SEC Info - Morgan Stanley Pathway Funds - ‘NSAR-A’ for 2/29/16

Report

Registrant: Consulting Group Capital Markets Funds — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended: 2/29/16

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info

Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? No

Is this a change to a previous Report? No

Registrant

1.

SEC CIK: 875186

SEC File #: 811-06318

Telephone #: 888-454-3965

2.

Address: 2000 Westchester Avenue

Purchase, NY 10577

3.

Is this the first Form N-SAR filed by the Registrant? No

4.

Is this the final Form N-SAR filed by the Registrant? No

Funds/Series

↑Top of Form N-SAR

7.

Is the Registrant a Funds/Series (multiple portfolios) company? Yes

The number of separate Funds/Series (portfolios) at period end: 11

↓

Series 7: Core Fixed Income Fund — S#8437 ⇒ TIIUX

↓

Series 6: Emerging Markets Equity Fund — S#8436 ⇒ TEMUX

↓

Series 8: High Yield Fund — S#8438 ⇒ THYUX

↓

Series 12: Inflation-Linked Fixed Income Fund — S#52236 ⇒ TILUX

↓

Series 5: International Equity Fund — S#8435 ⇒ TIEUX

↓

Series 9: International Fixed Income Fund — S#8439 ⇒ TIFUX

↓

Series 1: Large Cap Equity Fund — S#8429 ⇒ TLGUX

↓

Series 2: Large Capitalization Value Equity Fund — S#8432: See Note above.

↓

Series 11: Money Market Fund — S#8431 ⇒ TGMXX

↓

Series 10: Municipal Bond Fund — S#8430 ⇒ TMUUX

↓

Series 4: Small Capitalization Value Equity Fund — S#8434: See Note above.

↓

Series 3: Small-Mid Cap Equity Fund — S#8433 ⇒ TSGUX

↓

Series 13: Ultra-Short Term Fixed Income Fund — S#52237 ⇒ TSDUX

Family of Investment Companies

19.

Is the Registrant/Series part of a “family” of investment companies? Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family: 11

The Identification Code of the family for Form N-SAR Filings: CAMFUNDSNY

Investment Company Type

27.

Is the Registrant an “open-end” investment company? Yes, Open-End

Additional Disclosures

77.

Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? Yes

EX-99.77O: Transaction Effected — Rule 10f-3 – ICA’40? Yes

EX-99.77Q1: Other Disclosure? Yes

Subsidiaries

78.

Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report? No

All Series

↑List of 13 Funds/Series Reported Here

All:

Administrator

10.1

Name: Brown Brothers Harriman & Co.

SEC File #: 812-13314

Location: Boston, MA

All:

Principal Underwriter

11.1

Name: Morgan Stanley Smith Barney LLC

SEC File #: 008-68191

Location: New York, NY

All:

Shareholder Servicing/Transfer Agent

12.1

Name: Bny Mellon Investment Servicing (US)

SEC File #: 084-01761

Location: Westborough, MA

All:

Independent Public Accountant

13.1

Name: Deloitte & Touche USA LLP

Location: Boston, MA

All:

Affiliated Broker/Dealer

14.1

Name: Bank of Morgan Stanley AG

14.2

Name: Bank of Tokyo-Mitsubishi Ufj Ltd.

14.3

Name: Bats Trading, Inc.

SEC File #: 008-67043

14.4

Name: Bids Trading L.P.

SEC File #: 008-67376

14.5

Name: H.C. Securities & Investments

14.6

Name: Hti Valori Mobiliare S.A.

14.7

Name: Mitsubushi Ufj Morgan Stanley Securities Co.

14.8

Name: Mitsubushi Ufj Securities

14.9

Name: Mitsubishi Ufj Securities International plc

14.10

Name: Mitsubishi Ufj Trust & Banking Corp.

14.11

Name: Morgan Stanley & Co. Inc.

SEC File #: 008-15869

14.12

Name: Morgan Stanley & Co. International plc

14.13

Name: Morgan Stanley Asia (Singapore) PTE

14.14

Name: Morgan Stanley Asia (Singapore) Securities PT

14.15

Name: Morgan Stanley Asia Ltd.

14.16

Name: Morgan Stanley Australia Ltd.

14.17

Name: Morgan Stanley Australia Securities Ltd.

14.18

Name: Morgan Stanley C.T.V.M.S.A.

14.19

Name: Morgan Stanley Canada Ltd.

14.20

Name: Morgan Stanley Distribution, Inc.

SEC File #: 008-44766

14.21

Name: Morgan Stanley Futures (Hong Kong) Ltd.

14.22

Name: Morgan Stanley Hong Kong Securities Ltd.

14.23

Name: Morgan Stanley Huaxin Securities Co. Ltd.

14.24

Name: Morgan Stanley India Co. Private Ltd.

14.25

Name: Morgan Stanley India Financial Services Priva

14.26

Name: Bank of Tokyo-Mitsubishi

14.27

Name: Morgan Stanley Menkul Degerler A.S.

14.28

Name: Morgan Stanley Mufg Securities Co., Ltd.

14.29

Name: Morgan Stanley Securities Ltd.

14.30

Name: Morgan Stanley Smith Barney Australia Pty. LT

14.31

Name: Morgan Stanley Smith Barney Financing, LLC

14.32

Name: Morgan Stanley Smith Barney, LLC

SEC File #: 008-68191

14.33

Name: Morgan Stanley Taiwan Ltd.

14.34

Name: Morgan Stanley, S.V.S.A.

14.35

Name: Btmu Capital Corp.

14.36

Name: Municenter

14.37

Name: Olivetree Securities Ltd.

14.38

Name: Ooo Morgan Stanley Bank

14.39

Name: Prime Dealer Services Corp.

SEC File #: 008-47025

14.40

Name: RMB Morgan Stanley

14.41

Name: Unionbanc Investment Services, LLC

SEC File #: 008-30706

14.42

Name: Unionbancal Corp.

14.43

Name: Btmu Leasing & Finance

14.44

Name: Kabu.com Securities

14.45

Name: Mitsubishi Ufj Securities Co. Ltd.

14.46

Name: Mitsubishi Ufj Trust International

14.47

Name: Morgan Stanley Mufg Securities

14.48

Name: Tokyo Credit Services

All:

Custodian

15.1

Name: Brown Brothers Harriman & Co.

Role: Custodian

Location: Boston, MA

Type of custody: Section 17(f)(1) — Bank

15.2

Name: HSBC Bank Australia Ltd.

Role: Sub-Custodian

Location: Sydney

Australia

Type of custody: Rule 17f-5 — Foreign Custodian

15.3

Name: Unicredit Bank Austria AG

Role: Sub-Custodian

Location: Vienna

Austria

Type of custody: Rule 17f-5 — Foreign Custodian

15.4

Name: KBL European Private Bankers SA

Role: Sub-Custodian

Location: Luxembourg

Luxembourg

Type of custody: Rule 17f-5 — Foreign Custodian

15.5

Name: Citibank, N.A., Sao Paulo

Role: Sub-Custodian

Location: Sao Paulo

Brazil

Type of custody: Rule 17f-5 — Foreign Custodian

15.6

Name: RBC Investor Services Trust

Role: Sub-Custodian

Location: Toronto

Canada

Type of custody: Rule 17f-5 — Foreign Custodian

15.7

Name: Banco De Chile

Role: Sub-Custodian

Location: Santiago

Chile

Type of custody: Rule 17f-5 — Foreign Custodian

15.8

Name: Cititrust Colombia S.A., Sociedad Fiduciara

Role: Sub-Custodian

Location: Bogota

Colombia

Type of custody: Rule 17f-5 — Foreign Custodian

15.9

Name: Citibank Europe plc, Organizacni Slozka

Role: Sub-Custodian

Location: Prague

Czech Republic

Type of custody: Rule 17f-5 — Foreign Custodian

15.10

Name: Skandinaviska Enskilda Banken AB (Publ), Danma

Role: Sub-Custodian

Location: Copenhagen

Denmark

Type of custody: Rule 17f-5 — Foreign Custodian

15.11

Name: Citibank, N.A., Cairo Branch

Role: Sub-Custodian

Location: Cairo

Egypt

Type of custody: Rule 17f-5 — Foreign Custodian

15.12

Name: Nordea Bank Finland plc

Role: Sub-Custodian

Location: Helsinki

Finland

Type of custody: Rule 17f-5 — Foreign Custodian

15.13

Name: Caceis Bank France

Role: Sub-Custodian

Location: Paris

France

Type of custody: Rule 17f-5 — Foreign Custodian

15.14

Name: Deutsche Bank AG, Frankfurt

Role: Sub-Custodian

Location: Eschborn

Germany

Type of custody: Rule 17f-5 — Foreign Custodian

15.15

Name: HSBC Bank plc, Athens Branch

Role: Sub-Custodian

Location: Athens

Greece

Type of custody: Rule 17f-5 — Foreign Custodian

15.16

Name: Standard Chartered Bank (Hong Kong) Ltd.

Role: Sub-Custodian

Location: Kwun Tong

Hong Kong

Type of custody: Rule 17f-5 — Foreign Custodian

15.17

Name: Unicredit Bank Hungary ZRT

Role: Sub-Custodian

Location: Budapest

Hungary

Type of custody: Rule 17f-5 — Foreign Custodian

15.18

Name: Citibank, N.A., Jakarta Branch

Role: Sub-Custodian

Location: Jakarta

Indonesia

Type of custody: Rule 17f-5 — Foreign Custodian

15.19

Name: Citibank, N.A., London Branch

Role: Sub-Custodian

Location: London

Ireland

Type of custody: Rule 17f-5 — Foreign Custodian

15.20

Name: Bank Hapoalim BM

Role: Sub-Custodian

Location: Tel Aviv

Israel

Type of custody: Rule 17f-5 — Foreign Custodian

15.21

Name: Societe Generale Securities Services S.P.A.

Role: Sub-Custodian

Location: Milan

Italy

Type of custody: Rule 17f-5 — Foreign Custodian

15.22

Name: The Bank of Tokyo-Mitsubishi Ufj, Ltd.

Role: Sub-Custodian

Location: Tokyo

Japan

Type of custody: Rule 17f-5 — Foreign Custodian

15.23

Name: HSBC Bank Malaysia Berhad

Role: Sub-Custodian

Location: Kuala Lumpur

Malaysia

Type of custody: Rule 17f-5 — Foreign Custodian

15.24

Name: Banco Santander (Mexico) S.A.

Role: Sub-Custodian

Location: Mexico City

Mexico

Type of custody: Rule 17f-5 — Foreign Custodian

15.25

Name: BNP Paribas Securities Services

Role: Sub-Custodian

Location: Pantin

Belgium

Type of custody: Rule 17f-5 — Foreign Custodian

15.26

Name: The Hongkong & Shanghai Banking Corp.

Role: Sub-Custodian

Location: Auckland

New Zealand

Type of custody: Rule 17f-5 — Foreign Custodian

15.27

Name: Stanbic Ibtc Bank plc

Role: Sub-Custodian

Location: Lagos

Nigeria

Type of custody: Rule 17f-5 — Foreign Custodian

15.28

Name: (See a prior Form N-SAR for who was...) Deleted

15.29

Name: Nordea Bank Norge Asa

Role: Sub-Custodian

Location: Oslo

Norway

Type of custody: Rule 17f-5 — Foreign Custodian

15.30

Name: Citibank Del Peru S.A.

Role: Sub-Custodian

Location: Lima

Peru

Type of custody: Rule 17f-5 — Foreign Custodian

15.31

Name: BNP Paribas Securities Services

Role: Sub-Custodian

Location: Pantin

Netherlands

Type of custody: Rule 17f-5 — Foreign Custodian

15.32

Name: Citibank Maghreb

Role: Sub-Custodian

Location: Casablanca

Morocco

Type of custody: Rule 17f-5 — Foreign Custodian

15.33

Name: Standard Chartered Bank Botswana Ltd.

Role: Sub-Custodian

Location: Gaborone

Botswana

Type of custody: Rule 17f-5 — Foreign Custodian

15.34

Name: (See a prior Form N-SAR for who was...) Deleted

15.35

Name: Bank Handlowy W Warszawie SA

Role: Sub-Custodian

Location: Warszawa

Poland

Type of custody: Rule 17f-5 — Foreign Custodian

15.36

Name: (See a prior Form N-SAR for who was...) Deleted

15.37

Name: Standard Chartered Bank (Pakistan) Ltd.

Role: Sub-Custodian

Location: Karachi

Pakistan

Type of custody: Rule 17f-5 — Foreign Custodian

15.38

Name: (See a prior Form N-SAR for who was...) Deleted

15.39

Name: The Hongkong & Shanghai Banking Corp.

Role: Sub-Custodian

Location: Taguig City

Phillipines

Type of custody: Rule 17f-5 — Foreign Custodian

15.40

Name: (See a prior Form N-SAR for who was...) Deleted

15.41

Name: BNP Paribas Securities Services

Role: Sub-Custodian

Location: Pantin

Portugal

Type of custody: Rule 17f-5 — Foreign Custodian

15.42

Name: Citibank Europe plc, Dublin – Sucursala Roman

Role: Sub-Custodian

Location: Bucharest

Romania

Type of custody: Rule 17f-5 — Foreign Custodian

15.43

Name: The Hongkong & Shanghai Banking Corp.

Role: Sub-Custodian

Location: Singapore

Singapore

Type of custody: Rule 17f-5 — Foreign Custodian

15.44

Name: (See a prior Form N-SAR for who was...) Deleted

15.45

Name: Standard Chartered Bank Johannesburg Branch

Role: Sub-Custodian

Location: Sandton

South Africa

Type of custody: Rule 17f-5 — Foreign Custodian

15.46

Name: (See a prior Form N-SAR for who was...) Deleted

15.47

Name: The Hongkong & Shanghai Banking Corp.

Role: Sub-Custodian

Location: Seoul

South Korea

Type of custody: Rule 17f-5 — Foreign Custodian

15.48

Name: Societe Generale Sucursal En Espana

Role: Sub-Custodian

Location: Madrid

Spain

Type of custody: Rule 17f-5 — Foreign Custodian

15.49

Name: The Hongkong & Shanghai Banking Corp.

Role: Sub-Custodian

Location: Colombo

Sri Lanka

Type of custody: Rule 17f-5 — Foreign Custodian

15.50

Name: Skandinaviska Enskilda Banken AB (Publ)

Role: Sub-Custodian

Location: Stockholm

Sweden

Type of custody: Rule 17f-5 — Foreign Custodian

15.51

Name: UBS Switzerland AG

Role: Sub-Custodian

Location: Zurich

Switzerland

Type of custody: Rule 17f-5 — Foreign Custodian

15.52

Name: Bank of Taiwan

Role: Sub-Custodian

Location: Taipei

Taiwan

Type of custody: Rule 17f-5 — Foreign Custodian

15.53

Name: The Hongkong & Shanghai Banking Corp.

Role: Sub-Custodian

Location: Bangkok

Thailand

Type of custody: Rule 17f-5 — Foreign Custodian

15.54

Name: Citibank Anonim Sirketi

Role: Sub-Custodian

Location: Istanbul

Turkey

Type of custody: Rule 17f-5 — Foreign Custodian

15.55

Name: HSBC Bank Middle East Ltd.

Role: Sub-Custodian

Location: Dubai

United Arab Emirates

Type of custody: Rule 17f-5 — Foreign Custodian

15.56

Name: HSBC Bank plc

Role: Sub-Custodian

Location: London

United Kingdom

Type of custody: Rule 17f-5 — Foreign Custodian

15.57

Name: Banco Itau Uruguay S.A.

Role: Sub-Custodian

Location: Montevido

Uruguay

Type of custody: Rule 17f-5 — Foreign Custodian

15.58

Name: HSBC Bank Bermuda Ltd.

Role: Sub-Custodian

Location: Hamilton

Bermuda

Type of custody: Rule 17f-5 — Foreign Custodian

15.59

Name: Citibank, N.A. Buenos Aires Branch

Role: Sub-Custodian

Location: Buenos Aires

Argentina

Type of custody: Rule 17f-5 — Foreign Custodian

15.60

Name: HSBC Bank (China) Co. Ltd.

Role: Sub-Custodian

Location: Shanghai

China

Type of custody: Rule 17f-5 — Foreign Custodian

15.61

Name: Landsbankinn HF

Role: Sub-Custodian

Location: Reykjavik

Iceland

Type of custody: Rule 17f-5 — Foreign Custodian

15.62

Name: Deutsche Bank AG – Mumbai Branch

Role: Sub-Custodian

Location: Mumbai

India

Type of custody: Rule 17f-5 — Foreign Custodian

15.63

Name: HSBC Bank Middle East Ltd., Qatar Branch

Role: Sub-Custodian

Location: Jersey

Qatar

Type of custody: Rule 17f-5 — Foreign Custodian

15.64

Name: AO Citibank for Citibank, N.A.

Role: Sub-Custodian

Location: Moscow

Russia

Type of custody: Rule 17f-5 — Foreign Custodian

15.65

Name: Citibank Europe plc, Pobocka Zahranicnej Bank

Role: Sub-Custodian

Location: Bratislava

Slovakia

Type of custody: Rule 17f-5 — Foreign Custodian

15.66

Name: Unicredit Banka Slovenija D.D.

Role: Sub-Custodian

Location: Ljubljana

Slovenia

Type of custody: Rule 17f-5 — Foreign Custodian

15.67

Name: Euroclear Bank SA NV

Role: Sub-Custodian

Location: Brussels

Belgium

Type of custody: Rule 17f-5 — Foreign Custodian

18.

Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes

All:

Brokerage Commissions Paid on Portfolio Transactions

20.

The brokers who received the largest amount of gross brokerage
commissions during the period:

20.1

Broker: Industrial & Commercial Bank of China Finan

IRS #: 30-0234854

Commissions paid ($000s): 350

20.2

Broker: Merrill Lynch, Pierce, Fenner, & Smith Incorp

IRS #: 13-5674085

Commissions paid ($000s): 203

20.3

Broker: Credit Suisse Securities (USA) LLC

IRS #: 05-0546650

Commissions paid ($000s): 174

20.4

Broker: J.P. Morgan Securities LLC

IRS #: 13-4110995

Commissions paid ($000s): 158

20.5

Broker: UBS Securities LLC

IRS #: 13-3873456

Commissions paid ($000s): 99

20.6

Broker: Instinet, LLC

IRS #: 13-2625132

Commissions paid ($000s): 88

20.7

Broker: Barclays Capital Inc.

IRS #: 06-1031656

Commissions paid ($000s): 78

20.8

Broker: Citigroup Global Markets Inc.

IRS #: 11-2418191

Commissions paid ($000s): 66

20.9

Broker: Deutsche Bank Securities Inc.

IRS #: 13-2730828

Commissions paid ($000s): 60

20.10

Broker: Goldman Sachs & Co.

IRS #: 13-5108880

Commissions paid ($000s): 56

21.

Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 2,318

All:

Portfolio Transactions with Entities Acting as Principals

22.

The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:

22.1

Entity: Jefferies LLC

IRS #: 95-2622900

Registrant’s purchases ($000s): 5,302,532

Registrant’s sales ($000s): 63,585

22.2

Entity: Merrill Lynch, Pierce, Fenner, & Smith Incorp

IRS #: 13-5674085

Registrant’s purchases ($000s): 3,330,960

Registrant’s sales ($000s): 65,108

22.3

Entity: J.P. Morgan Securities LLC

IRS #: 13-4110995

Registrant’s purchases ($000s): 917,843

Registrant’s sales ($000s): 139,439

22.4

Entity: Credit Suisse Securities (USA) LLC

IRS #: 05-0546650

Registrant’s purchases ($000s): 631,773

Registrant’s sales ($000s): 267,080

22.5

Entity: Citigroup Global Markets Inc.

IRS #: 11-2418191

Registrant’s purchases ($000s): 654,344

Registrant’s sales ($000s): 221,191

22.6

Entity: Barclays Capital Inc.

IRS #: 06-1031656

Registrant’s purchases ($000s): 657,431

Registrant’s sales ($000s): 206,885

22.7

Entity: SG Americas Securities, LLC

IRS #: 30-0195590

Registrant’s purchases ($000s): 708,605

Registrant’s sales ($000s): 7,397

22.8

Entity: Goldman, Sachs & Co.

IRS #: 13-5108880

Registrant’s purchases ($000s): 359,284

Registrant’s sales ($000s): 201,872

22.9

Entity: Deutsche Bank Securities Inc.

IRS #: 13-2730828

Registrant’s purchases ($000s): 287,347

Registrant’s sales ($000s): 114,896

22.10

Entity: BNP Paribas Prime Brokerage, Inc.

IRS #: 94-2842977

Registrant’s purchases ($000s): 168,762

Registrant’s sales ($000s): 51,057

23.

Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 13,767,799

Aggregate sales ($000s): 1,912,112

All:

Considerations which Affected the Participation of Brokers or Dealers

26.

Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?

Sales of the Registrant’s/Series’ shares ............................... No

Receipt of investment research and statistical info .................... Yes

Receipt of quotations for portfolio valuations ......................... No

Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes

Receipt of telephone line and wire services ............................ No

Broker or Dealer which is an affiliated person ......................... No

An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No

To the Registrant .................................................. No

Other .................................................................. No

All:

Advisory Fee

54.

Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ Yes

Clerical and bookkeeping services ...................................... Yes

Accounting services .................................................... Yes

Services of independent auditors ....................................... No

Services of outside counsel ............................................ No

Registration and filing fees ........................................... No

Stationery, supplies and printing ...................................... Yes

Salaries & compensation of Registrant’s interested Directors ........... Yes

Salaries & compensation of Registrant’s disinterested Directors ........ No

Salaries & compensation of Registrant’s Officers who aren’t Directors .. Yes

Reports to current shareholders ........................................ No

Determination of offering and redemption prices ........................ Yes

Trading department ..................................................... Yes

Prospectus preparation and printing for current shareholders ........... No

Other .................................................................. Yes

Series 1

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: Large Cap Equity Fund — S#8429 ⇒ TLGUX

Is this the final Form N-SAR filed for this Fund/Series? No

S 1:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Jackson Square Partners, LLC

Role: Sub-Adviser

SEC File #: 801-79255

Location: San Francisco, CA

8.3

Name: Frontier Capital Management Co., LLC

Role: Sub-Adviser

SEC File #: 801-15724

Location: Boston, MA

8.4

Name: Wells Capital Management, Inc.

Role: Sub-Adviser

SEC File #: 801-21122

Location: San Francisco, CA

8.5

Name: Westfield Capital Management Co., L.P.

Role: Sub-Adviser

SEC File #: 801-69413

Location: Boston, MA

8.6

Name: Delaware Investments Fund Advisers

Role: Sub-Adviser

SEC File #: 801-32108

Location: Philadelphia, PA

S 1:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.

The brokers or dealers, or their parents (issuers):

25.1

Name: J.P. Morgan Securities LLC.

IRS #: 13-4110995

Type of security owned: Equity

Value of securities owned at period end ($000s): 11,043

25.2

Name: Merrill Lynch, Pierce, Fenner & Smith Inc.

IRS #: 13-5674085

Type of security owned: Equity

Value of securities owned at period end ($000s): 6,950

25.3

Name: Citigroup Global Markets Inc.

IRS #: 11-2418191

Type of security owned: Equity

Value of securities owned at period end ($000s): 6,230

25.4

Name: Goldman, Sachs & Co.

IRS #: 13-5108880

Type of security owned: Equity

Value of securities owned at period end ($000s): 3,414

25.5

Name: Jefferies LLC

IRS #: 95-2622900

Type of security owned: Equity

Value of securities owned at period end ($000s): 251

S 1:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

856

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

12,686

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

869

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

18,040

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

403

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

17,329

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

10,193

Reinvestment of dividends and distributions ................

308,666

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

66,651

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

10,150

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

240,282

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

981,729

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

51,796

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

1,004,200

Reinvestment of dividends and distributions ................

308,666

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

406,784

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S 1:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S 1:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S 1:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.6%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S 1:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S 1:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No

Capital appreciation? Yes

Growth? No

Growth and income? No

Income? No

Total return? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? No

69.

Is the Registrant/Series an index Fund? No

S 1:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes No

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes No

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes No

Investments in shares of other investment companies? Yes No

Investments in securities of foreign issuers? Yes to both

Currency exchange transactions? Yes No

Loaning portfolio securities? Yes to both

Borrowing of money? Yes No

Purchases/sales by certain exempted affiliated persons? No –

Margin purchases? No –

Short selling? Yes No

S 1:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 1,359,082

Sales ($000s): 1,706,774

Monthly average Value of portfolio ($000s): 1,321,563

Percent turnover (lesser of Purchases or Sales, divided by Value): 103%

S 1:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

17

Net dividend income ..............................................

8,576

Account maintenance fees .........................................

–

Net other income .................................................

39

Expenses ($000s)
Advisory fees ....................................................

4,057

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

81

Custodian fees ...................................................

202

Postage ..........................................................

–

Printing expenses ................................................

51

Directors’ fees ..................................................

126

Registration fees ................................................

8

Taxes ............................................................

5

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

23

Legal fees .......................................................

16

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

42

Total expenses ...................................................

4,611

Expense reimbursements ($000s): 208

Net investment income ($000s): 4,229

Realized capital gains ($000s): 124,563

Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0

Net unrealized depreciation during the period ($000s): 165,585

Total income dividends for which the record date passed during the
period ($000s): 7,025

Total capital gains distributions for which the record date passed
during the period ($000s): 301,650

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.1118

Distribution of capital gains: $4.8001

Other distributions: $0.0000

S 1:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

977

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

66,945

Long-term debt securities, including convertible debt ............

–

Preferred, conv. preferred and adjustable-rate preferred stock ...

–

Common stock .....................................................

1,854,250

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

928

Receivables from portfolio instruments sold ......................

–

Receivables from affiliated persons ..............................

–

Other receivables ................................................

6,013

All other assets .................................................

70

Total assets .....................................................

1,929,183

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

7,266

Amounts owed to affiliated persons ...............................

1,186

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

7,482

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

1,913,249

Number of shares outstanding (000s): 127,968

Net Asset Value (NAV) per share (to nearest cent): $14.95

Total number of shareholder accounts: 67,227

Total value of assets in segregated accounts ($000s): 0

75.

Monthly average net assets during the period ($000s): 1,364,062

Series 2

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: Large Capitalization Value Equity Fund — S#8432: See Note above.

Is this the final Form N-SAR filed for this Fund/Series? Yes

S 2:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Artisan Partners Ltd. Partnership

Role: Sub-Adviser

SEC File #: 801-70101

Location: Milwaukee, WI

8.3

Name: Cambiar Investors, LLC

Role: Sub-Adviser

SEC File #: 801-60541

Location: Denver, CO

8.4

Name: HGK Asset Management, Inc.

Role: Sub-Adviser

SEC File #: 801-19314

Location: Jersey City, NJ

8.5

Name: NFJ Investment Group, LLC

Role: Sub-Adviser

SEC File #: 801-47940

Location: Dallas, TX

S 2:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No

25.

The brokers or dealers, or their parents (issuers):

25.1

Name: (See a prior Form N-SAR for who was...) Deleted

25.2

Name: (See a prior Form N-SAR for who was...) Deleted

25.3

Name: (See a prior Form N-SAR for who was...) Deleted

S 2:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

2,927

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

10,299

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,883

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

15,423

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,550

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

12,309

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

11,849

Reinvestment of dividends and distributions ................

22,914

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

25,746

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

12,142

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

104,419

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

2,315

Reinvestment of dividends and distributions ................

1,876

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

11,174

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

32,666

Reinvestment of dividends and distributions ................

24,790

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

179,370

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S 2:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S 2:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S 2:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.6%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S 2:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S 2:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No

Capital appreciation? No

Growth? No

Growth and income? No

Income? No

Total return? Yes

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? No

69.

Is the Registrant/Series an index Fund? No

S 2:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes No

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes No

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes No

Investments in shares of other investment companies? Yes No

Investments in securities of foreign issuers? Yes to both

Currency exchange transactions? Yes No

Loaning portfolio securities? Yes to both

Borrowing of money? Yes No

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? Yes No

S 2:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 0

Sales ($000s): 0

Monthly average Value of portfolio ($000s): 0

Percent turnover (lesser of Purchases or Sales, divided by Value): 0%

S 2:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

13

Net dividend income ..............................................

12,819

Account maintenance fees .........................................

–

Net other income .................................................

105

Expenses ($000s)
Advisory fees ....................................................

2,980

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

69

Custodian fees ...................................................

160

Postage ..........................................................

–

Printing expenses ................................................

38

Directors’ fees ..................................................

55

Registration fees ................................................

20

Taxes ............................................................

119

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

4

Legal fees .......................................................

31

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

99

Total expenses ...................................................

3,575

Expense reimbursements ($000s): 0

Net investment income ($000s): 9,362

Realized capital gains ($000s): 0

Realized capital losses ($000s): 4,653

Net unrealized appreciation during the period ($000s): 0

Net unrealized depreciation during the period ($000s): 115,419

Total income dividends for which the record date passed during the
period ($000s): 24,790

Total capital gains distributions for which the record date passed
during the period ($000s): 0

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.2582

Distribution of capital gains: $0.0000

Other distributions: $0.0000

S 2:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

–

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

–

Long-term debt securities, including convertible debt ............

–

Preferred, conv. preferred and adjustable-rate preferred stock ...

–

Common stock .....................................................

–

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

–

Receivables from affiliated persons ..............................

–

Other receivables ................................................

–

All other assets .................................................

–

Total assets .....................................................

–

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

–

Amounts owed to affiliated persons ...............................

–

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

–

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

–

Number of shares outstanding (000s): 0

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 0

Total value of assets in segregated accounts ($000s): 0

75.

Monthly average net assets during the period ($000s): 1,128,930

Series 3

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: Small-Mid Cap Equity Fund — S#8433 ⇒ TSGUX

Is this the final Form N-SAR filed for this Fund/Series? No

S 3:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Wall Street Associates LLC

Role: Sub-Adviser

SEC File #: 801-30019

Location: La Jolla, CA

8.3

Name: Westfield Capital Management Co., L.P.

Role: Sub-Adviser

SEC File #: 801-69413

Location: Boston, MA

8.4

Name: Rutabaga Capital Management LLC

Role: Sub-Adviser

SEC File #: 801-56233

Location: Boston, MA

S 3:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No

S 3:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

486

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

1,988

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

598

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

2,562

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

204

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

2,262

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

2,879

Reinvestment of dividends and distributions ................

52,615

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

12,089

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

11,935

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

5,055

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

189,991

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

8,878

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

206,093

Reinvestment of dividends and distributions ................

52,615

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

32,834

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S 3:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S 3:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S 3:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.8%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S 3:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S 3:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No

Capital appreciation? Yes

Growth? No

Growth and income? No

Income? No

Total return? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? No

69.

Is the Registrant/Series an index Fund? No

S 3:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes No

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes No

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes No

Investments in shares of other investment companies? Yes No

Investments in securities of foreign issuers? Yes to both

Currency exchange transactions? Yes No

Loaning portfolio securities? Yes to both

Borrowing of money? Yes No

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? Yes No

S 3:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 263,298

Sales ($000s): 280,632

Monthly average Value of portfolio ($000s): 221,773

Percent turnover (lesser of Purchases or Sales, divided by Value): 119%

S 3:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

4

Net dividend income ..............................................

936

Account maintenance fees .........................................

–

Net other income .................................................

39

Expenses ($000s)
Advisory fees ....................................................

906

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

13

Custodian fees ...................................................

57

Postage ..........................................................

–

Printing expenses ................................................

50

Directors’ fees ..................................................

21

Registration fees ................................................

7

Taxes ............................................................

–

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

22

Legal fees .......................................................

15

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

7

Total expenses ...................................................

1,098

Expense reimbursements ($000s): 64

Net investment income ($000s): -55

Realized capital gains ($000s): 0

Realized capital losses ($000s): 9,312

Net unrealized appreciation during the period ($000s): 0

Net unrealized depreciation during the period ($000s): 27,299

Total income dividends for which the record date passed during the
period ($000s): 0

Total capital gains distributions for which the record date passed
during the period ($000s): 52,618

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.0000

Distribution of capital gains: $5.8224

Other distributions: $0.0000

S 3:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

245

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

26,896

Long-term debt securities, including convertible debt ............

–

Preferred, conv. preferred and adjustable-rate preferred stock ...

–

Common stock .....................................................

338,971

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

2,617

Receivables from affiliated persons ..............................

–

Other receivables ................................................

706

All other assets .................................................

26

Total assets .....................................................

369,461

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

2,697

Amounts owed to affiliated persons ...............................

292

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

1,295

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

365,177

Number of shares outstanding (000s): 24,551

Net Asset Value (NAV) per share (to nearest cent): $14.87

Total number of shareholder accounts: 66,196

Total value of assets in segregated accounts ($000s): 0

75.

Monthly average net assets during the period ($000s): 233,046

Series 4

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: Small Capitalization Value Equity Fund — S#8434: See Note above.

Is this the final Form N-SAR filed for this Fund/Series? Yes

S 4:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Delaware Investments Fund Advisers

Role: Sub-Adviser

SEC File #: 801-32108

Location: Philadelphia, PA

8.3

Name: NFJ Investment Group, LLC

Role: Sub-Adviser

SEC File #: 801-47940

Location: Dallas, TX

8.4

Name: Rutabaga Capital Management, LLC

Role: Sub-Adviser

SEC File #: 801-56233

Location: Boston, MA

S 4:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No

25.

The brokers or dealers, or their parents (issuers):

25.1

Name: (See a prior Form N-SAR for who was...) Deleted

25.2

Name: (See a prior Form N-SAR for who was...) Deleted

S 4:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

528

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

1,931

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

244

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

2,840

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

134

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

2,978

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,940

Reinvestment of dividends and distributions ................

29,839

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

10,714

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

14,933

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

4,048

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,461

Reinvestment of dividends and distributions ................

1,333

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

1,189

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

19,240

Reinvestment of dividends and distributions ................

31,172

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

23,700

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S 4:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S 4:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S 4:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.8%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S 4:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S 4:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No

Capital appreciation? Yes

Growth? No

Growth and income? No

Income? No

Total return? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? No

69.

Is the Registrant/Series an index Fund? No

S 4:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes No

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes No

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes No

Investments in shares of other investment companies? Yes No

Investments in securities of foreign issuers? Yes to both

Currency exchange transactions? Yes No

Loaning portfolio securities? Yes to both

Borrowing of money? Yes No

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? Yes No

S 4:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 0

Sales ($000s): 0

Monthly average Value of portfolio ($000s): 0

Percent turnover (lesser of Purchases or Sales, divided by Value): 0%

S 4:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

2

Net dividend income ..............................................

1,890

Account maintenance fees .........................................

–

Net other income .................................................

66

Expenses ($000s)
Advisory fees ....................................................

692

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

9

Custodian fees ...................................................

54

Postage ..........................................................

–

Printing expenses ................................................

50

Directors’ fees ..................................................

10

Registration fees ................................................

17

Taxes ............................................................

4

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

5

Legal fees .......................................................

24

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

43

Total expenses ...................................................

908

Expense reimbursements ($000s): 0

Net investment income ($000s): 1,050

Realized capital gains ($000s): 3,162

Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0

Net unrealized depreciation during the period ($000s): 26,805

Total income dividends for which the record date passed during the
period ($000s): 2,235

Total capital gains distributions for which the record date passed
during the period ($000s): 28,937

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.1377

Distribution of capital gains: $1.7693

Other distributions: $0.0000

S 4:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

–

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

–

Long-term debt securities, including convertible debt ............

–

Preferred, conv. preferred and adjustable-rate preferred stock ...

–

Common stock .....................................................

–

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

–

Receivables from affiliated persons ..............................

–

Other receivables ................................................

–

All other assets .................................................

–

Total assets .....................................................

–

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

–

Amounts owed to affiliated persons ...............................

–

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

–

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

–

Number of shares outstanding (000s): 0

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 0

Total value of assets in segregated accounts ($000s): 0

75.

Monthly average net assets during the period ($000s): 200,386

Series 5

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: International Equity Fund — S#8435 ⇒ TIEUX

Is this the final Form N-SAR filed for this Fund/Series? No

S 5:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Causeway Capital Management LLC

Role: Sub-Adviser

SEC File #: 801-60343

Location: Los Angeles, CA

8.3

Name: Oppenheimerfunds, Inc.

Role: Sub-Adviser

SEC File #: 801-08253

Location: New York, NY

8.4

Name: Schroder Investment Management North America

Role: Sub-Adviser

SEC File #: 801-15834

Location: New York, NY

8.5

Name: (See a prior Form N-SAR for who was...) Deleted

S 5:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.

The brokers or dealers, or their parents (issuers):

25.1

Name: UBS Securities LLC

IRS #: 13-3873456

Type of security owned: Equity

Value of securities owned at period end ($000s): 15,269

25.2

Name: Barclays Capital Inc.

IRS #: 06-1031656

Type of security owned: Equity

Value of securities owned at period end ($000s): 12,723

25.3

Name: BNP Paribas Prime Brokerage, Inc.

IRS #: 94-2842977

Type of security owned: Equity

Value of securities owned at period end ($000s): 10,729

25.4

Name: Goldmam, Sachs & Co.

IRS #: 13-5108880

Type of security owned: Equity

Value of securities owned at period end ($000s): 2,973

25.5

Name: Deutsche Bank Securities Inc.

IRS #: 13-2730828

Type of security owned: Equity

Value of securities owned at period end ($000s): 2,313

S 5:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

4,924

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

11,442

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

3,655

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

16,126

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

3,745

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

12,476

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

9,645

Reinvestment of dividends and distributions ................

19,988

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

39,620

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

295,947

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

24,601

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

12,108

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

34,565

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

330,024

Reinvestment of dividends and distributions ................

19,988

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

138,830

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S 5:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S 5:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S 5:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.7%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S 5:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S 5:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No

Capital appreciation? Yes

Growth? No

Growth and income? No

Income? No

Total return? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? Yes

69.

Is the Registrant/Series an index Fund? No

S 5:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes No

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes No

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes to both

Investments in shares of other investment companies? Yes No

Investments in securities of foreign issuers? Yes to both

Currency exchange transactions? Yes to both

Loaning portfolio securities? Yes to both

Borrowing of money? Yes No

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? Yes No

S 5:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 386,367

Sales ($000s): 189,288

Monthly average Value of portfolio ($000s): 1,182,920

Percent turnover (lesser of Purchases or Sales, divided by Value): 16%

S 5:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

20

Net dividend income ..............................................

10,476

Account maintenance fees .........................................

–

Net other income .................................................

184

Expenses ($000s)
Advisory fees ....................................................

4,162

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

68

Custodian fees ...................................................

404

Postage ..........................................................

–

Printing expenses ................................................

49

Directors’ fees ..................................................

84

Registration fees ................................................

8

Taxes ............................................................

912

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

26

Legal fees .......................................................

15

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

38

Total expenses ...................................................

5,766

Expense reimbursements ($000s): 206

Net investment income ($000s): 5,120

Realized capital gains ($000s): 0

Realized capital losses ($000s): 28,709

Net unrealized appreciation during the period ($000s): 0

Net unrealized depreciation during the period ($000s): 66,357

Total income dividends for which the record date passed during the
period ($000s): 19,988

Total capital gains distributions for which the record date passed
during the period ($000s): 0

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.1860

Distribution of capital gains: $0.0000

Other distributions: $0.0000

S 5:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

120

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

55,082

Long-term debt securities, including convertible debt ............

–

Preferred, conv. preferred and adjustable-rate preferred stock ...

15,442

Common stock .....................................................

1,250,352

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

2,144

Receivables from affiliated persons ..............................

–

Other receivables ................................................

5,469

All other assets .................................................

60

Total assets .....................................................

1,328,669

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

1,863

Amounts owed to affiliated persons ...............................

943

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

22,771

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

1,303,092

Number of shares outstanding (000s): 131,819

Net Asset Value (NAV) per share (to nearest cent): $9.89

Total number of shareholder accounts: 66,475

Total value of assets in segregated accounts ($000s): 0

75.

Monthly average net assets during the period ($000s): 1,220,405

Series 6

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: Emerging Markets Equity Fund — S#8436 ⇒ TEMUX

Is this the final Form N-SAR filed for this Fund/Series? No

S 6:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Lazard Asset Management, LLC

Role: Sub-Adviser

SEC File #: 801-61701

Location: New York, NY

8.3

Name: Vontobel Asset Management, Inc.

Role: Sub-Adviser

SEC File #: 801-21953

Location: New York, NY

S 6:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No

25.

The brokers or dealers, or their parents (issuers):

25.1

Name: (See a prior Form N-SAR for who was...) Deleted

S 6:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

1,757

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

5,847

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

768

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

8,753

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,616

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

7,340

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

4,138

Reinvestment of dividends and distributions ................

6,232

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

24,420

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

12,426

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

54,045

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

2,949

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

10,474

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

23,654

Reinvestment of dividends and distributions ................

6,232

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

110,879

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S 6:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S 6:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S 6:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.9%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S 6:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S 6:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No

Capital appreciation? Yes

Growth? No

Growth and income? No

Income? No

Total return? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? Yes

69.

Is the Registrant/Series an index Fund? No

S 6:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes No

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes No

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes to both

Investments in shares of other investment companies? Yes No

Investments in securities of foreign issuers? Yes to both

Currency exchange transactions? Yes to both

Loaning portfolio securities? Yes to both

Borrowing of money? Yes No

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? Yes No

S 6:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 75,793

Sales ($000s): 144,322

Monthly average Value of portfolio ($000s): 408,146

Percent turnover (lesser of Purchases or Sales, divided by Value): 19%

S 6:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

6

Net dividend income ..............................................

3,607

Account maintenance fees .........................................

–

Net other income .................................................

66

Expenses ($000s)
Advisory fees ....................................................

1,913

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

26

Custodian fees ...................................................

273

Postage ..........................................................

–

Printing expenses ................................................

47

Directors’ fees ..................................................

30

Registration fees ................................................

6

Taxes ............................................................

358

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

26

Legal fees .......................................................

15

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

7

Total expenses ...................................................

2,701

Expense reimbursements ($000s): 290

Net investment income ($000s): 1,268

Realized capital gains ($000s): 0

Realized capital losses ($000s): 51,087

Net unrealized appreciation during the period ($000s): 20,980

Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 6,232

Total capital gains distributions for which the record date passed
during the period ($000s): 0

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.1523

Distribution of capital gains: $0.0000

Other distributions: $0.0000

S 6:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

118

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

17,308

Long-term debt securities, including convertible debt ............

–

Preferred, conv. preferred and adjustable-rate preferred stock ...

–

Common stock .....................................................

337,775

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

426

Receivables from affiliated persons ..............................

–

Other receivables ................................................

1,274

All other assets .................................................

36

Total assets .....................................................

356,937

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

53

Amounts owed to affiliated persons ...............................

361

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

8,766

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

347,757

Number of shares outstanding (000s): 34,753

Net Asset Value (NAV) per share (to nearest cent): $10.01

Total number of shareholder accounts: 64,081

Total value of assets in segregated accounts ($000s): 0

75.

Monthly average net assets during the period ($000s): 413,857

Series 7

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: Core Fixed Income Fund — S#8437 ⇒ TIIUX

Is this the final Form N-SAR filed for this Fund/Series? No

S 7:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Blackrock Financial Management, Inc.

Role: Sub-Adviser

SEC File #: 801-48433

Location: New York, NY

8.3

Name: Metropolitan West Asset Management LLC

Role: Sub-Adviser

SEC File #: 801-53332

Location: Los Angeles, CA

8.4

Name: Western Asset Management Co.

Role: Sub-Adviser

SEC File #: 801-08162

Location: Pasadena, CA

8.5

Name: (See a prior Form N-SAR for who was...) Deleted

S 7:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.

The brokers or dealers, or their parents (issuers):

25.1

Name: J.P. Morgan Securities LLC

IRS #: 13-4110995

Type of security owned: Debt

Value of securities owned at period end ($000s): 15,983

25.2

Name: Merrill Lynch, Pierce, Fenner, & Smith Inc.

IRS #: 13-5674085

Type of security owned: Debt

Value of securities owned at period end ($000s): 12,831

25.3

Name: Goldman, Sachs & Co.

IRS #: 13-5108880

Type of security owned: Debt

Value of securities owned at period end ($000s): 10,790

25.4

Name: Credit Suisse Securities (Use) LLC

IRS #: 05-0546650

Type of security owned: Debt

Value of securities owned at period end ($000s): 8,272

25.5

Name: Citigroup Global Markets Inc.

IRS #: 11-2418191

Type of security owned: Debt

Value of securities owned at period end ($000s): 7,781

25.6

Name: UBS Securities LLC

IRS #: 13-3873456

Type of security owned: Debt

Value of securities owned at period end ($000s): 2,410

25.7

Name: Barclays Capital Inc.

IRS #: 06-1031656

Type of security owned: Debt

Value of securities owned at period end ($000s): 1,427

25.8

Name: Deutsche Bank Securities Inc.

IRS #: 13-2730828

Type of security owned: Debt

Value of securities owned at period end ($000s): 391

25.9

Name: BNP Paribas Prime Brokerage, Inc.

IRS #: 94-2842977

Type of security owned: Debt

Value of securities owned at period end ($000s): 323

25.10

Name: (See a prior Form N-SAR for who was...) Deleted

S 7:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

1,386

Reinvestment of dividends and distributions ................

1,854

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

9,116

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,009

Reinvestment of dividends and distributions ................

1,783

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

19,201

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

2,197

Reinvestment of dividends and distributions ................

1,849

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

9,148

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

5,141

Reinvestment of dividends and distributions ................

8,104

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

25,048

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

12,492

Reinvestment of dividends and distributions ................

1,790

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

49,211

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

6,589

Reinvestment of dividends and distributions ................

1,792

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

20,554

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

28,814

Reinvestment of dividends and distributions ................

17,172

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

132,278

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S 7:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S 7:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S 7:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.4%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S 7:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S 7:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ............................... 0.0%

U.S. Government Agency ...................... 1.6

Repurchase agreements ....................... 0.0

State and Municipal – tax-free .............. 0.0

Bank certificates of deposit – domestic ..... 0.0

Bank certificates of deposit – foreign ...... 0.0

Bankers acceptances ......................... 0.0

Commercial paper – taxable .................. 0.0

Time deposits ............................... 2.4

Options ..................................... 0.0

All other ................................... 0.1

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 21.7%

U.S. Government Agency ...................... 2.6

State and Municipal – tax-free .............. 0.7

Corporate ................................... 29.4

All other ................................... 44.8

Non-Debt
Investments other than debt securities ...... 0.1%

63.

The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 0

Years: 13.6

64.

Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? No

69.

Is the Registrant/Series an index Fund? No

S 7:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes to both

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes to both

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes to both

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes to both

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes to both

Investments in shares of other investment companies? Yes No

Investments in securities of foreign issuers? Yes to both

Currency exchange transactions? Yes to both

Loaning portfolio securities? Yes to both

Borrowing of money? Yes No

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? Yes to both

S 7:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 973,714

Sales ($000s): 1,042,433

Monthly average Value of portfolio ($000s): 825,161

Percent turnover (lesser of Purchases or Sales, divided by Value): 118%

S 7:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

11,886

Net dividend income ..............................................

31

Account maintenance fees .........................................

–

Net other income .................................................

12

Expenses ($000s)
Advisory fees ....................................................

1,633

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

48

Custodian fees ...................................................

354

Postage ..........................................................

–

Printing expenses ................................................

36

Directors’ fees ..................................................

60

Registration fees ................................................

7

Taxes ............................................................

–

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

50

Legal fees .......................................................

15

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

30

Total expenses ...................................................

2,233

Expense reimbursements ($000s): 74

Net investment income ($000s): 9,770

Realized capital gains ($000s): 2,303

Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0

Net unrealized depreciation during the period ($000s): 780

Total income dividends for which the record date passed during the
period ($000s): 10,935

Total capital gains distributions for which the record date passed
during the period ($000s): 6,237

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.1106

Distribution of capital gains: $0.0632

Other distributions: $0.0000

S 7:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

126

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

31,470

Long-term debt securities, including convertible debt ............

760,491

Preferred, conv. preferred and adjustable-rate preferred stock ...

734

Common stock .....................................................

–

Options on equities ..............................................

–

Options on all futures ...........................................

40

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

19,023

Receivables from affiliated persons ..............................

–

Other receivables ................................................

5,221

All other assets .................................................

1,166

Total assets .....................................................

818,271

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

39,998

Amounts owed to affiliated persons ...............................

587

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

27

All other liabilities ..........................................

10,502

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

767,157

Number of shares outstanding (000s): 93,901

Net Asset Value (NAV) per share (to nearest cent): $8.17

Total number of shareholder accounts: 49,275

Total value of assets in segregated accounts ($000s): 0

75.

Monthly average net assets during the period ($000s): 811,224

Series 8

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: High Yield Fund — S#8438 ⇒ THYUX

Is this the final Form N-SAR filed for this Fund/Series? No

S 8:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Penn Capital Management Co., Inc.

Role: Sub-Adviser

SEC File #: 801-31452

Location: Philadelphia, PA

8.3

Name: Western Asset Management Co.

Role: Sub-Adviser

SEC File #: 801-08162

Location: Pasadena, CA

S 8:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.

The brokers or dealers, or their parents (issuers):

25.1

Name: Citigroup Global Markets Inc.

IRS #: 11-2418191

Type of security owned: Debt

Value of securities owned at period end ($000s): 932

25.2

Name: Barclays Capital Inc.

IRS #: 06-1031656

Type of security owned: Debt

Value of securities owned at period end ($000s): 393

25.3

Name: Merrill Lynch, Pierce, Fenner, & Smith Inc.

IRS #: 13-5674085

Type of security owned: Debt

Value of securities owned at period end ($000s): 390

25.4

Name: J.P. Morgan Securities LLC

IRS #: 13-4110995

Type of security owned: Debt

Value of securities owned at period end ($000s): 147

S 8:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

422

Reinvestment of dividends and distributions ................

1,370

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

2,515

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

710

Reinvestment of dividends and distributions ................

1,417

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

4,809

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,062

Reinvestment of dividends and distributions ................

1,283

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

3,566

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,978

Reinvestment of dividends and distributions ................

1,556

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

14,055

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

7,163

Reinvestment of dividends and distributions ................

978

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

6,573

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

2,160

Reinvestment of dividends and distributions ................

1,140

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

6,135

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

13,495

Reinvestment of dividends and distributions ................

7,744

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

37,653

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S 8:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S 8:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S 8:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.7%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S 8:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S 8:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ............................... 0.0%

U.S. Government Agency ...................... 0.0

Repurchase agreements ....................... 0.0

State and Municipal – tax-free .............. 0.0

Bank certificates of deposit – domestic ..... 0.0

Bank certificates of deposit – foreign ...... 0.0

Bankers acceptances ......................... 0.0

Commercial paper – taxable .................. 0.0

Time deposits ............................... 5.1

Options ..................................... 0.0

All other ................................... 1.3

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 0.0%

U.S. Government Agency ...................... 0.0

State and Municipal – tax-free .............. 0.0

Corporate ................................... 91.5

All other ................................... 1.0

Non-Debt
Investments other than debt securities ...... 0.6%

63.

The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 0

Years: 6.0

64.

Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? Yes

65.

In computations of Net Asset Value (NAV) per share, is any part of the
value attributed to instruments identified in Item 64.B (second
question) derived from insurance or guarantees? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? No

69.

Is the Registrant/Series an index Fund? No

S 8:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? No –

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes No

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes No

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes to both

Investments in shares of other investment companies? Yes No

Investments in securities of foreign issuers? Yes to both

Currency exchange transactions? Yes to both

Loaning portfolio securities? Yes to both

Borrowing of money? Yes No

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? No –

S 8:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 55,389

Sales ($000s): 71,646

Monthly average Value of portfolio ($000s): 219,703

Percent turnover (lesser of Purchases or Sales, divided by Value): 25%

S 8:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

7,980

Net dividend income ..............................................

103

Account maintenance fees .........................................

–

Net other income .................................................

19

Expenses ($000s)
Advisory fees ....................................................

806

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

14

Custodian fees ...................................................

109

Postage ..........................................................

–

Printing expenses ................................................

36

Directors’ fees ..................................................

19

Registration fees ................................................

6

Taxes ............................................................

–

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

30

Legal fees .......................................................

15

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

7

Total expenses ...................................................

1,042

Expense reimbursements ($000s): 192

Net investment income ($000s): 7,252

Realized capital gains ($000s): 0

Realized capital losses ($000s): 19,755

Net unrealized appreciation during the period ($000s): 0

Net unrealized depreciation during the period ($000s): 7,948

Total income dividends for which the record date passed during the
period ($000s): 7,744

Total capital gains distributions for which the record date passed
during the period ($000s): 0

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.1234

Distribution of capital gains: $0.0000

Other distributions: $0.0000

S 8:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

2

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

13,462

Long-term debt securities, including convertible debt ............

194,073

Preferred, conv. preferred and adjustable-rate preferred stock ...

963

Common stock .....................................................

282

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

1,725

Receivables from affiliated persons ..............................

–

Other receivables ................................................

4,250

All other assets .................................................

22

Total assets .....................................................

214,779

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

1,186

Amounts owed to affiliated persons ...............................

181

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

3,683

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

209,729

Number of shares outstanding (000s): 60,989

Net Asset Value (NAV) per share (to nearest cent): $3.44

Total number of shareholder accounts: 48,763

Total value of assets in segregated accounts ($000s): 0

75.

Monthly average net assets during the period ($000s): 227,992

Series 9

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: International Fixed Income Fund — S#8439 ⇒ TIFUX

Is this the final Form N-SAR filed for this Fund/Series? No

S 9:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Pacific Investment Management Co. LLC

Role: Sub-Adviser

SEC File #: 801-48187

Location: Newport Beach, CA

S 9:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.

The brokers or dealers, or their parents (issuers):

25.1

Name: Merrill Lynch, Pierce, Fenner & Smith Inc.

IRS #: 13-5674085

Type of security owned: Debt

Value of securities owned at period end ($000s): 7,167

25.2

Name: Barclays Capital Inc.

IRS #: 06-1031656

Type of security owned: Debt

Value of securities owned at period end ($000s): 2,410

25.3

Name: UBS Securities LLC

IRS #: 13-3873456

Type of security owned: Debt

Value of securities owned at period end ($000s): 2,004

25.4

Name: Deutsche Bank Securities Inc.

IRS #: 13-2730828

Type of security owned: Debt

Value of securities owned at period end ($000s): 1,400

25.5

Name: J.P. Morgan Securities LLC

IRS #: 13-4110995

Type of security owned: Debt

Value of securities owned at period end ($000s): 1,354

25.6

Name: Credit Suisse Securities (USA) LLC

IRS #: 05-0546650

Type of security owned: Debt

Value of securities owned at period end ($000s): 1,306

25.7

Name: Goldman, Sachs & Co.

IRS #: 13-5108880

Type of security owned: Debt

Value of securities owned at period end ($000s): 377

25.8

Name: (See a prior Form N-SAR for who was...) Deleted

S 9:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

237

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

2,515

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

248

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

4,375

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

328

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

2,524

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

2,228

Reinvestment of dividends and distributions ................

14,225

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

11,646

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

3,325

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

18,343

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,855

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

5,749

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

8,221

Reinvestment of dividends and distributions ................

14,225

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

45,152

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S 9:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S 9:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S 9:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.5%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S 9:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S 9:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? No

Was the Registrant/Series a diversified investment company at the end of
the period? No

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ............................... 0.0%

U.S. Government Agency ...................... 2.3

Repurchase agreements ....................... 0.3

State and Municipal – tax-free .............. 0.0

Bank certificates of deposit – domestic ..... 0.0

Bank certificates of deposit – foreign ...... 0.0

Bankers acceptances ......................... 0.0

Commercial paper – taxable .................. 0.0

Time deposits ............................... 2.2

Options ..................................... 0.0

All other ................................... 0.2

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 11.3%

U.S. Government Agency ...................... 0.0

State and Municipal – tax-free .............. 0.2

Corporate ................................... 25.4

All other ................................... 64.0

Non-Debt
Investments other than debt securities ...... 0.0%

63.

The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 0

Years: 7.0

64.

Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? Yes

69.

Is the Registrant/Series an index Fund? No

S 9:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes to both

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes to both

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes to both

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes to both

Investments in shares of other investment companies? Yes No

Investments in securities of foreign issuers? Yes to both

Currency exchange transactions? Yes to both

Loaning portfolio securities? Yes No

Borrowing of money? Yes No

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? Yes to both

S 9:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 387,178

Sales ($000s): 393,741

Monthly average Value of portfolio ($000s): 212,913

Percent turnover (lesser of Purchases or Sales, divided by Value): 182%

S 9:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

2,479

Net dividend income ..............................................

–

Account maintenance fees .........................................

–

Net other income .................................................

–

Expenses ($000s)
Advisory fees ....................................................

527

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

12

Custodian fees ...................................................

253

Postage ..........................................................

–

Printing expenses ................................................

37

Directors’ fees ..................................................

19

Registration fees ................................................

8

Taxes ............................................................

–

Interest .........................................................

41

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

50

Legal fees .......................................................

15

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

7

Total expenses ...................................................

969

Expense reimbursements ($000s): 17

Net investment income ($000s): 1,527

Realized capital gains ($000s): 170

Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 3,997

Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 14,225

Total capital gains distributions for which the record date passed
during the period ($000s): 0

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.5072

Distribution of capital gains: $0.0000

Other distributions: $0.0000

S 9:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

298

Repurchase agreements ............................................

600

Short-term debt securities, other than repurchase agreements .....

9,074

Long-term debt securities, including convertible debt ............

193,069

Preferred, conv. preferred and adjustable-rate preferred stock ...

–

Common stock .....................................................

–

Options on equities ..............................................

–

Options on all futures ...........................................

7

Other investments ................................................

436

Receivables from portfolio instruments sold ......................

22,244

Receivables from affiliated persons ..............................

–

Other receivables ................................................

2,004

All other assets .................................................

6,218

Total assets .....................................................

233,950

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

10,883

Amounts owed to affiliated persons ...............................

270

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

6,960

Short sales ....................................................

–

Written options ................................................

494

All other liabilities ..........................................

23,545

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

191,798

Number of shares outstanding (000s): 26,225

Net Asset Value (NAV) per share (to nearest cent): $7.31

Total number of shareholder accounts: 50,556

Total value of assets in segregated accounts ($000s): 0

75.

Monthly average net assets during the period ($000s): 208,859

Series 10

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: Municipal Bond Fund — S#8430 ⇒ TMUUX

Is this the final Form N-SAR filed for this Fund/Series? No

S10:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: McDonnell Investment Management, LLC

Role: Sub-Adviser

SEC File #: 801-77394

Location: Oak Brook Terrace, IL

S10:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No

S10:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

346

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

1,562

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

490

Reinvestment of dividends and distributions ................

410

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

1,330

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

395

Reinvestment of dividends and distributions ................

202

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

683

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

2,616

Reinvestment of dividends and distributions ................

386

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

4,764

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,253

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

7,148

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

1,454

Reinvestment of dividends and distributions ................

382

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

2,767

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

6,554

Reinvestment of dividends and distributions ................

1,380

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

18,254

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S10:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S10:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S10:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.4%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? No

S10:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S10:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ............................... 0.0%

U.S. Government Agency ...................... 0.0

Repurchase agreements ....................... 0.0

State and Municipal – tax-free .............. 0.0

Bank certificates of deposit – domestic ..... 0.0

Bank certificates of deposit – foreign ...... 0.0

Bankers acceptances ......................... 0.0

Commercial paper – taxable .................. 0.0

Time deposits ............................... 5.6

Options ..................................... 0.0

All other ................................... 0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 0.0%

U.S. Government Agency ...................... 0.0

State and Municipal – tax-free .............. 94.3

Corporate ................................... 0.0

All other ................................... 0.0

Non-Debt
Investments other than debt securities ...... 0.0%

63.

The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 0

Years: 14.0

64.

Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? No

69.

Is the Registrant/Series an index Fund? No

S10:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes No

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes No

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes No

Investments in shares of other investment companies? Yes No

Investments in securities of foreign issuers? Yes No

Currency exchange transactions? Yes No

Loaning portfolio securities? No –

Borrowing of money? No –

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? No –

S10:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 2,772

Sales ($000s): 13,672

Monthly average Value of portfolio ($000s): 77,987

Percent turnover (lesser of Purchases or Sales, divided by Value): 4%

S10:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

1,472

Net dividend income ..............................................

–

Account maintenance fees .........................................

–

Net other income .................................................

–

Expenses ($000s)
Advisory fees ....................................................

164

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

4

Custodian fees ...................................................

48

Postage ..........................................................

–

Printing expenses ................................................

2

Directors’ fees ..................................................

6

Registration fees ................................................

7

Taxes ............................................................

–

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

24

Legal fees .......................................................

15

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

2

Total expenses ...................................................

272

Expense reimbursements ($000s): 0

Net investment income ($000s): 1,200

Realized capital gains ($000s): 771

Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 296

Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 1,200

Total capital gains distributions for which the record date passed
during the period ($000s): 181

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.1441

Distribution of capital gains: $0.0215

Other distributions: $0.0000

S10:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

–

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

4,233

Long-term debt securities, including convertible debt ............

71,330

Preferred, conv. preferred and adjustable-rate preferred stock ...

–

Common stock .....................................................

–

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

–

Receivables from affiliated persons ..............................

–

Other receivables ................................................

931

All other assets .................................................

16

Total assets .....................................................

76,510

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

–

Amounts owed to affiliated persons ...............................

66

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

781

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

75,663

Number of shares outstanding (000s): 7,757

Net Asset Value (NAV) per share (to nearest cent): $9.75

Total number of shareholder accounts: 2,552

Total value of assets in segregated accounts ($000s): 0

75.

Monthly average net assets during the period ($000s): 81,120

Series 11

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: Money Market Fund — S#8431 ⇒ TGMXX

Is this the final Form N-SAR filed for this Fund/Series? No

S11:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: The Dreyfus Corp.

Role: Sub-Adviser

SEC File #: 801-08147

Location: New York, NY

S11:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.

The brokers or dealers, or their parents (issuers):

25.1

Name: Credit Suisse Securities (USA) LLC

IRS #: 05-0546650

Type of security owned: Debt

Value of securities owned at period end ($000s): 9,000

25.2

Name: (See a prior Form N-SAR for who was...) Deleted

25.3

Name: (See a prior Form N-SAR for who was...) Deleted

S11:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

9,858

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

13,399

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

14,190

Reinvestment of dividends and distributions ................

1

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

17,445

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

11,199

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

7,061

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

48,287

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

17,724

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

98,302

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

23,772

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

18,734

Reinvestment of dividends and distributions ................

1

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

22,040

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

200,570

Reinvestment of dividends and distributions ................

2

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

101,441

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S11:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S11:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S11:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.08%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S11:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S11:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ............................... 8.3%

U.S. Government Agency ...................... 33.6

Repurchase agreements ....................... 0.0

State and Municipal – tax-free .............. 0.0

Bank certificates of deposit – domestic ..... 15.2

Bank certificates of deposit – foreign ...... 0.0

Bankers acceptances ......................... 0.0

Commercial paper – taxable .................. 43.1

Time deposits ............................... 0.3

Options ..................................... 0.0

All other ................................... 0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 0.0%

U.S. Government Agency ...................... 0.0

State and Municipal – tax-free .............. 0.0

Corporate ................................... 0.0

All other ................................... 0.0

Non-Debt
Investments other than debt securities ...... 0.0%

63.

The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 10

Years: 0.0

64.

Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? No

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? No

69.

Is the Registrant/Series an index Fund? No

S11:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? No –

Writing or investing in options on debt securities? No –

Writing or investing in options on stock indices? No –

Writing or investing in interest rate futures? No –

Writing or investing in stock index futures? No –

Writing or investing in options on futures? No –

Writing or investing in options on stock index futures? No –

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? Yes to both

Investments in shares of other investment companies? No –

Investments in securities of foreign issuers? Yes No

Currency exchange transactions? No –

Loaning portfolio securities? Yes No

Borrowing of money? Yes No

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? No –

S11:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 0

Sales ($000s): 0

Monthly average Value of portfolio ($000s): 0

Percent turnover (lesser of Purchases or Sales, divided by Value): 0%

S11:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income ..............................................

294

Net dividend income ..............................................

–

Account maintenance fees .........................................

–

Net other income .................................................

–

Expenses ($000s)
Advisory fees ....................................................

90

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

12

Custodian fees ...................................................

52

Postage ..........................................................

–

Printing expenses ................................................

22

Directors’ fees ..................................................

22

Registration fees ................................................

8

Taxes ............................................................

–

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

18

Legal fees .......................................................

15

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

53

Total expenses ...................................................

292

Expense reimbursements ($000s): 0

Net investment income ($000s): 2

Realized capital gains ($000s): 0

Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0

Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 2

Total capital gains distributions for which the record date passed
during the period ($000s): 0

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000

Other distributions: $0.0000

S11:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

–

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

303,348

Long-term debt securities, including convertible debt ............

–

Preferred, conv. preferred and adjustable-rate preferred stock ...

–

Common stock .....................................................

–

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

–

Receivables from affiliated persons ..............................

–

Other receivables ................................................

959

All other assets .................................................

23

Total assets .....................................................

304,330

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

–

Amounts owed to affiliated persons ...............................

90

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

2,346

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

301,894

Number of shares outstanding (000s): 301,894

Net Asset Value (NAV) per share (to nearest cent): $1.00

Mark-to-market NAV per share: $1.0000

Total number of shareholder accounts: 50,370

Total value of assets in segregated accounts ($000s): 0

75.

Daily average net assets during the period ($000s): 225,983

Series 12

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: Inflation-Linked Fixed Income Fund — S#52236 ⇒ TILUX

Is this the final Form N-SAR filed for this Fund/Series? No

S12:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Pacific Investment Management Co. LLC

Role: Sub-Adviser

SEC File #: 801-48187

Location: Newport Beach, CA

S12:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No

S12:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S12:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S12:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S12:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.5%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S12:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S12:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? No

69.

Is the Registrant/Series an index Fund? Yes

S12:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes No

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes No

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? No –

Investments in shares of other investment companies? No –

Investments in securities of foreign issuers? Yes No

Currency exchange transactions? Yes No

Loaning portfolio securities? No –

Borrowing of money? No –

Purchases/sales by certain exempted affiliated persons? Yes No

Margin purchases? No –

Short selling? No –

S12:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 0

Sales ($000s): 0

Monthly average Value of portfolio ($000s): 0

Percent turnover (lesser of Purchases or Sales, divided by Value): 0%

S12:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 0

Income ($000s)
Net interest income ..............................................

–

Net dividend income ..............................................

–

Account maintenance fees .........................................

–

Net other income .................................................

–

Expenses ($000s)
Advisory fees ....................................................

–

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

–

Custodian fees ...................................................

–

Postage ..........................................................

–

Printing expenses ................................................

–

Directors’ fees ..................................................

–

Registration fees ................................................

–

Taxes ............................................................

–

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

–

Legal fees .......................................................

–

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

–

Total expenses ...................................................

–

Expense reimbursements ($000s): 0

Net investment income ($000s): 0

Realized capital gains ($000s): 0

Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0

Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 0

Total capital gains distributions for which the record date passed
during the period ($000s): 0

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000

Other distributions: $0.0000

S12:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

–

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

–

Long-term debt securities, including convertible debt ............

–

Preferred, conv. preferred and adjustable-rate preferred stock ...

–

Common stock .....................................................

–

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

–

Receivables from affiliated persons ..............................

–

Other receivables ................................................

–

All other assets .................................................

–

Total assets .....................................................

–

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

–

Amounts owed to affiliated persons ...............................

–

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

–

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

–

Number of shares outstanding (000s): 0

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 0

Total value of assets in segregated accounts ($000s): 0

Series 13

↑Information Common to All Funds/Series ↑List of 13 Funds/Series

7.

Name: Ultra-Short Term Fixed Income Fund — S#52237 ⇒ TSDUX

Is this the final Form N-SAR filed for this Fund/Series? No

S13:

Investment Adviser

8.1

Name: Consulting Group Advisory Services LLC

Role: Adviser

SEC File #: 801-64791

Location: Purchase, NY

8.2

Name: Pacific Investment Management Co. LLC

Role: Sub-Adviser

SEC File #: 801-48187

Location: Newport Beach, CA

S13:

Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers

24.

At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No

S13:

Sales and Repurchases

28.

Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:

1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................

–

Reinvestment of dividends and distributions ................

–

Other ......................................................

–

Total NAV of shares redeemed & repurchased (inc. exchanges) ..

–

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0

S13:

Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)

29.

Was a front-end sales load deducted from any share sales during the
period? No

34.

Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No

37.

Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No

39.

Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes

S13:

Payment Plan for the Distribution of Fund Shares

40.

During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No

S13:

Advisory Fee

45.

Did the Registrant/Series have an advisory contract during the period? Yes

46.

Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No

47.

Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes

48.

Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.5%

Step-fee rates:
For 1st $000s: 0

Annual rate: 0.0%

49.

Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No

50.

Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No

51.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No

52.

Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No

53.

Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes

Income? No

S13:

Miscellaneous Info

55.

Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:

Overdrafts? No

Bank loans? No

56.

During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes

57.

Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No

S13:

Classification and Asset Allocation

58.

Is the Registrant/Series a Separate Account of an insurance company? No

59.

Is the Registrant/Series a management investment company? Yes

60.

Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes

61.

The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $5,000

62.

Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No

66.

Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No

67.

Is the Registrant/Series a “balanced” Fund? No

68.

Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No

Located primarily in countries other than the United States? No

69.

Is the Registrant/Series an index Fund? No

S13:

Investment Practices

70.

Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In

Writing or investing in repurchase agreements? Yes No

Writing or investing in options on equities? Yes No

Writing or investing in options on debt securities? Yes No

Writing or investing in options on stock indices? Yes No

Writing or investing in interest rate futures? Yes No

Writing or investing in stock index futures? Yes No

Writing or investing in options on futures? Yes No

Writing or investing in options on stock index futures? Yes No

Writing or investing in other commodity futures? Yes No

Investments in restricted securities? No –

Investments in shares of other investment companies? No –

Investments in securities of foreign issuers? Yes No

Currency exchange transactions? Yes No

Loaning portfolio securities? No –

Borrowing of money? No –

Purchases/sales by certain exempted affiliated persons? No –

Margin purchases? No –

Short selling? No –

S13:

Portfolio Turnover

71.

Portfolio turnover rate for the period:

Purchases ($000s): 0

Sales ($000s): 0

Monthly average Value of portfolio ($000s): 0

Percent turnover (lesser of Purchases or Sales, divided by Value): 0%

S13:

Financial Info — Income and Expenses

72.

The number of months covered by the values in Items 72 and 73: 0

Income ($000s)
Net interest income ..............................................

–

Net dividend income ..............................................

–

Account maintenance fees .........................................

–

Net other income .................................................

–

Expenses ($000s)
Advisory fees ....................................................

–

Administrator fees ...............................................

–

Salaries and other compensation ..................................

–

Shareholder Servicing Agent fees .................................

–

Custodian fees ...................................................

–

Postage ..........................................................

–

Printing expenses ................................................

–

Directors’ fees ..................................................

–

Registration fees ................................................

–

Taxes ............................................................

–

Interest .........................................................

–

Bookkeeping fees paid to anyone performing this service ..........

–

Auditing fees ....................................................

–

Legal fees .......................................................

–

Marketing/distribution payments, incl. Rule 12b-1 plan payments ..

–

Amortization of organization expenses ............................

–

Shareholder meeting expenses .....................................

–

Other expenses ...................................................

–

Total expenses ...................................................

–

Expense reimbursements ($000s): 0

Net investment income ($000s): 0

Realized capital gains ($000s): 0

Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0

Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 0

Total capital gains distributions for which the record date passed
during the period ($000s): 0

73.

Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000

Other distributions: $0.0000

S13:

Financial Info — Condensed Balance Sheet Data

74.

Assets ($000s)

Cash .............................................................

–

Repurchase agreements ............................................

–

Short-term debt securities, other than repurchase agreements .....

–

Long-term debt securities, including convertible debt ............

–

Preferred, conv. preferred and adjustable-rate preferred stock ...

–

Common stock .....................................................

–

Options on equities ..............................................

–

Options on all futures ...........................................

–

Other investments ................................................

–

Receivables from portfolio instruments sold ......................

–

Receivables from affiliated persons ..............................

–

Other receivables ................................................

–

All other assets .................................................

–

Total assets .....................................................

–

Liabilities ($000s)
Payables for portfolio instruments purchased .....................

–

Amounts owed to affiliated persons ...............................

–

Senior long-term debt ............................................

–

Other liabilities:
Reverse repurchase agreements ..................................

–

Short sales ....................................................

–

Written options ................................................

–

All other liabilities ..........................................

–

Equity ($000s)
Senior equity ....................................................

–

Net assets of common shareholders ................................

–

Number of shares outstanding (000s): 0

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 0

Total value of assets in segregated accounts ($000s): 0

Signature

↑Top of Form N-SAR

Morgan Stanley Pathway Funds – ‘NSAR-A’ for 2/29/16

On: Thursday, 4/28/16, at 4:10pm ET · Effective: 4/28/16 · For: 2/29/16 · Accession #: 1003715-16-416 · File #: 811-06318

Previous ‘NSAR-A’: ‘NSAR-A’ on 4/29/15 for 2/28/15 · Next: ‘NSAR-A’ on 4/28/17 for 2/28/17 · Latest: ‘NSAR-A’ on 4/30/18 for 2/28/18

Semi-Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

‘NSAR-A’ — Cgcm 022916 N-Sar-A

Morgan Stanley Pathway Funds – ‘NSAR-A’ for 2/29/16

On: Thursday, 4/28/16, at 4:10pm ET · Effective: 4/28/16 · For: 2/29/16 · Accession #: 1003715-16-416 · File #: 811-06318

Previous ‘NSAR-A’: ‘NSAR-A’ on 4/29/15 for 2/28/15 · Next: ‘NSAR-A’ on 4/28/17 for 2/28/17 · Latest: ‘NSAR-A’ on 4/30/18 for 2/28/18

Semi-Annual Report by an Investment Company — Form N-SAR — ICA’40Filing Table of Contents

‘NSAR-A’ — Cgcm 022916 N-Sar-A

Semi-Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents