UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-1236

DWS Balanced Fund

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 454-7190

Date of fiscal year end:  10/31

Date of reporting period: 1/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of January 31, 2009  (Unaudited)** |
|----------------------|-----------------------------------------|

 

 

**DWS Balanced Fund**

 

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Common Stocks 55.9%** |  
**Consumer Discretionary 3.7%**

 
**Auto Components 0.1%**

 
Aisin Seiki Co., Ltd.  

 

400 

 

5,295 

Autoliv, Inc.  

 

13,400 

 

246,426 

Bridgestone Corp.  

 

1,000 

 

12,594 

Compagnie Generale des Etablissements Michelin "B"  

 

332 

 

13,021 

Denso Corp.  

 

700 

 

12,652 

Fuel Systems Solutions, Inc.*  

 

4,700 

 

122,858 

GKN PLC  

 

2,953 

 

3,594 

Magna International, Inc. "A"  

 

1,200 

 

33,595 

Nokian Renkaat Oyj  

 

302 

 

2,954 

 

 

 

Rieter Holding AG (Registered)  

 

52 

 

5,863 

Stanley Electric Co., Ltd.  

 

600 

 

5,748 

Toyota Industries Corp.  

 

400 

 

7,962 

WABCO Holdings, Inc.  

 

32,300 

 

482,885 

 

**955,447**

**Automobiles 0.1%**

 
Bayerische Motoren Werke (BMW) AG  

 

271 

 

6,428 

Daimler AG (Registered)  

 

1,751 

 

49,098 

Fiat SpA  

 

18,971 

 

92,710 

Honda Motor Co., Ltd.  

 

2,400 

 

53,656 

Isuzu Motors Ltd.  

 

3,000 

 

3,434 

Mazda Motor Corp.  

 

3,000 

 

4,614 

Mitsubishi Motors Corp.*  

 

8,000 

 

10,594 

Nissan Motor Co., Ltd.  

 

3,000 

 

8,957 

PSA Peugeot Citroen  

 

354 

 

6,027 

Renault SA  

 

1,101 

 

21,286 

Suzuki Motor Corp.  

 

600 

 

8,070 

Toyota Motor Corp.  

 

4,400 

 

140,332 

Volkswagen AG  

 

237 

 

75,589 

 

**480,795**

**Distributors 0.2%**

 
Genuine Parts Co.  

 

52,827 

 

1,691,520 

Li & Fung Ltd.  

 

58,000 

 

116,259 

 

**1,807,779**

**Diversified Consumer Services 0.0%**

 
Lincoln Educational Services*  

 

3,600 

 

52,632 

Steiner Leisure Ltd.*  

 

15,900 

 

396,387 

 

**449,019**

**Hotels Restaurants & Leisure 1.0%**

 
Accor SA  

 

479 

 

18,956 

Buffalo Wild Wings, Inc.*  

 

5,600 

 

125,776 

California Pizza Kitchen, Inc.*  

 

6,500 

 

67,340 

Carnival Corp. (Unit)  

 

132,293 

 

2,406,410 

Carnival PLC  

 

469 

 

8,640 

CEC Entertainment, Inc.*  

 

22,400 

 

522,816 

CKE Restaurants, Inc.  

 

6,100 

 

50,630 

Compass Group PLC  

 

6,414 

 

31,735 

Crown Ltd.  

 

27,488 

 

95,729 

InterContinental Hotel Group PLC  

 

796 

 

6,042 

Ladbrokes PLC  

 

2,594 

 

6,781 

Lottomatica SpA  

 

972 

 

17,932 

McDonald's Corp.  

 

97,200 

 

5,639,544 

Shangri-La Asia Ltd.  

 

46,000 

 

53,653 

Sodexo  

 

268 

 

13,601 

TABCORP Holding Ltd.  

 

23,640 

 

97,965 

Tatts Group Ltd.  

 

52,357 

 

94,831 

TUI AG  

 

491 

 

4,124 

Whitbread PLC  

 

725 

 

8,634 

WMS Industries, Inc.*  

 

9,300 

 

206,646 

 

**9,477,785**

**Household Durables 0.1%**

 
Blyth, Inc.  

 

9,500 

 

32,395 

Electrolux AB "B"  

 

2,600 

 

18,750 

Fortune Brands, Inc.  

 

11,900 

 

380,800 

 

 

 

Harman International Industries, Inc.  

 

8,900 

 

143,201 

Husqvarna AB "B"  

 

2,800 

 

11,666 

M/I Homes, Inc.  

 

12,700 

 

112,268 

NVR, Inc.*  

 

600 

 

255,654 

Panasonic Corp.  

 

3,000 

 

35,971 

Ryland Group, Inc.  

 

12,300 

 

191,880 

Sharp Corp.  

 

1,000 

 

7,381 

Sony Corp.  

 

1,500 

 

29,007 

 

**1,218,973**

**Internet & Catalog Retail 0.0%**

 
Amazon.com, Inc.*  

 

4,300 

 

252,926 

Home Retail Group PLC  

 

2,228 

 

6,652 

HSN, Inc.*  

 

18,200 

 

86,450 

Ticketmaster Entertainment, Inc.*  

 

8,900 

 

52,955 

 

**398,983**

**Leisure Equipment & Products 0.0%**

 
JAKKS Pacific, Inc.*  

 

6,400 

 

117,376 

Nikon Corp.  

 

1,000 

 

10,347 

 

**127,723**

**Media 1.0%**

 
British Sky Broadcasting Group PLC  

 

4,143 

 

29,758 

Comcast Corp. "A"  

 

185,500 

 

2,717,575 

DENTSU, Inc.  

 

600 

 

10,258 

Fairfax Media Ltd.  

 

40,770 

 

35,801 

Gannett Co., Inc.  

 

58,400 

 

336,968 

Gestevision Telecinco SA  

 

1,501 

 

12,925 

Global Sources Ltd.*  

 

23,490 

 

100,537 

Interpublic Group of Companies, Inc.*  

 

68,700 

 

228,771 

ITV PLC  

 

10,128 

 

4,040 

Lagardere SCA  

 

340 

 

12,967 

Marvel Entertainment, Inc.*  

 

22,300 

 

613,473 

McGraw-Hill Companies, Inc.  

 

15,600 

 

343,044 

Mediacom Communications Corp. "A"*  

 

60,900 

 

328,860 

Mediaset SpA  

 

20,694 

 

100,775 

Modern Times Group MTG AB "B"  

 

525 

 

8,949 

Pearson PLC  

 

3,225 

 

31,136 

Publicis Groupe  

 

417 

 

9,809 

Reed Elsevier NV  

 

11,797 

 

130,802 

Reed Elsevier PLC  

 

6,115 

 

45,773 

SES "A" (FDR)  

 

606 

 

11,133 

Shaw Communications, Inc. "B"  

 

5,300 

 

85,967 

Singapore Press Holdings Ltd.  

 

268,000 

 

495,187 

Thomson Reuters Corp.  

 

5,800 

 

141,896 

Thomson Reuters PLC  

 

923 

 

18,712 

Time Warner, Inc.  

 

319,300 

 

2,979,069 

United Business Media Ltd.  

 

1,276 

 

8,924 

Vertis Holdings, Inc.*  

 

5,114 

 

0 

Vivendi  

 

2,506 

 

64,700 

Walt Disney Co.  

 

24,400 

 

504,592 

Wolters Kluwer NV  

 

6,183 

 

111,347 

WPP PLC  

 

4,008 

 

22,622 

Yellow Pages Income Fund (Unit)  

 

2,800 

 

14,630 

 

**9,561,000**

 

 

 

**Multiline Retail 0.2%**

 
Canadian Tire Corp., Ltd. "A"  

 

1,100 

 

36,689 

Kohl's Corp.*  

 

45,290 

 

1,662,596 

Marks & Spencer Group PLC  

 

3,639 

 

12,194 

Next PLC  

 

536 

 

9,120 

PPR  

 

179 

 

9,058 

 

**1,729,657**

**Specialty Retail 0.8%**

 
America's Car-Mart, Inc.*  

 

3,600 

 

32,724 

AnnTaylor Stores Corp.*  

 

67,400 

 

331,608 

Children's Place Retail Stores, Inc.*  

 

28,200 

 

530,442 

Coldwater Creek, Inc.*  

 

89,600 

 

252,672 

Esprit Holdings Ltd.  

 

26,600 

 

141,878 

Fast Retailing Co., Ltd.  

 

100 

 

12,627 

Foot Locker, Inc.  

 

43,500 

 

320,160 

GameStop Corp. "A"*  

 

37,300 

 

924,294 

Hennes & Mauritz AB "B"  

 

5,300 

 

204,600 

Hot Topic, Inc.*  

 

62,900 

 

537,166 

Industria de Diseno Textil SA  

 

6,383 

 

243,690 

Jo-Ann Stores, Inc.*  

 

5,000 

 

63,850 

Jos. A. Bank Clothiers, Inc.*  

 

7,300 

 

200,458 

Kingfisher PLC  

 

6,218 

 

12,500 

RadioShack Corp.  

 

46,800 

 

536,328 

Rent-A-Center, Inc.*  

 

33,100 

 

491,535 

Staples, Inc.  

 

76,280 

 

1,215,903 

The Buckle, Inc.  

 

25,450 

 

538,267 

The Gap, Inc.  

 

91,700 

 

1,034,376 

Tiffany & Co.  

 

24,800 

 

514,600 

Williams-Sonoma, Inc.  

 

12,300 

 

97,416 

Yamada Denki Co., Ltd.  

 

150 

 

8,848 

 

**8,245,942**

**Textiles, Apparel & Luxury Goods 0.2%**

 
Adidas AG  

 

410 

 

14,189 

Billabong International Ltd.  

 

772 

 

3,590 

Burberry Group PLC  

 

1,345 

 

4,938 

Carter's, Inc.*  

 

33,900 

 

575,961 

Christian Dior SA  

 

332 

 

16,561 

Compagnie Financiere Richemont SA "A"  

 

9,765 

 

142,730 

Fuqi International, Inc.*  

 

8,900 

 

42,275 

Gildan Activewear, Inc.*  

 

1,800 

 

19,288 

Hermes International  

 

172 

 

17,347 

Luxottica Group SpA  

 

1,559 

 

21,985 

LVMH Moet Hennessy Louis Vuitton SA  

 

524 

 

28,649 

NIKE, Inc. "B"  

 

16,100 

 

728,525 

Phillips-Van Heusen Corp.  

 

11,000 

 

209,220 

Polo Ralph Lauren Corp.  

 

1,700 

 

69,751 

Steven Madden Ltd.*  

 

7,800 

 

135,564 

Swatch Group AG (Bearer)  

 

627 

 

70,023 

Swatch Group AG (Registered)  

 

1,215 

 

26,933 

Timberland Co. "A"*  

 

11,700 

 

128,583 

True Religion Apparel, Inc.*  

 

8,300 

 

94,703 

 

**2,350,815**

**Consumer Staples 6.0%**

 
**Beverages 1.0%**

 
Anheuser-Busch InBev NV  

 

5,043 

 

128,280 

 

 

 

Asahi Breweries Ltd.  

 

1,500 

 

23,172 

Carlsberg AS "B"  

 

25,313 

 

835,796 

Coca-Cola Amatil Ltd.  

 

2,452 

 

14,191 

Coca-Cola Co.  

 

3,600 

 

153,792 

Coca-Cola Enterprises, Inc.  

 

53,000 

 

595,190 

Diageo PLC  

 

94,221 

 

1,289,091 

Foster's Group Ltd.  

 

14,875 

 

51,310 

Heineken NV  

 

1,879 

 

55,339 

Kirin Holdings Co., Ltd.  

 

4,000 

 

50,208 

Pepsi Bottling Group, Inc.  

 

50,600 

 

976,074 

PepsiCo, Inc.  

 

112,256 

 

5,638,619 

Pernod Ricard SA  

 

706 

 

44,404 

SABMiller PLC  

 

2,214 

 

36,231 

 

**9,891,697**

**Food & Staples Retailing 1.6%**

 
AEON Co., Ltd.  

 

3,700 

 

29,526 

Carrefour SA  

 

2,828 

 

96,961 

Casino Guichard-Perrachon SA  

 

260 

 

17,086 

Colruyt SA  

 

242 

 

53,683 

CVS Caremark Corp.  

 

107,465 

 

2,888,659 

Delhaize Group  

 

1,558 

 

100,541 

George Weston Ltd.  

 

1,100 

 

58,604 

J Sainsbury PLC  

 

4,178 

 

20,116 

Kesko Oyj "B"  

 

423 

 

10,407 

Koninklijke Ahold NV  

 

7,918 

 

95,218 

Kroger Co.  

 

13,400 

 

301,500 

Lawson, Inc.  

 

300 

 

14,798 

Loblaw Companies Ltd.  

 

2,500 

 

70,785 

Metro AG  

 

2,692 

 

98,061 

Metro, Inc. "A"  

 

1,400 

 

44,754 

Nash Finch Co.  

 

700 

 

30,121 

Pantry, Inc.*  

 

21,000 

 

349,230 

Seven & I Holdings Co., Ltd.  

 

27,600 

 

735,578 

Shoppers Drug Mart Corp.  

 

23,000 

 

850,977 

Sysco Corp.  

 

51,500 

 

1,147,935 

Tesco PLC  

 

18,684 

 

96,767 

Village Super Market, Inc. "A"  

 

1,200 

 

33,048 

Wal-Mart Stores, Inc.  

 

133,700 

 

6,299,944 

Walgreen Co.  

 

62,820 

 

1,721,896 

Wesfarmers Ltd.  

 

4,643 

 

45,142 

Wesfarmers Ltd. (PPS)  

 

978 

 

9,456 

William Morrison Supermarkets PLC  

 

5,191 

 

20,321 

Woolworths Ltd.  

 

8,539 

 

148,943 

 

**15,390,057**

**Food Products 1.3%**

 
Ajinomoto Co., Inc.  

 

4,000 

 

34,357 

Archer-Daniels-Midland Co.  

 

71,600 

 

1,960,408 

Bunge Ltd.  

 

36,600 

 

1,571,604 

Cadbury PLC  

 

3,264 

 

26,365 

Danisco AS  

 

2,755 

 

101,753 

Darling International, Inc.*  

 

54,200 

 

248,778 

Diamond Foods, Inc.  

 

20,700 

 

531,576 

Fresh Del Monte Produce, Inc.*  

 

6,200 

 

149,420 

General Mills, Inc.  

 

37,519 

 

2,219,249 

Groupe DANONE  

 

20,531 

 

1,057,916 

 

 

 

J & J Snack Foods Corp.  

 

14,900 

 

520,159 

Kellogg Co.  

 

29,820 

 

1,302,836 

Kerry Group PLC "A"  

 

11,940 

 

221,903 

Kraft Foods, Inc. "A"  

 

36,734 

 

1,030,389 

Nestle SA (Registered)  

 

42,851 

 

1,481,537 

Nissin Foods Holdings Co., Ltd.  

 

500 

 

16,970 

Parmalat SpA  

 

9,453 

 

15,259 

Saputo, Inc.  

 

3,200 

 

51,722 

Tate & Lyle PLC  

 

1,463 

 

7,038 

Tyson Foods, Inc. "A"  

 

57,900 

 

512,415 

Unilever NV (CVA)  

 

9,259 

 

204,322 

Unilever PLC  

 

3,062 

 

67,448 

Wilmar International Ltd.  

 

4,000 

 

7,495 

Yakult Honsha Co., Ltd.  

 

700 

 

14,196 

 

**13,355,115**

**Household Products 0.9%**

 
Central Garden & Pet Co. "A"*  

 

74,800 

 

448,800 

Colgate-Palmolive Co.  

 

52,140 

 

3,391,186 

Henkel AG & Co. KGaA  

 

2,258 

 

52,779 

Kao Corp.  

 

2,000 

 

48,621 

Procter & Gamble Co.  

 

85,550 

 

4,662,475 

Reckitt Benckiser Group PLC  

 

1,071 

 

41,442 

 

**8,645,303**

**Personal Products 0.1%**

 
Beiersdorf AG  

 

1,967 

 

96,367 

China Sky One Medical, Inc.*  

 

7,100 

 

99,613 

Herbalife Ltd.  

 

20,300 

 

416,353 

L'Oreal SA  

 

1,014 

 

67,474 

Nu Skin Enterprises, Inc. "A"  

 

8,500 

 

80,665 

Shiseido Co., Ltd.  

 

2,000 

 

33,457 

 

**793,929**

**Tobacco 1.1%**

 
Altria Group, Inc.  

 

218,797 

 

3,618,902 

British American Tobacco PLC  

 

5,511 

 

151,519 

Imperial Tobacco Group PLC  

 

35,013 

 

959,016 

Japan Tobacco, Inc.  

 

273 

 

780,068 

Lorillard, Inc.  

 

18,500 

 

1,100,010 

Philip Morris International, Inc.  

 

100,860 

 

3,746,949 

Reynolds American, Inc.  

 

9,200 

 

351,256 

Swedish Match AB  

 

25,928 

 

350,287 

 

**11,058,007**

**Energy 7.0%**

 
**Energy Equipment & Services 1.4%**

 
Acergy SA  

 

3,100 

 

17,059 

Aker Solutions ASA  

 

2,700 

 

12,618 

AMEC PLC  

 

55,168 

 

450,871 

Compagnie Generale de Geophysique-Veritas*  

 

379 

 

4,602 

ENSCO International, Inc.  

 

41,044 

 

1,122,964 

Fugro NV (CVA)  

 

3,843 

 

104,156 

Halliburton Co.  

 

138,309 

 

2,385,830 

Helix Energy Solutions Group, Inc.*  

 

8,400 

 

43,260 

ION Geophysical Corp.*  

 

135,000 

 

202,500 

Key Energy Services, Inc.*  

 

66,400 

 

226,424 

 

 

 

Matrix Service Co.*  

 

50,600 

 

267,674 

National-Oilwell Varco, Inc.*  

 

40,861 

 

1,080,365 

Noble Corp.  

 

37,740 

 

1,024,641 

Oil States International, Inc.*  

 

35,100 

 

642,681 

ProSafe SE*  

 

1,100 

 

4,168 

Rowan Companies, Inc.  

 

63,500 

 

803,910 

RPC, Inc.  

 

9,700 

 

72,168 

Saipem SpA  

 

68,527 

 

1,045,836 

SBM Offshore NV  

 

9,213 

 

111,448 

Schlumberger Ltd.  

 

23,050 

 

940,671 

Seadrill Ltd.  

 

1,500 

 

12,357 

Technip SA  

 

239 

 

7,440 

Transocean Ltd.*  

 

52,037 

 

2,842,261 

Unit Corp.*  

 

14,300 

 

356,642 

WorleyParsons Ltd.  

 

832 

 

7,752 

 

**13,790,298**

**Oil, Gas & Consumable Fuels 5.6%**

 
Apache Corp.  

 

16,900 

 

1,267,500 

BG Group PLC  

 

82,640 

 

1,140,740 

Bill Barrett Corp.*  

 

12,300 

 

271,953 

BP PLC  

 

14,659 

 

104,201 

Callon Petroleum Co.*  

 

25,200 

 

53,172 

Cameco Corp.  

 

500 

 

8,294 

Canadian Natural Resources Ltd.  

 

900 

 

32,213 

Canadian Oil Sands Trust (Unit)  

 

300 

 

4,575 

Chevron Corp.  

 

100,666 

 

7,098,967 

Cimarex Energy Co.  

 

34,900 

 

866,916 

Clayton Williams Energy, Inc.*  

 

12,400 

 

493,520 

Comstock Resources, Inc.*  

 

5,000 

 

190,650 

ConocoPhillips  

 

94,513 

 

4,492,203 

Devon Energy Corp.  

 

53,870 

 

3,318,392 

El Paso Corp.  

 

44,900 

 

367,282 

Enbridge, Inc.  

 

400 

 

13,126 

EnCana Corp.  

 

1,000 

 

44,501 

Encore Acquisition Co.*  

 

25,800 

 

701,244 

Eni SpA  

 

8,884 

 

188,495 

EOG Resources, Inc.  

 

34,430 

 

2,333,321 

ExxonMobil Corp.  

 

171,154 

 

13,089,858 

Frontline Ltd.  

 

240 

 

6,903 

Gazprom (ADR)  

 

39,700 

 

515,363 

Husky Energy, Inc.  

 

400 

 

9,929 

Imperial Oil Ltd.  

 

1,000 

 

31,763 

INPEX Corp.  

 

10 

 

71,747 

James River Coal Co.*  

 

20,400 

 

276,624 

Marathon Oil Corp.  

 

59,076 

 

1,608,639 

Mariner Energy, Inc.*  

 

75,200 

 

744,480 

McMoRan Exploration Co.*  

 

88,100 

 

589,389 

Murphy Oil Corp.  

 

30,500 

 

1,347,490 

Neste Oil Oyj  

 

358 

 

5,187 

Nexen, Inc.  

 

64,234 

 

935,550 

Nippon Mining Holdings, Inc.  

 

11,000 

 

39,959 

Nippon Oil Corp.  

 

17,000 

 

73,811 

Noble Energy, Inc.  

 

29,103 

 

1,424,010 

Occidental Petroleum Corp.  

 

50,139 

 

2,735,083 

OMV AG  

 

9,904 

 

282,936 

 

 

 

Origin Energy Ltd.  

 

6,248 

 

55,106 

Petro-Canada  

 

600 

 

13,010 

Petroleo Brasileiro SA (ADR)  

 

34,600 

 

906,520 

Repsol YPF SA  

 

23,278 

 

417,557 

Royal Dutch Shell PLC "A"  

 

2,896 

 

72,760 

Royal Dutch Shell PLC "B"  

 

2,321 

 

55,607 

Santos Ltd.  

 

4,665 

 

41,909 

Showa Shell Sekiyu KK  

 

4,100 

 

38,195 

StatoilHydro ASA  

 

70,600 

 

1,217,529 

Suncor Energy, Inc.  

 

65,468 

 

1,255,171 

Sunoco, Inc.  

 

5,900 

 

273,288 

Talisman Energy, Inc.  

 

800 

 

7,574 

Teekay Tankers Ltd. "A"  

 

17,200 

 

201,756 

TonenGeneral Sekiyu KK  

 

4,000 

 

38,454 

Total SA  

 

34,649 

 

1,733,203 

Tullow Oil PLC  

 

1,051 

 

10,504 

W&T Offshore, Inc.  

 

30,800 

 

387,156 

Woodside Petroleum Ltd.  

 

4,183 

 

92,350 

World Fuel Services Corp.  

 

17,100 

 

577,467 

XTO Energy, Inc.  

 

50,395 

 

1,869,150 

 

**56,044,252**

**Financials 6.3%**

 
**Capital Markets 0.5%**

 
Bank of New York Mellon Corp.  

 

29,900 

 

769,626 

BGC Partners, Inc. "A"  

 

7,900 

 

19,039 

Charles Schwab Corp.  

 

43,600 

 

592,524 

Credit Suisse Group AG (Registered)  

 

2,391 

 

61,254 

Daiwa Securities Group, Inc.  

 

3,000 

 

16,405 

IGM Financial, Inc.  

 

400 

 

10,601 

Jefferies Group, Inc.  

 

31,813 

 

367,122 

Julius Baer Holding AG (Registered)  

 

852 

 

25,312 

LaBranche & Co., Inc.*  

 

85,500 

 

586,530 

Macquarie Group Ltd.  

 

1,135 

 

18,251 

Man Group PLC  

 

1,445 

 

4,303 

Mediobanca SpA  

 

1,107 

 

10,037 

Morgan Stanley  

 

6,900 

 

139,587 

Nomura Holdings, Inc.  

 

4,000 

 

25,764 

Prospect Capital Corp.  

 

47,327 

 

512,551 

Raymond James Financial, Inc.  

 

30,363 

 

562,019 

Reinet Investments SCA*  

 

678 

 

6,336 

State Street Corp.  

 

23,700 

 

551,499 

SWS Group, Inc.  

 

3,400 

 

49,810 

TD Ameritrade Holding Corp.*  

 

43,320 

 

486,917 

The Goldman Sachs Group, Inc.  

 

3,900 

 

314,847 

UBS AG (Registered)*  

 

7,942 

 

99,871 

 

**5,230,205**

**Commercial Banks 1.8%**

 
1st Source Corp.  

 

4,300 

 

76,540 

Allied Irish Banks PLC  

 

50,444 

 

74,129 

Anglo Irish Bank Corp. PLC  

 

36,330 

 

10,094 

Australia & New Zealand Banking Group Ltd.  

 

2,816 

 

23,355 

Banca Monte dei Paschi di Siena SpA  

 

2,902 

 

4,162 

Banca Popolare di Milano Scarl  

 

6,597 

 

33,673 

Banco Bilbao Vizcaya Argentaria SA  

 

7,772 

 

72,748 

 

 

 

Banco Comercial Portugues SA (Registered)*  

 

256,204 

 

261,909 

Banco Espirito Santo SA (Registered)  

 

25,027 

 

166,378 

Banco Latinoamericano de Exportaciones SA "E"  

 

44,000 

 

461,560 

Banco Popolare Societa Cooperativa  

 

4,446 

 

25,355 

Banco Popular Espanol SA  

 

1,775 

 

12,197 

Banco Santander SA  

 

14,453 

 

116,625 

Bank of East Asia Ltd.  

 

6,000 

 

11,941 

Bank of Montreal  

 

900 

 

24,404 

Bank of Nova Scotia  

 

1,700 

 

41,133 

Bank of the Ozarks, Inc.  

 

7,800 

 

176,982 

Barclays PLC  

 

4,711 

 

7,003 

BNP Paribas  

 

28,995 

 

1,110,892 

BOC Hong Kong (Holdings) Ltd.  

 

15,500 

 

15,831 

Canadian Imperial Bank of Commerce  

 

30,846 

 

1,172,966 

Chuo Mitsui Trust Holdings, Inc.  

 

2,000 

 

7,810 

Commerzbank AG  

 

2,232 

 

10,178 

Commonwealth Bank of Australia  

 

1,927 

 

32,458 

Community Bank System, Inc.  

 

10,100 

 

181,295 

Credit Agricole SA  

 

1,154 

 

14,043 

Danske Bank AS  

 

11,804 

 

118,335 

DBS Group Holdings Ltd.  

 

9,000 

 

51,959 

Deutsche Postbank AG  

 

203 

 

2,436 

Dexia SA  

 

14,077 

 

43,972 

DnB NOR ASA  

 

62,600 

 

210,946 

Erste Group Bank AG  

 

13,700 

 

206,527 

Governor and Co. of the Bank of Ireland  

 

52,112 

 

43,287 

Hang Seng Bank Ltd.  

 

4,200 

 

50,611 

HSBC Holdings PLC  

 

94,153 

 

734,724 

Huntington Bancshares, Inc.  

 

128,700 

 

370,656 

International Bancshares Corp.  

 

2,400 

 

43,728 

Intesa Sanpaolo  

 

181,257 

 

571,114 

Jyske Bank AS (Registered)*  

 

1,200 

 

27,225 

KBC Groep NV  

 

3,201 

 

58,480 

Lakeland Bancorp., Inc.  

 

5,000 

 

39,050 

Lloyds Banking Group PLC  

 

7,908 

 

10,413 

Marshall & Ilsley Corp.  

 

55,700 

 

318,047 

Mitsubishi UFJ Financial Group, Inc.  

 

136,100 

 

754,819 

Mizuho Financial Group, Inc.  

 

18,000 

 

44,250 

Mizuho Trust & Banking Co., Ltd.  

 

10,000 

 

10,351 

National Australia Bank Ltd.  

 

2,506 

 

29,650 

National Bank of Canada  

 

400 

 

11,162 

NBT Bancorp., Inc.  

 

24,400 

 

557,296 

Nordea Bank AB  

 

14,426 

 

76,167 

Oversea-Chinese Banking Corp., Ltd.  

 

24,000 

 

80,735 

Park National Corp.  

 

8,400 

 

455,700 

PNC Financial Services Group, Inc.  

 

8,733 

 

278,599 

Prosperity Bancshares, Inc.  

 

21,300 

 

576,165 

Raiffeisen International Bank-Holding AG  

 

3,801 

 

77,478 

Regions Financial Corp.  

 

167,600 

 

579,896 

Resona Holdings, Inc.  

 

900 

 

13,826 

Royal Bank of Canada  

 

2,200 

 

54,558 

Royal Bank of Scotland Group PLC  

 

10,314 

 

3,251 

S&T Bancorp., Inc.  

 

21,400 

 

544,202 

Santander BanCorp.  

 

18,400 

 

153,088 

Skandinaviska Enskilda Banken AB "A"  

 

5,129 

 

21,849 

 

 

 

Societe Generale  

 

14,311 

 

603,407 

Southside Bancshares, Inc.  

 

9,800 

 

186,396 

Standard Chartered PLC  

 

3,073 

 

38,904 

Sumitomo Mitsui Financial Group, Inc.  

 

1,300 

 

51,498 

Sumitomo Trust & Banking Co., Ltd.  

 

3,000 

 

14,746 

SunTrust Banks, Inc.  

 

94,600 

 

1,159,796 

Svenska Handelsbanken AB "A"  

 

2,800 

 

30,544 

Swedbank AB "A"  

 

4,746 

 

16,636 

Sydbank AS  

 

1,650 

 

21,916 

The Bank of Yokohama Ltd.  

 

2,000 

 

10,135 

The Chiba Bank Ltd.  

 

2,000 

 

11,123 

Tompkins Financial Corp.  

 

5,800 

 

290,870 

Toronto-Dominion Bank  

 

900 

 

29,211 

UMB Financial Corp.  

 

7,400 

 

286,676 

UniCredit SpA  

 

41,471 

 

72,960 

Unione di Banche Italiane ScpA  

 

2,397 

 

29,844 

United Overseas Bank Ltd.  

 

83,000 

 

642,791 

US Bancorp.  

 

30,600 

 

454,104 

Wells Fargo & Co.  

 

97,415 

 

1,841,144 

Westpac Banking Corp.  

 

5,280 

 

51,841 

 

**17,214,755**

**Consumer Finance 0.1%**

 
Capital One Financial Corp.  

 

18,200 

 

288,288 

Credit Saison Co., Ltd.  

 

600 

 

5,849 

Nelnet, Inc. "A"  

 

16,500 

 

228,030 

ORIX Corp.  

 

160 

 

6,956 

 

**529,123**

**Diversified Financial Services 1.3%**

 
ASX Ltd.  

 

696 

 

11,849 

Bank of America Corp.  

 

368,700 

 

2,426,046 

Citigroup, Inc.  

 

349,800 

 

1,241,790 

CME Group, Inc.  

 

16,287 

 

2,832,472 

Compagnie Nationale a Portefeuille  

 

730 

 

34,524 

Deutsche Boerse AG  

 

11,095 

 

557,881 

Encore Capital Group, Inc.*  

 

7,500 

 

39,450 

Fortis  

 

39,046 

 

74,078 

Groupe Bruxelles Lambert SA  

 

1,335 

 

98,218 

Hong Kong Exchanges & Clearing Ltd.  

 

5,100 

 

43,764 

ING Groep NV (CVA)  

 

14,985 

 

119,679 

Investor AB "B"  

 

5,096 

 

59,094 

JPMorgan Chase & Co.  

 

163,594 

 

4,173,283 

Mitsubishi UFJ Lease & Finance Co., Ltd.  

 

310 

 

7,270 

NYSE Euronext  

 

38,161 

 

839,542 

Singapore Exchange Ltd.  

 

9,000 

 

30,497 

 

**12,589,437**

**Insurance 1.8%**

 
ACE Ltd.  

 

29,325 

 

1,280,329 

Aegon NV  

 

11,118 

 

58,638 

Aflac, Inc.  

 

33,162 

 

769,690 

Alleanza Assicurazioni SpA  

 

735 

 

4,987 

Alleghany Corp.*  

 

1,923 

 

523,883 

Allianz SE (Registered)  

 

11,451 

 

963,756 

Allied World Assurance Co. Holdings Ltd.  

 

7,900 

 

297,830 

Allstate Corp.  

 

52,300 

 

1,133,341 

 

 

 

American Equity Investment Life Holding Co.  

 

14,100 

 

94,329 

American Physicians Capital, Inc.  

 

2,700 

 

114,804 

AMP Ltd.  

 

3,058 

 

10,110 

AmTrust Financial Services, Inc.  

 

42,700 

 

350,567 

Aon Corp.  

 

38,397 

 

1,422,609 

Argo Group International Holdings Ltd.*  

 

18,800 

 

584,868 

Arthur J. Gallagher & Co.  

 

27,905 

 

657,721 

Assicurazioni Generali SpA  

 

2,686 

 

55,908 

Aviva PLC  

 

1,867 

 

8,414 

AXA Asia Pacific Holdings Ltd.  

 

1,676 

 

4,965 

AXA SA  

 

76,059 

 

1,184,958 

Baloise Holding AG (Registered)  

 

394 

 

24,474 

China Life Insurance Co., Ltd. "H"  

 

373,900 

 

990,671 

CNA Surety Corp.*  

 

3,600 

 

59,580 

CNP Assurances  

 

77 

 

5,134 

Crawford & Co. "B"*  

 

10,700 

 

95,979 

Enstar Group Ltd.*  

 

2,400 

 

129,960 

Everest Re Group Ltd.  

 

2,400 

 

151,200 

First American Corp.  

 

26,200 

 

572,208 

Great-West Lifeco, Inc.  

 

500 

 

7,543 

Hallmark Financial Services, Inc.*  

 

7,300 

 

56,502 

Hartford Financial Services Group, Inc.  

 

48,530 

 

638,655 

Infinity Property & Casualty Corp.  

 

13,700 

 

526,080 

Insurance Australia Group Ltd.  

 

3,370 

 

8,247 

Irish Life & Permanent PLC  

 

14,011 

 

29,506 

Legal & General Group PLC  

 

6,916 

 

6,152 

Lincoln National Corp.  

 

11,400 

 

172,482 

Loews Corp.  

 

5,500 

 

134,200 

Maiden Holdings Ltd.  

 

20,400 

 

92,820 

Manulife Financial Corp.  

 

2,500 

 

41,509 

MetLife, Inc.  

 

15,493 

 

445,114 

Mitsui Sumitomo Insurance Group Holdings, Inc.  

 

600 

 

15,369 

Montpelier Re Holdings Ltd.  

 

7,000 

 

98,980 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)  

 

7,728 

 

1,027,622 

NIPPONKOA Insurance Co., Ltd.  

 

1,000 

 

8,132 

Old Mutual PLC  

 

28,741 

 

21,752 

PartnerRe Ltd.  

 

8,097 

 

530,597 

Power Corp. of Canada  

 

600 

 

10,349 

Power Financial Corp.  

 

400 

 

7,382 

Principal Financial Group, Inc.  

 

16,300 

 

270,417 

Progressive Corp.

 

25,500 

 

309,825 

Prudential Financial, Inc.  

 

18,601 

 

478,976 

Prudential PLC  

 

1,794 

 

8,642 

QBE Insurance Group Ltd.  

 

1,226 

 

18,464 

Reinsurance Group of America, Inc.  

 

6,800 

 

242,284 

RLI Corp.  

 

400 

 

22,596 

Sampo Oyj "A"  

 

15,172 

 

244,266 

Sompo Japan Insurance, Inc.  

 

2,000 

 

12,421 

State Auto Financial Corp.  

 

7,900 

 

174,590 

Sun Life Financial, Inc.  

 

900 

 

18,319 

Suncorp-Metway Ltd.  

 

1,450 

 

6,818 

Swiss Life Holding (Registered)*  

 

62 

 

3,368 

Swiss Re (Registered)  

 

602 

 

15,996 

T&D Holdings, Inc.  

 

300 

 

9,626 

Tokio Marine Holdings, Inc.  

 

1,100 

 

28,974 

 

 

 

Topdanmark AS*  

 

425 

 

50,604 

Transatlantic Holdings, Inc.  

 

7,400 

 

237,910 

Trygvesta AS  

 

773 

 

46,077 

Unum Group  

 

23,300 

 

329,928 

Vienna Insurance Group  

 

3,028 

 

94,981 

Zurich Financial Services AG (Registered)  

 

435 

 

78,550 

 

**18,133,538**

**Real Estate Investment Trusts 0.6%**

 
AMB Property Corp. (REIT)  

 

5,500 

 

88,660 

Annaly Capital Management, Inc. (REIT)  

 

13,700 

 

207,418 

Apartment Investment & Management Co. "A" (REIT)  

 

7,779 

 

69,155 

AvalonBay Communities, Inc. (REIT)  

 

3,700 

 

191,697 

BioMed Realty Trust, Inc. (REIT)  

 

7,900 

 

87,216 

Boston Properties, Inc. (REIT)  

 

5,700 

 

246,810 

CapitaMall Trust (REIT)  

 

10,000 

 

10,382 

Colonial Properties Trust (REIT)  

 

14,000 

 

102,900 

Corio NV (REIT)  

 

227 

 

9,723 

Corporate Office Properties Trust (REIT)  

 

9,000 

 

237,420 

Cousins Properties, Inc. (REIT)  

 

11,300 

 

108,593 

Equity Lifestyle Properties, Inc. (REIT)  

 

5,600 

 

211,288 

Equity Residential (REIT)  

 

12,200 

 

291,946 

First Industrial Realty Trust, Inc. (REIT)  

 

27,100 

 

147,424 

Franklin Street Properties Corp. (REIT)  

 

800 

 

9,136 

Glimcher Realty Trust (REIT)  

 

11,600 

 

21,460 

HCP, Inc. (REIT)  

 

5,800 

 

135,372 

Healthcare Realty Trust, Inc. (REIT)  

 

7,900 

 

130,429 

Home Properties, Inc. (REIT)  

 

7,200 

 

258,408 

Hospitality Properties Trust (REIT)  

 

10,000 

 

134,200 

Host Hotels & Resorts, Inc. (REIT)  

 

17,000 

 

91,460 

Kimco Realty Corp. (REIT)  

 

11,400 

 

163,932 

LaSalle Hotel Properties (REIT)  

 

17,700 

 

147,441 

Lexington Realty Trust (REIT)  

 

19,300 

 

85,499 

Link (REIT)  

 

8,000 

 

14,949 

Maguire Properties, Inc. (REIT)*  

 

9,700 

 

20,176 

Mid-America Apartment Communities, Inc. (REIT)  

 

6,000 

 

177,240 

National Retail Properties, Inc. (REIT)  

 

17,300 

 

249,639 

OMEGA Healthcare Investors, Inc. (REIT)  

 

9,200 

 

134,596 

Parkway Properties, Inc. (REIT)  

 

8,300 

 

123,836 

Pennsylvania Real Estate Investment Trust (REIT)  

 

5,800 

 

25,694 

Potlatch Corp. (REIT)  

 

6,800 

 

171,292 

ProLogis (REIT)  

 

9,900 

 

99,099 

Realty Income Corp. (REIT)  

 

16,300 

 

314,101 

Redwood Trust, Inc. (REIT)  

 

3,900 

 

49,491 

Senior Housing Properties Trust (REIT)  

 

16,400 

 

265,352 

Simon Property Group, Inc. (REIT)  

 

7,900 

 

339,542 

Sovran Self Storage, Inc. (REIT)  

 

5,000 

 

130,000 

Stockland (REIT)  

 

2,927 

 

6,685 

Strategic Hotels & Resorts, Inc. (REIT)  

 

16,000 

 

21,920 

Sunstone Hotel Investors, Inc. (REIT)  

 

17,299 

 

74,559 

Unibail-Rodamco (REIT)  

 

125 

 

16,832 

Vornado Realty Trust (REIT)  

 

7,000 

 

355,670 

Washington Real Estate Investment Trust (REIT)  

 

9,500 

 

226,195 

Wereldhave NV (REIT)  

 

152 

 

10,913 

Westfield Group (REIT)  

 

2,826 

 

21,421 

 

**6,037,171**

 

 

 

**Real Estate Management & Development 0.0%**

 
Atrium European Real Estate Ltd.*  

 

6,556 

 

18,250 

Brookfield Asset Management, Inc. "A"  

 

1,000 

 

15,698 

CapitaLand Ltd.  

 

17,000 

 

26,637 

Cheung Kong (Holdings) Ltd.  

 

6,000 

 

55,643 

City Developments Ltd.  

 

2,000 

 

7,358 

Hang Lung Properties Ltd.  

 

7,000 

 

15,716 

Henderson Land Development Co., Ltd.  

 

4,000 

 

15,238 

Hopewell Holdings Ltd.  

 

10,000 

 

32,969 

Lend Lease Corp., Ltd.  

 

911 

 

3,877 

Mitsubishi Estate Co., Ltd.  

 

2,000 

 

26,142 

Mitsui Fudosan Co., Ltd.  

 

2,000 

 

25,747 

New World Development Co., Ltd.  

 

16,000 

 

15,296 

Sino Land Co., Ltd.  

 

18,000 

 

17,243 

Sumitomo Realty & Development Co., Ltd.  

 

1,000 

 

11,454 

Sun Hung Kai Properties Ltd.  

 

6,000 

 

53,345 

Swire Pacific Ltd. "A"  

 

3,000 

 

19,390 

Wharf Holdings Ltd.  

 

5,000 

 

12,416 

 

**372,419**

**Thrifts & Mortgage Finance 0.2%**

 
Astoria Financial Corp.  

 

28,600 

 

259,688 

Capitol Federal Financial  

 

11,446 

 

473,865 

Dime Community Bancshares  

 

44,600 

 

448,230 

Doral Financial Corp.*  

 

27,400 

 

140,014 

Flushing Financial Corp.  

 

2,400 

 

19,008 

Ocwen Financial Corp.*  

 

60,300 

 

536,670 

 

**1,877,475**

**Health Care 9.5%**

 
**Biotechnology 1.6%**

 
Actelion Ltd. (Registered)*  

 

272 

 

14,800 

Alexion Pharmaceuticals, Inc.*  

 

10,500 

 

387,135 

Alnylam Pharmaceuticals, Inc.*  

 

24,500 

 

516,705 

Amgen, Inc.*  

 

20,900 

 

1,146,365 

Celgene Corp.*  

 

26,800 

 

1,419,060 

CSL Ltd.  

 

9,966 

 

234,679 

Cubist Pharmaceuticals, Inc.*  

 

4,500 

 

96,345 

CV Therapeutics, Inc.*  

 

38,300 

 

599,395 

Emergent Biosolutions, Inc.*  

 

2,500 

 

54,825 

Genentech, Inc.*  

 

20,200 

 

1,641,048 

Gilead Sciences, Inc.*  

 

120,120 

 

6,098,493 

Grifols SA  

 

953 

 

16,777 

Intercell AG*  

 

36,578 

 

1,204,446 

Isis Pharmaceuticals, Inc.*  

 

44,800 

 

633,024 

Myriad Genetics, Inc.*  

 

11,100 

 

827,727 

NPS Pharmaceuticals, Inc.*  

 

23,700 

 

147,888 

PDL BioPharma, Inc.  

 

89,800 

 

576,516 

 

**15,615,228**

**Health Care Equipment & Supplies 1.7%**

 
Align Technology, Inc.*  

 

36,400 

 

286,832 

Baxter International, Inc.  

 

119,787 

 

7,025,507 

Becton, Dickinson & Co.  

 

51,295 

 

3,727,608 

C.R. Bard, Inc.  

 

26,620 

 

2,277,873 

Cochlear Ltd.  

 

1,073 

 

39,873 

Essilor International SA  

 

1,930 

 

73,822 

 

 

 

Getinge AB "B"  

 

800 

 

10,665 

Hologic, Inc.*  

 

32,900 

 

387,891 

Medtronic, Inc.  

 

35,760 

 

1,197,602 

Merit Medical Systems, Inc.*  

 

11,700 

 

180,063 

Nobel Biocare Holding AG (Bearer)  

 

485 

 

7,469 

Olympus Corp.  

 

2,000 

 

32,122 

Smith & Nephew PLC  

 

4,258 

 

30,940 

Sonova Holding AG (Registered)  

 

186 

 

9,032 

STERIS Corp.  

 

24,500 

 

651,700 

Synthes, Inc.  

 

36 

 

4,349 

Terumo Corp.  

 

1,400 

 

47,354 

William Demant Holding AS*  

 

125 

 

4,139 

Zimmer Holdings, Inc.*  

 

25,070 

 

912,548 

 

**16,907,389**

**Health Care Providers & Services 1.5%**

 
Aetna, Inc.  

 

61,200 

 

1,897,200 

Alliance Imaging, Inc.*  

 

32,500 

 

287,950 

Celesio AG  

 

1,152 

 

24,651 

Centene Corp.*  

 

31,900 

 

565,587 

CorVel Corp.*  

 

12,700 

 

224,028 

Emergency Medical Services Corp. "A"*  

 

15,800 

 

529,616 

Express Scripts, Inc.*  

 

8,800 

 

473,088 

Fresenius Medical Care AG & Co. KGaA  

 

20,017 

 

898,247 

Gentiva Health Services, Inc.*  

 

11,400 

 

288,192 

Healthspring, Inc.*  

 

5,600 

 

97,552 

Humana, Inc.*  

 

6,800 

 

257,924 

Laboratory Corp. of America Holdings*  

 

19,300 

 

1,142,560 

LHC Group, Inc.*  

 

20,100 

 

534,861 

LifePoint Hospitals, Inc.*  

 

23,900 

 

538,706 

Magellan Health Services, Inc.*  

 

17,600 

 

637,472 

McKesson Corp.  

 

12,200 

 

539,240 

Medco Health Solutions, Inc.*  

 

31,657 

 

1,422,349 

Mediceo Paltac Holdings Co., Ltd.  

 

1,400 

 

15,709 

Owens & Minor, Inc.  

 

15,500 

 

616,435 

PSS World Medical, Inc.*  

 

22,700 

 

360,476 

RehabCare Group, Inc.*  

 

18,500 

 

258,075 

Sonic Healthcare Ltd.  

 

6,569 

 

57,666 

Suzuken Co., Ltd.  

 

600 

 

15,270 

UnitedHealth Group, Inc.  

 

16,860 

 

477,644 

Universal Health Services, Inc. "B"  

 

15,100 

 

571,535 

WellPoint, Inc.*  

 

48,447 

 

2,008,128 

 

**14,740,161**

**Life Sciences Tools & Services 0.6%**

 
Albany Molecular Research, Inc.*  

 

3,100 

 

26,567 

Charles River Laboratories International, Inc.*  

 

11,500 

 

280,715 

eResearchTechnology, Inc.*  

 

61,900 

 

358,401 

Gerresheimer AG  

 

24,900 

 

509,146 

Lonza Group AG (Registered)  

 

6,818 

 

622,002 

Luminex Corp.*  

 

28,900 

 

588,693 

Thermo Fisher Scientific, Inc.*  

 

89,337 

 

3,209,878 

 

**5,595,402**

**Pharmaceuticals 4.1%**

 
Abbott Laboratories  

 

117,900 

 

6,536,376 

Astellas Pharma, Inc.  

 

26,200 

 

987,984 

 

 

 

AstraZeneca PLC  

 

5,501 

 

213,186 

Bayer AG  

 

30,160 

 

1,609,798 

Bristol-Myers Squibb Co.  

 

24,533 

 

525,252 

Caraco Pharmaceutical Laboratories Ltd.*  

 

32,100 

 

147,660 

Chugai Pharmaceutical Co., Ltd.  

 

2,000 

 

38,198 

Daiichi Sankyo Co., Ltd.  

 

5,100 

 

114,632 

Eisai Co., Ltd.  

 

2,200 

 

80,363 

Elan Corp. PLC*  

 

91,004 

 

654,255 

Eli Lilly & Co.  

 

110,250 

 

4,059,405 

GlaxoSmithKline PLC  

 

19,352 

 

342,363 

Hisamitsu Pharmaceutical Co., Inc.  

 

600 

 

22,071 

Johnson & Johnson  

 

128,666 

 

7,422,742 

Kyowa Hakko Kirin Co., Ltd.  

 

2,000 

 

17,918 

Medicis Pharmaceutical Corp. "A"  

 

19,000 

 

264,670 

Merck & Co., Inc.  

 

86,543 

 

2,470,803 

Merck KGaA  

 

538 

 

45,700 

Mitsubishi Tanabe Pharma Corp.  

 

2,000 

 

29,264 

Novartis AG (Registered)  

 

21,832 

 

903,350 

Novo Nordisk AS "B"  

 

31,652 

 

1,688,956 

Ono Pharmaceutical Co., Ltd.  

 

900 

 

47,179 

Pfizer, Inc.  

 

323,746 

 

4,720,217 

POZEN, Inc.*  

 

53,600 

 

384,848 

Roche Holding AG (Genusschein)  

 

11,682 

 

1,642,561 

Sanofi-Aventis  

 

7,944 

 

447,411 

Shionogi & Co., Ltd.  

 

2,000 

 

42,605 

Shire PLC  

 

2,151 

 

31,456 

Takeda Pharmaceutical Co., Ltd.  

 

6,000 

 

280,327 

Teva Pharmaceutical Industries Ltd. (ADR)  

 

51,109 

 

2,118,468 

UCB SA  

 

11,499 

 

358,186 

ViroPharma, Inc.*  

 

40,100 

 

481,200 

Wyeth  

 

44,332 

 

1,904,946 

 

**40,634,350**

**Industrials 6.4%**

 
**Aerospace & Defense 2.0%**

 
BAE Systems PLC  

 

98,183 

 

573,251 

Bombardier, Inc. "B"  

 

11,600 

 

35,947 

CAE, Inc.  

 

2,600 

 

15,224 

Cobham PLC  

 

3,674 

 

11,407 

Cubic Corp.  

 

14,600 

 

396,536 

DynCorp International, Inc. "A"*  

 

34,800 

 

523,392 

European Aeronautic Defence & Space Co.  

 

703 

 

12,296 

Finmeccanica SpA  

 

654 

 

10,247 

General Dynamics Corp.  

 

32,900 

 

1,866,417 

Goodrich Corp.  

 

38,100 

 

1,472,946 

Honeywell International, Inc.  

 

117,614 

 

3,858,915 

L-3 Communications Holdings, Inc.  

 

12,900 

 

1,019,358 

Lockheed Martin Corp.  

 

24,400 

 

2,001,776 

Northrop Grumman Corp.  

 

58,200 

 

2,800,584 

Precision Castparts Corp.  

 

4,800 

 

311,760 

Raytheon Co.  

 

19,900 

 

1,007,338 

Rolls-Royce Group PLC*  

 

6,433 

 

31,009 

Singapore Technologies Engineering Ltd.  

 

31,000 

 

46,148 

Thales SA  

 

226 

 

10,054 

Triumph Group, Inc.  

 

13,600 

 

615,808 

 

 

 

United Technologies Corp.  

 

72,751 

 

3,491,321 

 

**20,111,734**

**Air Freight & Logistics 0.1%**

 
Deutsche Post AG (Registered)  

 

2,728 

 

34,226 

FedEx Corp.  

 

13,000 

 

662,220 

TNT NV  

 

3,328 

 

58,009 

Toll Holdings Ltd.  

 

12,640 

 

43,414 

Yamato Holdings Co., Ltd.  

 

2,000 

 

20,300 

 

**818,169**

**Airlines 0.1%**

 
Air France-KLM  

 

357 

 

3,431 

Alaska Air Group, Inc.*  

 

19,600 

 

516,656 

Deutsche Lufthansa AG (Registered)  

 

905 

 

10,971 

Qantas Airways Ltd.  

 

16,139 

 

24,779 

Singapore Airlines Ltd.  

 

9,000 

 

65,691 

 

**621,528**

**Building Products 0.1%**

 
AAON, Inc.  

 

28,500 

 

516,420 

Apogee Enterprises, Inc.  

 

35,100 

 

359,775 

Asahi Glass Co., Ltd.  

 

2,000 

 

10,446 

Assa Abloy AB "B"  

 

1,200 

 

12,034 

Compagnie de Saint-Gobain  

 

572 

 

19,398 

Daikin Industries Ltd.  

 

400 

 

9,134 

Geberit AG (Registered)  

 

186 

 

17,991 

 

**945,198**

**Commercial Services & Supplies 0.4%**

 
Babcock International Group PLC  

 

34,566 

 

253,197 

Brambles Ltd.  

 

18,859 

 

80,602 

Comfort Systems USA, Inc.  

 

50,600 

 

517,638 

Courier Corp.  

 

2,600 

 

40,846 

Dai Nippon Printing Co., Ltd.  

 

1,000 

 

9,746 

G4S PLC  

 

8,103 

 

22,554 

Knoll, Inc.  

 

49,900 

 

340,318 

Loomis AB "B"*  

 

240 

 

1,779 

PRG-Schultz International, Inc.*  

 

12,500 

 

39,125 

R.R. Donnelley & Sons Co.  

 

27,200 

 

265,472 

Ritchie Bros. Auctioneers, Inc.  

 

900 

 

16,734 

Secom Co., Ltd.  

 

300 

 

12,575 

Securitas AB "B"  

 

2,851 

 

22,938 

Serco Group PLC  

 

1,430 

 

9,111 

Standard Register Co.  

 

19,800 

 

143,946 

Sykes Enterprises, Inc.*  

 

31,900 

 

533,049 

Tetra Tech, Inc.*  

 

5,000 

 

116,150 

The Brink's Co.  

 

51,300 

 

1,355,859 

Toppan Printing Co., Ltd.  

 

1,000 

 

6,715 

 

**3,788,354**

**Construction & Engineering 0.3%**

 
ACS, Actividades de Construccion y Servicios SA  

 

4,030 

 

162,229 

Balfour Beatty PLC  

 

1,558 

 

8,399 

Bouygues SA  

 

742 

 

25,353 

EMCOR Group, Inc.*  

 

29,800 

 

613,582 

FLSmidth & Co. AS  

 

1,130 

 

30,897 

Fluor Corp.  

 

9,400 

 

365,660 

Fomento de Construcciones y Contratas SA  

 

881 

 

23,020 

 

 

 

Granite Construction, Inc.  

 

16,700 

 

588,174 

Grupo Ferrovial SA  

 

964 

 

25,633 

JGC Corp.  

 

1,000 

 

14,139 

Koninklijke Boskalis Westminster NV  

 

888 

 

17,974 

Leighton Holdings Ltd.  

 

1,959 

 

20,408 

MasTec, Inc.*  

 

12,000 

 

127,560 

Michael Baker Corp.*  

 

13,900 

 

485,944 

Perini Corp.*  

 

11,200 

 

233,520 

Pike Electric Corp.*  

 

33,600 

 

378,000 

Skanska AB "B"  

 

1,600 

 

13,689 

SNC-Lavalin Group, Inc.  

 

1,400 

 

39,503 

Vinci SA  

 

989 

 

33,879 

YIT Oyj  

 

2,643 

 

16,515 

 

**3,224,078**

**Electrical Equipment 0.6%**

 
ABB Ltd. (Registered)*  

 

72,308 

 

939,948 

Alstom SA  

 

9,688 

 

470,089 

Emerson Electric Co.  

 

129,256 

 

4,226,671 

Gamesa Corp. Tecnologica SA  

 

4,215 

 

70,872 

GrafTech International Ltd.*  

 

70,000 

 

560,700 

Mitsubishi Electric Corp.  

 

3,000 

 

13,670 

Regal-Beloit Corp.  

 

2,400 

 

81,504 

Schneider Electric SA  

 

148 

 

9,413 

Solarworld AG  

 

188 

 

4,006 

Sumitomo Electric Industries Ltd.  

 

1,500 

 

11,292 

The Furukawa Electric Co., Ltd.  

 

1,000 

 

3,443 

Vestas Wind Systems AS*  

 

2,803 

 

135,530 

 

**6,527,138**

**Industrial Conglomerates 0.3%**

 
3M Co.  

 

12,600 

 

677,754 

Carlisle Companies, Inc.  

 

9,100 

 

169,897 

CSR Ltd.  

 

25,620 

 

22,765 

Fraser & Neave Ltd.  

 

29,000 

 

54,546 

General Electric Co.  

 

157,100 

 

1,905,623 

Hutchison Whampoa Ltd.  

 

44,000 

 

224,428 

Keppel Corp., Ltd.  

 

31,000 

 

81,457 

Koninklijke (Royal) Philips Electronics NV  

 

8,117 

 

147,213 

Orkla ASA  

 

3,000 

 

19,860 

SembCorp Industries Ltd.  

 

25,000 

 

37,150 

Siemens AG (Registered)  

 

2,453 

 

137,520 

Smiths Group PLC  

 

1,308 

 

16,261 

Wendel  

 

438 

 

17,051 

 

**3,511,525**

**Machinery 1.2%**

 
AGCO Corp.*  

 

38,000 

 

808,640 

Alfa Laval AB  

 

2,522 

 

17,676 

Ampco-Pittsburgh Corp.  

 

900 

 

16,641 

Atlas Copco AB "A"  

 

3,320 

 

22,353 

Atlas Copco AB "B"  

 

1,894 

 

11,284 

Blount International, Inc.*  

 

28,900 

 

242,182 

Caterpillar, Inc.  

 

5,860 

 

180,781 

Chart Industries, Inc.*  

 

57,900 

 

489,834 

CIRCOR International, Inc.  

 

18,400 

 

409,400 

Columbus McKinnon Corp.*  

 

9,000 

 

114,480 

 

 

 

Dover Corp.  

 

47,681 

 

1,348,419 

FANUC Ltd.  

 

300 

 

17,797 

Federal Signal Corp.  

 

38,100 

 

257,175 

Flowserve Corp.  

 

11,100 

 

591,741 

Force Protection, Inc.*  

 

86,700 

 

521,067 

Gardner Denver, Inc.*  

 

28,400 

 

618,268 

Gorman-Rupp Co.  

 

1,600 

 

40,960 

Hitachi Construction Machinery Co., Ltd.  

 

600 

 

5,865 

Ingersoll-Rand Co., Ltd. "A"  

 

55,000 

 

891,550 

Invensys PLC*  

 

2,690 

 

6,021 

KCI Konecranes Oyj  

 

336 

 

5,161 

Komatsu Ltd.  

 

1,200 

 

12,321 

Kone Oyj "B"  

 

5,688 

 

119,476 

Kubota Corp.  

 

2,000 

 

10,796 

MAN AG  

 

270 

 

11,824 

Manitowoc Co., Inc.  

 

105,600 

 

580,800 

Metso Corp.  

 

4,584 

 

44,592 

Mitsubishi Heavy Industries Ltd.  

 

5,000 

 

18,769 

Mueller Water Products, Inc. "A"  

 

5,200 

 

35,204 

Oshkosh Corp.  

 

90,200 

 

651,244 

Parker Hannifin Corp.  

 

52,652 

 

2,011,833 

Sandvik AB  

 

7,455 

 

38,255 

Sauer-Danfoss, Inc.  

 

14,700 

 

110,838 

Scania AB "B"  

 

2,119 

 

17,052 

Schindler Holding AG  

 

266 

 

12,081 

SembCorp Marine Ltd.  

 

16,000 

 

16,418 

SKF AB "B"  

 

1,800 

 

15,074 

Sulzer AG (Registered)  

 

140 

 

6,990 

Sun Hydraulics Corp.  

 

3,300 

 

50,820 

Timken Co.  

 

44,700 

 

665,583 

Vallourec SA  

 

5,267 

 

518,147 

Volvo AB "B"  

 

4,715 

 

18,836 

Wartsila Oyj  

 

2,886 

 

77,384 

Zardoya Otis SA  

 

3,267 

 

58,506 

 

**11,720,138**

**Marine 0.1%**

 
A P Moller-Maersk AS "A"  

 

8 

 

38,856 

A P Moller-Maersk AS "B"  

 

17 

 

81,546 

American Commercial Lines, Inc.*  

 

55,000 

 

222,200 

Kawasaki Kisen Kaisha Ltd.  

 

1,000 

 

3,629 

Kuehne & Nagel International AG (Registered)  

 

248 

 

13,691 

Mitsui O.S.K. Lines Ltd.  

 

2,000 

 

11,433 

Nippon Yusen Kabushiki Kaisha  

 

2,000 

 

9,347 

Pacific Basin Shipping Ltd.  

 

35,000 

 

18,042 

TBS International Ltd. "A"*  

 

46,700 

 

459,528 

 

**858,272**

**Professional Services 0.1%**

 
Adecco SA (Registered)  

 

573 

 

19,252 

Capita Group PLC  

 

1,502 

 

15,208 

COMSYS IT Partners, Inc.*  

 

11,200 

 

22,400 

Experian PLC  

 

2,421 

 

15,189 

Exponent, Inc.*  

 

8,200 

 

201,064 

Manpower, Inc.  

 

32,800 

 

933,488 

Randstad Holdings NV  

 

992 

 

19,727 

 

 

 

SGS SA (Registered)  

 

21 

 

22,248 

 

**1,248,576**

**Road & Rail 0.8%**

 
Burlington Northern Santa Fe Corp.  

 

17,200 

 

1,139,500 

Canadian National Railway Co.  

 

35,600 

 

1,247,488 

Canadian Pacific Railway Ltd.  

 

1,300 

 

39,458 

Central Japan Railway Co.  

 

2 

 

14,227 

ComfortDelGro Corp., Ltd.  

 

25,000 

 

23,825 

CSX Corp.  

 

21,900 

 

634,224 

DSV AS  

 

3,650 

 

35,958 

East Japan Railway Co.  

 

12,908 

 

874,589 

FirstGroup PLC  

 

3,797 

 

14,946 

Marten Transport Ltd.*  

 

18,700 

 

330,242 

MTR Corp., Ltd.  

 

30,000 

 

71,722 

Norfolk Southern Corp.  

 

61,500 

 

2,359,140 

Ryder System, Inc.  

 

36,300 

 

1,226,214 

Tokyu Corp.  

 

3,000 

 

12,971 

Union Pacific Corp.  

 

3,500 

 

153,265 

West Japan Railway Co.  

 

4 

 

16,260 

 

**8,194,029**

**Trading Companies & Distributors 0.2%**

 
Beacon Roofing Supply, Inc.*  

 

40,400 

 

514,292 

Bunzl PLC  

 

4,693 

 

38,611 

Finning International, Inc.  

 

1,800 

 

18,481 

Itochu Corp.  

 

2,000 

 

9,697 

Marubeni Corp.  

 

3,000 

 

10,627 

Mitsubishi Corp.  

 

50,100 

 

662,944 

Mitsui & Co., Ltd.  

 

3,000 

 

31,161 

Noble Group Ltd.  

 

32,000 

 

21,648 

Sumitomo Corp.  

 

1,600 

 

14,458 

TAL International Group, Inc.  

 

9,700 

 

101,656 

WESCO International, Inc.*  

 

13,100 

 

241,302 

Wolseley PLC  

 

1,672 

 

4,171 

 

**1,669,048**

**Transportation Infrastructure 0.1%**

 
Abertis Infraestructuras SA  

 

5,439 

 

88,252 

Atlantia SpA  

 

591 

 

8,648 

Brisa  

 

46,238 

 

305,772 

Cintra Concesiones de Infraestructuras de Transporte SA  

 

4,048 

 

20,111 

Macquarie Infrastructure Group (Unit)  

 

47,418 

 

47,688 

Transurban Group (Unit)  

 

17,281 

 

55,801 

 

**526,272**

**Information Technology 8.0%**

 
**Communications Equipment 1.0%**

 
Alcatel-Lucent*  

 

28,723 

 

57,105 

Brocade Communications Systems, Inc.*  

 

289,225 

 

1,101,947 

Cisco Systems, Inc.*  

 

168,530 

 

2,522,894 

DG Fastchannel, Inc.*  

 

13,400 

 

194,166 

EchoStar Corp. "A"*  

 

7,200 

 

108,432 

InterDigital, Inc.*  

 

19,500 

 

630,435 

JDS Uniphase Corp.*  

 

138,700 

 

503,481 

Nokia Oyj  

 

53,673 

 

658,711 

Nokia Oyj (ADR)  

 

109,606 

 

1,344,866 

QUALCOMM, Inc.  

 

50,470 

 

1,743,738 

 

 

 

Research In Motion Ltd.*  

 

6,300 

 

348,228 

Riverbed Technology, Inc.*  

 

34,100 

 

346,115 

Tekelec*  

 

45,400 

 

563,868 

Telefonaktiebolaget LM Ericsson "B"  

 

37,189 

 

297,001 

 

**10,420,987**

**Computers & Peripherals 1.9%**

 
Apple, Inc.*  

 

44,380 

 

3,999,969 

EMC Corp.*  

 

121,881 

 

1,345,566 

Fujitsu Ltd.  

 

4,000 

 

17,967 

Hewlett-Packard Co.  

 

168,000 

 

5,838,000 

International Business Machines Corp.  

 

51,940 

 

4,760,301 

Logitech International SA (Registered)*  

 

40,952 

 

397,036 

NCR Corp.*  

 

22,500 

 

282,375 

NEC Corp.  

 

1,000 

 

2,663 

Seagate Technology  

 

301,900 

 

1,144,201 

Synaptics, Inc.*  

 

24,400 

 

575,108 

Toshiba Corp.  

 

7,000 

 

24,309 

Western Digital Corp.*  

 

30,400 

 

446,272 

Wincor Nixdorf AG  

 

264 

 

12,543 

 

**18,846,310**

**Electronic Equipment, Instruments & Components 0.8%**

 
Arrow Electronics, Inc.*  

 

80,500 

 

1,535,135 

Avnet, Inc.*  

 

73,000 

 

1,446,860 

Cogent, Inc.*  

 

44,100 

 

513,324 

Daktronics, Inc.  

 

28,000 

 

241,640 

Electro Rent Corp.  

 

7,100 

 

75,260 

Electrocomponents PLC  

 

7,201 

 

13,721 

Fujifilm Holdings Corp.  

 

1,000 

 

21,826 

Hirose Electric Co., Ltd.  

 

100 

 

9,402 

Hitachi Ltd.  

 

7,000 

 

22,370 

Hoya Corp.  

 

800 

 

14,213 

Jabil Circuit, Inc.  

 

238,300 

 

1,386,906 

Keyence Corp.  

 

100 

 

18,148 

Kyocera Corp.  

 

300 

 

19,164 

Mettler-Toledo International, Inc.*  

 

18,000 

 

1,198,440 

Multi-Fineline Electronix, Inc.*  

 

26,700 

 

494,751 

Murata Manufacturing Co., Ltd.  

 

400 

 

15,007 

Nidec Corp.  

 

200 

 

9,456 

Nippon Electric Glass Co., Ltd.  

 

1,000 

 

6,529 

RadiSys Corp.*  

 

13,200 

 

62,436 

TDK Corp.  

 

300 

 

11,186 

Tech Data Corp.*  

 

28,100 

 

508,891 

 

**7,624,665**

**Internet Software & Services 0.5%**

 
EarthLink, Inc.*  

 

77,000 

 

579,810 

eBay, Inc.*  

 

36,600 

 

439,932 

Google, Inc. "A"*  

 

7,990 

 

2,704,855 

Liquidity Services, Inc.*  

 

7,900 

 

56,327 

S1 Corp.*  

 

46,400 

 

309,488 

SAVVIS, Inc.*  

 

58,300 

 

371,954 

United Internet AG (Registered)  

 

1,514 

 

11,048 

United Online, Inc.  

 

25,100 

 

153,612 

Yahoo! Japan Corp.  

 

28 

 

8,899 

 

 

 

Yahoo!, Inc.*  

 

33,000 

 

387,090 

 

**5,023,015**

**IT Services 1.4%**

 
Accenture Ltd. "A"  

 

84,240 

 

2,658,614 

Acxiom Corp.  

 

39,300 

 

373,743 

Atos Origin SA  

 

562 

 

13,381 

Automatic Data Processing, Inc.  

 

40,800 

 

1,482,264 

Broadridge Financial Solutions, Inc.  

 

7,000 

 

94,430 

Cap Gemini SA  

 

1,495 

 

51,750 

CGI Group, Inc. "A"*  

 

2,000 

 

16,196 

Computer Sciences Corp.*  

 

12,800 

 

471,552 

Computershare Ltd.  

 

1,801 

 

8,183 

CSG Systems International, Inc.*  

 

37,600 

 

545,200 

Fiserv, Inc.*  

 

25,200 

 

800,100 

Gartner, Inc.*  

 

36,600 

 

518,256 

iGATE Corp.*  

 

44,700 

 

182,823 

Indra Sistemas SA  

 

27,078 

 

545,140 

Logica PLC  

 

83,488 

 

79,380 

ManTech International Corp. "A"*  

 

11,000 

 

589,930 

NTT Data Corp.  

 

3 

 

9,583 

SAIC, Inc.*  

 

93,300 

 

1,841,742 

Sapient Corp.*  

 

27,900 

 

118,854 

Syntel, Inc.  

 

3,700 

 

79,735 

TNS, Inc.*  

 

5,000 

 

41,350 

Visa, Inc. "A"  

 

60,300 

 

2,975,805 

 

**13,498,011**

**Office Electronics 0.1%**

 
Brother Industries Ltd.  

 

1,000 

 

6,438 

Canon, Inc.  

 

28,800 

 

774,052 

Konica Minolta Holdings, Inc.  

 

1,000 

 

7,694 

Neopost SA  

 

285 

 

22,976 

Ricoh Co., Ltd.  

 

1,000 

 

12,133 

 

**823,293**

**Semiconductors & Semiconductor Equipment 1.0%**

 
ARM Holdings PLC  

 

8,017 

 

10,671 

ASML Holding NV  

 

15,523 

 

257,941 

Broadcom Corp. "A"*  

 

49,080 

 

777,918 

Infineon Technologies AG*  

 

12,363 

 

11,014 

Integrated Device Technology, Inc.*  

 

27,100 

 

155,554 

Intel Corp.  

 

319,115 

 

4,116,584 

IXYS Corp.  

 

8,900 

 

60,965 

ROHM Co., Ltd.  

 

200 

 

9,874 

Semtech Corp.*  

 

5,300 

 

62,275 

Skyworks Solutions, Inc.*  

 

94,400 

 

407,808 

STMicroelectronics NV  

 

7,488 

 

38,928 

Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  

 

224,548 

 

1,693,092 

Texas Instruments, Inc.  

 

113,253 

 

1,693,132 

Tokyo Electron Ltd.  

 

300 

 

10,964 

Ultratech, Inc.*  

 

17,400 

 

194,880 

Volterra Semiconductor Corp.*  

 

71,700 

 

501,900 

 

**10,003,500**

**Software 1.3%**

 
ACI Worldwide, Inc.*  

 

32,000 

 

543,680 

Adobe Systems, Inc.*  

 

53,450 

 

1,032,119 

Compuware Corp.*  

 

58,100 

 

377,650 

 

 

 

Dassault Systemes SA  

 

902 

 

34,139 

Electronic Arts, Inc.*  

 

27,050 

 

417,652 

i2 Technologies, Inc.*  

 

6,500 

 

40,560 

Intuit, Inc.*  

 

7,900 

 

178,935 

Konami Corp.  

 

400 

 

7,970 

Microsoft Corp.  

 

425,722 

 

7,279,846 

Misys PLC  

 

5,338 

 

8,993 

Nintendo Co., Ltd.  

 

2,400 

 

738,317 

Oracle Corp.*  

 

62,936 

 

1,059,213 

Pegasystems, Inc.  

 

19,000 

 

257,830 

Renaissance Learning, Inc.  

 

5,800 

 

41,934 

SAP AG  

 

7,329 

 

260,265 

The Sage Group PLC  

 

75,845 

 

199,302 

Trend Micro, Inc.

 

500 

 

13,613 

Tyler Technologies, Inc.*  

 

42,200 

 

531,298 

VMware, Inc. "A"*  

 

15,200 

 

314,640 

 

**13,337,956**

**Materials 3.1%**

 
**Chemicals 1.8%**

 
Agrium, Inc.  

 

300 

 

10,050 

Air Liquide SA  

 

963 

 

70,184 

Air Products & Chemicals, Inc.  

 

37,406 

 

1,881,522 

Akzo Nobel NV  

 

4,274 

 

153,029 

Asahi Kasei Corp.  

 

4,000 

 

16,357 

Ashland, Inc.  

 

159,500 

 

1,279,190 

BASF SE  

 

27,415 

 

793,624 

Calgon Carbon Corp.*  

 

6,300 

 

79,191 

CF Industries Holdings, Inc.  

 

9,500 

 

446,500 

Dow Chemical Co.  

 

47,900 

 

555,161 

E.I. du Pont de Nemours & Co.  

 

21,810 

 

500,758 

Ecolab, Inc.  

 

53,170 

 

1,805,653 

GenTek, Inc.*  

 

5,800 

 

79,170 

Givaudan SA (Registered)  

 

43 

 

29,150 

Incitec Pivot Ltd.  

 

9,966 

 

16,329 

Innophos Holdings, Inc.  

 

31,900 

 

482,647 

JSR Corp.  

 

600 

 

7,267 

K+S AG  

 

328 

 

15,504 

Koninklijke DSM NV  

 

2,981 

 

71,598 

Kuraray Co., Ltd.  

 

1,000 

 

7,830 

Linde AG  

 

8,941 

 

596,137 

LSB Industries, Inc.*  

 

10,200 

 

75,276 

Mitsubishi Chemical Holdings Corp.  

 

3,500 

 

14,281 

Mitsubishi Gas Chemical Co., Inc.  

 

2,000 

 

7,905 

Mitsui Chemicals, Inc.  

 

2,000 

 

5,736 

Monsanto Co.  

 

34,500 

 

2,624,070 

Nitto Denko Corp.  

 

500 

 

9,216 

Novozymes AS "B"  

 

5,025 

 

399,896 

Orica Ltd.  

 

1,732 

 

14,637 

Potash Corp. of Saskatchewan, Inc.  

 

10,003 

 

752,498 

Praxair, Inc.  

 

57,524 

 

3,581,445 

Shin-Etsu Chemical Co., Ltd.  

 

1,500 

 

69,659 

Showa Denko KK  

 

5,000 

 

6,622 

Solvay SA  

 

4,318 

 

305,207 

Sumitomo Chemical Co., Ltd.  

 

6,000 

 

18,846 

 

 

 

Syngenta AG (Registered)  

 

735 

 

142,240 

Teijin Ltd.  

 

4,000 

 

9,603 

Terra Industries, Inc.  

 

9,500 

 

194,560 

Toray Industries, Inc.  

 

4,000 

 

17,247 

Ube Industries Ltd.  

 

4,000 

 

8,574 

Umicore  

 

9,310 

 

173,645 

Yara International ASA  

 

16,880 

 

378,939 

 

**17,706,953**

**Construction Materials 0.1%**

 
CRH PLC  

 

58,767 

 

1,366,985 

Fletcher Building Ltd.  

 

2,475 

 

7,020 

Holcim Ltd. (Registered)  

 

1,277 

 

51,553 

Imerys SA  

 

225 

 

8,979 

Lafarge SA  

 

519 

 

23,971 

 

**1,458,508**

**Containers & Packaging 0.3%**

 
Rock-Tenn Co. "A"  

 

19,000 

 

592,230 

Sealed Air Corp.  

 

15,100 

 

204,605 

Silgan Holdings, Inc.  

 

13,100 

 

600,504 

Sonoco Products Co.  

 

64,485 

 

1,478,641 

Toyo Seikan Kaisha Ltd.  

 

800 

 

11,833 

 

**2,887,813**

**Metals & Mining 0.8%**

 
Acerinox SA  

 

17,269 

 

225,894 

Agnico-Eagle Mines Ltd.  

 

300 

 

16,024 

Anglo American PLC  

 

2,651 

 

48,030 

ArcelorMittal  

 

24,814 

 

557,314 

Barrick Gold Corp.  

 

59,300 

 

2,231,276 

BHP Billiton Ltd.  

 

45,768 

 

861,886 

BHP Billiton PLC  

 

5,479 

 

93,364 

BlueScope Steel Ltd.  

 

1,489 

 

3,286 

Century Aluminum Co.*  

 

31,800 

 

112,890 

Cliffs Natural Resources, Inc.  

 

13,600 

 

315,112 

Compass Minerals International, Inc.  

 

11,700 

 

703,989 

Eramet  

 

16 

 

2,544 

Fortescue Metals Group Ltd.*  

 

2,210 

 

2,396 

Freeport-McMoRan Copper & Gold, Inc.  

 

32,596 

 

819,464 

Goldcorp, Inc.  

 

1,300 

 

38,504 

JFE Holdings, Inc.  

 

2,200 

 

54,539 

Kinross Gold Corp.  

 

1,800 

 

31,897 

Kobe Steel Ltd.  

 

9,000 

 

13,346 

Mitsubishi Materials Corp.  

 

4,000 

 

9,954 

Newcrest Mining Ltd.  

 

837 

 

16,255 

Nippon Steel Corp.  

 

22,000 

 

64,306 

Nisshin Steel Co., Ltd.  

 

4,000 

 

6,655 

Norsk Hydro ASA  

 

60,000 

 

213,560 

OneSteel Ltd.  

 

3,472 

 

5,233 

Outokumpu Oyj  

 

4,621 

 

52,683 

OZ Minerals Ltd.  

 

35,727 

 

12,486 

Rautaruukki Oyj  

 

3,695 

 

58,740 

Rio Tinto Ltd.  

 

340 

 

8,845 

Rio Tinto PLC  

 

2,640 

 

57,383 

Salzgitter AG  

 

99 

 

7,188 

Sims Metal Management Ltd.  

 

501 

 

5,355 

 

 

 

SSAB Svenskt Stal AB "A"  

 

6,762 

 

47,524 

Stillwater Mining Co.*  

 

22,900 

 

95,035 

Sumitomo Metal Industries Ltd.  

 

17,000 

 

33,861 

Sumitomo Metal Mining Co., Ltd.  

 

2,000 

 

18,637 

Teck Cominco Ltd. "B"  

 

3,873 

 

14,971 

ThyssenKrupp AG  

 

1,162 

 

23,605 

United States Steel Corp.  

 

6,900 

 

207,207 

Vedanta Resources PLC  

 

477 

 

3,810 

voestalpine AG  

 

1,061 

 

20,604 

Xstrata PLC  

 

69,115 

 

567,802 

Yamana Gold, Inc.  

 

700 

 

5,674 

 

**7,689,128**

**Paper & Forest Products 0.1%**

 
Clearwater Paper Corp.*  

 

6,242 

 

70,597 

Oji Paper Co., Ltd.  

 

3,000 

 

14,195 

Stora Enso Oyj "R"  

 

25,225 

 

153,998 

Svenska Cellulosa AB "B"  

 

24,788 

 

193,356 

UPM-Kymmene Oyj  

 

21,753 

 

205,700 

 

**637,846**

**Telecommunication Services 2.7%**

 
**Diversified Telecommunication Services 2.1%**

 
AT&T, Inc.  

 

244,199 

 

6,012,179 

Atlantic Tele-Network, Inc.  

 

14,900 

 

320,350 

BCE, Inc.  

 

62,574 

 

1,281,332 

Belgacom SA  

 

1,686 

 

58,963 

BT Group PLC  

 

32,185 

 

49,078 

Cable & Wireless PLC  

 

10,538 

 

23,914 

Deutsche Telekom AG (Registered)  

 

101,852 

 

1,231,065

Elisa Oyj  

 

1,543 

 

24,436

France Telecom SA  

 

17,284 

 

390,214

Global Crossing Ltd.*  

 

13,500 

 

82,890

Koninklijke (Royal) KPN NV  

 

22,342 

 

298,409

Nippon Telegraph & Telephone Corp.  

 

22,374 

 

1,078,756

NTELOS Holdings Corp.  

 

20,300 

 

439,292

PCCW Ltd.  

 

13,000 

 

6,689

Portugal Telecom, SGPS, SA (Registered)  

 

37,594 

 

302,650

Premiere Global Services, Inc.*  

 

1,700 

 

16,473

Singapore Telecommunications Ltd.  

 

417,000 

 

724,790

Swisscom AG (Registered)  

 

1,176 

 

370,180

Tele2 AB "B"  

 

5,300 

 

42,811

Telecom Corp. of New Zealand Ltd.  

 

559,989 

 

750,534

Telecom Italia SpA  

 

144,546 

 

177,632

Telecom Italia SpA (RSP)  

 

79,757 

 

77,101

Telefonica SA  

 

76,457 

 

1,360,074

Telekom Austria AG  

 

22,345 

 

314,145

Telenor ASA  

 

90,400 

 

590,253

TeliaSonera AB  

 

40,128 

 

176,213

Telstra Corp., Ltd.  

 

118,657 

 

283,889

Telus Corp.  

 

900 

 

25,512

Telus Corp. (Non-Voting Shares)  

 

1,500 

 

40,049

Verizon Communications, Inc.  

 

149,152 

 

4,455,171

 

 

**21,005,044**

 

 

 

**Wireless Telecommunication Services 0.6%**

 
America Movil SAB de CV "L" (ADR)  

 

11,100 

 

316,461 

China Mobile Ltd.  

 

116,000 

 

1,046,433 

KDDI Corp.  

 

32 

 

199,957 

Millicom International Cellular SA (SDR)  

 

1,175 

 

45,068 

Mobistar SA  

 

167 

 

12,286 

NTT DoCoMo, Inc.  

 

171 

 

297,785 

Rogers Communications, Inc. "B"  

 

4,600 

 

129,719 

Softbank Corp.  

 

8,200 

 

126,151 

Telephone & Data Systems, Inc.  

 

30,800 

 

939,708 

United States Cellular Corp.*  

 

6,500 

 

272,675 

USA Mobility, Inc.*  

 

48,500 

 

512,645 

Vodafone Group PLC  

 

887,468 

 

1,653,948 

 

**5,552,836**

**Utilities 3.2%**

 
**Electric Utilities 2.1%**

 
Acciona SA  

 

248 

 

28,014 

Allegheny Energy, Inc.  

 

66,610 

 

2,214,116 

American Electric Power Co., Inc.  

 

50,300 

 

1,576,905 

British Energy Group PLC  

 

8,328 

 

93,115 

Cheung Kong Infrastructure Holdings Ltd.  

 

4,000 

 

14,987 

Chubu Electric Power Co., Inc.  

 

4,700 

 

133,545 

Chugoku Electric Power Co., Inc.  

 

2,400 

 

62,335 

CLP Holdings Ltd.  

 

51,500 

 

349,112 

Duke Energy Corp.  

 

113,748 

 

1,723,282 

E.ON AG  

 

32,963 

 

1,060,527 

Edison International  

 

54,300 

 

1,768,551 

EDP - Energias de Portugal SA  

 

82,536 

 

292,992 

Electricite de France  

 

1,261 

 

61,732 

Enel SpA  

 

64,882 

 

363,684 

Entergy Corp.  

 

21,469 

 

1,639,373 

Exelon Corp.  

 

28,760 

 

1,559,367 

FirstEnergy Corp.  

 

45,784 

 

2,288,742 

Fortis, Inc.  

 

5,700 

 

113,233 

Fortum Oyj  

 

49,142 

 

959,399 

FPL Group, Inc.  

 

28,168 

 

1,452,060 

Hokkaido Electric Power Co., Inc.  

 

1,900 

 

45,848 

Hokuriku Electric Power Co.  

 

1,600 

 

45,600 

HongKong Electric Holdings Ltd.  

 

37,000 

 

217,173 

Iberdrola SA  

 

28,307 

 

219,677 

Kansai Electric Power Co., Inc.  

 

5,500 

 

150,716 

Kyushu Electric Power Co., Inc.  

 

3,200 

 

83,378 

NV Energy, Inc.  

 

68,300 

 

732,859 

Oesterreichische Elektrizitaetswirtschafts AG "A"  

 

415 

 

15,893 

Progress Energy, Inc.  

 

8,500 

 

329,120 

Red Electrica Corporacion SA  

 

695 

 

28,600 

Scottish & Southern Energy PLC  

 

5,845 

 

100,996 

Shikoku Electric Power Co., Inc.  

 

1,500 

 

49,508 

Southern Co.  

 

21,572 

 

721,583 

Terna-Rete Elettrica Nazionale SpA  

 

25,639 

 

77,894 

Tohoku Electric Power Co., Inc.  

 

3,500 

 

89,956 

Tokyo Electric Power Co., Inc.  

 

7,800 

 

243,742 

Union Fenosa SA  

 

2,672 

 

60,244 

 

**20,967,858**

 

 

 

**Gas Utilities 0.3%**

 
Chesapeake Utilities Corp.  

 

3,000 

 

86,910 

Enagas  

 

870 

 

15,117 

Gas Natural SDG SA  

 

1,085 

 

26,119 

Hong Kong & China Gas Co., Ltd.  

 

102,600 

 

167,348 

New Jersey Resources Corp.  

 

16,500 

 

661,485 

ONEOK, Inc.  

 

18,400 

 

537,648 

Osaka Gas Co., Ltd.  

 

15,000 

 

63,784 

Snam Rete Gas SpA  

 

14,716 

 

76,772 

South Jersey Industries, Inc.  

 

13,800 

 

514,740 

Tokyo Gas Co., Ltd.  

 

19,000 

 

89,503 

WGL Holdings, Inc.  

 

10,900 

 

349,890 

 

**2,589,316**

**Independent Power Producers & Energy Traders 0.1%**

 
Drax Group PLC  

 

2,119 

 

17,057 

Electric Power Development Co., Ltd.  

 

1,000 

 

38,432 

Iberdrola Renovables*  

 

4,169 

 

16,926 

International Power PLC  

 

13,366 

 

52,537 

Mirant Corp.*  

 

51,300 

 

880,821 

TransAlta Corp.  

 

7,500 

 

136,758 

 

**1,142,531**

**Multi-Utilities 0.7%**

 
A2A SpA  

 

14,784 

 

25,657 

AGL Energy Ltd.  

 

70,461 

 

651,166 

Avista Corp.  

 

17,100 

 

325,584 

Canadian Utilities Ltd. "A"  

 

1,800 

 

58,363 

Centrica PLC  

 

29,415 

 

109,793 

Dominion Resources, Inc.  

 

13,700 

 

481,966 

GDF Suez  

 

6,680 

 

256,371 

National Grid PLC  

 

18,797 

 

176,198 

NiSource, Inc.  

 

54,200 

 

524,656 

NorthWestern Corp.  

 

12,400 

 

300,204 

PG&E Corp.  

 

69,954 

 

2,705,121 

RWE AG  

 

2,160 

 

167,849 

Sempra Energy  

 

12,500 

 

548,000 

Suez Environnement SA*  

 

863 

 

13,791 

TECO Energy, Inc.  

 

25,300 

 

303,853 

United Utilities Group PLC  

 

4,223 

 

33,056 

Veolia Environnement  

 

2,542 

 

57,315 

 

**6,738,943**

 

 

**Water Utilities 0.0%**

 
Severn Trent PLC  

 

1,502 

 

**23,705**

**Total Common Stocks** (Cost $675,250,021)

 

 

 

**552,991,506**

 

**Rights 0.0%**

 
**Consumer Staples 0.0%**

 
Wesfarmers Ltd., Expiration Date 2/23/2009*  

 

2,408 

 

**3,118**

**Financials 0.0%**

 
Fortis, Expiration Date 7/4/2014*  

 

23,884 

 

**0**

**Total Rights** (Cost $0)

 

 

 

**3,118**

 

 

 

 

**Warrants 0.0%**

 
**Financials 0.0%**

 
New ASAT (Finance) Ltd., Expiration Date 2/1/2011*  

 

75,400 

 

**5,448**

**Industrials 0.0%**

 
Dayton Superior Corp., 144A, Expiration Date 6/15/2009*  

 

15 

 

**0**

**Total Warrants** (Cost $0)

 

 

 

**5,448**

 

**Convertible Preferred Stocks 0.0%**

 
**Consumer Discretionary**

 
ION Media Networks, Inc., 144A, 12.0%*  (Cost $17,340)

 

25,001 

 

**0**

 

**Preferred Stocks 0.0%**

 
**Consumer Discretionary 0.0%**

 
Porsche Automobil Holding SE

 

426 

 

25,157 

Volkswagen AG  

 

195 

 

9,689 

 

**34,846**

**Consumer Staples 0.0%**

 
Henkel AG & Co. KGaA  

 

3,289 

 

**84,665**

**Health Care 0.0%**

 
Fresenius SE  

 

1,032 

 

**57,204**

**Utilities 0.0%**

 
RWE AG  

 

71 

 

**4,680**

**Total Preferred Stocks** (Cost $369,689)

 

 

 

**181,395**

 

**Principal****Amount ($) (a)**

 

**Value ($)**

 

**Corporate Bonds 10.7%**

 
**Consumer Discretionary 0.9%**

 
AMC Entertainment, Inc., 8.0%, 3/1/2014  

 

 

160,000 

 

120,000 

American Achievement Corp., 144A, 8.25%, 4/1/2012  

 

 

45,000 

 

36,000 

American Achievement Group Holding Corp., 16.75%, 10/1/2012 (PIK)

 

 

89,580 

 

21,499 

Asbury Automotive Group, Inc.:

 
 

7.625%, 3/15/2017  

 

 

105,000 

 

48,300 

 

8.0%, 3/15/2014  

 

 

50,000 

 

23,500 

British Sky Broadcasting Group PLC, 144A, 9.5%, 11/15/2018  

 

 

1,500,000 

 

1,514,391 

Cablevision Systems Corp., Series B, 8.334% ***, 4/1/2009  

 

 

55,000 

 

55,275 

CanWest MediaWorks LP, 144A, 9.25%, 8/1/2015  

 

 

75,000 

 

10,875 

Carrols Corp., 9.0%, 1/15/2013  

 

 

45,000 

 

32,850 

 

 
CSC Holdings, Inc.:

 
 

6.75%, 4/15/2012  

 

 

75,000 

 

72,187 

 

Series B, 8.125%, 7/15/2009  

 

 

85,000 

 

85,425 

 

Series B, 8.125%, 8/15/2009  

 

 

170,000 

 

170,850 

Denny's Holdings, Inc., 10.0%, 10/1/2012  

 

 

30,000 

 

24,300 

DIRECTV Holdings LLC, 7.625%, 5/15/2016  

 

 

225,000 

 

221,062 

DISH DBS Corp.:

 
 

6.625%, 10/1/2014  

 

 

130,000 

 

118,300 

 

7.125%, 2/1/2016  

 

 

95,000 

 

87,400 

Dollarama Group Holdings LP, 8.073% ***, 8/15/2012 (b) 

 

 

108,000 

 

70,200 

Fontainebleau Las Vegas Holdings LLC, 144A, 11.0%, 6/15/2015  

 

 

100,000 

 

11,000 

 

 

 

Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015  

 

 

90,000 

 

62,100 

Group 1 Automotive, Inc., 8.25%, 8/15/2013  

 

 

50,000 

 

38,563 

Hertz Corp., 8.875%, 1/1/2014  

 

 

265,000 

 

172,912 

Idearc, Inc., 8.0%, 11/15/2016  

 

 

195,000 

 

6,094 

Indianapolis Downs LLC, 144A, 11.0%, 11/1/2012  

 

 

60,000 

 

32,100 

Isle of Capri Casinos, Inc., 7.0%, 3/1/2014  

 

 

90,000 

 

44,550 

Kabel Deutschland GmbH, 10.625%, 7/1/2014  

 

 

150,000 

 

144,750 

Lamar Media Corp., Series C, 6.625%, 8/15/2015  

 

 

70,000 

 

52,500 

MediMedia USA, Inc., 144A, 11.375%, 11/15/2014  

 

 

45,000 

 

29,250 

MGM MIRAGE, 6.625%, 7/15/2015  

 

 

85,000 

 

52,275 

MTR Gaming Group, Inc., Series B, 9.75%, 4/1/2010  

 

 

130,000 

 

98,800 

Norcraft Holdings LP, 9.75%, 9/1/2012  

 

 

250,000 

 

192,500 

Penske Automotive Group, Inc., 7.75%, 12/15/2016  

 

 

180,000 

 

86,400 

Pinnacle Entertainment, Inc., 8.75%, 10/1/2013  

 

 

65,000 

 

59,800 

Quebecor Media, Inc., 7.75%, 3/15/2016  

 

 

60,000 

 

47,100 

Quebecor World, Inc., 144A, 9.75%, 1/15/2015 ** 

 

 

115,000 

 

7,331 

Reader's Digest Association, Inc., 9.0%, 2/15/2017  

 

 

65,000 

 

5,931 

Sabre Holdings Corp., 8.35%, 3/15/2016  

 

 

80,000 

 

20,800 

Seminole Hard Rock Entertainment, Inc., 144A, 4.496% ***, 3/15/2014  

 

 

105,000 

 

49,875 

Shingle Springs Tribal Gaming Authority, 144A, 9.375%, 6/15/2015  

 

 

75,000 

 

46,125 

Simmons Co., Step-up Coupon, 0% to 12/15/2009, 10.0% to 12/15/2014    

 

 

310,000 

 

7,750 

Sirius XM Radio, Inc., 9.625%, 8/1/2013  

 

 

145,000 

 

31,900 

Sonic Automotive, Inc., Series B, 8.625%, 8/15/2013  

 

 

90,000 

 

35,550 

TCI Communications, Inc., 8.75%, 8/1/2015  

 

 

1,638,000 

 

1,762,128 

Time Warner Cable, Inc., 8.25%, 2/14/2014  

 

 

2,250,000 

 

2,390,632 

Travelport LLC:

 
 

6.828% ***, 9/1/2014  

 

 

70,000 

 

21,000 

 

9.875%, 9/1/2014  

 

 

15,000 

 

5,925 

Trump Entertainment Resorts, Inc., 8.5%, 6/1/2015 ** 

 

 

20,000 

 

2,950 

United Components, Inc., 9.375%, 6/15/2013  

 

 

15,000 

 

4,650 

Unity Media GmbH:

 
 

144A, 8.75%, 2/15/2015  

EUR

 

190,000 

 

206,785 

 

144A, 10.375%, 2/15/2015  

 

 

75,000 

 

58,313 

UPC Holding BV, 144A, 7.75%, 1/15/2014  

EUR

 

90,000 

 

96,798 

Vertis, Inc., 13.5%, 4/1/2014 (PIK)

 

 

102,535 

 

513 

Young Broadcasting, Inc., 8.75%, 1/15/2014 ** 

 

 

430,000 

 

1,075 

 

**8,599,139**

**Consumer Staples 1.8%**

 
Alliance One International, Inc., 8.5%, 5/15/2012  

 

 

45,000 

 

35,550 

Anheuser-Busch InBev Worldwide, Inc., 144A, 7.75%, 1/15/2019  

 

 

3,500,000 

 

3,550,487 

Coca-Cola Enterprises, Inc., 7.375%, 3/3/2014  

 

 

4,000,000 

 

4,591,776 

CVS Caremark Corp., 6.25%, 6/1/2027  

 

 

2,250,000 

 

2,114,471 

Delhaize America, Inc.:

 
 

8.05%, 4/15/2027  

 

 

90,000 

 

86,425 

 

9.0%, 4/15/2031  

 

 

199,000 

 

227,912 

General Nutrition Centers, Inc., 7.584% ***, 3/15/2014 (PIK)

 

 

55,000 

 

33,000 

Kroger Co., 6.15%, 1/15/2020  

 

 

3,750,000 

 

3,732,154 

North Atlantic Trading Co., 144A, 10.0%, 3/1/2012  

 

 

526,750 

 

263,375 

Reynolds American, Inc., 7.75%, 6/1/2018  

 

 

2,250,000 

 

1,980,457 

Viskase Companies, Inc., 11.5%, 6/15/2011  

 

 

1,425,000 

 

926,250 

 

**17,541,857**

**Energy 0.8%**

 
Atlas Energy Resources LLC, 144A, 10.75%, 2/1/2018  

 

 

185,000 

 

148,000 

Belden & Blake Corp., 8.75%, 7/15/2012  

 

 

416,000 

 

301,600 

 

 

 

Bristow Group, Inc., 7.5%, 9/15/2017  

 

 

95,000 

 

69,350 

Chaparral Energy, Inc., 8.5%, 12/1/2015  

 

 

120,000 

 

26,400 

Chesapeake Energy Corp.:

 
 

6.25%, 1/15/2018  

 

 

60,000 

 

48,300 

 

6.875%, 1/15/2016  

 

 

290,000 

 

248,675 

 

7.5%, 6/15/2014  

 

 

35,000 

 

31,675 

Cimarex Energy Co., 7.125%, 5/1/2017  

 

 

80,000 

 

69,200 

Delta Petroleum Corp., 7.0%, 4/1/2015  

 

 

145,000 

 

52,200 

Devon Energy Corp., 5.625%, 1/15/2014  

 

 

2,250,000 

 

2,290,140 

Dynegy Holdings, Inc., 6.875%, 4/1/2011  

 

 

30,000 

 

27,600 

El Paso Corp., 7.25%, 6/1/2018  

 

 

125,000 

 

114,375 

Forest Oil Corp., 144A, 7.25%, 6/15/2019  

 

 

45,000 

 

37,463 

Frontier Oil Corp.:

 
 

6.625%, 10/1/2011  

 

 

65,000 

 

62,075 

 

8.5%, 9/15/2016  

 

 

120,000 

 

114,000 

KCS Energy, Inc., 7.125%, 4/1/2012  

 

 

345,000 

 

300,150 

Mariner Energy, Inc.:

 
 

7.5%, 4/15/2013  

 

 

75,000 

 

56,250 

 

8.0%, 5/15/2017  

 

 

65,000 

 

41,600 

Newfield Exploration Co., 7.125%, 5/15/2018  

 

 

135,000 

 

119,137 

OPTI Canada, Inc.:

 
 

7.875%, 12/15/2014  

 

 

115,000 

 

51,175 

 

8.25%, 12/15/2014  

 

 

225,000 

 

103,500 

Petrohawk Energy Corp., 144A, 7.875%, 6/1/2015  

 

 

50,000 

 

41,875 

Plains Exploration & Production Co., 7.0%, 3/15/2017  

 

 

65,000 

 

54,356 

Quicksilver Resources, Inc., 7.125%, 4/1/2016  

 

 

220,000 

 

151,800 

SandRidge Energy, Inc., 144A, 8.0%, 6/1/2018  

 

 

60,000 

 

47,400 

Stone Energy Corp.:

 
 

6.75%, 12/15/2014  

 

 

160,000 

 

86,400 

 

8.25%, 12/15/2011  

 

 

250,000 

 

192,500 

Tennessee Gas Pipeline Co., 7.625%, 4/1/2037  

 

 

75,000 

 

66,364 

Tesoro Corp., 6.5%, 6/1/2017  

 

 

90,000 

 

67,050 

TransCanada PipeLines Ltd., 7.625%, 1/15/2039  

 

 

2,250,000 

 

2,341,701 

Whiting Petroleum Corp.:

 
 

7.25%, 5/1/2012  

 

 

160,000 

 

136,000 

 

7.25%, 5/1/2013  

 

 

20,000 

 

16,500 

Williams Companies, Inc.:

 
 

8.125%, 3/15/2012  

 

 

275,000 

 

272,250 

 

8.75%, 3/15/2032  

 

 

170,000 

 

155,550 

Williams Partners LP, 7.25%, 2/1/2017  

 

 

75,000 

 

66,750 

 

**8,009,361**

**Financials 2.9%**

 
Algoma Acquisition Corp., 144A, 9.875%, 6/15/2015  

 

 

190,000 

 

73,150 

Ashton Woods USA LLC, 9.5%, 10/1/2015 ** 

 

 

215,000 

 

32,250 

BB&T Corp., 5.2%, 12/23/2015  

 

 

3,000,000 

 

2,806,950 

Buffalo Thunder Development Authority, 144A, 9.375%, 12/15/2014  

 

 

45,000 

 

4,050 

Citigroup, Inc., 6.5%, 8/19/2013  

 

 

2,605,000 

 

2,489,101 

Conproca SA de CV, REG S, 12.0%, 6/16/2010  

 

 

832,655 

 

847,226 

Countrywide Home Loans, Inc., Series H, 6.25%, 4/15/2009  

 

 

375,000 

 

375,118 

FIA Credit Services NA, 144A, 7.125%, 11/15/2012  

 

 

3,750,000 

 

3,772,961 

Ford Motor Credit Co., LLC:

 
 

7.25%, 10/25/2011  

 

 

600,000 

 

427,197 

 

7.875%, 6/15/2010  

 

 

135,000 

 

111,511 

General Electric Capital Corp., Series A, 5.25%, 10/19/2012  

 

 

3,750,000 

 

3,727,946 

GMAC LLC, 144A, 6.875%, 9/15/2011  

 

 

459,000 

 

361,367 

Hawker Beechcraft Acquisition Co., LLC, 8.5%, 4/1/2015  

 

 

225,000 

 

72,000 

 

 

 

Inmarsat Finance PLC, 10.375%, 11/15/2012  

 

 

95,000 

 

94,050 

iPayment, Inc., 9.75%, 5/15/2014  

 

 

80,000 

 

48,000 

JPMorgan Chase & Co., 4.75%, 5/1/2013  

 

 

2,625,000 

 

2,604,696 

Local TV Finance LLC, 144A, 9.25%, 6/15/2015 (PIK)

 

 

75,000 

 

9,094 

Merrill Lynch & Co., Inc., 6.875%, 4/25/2018  

 

 

2,250,000 

 

2,166,111 

New ASAT (Finance) Ltd., 9.25%, 2/1/2011 

 

 

290,000 

 

8,700 

Orascom Telecom Finance SCA, 144A, 7.875%, 2/8/2014  

 

 

100,000 

 

59,000 

PNC Bank NA, 6.875%, 4/1/2018  

 

 

3,000,000 

 

3,016,470 

Qwest Capital Funding, Inc., 7.0%, 8/3/2009  

 

 

75,000 

 

74,719 

Rainbow National Services LLC, 144A, 10.375%, 9/1/2014  

 

 

17,000 

 

17,213 

SLM Corp., Series A, 4.5%, 7/26/2010  

 

 

375,000 

 

348,712 

Sprint Capital Corp.:

 
 

7.625%, 1/30/2011  

 

 

75,000 

 

62,438 

 

8.375%, 3/15/2012  

 

 

30,000 

 

24,000 

The Goldman Sachs Group, Inc., 6.15%, 4/1/2018  

 

 

3,000,000 

 

2,739,408 

Tropicana Entertainment LLC, 9.625%, 12/15/2014 ** 

 

 

235,000 

 

2,938 

UCI Holdco, Inc., 9.996% ***, 12/15/2013 (PIK)

 

 

114,218 

 

12,564 

Universal City Development Partners Ltd., 11.75%, 4/1/2010  

 

 

390,000 

 

300,300 

Verizon Wireless Capital LLC, 144A, 7.375%, 11/15/2013  

 

 

2,250,000 

 

2,433,600 

Wind Acquisition Finance SA, 144A, 10.75%, 12/1/2015  

 

 

75,000 

 

66,750 

 

**29,189,590**

**Health Care 0.3%**

 
Advanced Medical Optics, Inc., 7.5%, 5/1/2017  

 

 

135,000 

 

149,850 

Boston Scientific Corp., 6.0%, 6/15/2011  

 

 

80,000 

 

77,200 

Community Health Systems, Inc., 8.875%, 7/15/2015  

 

 

600,000 

 

577,500 

HCA, Inc.:

 
 

9.125%, 11/15/2014  

 

 

115,000 

 

110,400 

 

9.25%, 11/15/2016  

 

 

430,000 

 

410,650 

 

9.625%, 11/15/2016 (PIK) 

 

 

125,000 

 

105,000 

HEALTHSOUTH Corp., 10.75%, 6/15/2016  

 

 

60,000 

 

59,250 

IASIS Healthcare LLC, 8.75%, 6/15/2014  

 

 

95,000 

 

83,600 

Medco Health Solutions, Inc., 7.125%, 3/15/2018  

 

 

974,000 

 

941,381 

Psychiatric Solutions, Inc., 7.75%, 7/15/2015  

 

 

80,000 

 

65,600 

Surgical Care Affiliates, Inc., 144A, 8.875%, 7/15/2015 (PIK)

 

 

90,000 

 

58,500 

The Cooper Companies, Inc., 7.125%, 2/15/2015  

 

 

150,000 

 

127,500 

Vanguard Health Holding Co. I, LLC, Step-up Coupon, 0% to 10/1/2009, 11.25% to 10/1/2015    

 

 

100,000 

 

84,500 

Vanguard Health Holding Co. II, LLC, 9.0%, 10/1/2014  

 

 

245,000 

 

218,050 

 

**3,068,981**

**Industrials 0.5%**

 
Actuant Corp., 6.875%, 6/15/2017  

 

 

60,000 

 

49,200 

ARAMARK Corp., 8.5%, 2/1/2015  

 

 

30,000 

 

29,175 

Baldor Electric Co., 8.625%, 2/15/2017  

 

 

75,000 

 

63,000 

BE Aerospace, Inc., 8.5%, 7/1/2018  

 

 

160,000 

 

150,400 

Belden, Inc., 7.0%, 3/15/2017  

 

 

75,000 

 

57,000 

Browning-Ferris Industries, Inc., 7.4%, 9/15/2035  

 

 

255,000 

 

232,050 

Cenveo Corp., 144A, 10.5%, 8/15/2016  

 

 

25,000 

 

15,594 

Congoleum Corp., 8.625%, 8/1/2008 ** 

 

 

572,000 

 

429,000 

Esco Corp.:

 
 

144A, 5.871% ***, 12/15/2013  

 

 

50,000 

 

32,500 

 

144A, 8.625%, 12/15/2013  

 

 

155,000 

 

120,900 

General Cable Corp., 7.125%, 4/1/2017  

 

 

5,000 

 

4,000 

Great Lakes Dredge & Dock Co., 7.75%, 12/15/2013  

 

 

60,000 

 

50,475 

K. Hovnanian Enterprises, Inc., 8.875%, 4/1/2012  

 

 

90,000 

 

33,300 

Kansas City Southern de Mexico SA de CV:

 
 

 

 

 

7.375%, 6/1/2014  

 

 

65,000 

 

55,900 

 

7.625%, 12/1/2013  

 

 

200,000 

 

168,000 

 

9.375%, 5/1/2012  

 

 

190,000 

 

180,975 

Lockheed Martin Corp., 4.121%, 3/14/2013  

 

 

1,500,000 

 

1,529,602 

Mobile Mini, Inc., 9.75%, 8/1/2014  

 

 

90,000 

 

66,600 

Moog, Inc., 144A, 7.25%, 6/15/2018  

 

 

30,000 

 

26,850 

Navios Maritime Holdings, Inc., 9.5%, 12/15/2014  

 

 

115,000 

 

67,275 

R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017  

 

 

250,000 

 

25,000 

RBS Global & Rexnord Corp., 9.5%, 8/1/2014  

 

 

65,000 

 

55,900 

Seitel, Inc., 9.75%, 2/15/2014  

 

 

45,000 

 

15,694 

Titan International, Inc., 8.0%, 1/15/2012  

 

 

265,000 

 

222,600 

TransDigm, Inc., 7.75%, 7/15/2014  

 

 

45,000 

 

40,500 

Union Pacific Corp., 5.7%, 8/15/2018  

 

 

1,500,000 

 

1,437,237 

United Rentals North America, Inc.:

 
 

6.5%, 2/15/2012  

 

 

50,000 

 

41,000 

 

7.0%, 2/15/2014  

 

 

210,000 

 

132,300 

US Concrete, Inc., 8.375%, 4/1/2014  

 

 

125,000 

 

68,750 

 

**5,400,777**

**Information Technology 0.4%**

 
Alion Science & Technology Corp., 10.25%, 2/1/2015  

 

 

60,000 

 

18,000 

L-3 Communications Corp.:

 
 

5.875%, 1/15/2015  

 

 

250,000 

 

228,750 

 

Series B, 6.375%, 10/15/2015  

 

 

115,000 

 

107,813 

Lucent Technologies, Inc., 6.45%, 3/15/2029  

 

 

135,000 

 

45,225 

MasTec, Inc., 7.625%, 2/1/2017  

 

 

105,000 

 

84,000 

SunGard Data Systems, Inc., 10.25%, 8/15/2015  

 

 

195,000 

 

132,600 

Vangent, Inc., 9.625%, 2/15/2015  

 

 

80,000 

 

50,400 

Xerox Corp., 5.65%, 5/15/2013  

 

 

3,900,000 

 

3,538,345 

 

**4,205,133**

**Materials 0.5%**

 
Appleton Papers, Inc., Series B, 8.125%, 6/15/2011  

 

 

45,000 

 

30,263 

ARCO Chemical Co., 9.8%, 2/1/2020 ** 

 

 

635,000 

 

158,750 

Cascades, Inc., 7.25%, 2/15/2013  

 

 

171,000 

 

96,615 

Chemtura Corp., 6.875%, 6/1/2016  

 

 

160,000 

 

52,000 

Clondalkin Acquisition BV, 144A, 3.996% ***, 12/15/2013  

 

 

90,000 

 

52,200 

CPG International I, Inc., 10.5%, 7/1/2013  

 

 

195,000 

 

109,200 

Exopack Holding Corp., 11.25%, 2/1/2014  

 

 

255,000 

 

147,900 

Freeport-McMoRan Copper & Gold, Inc.:

 
 

8.25%, 4/1/2015  

 

 

205,000 

 

174,506 

 

8.375%, 4/1/2017  

 

 

400,000 

 

332,000 

GEO Specialty Chemicals, Inc.:

 
 

144A, 7.5% ***, 3/31/2015 (PIK) 

 

 

596,284 

 

429,324 

 

144A, 9.968% ***, 12/31/2009  

 

 

959,000 

 

690,480 

Georgia-Pacific LLC, 144A, 7.125%, 1/15/2017  

 

 

50,000 

 

45,625 

Hexcel Corp., 6.75%, 2/1/2015  

 

 

305,000 

 

262,300 

Huntsman LLC, 11.625%, 10/15/2010  

 

 

400,000 

 

384,000 

Innophos, Inc., 8.875%, 8/15/2014  

 

 

35,000 

 

27,300 

Koppers Holdings, Inc., Step-up Coupon, 0% to 11/15/2009, 9.875% to 11/15/2014    

 

 

215,000 

 

177,644 

Metals USA Holdings Corp., 7.435% ***, 7/1/2012 (PIK)

 

 

51,360 

 

13,610 

Millar Western Forest Products Ltd., 7.75%, 11/15/2013  

 

 

40,000 

 

20,900 

Monsanto Co., 5.875%, 4/15/2038  

 

 

1,500,000 

 

1,552,225 

NewMarket Corp., 7.125%, 12/15/2016  

 

 

195,000 

 

151,125 

OI European Group BV, 144A, 6.875%, 3/31/2017  

EUR

 

85,000 

 

89,244 

Pliant Corp., 11.85%, 6/15/2009 (PIK)

 

 

10 

 

5 

 

 

 

Radnor Holdings Corp., 11.0%, 3/15/2010 ** 

 

 

120,000 

 

150 

Rhodia SA, 144A, 5.362% ***, 10/15/2013  

EUR

 

85,000 

 

51,696 

Steel Dynamics, Inc., 7.375%, 11/1/2012  

 

 

15,000 

 

13,500 

Terra Capital, Inc., Series B, 7.0%, 2/1/2017  

 

 

160,000 

 

145,600 

The Mosaic Co., 144A, 7.375%, 12/1/2014  

 

 

135,000 

 

129,600 

Witco Corp., 6.875%, 2/1/2026  

 

 

155,000 

 

35,650 

Wolverine Tube, Inc., 10.5%, 4/1/2009  

 

 

135,000 

 

113,738 

 

**5,487,150**

**Telecommunication Services 1.0%**

 
AT&T Mobility LLC, 6.5%, 12/15/2011  

 

 

2,250,000 

 

2,366,165 

BCM Ireland Preferred Equity Ltd., 144A, 11.245% ***, 2/15/2017 (PIK)

EUR

 

232,970 

 

22,562 

Centennial Communications Corp.:

 
 

10.0%, 1/1/2013  

 

 

55,000 

 

58,025 

 

10.125%, 6/15/2013  

 

 

120,000 

 

123,900 

Cincinnati Bell, Inc.:

 
 

7.25%, 7/15/2013  

 

 

220,000 

 

210,100 

 

8.375%, 1/15/2014  

 

 

85,000 

 

76,075 

Cricket Communications, Inc.:

 
 

9.375%, 11/1/2014  

 

 

170,000 

 

154,700 

 

144A, 10.0%, 7/15/2015  

 

 

155,000 

 

143,375 

Grupo Iusacell Celular SA de CV, 10.0%, 3/31/2012  

 

 

48,802 

 

31,721 

Hellas Telecommunications Luxembourg V, 144A, 6.112% ***, 10/15/2012  

EUR

 

100,000 

 

74,904 

Intelsat Corp.:

 
 

144A, 9.25%, 8/15/2014  

 

 

30,000 

 

28,050 

 

144A, 9.25%, 6/15/2016  

 

 

355,000 

 

324,825 

Intelsat Subsidiary Holding Co., Ltd., 144A, 8.875%, 1/15/2015  

 

 

190,000 

 

174,800 

iPCS, Inc., 5.318% ***, 5/1/2013  

 

 

35,000 

 

24,850 

MetroPCS Wireless, Inc., 9.25%, 11/1/2014  

 

 

185,000 

 

171,356 

Millicom International Cellular SA, 10.0%, 12/1/2013  

 

 

270,000 

 

257,850 

Qwest Corp.:

 
 

7.25%, 9/15/2025  

 

 

25,000 

 

18,375 

 

7.875%, 9/1/2011  

 

 

210,000 

 

207,900 

 

8.875%, 3/15/2012  

 

 

45,000 

 

44,775 

Rogers Communications, Inc., 6.8%, 8/15/2018  

 

 

1,500,000 

 

1,560,270 

Sprint Nextel Corp., 6.0%, 12/1/2016  

 

 

75,000 

 

50,250 

Stratos Global Corp., 9.875%, 2/15/2013  

 

 

55,000 

 

50,600 

Telesat Canada, 144A, 11.0%, 11/1/2015  

 

 

710,000 

 

543,150 

Verizon Communications, Inc., 8.95%, 3/1/2039  

 

 

1,500,000 

 

1,847,595 

Virgin Media Finance PLC:

 
 

8.75%, 4/15/2014  

 

 

180,000 

 

153,000 

 

8.75%, 4/15/2014  

EUR

 

200,000 

 

206,145 

Windstream Corp.:

 
 

7.0%, 3/15/2019  

 

 

90,000 

 

79,650 

 

8.625%, 8/1/2016  

 

 

15,000 

 

14,775 

 

**9,019,743**

**Utilities 1.6%**

 
AES Corp.:

 
 

8.0%, 10/15/2017  

 

 

150,000 

 

141,000 

 

144A, 8.0%, 6/1/2020  

 

 

155,000 

 

141,050 

 

144A, 8.75%, 5/15/2013  

 

 

486,000 

 

487,215 

 

9.5%, 6/1/2009  

 

 

85,000 

 

85,425 

Allegheny Energy Supply Co., LLC, 144A, 8.25%, 4/15/2012  

 

 

595,000 

 

596,487 

American Electric Power Co., Inc., Series C, 5.375%, 3/15/2010  

 

 

3,000,000 

 

3,006,909 

Appalachian Power Co., 7.0%, 4/1/2038  

 

 

2,250,000 

 

2,085,322 

CenterPoint Energy, Inc., 6.5%, 5/1/2018  

 

 

2,250,000 

 

1,889,932 

 

 

 

CMS Energy Corp., 8.5%, 4/15/2011  

 

 

355,000 

 

357,495 

CP&L, Inc., 5.3%, 1/15/2019  

 

 

3,750,000 

 

3,824,250 

DPL, Inc., 6.875%, 9/1/2011  

 

 

1,500,000 

 

1,528,861 

Edison Mission Energy, 7.0%, 5/15/2017  

 

 

160,000 

 

148,800 

Energy Future Holdings Corp., 10.875%, 11/1/2017  

 

 

115,000 

 

90,850 

Knight, Inc., 6.5%, 9/1/2012  

 

 

45,000 

 

42,075 

Mirant Americas Generation LLC, 8.3%, 5/1/2011  

 

 

130,000 

 

127,725 

Mirant North America LLC, 7.375%, 12/31/2013  

 

 

60,000 

 

57,900 

NRG Energy, Inc.:

 
 

7.25%, 2/1/2014  

 

 

180,000 

 

171,900 

 

7.375%, 1/15/2017  

 

 

55,000 

 

51,563 

 

7.375%, 2/1/2016  

 

 

165,000 

 

157,163 

NV Energy, Inc.:

 
 

6.75%, 8/15/2017  

 

 

180,000 

 

132,440 

 

8.625%, 3/15/2014  

 

 

31,000 

 

28,702 

Regency Energy Partners LP, 8.375%, 12/15/2013  

 

 

105,000 

 

81,375 

Reliant Energy, Inc., 7.875%, 6/15/2017  

 

 

180,000 

 

145,800 

Texas Competitive Electric Holdings Co., LLC, Series A, 10.25%, 11/1/2015  

 

 

325,000 

 

240,500 

 

**15,620,739**

**Total Corporate Bonds**(Cost $116,007,699)

**106,142,470**

 

**Asset-Backed 0.4%**

 
**Automobile Receivables 0.3%**

 
Capital Auto Receivables Asset Trust, "B", Series 2006-1, 5.26%, 10/15/2010 

 

1,643,000

 

1,613,437

Ford Credit Auto Owner Trust, "B", Series 2007-B, 5.69%, 11/15/2012 

 

1,517,000

 

1,148,740

 

**2,762,177**

**Home Equity Loans 0.1%**

 
Countrywide Asset-Backed Certificates, "1AF2", Series 2005-17, 5.363%, 5/25/2036 

 

1,895,958

 

**1,632,115**

**Total Asset-Backed**(Cost $5,055,395)

**4,394,292**

 

**Mortgage-Backed Securities Pass-Throughs 12.5%**

 
Federal Home Loan Bank, 6.0%, 11/1/2021 

 

1,118,146

 

1,158,490

Federal Home Loan Mortgage Corp.:

 
 

5.0%, 10/1/2035  

 

 

7,048,198 

 

7,164,658 

 

6.5%, 10/1/2038  

 

 

8,993,575 

 

9,426,742 

Federal National Mortgage Association:

 
 

4.5%, with various maturities from 11/1/2028 until 11/1/2034 (c) (d)

 

 

19,805,285 

 

19,932,850 

 

5.0%, 11/1/2034 (d)  

 

 

17,500,000 

 

17,784,375 

 

5.5%, with various maturities from 2/1/2037 until 4/1/2038 

 

 

28,165,510 

 

28,724,782 

 

6.0%, 8/1/2037  

 

 

9,530,532 

 

9,846,231 

 

6.5%, with various maturities from 4/1/2017 until 10/1/2038 

 

 

27,641,540 

 

28,902,979 

 

8.0%, 9/1/2015  

 

 

501,761 

 

531,701 

Government National Mortgage Association, 6.5%, 8/20/2034 

 

327,569

 

340,978

**Total Mortgage-Backed Securities Pass-Throughs**(Cost $122,419,622)

**123,813,786**

 

**Commercial and Non-Agency Mortgage-Backed Securities 2.4%**

 
Adjustable Rate Mortgage Trust, "3A31", Series 2005-10, 5.412% ***, 1/25/2036 

 

3,015,000

 

1,658,814

Countrywide Alternative Loan Trust:

 
 

"A1", Series 2004-1T1, 5.0%, 2/25/2034  

 

 

1,182,453 

 

990,072 

 

"4A3", Series 2005-43, 5.663% ***, 10/25/2035  

 

 

3,352,034 

 

1,379,293 

GS Mortgage Securities Corp. II, "AAB", Series 2006-GG8, 5.535%, 11/10/2039 

 

5,300,000

 

4,136,543

NYC Mortgage Loan Trust, "A3", Series 1996, 144A, 6.75%, 9/25/2019 

 

1,026,614

 

718,630

Structured Adjustable Rate Mortgage Loan Trust:

 
 

"6A3", Series 2005-21, 5.4%, 11/25/2035  

 

 

2,725,000 

 

1,190,137 

 

"5A1", Series 2005-18, 5.522% ***, 9/25/2035  

 

 

1,867,078 

 

1,028,633 

 

 

 

Wachovia Bank Commercial Mortgage Trust:

 
 

"APB", Series 2006-C23, 5.446%, 1/15/2045  

 

 

5,900,000 

 

4,668,160 

 

"APB", Series 2007-C34, 5.617%, 5/15/2046  

 

 

8,625,000 

 

6,190,128 

Washington Mutual Mortgage Pass-Through Certificates, "1A3", Series 2005-AR16,       5.102% ***, 12/25/2035 

 

3,005,000

 

1,737,576

**Total Commercial and Non-Agency Mortgage-Backed Securities**(Cost $35,978,784)

**23,697,986**

 

**Collateralized Mortgage Obligations 1.8%**

 
Fannie Mae Whole Loan, "1A1", Series 2004-W15, 6.0%, 8/25/2044 

 

1,321,250

 

1,344,757

Federal Home Loan Mortgage Corp., "OS", Series 3102, Principal Only, Zero Coupon, 1/15/2036 

 

10,470,512

 

8,593,634

Government National Mortgage Association, "CK", Series 2007-31, 5.0%, 5/16/2037 

 

7,500,000

 

7,316,311

**Total Collateralized Mortgage Obligations** (Cost $16,668,692)

 

**17,254,702**

 

**Loan Participations and Assignments 0.2%**

 
**Senior Loans *****

 
Advanced Medical Optics, Inc., Term Loan B, LIBOR plus 1.75%, 3.725%, 4/2/2014  

 

43,473

 

41,735

Alliance Mortgage Cycle Loan, Term Loan A, LIBOR plus 7.25%, 9.225%, 6/1/2010 ** 

 

233,333

 

0

Buffets, Inc.:

 
 

Debtor in Possession Term Loan, LIBOR plus 7.25%, 9.225%, 11/1/2013  

 

 

208,779 

 

39,668 

 

Letter of Credit, LIBOR plus 7.25%, 9.225%, 5/1/2013  

 

 

83,901 

 

15,941 

 

Term Loan B, LIBOR plus 7.25%, 9.225%, 11/1/2013  

 

 

431,507 

 

81,986 

Energy Future Holdings Corp.:

 
 

Term Loan B2, LIBOR plus 3.5%, 5.475%, 10/14/2014  

 

 

671,004 

 

468,129 

 

Term Loan B3, LIBOR plus 3.5%, 5.475%, 10/14/2014  

 

 

294,506 

 

206,007 

Essar Steel Algoma, Inc., Term Loan B, LIBOR plus 2.5%, 4.475%, 6/20/2013 

 

59,697

 

39,400

Ford Motor Co., Term Loan B, LIBOR plus 3.0%, 4.975%, 12/16/2013 

 

79,594

 

29,284

General Nutrition Centers, Inc., Term Loan B, LIBOR plus 2.25%, 4.225%, 9/16/2013 

 

49,372

 

33,079

Golden Nugget, Inc., Second Lien Term Loan, LIBOR plus 3.25%, 5.225%, 12/31/2014 

 

100,000

 

13,500

Hawker Beechcraft, Inc.:

 
 

Term Loan B, LIBOR plus 2.0%, 3.975%, 3/26/2014  

 

 

50,053 

 

27,493 

 

Letter of Credit, LIBOR plus 2.1%, 4.075%, 3/26/2014  

 

 

2,939 

 

1,614 

HCA, Inc., Term Loan A, LIBOR plus 1.5%, 3.475%, 11/17/2012 

 

262,102

 

226,437

Hexion Specialty Chemicals:

 
 

Term Loan C1, LIBOR plus 2.25%, 4.225%, 5/6/2013  

 

 

247,600 

 

107,913 

 

Term Loan C2, LIBOR plus 2.25%, 4.225%, 5/6/2013  

 

 

32,695 

 

14,250 

IASIS Healthcare LLC, Term Loan, LIBOR plus 5.25%, 7.225%, 6/15/2014 (PIK)

 

235,558

 

104,234

Longview Power LLC:

 
 

Delayed Draw, LIBOR plus 2.25%, 4.225%, 2/28/2014  

 

 

102,000 

 

72,420 

 

Letter of Credit, LIBOR plus 2.25%, 4.225%, 2/28/2014  

 

 

27,000 

 

19,170 

 

Term Loan B, LIBOR plus 2.25%, 4.225%, 2/28/2014  

 

 

81,000 

 

57,510 

Sabre, Inc., Term Loan B, LIBOR plus 2.0%, 3.975%, 9/30/2014 

 

78,657

 

36,221

Symbion, Inc.:

 
 

Term Loan A, LIBOR plus 3.25%, 5.225%, 8/23/2013  

 

 

33,898 

 

20,339 

 

Term Loan B, LIBOR plus 3.25%, 5.225%, 8/23/2014  

 

 

33,898 

 

20,339 

Telesat Canada:

 
 

Delayed Draw Term Loan, LIBOR plus 3.0%, 4.975%, 10/31/2014  

 

 

19,978 

 

16,193 

 

Term Loan B, LIBOR plus 3.0%, 4.975%, 10/31/2014  

 

 

232,572 

 

188,508 

Tribune Co., Tranche B, LIBOR plus 3.0%, 4.975%, 5/19/2014 ** 

 

216,681

 

60,062

**Total Loan Participations and Assignments** (Cost $3,795,410)

 

**1,941,432**

 

**Government & Agency Obligations 9.9%**

 
**US Government Sponsored Agencies 2.7**

 
Bank of America Corp., Series L, FDIC Guaranteed, 2.1%, 4/30/2012  

 

 

4,500,000 

 

4,454,860 

Citigroup, Inc., FDIC Guaranteed, 2.125%, 4/30/2012  

 

 

3,000,000 

 

2,971,308 

 

 

 

General Electric Capital Corp., Series G, FDIC Guaranteed,  2.2%, 6/8/2012  

 

 

12,000,000 

 

11,901,252 

PNC Funding Corp., FDIC Guaranteed, 2.3%, 6/22/2012  

 

 

7,000,000 

 

6,964,601 

 

**26,292,021**

**US Treasury Obligations 7.2%**

 
US Treasury Bills:

 
 

0.04% ****, 5/21/2009 (e)

 

 

58,000 

 

57,957 

 

0.13% ****, 6/11/2009 (e)

 

 

10,931,000 

 

10,920,899 

 

0.2% ****, 6/18/2009 (e)

 

 

264,000 

 

263,734 

US Treasury Inflation-Indexed Note, 1.375%, 7/15/2018

 

 

9,857,100 

 

9,487,459 

US Treasury Notes:

 
 

2.75%, 10/31/2013  

 

 

43,000,000 

 

44,924,938 

 

4.5%, 11/15/2015  

 

 

5,000,000 

 

5,721,095 

 

**71,376,082**

**Total Government & Agency Obligations** (Cost $96,515,342)

 

**97,668,103**

 

**Preferred Securities 0.1%**

 
**Financials**

 
Citigroup, Inc., Series E, 8.4%, 4/30/2018 (f) 

 

 

120,000 

 

43,828 

Farm Credit Bank of Texas, Series 1, 7.561%, 12/15/2013 (f) 

 

 

889,000 

 

453,034 

Xerox Capital Trust I, 8.0%, 2/1/2027  

 

 

80,000 

 

58,633 

**Total Preferred Securities** (Cost $1,149,117)

 

**555,495**

 

**Units**

 

**Value ($)**

 

**Other Investments 0.0%**

 
**Materials**

 
Hercules, Inc., (Bond Unit), 6.5%, 6/30/2029  (Cost $348,716)

 

506,000 

 

**222,640**

 

**Shares**

 

**Value ($)**

 

**Exchange Traded Fund 0.2%**

 
iShares MSCI Japan Index Fund  (Cost $2,974,413)

 

268,974 

 

**2,267,451**

 

**Cash Equivalents 9.0%**

 
Cash Management QP Trust, 1.12% (g)(Cost $88,909,545)

 

 

88,909,545

 

**88,909,545**

 

**% of****Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $1,165,459,785) †

103.1

 

**1,020,049,369**

**Other Assets and Liabilities, Net**

(3.1)

 

**(30,998,283)**

**Net Assets**

100.0

 

**989,051,086**

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

***

*Non-income producing security.*

****

*Non-income producing security.  Issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.  The following table represents bonds that are in default:*

**Security**

 

**Coupon**

 

**Maturity****Date**

 

**Principal Amount ($)**

**Acquisition****Cost ($)**

 

**Value ($)**

 
ARCO Chemical Co.

 

9.8%

 

2/1/2020

 

635,000

 

USD

 

574,897

 

158,750

 
Alliance Mortgage Cycle Loan

 

9.225%

 

6/4/2010

 

233,333

 

USD

 

233,333

 

0

 
Ashton Woods USA LLC

 

9.5%

 

10/1/2015

 

215,000

 

USD

 

195,058

 

32,250

 
Congoleum Corp.

 

8.625%

 

8/1/2008

 

572,000

 

USD

 

573,205

 

429,000

 
Quebecor World, Inc.

 

9.75%

 

1/15/2015

 

115,000

 

USD

 

115,000

 

7,331

 
 

 

 

Radnor Holdings Corp.

 

11.0%

 

3/15/2010

 

120,000

 

USD

 

79,038

 

150

 
Tribune Co.

 

4.975%

 

5/24/2014

 

216,681

 

USD

 

216,545

 

60,062

 
Tropicana Entertainment LLC

 

9.625%

 

12/15/2014

 

235,000

 

USD

 

172,931

 

2,938

 
Trump Entertainment Resorts, Inc.

 

8.5%

 

6/1/2015

 

20,000

 

USD

 

19,175

 

2,950

 
Young Broadcasting, Inc.

 

8.75%

 

1/15/2014

 

430,000

 

USD

 

367,438

 

1,075

 
 

 

 

 

 

 

 

 

**2,546,620**

 

**694,506**

 
*****

*Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.  These securities are shown at their current rate as of January 31, 2009.*

******

*Annualized yield at time of purchase; not a coupon rate.*

*†*

*The cost for federal income tax purposes was $1,187,223,033.  At January 31, 2009, net unrealized depreciation for all securities based on tax cost was $167,173,664.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $31,033,192 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $198,206,856.*

*(a)*

*Principal amount stated in US dollars unless otherwise noted.*

*(b)*

*Security has deferred its 6/15/2008 interest payment until 6/30/2009.*

*(c)*

*At January 31, 2009, this security has been pledged, in whole or in part, as collateral for open credit default swaps.*

*(d)*

*When-issued or delayed delivery security included.*

*(e)*

*At January 31, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*

*(f)*

*Date shown is call date; not a maturity date for the perpetual preferred securities.*

*(g)*

*Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.*

*144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

*ADR: American Depositary Receipt*

*CVA: Certificaten Van Aandelen*

*FDIC:  Federal Deposit Insurance Corp.*

*FDR: Fiduciary Depositary Receipt*

*LIBOR: Represents the London InterBank Offered Rate.*

*MSCI: Morgan Stanley Capital International*

*PIK: Denotes that all or a portion of the income is paid in kind.*

*PPS: Price Protected Shares*

*Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or mortgage-backed securities.*

*REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.*

*REIT: Real Estate Investment Trust*

*RSP: Risparmio (Convertible Savings Shares)*

*SDR: Swedish Depositary Receipt*

 

 

 

 

 

 

 

 

 

 

*At January 31, 2009, open futures contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

**Aggregated****Face****Value ($)**

 

**Value ($)**

 

**Unrealized****Appreciation/****(Depreciation) ($)**

 

10 Year Australian Treasury Bond 

 

3/16/2009 

 

38 

 

2,714,519 

 

2,788,857 

 

74,338

 
2 Year US Treasury Note 

 

3/31/2009 

 

189 

 

40,986,210 

 

41,131,125 

 

144,915

 
AEX Index 

 

2/20/2009 

 

74 

 

4,718,804 

 

4,695,790 

 

(23,014)

 
ASX SPI 200 Index 

 

3/19/2009 

 

60 

 

3,399,726 

 

3,329,178 

 

(70,548)

 
DAX Index 

 

3/20/2009 

 

7 

 

1,063,651 

 

972,576 

 

(91,075)

 
DJ Euro Stoxx 50 Index 

 

3/20/2009 

 

101 

 

3,097,303 

 

2,882,551 

 

(214,752)

 
Federal Republic of Germany Euro-Bund 

 

3/6/2009 

 

392 

 

62,534,973 

 

61,419,554 

 

(1,115,419)

 
Federal Republic of Germany Euro-Schatz 

 

3/6/2009 

 

385 

 

52,880,137 

 

53,140,437 

 

260,300

 
FTSE 100 Index 

 

3/20/2009 

 

11 

 

699,358 

 

654,227 

 

(45,131)

 
Hang Seng Index 

 

2/26/2009 

 

18 

 

1,482,758 

 

1,533,688 

 

50,930

 
Nikkei 225 Index 

 

3/12/2009 

 

9 

 

380,988 

 

355,275 

 

(25,713)

 
Russell 2000 Mini Index 

 

3/20/2009 

 

54 

 

2,532,712 

 

2,390,040 

 

(142,672)

 
S&P E-Mini 500 Index 

 

3/20/2009 

 

264 

 

11,320,503 

 

10,857,000 

 

(463,503)

 
S&P MIB Index 

 

3/20/2009 

 

14 

 

1,719,142 

 

1,608,105 

 

(111,037)

 
S&P TSE 60 Index 

 

3/19/2009 

 

1 

 

83,875 

 

85,121 

 

1,246

 
**Total net unrealized depreciation**

**(1,771,135)**

 
*At January 31, 2009, open futures contracts sold were as follows:*

**Futures**

 

 

**Expiration****Date**

 

**Contracts**

 

**Aggregated****Face****Value ($)**

 

**Value ($)**

 

**Unrealized****Appreciation/****(Depreciation) ($)**

 

10 Year Canadian Government Bond 

 

3/20/2009 

 

16 

 

1,638,881 

 

1,618,202 

 

20,679

 
10 Year Japanese Government Bond 

 

3/11/2009 

 

26 

 

40,394,014 

 

40,203,262 

 

190,752

 
10 Year US Treasury Note 

 

3/20/2009 

 

364 

 

44,729,317 

 

44,652,564 

 

76,753

 
CAC 40 Index 

 

2/20/2009 

 

78 

 

3,085,321 

 

2,966,674 

 

118,647

 
 

 

 

 
NASDAQ E-Mini 100 Index 

 

3/20/2009 

 

142 

 

3,449,776 

 

3,349,070 

 

100,706

 
 
Russell 2000 Mini Index 

 

3/20/2009 

 

84 

 

4,073,963 

 

3,717,840 

 

356,123

 
 
S&P TSE 60 Index 

 

3/19/2009 

 

1 

 

83,527 

 

85,121 

 

(1,594)

 
 
TOPIX Index 

 

3/13/2009 

 

71 

 

6,412,011 

 

6,243,669 

 

168,342

 
 
United Kingdom Long Gilt 

 

3/27/2009 

 

47 

 

8,352,877 

 

7,997,757 

 

355,120

 
 
**Total net unrealized appreciation**

**1,385,528**

 
 
 
 

 

 

 

 
*At January 31, 2009, open credit default swap contracts sold were as follows:*

 
**Effective/****Expiration****Dates**

**Notional****Amount ($) (h)**

**Fixed****Cash****Flows****Received**

**Underlying Debt****Obligation/****Quality Rating (i)**

**Value ($)**

**Upfront Premiums****Paid/****(Received) ($)**

**Unrealized****Appreciation ($)**

 
 

 
2/14/2008

3/20/2009

130,0001

3.8%

HCA, Inc.,6.375%, 1/15/2015, B-

154

—

154

 
 
2/26/2008

3/20/2009

180,0001

5.0%

Tenet Healthcare Corp.,7.375%, 2/1/2013, B

411

—

411

 
 
**Total unrealized appreciation**

**565**

 
 
 
*(h)*

*The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract.  These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of buy protection credit default swap contracts entered into by the Fund for the same referenced debt obligation.*

 
*(i)*

*The quality ratings represent the lower of Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corporation ("S&P") credit ratings.*

 
*Counterparty:*

 
*1*

*Merrill Lynch, Pierce, Fenner & Smith, Inc.*

 
*At January 31, 2009, the Fund had the following open forward foreign currency exchange contracts:*

 
**Contracts to Deliver**

 

**In Exchange For**

 

**Settlement****Date**

 

**Unrealized****Appreciation ($)**

 
 
 
 
EUR

223,000

 

USD

292,955

 

2/18/2009

 

7,499

 
 
GBP

1,786,000

 

USD

2,610,927

 

2/18/2009

 

23,342

 
 
CHF

1,786,000

 

USD

1,591,375

 

2/18/2009

 

51,236

 
 
USD

203,664

 

CAD

254,000

 

2/18/2009

 

3,435

 
 
EUR

623,000

 

USD

818,339

 

2/20/2009

 

20,878

 
 
**Total unrealized appreciation**

 

 

 

 

 

**106,390**

 
 
 
 
**Contracts to Deliver**

 

**In Exchange For**

 

**Settlement****Date**

 

**Unrealized****Depreciation ($)**

 
 
 
 
NOK

140,937,000

 

USD

19,636,520

 

2/18/2009

 

(695,281)

 
 
USD

2,774,085

 

JPY

247,687,000

 

2/18/2009

 

(16,126)

 
 
USD

7,981,117

 

AUD

12,027,000

 

2/18/2009

 

(349,129)

 
 
USD

5,550,816

 

NZD

10,356,000

 

2/18/2009

 

(300,291)

 
 
USD

15,931,021

 

SEK

133,306,000

 

2/18/2009

 

(1,828)

 
 
USD

15,580,882

 

SGD

23,309,000

 

2/18/2009

 

(144,050)

 
 
USD

10,584

 

EUR

8,000

 

2/20/2009

 

(344)

 
 
**Total unrealized depreciation**

 

 

 

 

 

**(1,507,049)**

 
 
 
***Currency Abbreviations*****

 **

 **

 
*AUD***

*Australian Dollar***

*NOK***

*Norwegian Krone***

 
 

 

 

*CAD***

*Canadian Dollar***

*NZD***

*New Zealand Dollar***

 
*CHF***

*Swiss Franc***

*SEK***

*Swedish Krona***

 
*EUR***

*Euro***

*SGD***

*Singapore Dollar***

 
*GBP***

*British Pound***

*USD***

*United States Dollar***

 
*JPY***

*Japanese Yen***

* *

* *

 
 
*Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets.  Effective maturities of these investments may be shorter than stated maturities due to prepayments.  Some separate investments in the Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.*

 

 

 

 

***Fair Value Measurements***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157,”Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements.*

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

*The following is a summary of the inputs used as of January 31, 2009 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in  Securities**

**Other Financial Instruments***††*

Level 1 

$               459,112,991   

$                (385,607)   

Level 2 

559,770,446   

(1,400,094)   

Level 3 

1,165,932   

-   

**Total**

**$            1,020,049,369**

**$             (1,785,701)**

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures contracts, forward foreign currency exchange contracts, and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.*

 

*The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining the value at January 31, 2009:*

 

 

**Investments in  Securities**

**Balance as of November 1, 2008**

$                1,436,759                 

Total realized gain (loss)

(27,586)

Change in unrealized appreciation (depreciation)

(488,263)

Amortization Premium/Discount

1,292

Net purchases (sales)

(4,198)

Net transfers in (out) of Level 3 

247,928

**Balance as of January 31, 2009**

**$                1,165,932**

**

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

(a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

 

 

(b)          There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is 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: 

DWS Balanced Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 2009

 

 

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

 

Registrant: 

DWS Balanced Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        March 23, 2009

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