc, 9.50%, 11/15/18(1)(2)	90,000	115,567
	CBS Corp., 5.50%, 5/15/33(2)	80,000	67,210
	Comcast Corp., 5.90%, 3/15/16(2)	100,000	107,832
	Comcast Corp., 6.40%, 5/15/38(2)	30,000	30,973
	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 4.75%, 10/1/14(1)(2)	100,000	102,184
	DirecTV Holdings LLC/DirecTV Financing Co., Inc., 6.375%, 6/15/15(2)	80,000	83,500

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Gannett Co., Inc., 8.75%, 11/15/14(1)(2)	$ 200,000	$ 208,000
	Interpublic Group of Cos., Inc. (The), 10.00%, 7/15/17(2)	150,000	167,250
	News America, Inc., 6.90%, 8/15/39(1)(2)	70,000	76,614
	Omnicom Group, Inc., 6.25%, 7/15/19(2)	60,000	64,848
	Salem Communications Corp., 9.625%, 12/15/16(1)(2)	75,000	78,937
	Sinclair Television Group, Inc., 9.25%, 11/1/17(1)(2)	50,000	52,250
	Sirius XM Radio, Inc., 9.625%, 8/1/13(2)	50,000	50,000
	Time Warner Cable, Inc., 5.40%, 7/2/12(2)	100,000	106,905
	Time Warner Cable, Inc., 6.75%, 7/1/18(2)	130,000	143,046
	Time Warner, Inc., 5.50%, 11/15/11(2)	80,000	84,972
	Time Warner, Inc., 6.875%, 5/1/12(2)	70,000	76,674
	Time Warner, Inc., 7.625%, 4/15/31(2)	30,000	34,947
	Time Warner, Inc., 7.70%, 5/1/32(2)	60,000	70,663
	Viacom, Inc., 6.25%, 4/30/16(2)	140,000	152,784
	Viacom, Inc., 5.625%, 9/15/19(2)	50,000	52,303
	Viacom, Inc., 6.875%, 4/30/36(2)	60,000	65,083
	Virgin Media Finance plc, 9.50%, 8/15/16(2)	100,000	107,875
			2,148,417
METALS & MINING ― 1.6%
	AK Steel Corp., 7.75%, 6/15/12(2)	50,000	50,750
	Anglo American Capital plc, 9.375%, 4/8/19(1)(2)	100,000	127,230
	ArcelorMittal, 6.125%, 6/1/18(2)	80,000	82,682
	Barrick Gold Corp., 6.95%, 4/1/19	70,000	78,953
	Freeport-McMoRan Copper & Gold, Inc., 8.25%, 4/1/15(2)	50,000	54,558
	Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/17(2)	70,000	76,755
	Newmont Mining Corp., 6.25%, 10/1/39(2)	80,000	80,366
	Rio Tinto Finance USA Ltd., 5.875%, 7/15/13(2)	80,000	86,392
	Rio Tinto Finance USA Ltd., 9.00%, 5/1/19(2)	50,000	63,385
	Teck Resources Ltd., 10.75%, 5/15/19(2)	200,000	240,000
	Vale Overseas Ltd., 5.625%, 9/15/19(2)	50,000	50,736
			991,807
MULTILINE RETAIL(3)
	Macy's Retail Holdings, Inc., 5.35%, 3/15/12(2)	20,000	20,525
MULTI-UTILITIES ― 1.1%
	CenterPoint Energy Resources Corp., 6.125%, 11/1/17(2)	20,000	20,696
	CenterPoint Energy Resources Corp., 6.25%, 2/1/37(2)	40,000	38,900
	Dominion Resources, Inc., 6.40%, 6/15/18(2)	60,000	65,647
	Georgia Power Co., 6.00%, 11/1/13(2)	60,000	66,750
	NSTAR Electric Co., 5.625%, 11/15/17(2)	60,000	64,349
	Pacific Gas & Electric Co., 4.20%, 3/1/11(2)	50,000	51,611
	Pacific Gas & Electric Co., 5.80%, 3/1/37(2)	20,000	20,340
	Pacific Gas & Electric Co., 6.35%, 2/15/38(2)	20,000	21,762
	PG&E Corp., 5.75%, 4/1/14(2)	90,000	97,101
	Public Service Co. of Colorado, 5.80%, 8/1/18(2)	30,000	32,595
	Sempra Energy, 8.90%, 11/15/13(2)	100,000	116,309
	Sempra Energy, 6.50%, 6/1/16(2)	30,000	32,578
	Sempra Energy, 9.80%, 2/15/19(2)	30,000	37,503
	Sempra Energy, 6.00%, 10/15/39(2)	30,000	29,725
			695,866
OFFICE ELECTRONICS(3)
	Xerox Corp., 5.65%, 5/15/13(2)	30,000	31,283

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

OIL, GAS & CONSUMABLE FUELS ― 3.8%
	Anadarko Petroleum Corp., 5.95%, 9/15/16(2)	$ 100,000	$ 108,320
	Anadarko Petroleum Corp., 6.95%, 6/15/19(2)	50,000	56,801
	Anadarko Petroleum Corp., 6.45%, 9/15/36(2)	90,000	94,298
	Cenovus Energy, Inc., 4.50%, 9/15/14(1)(2)	50,000	51,667
	ConocoPhillips, 6.50%, 2/1/39(2)	80,000	89,093
	El Paso Corp., 7.75%, 6/15/10(2)	50,000	50,649
	El Paso Corp., 7.875%, 6/15/12(2)	150,000	156,158
	El Paso Corp., 6.875%, 6/15/14(2)	50,000	50,213
	Enbridge Energy Partners LP, 6.50%, 4/15/18(2)	50,000	53,564
	Enterprise Products Operating LLC, 6.30%, 9/15/17(2)	140,000	150,944
	EOG Resources, Inc., 5.625%, 6/1/19(2)	60,000	63,857
	Forest Oil Corp., 8.50%, 2/15/14(1)(2)	50,000	52,500
	Kerr-McGee Corp., 6.95%, 7/1/24(2)	70,000	75,985
	Kinder Morgan Energy Partners LP, 6.85%, 2/15/20(2)	120,000	133,360
	Kinder Morgan Energy Partners LP, 6.50%, 9/1/39(2)	50,000	50,557
	Kinder Morgan Finance Co. ULC, 5.35%, 1/5/11(2)	50,000	50,750
	Magellan Midstream Partners LP, 6.55%, 7/15/19(2)	70,000	76,122
	Marathon Oil Corp., 7.50%, 2/15/19(2)	50,000	57,804
	Nexen, Inc., 5.65%, 5/15/17(2)	50,000	52,077
	Nexen, Inc., 6.20%, 7/30/19(2)	60,000	63,602
	Nexen, Inc., 6.40%, 5/15/37(2)	70,000	70,754
	Petrobras International Finance Co., 5.75%, 1/20/20(2)	50,000	51,114
	Plains All American Pipeline LP/PAA Finance Corp., 8.75%, 5/1/19(2)	140,000	165,346
	Sabine Pass LNG LP, 7.25%, 11/30/13(2)	100,000	91,250
	Shell International Finance BV, 6.375%, 12/15/38(2)	30,000	33,940
	Talisman Energy, Inc., 7.75%, 6/1/19(2)	70,000	82,350
	Williams Cos., Inc. (The), 8.75%, 1/15/20(2)	60,000	71,703
	XTO Energy, Inc., 5.90%, 8/1/12(2)	90,000	98,670
	XTO Energy, Inc., 6.50%, 12/15/18(2)	150,000	171,702
			2,375,150
PAPER & FOREST PRODUCTS ― 0.3%
	International Paper Co., 9.375%, 5/15/19(2)	140,000	172,366
PERSONAL PRODUCTS ― 0.1%
	Mead Johnson Nutrition Co., 3.50%, 11/1/14(1)(2)	50,000	49,484
PHARMACEUTICALS ― 1.7%
	Abbott Laboratories, 5.875%, 5/15/16(2)	65,000	71,790
	Abbott Laboratories, 5.60%, 11/30/17(2)	30,000	32,633
	Abbott Laboratories, 6.00%, 4/1/39(2)	40,000	42,314
	AstraZeneca plc, 5.40%, 9/15/12(2)	100,000	109,304
	AstraZeneca plc, 5.90%, 9/15/17(2)	40,000	44,516
	GlaxoSmithKline Capital, Inc., 4.85%, 5/15/13(2)	70,000	75,200
	Pfizer, Inc., 6.20%, 3/15/19(2)	190,000	211,583
	Pfizer, Inc., 7.20%, 3/15/39(2)	60,000	73,566
	Roche Holdings, Inc., 5.00%, 3/1/14(1)(2)	50,000	53,542
	Roche Holdings, Inc., 6.00%, 3/1/19(1)(2)	80,000	88,065
	Watson Pharmaceuticals, Inc., 5.00%, 8/15/14(2)	170,000	173,744
	Watson Pharmaceuticals, Inc., 6.125%, 8/15/19(2)	40,000	41,347
	Wyeth, 5.95%, 4/1/37(2)	30,000	31,391
			1,048,995
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.3%
	ProLogis, 7.625%, 8/15/14(2)	30,000	31,402

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	ProLogis, 5.625%, 11/15/16(2)	$ 90,000	$ 83,054
	ProLogis, 7.375%, 10/30/19(2)	50,000	49,405
	Simon Property Group LP, 5.75%, 12/1/15(2)	50,000	51,051
			214,912
REAL ESTATE MANAGEMENT & DEVELOPMENT(3)
	AMB Property LP, 6.625%, 12/1/19(2)	20,000	19,652
ROAD & RAIL ― 0.5%
	CSX Corp., 7.375%, 2/1/19(2)	100,000	114,435
	Norfolk Southern Corp., 5.75%, 4/1/18(2)	100,000	105,956
	Union Pacific Corp., 5.75%, 11/15/17(2)	60,000	63,406
			283,797
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 0.2%
	Advanced Micro Devices, Inc., 8.125%, 12/15/17(1)(2)	50,000	50,062
	Analog Devices, Inc., 5.00%, 7/1/14(2)	50,000	52,212
			102,274
SOFTWARE ― 0.2%
	Intuit, Inc., 5.75%, 3/15/17(2)	100,000	103,727
SPECIALTY RETAIL ― 1.2%
	GSC Holdings Corp., 8.00%, 10/1/12(2)	175,000	182,219
	Home Depot, Inc. (The), 4.625%, 8/15/10(2)	250,000	255,966
	Home Depot, Inc. (The), 5.875%, 12/16/36(2)	40,000	38,738
	Staples, Inc., 9.75%, 1/15/14(2)	120,000	146,339
	Toys "R" Us Property Co. II LLC, 8.50%, 12/1/17(1)(2)	100,000	102,250
			725,512
TOBACCO ― 0.3%
	Altria Group, Inc., 9.25%, 8/6/19(2)	150,000	183,099
WIRELESS TELECOMMUNICATION SERVICES ― 0.8%
	America Movil SAB de CV, 5.00%, 10/16/19(1)(2)	100,000	97,964
	American Tower Corp., 7.25%, 5/15/19(1)(2)	200,000	224,000
	Rogers Cable, Inc., 6.25%, 6/15/13(2)	70,000	76,741
	Rogers Communications, Inc., 6.80%, 8/15/18(2)	50,000	56,089
	Vodafone Group plc, 5.00%, 12/16/13(2)	40,000	42,392
			497,186
TOTAL CORPORATE BONDS
	(Cost $23,493,674)		25,271,429
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES(4) ― 29.3%
	FHLMC, 5.00%, 10/1/10(2)	459,955	471,306
	FHLMC, 4.50%, 6/1/21(2)	274,769	285,018
	FHLMC, 5.50%, 1/1/38(2)	206,182	216,416
	FHLMC, 5.50%, 4/1/38(2)	1,174,307	1,231,677
	FHLMC, 6.50%, 7/1/47(2)	16,017	17,079
	FNMA, 6.00%, settlement date 1/15/10(5)	1,700,000	1,800,672
	FNMA, 6.50%, settlement date 1/15/10(5)	657,000	703,709
	FNMA, 5.00%, 7/1/20(2)	521,736	548,457
	FNMA, 4.50%, 10/1/33	2,268,144	2,282,556
	FNMA, 5.00%, 11/1/33(2)	348,002	358,623
	FNMA, 5.00%, 8/1/34(2)	683,779	705,198
	FNMA, 5.50%, 8/1/34	1,420,381	1,493,101
	FNMA, 5.00%, 8/1/35(2)	380,904	391,696
	FNMA, 4.50%, 9/1/35(2)	390,311	391,571
	FNMA, 5.50%, 7/1/36(2)	472,968	496,074

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	FNMA, 5.50%, 12/1/36(2)	$ 775,944	$ 813,852
	FNMA, 6.50%, 8/1/37(2)	276,493	295,070
	FNMA, 6.00%, 11/1/37	1,111,245	1,178,962
	FNMA, 5.00%, 3/1/38	1,930,580	1,983,663
	FNMA, 6.50%, 6/1/47(2)	11,886	12,674
	FNMA, 6.50%, 8/1/47(2)	27,970	29,823
	FNMA, 6.50%, 8/1/47(2)	37,706	40,204
	FNMA, 6.50%, 9/1/47(2)	4,693	5,004
	FNMA, 6.50%, 9/1/47(2)	32,643	34,806
	FNMA, 6.50%, 9/1/47(2)	33,125	35,320
	FNMA, 6.50%, 9/1/47(2)	40,270	42,938
	FNMA, 6.50%, 9/1/47(2)	61,694	65,782
	GNMA, 6.00%, 9/20/38(2)	592,215	628,001
	GNMA, 5.50%, 12/20/38	1,492,808	1,567,275
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
	(Cost $17,727,155)		18,126,527
U.S. TREASURY SECURITIES ― 7.1%
	U.S. Treasury Bonds, 5.25%, 2/15/29(2)	500,000	541,875
	U.S. Treasury Bonds, 3.50%, 2/15/39(2)	300,000	245,813
	U.S. Treasury Bonds, 4.25%, 5/15/39(2)	200,000	187,688
	U.S. Treasury Bonds, 4.375%, 11/15/39(2)	150,000	143,625
	U.S. Treasury Inflation Indexed Notes, 1.625%, 1/15/15(2)	1,177,426	1,225,994
	U.S. Treasury Notes, 1.00%, 10/31/11(2)	250,000	249,853
	U.S. Treasury Notes, 1.875%, 6/15/12(2)	1,500,000	1,516,877
	U.S. Treasury Notes, 4.25%, 9/30/12(2)	280,000	300,563
TOTAL U.S. TREASURY SECURITIES
	(Cost $4,444,401)		4,412,288
COMMERCIAL MORTGAGE-BACKED SECURITIES(4) ― 5.2%
	Banc of America Commercial Mortgage, Inc., Series 2002 PB2, Class A3 SEQ, 6.09%, 6/11/35(2)	23,610	23,873
	Banc of America Commercial Mortgage, Inc., Series 2004-1, Class A3 SEQ, 4.43%, 11/10/39(2)	330,000	329,463
	Chase Commercial Mortgage Securities Corp., Series 2000-2, Class C, VRN, 7.93%, 1/4/10(2)	525,000	532,652
	First Union National Bank Commercial Mortgage, Series 2000 C1, Class C, VRN, 8.09%, 1/4/10(2)	550,000	553,859
	Greenwich Capital Commercial Funding Corp., Series 2006 FL4A, Class A1, VRN, 0.32%, 1/5/10, resets monthly off the 1-month LIBOR plus 0.09% with no caps(1)(2)	61,080	52,507
	Heller Financial Commercial Mortgage Asset, Series 2000 PH1, Class D, VRN, 8.08%, 1/4/10	100,000	99,883
	LB-UBS Commercial Mortgage Trust, Series 2005 C2, Class A2 SEQ, 4.82%, 4/15/30(2)	283,703	284,145
	LB-UBS Commercial Mortgage Trust, Series 2005 C3, Class A3 SEQ, 4.65%, 7/15/30(2)	680,000	683,479
	Lehman Brothers Commercial Conduit Mortgage Trust, Series 1999 C1, Class B, 6.93%, 6/15/31(2)	55,870	55,812
	Morgan Stanley Capital I, Series 2004 HQ3, Class A2 SEQ, 4.05%, 1/13/41(2)	273,082	274,752

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount

Value

	Prudential Securities Secured Financing Corp., Series 2000 C1, Class C, VRN, 7.93%, 1/4/10(2)	$ 300,000	$ 303,947
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
	(Cost $3,133,912)		3,194,372
U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS ― 4.8%
FIXED-RATE U.S. GOVERNMENT AGENCY SECURITIES ― 2.3%
	FNMA, 4.375%, 7/17/13(2)	239,000	256,430
	FNMA, 2.75%, 3/13/14(2)	875,000	883,301
	FNMA, 5.00%, 2/13/17(2)	295,000	320,703
			1,460,434
GOVERNMENT-BACKED CORPORATE BONDS(6) ― 2.5%
	Bank of America Corp., 3.125%, 6/15/12(2)	400,000	414,723
	General Electric Capital Corp., 2.25%, 3/12/12(2)	400,000	406,012
	General Electric Capital Corp., 2.20%, 6/8/12(2)	400,000	405,849
	Morgan Stanley, 2.00%, 9/22/11(2)	250,000	253,954
			1,480,538
TOTAL U.S. GOVERNMENT AGENCY SECURITIES AND EQUIVALENTS
	(Cost $2,878,906)		2,940,972
COLLATERALIZED MORTGAGE OBLIGATIONS(4) ― 3.6%
PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATIONS ― 2.3%
	Banc of America Alternative Loan Trust, Series 2007-2, Class 2A4, 5.75%, 6/25/37(2)	130,838	79,796
	Chase Mortgage Finance Corp., Series 2005 A1, Class 2A2 SEQ, VRN, 5.23%, 1/4/10(2)	259,555	239,058
	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-37, Class 2A2, VRN, 3.67%, 1/4/10(2)	333,691	160,865
	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35(2)	190,601	175,881
	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-16, Class A1, 6.50%, 10/25/37(2)	141,079	114,584
	Credit Suisse First Boston Mortgage Securities Corp., Series 2003 AR28, Class 2A1, VRN, 3.16%, 1/4/10(2)	133,619	122,299
	J.P. Morgan Mortgage Trust, Series 2004 A2, Class 1A1, VRN, 4.09%, 1/4/10(2)	123,291	114,808
	J.P. Morgan Mortgage Trust, Series 2005 A4, Class 2A1, VRN, 5.04%, 1/4/10(2)	136,981	113,678
	J.P. Morgan Mortgage Trust, Series 2005 A8, Class 6A2, VRN, 5.11%, 1/4/10(2)	175,988	159,717
	J.P. Morgan Mortgage Trust, Series 2006 A3, Class 2A1 SEQ, VRN, 5.57%, 1/4/10	63,924	53,882
	Wells Fargo Mortgage Backed Securities Trust, Series 2006 AR15, Class A1, VRN, 5.65%, 1/4/10	81,524	65,293
			1,399,861
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS ― 1.3%
	FHLMC, Series 2522, Class XA SEQ, 5.00%, 8/15/16(2)	86,538	87,355
	FHLMC, Series 3203, Class VN SEQ, 5.00%, 6/15/22(2)	200,000	207,883
	FNMA, Series 2003-10, Class HW SEQ, 5.00%, 11/25/16(2)	229,675	234,414
	FNMA, Series 2003-52, Class KF SEQ, VRN, 0.63%, 1/25/10, resets monthly off the 1-month LIBOR plus 0.40% with a cap of 7.50%(2)	60,172	59,880

	FNMA, Series 2003-54, Class TC, 4.50%, 5/25/15(2)		52,693	53,127

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Principal Amount/Shares

Value

FNMA, Series 2005-47, Class AN SEQ, 5.00%, 12/25/16(2)

$ 191,407

$ 195,797

			838,456
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

	(Cost $2,406,095)				2,238,317
SOVEREIGN GOVERNMENTS & AGENCIES ― 2.0%
	BRAZIL — 0.4%
	Brazilian Government International Bond, 5.875%, 1/15/19(2)			200,000	214,000
	CANADA — 0.1%
	Province of Ontario Canada, 5.45%, 4/27/16(2)			50,000	54,487
	GERMANY — 0.9%
	German Federal Republic, 3.50%, 7/4/19		EUR	400,000	582,054
	MEXICO — 0.3%
	United Mexican States, 5.95%, 3/19/19(2)			$ 170,000	180,625
	NORWAY — 0.2%
	Government of Norway, 6.00%, 5/16/11		NOK	660,000	119,442
	POLAND — 0.1%
	Poland Government International Bond, 6.375%, 7/15/19(2)			$ 50,000	54,634
TOTAL SOVEREIGN GOVERNMENTS & AGENCIES
	(Cost $1,193,029)				1,205,242
MUNICIPAL SECURITIES ― 1.8%
	California GO, (Building Bonds), 7.55%, 4/1/39(2)			100,000	98,591
	California GO, (Building Bonds), 7.30%, 10/1/39(2)			160,000	151,915
	Illinois GO, (Taxable Pension), 5.10%, 6/1/33(2)			150,000	125,855
	Los Angeles Unified School District GO, (Building Bonds), 5.76%, 7/1/29(2)			80,000	75,230
	Metropolitan Water Reclamation District of Greater Chicago GO, (Building Bonds), 5.72%, 12/1/38(2)			50,000	50,350
	Missouri Highways & Transportation Commission Rev., (Building Bonds), 5.45%, 5/1/33(2)			50,000	48,050
	New Jersey State Turnpike Auth. Rev., Series 2009 F, (Building Bonds), 7.41%, 1/1/40(2)			120,000	135,788
	New York State Dormitory Auth. Rev., (Building Bonds), 5.63%, 3/15/39(2)			60,000	57,581
	San Antonio Electric & Gas Rev., (Building Bonds), 5.99%, 2/1/39(2)			50,000	51,183
	Texas GO, (Building Bonds), 5.52%, 4/1/39(2)			120,000	117,550
	University of California Rev., (Building Bonds), 5.77%, 5/15/43(2)			80,000	78,484
	Utah GO, Series 2009 D, (Building Bonds), 4.55%, 7/1/24(2)			140,000	137,449
TOTAL MUNICIPAL SECURITIES
	(Cost $1,144,465)				1,128,026
SHORT-TERM INVESTMENTS ― 0.3%
	Government of Canada Treasury Bill, 0.28%, 4/1/10(7)
	(Cost $198,110)	CAD		210,000	200,699
ASSET-BACKED SECURITIES(4) ― 0.3%
	CNH Equipment Trust, Series 2007 C, Class A3A SEQ, 5.21%, 12/15/11(2)			$ 132,776	133,765
	SLM Student Loan Trust, Series 2007-8, Class A1, VRN, 0.51%, 1/25/10, resets quarterly off the 3-month LIBOR plus 0.23% with no caps(2)			55,063	55,066
TOTAL ASSET-BACKED SECURITIES
	(Cost $187,849)				188,831
TEMPORARY CASH INVESTMENTS ― 7.7%
	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares(2)			625	625

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

Value

Repurchase Agreement, Bank of America Securities, LLC, (collateralized by various U.S. Treasury obligations, 2.375%, 10/31/14, valued at $1,320,316), in a joint trading account at 0.01%, dated 12/31/09, due 1/4/10 (Delivery value $1,300,001)		$ 1,300,000
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 4.50%, 5/15/10, valued at $3,132,420), in a joint trading account at 0.001%, dated 12/31/09, due 1/4/10 (Delivery value $3,071,000)		3,071,000
Repurchase Agreement, Goldman Sachs Group, Inc., (collateralized by various U.S. Treasury obligations, 4.50%-6.125%, 11/15/27-2/15/36, valued at $375,971), in a joint trading account at 0.001%, dated 12/31/09, due 1/4/10 (Delivery value $368,000)		368,000
TOTAL TEMPORARY CASH INVESTMENTS
	(Cost $4,739,625)	4,739,625
TOTAL INVESTMENT SECURITIES — 103.0%
(Cost $61,547,221)		63,646,328
OTHER ASSETS AND LIABILITIES — (3.0)%		(1,826,976)
TOTAL NET ASSETS — 100.0%		$61,819,352

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
211,507	EUR for USD	1/29/10	$303,206	$9,433
(Value on Settlement Date $312,639)

FUTURES CONTRACTS

Contracts Purchased		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
9	U.S. Long Bond	March 2010	$1,038,375	$(43,635)


Contracts Sold		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
34	U.S. Treasury 2-Year Notes	March 2010	$7,353,031	$36,509

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

SWAP AGREEMENTS
Notional Amount		Description of Agreement	Premiums Paid (Received)	Value
CREDIT DEFAULT - BUY PROTECTION
$250,000		Pay quarterly a fixed rate equal to 0.12% multiplied by the notional amount and receive from Barclays Bank plc upon each default event of Pfizer, Inc., par value of the proportional notional amount of Pfizer, Inc., 4.65%, 3/1/18. Expires March 2017.	–	$ 5,175
CREDIT DEFAULT - SELL PROTECTION
609,000		Receive quarterly a fixed rate equal to 5.00% multiplied by the notional amount and pay Barclays Bank plc upon each default event of one of the issues of CDX North America High Yield 11 Index, par value of the proportional notional amount. Expires December 2013.*	$(103,608)	8,466
			$(103,608)	$13,641
*	The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the referenced obligations and upfront payments received upon entering into the agreement.

	The quoted market prices and resulting market value for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing market values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

	Credit default swaps enable the fund to buy/sell protection against a credit event of a specific issuer or index. As a seller of credit protection against a security or basket of securities, the fund receives an up-front and/or periodic payment to compensate against potential default events. The fund may attempt to enhance returns by selling protection.

Notes to Schedule of Investments
	CAD	-	Canadian Dollar
	CDX	-	Credit Derivative Indexes
	Equivalent	-	Security whose principal payments are backed by the full faith and credit of the United States
	ETF	-	Exchange Traded Fund
	EUR	-	Euro
	FHLMC	-	Federal Home Loan Mortgage Corporation
	FNMA	-	Federal National Mortgage Association
	GNMA	-	Government National Mortgage Association
	GO	-	General Obligation
	LB-UBS	-	Lehman Brothers, Inc. — UBS AG
	LIBOR	-	London Interbank Offered Rate
	NOK	-	Norwegian Krone
	resets	-	The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
	SEQ	-	Sequential Payer
	USD	-	United States Dollar
	VRN	-	Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

(1)	Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $3,269,766, which represented 5.3% of total net assets.
(2)	Security, or a portion thereof, has been segregated for forward commitments, futures contracts, and/or swap agreements. At the period end, the aggregate value of securities pledged was $11,510,000.
(3)	Industry is less than 0.05% of total net assets.
(4)	Final maturity indicated, unless otherwise noted.

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

(5)	Forward commitment.
(6)	The debt is guaranteed under the Federal Deposit Insurance Corporation's (FDIC) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC's guarantee is the earlier of the maturity date of the debt or December 31, 2012.
(7)	The rate indicated is the yield to maturity at purchase.

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Security Valuations

companies are valued at the reported net asset value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Trustees. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Trustees or its designee, in accordance with procedures adopted by the Board of Trustees, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.

2. Fair Value Measurements

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar

securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (including a fund’s own assumptions).

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of December 31, 2009:

	Level 1	Level 2	Level 3
Investment Securities
Corporate Bonds	$676,368	$24,595,061	–
U.S. Government Agency Mortgage-Backed Securities	–	18,126,527	–
U.S. Treasury Securities	–	4,412,288	–
Commercial Mortgage-Backed Securities	–	3,194,372	–
U.S. Government Agency Securities and Equivalents	–	2,940,972	–
Collateralized Mortgage Obligations	–	2,238,317	–
Sovereign Governments & Agencies	–	1,205,242	–
Municipal Securities	–	1,128,026	–
Short-Term Investments	–	200,699	–
Asset-Backed Securities	–	188,831	–
Temporary Cash Investments	625	4,739,000	–
Total Value of Investment Securities	$676,993	$62,969,335	–
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	–	$ 9,433	–
Futures Contracts	$(7,126)	–	–
Swap Agreements	–	117,249	–
Total Unrealized Gain (Loss) on Other Financial Instruments	$(7,126)	$126,682	–

Core Plus – Schedule of Investments

DECEMBER 31, 2009 (UNAUDITED)

3. Federal Tax Information

As of December 31, 2009, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$61,547,221
Gross tax appreciation of investments	$ 2,566,655
Gross tax depreciation of investments	(467,548)
Net tax appreciation (depreciation) of investments	$ 2,099,107

The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

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) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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.

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and 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:	AMERICAN CENTURY INVESTMENT TRUST


By:	/s/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President

Date:	February 25, 2010

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/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President
		(principal executive officer)

Date:	February 25, 2010

By:	/s/ Robert J. Leach
	Name:	Robert J. Leach
	Title:	Vice President, Treasurer, and
		Chief Financial Officer
		(principal financial officer)

Date:	February 25, 2010