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  811-04760

DWS Advisor Funds

(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:  03/31

Date of reporting period: 06/30/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of June 30, 2008  (Unaudited)** |
|----------------------|--------------------------------------|

 

 

**DWS Lifecycle Long Range Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Common Stocks 56.8%** |  
**Consumer Discretionary 6.0%**

 
**Auto Components 0.7%**

 
Aisin Seiki Co., Ltd.  

 

100 

 

3,264 

Autoliv, Inc.  

 

34,600 

 

1,613,052 

Bridgestone Corp.  

 

400 

 

6,088 

Compagnie Generale des Etablissements Michelin "B"  

 

157 

 

11,199 

Continental AG  

 

138 

 

14,138 

Cooper Tire & Rubber Co.  

 

16,600 

 

130,144 

Denso Corp.  

 

300 

 

10,269 

Goodyear Tire & Rubber Co.*  

 

36,200 

 

645,446 

Lear Corp.*  

 

10,600 

 

150,308 

Magna International, Inc. "A"  

 

500 

 

29,754 

 

 

 

 

Nokian Renkaat Oyj  

 

14,735 

 

703,151 

Rieter Holding AG (Registered)  

 

6 

 

1,945 

Stoneridge, Inc.*  

 

10,000 

 

170,600 

Toyota Industries Corp.  

 

200 

 

6,366 

TRW Automotive Holdings Corp.*  

 

46,200 

 

853,314 

 

**4,349,038**

**Automobiles 0.1%**

 
Daimler AG (Registered)  

 

823 

 

50,802 

Fiat SpA  

 

5,985 

 

97,709 

Honda Motor Co., Ltd.  

 

1,100 

 

37,426 

Isuzu Motors Ltd.  

 

1,000 

 

4,802 

Mitsubishi Motors Corp.*  

 

3,000 

 

5,445 

Nissan Motor Co., Ltd.  

 

1,400 

 

11,525 

PSA Peugeot Citroen  

 

169 

 

9,099 

Renault SA  

 

194 

 

15,872 

Suzuki Motor Corp.  

 

14,900 

 

351,564 

Toyota Motor Corp.  

 

1,700 

 

79,964 

Volkswagen AG  

 

138 

 

39,773 

 

**703,981**

**Distributors 0.0%**

 
Inchcape PLC  

 

792 

 

5,014 

Li & Fung Ltd.  

 

22,000 

 

66,158 

 

**71,172**

**Diversified Consumer Services 0.1%**

 
DeVry, Inc.  

 

6,100 

 

**327,082**

**Hotels Restaurants & Leisure 1.0%**

 
Accor SA  

 

229 

 

15,212 

Bally Technologies, Inc.*  

 

3,400 

 

114,920 

Bob Evans Farms, Inc.  

 

1,200 

 

34,320 

Buffalo Wild Wings, Inc.*  

 

4,900 

 

121,667 

California Pizza Kitchen, Inc.*  

 

8,000 

 

89,520 

Carnival PLC  

 

221 

 

7,021 

CEC Entertainment, Inc.*  

 

7,500 

 

210,075 

Chipotle Mexican Grill, Inc. "B"*  

 

1,300 

 

97,968 

CKE Restaurants, Inc.  

 

2,800 

 

34,916 

Compass Group PLC  

 

2,937 

 

22,066 

Crown Ltd.  

 

4,192 

 

37,275 

Darden Restaurants, Inc.  

 

30,400 

 

970,976 

Enterprise Inns PLC  

 

717 

 

5,786 

InterContinental Hotel Group PLC  

 

373 

 

4,978 

Lottomatica SpA  

 

218 

 

6,496 

McDonald's Corp.  

 

14,900 

 

837,678 

P.F. Chang's China Bistro, Inc.*  

 

9,800 

 

218,932 

Shangri-La Asia Ltd.  

 

12,000 

 

27,979 

Sodexo  

 

129 

 

8,434 

TABCORP Holdings Ltd.  

 

5,771 

 

54,208 

Tatts Group Ltd.  

 

13,276 

 

29,711 

Town Sports International Holdings, Inc.*  

 

21,200 

 

198,008 

TUI AG  

 

232 

 

5,368 

Whitbread PLC  

 

338 

 

8,242 

WMS Industries, Inc.*  

 

8,700 

 

258,999 

Yum! Brands, Inc.  

 

94,900 

 

3,330,041 

 

**6,750,796**

 

 

 

 

**Household Durables 0.5%**

 
American Greetings Corp. "A"  

 

1,400 

 

17,276 

CSS Industries, Inc.  

 

7,000 

 

169,540 

D.R. Horton, Inc.  

 

149,300 

 

1,619,905 

Electrolux AB "B"  

 

1,200 

 

15,227 

Furniture Brands International, Inc.  

 

11,000 

 

146,960 

Hooker Furniture Corp.  

 

9,400 

 

162,808 

Husqvarna AB "B"  

 

1,300 

 

11,303 

Libbey, Inc.  

 

3,900 

 

29,016 

Makita Corp.  

 

6,000 

 

244,724 

Matsushita Electric Industrial Co., Ltd.  

 

1,000 

 

21,445 

NVR, Inc.*  

 

1,000 

 

500,080 

Persimmon PLC  

 

383 

 

2,396 

Sekisui House Ltd.  

 

1,000 

 

9,316 

Sharp Corp.  

 

1,000 

 

16,317 

Sony Corp.  

 

600 

 

25,779 

Tupperware Brands Corp.  

 

4,700 

 

160,834 

 

**3,152,926**

**Internet & Catalog Retail 0.0%**

 
Home Retail Group PLC  

 

1,046 

 

4,517 

Overstock.com, Inc.*  

 

6,800 

 

176,460 

Priceline.com, Inc.*  

 

800 

 

92,368 

 

**273,345**

**Media 1.7%**

 
British Sky Broadcasting Group PLC  

 

1,807 

 

16,968 

DG Fastchannel, Inc.*  

 

9,200 

 

158,700 

DISH Network Corp. "A"*  

 

113,700 

 

3,329,136 

Fairfax Media Ltd.  

 

14,193 

 

39,928 

Gestevision Telecinco SA  

 

500 

 

6,359 

Global Sources Ltd.*  

 

13,740 

 

208,573 

ITV PLC  

 

4,753 

 

4,208 

Lagardere SCA  

 

166 

 

9,434 

Mediaset SpA  

 

5,737 

 

37,711 

Modern Times Group MTG AB "B"  

 

250 

 

14,656 

Omnicom Group, Inc.  

 

57,200 

 

2,567,136 

Pearson PLC  

 

966 

 

11,805 

Publicis Groupe  

 

212 

 

6,842 

Reed Elsevier NV  

 

4,876 

 

81,789 

Reed Elsevier PLC  

 

1,396 

 

15,961 

Scholastic Corp.*  

 

1,000 

 

28,660 

Seat Pagine Gialle SpA*  

 

27,435 

 

2,845 

SES "A" (FDR)  

 

261 

 

6,576 

Shaw Communications, Inc. "B"  

 

2,300 

 

46,961 

Singapore Press Holdings Ltd.  

 

129,000 

 

401,489 

The DIRECTV Group, Inc.*  

 

158,300 

 

4,101,553 

Thomson Reuters Corp.  

 

1,300 

 

41,944 

Thomson Reuters PLC  

 

202 

 

5,399 

United Business Media Ltd.  

 

550 

 

5,965 

Vivendi  

 

1,187 

 

44,936 

Wolters Kluwer NV  

 

2,435 

 

56,485 

WPP Group PLC  

 

1,283 

 

12,351 

Yell Group PLC  

 

1,016 

 

1,415 

Yellow Pages Income Fund (Unit)  

 

600 

 

5,207 

 

**11,270,992**

 

 

 

 

**Multiline Retail 0.0%**

 
Canadian Tire Corp. Ltd. "A"  

 

400 

 

20,751 

Marks & Spencer Group PLC  

 

1,707 

 

11,148 

Next PLC  

 

252 

 

4,858 

PPR  

 

86 

 

9,501 

 

**46,258**

**Specialty Retail 1.2%**

 
AnnTaylor Stores Corp.*  

 

71,300 

 

1,708,348 

Build-A-Bear Workshop, Inc.*  

 

11,000 

 

79,970 

Esprit Holdings Ltd.  

 

49,400 

 

514,181 

Gymboree Corp.*  

 

2,700 

 

108,189 

Hennes & Mauritz AB "B"  

 

2,150 

 

116,045 

Hot Topic, Inc.*  

 

6,900 

 

37,329 

Industria de Diseno Textil SA  

 

3,657 

 

168,106 

Jo-Ann Stores, Inc.*  

 

6,300 

 

145,089 

Jos. A. Bank Clothiers, Inc.*  

 

7,800 

 

208,650 

Kingfisher PLC  

 

2,909 

 

6,491 

RadioShack Corp.  

 

97,200 

 

1,192,644 

Rent-A-Center, Inc.*  

 

13,000 

 

267,410 

Systemax, Inc.  

 

10,700 

 

188,855 

Talbots, Inc.  

 

12,800 

 

148,352 

The Buckle, Inc.  

 

5,900 

 

269,807 

The Gap, Inc.  

 

174,700 

 

2,912,249 

Yamada Denki Co., Ltd.  

 

70 

 

4,976 

 

**8,076,691**

**Textiles, Apparel & Luxury Goods 0.7%**

 
Adidas AG  

 

3,793 

 

238,816 

Billabong International Ltd.  

 

200 

 

2,067 

Burberry Group PLC  

 

630 

 

5,656 

Compagnie Financiere Richemont SA "A" (Unit)  

 

5,002 

 

276,236 

Fossil, Inc.*  

 

8,700 

 

252,909 

G-III Apparel Group Ltd.*  

 

2,200 

 

27,148 

Gildan Activewear, Inc.*  

 

600 

 

15,422 

Hanesbrands, Inc.*  

 

86,100 

 

2,336,754 

Hermes International  

 

82 

 

12,847 

Luxottica Group SpA  

 

740 

 

17,299 

LVMH Moet Hennessy Louis Vuitton SA  

 

250 

 

26,055 

Perry Ellis International, Inc.*  

 

8,400 

 

178,248 

Phillips-Van Heusen Corp.  

 

11,000 

 

402,820 

Swatch Group AG (Bearer)  

 

143 

 

35,434 

Swatch Group AG (Registered)  

 

241 

 

11,206 

The Warnaco Group, Inc.*  

 

6,000 

 

264,420 

Wolverine World Wide, Inc.  

 

9,200 

 

245,364 

 

**4,348,701**

**Consumer Staples 3.7%**

 
**Beverages 0.9%**

 
Asahi Breweries Ltd.  

 

1,100 

 

20,553 

Carlsberg AS "B"  

 

7,900 

 

762,214 

Coca-Cola Amatil Ltd.  

 

2,147 

 

14,414 

Coca-Cola Enterprises, Inc.  

 

25,000 

 

432,500 

Diageo PLC  

 

2,872 

 

52,750 

Dr. Pepper Snapple Group, Inc.*  

 

288 

 

6,042 

Foster's Group Ltd.  

 

6,329 

 

30,722 

Heineken NV  

 

860 

 

43,712 

InBev NV  

 

4,085 

 

282,360 

 

 

 

 

Kirin Holdings Co., Ltd.  

 

2,000 

 

31,145 

Pepsi Bottling Group, Inc.  

 

136,500 

 

3,811,080 

Pernod Ricard SA  

 

372 

 

38,154 

SABMiller PLC  

 

1,041 

 

23,837 

 

**5,549,483**

**Food & Staples Retailing 0.6%**

 
Aeon Co., Ltd.  

 

1,700 

 

20,941 

Carrefour SA  

 

1,176 

 

66,314 

Casino Guichard-Perrachon SA  

 

123 

 

13,887 

Colruyt SA  

 

122 

 

32,101 

Delhaize Group  

 

731 

 

49,136 

George Weston Ltd.  

 

500 

 

23,110 

Ingles Markets, Inc. "A"  

 

3,100 

 

72,323 

J Sainsbury PLC  

 

1,965 

 

12,436 

Kesko Oyj "B"  

 

199 

 

6,401 

Koninklijke Ahold NV  

 

3,447 

 

46,175 

Lawson, Inc.  

 

200 

 

9,743 

Loblaw Companies Ltd.  

 

1,000 

 

29,823 

Metro AG  

 

1,069 

 

68,118 

Metro, Inc. "A"  

 

600 

 

14,263 

Nash Finch Co.  

 

1,200 

 

41,124 

Olam International Ltd.  

 

3,000 

 

5,373 

Seven & I Holdings Co., Ltd.  

 

2,100 

 

60,038 

Shoppers Drug Mart Corp.  

 

2,000 

 

109,621 

Sysco Corp.  

 

41,100 

 

1,130,661 

Tesco PLC  

 

8,774 

 

64,431 

Wal-Mart Stores, Inc.  

 

34,500 

 

1,938,900 

Wesfarmers Ltd.  

 

1,881 

 

67,153 

Wesfarmers Ltd. (PPS)  

 

246 

 

8,862 

William Morrison Supermarkets PLC  

 

2,064 

 

10,921 

Winn-Dixie Stores, Inc.*  

 

1,500 

 

24,030 

Woolworths Ltd.  

 

3,605 

 

84,382 

 

**4,010,267**

**Food Products 0.6%**

 
Ajinomoto Co., Inc.  

 

2,000 

 

18,892 

Cadbury PLC  

 

1,536 

 

19,274 

Cal-Maine Foods, Inc.  

 

7,500 

 

247,425 

Chaoda Modern Agriculture (Holdings) Ltd.  

 

104,000 

 

130,818 

Danisco AS  

 

850 

 

54,596 

Darling International, Inc.*  

 

20,200 

 

333,704 

Dean Foods Co.*  

 

10,600 

 

207,972 

Flowers Foods, Inc.  

 

14,400 

 

408,096 

Fresh Del Monte Produce, Inc.*  

 

9,500 

 

223,915 

Golden Agri-Resources Ltd.  

 

11,000 

 

7,301 

Groupe DANONE  

 

864 

 

60,460 

IAWS Group PLC  

 

239 

 

5,983 

Imperial Sugar Co.  

 

7,700 

 

119,581 

Kerry Group PLC "A" (a) 

 

2,732 

 

81,142 

Kerry Group PLC "A" (a) 

 

2,803 

 

82,944 

Nestle SA (Registered)  

 

18,918 

 

854,833

Nissin Food Products Co., Ltd.  

 

200 

 

6,700 

Parmalat SpA  

 

4,471 

 

11,655 

Ralcorp Holdings, Inc.*  

 

1,300 

 

64,272 

Saputo, Inc.  

 

1,500 

 

42,866 

Tate & Lyle PLC  

 

684 

 

5,406 

 

 

 

 

Tyson Foods, Inc. "A"  

 

38,200 

 

570,708 

Unilever NV (CVA)  

 

4,690 

 

133,002 

Unilever PLC  

 

1,440 

 

40,967 

Wilmar International Ltd.  

 

2,000 

 

7,456 

 

**3,739,968**

**Household Products 0.6%**

 
Colgate-Palmolive Co.  

 

52,900 

 

3,655,390 

Henkel AG & Co. KGaA  

 

797 

 

29,836 

Kao Corp.  

 

1,000 

 

26,194 

Procter & Gamble Co.  

 

7,900 

 

480,399 

Reckitt Benckiser Group PLC  

 

433 

 

21,925 

Unicharm Corp.  

 

100 

 

7,097 

 

**4,220,841**

**Personal Products 0.5%**

 
American Oriental Bioengineering, Inc.*  

 

15,700 

 

154,959 

Beiersdorf AG  

 

812 

 

59,730 

Herbalife Ltd.  

 

72,800 

 

2,821,000 

L'Oreal SA  

 

505 

 

54,855 

Shiseido Co., Ltd.  

 

1,000 

 

22,920 

 

**3,113,464**

**Tobacco 0.5%**

 
Alliance One International, Inc.*  

 

12,700 

 

64,897 

Altria Group, Inc.  

 

58,100 

 

1,194,536 

British American Tobacco PLC  

 

1,673 

 

57,691 

Imperial Tobacco Group PLC  

 

6,633 

 

246,873 

Japan Tobacco, Inc.  

 

11 

 

46,815 

Philip Morris International, Inc.*  

 

30,300 

 

1,496,517 

Swedish Match AB  

 

12,200 

 

248,528 

 

**3,355,857**

**Energy 8.6%**

 
**Energy Equipment & Services 0.3%**

 
Acergy SA  

 

500 

 

11,149 

Aker Solutions ASA  

 

450 

 

10,580 

AMEC PLC  

 

67,743 

 

1,198,423 

Compagnie Generale de Geophysique-Veritas*  

 

126 

 

5,949 

Dawson Geophysical Co.*  

 

1,600 

 

95,136 

FMC Technologies, Inc.*  

 

1,900 

 

146,167 

Fugro NV (CVA)  

 

849 

 

72,391 

Oil States International, Inc.*  

 

1,600 

 

101,504 

Petroleum Geo-Services ASA  

 

450 

 

10,993 

Prosafe Production Public Ltd.*  

 

500 

 

2,896 

Prosafe SE  

 

500 

 

4,944 

Saipem SpA  

 

298 

 

13,959 

SBM Offshore NV  

 

2,046 

 

75,374 

Seadrill Ltd.  

 

700 

 

21,390 

Technip SA  

 

115 

 

10,573 

WorleyParsons Ltd.  

 

411 

 

14,893 

 

**1,796,321**

**Oil, Gas & Consumable Fuels 8.3%**

 
Alpha Natural Resources, Inc.*  

 

4,900 

 

511,021 

Apache Corp.  

 

32,400 

 

4,503,600 

Berry Petroleum Co. "A"  

 

6,500 

 

382,720 

BG Group PLC  

 

17,718 

 

461,544 

 

 

 

 

Bill Barrett Corp.*  

 

5,200 

 

308,932 

BP PLC  

 

5,924 

 

68,725 

Brigham Exploration Co.*  

 

13,500 

 

213,705 

Callon Petroleum Co.*  

 

9,300 

 

254,448 

Cameco Corp.  

 

200 

 

8,591 

Canadian Natural Resources Ltd.  

 

200 

 

19,778 

Canadian Oil Sands Trust (Unit)  

 

200 

 

10,787 

Chevron Corp.  

 

81,540 

 

8,083,060 

Cimarex Energy Co.  

 

15,000 

 

1,045,050 

Clayton Williams Energy, Inc.*  

 

2,500 

 

274,875 

CNOOC Ltd.  

 

247,500 

 

429,294 

Comstock Resources, Inc.*  

 

5,700 

 

481,251 

ConocoPhillips  

 

70,600 

 

6,663,934 

Enbridge, Inc.  

 

200 

 

8,642 

EnCana Corp.  

 

300 

 

27,467 

Encore Acquisition Co.*  

 

5,300 

 

398,507 

Eni SpA  

 

3,542 

 

131,895 

ExxonMobil Corp.  

 

70,700 

 

6,230,791 

Frontline Ltd.  

 

18,400 

 

1,283,952 

Gazprom (ADR) (REG S)  

 

13,450 

 

778,574 

Hess Corp.  

 

29,700 

 

3,747,843 

Husky Energy, Inc.  

 

200 

 

9,575 

Imperial Oil Ltd.  

 

200 

 

11,015 

INPEX Holdings, Inc.  

 

5 

 

63,341 

KazMunaiGas Exploration Production (GDR) 144A  

 

10,800 

 

336,960 

Knightsbridge Tankers Ltd.  

 

2,100 

 

67,641 

Mariner Energy, Inc.*  

 

12,900 

 

476,913 

McMoRan Exploration Co.*  

 

9,800 

 

269,696 

Mongolia Energy Corp., Ltd.*  

 

15,000 

 

28,972 

Nexen, Inc.  

 

300 

 

11,962 

Nippon Mining Holdings, Inc.  

 

5,000 

 

31,384 

Nippon Oil Corp.  

 

8,000 

 

53,840 

Noble Energy, Inc.  

 

33,400 

 

3,358,704 

Occidental Petroleum Corp.  

 

51,100 

 

4,591,846 

OMV AG  

 

1,916 

 

149,564 

Origin Energy Ltd.  

 

2,402 

 

36,995 

Paladin Energy Ltd.*  

 

950 

 

5,801 

Petro-Canada  

 

300 

 

16,802 

Petrohawk Energy Corp.*  

 

1,600 

 

74,096 

Petroleo Brasileiro SA (ADR)  

 

7,200 

 

509,976 

PetroQuest Energy, Inc.*  

 

12,500 

 

336,250 

PT Bumi Resources Tbk  

 

258,600 

 

231,123 

Repsol YPF SA  

 

8,202 

 

322,712 

Rosetta Resources, Inc.*  

 

5,600 

 

159,600 

Royal Dutch Shell PLC "A"  

 

1,131 

 

46,422 

Royal Dutch Shell PLC "B"  

 

862 

 

34,644 

Santos Ltd.  

 

1,672 

 

34,450 

Spectra Energy Corp.  

 

55,400 

 

1,592,196 

StatoilHydro ASA  

 

15,650 

 

584,277 

Suncor Energy, Inc.  

 

400 

 

23,223 

Swift Energy Co.*  

 

6,500 

 

429,390 

Talisman Energy, Inc.  

 

400 

 

8,857 

TonenGeneral Sekiyu KK  

 

2,000 

 

18,140 

Total SA  

 

7,701 

 

656,517 

W&T Offshore, Inc.  

 

43,200 

 

2,527,632 

 

 

 

 

Whiting Petroleum Corp.*  

 

4,000 

 

424,320 

Williams Companies, Inc.  

 

9,800 

 

395,038 

Woodside Petroleum Ltd.  

 

1,104 

 

71,673 

 

**54,330,533**

**Financials 7.7%**

 
**Capital Markets 1.8%**

 
3i Group PLC  

 

38,186 

 

623,901 

Bank of New York Mellon Corp.  

 

115,000 

 

4,350,450 

BlackRock, Inc.  

 

3,300 

 

584,100 

Charles Schwab Corp.  

 

31,900 

 

655,226 

Credit Suisse Group (Registered)  

 

847 

 

38,432 

Daiwa Securities Group, Inc.  

 

1,000 

 

9,152 

FCStone Group, Inc.*  

 

7,600 

 

212,268 

IGM Financial, Inc.  

 

200 

 

8,289 

Julius Baer Holding AG (Registered)  

 

167 

 

11,177 

Man Group PLC  

 

19,005 

 

234,268 

Mediobanca SpA  

 

1,048 

 

17,705 

Nomura Holdings, Inc.  

 

1,300 

 

19,204 

Northern Trust Corp.  

 

58,900 

 

4,038,773 

Prospect Capital Corp.  

 

19,153 

 

252,436 

State Street Corp.  

 

8,600 

 

550,314 

T. Rowe Price Group, Inc.  

 

9,500 

 

536,465 

UBS AG (Registered)*  

 

2,487 

 

51,417 

Waddell & Reed Financial, Inc. "A"  

 

3,200 

 

112,032 

 

**12,305,609**

**Commercial Banks 1.8%**

 
Allied Irish Banks PLC  

 

5,260 

 

80,816 

Anglo Irish Bank Corp. PLC  

 

3,219 

 

29,860 

Australia & New Zealand Banking Group Ltd.  

 

1,305 

 

23,364 

Banca Monte dei Paschi di Siena SpA  

 

1,361 

 

3,829 

Banca Popolare di Milano Scarl  

 

596 

 

5,559 

Banco Bilbao Vizcaya Argentaria SA  

 

2,118 

 

40,345 

Banco Bradesco SA (ADR) (Preferred)  

 

19,400 

 

396,924 

Banco Comercial Portugues SA (Registered)  

 

79,576 

 

171,341 

Banco Espirito Santo SA (Registered)  

 

7,393 

 

114,821 

Banco Popolare Societa Cooperativa  

 

347 

 

6,120 

Banco Popular Espanol SA  

 

820 

 

11,330 

Banco Santander SA  

 

4,624 

 

84,370 

Bank of East Asia Ltd.  

 

2,400 

 

13,014 

Bank of Ireland  

 

6,384 

 

55,347 

Bank of Montreal  

 

400 

 

16,672 

Bank of Nova Scotia  

 

800 

 

36,615 

Barclays PLC  

 

2,184 

 

12,644 

Barclays PLC (Subscription Shares)*  

 

468 

 

89 

BB&T Corp.  

 

30,900 

 

703,593 

BNP Paribas  

 

2,362 

 

211,617 

BOC Hong Kong (Holdings) Ltd.  

 

6,500 

 

17,191 

Boston Private Financial Holdings, Inc.  

 

8,700 

 

49,329 

Canadian Imperial Bank of Commerce  

 

300 

 

16,505 

City Holding Co.  

 

3,000 

 

122,310 

Commercial Bank of Qatar (GDR) 144A*  

 

61,100 

 

519,350 

Commerzbank AG  

 

288 

 

8,509 

Commonwealth Bank of Australia  

 

903 

 

34,699 

Community Bank System, Inc.  

 

1,300 

 

26,806 

 

 

 

 

Credit Agricole SA  

 

542 

 

10,983 

Danske Bank AS  

 

3,800 

 

109,012 

DBS Group Holdings Ltd.  

 

4,000 

 

55,570 

Deutsche Postbank AG  

 

94 

 

8,225 

Dexia SA  

 

985 

 

15,636 

DnB NOR ASA  

 

8,400 

 

106,486 

Erste Bank der oesterreichischen Sparkassen AG  

 

5,869 

 

363,050 

First Financial Bankshares, Inc.  

 

800 

 

36,648 

First Merchants Corp.  

 

800 

 

14,520 

Grupo Financiero Banorte SAB de CV "O"  

 

55,700 

 

261,943 

Hang Seng Bank Ltd.  

 

1,900 

 

40,039 

HBOS PLC  

 

1,192 

 

6,524 

HSBC Holdings PLC (Registered)  

 

13,671 

 

210,789 

Hypo Real Estate Holding AG  

 

213 

 

5,968 

ICICI Bank Ltd. (ADR)  

 

7,400 

 

212,824 

Intesa Sanpaolo  

 

92,515 

 

526,378 

Intesa Sanpaolo (RNC)  

 

641 

 

3,300 

Jyske Bank AS (Registered)*  

 

500 

 

29,709 

KBC Groep NV  

 

1,398 

 

154,171 

Lakeland Bancorp., Inc.  

 

3,600 

 

43,848 

Lloyds TSB Group PLC  

 

1,913 

 

11,724 

Mitsubishi UFJ Financial Group, Inc.  

 

6,200 

 

54,578 

Mizuho Financial Group, Inc.  

 

6 

 

27,785 

National Australia Bank Ltd.  

 

1,170 

 

29,641 

National Bank of Canada  

 

200 

 

9,932 

National Bank of Greece SA  

 

3,744 

 

168,642 

National Penn Bancshares, Inc.  

 

18,400 

 

244,352 

Nordea Bank AB  

 

6,000 

 

82,145 

Old National Bancorp.  

 

1,900 

 

27,094 

Oriental Financial Group, Inc.  

 

14,900 

 

212,474 

Oversea-Chinese Banking Corp., Ltd.  

 

8,000 

 

48,117 

Qatar National Bank*  

 

1,195 

 

74,841 

Raiffeisen International Bank-Holding AG  

 

504 

 

63,869 

Republic Bancorp., Inc. "A"  

 

2,600 

 

63,960 

Resona Holdings, Inc.  

 

4 

 

6,125 

Royal Bank of Canada  

 

1,000 

 

44,945 

Royal Bank of Scotland Group PLC  

 

3,121 

 

13,311 

Shinsei Bank Ltd.  

 

2,000 

 

6,829 

Skandinaviska Enskilda Banken AB "A"  

 

1,300 

 

23,927 

Societe Generale  

 

270 

 

23,244 

Southside Bancshares, Inc.  

 

1,500 

 

27,660 

Standard Chartered PLC  

 

11,142 

 

315,085 

Sterling Bancshares, Inc.  

 

17,500 

 

159,075 

Suffolk Bancorp.  

 

500 

 

14,690 

Sumitomo Mitsui Financial Group, Inc.  

 

4 

 

30,009 

Sumitomo Trust & Banking Co., Ltd.  

 

1,000 

 

6,969 

Susquehanna Bancshares, Inc.  

 

15,900 

 

217,671 

Svenska Handelsbanken AB "A"  

 

1,300 

 

30,736 

Swedbank AB "A"  

 

300 

 

5,758 

Sydbank AS  

 

550 

 

20,931 

The Bank of Yokohama Ltd.  

 

1,000 

 

6,897 

The Shizuoka Bank Ltd.  

 

1,000 

 

10,230 

Tompkins Financial Corp.  

 

1,500 

 

55,800 

Toronto-Dominion Bank  

 

200 

 

12,602 

UMB Financial Corp.  

 

5,500 

 

281,985 

 

 

 

 

UniCredit SpA  

 

65,480 

 

398,874 

Unione di Banche Italiane ScpA  

 

562 

 

13,137 

United Overseas Bank Ltd.  

 

4,000 

 

54,916 

VTB Bank OJSC (GDR) 144A*  

 

42,900 

 

298,155 

Wells Fargo & Co.  

 

148,900 

 

3,536,375 

WesBanco, Inc.  

 

3,200 

 

54,880 

Westpac Banking Corp.  

 

1,312 

 

25,101 

 

**11,843,663**

**Consumer Finance 0.1%**

 
Dollar Financial Corp.*  

 

4,100 

 

61,951 

EZCORP., Inc. "A"*  

 

14,500 

 

184,875 

ORIX Corp.  

 

70 

 

10,115 

World Acceptance Corp.*  

 

2,600 

 

87,542 

 

**344,483**

**Diversified Financial Services 1.2%**

 
ASX Ltd.  

 

175 

 

5,257 

CME Group, Inc.  

 

1,100 

 

421,509 

Compagnie Nationale a Portefeuille  

 

85 

 

6,374 

Deutsche Boerse AG  

 

2,686 

 

301,367 

Fortis  

 

4,371 

 

69,374 

Groupe Bruxelles Lambert SA  

 

164 

 

19,422 

Hong Kong Exchanges & Clearing Ltd.  

 

1,600 

 

23,242 

ING Groep NV (CVA)  

 

2,679 

 

84,661 

Interactive Brokers Group, Inc. "A"*  

 

6,900 

 

221,697 

IntercontinentalExchange, Inc.*  

 

17,900 

 

2,040,600 

Investor AB "B"  

 

600 

 

12,593 

KBC Ancora  

 

70 

 

6,079 

NYSE Euronext  

 

51,800 

 

2,624,188 

OMX AB  

 

200 

 

8,668 

Singapore Exchange Ltd.  

 

3,000 

 

15,287 

The Nasdaq OMX Group, Inc.*  

 

71,300 

 

1,893,015 

 

**7,753,333**

**Insurance 1.6%**

 
ACE Ltd.  

 

74,100 

 

4,082,169 

Aegon NV  

 

2,740 

 

36,197 

Allianz SE (Registered)  

 

1,522 

 

267,433 

Allied World Assurance Co. Holdings Ltd.  

 

26,200 

 

1,038,044 

AMP Ltd.  

 

1,450 

 

9,284 

AmTrust Financial Services, Inc.  

 

17,000 

 

214,200 

Aspen Insurance Holdings Ltd.  

 

5,800 

 

137,286 

Assicurazioni Generali SpA  

 

811 

 

31,040 

Aviva PLC  

 

909 

 

9,007 

Axa  

 

6,385 

 

188,195 

Darwin Professional Underwriters, Inc.*  

 

900 

 

27,720 

Great-West Lifeco, Inc.  

 

200 

 

5,719 

Hallmark Financial Services, Inc.*  

 

5,600 

 

54,152 

Harleysville Group, Inc.  

 

800 

 

27,064 

Insurance Australia Group Ltd.  

 

1,711 

 

5,651 

IPC Holdings Ltd.  

 

2,700 

 

71,685 

Irish Life & Permanent PLC  

 

1,795 

 

18,553 

Legal & General Group PLC  

 

3,476 

 

6,897 

Manulife Financial Corp.  

 

1,200 

 

41,965 

MetLife, Inc.  

 

9,100 

 

480,207 

Millea Holdings, Inc.  

 

500 

 

19,462 

 

 

 

 

Mitsui Sumitomo Insurance Group Holdings, Inc.*  

 

300 

 

10,323 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)  

 

192 

 

33,606 

National Interstate Corp.  

 

1,200 

 

22,056 

Navigators Group, Inc.*  

 

4,200 

 

227,010 

NIPPONKOA Insurance Co., Ltd.  

 

1,000 

 

8,693 

Old Mutual PLC  

 

2,119 

 

3,881 

PartnerRe Ltd.  

 

15,200 

 

1,050,776 

Platinum Underwriters Holdings Ltd.  

 

5,900 

 

192,399 

Power Corp. of Canada  

 

300 

 

9,185 

Power Financial Corp.  

 

200 

 

6,504 

Prudential PLC  

 

40,456 

 

428,502 

QBE Insurance Group Ltd.  

 

15,412 

 

327,295 

Reinsurance Group of America, Inc.  

 

12,500 

 

544,000 

Sampo Oyj "A"  

 

6,100 

 

153,320 

SeaBright Insurance Holdings, Inc.*  

 

12,300 

 

178,104 

Sompo Japan Insurance, Inc.  

 

1,000 

 

9,378 

Storebrand ASA  

 

4,800 

 

35,480 

Sun Life Financial, Inc.  

 

400 

 

16,456 

Suncorp-Metway Ltd.  

 

731 

 

9,120 

Swiss Life Holding (Registered)*  

 

29 

 

7,702 

Swiss Re (Registered)  

 

287 

 

18,991 

T&D Holdings, Inc.  

 

150 

 

9,250 

Topdanmark AS*  

 

150 

 

22,584 

Unum Group  

 

16,200 

 

331,290 

Validus Holdings Ltd.  

 

1,000 

 

21,250 

Vienna Insurance Group  

 

256 

 

16,892 

Zurich Financial Services AG (Registered)  

 

116 

 

29,619 

 

**10,495,596**

**Real Estate Investment Trusts 1.0%**

 
Alexandria Real Estate Equities, Inc. (REIT)  

 

1,300 

 

126,542 

AMB Property Corp. (REIT)  

 

3,000 

 

151,140 

AvalonBay Communities, Inc. (REIT)  

 

2,600 

 

231,816 

BioMed Realty Trust, Inc. (REIT)  

 

6,500 

 

159,445 

CapitaMall Trust (REIT)  

 

4,000 

 

8,807 

Corio NV (REIT)  

 

101 

 

7,844 

Corporate Office Properties Trust (REIT)  

 

3,700 

 

127,021 

Cousins Properties, Inc. (REIT)  

 

5,600 

 

129,360 

Digital Realty Trust, Inc. (REIT)  

 

5,000 

 

204,550 

EastGroup Properties, Inc. (REIT)  

 

2,800 

 

120,120 

Equity Lifestyle Properties, Inc. (REIT)  

 

2,600 

 

114,400 

Equity One, Inc. (REIT)  

 

7,000 

 

143,850 

Equity Residential (REIT)  

 

18,100 

 

692,687 

First Industrial Realty Trust, Inc. (REIT)  

 

4,800 

 

131,856 

Glimcher Realty Trust (REIT)  

 

6,000 

 

67,080 

Goodman Group (REIT)  

 

1,533 

 

4,552 

GPT Group (REIT)  

 

2,169 

 

4,627 

Healthcare Realty Trust, Inc. (REIT)  

 

4,900 

 

116,473 

Home Properties, Inc. (REIT)  

 

3,700 

 

177,822 

Host Hotels & Resorts, Inc. (REIT)  

 

25,500 

 

348,075 

Land Securities Group PLC (REIT)  

 

252 

 

6,145 

LaSalle Hotel Properties (REIT)  

 

5,000 

 

125,650 

Link (REIT)  

 

3,500 

 

7,963 

Maguire Properties, Inc. (REIT)  

 

2,000 

 

24,340 

Mirvac Group (REIT)  

 

1,210 

 

3,426 

National Retail Properties, Inc. (REIT)  

 

6,400 

 

133,760 

 

 

 

 

Nationwide Health Properties, Inc. (REIT)  

 

900 

 

28,341 

Pennsylvania Real Estate Investment Trust (REIT)  

 

3,800 

 

87,932 

ProLogis (REIT)  

 

8,300 

 

451,105 

Public Storage (REIT)  

 

8,780 

 

709,336 

Realty Income Corp. (REIT)  

 

4,200 

 

95,592 

Redwood Trust, Inc. (REIT)  

 

2,000 

 

45,580 

Simon Property Group, Inc. (REIT)  

 

11,000 

 

988,790 

Sovran Self Storage, Inc. (REIT)  

 

3,500 

 

145,460 

Stockland (REIT)  

 

1,308 

 

6,747 

Sunstone Hotel Investors, Inc. (REIT)  

 

3,900 

 

64,740 

Tanger Factory Outlet Centers, Inc. (REIT)  

 

3,900 

 

140,127 

The Macerich Co. (REIT)  

 

1,900 

 

118,047 

Unibail-Rodamco (REIT)  

 

58 

 

13,390 

Vornado Realty Trust (REIT)  

 

2,500 

 

220,000 

Washington Real Estate Investment Trust (REIT)  

 

4,800 

 

144,240 

Wereldhave NV (REIT)  

 

67 

 

7,055 

Westfield Group (REIT)  

 

1,301 

 

20,270 

 

**6,656,103**

**Real Estate Management & Development 0.1%**

 
Brookfield Asset Management, Inc. "A"  

 

400 

 

12,984 

CapitaLand Ltd.  

 

5,000 

 

21,001 

Cheung Kong (Holdings) Ltd.  

 

2,000 

 

26,895 

City Developments Ltd.  

 

1,000 

 

8,003 

Daiwa House Industry Co., Ltd.  

 

1,000 

 

9,339 

Hang Lung Properties Ltd.  

 

3,000 

 

9,596 

Henderson Land Development Co., Ltd.  

 

2,000 

 

12,443 

Immoeast AG*  

 

3,604 

 

31,774 

Immofinanz Immobilien Anlagen AG  

 

4,480 

 

46,180 

Kerry Properties Ltd.  

 

1,000 

 

5,240 

Lend Lease Corp., Ltd.  

 

408 

 

3,730 

Meinl European Land Ltd.*  

 

2,411 

 

27,056 

Mitsubishi Estate Co., Ltd.  

 

1,000 

 

22,831 

Mitsui Fudosan Co., Ltd.  

 

1,000 

 

21,317 

New World Development Co., Ltd.  

 

3,000 

 

6,094 

Sino Land Co., Ltd.  

 

2,000 

 

3,966 

Sun Hung Kai Properties Ltd.  

 

2,000 

 

27,077 

Swire Pacific Ltd. "A"  

 

1,000 

 

10,275 

Wharf Holdings Ltd.  

 

53,000 

 

221,463 

 

**527,264**

**Thrifts & Mortgage Finance 0.1%**

 
Dime Community Bancshares  

 

7,000 

 

115,570 

Flagstar Bancorp., Inc.  

 

11,100 

 

33,411 

Flushing Financial Corp.  

 

5,600 

 

106,120 

Northwest Bancorp., Inc.  

 

3,100 

 

67,642 

Ocwen Financial Corp.*  

 

6,800 

 

31,620 

WSFS Financial Corp.  

 

1,300 

 

57,980 

 

**412,343**

**Health Care 6.5%**

 
**Biotechnology 0.8%**

 
Actelion Ltd. (Registered)*  

 

117 

 

6,226 

Alkermes, Inc.*  

 

10,700 

 

132,252 

Alnylam Pharmaceuticals, Inc.*  

 

7,200 

 

192,456 

CSL Ltd.  

 

4,293 

 

147,137 

Cubist Pharmaceuticals, Inc.*  

 

11,000 

 

196,460 

 

 

 

 

Enzon Pharmaceuticals, Inc.*  

 

12,500 

 

89,000 

Gilead Sciences, Inc.*  

 

68,800 

 

3,642,960 

Grifols SA  

 

482 

 

15,360 

Onyx Pharmaceuticals, Inc.*  

 

5,400 

 

192,240 

OSI Pharmaceuticals, Inc.*  

 

9,000 

 

371,880 

 

**4,985,971**

**Health Care Equipment & Supplies 1.8%**

 
Align Technology, Inc.*  

 

14,200 

 

148,958 

Baxter International, Inc.  

 

52,200 

 

3,337,668 

Becton, Dickinson & Co.  

 

35,600 

 

2,894,280 

Cochlear Ltd.  

 

455 

 

19,061 

Essilor International SA  

 

909 

 

55,461 

Getinge AB "B"  

 

400 

 

9,764 

Intuitive Surgical, Inc.*  

 

8,300 

 

2,236,020 

Meridian Bioscience, Inc.  

 

6,700 

 

180,364 

Merit Medical Systems, Inc.*  

 

3,900 

 

57,330 

Nobel Biocare Holding AG (Bearer)  

 

225 

 

7,312 

Olympus Corp.  

 

1,000 

 

33,890 

Smith & Nephew PLC  

 

2,003 

 

21,998 

Sonova Holding AG (Registered)  

 

88 

 

7,245 

St. Jude Medical, Inc.*  

 

46,800 

 

1,913,184 

SurModics, Inc.*  

 

5,000 

 

224,200 

Synthes, Inc.  

 

109 

 

14,957 

Terumo Corp.  

 

8,100 

 

412,729 

William Demant Holding AS*  

 

50 

 

3,287 

 

**11,577,708**

**Health Care Providers & Services 0.7%**

 
Aetna, Inc.  

 

40,900 

 

1,657,677 

Alliance Imaging, Inc.*  

 

7,300 

 

63,291 

Animal Health International, Inc.*  

 

2,000 

 

12,460 

Apria Healthcare Group, Inc.*  

 

7,800 

 

151,242 

Celesio AG  

 

905 

 

32,712 

Centene Corp.*  

 

12,300 

 

206,517 

CorVel Corp.*  

 

6,200 

 

209,994 

Fresenius Medical Care AG & Co. KGaA  

 

10,162 

 

559,570 

Healthspring, Inc.*  

 

15,100 

 

254,888 

Kindred Healthcare, Inc.*  

 

9,100 

 

261,716 

Medco Health Solutions, Inc.*  

 

12,400 

 

585,280 

Mediceo Paltac Holdings Co., Ltd.  

 

600 

 

11,032 

Owens & Minor, Inc.  

 

9,000 

 

411,210 

RehabCare Group, Inc.*  

 

5,900 

 

94,577 

Sonic Healthcare Ltd.  

 

2,742 

 

38,196 

Suzuken Co., Ltd.  

 

300 

 

11,070 

 

**4,561,432**

**Health Care Technology 0.0%**

 
Agfa Gevaert NV*  

 

234 

 

1,512 

Eclipsys Corp.*  

 

11,800 

 

216,648 

Phase Forward, Inc.*  

 

2,500 

 

44,925 

 

**263,085**

**Life Sciences Tools & Services 0.2%**

 
Albany Molecular Research, Inc.*  

 

1,000 

 

13,270 

Cambrex Corp.*  

 

23,900 

 

140,293 

eResearchTechnology, Inc.*  

 

17,600 

 

306,944 

Gerresheimer AG  

 

7,606 

 

387,037 

 

 

 

 

Lonza Group AG (Registered)  

 

4,041 

 

557,840 

MDS, Inc.*  

 

200 

 

3,250 

PAREXEL International Corp.*  

 

7,000 

 

184,170 

QIAGEN NV*  

 

129 

 

2,607 

 

**1,595,411**

**Pharmaceuticals 3.0%**

 
Astellas Pharma, Inc.  

 

2,300 

 

97,703 

AstraZeneca PLC  

 

2,802 

 

119,166 

Caraco Pharmaceutical Laboratories Ltd.*  

 

6,200 

 

81,840 

Chugai Pharmaceutical Co., Ltd.  

 

1,300 

 

20,827 

Cypress Bioscience, Inc.*  

 

17,900 

 

128,701 

Daiichi Sankyo Co., Ltd.  

 

3,300 

 

90,738 

Eisai Co., Ltd.  

 

1,200 

 

42,328 

Elan Corp. PLC*  

 

15,792 

 

565,641 

Eli Lilly & Co.  

 

80,200 

 

3,702,032 

GlaxoSmithKline PLC  

 

11,121 

 

245,786 

Hisamitsu Pharmaceutical Co., Inc.  

 

300 

 

13,038 

Johnson & Johnson  

 

20,300 

 

1,306,102 

Kyowa Hakko Kogyo Co., Ltd.  

 

1,000 

 

10,233 

Medicines Co.*  

 

13,400 

 

265,588 

Medicis Pharmaceutical Corp. "A"  

 

14,700 

 

305,466 

Merck & Co., Inc.  

 

83,200 

 

3,135,808 

Merck KGaA  

 

812 

 

115,300 

Mitsubishi Tanabe Pharma Corp.  

 

1,000 

 

13,089 

Novartis AG (Registered)  

 

3,147 

 

172,570 

Novo Nordisk AS "B"  

 

10,075 

 

663,796 

Ono Pharmaceutical Co., Ltd.  

 

400 

 

22,062 

Perrigo Co.  

 

10,900 

 

346,293 

Pfizer, Inc.  

 

355,600 

 

6,212,332 

Roche Holding AG (Genusschein)  

 

4,466 

 

801,383 

Salix Pharmaceuticals Ltd.*  

 

19,500 

 

137,085 

Sanofi-Aventis  

 

4,514 

 

300,296 

Shionogi & Co., Ltd.  

 

1,000 

 

19,759 

Shire Ltd.  

 

873 

 

14,307 

Takeda Pharmaceutical Co., Ltd.  

 

3,900 

 

197,780 

UCB SA  

 

6,188 

 

227,592 

 

**19,374,641**

**Industrials 8.1%**

 
**Aerospace & Defense 1.8%**

 
BAE Systems PLC  

 

28,518 

 

251,006 

Boeing Co.  

 

68,100 

 

4,475,532 

Bombardier, Inc. "B"*  

 

4,900 

 

35,608 

CAE, Inc.  

 

1,000 

 

11,298 

Cobham PLC  

 

1,695 

 

6,668 

Esterline Technologies Corp.*  

 

3,700 

 

182,262 

European Aeronautic Defence & Space Co.  

 

334 

 

6,269 

Finmeccanica SpA  

 

314 

 

8,205 

General Dynamics Corp.  

 

3,300 

 

277,860 

Goodrich Corp.  

 

43,000 

 

2,040,780 

Honeywell International, Inc.  

 

84,800 

 

4,263,744 

Meggitt PLC  

 

1,213 

 

5,127 

Rolls-Royce Group PLC*  

 

2,741 

 

18,611 

Singapore Technologies Engineering Ltd.  

 

13,000 

 

26,058 

Teledyne Technologies, Inc.*  

 

7,200 

 

351,288 

 

 

 

 

Triumph Group, Inc.  

 

2,500 

 

117,750 

 

**12,078,066**

**Air Freight & Logistics 0.1%**

 
Deutsche Post AG (Registered)  

 

775 

 

20,218 

Hub Group, Inc. "A"*  

 

5,000 

 

170,650 

Pacer International, Inc.  

 

12,900 

 

277,479 

TNT NV  

 

1,082 

 

36,752 

Toll Holdings Ltd.  

 

2,318 

 

13,414 

 

**518,513**

**Airlines 0.0%**

 
Air France-KLM  

 

155 

 

3,693 

Alaska Air Group, Inc.*  

 

1,400 

 

21,476 

Allegiant Travel Co.*  

 

1,000 

 

18,590 

Deutsche Lufthansa AG (Registered)  

 

303 

 

6,508 

Iberia Lineas Aereas de Espana SA  

 

1,322 

 

3,146 

Qantas Airways Ltd.  

 

4,271 

 

12,441 

Singapore Airlines Ltd.  

 

4,000 

 

43,291 

 

**109,145**

**Building Products 0.3%**

 
Apogee Enterprises, Inc.  

 

12,500 

 

202,000 

Armstrong World Industries, Inc.  

 

11,600 

 

338,952 

Asahi Glass Co., Ltd.  

 

1,000 

 

12,114 

Assa Abloy AB "B"  

 

600 

 

8,671 

Compagnie de Saint-Gobain  

 

270 

 

16,852 

Daikin Industries Ltd.  

 

200 

 

10,074 

Geberit AG (Registered)  

 

86 

 

12,596 

Gibraltar Industries, Inc.  

 

1,900 

 

30,343 

Insteel Industries, Inc.  

 

9,200 

 

168,452 

USG Corp.*  

 

32,000 

 

946,240 

Wienerberger AG  

 

98 

 

4,108 

 

**1,750,402**

**Commercial Services & Supplies 1.0%**

 
Adecco SA (Registered)  

 

270 

 

13,315 

American Ecology Corp.  

 

1,300 

 

38,389 

Babcock International Group PLC  

 

35,288 

 

429,321 

Bowne & Co., Inc.  

 

4,400 

 

56,100 

Brambles Ltd.  

 

5,824 

 

48,912 

Capita Group PLC  

 

504 

 

6,892 

Clean Harbors, Inc.*  

 

3,300 

 

234,498 

Comfort Systems USA, Inc.  

 

18,300 

 

245,952 

COMSYS IT Partners, Inc.*  

 

16,300 

 

148,656 

Consolidated Graphics, Inc.*  

 

5,000 

 

246,350 

Experian Group Ltd.  

 

1,147 

 

8,477 

Exponent, Inc.*  

 

900 

 

28,269 

G4S PLC  

 

1,553 

 

6,256 

GeoEye, Inc.*  

 

6,600 

 

116,886 

Heidrick & Struggles International, Inc.  

 

2,600 

 

71,864 

Herman Miller, Inc.  

 

1,200 

 

29,868 

Hudson Highland Group, Inc.*  

 

14,200 

 

148,674 

IKON Office Solutions, Inc.  

 

9,400 

 

106,032 

Intertek Group PLC  

 

13,617 

 

267,516 

Manpower, Inc.  

 

19,800 

 

1,153,152 

Randstad Holding NV  

 

471 

 

16,434 

Rentokil Initial PLC  

 

3,402 

 

6,718 

 

 

 

 

Secom Co., Ltd.  

 

100 

 

4,869 

Securitas AB "B"  

 

600 

 

6,959 

Serco Group PLC  

 

749 

 

6,647 

SGS SA (Registered)  

 

10 

 

14,266 

Standard Register Co.  

 

2,600 

 

24,518 

The Brink's Co.  

 

49,300 

 

3,225,206 

Toppan Printing Co., Ltd.  

 

1,000 

 

10,995 

Volt Information Sciences, Inc.*  

 

10,900 

 

129,819 

Watson Wyatt Worldwide, Inc. "A"  

 

1,000 

 

52,890 

 

**6,904,700**

**Construction & Engineering 1.0%**

 
Acciona SA  

 

150 

 

35,388 

ACS, Actividades de Construccion y Servicios SA  

 

1,406 

 

70,217 

Arabtec Holding Co.*  

 

290 

 

1,279 

Balfour Beatty PLC  

 

659 

 

5,567 

Boart Longyear Group  

 

5,295 

 

11,306 

Bouygues SA  

 

261 

 

17,207 

EMCOR Group, Inc.*  

 

12,600 

 

359,478 

FLSmidth & Co. AS  

 

2,450 

 

268,558 

Fluor Corp.  

 

18,000 

 

3,349,440 

Fomento de Construcciones y Contratas SA  

 

299 

 

17,652 

Granite Construction, Inc.  

 

800 

 

25,224 

Grupo Ferrovial SA  

 

444 

 

27,421 

Hochtief AG  

 

49 

 

4,956 

Leighton Holdings Ltd.  

 

12,974 

 

625,282 

MasTec, Inc.*  

 

20,800 

 

221,728 

Michael Baker Corp.*  

 

1,000 

 

21,880 

Orascom Construction Industries (GDR)  

 

100 

 

13,700 

Orascom Construction Industries (GDR) (REG S)  

 

1,600 

 

218,757 

Perini Corp.*  

 

7,000 

 

231,350 

Sacyr Vallehermoso SA  

 

70 

 

2,125 

Shaw Group, Inc.*  

 

11,100 

 

685,869 

Skanska AB "B"  

 

600 

 

8,569 

SNC-Lavalin Group, Inc.  

 

500 

 

27,469 

Vinci SA  

 

385 

 

23,491 

YIT Oyj  

 

1,109 

 

27,693 

 

**6,301,606**

**Electrical Equipment 0.2%**

 
ABB Ltd. (Registered)*  

 

3,557 

 

100,389 

Acuity Brands, Inc.  

 

6,700 

 

322,136 

Alstom  

 

72 

 

16,508 

Gamesa Corp. Tecnologica SA  

 

1,142 

 

56,052 

GrafTech International Ltd.*  

 

10,600 

 

284,398 

II-VI, Inc.*  

 

6,600 

 

230,472 

LSI Industries, Inc.  

 

2,000 

 

16,240 

Mitsubishi Electric Corp.  

 

1,000 

 

10,815 

Q-Cells AG*  

 

56 

 

5,667 

Renewable Energy Corp. AS*  

 

150 

 

3,866 

Schneider Electric SA  

 

201 

 

21,665 

Solarworld AG  

 

89 

 

4,225 

Sumitomo Electric Industries Ltd.  

 

600 

 

7,642 

Superior Essex, Inc.*  

 

5,300 

 

236,539 

Vestas Wind Systems AS*  

 

700 

 

91,334 

 

**1,407,948**

 

 

 

 

**Industrial Conglomerates 0.4%**

 
CSR Ltd.  

 

4,742 

 

11,076 

Fraser & Neave Ltd.  

 

7,000 

 

23,390 

General Electric Co.  

 

71,000 

 

1,894,990 

Hutchison Whampoa Ltd.  

 

15,000 

 

151,686 

Keppel Corp., Ltd.  

 

9,000 

 

74,208 

Koninklijke (Royal) Philips Electronics NV  

 

2,982 

 

100,697 

Orkla ASA  

 

900 

 

11,516 

SembCorp Industries Ltd.  

 

7,000 

 

21,508 

Siemens AG (Registered)  

 

917 

 

101,544 

Smiths Group PLC  

 

609 

 

13,150 

 

**2,403,765**

**Machinery 1.8%**

 
AGCO Corp.*  

 

46,700 

 

2,447,547 

Alfa Laval AB  

 

700 

 

10,826 

Atlas Copco AB "A"  

 

1,200 

 

17,640 

Atlas Copco AB "B"  

 

800 

 

10,631 

Badger Meter, Inc.  

 

3,200 

 

161,696 

Caterpillar, Inc.  

 

41,400 

 

3,056,148 

Chart Industries, Inc.*  

 

1,400 

 

68,096 

China Infrastructure Machinery Holdings Ltd.  

 

148,000 

 

136,668 

Columbus McKinnon Corp.*  

 

7,700 

 

185,416 

EnPro Industries, Inc.*  

 

6,200 

 

231,508 

FANUC Ltd.  

 

100 

 

9,744 

Flowserve Corp.  

 

23,900 

 

3,267,130 

Gorman-Rupp Co.  

 

500 

 

19,920 

Invensys PLC*  

 

1,137 

 

5,888 

KCI Konecranes Oyj  

 

115 

 

4,744 

Komatsu Ltd.  

 

17,000 

 

472,712 

Kone Oyj "B"  

 

1,371 

 

47,897 

Kubota Corp.  

 

1,000 

 

7,172 

MAN AG  

 

116 

 

12,852 

Metso Corp.  

 

1,117 

 

50,536 

Mitsubishi Heavy Industries Ltd.  

 

2,000 

 

9,577 

Parker Hannifin Corp.  

 

11,100 

 

791,652 

Sandvik AB  

 

1,600 

 

21,860 

Scania AB "B"  

 

600 

 

8,211 

Schindler Holding AG  

 

121 

 

8,975 

SembCorp. Marine Ltd.  

 

4,000 

 

11,976 

SKF AB "B"  

 

800 

 

12,527 

SMC Corp.  

 

100 

 

10,978 

Sulzer AG (Registered)  

 

60 

 

7,608 

Trimas Corp.*  

 

4,900 

 

29,351 

Twin Disc, Inc.  

 

1,900 

 

39,767 

Vallourec SA  

 

49 

 

17,117 

Valmont Industries, Inc.  

 

2,800 

 

292,012 

Volvo AB "A"  

 

300 

 

3,524 

Volvo AB "B"  

 

1,900 

 

23,178 

Wartsila Corp. "B"  

 

735 

 

46,006 

Zardoya Otis SA  

 

769 

 

15,936 

 

**11,575,026**

**Marine 0.4%**

 
A P Moller-Maersk AS "A"  

 

1 

 

12,201 

A P Moller-Maersk AS "B"  

 

5 

 

60,894 

 

 

 

 

Kirby Corp.*  

 

55,400 

 

2,659,200 

Kuehne & Nagel International AG (Registered)  

 

117 

 

11,069 

Mitsui OSK Lines Ltd.  

 

1,000 

 

14,362 

Nippon Yusen Kabushiki Kaisha  

 

1,000 

 

9,596 

Pacific Basin Shipping Ltd.  

 

9,000 

 

12,776 

TBS International Ltd. "A"*  

 

4,100 

 

163,795 

 

**2,943,893**

**Road & Rail 0.8%**

 
Arkansas Best Corp.  

 

7,100 

 

260,144 

Canadian National Railway Co.  

 

1,600 

 

76,854 

Canadian Pacific Railway Ltd.  

 

500 

 

33,196 

Central Japan Railway Co.  

 

1 

 

11,013 

CSX Corp.  

 

25,400 

 

1,595,374 

DSV AS  

 

1,000 

 

23,926 

East Japan Railway Co.  

 

2 

 

16,279 

FirstGroup PLC  

 

629 

 

6,505 

MTR Corp., Ltd.  

 

10,000 

 

31,438 

Ryder System, Inc.  

 

45,200 

 

3,113,376 

Tokyu Corp.  

 

1,000 

 

5,182 

West Japan Railway Co.  

 

2 

 

9,824 

 

**5,183,111**

**Trading Companies & Distributors 0.2%**

 
Applied Industrial Technologies, Inc.  

 

3,200 

 

77,344 

Bunzl PLC  

 

487 

 

6,340 

Finning International, Inc.  

 

200 

 

5,002 

Itochu Corp.  

 

1,000 

 

10,615 

Marubeni Corp.  

 

1,000 

 

8,338 

Mitsubishi Corp.  

 

16,400 

 

539,625 

Mitsui & Co., Ltd.  

 

15,000 

 

331,166 

Noble Group Ltd.  

 

146,200 

 

255,479 

Sumitomo Corp.  

 

800 

 

10,487 

Wolseley PLC  

 

828 

 

6,156 

 

**1,250,552**

**Transportation Infrastructure 0.1%**

 
Abertis Infraestructuras SA  

 

1,910 

 

45,090 

Atlantia SpA  

 

277 

 

8,360 

Brisa  

 

16,395 

 

188,917 

Cintra Concesiones de Infraestructuras de Transporte SA  

 

1,459 

 

16,258 

Hopewell Holdings Ltd.  

 

4,000 

 

14,187 

Macquarie Infrastructure Group (Unit)  

 

11,449 

 

25,414 

Novorossiysk Sea Trade Port (GDR) 144A*  

 

5,100 

 

76,347 

Transurban Group (Unit)  

 

4,660 

 

18,795 

 

**393,368**

**Information Technology 7.2%**

 
**Communications Equipment 0.2%**

 
Alcatel-Lucent*  

 

8,959 

 

53,939 

Avocent Corp.*  

 

3,000 

 

55,800 

Black Box Corp.  

 

2,400 

 

65,256 

Nokia Oyj  

 

17,066 

 

418,051 

Nortel Networks Corp.*  

 

1,300 

 

10,645 

Plantronics, Inc.  

 

7,200 

 

160,704 

Research In Motion Ltd.*  

 

1,200 

 

140,853 

Tandberg ASA  

 

100 

 

1,638 

Tekelec*  

 

14,700 

 

216,237 

 

 

 

 

Telefonaktiebolaget LM Ericsson "B"  

 

13,000 

 

134,151 

 

**1,257,274**

**Computers & Peripherals 3.0%**

 
Apple, Inc.*  

 

31,300 

 

5,240,872 

Fujitsu Ltd.  

 

2,000 

 

14,789 

Hewlett-Packard Co.  

 

124,300 

 

5,495,303 

International Business Machines Corp.  

 

27,400 

 

3,247,722 

Intevac, Inc.*  

 

6,700 

 

75,576 

Lexmark International, Inc. "A"*  

 

82,300 

 

2,751,289 

Logitech International SA (Registered)*  

 

11,941 

 

318,306 

NEC Corp.  

 

2,000 

 

10,503 

Toshiba Corp.  

 

3,000 

 

22,057 

Western Digital Corp.*  

 

64,000 

 

2,209,920 

Wincor Nixdorf AG  

 

127 

 

8,817 

 

**19,395,154**

**Electronic Equipment & Instruments 0.2%**

 
Benchmark Electronics, Inc.*  

 

5,100 

 

83,334 

Cognex Corp.  

 

900 

 

20,745 

Daktronics, Inc.  

 

900 

 

18,153 

Electrocomponents PLC  

 

2,551 

 

7,437 

Fujifilm Holdings Corp.  

 

300 

 

10,272 

Hitachi Ltd.  

 

3,000 

 

21,576 

Hoya Corp.  

 

300 

 

6,952 

IBIDEN Co., Ltd.  

 

100 

 

3,618 

Insight Enterprises, Inc.*  

 

12,400 

 

145,452 

Kyocera Corp.  

 

100 

 

9,390 

Multi-Fineline Electronix, Inc.*  

 

8,200 

 

226,894 

Murata Manufacturing Co., Ltd.  

 

200 

 

9,487 

Nidec Corp.  

 

100 

 

6,645 

Omron Corp.  

 

200 

 

4,318 

SYNNEX Corp.*  

 

7,900 

 

198,211 

TDK Corp.  

 

100 

 

5,996 

TTM Technologies, Inc.*  

 

15,100 

 

199,471 

 

**977,951**

**Internet Software & Services 0.7%**

 
CMGI, Inc.*  

 

6,100 

 

64,660 

Earthlink, Inc.*  

 

15,700 

 

135,805 

eBay, Inc.*  

 

39,300 

 

1,074,069 

Google, Inc. "A"*  

 

4,865 

 

2,561,033 

GSI Commerce, Inc.*  

 

7,800 

 

106,314 

InfoSpace, Inc.  

 

5,000 

 

41,650 

j2 Global Communications, Inc.*  

 

5,500 

 

126,500 

Marchex, Inc. "B"  

 

1,500 

 

18,480 

Sohu.com, Inc.*  

 

1,700 

 

119,748 

United Internet AG (Registered)  

 

308 

 

6,064 

United Online, Inc.  

 

8,300 

 

83,249 

ValueClick, Inc.*  

 

8,600 

 

130,290 

Websense, Inc.*  

 

4,800 

 

80,832 

Yahoo! Japan Corp.  

 

13 

 

4,984 

 

**4,553,678**

**IT Services 0.4%**

 
Atos Origin SA*  

 

266 

 

14,638 

Cap Gemini SA  

 

536 

 

31,504 

CGI Group, Inc. "A"*  

 

900 

 

8,968 

 

 

 

 

Computer Sciences Corp.*  

 

7,300 

 

341,932 

CSG Systems International, Inc.*  

 

9,500 

 

104,690 

Gartner, Inc.*  

 

14,300 

 

296,296 

iGATE Corp.*  

 

1,600 

 

13,008 

Indra Sistemas SA  

 

13,833 

 

358,769 

Integral Systems, Inc.  

 

1,200 

 

46,440 

Logica PLC  

 

27,892 

 

59,897 

MAXIMUS, Inc.  

 

8,900 

 

309,898 

NTT Data Corp.  

 

1 

 

3,901 

Redecard SA (GDR) 144A  

 

8,800 

 

340,231 

SAIC, Inc.*  

 

20,500 

 

426,605 

VeriFone Holdings, Inc.*  

 

35,400 

 

423,030 

 

**2,779,807**

**Office Electronics 0.1%**

 
Canon, Inc.  

 

18,200 

 

932,933 

Konica Minolta Holdings, Inc.  

 

500 

 

8,464 

Neopost SA  

 

135 

 

14,257 

Ricoh Co., Ltd.  

 

1,000 

 

18,100 

 

**973,754**

**Semiconductors & Semiconductor Equipment 0.9%**

 
ANADIGICS, Inc.*  

 

5,600 

 

55,160 

ARM Holdings PLC  

 

2,245 

 

3,782 

ASML Holding NV  

 

5,888 

 

143,403 

Elpida Memory, Inc.*  

 

200 

 

6,423 

Infineon Technologies AG*  

 

2,595 

 

22,421 

Mattson Technology, Inc.*  

 

28,300 

 

134,708 

Microsemi Corp.*  

 

7,600 

 

191,368 

Monolithic Power Systems, Inc.*  

 

6,300 

 

136,206 

Pericom Semiconductor Corp.*  

 

10,500 

 

155,820 

ROHM Co., Ltd.  

 

100 

 

5,738 

Semtech Corp.*  

 

17,700 

 

249,039 

Skyworks Solutions, Inc.*  

 

29,700 

 

293,139 

Standard Microsystems Corp.*  

 

2,600 

 

70,590 

STMicroelectronics NV  

 

2,765 

 

28,527 

Techwell, Inc.*  

 

2,100 

 

25,872 

Texas Instruments, Inc.  

 

133,600 

 

3,762,176 

Tokyo Electron Ltd.  

 

200 

 

11,500 

TriQuint Semiconductor, Inc.*  

 

38,600 

 

233,916 

Ultratech, Inc.*  

 

6,900 

 

107,088 

Volterra Semiconductor Corp.*  

 

12,400 

 

214,024 

Zoran Corp.*  

 

12,700 

 

148,590 

 

**5,999,490**

**Software 1.7%**

 
Advent Software, Inc.*  

 

6,200 

 

223,696 

Compuware Corp.*  

 

22,700 

 

216,558 

Dassault Systemes SA  

 

246 

 

14,928 

JDA Software Group, Inc.*  

 

15,600 

 

282,360 

Microsoft Corp.  

 

300,058 

 

8,254,596 

Misys PLC  

 

1,521 

 

4,502 

Net 1 UEPS Technologies, Inc.*  

 

5,400 

 

131,220 

Nintendo Co., Ltd.  

 

1,400 

 

787,923 

Parametric Technology Corp.*  

 

7,200 

 

120,024 

Progress Software Corp.*  

 

2,100 

 

53,697 

Renaissance Learning, Inc.  

 

2,700 

 

30,267 

 

 

 

 

SAP AG  

 

2,604 

 

136,121 

Secure Computing Corp.*  

 

6,600 

 

27,324 

Solera Holdings, Inc.*  

 

1,400 

 

38,724 

SPSS, Inc.*  

 

1,200 

 

43,644 

Sybase, Inc.*  

 

1,400 

 

41,188 

Symantec Corp.*  

 

37,560 

 

726,786 

The Sage Group PLC  

 

24,696 

 

102,250 

 

**11,235,808**

**Materials 3.5%**

 
**Chemicals 1.3%**

 
Agrium, Inc.  

 

100 

 

10,783 

Air Liquide SA  

 

117 

 

15,425 

Akzo Nobel NV  

 

1,217 

 

83,318 

Asahi Kasei Corp.  

 

2,000 

 

10,495 

BASF SE  

 

960 

 

66,113 

Bayer AG  

 

8,220 

 

690,429 

Calgon Carbon Corp.*  

 

12,100 

 

187,066 

CF Industries Holdings, Inc.  

 

3,800 

 

580,640 

Ciba Holding AG (Registered)  

 

254 

 

7,278 

Dow Chemical Co.  

 

106,900 

 

3,731,879 

GenTek, Inc.*  

 

3,000 

 

80,670 

Givaudan SA (Registered)  

 

20 

 

17,812 

Incitec Pivot Ltd.  

 

37 

 

6,518 

JSR Corp.  

 

300 

 

5,949 

K+S AG  

 

22 

 

12,622 

Koninklijke DSM NV  

 

824 

 

48,182 

Kuraray Co., Ltd.  

 

500 

 

5,976 

Linde AG  

 

2,225 

 

311,939 

Mitsubishi Chemical Holdings Corp.  

 

1,500 

 

8,705 

Mitsubishi Gas Chemical Co., Inc.  

 

1,000 

 

7,200 

Mitsui Chemicals, Inc.  

 

1,000 

 

4,919 

NewMarket Corp.  

 

3,500 

 

231,805 

Nitto Denko Corp.  

 

200 

 

7,662 

Novozymes AS "B"  

 

2,350 

 

211,042 

Orica Ltd.  

 

303 

 

8,499 

Potash Corp. of Saskatchewan, Inc.  

 

2,701 

 

626,690 

Shin-Etsu Chemical Co., Ltd.  

 

700 

 

43,196 

Showa Denko KK  

 

2,000 

 

5,301 

Solvay SA  

 

1,163 

 

151,235 

Sumitomo Chemical Co., Ltd.  

 

2,000 

 

12,575 

Syngenta AG (Registered)  

 

264 

 

85,436 

Teijin Ltd.  

 

2,000 

 

6,846 

Terra Industries, Inc.  

 

8,600 

 

424,410 

Toray Industries, Inc.  

 

2,000 

 

10,743 

Ube Industries Ltd.  

 

2,000 

 

7,068 

Umicore  

 

2,527 

 

124,666 

Uralkali (GDR) 144A*  

 

8,300 

 

603,410 

Yara International ASA  

 

2,850 

 

251,391 

 

**8,705,893**

**Construction Materials 0.1%**

 
CRH PLC (a) 

 

3,346 

 

96,728 

CRH PLC (a) 

 

7,493 

 

218,080 

Fletcher Building Ltd.  

 

468 

 

2,264 

Holcim Ltd. (Registered)  

 

596 

 

48,190 

 

 

 

 

Imerys SA  

 

70 

 

5,063 

Lafarge SA  

 

186 

 

28,455 

 

**398,780**

**Containers & Packaging 0.0%**

 
AEP Industries, Inc.*  

 

2,000 

 

34,740 

Rock-Tenn Co. "A"  

 

8,400 

 

251,916 

 

**286,656**

**Metals & Mining 2.0%**

 
Acerinox SA  

 

6,561 

 

150,467 

Agnico-Eagle Mines Ltd.  

 

100 

 

7,501 

AK Steel Holding Corp.  

 

30,800 

 

2,125,200 

Alumina Ltd.  

 

1,124 

 

5,084 

Anglo American PLC  

 

6,636 

 

470,021 

ArcelorMittal  

 

779 

 

76,897 

Barrick Gold Corp.  

 

600 

 

27,426 

BHP Billiton Ltd.  

 

1,763 

 

75,089 

BHP Billiton PLC  

 

1,249 

 

47,973 

BlueScope Steel Ltd.  

 

707 

 

7,674 

Boliden AB  

 

2,800 

 

22,612 

Companhia Vale do Rio Doce (ADR)

 

6,000 

 

214,920 

Compass Minerals International, Inc.  

 

5,500 

 

443,080 

Eramet  

 

7 

 

6,903 

First Quantum Minerals Ltd.  

 

100 

 

6,899 

Fording Canadian Coal Trust (Unit)  

 

100 

 

9,562 

Fortescue Metals Group Ltd.*  

 

1,040 

 

11,789 

Freeport-McMoRan Copper & Gold, Inc.  

 

29,300 

 

3,433,667 

Goldcorp, Inc.  

 

500 

 

23,051 

JFE Holdings, Inc.  

 

800 

 

40,213 

Kinross Gold Corp.  

 

400 

 

9,454 

Kobe Steel Ltd.  

 

4,000 

 

11,424 

Mitsubishi Materials Corp.  

 

2,000 

 

8,535 

Newcrest Mining Ltd.  

 

392 

 

11,061 

Nippon Steel Corp.  

 

8,000 

 

43,218 

Nisshin Steel Co., Ltd.  

 

2,000 

 

6,787 

Norsk Hydro ASA  

 

10,200 

 

148,484 

Nucor Corp.  

 

41,200 

 

3,076,404 

Olympic Steel, Inc.  

 

3,500 

 

265,720 

Outokumpu Oyj  

 

1,656 

 

57,525 

Oxiana Ltd.*  

 

1,529 

 

3,826 

Rautaruukki Oyj  

 

1,193 

 

54,244 

Reliance Steel & Aluminum Co.  

 

10,900 

 

840,281 

Rio Tinto Ltd.  

 

182 

 

23,726 

Rio Tinto PLC  

 

413 

 

50,637 

Salzgitter AG  

 

47 

 

8,589 

Schnitzer Steel Industries, Inc. "A"  

 

3,000 

 

343,800 

SSAB Svenskt Stal AB "A"  

 

1,700 

 

54,594 

Sumitomo Metal Industries Ltd.  

 

6,000 

 

26,332 

Sumitomo Metal Mining Co., Ltd.  

 

1,000 

 

15,222 

Teck Cominco Ltd. "B"  

 

300 

 

14,466 

ThyssenKrupp AG  

 

372 

 

23,312 

Universal Stainless & Alloy Products, Inc.*  

 

2,600 

 

96,304 

Vedanta Resources PLC  

 

9,721 

 

423,918 

voestalpine AG  

 

162 

 

13,286 

Xstrata PLC  

 

6,095 

 

484,396 

 

 

 

 

Yamana Gold, Inc.  

 

400 

 

6,653 

 

**13,328,226**

**Paper & Forest Products 0.1%**

 
Buckeye Technologies, Inc.*  

 

7,400 

 

62,604 

Oji Paper Co., Ltd.  

 

2,000 

 

9,415 

Schweitzer-Mauduit International, Inc.  

 

5,200 

 

87,620 

Stora Enso Oyj "R"  

 

8,291 

 

77,185 

Svenska Cellulosa AB "B"  

 

4,800 

 

67,586 

UPM-Kymmene Oyj  

 

7,372 

 

119,845 

 

**424,255**

**Telecommunication Services 3.4%**

 
**Diversified Telecommunication Services 3.0%**

 
Alaska Communications Systems Group, Inc.  

 

6,600 

 

78,804 

AT&T, Inc.  

 

126,859 

 

4,273,880 

Atlantic Tele-Network, Inc.  

 

6,000 

 

165,060 

BCE, Inc.  

 

1,600 

 

55,781 

Belgacom SA  

 

732 

 

31,379 

BT Group PLC  

 

13,010 

 

51,713 

Cable & Wireless PLC  

 

4,236 

 

12,685 

Cincinnati Bell, Inc.*  

 

38,400 

 

152,832 

Deutsche Telekom AG (Registered)  

 

12,407 

 

202,854 

Elisa Oyj  

 

666 

 

13,879 

Embarq Corp.  

 

75,400 

 

3,564,158 

France Telecom SA  

 

10,042 

 

294,783 

Global Crossing Ltd.*  

 

11,900 

 

213,486 

Koninklijke (Royal) KPN NV  

 

12,523 

 

214,083 

Nippon Telegraph & Telephone Corp.  

 

40 

 

194,970 

NTELOS Holdings Corp.  

 

1,200 

 

30,444 

Portugal Telecom SGPS SA (Registered)  

 

17,333 

 

195,360 

Premiere Global Services, Inc.*  

 

7,200 

 

104,976 

PT Telekomunikasi Indonesia (ADR)  

 

9,500 

 

306,375 

Singapore Telecommunications Ltd.  

 

176,000 

 

469,698 

Swisscom AG (Registered)  

 

660 

 

219,446 

Tele2 AB "B"  

 

2,100 

 

40,830 

Telecom Corp. of New Zealand Ltd.  

 

153,357 

 

416,053 

Telecom Italia SpA  

 

71,324 

 

142,823 

Telecom Italia SpA (RNC)  

 

45,323 

 

73,070 

Telefonica SA  

 

39,382 

 

1,040,824 

Telekom Austria AG  

 

9,599 

 

207,721 

Telenor ASA  

 

17,600 

 

329,847 

TeliaSonera AB  

 

14,500 

 

106,838 

Telstra Corp., Ltd.  

 

81,232 

 

329,919 

Telus Corp.  

 

400 

 

16,817 

Telus Corp. (Non-Voting Shares)  

 

900 

 

36,620 

Verizon Communications, Inc.  

 

170,300 

 

6,028,620 

 

**19,616,628**

**Wireless Telecommunication Services 0.4%**

 
America Movil SAB de CV "L" (ADR)  

 

6,300 

 

332,325 

Centennial Communications Corp.*  

 

27,500 

 

192,225 

China Mobile Ltd.  

 

21,500 

 

287,727 

iPCS, Inc.*  

 

1,400 

 

41,482 

KDDI Corp.  

 

23 

 

142,394 

Millicom International Cellular SA (SDR)  

 

425 

 

44,024 

Mobistar SA  

 

78 

 

6,335 

 

 

 

 

NTT DoCoMo, Inc.  

 

124 

 

181,849 

Rogers Communications, Inc. "B"  

 

2,900 

 

112,507 

Softbank Corp.  

 

5,900 

 

99,284 

Syniverse Holdings, Inc.*  

 

10,100 

 

163,620 

USA Mobility, Inc.*  

 

17,100 

 

129,105 

Vodafone Group PLC  

 

179,779 

 

529,719 

 

**2,262,596**

**Utilities 2.1%**

 
**Electric Utilities 1.7%**

 
American Electric Power Co., Inc.  

 

58,100 

 

2,337,363 

British Energy Group PLC  

 

3,090 

 

43,683 

Chubu Electric Power Co., Inc.  

 

3,700 

 

90,201 

Chugoku Electric Power Co., Inc.  

 

1,300 

 

27,755 

CLP Holdings Ltd.  

 

25,500 

 

218,352 

E.ON AG  

 

5,718 

 

1,151,477 

Edison International  

 

88,400 

 

4,541,992 

EDP - Energias de Portugal SA  

 

34,896 

 

181,926 

Electricite de France  

 

450 

 

42,665 

Enel SpA  

 

29,562 

 

280,501 

Fortis, Inc.  

 

3,200 

 

85,233 

Fortum Oyj  

 

969 

 

49,074 

Hokkaido Electric Power Co., Inc.  

 

1,100 

 

22,362 

Hokuriku Electric Power Co.  

 

900 

 

21,392 

HongKong Electric Holdings Ltd.  

 

15,000 

 

89,643 

Iberdrola SA  

 

54,559 

 

729,324 

Kansai Electric Power Co., Inc.  

 

3,800 

 

88,894 

Kyushu Electric Power Co., Inc.  

 

2,100 

 

43,880 

Oesterreichische Elektrizitaetswirtschafts AG "A"  

 

104 

 

9,305 

Portland General Electric Co.  

 

4,000 

 

90,080 

Red Electrica Corporacion SA  

 

340 

 

22,092 

RWE AG  

 

829 

 

104,578 

Scottish & Southern Energy PLC  

 

3,150 

 

87,904 

Shikoku Electric Power Co., Inc.  

 

900 

 

24,740 

Southern Co.  

 

10,000 

 

349,200 

Terna - Rate Elettrica Nationale SpA  

 

9,810 

 

41,490 

Tohoku Electric Power Co., Inc.  

 

2,400 

 

52,239 

Tokyo Electric Power Co., Inc.  

 

6,300 

 

161,886 

Union Fenosa SA  

 

687 

 

39,982 

Westar Energy, Inc.  

 

12,100 

 

260,271 

 

**11,289,484**

**Gas Utilities 0.2%**

 
Centrica PLC  

 

13,500 

 

83,283 

Enagas  

 

468 

 

13,232 

Gas Natural SDG SA  

 

729 

 

42,436 

Gaz de France  

 

363 

 

23,255 

Hong Kong & China Gas Co., Ltd.  

 

48,900 

 

117,287 

New Jersey Resources Corp.  

 

1,800 

 

58,770 

Osaka Gas Co., Ltd.  

 

11,000 

 

40,349 

Snam Rete Gas SpA  

 

6,997 

 

47,753 

South Jersey Industries, Inc.  

 

600 

 

22,416 

The Laclede Group, Inc.  

 

4,500 

 

181,665 

Tokyo Gas Co., Ltd.  

 

13,000 

 

52,303 

WGL Holdings, Inc.  

 

12,100 

 

420,354 

 

**1,103,103**

 

 

 

 

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

 
Electric Power Development Co., Ltd.  

 

900 

 

33,362 

Iberdrola Renovables*  

 

2,330 

 

17,987 

International Power PLC  

 

5,837 

 

49,943 

TransAlta Corp.  

 

4,100 

 

148,206 

 

**249,498**

**Multi-Utilities 0.1%**

 
A2A SpA  

 

6,205 

 

22,793 

AGL Energy Ltd.  

 

35,387 

 

485,597 

National Grid PLC  

 

8,996 

 

117,890 

Suez SA  

 

2,361 

 

160,349 

United Utilities PLC  

 

2,574 

 

35,110 

Veolia Environnement  

 

828 

 

46,132 

 

**867,871**

**Water Utilities 0.0%**

 
Severn Trent PLC  

 

708 

 

**18,082**

**Total Common Stocks** (Cost $386,141,109)

 

**370,728,441**

 

**Principal****Amount ($) (h)**

 

**Value ($)**

 

**Corporate Bonds 8.9%**

 
**Consumer Discretionary 1.0%**

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

 

 

120,000 

 

106,500 

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

 

 

20,000 

 

19,600 

American Achievement Group Holding Corp., 14.75%, 10/1/2012 (PIK)

 

 

37,581 

 

34,575 

Asbury Automotive Group, Inc.:

 
 

7.625%, 3/15/2017 

 

45,000 

 

36,225 

 

8.0%, 3/15/2014 

 

20,000 

 

17,300 

Ashtead Holdings PLC, 144A, 8.625%, 8/1/2015 

 

 

135,000 

 

117,450 

Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/2014 

 

 

20,000 

 

16,200 

Cablevision Systems Corp., Series B, 7.133% ***, 4/1/2009 

 

 

25,000 

 

25,000 

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

 

 

35,000 

 

28,525 

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

 

 

25,000 

 

21,750 

Charter Communications Holdings LLC, 11.0%, 10/1/2015 

 

 

30,000 

 

22,238 

Charter Communications Operating LLC, 144A, 10.875%, 9/15/2014 

 

 

90,000 

 

92,475 

Comcast Corp., 6.4%, 5/15/2038 

 

 

115,000 

 

106,084 

Cooper-Standard Automotive, Inc., 7.0%, 12/15/2012 

 

 

25,000 

 

20,875 

CSC Holdings, Inc.:

 
 

7.25%, 7/15/2008 

 

35,000 

 

35,000 

 

Series B, 7.625%, 4/1/2011 

 

40,000 

 

39,200 

 

Series B, 8.125%, 7/15/2009 

 

45,000 

 

45,338 

 

Series B, 8.125%, 8/15/2009 

 

85,000 

 

85,637 

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

 

 

10,000 

 

9,700 

DIRECTV Holdings LLC, 144A, 7.625%, 5/15/2016 

 

 

100,000 

 

98,500 

EchoStar DBS Corp.:

 
 

6.375%, 10/1/2011 

 

70,000 

 

67,550 

 

6.625%, 10/1/2014 

 

65,000 

 

60,125 

 

7.125%, 2/1/2016 

 

50,000 

 

46,125 

Fontainebleau Las Vegas Holdings LLC, 144A, 10.25%, 6/15/2015 

 

 

40,000 

 

26,000 

General Motors Corp.:

 
 

7.2%, 1/15/2011 

 

150,000 

 

115,500 

 

7.4%, 9/1/2025 

 

35,000 

 

18,025 

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

 

 

40,000 

 

38,800 

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

 

 

20,000 

 

18,700 

 

 

 

 

Grupo Televisa SA, 144A, 6.0%, 5/15/2018 

 

 

600,000 

 

583,525 

Hanesbrands, Inc., Series B, 6.508% ***, 12/15/2014 

 

 

60,000 

 

55,800 

Hertz Corp.:

 
 

8.875%, 1/1/2014 

 

110,000 

 

100,650 

 

10.5%, 1/1/2016 

 

20,000 

 

18,200 

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

 

 

155,000 

 

97,456 

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

 

 

25,000 

 

22,750 

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

 

 

45,000 

 

31,725 

Jarden Corp., 7.5%, 5/1/2017 

 

 

35,000 

 

30,450 

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

 

 

25,000 

 

22,750 

Liberty Media LLC:

 
 

5.7%, 5/15/2013 

 

10,000 

 

8,962 

 

8.25%, 2/1/2030 

 

55,000 

 

47,911 

 

8.5%, 7/15/2029 

 

70,000 

 

62,614 

Mediacom Broadband LLC, 8.5%, 10/15/2015 

 

 

5,000 

 

4,469 

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

 

 

20,000 

 

20,000 

MGM MIRAGE:

 
 

6.75%, 9/1/2012 

 

70,000 

 

62,825 

 

8.375%, 2/1/2011 

 

35,000 

 

33,775 

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

 

 

75,000 

 

75,000 

Norcraft Holdings LP, Step-up Coupon, 0% to 9/1/2008, 9.75% to 9/1/2012   

 

 

125,000 

 

116,406 

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

 

 

75,000 

 

65,625 

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

 

 

40,000 

 

40,000 

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

 

 

25,000 

 

23,250 

Quiksilver, Inc., 6.875%, 4/15/2015 

 

 

100,000 

 

85,000 

Reader's Digest Association, Inc., 144A, 9.0%, 2/15/2017 

 

 

25,000 

 

18,250 

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

 

 

40,000 

 

30,300 

Seminole Hard Rock Entertainment, Inc., 144A, 5.276% ***, 3/15/2014 

 

 

50,000 

 

42,000 

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

 

 

35,000 

 

28,438 

Simmons Co.:

 
 

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

 

125,000 

 

91,875 

 

7.875%, 1/15/2014 

 

10,000 

 

8,600 

Sinclair Television Group, Inc., 8.0%, 3/15/2012 

 

 

20,000 

 

20,150 

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

 

 

65,000 

 

52,650 

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

 

 

45,000 

 

41,625 

Station Casinos, Inc., 6.5%, 2/1/2014 

 

 

75,000 

 

43,125 

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

 

 

1,085,000 

 

1,226,458 

Time Warner Cable, Inc., 5.4%, 7/2/2012 

 

 

231,000 

 

228,667 

Travelport LLC, 7.307% ***, 9/1/2014 

 

 

35,000 

 

28,000 

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

 

 

85,000 

 

52,912 

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

 

 

5,000 

 

4,675 

Unity Media GmbH, 144A, 8.75%, 2/15/2015 

EUR

 

60,000 

 

84,784 

Univision Communications, Inc., 144A, 9.75%, 3/15/2015 (PIK)

 

 

30,000 

 

22,050 

UPC Holding BV:

 
 

144A, 7.75%, 1/15/2014                                                                                             EUR

 

50,000 

 

69,866 

 

144A, 8.0%, 11/1/2016                                                                                               EUR

 

50,000 

 

68,685 

Viacom, Inc.:

 
 

5.75%, 4/30/2011 

 

678,000 

 

679,581 

 

6.75%, 10/5/2037 

 

360,000 

 

344,804 

Videotron Ltd., 144A, 9.125%, 4/15/2018 

 

 

15,000 

 

15,675 

Vitro SAB de CV:

 
 

9.125%, 2/1/2017 

 

140,000 

 

110,950 

 

11.75%, 11/1/2013 

 

15,000 

 

14,925 

 

**6,307,185**

**Consumer Staples 0.5%**

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

 

 

20,000 

 

18,800 

 

 

 

 

CVS Caremark Corp., 6.302%, 6/1/2037 

 

 

1,336,000 

 

1,145,620 

Delhaize America, Inc., 9.0%, 4/15/2031 

 

 

565,000 

 

665,120 

Kroger Co., 6.8%, 4/1/2011 

 

 

590,000 

 

615,241 

Miller Brewing Co., 144A, 5.5%, 8/15/2013 

 

 

835,000 

 

853,357 

Smithfield Foods, Inc., 7.75%, 7/1/2017 

 

 

25,000 

 

20,750 

 

**3,318,888**

**Energy 1.4%**

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

 

 

80,000 

 

83,200 

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

 

 

205,000 

 

209,612 

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

 

 

35,000 

 

35,088 

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

 

 

45,000 

 

39,038 

Chesapeake Energy Corp.:

 
 

6.25%, 1/15/2018 

 

25,000 

 

23,000 

 

6.875%, 1/15/2016 

 

145,000 

 

139,925 

 

7.25%, 12/15/2018 

 

70,000 

 

68,075 

 

7.75%, 1/15/2015 

 

15,000 

 

15,563 

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

 

 

30,000 

 

29,475 

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

 

 

100,000 

 

85,500 

Dynegy Holdings, Inc.:

 
 

6.875%, 4/1/2011 

 

15,000 

 

14,831 

 

8.375%, 5/1/2016 

 

85,000 

 

82,450 

El Paso Corp.:

 
 

7.25%, 6/1/2018 

 

55,000 

 

54,175 

 

9.625%, 5/15/2012 

 

34,000 

 

36,870 

Enterprise Products Operating LP, Series B, 5.6%, 10/15/2014 

 

 

740,000 

 

724,903 

EXCO Resources, Inc., 7.25%, 1/15/2011 

 

 

60,000 

 

58,950 

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

 

 

20,000 

 

19,200 

Frontier Oil Corp., 6.625%, 10/1/2011 

 

 

25,000 

 

24,625 

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

 

 

155,000 

 

148,800 

Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038 

 

 

635,000 

 

630,251 

Mariner Energy, Inc.:

 
 

7.5%, 4/15/2013 

 

35,000 

 

33,950 

 

8.0%, 5/15/2017 

 

25,000 

 

24,188 

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

 

 

60,000 

 

56,850 

OPTI Canada, Inc.:

 
 

7.875%, 12/15/2014 

 

60,000 

 

59,250 

 

8.25%, 12/15/2014 

 

100,000 

 

99,500 

Petro-Canada, 6.8%, 5/15/2038 

 

 

665,000 

 

651,373 

Petrohawk Energy Corp.:

 
 

144A, 7.875%, 6/1/2015 

 

40,000 

 

39,050 

 

9.125%, 7/15/2013 

 

20,000 

 

20,500 

Plains Exploration & Production Co.:

 
 

7.0%, 3/15/2017 

 

40,000 

 

38,400 

 

7.625%, 6/1/2018 

 

70,000 

 

70,000 

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

 

 

110,000 

 

102,437 

Range Resources Corp., 7.25%, 5/1/2018 

 

 

10,000 

 

9,925 

Sabine Pass LNG LP, 7.5%, 11/30/2016 

 

 

205,000 

 

184,500 

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

 

 

30,000 

 

30,150 

Southwestern Energy Co., 144A, 7.5%, 2/1/2018 

 

 

10,000 

 

10,289 

SPI Electricity Property Ltd., 144A, 7.25%, 12/1/2016 

 

 

2,875,000 

 

3,026,475 

Stone Energy Corp.:

 
 

6.75%, 12/15/2014 

 

60,000 

 

52,650 

 

8.25%, 12/15/2011 

 

110,000 

 

107,250 

Suncor Energy, Inc., 6.85%, 6/1/2039 

 

 

675,000 

 

688,709 

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

 

 

35,000 

 

36,427 

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

 

 

20,000 

 

17,950 

 

 

 

 

TransCanada PipeLines Ltd., 6.35%, 5/15/2067 

 

 

745,000 

 

643,285 

Whiting Petroleum Corp.:

 
 

7.0%, 2/1/2014 

 

45,000 

 

44,156 

 

7.25%, 5/1/2012 

 

45,000 

 

44,662 

 

7.25%, 5/1/2013 

 

5,000 

 

4,963 

Williams Companies, Inc.:

 
 

8.125%, 3/15/2012 

 

135,000 

 

141,750 

 

8.75%, 3/15/2032 

 

180,000 

 

204,300 

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

 

 

35,000 

 

35,000 

 

**9,001,470**

**Financials 2.6%**

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

 

 

120,000 

 

114,000 

American General Finance Corp.:

 
 

Series H, 4.625%, 9/1/2010 

 

1,305,000 

 

1,264,429 

 

Series J, 5.625%, 8/17/2011 (b) 

 

895,000 

 

874,660 

American International Group, Inc., 144A, 8.175%, 5/15/2058 

 

 

340,000 

 

319,977 

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

 

 

100,000 

 

58,000 

Bank of New York Mellon Corp., Series G, 4.95%, 11/1/2012 

 

 

1,440,000 

 

1,435,814 

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

 

 

20,000 

 

13,400 

Corp. Andina de Fomento, 6.875%, 3/15/2012 

 

 

210,000 

 

220,700 

Erac USA Finance Co.:

 
 

144A, 5.8%, 10/15/2012 

 

420,000 

 

396,963 

 

144A, 7.0%, 10/15/2037 

 

995,000 

 

827,622 

 

144A, 8.0%, 1/15/2011 

 

1,180,000 

 

1,218,653 

Farmers Exchange Capital, 144A, 7.2%, 7/15/2048 

 

 

760,000 

 

686,343 

Ford Motor Credit Co., LLC:

 
 

7.25%, 10/25/2011 

 

300,000 

 

232,488 

 

7.375%, 10/28/2009 

 

545,000 

 

496,375 

 

7.875%, 6/15/2010 

 

145,000 

 

125,158 

FPL Group Capital, Inc., 6.65%, 6/15/2067 

 

 

1,037,000 

 

916,720 

GMAC LLC, 6.875%, 9/15/2011 

 

 

560,000 

 

402,400 

Hawker Beechcraft Acquisition Co., LLC:

 
 

8.5%, 4/1/2015 

 

80,000 

 

80,600 

 

8.875%, 4/1/2015 (PIK)

 

70,000 

 

70,350 

 

9.75%, 4/1/2017 

 

85,000 

 

85,000 

HBOS PLC, 144A, 6.75%, 5/21/2018 

 

 

185,000 

 

176,928 

Hexion US Finance Corp., 9.75%, 11/15/2014 

 

 

10,000 

 

9,050 

HSBC Bank USA NA, 7.0%, 1/15/2039 

 

 

630,000 

 

616,407 

Inmarsat Finance PLC, Step-up Coupon, 0% to 11/15/2008, 10.375% to 11/15/2012   

 

 

135,000 

 

136,350 

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

 

 

40,000 

 

33,800 

KeyCorp., Series H, 6.5%, 5/14/2013 

 

 

261,000 

 

233,036 

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

 

 

40,000 

 

31,200 

Merrill Lynch & Co., Inc., 7.75%, 5/14/2038 

 

 

385,000 

 

360,928 

Metropolitan Life Global Funding I, 144A, 5.125%, 4/10/2013 

 

 

695,000 

 

684,358 

Morgan Stanley:

 
 

Series F, 6.0%, 4/28/2015 

 

275,000 

 

262,905 

 

Series F, 6.625%, 4/1/2018 

 

500,000 

 

473,763 

Residential Capital LLC, 144A, 8.5%, 5/15/2010 

 

 

35,000 

 

29,400 

Rio Tinto Finance (USA) Ltd.:

 
 

5.875%, 7/15/2013 

 

655,000 

 

658,631 

 

6.5%, 7/15/2018 

 

310,000 

 

310,941 

 

7.125%, 7/15/2028 

 

235,000 

 

237,801 

StanCorp Financial Group, Inc., 6.9%, 5/29/2067 

 

 

720,000 

 

604,162 

Symetra Financial Corp., 144A, 8.3%, 10/15/2037 

 

 

340,000 

 

297,533 

TNK-BP Finance SA, Series 5, 144A, 7.5%, 3/13/2013 

 

 

215,000 

 

211,775 

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

 

 

105,000 

 

49,875 

 

 

 

 

UCI Holdco, Inc., 10.276% ***, 12/15/2013 (PIK)

 

 

51,287 

 

43,594 

UDR, Inc., Series E, (REIT), 3.9%, 3/15/2010 

 

 

305,000 

 

293,392 

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

 

 

185,000 

 

190,088 

Wells Fargo & Co., 5.25%, 10/23/2012 

 

 

260,000 

 

261,457 

Xstrata Finance Canada Ltd., 144A, 5.8%, 11/15/2016 

 

 

711,000 

 

670,540 

 

**16,717,566**

**Health Care 0.3%**

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

 

 

80,000 

 

73,600 

Bausch & Lomb, Inc., 144A, 9.875%, 11/1/2015 

 

 

65,000 

 

65,325 

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

 

 

50,000 

 

48,875 

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

 

 

290,000 

 

291,812 

GlaxoSmithKline Capital, Inc., 6.375%, 5/15/2038 

 

 

520,000 

 

516,169 

HCA, Inc.:

 
 

9.125%, 11/15/2014 

 

60,000 

 

61,350 

 

9.25%, 11/15/2016 

 

190,000 

 

195,700 

 

9.625%, 11/15/2016 (PIK)

 

55,000 

 

56,650 

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

 

 

25,000 

 

26,875 

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

 

 

50,000 

 

50,500 

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

 

 

30,000 

 

29,700 

Quest Diagnostics, Inc., 6.95%, 7/1/2037 

 

 

336,000 

 

326,627 

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

 

 

45,000 

 

39,375 

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

 

 

75,000 

 

72,000 

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

 

 

15,000 

 

13,200 

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

 

 

125,000 

 

123,750 

 

**1,991,508**

**Industrials 0.4%**

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

 

 

25,000 

 

24,562 

Allied Waste North America, Inc., 6.5%, 11/15/2010 

 

 

25,000 

 

25,000 

American Railcar Industries, Inc., 7.5%, 3/1/2014 

 

 

35,000 

 

32,550 

ARAMARK Corp., 6.373% ***, 2/1/2015 

 

 

45,000 

 

42,075 

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

 

 

30,000 

 

30,150 

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

 

 

70,000 

 

70,175 

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

 

 

30,000 

 

28,800 

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

 

 

105,000 

 

99,750 

Building Materials Corp. of America, 7.75%, 8/1/2014 

 

 

50,000 

 

41,000 

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

 

 

35,000 

 

34,650 

DRS Technologies, Inc.:

 
 

6.625%, 2/1/2016 

 

20,000 

 

20,300 

 

6.875%, 11/1/2013 

 

105,000 

 

105,000 

 

7.625%, 2/1/2018 

 

130,000 

 

137,475 

Education Management LLC, 8.75%, 6/1/2014 

 

 

40,000 

 

37,200 

Esco Corp.:

 
 

144A, 6.651% ***, 12/15/2013 

 

35,000 

 

32,900 

 

144A, 8.625%, 12/15/2013 

 

65,000 

 

65,650 

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

 

 

95,000 

 

90,487 

Gibraltar Industries, Inc., Series B, 8.0%, 12/1/2015 

 

 

30,000 

 

25,050 

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

 

 

30,000 

 

28,425 

Harland Clarke Holdings Corp., 9.5%, 5/15/2015 

 

 

35,000 

 

28,700 

K. Hovnanian Enterprises, Inc.:

 
 

8.875%, 4/1/2012 

 

145,000 

 

105,850 

 

144A, 11.5%, 5/1/2013 

 

10,000 

 

10,375 

Kansas City Southern de Mexico SA de CV:

 
 

7.375%, 6/1/2014 

 

60,000 

 

58,200 

 

7.625%, 12/1/2013 

 

110,000 

 

106,700 

 

 

 

 

 

9.375%, 5/1/2012 

 

95,000 

 

98,800 

Kansas City Southern Railway Co.:

 
 

7.5%, 6/15/2009 

 

20,000 

 

20,200 

 

8.0%, 6/1/2015 

 

65,000 

 

65,650 

Mobile Services Group, Inc., 9.75%, 8/1/2014 

 

 

40,000 

 

38,400 

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

 

 

15,000 

 

14,850 

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

 

 

60,000 

 

61,350 

Ply Gem Industries, Inc., 144A, 11.75%, 6/15/2013 

 

 

25,000 

 

22,938 

R.H. Donnelley Corp., 144A, 8.875%, 10/15/2017 

 

 

210,000 

 

124,950 

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

 

 

5,000 

 

5,313 

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

 

 

35,000 

 

33,775 

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

 

 

20,000 

 

17,875 

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

 

 

130,000 

 

127,400 

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

 

 

20,000 

 

19,750 

United Rentals North America, Inc.:

 
 

6.5%, 2/15/2012 

 

80,000 

 

72,000 

 

7.0%, 2/15/2014 

 

105,000 

 

81,375 

United Technologies Corp., 6.125%, 7/15/2038 

 

 

445,000 

 

447,009 

Vought Aircraft Industries, Inc., 8.0%, 7/15/2011 

 

 

25,000 

 

23,250 

 

**2,555,909**

**Information Technology 0.4%**

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

 

 

25,000 

 

17,500 

Broadridge Financial Solutions, Inc., 6.125%, 6/1/2017 

 

 

629,000 

 

529,010 

Dun & Bradstreet Corp., 6.0%, 4/1/2013 

 

 

725,000 

 

722,265 

Freescale Semiconductor, Inc., 8.875%, 12/15/2014 

 

 

105,000 

 

85,312 

L-3 Communications Corp.:

 
 

5.875%, 1/15/2015 

 

125,000 

 

115,312 

 

Series B, 6.375%, 10/15/2015 

 

60,000 

 

56,100 

 

7.625%, 6/15/2012 

 

120,000 

 

121,200 

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

 

 

145,000 

 

110,925 

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

 

 

50,000 

 

42,500 

NXP BV/NXP Funding LLC, 7.497%***, 10/15/2013 

EUR

 

50,000 

 

66,127 

Sanmina-SCI Corp., 144A, 5.526% ***, 6/15/2010 

 

 

20,000 

 

19,800 

Seagate Technology HDD Holdings, 6.8%, 10/1/2016 

 

 

70,000 

 

63,875 

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

 

 

95,000 

 

95,475 

Tyco Electronics Group SA, 6.0%, 10/1/2012 

 

 

930,000 

 

939,036 

 

**2,984,437**

**Materials 0.6%**

 
AMH Holdings, Inc., Step-up Coupon, 0% to 3/1/2009, 11.25% to 3/1/2014   

 

 

75,000 

 

49,500 

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

 

 

20,000 

 

18,900 

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

 

 

285,000 

 

226,575 

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

 

 

110,000 

 

95,700 

Celulosa Arauco y Constitucion SA, 5.625%, 4/20/2015 (b) 

 

 

1,042,000 

 

1,011,423 

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

 

 

75,000 

 

64,875 

Clondalkin Acquisition BV, 144A, 4.776% ***, 12/15/2013 

 

 

75,000 

 

64,875 

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

 

 

60,000 

 

50,100 

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

 

 

130,000 

 

120,575 

Freeport-McMoRan Copper & Gold, Inc.:

 
 

8.25%, 4/1/2015 

 

65,000 

 

68,331 

 

8.375%, 4/1/2017 

 

130,000 

 

137,150 

Georgia-Pacific LLC:

 
 

144A, 7.125%, 1/15/2017 

 

25,000 

 

23,500 

 

9.5%, 12/1/2011 

 

30,000 

 

30,488 

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

 

 

155,000 

 

150,737 

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

 

 

15,000 

 

15,000 

 

 

 

 

Jefferson Smurfit Corp., 8.25%, 10/1/2012 

 

 

50,000 

 

43,625 

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

 

 

100,000 

 

90,500 

Metals USA Holdings Corp., 8.698% ***, 7/1/2012 (PIK)

 

 

20,000 

 

18,400 

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

 

 

15,000 

 

9,750 

Momentive Performance Materials, Inc., 9.75%, 12/1/2014 

 

 

70,000 

 

59,850 

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

 

 

80,000 

 

79,400 

NewPage Corp., 10.0%, 5/1/2012 

 

 

85,000 

 

86,063 

Nucor Corp., 6.4%, 12/1/2037 

 

 

530,000 

 

537,731 

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

EUR

 

50,000 

 

73,999 

Rhodia SA, 144A, 7.497% ***, 10/15/2013 

EUR

 

50,000 

 

69,768 

Sappi Papier Holding AG, 144A, 6.75%, 6/15/2012 

 

 

499,000 

 

479,397 

Smurfit-Stone Container Enterprises, Inc.:

 
 

8.0%, 3/15/2017 

 

35,000 

 

28,000 

 

8.375%, 7/1/2012 

 

30,000 

 

26,325 

Steel Dynamics, Inc.:

 
 

6.75%, 4/1/2015 

 

60,000 

 

57,450 

 

144A, 7.375%, 11/1/2012 

 

15,000 

 

15,000 

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

 

 

80,000 

 

78,400 

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

 

 

110,000 

 

114,950 

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

 

 

25,000 

 

16,000 

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

 

 

65,000 

 

60,450 

Xstrata Canada Corp., 6.0%, 10/15/2015 

 

 

160,000 

 

154,071 

 

**4,226,858**

**Telecommunication Services 0.5%**

 
BCM Ireland Preferred Equity Ltd., 144A, 11.856%***, 2/15/2017 (PIK)

EUR

 

51,417 

 

48,129 

Centennial Communications Corp.:

 
 

10.0%, 1/1/2013 

 

25,000 

 

25,375 

 

10.125%, 6/15/2013 

 

55,000 

 

56,650 

Cincinnati Bell, Inc.:

 
 

7.25%, 7/15/2013 

 

75,000 

 

73,125 

 

8.375%, 1/15/2014 

 

40,000 

 

38,700 

Cricket Communications, Inc.:

 
 

9.375%, 11/1/2014 

 

85,000 

 

81,813 

 

144A, 10.0%, 7/15/2015 

 

70,000 

 

68,600 

Embratel, Series B, 11.0%, 12/15/2008 

 

 

15,000 

 

15,525 

Hellas Telecom III, 144A, 8.5%, 10/15/2013 

EUR

 

100,000 

 

133,041 

Hellas Telecom V, 144A, 8.247% ***, 10/15/2012 

EUR

 

100,000 

 

144,062 

iPCS, Inc., 4.998% ***, 5/1/2013 

 

 

15,000 

 

13,500 

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

 

 

105,000 

 

101,062 

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

 

 

155,000 

 

164,300 

Nortel Networks Ltd.:

 
 

6.963% ***, 7/15/2011 

 

70,000 

 

66,150 

 

144A, 10.75%, 7/15/2016 

 

50,000 

 

49,500 

Qwest Corp.:

 
 

7.25%, 9/15/2025 

 

15,000 

 

13,275 

 

7.625%, 6/15/2015 

 

913,000 

 

878,762 

 

7.875%, 9/1/2011 

 

70,000 

 

70,000 

Rural Cellular Corp., 9.875%, 2/1/2010 

 

 

70,000 

 

71,225 

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

 

 

35,000 

 

30,100 

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

 

 

30,000 

 

31,725 

Telecom Italia Capital, 7.721%, 6/4/2038 

 

 

430,000 

 

436,940 

US Unwired, Inc., Series B, 10.0%, 6/15/2012 

 

 

70,000 

 

71,575 

Verizon Communications, Inc., 6.9%, 4/15/2038 

 

 

345,000 

 

340,954 

Virgin Media Finance PLC, 8.75%, 4/15/2014 

 

 

90,000 

 

84,600 

West Corp., 9.5%, 10/15/2014 

 

 

40,000 

 

36,000 

 

**3,144,688**

 

 

 

 

**Utilities 1.2%**

 
AES Corp.:

 
 

8.0%, 10/15/2017 

 

75,000 

 

73,500 

 

144A, 8.0%, 6/1/2020 

 

70,000 

 

67,550 

 

144A, 8.75%, 5/15/2013 

 

230,000 

 

238,625 

 

9.5%, 6/1/2009 

 

40,000 

 

41,100 

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

 

 

300,000 

 

312,750 

Arizona Public Service Co., 6.875%, 8/1/2036 

 

 

490,000 

 

442,050 

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

 

 

175,000 

 

182,687 

Commonwealth Edison Co., Series 104, 5.95%, 8/15/2016 

 

 

680,000 

 

676,581 

Dominion Resources, Inc.:

 
 

Series 06-B, 6.3%, 9/30/2066 

 

400,000 

 

366,101 

 

7.5%, 6/30/2066 

 

1,305,000 

 

1,214,141 

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

 

 

65,000 

 

60,775 

Energy East Corp., 6.75%, 6/15/2012 

 

 

970,000 

 

1,009,490 

Energy Future Holdings Corp., 144A, 10.875%, 11/1/2017 

 

 

110,000 

 

111,100 

Integrys Energy Group, Inc., 6.11%, 12/1/2066 

 

 

795,000 

 

658,180 

IPALCO Enterprises, Inc., 144A, 7.25%, 4/1/2016 

 

 

35,000 

 

34,475 

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

 

 

20,000 

 

19,500 

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

 

 

90,000 

 

92,925 

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

 

 

25,000 

 

24,781 

NRG Energy, Inc.:

 
 

7.25%, 2/1/2014 

 

80,000 

 

76,400 

 

7.375%, 2/1/2016 

 

60,000 

 

56,475 

Oncor Electric Delivery Co., 7.0%, 9/1/2022 

 

 

30,000 

 

29,253 

Pedernales Electric Cooperative, Series 2002-A, 144A, 6.202%, 11/15/2032 

 

 

730,000 

 

674,629 

PPL Capital Funding, Inc., Series A, 6.7%, 3/30/2067 

 

 

1,135,000 

 

968,196 

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

 

 

50,000 

 

51,125 

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

 

 

85,000 

 

83,087 

Sierra Pacific Resources:

 
 

6.75%, 8/15/2017 

 

85,000 

 

82,587 

 

8.625%, 3/15/2014 

 

15,000 

 

15,725 

Texas Competitive Electric Holdings Co., LLC, 144A, 10.25%, 11/1/2015 

 

 

165,000 

 

161,700 

 

**7,825,488**

**Total Corporate Bonds** (Cost $60,306,085)

 

**58,073,997**

 

**Asset Backed 0.5%**

 
**Home Equity Loans**

 
Bayview Financial Acquisition Trust, "1A1", Series 2006-A, 5.614%, 2/28/2041 

 

263,652

 

261,831

Countrywide Asset-Backed Certificates:

 
 

"AF3", Series 2005-1, 4.575%, 7/25/2035 

 

368,685 

 

365,934 

 

"A6", Series 2006-S6, 5.657%, 3/25/2034 

 

1,320,000 

 

867,640 

 

"A6", Series 2006-15, 5.826%, 10/25/2046 

 

450,000 

 

341,939 

 

"A1B", Series 2007-S1, 5.888%, 11/25/2036 

 

541,629 

 

493,177 

 

"1AF6", Series 2006-11, 6.15%, 9/25/2046 

 

1,295,000 

 

902,160 

**Total Asset Backed** (Cost $4,229,634)

 

**3,232,681**

 

**Commercial and Non-Agency Mortgage-Backed Securities 13.6%**

 
Adjustable Rate Mortgage Trust, "1A4", Series 2006-2, 5.752% ***, 5/25/2036 

 

1,345,000

 

1,187,122

 

Banc of America Commercial Mortgage, Inc.:

 
 

"A2", Series 2007-2, 5.634%, 4/10/2049 

 

1,160,000 

 

1,138,717 

 

"A2", Series 2007-3, 5.659% ***, 6/10/2049 

 

940,000 

 

927,708 

 

"A4", Series 2007-3, 5.659% ***, 6/10/2049 

 

725,000 

 

685,354 

 

"AJ", Series 2007-3, 5.659% ***, 6/10/2049 

 

1,700,000 

 

1,342,064 

 

 

 

 

 

"ASB", Series 2008-1, 6.173%, 2/10/2051 

 

550,000 

 

543,598 

Bank of America Mortgage Securities, "3A1", Series 2003-H, 4.537% ***, 9/25/2033 

 

1,074,696

 

1,052,660

Bear Stearns Adjustable Rate Mortgage Trust:

 
 

"2A1", Series 2006-4, 5.791% ***, 10/25/2036 

 

991,563 

 

879,092 

 

"22A1", Series 2007-4, 6.0% ***, 6/25/2047 

 

909,709 

 

837,441 

Bear Stearns Commercial Mortgage Securities, Inc., "AAB", Series 2007-PW16, 5.712% ***, 6/11/2040 

 

1,550,000

 

1,495,388

Chase Mortgage Finance Corp., "3A1", Series 2005-A1, 5.283% ***, 12/25/2035 

 

1,048,413

 

1,009,289

Citicorp Mortgage Securities, Inc., "1A1", Series 2004-8, 5.5%, 10/25/2034 

 

818,664

 

788,511

Citigroup Commercial Mortgage Trust, "ASB", Series 2006-C5, 5.413%, 10/15/2049 

 

1,000,000

 

960,791

Citigroup Mortgage Loan Trust, Inc.:

 
 

"2A1A", Series 2007-AR8, 5.913% ***, 7/25/2037 

 

2,606,765 

 

2,500,964 

 

"1CB2", Series 2004-NCM2, 6.75%, 8/25/2034 

 

1,081,835 

 

1,048,704 

Citigroup/Deutsche Bank Commercial Mortgage Trust:

 
 

"A4", Series 2005-CD1, 5.225% ***, 7/15/2044 

 

825,000 

 

795,538 

 

"F", Series 2007-CD4, 5.555% ***, 12/11/2049 

 

690,000 

 

436,377 

Countrywide Alternative Loan Trust:

 
 

"A2", Series 2003-21T1, 5.25%, 12/25/2033 

 

730,616 

 

671,745 

 

"A6", Series 2004-14T2, 5.5%, 8/25/2034 

 

652,820 

 

624,571 

 

"1A1", Series 2004-J1, 6.0%, 2/25/2034 

 

147,744 

 

137,218 

Countrywide Home Loans, "1A1", Series 2007-HY1, 5.694% ***, 4/25/2037 

 

1,654,986

 

1,543,947

Credit Suisse Mortgage Capital Certificates, Inc.:

 
 

"10A2", Series 2007-5, 6.0%, 4/25/2029 

 

1,003,534 

 

972,173 

 

"3A1", Series 2006-9, 6.0%, 11/25/2036 

 

476,217 

 

461,336 

 

"3A19", Series 2007-5, 6.0%, 8/25/2037 

 

1,357,510 

 

1,315,087 

 

"5A14", Series 2007-1, 6.0%, 2/25/2037 

 

1,222,296 

 

1,192,886 

First Horizon Mortgage Pass-Through Trust, "1A2", Series 2006-AR4, 5.491% ***, 1/25/2037 

 

1,764,968

 

1,674,828

GE Capital Commercial Mortgage Corp., "AJ", Series 2007-C1, 5.677%, 12/10/2049 

 

1,640,000

 

1,297,696

GMAC Mortgage Corp. Loan Trust:

 
 

"A2", Series 2004-J1, 5.25%, 4/25/2034 

 

665,133 

 

660,751 

 

"4A1", Series 2005-AR6, 5.462% ***, 11/19/2035 

 

1,024,325 

 

962,093 

Greenwich Capital Commercial Funding Corp.:

 
 

"A2", Series 2007-GG9, 5.381%, 3/10/2039 

 

2,150,000 

 

2,102,767 

 

"A4", Series 2007-GG11, 5.736%, 12/10/2049 

 

600,000 

 

567,166 

GS Mortgage Securities Corp. II:

 
 

"A2", Series 2007-GG10, 5.778%, 8/10/2045 

 

2,130,000 

 

2,102,194 

 

"A4", Series 2007-GG10, 5.799% ***, 8/10/2045 

 

675,000 

 

645,440 

 

"J", Series 2007-GG10, 144A, 5.799% ***, 8/10/2045 

 

1,419,000 

 

573,141 

 

"K", Series 2007-GG10, 144A, 5.799% ***, 8/10/2045 

 

394,000 

 

137,454 

GSR Mortgage Loan Trust:

 
 

"2A1", Series 2007-AR2, 5.511% ***, 5/25/2047 

 

1,854,450 

 

1,765,966 

 

"1A1", Series 2007-AR2, 5.78% ***, 5/25/2047 

 

2,001,068 

 

1,859,470 

 

"2A1", Series 2007-AR1, 6.0% ***, 3/25/2047 

 

2,238,819 

 

2,064,380 

IndyMac Inda Mortgage Loan Trust, "1A1", Series 2006-AR3, 5.337% ***, 12/25/2036 

 

1,277,482

 

1,204,916

JPMorgan Chase Commercial Mortgage Securities Corp.:

 
 

"ASB", Series 2007-CB19, 5.73% ***, 2/12/2049 

 

1,280,000 

 

1,237,627 

 

"A4", Series 2007-LD11, 5.819% ***, 6/15/2049 

 

1,320,000 

 

1,262,624 

 

"ASB", Series 2007-LD11, 5.819% ***, 6/15/2049 

 

2,140,000 

 

2,076,597 

 

"F", Series 2007-LD11, 5.819% ***, 6/15/2049 

 

650,000 

 

416,283 

 

"A4", Series 2007-LD12, 5.882%, 7/15/2051 

 

525,000 

 

501,265 

JPMorgan Mortgage Trust:

 
 

"3A3", Series 2004-A3, 4.971% ***, 7/25/2034 

 

1,380,000 

 

1,099,046 

 

"2A1R", Series 2006-A7, 5.43% ***, 1/25/2037 

 

1,553,669 

 

1,445,216 

 

"2A4", Series 2006-A2, 5.755% ***, 4/25/2036 

 

2,000,000 

 

1,735,778 

 

"2A1" Series 2006-A5, 5.821% ***, 8/25/2036 

 

1,037,492 

 

1,005,719 

Lehman Mortgage Trust:

 
 

"3A3", Series 2006-1, 5.5%, 2/25/2036 

 

1,187,981 

 

1,128,096 

 

 

 

 

 

"1A10", Series 2006-3, 6.0%, 7/25/2036 

 

16,407 

 

14,843 

Master Adjustable Rate Mortgages Trust:

 
 

"3A6",Series 2004-13, 3.788% ***, 11/21/2034 

 

1,185,000 

 

1,156,256 

 

"B1", Series 2004-13, 3.814% ***, 12/21/2034 

 

1,366,996 

 

960,358 

Master Alternative Loans Trust, "8A1", Series 2004-3, 7.0%, 4/25/2034 

 

38,219

 

35,066

Master Asset Securitization Trust, "2A7", Series 2003-9, 5.5%, 10/25/2033 

 

967,157

 

914,568

Merrill Lynch Mortgage Investors Trust, "A2", Series 2005-A5, 4.566%, 6/25/2035 

 

175,000

 

164,857

Merrill Lynch Mortgage Trust, "ASB", Series 2007-C1, 5.829% ***, 6/12/2050 

 

535,000

 

518,241

Merrill Lynch/Countrywide Commercial Mortgage Trust, "ASB", Series 2007-7, 5.745%, 6/12/2050 

 

700,000

 

672,998

Morgan Stanley Capital I:

 
 

"A2", Series 2007-HQ11, 5.359%, 2/12/2044 

 

2,200,000 

 

2,148,692 

 

"AAB", Series 2007-IQ14, 5.654%, 4/15/2049 

 

1,410,000 

 

1,349,270 

New York Mortgage Trust, "2A3", Series 2006-1, 5.647% ***, 5/25/2036 

 

1,400,000

 

1,328,791

Residential Accredit Loans, Inc.:

 
 

"A3", Series 2004-QS11, 5.5%, 8/25/2034 

 

471,954 

 

422,694 

 

"CB", Series 2004-QS2, 5.75%, 2/25/2034 

 

626,704 

 

538,182 

Residential Funding Mortgage Securities I, "2A2", Series 2007-SA1, 5.617% ***, 2/25/2037 

 

578,362

 

547,658

Structured Adjustable Rate Mortgage Loan Trust, "6A3", Series 2005-21, 5.4%, 11/25/2035 

 

1,190,000

 

1,004,210

Structured Asset Securities Corp., "4A1", Series 2005-6, 5.0%, 5/25/2035 

 

330,223

 

296,685

SunTrust Adjustable Rate Mortgage Loan Trust, "3A1", Series 2007-3, 6.045% ***, 6/25/2037 

 

1,944,454

 

1,567,152

Wachovia Bank Commercial Mortgage Trust:

 
 

"A3", Series 2007-C30, 5.246%, 12/15/2043 

 

1,000,000 

 

971,159 

 

"APB", Series 2005-C22, 5.27% ***, 12/15/2044 

 

1,300,000 

 

1,262,599 

 

"AJ", Series 2007-C30, 5.413%, 12/15/2043 

 

675,000 

 

524,980 

 

"A2", Series 2007-C32, 5.736%***, 6/15/2049 

 

1,420,000 

 

1,400,178 

 

"H", Series 2007-C32, 144A, 5.741%***, 6/15/2049 

 

990,000 

 

440,678 

Washington Mutual Mortgage Pass-Through Certificates Trust:

 
 

"1A3", Series 2005-AR14, 5.051% ***, 12/25/2035 

 

1,325,000 

 

1,257,052 

 

"1A3", Series 2005-AR16, 5.1% ***, 12/25/2035 

 

1,305,000 

 

1,230,043 

 

"IA3A", Series 2005-AR18, 5.256% ***, 1/25/2036 

 

1,625,000 

 

1,586,367 

 

"1A1", Series 2006-AR18, 5.341% ***, 1/25/2037 

 

1,194,353 

 

1,129,529 

 

"2A2", Series 2006-AR18, 5.493% ***, 1/25/2037 

 

1,385,000 

 

1,137,885 

 

"1A1", Series 2006-AR16, 5.607% ***, 12/25/2036 

 

1,481,900 

 

1,358,294 

 

"1A3", Series 2006-AR8, 5.88% ***, 8/25/2046 

 

1,395,000 

 

1,300,071 

 

"3A1", Series 2007-HY7, 5.909% ***, 7/25/2037 

 

607,038 

 

549,809 

Wells Fargo Mortgage Backed Securities Trust:

 
 

"2A5", Series 2006-AR2, 5.106% ***, 3/25/2036 

 

3,530,188 

 

3,419,804 

 

"3A2", Series 2006-AR8, 5.238% ***, 4/25/2036 

 

2,070,000 

 

1,965,981 

 

"A6", Series 2006-AR11, 5.515% ***, 8/25/2036 

 

1,995,000 

 

1,756,508 

**Total Commercial and Non-Agency Mortgage-Backed Securities** (Cost $95,694,241)

 

**89,006,252**

 

**Collateralized Mortgage Obligations 1.8%**

 
Federal Home Loan Mortgage Corp.:

 
 

"LN", Series 3145, 4.5%, 10/15/2034 

 

1,220,795 

 

1,201,323 

 

"BE" Series 3128, 5.0%, 5/15/2033 

 

1,400,000 

 

1,357,877 

 

"BG", Series 2869, 5.0%, 7/15/2033 

 

315,000 

 

308,474 

 

"NE", Series 2802, 5.0%, 2/15/2033 

 

880,000 

 

864,211 

 

"PE", Series 2864, 5.0%, 6/15/2033 

 

2,080,000 

 

2,044,466 

 

"XD", Series 2941, 5.0%, 5/15/2033 

 

2,010,000 

 

1,957,161 

Federal National Mortgage Association:

 
 

"CD", Series 2008-51, 4.5%, 11/25/2022 

 

1,660,000 

 

1,644,784 

 

"YD", Series 2005-94, 4.5%, 8/25/2033 

 

1,445,000 

 

1,365,691 

 

"HE", Series 2005-22, 5.0%, 10/25/2033 

 

1,290,000 

 

1,255,157 

**Total Collateralized Mortgage Obligations** (Cost $11,826,975)

 

**11,999,144**

 

 

 

 

 

**Mortgage-Backed Securities Pass-Throughs 4.5%**

 
Federal Home Loan Mortgage Corp.:

 
 

4.5%, 11/1/2018 

 

1,082,498 

 

1,066,346 

 

5.5%, 10/1/2023 

 

815,019 

 

811,040 

 

5.523% ***, 2/1/2038 

 

721,659 

 

720,557 

 

6.5%, 1/1/2035 

 

815,320 

 

848,538 

Federal National Mortgage Association:

 
 

4.5%, with various maturities from 7/1/2020 until 10/1/2033 

 

3,229,938 

 

3,081,893 

 

5.0%, with various maturities from 2/1/2021 until 9/1/2033 

 

2,457,093 

 

2,404,609 

 

5.5%, with various maturities from 1/1/2020 until 7/1/2037 

 

13,010,276 

 

12,920,682 

 

6.0%, with various maturities from 1/1/2024 until 4/1/2024 

 

1,657,727 

 

1,690,185 

 

6.5%, with various maturities from 5/1/2023 until 8/1/2036 

 

4,658,038 

 

4,814,748 

 

7.0%, 4/1/2038 

 

1,192,042 

 

1,251,271 

 

9.0%, 11/1/2030 

 

58,856 

 

64,797 

**Total Mortgage-Backed Securities Pass-Throughs** (Cost $29,594,687)

 

**29,674,666**

 

**Municipal Bonds and Notes 1.0%**

 
Hammond, IN, Redevelopment Authority Lease Rent Revenue, Hammond Marina Project, 5.57%, 2/1/2014 (c) 

 

610,000

 

596,708

Rhode Island, Convention Center Authority Revenue, Civic Center, Series A, 6.03%, 5/15/2028  (c) 

 

835,000

 

838,682

San Diego, CA, Redevelopment Agency, Taxable Housing Allocation, 5.81%, 9/1/2019 (c) 

 

2,300,000

 

2,242,500

Suffolk, VA, Multi-Family Housing Revenue, Redevelopment & Housing Authority, Windsor at Potomac, Series T, 6.6%, 7/1/2015 

 

1,565,000

 

1,662,938

Whittier, CA, Redevelopment Agency, Tax Allocation, Housing Projects, Series B, 6.09%, 11/1/2038 (c) 

 

1,400,000

 

1,257,620

**Total Municipal Bonds and Notes** (Cost $6,712,080)

 

**6,598,448**

 

**Government & Agency Obligations 5.6%**

 
**US Treasury Obligations**

 
US Treasury Bill, 1.08%****, 7/17/2008 (d)

 

13,451,000

 

13,442,553

US Treasury Bonds:

 
 

5.0%, 5/15/2037 (b) 

 

3,197,000 

 

3,435,777 

 

6.0%, 2/15/2026 (b) 

 

2,290,000 

 

2,681,984 

US Treasury Notes:

 
 

3.375%, 6/30/2013 

 

3,152,000 

 

3,157,664 

 

3.875%, 5/15/2018 (b) 

 

13,590,000 

 

13,476,401 

 

4.875%, 5/31/2011 (d)

 

60,000 

 

63,319 

**Total Government & Agency Obligations** (Cost $36,071,975)

 

**36,257,698**

 

**Preferred Securities 0.8%**

 
Bank of America Corp., Series M, 8.125%, 5/15/2018 (e) 

 

595,000 

 

562,430 

Oil Insurance Ltd., 144A, 7.558%, 6/30/2011 (e) 

 

2,055,000 

 

1,749,442 

Royal Bank of Scotland Group PLC, Series U, 7.64%, 9/29/2017 (e) 

 

900,000 

 

822,896 

Santander Perpetual SA, 144A, 6.671%, 10/24/2017 (b) (e) 

 

600,000 

 

579,637 

Stoneheath Re, 6.868%, 10/15/2011 (e) 

 

1,460,000 

 

964,038 

Wachovia Capital Trust III, 5.8%, 3/15/2011 (e) 

 

580,000 

 

394,400 

**Total Preferred Securities** (Cost $6,185,668)

 

**5,072,843**

 

**Shares**

 

**Value ($)**

 

**Preferred Stocks 0.1%**

 
**Consumer Discretionary 0.1%**

 
Porsche Automobil Holding SE  

 

1,672 

 

257,018 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volkswagen AG  

 

92 

 

13,260 

 

**270,278**

**Consumer Staples 0.0%**

 
Henkel AG & Co. KGaA  

 

1,591 

 

**63,181**

**Financials 0.0%**

 
Arch Capital Group Ltd., Series A, 8.0%

 

809 

 

**18,892**

**Health Care 0.0%**

 
Fresenius SE  

 

902 

 

**77,845**

**Total Preferred Stocks** (Cost $521,676)

 

**430,196**

 

**Participatory Notes 0.1%**

 
Aldar Properties PJSC, Commercial Bank of Qatar, Dubai Islamic Bank, National Central Cooling Co., and Qatar Electricity & Water Co. (issuer Merrill Lynch International & Co.), Expiration Date 4/24/2009*  

 

2,600 

 

255,762 

Arabtec Holding Co. (issuer Merrill Lynch International & Co.), Expiration Date 1/12/2010*  

 

2,800 

 

12,286 

Merrill Lynch Pioneers Index (issuer Merrill Lynch International & Co.) Expiration Date 2/27/2009

 

1,700 

 

156,281 

**Total Participatory Notes** (Cost $442,385)

 

**424,329**

 

**Rights 0.0%**

 
HBOS PLC, Expiration Date 7/18/2008*  (Cost $396)

 

476 

 

**102**

 

**Exchange Traded Fund 0.1%**

 
iShares MSCI Japan Index Fund  (Cost $945,550)

 

70,326 

 

**877,669**

 

**Securities Lending Collateral 4.0%**

 
Daily Assets Fund Institutional, 2.74%  (f) (g)(Cost $26,441,416)

 

 

26,441,416

 

**26,441,416**

 

**Cash Equivalents 4.8%**

 
Cash Management QP Trust, 2.49%  (f)(Cost $31,374,747)

 

 

31,374,747

 

**31,374,747**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $696,488,624) †

102.6

 

**670,192,629**

**Other Assets and Liabilities, Net**(b)

(2.6)

 

**(16,966,362)**

**Net Assets**

100.0

 

**653,226,267**

*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 ($)*****

 
 

*Tropicana Entertainment LLC***

*9.625%***

*12/15/2014***

*105,000***

*USD***

*54,144***

*49,875***

 
*****

*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 June 30, 2008.*

 
******

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

 
 

 

 

 

*†*

*The cost for federal income tax purposes was $699,930,829.  At June 30, 2008, net unrealized depreciation for all securities based on tax cost was $29,738,200.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $20,399,994 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $50,138,194.*

*(a)*

*Securities with the same description are the same corporate entity but trade on different stock exchanges.*

*(b)*

*All or a portion of these securities were on loan amounting to $15,772,820.  In addition, included in other assets and liabilities, net are pending sales, amounting to $10,042,907, that are also on loan.  The value of all securities loaned at June 30, 2008 amounted to $25,815,727 which is 4.0% of net assets.*

*(c)*

*Bond is insured by one of these companies:*

 

***Insurance Coverage*****

***As a % of Total***

***Investment Portfolio*****

 
 

*Financial Guaranty Insurance Company***

*0.2***

 
 

*Financial Security Assurance, Inc.***

*0.1***

 
 

*MBIA Corp.***

*0.1***

 
 

*XL Capital Insurance***

*0.3***

 
*(d)*

*At June 30, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*

*(e)*

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

*(f)*

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

*(g)*

*Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.*

*(h)*

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

*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*

*FDR: Fiduciary Depositary Receipt*

*GDR: Global Depositary Receipt*

*MSCI: Morgan Stanley Capital International*

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

*PPS: Price Protected Shares*

*REIT: Real Estate Investment Trust*

*RNC: Riparmio Non-Convertible (Non-Convertible Savings Shares)*

*SDR: Swedish Depositary Receipt*

 

 

*At June 30, 2008, open futures contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 

10 Year US Treasury Note 

 

9/19/2008 

 

228 

 

25,942,951 

 

25,974,188 

 

31,237

 
5 Year US Treasury Note 

 

9/30/2008 

 

71 

 

7,784,649 

 

7,849,383 

 

64,734

 
DJ Euro Stoxx 50 Index 

 

9/19/2008 

 

17 

 

932,741

 

904,680 

 

(28,061)

 
FTSE 100 Index 

 

9/19/2008 

 

63 

 

7,429,600 

 

7,087,478 

 

(342,122)

 
 

 

 

 

Hang Seng Stock Index 

 

7/30/2008 

 

150 

 

21,933,105 

 

21,276,732 

 

(656,373)

 
Nikkei 225 Index 

 

9/11/2008 

 

2 

 

139,208 

 

135,350 

 

(3,858)

 
Russell E Mini 2000 Index 

 

9/19/2008 

 

18 

 

1,321,507 

 

1,245,060 

 

(76,447)

 
S&P/Canada 60 Index 

 

9/18/2008 

 

91 

 

15,962,377 

 

15,460,273 

 

(502,104)

 
S&P 500 Index 

 

9/18/2008 

 

33 

 

11,217,633 

 

10,569,075 

 

(648,558)

 
S&P Mini 500 Index 

 

9/19/2008 

 

92 

 

5,892,691 

 

5,893,060 

 

369

 
SPI 200 Index 

 

9/18/2008 

 

2 

 

255,414 

 

248,913 

 

(6,501)

 
**Total net unrealized depreciation**

 

**(2,167,684)**

 
*At June 30, 2008, open futures contracts sold were as follows:*

 
**Futures**

 

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 
 
 

 
10 Year US Treasury Note 

 

9/19/2008 

 

64 

 

7,159,824 

 

7,291,000 

 

(131,176)

 
S&P Mini 500 Index 

 

9/19/2008 

 

545 

 

37,083,144 

 

34,907,250 

 

2,175,894

 
 

 
**Total net unrealized appreciation**

 

**2,044,718**

 
*As of June 30, 2008, the Fund had the following open  forward foreign currency exchange contracts:*

***Contracts to Deliver*****

***In Exchange For*****

***Settlement Date*****

***Unrealized***

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

 
*USD***

*13,265***

*EUR***

*8,500***

*7/11/2008***

*112***

 
*USD***

*7,977,273***

*EUR***

*5,174,000***

*9/17/2008***

*136,477***

 
*USD***

*33,644,894***

*NOK***

*175,337,000***

*9/17/2008***

*511,454***

 
*USD***

*13,513,813***

*NZD***

*18,168,000***

*9/17/2008***

*157,107***

 
*USD***

*34,291,777***

*SGD***

*46,864,000***

*9/17/2008***

*279,411***

 
***Total unrealized appreciation*****

 **

 **

***1,084,561*****

 
 

 

 

 

 

 

 
***Contracts to Deliver*****

***In Exchange For*****

***Settlement Date*****

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

 
*EUR***

*270,000***

*USD***

*415,976***

*7/11/2008***

*(8,950)***

 
*EUR***

*242,500***

*USD***

*372,393***

*7/11/2008***

*(9,254)***

 
***Total unrealized depreciation*****

 **

 **

***(18,204)*****

 
***Currency Abbreviations*****

 

 

 
*EUR***

*Euro***

*SGD***

*Singapore Dollar***

 
*NOK***

*Norwegian Krone***

*USD***

*United States Dollar***

 
*NZD***

*New Zealand Dollar***

* *

* *

 
 

 

*At June 30, 2008, the DWS Lifecycle Long Range Fund had the following geographical diversification:*

* *

***Market Value ($)*****

* *

* *

* *

***As a % of Common Stocks*****

* *

*United States***

* *

*297,569,318***

* *

*80***

*%***

* *

*United Kingdom***

* *

*32,223,103***

* *

*9***

*%***

* *

*Pacific Basin***

* *

*8,301,269***

* *

*2***

*%***

* *

*Europe (excluding United Kingdom)***

* *

*8,025,671***

* *

*2***

*%***

* *

*Japan***

* *

*7,586,167***

* *

*2***

*%***

* *

*Other***

* *

*17,022,913***

* *

*5***

*%***

* *

***Total*****

***370,728,441*****

* *

***100*****

***%*****

* *

 

 

 

*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 have similar coupon rates and have been aggregated for presentation purposes in the investment portfolio.*

 

*The following is a summary of the inputs used as of June 30, 2008 in valuing the Fund’s assets carried at fair value:*

 

**Valuation Inputs**

**Investments in  Securities at**

**Value**

**Net Unrealized Appreciation/ (Depreciation) on  Other Financial Instruments***††*

Level 1 - Quoted Prices

$              373,295,896   

$                (122,966)   

Level 2 - Other Significant

295,312,648   

1,066,357   

Observable Inputs

Level 3 - Significant

1,584,085   

-   

Unobservable Inputs

**Total**

**$              670,192,629**

**$                  943,391**

 

*†† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future contracts and forward foreign currency exchange contracts, which are valued at the unrealized appreciation/depreciation on the instrument.*

 

*The following is a reconciliation of the Fund’s assets in which significant unobservable inputs (Level 3) were used in determining fair value at June 30, 2008:*

 

 

**Investments in Securities at Market Value**

**Balance as of April 1, 2008**

$                 1,164,496   

Total realized gains or losses

5,940   

Change in unrealized appreciation (depreciation)

(210,242)   

Amortization Premium/Discount

69

Net purchases (sales)

615,053   

Net transfers in (out) of Level 3 

8,769                                       

**Balance as of June 30, 2008**

**$                 1,584,085**

**

 

 

 

 

 

 

 

 

*The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157"), which governs the application of generally accepted accounting principles that require fair value measurements of the Fund’s assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuationtechnique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.*

 

 

*Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels as follows:*

 

 

**•**

*Level 1 – quoted prices in active markets for identical securities*

 

**•**

*Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)*

 

**•**

*Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)*

 

*For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Fund’s Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates forsimilar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.*

 

*The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial statements, an evaluation of the forces that influence the issuer and themarket(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.*

 

**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 Lifecycle Long Range Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

August 20, 2008

 

 

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

 

Registrant: 

DWS Lifecycle Long Range Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

August 20, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        August 20, 2008

 

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