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  811-5002

DWS Variable Series II

(Exact name of registrant as specified in charter)

 

(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:  12/31

Date of reporting period: 3/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Alternative Asset Allocation Plus VIP**

 

|   | **Shares**             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **Value ($)** |
|--------|------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Equity Funds 62.1%** |  
DWS Commodity Securities Fund "Institutional"  

 

6,273 

 

17,438 

DWS Disciplined Market Neutral Fund "Institutional"  

 

3,773 

 

34,412 

DWS Emerging Markets Equity Fund "Institutional"  

 

1,776 

 

17,560 

DWS Gold & Precious Metals Fund "Institutional"  

 

644 

 

9,743 

DWS RREEF Global Infrastructure Fund "Institutional"  

 

1,380 

 

8,679 

DWS RREEF Global Real Estate Securities Fund "Institutional"  

 

8,230 

 

34,897 

**Total Equity Funds** (Cost $126,211)

 

**122,729**

 

**Fixed Income - Bond Funds 27.2%**

 
DWS Emerging Markets Fixed Income Fund "Institutional"  

 

2,146 

 

17,959 

DWS Floating Rate Plus Fund "Institutional"  

 

1,277 

 

8,891 

DWS Inflation Protected Plus Fund "Institutional"  

 

2,883 

 

27,016 

**Total Fixed Income - Bond Funds** (Cost $52,744)

 

**53,866**

 

**Fixed Income - Money Market Fund 0.9%**

 
Cash Management QP Trust (Cost $1,727)

 

 

1,727

 

**1,727**

 

**% of**

**Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $180,682) †

90.2

 

**178,322**

**Other Assets and Liabilities, Net**

9.8

 

**19,438**

**Net Assets**

100.0

 

**197,760**

*For information on the Portfolio's policies regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent prospectus.*

*†*

*The cost for federal income tax purposes was $180,682.  At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $2,360.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,968 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $5,328.*

 

***Fair Value Measurements***

 

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

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

*The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's investments.*

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$                176,595   

Level 2 

1,727  

Level 3 

-   

**Total**

**$                178,322**

 

 

Investment Portfolio

**as of March 31, 2009  (Unaudited)**

 

 

**DWS Balanced VIP**

 

 

**Shares**

 

**Value ($)**

 

**Common Stocks 54.7%**

 
**Consumer Discretionary 4.0%**

 
**Auto Components 0.0%**

 
Aisin Seiki Co., Ltd.  

 

100 

 

1,600 

Bridgestone Corp.  

 

300 

 

4,332 

Compagnie Generale des Etablissements Michelin "B"  

 

105 

 

3,888 

Denso Corp.  

 

200 

 

4,041 

GKN PLC  

 

897 

 

876 

Magna International, Inc. "A"  

 

400 

 

10,641 

Rieter Holding AG (Registered)  

 

16 

 

1,717 

Toyota Industries Corp.  

 

100 

 

2,156 

WABCO Holdings, Inc.  

 

5,300 

 

65,243 

 

**94,494**

**Automobiles 0.2%**

 
Bayerische Motoren Werke (BMW) AG  

 

257 

 

7,457 

Daimler AG (Registered)  

 

552 

 

14,031 

Fiat SpA  

 

6,457 

 

45,163 

Honda Motor Co., Ltd.  

 

700 

 

16,749 

Isuzu Motors Ltd.  

 

1,000 

 

1,232 

Mazda Motor Corp.  

 

1,000 

 

1,688 

Mitsubishi Motors Corp.*  

 

2,000 

 

2,559 

Nissan Motor Co., Ltd.  

 

900 

 

3,251 

PSA Peugeot Citroen  

 

112 

 

2,113 

Renault SA  

 

129 

 

2,664 

Suzuki Motor Corp.  

 

200 

 

3,347 

Toyota Motor Corp.  

 

10,600 

 

339,972 

Volkswagen AG  

 

59 

 

18,165 

 

**458,391**

**Distributors 0.2%**

 
Genuine Parts Co.  

 

16,201 

 

483,762 

Li & Fung Ltd.  

 

12,000 

 

28,311 

 

**512,073**

**Diversified Consumer Services 0.1%**

 
Lincoln Educational Services Corp.*  

 

6,300 

 

115,416 

Steiner Leisure Ltd.*  

 

4,300 

 

104,963 

 

**220,379**

**Hotels Restaurants & Leisure 1.1%**

 
Accor SA  

 

151 

 

5,248 

Ameristar Casinos, Inc.  

 

2,700 

 

33,966 

Buffalo Wild Wings, Inc.*  

 

1,500 

 

54,870 

California Pizza Kitchen, Inc.*  

 

1,800 

 

23,544 

Carnival Corp. (Units)  

 

36,833 

 

795,593 

Carnival PLC  

 

148 

 

3,353 

CEC Entertainment, Inc.*  

 

5,900 

 

152,692 

CKE Restaurants, Inc.  

 

1,700 

 

14,280 

Compass Group PLC  

 

2,000 

 

9,139 

Crown Ltd.  

 

6,817 

 

29,953 

 

 

 

Darden Restaurants, Inc.  

 

9,300 

 

318,618 

Enterprise Inns PLC  

 

1 

 

1 

InterContinental Hotel Group PLC  

 

251 

 

1,909 

Ladbrokes PLC  

 

788 

 

2,061 

Lottomatica SpA  

 

498 

 

8,199 

Marriott International, Inc. "A"  

 

14,200 

 

232,312 

McDonald's Corp.  

 

25,400 

 

1,386,078 

Shangri-La Asia Ltd.  

 

8,000 

 

9,180 

Sodexo  

 

85 

 

3,870 

TABCORP Holdings Ltd.  

 

6,752 

 

30,560 

Tatts Group Ltd.  

 

14,815 

 

28,545 

TUI AG  

 

155 

 

829 

Whitbread PLC  

 

229 

 

2,584 

 

**3,147,384**

**Household Durables 0.1%**

 
Blyth, Inc.  

 

650 

 

16,985 

Electrolux AB "B"  

 

800 

 

6,265 

Fortune Brands, Inc.  

 

4,000 

 

98,200 

Husqvarna AB "B"  

 

900 

 

3,638 

M/I Homes, Inc.  

 

3,400 

 

23,766 

NVR, Inc.*  

 

200 

 

85,550 

Panasonic Corp.  

 

1,000 

 

10,989 

Ryland Group, Inc.  

 

3,400 

 

56,644 

Sony Corp.  

 

400 

 

8,202 

Taylor Wimpey PLC  

 

1,128 

 

336 

 

**310,575**

**Internet & Catalog Retail 0.1%**

 
Amazon.com, Inc.*  

 

3,000 

 

220,320 

Home Retail Group PLC  

 

703 

 

2,250 

HSN, Inc.*  

 

2,200 

 

11,308 

Netflix, Inc.*  

 

400 

 

17,168 

 

**251,046**

**Leisure Equipment & Products 0.0%**

 
Pool Corp.  

 

300 

 

**4,020**

**Media 0.8%**

 
British Sky Broadcasting Group PLC  

 

1,232 

 

7,647 

CBS Corp. "B"  

 

20,700 

 

79,488 

Comcast Corp. "A"  

 

43,600 

 

594,704 

Fairfax Media Ltd.  

 

13,871 

 

9,718 

Gestevision Telecinco SA  

 

345 

 

2,388 

Global Sources Ltd.*  

 

3,597 

 

13,993 

ITV PLC  

 

3,194 

 

865 

Lagardere SCA  

 

107 

 

2,999 

Liberty Media Corp. - Entertainment "A"*  

 

1,000 

 

19,950 

Marvel Entertainment, Inc.*  

 

5,900 

 

156,645 

McGraw-Hill Companies, Inc.  

 

3,900 

 

89,193 

Mediacom Communications Corp. "A"*  

 

16,600 

 

66,898 

Mediaset SpA  

 

5,320 

 

23,766 

Modern Times Group MTG AB "B"  

 

175 

 

2,989 

National CineMedia, Inc.  

 

500 

 

6,590 

Pearson PLC  

 

1,119 

 

11,235 

Publicis Groupe  

 

132 

 

3,380 

Reed Elsevier NV  

 

3,828 

 

40,936 

Reed Elsevier PLC  

 

1,779 

 

12,766 

 

 

 

SES "A" (FDR)  

 

184 

 

3,511 

Shaw Communications, Inc. "B"  

 

1,300 

 

19,818 

Singapore Press Holdings Ltd.  

 

78,000 

 

130,542 

Thomson Reuters Corp.  

 

1,800 

 

46,256 

Thomson Reuters PLC  

 

285 

 

6,385 

Time Warner Cable, Inc.  

 

22,284 

 

552,643 

Time Warner, Inc.  

 

18,400 

 

355,120 

United Business Media Ltd.  

 

388 

 

2,372 

Vertis Holdings, Inc.*  

 

1,645 

 

0 

Vivendi  

 

790 

 

20,874 

Wolters Kluwer NV  

 

1,709 

 

27,746 

WPP PLC  

 

1,683 

 

9,464 

Yellow Pages Income Fund (Units)  

 

400 

 

1,891 

 

**2,322,772**

**Multiline Retail 0.3%**

 
Canadian Tire Corp., Ltd. "A"  

 

300 

 

10,422 

Kohl's Corp.*  

 

12,480 

 

528,154 

Macy's, Inc.  

 

14,700 

 

130,830 

Marks & Spencer Group PLC  

 

1,148 

 

4,843 

Next PLC  

 

169 

 

3,187 

PPR  

 

57 

 

3,647 

 

**681,083**

**Specialty Retail 0.6%**

 
Aeropostale, Inc.*  

 

6,400 

 

169,984 

America's Car-Mart, Inc.*  

 

1,000 

 

13,590 

AnnTaylor Stores Corp.*  

 

2,500 

 

13,000 

Cato Corp. "A"  

 

4,800 

 

87,744 

Children's Place Retail Stores, Inc.*  

 

6,000 

 

131,340 

Coldwater Creek, Inc.*  

 

21,200 

 

53,212 

Esprit Holdings Ltd.  

 

6,200 

 

32,006 

Foot Locker, Inc.  

 

9,400 

 

98,512 

Hennes & Mauritz AB "B"  

 

5,825 

 

218,644 

Hot Topic, Inc.*  

 

3,300 

 

36,927 

Industria de Diseno Textil SA  

 

1,823 

 

70,907 

Jo-Ann Stores, Inc.*  

 

1,400 

 

22,876 

Kingfisher PLC  

 

1,961 

 

4,203 

Rent-A-Center, Inc.*  

 

8,100 

 

156,897 

Ross Stores, Inc.  

 

2,300 

 

82,524 

The Buckle, Inc.  

 

5,300 

 

169,229 

The Gap, Inc.  

 

20,500 

 

266,295 

Yamada Denki Co., Ltd.  

 

50 

 

1,945 

 

**1,629,835**

**Textiles, Apparel & Luxury Goods 0.5%**

 
Adidas AG  

 

129 

 

4,303 

Billabong International Ltd.  

 

204 

 

1,208 

Burberry Group PLC  

 

424 

 

1,700 

Carter's, Inc.*  

 

8,200 

 

154,242 

Christian Dior SA  

 

123 

 

6,761 

Coach, Inc.*  

 

13,923 

 

232,514 

Compagnie Financiere Richemont SA "A"  

 

3,079 

 

47,951 

Fuqi International, Inc.*  

 

2,400 

 

11,280 

Gildan Activewear, Inc.*  

 

300 

 

2,441 

Hermes International  

 

54 

 

6,274 

Luxottica Group SpA  

 

492 

 

7,638 

 

 

 

LVMH Moet Hennessy Louis Vuitton SA  

 

165 

 

10,343 

NIKE, Inc. "B"  

 

10,800 

 

506,412 

Steven Madden Ltd.*  

 

3,000 

 

56,340 

Swatch Group AG (Bearer)  

 

192 

 

23,140 

Swatch Group AG (Registered)  

 

356 

 

8,679 

The Warnaco Group, Inc.*  

 

6,000 

 

144,000 

Timberland Co. "A"*  

 

5,900 

 

70,446 

VF Corp.  

 

1,645 

 

93,946 

 

**1,389,618**

**Consumer Staples 5.4%**

 
**Beverages 0.9%**

 
Anheuser-Busch InBev NV  

 

1,563 

 

43,160 

Asahi Breweries Ltd.  

 

500 

 

6,011 

Carlsberg AS "B"  

 

7,201 

 

297,524 

Coca-Cola Amatil Ltd.  

 

614 

 

3,704 

Coca-Cola Co.  

 

1,100 

 

48,345 

Coca-Cola Enterprises, Inc.  

 

18,100 

 

238,739 

Diageo PLC  

 

1,934 

 

21,838 

Foster's Group Ltd.  

 

4,320 

 

15,215 

Heineken NV  

 

407 

 

11,590 

Kirin Holdings Co., Ltd.  

 

1,000 

 

10,669 

Pepsi Bottling Group, Inc.  

 

4,900 

 

108,486 

PepsiCo, Inc.  

 

31,528 

 

1,623,061 

Pernod Ricard SA  

 

266 

 

14,867 

SABMiller PLC  

 

698 

 

10,408 

 

**2,453,617**

**Food & Staples Retailing 1.6%**

 
AEON Co., Ltd.  

 

1,200 

 

7,848 

Carrefour SA  

 

847 

 

33,009 

Casino Guichard-Perrachon SA  

 

82 

 

5,326 

Colruyt SA  

 

81 

 

18,588 

CVS Caremark Corp.  

 

31,125 

 

855,626 

Delhaize Group  

 

323 

 

20,948 

George Weston Ltd.  

 

200 

 

9,280 

J Sainsbury PLC  

 

1,318 

 

5,910 

Kesko Oyj "B"  

 

133 

 

2,757 

Koninklijke Ahold NV  

 

2,426 

 

26,560 

Lawson, Inc.  

 

100 

 

4,124 

Loblaw Companies Ltd.  

 

500 

 

12,433 

Metro AG  

 

770 

 

25,451 

Metro, Inc. "A"  

 

400 

 

12,024 

Nash Finch Co.  

 

200 

 

5,618 

Pantry, Inc.*  

 

5,700 

 

100,377 

Safeway, Inc.  

 

4,900 

 

98,931 

Seven & I Holdings Co., Ltd.  

 

8,200 

 

181,045 

Shoppers Drug Mart Corp.  

 

1,000 

 

34,375 

SUPERVALU, Inc.  

 

5,900 

 

84,252 

Sysco Corp.  

 

30,900 

 

704,520 

Tesco PLC  

 

5,893 

 

28,204 

Village Super Market, Inc. "A"  

 

300 

 

9,351 

Wal-Mart Stores, Inc.  

 

39,600 

 

2,063,160 

Walgreen Co.  

 

3,300 

 

85,668 

Wesfarmers Ltd.  

 

1,325 

 

17,322 

Wesfarmers Ltd. (PPS)  

 

167 

 

2,201 

 

 

 

William Morrison Supermarkets PLC  

 

1,655 

 

6,058 

Woolworths Ltd.  

 

2,383 

 

41,600 

 

**4,502,566**

**Food Products 0.9%**

 
Ajinomoto Co., Inc.  

 

1,000 

 

7,055 

Archer-Daniels-Midland Co.  

 

16,200 

 

450,036 

Aryzta AG*  

 

77 

 

1,801 

Bunge Ltd.  

 

5,000 

 

283,250 

Cadbury PLC  

 

1,029 

 

7,772 

Danisco AS  

 

796 

 

23,857 

Darling International, Inc.*  

 

14,700 

 

54,537 

Diamond Foods, Inc.  

 

4,700 

 

131,271 

General Mills, Inc.  

 

5,374 

 

268,055 

Groupe DANONE  

 

420 

 

20,501 

J & J Snack Foods Corp.  

 

3,900 

 

134,901 

Kerry Group PLC "A"  

 

3,425 

 

69,747

Kraft Foods, Inc. "A"  

 

10,817 

 

241,111 

Nestle SA (Registered)  

 

12,524 

 

423,931 

Nissin Foods Holdings Co., Ltd.  

 

100 

 

2,937 

Parmalat SpA  

 

2,981 

 

6,146 

Saputo, Inc.  

 

1,000 

 

16,608 

Tate & Lyle PLC  

 

461 

 

1,721 

Tyson Foods, Inc. "A"  

 

15,600 

 

146,484 

Unilever NV (CVA)  

 

2,549 

 

50,392 

Unilever PLC  

 

966 

 

18,309 

Wilmar International Ltd.  

 

1,000 

 

2,087 

Yakult Honsha Co., Ltd.  

 

200 

 

3,556 

 

**2,366,065**

**Household Products 0.8%**

 
Central Garden & Pet Co. "A"*  

 

19,100 

 

143,632 

Colgate-Palmolive Co.  

 

12,670 

 

747,277 

Energizer Holdings, Inc.*  

 

7,500 

 

372,675 

Henkel AG & Co. KGaA  

 

557 

 

14,087 

Kimberly-Clark Corp.  

 

10,400 

 

479,544 

Procter & Gamble Co.  

 

12,390 

 

583,445 

Reckitt Benckiser Group PLC  

 

343 

 

12,909 

Unicharm Corp.  

 

100 

 

6,093 

 

**2,359,662**

**Personal Products 0.1%**

 
Beiersdorf AG  

 

570 

 

25,632 

China Sky One Medical, Inc.*  

 

6,500 

 

74,750 

L'Oreal SA  

 

362 

 

24,962 

Nu Skin Enterprises, Inc. "A"  

 

1,400 

 

14,686 

Shiseido Co., Ltd.  

 

1,000 

 

14,650 

 

**154,680**

**Tobacco 1.1%**

 
Altria Group, Inc.  

 

59,671 

 

955,929 

British American Tobacco PLC  

 

1,517 

 

35,126 

Imperial Tobacco Group PLC  

 

10,360 

 

232,670 

Japan Tobacco, Inc.  

 

64 

 

170,920 

Lorillard, Inc.  

 

4,700 

 

290,178 

Philip Morris International, Inc.  

 

29,319 

 

1,043,170 

Reynolds American, Inc.  

 

2,100 

 

75,264 

 

 

 

Swedish Match AB  

 

7,492 

 

108,309 

 

**2,911,566**

**Energy 6.5%**

 
**Energy Equipment & Services 1.8%**

 
Aker Solutions ASA  

 

700 

 

4,528 

AMEC PLC  

 

16,074 

 

122,236 

Cameron International Corp.*  

 

15,100 

 

331,143 

CARBO Ceramics, Inc.  

 

3,800 

 

108,072 

Compagnie Generale de Geophysique-Veritas*  

 

89 

 

1,031 

ENSCO International, Inc.  

 

12,106 

 

319,598 

Fugro NV (CVA)  

 

1,159 

 

36,804 

Halliburton Co.  

 

28,182 

 

435,976 

Key Energy Services, Inc.*  

 

19,400 

 

55,872 

Matrix Service Co.*  

 

12,900 

 

106,038 

National-Oilwell Varco, Inc.*  

 

12,034 

 

345,496 

Noble Corp.  

 

16,395 

 

394,956 

Oil States International, Inc.*  

 

10,100 

 

135,542 

Patterson-UTI Energy, Inc.  

 

16,446 

 

147,356 

Rowan Companies, Inc.  

 

18,200 

 

217,854 

Saipem SpA  

 

12,731 

 

227,135 

SBM Offshore NV  

 

2,753 

 

36,609 

Schlumberger Ltd.  

 

6,260 

 

254,281 

SEACOR Holdings, Inc.*  

 

900 

 

52,479 

Seadrill Ltd.  

 

800 

 

7,860 

Technip SA  

 

75 

 

2,643 

Tenaris SA  

 

434 

 

4,392 

Tidewater, Inc.  

 

3,100 

 

115,103 

Transocean Ltd.*  

 

17,972 

 

1,057,473 

Unit Corp.*  

 

4,100 

 

85,772 

Weatherford International Ltd.*  

 

26,270 

 

290,809 

WorleyParsons Ltd.  

 

324 

 

4,075 

 

**4,901,133**

**Oil, Gas & Consumable Fuels 4.7%**

 
Anadarko Petroleum Corp.  

 

3,906 

 

151,904 

Apache Corp.  

 

1,800 

 

115,362 

BG Group PLC  

 

23,789 

 

360,574 

BP PLC  

 

4,690 

 

31,388 

Cameco Corp.  

 

100 

 

1,709 

Canadian Natural Resources Ltd.  

 

200 

 

7,759 

Canadian Oil Sands Trust (Units)  

 

100 

 

1,923 

Chevron Corp.  

 

27,075 

 

1,820,523 

Cimarex Energy Co.  

 

2,200 

 

40,436 

Clayton Williams Energy, Inc.*  

 

3,400 

 

99,416 

ConocoPhillips  

 

26,151 

 

1,024,073 

Devon Energy Corp.  

 

5,514 

 

246,421 

El Paso Corp.  

 

4,800 

 

30,000 

Enbridge, Inc.  

 

100 

 

2,883 

EnCana Corp.  

 

300 

 

12,278 

Encore Acquisition Co.*  

 

4,900 

 

114,023 

Eni SpA  

 

2,439 

 

46,959 

EOG Resources, Inc.  

 

6,020 

 

329,655 

EXCO Resources, Inc.*  

 

16,400 

 

164,000 

ExxonMobil Corp.  

 

50,679 

 

3,451,240 

Frontline Ltd.  

 

200 

 

3,588 

Gazprom (ADR)  

 

16,250 

 

238,723 

 

 

 

Husky Energy, Inc.  

 

100 

 

2,122 

Imperial Oil Ltd.  

 

300 

 

10,898 

INPEX Corp.  

 

2 

 

13,769 

James River Coal Co.*  

 

4,000 

 

49,360 

Marathon Oil Corp.  

 

17,444 

 

458,603 

Mariner Energy, Inc.*  

 

900 

 

6,975 

McMoRan Exploration Co.*  

 

22,500 

 

105,750 

Murphy Oil Corp.  

 

8,800 

 

393,976 

Neste Oil Oyj  

 

113 

 

1,502 

Nexen, Inc.  

 

18,919 

 

320,818

Nippon Mining Holdings, Inc.  

 

3,500 

 

14,122 

Nippon Oil Corp.  

 

5,000 

 

24,992 

Noble Energy, Inc.  

 

8,590 

 

462,829 

Occidental Petroleum Corp.  

 

20,332 

 

1,131,476 

OMV AG  

 

2,566 

 

85,307 

Origin Energy Ltd.  

 

1,587 

 

16,416 

Patriot Coal Corp.*  

 

10,800 

 

40,068 

Petro-Canada  

 

200 

 

5,373 

Petroleo Brasileiro SA (ADR)  

 

6,300 

 

191,961 

Repsol YPF SA  

 

7,036 

 

121,540 

Royal Dutch Shell PLC "A"  

 

756 

 

16,999 

Royal Dutch Shell PLC "B"  

 

877 

 

19,223 

Santos Ltd.  

 

1,509 

 

17,573 

Showa Shell Sekiyu KK  

 

1,100 

 

10,122 

StatoilHydro ASA  

 

16,350 

 

285,781 

Suncor Energy, Inc.  

 

19,218 

 

428,930

Talisman Energy, Inc.  

 

500 

 

5,294 

Teekay Tankers Ltd. "A"  

 

4,700 

 

44,697 

TonenGeneral Sekiyu KK  

 

1,000 

 

9,720 

Total SA  

 

5,244 

 

260,081 

Woodside Petroleum Ltd.  

 

1,236 

 

32,539 

World Fuel Services Corp.  

 

4,600 

 

145,498 

 

**13,029,151**

**Financials 6.0%**

 
**Capital Markets 0.9%**

 
Bank of New York Mellon Corp.  

 

13,300 

 

375,725 

BGC Partners, Inc. "A"  

 

2,200 

 

4,862 

Charles Schwab Corp.  

 

11,900 

 

184,450 

Credit Suisse Group AG (Registered)  

 

8,253 

 

250,322 

Daiwa Securities Group, Inc.  

 

1,000 

 

4,426 

IGM Financial, Inc.  

 

100 

 

2,412 

Julius Baer Holding AG (Registered)  

 

259 

 

6,354 

Knight Capital Group, Inc. "A"*  

 

9,100 

 

134,134 

LaBranche & Co., Inc.*  

 

23,200 

 

86,768 

Macquarie Group Ltd.  

 

396 

 

7,485 

Man Group PLC  

 

485 

 

1,522 

Mediobanca SpA  

 

668 

 

5,678 

Morgan Stanley  

 

3,800 

 

86,526 

Nomura Holdings, Inc.  

 

1,400 

 

7,051 

Northern Trust Corp.  

 

1,900 

 

113,658 

Prospect Capital Corp.  

 

12,101 

 

103,101 

Raymond James Financial, Inc.  

 

8,977 

 

176,847 

Reinet Investments SCA*  

 

213 

 

1,969 

State Street Corp.  

 

4,300 

 

132,354 

 

 

 

SWS Group, Inc.  

 

900 

 

13,977 

T. Rowe Price Group, Inc.  

 

13,500 

 

389,610 

TD Ameritrade Holding Corp.*  

 

12,787 

 

176,588 

The Goldman Sachs Group, Inc.  

 

1,600 

 

169,632 

UBS AG (Registered)*  

 

2,887 

 

27,426 

 

**2,462,877**

**Commercial Banks 1.4%**

 
1st Source Corp.  

 

1,200 

 

21,660 

Allied Irish Banks PLC  

 

4,783

 

3,778

Anglo Irish Bank Corp. PLC  

 

14,896 

 

4,295 

Australia & New Zealand Banking Group Ltd.  

 

888 

 

9,756 

Banca Carige SpA  

 

910 

 

2,985 

Banca Monte dei Paschi di Siena SpA  

 

4,486 

 

6,219 

Banca Popolare di Milano Scarl  

 

2,224 

 

11,073 

Banco Bilbao Vizcaya Argentaria SA  

 

3,363 

 

27,332 

Banco Comercial Portugues SA (Registered)*  

 

84,426 

 

69,228 

Banco de Sabadell SA  

 

598 

 

3,000 

Banco Espirito Santo SA (Registered)  

 

7,985 

 

31,097 

Banco Latinoamericano de Exportaciones SA "E"  

 

12,000 

 

112,440 

Banco Popolare Societa Cooperativa  

 

1,432 

 

6,586 

Banco Popular Espanol SA  

 

560 

 

3,541 

Banco Santander SA  

 

35,447 

 

243,722 

Bank of East Asia Ltd.  

 

1,980 

 

3,828 

Bank of Montreal  

 

300 

 

7,850 

Bank of Nova Scotia  

 

500 

 

12,321 

Bank of the Ozarks, Inc.  

 

900 

 

20,772 

Barclays PLC  

 

1,486 

 

3,170 

BNP Paribas  

 

4,803 

 

197,963 

BOC Hong Kong (Holdings) Ltd.  

 

4,500 

 

4,618 

Canadian Imperial Bank of Commerce  

 

200 

 

7,278 

Chuo Mitsui Trust Holdings, Inc.  

 

1,000 

 

3,112 

Commerzbank AG  

 

1,972 

 

10,567 

Commonwealth Bank of Australia  

 

608 

 

14,727 

Credit Agricole SA  

 

968 

 

10,653 

Danske Bank AS*  

 

3,201 

 

26,989 

DBS Group Holdings Ltd.  

 

3,000 

 

16,822 

Deutsche Postbank AG  

 

285 

 

4,537 

Dexia SA  

 

2,958 

 

10,233 

DnB NOR ASA  

 

56,600 

 

256,200 

Erste Group Bank AG  

 

5,413 

 

92,580 

Governor and Co. of the Bank of Ireland  

 

7,056 

 

4,823

Hang Seng Bank Ltd.  

 

1,100 

 

11,218 

HSBC Holdings PLC  

 

39,406 

 

223,078 

Hypo Real Estate Holding AG  

 

816 

 

1,349 

Industrial & Commercial Bank of China Ltd. "H"  

 

486,000 

 

251,550 

Intesa Sanpaolo  

 

10,874 

 

29,904 

Intesa Sanpaolo (RSP)  

 

3,403 

 

6,424 

Jyske Bank AS (Registered)*  

 

375 

 

8,570 

KBC Groep NV  

 

895 

 

14,456 

Lakeland Bancorp., Inc.  

 

1,300 

 

10,439 

Lloyds Banking Group PLC  

 

3,071 

 

3,148 

Marshall & Ilsley Corp.  

 

38,300 

 

215,629 

Mitsubishi UFJ Financial Group, Inc.  

 

5,000 

 

24,563 

Mizuho Financial Group, Inc.  

 

6,000 

 

11,680 

National Australia Bank Ltd.  

 

790 

 

11,075 

 

 

 

National Bank of Canada  

 

100 

 

3,193 

Natixis  

 

3,404 

 

5,793 

NBT Bancorp., Inc.  

 

7,600 

 

164,464 

Nordea Bank AB  

 

5,320 

 

26,564 

Oversea-Chinese Banking Corp., Ltd.  

 

7,000 

 

22,297 

Park National Corp.  

 

2,300 

 

128,225 

PNC Financial Services Group, Inc.  

 

2,500 

 

73,225 

Prosperity Bancshares, Inc.  

 

6,300 

 

172,305 

Raiffeisen International Bank-Holding AG  

 

1,556 

 

43,923 

Resona Holdings, Inc.  

 

300 

 

4,030 

Royal Bank of Canada  

 

700 

 

20,420 

Royal Bank of Scotland Group PLC  

 

7,868 

 

2,799 

S&T Bancorp., Inc.  

 

5,800 

 

123,018 

Santander BanCorp.  

 

5,800 

 

45,704 

Shinsei Bank Ltd.*  

 

3,000 

 

3,068 

Signature Bank*  

 

6,300 

 

177,849 

Skandinaviska Enskilda Banken AB*  

 

1,625 

 

5,022 

Skandinaviska Enskilda Banken AB "A"  

 

1,639 

 

5,142 

Societe Generale  

 

600 

 

23,561 

Southside Bancshares, Inc.  

 

2,700 

 

51,030 

Standard Chartered PLC  

 

682 

 

8,460 

Sumitomo Mitsui Financial Group, Inc.  

 

300 

 

10,583 

Sumitomo Trust & Banking Co., Ltd.  

 

1,000 

 

3,877 

SunTrust Banks, Inc.  

 

18,900 

 

221,886 

Svenska Handelsbanken AB "A" 

 

1,150 

 

16,260 

Swedbank AB "A"  

 

1,596 

 

5,319 

Sydbank AS*  

 

400 

 

5,107 

The Bank of Yokohama Ltd.  

 

1,000 

 

4,296 

Tompkins Financial Corp.  

 

1,600 

 

68,800 

Toronto-Dominion Bank  

 

200 

 

6,894 

UMB Financial Corp.  

 

2,000 

 

84,980 

UniCredit SpA  

 

23,583 

 

39,049 

Unione di Banche Italiane ScpA  

 

685 

 

7,544 

United Overseas Bank Ltd.  

 

3,000 

 

19,191 

Wells Fargo & Co.  

 

16,400 

 

233,536 

Westpac Banking Corp.  

 

1,387 

 

18,463 

 

**3,944,715**

**Consumer Finance 0.1%**

 
Credit Saison Co., Ltd.  

 

200 

 

1,971 

EZCORP, Inc. "A"*  

 

6,000 

 

69,420 

Nelnet, Inc. "A"*  

 

22,000 

 

194,480 

ORIX Corp.  

 

50 

 

1,648 

 

**267,519**

**Diversified Financial Services 1.2%**

 
ASX Ltd.  

 

282 

 

5,767 

Bank of America Corp.  

 

72,400 

 

493,768 

Citigroup, Inc.  

 

42,100 

 

106,513 

CME Group, Inc.  

 

3,755 

 

925,195 

Compagnie Nationale a Portefeuille  

 

369 

 

17,136 

Criteria Caixacorp SA  

 

941 

 

3,039 

Deutsche Boerse AG  

 

191 

 

11,539 

Eurazeo  

 

152 

 

4,068 

Fortis  

 

15,858 

 

29,171 

Groupe Bruxelles Lambert SA  

 

473 

 

32,106 

Hong Kong Exchanges & Clearing Ltd.  

 

1,300 

 

12,258 

 

 

 

ING Groep NV (CVA)  

 

6,918 

 

38,641 

Investor AB "B"  

 

600 

 

7,596 

JPMorgan Chase & Co.  

 

43,164 

 

1,147,299 

KBC Ancora  

 

49 

 

402 

Moody's Corp.  

 

7,879 

 

180,587 

NYSE Euronext  

 

11,327 

 

202,753 

Singapore Exchange Ltd.  

 

1,000 

 

3,357 

 

**3,221,195**

**Insurance 1.8%**

 
ACE Ltd.  

 

8,668 

 

350,187 

Aegon NV  

 

4,835 

 

19,019 

Alleanza Assicurazioni SpA  

 

737 

 

4,154 

Alleghany Corp.  

 

578 

 

156,632 

Allianz SE (Registered)  

 

3,324 

 

280,025 

Allied World Assurance Co. Holdings Ltd.  

 

2,900 

 

110,287 

Allstate Corp.  

 

13,600 

 

260,440 

American Equity Investment Life Holding Co.  

 

15,000 

 

62,400 

American Physicians Capital, Inc.  

 

700 

 

28,644 

AMP Ltd.  

 

965 

 

3,162 

AmTrust Financial Services, Inc.  

 

11,600 

 

110,780 

Aon Corp.  

 

8,013 

 

327,091 

Argo Group International Holdings Ltd.*  

 

1,200 

 

36,156 

Arthur J. Gallagher & Co.  

 

8,236 

 

140,012 

Assicurazioni Generali SpA  

 

1,513 

 

25,978 

Assurant, Inc.  

 

2,700 

 

58,806 

Aviva PLC  

 

589 

 

1,821 

AXA Asia Pacific Holdings Ltd.  

 

529 

 

1,255 

AXA SA  

 

15,950 

 

193,669 

Baloise Holding AG (Registered)  

 

92 

 

5,874 

China Life Insurance Co., Ltd. "H"  

 

108,500 

 

356,966 

CNA Surety Corp.*  

 

2,000 

 

36,880 

CNP Assurances  

 

24 

 

1,519 

Crawford & Co. "B"*  

 

900 

 

6,048 

Enstar Group Ltd.*  

 

600 

 

33,792 

Everest Re Group Ltd.  

 

600 

 

42,480 

First American Corp.  

 

3,200 

 

84,832 

Great-West Lifeco, Inc.  

 

100 

 

1,405 

Hallmark Financial Services, Inc.*  

 

2,000 

 

13,860 

Hannover Rueckversicherung AG (Registered)  

 

68 

 

2,169 

Infinity Property & Casualty Corp.  

 

3,700 

 

125,541 

Insurance Australia Group Ltd.  

 

1,063 

 

2,590 

Irish Life & Permanent PLC  

 

1,959 

 

2,878 

Legal & General Group PLC  

 

2,181 

 

1,357 

Loews Corp.  

 

5,800 

 

128,180 

Maiden Holdings Ltd.  

 

5,500 

 

24,585 

Manulife Financial Corp.  

 

800 

 

9,010 

Markel Corp.*  

 

200 

 

56,776 

MetLife, Inc.  

 

10,724 

 

244,185 

Mitsui Sumitomo Insurance Group Holdings, Inc.  

 

300 

 

7,041 

Montpelier Re Holdings Ltd.  

 

1,900 

 

24,624 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)  

 

2,344 

 

286,302 

Old Mutual PLC  

 

9,082 

 

6,776 

PartnerRe Ltd.  

 

2,392 

 

148,471 

Power Corp. of Canada  

 

200 

 

3,117 

Power Financial Corp.  

 

100 

 

1,632 

 

 

 

Progressive Corp.*  

 

7,900 

 

106,176 

Prudential PLC  

 

566 

 

2,727 

QBE Insurance Group Ltd.  

 

387 

 

5,204 

Reinsurance Group of America, Inc.  

 

1,800 

 

58,302 

Sampo Oyj "A"  

 

5,190 

 

76,760 

SCOR SE  

 

125 

 

2,575 

Sompo Japan Insurance, Inc.  

 

1,000 

 

5,236 

Sun Life Financial, Inc.  

 

300 

 

5,435 

Suncorp-Metway Ltd.  

 

457 

 

1,914 

Swiss Life Holding AG (Registered)*  

 

19 

 

1,320 

Swiss Re (Registered)  

 

190 

 

3,100 

T&D Holdings, Inc.  

 

100 

 

2,395 

The Travelers Companies, Inc.  

 

11,331 

 

460,492 

Tokio Marine Holdings, Inc.  

 

300 

 

7,407 

Topdanmark AS*  

 

125 

 

12,343 

Transatlantic Holdings, Inc.  

 

1,900 

 

67,773 

Trygvesta AS  

 

245 

 

12,436 

Validus Holdings Ltd.  

 

5,100 

 

120,768 

Vienna Insurance Group  

 

1,048 

 

30,142 

Zurich Financial Services AG (Registered)  

 

118 

 

18,621 

 

**4,830,534**

**Real Estate Investment Trusts 0.5%**

 
AMB Property Corp. (REIT)  

 

1,600 

 

23,040 

Annaly Capital Management, Inc. (REIT)  

 

4,200 

 

58,254 

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

 

2,299 

 

12,598 

AvalonBay Communities, Inc. (REIT)  

 

1,234 

 

58,072 

BioMed Realty Trust, Inc. (REIT)  

 

6,400 

 

43,328 

Boston Properties, Inc. (REIT)  

 

1,500 

 

52,545 

CapitaMall Trust (REIT)  

 

3,000 

 

2,608 

Colonial Properties Trust (REIT)  

 

10,200 

 

38,862 

Corio NV (REIT)  

 

72 

 

2,974 

Corporate Office Properties Trust (REIT)  

 

2,500 

 

62,075 

Cousins Properties, Inc. (REIT)  

 

3,100 

 

19,964 

Entertainment Properties Trust (REIT)  

 

3,100 

 

48,856 

Equity Lifestyle Properties, Inc. (REIT)  

 

1,500 

 

57,150 

Equity Residential (REIT)  

 

3,100 

 

56,885 

First Industrial Realty Trust, Inc. (REIT)  

 

7,400 

 

18,130 

Glimcher Realty Trust (REIT)  

 

3,100 

 

4,340 

GPT Group (REIT)  

 

1,538 

 

468 

HCP, Inc. (REIT)  

 

1,800 

 

32,130 

Healthcare Realty Trust, Inc. (REIT)  

 

2,200 

 

32,978 

Home Properties, Inc. (REIT)  

 

2,000 

 

61,300 

Hospitality Properties Trust (REIT)  

 

3,000 

 

36,000 

Host Hotels & Resorts, Inc. (REIT)  

 

5,100 

 

19,992 

Kimco Realty Corp. (REIT)  

 

3,400 

 

25,908 

LaSalle Hotel Properties (REIT)  

 

4,800 

 

28,032 

Lexington Realty Trust (REIT)  

 

5,300 

 

12,614 

Link (REIT)  

 

2,500 

 

4,943 

Maguire Properties, Inc. (REIT)*  

 

2,600 

 

1,872 

Mid-America Apartment Communities, Inc. (REIT)  

 

1,600 

 

49,328 

National Retail Properties, Inc. (REIT)  

 

4,700 

 

74,448 

OMEGA Healthcare Investors, Inc. (REIT)  

 

2,500 

 

35,200 

Parkway Properties, Inc. (REIT)  

 

2,200 

 

22,660 

Pennsylvania Real Estate Investment Trust (REIT)  

 

6,000 

 

21,300 

Potlatch Corp. (REIT)  

 

1,800 

 

41,742 

 

 

 

ProLogis (REIT)  

 

3,000 

 

19,500 

Public Storage (REIT)  

 

1,000 

 

55,250 

Realty Income Corp. (REIT)  

 

900 

 

16,938 

Redwood Trust, Inc. (REIT)  

 

3,900 

 

59,865 

Senior Housing Properties Trust (REIT)  

 

4,500 

 

63,090 

Simon Property Group, Inc. (REIT)  

 

1,654 

 

57,294 

Sovran Self Storage, Inc. (REIT)  

 

1,400 

 

28,112 

Stockland (REIT)  

 

923 

 

1,997 

Strategic Hotels & Resorts, Inc. (REIT)  

 

4,400 

 

3,036 

Sunstone Hotel Investors, Inc. (REIT)  

 

4,635 

 

12,190 

Unibail-Rodamco (REIT)  

 

59 

 

8,395 

Vornado Realty Trust (REIT)  

 

2,035 

 

67,643 

Washington Real Estate Investment Trust (REIT)  

 

2,600 

 

44,980 

Wereldhave NV (REIT)

 

48 

 

3,365 

Westfield Group (REIT)  

 

891 

 

6,217 

 

**1,508,468**

**Real Estate Management & Development 0.0%**

 
Brookfield Asset Management, Inc. "A"  

 

300 

 

4,181 

CapitaLand Ltd.  

 

5,000 

 

7,685 

Cheung Kong (Holdings) Ltd.  

 

2,000 

 

17,231 

City Developments Ltd.  

 

1,000 

 

3,357 

Hang Lung Properties Ltd.  

 

2,000 

 

4,724 

Henderson Land Development Co., Ltd.  

 

1,000 

 

3,820 

Hopewell Holdings Ltd.  

 

1,000 

 

2,607 

Kerry Properties Ltd.  

 

1,000 

 

2,414 

Lend Lease Corp., Ltd.  

 

287 

 

1,305 

Mitsubishi Estate Co., Ltd.  

 

1,000 

 

11,415 

New World Development Co., Ltd.  

 

6,000 

 

5,986 

Sun Hung Kai Properties Ltd.  

 

2,000 

 

17,954 

Swire Pacific Ltd. "A"  

 

1,000 

 

6,679 

Wharf Holdings Ltd.  

 

2,000 

 

5,080 

 

**94,438**

**Thrifts & Mortgage Finance 0.1%**

 
Astoria Financial Corp.  

 

7,400 

 

68,006 

Capitol Federal Financial  

 

3,385 

 

127,987 

Dime Community Bancshares  

 

6,800 

 

63,784 

Doral Financial Corp.*  

 

7,400 

 

13,320 

Ocwen Financial Corp.*  

 

5,800 

 

66,294 

 

**339,391**

**Health Care 8.2%**

 
**Biotechnology 1.4%**

 
Actelion Ltd. (Registered)*  

 

83 

 

3,790 

Alexion Pharmaceuticals, Inc.*  

 

5,600 

 

210,896 

Amgen, Inc.*  

 

5,300 

 

262,456 

Celgene Corp.*  

 

13,200 

 

586,080 

CSL Ltd.  

 

2,698 

 

61,047 

Cubist Pharmaceuticals, Inc.*  

 

8,900 

 

145,604 

CV Therapeutics, Inc.*  

 

8,400 

 

166,992 

Enzon Pharmaceuticals, Inc.*  

 

17,000 

 

103,190 

Gilead Sciences, Inc.*  

 

28,980 

 

1,342,354 

Grifols SA  

 

301 

 

4,342 

Intercell AG*  

 

10,673 

 

330,005 

Isis Pharmaceuticals, Inc.*  

 

11,000 

 

165,110 

Myriad Genetics, Inc.*  

 

5,200 

 

236,444 

 

 

 

NPS Pharmaceuticals, Inc.*  

 

6,400 

 

26,880 

PDL BioPharma, Inc.  

 

20,300 

 

143,724 

 

**3,788,914**

**Health Care Equipment & Supplies 1.2%**

 
Baxter International, Inc.  

 

20,346 

 

1,042,122 

Becton, Dickinson & Co.  

 

9,960 

 

669,710 

C.R. Bard, Inc.  

 

2,500 

 

199,300 

Cochlear Ltd.  

 

314 

 

10,959 

Edwards Lifesciences Corp.*  

 

8,600 

 

521,418 

Essilor International SA  

 

494 

 

19,102 

Getinge AB "B"  

 

200 

 

1,937 

Medtronic, Inc.  

 

9,700 

 

285,859 

Nobel Biocare Holding AG (Bearer)  

 

155 

 

2,647 

Olympus Corp.  

 

1,000 

 

16,354 

Smith & Nephew PLC  

 

1,343 

 

8,302 

Sonova Holding AG (Registered)  

 

59 

 

3,568 

St. Jude Medical, Inc.*  

 

12,200 

 

443,226 

STERIS Corp.  

 

7,100 

 

165,288 

Synthes, Inc.  

 

35 

 

3,894 

Terumo Corp.  

 

400 

 

14,866 

William Demant Holding AS*  

 

50 

 

2,020 

 

**3,410,572**

**Health Care Providers & Services 2.0%**

 
Aetna, Inc.  

 

17,000 

 

413,610 

Alliance HealthCare Services, Inc.*  

 

4,500 

 

30,600 

AmerisourceBergen Corp.  

 

1,600 

 

52,256 

Celesio AG  

 

338 

 

6,229 

Centene Corp.*  

 

8,100 

 

145,962 

CorVel Corp.*  

 

2,900 

 

58,638 

Coventry Health Care, Inc.*  

 

42,200 

 

546,068 

Emergency Medical Services Corp. "A"*  

 

3,900 

 

122,421 

Express Scripts, Inc.*  

 

15,400 

 

711,018 

Fresenius Medical Care AG & Co. KGaA  

 

7,638 

 

296,989 

Genoptix, Inc.*  

 

100 

 

2,728 

Gentiva Health Services, Inc.*  

 

8,700 

 

132,240 

Healthspring, Inc.*  

 

22,700 

 

189,999 

Humana, Inc.*  

 

3,700 

 

96,496 

Laboratory Corp. of America Holdings*  

 

5,300 

 

309,997 

LHC Group, Inc.*  

 

6,600 

 

147,048 

Magellan Health Services, Inc.*  

 

4,400 

 

160,336 

McKesson Corp.  

 

28,145 

 

986,201 

Medco Health Solutions, Inc.*  

 

9,553 

 

394,921 

Mediceo Paltac Holdings Co., Ltd.  

 

400 

 

4,269 

RehabCare Group, Inc.*  

 

5,000 

 

87,200 

Sonic Healthcare Ltd.  

 

1,874 

 

14,470 

Suzuken Co., Ltd.  

 

200 

 

5,217 

UnitedHealth Group, Inc.  

 

5,600 

 

117,208 

Universal Health Services, Inc. "B"  

 

4,200 

 

161,028 

WellPoint, Inc.*  

 

9,209 

 

349,666 

 

**5,542,815**

**Health Care Technology 0.1%**

 
Computer Programs & Systems, Inc.  

 

4,600 

 

**153,042**

**Life Sciences Tools & Services 0.2%**

 
Lonza Group AG (Registered)  

 

1,614 

 

159,564 

 

 

 

Thermo Fisher Scientific, Inc.*  

 

9,768 

 

348,424 

 

**507,988**

**Pharmaceuticals 3.3%**

 
Abbott Laboratories  

 

30,140 

 

1,437,678 

Allergan, Inc.  

 

4,000 

 

191,040 

Astellas Pharma, Inc.  

 

5,600 

 

172,471 

AstraZeneca PLC  

 

1,510 

 

53,561 

Bayer AG  

 

6,955 

 

333,189 

Bristol-Myers Squibb Co.  

 

7,255 

 

159,030 

Caraco Pharmaceutical Laboratories Ltd.*  

 

8,700 

 

30,624 

Chugai Pharmaceutical Co., Ltd.  

 

600 

 

10,195 

Daiichi Sankyo Co., Ltd.  

 

1,700 

 

28,732 

Eisai Co., Ltd.  

 

700 

 

20,630 

Elan Corp. PLC*  

 

24,065 

 

165,857

Eli Lilly & Co.  

 

18,500 

 

618,085 

GlaxoSmithKline PLC  

 

5,467 

 

85,124 

Hisamitsu Pharmaceutical Co., Inc.  

 

200 

 

6,177 

Johnson & Johnson  

 

29,282 

 

1,540,233 

Merck & Co., Inc.  

 

30,892 

 

826,361 

Merck KGaA*  

 

235 

 

20,741 

Mitsubishi Tanabe Pharma Corp.  

 

1,000 

 

9,855 

Novartis AG (Registered)  

 

6,340 

 

239,296 

Novo Nordisk AS "B"  

 

4,902 

 

235,122 

Ono Pharmaceutical Co., Ltd.  

 

300 

 

13,146 

Pfizer, Inc.  

 

67,600 

 

920,712 

POZEN, Inc.*  

 

8,200 

 

50,184 

Roche Holding AG (Genusschein)  

 

1,559 

 

214,042 

Sanofi-Aventis  

 

2,304 

 

129,295 

Schering-Plough Corp.  

 

3,700 

 

87,135 

Shire PLC  

 

640 

 

7,807 

Takeda Pharmaceutical Co., Ltd.  

 

1,800 

 

62,422 

Teva Pharmaceutical Industries Ltd. (ADR)  

 

13,866 

 

624,663 

UCB SA  

 

3,356 

 

98,987 

ViroPharma, Inc.*  

 

8,800 

 

46,200 

Watson Pharmaceuticals, Inc.*  

 

7,900 

 

245,769 

Wyeth  

 

13,065 

 

562,318 

 

**9,246,681**

**Industrials 6.2%**

 
**Aerospace & Defense 1.9%**

 
Axsys Technologies, Inc.*  

 

1,400 

 

58,856 

BAE Systems PLC  

 

29,853 

 

143,239 

Bombardier, Inc. "B"  

 

3,500 

 

8,161 

CAE, Inc.  

 

700 

 

4,236 

Cobham PLC  

 

1,159 

 

2,856 

Cubic Corp.  

 

4,600 

 

116,518 

DynCorp International, Inc. "A"*  

 

9,500 

 

126,635 

European Aeronautic Defence & Space Co.  

 

222 

 

2,583 

Finmeccanica SpA  

 

206 

 

2,563 

General Dynamics Corp.  

 

12,900 

 

536,511 

Honeywell International, Inc.  

 

21,343 

 

594,616 

L-3 Communications Holdings, Inc.  

 

3,700 

 

250,860 

Lockheed Martin Corp.  

 

11,100 

 

766,233 

Northrop Grumman Corp.  

 

17,400 

 

759,336 

Precision Castparts Corp.  

 

300 

 

17,970 

 

 

 

Raytheon Co.  

 

4,900 

 

190,806 

Rockwell Collins, Inc.  

 

12,700 

 

414,528 

Rolls-Royce Group PLC*  

 

1,977 

 

8,337 

Singapore Technologies Engineering Ltd.  

 

9,000 

 

14,569 

Thales SA  

 

71 

 

2,691 

TransDigm Group, Inc.*  

 

4,400 

 

144,496 

Triumph Group, Inc.  

 

3,500 

 

133,700 

United Technologies Corp.  

 

23,107 

 

993,139 

 

**5,293,439**

**Air Freight & Logistics 0.1%**

 
Deutsche Post AG (Registered)  

 

825 

 

8,883 

FedEx Corp.  

 

3,100 

 

137,919 

TNT NV  

 

1,012 

 

17,312 

Toll Holdings Ltd.  

 

2,758 

 

11,985 

 

**176,099**

**Airlines 0.1%**

 
Air France-KLM  

 

113 

 

1,007 

Alaska Air Group, Inc.*  

 

200 

 

3,514 

Allegiant Travel Co.*  

 

2,600 

 

118,196 

Deutsche Lufthansa AG (Registered)  

 

185 

 

2,012 

Hawaiian Holdings, Inc.*  

 

22,000 

 

82,060 

Iberia Lineas Aereas de Espana SA  

 

855 

 

1,789 

Qantas Airways Ltd.  

 

7,435 

 

9,045 

Singapore Airlines Ltd.  

 

3,000 

 

19,740 

 

**237,363**

**Building Products 0.2%**

 
AAON, Inc.  

 

7,300 

 

132,276 

Apogee Enterprises, Inc.  

 

13,400 

 

147,132 

Asahi Glass Co., Ltd.  

 

1,000 

 

5,347 

Assa Abloy AB "B"  

 

400 

 

3,743 

Compagnie de Saint-Gobain  

 

6,567 

 

183,780 

Daikin Industries Ltd.  

 

100 

 

2,772 

Geberit AG (Registered)  

 

59 

 

5,294 

Wienerberger AG  

 

44 

 

347 

 

**480,691**

**Commercial Services & Supplies 0.4%**

 
Babcock International Group PLC  

 

10,319 

 

63,579 

Brambles Ltd.  

 

4,791 

 

16,036 

Comfort Systems USA, Inc.  

 

13,900 

 

144,143 

Courier Corp.  

 

700 

 

10,619 

Deluxe Corp.  

 

2,100 

 

20,223 

G4S PLC  

 

2,453 

 

6,789 

Knoll, Inc.  

 

20,700 

 

126,891 

Loomis AB "B"*  

 

80 

 

617 

PRG-Schultz International, Inc.*  

 

3,400 

 

9,656 

R.R. Donnelley & Sons Co.  

 

13,900 

 

101,887 

Rentokil Initial PLC  

 

1,774 

 

1,132 

Ritchie Bros. Auctioneers, Inc.  

 

400 

 

7,541 

Secom Co., Ltd.  

 

100 

 

3,702 

Securitas AB "B"  

 

886 

 

6,458 

Serco Group PLC  

 

451 

 

2,366 

Standard Register Co.  

 

5,400 

 

24,732 

Stericycle, Inc.*  

 

8,200 

 

391,386 

Tetra Tech, Inc.*  

 

1,300 

 

26,494 

 

 

 

The Brink's Co.  

 

5,600 

 

148,176 

 

**1,112,427**

**Construction & Engineering 0.2%**

 
ACS, Actividades de Construccion y Servicios SA  

 

1,251 

 

51,833 

Balfour Beatty PLC  

 

491 

 

2,307 

Bouygues SA  

 

209 

 

7,456 

EMCOR Group, Inc.*  

 

3,000 

 

51,510 

FLSmidth & Co. AS  

 

306 

 

7,819 

Fluor Corp.  

 

2,400 

 

82,920 

Fomento de Construcciones y Contratas SA  

 

208 

 

6,359 

Granite Construction, Inc.  

 

3,800 

 

142,424 

Grupo Ferrovial SA  

 

303 

 

6,472 

Hochtief AG  

 

88 

 

3,340 

Koninklijke Boskalis Westminster NV

 

311 

 

6,241 

Leighton Holdings Ltd.  

 

669 

 

9,006 

MasTec, Inc.*  

 

3,300 

 

39,897 

Michael Baker Corp.*  

 

3,100 

 

80,600 

Perini Corp.*  

 

8,700 

 

107,010 

Skanska AB "B"  

 

600 

 

5,171 

SNC-Lavalin Group, Inc.  

 

400 

 

10,168 

Sterling Construction Co., Inc.*  

 

600 

 

10,704 

Vinci SA  

 

266 

 

9,853 

YIT Oyj  

 

36 

 

241 

 

**641,331**

**Electrical Equipment 0.9%**

 
ABB Ltd. (Registered)*  

 

20,991 

 

292,876 

Alstom SA  

 

2,823 

 

146,151 

AMETEK, Inc.  

 

23,800 

 

744,226 

Emerson Electric Co.  

 

21,546 

 

615,785 

Energy Conversion Devices, Inc.*  

 

700 

 

9,289 

Gamesa Corp. Tecnologica SA  

 

1,365 

 

17,512 

GrafTech International Ltd.*  

 

23,700 

 

145,992 

GT Solar International, Inc.*  

 

27,600 

 

183,264 

Mitsubishi Electric Corp.  

 

1,000 

 

4,551 

Q-Cells SE*  

 

170 

 

3,329 

Rockwell Automation, Inc.  

 

10,971 

 

239,607 

Schneider Electric SA  

 

56 

 

3,718 

Solarworld AG  

 

59 

 

1,211 

Sumitomo Electric Industries Ltd.  

 

400 

 

3,387 

Vestas Wind Systems AS*  

 

925 

 

40,850 

 

**2,451,748**

**Industrial Conglomerates 0.4%**

 
3M Co.  

 

3,500 

 

174,020 

Carlisle Companies, Inc.  

 

2,600 

 

51,038 

CSR Ltd.  

 

3,192 

 

2,673 

Fraser & Neave Ltd.  

 

5,000 

 

8,325 

General Electric Co.  

 

40,700 

 

411,477 

Hutchison Whampoa Ltd.  

 

11,000 

 

54,163 

Keppel Corp., Ltd.  

 

6,000 

 

19,986 

Koninklijke (Royal) Philips Electronics NV  

 

17,876 

 

263,856 

Orkla ASA  

 

900 

 

6,223 

SembCorp Industries Ltd.  

 

10,000 

 

15,631 

Siemens AG (Registered)  

 

839 

 

48,047 

Smiths Group PLC  

 

412 

 

3,946 

 

 

 

Textron, Inc.  

 

25,307 

 

145,262 

Wendel  

 

118 

 

3,112 

 

**1,207,759**

**Machinery 0.9%**

 
AGCO Corp.*  

 

3,500 

 

68,600 

Alfa Laval AB  

 

938 

 

7,112 

Ampco-Pittsburgh Corp.  

 

300 

 

3,978 

Atlas Copco AB "A"  

 

209 

 

1,570 

Blount International, Inc.*  

 

7,900 

 

36,498 

Chart Industries, Inc.*  

 

15,700 

 

123,716 

CIRCOR International, Inc.  

 

900 

 

20,268 

Columbus McKinnon Corp.*  

 

2,500 

 

21,800 

Danaher Corp.  

 

700 

 

37,954 

Dover Corp.  

 

14,050 

 

370,639 

FANUC Ltd.  

 

100 

 

6,854 

Flowserve Corp.  

 

2,500 

 

140,300 

Force Protection, Inc.*  

 

23,500 

 

112,800 

Gardner Denver, Inc.*  

 

5,400 

 

117,396 

Invensys PLC*  

 

823 

 

1,966 

KCI Konecranes Oyj  

 

84 

 

1,403 

Komatsu Ltd.  

 

400 

 

4,437 

Kone Oyj "B"  

 

1,749 

 

36,240 

Kubota Corp.  

 

1,000 

 

5,494 

MAN AG  

 

98 

 

4,275 

Manitowoc Co., Inc.  

 

30,300 

 

99,081 

Metso Corp.  

 

1,439 

 

16,975 

Mitsubishi Heavy Industries Ltd.  

 

2,000 

 

6,054 

Mueller Water Products, Inc. "A"  

 

1,400 

 

4,620 

Oshkosh Corp.  

 

25,900 

 

174,566 

Parker Hannifin Corp.  

 

15,038 

 

510,991 

Sandvik AB  

 

1,727 

 

9,892 

Scania AB "B"  

 

839 

 

6,845 

Schindler Holding AG  

 

84 

 

3,965 

SembCorp Marine Ltd.  

 

2,000 

 

2,383 

SKF AB "B"  

 

600 

 

5,190 

Sulzer AG (Registered)  

 

40 

 

2,058 

Timken Co.  

 

31,600 

 

441,136 

Vallourec SA  

 

33 

 

3,059 

Volvo AB "A"  

 

300 

 

1,594 

Volvo AB "B"  

 

1,864 

 

9,880 

Wartsila Oyj  

 

1,043 

 

22,011 

Zardoya Otis SA  

 

934 

 

17,095 

 

**2,460,695**

**Marine 0.0%**

 
A P Moller-Maersk AS "A"  

 

2 

 

8,679 

A P Moller-Maersk AS "B"  

 

5 

 

21,962 

American Commercial Lines, Inc.*  

 

15,000 

 

47,550 

Kuehne & Nagel International AG (Registered)  

 

78 

 

4,557 

Mitsui O.S.K. Lines Ltd.  

 

1,000 

 

4,962 

Nippon Yusen Kabushiki Kaisha  

 

1,000 

 

3,887 

Pacific Basin Shipping Ltd.  

 

7,000 

 

3,222 

 

**94,819**

**Professional Services 0.1%**

 
Adecco SA (Registered)  

 

181 

 

5,663 

 

 

 

Capita Group PLC  

 

467 

 

4,539 

COMSYS IT Partners, Inc.*  

 

3,000 

 

6,630 

Experian PLC  

 

763 

 

4,780 

Manpower, Inc.  

 

13,000 

 

409,890 

Randstad Holding NV  

 

312 

 

5,296 

SGS SA (Registered)  

 

7 

 

7,347 

 

**444,145**

**Road & Rail 0.7%**

 
Burlington Northern Santa Fe Corp.  

 

3,100 

 

186,465 

Canadian National Railway Co.  

 

1,300 

 

46,605 

Canadian Pacific Railway Ltd.  

 

400 

 

11,903 

Central Japan Railway Co.  

 

1 

 

5,623 

ComfortDelGro Corp., Ltd.  

 

12,000 

 

10,738 

CSX Corp.  

 

7,500 

 

193,875 

DSV AS  

 

1,127 

 

8,302 

East Japan Railway Co.  

 

2,773 

 

144,274 

FirstGroup PLC  

 

431 

 

1,651 

Kintetsu Corp.  

 

1,000 

 

4,154 

Marten Transport Ltd.*  

 

7,500 

 

140,100 

MTR Corp., Ltd.  

 

9,000 

 

21,719 

Norfolk Southern Corp.  

 

22,682 

 

765,517 

Ryder System, Inc.  

 

8,300 

 

234,973 

Tokyu Corp.  

 

1,000 

 

4,193 

Union Pacific Corp.  

 

4,000 

 

164,440 

West Japan Railway Co.  

 

1 

 

3,160 

 

**1,947,692**

**Trading Companies & Distributors 0.2%**

 
Beacon Roofing Supply, Inc.*  

 

3,100 

 

41,509 

Bunzl PLC  

 

366 

 

2,869 

Finning International, Inc.  

 

500 

 

4,997 

Itochu Corp.  

 

1,000 

 

4,931 

Marubeni Corp.  

 

1,000 

 

3,104 

Mitsubishi Corp.  

 

14,400 

 

191,598 

Mitsui & Co., Ltd.  

 

20,000 

 

203,611 

Noble Group Ltd.  

 

6,000 

 

4,701 

Sumitomo Corp.  

 

500 

 

4,347 

WESCO International, Inc.*  

 

2,500 

 

45,300 

Wolseley PLC*  

 

527 

 

1,744 

 

**508,711**

**Transportation Infrastructure 0.1%**

 
Abertis Infraestructuras SA  

 

1,697 

 

26,530 

Atlantia SpA  

 

186 

 

2,813 

Brisa  

 

13,041 

 

89,930 

Cintra Concesiones de Infraestructuras de Transporte SA  

 

1,277 

 

5,716 

Hopewell Highway Infrastructure Ltd.  

 

100 

 

56 

Macquarie Infrastructure Group (Units)  

 

11,784 

 

12,085 

Transurban Group (Units)  

 

6,344 

 

20,657 

 

**157,787**

**Information Technology 8.9%**

 
**Communications Equipment 1.9%**

 
Alcatel-Lucent*  

 

9,271 

 

17,431 

Brocade Communications Systems, Inc.*  

 

85,213 

 

293,985 

Cisco Systems, Inc.*  

 

75,170 

 

1,260,601 

DG Fastchannel, Inc.*  

 

3,700 

 

69,449 

 

 

 

EchoStar Corp. "A"*  

 

9,800 

 

145,334 

Nokia (ADR)  

 

32,534 

 

379,672 

Nokia Oyj  

 

29,429 

 

344,532 

QUALCOMM, Inc.  

 

42,530 

 

1,654,842 

Research In Motion Ltd.*  

 

12,900 

 

555,826

Riverbed Technology, Inc.*  

 

3,900 

 

51,012 

Starent Networks Corp.*  

 

7,500 

 

118,575 

Symmetricom, Inc.*  

 

6,300 

 

22,050 

Tekelec*  

 

11,200 

 

148,176 

Telefonaktiebolaget LM Ericsson "B"  

 

9,089 

 

73,859 

 

**5,135,344**

**Computers & Peripherals 1.7%**

 
Apple, Inc.*  

 

15,500 

 

1,629,360 

Data Domain, Inc.*  

 

4,000 

 

50,280 

EMC Corp.*  

 

57,530 

 

655,842 

Fujitsu Ltd.  

 

1,000 

 

3,762 

Hewlett-Packard Co.  

 

15,200 

 

487,312 

International Business Machines Corp.  

 

11,640 

 

1,127,799 

Logitech International SA (Registered)*  

 

16,332 

 

168,797 

NEC Corp.*  

 

1,000 

 

2,690 

Seagate Technology  

 

37,900 

 

227,779 

Synaptics, Inc.*  

 

5,800 

 

155,208 

Toshiba Corp.  

 

2,000 

 

5,223 

Western Digital Corp.*  

 

3,700 

 

71,558 

Wincor Nixdorf AG  

 

83 

 

3,767 

 

**4,589,377**

**Electronic Equipment, Instruments & Components 0.7%**

 
Arrow Electronics, Inc.*  

 

24,100 

 

459,346 

Avnet, Inc.*  

 

21,800 

 

381,718 

Benchmark Electronics, Inc.*  

 

11,700 

 

131,040 

Cogent, Inc.*  

 

5,800 

 

69,020 

Daktronics, Inc.  

 

6,900 

 

45,195 

Electro Rent Corp.  

 

500 

 

4,820 

Electrocomponents PLC  

 

2,281 

 

4,093 

Fujifilm Holdings Corp.  

 

200 

 

4,377 

Hitachi Ltd.  

 

1,000 

 

2,746 

HOYA Corp.  

 

200 

 

3,959 

IBIDEN Co., Ltd.  

 

100 

 

2,448 

Jabil Circuit, Inc.  

 

49,100 

 

272,996 

Kyocera Corp.  

 

100 

 

6,689 

Multi-Fineline Electronix, Inc.*  

 

7,300 

 

122,932 

Murata Manufacturing Co., Ltd.  

 

100 

 

3,866 

Nidec Corp.  

 

100 

 

4,536 

RadiSys Corp.*  

 

3,600 

 

21,816 

SYNNEX Corp.*  

 

900 

 

17,703 

TDK Corp.  

 

100 

 

3,776 

Tech Data Corp.*  

 

14,100 

 

307,098 

 

**1,870,174**

**Internet Software & Services 0.4%**

 
Earthlink, Inc.*  

 

20,300 

 

133,371 

eBay, Inc.*  

 

10,500 

 

131,880 

Google, Inc. "A"*  

 

1,815 

 

631,729 

Liquidity Services, Inc.*  

 

800 

 

5,592 

S1 Corp.*  

 

12,600 

 

64,890 

 

 

 

SAVVIS, Inc.*  

 

15,800 

 

97,802 

Sohu.com, Inc.*  

 

600 

 

24,786 

United Internet AG (Registered)  

 

218 

 

1,820 

Yahoo! Japan Corp.  

 

9 

 

2,379 

Yahoo!, Inc.*  

 

8,800 

 

112,728 

 

**1,206,977**

**IT Services 0.9%**

 
Accenture Ltd. "A"  

 

26,010 

 

715,015 

Acxiom Corp.  

 

16,300 

 

120,620 

Atos Origin SA  

 

177 

 

4,538 

Automatic Data Processing, Inc.  

 

11,400 

 

400,824 

Broadridge Financial Solutions, Inc.  

 

3,000 

 

55,830 

Cap Gemini SA  

 

629 

 

20,262 

CGI Group, Inc. "A"*  

 

600 

 

4,844 

Computer Sciences Corp.*  

 

2,100 

 

77,364 

CSG Systems International, Inc.*  

 

9,400 

 

134,232 

Heartland Payment Systems, Inc.  

 

19,500 

 

128,895 

iGATE Corp.  

 

12,100 

 

39,204 

Indra Sistemas SA  

 

7,822 

 

150,792 

Logica PLC  

 

24,583 

 

22,466 

ManTech International Corp. "A"*  

 

3,000 

 

125,700 

NTT Data Corp.  

 

1 

 

2,742 

SAIC, Inc.*  

 

24,100 

 

449,947 

Sapient Corp.*  

 

7,600 

 

33,972 

Syntel, Inc.  

 

1,000 

 

20,580 

TNS, Inc.*  

 

1,400 

 

11,452 

Visa, Inc. "A"  

 

2,100 

 

116,760 

 

**2,636,039**

**Office Electronics 0.1%**

 
Canon, Inc.  

 

8,500 

 

247,942 

Konica Minolta Holdings, Inc.  

 

500 

 

4,336 

Neopost SA  

 

90 

 

6,974 

Ricoh Co., Ltd.  

 

1,000 

 

12,035 

 

**271,287**

**Semiconductors & Semiconductor Equipment 1.4%**

 
ARM Holdings PLC  

 

1,833 

 

2,693 

ASML Holding NV  

 

4,447 

 

78,718 

Broadcom Corp. "A"*  

 

29,740 

 

594,205 

Infineon Technologies AG*  

 

2,218 

 

2,572 

Integrated Device Technology, Inc.*  

 

12,100 

 

55,055 

Intel Corp.  

 

89,742 

 

1,350,617 

IXYS Corp.  

 

2,400 

 

19,344 

NVIDIA Corp.*  

 

20,000 

 

197,200 

ROHM Co., Ltd.  

 

100 

 

5,010 

Semtech Corp.*  

 

5,900 

 

78,765 

Skyworks Solutions, Inc.*  

 

19,700 

 

158,782 

STMicroelectronics NV  

 

2,700 

 

13,558 

Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  

 

66,158 

 

592,114 

Texas Instruments, Inc.  

 

30,960 

 

511,150 

Tokyo Electron Ltd.  

 

100 

 

3,767 

Ultratech, Inc.*  

 

4,800 

 

59,952 

Volterra Semiconductor Corp.*  

 

14,200 

 

119,848 

 

**3,843,350**

 

 

 

**Software 1.8%**

 
ACI Worldwide, Inc.*  

 

2,400 

 

45,000 

Adobe Systems, Inc.*  

 

13,350 

 

285,557 

Advent Software, Inc.*  

 

4,700 

 

156,557 

Commvault Systems, Inc.*  

 

1,000 

 

10,970 

Compuware Corp.*  

 

16,700 

 

110,053 

Dassault Systemes SA  

 

339 

 

13,182 

i2 Technologies, Inc.*  

 

1,800 

 

14,220 

Intuit, Inc.*  

 

2,300 

 

62,100 

Microsoft Corp.  

 

137,652 

 

2,528,667 

Misys PLC  

 

1,295 

 

2,342 

Nintendo Co., Ltd.  

 

800 

 

234,668 

Oracle Corp.*  

 

45,000 

 

813,150 

Pegasystems, Inc.  

 

900 

 

16,713 

Renaissance Learning, Inc.  

 

1,600 

 

14,352 

SAP AG  

 

2,145 

 

76,174 

Sybase, Inc.*  

 

4,100 

 

124,189 

Symantec Corp.*  

 

13,300 

 

198,702 

The Sage Group PLC  

 

20,954 

 

50,778 

Tyler Technologies, Inc.*  

 

9,700 

 

141,911 

 

**4,899,285**

**Materials 3.4%**

 
**Chemicals 2.1%**

 
Agrium, Inc.  

 

100 

 

3,624 

Air Liquide SA  

 

303 

 

24,616 

Air Products & Chemicals, Inc.  

 

11,063 

 

622,294 

Akzo Nobel NV  

 

1,129 

 

42,780 

Asahi Kasei Corp.  

 

1,000 

 

3,612 

Ashland, Inc.  

 

34,700 

 

358,451 

BASF SE  

 

6,527 

 

198,138 

Calgon Carbon Corp.*  

 

1,300 

 

18,421 

Celanese Corp. "A"  

 

10,500 

 

140,385 

CF Industries Holdings, Inc.  

 

900 

 

64,017 

Dow Chemical Co.  

 

27,900 

 

235,197 

E.I. du Pont de Nemours & Co.  

 

19,152 

 

427,664 

Eastman Chemical Co.  

 

3,200 

 

85,760 

Ecolab, Inc.  

 

14,550 

 

505,322 

GenTek, Inc.*  

 

1,000 

 

17,490 

Givaudan SA (Registered)  

 

8 

 

4,144 

Incitec Pivot Ltd.  

 

520 

 

770 

Innophos Holdings, Inc.  

 

13,800 

 

155,664 

JSR Corp.  

 

200 

 

2,358 

K+S AG  

 

221 

 

10,277 

Koninklijke DSM NV  

 

897 

 

23,572 

Kuraray Co., Ltd.  

 

500 

 

4,295 

Linde AG  

 

2,568 

 

174,500 

LSB Industries, Inc.*  

 

600 

 

5,934 

Mitsubishi Chemical Holdings Corp.  

 

1,000 

 

3,447 

Mitsubishi Gas Chemical Co., Inc.  

 

1,000 

 

4,319 

Mitsui Chemicals, Inc.  

 

1,000 

 

2,455 

Monsanto Co.  

 

11,700 

 

972,270 

Nitto Denko Corp.  

 

200 

 

4,107 

Novozymes AS "B"  

 

1,294 

 

93,544 

Potash Corp. of Saskatchewan, Inc.  

 

2,001 

 

161,786 

Praxair, Inc.  

 

16,334 

 

1,099,115 

 

 

 

Shin-Etsu Chemical Co., Ltd.  

 

400 

 

19,633 

Showa Denko KK  

 

2,000 

 

2,492 

Solvay SA  

 

1,251 

 

87,588 

Sumitomo Chemical Co., Ltd.  

 

2,000 

 

6,871 

Syngenta AG (Registered)  

 

212 

 

42,620 

Teijin Ltd.  

 

1,000 

 

2,181 

Terra Industries, Inc.  

 

2,700 

 

75,843 

The Mosaic Co.  

 

1,400 

 

58,772 

Toray Industries, Inc.  

 

2,000 

 

8,107 

Ube Industries Ltd.  

 

1,000 

 

1,812 

Umicore  

 

2,425 

 

44,699 

Yara International ASA  

 

4,610 

 

101,533 

 

**5,922,479**

**Construction Materials 0.2%**

 
CRH PLC  

 

19,947 

 

429,038

Fletcher Building Ltd.  

 

678 

 

2,326 

Holcim Ltd. (Registered)  

 

403 

 

14,330 

Imerys SA  

 

73 

 

2,668 

Lafarge SA  

 

142 

 

6,375 

 

**454,737**

**Containers & Packaging 0.3%**

 
Bway Holding Co.*  

 

4,500 

 

35,505 

Rock-Tenn Co. "A"  

 

5,700 

 

154,185 

Silgan Holdings, Inc.  

 

3,000 

 

157,620 

Sonoco Products Co.  

 

18,997 

 

398,557 

Toyo Seikan Kaisha Ltd.  

 

300 

 

4,429 

 

**750,296**

**Metals & Mining 0.7%**

 
Acerinox SA  

 

5,499 

 

63,811 

Agnico-Eagle Mines Ltd.  

 

100 

 

5,748 

Alumina Ltd.  

 

738 

 

671 

Anglo American PLC  

 

997 

 

16,903 

ArcelorMittal  

 

11,925 

 

241,353 

Barrick Gold Corp.  

 

16,300 

 

527,604

BHP Billiton Ltd.  

 

17,001 

 

378,932 

BHP Billiton PLC  

 

1,501 

 

29,718 

BlueScope Steel Ltd.  

 

470 

 

843 

Cliffs Natural Resources, Inc.  

 

1,400 

 

25,424 

First Quantum Minerals Ltd.  

 

100 

 

2,816 

Fortescue Metals Group Ltd.*  

 

700 

 

1,248 

Goldcorp, Inc.  

 

300 

 

10,098 

JFE Holdings, Inc.  

 

600 

 

13,257 

Kinross Gold Corp.  

 

6,473 

 

115,792 

Kobe Steel Ltd.  

 

3,000 

 

3,886 

Newcrest Mining Ltd.  

 

264 

 

5,987 

Nippon Steel Corp.  

 

6,000 

 

16,234 

Nisshin Steel Co., Ltd.  

 

3,000 

 

5,096 

Norsk Hydro ASA  

 

17,600 

 

66,941 

OneSteel Ltd.  

 

1,038 

 

1,632 

Outokumpu Oyj  

 

1,915 

 

20,712 

OZ Minerals Ltd.  

 

1,031 

 

398 

Rautaruukki Oyj  

 

1,395 

 

22,299 

Rio Tinto Ltd.  

 

277 

 

10,869 

Rio Tinto PLC  

 

696 

 

23,305 

 

 

 

Salzgitter AG  

 

31 

 

1,738 

Sherritt International Corp.  

 

500 

 

1,177 

SSAB Svenskt Stal AB "A" * 

 

2,280 

 

19,362 

Stillwater Mining Co.*  

 

6,200 

 

22,940 

Sumitomo Metal Industries Ltd.  

 

6,000 

 

12,199 

Sumitomo Metal Mining Co., Ltd.  

 

1,000 

 

9,680 

Teck Cominco Ltd. "B"  

 

324 

 

1,812 

ThyssenKrupp AG  

 

248 

 

4,344 

United States Steel Corp.  

 

6,300 

 

133,119 

voestalpine AG  

 

341 

 

4,468 

Xstrata PLC  

 

22,595 

 

150,757 

Yamana Gold, Inc.  

 

300 

 

2,801 

 

**1,975,974**

**Paper & Forest Products 0.1%**

 
Clearwater Paper Corp.*  

 

1,714 

 

13,763 

International Paper Co.  

 

9,300 

 

65,472 

Oji Paper Co., Ltd.  

 

1,000 

 

4,085 

Stora Enso Oyj "R"*  

 

9,272 

 

32,829 

Svenska Cellulosa AB "B"  

 

7,800 

 

59,217 

UPM-Kymmene Oyj  

 

8,338 

 

48,097 

 

**223,463**

**Telecommunication Services 2.7%**

 
**Diversified Telecommunication Services 2.1%**

 
AT&T, Inc.  

 

79,057 

 

1,992,236 

Atlantic Tele-Network, Inc.  

 

3,500 

 

67,130 

BCE, Inc.  

 

1,600 

 

31,878 

Belgacom SA  

 

541 

 

16,945 

BT Group PLC  

 

9,801 

 

10,967 

Cable & Wireless PLC  

 

3,199 

 

6,393 

Deutsche Telekom AG (Registered)  

 

29,627 

 

368,570 

Elisa Oyj  

 

491 

 

7,148 

France Telecom SA  

 

5,073 

 

115,365 

Global Crossing Ltd.*  

 

2,200 

 

15,400 

Koninklijke (Royal) KPN NV  

 

7,006 

 

93,693 

Nippon Telegraph & Telephone Corp.  

 

5,085 

 

193,135 

NTELOS Holdings Corp.  

 

5,500 

 

99,770 

Portugal Telecom SGPS SA (Registered)  

 

10,817 

 

83,837 

Premiere Global Services, Inc.*  

 

500 

 

4,410 

Singapore Telecommunications Ltd.  

 

108,000 

 

179,775 

Swisscom AG (Registered)  

 

299 

 

83,889 

Tele2 AB "B"  

 

1,500 

 

12,658 

Telecom Corp. of New Zealand Ltd.  

 

153,742 

 

200,455 

Telecom Italia SpA  

 

41,770 

 

53,616 

Telecom Italia SpA (RSP)  

 

27,168 

 

27,702 

Telefonica SA  

 

22,577 

 

450,908 

Telekom Austria AG  

 

6,415 

 

96,944 

Telenor ASA  

 

26,300 

 

150,840 

TeliaSonera AB  

 

12,473 

 

60,125 

Telstra Corp., Ltd.  

 

34,843 

 

77,790 

Telus Corp.  

 

100 

 

2,751 

Telus Corp. (Non-Voting Shares)  

 

400 

 

10,473 

Verizon Communications, Inc.  

 

40,516 

 

1,223,583 

 

**5,738,386**

 

 

 

**Wireless Telecommunication Services 0.6%**

 
American Tower Corp. "A"*  

 

14,800 

 

450,364 

China Mobile Ltd.  

 

33,500 

 

292,275 

iPCS, Inc.*  

 

1,100 

 

10,681 

KDDI Corp.  

 

9 

 

42,469 

Millicom International Cellular SA (SDR)  

 

451 

 

16,926 

Mobistar SA  

 

53 

 

3,351 

NTT DoCoMo, Inc.  

 

51 

 

69,585 

Rogers Communications, Inc. "B"  

 

1,300 

 

29,953 

Softbank Corp.  

 

2,400 

 

30,652 

Telephone & Data Systems, Inc.  

 

5,400 

 

143,154 

United States Cellular Corp.*  

 

7,400 

 

246,716 

USA Mobility, Inc.  

 

11,100 

 

102,231 

Vodafone Group PLC  

 

220,978 

 

386,049 

 

**1,824,406**

**Utilities 3.4%**

 
**Electric Utilities 2.3%**

 
Acciona SA  

 

91 

 

9,345 

Allegheny Energy, Inc.  

 

19,383 

 

449,104 

American Electric Power Co., Inc.  

 

13,000 

 

328,380 

Cheung Kong Infrastructure Holdings Ltd.  

 

1,000 

 

3,994 

Chubu Electric Power Co., Inc.  

 

1,300 

 

28,604 

Chugoku Electric Power Co., Inc.  

 

700 

 

15,196 

Cleco Corp.  

 

6,200 

 

134,478 

CLP Holdings Ltd.  

 

11,500 

 

77,832 

Duke Energy Corp.  

 

44,610 

 

638,815 

E.ON AG  

 

9,588 

 

266,885 

Edison International  

 

22,400 

 

645,344 

EDP - Energias de Portugal SA  

 

25,897 

 

89,954 

Electricite de France  

 

389 

 

15,277 

Empire District Electric Co.  

 

7,400 

 

106,856 

Enel SpA  

 

18,387 

 

88,189 

Entergy Corp.  

 

6,320 

 

430,329 

Exelon Corp.  

 

14,118 

 

640,816 

FirstEnergy Corp.  

 

13,929 

 

537,659 

Fortis, Inc.  

 

1,800 

 

31,608 

Fortum Oyj  

 

14,498 

 

275,965 

FPL Group, Inc.  

 

9,342 

 

473,920 

Hokkaido Electric Power Co., Inc.  

 

600 

 

12,042 

Hokuriku Electric Power Co.  

 

500 

 

12,006 

HongKong Electric Holdings Ltd.  

 

7,500 

 

44,805 

Iberdrola SA  

 

7,754 

 

54,448 

IDACORP, Inc.  

 

4,600 

 

107,456 

Kansai Electric Power Co., Inc.  

 

1,500 

 

32,598 

Kyushu Electric Power Co., Inc.  

 

800 

 

17,907 

NV Energy, Inc.  

 

30,500 

 

286,395 

Oesterreichische Elektrizitaetswirtschafts AG (Verbund) "A"  

 

68 

 

2,585 

Pepco Holdings, Inc.  

 

6,200 

 

77,376 

Progress Energy, Inc.  

 

1,400 

 

50,764 

Red Electrica Corporacion SA  

 

229 

 

8,939 

Scottish & Southern Energy PLC  

 

1,783 

 

28,317 

Shikoku Electric Power Co., Inc.  

 

500 

 

13,356 

Southern Co.  

 

6,380 

 

195,356 

Terna - Rete Elettrica Nationale SpA  

 

6,478 

 

20,180 

Tohoku Electric Power Co., Inc.  

 

1,000 

 

21,964 

 

 

 

Tokyo Electric Power Co., Inc.  

 

2,400 

 

59,911 

Union Fenosa SA  

 

861 

 

20,592 

 

**6,355,547**

**Gas Utilities 0.1%**

 
Chesapeake Utilities Corp.  

 

800 

 

24,384 

Enagas  

 

311 

 

4,411 

Gas Natural SDG SA  

 

302 

 

4,130 

Hong Kong & China Gas Co., Ltd.  

 

22,500 

 

35,596 

ONEOK, Inc.  

 

5,000 

 

113,150 

Osaka Gas Co., Ltd.  

 

5,000 

 

15,596 

Snam Rete Gas SpA  

 

4,641 

 

24,912 

Tokyo Gas Co., Ltd.  

 

5,000 

 

17,463 

WGL Holdings, Inc.  

 

2,900 

 

95,120 

 

**334,762**

**Independent Power Producers & Energy Traders 0.3%**

 
Drax Group PLC  

 

680 

 

5,031 

Electric Power Development Co., Ltd.  

 

400 

 

11,882 

Iberdrola Renovables SA*  

 

1,405 

 

5,829 

International Power PLC  

 

4,087 

 

12,249 

Mirant Corp.*  

 

59,300 

 

676,020 

NRG Energy, Inc.*  

 

6,900 

 

121,440 

TransAlta Corp.  

 

2,100 

 

30,730 

 

**863,181**

**Multi-Utilities 0.6%**

 
A2A SpA  

 

4,548 

 

6,902 

AGL Energy Ltd.  

 

20,636 

 

215,029 

Avista Corp.  

 

4,600 

 

63,388 

Canadian Utilities Ltd. "A"  

 

700 

 

20,404 

Centrica PLC  

 

8,869 

 

29,001 

Dominion Resources, Inc.  

 

3,500 

 

108,465 

GDF Suez  

 

2,151 

 

73,956 

National Grid PLC  

 

5,608 

 

43,116 

NiSource, Inc.  

 

13,800 

 

135,240 

PG&E Corp.  

 

18,694 

 

714,485 

RWE AG  

 

658 

 

46,261 

Sempra Energy  

 

3,400 

 

157,216 

Suez Environnement SA*  

 

342 

 

5,031 

United Utilities Group PLC  

 

1,332 

 

9,228 

Veolia Environnement  

 

808 

 

16,838 

 

**1,644,560**

**Water Utilities 0.1%**

 
California Water Service Group  

 

2,600 

 

108,836 

Severn Trent PLC  

 

474 

 

6,721 

 

**115,557**

**Total Common Stocks** (Cost $180,246,295)

 

**150,889,146**

 

**Preferred Stocks 0.0%**

 
**Consumer Discretionary 0.0%**

 
Porsche Automobil Holding SE  

 

50 

 

2,354 

Volkswagen AG  

 

62 

 

3,575 

 

**5,929**

**Consumer Staples 0.0%**

 
Henkel AG & Co. KGaA  

 

1,125 

 

**30,585**

 

 

 

**Health Care 0.0%**

 
Fresenius SE  

 

134 

 

**6,158**

**Utilities 0.0%**

 
RWE AG  

 

22 

 

**1,371**

**Total Preferred Stocks** (Cost $96,060)

 

**44,043**

 

**Convertible Preferred Stocks 0.0%**

 
**Consumer Discretionary**

 
ION Media Networks, Inc., 144A, 12.0%*  (Cost $8,344)

 

60,000 

 

**0**

 

**Rights 0.0%**

 
**Financials 0.0%**

 
Banco Espirito Santo SA, Expiration Date 4/7/2009*  

 

7,985 

 

12,731 

Fortis, Expiration Date 7/4/2014*  

 

6,275 

 

0 

HSBC Holdings PLC, Expiration Date 4/3/2009*  

 

16,418 

 

33,216 

Royal Bank of Scotland Group PLC, Expiration Date 4/6/2009*  

 

3,372 

 

0 

 

**45,947**

**Materials 0.0%**

 
CRH PLC, Expiration Date 4/8/2009*  

 

2,600 

 

**56,651**

**Total Rights** (Cost $129,165)

 

**102,598**

 

**Warrants 0.0%**

 
**Financials**

 
New ASAT (Finance) Ltd., Expiration Date 2/1/2011*  (Cost $0)

 

24,700 

 

**2,574**

 

**Principal**

**Amount ($) (a)**

 

**Value ($)**

 

**Corporate Bonds 9.8%**

 
**Consumer Discretionary 0.9%**

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

 

45,000

 

36,900

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

 

15,000

 

10,875

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

 

22,571

 

3,386

Asbury Automotive Group, Inc.:

 
 

7.625%, 3/15/2017 

 

35,000 

 

16,450 

 

8.0%, 3/15/2014 

 

15,000 

 

7,275 

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

 

500,000

 

543,069

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

 

25,000

 

1,750

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

 

15,000

 

12,900

CSC Holdings, Inc., 6.75%, 4/15/2012 

 

25,000

 

24,062

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

 

70,000

 

68,600

DISH DBS Corp.:

 
 

6.625%, 10/1/2014 

 

40,000 

 

35,800 

 

7.125%, 2/1/2016 

 

35,000 

 

31,325 

Dollarama Group Holdings LP, 8.573% ***, 8/15/2012 (b) 

 

24,000

 

10,800

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

 

25,000

 

750

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

 

30,000

 

21,600

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

 

15,000

 

11,550

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

 

55,000

 

33,344

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

 

55,000

 

1,444

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

 

20,000

 

10,700

 

 

 

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

 

17,000

 

10,030

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

 

75,000

 

75,750

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

 

20,000

 

14,400

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

 

40,000

 

30,000

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

 

80,000

 

63,200

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

 

50,000

 

25,000

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

 

20,000

 

17,600

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

 

20,000

 

15,200

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

 

25,000

 

875

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

 

25,000

 

1,438

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

 

25,000

 

9,500

Seminole Hard Rock Entertainment, Inc., 144A, 3.82% ***, 3/15/2014 

 

30,000

 

15,600

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

 

25,000

 

10,375

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

 

105,000

 

1,050

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

 

30,000

 

8,850

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

 

135,000

 

145,646

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

 

750,000

 

783,976

Travelport LLC:

 
 

5.886% ***, 9/1/2014 

 

20,000 

 

6,400 

 

9.875%, 9/1/2014 

 

5,000 

 

1,975 

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

 

5,000

 

400

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

 

5,000

 

1,950

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

EUR

 

50,000

 

58,458

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

 

32,999

 

289

Viacom, Inc., 6.875%, 4/30/2036 

 

300,000

 

218,882

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

 

130,000

 

14

 

**2,399,438**

**Consumer Staples 1.1%**

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

 

15,000

 

12,750

Altria Group, Inc., 9.25%, 8/6/2019 

 

125,000

 

133,649

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

 

500,000

 

498,550

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

 

750,000

 

691,144

Delhaize America, Inc.:

 
 

8.05%, 4/15/2027 

 

30,000 

 

29,113 

 

9.0%, 4/15/2031 

 

56,000 

 

59,520 

Dr. Pepper Snapple Group, Inc., 6.12%, 5/1/2013 

 

200,000

 

197,794

General Nutrition Centers, Inc., 6.404% ***, 3/15/2014 (PIK)

 

15,000

 

9,225

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

 

500,000

 

494,520

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

 

108,750

 

48,938

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

 

750,000

 

660,732

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

 

480,000

 

288,000

 

**3,123,935**

**Energy 1.0%**

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

 

55,000

 

40,150

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

 

130,000

 

90,350

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

 

30,000

 

22,500

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

 

40,000

 

13,800

Chesapeake Energy Corp.:

 
 

6.25%, 1/15/2018 

 

20,000 

 

15,600 

 

6.875%, 1/15/2016 

 

90,000 

 

75,600 

 

7.5%, 6/15/2014 

 

10,000 

 

9,025 

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

 

45,000

 

14,400

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

 

750,000

 

760,735

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

 

10,000

 

8,900

 

 

 

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

 

40,000

 

34,000

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

 

15,000

 

11,850

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

 

20,000

 

19,500

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

 

105,000

 

95,025

Mariner Energy, Inc.:

 
 

7.5%, 4/15/2013 

 

25,000 

 

18,500 

 

8.0%, 5/15/2017 

 

20,000 

 

13,200 

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

 

40,000

 

35,400

ONEOK Partners LP, 8.625%, 3/1/2019 

 

440,000

 

443,987

OPTI Canada, Inc.:

 
 

7.875%, 12/15/2014 

 

35,000 

 

15,313 

 

8.25%, 12/15/2014 

 

70,000 

 

31,325 

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

 

15,000

 

13,200

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

 

15,000

 

11,925

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

 

70,000

 

33,250

Stone Energy Corp.:

 
 

6.75%, 12/15/2014 

 

40,000 

 

15,800 

 

8.25%, 12/15/2011 

 

75,000 

 

39,375 

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

 

25,000

 

21,573

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

 

25,000

 

18,875

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

 

750,000

 

741,604

Whiting Petroleum Corp., 7.25%, 5/1/2012 

 

50,000

 

41,125

Williams Companies, Inc., 8.125%, 3/15/2012 

 

85,000

 

86,275

 

**2,792,162**

**Financials 3.2%**

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

 

60,000

 

23,100

Ashton Woods USA LLC, 144A, Step-up Coupon, 0% to 6/30/2012, 11.0% to 6/30/2015   

 

36,400

 

13,279

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

 

1,000,000

 

896,635

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

 

15,000

 

900

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

 

510,000

 

468,647

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

 

279,855

 

291,049

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

 

125,000

 

125,020

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

 

1,250,000

 

1,146,557

Ford Motor Credit Co., LLC:

 
 

7.25%, 10/25/2011 

 

155,000 

 

110,353 

 

7.875%, 6/15/2010 

 

55,000 

 

45,452 

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

 

550,000

 

529,494

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

 

132,000

 

93,802

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

 

20,000

 

4,400

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

 

30,000

 

30,750

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

 

25,000

 

13,000

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

 

875,000

 

848,153

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

 

25,000

 

2,500

MetLife, Inc., 7.717%, 2/15/2019 

 

250,000

 

224,165

Morgan Stanley, Series F, 6.625%, 4/1/2018 

 

450,000

 

429,078

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

 

95,000

 

1,425

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

 

100,000

 

64,000

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

 

1,000,000

 

974,884

Prudential Financial, Inc., Series B, 5.1%, 9/20/2014 

 

100,000

 

74,877

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

 

25,000

 

24,938

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

 

4,000

 

4,080

Sprint Capital Corp.:

 
 

7.625%, 1/30/2011 

 

20,000 

 

18,500 

 

8.375%, 3/15/2012 

 

10,000 

 

9,000 

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

 

1,000,000

 

913,418

 

 

 

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

 

75,000

 

188

UCI Holdco, Inc., 9.32% ***, 12/15/2013 (PIK)

 

35,807

 

2,865

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

 

125,000

 

107,188

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

 

750,000

 

804,127

Wachovia Corp., Series G, 5.5%, 5/1/2013 

 

470,000

 

433,365

 

**8,729,189**

**Health Care 0.3%**

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

 

25,000

 

24,250

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

 

120,000

 

113,400

 

HCA, Inc.:

 
 

9.125%, 11/15/2014 

 

35,000 

 

32,900 

 

9.25%, 11/15/2016 

 

130,000 

 

118,300 

 

9.625%, 11/15/2016 (PIK)

 

40,000 

 

31,900 

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

 

20,000

 

19,600

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

 

30,000

 

28,200

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

 

300,000

 

297,739

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

 

10,000

 

9,025

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

 

30,000

 

17,400

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

 

45,000

 

40,613

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

 

25,000

 

20,750

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

 

75,000

 

66,187

 

**820,264**

**Industrials 0.4%**

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

 

20,000

 

16,950

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

 

10,000

 

9,200

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

 

50,000

 

41,687

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

 

25,000

 

20,500

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

 

75,000

 

65,798

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

 

10,000

 

5,613

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

 

190,000

 

57,000

Esco Corp., 144A, 8.625%, 12/15/2013 

 

45,000

 

34,200

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

 

20,000

 

16,000

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

 

25,000

 

8,750

Kansas City Southern de Mexico SA de CV:

 
 

7.375%, 6/1/2014 

 

20,000 

 

15,800 

 

9.375%, 5/1/2012 

 

60,000 

 

54,600 

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

 

500,000

 

516,261

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

 

25,000

 

18,562

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

 

10,000

 

9,225

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

 

35,000

 

19,950

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

 

75,000

 

4,125

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

 

20,000

 

16,200

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

 

85,000

 

66,300

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

 

15,000

 

13,988

United Rentals North America, Inc.:

 
 

6.5%, 2/15/2012 

 

15,000 

 

12,000 

 

7.0%, 2/15/2014 

 

65,000 

 

32,825 

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

 

30,000

 

12,000

 

**1,067,534**

**Information Technology 0.3%**

 
Alcatel-Lucent USA, Inc., 6.45%, 3/15/2029 

 

75,000

 

28,500

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

 

20,000

 

3,000

 

 

 

L-3 Communications Corp.:

 
 

5.875%, 1/15/2015 

 

80,000 

 

74,200 

 

Series B, 6.375%, 10/15/2015 

 

35,000 

 

32,988 

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

 

35,000

 

28,481

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

 

60,000

 

42,000

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

 

15,000

 

9,750

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

 

800,000

 

668,672

 

**887,591**

**Materials 0.5%**

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

 

15,000

 

9,038

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

 

195,000

 

19,500

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

 

27,000

 

15,053

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

 

50,000

 

23,500

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

 

80,000

 

36,400

Freeport-McMoRan Copper & Gold, Inc.:

 
 

8.25%, 4/1/2015 

 

65,000 

 

62,237 

 

8.375%, 4/1/2017 

 

120,000 

 

112,200 

GEO Specialty Chemicals, Inc.:

 
 

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

 

204,086 

 

102,043 

 

10.0%, 12/31/2009 

 

206,080 

 

103,040

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

 

15,000

 

13,875

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

 

95,000

 

80,275

Huntsman LLC, 11.625%, 10/15/2010 

 

122,000

 

120,780

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

 

10,000

 

8,200

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

 

70,000

 

57,050

Metals USA Holdings Corp., 7.685% ***, 7/1/2012 (PIK)

 

15,408

 

3,621

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

 

15,000

 

5,025

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

 

500,000

 

480,175

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

 

65,000

 

51,512

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

 

40,000

 

50

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

 

50,000

 

46,000

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

 

40,000

 

39,200

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

 

40,000

 

10,400

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

 

40,000

 

34,400

 

**1,433,574**

**Telecommunication Services 0.9%**

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

 

750,000

 

790,443

BCM Ireland Preferred Equity Ltd., 144A, 8.959% ***, 2/15/2017 (PIK)

EUR

 

94,281

 

4,860

Cincinnati Bell, Inc.:

 
 

7.25%, 7/15/2013 

 

70,000 

 

66,850 

 

8.375%, 1/15/2014 

 

25,000 

 

23,500 

Cricket Communications, Inc.:

 
 

9.375%, 11/1/2014 

 

55,000 

 

52,388 

 

144A, 10.0%, 7/15/2015 

 

50,000 

 

48,125 

Intelsat Corp.:

 
 

144A, 9.25%, 8/15/2014 

 

10,000 

 

9,400 

 

144A, 9.25%, 6/15/2016 

 

110,000 

 

101,750 

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

 

60,000

 

55,950

iPCS, Inc., 3.295% ***, 5/1/2013 

 

10,000

 

7,500

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

 

60,000

 

58,200

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

 

80,000

 

78,200

Qwest Corp.:

 
 

7.25%, 9/15/2025 

 

10,000 

 

6,600 

 

7.875%, 9/1/2011 

 

65,000 

 

64,025 

 

8.875%, 3/15/2012 

 

15,000 

 

14,813 

 

 

 

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

 

500,000

 

499,739

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

 

25,000

 

17,875

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

 

15,000

 

13,950

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

 

225,000

 

186,750

Verizon Communications, Inc., 6.35%, 4/1/2019 

 

100,000

 

98,794

Virgin Media Finance PLC:

 
 

8.75%, 4/15/2014  

 

 

55,000 

 

51,975 

 

8.75%, 4/15/2014  

EUR

 

45,000 

 

52,911 

Windstream Corp.:

 
 

7.0%, 3/15/2019 

 

25,000 

 

22,000 

 

8.625%, 8/1/2016 

 

10,000 

 

9,825 

 

**2,336,423**

 

**Utilities 1.2%**

 
AES Corp.:

 
 

8.0%, 10/15/2017 

 

35,000 

 

30,012 

 

144A, 8.0%, 6/1/2020 

 

50,000 

 

40,500 

 

144A, 8.75%, 5/15/2013 

 

152,000 

 

149,720 

Alabama Power Co., 6.0%, 3/1/2039 

 

220,000

 

216,383

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

 

190,000

 

192,170

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

 

750,000

 

660,583

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

 

750,000

 

627,669

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

 

110,000

 

110,585

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

 

500,000

 

506,203

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

 

500,000

 

511,808

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

 

25,000

 

18,250

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

 

35,000

 

22,575

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

 

15,000

 

13,987

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

 

45,000

 

43,650

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

 

20,000

 

18,100

NRG Energy, Inc.:

 
 

7.25%, 2/1/2014 

 

55,000 

 

51,700 

 

7.375%, 2/1/2016 

 

50,000 

 

46,500 

 

7.375%, 1/15/2017 

 

20,000 

 

18,600 

NV Energy, Inc.:

 
 

6.75%, 8/15/2017 

 

50,000 

 

39,682 

 

8.625%, 3/15/2014 

 

8,000 

 

7,540 

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

 

31,000

 

26,350

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

 

35,000

 

27,650

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

 

105,000

 

52,500

 

**3,432,717**

**Total Corporate Bonds** (Cost $30,763,208)

 

**27,022,827**

 

**Asset-Backed 0.5%**

 
**Automobile Receivables 0.3%**

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

 

566,000

 

560,021

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

 

379,000

 

293,397

 

**853,418**

**Home Equity Loans 0.2%**

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

 

613,462

 

**476,739**

**Total Asset-Backed** (Cost $1,558,296)

 

**1,330,157**

 

**Mortgage-Backed Securities Pass-Throughs 14.2%**

 
Federal Home Loan Mortgage Corp.:

 
 

 

 

 

5.0%, 10/1/2035 

 

2,303,896 

 

2,379,403 

 

6.0%,with various maturities from 8/1/2035 until 3/1/2038 

 

597,962 

 

623,427 

Federal National Mortgage Association:

 
 

4.5%,with various maturities from 11/1/2028 until 9/1/2035 

 

1,518,952 

 

1,555,832 

 

5.0%,with various maturities from 3/1/2036 until 2/1/2038 (c) 

 

7,955,581 

 

8,228,855 

 

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

 

10,687,588 

 

11,059,744 

 

6.0%,with various maturities from 1/1/2024 until 8/1/2037 

 

3,517,135 

 

3,690,698 

 

6.5%,with various maturities from 5/1/2017 until 9/1/2038 

 

5,866,404 

 

6,234,217 

 

8.0%, 9/1/2015 

 

114,313 

 

122,717 

Government National Mortgage Association, 5.0%, 8/1/2036 (c) 

 

5,000,000

 

5,182,031

**Total Mortgage-Backed Securities Pass-Throughs** (Cost $37,957,010)

 

**39,076,924**

 

 

**Commercial Mortgage-Backed Securities 2.6%**

 
Countrywide Alternative Loan Trust, "4A3", Series 2005-43, 5.659% ***, 10/25/2035 

 

618,908

 

249,710

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

 

1,800,000

 

1,517,826

LB-UBS Commercial Mortgage Trust, "A2", Series 2005-C2, 4.821%, 4/15/2030 

 

126,384

 

115,954

Structured Adjustable Rate Mortgage Loan Trust:

 
 

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

 

900,000 

 

343,498 

 

"1A1", Series 2005-17, 5.697% ***, 8/25/2035 

 

1,084,471 

 

719,606 

Wachovia Bank Commercial Mortgage Trust:

 
 

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

 

2,100,000 

 

1,774,500 

 

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

 

2,875,000 

 

2,228,911 

Washington Mutual Mortgage Pass-Through Certificates Trust, "A6", Series 2004-AR4, 

3.789% ***, 6/25/2034 

 

190,000

 

186,822

**Total Commercial Mortgage-Backed Securities** (Cost $9,677,101)

 

**7,136,827**

 

**Collateralized Mortgage Obligations 1.5%**

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

 

594,854

 

611,879

Federal Home Loan Mortgage Corp.:

 
 

"OS", Series 3102, Principal Only, Zero Coupon, 1/15/2036 

 

4,150,045 

 

3,458,050 

 

"H", Series 2278, 6.5%, 1/15/2031 

 

17,789 

 

18,499 

**Total Collateralized Mortgage Obligations** (Cost $3,768,349)

 

**4,088,428**

 

**Loan Participations and Assignments 0.1%**

 
**Senior Loans *****

 
Buffets, Inc.:

 
 

Letter of Credit, LIBOR minus 0.1%, 1.872%, 5/1/2013 (PIK)

 

19,521 

 

1,610 

 

Term Loan 2, LIBOR plus 7.25%, 9.222%, 4/30/2009 (PIK) 

 

 

464 

 

38

 

Term Loan 3, LIBOR plus 7.25%, 9.222%, 4/30/2009 (PIK)

 

 

46 

 

4

 

Term Loan, LIBOR plus 7.25%, 9.222%, 11/1/2013 (PIK)

 

 

965 

 

80

Essar Steel Algoma, Inc., Term Loan B, LIBOR plus 2.5%, 4.472%, 6/20/2013 

 

 

19,899 

 

10,795 

General Nutrition Centers, Inc., Term Loan B, LIBOR plus 2.25%, 4.222%, 9/16/2013 

 

 

14,812 

 

10,960 

Golden Nugget, Inc., Second Lien Term Loan, LIBOR plus 3.25%, 5.222%, 6/14/2014 

 

 

35,000 

 

5,425 

Hawker Beechcraft Acquisition Co., LLC:

 
 

Letter of Credit, 1.972%, 3/26/2014 

 

1,336 

 

614 

 

Term Loan, LIBOR plus 2.0%, 3.972%, 3/26/2014 

 

22,751 

 

10,453 

HCA, Inc., Term Loan A, LIBOR plus 2.0%, 3.972%, 11/16/2012 

 

 

85,325 

 

74,020 

Hexion Specialty Chemicals, Inc.:

 
 

Term Loan C1, LIBOR plus 2.25%, 4.222%, 5/5/2013 

 

72,468 

 

25,509 

 

Term Loan C2, LIBOR plus 2.25%, 4.222%, 5/5/2013 

 

10,898 

 

3,836 

IASIS Healthcare LLC, Term Loan, LIBOR plus 5.25%, 7.222%, 6/13/2014 (PIK) 

 

 

82,445 

 

35,039 

Sabre, Inc., Term Loan B, LIBOR plus 2.0%, 3.972%, 9/30/2014 

 

 

23,027 

 

12,219 

Symbion, Inc.:

 
 

Term Loan A, LIBOR plus 3.25%, 5.222%, 8/23/2013 

 

10,144 

 

6,881 

 

 

 

 

Term Loan B, LIBOR plus 3.25%, 5.222%, 8/23/2014 

 

10,144 

 

6,881 

Telesat Canada:

 
 

Term Delayed Draw, LIBOR plus 3.0%, 4.972%, 10/31/2014 

 

3,268 

 

2,870 

 

Term Loan II, LIBOR plus 3.0%, 4.972%, 10/31/2014 

 

31,964 

 

28,077 

Tribune Co., Term Loan B, LIBOR plus 3.0%, 4.972%, 6/4/2014 **

 

 

49,152 

 

13,254 

**Total Loan Participations and Assignments** (Cost $476,126)

 

**248,565**

 

**Preferred Securities 0.1%**

 
**Financials**

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

 

 

218,000 

 

126,545 

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

 

 

15,000 

 

10,564 

**Total Preferred Securities** (Cost $244,506)

 

**137,109**

 

**Government & Agency Obligations 5.5%**

 
**US Government Sponsored Agencies 2.4%**

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

 

1,500,000

 

1,505,052

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

 

3,000,000

 

3,019,371

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

 

2,000,000

 

2,019,260

 

**6,543,683**

**US Treasury Obligations 3.1%**

 
US Treasury Bills:

 
 

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

 

232,000 

 

231,917 

 

0.16% ****, 5/21/2009 (e) 

 

71,000 

 

70,985 

 

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

 

423,000 

 

422,848 

 

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

 

2,025,000 

 

2,024,273 

 

0.13% ****, 6/11/2009 

 

95,000 

 

94,966 

 

0.13% ****, 6/11/2009 

 

349,000 

 

348,875 

 

0.29% ****, 6/18/2009 (e) 

 

1,286,000 

 

1,285,554 

 

0.23% ****, 6/18/2009 

 

6,000 

 

5,998 

 

0.15% ****, 6/11/2009 (e) 

 

238,000 

 

237,915 

US Treasury Bond, 3.5%, 2/15/2039 

 

1,500,000

 

1,482,195

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

 

1,223,763

 

1,213,819

US Treasury Note, 2.75%, 2/15/2019 

 

1,250,000

 

1,256,837

 

**8,676,182**

**Total Government & Agency Obligations** (Cost $15,080,089)

 

**15,219,865**

 

**Units**

 

**Value ($)**

 

**Other Investments 0.0%**

 
**Materials**

 
Hercules, Inc., (Bond Units), 6.5%, 6/30/2029 (Cost $117,207)

 

 

170,000 

 

**42,500**

 

**Shares**

 

**Value ($)**

 

**Exchange Traded Funds 3.6%**

 
iShares MSCI Japan Index Fund  

 

62,232 

 

492,255 

Vanguard Emerging Markets  

 

399,069 

 

9,418,028 

**Total Exchange Traded Funds** (Cost $8,800,585)

 

**9,910,283**

 

**Cash Equivalents 9.2%**

 
Cash Management QP Trust, 0.53% (f)(Cost $25,381,216)

 

 

25,381,216

 

**25,381,216**

 

 

 

 

**% of**

**Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $314,303,557) †

101.8

 

**280,633,062**

**Other Assets and Liabilities, Net**

(1.8)

 

**(4,873,928)**

**Net Assets**

100.0

 

**275,759,134**

*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:*

**Securities**

 

**Coupon**

 

**Maturity****Date**

 

**Principal Amount**

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

 

**Value ($)**

 
ARCO Chemical Co.

 

9.8%

 

2/1/2020

 

195,000

 

USD

 

175,673

 

19,500

 
CanWest MediaWorks LP

 

9.25%

 

8/1/2015

 

25,000

 

USD

 

25,000

 

1,750

 
Congoleum Corp.

 

8.625%

 

8/1/2008

 

190,000

 

USD

 

190,156

 

57,000

 
Idearc, Inc.

 

8.0%

 

11/15/2016

 

55,000

 

USD

 

51,838

 

1,444

 
New ASAT (Finance) Ltd.

 

9.25%

 

2/1/2011

 

95,000

 

USD

 

83,256

 

1,425

 
Quebecor World, Inc.

 

9.75%

 

1/15/2015

 

25,000

 

USD

 

25,000

 

875

 
Radnor Holdings Corp.

 

11.0%

 

3/15/2010

 

40,000

 

USD

 

25,775

 

50

 
Tribune Co.

 

4.972%

 

6/4/2014

 

49,152

 

USD

 

49,122

 

13,254

 
Tropicana Entertainment LLC

 

9.625%

 

12/15/2014

 

75,000

 

USD

 

55,245

 

188

 
Trump Entertainment Resorts, Inc.

 

8.5%

 

6/1/2015

 

5,000

 

USD

 

4,788

 

400

 
Witco Corp.

 

6.875%

 

2/1/2026

 

40,000

 

USD

 

36,681

 

10,400

 
Young Broadcasting, Inc.

 

8.75%

 

1/15/2014

 

130,000

 

USD

 

111,175

 

14

 
 

 

 

 

 

 

 

 

**833,709**

 

**106,300**

 
*****

*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 March 31, 2009.*

******

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

*†*

*The cost for federal income tax purposes was $320,510,671.  At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $39,877,609.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,144,806 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $43,022,415.*

*(a)*

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

*(b)*

*Security has deferred its 6/15/2008 and 12/15/2008 interest payments until 6/30/2009.*

*(c)*

*When-issued or delayed delivery security included.*

*(d)*

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

*(e)*

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

*(f)*

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

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

*ADR: American Depositary Receipt*

*CVA: Certificaten Van Aandelen*

*FDIC: Federal Deposit Insurance Corp.*

*FDR: Fiduciary Depositary Receipt*

*LIBOR: Represents the London InterBank Offered Rate.*

*MSCI: Morgan Stanley Capital International*

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

 

 

 

*PPS: Price Protected Shares*

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

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

*REIT: Real Estate Investment Trust*

*RSP: Risparmio (Convertible Savings Shares)*

*SDR: Swedish Depositary Receipt*

*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 Home Loan Mortgage Corp. and Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.*

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

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 

10 Year Australian Treasury Bond 

 

6/15/2009 

 

16 

 

1,265,494 

 

1,255,325 

 

(10,169)

 
10 Year US Treasury Note 

 

6/19/2009 

 

121 

 

15,020,283 

 

15,013,454 

 

(6,829)

 
2 Year US Treasury Note 

 

6/30/2009 

 

56 

 

12,139,032 

 

12,201,875 

 

62,843

 
AEX Index 

 

4/17/2009 

 

11 

 

606,256 

 

631,058 

 

24,802

 
ASX SPI 200 Index 

 

6/18/2009 

 

14 

 

823,984 

 

867,866 

 

43,882

 
DAX Index 

 

6/19/2009 

 

2 

 

265,228 

 

272,495 

 

7,267

 
DJ Euro Stoxx 50 Index 

 

6/19/2009 

 

20 

 

518,353 

 

529,579 

 

11,226

 
Federal Republic of Germany Euro-Schatz 

 

6/8/2009 

 

104 

 

14,981,055 

 

14,963,596 

 

(17,459)

 
FTSE 100 Index 

 

6/19/2009 

 

58 

 

3,140,959 

 

3,233,147 

 

92,188

 
Hang Seng Index 

 

4/29/2009 

 

10 

 

888,267 

 

874,513 

 

(13,754)

 
NASDAQ E-Mini 100 Index 

 

6/19/2009 

 

28 

 

654,174 

 

693,000 

 

38,826

 
Nikkei 225 Index 

 

6/11/2009 

 

2 

 

70,458 

 

83,650 

 

13,192

 
Russell 2000 Mini Index 

 

6/19/2009 

 

41 

 

1,605,451 

 

1,727,330 

 

121,879

 
S&P 500 E Mini Index 

 

6/19/2009 

 

127 

 

4,895,743 

 

5,046,980 

 

151,237

 
S&P MIB Index 

 

6/19/2009 

 

1 

 

89,321 

 

102,488 

 

13,167

 
United Kingdom Long Gilt Bond 

 

6/26/2009 

 

57 

 

9,847,627 

 

10,076,908 

 

229,281

 
**Total net unrealized appreciation**

**761,579**

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

**Futures**

 

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 

10 Year Canadian Government Bond 

 

6/19/2009 

 

29 

 

2,872,985 

 

2,914,261 

 

(41,276)

 
 

 

 

 
10 Year Japanese Government Bond 

 

6/11/2009 

 

9 

 

12,614,016 

 

12,560,994 

 

53,022

 
 
CAC 40 Index 

 

4/17/2009 

 

21 

 

764,268 

 

783,309 

 

(19,041)

 
 
Federal Republic of Germany Euro-Bund 

 

6/8/2009 

 

23 

 

3,767,893 

 

3,802,307 

 

(34,414)

 
 
IBEX 35 Index 

 

4/17/2009 

 

11 

 

1,107,483 

 

1,138,989 

 

(31,506)

 
 
Russell 2000 Mini Index 

 

6/19/2009 

 

64 

 

2,505,770 

 

2,696,320 

 

(190,550)

 
 
S&P TSE 60 Index 

 

6/18/2009 

 

4 

 

323,612 

 

333,756 

 

(10,144)

 
 
TOPIX Index 

 

6/12/2009 

 

31 

 

2,179,724 

 

2,433,399 

 

(253,675)

 
 
**Total net unrealized depreciation**

**(527,584)**

 
 
 
 

 
 
*As of March 31,2009, the Portfolio had the following open forward foreign currency exchange contracts:*

 
 

 

 

 

**Settlement**

**Unrealized**

 
**Contracts to Deliver**

**In Exchange For**

**Date**

**Appreciation ($)**

 
USD

2,120,760

AUD

3,288,000

4/15/2009

162,818

 
USD

610,248

CAD

786,000

4/15/2009

13,180

 
USD

5,091,444

CHF

6,055,000

4/15/2009

229,574

 
USD

909,406

NZD

1,774,000

4/15/2009

101,543

 
USD

1,684,525

SEK

14,778,000

4/15/2009

113,216

 
EUR

1,200

USD

1,632

4/20/2009

38

 
JPY

126,900,000

USD

1,305,381

5/29/2009

24,499

 
JPY

62,858,500

USD

642,870

6/26/2009

8,029

 
**Total unrealized appreciation**

 

 

**652,897**

 
 

 

 

 

 

**Settlement**

**Unrealized**

**Contracts to Deliver**

**In Exchange For**

**Date**

**Depreciation ($)**

EUR

3,393,000

USD

4,347,587

4/15/2009

(160,183)

GBP

831,000

USD

1,143,498

4/15/2009

(48,908)

USD

3,226,584

JPY

313,574,000

4/15/2009

(58,015)

NOK

2,279,000

USD

327,711

4/15/2009

(11,172)

EUR

90,200

USD

118,368

4/20/2009

(1,466)

**Total unrealized depreciation**

 

 

**(279,744)**

 

***Currency Abbreviations*****

 **

 **

*AUD***

*Australian Dollar***

*JPY***

*Japanese Yen***

*CAD***

*Canadian Dollar***

*NOK***

*Norwegian Krone***

*CHF***

*Swiss Franc***

*NZD***

*New Zealand Dollar***

*EUR***

*Euro***

*SEK***

*Swedish Krona***

*GBP***

*British Pound***

*USD***

*United States Dollar***

 

***Fair Value Measurements***

 

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

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

*The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's investments.*

 

**Valuation Inputs**

**Investments in  Securities**

**Other Financial Instruments***††*

Level 1 

$               135,335,640   

$                  233,995   

Level 2 

145,192,869  

373,153   

Level 3 

104,553   

-   

**Total**

**$              280,633,062**

**$                 607,148**

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures 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 Portfolio's Level 3 investments for which significant unobservable inputs were used in determining the value at March 31, 2009:*

 

 

**Investments in  Securities**

**Balance as of December 31, 2008**

$                    163,093

Total realized gain (loss)

(6,402)                                   

Change in unrealized appreciation (depreciation)

(44,502)   

Amortization premium/discount

297

Net purchases (sales)

(1,657)                                      

Net transfers in (out) of Level 3 

(6,276)   

**Balance as of March 31, 2009**

**$                     104,553**

**Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2009**

**$                    (45,768)**

 

***Derivative Instruments and Hedging Activities***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” requires enhanced disclosure about an entity’s derivative and hedging activities.*

 

*The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of March 31, 2009. Please see below for information on the Fund’s policy regarding the objectives and strategies for using futures and forward foreign currency exchange contracts.*

 

 

 

**Primary Underlying Risk Disclosure**

 

 

**Futures**

**Forward Currency Contracts**

Interest Rate Contracts

$          234,999

$                     - 

Foreign Exchange Contracts

$                      -

$         373,153

Credit Contracts

$                      -

$                     - 

Equity Contracts

$            (1,004)

$                     - 

Commodity Contracts

$                      -

$                     - 

Other Contracts

$                      -

$                     - 

 

*Futures.  The Fund seeks to enhance returns by employing a global tactical asset allocation overlay strategy.  The Fund may enter into futures contracts on equity and fixed-income securities, including on financial indices, and security indices and on currency as part of its global tactical asset allocation overlay strategy.  As part of this strategy, the Fund may use futures contracts to gain exposure to changes in interest rates, and take advantage of short-term inefficiencies and relative mispricings within the global equity, bond and currency markets.  Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an initial margin equal to a certain percentage of the face value indicated in the futures contract.  Subsequent payments (“variation margin”) are made or received by the fund dependent upon the daily fluctuations in the value of the underlyingsecurity.   Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.*

 

*Forward Foreign Currency Exchange Contracts. Fund is subject to foreign exchange rate risk in its securities denominated in foreign currencies. Fund may enter into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings and to facilitate transactions in foreign currency denominated securities.   Changes in exchange rates between foreign currencies and the US dollar may affect the US dollar value of foreign securities or the income or gains received on these securities. To reduce the effect of currency fluctuations, the Fund may enter into forward foreign currency exchange contracts. The Fund may also invest in forward currency contracts as part of its global tactical asset allocation overlay strategy. The Fund seeks to enhance returns by employing a global tactical asset allocation overlay strategy. Aspart of this strategy, the Fund may use forward currency exchange contracts to gain exposure to changes in the value of foreign currencies, and to take advantage of short-term and medium-term mispricings within the currency markets.  Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the current value of the forward currency contract, to the extent that this amount is beneficial to the fund.*

 

 

 

 

Investment Portfolio

**as of March 31, 2009  (Unaudited)**

 

 

**DWS Blue Chip VIP**

 

 

**Shares**

 

**Value ($)**

 

**Common Stocks 96.6%**

 
**Consumer Discretionary 9.5%**

 
**Auto Components 0.1%**

 
Autoliv, Inc.  

 

2,900 

 

**53,853**

**Hotels Restaurants & Leisure 1.9%**

 
Carnival Corp. (Units)  

 

4,000 

 

86,400 

McDonald's Corp.  

 

21,800 

 

1,189,626 

Yum! Brands, Inc.  

 

14,300 

 

392,964 

 

**1,668,990**

**Household Durables 0.6%**

 
Centex Corp.  

 

6,700 

 

50,250 

Garmin Ltd.  

 

6,300 

 

133,623 

Harman International Industries, Inc.  

 

4,400 

 

59,532 

Leggett & Platt, Inc.  

 

16,800 

 

218,232 

Ryland Group, Inc.  

 

2,500 

 

41,650 

 

**503,287**

**Internet & Catalog Retail 0.5%**

 
Amazon.com, Inc.*  

 

6,200 

 

**455,328**

**Media 3.6%**

 
Comcast Corp. "A" (a) 

 

97,700 

 

1,332,628 

Comcast Corp., Special "A"  

 

23,500 

 

302,445 

DISH Network Corp. "A"*  

 

18,800 

 

208,868 

Liberty Media Corp. - Entertainment "A"*  

 

7,600 

 

151,620 

The DIRECTV Group, Inc.* (a) 

 

27,600 

 

629,004 

Time Warner Cable, Inc.  

 

5,781 

 

143,369 

Time Warner, Inc.  

 

23,033 

 

444,537 

 

**3,212,471**

**Multiline Retail 0.4%**

 
Macy's, Inc.  

 

44,700 

 

**397,830**

**Specialty Retail 2.3%**

 
AutoZone, Inc.*  

 

400 

 

65,048 

Children's Place Retail Stores, Inc.*  

 

3,000 

 

65,670 

Gymboree Corp.*  

 

1,500 

 

32,025 

RadioShack Corp.  

 

28,700 

 

245,959 

Rent-A-Center, Inc.*  

 

6,300 

 

122,031 

Ross Stores, Inc.  

 

3,100 

 

111,228 

The Gap, Inc.  

 

31,900 

 

414,381 

TJX Companies, Inc.  

 

37,400 

 

958,936 

Tractor Supply Co.*  

 

2,100 

 

75,726 

 

**2,091,004**

**Textiles, Apparel & Luxury Goods 0.1%**

 
Jones Apparel Group, Inc.  

 

15,400 

 

64,988 

Quiksilver, Inc.*  

 

17,100 

 

21,888 

Wolverine World Wide, Inc.  

 

3,100 

 

48,298 

 

**135,174**

 

 

**1 |**

 

**Consumer Staples 11.7%**

 
**Beverages 0.9%**

 
PepsiCo, Inc.  

 

15,800 

 

**813,384**

**Food & Staples Retailing 3.8%**

 
Kroger Co.  

 

52,400 

 

1,111,928 

Pantry, Inc.*  

 

1,600 

 

28,176 

Sysco Corp.  

 

8,100 

 

184,680 

Wal-Mart Stores, Inc. (a) 

 

40,500 

 

2,110,050 

 

**3,434,834**

**Food Products 2.1%**

 
Archer-Daniels-Midland Co.  

 

34,300 

 

952,854 

Bunge Ltd. (a) 

 

11,900 

 

674,135 

Chiquita Brands International, Inc.*  

 

6,700 

 

44,421 

Darling International, Inc.*  

 

9,800 

 

36,358 

Fresh Del Monte Produce, Inc.*  

 

9,500 

 

155,990 

 

**1,863,758**

**Household Products 2.3%**

 
Church & Dwight Co., Inc.  

 

1,800 

 

94,014 

Colgate-Palmolive Co.  

 

25,900 

 

1,527,582 

Procter & Gamble Co.  

 

9,600 

 

452,064 

 

**2,073,660**

**Personal Products 0.2%**

 
Herbalife Ltd.  

 

9,800 

 

**146,804**

**Tobacco 2.4%**

 
Altria Group, Inc.  

 

53,700 

 

860,274 

Lorillard, Inc.  

 

5,200 

 

321,048 

Philip Morris International, Inc.  

 

26,300 

 

935,754 

 

**2,117,076**

**Energy 11.0%**

 
**Oil, Gas & Consumable Fuels**

Alpha Natural Resources, Inc.*  

 

11,400 

 

202,350 

Apache Corp.  

 

22,000 

 

1,409,980 

Arch Coal, Inc.  

 

10,000 

 

133,700 

Chevron Corp.  

 

20,700 

 

1,391,868 

Cimarex Energy Co.  

 

16,800 

 

308,784 

ConocoPhillips  

 

31,700 

 

1,241,372 

Encore Acquisition Co.*  

 

19,600 

 

456,092 

ExxonMobil Corp.  

 

13,340 

 

908,454 

Frontline Ltd. (a) 

 

20,800 

 

361,712 

Hess Corp.  

 

2,600 

 

140,920 

Mariner Energy, Inc.*  

 

21,700 

 

168,175 

Massey Energy Co.  

 

3,400 

 

34,408 

McMoRan Exploration Co.*  

 

31,000 

 

145,700 

Occidental Petroleum Corp.  

 

32,200 

 

1,791,930 

Sunoco, Inc.  

 

2,200 

 

58,256 

Valero Energy Corp.  

 

32,700 

 

585,330 

W&T Offshore, Inc. (a) 

 

13,800 

 

84,870 

Walter Industries, Inc.  

 

16,200 

 

370,494 

 

**9,794,395**

**Financials 11.1%**

 
**Capital Markets 2.1%**

 
Bank of New York Mellon Corp.  

 

59,500 

 

1,680,875 

 

 

**| 2**

 

State Street Corp.  

 

7,500 

 

230,850 

 

**1,911,725**

**Commercial Banks 1.0%**

 
Marshall & Ilsley Corp.  

 

40,700 

 

229,141 

SunTrust Banks, Inc.  

 

49,000 

 

575,260 

Zions Bancorp.  

 

10,700 

 

105,181 

 

**909,582**

**Consumer Finance 0.1%**

 
Capital One Financial Corp.  

 

6,500 

 

79,560 

Cash America International, Inc.  

 

2,500 

 

39,150 

 

**118,710**

**Diversified Financial Services 3.7%**

 
Bank of America Corp.  

 

156,100 

 

1,064,602 

Citigroup, Inc. (a) 

 

93,500 

 

236,555 

JPMorgan Chase & Co.  

 

73,100 

 

1,942,998 

PHH Corp.*  

 

2,000 

 

28,100 

 

**3,272,255**

**Insurance 3.7%**

 
ACE Ltd.  

 

34,200 

 

1,381,680 

Aflac, Inc.  

 

3,000 

 

58,080 

Allied World Assurance Co. Holdings Ltd.  

 

2,300 

 

87,469 

Aon Corp.  

 

600 

 

24,492 

Arch Capital Group Ltd.*  

 

2,600 

 

140,036 

Assurant, Inc.  

 

3,900 

 

84,942 

Berkshire Hathaway, Inc. "B"*  

 

300 

 

846,000 

Everest Re Group Ltd.  

 

1,600 

 

113,280 

Hartford Financial Services Group, Inc.  

 

5,300 

 

41,605 

The Travelers Companies, Inc.  

 

7,100 

 

288,544 

W.R. Berkley Corp.  

 

3,700 

 

83,435 

XL Capital Ltd. "A" (a) 

 

30,400 

 

165,984 

 

**3,315,547**

**Real Estate Investment Trusts 0.4%**

 
Essex Property Trust, Inc. (REIT) (a) 

 

2,100 

 

120,414 

Rayonier, Inc. (REIT)  

 

6,400 

 

193,408 

Simon Property Group, Inc. (REIT)  

 

40 

 

1,386 

 

**315,208**

**Real Estate Management & Development 0.1%**

 
The St. Joe Co.* (a) 

 

2,500 

 

**41,850**

**Health Care 15.6%**

 
**Biotechnology 2.4%**

 
Amgen, Inc.*  

 

2,300 

 

113,896 

Gilead Sciences, Inc.*  

 

33,200 

 

1,537,824 

Isis Pharmaceuticals, Inc.*  

 

2,200 

 

33,022 

Myriad Genetics, Inc.*  

 

4,100 

 

186,427 

OSI Pharmaceuticals, Inc.*  

 

5,100 

 

195,126 

PDL BioPharma, Inc.  

 

8,200 

 

58,056 

 

**2,124,351**

**Health Care Equipment & Supplies 2.5%**

 
Baxter International, Inc.  

 

23,300 

 

1,193,426 

Becton, Dickinson & Co.  

 

15,100 

 

1,015,324 

Varian Medical Systems, Inc.*  

 

1,400 

 

42,616 

 

**2,251,366**

**Health Care Providers & Services 4.7%**

 
Aetna, Inc.  

 

54,700 

 

1,330,851 

 

 

**3 |**

 

AmerisourceBergen Corp.  

 

2,800 

 

91,448 

Emergency Medical Services Corp. "A"*  

 

1,100 

 

34,529 

Express Scripts, Inc.*  

 

26,000 

 

1,200,420 

Humana, Inc.*  

 

14,200 

 

370,336 

Kindred Healthcare, Inc.*  

 

5,900 

 

88,205 

Magellan Health Services, Inc.*  

 

900 

 

32,796 

McKesson Corp.  

 

16,000 

 

560,640 

Medco Health Solutions, Inc.*  

 

10,800 

 

446,472 

Universal Health Services, Inc. "B"  

 

1,700 

 

65,178 

 

**4,220,875**

**Life Sciences Tools & Services 0.1%**

 
ICON PLC (ADR)  

 

1,800 

 

29,070 

Pharmaceutical Product Development, Inc.  

 

3,400 

 

80,648 

 

**109,718**

**Pharmaceuticals 5.9%**

 
Abbott Laboratories  

 

18,700 

 

891,990 

Eli Lilly & Co.  

 

43,000 

 

1,436,630 

Johnson & Johnson  

 

12,400 

 

652,240 

Merck & Co., Inc.  

 

25,200 

 

674,100 

Pfizer, Inc.  

 

79,400 

 

1,081,428 

Teva Pharmaceutical Industries Ltd. (ADR)  

 

3,700 

 

166,685 

Watson Pharmaceuticals, Inc.*  

 

10,200 

 

317,322 

 

**5,220,395**

**Industrials 11.7%**

 
**Aerospace & Defense 4.6%**

 
General Dynamics Corp.  

 

15,900 

 

661,281 

Goodrich Corp.  

 

17,100 

 

647,919 

Honeywell International, Inc.  

 

38,600 

 

1,075,396 

L-3 Communications Holdings, Inc.  

 

6,900 

 

467,820 

Lockheed Martin Corp.  

 

2,700 

 

186,381 

Northrop Grumman Corp.  

 

23,200 

 

1,012,448 

Spirit AeroSystems Holdings, Inc. "A"*  

 

4,000 

 

39,880 

 

**4,091,125**

**Air Freight & Logistics 0.1%**

 
United Parcel Service, Inc. "B"  

 

1,100 

 

**54,142**

**Commercial Services & Supplies 0.3%**

 
The Brink's Co.  

 

11,000 

 

**291,060**

**Construction & Engineering 1.3%**

 
EMCOR Group, Inc.*  

 

17,500 

 

300,475 

Fluor Corp.  

 

12,200 

 

421,510 

Foster Wheeler AG*  

 

16,300 

 

284,761 

Perini Corp.*  

 

10,100 

 

124,230 

 

**1,130,976**

**Electrical Equipment 0.5%**

 
Acuity Brands, Inc.  

 

1,500 

 

33,810 

GrafTech International Ltd.*  

 

65,300 

 

402,248 

 

**436,058**

**Machinery 3.1%**

 
AGCO Corp.*  

 

24,900 

 

488,040 

CNH Global NV  

 

3,800 

 

39,444 

Cummins, Inc.  

 

19,600 

 

498,820 

Dover Corp.  

 

2,400 

 

63,312 

Flowserve Corp.  

 

6,900 

 

387,228 

 

 

**| 4**

 

Gardner Denver, Inc.*  

 

1,600 

 

34,784 

Joy Global, Inc.  

 

10,400 

 

221,520 

Parker Hannifin Corp.  

 

26,000 

 

883,480 

Terex Corp.*  

 

8,800 

 

81,400 

Trinity Industries, Inc.  

 

5,800 

 

53,012 

 

**2,751,040**

**Marine 0.0%**

 
TBS International Ltd. "A"*  

 

2,700 

 

**19,845**

**Professional Services 0.3%**

 
Manpower, Inc.  

 

10,000 

 

**315,300**

**Road & Rail 1.5%**

 
Burlington Northern Santa Fe Corp.  

 

2,800 

 

168,420 

Norfolk Southern Corp.  

 

15,900 

 

536,625 

Ryder System, Inc.  

 

24,000 

 

679,440 

 

**1,384,485**

**Information Technology 17.2%**

 
**Communications Equipment 1.2%**

 
ADC Telecommunications, Inc.*  

 

7,100 

 

31,169 

Cisco Systems, Inc.*  

 

28,000 

 

469,560 

QUALCOMM, Inc.  

 

14,800 

 

575,868 

 

**1,076,597**

**Computers & Peripherals 7.0%**

 
Apple, Inc.*  

 

3,600 

 

378,432 

Hewlett-Packard Co.  

 

39,700 

 

1,272,782 

International Business Machines Corp. (a) 

 

22,800 

 

2,209,092 

Lexmark International, Inc. "A"*  

 

29,400 

 

495,978 

QLogic Corp.*  

 

40,600 

 

451,472 

Seagate Technology  

 

25,300 

 

152,053 

Western Digital Corp.*  

 

65,800 

 

1,272,572 

 

**6,232,381**

**Electronic Equipment, Instruments & Components 0.5%**

 
Avnet, Inc.*  

 

2,800 

 

49,028 

Dolby Laboratories, Inc. "A"* (a) 

 

3,400 

 

115,974 

Flextronics International Ltd.*  

 

17,200 

 

49,708 

Jabil Circuit, Inc.  

 

41,000 

 

227,960 

Molex, Inc. "A"  

 

1,627 

 

20,565 

 

**463,235**

**Internet Software & Services 1.9%**

 
eBay, Inc.*  

 

17,500 

 

219,800 

Google, Inc. "A"*  

 

3,800 

 

1,322,628 

VeriSign, Inc.*  

 

4,200 

 

79,254 

Yahoo!, Inc.*  

 

4,500 

 

57,645 

 

**1,679,327**

**IT Services 3.0%**

 
Accenture Ltd. "A"  

 

30,400 

 

835,696 

Automatic Data Processing, Inc. (a) 

 

27,800 

 

977,448 

Computer Sciences Corp.*  

 

20,200 

 

744,168 

MasterCard, Inc. "A"  

 

800 

 

133,984 

SAIC, Inc.*  

 

1,300 

 

24,271 

 

**2,715,567**

**Semiconductors & Semiconductor Equipment 0.3%**

 
Altera Corp.  

 

14,900 

 

**261,495**

 

 

**5 |**

 

**Software 3.3%**

 
BMC Software, Inc.*  

 

4,900 

 

161,700 

Microsoft Corp.  

 

131,800 

 

2,421,166 

Symantec Corp.*  

 

15,400 

 

230,076 

VMware, Inc. "A"*  

 

5,300 

 

125,186 

 

**2,938,128**

**Materials 3.0%**

 
**Chemicals 2.9%**

 
Ashland, Inc.  

 

15,500 

 

160,115 

CF Industries Holdings, Inc.  

 

15,100 

 

1,074,063 

Terra Industries, Inc.  

 

45,700 

 

1,283,713 

The Mosaic Co.  

 

2,700 

 

113,346 

 

**2,631,237**

**Metals & Mining 0.1%**

 
Cliffs Natural Resources, Inc.  

 

4,000 

 

**72,640**

**Telecommunication Services 3.4%**

 
**Diversified Telecommunication Services 3.4%**

 
AT&T, Inc.  

 

44,000 

 

1,108,800 

Embarq Corp.  

 

5,800 

 

219,530 

Verizon Communications, Inc.  

 

54,300 

 

1,639,860 

 

**2,968,190**

**Wireless Telecommunication Services 0.0%**

 
United States Cellular Corp.*  

 

600 

 

**20,004**

**Utilities 2.4%**

 
**Electric Utilities 1.0%**

 
Duke Energy Corp.  

 

5,400 

 

77,328 

Edison International  

 

16,800 

 

484,008 

Exelon Corp.  

 

1,800 

 

81,702 

NV Energy, Inc.  

 

3,100 

 

29,109 

Pepco Holdings, Inc.  

 

5,400 

 

67,392 

Southern Co.  

 

4,100 

 

125,542 

 

**865,081**

**Gas Utilities 0.2%**

 
Atmos Energy Corp.  

 

1,700 

 

39,304 

ONEOK, Inc.  

 

6,900 

 

156,147 

UGI Corp.  

 

1,500 

 

35,415 

 

**230,866**

**Independent Power Producers & Energy Traders 0.4%**

 
AES Corp.*  

 

48,400 

 

281,204 

Mirant Corp.*  

 

6,500 

 

74,100 

 

**355,304**

**Multi-Utilities 0.8%**

 
Dominion Resources, Inc.  

 

8,000 

 

247,920 

Integrys Energy Group, Inc.  

 

1,400 

 

36,456 

NiSource, Inc.  

 

25,000 

 

245,000 

Sempra Energy  

 

2,800 

 

129,472 

TECO Energy, Inc.  

 

2,200 

 

24,530 

 

**683,378**

**Total Common Stocks** (Cost $110,959,830)

 

**86,240,891**

 

 

**| 6**

 

 

**Principal**

**Amount ($)**

 

**Value ($)**

 

**Government & Agency Obligation 0.6%**

 
**US Treasury Obligation**

 
US Treasury Bill, 0.13% **, 6/11/2009 (b) (Cost $480,877)

 

481,000

 

**480,827**

 

**Shares**

 

**Value ($)**

 

**Securities Lending Collateral 9.6%**

 
Daily Assets Fund Institutional, 0.78% (c) (d)(Cost $8,565,530)

 

 

8,565,530

 

**8,565,530**

 

**Cash Equivalents 2.7%**

 
Cash Management QP Trust, 0.53% (c) (Cost $2,422,714)

 

 

2,422,714

 

**2,422,714**

 

**% of**

**Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $122,428,951) †

109.5

 

**97,709,962**

**Other Assets and Liabilities, Net**

(9.5)

 

**(8,448,687)**

**Net Assets**

100.0

 

**89,261,275**

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

***

*Non-income producing security.*

****

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

*†*

*The cost for federal income tax purposes was $125,676,133.  At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $27,966,171.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,850,027 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $30,816,198.*

*(a)*

*All or a portion of these securities were on loan. The value of all securities loaned at March 31, 2009 amounted to $8,481,609 which is 9.5% of net assets.*

*(b)*

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

*(c)*

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

*(d)*

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

*ADR: American Depositary Receipt*

*REIT: Real Estate Investment Trust*

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

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 

S&P E-Mini 500 Index 

 

6/19/2009 

 

71 

 

2,845,072 

 

2,821,540 

 

**(23,532)**

 
 

***Fair Value Measurements***

 

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

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

 

**7 |**

*The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's investments.*

 

 

**Valuation Inputs**

**Investments in  Securities**

**Other Financial Instruments***††*

Level 1 

$                94,806,421   

$                  (23,532)   

Level 2 

2,903,541   

-   

Level 3 

-   

-   

**Total**

**$                97,709,962**

**$                  (23,532)**

 

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

 

 

**| 8**

***Derivative Instruments and Hedging Activities***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” requires enhanced disclosure about an entity’s derivative and hedging activities.*

 

*The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of March 31, 2009. Please see below for information on the Fund’s policy regarding the objectives and strategies for using futures.*

 

 

 

**Primary Underlying Risk Disclosure**

 

 

**Futures**

Interest Rate Contracts

**$                 -**

Foreign Exchange Contracts

**$                 -**

Credit Contracts

**$                 -**

Equity Contracts

**$**(23,532)

Commodity Contracts

**$                 -**

Other Contracts

**$                 -**

 

*Futures.  The Fund is subject to equity risk.  The Fund may use futures contracts in circumstances where the portfolio management team believes they offer economical means of gaining exposure to a particular asset class or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market.  Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an initial margin equal to a certain percentage of the face value indicated in the futures contract.  Subsequent payments (“variation margin”) are made or received by the fund dependent upon the daily fluctuations in the value of the underlying security.   Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.*

 

 

**9 |**

 

 

Investment Portfolio

**as of March 31, 2009  (Unaudited)**

 

 

**DWS Conservative Allocation VIP**

 

 

**Shares**

 

**Value ($)**

 

**Equity - Equity Funds 34.2%**

 
DWS Blue Chip VIP "A"  

 

3,478 

 

22,712 

DWS Capital Growth VIP "A"  

 

17,782 

 

220,497 

DWS Communications Fund "Institutional"  

 

1,417 

 

13,805 

DWS Davis Venture Value VIP "A"  

 

49,345 

 

322,717 

DWS Dreman High Return Equity VIP "A"  

 

14,093 

 

69,904 

DWS Dreman Small Cap Value Fund "Institutional"  

 

3,585 

 

72,910 

DWS Dreman Small Mid Cap Value VIP "A"  

 

17,568 

 

113,844 

DWS Emerging Markets Equity Fund "Institutional"  

 

6,772 

 

66,975 

DWS Equity 500 Index VIP "A"  

 

22,286 

 

189,433 

DWS Europe Equity Fund "Institutional"  

 

742 

 

11,418 

DWS Global Opportunities VIP "A"  

 

22,861 

 

163,682 

DWS Global Thematic VIP "A"  

 

22,608 

 

118,242 

DWS Growth & Income VIP "A"  

 

100,482 

 

474,274 

DWS Health Care VIP "A"  

 

19,533 

 

173,257 

DWS International Select Equity VIP "A"  

 

11,960 

 

60,397 

DWS International VIP "A"  

 

55,285 

 

315,125 

DWS Janus Growth & Income VIP "A"  

 

10,462 

 

69,779 

DWS Japan Equity Fund "S"  

 

5,206 

 

32,644 

DWS Large Cap Value VIP "A"  

 

108,557 

 

869,545 

DWS Micro Cap Fund "Institutional"  

 

1,170 

 

10,199 

DWS Mid Cap Growth VIP "A"  

 

725 

 

4,696 

DWS RREEF Global Real Estate Securities Fund "Institutional"  

 

16,578 

 

70,291 

DWS RREEF Real Estate Securities Fund "Institutional"  

 

781 

 

5,899 

DWS S&P 500 Plus Fund "S"  

 

32,529 

 

256,332 

DWS Small Cap Core Fund "S"  

 

13,334 

 

128,803 

DWS Small Cap Growth VIP "A"  

 

5,472 

 

37,047 

DWS Small Cap Index VIP "A"  

 

16,423 

 

120,381 

DWS Technology VIP "A"  

 

36,087 

 

215,803 

**Total Equity Funds** (Cost $7,206,985)

 

**4,230,611**

 

**Equity - Exchange Traded Funds 7.9%**

 
Consumer Discretionary Select Sector SPDR Fund  

 

4,042 

 

79,425 

Consumer Staples Select Sector SPDR Fund  

 

6,344 

 

133,858 

Energy Select Sector SPDR Fund  

 

2,628 

 

111,585 

Financial Select Sector SPDR Fund  

 

12,917 

 

113,799 

Industrial Select Sector SPDR Fund  

 

6,387 

 

117,712 

iShares MSCI Australia Index Fund  

 

2,719 

 

36,407 

iShares MSCI Canada Index Fund  

 

4,964 

 

81,708 

iShares MSCI EAFE Small Cap Index Fund  

 

934 

 

21,108 

iShares MSCI France Index Fund  

 

2,063 

 

35,484 

iShares MSCI Netherlands Investable Market Index Fund  

 

995 

 

12,428 

iShares MSCI Switzerland Index Fund  

 

3,821 

 

58,194 

iShares MSCI United Kingdom Index Fund  

 

10,622 

 

111,319 

Utilities Select Sector SPDR Fund  

 

2,319 

 

59,227 

**Total Exchange Traded Funds** (Cost $1,278,569)

 

**972,254**

 

 

**1 |**

 

 

**Fixed Income - Bond Funds 55.2%**

 
DWS Core Fixed Income VIP "A"  

 

209,476 

 

1,709,323 

DWS Emerging Markets Fixed Income Fund "Institutional"  

 

7,661 

 

64,122 

DWS Global Bond Fund "S"  

 

59,935 

 

565,785 

DWS Government & Agency Securities VIP "A"  

 

112,548 

 

1,367,457 

DWS High Income VIP "A"  

 

77,688 

 

376,788 

DWS Inflation Protected Plus Fund "Institutional"  

 

27,505 

 

257,723 

DWS Short Duration Plus Fund "Institutional"  

 

31,769 

 

281,789 

DWS US Bond Index Fund "Institutional"  

 

217,068 

 

2,220,601 

**Total Fixed Income - Bond Funds** (Cost $7,769,352)

 

**6,843,588**

 

**Fixed Income - Money Market Fund 2.7%**

 
Cash Management QP Trust (Cost $337,853)

 

 

337,853

 

**337,853**

 

**% of**

**Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $16,592,759) †

100.0

 

**12,384,306**

**Other Assets and Liabilities, Net**

0.0

 

**5,533**

**Net Assets**

100.0

 

**12,389,839**

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

*†*

*The cost for federal income tax purposes was $16,650,215.  At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $4,265,909.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $52,782 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,318,691.*

*EAFE: Europe, Australasia and Far East*

*MSCI: Morgan Stanley Capital International*

*SPDR: Standard & Poor's Depositary Receipt*

 

***Fair Value Measurements***

 

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

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

*The following is a summary of the inputs used as of March 31, 2009 in valuing the Portfolio's investments.*

 

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$                12,046,453   

Level 2 

337,853  

Level 3 

-   

**Total**

**$                12,384,306**

 

 

 

**| 2**

 

 

Investment Portfolio

**as of March 31, 2009  (Unaudited)**

 

 

**DWS Core Fixed Income VIP**

 

 

**Principal**

**Amount ($)**

 

**Value ($)**

 

**Corporate Bonds 20.4%**

 
**Consumer Discretionary 3.0%**

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

 

 

605,000 

 

657,114 

Comcast Cable Holdings LLC:

 
 

7.875%, 8/1/2013  

 

 

435,000 

 

440,486 

 

9.875%, 6/15/2022  

 

 

250,000 

 

281,595 

 

10.125%, 4/15/2022  

 

 

363,000 

 

415,767 

News America, Inc., 144A, 7.85%, 3/1/2039 

 

 

645,000 

 

552,545 

Time Warner Cable, Inc., 6.75%, 7/1/2018 

 

 

122,000 

 

114,522 

Time Warner Entertainment Co., LP, 10.15%, 5/1/2012 

 

 

460,000 

 

496,450 

Time Warner, Inc.:

 
 

7.625%, 4/15/2031  

 

 

360,000 

 

321,669 

 

7.7%, 5/1/2032  

 

 

325,000 

 

292,252 

Viacom, Inc.:

 
 

6.25%, 4/30/2016  

 

 

130,000 

 

114,132 

 

6.75%, 10/5/2037  

 

 

550,000 

 

389,234 

 

**4,075,766**

**Consumer Staples 1.2%**

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

 

 

1,949,000 

 

1,169,400 

Kroger Co., 7.0%, 5/1/2018 (a)

 

 

375,000 

 

395,829 

 

**1,565,229**

**Energy 1.7%**

 
ConocoPhillips, 6.5%, 2/1/2039 

 

 

600,000 

 

585,285 

Enterprise Products Operating LLP:

 

 

 

 

 

Series B, 5.6%, 10/15/2014

 

 

510,000 

 

471,581 

7.5%, 2/1/2011 

 

 

460,000 

 

467,570 

ONEOK Partners LP, 8.625%, 3/1/2019 (a)

 

 

415,000 

 

418,761 

TransCanada PipeLines Ltd., 6.2%, 10/15/2037 

 

 

435,000 

 

368,364 

 

**2,311,561**

**Financials 7.5%**

 
Bank of America Corp.:

 
 

5.65%, 5/1/2018  

 

 

865,000 

 

721,644 

 

5.75%, 12/1/2017  

 

 

350,000 

 

293,925 

Citigroup, Inc.:

 
 

4.125%, 2/22/2010  

 

 

400,000 

 

386,083 

 

6.5%, 8/19/2013  

 

 

350,000 

 

321,620 

Corp. Andina de Fomento:

 
 

5.75%, 1/12/2017  

 

 

295,000 

 

245,842 

 

6.875%, 3/15/2012  

 

 

210,000 

 

206,908 

General Electric Capital Corp., 5.625%, 5/1/2018 (a)

 

 

980,000 

 

852,131 

MetLife, Inc., 7.717%, 2/15/2019 

 

 

795,000 

 

712,845 

Morgan Stanley, Series F, 6.0%, 4/28/2015 

 

 

990,000 

 

934,677 

National City Corp., 4.0%, 2/1/2011 

 

 

580,000 

 

528,525 

National Rural Utilities Cooperative Finance Corp., 10.375%, 11/1/2018 (a)

 

 

645,000 

 

746,722 

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

 

 

1,580,000 

 

900,600 

StanCorp Financial Group, Inc., 6.9%, 6/1/2067 

 

 

940,000 

 

460,569 

 

 

**1 |**

 

The Goldman Sachs Group, Inc., 7.5%, 2/15/2019 

 

 

730,000 

 

728,403 

US Bancorp.:

 
 

LIBOR minus 1.46%, 0.00%, 12/11/2035 

 

 

265,000 

 

234,525 

 

LIBOR minus 1.75%, 0.00%, 9/20/2036 (a)

 

 

20,000 

 

17,600 

Wachovia Corp., Series G, 5.5%, 5/1/2013 

 

 

650,000 

 

599,334 

Xstrata Finance Canada Ltd.:

 
 

144A, 5.8%, 11/15/2016  

 

 

940,000 

 

604,029 

 

144A, 6.9%, 11/15/2037  

 

 

895,000 

 

535,308 

 

**10,031,290**

**Health Care 0.5%**

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

 

 

740,000 

 

**734,423**

**Information Technology 0.1%**

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

 

 

185,000 

 

**157,427**

**Telecommunication Services 2.3%**

 
AT&T, Inc.:

 
****

**** |