-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LXR4KxRs4C2wl9tfjqt7LdoD5PnVIFOkhjPS/G700VqWt1hDJsLjm0zxh+skJb7Q DVkDbPUCyz67NxFv9+Y5LA== 0000891804-08-001790.txt : 20080620 0000891804-08-001790.hdr.sgml : 20080620 20080620171711 ACCESSION NUMBER: 0000891804-08-001790 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080430 FILED AS OF DATE: 20080620 DATE AS OF CHANGE: 20080620 EFFECTIVENESS DATE: 20080620 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIFTH THIRD FUNDS CENTRAL INDEX KEY: 0000840678 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05669 FILM NUMBER: 08910619 BUSINESS ADDRESS: STREET 1: 38 FOUNTAIN SQUARE PLAZA CITY: CINCINNATI STATE: OH ZIP: 45263 BUSINESS PHONE: 8002825706 MAIL ADDRESS: STREET 1: 38 FOUNTAIN SQUARE PLAZA CITY: CINCINNATI STATE: OH ZIP: 45263 FORMER COMPANY: FORMER CONFORMED NAME: FOUNTAIN SQUARE FUNDS DATE OF NAME CHANGE: 19920703 0000840678 S000000770 Fifth Third Small Cap Growth Fund C000002272 Institutional Shares KNEEX C000002274 Class A Shares KNEMX C000002275 Class B Shares FTGBX C000002276 Class C Shares FTGCX 0000840678 S000000771 Fifth Third Structured Large Cap Plus Fund C000002273 Institutional Shares KNVEX C000015656 Class A Shares KNVIX C000015657 Class B Shares FBLVX C000015658 Class C Shares FCLVX 0000840678 S000000772 Fifth Third Prime Money Market Fund C000002277 Institutional Shares FCPXX C000015660 Class A Shares FSCXX C000015661 Class B Shares FBPXX C000015662 Class C Shares FPCXX 0000840678 S000000824 Fifth Third Equity Index Fund C000002432 Class A Shares KNIDX C000002433 Class B Shares FBINX C000002434 Class C Shares FCINX C000002436 Select Shares KNISX C000002437 Preferred Shares KNIPX C000002438 Trust Shares KNITX C000002439 Institutional Shares KNIEX 0000840678 S000005672 Fifth Third International Equity Fund C000015530 Institutional Shares FIEIX C000015532 Class A Shares FSIEX C000015533 Class B Shares FBIEX C000015534 Class C Shares FTECX 0000840678 S000005674 Fifth Third Strategic Income Fund C000015540 Institutional Shares MXIIX C000015542 Class A Shares FFSAX C000015543 Class B Shares FFSBX C000015544 Class C Shares FRACX 0000840678 S000005675 Fifth Third Michigan Municipal Bond Fund C000015545 Institutional Shares KNMIX C000015547 Class A Shares KNMVX C000015548 Class B Shares FMGBX C000015549 Class C Shares FMGCX 0000840678 S000005677 Fifth Third Short Term Bond Fund C000015555 Institutional Shares KNLMX C000015557 Class A Shares KNLIX C000015558 Class C Shares KNLCX 0000840678 S000005679 Fifth Third High Yield Bond Fund C000015563 Institutional Shares FTYIX C000015565 Class A Shares FTYAX C000015566 Clas B Shares FTYBX C000015567 Class C Shares FTYCX 0000840678 S000005680 Fifth Third LifeModel Conservative Fund C000015568 Institutional Shares LCVIX C000015570 Class A Shares LCVAX C000015571 Class B Shares LCVBX C000015572 Class C Shares LCVCX 0000840678 S000005681 Fifth Third LifeModel Moderately Conservative Fund C000015573 Institutional Shares LIMVX C000015575 Class A Shares LAMVX C000015576 Class B Shares LBMVX C000015577 Class C Shares LCMVX 0000840678 S000005682 Fifth Third LifeModel Moderate Fund C000015578 Institutional Shares LMDIX C000015580 Class A Shares LMDAX C000015581 Class B Shares LMDBX C000015582 Class C Shares LMDCX 0000840678 S000005683 Fifth Third Micro Cap Value Fund C000015583 Institutional Shares MXAIX C000015585 Class A Shares MXCAX C000015586 Class B Shares MXCBX C000015587 Class C Shares MXCSX 0000840678 S000005684 Fifth Third LifeModel Moderately Aggressive Fund C000015588 Institutional Shares LMAIX C000015590 Class A Shares LMAAX C000015591 Class B Shares LMABX C000015592 Class C Shares LMACX 0000840678 S000005685 Fifth Third LifeModel Aggressive Fund C000015593 Institutional Shares LASIX C000015595 Class A Shares LASAX C000015596 Class B Shares LASBX C000015597 Class C Shares LASCX 0000840678 S000005686 Fifth Third Institutional Money Market Fund C000015598 Institutional Shares LSIXX C000015599 Select Shares LSSXX C000015600 Preferred Shares LSPXX C000015601 Trust Shares LSTXX 0000840678 S000005687 Fifth Third Institutional Government Money Market Fund C000015602 Institutional Shares KGIXX C000015603 Select Shares KGSXX C000015604 Preferred Shares KGPXX C000015605 Trust Shares KGTXX 0000840678 S000005689 Fifth Third U.S. Treasury Money Market Fund C000015608 Institutional Shares FQTXX C000015609 Select Shares FTSXX C000015610 Preferred Shares FTPXX C000015611 Trust Shares FTTXX 0000840678 S000005690 Fifth Third Michigan Municipal Money Market Fund C000015612 Institutional Shares KMIXX C000015613 Class A Shares KINXX 0000840678 S000005691 Fifth Third Municipal Money Market Fund C000015614 Institutional Shares FXIXX C000015615 Class A Shares FXAXX C000015616 Select Shares FXSXX C000015617 Preferred Shares FXPXX C000015618 Trust Shares FXTXX 0000840678 S000005692 Fifth Third Mid Cap Growth Fund C000015619 Institutional Shares FMCIX C000015621 Class A Shares FSMCX C000015622 Class B Shares FBMBX C000015623 Class C Shares FCMCX 0000840678 S000005694 Fifth Third Dividend Growth Fund C000015629 Institutional Shares FPFIX C000015631 Class A Shares FSPIX C000015632 Class B Shares FTPBX C000015633 Class C Shares FTPCX 0000840678 S000005695 Fifth Third Quality Growth Fund C000015634 Institutional Shares FQGIX C000015636 Class A Shares FSQGX C000015637 Class B Shares FSBQX C000015638 Class C Shares FSQCX 0000840678 S000005696 Fifth Third Small Cap Value Fund C000015639 Institutional Shares FTVIX C000015641 Class A Shares FTVAX C000015642 Class B Shares FTVBX C000015643 Class C Shares FTVCX 0000840678 S000005697 Fifth Third All Cap Value Fund C000015644 Institutional Shares MXEIX C000015646 Class A Shares MXLAX C000015647 Class B Shares MXLBX C000015648 Class C Shares MXLCX 0000840678 S000005698 Fifth Third Disciplined Large Cap Value Fund C000015649 Institutional Shares FEINX C000015651 Class A Shares FSSIX C000015652 Class B Shares FBEQX C000015653 Class C Shares FEQCX 0000840678 S000008873 Fifth Third Ohio Municipal Bond Fund C000024164 Institutional Shares FOTIX C000024166 Class A Shares FSOTX C000024167 Class B Shares FOTBX C000024168 Class C Shares FOTFX 0000840678 S000008874 Fifth Third Municipal Bond Fund C000024169 Institutional Shares KNTIX C000024171 Class A Shares KTFIX C000024172 Class B Shares FMBVX C000024173 Class C Shares FMCVX 0000840678 S000008875 Fifth Third Total Return Bond Fund C000024174 Institutional Shares KNIIX C000024176 Class A Shares KIFIX C000024177 Class B Shares FBBDX C000024178 Class C Shares FCBDX 0000840678 S000008876 Fifth Third Intermediate Municipal Bond Fund C000024179 Institutional Shares KNMTX C000024181 Class A Shares KNMBX C000024182 Class B Shares FBIMX C000024183 Class C Shares FCIMX N-Q 1 ftf43520-nq.txt FIFTH THIRD FUNDS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-5669 ----------------------------------------------- FIFTH THIRD FUNDS - ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 38 Fountain Square Plaza Cincinnati, Ohio 45263 - ------------------------------------------------------------------------------- (Address of principal executive offices)(Zip code) (Name and Address of Agent for Service) Copy to: E. Keith Wirtz Alan G. Priest President Ropes & Gray LLP Fifth Third Funds One Metro Center 38 Fountain Square Plaza 700 12th Street NW Cincinnati, Ohio 45263 Suite 900 Washington, DC 20005-3948 Registrant's telephone number, including area code: 614-470-8000 Date of fiscal year end: July 31 Date of reporting period: April 30, 2008 ITEM 1. SCHEDULE OF INVESTMENTS. SMALL CAP GROWTH SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (95.2%) BIOTECHNOLOGY (2.0%) BioMarin Pharmaceuticals, Inc. * 51,000 $ 1,859 ------------ BUILDING PRODUCTS (0.4%) Dayton Superior Corp. * 161,700 386 ------------ CAPITAL MARKETS (1.3%) Waddell & Reed Financial, Inc., Class A 35,900 1,216 ------------ CHEMICALS (0.9%) Terra Industries, Inc. * 21,700 822 ------------ COMMERCIAL SERVICES & SUPPLIES (4.5%) Geo Group, Inc. (The) * 53,400 1,413 Huron Consulting Group, Inc. * 20,000 837 Kenexa Corp. * 49,000 857 Mobile Mini, Inc. * 47,300 1,005 ------------ 4,112 ------------ COMMUNICATIONS EQUIPMENT (2.2%) Microtune, Inc. * 33,275 117 Nice Systems, Ltd. ADR * 30,300 965 Polycom, Inc. * 40,000 896 ------------ 1,978 ------------ COMPUTERS & PERIPHERALS (1.1%) Emulex Corp. * 75,300 986 ------------ CONSTRUCTION MATERIALS (1.8%) Texas Industries, Inc. 21,600 1,672 ------------ CONSUMER FINANCE (2.7%) Cardronics, Inc. * 140,400 1,164 Cash America International, Inc. 33,400 1,362 ------------ 2,526 ------------ DISTRIBUTORS (3.5%) DXP Enterprises, Inc. * 36,800 1,519 LKQ Corp. * 76,700 1,669 ------------ 3,188 ------------ DIVERSIFIED FINANCIAL SERVICES (0.5%) NewStar Financial, Inc. * 85,400 459 ------------ DIVERSIFIED MINERALS (0.0%) Intrepid Potash, Inc. * 595 28 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES (1.4%) Time Warner Telecom, Inc., Class A * 67,200 1,317 ------------ Continued 1 SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED ELECTRICAL COMPONENTS & EQUIPMENT (5.9%) AZZ, Inc. * 58,700 $ 1,566 Belden, Inc. 35,600 1,201 Energy Conversion Devices, Inc. * 46,900 1,529 Polypore International, Inc. * 50,000 1,171 ------------ 5,467 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS (1.5%) Daktronics, Inc. 55,400 819 IPG Photonics Corp. * 35,600 596 ------------ 1,415 ------------ ENERGY EQUIPMENT & SERVICE (6.8%) Complete Production Services, Inc. * 59,500 1,607 Core Laboratories NV * 11,000 1,378 Superior Energy Services, Inc. * 45,500 2,019 T-3 Energy Services, Inc. * 25,000 1,320 ------------ 6,324 ------------ HEALTHCARE EQUIPMENT & SUPPLIES (4.6%) Hologic, Inc. * 65,950 1,925 Masimo Corp. * 34,431 1,004 NuVasive, Inc. * 33,600 1,282 ------------ 4,211 ------------ HEALTHCARE PROVIDERS & SERVICES (9.8%) Emergency Medical Services Corp., Class A * 47,882 1,081 HealthExtras, Inc. * 50,000 1,411 inVentiv Health, Inc. * 48,200 1,433 MWI Veterinary Supply, Inc. * 31,450 1,084 Providence Service Corp. (The) * 57,300 1,612 Psychiatric Solutions, Inc. * 41,100 1,427 Sun Healthcare Group, Inc. * 79,635 1,047 ------------ 9,095 ------------ HEALTHCARE TECHNOLOGY (1.6%) Phase Forward, Inc. * 81,820 1,505 ------------ HOTELS RESTAURANTS & LEISURE (2.2%) Bally Technologies, Inc. * 25,700 866 Jack in the Box, Inc. * 42,500 1,137 ------------ 2,003 ------------ INTERNET SOFTWARE & SERVICES (3.1%) comScore, Inc. * 47,500 896 Cybersource Corp. * 56,000 1,016 Vocus, Inc. * 33,600 934 ------------ 2,846 ------------ Continued SMALL CAP GROWTH SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED LIFE SCIENCES TOOLS & SERVICES (3.2%) Icon PLC ADR * 20,400 $ 1,469 Varian, Inc. * 28,516 1,452 ------------ 2,921 ------------ MACHINERY (1.7%) Bucyrus International, Inc., Class A 12,700 1,599 ------------ MARINE (0.9%) Ultrapetrol Bahamas, Ltd. * 90,200 867 ------------ MEDIA (2.7%) Dolan Media Co. * 57,908 1,004 RRSat Global Communications Network, Ltd. 104,800 1,483 ------------ 2,487 ------------ OIL & GAS (3.6%) Carrizo Oil & Gas, Inc. * 20,500 1,302 Penn Virginia Corp. 38,600 2,026 ------------ 3,328 ------------ REIT-DIVERSIFIED (1.7%) Digital Realty Trust, Inc. 41,100 1,593 ------------ RETAIL-APPAREL/SHOE (1.4%) J Crew Group, Inc. * 26,300 1,249 ------------ SCHOOLS (1.3%) American Public Education, Inc. * 38,567 1,242 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.9%) Advanced Energy Industries, Inc. * 79,000 1,106 Atheros Communications, Inc. * 28,800 767 Diodes, Inc. * 46,000 1,244 Netlogic Microsystems, Inc. * 41,600 1,364 ------------ 4,481 ------------ SOFTWARE (8.2%) Ansys, Inc. * 26,000 1,046 Concur Technologies, Inc. * 22,669 751 Micros Systems, Inc. * 34,700 1,237 Nuance Communications, Inc. * 87,200 1,769 PROS Holdings, Inc. * 100,063 1,169 Ultimate Software Group, Inc. * 47,800 1,567 ------------ 7,539 ------------ SPECIALTY RETAIL (3.3%) Aeropostale, Inc. * 59,150 1,880 Stage Stores, Inc. 74,300 1,170 ------------ 3,050 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED TEXTILES APPAREL & LUXURY GOODS (2.8%) Iconix Brand Group, Inc. * 91,150 $ 1,451 Skechers U.S.A., Inc., Class A * 48,800 1,154 ------------ 2,605 ------------ TRANSPORTATION (1.7%) Aegean Marine Petroleum Network, Inc. 43,600 1,586 ------------ TOTAL COMMON STOCKS 87,962 ------------ INVESTMENTS IN AFFILIATES (3.8%) Fifth Third Institutional Money Market Fund (a) 3,467,836 3,468 ------------ TOTAL INVESTMENTS IN AFFILIATES 3,468 ------------ TOTAL INVESTMENTS (COST $82,437) - 99.0% 91,430 OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0% 953 ------------ NET ASSETS - 100.0% $ 92,383 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. The following abbreviations are used in the Schedule of Investments: ADR - American Depositary Receipt REIT - Real Estate Investment Trust See notes to schedules of investments. 2 MID CAP GROWTH SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (99.0%) AEROSPACE & DEFENSE (4.1%) BE Aerospace, Inc. * 84,356 $ 3,405 Precision Castparts Corp. 52,800 6,207 Spirit Aerosystems Holdings, Inc., Class A * 86,100 2,511 ------------ 12,123 ------------ CAPITAL MARKETS (3.3%) Affiliated Managers Group, Inc. * 44,900 4,460 T Rowe Price Group, Inc. 88,400 5,177 ------------ 9,637 ------------ CHEMICALS (3.5%) CF Industries Holdings, Inc. 36,000 4,813 FMC Corp. 88,400 5,550 ------------ 10,363 ------------ COMMERCIAL SERVICES & SUPPLIES (5.4%) Corrections Corp. of America * 206,700 5,271 Manpower, Inc. 68,400 4,592 Stericycle, Inc. * 111,200 5,936 ------------ 15,799 ------------ COMMUNICATIONS EQUIPMENT (1.3%) Ciena Corp. * 18,000 609 Juniper Networks, Inc. * 118,000 3,259 ------------ 3,868 ------------ COMPUTERS & PERIPHERALS (1.2%) Brocade Communications Systems, Inc. * 199,600 1,429 NetApp, Inc. * 87,200 2,110 ------------ 3,539 ------------ CONSTRUCTION MATERIALS (1.5%) Martin Marietta Materials, Inc. 41,300 4,517 ------------ CONTAINERS & PACKAGING (1.7%) Owens-Illinois, Inc. * 92,700 5,112 ------------ DIVERSIFIED CONSUMER SERVICES (1.2%) Apollo Group, Inc., Class A * 68,400 3,482 ------------ DIVERSIFIED FINANCIAL SERVICES (1.2%) IntercontinentalExchange, Inc. * 22,500 3,491 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS (1.9%) Mettler Toledo International, Inc. * 60,200 5,735 ------------ ENERGY EQUIPMENT & SERVICES (10.4%) Core Laboratories NV * 18,620 2,333 Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED ENERGY EQUIPMENT & SERVICES, CONTINUED National Oilwell Varco, Inc. * 89,100 $ 6,099 Oceaneering International, Inc. * 85,500 5,710 Superior Energy Services, Inc. * 116,200 5,157 Exterran Holdings, Inc. * 90,000 6,011 Transocean, Inc. * 36,906 5,442 ------------ 30,752 ------------ HEALTHCARE EQUIPMENT & SUPPLIES (5.0%) Dentsply International, Inc. 126,000 4,898 Gen-Probe, Inc. * 58,476 3,296 Hologic, Inc. * 134,000 3,911 Varian Medical Systems, Inc. * 57,001 2,672 ------------ 14,777 ------------ HEALTHCARE PROVIDERS & SERVICES (3.7%) Express Scripts, Inc. * 78,400 5,490 Pediatrix Medical Group, Inc. * 80,650 5,486 ------------ 10,976 ------------ HOTELS RESTAURANTS & LEISURE (4.6%) Burger King Holdings, Inc. 186,800 5,212 International Game Technology 116,900 4,061 Marriott International, Inc., Class A 121,200 4,157 ------------ 13,430 ------------ INDUSTRIAL CONGLOMERATES (2.1%) McDermott International, Inc. * 114,100 6,113 ------------ INSURANCE (1.5%) ProAssurance Corp. * 84,800 4,488 ------------ INTERNET SOFTWARE & SERVICES (1.0%) Akamai Technologies, Inc. * 83,400 2,983 ------------ IT SERVICES (4.1%) Cognizant Technology Solutions Corp., Class A * 85,500 2,757 Mastercard, Inc., Class A 27,100 7,538 Paychex, Inc. 47,000 1,709 ------------ 12,004 ------------ LIFE SCIENCES TOOLS & SERVICES (4.7%) PerkinElmer, Inc. 195,300 5,187 Pharmaceutical Product Development, Inc. 93,400 3,869 Qiagen NV * 221,000 4,908 ------------ 13,964 ------------ MACHINERY (5.2%) IDEX Corp. 120,800 4,432 Continued 1 MID CAP GROWTH SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED MACHINERY, CONTINUED ITT Corp. 70,600 $ 4,518 Joy Global, Inc. 87,000 6,460 ------------ 15,410 ------------ OIL & GAS (3.6%) Ultra Petroleum Corp. * 73,400 6,097 XTO Energy, Inc. 70,000 4,330 ------------ 10,427 ------------ PERSONAL PRODUCTS (1.9%) Herbalife, Ltd. 129,700 5,678 ------------ PHARMACEUTICALS (0.8%) Allergan, Inc. 40,800 2,300 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT (1.2%) Jones Lang LaSalle, Inc. 43,700 3,392 ------------ REIT-DIVERSIFIED (0.9%) CapitalSource, Inc. 186,800 2,625 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.3%) Cypress Semiconductor Corp. * 71,300 2,005 Kla-Tencor Corp. 112,400 4,910 MEMC Electronic Materials, Inc. * 41,700 2,626 Nvidia Corp. * 92,700 1,905 Xilinx, Inc. 171,100 4,238 ------------ 15,684 ------------ SOFTWARE (6.2%) Activision, Inc. * 163,979 4,436 Electronic Arts, Inc. * 52,796 2,717 Intuit, Inc. * 161,000 4,342 McAfee, Inc. * 14,100 469 Nuance Communications, Inc. * 171,100 3,470 Salesforce.com, Inc. * 42,100 2,809 ------------ 18,243 ------------ SPECIALTY RETAIL (4.9%) Abercrombie & Fitch Co., Class A 63,300 4,704 Guess ?, Inc. 111,200 4,257 Urban Outfitters, Inc. * 159,700 5,470 ------------ 14,431 ------------ TEXTILES APPAREL & LUXURY GOODS (2.3%) Coach, Inc. * 104,750 3,726 Polo Ralph Lauren Corp., Class A 49,900 3,099 ------------ 6,825 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED UTILITIES (1.4%) NRG Energy, Inc. * 96,200 $ 4,228 ------------ WIRELESS TELECOMMUNICATION SERVICES (1.9%) American Tower Corp., Class A * 131,200 5,697 ------------ TOTAL COMMON STOCKS 292,093 ------------ INVESTMENTS IN AFFILIATES (2.6%) Fifth Third Institutional Money Market Fund (a) 7,652,368 7,652 ------------ TOTAL INVESTMENTS IN AFFILIATES 7,652 ------------ TOTAL INVESTMENTS (COST $248,612) - 101.6% 299,745 LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)% (4,833) ------------ NET ASSETS - 100.0% $294,912 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. The following abbreviation is used in the Schedule of Investments: REIT - Real Estate Investment Trust See notes to schedules of investments. 2 QUALITY GROWTH SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (98.6%) AEROSPACE & DEFENSE (2.8%) Honeywell International, Inc. 125,000 $ 7,425 United Technologies Corp. 125,000 9,059 ------------ 16,484 ------------ AUTO COMPONENTS (1.5%) Johnson Controls, Inc. 250,000 8,815 ------------ BEVERAGES (1.2%) Coca-Cola Co. (The) 120,000 7,064 ------------ BIOTECHNOLOGY (2.2%) Gilead Sciences, Inc. * 245,000 12,681 ------------ CAPITAL MARKETS (5.0%) BlackRock, Inc. 35,000 7,063 Northern Trust Corp. 160,000 11,857 T Rowe Price Group, Inc. 170,000 9,955 ------------ 28,875 ------------ CHEMICALS (5.5%) Ecolab, Inc. 7,300 335 Monsanto Co. 90,000 10,262 Potash Corp. of Saskatchewan 53,000 9,749 Praxair, Inc. 125,000 11,414 ------------ 31,760 ------------ COMMERCIAL BANKS (0.1%) US Bancorp 16,000 542 ------------ COMMERCIAL SERVICES & SUPPLIES (1.5%) Stericycle, Inc. * 159,000 8,487 ------------ COMMUNICATIONS EQUIPMENT (4.2%) Cisco Systems, Inc. * 390,000 10,000 Corning, Inc. 250,000 6,677 Nokia Corp. Oyj ADR 260,000 7,818 ------------ 24,495 ------------ COMPUTERS & PERIPHERALS (7.2%) Apple, Inc. * 78,000 13,568 EMC Corp. * 400,000 6,160 Hewlett-Packard Co. 200,000 9,270 International Business Machines Corp. 107,000 12,915 ------------ 41,913 ------------ CONSTRUCTION & ENGINEERING (1.3%) Fluor Corp. 50,000 7,644 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED DIVERSIFIED FINANCIAL SERVICES (1.0%) CME Group, Inc. 11,675 $ 5,341 JPMorgan Chase & Co. 6,000 286 ------------ 5,627 ------------ ELECTRIC UTILITIES (1.3%) FPL Group, Inc. 115,000 7,623 ------------ ELECTRICAL COMPONENTS & EQUIPMENT (2.6%) Emerson Electric Co. 180,000 9,407 Roper Industries, Inc. 90,000 5,591 ------------ 14,998 ------------ ENERGY EQUIPMENT & SERVICES (5.6%) Cameron International Corp. * 160,000 7,877 Nabors Industries, Ltd. * 210,000 7,883 Transocean, Inc. * 65,000 9,585 Weatherford International, Ltd. * 90,000 7,260 ------------ 32,605 ------------ FOOD & STAPLES RETAILING (1.1%) Kroger Co. (The) 240,000 6,540 ------------ FOOD PRODUCTS (3.0%) HJ Heinz Co. 130,000 6,114 Kellogg Co. 220,000 11,257 ------------ 17,371 ------------ HEALTHCARE EQUIPMENT & SUPPLIES (4.9%) Baxter International, Inc. 214,000 13,337 Becton Dickinson & Co. 91,000 8,135 St Jude Medical, Inc. * 160,000 7,005 ------------ 28,477 ------------ HOTELS RESTAURANTS & LEISURE (4.2%) Burger King Holdings, Inc. 320,000 8,928 Chipotle Mexican Grill, Inc., Class A * 30,000 2,944 McDonald's Corp. 215,000 12,810 ------------ 24,682 ------------ HOUSEHOLD PRODUCTS (3.1%) Colgate-Palmolive Co. 140,000 9,898 Procter & Gamble Co. 125,000 8,381 ------------ 18,279 ------------ INTERNET SOFTWARE & SERVICES (2.1%) Google, Inc., Class A * 21,000 12,060 ------------ LIFE SCIENCES TOOLS & SERVICES (1.8%) Thermo Fisher Scientific, Inc. * 180,000 10,417 ------------ Continued 1 QUALITY GROWTH SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED MACHINERY (5.9%) Caterpillar, Inc. 110,000 $ 9,007 Danaher Corp. 118,000 9,207 Deere & Co. 3,500 294 Flowserve Corp. 65,000 8,066 Illinois Tool Works, Inc. 146,000 7,634 ------------ 34,208 ------------ METALS & MINING (2.5%) Freeport-McMoRan Copper & Gold, Inc. 65,000 7,394 United States Steel Corp. 45,000 6,928 ------------ 14,322 ------------ OIL & GAS (6.3%) Apache Corp. 67,000 9,024 Chevron Corp. 90,000 8,653 Consol Energy, Inc. 105,000 8,501 Devon Energy Corp. 90,000 10,206 Occidental Petroleum Corp. 4,000 333 ------------ 36,717 ------------ PHARMACEUTICALS (4.3%) Abbott Laboratories 150,000 7,913 Johnson & Johnson 160,000 10,734 Merck & Co., Inc. 160,000 6,086 ------------ 24,733 ------------ RETAIL-APPAREL/SHOE (1.0%) J Crew Group, Inc. * 120,000 5,700 ------------ ROAD & RAIL (1.3%) Union Pacific Corp. 50,000 7,260 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.1%) Intel Corp. 540,000 12,020 ------------ SOFTWARE (6.4%) Activision, Inc. * 320,000 8,656 Microsoft Corp. 610,000 17,397 Oracle Corp. * 520,000 10,842 ------------ 36,895 ------------ SPECIALTY RETAIL (4.1%) Best Buy Co., Inc. 132,000 5,679 Dick's Sporting Goods, Inc. * 200,000 5,720 GameStop Corp., Class A * 105,000 5,779 Urban Outfitters, Inc. * 200,000 6,850 ------------ 24,028 ------------ Continued SHARES VALUE -------------------------- COMMON STOCKS, CONTINUED TEXTILES APPAREL & LUXURY GOODS (1.5%) Nike, Inc., Class B 130,000 $ 8,684 ------------ TOTAL COMMON STOCKS 572,006 ------------ PRINCIPAL AMOUNT ----------- ASSET-BACKED SECURITIES (0.1%) HOME EQUITY OTHER (0.1%) GMAC Mortgage Corp. Loan Trust, Series 2004-HE5, Class A4, 4.34%, 9/25/34 (a) (d) $ 385 380 ------------ MANUFACTURED HOUSING ABS OTHER (0.0%) Green Tree Financial Corp., Series 1995-4, Class M1, 7.60%, 6/15/25 (a) 216 219 ------------ OTHER ABS (0.0%) Aerco, Ltd., Series 2A, Class A3, 3.18%, 7/15/25 (a) (b) (d) 85 69 ------------ TOTAL ASSET-BACKED SECURITIES 668 ------------ CORPORATE BONDS (0.0%) COMMERCIAL BANKS-CENTRAL U.S. (0.0%) Bank One Capital III, 8.75%, 9/1/30 175 191 ------------ TOTAL CORPORATE BONDS 191 ------------ MORTGAGE-BACKED SECURITIES (1.0%) WL COLLATERAL CMO OTHER (0.9%) American Home Mortgage Investment Trust, Series 2005-2, Class 5A4D, 5.33%, 9/25/35 1,500 1,246 Banc of America Funding Corp., Series 2006-G, Class 3A2, 5.75%, 7/20/36 (a) (d) 1,585 1,535 Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 13A1, 5.44%, 2/25/36 (a) 806 734 Chaseflex Trust, Series 2006-1, Class A2A, 5.94%, 6/25/36 (a) 400 379 Indymac Index Mortgage Loan Trust, Series 2005-AR9, Class 1A1, 5.78%, 7/25/35 (a) 167 139 JP Morgan Mortgage Trust, Series 2005-A1, Class 2A1, 4.85%, 2/25/35 (a) 333 320 Morgan Stanley Mortgage Loan Trust, Series 2004-4, Class 3A, 5.00%, 8/25/19 613 613 Continued 2 QUALITY GROWTH SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MORTGAGE-BACKED SECURITIES, CONTINUED WL COLLATERAL CMO OTHER, CONTINUED WaMu Mortgage Pass Through Certificates, Series 2004-AR3, Class A2, 4.24%, 6/25/34 (a) $ 316 $ 306 ------------ 5,272 ------------ WL COLLATERAL CMO SEQUENTIAL (0.1%) Countrywide Alternative Loan Trust, Series 2005-J3, Class 3A1, 6.50%, 9/25/34 185 175 Countrywide Alternative Loan Trust, Series 2005-74T1, Class A1, 6.00%, 1/25/36 336 299 ------------ 474 ------------ WL COLLATERAL SUPPORT (0.0%) Bear Stearns Alt-A Trust, Series 2005-9, Class 21A2, 5.76%, 11/25/35 (a) 140 75 ------------ TOTAL MORTGAGE-BACKED SECURITIES 5,821 ------------ U.S. GOVERNMENT AGENCIES (0.1%) GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (0.0%) 0.55%, 4/16/46 IO (a) (d) 3,391 123 ------------ FANNIE MAE (0.1%) 6.00%, 8/25/33 (a) 348 346 5.50%, 4/25/37 249 217 ------------ 563 ------------ FREDDIE MAC (0.0%) 5.50%, 3/15/35 235 236 ------------ TOTAL U.S. GOVERNMENT AGENCIES 922 ------------ SHARES ----------- INVESTMENTS IN AFFILIATES (1.3%) Fifth Third Institutional Money Market Fund (c) 7,711,301 7,711 ------------ TOTAL INVESTMENTS IN AFFILIATES 7,711 ------------ TOTAL INVESTMENTS (COST $485,482) - 101.1% 587,319 LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)% (6,344) ------------ NET ASSETS - 100.0% $580,975 ============ Continued NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (c) Investment is in Institutional Shares of underlying fund. (d) The Fund's securities were fair valued at April 30, 2008 using procedures approved by the Board of Trustees. The following abbreviations are used in the Schedule of Investments: ABS - Asset-Backed Security ADR - American Depositary Receipt CMO - Collateralized Mortgage Obligation IO - Interest Only WL - Whole Loan See notes to schedules of investments. 3 STRUCTURED LARGE CAP PLUS SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (128.6%) AEROSPACE & DEFENSE (2.2%) Honeywell International, Inc. (c) 12,254 $ 728 L-3 Communications Holdings, Inc. 12,491 1,392 Northrop Grumman Corp. 328 24 Raytheon Co. (c) 24,204 1,548 ------------ 3,692 ------------ AIR FREIGHT & LOGISTICS (0.4%) United Parcel Service, Inc., Class B 8,783 636 ------------ AIRLINES (1.3%) Southwest Airlines Co. (c) 162,319 2,149 ------------ BEVERAGES (2.6%) Molson Coors Brewing Co., Class B 4,035 221 Pepsi Bottling Group, Inc. (c) 57,387 1,935 PepsiCo, Inc. (c) 31,822 2,181 ------------ 4,337 ------------ BIOTECHNOLOGY (2.5%) Celgene Corp. * 2,965 184 Cephalon, Inc. * (c) 10,333 645 Genentech, Inc. * 6,834 466 Genzyme Corp. * (c) 8,621 606 Gilead Sciences, Inc. * (c) 44,608 2,309 ------------ 4,210 ------------ BUILDING PRODUCTS (0.3%) Masco Corp. (c) 24,399 444 ------------ CAPITAL MARKETS (4.1%) Ameriprise Financial, Inc. 83 4 Bank of New York Mellon Corp. (The) 5,197 226 Charles Schwab Corp. (The) (c) 8,506 184 Federated Investors, Inc., Class B 8,836 296 Goldman Sachs Group, Inc. (The) (c) 14,944 2,860 Janus Capital Group, Inc. (c) 49,197 1,380 Lehman Brothers Holdings, Inc. (c) 7,205 319 Merrill Lynch & Co., Inc. (c) 13,000 648 Morgan Stanley (c) 17,085 830 T Rowe Price Group, Inc. 2,135 125 ------------ 6,872 ------------ CHEMICALS (2.6%) Air Products & Chemicals, Inc. 150 15 Ashland, Inc. (c) 28,925 1,533 Dow Chemical Co. (The) (c) 15,657 629 Eastman Chemical Co. 743 55 Ecolab, Inc. (c) 9,464 435 Praxair, Inc. 16,771 1,531 Sigma-Aldrich Corp. 1,654 94 ------------ 4,292 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED COMMERCIAL BANKS (2.5%) Comerica, Inc. (c) 28,876 $ 1,003 Wachovia Corp. (c) 41,100 1,198 Wells Fargo & Co. (c) 66,788 1,987 ------------ 4,188 ------------ COMMERCIAL SERVICES & SUPPLIES (0.8%) Allied Waste Industries, Inc. * (c) 27,892 345 Monster Worldwide, Inc. * 3,187 77 Robert Half International, Inc. (c) 20,563 487 Waste Management, Inc. (c) 9,491 343 ------------ 1,252 ------------ COMMUNICATIONS EQUIPMENT (3.6%) Cisco Systems, Inc. * (c) 42,796 1,097 Juniper Networks, Inc. * (c) 63,113 1,743 Qualcomm, Inc. (c) 73,371 3,169 ------------ 6,009 ------------ COMPUTERS & PERIPHERALS (4.5%) Apple, Inc. * (c) 10,373 1,804 International Business Machines Corp. (c) 29,965 3,617 QLogic Corp. * (c) 134,370 2,145 ------------ 7,566 ------------ CONSTRUCTION & ENGINEERING (0.2%) Fluor Corp. 2,536 388 ------------ CONSUMER FINANCE (0.8%) Capital One Financial Corp. (c) 22,159 1,175 Discover Financial Services (c) 6,546 119 ------------ 1,294 ------------ CONTAINERS & PACKAGING (1.6%) Ball Corp. (c) 38,698 2,081 Bemis Co., Inc. 7,827 206 Sealed Air Corp. 14,523 367 Temple-Inland, Inc. (c) 2,374 28 ------------ 2,682 ------------ DIVERSIFIED FINANCIAL SERVICES (5.2%) Bank of America Corp. (c) 44,222 1,660 Citigroup, Inc. 63,725 1,610 IntercontinentalExchange, Inc. * 1,191 185 JPMorgan Chase & Co. (c) 83,422 3,975 Leucadia National Corp. 13,141 673 Nasdaq Stock Market, Inc. (The) * (c) 16,153 589 ------------ 8,692 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES (4.9%) AT&T, Inc. (c) 77,916 3,016 Continued 1 STRUCTURED LARGE CAP PLUS SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED DIVERSIFIED TELECOMMUNICATION SERVICES, CONTINUED CenturyTel, Inc. (c) 48,890 $ 1,587 Embarq Corp. (c) 25,862 1,075 Fairpoint Communications, Inc. 1,238 11 Verizon Communications, Inc. (c) 65,660 2,527 ------------ 8,216 ------------ ELECTRIC UTILITIES (2.9%) Duke Energy Corp. (c) 44,640 817 Edison International (c) 20,503 1,070 FirstEnergy Corp. (c) 35,510 2,686 Pepco Holdings, Inc. 2,899 72 Pinnacle West Capital Corp. (c) 5,552 189 ------------ 4,834 ------------ ELECTRICAL COMPONENTS & EQUIPMENT (1.2%) Emerson Electric Co. (c) 18,588 972 Rockwell Automation, Inc. (c) 17,819 966 ------------ 1,938 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS (0.1%) Molex, Inc. 3,895 111 ------------ ENERGY EQUIPMENT & SERVICE (4.3%) Cameron International Corp. * (c) 28,265 1,391 FMC Technologies, Inc. * 3,560 239 Halliburton Co. 42,119 1,934 National Oilwell Varco, Inc. * (c) 24,853 1,701 Noble Corp. 1,511 85 Schlumberger, Ltd. 2,814 283 Smith International, Inc. 21,160 1,619 ------------ 7,252 ------------ FOOD & STAPLES RETAILING (2.9%) Kroger Co. (The) 34,798 948 Safeway, Inc. (c) 12,680 401 SUPERVALU, Inc. (c) 68,566 2,269 Wal-Mart Stores, Inc. (c) 19,706 1,143 ------------ 4,761 ------------ FOOD PRODUCTS (2.9%) General Mills, Inc. 37,523 2,266 HJ Heinz Co. (c) 2,032 96 Kellogg Co. 41,064 2,101 WM Wrigley Jr. Co. 4,355 332 ------------ 4,795 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED GAS-DISTRIBUTION (1.2%) Oneok, Inc. (c) 40,378 $ 1,943 ------------ HEALTHCARE EQUIPMENT & SUPPLIES (2.2%) Baxter International, Inc. (c) 23,292 1,452 Becton Dickinson & Co. 754 67 Kinetic Concepts, Inc. * 4,091 162 Medtronic, Inc. (c) 20,084 978 Stryker Corp. (c) 15,323 993 ------------ 3,652 ------------ HEALTHCARE PROVIDERS & SERVICES (4.9%) Aetna, Inc. (c) 30,726 1,340 AmerisourceBergen Corp. (c) 7,467 303 Cigna Corp. (c) 29,634 1,266 Express Scripts, Inc. * (c) 17,836 1,249 Humana, Inc. * (c) 19,427 928 Medco Health Solutions, Inc. * (c) 28,007 1,387 UnitedHealth Group, Inc. (c) 32,494 1,060 WellPoint, Inc. * (c) 12,183 606 ------------ 8,139 ------------ HOTELS RESTAURANTS & LEISURE (3.1%) Darden Restaurants, Inc. 2,505 89 International Game Technology (c) 35,835 1,245 McDonald's Corp. 51,110 3,045 Tim Hortons, Inc. (c) 5,787 199 Yum! Brands, Inc. (c) 15,507 631 ------------ 5,209 ------------ HOUSEHOLD DURABLES (0.9%) DR Horton, Inc. 47,797 740 NVR, Inc. * (c) 1,317 808 ------------ 1,548 ------------ HOUSEHOLD PRODUCTS (2.0%) Procter & Gamble Co. (c) 49,775 3,337 ------------ INDUSTRIAL CONGLOMERATES (3.2%) 3M Co. 2,070 159 General Electric Co. (b) (c) 83,524 2,732 Textron, Inc. 69 4 Tyco International, Ltd. 51,380 2,404 ------------ 5,299 ------------ INSURANCE (4.1%) Aflac, Inc. (c) 27,864 1,858 American International Group, Inc. (c) 34,762 1,606 Chubb Corp. (c) 19,049 1,009 MetLife, Inc. (c) 20,061 1,221 Continued 2 STRUCTURED LARGE CAP PLUS SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED INSURANCE, CONTINUED Travelers Cos., Inc. (The) (c) 21,493 $ 1,083 ------------ 6,777 ------------ INTERNET & CATALOG RETAIL (0.7%) Amazon.Com, Inc. * 10,907 857 Expedia, Inc. * (c) 11,707 296 ------------ 1,153 ------------ INTERNET SOFTWARE & SERVICES (2.9%) eBay, Inc. * (c) 94,580 2,960 VeriSign, Inc. * (c) 38,899 1,402 Yahoo!, Inc. * 18,315 502 ------------ 4,864 ------------ IT SERVICES (2.2%) Affiliated Computer Services, Inc., Class A * 1,023 54 Automatic Data Processing, Inc. (c) 15,195 672 Computer Sciences Corp. * (c) 46,484 2,026 DST Systems, Inc. * 6,137 367 Paychex, Inc. 1,299 47 Western Union Co. (The) (c) 22,373 515 ------------ 3,681 ------------ LEISURE EQUIPMENT & PRODUCTS (0.3%) Eastman Kodak Co. 27,259 488 Hasbro, Inc. 2,493 88 ------------ 576 ------------ LIFE SCIENCES TOOLS & SERVICES (1.1%) Applera Corp. - Applied Biosystems Group (c) 10,287 328 PerkinElmer, Inc. (c) 20,077 533 Thermo Fisher Scientific, Inc. * 15,457 895 ------------ 1,756 ------------ MACHINERY (2.1%) Caterpillar, Inc. (c) 8,872 727 Cummins, Inc. 2,385 149 Ingersoll-Rand Co., Ltd., Class A 33,424 1,483 Parker Hannifin Corp. (c) 13,476 1,076 ------------ 3,435 ------------ MEDIA (4.0%) CBS Corp., Class B (c) 77,020 1,777 Clear Channel Communications, Inc. 6,819 205 DIRECTV Group, Inc. (The) * 26,109 643 News Corp., Class A (c) 9,267 166 Omnicom Group, Inc. 4,061 194 Time Warner, Inc. 38,372 570 Viacom, Inc., Class B * (c) 5,481 211 Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED MEDIA, CONTINUED Walt Disney Co. (The) (c) 89,273 $ 2,895 ------------ 6,661 ------------ METALS & MINING (0.9%) Alcoa, Inc. (c) 28,897 1,005 Newmont Mining Corp. (c) 12,774 565 ------------ 1,570 ------------ MULTILINE RETAIL (1.1%) Big Lots, Inc. * (c) 11,823 320 Dollar Tree, Inc. * (c) 2,643 83 Family Dollar Stores, Inc. (c) 25,173 539 Macy's, Inc. (c) 34,249 866 ------------ 1,808 ------------ MULTI-UTILITIES (2.6%) Dominion Resources, Inc. (c) 40,474 1,756 DTE Energy Co. (c) 59,819 2,412 NiSource, Inc. 8,950 160 ------------ 4,328 ------------ OIL & GAS (10.5%) Chevron Corp. (c) 27,877 2,680 ConocoPhillips (c) 36,903 3,179 Exxon Mobil Corp. 87,258 8,121 Frontier Oil Corp. (c) 1,435 36 Hess Corp. (c) 6,392 679 Sunoco, Inc. (c) 24,146 1,121 Tesoro Corp. (c) 15,607 392 Valero Energy Corp. (c) 26,711 1,305 ------------ 17,513 ------------ PHARMACEUTICALS (5.7%) Bristol-Myers Squibb Co. (c) 35,884 788 Eli Lilly & Co. 36,468 1,756 Forest Laboratories, Inc. * (c) 34,065 1,182 Johnson & Johnson (c) 20,322 1,363 Merck & Co., Inc. (c) 45,574 1,734 Pfizer, Inc. 65,605 1,319 Watson Pharmaceuticals, Inc. * 41,748 1,296 ------------ 9,438 ------------ REIT-DIVERSIFIED (0.1%) CapitalSource, Inc. (c) 8,445 119 ------------ REIT-FORESTRY (0.8%) Plum Creek Timber Co., Inc. (c) 34,198 1,397 ------------ REIT-HOTELS (0.3%) Host Hotels & Resorts, Inc. (c) 25,571 440 ------------ Continued 3 STRUCTURED LARGE CAP PLUS SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED REIT-MORTGAGE (0.4%) Annaly Capital Management, Inc. (c) 39,391 $ 660 ------------ REIT-WAREHOUSE/INDUSTRY (0.5%) Prologis (c) 13,012 815 ------------ ROAD & RAIL (1.2%) Norfolk Southern Corp. (c) 31,759 1,892 Union Pacific Corp. (c) 824 120 ------------ 2,012 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.0%) Applied Materials, Inc. (c) 80,050 1,494 Intel Corp. 88,000 1,959 National Semiconductor Corp. (c) 37,881 772 Novellus Systems, Inc. * 802 18 Nvidia Corp. * (c) 15,388 316 Texas Instruments, Inc. (c) 72,579 2,116 ------------ 6,675 ------------ SOFTWARE (4.6%) BMC Software, Inc. * (c) 65,297 2,270 Microsoft Corp. (b) (c) 177,152 5,052 Oracle Corp. * 16,182 337 ------------ 7,659 ------------ SPECIALTY RETAIL (3.0%) AutoZone, Inc. * (c) 7,793 941 Best Buy Co., Inc. (c) 14,946 643 GameStop Corp., Class A * 20,733 1,141 Gap, Inc. (The) (c) 31,430 585 Home Depot, Inc. 382 11 Tiffany & Co. 3,805 166 TJX Cos., Inc. (c) 47,676 1,536 ------------ 5,023 ------------ TEXTILES APPAREL & LUXURY GOODS (1.1%) Coach, Inc. * (c) 4,840 172 Nike, Inc., Class B (c) 18,649 1,246 Polo Ralph Lauren Corp., Class A (c) 7,501 466 ------------ 1,884 ------------ TOBACCO (1.6%) Altria Group, Inc. (c) 36,493 730 Philip Morris International, Inc. * 36,493 1,862 Reynolds American, Inc. 2,147 116 ------------ 2,708 ------------ UTILITIES (0.6%) AES Corp. (The) * (c) 53,099 922 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED WIRELESS TELECOMMUNICATION SERVICES (0.3%) American Tower Corp., Class A * 11,988 $ 521 ------------ TOTAL COMMON STOCKS 214,132 ------------ INVESTMENTS IN AFFILIATES (1.5%) Fifth Third Institutional Money Market Fund (a) 2,435,309 2,435 ------------ TOTAL INVESTMENTS IN AFFILIATES 2,435 ------------ TOTAL INVESTMENTS (COST $209,436) - 130.1% 216,567 SECURITIES SOLD SHORT (PROCEEDS $57,331) - (29.8)% (49,631) LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% (432) ------------ NET ASSETS - 100.0% $166,504 ============ Continued 4 STRUCTURED LARGE CAP PLUS SCHEDULE OF SECURITIES SOLD SHORT APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (29.8)% AEROSPACE & DEFENSE (0.2)% Precision Castparts Corp. (1,774) $ (209) Rockwell Collins, Inc. (3,093) (195) ------------ (404) ------------ AUTO PARTS & EQUIPMENT (0.3)% O'Reilly Automotive, Inc. * (17,266) (498) ------------ BUILDING & CONSTRUCTION PRODUCTION-MISCELLANEOUS (0.3)% Owens Corning, Inc. * (19,856) (419) ------------ CELLULAR TELECOM (0.7)% NII Holdings, Inc., Class B * (24,541) (1,123) ------------ COMMERCIAL SERVICES & SUPPLIES (1.1)% Equifax, Inc. (8,468) (324) Pitney Bowes, Inc. (41,289) (1,491) ------------ (1,815) ------------ COMPUTERS & PERIPHERALS (0.1)% SanDisk Corp. * (8,222) (223) ------------ CONSTRUCTION MATERIALS (0.4)% Vulcan Materials Co. (10,509) (723) ------------ CONTAINERS & PACKAGING (0.2)% Pactiv Corp. * (10,800) (257) ------------ DIVERSIFIED FINANCIAL SERVICES (0.2)% Moody's Corp. (7,698) (285) ------------ DIVERSIFIED TELECOMMUNICATION SERVICES (1.5)% Citizens Communications Co. (134,840) (1,446) Qwest Communications International, Inc. (194,975) (1,006) ------------ (2,452) ------------ ELECTRIC UTILITIES (0.5)% Allegheny Energy, Inc. (15,464) (832) ------------ ELECTRICAL COMPONENTS & EQUIPMENT (0.0)% Energizer Holdings, Inc. * (339) (27) ------------ ELECTRIC-INTEGRATED (0.0)% Ameren Corp. (1,556) (71) ------------ ELECTRONIC COMPONENTS-SEMICONDUCTORS (0.2)% Advanced Micro Devices, Inc. * (47,523) $ (283) ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED ELECTRONIC EQUIPMENT & INSTRUMENTS (0.0)% Jabil Circuit, Inc. (6,590) (72) ------------ ENERGY EQUIPMENT & SERVICE (0.9)% BJ Services Co. (36,127) (1,021) Transocean, Inc. * (3,127) (461) ------------ (1,482) ------------ FOOD & STAPLES RETAILING (0.5)% Whole Foods Market, Inc. (27,745) (906) ------------ FOOD PRODUCTS (0.9)% ConAgra Foods, Inc. (26,886) (633) Hershey Co. (The) (4,511) (169) Sara Lee Corp. (49,232) (714) ------------ (1,516) ------------ FOOD-MEAT PRODUCTS (1.3)% Smithfield Foods, Inc. * (76,502) (2,194) ------------ GAS-DISTRIBUTION (0.5)% Nicor, Inc. (25,641) (901) ------------ HEALTHCARE EQUIPMENT & SUPPLIES (0.7)% Zimmer Holdings, Inc. * (14,886) (1,104) ------------ HEALTHCARE PROVIDERS & SERVICES (1.6)% Cardinal Health, Inc. (6,783) (353) Omnicare, Inc. (37,661) (766) Quest Diagnostics, Inc. (3,734) (187) Tenet Healthcare Corp. * (202,410) (1,296) ------------ (2,602) ------------ HEALTHCARE TECHNOLOGY (0.0)% Cerner Corp. * (1,690) (78) ------------ HOTELS RESTAURANTS & LEISURE (0.6)% Starbucks Corp. * (64,396) (1,045) ------------ HOUSEHOLD DURABLES (0.8)% Fortune Brands, Inc. (9,834) (665) Newell Rubbermaid, Inc. (30,994) (636) ------------ (1,301) ------------ HOUSEHOLD PRODUCTS (0.2)% Clorox Co. (4,740) (251) ------------ INDEPENDENT POWER PRODUCER (0.2)% Reliant Energy, Inc. * (10,982) $ (283) ------------ Continued 5 STRUCTURED LARGE CAP PLUS SCHEDULE OF SECURITIES SOLD SHORT, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED INSURANCE BROKERS (0.3)% Brown & Brown, Inc. (4,184) (80) Willis Group Holdings, Ltd. (13,772) (479) ------------ (559) ------------ INTERNET SECURITY (1.0)% Check Point Software Technologies * (67,729) (1,600) ------------ IT SERVICES (1.7)% Cognizant Technology Solutions Corp., Class A * (48,333) (1,559) Fidelity National Information Services, Inc. (30,301) (1,092) Fiserv, Inc. * (3,339) (169) ------------ (2,820) ------------ LEISURE EQUIPMENT & PRODUCTS (0.9)% Mattel, Inc. (78,924) (1,480) ------------ MACHINERY (0.0)% Terex Corp. * (890) (62) ------------ MEDICAL-DRUGS (0.1)% Endo Pharmaceuticals Holdings, Inc. * (3,669) (91) ------------ MEDICAL-HMO (0.2)% Health Net, Inc. * (5,305) (155) WellCare Health Plans, Inc. * (2,491) (109) ------------ (264) ------------ MEDICAL-HOSPITALS (0.5)% Community Health Systems, Inc. * (23,631) (887) ------------ MULTI-LINE INSURANCE (0.2)% Old Republic International Corp. (20,216) (290) ------------ MULTILINE RETAIL (0.4)% JC Penney Co., Inc. (2,593) (110) Kohl's Corp. * (10,497) (513) ------------ (623) ------------ MULTI-UTILITIES (2.0)% CMS Energy Corp. (7,707) (113) Consolidated Edison, Inc. (20,874) (868) Integrys Energy Group, Inc. (48,325) (2,314) Public Service Enterprise Group, Inc. (756) (33) TECO Energy, Inc. (4,118) (66) ------------ (3,394) ------------ Continued SHARES VALUE -------------------------- COMMON STOCKS, CONTINUED NON-FERROUS METALS (0.8)% Cameco Corp. (35,896) $ (1,256) ------------ OFFICE ELECTRONICS (1.0)% Xerox Corp. (118,362) (1,654) ------------ OIL & GAS (0.6)% Spectra Energy Corp. (43,311) (1,070) ------------ PERSONAL PRODUCTS (0.0)% Avon Products, Inc. (843) (33) ------------ PHARMACEUTICALS (1.3)% Amylin Pharmaceuticals, Inc. * (37,119) (1,024) Barr Pharmaceuticals, Inc. * (23,078) (1,159) ------------ (2,183) ------------ REAL ESTATE OPERATIONS/DEVELOPMENT (0.1)% Brookfield Properties Corp. (5,334) (107) ------------ REIT-APARTMENTS (0.1)% AvalonBay Communities, Inc. (1,798) (179) UDR, Inc. (1,323) (34) ------------ (213) ------------ REIT-STORAGE (0.0)% Public Storage (872) (79) ------------ RENTAL AUTO/EQUIPMENT (0.2)% Hertz Global Holdings, Inc. * (24,888) (320) ------------ ROAD & RAIL (0.4)% Canadian Pacific Railway, Ltd. (8,661) (599) ------------ S&L/THRIFTS-EASTERN U.S. (0.1)% People's United Financial, Inc. (11,266) (191) ------------ SEMICONDUCTOR EQUIPMENT (0.3)% Marvell Technology Group, Ltd. * (39,249) (508) ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (0.9)% LSI Corp. * (49,140) (304) Micron Technology, Inc. * (161,882) (1,250) ------------ (1,554) ------------ SOFTWARE (0.6)% Citrix Systems, Inc. * (18,405) (603) Electronic Arts, Inc. * (7,639) (393) ------------ (996) ------------ Continued 6 STRUCTURED LARGE CAP PLUS SCHEDULE OF SECURITIES SOLD SHORT, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED SPECIALTY RETAIL (0.7)% Limited Brands, Inc. (14,989) $ (278) Lowe's Cos., Inc (1,168) (29) Office Depot, Inc. * (27,956) (354) OfficeMax, Inc. (27,569) (504) ------------ (1,165) ------------ TELECOM SERVICES (0.3)% Amdocs, Ltd. * (14,142) (444) ------------ TELECOMMUNICATION EQUIPMENT (0.0)% Nortel Networks Corp. * (3,405) (29) ------------ TEXTILES APPAREL & LUXURY GOODS (0.0)% Jones Apparel Group, Inc. (4,194) (66) ------------ THRIFTS & MORTGAGE FINANCE (0.1)% Sovereign Bancorp, Inc. (14,210) (106) ------------ UTILITIES (1.0)% Dynegy, Inc., Class A * (185,699) (1,601) ------------ WIRE & CABLE PRODUCTS (0.1)% General Cable Corp. * (3,588) (240) ------------ TOTAL COMMON STOCKS (49,631) ------------ TOTAL SECURITIES SOLD SHORT (PROCEEDS $57,331) - (29.8)% $(49,631) ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. (b) All or part of this security has been designated as initial margin on open futures contracts. (c) All or part of this security has been designated as collateral for short sales. The following abbreviation is used in the Schedule of Investments: REIT - Real Estate Investment Trust See notes to schedules of investments. 7 EQUITY INDEX SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - --------------------------------------------------------------- SHARES VALUE ------------ ----------- COMMON STOCKS (96.9%) AEROSPACE & DEFENSE (2.9%) Boeing Co. 24,046 $ 2,041 General Dynamics Corp. 12,622 1,141 Goodrich Corp. 3,897 266 Honeywell International, Inc. 23,542 1,398 L-3 Communications Holdings, Inc. 3,921 437 Lockheed Martin Corp. 10,803 1,146 Northrop Grumman Corp. 10,675 785 Precision Castparts Corp. 4,436 521 Raytheon Co. 13,345 854 Rockwell Collins, Inc. 5,185 327 United Technologies Corp. 30,857 2,236 ----------- 11,152 ----------- AIR FREIGHT & LOGISTICS (1.0%) CH Robinson Worldwide, Inc. 5,370 337 Expeditors International Washington, Inc. 6,627 309 FedEx Corp. 9,777 937 United Parcel Service, Inc., Class B 32,577 2,359 ----------- 3,942 ----------- AIRLINES (0.1%) Southwest Airlines Co. 23,251 308 ----------- AUTO COMPONENTS (0.2%) Goodyear Tire & Rubber Co. (The) * 7,524 201 Johnson Controls, Inc. 18,481 652 ----------- 853 ----------- AUTOMOBILES (0.3%) Ford Motor Co. * 69,911 578 General Motors Corp. 17,605 408 Harley-Davidson, Inc. 7,470 286 ----------- 1,272 ----------- BEVERAGES (2.3%) Anheuser-Busch Cos., Inc. 22,505 1,107 Brown-Forman Corp., Class B 2,690 183 Coca-Cola Co. (The) 62,865 3,701 Coca-Cola Enterprises, Inc. 8,869 199 Constellation Brands, Inc., Class A * 6,036 111 Molson Coors Brewing Co., Class B 4,241 233 Pepsi Bottling Group, Inc. 4,359 147 PepsiCo, Inc. 50,480 3,459 ----------- 9,140 ----------- BIOTECHNOLOGY (1.3%) Amgen, Inc. * 34,148 1,430 Biogen Idec, Inc. * 9,483 575 Celgene Corp. * 13,680 850 Genzyme Corp. * 8,417 592 Continued SHARES VALUE ----------- ----------- COMMON STOCKS, CONTINUED BIOTECHNOLOGY, CONTINUED Gilead Sciences, Inc. * 29,170 $ 1,510 ----------- 4,957 ----------- BUILDING PRODUCTS (0.1%) Masco Corp. 11,423 208 Trane, Inc. 5,649 263 ----------- 471 ----------- CAPITAL MARKETS (3.0%) American Capital Strategies, Ltd. 6,248 198 Ameriprise Financial, Inc. 7,037 334 Bank of New York Mellon Corp. (The) 36,057 1,570 Bear Stearns Cos., Inc. (The) 3,613 39 Charles Schwab Corp. (The) 29,487 637 E*Trade Financial Corp. * 13,231 53 Federated Investors, Inc., Class B 2,724 91 Franklin Resources, Inc. 4,897 466 Goldman Sachs Group, Inc. (The) 12,445 2,382 Janus Capital Group, Inc. 4,911 138 Legg Mason, Inc. 4,131 249 Lehman Brothers Holdings, Inc. 16,851 745 Merrill Lynch & Co., Inc. 30,614 1,525 Morgan Stanley 34,785 1,691 Northern Trust Corp. 5,957 441 State Street Corp. 12,119 874 T Rowe Price Group, Inc. 8,250 483 ----------- 11,916 ----------- CHEMICALS (1.9%) Air Products & Chemicals, Inc. 6,722 662 Ashland, Inc. 1,739 92 Dow Chemical Co. (The) 29,558 1,187 E.I. du Pont de Nemours & Co. 28,464 1,392 Eastman Chemical Co. 2,615 192 Ecolab, Inc. 5,419 249 Hercules, Inc. 3,609 68 International Flavors & Fragrances, Inc. 2,531 116 Monsanto Co. 17,262 1,968 PPG Industries, Inc. 5,104 313 Praxair, Inc. 9,779 893 Rohm & Haas Co. 3,951 211 Sigma-Aldrich Corp. 4,085 233 ----------- 7,576 ----------- COMMERCIAL BANKS (2.7%) BB&T Corp. 17,172 589 Comerica, Inc. 4,760 165 First Horizon National Corp. 3,928 43 Huntington Bancshares, Inc. 11,385 107 Keycorp 12,760 308 M&T Bank Corp. 2,510 234 Continued 1 EQUITY INDEX SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ------------ ----------- COMMON STOCKS, CONTINUED COMMERCIAL BANKS, CONTINUED Marshall & Ilsley Corp. 8,293 $ 207 National City Corp. 19,703 124 PNC Financial Services Group, Inc. 10,699 742 Regions Financial Corp. 21,901 480 SunTrust Banks, Inc. 11,106 619 US Bancorp 54,652 1,852 Wachovia Corp. 66,976 1,952 Wells Fargo & Co. 103,814 3,089 Zions Bancorporation 3,347 155 ----------- 10,666 ----------- COMMERCIAL SERVICES & SUPPLIES (0.5%) Allied Waste Industries, Inc. * 10,692 132 Avery Dennison Corp. 3,313 160 Cintas Corp. 4,197 124 Equifax, Inc. 4,102 157 Monster Worldwide, Inc. * 4,118 100 Pitney Bowes, Inc. 6,438 232 Robert Half International, Inc. 5,100 121 RR Donnelley & Sons Co. 6,910 212 Waste Management, Inc. 15,668 566 ----------- 1,804 ----------- COMMUNICATIONS EQUIPMENT (2.5%) Ciena Corp. * 2,674 91 Cisco Systems, Inc. * 187,718 4,813 Corning, Inc. 49,616 1,325 JDS Uniphase Corp. * 7,691 110 Juniper Networks, Inc. * 16,465 455 Motorola, Inc. 70,487 702 Qualcomm, Inc. 50,731 2,191 Tellabs, Inc. * 13,636 70 ----------- 9,757 ----------- COMPUTERS & PERIPHERALS (4.3%) Apple, Inc. * 27,670 4,813 Dell, Inc. * 64,252 1,197 EMC Corp. * 66,101 1,018 Hewlett-Packard Co. 77,606 3,597 International Business Machines Corp. 43,558 5,257 Lexmark International, Inc., Class A * 2,940 92 NetApp, Inc. * 11,070 268 QLogic Corp. * 4,259 68 SanDisk Corp. * 7,089 192 Sun Microsystems, Inc. * 24,871 390 Teradata Corp. * 5,616 120 ----------- 17,012 ----------- CONSTRUCTION & ENGINEERING (0.2%) Fluor Corp. 2,748 420 Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED CONSTRUCTION & ENGINEERING, CONTINUED Jacobs Engineering Group, Inc. * 3,933 $ 340 ------------ 760 ------------ CONSTRUCTION MATERIALS (0.1%) Vulcan Materials Co. 3,361 231 ------------ CONSUMER FINANCE (0.8%) American Express Co. 36,488 1,752 Capital One Financial Corp. 11,790 625 Discover Financial Services 14,848 271 SLM Corp. * 14,805 274 ------------ 2,922 ------------ CONTAINERS & PACKAGING (0.1%) Ball Corp. 3,186 171 Bemis Co., Inc. 3,251 86 Pactiv Corp. * 4,067 97 Sealed Air Corp. 5,025 127 ------------ 481 ------------ DISTRIBUTORS (0.1%) Genuine Parts Co. 5,287 224 ------------ DIVERSIFIED CONSUMER SERVICES (0.1%) Apollo Group, Inc., Class A * 4,456 227 H&R Block, Inc. 10,100 221 ------------ 448 ------------ DIVERSIFIED FINANCIAL SERVICES (4.3%) Bank of America Corp. (c) 139,904 5,252 CIT Group, Inc. 5,936 65 Citigroup, Inc. (c) 164,097 4,147 CME Group, Inc. 1,674 766 IntercontinentalExchange, Inc. * 2,272 352 JPMorgan Chase & Co. 106,974 5,097 Leucadia National Corp. 5,459 279 Moody's Corp. 6,469 239 NYSE Euronext 8,453 559 ------------ 16,756 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES (3.0%) AT&T, Inc. (c) 190,147 7,361 CenturyTel, Inc. 3,482 113 Citizens Communications Co. 10,586 113 Embarq Corp. 4,747 197 Fairpoint Communications, Inc. 1,703 16 Qwest Communications International, Inc. 49,707 256 Verizon Communications, Inc. 90,304 3,475 Windstream Corp. 13,676 161 ------------ 11,692 ------------ Continued 2 EQUITY INDEX SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - --------------------------------------------------------------- SHARES VALUE ------------ ----------- COMMON STOCKS, CONTINUED ELECTRIC UTILITIES (2.1%) Allegheny Energy, Inc. 5,167 $ 278 American Electric Power Co., Inc. 12,773 570 Duke Energy Corp. 40,010 733 Edison International 10,137 529 Entergy Corp. 6,088 699 Exelon Corp. 20,818 1,779 FirstEnergy Corp. 9,691 733 FPL Group, Inc. 12,889 854 Pepco Holdings, Inc. 6,568 164 Pinnacle West Capital Corp. 3,121 106 PPL Corp. 11,919 572 Progress Energy, Inc. 8,055 338 Southern Co. 23,949 892 ----------- 8,247 ----------- ELECTRICAL COMPONENTS & EQUIPMENT (0.5%) Cooper Industries, Ltd., Class A 5,330 226 Emerson Electric Co. 24,642 1,288 Rockwell Automation, Inc. 4,746 257 ----------- 1,771 ----------- ELECTRIC-INTEGRATED (0.1%) Ameren Corp. 6,459 293 ----------- ELECTRONIC COMPONENTS-SEMICONDUCTORS (0.0%) Advanced Micro Devices, Inc. * 18,636 111 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS (0.3%) Agilent Technologies, Inc. * 11,499 347 Jabil Circuit, Inc. 6,458 70 Molex, Inc. 4,468 127 Tyco Electronics, Ltd. 15,469 579 ----------- 1,123 ----------- ENERGY EQUIPMENT & SERVICE (2.5%) Baker Hughes, Inc. 9,726 787 BJ Services Co. 9,073 257 Cameron International Corp. * 6,842 337 ENSCO International, Inc. 4,605 293 Halliburton Co. 27,695 1,272 Nabors Industries, Ltd. * 8,748 328 National Oilwell Varco, Inc. * 13,001 890 Noble Corp. 8,353 470 Rowan Cos., Inc. 3,438 134 Schlumberger, Ltd. 37,693 3,790 Smith International, Inc. 6,239 477 Weatherford International, Ltd. * 10,708 864 ----------- 9,899 ----------- Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED ENERGY EQUIPMENT & SERVICES (0.4%) Transocean, Inc. * 10,069 $ 1,485 ------------ FOOD & STAPLES RETAILING (2.6%) Costco Wholesale Corp. 13,625 971 CVS Caremark Corp. 45,058 1,819 Kroger Co. (The) 21,341 582 Safeway, Inc. 13,661 432 SUPERVALU, Inc. 6,537 216 SYSCO Corp. 18,978 580 Walgreen Co. 31,305 1,091 Wal-Mart Stores, Inc. 74,395 4,313 Whole Foods Market, Inc. 4,324 141 ------------ 10,145 ------------ FOOD PRODUCTS (1.5%) Archer-Daniels-Midland Co. 20,360 897 Campbell Soup Co. 6,991 243 ConAgra Foods, Inc. 15,239 359 Dean Foods Co. * 4,802 112 General Mills, Inc. 10,614 641 Hershey Co. (The) 5,260 197 HJ Heinz Co. 9,929 467 Kellogg Co. 8,255 422 Kraft Foods, Inc., Class A 48,464 1,533 McCormick & Co., Inc. (MD) 4,035 153 Sara Lee Corp. 22,542 327 Tyson Foods, Inc., Class A 8,558 152 WM Wrigley Jr. Co. 6,759 515 ------------ 6,018 ------------ GAS-DISTRIBUTION (0.1%) Nicor, Inc. 1,404 49 Questar Corp. 5,371 333 ------------ 382 ------------ HEALTHCARE EQUIPMENT & SUPPLIES (1.8%) Baxter International, Inc. 20,032 1,248 Becton Dickinson & Co. 7,733 691 Boston Scientific Corp. * 42,641 568 Covidien, Ltd. 15,800 738 CR Bard, Inc. 3,216 303 Hospira, Inc. * 4,888 201 Medtronic, Inc. 35,285 1,718 St. Jude Medical, Inc. * 10,944 479 Stryker Corp. 7,611 494 Varian Medical Systems, Inc. * 3,933 184 Zimmer Holdings, Inc. * 7,348 545 ------------ 7,169 ------------ HEALTHCARE PROVIDERS & SERVICES (1.8%) Aetna, Inc. 15,635 682 Continued 3 EQUITY INDEX SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - --------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED HEALTHCARE PROVIDERS & SERVICES, CONTINUED AmerisourceBergen Corp. 5,239 $ 212 Cardinal Health, Inc. 11,341 590 Cigna Corp. 8,800 376 Coventry Health Care, Inc. * 4,863 218 Express Scripts, Inc. * 8,027 562 Humana, Inc. * 5,244 251 Laboratory Corp. of America Holdings * 3,460 262 McKesson Corp. 9,224 481 Medco Health Solutions, Inc. * 16,454 815 Patterson Cos., Inc. * 3,954 135 Quest Diagnostics, Inc. 4,863 244 Tenet Healthcare Corp. * 14,743 94 UnitedHealth Group, Inc. 39,386 1,285 WellPoint, Inc. * 17,053 848 ------------ 7,055 ------------ HEALTHCARE TECHNOLOGY (0.0%) IMS Health, Inc. 6,066 150 ------------ HOTELS RESTAURANTS & LEISURE (1.3%) Carnival Corp. 13,576 545 Darden Restaurants, Inc. 4,408 157 International Game Technology 9,882 343 Marriott International, Inc., Class A 9,477 325 McDonald's Corp. 36,230 2,159 Starbucks Corp. * 23,188 376 Starwood Hotels & Resorts Worldwide, Inc. 5,909 309 Wendy's International, Inc. 2,717 79 Wyndham Worldwide Corp. 5,557 119 Yum! Brands, Inc. 14,956 609 ------------ 5,021 ------------ HOUSEHOLD DURABLES (0.4%) Black & Decker Corp. 2,044 134 Centex Corp. 3,732 78 DR Horton, Inc. 8,502 132 Fortune Brands, Inc. 4,766 322 Harman International Industries, Inc. 1,882 77 KB Home 2,395 54 Leggett & Platt, Inc. 5,435 90 Lennar Corp., Class A 4,338 80 Newell Rubbermaid, Inc. 8,596 176 Pulte Homes, Inc. 6,608 86 Snap-On, Inc. 1,802 107 Stanley Works (The) 2,554 123 Whirlpool Corp. 2,427 177 ------------ 1,636 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED HOUSEHOLD PRODUCTS (2.2%) Clorox Co. 4,305 $ 228 Colgate-Palmolive Co. 16,050 1,135 Kimberly-Clark Corp. 13,242 847 Procter & Gamble Co. 96,883 6,496 ------------ 8,706 ------------ INDUSTRIAL CONGLOMERATES (3.4%) 3M Co. 22,270 1,712 General Electric Co. (b) (c) 314,428 10,282 Textron, Inc. 7,769 474 Tyco International, Ltd. 15,467 724 ------------ 13,192 ------------ INSURANCE (3.9%) ACE, Ltd. 10,236 617 Aflac, Inc. 14,853 990 Allstate Corp. (The) 17,574 885 AMBAC Financial Group, Inc. 9,286 43 American International Group, Inc. 79,387 3,668 AON Corp. 9,602 436 Assurant, Inc. 3,002 195 Chubb Corp. 11,601 615 Cincinnati Financial Corp. 5,351 192 Genworth Financial, Inc., Class A 13,773 318 Hartford Financial Services Group, Inc. 9,884 704 Lincoln National Corp. 8,422 453 Loews Corp. 13,832 582 Marsh & McLennan Cos., Inc 16,220 448 MBIA, Inc. 6,778 71 MetLife, Inc. 22,304 1,357 Principal Financial Group, Inc. 8,264 443 Progressive Corp. (The) 21,637 394 Prudential Financial, Inc. 14,029 1,062 Safeco Corp. 2,942 196 Torchmark Corp. 2,738 177 Travelers Cos., Inc. (The) 19,507 983 Unum Group 11,225 261 XL Capital, Ltd., Class A 5,654 197 ------------ 15,287 ------------ INTERNET & CATALOG RETAIL (0.3%) Amazon.Com, Inc. * 9,686 762 Expedia, Inc. * 6,358 160 IAC/InterActiveCorp * 5,944 124 ------------ 1,046 ------------ INTERNET SOFTWARE & SERVICES (1.8%) Akamai Technologies, Inc. * 5,152 184 eBay, Inc. * 34,978 1,094 Google, Inc., Class A * 7,304 4,195 VeriSign, Inc. * 6,874 248 Continued 4 EQUITY INDEX SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - --------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED INTERNET SOFTWARE & SERVICES, CONTINUED Yahoo!, Inc. * 41,914 $ 1,149 ------------ 6,870 ------------ IT SERVICES (0.9%) Affiliated Computer Services, Inc., Class A * 3,098 164 Automatic Data Processing, Inc. 16,522 730 Cognizant Technology Solutions Corp., Class A * 8,998 290 Computer Sciences Corp. * 5,060 221 Convergys Corp. * 4,218 66 Electronic Data Systems Corp. 15,834 294 Fidelity National Information Services, Inc. 5,286 191 Fiserv, Inc. * 5,192 263 Paychex, Inc. 10,136 369 Total System Services, Inc. 6,259 149 Unisys Corp. * 10,888 45 Western Union Co. (The) 23,361 537 ------------ 3,319 ------------ LEISURE EQUIPMENT & PRODUCTS (0.1%) Brunswick Corp. 2,766 46 Eastman Kodak Co. 8,929 160 Hasbro, Inc. 4,576 163 Mattel, Inc. 11,413 214 ------------ 583 ------------ LIFE SCIENCES TOOLS & SERVICES (0.3%) Applera Corp. - Applied Biosystems Group 5,180 165 Millipore Corp. * 1,679 118 PerkinElmer, Inc. 3,774 100 Thermo Fisher Scientific, Inc. * 13,272 768 Waters Corp. * 3,105 191 ------------ 1,342 ------------ MACHINERY (1.9%) Caterpillar, Inc. 19,639 1,608 Cummins, Inc. 6,474 405 Danaher Corp. 7,918 618 Deere & Co. 13,726 1,154 Dover Corp. 6,016 298 Eaton Corp. 4,533 398 Illinois Tool Works, Inc. 12,613 659 Ingersoll-Rand Co., Ltd., Class A 8,507 378 ITT Corp. 5,634 360 Manitowoc Co., Inc. (The) 4,237 160 Paccar, Inc. 11,602 549 Pall Corp. 3,814 133 Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED MACHINERY, CONTINUED Parker Hannifin Corp. 5,206 $ 416 Terex Corp. * 3,170 221 ------------ 7,357 ------------ MEDIA (2.8%) CBS Corp., Class B 21,310 492 Clear Channel Communications, Inc. 15,492 467 Comcast Corp., Class A 94,884 1,950 DIRECTV Group, Inc. (The) * 22,336 550 EW Scripps Co., Class A 2,792 125 Gannett Co., Inc. 7,246 207 Interpublic Group of Cos., Inc. * 14,668 133 McGraw-Hill Cos., Inc. (The) 10,182 417 Meredith Corp. 1,197 39 New York Times Co. (The), Class A 4,478 87 News Corp., Class A 72,807 1,303 Omnicom Group, Inc. 10,214 488 Time Warner, Inc. 112,156 1,666 Viacom, Inc., Class B * 20,205 777 Walt Disney Co. (The) 59,550 1,931 Washington Post Co. (The), Class B 181 119 ------------ 10,751 ------------ METALS & MINING (1.1%) Alcoa, Inc. 25,698 894 Allegheny Technologies, Inc. 3,180 219 Freeport-McMoRan Copper & Gold, Inc. 12,035 1,369 Newmont Mining Corp. 14,340 634 Nucor Corp. 9,165 692 Titanium Metals Corp. 2,725 41 United States Steel Corp. 3,678 566 ------------ 4,415 ------------ MULTILINE RETAIL (0.8%) Big Lots, Inc. * 3,166 85 Dillard's, Inc., Class A 1,893 39 Family Dollar Stores, Inc. 4,529 97 JC Penney Co., Inc. 6,896 293 Kohl's Corp. * 9,887 483 Macy's, Inc. 13,488 341 Nordstrom, Inc. 5,697 201 Sears Holdings Corp. * 2,355 232 Target Corp. 25,675 1,364 ------------ 3,135 ------------ MULTI-UTILITIES (1.0%) Centerpoint Energy, Inc. 9,993 152 CMS Energy Corp. 6,987 102 Consolidated Edison, Inc. 8,431 351 Dominion Resources, Inc. 17,926 778 DTE Energy Co. 5,309 214 Continued 5 EQUITY INDEX SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - --------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED MULTI-UTILITIES, CONTINUED Integrys Energy Group, Inc. 2,364 $ 113 NiSource, Inc. 8,530 153 PG&E Corp. 11,382 455 Public Service Enterprise Group, Inc. 16,141 709 Sempra Energy 8,214 465 TECO Energy, Inc. 6,550 105 Xcel Energy, Inc. 13,779 286 ------------ 3,883 ------------ OFFICE ELECTRONICS (0.1%) Xerox Corp. 29,116 407 ------------ OIL & GAS (10.7%) Anadarko Petroleum Corp. 14,681 977 Apache Corp. 10,458 1,408 Chesapeake Energy Corp. 14,517 751 Chevron Corp. 65,340 6,282 ConocoPhillips 49,123 4,232 Consol Energy, Inc. 5,672 459 Devon Energy Corp. 14,023 1,590 El Paso Corp. 21,796 374 EOG Resources, Inc. 7,794 1,017 Exxon Mobil Corp. (c) 168,414 15,674 Hess Corp. 8,786 933 Marathon Oil Corp. 22,258 1,014 Murphy Oil Corp. 6,055 547 Noble Energy, Inc. 5,527 481 Occidental Petroleum Corp. 25,846 2,151 Peabody Energy Corp. 8,559 523 Range Resources Corp. 4,643 308 Spectra Energy Corp. 20,280 501 Sunoco, Inc. 3,745 174 Tesoro Corp. 4,257 107 Valero Energy Corp. 16,825 822 Williams Cos., Inc. 18,675 663 XTO Energy, Inc. 16,013 991 ------------ 41,979 ------------ PAPER & FOREST PRODUCTS (0.2%) International Paper Co. 13,367 350 MeadWestvaco Corp. 5,707 150 Weyerhaeuser Co. 6,492 415 ------------ 915 ------------ PERSONAL PRODUCTS (0.2%) Avon Products, Inc. 13,461 525 Estee Lauder Cos., Inc. (The), Class A 3,566 163 ------------ 688 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED PHARMACEUTICALS (5.7%) Abbott Laboratories 48,634 $ 2,565 Allergan, Inc. 9,567 539 Barr Pharmaceuticals, Inc. * 3,336 168 Bristol-Myers Squibb Co. 62,111 1,365 Eli Lilly & Co. 31,288 1,506 Forest Laboratories, Inc. * 9,836 341 Johnson & Johnson 89,124 5,979 King Pharmaceuticals, Inc. * 7,597 71 Merck & Co., Inc. 68,078 2,590 Mylan Laboratories, Inc. 9,405 124 Pfizer, Inc. 212,831 4,280 Schering-Plough Corp. 50,994 939 Watson Pharmaceuticals, Inc. * 3,189 99 Wyeth 42,184 1,876 ------------ 22,442 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT (0.0%) CB Richard Ellis Group, Inc., Class A * 5,370 124 ------------ REIT-APARTMENTS (0.2%) Apartment Investment & Management Co., Class A 3,142 116 AvalonBay Communities, Inc. 2,481 248 Equity Residential 8,622 358 ------------ 722 ------------ REIT-DIVERSIFIED (0.1%) Vornado Realty Trust 4,336 404 ------------ REIT-FORESTRY (0.1%) Plum Creek Timber Co., Inc. 5,431 222 ------------ REIT-HEALTH CARE (0.1%) HCP, Inc. 6,843 244 ------------ REIT-HOTELS (0.1%) Host Hotels & Resorts, Inc. 16,249 279 ------------ REIT-OFFICE PROPERTY (0.1%) Boston Properties, Inc. 3,703 372 ------------ REIT-REGIONAL MALLS (0.3%) General Growth Properties, Inc. 7,641 313 Simon Property Group, Inc. 6,950 694 ------------ 1,007 ------------ REIT-SHOPPING CENTERS (0.1%) Developers Diversified Realty Corp. 3,864 166 Kimco Realty Corp. 7,847 313 ------------ 479 ------------ Continued 6 EQUITY INDEX SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - --------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED REIT-STORAGE (0.1%) Public Storage 3,873 $ 351 ------------ REIT-WAREHOUSE/INDUSTRY (0.1%) Prologis 8,239 516 ------------ ROAD & RAIL (1.0%) Burlington Northern Santa Fe Corp. 9,346 958 CSX Corp. 12,735 802 Norfolk Southern Corp. 11,896 709 Ryder System, Inc. 1,861 127 Union Pacific Corp. 8,158 1,185 ------------ 3,781 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.4%) Altera Corp. 9,654 205 Analog Devices, Inc. 9,163 295 Applied Materials, Inc. 42,876 800 Broadcom Corp., Class A * 14,595 379 Intel Corp. 182,168 4,055 Kla-Tencor Corp. 5,667 248 Linear Technology Corp. 6,907 241 LSI Corp. * 22,278 138 MEMC Electronic Materials, Inc. * 7,177 452 Microchip Technology, Inc. 5,946 219 Micron Technology, Inc. * 23,548 182 National Semiconductor Corp. 7,479 153 Novellus Systems, Inc. * 2,949 64 Nvidia Corp. * 17,530 360 Teradyne, Inc. * 5,402 72 Texas Instruments, Inc. 41,756 1,218 Xilinx, Inc. 9,206 228 ------------ 9,309 ------------ SOFTWARE (3.3%) Adobe Systems, Inc. * 16,731 624 Autodesk, Inc. * 7,156 272 BMC Software, Inc. * 6,260 218 CA, Inc. 12,092 268 Citrix Systems, Inc. * 5,902 193 Compuware Corp. * 8,904 67 Electronic Arts, Inc. * 9,947 512 Intuit, Inc. * 10,544 284 Microsoft Corp. (c) 252,160 7,192 Novell, Inc. * 10,885 68 Oracle Corp. * 124,416 2,594 Symantec Corp. * 27,000 465 ------------ 12,757 ------------ SPECIALTY RETAIL (1.5%) Abercrombie & Fitch Co., Class A 2,696 200 AutoNation, Inc. * 4,293 69 Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED SPECIALTY RETAIL, CONTINUED AutoZone, Inc. * 1,298 $ 157 Bed Bath & Beyond, Inc. * 8,442 274 Best Buy Co., Inc. 10,918 470 GameStop Corp., Class A * 4,949 272 Gap, Inc. (The) 14,535 271 Home Depot, Inc. 53,192 1,532 Limited Brands, Inc. 9,920 184 Lowe's Cos., Inc 46,002 1,159 Office Depot, Inc. * 8,487 107 OfficeMax, Inc. 2,344 43 RadioShack Corp. 4,287 59 Sherwin-Williams Co. (The) 3,106 172 Staples, Inc. 22,212 482 Tiffany & Co. 3,865 168 TJX Cos., Inc. 13,833 446 ------------ 6,065 ------------ TEXTILES APPAREL & LUXURY GOODS (0.4%) Coach, Inc. * 11,092 394 Jones Apparel Group, Inc. 2,653 42 Liz Claiborne, Inc. 3,182 56 Nike, Inc., Class B 12,029 804 Polo Ralph Lauren Corp., Class A 1,864 116 VF Corp. 2,765 206 ------------ 1,618 ------------ THRIFTS & MORTGAGE FINANCE (0.6%) Countrywide Financial Corp. 17,921 104 Fannie Mae 30,735 870 Freddie Mac 20,260 505 Hudson City Bancorp, Inc. 16,546 317 MGIC Investment Corp. 2,550 33 Sovereign Bancorp, Inc. 11,180 83 Washington Mutual, Inc. 33,300 409 ------------ 2,321 ------------ TOBACCO (1.3%) Altria Group, Inc. 66,375 1,327 Philip Morris International, Inc. * 66,375 3,387 Reynolds American, Inc. 5,323 287 UST, Inc. 4,702 245 ------------ 5,246 ------------ TRADING COMPANIES & DISTRIBUTORS (0.0%) WW Grainger, Inc. 2,096 182 ------------ UTILITIES (0.2%) AES Corp. (The) * 20,802 361 Constellation Energy Group, Inc. 5,616 475 Continued 7 EQUITY INDEX SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - --------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED UTILITIES, CONTINUED Dynegy, Inc., Class A * 15,754 $ 136 ------------ 972 ------------ WIRELESS TELECOMMUNICATION SERVICES (0.3%) American Tower Corp., Class A * 12,781 555 Sprint Nextel Corp. 88,564 708 ------------ 1,263 ------------ TOTAL COMMON STOCKS 379,396 ------------ INVESTMENT COMPANIES (0.0%) State Street Navigator Securities Lending Portfolio 126,782 127 ------------ TOTAL INVESTMENT COMPANIES 127 ------------ INVESTMENTS IN AFFILIATES (3.0%) CASH & CASH EQUIVALENT (2.9%) Fifth Third Institutional Money Market Fund (a) 11,530,511 11,531 ------------ COMMERCIAL BANK (0.1%) Fifth Third Bancorp (a) 16,667 357 ------------ TOTAL INVESTMENTS IN AFFILIATES 11,888 ------------ TOTAL INVESTMENTS (COST $171,002) - 99.9% 391,411 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% 221 ------------ NET ASSETS - 100.0% $391,632 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. (b) Part of this security has been designated as initial margin on open futures contracts. (c) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. The following abbreviation is used in the Schedule of Investments: REIT - Real Estate Investment Trust See notes to schedules of investments. 8 MICRO CAP VALUE SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (98.6%) AEROSPACE & DEFENSE (2.3%) Ducommun, Inc. * 13,790 $ 449 LMI Aerospace, Inc. * 24,053 462 ------------ 911 ------------ BIOTECHNOLOGY (1.2%) Emergent Biosolutions, Inc. * 50,928 479 ------------ CAPITAL MARKETS (4.0%) Gladstone Capital Corp. 24,061 452 MVC Capital, Inc. 9,886 154 Penson Worldwide, Inc. * 27,481 299 Sanders Morris Harris Group, Inc. 44,509 366 SWS Group, Inc. 22,960 301 ------------ 1,572 ------------ CHEMICALS (1.0%) Quaker Chemical Corp. 6,342 197 Stepan Co. 4,738 186 ------------ 383 ------------ COMMERCIAL BANKS (11.3%) AmericanWest Bancorp 10,008 37 Bank of Florida Corp. * 24,661 274 Center Bancorp, Inc. 29,062 282 First Merchants Corp. 18,790 480 First State Bancorporation 35,712 332 Irwin Financial Corp. 52,432 306 MainSource Financial Group, Inc. 26,878 398 Northrim BanCorp, Inc. 16,300 305 Pacific Continental Corp. 19,300 267 Renasant Corp. 22,090 512 Rurban Financial Corp. 11,976 121 Simmons First National Corp., Class A 17,741 568 Southcoast Financial Corp. * 10,372 162 Washington Trust Bancorp, Inc. 16,265 393 ------------ 4,437 ------------ COMMERCIAL SERVICES & SUPPLIES (4.6%) Barrett Business Services, Inc. 32,674 392 CBIZ, Inc. * 44,955 399 ICT Group, Inc. * 34,856 381 Schawk, Inc., Class A 24,803 397 Standard Register Co. (The) 27,316 259 ------------ 1,828 ------------ COMMUNICATIONS EQUIPMENT (2.2%) Radyne Corp. * 54,095 422 Symmetricom, Inc. * 106,220 456 ------------ 878 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED COMPUTERS & PERIPHERALS (1.1%) ActivIdentity Corp. * 57,955 $ 134 Dot Hill Systems Corp. * 127,276 321 ------------ 455 ------------ CONSTRUCTION & ENGINEERING (0.4%) Northwest Pipe Co. * 4,091 174 ------------ CONSTRUCTION MATERIALS (0.9%) Headwaters, Inc. * 31,280 358 ------------ DISTRIBUTORS (0.7%) Audiovox Corp., Class A * 25,208 275 ------------ DIVERSIFIED FINANCIAL SERVICES (1.2%) NGP Capital Resources Co. 29,952 483 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES (1.8%) D&E Communications, Inc. 21,422 193 Gilat Satellite Networks, Ltd. * 18,459 197 Iowa Telecommunications Services, Inc. 19,200 333 ------------ 723 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS (7.0%) Agilysys, Inc. 32,964 361 CTS Corp. 21,096 237 GSI Group, Inc. * 44,817 365 OSI Systems, Inc. * 18,572 454 PAR Technology Corp. * 59,985 404 TTM Technologies, Inc. * 44,974 599 Zygo Corp. * 29,942 349 ------------ 2,769 ------------ ENERGY EQUIPMENT & SERVICE (1.5%) Bronco Drilling Co., Inc. * 12,733 219 Trico Marine Services, Inc. * 10,173 383 ------------ 602 ------------ FINANCIALS (0.9%) Center Financial Corp. 32,760 341 ------------ FOOD & STAPLES RETAILING (0.8%) Nash Finch Co. 9,020 330 ------------ FOOD PRODUCTS (2.9%) B&G Foods, Inc., Class A 33,033 267 Monterey Gourmet Foods, Inc. * 65,776 199 Overhill Farms, Inc. * 109,228 552 Tasty Baking Co. 24,279 135 ------------ 1,153 ------------ Continued 1 MICRO CAP VALUE SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED GAS-DISTRIBUTION (0.9%) Chesapeake Utilities Corp. 11,915 $ 354 ------------ HEALTHCARE EQUIPMENT & SUPPLIES (3.9%) Datascope Corp. 10,123 379 Greatbatch, Inc. * 13,850 252 HealthTronics, Inc. * 72,250 259 Medical Action Industries, Inc. * 20,283 332 National Dentex Corp. * 28,501 333 ------------ 1,555 ------------ HEALTHCARE PROVIDERS & SERVICES (2.5%) American Dental Partners, Inc. * 23,414 272 Cross Country Healthcare, Inc. * 29,490 353 Res-Care, Inc. * 22,120 360 ------------ 985 ------------ HOTELS RESTAURANTS & LEISURE (2.8%) Benihana, Inc. * 4,230 44 Benihana, Inc., Class A * 25,278 262 Bluegreen Corp. * 57,070 401 Frisch's Restaurants, Inc. 7,446 181 Steak N Shake Co. (The) * 24,799 197 ------------ 1,085 ------------ HOUSEHOLD DURABLES (0.4%) La-Z-Boy, Inc. 26,925 172 ------------ INSURANCE (4.3%) Amerisafe, Inc. * 22,041 314 Crawford & Co., Class B * 56,426 293 Fpic Insurance Group, Inc. * 6,970 324 National Atlantic Holdings Corp., Class A * 35,347 208 Procentury Corp. 11,233 204 SeaBright Insurance Holdings, Inc. * 22,772 354 ------------ 1,697 ------------ INTERNET SOFTWARE & SERVICES (0.7%) Vignette Corp. * 22,644 262 ------------ IT SERVICES (2.3%) Ciber, Inc. * 81,587 511 Ness Technologies, Inc. * 43,884 398 ------------ 909 ------------ MACHINERY (1.2%) Flanders Corp. * 75,474 465 ------------ MARINE (1.6%) Stealthgas, Inc. 39,493 633 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED METALS & MINING (1.2%) NN, Inc. 45,765 $ 459 ------------ MULTILINE RETAIL (0.9%) Tuesday Morning Corp. * 61,841 336 ------------ OIL & GAS (2.7%) Callon Petroleum Co. * 37,444 749 Gulfport Energy Corp. * 25,800 299 ------------ 1,048 ------------ PAPER & FOREST PRODUCTS (1.1%) Schweitzer-Mauduit International, Inc. 20,273 449 ------------ REIT-HOTELS (2.0%) Hersha Hospitality Trust, A Shares 60,581 577 MHI Hospitality Corp. 31,420 197 ------------ 774 ------------ REIT-STORAGE (1.0%) U-Store-It Trust 32,060 387 ------------ REIT-WAREHOUSE/INDUSTRY (0.9%) Monmouth Real Estate Investment Corp., Class A 44,143 336 ------------ ROAD & RAIL (2.5%) Celadon Group, Inc. * 34,330 353 Marten Transport, Ltd. * 22,485 367 Saia, Inc. * 16,650 230 USA Truck, Inc. * 2,163 26 ------------ 976 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (6.9%) Applied Micro Circuits Corp. * 48,590 425 AXT, Inc. * 39,390 187 IXYS Corp. * 50,598 363 Nanometrics, Inc. * 33,936 240 Rudolph Technologies, Inc. * 29,114 296 Semitool, Inc. * 63,497 561 Ultratech, Inc. * 24,744 353 White Electronic Designs Corp. * 64,411 294 ------------ 2,719 ------------ SOFTWARE (1.1%) Secure Computing Corp. * 62,510 414 ------------ SPECIALTY RETAIL (4.8%) Casual Male Retail Group, Inc. * 59,680 258 Charlotte Russe Holdings, Inc. * 23,482 373 Continued 2 MICRO CAP VALUE SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED SPECIALTY RETAIL, CONTINUED Jo-Ann Stores, Inc. * 29,985 $ 568 Monro Muffler, Inc. 24,848 410 Stein Mart, Inc. 51,964 277 ------------ 1,886 ------------ THRIFTS & MORTGAGE FINANCE (6.2%) American Bancorp of New Jersey 34,262 360 B of I Holding, Inc. * 51,062 295 Benjamin Franklin Bancorp, Inc. 21,641 292 Berkshire Hills Bancorp, Inc. 16,790 430 Citizens Community Bancorp, Inc. 21,269 176 First Clover Leaf Financial Corp. 22,467 218 United Western Bancorp, Inc. 19,947 343 WSFS Financial Corp. 6,260 318 ------------ 2,432 ------------ TRADING COMPANIES & DISTRIBUTORS (0.9%) Aceto Corp. 50,122 352 ------------ TOTAL COMMON STOCKS 38,836 ------------ INVESTMENTS IN AFFILIATES (1.1%) Fifth Third Institutional Money Market Fund (a) 421,254 421 ------------ TOTAL INVESTMENTS IN AFFILIATES 421 ------------ TOTAL INVESTMENTS (COST $41,053) - 99.7% 39,257 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3% 135 ------------ NET ASSETS - 100.0% $ 39,392 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. The following abbreviation is used in the Schedule of Investments: REIT - Real Estate Investment Trust See notes to schedules of investments. 3 SMALL CAP VALUE SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (97.0%) AEROSPACE & DEFENSE (1.6%) AAR Corp. * 69,350 $ 1,623 ------------ CAPITAL MARKETS (2.2%) Apollo Investment Corp. 59,906 969 Gladstone Capital Corp. 66,338 1,246 ------------ 2,215 ------------ CHEMICALS (3.2%) Ferro Corp. 95,620 1,681 PolyOne Corp. * 217,224 1,603 ------------ 3,284 ------------ COMMERCIAL BANKS (10.9%) Community Bank System, Inc. 79,742 2,032 MainSource Financial Group, Inc. 92,214 1,366 Old National Bancorp 123,325 2,110 Renasant Corp. 60,674 1,406 UMB Financial Corp. 41,501 2,060 United Bankshares, Inc. 70,122 2,040 ------------ 11,014 ------------ COMMERCIAL SERVICES & SUPPLIES (1.5%) Schawk, Inc., Class A 91,909 1,473 ------------ COMMUNICATIONS EQUIPMENT (4.3%) ADC Telecommunications, Inc. * 125,892 1,765 Extreme Networks, Inc. * 511,427 1,550 MasTec, Inc. * 123,436 1,011 ------------ 4,326 ------------ CONSTRUCTION MATERIALS (1.4%) Headwaters, Inc. * 124,830 1,427 ------------ DIVERSIFIED CONSUMER SERVICES (1.7%) Stewart Enterprises, Inc., Class A 252,778 1,726 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES (2.3%) Iowa Telecommunications Services, Inc. 133,121 2,306 ------------ ELECTRIC UTILITIES (3.6%) Cleco Corp. 75,283 1,807 Westar Energy, Inc. 78,476 1,820 ------------ 3,627 ------------ ELECTRICAL COMPONENTS & EQUIPMENT (1.2%) EnerSys * 52,221 1,222 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED ELECTRONIC EQUIPMENT & INSTRUMENTS (2.4%) Agilysys, Inc. 108,710 $ 1,191 CTS Corp. 110,522 1,243 ------------ 2,434 ------------ ENERGY EQUIPMENT & SERVICES (3.2%) Oil States International, Inc. * 30,497 1,527 CARBO Ceramics, Inc. 35,175 1,672 ------------ 3,199 ------------ FOOD & STAPLES RETAILING (3.3%) Casey's General Stores, Inc. 74,751 1,654 Performance Food Group Co. * 49,506 1,656 ------------ 3,310 ------------ HEALTHCARE PROVIDERS & SERVICES (3.1%) Kindred Healthcare, Inc. * 79,248 1,881 Molina Healthcare, Inc. * 49,115 1,219 ------------ 3,100 ------------ HOTELS RESTAURANTS & LEISURE (2.0%) Bluegreen Corp. * 153,859 1,082 Steak N Shake Co. (The) * 118,512 938 ------------ 2,020 ------------ HOUSEHOLD DURABLES (1.1%) La-Z-Boy, Inc. 178,530 1,137 ------------ INSURANCE (3.6%) Endurance Specialty Holdings, Ltd. 41,862 1,554 Platinum Underwriters Holdings, Ltd. 57,170 2,051 ------------ 3,605 ------------ IT SERVICES (1.1%) Convergys Corp. * 68,800 1,082 ------------ MACHINERY (6.9%) Albany International Corp., Class A 56,427 2,048 EnPro Industries, Inc. * 56,718 2,059 Toro Co. 29,025 1,230 Trinity Industries, Inc. 54,412 1,654 ------------ 6,991 ------------ MARINE (1.3%) Alexander & Baldwin, Inc. 25,913 1,302 ------------ METALS & MINING (1.5%) Coeur d'Alene Mines Corp. * 493,336 1,515 ------------ MULTILINE RETAIL (1.1%) Dollar Tree, Inc. * 34,067 1,077 ------------ Continued 1 SMALL CAP VALUE SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED MULTI-UTILITIES (1.8%) Vectren Corp. 65,654 $ 1,857 ------------ OIL & GAS (5.3%) Massey Energy Co. 24,561 1,285 Overseas Shipholding Group, Inc. 16,264 1,224 Rosetta Resources, Inc. * 65,452 1,426 Tsakos Energy Navigation, Ltd. 44,635 1,451 ------------ 5,386 ------------ PAPER & FOREST PRODUCTS (2.2%) Schweitzer-Mauduit International, Inc. 99,651 2,205 ------------ PHARMACEUTICALS (2.6%) Biovail Corp. 109,733 1,255 Par Pharmaceutical Cos., Inc. * 79,532 1,356 ------------ 2,611 ------------ REIT-HOTELS (1.4%) Ashford Hospitality Trust, Inc. 241,043 1,396 ------------ REIT-SHOPPING CENTERS (1.1%) Weingarten Realty Investors 31,441 1,160 ------------ REIT-STORAGE (1.8%) U-Store-It Trust 154,746 1,868 ------------ ROAD & RAIL (2.8%) Marten Transport, Ltd. * 86,229 1,406 Werner Enterprises, Inc. 71,867 1,398 ------------ 2,804 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.5%) Cabot Microelectronics Corp. * 48,013 1,635 Semitool, Inc. * 177,030 1,563 Teradyne, Inc. * 99,962 1,328 ------------ 4,526 ------------ SOFTWARE (2.0%) Sybase, Inc. * 69,909 2,057 ------------ SPECIALTY RETAIL (2.8%) Group 1 Automotive, Inc. 49,796 1,329 Jo-Ann Stores, Inc. * 77,242 1,463 ------------ 2,792 ------------ TEXTILES APPAREL & LUXURY GOODS (1.1%) Phillips-Van Heusen Corp. 27,350 1,154 ------------ THRIFTS & MORTGAGE FINANCE (1.9%) NewAlliance Bancshares, Inc. 144,872 1,950 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED TRADING COMPANIES & DISTRIBUTORS (1.2%) United Rentals, Inc. * 66,110 $ 1,246 ------------ TOTAL COMMON STOCKS 98,027 ------------ INVESTMENTS IN AFFILIATES (2.6%) Fifth Third Institutional Money Market Fund (a) 2,602,264 2,602 ------------ TOTAL INVESTMENTS IN AFFILIATES 2,602 ------------ TOTAL INVESTMENTS (COST $100,855) - 99.6% 100,629 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% 418 ------------ NET ASSETS - 100.0% $101,047 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. The following abbreviation is used in the Schedule of Investments: REIT - Real Estate Investment Trust See notes to schedules of investments. 2 ALL CAP VALUE SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (98.7%) AEROSPACE & DEFENSE (3.5%) AAR Corp. * 79,575 $ 1,862 General Dynamics Corp. 36,728 3,321 Honeywell International, Inc. 36,726 2,182 United Technologies Corp. 30,607 2,218 ------------ 9,583 ------------ AUTO COMPONENTS (0.4%) Autoliv, Inc. 18,364 1,125 ------------ BEVERAGES (1.3%) Coca-Cola Enterprises, Inc. 82,635 1,859 Molson Coors Brewing Co., Class B 33,665 1,846 ------------ 3,705 ------------ BIOTECHNOLOGY (1.3%) Amgen, Inc. * 83,250 3,486 ------------ CAPITAL MARKETS (5.1%) Bank of New York Mellon Corp. (The) 79,231 3,449 Goldman Sachs Group, Inc. (The) 30,604 5,856 Lazard, Ltd., Class A 30,605 1,198 Legg Mason, Inc. 61,210 3,690 ------------ 14,193 ------------ CHEMICALS (3.4%) Dow Chemical Co. (The) 73,456 2,949 E.I. du Pont de Nemours & Co. 73,456 3,593 Lubrizol Corp. 48,968 2,856 ------------ 9,398 ------------ COMMERCIAL BANKS (4.4%) Comerica, Inc. 48,971 1,701 Marshall & Ilsley Corp. 88,755 2,217 National City Corp. (a) 187,311 1,180 Old National Bancorp 61,210 1,047 SunTrust Banks, Inc. 36,728 2,048 United Bankshares, Inc. 31,830 926 US Bancorp 91,820 3,112 ------------ 12,231 ------------ COMMERCIAL SERVICES & SUPPLIES (1.9%) ICT Group, Inc. * 52,030 569 Manpower, Inc. 24,485 1,644 Pitney Bowes, Inc. 55,091 1,989 Standard Register Co. (The) 117,241 1,111 ------------ 5,313 ------------ COMMUNICATIONS EQUIPMENT (0.6%) Harris Corp. 13,773 744 Symmetricom, Inc. * 244,849 1,051 ------------ 1,795 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED COMPUTERS & PERIPHERALS (3.5%) Hewlett-Packard Co. 36,728 $ 1,702 International Business Machines Corp. 38,565 4,655 SanDisk Corp. * 80,800 2,189 Seagate Technology 61,210 1,155 ------------ 9,701 ------------ CONSUMER FINANCE (0.9%) Discover Financial Services 137,725 2,508 ------------ DIVERSIFIED FINANCIAL SERVICES (7.4%) Bank of America Corp. 171,396 6,434 Citigroup, Inc. 232,605 5,878 JPMorgan Chase & Co. 173,228 8,254 ------------ 20,566 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES (4.2%) AT&T, Inc. 91,820 3,554 Verizon Communications, Inc. 149,970 5,771 Windstream Corp. 187,735 2,204 ------------ 11,529 ------------ ELECTRIC UTILITIES (3.8%) American Electric Power Co., Inc. 61,213 2,732 Duke Energy Corp. 67,335 1,233 Edison International 45,907 2,395 FPL Group, Inc. 30,607 2,029 Pepco Holdings, Inc. 85,699 2,135 ------------ 10,524 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS (0.5%) Avnet, Inc. * 15,302 401 Vishay Intertechnology, Inc. * 91,818 867 ------------ 1,268 ------------ ENERGY EQUIPMENT & SERVICE (3.6%) ENSCO International, Inc. 24,485 1,560 Nabors Industries, Ltd. * 149,355 5,607 Tidewater, Inc. 42,849 2,795 ------------ 9,962 ------------ FOOD & STAPLES RETAILING (2.3%) Safeway, Inc. 107,121 3,385 SUPERVALU, Inc. 91,820 3,039 ------------ 6,424 ------------ FOOD PRODUCTS (3.6%) ConAgra Foods, Inc. 113,242 2,668 Kraft Foods, Inc., Class A 124,259 3,930 Continued 1 ALL CAP VALUE SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED FOOD PRODUCTS, CONTINUED Tyson Foods, Inc., Class A 183,635 $ 3,269 ------------ 9,867 ------------ HEALTHCARE PROVIDERS & SERVICES (2.4%) Laboratory Corp. of America Holdings * 27,543 2,083 Lincare Holdings, Inc. * 18,364 447 Omnicare, Inc. 22,955 467 UnitedHealth Group, Inc. 115,080 3,755 ------------ 6,752 ------------ HOTELS RESTAURANTS & LEISURE (2.1%) Bob Evans Farms, Inc. 52,029 1,461 Carnival Corp. 44,685 1,795 Darden Restaurants, Inc. 71,620 2,548 ------------ 5,804 ------------ HOUSEHOLD DURABLES (2.5%) Snap-On, Inc. 27,544 1,634 Stanley Works (The) 45,907 2,214 Tupperware Brands Corp. 79,575 3,135 ------------ 6,983 ------------ INDUSTRIAL CONGLOMERATES (3.0%) 3M Co. 45,907 3,530 General Electric Co. 144,458 4,724 ------------ 8,254 ------------ INSURANCE (7.9%) Allstate Corp. (The) 55,092 2,774 American International Group, Inc. 119,361 5,515 Hartford Financial Services Group, Inc. 61,211 4,363 MetLife, Inc. 55,092 3,352 Prudential Financial, Inc. 50,195 3,800 Travelers Cos., Inc. (The) 42,850 2,160 ------------ 21,964 ------------ IT SERVICES (0.7%) Computer Sciences Corp. * 44,074 1,921 ------------ LEISURE EQUIPMENT & PRODUCTS (0.5%) Mattel, Inc. 67,335 1,263 ------------ MACHINERY (3.2%) Caterpillar, Inc. 42,848 3,508 Dover Corp. 24,485 1,211 Joy Global, Inc. 24,485 1,818 Pall Corp. 70,394 2,448 ------------ 8,985 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED MEDIA (1.6%) New York Times Co. (The), Class A 122,425 $ 2,387 Time Warner, Inc. 136,505 2,027 ------------ 4,414 ------------ METALS & MINING (1.2%) Alcoa, Inc. 91,820 3,193 ------------ MULTILINE RETAIL (0.4%) Dollar Tree, Inc. * 30,605 967 ------------ MULTI-UTILITIES (0.4%) NiSource, Inc. 55,092 986 ------------ OIL & GAS (11.7%) Anadarko Petroleum Corp. 44,072 2,933 Chevron Corp. 61,213 5,886 ConocoPhillips 82,635 7,119 Exxon Mobil Corp. 79,578 7,406 Marathon Oil Corp. 134,665 6,137 Spectra Energy Corp. 33,665 831 Sunoco, Inc. 45,910 2,131 ------------ 32,443 ------------ PHARMACEUTICALS (3.9%) Forest Laboratories, Inc. * 33,665 1,168 Johnson & Johnson 45,907 3,080 Pfizer, Inc. 214,241 4,308 Wyeth 48,970 2,178 ------------ 10,734 ------------ REIT-DIVERSIFIED (0.5%) Duke Realty Corp. 61,210 1,495 ------------ ROAD & RAIL (0.6%) Union Pacific Corp. 12,244 1,778 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (2.4%) Applied Materials, Inc. 183,635 3,427 Cabot Microelectronics Corp. * 53,869 1,834 International Rectifier Corp. * 65,495 1,491 ------------ 6,752 ------------ SOFTWARE (0.3%) Cadence Design Systems, Inc. * 61,210 681 ------------ TEXTILES APPAREL & LUXURY GOODS (0.6%) Jones Apparel Group, Inc. 107,120 1,696 ------------ Continued 2 ALL CAP VALUE SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED THRIFTS & MORTGAGE FINANCE (0.8%) New York Community Bancorp, Inc. 122,426 $ 2,286 ------------ TOBACCO (0.3%) UST, Inc. 15,301 797 ------------ TOTAL COMMON STOCKS 273,326 ------------ INVESTMENT COMPANIES (0.4%) State Street Navigator Securities Lending Portfolio (c) 1,173,354 1,173 ------------ TOTAL INVESTMENT COMPANIES 1,173 ------------ INVESTMENTS IN AFFILIATES (1.6%) Fifth Third Institutional Money Market Fund (b) 4,442,164 4,442 ------------ TOTAL INVESTMENTS IN AFFILIATES 4,442 ------------ TOTAL INVESTMENTS (COST $246,267) - 100.7% 278,941 LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)% (2,007) ------------ NET ASSETS - 100.0% $276,934 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) All or part of this security was on loan. (b) Investment is in Institutional Shares of underlying fund. (c) Represents investments of cash collateral received in connection with securities lending. The following abbreviation is used in the Schedule of Investments: REIT - Real Estate Investment Trust 3 DISCIPLINED LARGE CAP VALUE SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (97.0%) AEROSPACE & DEFENSE (1.9%) Northrop Grumman Corp. (a) 79,365 $ 5,839 United Technologies Corp. (a) 79,365 5,751 ------------ 11,590 ------------ BEVERAGES (1.3%) Anheuser-Busch Cos., Inc. (a) 158,050 7,776 ------------ BIOTECHNOLOGY (1.2%) Amgen, Inc. * (a) 181,757 7,610 ------------ CAPITAL MARKETS (1.3%) Morgan Stanley (a) 158,050 7,681 ------------ CHEMICALS (2.6%) Dow Chemical Co. (The) (a) 306,222 12,295 E.I. du Pont de Nemours & Co. 79,025 3,865 ------------ 16,160 ------------ COMMERCIAL BANKS (2.3%) Marshall & Ilsley Corp. (a) 158,050 3,948 National City Corp. (a) 237,075 1,494 SunTrust Banks, Inc. (a) 158,050 8,811 ------------ 14,253 ------------ COMMERCIAL SERVICES & SUPPLIES (2.6%) Pitney Bowes, Inc. (a) 246,953 8,917 RR Donnelley & Sons Co. (a) 237,075 7,264 ------------ 16,181 ------------ COMPUTERS & PERIPHERALS (2.5%) International Business Machines Corp. (a) 67,171 8,108 Seagate Technology (a) 395,125 7,456 ------------ 15,564 ------------ CONSUMER FINANCE (0.6%) Discover Financial Services (a) 218,254 3,974 ------------ DIVERSIFIED FINANCIAL SERVICES (9.7%) Bank of America Corp. (a) 563,052 21,137 Citigroup, Inc. (a) 559,101 14,128 JPMorgan Chase & Co. (a) 504,574 24,043 ------------ 59,308 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES (5.4%) AT&T, Inc. 444,515 17,207 Qwest Communications International, Inc. 869,274 4,486 Windstream Corp. (a) 968,055 11,365 ------------ 33,058 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED ELECTRIC UTILITIES (1.1%) Edison International (a) 134,342 $ 7,009 ------------ ENERGY EQUIPMENT & SERVICE (4.2%) ENSCO International, Inc. (a) 108,659 6,925 Halliburton Co. (a) 412,115 18,920 ------------ 25,845 ------------ FOOD PRODUCTS (3.4%) ConAgra Foods, Inc. (a) 178,572 4,207 Kraft Foods, Inc., Class A 523,935 16,572 ------------ 20,779 ------------ HEALTHCARE PROVIDERS & SERVICES (1.4%) UnitedHealth Group, Inc. (a) 268,685 8,767 ------------ HOTELS RESTAURANTS & LEISURE (3.0%) Carnival Corp. (a) 217,319 8,730 Darden Restaurants, Inc. (a) 266,709 9,489 ------------ 18,219 ------------ HOUSEHOLD DURABLES (0.8%) Fortune Brands, Inc. (a) 73,413 4,964 ------------ INDUSTRIAL CONGLOMERATES (3.9%) 3M Co. (a) 98,781 7,596 General Electric Co. 493,906 16,151 ------------ 23,747 ------------ INSURANCE (10.2%) Allstate Corp. (The) (a) 187,684 9,452 American International Group, Inc. (a) 260,782 12,048 Hartford Financial Services Group, Inc. (a) 138,294 9,856 MetLife, Inc. 345,734 21,038 Prudential Financial, Inc. 39,683 3,004 Travelers Cos., Inc. (The) (a) 148,172 7,468 ------------ 62,866 ------------ IT SERVICES (2.3%) Computer Sciences Corp. * (a) 146,826 6,400 Fiserv, Inc. * (a) 158,050 7,990 ------------ 14,390 ------------ LEISURE EQUIPMENT & PRODUCTS (1.4%) Mattel, Inc. (a) 444,515 8,335 ------------ MACHINERY (1.1%) Caterpillar, Inc. (a) 79,365 6,498 ------------ Continued 1 DISCIPLINED LARGE CAP VALUE SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - ---------------------------------------------------------------- SHARES VALUE ------------- ------------ COMMON STOCKS, CONTINUED MEDIA (3.2%) Time Warner, Inc. (a) 1,303,911 $ 19,363 ------------ METALS & MINING (1.1%) Alcoa, Inc. (a) 198,413 6,901 ------------ MULTI-UTILITIES (1.4%) PG&E Corp. (a) 217,319 8,693 ------------ OIL & GAS (15.1%) Apache Corp. (a) 94,830 12,772 Chevron Corp. 237,075 22,795 ConocoPhillips (a) 258,411 22,262 Exxon Mobil Corp. (a) 213,367 19,858 Marathon Oil Corp. (a) 335,856 15,305 ------------ 92,992 ------------ PHARMACEUTICALS (6.9%) Eli Lilly & Co. (a) 167,928 8,084 Forest Laboratories, Inc. * (a) 335,856 11,658 Johnson & Johnson 142,245 9,543 Pfizer, Inc. (a) 333,334 6,703 Wyeth 146,826 6,530 ------------ 42,518 ------------ REIT-DIVERSIFIED (1.3%) Duke Realty Corp. 316,100 7,719 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (1.0%) Applied Materials, Inc. (a) 335,856 6,267 ------------ TOBACCO (2.8%) Altria Group, Inc. 158,050 3,161 Philip Morris International, Inc. * 158,050 8,066 UST, Inc. (a) 109,127 5,682 ------------ 16,909 ------------ TOTAL COMMON STOCKS 595,936 ------------ INVESTMENT COMPANIES (27.1%) State Street Navigator Securities Lending Portfolio (c) 166,606,077 166,606 ------------ TOTAL INVESTMENT COMPANIES 166,606 ------------ SHARES VALUE ------------ ------------ INVESTMENTS IN AFFILIATES (2.7%) Fifth Third Institutional Money Market Fund (b) 16,396,793 $ 16,397 ------------ TOTAL INVESTMENTS IN AFFILIATES 16,397 ------------ TOTAL INVESTMENTS (COST $727,746) - 126.8% 778,939 LIABILITIES IN EXCESS OF OTHER ASSETS - (26.8)% (164,709) ------------ NET ASSETS - 100.0% $614,230 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) All or part of this security was on loan. (b) Investment is in Institutional Shares of underlying fund. (c) Represents investments of cash collateral received in connection with securities lending. The following abbreviation is used in the Schedule of Investments: REIT - Real Estate Investment Trust See notes to schedules of investments. 2 LIFEMODEL AGGRESSIVE(SM) SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ INVESTMENTS IN AFFILIATES (a) (100.1%) Fifth Third All Cap Value Fund 814,838 $ 16,191 Fifth Third Disciplined Large Cap Value Fund 2,275,476 28,512 Fifth Third High Yield Bond Fund 58,733 561 Fifth Third Institutional Money Market Fund 1,929,584 1,930 Fifth Third International Equity Fund 2,892,519 40,495 Fifth Third Mid Cap Growth Fund * 1,263,673 16,504 Fifth Third Quality Growth Fund 1,720,551 29,576 Fifth Third Short Term Bond Fund 306,995 2,873 Fifth Third Small Cap Growth Fund * 944,499 7,546 Fifth Third Small Cap Value Fund 462,620 7,749 Fifth Third Structured Large Cap Plus Fund 1,783,918 27,900 Fifth Third Total Return Bond Fund 760,377 7,201 ------------ TOTAL INVESTMENTS IN AFFILIATES 187,038 ------------ TOTAL INVESTMENTS (COST $169,803) - 100.1% 187,038 LIABILITIES IN EXCESS OF OTHER ASSETS - 0.1% (108) ------------ NET ASSETS - 100.0% $186,930 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. See notes to schedules of investments. 1 LIFEMODEL MODERATELY AGGRESSIVE(SM) SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ INVESTMENTS IN AFFILIATES (a) (99.3%) Fifth Third All Cap Value Fund 1,094,550 $ 21,749 Fifth Third Disciplined Large Cap Value Fund 2,959,188 37,079 Fifth Third High Yield Bond Fund 436,992 4,173 Fifth Third Institutional Money Market Fund 169,133 169 Fifth Third International Equity Fund 3,898,697 54,582 Fifth Third Mid Cap Growth Fund * 1,694,976 22,136 Fifth Third Quality Growth Fund 2,209,883 37,988 Fifth Third Short Term Bond Fund 2,158,790 20,206 Fifth Third Small Cap Growth Fund * 1,227,984 9,811 Fifth Third Small Cap Value Fund 601,173 10,070 Fifth Third Structured Large Cap Plus Fund 2,397,540 37,498 Fifth Third Total Return Fund 5,675,385 53,746 ------------ TOTAL INVESTMENTS IN AFFILIATES 309,207 ------------ TOTAL INVESTMENTS (COST $282,458) - 99.3% 309,207 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7% 2,092 ------------ NET ASSETS - 100.0% $311,299 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. See notes to schedules of investments. 1 LIFEMODEL MODERATE(SM) SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - ---------------------------------------------------------------- SHARES VALUE ------------- ------------- INVESTMENTS IN AFFILIATES (a) (100.1%) Fifth Third All Cap Value Fund 1,224,639 $ 24,334 Fifth Third Disciplined Large Cap Value Fund 3,474,066 43,530 Fifth Third High Yield Bond Fund 1,186,388 11,330 Fifth Third Institutional Money Market Fund 592,020 592 Fifth Third International Equity Fund 4,292,583 60,096 Fifth Third Mid Cap Growth Fund* 1,884,085 24,606 Fifth Third Quality Growth Fund 2,568,865 44,159 Fifth Third Short Term Bond Fund 6,114,409 57,231 Fifth Third Small Cap Growth Fund* 1,388,266 11,092 Fifth Third Small Cap Value Fund 679,980 11,390 Fifth Third Structured Large Cap Plus Fund 2,467,833 38,597 Fifth Third Total Return Bond Fund 15,409,118 145,924 ------------- TOTAL INVESTMENTS IN AFFILIATES 472,881 ------------- TOTAL INVESTMENTS (COST $458,270) - 100.1% 472,881 LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% (524) ------------- NET ASSETS - 100.0% $ 472,357 ============= NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. See notes to schedules of investments. 1 LIFEMODEL MODERATELY CONSERVATIVE(SM) SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ INVESTMENTS IN AFFILIATES (a) (99.2%) Fifth Third All Cap Value Fund 196,888 $ 3,912 Fifth Third Disciplined Large Cap Value Fund 484,605 6,072 Fifth Third High Yield Bond Fund 278,608 2,661 Fifth Third Institutional Money Market Fund 61,259 61 Fifth Third International Equity Fund 634,510 8,883 Fifth Third Mid Cap Growth Fund * 292,297 3,818 Fifth Third Quality Growth Fund 366,897 6,307 Fifth Third Short Term Bond Fund 1,381,460 12,931 Fifth Third Small Cap Growth Fund * 231,699 1,851 Fifth Third Small Cap Value Fund 111,899 1,874 Fifth Third Structured Large Cap Plus Fund 478,277 7,480 Fifth Third Total Return Bond Fund 3,635,035 34,424 ------------ TOTAL INVESTMENTS IN AFFILIATES 90,274 ------------ TOTAL INVESTMENTS (COST $86,722) - 99.2% 90,274 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8% 765 ------------ NET ASSETS - 100.0% $ 91,039 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. See notes to schedules of investments. 1 LIFEMODEL CONSERVATIVE(SM) SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ INVESTMENTS IN AFFILIATES(a) (100.2%) Fifth Third All Cap Value Fund 61,117 $ 1,214 Fifth Third Disciplined Large Cap Value Fund 159,690 2,001 Fifth Third High Yield Bond Fund 225,354 2,152 Fifth Third Institutional Money Market Fund 861,259 861 Fifth Third International Equity Fund 188,566 2,640 Fifth Third Mid Cap Growth Fund * 94,754 1,238 Fifth Third Quality Growth Fund 116,837 2,008 Fifth Third Short Term Bond Fund 1,148,471 10,750 Fifth Third Small Cap Growth Fund 78,927 631 Fifth Third Small Cap Value Fund * 37,557 629 Fifth Third Structured Large Cap Plus Fund 141,129 2,207 Fifth Third Total Return Bond Fund 2,895,697 27,422 ------------ TOTAL INVESTMENTS IN AFFILIATES 53,753 ------------ TOTAL INVESTMENTS (COST $54,403) - 100.2% 53,753 LIABILITIES IN EXCESS OF OTHER ASSETS - 0.2% (105) ------------ NET ASSETS - 100.0% $ 53,648 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Investment is in Institutional Shares of underlying fund. See notes to schedules of investments. 1 STRATEGIC INCOME SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ ASSET-BACKED SECURITIES (2.2%) AUTOMOBILE ABS OTHER (0.8%) Susquehanna Auto Lease Trust, Series 2007-1, Class B, 5.31%, 7/14/10 (b) $ 1,000 $ 983 ------------ OTHER ABS (1.4%) Aerco, Ltd., Series 2A, Class A3, 3.18%, 7/15/25 (a) (b) (d) 940 762 Residential Asset Securities Corp., Series 2006-KS3, Class AI3, 3.07%, 4/25/36 (a) 1,000 938 ------------ 1,700 ------------ TOTAL ASSET-BACKED SECURITIES 2,683 ------------ CORPORATE BONDS (21.0%) BEVERAGES-NON ALCOHOLIC (0.4%) PepsiCo, Inc., 4.65%, 2/15/13 500 510 ------------ CABLE TV (1.3%) Comcast Cable Communications LLC, 7.13%, 6/15/13 500 536 COX Communications, Inc., 7.75%, 11/1/10 1,000 1,062 ------------ 1,598 ------------ COMMERCIAL BANKS-EASTERN U.S. (0.8%) Emigrant Capital Trust, 4.69%, 12/10/33 (a) (b) 1,000 978 ------------ COMMERCIAL BANKS-SOUTHERN U.S. (1.4%) First Tennessee Capital II, Series B, 6.30%, 4/15/34 1,500 1,191 Union Planters Corp., 4.38%, 12/1/10 500 486 ------------ 1,677 ------------ ELECTRIC-INTEGRATED (1.3%) FPL Group Capital, Inc., 6.65%, 6/15/67 (a) 1,000 907 Public Service Co. of Oklahoma, Series C, 4.85%, 9/15/10 500 505 ------------ 1,412 ------------ FINANCE-COMMERCIAL (0.8%) CIT Group, Inc., 4.00%, 5/8/08 1,000 999 ------------ FINANCE-CONSUMER LOANS (2.1%) American General Finance Corp., Series MTN, 5.75%, 9/15/16 1,000 928 SLM Corp., Series CPI, 5.41%, 4/1/09 (a) (e) 1,000 900 SLM Corp., Series CPI, 6.41%, 11/21/13 (a) (e) 1,000 704 ------------ 2,532 ------------ Continued PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED FINANCE-INVESTMENT BANKER/BROKER (1.3%) Bear Stearns Cos., Inc. (The), 4.65%, 7/2/18 $ 1,000 $ 899 Lehman Brothers Holdings Capital Trust V, Series MTN, 5.86%, 11/29/49 (a) (g) 1,000 710 ------------ 1,609 ------------ FINANCE-LEASING COMPANY (0.8%) International Lease Finance Corp., Series MTNO, 4.38%, 11/1/09 1,000 984 ------------ FINANCE-MORTGAGE LOAN/BANKER (0.1%) Countrywide Home Loans, Inc., Series MTNK, 5.63%, 7/15/09 100 95 ------------ FINANCE-OTHER SERVICES (0.8%) Cullen Frost Cap Trust I, 4.63%, 3/1/34 (a) 1,000 930 ------------ FINANCIAL GUARANTEE INSURANCE (0.6%) Radian Group, Inc., 5.63%, 2/15/13 1,000 710 ------------ FOOD-MISC/DIVERSIFIED (0.8%) General Mills, Inc., 5.20%, 3/17/15 400 402 Kellogg Co., 5.13%, 12/3/12 500 510 ------------ 912 ------------ INSURANCE BROKERS (0.3%) Marsh & McLennan Cos., Inc., 5.88%, 8/1/33 500 416 ------------ MONEY CENTER BANKS (1.3%) Bankers Trust Corp., 7.25%, 10/15/11 1,000 1,078 RBS Capital Trust B, 6.80%, 12/31/49 (g) 500 483 ------------ 1,561 ------------ MULTIMEDIA (1.8%) Time Warner Entertainment Co. LP, 8.88%, 10/1/12 1,500 1,662 Walt Disney Co. (The), 4.70%, 12/1/12 500 509 ------------ 2,171 ------------ OIL COMPANY-EXPLORATION & PRODUCTION (0.7%) Pemex Project Funding Master Trust, 7.88%, 2/1/09 810 828 ------------ Continued 1 STRATEGIC INCOME SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED REIT-SHOPPING CENTERS (0.8%) Developers Diversified Realty Corp., 3.88%, 1/30/09 $ 1,000 $ 985 ------------ RETAIL-DISCOUNT (0.7%) Wal-Mart Stores, Inc., 4.25%, 4/15/13 900 904 ------------ RETAIL-DRUG STORE (0.7%) CVS Caremark Corp., 7.77%, 1/10/12 (b) 734 795 ------------ SPECIAL PURPOSE ENTITY (0.8%) HVB Funding Trust I, 8.74%, 6/30/31 (b) 1,000 931 ------------ SUPER-REGIONAL BANKS-U.S. (1.1%) Bank of America Corp., 8.00%, 12/29/49 (a) (g) 400 407 Wells Fargo Bank NA, 5.95%, 8/26/36 1,000 980 ------------ 1,387 ------------ WIRELESS EQUIPMENT (0.3%) Motorola, Inc., 6.50%, 11/15/28 500 390 ------------ TOTAL CORPORATE BONDS 25,314 ------------ FOREIGN BONDS (7.8%) COMMERCIAL BANKS NON-U.S. (1.3%) HBOS PLC, 5.38%, 12/29/49 (a) (b) (g) 2,000 1,643 ------------ DIVERSIFIED OPERATIONS (0.9%) Hutchison Whampoa International, Ltd., 6.50%, 2/13/13 (b) 1,000 1,047 ------------ INVESTMENT MANAGMENT/ADVISOR SERVICES (0.4%) Invesco, Ltd., 5.38%, 2/27/13 500 484 ------------ MULTI-LINE INSURANCE (0.7%) AXA SA, 6.46%, 12/31/49 (a) (b) (g) 1,000 828 ------------ SOVEREIGN (3.7%) Australia Government Bond, Series 909, 7.50%, 9/15/09 AUD 3,000 2,864 Mexico Government International Bond, Series A, 6.75%, 9/27/34 $ 1,000 1,107 Russia Government International Bond, 8.25%, 3/31/10 (b) 444 465 ------------ 4,436 ------------ SPECIAL PURPOSE BANKS (0.8%) Korea Development Bank, 3.88%, 3/2/09 1,000 998 ------------ TOTAL FOREIGN BONDS 9,436 ------------ Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MORTGAGE-BACKED SECURITIES (6.3%) CMBS OTHER (1.7%) Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A2, 5.66%, 11/15/44 $ 1,000 $ 996 GS Mortgage Securities Corp. II, Series 2004-GG2, Class A3, 4.60%, 8/10/38 1,000 999 ------------ 1,995 ------------ WL COLLATERAL CMO OTHER (3.2%) Bear Stearns Asset Backed Securities Trust, Series 2003-AC7, Class A2, 5.25%, 1/25/34 567 500 Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-48, Class 2A3, 4.57%, 10/25/33 (a) 1,216 1,120 Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-HYB5, Class 4A1, 5.01%, 4/20/35 (a) 360 362 Merrill Lynch Mortgage Investors, Inc., Series 2003-A1, Class 2A, 4.25%, 12/25/32 (a) 40 40 Wells Fargo Mortgage Backed Securities Trust, Series 2004-X, Class 1A5, 4.93%, 11/25/34 (a) 1,000 915 Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A14, 4.11%, 6/25/35 (a) 1,000 972 ------------ 3,909 ------------ WL COLLATERAL CMO SEQUENTIAL (1.4%) JP Morgan Mortgage Trust, Series 2006-A3, Class 2A1, 5.62%, 5/25/36 (a) 891 872 JP Morgan Mortgage Trust, Series 2007-A2, Class 4A1M, 5.80%, 4/25/37 (a) 872 838 ------------ 1,710 ------------ TOTAL MORTGAGE-BACKED SECURITIES 7,614 ------------ MUNICIPAL BONDS (0.4%) WASHINGTON (0.4%) Port of Tacoma, GO, AMBAC, 5.00%, 12/1/21, (Prerefunded 12/1/13 @ 100) 430 472 ------------ TOTAL MUNICIPAL BONDS 472 ------------ U.S. GOVERNMENT AGENCIES (4.6%) FANNIE MAE (0.4%) 4.23%, 7/1/18 (a) 453 455 ------------ FREDDIE MAC (2.4%) 6.50%, 9/1/22 (f) 928 961 5.00%, 9/15/25 796 804 Continued 2 STRATEGIC INCOME SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ U.S. GOVERNMENT AGENCIES, CONTINUED FREDDIE MAC, CONTINUED 7.23%, 10/1/32 (a) $ 174 $ 177 4.85%, 1/1/37 (a) (f) 979 984 ------------ 2,926 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (1.8%) 5.49%, 8/16/27 (a) 1,150 1,175 4.89%, 7/16/34 1,000 965 ------------ 2,140 ------------ TOTAL U.S. GOVERNMENT AGENCIES 5,521 ------------ SHARES ----------- COMMON STOCKS (5.7%) BEVERAGES (0.3%) Diageo PLC ADR 4,200 344 PepsiCo, Inc. 1,100 75 ------------ 419 ------------ COMMERCIAL BANKS (0.8%) US Bancorp 11,600 393 Wells Fargo & Co. 18,390 547 ------------ 940 ------------ DIVERSIFIED FINANCIAL SERVICES (0.4%) Bank of America Corp. 11,500 432 ------------ ELECTRIC UTILITIES (0.8%) Duke Energy Corp. 14,900 273 Entergy Corp. 2,750 316 Southern Co. 8,700 324 ------------ 913 ------------ FOOD PRODUCTS (0.2%) Kraft Foods, Inc., Class A 8,974 284 ------------ MULTI-UTILITIES (0.3%) Wisconsin Energy Corp. 8,300 394 ------------ OIL & GAS (0.2%) Spectra Energy Corp. 7,500 185 ------------ PHARMACEUTICALS (0.4%) Merck & Co., Inc. 11,600 441 ------------ REIT-DIVERSIFIED (0.2%) Vornado Realty Trust 2,800 261 ------------ REIT-HEALTH CARE (0.2%) HCP, Inc. 7,650 273 ------------ Continued SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED REIT-MORTGAGE (0.4%) Annaly Capital Management, Inc. 28,000 $ 469 ------------ REIT-SHOPPING CENTERS (0.5%) Kimco Realty Corp. 8,550 341 Weingarten Realty Investors 7,025 259 ------------ 600 ------------ REIT-STORAGE (0.2%) Public Storage, A Shares 12,000 306 ------------ TOBACCO (0.8%) Altria Group, Inc. 12,850 257 Philip Morris International, Inc. * 12,850 656 ------------ 913 ------------ TOTAL COMMON STOCKS 6,830 ------------ INVESTMENT COMPANIES (6.7%) CLOSED-END FUNDS (6.2%) American Income Fund, Inc. 135,400 1,034 BlackRock Income Opportunity Trust, Inc. 225,000 2,268 ING Prime Rate Trust 160,400 953 MFS Government Markets Income Trust 51,484 359 Rivus Bond Fund 77,000 1,357 Templeton Global Income Fund 61,374 559 Van Kampen Senior Income Trust 152,000 970 ------------ 7,500 ------------ NON-PROPRIETARY EQUITY FUNDS (0.5%) Eaton Vance Tax-Advantaged Dividend Income Fund 23,600 597 ------------ TOTAL INVESTMENT COMPANIES 8,097 ------------ PREFERRED STOCKS (43.8%) CABLE TV (1.0%) Comcast Corp., Series B, 7.00% 50,000 1,202 ------------ CLOSED-END FUNDS (0.9%) Source Capital, Inc., 2.40% * 35,600 1,145 ------------ COMMERCIAL BANKS-EASTERN U.S. (1.0%) HSBC USA, Inc., Series G, 4.00% (a) 60,000 1,160 ------------ COMMERCIAL BANKS NON-U.S. (1.7%) Barclays Bank PLC, Series 2, 6.63% 46,900 1,111 Barclays Bank PLC, Series 5, 8.13% 36,000 913 ------------ 2,024 ------------ DIVERSIFIED FINANCIAL SERVICES (4.7%) Citigroup Capital VII, 7.13% 124,925 3,017 Continued 3 STRATEGIC INCOME SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ PREFERRED STOCKS, CONTINUED DIVERSIFIED FINANCIAL SERVICES, CONTINUED General Electric Capital Corp., 6.10% 19,000 $ 479 General Electric Capital Corp., 6.63% 59,000 1,499 Harris Preferred Capital Corp., Series A, 7.38% * 31,800 736 ------------ 5,731 ------------ ELECTRIC-INTEGRATED (2.6%) American Electric Power Co., Inc., 8.75% 16,000 421 Entergy Arkansas, Inc., 6.00% 80,600 2,051 Entergy Mississippi, Inc., 6.00% 29,300 734 ------------ 3,206 ------------ FINANCE-CONSUMER LOANS (0.7%) HSBC Finance Corp., 6.88% 32,800 814 ------------ FINANCE-CREDIT CARD (0.8%) MBNA Capital D, Series D, 8.13% 37,800 949 ------------ FINANCE-INVESTMENT BANKER/BROKER (3.6%) Bear Stearns Capital Trust III, 7.80% 26,100 626 Credit Suisse Guernsey, Ltd., 7.90% 16,000 405 Goldman Sachs Group, Inc. (The), Series A, 3.85% (a) 40,000 757 Lehman Brothers Holdings, Inc., Series G, 3.47% (a) 19,900 303 Lehman Brothers Holdings, Inc., Series J, 7.95% 26,000 623 Merrill Lynch & Co., Inc., Series G, 3.84% (a) 80,000 1,221 Merrill Lynch Preferred Capital Trust III, 7.00% 9,800 219 Morgan Stanley Capital Trust VIII, 6.45% 10,800 231 ------------ 4,385 ------------ FINANCIAL GUARANTEE INSURANCE (1.7%) Financial Security Assurance Holdings, Ltd., 6.25% 100,350 2,133 ------------ INVESTMENT MANAGMENT/ADVISOR SERVICES (0.7%) Deutsche Bank Contingent Capital Trust III, 7.60% 36,000 881 ------------ Continued SHARES VALUE ----------- ------------ PREFERRED STOCKS, CONTINUED LIFE/HEALTH INSURANCE (0.4%) AAG Holding Co., Inc., 7.25% 20,000 $ 426 ------------ MISCELLANEOUS (0.5%) Duke Realty Corp., Series L, 6.60% * 30,000 654 ------------ MULTI-LINE INSURANCE (2.4%) Aegon NV, Series 1, 4.00% (a) 51,900 1,009 ING Groep NV, 7.20% 41,200 1,014 MetLife, Inc., Series A, 4.00% (a) 40,000 849 ------------ 2,872 ------------ REIT-DIVERSIFIED (0.2%) Duke Realty Corp., Series M, 6.95% * 10,000 226 ------------ REIT-MORTGAGE (0.3%) Huntington Preferred Capital, Inc., 7.88% 15,507 328 ------------ REIT-OFFICE PROPERTY (0.3%) HRPT Properties Trust, Series B, 8.75% 13,358 334 ------------ REIT-REGIONAL MALLS (0.4%) CBL & Associates Properties, Inc., Series D, 7.38% * 20,500 449 ------------ REIT-SHOPPING CENTERS (1.6%) Kimco Realty Corp., Series F, 6.65% * 39,994 892 Kimco Realty Corp., Series G, 7.75% * 40,000 990 ------------ 1,882 ------------ REIT-SINGLE TENANT (0.9%) Realty Income Corp., Series E, 6.75% 50,000 1,130 ------------ REIT-STORAGE (2.0%) Public Storage, Series L, 6.75% 30,000 669 Public Storage, Series M, 6.63% * 40,000 876 Public Storage, Series N, 7.00% 40,000 928 ------------ 2,473 ------------ S&L/THRIFTS-SOUTHERN U.S. (0.4%) BBC Capital Trust II, 8.50% 31,000 435 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (0.6%) First Tennessee Bank NA, 3.75% (a) (b) 1,000 718 ------------ SOVEREIGN AGENCY (5.2%) Fannie Mae, 7.63% 40,000 1,012 Fannie Mae, 8.25% 112,000 2,804 Continued 4 STRATEGIC INCOME SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ PREFERRED STOCKS, CONTINUED SOVEREIGN AGENCY, CONTINUED Freddie Mac, 5.00% 20,000 $ 682 Freddie Mac, 5.10% 10,000 337 Freddie Mac, 5.70% 25,500 974 Freddie Mac, 8.38% 20,000 512 ------------ 6,321 ------------ SPECIAL PURPOSE ENTITY (2.0%) Corporate-Backed Trust Certificates (CBTCS), Series AIG, 6.13% 60,000 1,218 Corporate-Backed Trust Certificates (CBTCS), Series HSBC, 6.25% 33,500 749 CORTS Trust for Sherwin-Williams, Series III, 7.25% 17,600 434 ------------ 2,401 ------------ SUPER-REGIONAL BANKS-U.S. (7.2%) BAC Capital Trust I, 7.00% 64,500 1,593 BAC Capital Trust III, 7.00% 48,600 1,195 US Bancorp, Series B, 3.50% (a) 20,000 378 US Bancorp, 7.88% 36,000 942 USB Capital XII, 6.30% 40,000 906 Wachovia Preferred Funding Corp., Series A, 7.25% * 84,500 1,981 Wells Fargo Capital VII, 5.85% 33,500 728 Wells Fargo Capital XII, 7.88% 36,000 934 ------------ 8,657 ------------ TOTAL PREFERRED STOCKS 52,936 ------------ INVESTMENTS IN AFFILIATES (1.2%) Fifth Third Institutional Money Market Fund (c) 1,407,882 1,408 ------------ TOTAL INVESTMENTS IN AFFILIATES 1,408 ------------ TOTAL INVESTMENTS (COST $127,597) - 99.7% 120,311 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3% 374 ------------ NET ASSETS - 100.0% $120,685 ============ NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. Continued (c) Investment is in Institutional Shares of underlying fund. (d) Security was fair valued at April 30, 2008 using procedures approved by the Board of Trustees. (e) Treasury Inflation Protected Securities. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index. (f) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. (g) Perpetual Maturity. Callable any time after first call date. Maturity date is next call date. The following abbreviations are used in the Schedule of Investments: ABS - Asset-Backed Security AUD - Australian Dollar ADR - American Depositary Receipt AMBAC - American Municipal Bond Assurance Corp. CBTCS - Convertible Bond Transferable Custodial Security CMBS - Commercial Mortgage-Backed Security CMO - Collateralized Mortgage Obligation CORTS - Corporate-Backed Trust Security GO - General Obligation REIT - Real Estate Investment Trust WL - Whole Loan See notes to schedules of investments. 5 DIVIDEND GROWTH SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- Shares Value ----------- ------------ COMMON STOCKS (99.1%) AEROSPACE & DEFENSE (5.2%) General Dynamics Corp. 5,260 $ 476 United Technologies Corp. 9,417 682 ------------ 1,158 ------------ AUTO COMPONENTS (1.0%) BorgWarner, Inc. (a) 4,787 235 ------------ BEVERAGES (5.0%) Anheuser-Busch Cos., Inc. 2,298 113 Coca-Cola Co. (The) 4,693 276 Diageo PLC ADR 4,079 334 PepsiCo, Inc. (a) 5,701 391 ------------ 1,114 ------------ BIOTECHNOLOGY (3.0%) Celgene Corp. * 5,039 313 Genentech, Inc. * (a) 2,898 198 Gilead Sciences, Inc. * 3,281 170 ------------ 681 ------------ CAPITAL MARKETS (4.4%) Charles Schwab Corp. (The) 14,928 322 Lehman Brothers Holdings, Inc. (a) 5,102 226 Northern Trust Corp. 3,464 257 State Street Corp. (a) 2,487 179 ------------ 984 ------------ CHEMICALS (3.4%) Ecolab, Inc. (a) 5,826 268 Praxair, Inc. (a) 5,354 489 ------------ 757 ------------ COMMERCIAL BANKS (5.4%) BB&T Corp. (a) 8,662 297 US Bancorp (a) 14,014 475 Wells Fargo & Co. (a) 15,118 450 ------------ 1,222 ------------ COMMUNICATIONS EQUIPMENT (4.0%) Nokia Corp. Oyj ADR 8,991 270 Qualcomm, Inc. 7,654 331 Research In Motion, Ltd. * 2,487 302 ------------ 903 ------------ COMPUTERS & PERIPHERALS (3.7%) Apple, Inc. * 1,905 331 EMC Corp. * 14,738 227 Hewlett-Packard Co. 6,078 282 ------------ 840 ------------ Continued Shares Value ----------- ------------ COMMON STOCKS, CONTINUED DIVERSIFIED FINANCIAL SERVICES (4.4%) Bank of America Corp. (a) 12,551 $ 471 Citigroup, Inc. 6,456 163 JPMorgan Chase & Co. 7,339 350 ------------ 984 ------------ ELECTRIC UTILITIES (1.4%) Entergy Corp. 2,771 318 ------------ ELECTRICAL COMPONENTS & EQUIPMENT (3.8%) Emerson Electric Co. (a) 12,345 645 Roper Industries, Inc. (a) 3,433 213 ------------ 858 ------------ ENERGY EQUIPMENT & SERVICE (1.8%) Schlumberger, Ltd. 3,937 396 ------------ FOOD & STAPLES RETAILING (2.5%) Costco Wholesale Corp. (a) 3,370 240 CVS Caremark Corp. 4,409 178 Wal-Mart Stores, Inc. (a) 2,581 150 ------------ 568 ------------ FOOD PRODUCTS (1.0%) Kellogg Co. (a) 4,315 221 ------------ HEALTHCARE EQUIPMENT & SUPPLIES (5.9%) Becton Dickinson & Co. 5,669 507 Dentsply International, Inc. (a) 11,306 439 Stryker Corp. 5,857 380 ------------ 1,326 ------------ HEALTHCARE PROVIDERS & SERVICES (1.0%) Aetna, Inc. 5,196 227 ------------ HOTELS RESTAURANTS & LEISURE (1.5%) McDonald's Corp. 5,511 328 ------------ HOUSEHOLD PRODUCTS (3.1%) Procter & Gamble Co. (a) 10,283 689 ------------ INDUSTRIAL CONGLOMERATES (1.8%) General Electric Co. (a) 12,094 395 ------------ INSURANCE (4.7%) American International Group, Inc. (a) 8,125 375 MetLife, Inc. 6,581 401 Prudential Financial, Inc. (a) 3,622 274 ------------ 1,050 ------------ Continued 1 DIVIDEND GROWTH SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- Shares Value ----------- ------------ COMMON STOCKS, CONTINUED IT SERVICES (0.9%) Fiserv, Inc. * (a) 4,125 $ 209 ------------ METALS & MINING (1.6%) Freeport-McMoRan Copper & Gold, Inc. (a) 3,117 355 ------------ MULTILINE RETAIL (1.0%) Kohl's Corp. * (a) 4,534 222 ------------ OIL & GAS (9.9%) Apache Corp. 2,268 305 Chevron Corp. 3,873 372 Exxon Mobil Corp. 10,709 997 XTO Energy, Inc. (a) 8,770 543 ------------ 2,217 ------------ PHARMACEUTICALS (5.7%) Abbott Laboratories 7,810 412 Allergan, Inc. (a) 5,607 316 Johnson & Johnson 5,071 340 Novartis AG ADR 4,031 203 ------------ 1,271 ------------ ROAD & RAIL (1.0%) Canadian Pacific Railway, Ltd. 3,307 229 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (4.4%) Intel Corp. (a) 16,220 361 Intersil Corp., Class A (a) 11,873 317 Microchip Technology, Inc. (a) 8,188 301 ------------ 979 ------------ SOFTWARE (0.8%) Microsoft Corp. 6,158 176 ------------ TEXTILES APPAREL & LUXURY GOODS (3.2%) Nike, Inc., Class B (a) 5,227 349 VF Corp. 5,071 377 ------------ 726 ------------ TOBACCO (2.6%) Altria Group, Inc. 8,046 161 Philip Morris International, Inc. * 8,046 411 ------------ 572 ------------ TOTAL COMMON STOCKS 22,210 ------------ Continued SHARES VALUE ----------- ------------ INVESTMENT COMPANIES (26.5%) State Street Navigator Securities Lending Portfolio (c) 5,942,409 $ 5,942 ------------ TOTAL INVESTMENT COMPANIES 5,942 ------------ INVESTMENTS IN AFFILIATES (0.5%) Fifth Third Institutional Money Market Fund (b) 100,467 100 ------------ TOTAL INVESTMENTS IN AFFILIATES 100 ------------ TOTAL INVESTMENTS (COST $25,875) - 126.1% 28,252 LIABILITIES IN EXCESS OF OTHER ASSETS - (26.1)% (5,843) ------------ NET ASSETS - 100.0% $ 22,409 ============ Notes to Schedule of Investments * Non-income producing security. (a) All or part of this security was on loan. (b) Investment is in Institutional Shares of underlying fund. (c) Represents investments of cash collateral received in connection with securities lending. The following abbreviation is used in the Schedule of Investments: ADR - American Depositary Receipt See notes to schedules of investments. 2 INTERNATIONAL EQUITY SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS (95.7%)(C) AUSTRALIA (5.7%) ASX, Ltd. 111,103 $ 3,737 Australia & New Zealand Banking Group, Ltd. 20,517 422 BHP Billiton, Ltd. 12,360 498 BlueScope Steel, Ltd. 543,882 5,649 Coca-Cola Amatil, Ltd. 19,435 154 Goodman Fielder, Ltd. 1,277,525 2,151 Macquarie Airports 847,992 2,500 Macquaire Group, Ltd. (a) 39,995 2,373 Macquarie Office Trust 944,985 919 Pacific Brands, Ltd. (a) 476,278 888 Qantas Airways, Ltd. 1,406,879 4,497 Westpac Banking Corp. 224,722 5,166 Zinifex, Ltd. 18,371 174 ------------ 29,128 ------------ AUSTRIA (1.1%) OMV AG 38,793 2,916 Voestalpine AG 35,920 2,761 ------------ 5,677 ------------ BELGIUM (1.4%) Dexia SA (a) 95,949 2,651 InBev NV (a) 21,804 1,796 Umicore 53,648 2,871 ------------ 7,318 ------------ BERMUDA (1.0%) Investco, Ltd. * --# --# Orient Overseas (International), Ltd. 204,321 1,138 Pacific Basin Shipping, Ltd. 2,275,737 4,185 ------------ 5,323 ------------ DENMARK (1.2%) East Asiatic Co., Ltd. AS 10,443 928 Novo Nordisk A/S, Class B 72,076 4,957 ------------ 5,885 ------------ FINLAND (1.0%) Nokia Oyj 65,110 1,960 Orion Oyj, Class B 8,068 170 Outokumpu Oyj 42,260 2,016 Rautaruukki Oyj 20,204 961 ------------ 5,107 ------------ FRANCE (9.6%) Air Liquide (a) 956 143 AXA SA (a) 83,974 3,113 Bouygues (a) 18,838 1,408 Carrefour SA 16,487 1,156 Continued Shares Value ------------- ------------ FOREIGN STOCKS, CONTINUED FRANCE, CONTINUED Casino Guichard Perrachon SA 1,803 $ 227 Cie de Saint-Gobain 53,963 4,342 CNP Assurances 39,409 4,670 Credit Agricole SA 112,631 3,792 France Telecom SA (a) 182,315 5,726 Imerys SA 1,943 167 Legrand SA 90,742 2,714 Natixis 91,447 1,537 Peugeot SA 7,711 540 Sanofi-Aventis SA (a) 21,058 1,622 Societe Generale 21,691 2,530 Thomson 9,165 59 Total SA (d) 93,492 7,855 Unibail-Rodamco 2,651 685 Vivendi (d) 163,487 6,640 ------------ 48,926 ------------ GERMANY (7.3%) BASF SE (d) 49,308 7,034 Bayerische Motoren Werke AG 93,937 5,152 Deutsche Lufthansa AG (a) 149,986 3,937 E.ON AG (a) 5,001 1,017 Heidelberger Druckmaschinen AG 93,510 2,215 Muenchener Rueckversicherungs AG 30,889 5,974 RWE AG 48,207 5,545 Salzgitter AG 2,789 570 ThyssenKrupp AG 79,223 4,943 Wincor Nixdorf AG 11,365 870 ------------ 37,257 ------------ GREAT BRITAIN (17.5%) Antofagasta PLC 273,782 4,319 AstraZeneca PLC 161,496 6,794 Aviva PLC 35,419 440 BHP Billiton PLC 64,166 2,267 BP PLC 390,830 4,744 British American Tobacco PLC 88,866 3,335 BT Group PLC 76,972 338 Centrica PLC 443,531 2,578 Firstgroup PLC 172,142 1,935 GlaxoSmithKline PLC 136,763 3,030 HBOS PLC 485,752 4,479 Home Retail Group PLC 82,754 431 HSBC Holdings PLC 194,197 3,384 Investec PLC 146,381 1,036 J Sainsbury PLC 490,589 3,713 Kesa Electricals PLC 682,151 2,799 Lloyds TSB Group PLC 605,975 5,147 London Stock Exchange Group PLC 44,391 942 Marks & Spencer Group PLC 344,205 2,589 Mondi PLC 100,892 799 Continued 1 INTERNATIONAL EQUITY SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED GREAT BRITAIN, CONTINUED National Express Group PLC 147,267 $ 2,700 National Grid PLC 86,746 1,202 Next PLC 121,836 2,754 Old Mutual PLC 2,280,122 5,751 Rio Tinto PLC 742 86 Scottish & Southern Energy PLC 61,404 1,692 Smith & Nephew PLC 119,503 1,547 Stagecoach Group PLC 312,813 1,586 Tate & Lyle PLC 437,931 4,578 Tomkins PLC 1,076,836 3,874 Trinity Mirror PLC 82,545 443 Unilever PLC 43,567 1,467 United Utilities PLC 275,978 3,911 Vodafone Group PLC 988,611 3,127 ------------ 89,817 ------------ GREECE (1.1%) Alpha Bank AE 149,010 5,090 Hellenic Exchanges SA Holding Clearing Settlement and Registry 21,329 466 ------------ 5,556 ------------ HONG KONG (1.9%) BOC Hong Kong Holdings, Ltd. 1,481,978 3,856 Esprit Holdings, Ltd. 54,790 676 Fosun International 357,000 284 Hang Seng Bank, Ltd. 250,300 5,028 Link (The) REIT 1 --# ------------ 9,844 ------------ Ireland (0.7%) Bank of Ireland 235,197 3,278 Greencore Group PLC 36,868 218 ------------ 3,496 ------------ ITALY (3.5%) Enel SpA 372,991 4,051 ENI SpA 157,443 6,063 Fondiaria-Sai SpA 89,222 3,578 Intesa Sanpaolo SpA 326,245 2,369 Telecom Italia SpA (a) 1,133,503 1,857 ------------ 17,918 ------------ JAPAN (20.9%) Aisin Seiki Co., Ltd. 98,800 3,487 Alps Electric Co., Ltd. 123,600 1,156 Asahi Breweries, Ltd. 35,500 694 Asahi Kasei Corp. 138,000 786 Brother Industries, Ltd. 132,700 1,724 Canon, Inc. 53,700 2,689 Central Glass Co., Ltd. 108,000 411 Continued SHARES VALUE ------------- ------------ FOREIGN STOCKS, CONTINUED JAPAN, CONTINUED Circle K Sunkus Co., Ltd. 800 $ 12 Dai Nippon Printing Co., Ltd. 95,600 1,467 Daihatsu Motor Co., Ltd. 28,000 336 Hino Motors, Ltd. 105,000 665 Honda Motor Co., Ltd. (d) 227,751 7,255 Ibiden Co., Ltd. 5,800 255 Itochu Corp. 394,000 4,151 JFE Holdings, Inc. 70,500 3,844 Kansai Electric Power Co., Inc. (The) 94,200 2,245 Kawasaki Kisen Kaisha, Ltd. 82,000 828 Kobe Steel, Ltd. 1,516,000 4,567 Lawson, Inc. 8,400 363 Leopalace21 Corp. 215,700 3,852 Matsumotokiyoshi Holdings Co., Ltd. (a) 61,700 1,288 Mitsubishi Corp. 177,000 5,728 Mitsubishi Tanabe Pharma Corp. 104,000 1,246 Mitsubishi UFJ Lease & Finance Co., Ltd. 49,450 2,449 Mitsui & Co., Ltd. 39,800 927 Mitsui Chemicals, Inc. 140,000 858 Mitsui Mining & Smelting Co., Ltd. 502,000 1,708 NGK Spark Plug Co., Ltd. (a) 141,000 1,908 Nippon Telegraph & Telephone Corp. 611 2,642 Nissan Motor Co., Ltd. 676,400 6,056 NSK, Ltd. 60,000 504 NTN Corp. (a) 332,000 2,554 NTT DoCoMo, Inc. 2,910 4,305 Promise Co., Ltd. 17,950 570 Ricoh Co., Ltd. 126,000 2,189 Shinko Securities Co., Ltd. 459,000 1,586 Sumitomo Corp. (a) 58,800 785 Sumitomo Metal Mining Co., Ltd. 37,000 674 Sumitomo Rubber Industries, Inc. 114,600 1,005 Takefuji Corp. 175,760 4,164 TDK Corp. 64,800 4,438 Tokai Rika Co., Ltd. 74,400 1,827 Tokyo Electron, Ltd. 75,200 4,852 Tosoh Corp. 550,000 2,129 Toyota Motor Corp. 105,200 5,351 Urban Corp. 830,000 4,598 ------------ 107,128 ------------ Netherlands (5.5%) Aegon NV (a) 87,772 1,406 Heineken Holding NV 37,524 1,922 ING Groep NV (a) 167,776 6,387 Koninklijke Ahold NV 80,240 1,189 Koninklijke KPN NV 89,536 1,637 OCE NV (a) 97,474 1,469 Continued 2 INTERNATIONAL EQUITY SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED NETHERLANDS, CONTINUED Reed Elsevier NV (a) 62,962 $ 1,190 Royal Dutch Shell PLC, A Shares 174,752 7,015 Royal Dutch Shell PLC, B Shares 141,386 5,645 Unilever NV 3,545 119 ------------ 27,979 ------------ NORWAY (1.4%) StatoilHydro ASA 196,315 7,073 ------------ PORTUGAL (0.2%) Energias de Portugal SA (a) 186,768 1,177 ------------ Singapore (1.0%) Jardine Cycle & Carriage, Ltd. 65,000 794 Neptune Orient Lines, Ltd. (a) 556,000 1,314 Parkway Holdings, Ltd. 334,000 859 Singapore Airlines, Ltd. 59,270 698 Singapore Petroleum Co., Ltd. 247,000 1,312 SMRT Corp., Ltd. 126,000 167 ------------ 5,144 ------------ SPAIN (5.0%) Banco Bilbao Vizcaya Argentaria SA 133,626 3,068 Banco Santander Central Hispano SA (d) 405,633 8,777 Gestevision Telecinco SA (a) 38,411 809 Repsol YPF SA 115,647 4,700 Telefonica SA (d) 258,390 7,496 Union Fenosa SA 13,205 888 ------------ 25,738 ------------ SWEDEN (2.5%) Boliden AB (a) 459,781 5,025 Eniro AB 158,400 1,036 Kungsleden AB (a) 136,069 1,362 Scania AB, B Shares 57,000 1,176 SKF AB, B Shares (a) 226,600 4,156 Volvo AB, B Shares 3,904 59 ------------ 12,814 ------------ SWITZERLAND (6.2%) Holcim, Ltd. 46,706 4,583 Nestle SA (d) 22,336 10,700 Novartis AG 98,596 5,007 Roche Holding AG 9,767 1,626 STMicroelectronics NV 9,886 115 Swiss Life Holding 8,472 2,532 Swisscom AG 9,674 3,451 Xstrata PLC 17,171 1,334 Zurich Financial Services AG 8,082 2,468 ------------ 31,816 ------------ Continued Shares Value ------------ ------------ FOREIGN STOCKS, CONTINUED TURKEY (0.0%) Akbank TAS 1 $ --# Turkcell Iletisim Hizmet AS --# --# Turkiye Is Bankasi, Class C 1 --# ------------ 0 ------------ TOTAL FOREIGN STOCKS 490,121 ------------ INVESTMENT COMPANIES (7.9%)(C) iShares MSCI EAFE Index Fund 60,600 4,595 State Street Navigator Securities Lending Portfolio (e) 35,934,237 35,934 ------------ 40,529 ------------ TOTAL INVESTMENT COMPANIES 40,529 ------------ PREFERRED STOCKS (1.0%)(C) GERMANY (0.6%) Bayerische Motoren Werke AG 13,135 571 RWE AG 9,462 880 Volkswagen AG 10,124 1,669 ------------ 3,120 ------------ ITALY (0.4%) Unipol Gruppo Finanziario SpA 616,807 1,794 ------------ TOTAL PREFERRED STOCKS 4,914 ------------ RIGHTS (0.0%)(C) JAPAN (0.0%) Dowa Holdings Co., Ltd. * 28,000 --# ------------ TOTAL RIGHTS 0 ------------ INVESTMENTS IN AFFILIATES (1.6%)(C) Fifth Third Institutional Money Market Fund(b) 8,232,428 8,232 ------------ TOTAL INVESTMENTS IN AFFILIATES 8,232 ------------ TOTAL INVESTMENTS (COST $519,821) - 106.2% 543,796 LIABILITIES IN EXCESS OF OTHER ASSETS - (6.2)% (31,677) ------------ NET ASSETS - 100.0% $512,119 ============ Continued 3 INTERNATIONAL EQUITY SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) - -------------------------------------------------------------- NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. # Amount is less than $500. (a) All or part of this security was on loan. (b) Investment is in Institutional Shares of underlying fund/portfolio. (c) The Fund's securities were fair valued at April 30, 2008 using procedures approved by the Board of Trustees. (d) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. (e) Represents investments of cash collateral received in connection with securities lending. The following abbreviation is used in the Schedule of Investments: REIT - Real Estate Investment Trust INVESTMENT CONCENTRATION AS A PERCENTAGE OF NET ASSETS, BY INDUSTRY Airlines 1.8% Airport Develop/Maint 0.5% Apparel Manufacturers 0.1% Audio/Video Products --^ Auto/Truck Parts & Equipment Orig 1.4% Auto-Cars/Light Trucks 5.3% Auto-Med&Heavy Duty Trucks 0.4% Beverages-Non Alcoholic --^ Bldg Prod-Doors&Windows 0.1% Brewery 0.9% Building & Construction Production-Miscellaneous 0.9% Building Production-Cement/Aggregate 0.9% Building & Construction-Miscellaneous 0.3% Cash & Cash Equivalents 1.6% Cellular Telecom 1.4% Chemicals-Diversified 1.9% Circuit Boards --^ Commercial Banks Non-U.S. 11.8% Computers 0.2% Computers-Memory Devices 0.9% Consumer Products-Miscellaneous 0.2% Distribution/Wholesale 0.1% Diversified Financial Services 0.2% Diversified Manufacturing Operations 0.8% Diversified Minerals 1.8% Electric Products-Miscellaneous 0.9% Electric-Integrated 3.4% Electric-Transmission 0.2% Electronic Compo-Misc 0.2% Electronic Components-Semiconductors --^ Equity Fund 0.9% Finance-Consumer Loans 0.9% Finance-Investment Banker/Broker 0.8% Finance-Leasing Company 0.5% Finance-Other Services 1.0% Continued INVESTMENT CONCENTRATION AS A PERCENTAGE OF NET ASSETS, BY INDUSTRY Food-Misc/Diversified 3.0% Food-Retail 1.2% Gas-Distribution 0.5% Import/Export 2.3% Industrial Gases --^ Investment Management/Advisor Services --^ Life/Health Insurance 1.7% Machinery-General Industry --^ Machinery-Print Trade 0.4% Medical Products 0.3% Medical-Drugs 4.8% Medical-Hospitals 0.2% Metal Processors & Fabrications 1.4% Metal-Diversified 1.9% Multi-Line Insurance 4.6% Multimedia 1.3% Non-Ferrous Metals --^ Office Automation & Equipment 1.2% Oil Company-Integrated 9.0% Oil Refining & Marketing 0.3% Paper & Related Products 0.2% Petrochemicals 0.2% Printing-Commercial 0.3% Property Trust 0.2% Publishing-Books 0.2% Publishing-Newspapers 0.1% Publishing-Periodicals 0.2% Real Estate Management/Services 0.3% Real Estate Operations/Development 1.6% Reinsurance 1.2% REIT-Diversified 0.1% REIT-Shopping Centers --^ Retail-Apparel/Shoe 0.5% Retail-Consumer Electron 0.5% Retail-Convenience Store 0.1% Retail-Drug Store 0.3% Retail-Major Department Store 0.6% Rubber-Tires 0.2% Semiconductor Equipment 0.9% Steel-Producers 4.5% Steel-Specialty 0.4% Sugar 0.9% Suppress 7.0% Telephone-Integrated 4.5% Television 0.2% Tobacco 0.7% Transport-Marine 1.5% Transport-Services 1.2% Water 0.8% Wireless Equipment 0.4% - -------------------------------- ^ Amount is less than 0.05%. See notes to schedules of investments. 4 HIGH YIELD BOND SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS (81.9%) AEROSPACE (0.4%) DRS Technologies, Inc., 6.63%, 2/1/16 $ 256 $ 253 ------------ AUTOMOTIVE & AUTO PARTS (8.2%) American Axle & Manufacturing, Inc., 7.88%, 3/1/17 708 633 Asbury Automotive Group, Inc., 8.00%, 3/15/14 750 679 Asbury Automotive Group, Inc., 7.63%, 3/15/17 18 15 AutoNation, Inc., 7.00%, 4/15/14 112 105 Ford Motor Credit Co. LLC, 7.88%, 6/15/10 875 833 Ford Motor Credit Co. LLC, 8.00%, 12/15/16 601 526 GMAC LLC, 6.88%, 9/15/11 (d) 750 625 GMAC LLC, 8.00%, 11/1/31 750 567 Penske Auto Group, Inc., 7.75%, 12/15/16 548 499 ------------ 4,482 ------------ BROADCASTING (2.1%) Clear Channel Communications, Inc., 4.25%, 5/15/09 642 613 Fisher Communications, Inc., 8.63%, 9/15/14 504 514 Radio One, Inc., Series B, 8.88%, 7/1/11 72 61 ------------ 1,188 ------------ BUILDING MATERIALS (3.9%) Gibraltar Industries, Inc., Series B, 8.00%, 12/1/15 750 611 Texas Industries, Inc., 7.25%, 7/15/13 705 698 US Concrete, Inc., 8.38%, 4/1/14 1,000 810 ------------ 2,119 ------------ CABLE/SATELLITE TV (1.8%) CSC Holdings, Inc., 7.25%, 7/15/08 500 501 GCI, Inc., 7.25%, 2/15/14 582 486 ------------ 987 ------------ CAPITAL GOODS (2.8%) Baldor Electric Co., 8.63%, 2/15/17 101 103 Belden, Inc., 7.00%, 3/15/17 110 109 Case Corp., 7.25%, 1/15/16 365 369 General Cable Corp., 7.13%, 4/1/17 18 17 Mueller Water Products, Inc., 7.38%, 6/1/17 1,060 922 ------------ 1,520 ------------ Continued PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED CELLULAR TELECOM (0.4%) Centennial Cellular Operating Co., 10.13%, 6/15/13 $ 194 $ 202 ------------ CHEMICALS (2.4%) Mosaic Co. (The), 7.63%, 12/1/14 (b) 161 173 Mosaic Co. (The), 7.88%, 12/1/16 (b) 332 363 PolyOne Corp., 8.88%, 5/1/12 750 769 ------------ 1,305 ------------ CONSUMER PRODUCTS (4.8%) Jarden Corp., 7.50%, 5/1/17 1,098 1,010 Sealy Mattress Co., 8.25%, 6/15/14 630 556 Visant Holding Corp., 8.75%, 12/1/13 1,077 1,061 ------------ 2,627 ------------ CONTAINERS (1.2%) Solo Cup Co., 8.50%, 2/15/14 750 652 ------------ ENERGY (8.4%) Aventine Renewable Energy Holdings, Inc., 10.00%, 4/1/17 239 149 Basic Energy Services, Inc., 7.13%, 4/15/16 750 735 Berry Petroleum Co., 8.25%, 11/1/16 1,104 1,145 Bristow Group, Inc., 6.13%, 6/15/13 600 588 Chesapeake Energy Corp., 6.50%, 8/15/17 149 147 Dresser-Rand Group, Inc., 7.38%, 11/1/14 850 850 Forest Oil Corp., 7.25%, 6/15/19 15 16 Helix Energy Solutions Group, Inc., 9.50%, 1/15/16 (b) 255 266 United Refining Co., Series 2, 10.50%, 8/15/12 750 731 ------------ 4,627 ------------ FINANCIAL SERVICES (0.7%) Nuveen Investments, Inc., 10.50%, 11/15/15 (b) 412 397 ------------ FOOD/BEVERAGE/TOBACCO (1.9%) Del Monte Corp., 8.63%, 12/15/12 550 569 Pilgrim's Pride Corp., 7.63%, 5/1/15 481 457 ------------ 1,026 ------------ HEALTHCARE (6.9%) Advanced Medical Optics, Inc., 7.50%, 5/1/17 742 672 Axcan Intermediate Holdings, Inc., 9.25%, 3/1/15 (b) 500 501 Community Health Systems, Inc., 8.88%, 7/15/15 258 268 Continued 1 HIGH YIELD BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED HEALTHCARE, CONTINUED HCA, Inc., 5.75%, 3/15/14 $ 769 $ 665 HCA, Inc., 6.50%, 2/15/16 31 28 HCA, Inc., 9.25%, 11/15/16 357 384 IASIS Healthcare LLC/IASIS Capital Corp., 8.75%, 6/15/14 371 380 Invacare Corp., 9.75%, 2/15/15 637 639 Universal Hospital Services, Inc., 8.29%, 6/1/15 (a) 275 260 ------------ 3,797 ------------ HOMEBUILDERS/REAL ESTATE (3.7%) Beazer Homes USA, Inc., 6.88%, 7/15/15 750 589 KB Home, 7.25%, 6/15/18 750 694 M/I Homes, Inc., 6.88%, 4/1/12 850 737 ------------ 2,020 ------------ MEDIA (1.6%) Lamar Media Corp., 7.25%, 1/1/13 311 308 Lamar Media Corp., 6.63%, 8/15/15 70 66 Lamar Media Corp., Series B, 6.63%, 8/15/15 209 197 WMG Acquisition Corp., 7.38%, 4/15/14 362 300 ------------ 871 ------------ METALS & MINING (0.4%) Massey Energy Co., 6.88%, 12/15/13 250 250 ------------ OIL COMPANY-EXPLORATION & PRODUCTION (0.1%) Hilcorp Energy I LP, 7.75%, 11/1/15 (b) 42 41 ------------ PAPER (1.4%) Buckeye Technologies, Inc., 8.50%, 10/1/13 750 759 ------------ PUBLISHING/PRINTING (4.2%) Cenveo Corp., 7.88%, 12/1/13 862 722 Dex Media, Inc., 8.00%, 11/15/13 184 141 Dex Media West LLC, Series B, 9.88%, 8/15/13 323 304 Idearc, Inc., 8.00%, 11/15/16 805 523 RH Donnelley Corp., 8.88%, 10/15/17 (b) 231 149 Valassis Communications, Inc., 8.25%, 3/1/15 521 464 ------------ 2,303 ------------ SERVICES (3.6%) ARAMARK Corp., 8.50%, 2/1/15 714 744 Ashtead Capital, Inc., 9.00%, 8/15/16 (b) 480 420 Stewart Enterprises, Inc., 6.25%, 2/15/13 500 481 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED SERVICES, CONTINUED United Rentals North America, Inc., 6.50%, 2/15/12 $ 231 $ 217 United Rentals North America, Inc., 7.75%, 11/15/13 144 124 ------------ 1,986 ------------ STEEL (1.9%) PNA Group, Inc., 10.75%, 9/1/16 299 277 Ryerson, Inc., 12.00%, 11/1/15 (b) 58 57 Steel Dynamics, Inc., 7.38%, 11/1/12 (b) 314 320 Steel Dynamics, Inc., 6.75%, 4/1/15 221 218 Tube City IMS Corp., 9.75%, 2/1/15 179 171 ------------ 1,043 ------------ TECHNOLOGY (4.2%) First Data Corp., 9.88%, 9/24/15 (b) 538 490 IKON Office Solutions, Inc., 7.70%, 1/1/12 (a) (b) 274 275 IKON Office Solutions, Inc., 7.75%, 9/15/15 750 754 Sungard Data Systems, Inc., 9.13%, 8/15/13 750 784 ------------ 2,303 ------------ TELECOMMUNICATIONS (5.5%) American Tower Corp., 7.00%, 10/15/17 (b) 412 416 Cincinnati Bell, Inc., 8.38%, 1/15/14 1,011 1,006 Citizens Communications Co., 6.25%, 1/15/13 314 298 Intelsat Corp., 9.00%, 8/15/14 806 813 Windstream Corp., 8.13%, 8/1/13 181 187 Windstream Corp., 8.63%, 8/1/16 258 270 ------------ 2,990 ------------ TRANSPORTATION (0.5%) Overseas Shipholding Group, Inc., 8.75%, 12/1/13 280 290 ------------ UTILITIES (8.9%) AES Corp. (The), 8.00%, 10/15/17 201 210 Atlas Pipeline Partners LP, 8.13%, 12/15/15 807 837 Copano Energy LLC, 8.13%, 3/1/16 190 198 Dynegy Holdings, Inc., 7.75%, 6/1/19 647 644 Edison Mission Energy, 7.50%, 6/15/13 165 172 Edison Mission Energy, 7.00%, 5/15/17 251 254 Holly Energy Partners LP, 6.25%, 3/1/15 500 458 Markwest Energy Partners LP, 8.75%, 4/15/18 (b) 83 86 Continued 2 HIGH YIELD BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED UTILITIES, CONTINUED Mirant North America LLC, 7.38%, 12/31/13 $ 750 $ 778 Reliant Energy, Inc., 7.63%, 6/15/14 85 88 Sabine Pass Liquified Natural Gas LP, 7.25%, 11/30/13 734 679 TEPPCO Partners LP, 7.00%, 6/1/67 (a) 550 467 ------------ 4,871 ------------ TOTAL CORPORATE BONDS 44,909 ------------ FOREIGN BONDS (14.1%) CABLE/SATELLITE TV (0.1%) Virgin Media Finance PLC, 8.75%, 4/15/14 72 70 ------------ CHEMICALS (1.8%) LyondellBasell Industries AF SCA, 8.38%, 8/15/15 (b) 1,308 948 ------------ ENERGY (2.6%) CHC Helicopter Corp., 7.38%, 5/1/14 770 778 Connacher Oil and Gas, Ltd., 10.25%, 12/15/15 (b) 615 652 ------------ 1,430 ------------ MEDIA (2.5%) Quebecor Media, Inc., 7.75%, 3/15/16 1,111 1,069 Videotron, Ltd., 9.13%, 4/15/18 (b) 300 320 ------------ 1,389 ------------ METALS & MINING (1.9%) Novelis, Inc., 7.25%, 2/15/15 1,100 1,006 ------------ TECHNOLOGY (1.9%) NXP BV/NXP Funding LLC, 7.88%, 10/15/14 390 385 Sensata Technologies BV, 8.00%, 5/1/14 714 666 ------------ 1,051 ------------ TRANSPORTATION (1.8%) Stena AB, 7.50%, 11/1/13 750 752 Stena AB, 7.00%, 12/1/16 250 242 ------------ 994 ------------ UTILITIES (1.5%) Intergen NV, 9.00%, 6/30/17 (b) 800 836 ------------ TOTAL FOREIGN BONDS 7,724 ------------ Continued SHARES VALUE ----------- ------------ INVESTMENTS IN AFFILIATES (1.7%) Fifth Third Institutional Money Market Fund (c) 947,933 $ 948 ------------ TOTAL INVESTMENTS IN AFFILIATES 948 ------------ TOTAL INVESTMENTS (COST $56,199) - 97.7% 53,581 OTHER ASSETS IN EXCESS OF LIABILITIES - 2.3% 1,245 ------------ NET ASSETS - 100.0% $ 54,826 ============ NOTES TO SCHEDULE OF INVESTMENTS (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (c) Investment is in Institutional Shares of underlying fund. (d) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. See notes to schedules of investments. 3 TOTAL RETURN BOND SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ ASSET-BACKED SECURITIES (9.4%) AUTOMOBILE ABS OTHER (0.9%) Harley-Davidson Motorcycle Trust, Series 2004-2, Class B, 2.96%, 2/15/12 $ 86 $ 85 Hyundai Auto Receivables Trust, Series 2006-B, Class C, 5.25%, 5/15/13 (i) 2,665 2,601 Susquehanna Auto Lease Trust, Series 2007-1, Class B, 5.31%, 7/14/10 (b) 1,000 983 Truck Retail Installment Paper Corp., Series 2005-1A, Class A, 2.99%, 12/15/16 (a) (b) (h) 1,950 1,895 ------------ 5,564 ------------ AUTOMOBILES SEQUENTIAL (0.9%) Hertz Vehicle Financing LLC, Series 2005-2A, Class A6, 5.08%, 11/25/11 (b) 3,000 2,683 Long Beach Auto Receivables Trust, Series 2007-A, Class A3, 4.97%, 10/15/11 1,200 1,205 Prestige Auto Receivables Trust, Series 2006-1A, Class A2, 5.25%, 6/17/13 (b) 1,635 1,654 ------------ 5,542 ------------ HOME EQUITY OTHER (2.2%) Flagstar Home Equity Loan Trust, Series 2007-1A, Class AF2, 5.77%, 1/25/35 (b) 1,915 1,731 GMAC Mortgage Corp. Loan Trust, Series 2004-HE5, Class A4, 4.34%, 9/25/34 (a) (e) 1,750 1,724 JP Morgan Mortgage Acquisition Corp., Series 2006-WF1, Class A4, 6.13%, 7/25/36 3,191 2,124 JP Morgan Mortgage Acquisition Corp., Series 2006-WF1, Class A5, 6.41%, 7/25/36 4,286 2,515 New Century Home Equity Loan Trust, Series 2005-A, Class A5W, 5.29%, 8/25/35 4,000 3,546 Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, 8/25/35 2,620 2,406 ------------ 14,046 ------------ HOME EQUITY SEQUENTIAL (0.4%) Irwin Home Equity Corp., Series 2006-3, Class 2A2, 5.83%, 9/25/37 (b) 1,225 1,091 Residential Funding Mortgage Securities II, Inc., Series 2006-HI3, Class A4, 6.31%, 2/25/36 (e) (l) 1,500 1,255 ------------ 2,346 ------------ Continued PRINCIPAL AMOUNT VALUE ------------- ------------ ASSET-BACKED SECURITIES, CONTINUED MANUFACTURED HOUSING ABS OTHER (0.2%) Mid-State Trust, Series 2005-1, Class M2, 7.08%, 1/15/40 $ 1,241 $ 1,162 ------------ MANUFACTURED HOUSING SEQUENTIAL (0.4%) Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A4, 6.57%, 5/7/27 (a) 2,840 2,840 ------------ OTHER ABS (4.4%) Aerco, Ltd., Series 2A, Class A3, 3.18%, 7/15/25 (a) (b) (e) (i) 1,940 1,571 Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB7, Class AF4, 5.43%, 11/25/35 2,475 2,395 Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB1, Class AF4, 5.44%, 1/25/36 6,375 5,210 Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB2, Class AF2, 5.50%, 12/25/36 2,400 2,328 First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FFA, Class M3, 5.52%, 3/25/25 600 161 First Franklin Mortgage Loan Asset Backed Certificates, Series 2004-FF11, Class 1A2, 3.25%, 1/25/35 (a) 52 45 Marlin Leasing Receivables LLC, Series 2005-1A, Class A4, 4.75%, 8/15/12 (b) 2,769 2,775 Popular ABS Mortgage Pass-Through Trust, Series 2005-4, Class AF3, 4.98%, 9/25/35 (a) 1,431 1,417 Renaissance Home Equity Loan Trust, Series 2006-1, Class AF4, 6.01%, 5/25/36 1,645 1,475 Residential Asset Mortgage Products, Inc., Series 2002-RZ3, Class M1, 5.28%, 8/25/32 (e) 551 481 Residential Asset Mortgage Products, Inc., Series 2003-RZ5, Class A7, 4.97%, 9/25/33 3,029 3,007 SACO I, Inc., Series 2006-1, Class A, 3.07%, 9/25/35 (a) (h) 3,343 2,239 SACO I, Inc., Series 2006-12, Class 1M1, 3.21%, 9/25/36 (a) (e) (h) 6,500 2,275 Small Business Administration, Series 2005-P10B, Class 1, 4.94%, 8/10/15 (i) (l) 2,894 2,886 ------------ 28,265 ------------ TOTAL ASSET-BACKED SECURITIES 59,765 ------------ Continued 1 TOTAL RETURN BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ CORPORATE BONDS (10.7%) CABLE TV (0.1%) COX Communications, Inc., 5.50%, 10/1/15 $ 800 $ 791 ------------ COMMERCIAL BANKS-CENTRAL U.S. (1.0%) Associated Bank NA, Series BKNT, 3.20%, 6/2/08 (a) (i) 5,000 5,001 National City Bank, Series BKNT, 5.25%, 12/15/16 (b) 1,340 1,003 ------------ 6,004 ------------ COMMERCIAL BANKS-EASTERN U.S. (0.4%) Manufacturers & Traders Trust Co., 4.20%, 4/1/13 (a) (b) 1,075 1,008 Mercantile Bankshares Corp., Series B, 4.63%, 4/15/13 500 493 Republic New York Corp., 7.00%, 3/22/11 1,000 1,033 ------------ 2,534 ------------ COMMERCIAL BANKS NON-U.S. (0.2%) Westpac Capital Trust IV, 5.26%, 12/29/49 (a) (b) (j) 1,445 1,122 ------------ COMMERCIAL BANKS-SOUTHERN U.S. (1.2%) Hibernia Corp., 5.35%, 5/1/14 2,845 2,626 Regions Financial Corp., 7.00%, 3/1/11 1,275 1,293 Wachovia Bank NA, 5.85%, 2/1/37 (i) 4,500 3,968 ------------ 7,887 ------------ DIVERSIFIED FINANCIAL SERVICES (0.2%) American Express Travel Related Services Co., Inc., 5.25%, 11/21/11 (b) 1,000 1,009 ------------ ELECTRIC-INTEGRATED (0.7%) Florida Power Corp., Series A, 5.80%, 9/15/17 1,000 1,047 Public Service Electric & Gas Co., 5.00%, 8/15/14 1,200 1,199 Virginia Electric and Power Co., 5.95%, 9/15/17 1,000 1,028 Virginia Electric and Power Co., 6.35%, 11/30/37 1,450 1,481 ------------ 4,755 ------------ FINANCE-COMMERCIAL (0.2%) Caterpillar Financial Services Corp., Series MTN, 5.13%, 10/12/11 950 967 ------------ FINANCE-CONSUMER LOANS (1.2%) HSBC Finance Corp., 6.38%, 10/15/11 2,000 2,072 John Deere Capital Corp., 7.00%, 3/15/12 3,950 4,291 Continued PRINCIPAL AMOUNT VALUE ------------- ------------ CORPORATE BONDS, CONTINUED FINANCE-CONSUMER LOANS, CONTINUED John Deere Capital Corp., Series MTN, 5.50%, 4/13/17 (c) $ 1,225 $ 1,239 ------------ 7,602 ------------ FINANCE-INVESTMENT BANKER/BROKER (0.5%) Bear Stearns Cos., Inc. (The), 6.40%, 10/2/17 350 361 Goldman Sachs Group, Inc. (The), 6.13%, 2/15/33 1,100 1,038 Merrill Lynch & Co., Inc., 5.70%, 5/2/17 (c) 2,000 1,883 ------------ 3,282 ------------ FINANCE-LEASING COMPANY (0.4%) International Lease Finance Corp., 5.88%, 5/1/13 2,500 2,490 ------------ INVESTMENT MANAGEMENT/ADVISOR SERVICES (0.2%) Ameriprise Financial, Inc., 5.65%, 11/15/15 1,480 1,462 ------------ MONEY CENTER BANKS (0.1%) UBS Preferred Funding Trust I, 8.62%, 10/29/49 (a) (j) 925 930 ------------ MULTI-LINE INSURANCE (0.2%) MetLife, Inc., 5.00%, 6/15/15 1,100 1,091 ------------ MULTIMEDIA (0.4%) Time Warner, Inc., 7.70%, 5/1/32 492 533 Walt Disney Co. (The), 4.70%, 12/1/12 (c) 1,800 1,832 ------------ 2,365 ------------ OIL COMPANY-EXPLORATION & PRODUCTION (0.5%) Apache Corp., 5.63%, 1/15/17 (c) 2,885 2,998 ------------ OIL REFINING & MARKETING (0.2%) Premcor Refining Group, Inc. (The), 7.50%, 6/15/15 1,500 1,564 ------------ PROPERTY/CASUALTY INS (0.0%) Travelers Property Casualty Corp., 7.75%, 4/15/26 85 92 ------------ REIT-REGIONAL MALLS (0.3%) Simon Property Group LP, 5.63%, 8/15/14 1,790 1,769 ------------ Continued 2 TOTAL RETURN BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ CORPORATE BONDS, CONTINUED RETAIL-DISCOUNT (0.2%) Target Corp., 5.38%, 5/1/17 (c) $ 1,150 $ 1,150 ------------ SPECIAL PURPOSE ENTITY (0.5%) JPMorgan Chase Capital XXI, Series U, 4.06%, 2/2/37 (a) 1,000 771 MassMutual Global Funding II, 3.80%, 4/15/09 (b) 1,390 1,387 Principal Life Global Funding I, 5.13%, 10/15/13 (b) 1,090 1,113 ------------ 3,271 ------------ SUPER-REGIONAL BANKS-U.S. (1.6%) BAC Capital Trust XIII, 3.20%, 3/15/43 (a) (j) 2,000 1,474 Bank of America Corp., 5.63%, 10/14/16 7,250 7,351 Bank of America Corp., 8.00%, 12/29/49 (a) (j) 1,450 1,475 ------------ 10,300 ------------ TELEPHONE-INTEGRATED (0.2%) AT&T, Inc., 6.30%, 1/15/38 (c) 1,450 1,448 ------------ TRANSPORT-RAIL (0.2%) Burlington Northern Santa Fe Corp., 5.65%, 5/1/17 1,000 1,006 ------------ TOTAL CORPORATE BONDS 67,889 ------------ FOREIGN BONDS (1.4%) OIL COMPANY-EXPLORATION & PRODUCTION (0.6%) Canadian Natural Resources, Ltd., 6.25%, 3/15/38 1,000 976 Gazprom International SA, 7.20%, 2/1/20 (b) 2,581 2,645 ------------ 3,621 ------------ SOVEREIGN (0.7%) Australia Government Bond, Series 909, 7.50%, 9/15/09 AUD 4,500 4,297 ------------ SPECIAL PURPOSE ENTITY (0.0%) Preferred Term Securities, Ltd./Preferred Term Securities, Inc., 4.41%, 7/3/32 (a) (b) $ 208 198 ------------ TELEPHONE-INTEGRATED (0.1%) France Telecom SA, 8.50%, 3/1/31 (c) 650 838 ------------ TOTAL FOREIGN BONDS 8,954 ------------ Continued PRINCIPAL AMOUNT VALUE ------------- ------------ MORTGAGE-BACKED SECURITIES (38.8%) AGENCY COLLATERAL OTHER (0.6%) Restructured Assets Certificates, Series 2006-9, Class P, 12.07%, 12/31/49 (a) (b) (e) (f) (l) $ 5,250 $ 4,095 ------------ AGENCY COLLATERAL SEQUENTIAL (0.8%) Fannie Mae, 5.50%, 12/25/20 2,445 2,484 Fannie Mae, 5.50%, 4/25/37 2,993 2,602 ------------ 5,086 ------------ CMBS OTHER (9.1%) Banc of America Commercial Mortgage, Inc., Series 2005-6, Class AJ, 5.35%, 9/10/47 (a) 2,850 2,611 Bear Stearns Commercial Mortgage Securities, Series 2000-WF2, Class A1, 7.11%, 10/15/32 (a) 419 420 Bear Stearns Commercial Mortgage Securities, Series 2004-T14, Class A4, 5.20%, 1/12/41 (a) 2,000 1,990 Citigroup Commercial Mortgage Trust, Series 2005-EMG, Class A3, 4.38%, 9/20/51 (b) (i) 5,000 4,922 Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A2, 5.66%, 11/15/44 (i) 7,000 6,973 Commercial Mortgage Asset Trust, Series 1999-C1, Class B, 7.23%, 1/17/32 (a) 1,620 1,748 Crown Castle Towers LLC, Series 2005-1A, Class AFX, 4.64%, 6/15/35 (b) 4,000 3,929 CS First Boston Mortgage Securities Corp., Series 2001-CK3, Class A4, 6.53%, 6/15/34 2,922 3,032 GE Capital Commercial Mortgage Corp., Series 2000-1, Class A2, 6.50%, 1/15/33 2,471 2,552 Greenwich Capital Commercial Funding Corp., Series 2002-C1, Class A4, 4.95%, 1/11/35 1,000 984 Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A5, 4.88%, 6/10/36 5,125 5,104 GS Mortgage Securities Corp. II, Series 2004-GG2, Class A3, 4.60%, 8/10/38 (i) 4,900 4,896 JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-CB6, Class A2, 5.26%, 7/12/37 (a) 4,460 4,469 LB-UBS Commercial Mortgage Trust, Series 2003-C8, Class A4, 5.12%, 11/15/32 (a) 2,924 2,900 Continued 3 TOTAL RETURN BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ MORTGAGE-BACKED SECURITIES, CONTINUED CMBS OTHER, CONTINUED LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A2, 4.55%, 7/15/30 $ 330 $ 328 Morgan Stanley Capital I, Series 2004-IQ8, Class A5, 5.11%, 6/15/40 (a) 3,200 3,177 Morgan Stanley Dean Witter Capital I, Series 2003-TOP9, Class A2, 4.74%, 11/13/36 2,590 2,524 Nomura Asset Securities Corp., Series 1998-D6, Class A2, 7.19%, 3/17/30 (a) 1,000 1,072 Nomura Asset Securities Corp., Series 1998-D6, Class A4, 7.77%, 3/15/30 (a) 1,600 1,763 Salomon Brothers Mortgage Securities VII, Inc., Series 2002-KEY2, Class A3, 4.87%, 3/18/36 2,270 2,235 ------------ 57,629 ------------ CMBS SUBORDINATED (4.2%) Crown Castle Towers LLC, Series 2006-1A, Class E, 6.07%, 11/15/36 (b) 6,100 5,413 CS First Boston Mortgage Securities Corp., Series 2002-CKN2, Class C1, 6.38%, 4/15/37 (a) 1,180 1,203 Global Signal Trust, Series 2006-1, Class C, 5.71%, 2/15/36 (b) 2,550 2,429 Global Signal Trust, Series 2006-1, Class D, 6.05%, 2/15/36 (b) (e) 3,000 2,828 GS Mortgage Securities Corp. II, Series 2004-C1, Class B, 4.46%, 10/10/28 (a) 2,740 2,704 GS Mortgage Securities Corp. II, Series 2004-C1, Class C, 4.52%, 10/10/28 (a) 4,093 4,043 Morgan Stanley Capital I, Series 2005-IQ10, Class AJ, 5.44%, 9/15/42 (a) 2,759 2,545 Salomon Brothers Mortgage Securities VII, Inc., Series 2002-KEY2, Class C, 5.05%, 3/18/36 (a) 1,417 1,399 SBA CMBS Trust, Series 2006-1A, Class D, 5.85%, 11/15/36 (b) 3,100 2,796 SBA CMBS Trust, Series 2006-1A, Class E, 6.17%, 11/15/36 (b) 1,350 1,222 ------------ 26,582 ------------ OTHER ABS (0.0%) Squared CDO, Ltd., Series 2007-1A, Class B, 5.09%, 5/11/57 (a) (b) (e) (l) 4,000 200 ------------ WL COLLATERAL CMO MEZZANINE (0.0%) Homebanc Mortgage Trust, Series 2004-1, Class 2M2, 4.62%, 8/25/29 (a) 399 186 ------------ Continued PRINCIPAL AMOUNT VALUE ------------- ------------ MORTGAGE-BACKED SECURITIES, CONTINUED WL COLLATERAL CMO OTHER (14.1%) Banc of America Funding Corp., Series 2006-G, Class 3A2, 5.75%, 7/20/36 (a) (e) (i) $ 9,895 $ 9,582 Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 12A3, 4.65%, 1/25/35 (a) 1,009 1,000 Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 13A1, 5.45%, 2/25/36 (a) 3,223 2,935 Chase Mortgage Finance Corp., Series 2006-A1, Class 4A1, 6.04%, 9/25/36 (a) 8,442 8,585 Chase Mortgage Finance Corp., Series 2006-S2, Class 2A6, 6.00%, 10/25/36 5,105 4,925 Chaseflex Trust, Series 2006-1, Class A2A, 5.94%, 6/25/36 (a) 1,600 1,517 Chaseflex Trust, Series 2006-1, Class A4, 6.30%, 6/25/36 (a) 7,344 5,396 Chaseflex Trust, Series 2006-2, Class A4, 6.34%, 9/25/36 (a) 2,815 2,159 Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005-4, Class A2, 5.05%, 9/25/35 (a) 1,509 1,477 Deutsche Mortgage Securities, Inc., Series 2005-WF1, Class 1A1, 5.08%, 6/26/35 (a) (b) (l) 1,170 1,156 GMAC Mortgage Corp. Loan Trust, Series 2003-GH2, Class A4, 5.00%, 10/25/33 2,466 2,262 Homebanc Mortgage Trust, Series 2004-2, Class A2, 3.35%, 12/25/34 (a) (h) 1,523 1,364 Homebanc Mortgage Trust, Series 2006-1, Class 1A1, 6.08%, 4/25/37 (a) (h) 528 512 Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 5.99%, 4/25/37 (a) 3,492 2,893 Indymac Index Mortgage Loan Trust, Series 2005-AR9, Class 1A1, 5.78%, 7/25/35 (a) 2,190 1,827 JP Morgan Mortgage Trust, Series 2005-A1, Class 2A1, 4.85%, 2/25/35 (a) 888 854 JP Morgan Mortgage Trust, Series 2005-A1, Class 3A4, 5.03%, 2/25/35 (a) 6,218 5,095 JP Morgan Mortgage Trust, Series 2005-A2, Class 3A2, 4.89%, 4/25/35 (a) 3,000 2,838 JP Morgan Mortgage Trust, Series 2005-A2, Class 5A1, 4.36%, 4/25/35 (a) 3,497 3,327 JP Morgan Mortgage Trust, Series 2005-A2, Class 7CB1, 4.90%, 4/25/35 (a) 3,064 2,891 JP Morgan Mortgage Trust, Series 2005-A3, Class 7CA1, 5.11%, 6/25/35 (a) 2,001 1,955 JP Morgan Mortgage Trust, Series 2005-ALT1, Class 4A1, 5.65%, 10/25/35 (a) 3,223 3,046 Continued 4 TOTAL RETURN BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ MORTGAGE-BACKED SECURITIES, CONTINUED WL COLLATERAL CMO OTHER, CONTINUED JP Morgan Mortgage Trust, Series 2006-A2, Class 3A2, 5.67%, 4/25/36 (a) $ 8,132 $ 7,487 Morgan Stanley Mortgage Loan Trust, Series 2004-4, Class 3A, 5.00%, 8/25/19 1,736 1,737 Nomura Asset Acceptance Corp., Series 2005-AR1, Class 1A2, 5.32%, 2/25/35 (a) 1,733 1,329 Residential Accredit Loans, Inc., Series 2004-QA1, Class A1, 3.17%, 3/25/34 (a) (h) 1,326 1,302 Residential Accredit Loans, Inc., Series 2005-QA12, Class CB1, 5.76%, 12/25/35 (a) 2,385 1,709 Structured Asset Securities Corp., Series 2004-21XS, Class 2A6B, 5.15%, 12/25/34 1,221 1,256 WaMu Mortgage Pass Through Certificates, Series 2003-AR9, Class 1A6, 4.05%, 9/25/33 (a) 5,862 5,885 WaMu Mortgage Pass Through Certificates, Series 2004-AR3, Class A2, 4.24%, 6/25/34 (a) 1,396 1,354 ------------ 89,655 ------------ WL COLLATERAL CMO SEQUENTIAL (5.1%) Chase Mortgage Finance Corp., Series 2006-A1, Class 2A3, 6.00%, 9/25/36 (a) 2,000 1,793 Countrywide Alternative Loan Trust, Series 2005-J3, Class 3A1, 6.50%, 9/25/34 434 410 Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2006-AB3, Class A3, 6.51%, 7/25/36 (a) 2,575 1,893 Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2006-AB4, Class A3A1, 5.90%, 10/25/36 (a) 5,425 4,174 JP Morgan Alternative Loan Trust, Series 2005-S1, Class 1A2, 5.50%, 12/25/35 1,845 1,697 JP Morgan Mortgage Trust, Series 2006-A4, Class 2A2, 5.82%, 6/25/36 (a) 790 763 JP Morgan Alternative Loan Trust, Series 2006-A5, Class 2A6, 5.80%, 10/25/36 (a) (e) 5,640 4,986 JP Morgan Alternative Loan Trust, Series 2006-S3, Class A3A, 6.00%, 8/25/36 4,529 3,895 JP Morgan Mortgage Trust, Series 2006-A7, Class 3A2, 5.94%, 1/25/37 (a) 5,075 4,977 JP Morgan Mortgage Trust, Series 2007-A2, Class 3A3, 5.86%, 4/25/37 (a) 4,900 4,122 Continued PRINCIPAL AMOUNT VALUE ------------- ------------ MORTGAGE-BACKED SECURITIES, CONTINUED WL COLLATERAL CMO SEQUENTIAL, CONTINUED Wells Fargo Mortgage Backed Securities Trust, Series 2003-N, Class 2A3, 4.74%, 12/25/33 (a) $ 4,095 $ 3,362 ------------ 32,072 ------------ WL COLLATERAL CMO SUBORDINATE (0.3%) Suntrust Alternative Loan Trust, Series 2005-1F, Class B3, 6.06%, 12/25/35 (a) (e) (l) 3,162 1,813 ------------ WL COLLATERAL PAC (0.4%) Countrywide Alternative Loan Trust, Series 2004-2CB, Class 1A1, 4.25%, 3/25/34 2,297 2,210 ------------ WL COLLATERAL SUPPORT (4.2%) Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 11A2, 5.45%, 2/25/36 (a) 2,557 2,566 Bear Stearns Alt-A Trust, Series 2005-9, Class 21A2, 5.76%, 11/25/35 (a) 627 335 Chaseflex Trust, Series 2006-1, Class A6, 6.29%, 6/25/36 (a) 5,265 4,716 JP Morgan Alternative Loan Trust, Series 2006-A4, Class A7, 6.30%, 9/25/36 (a) 5,000 3,692 JP Morgan Alternative Loan Trust, Series 2006-A4, Class A9, 6.30%, 9/25/36 (a) (e) 3,640 2,985 JP Morgan Alternative Loan Trust, Series 2006-S1, Class 1A18, 6.00%, 3/25/36 3,591 3,147 Nomura Asset Acceptance Corp., Series 2004-AR4, Class 1A2, 4.88%, 12/25/34 (a) 973 864 Nomura Asset Acceptance Corp., Series 2005-AR2, Class 2A2, 5.53%, 5/25/35 (a) 1,250 1,065 Nomura Asset Acceptance Corp., Series 2005-AR3, Class 3A2, 5.66%, 7/25/35 (a) 1,830 1,555 Nomura Asset Acceptance Corp., Series 2005-AR5, Class 2A2, 5.63%, 10/25/35 (a) 1,378 1,084 Nomura Asset Acceptance Corp., Series 2006-AF1, Class 3A2, 6.61%, 6/25/36 (a) 2,431 1,665 Residential Funding Mortgage Securities I, Series 2007-S2, Class A10, 6.00%, 2/25/37 430 381 Continued 5 TOTAL RETURN BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ MORTGAGE-BACKED SECURITIES, CONTINUED WL COLLATERAL SUPPORT, CONTINUED Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR7, Class 2A2, 5.13%, 5/25/35 (a) $ 2,622 $ 2,463 ------------ 26,518 ------------ TOTAL MORTGAGE-BACKED SECURITIES 246,046 ------------ MUNICIPAL BONDS (0.4%) WASHINGTON (0.4%) Port of Tacoma, GO, AMBAC, 5.00%, 12/1/21, (Prerefunded 12/1/13 @ 100) 2,000 2,193 ------------ TOTAL MUNICIPAL BONDS 2,193 ------------ U.S. GOVERNMENT AGENCIES (32.3%) FANNIE MAE (15.7%) 6.05%, 12/1/08 2,744 2,762 6.50%, 7/1/16 530 552 6.00%, 5/1/17 144 149 6.50%, 6/1/17 172 179 6.00%, 5/1/18 513 529 6.00%, 2/1/22 3,340 3,449 4.50%, 5/1/23 4,200 4,146 5.50%, 2/1/25 1,111 1,126 5.00%, 5/1/25 1,863 1,854 7.50%, 6/1/28 149 161 6.50%, 8/1/28 198 206 6.50%, 6/1/29 100 105 6.50%, 4/1/32 251 261 6.50%, 6/1/32 627 653 7.00%, 6/1/32 171 184 6.50%, 7/1/32 980 1,021 7.00%, 8/1/32 456 485 6.00%, 1/1/33 326 335 5.50%, 3/1/33 8,541 8,617 6.50%, 3/1/33 166 173 6.00%, 8/25/33 (a) 2,089 2,073 5.50%, 12/25/33 900 909 5.00%, 1/1/34 9,342 9,211 5.50%, 5/25/34 3,150 2,595 5.17%, 8/1/34 (a) 110 111 7.00%, 9/1/34 89 94 5.50%, 12/1/34 4,454 4,491 5.50%, 6/1/35 600 605 6.00%, 7/1/35 3,511 3,595 6.00%, 9/1/35 1,910 1,956 5.00%, 11/1/35 3,539 3,483 5.50%, 11/1/35 1,048 1,056 6.00%, 1/1/36 3,489 3,598 3.20%, 4/25/36 (a) (h) 4,930 4,844 6.50%, 8/1/36 849 871 7.00%, 9/1/36 1,240 1,305 Continued PRINCIPAL AMOUNT VALUE ------------- ------------ U.S. GOVERNMENT AGENCIES, CONTINUED FANNIE MAE, CONTINUED 5.50%, 11/1/36 $ 1,611 $ 1,622 6.00%, 12/1/36 14,948 15,299 5.50%, 1/1/37 3,976 4,003 6.00%, 1/1/37 4,645 4,754 5.50%, 8/1/37 3,198 3,219 5.50%, 12/1/37 1,960 1,973 3.15%, 8/25/44 (a) 887 875 ------------ 99,489 ------------ FREDDIE MAC (10.1%) 4.00%, 1/15/17 7,500 7,371 6.00%, 12/15/21 4,018 4,087 5.00%, 2/15/25 3,245 3,172 7.00%, 6/1/26 546 576 6.50%, 1/1/29 1,251 1,309 7.00%, 1/1/32 108 116 6.50%, 7/1/32 212 221 4.48%, 7/15/32, IO (a) 10,329 1,006 6.50%, 9/1/32 98 102 5.00%, 8/1/33 381 376 6.00%, 9/1/33 402 413 5.00%, 5/1/34 188 185 6.50%, 5/15/34 (a) 2,799 2,593 4.50%, 6/1/34 839 800 4.50%, 9/1/34 1,038 990 5.50%, 3/15/35 5,505 5,537 5.00%, 7/1/35 497 489 5.00%, 8/1/35 1,082 1,065 5.00%, 11/1/35 3,924 3,863 5.00%, 4/1/36 446 439 5.00%, 7/1/36 1,985 1,953 3.12%, 7/15/36 (a) (h) 1,577 1,557 3.27%, 9/15/36 (a) 783 765 5.83%, 10/1/36 (a) 2,476 2,537 6.10%, 1/1/37 (a) 5,720 5,806 6.15%, 2/1/37 (a) 5,358 5,425 5.28%, 3/1/37 (a) 779 785 5.94%, 3/1/37 (a) 6,771 6,924 5.72%, 4/1/37 (a) 3,403 3,481 ------------ 63,943 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (6.5%) 9.50%, 12/15/09 317 323 5.30%, 7/16/28 (a) 3,000 3,036 4.82%, 10/16/29 (a) 2,660 2,656 5.32%, 8/16/30 (a) 2,560 2,597 5.03%, 11/16/33 (a) 5,640 5,517 4.42%, 5/16/34 10,250 10,182 0.93%, 6/17/45, IO (a) (e) 12,955 617 0.51%, 3/16/46, IO (a) (e) 13,724 517 0.55%, 4/16/46, IO (a) (e) 61,029 2,212 Continued 6 TOTAL RETURN BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ U.S. GOVERNMENT AGENCIES, CONTINUED GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, CONTINUED 0.79%, 5/16/46, IO (a) (e) $ 43,717 $ 2,336 3.40%, 5/16/46, (a) 2,653 1,591 0.91%, 8/16/46, IO (a) (e) 34,373 1,891 1.00%, 2/16/48, IO (a) (e) 14,789 853 1.05%, 2/16/48, IO (a) (e) 57,236 3,023 1.05%, 6/16/49, IO (a) (e) 66,192 4,137 ------------ 41,488 ------------ TOTAL U.S. GOVERNMENT AGENCIES 204,920 ------------ U.S. TREASURY OBLIGATIONS (3.8%) U.S. TREASURY INFLATION PROTECTED SECURITIES (2.3%) 2.00%, 1/15/14 (c) (g) 8,334 8,782 2.63%, 7/15/17 (c) (g) 5,107 5,618 ------------ 14,400 ------------ U.S. TREASURY NOTES (0.5%) 4.25%, 11/15/17 (c) 500 519 4.50%, 2/15/36 (c) 615 616 5.00%, 5/15/37 (c) 2,000 2,168 ------------ 3,303 ------------ U.S. TREASURY STRIPS (1.0%) 6.12%, 2/15/18 ** 5,000 3,332 8.21%, 11/15/27 ** (i) 7,400 2,957 ------------ 6,289 ------------ TOTAL U.S. TREASURY OBLIGATIONS 23,992 ------------ SHARES ------------- INVESTMENT COMPANIES (4.9%) State Street Navigator Securities Lending Portfolio (m) 31,037,418 31,037 ------------ TOTAL INVESTMENT COMPANIES 31,037 ------------ PREFERRED STOCKS (2.3%) COMMERCIAL BANKS NON-U.S. (0.4%) Barclays Bank PLC, Series 5, 8.13% (c) 106,000 2,687 ------------ FINANCE-INVESTMENT BANKER/BROKER (0.3%) Lehman Brothers Holdings, Inc., Series J, 7.95% (c) 63,400 1,520 ------------ SOVEREIGN AGENCY (1.3%) Fannie Mae, 8.25% (c) 160,000 4,007 Freddie Mac, 8.38% (c) 161,000 4,122 ------------ 8,129 ------------ Continued SHARES VALUE ------------ ------------ PREFERRED STOCKS, CONTINUED SUPER-REGIONAL BANKS-U.S. (0.3%) Wells Fargo Capital XII, 7.88% 80,000 $ 2,076 ------------ TOTAL PREFERRED STOCKS 14,412 ------------ PRINCIPAL AMOUNT ------------ DEMAND NOTES (0.1%) ELECTRIC-INTEGRATED (0.1%) Alabama Power Capital Trust V, 5.50%, 10/1/08 (a) (k) $ 874 888 ------------ TOTAL DEMAND NOTES 888 ------------ SHARES ------------ INVESTMENTS IN AFFILIATES (0.9%) Fifth Third Institutional Money Market Fund (d) 5,791,087 5,791 ------------ TOTAL INVESTMENTS IN AFFILIATES 5,791 ------------ TOTAL INVESTMENTS (COST $701,201) - 105% 665,887 LIABILITIES IN EXCESS OF OTHER ASSETS - (5)% (31,669) ------------ NET ASSETS - 100.0% $634,218 ============ Continued 7 TOTAL RETURN BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------- NOTES TO SCHEDULE OF INVESTMENTS ** Rate represents the effective yield at purchase. (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (c) All or part of this security was on loan. (d) Investment is in Institutional Shares of underlying fund. (e) Security was fair valued at April 30, 2008 using procedures approved by the Board of Trustees. (f) Rate reflected is an investment rate of return. (g) Treasury Inflation Protected Securities. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index. (h) All or part of this security has been deposited as collateral for TBA securities. (i) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. (j) Perpetual Maturity. Callable any time after first call date. Maturity date is next call date. (k) Maturity date is next rate reset date. (l) Illiquid Securities. (m) Represents investments of cash collateral received in connection with securities lending. The following abbreviations are used in the Schedule of Investments: ABS - Asset-Backed Security AMBAC - American Municipal Bond Assurance Corp. AUD - Australian Dollar CMBS - Commercial Mortgage-Backed Security CMO - Collateralized Mortgage Obligation GO - General Obligation IO - Interest Only PAC - Planned Amortization Class REIT - Real Estate Investment Trust TBA - To be announced WL - Whole Loan See notes to schedules of investments. 8 SHORT TERM BOND SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ---------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ ASSET-BACKED SECURITIES (18.0%) AUTOMOBILE ABS OTHER (0.2%) Harley-Davidson Motorcycle Trust, Series 2004-2, Class B, 2.96%, 2/15/12 $ 498 $ 494 ------------ AUTOMOBILES SEQUENTIAL (10.6%) Banc of America Securities Auto Trust, Series 2005-WF1, Class A4, 4.08%, 4/18/10 3,000 3,007 Bay View Auto Trust, Series 2005-LJ2, Class A4, 4.55%, 2/25/14 2,000 2,012 Capital One Auto Finance Trust, Series 2006-C, Class A3A, 5.07%, 7/15/11 1,502 1,467 Harley-Davidson Motorcycle Trust, Series 2006-2, Class A2, 5.35%, 3/15/13 (f) 3,305 3,351 Harley-Davidson Motorcycle Trust, Series 2007-3, Class A2A, 5.34%, 9/15/10 1,775 1,786 Hertz Vehicle Financing LLC, Series 2005-2A, Class A2, 4.93%, 2/25/10 (b) 3,375 3,325 Hyundai Auto Receivables Trust, Series 2005-A, Class A4, 4.18%, 2/15/12 3,000 3,008 Nissan Auto Lease Trust, Series 2006-A, Class A4, 5.10%, 7/16/12 (f) 4,000 4,048 USAA Auto Owner Trust, Series 2006-2, Class A4, 5.37%, 2/15/12 1,500 1,522 Wachovia Auto Owner Trust, Series 2005-A, Class A4, 4.23%, 11/21/11 (f) 3,500 3,513 ------------ 27,039 ------------ CREDIT CARD BULLET (4.7%) Bank One Issuance Trust, Series 2004-A1, Class A1, 3.45%, 10/17/11 810 810 Chase Issuance Trust, Series 2005-A10, Class A10, 4.65%, 12/17/12 3,000 3,027 GE Capital Credit Card Master Note Trust, Series 2005-3, Class A, 4.13%, 6/15/13 2,000 1,998 MBNA Master Credit Card Trust, Series 1999-B, Class A, 5.90%, 8/15/11 3,000 3,060 Nordstrom Private Label Credit Card Master Note Trust, Series 2007-1A, Class A, 4.92%, 5/15/13 (b) 3,000 3,054 ------------ 11,949 ------------ HOME EQUITY OTHER (1.2%) GMAC Mortgage Corp. Loan Trust, Series 2004-HE2, Class A3, 4.24%, 10/25/33 (a) (d) (f) 2,354 1,977 Continued PRINCIPAL AMOUNT VALUE ------------ ------------ ASSET-BACKED SECURITIES, CONTINUED HOME EQUITY OTHER, CONTINUED GMAC Mortgage Corp. Loan Trust, Series 2005-HE2, Class A3, 4.62%, 11/25/35 (a) $ 1,223 $ 1,085 ------------ 3,062 ------------ HOME EQUITY SEQUENTIAL (0.9%) GMAC Mortgage Corp. Loan Trust, Series 2006-HE2, Class A2, 6.18%, 5/25/36 (f) 3,000 2,376 ------------ OTHER ABS (0.4%) SVO VOI Mortgage Corp., Series 2005-AA, Class A, 5.25%, 2/20/21 (b) 1,056 1,023 ------------ TOTAL ASSET-BACKED SECURITIES 45,943 ------------ CORPORATE BONDS (17.2%) CABLE TV (0.5%) Comcast Cable Communications LLC, 6.88%, 6/15/09 1,250 1,282 ------------ CELLULAR TELECOM (0.5%) AT&T Wireless Services, Inc., 7.88%, 3/1/11 1,250 1,352 ------------ COMMERCIAL BANKS-EASTERN U.S. (1.2%) HSBC Bank USA NA, Series BKNT, 3.88%, 9/15/09 3,000 2,988 ------------ DIVERSIFIED FINANCIAL SERVICES (2.4%) General Electric Capital Corp., Series MTN, 5.25%, 10/27/09 6,000 6,170 ------------ ELECTRIC-INTEGRATED (0.5%) Duke Energy Carolinas LLC, Series D, 7.38%, 3/1/10 1,250 1,319 ------------ FINANCE-CONSUMER LOANS (1.2%) HSBC Finance Corp., 4.75%, 5/15/09 3,000 3,013 ------------ FINANCE-INVESTMENT BANKER/BROKER (3.9%) Bear Stearns Cos., Inc. (The), 7.63%, 12/7/09 2,500 2,574 Citigroup, Inc., 5.13%, 2/14/11 1,250 1,254 Goldman Sachs Group, Inc. (The), 6.65%, 5/15/09 3,000 3,068 Lehman Brothers Holdings, Inc., Series MTN, 4.25%, 1/27/10 3,000 2,951 ------------ 9,847 ------------ Continued 1 SHORT TERM BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ---------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ CORPORATE BONDS, CONTINUED FINANCE-LEASING COMPANY (1.2%) International Lease Finance Corp., 4.75%, 7/1/09 $ 3,000 $ 2,967 ------------ FINANCE-MORTGAGE LOAN/BANKER (0.1%) Countrywide Home Loans, Inc., Series MTNK, 5.63%, 7/15/09 250 237 ------------ FOOD-RETAIL (0.5%) Kroger Co. (The), 7.25%, 6/1/09 1,250 1,277 ------------ LIFE/HEALTH INSURANCE (0.6%) Protective Life Secured Trusts, Series MTN, 3.70%, 11/24/08 1,590 1,582 ------------ NETWORKING PRODUCTS (1.0%) Cisco Systems, Inc., 5.25%, 2/22/11 2,500 2,582 ------------ RETAIL-DISCOUNT (0.9%) Wal-Mart Stores, Inc., 4.13%, 2/15/11 2,250 2,275 ------------ SUPER-REGIONAL BANKS-U.S. (2.7%) Bank of America Corp., 4.38%, 12/1/10 1,000 1,008 Wachovia Corp., 4.38%, 6/1/10 3,000 2,995 Wells Fargo & Co., 4.20%, 1/15/10 3,000 3,025 ------------ 7,028 ------------ TOTAL CORPORATE BONDS 43,919 ------------ FOREIGN BONDS (2.2%) FINANCE-OTHER SERVICES (0.1%) Pemex Finance, Ltd., Series 1999, Class NT, 9.69%, 8/15/09 243 249 ------------ OIL COMPANY-INTEGRATED (1.2%) BP Capital Markets PLC, 4.88%, 3/15/10 3,000 3,078 ------------ SOVEREIGN (0.7%) Australia Government Bond, Series 909, 7.50%, 9/15/09 AUD 1,850 1,766 ------------ TELEPHONE-INTEGRATED (0.2%) Telecom Italia Capital SA, 4.00%, 11/15/08 $ 650 647 ------------ TOTAL FOREIGN BONDS 5,740 ------------ MORTGAGE-BACKED SECURITIES (29.2%) CMBS OTHER (5.4%) Banc of America Commercial Mortgage, Inc., Series 2004-4, Class A3, 4.13%, 7/10/42 (f) 2,500 2,484 Continued PRINCIPAL AMOUNT VALUE ------------ ------------ MORTGAGE-BACKED SECURITIES, CONTINUED CMBS OTHER, CONTINUED Bear Stearns Commercial Mortgage Securities, Series 2000-WF2, Class A1, 7.11%, 10/15/32 (a) $ 261 $ 262 CS First Boston Mortgage Securities Corp., Series 2001-CK6, Class A2, 6.10%, 8/15/36 565 568 CS First Boston Mortgage Securities Corp., Series 2004-C3, Class A3, 4.30%, 7/15/36 (f) 2,500 2,488 GE Capital Commercial Mortgage Corp., Series 2005-C1, Class A2, 4.35%, 6/10/48 2,750 2,729 Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A2, 4.31%, 8/10/42 (f) 3,000 2,979 GS Mortgage Securities Corp. II, Series 2004-GG2, Class A3, 4.60%, 8/10/38 2,500 2,497 ------------ 14,007 ------------ CMBS SUBORDINATED (1.3%) GMAC Commercial Mortgage Securities, Inc., Series 1999-C2, Class B, 7.14%, 9/15/33 (a) (f) 3,250 3,327 ------------ WL COLLATERAL CMO OTHER (16.2%) Banc of America Mortgage Securities, Inc., Series 2004-F, Class 2A6, 4.15%, 7/25/34 (a) 2,500 2,448 Banc of America Mortgage Securities, Inc., Series 2004-F, Class 2A7, 4.15%, 7/25/34 (a) 2,827 2,821 Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-1, Class 13A3, 4.77%, 4/25/34 (a) 2,689 2,576 Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-4, Class 2A2, 4.57%, 8/25/35 (a) 3,000 2,939 Bear Stearns Asset Backed Securities Trust, Series 2003-AC7, Class A2, 5.25%, 1/25/34 1,140 1,005 Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-HYB5, Class 4A1, 5.01%, 4/20/35 (a) 1,872 1,880 Harborview Mortgage Loan Trust, Series 2004-5, Class 2A6, 3.94%, 6/19/34 (a) (f) 5,730 5,254 Homebanc Mortgage Trust, Series 2004-2, Class A2, 3.35%, 12/25/34 (a) 1,227 1,100 Homebanc Mortgage Trust, Series 2006-1, Class 1A1, 6.08%, 4/25/37 (a) 1,849 1,792 Continued 2 SHORT TERM BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ---------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ MORTGAGE-BACKED SECURITIES, CONTINUED WL COLLATERAL CMO OTHER, CONTINUED Indymac Index Mortgage Loan Trust, Series 2006-AR29, Class A2, 2.98%, 11/25/36 (a) $ 871 $ 834 JP Morgan Alternative Loan Trust, Series 2006-S2, Class A2, 5.81%, 5/25/36 2,075 2,001 JP Morgan Mortgage Trust, Series 2005-A1, Class 3A3, 4.90%, 2/25/35 (a) 2,272 2,179 JP Morgan Mortgage Trust, Series 2005-A2, Class 5A1, 4.36%, 4/25/35 (a) 2,124 2,020 JP Morgan Mortgage Trust, Series 2005-A3, Class 7CA1, 5.11%, 6/25/35 3,207 3,132 (a) (f) Merrill Lynch Mortgage Investors, Inc., Series 2003-A1, Class 2A, 4.25%, 12/25/32 (a) 126 126 Provident Funding Mortgage Loan Trust, Series 2005-2, Class 2A1A, 4.70%, 10/25/35 (a) 2,240 2,184 Residential Funding Mortgage Securities I, Series 2007-SA1, Class 1A1, 5.71%, 2/25/37 (a) 3,652 3,661 Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A14, 4.11%, 6/25/35 (a) (f) 3,500 3,403 ------------ 41,355 ------------ WL COLLATERAL CMO SEQUENTIAL (5.8%) Chase Mortgage Finance Corp., Series 2005-A1, Class 2A2, 5.24%, 12/25/35 (a) 2,387 2,360 JP Morgan Alternative Loan Trust, Series 2006-S3, Class A2A, 5.87%, 8/25/36 3,000 2,889 JP Morgan Mortgage Trust, Series 2006-A3, Class 2A1, 5.62%, 5/25/36 (a) 2,672 2,617 JP Morgan Mortgage Trust, Series 2006-A4, Class 2A2, 5.82%, 6/25/36 (a) 2,490 2,402 JP Morgan Mortgage Trust, Series 2007-A2, Class 4A1M, 5.80%, 4/25/37 (a) 2,617 2,514 RAAC Series, 5.25%, 9/25/34 2,206 2,072 ------------ \ 14,854 ------------ WL COLLATERAL PAC (0.5%) Countrywide Alternative Loan Trust, Series 2004-2CB, Class 1A1, 4.25%, 3/25/34 1,309 1,259 ------------ TOTAL MORTGAGE-BACKED SECURITIES 74,802 ------------ Continued PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL BOND (0.2%) OHIO (0.2%) State Economic Enterprise, Series 3, 4.05%, 3/1/11 (b) $ 495 $ 492 ------------ TOTAL MUNICIPAL BOND 492 ------------ U.S. GOVERNMENT AGENCIES (24.8%) FANNIE MAE (3.6%) 5.00%, 2/25/25 (f) 3,616 3,653 4.71%, 4/1/33 (a) 1,846 1,873 5.14%, 9/1/34 (a) 2,140 2,153 4.94%, 4/1/35 (a) 1,489 1,507 ------------ 9,186 ------------ FANNIE MAE PREPAYMENT LINK NOTE, SERIES 2005-4, CLASS 1 (1.0%) 4.65%, 12/25/12 IO 2,631 2,588 ------------ FEDERAL FARM CREDIT BANK (2.3%) 2.63%, 4/21/11 6,000 5,897 ------------ FEDERAL HOME LOAN BANK (1.5%) 5.00%, 9/18/09 1,000 1,029 4.75%, 10/25/10 IO 2,638 2,664 ------------ 3,693 ------------ FREDDIE MAC (8.6%) 4.88%, 2/9/10 7,000 7,244 5.00%, 9/15/25 (f) 3,185 3,216 4.50%, 7/15/28 (f) 3,144 3,152 3.99%, 3/1/34 (a) 1,843 1,841 4.68%, 7/1/35 (a) (f) 3,465 3,495 5.72%, 4/1/37 (a) 3,002 3,070 ------------ 22,018 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (7.8%) 2.87%, 2/16/20 (f) 3,889 3,884 3.27%, 1/16/23 1,677 1,660 6.01%, 2/16/24 (a) 1,211 1,235 3.72%, 12/16/26 3,120 3,094 4.00%, 5/16/27 1,837 1,823 4.29%, 1/16/30 2,842 2,838 4.09%, 8/16/30 2,123 2,110 3.95%, 11/16/30 (f) 3,401 3,372 ------------ 20,016 ------------ TOTAL U.S. GOVERNMENT AGENCIES 63,398 ------------ Continued 3 SHORT TERM BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - ---------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------- ------------ U.S. TREASURY OBLIGATIONS (2.6%) U.S. TREASURY INFLATION PROTECTED SECURITIES (2.2%) 0.88%, 4/15/10 (e) $ 5,587 $ 5,661 ------------ U.S. TREASURY NOTES (0.4%) 4.50%, 5/15/10 1,000 1,045 ------------ TOTAL U.S. TREASURY OBLIGATIONS 6,706 ------------ SHARES ------------- INVESTMENTS IN AFFILIATES (4.9%) Fifth Third Institutional Money Market Fund (c) 12,439,524 12,440 ------------ TOTAL INVESTMENTS IN AFFILIATES 12,440 ------------ TOTAL INVESTMENTS (COST $254,838) - 99.1% 253,440 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% 2,191 ------------ NET ASSETS - 100.0% $255,631 ============ NOTES TO SCHEDULE OF INVESTMENTS (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (c) Investment is in Institutional Shares of underlying fund. (d) The Fund's securities were fair valued at April 30, 2008 using procedures approved by the Board of Trustees. (e) Treasury Inflation Protected Securities. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index. (f) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. The following abbreviations are used in the Schedule of Investments: ABS - Asset-Backed Security AUD - Australian Dollar CMBS - Commercial Mortgage-Backed Security CMO - Collateralized Mortgage Obligation IO - Interest Only PAC - Planned Amortization Class WL - Whole Loan See notes to schedules of investments. 4 MUNICIPAL BOND SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS (96.2%) ARIZONA (3.8%) Mesa Street and Highway, FSA, 5.25%, 7/1/23 $ 600 $ 662 Tucson Water, MBIA, 4.25%, 7/1/21, (Callable 7/1/16 @ 100) 1,000 1,000 ------------ 1,662 ------------ CALIFORNIA (15.6%) California Polytechnical Pomona Foundation, Inc., MBIA, 5.50%, 2/1/20, (Prerefunded 2/1/11 @ 101) 265 288 California State Department of Water Resources, Central Valley Project, Series AE, W/I, 5.00%, 12/1/28, (Callable 6/1/18 @ 100) 1,000 1,037 La Canada Unified School District, Series A, GO, MBIA, 5.50%, 8/1/24, (Callable 8/1/14 @ 100) 1,000 1,064 Los Angeles Unified School District, Series A-2, GO, FGIC, 4.50%, 7/1/22, (Callable 7/1/17 @ 100) 1,000 1,003 Placentia-Yorba Linda Unified School District, Series B, GO, FGIC, 5.38%, 8/1/22, (Callable 8/1/14 @ 100) 1,000 1,054 Sacramento County Sanitation District, Series A, 6.00%, 12/1/15, (Callable 12/1/10 @ 101) 250 268 State of California, Variable Purpose, GO, 5.25%, 3/1/38, (Callable 3/1/18 @ 100) 1,000 1,024 State Public Works Board, Department of Corrections and Rehabilitation, Series F, FGIC, 5.25%, 11/1/19 1,020 1,120 ------------ 6,858 ------------ COLORADO (2.5%) Douglas County School District No Re-1, GO, FGIC, 5.75%, 12/15/21, (Callable 12/15/14 @ 100) 1,000 1,090 ------------ FLORIDA (2.4%) Volusia County School Board, Series A, CP, FSA, 5.00%, 8/1/19, (Callable 8/1/15 @ 100) 1,010 1,061 ------------ ILLINOIS (9.4%) Chicago Metropolitan Water Reclamation District-Greater Chicago Capital Improvements, GO, ETM, 7.25%, 12/1/12 500 591 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED ILLINOIS, CONTINUED City of Chicago Single Family Mortgage, Series A, AMT, GNMA-FNMA, 4.70%, 10/1/17, (Callable 4/1/09 @ 102) $ 125 $ 124 Development Finance Authority, Elmhurst Community School, FSA, 6.38%, 1/1/17, (Prerefunded 1/1/11 @ 100) 1,700 1,860 Finance Authority, Children's Memorial Hospital, Series A, W/I, 5.00%, 8/15/41, (Callable 8/15/18 @ 100) 1,000 956 Finance Authority, Metropolis Project, 5.00%, 12/1/14, (Callable 12/1/13 @ 100) 300 315 State of Illinois, GO, FGIC, 5.88%, 10/1/17, (Callable 10/1/09 @ 100) 300 310 ------------ 4,156 ------------ IOWA (5.1%) Finance Authority, Drake University Project, MBIA, 6.50%, 12/1/11 (c) 2,055 2,229 ------------ KANSAS (4.2%) Geary County Unified School District No. 475, GO, MBIA, 5.25%, 9/1/17, (Callable 9/1/15 @ 100) 1,675 1,843 ------------ LOUISIANA (2.3%) State Citizens Property Insurance Corp., Series B, AMBAC, 5.00%, 6/1/18, (Callable 6/1/16 @ 100) 1,000 1,036 ------------ MICHIGAN (8.9%) Detroit Water Supply System, Series A, FSA, 5.00%, 7/1/16 1,000 1,080 Higher Education Student Loan Authority, Series XII-W, AMT, AMBAC, 4.75%, 3/1/09 (c) 1,000 1,020 State Hospital Finance Authority, Henry Ford Health System, Series A, 5.00%, 11/15/20, (Callable 11/15/16 @ 100) 500 511 State of Michigan, Grant Antic Buildings, FSA, 5.25%, 9/15/20, (Callable 9/15/17 @ 100) 250 272 Strategic Fund, Hope Network Project, Series B, 5.13%, 9/1/13, (LOC: First of America Bank), (Callable 9/1/08 @ 102) 1,000 1,024 ------------ 3,907 ------------ Continued 1 MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED MINNESOTA (2.3%) State Municipal Power Agency, 5.00%, 10/1/30, (Callable 10/1/15 @ 100) $ 1,000 $ 1,007 ------------ NEBRASKA (3.6%) City of Omaha, Series A, GO, ETM, 6.50%, 12/1/13 1,365 1,605 ------------ NEW MEXICO (5.2%) County of Bernalillo, 5.25%, 4/1/27 475 511 Mortgage Finance Authority, Single Family Mortgage, Series A, AMT, GNMA-FNMA-FHLMC, 5.50%, 7/1/36, (Callable 1/1/15 @ 102) (a) 695 712 University of New Mexico, System Implements, Series A, FSA, 5.00%, 6/1/21, (Callable 6/1/17 @ 100) 1,000 1,057 ------------ 2,280 ------------ NEW YORK (3.0%) City of New York, Series E, GO, 5.00%, 8/1/16 250 271 State Housing Finance Agency, Economic Development and Housing, Series A, 5.00%, 9/15/23, (Callable 9/15/15 @ 100) 1,000 1,046 ------------ 1,317 ------------ OHIO (8.7%) City of Columbus Sewer Revenue, Series A, 5.00%, 6/1/23, (Callable 12/1/17 @ 100) 1,000 1,057 County of Cuyahoga Capital Improvements, GO, 5.25%, 12/1/18, (Callable 12/1/14 @ 100) 1,500 1,631 State of Ohio, Common Schools, Series D, GO, 5.50%, 9/15/19 1,000 1,141 ------------ 3,829 ------------ OKLAHOMA (1.8%) Tulsa International Airport, Improvement Trust, Series B, AMT, FGIC, 5.50%, 6/1/10 770 786 ------------ OREGON (2.4%) Sunrise Water Authority, FSA, 5.25%, 3/1/24, (Callable 3/1/14 @ 100) 1,000 1,057 ------------ PENNSYLVANIA (6.0%) Central Dauphin School District, GO, MBIA, 6.75%, 2/1/24, (Prerefunded 2/1/16 @ 100) 1,000 1,221 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED PENNSYLVANIA, CONTINUED Higher Educational Facilities Authority, Widener University, 3.85%, 7/15/13 $ 430 $ 429 Lancaster Higher Education Authority, Franklin and Marshall College, 5.00%, 4/15/25, (Callable 4/15/16 @ 100) 1,000 1,017 ------------ 2,667 ------------ PUERTO RICO (4.8%) Commonwealth of Puerto Rico, Series A, GO, 5.00%, 7/1/30, (Mandatory Put 7/1/12 @ 100) (a) 1,000 1,012 Public Buildings Authority, Series I, 5.50%, 7/1/23, (Prerefunded 7/1/14 @ 100) (Callable 7/1/14 @ 100) 1,000 1,111 ------------ 2,123 ------------ TEXAS (1.9%) State Public Finance Authority, Series A, ACA, 5.00%, 2/15/28, (Callable 2/15/14 @ 100) 1,000 853 ------------ WASHINGTON (2.3%) Metropolitan Park District of Tacoma, GO, FGIC, 5.00%, 12/1/22, (Callable 12/1/15 @ 100) 1,000 1,033 ------------ TOTAL MUNICIPAL BONDS 42,399 ------------ MUNICIPAL DEMAND NOTES (2.2%) INDIANA (1.8%) Bloomington, Bloomington Square Project, 8.50%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (d) 285 285 Health Facility Financing Authority, Stone Belt Arc Inc. Project, 3.35%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (d) 500 500 ------------ 785 ------------ KENTUCKY (0.4%) Shelby County Lease Program, Series A, 2.65%, 5/1/08, (LOC: U.S. Bancorp) (a) (d) 185 185 ------------ TOTAL MUNICIPAL DEMAND NOTES 970 ------------ SHARES ----------- MONEY MARKETS (4.9%) AIM TFIT Tax-Free Cash Reserve Portfolio (b) 111 --# Dreyfus Tax Exempt Cash Management (b) 1,074,936 1,075 Continued 2 MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- SHARES VALUE ----------- ------------ MONEY MARKETS, CONTINUED Goldman Sachs Financial Square Tax-Free Money Market Fund (b) 38,316 $ 38 Merrill Lynch Institutional Tax-Exempt Fund (b) 1,049,044 1,049 ------------ TOTAL MONEY MARKETS 2,162 ------------ TOTAL INVESTMENTS (COST $44,704) - 103.3% 45,531 LIABILITIES IN EXCESS OF OTHER ASSETS - (3.3)% (1,441) ------------ NET ASSETS - 100.0% $ 44,090 ============ NOTES TO SCHEDULE OF INVESTMENTS # Amount is less than $500 (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Investment is in Institutional Shares of underlying fund / portfolio. (c) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. (d) Maturity date is next rate reset date. The following abbreviations are used in the Schedule of Investments: ACA - American Capital Access Holding, Ltd. AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax Paper CP - Certificates of Participation ETM - Escrowed to Maturity FGIC - Financial Guaranty Insurance Co. FHLMC - Federal Home Loan Mortgage Corporation FNMA - Federal National Mortgage Association FSA - Financial Security Assurance, Inc. GNMA - Government National Mortgage Association GO - General Obligation LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance W/I - When Issued INVESTMENT CONCENTRATION AS A PERCENTAGE OF NET ASSETS, BY INDUSTRY: Airport 1.8% Cash & Cash Equivalents 4.9% Education 6.1% Facilities 2.5% General 2.8% General Obligation 20.2% Higher Education 11.4% Housing 2.4% Continued INVESTMENT CONCENTRATION AS A PERCENTAGE OF NET ASSETS, BY INDUSTRY, CONTINUED Medical 4.2% Municipal 5.3% Power 2.3% School District 18.9% Single Family Housing 1.9% Student Loan 2.3% Transportation 1.5% U.S. Municipals 2.2% Utilities 5.5% Water 7.1% See notes to schedules of investments. 3 INTERMEDIATE MUNICIPAL BOND SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS (93.5%) ALABAMA (5.4%) Birmingham Baptist Medical Centers Special Care Facilities Financing Authority, Series A, 5.00%, 11/15/14$ 4,000 $ 4,009 County of Mobile, GO, FSA, 5.25%, 8/1/17, (Callable 8/1/14 @ 100) (c) 3,080 3,363 ------------ 7,372 ------------ ALASKA (1.5%) State of Alaska, Sport Fishing, CIFG, 4.25%, 4/1/15 1,000 1,041 State of Alaska, Sport Fishing, CIFG, 4.38%, 4/1/16 1,000 1,044 ------------ 2,085 ------------ ARIZONA (6.5%) City of Tempe Performing Arts Center, AMBAC, 5.25%, 7/1/17, (Callable 7/1/14 @ 100) (c) 2,000 2,167 Health Facilities Authority, Phoenix Children's Hospital, Series B, 3.28%, 2/1/42, (Mandatory Put 2/2/15 @ 100) (a) 1,000 950 Mesa Street and Highway, FGIC, 6.25%, 7/1/12 1,000 1,118 Mesa Street and Highway, FGIC, 6.25%, 7/1/13, (Prerefunded 7/1/11 @ 100) 1,000 1,107 Pima County Industrial Development Authority, Series A, 5.13%, 7/1/15 1,250 1,242 Tucson Street and Highway, Series 1994-E, FGIC, 6.75%, 7/1/13 2,000 2,319 ------------ 8,903 ------------ ARKANSAS (0.8%) University of Arkansas, UAMS Campus, FGIC, 5.00%, 3/1/16 1,000 1,083 ------------ CALIFORNIA (2.7%) California State Department of Water Resources, Central Valley Project, Series AE, W/I, 5.00%, 12/1/22, (Callable 6/1/18 @ 100) 500 533 Chaffey Community College District, Series C, GO, MBIA, 5.42%, 6/1/16 ** 750 532 City of San Jose, Series A, AMBAC, AMT, 5.00%, 3/1/14 1,000 1,048 City of San Jose, Series A, AMBAC, AMT, 5.00%, 3/1/15 500 523 La Canada Unified School District, Series A, GO, MBIA, 5.50%, 8/1/24, (Callable 8/1/14 @ 100) 375 399 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED CALIFORNIA, CONTINUED Placentia-Yorba Linda Unified School District, Series B, GO, FGIC, 5.38%, 8/1/22, (Callable 8/1/14 @ 100) $ 675 $ 711 ------------ 3,746 ------------ COLORADO (2.0%) El Paso County School District No. 38, GO, 6.38%, 12/1/18, (Prerefunded 12/1/10 @ 100) 1,005 1,103 Summit County School District No. Re001, GO, FSA, 5.75%, 12/1/12, (Callable 12/1/11 @ 100) 1,465 1,604 ------------ 2,707 ------------ FLORIDA (0.3%) City of Pembroke Pines, GO, MBIA, 4.00%, 9/1/15 185 189 City of Pembroke Pines, GO, MBIA, 4.13%, 9/1/16 250 256 ------------ 445 ------------ HAWAII (0.6%) State of Hawaii Highways, FSA, 5.50%, 7/1/10 765 813 ------------ ILLINOIS (8.3%) Chicago Metropolitan Water Reclamation District-Greater Chicago Capital Improvements, GO, ETM, 5.50%, 12/1/10 3,000 3,230 Chicago O'Hare International Airport, Series A, FSA, 4.00%, 1/1/15 1,000 1,022 City of Greenville, Greenville College Project, 3.45%, 11/1/36, (LOC: National City Corp.), (Mandatory Put 11/1/08 @ 100) (a) 1,000 1,000 Educational Facilities Authority, The Art Institute of Chicago, Series A, 4.13%, 3/1/30, (Mandatory Put 3/1/13 @ 100) (a) 1,000 1,012 Finance Authority, Children's Memorial Hospital, Series B, W/I, 5.50%, 8/15/21, (Callable 8/15/18 @ 100) 2,000 2,073 Finance Authority, Children's Memorial Hospital, Series B, W/I, 5.50%, 8/15/23, (Callable 8/15/18 @ 100) 1,000 1,025 Finance Authority, Metropolis Project, 4.75%, 12/1/10 200 208 Finance Authority, Metropolis Project, 5.00%, 12/1/11 250 262 Continued 1 INTERMEDIATE MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED ILLINOIS, CONTINUED Finance Authority, Metropolis Project, 5.00%, 12/1/12 $ 275 $ 289 Finance Authority, Metropolis Project, 5.00%, 12/1/13 275 290 Finance Authority, Peoples Gas Light & Coke Co., Series A, AMBAC, 4.30%, 6/1/16 @100) (a) 1,000 954 ------------ 11,365 ------------ INDIANA (8.5%) Ball State University, Student Fee, Series N, FSA, 4.00%, 7/1/15 500 517 Fort Wayne International Airport Building Corp., Series B, AMT, XLCA, 5.00%, 7/1/12 1,615 1,678 Fort Wayne International Airport Building Corp., Series B, AMT, XLCA, 5.00%, 7/1/13 1,695 1,765 Health & Educational Facilities Financing Authority, Clarian Health Obligation Group, Series B, 5.00%, 2/15/16 500 517 Health & Educational Facilities Financing Authority, Clarian Health Obligation Group, Series B, 5.00%, 2/15/19, (Callable 2/15/16 @ 100) 1,000 1,010 Local Public Improvement Bond Bank, Airport Authority, Series F, AMT, AMBAC, 5.00%, 1/1/19, (Callable 7/1/16 @ 100) 2,550 2,541 Municipal Power Supply Agency, Series B, MBIA, 6.00%, 1/1/13 3,000 3,314 State Finance Authority, Revolving Fund Project, Series A, 5.00%, 2/1/15 250 274 ------------ 11,616 ------------ IOWA (0.1%) Iowa State University, Science and Technology, 3.75%, 7/1/10 140 143 ------------ KENTUCKY (1.9%) Area Development Districts, City of Versailles, Series C, CP, ETM, 2.70%, 12/1/08 250 251 Area Development Districts, City of Versailles, Series C, CP, ETM, 3.00%, 12/1/09 255 256 Area Development Districts, Lease Acquisition, 3.00%, 6/1/09, (LOC: Wachovia Corp.) 470 473 Housing Corp., Series A, AMT, 3.45%, 1/1/10 275 277 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED KENTUCKY, CONTINUED Kenton County Airport Board, Series C, AMT, MBIA, 5.00%, 3/1/10 $ 730 $ 739 Munfordville Industrial Development, Louisville Bedding Co. Project, AMT, 3.10%, 6/1/08, (LOC: JP Morgan, Inc.) 300 300 Munfordville Industrial Development, Louisville Bedding Co. Project, AMT, 3.50%, 6/1/09, (LOC: JP Morgan, Inc.) 310 311 ------------ 2,607 ------------ LOUISIANA (1.5%) City of Baton Rouge, Series A2, FSA, 4.00%, 8/1/14 200 208 City of Baton Rouge, Series A2, FSA, 4.00%, 8/1/16 200 206 City of Baton Rouge, Series A2, FSA, 4.00%, 8/1/18 240 242 Public Facilities Authority, Pennington Medical Foundation Project, 5.00%, 7/1/16 1,000 1,032 State Citizens Property Insurance Corp., Series B, AMBAC, 5.00%, 6/1/18, (Callable 6/1/16 @ 100) 400 414 ------------ 2,102 ------------ MAINE (0.3%) Maine Municipal Bond Bank, Series B, W/I, 4.25%, 11/1/19, (Callable 11/1/18 @ 100) 450 460 ------------ MICHIGAN (13.2%) Detroit Water Supply System, Series A, FSA, 5.00%, 7/1/16 500 540 Higher Education Facilities Authority, Hope College Project, 4.70%, 10/1/09 200 200 Higher Education Facilities Authority, Hope College Project, 4.80%, 10/1/10, (Callable 10/1/09 @ 100) 590 591 Higher Education Student Loan Authority, Series XVII-I, AMT, AMBAC, 3.95%, 3/1/11 1,000 992 Kent Hospital Finance Authority, Spectrum Health, Series A, 5.50%, 1/15/13, (Prerefunded 7/15/11 @ 101) 125 136 Montague Public School District, GO, Q-SBLF, 5.50%, 5/1/12, (Prerefunded 11/1/11 @ 100) 575 626 Montague Public School District, GO, Q-SBLF, 5.50%, 5/1/12, (Callable 11/1/11 @ 100) 430 465 Continued 2 INTERMEDIATE MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED State Building Authority, Facilities Program, Series I, AMBAC, 5.00%, 10/15/29, (Mandatory Put 10/15/11 @ 100) (a) $ 1,500 $ 1,596 State Building Authority, Police Communications, ETM, 5.50%, 10/1/12 350 383 State Hospital Finance Authority, Crittenton Hospital, Series A, 4.35%, 3/1/09 500 507 State Hospital Finance Authority, Edward W. Sparrow Hospital, 5.00%, 11/15/15 500 528 State Hospital Finance Authority, Henry Ford Health System, Series A, 5.00%, 11/15/18, (Callable 11/15/16 @ 100) 500 516 State Hospital Finance Authority, Holland Community Hospital, Series A, 5.00%, 1/1/15, (Callable 1/1/14 @ 100) 505 526 State Hospital Finance Authority, Marquette General Hospital, Series A, 5.00%, 5/15/13 1,505 1,510 State Hospital Finance Authority, Oakwood Healthcare System, Series A, 5.00%, 7/15/15 500 518 State Housing Development Authority, Series A, AMT, 3.95%, 12/1/12 660 660 State Housing Development Authority, Multi-Family, Series A, AMT, GNMA, 4.15%, 4/20/11 320 321 State Housing Development Authority, Multi-Family, Series A, AMT, GNMA, 4.40%, 4/20/13 175 177 State of Michigan, Grant Antic Buildings, FSA, 4.50%, 9/15/15 500 528 State of Michigan, Grant Antic Buildings, FSA, 5.25%, 9/15/18, (Callable 9/15/17 @ 100) 500 553 State of Michigan, Trunk Line, Series A, 5.25%, 11/1/13 600 660 Strategic Fund, International Project, 4.75%, 8/1/11 (c) 2,240 2,342 Strategic Fund, International Project, 5.00%, 8/1/13 820 874 Strategic Fund, Solid Waste Management Project, AMT, 4.63%, 12/1/12 1,000 983 Wyandotte Electric, Series A, AMT, MBIA, 5.00%, 10/1/13 600 638 Wyandotte Electric, Series A, AMT, MBIA, 4.50%, 10/1/14 600 623 ------------ 17,993 ------------ Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED MINNESOTA (3.2%) Housing Finance Agency, Series A, AMT, 3.40%, 7/1/12 (a) $ 1,315 $ 1,276 Housing Finance Agency, Series F, AMT, 4.55%, 7/1/12, (Callable 7/1/11 @ 100) 1,130 1,140 St. Paul Housing & Redevelopment Authority, Smith Avenue Transit Center, 3.50%, 6/1/12, (Callable 6/1/10 @ 100) 2,000 2,005 ------------ 4,421 ------------ MISSOURI (2.5%) City of Brentwood, Brentwood Square Project, 4.13%, 5/1/11 245 246 Missouri State Highways & Transit Commission, 4.00%, 5/1/15 425 439 Missouri State Highways & Transit Commission, 4.25%, 5/1/16 525 550 Missouri State Highways & Transit Commission, 4.25%, 5/1/17 1,030 1,074 Missouri State Highways & Transit Commission, 4.50%, 5/1/17 1,070 1,136 ------------ 3,445 ------------ NEBRASKA (0.7%) Investment Finance Authority, Single Family Housing, Series C, AMT, 3.75%, 9/1/11 220 220 Investment Finance Authority, Single Family Housing, Series C, AMT, 3.85%, 3/1/12 130 129 Investment Finance Authority, Single Family Mortgage, Series D, AMT, GNMA-FNMA-FHLMC, 4.10%, 9/1/10 240 240 Investment Finance Authority, Single Family Mortgage, Series D, AMT, GNMA-FNMA-FHLMC, 4.25%, 9/1/11 340 341 ------------ 930 ------------ NEVADA (1.1%) County of Clark, GO, FSA, 4.50%, 6/1/17, (Callable 6/1/16 @ 100) 1,325 1,395 Douglas County, Solid Waste Disposal, GO, AMT, MBIA, 3.75%, 12/1/09 100 101 ------------ 1,496 ------------ NEW JERSEY (2.1%) State Turnpike Authority, Series A, ETM, MBIA, 6.00%, 1/1/13 1,925 2,170 State Turnpike Authority, Series A, MBIA, 6.00%, 1/1/13 575 637 ------------ 2,807 ------------ Continued 3 INTERMEDIATE MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED NEW MEXICO (3.8%) County of Bernalillo, 5.25%, 4/1/27 $ 500 $ 537 Mortgage Finance Authority, Single Family Mortgage, Series A2, Class I, AMT, GNMA-FNMA-FHLMC, 3.90%, 1/1/19, (Callable 1/1/16 @ 100) 320 317 Mortgage Finance Authority, Single Family Mortgage, Class I, AMT, GNMA-FNMA-FHLMC, 4.05%, 7/1/26, (Callable 7/1/15 @ 100) 620 617 Mortgage Finance Authority, Single Family Mortgage, Series A2, Class I, AMT, GNMA-FNMA-FHLMC, 4.40%, 1/1/27, (Callable 1/1/16 @ 100) 2,000 1,971 Mortgage Finance Authority, Single Family Mortgage, Series A, AMT, GNMA-FNMA-FHLMC, 5.50%, 7/1/36, (Callable 1/1/15 @ 102) (a) 740 759 Taos County, Educational Improvements, ETM, 3.88%, 10/1/11 565 584 University of New Mexico, System Implements, Series A, FSA, 5.00%, 6/1/21, (Callable 6/1/17 @ 100) 365 386 ------------ 5,171 ------------ NEW YORK (1.4%) City of New York, Series E, GO, 5.00%, 8/1/16 750 813 New York State Thruway Authority, Series A, 5.00%, 4/1/21, (Callable 4/1/18 @ 100) 500 533 New York State Thruway Authority, Series A, 5.00%, 4/1/22, (Callable 4/1/18 @ 100) 500 530 ------------ 1,876 ------------ OHIO (4.2%) Berea, GO, 5.13%, 12/1/13 785 827 County of Cuyahoga Capital Improvements, GO, 5.25%, 12/1/18, (Callable 12/1/14 @ 100) 915 995 Housing Finance Agency, Residential Mortgage, Series C, AMT, GNMA-FNMA, 3.55%, 3/1/10 990 996 Housing Finance Agency, Residential Mortgage, Series C, AMT, GNMA-FNMA, 3.70%, 3/1/11 995 993 Housing Finance Agency, Residential Mortgage, Series C, AMT, GNMA-FNMA, 4.00%, 3/1/14 500 494 State Economic Enterprise, Series 3, AMT, 4.08%, 6/1/13 435 443 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED OHIO, CONTINUED State of Ohio, Series 2007 1, FSA, 4.00%, 6/15/14 $ 1,000 $ 1,041 ------------ 5,789 ------------ OKLAHOMA (0.3%) Housing Finance Agency, Single Family Housing, Home Ownership Loan Program, Series B, AMT, GNMA-FNMA-FHLMC, 4.25%, 9/1/25, (Callable 9/1/15 @ 100) 445 441 ------------ OREGON (1.5%) State Department of Transportation, Series A, 5.25%, 11/15/16, (Prerefunded 11/15/14 @ 100) 1,775 1,989 ------------ PENNSYLVANIA (2.9%) Allegheny County Airport Authority, AMT, FGIC, 5.00%, 1/1/16 1,000 999 Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, 5.00%, 9/1/17 1,000 1,051 Higher Educational Facilties Authority, Widener University, 3.60%, 7/15/11 250 250 Higher Educational Facilties Authority, Widener University, 3.75%, 7/15/12 405 405 Lehigh Northampton Airport Authority, Series A, AMT, MBIA, 5.00%, 1/1/19, (Callable 1/1/15 @ 100) 1,175 1,198 ------------ 3,903 ------------ PUERTO RICO (3.3%) Commonwealth of Puerto Rico, Series A, GO, 5.25%, 7/1/22, (Callable 7/1/16 @ 100) 1,000 1,006 Commonwealth of Puerto Rico, Series A, GO, 5.00%, 7/1/30, (Mandatory Put 7/1/12 @ 100) (a) 2,000 2,025 Government Development Bank, Series C, AMT, 5.25%, 1/1/15 1,500 1,541 ------------ 4,572 ------------ SOUTH CAROLINA (0.7%) Anderson County School District No. 2, GO, 6.00%, 3/1/13 890 955 ------------ TENNESSEE (2.7%) Housing Development Agency, Series A, 4.00%, 7/1/10 1,100 1,108 Continued 4 INTERMEDIATE MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED TENNESSEE, CONTINUED Metropolitan Nashville Airport Authority, Series C, AMT, FGIC, 5.38%, 7/1/14, (Callable 7/1/08 @ 102) $ 2,570 $ 2,625 ------------ 3,733 ------------ TEXAS (4.0%) Dallas-Fort Worth International Airport Facilities Improvement Corp., Series A, AMT, XLCA, 5.00%, 11/1/15, (Callable 11/1/09 @ 100) 2,000 2,008 North Texas Tollway Authority, Series A, 6.00%, 1/1/23, (Callable 4/1/18 @ 100) 1,000 1,085 Spring Independent School District, Series A, GO, PSF, 5.00%, 8/15/16 1,000 1,101 Texas Municipal Power Agency, AMBAC, 4.00%, 9/1/12, (Callable 5/30/08 @ 100) 500 500 White Settlement Independent School District, GO, PSF, 4.50%, 8/15/15 ** 1,000 753 ------------ 5,447 ------------ VIRGINIA (1.6%) City of Richmond, GO, FGIC, 5.38%, 7/15/13, (Prerefunded 7/15/11 @ 101) 2,000 2,182 ------------ WASHINGTON (3.9%) Grant County Public Utility District No. 2 Priest Rapids, Series H, FSA, 5.00%, 1/1/11 (c) 2,485 2,626 King County School District No. 415 Kent, Series A, GO, 5.55%, 12/1/11 2,000 2,178 Yakima County, GO, AMBAC, 5.25%, 12/1/16, (Callable 12/1/12 @ 100) 425 453 ------------ 5,257 ------------ TOTAL MUNICIPAL BONDS 127,854 ------------ MUNICIPAL DEMAND NOTES (1.7%) ILLINOIS (0.4%) Lake Zurich Rose Road LLC Project, AMT, 8.50%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (d) 610 610 ------------ MICHIGAN (1.3%) Michigan Technical University, Series A, AMBAC, 5.50%, 5/7/08 (a) (d) 1,000 1,000 PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL DEMAND NOTES, CONTINUED MICHIGAN, CONTINUED Strategic Fund, Blair Equipment Co. Project, AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (d) $ 700 $ 700 ------------ 1,700 ------------ TOTAL MUNICIPAL DEMAND NOTES 2,310 ------------ SHARES ----------- MONEY MARKETS (2.9%) AIM TFIT Tax-Free Cash Reserve Portfolio (b) 111 --# Dreyfus Tax Exempt Cash Management (b) 3,828,655 3,829 Goldman Sachs Financial Square Tax-Free Money Market Fund (b) 68,498 68 Merrill Lynch Institutional Tax-Exempt Fund (b) 81 --# ------------ TOTAL MONEY MARKETS 3,897 ------------ TOTAL INVESTMENTS (COST $131,456) - 98.1% 134,061 OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9% 2,558 ------------ NET ASSETS - 100.0% $136,619 ============ NOTES TO SCHEDULE OF INVESTMENTS ** Rate represents the effective yield at purchase. # Amount is less than $500. (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Investment is in Institutional Shares of underlying fund/portfolio. (c) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. (d) Maturity date is next rate reset date. The following abbreviations are used in the Schedule of Investments: AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax Paper CIFG - CDC IXIX Financial Guaranty Services, Inc. CP - Certificates of Participation ETM - Escrowed to Maturity FGIC - Financial Guaranty Insurance co. FHLMC - Federal Home Loan Mortgage Corporation Continued 5 INTERMEDIATE MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) - -------------------------------------------------------------- Abbreviations used in the Schedule of Investments, Continued FNMA - Federal National Mortgage Association FSA - Financial Security Assurance, Inc. GNMA - Government National Mortgage Association GO - General Obligation LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance PSF - Public School Fund Q-SBLF - Qualified School Bond Loan Fund W/I - When Issued XLCA - XL Capital Assurance INVESTMENT CONCENTRATION AS A PERCENTAGE OF NET ASSETS, BY INDUSTRY: Airport 10.0% Bond Bank 1.9% Cash & Cash Equivalents 2.8% Development 6.1% Education 0.9% Facilities 2.2% General 5.3% General Obligation 13.1% Higher Education 5.2% Housing 6.1% Medical 8.6% Multifamily Housing 0.4% Municipal 1.9% Pollution 0.7% Power 5.6% School District 7.2% Single Family Housing 4.2% Student Loan 0.7% Transportation 11.8% U.S. Municipals 2.3% Utilities 0.7% Water 0.4% See notes to schedules of investments. 6 OHIO MUNICIPAL BOND SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL BONDS (95.6%) CALIFORNIA (0.6%) California State Department of Water Resources, Central Valley Project, Series AE, W/I, 5.00%, 12/1/22, (Callable 6/1/18 @ 100) $ 500 $ 533 ------------ COLORADO (1.9%) Denver City & County Airport System, Series A, FGIC, 5.00%, 11/15/19, (Callable 11/15/16 @ 100) 1,765 1,818 ------------ MICHIGAN (0.5%) Calumet Laurium & Keweenah Public Schools, GO, FSA, Q-SBLF, 4.00%, 5/1/15 460 483 ------------ NEW MEXICO (0.6%) County of Bernalillo, 5.25%, 4/1/27 500 537 ------------ OHIO (87.1%) Akron Bath Copley Joint Township Hospital District, Akron General Health System, Series A, 5.00%, 1/1/14 200 208 Akron Bath Copley Joint Township Hospital District, Akron General Health System, Series A, 5.00%, 1/1/15 320 333 Akron Bath Copley Joint Township Hospital District, Summa Health System, Series A, RADIAN, 5.25%, 11/15/14 @ 100) (c) 1,000 1,062 American Municipal Power-Ohio, Inc., AMBAC, 5.25%, 1/1/11 1,825 1,935 Beavercreek Local School District, GO, FGIC, 6.60%, 12/1/15 1,500 1,739 Cincinnati City School District, Classroom Construction and Improvements, GO, FGIC, 5.00%, 12/1/2017 1,000 1,095 Cincinnati City School District, Classroom Facilities Construction and Improvements, GO, FSA, 5.25%, 12/1/14, (Prerefunded 12/1/13 @ 100) (c) 1,500 1,664 City of Cleveland, GO, AMBAC, 5.25%, 12/1/17, (Callable 12/1/14 @ 100) 1,125 1,224 City of Columbus Sewer Revenue, Series A, 5.00%, 6/1/23, (Callable 12/1/17 @ 100) 1,000 1,058 City of North Olmsted, GO, AMBAC, 6.20%, 12/1/11 3,000 3,187 City of Olentangy Local School District, GO, FSA, 5.00%, 12/1/22 2,000 2,104 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED OHIO, CONTINUED County of Cuyahoga Capital Improvements, GO, 5.25%, 12/1/18, (Callable 12/1/14 @ 100) $ 2,000 $ 2,174 County of Cuyahoga Jail Facilities, GO, MBIA-IBC, 5.25%, 10/1/13 3,000 3,180 County of Erie Hospital Facilities, Firelands Regional Medical Center, Series A, 5.00%, 8/15/08 400 402 County of Erie Hospital Facilities, Firelands Regional Medical Center, Series A, 5.50%, 8/15/12 250 263 County of Hamilton Hospital Facilities, Cincinnati Children's Hospital, Series J, FGIC, 4.50%, 5/15/14 1,510 1,536 County of Lucas, GO, AMBAC-TCRS, 6.65%, 12/1/12, (Callable 6/1/08 @ 100) 100 100 Dayton-Montgomery County Port Authority, Series A, AMT, 4.75%, 11/15/15 570 577 Dayton-Montgomery County Port Authority, Parking Garage Project, Series A, 5.00%, 11/15/17, (Callable 5/15/14 @ 100) 895 907 Franklin County, American Chemical Society Project, 5.50%, 10/1/12, (Callable 10/1/09 @ 101) 2,270 2,359 Franklin County, Online Computer Library Center, 5.00%, 4/15/10 2,270 2,360 Franklin County, Trinity Health Credit, Series A, 5.00%, 6/1/13 475 497 Housing Finance Agency, Series A3, AMT, 3.95%, 9/1/08 225 226 Housing Finance Agency, Series A3, AMT, 4.35%, 9/1/10 140 141 Housing Finance Agency, Series A, AMT, GNMA, 3.65%, 9/1/11 570 559 Housing Finance Agency, Series A3, AMT, 4.55%, 9/1/11 145 147 Housing Finance Agency, Series A, AMT, GNMA, 3.30%, 9/1/30, (Callable 3/1/13 @ 100) 610 609 Housing Finance Agency, Series C, AMT, GNMA, 4.63%, 9/1/31, (Callable 1/1/11 @ 100) 785 777 Housing Finance Agency, Residential Mortgage, Series C, AMT, GNMA-FNMA, 3.90%, 3/1/13 995 994 Kettering City School District, GO, FSA, 4.75%, 12/1/20, (Callable 6/1/17 @ 100) 1,860 1,952 Continued 1 OHIO MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL BONDS, CONTINUED OHIO, CONTINUED Knox County Hospital Facilities, RADIAN, 4.70%, 6/1/08 $ 1,150 $ 1,151 Miami County Hospital Facilities, Upper Valley Medical Center, 5.25%, 5/15/15 500 524 Municipal Electric Generation Agency, Joint Venture, AMBAC, 5.00%, 2/15/14 1,885 2,038 Ohio State Higher Educational Facility Commission, Denison University Project, 5.50%, 11/1/12, (Callable 11/1/11 @ 101) 1,000 1,088 Ohio State Higher Educational Facility Commission, John Carroll University, 5.25%, 11/15/14, (Callable 11/15/13 @ 100) 1,435 1,549 Ohio State Higher Educational Facility Commission, John Carroll University, 5.25%, 11/15/15, (Callable 11/15/13 @ 100) 1,490 1,596 Ohio State Higher Educational Facility Commission, Xavier University Project, CIFG, 5.00%, (Prerefunded 5/1/16 @100) 2,010 2,184 Ohio State Higher Educational Facility Commission, Xavier University Project, CIFG, 5.00%, 5/1/19, (Prerefunded 5/1/16 @ 100) 3,115 3,285 Ohio State University, Series B, 5.25%, 6/1/18, (Callable 6/1/13 @ 100) 5,880 6,287 Ohio State Water Development Authority, Fresh Water Implements, 5.00%, 12/1/34, (Prerefunded 6/1/14 @ 100) 1,000 1,099 Orrville City School District, School Facilities Construction, GO, AMBAC, 4.50%, 12/1/18, (Callable 12/1/17 @ 100) 415 431 Orrville City School District, School Facilities Construction, GO, AMBAC, 5.00%, 12/1/20, (Callable 12/1/17 @ 100) 350 369 Orrville City School District, School Facilities Construction, GO, AMBAC, 5.00%, 12/1/22, (Callable 12/1/17 @ 100) 500 520 Richland County Hospital Facilities, Medcentral Health Systems, 5.00%, 11/15/15 770 792 State Economic Enterprise, Series 2002-6, AMT, 4.40%, 12/1/12 815 836 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED OHIO, CONTINUED State Higher Educational Facility Commission, Case Western Reserve University, Series D, 6.25%, 7/1/14 $ 6,500 $ 7,279 State of Ohio, Series 2007 1, FSA, 4.00%, 6/15/14 1,000 1,041 State of Ohio, Common Schools, GO, 5.00%, 6/15/13 1,000 1,087 State of Ohio, Higher Education, Series A, GO, 4.25%, 5/1/16 2,310 2,422 State of Ohio, Higher Educational Facility Commission, Mount Union College Project, 4.75%, 10/1/15 385 410 State of Ohio, Higher Educational Facility Commission, Mount Union College Project, 4.75%, 10/1/16 300 319 State of Ohio, Higher Educational Facility Commission, Mount Union College Project, 5.25%, 10/1/21, (Callable 10/1/16 @ 100) 980 1,027 State of Ohio, Higher Educational Facility Commission, Ohio Northern University Project, 3.50%, 5/1/10 475 480 State of Ohio, Higher Educational Facility Commission, Ohio Northern University Project, 3.88%, 5/1/13 645 653 State of Ohio, Republic Services Project, AMT, 4.25%, 4/1/33, (Mandatory Put 4/1/14 @ 100) (a) 3,470 3,176 Steubenville Hospital Facilities, Trinity Health, 2.78%, 10/1/30 (a) 970 723 Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project, 5.00%, 12/1/08 1,155 1,170 Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project, 5.00%, 12/1/09 1,110 1,140 University of Akron, FGIC, 5.50%, 1/1/20, (Prerefunded 1/1/10 @ 101) 2,015 2,128 University of Cincinnati, University Center Project, CP,MBIA, 5.00%, 6/1/10 300 315 ------------ 82,488 ------------ PENNSYLVANIA (1.1%) Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, 5.00%, 9/1/16 1,000 1,056 ------------ Continued 2 OHIO MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL BONDS, CONTINUED PUERTO RICO (3.2%) Commonwealth of Puerto Rico, Series A, GO, 5.00%, 7/1/30, (Mandatory Put 7/1/12 @ 100) (a) $ 3,000 $ 3,037 ------------ TEXAS (0.6%) Spring Independent School District, Series A, GO, PSF, 5.00%, 8/15/15 500 549 ------------ TOTAL MUNICIPAL BONDS 90,501 ------------ MUNICIPAL DEMAND NOTES (2.0%) ILLINOIS (0.6%) Finance Authority, Florence Corp. Project, AMT, 8.50%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (d) 615 615 ------------ OHIO (1.4%) Air Quality Development Authority, Pollution Control, Series C, 2.75%, 5/1/08, (LOC: Wachovia Corp.) (a) (d) 300 300 Air Quality Development Authority, Pollution Control, Series C, AMT, 2.85%, 5/1/08, (LOC: Wachovia Corp.) (a) (d) 1,000 1,000 ------------ 1,300 ------------ TOTAL MUNICIPAL DEMAND NOTES 1,915 ------------ SHARES ------------ MONEY MARKETS (3.8%) Dreyfus Tax Exempt Cash Management (b) 527,872 528 Goldman Sachs Financial Square Tax-Free Money Market Fund (b) 3,066,166 3,066 ------------ TOTAL MONEY MARKETS 3,594 ------------ TOTAL INVESTMENTS (COST $95,027) - 101.4% 96,010 LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)% (1,290) ------------ NET ASSETS - 100.0% $ 94,720 ============ NOTES TO SCHEDULE OF INVESTMENTS (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Investment is in Institutional Shares of underlying fund. (c) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. (d) Maturity date is next rate reset date. Continued The following abbreviations are used in the Schedule of Investments: AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax Paper CIFG - CDC IXIS Financial Guaranty Services, Inc. CP - Certificates of Participation FGIC - Financial Guaranty Insurance Co. FNMA - Federal National Mortgage Association FSA - Financial Security Assurance, Inc. GNMA - Government National Mortgage Association GO - General Obligation IBC - Bond Certificate LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance PSF - Public School Fund Q-SBLF - Qualified School Bond Loan Fund Radian - Radian Guaranty, Inc. TCRS - Temporary Custodian Receipts W/I - When Issued INVESTMENT CONCENTRATION AS A PERCENTAGE OF NET ASSETS, BY INDUSTRY: Airport 1.9% Cash & Cash Equivalents 3.8% Development 4.0% General 6.0% General Obligation 17.3% Higher Education 30.2% Housing 2.8% Medical 9.0% Municipal 3.4% Pollution 4.8% Power 4.2% School District 9.3% Single Family Housing 0.8% Transportation 1.6% Utilities 1.1% Water 1.2% See notes to schedules of investments 3 MICHIGAN MUNICIPAL BOND SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- MUNICIPAL BONDS (93.7%) MICHIGAN (92.5%) Avondale School District, GO, Q-SBLF, 5.00%, 5/1/10 $ 800 $ 838 Calumet Laurium & Keweenah Public Schools, GO, FSA, Q-SBLF, 3.75%, 5/1/13 220 228 Calumet Laurium & Keweenah Public Schools, GO, FSA, Q-SBLF, 4.00%, 5/1/14 455 478 Canton Charter Township Capital Improvements, GO, FSA, 5.00%, 4/1/14 100 109 Chippewa Valley Schools, GO, FSA, Q-SBLF, 5.00%, 5/1/14 500 547 City of Ann Arbor Water Supply System, Series Y, MBIA, 5.00%, 2/1/10 880 913 City of Zeeland Water Supply System, AMT, 4.00%, 10/1/08 270 272 City of Zeeland Water Supply System, AMT, 4.00%, 10/1/09 280 282 Clarkston Community Schools, GO, FSA-CR, Q-SBLF, 5.25%, 5/1/29, (Prerefunded 5/1/13 @ 100) 1,000 1,099 Coldwater Electric, AMT, XLCA, 4.50%, 8/1/11 515 533 Coldwater Electric, AMT, XLCA, 4.50%, 8/1/13 570 590 Detroit, Cobo Hall, MBIA, 5.00%, 9/30/08 1,600 1,616 Detroit Sewer Disposal, MBIA, 5.50%, 7/1/16 1,500 1,677 Detroit Water Supply System, Series A, FSA, 5.00%, 7/1/15 1,000 1,080 Essexville-Hampton Public Schools, GO, FSA, Q-SBLF, 4.00%, 5/1/14 250 263 Fremont Public School District, GO, FSA, Q-SBLF, 3.25%, 5/1/13 330 334 Goodrich Area School District, GO, FSA, Q-SBLF, 3.50%, 5/1/13 395 402 Grand Rapids & Kent County Joint Building Authority, GO, 5.50%, 10/1/09 605 631 Higher Education Facilities Authority, Hope College Project, 4.60%, 10/1/08 320 320 Higher Education Student Loan Authority, Series XII-W, AMT, AMBAC, 4.60%, 9/1/08 1,000 998 Higher Education Student Loan Authority, Series XII-W, AMT, AMBAC, 4.75%, 3/1/09 200 204 Higher Education Student Loan Authority, Series XVII-I, AMT, AMBAC, 3.65%, 3/1/10 1,000 1,008 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED Kalamazoo Water Supply System, AMBAC, 5.00%, 9/1/14 $ 450 $ 495 Kalamazoo Water Supply System, AMBAC, 5.00%, 9/1/15 510 564 Kent Hospital Finance Authority, Spectrum Health, Series A, 5.25%, 1/15/09 1,075 1,097 Kent Hospital Finance Authority, Spectrum Health, Series B, 5.00%, 7/15/11 600 625 Michigan State South Central Power Agency, AMBAC, 4.50%, 11/1/11 500 513 Michigan State University, Series A, AMBAC, 4.00%, 2/15/12 450 464 Mount Clemens Community School District, GO, Q-SBLF, 5.50%, 5/1/12, (Prerefunded 11/1/11 @ 100) 1,075 1,168 Municipal Bond Authority, Government Loan Program, Series C, 5.00%, 5/1/10 (c) 1,000 1,045 Municipal Bond Authority, State Clean Water Revolving Fund, 5.00%, 10/1/13 1,000 1,091 Ovid Elsie Area Schools, GO, FSA, Q-SBLF, 4.00%, 5/1/15 525 551 Portage Public Schools, Building and Site, GO, FSA, 3.25%, 5/1/13 250 251 South Lyon Community Schools, Series II, GO, MBIA, 5.25%, 5/1/18, (Prerefunded 5/1/14 @ 100) 675 748 State Building Authority, Facilities Program, Series I, AMBAC, 5.00%, 10/15/29, (Mandatory Put 10/15/11 @ 100) (a) 1,000 1,064 State Hospital Finance Authority, Edward W. Sparrow Hospital, 5.00%, 11/15/12 250 263 State Hospital Finance Authority, Henry Ford Health System, Series A, 5.00%, 11/15/14 250 262 State Hospital Finance Authority, Holland Community Hospital, Series A, 4.15%, 1/1/12 450 455 State Hospital Finance Authority, Marquette General Hospital, Series A, 5.00%, 5/15/10 905 911 State Hospital Finance Authority, McLaren Health Care, Series C, 4.00%, 8/1/08 405 407 State Hospital Finance Authority, Oakwood Healthcare System, Series A, 5.00%, 7/15/11 530 548 Continued 1 MICHIGAN MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - ------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ----------- MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED State Housing Development Authority, Parkway Meadows Project, FSA, 3.50%, 10/15/09 $ 710 $ 721 State Housing Development Authority, Rental Housing, Series B, AMT, FSA, 4.00%, 4/1/12 145 145 State Housing Development Authority, Rental Housing, Series B, AMT, FSA, 4.00%, 10/1/12 195 195 State Housing Development Authority, Rental Housing, Series B, AMT, FSA, 4.05%, 4/1/13 100 100 State Housing Development Authority, Rental Housing, Series B, AMT, FSA, 4.05%, 10/1/13 210 210 State Housing Development Authority, Rental Housing, Series D, AMT, 3.75%, 10/1/11 500 496 State of Michigan, Series A, CP, MBIA, 5.00%, 9/1/31, (Mandatory Put 9/1/11 @ 100) (a) 2,000 2,121 State of Michigan Comprehensive Transportation, Series A, FSA, 5.50%, 5/15/11 950 1,025 State of Michigan, Grant Antic Buildings, FSA, 4.25%, 9/15/12 1,000 1,037 State of Michigan, Trunk Line, FGIC, 5.00%, 11/1/10 1,000 1,056 Strategic Fund, Solid Waste Management Project, AMT, 4.63%, 12/1/12 250 246 University of Michigan Hospital, 5.00%, 12/1/09 510 530 Warren Consolidated School District, GO, FSA, 5.00%, 5/1/16 750 826 Wayne County Airport Authority, AMT, MBIA, 5.00%, 12/1/09 1,000 1,025 Wayne County Community College, GO, FGIC, 5.25%, 7/1/09 1,000 1,029 Wayne Westland Community Schools, GO, FSA, Q-SBLF, 5.00%, 5/1/10 (c) 1,000 1,050 Wyandotte Electric, Series A, AMT, MBIA, 4.50%, 10/1/11 600 624 Wyandotte Electric, Series A, AMT, MBIA, 5.00%, 10/1/12 600 636 ----------- 40,016 ----------- Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED PUERTO RICO (1.2%) Government Development Bank, Series C, AMT, 5.25%, 1/1/15 $ 500 $ 514 ------------ TOTAL MUNICIPAL BONDS 40,530 ------------ MUNICIPAL DEMAND NOTES (2.6%) IOWA (0.6%) West Burlington Borghi Oil Hydraulic Project, Series B, AMT, 8.50%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (d) 270 270 ------------ MICHIGAN (2.0%) Michigan Technical University, Series A, AMBAC, 5.50%, 5/7/08 (a) (d) 850 850 ------------ TOTAL MUNICIPAL DEMAND NOTES 1,120 ------------ SHARES ----------- MONEY MARKETS (2.6%) AIM TFIT Tax-Free Cash Reserve Portfolio (b) 187 --# Dreyfus Tax Exempt Cash Management (b) 1,115,784 1,116 Goldman Sachs Financial Square Tax-Free Money Market Fund (b) 3,580 4 Merrill Lynch Institutional Tax-Exempt Fund (b) 394 --# ------------ TOTAL MONEY MARKETS 1,120 ------------ TOTAL INVESTMENTS (COST $42,271) - 98.9% 42,770 OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1% 491 ------------ NET ASSETS - 100.0% $ 43,261 ============ NOTES TO SCHEDULE OF INVESTMENTS # Amount is less than $500. (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Investment is in Institutional Shares of underlying fund. (c) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. (d) Maturity date is next rate reset date. Continued 2 MICHIGAN MUNICIPAL BOND SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ------------------------------------------------------------- The following abbreviations are used in the Schedule of Investments: AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax Paper CP - Certificates of Participation CR - Custodian Receipt FGIC - Financial Guaranty Insurance Co. FSA - Financial Security Assurance, Inc. GO - General Obligation LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance Q-SBLF - Qualified School Bond Loan Fund XLCA - XL Capital Assurance INVESTMENT CONCENTRATION AS A PERCENTAGE OF NET ASSETS, BY INDUSTRY: Airport 2.4% Cash & Cash Equivalents 2.6% Development 1.8% Facilities 7.7% General 9.8% General Obligation 2.6% Higher Education 6.2% Housing 4.3% Medical 11.8% Pollution 0.6% Power 6.7% School District 20.3% Student Loan 5.1% Transportation 4.8% Utilities 3.9% Water 8.3% See notes to schedules of investments. 3 PRIME MONEY MARKET SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ---------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ------------ CORPORATE BONDS (19.0%) COMMERCIAL BANKS-CENTRAL U.S. (3.8%) US Bank NA, Series BKNT, 4.40%, 8/15/08 $ 8,310 $ 8,294 US Bank NA, 2.78%, 9/3/08 10,000 10,000 US Bank NA, 2.82%, 10/21/08 25,000 25,000 US Bank NA, 2.95%, 4/27/09 15,000 15,000 ------------ 58,294 ------------ COMMERCIAL BANKS-SOUTHERN U.S. (1.1%) Wachovia Bank NA, Series BKNT, 2.37%, 7/2/08 (a) (e) 5,000 4,986 Wachovia Bank NA, Series BKNT, 2.65%, 7/3/08 (a) (e) 12,000 12,004 ------------ 16,990 ------------ COSMETICS & TOILETRIES (1.0%) Procter & Gamble Co., 3.50%, 12/15/08 15,000 15,046 ------------ DIVERSIFIED FINANCIAL SERVICES (1.5.%) General Electric Capital Corp., Series MTNA, 2.94%, 5/22/08 (a) (e) 5,000 5,000 General Electric Capital Corp., Series MTNA, 3.60%, 10/15/08 (c) 7,500 7,491 General Electric Capital Corp., Series MTNA, 4.00%, 2/17/09 5,000 5,040 General Electric Capital Corp., Series MTNA, 3.13%, 4/1/09 5,000 5,006 ------------ 22,537 ------------ FINANCE-CONSUMER LOANS (0.6%) HSBC Finance Corp., Series EXL, 2.76%, 5/6/08 (a) (e) 10,000 10,000 ------------ FINANCE-INVESTMENT BANKER/BROKER (3.1%) Bear Stearns Cos., Inc. (The), Series MTN, 2.84%, 5/6/08 (a) (e) 20,000 20,000 Credit Suisse USA, Inc., 3.88%, 1/15/09 5,819 5,844 Merrill Lynch & Co., Inc., Series MTN, 2.87%, 5/19/08 (a) (e) 8,000 8,000 Morgan Stanley, 2.79%, 5/6/08 (a) (e) 15,000 15,000 ------------ 48,844 ------------ INTEGRATED OIL & GAS (1.5%) BP Capital Markets PLC, 3.04%, 6/11/08 (a) (e) 15,000 15,000 Texaco Capital, Inc., 5.50%, 1/15/09 7,500 7,635 ------------ 22,635 ------------ MEDICAL-DRUGS (0.3%) Abbott Laboratories, 5.38%, 5/15/09 5,000 5,125 ------------ Continued PRINCIPAL AMOUNT VALUE --------- ---------- CORPORATE BONDS, CONTINUED RETAIL (0.5%) Wal-Mart Stores, Inc., 3.38%, 10/1/08 $ 7,640 $ 7,620 ---------- SPECIAL PURPOSE ENTITY (1.4%) Florida Hurricane Catastrophe Fund, Series 2006-B, 2.93%, 5/15/08 (a) (e) 10,000 9,962 Florida Hurricane Catastrophe Fund, Series 2006-B, 2.93%, 5/15/08, (LOC: Dexia Banque SA) (a) (e) 12,000 12,000 ---------- 21,962 ---------- SUPER-REGIONAL BANKS-U.S. (4.2%) Bank One Corp., 6.00%, 8/1/08 13,534 13,568 SunTrust Banks, Inc., 4.00%, 10/15/08 6,190 6,195 Wachovia Corp., 3.63%, 2/17/09 1,707 1,710 Wells Fargo & Co., 2.80%, 5/15/08 (a) (b) (e) 25,000 25,000 Wells Fargo & Co., 4.00%, 8/15/08 6,300 6,296 Wells Fargo & Co., 3.13%, 4/1/09 13,207 13,211 ---------- 65,980 ---------- TOTAL CORPORATE BONDS 295,033 ---------- FOREIGN BONDS (2.8%) COMMERCIAL BANKS NON-U.S. (1.0%) BNP Paribas, Series MTN, 4.03%, 5/13/08 (a) (e) 15,000 15,000 ---------- COMMERCIAL BANKS-EASTERN U.S. (1.3%) Deutsche Bank AG, 2.72%, 5/9/08 (a) (e) 5,000 4,992 Deutsche Bank AG, 2.52%, 5/11/08 (a) (e) 15,000 15,000 ---------- 19,992 ---------- SPECIAL PURPOSE ENTITY (0.5%) Procter & Gamble International Funding SCA, 3.14%, 5/19/08 (a) (e) 8,000 8,000 ---------- TOTAL FOREIGN BONDS 42,992 ---------- U.S. GOVERNMENT AGENCIES (1.5%) FEDERAL FARM CREDIT BANK (0.1%) 2.82%, 5/15/08 1,000 999 ---------- FEDERAL HOME LOAN BANK (1.4%) 5.13%, 5/14/08 570 570 4.00%, 5/15/08 500 500 2.93%, 5/20/08 (a) (e) 8,000 8,000 4.10%, 6/13/08 810 809 3.38%, 7/21/08 1,000 997 5.13%, 7/23/08 550 550 Continued 1 PRIME MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - ---------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ------------ U.S. GOVERNMENT AGENCIES, CONTINUED FEDERAL HOME LOAN BANK, CONTINUED 3.88%, 8/22/08 (c) $ 790 $ 788 2.90%, 2/27/09 10,000 10,000 ------------ 22,214 ------------ TOTAL U.S. GOVERNMENT AGENCIES 23,213 ------------ SHARES ---------- INVESTMENT COMPANIES (0.1%) State Street Navigator Securities Lending Portfolio (f) 1,882,965 1,883 TOTAL INVESTMENT COMPANIES 1,883 ------------ PRINCIPAL AMOUNT ---------- CERTIFICATES OF DEPOSIT (1.0%) COMMERCIAL BANKS-CENTRAL U.S. (1.0%) Bank of Montreal, 2.95%, 8/18/08 $ 15,000 15,000 ------------ TOTAL CERTIFICATES OF DEPOSIT 15,000 ------------ COMMERCIAL PAPER (37.5%) COMMERCIAL BANKS NON-U.S. (7.0%) Bank of Nova Scotia, 2.74%, 6/17/08 ** 10,000 9,964 Bank of Nova Scotia, 2.61%, 6/25/08 ** 25,000 24,900 Barclays PLC, 3.10%, 5/5/08 ** 15,000 14,995 Barclays PLC, 4.49%, 5/5/08 ** 15,000 14,993 Barclays PLC, 3.05%, 5/27/08 ** 10,000 9,978 Barclays PLC, 2.78%, 7/16/08 ** 15,000 14,912 Toronto Dominion Bank, 2.62%, 5/29/08 ** 20,000 19,959 ------------ 109,701 ------------ COMPUTERS (2.2%) IBM Capital, Inc., 2.40%, 6/10/08 ** 19,782 19,729 IBM Capital, Inc., 2.40%, 6/18/08 ** 15,000 14,952 ------------ 34,681 ------------ DIVERSIFIED FINANCIAL SERVICES (5.1%) General Electric Capital Co., 2.88%, 6/3/08 ** 5,000 4,987 General Electric Capital Co., 2.67%, 7/7/08 ** 15,000 14,926 General Electric Capital Co., 2.52%, 8/6/08 ** 15,000 14,898 General Electric Capital Co., 2.45%, 9/22/08 ** 15,000 14,853 Rabobank USA Financial Co., 2.66%, 5/7/08 ** 15,000 14,993 Rabobank USA Financial Co., 2.84%, 7/18/08 ** 15,000 14,908 ------------ 79,565 ------------ Continued PRINCIPAL AMOUNT VALUE --------- ---------- COMMERCIAL PAPER, CONTINUED FIDUCIARY BANKS (3.2%) State Street Boston Corp., 2.70%, 7/14/08 ** $ 15,000 $14,917 State Street Corp., 2.74%, 5/13/08 ** 20,000 19,982 State Street Corp., 2.58%, 6/17/08 ** 15,000 14,950 ---------- 49,849 ---------- FINANCE-AUTO LOANS (6.5%) American Honda Finance, 2.20%, 5/16/08 ** 11,700 11,689 American Honda Finance, 2.20%, 7/2/08 ** 25,000 24,905 Toyota Motor Credit Co., 2.35%, 5/19/08 ** 15,000 14,982 Toyota Motor Credit Co., 2.84%, 6/2/08 ** 15,000 14,962 Toyota Motor Credit Co., 4.32%, 6/25/08 ** 10,000 9,934 Toyota Motor Credit Co., 2.25%, 8/29/08 ** 15,000 14,888 Toyota Motor Credit Corp., 2.63%, 10/21/08 ** 10,000 9,874 ---------- 101,234 ---------- FINANCE-INVESTMENT BANKER/BROKER (2.6%) BNP Paribas Financial, Inc., 3.66%, 6/23/08 ** 15,000 14,919 Citigroup, Inc., 3.08%, 5/6/08 ** 10,000 9,997 JPMorgan Chase & Co., 2.99%, 6/6/08 ** 15,000 14,955 ---------- 39,871 ---------- FINANCE-LEASING COMPANY (1.0%) International Lease Finance Corp., 2.90%, 5/20/08 ** 15,000 14,977 ---------- FINANCE-OTHER SERVICES (1.9%) National Rural Utilities, 2.22%, 5/22/08 ** 30,000 29,961 ---------- MEDICAL-HOSPITALS (0.3%) Essentia Health, 2.71%, 6/12/08 ** 5,285 5,268 ---------- MONEY CENTER BANKS (1.0%) UBS Financial, 4.12%, 5/12/08 ** 15,000 14,981 ---------- OIL COMPANY-INTEGRATED (1.0%) Total FINA Elf SA, 2.19%, 6/30/08 ** 15,000 14,945 ---------- REGIONAL AUTHORITY (0.6%) Michigan State Multifamily Housing Project, 4.85%, 10/28/08 10,000 10,000 ---------- Continued 2 PRIME MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ---------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ------------ COMMERCIAL PAPER, CONTINUED SPECIAL PURPOSE BANKS (1.0%) Dexia Delaware LLC, 3.08%, 5/21/08 ** $ 15,000 $ 14,974 ------------ SPECIAL PURPOSE ENTITY (2.8%) AIG Funding, Inc., 3.93%, 6/23/08 ** 10,000 9,942 Nestle Capital Corp., 4.48%, 5/22/08 ** (b) 5,000 4,987 Nestle Capital Corp., 2.72%, 6/6/08 ** (b) 12,000 11,967 Nestle Capital Corp., 2.35%, 10/31/08 ** (b) 7,000 6,916 Societe Generale, 2.82%, 6/9/08 ** 10,000 9,970 ------------ 43,782 ------------ SUPER-REGIONAL BANKS-U.S. (1.3%) Bank of America Corp., 2.75%, 7/16/08 ** 5,100 5,070 Wells Fargo & Co., 2.29%, 5/1/08 ** 15,000 15,000 ------------ 20,070 ------------ TOTAL COMMERCIAL PAPER 583,859 ------------ DEMAND NOTES (9.1%) DIVERSIFIED FINANCIAL SERVICES (0.6%) Harry W. Albright JR, Series 1996, 3.30%, 5/1/08, (LOC: Bank of America) (a) (e) 5,485 5,485 Woods Group, Series 2007-A, 3.15%, 5/1/08, (LOC: Regions Bank) (a) (b) (e) 3,975 3,975 ------------ 9,460 ------------ FINANCE-OTHER SERVICES (0.5%) Lexington Financial Services LLC, Series 2001, 2.95%, 5/1/08, (LOC: Bank of America) (a) (e) 8,200 8,200 ------------ FINANCIAL (0.5%) Cornerstone Funding Corp., Series 2001-C, 2.74%, 5/1/08, (LOC: SunTrust Banks, Inc.) (a) (e) 7,625 7,625 ------------ SPECIAL PURPOSE ENTITY (7.5%) Buckeye Corrugated, Inc., Series 1997, 3.25%, 5/1/08, (LOC: KeyBank NA) (a) (b) (e) 4,300 4,300 Bybee Foods LLC Taxable Adjustable Rate Notes, Series 2006, 3.25%, 5/1/08, (LOC: KeyBank NA) (a) (e) 1,600 1,600 Capital One Funding Corp., Series 1996-H, 3.30%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 660 660 Capital One Funding Corp., Series 1997-D, 3.30%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 609 609 Continued PRINCIPAL AMOUNT VALUE --------- ---------- DEMAND NOTES, CONTINUED SPECIAL PURPOSE ENTITY, CONTINUED Capital One Funding Corp., Series 1999-D, 4.90%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) $ 885 $ 885 Capital One Funding Corp., Series 2001-C, 3.30%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 2,208 2,208 Central Michigan Inns, 3.04%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 960 960 CHF - Elon LLC, Series 2005, 3.10%, 5/1/08, (LOC: Regions Bank) (a) (b) (e) 19,985 19,985 Clare at Water Tower (The), Series 2005, 2.90%, 5/1/08, (LOC: Bank of America) (a) (e) 12,500 12,500 Doctors Park LLP, 3.00%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 5,000 5,000 Erickson Foundation, Inc. (The), 2.90%, 5/2/08, (LOC: FHLB) (a) (e) 15,000 15,000 Fort Bend Church (The), 3.45%, 5/2/08, (LOC: Regions Bank) (a) (e) 6,200 6,200 Iowa 80 Group, Inc., 3.18%, 6/1/08, (LOC: Wells Fargo & Co.) (a) (e) 3,415 3,415 Jackson 2000 LLC, Series 1999, 3.25%, 5/1/08, (LOC: KeyBank NA) (a) (e) 8,520 8,520 Landmark Medical LLC, Series 2000, 3.60%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 6,780 6,780 Lincoln Hills Development Corp., 3.15%, 5/1/08, (LOC: Regions Bank) (a) (e) 3,080 3,080 New Belgium Brewing Co., Inc., Series 2000, 3.00%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 2,250 2,250 PCI Paper Conversions, Inc., Series 2000, 3.25%, 5/1/08, (LOC: KeyBank NA) (a) (e) 1,065 1,065 Royal Town Center LLC, Series 1997, 3.25%, 5/1/08, (LOC: FHLB) (a) (b) (e) 5,095 5,095 SDK Cameron LLC, Series 2005, 3.34%, 5/1/08, (LOC: Comerica Bank) (a) (b) (e) 3,090 3,090 SGS Tool Co., Series 1999, 3.21%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 3,025 3,025 St. Andrew United Methodist Church, 2.90%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 11,135 11,135 ---------- 117,362 ---------- TOTAL DEMAND NOTES 142,647 ---------- MUNICIPAL DEMAND NOTES (10.7%) ALABAMA (.5%) Albertville Industrial Development Board, Mitchell Grocery, 3.15%, 5/1/08, (LOC: Regions Bank) (a) (e) 7,530 7,530 ---------- Continued 3 PRIME MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ---------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ------------ MUNICIPAL DEMAND NOTES, CONTINUED ALASKA (.3%) Four Dam Pool Power Agency, Series B, 2.86%, 5/1/08, (LOC: Dexia Banque SA) (a) (e) $ 4,050 $ 4,050 ------------ CALIFORNIA (2.5%) County of Riverside, CP, 2.95%, 5/7/08, (LOC: State Street Corp.) (a) (e) 6,500 6,500 County of Sacramento, 2.95%, 5/7/08, (LOC: Bayerische Landesbank) (a) (e) 32,430 32,430 ------------ 38,930 ------------ COLORADO (.1%) Pueblo Housing Authority, 3.00%, 5/1/08, (LOC: Wells Fargo & Co. (a) (b) (e) 1,620 1,620 ------------ DELAWARE (.2%) Revenue Bond Certificate Series Trust Various States, 3.15%, 5/1/08, (LOC: AIG) (a) (b) (e) 3,635 3,635 ------------ FLORIDA (.6%) County of Washington, Series B, 3.15%, 5/1/08, (LOC: SunTrust Banks, Inc.) (a) (e) 2,800 2,800 Florida Development Finance Corp., Royal Enterprise Building Fund, Series B, 3.15%, 5/1/08, (LOC: Regions Bank) (a) (b) (e) 7,200 7,200 ------------ 10,000 ------------ GEORGIA (1.1%) Columbus Development Authority, Litho-Krome Co. Project, 2.93%, 5/1/08, (LOC: Bank of America) (a) (e) 10,125 10,125 Mc Duffie County Development Authority, Thomson Plastics, Inc., 3.15%, 5/1/08, (LOC: Regions Bank) (a) (e) 6,505 6,505 ------------ 16,630 ------------ ILLINOIS (.7%) Finance Authority, Fairview, Series D, 2.90%, 5/1/08, (LOC: Bank of America) (a) (e) 4,455 4,455 Finance Authority, Franciscan Communities, Series B, 2.90%, 5/1/08, (LOC: Bank of America) (a) (e) 5,955 5,955 ------------ 10,410 ------------ INDIANA (.1%) State Finance Authority, Series B, 3.00%, 5/1/08, (LOC: Bank of America) (a) (e) 2,150 2,150 ------------ Continued PRINCIPAL AMOUNT VALUE --------- ---------- MUNICIPAL DEMAND NOTES, CONTINUED IOWA (.4%) Dallas County Industrial Development, Sioux City Brick and Tile, Series B, 3.60%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) $ 6,305 $ 6,305 ---------- MISSISSIPPI (.1%) Mississippi Business Finance Corp., CPX Gulfport ES OPAG LLC, Series B, 2.97%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 2,095 2,095 ---------- NEW YORK (.8%) New York City Housing Development Corp., Multi-Family Housing, Chelsea Centro, Series A, 3.00%, 5/7/08, (LOC: Bayerische Landesbank) (a) (e) 11,985 11,985 ---------- NORTH CAROLINA (.9%) Roman Catholic Diocese of Raleigh, 2.95%, 5/1/08, (LOC: Bank of America) (a) (e) 13,495 13,495 ---------- OHIO (0.8%) Cleveland-Cuyahoga County Port Authority, Science Park LLC, Series B, 3.20%, 5/1/08, (LOC: KeyBank NA) (a) (e) 12,700 12,700 ---------- UTAH (0.1%) Housing Corp., Multi-Family Housing, Todd Apartments, Series B, 3.15%, 5/1/08, (LOC: AIG) (a) (e) 2,061 2,061 ---------- VIRGINIA (.4%) Alexandria Industrial Development Authority, Series A, 3.05%, 5/7/08, (LOC: SunTrust Banks, Inc.) (a) (e) 5,950 5,950 ---------- WASHINGTON (1.1%) State Housing Finance Commission, Eaglepointe Apartments, Series B, 3.15%, 5/1/08, (LOC: AIG) (a) (e) 1,610 1,610 State Housing Finance Commission, Monticello Park Project, 2.89%, 5/1/08, (LOC: FNMA) (a) (e) 3,680 3,680 State Housing Finance Commission, Skyline At First, Series D, 2.90%, 5/1/08, (LOC: Bank of America) (a) (e) 11,100 11,100 ---------- 16,390 ---------- TOTAL MUNICIPAL DEMAND NOTES 165,936 ---------- Continued 4 PRIME MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - ---------------------------------------------------------- SHARES VALUE ---------- ------------ MONEY MARKETS (9.1%) AIM STIT Liquid Assets Portfolio (d) 71,658,589 $ 71,659 Goldman Sachs Financial Square Funds - Prime Obligations Fund (d) 70,462,467 70,462 ------------ 142,121 ------------ TOTAL MONEY MARKETS 142,121 ------------ PRINCIPAL AMOUNT ----------------- REPURCHASE AGREEMENTS (9.9%) Deutsche Bank, 1.97%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $145,008, Collateralized by various U.S. Government Agency Securities, 0.00%-4.88%, 7/6/08-5/15/23, value $146,822) $ 145,000 145,000 UBS Investment Bank, 1.95%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $9,254, Collateralized by Federal Farm Credit Bank, 2.10%, 4/1/10, value $9,440) 9,253 9,253 ----------- 154,253 ----------- TOTAL REPURCHASE AGREEMENTS 154,253 ----------- TOTAL INVESTMENTS (COST $1,566,937)+ - 100.7% 1,566,937 LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)% (11,504) ----------- NET ASSETS - 100.0% $1,555,433 =========== NOTES TO SCHEDULE OF INVESTMENTS ** Rate represents the effective yield at purchase. + Also represents cost for federal income tax purposes. (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (c) All or part of this security was on loan. (d) Investment is in Institutional Shares of underlying fund / portfolio. (e) Maturity date is next rate reset date. (f) Represents investments of cash collateral received in connection with securities lending. Continued The following abbreviations are used in the Schedule of Investments: CP - Certificate of Participation FHLB - Federal Home Loan Bank FNMA - Federal National Mortgage Association LOC - Letter of Credit See notes to schedules of investments. 5 INSTITUTIONAL MONEY MARKET SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ CORPORATE BONDS (17.1%) COMMERCIAL BANKS-CENTRAL U.S. (3.2%) M&I Marshall & Ilsley Bank, Series BK, 2.89%, 5/27/08 (a) (e) $ 5,000 $ 4,996 US Bank NA, Series BKNT, 4.40%, 8/15/08 12,957 12,945 US Bank NA, 2.78%, 9/3/08 25,000 25,000 US Bank NA, 2.82%, 10/21/08 25,000 25,000 US Bank NA, 2.95%, 4/27/09 20,000 20,000 ------------ 87,941 ------------ COMMERCIAL BANKS-SOUTHERN U.S. (1.5%) Wachovia Bank NA, Series BKNT, 2.37%, 7/2/08 (a) (e) 15,000 14,957 Wachovia Bank NA, Series BKNT, 2.65%, 7/3/08 (a) (e) 17,000 17,005 Wachovia Bank NA, Series BKNT, 2.99%, 7/25/08 (a) (e) 10,000 9,995 ------------ 41,957 ------------ COSMETICS & TOILETRIES (0.9%) Procter & Gamble Co., 3.50%, 12/15/08 (c) 25,000 25,076 ------------ DIVERSIFIED FINANCIAL SERVICES (1.4%) General Electric Capital Corp., Series MTN, 3.50%, 5/1/08 (c) 3,750 3,750 General Electric Capital Corp., Series MTNA, 3.12%, 5/19/08 (a) (e) 10,000 10,000 General Electric Capital Corp., Series MTNA, 2.94%, 5/22/08 (a) (e) 5,000 5,000 General Electric Capital Corp., Series MTNA, 3.60%, 10/15/08 11,000 10,951 General Electric Capital Corp., Series MTNA, 4.00%, 2/17/09 5,000 5,040 General Electric Capital Corp., Series MTNA, 3.13%, 4/1/09 5,000 5,006 ------------ 39,747 ------------ FIDUCIARY BANKS (0.8%) Bank of New York Mellon Corp. (The), Series MTN, 2.78%, 6/16/08 (a) (e) 20,800 20,808 ------------ FINANCE-CONSUMER LOANS (0.5%) HSBC Finance Corp., Series EXL, 2.76%, 5/6/08 (a) (e) 15,000 15,000 ------------ FINANCE-INVESTMENT BANKER/BROKER (3.0%) Bear Stearns Cos., Inc. (The), Series MTN, 2.84%, 5/6/08 (a) (e) 16,000 16,000 Continued PRINCIPAL AMOUNT VALUE ------------ ------------ CORPORATE BONDS, CONTINUED FINANCE-INVESTMENT BANKER/BROKER, CONTINUED Credit Suisse USA, Inc., Series 1, 3.19%, 6/2/08 (a) (e) $ 27,000 $ 27,011 Credit Suisse USA, Inc., 3.21%, 6/9/08 (a) (e) 9,000 9,005 Credit Suisse USA, Inc., 3.88%, 1/15/09 13,000 13,055 Merrill Lynch & Co., Inc., Series MTN, 2.87%, 5/19/08 (a) (e) 18,000 18,000 ------------ 83,071 ------------ INTEGRATED OIL & GAS (1.6%) BP Capital Markets PLC, 3.04%, 6/11/08 (a) (e) 35,000 35,000 Texaco Capital, Inc., 5.50%, 1/15/09 9,865 10,039 ------------ 45,039 ------------ MEDICAL-DRUGS (0.2%) Abbott Laboratories, 5.38%, 5/15/09 5,000 5,101 ------------ RETAIL (0.5%) Wal-Mart Stores, Inc., 3.38%, 10/1/08 15,000 14,925 ------------ SPECIAL PURPOSE ENTITY (1.4%) Florida Hurricane Catastrophe Fund, Series 2006-B, 2.93%, 5/15/08 (a) (e) 20,000 19,925 Florida Hurricane Catastrophe Fund, Series 2006-B, 2.93%, 5/15/08, (LOC: Dexia Banque SA) (a) (e) 20,000 20,000 ------------ 39,925 ------------ SUPER-REGIONAL BANKS-U.S. (2.1%) Bank One Corp., 6.00%, 8/1/08 19,000 19,048 SunTrust Banks, Inc., 4.00%, 10/15/08 8,000 8,006 Wachovia Bank NA, Series BKNT, 4.38%, 8/15/08 8,082 8,067 Wachovia Corp., 3.50%, 8/15/08 4,000 3,981 Wells Fargo & Co., 2.80%, 5/15/08 (a) (b) 10,000 10,000 Wells Fargo & Co., 4.00%, 8/15/08 5,000 4,986 Wells Fargo & Co., 3.13%, 4/1/09 5,000 5,003 ------------ 59,091 ------------ TOTAL CORPORATE BONDS 477,681 ------------ FOREIGN BONDS (2.9%) COMMERCIAL BANKS NON-U.S. (0.9%) BNP Paribas, Series MTN, 4.03%, 5/13/08 (a) (e) 25,000 25,000 ------------ Continued 1 INSTITUTIONAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - ----------------------------------------------------------------- PRINCIPAL AMOUNT VALUE --------------- ----------- FOREIGN BONDS, CONTINUED COMMERCIAL BANKS-EASTERN U.S. (1.4%) Deutsche Bank AG, 2.72%, 5/9/08 (a) (e) $ 15,000 $ 14,976 Deutsche Bank AG, 2.52%, 5/11/08 (a) (e) 25,000 25,000 ----------- 39,976 ----------- SPECIAL PURPOSE ENTITY (0.6%) Procter & Gamble International Funding SCA, 3.14%, 5/19/08 (a) (e) 17,000 17,000 ----------- TOTAL FOREIGN BONDS 81,976 ----------- MORTGAGE-BACKED SECURITIES (0.3%) CMBS OTHER (0.3%) Freddie Mac, 2.86%, 5/1/08 (a) (e) 7,604 7,604 ----------- TOTAL MORTGAGE-BACKED SECURITIES 7,604 ----------- U.S. GOVERNMENT AGENCIES (0.9%) FEDERAL HOME LOAN BANK (0.9%) 2.90%, 2/27/09 25,000 25,000 ----------- TOTAL U.S. GOVERNMENT AGENCIES 25,000 ----------- SHARES --------------- INVESTMENT COMPANIES (0.1%) State Street Navigator Securities Lending Portfolio (f) 2,229,588 2,230 ----------- TOTAL INVESTMENT COMPANIES 2,230 ----------- PRINCIPAL AMOUNT --------------- CERTIFICATES OF DEPOSIT (1.7%) COMMERCIAL BANKS-CENTRAL U.S. (1.2%) Bank of Montreal, 2.95%, 8/18/08 $ 35,000 35,000 ----------- COMMERCIAL BANKS-SOUTHERN U.S. (0.5%) Branch Banking & Trust Co., 2.80%, 10/27/08 15,000 15,000 ----------- TOTAL CERTIFICATES OF DEPOSIT 50,000 ----------- COMMERCIAL PAPER (43.2%) COMMERCIAL BANKS NON-U.S. (7.1%) Bank of Nova Scotia, 2.78%, 5/28/08 ** 25,000 24,948 Bank of Nova Scotia, 2.74%, 6/17/08 ** 15,000 14,946 Barclays PLC, 3.10%, 5/5/08 ** 25,000 24,991 Barclays PLC, 4.49%, 5/5/08 ** 25,000 24,988 Barclays PLC, 2.90%, 5/20/08 ** 17,200 17,174 Barclays PLC, 3.05%, 5/27/08 ** 25,000 24,945 Barclays PLC, 2.78%, 7/16/08 ** 10,000 9,941 National Australia Funding, 2.89%, 6/3/08 ** (b) 25,000 24,934 Continued PRINCIPAL AMOUNT VALUE ------------ -------------- COMMERCIAL PAPER, CONTINUED COMMERCIAL BANKS NON-U.S., CONTINUED Toronto Dominion Bank, 2.62%, 5/29/08 ** $ 30,000 $ 29,939 -------------- 196,806 -------------- COMPUTERS (1.8%) IBM Capital, Inc., 2.40%, 6/10/08 ** 30,000 29,920 IBM Capital, Inc., 2.40%, 6/18/08 ** 20,000 19,936 -------------- 49,856 -------------- DIVERSIFIED FINANCIAL SERVICES (5.2%) General Electric Capital Co., 2.88%, 6/3/08 ** 25,000 24,934 General Electric Capital Co., 2.67%, 7/7/08 ** 25,000 24,876 General Electric Capital Co., 2.52%, 8/6/08 ** 25,000 24,830 General Electric Capital Co., 2.44%, 9/22/08 ** 15,000 14,854 Rabobank USA Financial Co., 2.66%, 5/7/08 ** 35,000 34,984 Rabobank USA Financial Co., 2.84%, 7/18/08 ** 20,000 19,877 -------------- 144,355 -------------- FIDUCIARY BANKS (2.5%) State Street Boston Corp., 2.70%, 7/14/08 ** 25,000 24,861 State Street Corp., 2.74%, 5/13/08 ** 20,000 19,982 State Street Corp., 2.58%, 6/17/08 ** 25,000 24,916 -------------- 69,759 -------------- FINANCE-AUTO LOANS (5.0%) American Honda Finance, 2.20%, 7/2/08 ** 25,000 24,905 Toyota Motor Credit Co., 2.35%, 5/19/08 ** 25,000 24,971 Toyota Motor Credit Co., 2.84%, 6/2/08 ** 25,000 24,937 Toyota Motor Credit Co., 4.32%, 6/25/08 ** 15,000 14,901 Toyota Motor Credit Co., 2.25%, 8/29/08 ** 25,000 24,812 Toyota Motor Credit Corp., 2.70%, 10/21/08 ** 25,000 24,676 -------------- 139,202 -------------- FINANCE-INVESTMENT BANKER/BROKER (6.3%) BNP Paribas Financial, Inc., 2.44%, 5/1/08 ** 40,000 40,000 BNP Paribas Financial, Inc., 2.68%, 5/16/08 ** 25,000 24,972 Continued 2 INSTITUTIONAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ COMMERCIAL PAPER, CONTINUED FINANCE-INVESTMENT BANKER/BROKER, CONTINUED BNP Paribas Financial, Inc., 3.66%, 6/23/08 ** $ 25,000 $ 24,865 Citigroup, Inc., 3.08%, 5/6/08 ** 25,000 24,989 Citigroup, Inc., 3.07%, 6/20/08 ** 25,000 24,894 JPMorgan Chase & Co., 2.99%, 6/6/08 ** 35,000 34,895 ------------ 174,615 ------------ FINANCE-LEASING COMPANY (0.9%) International Lease Finance Corp., 2.70%, 5/15/08 ** 25,000 24,974 ------------ FINANCE-OTHER SERVICES (0.7%) National Rural Utilities, 2.22%, 5/22/08 ** 20,000 19,974 ------------ FOOD-MISC/DIVERSIFIED (1.1%) Nestle Capital Corp., 2.20%, 5/2/08 ** (b)30,000 29,998 ------------ MEDICAL-HOSPITALS (0.6%) Essentia Health, 2.93%, 6/10/08 ** 18,270 18,211 ------------ MONEY CENTER BANKS (1.3%) UBS Financial, 3.15%, 5/12/08 ** 11,600 11,589 UBS Financial, 4.12%, 5/12/08 ** 25,000 24,968 ------------ 36,557 ------------ OIL COMPANY-INTEGRATED (1.9%) Total FINA Elf SA, 2.19%, 6/30/08 ** 35,000 34,872 Total FINA Elf SA, 2.23%, 6/30/08 ** 18,175 18,108 ------------ 52,980 ------------ REGIONAL AUTHORITY (1.9%) Michigan State Multifamily Housing Project, 4.85%, 10/28/08 25,000 25,000 San Jose International Airport, 2.70%, 7/7/08 ** 27,950 27,810 ------------ 52,810 ------------ RETIREMENT/AGED CARE (1.1%) BHS Long Term Care Insurance, 3.15%, 6/10/08 ** 31,155 31,046 ------------ SPECIAL PURPOSE BANKS (1.2%) Dexia Delaware LLC, 3.08%, 5/21/08 ** 32,629 32,573 ------------ SPECIAL PURPOSE ENTITY (4.1%) AIG Funding, Inc., 3.93%, 6/23/08 ** 15,000 14,913 Natexis Banques Populaires, 3.12%, 5/8/08 ** 25,000 24,985 Nestle Capital Corp., 4.48%, 5/22/08 ** (b) 20,000 19,948 Continued PRINCIPAL AMOUNT VALUE ------------ ------------ COMMERCIAL PAPER, CONTINUED SPECIAL PURPOSE ENTITY, CONTINUED Nestle Capital Corp., 2.72%, 6/6/08 ** (b) $ 16,225 $ 16,181 Nestle Capital Corp., 2.35%, 10/31/08 ** (b) 12,000 11,857 Societe Generale, 2.82%, 6/9/08 ** 25,000 24,923 ------------ 112,807 ------------ SUPER-REGIONAL BANKS-U.S. (0.5%) Bank of America Corp., 2.60%, 6/12/08 ** 15,000 14,954 ------------ TOTAL COMMERCIAL PAPER 1,201,477 ------------ DEMAND NOTES (4.9%) BUILDING PRODUCTION-CEMENT/AGGREGATE (0.9%) Sioux City Brick & Tile Co., 3.05%, 5/1/08, (LOC: U.S. Bancorp) (a) (b) (e)24,850 24,850 ------------ FINANCIAL (0.4%) Cornerstone Funding Corp., Series 2003-F, 2.74%, 5/1/08, (LOC: Comerica Bank) (a) (e) 4,159 4,159 Cornerstone Funding Corp., Series 2003-H, 2.74%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 4,090 4,090 Praise Tabernacle Outreach, 3.15%, 5/1/08, (LOC: Comerica Bank) (a) (e) 3,440 3,440 ------------ 11,689 ------------ REAL ESTATE (0.2%) Appletree Properties LLC, 2.95%, 5/1/08, (LOC: Regions Bank) (a) (e) 5,645 5,645 ------------ SPECIAL PURPOSE ENTITY (3.4%) Aquarium Parking Deck LLC, Series 2005, 3.05%, 5/7/08, (LOC: SunTrust Bank) (a) (e) 8,400 8,400 Baldwin County Sewer Service LLC, 3.15%, 5/1/08, (LOC: Regions Bank) (a) 11,932 11,932 Capital Markets Access Co. LC, Series 2005, 3.05%, 5/7/08, (LOC: SunTrust Banks, Inc.) (a) (e) 7,980 7,980 Capital One Funding Corp., Series 2001-A, 3.30%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 2,805 2,805 Capital One Funding Corp., Series 2001-D, 3.30%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 418 418 CHF - Elon LLC, Series 2005, 3.10%, 5/1/08, (LOC: Regions Bank) (a) (b) (e) 6,950 6,950 Erickson Foundation, Inc. (The), 2.90%, 5/2/08, (LOC: FHLB) (a) (e) 25,000 25,000 Continued 3 INSTITUTIONAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ DEMAND NOTES, CONTINUED SPECIAL PURPOSE ENTITY, CONTINUED Foster/Schweihofer Real Estate Co. LLC, Series 2003, 3.34%, 5/1/08, (LOC: Comerica Bank) (a) (e) $ 7,215 $ 7,215 Gulf Gate Apartments, Series 2003, 2.90%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (b) (e) 4,000 4,000 J&S Properties, Inc., Series 2006, 3.15%, 5/1/08, (LOC: Regions Bank) (a) (e) 3,925 3,925 McCullough Snappy Service Oil, 3.15%, 5/1/08, (LOC: Regions Bank) (a) (b) (e) 4,125 4,125 Metaltec Steel Abrasive Co., Series 2004, 3.23%, 5/7/08, (LOC: Comerica Bank) (a) (e) 3,960 3,960 Northport Baptist Church, Series 2004, 3.15%, 5/1/08, (LOC: Regions Bank) (a) (e) 2,800 2,800 Pershing Drive Associates LP, 3.10%, 5/1/08, (LOC: Royal Bank of Canada) (a) 3,945 3,945 ------------ 93,455 ------------ TOTAL DEMAND NOTES 135,639 ------------ MUNICIPAL DEMAND NOTES (13.3%) ARIZONA (0.2%) Glendale Industrial Development Authority, Thunderbird Garvin, Series B, 2.95%, 5/1/08, (LOC: Bank of New York Co., Inc.) (a) (e) 6,250 6,250 ------------ CALIFORNIA (0.8%) County of Sacramento, 2.95%, 5/7/08, (LOC: Bayerische Landesbank) (a) (e) 13,160 13,160 Sacramento County Housing Authority, Multi-Family, Natomas Park Apartments, Series B, 2.90%, 5/1/08, (LOC: FNMA) (a) (e) 1,550 1,550 Statewide Communities Development Authority, Multi-Family Housing, 2.90%, 5/1/08, (LOC: FNMA) (a) (e) 900 900 Statewide Communities Development Authority, Multi-Family, Valley Palms Apartments, 2.88%, 5/1/08, (LOC: FNMA) (a) (e) 2,545 2,545 Kern Water Bank Authority, Series B, 2.90%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 4,348 4,348 ------------ 22,503 ------------ Continued PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED FLORIDA (0.7%) Florida Development Finance Corp., Royal Enterprise Building Fund, Series B, 3.15%, 5/1/08, (LOC: Regions Bank) (a) (b) (e) $ 9,300 $ 9,300 City of Homestead, Speedway Project, 3.05%, 5/7/08, (LOC: SunTrust Banks, Inc.) (a) (e) 8,875 8,875 ------------ 18,175 ------------ GEORGIA (0.5%) Augusta Housing Authority, Multi-Family, Westbury Creek Apartments, Series B, 3.10%, 5/7/08, (LOC: FNMA) (a) (e) 500 500 Georgia Municipal Gas Authority, 2.93%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 14,765 14,765 ------------ 15,265 ------------ ILLINOIS (0.7%) Finance Authority, Fairview, Series E, 2.90%, 5/1/08, (LOC: Bank of America) (a) (e) 6,250 6,250 Finance Authority, Franciscan Communities, Series B, 2.90%, 5/1/08, (LOC: Bank of America) (a) (e) 12,000 12,000 ------------ 18,250 ------------ INDIANA (1.3%) Terre Haute, Westminister Village, Series B, 2.92%, 5/1/08, (LOC: Sovereign Bank FSB) (a) (e) 9,300 9,300 City of Indianapolis Economic Development, Multi-Family Housing, Pedcor Investments, Series B, 3.44%, 5/1/08, (LOC: Federal Home Loan Bank) (a) (e) 970 970 Health Facility Financing Authority, Clark Memorial Hospital, Series B, 3.30%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 3,360 3,360 Health Facility Financing Authority, Community Foundation of Northwest Indiana, Series B, 2.90%, 5/1/08, (LOC: Bank of Montreal) (a) (e) 22,410 22,410 ------------ 36,040 ------------ Continued 4 INSTITUTIONAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED KENTUCKY (0.2%) Boone County, Northern Kentucky University Metropolitan Education and Training Services Center Project, 3.15%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) $ 5,050 $ 5,050 ------------ LOUISIANA (0.9%) Denham Springs Economic Development District, Bass Pro Shops, Series B, 3.40%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 15,680 15,680 St. Tammany Parish Economic & Industrial Development District, 3.08%, 5/7/08, (LOC: Regions Bank) (a) 8,990 8,990 ------------ 24,670 ------------ MARYLAND (1.3%) Health & Higher Educational Facilities Authority, Adventist Healthcare, Series B, 2.90%, 5/1/08, (LOC: Bank of America) (a) (e) 19,060 19,060 Health & Higher Educational Facilities Authority, Charlestown Community, Series B, 2.90%, 5/7/08, (LOC: Bank of America) (a) (e) 17,400 17,400 ------------ 36,460 ------------ MASSACHUSETTS (0.7%) Simmons College, 3.05%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 18,730 18,730 ------------ MICHIGAN (0.1%) Canton Charter Township, GO, 2.92%, 5/7/08, (LOC: Comerica Bank) (a) (e) 1,500 1,500 Charter Township of Ypsilanti Capital Improvements, Series B, GO, 2.92%, 5/7/08, (LOC: Comerica Bank) (a) (e) 2,280 2,280 ------------ 3,780 ------------ MINNESOTA (0.2%) City of Plymouth, Carlson Center Project, 3.05%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 800 800 St. Paul Port Authority, Series S, 3.10%, 5/1/08, (LOC: Dexia Banque SA) (a) (e) 3,400 3,400 ------------ 4,200 ------------ MISSISSIPPI (0.9%) Business Finance Corp., Cellular South, Inc., 2.95%, 5/1/08, (LOC: Bank of America) (a) (b) (e) 13,000 13,000 Continued PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED MISSISSIPPI, CONTINUED Business Financial Corp., 3.11%, $ 8,100 $ 8,100 5/27/08, (LOC: BP Amoco PLC) (b) Business Finance Corp., Cellular South, Inc., 2.85%, 5/7/08, (LOC: Bank of America) (a) (b) (e) 3,850 3,850 ------------ 24,950 ------------ NEW MEXICO (0.2%) City of Albuquerque Industrial, KTECH Corp. Project, 2.90%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 6,405 6,405 ------------ NEW YORK (1.4%) New York City Housing Development Corp., Multi-Family Housing, Chelsea Centro, Series A, 3.00%, 5/7/08, (LOC: Bayerische Landesbank) (a) (e) 38,905 38,905 ------------ NORTH CAROLINA (0.3%) Roman Catholic Diocese of Raleigh, 2.95%, 5/1/08, (LOC: Bank of America) (a) (e) 7,220 7,220 ------------ OHIO (1.6%) Air Quality Development Authority, Steel Corp., Series B, 2.95%, 5/7/08, (LOC: Royal Bank of Scotland) (a) (e) 13,000 13,000 County of Hamilton Health Care, Series C, 3.50%, 5/1/08, (LOC: PNC Bank NA) (a) (e) 6,635 6,635 County of Cuyahoga Health Care Facilities, Franciscan Communities, Series F, 2.95%, 5/1/08, (LOC: Bank of America) (a) (e) 2,535 2,535 Cleveland-Cuyahoga County Port Authority, Science Park LLC, Series B, 3.20%, 5/1/08, (LOC: KeyBank NA) (a) (e) 23,000 23,000 ------------ 45,170 ------------ PENNSYLVANIA (0.1%) Berks County Industrial Development Authority, Lebanon Valley Mall, Series B, 2.94%, 5/7/08, (LOC: First Union National Bank) (a) (b) (e) 1,300 1,300 Berks County Municipal Authority, Phoebe-Devitt Homes, Series C, 2.95%, 5/1/08, (LOC: Sovereign Bank FSB) (a) (e) 2,830 2,830 ------------ 4,130 ------------ Continued 5 INSTITUTIONAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - ----------------------------------------------------------------- PRINCIPAL AMOUNT VALUE --------------- ----------- MUNICIPAL DEMAND NOTES, CONTINUED UTAH (0.3%) Telecommunication Open Infrastructure Agency, 2.95%, 5/1/08, (LOC: Bank of America) (a) (e) $ 6,900 $ 6,900 Tooele City Industrial Development, Series A, 3.05%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 1,400 1,400 ----------- 8,300 ----------- VIRGINIA (0.7%) Alexandria Industrial Development Authority, Series A, 3.05%, 5/7/08, (LOC: SunTrust Banks, Inc.) (a) (e) 10,000 10,000 Alexandria Industrial Development Authority, American Academy of Otolaryngology, Series A, 2.95%, 5/1/08, (LOC: Bank of America) (a) (e) 8,690 8,690 ----------- 18,690 ----------- WASHINGTON (0.1%) State Housing Finance Commission, Multi-Family, Granite Falls Retirement Plaza, Series B, 2.88%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 1,030 1,030 State Housing Finance Commission, Multi-Family, Sir Summer Ridge Associates, Series B, 3.10%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 605 605 State Housing Finance Commission, Multi-Family, Vintage At Everett, Series B, 2.89%, 5/1/08, (LOC: FNMA) (a) (e) 2,000 2,000 ----------- 3,635 ----------- WISCONSIN (0.1%) Health & Educational Facilities Authority, Upland Hills, Series D, 2.95%, 5/7/08, (LOC: Allied Irish Bank PLC) (a) (e) 2,490 2,490 ----------- TOTAL MUNICIPAL DEMAND NOTES 369,268 ----------- SHARES --------------- MONEY MARKETS (8.5%) AIM STIT Liquid Assets Portfolio (d) 121,858,978 121,859 Goldman Sachs Financial Square Funds - Prime Obligations Fund (d) 114,031,212 114,031 ----------- 235,890 ----------- TOTAL MONEY MARKETS 235,890 ----------- Continued PRINCIPAL AMOUNT VALUE ------------ -------------- REPURCHASE AGREEMENTS (7.7%) Deutsche Bank, 1.97%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $210,011, Collateralized by various U.S. Government Agency Securities, 0.00%-6.03%, 9/22/08-10/8/27, value $213,259) $210,000 $ 210,000 UBS Investment Bank, 1.95%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $3,656, Collateralized by various Federal Farm Credit Bank Securities, 2.10%, 4/1/10, value $3,731) 3,656 3,656 ------------- 213,656 ------------- TOTAL REPURCHASE AGREEMENTS 213,656 ------------- TOTAL INVESTMENTS (COST $2,800,421)+ - 100.6% 2,800,421 LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)% (17,904) ------------- NET ASSETS - 100.0% $ 2,782,517 ============= NOTES TO SCHEDULE OF INVESTMENTS ** Rate represents the effective yield at purchase. + Also represents cost for federal income tax purposes. (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (c) All or part of this security was on loan. (d) Investment is in Institutional Shares of underlying fund / portfolio. (e) Maturity date is next rate reset date. (f) Represents investments of cash collateral received in connection with securities lending. The following abbreviations are used in the Schedule of Investments: CMBS - Commercial Mortgage-Backed Security FHLB - Federal Home Loan Bank FNMA - Federal National Mortgage Association GO - General Obligation LOC - Letter of Credit See notes to schedules of investments. 6 INSTITUTIONAL GOVERNMENT MONEY MARKET SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MORTGAGE-BACKED SECURITIES (2.2%) CMBS OTHER (2.2%) Freddie Mac, 2.86%, 5/1/08 (a) (e) $ 27,563 $ 27,563 Freddie Mac, 2.89%, 5/1/08 (a) (e) 18,515 18,515 ------------ 46,078 ------------ TOTAL MORTGAGE-BACKED SECURITIES 46,078 ------------ U.S. GOVERNMENT AGENCIES (53.6%) FANNIE MAE (7.1%) 4.30%, 5/5/08 1,600 1,600 2.14%, 5/7/08 ** 25,000 24,991 2.72%, 5/14/08 ** 15,000 14,985 6.00%, 5/15/08 5,000 5,001 2.88%, 5/19/08 13,000 13,005 2.05%, 5/21/08 ** 10,000 9,989 3.00%, 6/12/08 2,000 2,000 5.00%, 7/3/08 5,000 5,018 3.25%, 8/15/08 6,280 6,299 4.75%, 8/25/08 14,000 14,108 5.13%, 9/2/08 35,000 35,340 4.90%, 11/3/08 10,085 10,219 3.21%, 11/28/08 3,200 3,202 3.00%, 12/30/08 5,000 5,005 ------------ 150,762 ------------ FEDERAL FARM CREDIT BANK (4.1%) 2.57%, 5/2/08 (a) (e) 4,200 4,198 2.66%, 5/17/08 (a) (e) 15,000 15,003 2.59%, 5/18/08 (a) (e) 15,545 15,544 2.75%, 5/23/08 (a) (e) 20,000 20,000 2.75%, 5/24/08 (a) (e) 12,000 11,997 6.00%, 6/11/08 10,000 10,041 2.96%, 6/23/08 ** 2,020 2,011 3.75%, 1/15/09 2,355 2,383 2.88%, 2/12/09 5,000 4,999 4.13%, 4/15/09 1,253 1,273 ------------ 87,449 ------------ FEDERAL HOME LOAN BANK (28.9%) 4.80%, 5/2/08 3,500 3,500 2.98%, 5/11/08 (a) (e) 4,000 4,001 2.55%, 5/12/08 (a) (e) 11,400 11,400 2.34%, 5/13/08 (a) (e) 15,000 15,000 2.62%, 5/13/08 (a) (e) 14,000 13,999 2.10%, 5/16/08 ** 15,000 14,987 2.94%, 5/17/08 (a) (e) 4,000 4,000 2.95%, 5/18/08 (a) (e) 3,750 3,751 2.93%, 5/20/08 (a) (e) 12,000 12,000 2.87%, 5/21/08 (a) (e) 25,345 25,342 2.07%, 5/23/08 ** 25,000 24,968 2.81%, 5/27/08 (a) (e) 25,000 25,000 2.11%, 5/28/08 ** 15,000 14,976 Continued PRINCIPAL AMOUNT VALUE ------------ -------------- U.S. GOVERNMENT AGENCIES, CONTINUED FEDERAL HOME LOAN BANK, CONTINUED 2.08%, 5/30/08 ** $ 11,554 $ 11,532 2.82%, 6/4/08 (a) (e) 45,003 45,003 4.75%, 6/11/08 4,260 4,271 4.00%, 6/13/08 10,400 10,419 4.10%, 6/13/08 5,000 4,999 5.13%, 6/13/08 (d) 17,675 17,719 2.65%, 6/17/08 (a) (e) 2,000 2,000 5.13%, 6/18/08 43,460 43,602 2.06%, 6/20/08 ** 20,000 19,943 2.44%, 6/26/08 (a) (e) 14,000 13,986 1.90%, 6/30/08 ** 25,000 24,921 2.48%, 7/2/08 (a) (e) 20,000 20,006 2.56%, 7/5/08 (a) (e) 25,000 25,010 5.00%, 7/16/08 5,000 5,006 5.25%, 7/17/08 10,000 10,048 2.07%, 7/18/08 ** 15,000 14,933 2.76%, 7/24/08 (a) (e) 5,000 5,002 3.07%, 7/30/08 (a) (e) 15,000 14,999 4.50%, 8/8/08 6,100 6,101 5.25%, 8/14/08 15,000 15,130 3.88%, 8/22/08 6,315 6,305 4.25%, 9/12/08 10,650 10,657 4.25%, 9/26/08 1,000 999 4.50%, 11/5/08 4,000 4,000 4.50%, 11/7/08 12,430 12,433 3.63%, 11/14/08 4,050 4,073 5.25%, 1/16/09 5,895 6,019 2.70%, 2/20/09 6,350 6,350 2.90%, 2/27/09 10,000 10,000 2.90%, 3/5/09 10,000 10,000 2.38%, 3/10/09 7,050 7,058 3.00%, 3/10/09 10,000 10,003 5.25%, 3/13/09 10,840 11,116 2.30%, 4/3/09 12,500 12,481 3.00%, 4/15/09 5,020 5,047 2.52%, 4/21/09 10,000 10,000 -------------- 614,095 -------------- FREDDIE MAC (9.6%) 4.30%, 5/5/08 10,000 10,002 2.65%, 5/7/08 (a) (e) 20,000 19,999 3.63%, 5/9/08 4,000 3,999 2.73%, 5/12/08 ** 16,100 16,087 3.50%, 5/21/08 5,000 4,995 2.68%, 5/27/08 ** 15,000 14,971 3.80%, 6/4/08 ** 15,000 14,946 2.13%, 6/13/08 ** 20,000 19,949 4.25%, 6/23/08 1,200 1,199 2.07%, 7/11/08 ** 25,000 24,898 2.07%, 7/14/08 ** 20,000 19,915 5.00%, 7/23/08 3,000 3,015 4.88%, 9/12/08 4,000 4,020 Continued 1 INSTITUTIONAL GOVERNMENT MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - -------------------------------------------------------------- PRINCIPAL AMOUNT VALUE --------------- ------------ U.S. GOVERNMENT AGENCIES, CONTINUED FREDDIE MAC, CONTINUED 5.00%, 9/16/08 $ 14,095 $ 14,210 4.30%, 9/24/08 2,000 2,012 2.18%, 10/14/08 ** 3,272 3,239 5.13%, 10/15/08 (b) 3,420 3,465 4.75%, 10/17/08 10,466 10,589 5.00%, 1/16/09 10,000 10,211 3.38%, 4/15/09 2,000 2,021 ------------ 203,742 ------------ OVERSEAS PRIVATE INVESTMENT CORP. (3.9%) 2.85%, 5/7/08 (a) (e) 12,971 12,971 2.85%, 5/7/08 (a) (e) 28,900 28,900 2.85%, 5/7/08 (a) (e) 42,148 42,148 ------------ 84,019 ------------ TOTAL U.S. GOVERNMENT AGENCIES 1,140,067 ------------ SHARES --------------- INVESTMENT COMPANIES (0.0%) State Street Navigator Securities Lending Portfolio (f) 772,006 772 ------------ TOTAL INVESTMENT COMPANIES 772 ------------ MONEY MARKETS (8.4%) AIM STIT Government & Agency Portfolio (c) 82,374,577 82,375 Goldman Sachs Financial Square Government Fund (c) 95,194,098 95,194 ------------ 177,569 ------------ TOTAL MONEY MARKETS 177,569 ------------ PRINCIPAL AMOUNT --------------- REPURCHASE AGREEMENTS (35.6%) Bank of America Securities, LLC, 1.92%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $29,802, Collateralized by Federal Home Loan Bank, 2.19%, 1/28/09, value $30,396) $ 29,800 29,800 Deutsche Bank, 1.97%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $500,027, Collateralized by various U.S. Government Agency Securities, 0.00%-5.85%, 6/13/08-11/15/22, value $507,756) 500,000 500,000 Continued PRINCIPAL AMOUNT VALUE ------------ -------------- REPURCHASE AGREEMENTS, CONTINUED UBS Investment Bank, 1.95%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $226,388, Collateralized by various U.S. Government Agency Securities, 0.00%-2.95%, 8/27/08-11/29/19, value $230,704) $226,376 $ 226,376 -------------- 756,176 -------------- TOTAL REPURCHASE AGREEMENTS 756,176 -------------- TOTAL INVESTMENTS (COST $2,120,662)+ - 99.8% 2,120,662 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% 3,859 -------------- NET ASSETS - 100.0% $ 2,124,521 ============== NOTES TO SCHEDULE OF INVESTMENTS ** Rate represents the effective yield at purchase. + Also represents cost for federal income tax purposes. (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) All or part of this security was on loan. (c) Investment is in Institutional Shares of underlying fund/portfolio. (d) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. (e) Maturity date is next rate reset date. (f) Represents investments of cash collateral received in connection with securities lending. The following abbreviation is used in the Schedule of Investments: CMBS - Commerical Mortgage-Backed Security See notes to schedules of investments 2 U.S. TREASURY MONEY MARKET SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - ------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------- TREASURY BILLS (12.8%) 3.20%, 5/1/08 ** $ 40,000 $ 40,000 3.20%, 6/12/08 ** 15,000 14,944 3.29%, 6/19/08 ** 40,000 39,822 1.20%, 8/21/08 ** 25,000 24,907 1.30%, 9/4/08 ** 25,000 24,887 1.53%, 9/18/08 ** 25,000 24,851 1.63%, 10/16/08 ** 15,000 14,886 1.69%, 10/23/08 ** 15,000 14,877 ------------- TOTAL TREASURY BILLS 199,174 ------------- TREASURY NOTES (16.2%) 3.75%, 5/15/08 20,000 19,992 5.13%, 6/30/08 20,000 20,024 5.00%, 7/31/08 30,000 30,116 4.13%, 8/15/08 20,000 20,000 4.63%, 9/30/08 20,000 20,106 3.13%, 10/15/08 25,000 25,211 4.88%, 10/31/08 20,000 20,137 3.38%, 12/15/08 25,000 25,314 4.75%, 12/31/08 40,000 40,902 3.88%, 5/15/09 30,000 30,577 ------------- TOTAL TREASURY NOTES 252,379 ------------- SHARES ------------ MONEY MARKETS (0.1%) AIM STIT Treasury Portfolio (a) 355,038 355 Goldman Sachs Financial Square Treasury Obligations Fund (a) 1,692,544 1,692 ------------- TOTAL MONEY MARKETS 2,047 ------------- PRINCIPAL AMOUNT ------------ REPURCHASE AGREEMENTS (70.9%) Bank of America Securities, LLC, 1.88%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $135,007, Collateralized by various U.S. Government Agency Securities, 2.38%-6.00%, 3/31/12-2/15/26, value $136,788) $135,000 135,000 Barclays PLC, 1.92%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $315,017, Collateralized by various U.S. Treasury Securities, 2.38%-4.75%, 12/31/08-1/15/17, value $316,441) 315,000 315,000 Deutsche Bank, 1.95%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $355,019, Collateralized by various U.S. Treasury Securities, 2.00%-2.38%, 4/15/11-1/15/26, value $361,458) 355,000 355,000 Continued PRINCIPAL AMOUNT VALUE ------------ ---------------- REPURCHASE AGREEMENTS, CONTINUED UBS Investment Bank, 1.92%, dated 4/30/08, due 5/1/08, (Proceeds at maturity, $299,956, Collateralized by various U.S. Government Agency Securities, 4.25%-7.50%, 5/15/08-8/15/26, value $301,715) $299,940 $ 299,940 ---------------- TOTAL REPURCHASE AGREEMENTS 1,104,940 ---------------- TOTAL INVESTMENTS (COST $1,558,540)+ - 100.0% 1,558,540 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% 204 ---------------- NET ASSETS - 100.0% $ 1,558,744 ================ NOTES TO SCHEDULE OF INVESTMENTS ** Rate represents the effective yield at purchase. + Also represents cost for federal income tax purposes. (a) Investment is in Institutional Shares of underlying fund/portfolio. See notes to schedules of investments. 1 MICHIGAN MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL BONDS (8.0%) MICHIGAN (8.0%) County of Muskegon, Wastewater Management System No. 1, GO, AMT, FSA, 5.00%, 7/1/08 $ 1,000 $ 1,005 Ecorse Public School District, GO, FGIC, Q-SBLF, 6.50%, 5/1/08 500 500 Farmington Hills Economic Development Corp., Marketing Displays Project, AMT, 2.87%, 9/1/08, (LOC: Comerica Bank) (a) (e) 50 50 Grand Rapids Michigan Water Supply, 1.80%, 1/1/09 1,000 1,000 Grand Valley State University, Series A, FSA, 3.00%, 12/1/08 570 572 Municipal Bond Authority, Series B-2, 4.50%, 8/20/08, (LOC: Scotiabank) (d) 3,000 3,007 Municipal Bond Authority, Clean Water Revolving Fund, 5.00%, 10/1/08, (LOC: Michigan Muni Bond Authority) 360 362 Municipal Bond Authority, Government Loan Program, AMBAC, 5.00%, 5/1/08, (LOC: Ambac) 500 500 Novi Street and Highway, GO, FSA, 5.00%, 10/1/08 (d) 2,320 2,342 Public Educational Facilities Authority, Series A, 5.00%, 6/24/08, (LOC: Royal Bank of Scotland) (d) 2,500 2,504 Saline Area Schools, GO, FGIC, Q-SBLF, 6.00%, 5/1/08 300 300 State Housing Development Authority, Parkway Meadows Project, FSA, 3.50%, 10/15/08 930 934 State Housing Development Authority, Rental Housing, Series D, AMT, 3.63%, 10/1/08 530 530 State of Michigan, Series A, 4.00%, 9/30/08, (LOC: Depfa Bank PLC) 1,000 1,004 State of Michigan Comprehensive Transportation, Series A, FSA, 5.25%, 5/15/08 240 240 Traverse City Area Public Schools, GO, W/I, 3.00%, 5/1/09 1,600 1,616 Washenaw County, Northfield Sewer Systems, GO, 4.25%, 5/1/08 225 225 Wayne State University, FSA, 5.00%, 11/15/08 2,000 2,030 ------------ 18,721 ------------ TOTAL MUNICIPAL BONDS 18,721 ------------ Continued PRINCIPAL AMOUNT VALUE ----------- ------------ COMMERCIAL PAPER (2.2%) State Building Authority, 2.25%, 5/22/08 (a) $ 5,155 $ 5,155 ------------ TOTAL COMMERCIAL PAPER 5,155 ------------ MUNICIPAL DEMAND NOTES (86.7%) FLORIDA (0.6%) Alachua County Health Facilities Authority, Shands Teaching Hospital, Series A, 2.58%, 5/2/08, (LOC: SunTrust Banks, Inc.) (a) (e) 1,500 1,500 ------------ GEORGIA (0.3%) Macon-Bibb County Hospital Authority, 2.58%, 5/1/08, (LOC: SunTrust Banks, Inc.) (a) (e) 600 600 ------------ MICHIGAN (79.3%) Detroit Economic Development Corp., Waterfront Reclamation, Series A, 2.45%, 5/1/08, (LOC: Deutshe Bank AG) (a) (e) 500 500 Detroit, Solid Waste Removal, Series B, FSA, 2.50%, 5/1/08, (LOC: Dexia Banque SA) (a) (e) 400 400 East Grand Rapids Public School District, GO, FSA, Q-SBLF, 5.75%, 5/1/21, (Prerefunded 5/1/09 @ 100) 3,220 3,339 Eastern Michigan University, 2.45%, 5/1/08, (LOC: Dexia Banque SA) (a) (e) 5,000 5,000 Farmington Hills Economic Development Corp., Center For Humanistic Studies, 2.48%, 5/1/08, (LOC: Comerica Bank) (a) (e) 470 470 Genesee County Economic Development Corp., Rawcar Group Project, AMT, 2.90%, 5/1/08, (LOC: National City Corp.) (a) (e) 2,005 2,005 Grand Rapids, Clipper Belt Lacer Co., Project, AMT, 2.60%, 5/1/08, (LOC: Bank of America) (a) (e) 2,000 2,000 Grand Rapids Economic Development Corp., Baker Knapp & Tubbs Project, 2.45%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 1,635 1,635 Higher Education Facilities Authority, Adrian College, 2.57%, 5/1/08, (LOC: Comerica Bank) (a) (e) 565 565 Higher Education Facilities Authority, Thomas M Cooley Law School, 5.35%, 5/1/15, (LOC: National City Corp.), (Prerefunded 5/1/08 @ 101) 1,200 1,222 Continued 1 MICHIGAN MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED MICHIGAN, CONTINUED Iron County Economic Development Corp., Pine River Hardwoods LLC, 2.52%, 5/1/08, (LOC: Marshall & Isley Bank) (a) (e) $ 8,000 $ 8,000 Kent Hospital Finance Authority, Spectrum Health, Series B-1, 2.54%, 5/7/08, (LOC: RBS Citizens NA) (a) (e) 1,670 1,670 Livonia Economic Development Corp., Madonna University Project, 2.47%, 5/2/08, (LOC: RBS Citizens NA) (a) (e) 4,000 4,000 Macomb County Hospital Finance Authority, Mount Clemens General Hospital, Series A-1, 2.68%, 5/1/08, (LOC: Comerica Bank) (a) (e) 1,275 1,275 Mancelona Area Water & Sewer Authority, 2.80%, 5/1/08, (LOC: National City Corp.) (a) (e) 875 875 Marquette City Hospital Finance Authority, Marquette General Hospital, Series A, 2.85%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 1,680 1,680 Marquette County Economic Development Corp., Pioneer Laboratories, Series A, AMT, 2.68%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (e) 550 550 Oakland County Economic Development Corp., Cadillac Iron, Inc. Project, AMT, 2.58%, 5/1/08, (LOC: Comerica Bank) (a) (e) 600 600 Oakland County Economic Development Corp., Graph-Tech, Inc. Project, AMT, 2.60%, 5/1/08, (LOC: Bank of America) (a) (e) 1,090 1,090 Oakland County Economic Development Corp., IBC North America, Inc. Project, AMT, 2.58%, 5/1/08, (LOC: Comerica Bank) (a) (b) (e) 980 980 Oakland County Economic Development Corp., Moody Family, Ltd. Project, AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 2,000 2,000 Saline Economic Development Corp., Brecon Village Project, 3.20%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (e) 2,900 2,900 South Lyon Community Schools, GO, Q-SBLF, 4.50%, 5/1/10, (Prerefunded 5/1/08 @ 100) 500 502 Southfield Economic Development Corp., Lawrence Technological University Project, 2.75%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (e) 3,015 3,015 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL DEMAND NOTES, CONTINUED MICHIGAN, CONTINUED State Building Authority, Multi-Modal Facilities Program IIA, 2.50%, 5/1/08, (LOC: Depfa Bank PLC) (a) (b) (e) $ 4,890 $ 4,890 State Building Authority, Multi-Modal Facilities Program IIB, 3.00%, 5/1/08, (LOC: Depfa Bank PLC) (a) (e) 4,295 4,295 State Hospital Finance Authority, Balmoral, 3.90%, 9/1/08, (LOC: Comerica Bank), (a) (b) (e) 415 415 State Hospital Finance Authority, Crittenton Hospital, Series A, 2.75%, 5/1/08, (LOC: Comerica Bank) (a) (e) 2,000 2,000 State Hospital Finance Authority, Crittenton Hospital, Series B, 2.75%, 5/1/08, (LOC: Comerica Bank) (a) (e) 2,620 2,620 State Hospital Finance Authority, Henry Ford Health System, Series C, 2.55%, 5/7/08, (LOC: Royal Bank of Scotland) (a) (e) 12,550 12,550 State Hospital Finance Authority, North Ottawa Care Center, 2.65%, 5/1/08, (LOC: National City Corp.) (a) (e) 2,185 2,185 State Housing Development Authority, Hunt Club Apartments, AMT, 2.55%, 5/1/08, (LOC: FNMA) (a) (e) 475 475 State Housing Development Authority, Jewish Apartments and Services Nonprofit Housing, 4.50%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 5,200 5,200 State Housing Development Authority, JFA Nonprofit Housing Corp. Project, 3.00%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 1,000 1,000 State Housing Development Authority, Multi-Family, Series A, AMT, 2.60%, 5/1/08, (LOC: Federal Home Loan Bank) (a) (e) 6,810 6,810 State Housing Development Authority, River Park Village Senior Apartments, Series B, AMT, 2.89%, 5/1/08, (LOC: National City Corp.) (a) (e) 3,000 3,000 Strategic Fund, Agape Plastics, Inc. Project, AMT, 3.60%, 5/7/08, (LOC: U.S. Bancorp) (a) (e) 2,200 2,200 Strategic Fund, APS Kundinger Project, AMT, 2.58%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 1,000 1,000 Strategic Fund, Artex Label & Graphics, AMT, 2.55%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 1,240 1,240 Continued 2 MICHIGAN MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED MICHIGAN, CONTINUED Strategic Fund, Aspen Realty LLC Project, AMT, 4.10%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) $ 100 $ 100 Strategic Fund, Automatic Spring Products Project, AMT, 2.68%, 5/7/08, (LOC: Bank of America) (a) (e) 350 350 Strategic Fund, Bank Real Estate LLC Project, AMT, 2.70%, 5/1/08, (LOC: Bank of America) (a) (e) 1,990 1,990 Strategic Fund, Banks Hardwoods, Inc. Project, AMT, 2.56%, 5/1/08, (LOC: KeyBank NA) (a) (b) (e) 552 552 Strategic Fund, Baruch SLS, Inc. Project, 2.70%, 5/7/08, (LOC: Wachovia Corp.) (a) (e) 420 420 Strategic Fund, Biewer of Lansing LLC Project, AMT, 2.56%, 5/1/08, (LOC: Bank of America) (a) (b) (e) 225 225 Strategic Fund, Bowers Manufacturing Co. Project, AMT, 3.20%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 300 300 Strategic Fund, Cayman Chemical Co. Project, AMT, 2.66%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 760 760 Strategic Fund, Consumers Energy Co. Project, AMT, 2.60%, 5/7/08, (LOC: Wells Fargo & Co.) (a) (e) 4,000 4,000 Strategic Fund, Continental Carbonic Products, AMT, 2.60%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 6,860 6,860 Strategic Fund, Creative Foam Corp. Project, AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 2,000 2,000 Strategic Fund, Delta Containers, Inc. Project, AMT, 3.10%, 5/1/08, (LOC: Comerica Bank) (a) (e) 1,200 1,200 Strategic Fund, Diagnostic Real Estate LLC, AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 500 500 Strategic Fund, Eclipse Mold, Inc. Project, AMT, 4.10%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 200 200 Strategic Fund, Emerson School Project, 2.49%, 5/1/08, (LOC: KeyBank NA) (a) (b) (e) 2,435 2,435 Strategic Fund, Father Gabriel High School Project, 2.48%, 5/1/08, (LOC: Allied Irish Bank PLC) (a) (e) 4,800 4,800 Strategic Fund, Fitz-Land LLC Project, AMT, 2.90%, 5/1/08, (LOC: National City Corp.) (a) (e) 2,005 2,005 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL DEMAND NOTES, CONTINUED MICHIGAN, CONTINUED Strategic Fund, Flyer Fund Leasing LLC Project, AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) $ 1,065 $ 1,065 Strategic Fund, Forest City Technologies, AMT, 2.80%, 5/1/08, (LOC: National City Corp.) (a) (e) 1,130 1,130 Strategic Fund, Frank Street LLC Project, AMT, 2.70%, 5/1/08, (LOC: Bank of America) (a) (e) 1,750 1,750 Strategic Fund, Frederick Wolfgang Industries Project, AMT, 2.82%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 765 765 Strategic Fund, Gebara Management Co. LLC Project, AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 300 300 Strategic Fund, Glastender, Inc. Project, AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 215 215 Strategic Fund, Great Lake Metal Stamping, AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (e) 800 800 Strategic Fund, Harbor Industries, Inc. Project, AMT, 2.68%, 5/7/08, (LOC: Bank of America) (a) (e) 400 400 Strategic Fund, Heartland Goodwill Project, 2.45%, 5/1/08, (LOC: Bank of America) (a) (e) 1,000 1,000 Strategic Fund, Henry Ford Museum Village Project, 2.60%, 5/1/08, (LOC: Comerica Bank) (a) (e) 1,000 1,000 Strategic Fund, J. G. Kern Enterprises Project, AMT, 2.60%, 5/1/08, (LOC: Bank of America) (a) (e) 3,950 3,950 Strategic Fund, Jet Enterprises LLC Project, 2.60%, 5/1/08, (LOC: Bank of America) (a) (b) (e) 300 300 Strategic Fund, John H. Dekker and Sons Project, AMT, 2.82%, 5/1/08, (LOC: Bank of America) (a) (e) 290 290 Strategic Fund, Joy Properties LLC Project, 3.70%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 480 480 Strategic Fund, Landscape Forms, Inc. Project, AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 800 800 Strategic Fund, Lansing Saint Vincent Home Project, 2.48%, 5/1/08, (LOC: Comerica Bank) (a) (e) 2,255 2,255 Strategic Fund, Lions Bear Lake Camp Project, 2.85%, 5/1/08, (LOC: National City Corp.) (a) (b) (e) 975 975 Continued 3 MICHIGAN MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED MICHIGAN, CONTINUED Strategic Fund, Louisiana-Pacific Corp., 2.45%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) $ 4,470 $ 4,470 Strategic Fund, MacArthur Corp. Project, AMT, 3.10%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 1,900 1,900 Strategic Fund, Merrill Group Project, AMT, 2.72%, 5/1/08, (LOC: Bank of America) (a) (b) (e) 1,000 1,000 Strategic Fund, Middleville Tool and Die Project, AMT, 3.60%, 5/7/08, (LOC: U.S. Bancorp) (a) (b) (e) 1,500 1,500 Strategic Fund, Midwest Kellering Co. Project, AMT, 3.60%, 5/7/08, (LOC: National City Corp.) (a) (b) (e) 1,300 1,300 Strategic Fund, Mold Masters Co. Project, AMT, 3.10%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 1,100 1,100 Strategic Fund, MOT LLC Project, 2.45%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 965 965 Strategic Fund, Non-Ferrous Cast Alloys Project, AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (e) 235 235 Strategic Fund, Oak Project, AMT, 2.58%, 5/1/08, (LOC: U.S. Bancorp) (a) (b) (e) 145 145 Strategic Fund, Patten Monument Project, AMT, 2.82%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 560 560 Strategic Fund, Peachwood Center Associates, 2.69%, 5/7/08, (LOC: Comerica Bank) (a) (e) 2,310 2,310 Strategic Fund, Phipps Emmett Associates LLC Project, Series A, AMT, 2.68%, 5/7/08, (LOC: Bank of America) (a) (e) 2,000 2,000 Strategic Fund, Premier Property Holdings, AMT, 2.60%, 5/1/08, (LOC: Bank of America) (a) (e) 2,490 2,490 Strategic Fund, Production Engineering Project, AMT, 2.70%, 5/1/08, (LOC: Bank of America) (a) (b) (e) 1,200 1,200 Strategic Fund, R.A. Rink LLC Project, AMT, 3.60%, 5/7/08, (LOC: Bank of America) (a) (b) (e) 840 840 Strategic Fund, R.L. Adams Plastics, Inc. Project, AMT, 2.58%, 5/1/08, (LOC: Comerica Bank) (a) (b) (e) 1,130 1,130 Strategic Fund, RL Enterprises LLC Project, AMT, 3.20%, 5/1/08, (LOC: Comerica Bank) (a) (b) (e) 200 200 Continued PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL DEMAND NOTES, CONTINUED MICHIGAN, CONTINUED Strategic Fund, SFI Acquisition, Inc. Project, AMT, 2.58%, 5/1/08, (LOC: National City Corp.) (a) (b) (e) $ 760 $ 760 Strategic Fund, Solid Waste Disposal, Grayling Generating Project, AMT, 2.60%, 5/7/08, (LOC: Barclays Bank PLC) (a) (e) 2,414 2,414 Strategic Fund, Stegner East Investments LLC Project, AMT, 2.58%, 5/1/08, (LOC: Comerica Bank) (a) (b) (e) 3,265 3,265 Strategic Fund, Thompson Family Holdings, AMT, 2.95%, 5/1/08, (LOC: National City Corp.) (a) (e) 810 810 Strategic Fund, Trenton Forging Co. Project, AMT, 2.70%, 5/1/08, (LOC: Bank of America) (a) (b) (e) 815 815 Strategic Fund, Ultra Tech Printing Co., AMT, 2.82%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 930 930 Strategic Fund, Van Andel Research Institution Project, 2.50%, 5/1/08, (LOC: Bank of America) (a) (e) 1,000 1,000 Strategic Fund, Waltec American Forgings, AMT, 3.10%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 1,115 1,115 Strategic Fund, Warren Screw Products, Inc. Project, AMT, 4.10%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 400 400 Strategic Fund, Whitehall Industries, Inc., AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 900 900 Strategic Fund, Whitehall Industries, Inc. Project, AMT, 2.90%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 4,800 4,800 Strategic Fund, YMCA of Metro Detroit Project, 2.58%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 1,000 1,000 Wayne Charter County Airport Revenue, Series B, MBIA, 5.00%, 12/1/28, (Prerefunded 12/1/08 @ 101) 1,000 1,028 ------------ 184,907 ------------ OREGON (3.0%) State of Oregon, Newsprint Project, Series 203, AMT, 2.73%, 5/1/08, (LOC: Toronto - Dominion) (a) (e) 7,000 7,000 ------------ Continued 4 MICHIGAN MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - --------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED PUERTO RICO (2.3%) Industrial Medical and Environmental Pollution Control Facilities Financing Authority, Abbott Laboratories, 2.25%, 3/1/09, (LOC: Abbott) (a) (b) (e) $ 5,195 $ 5,195 ------------ WASHINGTON (0.6%) Economic Development Finance Authority, Hillstrom Ventures LLC, AMT, 2.54%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 1,400 1,400 ------------ WYOMING (0.6%) County of Sweetwater, Environment, Pacificorp Project, AMT, 2.80%, 5/1/08, (LOC: Barclays Bank PLC) (a) (e)1,500 1,500 ------------ TOTAL MUNICIPAL DEMAND NOTES 202,102 ------------ SHARES ------------ MONEY MARKETS (3.6%) AIM TFIT Tax-Free Cash Reserve Portfolio (c) 192,320 192 Dreyfus Tax Exempt Cash Management (c) 319,568 320 Goldman Sachs Financial Square Tax-Free Money Market Fund (c) 17,006 17 Merrill Lynch Institutional Tax-Exempt Fund (c) 7,714,059 7,714 ------------ TOTAL MONEY MARKETS 8,243 ------------ TOTAL INVESTMENTS (COST $234,221)+ - 100.5% 234,221 LIABILITIES IN EXCESS OF OTHER ASSETS - 0.5% (1,059) ------------ NET ASSETS - 100.0% $233,162 ============ NOTES TO SCHEDULE OF INVESTMENTS + Also represents cost for federal income tax purposes. (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (c) Investment is in Institutional Shares of underlying fund/portfolio. (d) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. (e) Maturity date is next rate reset date. Continued The following abbreviations are used in the Schedule of Investments: AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax Paper FGIC - Financial Guaranty Insurance Co. FNMA - Federal National Mortgage Association FSA - Financial Security Assurance, Inc. GO - General Obligation LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance Q-SBLF - Qualified School Bond Loan Fund W/I - When Issued INVESTMENT CONCENTRATION AS A PERCENTAGE OF NET ASSETS, BY INDUSTRY: Airport 0.4% Cash & Cash Equivalents 3.6% Development 8.5% Education 5.7% Facilities 5.2% General 7.6% General Obligation 2.4% Higher Education 5.8% Housing 0.8% Industrials 30.7% Medical 11.4% Multifamily Housing 6.9% Pollution 2.9% Regional Authority 2.2% Resource Recovery 3.0% Retirement/Aged Care 1.5% Transportation 1.1% Utilities 0.8% See notes to schedules of investments 5 MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ------------------------------------------------------------------ PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL BONDS (5.9%) COLORADO (0.2%) Denver City and County Airport, Series D, AMT, FSA, 5.00%, 11/15/08 $ 1,020 $ 1,033 ------------ DISTRICT OF COLUMBIA (1.5%) Metropolitan Washington Airports Authority, Series C, AMT, FSA, 5.00%, 10/1/08 (d) 6,000 6,068 ------------ FLORIDA (0.1%) Florida State Division of Bond Finance, Series 2000 B, FSA, 5.50%, 7/1/08 440 442 ------------ ILLINOIS (0.2%) Chicago Housing Authority, ETM, FSA-CR, 5.00%, 7/1/08 1,000 1,002 ------------ INDIANA (1.6%) Avon Community School Building Corp., AMBAC, 4.25%, 7/15/08 (d) 780 781 Brownsburg 1999 School Building Corp., FSA, W/I, 3.25%, 1/15/09 1,140 1,150 Fort Wayne-South Side School Building Corp., FSA, W/I, 3.25%, 1/15/09 1,000 1,010 Hamilton Southeastern Consolidated School Building Corp., FSA, 3.00%, 7/10/08 1,510 1,513 Knox School Building Corp., MBIA, 4.00%, 7/15/08 125 125 Lake County Building Corp., MBIA, 4.75%, 8/1/08 600 602 Western Boone Multi-School Building Corp., GO, FSA, 3.50%, 1/10/09 685 689 Westfield High School Building Corp., FSA, 4.00%, 7/10/08 825 826 ------------ 6,696 ------------ MICHIGAN (0.8%) Municipal Bond Authority, Series B-2, 4.50%, 8/20/08, (LOC: Scotiabank) 2,000 2,005 State Hospital Finance Authority, Edward W. Sparrow Hospital, 5.25%, 11/15/08 (d) 1,125 1,136 ------------ 3,141 ------------ NORTH CAROLINA (0.2%) City of Charlotte, Douglas International Airport, Series A, AMBAC, 4.00%, 7/1/08 725 725 ------------ Continued PRINCIPAL AMOUNT VALUE ----------- ----------- MUNICIPAL BONDS, CONTINUED TEXAS (1.0%) Dallas-Fort Worth International Airport Facilities Improvement Corp., Series A, AMT, FGIC, 5.50%, 11/1/08 $ 3,560 $ 3,594 Greater Texoma Utility Authority, City of Sherman Project, FSA, 4.00%, 10/1/08 375 376 ----------- 3,970 ----------- WISCONSIN (0.3%) Middleton-Cross Plains Area School District, GO, W/I, 3.00%, 4/1/09 1,280 1,292 ----------- TOTAL MUNICIPAL BONDS 24,369 ----------- COMMERCIAL PAPER (1.5%) Florida Municipal Power Agency, 1.33%, 6/3/08, (LOC: Wachovia Corp.) (a) 1,000 1,000 Michigan State Building Authority, 2.25%, 5/22/08, (LOC: Bank of New York (60%), State Street Bank & Trust Co. (40%)) (a) 5,000 5,000 ----------- TOTAL COMMERCIAL PAPER 6,000 ----------- MUNICIPAL DEMAND NOTES (93.4%) ALABAMA (3.0%) Birmingham Industrial Development Board, American Cast Iron Pipe Co. Project, AMT, 2.55%, 5/2/08, (LOC: Wachovia Corp.) (a) (e) 3,565 3,565 Stevenson Industrial Development Board Environmental Improvement, Mead Corp. Project, AMT, 2.85%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (e) 1,300 1,300 Stevenson Industrial Development Board Environmental Improvement, Mead Corp. Project, Series A, AMT, 2.85%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (e) 7,400 7,400 ----------- 12,265 ----------- ALASKA (0.1%) City of Valdez, Exxon Pipeline Co Project, Series A, 2.60%, 5/2/08, (LOC: Exxon Mobil Corp.) (a) (e) 500 500 ----------- ARIZONA (0.7%) Pima County Industrial Development Authority, Multi-Family Housing, Eastside Apartments, Series B, AMT, 2.68%, 5/1/08, (LOC: FNMA) (a) (e) 3,000 3,000 ----------- Continued 1 MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ------------------------------------------------------------------ PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED ARKANSAS (0.5%) City of Sheridan, H.H. Robertson Co. Project, Series A, 2.38%, 5/1/08, (LOC: PNC Bank NA) (a) (b) (e) $ 2,000 $ 2,000 ------------ CALIFORNIA (2.3%) City of Los Angeles, Multi-Family Housing Project, Asbury Apartments Project, Series A, AMT, 2.44%, 5/1/08, (LOC: Citigroup, Inc.) (a) (e) 5,400 5,400 Concord Multifamily Housing, Maplewood & Golden Glen, Series A, AMT, 2.53%, 5/1/08, (LOC: Citigroup, Inc.) (a) (e) 2,025 2,025 Los Angeles Community Redevelopment Agency, Wilshire Station Apartments, Series A, AMT, 2.48%, 5/1/08, (LOC: Bank of America) (a) (e) 2,000 2,000 ------------ 9,425 ------------ COLORADO (4.1%) Boulder Housing Authority, Broadway East Apartments Project, AMT, 2.53%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 1,875 1,875 Central Platte Valley Metropolitan District, Series B, GO, 3.50%, 12/1/08, (LOC: BNP Paribas), (Mandatory Put 12/1/08 @ 100) (a) (e) 2,000 2,000 City of Colorado Springs, Catalono Family LLP Project, AMT, 3.20%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 585 585 City of Colorado Springs, National Strength and Condition, 2.58%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 635 635 Commerce City Northern Infrastructure General Improvement District, GO, 2.48%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 1,500 1,500 Durango Community Health and Human Services, 2.58%, 5/1/08, (LOC: Wells Fargo &Co.) (a) (e) 515 515 Educational & Cultural Facilities Authority, National Jewish Federation Building Project, Series B-3, 2.80%, 5/1/08, (LOC: National City Corp.) (a) (e) 900 900 Housing and Finance Authority, High Desert Properties Project, Series A, AMT, 2.53%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 2,240 2,240 Housing and Finance Authority, Ready Foods, Inc. Project, Series A, AMT, 2.51%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 2,000 2,000 Continued PRINCIPAL AMOUNT VALUE ----------- ----------- MUNICIPAL DEMAND NOTES, CONTINUED COLORADO, CONTINUED Parker Automotive Metropolitan District, GO, 3.50%, 12/1/08, (LOC: U.S. Bancorp), (Mandatory Put 12/1/08 @ 100) (a) (e) $ 2,000 $ 2,000 Solaris Metropolitan District No. 1, 2.48%, 5/7/08, (LOC: KeyBank NA) (a) (e) 2,500 2,500 ----------- 16,750 ----------- DELAWARE (2.9%) Sussex County Development, Perdue Agrirecycle LLC Project, AMT, 2.59%, 5/7/08, (LOC: SunTrust Banks, Inc.) (a) (e) 5,000 5,000 Sussex County Development, Perdue Farms, Inc. Project, AMT, 2.64%, 5/1/08, (LOC: Rabobank Nederland NV) (a) (e) 7,000 7,000 ----------- 12,000 ----------- DISTRICT OF COLUMBIA (0.7%) District of Columbia Enterprise, American Immigration Association, AMT, 2.48%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 3,000 3,000 ----------- FLORIDA (8.8%) Alachua County Health Facilities Authority, Shands Teaching Hospital, Series A, 2.58%, 5/1/08, (LOC: SunTrust Banks, Inc.) (a) (e) 6,350 6,350 Capital Trust Agency, Aero Miami FX Project, Air Cargo, AMT, 4.50%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 8,975 8,975 Collier County Housing Finance Authority, George Washington Carver Apartments Project, AMT, 2.71%, 5/7/08, (LOC: PNC Bank NA) (a) (e) 1,295 1,295 Hillsborough County Housing Finance Authority Multi-Family Housing, Claymore Crossings Apartments, AMT, 2.75%, 5/7/08, (LOC: Citigroup, Inc.) (a) (e) 1,340 1,340 Lake County Industrial Development Authority, Locklando Door & Millwork, AMT, 2.56%, 5/1/08, (LOC: RBC Centura Bank) (a) (e) 2,924 2,924 Ocean Highway and Port Authority, AMT, 3.10%, 5/7/08, (LOC: Wachovia Corp.) (a) (e) 1,615 1,615 Continued 2 MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ------------------------------------------------------------------ PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED FLORIDA, CONTINUED Orange County Industrial Development Authority, Goodwill Industries, Inc. Project, 2.44%, 5/7/08, (LOC: SunTrust Banks, Inc.) (a) (b) (e) $ 2,100 $ 2,100 Palm Beach County Housing Finance Authority, Multi-Family Housing, Azalea Place Apartments Project, Series A, AMT, 2.70%, 5/7/08 (LOC: Freddie Mac) (a) (b) (e) 3,825 3,825 Palm Beach County, Galaxy Aviation Airport Project, AMT, 2.65%, 5/7/08, (LOC: Citigroup, Inc.) (a) (e) 7,700 7,700 ------------ 36,124 ------------ GEORGIA (2.7%) De Kalb County Housing Authority, Stone Mill Run Apartments Project, Series A, AMT, 2.73%, 5/1/08, (LOC: Regions Bank) (a) (e) 7,475 7,475 Emanuel County Development Authority, Jabo Metal Fabrication Project, AMT, 2.95%, 5/7/08, (LOC: SunTrust Banks, Inc.) (a) (e) 1,020 1,020 Kennesaw Development Authority, Multi-Family Housing, Walton Ridenour Apartments, AMT, 2.89%, 5/7/08, (LOC: SunTrust Banks, Inc.) (a) (e) 1,500 1,500 Macon-Bibb County Hospital Authority, 2.58%, 5/1/08, (LOC: SunTrust Banks, Inc.) (a) (e) 1,200 1,200 ------------ 11,195 ------------ IDAHO (0.4%) Hailey Industrial Development Corp., Rocky Mountain Hardware Project, AMT, 2.68%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (b) (e) 915 915 Power County, Pollution Control, FMC Corp. Project, 2.75%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 700 700 ------------ 1,615 ------------ ILLINOIS (8.6%) Chicago O'Hare International Airport, Compagnie National Air France, AMT, 2.67%, 5/7/08, (LOC: Societe Generale) (a) (e) 3,000 3,000 City of Chicago Solid Waste Disposal, Groot Industries, Inc. Project, AMT, 6.50%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 2,000 2,000 Continued PRINCIPAL AMOUNT VALUE ----------- ----------- MUNICIPAL DEMAND NOTES, CONTINUED ILLINOIS, CONTINUED City of Crystal Lake Development, Millennium Electronics Project, AMT, 2.86%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) $ 1,470 $ 1,470 City of Peoria, Peoria Academy, Inc. Project, 3.00%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 4,100 4,100 City of Savanna, Metform Corp., Series A, AMT, 3.10%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (e) 1,800 1,800 County of Lake, Northpoint Associates LLC Project, AMT, 3.10%, 5/7/08, (LOC: Northern Trust Co.) (a) (e) 1,200 1,200 Finance Authority, Diamond-Star Motors Corp. Project, 2.68%, 5/1/08, (LOC: KeyBank NA) (a) (b) (e) 900 900 Finance Authority, Quality Metal Finishing Co., AMT, 2.60%, 5/1/08, (LOC: Bank of America) (a) (e) 1,300 1,300 Finance Authority, Reliable Materials Project, AMT, 2.78%, 5/7/08, (LOC: Marshall & Isley Bank) (a) (e) 3,700 3,700 Finance Authority, Stromberg Allen & Co. Project, AMT, 2.85%, 5/1/08, (LOC: Bank of America) (a) (e) 7,500 7,500 Finance Authority, Transparent Container Project, AMT, 3.10%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 1,500 1,500 Finance Authority, Waste Management Project, AMT, 2.60%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 1,900 1,900 Lake Villa Allendale Association Project, 2.47%, 5/1/08, (LOC: Bank of America) (a) (b) (e) 1,225 1,225 West Chicago Industrial, Bison Gear and Engineering, AMT, 2.60%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 1,484 1,484 Wheeling Industrial, Circuit Service, Inc. Project, AMT, 3.10%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 1,000 1,000 Woodridge Development, Home Run Inn Frozen Foods, AMT, 3.00%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 900 900 ----------- 34,979 ----------- INDIANA (4.1%) County of St Joseph Family and Children's Center Project, 2.58%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 2,000 2,000 Continued 3 MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ------------------------------------------------------------------ PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED INDIANA, CONTINUED Dekko Foundation Educational Facilities Tax Exempt Income Trust, Series 1, 2.85%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) $ 750 $ 750 Development Finance Authority, I.V.C. Industrial Coatings, Inc. Project, AMT, 3.10%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 2,335 2,335 Development Finance Authority, Regional Council of Carpenters, 2.85%, 5/1/08, (LOC: National City Corp.) (a) (b) (e) 1,135 1,135 Development Finance Authority, Republic Services, Inc. Project, AMT, 2.68%, 5/1/08, (LOC: SunTrust Banks, Inc.) (a) (e) 2,000 2,000 Development Finance Authority, South Central Mental Health, 2.58%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (b) (e) 3,000 3,000 Gary Chicago International Airport Authority, AMT, 2.76%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 4,100 4,100 Indiana Development Finance Authority, AMT, 3.10%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 1,100 1,100 ------------ 16,420 ------------ IOWA (0.7%) Scott County Industrial, M.A. Ford Manufacturing Co., Inc. Project, AMT, 2.53%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 2,970 2,970 ------------ KENTUCKY (2.2%) Economic Development Finance Authority, Republic Services, Inc. Project, AMT, 3.30%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 6,075 6,075 Economic Development Finance Authority, Republic Services, Inc. Project, AMT, 3.30%, 5/1/08, (LOC: Bank of America) (a) (e) 3,000 3,000 ------------ 9,075 ------------ LOUISIANA (0.3%) Calcasieu Parish Industrial Development Board, Citgo Petroleum Corp. Project, AMT, 2.65%, 5/1/08, (LOC: BNP Paribas) (a) (e) 1,300 1,300 ------------ Continued PRINCIPAL AMOUNT VALUE ----------- ----------- MUNICIPAL DEMAND NOTES, CONTINUED MAINE (0.8%) Finance Authority of Maine, William Arthur, Inc., AMT, 3.60%, 5/7/08, (LOC: JP Morgan, Inc.) (a) (b) (e) $ 3,100 $ 3,100 ----------- MICHIGAN (4.1%) Grand Rapids, Clipper Belt Lacer Co., Project, AMT, 2.60%, 5/1/08, (LOC: Bank of America) (a) (e) 2,000 2,000 Higher Education Facilities Authority, University of Detroit Mercy, 2.65%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 765 765 Macomb County Hospital Finance Authority, Mount Clemens General Hospital, Series A-1, 2.68%, 5/1/08, (LOC: Comerica Bank) (a) (e) 5,665 5,665 Oakland County Economic Development Corp., Openings Project, AMT, 2.60%, 5/1/08, (LOC: Bank of America) (a) (e) 2,755 2,755 Strategic Fund, Henry Ford Museum Village Project, 2.60%, 5/1/08, (LOC: Comerica Bank) (a) (e) 1,600 1,600 Strategic Fund, JC Gibbons Manufacturing, Inc. Project, AMT, 2.58%, 5/1/08, (LOC: Comerica Bank) (a) (e) 720 720 Strategic Fund, Lansing Saint Vincent Home Project, 2.48%, 5/1/08, (LOC: Comerica Bank) (a) (e) 300 300 Strategic Fund, LaPeer Industries, Inc. Project, AMT, 2.60%, 5/1/08, (LOC: Bank of America) (a) (e) 2,965 2,965 ----------- 16,770 ----------- MINNESOTA (2.7%) City of Blue Earth Development, Nortech Systems, Inc. Project, AMT, 2.63%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 1,310 1,310 City of Minneapolis, Minnehaha Academy Project, 2.70%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 3,500 3,500 Higher Education Facilities Authority, Saint Olaf College, Series 5-H, 2.60%, 5/1/08, (LOC: Bank of Montreal) (a) (e) 1,000 1,000 Lauderdale, Children's Home Society Project, 2.70%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 190 190 Little Canada, Wellington III Project, AMT, 2.69%, 5/1/08, (LOC: U.S. Bancorp) (a) (b) (e) 420 420 Continued 4 MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ------------------------------------------------------------------ PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED MINNESOTA, CONTINUED Roseville Health Care Facilities, Presbyterian Homes Project, 2.63%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) $ 2,525 $ 2,525 Saint Paul Housing and Redevelopment Authority, Kendrick Apartments Project, AMT, 2.75%, 5/7/08, (LOC: U.S. Bancorp) (a) (e) 975 975 St. Paul Port Authority, AMT, 2.53%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 990 990 ------------ 10,910 ------------ MISSISSIPPI (0.7%) Business Finance Corp., Calgon Carbon Corp. Project, AMT, 2.61%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 2,925 2,925 ------------ MISSOURI (1.8%) Missouri State Development Finance Board, St Louis Air Cargo Services, AMT, 2.64%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 2,000 2,000 State Health & Educational Facilities Authority, Bethesda Health Group, 2.63%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 3,000 3,000 State Health and Educational Facilities Authority, Drury College, 2.63%, 5/1/08, (LOC: Bank of America) (a) (e) 965 965 State Health and Educational Facilities Authority, Drury University, 2.63%, 5/1/08, (LOC: Bank of America) (a) (e) 1,485 1,485 ------------ 7,450 ------------ MONTANA (0.3%) Cascade County, Montana Milling, Inc. Project, AMT, 2.68%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 1,100 1,100 ------------ NEVADA (1.6%) Housing Division, Multi-Family Housing, Golden Apartments, AMT, 2.65%, 5/1/08, (LOC: Freddie Mac) (a) (e) 1,200 1,200 Housing Division, Multi-Unit Housing Revenue Project, Series A, AMT, 2.65%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 2,500 2,500 Continued PRINCIPAL AMOUNT VALUE ----------- ----------- MUNICIPAL DEMAND NOTES, CONTINUED NEVADA, CONTINUED Nevada Housing Division, Multi-Family Housing, Series A, AMT, 2.65%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) $ 3,000 $ 3,000 ----------- 6,700 ----------- NEW MEXICO (0.9%) Bernalillo County Multifamily Housing Project, AMT, 2.49%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 3,200 3,200 Farmington Pollution Control Revenue, Series C, AMT, 2.52%, 5/1/08, (LOC: Barclays Bank PLC) (a) (e) 300 300 ----------- 3,500 ----------- NORTH CAROLINA (3.1%) Capital Facilities Finance Agency, Duke Energy Carolinas Project, Series B, AMT, 2.43%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 4,500 4,500 Capital Facilities Finance Agency, Duke Energy Carolinas Project, Series A, AMT, 2.60%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 4,000 4,000 Capital Facilities Finance Agency, Republic Services, Inc., AMT, 2.68%, 5/1/08, (LOC: SunTrust Banks, Inc.) (a) (e) 2,450 2,450 Johnston County Industrial Facilities & Pollution Control Financing Authority, AMT, 2.68%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 1,075 1,075 Montgomery County Industrial Facilities & Pollution Control Financing Authority, AMT, 2.68%, 5/1/08, (LOC: SunTrust Banks, Inc.) (a) (e) 700 700 ----------- 12,725 ----------- NORTH DAKOTA (0.1%) Hebron Industrial, Dacco, Inc. Project, AMT, 2.65%, 5/1/08, (LOC: U.S. Bancorp) (a) (b) (e) 520 520 ----------- OHIO (1.6%) Air Quality Development Authority, Pollution Control, Series C, 2.75%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 2,000 2,000 Cleveland-Cuyahoga County Port Authority, CBT Project, AMT, 2.82%, 5/1/08, (LOC: Royal Bank of Scotland) (a) (e) 1,710 1,710 Continued 5 MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ------------------------------------------------------------------ PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED OHIO, CONTINUED Columbiana County, East Liverpool Area Y Project, 2.70%, 5/1/08, (LOC: National City Corp.) (a) (e) $ 675 $ 675 County of Coshocton Hospital Facilities, Echoing Hills Village, Inc. Project, 3.00%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (b) (e) 165 165 County of Montgomery Health Care, Community Blood Center Project, 3.00%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 1,370 1,370 Summit County Industrial, SSP Fittings Corp. Project, 3.10%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 575 575 ------------ 6,495 ------------ OKLAHOMA (0.5%) Oklahoma Industries Authority, Casady School Project, 3.00%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 1,980 1,980 ------------ OREGON (1.3%) Port of Portland, Portland Bulk Terminal, AMT, 2.60%, 5/1/08, (LOC: Canadian Imperial Bank of Commerce) (a) (e) 2,000 2,000 State of Oregon Economic Development, McFarland Cascade, Series 175, AMT, 2.65%, 5/1/08, (LOC: U.S. Bancorp) (a) (b) (e) 500 500 State of Oregon, Newsprint Project, Series 203, AMT, 2.73%, 5/1/08, (LOC: Toronto - Dominion) (a) (e) 1,800 1,800 State of Oregon, SP Newsprint Co. Project, Series 202, AMT, 2.73%, 5/1/08, (LOC: Toronto - Dominion) (a) (e) 1,000 1,000 ------------ 5,300 ------------ PENNSYLVANIA (3.2%) Allegheny County Hospital Development Authority, Jefferson Regional, Series A, 3.70%, 5/1/08, (LOC: PNC Bank NA), (Mandatory Put 5/1/08 @ 100) (a) (e) 2,500 2,500 Allegheny County Industrial Development Authority, Sacred Heart High School, 2.43%, 5/1/08, (LOC: PNC Bank NA) (a) (e) 1,200 1,200 Allegheny County Industrial Development Authority, Sewickley Academy, Series A, 2.41%, 5/1/08, (LOC: PNC Bank NA) (a) (e) 900 900 Continued PRINCIPAL AMOUNT VALUE ----------- ----------- MUNICIPAL DEMAND NOTES, CONTINUED PENNSYLVANIA, CONTINUED Berks County Industrial Development Authority, Manufacturing Facilities, Ram Industries, Inc. Project, AMT, 2.71%, 5/7/08, (LOC: PNC Bank NA) (a) (e) $ 960 $ 960 Higher Educational Facilties Authority, Associated Independent Colleges & Universities, Series G3, 3.38%, 11/1/08, (LOC: PNC Bank NA), (Mandatory Put 11/1/08 @ 100) (a) (e) 1,200 1,200 Higher Educational Facilties Authority, Gwynedd Mercy College, Series P1, RADIAN, 2.15%, 5/1/08, (LOC: Commerce Bank/PA NA), (Mandatory Put 5/1/08 @ 100) (a) (e) 5,000 5,000 Westmoreland County Industrial Development Authority, Greensburg Thermal, Series A, 2.38%, 5/1/08, (LOC: PNC Bank NA) (a) (e) 1,425 1,425 ----------- 13,185 ----------- RHODE ISLAND (0.8%) Warwick Housing Authority, Trafalgar East Apartments Project, AMT, 2.65%, 5/1/08, (LOC: Bank of America) (a) (b) (e) 3,300 3,300 ----------- SOUTH CAROLINA (0.3%) South Carolina Jobs-Economic Development Authority, Accutrex Products Precision, AMT, 2.61%, 5/1/08, (LOC: PNC Bank NA) (a) (e) 1,290 1,290 ----------- SOUTH DAKOTA (0.4%) County of Lawrence Solid Waste Disposal, Series A, AMT, 2.56%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 1,700 1,700 ----------- TENNESSEE (5.7%) Covington Industrial Development Board, Charms Co. Project, AMT, 3.10%, 5/7/08, (LOC: Bank of America) (a) (e) 5,000 5,000 Greeneville Industrial Development Board, Pet, Inc. Project, 2.38%, 5/1/08, (LOC: BNP Paribas) (a) (b) (e) 500 500 Jackson Industrial Development Board, AMT, 2.61%, 5/1/08, (LOC: PNC Bank NA) (a) (e) 8,000 8,000 Lewisburg Industrial Development Board, Waste Management, Inc. Project, AMT, 2.56%, 5/1/08, (LOC: Wachovia Corp.) (a) (e) 3,000 3,000 Continued 6 MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - ------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED TENNESSEE, CONTINUED Loudon Industrial Development Board, Continental Carbonic Products, AMT, 2.70%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) $ 1,980 $ 1,980 Shelby County Health Educational & Housing Facilities Board, Courtyard Apartments Project, Series A, AMT, 2.66%, 5/1/08, (LOC: National City Corp.) (a) (b) (e) 5,000 5,000 ------------ 23,480 ------------ TEXAS (4.6%) Beaumont Independent School District, GO, PSF, 4.00%, 5/1/08, (LOC: BNP Paribas), (Mandatory Put 8/15/08 @ 100) (a) (e) 2,000 2,007 Brazos Harbor Industrial Development Corp., American Rice, Inc. Project, Series B, AMT, 2.60%, 5/1/08, (LOC: HSBC Holdings PLC) (a) (e) 9,950 9,950 Brazos River Authority, AMT, 2.95%, 5/7/08, (LOC: Citigroup, Inc.) (a) (e) 1,010 1,010 Colorado River Municipal Water District, Republic Waste Services, Inc. Project, AMT, 2.63%, 5/1/08, (LOC: Bank of America) (a) (e) 4,000 4,000 Waco Industrial Development Corp., Patriot Homes of Texas Project, AMT, 2.80%, 5/7/08, (LOC: Wells Fargo & Co.) (a) (e) 2,000 2,000 ------------ 18,967 ------------ UTAH (0.7%) County of Salt Lake, Community Foundation Disabled Project, 2.58%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 1,515 1,515 Housing Corp., Multi-Family Housing, Pointe Apartments Project, AMT, 2.51%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 1,100 1,100 West Valley City, Johnson Matthey, Inc. Project, 2.68%, 5/1/08, (LOC: HSBC Holdings PLC) (a) (b) (e) 300 300 ------------ 2,915 ------------ VIRGINIA (0.5%) Brunswick County Industrial Development Authority, Aegis Waste Solutions, Inc., AMT, 3.10%, 5/1/08, (LOC: Credit Suisse Group) (a) (e) 1,000 1,000 Continued PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED VIRGINIA, CONTINUED Suffolk Redevelopment and Housing Authority, North Beach Apartments, 2.54%, 5/1/08, (LOC: SunTrust Banks, Inc.) (a) (b) (e) $ 1,200 $ 1,200 ------------ 2,200 ------------ WASHINGTON (5.5%) Economic Development Finance Authority, B & H Dental Laboratory Project, Series B, AMT, 2.54%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 1,855 1,855 Economic Development Finance Authority, Novelty Hill Properties LLC, Series C, AMT, 2.37%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 3,210 3,210 Health Care Facilities Authority, Swedish Health Services, 2.68%, 5/7/08, (LOC: Citigroup, Inc.) (a) (b) (e) 4,000 4,000 Kitsap County Industrial Development Corp., Cara Land Co. LLC Project, AMT, 2.53%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 2,500 2,500 Pierce County Economic Development Corp., Quality Stamping Project, AMT, 2.53%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (e) 2,225 2,225 Seattle Housing Authority, High Point Project, AMT, 2.56%, 5/1/08, (LOC: KeyBank NA) (a) (e) 1,500 1,500 Seattle Housing Authority, Rainier Vista Project, AMT, 2.37%, 5/1/08, (LOC: KeyBank NA) (a) (e) 100 100 State Housing Finance Commission, Clark Island Portfolio, AMT, 2.54%, 5/1/08, (LOC: Freddie Mac) (a) (e) 3,560 3,560 Washington Economic Development Finance Authority, American Mill Work Project, Series C, AMT, 2.57%, 5/1/08, (LOC: KeyBank NA) (a) (e) 3,480 3,480 ------------ 22,430 ------------ WISCONSIN (5.9%) Baraboo Wisconsin Industrial Development Revenue, Teel Plastics, Inc. Project, AMT, 2.70%, 5/1/08, (LOC: Marshall & Isley Bank) (a) (e) 10,000 10,000 City of Whitehall, Industrial Development Revenue, AMT, 2.90%, 5/1/08, (LOC: JP Morgan, Inc.) (a) (e) 2,000 2,000 Continued 7 MUNICIPAL MONEY MARKET SCHEDULE OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT SHARES) - ------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL DEMAND NOTES, CONTINUED WISCONSIN, CONTINUED Farmington Industrial Development Revenue, Swiss Valley Farms Co. Project, AMT, 2.53%, 5/1/08, (LOC: Wells Fargo & Co.) (a) (b) (e) $ 500 $ 500 Kiel Industries, Polar Ware Company Project, AMT, 2.86%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 1,325 1,325 Manitowoc Development, Cher-Make Sausage Co. Project, AMT, 2.86%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 2,190 2,190 Oconomowoc Community Development Authority, AMT, 2.73%, 5/1/08, (LOC: Bank of America) (a) (e) 1,200 1,200 Onalaska Industrial, Empire Screen Printing Project, AMT, 2.86%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 945 945 Red Cedar, Fairmount Minerals, Ltd., AMT, 3.76%, 5/1/08, (LOC: National City Corp.) (a) (e) 4,000 4,000 West Bend Industrial, Jackson Concrete, Inc. Project, AMT, 2.86%, 5/1/08, (LOC: U.S. Bancorp) (a) (e) 1,750 1,750 ------------ 23,910 ------------ WYOMING (4.2%) County of Sweetwater, Environment, Pacificorp Project, AMT, 2.80%, 5/1/08, (LOC: Barclays Bank PLC) (a) (e) 17,100 17,100 ------------ TOTAL MUNICIPAL DEMAND NOTES 382,570 ------------ SHARES ------------ MONEY MARKETS (0.4%) AIM TFIT Tax-Free Cash Reserve Portfolio (c) 39,129 39 Dreyfus Tax Exempt Cash Management (c) 1,485,034 1,485 Goldman Sachs Financial Square Tax-Free Money Market Fund (c) 58,752 59 ------------ TOTAL MONEY MARKETS 1,583 ------------ TOTAL INVESTMENTS (COST $414,522)+ - 101.2% 414,522 LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)% (4,874) ------------ NET ASSETS - 100.0% $409,648 ============ Continued NOTES TO SCHEDULE OF INVESTMENTS + Also represents cost for federal income tax purposes. (a) Variable rate security. Rate presented represents rate in effect at April 30, 2008. (b) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (c) Investment is in Institutional Shares of underlying fund/portfolio. (d) All or part of this security has been designated as collateral for when issued or delayed delivery transactions. (e) Maturity date is next rate reset date. The following abbreviations are used in the Schedule of Investments: AMT - Alternative Minimum Tax Paper AMBAC - American Municipal Bond Assurance Corp. CR - Custodian Receipt ETM - Escrowed to Maturity FGIC - Financial Guaranty Insurance Co. FHLMC - Federal Home Loan Mortgage Corporation FNMA - Federal National Mortgage Association FSA - Financial Security Assurance, Inc. GO - General Obligation LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance PSF - Public School Fund Radian - Radian Guaranty, Inc. W/I - When Issued INVESTMENT CONCENTRATION AS A PERCENTAGE OF NET ASSETS, BY INDUSTRY: Airport 7.6% Cash & Cash Equivalents 0.4% Development 5.7% Education 5.2% Facilities 1.1% General 4.9% General Obligation 1.3% Higher Education 2.5% Housing 7.6% Industrial 7.9% Industrials 23.3% Leisure Time 0.1% Medical 5.0% Miscellaneous 1.1% Multifamily Housing 3.5% Municipal 0.2% Pollution 3.4% Regional Authority 1.2% Resource Recovery 13.5% Retirement/Aged Care 0.7% Revenue Bonds 0.9% Suppress 1.6% Transportation 2.4% Utilities 0.1% See notes to schedules of investments. 8 FIFTH THIRD FUNDS NOTES TO SCHEDULES OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- Open futures contracts as of April 30, 2008 (Amounts in thousands, except contract amount):
UNREALIZED NUMBER OF NOTIONAL APPRECIATION/ MARKET CONTRACTS CONTRACT TYPE AMOUNT (DEPRECIATION) VALUE - ------------------------------------------------------------------------------------------------------------------------------ Structured Large Cap Plus 6 S&P 500 Index, 6/19/08 $ 1,963 $ 116 $ 2,079 ====== ========== ========== ========== Equity Index 35 S&P 500 Index, 6/19/08 11,664 464 12,128 ====== ========== ========== ========== International Equity 7 Australian Dollar, 6/16/08 648 11 659 17 British Pound, 6/16/08 2,146 (39) 2,107 18 Euro Currency, 6/18/08 3,487 25 3,512 18 FTSE 100 Index, 6/20/08 1,962 220 2,182 19 Japanese Yen, 6/18/08 2,371 (79) 2,292 5 Share Price Index 200, 6/19/08 597 64 661 64 STOXX 50 Index, 6/20/08 3,385 373 3,758 19 TOPIX Index, 6/13/08 2,381 91 2,472 ------ ---------- ---------- ---------- 167 16,977 666 17,643 ====== ========== ========== ========== Total Return Bond 75 U.S. Treasury 5-Year Note, 6/30/08 8,438 (39) 8,399 ====== ========== ========== ========== Short Term Bond 150 U.S. Treasury 2-Year Note, 6/30/08 $32,145 $ (242) $31,903 ====== ========== ========== ==========
FIFTH THIRD FUNDS NOTES TO SCHEDULES OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- Open Credit Default Swaps Swaps as of April 30, 2008 (Amounts in thousands, except notional amount):
UNREALIZED BUY/SELL (PAY)/RECEIVE NOTIONAL APPRECIATION/ COUNTERPARTY CONTRACT TYPE PROTECTION FIXED RATE EXPIRATION DATE AMOUNT (DEPRECIATION) ---------------------------------------------------------------------------------------------------------------- Total Return Bond UBS Warburg Dow Jones CDX N.A. IG9 Sell 0.60% 12/20/12 5,000,000 $ (79) =====
FIFTH THIRD FUNDS NOTES TO SCHEDULES OF INVESTMENTS APRIL 30, 2008 (UNAUDITED) (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- The table below reflects Dividend Growth's activities in written options, all of which were for purposes of earning additional income during the period. No other Funds engaged in written option contracts during the period ended April 30, 2008.
NUMBER OF CONTRACTS BALANCE AT JULY 31, 2007 OPTIONS WRITTEN OPTIONS EXPIRED BALANCE AT APRIL 30, 2008 ------------------------------------------------------------------------------------------- Dividend Growth 0 155 (155) 0 PREMIUMS Dividend Growth $0 17 (17) $0
FIFTH THIRD FUNDS NOTES TO SCHEDULES OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- ORGANIZATION--Fifth Third Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company established as a Massachusetts business trust. The Trust consists of thirty-one separate investment portfolios, one of which has not commenced investment operations. The accompanying schedules of investments and notes relate only to the series of the Trust (individually a "Fund" and collectively the "Funds") listed below. Each Fund is a diversified investment company for purposes of the Act, except for Fifth Third Dividend Growth Fund and Fifth Third Ohio Municipal Bond Fund, each of which is a non-diversified investment company. Dollar amounts are in thousands unless otherwise indicated. PORTFOLIO NAME Fifth Third Small Cap Growth Fund ("Small Cap Growth") Fifth Third Mid Cap Growth Fund ("Mid Cap Growth") Fifth Third Quality Growth Fund ("Quality Growth") Fifth Third Structured Large Cap Plus Fund ("Structured Large Cap Plus") Fifth Third Equity Index Fund ("Equity Index") Fifth Third Micro Cap Value Fund ("Micro Cap Value") Fifth Third Small Cap Value Fund ("Small Cap Value") Fifth Third All Cap Value Fund, formerly, Fifth Third Multi Cap Value Fund ("All Cap Value") Fifth Third Disciplined Large Cap Value Fund ("Disciplined Large Cap") Fifth Third LifeModel Aggressive FundSM ("LifeModel AggressiveSM") Fifth Third LifeModel Moderately Aggressive FundSM ("LifeModel Moderately AggressiveSM") Fifth Third LifeModel Moderate FundSM ("LifeModel ModerateSM") Fifth Third LifeModel Moderately Conservative FundSM ("LifeModel Moderately ConservativeSM") Fifth Third LifeModel Conservative FundSM ("LifeModel ConservativeSM") (the foregoing five funds collectively the "LifeModel FundsSM") Fifth Third Strategic Income Fund ("Strategic Income") Fifth Third Dividend Growth Fund ("Dividend Growth") Fifth Third International Equity Fund ("International Equity") Fifth Third High Yield Bond Fund ("High Yield Bond") Fifth Third Total Return Bond Fund, formerly, Fifth Third Bond Fund ("Total Return Bond") Fifth Third Short Term Bond Fund ("Short Term Bond") Fifth Third Municipal Bond Fund ("Municipal Bond") Fifth Third Intermediate Municipal Bond Fund ("Intermediate Municipal Bond") Fifth Third Ohio Municipal Bond Fund ("Ohio Municipal Bond") Fifth Third Michigan Municipal Bond Fund ("Michigan Municipal Bond") Fifth Third Prime Money Market Fund ("Prime Money Market") Fifth Third Institutional Money Market Fund ("Institutional Money Market") Fifth Third Institutional Government Money Market Fund ("Institutional Government Money Market") Fifth Third U.S. Treasury Money Market Fund ("U.S. Treasury Money Market") Fifth Third Michigan Municipal Money Market Fund ("Michigan Municipal Money Market") Fifth Third Municipal Money Market Fund ("Municipal Money Market") SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their schedules of investments. These policies are in conformity with accounting principles generally accepted in the United States of America. FUND MERGERS--On November 16, 2007, certain funds of the Trust (each an "Acquiring Fund") acquired the respective net assets of certain other funds of the Trust (each an "Acquired Fund"), pursuant to Agreements and Plans of Reorganization approved by shareholders of each respective Acquired Fund on November 16, 2007 (the Closing and Shareholder Meeting Dates). The acquisitions were accomplished by a tax-free exchange of shares of each class of each Acquiring Fund for the corresponding class of the corresponding Acquired Fund as of the Closing Date. FIFTH THIRD FUNDS NOTES TO SCHEDULES OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- At a special meeting of the Board of Trustees on August 7, 2007, the Trustees approved an Agreement and Plan of Reorganization (the "Plan"), which proposed consolidation of Balanced into Quality Growth whereby Quality Growth would acquire the net assets of Balanced. These Funds filed a combined proxy/prospectus filing with the Securities and Exchange Commission on August 30, 2007, indicating a shareholder meeting to be held on or about November 16, 2007. The Shareholder meeting was adjourned to February 8, 2008, and again to February 22, 2008, at which date a majority of shareholders of Balanced approved the merger and was affected after the close of business. The acquisition was accomplished by a tax-free exchange of shares of each class of the Acquiring Fund for the corresponding class of the Acquired Fund as of the Closing Date. Capital losses of the Acquired Funds are carried over to the Acquiring Fund on Closing Date. The Internal Revenue Code limits the ability of the Acquiring Funds to utilize capital losses of Acquired Funds. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their schedules of investments. These policies are in conformity with accounting principles generally accepted in the United States of America. SECURITIES VALUATIONS--Portfolio securities listed or traded on domestic securities exchanges or the NASDAQ/NMS, including American Depositary Receipts ("ADR"), are valued at the closing price on the exchange or system where the security is principally traded. If there have been no sales for that day on any exchange or system, a security is valued at the mean between the closing bid and asked quotes on the exchange or system where the security is principally traded, or at the NASDAQ Official Closing Price ("NOCP"), if applicable. Securities in International Equity listed or traded on non-domestic exchanges are valued at the closing price on the exchanges on which they trade. Corporate debt securities and debt securities of U.S. government issuers (other than short-term investments maturing in 60 days or less), including municipal securities, are valued at fair value on the basis of the closing bid as supplied by an independent pricing service approved by the Board of Trustees ("Trustees") or valuations provided by dealers. Short-term investments maturing in 60 days or less are valued at either amortized cost, which approximates market value, or at original cost, which, combined with accrued interest, approximates market value. Investments in open-end investment companies are valued at net asset value as reported by such investment companies. Investments for which such quotations are not readily available, or quotations which appear suspect, are valued at fair value as determined in good faith by the Fund's Pricing Committee under the direction of the Trustees. In addition, if events materially affecting the value of foreign securities occur between the time when the exchange on which such securities are traded closes and the time when the Funds' net asset values are calculated, such securities may be valued using fair value pricing in accordance with procedures adopted by the Trustees. Management identifies possible fluctuations in foreign securities by monitoring the rise or fall in the value of a designated benchmark index. In the event of a rise or fall greater than predetermined levels, International Equity may use a systematic valuation model provided by an independent third party to value its foreign securities. When International Equity uses this fair value pricing method, the value assigned to International Equity's foreign securities may not be the quoted or published prices of the investment on their primary markets or exchanges. The market value of fair valued securities as a percentage of total net assets as of this report date was 0.4%, 99.3%, 0.6%, 7.8% and 0.8% for Quality Growth, International Equity, Strategic Income, Total Return Bond and Short Term Bond, respectively. REPURCHASE AGREEMENTS--The Funds will enter into repurchase agreements only with banks and other recognized financial institutions, such as broker/dealers, which are deemed by Fifth Third Asset Management, Inc. ("FTAM" or the "Advisor") to be creditworthy pursuant to guidelines and/or standards reviewed or established by the Trustees. It is the policy of the Funds to require the custodian or sub-custodian bank to take possession, have legally segregated in the Federal Reserve Book Entry System, or have segregated within the custodian bank's vault, all securities segregated as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction. Risks may arise from the potential inability or unwillingness of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities. SECURITIES TRANSACTIONS AND RELATED INCOME-- Securities transactions are accounted for on the date the security is purchased or sold (trade date). Interest income is recognized on the accrual basis and includes, where applicable, amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date. Gains or FIFTH THIRD FUNDS NOTES TO SCHEDULES OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Paydown gains and losses on mortgage-and asset-backed securities are recorded as adjustments to interest income. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country's tax rules and rates. FOREIGN CURRENCY TRANSLATION--International Equity does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. Realized foreign exchange gains or losses arise from sales and maturities of securities, sales of foreign currencies, currency exchange fluctuations between the trade and settlement dates of securities transactions, and the difference between the amount of assets and liabilities recorded and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities, including investments in securities, resulting from changes in the currency exchange rates. FORWARD CURRENCY CONTRACTS--International Equity may enter into forward foreign currency contracts ("forwards"), which are agreements between two parties to buy and sell a currency at a set price on a future date. The market value of the forward fluctuates with changes in currency exchange rates. A forward is marked-to-market daily and the change in market value is recorded by a Fund as unrealized appreciation or depreciation. When the forward is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The Fund could be exposed to risk if a counterparty is unable or unwilling to meet the terms of a forward or if the value of the currency changes unfavorably. International Equity segregates cash and/ or securities in a sufficient amount as collateral to the extent the Fund has open forward contracts as of this report date. See Notes to Schedules of Investments.. FOREIGN CURRENCY COMMITMENTS--International Equity may enter into foreign currency commitments for the settlement of security transactions in foreign currencies. Risks may arise upon entering into these transactions from the potential inability or unwillingness of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. Foreign currency transactions are adjusted by the daily spot exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date. FUTURES CONTRACTS--The Funds, with the exception of Dividend Growth, Intermediate Municipal Bond and Ohio Municipal Bond, may enter into futures contracts for the delayed delivery of securities at a fixed price at some future date or for the change in the value of a specified financial index or interest rate over a predetermined time period. Cash and/ or securities are segregated or delivered to dealers in order to maintain a position ("initial margin"). Subsequent payments made or received by the Fund based on the daily change in the market value of the position ("variation margin") are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The use of futures contracts involves, to varying degrees, elements of market risk. Risks arise from the possible imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets, and the possible inability of counterparties to meet the terms of their contracts. However, the Funds' activities in futures contracts are conducted through regulated exchanges which minimize counterparty credit risks. To the extent these Funds have open futures contracts at period end, a sufficient amount of cash and/ or securities, which is restricted as to its use by these Funds, is segregated as collateral. See Notes to Schedules of Investments. OPTIONS WRITTEN CONTRACTS -- When a Fund writes or sells put or call option contracts, it records the proceeds on sales (premium) received and the corresponding liability. The risk in writing a call option is that a Fund may incur a loss when the associated security market price or index value increases. The risk in writing a put option is that a Fund may incur a loss when the associated security market price or index value decreases. A Fund also has the additional risk of being unable to enter into a closing transaction if a liquid secondary market does not exist for the relevant security. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. A Fund will realize a gain or loss upon expiration or closing of an option transaction. When an option is exercised, the proceeds on sales (premium) for a written call option and the purchase cost for a written put option is adjusted by the amount of premium received or paid. See Notes to Schedule of Investments. SHORT SALES -- Structured Large Cap enters into short sales whereby it sells a security it generally does not own (the security is borrowed), in anticipation of a decline in the security's price. The initial amount of a short sale is recorded FIFTH THIRD FUNDS NOTES TO SCHEDULES OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- as a liability which is marked to market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. The Fund also may short a security when also holding a long position in the security (a "short against the box"), as the security's price declines, the short position increases in value, offsetting the long position's decrease in value. The opposite effect occurs if the security's price rises. The Fund realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). The Fund is liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Fund. The Fund segregates cash and/or securities in a sufficient amount as collateral to the extent of open short positions at period end. See Notes to Schedule of Investments. SWAP AGREEMENTS -- The Funds may enter into swap transactions, which are privately negotiated agreements between a Fund and a counterparty (usually a broker-dealer) to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. A Fund may enter into interest rate, total return, credit default, and other forms of swap agreements to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements. Total Return Bond has entered into a credit default swap agreement with a recognized counterparty. Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party - typically a corporate issuer or sovereign issuer of an emerging country - on its obligation. A Fund may use credit default swaps to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default. When it is a seller of protection, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap, provided that there is no credit event. If a Fund is a seller of protection and a credit event occurs, as defined under the terms of the particular swap agreement, a Fund must pay to the buyer of the protection an amount up to the notional value of the swap and, in certain instances, take delivery of the security. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap. When it is a buyer of protection, a Fund generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, "bullet-type" payments as "notional principal contracts" for U.S. federal income tax purposes is uncertain. If the U.S. Internal Revenue Service were to take the position that a credit default swap or other bullet-type swap is not a "notional principal contract" for U.S. federal income tax purposes, payments received by a Fund from such investments may be subject to U.S. excise or income taxes. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statements of Operations. Payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities. These upfront payments are recorded as realized gain or loss in the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments received or paid by a Fund are included in realized gain or loss in the Statements of Operations. Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or that the parties may disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS (TBA)--The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are valued daily and begin earning interest on the settlement date. To the extent the Funds hold these types of securities at period end, a sufficient amount of cash and/ or securities is segregated as collateral. LENDING PORTFOLIO SECURITIES-- Each Fund (except U.S. Treasury Money Market) may lend securities up to 33 1/3% of the Fund's total assets (plus the amount of securities out on loan) to qualified borrowers (typically broker-dealers) in order to enhance fund earnings by investing cash collateral received in making such loans. The Funds continue to FIFTH THIRD FUNDS NOTES TO SCHEDULES OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- earn interest and dividends on securities loaned by way of receiving substitute payments (substitute dividend payments are generally not classified as Qualified Dividend Income for federal income tax purposes). Loans will be made only to borrowers deemed by the Lending Agent to be of sufficiently strong financial standing, organizational stability and creditworthiness under guidelines established by the Trustees and when, in the judgment of the Lending Agent, the consideration that can be earned currently from such securities loans justifies the attendant risks. The Trust has engaged its custodian bank, State Street Bank and Trust Company ("State Street"), to act as lending agent and to administer its securities lending program. The Funds commenced lending securities on April 16, 2008. U.S. Treasury Money Market inadvertently lent securities through April 29, 2008 resulting in $79 of securities lending income. State Street will earn a portion of program net income for its services. When a Fund makes a security loan, it receives cash collateral as protection against borrower default on the loaned security position and records an asset for the cash/invested collateral and a liability for the return of the collateral. Securities on loan continue to be included in investment securities at market value on the Statements of Assets and Liabilities and remain on the Schedule of Investments. Loans of securities are required at the time the loan is made to be secured by collateral at least equal to 105% of the prior day's market value of loaned equity securities not denominated in U.S. dollars or Canadian dollars or not primarily traded on a U.S. exchange; or 102% of the prior day's market value of the securities on loan (including accrued interest) of any other loaned securities, and not less than 100% thereafter. The Funds may invest cash collateral in short-term money market instruments including: U.S. Treasury Bills, U.S. agency sponsored obligations, commercial paper, money market mutual funds, repurchase agreements and other highly rated, liquid investments. As of April 30, 2008, cash collateral received for the Funds engaged in securities lending was invested in the State Street Navigator Prime Securities Lending Portfolio. Additionally, Equity Index, Disciplined Large Cap Value and International Equity received non-cash collateral, which they are not permitted to sell or re-pledge, in the amounts of $37, $2,218 and $721, respectively. During the life of securities loans, the collateral and securities loaned remain subject to fluctuation in market value. State Street marks to market securities loaned and the collateral each business day. If additional collateral is due, State Street collects additional cash collateral from the borrowers. Although securities loaned will be fully collateralized at all times, State Street may experience delays in, or may be prevented from, recovering the collateral on behalf of a Fund. State Street may on behalf of a Fund recall a loaned security position at any time from a borrower, who is obligated to return the security recalled. In the event the borrower fails to return a recalled security in a timely fashion, State Street reserves the right to use the collateral to purchase like securities in the open market. State Street indemnifies the Funds against borrower default by agreeing to fund any shortfall between the collateral held and the cost of obtaining replacement securities. If replacement securities are not available, State Street will credit the equivalent cash value to the Fund(s). OTHER--Expenses directly attributable to a Fund are charged to the Fund, while expenses which are attributable to more than one Fund of the Trust are allocated among the respective Funds based on their relative net assets or another appropriate basis. Income, expenses, and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets, except that each class separately bears expenses related specifically to that class, such as administrative and distribution fees. RESTRICTED SECURITIES The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the "Securities Act") and which cannot be sold without prior registration under the Securities Act or which may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by FTAM's Pricing Committee, comprised of personnel of the Advisor, subject to oversight by the Board of Directors, and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At April 30, 2008, Total Return Bond held the following restricted securities:
SECURITY TYPE ACQUISITION ACQUISITION FAIR VALUE AS % DATE COST VALUE OF NET ASSETS - ----------------------------------------------- ------------------------- ------------- ------------ ---------- -------------- TOTAL RETURN BOND Deutsche Mortgage Securities, Inc., Series Mortgage-Backed 2005-WF1 Securities 09/16/2005 $1,297 $ 1,156 0.18% Restructured Assets Certificates, Series Mortgage-Backed 2006-9 Securities 08/10/2006 5,235 4,095 0.65% Squared CDO, Ltd., Series 2007-1A Mortgage-Backed Securities 05/01/2007 3,955 200 0.03% ------- ------- ---- $10,487 $ 5,451 0.86% ======= ======= ====
FIFTH THIRD FUNDS NOTES TO SCHEDULES OF INVESTMENTS, CONTINUED APRIL 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- CONCENTRATIONS International Equity invests in equity and fixed income securities of non-U.S. issuers. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings. Intermediate Municipal Bond held a significant amount of its investments in debt obligations issued by the State of Michigan and its political subdivisions, agencies and public authorities as of this report date. The Fund is more susceptible to factors adversely affecting issuers of municipal securities from this state than a fund that is not concentrated in these issuers to the same extent. Ohio Municipal Bond and Michigan Municipal Bond hold a significant portion of their investments in debt obligations issued by each of the States of Ohio and Michigan, respectively, and each state's respective political subdivisions, agencies and public authorities. These Funds are more susceptible to factors adversely affecting issuers of municipal securities from these states than a fund that is not concentrated in these issuers to the same extent. ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There were no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal controls over financial reporting. ITEM 3. EXHIBITS. The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto. 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. FIFTH THIRD FUNDS /s/ E. Keith Wirtz - ------------------ E. Keith Wirtz President Date: June 20, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/ E. Keith Wirtz - ------------------ E. Keith Wirtz President (Principal Executive Officer) Date: June 20, 2008 /s/ Shannon King - ---------------- Shannon King Treasurer (Principal Financial and Accounting Officer) Date: June 20, 2008 EX-99.CERT 2 ex99cert.txt CERTIFICATIONS I, E. Keith Wirtz, President of Fifth Third Funds, certify that: 1. I have reviewed this report on Form N-Q of Fifth Third Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 20, 2008 By: /s/ E. Keith Wirtz ------------------ E. Keith Wirtz President (principal executive officer) of Fifth Third Funds I, Shannon King, Treasurer of Fifth Third Funds, certify that: 1. I have reviewed this report on Form N-Q of Fifth Third Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 20, 2008 By: /s/ Shannon King ---------------- Shannon King Treasurer (principal financial officer) of Fifth Third Funds -----END PRIVACY-ENHANCED MESSAGE-----