WT Mutual Fund – ‘N-Q’ for 3/31/08

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Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Wilmington Trust Nq 3-31-2008                        286±  1.13M 
 2: EX-99.CERT  302 Certification                                      4     15K 

N-Q   —   Wilmington Trust Nq 3-31-2008
Document Table of Contents

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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY 

Investment Company Act file number 811-08648
                                   ---------

WT Mutual Fund
------------------------------------------------------
(Exact name of registrant as specified in charter)

 1100 N. Market Street
Wilmington, DE 19890
------------------------------------------------------
 (Address of principal executive offices) (Zip code)

Neil Wolfson
 1100 N. Market Street
Wilmington, DE 19890
------------------------------------------------------
 (Name and address of agent for service)

Registrant's telephone number, including area code: 800-254-3948
                                                    ------------

Date of fiscal year end: June 30
                         -------

Date of reporting period: March 31, 2008
                          --------------

Form N-Q is to be used by  management  investment  companies,  other  than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters,  pursuant to rule 30b1-5 under
the Investment  Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may use
the  information  provided  on Form N-Q in its  regulatory,  disclosure  review,
inspection, and policymaking roles.                                             

A registrant is required to disclose the information  specified by Form N-Q, and
the Commission will make this  information  public. A registrant is not required
to respond to the  collection  of  information  contained in Form N-Q unless the
Form displays a currently  valid Office of Management and Budget ("OMB") control
number.  Please  direct  comments  concerning  the  accuracy of the  information
collection  burden  estimate and any  suggestions for reducing the burden to the
Secretary,  Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549.  The OMB has reviewed this collection of information  under the clearance
requirements of 44 U.S.C. ss. 3507.                                             

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ITEM 1.  SCHEDULE OF INVESTMENTS.                                               
The Schedule(s) of Investments is attached herewith.                            

WILMINGTON FUNDS -- MONEY MARKET FUNDS | Prime Money Market Fund                
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                    
(Showing Percentage of Net Assets)                                          
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                  MOODY'S/S&P    PRINCIPAL                 
                                                  RATINGS(1)      AMOUNT         VALUE     
                                                  -----------  ------------  --------------
                                                                                           
CORPORATE BONDS -- 2.6%                                                                    
     Berkshire Hathaway Finance Corp.,                                                     
       3.13%, 05/16/08                             P-1, AAA    $100,000,000  $  100,027,732
CERTIFICATES OF DEPOSIT -- 49.2%                                                           
   FOREIGN BANKS, FOREIGN CENTERS -- 3.2%                                                  
     ABN-Amro Bank, 3.85%, 04/22/08                P-1, A-1+    125,000,000     125,000,722
                                                                             --------------

   FOREIGN BANKS, U.S BRANCHES -- 37.6%                                                    
     Bank of Montreal, Chicago, 5.09%, 04/18/08    P-1, A-1     100,000,000     100,000,000
     Barclays Bank PLC, NY, 2.75%, 06/18/08        P-1, A-1+    100,000,000     100,000,000
     Bayerische Landesbank, 3.88%, 04/17/08        P-1, A-1     100,000,000     100,000,000
     BNP Paribas, NY, 3.00%, 07/09/08*             P-1, A-1+     61,100,000      61,305,139
     BNP Paribas, NY, 4.60%, 04/02/08*             P-1, A-1+     97,000,000      97,000,869
     Calyon, 4.43%, 04/07/08                       P-1, A-1+    100,000,000     100,000,000
     Canadian Imperial Bank, NY, 3.70%,                                                    
       07/18/08                                    P-1, A-1     100,000,000     100,000,000
     Credite Suisse First Boston, NY, 3.25%,                                               
       06/16/08*                                   P-1, A-1+     50,000,000      50,217,841
     Dexia Credit, NY, 3.06%, 05/27/08             P-1, A-1+    100,000,000     100,000,000
     Fortis Bank, NY, 3.25%, 04/29/08              P-1, A-1     125,000,000     125,000,000
     Landesbank Hessen-Thuringen, NY, 3.00%,                                               
       06/05/08                                    P-1, A-1     100,000,000     100,000,000
     Natixis Banques Populaires, NY, 3.05%,                                                
       05/22/08                                    P-1, A-+     100,000,000     100,000,000
     Royal Bank of Scotland, PLC, NY, 3.75%,                                               
       07/22/08                                    P-1, A-1+    100,000,000     100,000,000
     Svenska Handelsbanken, NY, 3.00%,                                                     
       05/15/08                                    P-1, A-1+    125,000,000     125,000,000
     UBS AG Stamford, CT, 2.90%, 09/05/08          P-1, A-1+    100,000,000     100,000,000
                                                                             --------------
                                                                              1,458,523,849
                                                                             --------------
   U.S. BANKS, U.S. BRANCHES -- 8.4%                                                       
     Citibank NA Group, Inc., 3.01%,                                                       
       05/21/08                                    P-1, A-1+    125,000,000     125,000,000
     Marshall & Ilsley Bank, 2.88%,                                                        
       06/09/08                                    P-1, A-1     100,000,000     100,000,000
     Regions Bank, 4.13%, 08/11/08                 P-1, A-1     100,000,000     100,000,000
                                                                             --------------
                                                                                325,000,000
                                                                             --------------
   TOTAL CERTIFICATES OF DEPOSIT (COST $1,908,524,571)                        1,908,524,571
                                                                             --------------
COMMERCIAL PAPER -- 28.4%                                                                  
   BANKS -- 20.5%                                                                          
     Bank of America Corp., 2.76%, 05/01/08*       P-1, A-1+    123,800,000     123,516,292
     Bank of Scotland, 3.07%, 05/22/08*            P-1, A-1+    100,000,000      99,567,917
     Depfa Bank PLC, 3.09%, 05/06/08*              P-1, A-+     100,000,000      99,701,528
     Lloyds Bank PLC, NY, 3.01%, 05/30/08*         P-1, A-1+    125,000,000     124,387,465
     Natexis Banques Populaires, NY, 2.97%,                                                
       07/07/08*                                   P-1, A-1+     25,000,000      24,799,937
     Rabobank USA Finance, 2.41%, 04/17/08*        P-1, A-1+    125,000,000     124,866,111
     Societe Generale, 2.75%, 06/18/08*            P-1, A-1+    100,000,000      99,408,500
     Unicredito Italiano, NY, 3.08%, 06/02/08*     P-1, A-1     100,000,000      99,474,722
                                                                               ------------
                                                                                795,722,472
                                                                               ------------
   FINANCE & INSURANCE -- 7.9%                                                             
     CIT Group, Inc., 3.58%, 06/03/08*             P-2, A-2     100,000,000      99,378,750
     General Electric Capital Corp., 2.63%,                                                
       07/10/08*                                   P-1, A-1+    125,000,000     124,093,750

 The accompanying notes are integral part of the financial statements.

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WILMINGTON FUNDS -- MONEY MARKET FUNDS | Prime Money Market Fund                
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INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                       

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                                                        [Enlarge/Download Table]

                                                  MOODY'S/S&P     PRINCIPAL                 
                                                  RATINGS(1)       AMOUNT         VALUE     
                                                  -----------   ------------  --------------
                                                                                            
     HSBC USA, Inc., 3.12%, 04/22/08*              P-1, A-1+    $ 84,000,000    $ 83,848,100
                                                                              --------------
                                                                                 307,320,600
                                                                              --------------
   TOTAL COMMERCIAL PAPER (COST $1,103,043,072)                                1,103,043,072
                                                                              --------------
U.S. AGENCY OBLIGATIONS -- 1.3%                                                             
   FEDERAL HOME LOAN BANKS NOTES -- 1.3%                                                    
     Federal Home Loan Banks Notes, 2.35%,                                                  
       03/27/09                                                   50,000,000      50,000,000
                                                                              --------------
   TOTAL U.S. AGENCY OBLIGATIONS (COST $50,000,000)                               50,000,000
                                                                              --------------

REPURCHASE AGREEMENTS -- 18.4%                                                              
     With Goldman Sachs Group, Inc.: at 2.72%,                                              
       dated 03/31/08, to be repurchased on                                                 
       04/01/08, repurchase price $357,456,506                                              
       (collaterized by various Federal National                                            
       Mortgage Association Notes, ranging in                                               
       par value $4,718,307-$47,854,242, 5.00%-                                             
       6.00%, 05/01/23-03/01/38, and various                                                
       Federal Home Loan Mortgage Corporation                                               
       Notes, ranging in par value $18,570,000-                                             
       $27,447,514, 4.50%-6.00%, 12/01/25-03/01/38;                                         
       with a total market value $368,152,385)                   357,429,500     357,429,500
     With Paine Webber: at 2.50%, dated 03/31/08,                                           
       to be repurchased on 04/01/08, repurchase                                            
       price $356,024,722 (collateralized by various                                        
       Federal Home Loan Mortgage Corporation Notes,                                        
       ranging in par value $125,000-$18,469,999,                                           
       adjustable coupon rates, 04/01/24-01/01/38;                                          
       with a total market value $366,682,172)                   356,000,000     356,000,000
                                                                              --------------

   TOTAL REPURCHASE AGREEMENTS (COST $713,429,500)                               713,429,500
                                                                              --------------
TOTAL INVESTMENTS -- 99.9% (Cost $3,875,024,875)+                             $3,875,024,875
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1%                                      3,626,222
                                                                              --------------
NET ASSETS -- 100.0%                                                          $3,878,651,097
                                                                              ==============

<FN>                                                                                        
(1)  The ratings shown are unaudited.                                                       
*    The interest rate shown is the yield as of the time of purchase.                       
+    Cost for federal income tax purposes.                                                  
PLC  -- Public Limited Company                                                              
</FN>                                                                                       

 The accompanying notes are integral part of the financial statements.

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WILMINGTON FUNDS -- MONEY MARKET FUNDS / U.S. Government Money Market Fund      
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INVESTMENTS / MARCH 31, 2008 (UNAUDITED)                                    
(Showing Percentage of Net Assets)                                          
--------------------------------------------------------------------------------

                                 PRINCIPAL
                                                AMOUNT         VALUE
                                                  ------------  --------------

U.S. AGENCY OBLIGATIONS -- 34.3%                                              
FEDERAL FARM CREDIT BANKS -- 4.7%                                           
  Federal Farm Credit Banks, 2.45%, 06/02/08(1)   $ 65,000,000  $   64,727,975
                                                                --------------
FEDERAL HOME LOAN BANKS DISCOUNT NOTES -- 3.7%                              
Federal Home Loan Banks Discount Notes, 4.07%,                            
    04/09/08(1)                                     50,000,000      49,955,222
                                                                --------------
FEDERAL HOME LOAN BANKS NOTES -- 14.7%                                      
Federal Home Loan Banks Notes, 4.24%,                                     
    11/28/08(1)                                      5,100,000       5,107,359
Federal Home Loan Banks Notes, 3.51%,                                     
    01/16/09(1)                                     20,700,000      20,703,519
  Federal Home Loan Banks Notes, 3.00%, 02/04/09    25,000,000      25,000,000
  Federal Home Loan Banks Notes, 2.90%, 03/05/09    65,000,000      64,999,630
  Federal Home Loan Banks Notes, 2.35%, 03/27/09*   85,000,000      85,000,000
                                                                --------------
                                                                   200,810,508
                                                                --------------
FEDERAL HOME LOAN MORTGAGE CORPORATION DISCOUNT NOTES -- 2.2%               
Federal Home Loan Mortgage Corporation                                    
    Discount Notes, 4.01%, 04/07/08(1)              18,300,000      18,287,876
Federal Home Loan Mortgage Corporation                                    
    Discount Notes, 4.20%, 04/14/08(1)              12,462,000      12,443,370
                                                                --------------
                                                                    30,731,246
                                                                --------------
FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 5.8%                        
Federal Home Loan Mortgage Corporation                                    
    Notes, 4.06%, 04/21/08(1)                        7,880,000       7,877,466
Federal Home Loan Mortgage Corporation                                    
    Notes, 4.37%, 01/16/09                          25,000,000      25,000,000
Federal Home Loan Mortgage Corporation                                    
    Notes, 3.47%, 01/22/09(1)                       47,125,000      47,133,562
                                                                --------------
                                                                    80,011,028
                                                                --------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION DISCOUNT NOTE -- 1.6%                 
Federal National Mortgage Association                                     
    Discount Note, 4.20%, 04/30/08(1)               21,455,000      21,383,620
                                                                --------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION NOTES -- 1.6%                         
Federal National Mortgage Association                                     
    Notes, 4.65%, 06/15/08(1)                       11,534,000      11,484,451
Federal National Mortgage Association                                     
    Notes, 4.63%, 08/15/08(1)                       10,558,000      10,505,188
                                                                --------------
                                                                    21,989,639
                                                                --------------
 TOTAL U.S. AGENCY OBLIGATIONS (COST $469,609,238)                 469,609,238
                                                                --------------
REPURCHASE AGREEMENTS -- 65.9%                                                
With Bank of America Corp.: at 2.40%,                                     
dated 03/31/08, to be repurchased on                                  
04/01/08, repurchase price $300,020,000                               
(collaterized by Federal Home Loan Mortgage                           
Corporation Note, par value $248,523,082,                             
5.50%, 06/01/35 and Federal National Mortgage                         
Association Note, par value $186,037,107,                             
5.00%, 06/01/35; with a total market value                            
    $309,000,000)                                  300,000,000     300,000,000
With Goldman Sachs Group, Inc.: at 2.72%,                                 
dated 03/31/08, to be repurchased on                                  
04/01/08, repurchase price $302,471,252                               
(collaterized by various Federal National                             
Mortgage Association Notes ranging in par                             
value $9,529,631-$94,941,662, 5.00%-6.00%,                            
10/01/22-01/01/38 and Federal Home Loan                               
Mortgage Corporation Note, par value                                  
$21,818,611, 6.00%, 01/01/38; with a                                  
    total market value $311,521,852)               302,448,400     302,448,400
                                                                --------------
With Paine Webber: at 2.50%, dated 03/31/08,                              
to be repurchased on 04/01/08, repurchase                             
price $300,020,833 (collaterized by various                           
Federal Home Loan Mortgage Corporation                                
Notes, ranging in par value $2,265,000-                               
$28,029,036, adjustable coupon rates,                                 
06/01/32-04/01/37; with a total market                                
    value $309,002,017)                            300,000,000  $  300,000,000
                                                                --------------
 TOTAL REPURCHASE AGREEMENTS (COST $902,448,400)                   902,448,400
                                                                --------------
TOTAL INVESTMENTS -- 100.2% (Cost $1,372,057,638)+              $1,372,057,638
 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.2)%                     (2,140,911)
                                                                --------------
NET ASSETS -- 100.0%                                            $1,369,916,727
                                                                ==============

(1)  The interest rate shown is the yield as of the time of purchase.           

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- MONEY MARKET FUNDS | U.S. Government Money Market Fund      
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INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

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*    Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes  
  are instruments whose rates change periodically. The rates shown are the
     interest rates as of March 31, 2008. The dates shown are the next dates the
interest rates on the instruments are scheduled to be reset.          
+    Cost for federal income tax purposes.                                      

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                    
(Showing Percentage of Net Assets)                                          
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                    MOODY'S/S&P    PRINCIPAL               
                                                     RATINGS(1)     AMOUNT        VALUE    
                                                    -----------   -----------  ------------
                                                                                           

MUNICIPAL BONDS -- 99.9%                                                                   
 ALABAMA -- 2.0%                                                                           
  Columbia, AL - Ind. Dev. Board PCRB VRDB Ref.                                            
   Bonds (Alabama Power Co. Proj.), Ser. 1995C,                                            
   1.45%, 04/01/08*                                 VMIG-1, A-1   $   300,000  $    300,000
  Mobile Ind. Dev. Board PCRB VRDB Ref. Bonds                                              
   (Alabama Power Co. Proj.), Ser. 1994, 1.30%,                                            
   04/01/08*                                        VMIG-1, A-1     7,000,000     7,000,000
  Town of Parrish, AL Ind. Dev. Board PCRB VRDB                                            
   Ref. Bonds (Alabama Power Co. Proj.), Ser.                                              
  1994A, 1.30%, 04/01/08*                             NR, A-1       3,000,000     3,000,000
                                                                               ------------
                                                                                 10,300,000
                                                                               ------------
 ALASKA -- 0.3%                                                                            
  Valdez, AK Marine Terminal VRDB Rev. Ref. (BP                                            
   Pipelines, Inc. Project) Ser. 2003A, 1.25%,                                             
  04/01/08*                                         VMIG-1, A-1+    1,400,000     1,400,000
                                                                               ------------
 COLORADO -- 0.7%                                                                          
  County of Pitkin, CO Ind. Dev. VRDB Rev. Ref.                                            
   Bonds (Aspen Skiing Co. Proj.) LOC JPMorgan                                             
  Chase, Ser. A, 1.30%, 04/01/08*                    NR, A-1+       3,800,000     3,800,000
                                                                               ------------
 DELAWARE -- 2.0%                                                                          
  Delaware Economic Dev. Auth. VRDB (St. Andrews                                           
   School Proj.), Ser. 2003, 2.10%, 04/03/08*       VMIG-1, A-1+   10,100,000    10,100,000
                                                                               ------------
 FLORIDA -- 5.6%                                                                           
  Alachua County, FL Health Fac. Auth. VRDB Rev.                                           
   Bonds (Shands Teaching Hospital & Clinic, Inc.                                          
   Rev Loan Program Installment), LOC Sun Trust                                            
   Bank Ser. 2002 A, 1.25%, 04/01/08*               VMIG-1, NR      6,700,000     6,700,000
  City of Jacksonville, (Florida Power & Light Co.                                         
   Proj.), 2.84%, 04/04/08                           P-1, A-1       6,700,000     6,700,000
  Manatee County, FL PCRB VRDB (Florida Power &                                            
   Light Company Proj.), Ser. 1994, 1.25%,                                                 
   04/01/08*                                        VMIG-1, A-1     2,000,000     2,000,000
  Orange County Ind. Dev. Auth. VRDB, LOC Bank of                                          
   America, 2.10%, 04/03/08*                          NR, NR        3,405,000     3,405,000
  Orange County Ind. Dev. Auth. VRDB, LOC SunTrust                                         
   Bank, 1.25%, 04/01/08*                            NR, A-1+       3,000,000     3,000,000
  Orange County, FL Housing Fin. Auth.                                                     
   Multi-Family Housing VDRB Ref. Rev. Bonds                                               
   (Post Fountains at Lee Vista Project), FNMA                                             
   Gtd., Ser. 1997E, 2.20%, 04/07/08*                NR, A-1+       4,235,000     4,235,000
  St. Lucie County, FL PCRB VRDB (Florida Power &                                          
   Light Co. Project), Ser. 2000, 1.27%, 04/01/08*  VMIG-1, A-1     2,500,000     2,500,000
                                                                               ------------
                                                                                 28,540,000
                                                                               ------------
 GEORGIA -- 8.3%                                                                           
  Appling County Dev. Auth. Reb. VRDB Ref. Bonds                                           
   (Georgia Power Co.), 1.25%, 04/01/08*            VMIG-1, A-1     1,900,000     1,900,000
  Burke County, GA Dev. Auth. Pollution Control                                            
   VRDB (Georgia Power Co.), 1.25%, 04/01/08*        P-1, A-1       3,000,000     3,000,000
  Burke County, GA Dev. Auth. Pollution Control                                            
   VRDB (Georgia Power Co.), Ser. 1992, 1.25%,                                             
   04/01/08*                                        VMIG-1, A-1     1,000,000     1,000,000
  City of Atlanta, GA TECP, 2.95%, 09/15/08          P-1, A-1+      6,195,000     6,195,000
  Clayton County, GA Hosp. Auth. Rev. Ant. Cert.                                           
   VRDB (Southern Regional Medical Center Proj.),                                          
   LOC SunTrust Bank, Ser. 1998B, 2.09%, 04/07/08*    Aa1, NR       3,570,000     3,570,000
  Cobb County Dev. Auth. VRDB Ref. Bonds                                                   
   (Institute of Nuclear Power Operations                                                  
   Project), LOC SunTrust Bank, 2.09%, 04/02/08*      Aa2, NR         900,000       900,000
  Cobb County, GA Dev. Auth. Poll. Cntrl. VRDB                                             
   Rev. Bonds (Georgia Power Co. Proj.), 1.25%,                                            
   04/01/08*                                        VMIG-1, NR      1,730,000     1,730,000

 The accompanying notes are integral part of the financial statements.

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INVESTMENT | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                          

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                                                   MOODY'S/S&P    PRINCIPAL               
                                                    RATINGS(1)     AMOUNT        VALUE    
                                                   -----------   -----------  ------------
                                                                                          
 Columbus, GA Hosp. Auth. Rev. VRDB (St. Francis                                          
  Hospital, Inc. Proj.), LOC SunTrust Bank, Ser.                                          
  1997, 2.09%, 04/07/08*                           VMIG-1, NR    $ 1,200,000  $  1,200,000
 Columbus, GA Hosp. Auth. Rev. VRDB (St. Francis                                          
  Hospital, Inc. Proj.), LOC SunTrust Bank, Ser.                                          
  2000, 2.09%, 04/07/08*                           VMIG-1, NR      3,500,000     3,500,000
 Floyd County, GA Dev. Auth. Rev. VRDB (Berry                                             
  College, Inc. Proj.), LOC Sun Trust Bank, Ser.                                          
  1999, 2.09%, 04/07/08*                             Aa2, NR       3,000,000     3,000,000
 Fulton County, GA Dev. Auth. Rev. VRDB                                                   
  (Arthritis Foundation, Inc. Proj.), LOC                                                 
   SunTrust Bank, Ser. 1996, 2.09%, 04/07/08*      VMIG-1, NR        700,000       700,000
 Fulton County, GA Dev. Auth. Rev. VRDB (Trinity                                          
  School, Inc. Proj.), LOC SunTrust Bank, Ser.                                            
  2000, 2.09%, 04/07/08*                           VMIG-1, NR      5,700,000     5,700,000
 Gwinnett County, GA Dev. Auth. Rev. VRDB,                                                
  (Wesleyan School, Inc. Proj.), LOC SunTrust                                             
  Bank, Ser. 1999, 2.09%, 04/07/08*                  Aa2, NR       4,500,000     4,500,000
 Heard County, GA PCRB VRDB (Georgia Power Co.                                            
  Plant Wansley Proj.), Ser. 1996, 1.30%,                                                 
  04/01/08*                                        VMIG-1, A-1     2,000,000     2,000,000
 Putnam County Dev. Auth. GA PCR VRDB (Georgia                                            
  Power Co.), 1.25%, 04/01/08*                       NR, A-1       3,525,000     3,525,000
                                                                              ------------
                                                                                42,420,000
                                                                              ------------
ILLINOIS -- 7.2%                                                                          
 Illinois Dev. Fin. Auth. Rev. VRDB (Goodman                                              
  Theatre Proj.), LOC Banc One N.A./Northern                                              
  Trust, Ser. 1999, 3.50%, 04/07/08*                NR, A-1+      13,400,000    13,400,000
 Illinois Dev. Fin. Auth. Rev. VRDB (Radiological                                         
  Society Proj.), LOC JPMorgan Chase, Ser.1997,                                           
  3.60%, 04/07/08*                                  NR, A-1+       1,670,000     1,670,000
 Illinois Educ. Fac. Auth. Rev. VRDB (ACI /                                               
  Cultural Pooled Financing Proj.), LOC Bank of                                           
  America Ser. 1998, 2.10%, 04/07/08*               NR, A-1+       6,325,000     6,325,000
 Illinois Educ. Fac. Auth., TECP, 2.00%, 06/05/08   NR, A-1+      10,000,000    10,000,000
 Illinois Health Fac Auth. (Evanston Hospital                                             
  Corp.), Ser. 1998, 1.10%, 06/05/08               VMIG-1, A-1+    5,200,000     5,200,000
 Illinois Health Fac. Auth. VRDB (Revolving Fund                                          
  Pooled Prog.), Ser. 1985, 3.50%, 04/02/08*       VMIG-1, A-1+      600,000       600,000
                                                                              ------------
                                                                                37,195,000
                                                                              ------------
INDIANA -- 0.3%                                                                           
 Marion, IN Economic VRDB (Wesleyan University),                                          
  LOC Bank of America, 2.10%, 04/03/08*            VMIG-1, NR      1,450,000     1,450,000
                                                                              ------------
KANSAS -- 1.0%                                                                            
 Wamego, KS PCRB VRDB (Utilicorp United, Inc.                                             
  Proj.), LOC Citibank NA, Ser. 1996, 2.25%,                                              
  04/07/08*                                         P-1, A-1+      5,000,000     5,000,000
                                                                              ------------
MARYLAND -- 2.3%                                                                          
 Howard County, MD Pub. Improvmts TECP, 2.30%,                                            
  04/04/08                                          P-1, A-1+      3,000,000     3,000,000
 Montgomery County, MD Ind. Dev. Auth. TECP,                                              
  2.25%, 05/05/08                                   P-1, A-1+      9,000,000     9,000,000
                                                                              ------------
                                                                                12,000,000
                                                                              ------------
MASSACHUSETTS -- 2.7%                                                                     
 Massachusetts State Gen. Oblig. Ltd. VRDB,                                               
  Ser. A, 1.25%, 04/01/08*                         VMIG-1, A-1+    4,045,000     4,045,000


 The accompanying notes are integral part of the financial statements.

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                                                   MOODY'S/S&P    PRINCIPAL               
                                                    RATINGS(1)     AMOUNT        VALUE    
                                                   -----------   -----------  ------------
                                                                                          
 Massachusetts State Heatlh & Educ. Fac. TECP                                             
  (Harvard University), 1.40%, 05/21/08             P-1, A-1+    $10,000,000  $ 10,000,000
                                                                              ------------
                                                                                14,045,000
                                                                              ------------
MICHIGAN -- 2.2%                                                                          
 Michigan Strategic Fund VRDB (Detroit Symphony                                           
  Proj.), 1.30%, 04/01/08*                          NR, A-1+       1,300,000     1,300,000
 Regents of the Univ. of Michigan Hosp. Rev.                                              
  Bonds, VRDB Ser. 2005A, 1.25%, 04/01/08*         VMIG-1, A-1+    5,940,000     5,940,000
 Univ. of Michigan Hosp. VRDB Rev. Ref. Bonds,                                            
  1.25%, 04/01/08*                                 VMIG-1, A-1+    3,100,000     3,100,000
 Univ. of Michigan VRDB (Hospital Rev. Bonds),                                            
  Ser. 2007 A, 1.45%, 04/01/08*                    VMIG-1, A-1+      700,000       700,000
                                                                              ------------
                                                                                11,040,000
                                                                              ------------
MINNESOTA -- 4.9%                                                                         
 Regents of Univ. of MN, 2.75%, 04/04/08            P-1, A-1+     18,400,000    18,400,000
 Regents of Univ. of MN, 2.15%, 04/09/08            P-1, A-1+      7,000,000     7,000,000
                                                                              ------------

                                                                                25,400,000
                                                                              ------------
MISSISSIPPI -- 1.6%                                                                       
 Jackson County, MS Port Fac. VRDB (Chevron                                               
  U.S.A., Inc. Proj.), Ser.1993, 1.15%, 04/01/08*   P-1, A-1+      8,055,000     8,055,000
                                                                              ------------
MISSOURI -- 2.5%                                                                          
 Missouri Health & Educ. Fac. Auth. VRDB (Barnes                                          
  Hospital Proj.), LOC JPMorgan Chase, 2.15%,                                             
  04/02/08*                                        VMIG-1, A-1+    5,900,000     5,900,000
 Missouri Health & Educ. Fac. Auth. VRDB (BJC                                             
  Health Systems), Ser. 2005B, 1.30%, 04/01/08*    VMIG-1, A-1+    3,860,000     3,860,000
 Missouri Health & Educ. Fac. Auth. VRDB                                                  
  (Washington Univ. Proj.), Ser. 1996A, 1.28%,                                            
  04/01/08*                                        VMIG 1, A-1+    2,000,000     2,000,000
 Missouri Health & Educ. Fac. Auth. VRDB                                                  
  (Washington Univ. Proj.), Ser. 1996B, 1.28%,                                            
  04/01/08*                                        VMIG-1, A-1+      800,000       800,000
 Missouri Health & Educ. Fac. Auth. VRDB                                                  
  (Washington Univ. Proj.), Series 1984, 2.05%,                                           
  04/02/08*                                        VMG-1, A-1+       500,000       500,000
                                                                              ------------
                                                                                13,060,000
                                                                              ------------
MONTANA -- 1.4%                                                                           
 Forsyth County, MT PCRB VRDB Ref. Rev. Bonds                                             
  (PacifiCorp Proj.) LOC BNP Paribas, Ser. 1988,                                          
  1.45%, 04/01/08*                                  P-1, A-1+      7,000,000     7,000,000
                                                                              ------------
NEVADA -- 3.6%                                                                            
 Clark County, NV TECP, 2.30%, 05/08/08             P-1, A-1+      2,500,000     2,500,000
 Las Vegas Valley Water Dist., NV Gen. Oblig.                                             
  Water TECP, 2.25%, 05/22/08                       P-1, A-1+     16,000,000    16,000,000
                                                                              ------------
                                                                                18,500,000
                                                                              ------------
NEW HAMPSHIRE -- 1.9%                                                                     
 New Hampshire Health & Educ. Fac. Auth. VRDB                                             
  Rev. Bonds (Dartmouth College Issue)                                                    
  Ser. 2007 B, 1.45%, 04/01/08*                    VMIG-1, A-1+    4,050,000     4,050,000
 New Hampshire Health & Educ. Fac. VRDB Rev.                                              
  Bonds (Darthmouth College Issue) Ser. 2007A,                                            
  1.45%, 04/01/08*                                 VMIG-1, A-1+    5,450,000     5,450,000
                                                                              ------------
                                                                                 9,500,000
                                                                              ------------
NEW MEXICO -- 0.3%                                                                        
 Hurley, NM PCRB VRDB Rev. Bonds (BP Corp.                                                
  Proj.), Ser. 1985, 1.25%, 04/01/08*               P-1, A-1+      1,600,000     1,600,000


 The accompanying notes are integral part of the financial statements.

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INVESTMENT | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                          

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                                                   MOODY'S/S&P    PRINCIPAL               
                                                    RATINGS(1)     AMOUNT        VALUE    
                                                   -----------   -----------  ------------
                                                                                          
NEW YORK -- 1.7%                                                                          
 City of New York, NY Transitional Fin. Auth.                                             
  VRDB Fiscal 2003, Sub-Ser. 2F, 1.22%, 04/01/08*  VMIG-1, A-1+  $ 1,035,000  $  1,035,000
 City of New York, NY VRDB, LOC Bank of New York,                                         
  Sub-Ser. H-3, 1.80%, 04/02/08*                   VMIG-1, A-1+    7,700,000     7,700,000
                                                                              ------------
                                                                                 8,735,000
                                                                              ------------
NORTH CAROLINA -- 1.6%                                                                    
 Board of Governors of Univ. of NC TECP, 1.90%,                                           
  06/09/08                                          P-1, A-1+      8,000,000     8,000,000
                                                                              ------------
NORTH DAKOTA -- 0.5%                                                                      
 Grand Forks, ND Health Care Fac. VRDB Rev. Bonds                                         
  (The United Hosp. Obligated Group Proj.), LOC                                           
  LaSalle National Bank, Ser. 1992B, 1.20%,                                               
  04/01/08*                                        VMGI-1, NR      2,365,000     2,365,000
                                                                              ------------
OKLAHOMA -- 0.8%                                                                          
 Tulsa County, OK Ind. Auth. VRDB (Montereau in                                           
  Warren Woods Proj.), LOC BNP Paribas, Ser.                                              
  2002A, 1.25%, 04/01/08*                           NR, A-1+       4,310,000     4,310,000
                                                                              ------------
PENNSYLVANIA -- 0.8%                                                                      
 Beaver County, PA Ind. Dev. Auth. PCRB VRDB                                              
  (Atlantic Richfield Co. Proj.), Ser. 1995,                                              
  2.00%, 04/07/08*                                 VMIG-1, A-1+    4,200,000     4,200,000
                                                                              ------------
SOUTH CAROLINA -- 3.3%                                                                    
 Berkeley Cnty, SC PCRB VRDB Fac. Rev. Ref. Bonds                                         
  (Amoco Chem. Co. Proj.), 1.25%, 04/01/08*        VMIG-1, A-1+    3,600,000     3,600,000
 South Carolina State Pub. Serv. Auth. TECP,                                              
  1.95%, 05/20/08                                   P-1, A-1+      8,045,000     8,045,000
 South Carolina State Pub. Serv. Auth. TECP,                                              
  2.20%, 06/11/08                                   P-1, A-1+      5,300,000     5,300,000
                                                                              ------------
                                                                                16,945,000
                                                                              ------------
TENNESSEE -- 9.1%                                                                         
 Clarksville, TN Pub. Bldg. Auth. Rev. VRDB                                               
  (Tennessee Municipal Bond Fund Proj.), LOC                                              
  Bank of America, Ser. 1984, 2.10%, 04/07/08*      NR, A-1+       1,545,000     1,545,000
 Clarksville, TN Pub. Bldg. Auth. Rev. VRDB                                               
  (Tennessee Municipal Bond Fund Proj.), LOC                                              
  Bank of America, Ser. 1995, 2.10%, 04/07/08*      NR, A-1+         700,000       700,000
 Clarksville, TN Pub. Bldg. Auth. Rev. VRDB                                               
  (Tennessee Municipal Bond Fund Proj.), LOC                                              
  Bank of America, Ser. 2001, 1.15%, 04/01/08*     VMIG-1, NR      4,200,000     4,200,000
 Metropolitan Govt. of Nashville & Davidson, TN                                           
  Health & Educ. Fac. Board CP Notes, Vanderbilt                                          
  University, 2.20%, 06/04/08                       P-1, A-1+     10,130,000    10,130,000
 Metropolitan Govt. of Nashville & Davidson, TN                                           
  Health & Educ. Fac. Board CP Notes, Vanderbilt                                          
  University, 1.95%, 06/06/08                       P-1, A-1+      8,500,000     8,500,000
 Montgomery County, TN Pub. Bldg. Auth. VRDB                                              
  (Tenn. County Local Pool) LOC Bank of America,                                          
  Series 2002, 1.15%, 04/01/08*                    VMIG-1, NR      3,750,000     3,750,000
 Montgomery County, TN Pub. Bldg. Auth. VRDB                                              
  (Tenn. County Local Pool), LOC Bank of                                                  
  America, Series 2006, 1.15%, 04/01/08*           VMIG-1, NR      7,500,000     7,500,000
 Tennesse State School Board Auth., TECP, 0.70%,                                          
  04/07/08                                          P-1, A-1+      5,000,000     5,000,000


 The accompanying notes are integral part of the financial statements.

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INVESTMENT | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                          

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                                                   MOODY'S/S&P    PRINCIPAL               
                                                    RATINGS(1)     AMOUNT        VALUE    
                                                   -----------   -----------  ------------
                                                                                          
 Tennesse State School Board Auth., TECP, 2.75%,                                          
  04/09/08                                          P-1, A-1+    $ 5,500,000  $  5,500,000
                                                                              ------------
                                                                                46,825,000
                                                                              ------------
TEXAS -- 21.2%                                                                            
 Bear County, TX Gen. Oblig., 1.55%, 06/12/08       P-1, A-1+     14,000,000    14,000,000
 Board of Regents of Univ. of Texas A&M                                                   
  University System TECP, 1.05%, 06/06/08           P-1, A-1+     13,700,000    13,700,000
 Board of Regents of Univ. of Texas A&M                                                   
  University System TECP, 2.82%, 06/06/08           P-1, A-1+      5,040,000     5,040,000
 City of Brownsville, TX TECP, 1.70%, 06/03/08      P-1, A-1+      3,150,000     3,150,000
 City of San Antonio, TX Electric TECP, 1.20%,                                            
  05/21/08                                          P-1, A-1+      4,200,000     4,200,000
 City of San Antonio, TX Electric TECP, 2.25%,                                            
  05/22/08                                          P-1, A-1+      5,000,000     5,000,000
 Harris County, Health Fac. Dev. Corp. Rev. VRDB                                          
  (YMCA Greater Houston Area)++, 1.30%, 04/01/08*  VMIG-1, NR      7,000,000     7,000,000
 Harris County, TX Flood Control Dist., TECP,                                             
  2.25%, 04/07/08                                    P-1, NR       1,530,000     1,530,000
 Harris County, TX Flood Control Dist., TECP,                                             
  1.10%, 06/12/08                                    P-1, NR       7,900,000     7,900,000
 Harris County, TX Gen. Oblig. TECP, 2.20%,                                               
  06/11/08                                          P-1, A-1+      1,850,000     1,850,000
 Harris County, TX Health Fac. Dev. Corp. VRDB                                            
  (St. Luke's Episcopal Hosp. Proj.), Ser.                                                
  2001B, 1.30%, 04/01/08*                          VMIG-1, A-1+    4,510,000     4,510,000
 Harris County, TX TECP, 2.20%, 06/11/08            P-1, A-1+      3,320,000     3,320,000
 Harris County, TX TECP, 2.05%, 07/08/08            P-1, A-1+      6,145,000     6,145,000
 Port Arthur Navigation Dist. of Jefferson                                                
  County, TX PCRB VRDB (Texaco, Inc. Proj.),                                              
  Ser. 1994, 1.15%, 04/01/08*                      VMIG-1, A-1+   10,740,000    10,740,000
 State of Texas Pub. Fin. Auth., TECP, 0.70%,                                             
  04/07/08                                          P-1, A-1+      6,000,000     6,000,000
 State of Texas Pub. Fin. Auth., TECP, 1.40%,                                             
  07/10/08                                          P-1, A-1+      4,300,000     4,300,000
 West Side Calhoun County, TX VRDB Dev. Corp.                                             
  PCRB Ser. 1985 (Sohio Chemical Co. Proj.),                                              
  1.30%, 04/01/08*                                  NR, A-1+      10,500,000    10,500,000
                                                                              ------------
                                                                               108,885,000
                                                                              ------------
UTAH -- 2.4%                                                                              
 Murray City, UT VRDB (IHC Health Services, Inc.)                                         
  Ser. 2005A, 1.30%, 04/01/08*                     VMIG-1, A-1+    2,665,000     2,665,000
 Murray City, UT VRDB (IHC Health Services, Inc.)                                         
  Ser. 2005C, 2.15%, 04/03/08*                     VMIG-1, A-1+    9,800,000     9,800,000
                                                                              ------------
                                                                                12,465,000
                                                                              ------------
VIRGINIA -- 2.1%                                                                          
 Madison County, VA Ind. Dev. Auth. VRDB Ref.                                             
  Bonds, 1.25%, 04/01/08*                          VMIG-1, NR      7,950,000     7,950,000
 Virginia College Building Auth. Educ. Fac. VRDB                                          
  Rev. Bonds (Universtiy of Richmond Proj.) Ser.                                          
  2006, 1.35%, 04/01/08*                           VMIG-1, NR      3,000,000     3,000,000
                                                                              ------------
                                                                                10,950,000
                                                                              ------------
WASHINGTON -- 1.7%                                                                        
 Washington Health Care Fac. Auth. Lease Rev.                                             
  VRDB (National Healthcare Research & Educ.                                              
  Proj.), LOC BNP Paribas, 3.65%, 04/07/08*        VMIG-1, NR      3,900,000     3,900,000
 Washington State Hous. Fin. Comm. Rev VRDB                                               
  (Eastside Catholic School), LOC Key Bank NA,                                            
  Ser. A, 2.25%, 04/07/08*                         VMIG-1, NR      5,000,000     5,000,000
                                                                              ------------
                                                                                 8,900,000
                                                                              ------------
WISCONSIN -- 1.4%                                                                         
 State of Wisconsin Gen. Oblig. TECP, 2.85%,                                              
  06/05/08                                          P-1, A-1+      6,951,000     6,951,000

 The accompanying notes are integral part of the financial statements.

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INVESTMENT | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                          

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                                                                MOODY'S/S&P           PRINCIPAL                       
                                                                 RATINGS(1)            AMOUNT                VALUE    
                                                                -----------          -----------          ------------
                                                                                                                      
 WYOMING -- 2.5%                                                                                                      
  Sweetwater County, WY PCRB TECP (PacifiCorp                                                                         
   Proj.) LOC Barclays, 1.90%, 06/04/08                          P-1, A-1+           $10,975,000          $ 10,975,000
  Sweetwater County, WY PCRB VRDB Rev. Bonds                                                                          
   (PacifiCorp Proj.), LOC Barclays Bank, Ser.                                                                        
   1988B, 1.45%, 04/01/08*                                       P-1, A-1+             2,000,000             2,000,000
                                                                                                          ------------

                                                                                                            12,975,000
                                                                                                          ------------
  TOTAL MUNICIPAL BONDS (COST $512,911,000)                                                                512,911,000
                                                                                                          ------------

                                                                                       SHARES                         
                                                                                     -----------                      
 MONEY MARKET MUTUAL FUNDS -- 0.1%                                                                                    
  BlackRock Liquidity Funds MuniFund Portfolio -                                                                      
   Institutional Series                                                                  220,180               220,180
                                                                                                          ------------
  TOTAL MONEY MARKET MUTUAL FUNDS (COST $220,180)                                                              220,180
                                                                                                          ------------

 TOTAL INVESTMENTS -- 100.0% (Cost $513,131,180)+                                                         $513,131,180
 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0%                                                                 130,250
                                                                                                          ------------
 NET ASSETS -- 100.0%                                                                                     $513,261,430
                                                                                                          ============

<FN>                                                                                                                  
(1)  Although certain securities are not rated (NR) by either Moody's or S&P, they have been determined to be of      
     comparable quality to investment grade securities by the investment adviser. The ratings shown are unaudited.    
*    Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes are instruments whose rates change     
     periodically. The rates shown are the interest rates as of March 31, 2008. The dates shown are the next dates the
     interest rates on the instruments are scheduled to be reset.                                                     
++   Non-income producing security.                                                                                   
+    Cost for Federal income tax purposes.                                                                            
LOC  -- Letter of Credit                                                                                              
MBIA -- Municipal Bond Insurance Association                                                                          
PCRB -- Pollution Control Revenue Bonds                                                                               
TECP -- Tax-Exempt Commercial Paper and multi-modal bonds in commercial paper mode                                    
VRDB -- Variable Rate Demand Bonds                                                                                    
</FN>                                                                                                                 

 The accompanying notes are integral part of the financial statements.

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                    
(Showing Percentage of Net Assets)                                          
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                                                     MOODY'S/S&P   PRINCIPAL               
                                                       RATINGS+     AMOUNT       VALUE     
                                                     -----------  -----------  ------------
                                                                                           
CORPORATE BONDS -- 31.3%                                                                   
 FINANCIALS -- 9.3%                                                                        
  AIG Sunamerica Global Financing 144A, 5.85%,                                             
   08/01/08@                                          Aa2, AA+    $ 1,400,000  $  1,406,684
  Bank of America Corp., 7.80%, 02/15/10               Aa2, AA        525,000       561,223
  Bank One Corp., 8.00%, 04/29/27                      Aa3, A+        265,000       299,293
  Capital One Corp., 6.70%, 05/15/08                   A2, A-       1,315,000     1,315,606
  CIT Group, Inc., 7.63%, 11/30/12                     A3, A-       2,000,000     1,662,270
  First Union Corp., 7.57%, 08/01/26                   A1, A+         175,000       199,364
  General Electric Capital Corp., 4.88%, 10/21/10     Aaa, AAA        875,000       909,351
  Goldman Sachs Group, Inc., 6.65%, 05/15/09          Aa3, AA-        525,000       538,823
  Household Finance Corp., 6.38%, 11/27/12            Aa3, AA-        875,000       886,221
  Lehman Brothers Holdings, Inc., 4.25%, 01/27/10      A1, A+         905,000       873,047
  Lehman Brothers Holdings, Inc., 4.50%, 07/26/10      A1, A+       1,000,000       956,441
  MBNA America, 4.63%, 08/03/09                       Aaa, AA+      1,465,000     1,484,334
  Morgan Stanley, 4.75%, 04/01/14                      A1, A+       1,750,000     1,624,493
  SLM Corp., 4.50%, 07/26/10                         Baa2, BBB-       900,000       738,468
  Swiss Bank Corp., 7.38%, 06/15/17                    Aa2, A+        700,000       787,990
  Wells Fargo Financial, Inc., 5.50%, 08/01/12        Aa1, AA+        615,000       642,151
                                                                               ------------
                                                                                 14,885,759
                                                                               ------------
 INDUSTRIALS -- 12.5%                                                                      
  Alcoa, Inc., 5.72%, 02/23/19                       Baa1, BBB+     1,100,000     1,076,413
  Cisco Systems, Inc., 5.50%, 02/22/16                 A1, A+         800,000       827,686
  CSX Corp., 7.90%, 05/01/17                         Baa3, BBB-       685,000       758,348
  DaimlerChrysler NA Holding Corp., 4.05%, 06/04/08    A3, A-       1,050,000     1,050,387
  Donnelley (R.R.) & Sons, 3.75%, 04/01/09           Baa2, BBB+     1,165,000     1,153,409
  Ford Motor Credit Co., 7.88%, 06/15/10                B1, B       1,350,000     1,177,115
  General Electric Co., 5.00%, 02/01/13               Aaa, AAA        875,000       906,345
  Ingersoll-Rand, 6.02%, 02/15/28                     A3, BBB+      2,015,000     2,184,220
  International Business Machines Corp., 4.75%,                                            
   11/29/12                                            A1, A+         875,000       905,589
  International Lease Finance Corp., 5.13%,                                                
   11/01/10                                            A1, AA-        660,000       658,565
  Johnson & Johnson, 3.80%, 05/15/13                  Aaa, AAA        660,000       674,471
  Kraft Foods, Inc., 4.13%, 11/12/09                 Baa2, BBB+     1,110,000     1,112,080
  Merck & Co., Inc., 4.38%, 02/15/13                  Aa3, AA-        700,000       718,566
  Royal Caribbean Cruises, 7.00%, 06/15/13            Ba1, BB+      1,200,000     1,122,146
  Safeway, Inc., 6.50%, 11/15/08                      Baa2, BBB       875,000       887,828
  Schering-Plough Corp., 5.55%, 12/01/13              Baa1, A-        875,000       903,717
  Time Warner Entertainment, 8.88%, 10/01/12         Baa2, BBB+     1,185,000     1,321,519
  Time Warner Entertainment, 8.38%, 03/15/23         Baa2, BBB+       175,000       193,918
  Transocean, Inc., 5.25%, 03/15/13                  Baa2, BBB+       750,000       766,415
  Tyco Electronics Group SA 144A, 6.00%, 10/01/12@    Baa1, BBB     1,150,000     1,178,681
  Waste Management, Inc., 6.50%, 11/15/08             Baa3, BBB       401,000       408,975
                                                                               ------------
                                                                                 19,986,393
                                                                               ------------
 TELECOMMUNICATION SERVICES -- 5.2%                                                        
  AT&T Broadband Corp., 8.38%, 03/15/13              Baa2, BBB+     1,765,000     1,960,617
  Embarq Corp., 6.74%, 06/01/13                      Baa3, BBB-     1,150,000     1,112,051
  Oracle Corp., 5.00%, 01/15/11                         A2, A         790,000       810,423
  SBC Communications, Inc., 5.10%, 09/15/14             A2, A         875,000       869,286
  Sprint Capital Corp., 6.13%, 11/15/08               Baa3, BBB     1,140,000     1,131,450
  Verizon Communications, Inc., 6.70%, 09/01/09         A3, A         525,000       544,413
  Verizon Global Funding Corp., 7.25%, 12/01/10         A3, A       1,750,000     1,879,458
                                                                               ------------
                                                                                  8,307,698
                                                                               ------------
 UTILITIES -- 4.3%                                                                         
  Alabama Power Co., 5.20%, 01/15/16                    A2, A         850,000       853,710
  CMS Energy Corp., 6.55%, 07/17/17                   Ba1, BB+        625,000       604,701
  Consumers Energy Co., 4.25%, 04/15/08               Baa1, BBB       265,000       264,999
  Devon Energy Corp., 6.88%, 09/30/11                 Baa1, BBB       965,000     1,053,280
  Duke Energy Corp., 4.20%, 10/01/08                    A2, A         960,000       963,375

The accompanying notes are integral part of the financial statements. 

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                                                                MOODY'S/S&P   PRINCIPAL               
                                                                  RATINGS+     AMOUNT       VALUE     
                                                                -----------  -----------  ------------
                                                                                                      
  Oklahoma Gas & Electric, 6.65%, 07/15/27                       A2, BBB+    $   440,000  $    455,350
  Pacific Gas & Electric, 4.20%, 03/01/11                        A3, BBB+        875,000       878,591
  Southern California Edison Corp., 5.00%, 01/15/16                A2, A         654,000       661,095
  Valero Energy Corp., 4.75%, 04/01/14                           Baa3, BBB     1,095,000     1,101,781
                                                                                          ------------
                                                                                             6,836,882
                                                                                          ------------
 TOTAL CORPORATE BONDS (COST $49,817,091)                                                   50,016,732
                                                                                          ------------
 ASSET-BACKED SECURITIES -- 0.1%                                                                      
  Vanderbilt Mortgage Finance, Ser. 2002-B, 4.70%,                                                    
   10/07/18                                                      Aaa, AAA        156,130       156,024
                                                                                          ------------
  TOTAL ASSET-BACKED SECURITIES (COST $156,130)                                                156,024
                                                                                          ------------

                                                                             PRINCIPAL                
                                                                               AMOUNT        VALUE    
                                                                             -----------  ------------
MORTGAGE-BACKED SECURITIES -- 6.2%                                                                    
  Federal Home Loan Mortgage Corporation Notes, 6.00%, 01/15/29              $ 1,100,000  $  1,134,377
  Federal Home Loan Mortgage Corporation Notes, 6.00%, 04/01/37                  873,333       896,372
  Federal Home Loan Mortgage Corporation Notes, 2751 VT, 6.00%, 09/15/15           7,633         7,798
  Federal Home Loan Mortgage Corporation Notes, Gold, 4.50%, 04/01/20            439,178       437,402
  Federal Home Loan Mortgage Corporation Notes, Gold 15 Yr., 6.00%,                                   
   01/01/13                                                                       46,705        48,330
  Federal Home Loan Mortgage Corporation Notes, PC Gold COMB 30, 6.00%,                               
   09/01/36                                                                      532,054       546,245
  Federal Home Loan Mortgage Corporation Notes, Pool G08097, 6.50%,                                   
   11/01/35                                                                      264,137       274,473
  Federal Home Loan Mortgage Corporation Notes, Pool M80842, 3.50%,                                   
   08/01/10                                                                    1,883,858     1,884,372
  Federal National Mortgage Association Notes, 6.00%, 12/01/27                   960,770       987,782
  Federal National Mortgage Association Notes, 5.00%, 11/25/35                   993,635       955,808
  Federal National Mortgage Association Notes, 15 Yr. Pool 254833, 4.50%,                             
   08/01/18                                                                      195,712       195,609
  Federal National Mortgage Association Notes, 15 Yr. Pool 629603, 5.50%,                             
   02/01/17                                                                      214,625       220,299
  Federal National Mortgage Association Notes, 2005-29 WC, 4.75%, 04/25/35       308,119       306,111
  Federal National Mortgage Association Notes, Pool, 5.00%, 02/01/27             839,552       841,019
  Federal National Mortgage Association Notes, Pool, 6.00%, 06/01/27             457,628       470,494
  Federal National Mortgage Association Notes, Pool, 3.97%, 05/01/33++           241,899       241,210
  Federal National Mortgage Association Notes, Pool, 5.50%, 12/01/35             382,066       386,053
  Federal National Mortgage Association Notes, Pool 688996, 8.00%,                                    
   11/01/24                                                                       58,918        64,059
                                                                                          ------------
 TOTAL MORTGAGE-BACKED SECURITIES (COST $9,729,100)                                          9,897,813
                                                                                          ------------
U.S. AGENCY OBLIGATIONS -- 39.1%                                                                      
 FEDERAL HOME LOAN BANKS NOTES -- 14.6%                                                               
  Federal Home Loan Banks Notes, 2.44%, 03/09/09                                 263,000       263,397
  Federal Home Loan Banks Notes, 4.75%, 04/24/09                               9,000,000     9,233,550
  Federal Home Loan Banks Notes, 4.38%, 03/17/10                               1,225,000     1,275,175
  Federal Home Loan Banks Notes, 4.88%, 11/18/11                               6,195,000     6,624,301
  Federal Home Loan Banks Notes, 4.50%, 09/16/13                               1,200,000     1,263,022
  Federal Home Loan Banks Notes, 5.50%, 08/13/14                               2,000,000     2,212,010
  Federal Home Loan Banks Notes, 4.88%, 05/17/17                               2,250,000     2,390,283
                                                                                          ------------
                                                                                            23,261,738
                                                                                          ------------
 FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 10.8%                                                
  Federal Home Loan Mortgage Corporation Notes, 5.13%, 10/15/08                1,625,000     1,650,265
  Federal Home Loan Mortgage Corporation Notes, 4.25%, 07/15/09                  875,000       896,924
  Federal Home Loan Mortgage Corporation Notes, 6.63%, 09/15/09                1,400,000     1,486,981
  Federal Home Loan Mortgage Corporation Notes, 6.88%, 09/15/10                3,300,000     3,642,141
  Federal Home Loan Mortgage Corporation Notes, 5.50%, 09/15/11                  615,000       669,356
  Federal Home Loan Mortgage Corporation Notes, 4.38%, 07/17/15                1,315,000     1,360,479
  Federal Home Loan Mortgage Corporation Notes, 5.25%, 04/18/16                6,500,000     7,061,463

The accompanying notes are integral part of the financial statements. 

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                                                                MOODY'S/S&P           PRINCIPAL                          
                                                                  RATINGS+             AMOUNT               VALUE        
                                                                -----------          -----------          ------------   
                                                                                                                         
  Federal Home Loan Mortgage Corporation Notes,                                                                          
   5.00%, 11/01/33                                                                   $   493,154          $    489,731   
                                                                                                          ------------   
                                                                                                            17,257,340   
                                                                                                          ------------   
 FEDERAL NATIONAL MORTGAGE ASSOCIATION NOTES -- 13.7%                                                                    
  Federal National Mortgage Association Notes, 6.63%, 09/15/09                         2,190,000             2,326,063   
  Federal National Mortgage Association Notes, 4.75%, 03/12/10                         2,795,000             2,924,811   
  Federal National Mortgage Association Notes, 6.63%, 11/15/10                         3,300,000             3,639,953   
  Federal National Mortgage Association Notes, 5.50%, 03/15/11                         2,405,000             2,587,818   
  Federal National Mortgage Association Notes, 4.63%, 10/15/13                         1,515,000             1,606,262   
  Federal National Mortgage Association Notes, 4.13%, 04/15/14                         4,985,000             5,151,145   
  Federal National Mortgage Association Notes, 5.00%, 05/11/17                         3,500,000             3,739,456   
                                                                                                          ------------   
                                                                                                            21,975,508   
                                                                                                          ------------   
 TOTAL U.S. AGENCY OBLIGATIONS (COST $59,014,937)                                                           62,494,586   
                                                                                                          ------------   
U.S. TREASURY OBLIGATIONS -- 16.0%                                                                                       
  U.S. Treasury Notes, 4.25%, 10/15/10                                                   875,000               931,875   
  U.S. Treasury Notes, 4.75%, 03/31/11                                                 3,280,000             3,558,800   
  U.S. Treasury Notes, 5.00%, 08/15/11                                                 1,905,000             2,095,352   
  U.S. Treasury Notes, 4.50%, 09/30/11                                                 2,000,000             2,167,500   
  U.S. Treasury Notes, 4.88%, 02/15/12                                                 1,770,000             1,952,393   
  U.S. Treasury Notes, 4.25%, 11/15/13(1)                                                985,000             1,074,881   
  U.S. Treasury Notes, 4.25%, 11/15/14(1)                                              1,300,000             1,421,469   
  U.S. Treasury Notes, 4.13%, 05/15/15                                                 7,920,000             8,561,647   
  U.S. Treasury Notes, 4.50%, 02/15/16(1)                                              2,000,000             2,201,562   
  U.S. Treasury Notes, 4.75%, 08/15/17                                                 1,500,000             1,659,609   
                                                                                                          ------------   
                                                                                                            25,625,088   
                                                                                                          ------------   
TOTAL U.S. TREASURY OBLIGATIONS (COST $23,819,626)                                                          25,625,088   
                                                                                                          ------------   
COMMERCIAL PAPER -- 7.2%                                                                                                 
  American Express Corp., 2.25%, 04/01/08                        P-1, A-1+             8,000,000             8,000,000   
  GE Capital Corp., 2.20%, 04/01/08                              P-1, A-1+             3,569,065             3,569,065   
                                                                                                          ------------   
  TOTAL COMMERCIAL PAPER (COST $11,569,065)                                                                 11,569,065   
                                                                                                          ------------   

 SHORT-TERM INVESTMENT HELD AS COLLATERAL                                                                                
  FOR LOANED SECURITIES -- 1.3%                                                                                          
                                                                                       SHARES                            
                                                                                     -----------                         
   Institutional Money Market Trust (Cost $2,044,000)                                  2,044,000             2,044,000   
                                                                                                          ------------   
 TOTAL INVESTMENTS -- 101.2% (Cost $156,149,949)(3)                                                       $161,803,308(2)
 LIABILITIES IN EXCESS OF OTHER ASSETS -- (1.2)%                                                            (1,874,535)  
                                                                                                          ------------   
 NET ASSETS -- 100.0%                                                                                     $159,928,773   
                                                                                                          ============   

<FN>                                                                                                                     
+    The ratings shown are unaudited.                                                                                    
++   Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes are instruments whose rates change        
     periodically. The rates shown are the interest rates as of March 31, 2008.                                          
@    Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration under  
     Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other        
     "accredited investors". Unless otherwise indicated security is considered liquid.                                   
(1)  Security partially or fully on loan.                                                                                
(2)  At March 31, 2008 the market value of securities on loan for the Short/Intermediate Bond Fund was $2,017,974.       
(3)  The cost for Federal income tax purposes is $156,149,949. At March 31, 2008 net unrealized appreciation was         
     $5,653,359. This consisted of aggregate gross unrealized appreciation for all securities for which there was an     
     excess of market value over tax cost of $6,652,840, and aggregate gross unrealized depreciation for all securities  
     for which there was an excess of tax cost over market value of $999,481.                                            
</FN>                                                                                                                    

The accompanying notes are integral part of the financial statements. 

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(Showing Percentage of Net Assets)                                          
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                                                     MOODY'S/S&P   PRINCIPAL               
                                                       RATINGS+     AMOUNT       VALUE     
                                                     -----------  -----------  ------------
                                                                                           
CORPORATE BONDS -- 46.4%                                                                   
 FINANCIALS -- 18.6%                                                                       
  AIG Sunamerica Global Financing 144A, 5.85%,                                             
   08/01/08@                                          Aa2, AA+    $   900,000  $    904,297
  Bank of America Corp., 7.80%, 02/15/10               Aa2, AA        350,000       374,149
  Bank One Corp., 8.00%, 04/29/27                      Aa3, A+        425,000       479,999
  Capital One Corp., 6.70%, 05/15/08                   A2, A-         750,000       750,346
  CIT Group, Inc., 7.63%, 11/30/12                     A3, A-         900,000       748,021
  Citigroup, Inc., 5.63%, 08/27/12                    Aa3, AA-        800,000       792,079
  First Union Corp., 7.57%, 08/01/26                   A1, A+         591,000       673,280
  General Electric Capital Corp., 4.88%, 10/21/10     Aaa, AAA        900,000       935,332
  Goldman Sachs Group, Inc., 6.65%, 05/15/09          Aa3, AA-      2,125,000     2,180,951
  Lehman Brothers Holdings, Inc., 4.25%, 01/27/10      A1, A+         595,000       573,992
  Lehman Brothers Holdings, Inc., 4.50%, 07/26/10      A1, A+         500,000       478,221
  MBNA America, 4.63%, 08/03/09                       Aaa, AA+        900,000       911,877
  Morgan Stanley, 4.75%, 04/01/14                      A1, A+       1,000,000       928,282
  SLM Corp., 4.50%, 07/26/10                         Baa2, BBB-       300,000       246,156
  Swiss Bank Corp., 7.38%, 06/15/17                   Aa1, AA-      1,400,000     1,575,980
                                                                               ------------

                                                                                 12,552,962
                                                                               ------------
 INDUSTRIALS -- 13.6%                                                                      
  Alcoa, Inc., 5.72%, 02/23/19                        A2, BBB+        550,000       538,206
  CSX Corp., 7.90%, 05/01/17                         Baa3, BBB-     1,414,000     1,565,408
  DaimlerChrysler NA Holding Corp., 4.05%, 06/04/08   A3, BBB+        600,000       600,221
  Donnelley (R.R.) & Sons, 3.75%, 04/01/09           Baa2, BBB+       800,000       792,041
  Ford Motor Credit Co., 7.88%, 06/15/10                B1, B         400,000       348,775
  General Electric Co., 5.00%, 02/01/13               Aaa, AAA        700,000       725,076
  Ingersoll-Rand, 6.02%, 02/15/28                     A3, BBB+        900,000       975,582
  Kraft Foods, Inc., 4.13%, 11/12/09                 Baa2, BBB+       650,000       651,218
  Kraft Foods, Inc., 5.25%, 10/01/13                 Baa2, BBB+       400,000       399,994
  Merck & Co., Inc., 4.38%, 02/15/13                  Aa3, AA-        325,000       333,620
  Royal Caribbean Cruises, 7.00%, 06/15/13            Ba1, BB+        300,000       280,537
  Time Warner Entertainment, 8.88%, 10/01/12         Baa2, BBB+       300,000       334,562
  Time Warner Entertainment, 8.38%, 03/15/23         Baa2, BBB+       900,000       997,291
  Transocean, Inc., 5.25%, 03/15/13                  Baa2, BBB+       250,000       255,472
  Tyco Electronics Group SA 144A, 6.00%, 10/01/12@    Baa1, BBB       400,000       409,976
                                                                               ------------
                                                                                  9,207,979
                                                                               ------------
 TELECOMMUNICATION SERVICES -- 5.8%                                                        
  AT&T Broadband Corp., 8.38%, 03/15/13              Baa2, BBB+       896,000       995,305
  Embarq Corp., 6.74%, 06/01/13                      Baa3, BBB-       450,000       435,150
  Sprint Capital Corp., 6.13%, 11/15/08               Baa3, BBB     1,000,000       992,500
  Verizon Global Funding Corp., 7.25%, 12/01/10         A3, A       1,400,000     1,503,566
                                                                               ------------
                                                                                  3,926,521
                                                                               ------------
 UTILITIES -- 8.4%                                                                         
  CMS Energy Corp., 6.55%, 07/17/17                   Ba1, BB+        300,000       290,257
  Devon Energy Corp., 6.88%, 09/30/11                 Baa1, BBB       200,000       218,296
  Duke Energy Corp., 4.20%, 10/01/08                    A2, A         610,000       612,144
  Marathon Oil Corp., 6.80%, 03/15/32                Baa1, BBB+     1,700,000     1,786,962
  Nevada Power Co., 8.25%, 06/01/11                   Baa3, BB+     1,000,000     1,079,645
  Oklahoma Gas & Electric, 6.65%, 07/15/27            A2, BBB+        565,000       584,711
  Pacific Gas & Electric, 4.20%, 03/01/11             A3, BBB+        450,000       451,847

The accompanying notes are integral part of the financial statements. 

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                                                                MOODY'S/S&P   PRINCIPAL               
                                                                  RATINGS+     AMOUNT       VALUE     
                                                                -----------  -----------  ------------
                                                                                                      
  Valero Energy Corp., 4.75%, 04/01/14                           Baa3, BBB   $   635,000  $    638,932
                                                                                          ------------
                                                                                             5,662,794
                                                                                          ------------
 TOTAL CORPORATE BONDS (COST $30,911,594)                                                   31,350,256
                                                                                          ------------
 ASSET-BACKED SECURITIES -- 0.1%                                                                      
  Vanderbilt Mortgage Finance, Ser. 2002-B, 4.70%,                                                    
   10/07/18                                                      Aaa, AAA         78,065        78,012
                                                                                          ------------
 TOTAL ASSET-BACKED SECURITIES (COST $78,065)                                                   78,012
                                                                                          ------------
 MORTGAGE-BACKED SECURITIES -- 6.3%                                                                   
  Federal Home Loan Mortgage Corporation Notes, 6.00%, 01/15/29                  700,000       721,877
  Federal Home Loan Mortgage Corporation Notes, 7 Yr. Balloon, 4.50%,                                 
   11/01/10                                                                      392,741       399,802
  Federal Home Loan Mortgage Corporation Notes, Gold 15 Yr., 6.00%,                                   
   01/01/13                                                                       28,218        29,199
  Federal Home Loan Mortgage Corporation Notes, PC Gold COMB 30, 6.00%,                               
   09/01/36                                                                      304,031       312,140
  Federal Home Loan Mortgage Corporation Notes, Pool G08097, 6.50%,                                   
   11/01/35                                                                      163,223       169,611
  Federal Home Loan Mortgage Corporation Notes, Pool M80842, 3.50%,                                   
   08/01/10                                                                      164,609       164,654
  Federal National Mortgage Association Notes, 6.50%, 11/01/36                   383,209       397,239
  Federal National Mortgage Association Notes, 15 Yr. Pool 254833, 4.50%,                             
   08/01/18                                                                      146,784       146,706
  Federal National Mortgage Association Notes, 15 Yr. Pool 629603, 5.50%,                             
   02/01/17                                                                      128,775       132,180
  Federal National Mortgage Association Notes, 2005-29 WC, 4.75%, 04/25/35       142,209       141,282
  Federal National Mortgage Association Notes, Pool, 5.00%, 02/01/27             419,776       420,509
  Federal National Mortgage Association Notes, Pool, 6.00%, 06/01/27             366,102       376,395
  Federal National Mortgage Association Notes, Pool, 5.50%, 12/01/35             379,033       382,989
  Federal National Mortgage Association Notes, Pool 838891, 6.00%,                                    
   07/01/35                                                                      464,481       476,655
                                                                                          ------------
 TOTAL MORTGAGE-BACKED SECURITIES (COST $4,188,249)                                          4,271,238
                                                                                          ------------
U.S. TREASURY OBLIGATIONS -- 19.9%                                                                    
 U.S. TREASURY BONDS -- 9.9%                                                                          
  U.S. Treasury Bonds, 7.50%, 11/15/16                                           300,000       391,875
  U.S. Treasury Bonds, 8.88%, 02/15/19                                         1,130,000     1,642,737
  U.S. Treasury Bonds, 7.13%, 02/15/23                                           525,000       695,666
  U.S. Treasury Bonds, 6.00%, 02/15/26                                           800,000       969,000
  U.S. Treasury Bonds, 6.38%, 08/15/27                                           450,000       572,625
  U.S. Treasury Bonds, 5.25%, 02/15/29                                           925,000     1,042,576
  U.S. Treasury Bonds, 6.25%, 05/15/30                                           500,000       639,141
  U.S. Treasury Bonds, 5.38%, 02/15/31                                           630,000       728,634
                                                                                          ------------
                                                                                             6,682,254
                                                                                          ------------
 U.S. TREASURY NOTES -- 10.0%                                                                         
  U.S. Treasury Notes, 4.75%, 03/31/11                                           750,000       813,750
  U.S. Treasury Notes, 5.00%, 08/15/11                                           175,000       192,486
  U.S. Treasury Notes, 4.88%, 02/15/12                                         1,615,000     1,781,421
  U.S. Treasury Notes, 4.25%, 11/15/13(1)                                        300,000       327,375
  U.S. Treasury Notes, 4.25%, 11/15/14(1)                                        800,000       874,750
  U.S. Treasury Notes, 4.13%, 05/15/15                                         1,270,000     1,372,890
  U.S. Treasury Notes, 4.50%, 02/15/16                                           500,000       550,391
  U.S. Treasury Notes, 4.75%, 08/15/17                                           800,000       885,125
                                                                                          ------------
                                                                                             6,798,188
                                                                                          ------------
 TOTAL U.S. TREASURY OBLIGATIONS (COST $11,906,894)                                         13,480,442
                                                                                          ------------

U.S. AGENCY OBLIGATIONS -- 21.2%                                                                      
 FEDERAL HOME LOAN BANKS NOTES -- 7.8%                                                                
  Federal Home Loan Banks Notes, 4.75%, 04/24/09                               1,100,000     1,128,545
  Federal Home Loan Banks Notes, 4.88%, 11/18/11                                 600,000       641,579

The accompanying notes are integral part of the financial statements. 

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                                                                MOODY'S/S&P           PRINCIPAL                          
                                                                  RATINGS+             AMOUNT               VALUE        
                                                                -----------          -----------          ------------   
                                                                                                                         
  Federal Home Loan Banks Notes, 5.75%, 05/15/12                                     $ 1,185,000          $  1,307,674   
  Federal Home Loan Banks Notes, 4.50%, 11/15/12                                         400,000               422,023   
  Federal Home Loan Banks Notes, 4.50%, 09/16/13                                         300,000               315,755   
  Federal Home Loan Banks Notes, 5.25%, 06/18/14                                         800,000               873,294   
  Federal Home Loan Banks Notes, 5.50%, 08/13/14                                         500,000               553,002   
                                                                                                          ------------   
                                                                                                             5,241,872   
                                                                                                          ------------   
 FEDERAL HOME LOAN MORTGAGE CORPORATION NOTES -- 5.3%                                                                    
  Federal Home Loan Mortgage Corporation Notes, 4.38%, 07/17/08                          500,000               517,293   
  Federal Home Loan Mortgage Corporation Notes, 4.25%, 07/15/09                          500,000               512,528   
  Federal Home Loan Mortgage Corporation Notes, 6.88%, 09/15/10                        1,000,000             1,103,679   
  Federal Home Loan Mortgage Corporation Notes, 5.25%, 04/18/16                          900,000               977,741   
  Federal Home Loan Mortgage Corporation Notes, 5.00%, 11/01/33                          493,154               489,731   
                                                                                                          ------------   
                                                                                                             3,600,972   
                                                                                                          ------------   
 FEDERAL NATIONAL MORTGAGE ASSOCIATION NOTES -- 8.1%                                                                     
  Federal National Mortgage Association Notes, 6.63%, 09/15/09                         1,000,000             1,062,129   
  Federal National Mortgage Association Notes, 4.75%, 03/12/10                         1,495,000             1,564,434   
  Federal National Mortgage Association Notes, 6.63%, 11/15/10                         1,000,000             1,103,016   
  Federal National Mortgage Association Notes, 5.00%, 05/11/17                         1,000,000             1,068,416   
  Federal National Mortgage Association Notes, 6.25%, 05/15/29                           585,000               689,664   
                                                                                                          ------------   
                                                                                                             5,487,659   
                                                                                                          ------------   
 TOTAL U.S. AGENCY OBLIGATIONS (COST $13,516,782)                                                           14,330,503   
                                                                                                          ------------   

 COMMERCIAL PAPER -- 4.0%                                                                                                
  American Express Corp., 2.25%, 04/01/08                        P-1, A-1+             2,693,364             2,693,364   
                                                                                                          ------------   
 TOTAL COMMERCIAL PAPER (COST $2,693,364)                                                                    2,693,364   
                                                                                                          ------------   

                                                                                        SHARES               VALUE       
                                                                                     -----------          ------------   
PREFERRED STOCK -- 0.4%                                                                                                  
 FINANCIALS -- 0.4%                                                                                                      
  Wachovia Capital Trust IX, 6.375%                                                       12,000               256,080   
                                                                                                          ------------   
 TOTAL PREFERRED STOCK (COST $300,000)                                                                         256,080   
                                                                                                          ------------   

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES -- 1.8%                                                   
   Institutional Money Market Trust (Cost $1,236,375)                                  1,236,375             1,236,375   
                                                                                                          ------------   

 TOTAL INVESTMENTS -- 100.1% (Cost $64,831,323)(2)                                                        $ 67,696,270(3)
 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1)%                                                               (77,653)  
                                                                                                          ------------   
 NET ASSETS -- 100.0%                                                                                     $ 67,618,617   
                                                                                                          ============   

<FN>                                                                                                                     
+    The ratings shown are unaudited.                                                                                    
@    Security sold within the terms of a private placement memorandum, restricted and/or exempt from registration        
     under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or        
     other "accredited investors". Unless otherwise indicated security is considered liquid.                             
(1)  Security partially or fully on loan.                                                                                
(2)  The cost for Federal income tax purposes is $64,835,764. At March 31, 2008 net unrealized appreciation was          
     $2,860,506. This consisted of aggregate gross unrealized appreciation for all securities for which there was an     
     excess of market value over tax cost of $3,413,032, and aggregate gross unrealized depreciation for all             
     securities for which there was an excess of tax cost over market value of $552,526.                                 
(3)  At March 31, 2008, the market value of securities on loan for the Broad Market Bond Fund was $1,220,157.            
</FN>                                                                                                                    

The accompanying notes are integral part of the financial statements. 

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                                                      MOODY'S/S&P   PRINCIPAL               
                                                        RATINGS+      AMOUNT       VALUE    
                                                      -----------  -----------  ------------
                                                                                            
MUNICIPAL BONDS -- 100.8%                                                                   
 ALABAMA -- 8.8%                                                                            
  Alabama 21st Century Auth. Tobacco Settlement                                             
   Rev. Bonds, 5.10%, 12/01/09                         Baa1, A-    $   500,000  $    509,615
  Alabama 21st Century Auth. Tobacco Settlement                                             
   Rev. Bonds, 5.75%, 12/01/17                         Baa1, A-        465,000       483,544
  Alabama Housing Fin. Auth. Single Family Mtge.                                            
   Rev. Bonds, Ser. A-1, 5.00%, 10/01/14                Aaa, NR        125,000       125,035
  Alabama State Brd. of Edu. Calhoun Community                                              
   College Rev. Bonds, (AMBAC), 5.00%, 05/01/15         Aaa, NR        500,000       534,845
  Alabama Water Poll. Cntrl. Auth. Rev. Bonds,                                              
   Ser. B, (AMBAC), 4.50%, 08/15/10                    Aaa, AAA        250,000       253,383
  Birmingham, AL Apartment Auth. Rev. Bond Ref.-                                            
   Amt, (AMBAC), 5.00%, 07/01/12(2)                    Aaa, AAA      2,370,000     2,461,529
  Jefferson County, AL Sewer Rev. Bonds, (FSA),                                             
   5.25%, 02/01/11                                     Aaa, AAA        250,000       249,720
  Mobile, AL Industrial Development Board VRDB,                                             
   4.75%, 06/01/34*                                      A2, A         500,000       505,205
  Mobile, AL Industrial Development Board VRDB,                                             
   5.00%, 06/01/34*                                      A2, A       5,000,000     5,088,100
  Trussville, AL Gen. Oblig. Ltd. Bonds, (MBIA),                                            
   4.60%, 10/01/13                                      Aaa, NR        165,000       172,628
  Univ. of Alabama at Birmingham Hospital Rev.                                              
   Bonds, Ser. A, 5.00%, 09/01/15                       A1, A+         500,000       523,610
                                                                                ------------
                                                                                  10,907,214
                                                                                ------------
 ARIZONA -- 2.1%                                                                            
  Greenlee County, AZ School Dist. Gen. Oblig.                                              
   Unltd. Bonds, 5.00%, 07/01/09                       Baa3, NR        175,000       178,654
  Greenlee County, AZ School Dist. Gen. Oblig.                                              
   Unltd. Bonds, 5.00%, 07/01/10                       Baa3, NR        150,000       156,292
  Greenlee County, AZ School Dist. Gen. Oblig.                                              
   Unltd. Bonds, 5.00%, 07/01/13                       Baa3, NR        200,000       211,498
  Salt River Proj., AZ Agric. Imp. & Power Dist.                                            
   Rev. Bonds, Ser. A, 5.25%, 01/01/20                  Aa1, AA      1,000,000     1,053,770
  Tucson, AZ Certificate Participation Bonds,                                               
   Public Improvements, Ser. A, (MBIA), 5.00%,                                              
   07/01/21                                            Aaa, AAA      1,000,000     1,048,800
                                                                                ------------
                                                                                   2,649,014
                                                                                ------------
 CALIFORNIA -- 10.2%                                                                        
  ABAG Fin. Auth. for Nonprofit Coros, California                                           
   Rev. Bonds (Windemere Ranch Financing Prog.),                                            
   Ser. A, (CIFG), 5.00%, 09/02/20                      A1, A+       1,340,000     1,353,976
  ABAG Fin. Auth. for Nonprofit Coros, California                                           
   Rev. Bonds (Windemere Ranch Financing Prog.),                                            
   Ser. A, (CIFG), 5.00%, 09/02/21                      A1, A+       3,660,000     3,668,015
  California Infrastructure & Economic Dev. Rev.                                            
   Bonds, 5.00%, 10/01/18                               Aa2, AA        365,000       388,053
  California State Public Works Brd. Ref. Rev.                                              
   Bonds,  Ser. D, (MBIA), 5.25%, 10/01/11             Aaa, AAA        150,000       162,412
  California State School Imps. Ref. Gen. Oblig.                                            
   Bonds, 5.25%, 02/01/14                               A1, A+         585,000       630,507
  Compton, CA Certificate Participation Ref.                                                
   Bonds, Ser. A, (Civic Center & Cap. Imp.),                                               
   5.50%, 09/01/15                                      NR, A-         535,000       546,235
  Glendale, CA Univ. School Dist. Gen. Oblig.                                               
   Bonds, Ser. C, (FSA), 5.50%, 09/01/15               Aaa, AAA        125,000       130,269
  Lancaster, CA Redev. Agency Tax Allocation Ref.                                           
   Bonds, (XCLA), 5.25%, 12/01/20                        A3, A         400,000       415,676
  Los Angeles, CA Community Schools Dist. Ref.                                              
   Ser. A, 5.00%, 07/01/19                             Aa3, AA-      2,000,000     2,118,140
  Palm Desert, CA Fin. Auth. (MBIA), 5.00%, 04/01/25   Aaa, AAA        500,000       503,930

The accompanying notes are integral part of the financial statements. 

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                                                   MOODY'S/S&P   PRINCIPAL               
                                                     RATINGS+      AMOUNT       VALUE    
                                                   -----------  -----------  ------------
                                                                                         
 Redwood City, CA Elementary School Dist. Gen.                                           
  Oblig. Bonds, (FGIC), 5.50%, 08/01/14             Baa3, A+    $   125,000  $    139,978
 San Francisco, CA City & County International                                           
  Airport Rev. Bonds (AMBAC), 5.25%, 01/01/19(2)    Aaa, AAA      1,540,000     1,557,002
 Tulare County, CA Ctfs. Participation Ref.                                              
  Bonds, (MBIA), 5.00%, 08/15/10                     Aaa, NR         50,000        52,937
 Univ. of CA Rev. Bonds, Ser. H (MBIA), 5.00%,                                           
  05/15/18                                          Aaa, AAA        490,000       517,847
 Visalia, CA Cert. Participation Ref. Bonds                                              
  (MBIA), 5.00%, 12/01/18                           Aaa, AAA        500,000       524,045
                                                                             ------------
                                                                               12,709,022
                                                                             ------------
COLORADO -- 5.9%                                                                         
 Colorado Health Fac. Auth. Rev. Bonds (Catholic                                         
  Health Initiatives), 5.38%, 09/01/10               Aa2, AA        500,000       531,970
 Colorado Springs, CO Utilities Rev. Ref. Bond,                                          
  Sys. Sub Lien, Ser. A, 5.25%, 11/15/09             Aa2, AA        270,000       282,649
 Colorado Springs, CO Utilities Rev. Ref. Bond,                                          
  Sys. Sub Lien, Ser. A (AMBAC), 5.38%, 11/15/19    Aaa, AAA      2,000,000     2,124,320
 Denver, CO Convention Center Hotel Auth. Ref.                                           
  Bonds, (XLCA), 5.25%, 12/01/21                     A3, A-       1,000,000     1,006,130
 Denver, CO Convention Center Hotel Auth. Ref.                                           
  Bonds, (XLCA), 5.13%, 12/01/24                     A3, A-       3,065,000     2,950,124
 Denver, CO X Ref. Bonds, (XLCA), 5.00%, 11/15/23    A1, A+         500,000       494,635
                                                                             ------------
                                                                                7,389,828
                                                                             ------------
CONNECTICUT -- 3.4%                                                                      
 Bristol, CT Resource Recovery Rev. Bonds (Solid                                         
  Waste Oper. Committee), (AMBAC), 5.00%,                                                
  07/01/14                                          Aaa, AAA      1,000,000     1,076,210
 Univ. of Connecticut, Rev. Ref. Bonds, Ser. A,                                          
  5.00%, 04/01/20                                    Aa3, AA      3,000,000     3,189,780
                                                                             ------------
                                                                                4,265,990
                                                                             ------------
DELAWARE -- 0.4%                                                                         
 Delaware State Economic Dev. Auth. Ref. Rev.                                            
  Bonds, (Delmarva Power Poll. Cntrl. Proj.),                                            
  Ser. 2001C, (AMBAC), 4.90%, 05/01/26              Aaa, AAA        250,000       258,792
 Delaware State Economic Dev. Auth. Rev. Bonds,                                          
  (Student Housing Univ. Courtyard), (RADIAN),                                           
  5.38%, 08/01/11                                    NR, AA         250,000       261,880
                                                                             ------------
                                                                                  520,672
                                                                             ------------
FLORIDA -- 2.0%                                                                          
 Broward County, FL Resource Recovery Ref. Bonds,                                        
  Wheelabrator South A, 5.38%, 12/01/09              A3, AA         250,000       256,783
 Florida State Board of Educ. Pub. Educ. Gen.                                            
  Oblig. Bond, Ser. 2002A, 5.00%, 06/01/13          Aa1, AAA        575,000       618,407
 Lakeland, FL Energy Sys. Rev. Bonds, (MBIA),                                            
  5.50%, 10/01/14                                   Aaa, AAA        455,000       486,695
 Osceola County, FL School Brd. Cert.                                                    
  Participation Four Corcers Charter School                                              
  Bonds, Ser. A, (MBIA), 5.80%, 08/01/15             Aaa, NR        100,000       108,619
 Reedy Creek, FL Impt. Dist. Utilities Rev.                                              
  Bonds, (MBIA), 5.25%, 10/01/14                    Aaa, AAA        900,000       975,294
                                                                             ------------
                                                                                2,445,798
                                                                             ------------
GEORGIA -- 2.0%                                                                          
 Atlanta, GA Auth. Rev. Bonds (FGIC), 5.88%,                                             
  01/01/16                                           A1, A+       1,370,000     1,429,814
 Clayton County, GA Dev. Auth. Rev. Bonds, Ser.                                          
  A, (MBIA), 5.00%, 08/01/18                        Aaa, AAA        465,000       495,169

The accompanying notes are integral part of the financial statements. 

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                                                  MOODY'S/S&P   PRINCIPAL               
                                                    RATINGS+      AMOUNT       VALUE    
                                                  -----------  -----------  ------------
                                                                                        
 Gwinnett County, GA Dev. Auth. COP's, (Gwinnett                                        
  County Public School Proj.), (MBIA), 5.25%,                                           
  01/01/14                                         Aaa, AAA    $   500,000  $    551,715
                                                                            ------------
                                                                               2,476,698
                                                                            ------------
ILLINOIS -- 1.4%                                                                        
 Chicago IL, Board of Education Ref. - Ded. Revs                                        
  Bonds, Ser B (AMBAC), 5.00%, 12/01/21            Aaa, AAA      1,000,000     1,049,220
 Chicago, IL Water Rev. Sr. Lien Bonds, (AMBAC),                                        
  5.75%, 11/01/11                                  Aaa, AAA        200,000       216,640
 Illinois Educ. Fac. Auth. Rev. Bonds, VRDB                                             
  (Northwestern Univ. Proj.), 5.10%, 11/01/32*     Aaa, AA+        400,000       433,944
                                                                            ------------
                                                                               1,699,804
                                                                            ------------
INDIANA -- 1.5%                                                                         
 Blackford County Industrial Sch. Bldg. Corp.                                           
  Rev. Ref. Bond, First Mortgage, Ser. 2005A                                            
  (MBIA), 5.00%, 07/15/17                          Aaa, AAA      1,755,000     1,879,728
                                                                            ------------
                                                                               1,879,728
                                                                            ------------
KANSAS -- 0.7%                                                                          
 Butler & Sedgwick County, KS Univ. School Dist.                                        
  Gen. Oblig. Unltd. Bonds, (FSA), 6.00%,                                               
  09/01/14                                         Aaa, AAA        500,000       579,920
 Topeka, KS Gen. Oblig. Bonds (College Hill Pub.                                        
  Improvement) (MBIA), 5.50%, 08/15/14              Aaa, NR        275,000       294,569
                                                                            ------------
                                                                                 874,489
                                                                            ------------
LOUISIANA -- 0.4%                                                                       
 Louisiana State Citizens Prop. Ins. Corp. Rev.                                         
  Bonds, Pub. Imps., Ser. B, (AMBAC), 5.00%,                                            
  06/01/15                                         Aaa, AAA        435,000       454,118
                                                                            ------------
                                                                                 454,118
                                                                            ------------
MASSACHUSETTS -- 2.2%                                                                   
 Lawrence, MA School Imps. Gen Oblig. Bonds                                             
  (AMBAC), 5.00%, 04/01/27                         Aaa, AAA      2,000,000     2,004,680
 Massachusetts State Dev. Fin. Agency Rev. Bond                                         
  (Univ. of MA, Visual & Perfoming Arts Proj.),                                         
  6.00%, 08/01/16                                   A2, NR         310,000       359,718
 Massachusetts State Housing Fin. Agency VRDB                                           
  Rev. Bonds, 4.00%, 12/01/10*(2)                   Aa2, AA         85,000        85,122
 Massachusetts State Special Oblig. Rev. Bonds                                          
  (Federal Highway Grant Ant.), Ser. A, (FSA),                                          
  5.00%, 12/15/12                                   Aaa, NR        275,000       298,303
                                                                            ------------
                                                                               2,747,823
                                                                            ------------
MICHIGAN -- 2.1%                                                                        
 Detroit, MI Water Utility Imps. Rev. Bonds,                                            
  Ser. A, (FSA), 5.00%, 07/01/23                   Aaa, AAA        550,000       566,440
 Fowlerville, MI Community Schools Dist. Gen.                                           
  Oblig. Bonds, (FGIC), 5.00%, 05/01/15            Aa3, AA-        650,000       699,627
 Michigan State Hosp. Fin. Auth. Ref. Bonds,                                            
  5.00%, 07/15/21                                    A2, A       1,400,000     1,375,906
                                                                            ------------
                                                                               2,641,973
                                                                            ------------
MINNESOTA -- 0.6%                                                                       
 St. Paul, MN Housing & Redev. Auth. Health Care                                        
  Fac. Rev. Bonds, 5.00%, 05/15/13                 Baa1, BBB       225,000       227,822
 St. Paul, MN Housing & Redev. Auth. Health Care                                        
  Fac. Rev. Bonds, 5.00%, 05/15/15                 Baa1, BBB       270,000       270,464

The accompanying notes are integral part of the financial statements. 

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                                                   MOODY'S/S&P   PRINCIPAL               
                                                     RATINGS+      AMOUNT       VALUE    
                                                   -----------  -----------  ------------
                                                                                         
 St. Paul, MN Housing & Redev. Auth. Health Care                                         
  Fac. Rev. Bonds, 5.00%, 05/15/16                  Baa1, BBB   $   300,000  $    298,599
                                                                             ------------
                                                                                  796,885
                                                                             ------------
MISSOURI -- 1.3%                                                                         
 Kansas City, MO Special Fac. Rev. Bonds Overhaul                                        
  Base Project, Ser. G, 4.00%, 09/01/10(2)           A2, AA-        540,000       542,700
 Kansas City, MO Special Fac. Rev. Bonds, MCI                                            
  Overhaul Base Proj. Ser. G, 4.00%, 09/01/11(2)     A2, AA-        465,000       464,693
 Truman State Univ., MO Housing Sys. Rev. Bonds                                          
  (AMBAC), 5.00%, 06/01/15                           Aaa, NR        615,000       659,987
                                                                             ------------
                                                                                1,667,380
                                                                             ------------
NEVADA -- 1.2%                                                                           
 Nevada State Gen. Oblig. Unref. Bal. Bonds,                                             
  5.13%, 09/01/10                                   Aa1, AA+         20,000        20,023
 Nevada State Highway Imp. Rev. Bonds (Motor                                             
  Vehicle Fuel Tax), (FGIC), 5.50%, 12/01/11        Aa3, AA+        250,000       273,233
 North Las Vegas, NV Ref. Bonds, 5.00%, 12/01/16     NR, NR         805,000       781,277
 Washoe County, NV Gen. Oblig. Bonds, (Park, Open                                        
  Space & Library), (FGIC), 5.75%, 05/01/14         Aa2, AA-        380,000       408,986
                                                                             ------------
                                                                                1,483,519
                                                                             ------------
NEW HAMPSHIRE -- 0.8%                                                                    
 New Hampshire Business Fin. Auth., (MBIA),                                              
  5.45%, 05/01/21                                   Aaa, AAA      1,000,000     1,006,550
                                                                             ------------
                                                                                1,006,550
                                                                             ------------
NEW JERSEY -- 4.1%                                                                       
 Camden County, NJ Impt. Auth. Cooper Health Sys.                                        
  Oblig. Group A, 5.00%, 02/15/15                   Baa3, BBB     1,090,000     1,092,442
 Camden County, NJ Impt. Auth. Cooper Health Sys.                                        
  Oblig. Group B, 5.00%, 02/15/15                   Baa3, BBB     2,435,000     2,440,454
 Cherry Hill Township, NJ School Dist. Gen.                                              
  Oblig. Bonds (FSA), 5.00%, 02/15/17                Aaa, NR        725,000       780,745
 New Jersey State Educ. Fac. Auth. Ref. Bonds,                                           
  5.00%, 07/01/19                                  Baa2, BBB+       775,000       770,986
                                                                             ------------
                                                                                5,084,627
                                                                             ------------
NEW YORK -- 5.4%                                                                         
 New York City Ind. Dev. Agency Ref. Bonds,                                              
  5.00%, 01/01/13(2)                                A3, BBB+        700,000       733,019
 New York State Dorm. Auth. Personal Income Rev.                                         
  Bonds, Ser. A, 5.00%, 03/15/13                     NR, AAA        500,000       545,675
 New York State Dorm. Auth. School Improv. Rev.                                          
  Bonds, 5.00%, 12/15/24                             NR, AAA      1,000,000     1,032,690
 New York State Environ. Fac. Corp. Rev. Bonds,                                          
  Ser. A, 5.00%, 03/15/13                            NR, AA-        515,000       560,809
 New York State Thruway Auth., NY Highway Improv.                                        
  Rev. Bonds, (AMBAC), 5.00%, 01/01/25              Aaa, AAA      1,000,000     1,016,520
 New York Tobacco Sett. Fund. Corp. Rev. Bonds,                                          
  Ser. A-1, 5.50%, 06/01/14                          A1, AA-        450,000       458,635
 New York, NY Gen. Oblig. Bonds, Ser. E, 5.25%,                                          
  08/01/12                                           Aa3, AA        250,000       268,978
 New York, NY Gen. Oblig. Ref. Bonds, Ser. B,                                            
  5.25%, 08/01/17                                    Aa3, AA         45,000        45,529
 New York, NY Pub. Imps. Gen. Oblig. Bonds, Ser.                                         
  D1, 5.00%, 12/01/21                                Aa3, AA      1,000,000     1,035,590

The accompanying notes are integral part of the financial statements. 

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                                                   MOODY'S/S&P   PRINCIPAL               
                                                     RATINGS+      AMOUNT       VALUE    
                                                   -----------  -----------  ------------
                                                                                         
 Tobacco Settlement Fin. Auth. (FGIC), 5.50%,                                            
  06/01/20                                           A1, AA-    $ 1,000,000  $  1,052,590
                                                                             ------------
                                                                                6,750,035
                                                                             ------------
NORTH CAROLINA -- 3.1%                                                                   
 Charlotte, NC Airport Rev. Bonds, Ser. B (MBIA),                                        
  5.25%, 07/01/11(2)                                Aaa, AAA      1,000,000     1,033,510
 Univ. of NC Sys. Pool Rev., Ser. A (MBIA),                                              
  5.00%, 10/01/23                                   Aaa, AAA      2,725,000     2,808,657
                                                                             ------------
                                                                                3,842,167
                                                                             ------------
OHIO -- 2.8%                                                                             
 Dayton-Montgomery County Port. Auth. Dev. Rev.                                          
  Dayton Regl. Bond, 5.13%, 05/15/22(2)              NR, NR       2,500,000     2,374,550
 Lorain County, OH Hosp. Rev. Bonds, (Catholic                                           
  Healthcare Partners), Ser. A, 5.63%, 10/01/16      A1, AA-        500,000       525,095
 Ohio State Infrastructure Imp. Gen. Oblig.                                              
  Bonds, 5.75%, 02/01/14                            Aa1, AA+        350,000       371,221
 Pickerington, OH Local School Dist. Construction                                        
  & Imp. Gen. Oblig. Bonds, (FGIC), 5.80%,                                               
  12/01/09                                           A1, NR         215,000       222,125
                                                                             ------------
                                                                                3,492,991
                                                                             ------------
OKLAHOMA -- 0.1%                                                                         
 Oklahoma City, OK Gen. Oblig. Bonds, 5.40%,                                             
  07/01/10                                          Aa1, AA+        100,000       106,876
                                                                             ------------
                                                                                  106,876
                                                                             ------------
OREGON -- 0.3%                                                                           
 Portland, OR Urban Renewal & Redev. Ref. Bonds,                                         
  Ser. A, (FGIC), 5.00%, 06/15/17                    A3, NR         320,000       342,307
                                                                             ------------
                                                                                  342,307
                                                                             ------------
PENNSYLVANIA -- 9.6%                                                                     
 Central Bucks School District Ref. Bonds, 5.00%,                                        
  05/15/25                                           Aa2, NR      3,000,000     3,069,210
 Lancaster Cnty, PA Solid Waste Management Auth.                                         
  (Resource Recovery System), Ser. A, (AMBAC),                                           
  5.00%, 12/15/14(2)                                Aaa, AAA        500,000       510,800
 Pennsylvania State Higher Educ. Fac. Auth. Rev.                                         
  Bonds (Philadelphia College of Osteopathic                                             
  Medicine), 5.00%, 12/01/16                          NR, A       1,560,000     1,657,484
 Pennsylvania State Higher Educ. Fac. Auth. Rev.                                         
  Bonds, (Philadelphia College of Osteopathic                                            
  Medicine), 5.00%, 12/01/17                          NR, A         500,000       526,480
 Pennsylvania State Pub. School Bldg. Auth. Rev.                                         
  Bonds, (FGIC), 5.25%, 11/01/15                    Baa3, AA        545,000       587,777
 Pennsylvania State Ref. Gen. Oblig. Bonds,                                              
  5.00%, 03/01/19                                    Aa2, AA      1,000,000     1,074,310
 Philadelphia, PA Airport Rev. Bonds, (FGIC),                                            
  Ser. B, 5.50%, 06/15/18(2)                         A2, A+       1,350,000     1,379,282
 Philadelphia, PA Airport Rev. Bonds, (MBIA),                                            
  Ser. A, 5.00%, 06/15/18(2)                        Aaa, AAA        600,000       606,462
 Philadelphia, PA Auth. For Indl. Dev. Rev.                                              
  Bonds, 4.90%, 05/01/17                            NR, BBB-        290,000       272,351
 Philadelphia, PA Gen. Oblig. Bonds (CIFG),                                              
  5.00%, 08/01/23                                    A1, A+       1,000,000       988,340
 Philadelphia, PA Hosps. & Higher Educ. Facs.                                            
  Auth. Rev. Bonds, 4.25%, 07/01/12                  Aa2, AA        540,000       551,966
 Philadelphia, PA School District Ref. Bonds,                                            
  Ser. A, (AMBAC), 5.00%, 08/01/17                  Aaa, AAA        600,000       630,744

The accompanying notes are integral part of the financial statements. 

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                                                    MOODY'S/S&P   PRINCIPAL               
                                                      RATINGS+      AMOUNT       VALUE    
                                                    -----------  -----------  ------------
                                                                                          
 Pittsburgh, PA Stadium Auth. Lease Rev. Bonds,                                           
  6.50%, 04/01/11                                    Aaa, AAA    $   100,000  $    105,405
                                                                              ------------
                                                                                11,960,611
                                                                              ------------
PUERTO RICO -- 0.3%                                                                       
 The Childrens Trust Fund, Puerto Rico, Tobacco                                           
  Settlement Rev. Bonds, 5.00%, 05/15/09             Baa3, BBB       100,000       101,252
 The Childrens Trust Fund, Puerto Rico, Tobacco                                           
  Settlement Rev. Bonds, 5.75%, 07/01/14              NR, AAA        250,000       268,810
                                                                              ------------
                                                                                   370,062
                                                                              ------------
SOUTH CAROLINA -- 1.3%                                                                    
 South Carolina State Pub. Servicing Auth. Rev.                                           
  Bonds, Ser. D, (FSA), 5.00%, 01/01/20              Aaa, AAA      1,500,000     1,562,175
                                                                              ------------
                                                                                 1,562,175
                                                                              ------------
TENNESSEE -- 0.2%                                                                         
 Memphis, TN Sewer Sys. Ref. Rev. Bonds, 5.25%,                                           
  10/01/13                                            A2, AA         250,000       273,658
                                                                              ------------
                                                                                   273,658
                                                                              ------------
TEXAS -- 20.7%                                                                            
 Cedar Park, TX Utility Sys. Rev. Bonds, (MBIA),                                          
  5.00%, 08/15/18                                    Aaa, AAA        400,000       420,660
 Corpus Christi, TX Utility Sys. Rev. Bonds,                                              
  Ser. A, (AMBAC), 5.00%, 07/15/18                   Aaa, AAA        500,000       530,645
 Dallas-Fort Worth International Airport Fac.                                             
  Improv. Corp Jt Ser A, (FGIC), 6.00%,                                                   
  11/01/28(2)                                         A1, A+       5,000,000     5,004,900
 Georgetown, TX Indpt. School Dist. Gen. Oblig.                                           
  Ref. Bonds, (PSF-GTD), 5.00%, 02/15/17             Aaa, AAA        500,000       532,620
 Harris County, TX Health Fac. Dev. Corp. VRDB                                            
  (Texas Children's Hospital Proj.), Ser. 1999B,                                          
  (MBIA), 3.25%, 10/01/29*                           Aaa, AAA      1,400,000     1,400,000
 Houston, TX Unrefunded Pub. Impt. Ref. Bonds,                                            
  Ser. A, 5.25%, 03/01/13                            Aa3, AA-        100,000       101,977
 Howard County, TX Jr. College District, (AMBAC),                                         
  5.00%, 02/15/26                                    Aaa, AAA      2,810,000     2,856,112
 Katy, TX Indpt. School Dist. Gen. Oblig. Bonds,                                          
  (PSF-GTD), 5.50%, 02/15/15                         Aaa, AAA        500,000       533,360
 Katy, TX Indpt. School Dist. Gen. Oblig. Bonds,                                          
  (PSF-GTD), 5.00%, 02/15/18                         Aaa, AAA      2,645,000     2,863,265
 Mansfield Independent School District Bldg.,                                             
  (PSF-GTD), 5.00%, 02/15/20                         Aaa, AAA      2,820,000     2,983,306
 Mansfield Independent School District Bldg.,                                             
  (PSF-GTD), 5.00%, 02/15/21                         Aaa, AAA      2,055,000     2,156,928
 Northside Texas Independent School District                                              
  Ref.- Sch. Bldg., (PSF-GTD), 5.00%, 08/15/18       Aaa, AAA      1,000,000     1,086,390
 Tarrant County, TX Health Fac. Corp. Hosp. Rev.                                          
  Ref. (Cook Childrens Medical Center) Ser. B,                                            
  (FSA), 5.00%, 12/01/21                             Aaa, AAA      2,000,000     2,109,620
 Texas State Ref. Public Fin. Auth. Gen. Oblig.                                           
  Bonds, Ser. 2001A, 5.50%, 10/01/12                  Aa1, AA        300,000       325,119
 Univ. of Texas Fin. Sys., Ser. E, 5.00%, 08/15/19   Aaa, AAA      2,510,000     2,682,161
 Univ. of Texas Ref. Rev. Bonds, Ser. 1992A,                                              
  6.25%, 07/01/13                                    Aaa, AAA         60,000        66,769
 Univ. of Texas Ref. Rev. Bonds, Ser. 1992A,                                              
  6.25%, 07/01/13                                    Aaa, AAA         75,000        83,879

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- FIXED INCOME FUNDS | Municipal Bond Fund                    
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                    MOODY'S/S&P   PRINCIPAL                
                                                      RATINGS+      AMOUNT       VALUE     
                                                    -----------  -----------  ------------ 
                                                                                           
 Univ. of Texas Ref. Rev. Bonds, Ser. 1992A,                                               
  6.25%, 07/01/13                                    Aaa, AAA    $    85,000  $     96,965 
                                                                              ------------ 

                                                                                25,834,676 
                                                                              ------------ 
UTAH -- 0.4%                                                                               
 Salt Lake County, UT Sales Tax Rev. Bonds,                                                
  5.00%, 08/01/17                                     NR, AAA        500,000       540,030 
                                                                              ------------ 
                                                                                   540,030 
                                                                              ------------ 
WASHINGTON -- 5.1%                                                                         
 Seattle, WA Muni. Light & Power Ref. Rev. Bonds,                                          
  (FSA), 5.00%, 07/01/10                             Aaa, AAA        350,000       357,546 
 Washington Health Care Fac. Auth., (RADIAN),                                              
  5.00%, 12/01/25                                     Aa3, AA      1,000,000       946,510 
 Washington State Econ. Dev. Fin. Auth. Lease                                              
  Rev. Washington Biomedical RESH PPTYS II,                                                
  (MBIA), 5.00%, 06/01/23                            Aaa, AAA      3,240,000     3,291,872 
 Washington State Public Power Supply Sys.                                                 
  Nuclear Proj. No. 1 Rev. Bonds, 5.75%, 07/01/09    Aaa, AA-        320,000       333,898 
 Washington State Public Power Supply Sys.                                                 
  Nuclear Proj. No. 2 Rev. Bonds, 5.75%, 07/01/09    Aaa, AA-        200,000       208,686 
 Washington State Var. Purp. Gen. Oblig. Unltd.                                            
  Bonds, Ser. R-03-A, (MBIA), 5.00%, 01/01/14        Aaa, AAA        890,000       943,480 
 Washington Tobacco Settlement Mgmt. Auth. Rev.                                            
  Bonds, 5.00%, 06/01/08                             Baa2, BBB       300,000       300,633 
                                                                              ------------ 
                                                                                 6,382,625 
                                                                              ------------ 
WEST VIRGINIA -- 0.2%                                                                      
 West Virginia State Bldg. Ref. Rev. Bonds,                                                
  Ser. A, (AMBAC), 5.38%, 07/01/18                   Aaa, AAA        250,000       275,550 
                                                                              ------------ 
WISCONSIN -- 0.2%                                                                          
 Wisconsin State Trans. Rev. Ref. Bonds, Ser.1,                                            
  (AMBAC), 5.75%, 07/01/14                           Aaa, AAA         70,000        78,236 
 Wisconsin State Trans. Rev. Ref. Bonds, Ser.1,                                            
  (AMBAC), 5.75%, 07/01/14                           Aaa, AAA        105,000       115,193 
                                                                              ------------ 
                                                                                   193,429 
                                                                              ------------ 
TOTAL MUNICIPAL BONDS (COST $125,528,313)                                      125,628,324 
                                                                              ------------ 

                                                                   SHARES                  
                                                                 -----------               
SHORT-TERM INVESTMENTS -- 0.3%                                                             
 BlackRock Liquidity Funds MuniCash                                                        
  Portfolio - Institutional Series                                   185,238       185,238 
 BlackRock Liquidity Funds MuniFund                                                        
  Portfolio - Institutional Series                                   185,238       185,238 
                                                                              ------------ 
 TOTAL SHORT-TERM INVESTMENTS (COST $370,476)                                      370,476 
                                                                              ------------ 
TOTAL INVESTMENTS -- 101.1% (Cost $125,898,789)(1)                            $125,998,800 
LIABILITIES IN EXCESS OF OTHER ASSETS -- (1.1)%                                 (1,418,179)
                                                                              ------------ 
NET ASSETS -- 100.0%                                                          $124,580,621 
                                                                              ============ 

+    Although certain securities are not rated (NR) by either Moody's or S&P,   
   they have been determined to be of comparable quality to investment grade
securities by the investment adviser. The ratings shown are unaudited.
*    Denotes a Variable or Floating Rate Note. Variable or Floating Rate Notes  
  are instruments whose rates change periodically. The rates shown are the
interest rates as of March 31, 2008.                                  
(1)  The cost for federal income tax purposes is $125,898,789. At March 31, 2008
     net unrealized appreciation was $100,011. This consisted of aggregate gross
     unrealized appreciation for all securities for which there was an excess of
  market value over tax cost of $1,286,813, and aggregate gross unrealized
   depreciation for all securities for which there was an excess of tax cost
over market value of $1,186,802.                                      
(2)  Security is subject to the Alternative Minimum Tax.                        
AMBAC -- Credit rating enhanced by guaranty or insurance from AMBAC Indemnity   
Corp.                                                         
CIFG  -- Credit rating enhanced by guaranty or insurance from CIFG.             
FGIC  -- Credit rating enhanced by guaranty or insurance from Financial Guaranty
Insurance Corp.                                               

The accompanying notes are integral part of the financial statements. 

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FSA     -- Credit rating enhanced by guaranty or insurance from Financial       
Security                                                  
Assurance.                                                
LOC     -- Letter of Credit                                                     
MBIA    -- Credit rating enhanced by guaranty or insurance from MBIA Inc.       
PSF-GTD -- Public School Fund Guarantee                                         
RADIAN  -- Credit rating enhanced by guaranty or insurance from Radian Asset    
Assuarance, Inc.                                          
VRDB    -- Variable Rate Demand Bonds                                           
XLCA    -- Credit rating enhanced by guaranty or insurance from XL Capital      
Assurance.                                                

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- EQUITY FUNDS | Large-Cap Core Fund                          
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ------       -----------
COMMON STOCK -- 94.6%                                                           
CONSUMER DISCRETIONARY -- 7.8%                                              
DISTRIBUTORS -- 1.0%                                                      
Genuine Parts Co.                                  6,300       $   253,386
                                                               -----------
HOTELS, RESTAURANTS & LEISURE -- 3.9%                                     
Carnival Corp.                                     5,200           210,496
International Game Technology                      8,500           341,785
Las Vegas Sands Corp.*                             1,500           110,460
McDonald's Corp.                                   7,100           395,967
Starbucks Corp.*                                     200             3,500
                                                               -----------
                                                                 1,062,208
                                                               -----------
HOUSEHOLD DURABLES -- 2.2%                                                
NVR, Inc.*(1)                                        200           119,500
Snap-On, Inc.                                      9,200           467,820
                                                               -----------
                                                                   587,320
                                                               -----------
MEDIA -- 0.7%                                                             
Central European Media Enterprises,                                       
  Ltd. - Class A*                                  1,500           127,845
The Washington Post Co. - Class B                    100            66,150
                                                               -----------
                                                                   193,995
                                                               -----------
TOTAL CONSUMER DISCRETIONARY                                      2,096,909 
                                                               -----------
CONSUMER STAPLES -- 8.7%                                                    
BEVERAGES -- 0.5%                                                         
Hansen Natural Corp.*                              1,300            45,890
The Coca-Cola Co.                                  1,500            91,305
                                                               -----------
                                                                   137,195
                                                               -----------
FOOD PRODUCTS -- 3.4%                                                     
Archer-Daniels-Midland Co.                        12,800           526,848
Kellogg Co.                                        4,700           247,032
Kraft Foods, Inc. - Class A                        4,428           137,312
                                                               -----------
                                                                   911,192
                                                               -----------
HOUSEHOLD PRODUCTS -- 2.7%                                                
Church & Dwight Co., Inc.                          3,400           184,416
Kimberly-Clark Corp.                               8,400           542,220
                                                               -----------
                                                                   726,636
                                                               -----------
PERSONAL PRODUCTS -- 0.4%                                                 
Alberto-Culver Co.                                 4,500           123,345
                                                               -----------
TOBACCO -- 1.7%                                                           
Altria Group, Inc.                                 6,400           142,080
Philip Morris International, Inc.*                 6,400           323,712
                                                               -----------
                                                                   465,792
                                                               -----------
TOTAL CONSUMER STAPLES                                            2,364,160 
                                                               -----------
ENERGY -- 15.4%                                                             
ENERGY EQUIPMENT & SERVICES -- 3.3%                                       
Baker Hughes, Inc.                                 1,300            89,050
National Oilwell Varco, Inc.*                      2,500           145,950
Schlumberger, Ltd.                                 3,900           339,300
SEACOR Holdings, Inc.*                             3,000           256,080
Transocean, Inc*                                     329            44,481
                                                               -----------
                                                                   874,861
                                                               -----------
OIL, GAS & CONSUMABLE FUELS -- 12.1%                                      
Apache Corp.                                       3,000           362,460
ChevronTexaco Corp.                                9,000           768,240
ConocoPhillips                                     3,800           289,598
Consol Energy, Inc.                                1,900           131,461
Denbury Resources, Inc.*                           2,100            59,955
Exxon Mobil Corp.(1)                              12,774         1,080,425

                                               SHARES          VALUE
                                                  ------       -----------

Foundation Coal Holdings, Inc.                     2,000       $   100,660
Range Resources Corp.                              1,000            63,450
Southwestern Energy Co.*                           7,600           256,044
Valero Energy Corp.                                2,700           132,597
W&T Offshore, Inc.                                   900            30,699
                                                               -----------
                                                                 3,275,589
                                                               -----------
TOTAL ENERGY                                                      4,150,450 
                                                               -----------
FINANCIALS -- 13.4%                                                         
COMMERCIAL BANKS -- 3.8%                                                  
Cullen/Frost Bankers, Inc.                         6,200           328,848
U.S. Bancorp                                      16,200           524,232
Wells Fargo & Co.                                  5,900           171,690
                                                               -----------
                                                                 1,024,770
                                                               -----------
DIVERSIFIED FINANCIAL SERVICES -- 1.3%                                    
CME Group, Inc.                                      700           328,370
Leucadia National Corp.                              600            27,132
                                                               -----------
                                                                   355,502
                                                               -----------
INSURANCE -- 6.9%                                                         
Assurant, Inc.                                     6,100           371,246
Hartford Financial Services Group, Inc.            4,200           318,234
Loews Corp.                                       12,600           506,772
MetLife, Inc.                                      2,800           168,728
The Travelers Cos., Inc.                           5,100           244,035
Wesco Financial Corp.                                600           242,400
                                                               -----------
                                                                 1,851,415
                                                               -----------
REAL ESTATE INVESTMENT TRUSTS -- 0.3%                                     
Simon Property Group, Inc.                           900            83,619
                                                               -----------
THRIFTS & MORTGAGE FINANCE -- 1.1%                                        
People's United Financial, Inc.                   17,000           294,270
                                                               -----------
TOTAL FINANCIALS                                                  3,609,576 
                                                               -----------
HEALTH CARE -- 10.8%                                                        
BIOTECHNOLOGY -- 2.4%                                                     
Celgene Corp.*                                     5,500           337,095
ImClone Systems, Inc.*                             7,400           313,908
                                                               -----------
                                                                   651,003
                                                               -----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.4%                                  
Intuitive Surgical, Inc.*                            300            97,305
                                                               -----------
HEALTH CARE PROVIDERS & SERVICES -- 0.6%                                  
WellPoint, Inc.*                                   3,600           158,868
                                                               -----------
LIFE SCIENCES TOOLS & SERVICES -- 0.3%                                    
Covance, Inc.*                                       700            58,079
Waters Corp.*                                        500            27,850
                                                               -----------
                                                                    85,929
                                                               -----------
PHARMACEUTICALS -- 7.1%                                                   
Abbott Laboratories                                1,900           104,785
Allergan, Inc.                                     2,100           118,419
Bristol-Myers Squibb Co.                           3,500            74,550
Eli Lilly & Co.                                   10,100           521,059
Johnson & Johnson                                 13,300           862,771
Merck & Co., Inc.                                  4,000           151,800
Wyeth                                              2,300            96,048
                                                               -----------
                                                                 1,929,432
                                                               -----------
TOTAL HEALTH CARE                                                 2,922,537 
                                                               -----------
INDUSTRIALS -- 11.5%                                                        
AEROSPACE & DEFENSE -- 3.0%                                               
BE Aerospace, Inc.*                                  400            13,980
Lockheed Martin Corp.                              3,800           377,340

The accompanying notes are integral part of the financial statements.           

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WILMINGTON FUNDS -- EQUITY FUNDS | Large-Cap Core Fund                          
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ------       -----------
Precision Castparts Corp.                          2,700       $   275,616
United Technologies Corp.                          2,000           137,640
                                                               -----------
                                                                   804,576
                                                               -----------
COMMERCIAL SERVICES & SUPPLIES -- 1.4%                                    
Covanta Holding Corp.*                            13,600           374,000
                                                               -----------
CONSTRUCTION & ENGINEERING -- 0.2%                                        
Fluor Corp.                                          200            28,232
Jacobs Engineering Group, Inc.*                      300            22,077
                                                               -----------
                                                                    50,309
                                                               -----------
INDUSTRIAL CONGLOMERATES -- 5.1%                                          
3M Co.(1)                                          5,000           395,750
General Electric Co.                              24,885           920,994
McDermott International, Inc.*                     1,100            60,302
                                                               -----------
                                                                 1,377,046
                                                               -----------
MACHINERY -- 1.8%                                                         
AGCO Corp.*                                        5,800           347,304
Danaher Corp.                                      2,100           159,663
                                                               -----------
                                                                   506,967
                                                               -----------
TOTAL INDUSTRIALS                                                 3,112,898 
                                                               -----------
INFORMATION TECHNOLOGY -- 13.8%                                             
COMMUNICATIONS EQUIPMENT -- 2.2%                                          
Cisco Systems, Inc.*                              14,100           339,669
Corning, Inc.                                      9,100           218,764
Echostar Corp.*                                    1,560            46,082
                                                               -----------
                                                                   604,515
                                                               -----------
COMPUTERS & PERIPHERALS -- 6.8%                                           
Apple, Inc.*                                       3,200           459,200
Hewlett-Packard Co.                                8,700           397,242
International Business Machines Corp.              4,900           564,186
Teradata Corp.*                                    2,700            59,562
Western Digital Corp.*                            13,700           370,448
                                                               -----------
                                                                 1,850,638
                                                               -----------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.6%                                
Agilent Technologies, Inc.*                       14,300           426,569
                                                               -----------
INTERNET SOFTWARE & SERVICES -- 0.9%                                      
Akamai Technologies, Inc.*                         8,400           236,544
                                                               -----------
IT SERVICES -- 0.3%                                                       
Accenture, Ltd. - Class A                          2,000            70,340
                                                               -----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.1%                          
Applied Materials, Inc.                            1,000            19,510
                                                               -----------
SOFTWARE -- 1.9%                                                          
Activision, Inc.*                                    500            13,655
Autodesk, Inc.*                                    2,100            66,108
Microsoft Corp.                                   15,497           439,805
                                                               -----------
                                                                   519,568
                                                               -----------
TOTAL INFORMATION TECHNOLOGY                                      3,727,684 
                                                               -----------
MATERIALS -- 6.8%                                                           
CHEMICALS -- 3.0%                                                         
Air Products & Chemicals, Inc.                       900            82,800
Monsanto Co.                                       1,000           111,500
PPG Industries, Inc.                                 900            54,459
Praxair, Inc.                                      1,900           160,037
The Mosaic Co.*                                    4,000           410,400
                                                               -----------
                                                                   819,196
                                                               -----------
CONTAINERS & PACKAGING -- 1.9%                                            
Crown Holdings, Inc.*                             20,500           515,780
                                                               -----------

                                               SHARES          VALUE
                                                  ------       -----------
METALS & MINING -- 1.9%                                                   
Newmont Mining Corp.                               1,800       $    81,540
Nucor Corp.                                        5,200           352,248
Steel Dynamics, Inc.                               2,000            66,080
                                                               -----------
                                                                   499,868
                                                               -----------
TOTAL MATERIALS                                                   1,834,844 
                                                               -----------
TELECOMMUNICATION SERVICES -- 2.9%                                          
DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.5%                            
AT&T, Inc.                                         9,900           379,170
Verizon Communications, Inc.                       8,100           295,245
                                                               -----------
                                                                   674,415
                                                               -----------
WIRELESS TELECOMMUNICATION SERVICES -- 0.4%                               
U.S. Cellular Corp.*                               1,800            99,000
                                                               -----------
TOTAL TELECOMMUNICATION SERVICES                                    773,415 
                                                               -----------
UTILITIES -- 3.5%                                                           
ELECTRIC UTILITIES -- 2.2%                                                
Duke Energy Corp.(1)                               8,700           155,295
Sierra Pacific Resources Corp.                    34,300           433,209
                                                               -----------
                                                                   588,504
                                                               -----------
GAS UTILITIES -- 1.3%                                                     
Equitable Resources, Inc.                          6,100           359,290
                                                               -----------
TOTAL UTILITIES                                                     947,794 
                                                               -----------
TOTAL COMMON STOCK                                                          
 (Cost $24,238,152)                                             25,540,267
                                                               -----------
SHORT-TERM INVESTMENTS -- 0.1%                                                  
BlackRock Liquidity Funds TempCash                                        
  Portfolio - Institutional Series                17,802            17,802
BlackRock Liquidity Funds TempFund                                        
  Portfolio - Institutional Series                17,802            17,802
                                                               -----------
TOTAL SHORT-TERM INVESTMENTS                                                
(Cost $35,604)                                                      35,604
                                                               -----------
SHORT-TERM INVESTMENT HELD AS COLLATERAL                                        
FOR LOANED SECURITIES -- 5.2%                                               
INSTITUTIONAL MONEY MARKET TRUST                                            
Institutional Money Market Trust,                                         
3.26%, 04/01/08                                                       
  (Cost $1,414,717)                            1,414,717         1,414,717
                                                               -----------
TOTAL INSTITUTIONAL MONEY MARKET TRUST                            1,414,717 
                                                               -----------
TOTAL INVESTMENTS -- 99.9%                                                      
  (Cost $25,688,473)+                                             $26,990,588(2)
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1%                          22,175   
                                                               -----------
NET ASSETS -- 100.0%                                              $27,012,763   
                                                               ===========

*    Non-income producing security.                                             
+    The cost for Federal income tax purposes is $25,693,661. At March 31, 2008,
 net unrealized appreciation was $1,296,927. This consisted of aggregate
 gross unrealized appreciation for all securities for which there was an
 excess of market value over tax cost of $2,824,882, and aggregate gross
     unrealized depreciation for all securities for which there was an excess of
tax cost over market value of $1,527,955.                             
(1)  Security partially or fully on loan.                                       
(2)  At March 31, 2008, the market value of securities on loan for the Large-Cap
Core Fund was $1,377,158.                                             

The accompanying notes are integral part of the financial statements.           

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WILMINGTON FUNDS -- EQUITY FUNDS | Large-Cap Growth Fund                        
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ------       -----------
COMMON STOCK -- 99.8%                                                           
CONSUMER DISCRETIONARY -- 9.1%                                              
HOTELS, RESTAURANTS & LEISURE -- 3.4%                                     
International Game Technology                     14,700       $   591,087
Las Vegas Sands Corp.*                             2,800           206,192
Marriott International, Inc. - Class A             2,000            68,720
MGM MIRAGE*                                          509            29,914
Wynn Resorts, Ltd.                                   500            50,320
Yum! Brands, Inc.                                  8,800           327,448
                                                               -----------
                                                                 1,273,681
                                                               -----------
MEDIA -- 5.3%                                                             
Central European Media Enterprises,                                       
  Ltd. - Class A*                                  2,200           187,506
The DIRECTV Group, Inc.*                           5,600           138,824
The Walt Disney Co.                               27,400           859,812
The Washington Post Co. - Class B                  1,000           661,500
Viacom, Inc. - Class B*                            3,000           118,860
                                                               -----------
                                                                 1,966,502
                                                               -----------
TEXTILES, APPAREL & LUXURY GOODS -- 0.4%                                  
NIKE, Inc. - Class B                               1,900           129,200
                                                               -----------
TOTAL CONSUMER DISCRETIONARY                                      3,369,383 
                                                               -----------
CONSUMER STAPLES -- 12.9%                                                 
BEVERAGES -- 3.6%                                                       
 Hansen Natural Corp.*                             5,000           176,500
 PepsiCo, Inc.                                    12,700           916,940
 The Coca-Cola Co.                                 3,600           219,132
                                                               -----------
                                                                 1,312,572
                                                               -----------
FOOD & STAPLES RETAILING -- 2.3%                                        
 Costco Wholesale Corp.                            9,600           623,712
 CVS Caremark Corp.                                5,239           212,232
                                                               -----------
                                                                   835,944
                                                               -----------
FOOD PRODUCTS -- 2.6%                                                     
Campbell Soup Co.                                  5,700           193,515
General Mills, Inc.                               12,600           754,488
                                                               -----------
                                                                   948,003
                                                               -----------
HOUSEHOLD PRODUCTS -- 4.1%                                                
Church & Dwight Co., Inc.                          8,500           461,040
Colgate-Palmolive Co.                              2,200           171,402
Kimberly-Clark Corp.                              12,105           781,378
Procter & Gamble Co.                               1,700           119,119
                                                               -----------
                                                                 1,532,939
                                                               -----------
TOBACCO -- 0.3%                                                           
Altria Group, Inc.                                 1,700            37,740
Philip Morris International, Inc.*                 1,700            85,986
                                                               -----------
                                                                   123,726
                                                               -----------
TOTAL CONSUMER STAPLES                                            4,753,184 
                                                               -----------
ENERGY -- 10.8%                                                             
ENERGY EQUIPMENT & SERVICES -- 3.2%                                       
Baker Hughes, Inc.                                 1,900           130,150
Oceaneering International, Inc.*                   3,900           245,700
Schlumberger, Ltd.                                 7,100           617,700
Transocean, Inc*                                   1,329           179,681
                                                               -----------
                                                                 1,173,231
                                                               -----------
OIL, GAS & CONSUMABLE FUELS -- 7.6%                                       
Arch Coal, Inc.                                    3,000           130,500
Cabot Oil & Gas Corp.                              2,800           142,352

                                               SHARES          VALUE
                                                  ------       -----------
Consol Energy, Inc.                                3,200       $   221,408
Denbury Resources, Inc.*                           7,800           222,690
Exxon Mobil Corp.                                  5,000           422,900
Foundation Coal Holdings, Inc.                     3,200           161,056
Massey Energy Co.                                  1,700            62,050
Noble Energy, Inc.                                   900            65,520
Peabody Energy Corp.                               2,600           132,600
Quicksilver Resources, Inc.*                       9,700           354,341
Range Resources Corp.                              1,500            95,175
Southwestern Energy Co.*                          14,000           471,660
Valero Energy Corp.                                1,400            68,754
W&T Offshore, Inc.                                 2,600            88,686
Williams Cos., Inc.                                5,500           181,390
                                                               -----------
                                                                 2,821,082
                                                               -----------
TOTAL ENERGY                                                      3,994,313 
                                                               -----------
FINANCIALS -- 3.2%                                                          
CAPITAL MARKETS -- 0.3%                                                   
The Charles Schwab Corp.                           6,500           122,395
                                                               -----------
COMMERCIAL BANKS -- 0.8%                                                  
Bank of Hawaii Corp.                               6,000           297,360
                                                               -----------
DIVERSIFIED FINANCIAL SERVICES -- 0.9%                                    
CME Group, Inc.                                      700           328,370
                                                               -----------
INSURANCE -- 1.2%                                                         
Markel Corp.*                                      1,000           439,970
                                                               -----------
TOTAL FINANCIALS                                                  1,188,095 
                                                               -----------
HEALTH CARE -- 16.8%                                                        
BIOTECHNOLOGY -- 3.5%                                                     
Celgene Corp.*                                     9,200           563,868
Gilead Sciences, Inc.*                             5,900           304,027
ImClone Systems, Inc.*                             8,000           339,360
Millennium Pharmaceuticals, Inc.*                  5,500            85,030
                                                               -----------
                                                                 1,292,285
                                                               -----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 4.0%                                  
Baxter International, Inc.                        10,500           607,110
Edwards Lifesciences Corp.*                        5,600           249,480
Hospira, Inc.*                                    12,000           513,240
Stryker Corp.                                      1,600           104,080
                                                               -----------
                                                                 1,473,910
                                                               -----------
HEALTH CARE PROVIDERS & SERVICES -- 0.8%                                  
Medco Health Solutions, Inc.*                      4,200           183,918
WellPoint, Inc.*                                   2,500           110,325
                                                               -----------
                                                                   294,243
                                                               -----------
HEALTH CARE TECHNOLOGY -- 0.3%                                            
Cerner Corp.*                                      2,700           100,656
                                                               -----------
LIFE SCIENCES TOOLS & SERVICES -- 2.6%                                    
Covance, Inc.*                                     4,200           348,474
Waters Corp.*                                     11,100           618,270
                                                               -----------
                                                                   966,744
                                                               -----------
PHARMACEUTICALS -- 5.6%                                                   
Bristol-Myers Squibb Co.                          10,400           221,520
Eli Lilly & Co.                                    7,500           386,925
Johnson & Johnson                                 17,100         1,109,277
Merck & Co., Inc.                                  9,500           360,525
                                                               -----------
                                                                 2,078,247
                                                               -----------
TOTAL HEALTH CARE                                                 6,206,085 
                                                               -----------
INDUSTRIALS -- 15.6%                                                        
AEROSPACE & DEFENSE -- 3.1%                                               
BE Aerospace, Inc.*                                2,600            90,870

The accompanying notes are integral part of the financial statements.   

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ------       -----------
Goodrich Corp.                                     2,200       $   126,522
Lockheed Martin Corp.                              1,500           148,950
Precision Castparts Corp.                          6,600           673,728
United Technologies Corp.                          1,500           103,230
                                                               -----------
                                                                 1,143,300
                                                               -----------
AIR FREIGHT & LOGISTICS -- 2.7%                                           
United Parcel Service, Inc. - Class B             13,500           985,770
                                                               -----------
COMMERCIAL SERVICES & SUPPLIES -- 2.3%                                    
Covanta Holding Corp.*                            27,100           745,250
Equifax, Inc.                                      3,100           106,888
                                                               -----------
                                                                   852,138
                                                               -----------
CONSTRUCTION & ENGINEERING -- 0.6%                                        
Fluor Corp.                                        1,500           211,740
                                                               -----------
ELECTRICAL EQUIPMENT -- 0.7%                                              
General Cable Corp.*                               1,500            88,605
Roper Industries, Inc.                             2,700           160,488
                                                               -----------
                                                                   249,093
                                                               -----------
INDUSTRIAL CONGLOMERATES -- 1.9%                                          
3M Co.                                             7,810           618,161
Textron, Inc.                                      1,800            99,756
                                                               -----------
                                                                   717,917
                                                               -----------
MACHINERY -- 4.3%                                                         
AGCO Corp.*                                        5,400           323,352
Danaher Corp.                                      6,600           501,798
Flowserve Corp.                                    2,700           281,826
Harsco Corp.                                       7,600           420,888
Lincoln Electric Holdings, Inc.                    1,200            77,388
                                                               -----------
                                                                 1,605,252
                                                               -----------
TOTAL INDUSTRIALS                                                 5,765,210 
                                                               -----------
INFORMATION TECHNOLOGY -- 25.6%                                             
COMMUNICATIONS EQUIPMENT -- 5.2%                                          
Ciena Corp.*                                       4,800           147,984
Cisco Systems, Inc.*                              35,500           855,195
Corning, Inc.                                     17,200           413,488
Echostar Corp.*                                    2,800            82,712
Harris Corp.                                       2,200           106,766
QUALCOMM, Inc.                                     7,800           319,800
                                                               -----------
                                                                 1,925,945
                                                               -----------
COMPUTERS & PERIPHERALS -- 5.0%                                           
Apple, Inc.*                                       6,500           932,750
Dell, Inc.*                                       15,300           304,776
Hewlett-Packard Co.                               13,200           602,712
Western Digital Corp.*                               500            13,520
                                                               -----------
                                                                 1,853,758
                                                               -----------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.0%                                
Agilent Technologies, Inc.*                       13,500           402,705
National Instruments Corp.                         6,000           156,840
Trimble Navigation, Ltd.*                          6,000           171,540
                                                               -----------
                                                                   731,085
                                                               -----------
INTERNET SOFTWARE & SERVICES -- 3.4%                                      
Akamai Technologies, Inc.*                         7,800           219,648
eBay, Inc.*                                        5,300           158,152
Google, Inc. - Class A*                            1,600           704,752
VeriSign, Inc.*                                    5,100           169,524
                                                               -----------
                                                                 1,252,076
                                                               -----------
IT SERVICES -- 0.4%                                                       
Accenture, Ltd. - Class A                          3,900           137,163
                                                               -----------

                                               SHARES          VALUE
                                                  ------       -----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.7%                          
Intel Corp.                                       34,000       $   720,120
MEMC Electronic Materials, Inc.*                   2,400           170,160
NVIDIA Corp.*                                      5,000            98,950
                                                               -----------
                                                                   989,230
                                                               -----------
SOFTWARE -- 6.9%                                                          
Adobe Systems, Inc.*                               3,100           110,329
BMC Software, Inc.*                                1,400            45,528
CA, Inc.                                           3,500            78,750
Citrix Systems, Inc.*                              6,400           187,712
Microsoft Corp.                                   61,800         1,753,884
Oracle Corp.*                                     19,400           379,464
                                                               -----------
                                                                 2,555,667
                                                               -----------
TOTAL INFORMATION TECHNOLOGY                                      9,444,924 
                                                               -----------
MATERIALS -- 3.7%                                                           
CHEMICALS -- 1.5%                                                         
Celanese Corp. - Series A                          2,400            93,720
Monsanto Co.                                       2,800           312,200
Praxair, Inc.                                      1,500           126,345
The Mosaic Co.*                                      300            30,780
                                                               -----------
                                                                   563,045
                                                               -----------
CONSTRUCTION MATERIALS -- 0.2%                                            
Vulcan Materials Co.                               1,300            86,320
                                                               -----------
CONTAINERS & PACKAGING -- 0.8%                                            
Crown Holdings, Inc.*                             12,200           306,952
                                                               -----------
METALS & MINING -- 1.2%                                                   
Cleveland-Cliffs, Inc.                               400            47,928
Freeport-McMoRan Copper & Gold, Inc. - Class B     3,900           375,258
                                                               -----------
                                                                   423,186
                                                               -----------
TOTAL MATERIALS                                                   1,379,503 
                                                               -----------
TELECOMMUNICATION SERVICES -- 0.3%                                          
WIRELESS TELECOMMUNICATION SERVICES -- 0.3%                               
American Tower Corp. - Class A*                    3,300           129,393
                                                               -----------
TOTAL TELECOMMUNICATION SERVICES                                    129,393 
                                                               -----------
UTILITIES -- 1.8%                                                           
ELECTRIC UTILITIES -- 0.5%                                                
Allegheny Energy, Inc.                             3,700           186,850
                                                               -----------
GAS UTILITIES -- 0.3%                                                     
Equitable Resources, Inc.                          2,200           129,580
                                                               -----------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 1.0%                      
AES Corp.*                                        15,100           251,717
NRG Energy, Inc.*                                  2,900           113,071
                                                               -----------
                                                                   364,788
                                                               -----------
TOTAL UTILITIES                                                     681,218 
                                                               -----------
TOTAL COMMON STOCK                                                          
(Cost $37,477,610)                                              36,911,308
                                                               -----------
SHORT-TERM INVESTMENTS -- 0.1%                                                  
BlackRock Liquidity Funds TempCash                                        
  Portfolio - Institutional Series                15,248            15,248

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- EQUITY FUNDS | Large-Cap Growth Fund                        
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INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

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                                               SHARES          VALUE
                                                  ------       -----------

BlackRock Liquidity Funds TempFund                                        
  Portfolio - Institutional Series                15,248       $    15,248
                                                               -----------
TOTAL SHORT-TERM INVESTMENTS                                                
(Cost $30,496)                                                      30,496
                                                               -----------
TOTAL INVESTMENTS -- 99.9%                                                      
(Cost $37,508,106)(1)                                           $36,941,804 
                                                               -----------
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1%                          22,940   
                                                               -----------
NET ASSETS -- 100.0%                                              $36,964,744   
                                                               ===========

*    Non-income producing security.                                             
(1)  The cost for Federal income tax purposes is $37,527,427. At March 31, 2008 
     net unrealized depreciation was $585,623. This consisted of aggregate gross
     unrealized appreciation for all securities for which there was an excess of
  market value over tax cost of $2,149,710, and aggregate gross unrealized
   depreciation for all securities for which there was an excess of tax cost
over market value of $2,735,333.                                      

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- EQUITY FUNDS | Large-Cap Value Fund                         
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INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                    
(Showing Percentage of Net Assets)                                          
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ------       -----------
COMMON STOCK -- 99.8%                                                           
CONSUMER DISCRETIONARY -- 6.0%                                              
DISTRIBUTORS -- 0.4%                                                      
Genuine Parts Co.                                  3,200       $   128,704
                                                               -----------
HOTELS, RESTAURANTS & LEISURE -- 3.0%                                     
Carnival Corp.                                     4,900           198,352
McDonald's Corp.                                  11,900           663,663
                                                               -----------
                                                                   862,015
                                                               -----------
HOUSEHOLD DURABLES -- 2.0%                                                
NVR, Inc.*(1)                                        500           298,750
Snap-On, Inc.                                      5,800           294,930
                                                               -----------
                                                                   593,680
                                                               -----------
MEDIA -- 0.6%                                                             
Central European Media Enterprises,                                       
  Ltd. - Class A*                                  2,100           178,983
                                                               -----------
TOTAL CONSUMER DISCRETIONARY                                      1,763,382 
                                                               -----------
CONSUMER STAPLES -- 10.0%                                                   
FOOD PRODUCTS -- 3.1%                                                     
Archer-Daniels-Midland Co.                        12,100           498,036
Kellogg Co.                                        2,600           136,656
Kraft Foods, Inc. - Class A                        8,957           277,756
                                                               -----------
                                                                   912,448
                                                               -----------
HOUSEHOLD PRODUCTS -- 3.0%                                                
Church & Dwight Co., Inc.                          3,300           178,992
Kimberly-Clark Corp.                               7,600           490,580
Procter & Gamble Co.                               2,900           203,203
                                                               -----------
                                                                   872,775
                                                               -----------
TOBACCO -- 3.9%                                                           
Altria Group, Inc.                                 9,800           217,560
Philip Morris International, Inc.*                 9,800           495,684
Reynolds American, Inc.                            7,200           425,016
                                                               -----------
                                                                 1,138,260
                                                               -----------
TOTAL CONSUMER STAPLES                                            2,923,483 
                                                               -----------
ENERGY -- 19.7%                                                             
ENERGY EQUIPMENT & SERVICES -- 0.3%                                       
SEACOR Holdings, Inc.*                             1,000            85,360
                                                               -----------
OIL, GAS & CONSUMABLE FUELS -- 19.4%                                      
Apache Corp.                                       1,400           169,148
ChevronTexaco Corp.                               10,024           855,649
ConocoPhillips                                     7,200           548,712
EOG Resources, Inc.                                1,800           216,000
Exxon Mobil Corp.(1)                              25,503         2,157,044
Forest Oil Corp.*                                  7,700           376,992
Hess Corp.                                           600            52,908
Marathon Oil Corp.                                 7,000           319,200
Noble Energy, Inc.                                 6,600           480,480
Spectra Energy Corp.                               3,850            87,587
Valero Energy Corp.                                2,400           117,864
W&T Offshore, Inc.                                 8,500           289,935
                                                               -----------
                                                                 5,671,519
                                                               -----------
TOTAL ENERGY                                                      5,756,879 
                                                               -----------
FINANCIALS -- 26.6%                                                         
CAPITAL MARKETS -- 1.4%                                                   
BlackRock, Inc.                                    2,000           408,360
                                                               -----------
COMMERCIAL BANKS -- 3.2%                                                  
U.S. Bancorp                                      20,900           676,324
Wells Fargo & Co.                                  8,500           247,350
                                                               -----------
                                                                   923,674
                                                               -----------

                                               SHARES          VALUE
                                                  ------       -----------
DIVERSIFIED FINANCIAL SERVICES -- 5.3%                                    
Bank of America Corp.(1)                          14,000       $   530,740
Citigroup, Inc.                                    4,000            85,680
JPMorgan Chase & Co.                               9,979           428,598
Leucadia National Corp.                           10,400           470,288
The Nasdaq Stock Market, Inc.*                       900            34,794
                                                               -----------
                                                                 1,550,100
                                                               -----------
INSURANCE -- 13.6%                                                        
Alleghany Corp.*                                   1,326           452,829
Assurant, Inc.                                     2,000           121,720
Chubb Corp.                                        9,200           455,216
Hartford Financial Services Group, Inc.            6,200           469,774
Lincoln National Corp.                             8,070           419,640
Loews Corp.                                        9,600           386,112
Markel Corp.*                                        300           131,991
MetLife, Inc.(1)                                   9,300           560,418
The Travelers Cos., Inc.                          11,800           564,630
Wesco Financial Corp.                              1,050           424,200
                                                               -----------
                                                                 3,986,530
                                                               -----------
REAL ESTATE INVESTMENT TRUSTS -- 0.9%                                     
AvalonBay Communities, Inc.                        2,900           279,908
                                                               -----------
THRIFTS & MORTGAGE FINANCE -- 2.2%                                        
Capitol Federal Financial(1)                       7,900           296,092
People's United Financial, Inc.                   20,000           346,200
                                                               -----------
                                                                   642,292
                                                               -----------
TOTAL FINANCIALS                                                  7,790,864 
                                                               -----------
HEALTH CARE -- 5.0%                                                         
BIOTECHNOLOGY -- 3.2%                                                     
Biogen Idec, Inc.*                                 7,800           481,182
Millennium Pharmaceuticals, Inc.*                 29,200           451,432
                                                               -----------
                                                                   932,614
                                                               -----------
HEALTH CARE PROVIDERS & SERVICES -- 0.3%                                  
CIGNA Corp.                                        2,300            93,311
                                                               -----------
PHARMACEUTICALS -- 1.5%                                                   
Pfizer, Inc.                                      13,900           290,927
Wyeth                                              3,700           154,512
                                                               -----------
                                                                   445,439
                                                               -----------
TOTAL HEALTH CARE                                                 1,471,364 
                                                               -----------
INDUSTRIALS -- 9.7%                                                         
AEROSPACE & DEFENSE -- 1.5%                                               
Precision Castparts Corp.                          4,000           408,320
Raytheon Co.                                         400            25,844
                                                               -----------
                                                                   434,164
                                                               -----------
COMMERCIAL SERVICES & SUPPLIES -- 0.7%                                    
Copart, Inc.*                                      3,400           131,784
Equifax, Inc.                                      2,500            86,200
                                                               -----------
                                                                   217,984
                                                               -----------
CONSTRUCTION & ENGINEERING -- 0.0%                                        
The Shaw Group, Inc.*                                100             4,714
                                                               -----------
INDUSTRIAL CONGLOMERATES -- 4.9%                                          
General Electric Co.                              38,500         1,424,885
                                                               -----------
MACHINERY -- 2.6%                                                         
AGCO Corp.*                                        5,500           329,340
Dover Corp.                                        1,900            79,382
Flowserve Corp.                                    2,100           219,198

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                       

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                                               SHARES          VALUE
                                                  ------       -----------
Illinois Tool Works, Inc.                          2,500       $   120,575
                                                               -----------
                                                                   748,495
                                                               -----------
TOTAL INDUSTRIALS                                                 2,830,242 
                                                               -----------
INFORMATION TECHNOLOGY -- 2.8%                                              
COMPUTERS & PERIPHERALS -- 1.7%                                           
International Business Machines Corp.              1,400           161,196
Western Digital Corp.*                            13,100           354,224
                                                               -----------
                                                                   515,420
                                                               -----------
OFFICE ELECTRONICS -- 1.1%                                                
Xerox Corp.                                       21,000           314,370
                                                               -----------
TOTAL INFORMATION TECHNOLOGY                                        829,790 
                                                               -----------
MATERIALS -- 7.5%                                                           
CHEMICALS -- 4.8%                                                         
Air Products & Chemicals, Inc.                     1,200           110,400
Airgas, Inc.                                       1,900            86,393
FMC Corp.                                          8,000           443,920
PPG Industries, Inc.                                 900            54,459
The Dow Chemical Co.                               5,800           213,730
The Lubrizol Corp.                                 4,300           238,693
The Mosaic Co.*                                    2,300           235,980
                                                               -----------
                                                                 1,383,575
                                                               -----------
CONTAINERS & PACKAGING -- 1.4%                                            
Crown Holdings, Inc.*                             16,600           417,656
                                                               -----------
METALS & MINING -- 1.3%                                                   
Nucor Corp.                                        3,800           257,412
United States Steel Corp.(1)                       1,000           126,870
                                                               -----------
                                                                   384,282
                                                               -----------
TOTAL MATERIALS                                                   2,185,513 
                                                               -----------
TELECOMMUNICATION SERVICES -- 6.0%                                          
DIVERSIFIED TELECOMMUNICATION SERVICES -- 5.1%                            
AT&T, Inc.                                        21,200           811,960
Verizon Communications, Inc.                      18,800           685,260
                                                               -----------
                                                                 1,497,220
                                                               -----------
WIRELESS TELECOMMUNICATION SERVICES -- 0.9%                               
Telephone & Data Systems, Inc.                     1,200            47,124
U.S. Cellular Corp.*                               3,500           192,500
                                                               -----------
                                                                   239,624
                                                               -----------
TOTAL TELECOMMUNICATION SERVICES                                  1,736,844 
                                                               -----------
UTILITIES -- 6.5%                                                           
ELECTRIC UTILITIES -- 4.3%                                                
FirstEnergy Corp.                                  5,900           404,858
PPL Corp.                                          8,400           385,728
Sierra Pacific Resources Corp.                    28,400           358,692
Southern Co.                                       3,400           121,074
                                                               -----------
                                                                 1,270,352
                                                               -----------
GAS UTILITIES -- 1.7%                                                     
Energen Corp.                                      1,100            68,530
Equitable Resources, Inc.(1)                       7,200           424,080
                                                               -----------
                                                                   492,610
                                                               -----------
MULTI-UTILITIES -- 0.5%                                                   
CenterPoint Energy, Inc.                           9,800           139,846
                                                               -----------
TOTAL UTILITIES                                                   1,902,808 
                                                               -----------
TOTAL COMMON STOCK                                                          
 (Cost $25,958,513)                                             29,191,169
                                                               -----------

                                               SHARES          VALUE
                                                  ------       -----------
SHORT-TERM INVESTMENTS HELD AS COLLATERAL                                       
FOR LOANED SECURITIES                                                       
INSTITUTIONAL MONEY MARKET TRUST                                            
Institutional Money Market                                                
Trust, 3.26%, 04/01/08                         2,624,249       $ 2,624,249
                                                               -----------
MASTER NOTE                                                                 
Citigroup, 3.10%, 04/01/08                       498,475           498,475
                                                               -----------
TOTAL MASTER NOTE                                                   498,475 
                                                               -----------
MONEY MARKET FUNDS                                                          
PNC Bank Money Market,                                                    
2.00%, 04/01/08                                   47,525            47,525
                                                               -----------
TOTAL MONEY MARKET FUNDS                                             47,525 
                                                               -----------
TOTAL SHORT-TERM INVESTMENTS HELD AS                                        
COLLATERAL FOR LOANED SECURITIES                                          
(Cost $3,170,249)(3)                                             3,170,249
                                                               -----------
TOTAL INVESTMENTS -- 110.6%                                                     
   (Cost $29,128,762)+                                            $32,361,418(2)
LIABILITIES IN EXCESS OF OTHER ASSETS -- (10.6)%                   (3,104,827)  
                                                               -----------
NET ASSETS -- 100.0%                                              $29,256,591   
                                                               ===========

*    Non-income producing security.                                             
+    The cost for Federal income tax purposes is $29,136,440. At March 31, 2008,
 net unrealized appreciation was $3,224,978. This consisted of aggregate
 gross unrealized appreciation for all securities for which there was an
excess of market value over tax cost of $4,385,096 and aggregate gross
     unrealized depreciation for all securities for which there was an excess of
tax cost over market value of $1,160,118.                             
(1)  Security partially or fully on loan.                                       
(2)  At March 31, 2008, the market value of securities on loan for the Large-Cap
Value Fund was $3,101,950.                                            
(3)  Cost for Federal income tax purposes.                                      

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ------       -----------
COMMON STOCK -- 94.5%                                                           
CONSUMER DISCRETIONARY -- 12.1%                                               
AUTO COMPONENTS -- 1.2%                                                   
ArvinMeritor, Inc.                                12,800       $   160,128
Tenneco, Inc.*                                     1,600            44,704
                                                               -----------
                                                                   204,832
                                                               -----------
AUTOMOBILES -- 0.4%                                                       
Thor Industries, Inc.(1)                           2,500            74,425
                                                               -----------
DISTRIBUTORS -- 0.1%                                                      
LKQ Corp.*                                         1,200            26,964
                                                               -----------
DIVERSIFIED CONSUMER SERVICES -- 0.8%                                     
DeVry, Inc.                                          200             8,368
Matthews International Corp. - Class A             1,300            62,725
Strayer Education, Inc.                              500            76,250
                                                               -----------
                                                                   147,343
                                                               -----------
HOTELS, RESTAURANTS & LEISURE -- 2.9%                                     
AFC Enterprises, Inc.*                             1,930            17,351
Bally Technologies, Inc.*                          1,100            37,774
Darden Restaurants, Inc.                           3,630           118,156
Texas Roadhouse, Inc.*                             7,460            73,108
The Cheesecake Factory, Inc.*                      4,140            90,211
Vail Resorts, Inc.*                                1,600            77,264
WMS Industries, Inc.*                              3,085           110,967
                                                               -----------
                                                                   524,831
                                                               -----------
INTERNET & CATALOG RETAIL -- 0.1%                                         
Priceline.com, Inc.*                                 100            12,086
                                                               -----------
LEISURE EQUIPMENT & PRODUCTS -- 0.8%                                      
Callaway Golf Co.                                  9,780           143,570
                                                               -----------
MEDIA -- 1.6%                                                             
Interactive Data Corp.                             3,990           113,595
Journal Communications, Inc. -  Class A           11,466            84,619
Lodgenet Entertainment Corp.*                        900             5,481
Morningstar, Inc.*                                 1,200            73,620
                                                               -----------
                                                                   277,315
                                                               -----------
MULTILINE RETAIL -- 0.4%                                                  
Dollar Tree, Inc.*                                 2,785            76,838
                                                               -----------
SPECIALTY RETAIL -- 2.9%                                                  
Dress Barn, Inc.*                                  8,000           103,520
PetSmart, Inc.                                     1,985            40,573
Stage Stores, Inc.                                 5,507            89,214
The Gymboree Corp.*                                1,950            77,766
Tween Brands, Inc.*                                8,209           203,091
                                                               -----------
                                                                   514,164
                                                               -----------
TEXTILES, APPAREL & LUXURY GOODS -- 0.9%                                  
Deckers Outdoor Corp.*                               200            21,564
Unifirst Corp.                                     1,300            48,217
Wolverine World Wide, Inc.                         2,955            85,725
                                                               -----------
                                                                   155,506
                                                               -----------
TOTAL CONSUMER DISCRETIONARY                                       2,157,874  
                                                               -----------
CONSUMER STAPLES -- 3.6%                                                      
BEVERAGES -- 0.2%                                                           
Central European Distribution Corp.*                 700            40,733
                                                               -----------
FOOD & STAPLES RETAILING -- 0.3%                                              
Great Atlantic & Pacific Tea Co., Inc.*              320             8,390

                                               SHARES          VALUE
                                                  ------       -----------
United Natural Foods, Inc.*                        2,372       $    44,380
                                                               -----------
                                                                    52,770
                                                               -----------
FOOD PRODUCTS -- 2.3%                                                         
Chiquita Brands International, Inc.*               2,100            48,531
Corn Products International, Inc.                    770            28,598
Fresh Del Monte Produce, Inc.*                     2,030            73,892
Lance, Inc.                                        6,000           117,600
Ralcorp Holdings, Inc.*                            2,600           151,190
                                                               -----------
                                                                   419,811
                                                               -----------
PERSONAL PRODUCTS -- 0.8%                                                 
Herbalife, Ltd.                                    2,860           135,850
                                                               -----------
TOTAL CONSUMER STAPLES                                              649,164 
                                                               -----------
ENERGY -- 6.2%                                                              
ENERGY EQUIPMENT & SERVICES -- 2.5%                                       
Atwood Oceanics, Inc.*                               200            18,344
Core Laboratories N.V.*                              400            47,720
Exterran Holdings, Inc.*                           1,645           106,168
ornbeck Offshore                                                          
H Services, Inc.*                                  1,965            89,742
Pioneer Drilling Co.*                                200             3,186
Unit Corp.*                                        2,100           118,965
W-H Energy Services, Inc.*                           500            34,425
Willbros Group, Inc.*                                800            24,480
                                                               -----------
                                                                   443,030
                                                               -----------
OIL, GAS & CONSUMABLE FUELS -- 3.7%                                       
Apco Argentina, Inc.                                 100             2,597
Arena Resources, Inc.*                               815            31,548
Atlas America, Inc.                                  900            54,396
Bill Barret Corp.*                                   800            37,800
Bois d'Arc Energy, Inc.*                           1,600            34,384
Carrizo Oil & Gas, Inc.*                             600            35,562
Encore Acquisition Co.*                              200             8,056
FX Energy, Inc.*                                     400             1,704
Petrohawk Energy Corp.*                            1,200            24,204
Petroleum Development Corp.*                       1,640           113,603
Petroquest Energy, Inc.*                           1,000            17,340
Range Resources Corp.                              2,251           142,826
Swift Energy Co.*                                    200             8,998
Toreador Resources Corp.*                          1,400            10,892
Warren Resources, Inc.*                            6,210            73,713
Whiting Petroleum Corp.*                             900            58,185
                                                               -----------
                                                                   655,808
                                                               -----------
TOTAL ENERGY                                                      1,098,838 
                                                               -----------
FINANCIALS -- 12.0%                                                         
CAPITAL MARKETS -- 1.7%                                                   
Affiliated Managers Group, Inc.*                   1,445           131,119
GFI Group, Inc.                                      700            40,110
optionsXpress Holdings, Inc.                       1,865            38,624
Stifel Financial Corp.*                            1,900            85,310
                                                               -----------
                                                                   295,163
                                                               -----------
COMMERCIAL BANKS -- 3.8%                                                  
Bancfirst Corp.                                      900            41,202
Bank of Hawaii Corp.                               2,000            99,120
Cullen/Frost Bankers, Inc.                         2,100           111,384
CVB Financial Corp.                                8,700            90,567
First Community Bancshares, Inc.                     500            18,210
Hancock Holding Co.                                1,300            54,626

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Investors Bancorp, Inc.*                          13,000       $   199,550
Prosperity Bancshares, Inc.                          900            25,794
Webster Financial Corp.                            1,200            33,444
                                                               -----------
                                                                   673,897
                                                               -----------
CONSUMER FINANCE -- 0.1%                                                  
Cash America International, Inc.                     700            25,480
                                                               -----------
INSURANCE -- 2.8%                                                         
LandAmerica Financial Group, Inc.                  2,700           106,569
Max Capital Group, Ltd.                            3,300            86,427
Navigators Group, Inc.*                            1,040            56,576
Odyssey Re Holdings Corp.                          1,900            69,825
ProAssurance Corp.*                                  900            48,447
Protective Life Corp.                              3,300           133,848
                                                               -----------
                                                                   501,692
                                                               -----------
REAL ESTATE INVESTMENT TRUSTS -- 1.4%                                     
Alexander's, Inc.*                                   100            35,450
Alexandria Real Estate Equities, Inc.              1,000            92,720
Dupont Fabros Technology, Inc.                     3,800            62,662
National Retail Properties, Inc.                   2,670            58,874
                                                               -----------
                                                                   249,706
                                                               -----------
THRIFTS & MORTGAGE FINANCE -- 2.2%                                        
Astoria Financial Corp.                            4,900           133,084
Brookline Bancorp, Inc.                           14,000           160,720
NewAlliance Bancshares, Inc.                       7,400            90,724
                                                               -----------
                                                                   384,528
                                                               -----------
TOTAL FINANCIALS                                                  2,130,466 
                                                               -----------
HEALTH CARE -- 14.1%                                                        
BIOTECHNOLOGY -- 2.7%                                                     
Alexion Pharmaceuticals, Inc.*                       500            29,650
Allos Therapeutics, Inc.*                         10,700            65,056
Applera Corp. - Celera Group*                      4,880            71,736
BioMarin Pharmaceutical, Inc.*                     3,600           127,332
Celgene Corp.*                                        83             5,087
Cepheid, Inc.*                                     1,600            39,024
Cubist Pharmaceuticals, Inc.*                      4,800            88,416
Isis Pharmaceuticals, Inc.*                        1,600            22,576
United Therapeutics Corp.*                           410            35,547
                                                               -----------
                                                                   484,424
                                                               -----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 3.4%                                  
Abaxis, Inc.*                                        200             4,634
Cyberonics, Inc.*                                  7,200           104,400
Edwards Lifesciences Corp.*                        3,000           133,650
Haemonetics Corp.*                                   300            17,874
Hologic, Inc.*                                       100             5,560
IDEXX Laboratories, Inc.*                          1,765            86,944
Immucor, Inc.*                                     2,805            59,859
Merit Medical Systems, Inc.*                       3,400            53,822
Orthofix International N.V.*                         400            15,908
The Cooper Cos., Inc.                              3,100           106,733
Zoll Medical Corp.*                                  400            10,636
                                                               -----------
                                                                   600,020
                                                               -----------
HEALTH CARE PROVIDERS & SERVICES -- 4.5%                                  
AMERIGROUP Corp.*                                    400            10,932
Brookdale Senior Living, Inc.                      2,130            50,907
Cardionet, Inc.*                                   1,845            33,191
Chemed Corp.                                       1,695            71,529
HealthExtras, Inc.*                                  470            11,675
Healthspring, Inc.*                                2,535            35,693

                                               SHARES          VALUE
                                                  ------       -----------
Healthways, Inc.*                                  1,670       $    59,018
HMS Holdings Corp.*                                1,615            46,108
InVentiv Health, Inc.*                             2,400            69,144
LHC Group, Inc.*                                   3,030            50,904
Molina Healthcare*                                   980            23,932
Pediatrix Medical Group, Inc.*                     2,125           143,225
PharMerica Corp.*                                  2,745            45,485
PSS World Medical, Inc.*                           6,260           104,291
Psychiatric Solutions, Inc.*                       1,435            48,675
                                                               -----------
                                                                   804,709
                                                               -----------
HEALTH CARE TECHNOLOGY -- 1.2%                                            
Cerner Corp.*                                      2,100            78,288
Eclipsys Corp.*                                      200             3,922
Omnicell, Inc.*                                    6,130           123,213
                                                               -----------
                                                                   205,423
                                                               -----------
LIFE SCIENCES TOOLS & SERVICES -- 2.2%                                    
Bio-Rad Laboratories,  Inc.*                         455            40,472
Bruker BioSciences Corp.*                            400             6,156
Illumina, Inc.*                                    2,495           189,371
PARAXEL International Corp.*                       2,080            54,288
Pharmaceutical Product Development, Inc.           2,450           102,655
                                                               -----------
                                                                   392,942
                                                               -----------
PHARMACEUTICALS -- 0.1%                                                   
Perrigo Co.                                          300            11,319
Vivus, Inc.*                                       1,400             8,442
                                                               -----------
                                                                    19,761
                                                               -----------
TOTAL HEALTH CARE                                                 2,507,279 
                                                               -----------
INDUSTRIALS -- 21.6%                                                        
AEROSPACE & DEFENSE -- 2.1%                                               
AAR Corp.*                                         4,070           110,989
BE Aerospace, Inc.*                                1,130            39,493
Hexcel Corp.*                                      5,500           105,105
Ladish Co., Inc.*                                    785            28,260
Moog, Inc. - Class A*                              2,255            95,184
                                                               -----------
                                                                   379,031
                                                               -----------
COMMERCIAL SERVICES & SUPPLIES -- 6.9%                                    
Casella Waste Systems, Inc.*                       5,266            57,557
Clean Harbors, Inc.*                               1,660           107,900
Energy Solutions, Inc.                             2,155            49,436
FTI Consulting, Inc.*                                100             7,104
G & K Services, Inc. - Class A                     4,292           152,838
Herman Miller, Inc.                                2,055            50,491
Innerworkings, Inc.*                               3,455            48,474
Knoll, Inc.                                        4,635            53,488
Korn/Ferry International, Inc.*                    7,100           119,990
Mine Safety Appliances Co.                         1,665            68,581
Rollins, Inc.                                      1,800            31,842
Teletech Holdings, Inc.*                           5,500           123,530
The Advisory Board Co.*                            2,125           116,748
Waste Connections, Inc.*                           4,600           141,404
Watson Wyatt Worldwide, Inc.                       1,600            90,800
                                                               -----------
                                                                 1,220,183
                                                               -----------
CONSTRUCTION & ENGINEERING -- 0.1%                                        
Perini Corp.*                                        400            14,492
                                                               -----------
ELECTRICAL EQUIPMENT -- 3.9%                                              
American Superconductor Co.*                         400             9,276
Belden, Inc.                                       2,150            75,938
Energy Conversion Devices, Inc.*                   3,245            97,026

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

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                                               SHARES          VALUE
                                                  ------       -----------
EnerSys, Inc.*                                     6,645       $   158,948
Evergreen Solar, Inc.*                             4,435            41,112
General Cable Corp.*                                 970            57,298
II-VI, Inc.*                                         500            18,990
Regal-Beloit Corp.                                 4,409           161,502
Superior Essex, Inc.*                              2,975            83,657
                                                               -----------
                                                                   703,747
                                                               -----------
INDUSTRIAL CONGLOMERATES -- 0.1%                                          
Walter Industries, Inc.                              300            18,789
                                                               -----------
MACHINERY -- 3.9%                                                         
Barnes Group, Inc.                                 5,900           135,405
Blount International, Inc.*                        7,050            87,209
Bucyrus International, Inc. - Class A                700            71,155
Clarcor, Inc.                                        800            28,440
Commercial Vehicle Group,Inc.*                     5,000            49,550
ESCO Technologies, Inc.*                           1,195            47,465
Kaydon Corp.(1)                                    3,153           138,448
Robbins & Myers, Inc.                              1,400            45,710
Titan International, Inc.                          1,900            58,159
Valmont Industries, Inc.                             300            26,367
                                                               -----------
                                                                   687,908
                                                               -----------
MARINE -- 0.9%                                                            
Kirby Corp.*                                       2,830           161,310
                                                               -----------
ROAD & RAIL -- 1.3%                                                       
Genesee & Wyoming, Inc. - Class A*                 1,350            46,440
Landstar System, Inc.                              1,760            91,801
Old Dominion Freight Line, Inc.*                     935            29,761
Vitran Corp.*                                      4,200            59,934
                                                               -----------
                                                                   227,936
                                                               -----------
TRADING COMPANIES & DISTRIBUTORS -- 2.4%                                  
Beacon Roofing Supply, Inc.*                       1,295            12,950
Electro Rent Corp.                                 5,840            88,476
Interline Brands, Inc.*                            8,173           151,609
Watsco, Inc.                                       1,635            67,722
WESCO International, Inc.*                         2,900           105,821
                                                               -----------
                                                                   426,578
                                                               -----------
TOTAL INDUSTRIALS                                                 3,839,974 
                                                               -----------
INFORMATION TECHNOLOGY -- 16.1%                                             
COMMUNICATIONS EQUIPMENT -- 1.6%                                          
Alvarion, Ltd.*                                    1,860            13,485
Arris Group, Inc.*                                 9,900            57,618
Blue Coat Systems, Inc.*                             500            11,020
Ceragon Networks, Ltd.*                            1,955            18,475
CommScope, Inc.*                                   1,710            59,559
Foundry Networks, Inc.*                            1,000            11,580
Harmonic, Inc.*                                   10,000            76,000
MasTec, Inc.*                                      1,490            12,233
Radware, Ltd.*                                     3,060            31,273
                                                               -----------
                                                                   291,243
                                                               -----------
COMPUTERS & PERIPHERALS -- 0.6%                                           
Data Domain, Inc.*                                 2,090            49,742
Novatel Wireless, Inc.*                            2,735            26,475
STEC, Inc.*                                        5,700            35,283
Synaptics, Inc.*                                     100             2,388
                                                               -----------
                                                                   113,888
                                                               -----------

                                               SHARES          VALUE
                                                  ------       -----------

ELECTRONIC EQUIPMENT & INSTRUMENTS -- 3.9%                                
Anixter International, Inc.*                         885       $    56,675
Checkpoint Systems, Inc.*                          4,700           126,195
FLIR Systems, Inc.*                                  500            15,045
Insight Enterprises, Inc.*                         9,280           162,400
Itron, Inc.*                                         750            67,672
Mellanox Technologies, Ltd.*                       3,510            48,894
OSI Systems, Inc.*                                 2,835            65,262
Plexus Corp.*                                      1,495            41,935
Woodward Governor Co.                              3,940           105,277
                                                               -----------
                                                                   689,355
                                                               -----------
INTERNET SOFTWARE & SERVICES -- 2.5%                                      
Ariba, Inc.*                                       6,240            60,278
Equinix, Inc.*                                     1,985           131,983
Interwoven, Inc.*                                  8,427            90,000
Skillsoft PLC Sponsored ADR*                      11,325           118,573
Sohu.com, Inc.*                                      800            36,104
                                                               -----------
                                                                   436,938
                                                               -----------
IT SERVICES -- 2.6%                                                       
Alliance Data Systems Corp.*                         710            33,732
Cass Information Systems, Inc.                     1,500            47,340
CyberSource Corp.*                                 5,800            84,738
ExlService Holdings, Inc.*                         3,010            69,110
Global Payments, Inc.                              4,510           186,534
RightNow Technologies, Inc.*                       3,435            40,876
                                                               -----------
                                                                   462,330
                                                               -----------
OFFICE ELECTRONICS -- 0.4%                                                
Zebra Technologies Corp.  - Class A*               2,070            68,972
                                                               -----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.9%                          
ANADIGICS, Inc.*                                   4,929            32,334
Hittite Microwave Corp.*                             885            33,117
Microsemi Corp.*                                   3,845            87,666
Pericom Semiconductor Corp.*                       4,400            64,592
Sigma Designs, Inc.*                                 600            13,602
Veeco Instruments, Inc.*(1)                        5,800            96,454
                                                               -----------
                                                                   327,765
                                                               -----------
SOFTWARE -- 2.6%                                                          
ACI Worldwide, Inc.*(1)                            5,800           115,536
Ansoft Corp.*                                      2,145            65,465
ANSYS, Inc.*                                       2,700            93,204
ArcSight, Inc.*                                    3,525            24,358
Concur Technologies, Inc.*                           900            27,945
MICROS Systems, Inc.*                              3,225           108,554
Perfect World Co., Ltd. - ADR*                       360             8,176
Take-Two Interactive Software, Inc.*                 200             5,104
Vasco Data Security International, Inc.*           1,580            21,614
                                                               -----------
                                                                   469,956
                                                               -----------
TOTAL INFORMATION TECHNOLOGY                                      2,860,447 
                                                               -----------
MATERIALS -- 6.1%                                                           
CHEMICALS -- 2.1%                                                         
Airgas, Inc.                                       3,925           178,470
Hercules, Inc.                                     1,600            29,264
OM Group, Inc.*                                    1,200            65,448
Rockwood Holdings, Inc.*                           2,800            91,756
Terra Industries, Inc.*                              200             7,106
                                                               -----------
                                                                   372,044
                                                               -----------

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
CONSTRUCTION MATERIALS -- 0.2%                                            
Texas Industries, Inc.                               600       $    36,066
                                                               -----------
CONTAINERS & PACKAGING -- 1.5%                                            
Greif Corp. - Class A                              3,462           235,174
Silgan Holdings, Inc.                                540            26,800
                                                               -----------
                                                                   261,974
                                                               -----------
METALS & MINING -- 2.3%                                                   
A.M. Castle & Co.                                  2,180            58,860
AK Steel Holding Corp.                               670            36,461
Apex Silver Mines, Ltd.*                             900            10,908
Century Aluminum Co.*                              1,200            79,488
Commercial Metals Co.                              2,790            83,616
Compass Minerals International, Inc.               1,820           107,344
Hecla Mining Co.*                                    600             6,696
Pan American Silver Corp.*                           795            30,504
                                                               -----------
                                                                   413,877
                                                               -----------
TOTAL MATERIALS                                                   1,083,961 
                                                               -----------
TELECOMMUNICATION SERVICES -- 0.8%                                          
DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.3%                            
Cincinnati Bell, Inc.*                             6,100            25,986
Globalstar, Inc.*                                  3,070            22,380
                                                               -----------
                                                                    48,366
                                                               -----------
WIRELESS TELECOMMUNICATION SERVICES -- 0.5%                               
Clearwire Corp. - Class A*                         5,850            86,639
                                                               -----------
TOTAL TELECOMMUNICATION SERVICES                                    135,005 
                                                               -----------
UTILITIES -- 1.9%                                                           
ELECTRIC UTILITIES -- 1.6%                                                
Cleco Corp.                                        4,900           108,682
El Paso Electric Co.*                              5,838           124,758
NorthWestern Corp.                                 2,100            51,177
                                                               -----------
                                                                   284,617
                                                               -----------
GAS UTILITIES -- 0.3%                                                     
Nicor, Inc.                                        1,300            43,563
Ormat Technologies, Inc.                             300            12,903
Southern Union Co.                                    --                11
                                                               -----------
                                                                    56,477
                                                               -----------
TOTAL UTILITIES                                                     341,094 
                                                               -----------
TOTAL COMMON STOCK                                                          
(Cost $15,823,971)                                              16,804,102
                                                               -----------

EXCHANGE-TRADED FUNDS -- 3.3%                                                 
i Shares Russell 2000 Growth Index Fund            4,922           358,519
i Shares Russell 2000  Value Index Fund            3,546           232,511
                                                               -----------
TOTAL EXCHANGE-TRADED FUNDS                                                 
(Cost $582,586)                                                    591,030
                                                               -----------

SHORT-TERM INVESTMENTS -- 2.4%                                                
BlackRock Liquidity Funds                                                 
TempCash Portfolio -                                                  
  Institutional Series                           218,154           218,154

                                               SHARES          VALUE
                                                  ------       -----------
BlackRock Liquidity Funds                                                 
TempCash Portfolio -                                                  
  Institutional Series                           218,152       $   218,152
                                                               -----------

TOTAL SHORT-TERM INVESTMENTS                                                
(Cost $436,306)                                                    436,306
                                                               -----------

SHORT-TERM INVESTMENT HELD AS COLLATERAL                                      
FOR LOANED SECURITIES -- 1.2%                                                 
Institutional Money Market Trust                                            
(Cost $206,352)                                  206,352           206,352
                                                               -----------

TOTAL INVESTMENTS -- 101.4%                                                   
  (Cost $17,049,215)+                                             $18,037,790(2)
LIABILITIES IN EXCESS OF OTHER ASSETS -- (1.4)%                     (254,411) 
                                                               -----------
NET ASSETS -- 100.0%                                             $17,783,379  
                                                               ===========

*    Non-income producing security.                                             
+    The cost for Federal income tax purposes is $17,534,714. At March 31, 2008,
     net unrealized appreciation was $503,077. This consisted of aggregate gross
     unrealized appreciation for all securities for which there was an excess of
  market value over tax cost of $2,269,574, and aggregate gross unrealized
   depreciation for all securities for which there was an excess of tax cost
over market value of $1,766,497.                                      
(1)  Security partially or fully on loan.                                       
(2)  At March 31, 2008, the market value of securities on loan for the Small-Cap
Core Fund was $193,272.                                               
(3)  Cost for Federal income tax purposes.                                      
ADR -- American Depository Receipt                                            

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            

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                                              SHARES         VALUE
                                                 ------       ----------
COMMON STOCK -- 99.8%                                                           
CONSUMER DISCRETIONARY -- 10.8%                                               
AUTO COMPONENTS -- 0.9%                                                     
Tenneco, Inc.*                                        850       $   23,749  
                                                              ----------
DIVERSIFIED CONSUMER SERVICES -- 2.1%                                       
DeVry, Inc.                                           150            6,276  
Matthews International Corp. - Class A                330           15,922  
Pre-Paid Legal Services, Inc.*                        280           11,875  
Strayer Education, Inc.                               120           18,300  
                                                              ----------
                                                                  52,373
                                                              ----------
HOTELS, RESTAURANTS & LEISURE -- 2.2%                                       
Bally Technologies, Inc.*                             330           11,332  
Life Time Fitness, Inc.*                              160            4,994  
Sonic Corp.*                                          760           16,751  
Vail Resorts, Inc.*                                   370           17,867  
WMS Industries, Inc.*                                 130            4,676  
                                                              ----------
                                                                  55,620
                                                              ----------
INTERNET & CATALOG RETAIL -- 1.4%                                           
Netflix, Inc.*                                        350           12,128  
Priceline.com, Inc.*                                  180           21,755  
Systemax, Inc.                                        140            1,688  
                                                              ----------
                                                                  35,571
                                                              ----------
LEISURE EQUIPMENT & PRODUCTS -- 0.1%                                        
Polaris Industries, Inc.                               90            3,691  
                                                              ----------
MEDIA -- 1.9%                                                               
Morningstar, Inc.*                                    790           48,466  
                                                              ----------
SPECIALTY RETAIL -- 0.8%                                                    
GameStop Corp. - Class A*                             320           16,547  
The Buckle, Inc.                                       70            3,131  
                                                              ----------
                                                                  19,678
                                                              ----------
TEXTILES, APPAREL & LUXURY GOODS -- 1.4%                                    
Cherokee, Inc.                                        240            8,081  
Deckers Outdoor Corp.*                                250           26,955  
                                                              ----------
                                                                  35,036
                                                              ----------
TOTAL CONSUMER DISCRETIONARY                                        274,184   
                                                              ----------
CONSUMER STAPLES -- 1.0%                                                    
FOOD PRODUCTS -- 1.0%                                                       
Darling International, Inc.*                          730            9,454  
Lancaster Colony Corp.                                420           16,783  
                                                              ----------
                                                                  26,237
                                                              ----------
TOTAL CONSUMER STAPLES                                               26,237   
                                                              ----------
ENERGY -- 12.8%                                                               
ENERGY EQUIPMENT & SERVICES -- 2.4%                                         
Dril-Quip, Inc.*                                      370           17,194  
Global Industries, Ltd.*                              450            7,241  
Oceaneering International, Inc.*                      270           17,010  
Superior Energy Services, Inc.*                       320           12,678  
W-H Energy Services, Inc.*                            110            7,573  
                                                              ----------
                                                                  61,696
                                                              ----------
OIL, GAS & CONSUMABLE FUELS -- 10.4%                                        
Alpha Natural Resources, Inc.*                        370           16,073  
Apco Argentina, Inc.                                1,080           28,048  
Atlas America, Inc.                                   810           48,956  
Berry Petroleum Co. - Class A                         910           42,306  
Bill Barret Corp.*                                    230           10,867  
Bois d'Arc Energy, Inc.*                              780           16,762  
Carrizo Oil & Gas, Inc.*                              510           30,228  
                                                              ----------

                                              SHARES         VALUE
                                                 ------       ----------
Crosstex Energy, Inc.                                 420       $   14,259  
FX Energy, Inc.*                                      120              511  
Petroleum Development Corp.*                          730           50,567  
Warren Resources, Inc.*                               350            4,155  
                                                              ----------
                                                                 262,732
                                                              ----------
TOTAL ENERGY                                                        324,428   
                                                              ----------
FINANCIALS -- 5.2%                                                            
CAPITAL MARKETS -- 0.6%                                                     
GFI Group, Inc.                                        40            2,292  
Greenhill & Co., Inc.                                 140            9,738  
optionsXpress Holdings, Inc.                          180            3,728  
                                                              ----------
                                                                  15,758
                                                              ----------
DIVERSIFIED FINANCIAL SERVICES -- 0.1%                                      
NYSE Euronext, Inc.                                    40            2,469  
                                                              ----------
INSURANCE -- 0.4%                                                           
National Financial Partners Corp.                      80            1,798  
National Interstate Corp.                              70            1,634  
Tower Group, Inc.                                     260            6,544  
                                                              ----------
                                                                   9,976
                                                              ----------
REAL ESTATE INVESTMENT TRUSTS -- 3.6%                                       
Alexandria Real Estate Equities, Inc.                 240           22,253  
Digital Realty Trust, Inc.                            790           28,045  
Nationwide Health Properties, Inc.                    490           16,537  
PS Business Parks, Inc.                                80            4,152  
Saul Centers, Inc.                                     80            4,019  
Washington Real Estate Investment Trust               440           14,705  
                                                              ----------
                                                                  89,711
                                                              ----------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.5%                                
Jones Lang LaSalle, Inc.                              170           13,148  
                                                              ----------
TOTAL FINANCIALS                                                   131,062  
                                                              ----------
HEALTH CARE -- 21.8%                                                          
BIOTECHNOLOGY -- 8.1%                                                       
Alexion Pharmaceuticals, Inc.*                        360           21,348  
Allos Therapeutics, Inc.*                           4,600           27,968  
BioMarin Pharmaceutical, Inc.*                        740           26,174  
Celgene Corp.*                                         50            3,065  
Cepheid, Inc.*                                      1,000           24,390  
Isis Pharmaceuticals, Inc.*                         2,680           37,815  
Lifecell Corp.*                                       495           20,805  
Myriad Genetics, Inc.*                                190            7,655  
OSI Pharmaceuticals, Inc.*                             80            2,991  
Regeneron Pharmaceuticals, Inc.*                      180            3,454  
United Therapeutics Corp.*                            340           29,478  
                                                              ----------
                                                                 205,143
                                                              ----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 1.7%                                    
Arthrocare Corp.*                                     295            9,838  
Hologic, Inc.*                                        240           13,344  
Immucor, Inc.*                                        300            6,402  
Mentor Corp.                                          160            4,115  
Meridian Bioscience, Inc.                             180            6,018  
NuVasive, Inc.*                                        70            2,416  
Sirona Dental Systems, Inc.*                           90            2,427  
                                                              ----------
                                                                  44,560
                                                              ----------
HEALTH CARE PROVIDERS & SERVICES -- 5.1%                                    
Alliance Imaging, Inc.*                             3,770           32,422  

The accompanying notes are integral part of the financial statements. 

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                                              SHARES         VALUE
                                                 ------       ----------
HealthExtras, Inc.*                                   480       $   11,923  
Healthways, Inc.*                                     250            8,835  
InVentiv Health, Inc.*                                360           10,372  
Landauer, Inc.                                        500           25,170  
Medcath Corp.*                                        630           11,466  
National HealthCare Corp.                             200            9,740  
Owens & Minor, Inc.                                   340           13,375  
Psychiatric Solutions, Inc.*                          150            5,088  
                                                              ----------
                                                                 128,391
                                                              ----------
HEALTH CARE TECHNOLOGY -- 2.5%                                              
Omnicell, Inc.*                                     1,520           30,552  
Phase Forward, Inc.*                                1,100           18,788  
Trizetto Group, Inc.*                                 825           13,769  
                                                              ----------
                                                                  63,109
                                                              ----------
LIFE SCIENCES TOOLS & SERVICES -- 3.5%                                      
Affymetrix, Inc.*                                     180            3,134  
Bruker BioSciences Corp.*                             310            4,771  
Illumina, Inc.*                                       920           69,828  
Luminex, Corp.*                                       490            9,628  
Varian, Inc.*                                          40            2,317  
                                                              ----------
                                                                  89,678
                                                              ----------
PHARMACEUTICALS -- 0.9%                                                     
KV Pharmaceutical Co. - Class A*                      180            4,493  
Perrigo Co.                                           500           18,865  
                                                              ----------
                                                                  23,358
                                                              ----------
TOTAL HEALTH CARE                                                   554,239   
                                                              ----------
INDUSTRIALS -- 15.2%                                                          
AEROSPACE & DEFENSE -- 3.2%                                                 
AAR Corp.*                                            390           10,635  
Argon ST, Inc.*                                       260            4,423  
Ceradyne, Inc.*                                        40            1,278  
Hexcel Corp.*                                       1,670           31,914  
Orbital Sciences Corp.*                               640           15,424  
Taser International, Inc.*                            150            1,410  
Teledyne Technologies, Inc.*                          305           14,335  
                                                              ----------
                                                                  79,419
                                                              ----------
AIR FREIGHT & LOGISTICS -- 0.4%                                             
Dynamex, Inc.*                                        430           10,879  
                                                              ----------
COMMERCIAL SERVICES & SUPPLIES -- 4.0%                                      
Cenveo, Inc.*                                         480            5,021  
Consolidated Graphics, Inc.*                           50            2,802  
FTI Consulting, Inc.*                                  90            6,394  
Healthcare Services Group, Inc.                       140            2,890  
Huron Consulting Group, Inc.*                          30            1,246  
Mine Safety Appliances Co.                            280           11,533  
Rollins, Inc.                                       1,830           32,373  
Watson Wyatt Worldwide, Inc.                          690           39,157  
                                                              ----------
                                                                 101,416
                                                              ----------
ELECTRICAL EQUIPMENT -- 1.4%                                                
Belden, Inc.                                          380           13,422  
GrafTech International, Ltd.*                         810           13,130  
II-VI, Inc.*                                          240            9,115  
                                                              ----------
                                                                  35,667
                                                              ----------
MACHINERY -- 6.2%                                                           
Actuant Corp. - Class A                               160            4,834  
Astec Industries, Inc.*                               135            5,233  
Blount International, Inc.*                           350            4,329  
Bucyrus International, Inc. - Class A                 650           66,072  

                                               SHARES          VALUE
                                                  ------       -----------
Dynamic Materials Corp.                               380       $   16,416  
The Manitowoc Co., Inc.                               400           16,320  
Titan International, Inc.                             570           17,448  
Turbochef Technologies, Inc.*                         700            4,564  
Valmont Industries, Inc.                               90            7,910  
Westinghouse Air Brake Technologies Corp.             370           13,934  
                                                              ----------
                                                                 157,060
                                                              ----------
TOTAL INDUSTRIALS                                                   384,441   
                                                              ----------
INFORMATION TECHNOLOGY -- 21.6%                                               
COMMUNICATIONS EQUIPMENT -- 2.7%                                            
Comtech Telecommunications Corp.*                     790           30,810  
Endwave Corp.*                                        760            4,613  
Foundry Networks, Inc.*                               520            6,022  
Harmonic, Inc.*                                     3,560           27,056  
                                                              ----------
                                                                  68,501
                                                              ----------
COMPUTERS & PERIPHERALS -- 1.2%                                             
Intermec, Inc.*                                       550           12,205  
STEC, Inc.*                                         1,070            6,623  
Stratasys, Inc.*                                      610           10,858  
                                                              ----------
                                                                  29,686
                                                              ----------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 4.2%                                  
Anixter International, Inc.*                           80            5,123  
DTS, Inc.*                                            490           11,760  
Excel Technology, Inc.*                             1,920           51,763  
FLIR Systems, Inc.*                                   340           10,231  
Itron, Inc.*                                          250           22,557  
Woodward Governor Co.                                 160            4,275  
                                                              ----------
                                                                 105,709
                                                              ----------
INTERNET SOFTWARE & SERVICES -- 3.6%                                        
Bankrate, Inc.*                                       110            5,488  
Equinix, Inc.*                                        620           41,224  
Interwoven, Inc.*                                   1,860           19,865  
Sohu.com, Inc.*                                       290           13,088  
Terremark Worldwide, Inc.*                          1,120            6,137  
ValueClick, Inc.*                                     360            6,210  
                                                              ----------
                                                                  92,012
                                                              ----------
IT SERVICES -- 2.1%                                                         
CyberSource Corp.*                                  2,110           30,827  
Sapient Corp.*                                      3,200           22,272  
                                                              ----------
                                                                  53,099
                                                              ----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.0%                            
Atheros Communications, Inc.*                         230            4,793  
ATMI, Inc.*                                           440           12,245  
Microsemi Corp.*                                      260            5,928  
Monolithic Power Systems, Inc.*                       510            8,991  
Netlogic Microsystems, Inc.*                          185            4,466  
Pericom Semiconductor Corp.*                        1,870           27,452  
Sigma Designs, Inc.*                                  570           12,922  
                                                              ----------
                                                                  76,797
                                                              ----------
SOFTWARE -- 4.8%                                                            
Advent Software, Inc.*                                150            6,393  
ANSYS, Inc.*                                          260            8,975  
Blackboard, Inc.*                                     360           11,999  
Concur Technologies, Inc.*                          1,415           43,936  
Jack Henry & Associates, Inc.                         200            4,934  
Macrovision Corp.*                                    170            2,295  
MICROS Systems, Inc.*                                 620           20,869  
Nuance Communications, Inc.*                          510            8,879  

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

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                                               SHARES          VALUE
                                                  ------       -----------
Radiant Systems, Inc.*                                510       $    7,125  
The Ultimate Software Group, Inc.*                    150            4,509  
Vasco Data Security International, Inc.*              190            2,599  
                                                              ----------
                                                                 122,513
                                                              ----------
TOTAL INFORMATION TECHNOLOGY                                        548,317   
                                                              ----------
MATERIALS -- 9.8%                                                             
CHEMICALS -- 3.6%                                                           
Hercules, Inc.                                      1,990           36,397  
Terra Industries, Inc.*                               550           19,541  
Valhi, Inc.                                            40              936  
W.R. Grace & Co.*                                     900           20,538  
Zoltek Cos., Inc.*                                    480           12,730  
                                                              ----------
                                                                  90,142
                                                              ----------
CONTAINERS & PACKAGING -- 0.9%                                              
Greif Corp. - Class A                                 200           13,586  
Silgan Holdings, Inc.                                 200            9,926  
                                                              ----------
                                                                  23,512
                                                              ----------
METALS & MINING -- 5.3%                                                     
A.M. Castle & Co.                                     740           19,980  
AK Steel Holding Corp.                                230           12,517  
Apex Silver Mines, Ltd.*                            2,070           25,088  
Century Aluminum Co.*                                 390           25,834  
Hecla Mining Co.*                                   3,540           39,506  
Stillwater Mining Co.*                                350            5,414  
Titanium Metals Corp.                                 460            6,923  
                                                              ----------
                                                                 135,262
                                                              ----------
TOTAL MATERIALS                                                     248,916   
                                                              ----------
TELECOMMUNICATION SERVICES -- 1.5%                                            
DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.8%                              
Fairpoint Communications, Inc.                        640            5,773  
Time Warner Telecom, Inc. - Class A*                  990           15,335  
                                                              ----------
                                                                  21,108
                                                              ----------
WIRELESS TELECOMMUNICATION SERVICES -- 0.7%                                 
SBA Communications Corp. - Class A*                   560           16,705  
                                                              ----------
TOTAL TELECOMMUNICATION SERVICES                                     37,813   
                                                              ----------
UTILITIES -- 0.1%                                                             
GAS UTILITIES -- 0.1%                                                       
Ormat Technologies, Inc.                               70            3,011  
                                                              ----------
TOTAL UTILITIES                                                       3,011   
                                                              ----------
TOTAL COMMON STOCK                                                            
(Cost $2,423,116)                                                2,532,648  
                                                              ----------
SHORT-TERM INVESTMENTS -- 0.3%                                                
BlackRock Liquidity Funds                                                   
TempCash Portfolio -                                                    
Institutional Series                              3,309            3,309
BlackRock Liquidity Funds                                                   
TempFund Portfolio -                                                    
Institutional Series                              3,309            3,309
                                                              ----------
TOTAL SHORT-TERM INVESTMENTS                                                  
(Cost $6,618)                                                        6,618  
                                                              ----------
TOTAL INVESTMENTS -- 100.1%                                                   
(Cost $2,429,734)+                                              $2,539,266  
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1)%                      (2,628)  
                                                              ----------
NET ASSETS -- 100.0%                                             $2,536,638   
                                                              ==========

*    Non-income producing security.                                             
+    The cost for Federal income tax purposes is $2,432,166. At March 31, 2008  
     net unrealized appreciation was $107,100. This consisted of aggregate gross
     unrealized appreciation for all securities for which there was an excess of
market value over tax cost of $353,232, and aggregate gross unrealized
   depreciation for all securities for which there was an excess of tax cost
over market value of $246,132.                                        

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                              SHARES         VALUE
                                                 ------       ----------
COMMON STOCK -- 99.9%                                                           
CONSUMER DISCRETIONARY -- 6.0%                                                
AUTO COMPONENTS -- 1.1%                                                     
Tenneco, Inc.*                                        485       $   13,551  
                                                              ----------
HOTELS, RESTAURANTS & LEISURE -- 0.8%                                       
AFC Enterprises, Inc.*                                490            4,405  
Luby's, Inc.*                                         375            2,655  
Papa John's International, Inc.*                       80            1,937  
Riviera Holdings Corp.*                                 5              103  
                                                              ----------
                                                                   9,100
                                                              ----------
HOUSEHOLD DURABLES -- 0.6%                                                  
American Greetings Corp.                              370            6,864  
                                                              ----------
INTERNET & CATALOG RETAIL -- 0.1%                                           
Gaiam, Inc. Class A*                                   50              866  
                                                              ----------
MEDIA -- 3.1%                                                               
Fisher Communications, Inc.*                          420           13,087  
Interactive Data Corp.                                790           22,491  
                                                              ----------
                                                                  35,578
                                                              ----------
SPECIALTY RETAIL -- 0.3%                                                    
Cabela's, Inc. - Class A*                             265            3,752  
                                                              ----------
TOTAL CONSUMER DISCRETIONARY                                         69,711   
                                                              ----------
CONSUMER STAPLES -- 2.7%                                                      
BEVERAGES -- 2.3%                                                           
Central European Distribution Corp.*                  330           19,203  
The Boston Beer Co., Inc. - Class A*                  145            6,893  
                                                              ----------
                                                                  26,096
                                                              ----------
FOOD & STAPLES RETAILING -- 0.2%                                            
Casey's General Stores, Inc.                          120            2,712  
                                                              ----------
FOOD PRODUCTS -- 0.2%                                                       
Imperial Sugar Co.                                    115            2,164  
Lance, Inc.                                            20              392  
                                                              ----------
                                                                   2,556
                                                              ----------
TOTAL CONSUMER STAPLES                                               31,364   
                                                              ----------
ENERGY -- 10.3%                                                               
ENERGY EQUIPMENT & SERVICES -- 1.1%                                         
Bristow Group, Inc.*                                   15              805  
Exterran Holdings, Inc.*                              140            9,036  
Hornbeck Offshore Services, Inc.*                      60            2,740  
                                                              ----------
                                                                  12,581
                                                              ----------
OIL, GAS & CONSUMABLE FUELS -- 9.2%                                         
Bill Barret Corp.*                                    160            7,560  
Bois d'Arc Energy, Inc.*                              280            6,017  
McMoRan Exploration Co.*                              580           10,028  
Petrohawk Energy Corp.*                               200            4,034  
Petroleum Development Corp.*                          260           18,010  
Petroquest Energy, Inc.*                              300            5,202  
Swift Energy Co.*                                      90            4,049  
Toreador Resources Corp.*                             910            7,080  
Warren Resources, Inc.*                             1,840           21,841  
Whiting Petroleum Corp.*                              360           23,274  
                                                              ----------
                                                                 107,095
                                                              ----------
TOTAL ENERGY                                                        119,676   
                                                              ----------
FINANCIALS -- 25.8%                                                           
CAPITAL MARKETS -- 1.1%                                                     
Apollo Investment Corp.                               659           10,432  

                                          SHARES         VALUE
                                             ------       ----------
Capital Southwest Corp.                                20       $    2,474  
                                                              ----------
                                                                  12,906
                                                              ----------
COMMERCIAL BANKS -- 6.3%                                                    
Bancfirst Corp.                                        80            3,662  
First Community Bancshares, Inc.                      700           25,494  
Hancock Holding Co.                                   380           15,968  
Prosperity Bancshares, Inc.                           220            6,305  
Royal Bank Of Canada                                    7              326  
Sun Bancorp, Inc.*                                    407            5,360  
SVB Financial Group*                                  130            5,673  
The Bancorp Bank*                                     265            3,201  
Trustmark Corp.                                       120            2,674  
Westamerica Bancorp                                    80            4,208  
                                                              ----------
                                                                  72,871
                                                              ----------
CONSUMER FINANCE -- 0.3%                                                    
Cash America International, Inc.                      100            3,640  
                                                              ----------
INSURANCE -- 7.5%                                                           
American Physicians Capital, Inc.                     300           13,908  
Argo Group International Holdings, Ltd.*               75            2,664  
FPIC Insurance Group, Inc.*                           250           11,785  
Infinity Property & Casual Corp.                      200            8,320  
National Interstate Corp.                             200            4,670  
Navigators Group, Inc.*                               115            6,256  
Odyssey Re Holdings Corp.                             520           19,110  
ProAssurance Corp.*                                   195           10,497  
RLI Corp.                                             120            5,948  
SeaBright Insurance Holdings, Inc.*                   235            3,462  
                                                              ----------
                                                                  86,620
                                                              ----------
REAL ESTATE INVESTMENT TRUSTS -- 9.0%                                       
Alexandria Real Estate Equities, Inc.                  20            1,854  
BioMed Realty Trust, Inc.                             280            6,689  
Corporate Office Properties Trust                     110            3,697  
DiamondRock Hospitality Co.                           765            9,693  
Entertainment Properties Trust                        100            4,933  
First Industrial Realty Trust, Inc.                    80            2,471  
Home Properties, Inc.                                  60            2,879  
Inland Real Estate Corp.                              590            8,974  
Lexington Realty Trust                                800           11,528  
LTC Properties, Inc.                                  185            4,756  
National Health Investors, Inc.                        40            1,250  
National Retail Properties, Inc.                      370            8,159  
Nationwide Health Properties, Inc.                    735           24,806  
Pennsylvania Real Estate Investment Trust             100            2,439  
Realty Income Corp.                                   170            4,356  
Redwood Trust, Inc.                                    50            1,818  
Senior Housing Properties Trust                       150            3,555  
                                                              ----------
                                                                 103,857
                                                              ----------
THRIFTS & MORTGAGE FINANCE -- 1.6%                                          
Clifton Savings Bancorp, Inc.                         655            6,602  
NewAlliance Bancshares, Inc.                          675            8,275  
Northwest Bancorp, Inc.                               120            3,280  
                                                              ----------
                                                                  18,157
                                                              ----------
TOTAL FINANCIALS                                                    298,051   
                                                              ----------

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

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                                            SHARES         VALUE
                                               ------       ----------
HEALTH CARE -- 5.2%                                                           
BIOTECHNOLOGY -- 0.9%                                                       
Isis Pharmaceuticals, Inc.*                           750       $   10,582  
                                                              ----------
HEALTH CARE PROVIDERS & SERVICES -- 3.8%                                    
Alliance Imaging, Inc.*                             2,320           19,952  
AMERIGROUP Corp.*                                     210            5,739  
Magellan Health Services, Inc.*                       120            4,763  
Medcath Corp.*                                        325            5,915  
Owens & Minor, Inc.                                   140            5,508  
Universal American Financial Corp.*                   140            1,484  
                                                              ----------
                                                                  43,361
                                                              ----------
LIFE SCIENCES TOOLS & SERVICES -- 0.5%                                      
Bio-Rad Laboratories, Inc.*                            70            6,227  
                                                              ----------
TOTAL HEALTH CARE                                                    60,170   
                                                              ----------
INDUSTRIALS -- 24.0%                                                          
AEROSPACE & DEFENSE -- 6.5%                                                 
AAR Corp.*                                            510           13,908  
Esterline Technologies Corp.*                         265           13,348  
Hexcel Corp.*                                       1,020           19,492  
Orbital Sciences Corp.*                               790           19,039  
Teledyne Technologies, Inc.*                          200            9,400  
                                                              ----------
                                                                  75,187
                                                              ----------
BUILDING PRODUCTS -- 1.8%                                                   
Ameron International Corp.                            200           18,706  
NCI Building Systems, Inc.*                           105            2,541  
                                                              ----------
                                                                  21,247
                                                              ----------
COMMERCIAL SERVICES & SUPPLIES -- 4.9%                                      
AMREP Corp.                                            70            3,661  
Comfort Systems USA, Inc.                             305            3,968  
Mine Safety Appliances Co.                            380           15,652  
Spherion Corp.*                                       450            2,754  
United Stationers, Inc.*                              170            8,109  
Watson Wyatt Worldwide, Inc.                          400           22,700  
                                                              ----------
                                                                  56,844
                                                              ----------
CONSTRUCTION & ENGINEERING -- 0.2%                                          
EMCOR Group, Inc.*                                    100            2,221  
                                                              ----------
ELECTRICAL EQUIPMENT -- 3.2%                                                
Belden, Inc.                                          270            9,536  
EnerSys, Inc.*                                        870           20,811  
GrafTech International, Ltd.*                         380            6,160  
                                                              ----------
                                                                  36,507
                                                              ----------
MACHINERY -- 5.6%                                                           
Badger Meter, Inc.                                     80            3,456  
Blount International, Inc.*                           990           12,246  
Clarcor, Inc.                                         390           13,865  
Robbins & Myers, Inc.                                 380           12,407  
Valmont Industries, Inc.                              255           22,412  
                                                              ----------
                                                                  64,386
                                                              ----------
TRADING COMPANIES & DISTRIBUTORS -- 1.8%                                    
Electro Rent Corp.                                  1,400           21,210  
                                                              ----------
TOTAL INDUSTRIALS                                                   277,602   
                                                              ----------
INFORMATION TECHNOLOGY -- 5.8%                                                
COMMUNICATIONS EQUIPMENT -- 0.5%                                            
CommScope, Inc.*                                      180            6,269  
                                                              ----------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.4%                                  
Synnex Corp.*                                         260            5,517  

                                          SHARES         VALUE
                                             ------       ----------
Woodward Governor Co.                                 410       $   10,956  
                                                              ----------
                                                                  16,473
                                                              ----------
INTERNET SOFTWARE & SERVICES -- 0.3%                                        
SonicWALL, Inc.*                                      480            3,922  
                                                              ----------
IT SERVICES -- 1.2%                                                         
MAXIMUS, Inc.                                         365           13,399  
                                                              ----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.5%                            
Cabot Microelectronics Corp.*                         210            6,752  
Pericom Semiconductor Corp.*                          680            9,982  
                                                              ----------
                                                                  16,734
                                                              ----------
SOFTWARE -- 0.9%                                                            
Actuate Corp.*                                        860            3,526  
Sybase, Inc.*                                         260            6,838  
                                                              ----------
                                                                  10,364
                                                              ----------
TOTAL INFORMATION TECHNOLOGY                                         67,161   
                                                              ----------
MATERIALS -- 14.9%                                                            
CHEMICALS -- 5.1%                                                           
Arch Chemicals, Inc.                                  230            8,570  
H.B. Fuller Co.                                       280            5,715  
Hercules, Inc.                                      1,150           21,033  
OM Group, Inc.*                                       440           23,998  
                                                              ----------
                                                                  59,316
                                                              ----------
CONSTRUCTION MATERIALS -- 0.8%                                              
Texas Industries, Inc.                                160            9,617  
                                                              ----------
CONTAINERS & PACKAGING -- 2.9%                                              
AptarGroup, Inc.                                      100            3,893  
Greif Corp. - Class A                                 340           23,096  
Silgan Holdings, Inc.                                 120            5,956  
                                                              ----------
                                                                  32,945
                                                              ----------
METALS & MINING -- 6.1%                                                     
A.M. Castle & Co.                                     460           12,420  
Century Aluminum Co.*                                 360           23,846  
Cleveland-Cliffs, Inc.                                120           14,378  
Royal Gold, Inc.                                      470           14,180  
Stillwater Mining Co.*                                380            5,879  
                                                              ----------
                                                                  70,703
                                                              ----------
TOTAL MATERIALS                                                     172,581   
                                                              ----------
TELECOMMUNICATION SERVICES -- 0.6%                                            
DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.6%                              
Cogent Communications Group, Inc.*                    350            6,409  
                                                              ----------
TOTAL TELECOMMUNICATION SERVICES                                      6,409   
                                                              ----------
UTILITIES -- 4.6%                                                             
ELECTRIC UTILITIES -- 1.5%                                                  
El Paso Electric Co.*                                 180            3,847  
MGE Energy, Inc.                                      140            4,768  
Westar Energy, Inc.                                   400            9,108  
                                                              ----------
                                                                  17,723
                                                              ----------
GAS UTILITIES -- 2.6%                                                       
Nicor, Inc.                                           160            5,362  
Northwest Natural Gas Co.                             560           24,326  
                                                              ----------
                                                                  29,688
                                                              ----------
WATER UTILITIES -- 0.5%                                                     
American States Water Co.                             170            6,120  
                                                              ----------
TOTAL UTILITIES                                                      53,531   
                                                              ----------

TOTAL COMMON STOCK                                                            
(Cost $1,099,484)                                                1,156,256  
                                                              ----------

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

--------------------------------------------------------------------------------

                                            SHARES         VALUE
                                               ------       ----------
SHORT-TERM INVESTMENTS -- 0.8%                                                  
BlackRock Liquidity Funds                                                   
TempCash Portfolio -                                                      
Institutional Series                               4,586       $    4,586 
BlackRock Liquidity Funds                                                   
TempFund Portfolio -                                                      
Institutional Series                               4,586            4,586 
                                                              ----------
TOTAL SHORT-TERM INVESTMENTS                                                  
(Cost $9,172)                                                        9,172  
                                                              ----------
TOTAL INVESTMENTS -- 100.7%                                                   
(Cost $1,108,656)+                                              $1,165,428  
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.7)%                       (7,861)   
                                                              ----------
NET ASSETS -- 100.0%                                              $1,157,567    
                                                              ==========

*    Non-income producing security.                                             
+    The cost for Federal income tax purposes is $1,109,303. At March 31, 2008  
    net unrealized appreciation was $56,124. This consisted of aggregate gross
     unrealized appreciation for all securities for which there was an excess of
market value over tax cost of $131,513, and aggregate gross unrealized
   depreciation for all securities for which there was an excess of tax cost
over market value of $75,389.                                         

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                             SHARES            VALUE
                                                ---------       ------------
COMMON STOCK -- 99.9%                                                           
CONSUMER DISCRETIONARY -- 9.4%                                                
AUTO COMPONENTS -- 0.1%                                                     
Autoliv, Inc.                                         560       $     28,112
BorgWarner, Inc.                                      272             11,704
Gentex Corp.                                        1,009             17,304
Johnson Controls, Inc.                              3,302            111,608
The Goodyear Tire & Rubber Co.*                     1,125             29,025
TRW Automotive Holdings Corp.*                         60              1,402
Wabco Holdings, Inc.                                  316             14,416
                                                                ------------
                                                                     213,571
                                                                ------------
AUTOMOBILES -- 0.5%                                                         
Ford Motor Co.*                                   148,756            850,884
General Motors Corp.                                4,946             94,221
Harley-Davidson, Inc.                               2,064             77,400
Thor Industries, Inc.                                 288              8,574
                                                                ------------
                                                                   1,031,079
                                                                ------------
DISTRIBUTORS -- 0.0%                                                        
Genuine Parts Co.                                     380             15,284
                                                                ------------
DIVERSIFIED CONSUMER SERVICES -- 0.2%                                       
Apollo Group, Inc. - Class A*                         972             41,991
Career Education Corp.*                               578              7,352
H&R Block, Inc.                                     1,816             37,700
ITT Educational Services, Inc.                        211              9,691
Service Corp. International                        39,170            397,184
Weight Watchers International, Inc.                   264             12,231
                                                                ------------
                                                                     506,149
                                                                ------------
HOTELS, RESTAURANTS & LEISURE -- 1.8%                                       
Boyd Gaming Corp.                                     310              6,200
Brinker International, Inc.                         1,051             19,496
Burger King Holdings, Inc.                            330              9,128
Carnival Corp.                                      2,200             89,056
Choice Hotels International, Inc.                     484             16,509
Darden Restaurants, Inc.                            1,179             38,376
International Game Technology                       2,339             94,051
International Speedway Corp. - Class A                270             11,124
Jack in the Box, Inc.*                             13,360            358,983
Las Vegas Sands Corp.*                                581             42,785
Marriott International, Inc. - Class A              2,266             77,860
McDonald's Corp.                                   34,714          1,936,000
MGM MIRAGE*                                           648             38,083
Orient-Express Hotels, Ltd.                           221              9,538
Panera Bread Co. - Class A*                           185              7,750
Penn National Gaming, Inc.                            502             21,952
Royal Caribbean Cruises, Ltd.                         190              6,251
Scientific Games Corp.*                               343              7,241
Starbucks Corp.*                                    4,474             78,295
Starwood Hotels & Resorts Worldwide, Inc.           1,512             78,246
The Cheesecake Factory, Inc.*                         739             16,103
Tim Hortons, Inc.                                   1,100             37,455
Wendy's International, Inc.                           728             16,788
Wyndham Worldwide Corp.                            13,924            287,948
Wynn Resorts, Ltd.                                    330             33,211
Yum! Brands, Inc.                                  22,279            829,002
                                                                ------------
                                                                   4,167,431
                                                                ------------

                                             SHARES            VALUE
                                                ---------       ------------
HOUSEHOLD DURABLES -- 0.7%                                                  
Black & Decker Corp.                                  471       $     31,133
Centex Corp.                                          146              3,535
D.R. Horton, Inc.                                     720             11,340
Fortune Brands, Inc.                                  420             29,190
Garmin, Ltd.                                          817             44,126
Harman International Industries, Inc.                 466             20,290
Jarden Corp.*                                      21,034            457,279
KB Home Co.                                           170              4,204
Leggett & Platt, Inc.                                 450              6,863
Lennar Corp. - Class A                                270              5,079
M.D.C. Holdings, Inc.                                  70              3,065
Mohawk Industries, Inc.*                            6,080            435,389
Newell Rubbermaid, Inc.                             1,780             40,709
NVR, Inc.*                                             13              7,767
Pulte Corp.                                         1,316             19,148
Ryland Group, Inc.                                    230              7,565
Snap-On, Inc.                                       4,990            253,741
The Stanley Works                                     445             21,191
Toll Brothers, Inc.*                                  130              3,052
Tupperware Brands Corp.                             5,450            210,806
Whirlpool Corp.                                       390             33,844
                                                                ------------
                                                                   1,649,316
                                                                ------------
INTERNET & CATALOG RETAIL -- 0.2%                                           
Amazon.com, Inc.*                                   1,804            128,625
Expedia, Inc.*                                        101              2,211
IAC/Interactive Corp.*                                436              9,051
Liberty Media Corp. - Interactive - Class A*        2,017             32,555
NutriSystem, Inc.*                                    261              3,933
Priceline.com, Inc.*                                1,542            186,366
                                                                ------------
                                                                     362,741
                                                                ------------
LEISURE EQUIPMENT & PRODUCTS -- 0.1%                                        
Brunswick Corp.                                       440              7,027
Eastman Kodak Co.                                   6,450            113,971
Hasbro, Inc.                                          840             23,436
Mattel, Inc.                                        1,518             30,208
Pool Corp.                                            420              7,934
                                                                ------------
                                                                     182,576
                                                                ------------
MEDIA -- 2.3%                                                               
Cablevision Systems New York Group - Class A*       1,962             42,046
CBS Corp. - Class B                                 4,967            109,671
Central European Media                                                      
  Enterprises, Ltd. - Class A*                        168             14,319
Citadel Broadcasting Corp.                          1,502              2,493
Clear Channel Communications, Inc.                  2,216             64,752
Clear Channel Outdoor                                                       
  Holdings, Inc. - Class A*                           291              5,532
Comcast Corp. - Class A                            22,315            431,572
Comcast Corp. - Special Class A                    30,550            579,533
CTC Media, Inc.*                                      294              8,159
Discovery Holding Co. - Class A*                    1,175             24,934
Dish Network Corp.*                                15,782            453,417
DreamWorks Animation SKG, Inc. - Class A*             287              7,399
Gannett Co., Inc.                                   1,150             33,408
Gemstar-TV Guide International, Inc.*              32,596            153,201

The accompanying notes are integral part of the financial statements. 

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--------------------------------------------------------------------------------

                                             SHARES            VALUE
                                                ---------       ------------
Getty Images, Inc.*                                   402       $     12,864
Harte-Hanks, Inc.                                     394              5,386
Idearc, Inc.                                          180                655
John Wiley & Sons, Inc. - Class A                   5,580            221,526
Lamar Advertising Co. Class A*                        435             15,630
Liberty Global, Inc. - Class A*                     1,226             41,782
Liberty Media Corp - Entertainment*                    40                906
Meredith Corp.                                        490             18,743
News Corp. - Class A                               11,010            206,437
Omnicom Group, Inc.                                 2,186             96,577
R.H. Donnelley Corp.*                                 180                911
Regal Entertainment Group - Class A                 2,690             51,890
Sirius Satellite Radio, Inc.*                       7,616             21,782
The DIRECTV Group, Inc.*                           33,219            823,499
The E.W. Scripps Co. - Class A                        130              5,461
The Interpublic Group of Cos., Inc.*                1,754             14,751
The McClatchy Co. - Class A                           450              4,815
The McGraw-Hill Cos., Inc.                          2,692             99,469
The New York Times Co. - Class A                      314              5,928
The Walt Disney Co.                                41,582          1,304,843
Time Warner Cable, Inc.*                              448             11,191
Time Warner, Inc.                                  22,035            308,931
Viacom, Inc. - Class B*                             4,868            192,870
Virgin Media, Inc.                                    410              5,769
Warner Music Group Corp.                              785              3,909
XM Satellite Radio Holdings, Inc.*                  1,478             17,174
                                                                ------------
                                                                   5,424,135
                                                                ------------
MULTILINE RETAIL -- 0.9%                                                    
Big Lots, Inc.*                                    29,964            668,197
Dollar Tree, Inc.*                                    521             14,374
Family Dollar Stores, Inc.                          1,376             26,832
J.C. Penney Co., Inc.                              12,184            459,459
Kohl's Corp.*                                       1,916             82,177
Macy's, Inc.                                          590             13,606
Nordstrom, Inc.                                     1,487             48,476
Saks, Inc.*                                           633              7,894
Sears Holdings Corp.*                                  70              7,146
Target Corp.                                       16,629            842,758
                                                                ------------
                                                                   2,170,919
                                                                ------------
SPECIALTY RETAIL -- 1.7%                                                    
Abercrombie & Fitch Co. - Class A                     512             37,448
Advance Auto Parts, Inc.                              708             24,107
American Eagle Outfitters, Inc.                     1,643             28,769
AnnTaylor Stores Corp.*                               364              8,802
AutoNation, Inc.*                                     820             12,275
AutoZone, Inc.*                                    11,924          1,357,309
Barnes & Noble, Inc.                                8,132            249,246
Bed Bath & Beyond, Inc.*                            2,038             60,121
Best Buy Co., Inc.                                  2,355             97,638
Carmax, Inc.*                                       1,232             23,925
Chico's FAS, Inc.*                                  1,250              8,887
Circuit City Stores, Inc.                             822              3,272
Coldwater Creek, Inc.*                                656              3,313
Dick's Sporting Goods, Inc.*                          422             11,301
Foot Locker, Inc.                                     720              8,474
GameStop Corp. - Class A*                             948             49,021

                                             SHARES            VALUE
                                                ---------       ------------
Guess?, Inc.                                          277       $     11,210
Limited Brands, Inc.                                2,653             45,366
Lowe's Cos., Inc.                                  28,890            662,737
O'Reilly Automotive, Inc.*                            664             18,937
Office Depot, Inc.*                                 2,265             25,028
OfficeMax, Inc.                                       554             10,604
PetSmart, Inc.                                        699             14,288
RadioShack Corp.                                    1,218             19,792
Ross Stores, Inc.                                     936             28,043
Sally Beauty Holdings, Inc.*                          250              1,725
Staples, Inc.                                       5,072            112,142
The Gap, Inc.                                       9,326            183,536
The Home Depot, Inc.                               16,148            451,660
The Sherwin-Williams Co.                              940             47,978
The TJX Cos., Inc.                                  2,512             83,072
Tiffany & Co.                                         882             36,903
Tractor Supply Co.*                                   264             10,433
TravelCenters of America LLC*                          40                244
Urban Outfitters, Inc.*                             4,254            133,363
Williams-Sonoma, Inc.                                 485             11,756
                                                                ------------
                                                                   3,892,725
                                                                ------------
TEXTILES, APPAREL & LUXURY GOODS -- 0.9%                                    
Coach, Inc.*                                        2,377             71,667
Crocs, Inc.*                                          409              7,145
Hanesbrands, Inc.*                                  9,751            284,729
Jones Apparel Group, Inc.                             850             11,407
Liz Claiborne, Inc.                                   529              9,601
NIKE, Inc. - Class B                               25,388          1,726,384
Phillips-Van Heusen Corp.                             290             10,997
Polo Ralph Lauren Corp.                               536             31,243
V.F. Corp.                                            290             22,478
                                                                ------------
                                                                   2,175,651
                                                                ------------
TOTAL CONSUMER DISCRETIONARY                                       21,791,577 
                                                                ------------
CONSUMER STAPLES -- 12.6%                                                     
BEVERAGES -- 3.7%                                                           
Anheuser-Busch Cos., Inc.                           6,630            314,593
Brown-Forman Corp. - Class B                          720             47,678
Coca-Cola Enterprises, Inc.                        14,351            347,294
Constellation Brands, Inc. Class A*                   470              8,305
Hansen Natural Corp.*                                 356             12,567
Holson Coors Brewing Co. - Class B                  4,068            213,855
Pepsi Bottling Group, Inc.                            574             19,464
PepsiAmericas, Inc.                                 6,252            159,614
PepsiCo, Inc.                                      48,803          3,523,577
The Coca-Cola Co.                                  64,376          3,918,567
                                                                ------------
                                                                   8,565,514
                                                                ------------
FOOD & STAPLES RETAILING -- 3.9%                                            
BJ's Wholesale Club, Inc.*                             50              1,784
Costco Wholesale Corp.                             26,207          1,702,669
CVS Caremark Corp.                                 93,521          3,788,536
Rite Aid Corp.*                                       450              1,323
Safeway, Inc.                                         260              7,631
SUPERVALU, Inc.                                       410             12,292
Sysco Corp.                                         4,360            126,527
The Kroger Co.                                     69,626          1,768,500
Wal-Mart Stores, Inc.                              27,376          1,442,168
Walgreen Co.                                        6,347            241,757
Whole Foods Market, Inc.                              809             26,673
                                                                ------------
                                                                   9,119,860
                                                                ------------

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------       ------------
FOOD PRODUCTS -- 1.2%                                                       
Archer-Daniels-Midland Co.                         18,310       $    753,639
Bunge, Ltd.                                            50              4,344
Campbell Soup Co.                                   2,286             77,610
ConAgra Foods, Inc.                                 1,460             34,967
Corn Products International, Inc.                      20                743
Dean Foods Co.*                                     1,229             24,691
Del Monte Foods Co.                                   160              1,525
General Mills, Inc.                                   702             42,036
H.J. Heinz Co.                                      2,498            117,331
Hormel Foods Corp.                                    220              9,165
Kellogg Co.                                         1,421             74,688
Kraft Foods, Inc. - Class A                        28,929            897,088
McCormick & Co., Inc.                                 710             26,249
Sara Lee Corp.                                      7,211            100,810
Smithfield Foods, Inc.*                            14,300            368,368
The Hershey Foods Corp.                             1,320             49,724
The J.M. Smucker Co.                                   70              3,543
Tyson Foods, Inc. - Class A                           890             14,195
Wm. Wrigley Jr. Co.                                 1,575             98,973
                                                                ------------
                                                                   2,699,689
                                                                ------------
HOUSEHOLD PRODUCTS -- 2.6%                                                  
Church & Dwight Co., Inc.                             326             17,682
Colgate-Palmolive Co.                              16,466          1,282,866
Energizer Holdings, Inc.*                             361             32,664
Kimberly-Clark Corp.                                1,800            116,190
Procter & Gamble Co.                               66,475          4,657,903
The Clorox Co.                                      1,030             58,339
                                                                ------------
                                                                   6,165,644
                                                                ------------
PERSONAL PRODUCTS -- 0.2%                                                   
Alberto-Culver Co.                                    159              4,358
Avon Products, Inc.                                 9,640            381,166
Bare Escentuals, Inc.*                                218              5,106
Estee Lauder Cos., Inc. - Class A                     797             36,542
Herbalife, Ltd.                                       450             21,375
NBTY, Inc.*                                           340             10,183
                                                                ------------
                                                                     458,730
                                                                ------------
TOBACCO -- 1.0%                                                             
Altria Group, Inc.                                 28,284            627,905
Loews Corp. - Carolina Group.                         570             41,353
Philip Morris International, Inc.*                 28,284          1,430,605
Reynolds American, Inc.                             3,543            209,143
UST, Inc.                                             902             49,177
                                                                ------------
                                                                   2,358,183
                                                                ------------
TOTAL CONSUMER STAPLES                                             29,367,620 
                                                                ------------
ENERGY -- 11.8%                                                               
ENERGY EQUIPMENT & SERVICES -- 4.7%                                         
Baker Hughes, Inc.                                  8,158            558,823
BJ Services Co.                                     2,041             58,189
Cameron International Corp.*                       26,398          1,099,213
Diamond Offshore Drilling, Inc.                       516             60,062
Dresser-Rand Group, Inc.*                           1,138             34,993
ENSCO International, Inc.                             852             53,352
FMC Technologies, Inc.*                               763             43,407
Global Industries, Ltd.*                              585              9,413
Grant Prideco, Inc.                                   750             36,915
Halliburton Co.                                    50,126          1,971,455
Helix Energy Solutions Group, Inc.*                   462             14,553
Helmerich & Payne, Inc.                               120              5,624
Nabors Industries, Ltd.*                            1,353             45,691

                                             SHARES            VALUE
                                                ---------       ------------
National Oilwell Varco, Inc.*                       2,168       $    126,568
Noble Corp.                                         1,519             75,449
Oceaneering International, Inc.*                      297             18,711
Pride International, Inc.*                            833             29,113
Rowan Cos., Inc.                                      669             27,549
Schlumberger, Ltd.                                 39,146          3,405,702
SEACOR Holdings, Inc.*                             19,527          1,666,825
Smith International, Inc.                           1,282             82,343
Superior Energy Services, Inc.*                       522             20,682
Tetra Technologies, Inc.*                             369              5,845
Tidewater, Inc.                                     8,130            448,044
Transocean, Inc*                                    1,803            243,766
Unit Corp.*                                        12,264            694,756
Weatherford International, Ltd.*                    1,845            133,707
                                                                ------------
                                                                  10,970,750
                                                                ------------
OIL, GAS & CONSUMABLE FUELS -- 7.1%                                         
Anadarko Petroleum Corp.                              390             24,582
Apache Corp.                                          200             24,164
Arch Coal, Inc.                                       799             34,757
Cabot Oil & Gas Corp.                                 531             26,996
Cheniere Energy, Inc.*                                274              5,425
Chesapeake Energy Corp.                            10,986            507,004
ChevronTexaco Corp.                                19,991          1,706,432
CNX Gas Corp.*                                        145              4,681
ConocoPhillips                                     45,729          3,485,007
Consol Energy, Inc.                                 1,160             80,260
Continental Resources, Inc.*                           76              2,424
Denbury Resources, Inc.*                            9,004            257,064
Devon Energy Corp.                                 21,950          2,290,043
El Paso Corp.                                      57,944            964,188
EOG Resources, Inc.                                   150             18,000
Exxon Mobil Corp.                                  45,345          3,835,280
Forest Oil Corp.*                                      40              1,958
Foundation Coal Holdings, Inc.                        367             18,471
Frontier Oil Corp.                                    540             14,720
Frontline, Ltd.                                     1,230             56,605
Hess Corp.                                            210             18,518
Holly Corp.                                           257             11,156
Marathon Oil Corp.                                  1,050             47,880
Massey Energy Co.                                     462             16,863
Murphy Oil Corp.                                    2,427            199,354
Newfield Exploration Co.*                              20              1,057
Noble Energy, Inc.                                    242             17,618
Occidental Petroleum Corp.                         17,710          1,295,841
Overseas Shipholding Group, Inc.                       50              3,502
Patriot Coal Corp.*                                    40              1,879
Peabody Energy Corp.                                1,672             85,272
Pioneer Natural Resources Co.                         210             10,315
Quicksilver Resources, Inc.*                          608             22,210
Range Resources Corp.                                 805             51,077
Sandridge Energy, Inc.*                                66              2,584
Southwestern Energy Co.*                            1,948             65,628
Spectra Energy Corp.                                  210              4,778
St. Mary Land & Exploration Co.                       150              5,775
Sunoco, Inc.                                        1,083             56,825
Teekay Corp.                                          270             11,467
Tesoro Corp.                                       12,262            367,860
Valero Energy Corp.                                10,667            523,856
W&T Offshore, Inc.                                    132              4,503
Western Refining, Inc.                                106              1,428
Williams Cos., Inc.                                 4,889            161,239

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------       ------------
XTO Energy, Inc.                                    2,913       $    180,198
                                                                ------------
                                                                  16,526,744
                                                                ------------
TOTAL ENERGY                                                       27,497,494 
                                                                ------------
FINANCIALS -- 12.1%                                                           
CAPITAL MARKETS -- 2.1%                                                     
Affiliated Managers Group, Inc.*                      188             17,059
Allied Capital Corp.                                1,010             18,614
American Capital Strategies, Ltd.                     770             26,303
Ameriprise Financial, Inc.                            230             11,926
BlackRock, Inc.                                       254             51,862
E*TRADE Group, Inc.*                                4,411             17,026
Eaton Vance Corp.                                     677             20,655
Federated Investors, Inc.                             578             22,635
Franklin Resources, Inc.                            1,238            120,074
GFI Group, Inc.                                     5,041            288,849
GLG Partners, Inc.                                    224              2,659
Goldman Sachs Group, Inc.                          11,182          1,849,391
Invesco, Ltd.*                                      2,439             59,414
Investment Technology Group, Inc.*                    434             20,042
Janus Capital Group, Inc.                             919             21,385
Jefferies Group, Inc.                                 370              5,968
Lazard, Ltd. - Class A                              3,364            128,505
Legg Mason, Inc.                                      447             25,023
Lehman Brothers Holdings, Inc.                      2,377             89,470
Merrill Lynch & Co., Inc.                          15,579            634,689
MF Global, Ltd.*                                    4,627             45,854
Morgan Stanley                                      6,083            277,993
Northern Trust Corp.                                7,319            486,494
Raymond James Financial, Inc.                         480             11,030
SEI Investments Co.                                   993             24,517
State Street Corp.                                  1,976            156,104
T.Rowe Price Group, Inc.                            1,776             88,800
TD Ameritrade Holding Corp.                         1,293             21,347
The Bank of New York Mellon Corp.                   7,216            301,124
The Charles Schwab Corp.                            6,514            122,659
                                                                ------------
                                                                   4,967,471
                                                                ------------
COMMERCIAL BANKS -- 1.0%                                                    
Associated Banc-Corp.                                 580             15,445
BancorpSouth, Inc.                                    180              4,169
Bank of Hawaii Corp.                                  212             10,507
BB&T Corp.                                          1,820             58,349
BOK Financial Corp.                                    10                522
City National Corp.                                    20                989
Comerica, Inc.                                        700             24,556
Commerce Bancshares, Inc.                             241             10,129
Cullen/Frost Bankers, Inc.                            130              6,895
Fifth Third Bancorp                                 2,110             44,141
First Citizens BancShares, Inc. - Class A              10              1,394
First Horizon National Corp.                          600              8,406
Fulton Financial Corp.                              1,000             12,290
Huntington Bancshares, Inc.                           900              9,675
KeyCorp.                                            1,890             41,486
M&T Bank Corp.                                      3,250            261,560
Marshall & Ilsley Corp.*                              720             16,704
National City Corp.                                 3,970             39,502
PNC Financial Services Group                          670             43,932
Popular, Inc.                                         880             10,261

                                             SHARES            VALUE
                                                ---------       ------------
Regions Financial Corp.                             4,119       $     81,350
SunTrust Banks, Inc.                                  870             47,972
SVB Financial Group*                                5,472            238,798
Synovus Financial Corp.                             2,441             26,997
TCF Financial Corp.                                   200              3,584
The Colonial BancGroup, Inc.                          160              1,541
Toronto-Dominion Bank                                 120              7,369
U.S. Bancorp                                       11,206            362,626
UnionBanCal Corp.                                     330             16,196
Valley National Bancorp                                40                768
Wachovia Corp.                                     12,931            349,137
Webster Financial Corp.                               340              9,476
Wells Fargo & Co.                                  20,166            586,831
Zions Bancorp                                         180              8,199
                                                                ------------
                                                                   2,361,756
                                                                ------------
CONSUMER FINANCE -- 1.4%                                                    
American Express Co.                               46,817          2,046,839
AmeriCredit Corp.*                                     39                392
Capital One Financial Corp.                         3,082            151,696
Discover Financial Services                        54,540            892,820
Nelnet, Inc. - Class A                                 60                705
SLM Corp.*                                          4,608             70,733
The First Marblehead Corp.                            606              4,521
The Student Loan Corp.                                 90              8,901
                                                                ------------
                                                                   3,176,607
                                                                ------------
DIVERSIFIED FINANCIAL SERVICES -- 2.6%                                      
Bank of America Corp.                              44,877          1,701,287
CIT Group, Inc.                                       570              6,755
Citigroup, Inc.                                    83,121          1,780,452
CME Group, Inc.                                       299            140,261
IntercontinentalExchange, Inc.*                       398             51,939
JPMorgan Chase & Co.                               47,892          2,056,961
Leucadia National Corp.                                10                452
Liberty Media Corp. - Capital Class A*                 10                157
Moody's Corp.                                       1,188             41,378
MSCI, Inc.*                                           466             13,864
Nymex Holdings, Inc.                                  515             46,674
NYSE Euronext, Inc.                                 2,452            151,313
The Nasdaq Stock Market, Inc.*                        672             25,980
                                                                ------------
                                                                   6,017,473
                                                                ------------
INSURANCE -- 3.8%                                                           
ACE, Ltd.                                           1,692             93,162
AFLAC, Inc.                                         3,836            249,148
Allied World Assurance Holdings, Ltd.                 200              7,940
American Financial Group, Inc.                        655             16,742
American International Group, Inc.                 39,405          1,704,266
American National Insurance Co.                        30              3,201
AON Corp.                                             500             20,100
Arch Capital Group, Ltd.*                           2,615            179,572
Arthur J. Gallagher & Co.                             372              8,787
Assurant, Inc.                                     13,411            816,193
Axis Captial Holdings, Ltd.                           700             23,786
Brown & Brown, Inc.                                   960             16,685
Chubb Corp.                                        26,310          1,301,819
Cincinnati Financial Corp.                            680             25,867
CNA Financial Corp.                                   893             23,031
Conseco, Inc.*                                      2,180             22,236

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------       ------------
Endurance Specialty Holdings, Ltd.                    520       $     19,032
Erie Indemnity Co. - Class A                          212             10,852
Everest Re Group, Ltd.                                210             18,801
Fidelity National Financial, Inc. - Class A           330              6,049
First American Corp.                                  560             19,006
Genworth Financial, Inc. - Class A                 12,656            286,532
Hartford Financial Services Group, Inc.             2,299            174,195
HCC Insurance Holdings, Inc.                          960             21,782
Lincoln National Corp.                                970             50,440
Loews Corp.                                        27,680          1,113,290
Markel Corp.*                                          20              8,799
Marsh & McLennan Cos., Inc.                         1,500             36,525
Mercury General Corp.                                 220              9,748
MetLife, Inc.                                       2,700            162,702
Nationwide Financial Services, Inc. - Class A         790             37,351
Old Republic International Corp.                    1,490             19,236
OneBeacon Insurance Group, Ltd.                        80              1,522
PartnerRe, Ltd.                                       446             34,030
Philadelphia Consolidated Holding Corp.*              544             17,517
Principal Financial Group, Inc.                     1,099             61,236
Protective Life Corp.                                 250             10,140
Prudential Financial, Inc.                          1,650            129,113
Reinsurance Group of America, Inc.                    350             19,054
RenaissanceRe Holdings, Ltd.                          420             21,802
Safeco Corp.                                        4,707            206,543
StanCorp Financial Group, Inc.                        120              5,725
The Allstate Corp.                                  4,791            230,255
The Hanover Insurance Group, Inc.                      43              1,769
The Progressive Corp.                               2,750             44,193
The Travelers Cos., Inc.                           27,580          1,319,703
Torchmark Corp.                                       390             23,443
TransAtlantic Holdings, Inc.                          322             21,365
Unitrin, Inc.                                         470             16,610
UnumProvident Corp.                                 1,430             31,474
W.R. Berkley Corp.                                  1,224             33,893
White Mountains Insurance Group, Ltd.                  20              9,600
XL Capital, Ltd. - Class A                          1,578             46,630
                                                                ------------
                                                                   8,792,492
                                                                ------------
REAL ESTATE INVESTMENT TRUSTS -- 0.9%                                       
AMB Property Corp.                                    280             15,238
Annaly Mortgage Management, Inc.                   11,980            183,534
Apartment Investment & Management Co. - Class A       418             14,969
AvalonBay Communities, Inc.                           140             13,513
Boston Properties, Inc.                               320             29,462
Brandywine Realty Trust                               670             11,363
BRE Properties, Inc. - Class A                        180              8,201
Camden Property Trust                                  70              3,514
CapitalSource, Inc.                                   435              4,206
CBL & Associates, Inc.                                600             14,118
Colonial Properties Trust                           6,990            168,110

                                             SHARES            VALUE
                                                ---------       ------------
Developers Diversified Realty Corp.                   440       $     18,427
Douglas Emmett, Inc.                                  320              7,059
Duke Realty Corp.                                     994             22,673
Equity Residential                                    750             31,118
Essex Property Trust, Inc.                            132             15,045
Federal Realty Investment Trust                       175             13,641
General Growth Properties, Inc.                     1,400             53,438
Health Care Property Investors, Inc.                  300             10,143
Health Care REIT, Inc.                                212              9,568
Hospitality Properties Trust                        3,138            106,755
Host Hotels & Resorts, Inc.                         1,060             16,875
HRPT Properties Trust                               2,280             15,344
iStar Financial, Inc.                                 530              7,436
Kilroy Realty Corp.                                   361             17,729
Kimco Realty Corp.                                    350             13,710
Liberty Property Trust                                620             19,288
Mack-Cali Realty Corp.                                240              8,570
Nationwide Health Properties, Inc.                  8,282            279,517
Plum Creek Timber Co., Inc.                           536             21,815
ProLogis                                            1,601             94,235
Public Storage, Inc.                                4,410            390,814
Rayonier, Inc.                                        176              7,645
Regency Centers Corp.                                 130              8,419
Simon Property Group, Inc.                          1,193            110,842
SL Green Realty                                        50              4,074
Taubman Centers, Inc.                                 168              8,753
The Macerich Co.                                      559             39,281
UDR, Inc.                                           1,412             34,622
Ventas, Inc.                                        2,839            127,499
Vornado Realty Trust                                  300             25,863
Weingarten Realty, Inc.                               816             28,103
                                                                ------------
                                                                   2,034,529
                                                                ------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.0%                                
CB Richard Ellis Group, Inc. - Class A*             1,316             28,478
Forest City Enterprises, Inc.                         369             13,579
Forestar Real Estate Group, Inc*                      153              3,811
Jones Lang LaSalle, Inc.                              268             20,727
The St. Joe Co.                                       692             29,708
                                                                ------------
                                                                      96,303
                                                                ------------
THRIFTS & MORTGAGE FINANCE -- 0.3%                                          
Astoria Financial Corp.                               280              7,605
Capitol Federal Financial                             269             10,082
Fannie Mae                                          8,080            212,666
Freddie Mac                                        11,496            291,079
Guaranty Financial Group, Inc.*                       153              1,625
Hudson City Bancorp, Inc.                           1,842             32,566
Indymac Mortgage Holdings, Inc.                       770              3,819
New York Community Bancorp, Inc.                      940             17,127
People's United Financial, Inc.                     1,047             18,123
Sovereign Bancorp, Inc.                               720              6,710
TFS Financial Corp.                                    92              1,107
Washington Federal, Inc.                              190              4,340
Washington Mutual, Inc.                             9,210             94,863
                                                                ------------
                                                                     701,712
                                                                ------------
TOTAL FINANCIALS                                                   28,148,343 
                                                                ------------

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------       ------------
HEALTH CARE -- 13.3%                                                          
BIOTECHNOLOGY -- 1.5%                                                       
Abraxis Bioscience, Inc.*                              39       $      2,304
Amgen, Inc.*                                        9,645            402,968
Amylin Pharmaceuticals, Inc.*                         866             25,296
Biogen Idec, Inc.*                                    440             27,144
Celgene Corp.*                                      2,410            147,709
Cephalon, Inc.*                                       383             24,665
Genentech, Inc.*                                    2,958            240,130
Genzyme Corp.*                                      1,522            113,450
Gilead Sciences, Inc.*                             39,947          2,058,469
ImClone Systems, Inc.*                                346             14,677
Millennium Pharmaceuticals, Inc.*                  15,898            245,783
OSI Pharmaceuticals, Inc.*                          5,688            212,674
PDL BioPharma, Inc.*                                  627              6,640
Vertex Pharmaceuticals, Inc.                          673             16,078
                                                                ------------
                                                                   3,537,987
                                                                ------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 2.1%                                    
Advanced Medical Optics, Inc.*                        546             11,084
Baxter International, Inc.                          6,437            372,187
Beckman Coulter, Inc.                                 334             21,560
Becton, Dickinson and Co.                           1,550            133,068
Boston Scientific Corp.*                            1,480             19,048
C.R. Bard, Inc.                                       571             55,044
Covidien, Ltd.                                     15,140            669,945
Dentsply International, Inc.                        1,092             42,151
Edwards Lifesciences Corp.*                           303             13,499
Gen-Probe, Inc.*                                      307             14,797
Hillenbrand Industries, Inc.                          232             11,090
Hospira, Inc.*                                      1,088             46,534
IDEXX Laboratories, Inc.*                             256             12,611
Intuitive Surgical, Inc.*                           1,067            346,081
Kinetic Concepts, Inc.*                               254             11,742
Medtronic, Inc.                                    17,433            843,234
ResMed, Inc.*                                         409             17,252
St. Jude Medical, Inc.*                             2,005             86,596
Stryker Corp.                                      31,224          2,031,121
The Cooper Cos., Inc.                                 132              4,545
Varian Medical Systems, Inc.*                         780             36,535
Zimmer Holdings, Inc.*                              1,547            120,449
                                                                ------------
                                                                   4,920,173
                                                                ------------
HEALTH CARE PROVIDERS & SERVICES -- 2.0%                                    
Aetna, Inc.                                        18,191            765,659
AmerisourceBergen Corp.                            23,610            967,538
Brookdale Senior Living, Inc.                         292              6,979
Cardinal Health, Inc.                               2,620            137,576
CIGNA Corp.                                         3,069            124,509
Community Health Systems, Inc.*                       299             10,037
Coventry Health Care, Inc.*                        12,639            509,984
DaVita, Inc.*                                         744             35,533
Express Scripts, Inc. - Class A*                    1,428             91,849
Health Management Associates, Inc. - Class A*       5,040             26,662
Health Net, Inc.*                                     650             20,020
Henry Schein, Inc.*                                   632             36,277
Humana, Inc.*                                       7,537            338,110
Laboratory Corp. of America Holdings*                 787             57,986
Lifepoint Hospitals, Inc.*                            210              5,769
Lincare Holdings, Inc.*                               435             12,228
McKesson Corp.                                      9,435            494,111

                                             SHARES            VALUE
                                                ---------       ------------
Medco Health Solutions, Inc.*                       3,684       $    161,322
Omnicare, Inc.                                        499              9,062
Patterson Cos., Inc.*                                 806             29,258
Pediatrix Medical Group, Inc.*                        320             21,568
Quest Diagnostics, Inc.                             1,022             46,266
Tenet Healthcare Corp.*                             1,900             10,754
UnitedHealth Group, Inc.                           13,023            447,470
Universal Health Services, Inc. - Class B             186              9,986
VCA Antech, Inc.*                                     435             11,897
Wellcare Health Plans, Inc.*                          211              8,219
WellPoint, Inc.*                                    2,016             88,966
                                                                ------------
                                                                   4,485,595
                                                                ------------
HEALTH CARE TECHNOLOGY -- 0.1%                                              
Cerner Corp.*                                         503             18,752
HLTH Corp.*                                        26,957            257,170
IMS Health, Inc.                                    1,020             21,430
                                                                ------------
                                                                     297,352
                                                                ------------
LIFE SCIENCES TOOLS & SERVICES -- 1.0%                                      
Applera Corp. - Applied Biosystems Group              498             16,364
Charles River Laboratories International, Inc.*       138              8,134
Covance, Inc.*                                        490             40,655
Invitrogen Corp.*                                      92              7,863
Millipore Corp.*                                      300             20,223
PerkinElmer, Inc.                                     268              6,499
Pharmaceutical Product Development, Inc.              881             36,914
TECHNE Corp.*                                         211             14,213
Thermo Electron Corp.*                             37,057          2,106,320
Waters Corp.*                                         558             31,081
                                                                ------------
                                                                   2,288,266
                                                                ------------
PHARMACEUTICALS -- 6.6%                                                     
Abbott Laboratories                                60,349          3,328,247
Allergan, Inc.                                     28,974          1,633,844
APP Pharmaceuticals, Inc.*                            132              1,595
Barr Pharmaceuticals, Inc.*                        11,497            555,420
Bristol-Myers Squibb Co.                           23,540            501,402
Eli Lilly & Co.                                     4,754            245,259
Endo Pharmaceuticals Holdings, Inc.*                  799             19,128
Forest Laboratories, Inc.*                          6,193            247,782
Johnson & Johnson                                  49,095          3,184,793
King Pharmaceuticals, Inc.*                           450              3,915
Merck & Co., Inc.                                  66,238          2,513,732
Mylan Laboratories, Inc.                            2,500             29,000
Pfizer, Inc.                                       65,956          1,380,459
Schering-Plough Corp.                              85,324          1,229,519
Sepracor, Inc.*                                     6,174            120,516
Warner Chilcott, Ltd.*                                475              8,550
Watson Pharmaceuticals, Inc.*                         303              8,884
Wyeth                                               6,332            264,424
                                                                ------------
                                                                  15,276,469
                                                                ------------
TOTAL HEALTH CARE                                                  30,805,842 
                                                                ------------
INDUSTRIALS -- 12.7%                                                          
AEROSPACE & DEFENSE -- 2.3%                                                 
Alliant Techsystems, Inc.*                            255             26,400
BE Aerospace, Inc.*                                   475             16,601
DRS Technologies, Inc.                                 23              1,340
General Dynamics Corp.                              2,235            186,332

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------       ------------
Goodrich Corp.                                        876       $     50,379
Honeywell International, Inc.                       7,313            412,599
L-3 Communications Holdings, Inc.                     384             41,987
Lockheed Martin Corp.                               5,484            544,561
Northrop Grumman Corp.                             21,268          1,654,863
Precision Castparts Corp.                           2,592            264,591
Raytheon Co.                                        3,614            233,501
Rockwell Collins, Inc.                              1,041             59,493
Spirit Aerosystems Holdings,                                                
  Inc. - Class A*                                     443              9,826
The Boeing Co.                                      8,507            632,666
United Technologies Corp.                          18,104          1,245,917
                                                                ------------
                                                                   5,381,056
                                                                ------------
AIR FREIGHT & LOGISTICS -- 0.9%                                             
C.H. Robinson Worldwide, Inc.                         884             48,090
Expeditors International Washington, Inc.           1,468             66,324
FedEx Corp.                                         2,739            253,823
United Parcel Service, Inc. - Class B              23,893          1,744,667
UTI Worldwide, Inc.                                   554             11,124
                                                                ------------
                                                                   2,124,028
                                                                ------------
AIRLINES -- 0.1%                                                            
AMR Corp.*                                          8,686             78,348
Continental Airlines, Inc.  - Class B*                831             15,980
Copa Holdings SA                                      122              4,649
Delta Airlines Co.*                                11,871            102,091
Northwest Airlines Corp.*                             930              8,361
Southwest Airlines Co.                              1,335             16,554
UAL Corp.*                                          1,386             29,840
US Airways Group, Inc.*                               320              2,851
                                                                ------------
                                                                     258,674
                                                                ------------
BUILDING PRODUCTS -- 0.1%                                                   
Armstrong World Industries, Inc.*                      20                713
Lennox International, Inc.                             99              3,561
Masco Corp.                                         2,028             40,215
Owens Corning, Inc.*                                   70              1,269
Trane, Inc.                                         1,027             47,140
                                                                ------------
                                                                      92,898
                                                                ------------
COMMERCIAL SERVICES & SUPPLIES -- 1.2%                                      
Allied Waste Industries, Inc.*                     30,497            329,673
Avery Dennison Corp.                                  845             41,616
ChoicePoint, Inc.*                                    599             28,512
Cintas Corp.                                        1,051             29,996
Copart, Inc.*                                         360             13,954
Corrections Corp. of America*                         783             21,548
Covanta Holding Corp.*                                900             24,750
Deluxe Corp.                                        5,556            106,731
Equifax, Inc.                                         846             29,170
Herman Miller, Inc.                                 8,083            198,599
HNI Corp.                                             400             10,756
Manpower, Inc.                                        655             36,850
Monster Worldwide, Inc.*                              896             21,692
Pitney Bowes, Inc.                                  1,437             50,324
R.R. Donnelley & Sons Co.                           8,941            271,002
Republic Services, Inc.                               973             28,450
Robert Half International, Inc.                     1,195             30,759
Steelcase, Inc. - Class A                             463              5,121
Stericycle, Inc.*                                     462             23,793

                                             SHARES            VALUE
                                                ---------       ------------
The Brink's Co.                                       314       $     21,095
The Corporate Executive Board Co.                     294             11,901
The Dun & Bradstreet Corp.                         12,993          1,057,370
Waste Management, Inc.                             11,844            397,485
                                                                ------------
                                                                   2,791,147
                                                                ------------
CONSTRUCTION & ENGINEERING -- 1.1%                                          
Fluor Corp.                                        11,221          1,583,956
Foster Wheeler, Ltd.*                                 829             46,938
Jacobs Engineering Group, Inc.*                       660             48,569
KBR, Inc.                                           9,424            261,328
Quanta Services, Inc.*                              1,158             26,831
The Shaw Group, Inc.*                              10,982            517,692
URS Corp.*                                            102              3,334
                                                                ------------
                                                                   2,488,648
                                                                ------------
ELECTRICAL EQUIPMENT -- 1.2%                                                
AMETEK, Inc.                                          674             29,595
Cooper Industries, Ltd. - Class A                     693             27,824
Emerson Electric Co.                               48,245          2,482,688
First Solar, Inc.*                                    214             49,464
General Cable Corp.*                                  277             16,363
Hubbell, Inc. - Class B                               215              9,393
Rockwell Automation, Inc.                           1,657             95,145
Roper Industries, Inc.                                602             35,783
Sunpower Corp. - Class A*                             132              9,835
Thomas & Betts Corp.*                                 313             11,384
                                                                ------------
                                                                   2,767,474
                                                                ------------
INDUSTRIAL CONGLOMERATES -- 3.2%                                            
3M Co.                                              7,610            602,331
Carlisle Cos., Inc.                                   222              7,424
General Electric Co.                              162,269          6,005,576
McDermott International, Inc.*                      9,040            495,573
Teleflex, Inc.                                         60              2,863
Textron, Inc.                                       1,753             97,151
Tyco International, Ltd.                            4,360            192,058
Walter Industries, Inc.                                70              4,384
                                                                ------------
                                                                   7,407,360
                                                                ------------
MACHINERY -- 2.0%                                                           
AGCO Corp.*                                         3,336            199,760
Caterpillar, Inc.                                  28,970          2,268,061
Crane Co.                                              30              1,211
Cummins, Inc.                                      16,722            782,924
Danaher Corp.                                       1,560            118,607
Deere & Co.                                           482             38,772
Donaldson Co., Inc.                                   409             16,475
Dover Corp.                                           713             29,789
Eaton Corp.                                         5,921            471,726
Flowserve Corp.                                       334             34,863
Gardner Denver, Inc.*                                 150              5,565
Graco, Inc.                                           330             11,966
Harsco Corp.                                          575             31,843
IDEX Corp.                                            702             21,544
Illinois Tool Works, Inc.                           2,787            134,417
Ingersoll Rand Co., Ltd. - Class A                    552             24,608
ITT Industries, Inc.                                  128              6,632
Joy Global, Inc.                                      697             45,417
Kennametal, Inc.                                      357             10,507
Lincoln Electric Holdings, Inc.                       198             12,769
Oshkosh Truck Corp.                                   590             21,405
PACCAR, Inc.                                        2,830            127,350
Pall Corp.                                            730             25,601

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------       ------------
Parker Hannifin Corp.                                 245       $     16,971
Pentair, Inc.                                         100              3,190
SPX Corp.                                              50              5,245
Terex Corp.*                                          731             45,687
The Manitowoc Co., Inc.                               706             28,805
The Timken Co.                                        300              8,916
The Toro Co.                                          211              8,733
Trinity Industries, Inc.                              379             10,100
                                                                ------------
                                                                   4,569,459
                                                                ------------
MARINE -- 0.0%                                                              
Kirby Corp.*                                          317             18,069
                                                                ------------
ROAD & RAIL -- 0.6%                                                         
Avis Budget Group, Inc.*                            3,284             34,876
Burlington Northern Santa Fe Corp.                  3,279            302,389
Con-way, Inc.                                       1,810             89,559
CSX Corp.                                           4,607            258,315
Hertz Global Holdings, Inc.*                        2,512             30,295
JB Hunt Transport Services, Inc.                      468             14,709
Kansas City Southern Industries, Inc.*                277             11,110
Landstar System, Inc.                                 420             21,907
Norfolk Southern Corp.                              3,152            171,217
Ryder Systems, Inc.                                 5,174            315,148
Union Pacific Corp.                                 1,117            140,049
YRC Worldwide, Inc.*                                  430              5,642
                                                                ------------
                                                                   1,395,216
                                                                ------------
TRADING COMPANIES & DISTRIBUTORS -- 0.0%                                    
Aircastle Ltd.                                        145              1,631
Fastenal Co.                                          760             34,907
GATX Corp.                                            112              4,376
MSC Industrial Direct Co., Inc. - Class A             237             10,013
W.W. Grainger, Inc.                                   410             31,320
WESCO International, Inc.*                            287             10,473
                                                                ------------
                                                                      92,720
                                                                ------------
TOTAL INDUSTRIALS                                                  29,386,749 
                                                                ------------
INFORMATION TECHNOLOGY -- 19.6%                                               
COMMUNICATIONS EQUIPMENT -- 4.5%                                            
ADC Telecommunications, Inc.*                          20                242
Ciena Corp.*                                          828             25,527
Cisco Systems, Inc.*                              153,476          3,697,237
CommScope, Inc.*                                    6,238            217,270
Corning, Inc.                                       8,604            206,840
Echostar Corp.*                                     6,991            206,514
F5 Networks, Inc.*                                    465              8,449
Harris Corp.                                          819             39,746
JDS Uniphase Corp.*                                15,930            213,303
Juniper Networks, Inc.*                            44,314          1,107,850
Motorola, Inc.                                      4,080             37,944
QUALCOMM, Inc.                                     66,482          2,725,762
Research in Motion, Ltd.*                          16,400          1,840,572
Riverbed Technology, Inc.*                            105              1,560
                                                                ------------
                                                                  10,328,816
                                                                ------------
COMPUTERS & PERIPHERALS -- 5.7%                                             
Apple, Inc.*                                       29,464          4,228,084
Brocade Communications Systems, Inc.*               2,195             16,023
Dell, Inc.*                                        23,438            466,885
Diebold, Inc.                                         373             14,006
EMC Corp.*                                         43,930            629,956

                                             SHARES            VALUE
                                                ---------       ------------
Hewlett-Packard Co.                                92,698       $  4,232,591
International Business Machines Corp.              26,903          3,097,611
Lexmark International Group, Inc. - Class A*          794             24,392
NCR Corp.*                                            548             12,511
Netapp, Inc.*                                       2,534             50,807
QLogic Corp.*                                         833             12,787
SanDisk Corp.*                                        709             16,002
Seagate Technology                                  1,719             35,996
Sun Microsystems, Inc.*                            22,774            353,680
Teradata Corp.*                                       488             10,765
Western Digital Corp.*                                503             13,601
                                                                ------------
                                                                  13,215,697
                                                                ------------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.6%                                  
Agilent Technologies, Inc.*                         2,230             66,521
Amphenol Corp. - Class A                            1,077             40,118
Arrow Electronics, Inc.*                            9,191            309,277
Avnet, Inc.*                                       13,606            445,324
AVX Corp.                                              52                666
Dolby Laboratories, Inc.*                             221              8,014
Ingram Micro, Inc. - Class A*                         640             10,131
Jabil Circuit, Inc.                                 1,127             10,662
Mettler-Toledo International, Inc.*                 4,088            397,027
Molex, Inc.                                           859             19,895
National Instruments Corp.                            303              7,920
Sanmina-SCI Corp.*                                    594                962
Tech Data Corp.*                                      110              3,608
Trimble Navigation, Ltd.*                             760             21,728
Vishay Intertechnology, Inc.*                         928              8,408
                                                                ------------
                                                                   1,350,261
                                                                ------------
INTERNET SOFTWARE & SERVICES -- 1.6%                                        
Akamai Technologies, Inc.*                          1,178             33,172
eBay, Inc.*                                         6,933            206,881
Google, Inc. - Class A*                             7,523          3,313,656
VeriSign, Inc.*                                     1,578             52,453
WebMD Health Corp.*                                    39                919
Yahoo!, Inc.*                                       7,506            217,149
                                                                ------------
                                                                   3,824,230
                                                                ------------
IT SERVICES -- 1.2%                                                         
Accenture, Ltd. - Class A                           4,188            147,292
Acxiom Corp.                                          330              3,917
Affiliated Computer Services, Inc.*                   278             13,930
Alliance Data Systems Corp.*                          409             19,432
Automatic Data Processing, Inc.                     4,077            172,824
Broadridge Financial Solutions, Inc.                  726             12,778
Cognizant Technology Solutions                                              
  Corp. - Class A*                                  1,631             47,022
Computer Sciences Corp.*                            6,730            274,517
Convergys Corp.*                                   12,983            195,524
DST Systems, Inc.*                                    307             20,182
Electronic Data Systems Corp.                       2,791             46,470
Fidelity National                                                           
  Information Services, Inc.                        1,874             71,474
Fiserv, Inc.*                                       1,151             55,352
Genpact, Ltd.*                                        158              1,935
Global Payments, Inc.                              12,222            505,502
Hewitt Associates, Inc.*                              423             16,823
Iron Mountain, Inc.*                                  924             24,430

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------       ------------
Mastercard, Inc.                                    4,190       $    934,328
Metavante Technologies, Inc.*                         239              4,778
MoneyGram International, Inc.                         435                809
Neustar, Inc.*                                        666             17,636
Paychex, Inc.                                       2,378             81,470
The Western Union Co.                               5,308            112,901
Total System Services, Inc.                         1,252             29,622
Unisys Corp.*                                         200                886
VeriFone Holdings, Inc.*                              326              5,174
                                                                ------------
                                                                   2,817,008
                                                                ------------
OFFICE ELECTRONICS -- 0.2%                                                  
Xerox Corp.                                        37,135            555,911
Zebra Technologies Corp. - Class A*                   356             11,862
                                                                ------------
                                                                     567,773
                                                                ------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.0%                            
Advanced Micro Devices, Inc.*                       1,340              7,893
Altera Corp.                                        2,332             42,979
Analog Devices, Inc.                                2,416             71,320
Applied Materials, Inc.                            71,174          1,388,605
Atmel Corp.*                                          210                731
Broadcom Corp. - Class A*                           2,952             56,885
Cree, Inc.*                                           325              9,087
Cypress Semiconductor Corp.*                          891             21,037
Fairchild Semiconductor International, Inc.*          264              3,147
Integrated Device Technology, Inc.*                   343              3,063
Intel Corp.                                        61,263          1,297,550
International Rectifier Corp.*                        399              8,579
Intersil Holding Corp. - Class A                      432             11,089
KLA -Tencor Corp.                                   1,303             48,341
Lam Research Corp.*                                 5,872            224,428
Linear Technology Corp.                             1,901             58,342
LSI Logic Corp.*                                    2,694             13,335
Marvell Technology Group, Ltd.*                     2,875             31,280
MEMC Electronic Materials, Inc.*                    1,361             96,495
Microchip Technology, Inc.                          1,565             51,222
Micron Technology, Inc.*                            2,090             12,477
National Semiconductor Corp.                        1,859             34,057
Novellus Systems, Inc.*                               426              8,967
NVIDIA Corp.*                                       3,598             71,204
Rambus, Inc.*                                         462             10,769
Silicon Laboratories, Inc.*                           350             11,039
Teradyne, Inc.*                                    41,248            512,300
Texas Instruments, Inc.                            14,170            400,586
Varian Semiconductor                                                        
  Equipment Associates, Inc.*                         409             11,513
Xilinx, Inc.                                        2,354             55,908
                                                                ------------
                                                                   4,574,228
                                                                ------------
SOFTWARE -- 3.8%                                                            
Activision, Inc.*                                   1,628             44,461
Adobe Systems, Inc.*                                3,672            130,686
Amdocs, Ltd.                                        1,119             31,735
Autodesk, Inc.*                                     1,671             52,603
BEA Systems, Inc.*                                  2,262             43,317
BMC Software, Inc.*                                 1,172             38,113
CA, Inc.                                            2,373             53,393
Cadence Design Systems, Inc.*                         966             10,317

                                             SHARES            VALUE
                                                ---------       ------------
Check Point Software Technologies, Ltd.*            4,973       $    111,395
Citrix Systems, Inc.*                               1,290             37,836
Compuware Corp.*                                    2,117             15,539
Electronic Arts, Inc.*                             26,363          1,316,041
FactSet Research Systems, Inc.                        264             14,222
Fair Isaac & Co., Inc.                                266              5,724
Intuit, Inc.*                                       2,175             58,747
McAfee, Inc.*                                       1,131             37,425
Microsoft Corp.                                   129,886          3,686,165
NAVTEQ Corp.*                                         561             38,148
Novell, Inc.*                                      45,514            286,283
Oracle Corp.*                                     123,161          2,409,029
Red Hat, Inc.*                                      1,093             20,100
Salesforce.com, Inc.*                                 558             32,291
Sybase, Inc.*                                       9,966            262,106
Symantec Corp.*                                     2,033             33,788
Synopsys, Inc.*                                     1,520             34,519
VMware Inc.*                                          158              6,766
                                                                ------------
                                                                   8,810,749
                                                                ------------
TOTAL INFORMATION TECHNOLOGY                                       45,488,762 
                                                                ------------
MATERIALS -- 3.1%                                                             
CHEMICALS -- 1.4%                                                           
Air Products & Chemicals, Inc.                        728             66,976
Airgas, Inc.                                          502             22,826
Albemarle Corp.                                       549             20,049
Ashland, Inc.                                       5,988            283,232
Cabot Corp.                                           330              9,240
Celanese Corp. - Series A                          11,653            455,050
Chemtura Corp.                                        239              1,754
Cytec Industries, Inc.                                 50              2,693
E.I. DuPont de Nemours & Co.                       12,028            562,429
Eastman Chemical Co.                                   60              3,747
Ecolab, Inc.                                       13,570            589,345
FMC Corp.                                              20              1,110
International Flavors & Fragrances, Inc.              446             19,646
Monsanto Co.                                        3,226            359,699
Nalco Holding Co.                                     912             19,289
NOVA Chemicals Corp.                                6,104            145,580
Olin Corp.                                          7,450            147,212
PPG Industries, Inc.                                  500             30,255
Praxair, Inc.                                       1,983            167,028
Rohm & Haas Co.                                       872             47,158
RPM International, Inc.                               671             14,051
Sigma-Aldrich Corp.                                   431             25,709
The Dow Chemical Co.                                6,386            235,324
The Lubrizol Corp.                                    242             13,433
The Mosaic Co.*                                       373             38,270
The Scotts Miracle - Gro Co. - Class A                349             11,315
The Valspar Corp.                                     246              4,881
Valhi, Inc.                                            30                702
Westlake Chemical Corp.                               530              6,916
                                                                ------------
                                                                   3,304,919
                                                                ------------
CONSTRUCTION MATERIALS -- 0.2%                                              
Cemex S.A.B. de C.V. Sponsored ADR*                17,563            458,746
Eagle Materials, Inc.                                 434             15,429
Martin Marietta Materials Corp.                       284             30,152
Vulcan Materials Co.                                  841             55,842
                                                                ------------
                                                                     560,169
                                                                ------------

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------       ------------
CONTAINERS & PACKAGING -- 0.1%                                              
Ball Corp.                                            688       $     31,607
Bemis Co., Inc.                                       370              9,409
Crown Holdings, Inc.*                                 924             23,248
Owens-Illinois, Inc.*                                 802             45,257
Packaging Corp.                                       665             14,849
Pactiv Corp.*                                       1,063             27,861
Sealed Air Corp.                                      698             17,625
Smurfit-Stone Container Corp.*                         20                154
Sonoco Products Co.                                    70              2,004
Temple-Inland, Inc.                                   460              5,851
                                                                ------------
                                                                     177,865
                                                                ------------
METALS & MINING -- 1.3%                                                     
AK Steel Holding Corp.                                590             32,108
Alcoa, Inc.                                        20,475            738,328
Allegheny Technologies, Inc.                          888             63,368
Carpenter Technology Corp.                            285             15,951
Cleveland-Cliffs, Inc.                                211             25,282
Commercial Metals Co.                                  60              1,798
Freeport-McMoRan Copper &                                                   
  Gold, Inc. - Class B                              6,246            600,990
Newmont Mining Corp.                                1,134             51,370
Nucor Corp.                                        12,166            824,125
Reliance Steel & Aluminum Co.                       2,977            178,203
Southern Copper Corp.                               1,012            105,076
Steel Dynamics, Inc.                               11,240            371,370
Titanium Metals Corp.                                 357              5,373
United States Steel Corp.                             250             31,718
                                                                ------------
                                                                   3,045,060
                                                                ------------
PAPER & FOREST PRODUCTS -- 0.1%                                             
Domtar Corp.*                                       2,558             17,471
International Paper Co.                             2,518             68,490
Louisiana-Pacific Corp.                               990              9,088
MeadWestvaco Corp.                                    110              2,994
Weyerhaeuser Co.                                    1,142             74,276
                                                                ------------
                                                                     172,319
                                                                ------------
TOTAL MATERIALS                                                     7,260,332 
                                                                ------------
TELECOMMUNICATION SERVICES -- 2.4%                                            
DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.0%                              
AT&T, Inc.                                         62,676          2,400,491
CenturyTel, Inc.                                   30,110          1,000,857
Citizens Communications Co.                         2,686             28,176
Embarq Corp.                                        5,682            227,848
Level 3 Communications, Inc.*                       7,972             16,901
Qwest Communications International, Inc.           30,887            139,918
Verizon Communications, Inc.                       18,651            679,829
Windstream Corp.                                    4,912             58,698
                                                                ------------
                                                                   4,552,718
                                                                ------------
WIRELESS TELECOMMUNICATION SERVICES -- 0.4%                                 
American Tower Corp. - Class A*                     2,338             91,673
Clearwire Corp. - Class A*                             20                296
Crown Castle International Corp.*                  18,370            633,581
Leap Wireless International, Inc.                     264             12,303
MetroPCS Communications, Inc.*                        323              5,491
NII Holdings, Inc.*                                 1,027             32,638
SBA Communications Corp. - Class A*                   528             15,750

                                             SHARES            VALUE
                                                ---------       ------------
Sprint Nextel Corp.                                17,391       $    116,346
Telephone & Data Systems, Inc.                        267             10,485
U.S. Cellular Corp.*                                   46              2,530
                                                                ------------
                                                                     921,093
                                                                ------------
TOTAL TELECOMMUNICATION SERVICES                                    5,473,811 
                                                                ------------
UTILITIES -- 2.9%                                                             
ELECTRIC UTILITIES -- 1.4%                                                  
Allegheny Energy, Inc.                              1,008             50,904
American Electric Power Co., Inc.                  26,753          1,113,727
DPL, Inc.                                           7,292            186,967
Duke Energy Corp.                                   4,000             71,400
Edison International Co.                              560             27,451
Entergy Corp.                                         976            106,462
Exelon Corp.                                       11,047            897,790
FirstEnergy Corp.                                     560             38,427
FPL Group, Inc.                                       520             32,625
Great Plains Energy, Inc.                             370              9,120
Hawaiian Electric Industries, Inc.                     80              1,910
Northeast Utilities Co.                               180              4,417
Pepco Holdings, Inc.                                  340              8,405
Pinnacle West Capital Corp.                           320             11,226
Portland General Electric Co.                      10,662            240,428
PPL Corp.                                           2,241            102,907
Progress Energy, Inc.                                 940             39,198
Sierra Pacific Resources Corp.                        221              2,791
Southern Co.                                        4,490            159,889
                                                                ------------
                                                                   3,106,044
                                                                ------------
GAS UTILITIES -- 0.0%                                                       
AGL Resources, Inc.                                    90              3,089
Atmos Energy Corp.                                    460             11,730
Energen Corp.                                          30              1,869
Equitable Resources, Inc.                             615             36,223
National Fuel Gas Co.                                 160              7,553
Questar Corp.                                         393             22,228
UGI Corp.                                             130              3,240
                                                                ------------
                                                                      85,932
                                                                ------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.4%                        
AES Corp.*                                         24,536            409,015
Constellation Energy Group, Inc.                    1,026             90,565
Dynegy, Inc. - Class A*                               460              3,629
Mirant Corp.*                                      12,450            453,056
NRG Energy, Inc.*                                   1,126             43,903
                                                                ------------
                                                                   1,000,168
                                                                ------------
MULTI-UTILITIES -- 1.1%                                                     
Alliant Energy Corp.                               12,210            427,472
Ameren Corp.                                          560             24,662
CenterPoint Energy, Inc.                           27,291            389,443
CMS Energy Corp.                                   19,327            261,688
Consolidated Edison, Inc.                             900             35,730
Dominion Resources, Inc.                            1,400             57,176
DTE Energy Co.                                        530             20,612
Integrys Energy Group, Inc.                            10                466
MDU Resources Group, Inc.                             200              4,910
NiSource, Inc.                                        940             16,206
NSTAR                                                 310              9,433
OGE Energy Corp.                                      390             12,156
PG&E Corp.                                            480             17,674
Public Service Enterprise Group, Inc.                 740             29,741

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------       ------------
SCANA Corp.                                           280       $     10,242
Sempra Energy Co.                                     470             25,042
TECO Energy, Inc.                                     150              2,393
Vectren Corp.                                         250              6,707
Wisconsin Energy Corp.                                150              6,598
Xcel Energy, Inc.                                  58,460          1,166,277
                                                                ------------
                                                                   2,524,628
                                                                ------------
WATER UTILITIES -- 0.0%                                                     
Aqua America, Inc.                                     62              1,164
                                                                ------------
TOTAL UTILITIES                                                     6,717,936 
                                                                ------------

TOTAL COMMON STOCK                                                            
(Cost $227,215,443)                                              231,938,466
                                                                ------------

EXCHANGE-TRADED FUNDS -- 1.4%                                                 
iShares Russell 1000                                                        
Growth Index Fund                                                         
 (Cost $3,115,374)                                 57,661          3,139,065
                                                                ------------

SHORT-TERM INVESTMENTS -- 0.7%                                                
BlackRock Liquidity Funds                                                   
TempCash Portfolio -                                                      
 Institutional Series                             837,042            837,042
BlackRock Liquidity Funds                                                   
TempFund Portfolio -                                                      
 Institutional Series                             837,036            837,036
                                                                ------------

TOTAL SHORT-TERM INVESTMENTS                                                  
(Cost $1,674,078)                                                  1,674,078
                                                                ------------

TOTAL INVESTMENTS -- 102.0%                                                   
   (Cost $232,004,895)+                                         $236,751,609
LIABILITIES IN EXCESS OF OTHER ASSETS --                                      
(2.0)%                                                             (4,683,845)
                                                                ------------
NET ASSETS -- 100.0%                                             $232,067,764 
                                                                ============

*    Non-income producing security.                                             
+    The cost for Federal income tax purposes is $236,945,271. At March 31, 2008
     net unrealized depreciation was $193,662. This consisted of aggregate gross
     unrealized appreciation for all securities for which there was an excess of
   market value over tax cost of $19,571,446, and aggregate gross unrealized
   depreciation for all securities for which there was an excess of tax cost
over market value of $19,765,108.                                     

The accompanying notes are integral part of the financial statements. 

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INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ------       -----------
COMMON STOCK -- 94.1%                                                           
CONSUMER DISCRETIONARY -- 14.1%                                               
AUTO COMPONENTS -- 1.0%                                                     
Aftermarket Technology Corp.*                         221       $     4,296 
American Axle &                                                             
 Manufacturing Holdings, Inc.                      4,380            89,790
Amerigon, Inc.*                                       272             4,026 
ArvinMeritor, Inc.                                    873            10,921 
Cooper Tire & Rubber Co.                              753            11,272 
Drew Industries, Inc.*                                283             6,922 
Exide Technologies*                                   829            10,860 
Hayes Lemmerz International, Inc.*                  1,325             3,697 
Lear Corp.*                                         4,377           113,408 
Modine Manufacturing Co.                              558             8,085 
Noble International, Ltd.                             209             1,306 
Raser Technologies, Inc.*                             418             3,591 
Sauer-Danfoss, Inc.                                   292             6,465 
Shiloh Industries, Inc.                                70               782 
Spartan Motors, Inc.                                  415             3,511 
Standard Motor Products, Inc.                         200             1,224 
Stoneridge, Inc.*                                      50               673 
Superior Industries International, Inc.               314             6,515 
Tenneco, Inc.*                                        436            12,182 
Visteon Corp.*                                      1,381             5,193 
                                                               -----------
                                                                   304,719
                                                               -----------
AUTOMOBILES -- 0.1%                                                         
Fleetwood Enterprises, Inc.*                          687             3,160 
Monaco Coach Corp.                                    722             6,845 
Winnebago Industries, Inc.                            537             9,075 
                                                               -----------
                                                                    19,080
                                                               -----------
DISTRIBUTORS -- 0.1%                                                        
Audiovox Corp. - Class A*                             193             2,061 
Building Materials Holding Corp.                    1,268             5,554 
Core Mark Holding Co., Inc.*                          182             5,231 
LKQ Corp.*                                          1,437            32,289 
Source Interlink Cos.,Inc.*                           234               445 
                                                               -----------
                                                                    45,580
                                                               -----------
DIVERSIFIED CONSUMER SERVICES -- 1.8%                                       
American Public Education, Inc.*                       10               304 
Bright Horizons Family Solutions, Inc.*               324            13,945 
Capella Education Co.*                                142             7,753 
Coinstar, Inc.*                                       257             7,232 
Corinthian Colleges, Inc.*                          1,199             8,669 
CPI Corp.                                             123             2,124 
DeVry, Inc.                                         3,513           146,984 
INVESTools, Inc.*                                  10,927           120,088 
Jackson Hewitt Tax Service, Inc.                      412             4,726 
Lincoln Educational Services Corp*                      7                84 
Matthews International Corp. - Class A                441            21,278 
Pre-Paid Legal Services, Inc.*                        160             6,786 
Regis Corp.                                         3,241            89,095 
Sotheby's Holdings, Inc. -  Class A                 3,279            94,796 
Steiner Leisure, Ltd.*                                182             6,006 

                                               SHARES          VALUE
                                                  ------       -----------
Stewart Enterprises, Inc. - Class A                   758       $     4,866 
Strayer Education, Inc.                               204            31,110 
Universal Technical Institute, Inc.*                  325             3,812 
                                                               -----------
                                                                   569,658
                                                               -----------
HOTELS, RESTAURANTS & LEISURE -- 2.3%                                       
AFC Enterprises, Inc.*                              1,120            10,069 
Ambassadors Group, Inc.                               323             6,101 
Ambassadors International, Inc.                        17               126 
Ameristar Casinos, Inc.                               321             5,858 
Bally Technologies, Inc.*                           2,700            92,718 
Benihana, Inc.*                                       224             2,525 
BJ's Restaurants, Inc.*                               213             3,069 
Bluegreen Corp.*                                      220             1,474 
Bob Evans Farms, Inc.                                 934            25,769 
Buffalo Wild Wings, Inc.*                             193             4,729 
California Pizza Kitchen, Inc.*                       385             5,047 
Carrols Restaurant Group, Inc.*                        22               196 
CBRL Group, Inc.                                    1,262            45,142 
CEC Entertainment, Inc.*                              420            12,130 
Chipotle Mexican Grill, Inc.*                         413            40,098 
Churchill Downs, Inc.                                  89             4,204 
CKE Restaurants, Inc.                                 829             9,301 
Cosi, Inc.*                                           100               287 
Denny's Corp.*                                      1,178             3,510 
Domino's Pizza, Inc.                                  363             4,897 
Dover Downs Entertainment, Inc.                       490             4,170 
Gaylord Entertainment Co.*                            395            11,965 
Great Wolf Resorts, Inc.*                             740             4,721 
IHOP Corp.                                            256            12,262 
Isle of Capri Casinos, Inc.*                          207             1,480 
Jack in the Box, Inc.*                              2,572            69,110 
Jamba, Inc.*                                          913             2,419 
Krispy Kreme Doughnuts, Inc.*                         496             1,513 
Landry's Restaurants, Inc.                            220             3,582 
Life Time Fitness, Inc.*                              396            12,359 
Lodgian, Inc.*                                        284             3,167 
McCormick & Schmick's                                                       
 Seafood Restaurants, Inc.*                          274             3,192
Monarch Casino & Resort, Inc.*                        187             3,312 
Morgans Hotel Group Co.*                              287             4,253 
Morton's Restaurant Group, Inc.*                    2,709            21,482 
MTR Gaming Group, Inc.*                               572             4,004 
Multimedia Games, Inc.*                               286             1,527 
O'Charley's, Inc.                                     251             2,892 
Papa John's International, Inc.*                      350             8,474 
Peet's Coffee & Tea, Inc.*                            164             3,856 
PF Chang's China Bistro, Inc.*                        378            10,750 
Pinnacle Entertainment, Inc.*                         639             8,179 
Premier Exhibitions, Inc.*                            379             2,289 
Red Robin Gourmet Burgers, Inc.*                      220             8,265 
Riviera Holdings Corp.*                               121             2,494 
Ruby Tuesday, Inc.                                  1,021             7,658 
Ruth's Chris Steak House, Inc.*                       223             1,541 
Shuffle Master, Inc.*                                 585             3,130 
Sonic Corp.*                                          816            17,985 
Speedway Motorsports, Inc.                            189             4,738 
Texas Roadhouse, Inc.*                                756             7,409 
The Marcus Corp.                                      580            11,136 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
The Steak 'n Shake Co.*                               258       $     2,030 
Town Sports International Holdings, Inc.*             352             2,256 
Triarc Cos., Inc. - Class B                         1,320             9,121 
Trump Entertainment Resorts, Inc.*                    210               756 
Vail Resorts, Inc.*                                   486            23,469 
WMS Industries, Inc.*                               3,651           131,327 
                                                               -----------
                                                                   711,523
                                                               -----------
HOUSEHOLD DURABLES -- 0.7%                                                  
American Greetings Corp.                              872            16,176 
Avatar Holdings, Inc.*                                108             4,708 
Beazer Homes USA, Inc.                                352             3,326 
Blyth, Inc.                                           339             6,685 
Brookfield Homes Corp.                                210             3,528 
California Coastal Communities, Inc.*                  10                48 
Champion Enterprises, Inc.*                         1,090            10,933 
CSS Industries, Inc.                                  118             4,125 
Directed Electronics, Inc.*                           140               293 
Ethan Allen Interiors, Inc.                           464            13,191 
Furniture Brands International, Inc.                1,170            13,689 
Helen of Troy Ltd.*                                   320             5,366 
Hooker Furniture Corp.                                 50             1,117 
Hovnanian Enterprises, Inc.*                          543             5,756 
iRobot Corp.*                                         274             4,688 
La-Z-Boy Chair Co.                                    756             6,305 
Libbey, Inc.                                          262             4,412 
Lifetime Brands, Inc.                                   4                36 
M/I Homes, Inc.                                       280             4,754 
Meritage Homes Corp.*                                 290             5,603 
National PrestoIndustries, Inc.                        33             1,729 
Orleans Homebuilders, Inc.                            110               627 
Palm Harbor Homes, Inc.*                               80               421 
Russ Berrie & Co., Inc.*                              127             1,786 
Sealy Corp.                                         1,020             7,752 
Skyline Corp.                                         110             3,060 
Standard Pacific Corp.                              1,017             4,943 
Syntax-Brillian Corp.*                                120               118 
Tempur-Pedic International, Inc.                    1,131            12,441 
Tupperware Brands Corp.                             1,485            57,440 
Universal Electronics,Inc.*                         1,110            26,873 
                                                               -----------
                                                                   231,929
                                                               -----------
INTERNET & CATALOG RETAIL -- 1.1%                                           
1-800-FLOWERS.COM, Inc.*                              395             3,361 
Blue Nile, Inc.*                                      177             9,585 
FTD Group, Inc.                                       312             4,187 
Gaiam, Inc. Class A*                                  191             3,308 
GSI Commerce, Inc.*                                   251             3,301 
Netflix, Inc.*                                      1,586            54,955 
Orbitz Worldwide, Inc.*                               699             4,816 
Overstock.com, Inc.*                                  241             2,870 
PetMed Express, Inc.*                               2,408            26,705 
Priceline.com, Inc.*                                1,759           212,593 
Shutterfly, Inc.*                                     175             2,602 
Stamps.com, Inc.*                                     236             2,421 
Systemax, Inc.                                        196             2,364 
U.S. Auto Parts Network, Inc.*                         90               288 
ValueVision Media, Inc.*                              587             3,252 
                                                               -----------
                                                                   336,608
                                                               -----------

                                               SHARES          VALUE
                                                  ------       -----------
LEISURE EQUIPMENT & PRODUCTS -- 0.6%                                        
Arctic Cat, Inc.                                      532       $     3,878 
Callaway Golf Co.                                   3,611            53,010 
JAKKS Pacific, Inc.*                                3,030            83,537 
Leapfrog Enterprises, Inc.*                           508             3,581 
Marine Products Corp.                                 134             1,083 
MarineMax, Inc.*                                      253             3,152 
Polaris Industries, Inc.                              597            24,483 
RC2 Corp.*                                            262             5,494 
Smith & Wesson Holdings Corp.*                        381             1,913 
Steinway Musical Instruments*                          20               570 
Sturm, Ruger & Co., Inc.*                             554             4,565 
The Nautilus Group, Inc.                              674             2,218 
                                                               -----------
                                                                   187,484
                                                               -----------
MEDIA -- 1.1%                                                               
Arbitron, Inc.                                        421            18,170 
Belo Corp.*                                           252             2,880 
Belo Corp. - Class A                                1,261            13,329 
Carmike Cinemas, Inc.                                 594             6,106 
Cinemark Holdings, Inc.                               399             5,103 
Citadel Broadcasting Corp.                          4,893             8,122 
CKX, Inc.*                                            392             3,732 
Cox Radio, Inc.*                                      641             7,615 
Crown Media Holdings, Inc.*                           492             2,544 
Cumullus Media, Inc.*                                 367             2,342 
DG Fastchannel, Inc.*                                 151             2,896 
Dolan Media Co.*                                      123             2,474 
Emmis Communications Corp. - Class A*               1,320             4,594 
Entercom Communications Corp.                         819             8,133 
EntravisionCommunications Corp.*                      737             4,908 
Fisher Communications, Inc.*                           69             2,150 
Gatehouse Media, Inc.                                 693             4,047 
Gemstar-TV Guide International, Inc.*               3,117            14,650 
Getty Images, Inc.*                                 1,200            38,400 
Global Sources, Ltd.*                                 254             3,772 
Gray Communications Systems, Inc.                     675             3,841 
Harris Interactive, Inc.*                             770             2,102 
Interactive Data Corp.                                571            16,256 
Journal Communications, Inc. -  Class A               921             6,797 
Knology, Inc.*                                        274             3,548 
Lakes Entertainment, Inc.*                             51               225 
Lee Enterprises, Inc.                               1,028            10,290 
Lin TV Corp.*                                         554             5,324 
Live Nation, Inc.*                                    558             6,769 
Lodgenet Entertainment Corp.*                         270             1,644 
Martha Stewart Living                                                       
 Omnimedia, Inc. - Class A*                          522             3,879
Marvel Entertainment, Inc.*                           776            20,789 
Media General, Inc. - Class A                         398             5,580 
Mediacom Communications Corp.*                        692             2,996 
Morningstar, Inc.*                                    159             9,755 
National Cinemedia, Inc.                              535            12,027 
Nexstar Broadcasting Group, Inc.*                       7                41 
Playboy Enterprises, Inc.*                            315             2,624 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Primedia, Inc.                                        705       $     5,182 
Radio One, Inc. - Class D*                          3,362             5,110 
RCN Corp.*                                            770             8,609 
Salem Communications Corp. - Class A                  130               521 
Scholastic Corp.*                                     365            11,049 
Sinclair Broadcast Group, Inc. - Class A            1,108             9,872 
Spanish Broadcasting System, Inc.*                     46                81 
Sun-Times Media Group, Inc.*                        1,171               843 
Tivo, Inc.*                                         1,290            11,300 
Valassis Communications, Inc.*                        860             9,331 
Value Line, Inc.                                       92             4,223 
Westwood One, Inc.*                                 1,855             3,896 
World Wrestling Entertainment, Inc.                   648            12,059 
                                                               -----------
                                                                   352,530
                                                               -----------
MULTILINE RETAIL -- 0.1%                                                    
99 Cents Only Stores*                                 724             7,160 
Bon-Ton Stores, Inc.                                   47               257 
Fred's, Inc. - Class A                                439             4,500 
Retail Ventures, Inc.*                                568             2,755 
Tuesday Morning Corp.*                              1,104             5,719 
                                                               -----------
                                                                    20,391
                                                               -----------
SPECIALTY RETAIL -- 2.6%                                                    
Aaron Rents, Inc.                                     562            12,105 
AC Moore Arts & Crafts, Inc.*                         258             1,760 
Aeropostale, Inc.*                                  6,445           174,724 
America's Car-Mart, Inc.*                              40               504 
AnnTaylor Stores Corp.*                             1,700            41,106 
Asbury Automotive Group, Inc.                         417             5,738 
Barnes & Noble, Inc.                                1,600            49,040 
Bebe Stores, Inc.                                     550             5,912 
Big 5 Sporting Goods Corp.                            465             4,078 
Blockbuster, Inc. - Class A*                        2,210             7,205 
Books-A-Million, Inc.                                 270             2,360 
Borders Group, Inc.                                   708             4,156 
Brown Shoe Co., Inc.                                  732            11,031 
Build-A-Bear Workshop, Inc.*                          308             2,800 
Cabela's, Inc. - Class A*                             322             4,560 
Cache, Inc.*                                          273             3,082 
Casual Male Retail Group, Inc.*                       494             2,075 
Charlotte Russe Holdings, Inc.*                       408             7,075 
Charming Shoppes, Inc.*                             1,190             5,748 
Christopher & Banks Corp.                             662             6,613 
Citi Trends, Inc.*                                    269             4,963 
Collective Brands, Inc.*                              883            10,702 
Conn's, Inc.*                                         185             3,017 
Cost Plus, Inc.*                                      140               469 
CSK Auto Corp.*                                     1,141            10,623 
Dress Barn, Inc.*                                     637             8,243 
DSW, Inc.*                                            284             3,678 
Eddie Bauer Holdings, Inc.*                           516             2,007 
Gander Mountain Co.*                                   95               578 
Genesco, Inc.*                                        255             5,893 
Group 1 Automotive, Inc.                              346             8,124 
Guess?, Inc.                                           10               405 
Haverty Furniture Cos., Inc.                          357             3,798 
Hhgregg, Inc.*                                          5                56 
Hibbett Sports, Inc.*                                 418             6,454 
Hot Topic, Inc.*                                      559             2,409 
J. Crew Group, Inc.*                                  481            21,246 

                                               SHARES          VALUE
                                                  ------       -----------
Jo-Ann Stores, Inc.*                                  212       $     3,123 
Jos. A. Bank Clothiers, Inc.*                         252             5,166 
Lithia Motors, Inc. - Class A                         229             2,327 
Midas, Inc.*                                          348             5,982 
Monro Muffler Brake, Inc.                             215             3,633 
New York & Co., Inc.*                                 588             3,375 
Nexcen Brands, Inc.*                                  783             2,686 
Pacific Sunwear of California, Inc.*                4,949            62,407 
Pier 1 Imports, Inc.*                               1,285             8,070 
Rent-A-Center, Inc.*                                1,200            22,020 
Sally Beauty Holdings, Inc.*                        1,193             8,232 
Select Comfort Corp.*                               1,012             3,643 
Shoe Carnival, Inc.*                                   25               338 
Sonic Automotive, Inc.                                520            10,686 
Stage Stores, Inc.                                    414             6,707 
Stein Mart, Inc.                                    1,099             6,176 
Syms Corp.                                             10               121 
Talbots, Inc.                                         536             5,778 
The Buckle, Inc.                                      216             9,662 
The Cato Corp. - Class A                              458             6,842 
The Children's Place Retail Stores, Inc.*             347             8,522 
The Finish Line, Inc. - Class A                     1,170             5,569 
The Gymboree Corp.*                                 1,668            66,520 
The Men's Wearhouse, Inc.                             758            17,639 
The Pep Boys - Manny, Moe & Jack                      529             5,269 
Tween Brands, Inc.*                                   402             9,945 
Ulta Salon Cosmetics & Fragrance, Inc.*                10               140 
West Marine, Inc.*                                    110               767 
Wetseal, Inc. - Class A*                           16,373            55,504 
Zale Corp.*                                           475             9,386 
Zumiez, Inc.*                                         209             3,279 
                                                               -----------
                                                                   803,851
                                                               -----------
TEXTILES, APPAREL & LUXURY GOODS -- 2.6%                                    
Carter's, Inc.*                                       885            14,293 
Cherokee, Inc.                                        151             5,084 
Columbia Sportswear Co.                               825            36,325 
Crocs, Inc.*                                           10               175 
Deckers Outdoor Corp.*                                725            78,169 
FGX International Holdings, Ltd.*                      15               179 
Fossil, Inc.*                                       2,755            84,138 
G-III Apparel Group, Ltd.*                            269             3,610 
Hartmarx Corp.*                                       120               350 
Heelys, Inc.*                                          85               365 
Iconix Brand Group, Inc.*                           2,993            51,928 
K-Swiss, Inc. - Class A                               420             6,644 
Kenneth Cole Productions,Inc.                       2,405            40,741 
Lululemon Athletica, Inc.*                            134             3,810 
Maidenform Brands, Inc.*                              308             5,011 
Movado Group, Inc.                                    736            14,345 
Oxford Industries, Inc.                             2,163            48,732 
Perry Ellis International, Inc.*                      270             5,894 
Phillips-Van Heusen Corp.                           1,800            68,256 
Quiksilver, Inc.*                                   1,275            12,508 
Skechers U.S.A., Inc.*                                352             7,114 
Steven Madden, Ltd.*                                6,312           108,125 
The Timberland Co. - Class A*                       4,447            61,057 
The Warnaco Group, Inc.*                            1,822            71,860 
True Religion Apparel,Inc.*                         1,147            21,277 

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ------         -----------
Under Armour, Inc.*                                   304       $    11,126 
Unifirst Corp.                                        145             5,378 
Volcom, Inc.*                                       1,038            20,978 
Wolverine World Wide, Inc.                            611            17,725 
                                                               -----------
                                                                   805,197
                                                               -----------
TOTAL CONSUMER DISCRETIONARY                                       4,388,550  
                                                               -----------
CONSUMER STAPLES -- 3.9%                                                      
BEVERAGES -- 0.8%                                                           
Central EuropeanDistribution Corp.*                 2,562           149,083 
Coca-Cola Bottling Co.                              1,151            70,925 
Jones Soda Co.*                                       511             1,783 
MGP Ingredients, Inc.                                  41               287 
National Beverage Corp.                               363             2,784 
PepsiAmericas, Inc.                                 1,000            25,530 
The Boston Beer Co., Inc. - Class A*                  122             5,800 
                                                               -----------
                                                                   256,192
                                                               -----------
FOOD & STAPLES RETAILING -- 0.7%                                            
Andersons, Inc.                                       120             5,353 
Arden Group, Inc.                                      23             3,289 
Casey's General Stores, Inc.                          379             8,565 
Great Atlantic & Pacific Tea Co., Inc.*               482            12,638 
Ingles Markets, Inc. - Class A                        267             6,566 
Long's Drug Stores Corp.                            1,166            49,508 
Nash Finch Co.                                        199             6,762 
Performance Food Group Co.*                           271             8,856 
PriceSmart, Inc.                                      133             3,686 
Ruddick Corp.                                       2,145            79,065 
Spartan Stores, Inc.                                  243             5,067 
The Pantry, Inc.*                                     354             7,462 
United Natural Foods, Inc.*                           564            10,553 
Weis Markets, Inc.                                    158             5,446 
Winn-Dixie Store, Inc.*                               418             7,507 
                                                               -----------
                                                                   220,323
                                                               -----------
FOOD PRODUCTS -- 1.1%                                                       
Alico, Inc.                                           125             5,519 
American Dairy, Inc.*                                  15               138 
Cal-Maine Foods, Inc.                                 167             5,574 
Chiquita Brands International, Inc.*                  662            15,299 
Darling International, Inc.*                        3,892            50,401 
Flowers Foods, Inc.                                 3,732            92,367 
Fresh Del Monte Produce, Inc.*                        398            14,487 
Green Mountain Coffee Roasters, Inc.*                 212             6,710 
Hain Celestial Group, Inc.*                           334             9,853 
Imperial Sugar Co.                                    224             4,216 
J&J Snack Foods Corp.                               1,753            48,155 
Lancaster Colony Corp.                                365            14,585 
Lance, Inc.                                           418             8,193 
Maui Land & Pineapple Co., Inc.*                        3                96 
Pilgrim's Pride Corp.                                 569            11,511 
Ralcorp Holdings, Inc.*                               267            15,526 
Reddy Ice Holdings, Inc.                              206             2,684 
Sanderson Farms, Inc.                                 250             9,502 
Seaboard Corp.                                         13            20,345 
Synutra International, Inc.*                           91             2,844 
Tootsie Roll Industries, Inc.                         416            10,486 

                                               SHARES          VALUE
                                                  ------       -----------
TreeHouse Foods, Inc.*                                246       $     5,624 
                                                               -----------
                                                                   354,115
                                                               -----------
HOUSEHOLD PRODUCTS -- 0.1%                                                  
Central Garden & Pet Co.*                             100               461 
Central Garden & Pet Co. - Class A*                 1,186             5,266 
Spectrum Brands, Inc.*                                655             2,993 
WD-40 Co.                                             205             6,816 
                                                               -----------
                                                                    15,536
                                                               -----------
PERSONAL PRODUCTS -- 0.9%                                                   
American Oriental Bioengineering, Inc.*               710             5,751 
Chattem, Inc.*                                      2,443           162,069 
Elizabeth Arden, Inc.*                                220             4,389 
International Parfums, Inc.                           165             3,643 
Mannatech, Inc.                                       215             1,533 
Medifast, Inc.*                                        50               211 
Nu Skin Enterprises, Inc. - Class A                   787            14,182 
Parlux Fragrances, Inc.*                              120               353 
Prestige Brands Holdings, Inc.*                     8,434            68,990 
Tiens Biotech Group (USA), Inc.*                      181               384 
USANA Health Sciences, Inc.*                          149             3,282 
                                                               -----------
                                                                   264,787
                                                               -----------
TOBACCO -- 0.3%                                                             
Alliance One International, Inc.*                   2,357            14,236 
Universal Corp.                                       290            19,004 
Vector Group, Ltd.                                  3,072            54,036 
                                                               -----------
                                                                    87,276
                                                               -----------
TOTAL CONSUMER STAPLES                                             1,198,229  
                                                               -----------
ENERGY -- 6.8%                                                                
ENERGY EQUIPMENT & SERVICES -- 2.8%                                         
Allis-Chalmers Energy, Inc.*                          227             3,130 
Atwood Oceanics, Inc.*                              1,773           162,620 
Basic Energy Services, Inc.*                          608            13,425 
Bristow Group, Inc.*                                  192            10,305 
Bronco Drilling Co., Inc.*                            208             3,351 
Cal Dive International, Inc.*                       1,326            13,764 
CARBO Ceramics, Inc.                                  315            12,632 
Complete Production Services, Inc.*                   611            14,016 
Dawson Geophysical Co.*                               756            51,030 
Dresser-Rand Group, Inc.*                             700            21,525 
Dril-Quip, Inc.*                                      334            15,521 
ENGlobal, Corp.*                                      408             3,488 
Exterran Holdings, Inc.*                              462            29,818 
Geokinetics, Inc*                                     155             2,809 
Global Industries, Ltd.*                            4,560            73,370 
Grey Wolf, Inc.*                                    1,822            12,353 
Gulf Island Fabrication, Inc.                         170             4,882 
GulfMark Offshore, Inc.*                              185            10,123 
Hercules Offshore, Inc.*                            1,129            28,360 
Hornbeck Offshore Services, Inc.*                   1,326            60,558 
ION Geophysical Corp.*                                971            13,400 
Lufkin Industries, Inc.                               190            12,126 
Matrix Service Co.*                                   338             5,807 
NATCO Group, Inc.*                                    259            12,108 
Newpark Resources, Inc.*                            1,079             5,503 
Oil States International, Inc.*                     1,611            72,189 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Oyo Geospace Corp.*                                    48       $     2,180 
Parker Drilling Co.*                                9,012            58,218 
Petroleum Helicopters, Inc.*                          325            10,251 
Pioneer Drilling Co.*                                 415             6,611 
RPC, Inc.                                             633             9,615 
Sulphco, Inc.*                                        629             2,623 
Superior Offshore International, Inc.*                 14                46 
Superior Well Services, Inc.*                         184             4,024 
T-3 Energy Services, Inc.*                            105             4,469 
Trico Marine Services, Inc.*                          121             4,715 
Union Drilling, Inc.*                                 240             4,198 
W-H Energy Services, Inc.*                            402            27,678 
Willbros Group, Inc.*                               1,684            51,530 
                                                               -----------
                                                                   854,371
                                                               -----------
OIL, GAS & CONSUMABLE FUELS -- 4.0%                                         
Alon USA Energy, Inc.                               3,008            45,752 
Alpha Natural Resources,Inc.*                         894            38,835 
Apco Argentina, Inc.                                  130             3,376 
Approach Resources, Inc.*                              16               251 
Arena Resources, Inc.*                                398            15,407 
Arlington Tankers, Ltd.                               249             5,229 
Atlas America, Inc.                                   287            17,346 
ATP Oil & Gas Co.*                                  1,108            36,254 
Aventine Renewable Energy Holdings, Inc.*             497             2,584 
Berry Petroleum Co. - Class A                         444            20,642 
Bill Barret Corp.*                                    381            18,002 
Bois d'Arc Energy, Inc.*                              227             4,878 
BPZ Resources, Inc.*                                  660            14,342 
Brigham Exploration Co.*                              586             3,557 
Callon Petroleum Co.*                                 276             4,993 
Carrizo Oil & Gas, Inc.*                              422            25,012 
Clayton Williams Energy, Inc.*                         20             1,050 
Clean Energy Fuels Corp.*                             207             2,766 
Comstock Resources, Inc.*                           1,992            80,278 
Concho Resources, Inc.*                               275             7,051 
Contango Oil & Gas Co.*                               160            10,338 
Crosstex Energy, Inc.                                 525            17,824 
CVR Energy, Inc.*                                     267             6,149 
Delek US Holdings, Inc.                             3,225            40,861 
Delta Petroleum Corp.*                                857            19,317 
Double Hull Tankers, Inc.                             521             5,528 
Edge Petroleum Corp.*                                 503             2,027 
Encore Acquisition Co.*                               477            19,214 
Energy Partners, Ltd.*                                302             2,860 
Evergreen Energy, Inc.*                             1,004             1,546 
EXCO Resources, Inc.*                                 582            10,767 
FX Energy, Inc.*                                      487             2,075 
General Maritime Corp.                              1,072            25,310 
GeoGlobal Resources, Inc.*                            104               290 
Geomet, Inc.*                                         100               666 
GMX Resources, Inc.*                                  165             5,763 
Golar LNG, Ltd.                                       361             6,595 
Goodrich Petroleum Corp.*                             219             6,587 
Gulfport Energy Corp.*                                248             2,629 
Harvest Natural Resources, Inc.*                      400             4,824 
International Coal Group, Inc.*                     1,428             9,068 
James River Coal Co.*                                  70             1,226 
Knightsbridge Tankers, Ltd.                           471            12,566 
Mariner Energy, Inc.*                               5,545           149,770 
Markwest Energy Partners LP                           150             4,626 
McMoRan Exploration Co.*                              711            12,293 

                                               SHARES          VALUE
                                                  ------       -----------
Nordic American Tanker Shipping                       480       $    13,440 
Nova Biosource Fuels, Inc.*                            72               109 
Oilsands Quest, Inc.*                                 979             3,857 
Pacific Ethanol, Inc.*                              1,062             4,673 
Parallel Petroleum Corp.*                             522            10,216 
Penn Virginia Corp.                                   559            24,646 
Penn Virginia Resource Partners, L.P.                 770            19,211 
Petrohawk Energy Corp.*                             2,200            44,374 
Petroleum Development Corp.*                          173            11,984 
Petroquest Energy, Inc.*                              542             9,398 
Quest Resource Corp.*                                  60               394 
Rentech, Inc.*                                        370               329 
Rex Energy Corp.*                                      10               166 
Rosetta Resources, Inc.*                              543            10,681 
Ship Finance International, Ltd.                      965            25,360 
Stone Energy Corp.*                                 1,580            82,650 
Swift Energy Co.*                                   2,099            94,434 
Toreador Resources Corp.*                              50               389 
TXCO Resources, Inc.*                                 455             5,633 
Uranium Resources, Inc.*                              510             3,055 
US BioEnergy Corp.*                                    19               112 
USEC, Inc.*                                         1,326             4,906 
Vaalco Energy*                                        839             4,170 
Venoco, Inc.*                                         195             2,266 
VeraSun Energy Corp.*                                 529             3,888 
Verenium Corp.*                                       876             3,083 
W&T Offshore, Inc.                                  2,000            68,220 
Warren Resources, Inc.*                               729             8,653 
Western Refining, Inc.                              2,510            33,810 
Whiting Petroleum Corp.*                              372            24,050 
World Fuel Services Corp.                             368            10,330 
                                                               -----------
                                                                 1,256,811
                                                               -----------
TOTAL ENERGY                                                       2,111,182  
                                                               -----------
FINANCIALS -- 16.9%                                                           
CAPITAL MARKETS -- 2.0%                                                     
Apollo Investment Corp.                             1,673            26,484 
Ares Capital Corp.                                    970            12,193 
Blackrock Kelso Capital Corp.                           6                72 
Calamos Asset Management, Inc.- Class A               379             6,170 
Capital Southwest Corp.                                25             3,093 
Cohen & Steers, Inc.                                  324             8,583 
Cowen Group, Inc.*                                  1,370             9,713 
Epoch Holding Corp.                                    19               228 
Evercore Partners, Inc. - Class A                     308             5,467 
FBR Capital Markets Corp.*                            288             1,944 
FCStone Group, Inc.*                                  127             3,518 
GAMCO Investors, Inc. - Class A                        95             4,784 
GFI Group, Inc.                                       921            52,773 
Gladstone Capital Corp.                               243             4,547 
Greenhill & Co., Inc.                                 589            40,971 
Hercules Technology Growth Capital, Inc.              530             5,759 
HFF, Inc. - Class A*                                  160               802 
Investment Technology Group, Inc.*                    900            41,562 
KBW, Inc.*                                            243             5,358 
Knight Capital Group, Inc. - Class A*               1,201            19,504 
Kohlberg Capital Corp.                              2,182            22,649 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
LaBranche & Co., Inc.*                                880       $     3,828 
Ladenburg Thalmann                                                          
 Financial Services, Inc.*                         3,233             6,046
MCG Capital Corp.                                   1,355            12,317 
MVC Capital, Inc.                                     182             2,774 
NGP Capital Resources Co.                             195             3,202 
optionsXpress Holdings, Inc.                          655            13,565 
Patriot Capital Funding, Inc.                         269             2,816 
PennantPark Investment Corp.                          350             2,979 
Penson Worldwide, Inc.*                               280             2,584 
Piper Jaffray Cos.*                                   198             6,724 
Prospect Capital Corp.                                362             5,510 
Pzena Investment Management, Inc.                       4                45 
Raymond James Financial, Inc.                       2,100            48,258 
Sanders Morris Harris Group, Inc.                     120               979 
Stifel Financial Corp.*                               895            40,185 
SWS Group, Inc.                                       434             5,308 
Thomas Weisel Partners Group, Inc.*                   269             1,781 
Ticc Capital Corp.                                    259             1,948 
TradeStation Group, Inc.*                             437             3,723 
Us Global Investors, Inc.                             246             3,331 
W.P. Stewart & Co., Ltd.                            1,442             2,797 
Waddell & Reed Financial, Inc. - Class A            5,296           170,160 
                                                               -----------
                                                                   617,034
                                                               -----------
COMMERCIAL BANKS -- 4.0%                                                    
1st Source Corp.                                      233             4,905 
Abington Bancorp, Inc.                                 45               464 
Amcore Financial, Inc.                                318             6,471 
AmericanWest Bancorp                                  223             1,945 
Ameris Bancorp                                        100             1,606 
Arrow Financial Corp.                                   1                22 
Bancfirst Corp.                                        94             4,303 
Banco Latinoamericano De Exportaciones SA             699            10,765 
BancTrust Financial Group, Inc.                        40               430 
Bank of the Ozarks, Inc.                              143             3,418 
Banner Corp.                                          171             3,940 
Boston Private Financial Holdings, Inc.               274             2,902 
Cadence Financial Corp.                                60               958 
Camden National Corp.                                  20               677 
Capital City Bank Group, Inc.                         163             4,727 
Capital Corp of the West                               50               401 
Capitol Bancorp, Ltd.                                 260             5,496 
Cascade Bancorp                                       243             2,323 
Cathay General Bancorp                                492            10,199 
Centennial Bank Holdings, Inc.*                       594             3,730 
Center Financial Corp.                                 90               815 
Central Pacific Financial Corp.                       426             8,030 
Chemical Financial Corp.                              400             9,536 
Citizens Banking Corp.                              1,186            14,742 
City Bank/Lynnwood, Washington                        773            17,215 
City Holding Co.                                      194             7,741 
CoBiz Financial, Inc.                                 269             3,502 
Columbia Banking System, Inc.                         190             4,252 
Community Bancorp*                                     30               407 
Community Bank Systems, Inc.                          439            10,782 
Community Trust Bancorp, Inc.                         209             6,124 

                                               SHARES          VALUE
                                                  ------       -----------
CVB Financial Corp.                                   906       $     9,431 
Enterprise Financial Services Corp.                   142             3,550 
First Bancorp/North Carolina                          297             5,919 
First Bancorp/Puerto Rico                           1,343            13,645 
First Charter Corp.                                   263             7,025 
First Commonwealth Financial Corp.                  1,087            12,598 
First Community Bancorp, Inc.                         263             7,062 
First Community Bancshares, Inc.                       70             2,549 
First Financial Bancorp                               583             7,841 
First Financial Bankshares, Inc.                      158             6,475 
First Financial Corp./Indiana                         147             4,525 
First Merchants Corp.                                 286             8,162 
First Midwest Bancorp, Inc.                           542            15,051 
First Regional Bancorp, Inc.*                          30               492 
First South Bancorp                                   168             3,780 
First State Bancorp                                   293             3,923 
FirstMerit Corp.                                    1,191            24,606 
FNB Corp.                                             924            14,424 
Frontier Financial Corp.                              450             7,956 
Glacier Bancorp, Inc.                                 502             9,623 
Great Southern Bancorp, Inc.                          203             3,169 
Greene Bancshares, Inc.                               188             3,326 
Hancock Holding Co.                                   298            12,522 
Hanmi Financial Corp.                                 685             5,062 
Harleysville National Corp.                           484             6,979 
Heartland Financial USA, Inc.                         230             4,867 
Heritage Commerce Corp.                               164             3,006 
Home Bancshares, Inc.                                 148             3,089 
Horizon Financial Corp.                               230             3,176 
IBERIABANK Corp.                                      135             5,974 
Independent Bank Corp./Massachussetts                 174             5,142 
Independent Bank Corp./Michigan                       405             4,204 
Integra Bank Corp.                                    337             5,459 
International Bancshares Corp.                        686            15,490 
InterVest Bancshares Corp.                             30               288 
Investors Bancorp, Inc.*                              391             6,002 
Irwin Financial Corp.                                 269             1,428 
Lakeland Bancorp, Inc.                                322             4,163 
Lakeland Financial Corp.                              150             3,398 
Macatawa Bank Corp.                                   136             1,416 
MainSource Financial Group, Inc.                      225             3,488 
MB Financial, Inc.                                    330            10,157 
MBT Financial Corp.                                   110               946 
Mercantile Bank Corp.                                  30               310 
Midwest Banc Holdings, Inc.                           375             4,793 
Nara Bancorp, Inc.                                    217             2,819 
National Penn Bancshares, Inc.                        824            14,989 
NBT Bancorp, Inc.                                     452            10,034 
Northfield Bancorp, Inc.*                               4                41 
Old National Bancorp/Indiana                          952            17,136 
Old Second Bancorp, Inc.                              111             2,948 
Omega Financial Corp.*                                 98             3,058 
Oriental Financial Group                              494             9,737 
Pacific Capital Bancorp                               622            13,373 
Park National Corp.                                   209            14,808 
Peoples Bancorp, Inc./Ohio                            193             4,653 
Pinnacle Financial Partners, Inc.*                    164             4,198 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Preferred Bank                                        110       $     1,836 
PrivateBancorp, Inc.                                  263             8,277 
Prosperity Bancshares, Inc.                           294             8,426 
Provident Bankshares Corp.                            547             5,875 
Renasant Corp.                                        262             5,895 
Republic Bancorp, Inc./Kentucky                       110             2,077 
Royal Bancshares of Pennsylvania                      171             2,474 
Royal Bank Of Canada                                  208             9,672 
S&T Bancorp, Inc.                                     280             9,008 
S.Y. Bancorp, Inc.                                    149             3,463 
Sandy Springs Bancorp, Inc.                         2,283            62,828 
Santander BanCorp                                     500             5,055 
SCBT Financial Corp.                                  107             3,617 
Seacoast Banking Corp. of Florida                     470             5,147 
Security Bank Corp.                                   424             3,371 
Shore Bancshares, Inc.                                 20               429 
Sierra Bancorp                                         57             1,232 
Signature Bank*                                       359             9,154 
Simmons First National Corp.                          172             5,114 
Southside Bancshares, Inc.                            185             4,453 
Southwest Bancorp, Inc.                               256             4,483 
Stellarone Corp.                                       73             1,234 
Sterling Bancorp                                      237             3,681 
Sterling Bancshares, Inc.                             747             7,425 
Sterling Financial Corp./Pennsylvania*                202             3,525 
Sterling Financial Corp./Washington                 5,482            85,574 
Suffolk Bancorp                                       162             5,132 
Sun Bancorp, Inc.*                                    204             2,687 
Superior Bancorp*                                     622             3,091 
Susquehanna Bancshares, Inc.                        1,198            24,403 
SVB Financial Group*                                1,151            50,230 
Taylor Capital Group, Inc.                             40               657 
Texas Capital Bancshares, Inc.*                       183             3,089 
The Bancorp Bank*                                      10               121 
The Colonial BancGroup, Inc.                        4,800            46,224 
The South Financial Group, Inc.                     4,448            66,097 
Tompkins Trustco, Inc.                                122             6,002 
Trico Bancshares                                      166             2,873 
Trustmark Corp.                                       654            14,571 
UCBH Holdings, Inc.                                   749             5,812 
UMB Financial Corp.                                   261            10,753 
Umpqua Holdings Corp.                                 701            10,873 
Union Bankshares Corp.                                228             4,416 
United Bankshares, Inc.                               525            13,991 
United Community Banks, Inc./Georgia                  428             7,267 
United Security Bancshares                             68             1,142 
Univest Corp. of  PA                                  248             6,495 
Vineyard National Bancorp                              43               349 
Virginia Commerce Bancorp, Inc.*                      305             3,501 
Washington Trust Bancorp, Inc.                      1,096            27,203 
Webster Financial Corp.                             3,200            89,184 
WesBanco, Inc.                                        320             7,907 
West Coast Bancorp/Oregon                             285             4,158 
Westamerica Bancorp                                   354            18,620 
Western Alliance Bancorp*                             203             2,611 
Wilshire Bancorp, Inc.                                245             1,872 

                                               SHARES          VALUE
                                                  ------       -----------
Wintrust Financial Corp.                              218       $     7,619 
                                                               -----------
                                                                 1,249,388
                                                               -----------
CONSUMER FINANCE -- 0.4%                                                    
Advance America Cash Advance Centers, Inc.          1,428            10,781 
Advanta Corp. - Class B                             1,065             7,487 
Cash America International, Inc.                      496            18,054 
Compucredit Corp.*                                    266             2,360 
Credit Acceptance Corp.*                              181             2,811 
Dollar Financial Corp.*                             2,215            50,945 
EzCorp, Inc.- Class A*                                564             6,943 
First Cash Financial Services, Inc.*                  327             3,378 
Nelnet, Inc. - Class A                                780             9,165 
QC Holdings, Inc.                                      74               670 
Rewards Network, Inc.*                                 70               314 
United PanAm Financial Corp.*                          60               218 
World Acceptance Corp.*                               344            10,956 
                                                               -----------
                                                                   124,082
                                                               -----------
DIVERSIFIED FINANCIAL SERVICES -- 0.4%                                      
Alternative Asset Management Acquisition Corp.*       420             3,977 
Ampal American Israel - Class A*                       60               384 
Asset Acceptance Capital Corp.                        671             6,462 
Asta Funding, Inc.                                    183             2,549 
Compass Diversified Holdings                          345             4,537 
Encore Capital Group, Inc.*                           185             1,258 
Energy Infrastructure Acquisition Corp.*              300             2,985 
Financial Federal Corp.                               406             8,855 
Heckmann Corp.*                                     1,169             8,709 
Hicks Acquisition Co., Inc.*                           51               468 
Interactive Brokers Group, Inc.*                    1,777            45,615 
Marathon Acquisition Corp.*                           379             2,926 
MarketAxess Holdings, Inc.*                           431             4,284 
Medallion Financial Corp.                             590             5,334 
Newstar Financial, Inc.*                               18                93 
NRDC Acquisition Corp.*                               958             8,804 
NTR Acquisition Co.*                                  310             2,967 
PICO Holdings, Inc.*                                  112             3,386 
Portfolio Recovery Associates, Inc.                   249            10,680 
Primus Guaranty, Ltd.*                                641             2,295 
Resource America, Inc.                                254             2,400 
Triplecrown Acquisition Corp.*                        964             8,792 
                                                               -----------
                                                                   137,760
                                                               -----------
INSURANCE -- 2.9%                                                           
Alfa Corp.                                            251             5,517 
Alleghany Corp.*                                      153            52,249 
American Equity                                                             
 Investment Life Holding Co.                         655             6,078
American Physicians Capital, Inc.                     100             4,636 
Amerisafe, Inc.*                                      228             2,882 
Amtrust Financial Services, Inc.                      401             6,500 
Argo Group International Holdings, Ltd.*              447            15,877 
Aspen Insurance Holdings, Ltd.                      1,505            39,702 
Assured Guaranty, Ltd.                                908            21,556 
Baldwin & Lyons, Inc. - Class B                       130             3,338 
Castlepoint Holdings, Ltd.                             30               292 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Citizens, Inc.*                                       426       $     2,850 
CNA Surety Corp.*                                     363             5,583 
Commerce Group, Inc.                                  408            14,712 
Crawford & Co.*                                       400             2,100 
Darwin Professional Underwriters, Inc.*               176             3,958 
Delphi Financial Group, Inc. - Class A                613            17,918 
Donegal Group, Inc.                                   430             7,482 
Ehealth, Inc.*                                        158             3,487 
EMC Insurance Group, Inc.                             160             4,302 
Employers Holdings, Inc.                            1,040            19,282 
Enstar Group, Ltd.*                                    90            10,014 
FBL Financial Group, Inc.                             283             8,063 
First Mercury Financial Corp.*                        158             2,751 
Flagstone Reinsurance Holdings, Ltd.                  214             2,589 
FPIC Insurance Group, Inc.*                           115             5,421 
Greenlight Capital Re, Ltd.*                          145             2,697 
Hallmark Financial Services, Inc.*                     70               781 
Harleysville Group, Inc.                              330            11,910 
Hilb, Rogal & Hamilton Co.                            438            13,784 
Hilltop Holdings, Inc.*                               441             4,586 
Horace Mann Educators Corp.                           801            14,001 
Independence Holding Co.                              150             1,788 
Infinity Property & Casual Corp.                      239             9,942 
IPC Holdings, Ltd.                                    803            22,484 
Kansas City Life Insurance Co.                        161             7,738 
Land America Financial Group, Inc.                    140             5,526 
Max Capital Group, Ltd.                             1,023            26,792 
Meadowbrook Insurance Group, Inc.                     663             5,178 
Midland Co.*                                           72             4,675 
Montpelier Re Holdings, Ltd.                        1,698            27,253 
National Financial Partners Corp.                     478            10,741 
National Interstate Corp.                             132             3,082 
National Western Life Insurance Co.                    46             9,972 
Navigators Group, Inc.*                               197            10,717 
NYMagic, Inc.                                          80             1,817 
Odyssey Re Holdings Corp.                             840            30,870 
Platinum Underwriters Holdings, Ltd.                1,022            33,174 
PMA Capital Corp.*                                    716             6,115 
Presidential Life Corp.                               411             7,168 
ProAssurance Corp.*                                   425            22,878 
Ram Holdings, Ltd.*                                   150               341 
RLI Corp.                                             250            12,392 
Safety Insurance Group, Inc.                          284             9,693 
SeaBright Insurance Holdings, Inc.*                   276             4,065 
Security Capital Assurance, Ltd.                    1,030               536 
Selective Insurance Group, Inc.                     5,059           120,809 
State Auto Financial Corp.                            361            10,516 
Stewart Information Services Corp.                    348             9,741 
The Phoenix Cos., Inc.                              1,936            23,639 
Tower Group, Inc.                                     350             8,810 
United America Indeminity, Ltd.*                      429             8,263 
United Fire & Casualty Co.                          2,728           102,027 

                                               SHARES          VALUE
                                                  ------       -----------
Validus Holdings, Ltd.                                130       $     3,046 
Zenith National Insurance Corp.                       537            19,257 
                                                               -----------
                                                                   897,943
                                                               -----------
REAL ESTATE INVESTMENT TRUSTS -- 5.5%                                       
Acadia Realty Trust                                   515            12,437 
Agree Realty Corp.                                     50             1,372 
Alesco Financial, Inc.                              1,303             3,753 
Alexander's, Inc.*                                     25             8,862 
Alexandria Real Estate Equities, Inc.                 445            41,260 
American Campus Communities, Inc.                     249             6,813 
American Financial Realty Trust*                    1,091             8,662 
Anthracite Capital, Inc.                              512             3,379 
Anworth Mortgage Asset Corp.                          422             2,587 
Arbor Realty Trust, Inc.                              175             2,639 
Ashford Hospitality Trust, Inc.                     1,547             8,787 
Associated Estates Realty Corp.                       480             5,491 
BioMed Realty Trust, Inc.                             742            17,726 
Brandywine Realty Trust                             3,500            59,360 
BRT Realty Trust                                      170             2,382 
Capital Trust, Inc.                                   245             6,603 
CapLease Funding, Inc.                                730             5,672 
CBL & Associates, Inc.                              1,900            44,707 
CBRE Realty Finance, Inc.                             497             2,003 
Cedar Shopping Centers, Inc.                          599             6,996 
Chimera Investment Corp.                              349             4,293 
Corporate Office Properties Trust                     567            19,057 
Cousins Properties, Inc.                            1,199            29,627 
Crystal River Capital, Inc.                           220             1,965 
DCT Industrial Trust, Inc.                          1,716            17,091 
Deerfield Triarc Capital Corp.                        573               808 
DiamondRock Hospitality Co.                         5,680            71,966 
Digital Realty Trust, Inc.                            843            29,926 
Dupont Fabros Technology, Inc.                        391             6,448 
Eastgroup Properties, Inc.                            411            19,095 
Education Realty Trust, Inc.                          478             6,008 
Entertainment Properties Trust                        380            18,745 
Equity Lifestyle Properties, Inc.                   1,607            79,338 
Equity One, Inc.                                      738            17,690 
Extra Space Storage, Inc.                             769            12,450 
FelCor Lodging Trust, Inc.                          4,255            51,188 
First Industrial Realty Trust, Inc.                   937            28,944 
First Potomac Realty Trust                            326             5,011 
Franklin Street Properties Corp.                      810            11,599 
Friedman Billings Ramsey Group, Inc.                1,401             2,382 
FX Real Estate Entertainment, Inc.*                    94               553 
Getty Realty Corp.                                    417             6,643 
Glimcher Realty Trust                               1,110            13,276 
GMH Communities Trust                               1,051             9,123 
Gramercy Capital Corp.                                360             7,535 
Healthcare Realty Trust, Inc.                         998            26,098 
Hersha Hospitality Trust                              652             5,888 
Highwoods Properties, Inc.                          1,103            34,270 
Home Properties, Inc.                               1,564            75,056 
Inland Real Estate Corp.                              950            14,449 
Investors Real Estate Trust                           853             8,342 
JER Investors Trust, Inc.                             353             2,993 
Kite Realty Group Trust                               365             5,110 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
LaSalle Hotel Properties                              549       $    15,773 
Lexington Realty Trust                              1,287            18,546 
LTC Properties, Inc.                                  392            10,078 
Maguire Properties, Inc.                              683             9,774 
Medical Properties Trust, Inc.                        600             6,792 
Meruelo Maddux Properties, Inc.*                      852             2,164 
MFA Mortgage Investments, Inc.                        770             4,851 
Mid-America Apartment Communities, Inc.               894            44,557 
Mission West Properties, Inc.                         340             3,213 
National Health Investors, Inc.                       385            12,031 
National Retail Properties, Inc.                    4,739           104,495 
Nationwide Health Properties, Inc.                  1,644            55,485 
Newcastle Investment Corp.                            329             2,718 
NorthStar Realty Finance Corp.                      1,488            12,157 
Omega Healthcare Investors, Inc.                    1,286            22,325 
Parkway Properties, Inc.                              265             9,794 
Pennsylvania Real Estate Investment Trust             538            13,122 
Post Properties, Inc.                                 624            24,099 
Potlatch Corp.                                        535            22,079 
PS Business Parks, Inc.                               345            17,905 
RAIT Financial Trust                                  520             3,609 
Ramco-Gershenson Properties Trust                     351             7,410 
Realty Income Corp.                                 4,983           127,664 
Redwood Trust, Inc.                                   166             6,034 
Resource Capital Corp                                 328             2,483 
Saul Centers, Inc.                                    190             9,546 
Senior Housing Properties Trust                     1,051            24,909 
Sovran Self Storage, Inc.                             282            12,044 
Strategic Hotels & Resources, Inc.                  1,115            14,640 
Sun Communities, Inc.                                 501            10,270 
Sunstone Hotel Investors, Inc.                        828            13,256 
Tanger Factory Outlet Centers, Inc.                   513            19,735 
Tejon Ranch Co*                                       143             5,337 
U-Store-It Trust                                      893            10,118 
Universal Health Realty Income Trust                  196             6,527 
Urstadt Biddle Properties, Inc. - Class A             457             7,189 
Washington Real Estate Investment Trust             2,236            74,727 
Weingarten Realty, Inc.                             1,400            48,216 
Winthrop Realty Trust                                 853             3,514 
                                                               -----------
                                                                 1,713,644
                                                               -----------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.0%                                
Consolidated Tomoka Land Co.                           68             3,811 
Grubb & Ellis Co.                                     885             6,080 
HouseValues, Inc.*                                     70               165 
Thomas Properties Group, Inc.                         433             3,802 
                                                               -----------
                                                                    13,858
                                                               -----------
THRIFTS & MORTGAGE FINANCE -- 1.7%                                          
Anchor BanCorp Wisconsin, Inc.                        261             4,951 
Astoria Financial Corp.                             2,800            76,048 
Bank Mutual Corp.                                     554             5,950 

                                               SHARES          VALUE
                                                  ------       -----------
BankAtlantic Bancorp, Inc. - Class A                  127       $       497 
BankFinancial Corp.                                   207             3,293 
BankUnited Financial Corp. - Class A                  261             1,308 
Beneficial Mutual Bancorp, Inc.*                      318             3,145 
Berkshire Hills Bancorp, Inc.                       2,964            74,663 
Brookline Bancorp, Inc.                             1,036            11,893 
Centerline Holding Co.                              2,994            12,156 
Clayton Holdings, Inc.*                               244             1,132 
Corus Bankshares, Inc.                              1,162            11,306 
Dime Community Bancshares                           4,344            75,933 
Downey Financial Corp.                                166             3,051 
Federal Agricultural Mortgage                                               
 Corp.- Class C                                      296             7,726
First Busey Corp.                                     279             5,892 
First Financial Holdings, Inc.                        185             4,340 
First Niagara Financial Group, Inc.                   825            11,212 
First Place Financial Corp.                           346             4,498 
FirstFed Financial Corp.*                             167             4,534 
Flagstar Bancorp, Inc.                              1,140             8,231 
Flushing Financial Corp.                              308             5,415 
Franklin Bank Corp.*                                  126               382 
Fremont General Corp.*                              1,064               511 
Imperial Capital Bancorp, Inc.                         40               865 
K-Fed Bancorp                                          70               799 
Kearny Financial Corp.                                315             3,449 
NASB Financial, Inc.                                  100             2,620 
NewAlliance Bancshares, Inc.                        1,445            17,716 
Northwest Bancorp, Inc.                               139             3,799 
OceanFirst Financial Corp.                             50               874 
Ocwen Financial Corp.*                                553             2,455 
Oritani Financial Corp.*                              234             3,550 
PFF Bancorp, Inc.                                     546             4,543 
Provident Financial Services, Inc.                    724            10,237 
Provident New York Bancorp                            367             4,954 
Roma Financial Corp.                                  178             2,654 
Tierone Corp.                                         150             1,692 
TrustCo Bank Corp. NY                               1,435            12,757 
United Community Financial Corp.                      330             2,046 
Washington Federal, Inc.                            4,200            95,928 
Wauwatosa Holdings, Inc.*                               1                12 
Willow Financial Bancorp, Inc.                         70               517 
WSFS Financial Corp.                                   53             2,612 
                                                               -----------
                                                                   512,146
                                                               -----------
TOTAL FINANCIALS                                                   5,265,855  
                                                               -----------
HEALTH CARE -- 13.1%                                                          
BIOTECHNOLOGY -- 3.5%                                                       
Acadia Pharmaceuticals, Inc.*                         440             3,986 
Acorda Therapeutics, Inc.*                            313             5,618 
Affymax, Inc.*                                          9               127 
Alexion Pharmaceuticals, Inc.*                        458            27,159 
Alkermes, Inc.*                                     2,975            35,343 
Allos Therapeutics, Inc.*                             567             3,447 
Alnylam Pharmaceuticals, Inc.*                        485            11,834 
Altus Pharmaceuticals, Inc.*                          373             1,697 
Amicus Therapeutics, Inc.*                              9                96 
Applera Corp. - Celera Group*                         604             8,879 
Arena Pharmaceuticals, Inc.*                          546             3,735 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Ariad Pharmaceuticals, Inc.*                          779       $     2,625 
ArQule, Inc.*                                         714             3,056 
Array Biopharma, Inc.*                                618             4,332 
BioCryst Pharmaceuticals, Inc.*                        60               277 
BioMarin Pharmaceutical, Inc.*                      3,825           135,290 
Bionovo, Inc.*                                        102               130 
Cell Genesys, Inc.*                                 1,688             3,967 
Cepheid, Inc.*                                      2,698            65,804 
Cubist Pharmaceuticals, Inc.*                       6,819           125,606 
CV Therapeutics, Inc.*                                823             5,868 
Cytokinetics, Inc.*                                   736             2,444 
Cytrx Corp.*                                        1,156             1,329 
Dendreon Corp.*                                     1,078             5,196 
Emergent Biosolutions, Inc.*                           10                89 
Encysive Pharmaceuticals, Inc.*                     1,863             4,378 
Enzon Parmaceuticals, Inc.*                           523             4,817 
Genomic Health, Inc.*                                 185             3,495 
Genvec, Inc.*                                         152               268 
Geron Corp.*                                          933             4,553 
GTx, Inc.*                                            251             4,036 
Halozyme Therapeutics, Inc.*                          808             5,139 
Human Genome Sciences, Inc.*                        1,769            10,419 
Idenix Pharmaceuticals, Inc.*                         776             3,896 
Immunomedics, Inc.*                                 1,424             4,001 
Incyte Corp.*                                         920             9,669 
Indevus Pharmaceuticals, Inc.*                        767             3,659 
InterMune, Inc.*                                      384             5,599 
Isis Pharmaceuticals, Inc.*                         6,596            93,070 
Keryx Biopharmaceuticals, Inc.*                       594               356 
Kosan Biosciences, Inc.*                              760             1,193 
Lifecell Corp.*                                     1,838            77,251 
Ligand Pharmaceuticals, Inc.*                       2,368             9,472 
MannKind Corp.*                                       391             2,334 
Martek Bioscience Corp.*                            1,892            57,838 
Maxygen, Inc.*                                        471             3,043 
Medarex, Inc.*                                      1,603            14,187 
Metabolix, Inc.*                                      195             2,135 
Molecular Insight Pharmaceuticals, Inc.*               10                68 
Momenta Pharmaceuticals, Inc.*                        604             6,602 
Myriad Genetics, Inc.*                                681            27,437 
Nabi Biopharmaceuticals*                              953             3,831 
Nanosphere, Inc.*                                      14               121 
Neurocrine Biosciences, Inc.*                         447             2,414 
Neurogen Corp.*                                        71               132 
Novacea, Inc.*                                         16                43 
Omrix Biopharmaceuticals, Inc.*                       155             2,170 
Onyx Pharmaceuticals, Inc.*                           828            24,037 
Orexigen Therapeutics, Inc.*                           14               144 
OSI Pharmaceuticals, Inc.*                          2,235            83,567 
Osiris Therapeutics, Inc.*                            321             4,038 
Poniard Pharmaceuticals, Inc.*                         53               178 
Progenics Pharmaceuticals, Inc.*                      427             2,788 
Protalix BioTherapeutics, Inc.*                        15                39 
Regeneron Pharmaceuticals, Inc.*                    2,706            51,928 
Rigel Pharmaceuticals, Inc.*                          467             8,714 
RXI Pharmaceuticals Corp.*                             57               542 
Savient Pharmaceuticals, Inc.*                        668            13,360 
Seattle Genetics, Inc.*                               626             5,697 
Senomyx, Inc.*                                        517             3,050 
Synta Pharmaceuticals Corp.*                           11                89 
Telik, Inc.*                                          181               442 
Tercica, Inc.*                                        531             3,043 

                                               SHARES          VALUE
                                                  ------       -----------
Trubion Pharmaceuticals, Inc.*                         19       $       179 
United Therapeutics Corp.*                            341            29,565 
Vanda Pharmaceuticals, Inc.*                          444             1,718 
XOMA, Ltd.*                                         9,795            25,369 
Zymogenetics, Inc.*                                   520             5,096 
                                                               -----------
                                                                 1,089,143
                                                               -----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 3.2%                                    
Abaxis, Inc.*                                         272             6,302 
Abiomed, Inc.*                                        372             4,888 
AccuRay, Inc.*                                        854             6,670 
Align Technology, Inc.*                               772             8,577 
American Medical Systems Holdings, Inc.*              995            14,119 
Analogic Corp.                                        108             7,186 
AngioDynamics, Inc.*                                  262             3,029 
Arthrocare Corp.*                                     362            12,073 
Aspect Medical Systems, Inc.*                         271             1,653 
Candela Corp.*                                         60               204 
Cantel Medical Corp.*                                 175             1,859 
Conceptus, Inc.*                                      370             6,867 
Conmed Corp.*                                       2,076            53,229 
Cryolife, Inc.*                                       471             4,427 
Cutera, Inc.*                                         248             3,341 
Cyberonics, Inc.*                                     310             4,495 
Cynosure, Inc.*                                     2,342            49,885 
Datascope Corp.                                     2,344            97,112 
DexCom, Inc.*                                          40               166 
ev3, Inc.*                                            582             4,737 
Greatbatch, Inc.*                                   2,209            40,668 
Haemonetics Corp.*                                  1,145            68,219 
Hansen Medical, Inc.*                                 145             2,039 
HealthTronics, Inc.*                                  110               356 
Hologic, Inc.*                                      3,749           208,444 
I-Flow Corp.*                                         257             3,606 
ICU Medical, Inc.*                                    147             4,229 
Immucor, Inc.*                                        901            19,227 
Insulet Corp.*                                        133             1,915 
Integra LifeSciences Holdings Corp.*                  225             9,781 
Invacare Corp.                                        350             7,798 
Inverness Medical Innovations, Inc.*                  879            26,458 
IRIS International, Inc.*                              30               398 
Kensey Nash Corp.*                                    129             3,735 
Masimo Corp.*                                         164             4,264 
Medical Action Industries, Inc.*                      179             2,941 
Mentor Corp.                                          730            18,776 
Meridian Bioscience, Inc.                             556            18,587 
Merit Medical Systems, Inc.*                        3,203            50,703 
Micrus Endovascular Corp.*                            199             2,460 
Minrad International, Inc.*                           108               254 
Natus Medical, Inc.*                                  263             4,773 
Neurometrix, Inc.*                                     60               109 
Northstar Neuroscience, Inc.*                         362               572 
NuVasive, Inc.*                                       429            14,805 
NxStage Medical, Inc.*                                302             1,305 
OraSure Technologies, Inc.*                           585             4,276 
Orthofix International N.V.*                          201             7,994 
Palomar Medical Technologies, Inc.*                   285             4,304 
Possis Medical, Inc.*                               1,300            25,324 
Quidel Corp.*                                         391             6,279 
RTI Biologics, Inc.*                                1,558            14,723 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Sirona Dental Systems, Inc.*                          240       $     6,473 
Sonic Innovations, Inc.*                              394             1,903 
SonoSite, Inc.*                                       203             5,771 
Spectranetics Corp.*                                  384             3,210 
Stereotaxis, Inc.*                                    339             2,007 
STERIS Corp.                                          628            16,849 
SurModics, Inc.*                                      187             7,832 
Symmetry Medical, Inc.*                               287             4,764 
Thoratec Corp.*                                       666             9,517 
Tomotherapy, Inc.*                                    207             2,970 
TranS1, Inc.*                                          12               140 
Vital Signs, Inc.                                     150             7,597 
Volcano Corp.*                                        362             4,525 
West Pharmaceutical Services, Inc.                    473            20,921 
Wright Medical Group, Inc.*                           428            10,332 
Young Innovations, Inc.                                40               693 
Zoll Medical Corp.*                                   236             6,275 
                                                               -----------
                                                                   981,920
                                                               -----------
HEALTH CARE PROVIDERS & SERVICES -- 2.8%                                    
Air Methods Corp.*                                    148             7,159 
Alliance Imaging, Inc.*                               475             4,085 
Amedisys, Inc.*                                     1,514            59,561 
American Dental Partners, Inc.*                       376             3,636 
AMERIGROUP Corp.*                                     580            15,851 
AMN Healthcare Services, Inc.*                      2,766            42,652 
AmSurg Corp.*                                         256             6,062 
Animal Health International, Inc.*                     66               722 
Apria Healthcare Group, Inc.*                       4,795            94,701 
Assisted Living Concepts, Inc.*                       588             3,463 
Athenahealth, Inc.*                                   190             4,497 
Bio-Reference Laboratories, Inc.*                     135             3,568 
Capital Senior Living Corp.*                          361             2,906 
Centene Corp.*                                      2,653            36,983 
Chemed Corp.                                        1,949            82,248 
Corvel Corp.*                                         187             5,720 
Cross Country Healthcare, Inc.*                       317             3,921 
Emergency Medical Services Corp.*                   2,207            54,491 
Emeritus Corp.*                                       137             2,858 
Ensign Group, Inc./The                                  5                46 
Genoptix, Inc.*                                        10               250 
Gentiva Health Services, Inc.*                        264             5,745 
HealthExtras, Inc.*                                   928            23,052 
Healthsouth Corp.*                                    806            14,339 
Healthspring, Inc.*                                 5,053            71,146 
Healthways, Inc.*                                     590            20,851 
HMS Holdings Corp.*                                   260             7,423 
Hythiam, Inc.*                                         85               103 
InVentiv Health, Inc.*                                459            13,224 
Kindred Healthcare, Inc.*                             386             8,442 
Landauer, Inc.                                         90             4,531 
LCA - Vision, Inc.                                    345             4,312 
LHC Group, Inc.*                                      197             3,310 
Magellan Health Services, Inc.*                       365            14,487 
Matria Healthcare, Inc.*                              248             5,530 
Medcath Corp.*                                        108             1,966 
Molina Healthcare*                                    200             4,884 
MWI Veterinary Supply, Inc.*                          107             3,773 
National HealthCare Corp.                             102             4,967 

                                               SHARES          VALUE
                                                  ------       -----------
Nighthawk Radiology Holdings, Inc.*                   265       $     2,480 
Odyssey Healthcare, Inc.*                             344             3,096 
Owens & Minor, Inc.                                   432            16,995 
PharMerica Corp.*                                   2,862            47,423 
Providence Service Corp.*                             163             4,890 
PSS World Medical, Inc.*                              915            15,244 
Psychiatric Solutions, Inc.*                          697            23,642 
RehabCare Group, Inc.*                                160             2,400 
Res-Care, Inc.*                                     2,840            48,706 
Skilled Healthcare Group, Inc.*                       233             2,558 
Sun Healthcare Group, Inc.*                         3,257            42,797 
Sunrise Senior Living, Inc.*                          963            21,456 
Universal American Financial Corp.*                   579             6,137 
Virtual Radiologic Corp.*                               6                92 
                                                               -----------
                                                                   885,381
                                                               -----------
HEALTH CARE TECHNOLOGY -- 0.3%                                              
Allscripts Healthcare Solutions, Inc.*                696             7,183 
Computer Programs & Systems, Inc.                     246             5,141 
Eclipsys Corp.*                                       574            11,256 
Merge Healthcare, Inc.*                               130                73 
Omnicell, Inc.*                                       447             8,985 
Phase Forward, Inc.*                                  557             9,513 
Trizetto Group, Inc.*                                 569             9,497 
Vital Images, Inc.*                                 3,347            49,602 
                                                               -----------
                                                                   101,250
                                                               -----------
LIFE SCIENCES TOOLS & SERVICES -- 1.2%                                      
Affymetrix, Inc.*                                     884            15,390 
Albany Molecular Research, Inc.*                      321             3,897 
AMAG Pharmaceuticals, Inc.*                           208             8,409 
Bio-Rad Laboratories, Inc.*                           178            15,833 
Bruker BioSciences Corp.*                           6,637           102,143 
Cambrex Corp.                                       1,560            10,811 
Dionex Corp.*                                         256            19,709 
Enzo Biochem, Inc.*                                   402             3,654 
eResearch Technology, Inc.*                           650             8,073 
Exelixis, Inc.*                                     1,347             9,362 
Illumina, Inc.*                                       724            54,952 
Kendle International, Inc.*                           165             7,412 
Luminex, Corp.*                                       450             8,842 
Medivation, Inc.*                                     261             3,714 
Nektar Therapeutics*                                1,207             8,377 
PARAXEL International Corp.*                          936            24,430 
Pharmanet Development Group, Inc.*                  1,778            44,859 
Varian, Inc.*                                         365            21,141 
                                                               -----------
                                                                   371,008
                                                               -----------
PHARMACEUTICALS -- 2.1%                                                     
Adolor Corp.*                                         120               548 
Akorn, Inc.*                                          709             3,354 
Alexza Pharmaceuticals, Inc.*                         458             3,151 
Alpharma, Inc.*                                       622            16,303 
Atherogenics, Inc.*                                   100                80 
Auxilium Pharmaceuticals, Inc.*                       404            10,803 
Bentley Pharmaceuticals, Inc.*                        284             4,615 
Biodel, Inc.*                                          11               119 
Bioform Medical, Inc.*                                 23               106 
Biomimetic Therapeutics, Inc.*                         24               192 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
BMP Sunstone Corp.*                                   366       $     2,804 
Cadence Pharmaceuticals, Inc.*                        278             1,654 
Caraco Pharmaceutical Laboratories, Ltd.*             243             4,362 
Cypress Bioscience, Inc.*                             465             3,329 
Discovery Laboratories, Inc.*                         220               517 
Durect Corp.*                                         925             4,856 
Javelin Pharmaceuticals, Inc.*                        913             2,566 
Jazz Pharmaceuticals, Inc.*                            12               108 
KV Pharmaceutical Co. - Class A*                    4,120           102,835 
Map Pharmaceuticals, Inc.*                             12               168 
Medicis Pharmaceutical Corp. - Class A              3,309            65,154 
Nastech Pharmaceutical Co., Inc.*                      78               183 
Noven Pharmaceuticals, Inc.*                          419             3,763 
Obagi Medical Products, Inc.*                       1,622            14,079 
Pain Therapeutics, Inc.*                              477             4,031 
Par Pharmaceutical Co., Inc.*                         526             9,147 
Penwest Pharmaceuticals Co.*                          142               369 
Perrigo Co.                                         3,663           138,205 
Pozen, Inc.*                                          401             4,154 
Replidyne, Inc.*                                       50                70 
Salix Pharmaceuticals, Ltd.*                          639             4,013 
Santarus, Inc.*                                     1,305             3,354 
Sciele Pharmaceutical Co.*                          4,232            82,524 
Sirtris Pharmaceuticals, Inc.*                         12               156 
Somaxon Pharmaceuticals, Inc.*                         42               199 
Sucampo Pharmaceuticals, Inc.*                          8                64 
SuperGen, Inc.*                                       873             2,191 
The Medicines Co.*                                    688            13,898 
Valeant Pharmaceuticals International*              1,643            21,080 
ViroPharma, Inc.*                                   1,018             9,101 
Vivus, Inc.*                                        4,434            26,737 
Xenoport, Inc.*                                     1,948            78,836 
                                                               -----------
                                                                   643,778
                                                               -----------
TOTAL HEALTH CARE                                                  4,072,480  
                                                               -----------
INDUSTRIALS -- 15.0%                                                          
AEROSPACE & DEFENSE -- 1.4%                                                 
AAR Corp.*                                            457            12,462 
Aerovironment, Inc.*                                  141             2,884 
American Science & Engineering, Inc.                  123             6,712 
Applied Energetics, Inc.*                             122               203 
Argon ST, Inc.*                                       199             3,385 
Ceradyne, Inc.*                                       339            10,834 
Cubic Corp.                                           197             5,601 
Curtiss Wright Corp.                                1,527            63,340 
DynCorp International, Inc.*                          330             5,504 
Esterline Technologies Corp.*                       1,989           100,186 
GenCorp, Inc.*                                        719             7,399 
HEICO Corp.                                           348            16,965 
Hexcel Corp.*                                       2,949            56,355 
Innovative Solutions & Support, Inc.*                 242             2,558 
Ladish Co., Inc.*                                     134             4,824 
Moog, Inc. - Class A*                                 330            13,929 
MTC Technologies, Inc.*                                 5               119 
Orbital Sciences Corp.*                               818            19,714 
Stanley, Inc.*                                      1,714            50,494 
Taser International, Inc.*                            788             7,407 

                                               SHARES          VALUE
                                                  ------       -----------
Teledyne Technologies, Inc.*                          483       $    22,701 
TransDigm Group, Inc.*                                174             6,447 
Triumph Group, Inc.                                   171             9,735 
                                                               -----------
                                                                   429,758
                                                               -----------
AIR FREIGHT & LOGISTICS -- 0.3%                                             
ABX Air, Inc.*                                        694             2,040 
Atlas Air Worldwide Holdings, Inc.*                 1,131            62,205 
Dynamex, Inc.*                                        139             3,517 
Forward Air Corp.                                     356            12,617 
Hub Group, Inc. - Class A*                            574            18,879 
Pacer International, Inc.                             572             9,398 
                                                               -----------
                                                                   108,656
                                                               -----------
AIRLINES -- 0.2%                                                            
AirTran Holdings, Inc.*                             1,333             8,798 
Alaska Air Group, Inc.*                               357             7,004 
Allegiant Travel Co.*                                 103             2,721 
ExpressJet Holdings, Inc.*                              9                24 
JetBlue Airways Corp.*                              1,635             9,483 
Mesa Air Group, Inc.*                                 140               329 
Pinnacle Airlines Corp.*                              390             3,405 
Republic Airways Holdings, Inc.*                      380             8,231 
SkyWest, Inc.                                         644            13,601 
                                                               -----------
                                                                    53,596
                                                               -----------
BUILDING PRODUCTS -- 0.4%                                                   
AAON, Inc.                                            190             3,806 
American Woodmark Corp.                               202             4,153 
Ameron International Corp.                            404            37,786 
Apogee Enterprises, Inc.                              411             6,329 
Builders FirstSource, Inc.*                           912             6,621 
China Architectural Engineering, Inc.*                  4                22 
Gibraltar Industries, Inc.                            352             4,129 
Griffon Corp.*                                        360             3,096 
Insteel Industries, Inc.                              412             4,791 
Lennox International, Inc.                          1,000            35,970 
NCI Building Systems, Inc.*                           263             6,365 
PGT, Inc.*                                            136               373 
Simpson Manufacturing Co., Inc.                       488            13,264 
Trex Co., Inc.*                                        72               567 
Universal Forest Products, Inc.                       223             7,181 
                                                               -----------
                                                                   134,453
                                                               -----------
COMMERCIAL SERVICES & SUPPLIES -- 4.4%                                      
ABM Industries, Inc.                                  589            13,217 
ACCO Brands Corp.*                                  1,402            19,025 
Administaff, Inc.                                     379             8,948 
American Ecology Corp.                                201             5,091 
American Reprographics Co.*                           513             7,613 
AMREP Corp.                                            51             2,667 
Arrowhead Research Corp.*                             768             2,173 
Barrett Business Services, Inc.                        11               188 
Bowne & Co., Inc.                                     281             4,285 
Casella Waste Systems, Inc.*                          278             3,039 
CBIZ, Inc.*                                           499             4,052 
CDI Corp.                                           2,123            53,181 
Cenveo, Inc.*                                         675             7,061 
Clean Harbors, Inc.*                                1,325            86,125 
Comfort Systems USA, Inc.                           3,455            44,950 
Compx International, Inc.                             170             1,564 
Comsys IT Partners, Inc.*                             280             2,369 
Consolidated Graphics, Inc.*                          157             8,800 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Cornell Cos., Inc.*                                   134       $     3,010 
CoStar Group, Inc.*                                   267            11,481 
Courier Corp.                                         117             2,919 
CRA International, Inc.*                            1,523            48,949 
Deluxe Corp.                                          828            15,906 
Diamond Management &                                                        
 Technology Consultants, Inc.                        619             3,993
Duff & Phelps Corp.*                                    9               162 
Energy Solutions, Inc.                                296             6,790 
EnerNOC,  Inc.*                                        79               901 
Ennis, Inc.                                           326             5,470 
Exponent, Inc.*                                       153             5,025 
First Advantage Corp. - Class A*                      131             2,776 
FTI Consulting, Inc.*                               2,869           203,814 
Fuel Tech, Inc.*                                      227             4,654 
G & K Services, Inc. - Class A                        245             8,724 
Geoeye, Inc.*                                         992            25,782 
Healthcare Services Group, Inc.                       570            11,765 
Heidrick & Struggles International, Inc.              267             8,686 
Herman Miller, Inc.                                 2,468            60,639 
Hudson Highland Group, Inc.*                          407             3,447 
Huron Consulting Group, Inc.*                         229             9,515 
ICT Group, Inc.*                                       51               515 
IHS, Inc. - Class A*                                  498            32,026 
IKON Office Solutions, Inc.                         1,239             9,416 
Innerworkings, Inc.*                                  302             4,237 
Interface, Inc. - Class A                           1,758            24,700 
Kelly Services, Inc. - Class A                        403             8,286 
Kenexa Corp.*                                         337             6,228 
Kforce, Inc.*                                         593             5,242 
Kimball International, Inc. - Class B                 530             5,682 
Knoll, Inc.                                         5,637            65,051 
Korn/Ferry International, Inc.*                       646            10,917 
Layne Christensen Co.*                                204             7,144 
LECG Corp.*                                           268             2,509 
M&F Worldwide Corp.*                                  177             6,618 
McGrath RentCorp                                      401             9,668 
Mine Safety Appliances Co.                            327            13,469 
Mobile Mini, Inc.*                                    416             7,904 
Multi-Color Corp.                                     142             3,175 
Navigant Consulting, Inc.*                            695            13,191 
Odyssey Marine Exploration, Inc.*                     626             3,374 
On Assignment, Inc.*                                  295             1,873 
PeopleSupport, Inc.*                                  267             2,435 
PHH Corp.*                                            807            14,066 
Pike Electric Corp.*                                  267             3,719 
Protection One, Inc.*                                 242             2,321 
Resources Connection, Inc.                            835            14,921 
Rollins, Inc.                                         572            10,119 
RSC Holdings, Inc.*                                   313             3,412 
Schawk, Inc.                                           53               847 
School Specialty, Inc.*                               228             7,191 
Spherion Corp.*                                       681             4,168 
Standard Parking Corp.*                               952            19,954 
Standard Register Co.                                 508             3,957 
Steelcase, Inc. -  Class A                          3,400            37,604 
Team, Inc.*                                           189             5,160 
Teletech Holdings, Inc.*                              579            13,004 
Tetra Tech, Inc.*                                     616            12,018 
The Advisory Board Co.*                               222            12,197 
The Geo Group, Inc.*                                  628            17,860 

                                               SHARES          VALUE
                                                  ------       -----------
Trueblue, Inc.*                                       759       $    10,201 
United Stationers, Inc.*                            1,364            65,063 
Viad Corp.                                            245             8,822 
Volt Information Sciences, Inc.*                      241             4,087 
Waste Connections, Inc.*                              803            24,684 
Waste Industries USA, Inc.                             97             3,507 
Watson Wyatt Worldwide, Inc.                        1,956           111,003 
                                                               -----------
                                                                 1,372,301
                                                               -----------
CONSTRUCTION & ENGINEERING -- 0.8%                                          
Aecom Technology Corp.*                               495            12,875 
EMCOR Group, Inc.*                                  3,811            84,642 
Granite Construction, Inc.                            528            17,271 
Great Lakes Dredge & Dock Corp.                        22               114 
Insituform Technologies, Inc.*                        313             4,329 
Integrated Electrical Services, Inc.*                 194             3,048 
Michael Baker Corp.*                                  102             2,291 
Northwest Pipe Co.*                                    88             3,739 
Perini Corp.*                                       2,202            79,778 
Sterling Construction Co., Inc.*                       30               546 
URS Corp.*                                          1,200            39,228 
                                                               -----------
                                                                   247,861
                                                               -----------
ELECTRICAL EQUIPMENT -- 1.6%                                                
Acuity Brands, Inc.                                 2,054            88,219 
American Superconductor Co.*                          533            12,360 
AZZ, Inc.*                                            146             5,195 
Baldor Electric Co.                                   685            19,180 
Belden, Inc.                                        2,661            93,986 
Brady Corp. - Class A                                 532            17,785 
Canadian Solar, Inc.*                               1,700            35,530 
Coleman Cable, Inc.*                                   39               429 
Encore Wire Corp.                                     236             4,297 
Energy Conversion Devices, Inc.*                      543            16,236 
EnerSys, Inc.*                                        175             4,186 
Evergreen Solar, Inc.*                              1,517            14,063 
Franklin Electric Co., Inc.                           311            10,627 
Fuelcell Energy, Inc.*                                985             6,550 
General Cable Corp.*                                   10               591 
GrafTech International, Ltd.*                       3,716            60,236 
II-VI, Inc.*                                          298            11,318 
LSI Industries, Inc.                                  239             3,157 
Medis Technologies, Ltd.*                             338             3,066 
Polypore International, Inc.*                         184             3,807 
Powell Industries, Inc.*                               96             3,779 
Power-One, Inc.*                                      676             2,170 
Preformed Line Poducts Co.                             20               974 
Regal-Beloit Corp.                                  2,125            77,839 
Smith Corp.                                           268             8,809 
Superior Essex, Inc.*                                 231             6,496 
Vicor Corp.                                           419             5,003 
                                                               -----------
                                                                   515,888
                                                               -----------
INDUSTRIAL CONGLOMERATES -- 0.7%                                            
Raven Industries, Inc.                                251             7,606 
Standex International Corp.                           165             3,686 
Teleflex, Inc.                                        200             9,542 
Tredegar Industries Corp.                             343             6,246 
Walter Industries, Inc.                             2,894           181,251 
                                                               -----------
                                                                   208,331
                                                               -----------
MACHINERY -- 4.0%                                                           
3-D Systems Corp.*                                    227             3,335 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Accuride Corp.*                                       350       $     2,863 
Actuant Corp. - Class A                               679            20,513 
Albany International Corp.                          1,249            45,139 
Altra Holdings, Inc.*                               4,410            59,314 
American Railcar Industries, Inc.                     261             5,306 
Ampco-Pittsburgh Corp.                                116             4,987 
Astec Industries, Inc.*                               258            10,000 
Badger Meter, Inc.                                    194             8,381 
Barnes Group, Inc.                                  2,412            55,355 
Basin Water, Inc.*                                     30               172 
Blount International, Inc.*                           292             3,612 
Briggs & Stratton Corp.                               619            11,080 
Bucyrus International, Inc. - Class A               1,887           191,814 
Cascade Corp.                                         171             8,432 
Chart Industries, Inc.*                               402            13,604 
Circor International, Inc.                          1,361            62,946 
Clarcor, Inc.                                         628            22,325 
Columbus McKinnon Corp.*                            3,250           100,685 
Commercial Vehicle Group, Inc.*                       351             3,478 
Dynamic Materials Corp.                               180             7,776 
EnPro Industries, Inc.*                               184             5,739 
ESCO Technologies, Inc.*                              396            15,729 
Federal Signal Corp.                                  651             9,088 
Flow International, Corp.*                          6,329            58,796 
Force Protection, Inc.*                               863             1,735 
FreightCar America, Inc.                              150             5,145 
Gardner Denver, Inc.*                               2,710           100,541 
Gehl Co.*                                              20               339 
Gorman-Rupp Co.                                       186             6,118 
Greenbrier Cos., Inc.                                 174             4,614 
Hurco Cos., Inc.*                                      85             3,976 
Kadant, Inc.*                                         110             3,232 
Kaydon Corp.                                          360            15,808 
Kennametal, Inc.                                    1,500            44,145 
L.B. Foster Co.*                                      125             5,383 
Lindsay Manufacturing Co.                             138            14,141 
Middleby Corp.*                                       170            10,606 
Miller Industries, Inc.*                               26               250 
Mueller Industries, Inc.                            1,187            34,245 
Mueller Water Products, Inc. - Class A              1,033             8,450 
NACCO Industries, Inc. - Class A                       88             7,123 
Nordson Corp.                                         429            23,102 
RBC Bearings, Inc.*                                   261             9,691 
Robbins & Myers, Inc.                                 272             8,881 
Sun Hydraulics Corp.                                  156             4,566 
Tecumseh Products Co. - Class A*                      306             9,388 
Tennant Co.                                           204             8,121 
Titan International, Inc.                             328            10,040 
Turbochef Technologies, Inc.*                         259             1,689 
Twin Disc, Inc.                                       116             1,835 
Valmont Industries, Inc.                              269            23,642 
Wabash National Corp.                                 268             2,409 
Watts Water Technologies, Inc. - Class A              341             9,558 
Westinghouse Air Brake Technologies Corp.           3,308           124,579 
Xerium Technologies, Inc.                             461               595 
                                                               -----------
                                                                 1,234,416
                                                               -----------

                                               SHARES          VALUE
                                                  ------       -----------
MARINE -- 0.4%                                                              
American Commercial Lines, Inc.*                      719       $    11,360 
Eagle Bulk Shipping, Inc.                             537            13,833 
Excel Maritime Carriers, Ltd.                         500            14,675 
Genco Shipping & Trading, Ltd.                        978            55,188 
Horizon Lines, Inc. - Class A                         542            10,087 
TBS International, Ltd.*                              150             4,530 
Ultrapetrol Bahamas, Ltd.*                            200             2,048 
                                                               -----------
                                                                   111,721
                                                               -----------
ROAD & RAIL -- 0.3%                                                         
Amerco, Inc.*                                         117             6,680 
Arkansas Best Corp.                                   321            10,227 
Celadon Group, Inc.*                                  544             5,266 
Dollar Thrifty Automotive Group, Inc.*                226             3,083 
Genesee & Wyoming, Inc. - Class A*                    411            14,139 
Heartland Express, Inc.                               913            13,019 
Knight Transportation, Inc.                           732            12,049 
Marten Transport, Ltd.*                               370             5,742 
Old Dominion Freight Line, Inc.*                      382            12,159 
P.A.M. Transportation Services*                        40               622 
Quality Distribution, Inc.*                            60               191 
Saia, Inc.*                                            63               999 
Universal Truckload Services, Inc.*                    66             1,378 
Werner Enterprises, Inc.                              386             7,164 
                                                               -----------
                                                                    92,718
                                                               -----------
TRADING COMPANIES & DISTRIBUTORS -- 0.5%                                    
Applied Industrial Technologies, Inc.               2,070            61,872 
Beacon Roofing Supply, Inc.*                          730             7,300 
BlueLinx Holdings, Inc.                               550             2,800 
Electro Rent Corp.                                    483             7,317 
H&E Equipment Services, Inc.*                         254             3,193 
Houston Wire & Cable Co.                              260             4,165 
Interline Brands, Inc.*                               259             4,804 
Kaman Corp.                                           281             7,950 
Lawson Products, Inc.                                  81             2,232 
NuCo2, Inc.*                                          183             5,082 
Rush Enterprises, Inc. - Class A*                     304             4,815 
TAL International Group, Inc.                         190             4,478 
Textainer Group Holdings, Ltd.                         12               181 
UAP Holding Corp.                                     813            31,170 
Watsco, Inc.                                          409            16,941 
                                                               -----------
                                                                   164,300
                                                               -----------
TOTAL INDUSTRIALS                                                  4,673,999  
                                                               -----------
INFORMATION TECHNOLOGY -- 16.0%                                               
COMMUNICATIONS EQUIPMENT -- 2.5%                                            
3Com Corp.*                                         3,042             6,966 
Acme Packet, Inc.*                                    312             2,493 
Adtran, Inc.                                          911            16,853 
Airvana, Inc.*                                         10                52 
Anaren Microwave, Inc.*                               237             3,000 
Arris Group, Inc.*                                  3,332            19,392 
Aruba Networks, Inc.*                                  11                57 
Avanex Corp.*                                         447               317 
Avocent Corp.*                                        502             8,484 
Bel Fuse, Inc. - Class B                               91             2,535 
Bigband Networks, Inc.*                             6,468            37,062 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Black Box Corp.                                       193       $     5,954 
Blue Coat Systems, Inc.*                            3,418            75,333 
CommScope, Inc.*                                       30             1,045 
Comtech Group, Inc.*                                  238             2,568 
Comtech                                                                     
 Telecommunications Corp.*                           320            12,480
Digi International, Inc.*                             189             2,181 
Ditech Networks, Inc.*                                 41               121 
Dycom Industries, Inc.*                               468             5,621 
EMS Technologies, Inc.*                               151             4,098 
Extreme Networks*                                  16,014            49,643 
Finisar Corp.*                                        615               787 
Foundry Networks, Inc.*                            10,768           124,693 
Harmonic, Inc.*                                     8,182            62,183 
Harris Stratex Networks, Inc.*                        335             3,360 
Hughes Communications, Inc.*                           80             4,054 
Infinera Corp.*                                       188             2,256 
InterDigital, Inc.*                                   824            16,323 
Ixia*                                                 501             3,888 
KVH Industries, Inc.*                               8,100            63,828 
Loral Space & Communications, Ltd.*                   128             3,052 
MasTec, Inc.*                                         511             4,195 
Netgear, Inc.*                                      2,070            41,296 
Network Equipment Technologies, Inc.*                 341             2,240 
Neutral Tandem, Inc.*                                   6               108 
Nextwave Wireless, Inc.*                              532             2,687 
Oplink Communications, Inc.*                          257             2,280 
Opnext, Inc.*                                          42               229 
Optium Corp.*                                          29               204 
Orbcomm, Inc.*                                        517             2,564 
Packeteer, Inc.*                                      629             3,202 
Plantronics, Inc.                                     518            10,003 
Polycom, Inc.*                                      3,590            80,919 
Powerwave Technologies, Inc.*                       1,582             4,034 
Radyne Corp.*                                         100               852 
Seachange International, Inc.*                        634             4,457 
ShoreTel, Inc.*                                        12                61 
Sonus Networks, Inc.*                               3,504            12,054 
Starent Networks Corp.*                               175             2,363 
Sycamore Networks, Inc.*                            9,807            35,894 
Symmetricom, Inc.*                                    783             2,733 
Tekelec*                                              530             6,599 
UTStarcom, Inc.*                                    2,161             6,137 
Viasat, Inc.*                                         305             6,625 
                                                               -----------
                                                                   772,415
                                                               -----------
COMPUTERS & PERIPHERALS -- 0.6%                                             
3Par, Inc.*                                            11                74 
Adaptec, Inc.*                                        942             2,769 
Avid Technology, Inc.*                                411            10,004 
Compellent Technologies, Inc.*                         10               125 
Cray, Inc.*                                         6,820            40,647 
Data Domain, Inc.*                                    126             2,999 
Electronics for Imaging, Inc.*                        604             9,012 
Emulex Corp.*                                       2,194            35,630 
Hutchinson Technology, Inc.*                          225             3,580 
Hypercom Corp.*                                       802             3,481 
Imation Corp.                                         288             6,549 
Immersion Corp.*                                      328             2,332 
Intermec, Inc.*                                       820            18,196 
Intevac, Inc.*                                        325             4,209 
Isilon Systems, Inc.*                                  19                93 

                                               SHARES          VALUE
                                                  ------       -----------
Netezza Corp.*                                         16       $       151 
Novatel Wireless, Inc.*                               442             4,278 
Palm, Inc.*                                         1,300             6,500 
Prestek, Inc.*                                        110               482 
Quantum Corp.*                                      1,597             3,418 
Rackable Systems, Inc.*                               338             3,083 
Rimage Corp.*                                         139             3,044 
Silicon Graphics, Inc.*                                 1                12 
STEC, Inc.*                                           455             2,816 
Stratasys, Inc.*                                      272             4,842 
Super Micro Computer, Inc.*                            21               175 
Synaptics, Inc.*                                      365             8,716 
                                                               -----------
                                                                   177,217
                                                               -----------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.6%                                  
Acacia Research - Acacia Technologies*                373             2,145 
Agilysys, Inc.                                        318             3,689 
Anixter International, Inc.*                        1,239            79,346 
Benchmark Electronics, Inc.*                          836            15,006 
Brightpoint, Inc.*                                  3,723            31,124 
Checkpoint Systems, Inc.*                             392            10,525 
Cogent, Inc.*                                         916             8,638 
Cognex Corp.                                          719            15,696 
Comverge, Inc.*                                       113             1,167 
CPI International, Inc.*                            2,316            22,975 
CTS Corp.                                             455             4,869 
Daktronics, Inc.                                      419             7,504 
Dolby Laboratories, Inc.*                             464            16,825 
DTS, Inc.*                                            248             5,952 
Echelon Corp.*                                        382             5,157 
Electro Scientific Industries, Inc.*                  233             3,840 
Excel Technology, Inc.*                               114             3,073 
Faro Technologies, Inc.*                              212             6,610 
FLIR Systems, Inc.*                                 1,898            57,111 
Gerber Scientific, Inc.*                              116             1,031 
ICx Technologies, Inc.*                                 7                32 
Insight Enterprises, Inc.*                            500             8,750 
IPG Photonics Corp.*                                  173             2,714 
Itron, Inc.*                                          646            58,289 
Kemet Corp.*                                          677             2,735 
L-1 Identity Solutions, Inc.*                         616             8,193 
Littelfuse, Inc.*                                     233             8,148 
LoJack Corp.*                                         257             3,248 
Maxwell Technologies, Inc.*                            10               102 
Measurement Specialties, Inc.*                        132             2,306 
Mercury Computer Systems, Inc.*                       200             1,124 
Methode Electronics, Inc.                             422             4,933 
MTS Systems Corp.                                     189             6,097 
Multi-Fineline Electronix, Inc.*                      210             3,942 
Newport Corp.*                                        303             3,385 
OSI Systems, Inc.*                                    151             3,476 
Park Electrochemical Corp.                          2,055            53,122 
PC Connection, Inc.*                                   44               348 
Photon Dynamics, Inc.*                              6,150            65,190 
Plexus Corp.*                                         558            15,652 
Radisys Corp.*                                        239             2,412 
Rofin-Sinar Technologies, Inc.*                     1,415            63,533 
Rogers Corp.*                                         169             5,646 
ScanSource, Inc.*                                     314            11,364 
Smart Modular Technologies (WWH), Inc.*               744             4,620 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Synnex Corp.*                                         195       $     4,138 
Technitrol, Inc.                                      457            10,570 
TTM Technologies, Inc.*                               567             6,418 
Universal Display Corp.*                            2,400            34,368 
Woodward Governor Co.                               3,744           100,040 
X-Rite, Inc.*                                         330             1,970 
                                                               -----------
                                                                   799,148
                                                               -----------
INTERNET SOFTWARE & SERVICES -- 2.3%                                        
Access Integrated Technologies, Inc.*                  80               252 
Ariba, Inc.*                                          610             5,893 
Art Technology Group, Inc.*                         1,632             6,332 
Asiainfo Holdings, Inc.*                              329             3,573 
Bankrate, Inc.*                                       178             8,880 
Chordiant Software, Inc.*                             411             2,478 
CMGI, Inc.*                                           521             6,908 
CNET Networks, Inc.*                                1,970            13,987 
comScore, Inc.*                                       115             2,307 
Constant Contact, Inc.*                                11               159 
DealerTrack Holdings, Inc.*                           435             8,796 
Dice Holdings, Inc.*                                  326             2,905 
Digital River, Inc.*                                  620            19,201 
DivX, Inc.*                                           346             2,422 
Earthlink, Inc.*                                    1,386            10,464 
Equinix, Inc.*                                        456            30,319 
Greenfield Online, Inc.*                              293             3,475 
HSW International, Inc.*                               16                81 
Ibasis, Inc.                                          659             2,702 
Imergent, Inc.                                        413             4,704 
Infospace, Inc.                                       949            10,980 
Internap Network Services Corp.*                      689             3,417 
Internet Brands, Inc.*                                  9                66 
Internet Capital Group, Inc.*                         307             3,214 
Interwoven, Inc.*                                   4,509            48,156 
Ipass, Inc.*                                          984             2,972 
j2 Global Communications, Inc.*                       755            16,852 
Jupitermedia Corp.*                                   100               209 
Keynote Systems, Inc.*                                211             2,488 
Limelight Networks, Inc.*                              29                94 
Liquidity Services, Inc.*                              64               512 
LivePerson, Inc.*                                     661             2,049 
Loopnet, Inc.*                                        370             4,699 
Marchex, Inc.                                         449             4,481 
Mercadolibre, Inc.*                                   180             7,157 
Move, Inc.*                                         2,649             8,159 
NIC, Inc.                                             609             4,330 
Omniture, Inc.*                                       542            12,580 
On2 Technologies, Inc.*                             3,735             3,810 
Online Resources Corp.*                               416             4,002 
Openwave Systems, Inc.                              2,350             5,758 
Perficient, Inc.*                                     362             2,874 
RealNetworks, Inc.*                                   942             5,398 
S1 Corp.*                                             424             3,015 
SAVVIS, Inc.*                                         309             5,027 
Sohu.com, Inc.*                                     1,285            57,992 
SonicWALL, Inc.*                                    6,080            49,674 
Switch And Data Facilities Co.*                       281             2,869 
Techtarget, Inc.*                                      12               170 
Terremark Worldwide, Inc.*                            663             3,633 
The Knot, Inc.*                                     3,176            37,318 
TheStreet.com, Inc.                                 4,513            36,465 
Travelzoo, Inc.*                                       45               497 

                                               SHARES          VALUE
                                                  ------       -----------
United Online, Inc.                                 1,082       $    11,426 
ValueClick, Inc.*                                   3,265            56,321 
Vignette Corp.*                                     2,100            27,741 
Vistaprint, Ltd.*                                     542            18,943 
Vocus, Inc.*                                          162             4,277 
Websense, Inc.*                                     4,079            76,481 
Website Pros, Inc.*                                 3,500            34,405 
                                                               -----------
                                                                   716,349
                                                               -----------
IT SERVICES -- 1.4%                                                         
BearingPoint, Inc.*                                 1,607             2,700 
CACI International, Inc. - Class A*                   343            15,624 
Cass Information Systems, Inc.                        127             4,008 
CIBER, Inc.*                                          822             4,028 
CSG Systems International, Inc.*                      620             7,049 
CyberSource Corp.*                                  3,768            55,051 
Euronet Worldwide, Inc.*                              636            12,249 
ExlService Holdings, Inc.*                            262             6,016 
Forrester Research, Inc.*                             205             5,449 
Gartner, Inc.*                                      1,029            19,901 
Gevity HR, Inc.                                       972             8,418 
Global Cash Access Holdings, Inc.*                    898             5,262 
Heartland Payment Systems, Inc.                       199             4,579 
iGate Corp.*                                          453             3,225 
Information Services Group, Inc.*                     450             2,322 
InfoUSA, Inc.                                         729             4,454 
Integral Systems, Inc.                                 65             1,900 
Lionbridge Technologies, Inc.*                      1,162             3,893 
Mantech International                                                       
 Corp. - Class A*                                    193             8,755
MAXIMUS, Inc.                                       1,994            73,200 
MPS Group, Inc.*                                    7,955            94,028 
Ness Technologies, Inc.*                              394             3,739 
Perot Systems Corp.*                                  905            13,611 
RightNow Technologies, Inc.*                          227             2,701 
SAIC, Inc.*                                         1,412            26,249 
Sapient Corp.*                                      1,046             7,280 
SI International, Inc.*                               105             2,015 
SRA International, Inc. - Class A*                    523            12,714 
StarTek, Inc.*                                         80               737 
Sykes Enterprises, Inc.*                              455             8,003 
Syntel, Inc.                                          284             7,569 
TNS, Inc.*                                            316             6,522 
Virtusa Corp.*                                          7                68 
Wright Express Corp.*                                 654            20,097 
                                                               -----------
                                                                   453,416
                                                               -----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.7%                            
Actel Corp.*                                          324             4,960 
Advanced Analogic Technologies, Inc.*                 567             3,187 
Advanced Energy Industries, Inc.*                   1,724            22,860 
Amkor Technology, Inc.*                             1,352            14,466 
ANADIGICS, Inc.*                                    5,959            39,091 
Applied Micro Circuits Corp.*                       1,081             7,762 
Asyst Technologies, Inc.*                           1,858             6,503 
Atheros Communications, Inc.*                         700            14,588 
ATMI, Inc.*                                           418            11,633 
Authentec, Inc.*                                       11               109 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Axcelis Technologies, Inc.*                           844       $     4,726 
Brooks Automation, Inc.*                              599             5,822 
Cabot Microelectronics Corp.*                       1,412            45,396 
Cavium Networks, Inc.*                                132             2,165 
Cirrus Logic, Inc.*                                   971             6,525 
Cohu, Inc.                                            300             4,875 
Conexant Systems, Inc.*                               298               173 
Credence Systems Corp.*                                90               153 
Cymer, Inc.*                                          371             9,661 
Diodes, Inc.*                                         374             8,213 
DSP Group, Inc.*                                    4,348            55,394 
Eagle Test Systems, Inc.*                              56               588 
Entegris, Inc.*                                     1,262             9,074 
Exar Corp.*                                           687             5,654 
FEI Co.*                                              485            10,588 
Formfactor, Inc.*                                     676            12,912 
Hittite Microwave Corp.*                              244             9,130 
Ikanos Communications, Inc.*                          110               503 
IXYS Corp.*                                           410             2,800 
Kulicke & Soffa Industries, Inc.*                     640             3,059 
Lattice Semiconductor Corp.*                        1,033             2,934 
LTX Corp.*                                          1,262             3,963 
Mattson Technology, Inc.*                             656             3,995 
Micrel, Inc.                                        1,030             9,548 
Microsemi Corp.*                                    1,018            23,210 
Microtune, Inc.*                                      729             2,668 
MIPS Technologies, Inc.*                              581             2,301 
MKS Instruments, Inc.*                                540            11,556 
Monolithic Power Systems, Inc.*                     1,818            32,051 
Netlogic Microsystems, Inc.*                          241             5,818 
Omnivision Technologies, Inc.*                      6,559           110,322 
ON Semiconductor Corp.*                             4,423            25,123 
PDF Solutions, Inc.*                                  427             2,353 
Pericom Semiconductor Corp.*                          276             4,052 
Photronics, Inc.*                                     555             5,300 
PLX Technology, Inc.*                                 394             2,628 
PMC-Sierra, Inc.*                                   2,986            17,020 
RF Micro Devices, Inc.*                             3,284             8,735 
Rubicon Technology, Inc.*                               9               261 
Rudolph Technologies, Inc.*                           353             3,449 
Semitool, Inc.*                                       351             2,920 
Semtech Corp.*                                        952            13,642 
Sigma Designs, Inc.*                                  358             8,116 
Silcon Storage Technology, Inc.*                      220               576 
Silicon Image, Inc.*                                1,385             6,939 
Sirf Technology Holdings, Inc.*                       675             3,436 
Skyworks Solutions, Inc.*                           1,481            10,782 
Spansion, Inc.*                                       902             2,481 
Standard Microsystems Corp.*                          223             6,507 
Supertex, Inc.*                                       247             5,041 
Techwell, Inc.*                                       313             3,393 
Tessera Techonologies, Inc.*                          614            12,771 
Trident Microsystems, Inc.*                        10,419            53,658 
TriQuint Semiconductor, Inc.*                       1,120             5,667 
Ultra Clean Holdings*                                 225             2,205 
Ultratech, Inc.*                                      380             3,652 
Varian Semiconductor                                                        
 Equipment Associates, Inc.*                       1,090            30,683
Veeco Instruments, Inc.*                              268             4,457 
Volterra Semiconductor Corp*                          313             3,546 
Zoran Corp.*                                        3,926            53,629 
                                                               -----------
                                                                   833,958
                                                               -----------

                                               SHARES          VALUE
                                                  ------       -----------
SOFTWARE -- 3.9%                                                            
ACI Worldwide, Inc.*                                  603       $    12,012 
Actuate Corp.*                                        792             3,247 
Advent Software, Inc.*                                218             9,291 
Ansoft Corp.*                                         213             6,501 
ANSYS, Inc.*                                        1,055            36,419 
Blackbaud, Inc.                                       558            13,548 
Blackboard, Inc.*                                     380            12,665 
Bladelogic, Inc.*                                     137             3,843 
Borland Software Corp.*                               909             1,836 
Bottomline Technologies, Inc.*                        264             3,326 
Commvault Systems, Inc.*                              446             5,530 
Concur Technologies, Inc.*                          1,938            60,175 
Deltek, Inc.*                                          14               182 
Double-Take Software, Inc.*                           146             1,705 
Epicor Software Corp.*                                742             8,310 
EPIQ Systems, Inc.*                                   383             5,944 
eSpeed, Inc.*                                         301             3,510 
FalconStor Software, Inc.*                            414             3,151 
Glu Mobile, Inc.*                                      16                72 
Guidance Software, Inc.*                                7                63 
i2 Technologies, Inc.*                                230             2,590 
Informatica Corp.*                                  6,850           116,861 
Interactive Intelligence, Inc.*                       163             1,919 
InterVoice, Inc.*                                     500             3,980 
Jack Henry & Associates, Inc.                       1,181            29,135 
JDA Software Group, Inc.*                             256             4,672 
Lawson Software, Inc.*                              1,035             7,794 
Macrovision Corp.*                                    852            11,502 
Magma Design Automation, Inc.*                      4,581            43,840 
Manhattan Associates, Inc.*                           312             7,154 
Mentor Graphics Corp.*                              5,402            47,700 
MICROS Systems, Inc.*                               4,512           151,874 
MicroStrategy, Inc. - Class A*                        154            11,394 
Midway Games, Inc.*                                   382             1,031 
Monotype Imaging Holdings, Inc.*                      210             3,173 
MSC.Software Corp.*                                   348             4,521 
Net 1 UEPS Technologies, Inc.*                        589            13,282 
Nuance Communications, Inc.*                        2,137            37,205 
OpenTV Corp.*                                         134               158 
Parametric Technology Corp.*                        2,837            45,335 
Pegasystems, Inc.                                     182             1,753 
Progress Software Corp.*                            3,508           104,959 
PROS Holdings, Inc.*                                  122             1,531 
QAD, Inc.                                              22               185 
Quality Systems, Inc.                                 273             8,155 
Quest Software, Inc.*                                 827            10,809 
Radiant Systems, Inc.*                                262             3,660 
Renaissance Learning, Inc.                            229             3,204 
Secure Computing Corp.*                               625             4,031 
Smith Micro Software, Inc.*                           404             2,472 
Solera Holdings, Inc.*                                306             7,454 
Sonic Solutions, Inc.*                              1,420            13,703 
Sourcefire, Inc.*                                      14                83 
Sourceforge, Inc.*                                  1,823             3,628 
SPSS, Inc.*                                           261            10,122 
Successfactors, Inc.*                                  17               166 
Sybase, Inc.*                                       8,218           216,133 
Synchronoss Technologies, Inc.*                       248             4,967 
Take-Two Interactive Software, Inc.*                  965            24,627 
Taleo Corp. - Class A*                                222             4,307 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
The Ultimate Software Group, Inc.*                    310       $     9,319 
THQ, Inc.*                                            840            18,312 
TIBCO Software, Inc.*                               1,947            13,902 
Tyler Technologies, Inc.*                             479             6,696 
Unica Corp.*                                           22               150 
Vasco Data Security International, Inc.*              353             4,829 
Veraz Networks, Inc.*                                  20                49 
Wind River Systems, Inc.*                             953             7,376 
                                                               -----------
                                                                 1,223,032
                                                               -----------
TOTAL INFORMATION TECHNOLOGY                                       4,975,535  
                                                               -----------
MATERIALS -- 5.3%                                                             
CHEMICALS -- 2.5%                                                           
A. Schulman, Inc.                                     365             7,493 
Albemarle Corp.                                       700            25,564 
American Vanguard Corp.                               263             4,376 
Arch Chemicals, Inc.                                  276            10,284 
Balchem Corp.                                         224             5,134 
Calgon Carbon Corp.*                                  368             5,538 
CF Industries Holdings, Inc.                          828            85,797 
Ferro Corp.                                           521             7,742 
Flotek Industries, Inc.*                              228             3,327 
Gentek, Inc.*                                         370            11,130 
Georgia Gulf Corp.                                    904             6,265 
H.B. Fuller Co.                                     3,325            67,863 
Hercules, Inc.                                      1,314            24,033 
Innophos Holdings, Inc.                               247             3,974 
Innospec, Inc.                                        272             5,766 
Koppers Holdings, Inc.                              2,127            94,247 
Kronos Worldwide, Inc.                                375             9,056 
Landec Corp.*                                         299             2,521 
LSB Industries, Inc.*                               1,068            15,742 
Minerals Technologies, Inc.                           146             9,169 
NewMarket Corp.                                       152            11,468 
NL Industries, Inc.                                   520             5,678 
Olin Corp.                                          3,714            73,389 
OM Group, Inc.*                                     1,341            73,138 
PolyOne Corp.*                                      1,131             7,205 
Rockwood Holdings, Inc.*                              384            12,584 
Sensient Technologies Corp.                           492            14,509 
ShengdaTech, Inc.*                                    555             4,718 
Spartech Corp.                                        547             4,622 
Stepan Co.                                             50             1,912 
Symvx Technologies, Inc.*                             586             4,395 
Terra Industries, Inc.*                             3,328           118,244 
Tronox,  Inc. - Class B                               425             1,658 
Valhi, Inc.                                           585            13,683 
W.R. Grace & Co.*                                     753            17,184 
Zep, Inc.                                             302             4,898 
Zoltek Cos., Inc.*                                    331             8,778 
                                                               -----------
                                                                   783,084
                                                               -----------
CONSTRUCTION MATERIALS -- 0.1%                                              
Headwaters, Inc.*                                     683             9,009 
Texas Industries, Inc.                                291            17,492 
US Concrete, Inc.*                                    169               642 
                                                               -----------
                                                                    27,143
                                                               -----------
CONTAINERS & PACKAGING -- 1.1%                                              
AEP Industries, Inc.*                                  98             2,968 
AptarGroup, Inc.                                      677            26,356 
Boise, Inc.*                                          419             2,682 
Bway Holding Co.*                                   5,700            56,430 

                                               SHARES          VALUE
                                                  ------       -----------
Chesapeake Corp.*                                     661       $     3,179 
Graphic Packaging Holding Co.*                        902             2,634 
Greif Corp. - Class A                               1,548           105,156 
Myers Industries, Inc.                                324             4,254 
Rock-Tenn Co. - Class A                             2,153            64,525 
Silgan Holdings, Inc.                               1,461            72,510 
                                                               -----------
                                                                   340,694
                                                               -----------
METALS & MINING -- 1.3%                                                     
A.M. Castle & Co.                                     137             3,699 
AMCOL International Corp.                             270             8,432 
Apex Silver Mines, Ltd.*                              767             9,296 
Brush Engineered Materials, Inc.*                     255             6,546 
Century Aluminum Co.*                                 342            22,654 
Coeur d'Alene Mines Corp.*                          5,016            20,265 
Compass Minerals International, Inc.                1,226            72,309 
Esmark, Inc.*                                         100             1,130 
General Moly, Inc.*                                   621             4,962 
Haynes International, Inc.*                           144             7,903 
Hecla Mining Co.*                                   2,044            22,811 
Horsehead Holding Corp.*                                6                69 
Kaiser Aluminium Corp.                                359            24,879 
Olympic Steel, Inc.                                   190             8,569 
Quanex Corp.                                        1,979           102,393 
Royal Gold, Inc.                                      236             7,120 
RTI International Metals, Inc.*                       287            12,975 
Schnitzer Steel                                                             
 Industries, Inc. - Class A                          206            14,630
Sims Group, Ltd.                                      414            11,393 
Stillwater Mining Co.*                                414             6,405 
Universal Stainless & Alloy*                          153             4,546 
US Gold Corp.*                                        875             2,223 
Worthington Industries, Inc.                        1,120            18,894 
                                                               -----------
                                                                   394,103
                                                               -----------
PAPER & FOREST PRODUCTS -- 0.3%                                             
Abitibibowater, Inc.                                  724             9,347 
Buckeye Technologies, Inc.*                           392             4,375 
Deltic Timber Corp.                                   123             6,851 
Glatfelter                                          4,097            61,906 
Mercer International, Inc.*                           461             3,213 
Neenah Paper, Inc.                                    149             3,841 
Schweitzer-Mauduit International, Inc.                194             4,489 
Wausau Paper Corp.                                  1,411            11,655 
                                                               -----------
                                                                   105,677
                                                               -----------
TOTAL MATERIALS                                                    1,650,701  
                                                               -----------
TELECOMMUNICATION SERVICES -- 1.1%                                            
DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.7%                              
Alaska Communications Systems Group, Inc.             465             5,692 
Atlantic Tele-Network, Inc.                           134             4,533 
Cbeyond, Inc.*                                        269             5,055 
Cincinnati Bell, Inc.*                              3,439            14,650 
Cogent Communications Group, Inc.*                    642            11,755 
Consolidated Communications Holdings, Inc.            417             6,309 
Fairpoint Communications, Inc.                        720             6,494 
General Communication, Inc. - Class A*                444             2,726 
Global Crossing, Ltd.*                                631             9,566 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------       -----------
Globalstar, Inc.*                                     358       $     2,610 
Hungarian Telephone & Cable*                           43               746 
IDT Corp. - Class B*                                  606             2,345 
Iowa Telecommunications Services, Inc.                500             8,865 
NTELOS Holdings Corp.                                 379             9,172 
PAETEC Holdings Corp.*                                737             4,908 
Premiere Global Services, Inc.*                     5,248            75,256 
Shenandoah Telecom Co.                                188             2,790 
SureWest Communications                               258             3,989 
Time Warner Telecom, Inc. - Class A*                1,773            27,464 
Vonage Holdings Corp.*                                 68               126 
                                                               -----------
                                                                   205,051
                                                               -----------
WIRELESS TELECOMMUNICATION SERVICES -- 0.4%                                 
Centennial Communications Corp.*                    5,047            29,828 
FiberTower Corp.*                                     230               405 
ICO Global Communications Holdings, Ltd.*           1,051             3,247 
iPCS, Inc.                                            363             8,476 
Rural Cellular Corp.*                                 118             5,219 
Syniverse Holdings, Inc.*                           3,798            63,275 
USA Mobility, Inc.*                                   760             5,426 
Virgin Mobile USA, Inc.*                              926             1,880 
                                                               -----------
                                                                   117,756
                                                               -----------
TOTAL TELECOMMUNICATION SERVICES                                     322,807  
                                                               -----------
UTILITIES -- 1.9%                                                             
ELECTRIC UTILITIES -- 1.1%                                                  
ALLETE, Inc.                                          366            14,135 
Central Vermont Public Service Corp.                   74             1,769 
Cleco Corp.                                           616            13,663 
El Paso Electric Co.*                                 340             7,266 
Idacorp, Inc.                                         517            16,601 
ITC Holdings Corp.                                    714            37,171 
MGE Energy, Inc.                                    4,341           147,854 
NorthWestern Corp.                                  1,395            33,996 
Otter Tail Corp.                                      285            10,086 
Portland General Electric Co.                         221             4,984 
The Empire District Electric Co.                      432             8,748 
UIL Holdings Corp.                                    339            10,214 
Unisource Energy Corp.                                420             9,349 
Westar Energy, Inc.                                 1,042            23,726 
                                                               -----------
                                                                   339,562
                                                               -----------
GAS UTILITIES -- 0.4%                                                       
EnergySouth, Inc.                                      80             4,175 
New Jersey Resources Corp.                            373            11,582 
Nicor, Inc.                                           597            20,005 
Northwest Natural Gas Co.                             290            12,598 
Ormat Technologies, Inc.                              182             7,828 
Piedmont Natural Gas Co.                              802            21,060 
South Jersey Industries, Inc.                         267             9,374 
Southern Union Co.                                      1                22 
Southwest Gas Corp.                                   453            12,666 
The Laclede Group, Inc.                               285            10,155 
WGL Holdings, Inc.                                    596            19,108 
                                                               -----------
                                                                   128,573
                                                               -----------
MULTI-UTILITIES -- 0.3%                                                     
Aquila, Inc.*                                       3,007             9,652 
Avista Corp.                                          658            12,871 

                                               SHARES          VALUE
                                                  ------       -----------
Black Hills Corp.                                   1,399       $    50,056 
CH Energy Group, Inc.                                 228             8,869 
PNM Resources, Inc.                                   978            12,196 
                                                               -----------
                                                                    93,644
                                                               -----------
WATER UTILITIES -- 0.1%                                                     
American States Water Co.                             194             6,984 
Cadiz, Inc.*                                          239             3,676 
California Water Service Group                        230             8,774 
Consolidated Water Co., Inc.                          180             3,965 
SJW Corp.                                             159             4,546 
Southwest Water Co.                                   269             2,978 
                                                               -----------
                                                                    30,923
                                                               -----------
TOTAL UTILITIES                                                      592,702  
                                                               -----------
TOTAL COMMON STOCK                                                            
(Cost $30,438,989)                                               29,252,040 
                                                               -----------
EXCHANGE-TRADED FUNDS -- 3.8%                                                 
iShares Russell 2000                                                        
Growth Index Fund                                                       
 (Cost $1,214,374)                                16,310         1,188,020
                                                               -----------
RIGHTS -- 0.0%                                                                
Ares Capital Corp.*                                   140                79 
Centerline*                                         2,084                -- 
FX Real Estate Entertainment, Inc.*                    47                 4 
MCG Capital Corp.*                                    194               207 
                                                               -----------
TOTAL RIGHTS                                                                  
(Cost $0)                                                               290 
                                                               -----------
SHORT-TERM INVESTMENTS -- 2.3%                                                
BlackRock Liquidity Funds                                                   
TempCash Portfolio -                                                    
 Institutional Series                            361,637           361,637
BlackRock Liquidity Funds                                                   
TempFund Portfolio -                                                    
 Institutional Series                            361,634           361,634
                                                               -----------

TOTAL SHORT-TERM INVESTMENTS                                                  
(Cost $723,271)                                                     723,271 
                                                               -----------

TOTAL INVESTMENTS -- 100.2%                                                   
(Cost $32,376,634)+                                             $31,163,621 
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.2)%                      (68,544) 
                                                               -----------
NET ASSETS -- 100.0%                                             $31,095,077  
                                                               ===========

*  Non-income producing security.                                             
+  The cost for Federal income tax purposes is                                
   $32,862,133. At March 31, 2008, net unrealized depreciation was $1,698,512.
    This consisted of aggregate gross unrealized appreciation for all securities
  for which there was an excess of market value over tax cost of $2,965,873,
and aggregate gross unrealized depreciation for all securities for which
there was an excess of tax cost over market value of $4,664,385.        

The accompanying notes are integral part of the financial statements. 

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(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                             SHARES            VALUE
                                                ---------     --------------
COMMON STOCK -- 85.9%                                                         
ARGENTINA -- 0.2%                                                           
 Banco Bilbao VizcayaArgentaria SA                  7,800     $      171,522
 Banco Macro SA - ADR                               6,500            164,775
 BBVA Banco Frances SA - ADR                        4,500             31,860
 Cresud SA - ADR                                   14,400            223,488
 Grupo Financiero Galicia SA - ADR                 16,400            108,568
IRSA Inversiones y                                                        
   Representaciones SA - GDR*                       3,700             51,985
 Mercadolibre, Inc.*                                5,900            234,584
Petrobras Energia                                                         
   Participaciones SA - ADR                        16,900            191,815
 Telecom Argentina SA - ADR*                       29,023            614,707
 Transportadora de Gas del Sur SA - ADR*           16,900             74,529
                                                              --------------
TOTAL ARGENTINA                                                    1,867,833
                                                              --------------
AUSTRALIA -- 3.9%                                                           
 Amcor, Ltd. - ADR                                 10,891            284,337
 APN News & Media, Ltd.                            10,100             42,368
 Australia & New Zealand Banking Group, Ltd.       78,000          1,607,461
Australia & New Zealand                                                   
   Banking Group, Ltd. - ADR                          720             74,105
 Australian Stock Exchange, Ltd.                   43,302          1,480,058
 Axa Asia Pacific Holdings, Ltd.                   16,771             84,299
 Bank of Queensland, Ltd.                           5,971             89,766
 BHP Billiton, Ltd.                               302,273          9,892,430
 BlueScope Steel, Ltd.                            493,755          4,453,772
 Boral, Ltd.                                       38,004            217,422
 Caltex Australia, Ltd.                            59,499            707,435
 Coca-Cola Amatil, Ltd.                            23,680            183,950
 Commonwealth Bank of Australia                    40,958          1,565,014
 Computershare, Ltd.                               18,740            149,857
 Crown, Ltd.                                        5,459             52,384
 CSL, Ltd.                                         20,644            696,365
 CSR, Ltd.                                         52,062            152,254
 Dexus Property Group                           1,317,435          2,028,749
 Downer EDI, Ltd.                                  17,982            102,875
 Foster's Group, Ltd.                              55,483            259,615
 Goodman Fielder, Ltd.                             28,000             46,061
 Harvey Norman Holdings, Ltd.                     194,506            695,039
 Insurance Australia Group, Ltd.                   56,000            187,313
 John Fairfax Holdings, Ltd.                       58,571            185,743
 Leighton Holdings, Ltd.                           43,884          1,716,522
 Lend Lease Corp., Ltd.                            11,700            141,678
 Macquarie Airports                               294,618            869,683
 Macquarie Group, Ltd.                              6,697            323,279
 Metcash, Ltd.                                     20,000             74,574
 Minara Resources, Ltd.                               624              3,462
 National Australia Bank, Ltd.                     59,261          1,632,885
 Newcrest Mining, Ltd.                             44,809          1,366,535
 Octaviar, Ltd.*                                   28,635             25,908

                                             SHARES            VALUE
                                                ---------     --------------
 Oil Search, Ltd.                                  33,686     $      148,695
 Origin Energy, Ltd.                               46,586            389,987
 Publishing & Broadcasting, Ltd.                    5,459             18,609
 Qantas Airways, Ltd.                             396,567          1,424,323
 QBE Insurance Group, Ltd.                         11,057            224,432
 Rio Tinto, Ltd.                                   14,935          1,672,017
 Santos, Ltd.                                     196,966          2,610,109
 Seven Network, Ltd.                                7,999             69,448
 Sims Group, Ltd.                                  14,721            399,570
 Tabcorp Holdings, Ltd.                            21,836            282,377
Washington H. Soul                                                        
   Pattinson & Co., Ltd.                            5,543             38,246
 Woolworths, Ltd.                                  47,054          1,247,079
                                                              --------------
TOTAL AUSTRALIA                                                   39,918,090
                                                              --------------
AUSTRIA -- 0.8%                                                             
Erste Bank der oesterreichischen                                          
   Sparkassen AG                                    8,117            526,046
 Immoeast AG*                                      37,111            357,394
Oesterreichische                                                          
   Elektrizitaetswirtschafts AG  - Class A          2,077            147,854
 OMV AG                                            78,547          5,190,915
 Raiffeisen International Bank-Holding AG           6,408            873,574
 Telekom Austria AG                                 4,475             92,480
 Voestalpine AG                                     3,626            251,881
Wiener Staedtische                                                        
   Allgemeine Verischerung AG                       3,695            283,100
 Wienerberger AG                                    5,799            308,439
                                                              --------------
TOTAL AUSTRIA                                                      8,031,683
                                                              --------------
BELGIUM -- 1.1%                                                             
 Delhaize Group                                    27,131          2,134,808
 Delhaize Group - ADR                               2,700            212,355
 Dexia                                            201,521          5,742,653
 Groupe Bruxelles Lambert SA                          494             60,279
 KBC Ancora SCA                                     4,994            513,742
 KBC Bancassurance Holding NV                      13,398          1,737,440
 Solvay SA                                          7,437            948,925
 UCB SA                                             4,000            138,962
                                                              --------------
TOTAL BELGIUM                                                     11,489,164
                                                              --------------
BERMUDA -- 0.1%                                                             
Central European Media                                                    
   Enterprises Ltd. - Class A*                      2,141            184,174
 Credicorp, Ltd.                                    5,563            399,090
                                                              --------------
TOTAL BERMUDA                                                        583,264
                                                              --------------
BOTSWANA -- 0.0%                                                            
 Barclays Bank of Botswana, Ltd.                   39,600             35,771
 Botswana Insurance Hldgs, Ltd.                    23,800             58,046
 First National Bank of Botswana                  136,200             55,363
 Sechaba Breweries, Ltd.                           43,703            115,141
 Standard Chartered Bank of Botswana               27,700             69,852
                                                              --------------
TOTAL BOTSWANA                                                       334,173
                                                              --------------

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
BRAZIL -- 1.1%                                                              
 All America Latina Logistica SA*                   4,600     $       46,139
 American Banknote SA                               2,600             24,212
 Anhanguera Educacional Participacoes SA*           3,400             46,504
 B2W Companhia Global do Varejo                     1,500             51,154
 Banco Bradesco SA                                  5,000            121,673
 Banco do Brazil SA                                 5,100             67,198
 Bolsa De Mercadorias & Futuros - Bm&F              5,100             45,951
 Bovespa Holding SA                                 3,800             51,433
 Br Malls Participacoes SA*                         4,000             35,562
 Bradespar SA                                       2,700             73,089
 Brasil Telecom Participacoes SA                    1,200             33,647
Centrais Eletricas                                                        
   Brasileiras SA - ELETROBRAS                      7,300            110,829
 Cia De Concessoes Rodoviarias                      2,100             31,116
 Cia De Saneamento Basico do Estado de Sao Paulo   31,400            698,255
Cia De Transmissao De                                                     
   Energia Eletrica Paulista                       23,300            539,776
 Cia Energetica De Minas Gerais                     1,400             21,941
 Cia Siderurgica Nacional SA                        6,000            214,738
 Cia Vale do Rio Doce                              18,500            636,066
 Cosan SA Industria e Comercio                      4,200             61,754
 CPFL Energia SA                                    1,500             30,176
 Cyrela Brazil Realty SA                           37,200            482,305
Cyrela Commercial                                                         
Properties SA Empreendimentos                                         
   e Patrticipacoes*                                1,540              8,373
 Edp Energias Do Brasil SA                          1,500             22,217
Eletropaulo                                                               
Metropolitana                                                         
   Eletricidade de Sao Paulo SA                   640,000             50,187
 Empresa Brasileira de Aeronautica SA              29,600            292,171
 Gafisa SA                                          3,400             56,386
 Global Village Telecom Holding SA*                 2,500             46,988
 Industrias Romi SA                                 5,600             47,967
 Iochpe Maxion SA                                   1,666             36,070
 JBS SA*                                           18,700             75,772
 Localiza Rent A Car SA                             2,700             25,697
 Lojas Renner SA                                    4,200             78,126
 Lupatech SA*                                       1,200             36,676
 Mmx Mineracao E Metalicos SA*                        100             53,855
 MRV Engenharia e Participacoes SA                  2,200             39,118
 Natura Cosmeticos SA                               4,800             49,649
 Perdigao SA                                        3,600             82,168
 Petroleo Brasileiro SA                            57,997          5,076,149
 Positivo Informatica SA                            2,600             31,428
 Redecard SA                                       29,026            477,233
 Rossi Residencial SA                               4,600             39,323
 Souza Cruz SA                                      2,700             69,704

                                             SHARES            VALUE
                                                ---------     --------------
 Tele Norte Leste Participacoes SA                 23,871     $      641,956
 Telecomunicacoes de Sao Paulo SA                   1,000             22,186
 Tim Participacoes SA*                              5,300             21,928
 Totvs SA                                           1,000             30,655
 Tractebel Energia SA                               2,700             34,006
 Unibanco - Uniao De Bancos Brasileiros SA         17,600            204,917
 Usinas Siderurgicas de Minas Gerais SA               750             43,683
 Weg SA                                            16,500            183,929
                                                              --------------
TOTAL BRAZIL                                                      11,302,035
                                                              --------------
BULGARIA -- 0.1%                                                            
 Albena AD                                          1,830            132,935
 Bulgarian American Credit Bank JSCO                2,600            148,808
 Central Cooperative Bank AD*                      20,482             99,190
 Chimimport AD*                                    10,600             75,290
 Doverie Holding AD*                               11,040             93,474
 Olovno Tzinkov Komplex AD*                           900             40,491
 Petrol AD                                         37,250            132,921
 Sopharma AD                                       14,000             69,946
                                                              --------------
TOTAL BULGARIA                                                       793,055
                                                              --------------
CANADA -- 1.4%                                                              
 Astral Media, Inc.                                 1,900             72,172
 Bank of Montreal                                  11,994            536,923
 Barrick Gold Corp.                                21,696            948,625
 Biovail Corp.                                     15,800            170,091
 Cameco Corp.                                       4,661            153,664
 Canadian Natural Resources, Ltd.                     803             54,973
 Canadian Pacific Railway, Ltd.                     3,800            244,337
 Canadian Tire Corp., Ltd.                            400             25,817
 CGI Group, Inc.*                                   9,500            100,882
 Eldorado Gold Corp.*                              15,002            103,477
 Empire Co., Ltd. - Class A                         1,800             67,707
 Fairfax Financial Holdings, Ltd.                   1,100            320,318
 George Weston, Ltd.                                1,900             87,406
 Goldcorp, Inc.                                    19,200            746,152
 Imperial Oil, Ltd.                                 3,701            193,983
Industrial Alliance                                                       
Insurance and Financial                                               
   Services, Inc.                                   3,700            136,544
 Ivanhoe Mines, Ltd.*                              57,174            595,998
 Jean Coutu Group PJC, Inc.                         3,100             31,258
 Kinross Gold Corp.                                 8,531            190,326
 Loblaw Cos., Ltd.                                  2,900             85,916
 Lundin Mining Corp.*                              14,400             98,203
 Magna International, Inc. - Class A                6,000            436,300
 Manitoba Telecom Services, Inc.                    3,700            141,158
 Manulife Financial Corp.                          28,900          1,106,221
 MDS, Inc.*                                         7,800            151,980
 Methanex Corp.                                     2,500             65,761
 Metro, Inc. - Class A                              4,300            101,797
 National Bank of Canada                            6,600            307,608
 OPTI Canada, Inc.*                                 3,535             59,580

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Petro-Canada                                       4,900     $      213,481
 Petro-Canada                                      10,800            470,530
 Potash Corp. of Saskatchewan, Inc.                 9,182          1,426,790
 Power Corp. of Canada                             11,600            384,237
 Quebecor, Inc. - Class B                           1,500             37,615
 Research in Motion, Ltd.*                         11,099          1,245,641
 Rona, Inc.*                                        3,900             54,219
 Rothmans, Inc.                                     1,800             45,822
 Sherritt International Corp.                      32,100            454,082
 Sun Life Financial, Inc.                          29,900          1,397,926
 Suncor Energy, Inc.                                5,712            552,085
 Talisman Energy, Inc.                              7,280            129,153
 TransCanada Corp.                                 12,956            499,206
 UTS Energy Corp.*                                 10,374             52,858
                                                              --------------
TOTAL CANADA                                                      14,298,822
                                                              --------------
CAYMAN ISLANDS -- 0.0%                                                      
 Tingyi Cayman Islands Holding Corp.              178,000            233,288
                                                              --------------
TOTAL CAYMAN ISLANDS                                                 233,288
                                                              --------------
CHILE -- 0.6%                                                               
 AFP Providia SA - ADR                              1,100             40,744
 Almendral SA                                     848,800             99,042
 Antarchile SA                                      8,800            218,251
 Banco de Chile                                 1,927,100            169,132
 Banco de Credito e Inversiones                     4,700            169,902
 Banco Santander Chile SA                       2,846,718            143,288
 Banco Santander Chile SA - ADR                     2,500            130,650
 Banmedica SA                                      31,400             39,505
 Cap SA                                             5,700            192,867
 Centros Comerciales Sudamericanos SA              47,000            202,162
 Cia Cervecerias Unidas SA                          1,000             35,340
 Cia Cervecerias Unidas SA - ADR                   46,873            334,597
Cia de Telecomunicaciones                                                 
   de Chile SA - Class A                           45,900             97,665
 Cia General de Electricidad                       17,400            133,364
 Cia Sudamericana de Vapores SA*                   15,600             29,446
 Colbun SA                                        493,700             94,318
 Corpbanca SA                                  16,821,200            117,382
 Distribucion y Servicio D&S SA - ADR               1,800             44,352
 Embotelladora Andina SA                           17,190             55,061
 Empresa Nacional de Electricidad SA               80,076            314,453
 Empresa Nacional de Telecomunicaciones SA          6,800            121,041
 Empresas CMPC SA                                   5,600            236,390
 Empresas Copec SA                                 27,200            504,091
 Enersis SA - ADR                                 303,555            266,976
 Enersur SA                                         8,900             41,309
 Grupo Security SA                                113,300             46,660
 Inversiones Aguas Metropolitanas SA               32,900             42,830
 La Polar SA                                       15,300             91,889
 Lan Airlines SA                                    9,500            134,325
 Madeco SA                                        710,800             80,500
 Masisa SA - ADR                                    2,500             28,900

                                             SHARES            VALUE
                                                ---------     --------------
 Parque Arauco SA                                  95,300     $      119,922
 Quinenco SA                                       46,800            107,075
 S.A.C.I. Falabella                                93,800            506,476
 Salfacorp SA*                                     42,602             94,547
 Sigdo Koppers SA                                  60,400             55,000
 Sociedad Matriz Banco de Chile - Class A         945,500            126,528
 Sociedad Quimica Y Minera de Chile SA              3,000             69,668
Sociedad Quimica y                                                        
   Minera de Chile SA - ADR                        12,870            300,901
 Sonda SA                                          87,300            128,830
 Vina Concha y Toro SA - ADR                        1,100             40,436
                                                              --------------
TOTAL CHILE                                                        5,805,815
                                                              --------------
CHINA -- 0.9%                                                               
 Air China, Ltd.                                   46,000             38,833
 Alibaba.Com, Ltd.*                                19,000             39,354
 American Oriental Bioengineering, Inc.*            5,100             41,310
 Angang Steel Co., Ltd.                            82,000            187,124
 Anhui Conch Cement Co, Ltd.                        8,000             54,943
 Baidu.Com - ADR*                                     400             95,852
 Bank of China, Ltd.                              358,000            152,719
 Bank of Communications Co., Ltd.                  48,000             56,063
 BOE Technology Group Co., Ltd.*                   87,300             41,953
 BYD Electronic International Co., Ltd.*          267,500            340,620
 China Citic Bank*                                 84,000             44,360
 China Coal Energy Co.                             46,000             80,148
 China Communications Construction Co., Ltd.       78,000            172,384
 China Construction Bank Corp.                    315,000            235,158
 China Dongxiang Group Co.*                        80,000             42,762
 China Eastern Airlines Corp, Ltd.*                74,000             37,463
 China Hongxing Sports, Ltd.                      104,000             44,578
 China Huiyuan Juice Group, Ltd.*                  29,000             21,799
China International                                                       
   Marine Containers Co., Ltd.                     39,000             66,648
 China Medical Technologies, Inc.                   1,000             41,090
 China Merchants Bank Co., Ltd.                   259,500            898,605
 China Merchants Property Development Co., Ltd.    15,700             51,058
 China Oilfield Services, Ltd.                     30,000             49,186
 China Railway Group, Ltd.*                       128,000            124,174
 China Shenhua Energy Co., Ltd.                   120,000            479,528
 China Shipping Development Co., Ltd.             188,000            590,621
 China Southern Airlines Co., Ltd.*                54,000             42,186
 China Telecom Corp., Ltd.                        166,000            104,088
 China Vanke Co., Ltd.                             83,400            185,389
 China Yurun Food Group, Ltd.                      31,000             39,155
 Chongqing Changan Automobile Co., Ltd.            41,000             26,920

The accompanying notes are integral part of the financial statements. 

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                                           SHARES            VALUE
                                                ---------     --------------
 Ctrip.com International, Ltd. - ADR                2,000     $      106,040
Datang International                                                      
   Power Generation Co., Ltd.                      48,000             25,472
 Dazhong Transportation Group Co., Ltd.*           50,400             84,874
 Focus Media Holding, Ltd. - ADR*                   3,300            115,995
 FU JI Food and Catering Services Holdings, Ltd.   10,000             16,832
 Golden Eagle Retail Group, Ltd.                   47,000             38,650
 Guangdong Electric Power development Co., Ltd.    73,300             41,064
 Harbin Power Equipment Co., Ltd.                  24,000             42,618
 Huaneng Power International, Inc.                112,000             85,051
 Industrial & Commerical Bank of China          2,098,000          1,461,091
 Inner Mongolia Yitai Coal Co.                      7,000             42,070
 Jiangling Motors Corp., Ltd.                      38,600             40,025
 Maanshan Iron & Steel                             46,000             24,115
 Netease.com - ADR*                                 2,000             38,420
 Parkson Retail Group, Ltd.                        28,000            236,012
 PICC Property & Casualty Co., Ltd.                54,000             48,778
 Ping An Insurance Group Co. of China, Ltd.        13,000             92,122
Semiconductor                                                             
   Manufacturing International Corp.*             386,000             26,783
 Shandong Chenming Paper Holdings, Ltd.            47,700             42,290
Shandong Weigao Group                                                     
  Medical Polymer Co., Ltd.                        28,000             33,315
 Shanghai Electric Group Co., Ltd.                 90,000             54,930
 Shanghai Haixin Group Co.*                        51,000             30,549
Shanghai Jin Jiang                                                        
   International Hotels Group Co., Ltd.           126,000             36,103
 Shanghai Zhenhua Port Machinery Co.               48,000             65,472
 Shimao Property Holdings, Ltd.                    16,000             28,700
 Sina Corp.*                                        1,000             35,250
 Sinopec Shanghai Petrochemical Co., Ltd.          54,000             18,595
 Suntech Power Holdings Co., Ltd. - ADR*            1,900             77,064
 Tencent Holdings, Ltd.                           138,000            786,403
 Tsingtao Brewery Co., Ltd.                       134,000            396,009
 Weichai Power Co., Ltd.                           78,000            290,145
 Yangzijiang Shipbuilding Holdings, Ltd.*          56,000             38,243
 Yantai Changyu Pioneer Wine Co.                    7,000             44,072
 Yanzhou Coal Mining Co., Ltd.                     22,000             31,151
 Zhaojin Mining Industry Co., Ltd.                 40,000            125,921
 Zijin Mining Group Co., Ltd.*                     60,000             57,358

                                             SHARES            VALUE
                                                ---------     --------------
 ZTE Corp.                                         16,000     $       75,347
                                                              --------------
TOTAL CHINA                                                        9,259,000
                                                              --------------
COLOMBIA -- 0.1%                                                            
 Almacenes Exito SA                                16,300            127,333
 BanColumbia SA - ADR                              18,765            665,407
 Interconexion Electrica SA                        50,678            196,561
 Inversiones Argos SA                              34,700            170,604
 Suramericana de Inversiones SA                    16,400            135,282
 Textiles Fabricato Tejicondor SA*              3,648,125             69,353
                                                              --------------
TOTAL COLOMBIA                                                     1,364,540
                                                              --------------
CROATIA -- 0.1%                                                             
 Atlantska Plovidba DD                                400            212,824
 Dalekovod DD                                         100             21,174
 Ericsson Nikola Tesla                                200            116,489
 INA Industrija Nafte DD                              420            199,755
 Institut Gradevinarstva Hrvatske DD                   20             44,780
 Koncar-Elektroindustrija DD*                         470             73,336
 Podravka DD                                        1,000             78,180
 Privredna Banka Zagreb DD                            830            198,273
 Tankerska Plovidba DD                                 40             40,653
 VIRO Tvornica Secera                                 370             92,244
                                                              --------------
TOTAL CROATIA                                                      1,077,708
                                                              --------------
CZECH REPUBLIC -- 0.8%                                                      
 CEZ AS*                                           36,906          2,816,864
 Komercni Banka AS                                 16,602          3,967,646
 Pegas Nonwovens SA                                 3,800            130,754
 Philip Morris CR AS                                  170             76,342
 Telefonica 02 Czech Republic AS                   13,200            422,652
 Unipetrol*                                        35,100            571,817
 Zentiva NV                                        10,000            604,347
                                                              --------------
TOTAL CZECH REPUBLIC                                               8,590,422
                                                              --------------
DENMARK -- 0.8%                                                             
 Aktieselskabet Dampskibsselskabet TORM             1,400             41,496
 Alk-Abello A/S*                                      676             87,874
 AP Moeller - Maersk A/S - Class B                    176          1,963,670
 Carlsberg A/S - Class B                            4,360            557,531
 Danisco A/S                                       11,000            803,447
 Danske Bank A/S                                   19,237            709,668
 FLSmidth & Co. A/S                                 1,782            176,374
 GN Store Nord A/S*                                 6,600             32,976
 Jyske Bank A/S*                                    1,300             87,246
 Novo Nordisk A/S - Class B                        38,440          2,628,640
 Vestas Wind Systems A/S*                          12,274          1,340,853
                                                              --------------
TOTAL DENMARK                                                      8,429,775
                                                              --------------
EGYPT -- 0.3%                                                               
 Alexandria Mineral Oils Co.                        4,000             57,273
 Arab Cotton Ginning                               32,000             63,316
 Commercial International Bank                     30,407            502,072
 Eastern Tobacco                                    1,300             93,597
 Egypt Kuwait Holding Co.                          27,500            121,550
 Egyptian Co. for Mobile Services                   1,400             51,418

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Egyptian Financial & Industrial Co.                1,700     $       82,409
 Egyptian Financial Group-Hermes Holding*          12,600            129,810
Egyptian International                                                    
   Pharmaceutical Industrial Co.                    7,900             50,446
 El Ezz Aldekhela Steel - Alexandria                  350             95,730
 El Sewedy Cables Holding Co.*                      3,300             87,287
 El Watany Bank of Egypt*                           4,100             55,311
 Ezz Steel Rebars                                   5,000             83,394
 Misr Beni Suef Cement Co.                          2,350             48,775
 Misr Cement Co.                                    2,600             36,646
 National Societe General Bank                      4,500             36,805
 Olympic Group Financial Investments                7,000             98,160
 Orascom Construction Industries                    4,000            301,653
 Orascom Hotels & Development*                      9,600            153,209
 Orascom Telecom Holding (S.A.E.)                  20,900            288,666
 Oriental Weavers                                   3,500             37,774
 Sidi Kerir Petrochemcials Co.                     23,000             93,380
Six of October                                                            
   Development & Investment*                        1,340             57,511
 South Valley Cement*                              15,480             76,913
 Telecom Egypt                                     14,700             54,718
                                                              --------------
TOTAL EGYPT                                                        2,757,823
                                                              --------------
ESTONIA -- 0.1%                                                             
 AS Eesti Ehitus                                   12,000             75,780
 AS Tallinna Vesi                                   2,900             57,230
 Baltika AS                                         7,000             26,855
 Eesti Telekom                                     15,700            196,061
 Merko Ehitus                                      11,200            160,907
 Olympic Entertainment Group AS                    32,400            142,713
 Tallink Group, Ltd.*                             373,400            477,501
 Tallinna Kaubamaja AS                             14,100            150,258
                                                              --------------
TOTAL ESTONIA                                                      1,287,305
                                                              --------------
FINLAND -- 1.4%                                                             
 Elisa Oyj - Class A                               30,373            758,594
 Fortum Oyj                                        18,399            749,717
 Kemira Oyj                                         4,368             66,891
 Kesko Oyj - Class B                                3,836            198,338
 Metso Corp.                                        1,272             68,680
 Nokia Oyj                                        243,188          7,694,049
 Nokian Renkaat Oyj                                 6,153            262,280
 OKO Bank PLC - Class A                             7,297            137,436
 Orion Oyj - Class B                               49,199          1,065,677
 Outokumpu Oyj                                     17,840            811,434
 Outotec Oyj                                        3,109            165,411
 Ramirent Oyj                                       5,173             97,921
 Sampo Oyj - Class A                               15,589            422,083
 Sanomawsoy Oyj                                     6,600            182,972
 Stora Enso Oyj - ADR                              25,900            300,002
 UPM-Kymmene Oyj - ADR                             12,913            230,191
 Wartsila Oyj - Class B                             5,513            372,082
 YIT Oyj                                           15,171            430,405
                                                              --------------
TOTAL FINLAND                                                     14,014,163
                                                              --------------

                                             SHARES            VALUE
                                                ---------     --------------
FRANCE -- 5.3%                                                              
 Accor SA                                           1,046     $       76,393
 Aeroports de Paris                                 5,760            656,015
 Air France                                        43,361          1,221,263
 Alstom                                             3,511            761,167
 Atos Origin SA*                                    3,056            170,118
 AXA SA - ADR                                      72,108          2,603,820
 BNP Paribas SA                                    36,113          3,642,601
 Bouygues SA                                       20,155          1,280,430
 Bureau Veritas SA*                                 1,090             62,295
 Cap Gemini SA                                      4,282            243,842
 Casino Guichard-Perrachon SA                       8,367          1,003,126
 Christian Dior SA                                  5,980            661,906
 Ciments Francais                                     345             57,430
 CNP Assurances                                     3,279            404,200
 Compagnie de Saint-Gobain                         33,589          2,738,940
 Credit Agricole SA                                24,273            751,095
 EDF Energies Nouvelles SA                            479             29,334
 Electricite de France                              8,941            777,914
 Eurazeo                                            1,139            145,654
 France Telecom                                   212,860          7,157,951
 Gaz de France                                     17,761          1,072,261
 JCDecaux SA                                        2,965             87,160
 L'Air Liquide SA                                   4,387            668,844
 L'Oreal SA                                         1,992            252,974
 Lafarge SA                                         3,253            565,748
 Lagardere SCA                                      2,800            209,356
 Legrand Holding SA                                64,496          2,023,232
 LVMH Moet Hennessy Louis Vuitton SA                8,570            953,861
 M6 Metropole Television                            2,743             61,060
 Natexis                                            4,355             70,061
 Neuf Cegetel                                       2,002            111,477
 Nexans SA                                          1,121            132,203
 Nexity                                               917             39,407
 Pernod-Ricard SA                                   3,919            403,154
 Pinault-Printemps-Redoute SA                       6,710            994,196
 PSA Peugeot Citroen                               35,988          2,790,248
 Remy Cointreau SA                                  1,076             72,366
 Renault SA                                        10,515          1,163,704
 Safran SA                                          7,753            158,754
 Sanofi-Aventis SA                                103,943          7,798,063
 SCOR SE                                            6,160            147,044
 Societe BIC SA                                    11,424            704,475
 Societe Generale                                   7,638            747,871
 Societe Television Francaise 1                     7,107            156,298
 Sodexho Alliance SA                                1,030             63,321
 Suez SA                                           12,626            828,630
 Technip SA                                           932             72,584
 Thomson                                           60,130            417,695
 Total SA                                          39,534          2,935,980
 Veolia Environnement                               1,584            110,433
 Vinci SA                                           5,694            411,626
 Vivendi Universal SA                             106,919          4,177,776
 Wendel                                               457             57,373
                                                              --------------
TOTAL FRANCE                                                      54,904,729
                                                              --------------
GERMANY -- 6.6%                                                             
 Adidas-Salomon AG                                 22,568          1,500,353
 Allianz AG                                        18,457          3,656,375
 Altana AG                                          3,019             63,677
 AMB Generali Holding AG                              320             54,602
 Arcandor AG*                                       3,141             62,829

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 BASF AG                                           69,129     $    9,310,549
 Bayer AG                                           5,102            408,862
 Bayerische Motoren Werke (BMW) AG                 14,281            788,892
 Celesio AG                                         3,730            184,672
 Commerzbank AG                                    32,678          1,021,494
 Continental AG                                       674             68,729
 DaimlerChrysler AG                                12,175          1,040,837
 DaimlerChrysler AG - ADR                          11,200            958,160
 Deutsche Bank AG - ADR                            19,642          2,220,528
 Deutsche Boerse AG                                12,962          2,087,925
 Deutsche Lufthansa AG*                           305,440          8,260,348
 Deutsche Post AG                                   2,392             73,073
 Deutsche Postbank AG                                 679             64,822
 Deutsche Telekom AG                               73,000          1,215,879
 E.On AG                                           40,863          7,564,761
 E.On AG - ADR                                     22,424          1,398,567
 Epcos AG                                           2,383             36,079
Fraport AG Frankfurt                                                      
   Airport Services Worldwide                      15,839          1,143,271
 Fresenius AG                                       7,026            597,877
 Fresenius Medical Care AG                         10,401            522,998
 Hamburger Hafen Und Logistik AG*                   1,612            122,794
 Hannover Rueckversicherungs AG                     2,674            139,397
 Henkel AG                                          6,566            278,641
 Hochtief AG                                        2,854            261,335
 Infineon Technologies AG*                         34,871            244,985
 K+S AG                                               936            306,345
 Linde AG                                          10,043          1,418,904
 MAN AG                                            42,184          5,603,577
 Merck KGaA                                         1,036            127,691
 MTU Aero Engines Holding AG                        1,256             53,043
Muenchener                                                                
Rueckversicherungs-                                                   
   Gesellschaft AG                                 35,289          6,901,693
 Norddeutsche Affinerie AG                         14,916            590,602
Praktiker Bau-und                                                         
   Heimwerkermaerkte Holding AG                     1,954             52,227
 Premiere AG*                                       2,224             47,997
 Rheinmetall AG                                     1,111             78,404
 Rhoen-Klinkum AG                                  10,591            313,846
 Salzgitter AG                                      6,914          1,202,781
 Siemens AG                                        16,637          1,803,145
 Tognum AG*                                         1,850             40,569
 TUI AG*                                            8,172            209,651
 Volkswagen AG                                     10,883          3,155,230
 Wacker Chemie AG                                   3,122            639,670
                                                              --------------
TOTAL GERMANY                                                     67,898,686
                                                              --------------
GHANA -- 0.0%                                                               
 Aluworks Ghana, Ltd.                             232,000            166,763
 Cal Bank, Ltd.*                                   83,000             58,820
 Ghana Commercial Bank, Ltd.*                     106,696            141,505
 Produce Buying Co., Ltd.*                        162,500             39,484
                                                              --------------
TOTAL GHANA                                                          406,572
                                                              --------------
GREECE -- 0.4%                                                              
 Alpha Bank AE                                      3,423            113,486
 Bank of Cyprus, Ltd.                              23,049            272,916

                                             SHARES            VALUE
                                                ---------     --------------
 Coca-Cola Hellenic Bottling Co. SA                39,251     $    1,828,049
 Hellenic Petroleum SA                             21,373            281,414
 Hellenic Telecommunications Organization SA       26,702            757,964
 National Bank of Greece SA                         7,925            418,139
 Public Power Corp. SA                             10,022            438,277
Viohalco, Hellenic                                                        
   Copper & Aluminum Industry SA                    3,311             34,291
                                                              --------------
TOTAL GREECE                                                       4,144,536
                                                              --------------
HONG KONG -- 2.3%                                                           
 Agile Property Holdings, Ltd.                     26,000             27,428
 Aluminum Corp. of China                           38,000             61,424
 ASM Pacific Technology, Ltd.                      59,900            432,164
Beijing Capital                                                           
   International Airport Co., Ltd.                495,037            448,435
 Beijing Enterprises Holdings                      76,000            290,030
 BOC Hong Kong (Holdings), Ltd.                    65,500            157,719
 Cathay Pacific Airways, Ltd.                      44,000             86,500
 Chaoda Modern Agriculture                         60,750             69,003
Cheung Kong                                                               
   Infrastructure Holdings, Ltd.                   10,000             40,153
 Cheung Kong, Ltd.                                 58,000            823,498
 China Agri-Industries Holdings, Ltd.*             51,000             30,799
 China COSCO Holdings Co., Ltd.*                  227,500            551,894
China Infrastructure                                                      
   Machinery Holdings, Ltd.                        16,000             11,944
 China Life Insurance Co., Ltd.                   143,000            491,510
 China Mengniu Dairy Co., Ltd.                     49,000            142,920
China Merchants Holdings International                                    
   Co., Ltd                                       163,648            776,958
 China Mobile, Ltd.                               219,635          3,268,004
 China Netcom Group Corp. Hong Kong, Ltd.          19,000             54,686
 China Overseas Land & Investment, Ltd.            30,000             55,354
 China Petroleum And Chemical Corp.               248,000            212,226
 China Resources Land, Ltd.                        28,000             48,570
 China Resources Power Holdings Co.                16,000             31,455
 China Resources, Ltd.                             32,000            102,793
China Travel                                                              
   International Investment Hong Kong, Ltd.        90,000             36,312
 China Unicom, Ltd.                               236,000            496,705
 Chinese Estates Holdings, Ltd.                    48,000             74,381
 Citic Pacific, Ltd.                              106,000            449,461
 CNOOC, Ltd.                                    1,240,000          1,832,281
 Cosco Pacific, Ltd.                               16,000             31,208
 Dah Sing Financial Holdings, Ltd.                  6,000             39,357
 Denway Motors, Ltd.                              140,000             59,363
 Dongfeng Motor Group Co., Ltd.                    90,000             40,475
 Enerchina Holdings, Ltd.*                        102,700              3,497
 Esprit Holdings, Ltd.                             81,000            972,085
 Galaxy Entertainment Group, Ltd.*                106,237             78,763
 Gome Electrical Appliances                       230,075            528,578

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Guangzhou R&F Properties Co., Ltd.                12,800     $       33,963
 Buangzhou Shipyard International Co., Ltd.        10,000             30,581
 Hang Lung Group, Ltd.                            268,000          1,265,507
 Hang Lung Properties, Ltd.                        30,000            106,198
 Henderson Land Development Co., Ltd.              34,000            241,589
 Hong Kong & China Gas Co., Ltd.                   11,000             33,074
 Hong Kong Exchanges & Clearing, Ltd.              54,000            926,985
 Hongkong Electric, Ltd.                           41,000            258,928
 Hopewell Holdings                                 26,000             98,720
 Hutchinson Whampoa, Ltd.                          81,000            766,532
Hutchison Telecommunications                                              
   International, Ltd.                             33,797             48,203
 Jiangxi Copper Co., Ltd.                         181,000            341,411
 Kingboard Chemicals Holdings, Ltd.               167,500            592,937
 Lenovo Group, Ltd.                                88,000             56,536
 Li & Fung, Ltd.                                   14,000             51,897
 Li Ning Co., Ltd.                                 22,000             62,048
 Melco International Development, Ltd.            164,564            228,789
Melco PBL Entertainment (Macau),                                          
   Ltd. - ADR*                                     18,997            216,186
 Midland Holdings, Ltd.                           116,000            114,768
 Minmetals Resources, Ltd.                        112,000             41,446
 New World China Land, Ltd.                        62,400             39,608
 New World Development Co., Ltd.                   92,866            225,046
 Nine Dragons Paper Holdings, Ltd.                 16,000             13,014
 Noble Group, Ltd.                                 45,000             71,924
 Orient Overseas International, Ltd.               57,000            333,607
 Pacific Basin Shipping, Ltd.                     315,000            518,075
 Peace Mark Holdings, Ltd.                        118,000            106,285
 PetroChina Co., Ltd.                             466,000            582,002
 Ports Design, Ltd.                                12,000             33,922
 Shanghai Industrial Holdings, Ltd.                14,000             52,887
 Shenzhen Investment, Ltd.                        828,000            348,961
Shougang Concord                                                          
   International Enterprises Co., Ltd.          1,162,000            273,231
 Shun Tak Holdings, Ltd.                          454,831            601,949
 Sinolink Worldwide Holdings                      108,000             16,375
 Sun Hung Kai Properties, Ltd.                     52,000            811,138
 Swire Pacific, Ltd. - Class A                     28,000            315,882
 The HongKong & Shanghai Hotels                    31,000             50,906
 The Wharf, Ltd.                                  162,625            765,832
 Weiqiao Textile Co., Ltd.                         51,020             65,556
 Wheelock & Co., Ltd.                              56,000            156,862
 Wheelock Properties, Ltd.                         50,000             39,832
 Wumart Stores, Inc.                              289,556            255,228
                                                              --------------
TOTAL HONG KONG                                                   24,052,353
                                                              --------------
HUNGARY -- 0.8%                                                             
 Danubius Hotel and Spa PLC*                          550             21,489

                                             SHARES            VALUE
                                                ---------     --------------
 Egis Gyogyszergyar Nyrt PLC*                       1,190     $      128,671
 FHB Mortgage Bank PLC                              2,400             19,045
 Fotex PLC                                          5,800             24,594
 Gedeon Richter Nyrt                                3,500            720,849
 Magyar Telecom Telecommunications PLC            203,300            996,284
 MOL Hungarian Oil and Gas Nyrt                     8,010          1,042,716
 OTP Bank Nyrt                                    126,638          5,178,036
 Pannonplast PLC*                                   5,000             45,432
Raba Jarmuipari Holding                                                   
   Nyilvanosan Mukodo Reszvenytarsasag*             3,700             38,102
                                                              --------------
TOTAL HUNGARY                                                      8,215,218
                                                              --------------
INDIA -- 0.9%                                                               
 Bajaj Auto, Ltd. - GDR                             2,000            129,000
 GAIL (India), Ltd. - GDR                           2,100            130,200
 HDFC Bank, Ltd. - ADR                              2,600            255,424
 Hindalco Industries, Ltd.144A/RegS GDR*@          14,000             55,020
 ICICI Bank, Ltd. - ADR                             9,100            347,529
 Infosys Technologies, Ltd. - ADR                  14,312            511,940
 ITC, Ltd. RegS GDR                                79,200            405,504
 Larsen & Toubro, Ltd. 144A GDR*@                  10,841            820,357
 Larsen & Toubro, Ltd. RegS GDR                       900             69,300
 Mahanagar Telephone Nigam - ADR                    4,700             23,218
 Mahindra & Mahindra, Ltd.                         20,020            346,346
 Reliance Energy, Ltd. - GDR                        1,600            152,000
 Reliance Industries, Ltd. 144A GDR*@              16,188          1,828,453
 Reliance Industries, Ltd. 144A GDR*@               5,200            598,000
 Satyam Computer Services, Ltd. - ADR               4,300             97,137
 State Bank of India, Ltd. - 144A GDR*@             6,858            606,933
 State Bank of India, Ltd. - GDR                   26,574          2,351,781
 State Bank of India, Ltd. - GDR                    2,100            185,850
 Tata Communications, Ltd. - ADR                    1,500             37,230
 Tata Motors, Ltd. - ADR                            3,000             46,860
 Wipro, Ltd. - ADR                                  2,900             33,437
                                                              --------------
TOTAL INDIA                                                        9,031,519
                                                              --------------
INDONESIA -- 0.7%                                                           
 AKR Corporindo Tbk Pt                            376,000             55,961
 Aneka Tambang (Persero) Tbk Pt                   190,000             69,147
 Astra Agro Lestari Tbk Pt                         26,000             73,015
 Astra International Tbk Pt                       370,500            976,059
 Bakrie and Brothers Tbk Pt*                    2,914,500            161,477
 Bakrie Sumatera Plantations Tbk Pt               205,000             39,641
 Bank Central Asia Tbk Pt                       2,106,000            743,563
 Bank Danamon Indonesia Tbk Pt                     64,000             47,974

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Bank Internasional Indonesia Tbk Pt            1,740,000     $       87,898
 Bank Mandiri Persero Tbk Pt                      422,500            144,582
 Bank Niaga Tbk Pt                                407,000             33,161
 Bank Pan Indonesia Tbk Pt*                       520,000             36,154
 Bank Rakyat Indonesia (Persero) Tbk Pt           350,500            239,886
 Berlian Laju Tanker Tbk Pt                       152,000             33,851
 Bumi Resources Tbk Pt                          2,140,500          1,441,727
 Energi Mega Persada Tbk Pt*                      403,000             49,472
 Gudang Garam Tbk Pt                               33,000             27,425
 Indah Kiat Pulp and Paper Corp. Tbk Pt*          276,000             27,885
 Indocement Tunggal Prakarsa Tbk Pt                65,000             49,783
 Indofood Sukses Makmur Tbk Pt                    333,000             84,109
 Indosat Tbk Pt                                   206,500            159,277
 International Nickel Indonesia Tbk Pt            150,000            114,068
 Kalbe Farma Tbk Pt                               366,000             38,966
 Lippo Karawaci Tbk Pt                            512,500             44,541
 Medco Energi Internasional Tbk Pt                133,000             48,042
 Perusahaan Gas Negara Pt                         152,000            233,656
 Ramayana Lestari Sentosa Tbk Pt                  308,000             27,103
 Semen Gresik (Persero) Tbk Pt                    260,518            141,509
Sinar Mas Agro Resources and                                              
   Technology Tbk Pt                               69,500             71,350
 Tam SA                                            65,000             70,967
 Telekomunikasi Indonesia Tbk Pt                  485,500            508,971
 Timah Tbk Pt                                     105,500            331,801
 Unilever Indonesia Tbk Pt                         85,000             63,715
 United Tractors Tbk Pt                           382,000            520,815
                                                              --------------
TOTAL INDONESIA                                                    6,797,551
                                                              --------------
IRELAND -- 0.3%                                                             
 Allied Irish Banks PLC - ADR                      15,711            678,401
 Bank of Ireland                                       90              1,332
 Bank of Ireland - ADR                              2,700            163,026
 CRH PLC                                            9,835            372,955
 Kerry Group PLC - Class A                         62,185          1,948,773
                                                              --------------
TOTAL IRELAND                                                      3,164,487
                                                              --------------
ISRAEL -- 0.8%                                                              
 Africa Israel Investments, Ltd.                      400             21,118
 Alvarion, Ltd.*                                    3,200             22,635
 Arab East Investment Co., Ltd.                     9,216             50,991
 Bank Hapoalim BM                                  50,865            196,357
 Bank Leumi le-Israel BM                          199,554            855,312
Bezeq Israeli                                                             
   Telecommunication Corp., Ltd.                  154,944            290,273
 Cellcom Israel, Ltd.                              21,356            671,219
 Check Point Software Technologies, Ltd.*          24,731            553,974
 Clal Insurance                                     1,100             21,241
 Delek Group, Ltd.                                    190             28,584
 Discount Investment Corp.                          1,000             25,742
 Elbit Medical Imaging, Ltd.*                         600             25,427
 Elbit Systems, Ltd.                                  900             49,407
 Gazit Globe, Ltd.                                  2,400             23,026

                                             SHARES            VALUE
                                                ---------     --------------
 Gilat Satellite Networks, Ltd.*                    3,200     $       32,718
 Harel Insurance Investments, Ltd.                    550             27,211
 Housing & Construction Holdings, Ltd.             26,809             38,285
 IDB Development Corp., Ltd.                          800             24,729
 IDB Holding Corp., Ltd.                              950             29,824
 Israel Chemicals, Ltd.                            59,214            828,626
 Israel Corp., Ltd.*                                  200            187,340
 Israel Discount Bank, Ltd.*                       18,500             44,898
 Koor Industries, Ltd.                                450             24,806
 Makhteshim-Agan Industries, Ltd.                  20,000            146,182
 Migdal Insurance & Financial Holding, Ltd.        29,594             42,833
 Mizrahi Tefahot Bank, Ltd.                         5,500             43,057
 Ness Technologies, Inc.*                           5,600             53,144
 Nice Systems, Ltd.*                                3,659            104,795
 Orbotech, Ltd.*                                    1,300             23,842
 Ormat Industries                                   3,500             43,484
 Osem Investment, Ltd.                              4,155             47,058
 Partner Communications Co., Ltd.                  12,583            278,590
 Super-Sol, Ltd.                                    7,500             33,423
 Syneron Medical, Ltd.*                             1,200             17,460
 Teva Pharmaceutical Industries, Ltd. - ADR        62,622          2,892,510
                                                              --------------
TOTAL ISRAEL                                                       7,800,121
                                                              --------------
ITALY -- 1.7%                                                               
 A2A SPA                                          937,365          3,444,399
 Aedes SPA                                         22,812             69,076
 Autogrill SPA                                        905             13,509
 Banca Intesa SPA                                  97,446            641,527
 Banca Popolare di Milano Scrl                     30,226            331,889
 Banca Popolare di Sondrio Scrl                     2,274             33,280
 Banche Popolare Unite Scrl                        24,104            617,622
 Banco Popolare Scrl*                              13,504            223,642
 Buzzi Unicem SPA                                  17,910            445,622
 Credito Emiliano SPA                              20,334            269,982
 Enel SPA                                         312,415          3,314,486
 Fiat SPA                                          82,582          1,910,021
 Finmeccanica SPA                                   1,148             39,039
 Fondiaria Sai SPA                                  2,331             96,565
 Geox SPA                                           9,387            145,086
 Intesa Sanpaolo SPA                              104,198            734,507
 Italcementi SPA                                    6,115            123,862
 Lottomatica SPA                                      485             15,092
 Mediobanca SPA                                    27,613            566,289
 Milano Assicurazioni                               5,978             40,134
 Parmalat SPA                                     238,042            915,098
 Pirelli & Co. SPA*                             1,884,986          1,650,155
 Telecom Italia SPA                               428,131            895,587
 UniCredito Italiano SPA                           76,010            509,223
 Unipol SPA                                        20,745             64,455
                                                              --------------
TOTAL ITALY                                                       17,110,147
                                                              --------------
JAPAN -- 10.5%                                                              
 Acom Co., Ltd.                                     1,538             40,811
 Aeon Credit Service Co., Ltd.                      1,630             21,781
 Aiful Corp.                                       10,102            162,252
 Aioi Insurance Co., Ltd.                          28,000            154,775
 Aisin Seiki Co., Ltd.                              6,948            259,295

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Alpine Electronics, Inc.                           5,600     $       61,685
 Alps Electric Co., Ltd.                           89,200            877,861
 Amada Co.                                        143,000          1,081,681
 Aoyama Trading Co., Ltd.                          72,800          1,570,225
 Asahi Kasei Corp.                                586,000          3,056,982
 Asatsu-DK, Inc.                                    1,800             64,105
 Astellas Pharma, Inc.                             67,400          2,609,992
 Bridgestone Corp.                                 14,500            246,855
 Brother Industries, Ltd.                          41,799            429,815
 Canon Sales Co., Inc.                              9,500            179,173
 Canon, Inc.                                       22,044          1,015,068
 Central Japan Railway Co.                             54            557,986
 Circle K Sunkus Co., Ltd.                          3,000             50,953
 Coca-Cola West Holdings Co., Ltd.                 15,800            380,417
 Comsys Holdings Corp.                              6,000             52,006
 Cosmo Oil Co., Ltd.                               23,000             72,221
 Credit Saison Co., Ltd.                            3,837            107,011
 Dai Nippon Printing Co., Ltd.                     70,000          1,113,764
 Daicel ChemicalIndustries, Ltd.                   12,000             61,637
 Daihatsu Motor Co., Ltd.                          64,040            769,020
 Daiichi Sankyo Co., Ltd.                           8,200            242,265
 Daikin Industries, Ltd.                            1,273             54,787
 Daiwa House Industry Co., Ltd.                    15,000            148,525
 Daiwa Securities Group, Inc.                       3,296             28,569
 Denso Corp.                                        4,210            135,997
 Dentsu, Inc.                                          12             27,327
 East Japan Railway Co., Ltd.                          40            332,665
 Edion Corp.                                        4,100             37,923
 Eisai Co., Ltd.                                    1,559             53,176
 Epilda Memory, Inc.*                               1,500             49,960
 FamilyMart Co., Ltd.                               1,200             42,978
 Fancl Corp.                                        7,100             97,867
 Fanuc, Ltd.                                        1,219            115,932
 Fuji Electric Holdings Co., Ltd.                  14,000             56,882
 Fuji Film Holdings Corp.                          34,300          1,214,677
 Fuji Heavy Industries, Ltd.                       46,000            192,436
 Fuji Television Network, Inc.                         95            140,098
 Fujikura, Ltd.                                    15,000             67,717
 Fujitsu, Ltd.                                     47,000            307,424
 Fukuoka Financial Group, Inc.                     23,000            119,753
 Funai Electric Co., Ltd.                           1,200             41,292
 Futaba Corp.                                       2,100             47,296
 Glory, Ltd.                                        3,700             78,692
 Gunze, Ltd.                                       10,000             42,135
 Hakuhodo DY Holdings, Inc.                           770             45,808
 Hankyu Hanshin Holdings, Inc.                     37,000            159,982
 Hino Motors, Ltd.                                121,000            798,736
 Hitachi Cable, Ltd.                                9,000             33,497
 Hitachi, Ltd.                                    634,000          3,758,969
 Hitachi, Ltd. - ADR                               15,682            933,079
 Hokuhoku Financial Group, Inc.                    37,000            111,356
 Honda Motor Co., Ltd.                            120,486          3,438,831
 House Foods Corp.                                  3,900             58,023
 Hoya Corp.                                         2,658             62,397
 Ibiden Co., Ltd.                                   1,750             68,820
 Itochu Corp.                                       3,393             33,494
 Japan Tobacco, Inc.                                  222          1,111,336
 JFE Holdings, Inc.                                   891             39,509

                                             SHARES            VALUE
                                                ---------     --------------
 JS Group Corp. (Tostem Inax Holding Corp.)        14,672     $      220,345
 JSR Corp.                                          1,600             36,196
 Kajima Corp.                                      25,000             70,726
 Kamigumi Co., Ltd.                                11,000             86,958
 Kaneka Corp.                                      13,000             81,250
 Kanematsu Corp.*                                  38,000             50,321
 Kao Corp.                                          3,000             85,022
 Kawasaki Kisen Kaisha, Ltd.                      104,000          1,010,995
 KDDI Corp.                                            30            183,287
 Keihin Corp.                                       3,000             43,339
 Kinden Corp.                                       7,000             67,345
 Kokuyo Co., Ltd.                                   4,500             38,599
 Komatsu, Ltd.                                     20,328            563,874
 Komori Corp.                                       2,000             41,533
 Konica Minolta Holdings, Inc.                    127,000          1,725,100
 Kubota Corp.                                       4,448             27,622
 Kuraray Co., Ltd.                                  6,500             77,468
 Kyocera Corp.                                      7,269            610,368
 Leopalace21 Corp.                                111,900          1,808,496
 Makita Corp.                                       4,530            142,244
 Marubeni Corp.                                   599,000          4,362,701
 Marui Co., Ltd.                                   13,400            142,630
 Matsushita Electric Industrial Co., Ltd.          91,927          1,991,998
 Meiji Seika Kaisha, Ltd.                          13,000             66,122
 Millea Holdings, Inc.                             79,200          2,923,917
 Mistui Mining & Smelting Co., Ltd.                     2                  6
 Mitsubishi Chemical Holdings Corp.                24,000            158,668
 Mitsubishi Corp.                                   1,856             56,045
 Mitsubishi Electric Corp.                         72,040            622,978
 Mitsubishi Heavy Industries, Ltd.                 77,000            329,073
 Mitsubishi Materials Corp.                       675,000          2,932,133
 Mitsubishi Tokyo Financial Group, Inc.            20,876            180,110
 Mitsui & Co., Ltd.                                 3,000             60,795
 Mitsui Chemicals, Inc.                             9,000             59,591
 Mitsui Fudosan Co., Ltd.                           1,718             34,108
 Mitsui O.S.K Lines, Ltd.                         115,000          1,390,199
 Mitsui Sumitomo Insurance Co., Ltd.               58,000            585,935
 Mitsumi Electric Co., Ltd.                         1,600             50,562
 Mizuho Financial Group, Inc.                          12             43,941
 Mizuho Trust & Banking Co., Ltd.                 339,000            486,326
 Mori Seiki Co., Ltd.                              11,100            199,328
 Nagase & Co., Ltd.                                 5,000             51,063
 NEC Corp.                                         86,000            327,849
 NEC Electronics Corp.*                            18,600            359,759
 Nichirei Corp.                                     5,000             24,027
 Nintendo Co., Ltd.                                 6,519          3,361,523
 Nippon Electric Glass Co., Ltd.                   15,638            241,755
 Nippon Express Co., Ltd.                         357,000          2,052,177
 Nippon Kayaku Co., Ltd.                            8,000             48,555
 Nippon Meat Packers, Inc.                          8,000            118,138
 Nippon Mining Holdings, Inc.                      13,500             71,509
 Nippon Oil Corp.                                 388,000          2,421,108
 Nippon Paint Co., Ltd.                            11,000             39,617
 Nippon Paper Group, Inc.                              36             85,233
 Nippon Sheet Glass Co.                           450,000          1,990,871

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Nippon Shokubai Co., Ltd.                          7,000     $       46,419
 Nippon Soda Co., Ltd.                              7,000             22,542
 Nippon Steel Corp.                                48,000            243,178
 Nippon Telegraph & Telephone Corp.                   945          4,076,545
 Nippon Yakin Kogyo Co., Ltd.                      36,500            292,205
 Nippon Yusen Kabushiki Kaisha                     80,000            751,204
 Nipponkoa Insurance Co., Ltd.                     30,000            228,732
 Nipro Corp.                                        3,000             52,307
 Nissan Motor Co., Ltd.                             3,443             28,461
 Nissay Dowa General Insurance Co., Ltd.           13,000             66,643
 Nisshin Seifun Group, Inc.                        20,500            218,820
 Nisshin Steel Co., Ltd.                          667,000          2,308,537
 Nisshinbo Industries, Inc.                         7,000             65,028
 Nitto Denko Corp.                                  2,742            115,809
 Nomura Holdings, Inc.                              3,087             46,144
 Nomura Real Estate Holdings, Inc.                 38,500            641,152
 NSK, Ltd.                                         29,093            220,357
 NTT DoCoMo, Inc.                                   1,052          1,593,620
 Ohbayashi Corp.                                   27,000            113,222
 Oji Paper Co., Ltd.                               33,000            148,646
 Oki Electric Industry Co., Ltd.*                  61,000            117,496
 Olympus Corp.                                        812             24,601
 Onward Kashiyama Co., Ltd.                         7,000             71,489
 Osaka Gas Co., Ltd.                                5,000             19,964
 Pioneer Corp.                                     27,400            272,131
 Promise Co., Ltd.                                  1,625             46,706
 QP Corp.                                           5,400             55,744
 Rengo Co., Ltd.                                   11,000             60,694
 Ricoh Co., Ltd.                                  139,729          2,296,109
 Sanwa Holdings Corp.                              11,000             47,783
 Sanyo Electric Co., Ltd.*                        358,000            754,213
 Sapporo Hokuyo Holdings, Inc.                         13             90,640
 Sega Sammy Holdings, Inc.                          5,300             56,094
 Seiko Epson Corp.                                 34,800            937,380
 Seino Transportation Co., Ltd.                     7,000             45,506
 Sekisui Chemical Co., Ltd.                        20,000            120,987
 Sekisui House, Ltd.                               15,000            138,744
 Seven And I Holdings Co., Ltd.                     2,087             52,342
 Sharp Corp.                                        2,746             46,667
 Shimachu Co., Ltd.                                 2,500             75,115
 Shin-Etsu Chemical Co., Ltd.                       1,025             52,957
 Shinko Securities Co., Ltd.*                     213,000            619,683
 Shinsei Bank, Ltd.*                               11,000             36,306
 Sojitz Corp.                                     801,700          2,654,103
 Sompo Japan Insurance, Inc.                      191,000          1,686,196
 Sony Corp.                                        74,976          2,986,103
 Stanley Electric Co., Ltd.                         2,642             64,407
 Sumco Corp.                                        1,700             37,094
 Sumitomo Bakelite Co., Ltd.                        9,000             45,596
 Sumitomo Chemical Co., Ltd.                        9,970             63,813
 Sumitomo Corp.                                    24,970            328,909
 Sumitomo Electric Industries, Ltd.                36,063            456,576
 Sumitomo Forestry Co., Ltd.                        6,000             41,593
 Sumitomo Heavy Industries, Ltd.                    8,273             53,449

                                           SHARES            VALUE
                                              ---------     --------------
 Sumitomo Metal Industries, Ltd.                   96,764     $      366,942
 Sumitomo Metal Mining Co., Ltd.                   31,000            576,896
 Sumitomo Mitsui Financial Group, Inc.                922          6,067,737
 Suzuki Motor Corp.                                 9,970            251,550
 Taihei Kogyo Co., Ltd.                            10,000             34,912
 Taiheiyo Cement Corp.                             25,000             60,193
 Taisei Corp.                                      39,000             99,378
 Taisho Pharmaceutical Co., Ltd.                    7,000            138,834
 Taiyo Yuden Co., Ltd.                              3,000             29,254
 Takeda Pharmaceutical Co., Ltd.                   13,196            660,594
 Takefuji Corp.                                    27,371            579,382
 TDK Corp.                                         15,600            921,790
 The 77 Bank, Ltd.                                 14,000             78,371
 The Awa Bank, Ltd.                                10,000             57,484
 The Bank of Kyoto, Ltd.                           12,000            145,907
 The Bank of Nagoya, Ltd.                           9,000             54,896
 The Bank of Yokohama, Ltd.                        16,548            112,390
 The Chiba Bank, Ltd.                              15,000            101,876
 The Chugoku Bank, Ltd.                             9,000            129,023
 The Daishi Bank, Ltd.                             12,000             46,469
 The Fuji Fire & Marine Insurance Co., Ltd.        16,000             42,536
 The Gunma Bank, Ltd.                              30,000            214,587
 The Hachijuni Bank, Ltd.                          17,000            107,955
 The Higo Bank, Ltd.                                8,000             46,067
 The Hokkoku Bank, Ltd.                            14,000             62,781
 The Hyakugo Bank, Ltd.                             8,000             47,271
 The Hyakujushi Bank, Ltd.                         10,000             52,969
 The Iyo Bank, Ltd.                                11,000            117,416
 The Joyo Bank, Ltd.                               28,000            141,573
 The Juroku Bank, Ltd.                             12,000             69,101
 The Kagoshima Bank, Ltd.                           7,000             51,685
 The Kanto Tsukuba Bank, Ltd.                      11,300             61,103
 The Keiyo Bank, Ltd.                              10,000             63,403
 The Musashino Bank, Ltd.                           1,200             48,997
 The Nanto Bank, Ltd.                              12,000             56,340
 The Ogaki Kyoritsu Bank, Ltd.                     12,000             64,647
 The San-In Godo Bank, Ltd.                         5,000             39,978
 The Shiga Bank, Ltd.                               8,000             54,254
 The Shizuoka Bank, Ltd.                           25,000            295,195
 The Sumitomo Warehouse Co., Ltd.                   9,000             42,345
 The Yamanashi Chuo Bank, Ltd.                      8,000             48,315
 Toda Corp.                                        11,000             45,245
 Tokai Rika Co., Ltd.                               1,700             44,427
 Tokyo Electron, Ltd.                               1,600             97,271
 Tokyo Steel Manufacturing Co., Ltd.                4,500             61,035
 Tokyu Land Corp.                                  18,000            112,861
 Toppan Forms Co., Ltd.                             4,300             43,440
 Toppan Printing Co., Ltd.                        131,000          1,519,221
 Toray Industries, Inc.                             6,040             39,204
 Toshiba Corp.                                    230,000          1,536,717
 Toyo Seikan Kaisha, Ltd.                           6,900            131,036
 Toyota Auto Body Co., Ltd.                         3,600             72,014
 Toyota Boshoku Corp.                                  30                898
 Toyota Motor Corp.                                 9,250            461,201
 UNY Co., Ltd.                                      8,000             76,565

The accompanying notes are integral part of the financial statements. 

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                                           SHARES            VALUE
                                              ---------     --------------
 Urban Corp.                                      110,000     $      467,897
 Wacoal Holdings Corp.                              5,000             73,886
 Yamada Denki Co., Ltd.                             2,678            231,047
 Yamaha Corp.                                      27,600            527,745
 Yamaha Motor Co., Ltd.                             2,807             51,646
 Yamato Kogyo Co., Ltd.                             4,700            189,547
 Yamato Transport Co., Ltd.                         1,155             16,917
 Yamazaki Baking Co., Ltd.                          6,000             56,822
                                                              --------------
TOTAL JAPAN                                                      108,004,818
                                                              --------------
JORDAN -- 0.1%                                                              
 Arab Bank PLC                                     13,400            501,767
 Bank of Jordan                                    12,800             48,418
 Jordan Cement Factories                            3,000             51,870
 Jordan Petroleum Refinery Co.                      4,880             94,294
 Jordan Telecom Corp.*                              7,800             65,835
 Jordanian Electric Power Co.*                     11,500             86,838
 Middle East Complex                               29,090             97,719
Taameer Jordan Holdings                                                   
   Public Shareholding Co.*                        12,900             40,603
 United Arab Investors                             17,000             54,947
                                                              --------------
TOTAL JORDAN                                                       1,042,291
                                                              --------------
KENYA -- 0.1%                                                               
 Bamburi Cement Co., Ltd.                          71,900            213,122
 Barclays Bank of Kenya, Ltd.                     198,900            213,956
 East African Breweries, Ltd.                      71,380            175,180
 Equity Bank, Ltd.                                 28,200             70,107
 ICDC Investment Co., Ltd.                        102,300             40,757
 Kenya Airways, Ltd.                              195,900            162,339
 Kenya Commercial Bank, Ltd.                      443,000            183,554
 Kenya Electricity Generating Co., Ltd.           268,600            101,661
 Kenya Oil Co., Ltd.                               40,000             58,327
 Mumias Sugar Co., Ltd.                           238,200             43,274
 Nation Media Group                                12,100             62,284
 Standard Chartered Bank Kenya, Ltd.                9,200             29,176
                                                              --------------
TOTAL KENYA                                                        1,353,737
                                                              --------------
LATVIA -- 0.0%                                                              
 Latvian Shipping Co.*                             91,206            235,104
                                                              --------------
TOTAL LATVIA                                                         235,104
                                                              --------------
LITHUANIA -- 0.1%                                                           
 Apranga PVA                                       31,700            168,864
 Invalda PVA                                       17,284            114,199
 Lietuvos Energija*                                17,374             32,015
 Lifosa PVA*                                        4,400            136,829
 Panevezio Statybos Trestas*                       16,900             91,957
 Pieno Zvaigzdes                                   10,687             24,433
 Rytu Skirstomieji Tinklai*                        26,729             58,664
 Sanitas*                                           9,500            114,591
 Siauliu Bankas*                                   30,912             38,728
 TEO LT AB*                                       308,900            322,036
 Ukio Bankas                                       67,100            105,544
                                                              --------------
TOTAL LITHUANIA                                                    1,207,860
                                                              --------------
LUXEMBOURG -- 0.9%                                                          
 Arcelor                                           24,600          2,015,273
 Arcelormittal                                     46,084          3,774,550
 Evraz Group SA - GDR*                             12,163          1,049,667
 Evraz Group SA - GDR                                 800             69,040
 Millicom International Cellular SA*                8,831            834,971

                                             SHARES            VALUE
                                                ---------     --------------
 Tenaris SA - ADR                                  23,500     $    1,171,475
                                                              --------------
TOTAL LUXEMBOURG                                                   8,914,976
                                                              --------------
MALAYSIA -- 0.6%                                                            
 AirAsia Bhd*                                      54,300             23,258
 Alliance Financial Group Bhd                      28,800             24,131
 AMMB Holdings Bhd                                 34,600             37,212
 Astro All Asia Networks PLC                       23,200             25,387
 Batu Kawan Bhd                                    29,000             91,574
 Berjaya Sports Toto Bhd                           19,000             30,592
 British American Tobacco Bhd                       2,900             38,534
 Bumiputra-Commerce Holdings Bhd                   64,700            201,271
 Bursa Malaysia Bhd                                14,500             41,027
 Dialog Group Bhd                                  83,500             37,071
 Digi.com Bhd                                      52,200            398,212
 E&O Property Development Bhd*                     26,700             15,777
 Eon Capital Bhd                                   28,200             40,380
 Gamuda Bhd                                        80,600             83,158
 Genting Bhd                                      286,800            587,319
 Hong Leong Bank Bhd                               16,400             29,739
 IGB Corp. Bhd                                     38,800             19,045
 IJM Corp. Bhd                                     43,900             83,724
 IOI Corp. Bhd                                    101,650            225,642
 Kencana Petroleum Bhd*                            73,600             36,357
 KNM Group Bhd                                     84,000            139,190
 Kuala Lumpur Kepong Bhd                           12,000             60,778
 Kulim Malaysia Bhd                                24,400             60,647
 Lafarge Malayan Cement Bhd                        30,000             39,769
 Lion Diversified Holdings Bhd                     12,300              4,768
 Magnum Corp. Bhd                                  29,800             31,305
 Malayan Banking Bhd                              271,150            716,341
 Malaysian Airline System Bhd*                     64,500             71,387
 Malaysian Resources Corp. Bhd*                    55,800             23,726
 MISC Bhd                                          32,000             92,043
 MMC Corp. Bhd                                     40,800             40,819
 Parkson Holdings Bhd*                             50,790             99,246
 Pelikan International Corp. Bhd                   20,700             21,486
 Petra Perdana Bhd                                 35,700             43,530
 Petronas Dagangan Bhd                             24,000             60,028
 Petronas Gas Bhd                                  15,600             48,773
 PLUS Expressways Bhd                              32,200             32,215
 PPB Group Bhd                                     18,000             57,402
 Public Bank Bhd                                   51,500            169,064
 Ranhill Bhd                                       52,000             26,175
 Resorts World Bhd                                663,700            713,812
 RHB Capital Bhd                                   21,200             31,682
 Sarawak Energy Bhd                                48,000             31,665
 Scomi Group Bhd                                   69,500             21,512
Shell Refining Co.                                                        
   Federation of Malaya Bhd                         9,800             33,397
 Sime Darby Bhd                                   109,903            321,273
 SP Setia Bhd                                      19,800             23,028
 TA Ann Holdings Bhd                               11,000             23,386
 Tanjong PLC                                        7,700             40,444
 Telekom Malaysia Bhd                             134,800            446,734
 Tenaga Nasional Bhd                               58,400            134,200
 Titan Chemicals Corp.                             64,800             26,743
 UEM World Bhd                                     74,400             75,365

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 UMW Holdings Bhd                                  15,400     $       29,129
 Wah Seong Corp. Bhd                               35,625             23,056
 WCT Engineering Bhd                               35,466             42,579
 WTK Holdings Bhd                                 111,400             71,051
 Ytl Corp. Bhd                                     32,900             76,117
 Ytl Power International Bhd                       45,240             34,370
 Zelan Bhd                                         17,600             14,032
                                                              --------------
TOTAL MALAYSIA                                                     6,121,677
                                                              --------------
MAURITIUS -- 0.1%                                                           
 Ireland Blyth, Ltd.                               18,300             43,267
 Mauritius Commercial Bank                         77,100            502,047
Mauritius Development                                                     
   Investment Trust Co., Ltd                      221,000             49,682
 Naiade Resorts, Ltd.                               7,000             26,861
 New Mauritius Hotels, Ltd.                        18,900            124,535
 Rogers & Co., Ltd.                                 7,100            116,682
 State Bank of Mauritius, Ltd.                     74,300            262,066
 Sun Resorts, Ltd. - Class A                       17,890             74,195
                                                              --------------
TOTAL MAURITIUS                                                    1,199,335
                                                              --------------
MEXICO -- 1.6%                                                              
 Alfa SAB de CV                                   114,900            763,283
 America Movil SAB de CV Series L                 850,634          2,708,697
 America Movil SAB de CV Series L - ADR            26,959          1,717,019
 Axtel SAB de CV*                                  16,800             36,306
 Banco Compartamos SA de CV*                       30,100            131,795
 Carso Global Telecom SAB de CV*                   23,400            125,325
 Carso Infraestructura y Construccion SAB de CV*  118,200            117,170
 Cemex SAB de CV*                                 372,318            975,683
 Coca-Cola Femsa SAB de CV                        108,400            613,157
 Consorcio ARA SAB de CV                           21,400             21,837
 Controladora Comercial Mexicana SAB de CV         13,600             38,336
 Corp GEO SAB de CV Series B*                      10,300             32,895
Corp Interamericana de                                                    
   Entretenimiento SAB de CV*                      12,000             25,933
 Corp Moctezuma, SAB de CV                         57,077            136,488
 Desarrolladora Homex SAB de CV*                    9,200             89,279
 Empresas ICA SAB de CV*                           61,100            362,257
 Fomento Economico Mexicano, SAB de CV             79,800            332,914
 Grupo Aeroportuario del Centro Norte, SAB de CV   17,800             49,840
 Grupo Aeroportuario del Pacifico, SAB de CV       14,700             66,312
 Grupo Aeroportuario Del Sureste, SAB de CV        16,100             91,674
 Grupo Bimbo SAB de CV                             21,200            127,486
 Grupo Carso SAB de CV                             68,500            288,475
 Grupo Elektra SAB de CV                            2,100             56,887
 Grupo Financiero Banorte SAB de CV               351,600          1,527,942
 Grupo Financiero Inbursa SAB de CV               125,000            364,215
 Grupo Iusacell SAB de CV*                            405              4,643

                                             SHARES            VALUE
                                                ---------     --------------
 Grupo Mexico SAB de CV                           242,400     $    1,610,040
 Grupo Modelo SAB de CV                            26,100            114,305
 Grupo Pochteca, SAB De CV*                         3,605                369
 Grupo Televisa, SAB de CV                         58,200            282,722
Impulsora Del Desarrollo                                                  
   Y El Empleo en America Latina SAB de CV*       130,800            211,389
 Industrias CH SAB de CV Series B*                  7,500             29,774
 Industrias Penoles SAB de CV                       5,150            156,783
 Kimberly-Clark de Mexico SAB de CV                26,400            117,207
 Maxcom Telecomunicaciones SAB de CV*              25,807            298,329
 Mexichem SAB de CV                                29,000            149,322
 Organizacion Soriana SAB de CV                    10,800             31,560
Promotora Y Operadora De                                                  
   Infraestructura SA de CV*                       21,700             76,460
 Telefonos de Mexico SAB de CV                    947,810          1,790,043
 Telefonos de Mexico SAB de CV                     12,780            480,528
 TV Azteca SAB de CV                               38,700             22,254
 Urbi Desarrollos Urbanos SA de CV*                22,900             74,664
 Vitro SAB de CV*                                  13,000             23,245
 Wal-Mart de Mexico SAB de CV                     102,000            430,129
                                                              --------------
TOTAL MEXICO                                                      16,704,971
                                                              --------------
MOROCCO -- 0.3%                                                             
 Attijariwafa Bank                                    642            300,000
 Banque Centrale Populaire                             29              9,247
 Banque Marocaine Du Commerce Exterieur             1,000            437,053
 Brasseries Maroc                                     171             45,594
 Ciments du Maroc                                     250             87,101
 Credit Immobilier et Hotelier*                       800             69,269
 Douja Promotion Groupe Addoha SA                     600            362,837
 Holcim Maroc SA                                      100             37,589
 Lafarge Ciments                                      403            122,454
 Managem                                              600             44,530
 Maroc Telecom                                     20,700            563,304
 Ona SA                                             1,094            286,882
 Risma*                                               132              7,329
 Samir                                                500             52,914
 Societe Nationale d'Investissement                   530            139,493
 Sonasid                                              100             57,119
                                                              --------------
TOTAL MOROCCO                                                      2,622,715
                                                              --------------
NETHERLANDS -- 3.6%                                                         
 Aegon NV                                          60,392            888,608
 Amrest Holdings NV*                                1,200             54,362
 Corio NV                                           2,870            251,472
European Aeronautic                                                       
   Defence and Space Co. NV                        11,500            272,517
 Heineken Holding NV                               33,564          1,687,712
 Heineken NV                                       45,003          2,613,884
 Hunter Douglas NV                                  5,965            403,530
 ING Groep NV                                     165,211          6,186,838

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 ING Groep NV - ADR                                66,375     $    2,480,434
 Koninklijke Ahold NV*                            206,691          3,067,358
 Koninklijke DSM NV                                20,119            970,359
 Koninklijke KPN NV                                18,191            307,295
 Koninklijke Philips Electronics NV               109,545          4,190,454
 Koninklijke Vopak NV                               1,977            124,380
 Oce NV                                             9,718            165,391
 Royal Dutch Shell PLC                            226,555          7,818,778
 Royal Dutch Shell PLC - ADR                       43,244          2,913,781
 Royal Dutch Shell PLC - Class B                   50,007          1,683,209
 SNS REAAL Groep NV                                 3,300             66,947
 TNT NV                                             2,225             82,655
 Unilever NV                                       12,081            405,682
 X5 Retail Group NV - GDR*                         10,189            300,575
                                                              --------------
TOTAL NETHERLANDS                                                 36,936,221
                                                              --------------
NEW ZEALAND -- 0.1%                                                         
 Auckland International Airport, Ltd.             115,420            206,895
 Contact Energy, Ltd.                              53,451            335,765
 Fletcher Building, Ltd.                           26,270            173,283
 Telecom Corp. of New Zealand, Ltd.                     1                  3
                                                              --------------
TOTAL NEW ZEALAND                                                    715,946
                                                              --------------
NIGERIA -- 0.1%                                                             
 African Petroleum PLC                             46,000            118,268
 Diamond Bank PLC*                                267,700             42,305
 Fidelity Bank*                                   533,000             48,717
 First Bank of Nigeria PLC                        285,000            115,008
 Flour Mills Nigeria PLC                           70,900             56,931
 Guaranty Trust Bank                              234,700             70,150
 Guinness Nigeria PLC                              45,800             50,861
 Intercontinental Bank PLC                        263,600            102,454
 Nigerian Breweries PLC                           151,900             67,487
 PlatinumHabib Bank PLC                           199,600             49,105
 Union Bank Nigeria PLC                           183,600             68,224
 United Bank For Africa PLC                       126,700             54,223
 West African Portland Cement PLC                 142,000             82,242
 Zenith Bank, Ltd.                                267,400            109,642
                                                              --------------
TOTAL NIGERIA                                                      1,035,617
                                                              --------------
NORWAY -- 0.7%                                                              
 Aker Kvaerner ASA                                  5,287            120,434
 Cermaq ASA                                         6,000             75,996
 DnB NOR ASA                                       66,041          1,002,478
 Norsk Hydro ASA                                  260,026          3,788,807
 Orkla ASA*                                        35,100            444,579
 StatoilHydro ASA                                  16,263            487,345
 Telenor ASA*                                      21,407            409,866
 Yara International ASA                             7,910            457,450
                                                              --------------
TOTAL NORWAY                                                       6,786,955
                                                              --------------
OMAN -- 0.1%                                                                
 Bank Dhofar Saog                                  26,000             54,417
 Bank Muscat (Saog)                                37,200            191,844
 Dhofar International Development                  38,200             71,619
 National Bank of Oman, Ltd.                       48,175            105,457
 Oman Cables Industry                              12,100            106,955
 Oman Cement Co.                                    2,500             47,299
 Oman Flour Mills                                   7,300             56,906

                                             SHARES            VALUE
                                                ---------     --------------
 Oman International Bank                            6,900     $       73,659
 Oman Oil Marketing Co.                            13,300             48,524
 Oman Telecommunications Co.                       44,800            201,490
 Raysut Cement Co.                                 24,300            153,271
 Renaissance Services Co.                          42,298            142,239
                                                              --------------
TOTAL OMAN                                                         1,253,680
                                                              --------------
PERU -- 0.3%                                                                
 Alicorp SA*                                       47,800             49,592
 Austral Group SA*                                425,900            102,328
 Banco Continental Peru                            18,200             72,813
 Cia Minera Atacocha SA - Class B                  11,300             30,029
 Cia Minera Milpo SAA                              50,300            161,136
 Compania de Minas Buenaventura SA - ADR            5,300            363,050
 Corp Aceros Arequipa SA                           19,528             32,345
 Credicorp, Ltd.                                    3,600            257,436
 Edegel SA                                         57,200             31,651
 Edelnor SA                                        35,708             30,027
 Empresa Agroindustrial Casa Grande SA*            31,100            102,459
 Ferreyros SA                                      86,278            190,019
 Grana Y Montero SAA                               55,600            124,478
 Intergroup Financial Services Corp. 144A*@        12,748            246,036
 Minsur SA                                         35,553            118,424
 Sociedad Minera Cerro Verde SA                     1,400             36,680
 Sociedad Minera el Brocal SA                       2,300             33,072
 Southern Copper Corp.                              5,300            550,299
 Volcan Cia Minera SAA                             35,380            105,097
                                                              --------------
TOTAL PERU                                                         2,636,971
                                                              --------------
PHILIPPINES -- 0.4%                                                         
 Aboitiz Equity Ventures, Inc.                  2,491,900            381,809
 Alliance Global Group, Inc.                      879,200             82,090
 Atlas Consolidated Mining & Development*         330,000             78,214
 Ayala Corp. - Class A                             14,800            139,957
 Ayala Land, Inc.                                 571,300            147,031
 Banco De Oro Unibank, Inc.                       107,000            133,206
 Bank of the Philippine Islands                   103,400            131,199
 Filinvest Land, Inc.*                            867,800             21,607
 First Gen Corp.                                   31,400             30,069
 First Philippine Holdings Corp.                   23,700             23,263
 Globe Telecom, Inc.                                2,100             75,664
 International Container Term Services, Inc.      123,800             93,361
 JG Summit Holdings, Inc.                          79,500             18,271
 Jollibee Foods Corp.                              52,500             60,330
 Manila Electric Co.                               66,110            126,617
 Megaworld Corp.                                  844,800             49,754
 Metropolitan Bank & Trust                         88,500             84,750
 Petron Corp.                                   1,034,500            141,169
 Philex Mining Corp.                            1,560,000            250,227
 Philippine Long Distance Telephone Co.             8,600            579,579
 Philippine Long Distance Telephone Co. - ADR       4,777            317,479
 Philippine National Bank*                         26,400             18,013

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 PNOC Energy Development Corp.                  1,345,000     $      189,981
 San Miguel Corp. - Class B                       240,000            275,796
 SM Investments Corp.                              12,900             86,474
 SM Prime Holdings, Inc.                          287,400             58,485
 Union Bank of Philippines                         26,400             22,121
 Universal Robina Corp.                            85,700             28,724
                                                              --------------
TOTAL PHILIPPINES                                                  3,645,240
                                                              --------------
POLAND -- 0.8%                                                              
 Agora SA                                           4,800             91,466
 Asseco Poland SA                                   1,900             61,993
 Bank Handlowy W Warszawie SA                      12,796            510,092
 Bank Millennium SA                                37,981            141,505
 Bank Pekao SA                                     13,284          1,177,895
 Bank Przemyslowo-Handlowy PBK SA                     340             13,752
 Bank Zachodni WBK SA                               4,708            390,376
 Bioton SA*                                       158,300             57,626
 BRE Bank SA*                                       1,190            193,440
 Budimex SA*                                          950             35,778
 Cersanit-Krasnystaw SA*                            5,500             64,761
 Ciech SA                                             850             31,706
 Comarch SA*                                          400             21,123
 Dom Development SA                                 1,800             60,671
 Echo Investment SA*                                9,500             28,392
 Elektrobudowa SA                                     700             63,548
 Eurocash SA                                       11,800             67,350
 Getin Holding SA*                                 18,000            100,634
 Globe Trade Centre SA*                             8,100            136,401
 Grupa Kety SA                                        490             26,404
 Grupa Lotos SA                                     2,600             40,897
 Ing Bank Slaski SA                                   200             47,638
 KGHM Polaksa Miedz SA                              6,100            280,724
 LPP SA*                                               90             91,007
 Mostalzab*                                        17,000             70,671
 Mostostal-Warszawa SA*                             2,300             65,121
 Multimedia Polska SA*                             19,300             74,508
 Netia SA*                                         21,500             35,848
 Orbis SA                                           2,900             75,722
 Pbg SA*                                            1,000            143,814
 Polimex Mostostal SA                              51,700            185,879
   Polish Energy Partners SA*                       4,100             53,436
 Polish Oil & Gas Co.                             168,157            369,551
 Polnord SA*                                        1,000             52,132
 Polska Grupa Farmaceutyczna SA                     1,200             39,369
 Polski Koncern Naftowy Orlen*                     16,400            291,501
Powszechna Kasa                                                           
   Oszczednosci Bank Polski SA                     63,778          1,289,834
 Prokom Software SA                                   950             54,649
Przedsiebiorstwo                                                          
   Eksportu I Importu Kopex SA*                     3,300             45,723
 Sygnity SA                                         1,000             14,786
 Synthos SA*                                       99,800             49,337
 Telekomunikacja Polska SA                         75,300            747,890
 Tvn SA                                            13,000            133,792
 Vistula & Wolczanka SA*                           12,900             58,439
Zaklad Przetworstwa                                                       
   Hutniczego Stalprodukt SA                          250             84,378
                                                              --------------
TOTAL POLAND                                                       7,671,559
                                                              --------------

                                             SHARES            VALUE
                                                ---------     --------------
PORTUGAL -- 0.2%                                                            
 Banco Espirito Santo SA                            7,316     $      127,168
 EDP - Energias de Portugal, SA                    23,631            143,261
 Jeronimo Martins, SGPS SA                         72,418            581,942
 Portugal Telecom, SGPS SA                        116,751          1,356,605
 Sonae, SGPS SA                                    70,430            129,538
                                                              --------------
TOTAL PORTUGAL                                                     2,338,514
                                                              --------------
QATAR -- 0.2%                                                               
 Barwa Real Estate Co.                              4,856             65,396
 Commercial Bank of Qatar                           5,200            209,372
 Doha Bank, Ltd.                                    4,920            102,768
 First Finance Co.*                                10,884            112,474
 Industries Qatar                                   9,130            326,206
 Masraf Al Rayan                                   24,500            130,631
 Qatar Electricity & Water Co.                      2,230             72,321
 Qatar Fuel Co.                                     1,900             82,037
 Qatar Gas Transport Co. Nakilat*                  31,100            269,246
 Qatar Insurance Co.                                  980             43,633
 Qatar International Islamic Bank*                  2,600             94,825
 Qatar Islamic Bank                                 6,270            162,329
 Qatar National Bank                                3,577            204,976
 Qatar National Cement Co.                          1,240             45,633
 Qatar Navigation                                   2,400             69,259
 Qatar Real Estate Investment Co.*                  3,864             51,400
 Qatar Shipping Co.                                 3,740             57,562
 Qatar Telecom Q-Tel QSC                            2,530            137,538
                                                              --------------
TOTAL QATAR                                                        2,237,606
                                                              --------------
ROMANIA -- 0.2%                                                           
 Antibiotice                                      128,000             73,664
 Banca Transilvania*                              807,300            249,383
 Biofarm Bucuresti*                               405,000             53,642
 Impact SA*                                       366,015             33,145
 Iproeb Bistrita SA*                               15,300             39,170
Romanian Development                                                      
   Bank - Groupe Societe Generale                  81,984            697,323
 Rompetrol Rafinare SA*                           950,800             30,377
 SIF 1 Banat-Crisana Arad                          60,000             63,475
 SIF 2 Moldova Bacau                               65,000             65,464
 SIF 3 Transilvania Brasov*                        98,000             62,205
 SIF 4 Muntenia Bucuresti                          90,500             61,657
 SIF 5 Oltenia Craiova                             57,500             69,589
 SNP Petrom SA                                  1,420,800            249,511
 Socep Constanta                                  652,000             87,461
 Transelectrica SA*                                 6,650             72,040
                                                              --------------
TOTAL ROMANIA                                                      1,908,106
                                                              --------------
RUSSIA -- 2.3%                                                              
 Aeroflot - Russian International Airlines         10,700             45,475
 Avtovaz*                                          50,000             84,480
 Comstar United Telesystems OJSC - GDR              5,000             52,250
 CTC Media, Inc.*                                   4,400            122,100
 Eurasia Drilling Co., Ltd.*                       21,739            510,866
 Fifth Power Generation Co., (OGK-5 )*            342,322             41,934
 Gazprom - ADR                                     95,772          4,836,486
 Gazpromneft OAO                                    8,500             51,000

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Irkutskenergo OJSC                                79,800     $       75,012
JSC Scientific                                                            
   Production Corp. IRKUT - ADR*                    2,200             59,070
 Kamaz*                                            22,600            127,690
 LUKOIL - ADR                                      38,964          3,336,810
 Magnit OAO*                                        1,600             75,920
 Mechel - ADR                                       5,791            658,958
Mining & Metallurgical                                                    
   Co., Norilsk Nickel - ADR                       63,272          1,793,761
Mining & Metallurgical                                                    
   Co., Norilsk Nickel - ADR                       10,000            281,500
Mining & Metallurgical                                                    
   Co., Norilsk Nickel - Class S                      837            237,289
 Mobile Telesystems OJSC - ADR                      6,450            489,232
 NovaTek OAO                                       31,569            247,817
 NovaTek OAO - GDR                                  2,400            193,680
 Novolipetsk Steel - GDR                            2,800            120,260
 Novorossiysk Commercial Sea Port - GDR*           10,877            163,155
 OAO Gazprom - ADR                                 48,650          2,481,150
 OAO Rosneft Oil Company - GDR                     59,658            537,519
 Open Investments - Class S*                          288             63,648
 Pharmstandard - GDR*                              22,311            524,308
 Pik Group*                                         5,000            126,000
 Polymetal*                                        42,770            359,268
 Polyus Gold Co. - ADR                              1,200             61,680
 Polyus Gold Co. - ADR                              5,516            295,106
 RBC Information Systems*                           5,150             49,440
 Rostelecom - Class S                              10,000            122,000
 Sberbank                                          91,150            188,680
 Sberbank - Class S                               442,221          1,384,152
 Sberbank - GDR                                       519            178,038
 Severstal - BRD                                    4,300             97,395
 Severstal 144A GDR*@                               3,742             84,756
 Severstal RegS GDR                                 2,200             49,720
 Sistema JSFC - GDR                                 3,500            112,350
 Sitronics*                                        12,500             78,125
 Surgutneftegaz - ADR                               7,500            357,525
 Tatneft - GDR                                      1,200            156,000
 TGK-5                                            697,216                579
 TMK OAO                                            1,300             42,250
 TMK OAO - GDR*@                                    1,916             61,312
 Unified Energy System - GDR*                       3,400            352,750
 Uralkali - Class S*                               19,639            164,968
 Uralkali - GDR*@                                   1,273             49,329
 Uralsvyazinform - ADR                              8,269             86,824
 Uralsvyazinform - Class S                        575,000             30,188
 Vimpel-Communications - ADR                       35,825          1,070,809
 Vsmpo-Avisma Corp                                    200             46,000
 VTB Bank OJSC - GDR*                              51,829            374,724
 Wimm-Bill-Dann Foods OJSC - ADR                    6,629            679,340
 Wimm-Bill-Dann Foods OJSC - Class S                1,852            140,752
                                                              --------------
TOTAL RUSSIA                                                      24,011,430
                                                              --------------
SAUDI ARABIA -- 0.1%                                                        
 The Saudi Arabia Investment Fund, Ltd.*           17,803          1,233,214
                                                              --------------
TOTAL SAUDI ARABIA                                                 1,233,214
                                                              --------------

                                             SHARES            VALUE
                                                ---------     --------------
SINGAPORE -- 0.7%                                                           
 Allgreen Properties, Ltd.                        134,000     $      119,743
 CapitaLand, Ltd.                                 113,000            521,305
Chartered Semiconductor                                                   
   Manufacturing, Ltd. - ADR*                       5,208             27,602
 City Developments, Ltd.                            8,000             64,049
 Datacraft Asia, Ltd.                             129,000            114,810
 DBS Group Holdings, Ltd.                          55,000            719,241
 Fraser & Neave, Ltd.                              43,000            151,513
 Golden Agri-Resources, Ltd.                      558,000            403,364
 Jardine Cycle & Carriage, Ltd.                    91,916          1,304,834
 Keppel Corp., Ltd.                                63,000            453,122
 Keppel Land, Ltd..                                26,000            104,835
 Neptune Orient Lines, Ltd.                       169,000            399,034
 Olam International, Ltd.                          15,000             23,430
 Oversea-Chinese Banking Corp., Ltd.               69,000            406,045
 People's Food Holdings, Ltd.                      29,000             21,911
 SembCorp Industries, Ltd.                         65,000            192,197
 SembCorp Marine, Ltd.                             21,000             58,280
 Singapore Airlines, Ltd.                          37,000            419,340
 Singapore Exchange, Ltd.                          25,000            136,220
 Singapore Telecommunications, Ltd.               351,000            997,065
 Synear Food Holdings, Ltd.                        59,000             24,218
 United Industrial Corp., Ltd.                     30,000             60,155
 United Overseas Land Group, Ltd.                  23,000             64,499
 Wilmar International, Ltd*                        38,000            115,398
                                                              --------------
TOTAL SINGAPORE                                                    6,902,210
                                                              --------------
SOUTH AFRICA -- 1.5%                                                        
 ABSA Group, Ltd.                                   7,700             96,378
 Adcorp Holdings, Ltd.                             10,600             39,211
 Aeci, Ltd.                                         3,000             23,674
 African Bank Investments, Ltd.                    20,080             65,984
 African Rainbow Minerals, Ltd.                     2,100             58,264
 Allied Electronics Corp., Ltd.                     4,900             24,168
 Anglo Platinum, Ltd.                               1,800            264,118
 Anglogold Ashanti, Ltd.                            4,500            150,930
 ArcelorMittal South Africa, Ltd.                   5,700            138,459
 Aspen Pharmacare Holdings, Ltd.*                  18,400             72,375
 Astral Foods, Ltd.                                 7,000             83,551
 Aveng, Ltd.                                       23,416            167,463
 AVI, Ltd.                                         12,300             23,963
 Avusa, Ltd. (Johnnic Communications, Ltd.)         2,400             13,477
 Avuza, Ltd.*                                       2,400              9,174
 Barloworld, Ltd                                   45,002            598,232
 Bidvest Group, Ltd.                               26,900            371,492
 DataTec, Ltd.                                     18,700             63,179
 Discovery Holdings, Ltd.                          20,499             61,421
 Exxaro Resources, Ltd.                             3,700             50,345
 FirstRand, Ltd.                                   94,400            186,239
 Foschini, Ltd.                                    12,500             59,356
 Fountainhead Property Trust                       72,700             54,234
 Freeworld Coatings, Ltd.*                         11,300             12,261
 Gold Fields, Ltd.                                 27,280            386,831
 Grindrod, Ltd.                                    12,600             34,258
 Group Five, Ltd.                                   4,500             28,715

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Growthpoint Properties, Ltd.                      43,600     $       73,491
 Harmony Gold Mining Co., Ltd.*                    10,300            123,511
 Illovo Sugar, Ltd.                                10,300             37,644
 Impala Platinum Holdings, Ltd.                    62,702          2,419,942
 Imperial Holdings, Ltd.*                           9,300             90,879
 Investec, Ltd.                                     7,000             49,570
 JD Group, Ltd.                                     3,300             14,856
 JSE, Ltd.                                         12,400             99,383
 Kumba Iron Ore, Ltd.                              12,992            495,811
 Lewis Group, Ltd.                                  3,900             20,149
 Liberty Group, Ltd.*                               2,800             25,345
 Massmart Holdings, Ltd.                           10,400             85,662
 Medi-Clinic Corp, Ltd.                            17,600             42,752
 Metorex, Ltd.*                                     9,900             25,501
 Metropolitan Holdings, Ltd.                       32,400             53,534
 Mondi, Ltd.                                        6,100             51,523
 Mr. Price Group, Ltd.                             18,900             42,414
 MTN Group, Ltd.                                  130,795          1,983,697
 Murray & Roberts Holdings, Ltd.                   57,052            671,821
 Mvelaphanda Group, Ltd.                           66,500             72,896
 Nampak, Ltd.                                      11,100             22,446
 Naspers, Ltd.                                     21,083            366,548
 Nedbank Group, Ltd.                               10,700            154,101
 Network Healthcare Holdings, Ltd.*                75,400             79,491
 New Clicks Holdings, Ltd.                         26,600             46,378
 Northam Platinum, Ltd.                             8,000             70,145
 Pick'n Pay Holdings, Ltd.                         60,800             92,437
 Pick'n Pay Stores, Ltd.                           17,900             62,904
 Pretoria Portland Cement Co., Ltd.                20,771            102,574
 Raubex Group, Ltd.                                10,200             45,277
 Remgro, Ltd.                                      10,900            263,334
 Reunert, Ltd.                                     13,300             92,657
 RMB Holdings, Ltd.                                28,300             85,493
 SA Corporate Real Estate Fund*                    99,600             37,457
 Sanlam, Ltd.                                     260,468            613,433
 Sappi, Ltd.                                       12,500            141,661
 Sasol, Ltd.                                       50,913          2,439,367
 Shoprite Holdings, Ltd.                           92,729            432,202
 Standard Bank Group, Ltd.                         30,168            328,091
 Steinhoff International Holdings, Ltd.            51,200            114,269
 Sun International, Ltd.                            4,500             63,200
 Telkom SA, Ltd.                                   10,500            169,864
 The Spar Group, Ltd.                              11,500             68,773
 Tiger Brands, Ltd.                                 6,200            102,059
 Truworths International, Ltd.                     10,700             33,644
 Wilson Bayly Holmes-Ovcon, Ltd.                    5,700             92,071
 Woolworths Holdings, Ltd.                         20,800             31,059
                                                              --------------
TOTAL SOUTH AFRICA                                                15,769,068
                                                              --------------
SOUTH KOREA -- 2.1%                                                         
 Amorepacific Corp.                                    70             37,815
 Cheil Industries, Inc.                               890             43,271
 CJ CheilJedang Corp.*                                180             39,986
 CJ Corp.*                                            630             44,275
 Daegu Bank                                         2,370             31,828
 Daelim Industrial Co.                                300             38,320

                                             SHARES            VALUE
                                                ---------     --------------
 Daewoo Engineering & Construction Co., Ltd.        4,364     $       95,181
 Daewoo Securities Co., Ltd.*                       1,700             37,593
Daewoo Shipbuilding &                                                     
   Marine Engineering Co., Ltd.                       970             36,974
 DC Chemical Co., Ltd.                                270            102,918
 Dongkuk Steel Mill Co., Ltd.                       8,970            350,974
 Doosan Corp.*                                        310             59,787
Doosan Heavy Industries                                                   
   and Construction Co., Ltd.                         510             68,233
 Doosan Infracore Co., Ltd.                         2,200             73,196
 GS Engineering & Construction Corp.                1,794            262,665
 HGS Holdings Corp.                                10,360            403,270
  ana Financial Group, Inc.                         3,070            125,547
Hanjin Heavy Industrial                                                   
   & Construction Holdings Co., Ltd.*               4,675            164,511
Hanjin Heavy Industries                                                   
   & Construction Co., Ltd.                           500             31,554
 Hanjin Shipping Co., Ltd.                          2,000             78,558
 Hankook Tire Co., Ltd.                             2,320             36,779
 Hanwha Corp.                                         880             46,561
 Hite Brewery Co., Ltd.                               380             42,783
 Honam Petrochemical Corp.                            750             61,115
 Hynix Semiconductor, Inc.*                         5,190            145,950
 Hyosung Corp.                                        860             58,095
 Hyundai Department Store Co., Ltd.                 4,586            442,231
 Hyundai Development Co.                              640             43,686
 Hyundai Engineering & Construction Co., Ltd.       1,210            105,074
 Hyundai Heavy Industries                             540            202,019
 Hyundai Merchant Marine Co., Ltd.                  1,320             59,979
 Hyundai Mipo Dockyard Co., Ltd.                      150             33,700
 Hyundai Mobis                                      1,290            100,558
 Hyundai Motor Co.                                  1,490             49,123
 Hyundai Motor Co., Ltd.                            7,574            603,411
 Hyundai Securities Co.*                            4,630             72,231
 Hyundai Steel Co.                                  1,550            108,462
 Industrial Bank of Korea                           5,180             76,365
 Kangwon Land, Inc.                                 2,120             43,669
 KCC Corp.                                            120             55,496
 Kia Motors Corp.*                                  3,820             43,972
 Kookmin Bank                                       6,884            385,090
 Korea Electric Power Corp.                         7,850            238,191
 Korea Exchange Bank                               31,510            419,985
 Korea Express Co., Ltd.*                             470             52,441
 Korea Gas Corp.                                    1,060             78,669
 Korea Investment Holdings Co., Ltd.*                 750             35,215
 Korea Line Corp.                                     330             61,978
 Korea Zinc Co., Ltd.                                 584             70,468
 Korean Air Lines Co., Ltd.                         1,260             67,940
 KT Corp.                                          19,520            925,394
 KT Freetel Co., Ltd.*                              2,160             63,141
 KT&G Corp.                                         2,250            176,301
 Rumho Industrial Co., Ltd.                         3,614            166,233
 LG Chem, Ltd.                                      5,769            431,066
 LG Corp.                                             960             72,411
 LG Dacom Corp.                                     1,800             33,988

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 LG Electronics, Inc.                              11,645     $    1,493,326
 LG Household & Health Care, Ltd.                     300             51,648
 LG Philips LCD Co., Ltd.                          15,230            683,570
 LG Telecom, Ltd.                                   5,600             44,106
 LIG Non-Life Insurance Co., Ltd.*                 14,090            277,432
 Lotte Confectionery Co., Ltd.                        505            647,599
 Lotte Shopping Co., Ltd.                             190             57,555
 LS Cable, Ltd.                                       650             58,742
 Macquarie Korea Infrastructure Fund                8,560             57,824
 MegaStudy Co., Ltd.                                  150             49,982
 Mirae Asset Securities Co., Ltd.*                    370             51,931
 NHN Corp.*                                         3,171            739,959
 POSCO                                              1,360            653,668
 POSCO - ADR                                        8,215            977,421
 Pusan Bank                                        12,251            153,393
 S-Oil Corp.                                          740             47,149
 Samsung Card Co.                                   1,000             47,256
 Samsung Corp.                                      2,190            153,467
 Samsung Electro-Mechanics Co., Ltd.                1,070             58,451
 Samsung Electronics Co., Ltd.                      5,544          3,487,567
 Samsung Engineering Co., Ltd.                        370             34,334
 Samsung Fire & Marine Insurance Co., Ltd.            780            161,064
 Samsung Heavy Industries Co., Ltd.                 1,880             59,892
 Samsung SDI Co., Ltd.*                             3,153            248,012
 Samsung Securities Co., Ltd.*                      1,390            102,178
 Samsung Techwin Co., Ltd.                            650             35,442
 Shinhan Financial Group Co., Ltd.                  5,850            308,936
 Shinsegae Co., Ltd.                                  220            138,618
 SK Energy Co., Ltd.                                1,400            144,191
 SK Holdings Co., Ltd.                                820            117,575
 SK Telecom Co., Ltd.                               2,668            502,430
 SK Telecom Co., Ltd. - ADR                         7,272            157,148
 STX Pan Ocean Co., Ltd.                          203,000            417,371
 STX Shipbuilding Co., Ltd.                         1,560             57,889
 Sung Kwang Bend Co., Ltd.                         14,758            396,388
 TK Corp.*                                              1                 27
 Tong Yang Investment Bank*                        28,130            464,395
 Woongjin Coway Co., Ltd.                           1,510             45,589
 Woori Finance Holdings Co., Ltd.                   5,090             88,658
 Woori Investment & Securities Co., Ltd.*           1,600             33,927
 Youngone Corp.                                    27,150            220,139
 Yuhan Corp.                                          250             46,953
                                                              --------------
TOTAL SOUTH KOREA                                                 21,409,428
                                                              --------------
SPAIN -- 2.4%                                                               
 Acciona SA                                         2,352            629,950
 Acerinox SA                                        6,116            169,554
 Banco Bilbao Vizcaya Argentaria SA                13,240            291,593
 Banco de Sabadell SA                              47,100            516,798
 Banco Espanol de Credito SA                        5,187             98,432
 Banco Pastor SA                                    7,300            112,598
 Banco Popular Espanol SA                           5,108             92,739

                                             SHARES            VALUE
                                                ---------     --------------
 Banco Santander Central Hispano SA                42,539     $      847,543
 Banco Santander Central Hispano SA - ADR         268,300          5,349,902
 Cementos Portland Valderrivas SA                     587             56,994
 Gamesa Corp Tecnologica SA                         2,835            129,350
 Gas Natural SDG SA                                33,464          2,069,938
 Grupo Ferrovial SA                                 3,130            227,260
 Iberdrola Renovables*                             23,629            164,513
 Iberdrola SA                                      23,343            361,896
 Iberia Lineas Aereas de Espana SA                564,814          2,461,102
 Industria de Diseno Textil SA                      1,226             68,112
 Repsol YPF SA                                    118,487          4,089,177
 Repsol YPF SA - ADR                               48,295          1,661,831
 Telefonica SA                                    163,289          4,691,842
                                                              --------------
TOTAL SPAIN                                                       24,091,124
                                                              --------------
SWEDEN -- 1.5%                                                              
 Alfa Laval AB                                      3,850            233,909
 Bankas Snoras AB*                                 18,700             26,678
 Boliden AB                                         4,600             48,966
 Electrolux AB Series B                            51,200            840,142
 Getinge AB*                                          356              9,257
 Getinge AB - Class B                               5,708            147,939
 Hennes & Mauritz AB  - Class B                     3,945            242,336
 Holmen AB                                          2,300             79,546
 JM AB                                              4,696            110,250
 Lundin Petroleum AB*                               8,600            116,874
 Millicom International Cellular SA*               23,375          2,226,621
 Modern Times - Class B                             1,549            107,927
 NCC AB - Class B                                   5,200            151,401
 Nordea AB                                        169,962          2,754,587
 Scania AB - Class B                               76,400          1,604,029
 Skandinaviska Enskilda Banken AB                  14,400            376,852
 SKF AB                                             7,600            152,848
 Svenska Cellulosa AB - Class B                    21,700            395,336
 Svenska Handelsbanken AB - Class A                15,800            460,025
Swedbank AB (ForeningsSparbanken                                          
   AB) - Class A                                   20,909            585,903
 Swedish Match AB                                   6,800            148,203
 Tele2 AB - Class B                                42,450            801,941
 Telefonaktiebolaget Ericsson LM - Class B        396,000            777,091
 TeliaSonera AB                                   254,359          2,041,944
 Volvo AB - Class A                                30,300            451,299
 Volvo AB - Class B                                30,400            460,463
                                                              --------------
TOTAL SWEDEN                                                      15,352,367
                                                              --------------
SWITZERLAND -- 5.1%                                                         
 ABB, Ltd.                                        123,987          3,328,460
 Actelion, Ltd.*                                   20,424          1,113,644
 Adecco SA                                         22,786          1,315,856
 Baloise Holding, Ltd.                              2,374            235,942
 BKW FMB Energie AG                                 1,165            148,631
 Compagnie Financiere Richemont AG                 34,775          1,950,425

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Credit Suisse Group                               21,866     $    1,113,006
 Credit Suisse Group - ADR                         27,574          1,402,965
 Flughafen Zuerich AG                                 779            326,316
 Givaudan SA                                          289            285,915
 Holcim, Ltd. - Class B                            24,237          2,545,483
 Lonza Group AG                                     2,032            269,474
 Nestle SA                                         15,072          7,531,447
 Nobel Biocare Holding AG                             287             66,758
 Novartis AG                                       98,723          5,059,914
 Roche Holding AG - Genusschein                    12,129          2,282,660
SGS Societe Generale de Surveillance                                      
   Holding SA                                         155            222,878
 Sonova Holdings AG (Phonak Holding AG)            20,185          1,851,630
 STMicroelectronics NV                            100,386          1,068,189
 Swatch Group AG                                    6,628          1,771,960
 Swiss Life Holding*                                1,667            463,289
 Swiss Reinsurance                                 15,981          1,395,984
 Syngenta AG                                          959            281,008
 Synthes, Inc.                                        635             88,814
 The Swatch Group AG                               19,139            982,871
 UBS AG*                                           92,061          2,675,340
 Zurich Financial Services AG                      41,478         13,062,375
                                                              --------------
TOTAL SWITZERLAND                                                 52,841,234
                                                              --------------
TAIWAN -- 2.5%                                                              
 Acer, Inc.                                       271,000            485,275
 Advanced Semiconductor Engineering, Inc.          63,136             61,516
 Altek Corp.                                       41,000             63,431
 Asia Cement Corp.                                 75,000            134,054
 Asia Optical Co., Inc.                            11,000             29,546
 Asustek Computer, Inc.                           230,118            674,155
 Au Optronics Corp.                               162,300          2,789,937
 AU Optronics Corp.                               287,000            497,865
 Catcher Technology Co., Ltd.                       7,800             29,013
 Cathay Financial Holding Co., Ltd.               117,000            298,474
 Cathay Financial Holding Co., Ltd. 144A GDR*@      5,161            131,660
 Cathay Real Estate Development Co., Ltd.          84,000             74,656
 Chang Hwa Commercial Bank                         67,000             50,615
 Cheng Shin Rubber Industry Co., Ltd.             247,000            501,651
 Chi Mei Optoelectronics Corp.                     62,000             81,634
 China Airlines                                   101,000             58,679
 China Development Financial Holding Corp.        184,370             84,965
 China Life Insurance Co., Ltd.                   411,000            321,987
 China Motor Corp.                                 73,000             70,646
 China Petrochemical Development Corp.            130,000             69,751
 China Steel Corp.                                503,000            794,746
 Chinatrust Financial Holding Co., Ltd.*          193,000            186,460
 Chong Hong Construction Co.                       21,000             63,803
 Chroma Ate, Inc.                                 134,000            317,142
 Chunghwa Picture Tubes, Ltd.*                    166,000             50,763
 Chunghwa Telecom Co., Ltd.                       618,363          1,626,334
 Chunghwa Telecom Co., Ltd. - ADR                  19,960            519,359

                                             SHARES            VALUE
                                                ---------     --------------
 Clal Industries & Investments                     10,562     $       54,714
 CMC Magnetics Corp.                              177,000             58,263
 Compal Electronics, Inc.                          58,000             55,653
 Delta Electronics, Inc.                           22,000             65,031
 E.Sun Financial Holding Co., Ltd.                 99,000             60,450
 Epistar Corp.                                     10,000             28,012
 Eva Airways Corp.*                               144,000             86,269
 Evergreen Marine Corp. Taiwan, Ltd.               94,000             92,826
 Everlight Electronics Co., Ltd.                   18,000             61,028
 Far Eastern Department Stores Co., Ltd.           40,000             66,361
 Far Eastern Textile Co., Ltd.                     54,590             92,003
 Far Eastern Textile Co., Ltd. - GDR               11,439            192,787
 Far EasTone Telecommunications Co., Ltd.          93,723            160,423
 Feng Hsin Iron & Steel Co.                        33,000             79,840
 First Financial Holding Co., Ltd.              1,369,000          1,435,266
 First Financial Holding Co., Ltd. RegS - GDR       4,342             91,008
 Formosa Chemicals & Fibre Corp.                   72,000            186,758
 Formosa Petrochemical Corp.                       33,000             98,089
 Formosa Plastics Corp.                           234,000            707,866
 Formosa Taffeta Co., Ltd.                         59,000             66,808
 Foxconn Technology Co., Ltd.                       7,000             41,475
 Fubon Financial Holding Co., Ltd.                733,000            832,420
 Fubon Financial Holding Co., Ltd. - GDR            6,990             79,381
 Giant Manufacturing Co., Ltd.                     25,000             62,954
 Great Wall Enterprise Co.                         52,000             68,553
 HannStar Display Corp.*                          134,000             57,782
 High Tech Computer Corp.                          39,000            876,808
 HON HAI Precision Industry Co., Ltd.             128,000            733,126
 Hua Nan Financial Holdings Co., Ltd.              67,000             61,752
 Innolux Display Corp.                             33,000             86,792
 Inventec Appliances Corp.                         30,000             59,744
 Inventec Co., Ltd.                                96,000             58,776
 KGI Securities Co., Ltd.                         101,000             75,635
 Largan Precision Co., Ltd.                         5,000             52,091
 Lite-On Technology Corp.                          33,225             38,661
 Macronix International                           127,000             57,690
 MediaTek, Inc.                                    17,000            223,835
 Mega Financial Holding Co., Ltd.                 135,000            105,984
 Mitac International                               68,000             61,555
 Motech Industries, Inc.                            8,000             54,905
 Nan Kang Rubber Tire Co., Ltd.                    36,000             67,546
 Nan Ya Plastics Corp.                            274,000            680,953
 Nan Ya Printed Circuit Board Corp.                10,000             47,894
 Nanya Technology Corp.                            93,000             55,409
 Novatek Microelectronics Corp. Ltd.               10,000             36,538
 Polaris Securities Co., Ltd.                     105,000             75,001
 POU Chen Corp.                                   101,000             98,242

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Powerchip Semiconductor Corp.                    107,000     $       39,976
 Powertech Technology, Inc.                        17,000             60,995
 President Chain Store Corp.                       28,000             95,854
 ProMos Technologies, Inc.                        114,000             27,881
 Qisda Corp.                                       64,000             53,931
 Quanta Computer, Inc.                             39,000             53,854
 Realtek Semiconductor Corp.                        8,400             25,051
 Richtek Technology Corp.                           7,000             55,761
 Ruentex Industries, Ltd.                          65,000             62,048
 Sanyang Industrial Co., Ltd.                      88,000             66,769
 Shin Kong Financial Holding Co., Ltd.             67,339             50,539
 Siliconware Precision Industries Co.             359,000            602,676
 Sino-American Silicon Products, Inc.               9,000             62,657
 SinoPac Financial Holdings Co., Ltd.             121,000             57,354
 Synnex Technology International Corp.             18,000             48,941
 Tainan Spinning Co., Ltd.                        108,000             62,213
 Taishin Financial Holdings Co., Ltd.*             82,000             41,028
 Taiwan Cement Corp.                              122,000            236,534
 Taiwan Cooperative Bank                          421,000            415,048
 Taiwan Fertilizer Co., Ltd.                       16,000             69,784
 Taiwan Glass Industrial Corp.                     51,000             62,450
 Taiwan Kolin Co., Ltd.*                          141,000             60,337
 Taiwan Mobile Co., Ltd.                          134,527            259,051
 Taiwan Semiconductor Manufacturing Co., Ltd.   1,185,000          2,461,314
Taiwan Semiconductor                                                      
   Manufacturing Co., Ltd. - ADR                   18,587            190,888
 Taiwan Tea Corp.*                                103,000             93,915
 Tatung Co., Ltd.*                                102,000             65,808
 Teco Electric & Machinery Co., Ltd.              111,000             68,326
 The Ambassador Hotel                              41,000             69,774
 Tripod Technology Corp.                           18,000             60,732
 TSRC Corp.                                        44,000             71,259
 Tung Ho Steel Enterprise Corp.                    35,000             65,669
 U-Ming Marine Transport Corp.                    191,000            576,530
 Uni-President Enterprises Corp.                  139,000            206,124
 Unimicron Technology Corp.                        37,000             51,153
 United Microelectronics Corp.                    177,777            109,430
 Walsin Lihwa Corp.                               120,000             59,250
 Wan Hai Lines, Ltd.                               78,000             72,661
 Winbond Electronics Corp.                        184,000             54,389
 Wintek Corp.                                      58,000             52,312
 Wistron Corp.                                     24,000             38,236
 Yang Ming Marine Transport Corp.                  76,000             59,915
 Yuanta Financial Holding Co., Ltd.*              190,000            178,245
 Yulon Motor Co., Ltd.                             43,000             62,562
 Zinwell Corp.                                     19,000             48,783
                                                                 -----------
TOTAL TAIWAN                                                      25,847,081
                                                                 -----------

                                             SHARES            VALUE
                                                ---------     --------------
THAILAND -- 0.7%                                                            
 Advanced Info Service PCL                         90,900     $      288,709
 Airports of Thailand PCL                          56,200            101,744
 Bangkok Bank PCL                                  80,100            343,449
 Bangkok Bank Public Co., Ltd.                    164,100            724,469
 Bangkok Dusit Medical Service PCL                 69,000             69,581
 Bangkok Expressway PCL                            50,500             32,560
 Bank of Ayudhya PCL*                             175,300            128,615
 Banpu PCL                                         33,600            451,491
 BEC World  PCL                                    66,700             60,376
 Bumrungrad Hospital PCL                           54,000             58,314
 Calcomp Electronics Thailand PCL                 211,500             35,267
 Central Pattana PCL                               44,600             40,017
 CH Karnchang PCL                                 137,900             33,506
 Charoen Pokphand Foods PCL                       382,800             55,441
 CP ALL (Seven Eleven ) PCL                       203,400             67,186
 Delta Electronics Thai PCL                        52,900             35,452
 Electricity Generating PCL                        16,100             49,090
 Glow Energy PCL                                   53,700             54,578
 Hana Microelectronics PCL                         89,700             52,706
IRPC PCL (Thai                                                            
   Petrochemical Industry PCL)                    624,900            114,123
 Italian-Thai Development PCL                     771,300            193,529
 Kasikornbank Public Co., Ltd.                     96,200            274,988
 Khon Kaen Sugar Industry PCL                     127,100             54,094
 Krung Thai Bank PCL*                             345,500            110,832
 Land & Houses PCL                                775,200            240,057
 Major Cineplex Group PCL                          98,300             56,823
 Minor International PCL*                         142,500             76,489
 Precious Shipping PCL                             45,400             35,040
 PTT Aromatics & Refining PCL                      59,778             71,673
 PTT Chemical PCL                                  85,600            285,469
 PTT Exploration & Production PCL                  98,100            701,067
 Quality House PCL                              2,929,534            265,570
 Ratchaburi Electricity Generating Holding PCL     46,000             67,572
 Regional Container Lines PCL                      71,800             55,643
 Samart Corp PCL                                  226,300             55,344
 Siam Cement PCL                                   38,200            259,641
 Siam City Bank PCL*                               63,100             34,471
 Siam City Cement PCL                               4,600             33,311
 Siam Commercial Bank PCL                         265,500            777,735
 Siam Makro PCL                                    18,000             57,170
 Sino Thai Engineering & Construction PCL*        180,500             28,320
 Thai Airways International PCL                    46,000             42,369
 Thai Beverage PCL                                344,000             66,228
 Thai Oil PCL                                     250,100            556,043
 Thai Union Frozen Products PCL                    48,300             30,835
 Thanachart Capital PCL                           120,600             59,371
 Thoresen Thai Agencies PCL                        87,600            118,247
 TMB Bank PCL*                                    546,200             22,726
 Total Access Communication PCL                    26,800             32,964

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 True Corp. PCL*                                  157,500     $       25,512
                                                              --------------
TOTAL THAILAND                                                     7,485,807
                                                              --------------
TURKEY -- 0.7%                                                              
 Adana Cimento - Class A                            4,600             21,719
 Akbank TAS                                        45,700            191,801
 Akcansa Cimento AS                                 4,900             19,647
 Aksigorta AS                                       5,700             20,761
 Alarko Holding AS                                 12,489             25,647
 Anadolu Efes Biracilik ve Malt Sanayii AS         55,741            497,128
Anadolu Efes Biracilik                                                    
   ve Malt Sanayii AS - ADR                             3                  5
 Arcelik                                            6,200             24,627
 Aygaz AS                                           9,500             32,039
 Bim Birlesik Magazalar AS                          1,250             98,366
 Cimsa Cimento Sanayi ve Tica                       4,400             21,929
 Dogan Sirketler Grubu Holding AS*                357,057            358,582
 Dogan Yayin Holding*                              28,097             48,011
 Dogus Otomotiv Servis ve Ticaret AS                6,500             25,088
 Eczacibasi Ilac Sanayi*                            6,500             17,635
 Enka Insaat ve Sanayi AS                          20,700            254,426
 Eregli Demir ve Celik Fabrikalari TAS             39,400            276,092
 Ford Otomotiv Sanayi AS                            9,100             70,929
 Haci Omer Sabinci Holding AS                      23,501             73,268
 Hurriyet Gazetecilik AS*                          10,809             16,526
 Ihlas Holding*                                    53,700             26,965
 Is Gayrimenkul Yatirim Ortakligi AS*              18,400             14,066
Kardemir Karabuk Demir                                                    
   Celik Sanayi ve Ticaret AS*                     43,100             33,271
 KOC Holding AS*                                  116,681            325,304
Koza Davetiyeleri Imalat                                                  
   Ithalat ve Ihracat AS*                           7,000             30,953
 Migros Turk TAS                                    7,645            112,300
 Petkim Petrokimya Holding*                        16,620             80,964
 Petrol Ofisi AS*                                  27,384            111,852
 Sekerbank TAS*                                    19,100             36,359
 Tofas Turk Otomobil Fabrikasi AS                   6,400             20,625
 Trakya Cam Sanayi AS*                             16,563             20,854
 Tupras-Turkiye Petrol Rafine                      40,192            888,604
 Turcas Petrolculuk AS                              7,000             45,117
 Turk Hava Yollari Anonim Ortakligi*               51,137            239,531
 Turk Sise ve Cam Fabrikalari AS                   16,590             20,515
 Turkcell Iletisim Hizmetleri AS*                 173,209          1,440,919
 Turkiye Garanti Bankasi AS                       180,036            809,575
 Turkiye Is Bankasi                                50,400            186,597
 Turkiye Sinai Kalkinma Bankasi AS*                19,300             17,502
 Ulker Biskuvi Sanayi AS                            8,022             15,992
 Yapi ve Kredi Bankasi AS*                         47,500             91,846
 Yazicilar Holding AS                               3,800             20,078
                                                              --------------
TOTAL TURKEY                                                       6,684,015
                                                              --------------

                                             SHARES            VALUE
                                                ---------     --------------
UKRAINE -- 0.1%                                                             
 Ukmafta Oil Co. - ADR*                               726     $      248,491
 UkrTelecom - GDR*                                 75,799            706,042
                                                              --------------
TOTAL UKRAINE                                                        954,533
                                                              --------------
UNITED ARAB EMIRATES -- 0.1%                                                
 Air Arabia*                                       94,700             47,961
 Amlak Finance PJSC                                50,900             58,902
 DP World, Ltd.*                                   51,500             48,925
 Dubai Investments                                 80,700            110,307
 Dubai Islamic Bank PJSC                           59,455            151,365
 Ecobank Transnational, Inc.                       33,800             68,775
 Emaar Properties PJSC                             99,400            296,365
 Emirates NBD PJSC                                 14,000             51,272
 Tabreed*                                         286,760            187,394
 Union Properties PJSC*                            54,000             65,137
                                                              --------------
TOTAL UNITED ARAB EMIRATES                                         1,086,403
                                                              --------------
UNITED KINGDOM -- 11.4%                                                     
 3I Group PLC                                     388,456          6,398,843
 Alliance & Leicester PLC                          10,000            102,904
 Amec PLC                                          56,049            804,800
 Amlin PLC                                         24,016            129,524
 Anglo American PLC                                12,893            774,803
 Antofagasta PLC                                  707,648          9,845,024
 Associated British Foods PLC                      19,503            338,681
 AstraZeneca PLC                                   89,670          3,352,815
 Aviva PLC                                        140,978          1,727,706
 BAE Systems PLC                                  119,541          1,151,235
 Barclays PLC - ADR                                63,647          2,304,021
 BG Group PLC                                      80,960          1,875,093
 BHP Billiton PLC                                 164,325          4,875,580
 BP PLC                                            96,154            977,055
 British Airways PLC*                             102,144            474,869
 British American Tobacco PLC                      29,445          1,105,057
 British Energy Group PLC                          86,172          1,115,907
 BT Group PLC                                      21,260             91,665
 Burberry Group PLC                                14,432            129,034
 Cadbury Schweppes PLC                             16,387            180,011
 Carnival PLC                                      11,668            463,367
 Catlin Group, Ltd.                                18,008            158,057
 Centrica PLC                                     419,392          2,482,459
 Compass Group PLC                                211,117          1,350,199
 Dangote Sugar Refinery PLC                       211,920             74,203
 Diageo PLC                                        41,514            837,085
 Drax Group PLC                                    47,629            508,552
 Enterprise Inns PLC                               25,680            204,499
 GlaxoSmithKline PLC                              194,595          4,116,901
 GlaxoSmithKline PLC - ADR                         43,611          1,850,415
 HBOS PLC                                         159,715          1,775,069
 Home Finance Co.*                                195,000            106,606
 Home Retail Group PLC                            509,466          2,641,515
 HSBC Holdings PLC                                 10,943            180,259
 HSBC Holdings PLC - ADR                           75,983          6,253,401
 ICAP PLC                                          15,541            175,498
 IMI PLC                                           13,874            125,215
 Inchcape PLC                                      37,957            302,830
 International Power PLC                          234,567          1,852,813
 Intertek Group PLC                                 6,866            140,626
 Investec PLC                                      12,752             85,668
 ITV PLC                                          212,910            267,474
 J Sainsbury PLC                                   65,391            445,137
 Kazakhmys PLC                                    147,581          4,677,533

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
 Kingfisher PLC                                   128,140     $      335,691
 Land Securities Group PLC                         20,277            607,260
 Legal & General Group PLC                        440,253          1,104,411
 Meggitt PLC                                       18,000             98,508
 Millennium & Copthorne Hotels PLC                  7,687             63,312
 Mondi PLC                                         76,717            636,428
 Next PLC                                          95,779          2,165,088
 Old Mutual PLC                                   125,126            274,405
 Pearson PLC - ADR                                 34,583            469,637
 Peter Hambro Mining PLC*                           3,699             94,701
 Punch Taverns PLC                                 13,977            149,515
 QinetiQ PLC                                       23,240             89,017
 Reckitt Benckiser Group PLC                        8,872            491,431
 Reed Elsevier PLC                                  7,576             96,378
 Resolution PLC                                    62,807            853,224
 Reuters Group PLC                                109,838          1,264,335
 Rexam PLC*                                        32,206            272,607
 Rio Tinto PLC                                     27,885          2,896,029
 Rolls-Royce Group PLC*                            30,756            245,989
 Rolls-Royce Group PLC                          3,166,822              6,285
 Royal & Sun Alliance Insurance Group PLC           8,749             22,347
 Royal Bank of Scotland Group PLC                 569,179          3,809,626
 Schroders PLC                                     40,925            756,883
 Scottish & Newcastle PLC                          60,003            940,766
 Scottish & Southern Energy PLC                    21,918            610,730
 Segro PLC                                          4,165             41,991
 Shire PLC                                         49,468            955,744
 Sibir Energy PLC                                  31,591            344,205
 Smith & Nephew PLC                                63,014            833,525
 Stagecoach Group PLC                             171,753            824,900
 Taylor Wimpey PLC                                 30,619            113,939
 Tesco PLC                                        447,267          3,364,245
 Thomas Cook Group PLC                            282,534          1,626,111
 Tomkins PLC                                      413,933          1,468,445
 Tomkins PLC - ADR                                 11,196            159,207
 Unilever PLC                                     131,740          4,442,143
 Vedanta Resources PLC                             51,554          2,144,545
 Vodafone Group PLC                               879,783          2,634,792
 Vodafone Group PLC - ADR                         205,829          6,074,014
 WM Morrison Supermarkets PLC                     702,479          3,823,503
 WPP Group PLC                                      6,484             77,339
 Xstrata PLC                                       18,721          1,310,437
 Yell Group PLC                                    27,551             84,205
                                                              --------------
TOTAL UNITED KINGDOM                                             117,507,901
                                                              --------------
UNITED STATES -- 0.0%                                                       
 Thomson Reuters Corp.                              1,500             50,446
                                                              --------------
TOTAL UNITED STATES                                                   50,446
                                                              --------------
VIETNAM -- 0.1%                                                             
Dragon Capital - Vietnam                                                  
   Enterprise Investments, Ltd.*                  268,861          1,021,672
                                                              --------------
TOTAL VIETNAM                                                      1,021,672
                                                              --------------

TOTAL COMMON STOCK                                                          
 (Cost $891,899,937)                                             881,785,709
                                                              --------------

EXCHANGE-TRADED FUNDS -- 0.5%                                                 
 iShares DJ Euro STOXX 50                          54,935          3,159,536

                                             SHARES            VALUE
                                                ---------     --------------
 iShares MSCI Australia Index Fund                 18,056     $      465,123
 iShares MSCI Taiwan Index Fund                    78,149          1,238,662
                                                              --------------

TOTAL EXCHANGE-TRADED FUNDS                                               
   (Cost $4,905,436)                                               4,863,321
                                                              --------------

PREFERRED STOCK -- 1.6%                                                       
BRAZIL -- 1.3%                                                              
 AES Tiete SA, 10.01%                             770,000             25,232
 Aracruz Celulose SA B, 1.49%                       6,700             45,438
 Banco Bradesco SA, 0.04%                          65,500          1,819,756
 Banco Itau Holding Financeira SA, 0.32%           15,600            355,527
 Brasil Telecom Participacoes SA 4.33%             26,900            352,443
 Brasil Telecom SA, 3.93%                           4,100             44,512
 Braskem SA A, 4.61%                                3,300             28,210
 Centrais Eletricas Brasileiras SA B,               3,400             49,120
Cia Brasileira de                                                         
 Distribuicao Grupo Pao de Acucar, 0.64%            2,800             57,366
 Cia de Bebidas das Americas, 2.36%                 6,000            451,906
 Cia Energetica de Minas Gerais, 2.58%             38,900            698,546
 Cia Energetica de Sao Paulo*                       4,100             68,462
 Cia Paranaense de Energia B, 0.90%                 1,800             29,400
 Cia Vale do Rio Doce A, 0.38%                    138,500          3,994,691
 Duratex SA, 1.27%                                  4,000             76,594
 Gerdau SA, 1.83%                                   4,200            128,295
 Gol Linhas Aereas Inteligentes SA, 2.99%           1,000             14,937
 Investimentos Itau SA, 0.12%                      38,000            220,243
 Klabin SA, 4.06%                                   8,500             28,096
 Lojas Americanas SA, 0.72%                        17,100            127,663
 Marcopolo SA, 2.99%                                7,900             25,843
 Metalurgica Gerdau SA, 2.38%                       1,800             74,679
 NET Servicos de Comunicacao SA*                    8,900             93,884
 Petroleo Brasileiro SA, 0.06%                     28,143          1,185,416
 Randon Participacoes SA, 0.62%                     5,000             38,041
 Sadia SA, 0.31%                                  190,500          1,114,968
 Suzano Papel e Celulose SA, 0.15%                  2,200             33,213
 Tam SA, 0.66%                                      1,300             25,078
 Tele Norte Leste Participacoes SA, 0.54%          13,500            356,215
 Telecomunicacoes de Sao Paulo SA, 3.24%              900             22,491
 Telemar Norte Leste SA A, 1.61%                    1,100             57,072
 Tim Participacoes SA, 2.49%                       10,000             32,370
 Ultrapar Participacoes SA, 3.08%                     900             30,769
 Usinas Siderurgicas de Minas Gerais SA A, 0.82%   23,650          1,323,953
 Vivo Participacoes SA*                            17,600            104,414
 Votorantim Celulose e Papel SA                     1,300             36,806
                                                              --------------
TOTAL BRAZIL                                                      13,171,649
                                                              --------------

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
CHILE -- 0.0%                                                               
 Embotelladora Andina SA B, 2.51%                  12,700     $       43,876
                                                              --------------
TOTAL CHILE                                                           43,876
                                                              --------------
CROATIA -- 0.0%                                                             
 Adris Grupa DD, 0.62%                              1,000             83,175
                                                              --------------
TOTAL CROATIA                                                         83,175
                                                              --------------
GERMANY -- 0.2%                                                             
 Fresenius SE AG, 1.21%                            23,670          1,971,223
 Porsche Automobil Holding SE AG, 0.58%               770            140,747
 Volkswagen AG, 1.82%                               1,160            192,751
                                                              --------------
TOTAL GERMANY                                                      2,304,721
                                                              --------------
RUSSIA -- 0.1%                                                              
 Silvinit, 2.39%                                      667            388,527
 Surgutneftegaz - ADR, 2.19%                        1,000             48,800
 Transneft, 0.77%                                      25             35,000
 Unified Energy System*                            56,000             49,560
  URSA Bank (Sibacadembank OJSC) - Class S*       149,055            178,866
                                                              --------------
TOTAL RUSSIA                                                         700,753
                                                              --------------
SOUTH AFRICA -- 0.0%                                                        
 Allied Electronics Corp., Ltd.*                   33,300            153,976
                                                              --------------
TOTAL SOUTH AFRICA                                                   153,976
                                                              --------------
SOUTH KOREA -- 0.0%                                                         
 Samsung Electronics Co., Ltd., 1.55%                 340            153,118
                                                              --------------
TOTAL SOUTH KOREA                                                    153,118
                                                              --------------
THAILAND -- 0.0%                                                            
 Siam Commercial Bank PCL*                         16,600             49,033
                                                              --------------
TOTAL THAILAND                                                        49,033
                                                              --------------

TOTAL PREFERRED STOCK                                                       
 (Cost $15,537,226)                                               16,660,301
                                                              --------------

RIGHTS -- 0.0%                                                                
BULGARIA -- 0.0%                                                            
 Doverie Holding AD*                                9,660                 78
                                                              --------------
TOTAL BULGARIA                                                            78
                                                              --------------
GREECE -- 0.0%                                                              
Alapis Holding                                                            
Industrial and                                                        
Commercial SA of                                                      
   Pharmaceutical Chemical & Organic*              67,262            230,433
                                                              --------------
TOTAL GREECE                                                         230,433
                                                              --------------
INDONESIA -- 0.0%                                                           
 Bakrie & Brothers Tbk Pt*                     17,341,275                 --
                                                              --------------
TOTAL INDONESIA                                                           --
                                                              --------------
ISRAEL -- 0.0%                                                              
 Shanghai Industrial Holdings, Ltd.*                  140                 --
                                                              --------------
TOTAL ISRAEL                                                              --
                                                              --------------
MALAYSIA -- 0.0%                                                            
 Resorts World*                                    66,370                 --
 Wah Seong Corp. Bhd*                               4,750                 44
 WCT Engineering Bhd*                               7,093                 --
                                                              --------------
TOTAL MALAYSIA                                                            44
                                                              --------------

                                             SHARES            VALUE
                                                ---------     --------------
QATAR -- 0.0%                                                               
 First Finance Co. PQSC*                            9,070     $        7,603
                                                              --------------
TOTAL QATAR                                                            7,603
                                                              --------------

TOTAL RIGHTS                                                                
   (Cost $176,711)                                                   238,158
                                                              --------------

WARRANTS -- 0.7%                                                              
Citigroup Global Markets                                                  
   Holdings Warrants - Bank Exchange Fund*          6,357            104,631
Citigroup Global Markets                                                  
Holdings Warrants - Chinatrust                                        
   Financial Holding Co., Ltd.*                   224,651            217,042
Citigroup Global Markets                                                  
   Holdings Warrants - ICICI Bank, Ltd.*            4,145             79,500
Citigroup Global Markets                                                  
Holdings Warrants - Uni-President                                     
   Enterprises Corp.*                              44,716             66,311
 CLSA Financial - CW10 ICICI Bank, Ltd.*            8,237            157,984
Deutsche Bank AG/London                                                   
   - Hon Hai Precision Industry Co., Ltd.*         32,148            184,132
 Deutsche Bank AG/London - MediaTek, Inc.*          3,913             51,522
Deutsche Bank AG/London                                                   
   - Taiwan Fertilizer Co., Ltd.*                  32,304            140,896
 Deutsche Bank AG/London - Tatung Co, Ltd.*       103,090             66,512
Deutsche Bank AG/London                                                   
   - Unified Energy Systems*                            8                 --
Deutsche Bank AG/London                                                   
- Unified Energy                                                      
   Systems - Far East Holding*                          8             30,048
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - FSK*                      6            127,331
Deutsche Bank AG/London                                                   
- Unified Energy                                                      
   Systems - InterRao Holdings*                         8             25,119
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - MRSK Holding*             6            107,700
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - OGK2*                     8             42,067
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - OGK3*                     8             34,558
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - OGK4*                     6             70,889
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - OGK6*                     8             44,357
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - OGK7*                     6            149,176
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK1*                     8             36,704

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK10*                    8     $       26,934
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK11*                    8              5,691
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK12*                    8             12,862
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK13*                    8             11,305
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK14*                    8              2,253
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK2*                     8             10,386
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK3*                     8             56,445
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK4*                     8             13,327
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK6*                     8             11,648
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK7*                     8             27,421
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK8*                     8             19,610
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - TGK9*                     8             15,622
Deutsche Bank AG/London                                                   
   - Unified Energy Systems - OGK1*                     6             60,607
 Gazit Globe, Ltd.*                                   300              3,364
Merrill Lynch Int'l & Co. -                                               
   CW09 Glenmark Pharmaceuticals, Ltd.*             3,800             46,483
Merrill Lynch Int'l & Co. -                                               
   CW09 Indiabulls Financial Services, Ltd.*        4,800             49,873
Merrill Lynch Int'l & Co. -                                               
   CW09 Larsen & Toubro, Ltd.*                      3,600            271,451
 Merrill Lynch Int'l & Co. - CW09 NTPC, Ltd.*      27,800            136,522
Merrill Lynch Int'l & Co. -                                               
   CW09 Oil & Natural Gas Corp., Ltd.*              6,100            149,227
Merrill Lynch Int'l & Co. -                                               
   CW09 Ranbaxy Laboratories, Ltd.*                 8,900             97,342
Merrill Lynch Int'l & Co. -                                               
   CW09 Steel Authority of India, Ltd.*             9,100             41,910
Merrill Lynch Int'l & Co. - CW09 Tata                                     
   Consultancy Services, Ltd.*                      3,100             62,665

                                             SHARES            VALUE
                                                ---------     --------------
Merrill Lynch Int'l & Co. -                                               
   CW10 Aditya Birla Nuvo, Ltd.*                    1,600     $       55,686
Merrill Lynch Int'l & Co. -                                               
   CW10 Ambuja Cements, Ltd.*                      26,400             79,664
Merrill Lynch Int'l & Co. -                                               
   CW10 Asian Paints, Ltd.*                         1,300             38,885
Merrill Lynch Int'l & Co. -                                               
   CW10 Bharat Heavy Electricals, Ltd.*             2,700            138,742
Merrill Lynch Int'l & Co. -                                               
   CW10 Crompton Greaves, Ltd.*                     5,500             37,766
Merrill Lynch Int'l & Co. -                                               
   CW10 HCL Technologies, Ltd.*                     8,500             53,661
Merrill Lynch Int'l & Co. -                                               
   CW10 HDFC Bank, Ltd.  - ADR*                     5,000            165,929
Merrill Lynch Int'l & Co. -                                               
   CW10 Hindustan Unilever, Ltd.*                  28,500            162,553
Merrill Lynch Int'l & Co. -                                               
   CW10 Hindustan Zinc, Ltd.*                       4,000             52,499
Merrill Lynch Int'l & Co. -                                               
   CW10 Indian Hotels Co., Ltd.*                   17,100             47,679
Merrill Lynch Int'l & Co. -                                               
CW10 Infrastructure Development                                       
   Finance Co., Ltd.*                              25,900             97,492
Merrill Lynch Int'l & Co. -                                               
   CW10 Jaiprakash Associates, Ltd.*               21,400            120,857
Merrill Lynch Int'l & Co. -                                               
   CW10 Nestle India, Ltd.*                         1,500             56,016
Merrill Lynch Int'l & Co. -                                               
   CW10 Pantaloon Retail India, Ltd.*               2,481             26,512
Merrill Lynch Int'l & Co. -                                               
   CW10 President Chain Store Corp.*               19,717             67,738
Merrill Lynch Int'l & Co. - CW10 Sun                                      
   Pharmaceutical Industries, Ltd.*                 2,400             73,672
Merrill Lynch Int'l & Co. -                                               
   CW10 Suzlon Energy, Ltd.*                       10,500             69,049
Merrill Lynch Int'l & Co. -                                               
   CW10 Tata Power Co., Ltd.*                       4,800            140,177
Merrill Lynch Int'l & Co. -                                               
   CW10 Tata Tea, Ltd.*                             1,900             39,158
Merrill Lynch Int'l & Co. -                                               
   CW10 Unitech, Ltd.*                             10,200             70,229
 Merrill Lynch Int'l & Co. - CW11 ACC, Ltd.*        2,900             59,720
Merrill Lynch Int'l & Co. -                                               
   CW11 Adani Enterprises, Ltd.*                    2,200             32,889
Merrill Lynch Int'l & Co. -                                               
   CW11 Bharat Forge, Ltd.*                         6,800             45,285

The accompanying notes are integral part of the financial statements. 

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                                             SHARES            VALUE
                                                ---------     --------------
Merrill Lynch Int'l & Co. -                                               
   CW11 Bharti Airtel, Ltd.*                       36,013     $      741,761
Merrill Lynch Int'l & Co. -                                               
   CW11 Cairn India, Ltd.*                          9,600             53,654
Merrill Lynch Int'l & Co. -                                               
   CW11 Cipla, Ltd./India*                         17,100             93,780
Merrill Lynch Int'l & Co. -                                               
   CW11 Dr. Reddy's Laboratories, Ltd.*             4,500             66,325
Merrill Lynch Int'l & Co. -                                               
   CW11 GlaxoSmithKline Pharmaceuticals, Ltd.*      2,300             59,812
Merrill Lynch Int'l & Co. -                                               
   CW11 GMR Infrastructure, Ltd.*                  10,700             39,743
Merrill Lynch Int'l & Co. -                                               
   CW11 Grasim Industries, Ltd.*                    1,400             89,877
Merrill Lynch Int'l & Co. -                                               
   CW11 Hero Honda Motors, Ltd.*                    3,600             62,330
Merrill Lynch Int'l & Co. -                                               
   CW11 Mahindra & Mahindra, Ltd.*                  5,900            102,520
Merrill Lynch Int'l & Co. -                                               
   CW11 Maruti Suzuki India, Ltd.*                  3,700             76,278
Merrill Lynch Int'l & Co. -                                               
   CW11 Reliance Capital, Ltd.*                     3,100             94,959
Merrill Lynch Int'l & Co. -                                               
   CW11 Reliance Communications, Ltd.*             18,300            231,881
Merrill Lynch Int'l & Co. -                                               
   CW11 Reliance Natural Resources, Ltd.*          22,300             55,423
Merrill Lynch Int'l & Co. -                                               
   CW11 Reliance Petroleum, Ltd.*                  23,100             89,976
Merrill Lynch Int'l & Co. -                                               
   CW11 Siemens India, Ltd.*                        3,800             58,475
Merrill Lynch Int'l & Co. -                                               
   CW11 Sterlite Industries India, Ltd.*            3,300             58,777
Merrill Lynch Int'l & Co. -                                               
   CW11 Tata Steel, Ltd.*                           8,000            139,684
Merrill Lynch Int'l & Co. -                                               
   CW11 United Spirits, Ltd.*                       2,200             82,368
Merrill Lynch Int'l & Co. -                                               
   CW11 Voltas, Ltd.*                               9,300             41,649
Merrill Lynch Int'l & Co. - CW11 Zee                                      
   Entertainment Enterprises, Ltd.*                 8,100             49,682
 Merrill Lynch Int'l & Co. - CW12 ABB, Ltd.*        1,600             47,317
 Merrill Lynch Int'l & Co. - CW12 Bosch, Ltd.*        500             46,478
Merrill Lynch Int'l & Co. -                                               
   CW12 Essar Oil, Ltd.*                           12,600             64,764
Merrill Lynch Int'l & Co. -                                               
   CW12 Idea Cellular, Ltd.*                       37,200             95,191
Merrill Lynch Int'l & Co. -                                               
   CW12 JSW Steel, Ltd.*                            2,000             41,267

                                             SHARES            VALUE
                                                ---------     --------------
Merrill Lynch Int'l & Co. -                                               
   CW12 Kotak Mahindra Bank, Ltd.*                  4,200     $       65,531
Merrill Lynch Int'l & Co. -                                               
   CW12 Lanco Infratech, Ltd.*                      3,700             35,838
Merrill Lynch Int'l & Co. -                                               
   CW12 Punj Lloyd, Ltd.*                           4,400             34,531
Merrill Lynch Int'l & Co. -                                               
   CW13 Central Reinsurance Co., Ltd.*                  1            115,405
Merrill Lynch Int'l & Co. -                                               
   CW13 Jindal Steel & Power, Ltd.*                   800             41,281
                                                              --------------
TOTAL WARRANTS                                                              
 (Cost $7,185,205)                                                 7,477,842
                                                              --------------

SHORT-TERM INVESTMENTS -- 0.5%                                                
BlackRock Liquidity Funds                                                 
TempCash Portfolio -                                                    
  Institutional Series                          2,617,170          2,617,170
BlackRock Liquidity Funds                                                 
TempFund Portfolio -                                                    
  Institutional Series                          2,617,167          2,617,167
                                                              --------------

TOTAL SHORT-TERM INVESTMENTS                                                
 (Cost $5,234,337)                                                 5,234,337
                                                              --------------

TOTAL INVESTMENTS -- 89.2%                                                    
 (Cost $924,938,852)+                                         $  916,259,668
OTHER ASSETS IN EXCESS OF LIABILITIES -- 10.8%                    111,081,012 
                                                              --------------
NET ASSETS -- 100.0%                                           $1,027,340,680 
                                                              ==============

* Non-income producing security.                                              
 @  Security sold within the terms of a private placement memorandum, restricted
and/or exempt from registration under Rule 144A of the Securities Act of
 1933, as amended, and may be sold only to dealers in the program or other
 "accredited investors". Unless otherwise indicated security is considered
liquid.                                                                 
+  The cost for Federal income tax purposes is $929,805,878. At March 31, 2008
net unrealized depreciation was $13,546,210. This consisted of aggregate
gross unrealized appreciation for all securities for which there was an 
excess of market value over tax cost of $83,163,064, and aggregate gross
   unrealized depreciation for all securities for which there was an excess of
tax cost over market value of $96,709,274.                              
ADR -- American Depository Receipt                                            
GDR -- Global Depository Receipt                                              
PLC -- Public Limited Company                                                 

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- MULTI-MANAGER FUNDS | Multi-Manager Real Asset Fund         
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                   ------       ------------
COMMON STOCK -- 1.8%                                                            
CONSUMER DISCRETIONARY -- 0.5%                                                
Gaylord Entertainment Co.*                         35,800       $  1,084,382
Starwood Hotels & Resorts Worldwide, Inc.          45,600          2,359,800
                                                                ------------
                                                                   3,444,182
                                                                ------------
FINANCIALS -- 1.0%                                                            
Colonial Properties Trust                          47,000          1,130,350
Digital Realty Trust, Inc.                         17,300            614,150
HRPT Properties Trust                             129,000            868,170
MI Developments, Inc. - Class A                    48,200          1,384,304
UDR, Inc.                                          77,500          1,900,300
Weingarten Realty, Inc.                            34,900          1,201,956
                                                                ------------
                                                                   7,099,230
                                                                ------------
INDUSTRIAL/OFFICE -- 0.3%                                                     
Brookfield Properties Corp.                       105,000          2,027,550
                                                                ------------
TOTAL COMMON STOCK                                                            
(Cost $13,367,053)                                                12,570,962
                                                                ------------
REAL ESTATE INVESTMENT TRUSTS -- 15.5%                                          
DIVERSIFIED/OTHER -- 1.0%                                                     
iStar Financial, Inc.                              43,300            607,499
Plum Creek Timber Co., Inc.                        34,800          1,416,360
Vornado Realty Trust                               60,900          5,250,189
                                                                ------------
                                                                   7,274,048
                                                                ------------
HEALTH CARE -- 1.3%                                                           
BioMed Realty Trust, Inc.                         109,100          2,606,399
Health Care Property Investors, Inc.               23,500            794,535
Healthcare Realty Trust, Inc.                      79,800          2,086,770
Nationwide Health Properties, Inc.                 75,000          2,531,250
Omega Healthcare Investors, Inc.                   70,900          1,230,824
                                                                ------------
                                                                   9,249,778
                                                                ------------
INDUSTRIAL/OFFICE -- 4.2%                                                     
Allied Properties Real                                                      
  Estate Investment Trust(1)                       45,700            865,960
AMB Property Corp.                                 44,000          2,394,480
Boston Properties, Inc.                            67,400          6,205,518
Brandywine Realty Trust                            66,600          1,129,536
Corporate Office Properties Trust                  41,500          1,394,815
DCT Industrial Trust, Inc.                        197,000          1,962,120
Douglas Emmett, Inc.                                8,800            194,128
Duke Realty Corp.                                  65,700          1,498,617
First Potomac Realty Trust                         47,300            727,001
Highwoods Properties, Inc.                         17,500            543,725
Kilroy Realty Corp.                                33,300          1,635,363
Liberty Property Trust                            131,500          4,090,965
Mack-Cali Realty Corp.                             38,000          1,356,980
Mission West Properties, Inc.                     122,800          1,160,460
ProLogis                                           50,600          2,978,316
PS Business Parks, Inc.                            23,500          1,219,650
                                                                ------------
                                                                  29,357,634
                                                                ------------
INFORMATION TECHNOLOGY -- 0.1%                                                
Dupont Fabros Technology, Inc.                     49,900            822,851
                                                                ------------
LODGING/RESORTS -- 0.6%                                                       
Ashford Hospitality Trust, Inc.                    95,300            541,304

                              PRICIPAL
                                               AMOUNT/          MARKET
                                              SHARES           VALUE
                                                 --------       ------------
Hospitality Properties Trust                       11,200       $    381,024
Host Hotels & Resorts, Inc.                       191,900          3,055,048
                                                                ------------
                                                                   3,977,376
                                                                ------------
RESIDENTIAL -- 2.4%                                                           
American Campus Communities, Inc.                  45,100          1,233,936
Apartment Investment & Management Co. - Class A    86,100          3,083,241
AvalonBay Communities, Inc.                        33,200          3,204,464
BRE Properties, Inc. - Class A                     15,400            701,624
Camden Property Trust                              48,000          2,409,600
Equity Residential                                131,000          5,435,190
Sun Communities, Inc.                              37,400            766,700
                                                                ------------
                                                                  16,834,755
                                                                ------------
RETAIL -- 5.1%                                                                
Cedar Shopping Centers, Inc.                       32,700            381,936
Developers Diversified Realty Corp.                82,000          3,434,160
Federal Realty Investment Trust                    36,000          2,806,200
General Growth Properties, Inc.                    54,000          2,061,180
Kimco Realty Corp.                                 41,600          1,629,472
Kite Realty Group Trust                           134,700          1,885,800
Pennsylvania Real Estate Investment Trust          48,500          1,182,915
Post Properties, Inc.                              26,500          1,023,430
Ramco-Gershenson Properties Trust                  56,200          1,186,382
Realty Income Corp.                                23,900            612,318
Regency Centers Corp.                              61,500          3,982,740
Simon Property Group, Inc.                         96,400          8,956,524
Tanger Factory Outlet Centers, Inc.                31,300          1,204,111
Taubman Centers, Inc.                              46,500          2,422,650
The Macerich Co.                                   43,000          3,021,610
                                                                ------------
                                                                  35,791,428
                                                                ------------
SELF STORAGE -- 0.8%                                                          
Extra Space Storage, Inc.                          69,000          1,117,110
Public Storage, Inc.                               53,300          4,723,446
                                                                ------------
                                                                   5,840,556
                                                                ------------

TOTAL REAL ESTATE INVESTMENT TRUSTS                                           
(Cost $108,115,635)                                              109,148,426
                                                                ------------

STRUCTURED NOTE -- 6.7%                                                       
Deutsche Bank AG, London                                                    
Branch, Structured Note                                                 
Linked to the DB Liquid                                                 
Commodity Index, 5.24%,                                                 
  08/04/08 (Cost $22,000,000)                 $22,000,000         47,471,600
                                                                ------------

EXCHANGE-TRADED FUNDS -- 10.7%                                                
iShares Cohen & Steers Realty                                               
  Majors Index Fund                                67,017          5,387,497
iShares Dow Jones U.S. Real Estate                                          
  Index Fund                                       29,400          1,913,940
iShares Lehman U.S. Treasury Inflation                                      
  Protected Securities Index Fund                 117,181         12,878,192

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- MULTI-MANAGER | Multi-Manager Real Asset Fund               
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

--------------------------------------------------------------------------------

                              PRICIPAL
                                               AMOUNT/          MARKET
                                              SHARES           VALUE
                                                 --------       ------------
PowerShares DB Commodity Index                                              
  Tracking Fund*                                1,533,224       $ 54,843,422
                                                                ------------

TOTAL EXCHANGE-TRADED FUNDS                                                   
(Cost $63,546,185)                                                75,023,051
                                                                ------------

EXCHANGE-TRADED NOTES -- 9.1%                                                 
iPATH Dow Jones-AIG                                                         
Commodity Index Total                                                   
Return Note*                                                            
  (Cost $58,751,813)                            1,036,064         63,728,297
                                                                ------------

INVESTMENT COMPANIES -- 5.1%                                                  
PIMCO Commodity                                                             
RealReturn Strategy                                                     
Fund - Institutional                                                    
Shares                                                                  
  (Cost $28,077,146)                            1,975,558         36,192,218
                                                                ------------

U.S. TREASURY OBLIGATIONS -- 42.2%                                            
U.S. Treasury Inflation                                                     
Indexed Notes, 0.88%,                                                       
04/15/10                                       $2,201,000          2,509,233
U.S. Treasury Inflation                                                     
Indexed Notes, 3.50%,                                                       
01/15/11                                       25,343,000         33,984,066
U.S. Treasury Inflation                                                     
Indexed Notes, 3.00%,                                                       
07/15/12                                       24,772,000         32,588,813
U.S. Treasury Inflation                                                     
Indexed Notes, 1.88%,                                                       
07/15/13                                       30,086,000         37,288,636
U.S. Treasury Inflation                                                     
Indexed Notes, 2.00%,                                                       
07/15/14                                       37,820,000         45,986,703
U.S. Treasury Inflation                                                     
Indexed Notes, 1.63%,                                                       
01/15/15                                       34,171,000         40,060,823
U.S. Treasury Inflation                                                     
Indexed Notes, 1.88%,                                                       
07/15/15                                        8,040,000          9,416,674
U.S. Treasury Inflation                                                     
Indexed Notes, 2.63%,                                                       
07/15/17                                       10,018,000         11,624,617
U.S. Treasury Inflation                                                     
Indexed Notes, 2.38%,                                                       
01/15/25                                       12,309,000         14,994,948
U.S. Treasury Inflation                                                     
Indexed Notes, 2.00%,                                                       
01/15/26                                       16,822,000         18,440,736
U.S. Treasury Inflation                                                     
Indexed Notes, 3.63%,                                                       
04/15/28                                       15,715,000         26,590,154
U.S. Treasury Inflation                                                     
Indexed Notes, 3.88%,                                                       
04/15/29                                       13,803,000         23,954,050
                                                                ------------

TOTAL U.S. TREASURY OBLIGATIONS                                               
(Cost $262,174,143)                                              297,439,453
                                                                ------------

SHORT-TERM INVESTMENTS -- 8.1%                                                  
CERTIFICATES OF DEPOSIT -- 0.2%                                               
Bank of Scotland                                                            
PLC/New York, 4.49%,                                                        
11/14/08                                        1,000,000            999,856
                                                                ------------

                                             SHARES            VALUE
                                                ---------       ------------
COMMERCIAL PAPER -- 4.8%                                                      
American Honda US                                                           
Finance, 2.81%, 04/22/08                        2,250,000       $  2,245,878
Astrazeneca, 2.74%,                                                         
08/20/08                                        2,250,000          2,225,993
Bank of America Corp.,                                                      
2.75%, 05/01/08                                 2,247,000          2,241,851
Fortis Funding LLC,                                                         
2.98%, 05/13/08                                 2,250,000          2,242,528
General Electric                                                            
Capital Corp., 2.73%,                                                       
08/04/08                                        2,250,000          2,228,611
HSBC USA, Inc., 2.90%,                                                      
06/04/08                                        2,250,000          2,238,897
JPMorgan Chase, 2.78%,                                                      
08/13/08                                        2,250,000          2,226,881
Lloyds Bank PLC, NY,                                                        
2.99%, 05/30/08                                 2,250,000          2,239,879
Natexis Banque US                                                           
Finance Co., 2.97%,                                                         
07/07/08                                        2,250,000          2,233,340
Nationwide Life                                                             
Insurance Co., 2.45%,                                                       
04/23/08                                        2,250,000          2,246,631
Nestle Capital Corp.,                                                       
2.75%, 05/23/08                                 2,250,000          2,241,568
Societe Generale,                                                           
2.73%, 06/18/08                                 2,250,000          2,236,605
Svenska Handelsbanken,                                                      
2.99%, 05/19/08                                 2,250,000          2,242,223
Toyota Motor Credit                                                         
Corp., 2.48%, 08/08/08                          2,250,000          2,227,957
UBS Finance, Inc.,                                                          
2.67%, 07/14/08                                 2,250,000          2,232,150
                                                                ------------
                                                                  33,550,992
                                                                ------------
MONEY MARKET FUNDS -- 2.0%                                                    
BlackRock Liquidity                                                         
Funds TempCash                                                              
Portfolio -                                                                 
Institutional Series                            7,161,048          7,161,048
BlackRock Liquidity                                                         
Funds TempFund                                                              
Portfolio -                                                                 
Institutional Series                            7,161,045          7,161,045
                                                                 -------------
                                                                  14,322,093
                                                                ------------
U.S. AGENCY OBLIGATIONS -- 1.1%                                               
Federal Home Loan Banks                                                     
Notes, 4.75%, 06/11/08                          4,000,000          4,017,844
Federal National                                                            
Mortgage Association,                                                       
4.75%, 08/25/08                                 3,800,000          3,835,055
                                                                ------------
                                                                   7,852,899
                                                                ------------

TOTAL SHORT-TERM INVESTMENTS                                                  
(Cost $56,724,424)                                                56,725,840
                                                                ------------

TOTAL INVESTMENTS -- 99.2%                                                    
(Cost $612,756,399)+                                            $698,299,847
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.8%                       5,662,697 
                                                                ------------
NET ASSETS -- 100.0%                                             $703,962,544 
                                                                ============

*    Non-income producing security.                                             
+    The cost for Federal income tax purposes is $616,369,084. At March 31, 2008
  net unrealized appreciation was $81,930,763. This consisted of aggregate
 gross unrealized appreciation for all securities for which there was an
  excess of market value over tax cost of $93,565,189, and aggregate gross
     unrealized depreciation for all securities for which there was an excess of
tax cost over market value of $11,634,426.                            
(1)  Foreign-denominated security; Canadian                                     

The accompanying notes are integral part of the financial statements. 

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(2)  Structured note is leveraged, providing an exposure to the Deutsche Bank   
     Liquid Commodity Index - Optimum Yield Excess Return (the "Index") of three
    times the principal amount. The notational principal exposure to the Index
return as of March 31, 2008 was $66,000,000.                          
PLC -- Public Limited Company                                                 

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- ASSET ALLOCATION FUNDS | Aggressive Asset Allocation Fund   
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ---------      -----------
AFFILIATED INVESTMENT COMPANIES++ -- 100.2%                                   
Wilmington Multi-Manager International Fund       2,904,070      $25,497,737
Wilmington Multi-Manager Large-Cap Fund           1,841,523       22,687,565
Wilmington Multi-Manager Real Asset Fund            726,352       12,224,512
Wilmington Multi-Manager Small-Cap Fund             134,213        1,224,026
Wilmington Prime Money Market Fund+                 299,703          299,703
                                                                 -----------

TOTAL AFFILIATED INVESTMENT COMPANIES                                         
(Cost $62,982,235)                                                61,933,543
                                                                 -----------

TOTAL INVESTMENTS -- 100.2%                                                   
(Cost $62,982,235)+                                              $61,933,543
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.2)%                      (124,035)
                                                                 -----------
NET ASSETS -- 100.0%                                              $61,809,508 
                                                                 ===========

++   The Fund invests in the Institutional Shares of the Affiliated Investment  
Companies.                                                            
+    The cost for Federal income tax purposes is $63,697,459. At March 31, 2008 
 net unrealized depreciation was $1,763,916. This consisted of aggregate
 gross unrealized appreciation for all securities for which there was an
 excess of market value over tax cost of $1,289,366, and aggregate gross
    unrealized depreciation for all securities fo which there was an excess of
tax cost over market value of $3,053,282.                             

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- ASSET ALLOCATION FUNDS | Moderate Asset Allocation Fund     
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ---------      -----------
AFFILIATED INVESTMENT COMPANIES++ -- 99.5%                                    
Wilmington Multi-Manager International Fund       1,005,333      $ 8,826,821
Wilmington Multi-Manager Large-Cap Fund             706,623        8,705,601
Wilmington Multi-Manager Real Asset Fund            314,957        5,300,723
Wilmington Multi-Manager Small-Cap Fund              79,830          728,049
Wilmington Prime Money Market Fund*                  81,047           81,047
Wilmington Short/Intermediate-Term Bond Fund      1,232,667       12,696,469
                                                                 -----------

TOTAL AFFILIATED INVESTMENT COMPANIES                                         
(Cost $34,979,374)                                                36,338,710
                                                                 -----------

TOTAL INVESTMENTS -- 99.5%                                                    
(Cost $34,979,374)+                                              $36,338,710
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.5%                         182,114 
                                                                 -----------
NET ASSETS -- 100.0%                                              $36,520,824 
                                                                 ===========

++   The Fund invests in the Institutional Shares of the Affiliated Investment  
Companies.                                                            
+    The cost for Federal income tax purposes is $35,362,837. At March 31, 2008 
     net unrealized appreciation was $975,874. This consisted of aggregate gross
     unrealized appreciation for all securities for which there was an excess of
  market value over tax cost of $1,504,592, and aggregate gross unrealized
   depreciation for all securities for which there was an excess of tax cost
over market value of $528,718.                                        
*    Non-income producing security.                                             

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- ASSET ALLOCATION FUNDS | Conservative Asset Allocation Fund 
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ---------      -----------
AFFILIATED INVESTMENT COMPANIES++ -- 99.9%                                    
Wilmington Multi-Manager International Fund         231,949      $ 2,036,508
Wilmington Multi-Manager Large-Cap Fund             107,496        1,324,349
Wilmington Multi-Manager Real Asset Fund            106,320        1,789,362
Wilmington Multi-Manager Small-Cap Fund              26,388          240,657
Wilmington Prime Money Market Fund                   21,322           21,322
Wilmington Short/Intermediate-Term Bond Fund        642,021        6,612,817
                                                                 -----------

TOTAL AFFILIATED INVESTMENT COMPANIES                                         
(Cost $12,019,973)                                                12,025,015
                                                                 -----------

TOTAL INVESTMENTS -- 99.9%                                                    
(Cost $12,019,973)+                                              $12,025,015
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1%                           9,887 
                                                                 -----------
NET ASSETS -- 100.0%                                              $12,034,902 
                                                                 ===========

++   The Fund invests in the Institutional Shares of the Affiliated Investment  
Companies.                                                            
+    The cost for Federal income tax purposes is $12,019,973. At March 31, 2008 
    net unrealized depreciation was $52,276. This consisted of aggregate gross
     unrealized appreciation for all securities for which there was an excess of
market value over tax cost of $307,138, and aggregate gross unrealized
   depreciation for all securities for which there was an excess of tax cost
over market value of $359,414.                                        

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- ETF ALLOCATION FUND | ETF Allocation Fund                   
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ---------      -----------
EXCHANGE-TRADED FUNDS -- 99.5%                                                
iShares MSCI EAFE Growth Index Fund                  27,354      $ 1,977,147
iShares MSCI EAFE Index Fund                        136,427        9,809,101
iShares Russell 1000 Growth Index Fund              394,235       21,462,154
Vanguard Emerging Markets Fund                       62,740        5,911,363
                                                                 -----------

TOTAL EXCHANGE-TRADED FUNDS                                                   
(Cost $40,036,838)                                                39,159,765
                                                                 -----------

TOTAL INVESTMENTS -- 99.5%                                                    
 (Cost $40,036,838)+                                             $39,159,765
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.5%                         203,070 
                                                                 -----------
NET ASSETS -- 100.0%                                              $39,362,835 
                                                                 ===========

+    The cost for Federal income tax purposes is $40,210,289. At March 31, 2008 
 net unrealized depreciation was $1,050,525. This consisted of aggregate
 gross unrealized appreciation for all securities for which there was an
excess of market value over tax cost of $931,856, and aggregate gross 
     unrealized depreciation for all securities for which there was an excess of
tax cost over market value of $1,982,381.                             

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- FUNDAMENTALLY WEIGHTED FUNDS | Large Company Fund           
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED)                                      
(Showing Percentage of Net Assets)                                            
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                   ------        -----------
COMMON STOCK -- 99.9%                                                           
CONSUMER DISCRETIONARY -- 8.9%                                                
AUTO COMPONENTS -- 0.2%                                                     
Autoliv, Inc.                                         190        $     9,538
BorgWarner, Inc.                                      220              9,467
Gentex Corp.                                           70              1,200
Johnson Controls, Inc.                                540             18,252
The Goodyear Tire & Rubber Co.*                        40              1,032
TRW Automotive Holdings Corp.*                         60              1,402
                                                                 -----------
                                                                      40,891
                                                                 -----------
AUTOMOBILES -- 1.0%                                                         
Ford Motor Co.*                                    19,090            109,195
General Motors Corp.                                1,870             35,624
Harley-Davidson, Inc.                                 590             22,125
Thor Industries, Inc.                                  90              2,679
                                                                 -----------
                                                                     169,623
                                                                 -----------
DISTRIBUTORS -- 0.1%                                                        
Genuine Parts Co.                                     400             16,088
                                                                 -----------
DIVERSIFIED CONSUMER SERVICES -- 0.1%                                       
Apollo Group, Inc. - Class A*                         140              6,048
Career Education Corp.*                                50                636
H&R Block, Inc.                                       490             10,173
Service Corp. International                           410              4,157
Weight Watchers International, Inc.                   100              4,633
                                                                 -----------
                                                                      25,647
                                                                 -----------
HOTELS, RESTAURANTS & LEISURE -- 1.1%                                       
Boyd Gaming Corp.                                      20                400
Brinker International, Inc.                           340              6,307
Carnival Corp.                                        730             29,550
Choice Hotels International, Inc.                      20                682
Darden Restaurants, Inc.                              140              4,557
International Game Technology                         370             14,878
International Speedway Corp. - Class A                 40              1,648
Las Vegas Sands Corp.*                                 10                736
Marriott International, Inc. - Class A                170              5,841
McDonald's Corp.                                    1,090             60,789
Panera Bread Co. - Class A*                            80              3,351
Royal Caribbean Cruises, Ltd.                         460             15,134
Scientific Games Corp.*                                20                422
Starbucks Corp.*                                      370              6,475
Starwood Hotels & Resorts Worldwide, Inc.             230             11,903
The Cheesecake Factory, Inc.*                         130              2,833
Wendy's International, Inc.                           150              3,459
Wyndham Worldwide Corp.                               510             10,547
Wynn Resorts, Ltd.                                     20              2,013
Yum! Brands, Inc.                                     420             15,628
                                                                 -----------
                                                                     197,153
                                                                 -----------
HOUSEHOLD DURABLES -- 0.8%                                                  
Black & Decker Corp.                                  170             11,237
Centex Corp.                                          190              4,600
D.R. Horton, Inc.                                     640             10,080
Fortune Brands, Inc.                                  200             13,900
Garmin, Ltd.                                           60              3,241
Harman International Industries, Inc.                  80              3,483

                                               SHARES          VALUE
                                                   ------        -----------
Jarden Corp.*                                          20        $       435
KB Home Co.                                           250              6,182
Leggett & Platt, Inc.                                 740             11,285
Lennar Corp. - Class A                                430              8,088
M.D.C. Holdings, Inc.                                  30              1,314
Mohawk Industries, Inc.*                              120              8,593
Newell Rubbermaid, Inc.                               710             16,238
Pulte Corp.                                           270              3,929
Ryland Group, Inc.                                    150              4,933
Snap-On, Inc.                                         180              9,153
The Stanley Works                                     150              7,143
Toll Brothers, Inc.*                                  110              2,583
Whirlpool Corp.                                       180             15,620
                                                                 -----------
                                                                     142,037
                                                                 -----------
INTERNET & CATALOG RETAIL -- 0.1%                                           
Amazon.com, Inc.*                                      60              4,278
Expedia, Inc.*                                        274              5,998
IAC/Interactive Corp.*                                390              8,096
NutriSystem, Inc.*                                     50                754
                                                                 -----------
                                                                      19,126
                                                                 -----------
LEISURE EQUIPMENT & PRODUCTS -- 0.2%                                        
Brunswick Corp.                                       440              7,027
Eastman Kodak Co.                                     490              8,658
Hasbro, Inc.                                          230              6,417
Mattel, Inc.                                          640             12,736
Pool Corp.                                             20                378
                                                                 -----------
                                                                      35,216
                                                                 -----------
MEDIA -- 2.8%                                                               
Cablevision Systems New York Group - Class A*         970             20,787
CBS Corp. - Class B                                 1,660             36,653
Citadel Broadcasting Corp.                            181                300
Comcast Corp. - Class A                             1,425             27,560
Discovery Holding Co. - Class A*                      300              6,366
Dish Network Corp.*                                   380             10,917
DreamWorks Animation SKG, Inc. - Class A*              30                773
Gannett Co., Inc.                                     870             25,274
Harte-Hanks, Inc.                                     440              6,015
Idearc, Inc.                                          140                510
John Wiley & Sons, Inc. - Class A                     280             11,116
Lamar Advertising Co. Class A*                        180              6,467
Liberty Global, Inc. - Class A*                        50              1,704
Meredith Corp.                                        100              3,825
News Corp. - Class A                                2,140             40,125
Omnicom Group, Inc.                                   480             21,206
R.H. Donnelley Corp.*                                  90                455
Regal Entertainment Group - Class A                 1,460             28,163
The DIRECTV Group, Inc.*                              240              5,950
The E.W. Scripps Co. - Class A                        220              9,242
The Interpublic Group of Cos., Inc.*                  120              1,009
The McClatchy Co. - Class A                           180              1,926
The McGraw-Hill Cos., Inc.                            610             22,540
The New York Times Co. -Class A                       320              6,042
The Walt Disney Co.                                 2,250             70,605
Time Warner Cable, Inc.*                               40                999
Time Warner, Inc.                                   4,990             69,960

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                   ------        -----------
Viacom, Inc. - Class B*                             1,040        $    41,205
Virgin Media, Inc.                                    330              4,643
                                                                 -----------
                                                                     482,337
                                                                 -----------
MULTILINE RETAIL -- 0.4%                                                    
Big Lots, Inc.*                                        20                446
Dillard's, Inc. - Class A                              30                516
Dollar Tree, Inc.*                                     20                552
Family Dollar Stores, Inc.                            270              5,265
J.C. Penney Co., Inc.                                 260              9,805
Kohl's Corp.*                                         210              9,007
Macy's, Inc.                                          390              8,993
Nordstrom, Inc.                                       160              5,216
Sears Holdings Corp.*                                  30              3,063
Target Corp.                                          530             26,860
                                                                 -----------
                                                                      69,723
                                                                 -----------
SPECIALTY RETAIL -- 1.7%                                                    
Abercrombie & Fitch Co. - Class A                      80              5,851
Advance Auto Parts, Inc.                               50              1,703
American Eagle Outfitters, Inc.                       250              4,378
AnnTaylor Stores Corp.*                               190              4,594
AutoNation, Inc.*                                     120              1,796
AutoZone, Inc.*                                        60              6,830
Barnes & Noble, Inc.                                   10                307
Bed Bath & Beyond, Inc.*                              210              6,195
Best Buy Co., Inc.                                    520             21,559
Carmax, Inc.*                                          40                777
Chico's FAS, Inc.*                                     50                356
Circuit City Stores, Inc.                             210                836
Coldwater Creek, Inc.*                                 60                303
Dick's Sporting Goods, Inc.*                           20                536
Foot Locker, Inc.                                     560              6,591
GameStop Corp. - Class A*                              20              1,034
Limited Brands, Inc.                                  650             11,115
Lowe's Cos., Inc.                                   1,350             30,969
O'Reilly Automotive, Inc.*                             10                285
Office Depot, Inc.*                                   430              4,751
OfficeMax, Inc.                                        30                574
Penske Auto Group, Inc.                               440              8,562
PetSmart, Inc.                                         10                204
RadioShack Corp.                                      370              6,012
Ross Stores, Inc.                                      50              1,498
Sally Beauty Holdings, Inc.*                          250              1,725
Staples, Inc.                                         880             19,457
The Gap, Inc.                                         710             13,973
The Home Depot, Inc.                                3,720            104,048
The Sherwin-Williams Co.                              230             11,739
The TJX Cos., Inc.                                    380             12,567
Tiffany & Co.                                          20                837
Tractor Supply Co.*                                    10                395
TravelCenters of America LLC*                          18                110
Urban Outfitters, Inc.*                                20                627
Williams-Sonoma, Inc.                                  20                485
                                                                 -----------
                                                                     293,579
                                                                 -----------
TEXTILES, APPAREL & LUXURY GOODS -- 0.4%                                    
Coach, Inc.*                                          230              6,934
Jones Apparel Group, Inc.                             480              6,442
Liz Claiborne, Inc.                                   180              3,267
NIKE, Inc. - Class B                                  480             32,640
Polo Ralph Lauren Corp.                                80              4,663

                                               SHARES          VALUE
                                                   ------        -----------
V.F. Corp.                                            180        $    13,952
                                                                 -----------
                                                                      67,898
                                                                 -----------
TOTAL CONSUMER DISCRETIONARY                                        1,559,318 
                                                                 -----------
CONSUMER STAPLES -- 10.3%                                                     
BEVERAGES -- 2.2%                                                           
Anheuser-Busch Cos., Inc.                           1,010             47,924
Brown-Forman Corp. - Class B                          180             11,920
Coca-Cola Enterprises, Inc.                           570             13,794
Constellation Brands, Inc. Class A*                   210              3,711
Hansen Natural Corp.*                                  10                353
Molson Coors Brewing Co. - Class B                    140              7,360
Pepsi Bottling Group, Inc.                            240              8,138
PepsiAmericas, Inc.                                   170              4,340
PepsiCo, Inc.                                       1,670            120,574
The Coca-Cola Co.                                   2,790            169,827
                                                                 -----------
                                                                     387,941
                                                                 -----------
FOOD & STAPLES RETAILING -- 1.7%                                            
BJ's Wholesale Club, Inc.*                             20                714
Costco Wholesale Corp.                                220             14,294
CVS Caremark Corp.                                    310             12,558
Rite Aid Corp.*                                       660              1,940
Safeway, Inc.                                         280              8,218
SUPERVALU, Inc.                                       410             12,292
Sysco Corp.                                           690             20,024
The Kroger Co.                                        350              8,890
Wal-Mart Stores, Inc.                               3,360            177,005
Walgreen Co.                                          770             29,329
Whole Foods Market, Inc.                              190              6,264
                                                                 -----------
                                                                     291,528
                                                                 -----------
FOOD PRODUCTS -- 2.0%                                                       
Archer-Daniels-Midland Co.                            450             18,522
Bunge, Ltd.                                            60              5,213
Campbell Soup Co.                                     630             21,388
ConAgra Foods, Inc.                                 1,390             33,290
Corn Products International, Inc.                      20                743
Dean Foods Co.*                                       560             11,250
Del Monte Foods Co.                                   330              3,145
General Mills, Inc.                                   560             33,533
H.J. Heinz Co.                                        640             30,061
Hormel Foods Corp.                                     80              3,333
Kellogg Co.                                           580             30,485
Kraft Foods, Inc. - Class A                         2,932             90,921
McCormick & Co., Inc.                                 250              9,242
Sara Lee Corp.                                      1,600             22,368
Smithfield Foods, Inc.*                                60              1,546
The Hershey Foods Corp.                               380             14,315
The J.M. Smucker Co.                                   20              1,012
Tyson Foods, Inc. - Class A                           460              7,337
Wm. Wrigley Jr. Co.                                   170             10,683
                                                                 -----------
                                                                     348,387
                                                                 -----------
HOUSEHOLD PRODUCTS -- 1.9%                                                  
Church & Dwight Co., Inc.                              10                542
Colgate-Palmolive Co.                                 600             46,746
Energizer Holdings, Inc.*                              80              7,238
Kimberly-Clark Corp.                                  650             41,958
Procter & Gamble Co.                                3,210            224,925
The Clorox Co.                                        300             16,992
                                                                 -----------
                                                                     338,401
                                                                 -----------

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                   ------        -----------
PERSONAL PRODUCTS -- 0.2%                                                   
Alberto-Culver Co.                                    100        $     2,741
Avon Products, Inc.                                   400             15,816
Estee Lauder Cos., Inc. - Class A                     200              9,170
NBTY, Inc.*                                           110              3,295
                                                                 -----------
                                                                      31,022
                                                                 -----------
TOBACCO -- 2.3%                                                             
Altria Group, Inc.                                  4,780            106,116
Loews Corp. - Carolina Group.                         190             13,785
Philip Morris International, Inc.*                  4,780            241,772
Reynolds American, Inc.                               350             20,660
UST, Inc.                                             290             15,811
                                                                 -----------
                                                                     398,144
                                                                 -----------
TOTAL CONSUMER STAPLES                                              1,795,423 
                                                                 -----------
ENERGY -- 9.1%                                                                
ENERGY EQUIPMENT & SERVICES -- 0.8%                                         
Baker Hughes, Inc.                                    210             14,385
BJ Services Co.                                       340              9,693
Cameron International Corp.*                           80              3,331
Diamond Offshore Drilling, Inc.                        30              3,492
Dresser-Rand Group, Inc.*                             100              3,075
ENSCO International, Inc.                              30              1,879
FMC Technologies, Inc.*                                20              1,138
Global Industries, Ltd.*                               50                805
Halliburton Co.                                       670             26,351
Helix Energy Solutions Group, Inc.*                    10                315
Helmerich & Payne, Inc.                                20                937
National Oilwell Varco, Inc.*                         160              9,341
Noble Corp.                                           100              4,967
Oceaneering International, Inc.*                       20              1,260
Patterson-UTI Energy, Inc.                             50              1,309
Pride International, Inc.*                             20                699
Rowan Cos., Inc.                                       30              1,235
Schlumberger, Ltd.                                    380             33,060
SEACOR Holdings, Inc.*                                 20              1,707
Smith International, Inc.                              50              3,212
Superior Energy Services, Inc.*                        30              1,189
Tetra Technologies, Inc.*                              10                158
Tidewater, Inc.                                        30              1,653
Transocean, Inc*                                       97             13,114
Unit Corp.*                                            10                567
Weatherford International, Ltd.*                       10                725
                                                                 -----------
                                                                     139,597
                                                                 -----------
OIL, GAS & CONSUMABLE FUELS -- 8.3%                                         
Anadarko Petroleum Corp.                              280             17,648
Apache Corp.                                          150             18,123
Arch Coal, Inc.                                        40              1,740
Cabot Oil & Gas Corp.                                  60              3,050
Cheniere Energy, Inc.*                                 10                198
Chesapeake Energy Corp.                               190              8,769
ChevronTexaco Corp.                                 3,240            276,566
Cimarex Energy Co.                                     20              1,095
ConocoPhillips                                      1,970            150,134
Consol Energy, Inc.                                    40              2,768
Denbury Resources, Inc.*                               60              1,713
Devon Energy Corp.                                    300             31,299
El Paso Corp.                                         100              1,664
EOG Resources, Inc.                                    80              9,600
Exxon Mobil Corp.                                   7,860            664,799
Forest Oil Corp.*                                      30              1,469
Foundation Coal Holdings, Inc.                        100              5,033

                                               SHARES          VALUE
                                                   ------        -----------
Frontier Oil Corp.                                    210        $     5,725
Frontline, Ltd.                                       550             25,311
Hess Corp.                                            130             11,463
Holly Corp.                                            10                434
Marathon Oil Corp.                                    800             36,480
Massey Energy Co.                                      20                730
Newfield Exploration Co.*                              20              1,057
Noble Energy, Inc.                                    110              8,008
Occidental Petroleum Corp.                            840             61,463
Overseas Shipholding Group, Inc.                      130              9,105
Patriot Coal Corp.*                                    22              1,033
Peabody Energy Corp.                                   40              2,040
Pioneer Natural Resources Co.                          50              2,456
Plains Exploration & Production Co.*                  140              7,440
Quicksilver Resources, Inc.*                           20                731
Range Resources Corp.                                  30              1,904
Southwestern Energy Co.*                               20                674
Spectra Energy Corp.                                  100              2,275
St. Mary Land & Exploration Co.                        50              1,925
Sunoco, Inc.                                          230             12,068
Tesoro Corp.                                          220              6,600
Valero Energy Corp.                                   750             36,832
W&T Offshore, Inc.                                     20                682
Williams Cos., Inc.                                   380             12,532
XTO Energy, Inc.                                      162             10,021
                                                                 -----------
                                                                   1,454,657
                                                                 -----------
TOTAL ENERGY                                                        1,594,254 
                                                                 -----------
FINANCIALS -- 28.0%                                                           
CAPITAL MARKETS -- 2.2%                                                     
Affiliated Managers Group, Inc.*                       20              1,815
Allied Capital Corp.                                1,020             18,799
American Capital  Strategies, Ltd.                    390             13,322
Ameriprise Financial, Inc.                            120              6,222
BlackRock, Inc.                                        60             12,251
E*TRADE Group, Inc.*                                1,630              6,292
Eaton Vance Corp.                                     140              4,271
Federated Investors, Inc.                             160              6,266
Franklin Resources, Inc.                              230             22,308
Goldman Sachs Group, Inc.                             290             47,963
Invesco, Ltd.*                                        400              9,744
Investment Technology Group, Inc.*                     20                924
Janus Capital Group, Inc.                             260              6,050
Jefferies Group, Inc.                                 190              3,065
Lazard, Ltd. - Class A                                100              3,820
Legg Mason, Inc.                                      200             11,196
Lehman Brothers Holdings, Inc.                        510             19,196
Merrill Lynch & Co., Inc.                           1,160             47,259
Morgan Stanley                                      1,600             73,120
Northern Trust Corp.                                  130              8,641
Raymond James Financial, Inc.                          30                689
SEI Investments Co.                                    60              1,481
State Street Corp.                                    200             15,800
T.Rowe Price Group, Inc.                               40              2,000
The Bank of New York Mellon Corp.                     700             29,211

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                   ------        -----------
The Charles Schwab Corp.                            1,080        $    20,336
                                                                 -----------
                                                                     392,041
                                                                 -----------
COMMERCIAL BANKS -- 4.8%                                                    
Associated Banc-Corp.                                 250              6,657
BancorpSouth, Inc.                                     40                926
Bank of Hawaii Corp.                                  100              4,956
BB&T Corp.                                          1,360             43,602
BOK Financial Corp.                                    10                522
City National Corp.                                    20                989
Comerica, Inc.                                        390             13,681
Cullen/Frost Bankers, Inc.                             60              3,182
East West Bancorp, Inc.                                10                178
Fifth Third Bancorp                                 1,940             40,585
First Citizens BancShares, Inc. - Class A              30              4,181
First Horizon National Corp.                          680              9,527
Fulton Financial Corp.                                130              1,598
Huntington Bancshares, Inc.                           790              8,492
KeyCorp.                                            1,260             27,657
M&T Bank Corp.                                        190             15,291
Marshall & Ilsley Corp.*                              380              8,816
National City Corp.                                 2,660             26,467
PNC Financial Services Group                          600             39,342
Popular, Inc.                                       1,250             14,575
Regions Financial Corp.                             1,410             27,847
SunTrust Banks, Inc.                                  750             41,355
Synovus Financial Corp.                             1,350             14,931
TCF Financial Corp.                                   550              9,856
The Colonial BancGroup, Inc.                          500              4,815
The South Financial Group, Inc.                        30                446
U.S. Bancorp                                        4,010            129,764
UnionBanCal Corp.                                     300             14,724
Valley National Bancorp                                78              1,498
Wachovia Corp.                                      4,520            122,040
Webster Financial Corp.                               110              3,066
Wells Fargo & Co.                                   6,470            188,277
Whitney Holdings Corp.                                330              8,181
Zions Bancorp                                         200              9,110
                                                                 -----------
                                                                     847,134
                                                                 -----------
CONSUMER FINANCE -- 1.1%                                                    
American Express Co.                                2,360            103,179
Capital One Financial Corp.                         1,260             62,017
Discover Financial Services                           460              7,530
Nelnet, Inc. - Class A                                 30                353
SLM Corp.*                                          1,200             18,420
The First Marblehead Corp.                             90                672
The Student Loan Corp.                                 40              3,956
                                                                 -----------
                                                                     196,127
                                                                 -----------
DIVERSIFIED FINANCIAL SERVICES -- 5.8%                                      
Bank of America Corp.                              10,660            404,121
CIT Group, Inc.                                       640              7,584
Citigroup, Inc.                                    15,690            336,080
CME Group, Inc.                                        20              9,382
IntercontinentalExchange, Inc.*                        10              1,305
JPMorgan Chase & Co.                                5,380            231,071
Leucadia National Corp.                                90              4,070
MSCI, Inc.*                                           330              9,817
NYSE Euronext, Inc.                                    90              5,554
The Nasdaq Stock Market, Inc.*                         20                773
                                                                 -----------
                                                                   1,009,757
                                                                 -----------
INSURANCE -- 8.9%                                                           
ACE, Ltd.                                           1,210             66,623

                                               SHARES          VALUE
                                                   ------        -----------
AFLAC, Inc.                                         1,110        $    72,094
Alleghany Corp.*                                       10              3,483
Allied World Assurance Holdings, Ltd.                 100              3,970
American Financial Group, Inc.                        430             10,991
American International Group, Inc.                  5,740            248,255
American National Insurance Co.                        10              1,067
AON Corp.                                             420             16,884
Arch Capital Group, Ltd.*                             180             12,361
Arthur J. Gallagher & Co.                              90              2,126
Assurant, Inc.                                        340             20,692
Axis Captial Holdings, Ltd.                           390             13,252
Brown & Brown, Inc.                                    80              1,390
Chubb Corp.                                         1,160             57,397
Cincinnati Financial Corp.                            420             15,977
CNA Financial Corp.                                   780             20,116
Conseco, Inc.*                                      1,630             16,626
Endurance Specialty Holdings, Ltd.                    180              6,588
Erie Indemnity Co. - Class A                          110              5,631
Everest Re Group, Ltd.                                210             18,801
Fidelity National Financial, Inc. - Class A           160              2,933
First American Corp.                                  410             13,915
Genworth Financial, Inc. - Class A                  2,560             57,958
Hartford Financial Services Group, Inc.               880             66,678
HCC Insurance Holdings, Inc.                          420              9,530
Lincoln National Corp.                                630             32,760
Loews Corp.                                           960             38,611
Markel Corp.*                                          20              8,799
Marsh & McLennan Cos., Inc.                         1,150             28,003
Mercury General Corp.                                 190              8,419
MetLife, Inc.                                       1,990            119,917
Old Republic International Corp.                    1,010             13,039
OneBeacon Insurance Group, Ltd.                        30                571
PartnerRe, Ltd.                                       200             15,260
Philadelphia Consolidated Holding Corp.*              180              5,796
Principal Financial Group, Inc.                       740             41,233
Protective Life Corp.                                 250             10,140
Prudential Financial, Inc.                            830             64,947
Reinsurance Group of America, Inc.                    190             10,344
RenaissanceRe Holdings, Ltd.                          160              8,306
Safeco Corp.                                          450             19,746
StanCorp Financial Group, Inc.                        170              8,111
The Allstate Corp.                                  2,030             97,562
The Hanover Insurance Group, Inc.                     230              9,462
The Progressive Corp.                               2,540             40,818
The Travelers Cos., Inc.                            1,800             86,130
Torchmark Corp.                                       230             13,825
TransAtlantic Holdings, Inc.                          200             13,270
Unitrin, Inc.                                         210              7,421
UnumProvident Corp.                                   800             17,608
W.R. Berkley Corp.                                    710             19,660
White Mountains Insurance Group, Ltd.                  20              9,600

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                   ------        -----------
XL Capital, Ltd. - Class A                          1,300        $    38,415
                                                                 -----------
                                                                   1,553,111
                                                                 -----------
REAL ESTATE INVESTMENT TRUSTS -- 2.4%                                       
AMB Property Corp.                                    130              7,075
Annaly Mortgage Management, Inc.                      670             10,264
Apartment Investment & Management Co. - Class A       393             14,073
AvalonBay Communities, Inc.                           110             10,617
Boston Properties, Inc.                               250             23,018
Brandywine Realty Trust                               260              4,410
BRE Properties, Inc. - Class A                        120              5,467
Camden Property Trust                                  90              4,518
CBL & Associates, Inc.                                300              7,059
Colonial Properties Trust                             170              4,089
Developers Diversified Realty Corp.                   240             10,051
Duke Realty Corp.                                     450             10,265
Equity Residential                                    520             21,575
Essex Property Trust, Inc.                             60              6,839
Federal Realty Investment Trust                        80              6,236
General Growth Properties, Inc.                       420             16,031
Health Care Property Investors, Inc.                  420             14,200
Health Care REIT, Inc.                                190              8,575
Hospitality Properties Trust                          320             10,886
Host Hotels & Resorts, Inc.                           600              9,552
HRPT Properties Trust                               1,290              8,682
iStar Financial, Inc.                                 460              6,454
Kilroy Realty Corp.                                    90              4,420
Kimco Realty Corp.                                    400             15,668
Liberty Property Trust                                240              7,466
Mack-Cali Realty Corp.                                120              4,285
Plum Creek Timber Co., Inc.                           260             10,582
ProLogis                                              290             17,069
Public Storage, Inc.                                  320             28,359
Rayonier, Inc.                                        110              4,778
Regency Centers Corp.                                 120              7,771
Simon Property Group, Inc.                            390             36,235
SL Green Realty                                        60              4,888
Taubman Centers, Inc.                                 120              6,252
The Macerich Co.                                      140              9,838
UDR, Inc.                                             440             10,789
Ventas, Inc.                                          190              8,533
Vornado Realty Trust                                  230             19,828
Weingarten Realty, Inc.                               210              7,232
                                                                 -----------
                                                                     423,929
                                                                 -----------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.0%                                
CB Richard Ellis Group, Inc. - Class A*                40                865
Forest City Enterprises, Inc.                          10                368
Forestar Real Estate Group, Inc*                       70              1,744
Jones Lang LaSalle, Inc.                               10                773
The St. Joe Co.                                        20                859
                                                                 -----------
                                                                       4,609
                                                                 -----------
THRIFTS & MORTGAGE FINANCE -- 2.8%                                          
Astoria Financial Corp.                               200              5,432
Capitol Federal Financial                             380             14,243
Fannie Mae                                          5,900            155,288
Freddie Mac                                         7,350            186,102
Guaranty Financial Group, Inc.*                        70                743
Hudson City Bancorp, Inc.                             990             17,503

                                               SHARES          VALUE
                                                   ------        -----------
Indymac Mortgage Holdings, Inc.                       340        $     1,686
New York Community Bancorp, Inc.                      890             16,216
People's United Financial, Inc.                       364              6,301
Sovereign Bancorp, Inc.                               570              5,313
Washington Federal, Inc.                              160              3,654
Washington Mutual, Inc.                             6,560             67,568
                                                                 -----------
                                                                     480,049
                                                                 -----------
TOTAL FINANCIALS                                                    4,906,757 
                                                                 -----------
HEALTH CARE -- 9.7%                                                           
BIOTECHNOLOGY -- 0.6%                                                       
Abraxis Bioscience, Inc.*                               7                414
Amgen, Inc.*                                        1,200             50,136
Amylin Pharmaceuticals, Inc.*                         150              4,381
Biogen Idec, Inc.*                                    100              6,169
Celgene Corp.*                                         10                613
Cephalon, Inc.*                                        20              1,288
Genentech, Inc.*                                      290             23,542
Gilead Sciences, Inc.*                                240             12,367
Millennium Pharmaceuticals, Inc.*                      30                464
PDL BioPharma, Inc.*                                   10                106
                                                                 -----------
                                                                      99,480
                                                                 -----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 1.0%                                    
Advanced Medical Optics, Inc.*                        130              2,639
Baxter International, Inc.                            560             32,379
Beckman Coulter, Inc.                                  20              1,291
Becton, Dickinson and Co.                             220             18,887
Boston Scientific Corp.*                              750              9,652
C.R. Bard, Inc.                                        80              7,712
Dentsply International, Inc.                          100              3,860
Edwards Lifesciences Corp.*                            90              4,010
Gen-Probe, Inc.*                                      100              4,820
Hillenbrand Industries, Inc.                          110              5,258
Hospira, Inc.*                                         10                428
IDEXX Laboratories, Inc.*                             120              5,911
Intuitive Surgical, Inc.*                              10              3,244
Kinetic Concepts, Inc.*                                40              1,849
Medtronic, Inc.                                     1,010             48,854
St. Jude Medical, Inc.*                               210              9,070
Stryker Corp.                                          60              3,903
The Cooper Cos., Inc.                                  10                344
Varian Medical Systems, Inc.*                         120              5,621
Zimmer Holdings, Inc.*                                170             13,236
                                                                 -----------
                                                                     182,968
                                                                 -----------
HEALTH CARE PROVIDERS & SERVICES -- 1.5%                                    
Aetna, Inc.                                           270             11,364
AmerisourceBergen Corp.                               240              9,835
Brookdale Senior Living, Inc.                          10                239
Cardinal Health, Inc.                                 600             31,506
CIGNA Corp.                                           250             10,142
Community Health Systems, Inc.*                        40              1,343
Coventry Health Care, Inc.*                           150              6,052
DaVita, Inc.*                                          30              1,433
Express Scripts, Inc. - Class A*                       90              5,789
Health Management Associates, Inc. - Class A*       4,570             24,175
Health Net, Inc.*                                      40              1,232
Henry Schein, Inc.*                                    10                574
Humana, Inc.*                                          60              2,692

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                   ------        -----------
Laboratory Corp. of America Holdings*                 120        $     8,842
Lifepoint Hospitals, Inc.*                            180              4,945
Lincare Holdings, Inc.*                                30                843
McKesson Corp.                                        310             16,235
Medco Health Solutions, Inc.*                         500             21,895
Omnicare, Inc.                                        270              4,903
Patterson Cos., Inc.*                                  60              2,178
Pediatrix Medical Group, Inc.*                         30              2,022
Quest Diagnostics, Inc.                               210              9,507
Tenet Healthcare Corp.*                                50                283
UnitedHealth Group, Inc.                            1,460             50,166
Universal Health Services, Inc. - Class B              40              2,148
VCA Antech, Inc.*                                      10                273
WellPoint, Inc.*                                      510             22,506
                                                                 -----------
                                                                     253,122
                                                                 -----------
HEALTH CARE TECHNOLOGY -- 0.0%                                              
Cerner Corp.*                                          20                746
IMS Health, Inc.                                       10                210
                                                                 -----------
                                                                         956
                                                                 -----------
LIFE SCIENCES TOOLS & SERVICES -- 0.1%                                      
Applera Corp. - Applied Biosystems Group              160              5,258
Charles River Laboratories International, Inc.*        20              1,179
Covance, Inc.*                                         30              2,489
Invitrogen Corp.*                                      20              1,709
PerkinElmer, Inc.                                      10                242
Pharmaceutical Product Development, Inc.               10                419
Thermo Electron Corp.*                                150              8,526
Waters Corp.*                                          90              5,013
                                                                 -----------
                                                                      24,835
                                                                 -----------
PHARMACEUTICALS -- 6.5%                                                     
Abbott Laboratories                                 1,990            109,748
Allergan, Inc.                                         70              3,947
APP Pharmaceuticals, Inc.*                             30                362
Barr Pharmaceuticals, Inc.*                            30              1,449
Bristol-Myers Squibb Co.                            4,190             89,247
Eli Lilly & Co.                                     1,640             84,608
Endo Pharmaceuticals Holdings, Inc.*                   20                479
Forest Laboratories, Inc.*                            510             20,405
Johnson & Johnson                                   4,210            273,103
King Pharmaceuticals, Inc.*                           110                957
Merck & Co., Inc.                                   3,680            139,656
Mylan Laboratories, Inc.                              280              3,248
Pfizer, Inc.                                       15,460            323,578
Schering-Plough Corp.                               1,000             14,410
Sepracor, Inc.*                                        10                195
Watson Pharmaceuticals, Inc.*                          50              1,466
Wyeth                                               1,860             77,674
                                                                 -----------
                                                                   1,144,532
                                                                 -----------
TOTAL HEALTH CARE                                                   1,705,893 
                                                                 -----------
INDUSTRIALS -- 11.5%                                                        
AEROSPACE & DEFENSE -- 2.2%                                                 
Alliant Techsystems, Inc.*                             30              3,106
DRS Technologies, Inc.                                 10                583
General Dynamics Corp.                                470             39,184
Goodrich Corp.                                        180             10,352

                                               SHARES          VALUE
                                                   ------        -----------
Honeywell International, Inc.                         910        $    51,342
L-3 Communications Holdings, Inc.                      90              9,841
Lockheed Martin Corp.                                 430             42,699
Northrop Grumman Corp.                                320             24,899
Precision Castparts Corp.                              70              7,146
Raytheon Co.                                          450             29,074
Rockwell Collins, Inc.                                100              5,715
Spirit Aerosystems Holdings, Inc. - Class A*           40                887
The Boeing Co.                                      1,190             88,500
United Technologies Corp.                             990             68,132
                                                                 -----------
                                                                     381,460
                                                                 -----------
AIR FREIGHT & LOGISTICS -- 0.7%                                             
C.H. Robinson Worldwide, Inc.                          60              3,264
Expeditors International Washington, Inc.              50              2,259
FedEx Corp.                                           170             15,754
United Parcel Service, Inc. - Class B               1,460            106,609
                                                                 -----------
                                                                     127,886
                                                                 -----------
AIRLINES -- 0.2%                                                            
AMR Corp.*                                             90                812
Continental Airlines, Inc.  - Class B*                280              5,385
Delta Airlines Co.*                                   260              2,236
Southwest Airlines Co.                                830             10,292
UAL Corp.*                                            770             16,578
US Airways Group, Inc.*                               130              1,158
                                                                 -----------
                                                                      36,461
                                                                 -----------
BUILDING PRODUCTS -- 0.2%                                                   
Lennox International, Inc.                             40              1,439
Masco Corp.                                         1,630             32,323
USG Corp.                                             230              8,468
                                                                 -----------
                                                                      42,230
                                                                 -----------
COMMERCIAL SERVICES & SUPPLIES -- 0.7%                                      
Allied Waste Industries, Inc.*                      1,220             13,188
Avery Dennison Corp.                                  240             11,820
Cintas Corp.                                          190              5,423
Copart, Inc.*                                         210              8,139
Corrections Corp. of America*                          40              1,101
Covanta Holding Corp.*                                 30                825
Equifax, Inc.                                          50              1,724
HNI Corp.                                              30                807
Manpower, Inc.                                         80              4,501
Monster Worldwide, Inc.*                               20                484
Pitney Bowes, Inc.                                    380             13,307
R.R. Donnelley & Sons Co.                             380             11,518
Republic Services, Inc.                               105              3,070
Robert Half International, Inc.                        40              1,030
Steelcase, Inc. -  Class A                             50                553
Stericycle, Inc.*                                     100              5,150
The Brink's Co.                                        70              4,703
The Corporate Executive Board Co.                      80              3,238
The Dun & Bradstreet Corp.                             70              5,697
Waste Management, Inc.                                790             26,512
                                                                 -----------
                                                                     122,790
                                                                 -----------
CONSTRUCTION & ENGINEERING -- 0.1%                                          
Fluor Corp.                                            60              8,470
Jacobs Engineering Group, Inc.*                       100              7,359

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                   ------        -----------
Quanta Services, Inc.*                                 60        $     1,390
The Shaw Group, Inc.*                                  10                471
                                                                 -----------
                                                                      17,690
                                                                 -----------
ELECTRICAL EQUIPMENT -- 0.4%                                                
AMETEK, Inc.                                           60              2,635
Cooper Industries, Ltd. - Class A                     230              9,234
Emerson Electric Co.                                  950             48,887
Hubbell, Inc. - Class B                                30              1,311
Rockwell Automation, Inc.                             150              8,613
Roper Industries, Inc.                                 20              1,189
Thomas & Betts Corp.*                                  20                727
                                                                 -----------
                                                                      72,596
                                                                 -----------
INDUSTRIAL CONGLOMERATES -- 4.7%                                            
3M Co.                                              1,040             82,316
Carlisle Cos., Inc.                                    40              1,338
General Electric Co.                               17,160            635,092
McDermott International, Inc.*                        120              6,578
Teleflex, Inc.                                         30              1,431
Textron, Inc.                                         160              8,867
Tyco International, Ltd.                            2,040             89,862
Walter Industries, Inc.                                30              1,879
                                                                 -----------
                                                                     827,363
                                                                 -----------
MACHINERY -- 1.3%                                                           
AGCO Corp.*                                            40              2,395
Caterpillar, Inc.                                     480             37,579
Crane Co.                                              20                807
Cummins, Inc.                                         220             10,300
Danaher Corp.                                         160             12,165
Deere & Co.                                           270             21,719
Donaldson Co., Inc.                                    30              1,208
Dover Corp.                                           110              4,596
Eaton Corp.                                           160             12,747
Flowserve Corp.                                        20              2,087
Gardner Denver, Inc.*                                  20                742
Graco, Inc.                                            30              1,088
Harsco Corp.                                           20              1,108
IDEX Corp.                                             30                921
Illinois Tool Works, Inc.                             660             31,832
Ingersoll Rand Co., Ltd. - Class A                    410             18,278
ITT Industries, Inc.                                  150              7,771
Joy Global, Inc.                                       40              2,606
Lincoln Electric Holdings, Inc.                        20              1,290
Oshkosh Truck Corp.                                    20                726
PACCAR, Inc.                                          400             18,000
Pall Corp.                                             40              1,403
Parker Hannifin Corp.                                 160             11,083
Pentair, Inc.                                          60              1,914
SPX Corp.                                              50              5,245
Terex Corp.*                                           70              4,375
The Manitowoc Co., Inc.                                40              1,632
The Timken Co.                                         40              1,189
The Toro Co.                                           20                828
Trinity Industries, Inc.                               20                533
                                                                 -----------
                                                                     218,167
                                                                 -----------
MARINE -- 0.0%                                                              
Alexander & Baldwin, Inc.                              30              1,292
Kirby Corp.*                                           20              1,140
                                                                 -----------
                                                                       2,432
                                                                 -----------
ROAD & RAIL -- 0.9%                                                         
Avis Budget Group, Inc.*                            2,280             24,213

                                               SHARES          VALUE
                                                   ------        -----------
Burlington Northern Santa Fe Corp.                    290        $    26,744
Con-way, Inc.                                         140              6,927
CSX Corp.                                             280             15,700
Hertz Global Holdings, Inc.*                          700              8,442
JB Hunt Transport Services, Inc.                       10                314
Kansas City Southern Industries, Inc.*                 60              2,407
Landstar System, Inc.                                  10                522
Norfolk Southern Corp.                                460             24,987
Ryder Systems, Inc.                                   190             11,573
Union Pacific Corp.                                   180             22,568
YRC Worldwide, Inc.*                                  300              3,936
                                                                 -----------
                                                                     148,333
                                                                 -----------
TRADING COMPANIES & DISTRIBUTORS -- 0.1%                                    
Fastenal Co.                                           20                919
GATX Corp.                                             10                391
MSC Industrial Direct Co., Inc. - Class A              20                845
W.W. Grainger, Inc.                                    60              4,583
WESCO International, Inc.*                             30              1,095
                                                                 -----------
                                                                       7,833
                                                                 -----------
TOTAL INDUSTRIALS                                                   2,005,241 
                                                                 -----------
INFORMATION TECHNOLOGY -- 10.8%                                               
COMMUNICATIONS EQUIPMENT -- 1.3%                                            
ADC Telecommunications, Inc.*                          30                362
Ciena Corp.*                                          220              6,783
Cisco Systems, Inc.*                                4,360            105,032
Corning, Inc.                                         350              8,414
Echostar Corp.*                                        76              2,245
F5 Networks, Inc.*                                    100              1,817
Harris Corp.                                          140              6,794
JDS Uniphase Corp.*                                   140              1,875
Juniper Networks, Inc.*                               380              9,500
Motorola, Inc.                                      3,130             29,109
QUALCOMM, Inc.                                      1,270             52,070
Tellabs, Inc.                                          50                273
                                                                 -----------
                                                                     224,274
                                                                 -----------
COMPUTERS & PERIPHERALS -- 2.8%                                             
Apple, Inc.*                                          170             24,395
Dell, Inc.*                                         2,560             50,995
Diebold, Inc.                                          50              1,878
EMC Corp.*                                          1,140             16,348
Hewlett-Packard Co.                                 2,070             94,516
International Business Machines Corp.               2,030            233,734
Lexmark International Group, Inc. - Class A*          310              9,523
NCR Corp.*                                            130              2,968
Netapp, Inc.*                                         280              5,614
QLogic Corp.*                                         590              9,056
SanDisk Corp.*                                        250              5,643
Seagate Technology                                    750             15,705
Sun Microsystems, Inc.*                               610              9,473
Teradata Corp.*                                       130              2,868
Western Digital Corp.*                                 70              1,893
                                                                 -----------
                                                                     484,609
                                                                 -----------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.2%                                  
Amphenol Corp. - Class A                               40              1,490
Arrow Electronics, Inc.*                               70              2,355
Avnet, Inc.*                                          200              6,546

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                   ------        -----------
AVX Corp.                                              50        $       641
Dolby Laboratories, Inc.*                              20                725
Ingram Micro, Inc. - Class A*                         630              9,973
Jabil Circuit, Inc.                                   200              1,892
Mettler-Toledo International, Inc.*                    10                971
Molex, Inc.                                            60              1,390
National Instruments Corp.                             20                523
Trimble Navigation, Ltd.*                              60              1,715
Vishay Intertechnology, Inc.*                         160              1,450
                                                                 -----------
                                                                      29,671
                                                                 -----------
INTERNET SOFTWARE & SERVICES -- 0.2%                                        
Akamai Technologies, Inc.*                             20                563
eBay, Inc.*                                           540             16,114
Google, Inc. - Class A*                                30             13,214
VeriSign, Inc.*                                        80              2,659
                                                                 -----------
                                                                      32,550
                                                                 -----------
IT SERVICES -- 1.1%                                                         
Accenture, Ltd. - Class A                             890             31,301
Affiliated Computer Services, Inc.*                   240             12,026
Automatic Data Processing, Inc.                       650             27,553
Broadridge Financial Solutions, Inc.                   92              1,619
Cognizant Technology                                                        
  Solutions Corp. - Class A*                           20                577
Computer Sciences Corp.*                              300             12,237
Convergys Corp.*                                      100              1,506
DST Systems, Inc.*                                     80              5,259
Electronic Data Systems Corp.                       1,060             17,649
Fidelity National Information Services, Inc.          540             20,596
Fiserv, Inc.*                                         150              7,214
Global Payments, Inc.                                  10                414
Hewitt Associates, Inc.*                               50              1,989
Iron Mountain, Inc.*                                   35                925
Mastercard, Inc.                                       50             11,149
Metavante Technologies, Inc.*                         126              2,519
Paychex, Inc.                                         520             17,815
The Western Union Co.                               1,020             21,695
Total System Services, Inc.                            32                757
Unisys Corp.*                                         190                842
VeriFone Holdings, Inc.*                               10                159
                                                                 -----------
                                                                     195,801
                                                                 -----------
OFFICE ELECTRONICS -- 0.1%                                                  
Xerox Corp.                                         1,460             21,856
Zebra Technologies Corp. - Class A*                    20                666
                                                                 -----------
                                                                      22,522
                                                                 -----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.8%                            
Advanced Micro Devices, Inc.*                         440              2,592
Altera Corp.                                          110              2,027
Analog Devices, Inc.                                  310              9,151
Applied Materials, Inc.                             1,540             30,045
Atmel Corp.*                                          140                487
Broadcom Corp. - Class A*                             170              3,276
Cree, Inc.*                                           100              2,796
Cypress Semiconductor Corp.*                           50              1,181
Fairchild Semiconductor International, Inc.*           20                238
Intel Corp.                                         6,850            145,083
International Rectifier Corp.*                         20                430

                                               SHARES          VALUE
                                                   ------        -----------
Intersil Holding Corp. - Class A                       40        $     1,027
KLA -Tencor Corp.                                     140              5,194
Lam Research Corp.*                                   290             11,084
Linear Technology Corp.                               350             10,742
LSI Logic Corp.*                                       80                396
Marvell Technology Group, Ltd.*                       650              7,072
MEMC Electronic Materials, Inc.*                       80              5,672
Microchip Technology, Inc.                            370             12,110
Micron Technology, Inc.*                              270              1,612
National Semiconductor Corp.                           70              1,282
Novellus Systems, Inc.*                               490             10,315
NVIDIA Corp.*                                         435              8,609
PMC-Sierra, Inc.*                                     250              1,425
Teradyne, Inc.*                                        10                124
Texas Instruments, Inc.                             1,150             32,510
Xilinx, Inc.                                          490             11,637
                                                                 -----------
                                                                     318,117
                                                                 -----------
SOFTWARE -- 3.3%                                                            
Adobe Systems, Inc.*                                  380             13,524
Autodesk, Inc.*                                        60              1,889
BMC Software, Inc.*                                   260              8,455
CA, Inc.                                              830             18,675
Cadence Design Systems, Inc.*                         160              1,709
Citrix Systems, Inc.*                                 280              8,212
Compuware Corp.*                                      150              1,101
Electronic Arts, Inc.*                                 80              3,994
FactSet Research Systems, Inc.                         20              1,077
Fair Isaac & Co., Inc.                                150              3,228
Intuit, Inc.*                                         240              6,482
McAfee, Inc.*                                         200              6,618
Microsoft Corp.                                    14,970            424,849
Novell, Inc.*                                         780              4,906
Oracle Corp.*                                       2,980             58,289
Parametric Technology Corp.*                           20                320
Red Hat, Inc.*                                         80              1,471
Salesforce.com, Inc.*                                  20              1,157
Symantec Corp.*                                     1,030             17,119
Synopsys, Inc.*                                        50              1,136
                                                                 -----------
                                                                     584,211
                                                                 -----------
TOTAL INFORMATION TECHNOLOGY                                        1,891,755 
                                                                 -----------
MATERIALS -- 3.9%                                                             
CHEMICALS -- 2.0%                                                           
Air Products & Chemicals, Inc.                        180             16,560
Airgas, Inc.                                           30              1,364
Albemarle Corp.                                        40              1,461
Ashland, Inc.                                         390             18,447
Cabot Corp.                                            30                840
Celanese Corp. - Series A                             310             12,105
Chemtura Corp.                                         70                514
Cytec Industries, Inc.                                 20              1,077
E.I. DuPont de Nemours & Co.                        1,640             76,686
Eastman Chemical Co.                                  130              8,118
Ecolab, Inc.                                           90              3,909
FMC Corp.                                              40              2,220
Hercules, Inc.                                         20                366
International Flavors & Fragrances, Inc.               50              2,203
Monsanto Co.                                          140             15,610
Nalco Holding Co.                                     240              5,076
PPG Industries, Inc.                                  310             18,758

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                   ------        -----------
Praxair, Inc.                                         220        $    18,531
Rohm & Haas Co.                                       290             15,683
RPM International, Inc.                               150              3,141
Sigma-Aldrich Corp.                                   100              5,965
The Dow Chemical Co.                                2,300             84,755
The Lubrizol Corp.                                     90              4,996
The Mosaic Co.*                                        30              3,078
The Scotts Miracle - Gro Co. - Class A                340             11,023
The Valspar Corp.                                     210              4,166
Valhi, Inc.                                           210              4,912
Westlake Chemical Corp.                               370              4,828
                                                                 -----------
                                                                     346,392
                                                                 -----------
CONSTRUCTION MATERIALS -- 0.1%                                              
Eagle Materials, Inc.                                 250              8,888
Martin Marietta Materials Corp.                        20              2,123
Vulcan Materials Co.                                   90              5,976
                                                                 -----------
                                                                      16,987
                                                                 -----------
CONTAINERS & PACKAGING -- 0.2%                                              
Ball Corp.                                            120              5,513
Bemis Co., Inc.                                       330              8,392
Crown Holdings, Inc.*                                 230              5,787
Owens-Illinois, Inc.*                                  60              3,386
Packaging Corp.                                       110              2,456
Pactiv Corp.*                                          60              1,572
Sealed Air Corp.                                      300              7,575
Smurfit-Stone Container Corp.*                         60                462
Sonoco Products Co.                                   170              4,867
Temple-Inland, Inc.                                   140              1,781
                                                                 -----------
                                                                      41,791
                                                                 -----------
METALS & MINING -- 1.2%                                                     
Alcoa, Inc.                                           750             27,045
Allegheny Technologies, Inc.                           50              3,568
Carpenter Technology Corp.                             40              2,239
Cleveland-Cliffs, Inc.                                 50              5,991
Commercial Metals Co.                                  40              1,199
Freeport-McMoRan Copper & Gold, Inc. - Class B        400             38,488
Newmont Mining Corp.                                  240             10,872
Nucor Corp.                                           580             39,289
Reliance Steel & Aluminum Co.                          60              3,592
Southern Copper Corp.                                 410             42,570
Steel Dynamics, Inc.                                  140              4,625
Titanium Metals Corp.                                  53                798
United States Steel Corp.                             190             24,105
                                                                 -----------
                                                                     204,381
                                                                 -----------
PAPER & FOREST PRODUCTS -- 0.4%                                             
Domtar Corp.*                                       1,930             13,182
International Paper Co.                               720             19,584
Louisiana-Pacific Corp.                               560              5,141
MeadWestvaco Corp.                                    290              7,894
Weyerhaeuser Co.                                      330             21,463
                                                                 -----------
                                                                      67,264
                                                                 -----------
TOTAL MATERIALS                                                       676,815 
                                                                 -----------
TELECOMMUNICATION SERVICES -- 3.8%                                            
DIVERSIFIED TELECOMMUNICATION SERVICES -- 3.5%                              
AT&T, Inc.                                          7,710            295,293
CenturyTel, Inc.                                      550             18,282
Citizens Communications Co.                         1,310             13,742
Embarq Corp.                                          120              4,812
Level 3 Communications, Inc.*                          40                 85

                                               SHARES          VALUE
                                                   ------        -----------
Qwest Communications International, Inc.            2,920        $    13,227
Verizon Communications, Inc.                        6,340            231,093
Windstream Corp.                                    2,400             28,680
                                                                 -----------
                                                                     605,214
                                                                 -----------
WIRELESS TELECOMMUNICATION SERVICES -- 0.3%                                 
American Tower Corp. - Class A*                       110              4,313
Crown Castle International Corp.*                     320             11,037
NII Holdings, Inc.*                                    20                635
SBA Communications Corp. - Class A*                    20                597
Sprint Nextel Corp.                                 4,070             27,228
Telephone & Data Systems, Inc.                        140              5,498
U.S. Cellular Corp.*                                   20              1,100
                                                                 -----------
                                                                      50,408
                                                                 -----------
TOTAL TELECOMMUNICATION SERVICES                                      655,622 
                                                                 -----------
UTILITIES -- 3.9%                                                             
ELECTRIC UTILITIES -- 2.1%                                                  
Allegheny Energy, Inc.                                 30              1,515
American Electric Power Co., Inc.                     610             25,394
DPL, Inc.                                             350              8,974
Duke Energy Corp.                                   2,860             51,051
Edison International Co.                              230             11,275
Entergy Corp.                                         180             19,634
Exelon Corp.                                          660             53,638
FirstEnergy Corp.                                     420             28,820
FPL Group, Inc.                                       460             28,860
Great Plains Energy, Inc.                             440             10,846
Hawaiian Electric Industries, Inc.                    280              6,684
Northeast Utilities Co.                               240              5,890
Pepco Holdings, Inc.                                  350              8,652
Pinnacle West Capital Corp.                           340             11,927
PPL Corp.                                             390             17,909
Progress Energy, Inc.                                 560             23,352
Sierra Pacific Resources Corp.                         20                253
Southern Co.                                        1,410             50,210
                                                                 -----------
                                                                     364,884
                                                                 -----------
GAS UTILITIES -- 0.3%                                                       
AGL Resources, Inc.                                   190              6,521
Atmos Energy Corp.                                    320              8,160
Energen Corp.                                          30              1,869
Equitable Resources, Inc.                             140              8,246
National Fuel Gas Co.                                 140              6,610
Nicor, Inc.                                            10                335
ONEOK, Inc.                                           120              5,356
Questar Corp.                                         120              6,787
Southern Union Co.                                     40                931
UGI Corp.                                             120              2,990
                                                                 -----------
                                                                      47,805
                                                                 -----------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.1%                        
AES Corp.*                                            420              7,001
Constellation Energy Group, Inc.                      180             15,889
Dynegy, Inc. - Class A*                               130              1,026
NRG Energy, Inc.*                                      20                780
Reliant Energy, Inc.*                                 130              3,074
                                                                 -----------
                                                                      27,770
                                                                 -----------

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                   ------        -----------
MULTI-UTILITIES -- 1.4%                                                     
Alliant Energy Corp.                                  200        $     7,002
Ameren Corp.                                          360             15,854
CenterPoint Energy, Inc.                              600              8,562
CMS Energy Corp.                                      440              5,958
Consolidated Edison, Inc.                             730             28,981
Dominion Resources, Inc.                              830             33,897
DTE Energy Co.                                        450             17,500
Integrys Energy Group, Inc.                           100              4,664
MDU Resources Group, Inc.                              70              1,719
NiSource, Inc.                                        610             10,516
NSTAR                                                 220              6,695
OGE Energy Corp.                                      210              6,546
PG&E Corp.                                            450             16,569
Public Service Enterprise Group, Inc.                 620             24,918
SCANA Corp.                                           290             10,608
Sempra Energy Co.                                     190             10,123
TECO Energy, Inc.                                     550              8,773
Vectren Corp.                                         180              4,829
Wisconsin Energy Corp.                                150              6,599
Xcel Energy, Inc.                                     930             18,553
                                                                 -----------
                                                                     248,866
                                                                 -----------
WATER UTILITIES -- 0.0%                                                     
Aqua America, Inc.                                     40                751
                                                                 -----------
TOTAL UTILITIES                                                       690,076 
                                                                 -----------

TOTAL COMMON STOCK                                                            
(Cost $20,314,431)                                                17,481,154
                                                                 -----------

SHORT-TERM INVESTMENTS -- 0.0%                                                  
BlackRock Liquidity Funds TempCash                                          
  Portfolio - Institutional Series                  3,134              3,134
BlackRock Liquidity Funds TempFund                                          
  Portfolio - Institutional Series                  3,133              3,133
                                                                 -----------

TOTAL SHORT-TERM INVESTMENTS                                                  
(Cost $6,267)                                                          6,267
                                                                 -----------

TOTAL INVESTMENTS -- 99.9%                                                      
(Cost $20,320,698)+                                              $17,487,421
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1%                           20,260  
                                                                 -----------
NET ASSETS -- 100.0%                                               $17,507,681  
                                                                 ===========
*    Non-income producing security.                                             
+    The cost for Federal income tax purposes is $20,541,771. At March 31, 2008 
 net unrealized depreciation was $3,054,350. This consisted of aggregate
 gross unrealized appreciation for all securities for which there was an
excess of market value over tax cost of $592,409, and aggregate gross 
     unrealized depreciation for all securities for which there was an excess of
tax cost over market value of $3,646,759.                             

The accompanying notes are integral part of the financial statements. 

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(Showing Percentage of Total Investments)                                     
--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ------        ----------
COMMON STOCK -- 99.1%                                                           
CONSUMER DISCRETIONARY -- 16.0%                                               
AUTO COMPONENTS -- 1.3%                                                     
Aftermarket Technology Corp.*                         130        $    2,527 
American Axle & Manufacturing Holdings, Inc.          490            10,045 
ArvinMeritor, Inc.                                    490             6,130 
Cooper Tire & Rubber Co.                              330             4,940 
Drew Industries, Inc.*                                 70             1,712 
Exide Technologies*                                   431             5,646 
Fuel Systems Solutions, Inc.*                          30               400 
Lear Corp.*                                           420            10,882 
Modine Manufacturing Co.                              400             5,796 
Raser Technologies, Inc.*                              50               430 
Sauer-Danfoss, Inc.                                   260             5,756 
Standard Motor Products, Inc.                         350             2,142 
Stoneridge, Inc.*                                     130             1,749 
Superior Industries International, Inc.               230             4,773 
Tenneco, Inc.*                                        110             3,073 
                                                                ----------
                                                                    66,001
                                                                ----------
AUTOMOBILES -- 0.2%                                                         
Coachmen Industries, Inc.                              30                89 
Fleetwood Enterprises, Inc.*                           80               368 
Monaco Coach Corp.                                    530             5,025 
Winnebago Industries, Inc.                            300             5,070 
                                                                ----------
                                                                    10,552
                                                                ----------
DISTRIBUTORS -- 0.2%                                                        
Audiovox Corp. - Class A*                             110             1,175 
Building Materials Holding Corp.                    1,260             5,519 
Core Mark Holding Co., Inc.*                          100             2,874 
DXP Enterprises, Inc.*                                 20               785 
Source Interlink Cos., Inc.*                          230               437 
                                                                ----------
                                                                    10,790
                                                                ----------
DIVERSIFIED CONSUMER SERVICES -- 0.7%                                       
Capella Education Co.*                                 10               546 
Coinstar, Inc.*                                        40             1,126 
Corinthian Colleges, Inc.*                            160             1,157 
CPI Corp.                                              50               863 
DeVry, Inc.                                           100             4,184 
INVESTools, Inc.*                                      10               110 
Jackson Hewitt Tax Service, Inc.                      100             1,147 
Matthews International Corp. - Class A                 50             2,412 
Pre-Paid Legal Services, Inc.*                         70             2,969 
Regis Corp.                                           330             9,072 
Sotheby's Holdings, Inc. -  Class A                   120             3,469 
Stewart Enterprises, Inc. - Class A                   330             2,119 
Strayer Education, Inc.                                30             4,575 
                                                                ----------
                                                                    33,749
                                                                ----------
HOTELS, RESTAURANTS & LEISURE -- 2.4%                                       
AFC Enterprises, Inc.*                              1,000             8,990 
Ambassadors Group, Inc.                               160             3,022 
Ambassadors International, Inc.                        30               222 
Ameristar Casinos, Inc.                               130             2,372 
Bally Technologies, Inc.*                              10               343 
Bluegreen Corp.*                                      460             3,082 
Bob Evans Farms, Inc.                                 220             6,070 

                                               SHARES          VALUE
                                                  ------        ----------
CBRL Group, Inc.                                      300        $   10,731 
CEC Entertainment, Inc.*                              270             7,798 
Churchill Downs, Inc.                                  70             3,307 
CKE Restaurants, Inc.                                 210             2,356 
Cosi, Inc.*                                            90               258 
Domino's Pizza, Inc.                                  210             2,833 
Dover Downs Entertainment, Inc.                       270             2,298 
Dover Motorsports, Inc.                                70               431 
Gaylord Entertainment Co.*                             20               606 
IHOP Corp.                                            150             7,185 
Isle of Capri Casinos, Inc.*                           60               429 
Jack in the Box, Inc.*                                120             3,224 
Jamba, Inc.*                                          200               530 
Krispy Kreme Doughnuts, Inc.*                         450             1,373 
Landry's Restaurants, Inc.                            210             3,419 
Luby's, Inc.*                                          70               496 
McCormick & Schmick's                                                       
 Seafood Restaurants, Inc.*                           80               932
Monarch Casino & Resort, Inc.*                         40               708 
Morgans Hotel Group Co.*                               30               445 
MTR Gaming Group, Inc.*                               140               980 
Multimedia Games, Inc.*                               170               908 
O' Charley's, Inc.                                    160             1,843 
Papa John's International, Inc.*                      180             4,358 
PF Chang's China Bistro, Inc.*                         70             1,991 
Pinnacle Entertainment, Inc.*                          50               640 
Progressive Gaming International Corp.*                40                85 
Red Robin Gourmet Burgers, Inc.*                       10               376 
Ruby Tuesday, Inc.                                    430             3,225 
Ruth's Chris Steak House, Inc.*                       100               691 
Shuffle Master, Inc.*                                 180               963 
Speedway Motorsports, Inc.                            160             4,011 
Texas Roadhouse, Inc.*                                240             2,352 
The Marcus Corp.                                      650            12,480 
The Steak 'n Shake Co.*                                60               472 
Town Sports International  Holdings, Inc.*             30               192 
Triarc Cos., Inc. - Class B                           530             3,662 
Trump Entertainment Resorts, Inc.*                    370             1,332 
Vail Resorts, Inc.*                                   110             5,312 
                                                                ----------
                                                                   119,333
                                                                ----------
HOUSEHOLD DURABLES -- 2.0%                                                  
American Greetings Corp.                              680            12,614 
Avatar Holdings, Inc.*                                 80             3,487 
Blyth, Inc.                                           140             2,761 
Brookfield Homes Corp.                                430             7,224 
California Coastal Communities, Inc.*                  30               145 
Cavco Industries, Inc.*                                20               701 
Champion Enterprises, Inc.*                           310             3,109 
CSS Industries, Inc.                                   10               350 
Directed Electronics, Inc.*                           100               209 
Ethan Allen Interiors, Inc.                           390            11,088 
Furniture Brands International, Inc.                1,110            12,987 
Helen of Troy Ltd.*                                   230             3,857 
Hooker Furniture Corp.                                100             2,234 
Hovnanian Enterprises, Inc.*                          140             1,484 
iRobot Corp.*                                          50               856 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------        ----------
La-Z-Boy Chair Co.                                    710        $    5,922 
Libbey, Inc.                                           30               505 
M/I Homes, Inc.                                       190             3,226 
Meritage Homes Corp.*                                 120             2,318 
National Presto Industries, Inc.                       40             2,096 
Orleans Homebuilders, Inc.                            210             1,197 
Palm Harbor Homes, Inc.*                              150               789 
Sealy Corp.                                           600             4,560 
Skyline Corp.                                         160             4,451 
Tempur-Pedic International, Inc.                      150             1,650 
Tupperware Brands Corp.                               340            13,151 
Universal Electronics, Inc.*                           30               726 
                                                                ----------
                                                                   103,697
                                                                ----------
INTERNET & CATALOG RETAIL -- 0.4%                                           
1-800-FLOWERS.COM, Inc.*                               90               766 
Blue Nile, Inc.*                                       10               542 
FTD Group, Inc.                                        80             1,074 
Gaiam, Inc. Class A*                                   20               346 
GSI Commerce, Inc.*                                    30               395 
Netflix, Inc.*                                        140             4,851 
Orbitz Worldwide, Inc.*                               450             3,100 
Overstock.com, Inc.*                                   20               238 
PetMed Express, Inc.*                                  80               887 
Priceline.com, Inc.*                                   40             4,834 
Stamps.com, Inc.*                                      60               616 
Systemax, Inc.                                         20               241 
U.S. Auto Parts Network, Inc.*                        130               416 
ValueVision Media, Inc.*                              200             1,108 
                                                                ----------
                                                                    19,414
                                                                ----------
LEISURE EQUIPMENT & PRODUCTS -- 0.9%                                        
Arctic Cat, Inc.                                      460             3,353 
Callaway Golf Co.                                     320             4,698 
JAKKS Pacific, Inc.*                                  210             5,790 
Leapfrog Enterprises, Inc.*                            30               212 
Marine Products Corp.                                 230             1,858 
MarineMax, Inc.*                                      200             2,492 
Polaris Industries, Inc.                              310            12,713 
Pool Corp.                                             80             1,511 
RC2 Corp.*                                            160             3,355 
Smith & Wesson Holdings Corp.*                         20               100 
Steinway Musical Instruments*                          30               856 
Sturm, Ruger & Co., Inc.*                             530             4,367 
The Nautilus Group, Inc.                              730             2,402 
                                                                ----------
                                                                    43,707
                                                                ----------
MEDIA -- 3.3%                                                               
Arbitron, Inc.                                         80             3,453 
Belo Corp.*                                           188             2,149 
Belo Corp. - Class A                                  940             9,936 
Carmike Cinemas, Inc.                                 110             1,131 
Cinemark Holdings, Inc.                               160             2,046 
Citadel Broadcasting Corp.                          7,360            12,217 
Cox Radio, Inc.*                                      590             7,009 
Crown Media Holdings, Inc.*                            70               362 
Emmis Communications Corp. - Class A*               2,450             8,526 
Entercom Communications Corp.                         700             6,951 
Entravision Communications Corp.*                     110               733 
Gatehouse Media, Inc.                                 320             1,869 
Global Sources, Ltd.*                                  44               653 

                                               SHARES          VALUE
                                                  ------        ----------
Gray Communications Systems, Inc.                     460        $    2,617 
Harris Interactive, Inc.*                             470             1,283 
Interactive Data Corp.                                380            10,819 
Journal Communications, Inc. -  Class A               950             7,011 
Lakes Entertainment, Inc.*                             80               354 
Lee Enterprises, Inc.                                 880             8,809 
Lin TV Corp.*                                         230             2,210 
Live Nation, Inc.*                                     60               728 
Martha Stewart Living                                                       
 Omnimedia, Inc. - Class A*                          300             2,229
Marvel Entertainment, Inc.*                           310             8,305 
Media General, Inc. - Class A                         330             4,627 
Morningstar, Inc.*                                     40             2,454 
Primedia, Inc.                                        530             3,895 
Radio One, Inc. - Class D*                          2,160             3,283 
RCN Corp.*                                            760             8,497 
Salem Communications Corp. - Class A                  210               842 
Scholastic Corp.*                                     210             6,357 
Sinclair Broadcast Group, Inc. - Class A            1,000             8,910 
Tivo, Inc.*                                           220             1,927 
Valassis Communications, Inc.*                        690             7,486 
Value Line, Inc.                                      230            10,557 
World Wrestling Entertainment, Inc.                   500             9,305 
                                                                ----------
                                                                   169,540
                                                                ----------
MULTILINE RETAIL -- 0.3%                                                    
99 Cents Only Stores*                                 400             3,956 
Big Lots, Inc.*                                        20               446 
Bon-Ton Stores, Inc.                                   90               492 
Fred's, Inc. - Class A                                230             2,357 
Retail Ventures, Inc.*                                 10                49 
Tuesday Morning Corp.*                              1,400             7,252 
                                                                ----------
                                                                    14,552
                                                                ----------
SPECIALTY RETAIL -- 3.0%                                                    
Aaron Rents, Inc.                                     120             2,585 
Aeropostale, Inc.*                                    165             4,473 
America's Car-Mart, Inc.*                              90             1,133 
Asbury Automotive Group, Inc.                         190             2,614 
Bebe Stores, Inc.                                     380             4,085 
Big 5 Sporting Goods Corp.                             60               526 
Blockbuster, Inc. - Class A*                        1,090             3,553 
Books-A-Million, Inc.                                 410             3,583 
Borders Group, Inc.                                   380             2,231 
Brown Shoe Co., Inc.                                  330             4,973 
Build-A-Bear Workshop, Inc.*                          130             1,182 
Cabela's, Inc. - Class A*                              30               425 
Cache, Inc.*                                          110             1,242 
Charlotte Russe Holdings, Inc.*                       150             2,601 
Charming Shoppes, Inc.*                               370             1,787 
Christopher & Banks Corp.                             350             3,497 
Citi Trends, Inc.*                                     20               369 
Collective Brands, Inc.*                              350             4,242 
Conn's, Inc.*                                          20               326 
Cost Plus, Inc.*                                      110               369 
CSK Auto Corp.*                                     1,220            11,358 
Dress Barn, Inc.*                                     340             4,400 
DSW, Inc.*                                            130             1,684 
Eddie Bauer Holdings, Inc.*                           170               661 
Gander Mountain Co.*                                  240             1,459 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------        ----------
Group 1 Automotive, Inc.                              310        $    7,279 
Haverty Furniture Cos., Inc.                          400             4,256 
Hot Topic, Inc.*                                      110               474 
J. Crew Group, Inc.*                                   10               442 
Jo-Ann Stores, Inc.*                                   20               295 
Jos. A. Bank Clothiers, Inc.*                          40               820 
Lithia Motors, Inc. - Class A                         120             1,219 
New York & Co., Inc.*                                 250             1,435 
Pacific Sunwear of California, Inc.*                  240             3,026 
Pier 1 Imports, Inc.*                               1,010             6,343 
Rent-A-Center, Inc.*                                  940            17,249 
Select Comfort Corp.*                                 270               972 
Shoe Carnival, Inc.*                                   20               271 
Sonic Automotive, Inc.                                510            10,481 
Stage Stores, Inc.                                    150             2,430 
Stein Mart, Inc.                                      710             3,990 
Talbots, Inc.                                         460             4,959 
The Buckle, Inc.                                       10               447 
The Cato Corp. - Class A                              340             5,080 
The Children's Place Retail Stores, Inc.*              90             2,210 
The Finish Line, Inc. - Class A                       600             2,856 
The Gymboree Corp.*                                    40             1,595 
The Men's Wearhouse, Inc.                             120             2,792 
The Pep Boys - Manny, Moe & Jack                      230             2,291 
Tractor Supply Co.*                                    10               395 
Tween Brands, Inc.*                                    50             1,237 
West Marine, Inc.*                                    220             1,533 
Zale Corp.*                                            40               790 
Zumiez, Inc.*                                          10               157 
                                                                ----------
                                                                   152,682
                                                                ----------
TEXTILES, APPAREL & LUXURY GOODS -- 1.3%                                    
Ashworth, Inc.*                                        60               172 
Carter's, Inc.*                                       130             2,099 
Cherokee, Inc.                                         80             2,694 
Columbia Sportswear Co.                               180             7,925 
Fossil, Inc.*                                          10               305 
Hartmarx Corp.*                                       340               993 
Heelys, Inc.*                                         140               601 
K-Swiss, Inc. - Class A                               290             4,588 
Kenneth Cole Productions, Inc.                        110             1,863 
Maidenform Brands, Inc.*                               90             1,464 
Movado Group, Inc.                                     40               780 
Oxford Industries, Inc.                               190             4,281 
Perry Ellis International, Inc.*                       25               546 
Phillips-Van Heusen Corp.                              10               379 
Quiksilver, Inc.*                                     150             1,471 
Skechers U.S.A., Inc.*                                170             3,436 
Steven Madden, Ltd.*                                  160             2,741 
The Timberland Co. - Class A*                         540             7,414 
The Warnaco Group, Inc.*                              410            16,170 
True Religion Apparel, Inc.*                           60             1,113 
Volcom, Inc.*                                          70             1,415 
Weyco Group, Inc.                                      20               593 
Wolverine World Wide, Inc.                             60             1,741 
                                                                ----------
                                                                    64,784
                                                                ----------
Total Consumer Discretionary                                         808,801  
                                                                ----------
CONSUMER STAPLES -- 3.8%                                                      
BEVERAGES -- 0.3%                                                           
Central European Distribution Corp.*                   40             2,328 

                                               SHARES          VALUE
                                                  ------        ----------
Coca-Cola Bottling Co.                                140        $    8,627 
MGP Ingredients, Inc.                                  60               419 
National Beverage Corp.                               574             4,403 
The Boston Beer Co., Inc. - Class A*                   10               475 
                                                                ----------
                                                                    16,252
                                                                ----------
FOOD & STAPLES RETAILING -- 1.0%                                            
Andersons, Inc.                                        40             1,784 
Arden Group, Inc.                                      30             4,290 
Great Atlantic & Pacific Tea Co., Inc.*               460            12,061 
Ingles Markets, Inc. - Class A                        150             3,689 
Long's Drug Stores Corp.                               70             2,972 
Nash Finch Co.                                        150             5,097 
PriceSmart, Inc.                                       30               831 
Ruddick Corp.                                         140             5,161 
Spartan Stores, Inc.                                   60             1,251 
The Pantry, Inc.*                                     210             4,427 
United Natural Foods, Inc.*                            50               936 
Village Super Market Class A                           60             3,090 
Weis Markets, Inc.                                     60             2,068 
Winn-Dixie Store, Inc.*                               170             3,053 
                                                                ----------
                                                                    50,710
                                                                ----------
FOOD PRODUCTS -- 1.4%                                                       
Alico, Inc.                                            20               883 
Cal-Maine Foods, Inc.                                  80             2,670 
Chiquita Brands International, Inc.*                  370             8,551 
Darling International, Inc.*                          180             2,331 
Farmer Brothers Co.                                   150             3,471 
Flowers Foods, Inc.                                   355             8,786 
Fresh Del Monte Produce, Inc.*                        290            10,556 
Imperial Sugar Co.                                    180             3,388 
Lancaster Colony Corp.                                190             7,592 
Lance, Inc.                                           100             1,960 
Pilgrim's Pride Corp.                                 410             8,294 
Ralcorp Holdings, Inc.*                                50             2,908 
Sanderson Farms, Inc.                                 110             4,181 
Tootsie Roll Industries, Inc.                         134             3,374 
TreeHouse Foods, Inc.*                                 10               229 
                                                                ----------
                                                                    69,174
                                                                ----------
HOUSEHOLD PRODUCTS -- 0.2%                                                  
Central Garden & Pet Co.*                             200               922 
Central Garden & Pet Co. - Class A*                   890             3,952 
Spectrum Brands, Inc.*                                130               594 
WD-40 Co.                                              80             2,660 
                                                                ----------
                                                                     8,128
                                                                ----------
PERSONAL PRODUCTS -- 0.3%                                                   
American Oriental Bioengineering, Inc.*                90               729 
Chattem, Inc.*                                         50             3,317 
Elizabeth Arden, Inc.*                                 50               997 
International Parfums, Inc.                            40               883 
Mannatech, Inc.                                       310             2,210 
Medifast, Inc.*                                       120               508 
Nu Skin Enterprises, Inc. - Class A                   210             3,784 
Parlux Fragrances, Inc.*                               20                59 
Prestige Brands Holdings, Inc.*                       170             1,391 
Tiens Biotech Group (USA), Inc.*                      310               657 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------        ----------
USANA Health Sciences, Inc.*                           70        $    1,542 
                                                                ----------
                                                                    16,077
                                                                ----------
TOBACCO -- 0.6%                                                             
Alliance One International, Inc.*                   1,270             7,671 
Universal Corp.                                       180            11,795 
Vector Group, Ltd.                                    659            11,592 
                                                                ----------
                                                                    31,058
                                                                ----------
Total Consumer Staples                                               191,399  
                                                                ----------
ENERGY -- 4.4%                                                                
ENERGY EQUIPMENT & SERVICES -- 1.1%                                         
Allis-Chalmers Energy, Inc.*                           70               965 
Atwood Oceanics, Inc.*                                 20             1,834 
Basic Energy Services, Inc.*                           50             1,104 
Bristow Group, Inc.*                                   10               537 
Cal Dive International, Inc.*                       1,083            11,242 
CARBO Ceramics, Inc.                                  100             4,010 
Complete Production Services, Inc.*                    70             1,606 
Dril-Quip, Inc.*                                       20               929 
ENGlobal, Corp.*                                       80               684 
Grey Wolf, Inc.*                                      860             5,831 
Gulf Island Fabrication, Inc.                          30               862 
Hercules Offshore, Inc.*                              100             2,512 
ION Geophysical Corp.*                                 50               690 
Lufkin Industries, Inc.                                30             1,915 
Matrix Service Co.*                                    20               344 
NATCO Group, Inc.*                                     30             1,402 
Newpark Resources, Inc.*                              100               510 
Oil States International, Inc.*                        90             4,033 
Parker Drilling Co.*                                   90               581 
Petroleum Helicopters, Inc.*                          170             5,362 
Pioneer Drilling Co.*                                  20               319 
RPC, Inc.                                             110             1,671 
T-3 Energy Services, Inc.*                             30             1,277 
Trico Marine Services, Inc.*                           70             2,728 
Union Drilling, Inc.*                                  70             1,224 
Unit Corp.*                                            10               566 
W-H Energy Services, Inc.*                             30             2,065 
                                                                ----------
                                                                    56,803
                                                                ----------
OIL, GAS & CONSUMABLE FUELS -- 3.3%                                         
Alon USA Energy, Inc.                                 590             8,974 
Alpha Natural Resources, Inc.*                        100             4,344 
Arena Resources, Inc.*                                 20               774 
Arlington Tankers, Ltd.                               150             3,150 
Atlas America, Inc.                                    30             1,813 
ATP Oil & Gas Co.*                                     10               327 
Berry Petroleum Co. - Class A                         120             5,579 
Bill Barret Corp.*                                     30             1,418 
Bois d'Arc Energy, Inc.*                               30               645 
Brigham Exploration Co.*                              260             1,578 
Callon Petroleum Co.*                                  70             1,266 
Carrizo Oil & Gas, Inc.*                               10               593 
Cimarex Energy Co.                                     10               547 
Comstock Resources, Inc.*                              30             1,209 
Crosstex Energy, Inc.                                 130             4,414 
Delek US Holdings, Inc.                                80             1,014 
Delta Petroleum Corp.*                                 30               676 
Double Hull Tankers, Inc.                             360             3,820 
Edge Petroleum Corp.*                                  70               282 
Encore Acquisition Co.*                                90             3,625 
Energy Partners, Ltd.*                                120             1,136 
Evergreen Energy, Inc.*                                40                62 

                                               SHARES          VALUE
                                                  ------        ----------
EXCO Resources, Inc.*                                  80        $    1,480 
General Maritime Corp.                              1,330            31,401 
GeoGlobal Resources, Inc.*                             60               167 
Geomet, Inc.*                                         270             1,798 
GMX Resources, Inc.*                                   30             1,048 
Golar LNG, Ltd.                                        90             1,644 
Goodrich Petroleum Corp.*                              10               301 
Harvest Natural Resources, Inc.*                       20               241 
International Coal Group, Inc.*                       100               635 
James River Coal Co.*                                  60             1,051 
Knightsbridge Tankers, Ltd.                           340             9,071 
Mariner Energy, Inc.*                                 200             5,402 
Massey Energy Co.                                      20               730 
McMoRan Exploration Co.*                               50               865 
Nordic American Tanker Shipping                       370            10,360 
Pacific Ethanol, Inc.*                                500             2,200 
Parallel Petroleum Corp.*                              70             1,370 
Penn Virginia Corp.                                    70             3,086 
Petrohawk Energy Corp.*                                20               403 
Petroleum Development Corp.*                           60             4,156 
Quest Resource Corp.*                                  70               460 
Ship Finance International, Ltd.                      900            23,652 
Stone Energy Corp.*                                    50             2,616 
Swift Energy Co.*                                      60             2,699 
Toreador Resources Corp.*                             150             1,167 
USEC, Inc.*                                           490             1,813 
Vaalco Energy*                                        390             1,938 
VeraSun Energy Corp.*                                 130               956 
Warren Resources, Inc.*                               140             1,662 
Western Refining, Inc.                                 30               404 
Westmoreland Coal Co.*                                 40               543 
Whiting Petroleum Corp.*                               10               647 
World Fuel Services Corp.                              60             1,684 
                                                                ----------
                                                                   164,896
                                                                ----------
Total Energy                                                         221,699  
                                                                ----------
FINANCIALS -- 38.3%                                                           
CAPITAL MARKETS -- 2.5%                                                     
Apollo Investment Corp.                               795            12,585 
Ares Capital Corp.                                    747             9,390 
Calamos Asset Management, Inc.- Class A               310             5,047 
Cohen & Steers, Inc.                                  220             5,828 
Cowen Group, Inc.*                                  1,780            12,620 
Evercore Partners, Inc. - Class A                     300             5,325 
GAMCO Investors, Inc. - Class A                        50             2,518 
GFI Group, Inc.                                        20             1,146 
Greenhill & Co., Inc.                                  50             3,478 
Hercules Technology Growth Capital, Inc.              442             4,801 
HFF, Inc. - Class A*                                  260             1,303 
KBW, Inc.*                                             10               221 
Knight Capital Group, Inc. - Class A*                 180             2,923 
Kohlberg Capital Corp.                                124             1,287 
LaBranche & Co., Inc.*                              1,500             6,525 
MCG Capital Corp.                                   1,210            10,999 
optionsXpress Holdings, Inc.                          140             2,899 
Patriot Capital Funding, Inc.                         208             2,178 
Penson Worldwide, Inc.*                                30               277 
Piper Jaffray Cos.*                                    70             2,377 
Prospect Capital Corp.                                231             3,516 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------        ----------
Sanders Morris Harris Group, Inc.                     180        $    1,469 
Stifel Financial Corp.*                                20               898 
SWS Group, Inc.                                       445             5,442 
Thomas Weisel Partners Group, Inc.*                    70               463 
Ticc Capital Corp.                                    436             3,279 
TradeStation Group, Inc.*                              50               426 
W.P. Stewart & Co., Ltd.                            2,200             4,268 
Waddell & Reed Financial, Inc. - Class A              370            11,888 
                                                                ----------
                                                                   125,376
                                                                ----------
COMMERCIAL BANKS -- 9.6%                                                    
1st Source Corp.                                      200             4,210 
Abington Bancorp, Inc.                                 40               413 
Amcore Financial, Inc.                                170             3,459 
AmericanWest Bancorp                                   90               785 
Ameris Bancorp                                        150             2,409 
Arrow Financial Corp.                                  24               540 
Bancfirst Corp.                                        50             2,289 
Banco Latinoamericano De Exportaciones SA             670            10,318 
BancTrust Financial Group, Inc.                        50               537 
Bank of Granite Corp.                                  80               878 
Bank of the Ozarks, Inc.                               10               239 
Banner Corp.                                          110             2,534 
Cadence Financial Corp.                               140             2,236 
Camden National Corp.                                  40             1,354 
Capital Corp of the West                               80               642 
Capitol Bancorp, Ltd.                                 180             3,805 
Cardinal Financial Corp.                               90               798 
Cascade Bancorp                                       260             2,486 
Cathay General Bancorp                                190             3,939 
Center Financial Corp.                                130             1,178 
Central Pacific Financial Corp.                       240             4,524 
Chemical Financial Corp.                              200             4,768 
Citizens Banking Corp.                                880            10,938 
City Bank/Lynnwood, Washington                        180             4,009 
City Holding Co.                                      120             4,788 
CoBiz Financial, Inc.                                 120             1,562 
Columbia Banking System, Inc.                          60             1,343 
Community Bancorp*                                     70               949 
Community Bank Systems, Inc.                          360             8,841 
Community Trust Bancorp, Inc.                         150             4,395 
CVB Financial Corp.                                   702             7,308 
Farmers Capital Bank Corp.                             90             2,136 
First Bancorp/North Carolina                          160             3,189 
First Bancorp/Puerto Rico                           1,060            10,769 
First Commonwealth Financial Corp.                    900            10,431 
First Community Bancorp, Inc.                         130             3,490 
First Community Bancshares, Inc.                      110             4,006 
First Financial Bancorp                               660             8,877 
First Financial Corp./Indiana                          70             2,155 
First Merchants Corp.                                 240             6,850 
First Midwest Bancorp, Inc.                           330             9,164 
First Regional Bancorp, Inc.*                          60               984 
First South Bancorp                                    20               450 
First State Bancorp                                   120             1,607 
FirstMerit Corp.                                      920            19,007 
FNB Corp.                                             640             9,990 

                                               SHARES          VALUE
                                                  ------        ----------
Frontier Financial Corp.                              210        $    3,713 
Glacier Bancorp, Inc.                                 210             4,026 
Great Southern Bancorp, Inc.                           70             1,093 
Greene Bancshares, Inc.                               130             2,300 
Hancock Holding Co.                                   180             7,564 
Hanmi Financial Corp.                                 540             3,991 
Harleysville National Corp.                           440             6,345 
Heartland Financial USA, Inc.                         120             2,539 
Horizon Financial Corp.                               120             1,657 
IBERIABANK Corp.                                       60             2,655 
Independent Bank Corp./Massachussetts                 110             3,250 
Independent Bank Corp./Michigan                       460             4,775 
Integra Bank Corp.                                    280             4,536 
International Bancshares Corp.                        520            11,741 
InterVest Bancshares Corp.                             60               575 
Irwin Financial Corp.                                 490             2,602 
Lakeland Bancorp, Inc.                                164             2,120 
Macatawa Bank Corp.                                   220             2,290 
MainSource Financial Group, Inc.                       94             1,457 
MB Financial, Inc.                                    110             3,386 
MBT Financial Corp.                                    50               430 
Mercantile Bank Corp.                                  71               733 
Midwest Banc Holdings, Inc.                           220             2,812 
Nara Bancorp, Inc.                                     90             1,169 
National Penn Bancshares, Inc.                        548             9,968 
NBT Bancorp, Inc.                                     220             4,884 
Old National Bancorp/Indiana                          820            14,760 
Oriental Financial Group                              200             3,942 
Pacific Capital Bancorp                               490            10,535 
Park National Corp.                                   160            11,336 
Peoples Bancorp, Inc./Ohio                            130             3,134 
Preferred Bank                                         30               501 
PrivateBancorp, Inc.                                   80             2,518 
Prosperity Bancshares, Inc.                            60             1,720 
Provident Bankshares Corp.                            460             4,940 
Renasant Corp.                                        170             3,825 
Republic Bancorp, Inc./Kentucky                       154             2,907 
Royal Bancshares of Pennsylvania                      247             3,574 
S&T Bancorp, Inc.                                     180             5,791 
Sandy Springs Bancorp, Inc.                           120             3,302 
Santander BanCorp                                     640             6,470 
SCBT Financial Corp.                                   52             1,758 
Seacoast Banking Corp. of Florida                     380             4,161 
Security Bank Corp.                                   294             2,337 
Sierra Bancorp                                         70             1,513 
Simmons First National Corp.                          120             3,568 
Southside Bancshares, Inc.                             95             2,287 
Southwest Bancorp, Inc.                               140             2,451 
Stellarone Corp.                                       10               169 
Sterling Bancorp                                      360             5,591 
Sterling Bancshares, Inc.                              90               895 
Sterling Financial Corp./Washington                   160             2,498 
Suffolk Bancorp                                       100             3,168 
Sun Bancorp, Inc.*                                     80             1,054 
Superior Bancorp*                                     200               994 
Susquehanna Bancshares, Inc.                          610            12,426 
Taylor Capital Group, Inc.                             70             1,149 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------        ----------
Texas Capital Bancshares, Inc.*                        20        $      338 
The South Financial Group, Inc.                       670             9,956 
Tompkins Trustco, Inc.                                 90             4,428 
Trico Bancshares                                       80             1,385 
Trustmark Corp.                                       440             9,803 
UMB Financial Corp.                                   100             4,120 
Umpqua Holdings Corp.                                 400             6,204 
Union Bankshares Corp.                                 80             1,550 
United Bankshares, Inc.                               380            10,127 
United Community Banks, Inc./Georgia                  270             4,585 
United Security Bancshares                             80             1,344 
Univest Corp. of  PA                                   80             2,095 
Vineyard National Bancorp                              94               763 
Virginia Commerce Bancorp, Inc.*                       11               126 
Washington Trust Bancorp, Inc.                         60             1,489 
WesBanco, Inc.                                        200             4,942 
West Coast Bancorp/Oregon                              40               584 
Westamerica Bancorp                                   170             8,942 
Western Alliance Bancorp*                              70               900 
Wilshire Bancorp, Inc.                                180             1,375 
Wintrust Financial Corp.                               90             3,145 
                                                                ----------
                                                                   487,665
                                                                ----------
CONSUMER FINANCE -- 1.0%                                                    
Advance America Cash Advance Centers, Inc.            810             6,115 
Advanta Corp. - Class B                             1,055             7,417 
Cash America International, Inc.                      220             8,008 
Credit Acceptance Corp.*                              260             4,038 
Dollar Financial Corp.*                               140             3,220 
EzCorp, Inc.- Class A*                                200             2,462 
Nelnet, Inc. - Class A                                930            10,927 
Rewards Network, Inc.*                                260             1,165 
United PanAm Financial Corp.*                          80               291 
World Acceptance Corp.*                               240             7,644 
                                                                ----------
                                                                    51,287
                                                                ----------
DIVERSIFIED FINANCIAL SERVICES -- 0.8%                                      
Asset Acceptance Capital Corp.                        660             6,356 
Asta Funding, Inc.                                    150             2,090 
Compass Diversified Holdings                          250             3,288 
Encore Capital Group, Inc.*                           260             1,768 
Financial Federal Corp.                               330             7,197 
Interactive Brokers Group, Inc.*                      260             6,674 
KKR Financial Holdings LLC                             40               506 
MarketAxess Holdings, Inc.*                            60               596 
Marlin Business Services Corp.*                       100               754 
Medallion Financial Corp.                             510             4,611 
Portfolio Recovery Associates, Inc.                    70             3,002 
Primus Guaranty, Ltd.*                                180               644 
Resource America, Inc.                                120             1,134 
                                                                ----------
                                                                    38,620
                                                                ----------
INSURANCE -- 9.5%                                                           
American Equity Investment Life Holding Co.           310             2,877 
American Physicians Capital, Inc.                      50             2,318 
Amerisafe, Inc.*                                       70               885 
Amtrust Financial Services, Inc.                      220             3,566 
Argo Group International Holdings, Ltd.*              330            11,722 
Aspen Insurance Holdings, Ltd.                      1,290            34,030 

                                               SHARES          VALUE
                                                  ------        ----------
Assured Guaranty, Ltd.                                300        $    7,122 
Baldwin & Lyons, Inc. - Class B                       200             5,136 
Citizens, Inc.*                                       480             3,211 
CNA Surety Corp.*                                     330             5,075 
Crawford & Co.*                                       590             3,098 
Darwin Professional Underwriters, Inc.*                70             1,574 
Delphi Financial Group, Inc. - Class A                480            14,030 
Donegal Group, Inc.                                   400             6,960 
EMC Insurance Group, Inc.                             280             7,529 
Employers Holdings, Inc.                            1,000            18,540 
FBL Financial Group, Inc.                             300             8,547 
FPIC Insurance Group, Inc.*                           120             5,657 
Hallmark Financial Services, Inc.*                    130             1,451 
Harleysville Group, Inc.                              340            12,271 
Hilb, Rogal & Hamilton Co.                            160             5,035 
Hilltop Holdings, Inc.*                               200             2,080 
Horace Mann Educators Corp.                           820            14,334 
Independence Holding Co.                              160             1,907 
Infinity Property & Casual Corp.                      160             6,656 
IPC Holdings, Ltd.                                    590            16,520 
Kansas City Life Insurance Co.                        120             5,767 
Max Capital Group, Ltd.                               850            22,261 
Meadowbrook Insurance Group, Inc.                     240             1,874 
Montpelier Re Holdings, Ltd.                        1,440            23,112 
National Financial Partners Corp.                     130             2,921 
National Interstate Corp.                             120             2,802 
National Western Life Insurance Co.                    30             6,504 
Navigators Group, Inc.*                               140             7,616 
NYMagic, Inc.                                         150             3,406 
Odyssey Re Holdings Corp.                             960            35,280 
Platinum Underwriters Holdings, Ltd.                  850            27,591 
PMA Capital Corp.*                                    440             3,758 
Presidential Life Corp.                               260             4,534 
ProAssurance Corp.*                                   300            16,149 
Ram Holdings, Ltd.*                                   250               568 
RLI Corp.                                             170             8,427 
Safety Insurance Group, Inc.                          220             7,509 
SeaBright Insurance Holdings, Inc.*                   110             1,620 
Security Capital Assurance, Ltd.                    1,590               827 
Selective Insurance Group, Inc.                     1,040            24,835 
State Auto Financial Corp.                            360            10,487 
Stewart Information Services Corp.                    370            10,356 
The Phoenix Cos., Inc.                              1,460            17,827 
Tower Group, Inc.                                      70             1,762 
United America Indeminity, Ltd.*                      410             7,897 
United Fire & Casualty Co.                            260             9,724 
Zenith National Insurance Corp.                       420            15,061 
                                                                ----------
                                                                   482,606
                                                                ----------
REAL ESTATE INVESTMENT TRUSTS -- 12.7%                                      
Acadia Realty Trust                                   140             3,381 
Agree Realty Corp.                                    120             3,294 
Alesco Financial, Inc.                                690             1,987 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------        ----------
Alexandria Real Estate Equities, Inc.                 120        $   11,126 
American Campus Communities, Inc.                     160             4,378 
Ashford Hospitality Trust, Inc.                     1,160             6,589 
Associated Estates Realty Corp.                       450             5,148 
BioMed Realty Trust, Inc.                             390             9,317 
BRT Realty Trust                                      290             4,063 
Capital Trust, Inc.                                   240             6,468 
CapLease Funding, Inc.                                630             4,895 
CBRE Realty Finance, Inc.                             300             1,209 
Cedar Shopping Centers, Inc.                          470             5,490 
Colonial Properties Trust                              70             1,684 
Corporate Office Properties Trust                     320            10,755 
Cousins Properties, Inc.                            1,070            26,440 
DCT Industrial Trust, Inc.                            560             5,578 
Deerfield Triarc Capital Corp.                         56                79 
DiamondRock Hospitality Co.                           270             3,421 
Digital Realty Trust, Inc.                            260             9,230 
Eastgroup Properties, Inc.                            230            10,686 
Education Realty Trust, Inc.                          400             5,028 
Entertainment Properties Trust                        270            13,319 
Equity Lifestyle Properties, Inc.                      80             3,950 
Equity One, Inc.                                      750            17,977 
Extra Space Storage, Inc.                             430             6,962 
FelCor Lodging Trust, Inc.                            620             7,459 
First Industrial Realty Trust, Inc.                   320             9,885 
First Potomac Realty Trust                            220             3,381 
Franklin Street Properties Corp.                      570             8,162 
Getty Realty Corp.                                    270             4,301 
Glimcher Realty Trust                                 980            11,721 
GMH Communities Trust                                 950             8,246 
Gramercy Capital Corp.                                220             4,605 
Healthcare Realty Trust, Inc.                         940            24,581 
Hersha Hospitality Trust                              390             3,522 
Highwoods Properties, Inc.                            720            22,370 
Home Properties, Inc.                                 460            22,075 
Inland Real Estate Corp.                              810            12,320 
Investors Real Estate Trust                           830             8,117 
Kite Realty Group Trust                               290             4,060 
LaSalle Hotel Properties                              320             9,194 
Lexington Realty Trust                              1,080            15,563 
LTC Properties, Inc.                                  280             7,199 
Maguire Properties, Inc.                              390             5,581 
Medical Properties Trust, Inc.                        390             4,415 
Mid-America Apartment Communities, Inc.               300            14,952 
Mission West Properties, Inc.                         630             5,954 
National Health Investors, Inc.                       330            10,312 
National Retail Properties, Inc.                      490            10,804 
Nationwide Health Properties, Inc.                    620            20,925 
NorthStar Realty Financ Corp.                       1,430            11,683 
Omega Healthcare Investors, Inc.                      590            10,242 
Parkway Properties, Inc.                              240             8,870 
Pennsylvania Real Estate Investment Trust             460            11,219 
Post Properties, Inc.                                 370            14,289 
Potlatch Corp.                                        290            11,968 
PS Business Parks, Inc.                               230            11,937 
Ramco-Gershenson Properties Trust                     290             6,122 

                                               SHARES          VALUE
                                                  ------        ----------
Realty Income Corp.                                   750        $   19,215 
Saul Centers, Inc.                                    100             5,024 
Senior Housing Properties Trust                       650            15,405 
Sovran Self Storage, Inc.                             220             9,396 
Strategic Hotels & Resources, Inc.                    830            10,898 
Sun Communities, Inc.                                 360             7,380 
Sunstone Hotel Investors, Inc.                        510             8,165 
Tanger Factory Outlet Centers, Inc.                   250             9,618 
U-Store-It Trust                                      530             6,005 
Universal Health Realty Income Trust                  100             3,330 
Urstadt Biddle Properties, Inc. - Class A             420             6,607 
Washington Real Estate Investment Trust               410            13,702 
Winthrop Realty Trust                                 430             1,772 
                                                                ----------
                                                                   645,005
                                                                ----------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.0%                                
HouseValues, Inc.*                                    210               496 
Thomas Properties Group, Inc.                         190             1,668 
                                                                ----------
                                                                     2,164
                                                                ----------
THRIFTS & MORTGAGE FINANCE -- 2.2%                                          
Anchor BanCorp Wisconsin, Inc.                         70             1,328 
Bank Mutual Corp.                                     340             3,652 
BankFinancial Corp.                                    40               636 
Berkshire Hills Bancorp, Inc.                          60             1,511 
Brookline Bancorp, Inc.                               850             9,758 
Centerline Holding Co.                              3,130            12,708 
Citizens First Bancorp, Inc.                           60               645 
Clayton Holdings, Inc.*                               470             2,181 
Corus Bankshares, Inc.                              1,330            12,941 
Dime Community Bancshares                             240             4,195 
Federal Agricultural Mortgage Corp.- Class C          220             5,742 
First Financial Holdings, Inc.                        150             3,519 
First Place Financial Corp.                           210             2,730 
FirstFed Financial Corp.*                              80             2,172 
Flagstar Bancorp, Inc.                              1,520            10,974 
Flushing Financial Corp.                               60             1,055 
Franklin Bank Corp.*                                  170               515 
Imperial Capital Bancorp, Inc.                         70             1,513 
K-Fed Bancorp                                         100             1,141 
Kearny Financial Corp.                                120             1,314 
NASB Financial, Inc.                                   80             2,096 
NewAlliance Bancshares, Inc.                          410             5,027 
OceanFirst Financial Corp.                             90             1,574 
PFF Bancorp, Inc.                                     420             3,494 
Provident Financial Services, Inc.                    400             5,656 
Provident New York Bancorp                            120             1,620 
TrustCo Bank Corp. NY                                 730             6,490 
United Community Financial Corp.                      340             2,108 
Westfield Financial, Inc.                              30               293 
Willow Financial Bancorp, Inc.                        152             1,123 
WSFS Financial Corp.                                   20               986 
                                                                ----------
                                                                   110,697
                                                                ----------
Total Financials                                                   1,943,420  
                                                                ----------

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------        ----------
HEALTH CARE -- 4.9%                                                           
BIOTECHNOLOGY -- 0.3%                                                       
Acadia Pharmaceuticals, Inc.*                          50        $      453 
Alexion Pharmaceuticals, Inc.*                         20             1,186 
Alkermes, Inc.*                                        50               594 
Alnylam Pharmaceuticals, Inc.*                         30               732 
Altus Pharmaceuticals, Inc.*                           10                46 
Applera Corp. - Celera Group*                          30               441 
Arena Pharmaceuticals, Inc.*                           70               479 
ArQule, Inc.*                                          40               171 
BioCryst Pharmaceuticals, Inc.*                        70               323 
BioMarin Pharmaceutical, Inc.*                         10               354 
Cell Genesys, Inc.*                                   130               306 
CV Therapeutics, Inc.*                                 50               357 
Dendreon Corp.*                                        20                96 
GTx, Inc.*                                             20               322 
Incyte Corp.*                                          80               841 
InterMune, Inc.*                                       30               437 
Isis Pharmaceuticals, Inc.*                            50               705 
Keryx Biopharmaceuticals, Inc.*                        50                30 
Lifecell Corp.*                                        10               420 
Martek Bioscience Corp.*                               50             1,528 
Medarex, Inc.*                                         40               354 
Neurocrine Biosciences, Inc.*                          60               324 
Osiris Therapeutics, Inc.*                             40               503 
Progenics Pharmaceuticals, Inc.*                      150               979 
Sangamo Biosciences, Inc.*                             70               711 
Savient Pharmaceuticals, Inc.*                         50             1,000 
United Therapeutics Corp.*                             20             1,734 
                                                                ----------
                                                                    15,426
                                                                ----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 1.1%                                    
Align Technology, Inc.*                                30               333 
American Medical Systems Holdings, Inc.*              130             1,845 
Analogic Corp.                                         30             1,996 
Arthrocare Corp.*                                      40             1,334 
Aspect Medical Systems, Inc.*                          50               305 
Candela Corp.*                                        110               374 
Cerus Corp.*                                          120               692 
Conmed Corp.*                                         140             3,590 
Cryolife, Inc.*                                        20               188 
Cutera, Inc.*                                          60               808 
Cyberonics, Inc.*                                      10               145 
Datascope Corp.                                        30             1,243 
DexCom, Inc.*                                         100               414 
Greatbatch, Inc.*                                      50               920 
Haemonetics Corp.*                                     60             3,575 
Hansen Medical, Inc.*                                  10               141 
HealthTronics, Inc.*                                  310             1,004 
Hologic, Inc.*                                         70             3,892 
ICU Medical, Inc.*                                     50             1,438 
Immucor, Inc.*                                         30               640 
Invacare Corp.                                        170             3,788 
Inverness Medical Innovations, Inc.*                   10               301 
IRIS International, Inc.*                              50               664 
Medical Action Industries, Inc.*                       45               739 
Mentor Corp.                                          180             4,630 
Meridian Bioscience, Inc.                             105             3,510 
Neurometrix, Inc.*                                    130               237 
NxStage Medical, Inc.*                                 60               259 
OraSure Technologies, Inc.*                            40               292 
Orthofix International N.V.*                           40             1,591 

                                               SHARES          VALUE
                                                  ------        ----------
Osteotech, Inc.*                                       40        $      190 
Palomar Medical Technologies, Inc.*                    60               906 
Quidel Corp.*                                          70             1,124 
Sirona Dental Systems, Inc.*                           20               539 
STERIS Corp.                                          130             3,488 
Symmetry Medical, Inc.*                                70             1,162 
Thoratec Corp.*                                        50               715 
Volcano Corp.*                                         20               250 
West Pharmaceutical Services, Inc.                    100             4,423 
Zoll Medical Corp.*                                    40             1,064 
                                                                ----------
                                                                    54,749
                                                                ----------
HEALTH CARE PROVIDERS & SERVICES -- 1.8%                                    
Air Methods Corp.*                                     10               484 
Alliance Imaging, Inc.*                               170             1,462 
Amedisys, Inc.*                                        40             1,574 
American Dental Partners, Inc.*                        10                97 
AMERIGROUP Corp.*                                     240             6,559 
AMN Healthcare Services, Inc.*                        270             4,163 
AmSurg Corp.*                                          90             2,131 
Animal Health International, Inc.*                    140             1,532 
Apria Healthcare Group, Inc.*                         370             7,308 
Capital Senior Living Corp.*                           40               322 
Centene Corp.*                                        210             2,927 
Chemed Corp.                                           80             3,376 
Corvel Corp.*                                          70             2,141 
Cross Country Healthcare, Inc.*                       220             2,721 
Emergency Medical Services Corp.*                      40               988 
Gentiva Health Services, Inc.*                         70             1,523 
HealthExtras, Inc.*                                    40               994 
Healthsouth Corp.*                                    300             5,337 
Healthspring, Inc.*                                   170             2,394 
Healthways, Inc.*                                      60             2,120 
InVentiv Health, Inc.*                                120             3,457 
Kindred Healthcare, Inc.*                             200             4,374 
LCA - Vision, Inc.                                    160             2,000 
LHC Group, Inc.*                                       70             1,176 
Magellan Health Services, Inc.*                       120             4,763 
Matria Healthcare, Inc.*                               60             1,338 
Medcath Corp.*                                         50               910 
Molina Healthcare*                                    160             3,907 
National HealthCare Corp.                              10               487 
Nighthawk Radiology Holdings, Inc.*                    40               374 
Odyssey Healthcare, Inc.*                             100               900 
Owens & Minor, Inc.                                   130             5,114 
PharMerica Corp.*                                     180             2,983 
Providence Service Corp.*                              50             1,500 
Psychiatric Solutions, Inc.*                           50             1,696 
RehabCare Group, Inc.*                                 10               150 
Res-Care, Inc.*                                       110             1,887 
Sun Healthcare Group, Inc.*                            30               394 
Sunrise Senior Living, Inc.*                          180             4,010 
Universal American Financial Corp.*                   170             1,802 
                                                                ----------
                                                                    93,375
                                                                ----------
HEALTH CARE TECHNOLOGY -- 0.1%                                              
Allscripts Healthcare Solutions, Inc.*                 20               206 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                 -------        ----------
Computer Programs & Systems, Inc.                     140        $    2,926 
Emageon, Inc.*                                        100               229 
Omnicell, Inc.*                                        10               201 
Vital Images, Inc.*                                    90             1,334 
                                                                ----------
                                                                     4,896
                                                                ----------
LIFE SCIENCES TOOLS & SERVICES -- 0.7%                                      
Affymetrix, Inc.*                                      60             1,045 
Albany Molecular Research, Inc.*                       50               607 
AMAG Pharmaceuticals, Inc.*                            10               404 
Bio-Rad Laboratories, Inc.*                            60             5,337 
Bruker BioSciences Corp.*                              60               923 
Cambrex Corp.                                       1,810            12,543 
Dionex Corp.*                                          50             3,849 
Enzo Biochem, Inc.*                                    10                91 
Exelixis, Inc.*                                        40               278 
Illumina, Inc.*                                        20             1,518 
Kendle International, Inc.*                            40             1,797 
Luminex, Corp.*                                        10               197 
Nektar Therapeutics*                                  100               694 
PARAXEL International Corp.*                           20               522 
Pharmanet Development Group, Inc.*                     50             1,262 
Varian, Inc.*                                          90             5,213 
                                                                ----------
                                                                    36,280
                                                                ----------
PHARMACEUTICALS -- 0.9%                                                     
Alpharma, Inc.*                                       340             8,911 
Auxilium Pharmaceuticals, Inc.*                        30               802 
Bentley Pharmaceuticals, Inc.*                         80             1,300 
Caraco Pharmaceutical Laboratories, Ltd.*              30               539 
Emisphere Technologies, Inc.*                          10                17 
Hi-Tech Pharmacal Co., Inc.*                          100               905 
KV Pharmaceutical Co. - Class A*                       40               998 
Medicis Pharmaceutical Corp. - Class A                270             5,316 
Nastech Pharmaceutical Co., Inc.*                      60               141 
Noven Pharmaceuticals, Inc.*                          240             2,155 
Par Pharmaceutical Co., Inc.*                         120             2,087 
Penwest Pharmaceuticals Co.*                           70               182 
Perrigo Co.                                           160             6,037 
Pozen, Inc.*                                           60               622 
Salix Pharmaceuticals, Ltd.*                          130               816 
Sciele Pharmaceutical Co.*                            110             2,145 
Somaxon Pharmaceuticals, Inc.*                         30               143 
SuperGen, Inc.*                                        30                75 
The Medicines Co.*                                     20               404 
Valeant Pharmaceuticals International*                690             8,853 
ViroPharma, Inc.*                                     310             2,771 
                                                                ----------
                                                                    45,219
                                                                ----------
Total Health Care                                                    249,945  
                                                                ----------
INDUSTRIALS -- 12.4%                                                        
AEROSPACE & DEFENSE -- 0.8%                                                 
AAR Corp.*                                             10               273 
American Science & Engineering, Inc.                   20             1,091 
Applied Energetics, Inc.*                             110               183 
Applied Signal Technology, Inc.                        40               472 

                                               SHARES          VALUE
                                                  ------        ----------
Argon ST, Inc.*                                        20        $      340 
BE Aerospace, Inc.*                                    20               699 
Ceradyne, Inc.*                                       100             3,196 
Cubic Corp.                                            40             1,137 
Curtiss Wright Corp.                                  140             5,807 
DynCorp International, Inc.*                          210             3,503 
Esterline Technologies Corp.*                          80             4,030 
GenCorp, Inc.*                                         80               823 
HEICO Corp.                                            40             1,950 
Herley Industries, Inc.*                               80               827 
Hexcel Corp.*                                         120             2,293 
Ladish Co., Inc.*                                      10               360 
Moog, Inc. - Class A*                                  30             1,266 
Orbital Sciences Corp.*                               170             4,097 
Taser International, Inc.*                             40               376 
Teledyne Technologies, Inc.*                          100             4,700 
TransDigm Group, Inc.*                                110             4,076 
Triumph Group, Inc.                                    30             1,708 
                                                                ----------
                                                                    43,207
                                                                ----------
AIR FREIGHT & LOGISTICS -- 0.2%                                             
Atlas Air Worldwide Holdings, Inc.*                    70             3,850 
Hub Group, Inc. - Class A*                             40             1,315 
Pacer International, Inc.                             390             6,408 
                                                                ----------
                                                                    11,573
                                                                ----------
AIRLINES -- 0.3%                                                            
AirTran Holdings, Inc.*                               360             2,376 
Alaska Air Group, Inc.*                                90             1,766 
Mesa Air Group, Inc.*                                 170               399 
Pinnacle Airlines Corp.*                              290             2,532 
Republic Airways Holdings, Inc.*                      210             4,548 
SkyWest, Inc.                                         130             2,746 
                                                                ----------
                                                                    14,367
                                                                ----------
BUILDING PRODUCTS -- 0.8%                                                   
American Woodmark Corp.                               150             3,084 
Ameron International Corp.                             30             2,806 
Apogee Enterprises, Inc.                              150             2,310 
Builders FirstSource, Inc.*                         1,200             8,712 
Gibraltar Industries, Inc.                            260             3,050 
Griffon Corp.*                                        220             1,892 
Insteel Industries, Inc.                              160             1,861 
Lennox International, Inc.                             10               360 
NCI Building Systems, Inc.*                           170             4,114 
PGT, Inc.*                                            230               630 
Simpson Manufacturing Co., Inc.                       170             4,620 
Trex Co., Inc.*                                       140             1,103 
Universal Forest Products, Inc.                       200             6,440 
                                                                ----------
                                                                    40,982
                                                                ----------
COMMERCIAL SERVICES & SUPPLIES -- 3.9%                                      
ABM Industries, Inc.                                  410             9,200 
ACCO Brands Corp.*                                  1,400            18,998 
Administaff, Inc.                                     150             3,541 
American Ecology Corp.                                 20               507 
American Reprographics Co.*                           230             3,413 
AMREP Corp.                                            50             2,615 
Angelica Corp.                                         30               538 
Barrett Business Services, Inc.                        40               685 
Bowne & Co., Inc.                                     120             1,830 
Casella Waste Systems, Inc.*                           90               984 
CBIZ, Inc.*                                           240             1,949 
CDI Corp.                                             230             5,761 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------        ----------
Cenveo, Inc.*                                          10        $      105 
Clean Harbors, Inc.*                                   10               650 
Comfort Systems USA, Inc.                             160             2,082 
Compx International, Inc.                             280             2,576 
Comsys IT Partners, Inc.*                              50               423 
Consolidated Graphics, Inc.*                           60             3,363 
CoStar Group, Inc.*                                    10               430 
Deluxe Corp.                                          280             5,379 
Diamond Management &                                                        
 Technology Consultants, Inc.                        210             1,355
Ennis, Inc.                                           220             3,692 
Exponent, Inc.*                                        60             1,970 
First Advantage Corp. - Class A*                      190             4,026 
FTI Consulting, Inc.*                                  30             2,131 
Healthcare Services Group, Inc.                        90             1,858 
Heidrick & Struggles International, Inc.               80             2,602 
Herman Miller, Inc.                                   240             5,897 
Hudson Highland Group, Inc.*                           50               424 
ICT Group, Inc.*                                       60               605 
IHS, Inc. - Class A*                                   20             1,286 
IKON Office Solutions, Inc.                           650             4,940 
Interface, Inc. - Class A                              50               703 
Kelly Services, Inc. - Class A                        360             7,402 
Kenexa Corp.*                                          40               739 
Kforce, Inc.*                                         350             3,094 
Kimball International, Inc. - Class B                 370             3,966 
Knoll, Inc.                                           290             3,347 
Korn/Ferry International, Inc.*                       150             2,535 
Layne Christensen Co.*                                 10               350 
LECG Corp.*                                            70               655 
M&F Worldwide Corp.*                                   70             2,617 
McGrath RentCorp                                      130             3,134 
Mine Safety Appliances Co.                            120             4,943 
Mobile Mini, Inc.*                                     10               190 
Navigant Consulting, Inc.*                            330             6,263 
On Assignment, Inc.*                                   30               191 
PHH Corp.*                                            590            10,284 
Pike Electric Corp.*                                   80             1,114 
Protection One, Inc.*                                 460             4,411 
Resources Connection, Inc.                            320             5,718 
Rollins, Inc.                                         225             3,980 
Schawk, Inc.                                          120             1,919 
School Specialty, Inc.*                               130             4,100 
Spherion Corp.*                                       290             1,775 
Standard Register Co.                                 440             3,428 
Teletech Holdings, Inc.*                               90             2,021 
Tetra Tech, Inc.*                                      80             1,561 
The Geo Group, Inc.*                                   20               569 
Trueblue, Inc.*                                       340             4,570 
United Stationers, Inc.*                              150             7,155 
Viad Corp.                                             50             1,800 
Volt Information Sciences, Inc.*                       90             1,526 
Waste Connections, Inc.*                               90             2,767 
Watson Wyatt Worldwide, Inc.                           60             3,405 
                                                                ----------
                                                                   198,047
                                                                ----------
CONSTRUCTION & ENGINEERING -- 0.4%                                          
EMCOR Group, Inc.*                                    370             8,218 
Granite Construction, Inc.                            200             6,542 
Insituform Technologies, Inc.*                         90             1,245 
Integrated Electrical Services, Inc.*                  20               314 

                                               SHARES          VALUE
                                                  ------        ----------
Perini Corp.*                                         140        $    5,072 
Sterling Construction Co., Inc.*                       50               911 
                                                                ----------
                                                                    22,302
                                                                ----------
ELECTRICAL EQUIPMENT -- 1.2%                                                
Acuity Brands, Inc.                                   240            10,308 
American Superconductor Co.*                           20               464 
Baldor Electric Co.                                   190             5,320 
Belden, Inc.                                          110             3,885 
Brady Corp. - Class A                                 240             8,023 
Encore Wire Corp.                                     100             1,821 
Energy Conversion Devices, Inc.*                       30               897 
First Solar, Inc.*                                     10             2,311 
Franklin Electric Co., Inc.                           100             3,417 
Fuelcell Energy, Inc.*                                230             1,529 
General Cable Corp.*                                   20             1,181 
GrafTech International, Ltd.*                          40               648 
II-VI, Inc.*                                           40             1,519 
LSI Industries, Inc.                                  100             1,321 
Medis Technologies, Ltd.*                              40               363 
Powell Industries, Inc.*                               10               394 
Preformed Line Poducts Co.                             20               974 
Regal-Beloit Corp.                                     30             1,099 
Smith Corp.                                           210             6,903 
Superior Essex, Inc.*                                 180             5,062 
Vicor Corp.                                           120             1,433 
                                                                ----------
                                                                    58,872
                                                                ----------
INDUSTRIAL CONGLOMERATES -- 0.4%                                            
Raven Industries, Inc.                                 70             2,121 
Standex International Corp.                           240             5,362 
Tredegar Industries Corp.                             180             3,278 
Walter Industries, Inc.                               140             8,768 
                                                                ----------
                                                                    19,529
                                                                ----------
MACHINERY -- 2.6%                                                           
3-D Systems Corp.*                                     40               588 
Accuride Corp.*                                       190             1,554 
Actuant Corp. - Class A                               110             3,323 
Albany International Corp.                             20               723 
American Railcar Industries, Inc.                     120             2,440 
Ampco-Pittsburgh Corp.                                 60             2,579 
Astec Industries, Inc.*                                10               388 
Badger Meter, Inc.                                     30             1,296 
Barnes Group, Inc.                                    160             3,672 
Basin Water, Inc.*                                     40               230 
Briggs & Stratton Corp.                               440             7,876 
Bucyrus International, Inc. - Class A                  20             2,033 
Cascade Corp.                                          90             4,438 
Chart Industries, Inc.*                               320            10,829 
Circor International, Inc.                             40             1,850 
Clarcor, Inc.                                         160             5,688 
Columbus McKinnon Corp.*                               60             1,859 
Commercial Vehicle Group, Inc.*                       220             2,180 
Dynamic Materials Corp.                                40             1,728 
EnPro Industries, Inc.*                                80             2,495 
ESCO Technologies, Inc.*                              110             4,369 
Federal Signal Corp.                                  380             5,305 
Flander Corp.*                                         70               426 
FreightCar America, Inc.                              160             5,488 
Gehl Co.*                                              50               847 
Gorman-Rupp Co.                                       100             3,289 
Greenbrier Cos., Inc.                                  90             2,387 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------        ----------
Kadant, Inc.*                                          40        $    1,175 
Kaydon Corp.                                           60             2,635 
Lindsay Manufacturing Co.                              10             1,025 
Middleby Corp.*                                        10               624 
Mueller Industries, Inc.                              400            11,540 
Mueller Water Products, Inc. - Class A                230             1,881 
NACCO Industries, Inc. - Class A                       50             4,047 
Nordson Corp.                                          80             4,308 
Robbins & Myers, Inc.                                  60             1,959 
Sun Hydraulics Corp.                                   40             1,171 
Tecumseh Products Co. - Class A*                      120             3,681 
Tennant Co.                                            50             1,990 
The Manitowoc Co., Inc.                                20               816 
Titan International, Inc.                              10               306 
Valmont Industries, Inc.                               60             5,273 
Wabash National Corp.                                 370             3,326 
Watts Water Technologies, Inc. - Class A              160             4,485 
Westinghouse Air Brake Technologies Corp.              30             1,130 
Xerium Technologies, Inc.                             830             1,071 
                                                                ----------
                                                                   132,323
                                                                ----------
MARINE -- 0.3%                                                              
American Commercial Lines, Inc.*                       20               316 
Eagle Bulk Shipping, Inc.                             180             4,637 
Genco Shipping & Trading, Ltd.                         90             5,079 
Horizon Lines, Inc. - Class A                         210             3,908 
TBS International, Ltd.*                               20               604 
                                                                ----------
                                                                    14,544
                                                                ----------
ROAD & RAIL -- 0.7%                                                         
Amerco, Inc.*                                          40             2,284 
Arkansas Best Corp.                                   200             6,372 
Celadon Group, Inc.*                                  140             1,355 
Dollar Thrifty Automotive Group, Inc.*                 60               818 
Genesee & Wyoming, Inc. - Class A*                     70             2,408 
Heartland Express, Inc.                               590             8,413 
Landstar System, Inc.                                  30             1,565 
Marten Transport, Ltd.*                                80             1,242 
Old Dominion Freight Line, Inc.*                       60             1,910 
P.A.M. Transportation Services*                        70             1,089 
Quality Distribution, Inc.*                            20                64 
Saia, Inc.*                                           150             2,379 
Universal Truckload Services, Inc.*                   130             2,713 
Werner Enterprises, Inc.                               50               928 
                                                                ----------
                                                                    33,540
                                                                ----------
TRADING COMPANIES & DISTRIBUTORS -- 0.8%                                    
Applied Industrial Technologies, Inc.                 200             5,978 
Beacon Roofing Supply, Inc.*                          290             2,900 
BlueLinx Holdings, Inc.                               850             4,326 
Electro Rent Corp.                                    440             6,666 
H&E Equipment Services, Inc.*                          40               503 
Houston Wire & Cable Co.                               20               320 
Kaman Corp.                                           100             2,829 
Lawson Products, Inc.                                  40             1,102 

                                               SHARES          VALUE
                                                  ------        ----------
NuCo2, Inc.*                                           40        $    1,111 
Rush Enterprises, Inc. - Class A*                     125             1,980 
TAL International Group, Inc.                         110             2,593 
Watsco, Inc.                                          210             8,698 
                                                                ----------
                                                                    39,006
                                                                ----------
Total Industrials                                                    628,292  
                                                                ----------
INFORMATION TECHNOLOGY -- 9.1%                                                
COMMUNICATIONS EQUIPMENT -- 1.1%                                            
Adtran, Inc.                                          450             8,325 
Anaren Microwave, Inc.*                               100             1,266 
Arris Group, Inc.*                                    280             1,629 
Avocent Corp.*                                        150             2,535 
Black Box Corp.                                       120             3,702 
Blue Coat Systems, Inc.*                               20               441 
CommScope, Inc.*                                       10               348 
Comtech Group, Inc.*                                   40               432 
Comtech Telecommunications Corp.*                      70             2,730 
Ditech Networks, Inc.*                                180               529 
Dycom Industries, Inc.*                                60               721 
Foundry Networks, Inc.*                               430             4,979 
Harmonic, Inc.*                                        90               684 
Harris Stratex Networks, Inc.*                         30               301 
InterDigital, Inc.*                                   410             8,122 
Loral Space & Communications, Ltd.*                    80             1,907 
Netgear, Inc.*                                         40               798 
Network Equipment Technologies, Inc.*                  60               394 
Oplink Communications, Inc.*                           80               710 
Orbcomm, Inc.*                                         30               149 
Packeteer, Inc.*                                      190               967 
Parkervision, Inc.*                                    40               310 
Plantronics, Inc.                                     250             4,827 
Polycom, Inc.*                                        200             4,508 
Powerwave Technologies, Inc.*                         840             2,142 
Radyne Corp.*                                         190             1,619 
Seachange International, Inc.*                        190             1,336 
Sonus Networks, Inc.*                                 190               654 
Tollgrade Communications, Inc.*                        50               262 
Viasat, Inc.*                                          10               217 
                                                                ----------
                                                                    57,544
                                                                ----------
COMPUTERS & PERIPHERALS -- 0.3%                                             
Avid Technology, Inc.*                                 70             1,704 
Emulex Corp.*                                         200             3,248 
Hypercom Corp.*                                       210               911 
Immersion Corp.*                                      140               995 
Intermec, Inc.*                                        30               666 
Intevac, Inc.*                                         40               518 
Novatel Wireless, Inc.*                                60               581 
Palm, Inc.*                                           570             2,850 
Prestek, Inc.*                                        190               832 
Rackable Systems, Inc.*                                80               730 
Stratasys, Inc.*                                       40               712 
Synaptics, Inc.*                                       60             1,433 
                                                                ----------
                                                                    15,180
                                                                ----------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.7%                                  
Agilysys, Inc.                                        100             1,160 
Anixter International, Inc.*                          160            10,247 
Bell Microproducts, Inc.*                             120               245 
Benchmark Electronics, Inc.*                          240             4,308 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                 -------        ----------
Brightpoint, Inc.*                                    200        $    1,672 
CalAmp Corp.*                                         150               408 
Checkpoint Systems, Inc.*                             120             3,222 
Cogent, Inc.*                                         530             4,998 
Cognex Corp.                                          260             5,676 
CTS Corp.                                             270             2,889 
DTS, Inc.*                                             40               960 
Electro Scientific Industries, Inc.*                   40               659 
FLIR Systems, Inc.*                                   160             4,814 
Gerber Scientific, Inc.*                              100               889 
Insight Enterprises, Inc.*                            190             3,325 
Itron, Inc.*                                           30             2,707 
Kemet Corp.*                                          100               404 
Littelfuse, Inc.*                                      60             2,098 
LoJack Corp.*                                          80             1,011 
Maxwell Technologies, Inc.*                            30               306 
Methode Electronics, Inc.                             120             1,403 
Multi-Fineline Electronix, Inc.*                       90             1,689 
Park Electrochemical Corp.                            140             3,619 
Photon Dynamics, Inc.*                                 60               636 
Planar Systems, Inc.*                                 110               441 
Plexus Corp.*                                          50             1,403 
Radisys Corp.*                                        200             2,018 
Rofin-Sinar Technologies, Inc.*                        60             2,694 
Rogers Corp.*                                          40             1,336 
Smart Modular Technologies (WWH), Inc.*               180             1,118 
Synnex Corp.*                                         120             2,546 
Technitrol, Inc.                                      140             3,238 
Trimble Navigation, Ltd.*                              20               572 
TTM Technologies, Inc.*                               210             2,377 
Universal Display Corp.*                               30               430 
Woodward Governor Co.                                 220             5,878 
X-Rite, Inc.*                                         100               597 
Zygo Corp.*                                            10               124 
                                                                ----------
                                                                    84,117
                                                                ----------
INTERNET SOFTWARE & SERVICES -- 1.3%                                        
Access Integrated Technologies, Inc.*                 110               347 
Ariba, Inc.*                                          130             1,256 
Bankrate, Inc.*                                        20               998 
CMGI, Inc.*                                           230             3,050 
CNET Networks, Inc.*                                   90               639 
DealerTrack Holdings, Inc.*                            10               202 
Digital River, Inc.*                                  170             5,265 
DivX, Inc.*                                            20               140 
Earthlink, Inc.*                                      830             6,266 
Equinix, Inc.*                                         10               665 
Imergent, Inc.                                        300             3,417 
Infospace, Inc.                                       930            10,760 
Internap Network Services Corp.*                       30               149 
Interwoven, Inc.*                                      20               214 
Ipass, Inc.*                                          370             1,117 
j2 Global Communications, Inc.*                       120             2,678 
Jupitermedia Corp.*                                   130               272 
Liquidity Services, Inc.*                              40               320 
Loopnet, Inc.*                                         20               254 
NIC, Inc.                                             130               924 
Online Resources Corp.*                                40               385 
Openwave Systems, Inc.                              1,490             3,650 
Perficient, Inc.*                                      20               159 

                                               SHARES          VALUE
                                                  ------        ----------
RealNetworks, Inc.*                                   240        $    1,375 
SAVVIS, Inc.*                                          10               163 
Sohu.com, Inc.*                                        20               903 
SonicWALL, Inc.*                                      170             1,389 
Switch And Data Facilities Co.*                       140             1,429 
Terremark Worldwide, Inc.*                             40               219 
The Knot, Inc.*                                        40               470 
TheStreet.com, Inc.                                    20               162 
Travelzoo, Inc.*                                       30               331 
United Online, Inc.                                   900             9,504 
ValueClick, Inc.*                                     180             3,105 
Vignette Corp.*                                        10               132 
Websense, Inc.*                                       190             3,562 
                                                                ----------
                                                                    65,871
                                                                ----------
IT SERVICES -- 1.6%                                                         
CACI International, Inc. - Class A*                   150             6,833 
Cass Information Systems, Inc.                         55             1,736 
CIBER, Inc.*                                          250             1,225 
CSG Systems International, Inc.*                      430             4,889 
CyberSource Corp.*                                     10               146 
Euronet Worldwide, Inc.*                               50               963 
Gartner, Inc.*                                        210             4,061 
Gevity HR, Inc.                                       520             4,503 
Global Cash Access Holdings, Inc.*                    190             1,113 
iGate Corp.*                                           30               214 
InfoUSA, Inc.                                         680             4,155 
Integral Systems, Inc.                                 70             2,046 
Mantech International Corp. - Class A*                 60             2,722 
MAXIMUS, Inc.                                         110             4,038 
MPS Group, Inc.*                                      590             6,974 
Ness Technologies, Inc.*                               70               664 
Perot Systems Corp.*                                  310             4,662 
RightNow Technologies, Inc.*                           40               476 
SAIC, Inc.*                                           210             3,904 
Sapient Corp.*                                         70               487 
SI International, Inc.*                                10               192 
SRA International, Inc. - Class A*                    110             2,674 
StarTek, Inc.*                                        200             1,842 
Sykes Enterprises, Inc.*                              100             1,759 
Syntel, Inc.                                          170             4,531 
TNS, Inc.*                                            200             4,128 
Wright Express Corp.*                                 300             9,219 
                                                                ----------
                                                                    80,156
                                                                ----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.4%                            
Actel Corp.*                                          140             2,143 
Advanced Analogic Technologies, Inc.*                  90               506 
Advanced Energy Industries, Inc.*                      90             1,193 
Amkor Technology, Inc.*                               100             1,070 
ANADIGICS, Inc.*                                       10                66 
Asyst Technologies, Inc.*                             570             1,995 
ATMI, Inc.*                                            20               557 
Axcelis Technologies, Inc.*                            50               280 
Brooks Automation, Inc.*                               50               486 
Cabot Microelectronics Corp.*                          90             2,893 
Cohu, Inc.                                            190             3,087 
Credence Systems Corp.*                               190               323 

The accompanying notes are integral part of the financial statements. 

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                                               SHARES          VALUE
                                                  ------        ----------
Diodes, Inc.*                                          60        $    1,318 
DSP Group, Inc.*                                      170             2,166 
Emcore Corp.*                                         180             1,037 
Entegris, Inc.*                                       490             3,523 
Exar Corp.*                                           320             2,634 
FEI Co.*                                               10               218 
Hittite Microwave Corp.*                              120             4,490 
Ikanos Communications, Inc.*                          100               457 
IXYS Corp.*                                            20               137 
Kulicke & Soffa Industries, Inc.*                      20                96 
LTX Corp.*                                             60               188 
Mattson Technology, Inc.*                             120               731 
Micrel, Inc.                                          420             3,893 
Microsemi Corp.*                                       60             1,368 
MKS Instruments, Inc.*                                170             3,638 
Monolithic Power Systems, Inc.*                        60             1,058 
Netlogic Microsystems, Inc.*                           70             1,690 
Omnivision Technologies, Inc.*                        310             5,214 
ON Semiconductor Corp.*                               530             3,010 
PDF Solutions, Inc.*                                   80               441 
Photronics, Inc.*                                     120             1,146 
PMC-Sierra, Inc.*                                     450             2,565 
RF Micro Devices, Inc.*                               620             1,649 
Rudolph Technologies, Inc.*                           130             1,270 
Semtech Corp.*                                        300             4,299 
Silcon Storage Technology, Inc.*                      450             1,179 
Silicon Image, Inc.*                                  480             2,405 
Sirf Technology Holdings, Inc.*                        60               305 
Skyworks Solutions, Inc.*                              40               291 
Spansion, Inc.*                                       190               522 
Standard Microsystems Corp.*                           30               875 
Techwell, Inc.*                                        50               542 
Trident Microsystems, Inc.*                            90               464 
Ultratech, Inc.*                                       60               577 
Varian Semiconductor                                                        
 Equipment Associates, Inc.*                          15               422
Veeco Instruments, Inc.*                               20               333 
Virage Logic Corp.*                                    10                58 
Zoran Corp.*                                           70               956 
                                                                ----------
                                                                    71,764
                                                                ----------
SOFTWARE -- 1.7%                                                            
ACI Worldwide, Inc.*                                  210             4,183 
Actuate Corp.*                                         80               328 
Ansoft Corp.*                                          40             1,221 
ANSYS, Inc.*                                           90             3,107 
Blackbaud, Inc.                                        90             2,185 
Blackboard, Inc.*                                      40             1,333 
Bottomline Technologies, Inc.*                         60               756 
Captaris, Inc.*                                        70               309 
Catapult Communications Corp.*                         90               464 
Concur Technologies, Inc.*                             10               311 
Epicor Software Corp.*                                 90             1,008 
EPIQ Systems, Inc.*                                    90             1,397 
FalconStor Software, Inc.*                             10                76 
i2 Technologies, Inc.*                                100             1,126 
Informatica Corp.*                                    110             1,877 
Jack Henry & Associates, Inc.                         270             6,661 
Lawson Software, Inc.*                                280             2,108 
Macrovision Corp.*                                    320             4,320 
Magma Design Automation, Inc.*                        100               957 

                                               SHARES          VALUE
                                                  ------        ----------
Manhattan Associates, Inc.*                            30        $      688 
Mentor Graphics Corp.*                                 60               530 
MICROS Systems, Inc.*                                 140             4,712 
MicroStrategy, Inc. - Class A*                         80             5,919 
Midway Games, Inc.*                                   630             1,701 
Net 1 UEPS Technologies, Inc.*                         40               902 
Netscout Systems, Inc.*                                40               372 
Nuance Communications, Inc.*                           70             1,219 
Parametric Technology Corp.*                           40               639 
Pegasystems, Inc.                                     200             1,926 
PROS Holdings, Inc.*                                  170             2,133 
Quality Systems, Inc.                                 170             5,078 
Radiant Systems, Inc.*                                 10               140 
Renaissance Learning, Inc.                            360             5,036 
Secure Computing Corp.*                               330             2,129 
Smith Micro Software, Inc.*                           110               673 
Sonic Solutions, Inc.*                                120             1,158 
SPSS, Inc.*                                            50             1,939 
Sybase, Inc.*                                         340             8,942 
Synchronoss Technologies, Inc.*                        10               200 
Take-Two Interactive Software, Inc.*                  130             3,318 
Taleo Corp. - Class A*                                 20               388 
THQ, Inc.*                                             90             1,962 
TIBCO Software, Inc.*                                 410             2,927 
Vasco Data Security International, Inc.*               20               274 
                                                                ----------
                                                                    88,632
                                                                ----------
Total Information Technology                                         463,264  
                                                                ----------
MATERIALS -- 5.5%                                                             
CHEMICALS -- 3.0%                                                           
A. Schulman, Inc.                                     160             3,285 
American Vanguard Corp.                                10               166 
Arch Chemicals, Inc.                                  140             5,216 
Calgon Carbon Corp.*                                   60               903 
CF Industries Holdings, Inc.                           50             5,181 
Ferro Corp.                                           270             4,012 
Gentek, Inc.*                                         390            11,731 
Georgia Gulf Corp.                                  1,220             8,455 
H.B. Fuller Co.                                       260             5,307 
Hercules, Inc.                                        250             4,573 
Innospec, Inc.                                        100             2,120 
Koppers Holdings, Inc.                                 70             3,102 
Kronos Worldwide, Inc.                                630            15,214 
NewMarket Corp.                                        90             6,790 
NL Industries, Inc.                                   810             8,845 
Olin Corp.                                            530            10,473 
OM Group, Inc.*                                        50             2,727 
Omnova Solutions, Inc.                                 70               279 
Penford Corp.                                          10               217 
PolyOne Corp.*                                        300             1,911 
Rockwood Holdings, Inc.*                              160             5,243 
Sensient Technologies Corp.                           240             7,078 
ShengdaTech, Inc.*                                     10                85 
Spartech Corp.                                        490             4,141 
Stepan Co.                                             50             1,912 
Symvx Technologies, Inc.*                             250             1,875 
Terra Industries, Inc.*                               190             6,751 
Tronox,  Inc. - Class B                               260             1,014 
Valhi, Inc.                                           710            16,607 
W.R. Grace & Co.*                                     120             2,738 
Zep, Inc.                                              90             1,460 

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- FUNDAMENTALLY WEIGHTED FUNDS | Small Company Fund           
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ------        ----------
Zoltek Cos., Inc.*                                     10        $      265 
                                                                ----------
                                                                   149,676
                                                                ----------
CONSTRUCTION MATERIALS -- 0.2%                                              
Headwaters, Inc.*                                     500             6,595 
Texas Industries, Inc.                                 40             2,404 
US Concrete, Inc.*                                    260               988 
                                                                ----------
                                                                     9,987
                                                                ----------
CONTAINERS & PACKAGING -- 0.7%                                              
AEP Industries, Inc.*                                  20               606 
AptarGroup, Inc.                                      180             7,007 
Caraustar Industries, Inc.                            110               149 
Chesapeake Corp.*                                     640             3,078 
Greif Corp. - Class A                                 160            10,869 
Rock-Tenn Co. - Class A                               250             7,493 
Silgan Holdings, Inc.                                 110             5,459 
                                                                ----------
                                                                    34,661
                                                                ----------
METALS & MINING -- 1.3%                                                     
A.M. Castle & Co.                                      50             1,350 
AK Steel Holding Corp.                                 20             1,089 
AMCOL International Corp.                              40             1,249 
Apex Silver Mines, Ltd.*                               70               849 
Brush Engineered Materials, Inc.*                      20               513 
Carpenter Technology Corp.                             20             1,120 
Century Aluminum Co.*                                  80             5,299 
Cleveland-Cliffs, Inc.                                 10             1,198 
Coeur d'Alene Mines Corp.*                            220               889 
Compass Minerals International, Inc.                  140             8,257 
Esmark, Inc.*                                         140             1,582 
Hecla Mining Co.*                                      70               781 
Kaiser Aluminium Corp.                                280            19,404 
Olympic Steel, Inc.                                    90             4,059 
Royal Gold, Inc.                                       20               603 
Schnitzer Steel Industries, Inc. - Class A             60             4,261 
Stillwater Mining Co.*                                140             2,166 
Worthington Industries, Inc.                          810            13,665 
                                                                ----------
                                                                    68,334
                                                                ----------
PAPER & FOREST PRODUCTS -- 0.3%                                             
Abitibibowater, Inc.                                  428             5,525 
Buckeye Technologies, Inc.*                           190             2,120 
Glatfelter                                            100             1,511 
Mercer International, Inc.*                            50               349 
Schweitzer-Mauduit International, Inc.                120             2,777 
Wausau Paper Corp.                                    500             4,130 
                                                                ----------
                                                                    16,412
                                                                ----------
Total Materials                                                      279,070  
                                                                ----------
TELECOMMUNICATION SERVICES -- 1.3%                                          
DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.8%                            
Alaska Communications Systems Group, Inc.            220             2,693
Atlantic Tele-Network, Inc.                           50             1,692
Cbeyond, Inc.*                                        20               376
Cincinnati Bell, Inc.*                             1,980             8,435
Cogent Communications Group, Inc.*                    60             1,099
Consolidated Communications Holdings, Inc.           340             5,144
Fairpoint Communications, Inc.                       490             4,420

                                               SHARES          VALUE
                                                  ------        ----------
Global Crossing, Ltd.*                                120        $    1,819 
Hungarian Telephone & Cable*                           10               174 
IDT Corp. - Class B*                                  220               851 
Iowa Telecommunications Services, Inc.                450             7,978 
NTELOS Holdings Corp.                                  10               242 
PAETEC Holdings Corp.*                                 40               266 
Premiere Global Services, Inc.*                       260             3,728 
SureWest Communications                               140             2,164 
Time Warner Telecom, Inc. - Class A*                   30               465 
                                                                ----------
                                                                    41,546
                                                                ----------
WIRELESS TELECOMMUNICATION SERVICES -- 0.5%                                 
Centennial Communications Corp.*                    1,840            10,874 
iPCS, Inc.                                            200             4,670 
Syniverse Holdings, Inc.*                             240             3,998 
USA Mobility, Inc.*                                   790             5,641 
                                                                ----------
                                                                    25,183
                                                                ----------
Total Telecommunication Services                                      66,729  
                                                                ----------
UTILITIES -- 3.4%                                                             
ELECTRIC UTILITIES -- 1.5%                                                  
ALLETE, Inc.                                          290            11,200 
Central Vermont Public Service Corp.                   50             1,195 
Cleco Corp.                                           270             5,989 
El Paso Electric Co.*                                  30               641 
Idacorp, Inc.                                         290             9,312 
ITC Holdings Corp.                                    100             5,206 
MGE Energy, Inc.                                      110             3,747 
NorthWestern Corp.                                    270             6,580 
Otter Tail Corp.                                      120             4,247 
Portland General Electric Co.                          90             2,029 
The Empire District Electric Co.                      180             3,645 
UIL Holdings Corp.                                    250             7,532 
Unisource Energy Corp.                                200             4,452 
Westar Energy, Inc.                                   570            12,979 
                                                                ----------
                                                                    78,754
                                                                ----------
GAS UTILITIES -- 1.3%                                                       
Atmos Energy Corp.                                     10               255 
Energen Corp.                                          10               623 
EnergySouth, Inc.                                      50             2,610 
New Jersey Resources Corp.                            165             5,123 
Nicor, Inc.                                           380            12,734 
Northwest Natural Gas Co.                             130             5,647 
Ormat Technologies, Inc.                               30             1,290 
Piedmont Natural Gas Co.                              430            11,292 
South Jersey Industries, Inc.                          90             3,160 
Southern Union Co.                                     20               465 
Southwest Gas Corp.                                   230             6,431 
The Laclede Group, Inc.                               140             4,988 
WGL Holdings, Inc.                                    320            10,259 
                                                                ----------
                                                                    64,877
                                                                ----------
MULTI-UTILITIES -- 0.5%                                                     
Avista Corp.                                          300             5,868 
Black Hills Corp.                                     130             4,651 
CH Energy Group, Inc.                                 170             6,613 
PNM Resources, Inc.                                   530             6,609 
                                                                ----------
                                                                    23,741
                                                                ----------
WATER UTILITIES -- 0.1%                                                     
American States Water Co.                              40             1,440 

The accompanying notes are integral part of the financial statements. 

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WILMINGTON FUNDS -- FUNDAMENTALLY WEIGHTED FUNDS | Small Company Fund           
--------------------------------------------------------------------------------
INVESTMENTS | MARCH 31, 2008 (UNAUDITED) -- CONTINUED                         

--------------------------------------------------------------------------------

                                               SHARES          VALUE
                                                  ------        ----------
Cadiz, Inc.*                                           80        $    1,230 
California Water Service Group                         50             1,908 
SJW Corp.                                              60             1,716 
Southwest Water Co.                                    90               996 
                                                                ----------
                                                                     7,290
                                                                ----------
Total Utilities                                                      174,662  
                                                                ----------

Total Common Stock                                                            
(Cost $5,942,708)                                                 5,027,281 
                                                                ----------
RIGHTS -- 0.0%                                                                
Ares Capital Corp.*                                   249               140 
MCG Capital Corp.*                                    173               185 
                                                                ----------
Total Financials                                                         325  
                                                                ----------

Total RIGHTS                                                                  
(Cost $0)                                                               325 
                                                                ----------

SHORT-TERM INVESTMENTS -- 0.9%                                                  
BlackRock Liquidity Funds                                                   
TempCash Portfolio -                                                    
 Institutional Series                             21,192            21,192
BlackRock Liquidity Funds                                                   
TempFund Portfolio -                                                    
 Institutional Series                             21,191            21,191
                                                                ----------

Total SHORT-TERM INVESTMENTS                                                  
(Cost $42,383)                                                       42,383 
                                                                ----------

TOTAL INVESTMENTS -- 100.0%                                                     
(Cost $5,985,091)+                                               $5,069,989 
OTHER ASSETS IN EXCESS OF LIABILITIES -- %                              1,909   
                                                                ----------
NET ASSETS -- 100.0%                                               $5,071,898   
                                                                ==========

*    Non-income producing security.                                             
+    The cost for Federal income tax purposes is $6,101,267. At March 31, 2008  
 net unrealized depreciation was $1,031,278. This consisted of aggregate
 gross unrealized appreciation for all securities for which there was an
excess of market value over tax cost of $261,263, and aggregate gross 
     unrealized depreciation for all securities for which there was an excess of
tax cost over market value of $1,292,541.                             

The accompanying notes are integral part of the financial statements. 

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ITEM 2.  CONTROLS AND PROCEDURES.                                               

     (a) The registrant's  principal executive and principal financial officers,
         or  persons  performing  similar  functions,  have  concluded  that the
         registrant's  disclosure  controls and  procedures  (as defined in Rule
         30a-3(c)  under the  Investment  Company Act of 1940,  as amended  (the
         "1940 Act") (17 CFR 270.30a-3(c)))  are effective,  as of a date within
         90 days of the filing date of the report that  includes the  disclosure
         required by this paragraph, based on their evaluation of these controls
         and  procedures  required by Rule  30a-3(b)  under the 1940 Act (17 CFR
         270.30a-3(b))  and Rules  13a-15(b) or 15d-15(b)  under the  Securities
         Exchange   Act  of  1934,   as  amended   (17  CFR   240.13a-15(b)   or
240.15d-15(b)).                                               

     (b) There  were  no  changes  in the  registrant's  internal  control  over
         financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
         CFR  270.30a-3(d))  that occurred during the  registrant's  last fiscal
         quarter that have  materially  affected,  or are  reasonably  likely to
         materially  affect,  the  registrant's  internal control over financial
reporting.                                                    

ITEM 3.  EXHIBITS.                                                              

Certifications  pursuant to Rule 30a-2(a)  under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.                             

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SIGNATURES

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.             

(Registrant)               WT Mutual Fund                                       
            --------------------------------------------------------------------

By (Signature and Title)*  /s/ Neil Wolfson                                     
                         -------------------------------------------------------
                       Neil Wolfson, President & Chief Executive Officer
   (principal executive officer)

Date  May 28, 2008                                                              
    ----------------------------------------------------------------------------

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

By (Signature and Title)*  /s/ Neil Wolfson                                     
                         -------------------------------------------------------
                       Neil Wolfson, President & Chief Executive Officer
   (principal executive officer)

Date  May 28, 2008                                                              
    ----------------------------------------------------------------------------

By (Signature and Title)*  /s/ John J. Kelley                                   
                         -------------------------------------------------------
      John J. Kelley, Vice President &
Chief Financial Officer   
   (principal financial officer)

Date  May 28, 2008                                                              
    ----------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.  

Dates Referenced Herein

				Referenced-On Page
This ‘N-Q’ Filing		Date		First		Last			Other Filings
Filed on / Effective on:		5/29/08							None on these Dates
		5/28/08		130
For Period End:		3/31/08		1		128
									List all Filings